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essence IBffrl?^' 
of feminine 

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No. 27,728 


JMQAL 1 IMfl S 

Thursday November 30 1978 isi# 


The worlds most Qz. 

expensive 
twist suiting cloth 

SCOTLAND 

iWcEr^Lle\ 


CONTINENT AL SXUIKG unices: AUSTRIA Sd» 15; M-CfoH ft J5; OENMAAk Rr J.S: FRANCE tr GEhNnMT DM 5 0: ITALT L SMi MET*®lLAN05 F| 2.0: HORWAT Kr J.5: PORTUSAL Ess 2B | SPAIN Pta «j SWEDEN Kr 1.35: SWITZERLAND Fr 2.0: EIRE ISp 



General 


BUSINESS 


Britain not to join 


tells of 


Wall St. EMS without 



fTg«n£r;~riiale mmiel Norman 
Wit magist rates in Mine- 
bead, Somerset, yesterday that 
ajv Jewmy Thorpe had had a 
' fepmosexoal affair with him over 
inerted in the early sixties. 

.7r He said there was a time when 
Is? wanted to break off the se.vua 1 
fafatipnship and remain friends, 
fmt Thorpe was oot willing. Scott 
bad' also at one time threatened 
‘t&rrxFOse their affair. 

T'jHe ‘.was appearing at the 
resumed committal hearing 
pgaiast Thorpe and three other 
ppn accused of plotting tn kill 
. Scott. The hearing continues. 

Nixon arrives 

.. former U.S. President Richard 
KctP'n Hew in to London and an id 
■Tit had: not been for the Water- 
-tide scandal the Communist* 
' .went .not have taken over in 
. South • Vietnam. Mr. Mb: on is 
fqe .W address the Oxford Union. 

. *a£e 8 

£gypt peace bid 

. Egyptian Prime Minister 
ffnsfapha Khalil left Cairo for 

• Washington where he is expected 
■ a .accept the U.S. compromise 
.-rnTposaJs for a full time-table 

fading to Palestinian self-rule 
n Israeli occupied Gaza Strip 
...rod the West Bank. Page 6 

Soviet targets up 

- -She Soviet leadership, huoyed hy 
.'record grain harvest, announced 
figher economic targets for nesl 
.«ezr, but said that defence spend- 

- tig would be held to the 1977-73 
e#ds. Page 2 

Spitfires check 

Cars is .using the vehicle 
censing computer centre, in 
■' *tensea to «mtac-*-The owners 
t iPflOQ Triumph Spitfire Mark: 

• sports cars built between 1371 

- od 1974 for a safety check on a 
ic l -hose connection. 

Wu refer charge 

fcree men appeared in court 
.fcsterday charged with the 
nirder of a Securtcor guard 
uring a 16300 raid at North- 
lids Underground station in 
iorth London last month. 


down 14; 
Equities 
rally ends 

• WALL STREET fell 14.03 to 
790.1 1 in moderate Tradlog .after 
depressing U.S. trade figures. 

• EQUITIES’ rally, which over 

the past week look the FT 
ordinary index 21 points higher, 
faded yesterday,; and the index 
closed 0.9 easier at 489.0. . 

• filLTS generally held to over- 
night levels and the Government 
Securities Index dosed 0.02 
down at 68.32. 

0 STERLING rose 25 points to 
S1.9513 and Us trade-weighted 
Index improved to 62.7 (62.6). 
The dollar -declined ami its 
depredation widened to 8.4 per 
cent (8.2>. 

• GOLD rose Sll fa SUHtl ln 
London, and in New York the 
Gnmrx \n\ ember settlement 
price was $191.90 ($192.60). 

• LEAD prices - rose, sharply 
foi lowing reports of sales to the 
USSR. Cash lead rose £16 to 
£424 a tonne. Page 41 

0 RITiBER prices fell to their 
lowest for nearly Ihree months 
and RSS No. 1 spot fell I3p to 

fV. " Pence fre- Kilo ' ' . . W 


changes— Healey 

BY PHILIP RAWSTORNE 

Britain will not join the European Monetary System unless the EEC summit 
in Brussels next week agrees to substantial changes in the proposals, Mr. 
Denis Healey, Chancellor of the Exchequer, confirmed yesterday. 


He also told the Commons 
lint, if links between the British 
and Irish pound* were broken, 
(he Irish and British govern- 
ments believed that exchange 
controls would have to be intro- 
duced. 

Mr. Healey, opening the de- 
bate oo the EMS proposals, said 
Lli.it impnriant differences re- 
mained between the Gnvcrnmcni 
and ns EEC partners on the 
operation or tbc system. 

The exchange rale regime now 
planned was too similar to that 
"f the present “snake'' to offer 
Britain advantages commensur- 
ate with the risks of join in 2. 

The Chancellor emphasised 
’ha) the tiuveniment did not in- 
land i*i adapt a "dog tn the 
manger" attitude mi the issue. 
■' W briber Britain joins the ex- 
change rate regime or not, wc 
remain vitally runccrneil with 
i ho wider aspects of EMS,” he 
-•.ml. 

Negotiations 

The Co vcrnmpnt was deter- 
minded 10 play a full role, tn 
the negotiations that would have 
to fed low if Britain's EEC 
partners decided to push ahead 
v.:lh the system. 

The issue-, involved — which 
had barely been discussed as yet 


— included relations with the 
dollar and otber currencies, the 
role of the European currency 
unit, any realignment of ex- 
change rales, resource transfer* 
and converted action to achieve 
higher economic crowth. 

Mr. Healey said that the 
Government regarded the EMS 
as a first step towards a new 
international monetarv order 
rather than a move towards full 
economic and monetary union 
in the EEC. 

The first essential was that the 
system should promote growl h 
and employment and control 
inllatinn. 

Brtlain wanlert a firm commit- 
men r to these objectives and the 
c I lances in the present proposals 
needed to achieve them. The 
s; stem should impose similar 
obligation', on stronger and 
weaker cnti nines in take action 
to preserve stability. 

Stability could not he achieved 
simply by intervention tn the 
exchange markets, though. Con- 
certed action in bring ahnul a 
greater convergence of the 
economic.- of the Nine wa» vital. 

Urgent Changes were also 
needed in the open Hon of the 
Cnnunun Agricultural Policy. 
"The most important single 
objective must be to freeze the 


prices of commodities in sur- 
plus." 

it was important to devise a 
system of ctinrnbulinns to the 
Community budget that would 
replace the ore sent " own 
resources “ system acd he pro- 
gressive rather tin? regressive 
in its effect . 


Endorsed 


"Before we join lhe EMS. the 
question we have to a*K t* 
whether wc can get more 
stability at lei* en?r inside Lhe 
system’ Hum ouls.dV 
Sir Geoffrey If 'wc, Shadow 
Chancellor, firmly endorsed the 
objective nl a ’'.me of currency 
stability tn Europe. 

The Consort atiw.v supported 
membership «>; lb..- fc"‘,S in prin- 
ciple. hr said. *' If ■.'*>!■ .lev.gnrid. 
it would cntr.:mi this country* io 
a standard of monetary d^sci- 
plin". including a firm eomnm- 
nirir io the ohmfnjtmn of 
inflation. that lias >erved ’Ger- . 
many so well.” 

There was a very r-irong : 
political case Tor Bri-Lsh partiei- j 
pation from the outset. If j 
Britain failed to join n riskpd 
losing influence m changing 
other aspects of EEC policy. 

Parliament. Page Jfl I 
Economic viewpoint. Page 23 i 


Commons 
debate 
on Times 
today 


BY ALAN PIKE. 

LABOUR CORRESPONDENT I 

THERE WILL be a three-hour ; 
Commons debate today on the 1 
crisis at Times Newspapers, 
which Is expected to suspend 
all its publications from to- 
night. 

The Speaker agreed to an 
emergency debate at the 
request of Mr. Patrick Cor- 
tnack. Conservative MP for 
Stafford South West, who told 
the House that the Times news- 
papers and supplements were 
approaching lhe most critical 
24 hours in their history. 

" If the presses stop tomor- 
row there is no sign when or 
even whether they will roll 
again." said Mr. Cormack. 

This morning’s edition of The 
Times is riperird to be the last 
for an Indefinite period. Times 
Newspapers announced in 
April that it would suspend all 
production of the newspaper 
together with the Sunday Times 
and the three Times supple- 
ments. unless agreements on 
industrial relations reforms , 
was reached bv today. I 


Shell driven 
to ballot 

on strike ca 

BY NICK GARNETT, LABOUR STAFF 


Refused 


Jllie’s letters 

' {. collection of 55 autograph love 
kters from actress Lillie 
Anetry, whose romance with 
3ng Edward VII has been 
. frialised on TV. were sold at 
; -bristles for £800. The letters 
■- *ere written to Arthur Henry 
ones, her secret lover. Page 8 

— “"^fraud squad plea 

♦ Ur! : |j»cr<i'intants should be called in 

‘fit/ regularly tn assist police 

* ' ivesfigations into complex, 

E jal^nphisticated company fra tids. 
^ f SJ r Tom Edwards, a former head 
g g .jf »he City . Fraud Squad, said. 

9: 3len and Matters Page 22. 

historic homes 

Tie Conservatiye Party has 
trawn up- a charter to savo 
livtoric homes, ft contains yx 
Acotnraendations, am on? thejn 1 
viegiiarding owners from -capi- 
^ tax on supporting assets or 

’r» 'ther capital assets. Page 10 

ji Mo China change 

nee-Premier Tong Hsiao-ping 
said there will be no lop- 
- iav-el change in China's leader- 
■ 1 ■ ship in spite of criticisms of 
! , ' Same .-..lugli officials in Peking’*; 
j ^ #resehi ■poster campaign. Page 6 

/ ' landfS setback 


f Mrs. -fhdira Gandhi's Congress 

I T^arty was defeated by the ruling 
S ^ ■’juu.la Party in a bitterly, enn- 
V U*, | fisted Pariramentary by-election 

- - jb Bihar State. The defeat fol- 
v arf. Raws Sitrs. Gandhi’s recent elcc- 

- f^im to Parliament. Page 6. 

^(’Briefly . . * 

• fttonh new Foreign Minister 
.5 M. Jean Francois-Poncct, a 
-'^nior adviser to President 
:.'7T^y r oiscartL Page 3 
Wi :,*alay?rta has welcomed a U.S. 

.to admit an extra 15.000 


m 


Vietnamese refugees plus those 
, .Seft ini the freighter Hai Hong. 

: yffgfr * columns of Ethiopian troops 
^driven Eritrean guerrillas 
Keren, their ..last major 
rtp^ftronghold. _ ; 

f'jfcfflEF PRICE CHANGES 

jifPrices in pence unless otherwise 


nr mmm\ ■ 

spl^ 78 -i -j- i . 

- . Ju< Akji Sep Cc? 

.58 p’ a Win, due mainly to the 
drying up of buying interest 
from Eastern Europe and Japan. 
Page 41 

• U.S. TRADE deficit widened 
by more than S40Qm To S2.I3bn 
last month. Back Page 

• LLOYD'S of London members 
"have until tomorrow midday lo 
decide ■ whether u £45m 
redevelopment scheme at their 
Lime Street site in the City 
should go ahead. Page 8 

• DEUTSCHE BANK is to take a 
25 per cent stake in Nixdorf. the 
family-owned "West German com- 
puter group. Back and Page 28 

0 FERODO. the French motor ■ 
component group, is hoping lo ' 
negotiate a deal with Lucas for 
alternative and competing 
supplies nf some of the products 
il supplies to the French motor 
industry. Back Page. 

• STAFLEX INTERNATIONAL, ! 
which made pretax losses nf 
£6.3m last year, is lu cease: 
trurtins. following the halting of 
bank support. Back Page 

LABOUR 

« SINGER UK'S Clydebank Shop j 
stewards are to seek Government 1 
and trade union help, following! 
Singer’s .announcement that it 
ran save only 335 of the 2,800 
jobs threat at the Clydebank 
plant. Back Page 

• HOOVER plans a major cul 
at its domestic appliance plants 
in Wales. London and Glasgow, 
to improve efficiency and car 
wage costs in the face of com- 
petition front cheap Italian 
imports. Baek Page. 

9 STRIKES In Britain are ‘‘ex- 
tremely concentrated.” with Tew 
stoppages in large sections of 
industry, according tn an exten- 
tive study of the U.K.'s strike' 
record since 1966 carried out by 
the Department of Employment. 
Page 17 

COMPANIES 

• BPS INDUSTRIES pretax 
profit rose from £14. 92m in 
£ 17.73m on increased demand for 
building materials. 

Page 24 and Lex 

• AVON RUBBER pretax profit 
for the year to September 30 
fell from the record £5.417m to 
£4.4 14m due lo severe competi- 
tion arising from over-manufac- 
turing and cheap imports. Page -4 


Poland seeking long-term 
$500m Euro-loan i_ 


BY CHRISTOPER BOB1NSKI AND ANTHONY ROBINSON 


POLAND, which has the largest 
•hard currency debt in Eastern 
Europe, after the Soviet Union, 
is about to begin negotiations for 
a new long-term Euro-currency 
loan of at IcasL ?5tK)m (£256m). - 

It has indicated that il is pre- 
pared to go as far as it can to 
satisfy requests from Western 
hanks for detailed information 
on the state of the economy and 
the debt position. 

Mr. Marian Krzak, the Polish 
First Deputy Finance Minister, 
said today that he would be 
travelling to Frankfurt this week 
with representatives of Bank 
Handlowy to discuss the loan 
with Western bankers. 

Mr. Krxak indicated that 
Poland was trying in obtnin sig- 
nificantly better terms than the 
margin of 12-1 5 per eent over 
London inter-hank rates which 
it obtained on its last hig Euro- 
currency loan an eight-year. 
S250m loan for the Polish 
Copper Combine in January. 
Poland was now looking Cor .a 
spread of around l to i per cent. 


Reports that Poland would 
soon be seeking a hig loan for 
balance of payments financing 
have been circulating in London 
and other financial 'centres for 
some time. The authorities have 
made great efforts to reduce the 
balance of payments deficit and 
the trade deficit with the West 
was cut by 50 per cent to S440m 
(£225 .47m i during the first hair 
this year. 

With outstanding gross debt 
at the end of last year estimated 
at nearly S15bn. rising to 316hn 
this year and a debt sen-icing 
requirement put at abmil S2bn 
this year alone. Poland is clearly 
in need of further substantial 
borrowing though. 

Re-scheduling 

Several hanks have already 
reached their limit for an 
individual country so far as lend- 
ing to Poland is concerned. How- 
ever, the extent nf current debt 
and likely borrowing require- 
ments into the 1 9S0s have raised 
the question of possible debt 


re-scheduling at some stage. ' 

The lack of complete informa- 
tion about the structure or the 
current debt and future economic 
prospects. particularly with 
regard to the generation of hard 
currency exports, has added to 
the nervousness. 

To some extent Poland recog- 
nised these problems when il 
agreed to disclose considerable 
detail and allow on-site progress 
inspection in respect of lhe 
Polish copper loan. This time 
however, one banker said. 
Western bankers would be look- 
ing for the sort of disclosure 
which will make it possible to 
prepare a detailed loan memoran- 
dum at least as informative as 
that prepared in connection with 
lhe recent S300m loan to 
Hungary. 

Bankers also suggest that iprms 
will have to be considerably more 
attractive than those apparently 
being considered if banks are to 
add in their already considerable 
existing Polish commitments. 

Details Page 2 j 


I Although some progress has 
I been made the National 
Graphical Association. Ch** 
union most directly invohed 
in the crucial issue of new 
irchoology. has refused lo talk 
to the company unless the 
threat of suspension Is lifted. 

Staff will begin work this 
morning on tomorrow’s edition 
of The Times but unless there 
U a sudden new development 
lhe company will announce 
during the day that publication 
Is suspended. 

Lord Thomson or Fleet chair- 
man of the International 
Thomson Organisation and 
president or Times Newspapers, 
said yesterday thal, while 
suspension of publication was * 
drastic slep. the papers could 
not be allowed to slowly bleed 
to death. Unofficial disputes 
this year had resulted in lhe 
loss of 13ni copies. \ 

There was, said Lord Thom- 
son. absolutely no intention of 
permanent closure or sale of 
the Times newspapers. “ I have 
not asked for a deliberately 
structured confrontation to put 
an end to the papers to save 
•money." 

He hoped the suspension 
would he for the shortest 
possible time. 

Time runs out for the Times, 
Page 8 

£ In New York 


THE THREAT of a tanker 
drivers’ strike in at least four 
of the five big oil companies 
emerged yesterday when a 
national meeting of shop 
stewards representing Shell 
drivers decided to stop work 
from January 2 if the company 
refuses to improve its '* final " 
pay offer. 

The decision will he put ns a 
recommendation to tbe drivers 
by ballot. 

National conferences of 
stewards representing drivers 
at British Petroleum. Esso and 
Texaco are due within t he next 
week. 

They follow the rejection by 
Transpun and General Workers' 
Union negntiafnrs of pay pro- 
posals made by ibe four com- 
panies. 

Of the big five oil and petrol 
suppliers, only .Mobil has had its 
pay and productivity offer 
accepted by senior union officials, 
ft is being put to stewards to- 
morrow with a recommendation 
for acceptance. 

The four companies which 
have had offers rejected supply 
about 60 per cent of all UK 
petrol supplies and a large pro 
portion of heating oils and indus- 
trial and aviation fuels. 

It wj< still not clear last 
night if stewards at BP. Esso 
and Texaco will follow the Shell 
lead. A strike by Shell drivers 
alone would probably have little 
more than a marginal effect on 
customers even though the com- 
pany supplies 20 per cent of i be 
petrol market. 

The drivers have submitted 
claims which the union says 
would represent pay rises of 30 


to 40 per cent but which the ccnw 
pames calculate at nunc than 50 
per cent. They include a new 
basic rate oT £00 azjjnst t!v» 
nresent £75. which wnitid also V 
used for caicul.r.m:; o'eviime 
and shift payments. 

The companies hui? run run 
negotiating d;Si.'u!;it« on two 
particular point.*. The >1 river*; 
are insistin’ 'h.-ti a “ ir.rwarrt 
commitment” -m uicitiin 1 -- pay 
from last a rV /eti.eiwn’ — 
which alone .•.urn S per cent 
—must be i f l Tnc/ .-re .ii*n 
refu-’ing to discus product rvpy 

schemes m'e« i’ne romp.mir, 
improve e-iitin - . 1 fitters .■■h::n ara 
within the 5 jut eon! hunt. 

Mr. Jack A-hwoli. n;c union's 
n.iiumj'. :ransi>vn necremry. 
yesterday that ir»c i<r»po.-al- i>y 
•he four companies v cro f«r 
shorr of accept -Tnie and ibe union 
would maintain u? refu.-ul in 
negotiate producin' i'y uni*.--'; 
improvements wore made 

The Shell otter involves an 
increase in the pnvcni rjte i.f 
£59.25 — on which overtime and 
shift premiums are paid — lo 
£68.50. The present basic rale 
would not he increased. 

The company said yesterday 
that it was also offering a pro- 
ductivity scheme to yield as yet 
unspecified extra payments. The 
" forward commitment " from 
Iasi year was not open-ended, it 
said, and it hoped io have fur- 
ther pay negotiations 

The companies have made simi- 
lar offers in overall cash terms 
although formula led differently. 
Essn. for example, has offered 
£3 on basic pay but BP has put 
most of the new money on over- 
time. 


U.S. lowers estimate 
of world oil simply 


BY KEVIN DONE, ENERGY CORRESPONDENT 

W’ vV ' 

THE U.S; has lowered its c-ati- accomplishment given where we 
mates of the amount of oii which now stand— we would still reach 
will be available to supply world that crunch polni by the early 
markets in the middle 19S0s. Mr. 1990s. a period in which we ex- 
James Schlesinger. the U.S. pect conventional oil production 


Energy Secretary, said it 
London, last night. 

World oil production, now run 


to p«ak." 

Addressing a dinner af the Pil- 
grims. a society to encourage 


— 

\o.. Z* 1 

Prfi'tooi 

J»l» ' 

S 1 ASI'V • 

Sl.tMk-..4J ( .S 



.1 Sft. ■ fij 4i> 

0.5<VO.l« .111. 

m.-nrl-. 

(•M.-y- n* 

I.i’l O.V. ^TS 

1C m-.iv’o 

:.*?-■■•• -ii- 

ai. 


ning in excess of 80m barrels a closer Anglo-U.§. relations, be 
day, should not be counted on said a surprising and undue 
to increase by more than 20 per satisfaction had been taken in 
cent before reaching its practic- slower economic growth as a 
able limits. The latest figures partial solution to energy prob- 
forecast a particular reduction in lems. "We must not come to 
supplies from OPEC countries. regard economic stagnation as 3 
If oil consumption increased at form of deliverance. Soon 
4 per cent a year, as io recent enough we shall come to recog- 
vears. demand would exceeed wise anew the serious problems 
supply before the middle 1980s, which unsatisfactory growth 


Mr. Schlesinger warned. 

He said: “Even if the growth 
rate were to be reduced to 2 
per cenL a year — a substantial 


inevitably entails." 

Adjustments had to be made 
by the industrialised world if it 
Continued on Back Page 


GBI seeks talks on sanctions 


BY HAZEL DUFFY. INDUSTRIAL CORRESPONDENT 



THE CONFEDERATION nf 
British Industry is requesting a 
meeting with tbe Prime Minister 
to discuss the Government’s 
sanctions policy. Thasc Four of 
tbe pay policy, ami the reform of 
the pay bargaining system. 

The decision to seek talks was 
taken at an emergency meeting 
of the president’s committee, the 
CBI’s “inner cabinet." at which 
some representatives were calling 
for a more dramatic campaign 
in order' to register distaste for 
the way the Government has 
treated Ford. 

Bur Sir Terence Beckett, 
Ford’s chairman, who is a mem- 
ber of the committee, specifically 
said he was not asking for CBI 


help in the company's handling 
or ihc sanctions issue — a Tact 
which obviously defused an other- 
wise immediate and angry 
response. 

The meeting also decided tn 
call for a Parliamentary debate 
soon on the sanctions and tn lake 
legal advice on whether the 
Govern men 1 is misusing its 
discretionary powers by disallow- 
ing financial aid to companies 
which break the guidelines. 

This rather moderate response 
of the *' inner cabinet " of the 
CBI to an issue which is causing 
extreme concern to many of its 
members may well, however, be 
only a first step in deciding its 
handling of sanctions. 


The committee nf 25 took lhe 
view that Ford is almost certainly 
only the first in the firing line, 
and that oiher companies which 
hare sanctions imposed on them 
will want more definite support 
from the CBI than Ford. 

The decision to seek legal 
clarification on the Govern- 
ment's threatened withdrawal of 
financial aid as a sanction con- 
cerns three areas which the 
Government is looking at in 
connection with Ford — temporary 
employment subsidy, financial 
assistance under Sections ]. 7 
and 8 of the 1972 Industry Act 
Continued on Back Page 
Editorial comment Page 22 
Car figures. Page :8 


ONE VERY 


1 


NOT BUY 






TRUCK 


CONTENTS OF TODAY’S ISSUE 




ym: .jd 





S 3PPB 'Indus. "i-L-i...... 245 

J/JBarr & WAX A 1“ 

**Biahnp‘_s Stores 145 

^kes (J.) 40* 

Mr i5« 

tliott (B.) 367 

run ;. 5T9 

.jSEaliiriew Estates 136 

[|Hall fM.I 225 

Js Hartwells K>9 

S’ wiiwon Matlney 464 

f LidstoQc 150 

. fdn. k Prov. Shop ... 130 

• May & Hassell 73 

^ftlhury 6S 

-PJeasurama 76 

. Cochin's 13S 


YESTERDAY 

i Indicated) 

Reed (Austin) A 92 

Stocks (J-) 345 

Wesrbrick Products... 59 

Guthrie 333 

London Sumatra 187 

Hampton Areas J3S* 

Westfield Minerals ... 360 
Whim Creek 90 

FALLS : 

A. B Electronic l- 4 2 

Avon Rubber I6h 

Bools 133 

Cullen's Stores I3S 

Downing (G-H-) 2"? 

Inchczpe . 

Sirdar 

■Snthebv P. B 363 

BP 934 


European ppm's 

2-3 

Technical page 

... 11 

Eurcrnarkcfei 

25 

Overseas news 

4 

« 

Management page 

... 19 
... 21 

Money and Exchanges 

30 

World trade news 

S 

Leader page 

... 22 



Home news — general 

— labour 

— Parliament ... 

8-9 

17 

10 

UK Companies 

Rllnlng 

Inti. Companies 

24-26 
... 26 
27-29 

Farming, raw materials ... 
UK stock market 

41 

42 


Firestone’s merger 


FEATURES 

Guyana's tragedy: Burnham 


Arah shipping: Gulf press 


Borg-Waroer 

22 

dissociates himself 4 

for liner trade 

29 

Economic viewpoint ES1S 


Third World Investment: 

Western Sahara: The 

phos- 

trials and tribulations ... 

23 

Suspicion remains 3 

phafe mines idle 

41 

. Business sail the Courts: 
Untruths — lhe place ...... 

20 

Egypt nil exploration: Pro- 
s pects after peace 6 

FT SURVEYS 

Poland opens its books for 


Deutsche Rank deal: Nix- 

Barbados 

... 32-35 

$5D0m loan 

2 

dorrs retain controls ... 28 

Process plant 

... 37-40 


Leasing! You can tease a 
Climax fork truck from around 
£1.400* per annum. {Or even less 
in a development cjrant area.) In 
manv cases Jeasiiiq is much more 
cost effective than buying. Send 
the coupon, -we’ll tell you aU 
‘-~ nn imi about not buying a 
' Climax truck. 


I Tci: Coven frv Climax Limiied. Sandv Lane. 

Coventry CV1 4DX. Tel: Covenlrv 1 01103 1 5^5355. 

| Telex: 31632. 

j Name . 

I Posihftn 

| Company. 

1 Address 


APHirnmems 

4? 

Euro-omloni - . ... 

U 

Appointment* AAvta. 

12-17 

FT-Actimrles Indices 

«2 

Boh Ratal . . . ..... 

» 

Jotu Colimn 

12 

guineas Opplb 

31 

Letters 

23 

Crossword 

» 


» 

Economic IndiUtM 

21 

Men ami Hotter* .. 

72 

Ewsrairrmert GaWa 

» 

Round 

9 


Furs-eptlvti ..... 3* Saleroom # 

-T-ActBortex Indlcm 42 Siwe Jnfo»mailM . *MS 

«fc» coumn » saasv- s 

f‘ CRI ^ U "“ Tn «» — • « 

» w, « u * r “ 

ten sml Hotter* .. 22 INTERIM STATEMENTS 

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oviet planning chief aims for higher growth! Rank and 


BY DAVID SATTER 

KK. NIKOLAI BAIBAKOV, th* 
Soviet planning chief, today 
announced much higher growth 
' target for the Soviet Union in 
19 T9, as the economy, aided by 
m record grain harvest, 
attempts to recover from past 
setbacks to fulfil the five-year 
plan. 

Mr. Baibakov told a session 
of die Supreme Soviet, the 
nominal Soviet Parliament, 
that industrial output next year 
Is targeted to grow by 5.7 per 
cent, the highest target so far 
In the 1976-80 plan, and well 
above this year’s 4.5 per cent 


growth target, which wffl bo 
exceeded. 

Heavy industry, or “category 
A" production, the traditional 
focus of the annual plan, is to 
grow by 5.8 per cent in 1979, 
compared with a plan target 
of only 4.7 per cent for this 
year. Consumer goods or 
“Category B” production is to 
grow by 4.6 per cent, compared 
with a target of only 3.7 per 
cent this year. 

Agricultural production, 
which this year received a 
strong boost from the 235m 
tonne grain harvest, is to grow 


by 9.8 per cent next year. 

The 1979 plan reflects many 
of the economic priorities 
stressed on Monday by Mr. 
Leonid Brezhnev, the Soviet 
President, at the plenary 
meeting of Hie Communist 
Party Central Committe, 

Mr. Baibakov said a key goal 
of the 1979 plan, as of the five- 
year plan as a whole, was an 
increase in Industrial labour 
productivity, which is targeted 
to increase by 4.7 per cent in 
1979, compared with a targeted 
increase oF 3.6 per cent this 
year which has not been met 


hi the first nine months. 

He said capital investment 
In 1979 would Increase to 13bn 
Roubles (5101 jbni. from 
125.5bn Roubles this year, but 
there is no indication that the 
Soviet Union- has overcome its 
persistent laxity In completing 
projects. 

National Income, a category 
similar to gross national 
product, and the best overall 
measure of Soviet economic 
growth, is to increase by 4.3 
per cent or about 18 bn roubles, 
it was targeted to increase hy 
4 per cent this year. 


MOSCOW, Nov. 29 

Mr. Baiba Not said that 

33.5ba roubles would be 
Invested in agriculture, as 
part of the continuing effort to 
modernise and make more 
productive the traditional 
Achilles heel ef the Soviet 


threatens 


part of the continuing effort to 1 BY DAVID GARONSL W MADRID ^ 

modernise and «c SPAIN outs Hie formal. seal strongly dtidsed^ta the 

£^SSS m S tfSJEir transition to in the leadenhip**^ 

*52* h EL he ! liberal democracy in its Decora- Commissions. It accused them faeflon with the claimed benefits 
^nomy. Pnon^ would be J referendum on the new of usin? the union as i lannchiug- for ; the . anits^ of. ,the Moncloa 

meSJorWoB^SS ie g bSc \ constitution. there are emerging pad from which to fin^t .&e-Pacts, aitf bpktilHj to conthwibg 
S T sK atteOTt w the first out unmistakable signs fiercely moderate poUaes of fee L wa«e restraint and restriction of 
to the Soviet attempt ™ I and radical disenrECE leadership, 

improve labour productnltj. j diant;ment ^ ^ rank and file “ Euroconuaunist" Sr., ^niSa)gp;.:- Secondly, theTPCEhas xun 
The rate of growth is to be jj^gj ^ ^ trade union move- Carrilio. - -Ci- into - internal- uPEWsrtion - after 

&2 per cent, and WO new types j ment xhe urgency of political - ^ -grealerrdise^^dimt^: 

of products are to be (reform has pushed negotiation experience of the Co iwaiimit Kv;^^ - and the 
Introduced. | between employers, the unions ^ meant that tensions 


oland to open its books for $ 500 m loan 


called Moncloa Pacts, very snuen The wave of expulsions: inside' 
into second place. ■ the ' Socialist camp-.is. 


BY CHRISTOPHER SOB1NSXI W WARSAW 


HE. MARIAN KRZAK. the 
Polish First Deputy Finaace 
Minister, has confirmed that 
Poland Is seeking a long-term 
Eurocurrency loan of at least 
3500m for “ general economic 
purposes'* and is prepared to 
: satisfy as far as possible Western 
banks' requests for detailed 
information. 

In an interview with the 
Financial Times Mr. Krzak said 
that Western banks are showing 
considerable interest in the 
syndication and that he was 
travelling ro Frankfurt this week 
■with representatives of Bank 
Handlov.y ro discuss the loan. 

He mad? cie?r that Poland is 
icokina for a snre?<i in the region 
of i to I ner cent over Libor. 

Mr Krsak ?airt it was too early 
to say who would be the leaders 
o? the consortium “ T know that 
some of rhe world’s foremost 
benks would like to be among 
the leaders." he said, and be 
mentioned that the Bank nf 
America was heinn considered 

Asked about providing com- 


prehensive data on Poland’s 
hard-currency debt, the deputy 
Minister said: "We shall try and 
satisfy the curiosity oF the banks 
to the greatest degree possible. 

In this context, he mentioned 
last January's S250m loan for 
Poland's copper industry, where 
the terms allowed Western lend- 
ing banks on-site inspection 
right;, and more information 
than is usual in East European 
loans. Poland, be said, was at a 
crucial moment as regards its 
balance of payments deficits. 

Mr. Krzak confirmed that the 
current debt service ratio was 
between 30 and 40 per cent, 
only taking into account trade 
with the West He said that 
as much trade again is done 
with the Comecon countries and 
this strengthens the country’s 
ability to service its Toreign debt. 

Ministry of Finance estimates 
foresee a hard-currency deficit 
of Sl.lbn this year. Plan pro- 
posals for next year, which were 
approved this week but which 
still have to go through the 


Parliament, Include a 9 per cent 
growth in hard-currency expons 
while hard-currency imports 
should remain at this year's 
level. The Ministry estimates 
that this will give a S500-700ra 
hard-currency deficit in 1979. 

Mr. Krzak expects the trade 
balance to even out in 1980. 
“ That year will begin a long 
period when we will have a posi- 
tive -trade balance which will 
enable us to cover our debt 
service requirement." he said. 

He said that a system of money 
incentives was being planned 
which would reward workers who 
produce export goods. The 
scheme would also permit com- 
panies which increase hard- 
currency exports to import more 
from hard-currency markets. 

The Ministry of Finance esti- 
mates that this incentive scheme 
should add up to S300m worth 
of exports to the planned export 
figure for 1979. “As for hard- 
currency imports in 1979, they 
will certainly not rise above this 
year's level and might drop.” Mr. 


Krzak added. 

One area where Poland will 
import less in 1979 is grain 
and animal feeds. The harvest 
this year was better Lhao average, 
but “ not as good as we ex- 
pected.’’ be said. 

Poland will be looking for 5m 
tonnes of grain and feed in the 
U.S. next year, and the Minister 
confirmed that Poland has 
applied to the U.S. Commodity 
Credit Corporation for credits of 
S500m to finance such imports. 
So far, the U.S. has assigned 
Poland only S200m. 

As to the future, said Mr. 
Kr7.2< debt repayment is a 
priority for the economy. Poland, 
he said, would “be an active 
client on the credit market.’' 
Investments in raw materials, 
especially coal but also copper 
and sulphur, would continue; and 
jeach year there would be one 
large investment project, 
i The Pita aromatics and 
polyester fibre plant was next 
in line: but Mr. Krzak said that 
plans for a heavy truck factory 


I in October 1977 and due to ex- 
j pire at the end of this year— by 
i which the Government and main 
and then a delivery van project (opposition parties agreed to 
were still very much alive. accompany the political con- 

In the short term, the 1979 5eBSU5 which would operate id 
plan proposals approved on ; Parliament with a measure of in- 
Tuesday forsee a 3 per cent . dustria ] Qeace and a 32 per cent 
increase in national income, a I wa ce ceiling 
category, similar to Gross; ^ complexities of t be politi- 

National Product. This is ‘“fical timetable have held up the 
lowest grow^ for several yeara. “ f second 

and compares wife The planned : in which the Govern-’ 

a.4 per cent growth in nationaL, ment ,; s losing for a wage eeH.- 

1977 * Dd 3 ? i in S °f around 10-12 per- cent.: 

t>jat -vs. But it has not held off the batch 
Mr. Krzak explains that .tins £ 1 agreements due to be 
k so because low agricultural!"* 

production has been allowed for. i t?***®* 

and there is also w be no growth 

in the construction sector next \ ^^L rS w ££? h 

roar Tnriucrrial outnut is . during which tills discontent WUl 

Sed fo rS t M per 1 litelj- begrn t. nmta Ittdl ■ 

compared with 6.S per cent rise i 

on the 197S olan and an 8.3 per' The most prevalent Teason for 
cent in 1977. Consumer goods this . discontent is hostility to 
production- is to rise next year manipulation _ of the rmions by . 
by 7.7 per cent and export pro- two main parties 7 .of the 


■5S^ 


Sr.' FelippeGirazalea 


“ : to/ the' JtuteTage ; of . the parties, 
.5o v Toni . 'as;- "that raeang. mider- 
writing tiaejjolitie? of consensus; 

The ■PuE.' /for- example. " ; ik 
Jnterertetf. - ihr ^ maintaining the 
tcensensu^’^througfia^thxee. year 
:pact bdvewEtt*eltiployEr£ uflons. 
ilKeparfe anfitheGovernment. 
.The ; agreement", would be 
^political as#ell ayeconbmic-.aDd 
- would'', oobfain "?»" firm ■= el ecjffiiral 
■timetabie : which iopted 'for new 
elections either- immediately . or 
'■^h'lhree jrears.tiiiie-. 

* The Communists.. argue 
plausibly. that, private. Investment 
Win ndt: pick tip in- the' face- of 
electoral tmcertakity- -However, 
an , impartaht slide of the PCE 
proposal , is the. Setting, up of- a 
watt^do? committee to monitor 
the agreement; -h- : “ ■.'• -. 

. :‘._But it conceals an important 
payt of the .. PGE’s - electoral 
«trategf as Through- -the 

CCOO— easily, . .. 1 Spain’s ' most 
powerful icmioa*=--the''PCE i would 
play -.a ddmin ant rale. fn such-, a 
_ committee; and_^ hopefully, build 
■-'.-up its- electoraT ^Ireugtit ' in time 


Romanian officials expect Ceausbscu to renew 


duction growth is to be 9.6 oer{ labour movement — the Spanish ' V for. new uolis ^ .. 

cent i Communist Party (PCE) and the; A report circulated inside tha.. By.; -^e sained token, '^tlie 

Growth in real wages over Socialist Party (PSOE). which PSOE claims that the party ha* .jpsGE/UGT Insists pn^ ''a 6ne ; year, 
this year is to be held down to ; lead respectively the Worbera’-iost nearly rthree-quartei? of 'tta:» a ct ' ^'negotiated ^etclu^^Iy* 
between 1.5 and 2 par cent : Commissions ■ (CCGO) and the membership tois 'year ^.-Frbm & ^hetwsea" enniloyera and : ‘tKe 

; General Workers’ Union (UGT>; claimed membership of aSO'.fliOCHu-rmjmJ - gad : ^ arbitrated by the 

j The political leaderships of 1977, toe-document now puts the Government ■, The PSGE, -after 

j j a the CCOO and UGT- have had number of paidrup members -it- flie benefits from ^its part 

m rtwr W i ■■ H I ihp bnrifpn nf rpsminine thpir fi9 HOO and the SnHali«t Vnti r~_i ■ „ _«i frimhlal'. 


!f:.\ 


ROMANIA WAS today reported 
ready rn face th*-- Soviet Union 
in a tense confronts’ ion on issues 
ranging Frnm foreign policy to 
military .co-on* ration 

Goveminent olhcials said 
President Nicolae Ceau«escu. 

vno di-. 1 "!;®'! <harn new diffrr- 
er.ros with hi; Soviet bloc allies 
this week, would probably go 
on rhe offensive a^am at a public 
rally on Friday. 

Bucharest, meanwhile, was out- 
wardly C3im as Romanians 
waited for Kremlin reaction. 
After several years of uneasiness, 
relations between Bucharest and 
Moscow now face their gravest 
political crisis for a decode. 

Officials said the President was 


ready, if necessary, for a long 
bout of open polemics with the 
Soviet Union and his five other 
Warsaw Pact allies 

Western diplomats predicted 
th?i Romania’s a l ready- limited 
mili’ary role in the Communist 
alliance was likely to he cut 
back still further, but it was 
thought unlikely that Mr. 
Ceair.-ei-cu would seek io leave 
the 23-year-old alliance. 

The Romanian leader has 
hinted in several public speeches 
i»tai he was at the centre of a 
major row at a summit confer- 
ence of the Warsaw Pact in 
Moscow last week. He said he 
resisted demands for increased 
military spending, and indicated 


that he vetoed 5oviet plans for 
closer integration of the 
alliance's armies. 

Mr. Ceausescu’s public airing 
of his latest dispute with Moscow 
sent shock waves through 
Eastern Europe. Communist 
governments have been acutely 
sensitive to tbe risks involved in 
an open clash of this kind since 
the Kremlin sent tanks ro crush 
the Czechoslovak reformist 
regime in 19fiS. Mr, C-eausescu 
condemned the Czechoslovak 
invasion at the time and refused 
to allow Romanian troops to take 
part. 

East European as well as 
experienced Western observers 
here and in other Communist 




caplt&js, however, doubted that 
the Sorter -.Union would exert 
military pressure on Mr. 
Ceausescu. 

The Romanian leader has fre- 
quently clashed with the Soviet 
Union on foreign policy in the 
last 13 years, but he runs a taut, 
hard-line regime at home, giving 
no cause to the Kremlin polil- 
buro to question his fidelity to 
Communist principles, at least 
domestically. 

The Polish Communist Party 
Politburo was the first to respond 
to the Romanian leader, in a 
statement yesterday which tilted 
at his latest stand without nam- 
ing Romania, jl . 


RT 7 fTTAT»p>cT *>o getting their unions to under- The Communists, wHm ^ until, to ;fcreak from consensus politics^ 

Bucharest, nov. 29. write tbe consensus which has recently had managed to do mostr and project itself as a sfaorM*nn 

“Poland will decisively opuose b e e: * the dominant characteristic 0 f thej r dirty 'washingathorae*: alttraattra'-to; - the, : governing 
all actions weakening ‘ the of politics srnce the, ; are also faced with open^ Crisis Union of^ ^the Democratic Centre, 

cohesion sod defence csplciff of fE 1 *, 


Yesterday. Belgrade sources | Socialist leadership at the end in t» back on leading positions in- -increases for next year to. Ifi per 
reported that all six Warsaw Pact f of last month, Sr. Felippe side the CCOO. ’cent, against the -ICMli-'peri cent 

ambassadors in Bucharest had j Gonzalez, the PSOE secretary-'. Thirdly and most importantly, that the Goverimeirt 
been recalled by their govern- ; general, attacked those who wejfe j a Catalonia the pro^Carrlllo. . Catalan workers commissions., on - 
ments for consultations. The. “using the UGT as a platform leadership of the PSUC has been the other hand. . has broken 
reports were later proved in- (from which to systematleaHy fighting s losing battle with the-ranks with the CCOO nationally, 
correct, although it was con- attack the politics of the PSOBE" " Leninists,*’ or radicaL dis-^sald a loua and theatrical “Ho." 
firmed that the Soviet Bulgarian Last month the adoption oFa sideuts. for the past six months to- any social 1 contract, and 
and Hungarian envoys had left resolution by the executive jOf While ' there are important demanded : that any ^future pact 
Romania, ostensibly because of toe PSUC— the Catalan Coin- differences between the crises, be preceded by a thorough 
official commitments in their own m an ist Party arid most powerful taking place inside toe PSOE/ debate" toroughout the Lahotir ’ 
countries. Reuter I component of the PCE-^wbigb and PCE/CCOO fonna-. movement. . _ ■ _ ' y 








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Third World 
blamed for loss 
of mine finance 


BY ADRIAN DICKS 

DEVELOPING COUNTRIES 
have largely themselves to blame 
for the dramatic shift of new 
mining investment away from 
the Third World. Count Oltn 
UunbsdorflT, the West German 
Economics Minister, told the 
German mining industry's annual 
conference here this evening. 

The tone of the international 

debate on raw materials had 
frightened off a good deal of risk 
capital, so that SS per cent of 
new mining investment was now 
going to projects in the indus- 
trialised countries. Count Lamhs- 
dorff said. A decade ago, the 
developing countries were get- 
ting 60 per cent rather than -the 
15 per cent left for them dow. 

"The damage which the deve- 
loping countries are doing to 
themrelves Through this policy is 
probably even now not fully 
recognised.” 

At the same time, however, the 
Minister said he was disappointed 
with the results of the first seven 
years of West Germany’s policy 
of support for overseas mineral 
exploration and development. 

It would be wrong to blame 
developing countries alone, when 
companies were also faced with 
uncertain price and sales pros- 
pects. But he urged West tier- 
man mining groups to adopt a 
holder approach, and assured 
them that the Government would 
not fail to adapt its existing 
guarantees in new forms of 
operation such as service con- 
tracts with overseas authorities. 

Count LamhsdorfTs speech 
■-mneided with the Bonn 
Crh*npt’s Innc-de-lsyed discussion 
today of the question of a 


BONN. Nov. 29. 

national stockpile of scarce raw 
materials. No firm decisions 
were taken, and the matter was 
effectively shelved until April 
when a committee of senior 
officials will present a range of 
opanoa. 

There appears lo be no change 
in the Economics Ministry view 
that primary responsibility for 
stockpiles rests with . indust o. 
though Count LambsdorfT hinted 
Lhat Bonn may be prepared lo 
ease the financial burden through 
tax concessions. 

The consensus view remains 
that in the short term. West 
Germany's access lo must raw 
material faces no threat, and has 
been Improved through diversi 
Scat) on of supplies. The main 
problem, as for other Western 
industrial countries, lies with 
minerals obtainable only from 
South Africa. Dr. Annin Gruene- 
wald. the Government spokesman, 
made it clear that the main point 
of ne\t spring's studies will be tn 
guard against the disruptions of 
any United Nations sanction* 
against South Africa. 

• Kenneth Marston, Mining 
Editor, writes: A major new 
mining operation can have a 
lead tune to production of about 
eight years and the absence nr 
any guarantee of security for 
the huge amount of finance 
involved over that period is a 
major harrier to new investment 
tn developing countries. At the 
same time, however, it must he 
appreciated that because of the 
depressed level of most nietal 
prices there is little major new 
non-fuel mining investment tak- 
ing place anywhere in th« world 
at present. 


IG-Metall lock-out anger 


BY OUR OWN CORRESPONDENT 


BONN. Nov. 29. 


IG-METALL. the West German 
s* eel- workers' union, called a 
mass meeting in Bochum this 
afternoon tn protest against the 
lock-out of 29.000 men which 
'he steel employers have called 
for Friday morning in retalia- 
tion against the strike in the 
industry which began on Tues- 
day. 

There was little prospect, how- 
ever. that the lock-out would be 
called off, and no sign of any 
peace moves from either side. 
Some 37,000 TG-Metal! members 
in eight plants in the Ruhr are 
on strike, with a further 13.000 
idle as a result. 

The employers' federation 
•-.aid today that the dispute is 
already costing about 42.000 


tonnes' production a day, worth 
DM 6.3m HI 7m). These figurp‘ 
will go up to 60.000 tonnes worth 
DM 9m on Friday. 

Despite general anger in Hk 
trade union movement at whai 
Herr Eugen Lnderer. the ti = 
Metall president, calls th. 

“ shameful weapon " of the lock 
out. iherc Is so far no stgn th.n 
other unions plan specific action - 
in solidarity wiih the steel 
strikers. In an apparent!;, 
isolated incident, however, prin 
ters m Bremen delivered a re 
minder of the still tense- 
industrial relations in the news 
paper business when the; 
refused to set an advert isepienT 
placed by the steel tanr-Tter* 
which attacked lG-Metali In* 
strong terms. 


EMS option urged for UK 


BY REGINALD DALE 

LORD THOMSON of MonifieOi, 
Chairman of the European 
Movement, yesterday appealed 
:o the UK's Common Market 
partners to keep the door open 
ir necessary for Britain to join 
the planned new European 
Monetary System (EMSi after 
the next election. 

He still hoped it would be 
possible for Britain to make the 
basic commitment at next week's 
Heads of Government meeting 
in Brussels. Lord Thomson said 

in Luxembourg. “If not. I hnpp 
that it will remain possible for 
the Doxt British Government. 


whether Labour or Conservative, 
lo do so after the General 
Election which must lake place 
not later than next autumn." 

If the UK were not to join 
the EMS. it would become “the 
founder member of a second 
division in the European league," 
Lord Thomson said in the Sir 
Winston Churchill Memorial 
Lecture. 

The best way to ensure that 
the EMS took proper account of 
British needs was tn be in on 
the ground floor shaping the 
moneiary union from the 
beginning. 



EEC report on Spain entry 



BY GUY DE JONQUIERES. COMMON MARKET CORRESPONDENT 


WORLD 

BANKING 


CONFERENCE 



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Socialist 
states ‘can 
pay debts’ 

By John Wick* 

ZURICH, Nnv. 29. 
SOCIALIST COUNTRIES are 
a hie to chape (heir economies 
in such a way us lo secure 
servicinR nf their foreign 
debt*, according ro Mr. Jan 
Wolosryn, first vice- president 
of Bank Handlowy Waracawie. 
the Polish foreign trade bank. 
Speaking at the Financial 
Times World Banking Confer- 
ence herp today, Mr. Woloszyn 
said that in evaluing problems 
of the increasing indebtedness 
of these countries, the We»i 
relied to a larno degree on 
conventional methods «»f 
assessing foreign risks in re- 
spect of market economies. 

!n fart, it was the total export 
value of individual Socialist 
countries which reflected 
economic potential and not 
just deliveries tu market 
cronomics alone. A great part 
of the credits involved went 
to strengthen Industrial poten- 
tial and thus produce future 
hard-currency earnings suffi- 
cient to cover repayment. Mr. 
W'oloxzyn said natural re- 
sources and various dnmestir 
indicators should al.-o be 
looked at in the assessment 
of national risks, 
deferring to suggestions that 
East-West trade might be 
facilitated by the introduction 
of convertibility lo Cnmecon 
currencies, he said he thought 
western exporters and impor- 
ters found it quite convenient 
to settle their accounts in their 
own currencies. Furthermore, 
the long-lasting instability of 
the monetary system of capi- 
talist countries exerted a 
strain on East-West trade. 

Ir. Woloszyn added that he 
fully shared the view of econo- 
mists calling for closer 
co-operation between East and 
West in efforts to stabilise the 
world monetary system. 

Mr. Woloszyn confirmed a state- 
ment made in a speech given 
at the conference today by Mr 
M. S. Mendelsohn, associate 
editor of The Banker, that dis- 
cussions were taking place on 
the arrangement of a $500m 
Eurocredit for Poland. Talks 
were not yet at the negotiating 
stage, however. 

Recourse by the Kingdom of 
Spain to international capital 
markets next year is likely to 
be very limited or “perhaps 
even negative." according to 
Jose Alvarez . Ren doles. 
Governor of the Bank of Spain. 
Thia would not exclude the 
possibility of carrying out 
some very selective operations 
in one or two markets to keep 
the country in the eye of 
investors “and explore some 
important markets from which 
Spain has been absent until 
now.” 

The Spanish balance of pay- 
ments on current account 
should be more or less in 
equilibrium in 1979. said Sr. 
Alvarez Renduics. showing a 
surplus of some S4O0m exclud- 
ing foreign loans. If. oa the 
basis of the high reserves level 
at the end of this year, a low- 
reserves target were set for 
1979. net receipts from foreign 
borrowings should be about 
zero. 

Spain's activity in the markets 
would then be limited to 
carrying out new operations 
roughly equal lo the total of 
planned repayments, esti- 
mated at around S2.75bn. This 
.gross financing figure took 
Into account foreseeable needs 
Of the private ser-fnr and of 
public agencies and organi- 
sations. 

The availability of a fi per cent 
exchange rale margin lo new 
countries removed the Iasi 
economic obstacle tr* the UK 
entering the European Mono, 
tary System, the conference 
was told by Samuel Brittan 
of the Financial Times. This 
gave a total band of 12 per 
cent between the strangest 
and weakest currency. Mr. 
Brittan said be had confirmed 
that these terms were avail- 
able to the UK as well as In 
Ttaly. The British government 
had been wrong to reject 
wider margins within the 
“ moving band " proposal. 

The line of British Ministers in 
“ waiting for terms " was 
most unconvincing. Nothing 
was likply lo emerge from 
subsequent detailed negotia- 
tions which would turn the 
balance in one way or another. 
This was a convenient pretext 
for delaying a decision, he 
said. 

Mr. Brittan warned against the 
UK joining the EMS without 
any domestic medium term 
monetary plans, or for these 
tn be conditional on the 
surress of pay policy. The 
result. If ihe exchange rale 
could he held at all. would 
bp a period in which British 
industry herame uncompeti- 
tive internationally, followed 
by a crisis and a sudden 
devaluation. "British member- 
ship could not survive more 
than a couple or such surges.” 
On Ihe other hand, not even a 
benevolent dictator would 
wish to adjust British mone- 
tary polli-y abruptly. The worst 
course of all would he the 
apparent compromise of 
devaluing and then joining. 


I THE EUROPEAN Commission 
| recommended tod.iv that the 

[ application rif ihe principle or 
free movement of good' to Spain 
I should he closely linked in us 
acceptance nf Community poli- 
cies for the rcsirurturing of 
crisis-sirurk industries after it 
joins tlie EEC. 

In us lona-awaiied formal 
opinion on the Spanish applica- 
tion for EEC membership, it 
says lhal Spain should he ass'»- 
cialed before entry with the 
Community's efforts in restruc- 
ture the textiles and 
sectors. In return. Hu- 


ron! ly facing severe problems, 
the report warns that Spams 
meniberhsin cauld give n-c to 
“acute ten-inn-- ‘ unless careful 
measures are taken to cushion 
the uopaci of entry- 
Hn the agricultural side the 
Commission «u.3;esis ihai the 
extension nf ihe Co mi non Aari- 
ruliursl Policy ;n Spam should 
lake placn ro’Vivcly slowly in 
order to preionr undue disrup- 
tion of EE<‘ markets, especially 
for Aledilcrr ine:m products, and 
consequent hardships for pro- 
ducers in -mu hers Italy and 
EEC southern Fr met. 


should offer Spam aid lo The Integra; inn or ihe Spanish 
facilitate industrial reconver- farm sector ;n»n the CAP riiuuld 
sion. be linked lu the speed of adiip- 

Noiinc lhal Spanish industry is latum of the Spuni-h economy 
highlv competitive in a numbpr Though demand from Spain 
of sectors where the EEC is cur- could reduce slightly traditional 


sur?'y=e< of n or' hern EV.irnpean 
product- likp beef and milk its 
entr> could :ead iu serious over 
product .on nf products like olive 
ml vine ard certain fruit and 
veritable?. The EEC mu«T act 
as -non a? possible to prepare 
appropriate market ru!p* for 
these products and ?!cp up struc- 
tural aid in agriculture. 

The report suggoris no date 
for Spain’s entry and leases open 
the question of how long a 
transition period it should be 
granted a tier accession, though 
ii s*ys rhai ih:s should nut 
exceed ten .--ears. The exact 
periods should be decided in Ihe 
course of membership negotia- 
tion and cou>d differ from one 
sector tn another. 

The Commisrion emphasises 
that Spain's economic weight, its 


relatively advanced decree of 
indlisinallfdli.in and us large 
farm sector make it much 
harder l-i integrate min the EEC 
than ciiher Greece or Portugal. 

A major Innz-ierin effort must 
be undertaken as soon as passible 
to narrow economic differences 
between Spain and ihe EEC. 
Since m number of poorer EEC 
regions arc likely to suffer most 
fm;u Spanish accession, ihe Com- 
munity should also expand its 
regional .ud policies. 

To prepare ns industry' for 
entry Spain musl act as soon as 
possible to ahjn 1 1 s lari IT struc- 
ture with lhal of the EEC. lo 
harmonise its competition polfcy. 
especially in respect of tax and 
slate aids, and associate itself 
with the EEC's industrial 
restructuring policies. 


BRUSSELS. Nov. 29. 

Spam should also aim lo align 
its “ conditions nf work.” pre- 
sumably by raising ihe wages nf 
relatively poorly paid workers, 
with EEC standards Without 
Ibis Men. the Commission 
suc.sesis ilia? ii would i>e difficult 
in extend the principle of free 
movement nf la noil r to Spanish 
workers. 

Externally. Spain's member* 
ship will create new problems 
for the EEC's commercial rela- 
tions with nnn-niemncr 7.Tcditer* 
rancan countries and the 
developing world. Israel. 
Morocco. Tunisia and Cyprus are 
likely l" suffer partirularly 
heavily from increased competi* 
lion from Spai-j fnr EEC 
market*, and the EEC must help 
these countries io diversify their 
trade over the Iona term. 


French Foreign Minister is Giscard’s man 


BY ROBERT MAUTHNER 

M. JEAN FRANCOIS-PONCET. 
who was today appointed as the 
new French Foreign Minister in 
succession io M. I.uui- de 
Guirinsaud. is very much Presi- 
dent Ciyeard d'Estamc's own 
candidate and his been groomed 
for ihe job for .u least two years- 

Tall, urbane, with thinning 
Tair hair, the 5(iyear-old career 
diplomat, who has bpen the 
President’s principal aide at i_h_e 
Elvsec Palace since July. 197o. 
has the sort of hack 2 round which 
«ends shsivrrs nf pleasure down 
Hie back of an editor of “Who's 
Who.” 

The son of one of France’s 
mo*! famous diplomats or the 
past 50 years, il. Andre Francoi=- 
PonceL who v.-a« successively 
amliassadnr In Hitler's Germany 
and Mussolini's Iialj during the 
decade stretching from 1931 io 
1940. and again ambassador to 
West Germany afier the Second 
World War. the new French 
Foreign Minister has all ihe 
riglit qualifications. 


After graduating brilliantly 
from the Ecole Xaiionale 
d'Admioh-iralicn (ENA). 

France's famous nursery for civil 
servants, M. Franculs-Poncst 
joined the diplomatic service in 
1955 and on).' iwo years later 
became a member of The staff nf 
51. Maurice Faure. then State 
Secretary for Foreign Affair*. 

If M. Francois-Pnncet has the 
repuia lion of being a convinced 
" European." hi* enthusiasm cer- 
tainly dates from this period. 
M. Faure. one of th? leading 
French supporters of European 
integration of 'he post -War 
pc nod. is «aid (o have bad a 
profound influence on him. And 
i: is not for nothing lhat 
M. Fra nco is-Po tire ' subsequently 
led the French delegation in th? 
negotiations on ;be Treaty of 
Rome, which set up the Europe in 
Community. 

Though he has also had 
experience :n other Foreign 
Ministry Denarur.ents. like those 
dealing with Africa end ihe 


Middle East. M. Franeois-Poneet 
remains irfisentially j European 
expert, uni ike 51. de Guiringaiid. 
■/ h j?c main interest was the 
Tn:rd Wi'fid. 

There can be tittle doubt that 
his particular qualified lions in 
this livid weiufied heavily in 
favour of his appointment. 
France takes over the chair of 
the European Community's 
Ccuncii of Ministers on January 
1 and President discard has 
made no secret of his intention 
lo make the s*ix mouths period 
of :h> F.-enrn presidency a 
uiesr.orabie event. 

Nor on!;. viM M. Francois- 
Poncet play a leading part in ihe 
setting tip ef the European 
Moneiary System, bui he will 
sti.'I he in ihe chair when the 
elections for l he European 
Parliament are held in June next 
year. 

It car. be taken for granted 
that tne new French Foreign 
Minister >:II faithfully reflect 
Hie President's views. Under 


The Fifth Ropuhlic. foreign 
policy has always been the 
special preserve of ihe Head of 
Stale and no Foreign Minister 
wiih Ir.i.-illy independent ideas 
could po.-sibly survive for very 
Ion?. 

However, a Foreign Minister 
who is completely in tune with 
the President 's basic philosophy 
and policies can clearly exercise 
considerable influence by virtue 
of his specialist knowledge. M. 
Francois-Poru-ct is welt placed 
lo play such a role. 

.Afier having open lured hack 
to Government service by ihe 
President, following a brief two- 
year spell a- chairman of the 
family steel company, M. 
Franco is- Ponce i h3s been asso- 
ciated closely with all aspects of 
French forcian policy, first as 
Slain Secretary for Foreign 
Affair* and ihen as Secretary- 
General a i the Ely*ee. 

He has accompanied the Presi- 
dent on ail his official visits 
abroad. 


PARIS. Nov. 29. 


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\VII R1< AN 'NEWS 


Americans Administration looks for 

turning on 

to current Ways to GESe pEy Code 


Hopes rise 
for an end 


GUYANA’S TROUBLES 


to Belize 


Burnham dissociates 


BY STEWART FLEMING 


NEW YORK, M- 


6y Jurek Martin j OFFICIALS OF the Carter 

VASH1NGTOV. W. ! Administration are evaminm^ 
A VERY strange thing happened! ways of easing some of the guide- 
on U.S. commercial television! lines in phase two of its volun- 
lasi week. The most watched : lary wage and price policy, in 
single programme, according to! order t0 improve the chances oE 
the A. C. Nielsen ratings, was j enforcing the programme. This 
“Sixty Minutes" which deals' represents a significant retreat 
effciusivelv with current affairs.; by the Administration from the 
a fn* a r v^iun 1 position, taken by President Car- 

=4 £ « m*h«ri ler himself. that the guidelines 
said today he could not remember i oul(J not be soflened s 


wrangle 


himself from 


regularly! A ma j 0r consideration behind 


Jjjjj 1 . 5l L5 a .J“' 5 .;P^|the review is that the wage and 

J5JVS,, SSfwLrK-hiS benefif standard establishing that 

S£; ^network which produces] increases of more ihan 7 pe , cent 

Sixty Minutes, said that t would break the guidelines 

** 1 wou ‘ d b« virtualiS impossible to 
pr g.ammes 10-. ear history. I enforce in the case Of the 

Some indication of the waste- Teamsters Union whose contract 
land that is U.S. commercial tele- 1 with the trucking industry- 
vision can be gleaned from the i empires next March 
fact that “Sixty Minutes” was the The Administration has also 
only one of 61 programmes shown realised that its proposed price 
ih prjme time last week that increase guidelines for corn- 
dealt in non-Sction. panic* could he interpreted m 

"Sixty Minutes." which might sUC b s wa> as to allow many 

be described roughly as a rather 

jazzier version of the BBC's T 7 C I 

“Panorama" has had a very long U.O. prODOS€S 
and slow ride to the top. As w~r 

recentiy as a couple of years ago. n ]nn tn CnlvP 
it was regularly truncated if the lv *ui t t f 

usual late Sunday afternoon . ! 

American football 'telecast ran V-'VpFUS issue t 


corporations to choose a form of 
price control which would nor 
seriously inhibit their ability to 
pas* costs on to their customers. 
' Mr. Barry Boswnrtb. director 
of the Council on Wage and 
Price Stability which is respon- 
sible for administering tbe 
policy, has told business leaders 
that. the Administration is con- 
sidering tightening the profit 
margin test for price increases. 

The Administration has clearly 
been concerned that companies 
will elect to abide by the pro- 
grammes profit margin controls 
which would allow them to pass 
on cost increases more easily, 
rather than meet the price guide- 
lines. These permit companies to 
raise their prices over the pro- 
gramme's 12-month period by no 
more than the average 1976-77 
annual increase less half a per- 
cent?ge point. 

The revised Guidelines will 
pronably make it clearer that 


companies ran ’only »tecr to 
abide by profit margin auidc- 
lines in strictly defined circum- 
stances. 

A bigger problem f»r the 
Administration, however, is the { 
realisation that it will have to : 
modify the 7 per cem wage 
increase guideline In order to: 
improve its chances of having it 
accepted. Currently the 7 per 
cent guideline includes not just 
wage increases but also ihe cost 
of any fringe benefits. In many' 
wage packets the fringe benefit; 
component, which includes pen-; 
sions and health care for i 
example, can account for a third ! 
of the total cost of the settle- i 
merit. 

Tn the case of the crucial : 
Teamsters negotiations, some 
analysts have suggested that just 
maintaining the union's fringe 
benefit package could absorb the, 
whole of the allowable 7 per cent' 
rise in the cost of the settlement. 


CFTC to press ahead on 
interest rates futures 


BY DAVID IA5CEU.ES 


NEW YORK. Nor. 29. » 


The other two commercial net-: 
works. XBC and ABC, have been 1 


By David Buchan 

WASHINGTON. Nor. 29. 


sufficiently moved to try to com-:—,- . ‘ '. ' . ‘ ‘ : 

pete and help meet the under- 1 l , rfF - 1 -S. has proposed a new. 
nourished U.S. appetite for pro-;P^ a;i to sohe the four-and-a-haii- , 
grammes which so beyond strict . year-oM Cyprus dispute. State 
presentation of the news : Department ofticia.s said today. 


Public lie non-commercial) !p e a,m ,{ f ?. P rr 'V de 
television has had notable sumJV re * u ™ pt T of neao,.-«.ons 
re« in the current affairs ared. : betwee , n ^ek and Turkish; 
especially with its " Mac Neil- , £yPf»ois “" der the «?*' ° f P r : ! 
Lebrer reoort." shown five nlgbls h u . rt Waldheim, tr.e United , 
a week, but its financial resources ; Na 1 ; ,n " s r Secretary-General. as 
are normally extremely strained ; wiled .‘ or m a Security t ounal 
The same cannot be said o / the | resolution on Monday night, 
wealthy commercial networks. 1 The 12-poiot agenda, drafted! 
which, for all the excellence and j by the State Department in; 
comprehensiveness of their news collaboration with the UK and 
coverage of special events, too Canada, calls for the Turkish] 
rareiy elect to run counter to [community to cede "significant”] 


tbe interests of their commercial j amounts of territory seized in; 
sponsors who demand a diet of 11974. and a carefully calibrated’ 


si tuition enmed’es and crime Federal Government — with Turks 
shows. Bu: the times just may and Greeks equally rep ro eon ted 
be changing (in a legislative upper house. 


A TIMETABLE to process appli- 
cations to trade in financial 
instrument Future?— a mean? oF 
hedging against fluctuations in 
in;er«t rates — ha* been estab- 
lished by the Commodity Futures 
Trading CJnm mission, the regul- 
atory body for the industry. 

The Commission earlier re- 
ceived a letter from the U.S. 
Treasury questioning whether 
such futures — which are only 
traded on a few exchanges, 
mainly m Chicago — were in the 
public interest, and what impact 
they might have on go'»emment 
debt management 

The Treasury- and the ed also 
a?ked the Commission not to 
approve applications for trading 
in new instruments until their 
impact bad Heen studied. 

The Commission acts inde- 
pendently of noth the Treasury 
and the Fed. and has been keen 


to emphasise its individual role. 
Bui it is understood to feel that ; 
other government agencies have 
recently become morp educated 
about interest rales future, and 
it will co ahead with processing 
applications of which there are 
now about 10 from exchanges , 
in New York. Chicago and else-; 
where. 


The Commission expects rn 
complete Us review on 'he nest, 
pending application in February.-; 
This was from the Chicago! 
Mercantile Exchange for permis-; 
sion to trade in four-year; 
Treasury notes. ; 


U.S. COMPANY NEWS 


Ashland Oil gives reasons for 
property sale: Occidental in 
SEC filings inquiry: Dresser 
sees property rise — Page 27. 


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By Our Foreign Staff 
HOPES FOR n solution to Hie. 
tong-standing: wrangle between 
Britain and Guatemala n\c*r 
ihe future of Belize (formerly 
British Honduras) are rising 
following (he presentation of a 
four-point British plan to tlic 
Government of General Romeo 
Lucas in Guatemala City. 

The Belizean Government of 
Mr. George Price has refused 
to move the country lo inde- 
pendence from the present 
status of a Crown colony with- 
out a defence guarantee from 
Britain to secure iLs borders 
from Guatemalan Invasion. 
Britain has consistently 

refused to grant this Belize, 
with a population of 130,690, 
fears its powerful neighbonr. 
whose population number? 

some 6m. 

Details of the plan were 
given by Dr. David Owen, the 
British Foreign and Common- 
wealth Secretary- to Sr. 
C-aslithi Valdes, the Guate- 
malan Foreign Minister, at the 
United Nations in September 
and have been kept confiden- 
tial h v the two sides. 

The plan which reportedly 
has been approved by Mr. 
Price and Mr. Dean Undo, the 
Belizean opposition leader, 
would ensure Guatemalan 
access to the Caribbean from 
its ports of Puerto Barrios and 
Saulo Tomas de Castilla. In 
theory , access from these pons 
could be blocked acres* the Bay 
of Amalique if Belize from the 
north and Honduras from the 
South extended their terri- 
torial waters for 200 miles. 
Under the plan, Belize would 
undertake not to make such a 
move. 

To meet the Guatemalan 
military Government’s ner-. 
vousness about Belize becom- 
ing a base for Cuban and other 
left-wing infiltration in the 
area. Belize would also under- 
take not to sign parts with 
third pa riles without the 
agreement of the Guatemalans. 

Thirdly. Belize would give 
preferential (realm cm to goods 
destined to and from 
Guatemala at the port of Belize 
City. Guatemala has long 
argued that the fact that it did 
nof control Belize and that 
access to Belize City was 
difficult had acted as a power- 
ful brake on the development 
of Guatemala's northern 
department of Prtia. 

Lastly, Britain would con- 
tribute to opening up com- 
munications between Belize 
and Guatemala. This would be 
a gesture towards the-Anglo- 
Gnatemalau agreement of 1859 
Which commit ted Britain . to 

build a road id Guatemala. Ttie 
treaty was not ..ratified and 
Britain never built the read. 

Dr. Owen and Sr. Casiifo 
Valdes arc understood to have 
got on well at (heir September 
meeting, and since , taking 
power in July the Luca? 
Government has moved to 
damp down anti-British senti- 
ments among the small section 
of 'the Guatemalan population 
which follows the Belize issue 
closely. 

It is recognised, however, 
that ir win be a difficult 
political process for any 
Guatemalan Government to ; 
abandon such a large terri- j 
torial' claim and dismantle the ! 
machinery set up several , 
decades ago to pursue the 
Issue. 

The UN committee on 
decolonisation is expected to 
reconsider the Belize situation 
In New York shortly. 


Jonestown 


BY HUGH O’SHAUGNESSY,. RECENTLY IN GEORGETOWN 


I PRIME MINISTER Forbes Burn- lals. ihe situation wouM be' 
: bam being the agile politician parlous indeed tor Mr ..Bmaum. 
!lha f he is. U did not lake many The referendum in July^whicb 
• hours from the lime uF the gave the Prime Minister and, bis 
announcement or tbe horrific People's National:., ebpgrass” 
death? and killings at the fPXC) spectacularly increased 


. People's Temple settlement at powers, was -widely. ^oodenuKsd 
■ Jonestown earlier this inoDth by the regime's opponents aE'alT : 
for the Guyanese government to political shades-: for -being grossly 
dissociate itself as much as fraudulent. . . . ■ 



( possible from the tragedy. ^ Wiereas.-U»e'oa5ciAl-'4SBW-.iW-;V.'K-'^, ---^Yiiir^; .i 
; Mr. Christopher " Kit ^ the tumout was :7l per cent a :behjnd utz«xteftAlpaa?nentfiand , 
;Nasciinento. the Minister o» close monitoring of^ ^ the polling ■ ittteritutfohal' ’ reseireS: 'b^ 


Pa? 


4 -1 vvuuwuiiauuu VL. .-UJC .-“G wwug&i. dliM »Ul>l 

U.S. Citizen? and Lb e a aa u nan contact 0 f-.% IMS.T-abd 1973^ ^ inflaroit nnw tohiHiig.at about 25 
, htt:e to do with Guyanese. general eiectSorts, . whichv ;Mr.' Percent -a yeiir:^ ... 

.Mr. Nascimento aGo oolnted Bumham wohiby.big majorities. 1 ■ :-' 33ie: prices^trfl.’^otor rvih'iciB 
out rhat the Peoples Temple- ..-Were fair, elections ’held' in .Ticbhces.' sii^ar tmd ■ Hoe have 
cult had produced some impres- Guyana, leading lawyers and been doubled, taxes -on drinks. 
; sve - tesliraomals. xnc.udjng a churchmen dajm, £be Govern- Cigaxe ties' and petrot increased 
letter of m;.d appro* a) for their. mejU ^-0^^ QO t get more than ; and' .prices . of -general .imports , 
work iron: Mrs. Rosa I yon Carter. g£gjpf- is per cent' "of .the vote. rough; th^’Ssfate tr&Qr 

' Whatever conneciioas there They %ay that much' of the Gov=. ing -(ffganisaGdU hive also beeh_ 
v.-erc between Mr. Jones and the -eriraienLs trouble stems" Emm the raised.; -Tbe\ resuTL.' dot unex-' 
governraent— and there are clear continuing racial complexion' -of- pectftHy.^ ■■ has--- beeti - g»aeral dis- 
indications that they were quite .-p^Hdcs. ’ Th«r PNC 1 --effectively- and-it -was.oaty.hy ther 
strong — Mr. Burnham needs to appeals to the urban Negro vote greatest jgbod Tuck and- good' man^ 
put 3S much distance as he can ant} - the ' principal-- oppgsftibn agement ';'tihat' ‘Mr. r Btrrfihcdn 
between the sect and himself. 1 pdftyi the Mosoowline. People’s , abided' a general ^ ^strike just over 
He has too many political and-. progressive Party fed by. Dri A-mbnfli.agOj ; ;■ 
economic difficulties on his plate '.-f jfW Mj Jagan -pulls. -more -voters j Lu this welter fat ■ difficulties 
: already to afford mud from from the East Indian maj ori t y Mr. - Burnhahl tan.r count bit one 
; Jonesiov.-n to rub off on lo him." w &ich lives in the countryside^ MDtimtjag brigfit spot, “foreign. 

• Jonestown with its thousand^ ‘ isucb have been the electoral Tbe Western: powers: 

‘inhabitants and well managed irregularities. Mr. . '.Bilrnham’s PrancipaHy' -'the UJK‘md‘Brita1it. 
fanns sited in the far North-west say. that it Is difficult to-'fi?*," 




! an outstanding territorial ;dainv^^ r command a majdril?7 T ways- ranging-- > from " ils? 
jto much of empty western 'But popular discontent is 
l Gl !£“ n ^ w ---oB’-uomethlng more tangible 

j The Government has to eJfplam wihappines with electoral Irregu-^ "" 
! why, despite warnings, it did larities. •£«£ 


: nothing to investigate allegations. Guyana’s economy -has "been nSLJPKJ:' w' 

nf ma)nn«r*rir<»c in .fnnpctnivn imrl ' „ k n r#i i-aa* nn #i MlUlSUy, Of- Ufifence u3S .SCTTf 


! of malpractices in Jonestown and «din« through a hard year and nas sepr 

allowed Mr. Jones to keep lairge win get " lot !a U £r SI 

quantities of firearms. amnmni- yfet. consequently the PNG’s 

■ Don, . foreign currency and. rsri a l constituency; the urban •S&A’S ?! 8Sl' n a ‘MolS* 

; foreizn .securities, all of which Negroes in. this underpopulated S^^peSSs^and fStSSbw^ S" 
controlled -in. the rm- c^ntry, of SOOJWO people, l»s 
Df _, J °‘ ana " , - become increasingly resuve. . the ear of a man.w^hae carveif’ 


Refugees from Georgetown tell The situation was succinctly out for hirasetf ah important xoie 
of relatively frequent rrsfls to - pur by the Government in- the jn Q, e Third World. J ’- > • 
Jonestown by Ministera. while letter of intent .lt wrote to the . TRig .tension - .between- . ; " 


jonesiow-n oy ninistera. wnue tetter oi intent, » wrote to the • TRig .tension between 
: the sect’s own published material .International Monetary Fund on prihie "Minister aridl-}jis-~con- 
was extremely enBuisfastic about ;■ jane 12 seeking a - stand-by stituency is" already*'4rbublin£- 
jMr. Burnham's government.- One Credit. “Guyana's balance of many observers of the' GuyaSase 

! K rnoKnm mtmmaTifaH 11 wiwirmnTitr K->r hnnw* n nr4 nv" : ’ 


on, a number of occasions." ‘^one-third between 1975 and 1977, slackens and stability 
Guyana is in severe economicvbut the level of imports remained ijris: counter with, itsl-wgsfe^aw 
straits and Mr Buraham’s%elativeiy high. "As a result, and gt^t unexpioite^ihatoYal 


Nisei 


• . - iyivii’i- " 

, -. r i- , . > 

• . - j .- ‘ - ■ '■ 

ored by • • • " • ’■ - . : . ■ ■ •: : j: 

annial Times. A.-- 


Sponsored by • • • . -S-. ■ •: : c y.-.** =- : 

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LIMA, Nov. 29. 
>ni. ROBERT J. BROWN, tbe 
t'.S. Under-Secretary of 
Labour, said yesterday that he 
was optimistic that the U.S. 
would rejoin ihe International 
Labour Organisation because 
it *' Is gradually returning lo 
the hasic principles it was 
founded upon.” 

The which contributed 

2-7 per cent of the ILO badger, 
left Ihe organisation last year 
because it felt the agency was 
spending more time advancing 
third-world ideology than bet- 
tering the world’s work Inc 
enndittons- 
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MAPCO announces yet 
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back in 1965 lo the present 
SI. 30. "This latest in- 
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1365.'' says Robert E. 
Thomas. Chairman of the 
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once again our confidence 
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Stantfal Times Thursday November 30 1978 





UK ban] 

ks to si 

ign $1.1 

2bn EEC P rice i Saudi expen< 

iiture curbs cause 

Benguela 

credit de. 

al with 

China si 

! for trade | _ 1 1 , 

000 agreement j 

ns for contractors 

JEDDAH, Nov. 29 

still subject 
to sabotage 


BY LORNE BARLING. 

SE\‘EN BRITISH banking groups 
groups are lo conclude a S1.2bn 
line of credit agreement with th«* 
Bank of China next Wednesday. 
Ten hanks are involved hut so nit* 
wilt jointly sign the agreement 
which will be split equally 
between the wven groups and 
will be for identical terms of five 
years at 7{ per cent. 

The groups are Barclays; Mid* 
land: - National Westminster; 
Standard and Chartered; 
Williams and "Clyn's and the 
Royal Rank of Scotland; S. G 
Warburg and Llovds Inter* 
national, Klein win Benson and 
the Bank of Scotland. 

The Exports Credits Guarantee 
Department, which has played a 
major part in negotiating the 
agreement, will provide bucking 


By David Buchan 


WASHINGTON Nov. 29. i 
expected some of the credit fur i THE L : .S. accept*, that the Euro-' 
China lo be used quite quickly, l poan Cuninmnit Cu.incil of. 

this kind. ’ lateral trade agreement until. 


also taking place in prepare a [vailing dnii.-s iiii;*n-i*ij >>n subsl 
simplified buyer credit docu-, diserj EEC experts. Mr. Richard! 

unnecessary legal •Cooper. Under-Secn‘u*-.v of Stale I 
aspects, which could he used iisi r „_ . . , ; 

a basis fur future agreements. ! E"»»"nnc Affairs. .-^id today.. 
After some difficulties on the w *"* addressing a Pvp.<r j 

question of arbitration. Ihc talks i vonferenre .liter tw.i days ofj 
were going ahead smoothh. s * ,v * * *' l,, P EEC .->nicrals. in 

However, ll is dear that c'redn wh,, ’ h n,,th ;;,d « aeiiimwledc-il 


Payments of claims 
on ECGD up 49% 


FINANCIAL TIMES REPORTER 

THE EXPORT Credits Guarantee 
Department, ‘which recorded a 
49 per cent increase in claims 
paid during the last financial 
year, estimates that total pay- 
ments made in compensation for 
losses in Turkey will amount to 
£50m to £60m. although 
arrangements have been made 
far its recovery. 

It said that overall claims 
amounted to f94^m during the 
period (compared with £S3.lm 
the previous yean, of which the 
major part was in connection 
with short-term business in 
Turkey, and more payments on 
longer >erm transactions were 
still to be made. 

However, Mr. Kenneth Taylor. 
Secretary of ECGD, said that 
agreement had been reached 
with Turkey for phased repay- 
ment of debts, but the fccl that 
even short term debt has been 
rescheduled indicated the size of 
the problem. 

He added that an increasing 
amount of ECGD insured 
business was being insured in 
foreign currencies and amounted 
to 10.5 per cent of the total last 
year. 

Despite fears that foreign 
banks based in London would 
lake a disproportionately large 
share of foreign currency 
business, it is estimated that they 
provided not more than one-fifth 


of 85 per cent of the value of 
individual contracts and the 
Chinese will pay the remaining 
15 per cent to cash. 

The credit line, which differs 
in some respects from normal 
agreements of tins kind, is the 
first to he negotiated by the 
Chinese and will be .a major 
incentive for British . exporters 
to go ahead with proposed ex- 
port contracts. 

Each bank is expected to sign 
individual agreements with the 
Bank of China, but it is expected 
that more normal buyer credit 
agreements will follow later to 
finance larger con tracts! 

ECGD. which yesterday 
announced its trading results fur 

the last financial year, said it of 71 per .. ,.. v 

v Pars In'lwi'fn lh<* l.< S and the 

Although the Japanese insist ! h > Ghrrtima* on tin-) 
th:il ihcse Innas are nm tied ,n : son^anec or m t - Geneva negolia-J 
their products, and are in any j t,r YJ- v . • 

case experiencing some difficulty J ir J-Jl’ r t. ” 'Ihe-lm ltii.erk.mip. ih* a 
in concluding them I probably ; r-\ii*rnai Affairs Commit-, 
due lo the strength nT the Yen I. ! “ , . on . i:r - J2' , ^ rda > s;,ei President i 
Western couniries arc watching i'-arirr F-oih men stressed tin*, 
clone I V. 'I need For speedy progress in: 

F.tJGD believes that although ' Geneva. ; 

such loans may be untied in! to nereis due* not re-as^emhlc j 
theory, much nf ihe resulting ex- j Mntil uuri-.lanuari. anrl Mr. > 
port business would naturally; Couper still held uut the possi-) 
go lo Japan, nnd other cmintries | bitily ihai the Arirrinislr-umn , 
may decide to act logclher in 1 n,, ght. hj if-. uvn action, deiaj , 
maiching ihe rates offered. ; tlie pIToci of countervailing duties . 

In the event of such a dealj nn EEC exports The Treasury] 
being concluded. UK companies j Secretary, he said, wa* obliged i 


ATTEMPTS io curb government 
expenditure m Saudi Arabia iu 
reduce waste and c-opc with a 
revenue shorilall have been 
causing cun ridcrable problems 
for contractors . Many uf them 
have been receiving reduced or 
delayed payments and there has 
been a slowdown in tbe agreeing 
of new contracts. 

The Finance Ministry told 
other ministries when the new 
budget cam e in in force last June 
ihai they could „n!y spend 70 
per cent of ■lieu* al.oc.itmn with- 
out ohlainini special Finance 
Ministry permission. 

Minis me- i’ppear to have 
interpreted the directive in 
different ways, contractors say. 
The Ministry of Agriculture and 


the Civil Aviation Board of the 
Ministry of Defence are reported 
at one stage to have cut pay- 
ments on current projects by 30 
per cent- Other ministries have 
scaled down or delayed new 
projects and reduced the size of 
yearly renewable contracts such 
as maintenance deals. 

While ministries themselves 
are taking an increasingly 
critical attitude to progress pay- 
ments, the Finance Ministry is 
reported to be closely scrutinis- 
ing ministries' payments and 
keeping ministries with a record 
of wastefulness on a tight rein. 

Payments on a microwave tele- 
communications contract are 
raid to be “months in arreas.** 
while three Italian road con- 
tractors have not boon paid 


since April. Some smaller com- 
panies which must pay Sim- 
eon tractors on 30-day demand 
arc having 10 seek shoii-ierm 
borrowing from local bants or 
on the Bahrain offshore Saudi 
rival market. 

These problems were com- 
pounded Iasi week when the* 
Saudi Arabian Monetary Agency 
r S AM A i temporarily refused to 
deal with claims from local 
banks which must deposit a pro- 
portion of their funds with it. 

fin London tbe Department of 
Trade said that a handful of 
British companies had reported 
payments problems. But it be- 
lieved that the confusion which 
existed before had cleared up 
and that the situation was im- 
proving. | 


Coal trade growth urged 


of the total although they 
joined syndicated financing 
arrangements on a substantial 
scale. 

The total net cost to public 
funds of interest support for 
fixed rate sterling and currency 
export finance was £116m. com- 
pared with £220m in the previous 
year. This was due partly to the 
increase in the use of foreign 
currency financing. 

Outstanding advances of sterl 
ing by the banks at fixed rales 
of ink- rest in respect of insured 
credits of two years or more rose 
by £5 94m to a total of. £*i«*bn 
compared with last year’s £3.7bn. 
Of this total £1.9bn wj* 
refinanced by ECGD. 12.3 per 
c<-nt less than at the end of 
March. 1977. because of the 
banks' agreement to increase the 
noa-refinanceable proportion. 

The comparable outstanding 
advances of foreign currencies 

totalled the equivalent of 30.Snt 
at tbe end of the year. 

EC CD’s foreign currency lia- 
bilities now total around S2.5l>n 
with business in haDd worth an 
additional 83fibn. while Sterling 
liabilities amount to about £21 bn. 
ECGD last year insured S3 per 
cent of total UK visible exports, 
compared with 37 per cent the 
previous year, but Mr. Taylor 
said this proportion . had 
improved in the last few months. 


would he uracd lo make use uf 
the Japanese loan facility, in 
an attempt to establish how 
readily available it is to foreign 
companies. 


by law to impose ihe duties, 
until Congress decides other, 
wi.-e. hut the Administration ! 
iniahi iusi not collect the money j 
from importers 


BY KEVIN DONE 

A BIG expansion of norld coal 
trade In Ihe late 1980s and the 
1990s will be proposed by tbe 
Internationa! Energy Agency 
(IE A | in a major report lo be 
published in the next two 
weeks. 

Tbe study suggests there 
could be a massive expansion 
of loiv-cosi coal production in 
countries such as the U.S. and 
Canada, Australia. South 
Africa. India and Colombia. 

It has Important long-term 
Implications for the coal induv 
tries of the EEC countries, 
especially the UK. Wesi Or- 


German 

subsidies 


many, Belgium and France, 
where coal production Is based 
on much higher costs. 

World coal production is 
currently running at ahom 
3bn Ions a year according lo 
Ihe IKA tun le«s than to per 
cent of this total is openly 
trailed. The rest is consumed 
locally by the producer coun- 
Iric-. 

The UK Government is 
already having lo subsidise 
some coal sales to (be C'culral 
Fleet riei *y Generating Board 
in order to make coal a com- 
petitive fuel to burn in power 
sf-jifois instead of fur oil. 


BONN. Nov. 29. 
COUNT OTTO LAM BS DOR FF. 
the West German Economics 
Minister, bin led today that ihc 
Go Gvi-rn nu-m may not extend 
(he regulations keeping cheap 
imported coal off I he domestic 
market when they run out in 
1981. 

In a speech m (he Mining 
Industry Federation here 
tnslan. he made clear that the 
Government stands h> the 
overall policy uf reliance on 
deep-mined hard roai. Bui he 
also saiti this could not he done 
at any priee. 


LUSAKA. Not. 29. 
ZAMBIA WILL remain depen- 
dent in me short term on the 
re -u pencil southern railway 
through Rhodesia and the 
northern railway lu Dar Es 
Salaam. Tan.-ama. despite the 
re-openins of ihe Benguela 
railway . 

Tiie" firs! trail nin on ihe 
Bengucla line, which was offi- 
cially re-npened earlier this 
month, snowed ihai guerrillas oF 
Mr. Jonas Savimbi's Units move- 
ment were still able it* disrupt 
traffic. Zambian shipping officials 
said that saboteurs damaged at 
least two bridges on ihe line, 
which had been dosed since 
August. 1975. as a result of the 
Angolan civil war 

The view ihai ihe railway will 
not solve Zambia's short-term 
problems i«t shared by lha 

Zambian mining industry, which 
used to ship copper ihrouch the 
Angolan pnn of Lriinio An 

industry official visited Lohito 
earlier this month for discussions 
with senior officials from Angola. 
Zambia and Zaire, although ihe 
Zaire represent lives did nor 

arrive. 

Tlu> President « of the three 
Stjie< wen- to meet in Zambia 
on November If*, hut ihe meeting 
was downgraded to Prune ■Mini- 
sterial level when it was learnt 
that Preside nr Mnnuiu of Zaire 
could not aiicncl. The meeting 
failed to lake place when the 

Angolan delagtinn did not arrive. 

Zambia had hoped in use ihe 
line to import fishmeal and wheat, 
and to export cement as well as 
copper. 


ALmli Llrw-L, Wi-I'iwhJiih, Mjiwua, Fi-fagnfc'xtlunjjr'IrjJmij L>nJ>:-n. 


"Chase is 


on the spot* 5 (Rnancial Director, major UK company) 


Recently, an independent research company 
talked to 200 financial directors of major European 
companies; hut in order that the respondents could feel 
free to talk openly their identities were not disclosed. The 
purpose of the survey was to discover Chases strengths. 

One particular virtue of Chase was clearly our 
foreign exchange expertise. 

The advantage our dealers have is Chase’s 
pre-eminent position in the dealing markets. 

The advantage our customers have is that they 
are able to enjoy direct contact with the dealers. So needs 
are better understood and the service is fester. 

A constant key to Chases leadership emerging 
from the research is simply this: 

Chase not only employ extremely good people, 


hut also give them a system in which they can operate 
as effectively as possible for custi inters. 

The result is a highly personalised, very efficient 
sen-ice, praised by the respondent quoted above. 

He added, Tm influenced by the people I deal with 
in the banks— and personally I prefer the Chase Bank; 

They give excellent service and are always ready to 
give first-class advice. My first choice always? 

He went on to sum up Chases 
advantage in one word, ‘‘people? 

Alan Ulrick who manages 
foreign exchange trading in London, 
agrees. “Better bankers 
make Chase 
a better bank? 


THE CHASE MANHfrWNEANK.NA.WOOLGfflT HOUSE! COLEMAN STREtIL0ND0HEC2?2HD. CHASE HAS EUROPEAN OFFICES IN AMSTERDAWI. ANTWERP ATHENS BARI BEL FASTBPU<*n $ rnPEHII^.r- 

fRAWKFURtQENEVA, GHEf4t6llERNSEX HAMBURG, JERSEY VISfiF.l UXFUROU^L^W,MAKUftMUAN, MOSCOW, MUNICH, PARIS, PIRAEUS, ROME, ROnERE^.SA^NIO\ ST^KHCIM/STU i il .. 


L'l.'ootLUUI 

ZURICH; 


Nigerian loan signed 


A loan agreement was signed 
in London yesterday between 
Morgan Grenfell. West African 
Portland Cement, of Nigeria'. 
f'WAPCO) and ihe ECGD. 

The S22.5m loan, the repay- 
ment and funding of which is 
guaranteed by the ECGD, us to 
be used to provide finance for a 
major contract between WAPCO 
and F. L. Smidth for machinery 
and equipment for ihe extension 
io the cement works at Sbagamu, 
in Ogun State. 


Tiie loan is repayable over 
eight years from estimated com 
missioning. The Blue Cirrle 
group .who are shareholders In 
WAPCO have been appointed as 
technical consultants for Ihe ex 
tension. 

The loan is tbe first ECGD 
backed buyer credit lo a Nig 
erian borrower since 1970. and 
is ihe first UK export credit to 
Nigeria to be denominated in 
U.S dollars. 

Nigerian Eurocredit, Page 27 


THIRD WORLD INVESTMENT 

Suspicion remains 
greatest problem 

BY OUR OWN CORRESPONDENT CASABLANCA. Nov. 29. 

ONE OF the main problems countries made many Western 
facing private foreign investors products uncompetitive, while 
in developing countries remains protectionism would make the 
the suspicion in rhe host country companies economically un- 
that its sovereignty will be sound, and bencc there had to 
impinged upon, according to be a shift from north to south, 
many delegates at a seminar This meant the transfer of the 
here. labourintensive part of output 

This suspicion often runs hand to the developing countries in 
in hand with policies under which sectors like foods, tobacco, paper 
countries seek foreign capital by and board. pharmaceuticals 
means of tax relief and tariff plastics transformation 

protection measures embodied in ceramics, precision mechanics 
constantly revised investment and optical industries, 
codes. Mr. Carl-Henrifc Winqwlst 

At a seminar on investment sccrefary-pencral of the ICC 
and export industries in develop- stressed in an interview that the 
ing countries organised by the West must make profound struc- 
ICC at the Mohaxnmcdia seaside tural changes to match its 
reson near here last week, some efficiency with its technology. 
125 delegates from 30 countries He . s ® 1 ^ while it took three 
on both sides debated the prob- British steel workers to produce 
lem. They concluded that co- a s much as one German, it look 
operation was vital to the sur- three Germans to match one 
rival of both the industrialised Japanese, and a conscqueocc 
and developing worlds. the Weal had already lost many 

The ICC believes direct foreign markets for ' Steel. * e *Pte* 
investment in developing ships, and was in the process of 
countries reflects a basic con- losing ot hem for cars, electronics 

mergence 0 f interest between in- Ton executives from Western 
vestors who seek markets, lower ™p onTmerieSS 
costs of production and sources fleId al , h Jj d t0 

l . t Supply ’ ■ K a . nd „ , de * co-operate, not dominate, and 

cnuntries wishing to Attract s j ace partners j n joint ventures 

lt3 *h “P" ' 5 * needed each other there was no 

t fh* ,n 1rS l * 1 SEw CO forSSSi reasnn wh F solutions to all these 
in rt2. hc rJFih.f.M problems could not be found 

SStoThSh' rtfi? £S in recent fMJJJ in a proper 
times developing countries have Fretiuemly ciMfd as vcry suc . 

it^h a n ^ n^h^na-/ ^rhev have cessful examples of co-operation 
it than in tn? pa^t. ' *ipy nait? _ u nn n icnnn ^inr'i nurp 

^ showed 

ba« n a S Iso in soSt 

contractual obligations Tor ex- ® r ^fninenevs to altracl in- 

a3tura| OI, resources XPlaitat, ° n ^ SSL.T5fSr«lS«®f,* 

Those developments hove often «« ^ * b ?" r „ a r h ™ a " 

shaken Ihe confidence of in- chairman of the Moroccan ICC, 
JSJS iho claimed that the said, the secret of success is the 
profitability of rheir investment “political volition" of the host 
was being diminished by new country. . 

obligations put on them by the South-East Asia was seen as an 
host countries, and this has area with major a Jartions for 
created psychological and foreign investors, notab ly p enty 
political blocla. and increased of raw and semifinished 
the risks materials, a large pool of skilled 

Foreign investors may ask labour, competent local com- 
themselves, why bother 7 The pames or entrepreneurs aad big 
answer according tn several regional markets, 
speakers at the seminar is that There was more talk about the 
thev have no alternative because political or investment climate 
in do nothing would he fatal to in developing countries 
ihe industrialised world in ihe tning else. CrealiOg conditions 
long run and also *mell disaster, conducive lo raising foreign 
for ihe Third World. investment tn the mutual satis- 

Fnr example Dr. Frit* faction of both investors and host 
Paetinlf hpiri nF the Ices! country was the subject of some 
BEiSU of the GeS ctintradSctory debate, but in .he 
Development Company fDEGl. end it seemed the problem was 
laid imports from cheap labour clarified if not soived. 



i 



1 1 i f 4 Jd j 




fevOVfckSKAS ■ NEWS 


Gandhi 

election 


Egypt ready to accept 
U.S. plan on West Bank 


By K. K. Sharma 

NEW DEL5D, Not. 29. 

THE MUCH battered ruling 
Janata party today got a shot in MR. MU5TAPHA KHALIL, autonomy, but tibis has 
the arm when its candidate, Mr. Egypt's Prime Minister, la been rejected by Israel. 
Ajit Kumar Mehta, won a bit- expe cted to tell President Jimmy Mr. Khalil, who left he 


BY ROGER MATTHEWS 

MU5TAPHA KHALIL, autonomy, but this has so far 


CAIRO, Not. 29. 


At last Sunday’s Cabinet meet- 
ing, Mr. Begin Is reported to 


Lull in 
Peking 
poster 
campaign 


Paris goes to the 


BY DAVID WHIT* 




IF Ayatollah Khomeini wffl 
not come to Paris, then Paris 
must go to Ayatollah Kho- 


By John Hoffmann 

PEKING. Not. 29- 


saeini. 

He is the Shah of Iran’s mala 
opponent in the Islamic Church 
and the pilgrimage t® 
temporary base at Neauphle-je- 
Charean. 30 miles from the 


t . .. . exWed to tell President Jimmy Mr. Khalil, who left here today have supported the view that Aht [ *i r £d? hS 

Carter on Friday that hla for the Bi ,ia .Peris. will la.ar brae,, de gat ™ * 


«o *£= asL-a a, t-j-i ss ss sjsjsi ~ « 

constituency in Bibar state. He ^ u.S. compromise oronosals tals, probably including London, talks with Egypt in order to almost by i §s nce early October, tw> 


constituency in Bibar state He ^ uT compromi^ iffSt ‘SSH* £Sl^S talk* with Egyy in order to alrn^t bystencal enthusiasm uau ^ ^ 
defeated Mrs. Indira Gandhis j or * time-table leading to Pales- to explain the Egyptian stance, initial the a ! r 5 t fl 7 ,p#ll 5 -mL? pSine streets were busv to- rented viltas straddling a qwiet 

^S^vntpf tlnian self-rule on the Israeli- By agreeing to the U.S. com pro- was published at the end of las. Mane a ^ ong road have become a beehive of 

“*t?° mn ,- <- t ir_ occupied Gaza Strip and West mise proposals on the West Bank week. ?he crowds was more subdued tnrbanned Moslem pnesls. 

The victory cornea i after ’Mrs. and Gaza— which are understood However. Mr. Khalil will also c fJ i n 3S t few evenings. photographers, T\ teams yrtlt- 

Ganda 1 won a parliamentary oj- Th j s which has brought to call for elections to a self- be demanding changes to the J} 1 * JL— were evident.! ing for the white-bearded 

KaraatV-f MriSr^tbS ^onth peace taLks between Bgypt aod governing Palestinian authority draft treaty, especially to ^ j hundred people Ayatollah to cross the road to 

H^S^nata bsL ^e £5k£ lsrael l0 a virtual Mt «> be three months after Egypt and article six which says that “a Jg™ at ^ monument tot 

tinn "Jp »hat Mtn Gandhi dealt With m an exchange of Israel exchange ambassadors— the event of a conflict between heroW r n f t j, e revolution in y -w^ 
w De inrnadfi intn the Jetters thal Wil1 accompany the President Anwar Sadat would the obligations of the parties Tienanme n Square One factor £ Sj& /x 

northern States wh?re her party S^U'lEgf £*E2JS!? ffi£ ^ have manoeuvred un< der the presenl t treaty and any J hic|| may have taken some of HP flrCl 


hold prayers under as_flpplfr' 
tree in the little orchard, and 
Iranian students, some come 
specially from campuses in the : 
Uj n many .on scholarship 
from the Sha’g Government 

The students ?«arry «“* 
memorial services Tor - the 
Ayatollah and his aides. They 
take tea to the two Special 
Branch men parked outside In 
a' pattered Simca. " 

The Ayatollah holds 
audiences hi a small room with, 
a bare UgM-buIfc. The re ate ho 
windows and no farottnre* 


pr&pe& an J»y a, white pufeat 
b the smwl df his back-j - 
. Hls‘-Aahas: rH»a|n>B«ra»^r 




his dellvesy; expresaaaless,. 
except for the occasional Knl 
-ot lrrttation. TTie Ayatofiah-.ls . 
the- 'picture of composure. in 
mai to has the -knack, of 
making those In presence 
JeeT inferior. "C'-V- - 
-. : .I8ere Is no sign.laaywSexe 
■ fafhe AyateliabTs hfeattituaftiss 
o£ sophisticated • eommanka, 
tife b ectulpment, ja^ 'a small 
desk .wdth ai tdephose .and 
seatterefl: papers and . Pfints 


except carpets and a foam mat showing the fate ef rfot Victims 
In- tile corner, where £e54B&fc* -:]& Jiam ' ■'.V-"'-;-' 


las tntailv wined out in the tbere fihould be some firm link Mr. Carter and Mr. Menahem of their other obligations, the ^ - vigour out of the wall-poster 
wa_s_ totally p t ce between the bilateral treaty and Begin, Israel’s Premier, into obligations under this treaty will f _ i s ^ widely-publicised 


Be 


1977 general elections. 

The Congress defeat Is by a 
markedly low margin since Janta 
won Samastipur by more than 
300,000 votes in 1977. Janata has 
v.-on nevertheless at a time when 
it is tom by internal dissensions 
and this is taken by its leaders 
to mean that Mrs. Gandhi h2S 


progress towards Palestinian direct confrontation. 


Mayor wants PLO in talks 


obligations under this treat}' will i campai gn { sth e widely-publicised v 

be binding and implemented. tolerance with which the Chinese j „ 0WN CORRSPONDENT . >: 

Government regards it 

There has been no attempt to J ox THE eve of Mobaxram, The Ayatollah’s, pertnisslbn fo 


• .. ^ 


:fpAR^NoT,is.^ L 


There has been no attempt to J ox THE eve of Mobaxram, The Ayatollah s. pertnissi on fo -He-gave' bis -full backing to 
interfere with the display of Iran’s month of religious com- stay Is .France^ granted^ :undeE 2 Strfte& 3 d;.th 6 . oH“ 4 mliistJ 7 . but 
posters or to inhibit street mce t- ; memorations. Ayatollah Rttiiol- the ^ame ixmfitions as a tdurirt,-: KaW tKaf ‘oft T supplIes; to'the -West 
ings, although photographs worejiah Khomeini says that his fol- expires in January. He.Sajd he Vuoid be'guaianteed wheh the 
taken at one rally this week by : j owers mus i be ready to die in .would not seek political. asylum Islamic: state .be. -proposed was 
BY DAVID LENNON GAZA Nov. 29 . cameramen believed to be from i £b e j r fight against the regime, . in France ftr anywhere else, and- set -up. .Ao^lslainic’gbvBrjuneut 

__ n.TM^n.v, , ._ ■ . . . 4 . , the public security bureau <tne. calling for Iran’s Shi’ite Mos- is rumoured - to. be. making wbold recognise tbe legitimate 

THE PALESTEflANS of the wioh a number of potnts Other points he wants to see Peking police force). 1 lems. who make up more ... ■- - • • 

densely populated Gaza Strip clarified before be would con- clarified are the status of the Vice-Premier Ten z Hsiao-ping.) on rf , n t of the DODulation. to -sf - a? 


3?e nort a h ned ^ p0pUjanty ’ D THE PALESTINIANS of the wants 


istltu- UttJess the FLU is brought into eftort to IjdK the future of the autonomy and what borders or for democratic rights, said ne b e prepared to sacrifice their 
5tate the . negotiations and Israel Gaza Strip and West Bank to the the Palestinian State would be approved of the wall-posters and ! [ ive s belongings to' defeat 
idbi's clarifies its ultimate intentions Egypt-Israel peace treaty is seen after a peace- agreement is observed that much of the; “the enernv of the people.” 
arlia- * or , th f a ™ a * according to Mr. by the Mayor as a belated reached. opinion expressed was riuht. | if prevented from meeting in 

. i k oChnn Q.VnQUIS tnh Movnv 1 r\F ra<iliPntiO»i rtf inn nnnJ tn nnN-n , mb « a * a a i ■ a • ■M J f ” _ . _ _ w _ . 


Peking police force). _ I lems. who make up more than- 

This claim will be tested again ‘ ,0 P“ J . i,lc “ uaza oirin c.armea oeturc OC wuma uuu- ciarmea are tne status or me Vice-Premier Teng Hsiao-pm*. 1 go pe r cent 0 f the population,^ Id -f-V 

next Sundav when another par- ^ ,n « 3Ve nothing to do with pie sider joining any negotiation. occupied territories after the who has made several references • defy govermneat bans on meet- • 

liamentan- ‘bv-election is to he Israeli-proposed autonomy plan President Sadat s current transitional period of local this week to rhe public campaign : ings . be said that Moslems must . fc 

held in thp Fatehpur constitu- ““l** 3 the *. P “° w bought into effort to link the fuhire of the autonomy and wbat border of f or democratic rights, said ne be prepared to sacrifice their 

ency in the key northern ?tate tbe negotiations and Israel Gaza Strip and West Bank to the the Palestinian State would be approved of the wall-posters ana . i ives a:jd belongings to defeat 

of Uttar Pradesh Mrs. Gandhi's clarifies its ultimate intentions Egypt-Israel peace treaty is seen after a peace- agreement is observed that much of the; “the enernv of the people.” 

party has already won one parlia- £> r **>« a " a . according to Mr by the Mayor as a belated reached. 

men't seat from Uttar Pradesh Hashad a-Sbawa. the Mayor of realisation of the need to solve Mr. A-Sbawa also wants Israel 
this year and another victory G ^ a * • . . . “ e Palestinian issue before to stop building new settlements 

would* enable her to claim with Ha v JUj? Just me t Mr. Yassir Egypt withdraws from the in the occupied territories and agreed that one or the campaign's ; oiaees. wherever they can-”- in 

more conviction that the people Arafat, the plo leader in Beirut, struggle. to agree to disband the existing demands— freedom of expression : o rde r to pursue the campaign 

want ber and not the Janata. *“ e . mayor found that the Pales- But, for Mr. A-Shawa, setting ones or to hand them over the — seemed to have been tacitly ; against the monarchy. 

unian leadership and the people a timetable or a target date for Palestinian authority for tbe re- granted already. “But two years, j n his comments, made in ah 
of Gaza were in complete agree- implementing the autonomy plan habilitation of the refugees, ago we would not have dared ! interview with the Financial- 

ment in their rejection of the is less important than clarifying Those Palestinians living outside speak to you.” she said. i Times at his exile base" '.hear 

plan tor local self-government the final status of the occupied the West Bank and Gaza Strip Foreigners continue to be (Paris, the 78-vear-old spiritual 
which was agreed upon by Israel, territories. must have the right to return, sought out in the streets by (leader appeared to. come closer 

Egypt and tbe u.5. at the Camp The points which the mayor if they want to, be adds. groups of Chine*? eager to - than he had before to accepting 

. believes must be settled before Meanwhile, school children in explain the onjecitves of the the principle of violent revolt- ' 

Mr. A-Shawa says that the negotiations can begin include, Ramallab and Halhul on the poster campaign. They arei He is under some constraint In 

Camp David formula is too vague, primarily, finding a formula to West Rank marked Palestine l anxious that tVir aims should ; this respect President-. Giscard 

be properly understood. “ We ; d’Estaing said last week that 
want some of the freedoms that i Ayatollah Khomeini had twlce- 
exist in other countries.'” said i been warned since arriving here 
l "“ “ T,r “ * *“ v " early in October about preaching 


Japan flights 
hit bv strike 


By Charles Smith 

TOKYO. Nov. 29. 



work again this week in protest 
against alleged attempts by 
management to prevent workers 
from joining their unions. 

JAL was expected tn have to 
cancel 80 per cent of 142 domes- 
tic and international flights 


able to choose our own jobs and ■ organised violence. 

we want better living conditions.! The Ayatollah said he had 


be ^making wodid^ ^ recognise the legitimate 
.- -rights-- “ of . rforeigners yB; .the . 
" iriaSrfcry,' he saidi- but it would 
■ not : idlow them to-.* plunder our 
; ■ national ■resources.-- • 2 ' 

^ The* 'Ayato Ua b’ hit "out araainst 
.-the Soviet - Union, which -he. 
r eramted' ‘amtme cotratrira. con- 
sidered .harmful to ; Iranian in- 

terests. - • Ckiinintiiilsm. he said, 

had no slgnificaiit base in Ira n. 

. jHid Comnnrnist - countries '.would 
. not be permitted tn intervene in 
• Xram’a affairs. ' ' • _ .-"''t'j./: 

They- rejected any form. ' of - 
com promise with tbe Sbah. His 
comments- on the political; social 
and - economic ■ policies of. .. ah 
-Islamic republic,- , 1 : however,. 
-• remained vague: ' Bdt he denied, 
that be favoured reversing land 
reform. - -Land, ;be said, -would ’, 
'neverbe returned, to .'the- former . 
lknd owners,; shtee : they .. .bid. 
acquired- -It by ' means contrary;.; 
- to Islamid law and bad . never. : 
-paid their ‘religioas duet ' ' ■ 

. . .- ' ^e also made clear that, 

homeini •religious minorities would- be 


^ *fV ■ 

\ : 




' \ 


■ v w^- f •: 


; i 


Amman accord on Pakstiniansi-£i"" ^ 


BY RAMI G. KHOURf 


AMMAN, Nov. 29. 


today, losing up to S4.5m worth UPGRADING OF the Palestine operation betwen the two sides, to avoid duplication or competi- work more effective! v* 
of revenue. During three days Liberation Organisation’s offices This was reported in tbe joint tion ^ * — - “or? euecnveiy. 


and we want to work for China, obey orders, and senior comman- Damascus. _ under present constitution. 

with better conditions we could ders to disobey tbe Shah. "He repeated his call for civil The establishment of 2 repub- 

1- work more effectively,” the i He said his stay in Frauce-was dis obedience -during .the month Be according, to Islamic law, he 


Chmese said. 


only temporary, but left open of . Moharram. wheQ . Shiites was confldeaV. would be _ sup-; 
the possibility of his return to itamrn tbe death of Mohammed's ported by the Moslem worja as a 
Iran, under the present govern- grandson Hossein.- Moharram- is whole. . He had, however,/ no 
ment. as he has been asked to. also the anniversary of the 1963 -'direct contact with other Moslem. 


JAL differs from most Japa- are two major results from PLO- other, and reaffirmed that the cordiality and frankness in 

nese companies m having no Jordanian talks, which have been PLO was the sole legitimate Jordanian-PLO ties that was con- some high officials in Pekine^ 

fewer than four different unions, held in Amman this week. representative of the Pales- firmed bv the communioue’s joint present poster cam iaizn Jar£ 

several of which are regarded as A PLO delegation of four tinians. rejection of the Camo David anSe VenortTsaid P 

fairly or very militant by headed by Mr. Khaled Faboum, It has been decided to upgrade arangements for the West Bank In a meeting with Yosh : katsu 

management The largest union, president of the Palestine the PLO’s small Amman office and Gaza. Takelri chairm^ oI SS 

Lin»s 1I W^klra ng Unio? an wh>h i!?"’ 1 Co |J D S , i ret y rned . and to transport to Amman two The Jordanians have rejected imposition Komei Party. ? Mr. 
rilmnrtJv now based in_ Syria long-standing . Palestinian de- Teng also praised the appoint- 


.; i'rji 

. •“ wiw! - 


St3 J ? fte ; f ° Ur d3 r yS ° f talkS 3 .Lebanon. Th^eVfll have maSd^ to StioS^m^dos te SSt of H^a Kuo-feng 
SSratiil ^fne y ct> ' S™ M Government team special responsibility for the Jordan and even to assert a mier two-and-a-half ve 

P A imall U ?efti S t union . °T" and said he himself did. 


le appoint- 
ig as pre- 
years ago 
d not want 


World Bank aid for Pakistan 


BY CHRISTOPHER SHERWEuJ 


-• - ---A- 

V-'-T-V 


ISLAMABAD, Nov. 29. 




'■"■men 


OIL EXPLORATION IN EGYPT 


m ass. sr jsss «t!rs ^ ^ of 

S?CwSlrSl.rpI, downgraded MWlT! 

example - 


tiSWB' 


The prospects that follow peace 


national day recepnon in Peking The latest example of the « Ul U1 _ 1 “ r ^ ue coimtrv over S400nT a 

t!!m 7 ’in l> rei r atiim? fcntmm^Uie P° U ? y ’ ^*4* ain ? s t0 P romo f e mereiaV^lscoverief- wJl C °be equivalent to about on©:tliwS 
tion ^in relations between the f ore ign pnvate investment in -ill? its total export fearnlnEs- fihtidrts 


: ;;carcn 


BY ALAN MACIUE IN CAIRO 


two former a 1 )!”. the petroleum sector of develop- 2,rno 

The senior Chinese prerent at countries, is the 0GDC - 


developed on a HW0 basis with *t» total export eiamlngs. 

OGDC * '• stood at SB3m a year before the; 


"SSSW The’. Woria Ban, 

Pakistan's Oil and GasDevelop- under consideration u soft, pejmstent trade^ ^ deficit ■•widr.tlm*- 


IK? A D S lf? fn ha fho 0f withdraw . al years and pay a *3m slgna- pay zone of 1,100 feet, which is China* was E rep r£^ re7r ™t Corporation (OGDC) and loan to be made through to imbalance of payments -Sd 

tU EGPC U will ilso 300n be aue- SPMff £EUT3S SSS OU Cnrpo rati o a of it3 Oe^pmen, ,o 3 o rep3ymC Qt 

T P geth ?. r lhe Egyptian General Petroleum tioning 15 lots covering 18,000 be as much as 150,000 b/d. f nf °thp ^aHonal Z - ‘ - : - 

EGPC has meanwhile antici- square kilometres in the northern Deminex has until next June p-nnip-c rnnpn»ss fnariiamenti 17 l*oCAl* mrilnii-ffVA ’V A .*■ icffoUn 


.i^pnols 


vifapre 


tanrnsc anrf rha C, IO , ,, n ,i _____ “ - ‘-‘xjxr auuu- luiuuicura iu uic nwiqciii wcuimq* uaa uuui aui juue 

sinn nf rSJ nil cortAr^riiPhfi^ paled 3 settlement by concluding sector of occupied Sinai, adjacent to decide whether to put the well 
r p vSt , v P ,v, o in nnbrou ilc* two prospecting agreements in to 12 similar lots which were into production, as present the 


Ing committee of tbe National 
People’s Congress (parliament). 


nil nrorif.prinn w?s occupied Sinai on the understand- auctioned in 1976, soon after the results are still being evaluated, 

-nrthv thAanif nf iiY7s nnSn? iDg ^ the - v become operational second disengagement treaty A major factor io the cost analy- 

tten AoXte^nlnV^QoMU as 5000 as the lands are made them available. EGPC is f is is the absence of any onshore 

baraeka da v compared to 412000 evacuated - also considering preparing lots facilities in the vicinity- of the 

in 1977 and 315 000 in iflTC The first was in late October for auction in the hinterland find, so Deminex will have to de- 

But eJs hopesof reaching ^ ^e American company behind the Belayira and Abu cide whether the $100-I50m capi- 

. flUl . . “Opes OI reaming r..... x._ __ OCC 1.1,_ Vnrlaib nilRaM, tal invMtm^nt nppriprl til nrnnirtp 


S. Africa fines 
Rennies’ men 


Fraser reshuffle reports Australia 


BY OUR OWN CORRESPONDENT 


SYDNEY. Nov. 29. 


By Bernard Simon 

JOHANNESBURG. Nov. 27. 


THERE ARE strong suggestions Unemployment is a sensitive 
in Canberra that the Australian Issae among backbenchers 


Prime 

Fraser 


gas promise 

By_ James. Forth 

’■ ■■ ■ ■■' SYDNEY. Nov: 29 . -'! 


ihe'eliutve oil “oroductinn Tareet Conoco an 866 square kilo- Budeis oilfields. tal investment needed tt> provide FT\ r E SENIOR executives of Minist _ ria , DOrt r n i in , leavers join tbe workforce. Mr. JS5J2ffl-?T23E ,,ie, ir t t0day ^ 

of lmbSreSnSrffl? wtataSli metre concession in the QA plain The return of Sinai Is them is worth it. The well is Rennies Consolidated Holdings. “ J? “« J™ Street is tipped to retain the HJSSl ^ ™« a5Tir ^ 

Irtllw Sr i p wui hi n"wh»n to southern Sinai. Thesecond extremely important for the fairly close to shore. South Africa's largest transport Cabinet. Reports to this effect employment section in an ****** 

scneauiea tor lwu. nas now oeen - -.-i— — ♦ ^ i-j..- n^min«,v-c inipm™, im_ conglomerate, which is con- have spread as Mr. Fraser has upgraded form with industrial ?icA iq l ,e ^ eii ^ P etrolea 1 m .* as 


Minister, Mr. Malcolm because It is at record levels and JIL 

is planning a reshuffle of SLi 1 ?? ^ -JUSS**^ 1 National DeveloSnient SS* in. 


4 W 

)®?k ir 

■scoust 


* . leavers join the workforce. Mr. Development today an- 

his Street ls tipped t0 retai0 ^ nounced a series , of measures 


scheduled for 1980, has now 


pul back to This ta because was 3 700 square kilometre con- development of Egypt’s Oil Indus- Derainex’s intentions are im- conglomerate, which is con- have spread as Mr Fraser has upgraded form with industrial 

the Israeli nSence hi Sinai his cession which was taken by try. Intensive prospecting is tak- portant because tbe more pro- trolled by Jardine Matbeson, of met Ministers over tbe past few relations going to another ^ ef - 1 ? 

uie Israeli presence. in 5inai Has .1 duction facilities that come on Hong Kong, were today heavily days, for discussions on their Minister. ' traditional oil stones ran suL^ 


the Israeli presence in Sinai has ” ° ,c “ was taken oy 

hampered exploration and it H r, tish Petroleum adjacent to 
could now be nearer 1985 before Conoco concession, sfretch- 
the target is biL * n S round it, and down to Ras 

So the red line on the map of Sabil. 

Sinai, linking el Arisb near Gaza Conoco has undertaken to 
in the north to Ras Mohammad spend S53m over 10 years and 
at tbe southern tip of the pay a signature bonus of $5m. BP 
peninsular, which marks the first has agreed to spend $19m over 


I EDITED il I II EJ II -j 

su ™ w in 


auction tacimies tnai come oniHong hong, were today neavny i days, for discussions on their Minister. '. “3 ain onai ran out.- 

stream, the easier it is to develop (fined by a Johannesburg court portfolios and their views of the Among other mooted changes about tcTTO™"* draws 

Mr. Fraser Is due to leave for GenerS .^e nYtor ^Durack^to SSSffy ' "“prrtShSd^Slda ^olL 
a visit to Jamaica and the U.S. administrative service on^ _ C T , . proa “ ce( L -crude... oil. 



WE, TBE 

LIMBLESS, 
LOOK TO YOU 
FOR HELP 


L/J 

. - 


JBrusafemjSr 1 ) 

“ h) 

\ISPAHV 


marginal deposits. for contravening foreign 

At present the only significant change control regulations. 

producer is the Gulf of Suez The men who include Rennies’ a visit to Jamaica and the U.S. administrative services and the * ^? l Vi . cei a 0 j: OIL 

Petroleum Company (GUPCO), former president and a leading an December 18 and apparently restoration to the portfolio of SSIi. ir^ s — tT *™ °- u " 

a joint venture between the socialite. Mr. Gordon Rennie, wants to have seen all his Minis- Mr. Efflcott who resigned last 

EgyDtian Petroleum Company were fined amounts ranging ters by December 15. One of year from the Ministry There lo-ruqttown . 

(EPC) and Amoco. Hi produces from RI4.500 to R 90,000 f£8.600 the biggest changes rumoured is also talk that Mr. Philip Lyndx iSere* is hnw!ir*»- 
about 75 per cent of Egypt's to £54.0001 or five years' im- would be to split tbe present a former treasurer, may move uk? ntfSbli- 


■i Bi 

; iorits c 


LPG: available, in tbe Base 


plenty- -of 
lass Strait 


^myc 


Donations and information: 
Major The Earl of Ancasfer, 
KCYO,TD„ Midland Bank 
Limited, $Q West SmithMd 
London EC1A9DX. 


British Limbless 

Ex-Service 

Men’s Association 


•filYE TO THOSE WHO GAVE— PLEASE* 


Wecomefrom both world wars. 
We come Cram Kenya. Malaya, 

A den, Cyprus... and from Ulster. 
From keeping the peace no less 
than from war we limbless look to 
you for help. 

And you can help, by helping: 
our Association. BLESMA (the 
British Limbless Ex-Service Men’s 
Association) looks after the 
limbless from all the Services. 

It helps, with advice and 
enc ou rageme n t, to overcome tfap 
shock of losing arms, or legs or an 
eye. It sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And, for 
severely handicapped and the 
elderly, h provides Residential 
Homes where they can live in 
peace and dignity* 

Help BLESMA, please. We 
need money desperately. And, we 
promise you, not a penny of- it will 
he wasted. 


) IV olBll V middle of the Gulf of Suez. July sidiaries oT Rennie’s group, and 

,1 \V ft and Ramadan are |ood for had failed to declare these 

V ?' several more years, but Morgan earnings to the South African 

\ \ '• f) is now being given water injec- Treasury. 

, ttri ft \ v, . J l Lions to maintain pressure. The exception of Mr. Rennie. 

* V\ 1 Amoco is facing the same who resigned as president of 

Or ^ >vr 0 * ’A. dilemma over facilities with a { he eroup three months ago, all 

pTa^n \ MihsrmuH ' fin d offshore from Ras Gharib on the convicted men are still era- 
1’- 1 N Mohammad the coast u can new ployed by Rennies. Earlyr this 

5 facilities at Ras Gharib or run a W i tiie company’s chief execu- 

iQe D i 3Ce i n th e r: u if of e u -, pipeline down to its existina tlv c. Mr, Cnarles Fiddian-Green. 

Iffich te nrobably the m«t d!S faci,m “ at Ras Shuqair. a also sentenced to a heavy 

”~5 Q . 15 prooaoiy me most pros- furthe _ finf , .. Th , . has fine for infringing the exchange 

pected area io the world. But ; U J , er . nn ? 1 ne . easl coasl na5 control lawc 

there is a constant pul! of > et . t0 developed. control^ 



'Ras 1 
Muhammad 



. Ai 

feprot 



interest towards lhe east coast „ A 8 important decisions are 


mieresi rowarus me east coast - — --- y, j 

which tbe Israeli presence is ^ ak 4 e . D expanding production IO HSU filer 200OS 
blocking. This is particularly ! n Gulf or Suet, the prospect* ^uupuiuci 

frustrating for Amoco, which is l" 8 p |f ture for E .V 1 ® ^ of E SJ pt fnr T .IlCSlkyl 
prospecting along the median Jf. °^ s C u f e - ^ 


The Building and Civil Engineering page is 
published in the Financial Times every Monday 
and carries news items relating to contracts 
and important developments in the 
Construction Industry. 


, For details of the advertising space 
available on the page each week, and costs, you 
are invited to telephone 

01-248 8000 Ext 631 

or write to The Advertisement Director 
Financial Times 
10 Cannon Street, London 
EC4P 4BY. 


line off Ras AI Tur, where the ^ es{en ! D . esert have 80 far , been By Michael Holman 

Israelis late last year announced disappointing, but industi? LUSAKA, Nov. 29. 

a good oil strike. sources point out that ” there is SOUTH AFRICAN consumer 

Amoco drilling ships have on aD — aw ^ ^ ese ft- ,? goods valued at more than £3m 

several occasions run foul of To encourage flagging interest w ju arrive in Zambia over the 
Israeli patrol boats for straying . th ^. r est of Egypt, EGPC is next few weeks, according to 
across the line. The most serious inc . re **^ing fhe cost recovery businessmen in Lusaka. The 
incident was in September, 1976, j?* 1 ® ‘°f future concessions from qnods w'lj he carried on the 
when a particularly blatant piece 40 10 60 P er cent - 1110 cost reopened southern rail route 
of gunboat diplomacy led to au rec ° vcr T * xcess - formerly due through Rhodesia, 
official American rebuke. The exclusively to EGPC. will now be Zambia's slate-owned National 
most recent brush was in the ? hared equally with the prospect- import and Export Corporation 

spring this year. ing company. will import the items, which 

Hitting a target of lm b/d Is Commercial quantities of gas include dried milk and other 
one thing': maintaining it is have been found in the Mediter- dairy products, fish and soap, on 
another, fo do so. it is estimated ranean north of Alexandria. The 60-day credit terms. A further 
prospectors would have to come Abu Q*r Arid is to come on £750.000 will be spent on edible 
up with one 100.000-150.000 b/d stream before the end of the oils. 

producer every three or so years, providing an important The first consignment ls 

to make good depletion in exist- ext ra source of energy for expected to be in the shops 
ing fields. Given the highly industry, and Egyptian officials in a few days, thus easing the 
localised and prolific nature of another important find has shortages of many basic com- 
nil bearing rock strata in the been made nearby, in anticipa- modifies hefore presidential 
gulf this Is not improbable, tion of plentiful cheap gas, the and general elections on Decem- 
Existing finds, which have yet to Egyptian authorities propose ber 12. 

he exploited, bring Egypt within laying down a natural gas pipe Zambia imported £24Rm of 
striking distance of the target, network in Maadi, Helwan. South African goods last year. 

The rao«;t interesting to date is Heliopolis and Nasr city, in tbe Trade with tbe republic reached 
a find by a consortium headed by outskirts of Cairo. British Gas a peak of £49m in 1368. but 
Deminex and including Shell Meic Corporation recently won the dropped sharply when the 
and BP- offshore from the north consultancy contract for this Rhodesian oorder was closed in 
eastern coast of Sisal. It had a jnultwniilion dollar project, January 1973, 


If ydu have argent business fh 
New Yorkor Los. Angeles, Skytrain Is tha 
perfect way to get ffiere quickly. .- 

'• Yous%)iy^«1fcket'andhop’on' 
the plana the same bay, witti no advance 
bodRing or ; hanging 'about--..' 

. . VAnef you travel in acomfoftabls^-. « 
Vflde-bodied DClO-jety. . - _ - • 

Best of ail, the most convenient way 
to tbe States is also the' cheapest. : . ’ 

In business, time.israoney. and oa-- 
Skytrain you s^e botlA . /: ■ V ^ '* 
For up to the HoupinfPrmafion o tt 
seats the day you want to ftr. ring - 
•01-828 7766../ . 

For further tofomiafion on Skytraln - : 
scheduled service to New York • ' ■ v ‘ 
ring 01-828 8191, and for ’ . . '" ' --1, 

Los Angeles OI^S ^SOO.-- .; 


cl 






UKB1 AKWAYSriSAlWa AliffOT-SlfflRBr 



7 



The trouble with driving a company car is that you 
have to drive whatyou are given. 

And whatyou are gjven may not be entirely to 
your liking 

Especially when everyone else in your position 
seemsto bedrivingtheidentical German-made, Italian- 
styled, British-named executive saloon. 

. NotthattheyVe anything butfine cars. But if 
you'd wanted to be part of a fleet, you'd havejoinedthe 
Navy 

The problem is, howdo you persuade the 
company that your feelings towards your car are not 
hopelessly irrational? 

Obviously you must provide a rational alternative. 

Which brings us neatly to the Audi 100. 

LOVE AT FIRST SIGHT. 

Like most peoples, you've probably admired the 
Audi lOCfesleek, purposeful shape. 

But as with everything about an Audi, there is 
reason behind thestyling 

The body is built around our unique Timoshenko 
girders,with long crumple zones front a nd rea r ba rri ng 
the way to a rigid steel passenger safety cell. 

And its steering and braking system will keep the 
caron course if a front wheel skids orpunctures. 

The interior is quietly opulent with plush 
upholstery thick carpeting and all the other trappings 
of a prestige car 

Wfe've even tuned the seat springs so that they 
work in harmony with the suspension. And the 
‘acoustic sandwich' lining the floor absorbs as much 
noise as a six inch thick brick wall. 

But we haven't provided you with all this luxury 
for its own sake. 

Thequieterthe car; the less there isto distractyou 
from your driving. 

Andthethickpaddingthatsurroundsyouisthere 
to protect as wel I as comfort you. 

So if your company values your life as highly as it 
va I ues your services, there's no safer car it can give you. 

AUNIQUE PROPOSITION. 

In one respect at least, the Audi 100 is unlike any 
other car made. 


It is as quiet and smooth as a six cylinder engine 
butsimplerand less thirsty 

And by designing out components such as cam- 
rods and jackshafts, we eliminated vulnerable wearing 
parts and reduced the amount of servicing the car 
requires. 

In fad; going by manufacturers' figures, the five 
cylinder Audi 100 needs less than half as many hours 
servici ng as the Rover 2300. 

Your company will find that facts like these make 
sound business sense. 

ITCOSTS LESS THAN YOU THINK. 

Afive cylinder Audi 100 costs between £5,4-92 and 
£8,564 according to the model you choose. 

Figu res, you wi 1 1 notice, that com pa re very 
favourably with prices of other cars that in our humble 
submission, do not offer you nearly as much. 

But the final ace in your hand could be that the 
company doesn't even have to buy the car for you 
to drive one. 

By leasing, you could drive away in a new Audi 
10Q by.the simple expedient of your company paying 
£777 i.e. three months charges in advance! 

Thereafter you pay a monthly rental (that can 
include all maintenance costs). 

And by setti ng the enti re cost of leasi ng agai nst 
tax, the real cost of the car comes down by half, which 
eliminates any worries your accountants may have 
about depreciation. 

If this advertisement has only served to increase 
your discontent with your present company car we 
apologise. 

But if you can use it to good effect, you'll end up 
with a carthat you'll love. 

YOU’D LOVE A NEW AUDI 100 

Please send me details on buying or leasi ng an Audi 100. 

Na me Positi on 

Company 

Address 


CutoutandsendtoAudiMarketingDepartment,Volkswagen(GB)Ltd., I 
Vojkswagen House, Yeomans Drive, Blakelands, Milton Keynes MK14 5AN. | 


Its engi ne has five cyl i nders. 

The reason for this odd configuration is 
something that will gladden 
the heart of your company 
accountant 



Cosu. quoted abeue are catenated on an Audi 100L5S codins £3492. ewer* 24 month period with three rentals in advance Terms c^!Otad5ub!^atttoulx^a^\witinBacttptalX*byAUFl^r«a^d5ub^ ServiCiriij cu jl-j * juries. What Carfeptemhar 1978. 




'HOME NEWS 





to regain 


lead in UK market 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


FORD MOTORS' share of the market share until tbe New The performance by BL should 
UK car market is likely to fall Year. help to raise morale within the 

beiaw 6 per cent this month, in Total stocks within the dealer State-owned company. Particu- 
the wake of Lhe damaging nine- network had fallen to only 1,500 larly encouraging is the perform- 
week strike. just before the end of the strike a nce of the Rover saloons, which 

Estimate within the industry Iast week - Production would take are expected to gain a 2.5 per 
for £l « V he 1 fire* S SIS, cent Sbare 0f th ? marke J, thi6 

suggest that BL Cars has become V, d £jS mflnth ' l htS w °Vi d *8?" 

2 clear market leader with a 30' s * lUl * or Christmas break among the top 10 best selling 
per cent'harc. 1 Ford gained only from D ec einber 20 to January 2. UK modeJs . a stable achieve 
3.8 per cent. Both Chrysler and 15000 imported Ford meat for a high-cost prestige car. 

Vauxhall have a lstoaken advant- r?’ , ’ ® ( L U E Ttr a j™im 


age of theF ord position, pushing " of sympathetic action by • i D.M 

m -i- B in dockers. are now being released. West Plant Hire, a Huii-nasea 


SS l ° bCy0Dd thC 10 PCr CeDt Ford cannot make up the short- subsidi^f Allied Plant Grnup 


. rutu caimuL niuAc up uie snort- , . . 

fall b ya rapid increase in im- as its first UK distributor of fork 


Imports are slightly higher p 0rts . Though the Granada and lift trucks. A demonstration 
than last month, at just over 52 Capri models are imported the model was displayed yesterday 
per cent. Total UK registrations. E SCOrt and Cortina which are the at the opening of the group s new 
at little more than 90.000. are h j ah sa j e cars are supplied from depot at Imraingham, Humber- 
very similar to October last year. Qj e jjk. side. 

which suggests the absence of will take some time for the A further 20 trucks are on 
-Ford' modei* has taken some of abortions introduced by the their way from Japan, mostly of 
the impetus out of a buoyant Ford dispute to work through, 4,000 lb,* 5,000 lb and 6.000 lb 
marn ' et - but December is traditionally a capacity with diesel cosines and 

Ford said last night that it slow month for cars. Mauufac- automatic transmission. but 
could not hope to move back turers will clearly have their including some smaller battery 
towards its normal 25 per cent eyes on the New’ Year market operated machines. 



Thames 

t 

to make 


senes 


on China 


BY JOHN BRENNAN, PROPERTY ipbflRESfONtWT- 



*• * 


BY USA WOOD MEMBERS OF Uoyd's. of London 'tra^hg'fibPr; "which' is . flerigaed 

■ are being urged to accept a-£45m tG'expahd£rom HJQ,Q0& sqftjip 

twavttc TFTFViqiON after redevelopment scheme at the.to -iSO.OOO iq K'is’-Vadtiitional 
THAMES It-L&VISJU.N, alter - Ti™* Z***vt- ie noA/teri-' 1 ' - 


lhrepvears of negotiations is to insurance markei’s lime - Street "capacity, is seeded.- 7!- 
tbree years or negouauons, is iu «r . . : • s nt. rh^-naa 


maTe «■ ^ I 


Ss on SKT ttlXSXXZ ,*rt» WttnU»' 

i JJrtv^Srt^rtS " ^ C0E “ mittee of. L^yds -16- t^tive staff-t^.new flffibesi-a 




L>asn tnreax over 
foreign students 


Company 
reports ‘too 
complex’ 



BY MICHAEL DIXON. EDUCATION CORRESPONDENT A 

UNIVERSITIES are being the failure of home demand to By Erk Short 
threatened with a cut in their grow in line with Government the PRESENT form of present- 
finances if they do not restrict predictions. ! jn® company reports it too cora- 

the admission of overseas The financial threat, which [ pig* f 0 r the individual share- 
students in line with Government dearly has the support of Mrs. holder to understand. Mr. Ron 
policy. Shirley Williams. Secretary forj.Artus. joint investment manager 

Tne universities, which account Education and Science, will he 0 f the Prudential Assurance, 
for 42 per cent of the 80.000- rese P ted .by university staff as sa jd in London yesterday, 
plus f Orel an Ftudents Ln State ?" e ! i n n ^ si0n of their acad eraic Addressing the conference of 
further education, have been .. ,, the Citv and financial 2rouu of 


further education, have been the City and financial group of inaf |e‘ 

resisting Government pressure to bv^ National 5o?oS th ^ Institute of Public Relations. Speaker. 

S^uSEmR? U,e t0 67 ’ 0M w 5s_.»« Sfi. 5 


RELAXED AND smiling, 
former U.S. president Richard 
Nixon flew Into London yester- 
day to address the Oxford 
Union. It Is Mr. Nixon's first 
trip to Britain since the Water- 
gate scandal drove him from 
office four years ago. 

Mr. Nixon, who Is to talk on 
foreign affairs today, was met 
at the airport by Mr- Kingman 
Brewster, U.S. ambassador, 
although officials insisted that 
his visit was priiate. The 
former President was also 
greeted at the airport by 
Col. Gordon Maxwell of the 
Foreign Office and Mr- 
Jonathan Aitken, To*-y MP for 
Thanet East, representing the 


been no Watergate scandal the ] j ng comedy shows and- light as airesult of imdeiVriting being committed -Is : in." . detailed 
Communists m >£ ht not na\ e eC tertainmenL - carried oat in 'two ' .buildings.” negotiations u: . ' . With . the ' . City 


: vice-chairman of the standing rr—* » enrrent • naaing\»oor ana 

committee of the National offices: leased :’ ^ *,ti* :new 

{ People's Congress, might lead ^ a P d a^aSl- 

i also to Thames programmes complex. t _-able:Vte_hW let*- , - : 4 . : »' 

< being sold to China. - . The conunittee . Jaa; .^-told: V proposes 

The Thames series will prob- members .that it would-' take: nt^tfe^edevielDpmait..^ from -short- 
I ably be broadcast in 1981- and least £19m to carry opt a limited. te^ 'bormwijQgs'. ’-and’r from its 
: include a programme on Chinese .refurbishment of the 1928-.hiMld-; own.-. revenue.- % iid . ■special levy' 
! medical treatment ing, and that even after, tbie woiii .of -iniehibersr :1s ipnpifl&ed. ■ 

■ Mr. Thomas showed .the the building wouldhave.onjy aiJThe’. menihei»iV 'decision .-is 
1 Chinese a portfolio of Thames limited life. i-: : ~ 7 ;• . - . . -exj^seted to; he* known by y pm 

! productions, including documen-. -The comnwtteerislso ar^es that tomomiwrand^ if -it; is ; in favour 
: taries, educational . series and a limited gchemp. would not be of \ the scheme, - work could 
music programmes. The Chinese ideal as, “serious , disn^tion of etart ^ on tbe -site -next. 'spring 
have asked to see more,, indu'd- the market ebold;nptlie avoided :ahd-W'cbmple'ted-'iW :< '^ 9 ^-. < rtm 

ina mneilc cVinuic in.) Knhf sc a rociTlt nf nnrfaAn444vin « itotoilAJ 


taken over in South Vietnam, Th e company hopes that their . i lpstead - of a ' llmited.'.- re* Corpocation’s ... .planning. . 'eom> 
Congress would have passed interest might pave the way for development the committee is r mittee.- Bor ft. cannot press ^fttr 
his energy programme ana l0 chi CJL Mr. Thomas said: proposing that members accept detafldd- 1 planning -7 permission 

doubts would not have oeen ■ “Thames is the first ITV com- designs submitted by architects until- the result of- the poll ii 
raised over tie li. Miadie 1 pany to visit China and I hope Piano and Rogers for- a new known- •' * v~ 

Eai*l policy in 19 «3. J that one of our programmes Will ". ... . 

Sir. Nixon has spent much of ^ g nt British production 
the last four years writing his ! seen bv the Chinese television 
memoirs on his San Clemente j audience” 
estate. His only previous I The Chinese Embassy in Lon- 
forelgn tnp since he leFt office 1 jj 0 n, asked about possible tele- 

was to China as a guest of j vision audiences in the republic, _ — . • •• ■ * • . - . 

Chairman Mao in 19*6. I cairt- -Ahont 15m neonle ” '• J I ' L.I_ - ^ . . 


STii 


1 


said: “About 15m people." 

The Foreign Office said { An invitation from Mr. Thomas J 
yesterday there were no plans j f or Chinese technicians to visit 

Mp Vitiiti 4 a rrtnof n nrnna 1 j _ . n mi x .■ 


br ™ s °?- fc , v ± u ’,v:r :e u,elr reports “ 

They have now been told by win raean a loss of educational two stages - 
the university Grants Committee opportunity to deprived young- A simpler version should he 
that unless cuts are made in $ters in poor countries. produced for the private share- 

overseas admissions — whose costs On the other hand, a check by holder, with a full report, as at 

? re r ?” ,3Ut P' ?r c 1 5 nt subidised the British Council in 1976-77 present, being available on 
by UK taxpayer — there could be showed that of the total overseas renuest. 

a serious long-term effect on students in State-subsidised fur- Mr. Artus. eiving the invest- 
the total money available to ther education, 14.4 per cent ment manaser's view of share- 
lin i^' ,t, l 5 ' . . came from Malaysia, 11.1 per holder communications.- drew 

Although en me of the cent from Iran, 6.7 per cent from attention to the influence of the 
autonomous institutions have Nigeria. 5 per cent from Hong investment manaeer in the 
seemed willing tn show restraint. Kong, and 4.2 per cent from the development nf companies pro- 
file trend has been for more and U.S. vidine information to share- 

more foreign students t n come In addition, it is believed in holders, 

in. One reason may he the uni- official quarters that, even where 
versi ties’s keenness to fill all foreign students do come from ^nugj aC^eSS 


Mr. Nixon flew to London 
after facing . a three-hour 
questioning by French tele- 
vision viewers during the 
phone-in. He faced many ques- 
tions on Watergate, occasion- 
ally becoming emotional. 

But he said that if there had 


Tor Mr. Nixon to meet anyone 
in the Government during his 
visit but it is known that he 
would like to renew 'his 
acquaintance with Mr. James 


Britain to study Thames produc- 
tion and engineering, depart- 
ments was readily accepted by 
the - Central ' Broadcasting 
Administration, which is keen to 


BY JOHN LLOYD 


Drop 


ls was readily accepted oy 

• Central Broadcasting IN AN effort to liberalise market* .« .Customers' 1 wishing fo dh^nge - '. jpv ii 

inistration. which is keen to ing procedures, .the Post Office, their present - telephone ?«\ 'a ' 


Callaghan, the Prime Minister, improve its television technology.! is shortly to open ** phone shops. "..different model, or new P^ub* 


whom h« last me* at the White During the five-man Thames -to display its range. ... scribe re wishing to choose ohe df 
House >?fore tVatergate. He visit to Peking. Mr. Tan said - It is also believed tn be negph grange nf phones, will be iable 

has also said he would UKe to that television in China was still Hating with Thorn Ericsson •forv’tqv-visit the shop : anij -ikte.-ii 

pay an informal visit to Mr. ve ry hackward. China hoped to the supply of two new telephone - mjktei, which will he -supptied 

Harold Macmillan, the former learn much from Britain. modules,. possibly manufactured aTH j connected in- the normal 

Tory Prime Minister, before : ; abroad.' . .. way.' - -■ - 

leaving on Friday. ' In the longer term. the. Past The difficulties of mringinirvJa ‘ 

z { nnciimpr Office wants to move jo ?. jack a jack rpl0R system : for: ^2m 

VUildUlllCl ; plug " system m which custemera domestic subscriber Increase 
j a -m ■ > would be provided with- a socket w lm 

o»g-»o nr/>r/>nr ^.1^ * which » B ienhnh«e wohm Dyj lln a --y© ar * -wen m -dus- . 


Harold Macmillan, the former learn much from Britain. 

Tory Prime Mlnisto,-, before : 

leaving on Friday. 


protect 


insurance 


Consumer 
groups seek 
legislation 


E?'«» customers.- are .enoctohihL 
I The . corporation^: > however, 


BY ERIC SHORT 


legislation ■ 

® . . .... Office will be comoeting directly . / 

By David Churchill, *i*h the erowine **black market*’ taken away from - the- more r ig id ■ 

Consumer Affairs Correspondent trarte ^ telephones, wheer matures of Uie monopoly, wffl , 


to discourage retailers from, for Illegal lnferconne 
selling rival products should be tb** Post Office system. 


which, connected and appro^M 


places, some of which, especially poor countries, thev tend to Consumer Affairs Correspondent;- t ra fi e im telephones, wheer *® atures ?*. loB man^xuy, WMi , • 

on the science side, would other- from those countries' richest Because of the decline In PEOPLE WHO sign certain life lag this period, the customer will ATTEMPTS BY manufacturers phones with jack plugs -are sold provision of Mie . Mickay 
wise be left empty because of families. importance of the individual, assurance contracts will in future have the right to cancel the con- ro discourage retailers from for Illegal Interconnection ' wftfi Mouse ' ana ' Classitf 'telephmtefc ■ 

companies bad tended to concen be able to change rbeir miads tract Hollins rival oroducts should be tb* Post Office system. " . which, connected and appro^fft 

trate on establishing and iraprov- ,n J J w w ~ - . .u. r, — — -•* - 

Tb ■ a • n Th A -a I ng their relationship with Invest* 

British Rail takes over neglect of serving the individual. 

■n xj* T • ' It was now time to give greater 

Manx Line company 01 the 

» Th n nnmf ol rrorvoroT moafino 


ra a • 11 Wt1Sk llvw ,uiu lama- cxmanaudn. and oartlv hv \?;sw\aUon f tne National uon- ana to neaa ott increasing 

Manx Line Comoanv *2^1 ,0n h 1 rAh5d«.r need4S 0f ^ SSf? posing questions for P the ind/- sumer Council, and the National for tbemonopoiyover the''supply and Cable.^rHeweveY, the Toyf 

IVAWL.A L-UllIJ/ayj PI ^fi e a S ?nf.S rnputino S . JS Sn i« llil' ridual to insider. They wiU Federation, of Consumer Groups of equipment to be ended,. . } Wee ta-been negotiating 

®wm<SH RUT h* c ^ V, V V. . . B ^ annual general meeting Secretary for Companies. Av !a - higb]ight such po i nts as the —were commenting on .the However, the Post Office said. Thorn Encssoh for ihe 

J 1 . R '^IL ha s acquired change has been notified about of a company was the one occa- tion and Shipping, and published a „ ount an j frequency of the | Government’s Green Paper on last night that there was no ques^two. new taddels. which 'ma&£5e : 

control of James Fisher and tbe change of control, the com- si on of the year when all share* yesterday. nrpmiiims rhi» h*»npfits nmvMpri Lnnnnniinc a nrt murpers noliev. tion of its general monoDOlv of made' In the Ericsson factories in 


. Con m 


opens ! 


Sons (Isie of Man), owners of P an y said yesterday. holders had equal access to the Under these regul a ti 

the Manx I inr- The TWioi-..: British Rail would not disclose management. Such meetings enme into force on . 

Hpvihsm ...in ” ,he Ssufe involved in the should he made more interesting 19S0. life companies 

nevsaam ierrj service Will now rransnrtinn hut cairt lh« hn,r>I anil affrartirn an*l Ihpn fhnv lnna.tprm insurprc uri 


5' s iJU '*v 


transaction h„t ^ „ u \£S h.™ 5 required for ordinary life con- Paper’s conclusion that considers The corporal ion^rits 

t tisact op. but said the board . and 3 tract e and tn,n they Ion, term insurers, will na»p to mri imiraH iif«> huei nocc a loan tn rlaalincr Nish 40 teleohnne ShOTIS 


substahtj^ 


me operated as a iaiot venture. tadTI5irini".“«0 per Tem MW nn«"ciA^:7l uTe ii« it »d U.k«I life b«ta«L ilor . should I be *I»b t( > d«UDg «<f «|^ telephone ^ 

The company is to change its interest. The joint venture They could be an opportunity buying a policy, a notice which The Insurance Companies 60«verfive vears.™^?* - *1 nonular'-' F— ^ 

name to Manx Line Holdings, would provide expertise to to show the activities of a com* wifi remind them of their ohliga- (Notice of Long-Term Policy) P racl,ces °“t5iae scope . . P. P • _ -■ : 

which will be a subsidiary of strengthen the resources of the pany. for instance through films tinns and advising them of the Regulation 1978 (SI 1978 No. P° u ' cy ;. C ™“ B — » — r-^ — ri — ~ ^ 

British Rail. The Stock Ex- Manx Line. specially made for the purpose. 10-day "cooling off" period. Dur- 1304 ) SO price 32p net, prtitore'° goods Dying the «Ses ' ' "l"! V ' - ' -"-y* 

— ■- — of one product to the sale of Q W1 W' ' ; '■ 

ALAN PIKE REPORTS ON THE DISAPPEARANCE OF A BRITISH INSTITUTION « . ISX.” U VU pUiOAt -, 

____ manufacturers’ products. ■- 

Time runs out for The Tunes 

interest, and we believe they • =;■ 

, Should be regulated by law, BY JOHN ELLIOTT, INDUSTRIAL EDITOR : 1 ■V>v 

THIS MORN^^G , S edition of The "Finally, therefore, I have to ing craft union in the printing it will never surrender. has made greater progress in rather than be indentified and . , , rr _.,_ 

Times is likely to be the last for tell you that it is the firm industry. The union fears that .once oi her areas. As the November outlawed in each caw where they SHELL- UK 5 commitment to Shell's Statement was made^ by 

an iDdefiniie period which could decision of the board of Times Two months after Times News- conceded, the principle will soon 30 deadline drew near print occur ” savs the statement help companies was for- Mr. -Louis Walker, the company’s 

possibly run inifl months. Newspapers that, if it is not papers hart sent its ultimatum to spread elsewhere in the news- union general secretaries, minus Thev also make a case for mally announced yesterday. when public affairs director who heads 


Insurance Companies 


"certain uncompetitive cities in the next two years... and says that they are provi 


. popular/; . 


ALAN PIKE REPORTS ON THE DISAPPEARANCE OF A BRITISH INSTITUTION 


Shell gives; smiitt 




Time runs out for The Times 




BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


The last edition of its sister possible to negotiate a joint the unions. Mr. Wade was in the paper industry and its members' Mr. Wade, met management and enabling people, harmed by *n executive saW the company a project' called the Shell Small 

paper, the Sunday Times, has approach to resolve these prob- Isle of Man for the NGA con- already vulnerable position will agreed to accept its new disputes uncompetitive practices, to sue obeyed that "a flourishing small Business' Initiative..' He ’’is. also, 

already been published and the lems and if disruption continues, ference. become hopeless. procedure. It is now being con- more easily for compensation commiin ity Is good for the playing' a leading role in form- 

three Times supplements will publication of all our newspapers Both inside and outside the Print union leader? -repeatedly sirtered by union executives and And the statement calls for economy, and. for lhe ing an otgph i sat ion to help small 

also disappear from the book- will be suspended. Suspension conference 'hall NGA members, stress that they are not opposed then has to go for approval to legislation to enable consumer country, and, therefore, good for firms catied the London Eot£i> 
stalls. . will last until we are wholly who feel most vulnerable in the to new technology as such — branches and chapels (office organisations to take civil actions us ,u. , , _ , . -pnke- Agency.- - 

Newspapers ?.Te such a special satisfied thir publication can he face of technological changes “We are not Luddites' 1 is a union sections). in courts on behalf of people who This marked the launching erf Mr. Walker -was: yesterday 

product that much recent com- re-started on a basis of reason- ljfcc those Times Newspapers frequent quotation — provided If the procedure is agreed at have suffered a loss. a series of initiatives- which are launching a review-, of 'resent 

metn has naturally been concen- able staffing, efficient working wants to introduce, mado it clear they are satisfied with the nature afl levels and can be made to — to be taken by major companies research -called Snlali - Firms iq. 

trated on the disappearance and uninterrupted production." that they would not surrender of its introduction. work, union leaders like Mr. -^t , ■ during the coming months to Cities. P3rried flut for Shelf-Tby' 

from sale of an institution in Uninterrupted production did their control over the composing But when Mr. Wade says that Owen O'Brien, general secretary iv0W StTlD heln small firms, j v Mr. ’Graham -BannoCk' of - f tBe 

British life. not result and Mr. Hussey process to other staff. the NGA will - fight to the bitter °. f ,he National Society* of Opera- > r The companies include. Shell, Economists’- Advisory Group; 

In more basic industrial terms. repe ated the warning that pub- New computer-based techno- end” on the keystroke issue he Printers. Graphical and cfppl Ilfl6 an( I Spencer,. BP,- IBM. _ The review'^irnws-thVe lS liertir 

however, it would be equally Hca tion would be suspended in a logy abolishes the need for NGA does so a? a thinking man aware Media Personnel, agree with British Oxygen and Tesco-as well smaller birth and death rate lot 

remarkable for a big employer letter sent to all 4,250 staff in work as carried out in conven- of the possible implications of Times Newspapers that it should nf QhnltATI '.as the industrial and Commercial small companies Jn the UK than 

in any sector of industry to ju j y .From tl]e mom ent that Mr . tionai composing rooms. Some his words. ? °ff^ r company the con- 41 OHUUUU Finance Corporation and the -in most other 'countries. 

announce the ' c '^»re of his Hussey- sent his initial letter newspapers have converted to In these circumstances the Anility of production which it is a wkw line producing galvanised ' h . aniber Pj Commerce. i n addition, more smaH firms 

P^' technology with NG- mem- NGA decided earlier ibis month se?k *^' iri2 VeT F T & «S«-. 


^ Court m 


fUmre WOrk ‘ s P ecu,ation about whether the bers retaining exclusive control that it would not hold any neco- M 

mg arrangement. company would actually ao ahead D f the “key strnck the input tuitions with Times Newsoapers rSe®Otl3tlOnS 


organisations to take civil actions us ™. .. , .. pi t'^ A ?,v n 5/’ . ' ' . 

in courts on behair of people who marked tbe launching of Mr. Walker was: yesterday 

have suffered a loss. a series of initiatives which -are launching n rev ievr. of ■ resent 

— to be taken by major companies research -called Small •- Firms iq. 

-fc T . . during the coming months to Cities. 'canied out for Shdi-TbY - 

INeW Strip heln small firms. ' Mr. ’ Graham -BamioCk'. of ^tBe ' 

* The companies include. Shell, Economists’- Advisory Group; 

steel line Spen s e ^?^ ^BP.- IBM. .Th^revie^^ws-tbVe te 1 *^ 

1U,S/ British Oxygen and Tesco-as well smaller birth and death rate for 

at ShnltATI '-S the Ind "f tna! B 2 d Commercial sm all combanies In the UK than 

41 kHlUllUll Finance Corporation and the -in most other -'countries. ; v 7 

A NEW line producing galvanised ^The 00 reJfew^said ^ fc? 

strip steel at the British Steel bustaesse? account ed for* tS "S of-hwb 

Corporation’s Shotton Works, m mrioritfnf lnerS5«i s?f J™! 1 * 

r.lwvd. has exceeded its ca Da city l n P^ntv-. such- .as- the . East 






-i - . - • 


'~«S„ «„rii ic Mr ■•■nufee - ' -j — ui uie M.-V wimvk — mpui uanons with Times Newspapers Cl wyd. has exceeded its capacity . 'i. ‘ in *y . c ii suco- . as - toe £.-»>. 

Hiissev^chief executive and man- th the threatcned suspension. 0 f editorial and advertising under threat of suspended pro- While negotiations on these by 1,000 tonnes in the third week bctweeiTlfMS ?967 M dl ^ «, . , 1 " ' 

nf Times News- Some speculated that it would material to the computer-based duction The unions leaders wide issues have been in pro- of its operation. C qhpii is net- vwmniatTn* *' s?«ns 

nTnJLt wrnit. a inn* letter to not, and even this week they were composing system. have made it cl ear. (liar, even if press with national union The line, one of ihree in a H , s ??- »,.'iSinl P 5i^ to - nrovrrte ^he §est - training 

S f i^nn V- #, n 7- 1 1 P r r P t a r i ^ s waiting for a last moment inter- Times Newspapers says, how- a formula for resuming talks is leaders the company has been £44m complex now reaching com- -imnan for -the next generatten 

2“ *eoeral vention from the Prime Minister ever, that its needs require eventually found, they will not engaging in complementary talks pletion. produced 5.800 tons of V%ali 

ifflrT Thirh .inomrtal rndusttial or the TUC which m '* ht win a eventual in P ut b >‘ Journalists move from the.r position on new with each section of its staff coated strip last week. 5J.rt.JS KriEr 

hSSnn on n«. reprieve. and advertising staff as well, technology. seeking new agreements on Mr. John Powell, the works 

rtnriinn of the °comDany's One man who says he has never Although Times Newspapers has Stalemate is thus the only wages and conditions in indi- director, said the unit was “world 3 a S? d rn5lcn trrarf^: *Othc r 

nubiications f th P y been in any doubt that the given a clear undertaking that word to describe the aspect of vidnal chapels. class, with international manning " Jnefute ^nrev'dinc" 

PU T« iC tho flret rmarter nf 1978 suspension of publication was the transfer to new technology the proposed Times Newspapers Only two such agreements levels.” termer Setml - SL £3 mw 

- 7 m conies — q ”o o'er cent of seriousl y mean t and wouid take wii! be achieved withour compui- reforms which contain the have yet been reached, one with ' sSare-Iartd^r fndusSa^dave^ eon? nfh^ 

*"h-rf P heon inct P Iace is Mr. Joe Wade, general sory redundancy, the NGA is greatest implications for the rest circulation representatives and rv il j / . l , • _a. JJJJJ Con ^ cto *ff J a ? s a “°“8 9 th ". 

t0 -^ ^ 6ea ° Stl secretary of the National determined that its control over of the industry. the other -with Sunday Times vJrflGr SfEeSIOSt -._ n ^» er l 5Ur ^ n ^.. -which^^_ ai 


•tracts 

Ortec*] 

&PU 


Hncrinn nf thp comoanv's uae mao woo says tie nas never "““wgu nwn aiaiemaie 15 tous in? oniy busw i-ummiuus m imii- airectoi 

niihiinqtinnc H been in any doubt that the given a clear undertaking that word to describe the aspect of vidnal chapels. class, w 

in t ho fl ret miartpr nf 1978 suspension of publication was the transfer to new technology the proposed Times Newspapers Only two such agreements levels.” 

™j“; q on n'p r ppnt of seriously meant and would take will be achieved without compul- reforms which contain the have yet been reached, one with 
1 mitnifr hoii hpon Inct P Iace is Mr - Joe Wade, general sory redundancy, the NGA is greatest implications for the rest circulation representatives and 

1013! Ouipiii DSU cu H secretary nf th« Al.itinnal riAtprmin(>ii that its rnntrnl over nf iKa inrlnctrv the other - with Slindav Timpe I Jl 


■ _ - 


X,.' '- . 


■* -r..- - r - 


not i m „rnrpii Graphical Association, the lead- inputting is a principle on which By comparison, the company journalists. Agreement is 
me position nai dw impruveu apnnrenily in prospect with 

since tiie letter was written and seme other groups and the enm- 

tOtdl ISSUES Of the Tb0 Times A J — . — — . JL ^ nan V hnnpn that t hp<?n ivill nnn. 


National determined that its control over of the industry. 


the other -with Sunday Times 


Order against 
Kent students 


alone this year run at about 4m 
copies, with the higher-circulation 
Sunday Times suffering more 
than double that total. 


Strength of the parent company 


seme other groups and the enm- 

nnny hopes that these will con- AN INJUNCTION res trainings 


pays its bills to small companies speriaBst suppliers,, jjont^etitow- 
on time, - ''c ..-^..-anff "customers* says -the review." 




BY RICHARD LAMBERT 


Proposals a KEY ELEMENT In the 

Mr. Hussey's letter outlined a a pp roac h 0 f Times News, 
series of proposals on which Lne papers’ management to the 
company was demanding agree- problems of the newspaper 
ment in an effort to assure the company Is the enormous 


enormous 


'absolute continuity of pro- financial strength of Its parent. 


duction.” f Intern: 

Among the managements gation. 
demands was a new “fast-acting 
and effective disputes procedure.” *' ,n ® 


International Thomson Organi- 


F1 nan rial responsibility for 


restrictions, an end to unofficial 
industrial action and a general 
wage restructuring “based on 
new technology and systems and 
on efficient manning levels in all 
departments.” All negotiations, 
said the company, must be com- 
pleted by November 30. 

The list of reforms spelt out 
in Mr. Hussey's letter was. to put 
it mildly, an ambitious one for 


arbitrary The Times ' v ‘ as moved from 


the Thomson family to the 
Thomson Organisation this 
July. Shortly afterwards it 
moved again, to the Inter- 
national Thomson Organisa- 
tion. a new company registered 
and incorporated in Canada 
into whieh the UK holding 
company and certain family 
interests were absorbed (his 
autumn. 


an industry where industrial International Thomson wants 
relations practices have often to use these funds to secure a 
been slow to change. His most stable source of earnings In 
remarkable point, however, was future years when earnings 


reserved for the penultimate from oil holdings drop as the 


paragraph. 


oil starts to ran oat It has 


promised to commit very sub- 
stantial funds to investment in 
the UK, and has said that the 
future of The Times Is 
assured •* providing that the 
necessary cooperation, effort 
and goodwill is forthcoming 
from all who work on the 
newspaper.” 

However, International 
Thomson Is not obliged to 
Invest its surplus cash In the 
UK. As a Canadian corpora- 
tion, It can look at opportuni- 
ties all over the world free 
from the const rain Ls of T7K 
exchange controls. 

Its management holds two 
very strong cards In relation 
to the curi^at problems of The 
Times. 

With the corporation's sub- 
stantial, and growing, liquid 
resources it can face up to ihe. 
threat of a prolonged stoppage 
without having to worry ahont 
immediate financial pressures. 
Or, at some stage, it can decide 


that Fleet Street is a hopeless tive. for 
case and concentrate Us new Monday 
investment somewhere else. should c 
It's most profitable asset is company 
Is share in two North Sea oil stopped, 
fields. Piper and Claymore. Notice 


tinue after the suspension of Kent University’s students' union 
publication. from making “political” 

Inevitably, however, the sus- donations, including half the £20 
pension will sour such goodwill fine imposed on a picketing 

as exists. The NATSOPA exeeu- bakery worker for assaulting 
tive. for instance, is meeting on police, was granted by the High 
Monday to decide whether it Court yesterday, 
should continue talking to the The order, gained by the uni- 
corapany if publication is verslty’s branch of the Federation 


I - 

>-V 


'V'-- \ 





V'fv . * 

a. ■’ ■ {"p ■■ 


rapany if publication is verslty’s branch of the Federation . t - ' • -5 „ -• 

Jpped. of Conservative Students, bans , ■■ , 0M Lillie Langtry The. - gale • of literary- anf 

Notice to staff will depend the payments until next Tuesday “ Arthur Jones, her. lover in- 1 -musical" manuscripts and -lettefs"' 


r ri 

X. “& J,Vr Roi 


The oi! interests will accoant upon their terms of employment Meanwhile the union executive .J™* 1 sold for £&,00G„ plus thr totalled £101 .038. - 

for £31m of Lhe £45m after-tax —four months for journalists will test student opinion on the JO Per cent payer’s premiuih, at paid- £3,400 for ’iftd'eflPa Patff*: 


. r-.. ■ aj 


'•'IB. 

.V*4. * 


prifits expected by the corpora- and between a fortn : ght and issue before deciding whether to Christie’s yesterday. .The.’ R5 

tion in the year ending ci.*xt three months for other staff— contest the ban. - letters were recently discovered 

month, and oil earnings are but . individuals of chapels in the attic_ of a Jersey farm- 

likely to hit a peak next year 


cv v .' !l O 


but . individuals of chapels 
accepting the management’s 


as Claymore reaches maximum new terms will not receive 


production. 

As a result. The group is now 
generating very large cash 


notice of dismissal. 

Mr. Harold Walk 
of Stale at the De 


Duke backs 


Harold Walker, Minister C5rf|if“V fimtlP 
£ at the Department of JflUUC 


house by a descehdent of Arthur 
Jones. Tlie.-buyer was Mr. Alan 
Dunn, a -London architect,' bid-'" 
ding on behalf of a private' 
collector. : , 


rv 

i.Vl- “ -• -. .’ t * 
V S'r-'i 
'• r? ~< 


BY AHTONY rFHORNCROFT ' “ 


surpluses. In June this year Employment, warned in the THE Duke of Edlnhurgb and . The letters had been estibiated 


lls liquid funds exceeded 
£l00m, of which maybe a third 


Commons that the suspension Tory leader 
cnulri lead to some “very Thatcher are 


Tn™ ianH— m-- x . ‘ oc ie«ers nao oeen esti mated — . -.-.vi--.: 


was heing held In reserve for difficult legal problems" tn such paign, launched yesterday, to current television "series ahmu' ^ BeJgtaif'.' 

unpredictable snags in the areas as redundancy pay. save motorcyclists’ lives. Ultie hart inflated the price laono " ■ 


: 

• • > ' : «r 

■y y{/» ^ r v Af 


North . Sea. TTie question to which no one A team of scientists is to They cover the 3 period -1878* Tfi Wi ; 

. Ncxl year the oi! side could has accepted to give a direct investigate whether -« crash ISS2 during Srt'S'SiiE'LS 

generate surplus cash totalling answer Ls how, if the suspension hemets are less safe than LtHie was in Paris - -*- e ?- er ^ pts -^- Hu 5? ^on Hofmanns--’ . 




C-f-.rt. iv, 

' r.-, , : h- 

2 WK. I ' ■ 




' ‘J '• ' v > r-j ' • .: i' - . ’Mri'-ii 

*'5* * f '*' -- ^ f "r-^ 






\ p-. - . 




% 


Dliib' 




Mim 





■Tinasdal r ; T haes Thursday November 30 1978 


HOME NEWS 




Wi 


■JTj- . -» 7 -V AY»V — jOfe'-fiij i. ' 


hints Fraud squad ‘needs more British . 

, , _ . , . , Aluminium 

help from accountants i 10 aid land 


to aid land creating j 



FINANCIAL TIMES REPORTER 


GOVERNMENT encouragement the past year was given by the 
for certain types of company company"* managing director. . 


by james McDonald 


• BY ANDREW TAYLOR 

"Wjn'BP YVl ACCOUNTANTS SHOULD he 

BIBB polled in much mure regularly 

Jl'X/ 1. i^vJL tn assist police .'investigations 

«. * into complex and sopliistk-jied 

company frauds, a former head 

FINANCIAL TIMES REPORTER terfiy. 0 ^ Fra “ d SC| “* d yM " 

•• Mr. Tom Edwards, a former 

GOVERNMENT encouragement the past year was bitch by the commander who retired from the 
for certain types of company company's managing director police furce at Uie beginning or 
mergers and a broadening of the Mr. Ian MacLaurm In another thls .'‘car. told auditors and 
role duw performed by the Price speech to the conference. accountants at a conference on 

Commission, have been hinted at Mr ■ MacLaurm «iit Tp«n h-»H 1 cor P ora,c fraud that he would 
by Mr. Roy Haltcrsley. Secretary decided 10 drop ne slaiVins ! 1Ikc 10 see a P** ** t"P 
for Prices and Consumer Pro- f rom its Moreau* 'wJu (s*biiUd ■! ? c . co l ,D,an f 5 J ■ v * il . abl * 10 a**' 1 * 
tection. inn npi>> ciifuipciRPiiv vv'tth-n iah « i ^Hiid H*iUjd Inquiries. 

The glimpse or possible future centre* follow m| a s*udvorihe J ,c said *• f w « uM be . in < hc ’“p 1 
Government policy came when future for retailin'- and coo- ,nt «-Texn *' r ■ccnunloms who 
Mr. Haltcrsley defended Slate in- turner spendm" in the UR I were ennrerned to jiruier-i ihe 
rervention in the economy al the o H " lh n d ", .. nuase of Their profession, to pro 

Marketing Society's annual con- ikn ■ ¥ « n ie moS v, & such a , sprvico - 
ference. in London yesterday. Ssitive Tndlcator of the U52 Tl ? c L profession's expertise 

He said Lhe time had arrived fj r jj, c e j onr .- nv an j .j, e - fevolu u ’ ou,rt bp particularly valuable in 
when the Government should m " , n n o"* a id “""T^ins some of the more 

look at each proposed company Britain had transformed the 1 C0,Tlplex eX3,,, r ,Ies uf company 

merger on its .merits and in some entire pattern of retailing. ** As I 

cases it should actively seek to dispnjaole income has risen.! _ _ — 

bnng about tneraers. however, iho consumer has not: CntAHr 

rt a right for Government to only become more diseriinina- 1 Om.1vIV IvSlS 
make the judgment whether the ting, she has a!*o switched i ** 

merger is right and proper. When prior: In*.--." ' rv iamk umnum n 

i. is risht the Govemmem n U0 h. „r. MacLssnn Si id it we., ' “ McDONALD 

to encoarage. or even promote Toco’s realisation that i-on* 1 F.YFEniMENTR tu u-si the 
saJd * sumers were moving up-market ' sound res.-. of liquid petroleum 

Those pressures could oe m tastes that had prompted tlicjsas containers arc amung the 
created by tlie Price Commission company to move both its tm a -re first being uruti-riakfn at th«* 
acting as | a surrogate for mar- and products up-market as we! I. Health and Safely Executive's 

ket forces and pursuing a more Tie said: ** Unless we had ; recent ly-built lest centre ai 

vigorous policy of consumer pro- recognised the implication^ «if Buxton. Its annua Ireport said 
tection niven such a partner* the continuing shift tn consumer [yesterday, 
ship between government and spending habits— that the move I The report stressed that 
private enterprise. competition up-market was no rogue trend— j hazardous materials arp being 
would nourish, Mr. Hattersley and unless we had recognised used increasingly in industry. 

sa, “- . that we werc trading with an -and the consequences of even 

An an lysis or Tescos success ‘image’ of the past, we could p“ 

In subsiantiall improving sales, well have been trapped in a kind 
profits and its market share in of retail dead-end.” 

Drop nuclear programme, 
research group urges 

BY JOHN LLOYD 

A CALL for the disbanding of official figures To account for this 
the Atomic Energy Authority, vast misspending, 
and the abandonment of the • The nuclear establishment is 
current nuclear programme, was concerned only with the imago 
made yesterday by Counter Infor- of safety — not the substance. 

■nation Services, a research The original Magnox reactors are 
organisation. inadequate and would have to be 

The call comes in a report. The re-designed to meet present 
Nuclear Disaster, which claims: safety standards. The re-process- 

• That the cost of electricity ing industry is equally 
produced by nuclear power dangerous. 

stations is higher than that pro- • The greater use of nuclear 
duced by coat-fired or oil-fired power will not increase jobs, as 
stations — and not less, as the claimed, but will decrease them. 

Ceneral Electricity Generating • The real reason for the com- 
Board claims. mitment of the CEGB to nuclear 

• The second nuclear pro- power — whatever its true 
gramme, based on the advanced economics — is “the spectre of 
gas-cooled reactor IAGR) has cost the miners throttling the power 
£3bn, and that there are no stations* fuel supply.” 


fraud. Mr. Edward* said he 
hoped ;n.'CGim(anii might provide 
their services ai competitive 

raics. 

Ho did not think it practicable 
for accountant* t» be per- 
manently employed by the police 
force as arc finger-print experts. 
Inveslication of fraud should be 
toft to the police a* experts. 

Auditors could also play a 
valuable rub* in del eel ing frauds. 
■'The last line uf defence is the 
auditor. Adherr-nce if* jiuiMing 
principle- is nut cnoueh: the 
auditor j!fu needs lu be -j detec- 
tive in overcome I he clever 
fraudsman. There is a lendencv 
fur auditors to aierpt the treat- 
iimni piven to a particular aspect 
i»f a hii.cines- <n nrevious years. 
a> ticmx Ji'ccpiabli* “ t:.- -aid. 

Mr. Edwards ,-uidi-d that he 
was concerned annul 'ihe jury 


system of trjir.a complex fraud ! 
eases, which could result in j 
delays. He would prefer to see I 
a panel of a>sessors — bankers. | 
auditors and ;hc like — adjudi- > 
eating on the more complex : 
cases. | 

Months could he added to the 
length of n ms! while a jury, j 
with nu experience of corporate j 
financial mailers, attempted to: 
come to prips with the case. “ I ■ 
have concluded, with some 1 
reiucrance. that the jury system ' 
is no longer the right me: hod of 1 
trying ihese cfc-c*." h L - said. 1 
The cust <>r delays caused by; 
a number of factors — it can' 
take up to five years between di>- 
cuvery of a fiaud and final! 
adjudication — plu.5 the Lhre.it 
t.f ii n p lease n- cun I icily, might 
di-.enurage :hc rtpnriing of: 
suspicions of fraud to the police- : 


speed bid 

By John Griffith! 


Safety tests for gas containers 


mmiir leakages ruu'.il he far- 
reaching. 

Ulli'T rehear* !i di^eriucd con- 
cerned sul>.ilanccs lhai ungnt he 
relea-ed into the a l;:u t>; then- 
anil ftnu eltiud^ heavier than 
air. and efTuris io reduce the 

r-sk of operators becoming 
traapyed in nianiii'a-.-iuring 
iiurhinery. 

Last year, the exeeuii-.e ipeni 
£8. 5m on re-ie.ircti. lesimg an»l 


scientific 'upnurt services cjui- 
parud vii b about Kin in 1976. . 
according to ihe report. “ A ' 
significant nuniiier of projects 
were being carr ed out on a 
*h jrrrt-cosl bj-:s with mdustriai 
org-jniiatmns. government 
departments and academic 
iriMituiions. j 

"Health nvri Safety Research', 
tj«77.'* SO. £? .j u. 


; BRITISH ALUMINIUM. a 
I member of the T1 Group, is 
Joining British Aero* pa re. 
British Airways and a number 
or other UK companies in tbe 
first major attempt to bring 
hack to Britain the world land 
speed record it lost to the Ui>. 
1* years ago. 

Its support, comprising both 
“ substantial ” financial aid 
and the supply or materials ami 
-kills, was announced at Tl 
Reynolds* Birmingham ladory 
yesterday al the unveiling of 
the completed. 25 ft long 
frame of ‘he vehicle. 

Mr. Richard Noble, a London 
businessman, will drive the 
car in the attempt to beat the 
622.4P7 mph rrnrd late next 
year. The total talue of the 
British Aluminium support was 
not disclosed. 

The car. christened Thrust 2 
Is tu be displayed at the per- 
formance car show in Lundon. 
which starts on December 9. It 
will then have ils engine and 
bodywork filled al workshops 
on ihe Isle of Wight early in 
the New Year. The EJra car 
is the second of a three-car 
programme and Lt designed to 
reach 650 mph. 

The third, destined for com- 
pletion in 19S2, is planned to 
take Noble, a manager with 
GKX Mills Building Services, 
rh rough the sonnd barrier to 
S50 mph. 


BY MAX WILKINSON 

FEARS THAT microcomputers 
will put ofiice workers out of 
their jobs were dismissed by a 
Government export yesterday. 

Mr. Cecil Marks, director of 
Systems Training at the Civil 
Service College said that .into- 
mation in the office had 
increased employment. He 
expected the trend to enntinue. 

To an article in the journal 
j Management Services in Govern- 
jment' 5 he said- “The inaiur tu- al 
[question is whether the wide- 
; spread introduction of micros in 
: ufTU-e* will result in unempluy- 
! mem — particularly, for instance. 

1 their use in word processing. 

”1 can only speak as an indi- 
vidual. but I certainly do not 
I believe that they will have this 
i effect. 

| “The use of ofiice machine*, 
.starting with ihe typewriter and 
I telephone in the lute 19ib cen- 
tury. cuing on li- calculating 
and copying machine? in the 
early 20th century, and •.•i*»* , trunu- 
coinpulers since the 1950s. has 
led. so far a? I am a* are. to 
! increased emplojmer.t. simply 
because so much more office work 

has heemne necessary."" 

Mr Marks did not »*e!:evc I hat 
H liters still hsd to bo v.Tirien 
out by hand, men more jobs 
woii'il he av? ilable. 

“I think that the more prob- 
able consequence would have 
hcen that the w urk si.npiv could 
not. and would not. have been 
j tackled. 

“I believe that the volume or 
data and information process- 


ing and communication will con- 
tinue to grow as the processes 
of trade, industry and adminis- 
tration grow and become more 
interrelated and complex and 
spread to new areas." he said. 

That would demand 

exploitation of technical develop- 
ments and would not create un- 
etiiDioymepi. although it would 
change ihe ways in which Jobs 
were done. 

However. Mr Marks says, care 
is needed tn introducing micro- 
processor systems oeejuve «»r 
possible snags related to 
reliability and the cost of soft- 
ware i programming k 
“. tianapemt'tt! Services in Gorcrn- 
nifi. f. Xorvmber I97-S. Cirri 
rice Dcpc i iwi'ii t. London. Sit"/, 
r Still lonerrr 05 ice } 


Library council 
seeks inquiry 

THE LIBRARY Advij-orv Council 
for England has appealed tu Mrs. 
Shirley Williams. Educalion 
.Secretary, for art urgent inquiry 
into the relationship between the 
Department of Education and 
Scicnc*- and national, public, 
university and other libraries 
and libra rv advisory councils. 

It ha» a?ked a working party 
fur an interim report on live 
roles and relationships of the 
organism i^ns concerned to be 
presented next April. 


official figures To account for ibis 
vast misspending. 

• Tbe nuclear establishment is 
concerned only with the image 
of safety — not the substance. 
Tbe original Magnus reactors are 
inadequate and would have to be 
re-designed to meet present 
safety standards. The re-process- 
ing industry Is equally 
dangerous. 

• The greater use of nuclear 
power will not increase jobs, as 
claimed, but will decrease them. 

• Tbe real reason for the com- 
mitment of tbe CEGB to nuclear 
power — whatever its true 
economics — is “the spectTe of 
the miners throttling the power 
stations" fuel supply." 


Councils’ loan bureau 
opens new office 


- BY PAUL TAYLOR 

THE Chartered Institute of 
Public Finance and Accountancy 
opened its new loans bureau 
room in London yesterday. Tbe 
bureau, which acts as a loans 
broker for local authorities and 
— some public authorities, expects 
j to handle transactions worth 
^ more than £10bn this year. 

[•)# Mr. Denzil Davies. Treasury 
“* Minister, formally opened Ihe 
. loans room, which is equipped 
S i with tbe latest Post Office tele- 
‘l£# phone equipment. 

The opening marks tbe con- 
tinuing expansion and success of 
•) tbe bureau, which started in 1951 
as a service to lucal authority 


treasurers, prodding advice on 
loans and a low cost brokerage 
service. 

Last year the bureau handled 
transactions worth £7m and 
advised tens of thousands of 
private investors on local 
authority investments. 

The r bureau includes the 
majority of local authorities and 
several of the big public corpora- 
tions among its members. 

Mr. John Bamford, chairman of 
Iho Loans Bureau Panel, said 
Lhat the new equipment would 
help the bureau provide a con- 
tinuing service to local 
authorities, public corporations 
and members of tbe public. 


Court move on ‘drug children' 


A GROUP fighting to help chil- 
dren allegedly injured hy hor- 
mone drugs is Lo start legal pro- 
ceedings on behalf of four 
families. 

The Association for Children 
Damaged by Hormone Pregnancy 
Tests said yesterday it was taking 
action against the German-based 
company that manufactured the 


CONTRACTS 


drug Primodos. it says lliat chil- 
dren were injured while in tbe 
womb. 

Mr Robin Hayes, a Manchester 
businessman and the association's 
secretary, said : “The damage 
caused in all these cases is to 
the bear! The children are aged 
between four and ten.” 


Ortech to build £9m 
computerised plant 


MATTHEW HALL ORTECH. of 
Sale. Cheshire, has been awarded 
a contract worth about £9m hy 
the National Coal board. The 
order is for the design, supply, 
erection and commissioning of a 
new coal preparation plant at 
Hatfield Colliery, near Doncaster, 
i 

The National Electricity board of 
Malaysia has awarded a X4m con- 
tract to ASEA, the Swedish-based 
manufacturer of electrical equip- 
ment, for the supply and installa- 
tion of substation equipment in 
Malaysia. 

* 

Equipment for an urban traffic 
scheme in the Tollcross area of 
Edinburgh will be Installed by 
PLESSEY CONTROLS of Poole. 
Dorset. The Initial contract is 
worth about £70,000. 

* 

BEST OB ELL MICROFLEX. a 
division of the Slough-based 
BestobeH Group, has received an 
order valued at about £ 200.000 for 
the supply of a range of Inconel 
625 convoluted bellows expansion 
joints from Pullman Kellogg. 

★ 

Robert Marriott the Rushden 
based member of the French Kier 
Group, has been awarded n 
£4.6m contract by Milton Keynes 
Development Corporation, for the 
construction of U3 advanced 
faciory uniLs contained within til 
blocks. 

★ 

Contracts approaching £lm 
have been won by THORN 
LlUHTTNG for the National 
-Westminster Tower ui Rishops- 
Sflie and the brink's new rmn- 
puter ceivtre in Leman Sireei- 
* 

A £2m design and in.-rialiation c° n ; 
tract covering mechanical and 


plumbing services for a multi- 
storey office building on part of 
Whitbread's former brewery site 
in Chiswcl] Street, London, hub 
been secured by HADEN YOUNG, 
part of the Haden Carrier Group. 
■* 

The BBC has placed an order 
valued ai nearly £ 800,000 for 10 
50 kW mf broadcast transmitters 
manufactured by Marconi Com- 
munication Systems, a GEC- 
Marconi Electronics company. 

•k 

LESSER CONSTRUCTION has re- 
ceived a contract from - Anchor 
Hotels and Taverns, a company in 
the Courage Group, to design and 
build In collaboration with 
Courage's architectural unit, a 26- 
bedroom block at the Goddard 
Arms Hotel, Swindon. Work on 
the £268,000 project has begun. 

•k 

TYPEWRITER SERVICES AND 
EQUIPMENT (ABDN) have been 
awarded a contract by Shell for 
the furnishing of desks, storage, 
cabinets and seating for Phase 
Four of the office development at 
Nigg. Aberdeen. The contract is 
worth around £250.000. 

* 

Contracts worth a total of more 
than £Im have gone to TARMAC 
CONSTRUCTION'S I-ecds- based 
organisation. The orders involve 
i wo office blor-ks. and three new 
advance factories in the Leeds 
area The factories are being 
D u i 1 1 for English Industrial 
Estates Corporation, in a comnct 
worth .i bout £430.000. VVork Is 
underway on a £300.000 office 
block esiciKion fnr Container 
Base (Leeds l . and m -(anuary. 
Tarmac Construction will neam 
building an office block extension 
for the Yorkshire Electricity 
Board. j 











T. “ 'SvsiaSi 


1 v . * '• <}i ,m ■ MAm in 'r ■ 






Mere they are. the Peugeot Shortcut?, 
iustahomthc shortest hatch kicks you can 
Iiope to fiiul.. short on leugili hut high uii 
com Ion. leal 1 1 res and practicality, lust 1 1 ft 
lung, Peugeot Shorten i> are ideal lor “iov\ n 
and around" driving. 

Easy to park. 



Short though they may be the ZL and ZS 
aie incredibly practical. A wide opening 
tailgate and folding rear seat gives von over 
15 cu ft of space;* just the job lor taking die 
chore ourof the weekly shopping run but 
equally ‘idea I for work or play, carrying all 
your bits and pieces to and from the office or 
sports club. 





It's because they're short that nipping 
into those “impossible" parking slots 
becomes a reality. 


Interior trim and equipment is of a very* 
high standard. Both models have doth 
covered seats.the ZS having reclining bucket 
seats with matching head restraints. Leg room 
is excellent and the gear stick is positioned to 
enable smooth, slick gear changes. 



Tbe ZL is powered by a really economi- 
cal 954 cc engine, runs on 2 star petrol and 
has a top speed of 84 mph. Front wheel drive, 
front anti roll bar,aD independent suspension 
and dual circuit brakes ensure a safe, 
comfortable ride with excellent road 
holding. 

The ZS uses an 1 124 cc engine with twin 
choke carburettor; wide 4 ty* wheels and 
servo assisted broking gives this model a 
really sporty performance with a top speed of 
over 95 mpiL 
Easy to drive. 



Ihe ZS has a sports steering wheel and 
rev counter to complement its lively per- 
formance, and halogen headlights, reversing 


lights, rear fog lights, 
clock and cigarette 
lighter arc also stan- 
dard features. A 
luxury custom pack 
is available on the ZS 
to make your car 
really special, inclu- 
ding electric front windows, tinted glass all 
round, laminated windscreen and radio con- 
sole. Bldt k and metallic paint finishes are also 
available. 

Excellent visibility is assured by deep 
windows all round.The large heated rear 
window and light steering make reversing 
simplicity itself, and an optional rearwindow 
washer, 'wiper is also available if you so 
require Hi , | 


With main services only required every 
J 0.000 miles or once a year, your car will 
spend its time with you, not in the service 
station.and with 12 months unlimited mile- 
age guarantee and over 230 dealers through- 
out the countiy you can be certain of a really 
professional back-up service. 

Test drive the Peugeot ZL and ZSand 
take a shortcut to better motoring. 

Easy to buy. 

You can own a Peugeot ZLShortcutfor 
£78 85 amonth+ under die special Peugeot 
Finance plan or for a little more a ZS Shortcut 

This special offerincludes delivery 
charge, 12 months road tax and number 
plates and is open until 3 1st December 1978, 
subject to availability. _ 



'Measured up to window level. Please note that aerial pictured on ZS is an accessor}' 

T2L retail cash price: £2.583 3d. Deposit; £863.24 monthly payments: £78-85. ’ 

TotaJ purchase price: £2.775 --40. Subject lo acceptance. \ fcj® 

i*-f‘ «*« tnne^t .st nnlc t-I .going and -■:? huimi- f ul car tax.VAl and bdrs. 


J I’le.L-c send me dcuila on ihe Peugeot Shortcuts. j 

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I I 214 





10 


Financial times 



ENT AND POLITICS 




Emergency Scheme to 
debate , f , 

on Times T0ad IUIKk 




today 


BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


MR. DE.VTS HEALEY. Chancel- 
lor of lhe Exchequer. Iasi night 
warned MPa tnai it is unlikely 
liiat firm decisions will be 
reached on all aspects of the 
proposed Europ°an Monetary 
SycjpTn when EEC h 02 d> of Gov. 
emnient meet in Bni?wl< next 
week. 

“ I: dort.; not appear at the 
momeni as if firm decisions are 
iikeiy ti> be taken next week on 
anythin; "xcept an exchance 
regime. if rm that." he loid 
Joe Common* s; tiie start nf a 
debate on the EMS proposal:-. 

Although he hoped that unani- 
mous dec;- i one v. on id he po.--:b;r 
a : Brussels, he said !ha» ih^rn 
**re s(i’| very wide differences 
rt"iveen m in hr-rnun tries v. men 
had 10 )>n removed. 


i he House had 


re'.o:n:*e 


:h;-t a proper I v constructed r\- 


chanre rati’ regime vou'd make 



pf the 
seemed 


anti-Marketeers. who 
;p feel there *.vas a dan- 
ger that the Prime Minister will 
come to an agreement at Brussels 
next week, and then present it 
to the House as a fait accompli. 

Mr. Healey told Mr. Enoch 
Powell (Ulster Unionist. Down 
Sonthi that. if rhe House took a 
different view from Jli* > Govern- 
ment. mon the Government 
would beguided by the opinion of 
the House. 

But he emphasised that the 
Prime Minister could not go to 
the conference with his hands 
already tied by a decision of the 
Commons. 


‘Mockery’ 

If ibe House rejected rhe view 


a rnnrnbij; mn twards The Lem- 
mon objectives n>‘ ;he Commun- 
ity. B | . , « it would nnj oT itself 
achieve those object i’. os. 

The British Government's 

oOiectiyoc were sl^dy qrwih eC crmcn« of the less prosperous 


MR. OEMS HEALEY 


of the Government, then the 
Government would either resign 
or change its policy. 

Mrs. Barbara Castle (Lab. 
Blackburn i argued that, if con- 
trol by the Commons was not 
in become a mockery, then any 
Government commitment on 



MRS. BARBARA CASTLE 


about reserve poolinp. 

You could nor nav? greater 
money stability simply through 
intervention on-, the currency 
markets. There bad to be more 
compatibility between the 
economies in the system. _ 

He repealed the Govern- 
ment’s concern over the • fact 
that Britain was likely to become 
the single biggest contributor to 
the EEC budget in 2 couple of 
years’ time 

“On these vital mailers agree- 
ment has not yet been reached 
in ihe discussions." he added. 

if was essential that the system 
adopted should entourage 
growth. The Government would 
not enier a system fhar 
restrained growth 
He recalled that Britain had 
in leave the original “snake" 
currency ’system soon after join- 
ing it and ihe system had rapidly 
fallen into disarray. 

•' h would tic disastrous for 
Europe if we repeated the experi- 
ence of the snake.'* he cautioned. 


MPs are to have a three-hour 
debate today on the future of 
The Times" and the Sunday’ 
Times. ■ 

On the eve of suspension of 
publication of The times. Mr. 


comes 



THE . GOVERNMENTS plap t^wouia- b*'the subjwt-.of-Mnsuk- 
si.rap . the road fund.' tax and talion. 

replace it with higher petrol duty He told Mr. Tim JRathbotte-fC* 


George Thomas, the Speaker, came under fire from MPs- on Leve»Ltbff.:t|^:'4e)iG9Bie would 


agreed to put to the House the 
request for a debate from a 
Tory backbencher who said the 
paper faced the “ most critical 
24 hour* In its history.** 

Almost every MP In lhe 
Chamber stood up — the tradi- 
tional »a> of showing their 
5unnon for such a deri’-itv, 
31r. Patrick tormack CC, 
Si afford SVI*) had said: “The 
mcM famous daily and Sunday 
papers in the world together 
with supplements oF equal dis- 
tinction arc approaching the 
most critical 24 hours in. their 
long and distinguished history.? 

“If ihe presses slop tomor- 
row. there Is no *= t sm when nr 


.. — --- He emphasised lha: :he *l? rn lj r T. or --’ -h 3 nceMo. 'IT- 
EMS should be the subject of a Government believed iliai there Reginald Maudlins (Chipping 

free vote in the House and not were immense advantages in a Barnett said ihai^ r.ic only 

made an issue of confidence. stable exchange rate which could guarantee of stability 01 

Mr. Healey bluntly retorted; be achieved under EMS. exchange rales was a coisver- 

*• I don't asree with that, nor “ Bur a stable exchange rate sence of economic pprforasnce 
would any Government .* 1 depends upon proper economic f, f the countries involved in a 

Mr. Healey was pressed by the and monetary policies in ihe monetary system 

Conferva lives to say tvhar would countries concerned, it can't he "Will a monetary system of 
happen to the lmk between the achieved by juggling ihe the kind envisaged enforce this 

British and Irish pound if exchange markets by interven- economic convergence? 

Ireland decided to become a uon.“ “l don't believe 1 : _ It ".ill 

member of EMS and Britain did During the talks *0 far. he hr vc a marginal, short-term 
no;. .said, there had been far too effect.” 

_ The Chancellor replied that if little discussion about the Mr. .John Prescott (Lab.. Huil 

Mr. Healey made i» clour th 3 t rare scheme, then 11 would sub- the Irish pound broke its link broader aspects of the monetary E.) said he did not think that 

if Britten was ;n be ., full part- in it rs views 10 Parliament for with the British pound then i; sysloin. rhe role of the Economic EMS could <oIve ihe problem® 

n^r in lite r;-®;em. there had to aobaic and ii necessary a vote would require both Governments Currency Unit or reserve trans- of u n employ men 1 or low growth, 

he ’i-ider'.nking ; .'hoy: a greater before the regime came into to introduce exchange controls, fer.s fu less prosperous countries. We would be locking ourselves 

nnnvnrgmce in the economy of nper;**ion a; the beginning of This has been discussed by There has heen almost no dis- into a system where we would 
i'i**mbor-coun ir-.es and of the January. both Governments and they had cushion about the relationship not have the same flexibility to 

rr.eivuros to strengthen the Th*:e remarks alarmed some reached the same conclusion. with the dollar and none at all deal with problems. 


?ni falling inflation and unem- 
r> , o , -T.i c *M. This rennired Britain 
to in .inprftnrialp domesti'- 

pn ,, *'te«. The Government'* ov*»r- 
rTrt-n; priority was io cur inlla- 
tlMO. 

" \V« a s ; jhle Pound 

r -,71 3 useful witrihuPnn 

in ihn eorjqueti nf inflation and 
w* .,h;iti remain riedreared jo this < - . .. 

ooiorrive »*-he f hcr we join an ex- J m • 
rhancc r-’.c rogiiuc or not.” he If tne Government decided 
cynbrned. next week to join a new exchange 


counirie- 

“ Lnle* - -: there, are move men is 
on the part of some of those 
concerned in the area J have 
described, then I don't beliete 
tha; .. system so much like the 
'snake’ won id give advantages 
c( , nt“: n nsura*e with ihe dis- 
advantages we would risk by 


both, sides of Lhe Commons." b.e debated : in xbt.CtimiiiDiis' it. 
Faced wife' coa0biau-~that 

new vsiera w<mli hit colomts- ? ent »npM h>.co»i ffltin)-. .od att 
in rural areas, Mr. Wifi’ram . oUtstaading^.^mts. :jufd 
Rodgers, Transport ■ Secreinry. -Platmed tint toad ; fiuid 

said during question time -• 

abolUon of the road fund . .tax j ^ 

would be widely welcomed.' ' - i 3 
Mr.- Robert Adlcy (Con.Christ^ 
church and Lymiugtoni reebg- 

nised the- "‘superficial atttac- ~wy : - ■ Y ni'n ji 

t ions " of U» proposal, but »id 
that the main beneficiaries wonW.^h^SSj 
be two-car faraiiles. where' there. 

SKn*fS B 5S?tift r ^ 

‘Most hardship 1 would' 

ptpii whether they will roll jn.niial areas. ^ J 5 fA?^.«lKW«l.lhe- iost.^f-rtiotorm^ tn- 

’ Mr. Rodgers agreed ' That' . 

‘there were to be . win ners, 1 here j 
would be some who would .be?' 
worse off. . - \- 

. “ I hare comridcred that very';; 
carefully." he said, adding -that -' 
the picture 1 for -rural areas was a - 
^eat deal better than some 1 had 
suggested. ' : '• 

•.••Mr. Hai Miller fCon,; Broms - 1 
grave and Redditch) asked how 
„ idhoJishing .read tax. wouW-.. lead, 
to savings; in view of the peed io 


Free Press 


“ The death or even the 
lengthy silence of any or these 
papers would diminish all »f 
the freedom* which we so 
readsK take for granted.*' 
Parliament depended on lhe 
rnniinnal existence of a healthy 
free Press. 

MPs should turn their afteiV; 


linn nrsoniiT tn the mwirion of conrinue the Swansea Licensing 
The Times in the hope that a' Centre for licensing ! dfesel 
thnrottzh di«cu*sion of the -v^icles. heavy lorries, -and alsp -- 

1 1 - - “««.!•-«* f pr checks- on "MoT- and i'nsur-,-.- 

:ancc. ' ~ 

Rodgers told-feim that , the 
proposal would, lead .to fewer 
people working at the centre; but 
there woitld be no compulsory 
redundancies. 


issues would mak * 1 a “positive 
contribution to the resold t inn 
of a problem whir*> touches us 
all ant* th"<c wl«o sent us 
Gnrmack said. 

Thp Snpak»*r was 
th» mavr^r invt' fl **i! an emcr*- 


zpnrv debate wh<rh MU . 4-Mr. JoWl -. Robertson (Lata-. * 


T 


Howe urges stricter monetary discipline 


a tier questions in the Cotn- 

nmw, 

Mr. >Iax Madden 
Su’wdivt Inter made 



I DATA 

tir 


ill 


BY IVOR OWEN 


of scheme,” he 


E-RITA I \ SHuULLt he prppared a ^-idened fi p B r cent exchange this kind 
to f'Topi tiio -irivler monetary rale r-iargin. on a similar, bail* declared. 

Hw.;,|;no which would be 10 (hat alreadj agreed for Ute Sir Geoffrey envisaged the 
invoked in iiccoiv.in^ a full Italian lira. acceptance of policies to be pur- 

snemher <-,f ; he proposed Euro- ?ir Geoffrey explained lhat one sued over a period of years 
p-an Mormtary Sjsietn from the major reason why the Opposi- which would produce declining 
« id ri. Sir Geoffrey Hone, the Cur* uon -.'a« attracted to the pro- rates or monetary growth, lead- 
xn.-avii-.-" Shadow Chancellor, posed EMS in principle was that ing to the prospect of reducing 
contended in the Commons last i> would be designed to commit the level of inflation in Britain, 
mzhi Britain lo a standard of mnne- 

Bu; he called for arrange- tarv discipline .including a firm 
menre ■vhicn would permit a pro- commitment to eliminate infla- 
grewive tichtenin? r.f monetary lion. 

discipline over a period of jears “There is no reason why a = fh trarKirinnfl i npHofl 

to conquering inflation should u? n fL 2 t™r: 

not be prepared to acceed to 


At the same time, there would 
have to be satisfactory arrange- 
ments for making the parity 
changes which wmuld be neees- 


ralher than overnight, and sug- 
»e.?ted th<t sterling should be in 



f 


breed to sell out 


BY COLLEEN TOOMEY 


These changes, he emphasised, 
should he undertaken with a 
minimum of spectacle and 
drama, and should be instead of 
rather than alfer expensive 
intervention. 

Sir Geoffrey urged the Chan- 
cellor to concentrate his nego- 
tiating efforts on this area, and 
advised him to show a willing- 
ness to accept a wider band 
rather than the narrower band 
which hda seemed to be his 
objective up to now. 



feei ng that it makes sense to 
think in terms of re-run nine 
history ana’ iin»:ni-Jung what has 
been created." 

He insisted that til® Opposi- 
tion unreservedly endorsed the 
objective of establishing a zone 
of currency stability within 
Europe. 

Sir Geoffrer also endorsed the 


Betting chief 

view nf Lord Swine*. Opposition nnn j n f ex A 

spokesman on European affairs 1 ca|J|/Vf SIALCU 


Berwick add 1 East Lothian)- said 
’ "tes constituents in remote and" 
fLshi, .ftjrat areas bad to travel -mucb^** 
an nn. forther than the 16. mileS.:>-: MR. BA\H> STEEL ..r... 

'izrs: ..^r«sa?; ^ *: , 

Thi- voniH rive the Rnnw ''^ r etarJ^«^ ' ^'^riLS' 

issrJzf** of 0,6 ^ 

^r r 'T WAnM Rodger* said the proposal jTKS"lllS-?«V«4fSffi* 

” '■" * s u J ’,'* 0 nn 2 -would have ihe additional effect* J£?$- 

fv »Hp *'cnn> : of enabling some people in rural-} a “rel at SrtL'flwdStJnifSaL™ 

bnnririw ™ -■* »n. ^ reas £0 f uo . a car when. pre- ^ relatively nwacst mt|ea§«. 

night. Mr. Madden T f 0 uslv tbev could not afford .Rodger was : .cqitSittfeitGi^ 

• Mr. David SteeL Liberal leader.' a . nauonaf -scheme for^rcefaces- - 
. .asked how the proposal, could . 
Snake sense, even for conserva- I^disaWed. he toldythe^ ^Cpai. 

■%£■£££ TSS&22& v igj . 

in W' 

■' “ eas - - «•.-»«- ” There was- ao 

was 

support grant: -i .-" 
scheme- Xftr! - 'fre* 


mnrwnM 1 

declared. 


r< * r 




OWNERS OF Britain's 250.000 safeguarded from capital taxa- 
historic homes are often forced lion— either by addin' 


SLR GEOFFREY HO\\X 


Sir Geoffrev restated the 

... ....... The Tax Opposition’s commitment to the time when North Sea oil 

to * 5 * 1 ! nui or let property exemption of productive land lo rel ?' j , of exchange controls, contributing greater strength to German axis, 
deteriorate as swingeing taxes amenity land already eligible for ?°d deplored the Chancellor s our currency and economy, we If Ibis were to happen. Britain 
eat into their resources. Mr. exemption in exchange for Judication that a break in the ought to be moving steadily would have less chance of secur- 
Norman bt. John-Stevas. Gppnsi- access, or by introducing an , ll ° k between sterling and towards more freedom and more ina a reduction in the net 

rion spokesman un lhe Arts, said attractive maintenance fund. the ,' nsh PpH a d was hke *>' W relaxation of exchange enntrois.” transfer of resourees and bring- 
vesterdav The Conservatives fully sup- res 'J |t *n their extension to a He argued that the Govern- ing ebout lhe radical changes 

*“ If our siatclv Yrames are not port the Seim Committee on the ne ) v area - ment’s aoproach to the EMS required in the Common Agricut- 

to become museums, probably National Land Fund to revitalise wou, d be a tragic con- negoiiations had liecn hampered rare! Policy, 

stripped of their original 
tenrs and s public liabili 
indeed, centres of transcendental 
merlitetion. then they must 
he mi off from their supportin 

elates.” he claimed. ... 0 — e „ — _ _ ...... . = . , 

Ai a meeting nr the Historic smaller historic buildings. Si r Geoffrey stated; At a by their negative attitudes the the British economy. 

Houses Association in London. Owner* should be given a 
Mr. St. John-SJcvay outlined six special listed building repair 
recommendations the Conserva- allowance which would be built 
rives would bring into force if into the tax system for expendi- 
they won the next General ture on approved works. 

Among them was a recommen- Holland already offered help BRITAIN should have a Bui ot by people always ready to take thin P in default of it. iher«ri.h - 

dation that supporting estates or along these lines with impressive «* 8 a»». the House of Lords was political advantage. It uouid he simpler ann fairer urerewriui. 

• ■ told. “Our record on human rights to let the British citizen make his u lllr - Hugh Rossi fCon., 

Urging the Government to is onc of wh,t ’h should be complaint and be judged here Hornsey i. next after Ur. Freud, 
introduce «uch a measure to P rou d. 1 would like m see before our own judges. has a measure dealing with the 

incorporate' the European Con- Britain play a leading ruin m Ooemng the debate. Lord ,® r I? d !5!"i. maa * rs a ? d 

vention on Human Rights into the movement for human righis Allen of Abbey dale find! said :J, U ^ h , inf> -l, f ° r 

Third on the list. Mr. Geoffrev 


*>mhracinc the United States and UD 
Japan, to achieve currency vl-i-- 
stability throughout the Western Kiison ( 

worid. ■ shire) ' 

The Shadow Chancellor armed, reo i v 
that mernhershlo nf the EMS H 3 ‘ 
would enable Britain to move ,. 

towards exchanje rate stability pr|Cf|TI 

and the conquest of inflation JL * eV , , k. v , u ,.. l 

Th**re was a strong political THE COST of keeping a person bureaucracy which in the past benefits as in their own. are*" 

case ?or Britain joining the EMS in P^on has risen £27 a week tn they had complained about. ' " - it was - a "disETace iha't sow* ' 

fmm the outset. £112 in the last two years. Dr. He had taken- full account of authorities Jiad failed to.tirovSd*' 

If this proved impossible. Shirley Sumrocrsktll. Home Office the need to maintain a minimum schenjes, Mrir Rodgers added^H^' 

there was a real danger of the under Secretary disclosed in a form of registration, .but the - threatened to -piiblist xJUgt Ot- 
is EMS revolving on a Franco- written Commons reply details bad not been 'settled and them.' ' 


Mr. Rodgers replied ' that ! >ie : ebbeessibriaxy l „ 

were SD shouid be possible for old people ' ' 
half-hear ed about a proposal.^o visit iheir children.nad^midr 
that would replicp afT the- children aid obtain the sawii - 



Micro 

r ? y 


t ia>. 


• ri':: = 

'r 

.*. c , 


Private Bills list Resented 

THE LIST or this session’s 20 licensing. Mr. Neville Trotter and Open" Gouritry Bill;' Hr* ■ 
Private Members Brils was pre- (Con.. TN'neraouthi is seeking; to .Arthur Blenkinsop fLah Sonflt 


.’.'if-. 


. • 

f'i -T - ■ . 



.& ■ • 

,» v.. - . ■ 


UK 'should have Bill of Rights’ 


The measure is also 


E^hg and- Acton), on behalf 'of , rc ^? , -^ a ^ ses , .^e Issue" --.irf 
to create ji r . Anthony Grant (Con.. people* on ^holiday - at 


fn?o™«i«5 h ?nd a r n eSstO t 0ffiCfal Harrow Central) wants the ttoe.Tf.a ParUa^Toa^ . 

Ss in H ,? 1 n ZL trares to have powers to exclude election to vote by port or proxy, ' 


provision in respect of the 
wrongful communication and 
handling of official information: 
and for purposes connected 


~ certain categories of convicted : But, a 1 ? his measure li 12th 
persons from licensed premises.” in -the order, his Bill has little - 
In the Access to Commons chance a£ becoming law/ - - 


yJPsisr:? 

pi. 


owners* other capital assets be results. 


County council predicts 
25% rate rise next year 


that the UK was the only signa- 


Tones ‘will encourage 
secret strike ballots 9 


V'ade’s rail waseupportpd Tory nf the European Convention u V-V. 1 !!’ v ’ con,,p y 

I O'Hagan (Con. who on Human Rights which had ™ « 

n the Select Committee, neither incorporated the conven- ,v,„ l ,..,i,i? s ,. redl i ce 


BY RICHARD EVANS r- 

MR. JAMES PRIOR, -Shadow- able to -tininne to 


BY PAUL TAYLOR 



British domestic law. Liberal ,n l ^ ls •'■o**Id_ 
peer Lord Wade said there was Lord Wade’, 
a crowing feeling thsi certain by Lord 
rights of a Fundamental nature served nn 
needed special protection. 

He was speaking 

EAST SUSSEX County Council Mr. Shore to pay a section of the donate on the report 
yesterday predicted an increase grant relating to district council Select Committee 
of up tn’25 par cent in its county expenditure and needs direct to examined lhe question 

rate next year as a result of the the district councils. of Rights. in this country about .the over- 

rate support grant settlement This change will 
announced by Mr. Peter Shore, about £7.5m loss in counij 
Environment Secretary, last (equivalent lo a 7p rate). 

Fridaj. Although there should w-c - — - — rv •*•»: ««»«.* mvi'mi*: nisanea. meginmaie children, ,,,t " Miuuiu-aui) iatlon: and :commrliiBn. 

East Sussex uas one of the corresponding reduction in plaint oerore a Bntisn court. international law. -.ve were com- -vill henefir from this chanae of British nationality a National be collective decision making. V- ,/ . 

English local authorities bardest district rate demands, it is un- A lot ot embarrassment was mitled to iL ii was binding on taw are tne legal profession — Heritage Fund and the nrolnr- Bsmiim nf »I,p cn«t« e Vtfas . -referring... to 

hit by the details uf the distribu- clear whether district councils caused tn bringing Britain us. and we were obliged .to be and it is not a reform they axe tinn of homeworkers in nn^tat c q ToT encouragement of; coHective 

tion of Government grants to will pass on Lhe full benefits of before the court at Strasbourg judged by it when we did some- particularly seeking.” Two Bills deal with drink m*nr u-A-iirf «Vr’ respons thirty. within- trade unions 

local authorities jn J979-S0. and higher grant to ratepayers, or 110 armK mca t would make funds ayaiJ- and ^ ^ convinced -it vyas 

what their members and “tjaa. 


_ extraordinary irrelevance tn power tn 


desired, by any reasonable demo- 



*HAv D l „ 

Jficfcs 


has now become the fir;r local choose to spend more 

. dietrihHtirtr. rtf grand committee debate 


likely impact or the settlement i n distribution or the grant, 
on county finance?. coupled with fear? about the 

County finance officers esii- tightness of Government spend- 

maip that the combined impact ;ns limits and the actual level of 

nf change* in lhe distribution of pay and price inflation next year, 
the county's grunt could add has led East Sussex to talk of 
Iff 5p in the present cnuniv pro- •* thp possibility or an increase, 
cept nf 6 Sp 'n thp pound, v. it hoi it of about 25 per cent in the 
allowing for inflation costs in county rate" 

)979 or lhe “ modest growth” in As a result, the county is now WELSH ADVANCE factory let- achieving result.*. 


whole, nation wanted. 


Wales narrows employment gap — Minister new 


BY ROBIN REEVES. WELSH CORRESPONDENT 


& 


council services envisaged in Lhe reviewing its proposed expend!- tings Tor the whole of 197S wi 

county budget strategy. ture in 197S-S0. and will probably total 100, four times Ihe level 

.Most of ihe in.np increase is decide to forego planned improve- last year and in 1976. Mr. John 

accounted fur hv the decision of ments to county services. Morris. Secretary of Slate for 

Wales, forecast yesterday. 
Speaking in a Commons Welsh 

us\ HJP'fe. r-i v*r\r~\ z ittm Grand Committee debate on the 

Welsh economy. Mr. Morris an- 
nnuned the allocation of a fur- 
fiY ELINOR GOODMAN. LOBBY STAFF l her seven advance factories. 

„ v.,- -r. . . bringing firm lettings sO far Inis 

TWu PARLIAMENTARY Private bv absraimnp In file vote on \ e artoS 6 . 

Secretaries resigned their jobs Tuesday nishl. But. after a ‘ This amounted to over Im sq 
yesterday after liaving voted discussion with the Chief Whip, fi 0 f factory space, providing 
againsl the Government. Mr. Michael Cocks, it was agreed opportunitv for employment of 

Mr. Briic-f Grocoll. who worked that he should continue in the «:me 4.500 people, 
for the Agriculture Minister. Mr. job In addition, the Whh OPfic 

John Silkin. and Mr. Ivor Qrratt- The resignation of the two had a further 7-t provisional allu- 
s»in. Mr. Albert Booth's PPS at spcivtarie- foilnv-^ the sacking cations on ihe books. The final 
the -Department *>;' Emnlnymem. •’..rltcr this month of Mr. Brian t^lty for 197S would he a "ion” 
v> - «jr(j .vjainsi in'* So-n mi Readme Si*dcniore . 1 * PPS m Mr. Anthony — li)0 advance factory letting' 
ef till* Bill vhu-ji pr<ipn<o« lo Ucdcwouif Brim, ihe Energy ■> vocal!. Mr. Murri* was rnn- 

mcreaNf* ih'' nmniior n( MP-. sooreiar; fidont that, in spiti* n. r the difli- 

rer»re?i.;uin” Nor thorn Ireland in It illustrate; ncain ;M while rultics associated particularl" 
tiii 1 House uf ' rimmi'm PPS* are n>»r nn ihe Government with Inc rundown nf omphn- 

'■’•.•lo of : Irr* i ...» ernnicnt's .y>-n payroll, rh" Prim- Mmisier ment in the cn^i and steel in- 
wh'nc. Mr. .Inrk Mallard. al«o demand* a high degree of to- ally dustries. 'he Governments ecn- 


Tliey have succeeded, in a 
difficult economic climate. !»oih 
in bringing down the rale of 
Welsh unemployment closer 
the L'K average, and in revers- 
ing migration trends. 

Whereas in the intcr-war year*. 
500.000 people had left Wales, m 
the mid- i960*, ihi* ircnd had 
been reversed, and now ihr 


ci -n to mention the 90.000 Welsh menr problem in 
unemployed. remained chronic.” 

Me warned that the Govern- Mr. Wigtey 
mein's “ in im br.o mlet ” was now attention io 


new 
co-operalives 



Wales ment Agency this session. * By Faui.Tayior .*'• ,i- . . ' 

9 John Eliiort writest Explore- _f.__-_.__r_.-- • 

. drew particular lory talks took plate in London GREATEH London CbuncU 
the plight of the yesterday between the'C<Krpera- : ' s ’back -the ' 1 formatioir-bf three 


;ti »n end. and forecast that the Tn-ang toy company, threatened rive Development Agency and - a . . oe 'Y. h 


. ... .- ■ . . .mu . . dykfpef^tiyes ■ .In 

rccmi »iecp rise m ine Minimum with immineni closure and the delegation of union. officials from^ hammersmith,;-., west- jiqadon. 
Lending R*'»ie would lul Welsh luss of 340 jobs because of ihe Wales about the -possibility Qp "The cotmciri-fiotislng C mhnfiit jAa 
industry hard. Government’s decision lo with- the Tri-ang. ractory becom}nH"a‘ ba ®‘ a ^^ hl^vi<fe ] a,Joffls for - 

Mr. Edwards was specifically draw financial support. workerj'.-.co-operative, the. purchase aqd-hujdernisatjbu- 

concerncd »i ibe imposition o'f He urged the Welsh Develop- The delegation, led b'V -Mr^ ’ '2f -'l?®- th^rJnaheion 

figures for 197t-77 showed a nvt s . anclJOns (» n Ford - c 0 4 ,d ment Agency to take over the George. .Wright. = general "secret ^ > - A -. 

mp ration into \Vaics° of nearly ’ hro; ! ,, ' n lhe ^mpany? major Mcnhyr Tydfil-based company as tary of the Wales TUC. met Urd-Jhe counc^s-.hdiiriDg''- cbm* - . ' 

40 000 ' deve! °P menl Bridgend, South a wholly-owned subsidiary or, Oram, chalrinan of the Co-oper-' mtftee haa--. -aim '^to Vn^M y: . 

Wales, he warned. he tier, as a co-operative. a tive Agency, and Mr. l> nn {g ^ afln{runced.'tlrat‘th'p^ ’ ' 

Earlier. Mr.__ Emrys Roberts, Lawrence, Its director. "homesteaded -scKfime^ifaidef 

District Forming a co-operative is one - wh ^ .^°. fetWiifefr W^. offer-ed: ' 


J fc, , ■' 


I * V* 

•» I i 


Forecast 


’’ It is an act or folly to hand 
out massive Government aid to leader 


Merthyr 



"To have narrowed r’ne cm- 
plojmcnt asp and reversed ihe 

'S' ms ^ %v"„sss lar ., s*5^"* nr ^ ^ 

th«.d *„ mucb febour J.v ful. Cymru .spokesman on industry, delegation of Tr*-*n? workers, he P Th?* ' Co-opera.rive A>»Pncv deferawf toeni 00 ^ 

rcMurkabl.* accused both government and shouted " Tri-ana ’ «hen Mr. which was SCI up (UitV^wo- 

For <h« Oppnsit'nn. Mr. Opposition of r-mplacency and Nich'd.-, s Edwards asked • • * ,M0 nc 

\irhoias Edward*, the Confer- a- reif-consratiilarirtn ' the Govi 

i,ve Spokesman for Wale'. In _«piip nf ihe steps taken b? with the 


di*aoe:ed 'Jiv Government 1 tine from them. 


a ouuc policies for Waie« were attacked Mr. Morrta for faliing the Government, the unemploy- allocated 




the’ .couocil. -gomesiead^x. 





r i 










I ,y 

Sc^r 1 " 


Times Thursday: November 30 1978 





* hi 


HtfTH>SrAffn^80OKETTMDTBlSGIfllErEEES 


GRAPHICS 


• ELECTRONICS 


land construction ate ( 




f nri'-vAHifil 


DFbei ltd 


V ft. 

•i; •• «! i !;»' *■ • 

x '■ *-• * : 


• : ; -1 l I ‘ 

* „ / j : V k 


jistrf - 


• TRANSPORT 


Calcomp to develop quickly 


Pinpoints board faults 



Efficient 

liquid 

gas 

engine 


NOW THAT Calcomp has Maned 
tn an electronic control box con- to move what is possibly its most 
troll tog the gas flow through the important product yet, the imer- 
nccdle valve.. By injecting suf- active graphics equipment iKiS 
fleieni LPt* to maintain a eon- 5001 shown here, and has 
stasi temperature drop. > eon* reported a profit, albeit a small 
want gas/air ratio is maintained, one for 1977-78 after the prcvuuu 
Finns voltage . required to year's loss, company strategy in 
Initiate a spark at the spark becoming plainer. 

SSWnUo a“3"« « b 'i mi* Iu '"■"■s™™' «nw« world 

■“jj V ZeauePsL ^ t rsss , ^ssrs^£ 


• MATERIALS 


electronically integrating the next t brrZ * 1 5 m ,.r 

relationship of firing voltage to „ hi . h wiU^hn’Yr. fnc 

cic/mr ..tin and ,ieln«i a win. WDlCD Will Up to top LT\. Com- 

engine E?£ii!S>°F“ 

firing voltage for any particular ii 1 SS,SJSL 3 I * 
conditions, the engine operates Crapbics products. 

USE OF liquefied petroleum gas at all times at the most efficient . Calcomp recently sold out 
(LPG) as a fuel for engines has sas/air ratio. Tlie mixture Us hard disc memory products 
been partlv limited fav the rei?. normally enter* the engine at Mde to Xerox, retaining its floppy 
tive inefficiency of existing pis or helow freezing point, offer- disc eapabilliiirs. and since, the 
• ^rhumtorL vSich S if low ' iv & ««rth.ntfn S - it. .O give 1978 figures , on tarn 59 per cent 
power output and higher fuel ^hstantia! R° wer S a »ns. An f °T . ial * and or mcnmr.i 

consumption comnared to petrol fi BCt ^ n « antrcipalion device on P^duns this is bound to bate 
A svytem deve toned bv New ,!wf throttle reduces lag time of an effect. 

Energy International whi^h used thmirtor* during sudden In the long term, however the 

facilities made available hv acceleration. S*>3m Calcomp is gaining from 

LrtKdnlo College. Derby ȣ s v Tesu udn * Propane have this sale will consolidate its 

,h„um shown power increases of 12 per already extremely strong posi- 





Cleaner 

lubricant 


shown' substantial Improvements shown power increases of 12 per already extremely strong posi- 
y __ . . . , . - cent and a reduction in fuel lion in the world graphics mar- 

Lru is mjecjpd In its liquid consumption on a volume basis feet and at the same time, it will 
fttate at a tank storage pressure of 4 per cent with substantially continue to market and use the 
of approximately 100 psi into the reduced pollution levck, coni- Trident. Hunter and Marksman 
.. air intake of the engine -through pared to petmi operation. The discs. Design, production and 
'.-jsorcnotd-ope rated needle valve, simplicity of the system enables marketing facilities for these 
;..Tltt LTG. evapontes almost iui- lower unit production costs than were the subject of the sale, 
mediately, cooling the. charge prejent as well as simplifying Th . enn ,h P French- 

-SB? K 52 «”■ from 

••• Th^rmifitan am unctmim p.*.... r.<. i n from 2 »E.:il 2 ». parr Ml I noillson 



\ 

y 



DEVELOPED bv Zehnte! in the than the function of the hoard 1 j r 

l'.S. and offered ia this country' arc tested. — "JSp 

and Western Europe by BF1 With the hoard itself mounted , — mST 

Eiocp’onics. the Troubleshooter on the vacuum-actuated “bed of 

S00 is claimed by the maker to nails" fixture, the keyboard and a 

he the most advanced, powerful VDU are employed together v.ith ** 

and flexible is-eirru f i test system a circuit probe to enter all the Reriilch Tel. Redditch 25522 

for the contents of electronic characteristics of the items on ^ ____ 

printed circuit boards jet the board ami their locations. A 

devised. floppy due ten library is then £) MATERIALS 

By u>ing rime varying stimuli called upon r.v the program 
of various kinds and a technique generation software to develop /^tl — 

railed isodrive which electrically automjtically the test steps for j .IP^fiPr 
isolares thp device under test, specific analogue and digital ^^* ■*** 

ihc machine can examine, for components. 11 » a. 

example, an imegrated circuit The tc-.r operator dues lirfle Ujrjrflfi’3rBL 

independently of its function on more than load each board on *■**■** * * 

Hie ooanl. the fixture and press the start ROCOL IS offering a number of 

In thL- way medium and targe huifon. if the board fails, pre- while lubricant greases which 
scale microcircuit devices, pise rework instructions are are clean to handle, leaving no 
including microprocessors, printed out in i-.'ear and simple stains on either machinery or 
memories. synchronous and English. All failures, including user’s hands, and are non-toxic, 
asynchronous rcceiver/irans- multiple one-, are identified. The compaov say? ihai ihe new 
milters can he es.cd. in addition The prto'-r.ut becomes the repair formulations cite high load lub- 
.n small-scale !t.s and ail tjpes tag. making n sminle to repair nc^on performance comparable 
of analogue cirL-nili. the hoard and ‘end it hack for ttl , haJ available up to now from 

The 800 employs a signature retest. Typical test time is dark-coloured products, 
analysis technique In generate between five and 60 seconds. 0n „ nf nrorilie[s a hearine 

?,!”? '!™ A WU SSi nn -„„ ar d «mp,«lfr. 

Sc'?Dtonce" criteria for the The d,sc a,,ou ' s coJ,ech °n of lest has high load qualiUes. an operat- 
mdi^dual IC ant-1 r»H«M data. ing temperature or minus 30 to 

_ Program development is Bfl EJfeironics is at _ 516. 


S5ff ^ n ; i ^' , Jh h fch UDi s q e U tt - Hoard complexity. ZT ^STSS 

fS^? !leri3 & thC ° J,eC,i ° n ° f ,Mt i*nB 

Pro-am ' derelonment is BFI Electronic* is at 516. Plus 130 deg C and repels water, 
c-aimed to be simplerThan u.ua! Walton no 3 ,i. West 

because the components rather Surrey KTS 0QF (01-941 4066). fleavyioad?!! Jan IS be 


Up and working at Cal comp's Bracknell centre and forerunner to a 
similar array for the new SPL development centre at Abingdon »i this 
1GS 500 interactive graphics system. 


used generally where cleanliness 
and lack of odour arc desirable. 


SET ViP CSf! which has ceciod »»n"f a S ,ip.,.eJ m.rke. growth of around men:,. Cik-i-n,-. has m,de ; 

^ihiflcUon the signals bein’* fed f'nnrtnn in! - 7 ip ^ijik ^ 0 ’ turin S rights for this excellent 130 ; )e r cent winch wm place a a 4 rce'.:t rt nt wf.ii in*.- UK soft am 
injection, me „u,nais bctn b fed London WC2A AlP. OMOo o6l9. sm;i!1 niarhlnP I0 f: a icon.p. very ruble Mr.-.n on i:< e -:p!oiiai:f.n oi.m.any Insac ai 


• DATA PROCESSING 


The 500 also goes into the pnidiiriinn op.ih:!ir!.t .tnd piacc mu* of i:s as-wiair--. SPL. for rhe 


Quick systems delivery 


. APART FROM its underl>ing either local terminals or other liccn planning to mcci the ant.- 
• policy of marketing British computers via direct lines of f 
-•(whenever po&sihict Computer CPu modems. . 

'.Marketing likes to maintain its Ta.n floppy disc* provide 
..planned image of bew? a ?ttp- 5D00K bytes of back-up storage, 
plier of tailor-made, off-the-shelf and the current .system uae- 
jconijuitors. specifically to users' single density discs—eonfignra- 
yeqairements. - lions based on double density 

. .. George MacFarlane. the 30- floppy discs, cartridge discs and 
'year-old managing director of the cartridge tapes will be available 
-company, went into the com- early in 197A. 

.'pulcr' Industry straight from Because most of its supplies 
school and. less than four years arc required by resrarch and 
ago. formed this go-berween development establish men is 

agency for marketing products which may r-ach have around a« 
which were mainly the brain- little as £10,000 to spend, it is 
children of smaller British com- important that delivery is rapid. 

panies that were not au fait with These users cannot afford to wait Bk ■ g 

marketing methods or tech- the many months taken by large W%W 

■ niques. companies to produce systems Q B 

The company has now become for them (such delays often 
one of the leading franchised jeopardisine budget datelines), 
distributors of Digital Equip- and Mr. MacFarlane says his 
ment systems and has just signed company can get together the 
a £1.7m contract with DEC for necessary package within a 
its terminals and components, matter of 9 week or so. 
including nearly £*m worth of Stocks Include Newbury 
LSI-11 microcomputer boards terminals, Tally primers and ICS 
and components. courses and microprocessor 

It has just launched rts Comma training aids— major customers 
V03, said to be a powerful yet in the field of microprocessor; 
cost-effective computer system, being GEC. Marconi, Plessey and 
based on the LSI range of com- the Post Office. AH products in 
ponents from Digital Equipment, the range are complementary to 
This ia a 16-bit machine avail- each other. Computer Marketing 
■bis with either 4K_ SK. J6K, or' is at Erfteld House. 641 London 
•32K words or self refreshing Road. West Thurrock. Essex 

RAM memory. A wide range of (Purfleet 04026) and has Not SO many ye 

a! Interface boards is avail- branches in London -. EC3. .. .... J . 

' able for communication with Nottingham and Bristol. The untrwaded r 


recently announced drum pluMer H> tl -sivners on their iiic'.ni* to 
and tin* 1630 tompitlcr uuipul on inuti h the intreaMiq!;.- vXJi'' ; nj 
ntlcrufiiui unit. reqmiemvnti of the uittro-vli-t- 

Tl,e company has ohviotiOy !rftn! ' N ni..ricvi place. 


1lrvelGpp1e.n1 >•' .ippUf.'iU'in-i -ofl- 
■a ire packages tor the 500. 

t\ilcijRip. House. The 

H*n4. Brack n* Merkslure RUI2 


A ji;i rt f rom l iie .1 im c .1 it. n .■**- I HR. R racknel, .Tti_' 5 1 . 


— LIGHTING and ,ack Df oclour arc acsiraoie. 

^ en i Bne - ,C L- a Available also is a white 

Abmgdon ii this T^l j j j grease based on ben 1 one for use 

F luorescent srsrters m fo ° d p™***"? pianw. an d a n 

vav-vm 3iai IV1 J aerosol-applied product formula- 

'-js rr»de in STARTERS FOR fluorescent from S wan? up in 65 waits nn ted for thin film lubrication of 

uk' sc.fl.vdrc lan, P* y f cd in '} rc>tS . v,,th ® u * a Hv or 24 v luw tension /direct n,a,in S stirfaec-c. The iaiicr 

jnri sen'ice line— such as in caravan*. ......... , ,. c prnducl. which can also resist 

ir-%PI fSrlfn y a ,-l,ls. fi-l.ins ‘ ,ls " , 10v , nnrt l„;h loads, u-ill prevenl pallinp. 

vessel?, motor vehicles, or dwell- — ^ mj,:i »JPl>l>/aliemalin^ p,ck-up and wear during starl- 

- tV*' 500 Sj * 1 ,n ~ 5 '•■iicre r !ic grid system does current. up and runniua in of machines. 

Jm ‘ “ TO- not apply, have been developed More Troin If. V. Skan. 425 and will eliminate seizure of 

House. The by Gavin Drieoergc-n BV of Stratford Fio;.d. Shirley. Snlilitili. close-fining metal parts. 
Berkshire RGI2 Ilnltar.d. Wesi Midlands B90 4AE <021 744 Rncnl is at Sw illinqtun. Leeds, 


They are fnr Runrcs. eni lamps 6791 1. 


I.SJfi SRS iflS.12 8622611. 


No hawkers. No trespassers. No slick operators. 


Micro lends a hand 


STAND-ALONE microcomputer An audio cassette interface 
Instructor 50, based on the allows the user to load or store 
Signerics 2650 microprocessor, is programs into and out of the 
available from Mullard for J, Jr 
students, engineers or anyone un Jl s “cmory. 
who wants to learn bow to use a The Instructor 50 also includes 
microcomputer the easy way. an S IPO-compatible expansion 
To use it it is plugged into the bus connector so that other 
mains supply. It will then say standard products, such as addi- 
“ hello." And this is only the tional memory or prototyping 
first prompt in a series of In- cards can be used with the 
structions learned through a system. This connector carries all 
12-key function control keyboard the 2650‘s l/(> signals in -addition 
and a 16-key hexadecimal key- tn control signals required by 
board are built in to enter data the S100 bus. 
and perform various system. .Mullard on 01-5S0 6633. 


PRINTING 


UK plate at Imprinta 


USING A newly-developed will he shown at Imprinta in 
photopolymer, a newspaper plate Dusseldorf. February 14-20. 
to be demonstrated shortly, will Stability, ease of operaiion and 
provide belter and more con- improved environmental condt- 
sisicrtt results, savs W. R. Grace, tions for the operators are 
Lettcrflcx Systems, Northdale offered. An added bonu«. says 
House. North Circular Koad. the maker, is the fact that fine 
KV/10 (01-963 06111. highlight dots are held, thus 

Thc company's photopolymer making a first-class base for 
platemaking machine has colour work, 
recycling of used polymer which. Improved pnnftng results arc 
mixed with fresh polymer, promised, too. because the new 
eliminates waste disposal prob- polymer is said to have better 
lems. This and the new plate ink laydown characteristics. 


Not so many years ago the North Sea was 
the uninvaded home of sea creatures and 
birds. Then man came and fought over its 
rugged surface, first in small boats, then In 
. gre^t steel ships. He began to carry oil on 
its surface. Sometimes he spilled it. More 
recently he began to drill beneath the 
seabed for oil and to set up huge factories 
on stilts to produce it — and sometimes he 
spills it. Well might lovers of birds and the 
sea creatures fear that man in his quest for 
oil may behave as a hawker, a trespasser 
and a slick operator. 

The plain fact of the matter is that 
whenever and wherever oil must be 
produced there is always a risk of spillage. 
It is the duty of those who produce it and 
ship it to take every possible precaution to 
ensure that accidents happen as seldom as 
humanly possible, in the United States, 
where more than 20,000 wells have been 
drilled offshore, there have been only four 
serious spills in more than a quarter of a 
century, all of them cleaned up with no 
permanent environmental damage. 

But what about Britain? 


' -Each company maintains a vigilant 
guard against oil spills and blow-outs, and 
has its own disaster contingency plan and 
specially trained personnel to cope with 
emergencies. 

Here in the the North Sea, safety and 
environmental protection start, of course, 
with the companies themselves — 
influencing everything from design and 
construction of drilling rigs, platforms and 
ships, to operating procedures, inspection 
schedules and training programmes. 
Platforms and pipelines are inspected 
regularly by engineers and divers. Small 
submarines are often used as well. 
Platforms in the North Sea carry resident 
safety specialists to monitor safety 
systems and ensure that they are working 
properly. 


© HANDLING 

Bricks cost less to move 


HOPING TO achieve greater year in licence fees, and fuel 
fuel economy by using trucks savings will result because of 
with centre-mounted cranes, its lower ali-up weight 
instead of gantry-crane arti- The 7 tonne-metre crane has 
ciliated vehicles, is the Cheshire entailed no sacrifice in load- 
building block and brick maim- handling ability, says the com- 
farturer, Ensor. pary. It has an hydraulic gTab, 

Because of its lighter weight incorporates an hydraulic 
(10243 kg) the trial vehicle, a ro taior and has a double-section 
costs between £500-£600 less per drop-side body all made by Lyka 
Lyka crane eight-wheeler Foden. Cranes. 382 Blackpool Road. 

■ "I Preston. Lancashire (0772 


r27927). 




INSTRUMENTS 


UM 


o?-yy 


UK drive 
in Berlin 


i vf « 

» it/// 

W 


1*9 


-tilC "*orU! • .T’jr.ijljrt JSfcT 

cflndusMic Suv ; ». Cleaners 
B jry c |. EdflTu‘i'1'. Siifsr.k 0?'^ i'.’’' 5 


SCOPES Instruments, Letch- 
worth-based oscilloscope manu- 
facturer, has set up a new com- 
pany in west Berlin, called 
SCOPEX GmbH, to aid its expan- 
sion ‘into the West German elec- 
tronic instrument market. 

Scopes starts trading in early 
December and will recruit and 
establish a distribution network 
covering the whole of West Ger- 
many. the largest electronics 
market in Europe. Initially, the 
new company will be market in:; 
ihc Scopes models 4S6 single 
beam. Hie 4D10A 3nd 4D25 duai 
trace oscilloscopes as well as Ihc 
rack-mourned versions. the 
RM 4D10A and RM 4D25 which 
are designed for ilio OEM 
market. 

Seopex, Pit more Avenue. 
Letch worth, Herts 5G6 U J, 
Leicbworth 7277 V* 



Through the UK Offshore Operators 
Association (UKOOA) oil companies have 
arranged access to special stocks of 
dispersants and spraying equipment held at 
UK ports. They also have access to stocks 
held in other countries surrounding the 
North Sea. In addition, companies operating 
in the UK and Norwegian sectors have 
recently formed mutual support ‘brigades* 

— five of them — covering all UK and 
Norwegian fields. Members are pledged to 
send to each other’s aid their support and 
fire-fighting vessels in the event of a major 
fire or blow-out. 

Behind the companies’ individual and 
collective contingency arrangements are 
those of the government. In a crisis, they 
can mobilise their own Blow-Out 
Emergency Team and in the longer term 
they sponsor — through the Oil Pollution 
Division of the Warren Springs Laboratory 

— vital research into development of 
pollution control techniques. 

Government also plays a special role in 
containing any threat to our UK shores, 
whether the oil comes to the UK from wells 
In the North Sea, from Africa, or from the 
Middle East. 

At the centre is the Marine Division of 
the Department of Trade. When danger 
threatens, theirs is the job of mustering and 
directing the country’s defences. Beside 
them stand other government departments, 
including the Coastal Protection Service of 
the Department of the Environment, local 
authorities and coastguard officers — all of 
them with their part to play in the vital effort 
to preserve birds, sea life and beaches. 

Still, the primary responsibility for 
prevention or cure lies fair and square with 
the oil companies, no matter where their 
installations are. Our job is to ensure that 
as far as possible no spilts occur, and that 
if they do we can cope with them. 

The restless grey waters of the North 
Sea have their own wild loveliness. They 
demand respect. No one who works upon 
them — as we and the other operators do 

— can afford to treat them lightly. 

Hawkers? Yes, if you must. 

Trespassers? Perhaps. 

Slick operators? Certainly not. There is 
no place for them in the North Sea. 


Seventh In a aeries on the challenges of North Sea Oil. 
For a complete set ot these advertisements write to: 
Manager. Public Affaira. Mobil North Sea Limited, 
Mobil Court, 3 Clements Inn, London WC2A2E3 


Mobil 







Ftnanctal'TtmfiS 


the jobs column 

Class distinctions 


The Honours Degree Stakes 


Number of 
gradual*! 


Undivided 

mood 


(La^rrr 
iccord 
or better 
I 975 | 


Howin 

degree 
of aunt 
kind 



BY MICHAEL DIXON 

A CLEVER «enir? posted f" 
''hallcnse an:- one i-omin: aum? 
nn mfn'' land wish “ friend nr 
fnp wniild *n«m wnrk mi*. his 
he?! b*?i for siayinp alive. li 
!< to clmul th»’ rha lienee. f hrn 
r p ?arrJles5 of Ihe answer, shout 
to kill. 

A comparable problem fares 

business decision-makers who 
are effectively in defensive posi- 
tions By this I mean that llieir 
career prospects will gain from 
a right decision far less (ban 
they will lose from a mistake. 

Prominent among these 
sentry kinds »f manager are 
thn?e responsible for nvruit- 
ment. Unlike their milnan- 
counterpan. they cannot 
ruaranlee their safety by reject- 
ing everybody, of cour>e Rut 
they can and do buttress their 
defence by $eilins up c:i*rnal 
mteria which applicants ir.iM 
fulfil before ihey can have a 
chance of being appointed. 

These criteria mav w» , il have 
little relevance :o the job in 
que'fion. and so >n no way im- 
prove ;he odds on making a 
correct decision Thar, how- 
eve’". is no! the purpose nf ex- 
ternal conditions. Their pur- 
pose is to provide the recruiter 
varb a plau^blc excuse if the 
appointmenr -hould happen 'o 
be viTonc. Which perhaps ex- 
plain.? v/hv the pt , r'>onnel iradc 

rely ins more and more on 
educational certificates a- a 
prime deierminanl of who -.hall 


and wlw shall rwt be given the 
chance of a joh 

L niortunatcly. although this 
use .if irrelevant criteria raises 
ihe recruiters* prospects of stir- 
riving their personal battles it 
doc* noi help their employing 
n.-simisa lions ;o win iheir wars. 
Anri from the viewpoint of the 
people so inappropriately turned 
av.a; from the starting gale, 
the defensive device is iniqui- 
tous Which in turn explains 
why bOT.li or this week s Jobs 
Columns have set oul to demon- 
strate that, in most instances, 
educational stipulations such as 
“at least five Ordinary-level 
pas ; grades, nr “an honours 
degree -imply conuot be rele- 
vant to jobs 


Generosity 


On Tuesday we «aw that, 
according m the General L'erufi- 
calc i if Education examiners' 
nun criteria for grading 
academic ability. U-leveJ pa?s 
cra«.ie.' df< nni necessarily repre- 
sent anything constant either 
from year t«» year, or between 
different *■ objects. And since 
• oun'J->ier«' further studies are 
mainly founded on their O 
level-, u -eem< likely that the 
difference' of difficulty between 
sub icc i s persist through ihr* 
fun her -lage-. even in degree 
level. Bui apart fr«ni liiai. 
there are evidently wide vari- 
ance- in senerufity among the 
policies which different univer- 
-.irie: a whole adopt when 


warding hnnmirs-dejTpp rlassrs 

tn their bachelor level graduates. 

The adlaccnt table, compiled 
from .still unpublished figures, 
shows how the various honours 
Hasses were distributed by the 
45 UK university institution? in 
1976 The percentage's are 
cumulative from left in right, 
and the institutions are ranked 
in increasing order nf generosity 
according to the share of their 
bachelor-level output awarded a 
lower-second das? or better. 

The parsimony of rhe first 
dgbt arises from their use of 
rhe Scottish system in which a 
iarge share nf students take 
only s three-year ordinary 
d-fzree instead of completing a 
fourth for honours. 

Even so. ihn figures leave 
liule doubt that despite the 
ap-pmnimeni of " external 
examiners." awards nf firsts or 
other cla.-scs cannot riehth be 
viewed as national standards 

Why. for instance, if Keele i? 

the easiest university tn pet into, 
does it grant honours' even more 
generously than does Cam- 
bridge. the hardest tn ger into 7 
And why do only 1 1.4 per cent 
got firsts at Oxford when IS.9 
per cent do so at Cambridge, 
especially since 10 years pre- 
viously the corresponding 
figures were inerelv S.g per rent 
at fhc ford and S.4 per cent at 
Cambridge. 

Could it he that ihe devaluing 
effect of inflation has not heen 
confined to sterling 7 


Glasgow 

1.569 

Strarhclyd* 

1,389 

: Stirling 

468 

Edinburgh 

2.397 

Aberdeen 

1.133 

Dundee 

478 

Heriot-Watt 

.572 

Queen's Belfast 

1,0*5 

Salford - < 

346 

London 

6,859 

St. Andrcwi 

634 

Liverpool 

1,654 

Newcastle . 

1.402 

Manchester 

2.3S0 

University .of Manchester 


Institute of Science and 


Technology 

672 

Brunei 

413 

Aston in Birmingham 

830 

Birmingham 

1.594 

Leeds 

1.739 

Surrey 

537 

Bradford 

760 

City (of London) 

450 

Bristol 

1.487 

Durham 

1,024 

Oxford 

2,742 

Sheffield 

1570 

Loughborough 

769 

Hull 

985 

University of Wales 

3.693 

Sussex 

884 

Nottingham 

1.443 

Kent 

674 

Bach 

679 

Southampton 

1.105 

Leicester 

833 

Exeter 

910 

Lancaster 

744 

University of Ulster 

3*6 

Warwick 

77B 

East Anglia 

887 

Reading 

1.077 

Essex 

576 

Keele 

426 

York 

684 

Cambridge 

2,877 

Total 

57.049 

Men 

36.877 

Women 

20,172 



Due to rapid expansion of our international financing 
activities, "e are seeking to appoint one or more ASSOCIATE 
DIRECTOR or MANAGER level Business Development officers. 

Successful candidates will be part of a team responsible 
for major international bank financings in various world capital 
markets and for marketing a full range of international financial 
services. 

Thi- if. an opportunity to join a rapidly growing International 
Banking Group, with total group capital exceeding 

C.S.STOO million, to S'fiicit. negotiate, structure and document 
major Eurocurrency financings. Although based in London, 
there ’.'ill be considerable involvement with overseas clients 
requiring travel abroad. Applicants will ideally be in their early 
50s and will have had at least five years' banking experience. 

An attractive salary will be commensurate with experience 
and will be supplemented by a substantial range of fringe benefits. 

Applications in confidence to: .James L. Hildebrand. 

Executive Director. Merrill Lynch International Bank Limited, 
Merrill Lynch House. 3 Newgate Street, London EC1A 7DA. 

Merrill Lynch International Bank Limited 



Director 

to £18,000 


A group of engineering companies based in 
and around Cardiff wishes to appoint a 
Managing Director. His her prime task will be 
to provide effective leadership for the unit 
MDs with the aim of rapidly improving 
profitability »n the individual subsidiaries. 
Thereafter from a sounder base he she will 
plan a development strategy for the business 
as a whole. To this end it will be necessary to 
introduce tighter financial and marketing 
disciplines Candidates, preferably m their 
late forties or early fifties, should have 
general management experience gained in 
an engineering environment. Their early 
background should be financial or marketing 


and they should have experience of 
managing a group of subsidiary companies 
or diversified divisions. Salary is negotiable 
between £15.003 and £18.000 plus car and 
other benefits 
PA Personnel Services 

Ref: GMS4 6663 FT 
Initial interviews are conducted bv PA 
Consultants. No details are divulged to 
clients without pnor permission, please send 
brief career details or write for an application 
form, quoang the reference numoer on both 
your letter and envelope, and advise us if 
you have recently made any other 
applications to PA Personnel 6er. ices. 


PA Personnel Services 

H\de Park Home, 6 fla Knighl-hrid^e, London SV\ IX fit. Tel: wUSO Teles- ? - P ” 1 

fdnsSl 


A Pm •; - a.V'Taf 


CREDIT ANALYSTS 

Credit Analysis with at least three years’ experience are required by 
two major City Banks. A working knowledge of Loans Administration 
would be an advantage. 

Salaries will be commensurate with experience. 

ACCOUNTS CLERKS 

Vacancies in Management and Financial accounts in City Banks are 
mrrenilv available to experienced applicants. 

Ages 23-28 I3.0UO-X6.000 p.a. 

EUROBOND DEALER 

A Bond Dealer with settlements background is required by a Cily 
.Veeuriiies linn. Salary negotiable 

283 9958/9 

LJC BANKING APPOINTMENTS 


STATES OF JERSEY 

DEPARTMENT OF 
POSTAL ADMINISTRATION 

Applidtions are in.-itsd for the fclle^inj Senior Mana^eir.ent 
poses, being part zi a taan of three reporting tc the Director 
of Postal Administration. — 

Controller of Sales and Marketing 

Responsibilities include advising the Director of the Jersey 
Department of Postal Administration and rhe States of Jersey 
Postal Committee :c facilitate decisions on sales and market- 
ing policy artd objectives: observing and interpreting sales 
trends relating to the Post Offcc. Mails and Philatelic 
businesses and initiating recommendations to maintain and 
improve profitability and reputation: controlling the qpera- 
ticnal aspects o! computerised Philatelic Eureau services to 
provide for maximum efficiency: ccnductirg research, market- 
ing and publicity relating tc all stamp issues, including rhe 
commissioning of ;tamp designers and partici paring in stamp 
exhibitions at home and overseas: controlling sales through 
the Department's own Philatelic Bureau and overseas Agents: 
and contracts and supplies relating to stamps and postal 
stationer/. Current annual income of rhe Department exceeds 
£3j milfion. 

Candidates should be experienced in a major sales and/or 
marketing field. Other advantages would be the possession 
of a recognised professional qualification, experience in com- 
puterised operations and in providing precise and pertinent 
management information and some knowledge of the postil 
business. The successful apolicant. who is likely to be in the 
30-15 age range, must have the ability to lead and motivate 
staff. 

Controller of Financeand Accounts 

Responsibilities include advising the Director of the Jersey 
Department of Postal Administration and the States of jersey 
Postal Commitree to facilitate decisions on financial policy 
and objectives: organisation and control of the Department's 
financial affairs; negotiating with British and Overseas Postal 
Administrations and Government Departments; evaluating 
postal tariffs and costs to ensure continuing profitability of 
mails and counter services: controlling the financial applica- 
tions of computerised Philatelic Eureau services and main- 
taining commercial accounting routines consistent vith rhe 
Jersey Public Finances Legislation. Current annual income 
cf the Department exceeds £3j million. 

Candidates should be fully qualified and experienced accoun- 
tants who are familiar wjth computerised operations and 
the provision of accurate and apposite management informa- 
tion. Knowledge of. the postal business, whilsr not essential, 
would be of distinct advantage The successful anplicant. who 
is likely to be in the 30-45 age range, must have the abiliry 
ro lead and motivate staff. 

Salaries for both posts according to qualifications, experience 
and ability on scale £8.61 3-£9 .756 per annum. 

Full job descriptions, application forms and information about * 
the Island are available from Personnel and Management 
Services. Curzon House. 59/61 Halkrrt Place, St. Heller, 
Jersey, Channel Islands. Telephone (0534) 75858, extension 
22 . 

Closing date for applications; 15th December. 1978. 

Jersey 

Channel Islands^, 


ELECTRICAL/ ELECTRONICS . 
ANALYST 

A leading London firm of international stockbrokers seeks an 
experienced elecincaJ/electrnnics analyst lo join its expand- 
ing United Kingdom research deparUnent. Candidates should 
ideally have 4 tu 5 year? experience in Ihe area and should be 
prepared m produce regular written material and io liaise 
with h lar^»r inviiuninnal clientele The position offers con- 
siderable scnue for the riaht candidate who should be flexible 
and r.elf motivating. A eumpeliUve salary will he offered. 
Please replj Bivins detailed t'Y plus present salary to Box 
A .6354. Financial Tunes. W. i_"annon StreeL EC-iP 4BY. 


STRUCTURAL ENGINEERING— £12.000 


THE CHALLENGE 

To create dir..:; and morlvite i new Company 10 penrtraie ih* SirucrumJ 
filer! ut>rn field. TSe mrem ■■ for she Company ro hold whTanual s»fe| siocn 
for ihr purpose of d-rcicniRg supply! nu ant ereciln* siruciural fabrlLailons. 
hoib hiiildiru! and industrial, to ch-.n- 'pvc'fiejnonv 

Modem premise oflice faciiuut h»-jry irenspon and enameermx support 
arc available Subs: an: ml funds have beer, allocated 10 sponior this project. 

THE CANDIDATE 

ru.- nl ji . .itj ,i«-- uvuld arreadr h» :r. a p<w.::on nf w>n;<jniy in a yimilar 
•ircann-viv:. ■. --ii mutivaior *>;rh :n-d'.-p;h expvrunc* of :m» niark'i The 
■nn.i: i ards are . , rt ljr? O' xl' 6 W plus, and :hi normal i*inc«‘« e^p«:ed 
fiir a uo- :,on o! ihi* tiand'O?. i;<- Indira eyiiernuo prn>>ion. • jr ■•[«■ 

Hi- in >:.t! aopmnrn; will bt or. ft i.:-iv.ra> Mjm* r « .’h i.ij mention 
M I Hr..i ni app.r a.*:- r .» mi-c,. i-dul probB'ionary penn-i 

Pise-- write i.-iiliall; c.T‘.‘.OS,nK :*> 

HALL PLACE. SEAL SEVEXOAKS. KENT. 


69.8 

(69.5) 

79:6 

70.2 

(565) 

82.4 

70.2 

(68.8) 

9B.7 

72.2 

(705) 

85.4 

73.5 

(7S.1) 

815 

73.7 

(63.9) 

873 

73.9 

(75.1 > 

91.1 

745 

(73.7) 

853 

74.4 

(£83) 

91.8 

745 

( 74.1 ) 

83.9 

74.7 

(743) 

85. Z 

76.1 

<81 3) 

96.0 

76.4 

(78.6) 

86.6 

77.2 

(71-4) 

91.4 

78.6 

(SQ.2) 

91.9 

79.0 

(78-4) 

91.6 

80.8 

(B3.T) 

94.7 

82.1 

<79J) 

895 

82.6 

(79.5) 

95.7 

83.4 

(79.9) 

923 

34.5 

(853) 

97.6 

84.6 

(805) 

955 

84.7 

(as jo 

94.4 

84.9 

(81.7) 

97jQ 

85.0 

(34.0) 

943 

85.0 

(79.7) 

95-3 

85.6 

(865) 

97.4 , 

85.3 

(84.0) 

96.8 

35.9 

(79.7) 

97.7 

86.9 - 

(86.7) 

93.6 

83.0 

(87.4) 

98. a 

92.7 

(92.3) 

, 93-0 

70.7 

(69.8) 

5i.i : 

68.6 

(68.0) 

80-8 

74.4 

(73.1) 

8T.7. 

0imm 

— ™w 

— 



LEASING MANAGEMENT . 

EC2 To £9,600 

Small trampo ration, f eas'm'g co. qeeks’a.young; ACA .- 
wishing to join growth industry,; in volvemehr-irt " 
marketing, long-term : strateay and '^uly financial. ' , 
controls. •;.■■■ /Vv •. ; : . v..-J-7 ; - 

I NTERNATIONAL IK VESTMENT : V 

U.S. Bank ' : 

L-on^ ce'rm career ex^anAioivopportunity for" ' . ' 

Economics gratfu it e/aceoiifltanr (2^30); ki -depth 
arialysiv and aporahal of U.K. and : European equity 
inveacmenu. inyofyemeHt in -poTrcy-ftarmuiatipn-v . 

CHIEF ACCOlfflTAHT 
City ? 

Rapidly developing unit trusts subsidiary oPwcll - .■ 
known accepting fioiise offers control of aU-_ .T. ; ; .. : / J 
accounting ab'd financial ope rations to.ypuny-' 
qualified accountant reporting ca Board. - ' 1 

AGA FOR BANKING ' 
c. £7,500 + 

Major U.S^banV wni_offcj-^uroji?ap : -CTavip1 : -. 
and. exposure t o sop h 1st icatedrepo rung tediniquea ' 
to young single "CA. ayishirtg-ub expind hts/her- • > 

audit/investigatoiy' potential, ^ ;.r 

CHARTERED AGCOHIf%Ht " S 

city : mtam ^ 

.■ ■ ■ . . • • ■ »>■: rrV--’ ‘ "c ’ ‘ ™ * 

International inyestmejrt b'oicfing^coihpany urgently ’- 
seeks ambitious 'porpoewte accoumanr ( c 3 . 30,) to ’“v 

prepare bulking and gfoUp acdqtmcing Information . 
at Board level : * ’ -; V .. 

Non-dontriburory pension; '5-wceics holidaV. •; • •• •'• : 'r\. 

bonus schema. -. , ' : -7 • •. . .y^.. 

W«aa tt telephone., or Write immedEately to: 

Accountancy Person neL Senior^ Appointments, :‘T j.T: 

41-42 Lori don Waff. EC2M STBs Tri; 01-588 SI05 


CONTROLLER/TREASURER 

West End *•' c £14,000 

ResponslWe te the Managing Director the successA/l 
applicant wilt be recruited as a Personal Assistant with v 
specific responslbfiify for financial control and IntetnaffoSal 
treasury. Superv^ing qualified staff in ftiese#eqs^tH4:- v. 
appointee will additlonaily formulate corporqtis^plahning- 
techniques: qfedt-with International taxation matfers and play . 
a major role mcn'ntaining.successful control of this rapidjy -■ - 
expanding bu^ness. - . ■'-'•■T -■ ■ 

A US subsidiary engaged predominantly In "big ticket" 
leasing, our dlent is undergoing substantial syqwfh 
throughout Eur^>© necessitating tie deveiopment of more - 
sophisticated Management Information techniques. Agedl ; 
30-40, appliccSts should be qualified accountant wfih - ’ii 
international treasury and controllerahlp experience ideaHy * 
gained in a USfsubsidiary. Please telephone or to Etovld ? 

/ Hogg ACA quoting reference 1/1747: .if; (' ?• f 

€MA Management Personnel Ltd: 

Bume House. 88/WHigh Holbom, London. WG3V-6LR - :• 

. . Telephone: 01-242 7773 -- 



Private housing 

A successful private group involved hi 
construction, property development and . 
investment in South East England 
requires a Managing Director for Its . 
private housing subsidiary He/she will be 
responsible to the group Board for the. 
continued profitable expansion of the 
company to around 500 units annually 
from its present level of some 200. 

He she will oversee ail aspects of the 
activity including site finding, 
development financial appraisal and 
sales. In this work he/she will liase with 
group central services and outside 
professionals as necessary. Candidates 
in their thirties or forties, preferably with a 
professional qualification, should have 
general management experience of 


c. £15,000 


housing deyelopn^pos^jlygafned in 
a large company at Regional Director 
level. They-shouldbe rrertfeting oriented 
and highly profit conscious.; $atery is 
negotiable around ET5.O0O phis car and 
•other fringe benefits. Locafipn: . 

Hertfordshire.-’ • . , .-c. „• - 

PA Personnel Services 

' \ Ref: GM34l665Qlf=T. 
tnitial-interfiews are conducted by PA 
Consultants. No details are d^u^eef to 
clients without prkjrperrn^sim. Please .c. 
send brief career details or write tor an 
application form, quoting Ihe reference 

number oh bod? y^tetterandewetepe, 

and advise us f you have recently made 
any other appticatibns to PA Personnel 
Services. . . . .. •• • 


PA Personnel Services 

H>de Park House. 60a Knighkbridge, London SWIX 7LE. Tel: 01-235 6060 Telex: 27874 





a member ol PA inreTMMnflf. 




GROUP MANAGING 




rolling of steel sections, steel stockholding and general 
engineering. It has a turnover of about £1 2m. and is ah ’ 7 
Independent public company. * 

The Group Managing Director who will be responsible to *’ ’ 
the Main Board is required to takeover from the present - 
Chief Executive in June 1S79. A proven redord of . . - . 

achievement in the steel industry is essential and 
preference will be given to candidates with eynpriAriranf . 


running small to medium sized companies.- 

Apply in confidence to: '. ' 

.The Chairman, ' ' / 

The Lilleshall Company Limited,-; 

St. George's, Telford, Salop TF2SBQ 













^JTmaneial .Times TTyjrsriay $qv*inbcr -30 1373 


VjJ.^US 3 



C S L 


London, Birmingham, ' ' £7,000 -£10,0004* 

Glasgow 

Accounting Consultancy- 
a challenging environment 

As one of fbe largest British - cnsd international — firms of management ■TonFulicmta. offer c fast mcvina and 
cumulating environment with the opportunity to work on challenging assignments far private and public sector 
clients in the UJ£. and overseas. 

The high standards demanded by clients and by colleagues from a range of disciplines will ensure that your 
technical, problem solving end communicative skills will develop rapidly. And depending an your longer term 
interests, management eonsuliaccy <-«* offer a rewarding career in :is own right or be a stepping stone to senior 
management j y^iigng in '^u wlry ™t commerce. 

Our immediate need is far men and women, aged 28-35, who bore a professional accounting qualification ana can 
demaastrale a record of achieeemenr in successful organisations, particularly in the held of profitability and 
development of management information systems. 

Wiihal least 3 years in ccmmercaanduBgry. experience in developing and operatira computer based sv5t-?r.t? isnlso 
desirable. Successful candidates will have the opportunity ol working in multi-discipline teams both is IheU.K. and 
overseas. 

Competitive starting salaries w-D be negotiated iruirviducUy. Thereafter career and salcry progression w.H depend 
solely on performance, for those interested, there are opportunities lor oversees assignments which cam/ premium 
salaries and generous living allowances. 

Brief but comprehensive aetai is oi career and salary progression to date, which will be heated in conLdence. should 
be sent to any ol the offices below quoting relereace CF20 43 and including, il possible, a. daytime telephone 
number at which you may be contacted. 

Coopers & Lybrand Associates Limited, 

Management Consultants, 


c £10,000 
Putney, 

SW London 


Tvs ':**/ r.f*v. fljtpninlTnptu in iiuf < Vtrjjttr.ite 

HM.itiq.i.liji.'rs i, rft trip «*tk Jpni.t t.miipdf iy 
19 . nn n-d-,rt I tunic »».«*« Ia •IV'i, !■■ 
r»*.:;iv t-Ulirt-K.ipitl .*pd p'uijMbk' gmtvlli 
v.Tib rnirro tiidri Kilt niti: ixi-iiv.-.nv.-KM v 

!'• •' il.il tllCi tl* K Ld* 1 till l{»"i [LMtiing 

coMi}HjU*r« tunp. ii iv. 

.%« 1: : Vi iff lv» n-.-JH'risii il»’ 1 i i fhn | lf\id ol Pi iblic 
.AliiVK {or ijw* iii.iruiyittni i: i «i 1 1 «• K 'I Hir*?- 1 : 

{ lir* ».* MjpfH-m.-d by both Lliid ,»mj An-iMjIUI 
Meriy Or.iiff., 

Tne <«icitMiv.‘ttt and < killuiipe m ifiis role 
spring rrom thr- rp.-^oncihilii y lor i n,jjni, lining 
Tir.-t relationships with t’lie lull runpc or l 'K 
rrtedii! tii rr>e n «nl ext m .t r.iprdly i Junging hit»h 
technoli'i^v t-nv iinnment. Sunn- nt tlieiAdCUnc 
rpc^tiren lertib or tills job inr.ludi* .i* you wouldr 
ovpi*tt: 

• thinking and i!ih inili.Hion of 
rv».v>u onpi- tvi.irpri.il. 

• I hp .ibtlrcv to .i|)piecutt rt tin* in iplu. .itlnn^ of 
:«*»»•> «ii id tnli mi tailors in .m internal ioi mI 

« rrtvJ. 

• ‘—.lii : n “jinin? t* i)> iiun.f'.'i*i >irni .iCLnplancp. 

• Irur-' TKitiMi*. ■iMdpri.ii -.sioii.ili-.nl to 

rr-^ rj r^ur. ld\- lo.th>- tlxw* media. 

Ihi, r f>i.i*-l v\ nl .fUiar t tin-’ ,1'flMjnrd 
f :: tJiMr.- -«i u i to i ,m (it -i i » it w ran; t « h isciprable 


at-hiovi'nimt in PR nt thf mrtii.i A:» 
undfistdiuitit^ni f nmpni»’(-i v-oitld |v» an 
diivunt jgr; to t In ; n uti i or tvm run t v. e d ppi -me. 

‘’.ii,i:vc-nf?;olifihlw.mitjnrj i fOMt’Alp/u? 
riliijibilitv tur at iv l*»rt» Productivity Donu.-. v.ith 
tippinjinalc liiiRt' i ompatw twtwiti^. 

Plifjsp sc?n(j lull dirttuis. ini imiinp, Hilary 
progression, in Don WhlLor Manaper 
li^.niinnfrii and Di>pli »\ mmf ‘■'nriu.es, 
Irilerrwtioru'il t'limputL'r- Lirr.it* -cf. 

I/M 1 * Upp<;r Kidintond Kojd. Pumr«-. 

London bWI5 2TC. quoting rofL'ivnt^ FT1129. 

International 

Computers 

think computers - think ICL 

IlCLl 


T T*. m . . 

! Wk -'iv 1 !*h 


Deputy Financial 
Controller 

to £9500 + car Cambridgeshire 


Bcb Bradfor d. 

Lyndon House. 62 HaglevRocd, 
Eag eastern. Binninghmu Sl6 SPN. 


John Cameron. 
Sbelley House. Noble Street, 
London GC2V7DQ. 


Clive 'A'dlianF. 

Highland House. Watonoo Street. 
Glasgow G27DE. 


Ourchenty. an expanding Pnhiic Group nf Coinp3ni« 
with r.wjor mieifeAts ir. ths Di.'.irihuimn fipltl. rx)W ai.-Ii to 
strcngthrin their financial lea:ti by appotniiny j Dupuly 
Fmanciui Controller. 

The key role of the person appointed io this new post will 
be to manage the Group's- major arcounttng.c*?nt»i\ This 
includes responsibility tor the major operating Oivr.ton's 
accounting, consolidating the Group's financial and 
management accounts and cash control. Consolid ,tinn 
of Group budners and business plans and liaising w»th 
Group advisers on taxation matters is also a mam lasK 


Liman 

Management Selection Division 


Candidate*:, male or female, should be aged 28-35. 
professionally qualified (ACA. ACMA. ACCA) with 
proven technical and management ability in a medium to 
large size company using r.ompuler - based systems. 
Salary is negotiable to C9500 plus Company Car, BUPA 
and assistance with relocation expenses where 
neressaiy. 

Please send your curriculum vitae in confidence to 
J. C. Cartwright at the address below, or telephone 
01 -437 251 5 f24 hour five answering service) for 3 
persona) history form quoting reference number: 287. 


T.D.A. Liman & Assoclales Ltd, 
1 Old Burlington Sheet, 
London W1X1 LA. 


COMMERCIAL 






BRANCH NIA 





ur 



\Witdiire 


c .£8000 




This position provides an opportunity for a young 
qualified accountant to widen his or her career 
experience within the Treasury function cf a 
diverse multinational Group of companies. 
Burmah is an oif-based industrial enterprise 
incorporating Burmah-Castrol, Quinton Haze II. 
Haffords and a range of engineering and industrial 
companies as well as interests in North Sea oil and 
shipping. 

The successful candidate will be a member of a 
smal I, professional team and will be responsible to 
the Group Cash Manager for the preparation of the 
Headquarters' Cash Flow Forecast and tor 
installing and maintaining a computerised cash 
reporting system to monitor the use of Group cash 
resources. In addition, he or she will report on 
aspects of the Group's banking relationships, 
currency exposure and general corporate 


performance in the area of money management 
Although familiarity with Treasury work and 
financial policy and procedures in a multinational 
environmerrt'would bean advantage, the basic 
prerequisites of ail applicants are that they should 
possess the ability to work under pressure and be 
of an intellectual calibre that enables them to 
contribute constructively to the effectiveness and 
development of the cash management function. 
Benefits in line with large-company practice 
include assistance with relocation expenses where 
appropriate. 

For an application form call David Freeston. 

' . f—n, ,. ' ' 1 Recruitment Manager, on 

! Swindon (0793) 30151 Ext. 2482 or 
Burmah write to him at Burmah Oil Trading 
j Limited, Burmah House, Pipers Way, 
L j Swindon, Wiltshire SN3 IRE. 


Our Bank has achieved considerable growth in recent years and continues to expand through- 
out Southeast and East Asia. We offer a challenging opportunity to join our forv/ard 'looking 
organisation at top level, as Manager of one of our key branches in the region. 

The ideal candidate will be a seasoned all-round US or European-trained banker, already 
holding a responsible post with a well-established commercial bank. He will be interested in 
building a long-term career with an international bank well-connected with its shareholder 
group of seven leading European banks. Working experience in an international environment, 

preferably in Asia, is a prerequisite. 

The position calls for an active Manager who will have overall responsibility for the direction 
and administration of the branch’s operations.The ability to motivate people and to sustain the 
continued growth of the branch is imperative. 

Remuneration will be negotiable and commensurate with the high standards and experience 
required. Fringe benefits are of top international standard. 

Qualified applicants are invited to apply in confidence by sending a full curriculum vitae to: 
The Chief Personnel Manager, European Asian Bank 
Rathausstr. 7, D-2000 Hamburg 1/W. Germany, Tel.: 040/321441. 


European Asian 


HAMBURG • BANGKOK ■ HONGKONG • JAKARTA • KARACHI • KUALA LUMPUR 

MANILA • SEOUL ■ SINGAPORE 


FIXED-INCOME 

MANAGER 


The First National Bank- »»r Cfiiea»n is expanding its Inter- 
national investment ui3nu.^emcn> group, and t» seeking an 
experienced portfolio manager fur international bonds. 

The duties include developing 8:.ert-ini-onjp strategies, 
managing an e.\i*ting pool of multi-currency hund portfolios, 

. advising other investment management offices within the 
group, and coordinating security research. The lUed-iticume 
manager will work closely with the economic research stair 
in London, and the U.S. fived-in crime group in Chicago. New 
business is being developed by a worldwide loam of market- 
ing representatives. 

Candidates should have sevpral years experience in manag- 
ing bond port folios., plus an ability m communicate 
effectively. Knowledge of modern portfolio theory would be 
helpful. 

.Salary will he ronimi*n=urate with experience and talent A 
good" benefit programme is part of the compensation 
package 

riea'p send typed applications and career histories, In 
complete confidence. i« Richard Carr at. 

KIRST CIKH ACO ASSKT 
MANAGEMENT CORPORATION, 

P & (1 Building. RM pjqB . 

t.eailpnhaH Street. 

London ECSY 4QL ; . 



THE BANK OF TOKYO, LTD. 

LONDON OFFICE 

As one of the leading international banks we are pleased to 
announce that, following continued expansion in busines--, we 
are now looking for an Assistant in our International Finance 
Centre in London. We consider that this post is ideal for a ymint; 
graduate Cmale or female). Experience in the general banking 
field would be an advantage but not essential. Tt will involve 
assisting our International Officers in all aspects of international 
financing and is. therefore, considered suitable only for those 
with ambition and initiative. An attractive salary wiJ] be paid 
and there are excellent fringe benefits. 

Please write and enclose a detailed curriculum vitae to: 

Mr. B. R. Dawson. 

THE BANK OF TOKYO LTD.. 

20/24 Monrgate.. London EC2H HDH. 


JonathanWen-B^k^^^^S. 

' MoB The-pcr^0nnetx:onswltan&y4ealwti'^xoto»i ^ l y» M «. l vtJ i chga p^|LaiispooitRs#itfow.-gya 

Ijjf 


Zurich Life Assurance Company Limited 

Zurich Life requires a Marketing the 30-40 age group who has acquired 


~ • C : * ! •<’ 


j 

• , . h '•*' 

• V V 
■ v 


FINANCIAL EXECUTIVE 
ECUADOR 

We require a Business Graduate or Chartered 
Accountant aged 27-33 for our Group s varied 
operations in Ecuador. Some experience in 
industry or commerce is essential, and a know- 
ledge of Spanish advantageous. 

The job will require initiative and creativity in 
the area of financial analysis and planning. 
Reporting will be lu the Managing Director, 
Ecuador. EDP facilities are available. 

An attractive remuneration package is oflereri. 
Please reply, with details of educatiun/oxpcncnce, 
to: 

The Managing Diredur. 

Clvde Petroleum. Limited, 

78 St Vincent Street, 

GLASGOW, G2 5TX. 


Manager to operate from its FLO. in 
Portsmouth. Reporting directly to the 
General Manager, the successful 
candidate, who may be male or female, 
will be responsible for all aspects of 
marketing, including advising on new 
product design, advertising and press 
and public relations. 

However, a most vital element in the 
job is leading the sales operation 
through seven strategically sited 
branches staffed by Managers. Life 
Superintendents and Inspectors. A 
considerable amount of tune will be 
spent away from base visiting these 
branches and their broker connections 
as Zorich Life is entirely broker 
orientated. 

Applicants must be experienced in 
marketing functions and have the 
ability toleadand motivate successful!} 
a field force from the front which infers 
substantial expertise in tbe life 
assurance and pension areas. 

The Company is a rapidly expanding 
and snccesfiful organisation selling 
orthodox contracts, and in 1&78 will set 
even morp new records. 1 1 needs a 
seasoned life assurance professional is 


the 30-40 age group who has acquired 
solid marketing know-how along the 
way — and only the best will do. Zurich 
Life operates under the Zurich Group 
umbrella whose world-wide life funds 
exceed £ 1.400 million and premium 
income is in excess of £260 million. 

Since this job requires a high degree 
of creative la lent and proven success in 
the immediate past, the position carries 
a top salary plus associated benefits, 
which include assisted mortgage 
scheme, non-contributory pension and 
company car. 

Please write giving full career history 
to*.-r- Mr F.R. Hall General Manager 
Zurich Life Assurance Company 
Limited, P.O. Box 20, Zurich House. 
Stanhope Road. Portsmouth POl 1DTJ, 
marking envelope “Strictly Personal”. 



ZURICH 

LIFE 


The following are among our more 
urgent current assignments:— 

LENDING OFFICERS 

(Middle East experience) to £1 5,000 

PROJECT FINANCE OFFICER 

(Engineering background) to £10,000 

FOREIGN EXCHANGE DEALERS 

(senior) £10-£1 4,000 

EUROBOND SETTLEMENTS 

(senior) £9-£1 0,000 

EUROBOND SETTLEMENTS CLERKS . . to £6.000 

CREDIT ANALYST c. £6,000 

LOAN ADMINISTRATORS to £6,000 

ACCOUNTS CLERK - SENIOR 

(Bank of England returns experience), .c. £4,/50 

STOCK EXCHANGE SECURITIES to £5,000 

DOCUMENTARY CREDITS c. £4,000 

F.X. ADMINISTRATION £3,500-£3,800 

For further details, please contact: 

NORMA GIVEN (Director) or DAVID GROVE. 


170 Bishopsgate London EC 2 M 4 LX :> 01 - 623 ; 126 & 7 ^ 8 / 9 ‘ Wl 


r 














BANKER 

SENIOR INTERNATIONAL LENDING 
MANAGER 

35 - 45 c. £15,000 

Our client, a major. wafl'OilobNjhed bank, wlH vkortty appoint t Senior Lending 

Executive to it* European Divmon. I«*t*d in London. Hia/hw rwponsibilitm will 
include: — 

ie Implementation of lending strategy and policy 
-jlr Control of corporate lending in all currencies 
-k Development of new and existing corporate buiinow 
The ideal candidate will have had at leur five years' recent experience in corpotllt banking, 
gained probably with a merchant bank or with another international bank. This experience 
should include syndicated eurocurrency lending, export financing using E.C.G.D. services 
and trade financing generally. 

Apart from undertaking extensive managerial responsibilities, the person appointed wiH 
be expected to hav» the ability and drive ic develop new business opportunities. 

A competitive salary will be negotiated, and the Final Package will include attncriwe 
fringe benefits. 

Please apply: 

><*k coutts a *inAfir 

Chichester Houto m. 

Chichester Rents 

London WC2A 1ECI ■ BldT. I 1 

01-242 5775 Z. JUT 


FINANCIAL 
P. R. EXECUTIVE 

Charles Barker Lyons is looking for an ambitious 
‘25-year-old with some City or business experience. 

The company is Europe’s leading public relations 
consultancy. The successful candidate will join the 
Financial/Corporate Division which handles public 
relations for a wide range of City institutions and 
major international companies. 

The job is exciting, the salary good and the 
prospects excellent. If you are interested ring or 
write to: 

Jasper Archer 

CHARLES BARKER LYONS LIMITED 
30 Farringdon Street, London EC4A 4EA 
Tel: 01-236 3011 




T:7i] 



2 


Tjj 

[■■■». j 




Our client, * major American Broking ‘art CorjcmteT.^ 

a director to held up their growing . London . bwed Eurobond operation.- The successful 
candidate will have: . ' ' 

■dr An established fim-daw reputation within the fixed income arw, ^ .. 

■dr The ability to lead and build a successful team, -• ' 

+ An understanding of the interwattonal operation coyering a numbey of Market* 
and currencies. ■- '• • • ’ ' ' . V 

dk The intellectual capacity io appreciate economic facto rj'ihil. ’to tissLthemr^R: bis, 
daily work " ;; ; •;? 

■k The desire to build a business of the highest duality "where integrity and energr will 

be equally essential to success. : ‘ V:. ; . 

The ideal candidate will probably be working in a senior capacity a.v.the head of a'defart- . 
ment or perhaps a number two position with another North A,merian. looking hops* or 
with a Bank. The person appointed will have a' seat on the International Board and wiR-te : 
expected to make a contribution, to the successful. running of the organisation ps a wjslq. -• 

SALARY IS OPEN TO NEGOTIATION BUT IS -UNLIKELY T Q BE A .PROBLEM FOR THE- 
RIGHT CANDIDA!! - -- . L-"*--' 


Please apply: 

Jock Courts. 
Chichester House. 
Chichester Rents 
London WC2A IK* 
01-242 S775 



Financial Director 


Following recent re-organisation, this UK company is poised for 
the next stage ol'its development and has the necessary finance 
to support it. Turnover exceeds £4m., over 50% of which is 
exported. 

Responsibility will be to the Managing Director for all 
accounting and related activities., including contributions to 
policy formula ti on . 

Probably in their 30's, candidates must be qualified accountants 
with proven senior accounting backgrounds which include the 
development and administration of computer based control 
systems related to batch manufacture - ideally engineering. 

Remuneration for discussion in the range £10,000 to £12,000; 
car; top hat pension; re-location help to pleasant Eastern 
Counties area. 

Please write with full details - in confidence - to G. E. Howard 
ref. B.29452. 

This appointment is open to men and corner u 


Umivn Kingdom Australia Belgium Canada 
Hm^ t gjjJMB J| ovnany Hoiiai.j iie'at-d >:a>v 

maW N»w Zealand South Atr.iuj South America 

WHHHWWHI SaotIph Sv.ili-orland USA. 

International Management Consultants 

Management Selection Limited 

Union Chambers 63 Temple Row Birmingham B2 5NS 


International 
Public Relations 


A new appointment. Assistant Public Relations Manager, is to be made to 
this large and well established international organisation marketing a 
specialised commodity. 

Asa senior member of a small, but highly professional department the 
successfiil applicant will ultimately be responsible for press and trade 
liaison in many countries worldwide, and for maintaining/improving the 
high professional standards throughout the department's PR activities. 

Applicants, graduates probably aged up to 40, must show at least ten years* 
successlul PR experience with particular emphasis on direct involvement 
with the media. A high standard cf written and spoken English together 
with fluency in French ar~ ecsenua 1 . and preferably one additional European 
language. Broadcasting experience would alco be useful. 

Salary will at Ti’.c: h:£h calibre FR professionals; benefits are first class. 
London base. 

Please telephone d -629 1 $44 at any lime or write in the first instance -m 
confidence - for a personal history form. Mrs. C. Gorst ref. JB. 1 105. 

Thu appommeni is open to mm ana teamen. 


Un'n*>ii K inqiinm Australia Bplqium Canada 
Franifr i3*rnM"V HulUnrt Ireland 1:^1 ,■ 
N^^Z^dljnd Shi'IiAIhui Scutli Ameiit* 
Sweden Swil/Ptiarirt USA. 


Assistant Group 

Financial Controller 

There are excellent prospects for advancement both 
within the function and into general management in 
this British owned international group which has a 
worldwide turnover in excess of Tioom. and a record 
of consistent growth. The successful candidate will 
work closely with the senior financial executive on the 
further development of management information 
systems, treasury", taxation, etc., and will deputise for 
him as appropriate. 

Candidates, aged about 35, must be qualified accountants 
with broad experience gained in commerce or the 
service industries; practical experience of EDP and 
taxation would be an advantage. Salary 7 negotiable 
about £ 1 1 ,000 plus car, bonus, non-contributory 
pension. Location London. 

Please send relevant details - in confidence - to 
J. M. W ard ref. B.4135 1 . 


Tkii . sppvtntKaa i: open :a men anJ -Oinrr.. 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Afcca South America 
Sweden Switzerland U.S.A 


International Management Consultants 
Management Selection Limited 
17 Stratton Street London W1X 6DB 


International Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 


to succeed the present Managing Director upon his 
retirement next year and assume responsibility for the 
Society’s management and future development. 

The Society is long-established, with gross assets 
exceeding £65m. It enjoys a unique reputation for its 
policies' and practice and for its philosophy of balanced 
progressive growth, serving a largely professional 
membership, as opposed to one of High Street expansion. 

The role should appeal to candidates — preferably in their 
forties and from the Building Society movement, but 
possibly from elsewhere in the financial services sector — 
who have the management experience and creative 
thinking ability to suit the requirements. 

Salary in five figures, negotiable, with pension, car, staff 
mortgage facilities and other benefits. 

Please write with relevant details - in confidence - to 
P. Saunders ref. B. 213. 

This appamaitmt u open to men and teamen. 

United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Ualy 
New Zealand South A Inca South America 
Sweden Switzerland U.S.A. 

International Management Consultants 
Management Selection Limited 
1 7 Stratton Street London W1 X 6DB 


The Taxation Department. at trip London Headquarters 
of RTZ-the UK based 'mtoroationaJ'riiinjrig- and industrial 
group. -ad vises parent company Direciorj^qeMorQp.eratirig 
management arid other Headquarters-departments on. ilia* 
taxation implications - of existing, aiidnew projects around 
.the yierlcl.- . ' > r ' _' r : . VI. ’ 

The Department currently.' comprises a small group of 
• experienced., accountants,' lawyers, arid -Those 'with an 
Inland 'Revenue training, each' of whom iitiireciiy 'respons- 
ible to the Manager. -We are: looking for' a new-member of 
this group who will be 'required to acfvise fapfii . on inter- 
national tax matte rs'and al soon the personal tax questions 
arising' from staff moves beNvaflQCbuntri^i: [“I.’ 

We are looking for a man or woman with several years 
experience in a profesgionaPftrm,, a.tax . consultancy or a 
company with extensive international activities. - • 

A highly competitive salary and. an attractive range of 
benefits wifi be offered. 1- " 



Please write giving details- of. career to dafe,.or"tele- 
phone for an application form to : D. W. Westcott, Group 
Personnel Services; Department, Rfo-Tlnto-Zinc Corpor- 
ation Limited, S St. James's SquarerLoodon^SWl Y 4LQ. 
Tel: 01 -930 2399. 



COUNTY TREASUfiERS^ArtTMlOT 

Investment ^ 
Masnagemi^.,^ 

Principal Investment Officer 

Grade POIBr Salary £6,060 tq£6,7(ie per annum, 
' \ . -'. Jnchisive of si^jplement 

The Council’s pension fund totals nearly £i00m and ' 
has an annual surplus of over £1 5m. The fund’s 
invest mentaam managed mainly 'itvhqi^e - ^a atnafl: , 
team of officers^ eacM^covering various sectors.. 
Applications are invrted from persons with a thorough • 
knowledge of stock market procedures and “ ’ ' . 

experience in portfolio ntanagement of either ’. • " • 

gilt-edged or UK equity investments, preferably in tne- 
Institutionef field. ' ! V- ' i 
An accounting qualification and/or an appropriate ■ 
degree with investment analysis and research . 
experience would be an advantage. . 

Further details may 'tier obtained from Bob Johnston, • 
Deputy County Treasurer extension 144 — dr John 

Smith. Chief Lo^and lrivestmente'Offcer-^ - - 

extension 663. : ' 

Ptease write or telephone for an apportion terra, 
quoting post reterencas T35A, 16 the CWW Executive - 
(PersonnoQ.- South Yorisshire County CoiincU, County' - 
Hafl, Barnsley S70 2TN — teiepboner Barnsley (0226V 
86141, extension 266. 

losing date for appficattons witt.be -1 1 December 1978. : 

South Yorkshire /f^s 
County Council ^ 

ENERGY IN ACTION 


ASSISTANT 

FINANCIAL CONTROLLER 

Antwerp c.lm.Bel.Francs 

The European opera tiona of a Sooth American corpora bon, our client has a substantial post 
war growth record, and currently has plana lor major expansion. Whilst primarily involved in grain, 
dealing, the group has worldwide interests which are truly diverse. 

Reporting to the Financial Controller the successful candidate will be responsible for 
overseeing the preparation of financial and management information, and annual budgets. Other 
areas ot involvement will include the development ol computer based systems and conduct of 
various projects. 

Applicants should be qualified accountants who have approximately 2 years post qualifying 
experience in an international environment. They should demonstrate the maturity to control a 
finance function, and be able to communicate eflectively with all levels of management. A working 
knowledge of Spanish, whilst not essential, would bean advantage. 

F or more detailed information. cmd a personal history form please contact either 
■Nigel Y. Smith. A.CJL. or Petes Dawson quoting reference 2312. 

OxrrnercomxjsnTaCMsian 
Douglas Uambias Associates Ltd- 

Accountancy 5 MiugniHi HocnM»Dl Caoanhurt*, 

A 1 0. Sir. [W» WC2R 0NS. T4: 01 -B3£ 9S0 1 
321. S». Vuuwii* I3a,*aa- G3 5HW Tal 041 2263101 
2, Coatoa Floor, EdliUnnqh DU 7AA. Til: <331-229 7744 -V 



FINANCIAL CONTROLLER 

Riyadh — Saudi Arabia 

Emoluments circa £22,500 4* House & Car . 

Our client is a marketing and proiect development company with extensive operations in 
the Middle East and offices in many European centres. s 

The company now plans to recruit a Controller who, reporting to the local Chief 
Executive, will hav«? responsibility lor all aspects of finance, management reporting, and 
admi nisi i«it ion. 

Candidates should be qualified accountants, probably aged in their early 30's who have 
experience in industry-commerce. A strong but llexible personality isessenlial and 
candidates should have the ability to creatively contribute to the company's commercial 
development. 

For more detailed information and a personal history form, please contact 
Nigel V. Smith, A.C-A.. or Peter Dawson quoting reference 2319. 

Douglas Llambias Associates Ltd. 

A-:coiulfMcy & HimijwiiI JtociuiLamfll Con»ytl*nl«, 

4|Q. StMnd. Wl«i WC2H0NE T.’ 01 0501 
181. a Vm-.-Ai Str**i -3l4«}wG2 5HW T-l 041 22 Ml 01 
3, Culm Place. Edinburgh EHj 7AA. T«U 021-2257744 



yp, 


Saudi Arabia 
c,£ 24 ,GQQp.a. 

This is a career ofJportumty with a leading Belgian" 

construction companyl . Expanding overseas 

.commitments have .tow created -this senior' 
■vacancy iittherr Dhahran office. ._ - . . . >: - 

Qualified, orwtfli.merribershfpof a^paxifesslwiaT 
organisation, youmust ha ve^mihimurh of5 years. 
management 1 experience prefeFabfy wkWn the 
construction industry. .You -jaritf hwd an effideat^ 
finance “department., utilising^ •=• odmfxrbnsed 
accounting and reporting systems^ you wittfa© 
responsible; formal!- aspects . of. fina /icta L pollcy:- 


; There are many employment benefife incltidinq: 
^-Married status * . ; ? 4V 

. . Company housing: • .. 4 

Non-contributory pension . 

v Excellent riome leave ' ' $ 2 ■■ -C ;. ■ ■£>&''. <■ . - J - 

' Please send a detalfedrraurn^oteR'ef.'eB F^ -i 

- ■* ' • 

Webb Whitley Associates 2.ldv ' c -i " - 
INTERNATIONAL R?CR U ITMJ NT-GONS tilTANT^ 
'45.KehsTngton-High’ Sfreen-Lonfei SMb£ 

■ ••• ■ i • -.•■'• --t .’ -Tel: OI-aSTjfiSfiB? '•■wa r ' 











j= 

Z*r% jawy . V-Tw' 


WW£K3S£a® 


■ - 1 . ...... ^ 

■estmen 

?naqe^sn! 


rf",Y 0 : s .v-° ; ! . 

v-* ! * 3 

,.k -kh 1 


N6f«bwr 30 J0W 




15 


Controller 

West Scotland 


£1X3,000 plus car 

This !sar»t*nasuatiy attractive opportunity 
for a young high potential accountant to join 
a company ab® to offer wide scops in 
overall companyfinanciai control together 
with real opportunities for personal 
paveto pmsnt.Thecoinpany.part of an 
International group, markets and 
manufactures hlgn quality products and is 
well known as a brand leader. The person 
appointed wilt have responsibility for all 
management and financial accounting and 
will be expected to play a broad role as part 
of the management team in determining 
and administering financial policy. 

Ref:AA4S/6667/FT)} 

Inilia! interviews are conducted by PA Consultants. No details are divulged to clients without 
prior permission. Please send brief career details or write tor an application form, quoting 
the reference number on both your tetter and envelope, and advise us it you have recently 
made any other applications to PA Personnel Services. 

PA Personnel Services 

"7X1 CsorgeStm^ Edinburgh EH2 4) N. Telephone.' 031-225 4481 


Candidates, male or female, aged around 
30, should be ACMA’s or CA‘s who currently 
operate at senior management level in a 
large manufacturing company and can 
demonstrate ability in financial control 
related to manufacturing and marketing 
activities. The ability to operate under 
considerable pressure and potential to 
develop to Board level within a short time 
are also looked for. Salary is negotiable , 
around £10,000 plus car and other benefits 
include generous help with relocation costs 
to West Scotland. 

(PA Personnel Services 


L 


. A tr.pn.dCful PA Jni *-> nj/ibiu r 


FINANCIAL DIRECTOR 

(Designate) 


LAKE DISTRICT 


c £15,000 

-fear 


We are a small but successful Company with International head- 
quarters in an extremely pleasant Lake District location. We 
offer this position as part of our development programme to 
cope with the increasing world-wide demand for our proprietary 
industrial products and to plan for future growth. 

An experienced professional is required to assume responsibility 
for the planning and management of revenues, profits and tax. 
deriving from the international operations of the Company and 
its Overseas subsidiaries. 

Ideally, the successful applicant should be from an industrial 
background and have practical experience of contract sales 
abroad. 

The development of refined costing procedures in conjunction 
with the sales, production and purchasing management functions 
will be an important task. The Director designate will report 
to the Managing Director and supervise not only the UK Accounts 
Department, but also the accounts functions of its Overseas offices. 

We are a dynamic Company with a world lead in certain areas. 
We require a person with ambition and creativity to assist in 
managing and guiding the Company In the future. 

Please send concise details of experience, and qualifications, 
quoting reference EB/-17A, to: Box A.656'0, Financial Times, 10 
Cannon Street, EC4P 4BY. 


OR Management Consultant 





P rice Waterhouse Associates, members of the Management Consultants 
Association, require an additional consultant to join the London office of the U K 
division of their international management consultancy practice. The consul tent 
will he required to carry out wonk involving operational research, computer modelling 
wnd statistical techniques. Particular emphasis wQl be placed onfinancial applications. 

Consultancy assignments, often involving ronlri-disciplin e teams, arise in the public nod 
private sectors both at home and overseas (fo r example Africa, the Middle Ea st a nrtin the 
Indian subcontinent). In the case of overseas assignments substantial additional 
allowances are paid. 

Applicants shouldhave afirefc orsecond class degree in anumerate discipline, preferably 
a post-graduate qualification, in OR or statistics, about four years’ experience oL‘ the 
application of OR in business or the public sector; knowledge of at Jenscone computer 
modelling language anti experience hi computer bused bnaucial modelling applications 
fi- nm fannnlHticmto implementation in one or more of these areas; 

•budgetrpreparation. > long-term planning • investment appraisal. 

The preferred j^rangei? 25-30 and the starring salary will b* negotiated upto £S.?r)0. 
T 3 ae conqjanyprovideia com inuousi irainingpiograinmc and excellent career prosper 
Tt> an environment where promotion is entirely dependent upon ability and i>ersonal 
effort. 

Please telephone or write for an application, form 
to Davidprosser, Executive Selection Division, 

Southwark Towers, 33 London Bridge Street . 

London SE19SY, 01407 S9S9, quoting MCS/3734. 




nee 

aterhouse 

Associates 


J 



1 - -iflB 



M onager 

Internal Systems 


Mffi mbflTit Bank 


CSty 


This is an appointment -within a date-mdeorferale -waprobably hea 

MerStBahk ■which is qcmlified accountant, aged betw<*n30 

„ ramimehensive review of and^posseasingawideknowledgeof 
Sa^Sisationkl.niefi>ods, financial systems and having experience in the 

conirds and the development of fixture use of computers as a management 
^plications. The require- tool, acqmred m a irogresave com- 
^^Tin^namthe Internal Sy&- panyormmarcansu ifangfc m. Ex-pen- 
: Department, -which is responsi- encemafinanoalmst^^ be 

ble for tike general efficiency of ifce anadvantege. 

and for computer Tbisappoj^entcamesanattrac- 
eternal tiro xemmerafaon package and has 
audit function. The successful candt- excellent scope for advancement. 


Mervyn Hughes Group 



Regional Director 

Yorkshire/North of England 

c. £12,000 with car 


This a a rare opportunity to join one of the 
major UK brewery groups at a senior executive 
level, reporting to the Managing Director of 
Scottish Sc Newcastle Beer (North) Limited 
The post carries responsibility for the sales, 
marketing and distribution of our products 
within a major region and the post holder will be 
expected to meet sales and profit targets: plan 
local marketing strategies ; manage an extensive 
stockholding and distribution function; and 
make a considerable personal contribution to 
the overall success of Scottish &. Newcastle 
Beer (North) Ltd This will require outstanding 
ability in analysing business opportunities; the 
man management skills needed to plan and 
organise the activities of 200 employees 
towards common objectives; and the 
installation and maintenance of necessary 
procedures and controls to ensure a rapid 
response to changes in the market place. 


The pr ef erred age range is 35 to 45 and 
candidates, male or female, must be able to 
show a proven record of success in general 
management, probably starting from a 
professional training in marketing, finance or 
distribution. It is. however, essential that this 
experience can be related to the needs of the 
modem brewing industry which is now one of 
the most dynamic and competitive sectors of 
the UK economy. 

Condi tions of employment which include 
a non -contributory pension and life assurance 
scheme, arc such as one would expect from an 
organisation of this standard. 

Please write, in the first instance, enclosing 
a full cuiriculum vitae to: 

J. B. Benson, Personnel Director. 
Scottish & Newcastle Beer Company Ltd, 
Gilmore Park, Edinburgh EH3 9SB. 


J 



Scottish & Newcastle Breweries Limited 



Compt ability 
.. Analytic] tie 

■ •. ; i ' • - . . . ic-.j 1 

aulour- de F 1 raiic!OO.GuO>pap ant 
• ' v B : selora le candid aU;;^ > 


- pbcc sous lVuttintc du dirccusur !tf..ncicr ct 
charge dc 

• l.i (ictcrmirutioa ei jaruJvse «Jes c-'-iia 
i.undard<, core;, pri.*: do revienr u>iiis cc 
Tnargt, brutes. I'cubli-.scri icnt ct I c-nloiu- 
ticn dc mcthodcs s’appuyint sur J'unii^iuoa 
li'un nrdirutcur dc ge&rion indusrricilc 

• Li recherche pcrnuncirre dc 1'augii'k.niMiim 
dc h ren:.ibi!iic dc ciiaquc produit, Ji.dvT'n 
avec L prvductioD, Jc service comnicrcial cr 
J.i direction 

JJes dcreloppements ayanc rapport aux 
routines d'oidmiteur 

• loiitc .Tucuc nuision comice pat le d'.tecicur 
linandcr par caumplc, coauibndvn U 
preparjunn annuellc du plan dc d-vd op pe- 
rn cut dc remreprise. 

- ce p-jste e-t >t;uc ai Alsuce cf 

- ilcomponcuaciccUepoKJbilixdc promotion 
a. ffloyen terrne dans un impottanr groupc 
inrcnutiorul 

JLc chois sc ponerasurun hornrac nauncKTnmc:- 

- pourvu d'unc solidc toiminoa 
obtenuccn .-Vnglcrcrrc ACA.. ACCA., ACM A. 
*uk Lurs L. r uis ou en Fruncc 

- pradquanr ooOTjni.-ncnr I'an^bis ct Ic frinait 

- ayjnr Icspcricoce do nurthodea. anglo- 
sasannes dc gestion, prtfcrabierarct acquiss 
dans l'indur.tne tnecaniquc 

- c~.ip.iblc d'anhncr cr dc ditiqer une equipc 

- dc preference dc 2 l> .i 40 anr. 

Addresser curriculum titac ir.an.cric avec 

phoropraphic ct pretemions h: 

Position No. BGC 705 a, Austin Knight Limiicd, 
London WiA iDS. Lcs premietts imerriews 
en GB. 

Discretion assurde ponx toure candidarurc 

Lcs dcxrcmdcs d'emploi tone transiniso au diene 
conccmc, par consequent vous dev res men- 
.tionner Jes compagnics qui ne vous inre r e ss enr 
pas dans une lettre d'imroduaioa au Position 
Number Supervisor. 


Financial Director 


London 


Designate 


c. £1 0,000 


One cf the leading rental companies in 
the music industry, a subsidiary ot a 
large croup, seeks to appoint a 
Financial Controller and Director 
Designate. 

The Financial Controller will be 
responsible for the financial control of 
Jne company’s operations in the UK 
and USA. Reporting directly to the 
Managing Director, he or she will work 
C'osely with him on the overall 
management and development or the 
company's activities. The job will be 
based irf London and will involve some 
travelling to USA operations. 

The successful candidate will be a 
qualified accountant, probably in ;riid 
30 s. with a proven record of 
achievement in financial management 
at a senior level in an industrial/ 


commercial organisanon. The ability to 
control a rapidly developing operation 
is essential and e * penence in the 
equipment rental business would be 
an advantage. 

This key appointment carries a salary 

in I he region of £t 0.000 p.a. and the 
usual large company benefits, 
including compan/car. pension 
scheme and sickness benefit. 

1 fief: E5850/FT) 

REPLIES win be forwarded direct 
unopened ar.ci >r. confidence to our 
c nent unless addressed to the Security 
fl.’d/rager listing companies to which 
they niav nol be sent. They should 
include comprehensive career details, 
net refer to previous correspondence 
v.-:h PA and quote the reference on the 
envelope. 


PA Advertising 

H»de Park House, 60a Knight sbridge. London 5VVi.X7LE.7el: 01-233 fatibl) Telex: 27874 


!'■*■■■•» Air. — -a? 



UNIVERSITY OF LONDON 

Assistant 
to Secretary 

— Superannuation arrangements 

This is a new post created in response la rapid growth 
in our superannuation scheme, as wall as b/ the new 
demands imposed by legislative and other requirements. 

The successful candidate will assist the Secretary, 
helping to formulate policy, co-ordinate special projects, 
and to carry out research in connection with all elements 
of the scheme — particularly those related to the legal 
and technical, as well as to the negotiators and 
communications, aspects. 

The post offers a starting salary in the ran^e £3.8j4-£6.054 
< inclusive of London Allowance, and under review I. 

Other benefits include 6 weeks annual holiday and 
membership of the University Superannuation scheme. 

Applications are invited from recent graduates in a 
relevant discipline such as economics or statistics or 
from individuals experienced in pensions work. The 
successful candidate will be expected to make or continu« 
to make professional progress, including the acquisition 
of revelant qualifications. 

Further details ore available from: 

PersonnerOfficer. University of London, Senate House, 
Malet Street, London. WC1 
Closing date for receipt of application it 
22nd December 1978. 


EXCHANGE 


ayiEBtogwi CONTROLACCOUNTANT 

IEKBBE5S BASED BRIGHTON c£700Qp.a. 

OCCASIONAL TRAVEL PLUS MORTGAGE SUBSIDY 


Our client is the Card Division of American Express. This is a new position 
reporting to the Director of Finance and covers control and co-ordination of 
<= • change control ,j-.pert> of the divisions op«*;diion< rn Europe. Middle East and 
Africa, it also wili involve developing and monitoring related funding and foreign 
e iv.nge polices and proi. edi ir^s. 

!r .ippiic inr? >h«>.ild o^monsuaio a p«x»vi i no'.vi^dge (r.ieinn exchange \ 

r :r. operation-:, i-v-und uenoi'il jcr.O'innn:.; -kfjl-v. .uvi m> r-i.cment in 
i:,i-'n^i!.:.n.i i funding. Tm-> pvi i*ru. ^ should Ilivi b. on g.uv-j a commercial 
i mg en^i:oim>enl ora n wior intemaiionaf business opi'i.iii':n. 

Me: % . -.net chip of the Institute of Banins and or an accountan-.v qualification is 
t . :• an; cl. Age indicator is 2G-3C year ^ 

“1 he corrpdny offer ovcellent '.vorlmg condition > and benefiis in' iu-’iin'i generous 
rr orto-joe .'subsidy relocation assistance, non-LOiitiiOuTofi |. , r riL-n. , ;'i, hie uosurdnes 
sou uieoicd! rfid s«-he:iie.s, etc. 

Jr-?- '■-'lie.i spplii' anis should t^fhone or v.rii?, in ‘.be fir- 1 in ; | 0 n.-» Dviid L 
S'/;.n v.-ho v-.ii; be pieced to call or meet ) ou out Side nc.’rria! L owh-gs hours 
sh vj.'ii : s i.a be mo: e sui [ iibls. j 

s 

1 

Michael Page Partnership J 


18/19 SANDLAND ST. BEDFORD ROW LONDON WC1 
01-242 0965. 8 


ACCOUNTANT/SECRETARY 

Urgently required for a rapidly expanding 
Building Services Company based in Twickenham. 
Applicants should be about 30/35 with a recog- 
nised qualification and experienced in accounting 
in the Construction industry. Duties will include 
maintaining full Company accounts, preparing 
interim and Annual Balance Sheets, regular cash 
flow forecasts, and combine the work of a Company 
Secretary. 


Remuneration is negotiable 
annum depending upon 
experience. 


around £7,000 
qualifications 


per 

and 


Candidates should send a detailed career history 
to Box No. A.6559, Financial Times, 10 Cannon 
Street, EC4P 4BY. 


PENSION FUND MARKETING 

c. £9,000 

Prospects of earlyBoard appointment 


A mrll known -City investment grr»up is 
seeking ;i \0t111g executive for its 
management team lopkiy a major r» «ie in 
ihe develop’.nent ancl expnnsmn *»t \\* 
growing pensimi fund mcinagcinent 
business and pensions advison seiTia*. 
Candida lcs. whi » >ln mid Ik* well educated 
and prelenibly in dicir early ilnnies. 
must ha\ e si mnd \ raining and experience, 
in msiituiional investment managemenr 
gainwi in a merchant hank, stockbmking 
firm nr in an allied activity. Experience in 
pension fimd management would ])e ;m 
added advantage. 

An important feature of the jnb- 
specificatinn will be the need tn exhibit 


the a hi lily and right fersonal qualities to 
deal wiili existing and piusiiea iveclients 
:ii 1 In? highest level. 

C aivcr prospect s a re good and There is the 
possibility ot an early appointment to the 
iknii'd of the* opera ling company. 
G lmmencing salary is negotiable around 

Applicritii'iis, which will be treated m 
strict iTinlidt-nct*. should contain relevant 
details • »f career, background and 
ex|A-riciKV, i«r«igressiuu, age, 

cilucaiion and quaiiiKTii iuns. 

Please send details' lo Bf»x A6557, 
Hnancial Times, 10 Cannon Street 
I-XilMRT. 






















Area Co-ordinator (Product Salas— 
International Marketing) Ref. K-151-78 

Basic function: develop, promote and market petroleum 
products internationally within assigned geographical 
regions. Ensure that optimum profitability is achieved 
within the terms of established sales and marketing 
objectives. Co-ordinate with regional offices within ih* 
assigned region on major aspeas of sales activity. 

Qualification Requirements 

University degree in business administration or 
.economics or equivalent. 7 years relevant experience in 
international sales management cl petroleum products. . 
Perfect knowledge of English language is essential. 
Preference will te given to candidates with pre'. ious 
e rperience m major oil companies -virh background and 
experience m supply, logistics and planning Candidates 
must also possess good analytical ability ot the 
international oil scene. 

Senior Petroleum Economist 
Ref. K-1 55-73 

Basic function; develop forward supdIv Plan cn-.-erina 
costs and revenues based on corpora;* guidelines F.'al.e 
recommendation.-, on the econo" m. and oocationat 
vigbiiiiy d L.mtrai"s and other items which jhcild he 
-co-ordinated v.itn corporate policy Make critical analysis, 
discuss and appraise emerging new trends m <>i:«ij/ 
matters 3'.n'h as (-.hanging supply demand pattern, 
aHemarr.-e costs of different sources cl energy etc. 

Qualification Requirements 

A university degree in chemical or process engineering. 
“0 years' experience in process engineering, supply 
planning in the o»l industry and adeauate l nowledije of 
supply and cargo trading economics. Familiar.;, w:ib 
linear programming 

Perfect knowledge of the English language is essential. 

Assistant Division Manager Ref. K-1 52-78 

Basic huid.jr,' to lead a r;am o' lour to six highly aual.iied 
employees m initiating and carrying cut planning and 
economic crudiec- related to iiw* dee-'iopmenr ot •.om|<any 
plan s. The c*aluai/on of major cap ilsi i/nes.'nMv.-f project 
and p-ogramnses. The assessment of new bu j-ness 
oop-yrt ir.ines Analysis of a wide range of operational and 
finance! issues. 


QuaflficadJon requirements 

BSc in petrol Bum, chemical or industrial engineering. 
MBA or other graduate level finance/business degree. 

10 years' applicable experience in the petroleum industry 
including refining, petroleum economics and planning 
with a minimum of two years in a managerial post 
High proficiency in English. Age: between 32-40 years. 

Senior Planner Ref. K-120-7S 

Basic funciicn: carry out planning and economic studies 
and analyses related >o the development of short and 
long term company plans and objectives. The evaluation 
of maior capital investment protects and programmes. 
The assessment ol now business opportunities and sales, 
and various other project studies and business analyses 
as required. 

Qualification requirements • 

BSc pre lerabiv in engineering. MSc degree and 'or MBA 
also highly desi rabie. 7 years' direct working experience 
in the petroleum industry. Preferably including exposure 
to refining, petroleum economics and planning. Perfect 
knowledge of the English language is essential. 

Age; between 30-35 years. 


Veryattractn’e salaries and fringe bene, 'ns will be offered. 
Among th/ibenehls: “5 calendar o f annual vacation, 

annual vacation air-tickets, furnished and air-conditioned 
ararvnenls. educational allowance for childrens’ 
schooling, medical insurance, etc. 

Interested applicants are. in the find instance, invited to 
write to: Copeland and Chamngion Ltd . ”7, Henniker 
Mews. London SW3 68L giving' full derails of 
nullifications and n* pcrtcnce. Please also Quote the 
appropriate job reference number on both envelope and 
letter 


COPET .AND & 

CHARRINGTON 

LIMITED 

27, Henniker Mews, London SW3 GBL 



nvestmenf 
Manager 

Leading Merchant Bank invites applications for the post 
of Senior Investment Manager, male or female, with 
experience in international markets, particularly those of 
Continental Europe. 

Applications in confidence quoting ref. 6327 to 
B. G. Luxton, Mervyn Hughes Group, 

2/3 Cursitor Street, London EC4A 1NE. 

Tel: 01-404 580L 

Mervyn Hughes Group 

Management Recruitment Consultants 


The Institute of Chartered Accountants in England and Wales 

Education and Training 


Chartered Accountant 


c. £11 .000 


This is a senior post in the Education and Training Dept, where the 
development and implementation of the institute’s policies for the 
education and training of students and of members is the prime task. 

Responsibilities involve wide contact with members, students and their 
firms and include participation in the formulation of training policies and 
development of means for their implementation, personal lecturing and 
counselling at training courses and seminars, and advice and support to 
the Institute s committees responsible for training. 

The successful applicant will be a Chartered Accountant with 
considerable experience of training within the profession. The ability to 
think creatively and to communicate effectively is essential. 

Please write with full details of careerto 

Mr. K. A. Curl. Chartered Accountants' Hall. 
Moorgate Place. London EC2R 6EQ. 

(Tel .01-628 7060). 


OL 


Berks 


c £ 14,000 -i-car 


EUROPEAN FINANCE 
MANAGER 

The Company An inf pm a Ilona] American group specialising in the sale and 
service of process control svstems for the paper and plastic 
manufacturing industries. The group, which has sut»aian« 
throughout Western Europe, has an impressive record of growth 
over the past five years and worldwide sales are cinrentlv in. 
excess of US$60 mill ion per annum, of which over m i ll ion 

are generated in Europe. * 

Ike Job He or she will join a small headquarters team to assist the 

Director of Finance for Europe in the financial planning and 
control of European operations. Main areas of emphasis vui be in 
raising funds, managing foreign exchange positions, casn 
management and the review and appraisal of financial operating 
procedures. 

The Candidate Preferred age early thirties. Original training with an interna- 
tional audit practice leading to an accounting qualification and 

ideally experience since of international banking. A semen 
. industry or manufacturing background would be hel pro I. 

Brief but comprehensive details of career and sa i ary to dat e. which w ill betreated in 
confidence, should be sent to -J. G. Cameron. Executive Selection Division at the 
address below. Please quote reference CS360 and include, if possible, a daytime 
telephone number at which you may be contacted. 

COOPERS &LYBRAND ASSOCIATES LTD 

Management Consultants 

Shell*? House. Noble Street . Tendon. EC2V 7DQ. 



PENSIONS ADMINISTRATORS 

Major Opportunities in 
International Banking 

The Trustee Company subsidiary of a major international bank in London has 
two openings for experienced men or women in its pensions administration function. 

Trust Officer- Pensions 

\bu will be responsible to the Managing Director for all aspects of the day-to- 
day administration of a number-of self-administered corporate pension plans.This 
involves working closely with Independent invesimwS managers as well as liaison 
with corporate clients, actuaries and auditors. 

This opening calls for an able administrator— ideally with a professional . . 
qualification -with at least ten years’ experience in an insurance company, consul- 
tancy, private fund or trust corporation. It offers ample scope for increasing your 
responsibilities in an expanding field. 

Asslstoit lo theTnisf Officers 

Working in self-administered occupational pension plans, your responsibiJities 
wili include control functions, reconciliations, preparation of annual acccxints, - 
payment of benefits and maintenance of all relevant records. ' 

\buwill have had 5-7years'experience with an insurance company.cbnsultanqt 
trust corporation or private fund supplementing a good basic education ip ‘ATevel 
standard, and you will be progressing towards a professional qualification. 


Both these appointments offer salaries negotiable according to experience and 
qualifications and supported by a wide range of benefits including low cost mortgage 
assistance, non-contributory pension and life assurance, free lunches, BUPA and 
profit sharing. 

If you feel you meet the requirements of these Ihterestir# and" challenging- 
posts, please write with full details of career to date, including salary progress, to. 
AJastair Myers at theaddress below, quoti ng reference PA/ 293/FT. Pleaselist separately 
any companies to which your application should not be forwarded. 


CONFIDENTIAL REPLY SERVICE 
Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 


• V/' k --; . - ; v a' ' :y v .-'- .•/*• 






OAUDERS 

DEPARTMENT STORES LTD 


require a 


n nn'fj 

j j ■ 

■j, n 

7(11 HI 

1 inf. Til* 




■art 





Newly Qualified ACA 

Londonbased to£7;500 +car 


You are a first class professional auditor. You have grown tired of 
checking historical facts. Are you now ready to stretch yourself, develop 
your experience and make a more effective and immediate impact on 

business? 

If so, an American multinational, which last year set up audit and 
consultancy functions to service its UK and Western European activities, 
is keen to recruit an individual like you and without question wHI provide 
the necessary stimulus to your career. 

Experience in one of the top firms, plus the desire and ability tolravel {you 
can be either married or single) are the only prerequisites we have set 

If this opportunity to operate with responsibility and independence in a 
major group appeals to you, please write in confidence with concise 
personal and career details, quoting reference T898/FT to R. G. Billen. 


Arthur Young Management Service* 
Rolls House, 7, Rolls Buildings 
Fetter Lane, London 6C4A 1NL 




Alldr rj Department Stores Ltd. has 15 stores, 6-500 
employees, a turnover in excess of £100m, and an 
exciting programme of expansion. 

The Financial Controller will report to the Store 
Director and functionally to the Finance Director 
of A.D.S. Ltd. He/she will be responsible for the 
total financial arid administrative function of Cne 
of our London-based stores. The job wilJ include 
responsibility for 30 staff, preparation of financial 
accounts, credit sanctioning, accounts payable etc. 
The right persqn will be a qualified accountant, 
aged 27-35, with at least 2 years' commercial 
experience. An' ability to gain the respect and 
co-operation of all levels of management is 
essential. A knowledge of advanced computer-based 
procedures would be a benefit. 

4 weeks* holiday, optional pension scheme, free 
meals, generous discounts. B.U.P-A. 

Please apply to: 

Mr. A. A. Salem (Finance Director) 

Adders Department Stores Ltd. 

PO Box 4. 190 London Road 
Hackh ridge, Surrey 5M6 7EL- Tel: 01-469 4488 


STOCKBROKING 

A Time For Change ? 

Outstanding Opportunity 
For Young Ambitious 
Equity Sales Executive? 

A young firm has. as part of a planned reorganisation, vacancies 
for a number of u.K- Equity Sales Executives to broaden the' 
institutional coverage. The right persons will not be afraid of the 
changes ahead in this industry and will have the opportunities to 
establish themselves as an integral part of the firm's future. 
Earnings will be based on experience and ability, and age will be 
no bar. However, it is not envisaged 'that a person below 28 
would have obtained the necessary experience for one of these 
positions. 

Applicants should send brief details of their careen to date, 
together with a note of their current Market specialisation and 
how they foresee the development of that sector in a new 
environment. 

Box F.T./554 c/o Hanway House, • 

Clark's Place, London EC2N 4BJ. 

Note: Please list any firms to which you do not wish your appli- 
cation to be forwarded, in a covering note addressed to the 
Appointments Manager, 


Assistant Controller 
FINANCE & 
ADMINISTRATION 

c. £ 7,500 

This appointment offers 
management responsibility 
to a young accountant, 
25 - 27, within the well- 
organised computer based 
Finance Division- of a Major 
Group. 

The initial role will provide 
variety and interest/ and 
career development pros- 
pects are ex cellen t. 

(( Robert Miles )) ! 

\\ 01-248 6321 /} ! 


Personnel Resources 
limited 

• Recruitment Consultants 


' Director of -> ; ; 

Cranfiefd Product 
Engineering Centre /gf 

The CPEC has been eatibUshtH^by •die CnoHeM Insthtipt 
of . Technology to ptovfde a comprehensive service to the- 
engineering: industry;, la the'fiefd «f -ijproducc? issimtnient-. 
.improvement, design,- development." and marketing. It will ' ; 

, operate' on" a fully ' commeratiT^Jmsis by urikng icr aewces 
to industry. - ' v.'-.-J. ... ■_ 

Substantial initial financial Support;!***; been granted by tfc*. 
Department of Industry. ..The. Centre .'wilt.bv ’ housed- In Jtr. 
•new purposHniHc b^iMIntir ^n^-wiO b# fuBy : eg^lpjf«l : t* : r 
very hfgh standards, . . . .. 

Applications tot the. post of Director, are invited from ,p*W 
f«£iioml-. engbjeers- With’-:«xteiiiqhip«.; .-pmetience'' iprowaf/'- 1 :'-- 

design and commercial , development^ The Director _wUI . be: -§.* 
an employee of “the lnstitute : aritf the first.tisks will be 
develop the roleipf t/it Centre and t» appeant . the ttaS^ s 
The salary will be In the - range v of fJ ijOOO-fHJOOO ^ p!u». ^ 
other benefits,; The '^ppoinmwiHt ln dw fim'itirtan^ will 
for * period of five years! - -..•■'-.•'n 

(' ** 

- ' - - V - ; Nv: - 

r— r — t — i i i • i — m — 


^Further. . partftqlar* j . may . 
obtained from: ■ 

TKe. Personnel OWcer, >, 

Cranfiefd Institirte of Tec ho a legy ^ /V., 

Cranfl^di Betfpr^ *$«. * 4 , ' • ' ' ! ir 
<Bedfonl75MU> 

quoting reference \\ 




ownaxinsnTiiTtOFTrawMGr 

.. «WWCED • • jmao . 

— IMSWC- * SESENCh ■ 


ind BurinMi 


ec fteme MprctTnc sricA AreWtiee*. Lnryti%, fcwrkfr*. CruaeiAn 
AimIjwb. The tar w. London . but invqlvw un, travel, 

- Titmpfnn > 40 $ 77 f t *r-wrtu /» cwiSt/ence ter ;• t 

DAVID WHITE ASSOCtATES UMITEb > ; " 

. 84, Kingsvmy,- tendow WXL2 



EXECUTIVES 


if you are in the job market 
now- we are here to help. 
Owtts Careers provide s- 

* Excellent job search 
assistance. 

* A thorough knowledge 
ofthejobmarkeL 

^ Con tact with top 
recruitment " 

* Confidentjal and expert 
counselling. 

'* Superb^ Secretarial . 
back up. 

Telephone now for a cost 
free assessment meeting. 


Fercv C0UTTS &Co 



DSJLA FRANKMN 
■ 01-248 vm 
ALANGTATE AGENCY - 
' -2nd Ro«^ ' 

• ~ 7t QveenfYle^^ 8^ BC4 
money 

(asMftatg 




BURGE & GO. 

;ilt look Ins for am experienced - 

PARTNERS ASSISTANT 

wili' flair and amblilon lo work oa 

their deaMna dMk. candidates would 
need la be conversant with general' 
Stock: Exchange wwediirw u£ hi 
enter a cornwrUvs atnwppbirv, - 
mitu Peter Bidder Arm «so'. _ 




Wl l.ion - dvnreaoms 


LEADING ; / 
STO^RDR^ 

in liboflon -Wafi reqnire a 












17 



:Q r.r.'ty 

; -v. 5 % 

• *vv, -■*» %V-, 


^•"=-1 -i. is *viv 
-;.. r VuV 
: " ^ ■■*«■■ 


■V ... 




• *"j *■- 

7* * 


or or 


M fcods* 


serine Cestw 


.T \2 

• ’1 



- '* 


.-■r 0 


i » * 


>\ c\j\ 

>i f ~* ^ 


. y 


,y 

,-'V, 


■7 


Jlnandal Times Tborsdgy NoTrember 30 1978 


<W{ UXo 


LEGAL NOTICES 


LABOUR NEWS 


This Is a career opportunity with a large inter- 
natioaal group of engineerin’ companies based in liie 
North Wert of En gla nd. 

Tlie successful applicant will be involved in a wide 
wncti* of work assisting the Group Finoncr Director, 
and Chief Accountant and Hie management of she 
operating- companies in improving accounting syncing 
and procedures. 

- He or site will also be expected io be involved in 
management.. control systems and trouble slirHiiiug 
assignments. Therefore at: ability to solve problem*, 
initiate change and influence management is cswiii ial. 

Applicants should he in their late twenties or early 
thirties, and he ciurtoed accountants, txpcrjcike 
sliouid ideally include responsibility for the finance 


and accounting function. in a large engineering 
orennisation. 


An aUradivc benefits package includes a nesoli- 
able sal.uy /rum fsttOri p..i. .in-i assistance with 
rclocainui expenses where appropriate. 

the piospvct of mi ia#ihi> jn lime into a senior 
finance ynisitinn or ahcnuvively inw> general munage- 
nienl is veiy i.\il lur 1 tic right peison. 

Applications givuie bnef jvivwij! ana career 
dei.iiK io Austin Ktugiil Lid.. J5 iVier Street, 
Manchester M2 SGI). Mease .jui.tc reference APC 227 

Applications are forwarded in the client concerned, 
ihercfore companies in winch sou are not interested 
should be listed in a covering Jciu - :. 


• r~- rh<* 

. CMwxvr. i«. 
iih.. Sfarvr .*■ 

■ ami T»*\; 
'Urn* •' 1 • 

•:nTlc: 

-r :r 

• ■. 

>J JUM"- 
> M.uiiiii r r 
C-virt n> ‘ •. 
ml lira: 

|U’ Horn ■ -.. 

i lir'jl ‘-"U- 
-. v.vr v>i a. : 
1 .iri a-- -• i 

■ . ,ij Loir'. .- 

. pp^jir :r 

• - i.d P-> • 

; ■-< .v^r.i-k i 

■ I-ir rjist :>J • 

l I'. JrtiO i ‘ : 

1 * xnwf :t» i 

; in- **'d ■" • 

] p.fiwar ■ 
| nmc.. 

.»»• ' 


:• <»: : 7; .-> i 

j:i Mjvrr or jvsner 

-.v- *Zorr_ u» 

'•tr-rSfill'ITV HOLIDAYS 

i Li'vrrr. <-1 ,.i :at 

• • -r:3s •. ‘.Me. 

ai.VKr.i oiifc. i*j: a 

■' ■■ Td 1 of ll'-* 

■"i. il ti'- .il> ilial, i.-iij— 

. •• -r i" H’P dr. rr 
W'so.i.-I :•> :h.- ;.a -J 
LYAl.W A IK LINE sYSTE'.: 
•.J..I P-'.i-.oi :» d.-- o'tii -c 
ih- C au.-: '4::nu .i: :i:.: 
r-: Jn.... Li'.-.i-jr 

• "ii *.'• n ->■■■>.•' ;?ik. 
- i'i '-r • a • i .sour r.i ii 

! i 1 .n'riiK in .ii^np; H — 

i. .- i.i ..I. i>i*J. r ■■■■ ■.] 
-3?- .i- 'S- *-!—.■ 

A ".a '-r b> ii.-. iVit.T-:' 

i-i..'. iia<i i ■ .nn r> 

f. ‘iiroidi- d :»• :1 unltr- 
■ -■ .‘"Ur nr . '.liin'-ii’nr If 
'ii;- " 'iii.r u jn.ii ki-TAA it 
i r.-^uijii-d . .mi.l (rr ill. 


Large areas of industry 
strike-free, survey shows 


BY ALAN PIKE. LABOUR CORRESPONDENT 



.D tick sen .x:;u 

fits I .ii-:. 


■i r^ii ■•.h-i ■„ • 

.v <r ii. nf Hi-' iji.; r :i!!o'i 

i i'. i ■ :!■ 

■«■.' .1 « r,i_ • u. 1 ii-i 

■ J*. In- t|.i. ■ rpilv '.'a-; 

-fir hi rli- >..--<1 ij- ■ 

.nil", s**. jUf-'k .»{ :*v 

C. i V ill- j Tin:- 

i- i’i :r j..:..iior ■■! hi-; • 

-. -•.•■ I it f p.i-;*-l n- i.' 

.-'i 2 v.:rrr » .in— , 

. ii. J »«; i.i ■’ , 

ir .!■ ifi'T.Vj'-I. of ; 

<-rjh i i*;;. 


INSTITUTIONAL SALES 
Chemical Sector 


We wish to appoint a specialist with a detailed knowledge of the 
chenucal industry to expand our sales team. Hr/she should he aged 
about 115-35 with at least two years experience of the chemical sector, 
either as an analyst or as an institutional salesman. 

The salary and staff benefits offered will rellecl the importance v.e 
attach to this key position. 


Write or telephone 
R B Blaxland, Managing Partner 
Quilter Hilton Goodison & Co 
Garrard House. 31/45 Gresham Street 
London EC2V 7LH 
Telephone: 01-600 4177 


Quilter Hilton Goodison & Co 

Members of the Slock Exchange 


ROOM AT THE TOP ! 
FINANCIAL ANALYST 
SALARY TO tTO.OOO 


f*k<r>i>c Jw'Lnjf «a up iirvi in 
FiciiikiiI ^fiii'ion i<ir lil?rr.)(iKUl 
Coi-ipi t-» Bul--c ■ni'-i.h npcr*t"!A? 

in-] tiogpi. thootinj *.m 
diC.lc.T3r, jucin'ful :in4dil.i wac'O 
m-l IiXto hold j itS-ii in tut n.’it 
Kud.ci or l<i«r dn lccouriuncy q k tl<- 
fijii-on 4iid w-mreo'-r a-iint:rd 
Tmel o?p«riu.iiti-s tjrj;c ind USA. 
Pifi.r cpnfL.f- 
Mil Belly Leri 
K-irighl Prrtonnel CannHunti 
JS Duren ilnci 
London CC4 
01 . 29 * 0 * 42/3 


la •>= Jt:r;.4 ■■.OUST op .11" AT ICE 
'.janc-JT l- ;.o3 <--jnjp3-:r;s Ccir. is 
Mlc ?JUTI?rr (... 

!.'n. O'.'jrCT -ii IWfl 


STRIKES l?.‘ Brilriin are “ e\- 
srrmeiy concentrated ” u a iih few 
stc*pi»32c.s in larpe section* of 
mdufriry. 

TIi's genera! conclusion — 
“iL-ri different from Ine popular 
intake of v. idesprcad and fre- 
quent strike actmljr " — in drawn 
i rum an cxicnsive study of 
Bntnis**. strike record from 19B5 
onw?r*U cat nod out hj l be Lte- 
par!-n*-nt of Eiiiplo.Mm.-ut. 

A full report will be published 
ronn. but .-oine of I lie broad 
poiPt? are covered in an ailiclc 
in this month's Department of 
Employment fiaretle. 

The reeCL-reli tlmvrs an upward 
• rend in the number of strikes 

throush the years surveyed, but 

tins is not correspondingly re- 
flected i n work i n 2 days 1 o* l. 
which tend l-> be determined by 
comparatively few big disputes. 

On average there were more 
than 2.600 strikes a year between 


!«K6 and 1971 involving a loss 
of 9;ii working days. 

Differences in the level of 
strike action between industries 
declined between Jfl66 and 1976. 
largely ticca use strikes spread to 
new area-. Even »o. live indus- 
tries — coal mining, docks, motor 
vehicle manufacture, shipbuild- 
ing and imn and sleet — 
ai-cminied Tor a quarter of sirikes 
and .i third of workiiu days lusl. 

The research identified eistil 
occupations — dockers and steve- 
dore':. drivers, liners, labourers, 
welders. electricians. mining 
po-.-.pr loaders anti macbinisL*— 
which were involved in about 30 
per cent of .stoppages. 

Despite an increase in the level 
of strike activity aiming wbtte- 
collar workers. SS per cent of 
strikes in an average year 
involved manual workers atone, 
with members of six large unions 
— together represenuns half ibe 
trade union organised workforce 


— involved in ahout SO per cent 

Although less than 5 per cent 
nf .-lioppases were official, these 
accounlcd for more than 40 per 
cent of working days tost. 

The research supports previous 
evidence that strikes lend to be 
concentrated both industrially 
and geographically. Between ■ 
1971 and "1973. a period of com- 
paratively high strike activity. \ 
95 per cent nf manufacturing i 
planL> were strike free. 

In an average year 9S per cent 
of such planus did not experienve 
sink's, although the figure was 
down tii 90 per n-nt m some 
pari' of the country. However, 
the - per cent of plain.-' affected 

employed about 20 per cent of 

the manufacturing workforce. 

The number nf working days 
}n-t hv strike;, last month— 
1.SW.OOO — was the highest for 
several years, largely as a result 

of the Ford strike. 


Civil Service union 
moderates backed 


BY PHILIP BASSETT. LABOUR STAFF 


QS. BANKING 

n ECRU I THENT CONSULTANTS 
. •* t.'.? ue4crBi.-:.:-i>.i(£ .i.i- 

FX D-aJ'r to £10.000 

Corpor. Xr Lrndinn Officer 

(Gnduitc) e. £*.500 

InrtnuJ Audiror (ACA > e. < 7,250 

Unit Iruit Rcpres/nuiivn c. £ 7.000 

Credit Antlru/Lum Admin. 

to £ 6.000 

Credit Controller £ 5.000 

ComnxmiciOonv Officer £ 4.700 

Mount Doc. Citdm Person 

C ncysrlibU 

FX Imtnictioni c. £ 4,509 

Saleriei Cfik c. £ 4.000 

Also miny senior Str'Kn], (X 
And De po;«: BroVmj position!. 
Kici*.'- 

Hike Pope or 5 heili AnltefeM.|on <1 
01 - 23 * 0731 


uMECj.vpc :.u’7r»fii lcjited 

t. f. «# d;- I 

’■-•ViSl.t: LIFTED ! 

jji <1 id ift-: Jij-i.-r «>f th-.- : 

Ai IH J 

.\oncu HKiiEhV a iv”:. : 

| P<-rii-io*- M-* !fi- --rtiri-'-ua »?i" j.ifl - . .. ! 

Iiua. nl t !h' Hi.tl C jort ] 

;Ju iic>- w-r- . .■». :■>■ !\*> l.-.v ■» Xoi.mV r I 

■ »7-. prv.;-v 1 ie 111- ■ , rt I’»lir ’v! 

'Tf.p ryi'*' :i»!'iXFfiv nr r; , ..'- T ■.'■.< ; 

! A7.D EXCL'-c ct King' B'-ins H-Bjn- ’ 

,'t-U MjrS lj-Jj t.nngji 5 -J'^jR Trfi’. , 

.«n-3 uij! jiJ I'iMiv-is ir-- •1ir-*-i.-c . 

i,o b' Sf-iri :n- ioun <■-1:-'-- 

I at ilv: Roril CaurL- o* lu-u-.c Si r.inl 

■ Lnnd.'ii Wi;;.\ 0-1 if.- 13'h diy of 

Jacuary I*'v. c-tu tv cr-*:.:v w conir- 

; SSk. « X*ZZ iTSS: wi;:;"” h7‘ Ci?il niK »c M Ur renin elrctMw; 

■i>! ja ivcir o? an-. .4 :v ‘.ig P-:.‘w:.i ■ .. .. . . would return a inure politically ■ 

■mij npiKir j o: Neons services Assortalmn. stepped up j >; , | .jnced executive, though under ' 

! r :rson or tv a.- c- j «ru- 1 tw ih-i wwy»»^ | their campaign yeoierday for ihe |, Je present voting system the! 
;iuni khcit -• -n u-ii-twr-i :: .. : . return of moderate candidates «n change could nol be a significant | 

. in "r .wir t-aior is.- of it;, rbc ne w elections for the unoo's one I 

^ £ (r VS & I svc. The Lefl or./ed control of the, 

. Last month, the electiuns held >. n Ma J' elwiuno. 

1 g; trip union s annual conference **i«W«* balance of power 
I :n .May were declared void when (, ,ur ? 1 1 , a f,* f^'our of ihe 
i s».*:nc 0 ranches were fount! 10 Ri^ni lo -0 h in ns favour.; 
i h .5 ■. t- av. itched votes from candi- txcludiQK the iwo elected Left- 


RIGHT-WIXn members of similar errors, faults and mal-j 
Britain's largest Civil Service Pracltces.* 
urn 1 the Civil and Public 


Textile 
plant ban 
on bonus 
working 


By Our Belfast Correspondent 


injm-a! cr 
.am-.. 

C t «..:.uvr: 

Km- • I vill Unvlii. 
:>4l I.*:. 

. Len.10- 1 / n. ;i*c" 



COMPANY NOTICES 


15-: 

■». l( a Slfll ’S'!.'' Vi'l J’hll-S: III 

. bt- Unit. i" • muv bv s.-.n - 1 

* -«i'r;oii or b- -I ,,r ti.. or ;5t-*ir bfir-.-.ur 
)--f am--, jr ", r-H.J t»= ,-r-rt. i,r. -J 

yi.yj ma«: 1 ^-n by j«"-: *ullivi-'r.: 

•imi' rri'-h ;iii i'joi -n-.m-'l iw: 'an-r 
ih.m four ofA.i ;n alitto-ran of ib- 
iih d<r of Jjr.turj" W9. 


NOTICE OF RATE OF INTEREST 

Gabinete da Area de Sines 

fAn Agency of tfie Republic of Portugal) 

US $50,000,000 


Guaranteed Floating Rate Serial Notes 1982 
Unconditionally Guaranteed as to Payment of Principal 
and Interest by the , . 


Republic of Portugal 


Jn accordance with the provisions of the Notes and Agent 
Bank Agreement between Gabinete da Area de Sines, the Republic 
of Portugal and Citibank. N.A., dated May 31. 1977. notice is 
hereby given that the Rate of Interest has been fixed at 13iV:i p-a. 
and that the interesr payable on the relevant Interesr Payment Dare. 
May 31. 1979. against Coupon No. 4 will be U5.S611.4I and has 
been computed on the actual number of days elapsed 1 132) 
divided by 360. 

As a result of the principal repayment of SI. 000 per Note due 
November 30, 1978. pursuant to Condition 7(a) of rhe Notes, the 
value bf each Note will accordingly be reduced to 59.000. 
November 30. 1978 

By: Citibank. N.A.. London. Agent Bank 


NOTICE OF RATE OF INTEREST 
U.S. S7S.000.000 Guaranteed Floating Rate Notes 1983 


Lloyds Eurofinance N.V. 

( Incorporated with limited liability in the Netherlands) 


Guaranteed on a subordinated basis as to 
payment of principal and interest by 



Lloyds Bank Limited 

(Incorporated with limited liability in England) 


In accordance with the provision of the Agent Bank Agree- 
ment between Lloyds Eurofinance N.V.. Lloyds Bank Lim.ted and 
Citibank. NA.. dated May 26th. 1976. notice is hereby given that 
the Rate of Interest has been fixed at 1 2 A ■, P-a- and that the 
interesr payable on the relevant In ccrest Pa ymenr Da re. Ma y Jlsc. 
1979 aeainsr Coupon No. 6 will be U5562.88 and has been com- 
puted on the ac«ES number of days elapsed (182) divided by 3b0. 


November 30th. 1978 

By: Citibank. N.A. London. Agent Bank 


CITIBANO 


TRANSVAAL CONSOLIDATED LAND 
AND EXPLORATION COMPANY 
LIMITED 


( Intcr-portnrd In the Republic of 

SomiH Afrleo) 

A member of the Carlo*. RjBd Group 



. PAYMENT U, ... U PCN NO. 79 
Witn reiere-i<c n» the :omwnv , j 

prc'l anraun, pn-eni .03 
nOTIrr Jtlvcrtism in rne orn-.s on 
27m Or toner. 1978. tun lo'lotolnc 
'Olorma-inn k uublisli'O lor rhe 

auklancc oi nolders o< iha.c 

io nearer The oiviflend ms declares 

In South Alrlran Currencr and in 
asc or dance with The condiimns ol pav- 
mcnl ol this nmaend. onmcnl Irom 
Hie orhen or me 5errcur<es or me 


comnaor In Ihe United Kingdom will 
K i*idam .-urrenc* 


SOCIE DAD^DE^^vh'li M E NTO 

DL NO. UOl 

NOTICE OF DIVIDEND PAYMENT 


NOTICE IS HERtBY GIVEN »"« 
me admlnnirihfr Count'* 

Company ha»e ri»oJ»e*l *" ,l,e JtEJ5S?,i 
mendation ol site Consolf Ure Coune 
or the Comoan* ihai an ln, ^L m .f, y ’ 
dend ol CP avUr 0 50 oer CRW'P 
mar* mould pc ojid in r fSje c, e e ?. 
the 6 ironrh eeriod ended 30Ui sen 
lemoer 1978. , 

Alter ded union * . 
he id mn in at the ram oj J 5 ■ J. 1 "" 

ihe depositaries n*p«n*es ■»* U.S. «ro> ar 
0 01 Per deposit *‘y 
payable in respect ol ratii orm'nai 
neposHarv share ts l/.S. dollar 19S.3S 
Ir resort L □* each deppsnary sn*rt 

isecond sermi -s U S drtur !«■« 
■nd in -cs nets ol e»m oeoosuar^ shai r. 
(third series i Is U S. dollar iSS 44. 

The interim dividend will t* 
able on or a Her November 28. 197“ 
to holders c4 the reecam inter- 
national deoosirarv receipts on 
render ol dividend coupon no. ■* 
BRactiud to ID9s m respect ol , ™ 
oriftinsi ocsosKan shares, ol fli*l« end 
coupon no. 4 attached lo > iuhs 


.nsgttt ot amroSSfir »5ESL. , "S!? ,, i 


Of 0CPO51«nf jno.va . 

BCTHrt i arid of dividend coupon no. ■ 
itoched to iDRs In rcsoeet oj the 
lary shares ithlrd series i aL any oi *nc 

”* n MOI^AN^GUABANTY trust 

• COMPANY OF NEW YORK 

— BRUSSELS IS A»enue des Ari^ 

— NEW YORK. 15 Broad SU«» 
New York lOOtS 
—LONDON. 3V Lombard Street. 

— SWrnCE RLA N D. 33 Sro'lcr'-ua^r 
CH 8022 Zurich 


COMPANY 

ACCOUNTANT 

c.£7,500 West London 

This progressive position 
with a subsidiary of a major 
public group enables you to 
take overall management 
responsibility for the com- 
pany accounting function. 

A negotiable salary is 
backed by large company 
benefits and career prospects 
are excellent. 

Ideally you will be ACMA, 
25+ or CA with some 
industrial experience. 


THE ENGLISH ELECTRIC COMPANY 
LIMITED . s 

DEBENIURE STOCK 1955-Bh 



■" accordant? with fne ,cr C!2t^mp-'oP 
Tr »*l Lew. a dr Winn. »w 
*>uip«a«&. gl £100.102 o' ,Bt; ■**!?** 1 

will irte plate an me 
1978 m respect nl s'flckhowwv o" )|, e I 
Rtjilstcr ii me riosn pi busme*> “ i 
™ Oecembfr 1978. Noikc -o 
hi Id pre aJtcrmd will M dolic-J on i 
27th December I97B 


Personnel Resonrces 

Li m iied 

Recruitment Consultants 


5e made m United . _ _ 
at me teleurarhk tranyler rate oj r< 
Lhangc berwren Jonaiumburd and 
London whtch ruled on 27th N (mem- 
ber, 1978. 

Payment will be made aaamu 
coupon No 79 on OJ- alter 3rd 
Januaj-y. 1979 In U.K. currency ai me 
London Beater Reception Othic. 
Charier Consolidated Limited. •» 
Ho I born Vladucl. London fcC' P 1AJ 
or w French currency at Crec.l 
lyomLHt 1 9 Boule«ard de% ualiens. 
75002 Paris. 

Con pons must be left lor at least 
lour clear din lor cumlrallgn and 
may bt- pro-ciwed an* weekday Satur- 
day e'cemedi between me hours oi 
10.00 am. and 3.00 o.m. 

Reoubllr el Sou'h Africa non. 

. es.oc’i rhareboKicrs* tax will he 
deducted ai me rale of 15 per emu. 
United Kingdom Income la* win alco 
be deducted from coupons areiented 
lor payment at the Lor.aon Bc.irer 
Reception Office uhlen* coupons are 
accompanied b* Inland Rc.cn je 
declarations. Where such deductions 
are made me net amount ol the 
dividend n. as follows: — 

South 
Alxan 
cur re icy 
per slwra 
cents 


Amount Of 
dividend de- 
clared 
Less, south 
Air ican 
non - 
resident 
Snare - 
noldors* 
tar at 
15”. 


UK 

currency 
eouivaient 
per sny--e 
pence 


44.39235 


11.25 
bJ 75 


6.55885 


29.74288 


Secraiariea of fhe Company io the 
United Kingdom: 

Charier C onioUoaled Limned, 

40 Holborn Viaduct. 

London. EC IP 1 AJ 
2 9Ui November, 1978. 

NOTE- 

The Lom p an y Has been asked 
Ov Ihe Commissioners ol inland 
Revenue lo slate 


Under the double ipraiion Jpri-emrnr 
between ihe Um:eo Kmodom and the 
Reonollc ol Sooth Alms, the Sonin 
African non-rc-.ldeui shareholders' lac 
applicable to the dividend is allowable 
as a credit apainsi the United Kinn- 
dom tuc payable in respect ol the 
dividend, The deduction ol ta * ai 
the reduced ram ol iB". in'tead ol at 
life basic ram ol IS", represents an 
allowance oi credit ai the ram pi 15”». 


TRANSVAAL CONSOLIDATED LAND 
AND EXPLORATION COMPANY 
LIMITED 

ilnccrpar.itiyf In rhe Rcr-uhl'* ol Sourn 
Afr-ra, 

A Member Of me Barlow Rand Creud 



NOTICE Of MEETING 


Fu'.'i rc^ul'if (T**ni the Te-run a demand that the union “con- 
ploctJiin, in which \oling started tiucis (uugh ncgotiahons rather: 
lint •*. eek. will not be available lhan arbilrarilt resortinK to! 
until next month. But Mrs. Kate hasty slrikos"; and a plea for, 
Los i ii >k a. the union's v.ce-presi- maximum involvement h;. meni- 
dent. tiiid >Chterday that the hers in the union’s affaivf. j 
result of the first branch to vote. Mrs Losinska denied uccu»a-: 
the hcadrjuariers branch of the lions Trom Left -win? members] 
Department of Employment, of the union ihal Hie “ assault ”1 
| ‘Unwed sn '* almost complete” on the elec-linn* lur the execu-i 
.switch U* the moderate position, live ha«l been timed *' as ai 
The vote-switching discovered deliberate attempt lo sabotage; 
n ihe May elections was “only the pay campaign.” She re 


\i (rev:* or i?;« 

In fhi* K'-.ll COl’RT OF .11’ ST ICE ! 

Ciiau-.er? Oni'-on. In ih? Mhiic-r of 

T^'Voni;™A^^ i ** , li P ,J' r , an ,c ^ cr ? 'J f affirmed support ‘"ror the’ joint 1 

notice it hereby c.ivf.x thar a ■ practice, she said. The block campaign threatened h\ al! Civil 


P.1.U09 xa» -•*» ih. nvn N'-.rbih^r- 1975 voting system being used in ibe Service unions against the 
E3£ W V *>T 1^ tS * V a.K^nc t,U of' 5 ! re-run elections was “open to Government's 5 per cent limit. 


NOTICE IS HEREBY 


S?tKm7 Of 
loniimiaUon 
CACILli Of 


Ar.-aac,m*ni und 'b» itu.- 
/.f ill- r*.ilui-iion Ih : I 
jhm-^ndRi,-d Com pun: I 


_ . __ _ given that tnr l from fKA^r o flu.ODd hi cartcWIms all I 

; eufiiiy-fiiird Jinru^l Bonv.il mccimp oi.ih- S 10 .+ tm* • el ”‘P ea-.H of i'Ov s-rd 


i 1 1*™?', 1 *. v,th ,be 58,(1 

i ^ c ;. <?ft JSh^r t s ,ev ^ ,h JS i *uat finoTwitTHKi finrer. 

. unuit-, 1979. a: ii.OO. iw ihe icliow,*i 0 • rtiat ift— 53'd PtIiitco H directed ;n ne 
1 ^ ^ . . heart before Tbi Honour ab|.' Mr. .'ilifli- 

it. to the audited annual «nancul r ... klm , n Ihl , i rnuns nf 

siatcmeiiu ind group financial «a»«- . ^rirJiunan u» ihj. lo 

menu lor the rear ended 30th Seo- i-iMK'-. Sirand. Lnndnn wt_ . nn Mnncaj 
Imber. 1978. Uie |uh da? of D-.-«mber W78. 

Z. To eft-:: director^ In jcrortance wun , 


To rtcc: director! In acrordance wim J ANY Creditor nr SimihoMer cf rhi 
,,le £on, ~ n> 1 • rt,elel ! said Comp-ru' dvklnoe lo opp«~ the- 


Speedy start on BL Cars 
deal depends on stewards 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


unacr I o"‘1£ K ! BL CARS hopes of speedy impfe- raise earnings of many workers 

meniation of a pay and produc- by an average £4 a week, should 


The register o' me.nDeys oi me tom- 1 sppear at the tlm-- of huarlou Id person 
war w.ll oe closed irom I2xh to I8lh ... k.. , oon-rl For that Diirtia^c 
Januar, 1379. beth days Indus, »t s 

A mifinber eniiilea lo allcnd and *oM . •» of ' a '“ Pv,,,,on * 1U 

at a mec'.i: g may appoint one or more | furnished in any curb por^nn reQUirinj 
proxies io attend and soeah and. on a i ihe same by ih* undornR-ntiooed 

poll, vote hi hi: stead A proa* necc 
not be a member ol the comoaa>. for 
the tci«CTiie»ue of memoirs who are u"- 
ahfc to attend Ihe n eeling bu| wish ro 
be represenied thereat, a rvo»y form will 
be sent :o members on reouesr to e-tner 
the Uniico K.ngaom secretaries or the 
transfer secretaries -fi johanreshurg. The 
attention ol mombers is drawn to rne 
fact that it t; Is sa be elective. n>e 
romnlciL-d prow lorm must reach Ihe 
company's transfer se:reiarics In Johannes- 
burg or its United Kingdom registrars and 
| translcr agents at least Icrtr-Cighi hours 
before the lime appefnted fpr the holding 
o‘ '.tie meeilno i which period excludes 
SalurOats. Sundays and public holidays). 

Holders ol share Miravu to bearer who 
rteslre ig be reornseriK-d al Ihe n,ee',no’ 

: mu*i produce a cemsejie ol the,r holding I 
bea-cr ’ccaS’pan^ | ^"«rr D-v-con Cdn,P33:« Court, lo dw 

seirctariz: in me UmKd Kingdom. a0;J{jHc-r -if A L. DANIELS .1 COMPANY 

i Holborn Viaduct. UmdDn EC1P 1 AJ. a* I j istiTE-n .-M In .h . ,-u jh.> 

■ lead len days before th,- dale aopairied | liM-TEl) an3 Ip flit SlJH?r Of lot 

10" Ihe hokti.-u ol ihe mne-.mo. an-i shall i Lom;nn:--s Art. 1*4^ 

othcrwiio comply wfh the cond.i.ons | NOTIfE IS KEHEF-Y GTi'EN, fh.tt 


Solldiors cn pa>-m.m of the rrttvUted 
rharsp lor th? kimi- 
DATED ihLc ?«tb day nf Nor.-rr her it fa. 
STEPHENSON* HARWOOD. 

* Saddlers’ Hall. 

Cutter Lane. 

iJMidnn. EC2V SBS. 

solictors lor the s*ld Cempanj-. 


tivity deal rest on a meeting of have been made from tbe begin- 
senior shop stewards in Coventry ning of this month, 
today. The company maintains that H 

The main question is whether cannoi afford lu offer the money 


MORE THAN 2,000 manual 
workers al James Maekie and 
Sons. ihe Belfast lextile 
engineers who were black lis! ed 
for hreachins phase three 
guidelines, arc to uithdraw 
from hunus working from 
Monrla.t ■ Prod union may be 
disiAtpied. 

Their action is in protest 
against Mackie's refusal to 
exceed the guidelines again 
this >ear. Shop stewards said 
lhal *40 hours a itcek tvnuiri 
still be worked bill, because 
!he company had implemenicri 
a liie per cenl inrrea-ff 
rejected by ihr manual 
workers, arrangements were 
being made lo slop other work. 

Mackic had failed to improte 
its offer during two months 
allotted by the unions, stewards 
said. 

Export rrrdif guarantee 
facilities were withdrawn for 
a year when Mackic gave 
employees 22 per cent rises 
in the face of a len per cent 
guideline. 


Dispute causes 
shortage of 
heating pipes 


By Our Labour Staff 


A TWO-WEEK-OLD pay strike 3 t 
the Wensbury copper tube fac- 
tory in Wolverhampton was 
said yesterday to have led to an 
acute shortage of pipes for cen- 
tral hcatinp installations. 

About 1.000 workers at the 


stewards will baulk at the com- until February. Thai decision 


! factory, which is part of Ihe 


MTU? ol 197V 


ncr m. 0. Dunacroalc 
Offcca of tflr London Scururltt: 

Char*?* t_oniD>Ki«ird Limited. 

40. Holborn VUdorf 
CC1P 1AJ. 


pany s insistence that The pack- alone will provide an important 
a?e — worth about 17 per cent fur lest of the flexibility of Govcrn- 
the low-paid plants— must he ment pay policy, 
conditional upon productivity im- The Department of Emplov- 
provements. ment has so far taken a hard 

The trade union side of the line, insisting that any premium 
central negotiating committee payments must be offset aaginsi 
will be recommending acceptance the 5 per cent pay ceiilng. BL 
[ of the offer, but the vote was so Cars believes it can justify the 
in tfi> kirk contT OF JUSTICE [ narrow that it is believed to have extra money on (he argument 

been decided by the casting vote that payments wilt be financed 
of the chairman. through higher productivity. 

Tbe company offer provides for Pnli'tirnl love 
a 5 per cent rise, backdated to 1 7 r , , 

IF the BL stewards accept the 
argument of their negotiators 

jnsucv kjs no ih-.- jinn *v of Novembvr j plants bv next November that the package offered is the 

j^sfSPViLFim ‘wruSa^Biw Controversy is likely io centre !>«t that can be obtained, the 
rods. Had 1 ™ a* MUM.AND com. i on th.- implementation of over- issiie wbl^ be put to a ballot of 


Uj.dTii'io -.har» warrants - |n lorce Uaon j F’r.-rnlon (Hr Ih? V»*i?linV up ol lb- ahavr^ • November 1, plus moves towards 
n JS”? Sj:*4?f ■"«?«* ''Monm b? H.sh Coun bf ? P?nly of eamins* between 

balden mar be leprcsentcd a; 111 ? meeting. 

B> Order ol Hie Bum 
RAND MINE5 LIMITED 
5c;-cl»r,« 


ti Coiu cj I time and shift payments neco- T ^ c ^00.000 manual workers. 

srrcr-». Nantiampiu. NNl 2QP. 3niJ ihj: -j — j — - - - - - 


MERCfAL SERVICES, of 


^Mf^Tdi^erro b *' he ,^>1 • Britain-, .wo larges 


union" 


ol the unwed Kingdom Renhinr* i ^ ,on ’ < 7uon fi i irk ai ihe- , Enn p 1 ny^ rs ' Federation last April, are to be asked by irale Ford 

and Transfer M«iu: ! of JDS':«-. SlnM. 

-I.L on »u- 13th day 
any cn-> 1 i;«r i>r eon 

Comcafiy dniroiM iu -uppon or oppoxy 
rhe maim-: of an nrd-r o,i ih-- mj «1 


and Transfer Agents: 
cnaricr Consol-na'cs Limi:rd 
PO. Eo, 1 02. 
Ctlartor Hou-.e. ParV Sir eel. 
A-.hiord. Kent TN24 SEO 
10IP Ngumoer. 1979. 


UNIVERSITY 

APPOINTMENTS 


COMPANY 

ANNOUNCEMENT 


RICHARDS BUTLER 
MIDDLE LAST 

We are pleased to announce the 
formation of the partnership 
diehard* 8ut\er Meddle Ease. On* 
of (he partners in Aichards 
Butler Middle East. Mr. A. L. G. 
Trew (who is also a partner in 
Richards. Butler & Co.), is now 
resident in Abu Dhabi and ii 
working ai PO. Box 6891. 
Habroush Building. Isiiql.nl 
Street, Abu Dhabi. U.A.E. (tele- 
phone no. 21850 — telex no. 
3603). 

RICHARDS. BUTLER a, CO. 

5. CHRbs Sinn, London EGA 4DQ 


UNIVERSITY OF NAIROBI 

—KENYA 


AppUcMinns arc in-i;<.-i] fer ibe posi 
Of SENIOR LECTURER m the- 
DEP-LUTMENT UK BUSINESS 
ADMINISTRATION- SnplIcanLs Shuuld 
liar- at least J MSc m Business 
AdlmlnMrnimn. Mati.-iK-.-fneui. nr a 
rr-lax-d Soclnl Sen no: firld and bar* 
♦Jlher u>n*idrrobli induAinnl ,v 
Di-rii-iK'p, or rr* an.h .md leaching 
,-<perb-iKv di Univ-.-nliy lev-rl Can- 
dijJ.itc- wild all MS-, .should hare ai 
lca--j four »t-ar& i--ara.ni. -.-^p- rk-nr- 
and iho<- with a Ktil* nr sonir j|,m 
ai lw-i inn rears ii.-ai-lun* esgerltnci- 
ai Uoivurhlir l.-i.'l. iTaialldaies sboulU 
al>n hat>- s c'-nd rov .ircli r-.-enrd. 
Het-.-iam inrtaiirlal i"*p-rii-ri-r will ir- 
hu advjinui:-. Tti-- will h«- 

i-MteeUd iu lojs'h nl ifiidaT-jcraduair 
.•nd po»r urariuai,- K-n-Is and hov.- 
i-jpariir in i-.icti hi U-asi i»u uf jh,. 

rollonliu: Mih-diociplini-s: Liiiini-si 
I'olKT and Dpcls'Ofls: uryanbjliorol 
Tliiory hiki bihavla'iir. K.rsoniw.i 
Viniuil-firaiion and Lahoiir RclolloiLs: 
ll,.-*:i-Hr,'li .Mi-ihixlolncj-: l-ublic Em--r- 
prise AlHniucerdyn;. Saljr*. !k.ifc- 
Ka.»MW pa 'Kfl-Sl-.l si-.rllns,. 
Thi* Hrliisn UO' -.-rnmpui u uniiLtly in 
pm*id“ -Hilary suppi.-m.-niauoii ami 
■ssnmu-d b--iirflis. rani:lr pissatrc:: 
.SSSF or FS5U; nnn-i-unrnhuiory 
medleal sc-hi-m,-: subsidised hinislnj: 
housing hI]uh-:iii(t. Ueiailcd nppliia- 

imns 1 2 tfuples* With CllTTIllllU.-n T|1J«- 
anil na nl leu "! h-/i-h:.y in I*? u-m 
dir. cl io R-.-4ir.irar iRevruiinieu! ami 
Trainin','. L'nlierMiy yr .Vgirubi. Eli 
Bos 3*ls;. Nalr.il.i, R r pyH. by j 
.ianuan- I9rp Applied n;j residt-ni in 
llK- UK .hiHiM also miipI mi.-- enpy i«, 
ihe IniiT-linivenlii Coum-I ho si 
T mlenlinni JJuiiri I Ion-1 Lnpi1»n H'l K 
PDT. Hurihrr driails n,aj- b™ oIuhiii, il 
I rniii eiim-r ai|dr-'>s 


lra . de unions ha y e ar ^ ed workers to withhold' the noh ucal 
ASfd??Si ltat sucn Paints, which could levy from the Labour Party. 


Prtiiwp may appear j: is- nr.v or 
itrarinK. in p-.-rson or by hi* eoupsel 
Mr !ha; pu.-p-jse; and i cwr of the 

t'-.-’Ulbtt -a" III be lonusftcd bt ihr Utrier- 

sipni-d i-> aar rr.ijiipr ur cun'ribolorr 
ul the 4. id Company maunne such copy 
on pjymini or u«e r-./: ul j led rhjrse For 
iht jam-. 

D .1. FREEMAN t CO SI PAN V. 

9 Cuvrndub Snuire, 

L-iUd‘i.1 WIM HPD. 

P-4: PB’Cl^j 
Tel: >*l-C* VlS'j 
.SL-liciiwr* for ihe Pelirioner. 

NOTE. — Aar person who iniends to 
appear nn lh>- bvanne nf ihe said P-.-iiilo.i 
mill !N-r>' aa. or send by poM io. Hi* 
ab-j'-Midjnrd nonce m unlink tit his 
j iniLUiton *n in do. TTie ooiip,- musi 

I sl.ir: lb- linlile and address -if tI»- 

pi-rson, nr. if a Urns ih-.- Dante an«l 
I address nr 'he firm md must be signed t 
t by ihe rerson ur him. or hrs or ihiir | lost 
Isoliciiur i if nos 
- or. if |H>,;ed. must 

I snUii-i-m uni" io 


Talks to save £36 ra 
ships order begin today 


Glvnwed Group, were due for 
iheir annual pay settlement last 
August but negotiations have 
been delayed because of a row 
over bonus payments. The fac- 
tory is one of the three biggest 
suppliers in the country. 

The National Council of Build- 
ing Materials Producers said the 
strike was having “a big im- 
pact " on home improvement 
work. Even before the strike, 
lube makers supplying the in- 
dustry were working to full 
capacity because of a big in- 
crease in home improvement, 
contracts over the past 12 
months. 

Transport and General Wor- 
kers' Union officials said they 
would he meeting shop stewards 
tomorrow to discuss Ihe posi- 
tion. They said the company 
was trying in cut by half the 
value of a prod net ivily bonus 
negotiated year. 

The company said ii had made 

a pay offer ivilhin the Govern- 
ment's pay guidelines, including 
proposals on an output bonus. 


BY LYNTON MeLAIM 


BRITISH SHIPBUILDERS is to but draught-men at Haverton 
meet the Confederation of Shtp- Hill have refused to band over 
building and Engineering Unions drawings. 

in Newcastle today for talks c% in K..4iA i _,i 

about industrial action at the fo SnipbLFtlders. planned 

Haverton Hill yard which is JJ ,a *% : i ” 1 1 ° r J2 1 ^ EN L ER ^. ■ and Municipal 
jeopardising a £36m order for berth no a filled b> HUS Worker- Union members in the 
two container ships. 1 ^w^itios us launch j north-east are 10 be reconi- 


Call to reject 
shipyard 
overtime ban 


• ’j KHiiKiriier alum's. . c „ -| - ■ - **• wc iciunr 

The corporation has alreadv fr °m Swan Hunters Tyne yard j mended nut to follow the action 

- . .-..st an order for a similar £18m ° n ^Fnday. The other 16.3001 of Boilermakers' Society mem- 

^ ! vessel because it could not meet aeariweipht tonne vessel was ex-; hers in banning overtime from 

■'I„nn-^I , u rran’h fiL ' abo« ^-nam-.i a delivery date of late next year 10 to Smith's Dock | January _ I in British Ship- 

ru<i lair-r ri*jr> lour a',k»t m ii>-- alter- in jipite nf a chronic shorfase nf '- , ** l *ipany on ine Tecs, 
j .ioun Ot IB-.- inn 48V Ol Januar? 1773 | .,. or fc snd : p e threat of 12.300 . However, all building v; 


builders' j arris. 

nrk is I Mr. Bill Porter, representing 
redundancies, possibly starting held np by tfip action ol the- 'be 9.0U0 G M W \ ■ members said 
Inrxt year. ‘ draughtsmen, who are worried j f*fier a conference yesterday in 

\ The vessel was part of a pro- a bout possible closure of the 'Newcastle of 40 shop stewards 
i gramme tr« build three ships Haverton Hill yard after » n d convenors that it had been 
.involving ihe Bank and Sarfll December R when 1(5 last i decided that ihe union would not 
registrar s Sections roe the J Line and rhe Shipping Corpora- vessel, the New Zealand Star. 1 ™ Protest over 

.advertisement of ASSIGNMENT of'iioii of New Zealand, which leaves. i threaten ctl redundancies in the 

marks without goodwill j placed :t= order in Germany. Bank and Savill Line has j yards— jhut would work nor- 

Bank and Savill placed letters insisted cm tight adherence to mally* “ In the hope of attracting 
•if intent for ihe other ships with ihe agred delivery dales of early • ,nore work to the north-east." 
British Shipbuilders this month, 19R0 for both ships. 


TRADE MARKS ACT 1918 

iSc:«>3" 22<7r. Ru> *Oi 


To MESSRS GALLAFENT 
8 STAPLE INN 
LONDON WC1V 7QH. 


A CO. 


In rumple ts *ou r applies non on 
. Form TM — NO. 43. datetf the ZOlh Oar 
1 ol July >978 lor directions wun tChPcci 

la ihe ad.criiSCJneni ol an assignment OI 

i registered trade mart- winoii the good- 
anil o< ■■ Bui-nesi in a>h,cli Hie ir.de mark 
wl used at M lime el assigiunenl. 

I I DIRECT IP* adrerlrit-mcnl ol :h» 
; iiiiomicnl, stat'n giN name and traoe 
| address ol :nc assignor and >ealstc--ed pro 


CLUBS 


ART GALLERIES 


PROFESSIONAL man "O'* tn 

Zastmrni manaowriem gr rdMOrth 'P 
Man ( na-.-Hr wrue Po» A.65G2. Finan. 
, >1 Time*. IO Cannon Slrngf. 6C4P 

46 V 


EVE. 159. P«fnt Si»«l. 734 9582. A la 
t Cute w All-In Menn Tht«» SpeUKulu 
1 r-mgr Shgi-c 10.45. 1.-.45 ,ind 1.45 and 
i music ot Johnny Hggrkeswonh t. Friends. 


GARGOYLE. 69. Dean Street. London. W.l 
1 NEW STRIPTEASE FLD0RSHOW 
•' AS YOB LIKE IT - 
11-3.30 im. Show at Midnight »na s am 
Mon.-frl. Clcied Saturdays. 01-437 M55. 


SI PAUL'S GALLERY , „ lr Mar M utpr. 
I.lF gfl Lunar In Hull, Q1^4S SXS9. 
O-t d*vl Watercolour Paintings Sculpture. 
Frantar* and Untrimrd Fine Ari Renro- 
rti,cl i*im includlno S-gn-^d L-mifr-d Estt-o- 

Pints. Open 9.00-5.00. Mon -Fr 


THACKERAY GALLERY. l«. Th.ckaray 
Sf . Kenr.i'g’op Sd . W.8. 01-337 SBS3. 
CHARLES DURANTY. Urt>l 21 Dec. 


pricior ann me assignee, and seating ihe* 
nuinbc* oi tne legrsiereo trade mark. i 
■■ Hatemcni or me goons lor nhico ■■> | 
, wj-, ■ mu' ,j'.c dand assigned. In rhe manner 
i ndiuita overl?»t. shall t>c inseriert in ine \ 
! nnmBer ol issue- or me lalla.ving dc-kMIcjI . 
puMicH-.-ari. namely 

To anoear i" * issue ef 

F n-Bi-al Times iLcsal Notices! 
FinanriJl 'Ijn-, Ltd 
B-.i-j.rn Mouse 
10 Cane on Slrr-e- 
I pnddn L CaP 38 Y 

i ruHTHER DIRECT mat rne ag-e-tise I 
; regsl -liall appear in HlC pnhlll H?-on • 

j wiin>n 2 manltis nc *1 succeeding fills da*e 

| A con t pi me wu'lisencni a iiairecm i 
oi :ne "ale ol <esec. ana a cod- pr ifns 
id'-ectio i iitPuid ee lodged wim tbe >ddI> ! 
| L.’liOn -arm TM — No. IB lor m< > 

I rniiistiation *oar name as Proprietor oil 
1 me etoroaid rcgiiterrrt Made -riarkis- l 
; Dated tbe 23rd day el NA.enbe . 1978 
• IVCB DAVIES . 

. Registrar Ol Trade Marks | 

Tram- Mams Registry. 

Th. Pa-. nr Ob'* 

1 25 5o-jtnemp’0-» 6u-ld,r.gg. 

I London. WC2 C AV. , 


Peace plan for social 
workers rejected 


BY OUR LABOUR STAFF 


HOPES FOR »n em| to the wide- 
spread industrial acuoo by social 
worker- foundered yesterday 
wlu»n union leader!- rejected a 
fivr-pnini plan f«»r salary grading 
and local bargaining nn job 
re-:»>n?i»i1uie... 

Tbe irical gnvernmenr rnmmit* 
tee in the National and Local 
Govern men i Officers Association 
threw tun the plan in spite of the 
union having been psrn- tn a 
inm? ■■ nrk in g rrnup report on 
rhe issue with employers. 


Industrial action over 3 claim 
for iucal bargaining rights has 
increased among Britain’s sucia! 
workers since last September. At 
present, about L’.OOO 4iicia| wni- 
kers in JO local authonue- art- 
on strike and two other .areas 
may he jpininy the aclinn by the 
end of this week. 

The union said yesterday that 

11 nut nf 12 regions had rejected 

thp offer outright, hut talks 

wnuid continue aimed at finding 
a solution. 



s> 


Industrial narking 


JJ Ventilation Limited 

T3 Dowry Square. Bristol BS8 4SL 
Tel. Bristol 291295 


ir 







Sfines S h 







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^ nancla ^ ^ mes Thursday November 30 1978 





COMMERCIAL RADIO AWARDS 


jJ, \'3-£ > 


' . •Ebfrio;:6ypMicft^£C iTHdMPSbfc r nOel • •' 

,“i • ‘■Six ■£&'■ ,v Mr* -. -^vi iss*^ :• ;.r-a; • • T -'. ■ - • ■" K'V»t:. i-:i :•-■*•• 



BRANDS VERSUS RETAILERS 


Awinning 
ride for the 
"Indian’ 
bus 

conductor p 


THE BEST radio commercial of 
197B was “Indian Bus ' Conduc- 
tor starring Peter Sellars and 
produced^ by Molina re for agency 
Col mail and Partners and client 



Peter Sellers— 
captivating the ad world 


A sudden death 


BY IAIN MURRAY j 

Those manufacturer! of Between 1970 and 1977. said advertising nf the price orj 
branded goods «*l>o have Stephen King, retail advertising brands," «aid Mr. Davis. “Very: 
responded to hyperinflation hy had increased by 417 per cent, often the manufacturer who) 
slashing advertising budgets arc while expenditure on ibe top 35 criticises u«, retailers for adver-j 
committing commercial suicide, brands. had halved. “Many Using, that i» mdisiincuishahlc is» 
according lo Mr. Koy King, branded goods manufacturers nowadays producing products ! 
director of sales and marketing have put into a vicious spiral,” which are IndLsUnguisbabie from ! 
m Hein*. he said. "Low profits have led each other. j 

Speaking at a meeting of the to low investment — in new plant. **I »» ak one of the weaknesses) 
v Institute of Practitioners in new processes, new products, in Stephen King's argument is! 
Advertising on the .subject of product improvements. K. and the lack of stress placed on the) 
brand versus retail advertising, !>.. skilled management and need for a difference or advao-j 

Wr lv inn caifl lY.n *• -irlrf«aliei Hn L _ n -^4 I.UlA lft 1 Xlf- MllJilllV llT 1 K A nPflHtlfi. ' 


‘f 





Mr. King said that advertising workers, advertising and con- lage in the quality uf the product 
was often the easiest cost to cur. consumer research. against coin petition.” 

partly because of the difficulty « This has been followed by . Ur. cnLicised the grow-- 


Mr. Davij criticised the grow- - 
K practice of manufacturers j 

vine advertising moneys to ) r , 
toilers. “It is dangerous fori 

ands. It has increased the , 
ikes and over-emphasised the: 


-v! 
' \ / ft 






last Monday. 


are station? in Torquay and (bat advertisme mav be |p K q Man >‘ have invested in new sites, importance of promotions rather! 

F.TPfAr it f'liiilrl La onnlhor cini*v I • h J . nf>W Clri Pnc nnu: mutKnHc pain .l . . . * j 1 




,r:\i 

r) 

■i n 


tho J. 7 , - — 7 , . ... SHUIWHUl acuons DOW need : : • T r — **** iuui:iiusuimwu»: uiauua. , 

whole nroeeso Is reneaiPrf -rEf radio seriously. There- might still vigorous resistance if branding P rovcd - u ' h ' ch has led t0 more who gives .n to the retailer, and /• =r » m ■ ■i. w. - 

fact that two such occasions can cream™ level ^aut’standanL ore Ldvormin^^’n 111 ? i . beHev * ll J® Tlr "peter Davis Sainshurv'a he **** people The Bisto Kids are being brought back in a log roast meat Joints while the Kids "have been 

of e ?w h ^sinc and even the more dubious t?k£ a* much more serloii! S «ober marketing director.’ said ihaMt * He Jdded that housewives are £500.000 national TV campaign for the gravy given more mischievous characters and up- 

^els shou? fSSff Kat a SF&nSS !n“inZl SVSS!^ Jnd P rofe «lonal imeresi m was misleading to lalk about of £ n well aware that theJe is noi powder which Is to break on December 4. The dated clothes." The TV advertising will ran 

larae slice of ? re st ? r i* nR lo lnMSt in radio. A lobbying for its product,” he brand v «*us retail advertising. rauc h to cnonse between brands. hrst burst W,H ,ast for sut »“** there are alongside a national poster campaign which Is 

world is PPtiinr far M st tbc ,a P lrn r 3610 ndver- sa fd. because they were complemen- an d that there is considerable! D*'® aew 30-second commercials. The com- currently appearing on over S.000 hoardings 

mal radio this vear co “ 3,er ‘ Users makes interesting reading. one or the more ardent Ur >- A criticism of retail grocery evidence in some markets of mercials contain live action sequences feature and which finishes at the end of December. 

uimi sh nw .j«: a ouch wider B pm,d lobbyiils# Mr Stephen King, advertising |s that it is a!! about bran d switching solely on 

All told expenditure on radio than television, which Is almost head of j waiter Thompson's Price, but what the critics often croU ndfl of price. Maybe, said 

could touch £30m. a sub- completely retailer domina led. development group, echoed Roy mean ^ « hat il is about tfa e price Mr. Davis that was why mami- 

2«« n , tla on the T he J n P fiv< ? rad'o advertisers King's fears, but exempted Heinz brands. facturers were prepared to nri'S TPV /"'i a • B • 4 

£_3Am of 1977. Obvioudy the 0 dat *. a 5*. a ™J a X* from the blame that attaches lo “To my mind there is a clear subsidise retailers' advertising H 9 |yt 

growth rate is slowing down but Bank. British Airways. Avails 50 many makers of branded distinction between advertisers* rather than spend money pro- I I Jf/fl j§ H V I ■ US n 118 fi 

radio as taking fuli advantage, meat products. Boots and Safe- goods. brand advertising and retailers' moting their brands. Y L-^ vW-i JLAB, vJi ILr A IL 

and more, of the advertising way, all spending in excess of ~ m/ 

boom which looks set to last at £250.000. They are followed by- 

least until the summer. The long Barratts. the liquor retailers, 9 A "H 

awaited downturn may actually Wrangler jeans. the Eggs IlllT P dsll HI 

happen by autumn }979 but in Authority. Aqualia cream, and fl FIJI ft I.IbhBS W SI 

the meantime rsd.o. and advertis- Mothcrcare. New. potentially . T # ^ ^ ¥T 

ing generally, will be fully large, advertisers, like Mars ton- A OTAflP'V INJaWC 111 Ki*1AT 

stretched trying to meet the fectionerj'. arc intreasing their lluvlIL J JLlWrYd 111 JLRAJLd. pv pAMri a iiidrp 

demands af advertisers. investment in radio. O ^ 0 1 rrtfflLLH JUDUL 

Already some advertisers have attractions are its compara- 

WAjwf*«aB! prtBKfifflKft KiffSSS SIS “Sit tasjvsma * e«wws 

sss:s EiS,^r£„E Sr 3 £ SarE^CKS 

thln D t« lOTtw/t r ,it, r durin" a six wwk snell in ihn Sunday Times ceases publication. Lemsip in the fast growing £3.5m whole of next year to promote > fe “ nqer ‘ nto coue ' ) n }° tbat parl ° r jbe country jhat u cannot see why regular 

fiance th a 7ir will nirk n^arn.n snrm- “n the five main cities Half readers who look at the liquid cold remedy market. Danepak, Denmark's brand! Ogilvy Benson and Mather is *** discounting advertisement national advertisers should 

fn JanuSt P P E with rtimereial radio The ^ seciions would switch loThe.^ r . n . leader in the pre-packed bacon ; purring clients into the new daily ra £ s nfe anyway. suddenly switch or add to their 

r^nm .nit thi hi Observer, a third to the Sundav • The Economist Intelligence market, plan* for which were i which mainly circulates in the The Sun with ns good Meld budgets." 

An encouraging feature is the around £50.000 and the aim Telecranb one in ten to the Unit has analysed the UK con- announced last month i north. But— as OBM's Mike per pa « e for instance, is thought ... .. . . . .. . .. 

possibility that by the end of was in broaden awareness and j ® eprapB * Ew _ r .„ .° th . suiner adhesives market which it * v.ii.J p, 0 *J W .Chapman ooicts out— the Dailv «n be unable to satisfy demand 






ing roast meat Joints while the Kids ‘‘have been 
given more mischievous characters and up- 
dated clothes." The TV advertising will ran 
alongside a national poster campaign which is 
currently appearing on over S.000 hoardings 
and which finishes at the end of December. 


Agency News in Brief 


The Daily Star — in orbit 
but course unknown 


BY PAMELA JUDGE 


should arrive in 1980 and then advertiser/ AM “SViE/'S ^Prince MatchabcHi « inc cosu raised directory usa^e to record IJ- ? ^ Picture let alone « usual MEAL rate card studies 

three-quarters of the population air are making a profit at least ['* lls Aviance and Cachet * ■ - . , heights Current research snows «« ad - Tbe circulation k - r;ile ; e A JiSiTlar situation and coverage has to 

will be able to receive commer- on a month bv month basis :wl fragrances (agency Davidson ft McCanns has appointed Mike that during one week “; s “ p ,.i ln ? ^ e ! applies .t the Dailv Mirror be for • B - v November 4 

cial radio, making this virtually there is no shortage of can!!:- Pearce) while Boots is advert^- Reynolds from Allen Brady September 34 per cent of all; Street emanate from many 3 3P ^e Lency's r^db news ne Dai| l’ star bad ® ot 7 
a national medium. dales for the new sfations. Wiih mg " if " nationally with £140.000 Marsh as a creative director. adults (over I4ra people! used - JR*. f r , an , a *'* J?"} med * ai"est for Nm'embS makes tho cenl oJ display advertising in the 

At the moment some o, the the 1BA oh.ioos|y. aiming !o O J. Waiter Thompson in to ae. ^ VFiESuSt' V & S’SS^'SrKlSSTfS SSWSJ. ™ ^i."bS:ii.« "»“-*!« S»* * * J-M 

« 11 3ff r 1 sr to ^r 0 r h -sr". , £ ***•***+«*■ lx? ^ ™ s f ffl 

£ e pi.a b l ,g In'^ondoD* 1 Clyde 'in TV^Se'r "SSbifu mJS jlS &&.*** ^ SSS" Per cent o i hom e ^ow -„„ n ^ 3f «000-750,0O0. |S?^ h B , !L?aSuE *? **££%& SUSA 

S S£ “" s r mce iear ben " lhi> " ffiJKii , 5?3SSfftS!S • ^ a*™ ^ ».«» SSVuMKS SL^JS'^i.'lKX "TSS APS «S 


paratively high cost per listener. * 

Whereas Capital can offer itself AJltnony 


THE STATE OF LOUISIANA, U.S.A. 

Announces the opening of 
its New Offices 


Justintanstrasse 22 
D-600 Frankfurt (Main) 1 
Phone (0611) 595970 
Telex 414561 


15 Ave. Victor Hugo 
75116 Paris 
Phone (01) 5021800 
Telex 620893 F 


And a l Is it of Government and Business Leaders from Louisian u 
to the following Cities: 

Paris November 30 

Frankfurt December 5 

Duesseldorf December 6 

London December 7 

We are seeking Jndividuals/firms interested In capital/industrial 
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25 countries which have already successfully invested 54 billion in 
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For more information contact: 


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Louisiana Office of Commerce « 
Industry — Europe 
Paris 


Carl Koch, Deputy Director 
Louisiana Office of Commerce & 
Industry — Europe 
Frankfurt 


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comparea w: m only « per cents qu01es are *■ wel] uoder the first largely negative impact on the per cent „ and , 12 p f ce “ L 
ISr tbatprpbably advertising fi MoSK! 

wiU 19 have°tetepbnnes f 1,11 h ° meS j r e lf ospm it°soems that several is to say. it is unlikely Sf^pl^and^claMffied 

will haie telephones. j media mea think that it would generate many new readers or 5 d * * ■' n ? e ,J 7 

ft December sees j he start of a;ha\-e been better to base ad. much new advertisement revenue 2fJ„,5f n Li ni . cent (Sun 
Christmas burst of advertising) rates on a lower figure (say but will obtain both mainly from displaj » nd ciassmedj. 
for Campari in both the Even- 750.0001 than the initial estimate existing newspapers." If the new All in all a very muddled pip- 
ing Standard and on TV in the) of 1.4m. and then if the new paper takes from its rivals then ture but media directors do have 
London area. Budget is £50.000 j paper had done well, raise them, it will make them less cost one thing in common — they alt 
nat * ona l equivalent of; At any event at this time of year effective. Nonetheless B&B want more openings for clients 


£185,000. 


{budgets have been allocated so hopes 


competition will to advertise in. 





‘ • .’in M. w- M .h • 

.* Mai. 

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Aiiditin 



Untruths: a 


of 


Financial Times Jhuxsday 30 



BY GEOFFREY OWEN 


THEFE HAS been a good dp?! a repor.-prodr.C'n? hndy. It play.* Ilf Appea ] M „ November 7. IR7S. bl 

of criticism of the inconsistent an a'Mive role in moniiorinc u ,_. w h- rm wa* rh* atipnprf can company nor Mr. inamonn '“■•'-■v 
manner in which the nationalised D^rforinan-.e ihrnuEhout the 7? ‘ e T « *V1 u-nniArt m Hk.-1.iw i-c diems al!e2ed frsudul* 

industries present their financial year. IT recommends in the?? 11 commuted? In the wanted I to dolose " s Ll1 ^ nons. 
re«u its each year. Not only is it ilnvermnem ways nf deahn* Bahamas, wh^rc the ?llesed ties to each nthcr before the d.al g e f oni the C< 
difficult to make out how each with lame ducks and generally wp re spoken and typpri ? Or in eamplele. As usual in such reac hed this 
corporaimn is performing, hut seeks in upgrade management I /in don. where they were heard circumstances, they agreed that deal; "with thrs 
it it virtually ini possible m draw competence throughout the and read? a bank namelv the Bank of 

any iisefu! comparisons between public sector Th? court d erid p d unani . London 'and Montreal, was rn he 

J?"* 1 problem *"hlch i* not con- an"' in ' India, that the Indian mously that, as in libel and ' <n0 “*{| !. i^TO^'nnd^that BUSINS 

fined to the giant organisations public sector is a model of slander, the deceit, if proved, able to satisfy Mr. Diamond th ■. OUSIlli 

tike British Rail or British Steel, efficient administration though was perpetrated in the place the offer was genuine. 

Thanks to the activities nf sue- there are some outstandingly of " publication " — that is. in j n due course. Mr. Diamond BY A. H. 

cessive Governments over the past well-run companies within it: the London. Consequently, the man claims, he received by telex and ____ 

10-15 years, there is a long list extent of political interference. i n the Bahamas could be sued in by telephone assurances from 

of government-owned undertak- both by Ministers and by civil an English court for damages. *j r . r. McLean Bease manager questions. The 

inzs. some reporno? to a govern- servant, is probably worse than Bul ]et a j 5o sav r j«;ht awav ,.r rh( , trim rfenarmiAni of the . 

went department, others buried in the UK. Equally, the manage- J . „ har ; ™ ™ e f J mentioned, was 

Within the National Enterprise mem deficiencies or government- e ., a iu.-M 0n w „ rP bank - con . br ?? in ’ That s bank couid s 
Board or one oF its sister azen- owned enterprises in this countrv p ' en if the allegation w.r. was available and that the n • 

cies. In some ultimate sense they are am going to he solved by the P rove “ tth®* because the man American company was to be ,or incr dllC5CU 

are all subject in the control of vreatino of yet anmher govern- i J1 London could not prove that relied upon. He said he had manager. In sayi; 

thp Treasury, but they enjoy con- mem agency to nmnitor them, he really suffered damage as a Sl . en t h<? documents and 3ll was be sued here, 

rider* Me freedom in the way But wh.it may have some merit result. genuine. But those assurances. Appeal overrule 

they conduct Th«ir affairs during u for ihe monitoring arrange- d j 5pilt ,* was between Mr. Mr. Diamond now claims, were Donaldson, who 

S.rffiK Hyman Hiehard Diamond. * I^jn- „Th,r. na-ar was .Ua«d .on : - 


. . „„ . aoinns can ‘be lading which concealed the fact doubled freight charge- /or th* 

A BACK OF LIES sent by telex a: that time that a huge c*wi an- company and turned down an stales that ^ :. that there was .amaiuntudn. declaration of ammunition .ag; 

and’ by telephone from the nient of sugar, about im tons, offer of susar ' fr ' )m *??!!*;■ J h concerning the credit burled in barrels of bicarbonate Wcarbdaate pf sotfa.- ; Tbe : !after 
Bahama. Lnndon, according ™ .. b. bad-thau-l, m,ona ??%*?£££%& SStaTTSwJS *S-i of.wta. I, will be not' W V art# jf . .uteUnliallr; 
to allegations made by the knew where it was coming from. aI : ernfltive offer anri SU nnjjer. only if made :ii writing and ing that the case concerns a- 

London party recently, stirred Mr. Diamond was offered this .j lls eau5ed ^i^ case to col- vi*med. Lord Denning. Master journey from Tnssle to Beirut. The. 'tMin . deFatCe- At the 
Quit, a flurry of judicial mv5teri011s ronsisnraent by an The Cou“ Ap“caVh”d ofV.e Rclla. aaid thai it seemed . Dismissing .he appeal ,««. fliat Ae 

.merest. The main question. *' rican Mmpailv of wwr that he did not make out a plain that the Act would not 11 ZR 10/. « the Bund fessencht- bill of . lading clauses- nn which 
finally resolved by the Court ‘ lD company oi , that nea or . h S rot . tt t h e bank in respect of shof (BCH>, . the German .the shaping, Tpompaut relied 
..e * i m t iq -<3 brokers. But neither the Amer.- ' »u. arcruaDie eas. tn l .. p - .. u..- w- fmirt nf anneal, said were hr' small nrlm.ahiT. unfair 


industries nresent their financial 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal Correspondent 


witting party to armaments Tt w^ts true, m geneCaL thatia. 
smuggling, and from the pen 3 Ity comxact clause hught seen- 
attaching lo an understatement -, as unfai r y heir - ; imposing ; a 
of the true value of the cargo.- penalty ^hei*e>; thwe-':vms r no . 

The Hamburg • forwarding culpability: special . 

agent loaded 70. barrels b^leyed circuiast 2 nces 1 oL.nrariHer-'busi- 
to contai n bicarbonate of . soda ness this /tastirot'Tql / Ships. h?d 
on MS Irma. After arrival in to turn toupd In : ^otS ;<?uicily . 


questions The first alreadv responsibiiity on the part of the Beirut the Tebahese customs ahd the snipping' Company had 

W |,’ h „ Th ' back we confirm, etc." Lord discovered that hidden - ra the to \rejy on" the^ COrreaMsiess of ■ 
mentioned, was wheiher tne * _ “7 v-. x 


bank couid be 


Comprehensive 

Sin'-? we e°*m to h#- snick with 
a very isrse public sector fur n 
ion; time ir> come. It l« worth 


But wh.it may have some merit result. senuine. But those assurances. Appeal overruled Mr. Justice be d-vnsd of any significance can pany a depnsit, of GSS^,t^. Mlity.-'. ; ^on^ ->j)er^^ 

k for ’ he monitoring arrange- dispute was between Mr. Mr. Diamond now claims, were Donaldson, who held that the prove decisive when it comes to They alsu fined jhe Captaip of -wbicifEtestiipprag company had 

m»nts wmeh already take place Hvman Richard Diamond, a Lon- fraudulent. There never was alleged tort was commit red the crunch. the. shipT^banese.£960jJD<i^'diiTKt'de^h^.:'-VT:^‘'.; - 

-Sr-e‘ ,K nnhSe SUr ;pJ 0 don commodire broker, and the any sugar: Mr. Bease knew it. outside English jurisdiction. . * * * '(£165,000). The Trieste ' .th* 

e 1 *■’ r “ s a l " Bank of London and Montreal, and was leading Mr. Diamond namely in Nassau, from where An innocent pany winch ping company .which opentetf^ffhwr likt this ' caserne: fe^- 

report based in Nassau. The events up the garden path because he Mr. Bease telephoned ami makes untrue declarations MS Irma sued the* forward-'.Wardiiig'^ent) for thc i^Tert- 

report took place in 1973-74. when hoped to obtain a commission, telexed. acting on the instructions of a ing - agents in the Hanseatic; '-fcslis of . ladtng _could 

in a sugar was scarce and the mar- Mr. Diamond furl her claim-- The second preliminary aues- v<!!ur can come to consider- Oberiandesgerichtin Hamburg: ^.Itidependent of.any gniltAnd 


mvlu'le. iini'ins other things, an 
all-em tracing annua! report 


Ion? Indian lines. Such a report took place in 1973-74. when hoped to obtain a commission, telexed. 


•V.-T.S. and io examine, in some 
ri ot a i i and or. a consistent has; 1 , 
how each of iheni ha* performed. 
Pli'-h a comprehensive annua! 
report would certainly no! take 
-he place nf the reirilar Invest!- 


should ii* more ihan a sugar was sc-arcp and the mar- Mr. Diamond further claim- 
compendium uf facts and figures, ^et volatile — a situation which that, relying on what «he hank - * 
though these would be helpful yielded a crop of law cases he- manager told him. he made 
in ik'-ms-dves; it could also j ns threshed out in the courts arranzements to sell 300.noij 

oi?ru?5 eu'-rent is«u«>s <uch a- j n this dav. There was a rumour tons of sugar to a Liehienstein 
nn-v tu «orar?te out cosij arising * e 

fn-ni •social nhh eanons imposed ■■■■■■ ■ - ■ ■ 

r<y the Government. _ _ _ 


: ion was whether the bank able harm, particularly if the asking for -compensation Tor alKfhl^ . was recognised sdso -by ; ' : the 
could not be exonerated by Sec- party is a forwarding agent. In damage caused : by fhe discovery': ‘^ 'Hamh nrg 'Bulds-^ "adopted by 
rinn 6 of the Statu-e of Fraud? this particular case the declara- of the concealed . amirr uriitinn ' 1 the 7 UN . Conference • on-- Seal 
Amendment Act, 1S2S, which tinns were made in a biil of -and, in. addition, a' penalty of -.a, '.Transport on Matcb SI,' 1978.’- 


r- - * : : «-• t = ci r ri a ri our hy House of 1 7 ) the VF naiionati=ed indus- 
Tmninoq/ Select Committees; in- trie?. especially hut ooi 
•i n ed. it -’rtr.t form the subject e^ciusiveiy those which are 
r .-.r p separate Parliamentary m>-nr.po|y suppliers, is to develop 

evirn.tlSilion. n/»rfornij.nti> <i.mdarrt« haspd nr. 


r<y the Government. _ — 

Targets No Bombs has sound chance 

One of the nn.«t urgent no«d-= ,j. j^JO O'NEILL, 6-4 with Eminence can retain his an- :nc nduytry arising from the 
In the 1' nationalised Indus- Victoria Sporiins tn win ine beaten record over t'n® minor outbreaks cf respiratory infec- 

trie?, especially hut poi vationai Hunt jockeys’ cham- obstacles with a win in the Gars- lion? in certiin stables. This is ^ 

esciusiveiy those which are -lonslun and for a se«ond time, wood Pa lie rn Hurdle. Eminence, a matter which has received 

nv-ncipr.iy suppliers, is to deveiop | T11J j; t hope more than most that winner by five lengths over Sun- attention for many years. cc 

perform jnc«j oandards based or. n.-,f rule out rnriav's shine f.ie and 10 others a: New- " In 1972 the board carried e 


One of :he must urgent ne«d« 


ENTERTAINMENT GUIDE 


'Me 


Public Enterprises, which is an t« know how product) ■.-?!> 
aceq.-y v.rhm the Treasury. Tne government-owned enterprises 
rublte sr.-sr.r : n India plays an sre uJins iheir capital and their 
cv:t, hirrer rbi* in !he economy labour. Wnile the performance 
than it d™? ;n Ihe VK; it of. say. the postal service cannoi 
includes, for iriS'ance. a number he com oared directly with that 
of larce engin'-erlng companies, of Rru.-h Bail, each should have 
? n n-.e <01 ijp by ih« Government performance Target* which are 
for imr-or? - -uhctitii'ion pur- intelligin'e to the outside 
pn-e«. some taken over from observer and which provide the 
the p**\a:e sec'or when they basts for some comparison of 
went nankri.n. Rut the prin- relative management efficiency 
ctple* unde - which the Bureau Working nut appropriate 
of Ptmlrc En:crpri : es operates perforn-.snee indicators is a task- 
arc well worrh studying. for the central monitnnne 

It* most -e.-ent report covers agency, 
lfifi opers: ns onmpames. As Managers of public sector com- 
;n the IT. they are spread panies may fee! that the Ie«s 
amons ? number of different they have to do with the 


based' nr. f rn >t dues not ruic out today’s shine Lie and 10 others a: New- “in 1972 the board carried 
An mdicvirtn of what T have " l «st international practice. Ha -.duck card as it did yesterday, cattle on the first of the month, out an investigation of equine 

*r nnnd :« th? three-volum® against wntch efficiency can be O'Neill, trailing -Inna Fran- was thcr. backed down to 3-1 on influenza 2 nd the recommenda- 

snni-.v rf’nnrt tui? .iut every year measured Publication of rhe.se ,-onie by 13. has several well for a division of Ayr’s Gathead ttons made at that time, which 

;n India h- th" Bureau of siandarnc w.. u |J enable mUMder* r.i ri fri ed mounts in prospect, in- Hurdle in days ago.* included a policy of vaccination. 


b>* >s ' sp»p«« or at tha Son Dftct. ■ 


THEATRES 


THEATRES 


productively I eluding the Easter by pair. No He duly obliged, but with s have had a considerable impact 
enterprises j Bombs and Eminence. parlirularlv slow time i nearly in keeping the disease under 

Mr idea of his best proepert 10 seconds behind Starlight control. 

Lad’s in the other divi«ioc) and “Since thee a sum in excess 

— — - I would nol care to guess at his of £250.000 has been allocated 

■p.iftjjf’* true merit ™ major projects on other types 

a better proposition might be of equine respiratory infections. 


OPERA ft BALLET 


dOH THEATRE. CC. DM37 1$92. [UVDY TRUTRI. 
■c»»s. IIS. WcsL 3.00. Sat. S.OO. B.«;j Crwwt' w 

.'WUIt EDQINGTON. JIHJA McKENZIE 1 •. _-_TOM 


oi aae sbm 


COC.«UM. Creat cm. 0 i- 2«0 S2SB! . AtAN WS ' R^vou” TO ' 

iiliw ? -This ,,u,iH^i ^i^wyeoT 0 jys.gL:^ : 

To«**t 7.D0 T»e TsiLlB* 1 '? { - a ^ taa - ° T? 1 -- - '*" "S!*"*- SHAFTBSBUHV. • CC 836 969S-7. . 

- E»er* Ktn »« attention “ Tin*. | *My »nJoy*i»ic avwHag. Sunday Tlmo*. . &JS 42SS. -Open# D«. JO until 1»V !*-'• 

TO^O,. 7.30 Macs'!) »uft*rf:». Sar. ft I A TOI nT."c. ,;7t - -‘JANVASHCR. NIGEL PATRICK, la -. 

Tue. rw 7 00 JsnMhar. MHuK* nrpd. q ^yNY VJCM THEATRi. D1-8S* 77SS- . ... PETER PAN 

T** Wj'-,sg« o' F.oarc Sur« «cir*m*N I t ^ i ' T ®"*t ^-Og. sjfbs-a-JO. *•«. 2.30. [>aJHr 2 and 6 4S. Prfcus £S, £4. XI X 2 . - 
w«t- a s:r9«v e»tt *' Ev. Sid. Wad. nest 1 •'■ *»- SEE HOW THEY RUN B«tag»d prk« on Ok: 20 . 2 - 1 . Zg. jm. 

7 CO Oer Rcsa.tSasalin- l CU ha l raw 1 , A /artf by Pmiip King 9.' TO, ir.l2. ; " 

'NoZ ; *5?£ t 'iS?o™ a M T wVM f!i.KC..ai- 8 ? o MH, ew, |.w. STRAND.- 0960. -Uwkik.'- 

; } . -“•**- Wed 21,0. Saw. «0 jnd 8 - 00 . . .Thun. 3.oa San. 5.30 . and SJB. 

COVENT GARDEN. CC 2*0 1066. CB 5W& ,N S 5™ PLEASt— r 

'.GaroK-cHarar Ci-ed-t Carat 836 •SOSJ. f . J~,.' F 5r ™-«’ 15 *.,.;■>• WE’RE BRITISH - . 

THE ROYAL OPERA Jf " NIGEL STOCK .. . ... LONDON'S LONGEST HLAUGR ...-s'.. 

Iojrw 7.00 L Air^j.ne. Sat. and Tiws. • " „'» l TASr™ OVER 3.000- PERFORMANCES- 

7.30 II blril.ffC d. Sif (jdl •OWLtS MARDWIwK • ■ ■ 1 ■ ■ 

THE ROYAL BALLET and TShfNILLA FOLDING th STi MARTI MS. ' CC. - OI^SSB J44X 

»: 2-00 Ms-. 7.30. Le» Sylphjdm. .’ . LOOKAT TE R -LULU .Eva*. 8 . 00 . MaOnee* Tu«. 2 >5. Son. 

5‘ETW 0 M *r ,n S C»!-Jtvjar. Wed. .. tr NOEL COWARD .... - . 5.00 and '*.00 -. •■' - • - - 

..S3 Mason. 65 itbUi’ seats a»ai. tat alii _ with GARY RAYMOND . ' *• ' AGATHA CHRISTIE’S' 

MUST END DECEMBER 9. - ' THE' MOUSETRAP - •"" : 

%VS ®, ■ Yw».gj«wi»w « p» . 


-ALAN ' AYCKBOURN'S New 
--1 - . TEN TIMES TABLE 


- - CredHjcefdfcTSA A77Z: v • 

WHOStUFE IS »V. ANYWAY T1 

>uJWiA^’oo"^ sVwrjK- 


RAC1NG 

•Y DOMINIC WtGAN 


nagement efficiency » the &nX. « * T „ 'easily after jumping the final Racehoree of the Year award. 

nut appropnaie ^wn^d b> the SnaiUHl ?iud Rj P with 21 votes. Tromos was 

i indicators is a task (■ "f?- 1 ,’ Bachelor’s Hall remain* the second, with five, there were 
central monitnnne J[J* # this welt made recruit L ' h0!fe fnr th ^ carried forward three for Buckskin. _fwn each for 


RT Anit Jimmr Burke, had taken thing? Shiriey Heights, has won the 197S 

ST Taddy Colt ■ fU. a n . i ttirahnrsa nf the Year award 


I'? m'«'i -rr<!ni TPpnr. covers fh _ u ..- ntMr p-a.-n- r oind bftle Edward nuumci nswuna; “ 

lfifi opera: nc companies. As Managers of public sector com- 'VI " k JSS, Vbi Cbase: while Irish Ton y. owned facn for Fa-i 

in the IT. they are spread panics may fee! that the Ie«s by Cocked Hat Farm Foods, is Pigeon, 

among p number of different they have to do with the a ■* ' taken to get back on the winning H.^ 

Ministries. Th» report contain* Treasury the better; they would No bombs, having only bis ‘ r j a i j n t h e St. Helens Chase. 12.M N'o 

a set nf tables which provide rightly resist *ny new bureau- second race over hurdles, ought sj r Desmond Plummer, chair- , -- , 

comparative figures on profit? cratic" interference in their not In be hard pressed to follow man 0 » the Horserace Betting 1 

and losses, manpower. <'api»al operations. But whether they up in the opener. Di virion I of Levy Board, yesterday connnned t w— rn 

investment, value added and <n like it or not. they are all part the Weaverham Hurdle, now that t - n ^ board’s commitment to re- 2.00 — Do 

on: ai B o includes summarv of the public sector. The Mr. Snow and Lutomer Traminer search on equine respiratory 1J0 — Bai 

•_ , - »..n — j have come out. diseases. 3.00 — It!.* 

Nlnetv minutes after that rare He said: “My board la weC 3.30— En 

It will he intere«tinz to see if aware of the concern in the rac- -3.5S — Bn 


Hanmer 


Memona: Devon Ditty and Swiss Maid, and 
iv. owned each for Fair Salixtia and Sea 


S&RASisir 1 ch^MiV 1 oBhJWI 'I**- 


reports : r. a r,, andard fnrm, on taxpayer is entitled to a full and have come out. 
c-rh individual ent<*rnrisp Tb*» coherent account of how they are Nlnetv minutes after that rare 


each individual enterprise. The coherent account of how they are 
Bureau i?. of rnur c e. not, jus; using hi? money. 


UATDOCK 
13.3A— No Bombs*" 
1.90— Inca Warrior 

1.30 — 'Prairie Master 

2.00— Dowdall*** 

2 JO— Bachelor’* Hall* 

2.00 — Irish Tony 

3.30 — Embargo 
-3.55 — Brew Wagon 


seat* now avail. CHILDREN’S OPERA AT } ‘ fill niw uu' 

THE JE ANN ETTA COCHRANE THEATB El - ' BARVirrvaH 
Xira* fam.lv enf*m»nm«rt. THE TWO I -*rv*.u «.7«aI.Vn 

FIDDLERS bv Peter Maxwell Dsrla*. DcC' : orodi 

'7. 28 at S.OO. Dec. 29. 30. Jan. f. 2. 

3. a 5. 6 at 2.3C and 5. DO. TVU. £1 SO 

from Koval Opera House fpostar eshfl I B(u -„ 

Send H SAE lor d«A.U » M.rVet^ ^ ^^ROAD nREA^E. 


■ f- ’ WE’RE BRITtSH ■ 

- . LONDON'S LONGEST -LAUGH" . - 5 ’ . 
0VCR-3.000- PERFORMANCES-^ 

ST. MARTINS. CC. - 01-858 J44X 

. Eva*. B.ao. Matinee* Toes. 2 j* 5- Sra. 

-. - - 5.00 and "a. DO .’- 

AGATHA CHRISTIE'S' 

. : ' ' ' ' THE” MOUSE! RAP - V- -V-'.- • 

- •' WORLD'S'. LONGEST EVER RUM . 

- SZtA YEAR. • < 


-- — ~ 


THE NEW MUSICAL - 
HARMfTZVAH ROY 

-Tnil* tiunnn.ns producilon unlaudr 
anjoyablr.' F. Times. "Th* funniest 
mu*. cal around, oar none.*' S. Mirror. 


1 TALK w THE TOWN. CC.' 01-73* B051. 

. Airreondtaioned. From 8.00. tNAM*. 

Dancln* 9.30. SUPER REVUE. '- , -.- - 
1 . DAZZLE DAZZLE . 

t • at 11. FRANKIE VAUGHAN - . .. 


R.O.H r -Frcn Dec. 18 Dly. 10.30, 2-30 and -4.00 

I .- THE ROCKY HORROR SHOW 

I SADISTS WRLLS THEATRE. Roadbarv • DON'T DREAM IT. SEE IT 

Ao*;, E.C.T. 837 1872. Em. 730 __ - 

LONDON CONTEMPORARY DANCE WflC njEATRC. CC.' #1-417 3«« 
Tomorrow i, Sat. Forest. When ,*»»»■ SOfl.TW*. 3.00 Sot. S.OO. 8.30 
Summer's Breath. Bov. Mem. Tue. A Wed. . -.aiSMiu- 
itoKZ Eo* S radar Mater, ks. PLOWRI<ytT_ FINLAY 

PlLUWIcNA 

• • hr FdBSrdo ds Fhllppo 

DfRECTED by FRANCO ZEFFIRELLI 
TUctTBE, • I TOTAL TRIUMPH." E. Now*. . "Ar. 

THEATRES .-^vent-to treasure.” d Mir. -may 

.IT FILL -THC LYRUL FOR A WNDRED 
i YEARS." ScndJv -Tlfi'U. - 


01-352 7488. ( THEATRE UPSTAIRS. 



ADOLPtn iHCArita. cc. oi-aiCMii.. 


. 730. - -KcsKldee Workabimr - Prod, of ■> 
adASAOA by Edgar waiter: •' ■ ■■'■ 

VAUDEVILLE. 830 9988. 6*a«- *.08. 

AN EVENING WITH SAVE ALLEN 

- . UNDOUBTEDLY THE FUNNIEST ■-. 

SHOW IN TOWN” Sun- ExpKM.'. . 

- • . . LIMITED SEASON. LAST WggC. - - . 

I VAUDEVILLE. "CC. 01 -MB 99B8. Pra*% 
Man Tue 8 «m. Oocns Wed 7:00;. Sab* f 
” ' - PATRICK. “GARLAND'S 

Adaptation, ot THOMAS -HARDY'S 
, : . UNDER • THE GREENWOOD TRIE - .. 
A tov-to-weeh ■* EEC - 


MW ttwiMMi! sinirtw; 4.00.! ^IT* /, H gf T % 01-453 _ 3031 . f VfCTORtA ■ PALAUV CEUT-82.B 473M.' .=.' 

An Enchant. r>a New Mosical i From _5^-A? ^Jy. 1 0.30. 2.00_ and 4.00.1 ' ' • 01-8X4 1317. . • • 


BBC 1 

t Indicator proarnmme )n 
black and v* bile 

•41 am F"r S*.hor,l*. f'ollPECS. 

.72.43 pni Ncv. y. ],|)0 Pebble Mill. 
7.43 B;icpu«s. 2.14 For School*. 
iv.l!e"cv 2.33 Rocional New-s For 
luncland 'cx.-epi London ) 3.53 

Play School. 4 JO Yogi Bear. 4J23 
.tackanory. 4.4H Fmu’s Brnadrast- 
in= i.’ompany iEBC-U. 3.05 John 
Craven's .\'ev«round. 5.10 Blue 
Peter. 

5.40 News. 


7.20 Top of the Pop*. 
n.Ofl The Good Life. 
3.30 Mastermind. 
s.Ofl News. 

9.2." After the Ore am: 


11.50 am For Schools. 5.55-41-20 pm 10.00 New*. 6J6 l Think We T, Call You Georale Facie. 

Frpnrlins Scotland. 9-35 This W-30 Thames Report. » *? r . Sf '“,' on 

Wonderful Transact ion by John J 1.00 Rafferty. ntv' Cytmu-Walest^c HTW^^rV; 

Preobl". 10.35 Thursday Night. 12.00 What the Papers Say. service except’: L3ML2 pm Paoa*d*u 
Omni* U. 33 News and Weather for Scot- 12.15 am Close: A picture by Nrwrdifcon y Pydd. Ui Seren wib 
land. Pirasso, music by Stravin- 4 -« ^ 

\nrlhrm Ireland— 3.53-3.55 pm sky. sior.^Arm^^ D?dd ' 4 -*- 7 -“ 

Northern Ireland News. 3.35-fi^O AH IB.A Reffion* a« L/Midon ' htv w«m— ai HTV Ganeral Serrtcr 
Scene Around Six. 11.10 The Fall except at the following limes:— except: i-ZD-ue pm Repan Weet Head- 
3nd Rise of Re^inaJd Perrin. 11.40 ANPi I A BM *’ fc ' 154JB s,wn We ' , ‘ 

^ WMlher f ° r N ° rthern 1-= P» Anllla News 2A8 Warned SCOTTISH 

in. I ana. nnlr. AM Spld-rman 4.8J T9* BeacD- l-Jl p*n Naw* »a-l road and wsottwr. 

hngiand — 5..>3-»-Z0 pm look ..-otoben. 5.23 Etnnicrdale Farm. I-M UP H'omec Only, up Tanas. 5-15 
East i Norwich >: Look North Aboei Aaplia. 6.20 .Vrcna. 7.88 Byxonen. Iinw. 528 Crouroad*. AM ScotUsd 


6J6 I Think Weii Call You Georale Fane. 
T.8B Sac Miuian Dollar Man. 10^5 
Bardxey tiiand. tUJS T he Thursday 
HTV Cyrnra. ‘Wales— As HTV Geserai 


t»u« " pre*enls a film about land. 

Peter Brook Northern Ireland— 3.53-3.55 pm 

10.25 5»nooker: Coral United Northern Ireland News. 5.35-6.20 


Kingdom Professional 

Chamoinnshlp. 

11.10 Toniyht. 

11.50 tYealher Regional News. 
Alt Recion.-. as BBC 1 except at 
ihe following limes: — 


An Enchant.n* Nfw Mosical 
BEYOND . 

THE RAINBOW 

-HEWE IS A HAPPY FAMILY SHOW. 
Th* Times. 

“ BOUND TO RUN FOREVER." 

Evecr.B Ne*»s. 

r SUNNY. TUNEFUL AND 


SOOTY-5 CHRISTMAS SHOW ..... . 

. MAY FAIR- S'9 3036. Eve*. 8.00. Sat; 
5.30 and 8. SO. Wed. Met. 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 

UNDER MILK WOOD 

! NATIONAL THEATRE 928 2252 


Eve*. 7 Jo. - Mat*. Wed- . and W- 2Jt 
STRATFORD JOHNS " i --.l 
-SHEU.A' HANCOCK ‘C.-.-.r 
ANNIE ":“2 

“ BLOCKBUSTING 

SMASH HIT MUSICAL.” O. Me»- _ 


Service except: L20-LS pm Penavdau albexy sis :r-i. C r , 

Nrvrrdjfo y D,dd. O fa- Wb ^^8.^%^ 2,^.!°?^ ! 


OLIVIER 'open area*): Tonight at , .nm, s ViTB-.i ^lui. --- - - — - v__ 

erice opertnui STRIFE t>* 6 a I worthy. L.fLiiJgh,; ■■ JJH'sJ' Aldwwch 

Tomorr ow 7.30 The Doubld Dealer. b -cnloyable Time OuL Ad» tt fca*. -Alo»«»e«.- 

V V X^'IS^L !i WESTMINSTER THEATRE. 834 KU- : . 

h v 1A * ™ E THtl-ANOEReR j . 7irtl Rice" and Andrew : Llowd Webfaer a 

romciov .«,><■ s t "JOBEPfl AND. THE AMAZING - TECM- 

HA^WoSmINGTON LfScT^LI N1COLOK DREAMCOAT." Staring PAUL 

br"^^ , W^T^rr ? 0 ^T.lT I T^ ! ^ "m ' 

Paine* Debates Man* excellent Cheap I Ticket**!? £3 EA^’BoSc^Ios/^UrHfSi’ 1 
mu all 3 theatre* day ol pert. Car park, i BD ^ NDW - Limitpu 

Restaurant 928 2033. Credit card book- * un ~ ar. . • 

Inos 928 3052. J WHITEHALL. . CC. 01-930 6692-7711. 

m n inr — I — 7 . Comraercea Dec; 6 . Mon. to .Thor*. 8 «j- - 

OLD P.W; 8 . T616. -Back again Mat. Frf. and- Sot. &-T5 and JR.45 - 

.lor a special Christmas Season . ipi. tomhi 

M THE GINGERBREAD MAN v • ' ExctPnff Black -African MuHCfl- ' 

A triumph . . . worth- travelling miles PiriMtina. . Mitalca V.- ' *- NewK Seel 
10 *ee." SBC Radio. Price* £2 50. to £5.50. Dinner ana To#- 

n, _ vir — 7 — 77 - Price ‘Seat £9.50 Inc. ' 

OLD VIC. 928 7616. FOURTH GREAT YEAR 

PROSPECT AT THE OLD VIC , Christina*, show. Wizard oT Oa. .' DeHp 

_ Today. Sat. 7.XO .1.15 pm S»L 11 am -and 2.15 -pmc .- - 

Marearet Courtenay. Anthony Quayla In • — — ■ ■ •• 

. ' WHITEHALL, cc .01-930 6692-7789.. 

E ” 1 Fri. and Sat 8.45 and 9-00 

■ I* A Kl* lT - -Kenneth Gi-ben.^ Card GHRe*. . Paul Raymond presents the SennUooaL 
MJfthew Guicness. m*J Martin. Trevor .Sex' Revue ol the . Century.- — .' - 

Martin. Christopher Neamc. “The lunnlett- • . DEEP THROAT _ 

Jfr*' . 1 *een." The Your last chance to see prior to transfer . 

Guardian. Mr. Qua.le 1 Sir Anthony — s - to Elysee Montmartre. Paris- 
wOTMSwfui performance - The • Times. • MMYT END SATURDAY 

Frl 7. SO SaL Z.30. I — Li 

Anthony Q triple as WHITEHALL . CC- . . 01-930 7789, 

. _ ' KING LEAR OPENS MON. Dec. 11 . Mon^Fri.2>15 0 ip- - - 

bv P opular demand mere w«l fee four Sat TIJO am -en# 2;15 prd 

eetra p«f». Dec. 19. 20. 22 . 23 at 7.30 WIZARB OF OZ ; v-. .-•> 

Noboev with any respect »or. the theatre ‘Spat*. £3. £2. £7, 

would w»W to miss Mr. Quayle'l Lear.'* ■ 1 — — — ■ ■ . 

Financial Time*. WINDMILL THEATRE. CC. 01-4S7 UtST 

TWELFTH NIGHT Iasi 1 perf*. Dec. 4.5 - -Twice Nlphtlv 8.00 and 1 0-00 SeiL . 

. pau^SyK|nS°v-«- 

M * 7 ' 30 ., the erotic Experience of thi - 

OPEN SPACE. 587 6969. . '. MODERN ERA- ' ' 

Brecht'* RESPECTABLE Wedding "Takes to . unprecedented limits -wh»t I* - 
Boov now. Reduced price ore**. Dec. 7-10 PermlMUrie on. our staged” News- • 

8 pm. Opens Dec 13 7.30 atn. From THIRD GREAT YEAR. 


skv. 

A1I IRA Heirten* 


H London 


: NATIONAL THEATRE 92 S 2252 l - 

-A SUPER-DUreRT'" Variety. OLIVIER 'open etom): Tonight at 7 How! 

Credn card Bookings 0 i- 8 56 761 1., ft!S 7 I 0 gKUST h -SiIW&»lg " ff^ OuL JUdwS ,- . 

iLBERY*. 636 5E70 CC. SWrj. 836 107T-3 J '■%¥£' ^’SuS ^ffiiNtffiSfiN^STMIMSTEH THEATRE. 834 02S3- : - . 

rrty 8.38 am. Party rate Mon.. Tue.. ! ? 7 ' 4a ™ E W*ILANOEHtR I . Tim Rice' and Andrew : Lloyd Webber • 

Wed. and Fr.. 7.45 pm. Thun, and Sat., coYrrSLOF >«n»n .miewie.* T ' “JOSEPH AND- THE AMAZING - TECH-' 

* nouvWM.Mu'o*. » j 

LIONEL BARTS Lnanem Wood Tomorrow T.1 5 _ The ...m Hwn Nm. 37." Owni Mn.. M.. 


a. >3 a-c 3.00. 

A TWOUSANO TIMES WELCOME 1C 
LIONEL BART'S 
OLIVER 

"MHtACULOUS MUSICAL." Fin. Times. 
«n ROV HU DO 

CH.LJAN BURNS. MARGARET BURTON 
Estra Christmas Mats. Book Now. 


Professional Scene Around Six. 11.18 The Fall eacepf at the following times:— 


Wales— 2.14-2.34 pm I Yseollon. I Leeds. Manchester. Newcastle t; Man. mjo Mr«ery Mn*ie: 

::cm T.a... e -c 7*»n U.JItrilf Tn.l«- f Rirrainphsm I • McCloud. 1 2.2 0 MS T ODr MQS1C 8C Mabl. 


rl,lern 1-= pm Anclla News 2A8 Womeo SCOTTISH _ ^ C 

rinl*. AM Spid-nnan. 4. AS Tfc* Beach- LB m New* ao-1 road and w« other. ALDWYCH. 

L>OOK ,.-ombrrs. S.I3 Etnmerdale Farm. »-8C 2J0 H'omec Only. 4-29 Tama. 505 ROYAL S 
North Aboei a 3*11 a. 6.20 Arm*. 7.88 Byponen. Cartoaa. 520 Crouroad*. LM ScoiUcd rep e rte.f 


S.55 Nationwide i London and SJS-6J0 Wajes Today. «. 55 - 7^0 Midlands Today f Birmingham): 


Sourh-EaM nnlyi. 

Bin Nationwide. 

5.55 Tomorrow’s World. 


Heddiw. 11.5ft News and Weal her Tninis West < Bristol): South 
for Wales. Today 'Southampton); Spotlight 

Seoltand-9.4M0.ftl and 11.30- South West tftymoaxht. 


Today. UC KanMcfc Way. 7.K Botanic , 
Man. 7J8 Welcome :o ihe CelUdb. lojo 
The Amoaaaador*. 1LJ8 Law CoD. U.M 
Zrapriency. 


F.T. CROSSWORD PUZZLE No. 3.836 


i«. with Last 3 peris unrH March 

Toints We>t < Bristol ) ; South ATN arnernocy. imddirto" ,^i Rawie^j S the "change- r 

Today f Southampton): Spotlight lb w aw ua The ate cnimn-ov w^ruAuli'' 1 ' RSC J 

South West I Plymouth). Thursda? Plnure «IW. AM ATV Today. SOUTH ERlX WAREHOUSE 'ace Wtr Wt. 

TAB Emmerdale Farm. 730 Botanic Man. 13* pm Soiiihen New*. 2-80 Women almost free THEATRE 9-19 Rupert 
nnc ^ Ujl Richard Nlx-m a( !h« ftsford Union- Only. 8-20 Lassie. MS Beachcomber* Street. Loraion. W.l. Tel.:, 485 6224.1 

DDV L 11. M Mnvle Premiere: "A Crv Fnr ReJp." 5J5 Th# Undersea Advennires of Capliln MY CUP RANNETH OVER bv Robert • 

*■ OPr we Robert Culp. 12 JO mm Untamed Nemo 5J0 Crossroads. 6.M Day by Day. 

11.00 am Ptav School (An BBC 1 Frontier*. U# Umverriir CSriteuao. 7.08 Einnwr- 

i;i nrn . RfiRDPR «!»!« Firm. 7 JO BoranJc Man. 18J0 

3..10 pm l. OUK UtK . Rlctur<J Nlxn(I 4| u,, oxftird Union. 11.B0I 

3.10 Open University. iTihe Pra.r * Visi**^™ C!oa ' h ' fn F -^»- U- 05 Bamaby | ambassadors. 

MOI1W OH lOd r*rair»«-. 5JL5 MO 7nn JMr 1? IK mwm Uliar Tha Panan Va? 

7.00 When the Boat Come* Tn. «hirley. 6.oo f-noktmund -ntunday. 7.oo 

Fmmerilal* Farm. 7J0 B-itanic Man 10J0 T\T\ F TFFS 

7.50 Mid-Evening New*. Richard Klxnn a' ihe •'•^r^rd ' ; tU'.n. 3X08 . _ . . ... . 

- - v . u Churirle In 11.30 p-i.c- Snram. UJ S Si 

• Newsweek. Harder New* Summary. J”!* Z h 2 * 

.. .. , _. ..■.-I North Ea*r >eu-» and Lpokaround. 200i 

t 8.30 Midweek Cinema: Nino- HA l>ntL Women Only. «.2S Tborsday MiUnee: AM ._ __ 

trhka.’’ Starring Greta IJ* pm Cbaonei Lu-cbiune ffewi and ''Deeilnulofl Icner Space” Fiarrloa Scon mIJt r h u^" ? 

Garbo Wfeai'- on where 420 The Little Rene- Rrcrtr. 6J0 Nonh-rn Lite TJ8 Emmer- RAUL MNCi 

on :he Frunf. 5JS Ca-:n.»n. 5J9 Spider- dale Farm. 7J0 Sor.inJc Man. 10J0 denn 

10.15 Accident. mar.. fc.OO 'Channel •levr*. 1.-10 Lassie. Nnrlhem Scene 11.15 P-o-Celehnry Carmi 

.. UJ Channel Lair ><•»■*. MJ2 Sawlofcan Snooker. 12.00 The Bob Nevhart Show. 

11.0.1 Late New'S. U.80 Movie Premiere 'The Strain and 12J0 am XpdoKiie. .. 2t)d vuckedl 

11 J» Open Poor. 23£r®JTKS: ^ ULSTER -= urr=!2 

11.50 Qosedowri. TaTh. GRAMPIAN L-* pm Lunchtime. 4J8 UHior Hew* ARTS THEATRE. 

UlLAITiriAll Headline*. 4J3 The Beachcomber*. <L« Tt ^_ 

0.» urn First Thin*. 1.20 pm Grempito Lassie. 505 Canoon. 5.20 Croaerosdt -HHar»o.n 
T nil nn\ T X*V* Headlines. 4-28 The Little Hon** 5.09 Peponi. 5.25 pnlice Six 4.35 Happy Monday to’ Thii 

i.UI' L/Ull on the Prairie. S.15 The Bob Mevban Dan. 7J0 Emuierdade Farm. 7J0 Botanic Saturday 

thir.v. 6.00 Grampian Today. liJO Police Man. 10.90 Counierpoini. tLOO The — — — — 

9.?ft am Schools rVo^-amme*. Newsroom. 10 JS Sporiacall. 11-15 Reflec- Praeilce. U.» Bedf.me. v,™^ 1 

IZ .00 Topper's Tale* 12.10 pm ™ VVFSTWARD 5.oo Vn”i4” 

Slipping Sinne. 1 . I2JS0 Toycraft. l,n *' u '“ ™ >VtilV>AKL9 .estmds.c 

■ nr\ v... . _ n- • r 1 D * V l n* 12.77 pm L.us Uoneyhun i Birthdays BEST MUSIC 

1.00 New>. plus FT index. l-o OKAiNADA 1J« Westward New* Headline*. < JO The ‘ *irM,r 

1 names News. l.«wl Crown court. L20 om Thti Is Your Blghl. 039 Die IJHte House on :h- prairJe. 5.15 Cartoon 



TYNE TEES 

e.21 son The flood Word fol loured hy 
North Ka*t N»u-s Headline*. 1.20 pm 
Worth Ea*r New* and Lpokaround. 2.00 
women Only. 4.28 Tborsday Millnee; 


iLDWYLH. 836 640-1 Info. 836 5332. 

ROYAL SHAKESPEARE COMPANY In 
reoertc-r*. Tadav Z OO and 7.30. 

AS YOU LIKE IT 

■ An evering o' rare enchantment-" S- a „ vl - ___ - 

Tri Wlrh Last 3 peris ontH March J OLD V pRO-p FC T AT th, oi^snr 761 *' 
CORIOLANUS -Tomor.. Sal. m and «->l ” ^ * T , P* E , ?*: D WIC 

Middtrton and Raur'ev'l THE CHANGE- f ... , r - s * t - 7.30 
LING iMc*r..i. use also at THE Margaret Counemiy. An hony Qwayla In 
WAREHOUSE >ut under W». I. _ ' - - THE RIVALS 

— — — _ — !_ S»en«*an » scomedv with James Aubrey, 

J-MOST FREE THEATRE. 9-19. Rupert l*|a Blair. Kenneth G*be«1- Caro) GHRev 
Street. Lorason. W.l. TH :. 483 5S5r w ' rl . G f , ' 1 ^ s ' Jrvtor 

MY CUP RANNETH OVER bv Robert . N V,'!2' Th * ’“"'’i” 1 ' 

Patrick • Kennedy's Children i directed bv “K? 0 **.. 1 . *^ pn ' Thf 

Anr-KXi, Mat r.eson with Gloria GiHo'd J flrAntliwI, jt 

and erica Steven*. Unri 16 December. > DS^ormance The ’' Times. ■ 

Mor -Sal. at 1.1 S pm. n S .*• i_ Z ' 3 . 0 ' 

j Artthonv QuirV as 

£^”.00?T^«. : C 45. SOL i.'wj. V.oo! f ao^ls ^7^ 

i ames ar>LAM Sty? °? rTi -..“* c - 1S - *< 23 at 7. so 


THE GINGERBREAD MAN 
A triumph . . . worth- travelling 
io see." Sac Radio. 


S.5o pmi. 

JUO Oppn University. 


7.50 Mid-Evening News. 
7-35 Newsweek. 
fS.30 Midweek Cinema: 
irhka,’’ Jtarrinj 
Garbn. 

10.15 Accident. 

11.05 Late News. 

UJn Open Door. 

11.50 Qosedown, talft. 


JAMES BOLAM 
"A Misers ptriormance.'* FT. 
GEPAlO FLOOD 
tn a NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE . . 


and ''DeMluitOR Icner Spac*" rtarrlog Scon ? 1 nn 3 \af 6 s 3 nn l 'lS , n 5'2S' rmc*, 

n.-a r L R|k *' nr,h >vn I ,!■ 7 IW) Pmmnr • Tn'jn. 3.00. Sit ■ S 00 ftn d 8«00. OrEN SPACE. 

"’*■ ? r , ertr -_ ■'2 r J?' r r L,, T „ Cn "!" e L PAUL DAVIE MAN. LANA MORRIS Brechl't R 


rm 7 JO Bor.inlc Man. 18J0 

Scene 1L15 P-i-Celehnry 
12.00 The Bob Xevtiart Sbeir. 
Xpiloeue. 


ULSTER 


DENNIS RAMSDEN Book no 

CARMEL McSHARRY 8 pm. 

SMUT YOUR EYES AND Dec. 15 

THINK OF ENGLAND 

"2nd WICKEDLY FUNNY YEAR. Very PALACE. 
r*nr funnv — jreai entertainment.” Now. Mon.-Th 


■'•'.l ‘‘LT — - 


"Noboov vrtth anv respect for the theatre 
would nn to mis* Mr. Quayle's Lear,” 
Financial Time*. 

Wf^THWHSHT Ism I Pvriv Dec. 4. 5. 
*• IVANOV return* Dec. 7. THE LADY'S 
NOT FDR BURNING la« 2 Deris. Dec 
9th. 2. SO & 7.30 


"tn SPACE. 587 M69. 

Brecht's RESPECTABLE WEDDING 
BooV now. Reduced price Drew Dec. 7-1 0 
8 pm Opens Dec 13 7.30 om. Prom 
Dec. 15 Tue* -Sum. B om. 


: I V '£t NDM AM‘ s - . PI-886 *02*;. .:. Ct. ^ 

07-437 6884. ! ?n®*" !¥« iffl' from 8.00- and Mnie 


LONDON 


ACROSS 

1 Game taken by people with 
classes (Si 

5 Emotional rbunge of position 
<G) 

5» In the past nr the fciture (Si 


7 . . . lifeless part of container 
traffic (5) 

8 Sunday best pleased local 
papers 14. 4) 

11 Pound of tobacco for chewing 

14 i 


Si^ppiii^ Sinnes. I2JJ0 Toy era ft. 

1.00 News, plus FT index. 1JB 
Thames News. 1.2ft Crown Court, i to 
2.0ft After Noon. 2J5 Fallen Hero. Life » 
- 1.20 I .notes Familiar. 3.5ft The 
Sullivans. 430 f hildren's Film 
Matinee: "Joe Dakota.” whv* 

5.45 News. U.30 B 

6JNI Thames at ft. 

6..13 Cro.-sroads. 

7.ft» The Bionic Woman. L2> 

g.ftO Georse and Mildred. ?f?_ on 

«..70 TV E;.e. s.u J.v 

S.ftft The Sweeney. *.w r 


‘Trjmpian Laif Nithr Head- - . _ r _ . . 

ibmi. 11.25 The prv.7T.c. WESTW ARD a o ° Bm - * 

rOlVlHA 12.71 pm Hu* Honeyhun’i Birthday* 55S.T MUSIC 

LmftAADA 1J9 Weotward New* Headline*. 4 JO Thr evening si 

1.20 pm Thu Is Your Bight. 4.21 T>» Uttle Hou*< on :h> PrairJe. 5.15 Cartoon — 

L'f* and Time* of Gnrsiy A.lam*. 5J0 time. 5-20 Just ihe Job. 5X4 Westward Cambridge, cc 
Whai's Vv 5.15 Crossroad*. LH Diary. 10.29 Westward Lafe News 10.50 Thur*. 8 00. Fn 
'iranada R<<po<T«. 5.30 Emmerdale Farm We ward Repori. 11.00 ifovlr Premiere **riTiNC- ki «!r 
7.00 Th? Sj Vi!i:rn Dollar M»n 10.58 'The Tirana? and Deadly Occurrence" •■p"iu I !n 0 r 
Wha"* on. 11.00 What The Paper* S*y. 'TV Movie. 1228 am Fairh for Life. Seal B nc 

11.30 Barnaby Jone< _ _______ Dinner and loo- 

htv YORKSHIRE transfeS^IS 

H I V LB pm Calendar New*. 4J0 Uttle DEC! 

1.28 tm Reoon W«-*r Seadllne*. 1-3 House on ibe Pralne. 5.88 Calendar — 

Repon Wale* Hradlinei 2 JO Women i Emley Moor and Belmont editlono, 7JM 
Only. 4J0 Lillie Hou-.e on the Prune. Emmerdal* Farm. 7J0 Bounlc Man. 

5.15 Jph-I.in? N»wsdn»fc 5.20 Crossroad*. 10JO Richard Nixon ai ihe Pvfnrd Union. A new < 

0.00 Report West. 6J5 Report 'Wales, ll.ee The Love Boat. 11.00 In Concert. KIM BR&DE 


Lunchtime. 4J8 Utarur Nrvi arts THEATRE. 01-836 2112 . 

4JS The Beachcomber*. A 45 Tt £!. £°K£53‘ 5 

“ c? T ?2 g 2!?* t ■'Wl.'h.a . ^v* h f, Suhd»v Tlmv*. 

I. i.25 police SIX *.K Happy Monday to Thursday 5.30. Friduy and 
i^mnerdado Farm. 7J0 Botanic Saturday 7.00 and 9.75. 


1,25 Brdl'.me ASTORIA THEATRE. CC. Charing Cros* 

D.ai.me. 7J4 «9l-4S6 HJI. Mon -Thur* 

/ESTVV ARD * -00 Bm " Frl ' J, tLv s i 11 ' 6 '°° * ntl B ' 4S ' 

llus Honeytuo'i Birthdays BEST MUSICAL OF THE YEAR 

ird New* Headline* 4JB TTi? EVENING STANDARD AWARD 

„ i SECOND GREAT YEAR 


:AMBRIDGE. CC B3fi 60S6- Mon. to 
Thur*. a 00. Fn . Sal. 5.45 and a. 30. 

IPI TOM 81 

EXCITING BLACK AFRICAN MUSICAL 
"Pulsating Musical " E. News. 

Seal price* £1 00-ES.50. 

Dinner and loo-once sear £g.S0 hud. 

FOURTH GREAT YEAR 
TRANSFERS TO WHTCH ALL THEATRE 
DECEMBER 6th. 


| Mon. -Thur*.. -Frl. and Sat. 6 and b T h * ir * *'.9£' ■ ni1 Sat.,5.18 and B.30i 
JESUS CHRIST SUPTRSTAR ° ENORMOUSV RICH 

bv Tim Rice and Andrew Lloyd-Webber" Evening Nrwv 

S aSSL' Mary O'Mari eys smaife-mt camodv . 

PALLADIUM. - CC. 01-457 7873. _ °S*CE A CATHOLIC" - 

Orwnlng Dec. 20 lor a ScaiM • Suprwne Comedv On. iev and rrilOlbA." 

DANNY LA RUE .. ' L’P ,,iy TetegruDh- '•■ . .. . 

W1^WAU.NG KS Brian*' MAlgftf*LL tSI 

and WAYNE SLEEP 2 OO ^THE^'^ ^ TTOPHCT*®*-^ 0 ' 7% 

^ 19 ” 7 - 30 - RIOJArS 1 " trJdS? 

PHOENIX THEATRE. CC. 01-836 2294 _ACT1QN MAN. •• , 

NIGHT . AND DAY - : i ; ■ ■ - j- 

A New Play bv TOM STOPPARD CINEMAS 

Directed bv PETER WOOD , , - 1 . . . 

PICCADILLY from 8.30 am. OJ7 4506 *■£..'• "* a SHAPTESPURY AW. AM 

Credit card bkg*. 836 1071. 'riv. 12 . ^*-1- ftsp- -Pe ri*-— ALL SEAT* -BKDL 8 . 
Dec. at 2 . Opens- 13 Dec. aT T.-Subt 7: DEATH -ON THK- NKLC <A). Wle. * . 


]f> Clasfps given information on I s Become helpless by Autumn 


BBC Radio New Wavelengths 


ase ( 6 1 

12 Peculiar card came (5) 

13 Part i)f i he hra-rs earned b 7 
elephant (Si 

14 Close in l»vin; ofliciou? i5> 

16 Nnie convas roof becominc 

evident (7i 


more or less f4. 5) 

IT Theft by one of the establish- 
ment reported in part of the 
Bible 16, 3 1 

IS Unde ret urn I huw tn make 
mischief lawful iS) 

2ft Cultivate drawer nf cash (4i 


1053kHz 3Sm 
1084kHz Z^m 

»3kHz 431m 
404<> He. 330m 
E> 8j-*i»hr tterofl 


1215k Hz 247m 
A 4»-42.5vhf itTTTd 


3 1215k 

ft * 

4 m&» 

ft ». 


? 00 k Mr '1380m 
ft 92.“5vW 


IS Bird auction rip? allowed (71 -t R*?injin.r or .i woodcuiter t7> 
21 Old Boh Lock acquires an -2 Tv. i si summons delivered to 


RADIO 1 

IS) Stereophonic broaden** 

iHedium Wave 


Hrwa. ZJ» Woman * Hour. IN Nm. 
S.U Queer loos to (hr Prime Minister lire 
aathe BBC nadfe London -' from Uie Home of ■'-om.-nona. 5JS AJter- 

n&fcHO IobMiHt. 2Mm ft 44.W*# noon Theatre iS-. ajs Story Time. 5218 

PM; New* magazine. 5JB ShtaDlnc 
l *. C«Dk») Radio; forecaet. 5J5 Weather: pregrsnune new* 

***** 15«kHj. 104m ft KWf 4,08 Nsw*. 5.30 Top of Ihe Form. 7.09 

_ ■ n „j nn „ Sew*. 7.05 The Archer*. TJD Time for 

iTSitT- Venn TJ8 BBC Welsh Symphony 

U5lkH*. 2Um ft T7JYM Ortlw*rra: Berltox, Mozart. Debmny 

i S>. IJ5 The Western Hies. 

5.25 Kaleldnscopc. 1-54 Weather. 

.. _ u ,,_ r 3D. oo The World Tnnikhi. UJfl Any 

n h . 6 Li S ' r™2p. Pm nJi. 0r *- 1UM A Book a I Prill line lUi 

}b u .^ w 7£' R^aHrnii The Financial World Tonlabt. 11 JO Tod* > 

S r au-« iS- LM *>■**. l.OS Bradforil |fl p arl|J . mi;n| . 12 . go *irws. 


Copftpl Radio; 

ISOBVHz. 114m ft R-Mf 


London SroaUcaarinp: 
1151 k Hr, 261 m ft tTJYhf 


oar: l: Schuber: 


12. IB pm Wort* 


Miild..-. Cnjirer 


2.00 Orchociral Con- 


ncccnt ifit 

23 tjladly cun* a ?dc r*?st (3, 

23 Vcnomoita creature seen in 
summer t?) 

26 Incentive m crow vegetable 

(fit 

27 Transporter is plane sailing 
for 13 (5. 3) 

2R Ail&mpl to consume within 
a^reemeni ifi) 

29 Bell mare io produce shiver- 
ing (?! 

DOWN 

1 niv® up reading Ths Waste 
Land ffij 

2 Am cl® left by ma-tcr m 
ntalcbrnaV'er ai old school 
(4. 5) 

n ?Jan3se in pais 13. 2) 

4 Pny in ih<* prae" i7j 

5 Superior miclit master . . . (9« 


S.W 7JID..- Le* Tn i-. Len . r , ir; i : vtiubi?r:. <dtDillFe -S- 2. S) RRC Radio LontlOfl I HAD J* 

4.M Simon Bale*. U.J1 PaU: Burne... > n Shorr naiki. ;.M Orchr?iral Com.,>n. DD ^ ndUi t Jjuumm j LA 

2.DD Tuny BlirUhiim. 3.31 t.m Jen—n ?jr . .... «:..-niiher;. B-eth.neit cSi. 4.M To 5.90 As Radio 2. 6.30 Hurt Hour. 


••hap (fit 

24 Stran n f» AS ever lhaf is (5t 2 M fw RltrUhnm. 3.31 kid Jen«re ?jri c.-nuher: B-ethoiert INI. 4.00 To 5.90 As Radio 2. 6.30 Hurt Hour. 

rf - j .ii-,!tM^#i inii-n in« ■ o iria u*i ! l - 7J0-10.99 A« Rad>* 10.M John Peel IS.. | hl . }i v mor/ oi a Great Artist <S*. S.20 4-00 I.ondon Uc». 12.05 pm CaU In. 

L.lUldnd tow n lose.i Side walk LL00-2.no am A* Radio 2 . PiobaireaUid lor S: Andrew's .'lah: <S.. IM 296 Stoma**. 4.03 Homo Run. fe-10 

l5l RADIO 5-45 H.mivward Bound Si. 6J0 Ne'-s Look. Sunk l-lsion . 7 JO Black Londoners. 

- « . Tnn _ 6JS AI Hpni«: GiuJipi conduct* lire Scrim *-» ^oul ,> 10.83 Law Msfcr London. 

a.OO am ..i»i siimmarr 5-05 Tnnv phii.iarnwnic is> 7.30 World Theatre; 12.00 A* Pmllo :. 12.95 Qucxiion Tan* 

Sr«S? ; S « •Cdfld.IioiiF oi AKrcVmco^- by John from rin i llnut of Comzocs. From L85 


SOLUTION TO PUZZLE 
No. :i,825 


Ipnal, 7M CAMBRIDGE. CC. 01-856 6056. 
ml- u,n Omcf now osen for 

•"Jf . , M * n ' TROUBADOUR 

[nra Union. A now musical ttarrlno 

Concert. KIM BRADEN. JOHN WATTS 

Red. prk* preview* iron Dec. 13. 
opening December 19. 


COMEDY. CC. 01.930 2578. Ev*. 8.00. 
Thur*. 5 00. Sat*. S. 15 and 8.30 
BILLIE WH17ELAW 

The rntwr powerful female acting (ten 
In London thi* year." Obaervor. 

T. P. MCKENNA III 
MOLLY - 

.. WMON GRAY 

' INTENSELY MOVING." E. New*. 
KROCFOUSLY EROTIC." 5. Time*. 
LAST WEEK ENDS SATURDAY 
*rilt Ekland. Julian HoUowav ' In an 
e»cmttg new comedy " MATE! " Preview* 
'■ nici. | from Dec. 5 a t B.-Open* Dec. 12 at 7. 

18 JO 41 An j P° ?2l«- Credit card’ bkg,. 

imf itti S?. $ J9Z 1 . 5” Mon. Thur*. 8. Frl. ito 
im. U-151 S.I 5 4| 8.90. " THE MOST HILARIOUS 
PLAY FOR YEARS Financial Time* 
uoo joo 

1IU ._ Michael Ma^lnvi 

HAD i T AMruTCo E .^S. E "OCRING WITH 
LAUGHTER. Evo. Standard. 


D«- at X. Opens- 13 Dec. *T 7."5li6C 
I'«. «t 8. Sat*. 3.15 and 8.15. 

A NIGHT WITH 

DAME EDNA 
■ltd a handful of Cobber*. 

■ Starring the Increasingly popular 

BARRY HUMPHRIES - • 

BOOK NOW. 1 2 WEEK SEASON. 


1i DEATH ON THK< NULC -CA). Wk. ft 
Sun 2 70 5 20 8.20. -' ■ 

2: DEATH ON THE - NILS' 6A> Wfc ft 
Sun. 2-00. 5.00. 8.00. - - - - . 

C3KDBI- PLAZA. CiundW* -W 

Tube). 4*5 244*. THE —BOB. DYLAN 

FILM” “REN ALDO ft CLARA IAA) VritA 
BOB' : Dylan • a joan baez. rta * 
TRACK STEREO. ■ Prop*- 2-50 ft- 7 JO J 
OaHv 13th WEEK.' - 




t’Oi 
,0;. ‘MU 


ijn.'*' I»*l 

-. I 2 

S-v"' Iz. 

0-;:’ l" 

-*-. s ' 
ir*J* , ",‘''^4 


LLDO AC p-dlo 12.85 Oucilinn Turn- 1 DUCHESS. S35 824* Man rn ti..... 

IrM Ihe II nine of rnm-mpi Krnm IM Eyrnlni-r Inn c_. . *75 lo . Thur*. 


7.33 Ti rrj' WiiRin 


QSSBBOl 
B CH <B a 



■JDCR Hnuv i5‘ inwluflm* I.w spun* 
De«K 2.30 Pevid Ilaniiiion i5< Including 
* 4T. and 3 <"■ Sunn* P'-'Sk. 0.30 W.ijaaners 
Walk 4-45 SonrLS Dc*V. 4.67 John Ounn 
■ S< ir.ciu.1nid 3.13 Saoris Desk 5.45 Saam 
Dusk. 7.02 Country Club <S- 4.03 Kctk- 


Whmn* i Si. 9.45 Falla fSi. 19.25 -As Radio 1. 

Scientifically Sp-akiny. U.18 Scnitish u j oj 

Ronxiiie Finsemb:? 'S». 11.45 News, ulitt- LODUOfl cr03QC3Stlll^ 

“J* rsnisni's sebuber. Sona. 5 .gg pm Morning Music. A.H.: 

^ nonstop new*. intarmiUap. mv«i. u.» 

RATTIQ 4 Brtjn Kayes Stow. WO nm LEC Report*. 

. .. , . „ „ , 3.99 Ceorne GaJe'i 3 O'clock CalL 4.BS 

6.00 am ?.«W4 Brlefirg 6.10 Finnic* LBC Repnrt* 'Wfuinueei. IM Aficr 
Today. 6-25 Sbippirg Forecast 6J0 4.99 Nlghfilne. 2.09 am Nisb: 


iS "°; r 

Soumi Ec;ra. 11.02 Brian Miiimk ■ m'ni- ;„" J ' capita) Radio 
■iiicc* Knund ^HilnleBi. tn^iid'DB 12 W *.[»' V'm NLd-ireeF with 6JM *m Graftam D.-tie'i Rreokfaal Sho-.< 

■'y’JF 4.90 am ...u* Summa.j. posnmnd Wilcnc. 10.00 News. 29JB 'S'-. 4.00 Mir toe! Alpil ISi. 22.09 Da vr 

R \DIO ^ i:hertpo:n:. lO.M Daily Service. «.« Cart 'Si. 3.96 pm Roger Scott «S>. 7.09 

655 am W-aitor 7.W New* 7.95 Msming Smrv. U.M Analyctc _1L«5 7 Mi Groref-Bjown » Capita! Cmnmrmary 








21 


■ v 

U54 


Financial Thnes Thcrsday IfcrerabeT SO 1978 
Young Vic 

The Tempest 

by B. A. YOUNG 


A little bearded man in B grey 
suit and a soft hat sits at a 
garden table in the middle of the 
bare open stage,- consuming a 
roll and a bottle of wfne. He 
might be a professor of philo- 
sophy. say, m a down-market 
university. But no, this is 
Prospero. sometime Duke of 
Milan, and there be sits until 
Act S while the action rases 
about bhn. Or perhaps there is 
no action, perhaps the whole 
insubstantial fabric Is an absurd 
dream of revenge In his mind 
from Elba or St Helena. Does 
not the play end with (he soli- 
tary old man, throwing aside his 
magical fantasies, praying simply 
to be set free ? 

The drawback to playing 77te 
T empest In this way is that it is 
deprived of the picturesque 
-images that abound throughout 
the play. You would imagine 
that a man dreaming of magic 
spells would see them as colour- 
fur and active, yet Michael 
Bogdanov keeps everything 
restrained by the utmost 
economy. There is no repre- 
sentation nf the shipwreck, there 
is no harpy, there is no masque, 
though Juno sees one in her 
mind's eye. Moreover, the coe- 
lomes are of nur own djv; 
Stephen Boxer's Ariel loafs 
about in grubby white flannels, 
John Labanowski's Caliban is a 
human figure wearing onlv * 
lorn doth and a coating of dirt 

Yet this is the play in which 
Shakespeare is mos; profuse with 
his stage-directions, directions 


like “ Solemn and strange music; 
and Prospero on the top, 
invisible^ Enter several strange 
shapes, bringing in a banquet; 
and dance about it with gentle 
actions of salutations; and, 
inviting the- King, etc., to eat, 
They depart-" -If you drain away 
all this decoration, you are left 
with only half the play, and this 
is what we have at the Young 
Vie. Even the music is reduced 
to a minimum: when Prospero 
orders music, “which even now 
I do," he la rewarded with 
silence. 

Bill Wallis plays Prospero. and 
keeps his voice , in as everyday a 
key as the rest of the production. 
Siephano (.Tames Garten and 
Alonso (Malcolm Rennie) are 
the only two who infuse any 
individuality into their parts; 
the others, even Fiona Victory 
as Miranda, seem to.be content 
to get the sense over and leave 
i( at that. Ferdinand in 
Christopher Ashley's hands 
seems in have taken on rather a 
hangdog personality, not at all a 
prince who believes himself to 
he a king. 

Ariel's appearance is generally 
signalled by offstage, ringing or 
“I will lift up mine eyes unto 
the bills, from whence cometh 
my help" m the manner of an 
Anglican choir, which is odd in 
a play where Had is so deter- 
minedly ignored. Mr. Boxer has 
written his nwn songs, but is 
never allowed to make much of 
them. 

My feeling is that Mr. Bog- 



IMf Moon 


; - t'c;:' f* 


The Machine Wreckers 


-,*S .• .Jr'rU.- V 

■r ~r ...4* . •*-Vv ' 

'• v- )• :■ ,.~ 

' r '4 


Christopher Ashley and Fiona Victory 


New National year 


dasov*a idea nf a purely mental 
Tempest is a good one but in- 
apprcipnafc lo such a Spar inn 
produriinn. Withnul demons and 
goddt-Rscs and so on, you need 
lashings of music and speech as 

Book Review 


I Era* Telle- (18994939) Is 
: famous these days for his repma- 
•iton. established by productions 
nf plays ntiea while he served 
a ficc-ycar prison sentence for his 
. pamcipati'n in the 1919 
: Bavarian .Soviet. The .Machine 
j U'rcrfeer* was premiered in 19'i2 
i at Max Reinhardt's Grosses 
, SchauspielhauB, Berlin. While 
i Piscator and Meyerhold mounted 
■ other spectacular Toiler produc- 
: Hons, The Machine Wreckers 
; berime a favourite set piece :n 
1 rhe repertoire of the Workers 
Theatre Movement in England 
1 after its British premiere at the 
. Kings** v Theatre in 1923. 

The Haif Moon's luxuriantly 

• small-scai- version, directed wnh 
i.fio! pre- ;«ion by Tim Albery. is 
welcome fir=t of ail as a chance 

, ro fill ga;rs ia our knowledge of 
: German Expressionism, it is. 
admitted:.. a less Typical 

! example of the movement than 
oiber Toller pi ays — .’.inss-Ts and 
Man (convenient Iv revived at. the 
. Cockpit thi.- v.ceki nr HinJte- 
: mann. for example — but it pro- 
. coeds Ai:h a brute narrative 
strength even if the individual 
| scenes do not. as John Willett has 
' nhserwd. eon’ain dialogue of 
. much tension. 

TaiJer uses the weavers' 
Z+** . Nottingham sinke of 1S15 to 
' ' rieielnp an argument tor workers 

velcuminc the new technology in 

, a ... order to lake control of i! and 

i improve :n-.*:r lot and tint of 
and Fiona Victory j ihotr children. Jimmy Cijiihcu. 

* the T«ilcr-st;.le visionary hero, 
‘propound; ins Marxist message 

expressive as _-n*j would require in the tee;n of what he brands 
for a radio production. NciGn-r shorl-sigh'ed resentment to the 
these luxuries is guen u*. I'hc machine installed b;. the ;inr»o;h- 
per for. nance i* played a ilh out ;.fi , tongued boss. t're. His chief 
interval and run-.'for about two; adversary is Ned l.'id iJohn 
hours and a quarter. > Hartley; a blunt, stolid weaver 


with 13 children. The debate Is 
aggravated by the cowardly John 
W-.biey (David Fielder), a’ cring- 
ing co". , '3borator of the overseer 
v. bo «e2'.s his daughter to gratify 
the capi'.iiis's’ 'us*. 

In this area of the play I find 
more texture than 1 had 
expected, and the adept company 
of just eight actors and Three 
children conjure a grim under- 
world among a landscape of filthy 
garbage that gathers around ths 
audience's ankles. The designer 
is Mick Bearwish, and his 


materials include torn sheets of 
plastic, rubber tubing, grills, and 
several large rabbit holes thM 
encircle the action like so many 
furnaces. The company das* «n 
and out of them, the scenes with 
L're conducted on a tall gantry 
and delivered with classic 
Expression i stic verve. 

The climax is stunningly well 
done, the whole theatre erupting 
in an industrial light show, with 
grumbling sound effects, as the 
workers attack first the machine 
and then the sacrificial Jimmy. 


whom Jim Hooper invests with 
unsanctimoaious righteousness 
and naive self-assurance. The 
company also includes the extra- 
ordinary Simon Callow, doubling 
a literally unbeatable Ure, sleek 
and vicious, with the strange 
masked character oF the Old 
Reaper, a dispossessed agrarian 
who believes the wrecked 
machine to be God and the 
mutiiaied Jimmy his son. The 
translation used is that prepared 
bv Peter Tegel for a recent radio 
broadcast. MICHAEL COVENEY 


$WM T 
MjMSBkvt 



Scene from The Machine Wrecker* 


Seven now productions are with music and choruses by 1 A/ Q /Tr 

scheduled to join the National Harrison Birtwistle. V ¥ (1 H 

Theatre's repertoire in 1979. The Opening in the Lyttelton C? 

OHvier Theatre will present .4 TbMtre wiU be Close oj Play, a 

■ -»<«—— KT SSSmr "w! b - v 5 

Jacobean drama by Thomas Somerset Maugham. 

Middleton and William Rowley; The Nations} Theatre's small • — — ■■ - ■ 

The Fruits of Enlightenment, a auditorium, the CotitesJoe, 15 to Cosima Wagner's Diaries. Vol 1. 
comedy hr Tolstoi In a soeeiailv Present The Long Voyage Home, 1869-1877. Edited and annn- 

” Z,* SZT fcL four short plays of the sea by tated by Martin Gregor Dctlin 

commuaaoned ne* ttnstatum by 0 ’Nelli. given togdhe? and Dietrich Mack. Translated 

Michael Frayn, the British (stage ^ a single production. The and with an Introduction by 
premiere of Open Country; a Cotiesloe will also stage the first Geoffrey Skelton. Illustrated, 
tragi -comedy of 1911 by Arthur play in The Orensteia trilogy, 1,199 pages. Collins. £15. 

SeSmitzler in a specially com- Agamemnon, as work-in- pro- 

missioned now version bv Tom i>efo [ e il “ DV ^* to lhe Cosima Wagner was the 

Stoooard: and The Oresteia the ,wer tu W ^ e 5? . the _ <,,hcr ^2 daughter of Li.szt and Marie 
Moppara, ana me urestevs, the piaj-j, The Libation Bearers and d'4-oiiit Her firm husband was 

massive trilogy by Aeschylus, in The Eumenides, will then open her° father's pupil, the pianist 
a speed aMy commissioned new aiongsride it to complete the aD d conductor Hans von Billow, 
translation by Tony Harrison, production. tD W fa 0fn s h e boro two daughter*. 

and whom she left in November. 

: 1868, to join Richard Wagner al 

Tribschcn near Lucerne. On 

UK ECONOMIC INDICATORS following, she began the diaries 

ECONOMIC ACTIVITY— Indices or industrial production, manu- WaSer? < Sat? 
factoring output (1975 = 100); engineering 1 ordere (1970=100); garded lhem M malena i for the 
retail sales volume, retail sales value (1971 = 100); registered completion of his autobiography 
unemployment (excluding school leavers) and unfilled vacancies la^cii, begun earlier at 

(000s). All seasonally adjusted. lhe request 0 f King Ludwig 11 

: *■ — ~ — 7 . — of Bavaria. Cosima intended 

Indl. Mfg. Eng. Retail Retail Unern- lh C m for her children to read 

prod, output order voL value ployed : Vacs. a f te r her death as justification of 

1977 ' ... her conduct to Bfllow and lo 

3rd qtr. ' 196J 103 J 106 104J 234^ L413 1ST e j ve t], ein - lhe essence of 

4th qtr. 105.9 102.1 107 104.4 238.4 L431 137 Richard.” 

197* ... The existence of the Diaries 


Wagner to the life 

by RONALD CRICHTON 


Sadler’s Wells 


Solo Ride 


by CLEMENT CRISP 



®L 




UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY— Indices or industrial production, manu- 
facturing output (1975=100); engineering orders (1970=100); 
retail sales volume, retail sales value (1971=100); registered 
unemployment (excluding school leavers) and unfilled vacancies 
(000s). All seasonally adjusted. 



Indl. 

Mfg. 

Eng. 

Retail 

Retail 

Unem- 


197T 
3rd qtr. 

prod. 

output 

order 

voL 

value 

ployed . 

Vacs. 

106J 

103J 

106 

104.3 

2342 

L413 

151 

4th qtr. 
1978 

105.9 

102.1 

107 

104.4 

239.4 

L431 

157 

1st qtr. 

107 J 

102.5 

110 

106.3 

246.0 

1,409 

188 

2nd qtr. 

111.1 

10S.0 

106 

108.0 

254J2 

1367 

2L3 

3rd qtr. 

110.6 

104.8 


110^ 

267.6 

1.380 

213 

Mas 

110.1 

103.7 

115 

J08.4 

tS&2 

1,366 

210 

Juno 

111.7 

105.9 

99 

108.7 

2573 

1^65 

217 

July 

111.1 

105J 

109 

111.4 

265.8 

1,371 

211 

August 

110.9 

105’ 

110 

111-8 

270J3 

1,392 

209 

Sept. 

OcL 

Nov. 

109.8 

104.0 


109.5 

109.5 

266J> 

L378 

060 

1,339 

219 

228 

231 




I .'.'V- * v > '' * , * ■ |p 

Li % ■ - - xi £ 


S' : • r. 

* 

1 


Dancers are particularly fasci- probably his most mysterious, 
na'.ina as they stand in the wings it is an exercise in the irrational, 
of s theatre wailing to make an a side-ways-on view of relation- 
entrance: fidgeting with a s ? ,ps teeter on the brink 
. v “ " “ , of surrealism as jobe appears 

costume, senms a shoe, brushing ridin; , a lrk . vc . e> a dummv 

sweat away, they are yet utterly doppelffunger behind him, and 
concentrated, their entire per- four girls in baggy pants and 
tonalities in the narrowest focus voluminous shirt tops await 
upon the ra?k in hand. Thev look his “n-ival. Within a walled 
at their most beautiful, because ? lcov e sits a musician who joins 
most essential as artists. 1° Douglas Gould's inconsequen- 

Thes'e thoughts are prompted tia, J and attractive score Jobe, 
by a glimpse of Tom Jobe waiting ? dancer of rarec silhouette, 
just off-staje in Richard Alston's lean * “ntwr, and capable of 
ftamboic Bandit which ended ver y * 3S ^ movement — an ex- 
London Contemporary Dance reptional artist in everything he 
Theatre's programme on Tues- _ — leaps, slouches, flirts, 
day. E\ cry angle of his body, the an d involves himself with each 
intense absorption of his pose, of the girls in turn, 
suggested a performer of note- The relalionshios seem arhi- 
wortby gifts. Jobe was the hero trary, sometimes (as in the final 
of the evening dancing in all one with K alc Harrison) very 
three ballets, and starring in no f unn y as Jobe prepares to repel 
nli C ,- rt „ a “th? 1 6 boarders, always conlly in com- 

£‘ e '; 1 ^ ^ of events. The piece may 

rprtitinJ iu be 1Qtended as 3 dream-like joke, 

receiving its London premifere. or a corament on 0ur Human 

It seems to me Bergese's most Condition. 1 neither comprehend, 
accomplished work to date, and nor care, but I enjoyed the 


Book Review 


dance for its unexpected 
nuances and fur Jobe's dazzling 
performance in the central role. 

In Siobhan Davies’ ravishing, 
hieratic ,Sfrfii?u which began the 
evening Jobe was also a central 
figure. Here is a dance work of 
the most refined manner which 
suddenly reveals its interpreters 
as figures from a bos relief, and 
Jobe, in an extraordinary passage 
in which be swings his arms 
across his chest, seems to typify 
its stylistic elegance. 

In Richard Alston's Rainbow 
Bandir which ended an evening 
which was a triumphant vindica- 
tion of second generation LCDT 
creativity, Jobe was part of a 
cast who gave an outstanding 
account of these rich, allusive 
dances. Of especial interest was 
the appearance of Patrick Hard- 
ing-Irmer. for my money one of 
the most rewarding virtuoso 
dancers in this country with 
his heroic, powerful style. 
London Contemporary Dance 
remains required viewing for 
anyone interested in standards of 
dance excellence. 


Total theatre by SANDY WILSON 


■z&mi 




Cosima and Richard Wagner 


111.1 105.0 106 188.0 25^2 1.367 2L3 ^ sourcc material by two ‘ 

110.6 104.8 110-8 267,6 1,380 213 biographers. Glasenapp and du 

110.1 103.7 115 1 08.4 255.2 1.366 210 Moulin Eckart. but only recently 

111.7 105.9 99 108.7 257.3 1^65 217 have they passed out of strict 

Jll.l 105.2 109 111.4 265.8 1,371 211 custody. Cosima apparently en- 

110.9 105^ 110 111.8 270^ 1,392 209 trusted them to her youngest 

• 109.8 104.0 109.5 266.6 L378 219 daughter Eva, who married 

109-5 060 228 Houston Stewart Chamberlain, 

1,339 231 Hitler's " ideal Englishman." 

Eva had a running feud with lhe 

T— By market sector: consumer goods investment goods, Bayreuth archivist Ottu Strobe I. 
diate goods (materials and fuels); engineering output, in order to prevent his gaining 
lanufacture, textiles, leather and clothing (1975 = 100); access to the Diaries she had 
starts (000s. monthly average). them consigned lo a bank vault 

s in Munich where they were to . 

Consumer InvsL lntmd. Eng. Metal Textile Housg. remain for 30 years after her | 
goods goods goods output mnfg. etc. starts* death — she lived until 1942. ■ 

Recently they were published in j 
104JI 98.7 116.5 99A 107.8 1013 25.4 Germany, and here they arc tn a j 

104.9 97.5 114.4 98.7 95.2 100.2 20.7 readable translation by Geoffrey <%I 

Skelton which in itself is a con- Cosima and Richard Wagner 

105.3 99JS 116.3 100.8 95.4 97.2 17.8 siderable achievement. 

1075 99.2 122.9 100.7 108J2 99.4 26.7 This fat first volume covers , J . . . . . ... ... .... T 

107 1 100,5 1 22.4 101.6 102JI 100.6 22J momentous years mainly at amanuensis, only 1 ton clad to ink to bold at _ the nght height. In 

107 0 99.0 121.0 100.0 106.0 97.0 25.1 Tribschcn. the charming, cosy »n pencil sketches for Swgfned bed. it tnreatens to bruise the 

109 0 100 0 124.0 101 J) 112.0 98.0 30.7 villa on Lake Lucerne and at ® nd jjotten.umineruug ^be> rib-ca i .e. has to deviv.- 

lftfi'n tain imH in»n nan into 23 6 Wahnfried the un-charming tin- talked, they read widely ami impromptu book-rests in uncom- 

lolLo 1010 1M.0 I03J) W 10LO 33lcosy. ^headmaster's house tbuh maslly alnud tn one anoiher ( H.c foriabie positions. The publisher 

107*0 99 0 1210 100.0 10XJ) 99.0 24^ Wagner built for himself at Greeks Shakespeare. Caltleron, must >on’.ehoiu invent □ better 

lu/.v va.v uiM Ravrcuth Thpse were lhe vears f _<oetbe) they played piano duets, format for the remainder of tne 

7TZ I " nf resumntion of work on The 0np nf ra >' favncirite entries Diaries. However, much physical 

4AL TRADEI—lndices of and import volume - . P . . filled (February, 1S78) runs “Talked a discomfort they inflict, they will 

.00); visible balance; current balance: oiJ balance; terms lot about ihc Arabs, then about b c expecunUy awaited. 

(1975 = 100); exchange reserves. of th?h”h " f Si Sm 35 »be trio_of the Schcrzn in the A 

Qpor. import Visible Current Oil ^ rn^w;; V, ^' , R } ich a rt "™, f b, ,''h i i National Gallery 

volume volume balance balance balance trade USSbn* Jf al , J 1 ' 5 Biflo w's. actually cn fries for Cosima. describing . _ 

, 0 incc a. 11 +474 —602 101.0 13.4 Wagner's), of divorce and re- experience through her eyes paifltinSS ffiven 

124.4 106.6 + 31 +574 wra xuim j».i m _? ri _. p .»,» choice of Eav- ' Vl * h more skill as a writer than r as 

117.6 102.7 - 5 +507 -6S7 102.4 20.39 the ^choice f of Ba^ ^ d Ruwm the wboie ultraviolet 

.120.0 114.1 -608 -318 -642 104 -8 

116 0 -281 -'le -511 105 2 lfc55 ! f^ndation-Mone of the Ibcalre. ™^ rc d German grammar) is protection 

Jif o _ + 10 -107 104^2 1654 the building, and the opening in an ad« image. Prnicctinn against fading 


OUTPUT— By market sector: consumer goods investment goods, 
imermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1975 — 100); 
housing starts (000s. monthly average). 


1977 

3rd qtr. 10-L3 98.7 116.5 99* 107* 101.3 25.4 

4th qtr. 104-9 97.5 114.4 98.7 85.2 100.2 20.7 

1978 

1st qtr. 105.3 99J 116J 100^ 95.4 97.2 17.8 

2nd qtr. 1075 99.2 122.9 100.7 108^ 99.4 26.7 

3rd qtr. 107.1 100.5 J22.4 101.6 102J 100.6 22^ 

Slay 107.0 99.0 121-0 100.0 106.0 97.0 25.1 

June 109.0 100.0 124.0 1Q1.0 112.0 98.0 30.7 

July 106.0 101.0 124.0 101.0 113.0 101.0 23.6 

August 108.0 101.0 122.0 103 JO 93.0 101.0 20.3 

SepL 107.0 99.0 121.0 100.0 101 J) 99.0 24J 

EXTERNAL TRADE— Indices of export and Import volume 
(1975=100); visible balance; current balance: oiJ balance; terms 
of trade (1975=100); exchange reserves. 

fmnnri Visible Current OH Terms Resv. 


1977 
3rd qtr. 
4th qtr. 

1978 
1st qtr. 
2nd qtr. 
3rd qtr. 
June 
July 
August 
Sept. 
Oct. 


National Gallery 
paintings given 
ultra violet 


protection 

Protection ayainst fading 


iThe Theatre of Erwin Fiscal ur by 
1 John Willett. Eyre Methuen, 
19.95. ?? pajes 

! I may as well confess at the 
outset that 1 am not a fan of 
Benold Brecht. Thanks to the 
I good offices of Kenneth Tynan, 
! who was pushing Brecht at the 
i time. I was present at the open- 
ing perfurrnance of the Berliner 
Ensemble in London. The play 
I was Mother Courage, and, as 
Helena Weigel dragged that cart 
around the Palace Theatre stage 
for the umpteenth time the 
friend I was with whispered to 
me, ‘'Isn't it amazing the way 
they've ail made themselves so 
plain?" .After the show there 
i was a party at the Tynans' flat 
; and. when the Ensemble filed in. 
we discovered their secret. They 
.didn’t have tn make themselves 
plain; they were plain, 
j The prospect, therefore, of 
{reading a book about the man of 
i whom Brecht said. "Let me tell 
i you that of ali the people who 
, have been active in the Theatre 
over the last 20 years no one has 
been as close ro me as you ” was 
nor particularlv appealing. But 
in fact Erwin Pi-scarnr. ihnush an 
intiniuTe friend and rival of 
Brecht's never collaborated with 
him in hU lifetime, only direc- 
ting a production of Mother 
Courage after Brecht's death. 

{ Deprived of work under the 
j regimes of both H : ller and 
: Stalin, he came to New York 


in 193S and founded a Dramatic 
Workshop where (be students 
included Brando. Matthau. 
Slritch. and Tennessee Williams 
— who admired Piscator so much 
that be asked to become his 
secretary. Returning to Germany 
after the war, be was at first 
ignored and then, in his old age. 
rediscovered by a new generation 
of pol’tica) playwrights, among 
them Weiss and Hochbuth. He 
never worked in this country — 
a project for staging War and 


Peace was turned down, rather 
loftily, hy Olivier in 193S— but 
his techniques have been pinched 
and plagiarised without acknow- 
ledgment by many a soi-disant 
avant-garde director. 

The text of this book is short 
— levs than 200 pages — but 
detailed and informative, and 1 
have the feeling that it was 
planned on a grander scale (the 
illustrations are cramped and at 
times indistinct) as would befit 
the vision of its subject 


The war that never ends 

~-£Bh . Wc British are a peaceful people. When a war is 
& TT* ■ ovcr ,UiC 10 con *isn ‘t to the histoiy books - and 

ajjjgEgifo Bui ibr some the wars live on. The disa bled from 

f i both World Wars and from lesser campaigns, now all 
too easily forgotten ; the w Mows, the orphans and t he 
children -for them i heir war lives on, eveiy day and 

l|S|ggsp®| In many ca^es. of course, there is help from a 

pension. But ilicrc is a limit to what any Government 
flffl jfiH i Department can do. 

giMLJ -Th ' :> u ^ cre Army Benevolence steps in. With 

understanding. With a sense of urgency . . . and with 
Mfiflia pmcticai, financial help. 

: I®* To us it is a prhilege to help these brave men -and 

Iff JBnvrW TC>,mcn - lo,5 - Please will you help us to do more? \Ve 
s gBfil BaSiffij must not Jet 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 


16.74 1876- Cosima was a ruthless buf eaus«d hy uHra viulct ray* has 

16.4 What makes the .Diaries fasci- extremely capable woman who hovn „j Vf . n j,,. the jjjtioa iJ 
16.51 * nating is the scliins of those dealt xvith a situation difficult in lMi ery lu ils rooms showing 
15^7 j events against a foreground or many ways wnh a smeess that car , v an(] 15th ccnmry | Ia!un 

domestic irtvtamies. t.nsima was few other women could have namlin-'s by means of Sunshield 

‘acutely aware nf their tnomen- approached. Minna, ihe pn- "iVJr aah'es.ve fiTtJr g f J? UQ " ,UCid 
toiisness but (assuming no doubt success partner of all time, would t, " 1 r ‘ ,une5,we niler nmi - 
that her children would be have been useless now. And yet. v‘® work for these galleries, 
equally aware) she allows them in spite of her intelligence and which contain much precious 
to be half bidden by a mass nf quick mind, the Diaries bristle ?j ir '- v ll .* la -. ian , work including 
detail about what she. Richard with prejudice — the French. Uccellos Battle of San Romano. 
and the children did. said and Catholics (Jesuits especially), was carried out by Suncell, Wind- 
felt — especially felt. Feelings, in- and of course the Jews. Anti- sol under a Department of 
eluded health. Every passing Semitism persists like the buz- Environment contract, has in- 
malaise was noted. Not a day 2ing of a mosquito, though it volved treating 570 glass or per- 
but brought its ups and downs, cnuld evaporate when personal s P e J Bi galleries one 

Though there was laughter, much friendship, expediency, or both, to five and the boardroom with 
of the time was spent in tears — dictated. Her German nationa- about 6,000 sq ft of Sunshield 
Cosima's health officially broke lism had the zeal of the convert clear polyester ultra violet filter 
in middle age. but she lived to be — by birth she was Franco- adhesive film, 
over ninety, while of the children Hungarian. The Sunshield film replaced a 

only two died before -they were Most composers with a strong loose-laid film which became torn 
70. And the dreams ! Both personality are unsure guides to and curled up so that its screen- 
Richard and Cosima's dreams arc other men's music. Wagner’s j n g properties against ultra violet 
noted In vivid detail — they seem reported comments are more rays were not complete, 
to have had nights as tormented often than not just, perceptive 
as Strauss's Clytemncstra. and enlightening, but he had bis 

Cosima wracked bv visions nT limitations too. One visit tn International 

Hans von Biilow. Richard by Vienna abruptly introduced the 

glimpses of his dead first wife, couple tu different worlds. OE fpcrivnT of mini** 


FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months growth at annual 
rate): domestic credit expansion (£u>; building socteties net 
inflow; HP, new credit; ail seasonally adjusted. Minimum 
lending rate (end period). 


1977 

3rd qtr. 28.6 10.4 20.3 +365 U*7 . Mg 

4lb qtr. 23.2 12.6 8.7 + 698 1,639 

1st qtr. 24J 23-8 17.5 +1.791 Mg gg 

2nd qtr. 8.5 15.7 24.6 +2^58 - 694 Mg 

3rd qtr. 16.8 52 8-6 +525 <46 1,427 

June 8.5 15.7 246 +314 147 4a9 

July S3 9 5 34.7 +104 |00 «8 

August 5.7 1-6 15.7 476 

Sept 16-8 5J 86 +<13 M6 47B 

OcL 13.7 5.4 1-6 +53o 363 

INFLATION— Indices of earnings CJm- 


M3 

Bank 

BS 

HP 

MLR 

% 

% 

£m 

Inflow 

lending 

% 

10.4 

202 

+365 

1057 

. 1,149 

7 

12.6 

8.7 

+ 698 

1,639 

1,189 

7 

23.8 

17J5 

+1.791 

1,049 

1,260 

«1 

15.7 

24.6 

+2.858 

. 694 

1.393 

10 

53 

&£ 

+525 

746 

1,427 

10 

15.7 

24.6 

+314 

147 

459 

10 

9.5 

34.7 

+ 104 

200 

458 

10 

2.6 

15.7 

-292 

200 

493 

10 

5 3 
5.4 

8^ 

1.6 

+ 713 
+535 

346 

363 

476 

10 

10 


iniiiiiiKin-iua tB -z mann f an i ure d oroducts gunipsw Q V“ a ur31 w,,w - coupie cu ainercm world. s. ut 

materials and fuels, wholesale prices o flB74 = 100)' FT Minna. The nightmare Verdi’s Requiem Cosima thought 

nm-innii roiuil n rices and food prices 1 1 »<*— r * r ic umriliv ...... ■> 


(1975=100)* retail prices and food prices r , 

InSS w5ly 1052=100); trade weighted value of 

sterling iDec. 1971 — 100). 


International 
festival of mime 

Following sell-out seasons in ; 


1977 
Srdfltr. 
*th qtr. 

1978 
1st qtr. 
2nd qtr, 
3rd qtr. 
June 
July 
August 
Sept 
OcL 


Basic 

matls.* 


Whsale. 
mnfg.“ RPI* 


• Not seasonally adjusted. 


e weighted value of described on page / -4 is worUu u 'est to say nothing. Cnnnen. Following sell-out seasons in ; 

of Der Frewchulz - the next night, was “interesting the last two' years, the third inter-! 

And yet. in spite of bo much r or the slaringness of the national London Mime Festival 

emotion, an enonnous amount modern French manner.” The w ui take place from January 10 

Ctrl* wa ? d °? e - *«*"* conirnued to ambiguousness of Cosima and t0 February 10. 1979 at the 

Foods comdty. Strig. write his music dramas on a scale Riachard's feelings for her Cockpit Theatre and e New here 

A . B not approached by anyone else father. Liszt desen*es a study in v „_ \ > 

152.1 239J 61.8 before or since— to say nothing jt se jr. .v Fr .° *?' m n ) e ttmm 

1933 v 3 -- of his voluminous prose works Paper and printing are good, theatre, ihe festival offers a 

*ak and the elaborate preparations illustrations mediocre— not one va e „P e Jl® r ?I, ail B C t sl ?* es ' 

ISZ"? 5?'5 for Bayreuth. Apart from writing photograph of Cosima's hand- ? nt * t J 1IS - vea3 \ Jot Ibc first time. 

203.8 *12^7 61-5 Bayreuth. Apart from writing writing. There are useful notes '“Eludes special performances for 

20®' 2 *2.4 jj er diary, Cosima ran the house, and a copious index which could children. 

20J - .1 Z4ZJ7 oiJ controlled the children (Danlela. be more detailed still. But why The main venue will be the 

«2S'i nAoci i m] the eldest, had rebellious tenden- one volume and not two? The Cockpit Theatre, with perfor- 

sSf* flrrr SS’2 cJes and once dared to describe result is as unwieldy a* the mances also being held at the 

nne of Mama's Jokes as “ borine." Peerage, and nobody reads that French Institute Theatre, the 

20a.B Z65JCZ B3.1 an j[ Ct 0 j disloyalty w'htch for the length of time the Dianes Goethe insistute Theatre, Jack- 

t : nearly, shattered Cnsrai.iL Wh*-n imperiously claim. For those with ana’s Lane Theatre and ihe 

«L required, aha acted aa Richard’s poor sight the book la too heavy Roundhouse Downstairs. 


NOTICE OF REDEMPTION 
To the Holder; of 

RICHARDSON-MERRELL 
OVERSEAS FINANCE N.V. 

S/ifo Guaranteed Debentures Due December 15, 19S5 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indrntuie dated as of Decem- 
ber 15, 1970 providing for the above Debentures, $1,500,000 principal amount of said Debentures 
have been selected foe redemption on December 15. 1973, throiish operation of the mandatory Sinking 
Fund at the redemption price of 100 To of the principal amount thereof, logeiher with accrued interest 
thereon to said date, as follows: 

OUTSTANDING DEBENTURES OF $1,000 EACH OF PREFIX “AT BEARING THE 
DlSTIN’CXn'E NUMBERS ENDING IN ANY OF THE FOLLOWING TWO DIGITS: 

0003 15 223036395459779396 

ALSO OUTSTAN DING DEBENTURES OF PREFIX -M" BEARING 
THE FOLLOWING NUJIBERS: 

S 765 £53 £263 11265 12165 14165 15365 16265 17865 18065 185G5 18665 188SS 19965 

On December 15. 1978, the Debentures designated above will become due and payable in such 
enin or currency of the United Stales of America as at lhe lime or pa>-nicm shall be legal tender for 
the payment ol public and private debts. Said Debenture* will be paid, upon presentation and sur- 
render thereof with all coupons appertaining thereto maturing after the redemption date, at the option 
o. the holder either lal at lhe corporate treat office of Morgan Guaranty Trust Company of 
JW ) orfc. 33lh Floor, 30 West Broadway, New York. N-Y. 10015, or (bi at the main oEcis of 
any of the following: Morgan Guaranty Trust Company nf Netc'iork in Bni^sels, Frankfurt am Main 
London. Fans and Zurich: Banca\onwiHerS!C.S.p-A.in Milan and Rome: Bank Mees & flone N.V.ln 
Antlcrdatn: and E redie thank S^A. Luxembourgeoisr in Luaemhourg. Pajmients at the offices referred 
to in I b. 1 above will he made by cheek drawn ou a bank in New York Gty or by transfer to a dollar 
account maintained hy the pnyee with a hank in New York City. 

Coupons due December 15, 1978 should be detached and collected in lhe usual manner, 
forxwfmpdon^ ^ ecen “ ,er ^ inierest shall cease to accrue on the DcboiLures herein designated 

RICHAKDSON-MERREIX OVERSEAS USANCE N.V. 

Dated: November 14, 1978 

NOTICE 

ThefoEovring Deheatures previously called for redemption have r.ot as « -t hues |..is»:nteil fur payments 

K-673 674 863 2243 332D 3233 6258 62G0 KG1 6261 7154 7156 7=e2 92» 9587 1S315 1W21 15517 



L: ' * 





22 


Financial' Times 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON £C4P 4RY 
Telegrams: Flnaotlma, London PSA Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Thursday November 30 1 P 78 




THE MERGER WITH BORG-WARNER 









RICHARD RILEY 
. . . holding company chairman 


__ JAMES SERF, 
i . .no underestimating crisis 


BY JOHN WYLES IN NEW YORK 


Parliamentary case against the year, when the threat of sane- and failing, n «.-. uum-uii «» deDendence on suDolvin* 

resist the conclusion that the r ^ 


S Kichard Nixon learned, able reorganisation in ihe last ing many corporations tc look caused by tyre failure and .one 

• — ■ ,! — :fl — tion * - — 

i IS 

ilse, 

but the novelty of the l&at ser j 0 U j; injury of their child. 


A there is a price to be paid five veare aimed at improving for growth and diversification resulted in an oul-of-court pay- 
for “ toughing it out" i1B nroKiahiiiiv and it* through acquisition. There is mi?nt of si.4 ra following the 

death of two parents and the 


PERHAPS THE most effective claimed, have seme effect last 
case a, 

Government's policy of pay rinns persuaded some employers i **■“*; t . , hp T inHustrv c """ ie 

sanctions was made by the Chan- and unions to withdraw from I P enalt y be,n l exacted . f ™ m . ! ne fil ..r _ of .J re ?£L!L_ t t ha i..iJui! Manx- observers felt that Fire- 


com> 


PARTNERS' IN THE MERGER-; 

. - — ■ — — ' ■ " ■ ' — 1 ' | J j j- 1 STS; l'. if. 

BORG-WARNER IN T977 ' L '- ' : 

Siil -I - . “ 




cellor of the Exchequer. Mr. settlements which threatened to 
Healey argued feelingly that to breach the 10 per cent policy, 
allow settlements such as those That policy, however, was P risin S 

reached by Ford and British generally supported by the mer £? r «»*. lhrmieh acouisition 

Oxygen to go unpunished would unions and in Parliament, poration The company founded, cnnsi ^ rabl g“ 

be a breach of faith with There is no realistic chance this l ?, ore t ^, n . 
workers whn had already sealed year Lhat unions will agree to 
within the “official" limits, and roll back 

would open ?uch settlement^ fur breach a policy which they 
renegotiation. In other words, official!'- oppose ' 
under free bargaining workers In lbes , e ch an d circuni _ 
settle wh. thejr think they indeed . there is a clear 

n not • Kmi if I .ni'iirnmanr 


is the wound in 


Firestone Tire and Rubber the cyclical fortunes of which a ff ec ring an abnormal number 

Com oanv is Tiiesdav night's sur- n,ake for a ver >' uneven profits 0 f extremely large businesses, 

' * announcement of a ™ rve - Divestiture of marginal as caQ be seen rrom the acC om- 0n «y deepenin' 

r. ». businesses and diversification p an ying table. The picture is this proun but conservative com- 

— - - — one of a number of large, reia- P anr - By September, hi an 

a CT o in brought considerable benefits to tively cash rich corporations apparent acKnowleagment of its 
Akron Ohio bv Harvev* Fire- Borg-Warner. the income of taking advantage of the bargain weak position Firestone had 
Dne could nni ha?e found It ^ ,ast >' ear was 134 per labels which the U.5. slock hired top Washington lawyer 
easv 'to surrender its indepen- cent higher than in 1975. market has attached to some Clark Clifford to try to nego- 

dericc But the decision in do With this strategy starting to very respectable companies Date as. graceful a capmuanon 
<o almost certainly derives from pay off. some of Borp-Wamer's over the last few years. Thus as possible The seniemeni 
the fact that last' month it was shareholders. including the in the first nine months of this formula with ihe muw *■*. 

German com- year, actual or pending acquis;- damaging bur not The rout wmen 


can get: but if a Government Hamwir Yh‘Jr “rt ' , Tu' compelled to run up the flag of leading West Lie.. ...... - — . — - - . ... . tk d vwtca 

talks jnudlv enough about ^ anger 4j 3t sanctions. like the , urrender j n it s battle to avoid pnnent company Robert Bosch, tions worth more than .-slOOm it might ha\e been. The NHTSA 
norms without bet n S able to en- reeling ip to 13,5m of its Jre bound lo be p»— « - -™ -.1 in „«m« of th- that Firestone should 


Sales :: • 

2,631.2 

Net income 

1616 

Employees 

39360 

Breakdown of sales 

, : ' 

Air- coiKfitianunji /j'- 

43S3 

Chemicals and plasties; ■ : 


Industrial products - » V • ; 


Transportation equipment 1 

;73 SSi 

Totat . - • 





LWUUl I WUJVII, ■■■ ' - 1 

puzzled as to totalled 59. well in excess of the agreed that Firestone 

■ . . . J. 41 .L a „r 1 .^ -» r/Ul " 


" , l,,u V V .1 - support. 

force the highest rate nf fath ^ 

senlemem ichieved may he year when Ford -f ,l ; pp 

GZrnJnM “ | Bo SZ ^'Tn dollar terns. at«n DS will be available in time, taming V very sohd trend'ln which there are an estimated 

(though in fact, since Ford P or -- V*:"" 15 , , ‘ c‘!' When they are. the case for the which a number of other motor “5m st:i! in use. In addition. 

companies. Firestone wsil replace trres sold 


Borg-Warner hai ttifat u htial 


(Sftt) { V::::-. 

Tyr«raii^ _• 

. _-. ;n ?■ Hr.Zy'\‘,-;.S' r -3St7jt r ' 

•/, -■ . - 

!ndortriaI;?nim*t^ . \J~- ■ • •* •• ■ 

pfodiKXS . • ; - * ‘ ',>■ S3JA 


make matters [ Ue dl ;. un;afc -sot)*' steel why the company should saddle 41 total for the whoie of last replace “500" tyres sold after nubti m Europe, chicfly m thvtlk^ 

o n nat ifli* T nft I . • r _ i ▼ — • • i>.mi ■ f* i — 1 1 0 . -• **n ^ rD 3 fl Il_ _ .* L 


| belted radial tyres. itself with Firestone's prob- year. 

The resulting union with lerns - Do J J I b i ,ess - f 1 u »f r ex P lan ' Borg- Warner, then, is main 

~ fii-inc ii'i 1 1 hi) a * tv time 


September 1. lffjl. indmv wh*re h has f^rksmaktAr JUto- 
in- factured Defore May ^tfmaVed m»tic tiansm«*M»«f and- plastics.; 


- W at 

BirntforiaflA VriuKim Irr.tbfc.UK,. - 
; n r sWtden, - Italy awl 


is defending tins fiction to ihe 
la=t ditch. both because 
Minister? have put their per- 
sonal pre?ti£? behind it, and 
because the opinion polls show 
that ihe idea of wage restraint 
has popular support. The polls 
reflect lhat fact that Ihe public 
is now sufficiently educated to 
realise that each individual L “ 


lo Ford and conclude that if 
i here i« no hope nf kerning 
within ihe limns the Govern 
mem may hy then 
able. ih“v had bpue 
avoid the e\lra drai 

inzs involved in a long stop- 1 to give it die status of senior 



[or the mejger for “Ahp simple ;..wiiF =alrapst certainly, drgv? t h flt 
reason that' the Firestdne^divjd- once the recovery -is^ achieved, - 

: years, threatened, against the vagaries^ f'Qie znotor 

Maii^emeut • jMoId well : have j ndus try. Aitboagh the repiape-. ; . 

onlv luok a i whai" hlS hanoened I the,r combined net wortii is I960; which spurred manage- ? ot on . anyone's list of glitter- Fire»tone'“«Fup 'a 'reirve : ot. ^ *. rough;- _rlde>om mept tyre : .. 

on.y u.ok a> what has happened l ?uh<lantial|y crearer a1 around , nen ts into a frenzied quest for w* prize*? 

Sl.fihn. Borg-War ner's approval annual earnings increases of part of the ans-. 

^ for ihe merger plan cannot have Id-15 per cent, there i c still an in the conviction 

find accent- becn much easier to signal than earnest aud understandable Bere, Borg- Warner's chairman Sl35m. Although • e.\ucmgty ry ^r";, .Vif ^7r r ,'rr L T~ ' ^~.r in Inwcf thirTear ^ttinri-lnst 

e" at east F irestone s, despite ihe fact that ^sire Tor steadily increasing, and chief executive, that Fire- serious, this does not take the- . nd S not ' 

in o earn- ihe terms of the proposal appear S ood ^uahty profits. stone s current difficulties are less from under the companyV ^ SSt^vls t££L *c£%£ tot 

With many industrial sectors temporary and tnat once the halance sheet. At the end of ^company s top exedmves. *4«»- on " entace'TOmffr 

Th° threat could thudn^,' unable to look forward to the "*** w* three years have July Firestone had S2l5m in The merger proposal allows Sbh t t0 h a « been ^hawd off : 

„ i I parlntr - growth rates of previous been weathered it should again cash and total debt ameimtinR.fofd.the management of Fire- • 

The Chicago-based company decades, the ••maturing rpJ, P the benefits of being the to 38 per cent of its capital, stqn^ as a -separate subsidiary.. , 

.is fore- l ' s ' s secund-largest tyre com- There has been no apparent hoy- Tb* company's chairman, Mr- .» th. inn«^ 

pany. But Mr. Bere 
to be underestimating 
rent crisis in Firestone' 

for he has been ...» , 4 . ^ 

member of the company's board whirl! could be 'called on to Warner. . . v ~ ■ - In jecent years, the company's 

since January 1977 and has had S350m. ' the terras of the anreement strategy has teen to concentipe - 

Vlew »f iu *row- But the financial irapact of M corapUcated, hut in esenCe "?.^” 1 !*^^ ■■ 

the settlement amplified losses fbev v.-ill involve the issue of 


pruve an incentive 10 give in. 


group would be better off if 
everyone elte showed decent Monopolies 

^i^VilVaacfoi,- r ir k i T be fact that the Conservative 

l nfnrtunate.j the fail-back j oca j authorities are alreadi 

posiijon. as Ml. Heale> con- threatening to reduce the ft.rd 
ceded, is that if everyone is not sana „ jns 10 firre i5 ,„„efore , 
restrained, then at least every- welcome development. The 

1?" , r, s J ame ,. as *""ner the 5 per cent fiction can 

ever, one else. A failed pnlicv he decently buried, the sooner 
’’ P 015 "'' 3 ".'- enst-infla- lhc Government can return r, 

nonary than no policy at all. the sel lout busines, of cheeking 
P.j ' gain .nv ba.ea on . eel ilie.s is inflation. This mean, ielling ine 
Ilfeely. to ne more rational than market impose il* own sancli'ins 
bar^etining ba^-d on unenforced on those employers who — unliKo 
no !! rns . . , , , Ford— make settiemenis they 

v ant-lion? might 'till have can nor afford, and making a 
a kind or justification in clear that the Government wil! 
thnse circumstances if ihpre not rescue them. It means 
y. 35 any realist. c I'jope that aiidresfsins the problem of the 
they would rescue the o per excessive power of monopolies, 
cent pci if} melf. and make sure not in defence of any norm, but 
that excessive scltleinents of a workable labour market. It 
remain the exception: but this means explaining realities 
is a claim lhat Ministers hardly rather ihan maintaining fictions, 
dare make themselves, and The Government now faces de- 
which nobody is likely to feat in the field and povfibly in 
believe if it is made. The case Parliament over a policy which 
made in their defence is purely has become a dangerous 
pragmatic — they did, it is anachronism. 

Madrid gets a 
cautious Yes 

IT IS no secret that Spain's the UK. Ireland and Denmark 
application to join the EEC has settled for five-year transitional 
presented the Nine with prob- periods, the Commission clearly 
lems that most of them would feels Spain will need cunsider- 
prefer not to have to face, ably longer — both for its own 
Only the UK has reacted to sake and for that of the Com- 
the request with genuinely munity. The Commission's 
unreserved enthusiasm, and that opinion is vague on the precise 
for motives which most other timing, suggesting a period of 
Community Governments find not more than ten years and 
suspect. The concern among possibly less Tor some sectors. AcCOUntentS 
the mare federally minded There is no mention of a date 
Benelux countries, for example. f or Spanish entry, for which the Ofl Patrol 
is that ihe British reaction is UK has suggested 1982. and the 


has been undergoing consider- economy." as it is called. 


WAVE OF BIDS AND MERGERS 



Companies 

Approximate value 
(Sm) 

Standard Oil of California/ Aroax* 

1.900 

Occidental Petroleum/Mcad Paper 

1,000 

United Technologies/Carrier 

1.600 

Celancsc/Olint 

720 

Johns-ManvjKc/Olinkraft 

580 

Philip Morris/Seven Up 

514 

Beatrice Foods /Tropicana Products 

488 

General Electric/Cox Broadcasting 

4fi7 

R. ]. Reynolds/ Del Monte 

456 

IC Industries/Pet Inc. 

389 

Gannett/ Combined Communication! 

370 

Pan Amcrican/National Airlines 

350 

BAT Industries/ Appleton Papers 

286 

Consolidated Foods/Hanes 

266 

Thyssen/Budd 

245 

Eaton/ Cutler Hammer 

227 

Dart Industries/P. R. Mallory 

22S 

Grand Union/ Colonial Stores 

114 

Avon Products/ Tiffany's 

104 

GEC/A. B. Dick 

100 


This started to build towards Firestone was already suffering around S900m of securities in. t ■■ 

• climax earlier this year when, as a result of the clositre of a the . proposed holding ; confe ' SK2Li!K 0# "SS2y%^p?’ •** 


ilid'JVl 

- ftWMu 


This sample list of proposals made in 1973 includes a number of 
bids which arc being strongly resisted and/or may run into anti- 
trust obstacles. 


Announced in September, but not be inf actively punned. 
t Abandoned earlier liili month. 


after examining 6.000 consumer number of plants in the U.S. pany, the common stock of. . aggres5 i^; - 

reports detailing 14,000 separate and abroad prompted by the Ajfciich will be owned- exclusively 

tyre failures, the National High- declining market for conven- tiy- Borg-Warner shareholders; l^TT were derived - : 

way Traffic Safety Administra- tional cross-ply tyres. "Write-offs Firestone shareholders will the motor industry,. . at*, 

tion concluded that there was amounting to S74m brought the receive a mix of preferred diversification programme w , 
sufficient evidence to warrant a company to a nine-month loss stock and debentures which takenjt into rpe housin g m arket,. 
recall of Firestone's “500 " steel- at the end of July of S2 1.1m. value their company at around 

belted radial. The implications Bur an even greater cause for $15-16 per share compared with and machineir.- More thau 123:. • • 
nf this conclusion were shatter- concern was the 39 per cent fall a '.bo* value, of around 325.50 manufacturing: -• plants -ara-.- 
ins to Firestone, which between in its operating income, an in- pep share. .The price •looks. i .P^ a !!i lg ;, 1 ,?? Jr '* s : .v,rf 4-y 

1972 and the spring of this year calculable proportion of *wfticb therefore, to be -generouslyj e 9 l ?™.®s ‘ 

had marketed this tyre as its was attributable to a “fear of rewarding- Borg-Warner. for^ : transmissions, plastic resins 
main radial product. It had Firestone'’ bug gripping many accepting: the uncertainties of *** cqnaiupniirg e^UipRifinL; : 

produced some 23m units and consumers. the next few years while pro- The S63m Issue- of new. equitj*-/- : 

both before and after the as a result nf the plant write- tecting Firestone, shareholders last year to give Robert Bosch"* '. 
NHTSA's preliminary deter- n ffs and the “500" recall through a $1,0 anHual diVklend 9.5 per jeenf staike - 

minatinn Firestone dngcedlv programme. Firestone is on the convertible preferred Warner, was, intentied -tp pgefot'K . 
refused to accepr that there expected to record a loss of stock. ^ the way tb. technical co-operRtiiin; ; - 

could he any basis to the around SI 50m in its. fiscal year But what is the value, as'ofte ahroad which wOulti eveflhlillr" 

agency's finding. ending October 31. analyst obsen-ed yesterday contribute to^M.trengtheniDg^X' 

The unfavourable publicity with mnre than half of its morning, 01 [rwnlna I. 0 -«'opara. norapa^Vfomgn OTJ*.'- ■ 
was magnified by public hear- ca | €s derived from the replace- tKm spre*d o^er 13o countries £ on5 ' the ptqfitabiilty of .wftwih-.- 

tnas during the summer. Still ment tvre market, the length if >’ nu cainrot sell the product has by a. number 

Firestone insisted that there was and severity of the consumer in the, single most important Jf ctnr . 5 Bos*., hftif ... 

no safety defect in its tyre reae tio n is probably the greatest market? . ; u ' a S*** iia * 

despite the fact that by this time preoccupation of Firestone Mr.- Bere of Borg-Warner, who - U7 ^> n ^® nt tJ-S. ovei lr . 
It bad Inst nine coun cases and management, its shareholders will be the newi holding com- 8Y € ' ye . ars ^ prosper 
settled 64 withnut trial. Most and now Borg-Warner. This pany's president and chief -^ ve tripartite relationship with . 
of these were Drought hy plain- uncertainty could well be the executive, clearly believes this Firestone - and Borg- Warner; 
tiffs alleging personal injury predominant motive in Akron view to be too apocalyptic. "He ' could be intrigidhg. *’ ' J 7; V' 


N ... . 

" — • 


MEN AND MATTERS 


to 


sunken baths 
old shower 


in spelling out what lhat could *'We have no news about Wlth 

be — much greater co-operation lhat." the Chinese charge 15-carat 

with the Fraud Squad, with d'affaires tells me. fittings and taps. The master, 

short - rerm secondments a — ■ bedroom for Yamani is fitted 

possible solution to the Fraud 

frequent need for Creeping back 


reporting offences," lhat live- been paid off in full. There over the price rises of the 

*ear lapses between discover- have been murmuring? that future all the delegates will be 

and final adjudication is not p ^ rhapc lht . C j linese Vl \i a i so staying in the city’s Hilton 

uncommon, and lhat ihe Fraud . .. deren t thine "Anv- Botel. 

based on the hope that a overwhelming impression left Six months after retiring as Squad is still without any form ' „ *’ All. that is, except the star i 

further round «>f enlargement hv ihe documents is one 0 f head of London's Fraud Squad. «f career structure. Aged -W, ' hm f 5 P'^sibie. argues my an> . 0 p E c conference, Sheikh 
Will irrevocably dilute ihe caution. The Commission does ex-Cnnimander Thomas Edwards Edws,rrts had re,ire No^ne seems to Ahmed Zaki Yamani. 

Community imo a glorified free not hide its belief ibar Spain's is preparing to go back on the ,,f a !,l ’ ri,MIS "Pcraimn. His own be quite sure just how much Yamani will be the guest of 

trade area— the very develop- integration into the Community, beat. “I've spent some time , ’ arccr included several nniahle money i.s involved, but, dis- i: e host oil minister. UAE'. 

ment they fear the most. West at every level, must not only resting in Wales but now I Dlan ta!>es - nr,t ^ast the Rolls Ra/nr i-mmling lampshades, bonds Mana Saeed Al Uteiba, who J.as 

tiermanv is concerned about the be slow but a 1 sr, accompanied by to take up some of the consul- affair -. before Sir Rohcn Mark us<!{ i as wallpaper, and bonds spent “probably more than 

consequences of applying the major changes in Spain. * lanvv offers which I have put him in charge of the Squad. Thrown away, the sum Is thought Sim on building a sumptuous 
Rome Treaty's free movement —. , , received." he told me after ° ne snarl niwin?. the com- f (1 he nor far off £25m. annex lo his private palace for 

of labour provisions to new lime nee aea talking at a McGrew Hill P ,a,nt he had ,nade in J Iar, ' h in the light of China's desire h ' 5 “ dear fnen d Yamani *' 

Mediterranean members, while Clearly time will be needed to seminar on corporate fraud. , * iat accountant® should at. opt a trt borrow rai her larger amoun Is sfai ' * n lvhile l ^e eight-day con 

France and Italy are deeply adjust the relatively backward There were two separate Positive approach to se>*K- from }hfi West ta "finance the f e r P n *-'® is in progress, 

ejmeerned about the effects on Mediterranean agricultures of poignant touches at the seminar. "JJ ® ut ^ rai1 ld .; J la “.' niodernisatinnofitsinduslry.it Each room 'in the villa has i _5 
their agriculture. France and Italy to enable them One of the five speakers was ««jj- At t,m * l * ar " uefl fhal I,,ftkin * ‘ Jatk the individual stereo system, and is 

The criteria to Wlths!and Sp anish corapeti- from Tanslcy Witt, audilors of .'™ **■ lad" hy paying off minor old fitted with "old light switches. 

me criteria tion. But there are also major William Press and S»n. the civil debt, couid bea shrewd move. The ihree bathroom suites are 

In its opinion on Spanish potential difficulties on the engineering group whose offices . n - -■ - • — 

membership. the European industrial front. It will not be were raided by ihe Inland 
Commission quite rightly points easy to persuade the Com- Revenue on March 6. Another 
out that the problems presented nmnity's steel and textile indus- speaker was from Touche Ross, 
by Spanish entry are quite tries that now is the moment to the accounting firm which only 
different in scale from those open up the EEC market to uncovered the error in SUIT'S 
presented by Gn-v-e and cheaper, competing product* balance sheet while carrying out Squads 
Portugal, whose applications are from Spain— a puint of which a random check on their client. e -P erls - 
rather further advanced. There the Commission is fully aware. But it was Edward? who 
is. of course, no question of Indeed, it suggests in its opinion added the bite to the proceed- 
sayine No lo Spain. The Com- that free movement of goods ings, complaining that citizen's 
mission has never reacted between Spam and the rest of desire to play the detective 
negatively to an entry applies- the Community must be linked 
tiuh. and provided an applicant to Spanish acceptance of Coin- 
country' fulfils the two main munity industrial policies like 
criteria of being European and the Davignnn Plan n» prop up 
democratic it can be virtually the Community steel industry, 
assured of a recommendation Many oth*T lons-protected 
tn open entry negotiations. Spanish industries, on the oi her 
Despite their anxieties on the hand, will he unable to «tand up 
ennnomu- from. rhe Nine [ 0 rum petition from the Com 
Governments have in any me munity. Here, the Commission 
already all decided that the j$ quite right to propose that an 
political grounds fur Spanish j nim p d j a j P start be made on 
entry are over-rid mg. a? they restructuring the Spanish 
are for Greece and Portugal tun. ecnnujn y. with Community aid. 

It is accepted Community be ?. ire ihe moment of entry, 
dogma that EEC membership is The Community could also 
essential tn underpin ihe fh>dg- make Hs£> of thp fime befnre 
ling democracies nf the three Spain joins to rethink its own 
Mediterranean applicants, all a g r j cu itu ra i policies. Britain 
of whom have only recently doubtless lose no oppor- 
emerged from dictatorship. tunity for pointing this out, Tn 
The question is thus nn an idea! world, serious thought 
longer whether Spanish mem- would al«n be given to the 
nership is desirable, but how it implications of the mnve to 12 
is to he achieved. The negotia- members for the Community's 
tinns with Spain, just as the institutions snrl decision-making 
negotiations with Greece and procedures. But lhat is a 
Portugal, and the UK before Pandora's Box that many 
th^m will concentrate on transi- Governments will be reluctani 
tinnal arrangements But while to open. 


with an 8 ft circular bed. This 
has stereo and radio systems 
built into its head, and in yet 
^ _ CREEP lives. Not the Com- another development from the 
mitlee fur the Re-election of the da >'? of Ihe Arabian Nights 
-p ■ j: +u_ Fre*idcnl but the Committee to Oteibo is installing a closed 

I rain OI xnougni Reject the Efforts nf the Ex- circuit TV security system— and 

often leads t'n inordinate and The craze for collecting srncks president, vvhiie the Oxford of bullet-proof 

sometimes disastrous delavs in and bond? came to a new peak ^!r ,nn Prepares to host Richard 

in the Stock Market vcslerday ^*-™ n student* al Pern 

when 5 per cent Honan Rai!wa> hro ^ Oxford, are pre- • 

1905 rearhed Par at £100— "the P«nng Their own campaign I GhOSI letter 
first time this side of Hip war was t,lld yesterday by ihe under- 

and pri.hahly longer," according ararfu>te magazine, isis. Unlike * have 1» report that a ghost 



in my man waichmg the more 


most national newspapers and slipped into the machine last 


abstruse corners nf the stock 
market. But ii was hardly news 
tn Stanley Gihhuns 
week 
Railw 

tinn in its fir>t-cver auction of 
bond and share certificates. 


.i. the mure pro-Union weekly week when I wrote about the 


( _ t’harwHI. Isis is not being South African Freedom Founda- 

0 Blarney »,.nn..ns "which" hsl Scaled seats In attend N.xnn’s turn [ JSAFF) receiving South 
reek realised £130 fur a Hnnan s f e, - h ; n , r «* magazine cum- African runds. In passing I 

1 a, I wav honri in mint ennd-- Pained *3^4 msht. But it has appear tn ha^ appointed Peter 

Si U i,rS" t a* Wind of CREEP and its re.so- Snrnur director general of 

iiirion ennriomnine the "excesses SAFF, instead of leaving him 
nf the Nixon administration" where he actual iy is. namely al 
Honan Railway is one nf the and ■• a moralily" nf Nixon's SAF (South Africa Founda- 
pretlier— and rarer— pieces^ nf pn { ilica i C0ll duct. "We dn nnt tion). 
paper circulating in the City, reject Nixon’s riaht to speak ■■ 
and still a full 30 percent ahead bu j we y.-nuld like tn remind 

of such butterfi ies as Imperial people “[ what went on. We are M and M BWflrri 
Chinese Railway 1899. and concerned that N ixnn is trying . 

per cent Chinese Government l]S p f ar f ?ppakine at The headline-of-the-year prize— 
1908. All were more or less Oxford ti* bolster his prestige," whatever ^ems turn up 
worthless before the beginning j s j s adds before 1979— must go to the 

of the year. ' 

My bond-watcher points out 
that Japanese and German Qj| opUlGHCe 


Committee for Industrial Tech- 
nologies newsletter: ‘DES gets 
C FIT'S views nn E and T." 


bonds were worth a mere 2 per 
cent of their face value just When OPEC settles down next 
after the war, and have since month Is Abu Dhabi to mull 


Observer j 





. ■: 

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4 . 

Vj :» . 

L 

■'ii":- 
-JiV - 
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A V 

- 

3--., 


V.- 


% we 

two woixk of comfort. 



Many people believethat Rankin Kuhn jjroiWe the Bait- 
and most personalised ^ervi.OTs^yailabie tcri^r jn Business - - 
-T ravel. Confer efices.Freight;forwardirig Kolidays. *i 


do everything with polish, flair aral style.-; 

: Ran . k !. n . Kuh _ n ; Try. thernonpe. VtiuyviH back.to.: 

the old standards. 







r fefor— 



■fc * w 


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zyp 


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:> $- **-S * * ^ 

-i#' 




Financial Times Thursday November 30 1978 


■ ■ i 

Mi, u£> 


ECONOMIC VIEWPOINT 


missed chances and false 



ITALY'S ACCEPTANCE or a 6 
per cent .margin : around its 
ecmraJ exchange rate for its 
initial' period of EMS member' 
ship removes ad! economic 
obstacles to Britain joining. 

A band of 12 -per cent between 
the weakest and strongest 
currency, which, this agreement 
permits, is quite large enough 
to satisfy, as adherent of 
floating' rates, provided (hat. the 
authorities are prepared to 
change the central parity before 
the market-, rate reaches any- 
where near the outer limits. 

A moving band formula is 
available not just to Italy, but 
tn any country outside she 
existing snake which wishes fur 
It. This makes U possible tu 
accept the political argument for 
membership and continues from 
within the discussions about 
how the system should develop. 

The British Government is 
once again being badly advised 
— this time in ns dismissal of 
wider margins. 

Absurd and offensive prestige 
considerations of not wanting 
to be in a so-called second 
league are also at work. One r$ 
moved tn ask: What is more 
disreputable? To adopt wider 
margins along with Italy: or to 
remain in a third league un our 
nwn? The same ripusie "oes 
for those who believe that 
wider margins would he 
interpreted a-s a lack of 
confidence in the present 
market rate for sterling- 


The rest of this article is 
concerned with a subject 
important in its own right, but 
which is a complete false trail 
as far as the EMS is concerned. 

The had deal that the British 
are receiving on the budgetary 
side of the EEC has heen very 
well advertised. Briti«h roniri- 
butions. net of receipts will 


be running from next, year 
at nearly iSWm per 
annum. Discussion so far 
from (tenting the original 
British Treasury figures, has 
emphasised that they leave out 
of accoiiRT the loss to ' British 
citizens from having to buy rood 
imports at CAP rather than 
world price. 1 ?. 

Jt i* also well known that the 
main reason for the UK's rough 
treatment i« that a good deal 
■ over 70 per cent of the EEC 
Budget. goe? to agriculture. It 
is hardly surprising that the 
largest beneficiaries are Den- 
mark and Ireland, almost the 
richest and the poorest conn- 
tries of the EEC respectively. 

These arbitrary redistribu- 
tions show that the EEC is not 
yet a true political and economic 
i-ojnmiinil.v. if :t had -the- auto- 
matic fiscal means Tor redistri- 
buting incomes between regions, 
already possessed hv existing 
federations, such perverse 
transfers would he inconceiv- 
able. 

An extremely valuable study 
of how such transfers work and 
the implications for the develop- 
ment of rhe EEC was published 
last year by a committee set up 
by the European Commission 
under Sir Donald MacDougall.* 
Its report started off by looking 
at regional income differentials 
within the Community.. It c-li- 
mau'd that the ratio of per 
capita GDP (gross domestic pro- 
duct! br.'ii'ccw ihe richest coun- 
try. said tn he Belgium, and ihc 
poorest, Ireland, was 2.2 in 
1975 — measured at purchasing 
power parity exchange rales. 
This compared mill ratio? of 
about 1.6 tn 1.8 within countries 
such as Germany, France, and 
Britain. 

The important point, how- 
ever. is that about 40 per cent 
of the gross disparities between 
regions within individual nation 


states Is eliminated by (he merh- 
an isms of public finance — 
slightly more m unitary Mate* 
surh as tlu» United Kingdom or 
France, and slightly less in Fed- 
eral ones, such as Germany or 
the U.S. According 1o the Mae- 
Dougail Committee fiscal trans- 
fers eliminate an even greater 
proportion— between a half and 

two thirds— of temporary 
changes in regional income 
caused hy short-term or e>elji-al 
fluctuations. 

Very lutle of tins redistribu- 
tion is due tu politic* spireifi- 
aily labelled “regional." Must 
is due to the automatic effects 
of a progressive personal lax 
system and a bias in public ex- 
penditure programmes and 
soda I security transfers towards 
the poorer regions. In federal 
conn fries revenue-sharing and 
grants lo subordinate govern- 
ments also play a part A very 
important point that emerge* 
is (.Jial net transfers between 
regions arc quite small as pro- 
portions of GDP— around about 
4 per cent in Italy and Brilain — 
hut sufficient In achieve this 
notable narrowing of regional 
income differentials. 

It is l his last fact which led 
the MacUuugaH Committee in 
repun that U would be possible 
to achieve within the European 
Community something like the 
present rale of inter-regional 
redistribution within countries 
hy a careful stepping up of the 
Cuininuniiy budget from n> 1977 
level or 0.7 per cent of Com- 
munity GDP io a level no mure 
than 21 per cent. Moreover, 
most of this could, in theory, he 
achieved without an increase of 
total public expenditure, but by 
a shift of finance of existing 
expenditures to a Community 
level. The Cmninillee rails this 
level of integral ion prr-fedcral. 

*' N on-federal " might be a less 
provocative label. 


REGIONAL BALANCES 

(at percentage of gro*i regional product) 


Relatively poor regi ons or rtj' 
Germany (average 1948-70); 
Nicdcrsachsen 
Schleswig- Holstein 

Saarland 

France (1972): 

Bretagne 

UK <1964 ): 

Wales 

Scotland 


Public - 
finance 

outflow ( — ) or 
inflow ( -r )* 


Balance of payments 
current account 
surplus ( — lor 
deficit ( — )f 


Italy (average 1971-73): 

Abruzzi 

-i 14.8 

O 

-14.8 

— 42 A 


Germany (average 1948-70): 

Baden- Wii rttembe rg 

- S.9 

- 7.9 

Nordrhein-Westfalen 

- 4 S 

-r SJ 

Hessen 

- 2.9 

- 2.2 

UR ( 1944): 

South East 

- 4.8 

- 2.4 

West Midlands 

- 19 

- 32 

Italy (average 1971-73): 

Piemonte 

- 7.4 

1- 10.9 

Lombardia 

— 11.1 

-15.3 

Liguria 

- 4.4 

- 12.4 


• Difference between federal or central expenditures and revenues 
allocated to the region. 

f Difference between regional product and domestic expenditures. 
Source: MacDougall report. 


The proposed expanded bud- 
get would have io he designed 
with a deliberately high- 
powered redistributional effect. 
Community finance would, for 
instance, he provided for urban 
redevelopment and fur existing 
national regional employment 
and investment subsidies as 
well as fur vocational training 
and niher labour-market 
measures. 

Another important element, 
not cavilv translated iniu bud- 


getary terms, would be loan 
financing or loan guarantees by 
the European Community for 
national projects with or with- 
out an interest-rate subsidy. The 
financing of Community expendi- 
tures could also be made 
progressive between States. 

There is clearly a family 
resemblance between many of 
rhe MacDougall ideas and some 
of rhe offer- being made to 
Italy and Ireland in entice these 
countries into the EMS: and the 


Letters to the Editor 


that it does not fall mi remuneration trends for staff in decline. It* fall Jn value against devaluation has been the opposite 

industrial goods sent out Of the country, different disciplines and nccu- oilier current les has been about of what was expected: we have 

- .. * It is therefore, logical lu nations. a more interesting com- 19 per cent. Over the same become even less productive in 

ObllViOn relieve such a supply from pari son would be whether Mr. period, although exports f volume international relative term*, and 

lax and to allow recovorv of lex Ley's survey or National Union indexi increased b> :?1 per cent, the German? have become even 

From Mr. C. Inn* paid at rhe tunc of purchase or of Journalists members in PR industrial production actually more productive. 

Sir. — In his column of Novem- importation. This relief provides 'how* approximately ihe same fell— hy about l percent Our y el now> when we have the 
her 17 Lombard very nearly pul no incentive lo a dealer id sell percentage increase in the 12 production has risen less than of holding the pound 

his finger on the weak link in a work nf art lo an overseas months to September as our own mat or au> European cnmmuniiy S i ea4 j v> backed by a very sub- 

British industry between research buyer, since the dealer's receipts figure of 10.6 per cent. country except Luxembourg. stant j a i stabilisation fund of 

scientists and commercial exploi- from such a sale are Ihe same p c , pr \»- Brown .whose performance k uistortea -j5bn European umi.? of account 

lation of the results of scientific as if he had sold lo a L'K cus- Svner-v Puhluhine by • u P™ d p minan ‘ c °? 'J 1 * i£17bn i. we are apparently about 

research. He quite correctly turner. Of . nurse, he has to ; 'uw; street s ' tone Staffordshire cr ' s is hit steel industry in »« s to decide that w« want to *iay out 

identifies the “engineers" (just charge tax to the UK pUKhaw. Mr#e1, St ° ,te ' ,r *' industrial economy. Britain and of Thc effective pan of EMS- 

as diverse a £roup as ihe. and therefore ai first sight the Luxembourg are tne onG enun- eXf h a nge-rate stabilisation— and 

"scientists") as essential in' the purchaser in the VK seems lo' m *■' *• . * tries n rim c Nine w 1, ose mi dust rial reta j n [he • right to start the 

process of putting scientific have lo pay more, but it is usual lVlQRCtSrV production is slill_ lower than it p p un ,j on downward path 

discoveries to practical u*e. He io End that the purchaser abroad WUl ' l “^ was before the 19:3 oil crisis. 3 „ ajQ 

notes in his final paragraph that has to pay value added tax on CVStPlTl u h*?! "'hy should we want lo turn 

successful West German cum- importation of Ihe good*, and 3IC1II uhu.se Lurrem.) appreciated over d0 lhi> bp „ available disci- 
plines have engineers in top in any eveni he usually has tn F the Ouiirman. the Ml ? e per ! od s *J™ e “ 4 pe f plinary framework for cool amin" 

positions but he failed to look at pay higher transport and higher L o«dmi\wpe Soriefy ^"[_ ( , l . ha ' h ' S ^vundi is sfrS n,,r short term profligacy, culling 

the top men in British companies, insurance cost*. -So. while nni . . * Mm * L Ihe pound i is siriKin„. lhp | onK . 5erm , n flation raie and 

Perhaps he was running out of suggesting that lb»* point has no Sir, — There is something very Exports ruse by -3 per cent. pr0( j UC | nE a susiainahle evpan- 
column inches! validity. I think ihat ihcre is a unconvincing about ihe argu- despite the upward push given BeI-»u*?We 

In West German v the law danger that it mav be exag- mcnls of the Government s Green m German export prices ov rhe i 1 thii «Tn 

, t j",r«“h.i j "r, n> cf ', 4 4 sssa.- ■ ' ■ ErrMi 2^<«?£m2z 

positions in German industrial | still helieve that ih?t is fair b lV ; „ \ Jn ?,,rH « m I nTLfkMnmmh ih^n policies is necessary? The last 

companies should be held h> and arcursle: it «*erra:nl> dnev ' lh j*’ jj.® ft. L J r « JjS n a 3 ! n Absolute f 011 r >' ears have been am P !e 

qualified engineer,. Compare the not display a "profound Indiff- P " , d , h ^ S „ h ‘h-,c n.ir «.«! C’l rirmanv has heen « v, doncr lhal ' hal wl11 never 

situation with many UK indus- Terence to cultural affairs" as ' ha ' « «ci-ur without the restoration of 


as diverse a group as the and therefore at first sight the 
"scientists") as essential in' the purchaser in the VK seems lo' 
process of putting scientific have lo pay more, but it is usual 
discoveries to practical u*e. He »o find that the purchaser abroad 
notes in his final paragraph that has to pay value added tax on 
successful West German cum- importation of Ihe good*, and 


Report is also echoed in some 
of the ideas for ihe Tuture 
finance of ilie budget pm for- 
ward by Mr. Christopher 
Tugcndiiax. thc EEC Commis- 
sioner for the Budget. Bur it 
is also clear tha* present pro- 
posals arc un nothing like that 
scale, nr high powered enough 
in their redistributive effects lu 
establish the automatic equali- 
sation envisaged by the Com- 
nuiiee. 

Within each state the willing- 
ness of citizens ;u make inter- 
regional transfers depends on a 
sense nf national solidarity. Is 
’here anything comparable al 
the Community level ? There 
is a good deal nf Community 
solidarity in Germany and her 
•mailer neighbours, some in 
Italy. Jess in France and least 
of all in Britain. Overall, voters 
and politicians in the richer 
areas would have to be per- 
suaded that there were tangible 
hrnefits from closer economic 
union — whether materially or 
In. say. a more effective defence 
capability — to make the trans- 
fers worthwhile. 

Such resource .ransfers would 
be Decenary as pan nf a full 
economic union which would 
have to have a large political 
content Bu: are they rea ! ly 
the key to a monetary union 
or e\cn tn le>s ambitious 
schemes for “ fixed exchange 
rates " ir. Europe? It is 
here sha: different issues arc 
often confused. 

How far do the differing 
balance-rif-paymenis and cur- 
rency experiences of the c«un- 
frips nf the European Com- 
munity reflect differences in 
real factors such as crop 
failures, regional poverty, nr 
structural shifts of industry, 
and hr-w far do they simply 
reflect monetary divergences? Jr 
is on this that the importance 
or otherw:*" of budgetary 

GENERAL 

President Carter holds news 
conference. Washington. 

Chancellor Schmidt discusses 
Tu rope an Monetary System wiih 
German Cenrral Bank Council 

President A>sad oT Syria on 
o/ficia: vi-J/r :o Hungary (second 
of four daysi. 

Post Office siateraenl on suc- 
cess of Royal Mail parcels service. 

Govern men i launch scheme io 
provide -isn mgs and mnrlgage- 
linked leans for first-lime house 
buyers. 

Times newspapers last day of 
publication before management 
su-ipend-- printing. 

Christies wine sale, including 
Bordeaux rarities. 

Mr. Richard Nixon, former U.S. 
President, speaks at Oxford 
Union. 


matter? for monetary union 
depends. 

Wlule- n might be plausible io 
attribute the modest pay men is 
imbalances and e\i.-liangc-ralc 
changc-s of the 1950s ;.nd early 
lo middle ldtiO.s in part lo real 
disturbances, the much greater 
imbalances of recent years are 
mainly monetary in origin. Of 
course, ihe 197:1-74 oil-price 
explosion was a gigantic real 
disturbance: but it was common 
to all countries in thc European 
Community.' not a particular 
blow to one nr two. which could 
have been cushioned by a " high 
powered Community budget." 

Desirable though income 
transfers may be. either for 
their own sake or as an induce- 
ment to the removal of the non- 
tariff barriers still separating 
members, it is highly doubtful 
whether they are technically 
necessary to establish a 
monetary union in the sense of 
fixed or even rigid exchange 
rates. The MacDougall Report 
may have given a misleading 
emphasis to the fact that public 
finance outflows or inflows 
roughly oil set " balance-of -pay- 
ments ” current-account sur- 
pluses or deficits within each 
country. 

As a matter of accountancy, 
the overall balance of payments 
has io balance; and it is highly 
likely that without the public 
finance inflows into Basilicata 
or Brittany these regions would 
not have these very large 
current-account deficits. One is 
the mirror image of the other. 
Balance nf pay meals problems 
between count nes with separate 
currencies largely reflect 
differential monetary move- 
ments which national authori- 
ties are unwilling to see 
completely re fleeted in exchange 
rate movements. They havp 
liiile to do with riches nr 


Today’s Events 

OFFICIAL STATISTICS 
Energy Trend figures from 
Dept, of Energy. 
PARLIAMENTARY P.ISINESS 
House of Commons: .Merchant 
Shipping Bill, second reading. 
Morion on House of Commons 
Members’ Fund Qualification? of 
Director- of social Work i Scot- 
land) Regulations. 

House of lairds: Foies l ry Bill, 
committee stage. Order on refer- 
endum on Welsh devolution. Puh- 
lic Health Laboratory Service Bill, 
second reading Short debate on 
increase in atmospheric carbun 
dioxide and apparent changes in 
global weather patterns. 

Select committee— Rare Rela- 
tions and Immigration. Subject: 


trial companies. You will find on Mr. LegEatl suggests, 
the board a lord— nr a knight at Lor ,i McCluskev. 
least, a few public schoolboys, Hoiute of Lord*. SW'I. 
chaps with arts degrees from top 
Universities, various relations 

and other family hangers on and A-fiilofl valiia 

the rest will be mainly account- /■*UvlCU VdlUc 

ants. As Lombard points out. the , 

engineer is an inferior being, a pSIVluCniS 

coarse Tellow with dirty hand*? r * 

and not fit to mix with the board From Mr. E For. 

of directors. Sir.— 1 would like to nominate 


produced the hoped-for export- .mest.ng more than twice as d snnl ne ne is 

Jed recovery of production. Yei.it nirn-b as the UK in Us industrial ^ with the Massing «j$p?cmn 
appears io be preparing to turn future. , he re j"cnSJ¥s m nlS lhe 

down, for technical reasons, the Thc appreciation of the D-mark I^ renie ilr, . nd ‘ ,he Labour 
best system thc Nine can produce pushed the Germans into invest- congenital anu-Euro- 

for currency stabilisation. mg in raiionalisatmn nr produc- wans w.th a v-iew to the Jommz 

Slnrr 1974. when the pound non in order m keep Iheir goods general Election ° 

started us latest period of major competitive. Thus the effect of „ . * . . . 

The downward float has failed 
In us long-term objectives. If we 


poverty. The wealthy US. has 
had paym*-ms problems since 
thc late ImSOs wink- Salazar's 
Portugal hail a .-.irong balance 

of pay me ms position. 

A simple illustration will 
shuw huw wrong it can be to 
see balance of payments Ur 
currency problems in terms of 

real rravdVr.*: between regions. 

Wales receives a net inflow 
through L'K public finances of 
ab-iiil S per cent of the Welsh 
gross regional product. If an 
independent Welsh pound were 
established, bin the Principality 
remained within a loosely bound 
UK. it nii^-ht be reasonable tn 
continue these transfers. Blit 

let us suppose ihe Welsh then 

inflate their currency, but are 
not prepared tu devalue the 
Welsh pound sufficiently, and 
their deficit with the UK 
doubled: would it then be 
reasonable to double the fiscal 
transfer in 16 per cent? 

The wider European ideal of 
economic union comprises both 
a fiscal and a monetary side. But 
it is untrue in suppose that a 

monetary union, still Ic-s an 
exchange rate link, requires 
fiscal transfers. To pur ihe 
matter rhe other way round: 
fiscal i rj ns lor.- cannot be 
expected i u underpin a mone- 
tary scheme which is unwork- 
able or objectionable on ils own 
terms. Mr. Healey's original 
desire to k*-ep ihc iwn questions 
distinct was a sound one. It is 
a pity that British altitudes have 
moved towards a confusion of 
largely separate issues, and il is 
doubtful whether such confu- 
sion will advance British 
inicresis in ihe political horse- 
trading likely in ihe weeks and 
monliis ahead. 

Samuel Britfan 

-.V.-TVirf r>1 f*i» .':u‘u r-t;p .in j*,- pn,'* 
«■) pjift.'i." Fin's-t.'v in F. li ■‘•■I'l-iin Inli-ird- 
l-n-i. i.iirurr-.m :t,- ■innn i’iibi- 

ni'i— t:ci. Snuaclj. if»77. 

Effects of L'K membership of EEC 
op race relations and immigration. 
Witnesses: Mr. Da? id Lane and 
Commission for Racial Equality 
official., -I pm. Room 6. 
COMPANY RESULTS 

Final di\iricnds: Vilinnal and 
Commerce?/ Banking Group. 

Interim dividends; FJacal Elec- 
tronics. Scottish and Univeral In- 
terments. 6on Group Interim 
figures only: British Pel role urn 
(3rd quarter). Morgan Crucible 
1 3rd quarter). 

COMPANY MEETINGS 

Courtenay Pope. Tottenham. U. 
Ductile Steels. Wulenhall. 3. Ests. 
Prop. lnv.. 15 Abchurch Lane. EC. 
12 15. C.l Universal Stores, 20 
Aldcrmanbury. EC. 12 Hunt and 
Moscrop i Middleton). Manchester, 
12. Rame Engineering Industries, 
Sheffield. 12. 


. • e» • * 

*,*****&#>■ 

. > 

... .7 


coarse leiiow wiui airiy nanas . , now turn down the chance of 

and not fit to mix with the board From . fr. fc. For Txrhnn<JP POfltml rP^triptlOnSi durable re-nverj' ihrough cur- 

of directors. Sir.— 1 wnuTd like to nominate JL<ALIIrtlI & C lUllllUl 1 Cali ILllUUo renev stability, people in other 

Of course, decisions on com- X L. Cragoe’s letter (Noteinlter Fn> M Co i. * examule Ghana ?re affected countries may enter anoiher 

pany policy, where to ( allocate i-j> on added value pay meals fr.r aF— Your fronl cage article SnS v-herc «Ie* of oS ? cr " ,d " r duubl nur 

;«U,e°pr-ros iu “Slhl iS? 51 * 1 ““ " “ C to Shfrt , ” no. manu?,"- •«■»»». -»■ "*'«">! 

are inp prero^nuve ov me uoern. week award. ■_ , i - r r rt - rurrenev — and our natiuaal J 




discoveries and the necessary de: ermine Ihe background — i.e. ntes P™nmimed on it hy the lions being made in the currency 

engineering development. The industrial ileuiucracy etc. — tins Treasury. No mention nr move or the country quoting, aeain the y I • 

more technically oriented cum- 1S ‘ -cJantruu " seems to have been mailc by the mert-hanl finds himself at a d/s- JLj00ilwin2 HllGr 

pany leadership in West Germany Why is i» 'h it (hr- people who Treasury in respect of the con- advantage, a particular example ® 

and North America is quick in arlU3 ft v Dioducc the wealth woverwal directive unri.-r FCRR would be certain Lbuied Nalinns fU p piicfniTlPr 

grasp the signifigance nf seienti- nil „ f ;., r ' vvawl/ Exchange Fontrol Act 1947 fenders which require quotes in lilt LUMUlIlti 

fic discoveries made in this M iarii*s/dividcnds are the ones which rcsirins ihe activilinx „f. sterling from Bnnsh men hani* Fwm Ulr secretary. 

country and get cracking un w horn everyone eise w ants io con- UK based merchants hiiyini; and who are verv often quoting ter Brili-sk j„, M rfmce Brolrcrs’ 

dev shipment w hile nur highly lriJ , screw down" selling goods oulside the UK. goods not manufactured in tr.e 4x.xoc(alum. 

paid top bookkeepers *re stjn Uue s Mr. Gragoe suggest that 7** wlins is applicable tn U.K. Sir.— Wc are indebred io Erie 

wondering w'hat it does ur now shareholders, disc jockeys, lee- • hose who are not given special Traditional purchases front Shnri Tnr drawing attention io 

it works Hirers in management and busi- exchange control slai us such as countries uhnh have tradr- uur appomteoent «»r consumer 

We do have sumo 'Try success- ness studies etc., etc. he paid cocoa and metal traders who ii ona j links with Ihe UK — ter rclaunn, officer t Money Monitor, 

ml companies In-, glad lo say. 3CCfjr t;i n2 i 0 some “added value" « iav ® been given very wide example India. Ie.?<l in severe .November *25 1 hut wc feel wc 

and it is instructive to examine r# j cu ] a |e,j hy j croup on which exemptions under special Bank problems as ihr- merchant's should r- ,5 olve ihe uouhis Mr. 

ihe composition nf their Duarda ^ QV . vcrf . nfJl r p ; , resented? ° r England schemes, inner com- fiexibiliiv in selling puliuy is Shun expresses about the role 

of directors. . \V, th rorelock firmly in hand, pames trading in various prn- restricted. Mi Hall will pia>. 

What 1 would like to see is a duds in the face of enormous . ... .. . . .. „ ... . 

genuine loam with w proper J. remain. international cumpeiition are The admimsiralive problems Over rim past months British 

spread of skills and relevant Eric knx . being penalised because lh.- I "«»mP«nicr rt»Mcnn S . insurance brokers have vciun- 

expcriencu in our company 7 L ;«rnod Road. HULsboroayh, Treasurer snncht to stabilise the T u he ruh ' s have u ' 6 Tn a n» p r- tank become subject to statutory 


i -t 


W 

m m •» ^ 


m 


iSiW 


of directors- . With forelock firmly in hai 

W hat 1 would like to see is s 
genuine team with w proper I remain. 

spread of skills and relevant Eric mix. ....... . 

experience m our company ‘ I'incnnd Rond. Hillsborough, 
hoards, i fear. ala^. the only way ShcjfleM. 

the siluarinn can be changed is 

by leguiiation. perhaps on the 

West German model. Now our f Ftp j«o fp 

Government have in mind ri» A jin. i ntv, 

appoint quasi politicians in our 

hoards of directors— -a furl her lUl JL XV 

step towards industrial oblivion. Ffw(|| Vr p Hrown 

G. S. Inns n Sir.— We Would not disatn 

Forge Cottage TTie -Sfreer Mr . Llf V lt siulemci 

U lUc-sbonmyk, Ashford. he»U lhj ,, lh( . 




TAD 




r Mtf vi*. 
y* 


' ■ ‘ M 


pound in 19m and to Urine hack rha " 1 ,wft ari ; 0ll ?‘ J1 r ° r ^'"irnl have published a slrin- 

tn thv fr,minn .vrhan« a rodnn-ne Men currency account that he gem code of conduct and have 


Sir. — We would not disagree 
with Mr. Ley's statements 

*.L™,..li he mlhl'5 change or relax the mlcs in 9, *'y . . arc turning m the association fi 

rale .or experienced .P U, ?' , R anv wav. Some nr ihe- problems f-onei»s«inns have been made t« Advice and inform* lion. Mr. Hall 

\T A T 1 -1 relation' ’* _A" - UK merchants are faring are as ECfiS which have resulted in the appiiiniim-nl is l»bc of a senes i 

VAT and works m*Et^ ,o *:«*'* «p ***« ** «»ba *.« e fl5 u 

_ v-xicm 0° gt-ugrapnic Coill p ani ^ 5 i n corpora led and ,r< l - months as finannng for lhai consumers are fully assisu 

Of art lucationv having Iheir working capital in further merchant, n S activities, when dratinj with members. H 

a,t nl ^ c i( S.M 'hLi nixon m b lliv UK ,n sterling find them- wh »»* >h!s tan be an advantage mi.in la,k is nm, meretere, “ 

'roi« Lord McClttsbey. qmiifcii D> .'ticnaei iuxi n in « ■ seJves jn a poail i lin 0 r havin'’ lo ,hf * trader, ihe situation now lean on «!'»■.*. paying insurant 

Sir.— In your issue nf Nr.vem. JjL surplus stej-ling funds and cur- is ' h »\ u Brirish exporter of non cnmpjru«‘.'." He will provide be. 


to the foreign exchange reserves c rr 7",-* afr,, “ ni ,na ’ , c " nauLl nave 

some film which were be , nc onginally held, one ter impo.-i/ laid down d.sciplinaiy procedures 

P used td finance trade outside !Se ^ ,n%0ked 11 Deeded ' 

c Ok. I 2 r merchanling tran.-arlmns. A5 a r( . su [j 0 f this action by 

The benefits oMhis move have u ’ , * ni ’7 ,ved in ,i', unni f ”R the mpcn'ible members nr the 
now been reflected in the UK l * u P| |l ' a,c ha, ? k accounts ter iudustrv members of the public 
uni. balance nr pavmrnis reserve; roni P ai | ,cs and lhe onus arc mcrojaingly using British 

ij rtiearrp. the rules however still sland “L-f Sp0 , n „ Slb !,‘L > j "i"' insurance Brokers' As.-ociation 

!?. Virtually completely unaltered , ill . - , ,lh 1 niemhership oi a criterion for 

ihat ih*I"uMi2 and i»mic IS being undertaken "r' ,ld,,ons ls hejv * and expen ' chousing an insurance broker and 

rieneeit * nuM Sc ,n *■»»? f>r relax the mlcs Hi s,v ,?' . are turning m the association for 

in he an >' way- Some of ihe problems hav ° 1,etfn made *" ■vdvicc and mformaiion. Mr Halls 

m dorrndini! u. l:k nierebanis are facing are as E ‘:^ wh,lh ha V e resulted in the a Pr ,.mi mentis cac of a senes cf 

nn follows: ability lo retain profits fur up step, taken hy RIBA to ensure 

on gmgrapnic ( , nmn . ni ., i.„ > , rn .„,i n j *„.i to 12 months as finannng ter that ron^umers are fullv assisted 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


From Lord McClusketf. qumoo .Miiiiaei » ■ * * a(? j ¥rs a uoaU j„ 0 0 r havin" lo ,hf * trader, the situation now lean on paying insurance 

Sir.— In your issue of Novem- ite he re?a i mns L n d ui for- surplus sierliop tends and cur- is »>«*« * British exporter of non cm.: panic../' He will provide help 

ber 24, under the heading "In- ^ , , P 1 “AL ''f,,, a n a -er J It rency overdrafts forced upon ‘apnal goods can only retain the and inrarinaiiun should problems 
different to culture." Mr. Uuyli 7'„ r " r p^ a fair nun- Hiem. Under the rutes UK resi- ‘-'urrency for a period of six or quoUons anse involving con- 

Lcssatt pronounces me guilty * a ‘ nol dent ..nmpanles are forced lo months. In certain circumstances su me rs and hi s work will extend 

by association with an allegedly d pp or tt ho are borrow currencies lo finance mer- Jhcrefure it may be advan- te a^sisling Gillens Advice 

Philistine Treasury, and ail be- experiem ea in r pru r ei , s i y n. chanting operations even though ter thc merchant in buy Bureaux and various consumer 

cause I said, in a House of Lords i£ l „ lifSoailon aw? in both sterling balances may be avail- fr °[»’ a " overseas supplier bodies io resolve difficulties 

debate, that it is possible to exag- n r “L. „ V ?vai e organisations able. With large fluctuations of r t a '** r » ha " a British manu- which may arise between con- 

gerate the effect of VAT as a tax weH paid than interest rates the main bene- faPlu «r. «*"»*« ^d insurance brokers, 

incentive lo export works of art. • r onH , pR an(1 t h ere are a firiaries are the banks who arc There are other specific proh- co-ordinate the extensive 

But Mr. Leg^tt dues me an P ‘ niiin her of slightly older obt.nninq a turn on the interest iems encountered by many com- J*f J P 10 lk Cuo ^ um ?I s 8 ,ven 

Injustice. I said in very specific „ i jnformalion units, anfl very often the merchant panics in various trades hut the throughout the country, 
terms that the Government ho . p sa | aries arc below those finds himself in a position of smaller companies have the As Mr. Short ha- said. Mr. Hall 

would be against any tax srnernc ^ hfjwn lhp R ewar j average. lenrling sterling al disadvan- a^atest problems as (he relairie will nm arbitrate in disputes cc.er 

which would encourage im ^ addilipn, Michael Dixon did lageous rales relative to the cur- increase in work anti staff ihe amount uf a claim, nur will 

regret! k lik; tendency lr, |I e j po *, menuon lhai Reward figures rency hnrrowings. required to maintain this ruling he aive a second opinion cm 

works of art from _ine L.n. • to fae adjusted by per- Where a merchant is requrx- is greater and more telling on whelncr a customer has entered 

merely drew attention^ to - overljys ter different ted lu quule to a country or profitability. A change m policy inio the righi ..-oniravi. for these 

relevant circunvslance-s iv»vs of empiover. This adjust- organisation in sterling he finds regarding this directive i.\ now are maMcrs whivii can un!y hr 

me alleged las. incentive i« ,- a - t u ..„,,iw ne ihe modikn himself in a nnsition in manv overdue and ail traders should resolved between the Dartips to 


In 6C countriesaround the world, almost an*. T-'h ere that you may want 
to do business. In Kenya, for instance, we are a lon^-established y.u t of 
commercial Hie, tcith 3-f branches right across iheconntri*. 

\\ nen you use Standard Chartered for your Kenyan business vou save 
yourself money and time, because our U.K. branch nearest to you ill contact 
any of our Kenyan branches direct. There x\ ill be no intermediate banks or 
indirect delays. Ring Keith Skinner on 3 1-6 ’5 75 Z Z now io hear more about this. 


merely drew aitenliury m - ^jj^gg overljys ter different ted lu quule to a country nr profitability. A change m policy iniu the righi i.-nnirart. fur ihese 

relevant circunvslance-' i V ik-s of empinver. This adjust- organisation in sterling he finds regarding this directive i.\ now are mutters whivii can un!y hr 

t. e alleged tax. incecti inerit would "bring the median himselF in a position, in many overdue and all traders should resolved between the parlies Jo 

P Wh”i Ul r C 1 ' 5 j! cn .’a-." Value natorv ter a PR arid intermatinn cases, or having to hear an pres-* ter it<= tola I removal. the contract. 

added »,v domes! ir Executive nffiiTr working for a evchaog« risk. In particular.- R. K H Cohn. A A. Teate. 

ennciin-.nl J, . I- . nurnml large c?mph>> er. lo around £5.n(Ki. ■ale': to countries who have large Hnrrl;/ House. Fnnuniiii House. 

feature if this* tv.e ol wx As Seward is used lo plui sterling borrowings for /J« J20 Gnsvell Rood, EC1 130 Fmdnuvh Street. 




Bank Limited ^ 

helps you throughout the world ' ’ ’ 

Head UldvclU Clcinccli Lane, London LC4N :.\1S - /wocL ~b. It-u aunioa 





Financial Times Thiirsd^;N<^^m':^^^? : ' 





materials sales 
BPB to £17.7m 


Muirhead profit 
reaches £2.1m 


INCREASED DEMAND for its 
building materials in the UK and 
the Republic of Ireland halped 
lift taxable profits at BPB Indus- 
tries for the hair year to the end 
of September 1978, from £M.!l2ra 
to £J7.73m. However continuing 
severe competition from low price 
imports reduced sales of wood 
chipboard and trading tosses were 
contained at about the same level 
as the first half of 1977/7S. 



Half-year 


£WV) 

fOOfl 


-.are 

iir; 

S3l« 

... 1(6.556 

13f.TK 

Eulldine mjieriaLs: 

UK7 

... 7!! .594 

6i";s 

Canada* 

... it in 

in-.^a 

Franci/ 

.. 27.596 

31 254 

Republic nf Irelandf .... 

... 1549 

5.H3 

Paper and pacJ- acing: 
ri%- 

.. 34. 1. Vi 

K n'i 

Niiherlanrls 

s fy\ 

a.PTS 

iTrj-^rouD 

.. 17 157 

I( 57e? 

Profit bolore lax* 

.. 17,731 

IC.921 

Build, ng ma(?na!5: 

KK' 

.. 

7.717 

Farad a r 

.. l.ifflS 


Frar.t> . .. 

219 

l Tin 

R^puhlic of Ir-'land-* 

9+4 

M 

and pactasiDg: 

CK 

i 176 

3*^3 

J.-rihortand-- 

i?rii 

*1 i?:- 

Share of associates .... 

.. 1 706 

l «4 

UK :av 

^769 

.7 1(4 

Overseas . 

7 dW 

1 rjn 

Nvt profit 


10.1)57 

To minviriTiea 

? 

IT 

AnrlbutiiiVe 

.. I2.. r ir4 

ID 04H 

Ordinary dividends 

I ?79 

1.673 

* Staled alicr charsin 

g: deprcclaiior. 

XaSPni <£-i.5nm> Inier^'f 

ri.fim <il 


c»s: of funding in-.- reaves 

In esl'iln, 

4 p'-n- 

slnns r(6‘.0n> itoo.oiw,. 

* Rcsulis 

of ihe 


INDEX TO COMPANY HIGHLI6HTS 



Company 

Page 

Col. Company 

Page 

Col. 

Armitage & Rhodes 

25 

3 Jacksons Bourse End 

25 

4 

Avon Rubber 

24 

6 Johnson Matthey 

24 

1 

Bayer UK 

25 

1 Moorgate Mercantile 

26 

2 

Bazaloni 

25 

2 Muirhead 

24 

I 

BPB Inds. 

24 

1 Newman Tanks 

25 

1 

Brickhouse Dudley 

25 

4 Ocean Wilsons 

25 

3 

Daily Mail & Gen. Tst. 

25 

4 Rourledge & Keegan Paul 

25 

I 

Dawson Intn!. 

26 

3 Standard Life 

25 

7 

Elliott (B.) 

24 

4 Wallis Fashion Group 

24 

5 

GR Hldgs. 

25 

2 Westbridk Products 

26 

1 

Inchcape 

24 

5 Whcway Watson 

26 

1 


FROM HIGHER sales of £21.17/0 in line with the company’s fore; 
against £1 7.59m, profits before [ax east last December of _substanii- 
of Muirhead rose sharply from ally larger growth. While some 
£1,5903 to a record £2,i4m in the of the improvement is attributable 
year ended September 30. 1978. to cost savings, growth is being 
First-half profits had increased led by the group's data communi- 
£200.000 to £852.000 which the cations activities, which conrri* 
directors said was satisfactory, butes about half of the group's 
having regard to past ' trends sales. Here, the newspaper and 
which indicated that second-half graphics industries have provided 
profits usually exceeded those of ^rong demand for such "products 
the first six months. as the Pagefax and Wi rephoto 


Earnings per share are shown equipment systems. Muirhead is 


at 22.2p against an adjusted 15 - a p confident that the sale of docu 


and a final dividend of -1.0757p 
lifts the total from 3."05p to 
5.0757p. A 5p total -for the year 
was anticipated at the time of 
the rights issue last December— 
Treasury consent has been 
obtained for the increase. 


9 comment 


After stripping out the six- 
month contribution from Hone, 

the new acquisition, Muirhrad's 
full-year profits show a rise of 


merit facsimile equipment will 
provide for substantial growth 
over the next five years or sol 
and says it is having increasing 
success with its new range. With 
continuing steady demand on' the 
military components side, the 
Immediate future looks secure 
enough, it should be possible Tor 
Muirhead to at least repeat its 
19. »-7S growth rate in *he cur- 
rent year. At IDSp the shares 
stand on a p e of 8 3 w hile the 



51 




5 V 

iT 


:4 


- i 


around a quarter, which is much yield is just under 4 per cent. 


in the second half, 
Flood, the chairman, 
stales. J,nsr year's surplus reached 
a record £27.'25m. 


Mr. F. G. 


UK Irish and Caaadljji subsidiaries are 
for 27 .;c uueks'. 


Overall the progress made in 
the six months is expected to be 


Half-time external group «ales 
were ahead From £1 53.74 m to 
£J4fi.3fim with advances in all 
countries except in France. Here 
reduced demand, particularly in 
the first quarter and severe price 
control, pushed turnover on 
building materials lower from 
£3 1 2.1m to £27.Gm leaving profit 
sharply down from £L7m to 
£219.000. 

In the Netherlands paper and 
packaging losses were cut b3ck 
to 1274.000 i£ 1.18m) on sales £1 m 
better at £5.S9m. 


Tax for the half year took £5.4m 
f£4.Sfim) leaving basic earnings 
per SOp share 5. 3p higher at 2S.4p. 
The net interim dividend is 
stepped up to 4 2n <5.8pi — last 
year's final was 3.S24p. 

In Canada, demand for group 
product 1 ; was higher and. in spite 
of the fall in value of the 
Canadian dollar, profits improved 
to Il.llm (I76S.000). 

The UK paper and packaging 
division has experienced some 
increase in demand, while in the 
Netherlands the better perform- 
ance of the new plasterboard liner 
machine and higher sales have 
resulted in substantially reduced 
losses. 


B. Elliott surges to over 
£3.7m at six months 


Mr. Ernest T. Harrison, chairman and managing direeter of Tfe^laeaL Eicet?«n^t^Grpap ' 
seen with the company’s new Alrst^am anti-dast ^ l ; 

and data comm (mica Hons and is rabidly est ahl i shin g an 'iiiteriiatlnn^d v iirQt e - fast ' : 

growing industrial safety field. TheJUrstream helmet 

in one unit has passed stringent beaKh and: 9ttC«ty ^ 
and the US. It is being sold In ever 20 countries beldgr 

opened in Wembley and in the U^, Hie 

fanning and versions for welding: and'cdatmhi^aifeqirri^^ 




Improved trend takes Johnson 
Matthey to £9.2m halftime 


ON HIGHER external turnover of 
£43.57m compared with £2Li.75m. 
pre-tax profirs of B. Elliott and 
Co.. surged from £2. 02m to £5. 74m 
in the six months to September 
30. 1978. 

Earnings per 25p share are 
given at 17.34p < 1 0.31 p > and the 
net inlerim dividend is lifted 
from 2.3p to 2.75p. Last year’s 
total payment was 5.325SP from 
profits of £5.6m. 

First half profit was struck 
after depreciation of £369.000 
l £446.000) and interest or £197.000 
(£174,0001. Tax for the period 
took El .12m (£0.61m) and there 
were minorities of £102,000 
(£57,000). 

The directors say that during 
the period under review, total 
orders booked by the group 


merchanting divisions. Newell, 
last year's enterprising acquisi- 
tion. ^ems a cotid buy and thanks 
to the tightening of safety 
standards in the automotive 
industry, prospects look particu- 
larly bright in the U.S. At the 
moment engineering profits are 
less impressive while the £2m 
foundry investment increased 
capacity just when UK demand 


Avon Rubber hit by severe tyre 
competitioii ^ 


SEVERE COMPETITION.' .arising, polymers manufacturing' pro- leas its margins jrere. still : hit. fall- 


was dronnin? awav \evp-rheipw fr5Da orer-manufaemring- and cesses-were 1 relocated, jn "hew iug from, 42. jkt jcen£ to ^ jper ' 
the comnanv is eonSrtem hat cheap Imports of tyres plus inrdus- factories at Metireham and Trow-: cent. During the-year AVon polled: 

. (.umpany IS comment mat mal unnw in Mia HAmdctia aiiln.. . mI.I Ml 


longer term - remrns wii 0131 unrest «n *he domestic auto- bridge at a total cost of £391,713. out- of- the retread business, and 

th e°^pen dTn- whilP f?Tr EM,tj,re cut: pre-tax profit - T. - - + . V. dosed -its Bridgend factory. As * 

me spending. .Meanwhile GIC. of Aw>n Rubber Company, the • Comment; » — 


■pending __ 

the troubled and previously much 
more important South African 
subsidiary, has recovered some 
ground and the improving trend 
should boost the full year over- 
seas contribution. Overall, profits 
should now reach £8m-£S.5ro 


AFTgr: THE first quarter down- 
turn Johnson Mattbey, the gold, 
silver and platinum refiner, has 
turned in an improved pre-tax 
performance for the second three 
months. Profits for that period 
show a rise from £4.47m to 
£4. 66m. leaving the total for ti*< 
six months ended September 30. 

1978 at £9.?8m compared with 
£10. 02m. 

Invoiced sales in the half year n!£d«£?« We 
(excluding Johnson Matthey Ban- 
kers) showed an increase from 
£ 190.45m to £232.04m. After allow- 
ing for tax and minorities and 
taking intn account an exchange 
loss of £696,000 against £400.000. 
the balance attributable 
at £3. 69m compared with £4.33m. 

The interim dividend i« in- 
creased from 6.1 lOPp to fi.fil54p 
including 0.1134p fO.UOHp) in 


used the amount on the balance 
sheet would have been higher by 
£33 2m i £22. 75m). 


in the outstanding order books of 
some of the UK companies, vnd 
per ceni rise in the second three they do not expect the major in 


First hail 
197S-79 1977-7? 


PROFIT AND LOSS ACCOUNT— 
Profit before laxt 

Tax 

Net proHr ...... ... 

Minorities 

Exduaa*! loss 


£900 

rr— 

row 

*479 

10,022 

4.734 

I.1M 

4.4(5 

4^5R 

54 

67 

6P6 

460 

3.635 

4.320 

1.13? 

1.013 


months. Generally, this reflects a 
small improvement in world trad- 
ing conditions, but it is still too 
early to assume this is a main- 
tainable trend. The recovery in 


w& 4WU ^tiuiuvi WUI|KUiy* UIC-..V jrwmmum+m^mw ^ ,<. / .-..v „ *t result there Twas- -£56.Q0ft - loss 

tyres and industrial products Avon’s 18-3 percent pke-tax profit from the ope^arions '-compared - 
group, from a record £5,416,833 to slide was not 'fatally unexpected, with a'£546,Q00pfdBt ■ a year ago: 
f4.-U3.SSa for the year to Septem- Overcapacity in the - industry The industrial robber products 
ber-30, 197B. Turnover was higher brought about by -longer life recorded *■. ' profit Jimp ' from 
at £11 9.87m against £ 108.02m. -'radSaJ tyres, an d- : the import of £2.6m-to £2;lm bert. ^s ^baut >40 

At halfway, when profit was cbea P tyree. •. particuiarry; from per cfentof its busing igw ithtMo • 
matched the increased turnwer which’ puts' the sfTares aTTsTp’on down from. £2,497,000 

but there has been a small decline a fully taxed nrosnecriro nt 10 £2376,000. the . directors said Pf®® 50 *® on • industry matins -for restricted growth. Al thoug h -tyro- . 

a imiy raxeu prospectjve p/* of ^ £££ n^naf cooditiooa ; for some time. • Avon -has,- to some prospects .ire'- not paroculariy 

tyres - showed ho evidence ' -of •’ esetent » heea.^ Insulated from the bright the picture elsewhebe is 
iiEDrovement the outlook 1 for fieneril malaise beeause its pro- mtee en«>ur*^lng aiid theh5M|UM- 
other otoud actlviHes was ««cotir- d,ict s ^ mainly up-market .(on tlon of the. outstandhaig 'Shares -4h 
a3S S^it thSi se^S^£K RoDs ’ B «rtleys and Aston Avdfl Xippiatt ffobbs, wflr boost 
^the year-end SSSs would Martins). In the tyre replacement the 197^79 figures: The; shares fell 

equal those of the orevious sear °»<*et 50 per cent of its sales 4p to.lfiOp yesterday giving a p/e 

equal tnose oi tne prevtous year. ^ ste£] radials . Nevertbe- of 3.4 and a yield of 8A per tseot 

From a strong opening position, 


Roui 


around 

cent. 


6 and a yield of 52 per 


crease in home demand in the 
winter months that has been ex- 
perienced in the previous year. 

However, the outlook for the 
second half, for the group as a 


The directors expect the im- 


banking. which has benefited from overseas companies to be main- 


CAPITAI. EMPLOYED— 

EfjuiU- IW4vr« 

Preference holders 

Minority *N!der*; 

L/iJnj 

^fWTWl !U 

emerges j^iai 

NET ASSETS— 

Fixed a'-et* 

J live-: lini.nl . 

Rii« iMcit'! 

Net curreni assets 


increase bullion trading on which tained and at home the main pro- 
the company earns a commission, duction resources other than the 
Elsewhere, the mechanical produc- foundry are well loaded, 
lion division and colours and The machine tool factories have 


Wallis 
Fashion 
well ahead 


? contribution after slipping in the tracts and order prospects, in the injhe US weeks ended August 12, 


si. mi transfers maintained their profits obtained substantial overseas con 

300 300 ' ■ " ' 

i*e (93 

do. let 

(0.315 3I.66R 
lfil.625 (43.900 


EXCLUDING VAT. turnover of 
the Wallis Fashion Group 
increased from £6. 44m to £9_SSm 


first quarter. At 404p the shares 
yield a prospective 5 per cent on 
a maximum payout. 


«P) 

respect of the reduction of ACT. Trim 
A scrip issue of 3 for 2 is pro- After 
posed. The total dividend for 
19 ii- 73 was 13.7283p paid from 
profits of £18.87m. 

Precious metal stocks are 
valued at base price plus attrib. 
tax. If market prices had been 


tr.iero-r it.T^m 


rtepreciaoon <£:.3(mi 

• comment 


37.357 39.037 
10.710 HJM7 
3 1.120 23.705 
«;..’2t TV.) II 
141 523 145J4W 
1 El .37m' 


US in oartieular. are bright. 

© comment 

ElUolt's 86 per cenr 


surged 


EXTEL 


The total dividend paid by the 
and Exchange Telegraph Company 
(Holdings) for the year ended 
March 31, 1978 was 3.4697itp which 


197S. and pre-tax profits 
from £53.100 to £355,800. 

Since the half year the trading 
B. ElUolt's 86 per cent profits situation has been less favour- 
growth surprised the market not able due to unseasonable weather, 
least because it comes in the the directors say. Nevertheless, 
traditionally quieter first half, they still expect the current 
Alfred Herbert may have given year's profit to show a significant 
the machine tools sector an ex- increase over the £103m 
growth tag but specialists like previously. 

Elliott have often been doing -n,. 


Johnson Matthey's profits 
turn of 19 per ceni in the 
quarter has been followed 



deterioration affecting trading per- 
fonnance in some major- markets 
became evident in the second ' ; 

quarter, tfiey now state' The'tyre - 
business in particular. . suffered 
from the severity of competition/--', 
caused by excessive manufacture :r" 
ing capacity and cheap imports. ' " r : .. 

In the latter part of the year; Avon Rubber 

unresr in the domestic automotive Jacksons Bourne End Int 

industry caused frequent disrup- BPB tads. :. .. 

tions to schedules and periods, of grickhonse Dudley .. Int. 
inefficient working at thf Brad- jfromsgrove Casting int 
ford-on-Avon and Melksham . fac-- A Blail dr Gen. TsL int 
tories. * . J: r Dykes int 

Business with automotive matra-. B: Elliott int 

facturers outside the UK, how- ftj & c 2nd Dual Tst int 
ever, has continued to grow and .fthnson Matthey ...... int 

the consistency of their require-rjffdjrhead .'. 

ments together with expansion in Ocean Wilsons int. 1 

some other parts of the group has Bou Hedge and Kegan int 1.4 ' 

reduced the shortfall, the dlrec- WalHs Fashion int. 1: 

tors state. -. Westbriek Prods. ...... int 125 

Earnings per £1 share are AVheway Watson— ... int. 0.45 


DIVIDENDS ANNOUNCED, 


Current 
payment 
. 620 - 
Nil 

42 '- 

0.87 
:o.9. 

4.8-- 
0:55 .. 
2.75 ' 
32ff 
6-821}.-. 
3.08 


Date Corre- 
of spending 
payment - dhr. 


Jan. 22 


Feb. 22 
Feb. 20 
Dec .3». 
Feb. -2 


528 

Nit- , 
32 r V 
0.78 . 
08 1 
4.39 
Nil - : 
2:5 : /. 
2.75 - 
6.11 ,. 
2JJI., 


total 
^.f last 


Feb. 6 
Dec. 29 
March 15.125 
Jan. 12 - ; 025* 
Jbel 51 0.5 

Jaa: ■ :5 035 


Total 
.for 
year. 

;i028 . 

i»“ ; ’ 

- • ":-53rV 

— " .i.’'|332 • 
5.08 > JL7t ' 


Viw nm 
«ikeou , i 


« . 

Wtl'l »“ J- 

" i: *> 

i « 

icr‘.-'i •: 

Mt3 »v- ; ;-3 

— : .' 4057 - . • 

. — ' . *? ‘ 

'■— 

‘ ' Wl ■ “■ -«'■ M.-r > 



Building is one of the things we do 
well at DSM. We’ve built one of 
Europe’s great chemicals and plastics 
companies out of what was once the 
state coal mining company. And we’re 
still building. 

Surprisingly, for a chemicals com- 
pany, we also help to build houses. 

We make piles and girders, roof tiles 
and floor tiles, wall panelling, window 
sills, do-it-yourself garden fittings and 
swimming pools. 

We make bricks. More 
than 160 million of 
them every year 
from one of 
the world’s 


most modem continuous production 
systems. We started modestly more 
than 25 years ago by trying to find ways 
to use our left-overs. These left-overs 
from our production processes made 
a meal for the house brick industry. 
We called the bricks Poriso because 
they are porous. But they also give 
good sound insulation. Good heat insu- 
lation. Good value. 

In every brick you'll find our expertise. 

On lots of walls you'll find 
our name and our skill. 
We don’t mind what you 
write on them. 
DSM got 
there first. 



chemicals and plastics 

^To find out how much more we do, write to the Information Department, DSM PO Box 65, Heerien, The Netherlands 


s an interim. Last iSf? Jn^to^SSn f< white*a ^ximhm dividends -shown pence per share, nfet except where dthenvlse etaWL-' ' ^ ■**>■ 

equal to 0.75p. S ‘ 5 fl«^ h rifciS “S * Equivalent after allowing foe .scrip. ^ '• issue. v- ^fOn 'SS ' 55m> rt 

Minting rn £27 299 . r ^ i n ll ^eased by rights and/or .acquisltioxi issues. * Includes addSS ?•'* ' ' * 


Dividends amounting to £27292 6.3571P i5275p) lifts the total net 


(£7,000) have been waived. 


HEROIN MOTOR 


The directors of Heron Motor 
Group have decided to exercise' 
the right. of compulsory conver- 
sion or the remaining £350.395 10 
per cent convertible unsecured 
loan slock 1985-90. 


payment from 9275p to I02571p. 

.After tax of £760234 (£740.814). 
including ACT amounting to 
£358,513 (£293225). and minorities, 
net profits fell from £4265.833 to 
£3,552.446 before an extraordinary 
charge of £309.17! this time. 

During the year remould tyre 
production was discontinued at 
Bridgend and some industrial 


Mercury Securities up 
in first six months 


The directors of Mercury group's announcement of further 


.Securities reports that the group’s significant losses at its Dutch com 


proius Tor the first six months of 
the current year are higher than 
tho-y? for the same period last 
year. 

In the year to March 31. 1978. 
the group, which includes the 
merchant bank. S. G. Warburg 
and Co., reported pre-tax profits 
of £I.96m against £2.72m in 1976- 
1977. 

Other interests of the group in- 
clude metal trading and refining, 
insurance and shipping and em- 
ployee benefit consultancy. 


modity trading subsidiary, Harbon 
Holdings. 

Losse.s at the subsidiary have so 
far to tailed £7im and on Top. of 
this Inchcape has made further 
provisions amounting to £17m 
Difficulties have arisen following 
delayed shipments of cocoa from 
suppliers on the Ivory Coast In 
addition certain contracts entered 
into in previous years have either 
been closed down or revalued. 


0.0235S5p declared with this year's Interim, g Includes ac 

0.127p declared wi th this year's Interim.- f Total of •-■at ' Jeart: : 

forecast. II Includes 0.1154p (O.IlOBp) In. respect of ACT redoctiqtt. . - J : •: : -< 

- -- - - _ * f | . - . * 1 '* ' i ■ **•*« .. 


U IM ITED REAL 

PROPERTY TRUST 1 UVU TFri 


Extract from the Reportand Accounts for the year enifeet'; ■ 
5th Apr//. 1978 presented by Mr. Leonard Se/mr 


RENTAL AND* SERVICE INCOME ^ 
NET REVENUE BEFORE TAXATION . 
DIVIDENDS - ' '' 


,. ISm 1977 

£ •• . .-:i> 

2,531^254 2 < 67T>616. 
1.604.737 1,89^907 
675^)00 613,000 


REVENUE BALANCE CARRIED 
FO RWARP-— . 


2*626^544 2,460^308 


FINAL DIVIDEND of 17.5% together with Interim of 5.0% 
totals 22.5% (1977—20.6%]. . . . _ 


- r 

9 


*C? ai 


JOff })V ] 


"■f 

; ■ - 




Fourtl 


4-; 


-.Wt 

v 




® comment 


The interim report from Mercury 
Securities, one of the City's lead- 
ing merchant banking and fin- 
.-inrkil services groups, stretches 
lo just a single sentence. At least 
profits are higher after six 
months, in contrast to the falls 
reported by several other major 
;<crepting houses. But u could 
well be that a major factor is the 
recovery by the metal dealing sub- 
sidiary Brandeis Goldschmidt, 
where profits slumped last limn. 
On the banking side, lending 
activity has been sluggish, while 
there has been no opportunity to 
repeat the gilt-edged gains of 
19 1 / — and the results of the 
Paribas associate have been un- 
exciting. But corporate finance 
business was probably quite 

irons during this period, and the 
foreign exchange side should also 
have been busy. Moreover the 
stock market was Lrading at 
reasonably high levels, which will 
have helped earnings from invest- 
ment management, and the 

Matthews Wrishtson associate has 
reported sharply higher half-time 
profits. Overall, this varied mix 
haa allowed Mercury to come out 
on the right side so far, but there 
nothing to add much entire 
ment to a share price of II Ip. 
Assuming a 10 per cent dividend 
rise the prospective yield is 5.6 
per cent. 


THE DOMINION AND GENERAL TRUST UNITED 


Inchcape 
shares 


slump 


Inehcape shares yesterday 
lumped 28p lo a new low for the 
year of 3i)3p. This follows the 


Do you need current information on 
Limited Companies, including Balance 
Stotts, prepared in 5 days at a cost of 
only case? 

You need a 



Fortran fnlomu^an.itmu ’Sutp" on your 
litlrmB cant and ttnd it u>:— 

Lt!. CsmBcny (UK], Shan Horn, 

27 Wot Way. Boday. Oxford. 


Six months to 31st October, .1978:' • .... 

The Directors have declared an Interim Dividend in respect of the vear to 30th • 
April, 1979 of 2.25p net f 1978 I.50pj.per Ordinary 25p- Shire payable 1st December - - 
1978, and have forecast a Final Dividend of not less than 6^25p net per.sharo'. .- 

The unaudited figures for the six months to 3 1st October,.1978'are shov^h below 
together with the comparable figures for the six months to 3 1st October, 1977. : v 

SlstOctober- 


Gross Income 

Net Revenue after all charges including taxation 
Taxation charged in arriving atJ^et Revenue: : . 

\ a) Overseas Tax ' 

i'b) Corporation Tax . - 

;c i Imputed Tax on Franked Investment Income 
Cost of Dividends 
Preference 
Ordinary 

Earnings per Ordinary 25 p Share . . 

Rate of Dividend on Ordinary Shams 


’ ;977 . 

: 1978 

£316,743 

■ £349,532 : 

£175,613 . 

£195,171/;.: 

/‘£7^56{r 


"•£21,739'"-. 

-£29,831 

£76,393;:; 

; £79,412 . 


" £6,125- 

■ «63 3 «00 ; ; 

V £94^500-. 

4.Q3p 

.*-y.-‘ m 4£0p 

: . a.5p : _ 

■,--:<*225p 


Net Asset Value per Ordinary 25p Share I 
Including whole of dollar premium of 


: : SOtfrftpril, St^Ocfober, ' 

. 1978-: 


255p 
3l:5p. . 


24L9p 

.20.1p: 


Distribution oflnvestmems 

Equities: United Kingdom 
United States 
Canada 
Europe 
Other 


30 th April,': 
-1978 . - 


31st October, 

‘•4978 


Total Equities 
Fixed Interest 
Ncl Current Asset* 


$5.5 : 

27,9 . 

3.9 - ; 

y 

1.7 • 


■ 902) ’ 

. IQ * 

viOO.O: •' . 


;:.>'59.9 
~25J2 
-•V 22. . 

, -0.4 

v-v-.i s... 

. 89.2 

•vic.r 

• : . • 3*7 

v J00.0- ' 


‘sw 
•- » 


'•*'2 








a }er t 


fzr* 


l. 


NOTES 






' dednrTinn l ^ Va u UthaS ^ ^ aUowin 8 & thcInt'OTni. Dividend and :: ^ :-. .V 

ocaucung prior charges at par. ,' '. 

* prox-ision has been .made for tax on - Capital -Gains. ^TaxaBfe'C&hal Cains of - " -^1 
approximately £605,000have bt»n made in the first six months^ *->- t?: V-' v. 

EAST OF SCOTI^AND INVESTMENT MANAGERS liA&TEb." r > 

3 Albyn Place; Edinburgh, EH24NQ.M ' - ■?; . - ;j. '<'f2 t; 

‘ V 7 -' f 1’ 




f^..Vba 




►vs. 


f. 


H: 


,, ^ ....... . .. 

.-V., 


■ -V 









H- 






; -- s l 'M'$ 


MTEC REI 


r Vsi--, - ' 

.iV- •' 


Times Thursday November 30 1978 

Sharp rise in business 
at Standard Life 


BY SUC SHORT 

. A aucceasful year this year for 
life and .pensions business to the 
UK is heralded by the respite pub- 
lished -..yejrterday by f he UK's 
largest actual life company. Hi* 
Edin hurt U- based Standard lJtr 
lieumnn Company- Thu: life 
com pa ny; fn contrast- to most 
01 her life -companies, cWne* n« 
hook; on --November 13 and for 
the year' Jus! .ended, reports *uh- 
sWirwf .increases in. hnih its life 
and ;il*: pension business. 

-.■NRvj'.-aricuat premiums for 
ordinary life badness In Lhe UK 
aayanced! by 5 St per cent over the 
13- mo ntht -fa November 13. 1379 
amounting fo'. 119 . 4 m, while new 
single premiums were 42 per cent 
higher bt :24.1m. •'- 

' 'The _i«t«esSrijj markers In 
this sector of •' business were 
individual pensions for directors 
and executives. setf-etu plowed 
pensions and contracts connected 
with house purchase. Annual 
premiums on the company’s Stan- 
plan - A -for executives totalled 
£33m compared with £1 4m in the 
previous year — « rise of 147 per 
cent. Single premiums under this 
contract nearly doubled to II. Tin 
Annual premiums on persona! 
pension policies for the self, 
employed rose by ]#2 per cent 
from in. am to £2 4m. while single 
premiums were one quarter 
higher at, £2. in.. 

These result* confirm repnrts 
that the executive pension and 
the self-employed pension* 
markets have been :hi* • ear's 
best sellers for the UK life 
assurance industry. 

Sales of life policies were also 
buoyant during ihe year, in con- 
tras! to the preriots year when 
they were comparatively dull. 


Annual premiums - on contracts 
.used to repay off house purchase 
mortgages -were 4S- per eenl 
higher. The savings market not 
connected with house pnri-h;i«.f 
a! so' »hmved :» con* iderubfa 
advance no tut- prm-iou . year. 
Annuo! premiums on the coin- 
pane’s tun m.un savings con- 
tracts. lhe F.prty Maturity iiplion 
nnd ihe Gemini pulley;' wore tr, 
per rent higher than. Iasi >e.u\ 
these results rcflcri a more active 
hour.® purchase marker and a 
higher level of personal savings 
arising from an improvement in 
:iiw overall earnings of the com- 
munity. 

Life companies would appear in 
have benefited from the itarl in 
April of the new Stale pension 
scheme. This gave employers the 
option to opt our of the earnings- 
r via led part or the scheme and 
provide benefits with a company 
scheme. The results of Standard 
Life indicated (liar, as anticipated. 

many employer* look advantage 
of This option. More than 300 new 
company schemes were ifis».ill.-d 
during ihe year covering oicr 
23.pnu employee; with u total 
annual pn-msuin income in circs* 
of ilOm. 

Overall, new annual premium 
Inrnmf (including managed 
funds) for group life and ut-n.*itni 
husine^s improved by 2fi per cem 
lo f28.5ir with «:ncfe premiums 
beMig U per cent higher ai 
fl'i.lm. "Ihe company report*. that 
total group li/e and pension* In- 
come (excluding invent mem 
income/ passed the £l0um mark 
fnr the first time, increasing hy 
2* per cent on the year from 
f!«1 3m to 1121m 

Business was also pood in the 


Republic of Ireland with new 
annual premiums nn ordinary life 
business 30 per item hmhei while 
group bi i si lit--.* .sHinifd a 21 ;n-r 
ion! ri*e Single premium* 
ilnnlilcil. though Mill small in 
lot :■!. ''rh busir.es* m (TanaiJn. in 
contra -ii. was slighily lower ih.tu 
In Ihe previous sear h w.i* \ r-j-.v 
slow over Ihe llr*l pari of thi- 
vear. hut mriividurtl lire hti*mv*s 
ha* been growing f|inie Mronsly 
since July — the date when Stan- 
dard announced the transfer of 
its Canadian business to .Manufac- 
turers Life. Last week, it announ- 
ced that K hdb not proceed im; 
With this transfer and would bo 
slaying in Canada. 

Increase 
for Ocean 
Wilsons 

**M TlK.S'i iVEft ahead frnrn 
£17 17m io 120 33m Ocean Wilsons 
( Holdings) pushed up pre-tax pro- 
fits from II. 3m in 4.1.73m in ihe 
Ii-itf yar m July 31 IU7t» U.K. 
lav. was lower al fati ag.iin*t 
IPS. 102 , while oversea* l.*\ ruse 
from ‘4:;4.7i.tt i... £32:;.3;,2 

The inlr-run dividend is maul- 
Mined a! Ip riel Fnr l/ip uhnlt- 
•»F l.isl year ihe croup paid ' 2 .STS 71 
out of pre-iav prolix of J 2 <iKni 
which i nr} tided £-T7.fim> share of 
loss nf j-'.Mtci.iieri cmi 1 panic; 
Km led earnings per Slip share 
are S»’.3p. a gani.n 7.2*»p 

Prmii rr-iaineri i» up from 
iJCi!.553 in lint. 


Routledge ahead to £206,006 


PRE-TAX profits of Rouilcrige 
and Kesjan Paul, publishers. ro*e 
from £132.000 to £ 206,000 in the 
half year to September 30. 1978. 

The inlcrim dividend is raiied 
from 1.25p 10 1.4p nei. Last year's 
total dividend was 4 Kip on pre- 
tax profits of £361.000. Stated 
earning.* per 25p share are up 
from 7.6p tn 8 Ap 
Turnover fnr the star months 
was fj.R7m. aeainet £J 32m and 
tax takes £107.000 i£9-5.DOO). 

Newman-Tonks 
‘still on 
takeover trail’ 

SEVERAL acquisitions were being 
pursued by Newman-Tonks and 
the group hoped to make an 
announcement soon, said Mr. 
M. L B. Wright, chairman, at 
yesterday'* annual meeting. 

Ha added that the Scona group 
of companies which joined 
.Newman-Tonka at the beginning 
of the floanda! year were on 
stream with budgeted profits. 
They wffl mode a significant 
contribution to Newman-Tonlm 
profit*. , 

-Mr. Wright said the engineering 
division had been disrupted over 
the past month by an industrial 
dispute. Work had restarted and 
talks were going ahead within 
the Government quidelines. 

As to the future Mr. Wright 
referred to his statement last 
month in which he said the 
company has budgeted for a 
profits increase, which with the 
consolidation of E cron a. should 
improve earnings and profits. 

Hanimex Sales 
grow by 10% 

Since the end of the financial 
year, business had been improving 
monthly at Hanimex Corporation. 


To the end of Camber sale* **re 
lfi per cent over ihe previoij* year 
the annual meeting was told. 

G R liquidity 
improvement 

Liquidity of <; R. (Holdlnesi 
has improved further and enables 
exploitation of any profitable 
niianrtunuy fur expansion >11 
existing companies nnd "lo -aka 
advantage nr favourable nppjun?* 
fnr fresh investment, Mr. A D 
Klalbow. tiie chairman, says 

However, once again he ifae* 
not feel justified in forecasting 
future trading results. 

The dressinc and dyeing artn-i- 
tins of the group are not in good 
shape, and re'ati sales in London 
have' been disappointing. 

On the other hand the fur 
merchanung division remain* 
active and the miederi sheepskin 
unit should produce satisfactory 
results provided it can continue 
to meet the competition ui export 
markets rmm foreign companies 
which receive special incentives 

Pre-tax profits for the year 
ended June 30. 107S. were £2.47:n, 
some £33,000 higher than. Iasi 
year’s total which included 
£ 100.000 of exceptional, items 
Groun turnover amounted in 
IlS.SSra. representing a small 
increase over last year. 

Except for the Australian sub- 
sidiary, it. was nor a good year 
far dressing and dyeing activities 
and in ceriain articles ihe avail- 
ability of work far processing has 
declined very sharply since the 
end of the financial year. 

As a result it is proposed to 
close one of the processing units 
and discussions have already been 
held with the relevant authorities 
and unions. 

The sueded sheepskin section of 
the group's activities proved satis- 
factory bs did Ihe fur merchant- 
ing side which is largely geared to 
exports. 

Greyshott Hall has fully main- 


tained its popularity and the 
modest vrnture mm pruperlv 
Iran. -eel ions is proving fruiliu!, 
the chairman says 

ri nee again u ha« hn-n 
ni*ve*«ary to increase Hie level of 
.slocks held, to service (he group's 
sales. Ureriilnrs jnd debtor, are 
bfiih lughrr • rb.iu last war and 
There has also hern .1 substantial 
incicasi; m bank balances. 

Armitage and 
Rhodes well up 
at halfwav 

V 

Despite the difficult conditions 
in (he funriture trade Armilaxe 
and nimifrs pushed up profils- 
frr»m riOS.fiOO m ni> 7 . 0 fi 0 in the 
ha'f vear ended Sepiemher 30. 
197S. This was achieved from 
Sales of £3.57 m against £2 62-n. 
reflecting an imoroved margin 
or 4 8 p*r cent (4.1 per rent). 

Export .teles in the ha if year 
reached £940.000— 2fi ?. j:er cent 
of sales — compared wiih £f»2S.f)ftn 
or 35 5 per et-nt. The directors 
report thjil deipile Iht sJuwer 
rate of increase the group's 
vigorous drive into foreign 
markets continue* and they 
expect an acceleration of export 
liusinesa m the next six months. 

Capital expenditure of around 
£250,000 has been Incurred 
during the periud, the majority 
of which has been spent on new 
weaving machine*. 

f»n present trends “we should 
have a satisfactory year." the 
directors Mali*. 

In view r,f ihe results an initial 
interim dividend of lp net per 
Htp share is declared, payable 
on January 9. The company 
previously only paid one dividend 
per year. 

The group Is a public unquoted 
concern engaged in ihe manufac- 
ture of furnishing fabrics. The 
shares are traded Through 
M. J. H. Nightingale and Co. 


Brickhouse 

Dudiev 

* 

advances 
at midway 

AN \P\ \NCE m pre-tax p.'uiil 
fmni ill An; lo I! ITni nn liirmti 
:ihe;i»l fiv.nl I'lrtm 1 , FI 2 22m 
repurieil b\ Itrirkhiiuse liiotlrv 
fur ihe ns' miuilhs 10 December 
;io. it«rs 

K.irninqi pi'r I Or. -.hare ar»' 
,l|nV' n In ha* f ip.-rr.i-rd frr. 

2 r,ii!ip in :j.7Hp and ilir linerim 
divirlrnd is rai-ril from IIT7S2fil| 
in il Siitiil.l'P nn I herr t* a!*o 
Urferied tiiial nf (H»2:!3Sjp i» re 
*i*rri «if l»77-rs ;«n,l ilir* hriiia 1 
ihe to Ml for 1 bar vear to 2 3iS4lwj 
on profits of T2 02 m. 

Tax far Ihe lirsf half took 
IKOfi 000 (£41S I 0iHli leaving ihe nr I 
hal.mcr up from £.193,000 to 
£3^1.000 

The company i* a manhole and 
imnection cover and trunies manu 
fketiirrr. 

Mr. Michael I-Iuxtable. chairman 
states dial die interim resu! 
have ev.-et-drd ori-.inal espcci 
lions. :md tor- buaiil i» coiiudent 
iliaL the figure- fur ihr full vea 
should (■« reffvvl th 

iremt “ Shu 11 id tin* iiiu-.e tn b 
the rase the ilue-.liii • intend tn 
ili.-ie.iM" Hu- full ;.i-ar'* diiiib-nii 
vi:ne v. ay >rd« ihe rn-w maxi 
111 mu pi.rmitied lew-!* »!!••-.- >-d for 
i-"ni|>.iiiir* .iliioi- 1 n«-fi--i -«> m tin 
demi •■over allows ihrm ro do 

Slight rise 
for Daily 
Mail Trust 

FilMSS IN< n.MK . f ilailv Mall and 
tirnrral Tru<l iw*m up from 
1 'sr.d.oou to i mm/- . ms, m the ti.,lf 
year (o Sepien'brr 30 i '.i7S \e 
revenue ;ifti-r lav ■-.■me ou( 
£.72.1.01111. ;< .-a 1 nil '-txl.imu 

Hie imrnm «lr. idenri ts ra;*cd 
fruni 4 3S2p r.el I u i0u4n v Hh an 
additional ll I27p fur ia-' vea 
> hen tlio group n,nd a mini c«t 
ISTKlp. nui of revenue after la 
or £! 82 11 : 

Inefime (rum the in v 091 inept > 
Associ.'ited Newspaper* Group : 
no 1 included because ibis 1 
v holly nivounied fur in iht 
wcMiid half. The prtvnriiun nf 
ih.-it i.-nmpanv'* .ifier-inv profit 
•in rib' liable lo the Daily Mail rose 
fruni £MS*>in lo ft film far the «| 
munth* i" Si-p? ember 30. !‘i78. 

The msercM nf l tally Mai! in 
A uncial Cd \>ivsp;iprr* v».is 
re.-luci-fl in 49 '.in per cent in 
(ti-mher this year and it then 
ee.ifcC.i in he a auh«idi:ny 

•\s a rpMill lh:- amount ier-eived 
from an uitenm riivirb-r.fi of 
2II34P f|.W2pi ^ £309.900. against 
£284.1100. 

The valuation nf the Trust' 
invusimont a 1 8epiember 30. 1&7S 
v%as £3a.8iu 1 £50 2m 1 . 


Fourth City accounts qualified 


Fourth City and Commercial 
Investment Trust, whose affairs 
arc being probed by the Depart- 
ment of Trade, says that every 
possible step is to he taken “to 
have the present impnsitinn con- 
cluded or removed so that a more 
normal and rational view may he 
taken of the company’s future 
and the interests of shareholders." 

Mr. R. J. Wheefer. the chair- 
man. says in the -group's annual 
report that the direclors have 
been advised "that it is proper 
to maintain restraint until the 
process of inspection is completed 
and Ihe inspectors report is avail- 
able. although such present re- 
straint. should In no way be taken 
to imply that the directors believe 
there i* any justification for the 
application marie." 

He continues: “There Is confi- 
dence ihar in due course it will 
be shown that there has been no 
activity connected with your com- 


pany which at all merits the 
severe impnvitmns that have been 
placed upon it." 

■The group, which made .1 loss 
before Tax of £931 in its last finan- 
cial year ending June 30. 1M7R. 
compared with a Ions nf £2,ti&i. 
reporLs that H. has just passed 
through auniher difficult, year 
during which iu affairs have 
remained static. 

The auditors. Mann Judd have 
qualified the accounts. They say 
that the investment in Excelads 
has been included in thn balance 
*heet al .1 cost of 149,590 which 
the direclors have valued at 
UOft.OOO. " No accounts of the 
company hjve been prepared 
since December 31, 1975." because 
say the directors certain neces- 
sary books and records have not 
been available to the directors of 
ihns* companies since August 
1977 

“ In view of this," continue ihe 


auditors, "we are unable to 
express an opinion as to its value 
and conr'tquently as to whether 
the bal.incp short shows 3 true 
and [air view of the slate or 
affairs of the company at Jun»* 5«. 
1978." 

MILLETTS 

LEISURE 


Jacksons 
Bourne End 
first half rise 

Profits of Jark«on* Roumr F.nrt 
improved from £34 npfl to £85 
in the "2S weeks ended Member 
14. 1978 before tax of 145 0«P 
acains; J2/UHW Turnover va 
£2 r.2m compared with 12 33m 
Rarnmgc per share before extra 
ordinary items are shown at XSn 
»2.4nt Again no iitienm dividend 
is declared but the Board will 
consider .1 dividend far Ihe year 
when final nrviits are available. 
A single 2p flnsl was paid las» 
year Trom pre-tax profits of 
£157.000 

Kvtraordiiiarv dehits in th»* 
hair-year amounted to f.I.Jfvn 
1 £2.i.5IW 1 belne tire cos! nf 
rationalisation of Board produc 
lion less lux relief. In the pre 
vious half-year, there v.ax an 
£8.500 surplus on the sale t«f 
property. 

For mo«t of Ihe half-year, irad 
inq conditions in ihe mum opera 
lions showed an inmrovetnenl 
The shoe components company, m 
particular, producoj good results. 

Activity in Hie manufacture of 
products for The nminr vehicle 
industry was well sustained uu to 
the time of rhe Ford strike whirh 
serionsi.v affected demand far 
several week*. • cuvering the end 
of the half year and nnpnin. 
period of the euireni half-year. 

This resulted in short-time 
vurkinc in ih" converting rfiri 
sion. which includes the hoard 
manu fad u mix operations 
The exicnl to which finx! 
results w;ii be afTerted depend 
nn the timing and the level of 
resumed demand. 


County Bank ha* completed The 
underwriting in connection wuh 
the offer for sale nf 1,707,560 
ordinary shares or Milieus Leisure 
Shops. 

Full particulars will be pub- 
lished on December 4 and the 
application list will open on 
December 7. Brokers to the issue 
are W. I. Carr. Sons and Co. 

'Willetts leisure operates 88 
retail shops throughout England 
and the Channel Islands, selling 
leisure wear, camping ami sporLs 
squipment, jeans and rainwear. 


Bayer UK looking for record year 


FOLLOWING the release of Bayer 
AG results la«t week, its slih- 
sidiary Bayer UK reports record 
figures for the first nine months 
of 1 BTR. 

Total sales were up lh P*r 
to £80 85m (£73.38m) while profits 
before tux rose 37 per cent 
£2. 07m from £1.5Im. Net profirs 
virtually kept pace, increasing In 
£348.704 from £713.528, an im- 
provement of S3 per cent. 

All divisions operated piofit- 
ably. and the group is set fair far 
« recoid year, the directors say. 

The largest contributor tn turn- 
over and. to profit* "a* the Asm- 
ehem division, achieving R7 !- er 
cent increase in turnover, 14.6 per 
cem more than forecast. 

Thp pharmaceutical division 
Increased turnover almost .ill per 
cent over the corresponding 
period last year. Other divisions 
performing particularly well were 
plasties and surface coatings ana 
the rubber divisions. 

The dyestuffs and fibres divi- 
sions continue to po through a 
difficult period, and both were 
down on forecast Nevertheless 
they both produced profits. 

The Agrochem division Is n«vv 
entering its quiet trading season 
and company profits for the year 
are unlikely 10 be much higher 
than for the first nine-mcnUi 
period. 

Overall group estimates ate ' rn ^ 
■ales in the home market about 
1105m at the year end, mm pared 
with SJTm at the end of _ 
Next year looks very pronusinf 


and divisions are making healThy 
forecasts, the Board states. How. 
ever, fortunes will depend on Hie 
basic economy of the country. 


Bazaloni 
hit by 
tax dispute 


Itaxalniii Holdings, D.irl of the 
Waller Duncan Coodncke urntip 
of iva plantation companies, 
announced yesterday that lack nf 
approval for remittances fruni 
India “ is creating considerable 
financial prublems for the com- 
pany." 

According to the eompany 
statement, which was similar to 
that produced on Tuesday by its 
sister company, Badulipar Tea 
Company, remittances have not 
been allowed because the Indian 
income tax authorities have not 
granted a ' " no objection" 
certificate. 

The tax authorities are in 
dispute with Bazaloni. among 
other tea companies, about taxa- 
tion of fees paid to the UK far 
secretarial and management 
services over ihe past 16 years. 

“This dispute is oF surh a 
serious nature That Intervention 
hy the UK government has been 
requested by the industry.” says 

Bar-rioni. 

The resultant financial problems 


mean that in current circum- 
stances the company sees no pros- 
pect of any dividend payments. 

Another problem fur Bnzaioni 
has been litigation with its 
former agents in India, Octavius 
Steel Calcutta. This has led to a 
delay in producing the 1977 
accounts because the company 
was unable to obtain all the 
necessary audited statements. But 
now 11 is cx peeled that ihe 
accounts will' be published early 
in ihe New Year. .Meanwhile, uu- 
nuriiU'ri figure.* indicate ilia: Hie 
results will be similar to those 
of the previous .vear. 

Foseco Minsep 
sales progress 

Sales In all group sectors of 
Foseco Minsep continued lo show 
steady progress during the nine 
months ended September 30, 1978. 

The directors state that trading 
conditions remained at levels 
similar lo those reported at Ihe 
inlcrim stago- Profits for ihe first 
six months showed a rise from 

£7. 63m to 18-Sani. 

In their interim report the 
directors said lhal a modest 
improvement in sleel production 
in many countries had benefited 
the steelwork sector, but demand 
fnr foundry products reflected the 
depressed .state of that inrtiKiry. 

Progress of Fosroc continued to 
be encouraging. 


Better trend 
at Bromsgrove 
Casting 

Fnr the half year fa September 
30. I!l78. pre lax prnfiis of Rn>m«- 
grnve Casting and .Machining re 
covered from a denre-vied £19 247 
fo £9ii,40:i. on lurnover of £ 1.62m 
ag.-iinsl n.5m. 

When repnrline on ?. £167.000 
taxable surplus for all 1977-78. ihe 
directors said Ihe ciirrcnr yea” 
■*hou!d set* a worthwhile imnrnre- 
menr ,- 1 1 1 hough pmfiis for The yc.ir 
would hear the cosL oT removal of 
iho Bromsgrove plant and work- 
force. 

The half-yearly lax charge 
takes £35.nno (nill learing nei 
profits higher at £61.403 acflin*'l 
£19^147. The net interim dividend 
ia raised to 0 9p (O.Rpj per 5p 
share— (he 1377-78 final was I.4j» 

M & G Second 
Dual Trust 

A dividend total ijp from 
SOSp al least fa 5 73p n®i pr» 
share is fnrera*l hv M and C 
Sernnri Dual Trn«t for Ihe year 
ended May 31. 1973. ,\ n interim 
of H^lfi is now declared. 

•Vpf taxed revenue far the «iv 
mouths ended November 30. 
7978. showed a rise from £279.731 
to £328.686. The asset value per 
capital share was 54. lp. 

HALLAM PASSES 
PREF. DIVIDEND 

The HnUam Group of Notting- 
ham. .system buildings maker, 
slates that in view of continuing 
losses the preference dividend 
for ihe half year ending Decem- 
ber 31, 1978 will not now be paid. 
This class is in arrears from JuJv 
I, 11176. 

The group, formerly VieHaliam. 
is jointly owned by Montague L 
Meyer and May and HasaelL 



25 



Transvaal Consolidated Land and 

# 

Exploration Company 


(Incorporated in the Republic of South Africa) 

A Member of the Barlow Rand Group 

FROM THE STATEMENT BY THE CHAIRMAN MR. A. C PETERSON 


Th- financial results of the T C.L. 
gruii,-'. h.ive showed a healthy increase 
com;. ..red with the 1977 results. 

T\-- consul id ;<:.*■ d profit nefare Tj\a- 
tfa;i rn-e i«y 15.4 per cent and. afier 
rii'diicnng taxation and the !n - ere*?s uf 
the outside shareholders, by 15.2 per 
cent 

Largely as a result of the strong 
. upward movement in the price received 
for gold, the dividends from the gold 
and uranium investments improved is 
The p.iaj year. The.*c dividend receipts 
were also enhanced following an 
increase in the company's holding of 
shares in Blyvooruttzicht Gold Mining 
.Company. Limited. The coal sub- 
sidiaries experienced a slightly lower 
level of sales on (be inland market but 
their export sales improved tn the 
evicn.i (hat lhcir increased profit con- 
trili:::n.n fa TH.L was rr.ucn higher 
than anticipated, rhis hem; the major 
cuniriT-'jinr in the overall increased 
proti- o! me croup 
T:<-’ pa** yi-a r was notable for the 
completion of ;hp bulk of the work, and 
ihe ;>rm 1 ucin*n i»f ihe firsi coal, a; the 
Rict-urui: openca*t inir.e ana also f.ir 
tnt- excellent prosress ai »t’e Itiivha 
op^n-ac; cmI mine Tne chrome 
mtn.ric tuhsidiane.- cr«mp!eied much of 
the t:\v-jn -:«-n programme that was 
cnmineiived la*i year However, sales 
revenue declined rapidly towards the 
end '*f :he ye. ” and recovery is viewed 
as a medium to long ran^e prosper'. 
lnv»r--T.eni realis.iMon during '.ne year 
produced -i higher than usual profit as 
ihe roMti: of a decision 10 jel! shares 
to provide funds for expansion ut other 
area*. 

Coal 

un the Inland market there has 
been a steady drop m demand during 
the :hree years of recession and 
h rii ->y take 3 further period for the 
siruitinn 10 recover. Some of this 
decrease stems from Escom's concen- 
tration of its power generation in larEe 
new tied power stations which are abie 
(u feed power into the national grid 
front ihe Eastern Tranjvaa- with the 
effect mat ttsc consumption of coa: by 
wider {t..tion< supplied hy ibc Trar.s'.aa! 
Coal tr.-ners Association and the Nasal 
Associated Collieries has been reduced. 
In addition the South African flail way*, 
through :is policy of converting 10 
electric locomotives, hits cut its con- 
sumption of cnai and wil! continue to 
do so m the future 
In the export field there have been 
a number of enquiries for rhe supply 
nf substantia! tonnages uf coal in the 
19S0s. Large consumers have been 
endeavouring to secure long-term 
supplies hut! with the number of new 
producers, prices have become highly 
competitive. Steel production his 
shown little growth and consequently 
nur deliveries of coal for metallurgical 
purposes have no; improved on the 
previous year’s levels. The export 
market continues to be nf area; import- 
ance not only lo South Africa’s balance 
of payments position but also to lie 
welfare of us coal industry. 

The second pease in the. expansion of 
the facilities and loading appliances at 
Richards Bay lias proceeded according 
to schedule and the loading facility is 
expected to achieve its designed 
throughput r.f ‘JO million tons per 
annum in 197S*. The increased efficiency 
nf tiiis terminal during the past year 
has been an important factor in the 
unproved profitabili;y of our collieries’ 
export sales. In my view ihe Natal 
coal Industry can only hope to. survive 
nn increased exports and U is essential 
that a good allocation in the export 
trade be. gran led to it. 

Du\ha Opencast Mine 

The Due ha Opencast Mine Is cur- 
rently being developed, as a sec-.ion of 
Witbank Colliery, lo supply ESCOM's 
new 3 600 MW Duvba Power Station 
with its fuel needs. This power station 
will come on stream in lfl<9 and will 
bo one of the largest coal-fired power 
stations in ibe world. The Duvha coal 
block, some 20 k.m south-east of the 
sown nf W'itbank. contains sufficient 
reserves to fuel the power station for 
over 30 years. 

Much of the plant and mfras:ruc;ure 
have already been established and work 
continues to advance on schedule. 

Rietspru.it Opencast Mine 

Rietspruti Opencast Mine, the joint 
venture in wmch T.C.L. and Shell 
participate on an equal basis through 
wholly-owned subsidiaries, commenced 
delivering coal in Uclober. 1978. The 
npencast mine, which is in ine 
Withank/Betbal area of the South- 
Kasiern Transvaal, is managed by Rand 
Mines. Limned. T.C.T-.’s 50 per cent 
share of the cnal produced will be sold 
tn Shell who will then he resnonsible 
f"r :he tr.m«pnrtalion and marketing nf 
the coal for export through Richards 
Fay. 

FinniictRp 

T C.L's cost fa date has amounted tn 
F4s5 million and the peak financing 
roquiremenr will occur toward? the end 
r»r ihe 1978/79 financial year when this 
figure should increase in about K7I 
million. The expenditure after 1979 
v-iH largely be funded from ihe 
project’s cash flow. 

The lotal capital cost of the venture 
will ultimately be in tne region of 
R2U7 million. 

Jnirt Venture Terms and Method 
of Pninnertt 

The price to be received for coal 
produced and delivered lo Shell is 
determined by means of a formula 
designed in give T.C.L. a constant 
inflji inn-adjusted return after tax on 
cash flow whilst maintaining a cunstant 
real price per mn uf coal delivered ro 
Slu-ll. As a result of sales hy Shell Lhe 
nunc will operate profitably from 1979. 


(iuld 

The price 0 / gold increased steadily 
over the past 12 months and this, 
together with an adequate supply of 
unskilled labour, has benefited the 
gold mining industry. On tbe other 
hand, productivity was adversely 
affected by Lhe ll-ahift fortnight, and 
the continued increase in working 
costs is of considerable concern. In 
particular, the industry has been 
seriously hit by the rate oF increase 
in the cost Df stores as well as in 
administered prices, especially of 
electric power. 

While the increase in the price or gold 
has been of benefit to the gold mining 


industry, and indirectly 10 T.C L_ 
members will appreciate thai it is 
concern about tire value of ibe 
American dollar that has been the 
prime cause for the recent spectacular 
price increase. it will nor have 
escaped notice that the key to the 
problem is the state uf tbe US. 
economy and its balance of payments 
position. In countries such as West 
Germany and Switzerland, where the 
economy has demonstrated tbe virtues 
of stability, growth and wise control 
in the banking arena, tbe price of gold 
in terms of their domestic currencies 
has hardly moved in the past two years. 
While it is true to say that concerted 
action by U.5. authorities to rectify 
the problems In their economy would 
have a depressing effect on the price 
nf sold, weakness and continuing 
vacillation on their part will produce 
a volatile market for sold, susceptible 
:o major speculative fluctuations. It 
i* likely that any continued decline in 
;he value of the American dollar could 
result in the OPEC countries niovms 
the dollar price fur their **tl upwards 
and thi? in turn would lend !>■ further 
increase the dollar price nf gnld. 
Hence the mounting pressure and 
worries in the United States over oil 
conservation measures. 

Despite al! these factors l am con- 
vinced that gold wtli remain <*n 
accepted store of wealth and that not- 
withstanding shnrt-lerm fluctuations, 
reflecting (he U.S. erunomie scene, and 
ihe recently announced decision by 
ihe United States 10 sell additional 
amounts or cold, lhe price of the 
metal wiit. in geoera!. continue 
uo-vards. 

Tiie company's main gold and uranium 
investment is in Harmony Cold 
Mining Company Limited in which our 
interest is 17.3 per cent. During the 
year TC.L.’s interest in the other gold 
"and uranium producer in the Barlow 
Rand Group — Blyvooruitzicht Gold 
Mining Company. Limited — increased 
and is now 4.2 per cent. 

Uranium 

While there are at present very real 
problems confronting the nuclear 
power industry, the outlook for 
uranium is still considered to be 
sound. In the long term, the world's 
energy requirements can only be 
satisfied under economically acceptable 
conditions if nuclear power generation 
is fully exploited. I believe that future 
nuclear power plants will be among the 
cleanest sources of energy and that 
lhe anti-nuclear attitude of realistic 
environmentalists will become more 
accommodating. However, the more 
intractable sector of tbe anti-nuclear 
lobby is motivated by considerations 
other than the preservation of Lhe 
environment, and opposition from this 
sector is the problem facing the 
nuclear industry, especially in the 
United States. It is to b* heped that 
the outstanding questions inhibiting 
the growth of nuclear power will be 
resolved by the countries participating 
in the International Nuclear Fuel 
Cycle Evaluation. The decision taken 
by the Australian Government to allow 
uranium production in their country 
to be increased, and the Canadian 
Government's relaxation on the 
etnhargo on uranium exports, have 
contributed to a softening of Ihe. 
market and prices have tended to 
slagnaie over the past year. 

In spite of these rather complex 
developments. I believe that (he un- 
committed kortion of the future 
uranium output of both Harmony and 
Blvvooruitzicht will he disposed of 
without any great difficulty and st 
prices which will yield acceptable 
profits. The enlarged uranium pro- 
duction facility at Blyvooruitzicht 
came on sircam during the year and 
is now operating al full capacity. 
Harmony has successfully negotiated a 
contract for the sale of uranium from 
the new plant to be erected at 
Merriespruil. This contract includes 
an interest-free loan of R33 million to 
be provided by the purchaser or the 
uranium, which- will be used lo fund 
the expenditure incurred in establish- 
ing the new uranium plant. 

Platinum 

W,th a better balance between supply 
and demand in the market for 
platinum, ihe free market price 
together with tbe published producer 
prices for this nietai have improved 
strongly during the year. To eunse- 
quence. Rustenburg Platinum Mines 
Limited has been able to resume 
dividend payments with an S cents 
per share dividend declared 00 2nd 
October. 1978. 

!n conformity with our normal account- 
ing policies the dividend, having been 
declared after T.C.L.'s year end, will 
be brought to account in the 1979 
financial year. 


Chrome 

As foreshadowed last year tbe demand 
for chrome on both the local and 
export markets has not increased al 
the rate anticipated when mine and 
ferrochrome plant capacities were 
expanded 2 nd there has consequently 
been a softening in prices. Although 
'nies by the T.C.L. group chrome 
mines increased in volume, profit 
margins came under severe pressure 
and resulted in lower profits for the 
year. The outlook for I97S-79 is not 
good. Slack demand and general 
overproduction will tend to keep 
prices low during this period and the 
contribution to the group from this 
source will be limited. The group 
is well placed to take advantage of 
any expansion in the'market for South 
African chrome which must. I think, 
develop because the world’s largest 
chrome reserves are silualed in this 
country and hecause in due course 
increasing demand will come from 
the major chrome alloy plants in Ihe 
Transvaal. 

The capital expenditure programmes 
planned for ail three of our chrome 
mines are nearing completion. They 
will provide each mine wiih the 
flexibility needed to support lung-term 
sales relationships with local and over- 
seas customers. 

Forestry and timber 

Lotzaba Forests Limited, in which 
T.C.L. has a 61 per cent interest, con- 
tinued with the policy of replacing 
non-afforestable land by land suitable 
for afforestation i» the Eastern 
Transvaal. The company enlarged its 
afforested area' during the year and it 
derived a moderate increase in profit 
from its sawmillmg operations. 


Exploration and development 

During the year our exploration 
activities, while mainly centred in the 
Transvaal, included prospects in Souih 
West Africa, the Orange Free Stale 
and the Cape Province. 

Palenliallv viable deposits of chrome 
nre. principally in the Western 
Transvaal, have been proved, but 
exploitation of these deposits will have 
to wail until the supply/ demand 
position justifies such action. 

The tin exploration programme on 
company farms in the Poigietersrus 
area is now almost complete. 
Unfortunately this programme failed 
tu disclose any really significant ore 
body though some limited tonnages 
of low grade ore were indicated. 

A high proportion of the exploration 
effort was allocated tn the search for 
additional coal deposits. Options were 
acquired over fairly extensive blocks 
of srnund which are now being 
systematically examined. On an in 
situ hasis our proved reserves, and 
potential additional reserves, now 
.-•iiKMint lo some 5 5 (hi million ions and 
4 50n million ions respectively. 

A recent review nf ihe fluorspar 
market indicate* that the demand ts 
<i:1l considerably less than the 
installed supply capacity. In view nf 
this siiuaiinn. the exploitation of ihe 
fluorspar deposit* on lhe company"* 
farms m rhn Western Transvaal must 
continue to be delayed. 

Listed investments 

After taking into account the acquisi- 
tion of a further holding of 
Blvvooruirzichi shares, the disposal of 
a "percentage of Rustenburg Platinum 
shares, and sundry other adjustments 
to give better balance to the portfolio, 
the market value of ihe group's listed 
investments other than investments in 
listed subsidiaries rose from 
R47 745 000 at -JO :h September. 1977, 
fa R55 630 000 at 30lh September. 1978. 
If the market value nf our Withank 
and Welsedacht shares is added to 
this figure the total value of T.C.L.'s 
listed investments rose from El 19 
million to R1S2 million. 

Finance 

With Rielsprult commencing con- 
tinuous production in January. 1979, 
and the fir*t cnal deliveries to ESCOM 
from Duvha taking place towards the 
end of the year lhe cash flow to T.C.L. 
from these source* should become 
positive from about October. 1979, 
onwards. T.C.L. faces a peak borrow- 
ing requirement during the coming 
months for which purpose we beve 
undrawn facilities on long-term loans 
already arranged, and overdraft 
facilities not used at 30th September, 
197S. amounting to R24 million. In 
addition a short-term bridging facility 
to cover any shortfall in loan require- 
ments has been arranged with Barlow 
Rand Limited with availability durins 
1979. 

Employment conditions 

197S has been a peaceful year In the 
labour relations field with much 
activity in ihe development of liaison 
committees on group mines. Major 
programmes in this field are under 
way nn both gold and coal mines. 
Housing improvement schemes, 
particularly fnr black employees, con- 
tinue at an accelerating rale with old 
houses on older mines heina renovated 
and new villages of modern houses 
being established on or near newer 
mines. 

Occupation nf the new hostels on 
Harmony and Blyvooruitzicht gold 
mines is complete. These hostels 
provide advanced living and 
recreational facilities which offer a 
much improved quality of life. 

1 referred earlier to lhe Barlow Rand 
Group Code of Employment Practice 
tti which the managements of all group 
companies are committed. It will 
perhaps be of interest lo shareholders 
to know that the Code applies equally 
to all race groups, and that our 
managements undertake — 

“ to assist employees to develop their 
skills and enable them to use these 
skills to the full, thus ensuring their 
job satisfaction and ability to con- 
tribute to the group's aims; 

to develop and maintain open lines of 
communication and personal contact: 

to promote and preserve at ail times 
the dignity and self-esteem of 
employees, and 

to improve ibe quality of life of 
employees both in working and home 
conditions. 

ti is recognized that there are limiting 
factors which can inhibit our com- 
panies from fully achieving some of 
these coinmil men Is. The group must 
operate within the law and legally 
enforceable industrial agreements. It 
nevertheless pledges itself to work for 
changes in any laws or attitudes that 
result in discrimination against any 
employees in lhe work situation or 
prevent the achievement of the 
objectives listed above.” 

Any shareholder who is interested in 
this Group Code of Employment 
Practice may obtain a copy from the 
secretaries here or in London. 

Dividends and future prospects 

The interim dividend declared in May, 
197S. was 35 cents per share and the 
final dividend for tbe year, at 75 cents 
per share, was declared on 26th 
October, 197S. making a total of 110 
cents per share for the financial year. 
For the year ahead tbe coal earnings 
of the group before tax and interest 
should increase considerably with the 
commencement of production a! 
Riel spruit. Dividends from gold and 
platinum investments should also 
improve but. a> I mentioned earlier, 
ihe contribution front the chrome 
mines will be limited. Interest 
payable on borrowings utilised for the 
capita] works at Rietspruil and on the 
chrome mines will no longer be 
capitalised but will be charged to 
profits. In addition, amortisation 
charges on these assets will commence. 
For 1979 the sum of these amounts 
will be substantial and will probably 
result in tbe net profit of the group 
after tax, amortisation and interest 
being fairly close to that for 1978. 
However, rapid repayment of the loans 
15 planned and increasing benefits 
from the additional earnings from both 
Rietspruit and Duvha opencast 
collieries can be expected thereafter. 

In the absence of unforeseen circum- 
stances I consider that in 1979 the 
dividend growlb can be expected to 
continue. 


The tightythird Annual General Meeting of Transvaal Consolidated Land and Exploration Comfwny. Limited wfff b» 
held .n ohannesburg on 18lh j a na 0 r Y 1979 Copies of the Annual Financial Statements can be obiamed from the Office 
of the London Secretaries. Ch ‘’ r * er C° n *° f ’doted Limited, 40 Holborn Viaduct , EC1P 1A] and the Share Transfer Office 
of the London Secreuricj at P Q. Box f 02, Charter House, Park Street, Ashford. Kent TN24 SEQ. 





26 




ick leaps 
6 mid-year 


WITH THE reorganisation began ■ ■ — ■■ 

in October last year now com- _ _ _ __ 

pieced. sales of Westbrick BOARD MEETINGS 

*6.44m and reflecting improved aaies of Board meetings c<> the stock 
mars ins, pre-tax profits jumped ExcIjmw. Sucb meetings are usuaib 
74 per cent from £135,000 to held for the uuruore of considering divt- 

£344.000 for the six months to d*" 115 - , Ma S!? 1 v . lDdl j :atl ? n5 J !U ' e not 
Cpntpmhwr 1QTR aM* “ 10 wrhelh e r dividends are interims 

M- T*2r ri , . .. . - or toah *ad the subdivisions shown 

Mr. J. W. Sutherland, the chair- befuw are btsed nuunly on last year's 
man. comments that the results timetable, 
are in line with budget, while the 
performance has continued and is TODAY 

pTnprtpd tfl he maintained IbwIrm CS. Industrials, Crosby 

thnXout the rat Of The *£I Sprtfla Interiors. Cullen's store., GUtspur. 

ttin.Lgnout ine rest OI trie year. Hargreaves Group. Howard Tenons S er- 
ror all the previous year, vi CeSl Marling Industries, Robert Stoss, 
taxable profits were £331,000, with Haeal Eketronlra, Sangers, ScotLish ud 
a peak £816 000 in 1972-73. Universal investments, S!W Group. Tran- 

The interim dividend is hoisted ln:crnadona1, Vhi,brea<l 

from 0.5p to 1.25p net, from half- Flank-Mead n«i 'Transvaal# Develop- 
yearly earnings Of 4.5p flip loss) meni. National and Commercial Banking, 
per 25p share and is covered 3.6 Tompkinsons Carpets, 
times — last year's final was lp. 

The cash outflow in the iinarim 
previous year has been sharply b 
reversed ana the company is now 3 
financing its current expansion 
out of cash generated within the 
group, the chairman adds. 


FUTURE DATES 


Banker s tn*«'.toi(*nt Trost 

Dec- 

5 

Bishop , j: Stores 

Dec. 

S 

3urneu and HalUmshrre .. 

Dec. 

7 

Cavings 

Dec. 

7 

Marshall' 'Halifax' 

Dec. 

4 

Normt? *VT. E < 

... Dec. 

6 

Oil and Associated (nre^i. 

Trust Dec. 

fi 

S - snehil! .... 

Dec. 

7 

0 oiied Gas Indnsmes 

Final, — 

Dec. 14 

Cardiff Maitinc 


8 

Dennis ‘James H. • 

Dec. 

5 

Haskins aid Ttpson 

Dec. 11 


was a turn round from £51.000 sianohil! 
losses to profits of £183,000, struck L ai,ed J 
after tax of £161.000 (£132.0001 
and exceptional and extraordinary Dennis 
losses last time of £63,000 
£54,000 respectively. 

Wheway Watson expands 

to £042m and confident 

IN THE half year ended volume is considerably greater 
Se-prember 30. 197S. turnover of than at the same time last year. 
Whewav Watson Holdings im- Turnover for the period was 
proved from £5 71m to £7.0Dm and £2 38m. against £2. lam and tax 
profits, before tax. were higher takes .£29,131 (nil). The group is 
at £420.339 against £2S3.S16 in the retaining I36..13. against a loss 
same period last year. of 

Sevond half profits should show Interest 0.55p (no dividend last 
some further advance although year) subject to formal Treasury 
the rate of increase may not match consent, pay December 29. Tum- 
the percentage rise of the firnt over half-year to July 31. 197S, 
six months, the directors say. £2.383.943 (£2.151,853). Pre-tax 

However, they are confident of a profit £70.044 (loss £35.653). Tax 
satisfactory outcome for the year. £29.131 mill. Retained £36.713 
The interim dividend is 0.45p (loss £39.853 ». Profit arrived at 
tO.Sopi and has been based on the after crediting £111,111 proceeds 
assumption that Lite years total of settlement of an outstanding 
will increase by 10 per cent. The litigation. Current trading volume 
increase in the interim is tn is considerably greater than this 
reduce dispa rity — last year's total time las: year, 
was 0$SG4Gp from pre-tax profits 
of £756.000. 

After tax or £105.213 (£71.000) 
first half earnings per share are 
shown at 1.13p against 3.09p. The 
profit is struck after interest of 
£302.500 (£100.994). 

The group trades as chain- 
maker, engineer and forger. 


BIDS AND DEALS 


Dawson 



Dawson International, the 22. Mr. Alan Smith. Dawson's W-IS. Kings 

luxury knitwear group, yesterday chairman added -that the Jjroup YariJwuih 1 Placed 

announced a 12 per cent lift in balance sheet “continues to property 1-4 \arinouth P*ace, 

sales to £44.0m and a 17 per cent reflect a high degree of liquidity London, Stt. The total considera- 

jurap in pre-tax profits to £8.5m and in terms of management non is mkoM. . 

for the six months to September strength, financial controls and It hw also % w« 

30 productive efficiency, we are well property known as 3i4-a90, rjn^.- 

The interim figures accom- equipped to face the future." Read, Ch _ e . lsea ho for i ,™rfA Tiie 
panted a formal offer document At November 10. loans and bank deal will be completed 
covering the agreed £23m cash overdrafts of Dawson totalled December !. 1978. 
and share bid for John Haggas. £1.44m and there was debenture Amalgamated st0 T“ a J_ a *L°Jf 
the Yorkshire yamspinner. stock outstanding worth £3 j4hl leases of Hans House, Hans Street 

The document shows that Cash, deposits and investments S.W., and 80 Clifton street. Lon 
Haggas intends to make a one- were worth £20-2m on November don. E.G. for a total of £1.06ra. 
for-six scrip isue prior to the bid 10. Total cost of the acquisitions, 

to reduce stamp duty payable by The first closing date for the including legal costs, is n.QJJSm. 
Shareholders. .As a result the offer offer is December 22. Irrevocable of that figure £77S.OOO has been 
is now 10 Dawson shares plus £9 acceptances covering 50.33 per f maQce d by loans and the balance 
cash for every 63 Haggas shares cent of the stock have already funded out cf the group's existin 
old shares). Shares been given by the Haggas family overdraft facility. At current it 


MINING NEWS 


Ergo’s 
reclamation 


Knandal Times' Thui^ay-No^ 







uranlunifin' 


BY KENNETH HARSTON, MINING EDITOR 


in 

lercst rates £175:280 of interest 
charges will be incurred in th 
next twelve months on the total 
COSt Of Il.OOSlTL 
The net effect of all the trans 
actions on interest charges pay 


£31.000 rise 


Mercantile 


Turnround 


PRE-TAX PROFITS of Mooreate 
Mercantile Holdings rose from 
£'93.000 to £134.000 on turnover 
ahead from £1 72m to £I.95m in 

to profit i5? s haIf 1Mr 10 Sei,,ember 30 

There is arnito no interim divi- 
dend. The group has not paid a 
dividend since ihe 1973 interim 
a loss of °f °- 5 P p® 1 - Eamings per lOp 
profit of share are shown up from 0.67p to 
. J. Dykes 0.8SP. 

(Holdings) in the first half to The amount attributable is up 
July 31. 197S. There is an interim f rom £102,000 to £161.000 after 
dividend of 0.55p net— subject to the transfer of £27,000 (nil) from 
forma) Treasury consent— no divi- capital reserve of the surplus on 
dends were paid last year. revaluation realised on the sale 

The profit was arrived at aFter in June 1978 of -the property at 
crediting £111,111 proceeds from V.'esteliff-on-Sea. There are no 
the settlement of an outstanding minorities this time, against 
litigation. £1.000. and again no lax due to 

The directors say ihe trading losses brought forward. 


for Dykes 

A TURXROUND from 
£35.653 to a pre-tax 
£70,044 was made by 


(equal to nine - 

representing fractions will not be and various directors, 
issued but will be aggregated and xcn 

sold for the benefit of Dawson. AMALuAMA itD 
Haggas nas revalued its assets STORES REPORTS 
and, with the addition of £i.3m in cef T TMr'P c a cr 
deferred tax. the net tangible A Jot I LHlvIxfcAoE 

assets are worth £22. 6m compared Amalgamated Storey the property “ihe next 

with the £S.9m figure in ihe investment group, bag sent share- tweJve ninths will be an increase 
latest accounts. holders a lo-page circular detail- f rtf 7(W * current ralss . 

The Haggas group will continue mg property acquisitions, disposals ~ 1 phmii,, smai-sam 

to be run by Mr. Brian Haggas as and revaluations. J-rajR Fnunp* -Mna‘8™ 

managing director and he will pie group reports (haf sjneethe at^ s ^n^ 0 direcio^ 
join the Dawson board and its rehsung or iut shares on ihe Stock d eveioDm^ts 

executive committee. He also Exchange and its reorganisation in and developments 

intends to sign a three-year February of last year net assets « er e investigated, 

service agreement, the details of have increased from 2.3p to 11. Sp The annual general meeting will 
which have stHi to be finalised, per share. be held on December 14. 197S at 

The Daw.son interim .statement Since its year end at March 31. 42 Portman Square. London, a L 
says that a dividend of 3p will be 1978 it has acquired the Freehold which a resolution will be put to 
paid on January 25 to share- of Lyntonia House, Praed Street change the company's name to 
holders registered by December London, W; the head leasehold of Amalgamated Estates. 

Matthew Hall £1.7m purchase 


Wood manufacturers and 
markets glassware from freehold 
premises in Barnsley, Yorkshire. 
In the year to July 2, 197S Wood 
had net assets £270.000 and re 
turned a pre-tax loss of £25.990. 

Although losses have been in 


Matthew Hall and Co has bought year to 7p net per share. Treasury 
Quaitcr. Hall and Co from British consent has been granted. 

Steel Constructions (Birming- 
ham) for £1.655,595 in cash. This SHARE STAKES 
amount is subject to a retention rnn '». iFicimr rnniT-Vi- 
fund pending the outcome of ccr- v v-,, 1*7*1; 

tain unresolved matters. u JIk -jjjj — 

Quaiter, Hall carries on the tvtKtws- have sold lZ9.a00 curre d m eaca 0 { ja^ three years 

business of design, manufacture shares — the disposal was made these have progressively dimin 

and installation of mining equip- . t-j- ished and Singlo believes that the 

E\ A INDUSTRIES— Anglo-Indo- improved trend is continuing 
nesian Corporation hac acquired 
further 22.500 ordinary shares 
bringing total holding to 1.971.436 
(approximately 21.07 per cent). 

ARMOUR TRUST — Mr. P. 

Hall Ortech, and will enable the Bond, director, has purchased . ra H»wF„J , J nl . nn ; nn 
group to extend the range of 50.090 ordinary shares. Aurora HoitLngs is plannrng to 

services it is able to offer to the moGrv wai ict rpma> p«i 
mining and materials handling CROSBY HOUSE GROUP-Fol 


merit and bulk materials handling 
systems and is based at Barnsley, 
South Yorks. 

The company, while retaining 
its separate identity, will comple- 
ment the activities of Matthanv 


AURORA SELLS 
SOUTH AFRICAN 
HOLDING 

General and precision engineer 


sell its 66 per cent stake in the 
South African subsidiary Samuel 


industries both internnUouelly KSS r'?T 0 *S»™ (South Africa) 

and within the UK nat'onal investment Trust Com- Directors of Samuel Osborn 

It is Matthew Hall's intention „ P f e T r L h ^ '£ 0Uth , A 5 frica) - yesTerday “ ked 

1.0 continue the business of Crosby s convertible that dealings in its ordinary 


date amounted to £360,681. 

APPROACHES TO 
McNEILL GROUP 

The receivers of the McNeill 
Group have been approached by 
number of parties who are 



Dawson International Limited 


£ uV.VJ.tO 

INTERIM REPORT 
for the half-year to 30th September, 1979 

An inrerim dividend for Ihe year 1973/75 of 3o per share 
fatter ihe capitalisation issue or one for one on 1st November) is 
cellared lodey on ihe ordinary and ‘A’ Ordinary non-voting 
shares of the Company (compared with G.37p paid last year). 
This is in line v.iih the announcements made to shareholders. 
Also, as announced, dividends for the year are expected to 
total 7p, per share, (after adjusting for the capitalisation issue) 
(compared with l.S8p paid last year). 

The above dividend will be paid on 25lh January. 1979 to 
those shareholders on the register at the close of busine ss on 
22nd December, 1973. 


Unaudited 
First Six Months 


Audited 

Year 



1978/79 

£000 

1977/73 

£0->3 

1977/73 

£-000 

Sales 

44,899 

40,202 

82,597 

Trading Profit 

Interest 

6,502 

129 

5.c:9 

(133) 

15,532 

(52) 

Prcni before Taxation and 

E> Ir a ordinary Items 
Taxation 

6,631 

3,012 

5,551 

2,783 

15,530 

7.058 

Profit after Taxation but 
before Evtraordinary Items 
Eriraordina: •/ items 

Prefer enc-s Dividend 

3,619 

10 

(9) 

2, £63 

f9) 

8,472 

6 

0*) 

Profit atlnbutable to members 
o- the Parent Comparv/ 

3,620 

2,*39 

e,J60 


r.‘:e Cra.-fe f s ie-'s'frn is tared an g.r e*iirr-xed rale for /he 
j-ear srd includes tvi! provtshn for deferred is -alien. Anv 
reduction zr : j!r.g from ine eppltce’jcn of SS.-P 15 has not, 
therefore, seen iai.en into account. 


■st Profits for half-year up 1 7%. 

* Profits for the year forecast for not less than £14,5 

million. 

•ft Net current liquidity £18.8 million. 

ft Acquisition of John Haggas will result In further 

profitable progress. 

ft Recommended Offer Document for John Haggas 
being posted today. 


f±. 


JIAO !e BRAEMAB 

|-:fSCCfrLA'r| 

Balhnfyne bame 


n/UFWIC ItfUTVAAH IJQ 


J.& D. nilEEQRGE 




Weekly net asset value 
on November 27th, 1978 

Tokyo Pacific Holdings N. V, 

U.S. $63.06 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. 545.95 

Listed on the Amsterdam Stock Exchange 

Inform.) cion: Plinon, Hcldrfn; A Pierson NV Htrengncbc 214, Amstwrfam 


Quaiter, Hall at its present site *®®" stock 19S7 ' M shares, quoted on the Joh^nnes- 

and under its present name and ^ er ceQ U- burg Stock Exchange, should be 

ma naEfement. J. BROCKHOUSE AND CO.— suspended because negotiations 

At October 31. 1977, the dare of Shares have been allotted to are in progress which m2y lead 
Quarlter, Hall's latest audited directors ait price of 26.25p as a to an offer being made for the 
accounts, net assets were shown as result of the exercise of options company. 

£1.158,964 and the profit before granted in August, 1974 under The latest move follows 
tax for the year ended on that the company's share option Aurora’s purchase in May this 

scheme for executives R. J. H. year of the whole of Samuel 
Parkes, 45,000 ordinary shares, Osborn, the Sheffield based 
W. D. Ball, 10,000, T. N'.’O. White, special steel group, for £11.4m. 

13,000, A. H. Griffiths, 41,000 and -»-* , \r\r /'addad a tthw 
H_ \v. Bullock. 41.000. DAVY CORPORA TIOIN 

In accordance with a previously 
TALBEX announced agreement and plan 

interested in acquiring the group's trS'Sccrn^iih^btaSS? CoirSon hi^MnSrged'Sto 
interests. S ^kln“ anmovai “ d with tbe McKee Corporation. 

statement the joint ft r the "sai eorBurlinS on P ln « ir Following the merger. McKee 
receivers say that they wril be a n c e senice s and UniSd ServS:e has become a wholly owned sub- 

carefully considenng all the Mutual ^Insurance 4-encv to Mr sidi3ry of Dary and 3,1 common 

uon to uidicate the nature of (he W arr«n and chairman nf hmh thm purchased by Davy's subsidiary, 

discussions which have taker, com ranks that *«re to he sold DM Holdings Inc. (in connection 

the CC n™ This follows TolbexN disposal or »;*»*<« itonlhS 

the type of proposals made. j ara pc Warren Financial Sprvirps “ er oner for the common snares 

McNeill is a .Northern Ireland- r„ r ^3434 ^ this^iar nf McKee 1 hare been converted 

based concrete and structural Burlington and feaiiA are the inl ° r, S bt t0 receire m rasil 
en iJ" ee ^ . . , ... only remaining active members of P er shar «. 

The receivers have also had a t h e insurance broking division, 

meeting with Mr. J. D. Concannon, which was aw , uire d in March this 
the Minister responsible for year as a result of Talbex’s suc- 


LADBROKE OFFER 


uiauer wiui regaru io me pros- Explaining its latest move yes- Myd riel ton HOI 
pects of_ maintaining employmenL terday. Talbex said that the pur- already own. 

If possible, he would seek to chase of James Warren was price that the 
develop a joint plan with one or intended principally to provide 56.000 Myddeltc 


. „ , J ... .... ... FOR MYDDLETON _ 

industry and manpower in the cessrul bid for James Warren for Ladbrnke Group is to offer 1 « 9p 
province, who is considering tbe £791 o00 each for the warrants of 

matter with regard to the pros- Explaining its latest move v P s- Myddeiton Hotel it does not 

‘ ‘ This is the same 

group paid For 

principally to provide 56.000 Myddeiton warrants last 

more of the interested parties funds for both the development week. 

which wttl provide a long term of the existing Talbex businesses The group previously 
solution and secure as many jobs and for the expansion of the announced that it had paid 
as possible. group by acquisition. between 18Sp and 184p for these 

.The receivers are continuing to “It was also fell that the in- warrants, hut this was incorrect, 
trade and have the co-operation of surance companies, which were The offer of !79p is exactly 
directors, employees and unions, the main trading subsidiaries of equivalent to Ladbroke’s offer for 
A further statement will be issued James Warren were capable of tile Myddelton’s ordinary shares. 


. INTRIGUING -first umrrant assay ... 
results^ran&lgg: up to ar MglSfjr' 
radioactive 230 lbs uranium oxide 
per ton' io . bcwWer" :i Sre ; 
reported -'by- Gaiada^Wwtfiirfd- 

- Mberais-fnma its-disttwtay^^-^i^ > ; 

. - v.', vicinity ot Jhfc vppe^'^Ehaxb^.- • 

THE UNIQUE combination cl Rietsiriut ““ P» v «» LJiPS 0 ** 1 Biv«f in' Newfonndlani ' ^ ' 

npndT-mrse «yoid itrawinm and coffienes can be expected there- . - - • 

.JitefcSe add from previously after. TCL gbarw w&x 

discarded mine x«ste yesterday. -• ' ^ -• ‘ 

ViSriSflSSS S . Greenvale ; 

5L4r p - 0 £ B< ^e. s ^S more hopeful ^n“^r w 

"veste-dav L .unleashedram^es andto-test,:the 

•i-eakin^ at the official opening IT SHOULD now be'.'eJear that all iadkiactive 

o^Lhe^glo American Carport- ttMe-c*mectef ^ ^wltb :the Green- zones 
Son grrap-e highly ' successful vale nickel and TObalt prejet^ ; ni ^aiid.vdfiffiagv^ 

Ri40m f£S3imJ East Rand Gold Queensland sure determined that the next* we^- InftW If will 
and Uranium (Er^o) waste dump the project wdl meet .the chaUease Cdnafetof mQ itetct&miiig in 
re-treatment complex in tbe East of a prolonged pen od of depressed. :approx^nate^ 20^ holes to. 

Rand he said that investigations “etaJ pnees, inr. Reg Hare. fne. a tnhtimmn depth-.^ fW &rt oh 
were under way into improving 5T? rB £ n « Metals .E^|pretJb^-;a iff 23 .feet. ; t6. 50 
uiE ncse plant's recoveries. The ^lareholdfirs. in rMeibpuniC.-leaU. ^ > -:V- • - - • =-. - ' r 

present annuai production rate is. ^ ■ jj.-',- iSe- ds&jr : rente- 'hare -ooixie 

7.000 kilogrammes of gold, 2W ..Metals Ex has an equal stake 2rom shaHbw, 4est pitting and 

ion nes of uran imp oxide and -SMjP Where the - rodk ‘ has 

530.000 tonnes of sulphuric atnd. ; ^beof heavlly weathered it appears 

Mr. Boiha pointed out that the {P® Partners have .been supported fhatMiuich of the - Urmnum -has 

goremments of the XIS. ■ and * *° an f “ nds from . ..the f^S-, ~bee&~leachedront Thas values Jn 
Canada are planning major pro- averaged -only .0.6- lbs 

grammes of remedial action nt whff^fwo bouWere in the stream 

regard 10 uranium taUings m .bed of Wigwam Creek have g?ven 

these countries. He suggested .7» ’lhs and 54£IIbs respectively, 

that under the right conditions..^***™ Xbe earKer-mentibned-hlgti value 

South Africa’s expertise in this ,2 S° boulder in one. Of the' . 

respect couid be passed on to ptts was relatively fresh 

other countries. . . ^ ■*** unweathered at its central .. 

He added that the combined I«r«™tage until the total debt is 

resources of uranium in South . “KM®-- _ n .. rhi '^.v 1 ' ThiiB the surface, and near 

.Africa and Namibia (South West st ^L‘P r ^ ie f i^ d . surface material- tested' gives 

Africa 1 represented some 17 per s * a ?tif^_. re ‘ ieI ., 1II . cle Pv ; . s ®f7 lcl hK w j ( jelv vary i ng values- Tbe hope 

S^MnfiSS e tEn a ^^^! Jta- & tS5£pw, probing, drms 

$50 per pound of uranium oxide. ^^f Sver, therT appears to be no 

in the foreseeable future Souto {gHf-.-g,. bi«Ii<Utioii of six®, of the .pros- 

.Africa should be able to maintain firHLh - y pect or of its overall grade: 
its position as one of the four the- high price .of .cobalt- . v “ ■ 6 ■ 

leading suppUers of uknimn! 9 hi Bo ± * he critical factqrs^or being- “ AH that 1 can - be said to that 
saidT^ So tar the country’s “K the project into profit are the the'- values obtained from the 

uranium industry has earned- at leyd. of nickel- as well as <U)balt limited - amount of aampUng 

least RIjbn in foreign currency. P ne ®s the movement of the carried out are very encouraging ’. 

^ ^ U.S.-Australlan exchange rate. Mr. and 'Westfield -has been busy 

Hare said. The outlook for nickel staking, and optioning additional 
remains depressed, however. claims in the area. 

Mrj Hare -reiterated that Green- - since the first hews o£ the dia- 
val e!j revenue was ru nn ing ahead covery last month Glares of West- 
of- operating costs-' But Metals flekj. .have spurted from/lSOp^to 
In the absence oF unforeseen Exploration Queensland, the de- ^ much as 395p at one time, 

cdrcurastances, the dividend consolidated subsidiary of Metals Yesterday they closed lOp up a± 

growth of the Barlow Rand Ex. and the group’s Greenvale 35^ moving between 

groun's Transvaal Consolidated operating unit, had accumulated extremes of 375p and 336p. . 

Land and Exploration fan be losses of A$35m (£20.am) by the 
expected to continue in .1979. end of last June.' 

Stating this in the latter's annual • , ; r " - 
report the chairman.. 'Mr. A. C. . 

Petersen, points out that pre-tax 
coal earnings should increase 
“ considerably " in fine with the 
start of production at the Riets- 
pruit opencast mine. 


TCL SHOULD PAY 
MORE AGAIN 


ARAB POTASH IN 
NEW SALES DEAL 

The Arab Potash company of Australian diamond hop^ut is 


SAMANTHA PLANS 
SHARE FLOAT ^ 

Samantha Exploratioii, _ tha 


openasi mine. - Jordan has siened a third and planning a public float Mdtih.au 

- Go ii i nd M pIa ^ nuni - " dividend isatool 8m shares at W rents 

SS?S2t SS? to ^«"SptSb{S'S?5SSS?afSSrtt 'TtS, »»*• 

button from the chrome mines Inducing in 1982, writes. Rami G. : Attm 

sssr :s ss ..>» 

. • signed a letter of intent to. buy P*r cent interest, Samantha ..has. 

-per on borrowing for aud market 250,000. tons of Jor- a number of erptoration gns- 

capital worte at iSS and danran potash annually for five pects, most of which ■ 

at lueispnur antt ^ (.-tom - ventures. It is associated with the. 

toVe? be C opitoIM >< hut'wUl be ^^^reeSent covers sales in listed . companies, 

SSrSd «“S5S5 .to iddSoJK Western Europe and Africa, and Mnerala and the UlMs 
amortisation charges on these *$. follows simaar arrangements •e r ° i “P; . - wmhaM-' 

assets will commence signed during the past five weeks . After the float Mid-gait wig nwa 

TT,e Sm JrSSTchar-es wiU wtft DHtsublsh! of Japan, which IS-Tper rent of the ^capital mad 

net profits beine (dose to those annuariy, and ■ Wsodiwrd and • • -- - _ > ■ 

- ?977-^ ; thl latter* hS Dickerson of the UJS. wlio will „The. Issue la. tioderwrittott lv 


R2r48t7 ?'ainl?R2mra to^he market 370,000 tons annually. May Mfl Meffiir, the Helbourre, 
Serious year The dS The potash - project, along the stockbrokers, and fbUow^itha 

diriS m reired to UO ^££ sho « of the Dead recent float by Ashton Mining, 

SSn 95 rents. Sea. is now under construction, which to part of. a consortium 

Mr Petersen adds however wi th contract for the main which has made a promising 
that rapid repayment of Ihe loans cm \ works awarded . next diamond, discovery, in-. Western 

is planned and increasing addi- wee ' t - • Auatralm; - 

tional 


earnings from the new 


ACCOUNTS DELAY 
FOR C.H. BAILEY 

Due to a further holdup in the 
printing of tbe I977-7S report and 
accounts of C H. Bailey, it was 
not possible to despatch them a3 
arranged, tbe directors say. 

Delivery has now been promised 
by the printers for December 6 
and the annual meeting of the 
group, which owns dry docks and 
repairs ships, will be on December 
29. 1978. 


expansion; while the board- still 
maintains this view it considers 
that these companies operate m 
a highly competitive and special- 
ised industry and that a dispro- 
portionate amount of Talbcx's re- 
sources would be required to de- 


in the near future. 

K1EN HUAT 
INCREASES STAKE 
IN H & C 

Kten Boat Realty, the Malay- 
sian company which has been in velop them successfully." 
conflict with the Harrisons and The sale _ consideration is 
Crosficld group in the past, has £128,700 less profits of the busi- 
spent about another £2im to in- nesses after taxation from N'ove in- 
crease its stake in the group. her 1 to December 31, 1B7S. The 
That is the current market purchaser is acquiring the bock 
value or the 450,000 shares in H debts of the businesses and is 
and C which it has bought since assuming liabilities, which taken 
July. The slake is now raised Trom the management accounts 
from 112 to 12.009 per cent. at October SI. 1978. is £308.252. 

Kien Huai bought 85,000 or Df the co moderation payable, 
these shares on November 23, the between 70 and 50 per cent will 
day afler H and C's bid fur the be attributable solely to goodwill 
minority of .Sabah Timber was since, apart from book debts, the 
announced. The other 3G5.U00 written down values of the assets 
shares were bought at a previous be sold amount to approsi- 
unspecified lime. matcly £31.l ; iio. 

Ou Tuesday it was announced The freehold premises from 
that Kien Huai had spent £960.000 "bich Burlington and US MI A 
buying L476.000 shares in Sabah operate are to be rotarned and 


lease for a tvrm nf 20 year* a I a 
full rental i* to be given to the 
purchaser. 

The sale is to h® approved at 
an extraordinary general meeting 
of Ta] be x shareholders on Decem- 
ber 15, noon, at the Charing Cross 
Hotel, Strand. London, W.C.2. 


BL4CKWOOD 

MORTON 

Blackwood Morton 


and Sons 


Timber. If H and C succeeds in 
acquiring the 4U per cent minority 
of .Sabah which it does not already 
own. Kien Huat's stake in H and 
C will be diluted down again to 
11.8 per cent. 

GALA /SCOTTISH 

WESTERN TRUST 

Shareholders of the City nf 
Aberdeen Land Association have 

been recommended by iheir board ..... , . , 

to reject the lflSlp per share offer (Holdings) says that the sale of 
from Scottish * Western Trust lhe land - buiidmes and P lant pr 
Company its Canadian subsidiary, which 

Mr. A." Ledingham. the chair- ceased production in May 107S. 
man of GALA, in a letter to share- ha 4L bcen completed, 
holders sent yesterday, says that 7118 «*rplu* of ihe net proceeds 
SWT only intends to keep a over . the 1J bn ?, , ; am 2 un * °f J be 
minority interest . in CALA. a a ^seiS sold will be dcajt with m 
proportion of the shares SWT accounts for the year 

has already acquired will be J un ® 30, 1979. 
placed. 

He draws attention to the fast SINGLO BUYS 
growth of CALA over the past Singlo Holdings is offering to 
five years and the exit yield of acquire Wood Brothers Class 
10.1 per cent if shareholders Company and ha^ received irre- 
accept the offer. The directors vocable acceptances in respect of 
are forecasting a 55 per cent 97 per cent or Wood shares. The 
dividend increase in the current consideration is £125,000 cash. 


Scottish Cities 
Trust sees 
better vear 


He say* presen! Indication; are 
that a further incrcg'-e in dividend 
income may he expected and thii 
together with the recent increase 
in depi-ait interest rains should 
produce improved profits. 

As already known, grogs income 
Increased profits for the current rose slightly from £512.870 to 
year at Scottish Cities Investment £518,913 for tbe year ended Sep- 
Trust are forecast by the Earl of tember 30, 197S. and pre-iax 
Dartmouth, the chairman, in his revenue was virtually unchanged 
annual statement! at £457,373 (£456,857). 


OIL AND GAS HEWS 


Alberta oil-sands 
agreement signed 

A CONSORTIUM of Canadian o*l day from the Springer formation 
companies has signed an agree- through perforations between 
ment with Japan Oil Sands Alberta 14.963 and 14,978 feet, 
giving ihe faucr the right to earn According to the company the 
u 25 per cent undivided working open flow potential is estimated 
interest in 1.24m acres or Alberta to be some 30m cubic feet of gas 
oil -land* leases aud right? to an per day. Electric log interpreta- 
in-.siui recovery process owned by tions also indicated production in 
the consortium. the shallower Red Fork and 

Thu consortium consists of Atoka formations. 

Pel ro -Canada. Canada-Cilies Ser- * * 

vice and E*.so Resources Canada, 

with Petro-Canada as the operator On November 24 it was Incor? 
of the venture. reclly reported that Sceptre Re- 

To earn the interest in the sources. Bow Valley Industries 
venture Japan Oil Sands must and Siebcns OU and Gas were fn- 
spend a minimum of CS74.Bm in volved in an offshore concession 
three phases with each phase in Portugal, block 43, CaJdas tie 
extending over five years. Rain ha. We are informed that the 

The fin-t phase involves an biock is an onshore block, 
initial field pilot of 16 wells to 


NOTICE OF MEETING OF THE HOLDERS OFTHE 
U.S.$25.0Q0,0Q0 FLOATING RATE NOTES 
DUE 1986 OF EMPRESA NACIONAL DEL 
. PETROLED, S.A. (ENPETROL) : - .* 

NOTICE IS HEREBY GIVEN THAT A GENERAL MEETING 
OF NOTEHOLDERS IS HEREBY CONVENED IN RESPECT' 
OF THE ISSUE OF THE ABOVE-MENTIONED NOTES BY 
EMPRESA NACIONAL DEL PETR OLEO; S.A. (ENPETROL), 
IN ACCORDANCE WITH THE TERMS OF THE ESCRITURA. 
DELIVERED BEFORE NOTARY PUBLIC FRANCISCO LUCAS 
FERNANDEZ THE 11TH SEPTEMBER. 1078, WETS 
NUMBER 3423 OF EOS PROTOCOL 
The Meeting will be held in- Madrid at the - domicile of . the 
Company, General Sanjurjp; 4. Madrid-1, the 20th of December, 
1978. at 16.30 hours for the following purposes: 

• 1. Approval or f if this be tbe case; disapproval of tbe 
conduct of the Comisario. 

2. Approval of -the appointment of tbe Comisario or (if 
this be the case) the' appointment of one person in 
its place. - 

8. The establishment of the internal regulations of tbe 
syndicate of Noteholders. 

4.' Approval of. the Minutes of the Meeting . and.- tb^ 1' 
appointment of a person to make the appropriate 
registrations of the documents of the meeting. 7. 'L-. i 
In the event that Noteholders, representing not 1 ess -titan, two " 
thirds of the principal amount of the Notes thf*n outstanding- . 
are not present or represented at the meeting the meeting • 
will be adjourned until 16.30 hours, at the- same address on- \ 
the following day, 21st December, 197S. 

Signed: El Comisario. Eernando Pombo. 
Generalisimo, 52. Madrld-IG. Spain 


Province of Quebec 7i% 
Sinking Fund Debentures 
1988 % 

S-F. /edem ption due JS. J J $— $ hiOOO.OOO 
Bonds have been ‘purchased - ;-ori • the ' 
market to satisfy this call. s . 


evaluate the recovery process 
under field conditions. A second 
phase would obtain field opera- 
tions and enst information, while 
the final phase would examine the 
economic'! of full-scale production. 
★ ★ * 

Great Canadian OD Sands, a 
unit of Sun Oil, is to expand the 
capacity of Us oil sands plant at 
Fort McMurray. Alberta, by 
13.000 barrels a day, according to 
Mr. .Mastair Gillespie, Canada's 
Minister of Energy, Alines and 
Resources. 

In in 77. ihe plant, which started 
operations in 1968, produced an 
average of around 45.000 barrels 
of synthetic crude oil a day. 

Mr GiUespirc added that Great 
Canadian will he given access to 
world prices for its output as is 
Syncrude Canada, which recently 
broiisrhi its Alberta oil sands ven- 
ture into production. 

The expansion, which is forecast 
to conic into uprralinn in 1931. Is 
expected to cost around CSlSara. 

* * ★ 

Hard on the heels of iLs natural 
sas find in Roger Mills county. 
Oklahoma. Woods Petroleum says 
ir has made a second major gas 
discovery in Western Oklahoma. 

The. company's Dewess-Lacy 
No. 27-1 well in Cusler County 
tested Am cubic feet of gas per 





UNAUDITED RESULTS FOR THE HALF YEAR 
ENDED 1st SEPTEMBER 1978 


.'v-v'.-' 


-j/Vvsyt 


TURNOVER 

PROFIT BEFORE TAX 

PROFIT AFTER TAX 
DIVIDEND PER SHARE (p) 


Half-year 
ended .. 
Ost Sept. 1978 
: £oovs 
•; 14,954 
1,156 
' 866 
1.59125 


' Half-year 
ended . • 
2nd Se0L'i977 
£000’s 
.1^828 

T £51^' 
1.36125- 


• Year ended v 

3rd Jlar. 1978:*!! 5SS f 



’R-- >:•.,» 


Albion Mills, Greengates, Bradfoni BDIO SOPi)^ 




. . •+ ' . ‘.vr v. i . *■ . 
. ; - *•' . . - ^ ^ 





^FmaiieiaJ Times Thursday November 30 1978 


filings 


BY DAVID LAVFI I FS 

IN’ ONE of.the most astonishing 
developments in the L'.S. oil 
ipdusiry for some time. Ashland 
Oil. the lirst V.S. Oil company, 
begins in eatpest this week to 
sell off most of its uil and etas 
producing properties, worth Sian 

nr more and -Contain ini; a ‘JOOrj 
barred equivalent of oil and gas. 

Details of -these plans, pro- 
viously announced by the Ken- 
tucky based company, were i/ivcn 
ir. .an interview -today with Ihe 
.Wall Street Journal by Mr. Orin 
Atkins, chairman and chief 
cxocutivp officer. 7 -’.' 

He Indicated that a chance in 
corporate strategy had emercetl 
now and that the company had 
come to see sis role inure in the 
marketing and refimm; field, 
while returning interests in coal 
anil. pelri-tcheiiiK-ali.' He -aid. 
“ Bused upon nur evaluation of 
present conditions in the oil 
industry. the ownership of crude 
oil and natural gas reserves is 
of questionable strategic import- 


ance to a rcfincr-markclcr such 
as A.ihland. h 

Mr. Atkins went on to say that: 
“ today, the ownership of crude 
oil production can be justified 
only if it earns a profit inntmen- 
surate with the oil's underlying 
value." Although Ashland's oit- 
fim±:n- costs have not been high, 
they have increased enough to 
limit earning?. Therefore the 
company felt it was not translat- 
ing i1« .strengths into meaning- 
ful values for its stockholders 

fn the last five years. Ashland 
has spent almost £50Um enlarg- 
ing and modernising its refining, 
marketing and transportation 
facilities, and had developed 
facilities 10 process high -tiiplmr 
crude into petrol and other pro- 
ducts in high demand. The shon- 
tage of such rapacity is .said to 
portend growing difficulties in 
refining as production of Inw 
sulphur crude oil levels pul 

.Aruiacd'-- future plans in this 


NEW YllRK, Nov. 29. 

field, Mr. Atkins said, include 
ilm piKsilulitv of taking over 
n| if rat mu of twu jilmg 
refineries. Cmne-hy-Chanee in 
Newfoundland, ami Coivu in 
Puerto Kira, on hehulf of a uroun 
of Arab investors led hy Rugcr 
Tamraz. 

Ashland ha- also been trying 
in take over the "J’osto refining 
company in California, but this 
has run into legal snags Mr 
Atkins said about 2(1 companies 
had been studying Ashland's .sab* 
utter, ami the field should narrow 
to serious bidders tins week. 
The company refused to 
elaborate on who these bidders 
might be. but it has been specu- 
lated in tin- industry that anti- 
trust problem-, might prevent 
other large rnnipnnic.-. from 
entering tjio field. This would 
narrow- bidders down to mem- 
bers of nun-uil industries, or 
foreign ail com panics without 
major opera linns in the L*.S. 


Dresser sees profits increase 


DRESSER INDUSTRIES expects 
net earnings of about S2O0ra on 
sales of around S3bn for the 
year ended Ortober 31'. again-t 
$1S5m and S2.5bn in fisral 1977. 

Senior Finant-e Vii-e-Presidt-m 
Edward Luter told an investor'* 
i-onfcrene in London that fist at 
1979 is exp? r ierl to show further 
improvement, while :he mm pan;, 
has set a mtnimui!) t.-r??l ef lb 
in i-i per rent annual enniir.ys 
gc-vvlh in the five year-, to 1983. 

If the largd i- r.elueiiPd. 
earnings in IflSri would range 
'between SS and 911 p*r s har e 
against $4.75 reported for fiscal 

1977. he said. 

Luter said Dresser expects io 


expand through takeover*! and 
also to divest if subsidiaries 
jt'uiiR* Ip-i profit able. 

The i-nal mining equipment 
and the nuclear power indu-urir? 
appeared to bp ke> nri’il • for 
ftirihei expanstun through Lin- 
early 1980s. he added. 

Dresser's atm is in a< htciv a 
minimum pre-tax return or 25 
Per i cm from existinv operation* 
ami 3o per real from ucw pro- 
jects 

Luter said Drc-srr has mi 
p!jn? in raise its debt ratio 
above 35 per n*nl of total > .ipital. 
while at least fin per cent uf the 
* onipuuy'n debt wit' by kepi 
ions-term. 


Dresser's Director n? investor 
ft eiat ton.**. Herbert Ryan, told 
the i-oiifrri-m r that tapilal 
spending, budgeted .«r between 
xSUOiii arid $1 'Jbn over Ihe next 
live .Year* IS I'Xpei-tCil to In: 
financed from internal sources. 
The linuiji'.- tive-vejr projections 
rail fur 15 per i-ent annual 
revenue growth from petroleum 
service opera tiuns. I»« per cent 
frotii energy p tui vs* ill a gquip- 
liieut. HI to 2u per cent front 
ref ra<- tones and mineral pro- 
diii-ts and Hi to 15 per >i»nl ftorn 
cun.-lrucuon and mining eijuip- 
iitenl 
Renter. - 


Fiorida Gas investment plans 


BY TERRY BYLAND 

FLORIDA GAS. the oil and gas 
exploration .and transportation 
group, has budgeted for S7Sm 
investment ia the enming year, 
said Mr. Selby \V. Sullivan, chair- 
man of the Board and president, 
in London yesterday. 

He expects a Government 
decision very soon on the 5200m 
project to change one of the 
company's pipelines in Texas 


from oil and gas into general 
petroleum products. 

TJul for the medium-term, the 
major plan on hand is fur a 
SUJbn coal slurry pipeline from 
the coalfields of Eastern 
Kentucky to power plants in 
Georgia and Florida. These 
power plants could require as 
much as S3 in tons of coal per 
year in the future from the 
pipeline which is planned for 
construction in J9S5. - 


Florida Gas earned 74 per 
cent of total 1977 earnings of 
825m front its pipeline for trans- 
porting gas and oil from the 
Mexican burdcr around the Gulf 
of Mexico. Sales totalled $200m. 
It expects this year's earnings 
to show an improvement on Iasi 
year's S3.85 a share. The group 
is one of Florida's largest sup- 
pliers uf basic energy and is 
owner-operator of the Slate's 
only major inter-state pipeline. 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international bund issues for which an adequate secondary market 
exists. For further detail* of these or other bonds see the complete list of Eurobond prices published 
on the second Monday of each month. Closing prices on. November 29 


n S3 


on the second Monday 

U-S. DOLLAR 
STRAIGHTS 
Afii AJcr. 9t SS ... 

Au/wralta 6 (‘i f*j 
AiisiraUa fir 93 
B'atrfre Feeds 

CECA 9! fiT 

CECA 8 M 

CECA M M 

CNT 9 m 

Canada S 63 

Canada 8J8 SS 

Canada SI W 

Canada 9 83 

Canada 9* M 

CanadaJr Si S3 .. . . 

Dominion Bndse Co. 9 

EIB El f> 

Effi 91 W 

EIB «««.._ . .. 
Eksponfrur.* 3 ?G ... 
l-'munri >! ->.1 ... 

Finland 9 <■< . . 

Hmpnal O S 9 S3 . . 

Tie! FinarjLt- p; vi . .. 

He] Flrurue ?! Wi ... 

J. C. Penney b! 

Mic Bloc-d-t ?: *»; 

S'Z Di'v. Fiil /* --1 
m d-\. Km. ?: 

War. We si. n 
\'A'i‘tatindljRd “i TO . . 

Surd tnr. St. *r 
Niira*-« Korrm SI 9- 
Norway r. ns . 

K'nrwar >! a 
necidno! si S" 

Ori. Byilm i; tf . . 
Ouebrr Hydro 9» 93 . 

Sw-^den 9j 99 
fcK.9* . • . .. 

UK 81 M 


DEUTSCHE MARK 
STRAIGHTS 
Arsrntlna 6i 

Asian Develop. Ek. 3* S8 

Aos'ratla b *Ji 

Aus'rtu 3! St' 

Rank amenta 31 fw 
BOU^. Ell. Alserle 7* W 
CECA B 1 V* -. ... . - 

Can .-.da « « 

Chaw 3laniMit.T1 (« J 5 6 93 
C.nmm-;raban<i Inr. IVW li 
CoiranendanJc In: 2i 

Cc>?enha«n City S M 
Owndi of Koropo 66 . 

EIB fi 30 

Elf Aqu.-iatn? 3c b6 
TBJ 3 S4 ... 
Indonesia 7 64 ... 

Kobe. City or 3*. SR . ... 
Uabt Scrricu do EtCL ... 
Mexiro fi Si .. . ... 

Mitsubishi Perm 3t ?5 
Nippon F'efl jj 63 
N'orgcs Komm C 
Nora ay -si 85 
Nopi'egian irrf. BW •> W .. 
P’tMleo Braall 7 SN 
Phii.nidne-, r,: >'■ 

PTC Banfcen .7} >* 

Quebec. Pror.ma; of 6 50 

Ramantukt:) Oy 5; 6a 

Rlcob 3i 83 - . . 

Spjin 6 6S 

Slaloit fir ! 

Trondheim, Oil* of S! . 

PUS Croup 5f 63 

Venezuela (j M 

SWISS FRANC 
STRAIGHTS 

Ac-sa Si n • 

Arlljem Tuooel 4 93. . ... 
Asea Si S3 . 

Cna?e Manhattan 4 93 

m'RD a: thi 

Coumll pr Europe Ai . 
Bankamcncii Zi 93 

BNDE 3 £9 

Denmark 4s 90 

Per-imark-MoruaKe Bt. 

ElFt 4. 1 93 

Euraiora 4i 9fl 

F. L. Smldib is S5 

Finland 4i 93 

C.'in 4-. Fi 

Hilu-Liechmsum 44 .. 
ir.i Fin. XV 4* m .. . 

Malaysia 4i 90 

Mamioha i 93 

N«*v Brniwwick EPC 31. 

Xco-js 4 «s 

Xornes Komm. 4} 90 . . 

Dim. 4 93 

i-j. XoKia 5 90 - 

Sale ii 93 

Swndvlk 4 M . . .. 

Sca» 4: W . _ 

Vocfir-Alplnr 41 93 . . • 
Vnraiiiers Kraft 4 93 
Vienna 4 • 

World Bank 4* 93 


25 

951 


+0* 

+3* 

9.92 

175 

9M 

97i 

0 

-06 

9.46- 

75 

99 

Wi 

-w 

-82 

9JO 

160 

951 

951 

+02 

+ 0i 

8.97 

50 

94S 

942 

B 

+UJ 

9+9 

25 

974 

9H 

+0* 

+8* 

9J8 

25 

ttl 

99* 

0 

+0* 

9J7 

75 

*4 

96* 

+0* 

0 

9.44 

2» 

951 

96 

-0* 

-of 

9.42 

250 

96 

961 

+03 

+« 

«« 

250 

946 

95 

-0* 

-M 

9J»t 

400 

993 

99* 

-0* 

-01 

9.33 

350 

99* 

100* 

-K 

-02 

9AS 

70 

95 : 

96* 

*0J 

+01 

9.60 

25 

94 

945 

+02 

+02 

10J0 

180 

962 

962 

0 

-Bi 

4-55 

125 

TC 

98* 

• 

-82 

9JB 

100 

nai 

99 

-02 

-Oi 

9.62 

50 

962 

974 

+02 

0 

9.53 

100 

97* 

975 

0 

-*» 

■9.70 

108 

** 

•6J 

-Bi 

— 81 

9JO 

25 

961 

962 

tb: 

t02 

9.93 

25 

94i 

W 

+02 

0 

10.69 

» 

931 

OH 

+82 

+81 

1142 

100 

*7j 

972 

a 

O 

9.19 

50 

97J 

*W! 

■*■01 

-02 

9.50 

20 

«4 

94.' 

• 

0 

9.73 

29 

941 

9a; 

-01 

+ 01 

9Jb 

75 

97." 

98* 

*■02 


9.39 

50 

986 

9>: 

+o: 

+01 

9.47 

25 

46? 

97 

0 

-81 

9J* 

75 

9t; 

981 

8 

-01 

9-53 

253 

94 

94! 

0 

-8* 

9.50 

150 

9TJ 

98j 

+ 01 

-02 

9.51 

75 

92t 

93 

+0* 

+02 

10.49 

125 

9s: 

962 

+o:. 

+0* 

9J5 

5# 

99* 

99*. 

+ 0! 


9J5 

125 

981 

w: 

-01 

-01 

9.64 

306 

966 

*62 

a 

-0j 

947 

150 

97 

971 

-81 

-Oi 

*■43 




Ctnmw on 


Issued 

Bid 

IWto 

day 

week Yield 

158 

942 

95* 

0 

+ 01 

7.12 

100 

932 

93 : 

+ 01 

+ 06 

6.47 

25V 

un: 

ion 

-0* 

-Hi 

5JB 

iso 

*w 

95 

+ 0* 

-J 

6.39 

150 

982 

991 

+0» 

-01 

SM 

108 

952 

%* 

0 

+ai 

S.02 

150 

962 

974 

+06 

-B2 

6.40 

MO 

972 

914 

-M 

0 

5.39 

150 

ui; 

102* 

-66 

-H 

5i0 


ISO 

105* 

us; 

-0i 

-11 

100 

82* 

831 

-02 

— Oi 

75 

955 

95* 

-o: 

-01 

100 

96) 

47 

-IS 

-OS 

300 

96: 

471 

0 

-Of 

un 

43 : 

93t 

-Bi 

-0} 

100 

9«: 

992 

• 

-o: 

180 

961 

971 

0 

-o: 

IDO 

mil 

1013 

-02 

+ 02 

150 

962 

4TJ 

-o; 

-0i 

200 

46; 

«U 

+o: 

+ DS 

un 

941 

1082 

-81 

-1 

100 

991 

1001 

-Of 

-1 

100 

97 : 

981 

D 

-0J 

2SO 

962 

961 

-01 

0 

125 

96 

98! 

8 

8 

un 

9B2 

991 

-O* 

— 01 

100 

95! 

9s; 

8 

0 

100 

411 

44 

0 

-01 

150 

956 

956 

— 01 

-a: 

SB 

932 

94 

— Oi 

-01 

30 

992 

an: 

0 

— Bt 

an 

951 

968- 

+ 01 

-0! 

150 

981 

"91 

-01 

-« 

35 

94; 

951 

-01 

-86 

65 

961 

97; 

+81 

0 

150 

lit 

HI 

+oi 

-0i 


z.sz 

SJb 
iJ< 
6J9 
4.37 
6.39 
5.76 
7.68 
5J2 
T.?S 
b.V> 
5.72 
5.17 
6.2 8 
5J9 

6.a 

7M 

7.61 

6.66 

6.95 

kM 

5.M 
6.56 
L29 
6 09 
6-50 
7.28 


Finland fi..' iA 
Norwe y 3.7 J*3 
Oslo. Clu nf EU no 

SNCF 0.5 M 

Sweden 0 J 90 


.. ZS 97J 984 8. -li 7-U 

. 25 1DU lB-i -04 -1» 5.» 

.15 9bi 97i 0 - 04 7.13 

..28 96J 97! +01 0 7.06 

.. 98 95i 96j D -84 6.92 


OTHER STRAIGHTS Inued 
Rank 0'S Hold. IH AS ... U 
Auia Cute Basq. 7 93 EUA U 
Capenbuen 7 93 EUA ... 34 

Finland Ind. Bk. 7 93 Cl’A U 
Komis. Inst. 7) 93 EUA . 15 

Panama Si 33 EUA 20 

SDR France 7 85 EUA ... 22 

Alncmeni- Sk. 61 K n ... 75 

Brazil 71 M FI 75 

CKE Mexico 7’ S3 H . 75 

EIR 7i 63 Kl 75 

Nrder MWdenh. 6J ?3 FI 75 

New Zealand d: 94 H .. .. 7S 
Norway 93 FI . 10D 

I'kB fi.' ‘.1 M . 75 

rtu 94 VS FI r 200 

Umlever ID U TFr 100 

i:.-.r 3 88 Lux hr ..251 

Bavi-r Lux <■ KS Liiti r 250 

EIB 7! SS l.nxlT . 250 

I inland 1 Fd. « LuiFr 250 
\nrray 7J M I-iiX Fr 250 

IM:aull 7. VJ I.HSFr 500 

hnhar I- in 9 *rt LiisVr 506 

.Swedish i. fit « w l.inl-r son 
I'llK-orp 0 S Kiri 1» ■!.: I 20 

rr.-jli-in.-r mil RV |t I IB 

"raniepaom mi r.i i _15 

WhlUir-ad IDt TO I 15 

FLOATING RATE 
NOTES . Spread 

American Ezpreiw W 04 

Arab Iml. Dank MAS n o; 
Banco El Suleadiir MS <1 U 
Banco Vac. Aotcul. MS *3 04 

Buna llanfllnwy MB As ll 
Rank uf Tukcn M.'H 9i 04 
r.aiigir V.'urmx MJJ R."> 04 

fit Ksi il'.tlu. SIi3» si o; 
Kwh. Eel. J'Alt J1J.3 -a - . 04 

Rniic. Indn er 5ner 510j 04 

H*l. In l Air. Oii- MU 5 <T 04 
rnrh: tlj.-l W« 04 

t'CF MjJ hu 04 

riiav Mar u S M3| !i3 06 

Pruitt Xailonal « Bi 
r.nlali.itikcii Sit. W 04 

Ind BdiiP -laiun M3* Vi 0! 

Ishikwi-ailma Mil Hi . 14 

l.liiMlaiiskk SIT Ti t.'w . 2 

LTI.'B .lapaii Mi: *u .. 04 

Mfdlunil Inrl Mi‘ o- 04 

TCai XIV si. Ml: :•!» ' 04 

iik'B Mi; 85 04 

■.iltshor- Minium ss . 04 

KFTF MS ftt o: 

Standard Chart MS .X 96 04 

FnndKrjlIhbinkvn SIS £.'• 04 

l id Overseas Bk. U6 #3 04 


Bid 

1994 

966 

962 

964 

902 

95a 

972 

924 

934 

97J 

93J 

944 

92i 

924 

904 

904 

99! 

951 
95 
946 

952 
966 
«64 
99! 

B6 

87 

15 

95 


■M 

91 

954 

971 
961 
966 

961 
976 
97 
954 

972 
966 
Hi 
99', 

962 
974 
96t 


OITcr 

964 

974 

974 

974 

991 

962 

90! 

934 

942 

984 

99 

951 

934 

91* 

91! 

9>: 

100 ! 

966 

96 

9s; 

964 

974 

976 

1004 

1006 

87 

88 
86 
86 


Chanpe an 
day week 
0 -01 
-04 -06 
-01 -oi 
o -01 
o +01 
+01 +01 
-t-ei a 
o -oi 
+01 —01 
+M +06 
-01 -K 
0 -BJ 
—01 -12 
0 -l 
-02 -1 
0 +0i 

0 0 
0 +04 

a a 
o o 
-81 -oi 
.o +o; 

+ 01 +04 

-os -o: 
-04 -06 
b +t; 
o a 
+oi +o: 
0 +06 


Yield 
U.U 
7J5 
7.55 
TJ7 
7.63 
8A9 
7J9 
8J4 
9J7 
877 
Ml 
7.91 
1.29 
L00 
129 
9.9T 
9.97 
1.68 
8 82 
1.46 
8.68 
8.44 
1.18 
8.02 
1.05 
12.00 
13.37 
12.72 
12.98 


Offer 

991 

961 
972 

962 
972 
97 
9W 
97) 
96: 
984 
972 
97 
994 
471 
97.' 
972 


Cdate C.cpn C.yU 
20/4 10! lo. n 

Jl/l 9; 1 77 

U.4 U.31 U.62 
21,1 92 9.73 

25/11 12.94 13J2 
111 106 30.ZS 


41 


15/12 
9.2 

2, -S 124 

25 a o: 
12 a 9j 

3. -2 4.19 

3 5 lit 

27/1 471 

U/Z 9.14 


9.17 

9.90 

1376 

4.58 

4.65 

454 

12J1 

4.61 

4.01 


YEH STRAIGHTS 

Aetna Dev. BV. 51 ** 
RFCE 94 TO 
Kdrofinu 6 3 M 


issued 

BM 

Offer 

Change on 
day week 

VIrW 

48 

1021 

1026 

+ 0* 

— Bi 

4.95 

' 40 

975 

97; 

+81 

-o: 

ajzi 

108 

912 

93 

— 8! 

- Oi 

4J3 

78 

1012 

U3 

0 

+12 

3.13 

50 

MI 

U! 

0 

—O' 

SJ4 

65 

1081 

im: 

-0* 

+01 

4.46 

m 

991 

94* 

-Bl 

+06 

3J2 

75 

992 

160 

+ B1 

+01 

5.01 

10B 

in 

1DU 

+ DJ 

+ 1 

4.37 

S3 

1007 

101 

-Oi 

-02 

4.40 

100 

991 

991 

+0! 

+ 12 

4J8 

88 

482 

99 

+0J 

+16 

435 

35 

1081 

W! 

+06 

+ 02 

4.47 

80 

995 

991 

-06 

+1 

<LS2 

100 

ino: 

1WJ 

-01 

0 

4.46 

25 

102* 

1822 

0 

+ 1* 

4.0C 

100 

UU 

in 

0 

—02 

4J7 

80- 

98 

9S2 

0 

-01 

4.96 

180 

28S2 

IM! 

+0! 

+ 3 

3.M 

100 

Vi 

441 

-0*. 

-0* 

4.28 

70 

97 

97J 

+ 0. 

0 

4.27 

IM 

441 

100 

+ B1 

+ 1 

4.26 

m 

492 

99! 

0 

-0* 

4.D6 

20 

102 

ZD22 

0 

0 

ATS 

30 

100) 

1007 

0 

0 

8.19 

85 

1006 

ISO! 

+ 02 

+D1 

3.93 

15 

100! 

1001 

0 

+81 

4JO 

100 

100 

1002 

+01 

-06 

449 

30 

991 

W 

-01 

+« 

AIJ6 

300 

99 ; 

992 

-61 

0 

AM 

250 

IMS 

*002 

0 

+ 1* 

4JI 

Issued 

■Id 

Offer 

Change on 
day week Yield 

15 

97* 

97 ; 

0 

-0* 

6.09 

30 

•Ki 

w 

0 

-Bt 

7.01 

10 

VS 

951 

-3* 

-0* 

642 


CONVERTIBLE 

BONDS 

A«i.-s .'■! TO . . 

Brt.-r Im. fin. 34 93 
Runs S3 TO 
rro-a-Gnlu Boulinu c| 
lio-Viikorifi 22 97 
Null* I nil nil n 7 'iF 
Texas Ini. .Mr. 7i Ki 
Tlnirn Ini Fin 7 
Troi lnl. Fin *f KN 
Tv.-n llll Fin. 3 <U 
Asa hi (iulic.nl -7> DM 


Cue, 
dale 
4 /-TO 
.. 1.79 
. 2'79 
4/79 
078 
4T9 
.. 4-79 
U78 
9/70 
5/70 
12/78 


>nsJo Comp. 31 Ki DM. 11/78 


966 

98k 

471 

971 

491 

471 

98 

46 

911 

Cflw. 

price 

620 

M 

2.16 

4 

1473 
259 
14 5 
J.67 

a 

615 

588 

£61 

404 

1270 

612 

1033 

854 

508 

730 

251 

477 

703 

617 

069 

295 

1215 

623 

711 


15.5 12-31 12.60 
1 ’12 — — 
981 27/4 111 11.' 

962 19 -T 10. 10.64 

9E2 9/5 12D6 12.25 

97J 20, -1 0.44 9.69 

90 21.02 9J1 9J3 


49! 

11 4 

10.56 

10.61 

"8 

14.1 

4.<tt 

4.6b 

■Ml 

5.4 

lew 

10.81 

9h> 

10.3 

8.43 

4.24 

971 

4-4 

10.86 

18.39 

99 

4/5 

12-31 

12.47 



Ckq. 


Bid 

Offer 

day 

Prem 

9"S 

wa 

-63 

6.11 

983 

100 

-0i 

7J6 

"It 

421 

-0* 

-4J1 

37J 

m 

-li 

26.48 

12*1 

130! 

+16 

—3-43 

91! 

92; 

+ b; 

8.84 

El 

841 

+86 

25.92 

97! 

<■; 

+01 

-2.67 

952 

97 

—06 

21.7B 

72 

72) 

0 

167.14 

926 

936 

+b: 

17J4 

ioi; 

1846 

+o: 

5.25 

1026 

1036 

-M 

A16 

*71 

981 

8 

12.48 

956 

"66 

-8! 

6.82 

1026 

1036 

-B! 

13.43 

946 

456 

+o: 

195 

43! 

44! 

-06 

4.95 

117; 

1116 

— IS 

-0J4 

|W 

94 

-0! 

3J3 

456 

4b] 

-a: 

13.14 

476 

986 

+0! 

«J6 

1026 

1031 

-8*. 

1AU 

1166 

1371 

+ ■6 

4.97 

4*6 

43 : 

+0! 

IM 

114 

US 

+01 

-13* 

4s: 

966 

-0! 

11.03 

424 

431 

-0! 

13.6S 


l/umiya 3! M DM .10 70 

jip.ro :• .« nai . . m 

Kenislurokti S! <• DSI 1,79 
SfunHl.il Fbod 1; PM . 279 

MnruM Man. r.) M rf.« .11/70 
Nippon Air. 3.3 W4 DM . 12/Ta 
Niiwin Shlnpan "3 DM . 8/78 
Nippon Ynsen !!* 83 DM. . 1/19 
Nissan Dlusel 9fl DM 2-79 
■ ■lympiis upUrul 3) S3 DM 2/79 
RJ.-r/h .V HC DM . ■ 10/78 

Sankyo Eli-ctni- 2 ; DM ... 0/78 
Sanyo ElenTie 8' DM ...01/70 
Rflyu Si u res U? Ml DM . 9/78 
Slauh-y Elis in. 1 25 DM..U-78 
Trio-Koitwood 3{ m DM 11/70 

• Xo inlomiauen a v a lla Wc; — pro v inns day's pnw. 

■ Only one marki'i mafer supplied a nruv. 

5tralflhL Bands: The yield iv lha yield in redemption of rhe 
inld-prlii*: Ihe aiiiuum lvm.il in nilllium qf nirr/il.v 
unirj rnviu lor Y>*n bomlx uharv 11 is in hitlious. Chamte 
(in uwk • ClioiiKe u\.-r prii- a i. .+ earlnr. 

Floating Rate Hates: D.-nuininared In Uulixrs imi-'sa uIIht- 
M-isr irwliruti-d. M - Min I in nac coaimo. <:.i|al"- Dale n>-ei 
ruupon bi-vomcr. enecilvc. Spread ■ Mamin above ste-momh 
nffeP.-d rale for U.S dnllarx. CniR-Tlir.curn.nl voupou. 
Cj’ld = Th.-. ciirrcin yield 

CanvertlMe bands: Denominated in dollars uolcsa aila-nvist. 
indiraicd. CHg. das— Chonw- on day r.nv. dni"- First dan- 
fur convertfon inio snares. 1 nr. prl«!= Nominal amonnr of 
bmiU per Shari- -.-spresstd in rurr.-ncr ol share at eonwi-r- 
smn rale fin-d si ivwie. Prem- Perceniaiic premium or ihe 
■turroiit elteellvc price of' anp’IrlttE shores via the bond 
' out ihe most rvcwit Drive of the shares. 


I? The Kinanetol Times Lid.. L9TT>. Reproduction m whole 
or in part in am' form not permitted without urrttten 
content Data ruppUed by Inter-Bond Services. 


inquiry 

Ey Our Own Correspondent 

NEW Y41RK. Nov. 29. 
OCCIDENTAL PETROLEUM 
has rcvralrri lhai Hu- Securi- 
ties and Exrhangi' Lorn mi '.•don 
i% IitioligullitK its tilings urlth 
Hie Contmlsoion in tlir IaM 
ihrvi- tear-.. 

This cmrrgcd in documents 
which Utc oil cumpany has tiled 
tilth tile S.K.C. in cuuurelion 
with ils r>iur-niunlh-4iltl take- 
ox e htii for .Tlead Cnrpurailnn 
the Ubio forest producl-. tom- 
pans. 

Aeciirdiii“ lo llie company, 
thr area> being inx esllgated 
inrlude the accuracy nf state- 
mcnLs cciunected «irh the Mead 
lakruier. . Ihe company's 
foreign aud duincstic oil and 
gas operations*. aecoiuiiing 
practices, arnuigcnu-nL" with 
foreign goverimtents or their 
agents and affiliates, eom- 
jiliaucr niih emironmcntal 
protectinn taws and cmilingent 
liabilities rebutting from mis- 
leading disclosures. 

• Reuter adds: Occidental 
slated it " docs nut believe that 
it made any surh mislead in 
statements or ontKsiuii.s of 
material taels.” 

Knt it acknowledged that Or. 
Arinand I la nutter. I lit- vuuipany 
chairman, - whtained undated 
resignai ions from a small 
number uf past management 
directors." 

Hitachi 
disappointed 

By Richard C. Hanton 

TOKYO. Nov. 29. 
niTACHI vice-president Mr. 
Masafanti Misti, said today his 
company h as disappointed with 
a U.S. Government decision to 
oppose a proposed joint venture 
with Genera] Electric in Ibv 
U.S. to produce teles Uiun sets. 
He said in a siaiempni they 
would in due course analyse 
the reasons behind U.S. opposi 
lion and consult with GE on 
future plans. 

Hitachi officials derlined to 
com men I furl her, saying they 
have not received formal 
notification from the U.S. 
authorities. Hitachi is re- 
portedly considering a reduc- 
tion of ils share or the capital 
in the new company and a cul 
in its monthly production 
target in order to win approval 
from the U.S. Justice Depart- 
ment 

Macy sees 
slower growth 

NEW YORK, Nov. 29. 

R. H. MACY. the department 
store group, expert!) a slower 
rale nf growth Tor the economy 
next year, “which means even 
sharper competition in oar 
industry," the chairman. Mr. 
Donald B. Smiley :taid at the 
annua] meeting. 

Mr. Smiley said that 1979 
would "be a difficult year for 
managing a business well." 
However, Mary's believed that 
it could continue to compete 
successfully. 

Mary's was working with 
oihrr retailers uu suggestions 
to the Council un Wage and 
Price Stability for industry 
.standards that conformed to 
administration anti-inflation 
goals, li was not easy to set 
pricing standards for depart- 
ment si ore type nirirhundisr 
since the retailing industry was 
at (hr end or the distribution 
cycle and ril«l nut initiate (he 
hasir Increases in Ihe cost of 
the materials, or the process- 
ing. which governed prices u» 
consumers. 

The Bureau of Labor statis- 
tics index of the category uf 
goods carried “ in our stores " 
showed a price increase for 
July. 1H7R of 4.1 per rent over 
the previous year, Mr. Smilcv 
said. 

Reuter. 

Canadian banks 
boost earnings 

By Robert Gibbens 

MONTREAL. Nov. 29. 
f ANA DA's largest rharlered 
hank, the Royal Bank of 
Canada, had earnings of 
(3136.901 or SC::. 74 a share In 
the year ended October 31, 
against CS98.Sm or CS2.70 a 
year earlier. Loss appropria- 
tion was CS97m against C$70m. 
Revenues were CSn.SOhn. com- 
pared with CS2.74bn while 
assets- rose from C'534.3hn to 
CS4ft.Dbn. 

Bank of Nova tolls earned 
C$90.9 m or C.S2.20 a share In 
Ihe year ended Oetober 31, 
against C-$77.3m or C$1 .88 a 
share previously. Loss appro- 
priation uas CS62m against 
C$54m revenues were CSS.Ihn 
against GSI.7bn with assets 
increasing from C,$22Jbn to 
C$27.6bn. 

Georgia-Pacific 

Georgia-Pacific. the wood, 
paper and gypsum group, will 
have ils 1977 financial state- 
ment (luullfied pending (he out- 
come uf certain litigation. 
Reuter reports frum Portland. 
The qualification, by Arthur 
.Andersen, results from the pre- 
viously a mi Oii (i red Jury ver- 
dict that u conspiracy existed 
between Georgia-Pacific and 
other producers of softwood 

plywood In class action anii- 

Irusi suits in a Federal Court 
In New Orleans. Georeia- 
Pacific Intends io cniiliniie 
defending ihe clas.i actions in 
additional proceedings. 


RETAIL GROCERS 


INTERNATIONAL FINANCIAL AND CO.VH'VNY .NEWS 


NORTH AMERICAN NEWS 

Ashland Oil gives reasons occidental 
for its property sell-off m SEC 



Borrowing European ideas 

BY MARALYN EDID. CHICAGO CORRESPONDENT 


AMERICA'S MID-WESTERN 
j»rocer-> have borrowed two ideas 
from the::' French ant! Wes? 
German cuunicrpam tSi-l may 
iTjik a nujt.r ciiangc :ri ihe L'.S. 
retail food industry . That is i: 
consumers, -uiiermarkc: execu- 
tives and ;>.'ud processors vil! 
res peat i veiy accept lower qua lity. 
squeeze d profi: margin^ and 
redmvd dcciand for natvenally 
advertised brands ulTerin^ higher 
profits. 

GfJiene f/ind and household 
products markets offering j 
limited uasurtmi-ni nf low priced 
goods arc ra pi illy liccoming a 
familiar s;shf in Ghicuin. 
Generic?, as they are now increas- 
ingly described, are ci'imnirnv 
hou^ehnh! suplcs packaged :n 
uniitiorncd cans, hags jnd noxes 
with a one or two word labu* 
speci lying the contents. Generics 
are sold an a!temaf , .v+ tu 
national anti own name brand- in 
■HipertKarki-is LiniHed :<«ori- 
nii’ni stores car-y im to 43(1 dry. 
nac5cn"cii ^rid e: nned items that 
usua'rf; bear fitilc known brand 
aaniei. 

A jear and a half ajn. many 
food industry analysts, retailer- 
and manufacturer? did n»: 
believe generic-? and iinvncd 
as-orrmen? store? would survive 
for another monin 

But i hey refused to faue away 
and Hut a>e-o!d 'onipciiiive 
urce ha? pmnptcd an increasing 
number o; -up.-r market chains 
to feature a generic line art-1 ;m 
incjv.'i-tna niiiubf-r of gro*».-r-. ij 
open it mill'd ,is-uri:ip*rtt nusiet*. 

A! must two ye., r? a in.. Jewel 
Food Store-, il.e douunanr 
mark?-! i a in :nc GMc-igo 
area. in I rod need no-brand 
generics in Atiu-ri. a. Je - ..ei 
imtiirly r.fTerod 40 -.tnoranded 
items in 13 metropoli'an Chic:- go 
store-. 1* now sells :n n:t 
generic pr-vlucr? in viriui!!., .u 1 
ns l':*:: im*.l-i\>»fern <inr»-s and it. 
its Mastachuseti-iiasctl Siar 
Market# 

The gpn-?ric line, ■inicr. :r- 
irludes the more popular and 
easily processed hiui.-chold 
staple?. sTi-'h a? flour, paper 
towel-, tomato sauce and peas. \- 
Jewel’s irnnsiatiou of " p’rodyi'.# 
litircs." the idea pioneered hy the 


French supermarket chain. 
Carre four. Prices are ahum 30 
P«-r cent noiow the leading 
national <rands. sum as Del 
Mur-.ti- or Hfinr. and 15 per cent 
uc!ov. a .-tore's own label ilcms. 

in :ii!iJ-J97fi. Aidt-Beniicr. 
v. hi.h is owned by the W'csi 
/;crman food di-'counter Albrecht 
Di-cnur.* •TnibH. up fned llirce 
limited aisortcicnt stores in ihe 
Citi.aso urea and several near 
its home base in Iowa. 

AUii now has 63 store? spread 
through Iowa. Missouri and 

With inflation beginning 
to bite into disposable 
incomes, the U.S. 
housewife, like her 
European counterparts, 
is responding to offers to 
cut shopping bills. 

The Chicago area is the 
scene of two such 
operations. 

i'.iipui?. including IS in the 
Ciucaco suburb®. 

The-e limited as.-ortment 
earr”. the most i-u:nmon 
hi-u-eiu-ld -runic?, which arc »ii-- 
p! lived :n their oriama! pack in -j 
car'rmi. and offer nn cii?1ii:iicr 
a;;:er:ilsc?. ?i:ch a? cuiipnn 
rvJ envoi urn and ameer? bagging, 
nr dmr>. rvlmi and product* 
diTiarniicnlv. Airti price? are 
.lunut 30 per cent bPlow tho-c 
. .in - , entionai MtiUM inarkeis. a 
co*'. -a-'ing effect H inruush :< 
m-'..*-i -ir.i aiRi-d archuiuc and 
hi nun #>'«.{ »*«n and other- 
•• induced (•ver!ic.id>. i.riius 
ia.' Ani:'- prud'.tcin arc .-vcorid- 

Bul ibe significant price factor 
ihai yro-- p.iui'.'iii- on genvrn.-- 
.i.nd >■» Miii's liner: l or? i> 

In .cr than nn natinnail? 
a.! i c.“ i«eii orand-. Jc»vH nflicial-? 
c..nced'/ tu taking smaller uro-s 
•uargin- !*ij; will n<u -r-ecn? 
iii. much -mailer. Aldi official? 
v: 1 i not (.nnitnent about anv 
g-;ect of lhc:r opcrjlmn. hut 
:ndu-lr.. source? cftinule the 
chain takes a 10 per cent to 


15 ci-r cent sross margin com- 
pared with the industry average 
uf 16 per cent to 20 per cent. 

Because net profits in the 
supermarket industry arc a tight 
1.3 per cent uf sales, hunted 
assortment stores and the chains 
that carry generics must com- 
pensate fur lower margins with 
higher volume. Critics >ay this 
could lead to a new round of 
cut-throat cnnijietiLton that will 
only exacerbate the lower 
margin problem and undermine 
profit structures. 

But the critics may have been 
too naive. With inflation now a 
part of daily life, shoppers seem 
willing to exchange customer 
service and top-quality products 
for lower grocery bills. And 
fund retailers, front giant super- 
market chains to independent 
grocer?, seem willing to swallow 
lower profit margins in exchange 

for fils i omer luyally. 

Limited assortment stores arc 
a^u niushruoniing. On Novemher 
1. there were approximately 'JOO 
limited a-»nrtment oulicts scat- 
tered LhmugluitiT the country, 
with at least twoLhirds located 
in the mid-west. 

There i?. however. some 
evidence that centric? are 
further reducin’ demand for less 
pupnl:, r ?t7fs. colours and 
brand?. Jewel executives acknow- 
ledge lhai generic? haw cut into 
-ale? of national and private 
l a he Is. but l hey -ov they are still 
" :!'-e?sing “ the -ilualion and 
have nut yet pulled any items 
fmin iii«‘ir inventory. 

Fund induftry e\ecu»ives say 
Aldi and it) intilalnr.? are drain- 
ing customer? from ru 11-line 
.-lUi'MTiiarkel-. The 1 inn ted asort- 
ii)i.*ii i operation- are still too 
■vUely si'aiici'i.-d m accurately 
determine their market share, 
hut wiih esiiinaied 'Vppkly -ales 
’•anuing Irum S35 000 lu filOO.OOO 
at each Aldi unit, they are a 
force I 'i be reckoned wilt. 

As generics and l’ mi led assort- 
ment -.lore- gain in popularity, 
national brand food processors 
may find ihetr prudnets collecting 
rtusi un shelves and gruc+rs sub- 
sequently reriueing their orders. 
And it is still unclear if second 
line nrocessor.s can meet the ris- 
ing demand for their output 


EUROBONDS 

U.S. trade 
deficit hits 
markets 

By John Evans 

AX EARLY rally in dollar Euro- 
bonds was hailed towards the 
close of trading yesterday, after 
news of a wider U.S. trade 
deficit in October and a retreat 
by the dollar in currency mar- 
kets aroused new concern among 
investors. 

However, the market's main 
talking point remained the 
ntanned $50m IS-ycar straight 
issue hy Norsk Hydro. The pro- 
posed terms on the offerine — an 
indicated 9£ per cent coupon and 
pricing at a discount — helped 
create demand for existing long- 
dated bonds. 

Issue? currently yielding In 
ihe region of 10 per cent added 
up to } point or so. on the view 
that the Hydro terms made their 
current prices appear cheap, 
analysis said. 

The Hydro issue will be priced 
according lo market conditions 
on December 5. Meanwhile, a 
SoOm floating rale note issue fur 
Sonairach started trading at 
around 96 { to 97j. compared with 
the issue price at par. 

Price? of Deutsche mark Euro- 
bond.? moved aimlessly. The 
new DM 100m 10-year Oesler- 
reichisc'ne Knmrollbank bond, in- 
dicated a*. 6^ per cent and par. 
was trading down. 

The DM 150m bond for Occi- 
dental International Finance will 
carry n 6] per rent coupon in- 
stead uf the envisaged 6? per cent 
and ha.? been priced at par. lead 
manager We«tLB ?aid. 

The syndicate nf major hanks 
which manages hond i*sue« for 
foreign borrower? on the Swish 
capital market plan? n«< further 
issue.? this year, a word i nr !*■ 
primart market * aureus quoted 
in Zurich by Reuters. 

Demand from but rower* in 
float Swiss loan? ha? tailed off 
a? the year-end a nn roaches, 
although thi* fl<> v nf new issue? 
is expected tu resume in 
January. 

Among the last i??tip? should 
be a SwFr lOOm bond for ihe 
Resettlement Fund of the 
Council of Europe. 


Complications for Nigerian Eurocredit 


BY FRANCIS GHILES 

THE NIGERIAN Ministry of 
Finance ha- now j-ked a con- 
sortium of West German «',.nis 
to pull out of a large Eur*> 
currency credit in Nigeria, 
according In bankers in London 
and Frankfurt. The consortium, 
headed hy Ituuische Bank and 
Co mm err bank, had previously 
been persuaded by the Nigerian 
Government lo incorporate it? 


n lean of DM 750m ($395m) 
into a Euro-doilar loan of S750m. 

There are currently thice 
different tranches of credit being 
organised far Nigeria — the 
sTofl.-n Euro-credit, the DM 750m 
pro jeer financing package, and a 
further loan package of 
D3i 1 25bn to be provided hy 
German banks with the guarantee 
of the German export credit 


organisation Hermes. Roth the 
latter tranches are earmarked 
fur the Warn steel project 

It was only after Iona negotia- 
tion? that the DM 750m project 
financing package was included 
in the Eurocredit to create a 
loan totalling $1.145bn. The 
Nigerian Ministry nf Finance 
had wished to establish the prin- 
ciple that loans to finance pro- 
jects in Nigeria should he made 


directly to the Nigerian govern- 
ment and should not be tied to 
specific projects. The German 
banks were inclined to arrange 
loans on a project-by-project 
basis, and thus support the ex- 
port efforts of their Gorman cor- 
porate clients. 

There is still some confusion 
as to why the Nigerian Finance 
Ministry has now decided to give 
up this hard-won concession 



Interim statement 


SKF Group sales for the first nine months of 1978 amounted to 
6.952 million Swedish kronor (Skrj, an increase of Skr 1,1 55 million 
or 19.6® o over the correspondingl97 7 figure. 

Income before depreciation rose to Skr 67 0 million (629) while 
profit before exchange differences, extraordinary items, provisions 
and taxes decreased to Skr 98 million (145), 

The rolling bearing sector continued to make the major profit 
contribution to the Group, and results for the cutting tool 
business as a whole were satisfactory. Strong recovery was noted 
in the steel sector where losses were substantially lower than 
twelve months previously 

The final quarter of 1978 is expected to show considerable 
profitability improvement over the third quarter. Anticipated 
Group income for the full financial year, before exchange 
differences, extraordinary items, provisions and taxes, is of about 
the same order as the 1977 profit figure. 

Comparison tables including the financial year 1977: 



Jan 1st to Sept 50th 
1978 .1977 

Jan 1st (o Dec 31st 
1977 

Sales 

Mkr 

6,932 

To 

100.0 

Mkr 

5,797 

To 

100.0 

Mkr 

S.004 

% 

100.0 

Other operating income 

82 


44 


59 


Operating revenue 

6,994 


5,841 


8.063 


Cost of goods sold 

4,932 

711 

4.053 

69.9 

5.628 

7 03 

Selling, administrative and 
development expenses 

1^92 

20.1 

1,159 

20.0 

1.596 

19.9 

Operating income before depreciation 

670 

9.7 

629 

10.8 

839 

103 

Depreciation 

326 

4.7 

291 

5.0 

409 

5.1 

Operating income after depreciation 

344 

5.0 

338 

5.8 

430 

5.4 

Financial income and expenses-net 

-246 

5.6 

-195 

3.4 

-274 

3.4 

Income before exchange differences, 
extraordinary i terns, provjsi ons and 
taxes 

98 

1.4 

143 

2.5 

156 

19 

Capital expenditure.Mkr 

255 


465 


757 


Average number of employees 

53,992 


57361 


57,209 


Group sales by productfield* 

Mkr 

% 

Mkr 

% 

Mkr 

% 

Rolling bearings 

5,310 

7 U 

4,525 

72 2 

6265 

722 

Steel 

3,060 

142 

885 

14.1 

1250 

14 2 

Cutting tools 

355 

4.8 

275 

4.4 

365 

42 

Other products 

745 

9.9 

585 

93 

820 

9.4 

Total 

7,470 

100.0 

6270 

100.0 

8,680 

100.0 


* Figures include internal deliveries between the product fields. 


J 

\ 

K 



Financial -Timer Tfcursoay 



FINANCIAL AM) COMPANY NEWS 




yrvjt i 



LIMITED 


Manufacturers and suppliers of 
architectural hardware, materials and 
services to the engineering, building and 
other industries. 


f-T'se/r from the circv^;*;: Stiff're ■’f of 
Mr. Michael L. E. Wrlgi'-: ! C* 3 irr-«r.); 

GROUP RESULTS Dssnite difficult rndin^ccna'iuc-'-s for rost ot th* 
cor^snic; in the '’roup. ! am plea'-'-d :o r<r><: a nt c . -13 . profit o* 

£ l .Si '.000 '.rti-.jMrcij r.'iiii F. 1 723 0 n 0 *o: ;H-- oie. ious vaar. Sale* for 
thi t ’Cai‘.V‘jr« i22. j is ill [ion cornua r ed \ - **1 1" £ 20 obilion in 1 97 7. The 
detectors r-r-'ornmi-rii.i j imM {ir-irtend o5 :• ' S.;5p ncr -hare r-dking a :oiaf 
for :!,e y: or of 003Sr , P“ r ' l , ^ r ‘ : '. d»o iHi , M , -»ijn. pcinisfible. 

REVIEW The n?.w*l t« ' * imop in ill* c-mucno-’ "'dij3ir/ continued to 

influence I'v* i;*r' jnii.w r nl ; I ■■ : : .> o pimcica! dr. ■•nOfiS engineering anp 
hi-d'r.ar-'. f-.I.if n 1 n ~ o r * inanv o( our pro* 1*. t>,- Icirpign 

companion bm v.e hj-. ■; i.ianaijud to mcr-.-a:-e out ihaic of th-: existing 
marl ei. 

The “ngm wing di- isien ^M^n’:n^l^a■'•e^Ill.■:ne^ , l | 0' , s = Ih» largest 
Tr.-ir.u'dcnir* mf o’ --rh-rsd rt con. loser? i:. i'-: Or-.i:?*-* 1 ngdcmandraissof 
rjmc hard -vi! hyoreiiiic jit?™ apnogs lip ni», d;-: p sne glass dor 

filling-, have inric in 

i io«t oi Uio iuL udiar . companies have matte t useful ccrunouiton 10 the 
Group prole. 

OVERSEAS Oi.r i •■•o main ■v.ftrfeu5CO"*PN'’i“f ir £i.-5tra»is and South 
Aln-ra hr, VI? pi.i.; • ,l COM ‘Jilted rfi.llrilnilior :* (ir 5,jp c 'oisw oi 
an.?!j-i.ni:t! , i 12’- In ..pnc ru‘ th* i". v* Sooth linear e-ipponv.'. 
ti’i? .io“i:>3ny hi 1 ? m.i.nteinod its p'Olilsana ic no .v Ins major manufacturer 
Gldcc-f clcssrsin :Olilh Africa. 

Tncic ir ’. r;d.:ced rrofii Iron Au.-rrfirj o"?" ir. to account :he 

Conif'-ii i ii''n U'j'.i in? atOMismon ci P-r'O :• £ Y\- ni'ihl out I bssifiv* ihai 
r.-»? i :,!■?■■:! a : c 4 ,;r-r i par. . •..■.!! b-cor/.c J *i i : : . .ja'i Liiili ifl viill also riikft 
an !.■»■: ryased con'nbenon. 

Aar ?•?■'.. cols •-■ c i’-v.-c ■.cn-ludsd ■—ih ■vsr.uf-.'Tn.inr.- .-n-noan-OP in T-Jcnh 
£— :nr : ! !,•.<? <7 ;:ih.i;i~n ol ? s*k^‘—1 lar.j;- or ce: pi count have 
sir-. ■ . J v lc i io a .’-:d oidvr ->uuai'on. 

ACQUISITION Th-? romm M.nai advam 37?; r.. ;)•= 3:qui5ii'on of Ecnna 
L; '• <■• t - ’ -: l 1, ? : .i • 'Ti :• pla'imv I v” T >\ 3 j*d ;c ar.nouncf ih.3i ir -he 
i k.‘ •■.• -j rr.A.' • i; •>} *h-: current Im^nri "■ t!-* oanv h?>Titi?Ai«(l 
-ii •- ■ .3. ;i :r.- •-orri--.r; jciJio.j -f :5l . car an-i I ani confirier.t 
% v. 1 1 : ',ini r - .pr_- .i.-jnil.. - r' iirrTMii-.ori '0 •. r-.V s Gin-.irt 

p- i-.. "vji. 01 co'.ir.-c . 3oni':-^'jKiu to ’.hs Group pro -i is 

! r ’ : . . ■ ?r ■.■ndor.-. . 

PROS B EC”5 1: is understandnhlvnot pc*3ihl9 to make a firm 
for tho current year but •.vo b* vo budgotert for an 
iecreas-: in nroriir- «vli:ch. together with the consolidation of 
Ecor.?. L ; mi:ed. should give our shareholders^ real improvement 
i.i earnings and profit's. 

=-: 0 3 r-iT - 1_ srrr.eT sir , ham =ia 2VG 


l Standard Chartered Bank Limited 

f.CiTiVporarecj with limited liability ir. England) 

5 U.S. $50,000,000 

| Floating Race Capital Notes 19S4 

3 Fe: tb« si< momhs fren 

| e0 ;, t r io\ vp-iber, 1 972 to 3 ! it i\fav. 1 £79 

i the no:?; v. id carry sr. inrer-ssr rale of '2^ c 0 per annum, 
ij On 71 ?r ivIav 7.-? 79 int-.-rest oi U.S. *62-36 wilt be 

§ uua psr U.S. *1 ,000 Nc te for coupon No. 4. 

t 

§ Frir.cip&I raying Agent 

s Eurcpeen -American San!. & Trust Company 

I 10 Hanover Sauare 

| NewYort N.Y. 10005 

1 

Agent Bank: Mr.rgan Guaranty. Trust Company ol Slew York, London 


f v? 'h? v.-holly-ov.-ned subsidiary in Luxembourg of 
E..-.7i.-i :rv r> mm unaie Landesbank, a leading German 
ti:<- bsaogue.rtere»d in Mannheim. Gur Eurcbanking 
oerviees include dealing m the 




-iv* Vr ! nd a m ii., ea-inieros* 

':P:1i: ■ ;r> y?# ruie?. 

"i iri m: in-: ■ T-? Iuld v'jl rr~r n 2bOtif Our 

o - ' tin Euiobam m-j atMces ;uji 

i'. : iii*. 'iiona 1 h<s'3 ■.oniec 1 : 

•: «•: >- •; n moe ! c ' r - K - r r? PP’ “ ’ 

Or I r .Ji.'iiig dC'i.v ' 

ir..-i-::i7,:, - n?* ir. : ,.io £ ; ndiui!od Euio-cans: 

•7 : n T !•: . Mf our .-';-:r.o / , L Oil*-/! nni - 

i .‘f.in •;• - M.;,ne.- m,v! ■:! an^rors : gr 
:n ° n '' : " -otiA-.r-o, v.q c... change dealing; 

r •• ^ ii • .• ; • r n it >a I •? in 

; , I : J r r ,-,i| v.i.v- - • Hr H Brs'.in — 

i, no- i-.u L'j'oioan;: and iecutu-, Iradnig 

BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S.A. 


Bsecham international Holdings SA 

U.S. 5.000.000 Guaranleed Convertible Debentures 
Due 1931 


Ccr. C'.'.i.’e -mo 


’m-,-- n’. pnrj r/-i,:ci.-f,tinna!{/ guaranteed as to 

pjymcth a: pimcp it and mteiesc by. 




cham Group Limited 


The Board of eeechgm Group Limited ("Ihe Guarantor") 
announced on T 5th November. 1973 that arrangements had 
been completed inr the issue of 1 4,734.846 Ordinary shares 
of 25p each at 5Q0p per share by way of rights to Ordinary 
shareholder:- and to holders of 5% Convertible Unsecured 
Loan Stock 1334 -‘94 frhe Loon Stock'"! of the Guarantoron 
the register at the close ol business on 16lh October. 1978, 
in the proportions of one new Ordinary sh*re for every ten 
Ordinary shares and one new Ordinary share for every £25 
nominal of the Loan Stock then held. 

In accordance with the conditions attaching io the 5£% 
Guaranteed Convertible Debemures Due 1981 of Beecham 
International Holdings S.A. C‘;he Debentures"), copies of ihe 
circular d. iied 17th November, 1973 issued io ihe holders of 
the Ordinary shares and ihe Loan Slock of the Guarantor 
providing derails of the above issue will be available to 
holder?, of the Debentures at ihe offices of the Paying Agents 
set out below;- 

CITIBANK N.A. 

New York. London (City Office). Erussels, 
Amsterdam. Pans, Frankiurtand Milan 

3ANQUE INTERNATIONALE A LUXEMBOURG S.A, 
Luxembourg 

3Qth November, 1 973 



DEUTSCHE BANK DEAL 




«Y GUY HAWTIN IN FRANKFURT 


BY WILLIAM OULLFORCc 

STOCKHOLM. Nov. 29. 

THE NORWEGIAN Government 
maintained today that it would 
be able to negotiate by 
Derember s. final agreement 
for Ihe purcha.se nf 40 per c?nl 
nf 1’nlvn. ihe Swedish car and 
truck maW — despite the 
Swedish Government's refusal 
to change its fax laws to enable 
Volvo to pay 4«f per cent of 
its laves in Nnr.- ay. 

Swedish officials sairi that at the 
secret meeting h*?re Iasi week- 
end with Norwegian Premier 
Odvar Nordli. Prime Minister 
Ola Ullsten had laid nut the 
Swedish position on all the out- 
standing problems. The hall 
was now in Oslo's court. The 
Norwegian Government knew 
tha; it cnuld not count on tax 
concessions from Sweden io 
help it finance iis SKr 75i)ni 
i ?175ni » deal with Volvo. 

Disclosure in Slockhnlni yester- 
iiv of the secret meeting and 
of the Swedish Government's 


!THE XIXD0RF computer group 
today announced a deal with 
; Deutsche Bank that gives H near 
DM 200m (S105m) without any 
;real erosion of the family's 
.control of the determinedly 
i independent concern. The news 
'effectively Quashed rumours and 
; speculation a hour tb c group's 
| prospects following ihe dis- 
, closure last week that Volks- 
: wa^en. the country's largest car 
; manufacturer. had decided 
against taking a shareholding in 
! the company. 

Nixdorf. founded in 1952 by 
a 23-year-old computer engineer, 

; has remained firmly m family 
hands since its inception. Herr 
l Hein?. N'i.vdnrL the concern's 
founder, today made it clear 
| that no surrender of family 
control is yet contemplated. 

Volkswagen apparently wanted 
a 51 per cent holding in the 


computer manufacturer and the 
most the family was prepared to 
iiffer was 4h ppr rent. Ir was 
nn this point that talks broke 
down 

Asked at today's Press confer- 
ence vhy nesotiaiions were 
started when it was common 
knowledge that VW was only 
interested in majority holdings, 
Herr Nixdorf said that he was 
unaware that this had always 
been ihe car maker's policy. 

Despite the fact that the 
Deutsche Bank deal has been 
wheeled out quickly after the 
breakdown in the talks with VW. 
the package was. not cobbled 
together in a hurr> Both the 
hank and Herr Nixdorf said that 
il arose out of talks which had 
taken place over a period of 
eight years. 

it is. perhaps, no accident that 
Nixdorf is based in Paderborn 


in North Rhine-Westphaliar—Lhe 
town from which Dr. Wilhelm 
Christians, join: c>fef executive 
nf Deutsche Bank, hail?- Bank 
and company have traditionally 
enjoyed a close relationship. 

The deal with the Deutsche 
Bank, the Press conference was 
told, provided the group with 
roughly the same amount of cash 
as it would have derived from 
the W deal Dr. Herbert Zapp, 
of the Deutsche Bank executive 
board, said that the capital not 
bein? raised in response to a 
particular need, but this was 
considered a good time to 
increase the group's resources. 

it is still not clear whether 
the public v.i!l hare a chance to 
buy Nixdorf s shares. The family 
has until June 30. 19S1 to decide 
whether or not to purchase the 
700.000 newly created shares, 
which are split on a four-to- three 


ratio . between ordinary shares The ^cmrcems ° rd^.bonk - 
and non-voting preference shares.' during the first =ten menas^g.- 
According to - the computer hy lS/per^^ agamst wi^me 
group, the capital injection wil) 

give it a broader capital . basis,. DM S00m. Demand has h e en at 
enabling il to take full advan- such a level That Nixdmxtworfc.. 
tags -'of growth prospects, both. farM.has^efipL.greatty^i^gw;. 

at home and abroad. Even so — by 1,329.^0 ' - 

cash does not appear to he a about - V.twtHthird-* ;"^ T ® 
major problem as cash Sow has Germiit basedi .jjpT*; 

been glowing rapidly- - But although . ..lyfflrotr. : . « 

Nixdorf today jubilantly re- obvfwiSly ./'doins - 

ported that . it is . once, . again observers ‘.here S’ - 
expecting two figure percentage trading -can 7 

Eales growth. Turnover tMs. ™ the* jBefirun rfne - big ^ 

vear, said Herr Nixdorf, Should cbmpater.T,makera>-^. ^ 

exceed the DM lbn (55ia6m) ingly movinE j ^ 

mark. . - -'^eonpDtBfc . ^field^^wniJe^^Hncro;- 

Orders during 1^78. have been: .^processors arc haVmgarprofobad - 
very Ihreiy. particularly- inTtbe'OffW* .dBtii' ^isuch 
last few months. Tbe group has. F tlrth erm o rfiv ts^. trap anese an™ 
been clearly benefiting from South Korean • ‘COiPpc tuiog.-.-are. 
German industry^ greatly. -in- -fltiowfng a n incuew^gvTii^restJ . 
creased spending on ration alisa-' in mini-comptstere -jhatt.- :pMK' 
tion and automation. . r ";. . ‘ 


Manufrance plans dismissals 






BY DAVID CURRY 


PARIS, Nov. 29. 


■inmunrnm-'l nr. .V. ' FRENCH mml-ardpr. reijiiliaa which is one of the oldest com- tbe cost of manufacture bad been only made available FFr StB‘ of , 

manufacturins group Manu- merc.al names in France.. FFr 56.6m. the money. 

. dppr.!rs in nju . 1 i U.nMrr.m-n m.l-ae hinvlae Tha pan-mntln. m-nla mtait. a ■ .1. T 


pniitical Il 5 .6 i )0 wnrkforce 




been dcssgnVfoS-S up Trance, is in cease «n indusmal , Manufrance makes bicycles. The. resumption 0/ cycle manu- Tianoftance' has to nwet pky- , oh » - - - 
sure nn Mr Nordl vihn h ^ aid dismiss hair its hun i , P g we *Rg? s and W n * faefurmg is likely. Since a new ments of FFr 80m to creditors at --.r. ** 1 - - .«■ 

mvos.cS much * a^rirS -.‘LIT P lant P^ned .and the com- ^ end qC next May.., At- the ^ V 


No-wsv hy the worumree ann me people * ,nu i*™uui ia. mr pi^i accounts tor uan me national was in me foreign service ana r h a hnf«d^}nn .-:of -jhe : Swiss ■ 

Th» .-of Sninl-Elicnn*- this evening, vails for the worst loss-makers output but only a quarter .of in 'the political -apparatus- of all- alter - 

T ‘ A«3rn«w nf; TIl0 Mayor of Saini-Eiiennc. M. among those to be closed down, national sales, and sewing 'Edgar feure, former minister 

i -Yrisoph * Sanpucdokr. who is The sector as a whole is likely machines. seem completely and president of the' national '“dSS6f5S^Sfi#%iS ' 
mi m°L-« e3 *If ns i are I ' rp ' 1 Coinmunkt. lias described ihe ,n lose FFr 4o.3in this year, finished, unles sthe Government assembly, argues That only a SdM-' 

c?ud« oil «hi a ,h d ;V S ° wanl 1 vnn«mcn**y plan as a “stab in the These closures will bring the intervenes directly. draconian amputation bf.-th* 

rifl;: !«' M, I h .. 1 - v i ; an 1 back ” for the 1-omnany of Which total redundancies up to 1.300. m. Gadot-Clet started off well company's uncompetitive" activi- 1 f ^ - 

.„‘, e nr ? 2 P,r nAn lin der- j he ciiy council is ihe largest The company plans to mam- enough by getting city and union ties can give hope for long-term q Jr • c ~ VJ. ' " -tTlX: 'O: •" .t 'Hi': 

w?5- i- r.V e rr!! en r s ' Jf- e ‘' or '; shareholder «-om rolling ;J0 per tain Us mail-order activities, support to reduce the workforce survivaL ' 

l ; „"uq. pri.f r to del.rpr a' vcn i of **ie capital. which it is rationalising so as to an d bv persuading creditors to. He is in desperate trouble 1 9 < S r -N^ti6 ^roup- gales rt^ched - 

product S "She'll Th ' imn,rdiil,r ^ ibai c «» unprofitable items. It will hold their band. He undertook Although the govern me ru^wDl SS 

con'oved reS-crv h undcr ‘ with virtual open war nmv al *°_ t k “ p th ® consirientlj a mammoth publicity campaign, probably sustain hiB rescue plan, 
ti,™ , 'J ' \ I declared between ihe diy profitable uartuf its operations, ceatred on himself- 'as the he 'bnlv forced it through. 4he 

Th a=,rpement for the deliver?- •council and ihe CGT on tlte one l i} e sportsman 5 magazine Le djmamic young boss, ro give the board ’using bis casting vote , f . Qr Tt m^ f ^nioVer nf 
-F -.wertish limber to: hand, and the 37-year-old chair- GGaweiir Francais which has concern a more youthful image, after a 3:3 tie. The city, council *jk®, - 

. nnvegun pulo and paper | man of nine months standing a . monthly side second only in But an essential part uf his can bring about- Us resignation - ^ '..*$55!! ~~ 

r? ’ ' Is^ sironeiy opposed by ; m. FrancoLs Gadnt-Clet on rhe tn , e . , ina,n , TV magazines and plan was to revise the structure at' any moment, though It may .- 

tn^ Svipfifsh nulls. Swedon does other, the workers may decide which is showing some FFr 15m 0 f the company so as to create boliT its band in the knowledge ' P® r - ^ 

noi nave - A surplus of timber, ion an occupation. of the factory, probt. a bolding company with the mam that formal bankruptcy proceed- eVer/to RlJ?Ltbat- wmeTitVrOpr 

JJ nn : ? c !!ian in the Norwegian | which holds sieniflcani. stocks of As a whole. Manufrance's operations wrapped up in subsi-: ings. would almost certainly fol- '^T: 

1 reiy nr « office «a*d today that ' hunting weapons and ammuni- losses reached FFr S4m hy the diaries covering manufactured low M. Gadot-Clet's resignation, whose currency : fea ^a iarpi y -m 

a nr b..-|;i > ved a!l the I tion. end nf September and w?1l items, mail-order publishing and The unions, whose dwosition value . aga ,T i«--tJW; . Bwss-v^nc, ■ 


■r- agrremeni for the delivery -council and ihe CfIT on th* one ™ p - sportsmans .magazine "Le djuamic young boss, ro give the board using bis casting vote J® r ' 

- f -.nedish limber to: hand, and the 37-year-old chair- Uoaveur Francais which has concern a more youthful image, after a 3:3 tie. The city, council 5*®. • 

. nnvegian pulo and paper | man of nine months standing a . monthly side second only in But an essential part uf his can bring about- his resignation A^OT.- Md^tDe^.r rcgC n:- - 

r? 1 ’ ' is^ sironciy opposed bv ; M. FrancoLs Gadnt-Clet on rhe tn , e . mam TV magazines and plan was to revise the structure at' any moment, though it may 

the Swedish nulls. Sweden does, other, ihe workers may decide which is showing some FFr 15m 0 f tbe company so as to create bold its band in the knoWledse 7 ^ ^ 


I . ■, ,1 M..-. 0 |utijMvn- nnu a <■{ uiv sal luc ai.si icu UK ViUiUiriu [lamois. 

. . 'V? a''' , -m'iure thdi Sweden j chairmen have tried to bring months of the year was WTiile the government has 
?) !,ke n 7 l3x L concr-s- . Older to the affairs or a concern FFr 37.S:u in Ihe shops — hut that mised FFr 20m in support, it 
■ ,Ans - J » wa lS clear thai Nor- 


pro- redundancies as a . ..direct result chocdlate'. ’.and - cocoa' • -drfnks, - 
has of the Manufrance crisis. • where tbe effect was.ielt pf the. 

increase in tbe raw cocoa :priee..’ 

r- ^ r '• In "the Beld ofTsoluWe coffee,' 

• ' • • a- 'f- t tT* ' where- business had - been ^difficult - 
ain iniflr I { ^ fast year dtie tn the dramaticrise - 

***** JV***r . m prtce and the snbeequent price 


BY FAY G JESTER 


OSLO, Nov. 29. 


rt • i I -•' • •: . a- -T T ' C* " wnere irasiness nad heenidimcuH - 

Sainr-iTObain loinr Ii S 

Kjaxill \JUI/aiU JUim U .kJ* - -m n^e and the subsei?uent price 
-* . • . . * coUhpse of rew- coffee; there wSs 

P I P Ptm II 1 VPflTl 1 rp • ' *- ^bsianfial Muon TOver.tbe 

Lall/wll uillLo ? VHlUl V : volume s^d3»;the:«w:efiiwhding • 

BY OUR OWN CORRESPONDENT . PARIS, Nov. 29:.- f ***??: 


BY OUR OWN CORRESPONDENT 


■ ns - 11 rlear that Nor- • '■ increase in the raw cocoa price. ' 

w ' n, ! ld ? a ; p *t> find ; — — — •• In 'the field trfr'SbluHe co'ffce,- 

n/i. ‘.h ' r „ WJ \i fl . ’ ,n:,r|, : i n- Gic TVII* *• ri • i j • • • j- "F T fi where- business haid' been -^difficult 

N ordic companies in Saint-Gobain joint U.S. . • 

^ U-S. reinsurance move electromcs venture-;.. ■ - 

tt n * ny- Br FAT GJESTER OSLO. Nov. 2S. »T OUR OWN CORRESPONDENT PARIS, Nov. 29. * m< ” V .* . •* . 

Norrtij ni'cn i !.i ted with Volvo's vrinr ,,„ . . , FRANCE’S LARGEST publicly ment eventually rising to tbe, > 

manac'n? director. Hr P^hr! FlVE N0RD,C insurance con- reinsurance business which ( q UO t e d company Saint-Gobain- FFr 500m mark (around SliOm). of -’&» T 5!i U w 1 Sa?S!J!Sk*'S- 

Gvtl*»nhamnuT. >n M; 1V *t ; np. cerT is have jointly formed a new would otherwise have been veiy j pnnt-a-Mousson has negotiated a it is envisaged that sates of the corded -an mcteassLcet profit or ; 

lated that hair the ^hire company- Nordic Union Rein- difficult to secure By c^operat- joint venture with National Serai- N-Mos and OMos integrated 471^f or ^tonoal . 

capital of itii« pnmnipv slu-'d durance with a <Iiare capital of in? W v h 9® nstIt '! tl0n Bem*ur- 1 conductor of the U.S. to manu- circuits could amount Jo around 5*^8? ■■ 

lie in private hands. The Juirh will rin r,n an 5 e - ^^ic s partnere save the f 2 cture integrated circuits in FFr 500m a year .by tbe mid- SwFf 430J186. . A 

Swedish Small Shareholders’ ^7^- d ® n substantial sums which they Frani . e . The agreement is likely 19S0s in present day francs.. 

Association. which controlled l ^ e re,nsurance market m would have had to invest to set t o be signed around the turn of Like the Motorola and Harris undertakmiTis:ta 7ecoxniiierm.:tpe • . 
29 per cent of the voting co-nperation with the well- uu a separate adm mi stration in the year to set up a company in deals. Saint-Go bain’s agreement P*y?^ePt .of vunchaagen grnsy . 

rights at the last Volvo general established American company, the U.S. Nordic will, however. France owned 51 per cent by is basically a licensing operation div* dep 5 per pamctpa- 

meeting has insisted that this Constitution Reinsurance. have its own board, on which Saint-Gobain. with the 'American constitution. u 01 t'C6rtiflcate,;y,- ' 

condition be kept Nordic Union has initially all five partners will be repre- The agreement is the second being mainly in the form of. 'v ' T " — lr — 7^” - 

Because of the difficultv of taken over a part of Constitu- sented, and will in this way be within weeks between French know-how. The French company 
ereatina a market for tbe lion’s portfolio valued at S5.Sra able to acquire increased know- a0 d U.5. companies in the vital is hopeful, however, that even- : ‘ ' 

Volvo shares on the small Oslo annually, in premium income, how about the U.S. market sector of the electronics industry, tuaily NSC may market other "• .' 

Stock Exchange the Norwegian In return for a management fee. The other four partners in Last month Thomson-CSF. products in Europe in - co- 

govern meet has persuaded the Constitution Reinsurance will Nordic Union are: Aterforsak- France's main electronics con- operation with it. -Tf--. '■■■ 

three leading Norwegian take care of Nordic's adnimis- ringsbolaget. Sweden (10 per cere, signed agreements with the The French government has ~ 'hin^BtlP -• '• L 

banks tn underwrite half the tration in ihe U.S. and channel cent). Nordi.sk Reinsurance. American group Motorola to set allocated more than £7Di» over ■' };* 'L : 

NKr 300m fSBOml part of its new business to the Denmark t25 per cent), and two up integrated circuits production five years to develop French ’ - Jh wjR' ' ' 

capital in Volvo (Norway) company. Finnish companies, fndustri- in France to attack the world semi-conductor capacity recogr - . ' 

and half the NKr 300m issue According lo Vesla. the Nor- fijrsSkring Mutual Insurance market for standard products, a nising the need fo seek TJ.S- .Rmre ;N/nr 


underwrite half theltration in me u.>. ana cnsnnei cemi. inotgisk. Keinsurance. American group motorola to set allocated more than £70i» over 

m i'S60ui1 «hare part of JLs new business to the Denmark t25 per cent), and two up integrated circuits production five years to develop Freyirii ! : ‘ ' 

i Volvo (Norway) company. Finnish companies, fndustri- in France to attack the world semi-conductor capacity recogr ; . 

the NKr 300m issue I According lo Vesla. the Nor- fbrsSkring Mutual Insurance j market for standard products, a nising the need to seek TJ.S. ‘ ; . i * v : ROitfEr No-V. 29i : T . • “ 


of ronvertinle bonds. 


NOTICE OF PURCHASES 
To the Holders of 

Mo och Domsjo Akliebolog 
JVioDo 

9% Bonds Doe 1986 


: wegi an partner in the new com- and Fennia Insurance (20 per deal with which the government’s technology, 
i pany. ihe arrangement will cent each!. Vesta has (lie re- Atomic Energy Agency is Whereas 
enable Nordic Union In obtain maining 25 per cent. associated. ' already a fi: 


Scheming profits recover 


BERLIN. Nov. 29. 


SCHERTNG. the West German DM l.fihn tn Ihe same period of 
NOTICE IS HE RJEBV GFVEN pharmaccul reals concern, ex- 19,, 

thai, pursuant IO Ihe provisions ppcis satisfnclnr}- earnings in Pa rent company s’alcK '.mailed 


thai, pursuant lo the provisions 
of me fronds of the above de- 
scribed issue, an aggregate prin- 
cipal amount of $i.7?O.OO0 was 
purchased in ific market during 
ihe lueivc momh period end- 
ing Oclober 15, J978. and such 
Bonds have been surrendered lo 
Morgan Gu.ua my Trust Com- 
pany of New York, as Trustee. 
The principal amount remaining 
outstanding is 550,950.000. 

Mooch Domsio Akiiebolag 


ppcis satisfnclnrj- earnings in Parent company s'ales '.mailed 
197S after :« DM 59.fini (S3Imi DM 1.92bn against DM PRlni. m- 
n*t profit in 1977. wish Hie re- eluding domestic sales nf 

cem positive trend m ils per- DM 406m aaginsl DM 36lni andi 
ifnrmance ex peel ml in enniinue. foreign sales nf DM 609 ml 
Hnwuvcr. il added in a >hare- against DM i 


deal v.un wmen tne government s technology. ; . • . rfwSRTtfjUM nf Ifaliah banks 

Atomic Energy Agency is Whereas Thomson-CSF was L ffituflon? ; toSS ' 

ass'oeia ted. al ready a fully-fledged electronic^ iaaffi flSa8S-l'i5S' ' 

The missile and engineering concern the venture represent*;* Areerfui- 

group Mitm has also negotiated bis. diversification -for Saint- 

an integrated circuits deal with Gobain whose only very high 'SSfSiSfS . 

Harris nf the U.S. technology interest «** Trilf cover tbg.flrst 8ta&e of the 

The. Saint-Gobain-NSC venture moment Ls a small, optical fibres - 

will probably command around operation but which has declared ^ — * - 

FFr 150m to FFr 200m in govern- its intention to diverelfy into as ^ar north as Bologna^ .. .. 

ment assistance with total invest- more advanced sectors - Tomorrow m Parts a group -df 

. . French, Italian and _U^. Ismks 

: : — : . is -due to 5fcyi L .a .separate hat : . 

-r in* ■w'k m -m - . related;, credit for 'a further 

Nordfinanz-BanJk deal set *%• m » n vri^7; 

scheduled to contribute eas r to 
BY OUR EUROMARKETS STAFF Itkly-jL enenjy . supplied Tfbr'-a 

the t niMnriN.Ramr.n mn<nr. th* aninhin.^ —-.ii period ,oF 25 years; wHl- when 


holders Idler thai an improve- Foreign sales figures have j hank N Nnrd£^Sm? ilnufmi' ^ manri C ^rnai ll ean t g ^ 0 r liP u*' 1 ! SSV- i cow’pfejioil ruh-frbm the^ /Algerian 
in .OK-rnlinv nrnfil. ten ^vcrFely alTecIsd by %L" SS? 52‘'2S?* , 2S?^!SSl! 


No quarter!} prnfil figures 3 year agu. 
| were given, bill Schering re- Router 
ported ihat crump -.ales in th<- 
first nine months of this year 1 
totalled DM t.65lm against 


November 30, 1973 


$30,000,000 

The Mitsubishi Bank, 

Limited 

(London Branch) 

Negotiable Floating Rate 
Certificates of Deposit 
Maturity date December 3, 1981 


US$10,000,000 

Floating Rate London-DoHar Negotiable Certificates 
of Deposit, due May. 1 980. 

THE TAIYO KOBE 
BANK, LTD. 

LONDON 


““ ' "‘“J " 1 «t™™w, coan The 'consortium ~for- fbaay’s 

As a result Nordic will own 60 ® r .°“ P5 i according _U> Joan, was headed byrfbe^niedlum 

percent or Nordfinanz-Bank. and “ or ™ c officials. Both banks^will term credit- institute 'c'.tfiQ, and 
= -■ ■■ t conhoue to operate independ- included 1 Icina. - : isvrim.r 

ll l en SjriiJ'* t,1 *iS5h5£& - - - E8ban ca r - an d Ihe Raneo- d l Sicilia 

Nordics shareholders, are and ; -‘ Banco, dl Napoli. The 

Copenhagen Han dels bank. Den European Investment 'bank is 
S? <htb * n ^i Kansalla- expected to -make financial asris- 
Osike-Pankki and Svenska tants* available for later Sections 
Handelsnank. -• ■ 


of the deal. 


30 . November ^1978 . I 



In accordance with the. provisions of the Certificates 
of Deposit notice is hereby given that for the initial six 
month period from December I. 1978 the Ccriihcai.es 
will cany an Interest Rate of 12$% per annum. 

Agent Bank 
Orion Bank Limited 


.ORION 


In accordance with the provisions of the Certificates, notice is hereby 
given ihat for Hie six monihs interest period from November 30th, 
i&73 to May 21st. 1979, the Certificates will earn/ an Interest Rate 
oi 1 -y^o per annum. The relevant interest payment date will be 
May 3 1st, 1373. . 

Credit Suisse First Boston Limited 

Agent Bank 


Mitsubishi Bank, 

Limited • 7 


Negotiable Tloating Rate U.S. Dollar- 
Certificates' of Deposit *• 

Maturity date 28 November 1980 • 


In accordance with the provisions of the Gertificates 
of Depost notice-is hereby given that for the shunohth •" 
period from 30 November-1978' to 31 May! 1979 the"' 
Certificates will carry an Interest Rate of i2-i% tw 
annum. 


| VONTOBEL EUROBOND INDICES | 



14J.76 

= 700^ 



PRICE INDEX 

28.H.7B 

21.11.78 

AVERAGE YIELD 28.11.78 2 

.11.78 

DM Bondi 

104.53 

104.75 

DM Bondi 

6.646 

.6-616 

MFL Bondi & N«K! 

99.52 

99.95 

HFL Bomb A Nem 

8.422 

8.374 


96.43 

96.71 

U.S- S Son Bond! 

9.39B 

9.381 

C»n. -Dollar Bonds 

95.37 

95 59 

Cin,.Doilar Bondi 

10 309 . 

I0.2S7 


• Manager&Agent Bank-.i: ■ 

Orion Bank ; Lihuttedr 7 .. ; ’• - v ... .7; 



Imj 


! r - -*«■ 


■Ian: 


iTrif-- 


| Hong i 
China ' 


-•n? -■ ■ ■ •» 


- ; 'rj 

‘■“V .. 1 J;'- 


• ■ , 

-Ifi" 

f -S.7 > .(: 

"ir 

h • •’ ■ 
*;r J ‘ hr., , 

_ J ’ 
If]' . :i 


C n ^tio 

■" 5 0Us &at 









29 


I V- 

-"*J - 


V 
. ■ 


a I- ... 

* J* i ■ t f 


I 

* •• \ 


?^3^ai^'5KBe^ $0 1978 


Vi 1 , ^ ^ 





Ampol Petroleum boosted 
by exploration subsidiary 


ST OUR OWN CORRESPONDENT 


INCREASED PRICES for locally, 
produced oil' enabled Ampol 
Petroleum to post record earn- 
ings in the year to September 30, 
despite widespread Industrial un- 
rest in tbe second-half and 
continued heavy discounting of 
motor spirit. 

Net profit rose 17.9 per tent 
from ASS.45m . to AS9.98m 
(US$1 13:5m). If the equity profits 
of associated companies is 
included, ibe sroup result rose 
from AS 10m to AS 1 2. 07m. In 
adduioa, there were extra- 
ordinary profits or AS917.000 fnr 
Ampol and- AS 1.53m as the equiiv 

stwre iq. extraordinary profits n't 
a^m-iated companies. 

The major factor in Ihe 
improvement wag a lift in' profit 
from A5>3.5m to AS5.9m by the 
66.3 per cent owned Ampol 
Exploration u hlch noerate* th» 
Barrow: l>iand oilfields in 

Western Australia. 

Control of costs was cit"d by 
the directors as another • factor 


behind tbe increased .earnings. 

Tb< result was achieved on a 
35.6 per cent increase in total 
revenue to AS393m (U-S-S-HSm), 
giving a return of 3.1 per cent 
on turnover. The earnings per 
share, before including equity 
profits was 6.7 cents a share on 
capital increased during the year 
hy a ane-fcMour Tights issue. 
In ibe previous year, the earn- 
ings per share were 71 ccnlv 
The dividend is held steady at 
6 cents a share. '■ 

Between September and 
November there was considerable 
industrial unrest in the indus- 
try. particularly in New South 
Wiles where strikes by refinery 
worker* depleted stocks of motor 
.spirits. 

The director*: expect ih;,l if 
■will take months fur the situa- 
tion J?i return -to normal. There 
was also a nationwide striVi* uf 
drivers and aircraft refuellers 
The managing director of Ampul, 
Mr \. E. Harrs* said. that the 
wires*. was not as steal as in 
the previous year but that the 


SYDNEY, Nov. 29. 

board was very disturbed at the 
recent dispute* 

He suggested l hat the oil in- 
dustry needed a new approach 
to industrial relations, including 

clarification of jurisdictions, to 
avoid senous problems m the 
community and (he nation. 
Unrest in ihe industry contri- 
buted In a fall m the growth nf 
the mmnr spirits markets, which 
rose 2.9 per cent in the first half 
and only U.S per cent in ihe final 
six months. Fur the full year 
the spirit market rose 3.1 ’ tier 
c**ni. compared wnh 6.7 per cent 
in the previous year 

Reflei-iulS the industrial 
lems. the i.rniiy'* earnin'-:* tiippi-d 
Hi pi-r cent In the second half. 
Tn AR5.35nt. compared with an 
85.fi per i-i-nl ititrc.ise in AS4 tint 
in ihe iir-i mx months. Volume 
sale* ot motor spirit fell slightly 
fur Shi- ye.ir. Mr Harris said that 
discounting uf motor spirit, 
wlurli has hern widespread fnr 
years, had a heavier impact in 
the tales! yrar than had pre- 
viously been encountered. 


Alcoa Australia smelter plans 


BY JAMES FORTH 

ALCOA of Australia, the major 
integrated aluminium group, 
plans to spend ASSSm 
tU.SS96.6m) to expand it* 
aluminium smelter at Pt. Henry 
in Victoria Alcoa will add a 
third potline to the smelter 
which will lift capacity mure 
than 50 per cent from 104.000 
tonnes of aluminium metal a 
year to 161,000 tonnes. 

Most of the additional tonnage 
will be shipped tn overseas mar- 
ket*. mainly Japan and South 
East Asia. At present Alena ex- 
ports about 35 per cent of ns 


production but this is expected 
to rise to around 50 per cent 
when lbe expansion is com- 
pleted. 

The expansion will make Pi. 
Henry the largest of the existing 
three -.me Iters. At .pre-unt 
Alcoa’s major rival. Coma ten i.- 
slightly m the lead with it-, 
J. 12.01 KJ tonnes a year plant at 
Eeli Bay in Australia. 

Alcan Australia has a much 
smaller smelter near Never a* He- 
in New South Wales, which is 
in the midst of expanding capa- 
city from 50,000 tonnes a year tn 
75.000 tonnes. Comalco head* 3 


SYDNEY. Suv. 29. 

cnnsnrtium which is planning a : 
AS.TtiOm smeller at (Ilaristnnn ! 
Queensland with an ouiput of I 
1S3.50 <i tnnncs a year j 

The Gove consortium, which i 
operates a bauxiiv-alumintum , 
project in The Northern Tern-j 
lory, is considering building a 
smelter of at least S5 .(Mmi 1 nones j 
a year and possibly more than ; 
150.000 tonnes, while A Iiiiuhn- I 
owned hy Amax of the U.S. and! 
Mitsui of .la pan — 1* studying ! 
proposals fnr a 200.000 tonnes :i 1 
year smelter in NSW. At Umax 
at present i.s not established in 
Australia. 


Improved results in Japan 


BY RICHARD C. HANSON 

JAPANESE COMPANIES are 
continuing to show an overall 
increase in profits despite the 
deflationary impact of slower 
exports, general ccoaumic un- 
certainty and a worsening of con- 
ditions in structurally weak 
sectors, such as shipbuilding, 
. according to a survey uf 
September half-year earnings by 
the economic newspaper, Nihon 
Keizai Shlmbun. 

A compilation of earnings from 
820 companies listed on the three 
major Japanese stock exchanges 
(excluding financial institutions) 
shows net profit in the Septem- 
ber half us up an average of 0.3 
par cent from the :prior quarter, 
when they gained" 11.7 per cenL 
The projection for the current 
half, ending March, is for a third 
successive half-year’s gain, of 9.5 
ppr cent. 

Pre-tax operating profit in the 
September half was up 6.6 per 
cent over the prior half, bui is 
expected to gain only 1.4 per 
cent in the March half-year, a.* 
electric power companies have 
agreed to make a return to eun- 
s timers out of their heavy 
exchange proSts. through some 
price reduction*. Excluding the 
electric power sector. operating 
profits would be up 6.7 per cent 
by March. 


Underlining the diffirulii^s 
being faced by cum panics, the 
Ministry of International Trade 
and Industry (MITi t. in :< 
separate report today, said that 
sagging expons nf key products 
as a result of the sharp rise in 
(he yen in the foreign exchanges 
drove industrial production in 
October down and adjusted flu 
per cent from September — Un- 
second decline in four months, 
following a OS per vent decrease 
in July. 

The industrial output report ts 
preliminary, but indicates that 
export performance is worse than 
previously expected. A MITI 
survey of company output ; ifi.-ims 
earlier had projected :« 2.3 per 
cent gain for October. Shipments 
also fell, by 1.5 per cent, the 
first monthly drop -since July, 
while inventories showed an 
Increase of 0 fi per ten I — Lite 
first monthly expansion in mx 
months. « 

Meanwhile, the Bank of Japan 
reports - tbel wholesale prices at 
mid-November had moved higher 
for tiie second- ten-day period 
in a row., by 0.1 per cent, as a 
decline in the yen’s value 
boosted pr.cps rev crude nit and 
other ’imports. The price index 
stood at 102.7 (based on 100 in 
1975 j. down 321 per cent from 
a year ago. 


TOKYO. Nov. 29. j 

The Nihon Keizai famines 
survey revealed that sales in the 
September half-year fell 3.1 per 
cent from the March half-year, in 
vhtth they rose 2 per cent. 
Sales are expected to be up 5.4 
per cent this half-year. 

Much or the increase in profit- 
is the result of factors unrelated 
din-ctly to operating perform- 
ance, such us exchange gains 
rrmn cheaper imports, sales of 
securities and rationalising of 
operations. The steel sector, for 
example, had a 22 7 per cent 
increase in pre-tax opera ting (nr 
current) profits, but this resulted 
.in .part .rrom lh*r Josy levels of 
■profit utility m the ’^ribr hair- 
.year, wmin many steel companies 
were forced lo sell large amounts 
of securities in order to *hnw 
a gain. 

This has led to the curious 
situation of many companies 
showing declining revenues while 
operating profit register g» ; ns. 
or the 820 companies surveyed. 
42.6 per cent .showed both sales 
and operating profit increases 
But 1K.3 per cent reported lhai 
revenues were down and profits 
up. Of the remaining companies, 
29.9 per cent had both sales and 
profit decline*-, and 10 6 per cent 
had a profit dip despite an 
increase in revenues. 


Japanese hold more foreign securities 


ACQUISITIONS of foreign securi- 
ties by Japanese investors during 
the first-halt uf the 1B7S-79 fiscal 
vear totalled S5.79bn. a sharp 
increase on the 8670m acquired 
in the saute period of the pre- 
vious year, the Finance Ministry 
announced. The total also ex- 
ceeds the past yearly record 
Of S2.24bn tn 1973-74. 

The sharp rise was caused hy 
growing interest differentials 
between Japan and the US., 
availability nf surplus funds for 
'Japanese "corporations and insti- 
tutional investors, and the belief 
lhat the Yen's appreciation had 


Hong Kong and 
China Gas 

By Ron Richardson 

HONG KONG. Nov. 29. 
HONG KONG AND CHINA GAS 
COMPANY, the sole supplier of 
town gas in the colony, will pay 
an unchanged third interim divi- 
dend of 19 HK cents for its cur- 
rent year, tn December 31. The 
payment will'hring the total so 
far this year to 57 cents, as pre- 
viously. 

Last year the company fol- 
lowed up with a final payment of 
27 cents, after nor attributable 
profit rose about 21 per cent to 
HK$19.2m fU.SS4m». 

In the first half of the current 
year earnings after lax arc esti- 
mated lo have been up a little 
rrmro than fl per irr.'. . 


Provide free 
international telephone 
finksfor yourdients 
from major cities in 
Europe scandrtavia 
ftffidcneEastusA^ j 

and Ireland. 


reached its peak, the Ministry 
said. 

The hulk of the investment* 
was in three-month to nix-month 
U.S. Treasury hills, and long- 
term U.S Government and cor- 
porate bond? while interest in 
U.S. stocks was low because of 3 
boom in the Japanese slocks 
market. Securities sources said 
the investors included industrial 
and business- corporation* and 
trading houes as well as life and 
non-life insurance companies, 
smaller financial institutions, and 
uther institutional investors. 

They pointed out that the 


TOKYO. Nov. 29. 

secondary market yield uf three- 
monlh U.S Treasury lulls* is 
about S pi-r cent compared with 
a three month deposit rate of 
2.5 j»er cent at Japanese hanks 
while long-term dollar hnnds in 
the tl S. yield ahnni 9 per cent 
compared with slightly above 6 
per- cent fnr national bonds in 
Japan. 

The recent recovery of the U.S 
dollar after the announcement of 
President Carter’s defence pack- 
age bad further increased 
Japanese investor interest in 
U.S. bonds. 

Reuter 


Woolworths to accept NZ bid 


j BY DAI HAYWARD 

!\VOUI. WORTHS, of Australia, 
I the parent company of Wool- 
’worths (NZ). ini ends in accept 
| the recent takeover offer from 
, \tie Nevi Zealand grocery ami 
j wholesale group, L D. Nathan. 
1 Woolworths will relain its shares 
:in the Nathan group, acquired 
as part nf the take-over deal. 

| The take-over, which still has 
;to be approved hy the_ New 
: Zealand Commerce Commission, 


WELLINGTON. Nov. 29. 

should increase Nathan’s profita- 
bility. giving Wool worths a 
sound investment, says the Wool, 
worths’ chairman. Sir Then 
Kelly. 

The profit after-tax of Wonl- 
wurllis (NZ) this year rose 59 
per cent lu NJKIJim (USSl.onn 
AJMiuugh sales were sluggish 
early in the year. (hey 
recovered strongly in the second 
six months. 


Profits rise at Wearne Brothers 


BY H. F. LEE 

WEARNE BROTHERS, 3 leading 
mr/for trader in Singapore and 
in Mai.. vita, has reported 3 15 
per vent improvement to profit 
for the year tu September. Pnsi- 
laX • profit ‘ was SSI 7 1m 
(U.S.$7.7m). against SSH-SHm 
in the previous year. 

Turnover rose by 19 per cent 
tn SS350.?m lU.S.$159ait. How- 
ever, Wearne said, profit margins 
were under pressure, so that the 


SINGAPORE. Nov. 29. 

group's profits did not rise in 
hue wilii increased sales ami 
unit volume. 

Wearne h.us declared a second 
interim dividend tin lieu of a 
final dividend) *‘f 12 P*' r cent 
The lota! rlistiiluitiim fnr (he 
year is m amount to 17 per cent, 
compared ‘.vilh the equivalent or 
14.fi? per cent fur the previous 
year after adjusting for a buaus 
issue in January. 


Rand Mines Properties sees gain 



-w Ute-ter 

La^-ri-x-. "ws"*..:*':* 

*-a;u —ns s.:r~z. ..Uttwr c 


AN EXPECTED minor improve- 
ment in the property and timber 
markets tn. 1979 could lead to a 
small increase in (axed profits of 

! Rand Mines Properties the com- 
pany's chairman. Mr. J. B. Marce 
said in the annual report. 

Profitability tn 1979, he said, 

; would he affected by a higher 

tax change because many bf the 


JOHANNESBURG. Nov. 29. 

tax .shields - of subsidiary com-' 
panics were substantially j 
utilised by the end nf September 
this year. 

In Ihe year lo September 30 
pre-lav profit was iU-lInt 
(S4.7m>. .while earnings pnr 
share I mailed 29 9 rent.* and the 
dividend distribution was 15 
cents. 

Reuieir . 


Pioneer 

Electronic 

earnings 

recovery 

By Yoke Shibata 

TOKYO, Nov. 29. 
PIONEER ELECTRONIC is 
well 011 (hr way lo an earnings 
recoiery which was shown In 
ihe latest financial year, to 
September, helped hy (he 
company’s counter-measures 
against appreciation uf (he 
yen. 

On a nnn-cun*oli(ia(eri ha-Js. 
current profits went up hy 
t.I per cent lo YlH.5hii. despite 
a setback in nel profits nf 
Y10.2bn (SJl.Sni) — a decline 
of t.7 per cent. Sales were 
YI67J:bn. up 1.7 per rent m*r 
Ihe prcilous fiscal year. Per 
share profils Here YllX.a. i-nni- 
parrd with Y 121.7 in fiscal 
1977. 

Exports, which improved by 
7 per rent, at-c-nunled fnr 
56 ppr cent of the tulal %alrs. 
as 3 result uf strong demand 
for car stereos in the U.S. 
markets. Stereo sales in 
domestic market were sluggish 
and were affected by brisk 
sates of air conditioners and 
refrigerators against the hack- 
ground of the hot summer 
weather. 

Pioneer's dollar based 
exports accounted for 60 per 
cent nf the total lurnoter. 
An exchange loss or _V12hii- 
Y13bn was suffered, with (ho 
sharp appreciation of the veil. 
The company recovered Y9hn 
hy cost-cut ring measures anri 
price rises. The hasle exchange 
losses were between YZObn and 
Y30hii. 

For (he current lisral year. 
Pioneer ex peels current profits 
or Y2flhn. and net profits or 
V1 1 hn. Sales, it is helievi-d. 
will he up 7.3 per rent on Ihe 
1978 figure, at Ylftflhn. 

Pioneer’s consolidated net 
profits covering 26 suhsldlari-.-* 
were YUt.lhn. in show a fall 
of 9.2 per rent, mi sales of 
Y2n7.9lm, up &6 per rent. 

Nel profits per American 
depositary share, which repre- 
sents two shares nf common 
stoek. were Y3I3, against Y349. 


ARAB SHIPPING 


Gulf push for liner trade 


BY IAN HARSRJEAVE5, SHIPPING CORRESPONDENT 


PA.V-ARA3 shipping ambitions. 
> nhidi have taken a joi! in tbe 
' las* two years because of mereas- 
: insly heavy lueses on oil tanker 
; np'.-rations.' xe;a given J boost 
ion Tuesday w*ih the publication 
• of the first set of accounts from 
, the United .Arab Shipping 
I Company. 

United Arab, formed from tbe 
nucleus nf >he state-owned 
Kuwait Shipping Company in 
'1976. reported nr r profit.* of 
: KD fl.lni t s’W.rir. 1 for tl.s fip-f 18- 
! month trading period to Dcccm- 
■ her !xst y’e j r. 

I This ii not a spectacularly 
■jiiiid result for a company capi- 
talised at Kf> ISOni iwme 
t’.s s650tih which has relatively 
litile int«’.-(.*st hearing debt — 
KD 5.Sm irs * ^ - p-=i *.** paid m the 
pen mi unri.-r rcitcw. Under the 
terms nf it- Art .vie- uf As -*»»:*. u- 
;mn prnti - * nf tnr a;nr»'.:nl 
jehte'ed an- tun ti.u i'i permit 
iiaxmoM o' ^ dividend m sharc- 
! tmiriers 

I ihvidenris. however, are not. 
i ,-*i leas: a’, ifcn sta^r in tne e«.m- 
. rkany’t. ■htsin.-y the first coniider- 
jaimn .if the snareftotders. 1 hi.- 
Governments of Kuwait. Untied 
\r.th Em: rates. Saudi A ram 3. 
j Bahrain. Qatar and Iraq, 
i The reason these states formed 
! UASC was much more .1 refiec- 
; lion of their desire to construct 
.. solid base in the field nf nun- 
. hydrocarbon* .shipping as part of 
'the downstream industriili-'ition 
j favoured h;. the Organisation of 
Arab Petroleum Exporting 
: Gnu n tries. 

I uil tanker transport i« catered 
for by the nine-state Arao Man- 
. mtic "PotroJeu.ii Transfrf'rr Cum- 
Ti.my. also Imu.iit.hxsert. •-•.hi.-h 
Iasi’ ’ear s-tn-iod an operating 
loss nf KD 6 3m. a position A-hich 
.ha- been rt***. oil «a«:n*whni this 
; ear as a roiutt of the recent 
'flurry ;n .-pot tanker fre.-ght 
] markets 

; With 58. itin»»l> very modern 
I .ship* and four container vessels 
[ under const ruction in Korea. 
Uniieri Arab i*as ernss'-ri the lin 
ium threshold .<n.j emerged a* a 
, Mgntbeam f.-rre in Middle Last 
liner trades. In so doing, it has 
•also demonstrated a competence 
which could one day make it a 
significant cn»*s trader. 

Us history is curiously hound 
ut> wi*h that of its present 


general manager, the tough- 
minded and autocratic English- 
man Mr. Donald Tod. Mr. Tod. 
a seaman before being crippled 
by polio and a former executive 
with ihe British Elder Dempster 
Line, was also the first general 
manager of Kuwait Shipping, 
which be ran from an office in 
Liverpool. 

The company’s prime objec- 
tive is tu win for the participat- 
ing Gulf state*- a -tfl per cent Miaro 
share o: ihcir countries’ seaborne 

Mohammed Saeed AI-Mnlla. 
UASC chairman, called on 
Arabian Gulf countries (0 
hack (heir company In the 
same way that other nations 
support their maritime Indus- 
trie*. Leslie Anne Mitchell 
urilet from Kuwait. He said 
some governments provide 
letters nf credit deferring 
repayment nf loans, require 
that a certain percentage of 
goods hr carried on national 

finer trade, that is all trade 
except oil. gas and dry bulk com- 
modities. This t< in accordance 
h :th the OAPEC support for the 
United Nations liner shipping 
code, which proposes a 40:40:20 
shareou’. between importer, 
exporter and cross-trader. 

.Mr. Tod claims that ihe 40 per 
con: >harr fnr UASC ha? already 
b#»en .-in ceded and achieved 
wtthm :i*o Middle East shipping 
conference* the company he longs 
:n. That, of course, t? very dif- 
ferent from having 40 per rent 
nf ‘.he whole trade, because con- 
ference :n the area 1? notoriously 
weakened hy tbe large number of 
outsider itnes. 

Total liner ear;o into the 
* hi If ha* b**en ecTimared hy enn- 
*ul;.'r.’* >1. P. Drwfj at around 
I'rini i.'ftnes a year and. even 
eSi'iudinc Iran from This figure, 
tha' :-ouid give United Arab 
i-.eil under a 20 per vent .-hare, 
in some countries. ib*iugh. 
mil auiv Kuwait. UASC almost 
certain !v ha* a share in excess 
of 4(j per vent. 

A- for the commercial retm*. 
strongly supported b> the parti- 
cipating countries, the first net 
profit has been struck after 


fleet depreciation of KD 9 1m 
vid contributions of over 
KD 2.5m from subsidiaries. The 
fleet is valued in Che book at 
KD 169m. 

The company has. however, 
exceeded its available fund* hy 
KD 3.5m and this liquidity prob- 
lem bas forced it into the 
European banking market in 
search of an S-year loan of 
SI 00m. Half this sum will cn to 
finance the Korean ships — *rap- 
ped up at :hc remarkable 

lines, and require lhat 
materia! for government pro- 
jects he carried on national 
lines. UASC will earn KD 
3.5m for 1976. leaving a 
deficit nf KD 46m. The 
directors have approved a 
proposal to cover a portion 
of this through a medium- 
term loan of KD 2Sni. and 
they are studying means of 
covering the remaining KD 
20m. 

bargain pn.-e nf S12m each — and 
half to help the tash flow. 

Clearly the company's direc- 
tors could, rather than borrow- 
ing. hy. e s-implv chosen (o puma 
in a further tranche of iIkt 
KD 500m capital authorised 
under the Articles of .Associa- 
tion. Part of ihe attraction uf 
a l*>.*n is lhat U a ■)>>*> the cum- 
oany’s hooks to reflect the cost 
of its money. 

UASCs cash position 1* cer- 
tainly much worse than ns 
founder* could reasonable ha\c 
expected. This is because of the 
downturn in trading conditions 
in Middle East liner trades in 
the past 1$ months. 

The main cause nf this flow n- 
turn was the freeing of the Gulf 
ports from their chronic con- 
gest ion. which UASC estimate* 
to have effectively released an 
extra 20 per cent .shipping 
capacity ai 3 time when Gulf 
state economies were overheat- 
ing and trade growth stowing 
down. 

Since (he Doris were tin- 
jammed early last year, shipping 
rates have tumbled and although 
there have been a handful of 
rationalisations and departure*: 


from the trade, rates have not 
recovered noticeably for general 
break-bulk cargo and for con- 
tainers. a firmer trend in mid- 
year having not been sustained. 

Mr. Tod .“ays that the lines. 
UASC included, need a 20 to 30 
per cent imprnvemnt in returns 
to make the business viable and 
he is hopeful that the shell- 
shocked conferences can be gal- 
vanised into achieving this sain. 

if the con Terences succeed, it 
will he grind news for a number 
of Europe'.- biggest -hipping 
tines, including Nedlluyd of Hol- 
land. and P and O of (he UK. 
with whom L'ASC has a joint 
container company 

In ini* climate. UASC has no 
immediate plans in continue its 
dramatic- recent cxpan*ion. hav- 
ing only ju.-i taken delivery of 
the ia-d" of :>9 K-rla*.-. 2:5 000 d-vt 
mult i-purp.i.-L* cargo liners from 
Scotland and Korea. 

Mr Tud nuj: thai he wants to 
test out the new container ships 
t»» *oe whether they Drove t«» np 
idea' Si.-g and ir* see a tittle 
mure clearly how the break 
between general cargo, container 
and 1 o’i-un ndl-off shipping to 
the Gulf turns out UASC is 
dependent upon Gulf destina- 
tion* for 95 pvt cent ijf IX 
ness. serving Europe, the Ear 
East and the U.S. in what is 
almust cntin?l> a one-wjiv trade. 

Yesterdays reporr did. how- 
ever. point lo two other possible 
developments-, buying bulk car- 
rier* for grain *hipnents to the 
Gulf and investing in kpeciah-vt 
vessels. Mtrh a.* car carriers or 

heavy lift ships 

These ideas are 'till at the 

research stage, hut the first 
would, if implemented, presum- 
ably have to involve UASC in a 
general tramp shipping operation 
h» it could liaidlv operate ship- 
ping economically purely on the 
erratic patterns of grain move- 
ment- to the Gulf. 

With or without these venture*, 
though, there can be no douhl 
in the mind? or the European. 
Japanese and American -hipping 
companies which have domi- 
nated these routes that UASC 
is emerging alongside othrr 
ambitious developing country 
national lines, a* a 'formidable 
challenge to tbe industry’s 
traditional halanc-e of power. 


New Issue 
November 30. 1 973 


All of these bonds having been placed, this an- 
nouncement appears for purposes of record only. 


INTERNATIONAL BANK 

FOR RECONSTRUCTION AND DEVELOPMENT 

Washington, D. C. 

■ SIGNAL «<». 

jit- ■ in - 1/. 


yvy -vyjfl. 


6 %% Deutsche SVIark Bsndscf ISTS.duelSSS ?£** * 


Interest: 
Offering Price; 
Repayment: 
Listing: 


6' 4 °o p. a., payable annually on December 1 
99' 

on December 1 , 1 988 at par 
at all German stock exchanges 


^OJYAND^ 


Deutsche Bank 

Aktiengesellschaft 
also for 

Deutsche Bank Berlin 

/liofcrgisatsiftatc 


Dresdner Bank 

Akiiengesellschaft { 
also for 

Bar.k fiir Handel und Industrie 


Allgemeine Deutsche Credit-Anstalt 

Badische Kcmmunaie Landesbank 

— Girozentraie- _ 

Bayerische Lsndasbank 
Girozer.trele 

Berliner Bank 

AkiningosBlbctutt 

Bremer Landesbank 
Deutsche Bank Saar 

Akiiengesetec+iaft 

Deutsche Landerbsnk 

AIiWTwj«i^iiscl»U 

Effecten ba nk-Wa rburg 

Aklirngt-MJlkH. full 

Handels- und Privatbank 

A>.iwnnu>-liw:hiiU 

Hessische Landesbank 

— Girozentraie - 

Landesbank Rheinland- Pfalz 

— Girozentraie — 

Merck, Finck & Co. 

Norddeutsche Landesbank 
Girozentraie 

Reuschel & Co. 

Schroder, Munchmeyer, Hengst & Co. 
J.H. Stein 


1 Commerzbank 

Aktiengesellschaft 
also for 

Berliner Commerzbank 

AScerg*M:i»^stV 

Bankhaus H. Aufheuser 
Bank fur Gemeinwlrtcchaft 

AittiFngfMiljChaK 

Baysrischa Vereinsbank 


Westdeutsche Landesbank 
Girozentraie 


Baden-VViiritsir.bergische Bank 

A* lic*u|tv**l*Cl*alt 

Bayerische Hypothsken- 
und Wechsel-aank 

Joh. Berenberg, GosslerS Co. 


Berliner Handels- und Frankfurter Bank Eankhaus Gebruder Bethmann 


Richard Daus & Co., Benkisrs 
DG Scnk 

Deutsctw Ganosswwchaftshunfc 

Deutsche Unionbank G.m.b.H. 
Hallbaum, Maier & Co. 
Hardy-Sloman Sank GmbH 
von der Heydt-Kersten & Sohna 


Landesbank Scar Girozentraie 


B. Metzlerseel. Sahn & Co. 
CEdenburrTsche Landesbank 

Ahlirng-SM Ike nail 

Gsbr. RochHr.g Sank 
Schwabiccka Bank 

AMffingeMllrtridti 

Trlnkaus & Burkhardt 


M. M. Warburg-Brinckmann, Wirtz & Co. Westfalenbank 

Afenengetsllachalc 


Delbriick & Co. 

Dautscha Girozentraie 
-Deutsche Kcmmunclbank— 

Conrad Hinrloh Donner 

Hamburgische Landesbank 
— Girozentraie - 

Georg Hauck & Sohn 
Bankhaus Hermann Lamps 

K«wnitndilB»«llscha It 

Landesbank Cchfeswig-Holstelri 
Girozentraie 

National-Bank 

AS- limg«eftscfiiif: 

Cal. Oppsnhsim Jr. & Cie. 

Karl Schmidt Bankgeschaft 
Simon bank 

AkirtngcrsclIbclMtt 

Vereins- und Westbank 

Akivnesellfchali 

Wurttembergische Kommunale Landesbank 
Girozentraie 


iSfr-il 1 ' | L ^ 




50 


TtnanefaT 



issue price 
rights 


dealings in rights 
subscriptions 


payment date 


Dfls 105.— per registered share/ exchangeable bearer depositary receiptof share 
of Dfls 10.- nominal 

the subscription will be open -subject to the provisions of article 8, sections t (c), 

2 and 3 of the articles of association- exclusive to holders of dividend coupon 
no. 14 ofthe registered shares/exchangeable bearerdepositary receipts atthe 
rate of Dfls 1 0.- nominal of new capital for Dfis 60.- nominal of existing capital 
Shareholders, whose names appear in the shareholders register are entiled to the 
same rights and will receive a circular to that effect from Royal Bos Kalis 
Westminster Group N.V. 

from Thursday, November 30, 1878. 

must be submitted before 3.00 pm on Thursday, December 7, 1978, on the 
basis of the terms and conditions contained in the prospectus of November 28, 1 978 
atthe counters of the undersigned in Amsterdam, Rotterdam, The Hague and 
Sliedrecht in so far as established there, where prospectuses and subscription 
forms in the Dutch language, as well as-to a limited number- copies ofthe articles 
of association and the 1 977 annual report of Royal Bos Kalis Westminster 
Group N.V., will be available. 

Thursday, December 21, 1 978. 


amsferdam-rotterdam bank n.v. 
algemene bank nederland n.v. 
bank mees Erhope nv 

cooperative centrale raiffelsen-boerenleenbank ha. 
nederlandsche middenstandsbank n.v. 
pierson, held ring & pierson nv. 
n.v. slavenburg's bank 


Amsterdam/Utrecht/Rotterdam, November 28, 1 978. 


BANCO DE SANTANDER 


has acquired a majority shareholding ia 


BANCA JOVER 


The undersigned assisted BANCO DE SANTANDER 


,ry4 

mimmnm 


XT**', 



Currency. Moncv and Gold Markets 


m 




Royal 

Bos Kalis Westminster Group NV. 

of Sliedrecht; The Netherlands, 


issue of 354,693 registered shares/exchangeable bearer depositary receipts 

of shares of Dfls 1 0.- nominal, fully ranking for dividend distributions for 1 979 and 
subsequent years. It is intended to make another bonus issue in shares from the 
tax-free share premium reserve in 1 979, in addition to the dividend distributions 
for 1 978. The shares/exchangeable bearer depositary receipts which are in issue 
at present; will participate in any such distribution.The number of exchangeable 
bearer depositary receipts of shares will be increased to the extent necessary in 
connection with the conversion of subordinated convertible debentures. 


f 
i ' 


$ falls after 
trade figures 


THE POUND SPOT- 

■jsa? 


Her. 21 i ratei 

i 


Spread 


C.3. « 
Canadian? 
Guilder 
Belgian F 

I l .nkh K 

D-Marit 
Bwt. Kne. 
span. Fe». 

Lira. 



Siredialiivr. 

rco , 

AtHttfeSclu 
Swiwfr. j 


i Hsi.MfflJ-lJafcfl 

! T04 2JW0-22BW 

! S J G&-&M9.S5 
: 6 iW.a8i-ie.4Ji 
. 5 I 5 - 7 «- 5 - 77 - 
! 18 J BL3ft.31.SJ 
' 8 1S8.BMW.JB 
! 10 I 2 ! li 686 -I ,-668 
7 | 3.97-10.B1 
9 ia- 8-5M.fi* - 
64 . 8.61 4-8- 86i 
3 la* fiSWKS . 

Aisi 27 .M- 27 .fifl 


CW 


FORWARD AGAINST- £ 




Belgian rare is. for OTvealbtafraika. 
Financial franc 6S.SMM4L 


the dollar spot 


November 29 


Pm^ 

spread 


close of DM 1.9275. Similarly the 
Swiss franc touched SwFr 1.7170 
before easing to SwFr 2.7205, 
again well up on the previous 
dose of SwFr 2.7330. 


Canad'n 5“ 
Guilder 
Belgian Fr 
Djuash Kr 
D-Mark 
PortEsc 
S?aa..Pta 
Lira' 
Xnrgn. Kr 
French Fr 
Swettosh Kr 
Yen ■ 

Austria Bch 
Swiss Fr 


2JJ795ia915 
30.30-3037 
53275-5 JU6D 
L9380J-92W 
36.9047.10 ■ 

TUQ-71-55 

839JMOUW 

5J220-5.1JS0 

4402544225 . 
fl.iQ 2 B- 4 . 44 M ' 
lte.45-M7.7B 
14.0a.1412 
1.7196-1.7383 


•U.S. casts per CamuIUnV ■ 


Trading in yesterday's foreign B2.fi. having stood at 62.S at noon 
exchange market fell basically anti B2.7 in the morning. 
into two parts, before and after FRANKFURT— In very subdued j iVrwgn. K. ! 

the announcement of the U.S. trading, the dollar was fixed at I French Fr. » 

trade figures for October. Early DM 1.8284 compared with Tues* 

trading saw the dollar drift day’s level of DM 1.9292, and there 

slightly easier in very subdued was no intervention at this time 

conditions.- The $2-.13bn trade by the Bundesbank. For the 

deficit was a little worse- than whole of the morning, the dollar 

expected, Most projections had traded within a very narrow’ range 

been pitched between $lbn and ahead of the U.S. trade figures. 

82bn after September's deficit of Trading remained orderly after 

S1.69bn. After the announcement, the announcement of a S2J3bn 

the dollar declined, but finished trade deficit, although the dollar 

| slightly above its worst levels. was weaker against most curren- 
In terms of (he D-mark it fell nes. Against the D-mark It fen 
tn DM 1.9190 at one point before to DM1.92S0. although it was 
recovering at the close to generally believed that official in* 

DM 1.9210, still down on Tuesday's tervention had prevented a fur- 
ther fall. 

PARIS — The larger- than-expected 
October U.S. trade deficit pushed 
the dollar down against most cur-J 
rencies despite central bank inter- 
vention. Towards the close the 
dollar was quoted at Fr 4.40321 
azainst Ft 4.4225 in the morning 
and Fr 4.4175 on Tuesday. 

ZURICH— After a steady start, the 
dollar eased slightly in late mom 
ing trading, although -dealers 
pointed out 'that there was hardly 

an? real business at aJL The dollar 
was quoted at SwFr L7365, down 
from SwFr 1.7400 soon after the 
opening and SwFr 2.73S5 bn Tues- 
day. 

AMSTERDAM — The dollar ■ was 
fixed at F12.0910 yesterday, sUght&r 
down from Tuesday's fixing, of 
Fi2.KW0. In later trading, the IIS. 
currency was quoted at F12JJ820,' 

MILAN — The dollar was fixed at 
LS51.Q at yesterday's fixing, which 
showed a slight loss from- Tues- 
day’s fixing level of LS51.70. 1 r - 
TOKTO — The U.S. dollar-ifeiB&l 
to YT 97.65 against the yen in quiet 
Using Morgan Guaranty figures the ,^- S - trade 

at noon in New York, the dollar's - ^ er 

trade weighted average deprecia- ms at ' J t -showed very lirtje 

lion widened to S.4 per cent from “ovement, a. though activity __________ 

S2 per cent on Tuesday. On up slightly dtmng thefQTHER MARKETS 

Bank of England figures, its index fuenoon, Japanese ana4 

fell from S5.1 to 843. foreign banks being buyers of 

Sterling opened at SI .9450-1. 3460 do 2i? rs *, - _ ... _ . . ' 

and briefly touched $1.9440 before The L.5. unit closed at its best 
settling at S1.9475 around lunch- * eve * f®* 1 tn® day, and slightly 
time. With the trade figures above Tuesday's dose of Y19S.275. 

affecting the dollar, sterling im- There was a genera! feeling in the , - - - — r« Haa a g5fJ 

proved soon after the announce- market that a deficit for - October 3||a|a.50 
ment to S1.9550. but with the of more than S2bn would create [a™, Kona DoUar!ll9.3750-9.3900 


T-ssm-i.SKH 
l 2 J 87 &- 2 _ 2£!6 
064 jj? 
BM 8 - 58.16 

4.7 
81. 

IbMS-WMH' 

1.S361.6S7 

UU# 

'.BMb&sai 

asslsa&r 


Oneduntb f J&u4 

- ".'-•I'.' • 

■hr 


(LffiB-ftSKiBLi, 2.46 
8JWJ0e.p»( .ifll 

IfiMcytm S-9& 

20-18 com. 


■Mcpin 


5J06 


Vs: 





.<jM.a8w>; 8.0a ' 
178-t^OciW SJ& 

«5=- - 

I pm *: 3Jtl~ 

I-2.-S2 

.10.4ai«-2fl0 

fl-./Wdia • -3.7* 

.liorepirKiaftf 4J.12flHote^a . K?a 
; -VBB 


MMJBly,:. 
iS-fljrto jto- 

44-21304x0; 


15,t 

5, s ro-pei i • 


lidTO® 53Sa83c ,pm.. . 


Chi* 


8 SJMZ2Z 
2JI3W-2.BSS5 
■%JM-3S3& J 
SJCQ-SJdao 

4 ■■ 

TUMI » ■' 
8WJOK0J9 
U220-Sra» 
MB254JB75 
4432844SU 
mm&fcu 

x-ymuzalH 




On* wrath 


-• % 

i«s 


TkreeDWnlhj 


?.% 

-F*. 


O&ftffic, am . V AS-: «*43*t*m • 4 ajj.- 

.- x 't72 

2J»5»wyilh rrSM-ASSJSana* -*M 
U5-U3W pm ^ 433 .’ Z4M.-57 tr im -rs.il 

■waSflr'? 

-o ■ 1 rflJ5-:i8MWcta* ■ nut. 
tWlSgondh- rga»j\ WMnurMh -i 4ft 

s^ i ^rwi.ift»r;3as&BS»Sm- bisi 

pm U*' 

m jfoie 


CURRENCY RATES 


Havsniba’ 28 


Spectsl . Enrapean 
DrawlBS Uoftflf .. 
Rights Accauit 


Sierilns ..... OASSBOV B4QISS 

11 ^.. dollar UGM 8 . 

Canadian dollar 14ms 

Austrian schilling — 17.6340 

BelcJan franc 3&J60E ; ..3CpW 

Danish krone 6.78388 / -I.S8S2B' 

Deutsche Mark 244985 ' i526W 

Gnflder — 2^6I6T ‘ 2.735T7 

French Erase 5.67176 . ,_5-7Bai9 

Lira — . 033.95 

veo 2SQJB? . am - 

Rorweglaii krone _. SlSUSH 6jnj09 

Pes e t a 9(t85ZJ : ’ 53-2526 . 

Swedish krona SL6I78S ' -5.78KB 

Swiss franc- i. 2JS88* Z77I22 


MOVEMENTS 


^Eaoiratf CrarH!^ 
J*m»8 



1 

I - 


mn 

rr*m/n*n 'dollar , v IOJJ^^-'IfJ 
AHKdan BdxDHna ... 1OT.03 +UJ- 
BelgliBi trantf .-HO: 

-Danish- krone ^ ' lltgl + i 9*. ■: - - 

Dpmerte: ‘ 
SartsG y _ +BtS: r --z. V' 

. ~ , TOIK • -HM.. 

French- ir^. h .^ rT - mrra . — .■ t* . . . 
Hr* — SftSB 

Tea ;+45. 7 .. ■ ^ 

Wi aUWOtf . asreenenr Docernlwv. Wl :' .- 
KwftaaiT isdex=?U»)- ■ ; ? v 


:.-r i- 4 «r- 


•r l 7 .- - - 


Nnr. £0 

Annsuam VwcL..~., 

AannlM DolUt... 'L7X52-L7182 
nmsbA Markka i. 7.92-7.956 


1 . 856 - 1,859 



dollar coming back slightiv at the further pressure on the dollar. 
I close, the pound finished at although there was some feeling 
IsiiJoId- 1.9520. a rise of 25 points of confidence that the authorities 
i from the previous close. Against would not let it slide too far and 
other major currencies, sterling wouid intervene in the market, 
i showed a slight improvement on Trading in the spot market 
balance and its trade weighted totalled $39lm, with $S9m for 
.index on Bank of England forward transactions, and $6S8m 
figures improved to 62.7 against for sw&p deali n gs. 


Kook 

lavnltuLi..... :142.37-146J7 

KnicalC DlnarfKDi.I 0.529-0.559 
LVnmhsiR Franc J 58.80-58.90 
>Ul»r%la Dollar..... ^.3075^:3300 
.Vnk^eabuid Dollar 1.8587. JJW67 
Saadi Arabia Rival. j 6.49-6.59 
Sbsgapnre Ddtar...l4JKBQ-4.3000 


Sooth African Band 11^7844-1.704291 0^800-0187 



- \ S 

950.55-BE 
0^797 -0.681C 
4.06e&4.063t 
19.73-133.24 Ab'tdaee __ 
36^0-37.40-1 
4.6 135-4.8185! luitv 
. 73-T5- 

0J747-07374 
50-27-30.29 
z^ioaajai! 
0^S4KO9B1 
3.3600-3^66 
2JSO40-2 


. ; -.60611*'-=. 

: 6 - 59 - 6 .C 5 .-. 

- *7031807. .- 

. 1630-WtW- -■ 

- 380^90- .. •; 

-- 4J0O-4;HT - 
. 2.90 X0:05 . 
•-90-100 1,- 

; Jt3®a**4*it.. ; .- 
LMBB-lAfiSBi- . 

*1431^-:, .-.r 


Rate dven tor AtvanUoa tefrra rx&e. - 


-V». T -- 


EXCHANGE CROSS RATES 




NuN- 


; 'l* -• ■ 

i ; “■ 

| • i 

I ” t- : 


.Vov. l9 

f Pound Sterling: 

P.si. Dollar - 

JDentactmmarki Japaneae Fan 

1 

9. 

I 

DutsiHErtzllder 

llalMTIin* 

CamflttMlar 


Pmiofl Stirling 

U.S. Dollar 

1 

1 0.5X8 ; 

1.962 

1 . 

3.750 . 

1.932 | 

384.5 
197.0 • 

- 8:588 
'. ‘4;400 

3.368 
. 1.720 

4.065 
2.083 * 

. • 1657- r 

• -i'848.8.,: 

: 2 ^sa ’ 

1.172 ; 

sorsB^i:; 

n«n 7 Kbe mark 
Japenese Yen 1.000 

} 0.267 . 

: 2.601 

0.620 

5.075 

1 . i 

9.753 j 

102.6 
1000 . • 

'*Tt290 

... .7*8.33 

' 0.895 
■ 8.732 . 

1.084 " 
10.57 

. •<»4f ft 
.4300 j ■. 

0.610 ' 
&S61 


Frenc-h Fnmc 10 
Stri «5 Franc 

: 1.164 , 

0.29B i 

2.272 

0.381 

4.367 ‘ 

1.117 [ 

447.7 

114:5 

r io. 

.72.558 

. 3.910 

•L- 

4.734 

1.211 

.1929’ 

7 ' 493:4 'f. 

2.664' , 

- : 0.681V 


Dutch Gulldw 

Italian Lira 1J300 

0.246 ! 

0.604 j 

0.4B0 
1.178 j 

0.923 i 
2.264 . L 

94.59 

232.1 

2.113 

■ . 6.184 . 

0.826 

...2.027 

r. 1 

2.464. 

. . .407J6 7 '-; 

, loqoi j - . 

:.-'i663 "-. : 


Canadian Dollar 
Belgian Franc 100 

0.437 j 

I 1.692 ! 

0.853 
3.302 J 

1.639 j 
6.345 t 

168.1 - 
650.6 

3.755* ’ 

• 14.63 

L«67 

6.681 

• urri 

6.878 1 • ’ 

TZfko; 

• 2803 . 

mmi - x 



EURO-CURRENCY INTEREST RATES 



:i :. " ~y ~ ' -/Vy'; 

^ ^ * * • . *■- J.:_ 


yov. 29 

Sterling 

F.S. Dollar 

Canadian 

Dollar Dutch Guilder 

Surias Ftttne 

Waat German 
Mark 

Fnmch Franc 

■ Italian Dm 

* '.-Aaian.rV 

fShort term..—. 
7 d»v*e notice 

Month 

Three monthfl... 

Sis months 

One year 

12-124 

124123s 

124-134 

134-134 

14.V-14* 

1378-144 

9*4-10 
9V10i v 
XOic-lOS* 
114-114 
U7 8 .i2 4 
llSfl-1178 

84-94 

84-94 

B3j-10l B 

JOHrlOi* 

1038-11 

1038-104 

84-34 

8484 

95 4 -10 

93*-10 

94-94 

85s87a 

par-4 

par-4 

±4 

PTTf 

I$r4v 

34-34 
3fl#-34 
34-663 . 
»«-»»■ 

44-44 

8-10 '• ‘ 
74-74 

■■■ 7484 - 

■ ..•-.BSb-94.: 

,•94-9.4 . 1 
' 10K:i04.-. 

... ^2885 r-,-7 
' . •’16-80'- 
<1616 : • 

' 154*184 ' 
- .1617 
• 164-174' 1 

M6*-.104 ; 
114-1*4^ 

.; 11K-US 







Tbe foUowlnjj nominal rate, were quoted for London dollar certificate* at deposit; one month tl. 15-25 per cant:, three.. months IL5068 pier cmal: - stx- tnenthk.- C 
lISj-H.95 per cent: one year U.WhU.TO per cent. . • - - - .••• iti-.--' .. 

Long-term Eurodollar deposits: Two years 18J-11 per cent: three years &9 k- 1B per cent: . fomr Fears lGt=I04' ) .per cant: five Tears 1U>]IB par ■■cenc'". -oeiiiftfei:.’"- 
closinn rates. Sbori-term rates are call for sterling, UJ5. dollars and Canadian dollars: two-day call for. KuiMers and Swiss, francs. . Aslan rides -arv .^DStne'-fam -■ 

in Sinsapore. ‘ , T . ' ' ~ '■ 


INTERNATIONAL MONEY MARKET 

European rates firm 


.--GOLD., 

..*■ . . • / • «■ aw| f 


European interest rates were BFr 2S.l42bn last week, and from 8}-9 p.c. previously. One-month 

I generally firmer yesterday, a total ol BFr 42.648bn_ The rose to 10-1 Oi px. from 9}rl0 p.c^ 
although some fixed period rates money was used to defend the three-month to 10}-i0£ p.c. from 
were slightly easier in Paris. The franc within the snake earlier last 93-10 p.c; and six-month to Si-flf 

riUTronriv rpcprcpt nf tho Rultrinn mnnth p.C- frOZDL p qJ 




National Bank, and the Nether- BRUSSELS-Interest rates were PAMS-DayHirtayMnoney^ was 1 >•- 

i rising to tmehanged at 6| p.c OnerinonthJ • • 

93-92 ner funds firmed to6W-6+3 djl from I ™ . -°. un . ce higher, >t-._ 


lands 

week 


Bank declined during the firmer, with one-month 
ended November 27, in 9S-10* per cent from 9J-9J 


Gold -improved after thief UA 
ad e figures were announ ced, ajad- 

common with the latest figm-es cent',* thJee-month''to whUe^^SmmSh SSJted SjrS 

issued b.v the German Bundes- cent from 9j!-0» per cent; six- eased to 8^6} p.c from 6+£6E p.c. P 0 ^ 16 ^ riownrOfe^- 

bank, in previous weeks the month to 9J-9J per cent from 8b Six-month money was tew-hanged nSSri ^ 

currency reserves of all three 9i per cent; and 12-month to 9-9* at 7^7* p.c; and 12momTfefl ^ 

central banks have tended to per cent from 8J-9 per cent. to 7T-7J p.c from 7«-7« p.c. the vS 1 ® 5 

rise, reflecting intervention to FRANKFURT— Call money was PJEW FORK-The^^tferai Re: Si nB rT C ^.^ t li S! J ^SS ,i r 
the D-mark from rising unchanged at 3.50-3.65 per cent; serve Intervened again to add ■ at the afternoon- 


pre^'ent unenangea ai 4.3u-a.w> per cent; serve miervenea again .to add 

too sharply within the European w hile one-morth rose to 3.50-3.60 reserves to the monetary' system 
currency snake, and against the per cent from 3.30-3.50 per cenL. by- way *>f overnight raprir* 4iam . - . 

very weak dollar. Three-month increased to 3,95-4.00 orders, with. Federal funds trhd- Uoki Baihe* » tn* 

Belgium made a .further repay- per cent from 3.75-3.95 per cent; ing at 10 p.c. I oaao^^„ 

ment of its debt to the European and six-month to 4.00-4.10 percent MILAN— Call money was un-t° k ' K — 

Monetary Corporation Fund out from 3.80-4.00 per cent, but 12- changed at 104-10} p c ■ on 
of its foreign exchange reserves, month funds eased to 4.15-4J25 per at 10{-11 pc; and three-n 
rather than through purchases in cent from 4.20-4.30 per cent. lJflll p.c. - Two-month' fnmfe/ AA«rimnn*.i n . 
the market. TTie total debt is now AMSTERDAM — Call money was were qnoted at 11-114 - dc_ com I •' - 

down to BFr 27.045bn from quoted at 8 J-9 p.c.. compared with pared with 11-11 jf p.c. previously J Gfl,d ^ 


. Nor- aa.'iw-jj. . 


8JB8-187 . 

(5ia5.66. 

m8474). JlBlM 
SI9S-S0- 
(£100. M2V 


&1K-WW' : 
8OTi 


UK MONEY MARKET 


Moderate assistance 


Krugemod-... 
ttwSeweiguii^, 
OH 6n»w w(yt’». -■ ~j 
ttaaOcfiH^.. 




Bank nf England Minimum 
Lending Rate 12| per cent 
(since November 9, 1978) 


Ifmr 8oTBdpK.iL. 
OW dorare^b,,!,..- 

probably be reflected In surplus Discount houses paid 114-111 6®J 
balances brought forward by the per cent for secured call loans 

c«.. , in the morning, and late hata'nw.* 

hmall surplus 






Cir.v" •• i 


f'tv";- 

Iru, 

dir-.- : • . 


■ _ H_. 

-j 

n.." 

La.-\ • 

-jr • 


h : j- o. 
D,. -. - • " ' J - “ 

■ ■ 

br/iV : ■ 



(£37-28) : 

Wig* 

n» : (SB S3) 


in the morning, and iate balances i 61 
were were taken at 11-11* pet cent 

---• *- • I fixing, and firming xtjJL Xuethar,. 


per • . ^riunael- ; - ;3om pared -- - - wte- •• 
Fr ssm (SHS7J0S) : fn^ZmorS ■ : “ ' 

/inn rotAA • -v 


— — k*“» balances were 

Day-to-day credit was expected carried over from Tuesday; and 
jio he in good supply in the 
London money market yesterday, bur^ements 

hut the authorities gave assis- ments to the'Sxehi^“bn K f£ SS 1 

once by buying a moderate other hand there was a modest Short term feed^Sd interest ta tbfcmocnln* 

amount of Treasury bills from the »iet take-up of Treasury bills to rates remained «S^ m vS and ^Fi28,4Oa,(S109,6a) ott-Tfles^ 
discount houses, and this will tuance. quiet trading ^ day.. .... ,y._ . . 

. Jn Frankfcirt^ ^ t&e m: kSo .hir ^ ' 
was fixed at DMl2i)45 
{$19427 per; . ounce) ewnparqd * . . . 

•«8KT RHES s 


r« s a 

^fiS|5rv, , a 

tiffs* t; 


LONDON MONEY RATES 


Nnv. tg 
l-*l- 


:Lrrltiii> f Luoal jXootl AuLh 

C'erMhaU*' i iDlertMok j Auttuvlty i ucgotintjlr 

nt *»|HV|t ! I deiOKitR ( hnn.lp 


•wmiebi 

rt»,VR nniicf.. 
•1«V* nr 
■t«n nutigt.. 
*iie monllt ... 

I Itl.Mlttl^ .. 
or-*»- m'riiLh'. 
ix miiiilui.... 
• Illr nil.lllll.,.. 

-rat K*- 

rn («(n 


lKft >2-5 

liTfV lel|| 

iK 1* 13 'r 
tltj-l Jri 


n-ia 


ilTfi-lSlfi 
13ft IfcL 

ifc'e-litA 
1 1t(- li ill 


Fmanrar 

Uouae 

DrinUii 


115* liss i US*. M4* i 
UK UA : UBa-lUa i 


U7 # .12 

12-12*11 

UJg-lZl| 

*■* 

lUi-llts 




'Join pa njr 
UoprettH 


12l3-12l t 

12.124. 

us* I2U 
124a 124a 
iUa lira 


124 

134g 

I36» 

12&a 


Dracount 

utHrtet 


11-117. 


I ta wny 
Uillrt 


Unlit 

Bilrie 


IV 


,xu«-ia , 
llJVUift. 

!n5,-in 8 i..^ 

i >;■ 1“*;“*, 





if ^E2 dP HZ™ YORK- ;J \-.-l *• 


— ' Treattnr - 

- _ : ;j Tnamor Kll» 



GERMANY- 

Dttcoont • Rai*' 
Oy«rnUJt« .i-' 
Pn»- month. 


a.j " cwfeg y-i 


^ 5 !,B » S 

?*#«. J * EC 

hilS* ^ 

^l.sb rc 
'a f p * -e: 0 

‘hi 


V v-.-l- fort 

.•*.-> w.. - 

ap ; v *,£-75 





31' 


Jlnuic^ -.1978 


BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



How can a 



Do you need to increase your overdraft 
or should you look for art increase in capital? 

' How are you planning for the future? 

GRESHAM TRUST can help. Solving 
problems like this is our business. 

We are a lorro established merchant bank 

who specialise in financing private companies. 

That's why we’ll always listen - whatever 
your requirements. So don't be afraid to write 
or ring one Gf our Directors. 

Why don’t you do so today ? 



GreshamTrust 

Where the successful private 
company feels at home. 

jGresham Trust Ltd.. EL-. r r:rg*.on C-re;.- L sr.dv: £C2V?f if. 

Tc>: 01 -fsCi i4?-t 

Birmingham OffiM. Edmund f .'c.-. 1 =V. Street. Bim-.i:.- 1 i=r,iEj 3E vV 

Toi‘ 02 1 -2 <6 "C 77 


NOW AVAILABLE 

NON-EXECUTIVE DIR ECTOR /CONSULTANT 

Demur Chairman or major interiurianii Croup— £« millioa mnwver— 
mw a rail* Pi* la aSSttt and edvot- as j pari time iwn«riiiti»( director 
consul Lan i Badbirotind in cunvral inaniuii-nu-nt. marketing and i-xpomni: 
Twenty-seven years' espcnenco in Msu-tn Building. coosiraetlon contrail 
office tarmsbm and industrial doihms fi-.; yean n« Sales. Marketing 
Director, four years as Export Director. 12 ream as Manjsinc Director 
two yean as Divisional Chairman 

Strang on commerces] and financial management and anxious lo .offer 
Easiness expertise and iudaement to me expand mr. ar.ibiiumi snullrr 
company. 

Write Box G SOTO. Financial Tunes 10 Cannon Siren. EC*P «BY 





TIE 

HiGHLAND 

CONNECTION 


Look on us as Uie Highland 
Connection. Were your direct, 
on-the-spot link with Britain's 
freshestand mostdynamic 
development area — Highland 
Region. 

Highlands-based industry 
—Tram oil exploration to atomic 
energy, from electronics m 
petro-chemicals — isgro-Aingat 
a pace. So too a re the skills and 
enthusiasm of our people, while 
government acency tmannal 
incentives remain a m.<jor 
attraction. 

From Inverness. 

Highland Region Development 
wifi provide current siaiistics 
and mformation - give yon the 
facts you'll need for a decision on 
expansion here. 

Ourseiviceis 

comprehensive. 

Our service is free. 

Make the connection today, 
by contacting: G»>n 
Davies Directoroi f an$f* 

Deveiopment. £ mSu* 


Highland Regional CourKil 


HOEtO 

Regional Build mgs' 
Gienurrjuljan ftiwri 
Invcmrs>.Srolbnrt 
Tel: Inverness (MW! 34IZ1 
TelcM7;J13 





.Highland 

vgass!*,** 


In the present economic 
situation 

Tho affect of inflation, andieis 
wife rise* and geaarai otonoer.ic 
prOMomt hasn't even Begun. 
Bunnell wul M rurd*>. tougher. 
-Competition inlft- and me-tet 
shares dunging lundt . «.*nilai»!y. 
Be ready take i good hard >«n» 
at your advent mg and marketing, 
your print conniun.^uon. you' 
image and your m«<kei percentage*. 
And then take i look at Gnplm. 
We are i special kind ol company. 
Outstanding u rative detigiie't and 
advertiting expert* We know i.o«. 
to get the . Beat value out of light 
budget! . whether 'one-off promo- 
tions oi tomptato campaign!. 

We work lor luge and imatf com- 
piniea all of whom get a personal 
aervice and a wealth of bunneu/ 
advcrtiting/marketiog exponents, 
whether they tpend L Ik. 000 or 
£50.000. 

We handle advertising, corporate 
idantiry. product development, 
print, direct mail, tout* magazinet. 
incentive scheme*. A£V. exhibi- 
tion*. packaging. PR. etc., in lict. 
virtually everything. Thu way, 
cotta are kept to a minimum and 
your advertising and promo Lion haa 
continuing impact. 

Don't pul up with a second-rate 
service — a tot dais business- 
or tenured service wish impact 
could Cost you no mare and get 
a better return for your money. 
7a'k to us nowl 

Trade and mdjirrial accounts of 
particular Interest. 

feck I. Klein. Managing Director 

Graphics 

Creative consultants to business 
Det'gn/ Advertising/ Product Div. 

B Paddington St.. 

London WIM 4DN ' 

Tel: 01-487 2641 (10 lines) 


. 1ST A BUSH CO Enflinee/lnp Company in 
new oil fleveloomeni area fotruirestiP 
. to £30.000 equity investment to vvpario. 
Write Box G-2B67. financial Timoa. 10. 
Cannon Street. EC4P 4SV- 
START AN IMPORTrEXPpRT AGjENCV. 
No capital required. E«aaJJ»iied aw 
30 years. Clients m 62 coantrlea. 5eM 
largo SJk.E.— Wade Dept- F- PO. B« 
6. Marloorcmllh. Wilts. 

WANTED no it- state* arst rnnrtoaoe oi 
L4J aO OOO on owner ouunjed rivet- 
aide proocitv iust prolesiioiwliy valueo 
Bt£9D.OOO . MalOenSeao 10626 J 22008 
PHONEMATS. .Tito new American Tele- 
phone Answerlna rantW-,. Purchase price 
£1 75-E396- 01-741 3002. 

£1 A WEEK FOR EC4 address or otKjne 
messages. Combined rates + 
linnet £3 • week. PiextiOe **£***, JJ?” 
Stork Exchange. Me*sane Mincer* Inter- 
nal ronal. 01-628 0B9B. Tele* BB1T77'' 


UNITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD 
30. Oty Road. ECI. 

Of -628 5434/5. 1361. 9936. 


AMUSEMENT CATERING 
SITES 

Available on renewable licence at 
preot-er location at a raaior loutb- 
cosn raion. Long history oi I1KX4U- 
ful trading available lor inspection. 
Apply for further details to Bex 
G 2*45. Financial Tunis. 10. Cannon 
Street. EC4P 4BY. Principals only. 


WANTED. LEASEHOLD PROPERTY . for 
financial Packing lo ourenale Irerhoia 
properly! suitable for ifiorouabbreo Club 
by laav with excellent Hock. Tel 
Uckneid 5793 

NOW AVAILABLE. UseO 20tt SOtt MO 
4QIT conumors. v.g.C. Also, made to 
mrtiu’F l*v meets and tarpaulins. Tele- 
phone- Oulnn | filer national. 03942- 
7T4T4 


BUSINESS AND MANAGEMENT 
COURSES 


Continuing Executive Programme 
A Programme for Busy Managers 

i Continuing Executive Programme comprises four full-time 
identiai sessions totalling six weolu and spread between February 

mvers'a "comprehensive range of management arranged 

ordlng to individual needi The Programme will also deal with 

iblems brought by the 25 participants from their Jobs. The 
ool^s resources aie available to participants throughout the year. 
t Programme will appeal particularly to the busy manager whoie 
responsibilities make it impossible for him to spare more chan 
week °or so away from his company at any one time. Fee. 

| U London 1 Business School was founded in 1965 with government 
.iinanri to provide a ‘■centre of excellence for 
liagement studies. The teaching and research faculty number 90 
" more than 1.200 managers attend programmes each year. 


I nnrion Bwhurt m4 further dntallt from 

LJ - n l y'“ n Mr. i 5u« Coan, CEP JUgntrarlon 

Dj iCineSS London Buanws* Schonl 

DtJO " Sum* Plaev. Rcgcnt'a PaHt 

SdnOOl Lnndop NW1 45 A - Tel: D 1-262 5050 


THU Arili JUNi.ir.lCur Af FEAHi A MA1UR OF RECORD ONLY 



KWIK-KOPY CORPORATION 

ol Amoricn .mnouu^es rr.c dppi>m::vcii: of 

KK PRINTING (UK) LTD 

as exclusive licensed franchisor 
In the United Kingdom 

Founded in 1 057 in Hour.ion.Tev as. KwiV.-r'*.'py C i-rooration 
r. .i It- jdor in ihe ''piinling-v-hilff-you-'A'.'itch" field and 
Oti'-'i-il.-i a i-uircossful chuin ol over 325 individu-Hv ov.ncd 
CoiivomcnLOpiiiiling centres across iheUniicd ^Uie6(iom 

New York to Hawaii. 




KK PRINTING fUK) LTD 

Bromar House. 27 Sale Place. London W2 1 PT 

Telephone 01 -262 5000 Telex 21 S69 


P.1. Gprt.t£'iiii.iL.ar 
Managing Director 


Dick Crook 
Executive Vico President 


OVERDUE ACCOUNTS 
COLLECTION 

Ddc at Uii- sidcIi. iuosi initK.ri.iiit ld-‘i.irs in iiw r.’asiiia 
tonipjiiy iirn'jraDlllly and Dlaini jiDiIik liuuidiiy l> Ibv 
i-akh Ki'Dvra:>-d by effective and ap^ds culleciwn M 
mil V BUii 1 1 ik accounis. 

1'ivilti kut rmurnr.as---* «l! aMK'itk uf m.idrm itmJiI 
callvdiMii. huih ui Ibe U K an4 Ovitwiv A lot ally 
prult-saiuuul sorviiv — run br ch.-nerm aL-muntanu. 

Contact in sirietest confidence for 
Conmicrcliil Colleciion & 

Kusim-ss Information 

A. B. Badcniicii. A.CA. D. W. Clark. A.C.A. 

Credit Aid Limited 

4 Ni w Undue Slr.-tL l.omlun r»' 4 V u« - Tel 61 - 35.1 T 7 r 


ON-LINE COMPUTER fiUREAU 
CENTRAL LONDON 
SEEKS TO ALIGN WITH LARGER 
COMMERCIAL OR INDUSTRIAL GROUP 

The bureau currently can handle up to 30 remotely totaled ir-mina/ i 
hn ike capacity to. u least, double ih.i It alter* Both a fine *eh'' 
group reeking hi awn central on-line □ P dvpa.'inent. rndi nude 
revenue ua-ning comme't <1 bureau and micro compu'e' tain o.;an-i.r. 
ll'rt briny aP 0 'i>> maicly I |m Plcate reply r D I he idjnam, to- 
Financial T lien. 10. Cannon Srreer. f C*P 4p*. 


F&izSZr 

i Runci*> V-1 Ta* P'ubkcjiiflr* 
. im inen by rt & Low -wis A 

VlKlIlh ii rtCalTWl'Oti- 1 W dvjdjfclc vt • 

• PRINCIPLES OF TAX PLANNING 

• INTERNATIONAL TAX hUWEN 
DIRECTORY 

• LEAVING BRITAIN? 

A guldo lor Intending emigrants 
•'WHERE TO GO: SPAIN 

• A GUIDE TO DIRECT FOREIGN 
INVESTMENT INTO THE UNITED 
KINGDOM 

These guides - aecXenied b> mo Hera 
kwired on Fwnm etc aid now avwlnbto In 
eiviviMh- ifcsi^h 


B Also avoiLiMe FINAX SPFCIAUZED 
° REPORTS compnsmg prolenianallv 
ononied m depth report* lor ihe 
INTERNATIONAL TAX PLANNER 


SOUTHERN GAUFORNifi 

A personal service to those 
seeking opportunities in 
S. California, U.S.A. 

We offer identiFication or r:ju*M(n 
and ;a-opera:<on o?Pa :un<t>c>. :e;h- 
filial and Firiancial app-a.iai a> p>ot- 
peit*. products aid 6-oceuei and 
nircatiii.au on prhall ol Ciena. 
Srlc:ted aai;nm : r.u .;ait se uiflf'Va'en 
by mature, rechnieally quihArd bj*» 
neti'iirn. «eil connected and («yw,. 
eneed m Europe, ijrl and US* 
Meeting* can Se he'd to UF O' San 
D-cao- Cal.* 

Enfluirif i to Bp* 5 ?° 5 e. f-’-ar.c-nl 
r.me*. 10. Cannon Strew. E C4P *3' 


Sand, MOW /or tnv trader - 

THE FINAX LIBRARY (Dept 
31 Cureon SI . Mayfaic London. W.1. 
Telephone 01 - 499 B2-J1 


LABOUR-TENDERING? 

For the labour component ol any 
op« ration m any country conaulc— 
GRIFCAMP HOLDINGS 
INTERNATIONAL LTD. 

42/45. New Broad Street, 
London. EC2M IQY. 

Tel: 01-620 D89B. Telen: SB 1 1 725. 
Company identity >n UK, Saudi Arabia. 
Pakldin, India. Bangladesh and (he 
Philippine*. 


IRISH EXPORT 
COMPANY 

with range o* patented Reluac Hand- 
ling Vcii.c'ci irlling in ovrrieaa 
mirkct* pa>ticulaity developing coun- 
tries. intcrcned in telling part or 
all equity. Piofit/D'V'dend* u> fr«a. 

Write Boa G.2994. fimndot Times, 
10. Cannon Sln^r, LC4P 4BT. 


NIKON PRICE CUT 

We have cut more chan UO off the 
normal ditiouni price of the Nikon 
FM camera. W» can also offer most 
Nikon cameras, lenses and acsrtsor.es 
Irom stock at special prices. Taa tree 
purchase* to* ovcrieat v**ito*» 

THE NIKON EXPERTS EURO 
FOTO CENTRE 

High Road, Cowley. 

Uxbridge. Middx. 

Tel: Well Drayton 41224 
far confidential Nikon price fist. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guarancced 
by IBM. Buy. uvo up to 40 per com. 
Lease 3 year* from £3.70 weekly. 
Rene Irom £29 per monch. 

Phone: 01-641 2365 


EXPANDING 

MODEL AIRCRAFT 

MANUFACTURER 

leeks working Director/ Investor er 
Will sell. Profit* 1977 an excess ol 
£25.000. Valuable freehold building 
and land. 

Wtlta Boa G ?®*0. Times. 

10. Connon Street. EC4P 4BY. 


oven 40.000 schools and EOUCa 
TION ESTABLISHMENTS an tw reached 

a ' mall. The Educallanal Artdressing a no 
alllno Service. Dermr House. Redhlli 
Surrey. '* RHI 3DM seentnam a?23 
INVESTORS WANTED lor new West Eno 
mu-.k'jr. Write Box C2BBB, Financial 
Times. 10. Cannon Street. EC4P 40V 
VENTURE CAPITAL REPORT 2 The Mall. 
Bristol The m-wslotle. that -nannei. 
capital to small buslnaues. Investors or 
entraprencurs ring D272 37222. 


PLANT AND 
MACHINERY 


GENERATORS 

2 2.250 KW 2800 KVA II KV 
Allen/Brown Boveri Diesel 
Alternator sets. 

5 2J50 KW Mirrlees/AEI 6.6 KV 
Diesel secs. 

I 750 KVA Paxmans/MacFarisne 
415/3/50. 

TELEX 36573 

lOHN GODDEN (STOKE) 
LIMITED 


GENERATORS 

Over 400 sets in stock 
lkVA-700kVA 

Buy whufy from the manufacturers 
. with full aftpr -sales service. 

CLARKE GROUP 
01-986 8231 

Telex: 897784 


GENERATORS Irom Ccnrrcx Limited. Sifts 
liom 2 KVA to 4.000 KVA. New and 

S irfl all guaranteed it keenest P rises. 

•L Wargrava 1073 522) 3D3I. Talax 
B4B537. 


GRADE A1 SPECIAL 

WHITE RICE 

One shipment only. 10,000 tons 
Jan. /Feb. USD 260 per ton. 
C and F UK or other porr. 
Sample can be inspected in 
London. 

Tlx: 262350. Tel: 01-629 8587 


ARE YOU DOING BUSINESS 
IN AUSTRALIA P 

Austral Ian buuneumut. formerly a 
practising chartored accountant, pre- 
sently in UK. seeks discussion* wirh 
British companies desirous ol doing 
buiness in Australia. 

Write Bo* G.J004, Financial Times. 
TO. Connon Street. EC4P 4BT. 


MIDLANDS COMPANY 

<uinii> in- n.r b vuiiuu- mil] iu ibL 
motor i lulus' rv lu* cap.iLir, tir pr.-s-. 
w.irk up to I ub ion* .M fwil'Ii. *• 
.uiiabh- lor nia<.'iiiiiuiit vatiuw aim 
lurBinit loiribT wtili wi'iaihG pain:- 
iiu and asBL-nibii Assnc-iaie cvni 
paor tnanulBcturtng spur, helical 
stralgbi and spiral bevel gears also 
has capacity available. 

Itfrlle Box C3003. Financial Tune!. 

10. Cannon Street. ECIP «BY 


CAPITAL EQUIPMENT 
LEASING 

We are inviting propositions 
from first-class Lessees only. 
Please write >fl confidence for 
oil yep* retirements to: 
Managing Dlvaetor. 

LVNSAL UMITID, 

2 London Wall Bulldlngv. 

' London EC2H 5 PS. 

Taleptiona 01-588 527* 


SELLING YOUR COMPANY? 

We advite/acc io' Private Compsmel 
considering isle. Pros * Cans: ways 
* means: valuation: preparation: 
finances tax* don: buyer*. 20 yean’ 
sped allied experience. In-Housa pro- 
fnilonal expomsa: legal, (ychmcil, 
ewninerclil. orginKarion. negotiating 
Utmost confidence. 

SIMLODGE LTD, 
WbitrlqgbM, High Road. OUpstaad, 
lurvay. ^IDowniatid (07X9» 54 MB 


RESIDENTIAL ESTATE 
DEVELOPER 

Offer* £i.S0d 1.0 il.OUO p.r house 
p - Din plus F.rs: Legal Cha-ge a »0 
■iiutvst on a day-tc-dar bas.i •« 
erchauge ror finance o» land and 
Work, m Progrr** S>iot ready io 
start ,n areas o! h gh “omsi-J. two- 
year term. Advertise' e* -ilia.. men ol 
Public Company ol Home Bui dvrs 
Write Box G.1902. Financial Timet, 
fff. Cannon Street. £C4P 4BT. 


We ore an 

Important Food Company 

wHh a strong penetration in tke catering/food service 

market in France. 

Our commercial structure, with a specialised sales force 
of 30 persons and national distribution coverage, gives 
us a very good basis for the Introduction and distribution 
of products to the market. 

We are Interested by tbs 

Commercialisation 
of other products 

produced by manufacturers with little or no presence 
lb the catering market in France on the condition that 
these products are of 

real added value lo this clientele 

(excluding fresh and frozen products). 

Please reply to GIRA SA.. 1249 Col I ex-Switzerland 
for forwarding. 

• ••••••• 


£ 2 , 000,000 

AVAILABLE 

Peter Whitfield and Bob Tanner (formerly of 
Clubman’s Club and Orme Developments) have 
£2,000,000 available for investment. 

Write Box G 2SI2. Financial Times, 

10 Cannon Street. EC-iP 4 BY. 


UNUSUAL OPPORTUNITY IN 
FLORIDA - USA 


tory uaupual situation, rspn'laily for immediate development of Mobile Home 
Park and Rer Veh!-I« Pfe . . . outlay and ure for immediate Income 

and crodls. fun SALK T3+ prime ac-res next to R’a.i Pirm-y World MOO n-its 
from Haul unirncL-e Sboppitu Cenivri on t>o main artrnal road*. Area 
ifdiuunii.- Bjtr Lincv’i II Bilunn EPfiJT yrocran tnl ICC < Lcrilii Kan Mii- 
li.in H’lUxurur ur,i prncri *.17 hm cwn • alor.j stj!*! -fir crinrlh ol orct iu r * 

Pnri-d at Sfi "Mlmn mrludinc lerb asm nn>* Inr -iu and planning per mi r 

jxmihlr Wi. '* inriu'.piliiHi OohtMxv !*> -er -•-■ ker- 

Apply to: Ing Or Ciorgio Voyasldlc, via della FAPNESINA 3CB, ROMA ITALY. 


114 years of 
fhrnrag companies 
ha£tal|htu5 


’ll 

Sent:: , -ir:.« 
you i:-: f j zr.*, 
r.r,o : : Firry 


tfca Lsst of companfcs 

Kizjisksvs irw^-'.-cn/.cc 
: .-ra:-. ...r: 

: '"i.'T.c :«i": o 


CAPACITY FOR STAINLESS STEEL AND 
GENERAL FABRICATIONS 

Our cLentt a-e i snj ,«ub> iK^t Cam»iiw e.-gi-sd m the dei jn. f»b-^»i.on 
»nd p-jcessMig of i ijage ol uaricisrC orodurrt ir. iiamies* *teel and oiher 
material*. Fonowiug .;<juivtion b- an -xsar.dmg •ndccrul g-ou? ihe Company 
hto Cesi ren-u.iuuo «r.a me t no* sx.iu ia-?iut tapai tv a.ic experr.*e 'O' 
ail tyre* oi taa-ieir-on work The CoTfia-i f has a«- e.cecmt reputation lor 
quality, it «en cq. i-sa and hai a ik.-led. <x?er eneed ws-kforce. 

Eno- net for ra/rrani ipec.ji or repetitive we rk ifiauld be addressed to: 
Mr. D. F. A. Frith. Director. QAMFORO BUSINESS SERVICES LTD., 
Semfoid, Sheffield S30 2AU. Tel: (04 334 55A. 


INVESTMENT IN PROPERTY 

Substantial financial backing wanted for property 
deals, mainly short-term. Share of equity offered in 
these remunerative, well-secured transactions. 
Initially, please write in confidence to: 

Bar G 72978. Financial Times 
10 Cannon Street. EC4P 4BY 


A MAJOR PUBLIC COMPANY 

with Extensive Engineering interests utilising approximately 
3.000 tons per annum of High Dury Grey Iron Castings for its own 
internal use is seeking a joint operating agreement with a Foundry 
Company offering such a facility. Would be willing to consider 
purchasing such a facility if order book continuity is assured. 

Preferred Area — MIDLANDS 

Write Bov GJ002. Financial Times. 10. Cannon Street. EC4P 4BY 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Aro you ohia-ning me tail price tor 
your low-mileage preitige moior-ca- ( 
W» u-gemly require Rofi».Ro/c«. 
Merced**. Daimler. |agu«r. vi-^rn 
Flu BMW. Pcvyche. Ferrari. Maitncr, 
Lamborghini. jemen Convert,!)'*. 

Rover, r- jbji ,nq vs .j car*. 

Open 7 day* a week. 
Cglleeeion anywhere in U.K. Cash or 
Ranker*' draft available. Telephone u* 
for a ffrrn price or our buyer will all. 

ROMANS OF WOKING LTD. 

Brook wood (04367) 4567 


IMPROVE SALEFORCE 
EFFECTIVENESS 

Senior manager /consultant with unique 
experience m anaiys,* ol itlcib'C- 
opera liom and p-atticai ■ , n)> , ern.-'irer i on 

o( aal'Cf. structural cpd manage inuni 
improve mrnu ha* time *h»-il» fo- one 
lurth-r assignment an -.or. VJ I ". i r. : , or 
par c^rr-lu: ve t t n , l. 

Jnfs’mjbei fro.-si 3o> G 249 1, 
Financial Times. 

10. Cannon Svaet. EC4P *BT. 


INVESTMENT 

OPPORTUrmY— 

NIGERIA 

Well established Nigerian 
CPsnpsii;- -*ltn L'J acres prime 
land in Lacus. Niuerla. seeks 
participation with foreien 
Cumpanv to develop same Tor 
Industrial Purposes (Manu- 
facturing. 

Wriic B'.i'v r;C926, 
Financial Times. 

10 Cannon Street. EC4P 4 BY 


INVOICE DISCOUNTING 
— FUNDS REQUIRED 

Finance house specialising in Invoice Discounting has built up 
funds now m excess of million over 3 year; of steady growth. 
Our business methods are now well cried and proven. 

We now require further substantia: funds to Finance continued 
expansion ol existing borrowers and regular fiow of new business 
enquiries An excellent return can be offered to innsiC-rs. who 
may be either private individuals I minimum investment £-5.0301, 
companies with surplus funds or institutional investors. 

This is an opDOrtunitv to assist the growth or the Smaller Firms 
sector, with minimal risk, and a level of involvement to suit each 
investor's requirements. 

Introductory commission would be paid :c genuinely retained 
agents. 

We are founder members of the Credit Facto-s Association. 

Fullv detailed information mjv be obtained b, writing to P O. 
Bo* 9. Leicester LEI 9AX. indicating the Icvei oi funds which 

may be a-.ailable. 


CAPACITY AND MA NAUE.USr.Y 

The direciuri jf a London based cumoars 
in shopfiitinL' and anciN.'irj trades, having 
pdvaniaucou* I'-a.-e on a fdC»ftr> space oi 
ihe curreni pn-nim nliiv Senu eroded by 
siafT capable of maintaining ihe stand.: 
clieiHs ari* cnlitleri io expect, are in-.es:ii 
of u*in? ihe capacii;. to be*ier 3fiv-ji':j- 
fur skilled lah iur and yci at the «:mur 
services of extremely capable, loyal, 
employees. 

Any sus^estinns to B-js nL >c <9t:. Finanr‘a 
Sired EC4F 4BY 


T AYAi LADLE 

y currently involved 
jii-it renewed j very 
SD.f'Ou sq. ft. foresee 
a shortage of iktlleil 
rdi they, and iheir 
;atiti;: the pnxxihiluy 
without the need 
time rvi at run 2 tUe 
and conscientious 

1 Tt 10. Cannon 


A FREEHOLD HOTEL 

in receipt of substantial trade 

BAR RESTAURANT LOUNGE 
40 BEDROOMS FUNCTION ROOMS 
Fire Certificate issued 

FREEHOLD AND CONTENTS £250,000 

Knight Frank & Rutley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 



SPRAY FINISHING EQUIPMENT 
COMPANY rOR SALE 

ittibhthed lor cue- 50 »*»** CaTipjri, i»- n,< iz. niece jpat? for cxpa.-u>on 
el rns.n g-ogp otpi'i i traditional business. Product sing,- :o»e-'nt; Spray 
Guna. P.f.G Comp nu'i ol o*n dei'gn arto mlg ?lu* (up^>y arringemencs 
■ o ' oiha- a'liad equ-pneni— Spra* boo:!**. G-on*. eu. Su?jlien -.0 maitir 
•nduH’il? companic*. Gsvcnment Dcprs. and distribution outlets. Business must 

be mcj-od f r<>jT. p-estni locmon. Com pane name, goodwill, order t>opx. su». 
drawing*, res* ig. ieie;:ii plant anC other assets io- sale, ^sk-nj p.-icu in 
region pi £50.000. 

Write Bor G.3®?7. Financial Timet. 10. Cannon Slreec. £C4P JUr. 


RETAIL BUSINESS FOR SALE 

pipidfy expanding Ipecialisc re;a,| 
bus.neit (indoor .enure) nreds tunds 
ror expansion. Our present overhead* 
jre roo high tor evucng pocriiion. 
fiather shin Cut sac-, we would be 
interested in either raising additions 1 
capital or seiti-ig the busmen* ip-efe>. 
ably in e (change lor shares) to a 
suBitaniial company in a relaud field, 
present management wilt remain. 

Write Bar u 3031. Financial Times. 
10. Cannon St -eel, EC4P 48T. 


DOUBLE GLAZikS 


SOUTH COAST 

Prince offering , comprehtn- 

*'»<: tabricannj and fixing tt nee lo- 
double giazmg and replacement wm. 
dovri. Current turnover i5uC 000 
Anticipated net profits >n the r*g.on 
o( £100 000. Goad prem<tes. Prin- 
cipals only. 

W-ite Sox* G.T929. Finance! Times, 
10. Cannon Street. £C4P 4fl/. 


SUCCESSFUL MODERN 

PSINTiNG WORKS 

FOR SALE 

Limited compxny operating in South 
Can. Expanding buimtii. Freehold 
premise* available. Turnover exceeds 
£300. (iDO. Ner profit be I ore director*' 
(*M exceeds £90,000. 

Write Bax C.29(J, Financial Timas. 
10. Cannon Street, EC4P 4BT. 


WHOLESALE 

JEWELLERS 

NORTH WEST 

TUFnO'.ER t-m 
NET PHOrlTS ibelsre taxi 
£85 OOD/ilOC.OOO 
NET A55ET5 *250.000/ £300 000 
Pr :n-;ipa's t>r prolemonal advisers 
only Write to: 

PHILIP CONN & CO. 

f*e'. P.'C' 

Irazennosc House. 9-asennoie Street. 
Manthesrer M2 SA5. 


USlLUO.IIH Hare opportunity lc 
puichase freehold Quarantine kennels ip 
S outh of knoland. Cons lit era hie scone 
princieals only epply HeHernon & Co. 
26. Hiph Street Twyford. ReaCInfl. 
Berkshire. 

NORWAY. Prime Industrial Htc. oslollora 
Approx. C5 acre* with BOO vds. deep 
water (renlasr lo maler river. 250.000 
*q. tt. buildings. Available lor sale or 
pimclparien. Wr.re Box C.29SJ 
Financial Timas SO. Cannon Street. 

EC4P 4BY 


HOME CGuifHES 

For Sale as Going Concern 

Fullv equipped nan-ierroui loundry 
and general engineering busmen. 
16.000 sq is. new lactory P'cni'se*. 
I tO m earns ol £1m. Long-term 
contract!. Ful 1 details on requcit. 
Wrile Boa u.4d?3. Financial Times. 
10. Cannon Street. EC4P 487. 
Principals only. 


HOTELS AHD LICENSED 
P8EBUSES 


K1LDWICK HALL 
YORKSHIRE 

One of Britain's outstanding rea- 
uu rams /hole It is For sate. Ideal 
owner operators business or prestigious 
Jewel for group. Excellent recom- 
mendation in 1979 Egon Ronay Guido. 
Fully equipped. Freehold £120.000. 
Brochure available from role agenti. 1 
CHRISTIE 8 CO- 
11 Bwsd Court, Leeds LSI 2JZ. 
Tcli 0532 459647. 


RETAINING CLIENT require! to purchase 
before Christinas 30-40 room hotel. 
Bayswater area, up to £aaa.0O0. View 
rodur. Quick decision. Bariums A 
Co . 01-730 9937. 


BUSINESSES WANTED 


I»iS»UER 


For further Information contact: 
K.Dean, 

ARBUTHNOT FACTORS LTD. 
Breeda Place, Hastings. ’ 
E. Sussex. 

Tel: 0424-430824 


EXECUTIVE 


Supe.-bV dr-s.qrcd mdlicericv m 
I- '<nd. Casx ?ao -.v.in !u»ur/!inisli. 
ir.corpcr iji-.j Cupboard and F.Ws-jre 
S jtflf. Aad-055 Tdloonrwse IVsIltl and 
B-jiinass Care Wallet. nca:l* fired m 
v.«K|s D jr Per.^.i Pocreis ideal 
qifl. P:-n:ed vt.in Compiiny nairo and 
icgn or. co.'s: a? senee colour s. 

FARMQFF PLASTICS LTD. 

f.ar::-nr'.3.7.6 9^ Bt-r- *-.,iTistod ■ Her Li 
T u ». 04427 53£i2 7e/erE26715 


CORRUGATED FIBERBOARD 
INDUSTRY 

We wish to acquirv on behalf of clients. A medium 
size corrupalur plant situated in the west midlands/ 
north of England areas. The ideal plant would bo 
in the region of U.uuO square metres and have land 
available for further expansion. 

UcUtlh tu Messrs. Sto> Hayward and Fanners (Ref. E.r.G.D.) 
Aci’urlsf Hoiisp, 44 Baker Strei-t. Lumlun WIM IflJ. 


ll 

We wish to acquire 


i 

quality machining co. 


1 

(Engineering eapatilj) 


1 

100 tr* 400 employees 



Ltn'Uiion: Liijil'and or WaivA 



Write Bom 031)00, Kinunuai 

1 

1 

Times. 10. Cannon Sirocl. 

1 

i 

EC-IP 4 BY. 

1 


RESIDENTIAL MORTGAGES 
Up to £100.000 available for 
transaction. 

No Endowment Assurance. 
Commercial Funds also available, 
needed. 

Write Bax G.23B2. Financial Time, 
fff. Caiman Street, EC4F 4BV. 


BUSINESS 

WANTED 

Smineuuiin «ntii lubiunciil Unmet 
ivulible -equir** active p» rue. pic 0.1 
•n r lucceutui ending. 101 port/ *x porr 
or retsil eompinp. Out- ght PufCMit 
or bcrtnenhip conxidered. 

Writ* Box G.2999. Financial Times. 
TO, Canaan Street, £C4P 4BT. 


ELECTRONIC WORD 
PROCESSING COMPANY 

■ill Mubliihed withe* go concoct 
electronic cotnpuy capable ot nuu- 
facnrmg tnd tenricins in UK. 
ffrplv to ft£F. ACT 

HARTLEY LAWRENCE MARKS 

22. Msochtstar 5q„ Load on. w.I. 


C'iukC wih»* ro icqui'r 

DORMANT COMPANY 

whi^h hi* pi c/icijll|f tvndull.'ll V Jig. 

nificanr trading activity or owned 
propjrt/ ol ■ value ol at lean 
L 1 0 Ci. OOP (prefrr-apiy greater ) P-escn; 
u*rt value ihould be *mall or 
negi'gib'v. Write to; 

^THORNTC-N SAUER 
Chartered Accountant*. 

Eidan Lodge, Eldon Place. 
Bradford. BDl JAP. 


G. S. 


SEEKS 


lii Copcrollinj interest or out- 
right purchase of small/medium 
finincial and commercial ser- 
vices company. Management 
able to continue if required, 
i 2) Interest in portfolio manage- 
ment company. 

Delai'i in eonltoence to: 

Box G 2905. FiiwceicJ rims*. 

10 Connov Street. EC<P ear 


WANTED 

BRICKWORKS 

H present rundown or disused. 

for outright purchase. 

Write Box G.Z957, Finonetof Tima*. 
18, Cannon Street . EC4P 4 B7. 


LANS! 

porch, 


SAFARI Orpentsetton wane* to 

porehtse I A.T.A. Travel Agency. Pleite 
W"tKl _Wrj. - Reeves Clacton-on. Sea 

aa rrln,on - ons " 


EXPRESS 

PARCELS 

A Company wuhing to einbinh 1 
N iiioiai Ne.wo.-k would be pleased 
to have discussions with Parcels 
Carrier* with a view to possible 
acquisition. 

Only firm* with good premise* and 
capacity available would be aurtab'e. 
Write Box C 7994. Financial Times. 
10. Cannon Street. EC4P 4BY. 


WANTED 

FERROUS FOUNDRY 

IN SOUTH-EAST ENGLAND 

Production ftcifiaci to F 00 som grey 
tn»n castings per week. 

Write Box G 292J, Financial Time*. 
TO. Connon Street, £C4P 4&T. 

































FIN 



Cricket 

the 

major 

passion 


By John McCaughey 


BARBADOS, IT is generally 
conceded, remains the most 
British of the many islands that 
England once owned in the 
Caribbean. But, in fact, one 
suspects that it might really 
have been colonised largely by 
the Irish: so good-humoured, 
easy-going, polite and literate is 
the populace. 

Discovered and promptly 
abandoned by the Portuguese in 
1536 (they gave it its name 
because a species of local fig 
tree, with roots running from 
the branches to the soil, 
reminded them of an old man's 
beard >, Barbados was first 
settled by the British in 1625 
when the somewhat inexpert 
captain of a colonists’ ship 
called the Olive Blossom ended 
up there as a result of a series 
of navigational errors. The 
English stayed anyway and, 
from then until independence in 
1966. no flag but the Union Jack 
ever fluttered above the island. 

Fanatics 

One consequence of this bas 
been the evolution of a nation of 
cricket fanatics. All West 
Indians are passionate about 
cricket, but Barbados has distin- 
guished itself by producing the 
legendary Sir Gary Sobers and 
by (with most uncommon 
restraint) having somehow con- 
trived to be the only island 
in the Caribbean that has never 
undergone a riot because of a 
test match. 

The failure to riot denotes 
no slackening of enthusiasm. 
Balance of payments problems, 
unemployment and even religion 






BASIC STATISTICS, 




- 168 -Biaaai 

*'* Population v n ‘2S0A<M> 

r Q DF ( 1977 > : • " r r, 

Per capita. - , V-.'. .• “ -~v 


than 


Twelve years after independence, Barbadians can feel fairly happy 
with their country’s progress. Barbados is politically far more stable 
many of its Caribbean neighbours, while the economy — apart from a high 
unemployment level — is in reasonable shape. 


Intporia^rom UK 

Eiports lotlK ;• 


£5J2m 


take a very poor second place 
among all levels of the popula- 
tion to conversation on cricket- 
ing topics. Most weekends of the 
year, more than a hundred full- 
scale matches take place on the 
crowded little island — games 
which frequently involve the 
humiliation of a visiting 
British side, which has allowed 
itself to be weakened by the 
sun or by the local “ EcLipse ” 
rum. 

Its reputation as a cheerful, 
cricket-mad island-in-the-sun 
has greatly assisted the market- 
ing efforts of tourism officials, 
and tourism is now the coun- 
try’s principal industry. 
Impressed by an infrastructure 
that few developing countries 
can match, tourists tend to 
recommend the island to 
friends. And the “ repeat- 
visitor” factor (a significant 
indicator in the highly-competi- 
tive Caribbean market) is high 
in Barbados. 

As they celebrate the 12th 
anniversary of their independ- 
ence today. Barbardians are by 
and large feeling pleased with 
the state of their nation. The 
economy is generally considered 
to be in better shape than it 
has been in recent years (or 
than it is in the majority of 
neighbouring islands), and it is 
certainly in better shape than a 
glance at the island's small size 
and meagre resources would 
suggest 

Prime Minister J. M. G. (Tom) 
Adams, a 47-year-old barrister 
and leader of the Barbadian 
Labour Party (BLP). won a con- 
vincing victory in the Septem- 
ber. 1976 general election. 


which ended 15 years of gov- 
ernment by Mr. Errol Barrow’s 
rival Democratic Labour Party 
(DLP). Although he has suf- 
fered one by-election defeat in 
the meantime (largely as a 
result of a lacklustre candidate 
and the unpopular economic 
measures he introduced shortly 
after coming to power). Mr. 
Adams retains an authoritative 
10-seat majority in the 24-seat 
House of Assembly. He does 
not have to go to the polls 
again until 1981. 

Differences 

The BLP election victory can 
probably be traced more to a 
widespread feeling of it being 
“time for a change” than to 
anything else, because few 
enough ideological differences 
are detectable between the two 
main parties. The DLP claims 
to be more “socialist” than the 
BLP “ businessman's party.” 
but they are both organised 
along broadly similar social 
democratic lines, and the oppo- 
sition has not come out with 
any serious alternatives to the 
present Government’s economic 
policies. 

Fulfilling a pledge delivered 
in the heat of the election cam- 
paign, the Prime Minister 
appointed Sir Herbert Duffus, 
a retired Jamaican Chief Jus- 
tice. to conduct a one-man 
inquiry into the financial deal- 
ings of the DLP Government 
between 1961 and 1976. 

Sir Herbert’s report will be 
delivered to the Government 
shortly but it is considered un- 
likely that he will have un- 


covered any “Barbados Water- 
gate.” “I would not be sur- 
prised if he has found consider- 
able evidence of incompetence," 
one businessman wryly observed 
to me, “but incompetence is 
hardly ari actionable offence by 
politicians. I doubt if there's 
evidence of any real corruption.'’ 

This view is shared by the 
Democratic Labour Party, 
which has loudly protested its 
innocence' and says that it is 
serenely unconcerned by any 
revelations which may be con- 
tained in the report 

A more serious worry facing 
the island is its unemployment 
Now running at around 16 per 
cent (much higher among the 
under-25s), unemployment is a 
Caribbean-wide problem that is 
aggravated in Barbados by a 
bulge in the number of young 
people coming on to the job 
market 

The Government is vigorously 
pursuing a policy of attracting 
labour-intensive industries, but 
it faces considerable competi- 
tion from other countries with a 
similar goal, as well as the long- 
term threat of vociferous pro- 
tectionist lobbies in the West 
closing their markets to indus- 
tries (such as textiles and elec- 
tronics j which have been 
established in Barbados in 
recent years. 

One scheme which the Gov- 
ernment has adopted to fight 
unemployment has been, the 
introduction of a 2$ per cent 
payroll levy on larger com- 
panies. The levy is part of a 
complex, three-year plan which 
provides tax rebates to com- 
panies that boost their work- 


force by S per cent per annum. 

The levy bas been bitterly 
attacked by local businessmen 
C* a slick rather than a carrot," 
said one of them indignantly), 
who deny that it is an incentive 
for any real increase in employ- 
ment. Frenzied arguments 
about its usefulness (com- 
plicated by technical differences 
of opinion on the accuracy of 
official measurement of the 
labour force and unemploy- 
ment) continue to reverberate 
throughout the island. 

The row has marred the 
normally cordial relations 
between the business community 
and a Government that is firmly 
committed to tbe idea of a thriv- 
ing public sector, and K is 
doubtful whether tbe levy's 
marginal efficacy is worth the 
ill-feeling to which it has given 

rise. 

Another source of friction 
between the Government and 
the private sector is the rate at 
which wages have been increas- 
ing. Earlier this year, the 
Prime Minister spoke of keep- 
ing wage rises down to about 
5 per cent — but the target has 
been greeted with about as 
much enthusiasm as Ford 
workers in Britain recently dis- 
played towards Prime Minister 
Callaghan's 5 per cent guideline. 

The country's 16,000 civil 
servants were recently granted 
pay rises of more than 20 per 
cent over two years (although 
they had had a 15 per cent rise 
in 1977 and a 30 per cent one 
the year before), sugar industry 
workers earlier this year 
obtained a 15 per cent increase 
and the Barbados Workers 


cel fairly happy - 

Y far more stable 

J ^Currency; BgtajtaggMjgr; Ti: '"- 

iy — apart from a high 

liaPC. V; 1 \ >V - ; 

... • - - 

Union is now suggesting that a one local newspaper • 

33 per cent offer forhotel to uncover in an article rec^tly : ;des$»itaa^ _ 

workers would he favourably was the allegation that'- Teg i- '. 

received. . - meats of American' 

The Prime Minister has said were coming to the island .on 
that the civil- service increase tourist visas and -inv e iglin g ffillljams y tite 

vas granted not because he hap young Barbadians working ltt udinisusti’at&HrprpbaBlyjapproad-- . 
abandoned the idea of wage the hotel industry to enter into mates. xnor&; ctei^ye-tcr; “open, 
restraint but because - the marriages of convenience with government do. , m<?at 
economy has improved so much, them. This, the newspaper amriju nd i n g- regime^.-.. 

This argument, though^ does claimed, was designed- to faefll- , Tha Caribbeari-toa-Whole ha* •; ' 
little to alleviate anxieties ; that tate the Americans being.lssqed t ^rhnipnt -hfetpofr >' 

tbe Barbadian inflation rate": of with residence permits, end to i-danriw . .-'V rftftt-rS .- ejxOng&a 

around 5 per .cent is likely- to enable them to- retire, to 'the . na t ion ality , ~T- 

soar when the wage rises feed, sramy charms of Barbados. _ and teatime^ a^ffie - 

through the economy. The . any roal criticism .!? tO:&e waged '-Eif--: 

Government, in effect, seems to levied at Barbados, however, West Tndiair nation-^ ? - 

have no real wage or pricejs Perhaps it must be that toe gt-rU ri npty riiffty prty « q ’fcanpefa: 
restraint policy at the moment -perpetual tmeveaUfalness of toe^ ^ . tuv-Uȣ bfo&cs. - 

' . w -- place contrasts too' sharply With- .natf*** ,' of >ne-: -island-iirtly^: : 

C* 1 OPPSycflll ^ pJca ‘*‘ amt > fe nM > have ahyftoiniSr ’fiatferingt to - 

tjlltLcdMUl ...of. the Caribbean. ... »hmit >the^ - 

■While unemployment among &»rround«i toat^ another. "- •* - 

under-25s on the island is high .Jtjjj™. ^arbadds- ; ; *ntf : hdd ■ 
2* «he number of. people* .gS»W 


SS MgiiiUP SSRKSSRSjSOF- 

market will increase dramatic- J™™ forms of post-emomai in’ the sugar 'industry) mitiaut 
ally over the next five years, St™ telfiS kS 

the rate should fan off sharply ° atlves affectionately ^^reviate **Dfs my thesis,” speculates 
thereafter. This is thanks, in name) progr^s^ central’ Bank Governor Drf' 

part to a successful. Govern- tSriiamen" Courtarey Blackman, f* flat tote 

ment-sponsored birth control Produced a basic, resoaica 

programme whit* has brought democracy and ’* 

the birth rate down to less than * .z , '-cohesiveness. 2- People ? 

I per cent per annum at the ^J^et epnlneiHy ^ tfa»- 

moment (far below the 2.4 per other man lip agaiogt the waH^ 

«^ent toat obtains on average in wffl.stepiww ahd gha, • 


developing countries). - ■ 

Illegal Immigra tion, vhidi^ents. It has toe third-oldest ^ 8^ ^. 
used also to pose problemg-by Mrii ampn t in the ’ Common- rion. . -• '• i-— -t'y: 
swelling .toe labour force,. Ja ;WMWlt highest (98 per - -Wlmit Dr. .Bladah^-itorme* ■ 1 
now mudi reduced, largely, literacy rate in tite region, economist with toe&vteg^Triirt. , 
toanks to toe rapid development.ij^g or no tension and to Wall Sti©et; t«rm»:*todnffirt-- ■ 

of neighbouring St Luda as it an enviable reputstton for resolution ” 'i^ 
approaches independence. - being able to administer capably what ; V- generally 

The most sensational instance its own affairs. . ; BarbsuEfans ax ai . 

of “illegal immigr ation” . that:’ . Its newspapers are free,. there ' cricket. ,' Z . . 


Inc 

to 


.'!■■■ -J’Si . ’ ’ . r- Lt' ' "tSti 


Message from The R t. Honourable J.M.G. Adams M.A. 

Prime Minister of Barbados 
on the occasion of the Twelfth Anniversary of 
the Independence for Barbados 


. L ' I 


~ V "- * r ' 

-yjAgs? 
■ ■■■ 'rri&M; 

• • vs ■ 1-^4 1> • 

• .- s •>*.; 'v”. -.; 


Barbados celebrates the 1 2th annivers 
sary of its independence on November 30th, 
1978 at a time when there are grounds for 
cautious optimism about its future 
economic prospects. 

In the period Immediately following 
toe energy crisis and the onset of global 
inflation, living standards in the island 
declined. The economy of Barbados began 
to recover in 2976 not only because most 
of the economies of the industrialized 
world were beginning to recover from toe 
economic recession of 1974-75. but also 
because of specific measures by the Central 
Bank to curb excessive expenditure on the 
importation of non-essential items. 
Recovery continued through 1077 during 
which time the decline in tiring standards 
was reversed and GDP per capita at current 
prices grew by at least 9% to reach 
BDS$2,987 as against BDSS2.728 in 1976. 
This position has been well sustained in 
197S and the outlook for 1979 is for 
accelerated economic growth. 

All main indicators suggest that many 
of the key weaknesses in the economy 
which persisted even during the 1976-77 
period of recovery are being overcome in 
1978. The economic growth in 1976-77 
which to a large extent was- stimulated by 
expansion of domestic demand had been 
accompanied by persistent weakness in tbe 
balance of payments and in Government's 
own finances. However, the package of 
economic policies which were introduced 
during toe last two years are bearing fruit. 
Our external payments position has 
improved and a much stronger public 
finance performance is evident. 

The imposition of credit controls and 
the restriction of consumer spending by 
the Central Bank together with the curtail- 
ment of imports of a number of non- 
essentials have resulted in a shift in the 
structure of imports away from consumer 
durables and towards intermediate and 
capital goods for the country’s thriving 
productive sectors. At the same tone. 
Government's programme of export 
promotion and toe introduction of export 
credit and guarantee schemes by the 
Central Bank have led to substantial 
increases in exports of manufactured goods. 

MANUFACTURING 

To fact,- the manufacturing sector has 
become a key earner of foreign exchange 
and a provider of employment at a time 
when the world market price of sugar con- 
tinues to fluctuate at relatively low levels. 


Government expects that the sector’s output 
of goods will increase by approximately 
19% per annum over toe next five years 
while the increase in exports of manu- 
factured goods is expected to be approxi- 
mately 20% per year over the same period. 
These projections are contained in the new 
sectoral Development Plan of the Barbados 
Industrial Development Corporation — an 
organization which is largely responsible 
for the manufacturing sector's achieve- 
ments so far. 

OFFSHORE FINANCIAL FACILITIES 

The preparation of a Financial Institu- 
tions Bill to replace tbe current Banking 
Act is now in its final stages and will be 
introduced into Parliament not later than 
tbe end of 1978. The draft Bill/ which is 
being prepared with the technical assis- 
tance of the LM-F< is intended to regulate 
tbe activities of all institutions, both local 
and foreign, which offer banking and 
trustee services. Supervision o£ these 
institutions will be a function of the Central 
Bank of Barbados. 

The objectives of this Bill are to 
protect and enhance toe financial reputation 
of Barbados by carefully defined standards 
of structure and operations. The Bill is 
designed to provide for the operation of 
Banks, trust companies, and financial com- 
panies operating in and catering to persons 
-doing business in Barbados and those doing 
business from within Barbados but catering 
to the international community including 
Barbados. It provides for a dear distinc- 
tion between the two types of institutions. 
However in both cases great consideration 
has been given to toe protection of the 
client whether resident or non-resident. 

This new legislation will be particu- 
larly attractive to investors seeking tax- 
haven banking and trustee facilities since 
it provides within a very stable free and 
democratic political environment all the 
major criteria; rigid standards of 
performances, confidentiality and protec- 
tion of toe identity of toe client, even 
from toe Central Bank of Barbados, a 
minimal rate of income tax and complete 
exemption from Property Transfer Tax and 
Estate and Succession Duties in respect of 
property and investments held in or 
derived from sources outside of Barbados. 


It is also intended that these institu- 
tions will be granted specific exemptions 
from Exchange Control Regulations 
pertaining to international movement of 
currencies, transactions in foreign securities 
and the holding of gold. 

DEVELOPMENT PLAN 

The Government is currently preparing 
a Development Plan for the years 1978-82 
which it intends to publish in the first 
quarter of 1979. This document is being 
prepared against a clear background of 
toe likely level of financial and other 
resources available to Government and 
hence projects are rated in terras of their 
calculated contribution to the overall 
process of economic development. 

The Development Plan seeks to further 
diversify the Barbadian economy. It 
emphasizes export promotion with export 
manufacturing playing a pivotal role. 
Diversification in agriculture will aim at 
satisfying local demand thus reducing toe 
high food import bill. The Plan also sees 
further development of toe tourist sector 
as being crucial to Barbados’ economic 
progress. Steps will be taken to reduce 
the seasonality now experienced by this 
sector which will have direct employment 
and balance of payment benefits. Govern- 
ment is committed to the maintenance of 
a mixed economy in which active public 
sector participation is intended to support 
rather than supplant private enterprise. 

EMPLOYMENT 

Barbados has for some years suffered 
from levels of unemployment much higher, 
than in the 1960-70 decade when it varied 
from just over 70% to just under 10%. It 
has always been more marked among 
women than men. 

There has however been a fall in toe 
level of unemployment in the last two and 
a half years. During October to December 
of 1975 unemployment stood as high as 
22.5%, but by 1977 the figure was 15.6%. 
Unemployment among men fell to 10.6% 
in 1977 against 12.1% in 1976, although for 
the period July to December 1977 unem- 
ployment among women was 22.0%. • A 


sharper downward trend has since been 
recorded with figures for toe first quarter 
of 1978 continuing to fall, showing unem- 
ployment among men at 9.4% while the 
figure for women was 16.1%. The overall 
unemployment rate was 12.4%, showing 
improvement over toe 15-2% experienced 
during toe corresponding period in 1977. 

SOCIAL SERVICES 

No nation can produce at its optimum 
level if toe health status of its popula tion 
is poor. The Government of Barbados is 
fully aware of this and although Govern- 
ment per capita expenditure on Health 
Services Is one of the highest in the 
developing world, It Is seeking a qualitative ' 
advance in providing health services for 
alL This will be achieved through the 
erection of a number of polyclinics ay a 
first phase as part of a comprehensive 
National Health Service and a National 
Drag Scheme. The main objective of the 
National Drug Scheme is to reduce toe 
cost of drugs to the consumer without 
compromising quality through bulk- 
purchasing, storing, packaging and distribu- 
tion. Government will introduce---; a 
formulary for use in all Government Health 
Care Institutions and drug outlets. 1 

The National Health Service which will 
be financed by contributions from employers 
and employees will operate within the 
framework of toe existing National 
Insurance Scheme. The price of drugs to 
the health consumer will be reduced and 
standardized. Furthermore, patients will 
be assigned to a physician of their own’' 
choice who will be paid on toe British 
model* on a “capitation fee basis." It is - 
expected that medical practitioners will 
support this self-financing scheme which 
aims at reducing toe cost of health services 
to. the health consumer." 

Barbados bas always enjoyed a high 
standard of education. The present Govern- 
ment which came to power in 1976, raised 
the school leaving age from 14 to 16 years 
thereby allowing the late-achiever a longer 
time to benefit from the classroom 
environment A large , new Polytechiu’c ' 
Institution will soon be under construction 


aimed at giving total ftcffitles for yqutlw > 
to be trained in technical' fields. . 

At - *D: Governmenf r^^ 
up - to University; education -is free to 
students. So too are toe textbooks at 
primary and secondary levels and school - 
• meals are provided at a. nominal cost 'at the V '- 
primary level. Furthermore, Government ‘ 
has recently, incsreajsed^its aid; to private""^ 
approved schoolS-'and grante jroma tax 
. reliefs to parents r -wiio pay tees at . these - - ' 
schools. In 1976.4 . these- schools wore 
acconunodating 24 .&'-jrer omit of -students 'at- 
secondary level 'ind-fiidacatio^ are t thaf r ; - : 
private schools, wilt continne to shoulder^ 
some although a declining portion of the 
task of education. 

PHYSICAL DEVELOPMENT 

Government’s construction -programme 
in the next fouf years should Se^ nw^pr joew 
roads being built for toe first time , ih.15 v " 
years and existing roads improyed.; Public 
sector housing- , projects yira.^ aiceadyrW 
underway while -ctHhmmrgaT-'. hrfr-' ^ ' 
encouraged- -to make. loans;- -nvatiabie : 'foi; : ;J - ; 
private sector housing ini -part-of {a' total - i; 
housing plan aimtfi3 at tehbusing 5 % olti» h . ' 
population annually. ‘.X\ ■ ' : ~-X ; 

. It is clear that the a ri^erement A : 
these goals will not be an'. easy. 
ever, toe^arious'iCiusfaies-are-' Q$ jukug &cJ - - : 


and' with proper- planning, the taSk- can be 
a ceomn 1 isb Prt.'" T« 


. . . Trv? - * Auv.wuucuuk, najL j; 

been set up in toe Stimstrjrbf Ffnanfee-and- 
Planning: it Will monitor. maior-^ho TOwL. > 4 ^ ; 
ment pm jects- srtfaat time; lags' are* kept if ^ 
a, minimum- nnd efficiency Censured. 


. Barbados- moves .hriratds . r~~' 

aiming at a sobstant^ Jirtclfon- 1 :-of 

unemployment# Improving its. Bal^ae of v ; ^ 

Payments - and ^ontfmgng'.jhi- ■ fr4“ p ' thev^ ^ 
economy • ia ^Mbign rreservp . credit-'? ^ 
poation; and keeping toe iafe:ivf infliyH M - .*■ ££ 
which has now been running at a xatel^f:^ 
■5*8%: • .anndaUy; "aop . . yeate " " ^ 

tolerabte J *vd. ; And tbit. I-us. coMSemc V- ' 
will be 


- ■ ,, f , ■ p> . " «■ VAMUl O 

that cares for its poor and -ag£fc H 


For further infonnation write to: The Office of the Prime Minister, Bay Street, Bridgetown, Barbados. 




p 

in 

B eck\ 


is 

x 


•_ . .. 



financial Times Thursday November 30 1978 ; 


BARBADOS II 


** \ 

. m Am 




N 



33 


Economic good health 


BARBADIAN BUSINESSMEN 
tuvc a well-developed sense of 
irony- DL»misslny loftily the 
pjMiionare -poll tire. of Prime 
Minister Tom Adams and the 
elegant economics of Central 
Bank Governor Courlncy 
Blackman, one of them conn- 
dently lectured me about the 
reasons for the island's relative 
economic good health. 

“Good neighbours." ho 
insisted. *' We've been so lucky 
with bur neighbours Because 
every rime Barbadian politicians 

wanted to do some: lung silly, 
Guyana or Jamaica went right 
ahead and did it . fell flat on 
their faces . . and Barbados 

immediately polled back." 


Truth 


Lacking in respect to the 
Prime -Minister and to the 
Central. Bank Governor as this 
mar In?, the theory* is nor with- 
out a germ of truth. Barbados 
has witnessed recently its two 
neighbours fail into the slicky 
embrace of the International 
Monetary Funif. And it has had 
the salutary experience of 
observing, from a safe distance, 
the ■ tough prescriptions of 
“conditionality" Hint ihe Fund’s 
doctors have levied in return 
for coming U> the rescue of ihe 
heJcagured economies The 
IMF. as a result, fills the role in 
Barbados lhal. is occupied in 
most oilier cultures by the 
ho ?!■>-- man. 

But oUhough the Imgey-inan 
h3s been l«ild that Iji- presence 
i- n»t required for the foresee- 
able future. il was a close 
enough thing at times Like 
many of its neighbours, Bar- 
bados has cron ic balance of 


payments problems. Fuelled by 
hiyii (nod import bills, the island 
has traditionally had a aubsinn- 
fial deficit on visible trade. The 
1973 uPKC oil price rise had 
predictable effects upon the 
economy diid only exceptionally 
high sugar prices in 1974-75 
brought about a reversal in (he 
country's economic downturn. 

A surge in imports in 1976, 
however, nearly wiped out 
foreign exchange reserves. The 
deficit on visible trade rose to 
B$3l9m and eihnhrd again to 
B$3S4m last year. It was this 
which prompted >wingeing and 
(at the timt-i highly-unpopular 
measure^ by the newly-elected 
Barbados Labour Party Ijovcrn- 
niL-m of Priuir Minister Adams. 

Import curbs tmnstly uffoct- 
injj Japanese motor-cars) and 
tight consumer credit restric- 
tions were imposed. It is esli- 
maled that these measures will 
bring down this yea r’s visible 
trade detivir to around B$359m 
and the current account delicti 
— aided by strong tourism and 
manufacturing earninss^-duwn 
to some BS68m. At the same 
tune the Govern men I drew down 
a Bfihim <oft loan front Trim- 
dad (negotiated in 1974) and n 
BS 1 rim contri huliun from the 
IMF «»il price cumpcnsaiory 
fa«-ility. 

The overall balance ar pay- 
ments as a result is expected to 
show a *mall surplus fof per- 
hap- BS7m) in 1978. after 
deficit $ of B&ffiin in 1976 and 
BSIHm in 1977. But serious 
problems still r mi front ihe 
Government wilh relation in 5 lie 
budget which (apart from 1975 1 
has been in deficit since 1972 
The 1977-7S deficit was a record 
BStt'Jm and for 1H7S-7U is an 
estimated BS40m. 


Uncmploymeni i> the oilier 
big problem plaguing the 
Barbadian eciinumy. Currently 
standing at aruuini 13 per cent, 
it is nol lltat hiy.fi by some 
standards in ihe Caribbean but 
it is high by Biij-hadiun levels 
and is the topic of most concern 
to both politicians and the man 
on the island's uni mbits. 

The problem j*j being con- 
siderably wur.-cnrU by a den»t»- 
grapluc legacy from the laic 
195Us. I : no in ploy men l in Bar- 
bados is miKi acute in the 
undvr-2.1 age group and between 
1952 and lOftt) there was a 
re mar) a file luiiye m the island's 
birth rate, in 1H6U. for example, 
nearly S.oifi) children were horn 
m Barbadns. Of tUe-e. pi-rhau- 
7.000 are -till ,,n the island amt. 
at ilio .ice «>f IS. just coming 
un to the juh markel. 

Things have improved con- 
siderably since then. Last year. 
I ho birih rale was .it a record 
h»w id indy 4.300— buj news fur 
baby fund manufacturers, as the 

J’rinie Minister coumienied 
drily, but guncl news fur llu* 
Minister of Finance and Plan- 
ning in 1995. 

The 1952-60 bulge, lhough. 
will lake another live years 
before it lessens ils effect on 
the jobless statistics and the 
eiiiisideryblo problems which 
llii'. implies are rausing a great 
deal of worry to Government 
planners. 

The principal strategy of the 
Government in dealing wilh Ihe 
unemployment problem has 
been lu make industrial develop- 
ment a priority. Tourism is 
now the greatest contributor to 
UNH, bol ihe administration of 
Prime Minister Adams feels 
dial industrial development 
(especially in labour-intensive 


fields) will bettor mop up 
lineiiipioyjiicnl. tncr*-ji.-e cxpoi'l* 
ami save foreign exchange 
through import .-.iih-utiMiun. 


Relief 


Vigorous effort i are being 
expended un the industrial 
sector, (.iorapaiucn setting up on 
die island van obtain tax holi- 
days of up to ten years, relief 
(ram custom s duties, assi.-unee 

in acquiring factory space ami a 
number of other benefits. 

An expurl promotion agency 
is being formed and high- 
powered nnv.iun.-i have been 
sen i abroad mne or tfii.-m visited 
Britain at Uie end of Iasi month) 
to p read i [he benefits of Bjr- 
kdiios' stable governniem. t-xre!- 
lem inlmslrucUire. good cum- 
mtm lent ions and a liH-iaic, 
productive mirkforce. 

The reeenlly - published 
development plan l covering the 
next four veursi «f the 
Barbados industrial Develop- 
men I Corpora tiun tJDCi amis 
;ii creating rijinil new jobs per 
annum, making more factory 
space available and attending 
inveMinent by labour-intensive 
industries from Furupe. Japan 
.ind I lie l-.S. Tins year marks 
the 2 1st anniversary of Hie 
Lhirhadi.m drive for industrial 
development ami the slogan 
"Onward with Industry ” is 
hem? much trumpeted a round 
I be island. 

The drive lo establish export- 
ing industries has even led Hie 
Barbadian Govern men t lo estab- 
lish diplomatic relations with 
such uni ik'?l > partner-. a< Chino 
North and South Korea. Arab 
Males and several r.ii-tern Euro- 
pean count nes. 

The bid to diversify from 
such traditional foreign 


Industrial expansion needed 
to combat unemployment 


INDUSTRL4L' DEVELOPS* ENT 
in Barbados has just eorne of 
age. It is exactly 21 years since 
the Government of the island 
formally set up what is today 
called the - Industrial Develop- 
inejjl Corporation. "Tn ‘seftlns it 
up: ’the enabling legislation 
.states that the corporation is 
" io stimulate. faci! irate and 
undertake *' ihe development of 
industry. 

In liic years that have gone 
since those early days of 
planning. Barbados lias seen llu* 
setting up of eight industrial 
parks, as well as independent 
factories spread all over the 166 
square mile island. From these 
shnps ” madc-in-Barhados ” 
goods are produced fur Ituifi 
local and overseas use. 

The island people never had 
a natural interest in industrial 
expansion. The original busi- 
ness sector which was not com- 
mitted to the sugar industry 
spent its energies on the import 
and distributive trades, which 


carried little or no risk. Out of 
this tradition has developed a 
manufacturing sector that is 
largely an. enclave enterprise, 
with heavy dependence . un 
export factors. 

The "new' arid high-risk 
endeavours associated with 
industrial activity have still not 
attracted traditional business- 
men. who from genera Uon lo 
generation remained either in 
agriculture or trading. The 
absence of professional manage- 
ment skills also hindered earlier 
growth of the industrial sector. 
But much has changed in Ihe 
last 21 years. 

The rate of growth is not as 
spectacular as tourism, or as 
sustained as sugar. I»ui this 
third plank of the Barbados 
economy has been an imporinnl 
one. Twenty-one years ago the 
number of monufaciuring indus- 
tries in Barbados could literally 
be counted on one hand. Today 
126 factories employ 15.000 
persons — more titan in any 


Barbados Fire & General 
Insurance Co. 

ESTABLISHED 1880 

Local Agents: Cuttle Catford & Co., 
Plantations Trading Co. Lid.. Brown & 
Chapman, Clarke & Tucker Ltd., Frank 
B. Armstrong Ltd., .Barbados Mortgage 
Finance Co. Ltd.. Bank of Nova Scolia 
Trust Co. (BVlos) Lid., T. Herbert Ltd., 
Ahmed Patel. 

Overseas Agents: 

St. Vincent: St. Vincent Insurance Ltd. 

St. Lucia: Peter & Co. Ltd. 

Dominica: H.H.V. Whitchurch & Co. Ltd. 
Antigua: Stephen Shoul 

Barbados B 
Fire & General 
insurance Co. 

Beckwith Place - P.0. Box 150 
Bridgetown 


other single sector except 
government. 

The contribution uf manufac- 
turing lo the gross domestic 
product in 1957 was less than 
5 per cent. Last year it was 
11.4 per cent higher than that 
of the tourist sector (10 per 
vent) and only slightly less than 
the 11.5 per cent contributed 
by the agriculture seel or. 

Manulaeuiring in recent 
years has expanded job oppor- 
tunities more rapidly than any 
other sector. Much of the 
demand which created this 
growth in ihe last three years 
relates directly iu cxiernal 
demand for products such as 
elect runic components and 
sporting goods, largely destined 
fur the North American market. 

In this area manufactured 
goods have been making an 
increasing enntrihut ion. In 1966 
sugar contributed 67.5 per cent 
nf total visible exports while 
manufactured .goud& .accounted 
for only 9.4 per cent. Ten 
years later in 1976, the falter 
accounted fur 511.0 per ceni. 
compared lo 34.9 per cent by 
sugar. (The value or Barbados' 
exports increased by an average 
of 26.8 per cent per annum 
over tbe same period, but Ihe 
deficit in the balance ol trade 
worsened.) 


Attract 


Each year for the next four 
years, Barbados hopes tu attract 
to »L> shores at least six labour- 
intensive manufacturing indus- 
tries as -part of the expansion 
»f its industrial development. 
In preparatiun for this the 
island is identifying industrial 
opportunities, preparing feasi- 
bility studies, seeking equity 
partners and arranging project 
management where necessary. 
It is also offering fiscal incen- 
tives. duly concessions, con- 
cessionary finance and factory 
space. Thrown in fur good 
measure will be the relatively 
low cost labour markel. the best 
infrastructural network in the 
Caribbean, and a stable political 
climate. 

The Industrial Development 
Corporation has produced a 
live-year plan that sets out in 
detail the proposed expansion. 
Bui ihe I DC plan is careful {■> 
Indicate that the priorities are 
uni based un slide intervention 
outside oT a " planning cuncepl." 
U notes: " Given our economic 
system, the priorities will be 
achieved mainly through the 
performance of (he privately- 
owned manufacturing sector. 
Central to the success of this 
plan are the investments, the 
energies, and the initiatives of 
private individuals as entrepre- 
neurs, as workers." 

Traditionally the Barbados 
Industrial Development Cor- 
poration has looked to North 
America for its investors. Now 
it. is turning its attention to 
Europe, and Japan. In their 
overseas promotional activity 
designed to attract foreign 
investment, Barbados' officials 
sell projects haserl un their own 
research and they encourage 
and promote joint ventures 
between local and overseas 
businessmen. 


One example of how " project 
idwudiealiun *' can work is the 
recent setting up ur a Hour mill 
through a major Canadian cor- 
poration. 

Industries with a natural 
requirement for bulk transpori 
arc* good examples ui the typo 
that will do well. The econo- 
mies of bulk transport and the 
availability of warehousing ami 
break-bulk facilities in a tree 
port zone could make all the 
difference. 

All these scheme., arc nol (u 
be isolated. They are designed t<» 
gel lu the cure uf llio island's 
unemployment. 

Because of the .-mall sire ol 
the domestic maikci. ihe nt.inu 
lai-funng sector bus nut been 
able lu make as significant an 
impact in import substitution as 
was at first hoped. Products that 
arc unable tu find a mar act uvei 
seas are often not viable if pro- 
duced in Barbados for local 
consumption unly. The saiui 
holds true for oilier industries 
m the chain «f inlands tiiai dot 
the Caribbean sea. 

This has led to ihe setting up 
of the Caribbean Community 
(Caricomj which provides, 
through relaxation of customs 
duties and heuce mure competi- 
tive pricing, a wider immediate 
market for materials generated 
from factories m small islands, 
including Barbados. 

This market is itself of a 
small and fragile nature since 
some ol llie signatories lo Ihe 
agreement, notably Jamaica and 
Guyana, have chosen, in the lace 
of critical domestic problems, iu 
iinpu.se trade res in el ions even 
between member territories ui 
Cancum. 

When one looks at the rising 
unemployment figures in Barba- 
dos and iLs nagging balance ol 
payments headaches. Hie 
energy used by the IDG in 
attracting fureign investment 
can be seen us vital. The success 
u( the devdupinent of a viable 
industrial sector is essential tu 
ihe peaceful and orderly de- 
velopment of an island that has 
known more peace and order 
that many uf its truublu-nddeii 
neighbours. 

Thu Guvernor of the Central 
Bank, Dr. Cuiiriiicy Blackman. 
Lim linos lhiM'. "Above all. Ihe 
manufacturing sector possesses 
Ibe grraicM puiculiaj fur job 
creation lo fill the needs ol our 
expanding work lurce o\er tin 
next decade. The* lourisi suetor 
is nu lunger dynamic in lenns 
uf coiplvyinunl guncraliun. la 
fucL, Lhere is a marked tendency 
towards the erection of con- 
dominiums, which use much less 
labour than hotels. As a result, 
the increase in visitors tu the 
island in recent years has not 
been marked by an equal ex- 
pansion in employment." 

Wilh the necessary political 
will, the drive of an efficient 
1DC and a little luck, industrial 
expansion could provide the 
strength lu keep Barbados out 
of the grasp of ihe IMF. whose 
presence is now a cold reality 
in iwu other Caribbean island-, 
bigger and at one lime richer, 
than Barbados. 

Harold Hoytc 

Editor, The ftatu-n 


exchange earners as sugar and 
tourism ha.: already brought 
about the i.-Mablishment of 3 
number of successful light 
industries on the island, includ- 
ing furniture-making, garment 
manufacturing and electronics 
assembly. Man- emphasis loo 
is being placed upon encourag- 
ing locally -owned small busi- 
nesses. although a number of 
these still If ek managerial skills 
ancl get into difficulties. 

Many of the new industries 
gear their exports tu the North 
American market, but increas- 
ing efforts are being made to 
I .oust export- tu oiher Carib- 
bean Community and Common 
Market (Cancum) states. Esiah- 
li-hed in 1973 aiming llu* 
English - spt-uking Caribbean 
•-■Him rics. Hie IB-meniber organ- 
isation tdcjpitc Ihe striking 
ideological difference- that 
exist between ils members) has 
brought ah- mi a steady dis- 
mantling of irade rcstricluo)- 
and an interlocking of 
economics. 

The balance of payments 
difficulties b«-siig experienced by 
two of its principal members 
(Guyana and Jamaica j led 
Hin-o fv.o countries, however, io 
■mpn.se impori restrictions. As a 
re-idi. Barbadian expert- tu 
then) have fallen from their 
!975 peak — alihuugh exports tu 
the other leading Can com mem- 
ber. oil-rid i Trinidad and 
Tobago, have cnniinucd t n 
nourish. 

Dinif-uUie- ran be seen on 
riie liorwu. however. While 
these new Barbadian manufac- 
turing inriu-i. have exper- 
ienced rapid growth, they face 
— like .-im.Iar industries in 
other developing countries — in- 
creasing problems with a slow- 
down of growth rates in the 
West and with the ever more 
vociferous p*i:H*ciionisi lobbies 
in ihe developing world. The 
Barbadian lex! He industry, for 
example, h.:- already suffered 
from both Carivom and Cana- 
dian import curbs. 

Manufacturing industries and 
tourism are both largely poM- 
World War H developments :n 
Barbados, but agriculture — 
especially sugar — lias been 
around almost since the island 
was discovered by the Portu- 
guese in 1536. The prospects 
this year for sugar, which has 
now yielded its position a- (In- 
leading contributor to GNP io 
the tourism industry, are pes-i- 
mi.-tic. 

Earnings are expected io fall 


because of a decrease in output 
ana because this year's round of 
talks between the EEC and the 
African. Caribbean and Pacific 
( ACPi group of countries re- 
sulted in an increase or only 2 
per cent tn the guaranteed price 
for suviar impun-, paid by the 
European Community under 
the Lome Convention. 

Prime Minister Adams has 
promised a ".-ympaihetic look 
af the c-apitaf needs of rhe m- 
d'J-lry" blit the President of the 
Barbados Sugar Producers 
Association ha? <3id that the 
industry's future i s "far from 
ro-y " 

Agriculture generally has 
been dogged by problems in 
Barbados iwivi-e food import 
bi;i Same in BSiuoiu last year) 
but a ne*Jy-iippomi«?d Minister 
•«f Agriculture has promised to 
ha!\e this hi!! during his term 
and tvm-Kie Table investments 
arc planned in hn!h farming 
and agru-indu-tne.- on (he 
i-!anc! 

One optimistic sign for the 
future, as well. :< oil. Barbados 
is the only Caribbean island 
apart irom Trinidad to have oil 

and >is I.2O0 ujrrels-per-day pro- 
duct i- one jhird of ils own 
requirement*. Any farther 
dl:* uvi-ries would clearly mean 
a cnn-:Jer;»bIe saving oil the 
country’s import bill. 

Restraints 

While there are many 
restrain u upon the develop- 
men: <»f a -mjll i-lanri like 
Barhaj-i- — r.olably its lack nf 
pimi-ral resources and its 
vulnerability in external epono- 
n»;e f > rets — there can 3i ihe 
monicj: be deterled on Ihe 
:s!a;j;i a w plesprcad eunvicimn 
that >he economy is in murh 
better shape than it was in 
•luring the final years in office 
ut the previous government. 

The Adams administration 
ha.- frequently reiterated its 
commitment to the idea of a 
mixed economy and the preser- 
vation of a thriving private 
sector. The unpopularity of the 
Government generated by last 
year's credit curb* and import 
restrictions is fading and is 
being replaced by a sense of con- 
fiiencv and the realisation that 
— hnwwer nasty the met! kino 
might have been — it wasn't 
nearly a- bad as the pills which 
the bogey-men from the IMF 
would have passed around. 

John McCauehey 


THE PRIDE OF BARBADOS 

I CatTffuZpima Puicherrirna > 



We take pride in the Services which we 
provide through our four divisions for develop- 
ment of Industry and the economic resources of 
Barbados. 


We pride ourselves on: 

0 Our high interest rates on savings 
and time deposits. 

9 Our low interest rates on farm 
plan loans. 

• Our easy repayment terms on 
house mortgages. 

• Our helpful suggestions in the 
area of corporate finance. 


We give pride of place to viable propositions \ 
and provide free financial advice to our j 
customers. 



HEAD OFFICE. II JAMES STREET, BRIDGETOWN, 
BARBADOS. WEST INDIES. 

CABLE: " NATBANK " BARBADOS. 



Thinking of manufacturing in 



BARBADO 

If not, you need read no more of this ad ! 
If you are, consult 

The Barbados Shipping & Trading Co., Ltd. 

Barbados has had its own Parliament, with sovereign power over its internal affairs, for 
over 300 years — the second oldest in the Commonwealth. As to freedom and human rights 
it is rated one of the top countries in the western world. B. S. & T. was established as a 
public company over 60 years ago, and has always been Barbadian owned and controlled. 

B. S..& T. is Ihe largest public company in Barbados, with over 1,500 local share- 
holders, and paid up capital and reserves of over £10 million. Small by U.K. standards, yes. 

Barbadians would agree that we are not among the poorest nations in the world (our 
per capita GNP is about U.S.$1,600) but, we have too many unemployed people — around 
12%. Higher employment for Barbadians would mean greater prosperity for Barbados — 
and for B. S. & T. 

B. S. & T. is therefore particularly interested in the establishment of new industries 
in Barbados, where there is a stable political and industrial climate, and an intelligent 
workforce. Our people are 9S% literate. Already we have either launched or participated 
in the establishment of factories for the manufacture of beer, biscuits, animal feed, mar- 
garine, nails, pharmaceuticals, records, soap,etc. Centralisation of sugar manufacturing 
and bulk loading of sugar have made several factory buildings and sugar warehouses avail- 
able for use as plant sites. 

B. S. & T. is interested in expansion of manufacturing in association with experienced 
producers. Enquiries are invited. 


THE BARBADOS SHIPPING & TRADING COMPANY LIMITED 


P.O. Box 103 


Carlisle House, Hincks Street, Bridgetown. 

Telex: WB237 Cables: BARSHIPTRA Barbados 







FinanciaJ Times ThuKday; Novgmljef 



Tlit- ( ieesi Line operate .s a fast, regular w eekly service 
f<>r rarzo and passengers from Barry. South Wales direct 
to Barbados. St. Lucia. Grenada. Dominica and 
•St. Vincent. Barry is served by rail and is now just a few 
n 


ship has facilities for refrigerated cargo and a limited 
amount of container space. In addition, there is luxury 
accommodation for 12 passengers. 

For illustrated literature describing the Geest Line 
cargo and passenger facilities write to:- 

The Commercial Manager, The Geest Line. 

P-O. Box 2. A Shed. 2 Dock. Barry, Glamorgan CF6 6XP 
or telephone: 0446 732333. 


PnriOrfii.-F& I'asfccnRiT Knifiiirii-rlV'ltivt Liisr.l’.O H«ix 1 A Shf>i. 

D-h k. K.iny. • i l:iin->rv.in { Tn hXP To|*v Kh-nrht.P.i»*T.jpr 

F.nrjuirir-* i- B>»>k;Ti L -.. RU*- 

HeariOffii-? ; T'»-<:~vi I.m. ^, v Mi nSi j.i n .-. 5 l’L'MiM..Ti-I.Spaii1iiie 

Vjjpnts: 

KilTiok Martin A; ( ■ >, i.iH. i. r.«v. n } f i H." . f . iji I "n RoaH. Rflrkirt. Kj*vx. 

T»?l:li|-:VM Tlai.T, Jr«. 

Killirk Martin ilSirminchaini l.l«LSi \Ln;n\ Hiium, B ull Ring. 
Birmingham BnhHO. Ti-I: MJU-ivtJ r.lSl.Trii-x: :’o\sii7. 

h illicit Man in ll.rrdsi l.liLlianL llm:-«-.l\irk Pla..-«*. l.tViLLSl L’RV. 
Tl-l.lfi.Ci 4lint!l :.'i7vC i, 

KiHiflt VlariiniS»»ntl>a»t»»t.»ni 'm:tue ItmuL Amlltjim pi.-w 

Wfl Utt.'IVl ..711 i.^Jlj.T-I.-s: 4744 {. 

Nfirth Shipping & >\.rw«rdiiiR I .(rt. Aibon. K-Jwiixi D«-V. Pm-non. 
I-anrs. Til. uTTi; JaWll T- Ihi ii 

Swtii«h t'xprf.vs InLemaiimial: N Si. Vm.-pnl Place. GLugnwC L 
Tel: . .V/J 1 rl**: 7 1 St!.S..Vl C^mmcn-ia! Street f>undee DDt 2AI T . 

Tch £II.M. 1 rlrv 7* 7i'i.{ fTi Cunsiiiuiicn Street. I -hi h. Edinburgh 
EH66RA. IV 1 !: (OI-VTvl i Vi. Telex: , 117 Ilf*. Staiton H(*ad. Gnmspmanjth. 
Tel: (W2-I4 S?.!!. 

l’i H<v»ecai«. i i.iwIi-V.Td. lMCT Urt:'. 

S Bon Aiv»»rri Trc wnt. \fv-nj<y-n. T» i: IV ”4 S7C430. 


BARBADOS ffl 



' •• - ' t . ' -A* ’■ 




Sugar in 


TO HAVE suss ested to anyway, became even les* 
Barbadian sugar planters as Fashionable. Land previously 
recently as JO years ago that the devoted to the culUvati»n of eaoe 
industry un which the' island was was utilised for construction or 
built was on the verge of the hotels and housing development 
sharpest decline in its history for the growing middle class, 
would have been laughed out ui Other factors contrived to 
court. harass the sugar industry. There 

In the years 1950 to 1959. now was a protracted period of 
nostalgically referred to as “The drought in the early 1970s. the 
Fabulous Fifties,' King Sugar incidence of firei increased 
strengthened his already donn- alarmingly — not only reducing 
nant role in the economy, thy sugar content of the cane 
Excellent rainfall, improved il^elf hut alsn diminishing the 
technology and the advent of richness of the soil — and costs 
i tie Common weal in Sugar Agree- gradually began to nuMrip the 
mesit combined to ensure price sugar fetched «»n export 
enpboric prosperity. Jn flioso markets. Barbados uuw spends 
ycar a average annual production over BsOOO per tonne un pro- 
climbed io just over 17U.OOO duciug sugar, and ou noi average 
tonnes and an acre of cane received only BS605 fur selling 
yielded as much as 3.77 tonnes in 1977. Barbados ha- a quota 
of sugar. Basic wage rales rose of 49.300 tonnes annually to the 
by 7S per cent and profits were Eumpean Economic Community 
good. under the Lome Con vent inn and 

has to find markets, either 
through bi-lateral agreements or 

Dinerent on the world market, for the re- 

mainder of its crop 

The picture is very much d:f- Althou-h the statistics make 
forent 20 years later. Sugar has dooniv reading nol everyone is 
been through hard rimes, and pessimistic about the rutu re. In 
in the words of no les-> an contrast to us fellow sugar-pro- 
authority than the president during cuua trios in the Cnm- 
of the Sugar Producers Associa- nionwealth Caribbean. Barbados 
non. Mr. Ian Robinson, its enjoys a very bread local base 
luture is far from rosy. ’ jrj private ownership y£ its sugar 

In the lH7Us almost 13.000 industry. wirh minimal absentee 
acre- have been withdrawn from pruprietc rsltip. There are over 
m -jar production, the numbers 10.UDG smallholders, each '.vith 
employed in the industry have under 10 acr»:.? who supply be- 
::ec lined rapidly, only twice has tween 14 and 16 per cent uf 
-be yield per acre exceeded annual production. 

:hree tonnes of susar and pro- 
luction ha- struggled to pa*s 
100.000 tonnes annually. In 1958 Oll3r6S 
almost 20.UD0 were directly em- 
ployed in the industry. By 1970 The nine operating factories 
he figure was down to 6.400 are owned by a single local 
,nd at Use last crop was a mere company. Barbados Sugar Fau- 
-.000. This year only 101.000 tories. in which most pianta- 
unnes were produced as against lion owners have shares, in 
:. 17.910 in 1977. Whereas sugar o‘hcr words, there are stilt a 
iccounred for 20.3 per cent of large number of people with a 
lie liross Domestic Product in keen financial interest m keep- 
1960. tlie proportion is now ing the industry alive. 

!own to 6.7 per ceil l . i\ at u rally, it will hardly 

An island iuilustry with a survive if its presen i difficulties 
lisiory stretching back a» Jar as f c,r an T lou^tli of lime. 

1630 has inevitably gon.j Vet the farmers look back over 
through times of crisis b-fure k.siuiy and saj - . phiiOsOpnicaJly. 
and endured. 1 1 aiav do so Ihi- tha » better times will come. The 
time but it is certain tlial it Su » ar ‘nduMry Review wrote 
•■.■ill never again command the recently: “It may have some 
position it did for so Inns; when difficult years but a resilient 
I he economic life of Barbados ai,d industrious people, with the 
| was solely depend eni on ii. aid new techn.*iog;es. can 

It is ironic that just at the ^ ! .££S' U '? * 2!* 

rimp cipar nrn<nnrin<i mne ^ L ' 19.. sunned European 


little more 
been hav- 
is rainfall 


iiristn was fint acttvdv c^paxuble iu Ihe 100 year 
cd and incenlfre le-k- awragt— and so iar tm-- year. 

was enacted lu ’atLiact lhere ha3 bee1 '— tonnage 
reaped will increase si«ni- 


:hat tourism was fir=>t actively 
nr. moled and inceniire legis- 
lation was enacted to attract 
foreign invest mem for lighi in- 
dustry. it was then. too. that 
efforts were made to rake some 


reaped will increase signi- 
ficantly. reducing l he unit cost 
mi production. If at the 
same time the Internationa! 


I,.J „ r •...*_ oajuc l i in v “ 1 . iiiteiujuuuoi 

f ,!in “,1 f p / , 1 1 Sugar Agreement works as tt 
’ U m ‘ ?3 '- tal) ' e ■ ■ should, ihe pric#* on the world 

omon> and yam-. markel should be stabilised ai 

As tun ri sin expanded at a a level which. »f not guaraaiee- 
pnenomenal rate — and indust r a! ing extravagant prufiis. would 
| aiie> mushroomed across the allow Barbados to overcome iv- 
lomury. sugar .su tiered, invest- preacn: cost -price squeer:'. And 
mem was ehanelled away and there will always be the freak 
i work on Ihe -ugar plantation*, years when the price skyrockets, 
which always carried ihe stigma ir only briefly, a*. i{ did in 
of Us association with slavery 1973. 


In the end it may well be ponds for irrigation will be 
sugar’s by-products that will constructed, 
help keep the industry viable. In the various attempts at 
Rum Lias long been associated agricultural diversification there 
with the West Indies and ii has have been both successes and 
now begun to win wider accept- disappointments. - 
anee in North America and Traditional food crops such as 
Eurupe. The U.S. market is yam and sweet potato continue 

protected io favour of Puerto show favourable increases, 
Rican and Virgin Islands' rum onion production has 

and Barbados and the rest of dnBbed steadily and is now 
the Commonwealth Caribbean export’ markets in 

find it difficult to compete. CARICOM countries add in the 
There is alsn a suong French vs § ome i.6 m lbs were bar- 
lobby in Uie EEC adamant that rested in 1977. A cannery, 
the:r overseas departments v -hj C h should be operational 
retain the favourable tariff ^-itihin two years, should further 
i erms for themselves. stimulate vegetable production 

Yet the value of rum exports aQ d counter seasonal problems, 
has increased gradually in re- C ertainlv tne advent of the 

cenl . • ve ^l fr p m D H°i iQG Pine Hill Dairy, one -of tbe most 

in the I9b0* to BSo.«m m 19w m0£ j ern j n the region^ bas given 
and Uie distihenes are sul! only faQOst t0 dairy f armiQ a si ct ^ 
operating at 06 per cent of u m established 12 years ago 
capacity. with finance from the New Zea- 

A more recent development Dairy Board, the. Northern 
has been experiments with a Dairy of Britain, tbe Govera- 
separntion plant, supported by ment aod j ocal shareholders. 
Canadian Government funds. j[ UC h more recently, tlfe- pork- 
Hore the pith and the rind of processing plant operated Tjy 
the cane are separated before Barbados Packer and Conner- 
the juice ii® extracted. The bar given a boost to pig produc 
former, called comfito. is mixed Uon .^ er overcoming teethm*’ 
with molasses and used as proUlems following the openinj 
cattle feed. The latter can be three vears ago, the processor, 
converted into core pane.hns 5ou ^, t orer 500.OOO lbs of.pori 
tor ihe building industry-. Ioc jf v iQ 1977. m0 re torn: 

Somehow there has always double that of Ihe previom 
been the feeling that sugar has vear> N - 0 , v exwn markets are 
tlie background of history and bein-’ sou°bL 
the technological know-how to 0 “ • 

take care of itself. There has 
been more concern with other 
ag ri cultural production as T v u*a.a^ 

succeeding governments strive There have been two notable 
to diversify the economy. reversals in the agriculture 1 
Food imports cost as much as sector recently, the decline of 
B. 1 ? 104.9m last year and there Sea Island cotton . and tilt 
have been strenuous efforts to troubles which have plagued tbt 
have this bill reduced. The new Government-owned shrimpinr 
Minister of Agriculture, Mr. concern. International Seafoods. 
L. B. B rat b waite, in office since Cotton was revived in th< 
raid-year, has boldly announced 1960s after a lengthy period ir 
that his 2im is to reduce this the doldrums and enjoyed such 
by half during his term. As rapid expansion that by 1.97f 
have others before him, be may 190.000 lbs of clean lint were 
find il a particularly frustrat- produced from M00 acres foi 
big task: the Barbados Market- export. 

in? Corporation and the The price was attractive mk 
A griculTural Development vigorous promotion by the Wes - 
Corporation, ihe two statutory India Committee in London woi \ 
corporations chareed -.nth guaranteed markets in Britain 
stimulating production, have Italy and Japan. It was a we’ : 
b?en dogged by a series of come addition to foreign es : 
problems, the majority of them change earnings of som 
political. B3600.000 annually. Snddenfr 

The main thrust of Mr. Brath- adverse weather and attacks .b? 
waiter scheme will be a huge the pink boll worm stopper 
project in what is known as the cotton in its tracks. Acreage 
Scotland District, taking up a dropped to 730 in 1977 and tfr 
.seventh of the island’s 166 yield to 5S.OOO lbs. and indice 
square miles. Situated on the tions are that it will die + 
cast coast it has always suffered natural death, 
from massive soil • erosion The shrimping saga starte- - 
although its soil is rich. Inter- when an American . compan 
American Development Bank brought in a fleet of trawlers ir 
loans will support the project i960, using Bridgetown as a 
to the tune of BSISOm. base. Tnc Government con 

There will be beef and dairy strutted a modern storage atfr 
cattle production and develop- processing plant and the 
mem of herds of black-belly industry thrived to such or 
sheep, an indigenous breed e.vtent that shrimp export' 
which is particularly hardy and fetched more thanB$7m To 196S 
which is already being exported and 1969. The company then 
in small ouaotitie?. mainly to Fell out with the Government, 
the Caribbean and Latin moved elsewhere and official- 
America. Fruit trees (local dom was left looking for 
cherries. mangoes. limes, trawlers to 611 the breach, 
oranges) ivilj be planieo on a Jn the end the Government 
large scale and earth-damned purchased 20 trawlers of its 


own, but it has been grappling better facilities 

with the problem of finding marketing - atid should - 

waters for them to fish. WMe_ booiL - 

an agreement with Brazil was:. , Although agriqultuiv S vP<W- 
being concluded the trawlers tion in the .economic scheine' ef 
lay Tdle at Belem for almosT-tfa^gs , ^^ L dfraimshed_-7 
a" year. Subseqaently an agree-' efeorts^ towards . 
xnent has been concluded with! its I significaaco * .caimot^.^be 
Guyana and the fleet is ndw ignored. -X 7-* 

active again. But the economi? ^ : ^e ' ^oTCnmto-ihM^^hdi- 
bloMr was such that.it will . 

several years to recover from correct 
it r . fanrlrs-which hfrfe: st^nied^agri- ■ 

Shrimping is aimed at expoTl niituxal V dercl^nhent^ If ( ; haa 
markets. The. lorai demand halted.the'subr&yisibn^t 
just abont met with catdres by agrie«l^ral l^ 
local boats fi shine off the coasL ^.pnipows mS.i^urneimuch of 
Flyiag fish, for which the island the-laod it 0 wnSlio’ ‘active' prp- 
is famous, kin? fish, snapper Auction. 4f1mtfy4Btroduce<Ldu^- 
and alhacorc are the raain free . wmces^os. . .^ 
varieties but fishermen have and 'frsbing^Qjui paieiit (iencr- 
been worried recently ; by .ally; atT-iias 'sounded- genuine- in 
declining catches, particularly iu*. desire to„ stop : toe ; recent 

a :.n Rrh i.-hlstVl nnu- ^iMfntKl:-^ a'iJTmb -Omm 


Towns «« VIMIW. .iiKisuuiyv-M . nri - • 

and Martin’s Bay will ptfuviagA?-.:y r ^ -V-t’irwiyA^wier v 




- 






i • .- 

t ' ' ' 




HrSail 


k"- ’* ■ 










'. ! •’ ,c-; 

’CTAisfr iisrmr<vTR f i #:r 


COMMERCIAL Si 


ENTERPRISES LIMITED 


P.O. Box 677 t, Bridgetowf^ Barbados, 


Development plan aims 


ALLEYNE ARTHUR & CO. UMPFE^A 
. BETTER BUYS LIMITED — * . : 

FEDERAL REAL ESTATE v LIMITED - : 
K. R. UUNTE & CO. IJM3TED 


at decentralisation 


THE FORMER Prime Minister 
of Bjrb»do?. Mr. Errol Barrew. 
UNed in ho fond of i.*Iainun? thai 
hi.- Gnveminenl had. a«- hi: put 
1 it. transformed Burlvnliv- rr»m 
! a village into a vihram inde- 
pendent nation. It mi?hi have 
l>een the truth hut n i-ortainlv 
was ool the whole truth. 

There is no doubt that during 
Mr. Barrow's- lengthy lerm 
between 1961 and 1976 Barbados 
made enurmnus si rides in 
economic development. Yei he 
and his Government inherited 
an adminislmliun with a Ion? 
rradinon uf p\pert itianagemeiu 
and ea reful planning. 


Independence 


The Geest Line 


Even during its eolomal 
history Barbados prided itself 
on its independence, tt never 
received budgetary aid from 

the British, for instance, because 
its affairs were so competently 
handled by ^tn-ceedin? govern- 
ments. Ums before the Bar- 
b.ido.s flac, the Broken Trident, 
replaced the I.'nif»n Jack in 
November 1966. the island'- 
educational system was reaarderi 
as- ant-ins the hest. in the 

i"fim monwealth and bi,^>ted 
almost toral hieracv anion? 1 h*- 
populalion. Its road system was 
second to none in Ihe Caribbean 
and. unlike so many of iis 
neighbours, its water, elect ricily 
and telephone services wurked. 

So if Mr. Borrow round “a 
villatre '' when he look office 
it was a very efficiently run 
village and its metamorphosis 
bad already started- It was the 
preceding Government, under 
Sir Grantley Adams, the present 
Prime Minister's late father, ! 
which initialed .-urh vital pro- « 
jeers as ihe construction of a 1 
deepwater harbour, expansion i 
of the airport and erection of I 
I s large modern hospital. I 

It is ironic therefore that two < 


’ of the largest projects inherited 
. by Mr. Toni Adams' Government 
: when it defeated ?.lr. Barrow's 
: in September 1976 wire Lhc 
1 const ruction «f a completely 
new terminal building at the 
■ airpori (quickly renamed 
i.irantlcy Adam> International 
after thp elecloral triumph) 
and the extension ol' the 
Bridgetown purl. 

Th»- airport, the busiest 111 
the Gas'ern (Caribbean, has 
simply outgrown itself as 
tourism and rebied aclivities 
have boomed. Over I in pas- 
soiicer, use ii annually and. «\> 
anyone who has had iu queuv 
for iiismigraium and iiistonis 
anihurities to «lear 600 fellow 

passeniji-i-s can at lest, it cannot 
cope. The new building, built 
on an area of 26U.OOO square 

feet and costing BS28m. has 

been funded by the Canadian 
Government and the Inter- 
American Develupmeni Bank 
and should bo operational laic 
in 1979. It is alinoM a year 
behind schedule but the airport 
manager receiuly boasted lhal 
then* would nol be a bctler on;. 1 
easl 1 >i Miami. 


a local supermarket chain will cost j'ust ever B$438rn.| 
Whose land 11 compulsorily much of 11 from international 
acquired. Bui the development lending institutions such as the 
should end some of the current World Bank, the Inter-American 
congestion by extending Ihe Development Bank, the Carib- 
<1 11 ay side from 1^00 to 1.800 bean Development Bank, tbe 
rcct. including j new transit European Development Fund 
? , Rnd a new administration and the Canadian International 


cor^missip^affe^sjohiiiphtu-y/:^;^ 
reputable linesmcluding H&nik, . f 
Unilever, Rothmans. Carreras, •*;-• 
Giiinness,Robin Hood, Fiamis, 

Boots. Jotoison&SohnSdn, etc.,. .. : 
dealers mreat estate for 
luTury'wuiterliomes 
. 'atid commercial sLtesS ", J “ ;.J;! 
left ft predoviinpit interests in tlie . 7. 
local ni&iufticiitre of rltpu soap, ; " *' 
a«i?7ial feed,;biscuits, margaraie, exc. - 


Related 


Development Agency. . i 

Potentially, tbe biggest under- 
taking in the plan will involve 
better use of tbe Scotland 
District, an area on the east 


A related project has been Ulstnct - an area on the east 
Ihe provision uf a flour mill. 00351 whieh occupies as much as 

; ; ... 1 1 . . u wuvnnrh ««f iflc 


jointly owned by the Govern- a sevenEf ? of Barbados 


j»«a 11 w « uvriicu uy irur ijuvern- — w * v«w V g 

aiern and Maple Leaf Mills of sc ( uare miles. The terrain is 
Canada, which is expected ro hiU >‘ and ^Sged. tbe soil clay ey 

1 _ . .. n rT rl/.k ■> :i V 


— ...... ■. aj#VVlGU Ml , , . » ■» 

?upply ail the island's needs iu 20111 rtch - However, it has been 


The Leading Property Deveio^ers, Managers 


The port project i« somewhat 
nearer completion and the new 
facilities should he upon for 
business before ihe end of the 
year. Like the airpori. Ihe port 
had mu stripped its capacity, 
wiih a 11 increase in rniise line re 
and irans-hhipnieiit l argo t« the 
neigiil kiii. ing islands. In adtli- 
fiou. il is planned that ail inter- 
islunl vessels should now U.-9* 
Ihe expanded port instead of the 
inner basin i*r ihe Careenage 
in ihe heart of Bridgetown. 

The Government has found 
the exercise somewhat more 
expensive than the B$27in ear- 
marked. as it ha>- been ordered 
ro pay more than il was willing 
by the Supreme Court to 
the American company which 
carried out the dredging and to 


an in*- i.,i«iiu i nceas iu — : — — ■* 

. bakers, oisr-uit and counter flour 0atily affected by erosion and, 
' by mid- 1979. Buili at a cost of **. a rc sufr has not been fully 
BSIhu. it will employ a staff utilised. ; 

, “f 7U. The east coast road, opened 

j Another major hold over ,n l8w - made Ihe area acces- 
[ from the most recent develop- si ^ le an ^ there has been much 
, mem plan, ratified under Mr. wor ^ cfone over, the past two 
, Barrow’s administration, is a decades on checking erosion. 

! sewerage . plant For Bridgetown More recently, a sizeable crea 
. and itx environs. It has Liken a hjlS . l,een Panted in fruit trees 
long time to come info being— tliere has been tivestotA 

such a pLini was Hrsi recom- rearing in others, 
mended as far back as 1921. *'*" ow a feasibility study has 

Even this nne will have been been commissioned with the 
seven years m the planning and °Wective of identifying the best 
prcpuraiinn stage when work ar &as for future fax eminent pro- 
staris on ii n#*vt March, on Uie -* ec,s and agricultural develop- 
stte of on«* of 1 Ik* town’s former mefl L 

slum areas. It is expected to . Government has its own 
take 1 wo years to complete at a ^ eas as to huw the scheme 
Oust uf fi.N27 3i5j. provided by the should work and envisages a 
Infer - American Development Programme of erosion control 
Bank ana reclamation, the erection of 

These are all schemes which “ ams an( * reservoirs, the expan- 
se, as ihe planners put it. “on- s ton of the present process of 
stream," The finishing touches orchard gardening and iive- 
are now being put on the new stock farming and some 2,000 
Development Flan which will acres of reafforestation to 
reflect the promises made, by include a national park. 

Mr. Adams’ party during the Even the planners themselves 
19711 elections. are unsure what such a master 

It is estimated tiiai for the plan would cost to implement, 
period I97S to 1982 all Govern- although one or two Ministers 
ment-financed projects, either have spoken glibly of E8i30ra 
“ on-strcain " or to be started. Certainly, even if only -partially 



JOHN M. BLADON 
& CO^ LTD. 

nRiDCETOWN. Phene; .64640 •’ 


Vr: x 'r*X-: 
r '.’>5r 
'-cr--. , 


London Correspondents 

Goodman . Mann -Associates, v- : r .Vj v 

31’ St. J^mes’s Ptace t tindiB,. S.W.1^; 


C -‘ J ' .. ' * 

: f - - -'Vftrr, 


‘'Pr, ■“ 
»■ ' i- : i;> 


••'■'jk/. -Ti 


Corea Reef dliib. Settles ^ J . 
® eac * Hotel , SqLmfpjperi/ari v. 


CONTINUED ON NEXT PAGE 


;h*PEk Mt *k 


tVif sU* Liho 

















Finaitcuri Times .Thursday . November 30 1978 


35 


BARBADOS IV 


A welcome for 




tourist 


‘AS A Carlhh'-an t*ur;*t dc?t;?!3- 
n'"-.. Barham". lav:fc> ’•'■iih 1 
a'lr.-w-l j<mv *1 t 1 .- h> nn n;uan; 
ih* 1 pr*-ti?'*t island in*.j a» 
ait fact ivm as. ••ay. SI Lucia). n'«r 
i= ir tii<? iivrJir-: sp»«i m tii« 
■region i compared mtli. tor 

rv.imp'.i'. cxi-:iahir. ralypsn- 
crazy Trmula-li- lain 11 rt«>— 
havf' r»nc powcrFul advantage 
wliidi outweigh- any smrh 
quiMdf * — a lomi-danding repu- 
-jjtmn Tor stability. 

The island. smLfce manv ul 
its neigh si-iur-. i- a sale end 
co<f.*iin 2 h.v.cn :nr tin* ?*«tir»»i. 
si DriliL-h that it resembles a 
innri nf Kle nf \V;cht in Vhc 
.tropics. law and i ■ rJrr r;i}r« 
Ta?hrr somnolently in iht- ua' k- 
ground. L'nhki* J.iman-a. vio- 
lence doc? not «?**the beneath 
■the surface: unlike Nassau in 
tne Ha ha man you will nni bp 
ant>r>>ai-h>'d by drug pusher* out- 
side the big hotel*--, and unlike 
'Ham. you will not feel like a 
minor character in a Graham 
Greene novel. 


affr*'! rh«* “or ; <B J 
i.'iimri a nil l>nn: 
-1 1 ii n which 
pnrunK iiiiilil -i 
ihp srailc 

The days are 


iner*-4'*m :n 'he *cn- 
nt-m.i. ilcvCiUpnu n: *ii small 
L-uuniru- 

Tie dcls-iie a? Hi" uuuneri; is 
£'r;n_; very ninth in favour of 
thovc who pin their hopes tu 
tourism and there is plenty of vuur.se. win 
uMtlfiire wmih they can adduce vom prised j 
to their caw. OECD figures 
:.hotv Hi,.! more than -S4ibn was 
?p*.-iiT hy ;ru:rnis within that 
organjaamui < IM-membcr i-'iuii- 


'tahiliiy nf an 
aln >ii! ,i - if ii t- 
hii-Ai-UT li’lil- 
ii ml si. » ilam-'i- 1 * 


!UP 


tr:H- last vrar and that tourism 
spending rose by 17 pur rein in 
1377. More than IMOm "people 
a .'ear fific m.ijuriiy .if :ii«*iii 
tnuri'to ernss she world's inter- 
national frontiers annually and 
iong-ti-rni L X simile-. furt:»ee 
Ih.n tourist. by tout; — making 
Wurism one of thr ^arid’s most 
imporiattt tndusiricr. 

Mr. Jpan Hotltlur. executive 
uip.-vtor or the Caribbean Tour- 
ism Research Centre based in 
Barbados. ; s a inol prnpam-n! 

“f the industry --Tniiri<oi has 
last’d in :he Cmhhi-an ami 
Plsevhere," im say*. "■and iliiT.; 


tone suite, of 

i Mi** CarMihi-rfii 

number of small, 
expensive kUiuI resort-, hr 
rich American-. Much «1 'he 
region i- «»m- mass mu'-kef 
for holiday iiiak'-r-. In the ■a-e 
hi Barbados u i. even par* n 
that well .known holiday para- 
disc called - Ljkerlaiul ■’ '»*.• 
I'nierpreiiuri.il Sir Freddie owns 
43 per rent of Caribbean Air- 
ways. iho national airlm-i 
T1 h> ear. however, wit: »(■“ 
for f fur firet time the number nf 
tourist i an estimated .'am. not) i 
outweigh rh»* popuiati »'t of 
UfiU.hfKi. I'nr some in ti.irharlo;-. 
a tourist -resident ratu. nf 1:1 
is quite rijoii"h ami preti.c!."!! : 
"1 a ifpiwth in touri'l ^rrtviN 
to .iuu.onn portend lisa^ter. 

Not everyone shares the-i- 
f«-:irs- " Look at Uerimuia " sav; 


BARBADOS 



V PORTLAND GREENLAND 


Courteous 

ri The iutclliavnt and predomi- 
Bantly louits-ojis Barhartian 
population seems actually no] 
lo mind lour is- Is 5ivar:nmy ail 
j&vcr the island — an attiimle 
fare emm^h in the Caribbean. 
The beaches — as pumi us any 


s nu_ (imrisni <le.-".HiiaTii>n whteh. ■ , " an H odder. " lr has a p.ipol.i 


itavKijT suiTc-red bomaVr dT^nnir* 
social -proWcni OT'other.' ha? .rn.t 
been reviiabi-cfl wtihin a very 
snon bine — a year ur'twp at 
must. . "• ... 

" ;.nc has ever . siisceHt-d 
to me anyihiug lhal cuuid re- 
place murivn in the iJaribhean 

The idea of a imiadl.v-bdsed. 
that the island's rivals m the integrated eennnnty niakeis.’-jen m- 
t astern iJirililwan can hn.ist — but any idea that you' re ^nm L > 
'run for 30 .miles of almost un- to repljoe loiirismJuire'ik-JDjd- 
jiruken pal m-f ringed white sand neas. And while every- fom- 
iruurnl the coastline .-nullify hai its upland -down-.. 

.. The Barbadian infrastmciure tourism probably ha> i hem Jrjii 
is excellent. There are no of ail. 1 ' 

candlex. anlicipatmj: power cuts. Given the current hooni . :n 
In the hotel bedrooms; tele- Barbadian tourism., howev.-r. 
phones work and tausee run bn the quu^tion arises of whetli-r 
scheijuk*; rhere Is no water it . could’ booni a bjf further, 
problem; the roads are narrow- Several .tourj&jp planners, on Hu* 
h'jt wcIl-maintaiheU and 1 the inland believe that a "real- tip* I 
range of hotels — from luxury to tnurt 1 could he achieved aed 
itparlment-siyle — is broader tiiai • marketing effpr;s br the 
than on almost any uihcr island Barbadian Guvernmoni '. have 
in the area. not been as vigorous, ai'ihcv 

“To tell:yo»i' the - truth." one t-‘ Q ulU have %ey.n. 
tourism ndicial -said , with a half- 

jjuKicd air. “ w-e have *pf almost. ]\zTarrI“^ii.r»<T. ’ ' ' ’ 
ji-li'at you would end up with ;f ikCHIlg- 

you sal down; and developed a .'. - Evei £ wahoul tr vin?.:' ine 

: done ?e r y 

tfelight. tre artefed modestly. j lftfr }, ai j puI 5;ia)r : a nw un t 


n»n *>f only a hunt ii.'.uO'i bu’ it 
handle^ liaif-a-niilliun i«»-i r :-tr .i 

vi-ar. 1 1 works well th’re 

eaiiNi- il’s wi-il-planiiol and ■! 

u - ii ii hi work porii-clly iwil here 
tin* if it were well-pl.iuned 
“ One prublciii with Bwrhj 
chans is that in a *rr'»: — Lk- 
■.••.•.-r\i»n<- oInC m the iJaribbean 
— l hey lake (iiiiri-ni lor -^r.i tusl. 
Mi.-I Wes l Indian- when they 
Hunk or tourism ei unite ws'r. 

i he IimH '1 industry and i.Mi-n 
give l:f : ic ihouuhi *i. :!»»■ rsppf** 
effect of the limnst tl'-Har 
through nu t ill** ci-nnuiny " 
Barliacios. it is .dsn pnuiicd 
nut. has hcen expn-.nd to vi.-.i- 
tnrs for a long time: n»» just 
since Hie laic 1350s when tin* 
muUern industry tjciyin. but 
the early days of this 
century when piomv'rlne h»»h- 



to take one-day air laxi tours of 
neit»hboL'r:r.? islands like Sl 
L ucia. Martinique or Grenada. 
Bu; *ine also cannot help feeling 


polluh-d 
Mediterranean 

cent last jear nn lu7G jml are 
i-xp-'i.-ieil in increase hy nearly 
50 per cent ihi» yar. holp«-d hy 
che.-iper fares un GariMiean 
Airways’ X^nndnn-Luxembuuri:- 
Bndyetnwn mule. 

However, lliirnpcanb slill 
day makers would travel down mak0 tip IIIllv abl)Ul , s ?rr Wll , 
hy schooner from Newfound- 0{ - a jj arriva i 5 


growth it. foreseen in rhe- Euro- the Government earned some 
pcau marlu'i — led hy armals Slim in gambling fees and 
from Scant! i nni la. Ln.’din and taxes. 

Wed Germany. It j.s n ot. ’hough, a pastime 

Kur<i|n.-an visitors — fleeing the favoured by Barbadians. A very :t‘s a comment on ihe relaxed 

charm of this cricket-mad 
mango-shaped. West Indian 
island. 

J.McC. 


land and disembark on the 
island. For si* vend weeks they 
would stay on Barbados while 


and ov.-n-niwdi-.! religiuua (mainly Anglican) 
• in — by .'t? per . (juntry. two thirds of those 
polled m a re-xml survey said 
that they were onpnsed in the 
provision of ^anihiiDg facilities 
fur tourists and a political 
sturm broke not long ago when 
the Gnvemm n nT legalised one- 
arm bandits. The Government 
has since set up a commission 
and Barbados |„ study ihc question c-f 


if alway/ 



Southern Palms 
Beach Cfuh, BAROADOJ 

.... located mi a sunshine coral sand beach — all 
1.000 feet nf it. 

The summer atmosphere at Southern Palms is 
more than just the weather Our hospitality 
extends past our 100 distinctive rooms. 

2 swimming pools, impressive thatched roofs 
over the Khus Khus Bar and Restaurant, 
tropical variety of local and continental dishes, 
our nightly entertainment — it's all friendly and 
informally elegant . Everything you could want 
to make your holiday in Barbados is here within 
your grasp. Take it — come stay with us at 
Southern Palms Beach Hotel. St. Lawrence 
Gap. Christ Church. BARBADOS. 

Telephone S7171. 

Managing Director is Roger Seymour. 

Contact our UK Rcfirvsentatires: 

Robert Reid Associates Ltd 
2SS Regent Street, London W1R SHE 
Telephone: 01-580 S3 13 /4 - Telex: SSI 1245 






stiil depend:, heavily «»n the GO 
per coni r»f vibimrs who come 
fruni Canada and tin: L S. 


schonncn went further Those arrival* hav 


gambling on the island but any 
change in the present laws 
seems unlikely. 

P-rhans one of the mnst 


tpiirism iwMiron tlx. 1.larij: olBt . hl 

,«»• . B “ l 'f the .Tourism 



hack north again. 
Other and m^rc 


traditinrcil 


percentase even 


*N'oi that it happened that way. (l f nwilc .v and 'efTurl ' irito mar- problems also afriirt the Barba 
fif course .... kvtmg as, say? the. ■ Bahamians dian industry. There are slill 


more. 


. However it happened, 
(ados -has been extremely 


favourite hoi: day spm for We-t 
Indians thenv-'-lves. One fifth of 
all arrivals la.-t year wore from 
the Caribbean, and Barbados 
reckons that i' got- about 50 per 

lunate. Tourism is now ihe would br* raUcsai^ad^f^vVry- September and October. The One obvious area for making cen t. of ^ intra-Caribbean 

leading sector m Uie connfry'A where e!se : ifi xhc. Caribbean.'’ Tourism Board Ls attempting money out of tourism which the tourism trade. 

~ ..... ,- promo- Barbadians have rigorously Partly this is a result nf the 

such as eschewed h.t.x been gambling island’s geographic position tit 

lv veiling-out o* In rhe Bahamas some 63 per is convenient.- for example, to 

the seasonal downturns is cent of the 1.4m arrivals in die rich Trinidadian market and 

77 visited a casino there and u is possible from Bridgetown 


. IS.VIIM5 -j--, aa>. lire, . DJllUIllUUl-- »>nii II* 

^ r ' .have— especially, in the -last seasonal lulls, especially in the 
f 0 “‘ roup j c of year ^—Barbados months uf May and June ^and “ 

'* - th .° would br miles ahead jtif svefy- September and Octobc ”■ 

..... ofry a -where e!se : in -She. Caribbean.” Tourism Board Ls atti 

trr^ rra 

Gross N a ., n naVunao„o 1 J 1 lrd mSSsS Board' • ln ‘ i .» I S"!1'"‘ 


and a ,h,n 3 ConsidoraWe Iff 


fit fnroien nchanie rarn,n, S . B "" d 

j After a bad jear in 1»73. on w-mW-noWI* 

Paw" h^dS^iSSS- J"' “““/ Z 

, adeVMSlng and combatting Ihe 
Hm Armais rHnibed "»d.ly camp.;*., »r«m p ^.,v* njWj- 

) f r™r'"l, 0 nd n t I li^ 'LTTr ™'“ **£& ^n,ed Z, 

jast jear and they ieem set en rf .a 

‘h-c on,; nnn 11 , ip , 60 per cent of tourists come to 

*h,s year to pass 3OJ.0OO. Haifa , he l!>!and a - a rt , so u „f •• yn nd- 

bullion lourihts will be making mout hiji 2 ,“ that is personal re- 
Ihc- pleasant pilgrimage to he commen d a tions by friends or 
small island by 1985. Barbadian conpaoires 
tourism planners confidently '. . _ , . . . 

predict. This will involve a Jt ,s t P«J»W around this 
inuch-needed increase in hotel pmnt that the tounsin indua.ry sircces& f U ] i j t would stimulate post office and library, the eon- the demand is growing for efec- 



CONTINUED FROM PREVIOUS PAGE 


beds from today 
some 15.000 in 
with this demand. 


iyV 11.000 lo p? ^e. isrand wiU fight its next prof j uc cion on lands which have struction of a new 
order to cope hiS battle, \vhile a great deal nf alwayfi a pro bieni. and a new by-pass 

money can be poured into tour- . .. . „ 

promotion for uncertain Quite apart from anythin*, 

despite 


This performance took place. ™ |t "”™V B ££££ else, the Scotland District eon- 


expansion nf 
housing areas. 



und w,,,| ld bring about an even more 
dramatic upswing in the in- 
tak:nu ri, i>try‘s fortunes than has 
occurred tn the last two years. 


indusii-y winch has now 
dwindled as Uie expertise of the 
old hands has disappeared. 
There now is a factory at 
Greenland financed by private 
capital and involved in the pro- 
duction uf tiles and bricks for 
the building industry. __ It 
currently turns out about 4.500 
tonnes annuaHy, w-iUi a capacity 


a 


fAPB* 


1 

Any. 


* . IP 

•*' h\. 

l „ 4 D' /: 

y * * ■ * ; ' 

r : * 

JT. ' ; 

i*a 


tram Europe, 

Canada. 

| The tourism boom is 
place within the context of a 

debate throughout the Carib- Critics of ihis da-li-for-erowth 
(ean on the role of the industry school - uf thought, however, 
m development. One school of claim that Barbadian tourism 
Wrought holds that Tourism may now have reached satura- 
&as a vital role to play, the other lion point. It is a problem that 
that tourism is fickle, has nega- frequently confronts nervous 
five social consequences and tourism planners: the worry ov er twice HiaL 
aannof be relied upon as an that too many tourists may . j t j S j n a differerht dirccUon. 

however, that Government is 
looking — specifically tu tire 
manufacture of tabic stoneware 
aod gill ware and artefacts. An 
application has been made Ur 
Britain for assistance with, the 
study uf the clay resources in 
the urea: tins will be ued tu 
market research to establish the 
viability of such a project. 

Stoneware crockery is an 
exclusive and expensive item 
and if Barbados could supply 
naif the demand which ii 
creates among Lite tuurists in the 
duty-free ?liujis such production 
Would be profitable 
Since rhe 1371 elections, Mr. 
Adams' Barbados Labour Party 
warned lliui " the concentration 
of services and doiektpmenr m 
the Bridgetown area is one of 
the greatest threat- to the 
proper physical develop men; uf 
Barbaihni." Now that il ls in 
towards dc-iirbuuisjUun. 

The aim is to upgrade ihe 


bus Terminal tricians, welders, plumbers and 
road and the the like and the supply has not 
shopping and been keeping pace. 

The Government's polytechnic 
somewhat institute has been hampered by 
and proper faciti- 
problem should be 
with rhe cont- 
ort on a new 

able" now dress find" they have complex cosling BSlO.Bm and| 
lo go to Bridgetown. In financed by the Inter- American 
addition, although' it L- -n the Development Bank. When it is 
west coast. Speighufuwn has complete, hopefully by 1981, en- 
nui benvtiUfl as u really ai u rolmrnr can be increased and 
might have fr^.ni the ecunnmic new courses added. At the same 






When you are flying to Barbados# 
only Caribbean Ain^ays give you 
Caribbean sunshine air the way. ■ _i, ■ . ^ 
Our luxurious Boeing 707s rlV'iTOm^ 
Gatwick every Monday. VVednesdavand 
Saturday direct to the Paradise lsJand. 

Three times a week from London ^ 
and Luxembourg, we ca n give you a 
delicious taste ot the enchantment that is 

to come. _ , . T . . , . 

We offer an in flight service which is 

full of tropical delights, like our native 
ru m punch served by beautitul 
Barbadian stewardesses. 

And you will be surprised how little 
it all costs. Especially if you book in • 

adV ForfuU details of. bur flights and for 
reservations, ring: C01) 493 6252 (5 lines). . 

The Notional Airfine of Barbados 


¥ 


CM 

CARIBBEAN AIRWm 


proximity of tourism. Work un 
a plan which will establish 
priurilics tor its development 
has started and should be com- 
pleted by next -fune: construc- 
tion uf a 300 douhlp-roum 
holiday village at llcywoods. nn 
the town’s outskirts, should 
start next year. 


time Government plans to ex- 
pand education at the primary 
level. with “realer emphasis on 
technical skills. 


Tony Cozier 


Barbados is a politically stable, rapidly developing Caribbean country with 
an excellent basic infrastructure. 

It is an ideal location to reduce your manufacturing costs, increase your 
profits, gain tax-exemption and conveniently serve the European and 
United States markets. 

A highly literate (99%), very productive, dedicated and reasonably priced 
English-speaking labour force combined with the Government's favourable 
attitude, facilitates economic manufacturing operations and provides 
savings of 20 - 50% on costs of operating in Europe. 

The Baibados Industrial Development Corporation spearheads the country’s 
industrialization programme featuring a number of generous incentives 
which include:— 

9 Lengthy corporate tax exemptions. 

« Full exemption from import duties on parts, 
materials, and production machinery'. 

9 Expedited customs clearance procedures with minimal 
paper work and no delays. Incoming parts and 
components clear customs in a few hours, usually 
delivered to the factory on day of arrival. 

o Full and unrestricted repatriation of capital, profits 
and dividends. 

9 Low cost , subsidized factory space immediately 
available in well-planned industrial parks. 

9 Coordinated investment approval procedures with 
the B.i.D.C. providing liaison services with all 
Barbados Government agencies and privarc sector 
Organizations, at no charge to the investor. 

BARBADOS INDUSTRIAL DEVELOPMENT CORPORATION 

U.K. Barbados High Commission, 6, Upper Beigrave 5treet, London SW9-SAZ 

England, P.O. Box 527, (Cable: BARHJCOM) (Tel. 235-8686) 

U.S.A. SQ0 2nd Avenue, 17th Floor, New York, N.Y. TOOT 7, U.S.A. 

(able; BEEHIVE) (Tel. 867-6420) 

BARBADOS . Pelican Industrial Park, Bridgetown, Barbados. (Cable: BAR.DEV) 

(Tel. 75350) 


Divided 


The holiday village, costing 
BSMIhn I half in irmne frnm the 
World Bank), i-. the first 
tiuiriMn project directly involv- 
ing Government finance since 
the Hilton Hole! was con- 
structed in JD66. The village 
will he divided into clusters, 
each tu Ih- leaded hy iiu* Govern- 
ment for management and each 
sharing central facilities such 
as restaurant, i<-nni> court*. 
>upermarkcts and swimming 
poofs. With Win touris-i*' so Hum* 
by in season, the novel ■•pmrnt 
should provide a further boost 
to Speighistmvn. 

The opening earlier this year 
nf ;i modern health ■.lui:c ai 
Litchfield. St. Peter, not far 
frnm Speighlsluwn. ha- furl her 
towns uf Oisliirs. Speights town, contributed tn the Government’:, 
Hull-town.’ Belleplamc anil emphasis 1 nn decentralisation. 
Welchman Hall and to create That was const rucied with 
new 'centres in St. George and funds fruni the EDI-’ and mure 
St. Phillip. Already wurk ha* are planned m country area-, 
started on the first phase uf the l«> lake some nf the pressure 
Lust ins redevelopment.' provxl- uff tTie central Queen Elizabeth 
ing a -new pier with bunkering Hu-pital in Bridgetown, 
facilities, a new fishing' terminal Even if the educational 

complex, bt-Mcr parking and system ha- succeeded >n pro- 
marketing arrangements fur ducin? such a high rate «»f 
this fishing centre on life suu ill literacy, them i> nevertheless 
coast. Partly financed by the a good deal «»f scum: in the 
European Development Fund, claim Thai w i< not entirely 
initial work is costing BSom relevant to present needs. Its 
Another KSlOm will hesjinni on ennceniraimn has been almost 
111 h rest nf the project, which i* purely academic and there is a 
Mrheditipd l f < he c»-»mpli: 1 eil hy limit oil the niimher nf white- 
the end. of fh»* IftROv and will collar ’.inrk*»re ihe civil service 
include the relocation 0 1 -Ihe and -business can ab.-urb. Now 





In Barbados and overTO other 
countries, communications 
means Cable &Wire! 




With a sophisticated world network of 
satellite and conventional radio links, 
submarine cables, telex and data 
transmission facilities, air traffic 
communications, telegraph and 
telephone systems. 

Cable & Wireless. Continuing to serve 
the government, business community 
and people today. Building now for the 
future. 



helps the Hold communicate 

Wildey. St Michael, Barbados Tel 75200 Telex 262 
Mercury Hn^e. Theobalds Road, 

London WClX BRX. Tel 01-242 4433 Telex 23131 


? ss?^v-r- a--.- 



♦ ■- 
\ 

j 



3Q 


-Financial/Times 



: WORLD 


leave 




lower 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 lo £1—77*% (78!% 1 
CiTcclirc 81-9513 33* % (33i%> 

S?!™; DISAPPOINTING in" number of agents have 
October L.S. trade figures. WaU become more nervous about the 
.Street moved sharply and broad ly future, especially on the inflation 
lower yesterday in another rror.t. 

moderate business, extending Among Glamour and Blue Chip 
Tuesday's late slide. - - - — 


light trading. The 
strikes in the German 


but analysts said the figures were Cooper Laboratories has bought TnLvn 

in line with expectations. another 149.500 Sterndent shares. * U1V J U - .... - . . 

A survey of purchasing agents raising its stake to about 2D.4 Market was in firmer vein early industry conunuea 

showed that although business per cent. Cooper put on 4 to S20{. yesterday, but subsequent profit- generate uncena.n.y in 
continued to improve, an increas- AJJ erjCAN SE Market Value l a kin - ,cft siooks closing mixed 

Index declined 1.31 further to 
146.13. also in moderate activity. 

Volume 2.S0ni shares l2.7Sm ). 

Among the actives. Amdahl lost 

1 a _ dip ... 7 | A f 1"1 


selective 
iron and 
to 
the 


on balance. The Niktei-Bo.- Jones 5SS? $5 else 

&TJSJTJS 

ur- nn-r .n-inr aj.ii CJ RHU U.ll I.3U. 


SE Index was 0.07 easier at 440.64. 
Business was fairly active, with 

traded 



Linde, in 
DM 2.50 
hardened 


rises by a substantial margin of 
1.261 to 257. Turnover contracted 
to 21.16m shares from Tuesday's 
lerel of 22.74m. 


However. GHH and 
Engineerings, gained 
apiece, while Dcmag 
DM 1. . 

Public Authority Bonds fell 
Pioneer afresh by up to 50 pFennigs in 
1.390. and the wake of general market dis- 

. . , v yi sjn !5ai)sfaE**on at the prospect of a 

A IfiO.OOO share block was moved It is to buy back 500.000 oF its ^"'rnR' El^lronlc VI SCO lost terse issue of ’’Carter Bonds'' nest 
at $141. shares at fS.60 each. Resorts Inter- *" 2 J apiece month. The Regulating Authari- 


Y30 to 
other 



750 1 


JUS 



-1 

1 L II 


JUL AUG SEP OCT 
1978 


NOT 


(iinsiflsi 

" * lose early gains towards the 

Stocks were predominantly close, but Machineries were 
. easier in fairly active trading in higher and small Steels scored 
** line with New York. The Toronto 

A O »„ 

Y70 at 


Real Estates. Printings and **» bought a nomimil DM lSTm 
Paper-Pulps continued to case, of stock tDM o.4m . Mark foreign 
while Heavy Electricals also L° ans were aIso lo ' ver - 
declined. Chemicals tended to 


in the August Budget had gener- 
ated sorae solid buyer resistance. 

CRA improved 5 cents 'to 
ASS. 13. while most of the smaller 
diamond explorers also made 
headway. Northern . Mining ad 
vanced 7 cents to ASL2o. Carr 
Eovd 6 cents to 39 cents and 
3 Vc stern Queen 4 cents to 20 

Bourse prices were a shade ce 9.te. 
harder for choice following slack 


Paris 


Borg-Warner slipped \ to S2SJ. national **A." in second place, put 
but Firestone Tire gained l to on 1$ to S30*. 

Prior to the stock market open- si 3 } in active trading. The "tv/o 
Ing, the Commerce Department companies said they will consider 
reported that the U.S. irade deficit plans to merge under a new hold- 
widened to a seasonally adjusted ins company. 

$2.i3bn in October from Si.69bn Occidental Petroleum shed I to 

in September. Treasury Secretary S15J and Mead IJ to S24. , 

Blum withal. however, said the investigation by the Securities and Composite ' "index" "slipped " 4.2*to awgl ^’ 

deficit "appears to be consistent Exchange Commission into pos* 1.263.2 while Golds declined 17 3 Kumiai Chemical added V ... 

with, if rrot below, our evpecta- sible securities law violations by t0 1 * 251.5 oils and Gas S.O to Y80 ®« Nippon Television Network Electricals, Oils, Metals and Tex- 

tions for the fourth quarter.*' Occidental could block or delay its 172 s 6 Banks 082 to 302.31 and aI V6,810, Tokyo Electric Y32 tiles show ed a higher tendency. 

Metals' and Minerals 4.9 to 1.058.4. al , V422. Kagwne Y30 at Yl^fiO bu1 Publishing and Stores mostly 

Papers, however, hardened 0.38 ®*ld Matsushita Electric softened. . cents 10 AS155 and the new rights 

to 147 44 *30 at YW0. Carrefour, m Foods, rarproved “"“J 10 a t m efnt* 

Victoria and Grev Trust "A” On the other hand. Kaken 20 to FFr 2.120, while Cruesot cenSl F^^^vwere^imtraded hi 

• rose t to CS17J on higher annual Chemical lost Y70 to Y&230, Mat- Loire, in .Metals, put on I.o to SoSS! JL 

■ net profits and dividend and plans sushfta Kotobuki Y70 lo Y1.858. FFr 57 5, Banks bad Paribas 1.9 u^M^ents.^ b ‘^° b q 0t * 


trading. 

Banks. Portfolios. Constructions, 


Michael Metz, of Oppenheimer planned take-over of Mead, 
and Cn.. commented that although 


Blumenthal *' glossed over " the 
deficit, the figures disappointed 
thos who had hoped to "see a 
real turn." 

The trade news depressed the 
dollar, and analysts noted that it 
came a day after a discouraging 
report on consumer price 
inflation. 


NL Industries eased! to $19 
ex-dividend. It has agreed -to buy 
Texas International's well and 
work-over business for $101 m. 


Elsewhere in Minings, MIM 
moved ahead 9 cents to AS2.45 
but Central Norseman, reflecting 
lower gold prices, retreated 30 
cents to AS1L50. 

la the Shale Oil sector, Southern 
Pacific Petroleum jumped 45 


Texas international rose i to S8i. net profits 

National Medical Enterprises for an extra payment. Yokogawa Bridge Works Y4Q to up at FFr 202.4. 

lost 4 to $20}. It is to tender for Among other companies report- Yl.700. Kan to Denki Koji Y30 to In contrast, Foclatu declined 4.5 

a majority of Medfield's shares ing improved earnings. Page Y830 and Dai -Nippon Sugar Y27 to FFr 218.0 and Rhone Poulenc 

if Medileid holders reject a Petroleum gained | to C$7L to Y101. 2.5 to FFr 116.0. 

merger. Med field, on the Ameri- Seim rex 10 cents to C$3.25 and 

LaLe in the ses.<non. the Govern- can Exchance, gained SI to $20. 3Iagna International J to C$424. GermanV Australia 

mem reported that its index of Asarco eased J to $132. It is to Mattagami Lake Alines “A” 3 * . , 

leading indicators rose 0.5 per invest SSOm to develop a Montana picked up ? to CS14J. Company Stocks came back from a firm . ’ '.5 . 
cent in October, compared with a copper and silver mine. directors hare approved a merger start to close with mostly small ' *1 

0.9 per cent rise in September. Sterndent retreated to $225- with Xoranda Mines. irregular net movements after 


Milan 

All leading Industrials lost 
ground in fairly active trading, 
with Fiat’s denial of plans to pay 
were firmer-inclined » inXerim - dhidend depressing 
although business re- 


NEW YORK 


'tncit 




>' ->r . 

:s 


AYiWt Lab* 

.*il«inMiogr«pa ... 
Aeriu Life A C'a* 

>irppidi|..:* 

A>an Mumimum 

Aiwa 

Aileg. Ludl'jm.... 
Allegheny PoTer 
Allied Cheroicni... 

Al!l+j t5l»re* 

A!inCn!io*n....' 

A MAX 

Ament-la tin*.... 
Amer. Airlines. ..1 
Aaier. Eran>1s. ...' 
Amer. Bnodeui .- 

Amer. Cso j 

Aiuer. (. Timruii-.j 
. Amer. Dirt. 
Amer. Elect. Toi-: 
Amer. Express .. 
Amer. Rome Pn>i; 
Amer. Me-UcaJ...! 

Amer. Mi-tore | 

- Amer. Nat. Gu.j 
Amer. MjtndjinlJ 

Amer. Stc-m ! 

Amer. Tel. A Tel. 1 

Ametek > 

AMF 

AMP I 

. An'pex • 

Anti-.f H-.-kini; .| 
Annwr-er UoKk .' 
Amt* 

A. O.A | 

Asemere Oil. ; 

.\« mi • 

AtiVtii'l Oil 

Ar.. Ricnfielii 

A mu Dsx* Pr»- ... 

A Vi. 

A r ijti 

Ar>n Prodiu-is... 
Bilr. I - ,** Flrvl... 

. Bsnyor Punts. — 
Benk Amer.w.... 
BsttUem Tr. N.Y 1 

Burt-er Oil 

Baiter Trevt-ao 1 .. 
Beatrice FuM j 

Beetmi Diekuuoo: 

Be<l t. Snwell 

Bend is 1 

Bempiet Cnaa ■*»’, 
Bethlehem at eel. 1 
Biaek i Decker -• 

Bi.-eiwt 

Boise Cssca-te i 

Bnrrfen ■ 

Bars W'sruer 

BranlfT Inr 

BraM.n ■A’——.- 
Bristol Byer» i 

B. Pet A Drit B_.r 

Brwt wiy .' 

Bnin-Bi-ieU 

Bucrru* brie...... 

Biii-jra W«ta:|i.... 

. Burlington Nihn. 

Biirtnugh 

l'sni|iiell Snip.. 
L'anaiiuiii Paem*.- 
- Canal Hamloipli.. 

tanutii-u 

Caniei A Genera ■ 
Carter Ban fee . 
Leteriii.larlraet 1 

CU- 

t eianere ». r-rpn . ’ 
Central X ?.W... 

Certainiee-I 

_ Ooiu A ir-’rafl 
" t iiam{ii>-n Inter, 
t-hase Manliaiten 
CUemlisii UW.NY 
ClteseL-rctr Phi»-I.. 
i.he.ple ^vsletn.. 
toil* co Bri-l^e .. 

Cliri sler 

Cliii*. MiluL-rt-n.... 

Citicorp 

Cities aereiL-e— -■ 
Cite Inra-tiu^... 
Clevelau-l tuff- 

tcaaiCi-la 

C-.Kfitle Palm.. .. 
LoiIuk Aib man..., 

Colum'.'la Rw • 

Coluinhia Pv.-t.... 
C-mi.1n.Co.9l Am' 
Lom1-u«tion Ena.. 
Combust ivo bq... 1 
C'm'n-tli Eiti-.in.; 

, C-.-mro. bateriite. 
Couipiier aeiew.-.; 

C-.'uq Lite las * 

Coma.- i 

C-.-a-Edi-i-m Ny.... 

ton— i Pi-jdi- • 

kVi.-i~.-i Nar G»- 
Cv^i-umer Pineer, 
t^inUnental 
toiiiinenta! oil..- 
O-ntinenui Tele 

l.^iotriil Data 

Copper Inilue | 


32 

221 , 

37.; 

245, 

32T, 

45-* 

IS-; 

17 'a 

30'i 

251* • 

29 : 8 , 

43: 5 

275., 

12l* 

48 1-2 

36 

35', * 
245, ; 
235, • 

21 5e 1 

am , 

271^ ■ 

T'j 

401; 
411, 
305, I 
601, 
28 
161, 
531* 
145, 
265, 

24 Sa 

17>i 
22 i, 
1SU 
13i, 
45it 
531, 
28 
101 , 
221; 
S1U 

25 
20 
25 
34 
25 
394 
32T 5 ; 

33 - 

16 
36a, 

19 1 3 

16 i* 
651, 

25 U 
27 1 

283a 
12 '« 
13H 
31Sa ; 
181, . 
26t, ; 

m* • 

161; I 

6 >4 : 

38 

691, ■ 
32W 
zoi, ; 

95*. • 
27 i 5 
lli, 

16 5, 

55 

51 
40>4 
\5i, 

18 

181; 

19 -a 
29i, 
a6 j * 
221? 
251; 
5Ui 

91; 

307, 

24 1; 

52 
Ij's 
25s; 
40i 4 
17U 

9«s , 
26 1, 

20 ! 
17lg . 
326a - 

261, 1 
38U : 
ii-B : 
36i 4 ; 
15 1« I 

2S' 3 1 

22U ; 
26i, i 
25 5 4 
14.-4 ; 

31U 1 
46i, : 


32tt 

221; 

38l« 

23:* 

33 

45s« 

15 '* 

J7*S 

507a 

E3i* 

2912 

44 
28’« 
12:; 
49-’ t 
56 1 < 
36*4 
26 
23; 
213fl 
3158 
28i s 
221; 

5I» 

40U 

42 

31 

60S, 

20*4 

163b 

333j 

145b 
265a 
24?, 
185c 
221, 
155; 
13 :a 

45 U 
54: a 
297 6 
10*4 
23 m 

51 1 3 

257 a 

2019 

25>, 

34lg 

251, 

401? 

2338 

3314 

16'e 

366a 

litB 

171, 
641a 
25?4 
27 1 8 
29 1« 
123, 
13 «a 
3Ha 

183s 
2634 
13se 
16>a 
6U 
38i, 
70i« 
321; 
203a 
9U 
2838 
1138 
17 
561, 
at I; 
407, 
151, 
185; 
19 
19 -i 

303* 
36- ; 
223* 
26 
52 
91, 
31 
241, 
351, 
133; 
26 
41 
17 U 
fl* 
263s 
20i« 
17 ■; 
331, 
12 
261, 
384; 
11 ? S 
361, 
16 
2a3* 
21 t b 
34 t s 
22i s 
B7U 
253; 
143; 
32U 
47 


Stat-k 


Nor. 

£9 


Nor. 

23 


LV-njin* b-lsn.... 
CPC Int’rn'tio’al- 

t. ran* 

1 rr»*l.er Nili. . .. 
i.rr-’rn /.elleri-e^h 
Cummin* Kncme 
1 . uni sb n' right. .. 

Dana ' 

Dan Industries .. 

Deere 

l)e) M-wie 

Deltona 

DenUpIr .'nr ' 

Detroit Eriison ...! 
Diamonil shamrk. 

Dictaphone 

Digital E^trip 

Disnev 1 Wall; ... 

Dnrer LVirp'n 

Do** Chemical ...- 

Draro. 

liresaer : 

Dupnat 

Eagle Pitcher..... 

bast Airlines 

Eastman Kntak..j 
Eaton 

E.O.IO ! 

El Pa ro Nat. G*»l 

El tie J 

bmerron E !ectnc : 
KraeryAir Fright j 

bmfaart 

E.M.l 

Engelhard ...■ 

Ei- mark. 

Ethyl 1 

6 j von | 

FsircniMCatnera 
Fe«t- Dept, btoiesl 
Firerione Tire.... : 
Pst. Nat. Bwi-o.; 

Kleii Van 

Fllnlkow..„ 

F Ion-in PoB-er .... 1 
Fluor ! 

r.M.c ’ 

Fiad Motor. 

F»mnost Mck 

Foxbora 

Franklin Mint — 


53,0 

47:4 

24‘, 
24ie 
30'; 
32 in 

»'S 

27 U 
39M 
32 i, 

40 

9 

15:, 
15--8 
19 >« 
14frs 
47U 
37 1; 
41S„ 

25 33 

28 >« 
371, 

118 

201 , 

9I« 

57 

351, 

261, ■ 

155, 

26t a 

337, 

191- 

34 i s ; 

27 3 

26 *1 , 
253g 
2038 
49 
29 
317, 
13 ta ; 
251, 
15* j 

27 ■ 
30s; 
315b 

841, • 

4011 ; 
181, 
32 . 

61, ' 


Freep-jst lttneouj 27 k 
Krauhant 26 

Fuqua Lada.. ...... | 85, 


1 nu 

Gamiest ^ 42k 

(•ea.Amer.lnr. -1 10U 

Q.A.T.X 247a 

Oen. CaMe_. — ... 14?; 
Gen. Dynamics-: 73 U 
Gen. Electric- J 48 U 
Gen. Fotsli. ....—) 307, 

General Mills 29 

General Motors.. 

Gen. Pol-. Util ...1 

Gen. Signal - 

lien. TeL Elect...- 

Gen. Tire I 

Genes co J 

Georgia Pacific— ' 

f.7«uiouice 

Getty Oil : 


643* 
171, 
263# 
283, 
245, 
41, 
25 lj 
26k 
36 k 


Gillette ( 

Goodrich B. F....; 
"Mvear lire 

(iiMJlif 

ice w.is 

t-rt. Atian PacTes- 
(in. N-irlh Iroo- 

(•ivrhuiinil , 

•■uii A Western.. 

HI '.til 

Haiibiirton 1 

Hauna Mining — ' 
Hsrnuchlejrer.—! 

Harri- C-orpn : 

Hemr. H. J 

Ueutein 


Bee- in Packard...! 

Hoh*lav Inna 

Home.-isbe 

Honey well : 

Homer • 

Uoap-Corp. Amer: 

Houston .Yau Gas[ 

Hum iPh.A'iChm, 

Hunon 1B.F.1 

I.o. Iniiurtrie* ... 

IX A 

Ingeraoll Rand... 

Inland Steel ! 

[miles 

IBM ' 265.5 J 267.75 


2434 
171* 
15U 
26S. 
25 : a 
5U 

22 U 

Hi; 

12 k 
241; 

59 k 

305, 

14'* 
29:, 
37 U 
28', 

SZU 
18 
30 
637; 
J 1 Ip 
27k 
223 b 
13k 
153* 
2412 
371- 
463s 
34 k 
12 


543* 

48k 

. 245; 
• 25 
30 k 
33 M 
14 

27k 
. 39k 
323* 

- 40k 

9U 
15-5. 
. 15k 
1S3; 
14k 
481; 
37=8 
42 
26.k 
287a 
375a 
1191* 
20k 
: 91, 

, 58k 
1 36 Is 

- 27 
167a 

27 k 
34k 
19 k 
35 

3 

2678 

335« 

201 ; 

60 

30k 

317, 

12*1 

253* 

15k 

28 U 
3 Ik 
32k 

241, 

403* 

185$ 

3213 

6* 

28k 

26lg 

83, 

il- 

ll\l 

15k 

737, 

49 

313a 

29 
55 U 
17k 
26 k 
285« 
24k 

4U 

25k 

26k 

37k 

243 t 
171, 
16 
26a, 
26 s, 
5J, 
223* 

Hi* 

127g 

24S* 

62k 

301* 

14k 

30k 

373* 

28k 

83 k 
181, 
30k 
64? a 

Ilk 

27-a 

23 

13k 

161* 

245a 

57k 

48 

34ia 

121* 


Siock 


.V.r. 

29 


,\r-r. 

28 


Uni. Flavours 

Inti. Harres(er—i 
Inti. Min A l.'bam - 
Inti Muttiroodw...! 

Inco - 

lntl. Paper j 

Inti. BertiBer— 
Inti. Tel. A Tel... 

Iota Beer- 1 

ll< in terns Hrmal.j 
J iraVT alter— ; 


23 k 
33k ; 
34k ! 
18k ! 

15 i 
38k I 
95 S | 
87 t 8 
517a 

i° = 

265a I 


235, 

347g 
35k 
18ia 
16k 
39 k 
9'l 
28k 
52k 
10 
263* 


John* Manriile.. i 
■lohoson Johns-c; 
-lohiw.-n tieiisl ' 
l<-r Manilla tur"*- 

K, Mar Cor} 

! KsiserAii-mmi'ni 
; k*i«er Indu«rier i 

Kaiser Steel 

nar 

KenneecO — 

Kerr Mi-Gee. 

Kid.te Walter—., 
bimherk Clark.. 
Kopper* 

Krall 

Kr-'ger Cu 

irassiy Trans... 

I^ti .-•trail* 

Libby On. F-:rd... 

Uggett Group....' 

Lilly tE'i) 

Litton Industries: 
Loufcheed Airer'tt. 
lone star (adust. 
Long lsbn.1 Ltd.i 
Louisiana Lend...: 

Lut-rlaol I 

Lucky Stores 

Lyke* Corpn..—! 
MacJdillan..— . • 

Mscy K. H | 

Mtti Hanorer ! 

Mspco ; 

AlarmthonOil 1 

Marine Midland..: 
Marshall Field. ...| 

Mar Dept. Store 

MCA | 

McDermott..— ... 
McDonnell Doug, 

VlrOraor Hill 

Memorex , 

Merrit 

Merrill Lynch... .{ 
Mem Petroleum- 

mg m : 

Minn MlngftMtg 

Mohii Corp. 1 

Monsanto. 

Morgan J. P_ 

Motorola— ...I 
Murphy Oil..—,.. 1 

Nabisco 

Nalco OhemimlsJ 
National Can J 

Nat. Distillers.. 
Nat. Service Jnd. 
NattonaJ Stool—, 

Natomss 1 

XCH j 

Neptune Imp 1 

New England B— 
New England Tell 
Niagara MohawV^ 
Niagara Share....) 
X. U Inrtuatriec J 
Norfolk* Western 1 
North Nat. Gas.J 
Nthu. Stales Pwxi 
> ill rrest .Airline*, 
Nthwert Hanc-jrp. 
Xiirton Simon....' 
Occidental Pen on 
Ogilrr Mather.,.: 

Ohio KlitoD ; 

Olio 

Oversees nhlps...’ 
•wens Corning...: 
Owen* 1-linoif 

Phclfio Ga> | 

Psrofi.: Light mg J 
Pan Ptrr. Algg... 1 
Pan Am World Air 
Parker Hsnuiftn.' 

Pstbody lntl 

Pen Pwi I 

Peonr J. C 

I'natoh ' 

Peoples Drug 

Peoples Gas 

Pspsioo '• 

Perkin Elmer 

Pfizer 

P helps Dodge_... 
PbilaiJelptua Ele. 

Philip Morris 

Phillips Petro'm.' 

Plllaburv • 

KnneyBowe*..... 

Fusion — 

Plessey Ltd ADB) 


P-slaroid ^,.,.1 

Potomec Blec.....[ 
PPG Industrie*. 
Procter Gamble. 
Pub. her. Elect.. 

Putman... — ... 

Pares—..— j 

Quaker Data— ....1 
Kajod Am wiis, , i 

Uaytheaon I 

KCA 

Republic Steel....! 
Resorts lntl—..) 


23 k 
76 k 
2ck 
29 V, 
23 
33 k 
o 

xik 
1218 
22 
447 6 
27 k 

42 k 
19k 
44i, 
3ik 
341; 
34k 
24k 

36k 

43 
20k 
18k 

19*i 
17:, 
20 k 
43 
15k 
8 

9 k 
36), 
32k 

27 

54 

15 

167, ' 

22k 1 
39 k I 
22k 
31k ■ 
23 k . 
28k 
68k , 

16 1 

30k - 
37i, I 
58S* j 
6 b 1 
49 ' 

455„ 1 
39 1 0 I 
4B4* 
24k : 
26k . 
175s , 

Jf" 8 ' 

14k 1 

29 | 

39k 

67k J 
201 ; ' 
223* | 
355, 
14 I 
101, I 

19 ; 
221 * 
33k , 

24 1 8 , 
271* | 
34k 
17k ' 
15k , 

20 ! 
16 
17k 

22 
28 k 
19\0 ; 

22k ■ 

20k 
195* • 
65* 

23 k 
23 k 
207 J 
30k 
28 
10 k 
34 k 
25jg 

24k 
315* . 
ai'B ; 
16k I 

8Bk -. 

30 

351* - 
23k 
18k | 
206 a ! 

483, , 
135, | 
245, I 
88(0 ■ 
2150 I 
32k j 
15k 1 

227 8 ■ 

14k 
46k 
25 k 
231, ! 

aok : 


241, 
77k 
231* 
30k 
2oi2 
33 
2'» 
18k 
12U 
231* 
i 45 
28k 

43k 

20 

• 4470 
34], 
35k 

34k 

24k 

363, 
43 k 
21 
191, 
19 7 0 
174, 
20s 3 
435, 
15k 
a 

9* 
36k 
325, 
27k 
54 U 
15 
167, 

23k 
405, 
23 
315, 
231, 
29 k 
59k 
16k 
31k 
38k 
601* 
673, 
503, 
46 
395, 
46k 
245a 
27 
18 

191. 

14k 

29k 

401, 

687 B 

207, 

23 

355, 

14<b 

iOk 

19k 

22k 

34 

241, 

275* 

24k 

1750 

157, 

20 

16k 

17k 

231* 
28k 
19J, 
22k 
20Sa 
20 
6k 
23 k 
245, 
21 
31k 
285* 
10k 
341; 
26 k 

25 

321; 

21k 

161; 

68i* 

3UJb 

35k 

237, 
19 
20 * 

47k 

137, 

247, 

857, 

22 k 

331; 

16k 

235, 

15 

46k 

«5k 

238, 
86k 


Slock 


Nor. 

29 


! *S- I 


Stuck 


.W 

L9 


lierl-et 

Kernold* Metals^ 
Kecnold* R. J. ' 
If 1- -li ‘-<-n Me-reli' 

Kra-kupil Inter... 
Iluliiu \ H w 

Itoral Dutch 

; KTB ) 

I li-ws Ton* 

1 Cyder -ir 
1 Ssteirar jl-vt>... 

1 s't .loe Mineral*.; 
I --ir. Hezl* Pa}«-„ 

I '•ania Ve I nil*. .. 

9BiiL lnre*i 

. sxno ln>i*_ 

. ScblUr Prenitig.) 
• 'Sch-umliercer. 

! *CM 

■<f*l Paper. 

Nwil Mi g ; 

scuiJder Duo.Ca h 

Cmnatner....' 

Seagram 1 

searic iG.D.) 

■war* H'-ehjcIi— .1 

SKDCO — ; 

■Shell OH 

Shell Iran* port-' 

>Wt»al 1 

Signori* Corp ; 

Simplicity Pat... 

Singer 

J Smith inter 

I Smllb Kline. 

j Soiitron 

I Snutfadoim. 1 

j Southern Cal. Erl. 

1 southern Co ' 

Slhn. Nat. He*.,, 
southern Pscuie. 
soutbemKal 1 n-aj , 

Southland 

S'Wt Ho tu> harts . 

Sperry Hutch 

•Sperry Rami 

aqulhb 

standard Bran-1..’ 
-•M.UilCnliioniia; 
j shL UII Indiana.' 

3wL Oil Ohio 

stauff Chemical.^ 

sterling Drug 

studebaker. ...—.1 
•jun Co I 

sandf traod. 

Syntex j 

CeehnkxHor. | 

rdrtraau— .... 

Telwlyne. 

te'e. I 

feneco — 

resoto Petroleum 1 

Texacu j 

frisjguU I 

less.* Eastern....) 

Tejcae Irm'm • 

llexaa Oil 4 lias..! 

| leva* LtiUtles... 

1 Times Ins — 1 

lime* Mirror : 

I imkea ’ 

Tiene. 

Lranimcnca. 

I’rniKO- j 

Tran L'niun 

Iran-ws\ Intrn.. 
Tran World Air.. 

I ra* eer* 

In-Cuntraenu:. • 

I'riton Oil i C#x«. 

I MW 

.-Or li Centura Fur 

Li.A.L. 

I’ARCO 

MV I 

I. mlerer 

Cmierer >V 

I. BWD Baiirorp... 

L nmn Carl'rte... 

L m-in lumiwiw 
l.'nii-n ' hi Oil:t . 

L moii Pacifi-.- .. .. 


5012 
32k 
547 a 
23 ij 
32k 
32 k 

597* 
1050 
10 k 
21k 
40 
23:* 
29 k 
29 k 
ok 
47, 
9k 
845, 
17 u 
14 k 

18k 


52 
32k 
bbH 
23 k 
23k 

32 k 

60 

10k 

10 >? 

2d k 

40 k 

233s 

30 

297g 

570 

4:5 

9 k 

8738 

1714 

151, 

183e 


Wool worth...— .. 

lVrlv _.... 

X*m 

tatmtm 

/enuh Ihul i-» 

C.s.Trea.*.a*U!S. 


187s 
5k 
52'* 
113, 
IS is 
7S'e 
93 = 


L'.S. 90-day bill*. 8.98 


Xnr 

18 

19T7 
3 k 
53:* 
117, 

101* 
•-937 S 
=791, 
9 12;, 


' I 


, L'n 1 rove I • 

• Cnite-I Brands.. 

I Lo Peocom 

| 05 Oyp-um 

J L'S 8h>« 

L's 51 eel 

lid Te.-huciogie* 
tiV Itktadtha..,. 
Virginia Elect ....' 

Walgreen 

Wamer-Cron mn . . • 

Warner-Iaml-crt. 
'Vi-le- Man'meol 

Wells-tanjo- ■ 

IVft-iern hancon. 
Western X.Amer 
Western Cnwn...! 
Westingfa'rc Eler- 

Weyerhaeuser. .. • 

Whirlpool. 

While Con. ind... 

WtiHara Co. 

Wueonrui Bled .1 


193, 
27 
Uk 
20.-0 
32 
32k 
45k 
42 k 
517, 
B70 
1330 
46a* 
8938 

37 S 

30 k 
25k 
141, 
30&, 
26 k 
4733 

27k 
24 k 
15k 
40k 
28k 
23 k 
45 k 
52k 
36k 
36k 
16 

56k I 
38 sa 
21k 
327e | 
103a 
A3 

93k 1 
Sk 

50k : 

T* I 
233, ! 

79 

31 

19»| : 
»H : 
27k r 
48k : 
35--, : 
ISk 
18k ' 
29k 
211 * 
18 
333, 
17k - 

5k > 

36 
28 k 
29k . 
46k 
171. 
40 

67k . 
27 k 
35 
8k 
543s. 
52k 

5 k 

8 k 
273* 
24' g 
22 ? s 
22k 
37ig 
17k ! 
13k - 
24 k 
45k 
23 7, 
24 Sb : 
26 ; 
24k r 
21k : 
16k - 
167, , 

253s I 
2030 ' 
i7k ; 
15k 1 
28k | 


• 201 , 

; 

ill* 
1 2 lie 
: 32a(, 
' 333* 
45k 
43 k 
31k 
i 9 
13ig 
: 45k 

' 8*3, 

6 

51k 

257 S 
I4ia 
31S, 
26 k 

48 

27>, 

24 k 
16 
413, 
29 k 
24 >i 
46k 
S3 In 

37 
37k 

163, 

563, 

39 

22a? 

331, 

lOog 

r=s 

M 5 * 

19 k 

38 
79 k 
301* 
197« 
4070 

28 k 
46k 
36k 
Ink 

18 k 

29 k 

21k 
18 k 
33k 
18k 

5k 

3554 

29 

30 k 
46 
171; 
44 
583, 

2 is* 
35'? 

8 -‘a 
56k 
52 jj 

5k 

hi; 

27:, 

251, 

231* 

25 
371* 
17k 
1370 
25 
47k 
243, 
26k 
26?e 
243, 

25 

I6J0 

17 I; 
257 0 
2Uk 
17 k 
15k 

26 


CANADA 

[ \MI1bt Pajs-r.— . 
\g11lun Eagle.... 
Alcan A umiiU'ro 
He<>ma Steel — . 

Aibesios 

Hanlini 'loot res 
Bank Nova Scuds 
Basic I leu hi ires. 
Beil Telephone.. 
B-vt Valley Ind. 1 

BP Canada..—.... 

Hratouj 

Briiu.ii 

Calgary Power... 
i.anitlu Mine, .... 
Csna.la Craient.. 
Csiisila Jiff l«n 
C-an.ImpBk Com 
iJatinda I ndust ... 
Can. Pacirte— . 
■-’sii. Pociric Lav. 
»-in. .Sii^r UII.. 
Carting O’Keefe.. 
L’-r-siar Ashetlcr . 


16 

5 

38S] 
241* 
*45k 
24 i. 
•4.5 
3.80 
64 1, 
203* 


19k 

161* 

:8.3u 

56f s 

13 

125, 

29 k 
:22 
243f 
23 
691* 
4.55 
9k 


Cbiettaln ........... 263, 

L'ominLU 31-' * 

Coub. Bathurst... 12k 
C<-m>uuier Gas-.. 19 
Co-eka Ue-iiiw 5.37 

Curtain T 10k 

Uann Devel. 121; 

Deni. 011 Mine*.. 7X?g 

Dome Miner 78 

IViine Petroleun- 783* 
U»m ilium IS rule 1 7271; 

Dcnitar — 22k 

Lhlf.-trt 143, 

Fakx-a'ge Nickel. 1 301, 
Foul Motor Can.. 770 

Gerutar 35 

Uiam Tenwknite) 9Sa 
Uuillhl iJKnada..| 341- • 
rtawksr did. Can. 75* I 

Bollinger...— | 38 , 

Home Oil 'A'. 443, • 

Hudson BayMngj 191; 

Hu-lsnn Bay | 213, 1 

Hudson Oil A Ga- 1 48k : 

I.A.C I 175* 

Imasco..— „| 373, 

Imperial tin I 23k ! 

luco'A' i 176, ' 

ind* 1 13 I 

| Inland Nat. Ga-. 11 
j Int'p.r.Pii* Llnii 16s, 
j Kaiier KcMHiu-e-, 1530 


Laun Flu. Cdii.4 
Uvt-law Coin. 'L 1 
I Menid'n t»lne-l.-. ; 
' Mt)#ty I'eryux-i. 

Mulutyie : 

-Vlu-.'re Lt-q-n .... ’ 
'•liMininln Male!- 
NitniTVila Mine... | 
Nnn.-eii Knergv.. _ 
Alh. 1*10-0111.... ■ 
Numir Oil A Ga- 

OaLwissi I'etniii' 

t'si-iHr Li^i-rer M 
IViiH' Pei roieum- 
P,o Can.lViriHni 

Patino 

I’e-ipit- Ucpt.s.. 
Pla »> t.au. \ U;i. 
Hirti L*efi.:opml 
b-sut-ipinirn 

1 I'ri-.-e 

I Bt-irgeon. 

I llancvr tid . .. , 

1 Ueeiisienli- 

I llw A'^um 

I Kora: Hl .-i *aj». 
j Hora-lrii- 1 

! fcey-lreHco-un.-e* 1 
; resgnrc- 

• b-.-.- vsnads...... 

• eberntt G. Miner 

yWeosU.U J 

IIBlpl-B 

' -teei oi Itciili... 

I llnii Hurl Iron 
j Tetacti Can 41 la ...J 
! t'TooW Dorn.BuJ 
Trails OnPi)«Liv 
Iran* MuhhiI Opt' 

Tri*ee_ 

Lns.-n G** • 

1 ut-JsisciieMiawj 
Waiber Hinuu 
Wert Coat I Traitt] 
Western Leo. ' 


9' 

4.25 
22 k 
107, 
23k 
33k 
3.00 
35ia 
18 k 

36 k 
24:; 
4.45 
1.82 
601, 
38« 
2tik 

6k 
1.97 
26 
22k 
2a 
1.15 
16 
lti: 5 
33 k 

37 
17k 

7 ij 
31S 
Ibk 
7.-« 
57-* 

27 k 
3.70 
47S* 
22 
18 
9 

16k 

It) 

103, 

38 

Ilk 

£8 


I 18 
•3 

3BT, 

25 
!46 
245. 
223, 
:3.90 
64 k 
213* 

19i a 

16 

:8.60 
58i$ 
13k 
12 
10k 
29T* 
22 
24.10 
23 
69 k 
4.3s 
9H 

26 k 
313-* 
12*4 
19 
5.62 

1 10k 
12k 
72J* 
80 
8030 
♦47 1 J 
221 , 
15 
50k 
770 

351, 
9 k 
34S, 
7»* 
40 
44k 
19S, 
215 b 
48 

17*9 

38 
23 k 
17J* 
13 
11 
1630 
15J, 
9k 
4.3n 

!!'• 
241, 
33i, 
3.0U 
35 k 
19 
351, 
243. 
4.45 
1.85 
60 
38k 
—0 
6 
1.93 
2=7, 
22 
i2a 
1 1 
16:* 
1U B 
Sa 


mained quiet. 

BHP advanced another S cents 
to ASS.34. w hile Pioneer Concrete 
were « cents hisher at AS1.52 ex 
dividend. 

Am on 7 Banks. BNS Wales rose 


market sen amen L 
Fiat declined 136 to 15.723, 
while Snia Yiscosa receded 25 to 
LS20. 

Banks and Insurances - also 
eased, hut Financials were mixed, 
with BastogI and Generale 


14' cent/ to ASti.54 and AXZ 10 intmobfllare both higher. 


Bonds were narrowly mixed in 
quieter trading. 


Amsterdam 


cents to A63-S2. 

Property developer Westfield, 
however, receded 16 cents to 
ASS.14 in heavy trading, succumb- 
ing to profit-taking after the 
recent sharp rise on the re- 
organisation proposals. Stocks and 
Holdings relinquished o cents to 
AS2.73 after Treasurer Howard 
indicated that he would not allow 
the tax-savin? reconstruchon of FI 0.60. 

Westfield to become standard Banks remained steady, but 
practice for property-rich com- Insurances were down with Ennia 
panics. Lend Lease, in contrast, losing FI 1 and XedUoyd FI 0.70. 
put on 5 cents more to AS2.70. Elsewhere, Pakboed receded FI 
Breweries encountered some 1.40 lo FI 4270, but Hetoeketu! on 
nervousness and closed mixed reports of increasing beer con- 
after a report that the sharp sumption in Holland, advanced 
increase in beer and spirits excise FI 3 to FI 93. 


Shares continued to soften over 
a broad front in light trading 
volume. 

Among Dutch Internationals, 
Akzo receded FI 0.90 and Unilever 


NOTES: Overseas nricea shown below and/or scrip issue . g Per spare, f Francs 
exclude 5 premium. Belgian dividends 0 Cross dir- ^4. b Assumed dhridend aftet 
are alter vaihhaldlng tax. scrip and/or rights issue, fc After local 

4 DA! 30 denoni. unless orhenrlxe stated, taxes. 01 % rax free, n Francs: including 
Fields bused on net dividends pins tax. Vcilac div. p Nom. o Sham spllL t Dir 
V Pla 500 denom. unless otherwise stated, and yield exclude special parroenf. t [ndt- 
A DKr IK denom. unless otherwise stared, rated cm-, tt unofficial trading, o Mlooriiy 
•f> SwFr sen rienpm. and Bearer shares holders only. 0 Merger pending. 'Asked 
unless otherwise sated, i Y50 denom. t Bid. § Traded, t Sellar, t Assnmesf 
unless oUtertrise Sated, g Price at rime xr Ex rights, xd Ex dividend, xc Ex 
of suspension, a FI cm ns. h Schillings, scrip issue, xa Ex 2lL a Inreiim Hocc 
n Cents d Dividend after Denting riiihrs lncrea»»=d. 


Indices 

NEW Y0 RK «wj<»iw 


■--.-vs--, 

•• V- 


. ■ 

J? 2. : 
29- : 

■Nor. 

- 23 

-5or. 

•'•27 

Sot: 

»■ 

5 or. 
“22 

«lndaatriai» 

7».rtj 

2M.14 

I-iis.mW.is 1 

»7J» 

H'meB’nda", 

«L4« 

s&aj 

18.71 

! «■«! 

BUI 

Transport — J 

2fl8.fi- 

21147! 

iiMcaius 

712.56 

UtHitieB— 

SB.25 

H.aol 

98.73 

H 

- W.4B 

tnatog wU 
000's t ' 

2U8fl! 

1 

1 

22 jn\ 
.1 

■ ! J 

U.7W.1S.BW 

1 i 

20,0)9 


V -1 

Ktnv 


3B7B 


|Stm»CoBip3aritt 
21 1 Hlgb-'t -low I to*-- 


WS 8WJ4 

■” am 

87.K HUG 
- rt'li 
El 1.0* 2»L« 

-■ A®. 

».15> llOSG. 

• ’• ; tS/iy 

20,75^'. — • 

• - r . 


3«.1» TBSUft! 4152 

car# {im.wtEsa^ 

88.12 i — j . — 
199.311 279J8 I VJU 

:m 

98 J6 


16UE ,’ . 

(33/4*69) 


- 1 --m 


- Ban* of lanetebsoged from Any, 33 


-» Day's high SftUS low J»M 


Ind- dir. yield % 


Kov. 2* j Nor.' 17: { Nor, 10 j (yaw ago mppnrx 


s.a3 


fi-SO -I . S^fr » } 


B.40 


STANDARD AJCD POORS 


j Not, J xroTi { Nor.- Hot. j 

T a 1 28 y .gi.: 93 •) 


ITori 


Not. 

*1 


Hot. 


Not. 


; ZodiMtriaU liM.Olj USA* 10^6P lW,6 


{Cunporite ! 


1 1M.0I WM« 
. 8Z.7S 96.4 


85. 



86.4B 


Nor. 

■21 


w.wj lBLaem-n 

mmF 


19 7B- < ; jStneo Gan^rilat'Ja 

^ iow. j-. 'Lav 


412<9f.i (6(3) : 


.04-84 J . 3.53 
U.-VWJ'WWBS) 
( ■4.-44 - 


Lad-.dtr. yield % 


ind, p/g narlo 


Long Gov. Bond yield 


Nov.22 


5.12 


' -j ^ov. 8-r Yertrxpo feRjnw .) 


: :. sag ; '. :.s 

^4?- 


Jf.Y.B.E. ALL COKMOW 



JSkes ai^I Ffdlfr . 

NOT. 48. Sir. 23 kNot. 2T 


“*s “-'i “1 


?&in«.aWdttL^4-’«TO | i.&43 l 1^78 
559 Jr - 824 l - 779 


X26Tf"'877 -v6B8 
* -,358 . .tKJW-i*-' 414’- 
>= *?> -Vi 

-J , a*; •;3B J t . 39 


XOXTJLZAL 


Industrial' 
Cora blued ' 


“ - - y ” >1 •. W* hn" =“ ’ W- 

.Npv.' INdts.'; 3&>r/ Sox. Li — - — ~~~- ^_'-y -r-:- 


filtw: ,2IW6f.8H:fi6| aitaf . 222.74 
rani aTlIS zawi 


fABZMi 




TORONTO Comporite . 1 J285J- 12 B7. 


JOHABTSTESBITE& 
GnW . 
Industrial . 


rui.-i -2«-8f 


lg68^p7m.7i^lK2J^g^^I: 'a9a.2 -fla TT *-• 


^5-2 *v” 

ZB2U8] 2S2M :-2gT.ff i^UVcyj ,^*R937£Si. •' - 


Nov., 


i -Pre-' 
, rioua 


r 1373 :<■_ 1073 . T p ,.-;'l'” “**7 *■' vri- ' V't>^“r^056 ;: T A iM-~ 

■ < :? i . :V: 



Smnanyi::) 81E. 
SbOand (Wi eo.i 


Ikuss <7+1 76.3 : ’4BPr.'M-n fgjg; - 
’ 90 817 90 ! 

) .2 i 

t&M 4BQJ4 1OTJK ag* ; ' e»ax 

I I (®(9))iii)rt);.i?rr“ ' " 

fa) 440A4 440.71 ! 442.11 W 



SjngaparefAj 544.66 : 34559 ' 

[ : : gg&ljgg. - i : traded - TOTO : day 

“ * - , - *.’» * ** w * ’ —9 

indices am base dates (all base valnaa" R mn i S?i2: -ZZ* .?% 

m except NYSE. AD Commoo-arEmfl^ ^ 

Standards and Poors— U and- Tortgti/t-Seani Ttntfhiro V ' - .- ? ^g.TBB 1 : ’-.V ~9B e 1 — i ■ 


GERMANY ♦ 


Nor. 29 


Price 

Dm. 


+ or . Dir- Tid. 

- % i% 


TOKTO ¥ 

IH 




109 — um the- la at named based mi* 18757. 'Atinhesbta liinte , TBfi'iiSiiii '‘ST**'- 1 t - 
Cxdudina bonds. 4 -*«> -. DMuMriab Caenrd WbrM' ^r iH,tfa*^2Q w ; 4-ic 

460 industrials. 40 IRDiUes. 40 Knince Norton -satper - i.- • y j* 
and 2g Tranapon. I Sydney All ordinary Bafiy Mfg - ut r-W r. -^aS. ’. x 5. ' 

Belgian SE si/12/03. •• Copenhageo ,SE‘ Boeing ~ - «^p>rai •.* ^ ■ 

tt Parts Rnurse 1M| tt >*«wwwivnv r Fln-nnttf - Ttr» . 


-17Jc 
i 7i 
• 32 
lhi. 
7: 

■ 57ia 
7k 

. 21 1* 

, 3.65 
: 4tl; 

- 22Ss 
: lBk 
! 91, 

' 16 k 
10k 
' 10k 
1 36 k 

; uk 

!. 21k 


t Bid. t Vsfced < Traded. 
S New h! ocX- 


EUROPEAN OPTIONS EXCHANGE 

Jsn. 1 Apr. 1 Julr ! 

Seneii V.>1. Lart V«|. Ias? T«l. lart Frock 

ARV 

F.570 

2 

: lo.so < 




1 — ; r.369 

\K7. 

P.25' 

— 

1 

10 

6 . 

3 

1 7 If.28.30 

Ak£ 

T. 27.50 

_ 

... 

35 

4.20 



ASUS 

P.30 

8 

1.10 

3*7 

2.50 

B8 

3.80 ' 

AKZ 

r.32.50 

44 

' 0.40 

33 

1.50 

33 

2.60 

AK7. 

F.3S. 

•- 

' 

8 

1.10 

10 

1.80 

ARB 

F.70 

— 


— 


3 

8.90 F.75.50 

BK 

R50' 

1 

Bi* 

— 

— 


- ?3BU 

KK 

SbO 

— 

— 

10 

41; 

— 

_ 

F-K 

870 


a -a 

10 

He 



HO 

F.35 

7 

1.60 

28 

3.40 


— F.33.20 

RO 

P.37.50: 

47 

0.90 

50 

2.60 




HO 

F.40; 

ea 

0.40 , 

56 

1.70 

14 

5 . - 

Hu 

F.45; 

— 

r 

50 

0.80 

20 

i.7o : 

IBM 

8240 

« 

1 31 

— 


r-. 

— .F2663* 

LBM 

S260, 

26 

4*; 

— 

— 


- . 

IBM 

SaOO; 

5 

h. 

:o 

51* 

1 

9*2 

KL.M 

F.12tf 

3 

7.70 






— I F.125 

KLU 

F.130; 

5 

3 



__ 




JvLU 

F. 133.301 

4 

2.50 - 



— 



— 1 

Kf.V 

f.iool 

6 

1-60 • 



— 

4 

8.70 » 

KLU 

F.150) 

— 

— 

1 

3.50 i 

— 


KLU 

F.170| 

— 


10 

1.20 

— 

j 

NX 

f.ioo; 

— 

— 

1 

14.90 

— 

— |F. 110.40 

NX 

F.I20! 

— 

— ; 

1 

3.60 ; 

— 

— ; 

pht 

F.22.50. 

2 

8.20 



• 

7 

5.90 F.34.40 

PHI 

F.25 

23 

0.80 

95 

1.90 

13 

2.40 : 

PHI 

F.Z7.50 

20 

0.30 

182 

0.90 

10 

1-40 

PHI 

F.30- 

- 

— 

60 

0.50 

18 

0.00 

PRD 

S45 

- 

-- 

2 

7i; 

- - 

- :«47« a 

UII 

F.120 

10 

6.60 

-* 

- 


- P.124 

Ul» 

F.130 

15 

1.50 

1 

4 

16 

5.50 

t VI 

f.110 


-- 

2 

13 

— 

— F .121 10 I 

i'n r 

V. 120 

- 


10 

a 

—a 

1 

I'M 

F.130 

2 

0.50 



— 


AKK 

«60 

20 


-- 

- 1 

3 

3is '52»* I 



Feb. 

Ms 

r 

Auigurt III 

84 

?70 

5 

3 >4 

- 

— ! 

- 

- • 564S 8 III 

I TOTAL TiiLt .'IP 

IN LON' TRACTS 


,s * s J _! | I 


BASE LENDING RATES 

A.B.N. Bank 13i^*Hambros Bank 12i<K 

Allied Irish Banks Ltd. Hill Samuel 5 

American Express Bk. J2K.f C. Hoare &- Co 121 % 


Amro Bank 121% 

A P Bank Lid 12|% 

Henry Ansbacber ...... 12^% 

Associates Cap. Corp.... 12 J% 

Banco de Bilbao 12*.% 

Bank of Credit & Cmce. 121% 
Bank of Cyprus .... 

Bank of N-S.W 

Banque Beige Ltd. 

Eanque du Rhone ., 

Barclays Bank .... 

Barnett Christie Ltd.... 131% 
Bremar Holdings Lid. 131% 
BriL Bank of Hid. East 121% 

I Brown Shipley 12$% 

Canada Perm’t Trust... 11M% 

Cayzer Ltd 121 % 

Cedar Holdings 12 i% 

1 Charterhouse Japhet... 1.2 J% 

Cboulartons 12 J .% 

C. E. Coates 12 f% 

Consolidated Credits... 12}% 

Co-operarive Bank *121% 

Corinthian Securities 12 !% 

Credit Lyonnais 121% 

Duncan Lawrie 12 

The Cyprus Popular Bk. J2!% 

Eagi! Trust 

English Transcont. 

First Nat. Fin. Corp. 

First Nat. Secs. Ltd. 

Antony Gibbs 


Greyhound Guaranty... 12 }% 
Grindlays Bank .. 
i Guinness Mahon 



■Julian S. Hodge 13!% 

Hongkong & Shanghai I2l% 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 12J% 

Kn owsley & Co. Ltd.... 1-H% 

Lloyds Bank 12!% 

12i% London Mercantile ... 12j% 
124% Edward Mansoo & Co. is*' 

12i% Midland Bank 121 % 

13 %■ Samuel Montagu 121% 

l“i%® Morgan Grenfell 12J% 

~ National Westminster 12 j% 
Norwich General Trust 12!% 

P. S. Refson & Co 12*% 

Bossminsier 12!% 

Royal Bk. Canada Trust 121 % 
Schlesincer Limited ... 321% 

E. S. Schwab I3i% 

Security Trust Co. Ltd. 13j% 

Shea ley Trust 14 % 

Standard Chartered ... 12!% 

Trade Dev. Bank- 32!% 

Trustee Savings Bank 121% 
Twentieth Century Bk. 13!% 
United Bank of Kuwait 121% 
Whilcawav Laidlaw ... 13 % 
Williams & Giya’s ... 12!% 
12!% Yorkshire Bank 12 !% 

12!% ■ Mtrn'k-rs of lh._- All-i'DI i:ik Hou.Wj; 
ri o' iromnulbv. 

11 • dcpMUs 10-.. : -month dcpnaiis 

• -6*r depusita on *.iims of £10 OOn 
and under up to 101 r c 

and oicr LiWft in.-'v 
i:*ll <1. DO-ni* in or fl n(iO l*r.. 

hnrinil ilcwu!* I'll. 


12 % 
124%- 


AKG ■ 

\llianre Verricb.. 

ilMW 

8ASP 

rti.w ■ 

Bayer- Hypo 

ifayer-VerriortjE ^ 
oibalm.Nnl.tcrt.>.' 
i'-rttiini^rabank — J 
L'<«nti Uumrat...i 
Daimler- Benz 

UeguM..._ , 

m-oitg 

Deutrche Bank....' 
L'te»»lner Bank....- 
Dickerhoff Zemt J 
•.iuieljufinung..... 1 

Lloyd . — | 

Hull ener. I 

Huccllrt 

tk*s»-b 

Horten j 

h'ali Iio-lsalx I 

naraiadi | 

limiibif 

kUtmer DMtW.i 
kHD. 


-Vrahl Glut 


78.1-1^' - - - 

450 ,-2 !31.2; 3 2-l'anoo 

219.5 -1.0 ^8.12 6.4 Cwio 

1-34.2 — 0.3 la.fo; 7.0 1 China. 1 

158.8 4-0 3 1B./5 t>.7> U*i Nippon Print' 

515.0 + 4.5 28.11 4.5! Fuji Photo.- .'. 

519 -1 28.12; 4.4 ~ 

225 -t ;26Afr 5.9 
t6.6 -0.2 - - I - 
327.0,-1.5 '28.12' 4.3 
254-01-2.5 26.56) 5J 
1/2 ;+ 1 <17. It 10.0 
306.5 -0.5 i28.12‘ 4.6 

242.5 -Li.5:28.l2| 5.7 


259.5 + 2.5 >ld-26i 3.8 
99 '-*-3 ;14.0ff 7.1 

148.5- 0.5 15. S3, 5.2 

j 1*3.7— 0.7 18.76 7.0 
' a 8.5 +0.2 • - 

ltZ.5 ■ 9.36> 3.1 

139.5 4 0.5 14.04’ 5.0 

325.5- 0.5 25.44' 3.6 
+46.5-1.5 I8.7fr ; 3.8 

1 0.0 —0-6. - ; — 

125.5- 1.5 18./E 4.8 

.intpp DM ICO 1L0 !— 3 ■ _ i- 

Lmde 2fc4.6 -2.5 , 25 4.4 

Lr-weni.rauDMiOO 1.560 *■ 10 . 25 j e 0 


UilLtmcrdi„ 

M.A.N 

lliuiifrnuinn 

MKatlgc*- | 

Miiin.-lir.ner Hu>Jc.i 

>ixfceiiji«nu ' 

l’ieiii>*s Dm. I0L-; 
Utiaui W«,t. E-ei. . 

-K-nerinc • 

in-men* 

suil 2, icier _ 

l_b> -,tn .1.6 

VHrta " 

KIM 

ifiein- A W«*-i Ilk 
V.. k'.rn-rii. . . . 


*4.8 >0.3 9.38 5.0 j 
229.5 +0.5 IS.i’t: 4.1 
l»3.7 -0.4 1Mb 4.« 
350 l 15.«£-3.l! 


2B. It 2 2 


655 —7 

160.0 

140 » l 

179.2 +0.7 

259.5 

266.5 — 1-0 

251 

*16.3 *-0.3 I Mb .4 

180.2 16.1b. 4.8 

129.2 - 0.3 Sf.3tf o r 

295 . 88.12 4.8 

23 6.5-12 25 5.2 


25 * 
28. li- 
25 
l/.ib 


6.9 


3.6 


aitaeiil 1 243 


4 12 

Honda Motors — 485 

!+s 

,' 18 

Moure Feed 103Chj} + 10 

55 

f. Itob .! 239 

lio Yokada L800 


! 12 

!+80 

30 

J»w> , 755 


J.A.L 2.820 

. 


Kanrei Hleet. Pw. 1.150 

1—20 

i 10 

Ku matron j 378 

1-4 

! IB 

Kubota _.~1 287 


15 

KyMo- Ceramic — 13.320 

r— tO 

35 

Muuuhita lnd-.| 707 

^+30 

20 

ALiuububi Hank.; nnO 


10 

UtUubietu Hoavyi 123 


12 

llltsuhiehi Corp-’ 423' 

+ 1 

13 

Mitsui a Co. ■ 297 

-1- 

14 

Uilsuk-hib 6B5 

-19 

20 

N' ipj*m Deneo — 1,-80 


15 

Nippon Sturt pen - 1 20 

-15 

12 

XiaxanUoton t47 

—3 

16 

P wo eer 1.59J 

+30 

48 | 

danjro Eletnc .... i62 

+ 2 

Li 1 

■rebriui Pirtab.... b65 

— 3 

30 

Mnneiitix l.ZQJn} 

-30 

20 ; 

>HIJ .... 1.54 J 

Tiisuo Mnnne....i 244 

-20 

40 ; 

11 : 

THhedai.beimeal. 4:0 

+ 5 

lb : 

TDK I.860&1 



leuin ' 12a 

—a 

10 ; 

1 ->kyo .Marine —. 508 

—3 

11 1 

Tokyo fclect Pow'r. I.v5d 

+ 10 

a : 

-tanj-o | 365 


12 

»«■*■ , 168 

— 6 

10 : 

L^hlbs L-irp 1- 6 

-1 

10 * 

O'riKa Mutur .... 1 675 ‘ 

-4 

20 ' 


AUSTRALIA 


Nor. 29 


Anrt. S' 


* :« 


368 —l | 14 1 1 J» AL'MLL (23 centa) 

446 —l . I 12 i 1.3 Aim* Aurtrxlia — 

890 >9 1 25 1.4 AMATIL SL^....„ 1 

378 i—6 j 20 ; 2.7 Ampol<Lxplc«nu.lon. 

SBOjU -B 18 l 1.5 Aqjpffi PeiKHemn- 

561 ,+8 : 15 . 1.6 AAOC. Mineral 

8 64Ax-6e. Pulp Paper 31—^., 

1-8 1 amx. Can. tndartrlaa.. 

Aurt- Foundation Invert— 
AJS.l 


1-7 

2.S 

0.6 

OS 


0.4 

2.4 
a.b 
0.5 

1.4 
1.8 

4.9 

1.5 
2.3 
1.7 
0.5 

0. 7 
1.2 
Lb 
2.3 

1.6 
0.8 
L3 
2.2 
1.6 
0.8 

3.9 

1. u 

5.8 

1.8 
3.0 
a.4 
LI 


tQ.70 f+0.91 
1 1-00 
th.Os 
tl.23 
- tO.74 
tSM[ 
tL75 
. tl-80 
-tO. 98 
Tl.62 
±0.51 . IfW 


r ' 

M4JBI 

tffba 

K r 




Audi men. 

Aiiit. Oil A Gee 

Bwhtoo threk Gold +0.18 

?» M<*m 1 nd.L iw-kJ : tOdH : 
Boagglnrille Copper^.. 4“ ti:44 ' ojj.tfl 

Utambiea Industrw.uf- ^ v ' 

Broken Hill Proprrorary. 

UH 6omh.- a -i. r . 


Caj-ihm Doited' Brefceftr—'i 
OSH15\)-... ' ■ 1 


Source NW.ko SecunUea. Tokyo 


BRUSSELS/ LUXEMBOURG 


AMSTERDAM 


V-r. 1.) 


Fnce 

F-«. 


+ W Div fi'd. 


Alii-M iFi. iSJl 

lltoTi. C.-. • 

\-i'r-m UuL<Fi.a« 

AMM i FI. iCn ... : 

A mini sink if :.i0. 

Huenknri 1 

hoha WtfsUni F.2C‘»i 
dufarnr Tel lenrtc 
llbrtrier iFl.aJI ...: 
KnmxN.V.Brater 
Ku*l*'iuT‘liFi. yi, 

G nlilUnvnlft'.Fr 
Hclneken iFi. 55i' 

Il'-WirnB iFl.iOi! 
iiu'iiirr D.iFi.lOO-, 

K.L.5I. iFUOOi... 

I ui. Muller iFluJ.'ii 
Nnl.NedlnelH.IW 
Nc>U.'rt*lBk:F: »jj 
VcIlliilUk iFiJO. 1 

0.r.Ki+W 167. Oat 0.5 

•GEM (Fl. Ur, | 

van Onimervii....| 

I^ibn.«.1 IFIJ01...J 
Phillip- (K1.IO1....I 
if|H^-'litenFl.lOU' 

ibii'evoiFi.SOl * 

.(.-.iiiki.iFI.xi ! 


6.i 


109 -2.9, 18 
28.3—0.9 - i — 
369 , A 24*! 6.4 

85.2— 1.6, 50 . 5.9 

76.5 ' A2i+ b 2 

87 2 ; 26 ; 6.0 

123 '+ 1.3 1x30 | 6.6 

72.3— 0.4 J 26 7.2 

280 '—2 Z7.bi 2.0 
140 ,-1 - A5>*i a 4 

70.8 -0.2 i 94.&I 4 9 
34.11— 0.4 i 20 ' 59 
93 1 + 3 : 14 i 5 8 
33.2 — 0.8 I — | - 
21.1—0.1 I 12 ! 5.7 

124.5- 0.6j *3 2.4 
43.5j— 0.7 19 I 0.8 

110.4,-0 5 : 48 I 4 4 
59 1+1 ! 21 1 7.1 

212 | I 22 o.2 

1 56 I 4 3 
28.2,— 0.3 | 23 i 8.2 
140. 11-1.4 — i — 

42.7|-1 4 — | - 
24.4:— 0.2 : 17 ! 7.0 
S6.5|-0 5 ' - * - 
163.5;- 0 5 j 26,6* 7.8 

151.5- 0.5’ - 
121.8-0.1 ; 19.1; 5.8 
124.9!— 0.6 3b.1V 8.6 


Nil. 29 


Price 

Ft*. 


+.or 


Oil-.! 

F iv. SYhl 
N* 1 i % 


KorcRI" il'IAO>-.. 

itnfaiDuichiFLS/ 124.9i-0.6 3b.TV 8.6 I Aluminium , . .. '1.046 

<b«niwy 239 [-0.8: 20 ; 8.3 8BC *A’ ....JlIbBS 

si e - - in*.: p< H.laj ; 98.2 | 27*! 5 6 Cil«0«2y Fr.LOO'l.045 

1'ik.l" Pa..Hi«l«.fc: 127 -0.5 SB.»l 0 5 Du. hritert-.j 825 

■. uiicwriFIJOi . '121.8 b!.— 0.6 43.l! 7.0 \ L**. Ueg 626 

1 ikiog Ilea . . . ! 58.5 \SQM 1 2 . Orpllt 6ows«._... 2 160 

•Vort.Llr. Hn*4< 414 [-3 i 33 13.9 ' 


Aroe-l 2.070 

Uerfcet “B" 2.480 

•■.U.C.Cemeni....: 1.120 

-.'ockenli 409 

EBt* 2.385 

Bi« ir>y«ii -,7.010 

r'ahriiiue -Vat 3,030 

G.U. InnoUm 2.545 

Geraert- 1.520 

liuMBnta U 1.595 

HiAmhcn... 2.540 

Inittvwri 1.845 

KnMieUiank 7,000 

La ll»)aie Belae.J6.040 
Pan Hchlingv-.-.. -2.740 

t'aiT>rina_ -3.270 

taen. baDque^3.Z4S 
*• c. Gen. Befae... 2.U15 

A4ina 13.830 

*J «y [2.540 

Irautiou Elect ,...|2.790 

DCM <1.194 

l uMiu. il/10i„ . i 734 
vwntaMoutagiieJ 1.745 


SWITZERLAND * 


1—130 - ■ - 
—20 i! 16 j 46 
jlOO ' 8.4 


ts» 


Liof 

J+o’ 

tt 


H-BO 
— 10 


130 
-10 (170 
160 

r 83 

]+5 BO 
60 1 170 
142 


*177 ! 7.5 


1—20 
+40 
—5 
+ 70 
+40 

.-56 

L-14 


0.1 

5.6 
5.9 
6.4 
6;7 

6.7 

1.7 

jWO j 4.1 
Mas ' 5.4 

f 2.66! 2 J8 


J'- 


+0A.6 r 


OSLO 


j 1A- ~. ' 


v^ov.29 

Bergm flank'. 
Borreftiuurt_ 

Umi i thank;. 

Boenwa —w y 

BrotitoMec- -j 


brazil ; YC.y'?* 



>1333 
- .fl ,+Q 

til 

tfl-45‘ 

13 J5 
ns<y 

70.84 
10^0 
♦2.35 
iOSO 

rz.ao 

tl.52 

' 12 , 10 . 

10.80.. Uwt 
12.02 l-Oitt 

».30i. ^ 


.naaemio Bnmi — 
; .5*ata Dan 
Vwgb tElhnlia OF 
0-P. 

TOMbm-HU.. 


i+oaa jithsjB 
^*■00 [mesjxkffi.so 


*• 8-2» U'3^ila.77 

ms* S 


+•31 

+«^I 




1032 

fLi6 

toss 
10 30 


!+9Jtt 

t+ajtt 

VJ.OI . 


'VOhaae 3WBt 

JOHANNESBURG ‘ .i . , 

\y 'j'- 


MINES 


Nov. 29 ••• \Jfor- 


UriHwro Cm wmi::. .. ;■ 

»-<+ea J 

Cun*. Goldfield* Aurt. ....... 

Container (4F1)..-- — — 

Donxrac Mtotiinto 

riortaln Au.tralfa ^ 

Dunlop itubber (SOcenO— 

IttCOK......^,.^^ r . '.| 

E«ler- smith 

Knrtearour te50urt»i„„.. 

EJS. Induriner- „_.i 

Gen ..Property Tn»t | 

rtameraiey 

riiwlfir... : '--S-r 

1CI Aunralfa | 

1 bler-Uopper „....- K 

JeanlnsB Induetri«_._ I- 

lone* I Da lid i 

Leonard Wi... .'...; 

U«uu Ei[Xorarlon -.... I 

Mei m mar .Mioerala j tOllS I n£!L r J2H? SA 

MIM HuKtincs ... „...v -. <2.45 LojiS ! tv! 1 ^ <I or boraUiin^....i,... 

Ujvn-limpurloai L.& » H.a7 {'nTci ^ u,! ? 1 ^' 

Aioho-to IbteruiUtoneJ t0*7 i+O.flslf^l £[*?* 

N>*rtb Krnfceo H'dinaa^jOti tl.24 .»• F — ^S**» fitMc GvdBId 

OakuMga »t48 •+ 1!»>6 

Oil 6rtiix+i .-70-10 ;+a.tH 

Oiler Kxn-mannn ; '- 1032 j „■ 

Pioneer Concrete.... J 11.52 at+jjefi 

iltxfcill X Co mill £' :-f2;75 : - - . 

U. C. tfleigb ; ; j • tO. 62. 1-0 if 

-uuibiauri Slinin K .„^._^..P tO.26 +-0 nr 

10.26 i -j,; 1 

.-OJ7Q . iu£fl5 
.■tOTJS -MUD 
11-67 r+8.9? 

1L52 4- tur. 


Amerigo Carpo. 
egyP riefontete,..,-.^ 

Hkfnjocy 

KbKote r£r!:-.: ~ 

Kloof 

KflSfaobqrg Platinuin.~~ "' 

St. Helena 

Samhvaji ■■ ■ iT ' 

Gold KteM? SA 


-S3. 

‘Sift? 

um: 

t*t 

Vf 

9-«r. 

.137, 

H.50 ' 

iiss . 
359 

$J* 


2l - s - 

•^905 

-.“043' 

“643 

-«.2i 

-artbte- 

“ 0.10 

+0-87 

♦O-W 


r^tF* ^ X|4l ^ lUon ■— i— 

vviuUto.:..: 

Western Mining- 00 cento), 
Wnu aonhw 


49.10 
ifrw . 

" 75. 


16U 

4u4 

140 

216 

[Ar.lOl 

170 

60 


+ 15 » — 


8.6 

o.3 

6.4 

b.3 

e.5 

6.2 

6.8 


Not. 29 


Price 

Fra. 


+ or : Div. Ttd. 
* I * - 


1—5 
+ 10 



+5 

bl«_-irotv»ir :l 780 5 

Fi-n-her (G«cize).| 540 —5 
Hoff mao pi i’ert.*5 QjQ US00| 

Da (Mu ml) 6.526 

tmericwi B :3 700 

■lei men iFr.i«»...'l 450 

Xertl* iFt.lCa>,.„ 3 195 


AnifeLbanken .J 

LhuiTbe Uenk ' 

j.-i A* LSI if C'a.. J 
Fine n i"iibeti.., 1 i 

JOW'iei 

'ur l'«i»ir | 

Linifelrlnnk . 

i.N'ih'aHJiKriuij 

unit Kslvl 
Aovn iiuliiflil b.j 

liidihiL 

I'riratbank 1 

.•rnriiiMiaiik ! 

•nth-B+ren-cn.... 
n pcrli;-, 

I 


VIENNA 


14013 ,-| 11 

7.0 

issia | 12 

9.5 

136 J-S, | 12 

8.9 

J3Qi;i + 4 | 13 

IO.0 

339,41-14 ! IB 

3.5 

84i S '+is ! - 


126i 9 1Z 

a.7 

2801a 1 +i a ! 12 

39 

lalia— U 1 IZ 

b 6 

221 —Is 10 

46 

116 ; + !• , - 

_ 

ii.nMin 

92 

i36u u 

a.i 

3691? — lj , 12 

.12 

160 ! 1 12 

7.5' 


tanduz(F.aOi....'3 625 

Da Part lerw-.j 428 

SctiiniilerLUKKUl 268 

3uJ«r Ot iFr. 100,1 297 

Sn-teseir (Fr3ttJ|.l 790 
... 9«fwBnk t Ff.l(W)| 330 
_ !5wi»OfaKFr3&0)4.650 

Lman Bank. ,2. *35 

Zurich Ins _.;ia.?00 


1—15 


+ 15 


+ 3 
+ 1 
-50 
+ 5 
+ 25 


8 | 3.8 
10 , 3.0 
32 ! 1.9 
22 [ n.7 
82 I 36 
16 [ OA 
10 2:8 
5 4.6 
1106S L i 
110 | 1.7 
2.8 


PARIS 


Nor. 29 


Price 

Fra. 


.+ Pt 


Div. |Yla. 

Fre. L ' 


Prestfieer Braod ....'.".T 4 

Srittomeln . ^ ^ 

west Briefo«(emr....,:.-r Lv - .ijj2- 
f-M'.vreciern Htioingo - 

weueni !<S • 

J _ INDUSTRIALS rl . 

ASCI 

• 1 ^ lorcctmedM : f*S5 i-«- .- 

Ptnanee ™ „ 

^Beers.rodi^Ha, 


'*4p.i 


Sente 44 714 4—16.21 

Alrvjue Ocvid-t'e . 477 -6 . 

Air Liqulda £63 .+ 2.5 

Aquitaine .... B83 — 6- 

MIC 609 +2 

bouygoe* 795 *9\ 

B. s.N. Gerraik... 553 

•Carrefour — , 12,120 [ + 20, 

C. U.E 391 +0.2 

0.1 .T. Alcatel — 8c9 j |+4 

Die Be ocaire. *47.9: + li» 

Uint* Medlier. 600 l + OJS 

Credit Com. Price 126.a +L6 

UreuaX Loire.— :. 57J!+t.B 

Oumr* 666 ~2 

Fr. Petroiea. 139 

Gen. Ocddentalej 26 J 4*r-0-l 8.25* 3.2 
t metal..— .... j 66.6— 1 j 5.7| 9.9 

*^“8f 239.91+0.5 |lfi.-n -7=0-] 

LX>raaL —~l 719 -| + 5 >15.81-2:2 

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— ;L2i8 -10 I37J 
IT oeiHanneBBey. .j 579 [+6 jli.8 


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On. IViv 2.115 75 ' 150 71 

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s j Ital-uet ! 301 ; 1-5 : — _I 

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Baht* Cferrer £2 

Banco ExteriM- ‘ 

Bam» -General . . . ... . 

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7.0 ! iVtnrtLfi-lsiri1»_. l -i55 ' *" ' = ‘ 
'IwiitiliSMW 51 

f'.. ~g£ 

Vi'li-n »iirxOl....:+ 94 



















37 



Thursday November 30 1978 


SURVEY 




Although 1978 is expected to see an increase in total spending on 
process plant this is not likely to continue into next year. The North Sea has proved 
a valuable market but the industry is often a victim of cutbacks in the nationalised 

industries, as was demonstrated recently in steel. 


PARTS OF the proc«w plant 
industry have enjoyed healthy 
levels of activity m the current 
year, but other* — particularly 
at the heavy end — 2 re stiff 
operating at levels vieli below 
capacity. 

This picture emerges in spire 
nf forecasts from the Economic 
Development Committee for the 
industry, published in July, 
which showed that spending cm 
process plant during 1973 was 
expected to increase in line with 
increased total capital spending 
by the process industries. The 
nse in spending was forecast to 
be quite large, and followed nn 
a shortfall :n 1977 nf actual 
spending levels over the fore- 
cast levels 

Beyond 1973. - however, the 
prospects are distinctly cioomier 
according to the EDCs fore- 
casts. Total spending on process 
plant for the three years J97S- 
80 was put at £ 4.643m, with 

1979 and 1980 at lower levels 
than 1978. Since the forecasts 
were drawn up. they have 
already had to be revised fol- 
lowing on -the cancellation by 
the British Steel Corporation of 
rwn important projects at Port 
Talbot and Scunthorpe, and the 
final abandonment nf the 
Canvey Island oil refinery pro- 
ject 

The expected fall in 1979 and 

1980 is due primarily to a 
decline in spending in. the oil 
and gas production sector. The 


uncertainty about the rate of 
further exploration and deielop- 
ment of the North .Sea makes 
it difficult lo forecast beyond the 
next couple of years. 

The industry has high iiopi-s 
however. That The expertise 
which it has acquired in Th.» 
North Sea will enable tt to cap- 
ture contracts for offshore oil 
development* in other ports nf 
the world. An industry dele- 
cation is iri India at ihe moment 
discussing the hardware require- 
ments which will be needed for 
hampering gas from the oilfield 

dIT Bombay. 


The mending plan* *? the ndvncv*d s irrerrer <-f the **:r- 
nanonalired industries, oi whirl hi nr sene rarer !>ia:tnfacriiri-i> 
the 1 'itlbji'k- in ihv -ice! .«nd ihe hmlerniaJc -r-\ B.cn 
industry's programme .ire i>*e merger'- failed in ma !*>•'■.« i:*e -n 
must recent example It also spite ««r Gown nm ret t-inreum::— 
complain; tna! iU evpnrt> haiv tnent. while the ;n:{u -rrv s 
suffered a* a rcsuil iff ihi 
nationalised indusiriv^. niurh .--bi 
are very big cii*|nm». , r<i of in** 
industry, nol alvay* sperifsmg 
equipment whifh can b<« -nM 
overseas. There have been vey published in iVinS**,*. i:i7ft. 


c::por* imayr suffered conoid--: 

harm .i* :• * — i; * .■:* Hi 
analy-is in rejiort 

Tb:* r*'P- rt bid iefinwed \.i* 
ill) Tie- li'—l- of IV* 'i : 1 


men? Court.?!! rsriy :n *h* n«w The Process Plant A«o*la- 
year tinn. which represents most of 

Trie pr •!.■.-? n n! :;r;s.->r:t .nas ?!;■-■ :nda*iry. is conducting a 
b-.-en *if p.-.rt ar t am-em to i;3n;paign aimed at Government 
tin 1 EDC. uicii a AUa furiiseii Iasi auiiu: alleged cheap imports of 
yar a« a -i.-res-ir re the pr-»- pro***** plan: equipment. Al- 
ir- ci-im ■-■-rking pany Import enrd-hg -o tb,- PPA. The *ompe- 
p»-ne:ratiu:: ha- lue:: purlieu- f : t : o t : comma from French 

iarl> -i£:i:!!-;an; very tarye and I’.j’i.u*. companies in partic- 
• toms of "ouipmeu: wh.tt. ure u!ar wnu'i: are -akin* advant- 
lalueil a 1 -irr. ap.ci * — :n *.ri:* age r.; rhe removal of tariff 
a reus the eqg.pmcnt is a.’ir.ns; harr.ers w::h Britain*- emrv into 


Exports 


Exports of the process plant 
industry vary between L’U and 
3u per cent of (OLal production 
and are therefore of vital im- 
portance, particularly wub the 
prospect of the home market 
falling off. Prune market- are 
North America and the Middle 
East, but partly as a result of 
the slowing down of expansion 
m the falter area, and partly 
because there is always a need 
to find new markets for an in- 
dustry which is suffering from 
worldwide over-capacity., real 
efforts are being made m capture 
more business in the develop- 
ing markets of Iran. Venezuela, 
the USSR. India and. of course. 
China. 

One nf ihe industry'* constant 
problems is the .nrerrunrinn re 


Demand likely 
to decline 


By Hazel Duffy, Industrial Correspondent 


moves in thi« direction recent! v, 
however. >uch as ihe consul- 
tancy operations set up by some 
of the nationalised industries, 
which have gone some way to 
improving the amount of liaison. 

A more recent problem for 
Ihe industry's export image was 
the Think Tank Report pub- 
lisher! a' *h<* onrl nf |97fi. which 


which was critical of thr 
industry overall Top degree 
of sensitivity v hirh the industry 
feels a* a result of these mure 
publicised reports can h*- 
judged Trom the fan that the 
EDC does not intend jn publish 
the progress repon which it 
will be submitting re the 
National Ernnnmie Develop- 


wholly imported. Discussions 
have been held between manu- 
facturers ar.d user industries ir. 
attempts re find out why 
British companies are nardly 
ever specified as suppliers, and 
it is believed That some progress 
has been made in bringing the 
two sides of the industry closer 
together. 


the EEC. and latterly have had 
a*re*s to supplies of cheap 
European steel. Steel is the 
major raw material in process 
p!ant manufacture, and there- 
fore has a substantial effect on 
th-? final price. These have been 
sometimes as much as 30-40 per 
cent below British prices, says 
the PPA. which is aricine that 


where Government •■'■si stance !• 
ocing given re industrial pro- 
jects. then it should be speci- 
fied rhar the purchased equip- 
ment is British. 

The chemicals industry con- 
tinue* !n be one of the mosr 
important customer? of trie 
process plant industry, wsih 
about 45 per rent of the indu«- 
iry's reial spending sointt on 
process plant. A large propor- 
tion of ihe investment is in 
petrochemical projects, which 
have been brought to the fore 
by ihe development of North 
Sea oil. 

The three-year forecasts from 
ih« Chemical Industries Asso- 
ciation indicate that spending 
*» !.'] be sufficient to provide 
healthy pnough order' for pro- 
cess plant, but in the lonser 
term there are uncertainties 
over hoth the level of capital 
spending and ihe location nf 
plant* by the iihem.-ral industry. 

The process plant industry is 
apli: about equally between 
fabrication, where over-capacity 
In a global context is most 
severe, and the manufacture of 
process plant equipment for 
supply to contractors. Recent 
figures show that the propor- 
tion of hardware orders placed 
by contractors with UK manu- 
facturers for overseas work is 
now only around half — oui of a 
total £509m worth of orders 
from contractors. £262ra went 
in UK manufacturers in 1977-7S. 
and 1247 m tn overseas manu- 


facturers. The latter won i 
against ihe UK industry mostly I 
/or competitive reasons such a* , 
price, delivery and quality, . 
rather than tn* conditions nf ' 
licence*. A couple of years ago, 
the proportion was more lik* 
onn-tii i rd. 

The importune* of th* indta** 
try m the I'K economy is 
demonsirsied by its £2bn turn- 
over and around 1D0.G00 
employees. It has also been 
selected under the industrial 
strategy for special atlention. 
Bin the industry is fragmented 
while in certain areas there is 
definite over-capacity. Tlies* 
factor*- make :t more difficult 
to create th* sort of competirivq 
industry which can win orders 
oversea', although a- the same 
time there are particular com- 
panies which can compete 
alnng-ud* ;h* American*, 
Japanese. Frenrh anti Italians. 

Unemployment 

Identifying the weaknesses of 
the industry, however, and mak- 
ing recommendation-', are much 
easier than seeing them imple- 
mented. as ih* experience 
following the Think Tank re- 
port has shown. Much of tha 
industry is located in areas 
such as the North East where 
unemployment is high, and at 
time* this may well be a con- 
sideration which will override 
economic logic. 


I 



CJB supplies complete 
plants for:- 

OH and Gas 
Processing 
Petrochemicals 
* Polymers 

Biochemicals and 
Fine Chemicals 
■afc Mineral Processing 

and is a leading 
Offshore Contractor 
world >wide 


TheGroup is currently 
executing major contracts 
in:- 

United Kingdom 
and North Sea 
4K Belgium 
* USSR - 
^Algeria 
Libya 

Saudi Arabia 
^ Kuwait 
Iran 

¥r Nigeria 
■*r Brazil 


Our experience throughnutthe world in carrying out 
complete projects enables us to offer up-to-date 
technology and a comprehensive range of services 
covering:— 

-^Construction- 
■^Commissioning 
Project management 
■^Maintenance, 
operation & inspection 


■^Feasibility studies 
Process design 
^Engineering 
■^Procurement 


We can arrange project finance, product marketing 
and other commercial services. 

For your next Project contact:- 

CONSTRUCTORS JOHN BR0HH U9 

CJB House. 20, Eastbourne Terrace. London WZ 6LE 
Telephone 01-262 8080 Telex: 263521 
Cables: CIVANICS LONDON 



i 


58 








50,000 TPD low density polyethylene plant at £ f Tab/azo, Venezuela 


Engineers end contractors 

to 

the chemical process industry 

Coppee-Rust is a leading engineering organization In Belgium 
serving the chemical, petrochemical and various other industries. 
Providing a comprehensive contracting service from project 
evaluation and initial conception up to realization. 

Offering you the use of processes from recognized companies to 
undertake projects mainly in the fieids of: 

• Fertilizers and intermediary products 

• Polyolefins 

• Melamine and caprolactam 

Or ready to build your plant according to your own process. 
Coppee-Rust ensures the plants are delivered on time within the 
budget. The company has the experience, the integrity and the 
caliber of job management that's resulted in many of its clients 
being repeat clients. 



CQPPEE-RUST 


For further information, unit* to: 

S.A. Coppte^usf N.V_ Avenue Loihm 251. Box IS 3-1050 Brussels. BetaliMn. 
TeL: 02649.3000 - Cable: Coppte-Rxst • Telex: Combs 
I ntern et! anal Organization 

Coppee-Hust S.A. France ■ Bust Engineering Company Lid. United Kmqdorn . 

C A - - Coupee-Bust iPte) LM. - 

The Bust Eng^ieering Company. USA. 



We sell to every continent. B^ker Perkins compounding and separating machinery, 
process plant produces bread, biscuits. Most of the world's antibiotics are 
cakes and confectionery. Our machines extracted on cur plant, 
also package these products — and tea Baker Perkins also produces 
and pharmaceuticals - giving protection, highspeed printing presses, foundry 
hygiene and convenience. sand mixers and specialised bearings 

For chemicals and plastics we for a wide range of engineering 

specialise in mixing (as seen below), applications. 


Baker Perkins Holdings Limited 
Westfield Road, Peterborough, England PE 3 6TA 


m 


■ & 


mm M 













<mm 


IS 

IS 


it 

\¥ 


mm 

Kifl 



mmm 

mmm 




Major oil 


THE UK PLANT and equipment Sea Oil on Scotland ” preoared by special gas carriers. Some of from Occidental for Canvey .* Amoco and Morphy Oil &m 
engineering industry has for Hie Scottish Economic the gases will- also be used for Island and one from Cromarty entered into- a long-term refiih 

adapted rapidly to the demands Planning Department, suggested power generation at the site. To Petroleum for the Cromarty ing agreement at .Amoftfs . 

n£ offshore oil developments and there could be between IS and speed construction CJB, the Firth have both been abandoned refinery it Milford Haveit Tirey^ 
from the start has been one of 24 platform orders to come main contractor for the pro- this year. But there is a short- are building a joint £75m rirta-j 
the most successful supply sec- between 1977 and I9S6. Two cessing facilities, is using a age *of secondary refinery oapa- .l^ic cracking unit for wfilch the 
tors. Onshore too it has met field development plans are system of modular building, ta city in the form of cracking main ' cbhtract has .gone .^HT - 

major demands on its skills and presently being studied by the allow complex equipment to be capacity for upgrading heavy oU Proconi (Great Britain), 

experience in building three Department of Energy and these pre-assembled in the -easier products, such as fuel oiL into should began early next’year:/ 

massive terminals to receive should be approved in the next mainland environment . the lighter products, chiefly and be completed in ■ 19SL 

and process crude from some of few weeks. Pre-assembled pipe racks are petrol and naphtha (the petro- - ^ .. most iuhmMVf if St 

the largest fields in the North Phillips Petroleum is pro- beginning to appear at the site, chemical feedstock) for which " ! . 

Sea. posing to develop the Maureen and as the delivery of the demand has been growing far 

These developments have Field using a steel gravity plat- various equipment units . in- more -quickly. Texaco and Gulf at Pembroke/^ 

tended to overshadow the con- form designed by the Italian creases to a peak next summer As part 0 f this programme ^he two otf majors arc eneSsOd'' 

strucUon programme that is also company, Tecnomarc. If the there will be a major logistical Mobil is building a £122m fluid on the -buildSer - 

under wav at four oil refineries clan is aonroved this will be the problem in ensuring. that all the r-rant^r- at its Pnrrtftn »i- - • 


under way at four oil refineries plan is approved this will be the problem in ensunng that all the cafciytfc cracker at its Coryton nr 3 r.ker : wft +7 b ' 

in South Wales, the Thames first time such a design has ever pre-assembled parts are on site refinerv . The cracker wi 1 i . w— >- a ‘ • 

Estuary and Humberside. The been used in the North Sea. when needed. In the meantime, - na h!p Mobil to make 60 per t wie«m - 

rpfininn hac hr-Pn alrhm.oh ie h» nc ail nrnrf»lPrtri n fratn -A* I 5!!L tWsl^COmm Olltf': 


several plant^closures, panicu- the Magnus discovery. The oil will have to be flared into refinery, a joint 


several hundred million pounds. 

Tew^Tolal^and *raoc^°are CODStrUCtiOIl hit by delays and rising costs is i s finished it will enable endida^'tf 

kniiAint. nnii« in Phillips Petroleums crude oil refinery to make at least -one-r ra ^ <irt v - ^ v-v 

515 {If nils ^into Onshore the oil industry term ; n ai at Seal Sands oh- Tees- third more petrol from the. sartre- '-V^SEi.* ^ 

hnhfJr nrolnptc 6 « n* ml entered a new era earlier this SiC j e . Construction here is three, amount of crude oil processed.;- 7“ '.-^KC WDl^Ptelie., 

r„r h rii; nri i - a JEi I « ■ Aeek wilh lhe arrival of the vears behind schedule and costsr— : ; " T . V - ;. . ... .. . " -‘-.f ~ 

K !«** riPejine « the i, ave iouWrt „ m.re ■; ' ■ - - ' 


The other major construction The new plant should take -three rt , g f ^j tT . T ^g- H ! -. 

job onshore that has been badly years to complete, but when. 1 1 z>foblemar similfctdrtfiose^ihw 11 - 
h-:t hv riplavs and risins costs is ie finished it will enable the : L . . • 


^vre° r rC E uefoilT th,n r ° r Ihe £3=1 £ 5= S£n ~22^le 

The fabrication or plant and Shet,and . Islajlds - This massive p ip eUne from Phillips* Ekofisk! 
eoJToment his traditional c ° IKtru£,tl °n *«a. which shares in Norwegian sector! 

beei a stron- sccwr of the lh * ** rae lalt ? lude as Leningrad of ^ North Sea was coramis- 
UK 0 engineering *lndustr. and ** «*** J* » of Green- sjoned in I975 . B ut it is not 
it certainly this activity ,and * 15 destined to become the expected that the terminal will 
n . .** certainty tms acmuy biggest crude oil terminal in ^ a hie to start taking un- 
which. more than any other. _ e Bv . rh . __ rl _ 19 c n c i f 06 10 ^ Tl 

has nrovidpd the UK with a ,^l p \ e earl - viybUs ][ stabilised crude before the 

nas proviaea tne lix un a U ., u be handling more than half - prnn j Quarter of next year, 
growing share of the domestic of ^ L ^- s CI ^ de oil requ i re - second quarter of next y« 

offshore supplies market for ments SuppHes wUl a<rA - ashore Eventually the terminal wlH 
goods and services. Tne general ^ two pipelines from fields have capacity for dealing. 
UK share nas been growing ;n jn the Ea ^ Shetlatlds basin with 1m barrels of oil a day., 
recent years and last year incJudillg B rent Dunlin. Cormo- But toe naturai ^ h r qu ^ 
domestic suppliers took 62 per ranL Thi=t!e Murchison, separation and treatment facui- 
cem of a total market worth Heather, and Ninian. ties are compJeted from tiie 

aoout £1.3bn. But in the sector terminal is one of the nuddle of next year the terminal 

of the market covering process biggest construction projects can handle little more than 
plant and power generation that has ever been undertaken ^000 barrels a day > of dead 
squipmenL for example, the in £ u rcpe and the task has c™'*® — oil that has already been 
UK share was as high as 72 per been ^de especially difficult stabilised offshor^ * 

cent, with domestic inuustry bv the remoteness of the site ! sIa ? d in “ e 

taking orders worth £109m out a nd the bleak weather condi- 0rkne - v Islan ^ s - th®. third ma J° r 
of a total market of £15 1m. tions that must be endured for termrad to be built to receive 
The high UK share has been much of the rear. North Sea crude oil is nearly 

achieved in the face of intense ir w ; tb D e cehem^v com P ,eted - terminal serves 
international competition. In associated with North Sea Occidental’s Piper and Claymore 
addinon the supply ft™ S-e 0 n « 

LTK of an extensive range of underestimated the sheer ^ 

specialised oilfield equipment complexity of building, the 5SS« ijS’- 

for overseas markets is also SulIorn Voe terminaJ . Accord- wJer nnrtST of thi 

*lSe pS of offshore explore- approved tergal terminal “ finisbed “ d Provides 

? n ° g ° sjrwts “ to . have J ee ? r* a 

opened up in North and South cons^ction worWora^ k ?^ 0 4 ««her storage tanks are 
America, the Far East. India e^ct^T peik Ta mid-igTS at ? em £ ^ & ° f 

and Australia. Export markets SSlJOO P 3 b ™U . t0 ^ P r ? duc & n 

will represent increasingly im- instead as ’ negotiations S° m - C1,yn, ° re T**® 

manufarturers with experience ind ustry and the Shetland ?S plant fo“proSSv'ar^ 

:n the North Sea and overseas i sIands Council and the size of {552 ? SlSoS^s con 

laSes through “fSllw^pLriSds the taSk begaa ^ daV ^ serration programme that Occi- 

in the ^me market" In-order ” mpames ’ P™ plans had t0 ** dental is now completing for the 
o ensure a stead^ flow^f w£k suggested a pro- two fields will mean that pro- 

fl ° W f r * 3ect on qulte another scale. The duction of propane from the 
the suppliers of process plant result is that the terminal, which Flotta terminal will be doubled 
and power generation modules by 1981 should be capable of from 6 000 to 12 000 b^eU a 
I are tota.ly dependent on orders handling 1.390.000 barrels a day dav ^“1"? 

SL P ri hv rha WSf being of crude oU - is ^ estimated to Further downstream the oU 
p aced by the oil companies, cast at least £S00m and this industry is also engaged on an 

S „ p 0 , . of ssa« wsa 

f.n. V 3l,0Bt 6.000 at the site, and plant industry. 

VInWn P Murehi^m and a,H>ut 80 P er cent of lhis worlfr The oU companies are not 

JS 3 ? Mto? rorcc i5 a ‘ Sullom v » e •« *»y prim,!, diam.-lon 

p Jv orders. one t i me The terminal is little capacity which is alreadv 
three <teo?7abn>/iS more than 40 per cenl complete, m severe overcapacity through-* 

Sf-nri znri' =nrf ib ( n n ? Vr D onM, « l>ut a erash buiIdiri 3 programme out Western Europe — indeed 
at Cherhrm?. L/ZS 'fnf d t urln * the ?uinmer ,las ensured two projects for new 
lf J u ,S hv o-Im/p- F - t,iaT the miniriura facilities are refineries in the UK, one *— 





^ . «t;agtt 

Suppliers to the Protess Industries 0$ ’ !! ' ‘ 

U WASTE HEAT RECOVER 

' EQUIPMEr^: r i; J’* 3 rc f 

i 'We specialise in thermal arid inecIiajiiGal <lesig^"^ i; 

• rinariufecture and commissipning of ■-£ wkieL;rangifc ; . V : . ^ 

: of heat Transfer eqolpme^ 

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decision lu go ahead wuh ine stabilised crude oil. Eventually 
1 of the Fu,,irtr when all the gas processing 
• facilities are complete the crude 

Forecasts of future field will flow untreated' straight to 
development decisions have the terminal. Here the various 
always been over-optimistic. But gases, such as methane, propane 
one of the latest official c«ti- and butane will be separated 
males r-o nteined in the reonrt out. liquefied and stored ready 
"The Economic Impact of North for shipment from the terminal 


Expansion 
in gas 



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THE GAS industry is engaged 
on a major expansion 
programme over the next five 
years to find markets for the 
increasing quantities of natural 
gas that will be coining ashore 
from fields in the northern 
North Sea. such as Frigs and 
BreuL 

• Much of the construction 
work t onshore has been 
completed, but British Gas is 
still planning to spend another 
£L6bn over the five years to 
1982-83 on new plant and equip- 
ment About two-thirds of this 
expenditure will be on 
transmission, distribution and 
storage equipment while about 
one-fifth will be devoted to 
British Gas's own offshore 
exploration programme. The 
Corporation is planning for 
! sales of more than 18bn therms 
a year by 1982-83 compared 
with 15bn therms in the last 
year 1977-78. The main 
expansion will be in the 
domestic market, where in four 
years’ time gas should be 
supplying half ihe energy used 
in ail households. Capital invest- 
ment by British Gas last year 
lotalled £2U1.2m vompared with 
£24 3. 7m in 1976-77. 

Gas supplies from the 
southern North Sea fields have 


been flowing to the various ter- 
minals in England — Easington. 
Mablethorpe and Bacton — 
since the late 1960s and early 
1970s. The present building pro- 
gramme encompasses the nor- 
thern North Sea’s biggest gas 
field, the Anglo-Norwegian 
Fngg Field, and associated gas 
from such discoveries as Brent 1 
and Piper. These developments 
are exclusively located in Scot- 
land. but construction work will 
move south of the border again 
in the early 1980s as British Gas 
starts to develop its gas dis- 
covery in Morecame Bay off the 
north-west coast of England. 

The first supplies of gas from 
the Frigg Field arrived at the 
terminal at St. Fergus, near 
Peterhead, a little over a year 
ago from the UK sector of the 
field. Since the autumn pipeline 
deliveries hare been boosted by 
the start of production from the 
Norwegian part oE the field. 

Supplier began to build lip in 
October to a level of 35ro cubic 
metres a day and output should 
reach a peak oF 43m cubic 
metres a day by the end of next 
year. By then the Frigg Field 
will be accounting for about SO 
per wm of British Gas’s present 
supplies. 

The St. Fergus terminal is the 


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Fresh hopes in chemicals 


. THE NEWS this week that BP 
Chemicals Is to build a £50m 
ethanol plant at its Grange- 
mouth site in Scotland should 
have provided some cheer lor 
the UK's chemical process plant 
industry. 

• ' .. For some tune now the chemi- 
cal industry throughout Western 
Europe has been suffering from 
overcapacity plus weak prices in 
many product areas and this has 
led most of the major companies 
to lake a cautious view on future 
capital investment. It has also 
led to the cancellation of a 
number of large projects. Yet 
amid the general gloom there 
have been a number of fore- 
casts of better times to come 
somewhere around the mid 
1980s. There have also been 
caHs for capital expenditure 
programmes to be started- now 
. so that European chemical enn- 

^* n n s : cerns in general and Brinish 

' ones in particular will be able 

>>. to steal a march on their 

^ competitors once the boom 

•/ . begins. 

■ ’ i N The heartening point about 

■‘■iii BP Chemicals' decision to build 

* a major ethanol plant in Scot- 

land is that the company is 
actually spending money on pre- 
_ I paring for an improved 

^ ggSyv i chemicals market in the l9S0s 

a§jj[ instead of merely talking about 

fj i,--a fact whic h musi give 

f- P process -plant companies some 

m ground for. optimism. 

Not that the present picture 
is entirely bleak. Forecasts 
. • 


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Telephone: 55951 Telex: 934511 


prepared by the Process Plant 
Economic Development Com- 
mittee this summer put total 
fixed capital expenditure for the 
chemical industry at £3.010bn 
during the three years 1978-80. 
The Committee's forecast's were 
never- officially published be- 
cause of substantial cutbacks in 
general industrial, investment 
that were announced just as 
they were about to be released. 

Yet the Committee's figures, 
based on a survey carried out 
in March by the Chemical 
Industries Association, still 
provide a reasonable, if slightly 
optimistic, guide to forthcom- 
ing investment in chnmrrjil 
plant. The forecasts showed 
that investment in 1078 was 
expected to he £93 lm while 
estimates for 1979 were set at 
£l.A7Rbn and for 1980 at 
£1.001 bn. 


Capacity 


“It is thought by the industry 
that this investment-- pro- 
gramme provides more than 
adequate production capacity in 
aggregate for both home 
demand and a sustained in- 
crease m exports up to 1981." 
the Committee said, though it 
added: " However, the CIA 
docs express some caution 
about further expansion in the 
current situation of world trade 
and the economic performance 
of the OECD countries. 

" It should be noted that the 
CTA survey is one of company 
intentions early in 1978 which 
might be modified in either 
direction if world and I'K 
economic and trading condi- 
tions change or as a conse- 
quence nf improvement or 
deterioration of general busi- 
ness consequences.” 

Tbc committee noted that the 
actual level of investment by 
chemical companies last year 
was some 10 per cent lower than 
what had been forecast. The 
process plant industry Itself 
now recknns that the forecasts 
for 197880 will also prove to 
have been at least 10 per cent 
too high. 

The main reason for the 
shortfall on forecast Investment 
by the chemical industry in the 
UK last year was “postpone- 
ments due to construction 


problems, reduced pressure 
from market demand and 
reduced profit expectations or 
cash availability ** This year h;»s 
produced its own crop of post- 
ponement and cancellations of 
major chemical plants. 

In August. Imperial Chemical 
Industries hailed construction 
work on its EHUm vinyl chloride 
monomer plan! at Wilton on 
Teesside. The company decided 
to go ahead with the engineer- 
ing design work for the 15U.UUO 
tonnes a year plant but it 
suNpended the orderin': of cer- 
tain key components and it 
instructed the main contractor. 
Fluor. Id start negotiations with 
suppliers mi the vanrellation of 
some existing contracts. 

Only six weeks earlier Shell 
Chemicals UK had decided to 
halt design work on a £ 200 m 
petrochemicals plant planned 
for its Stnnlow site nn Mersey- 
side. The decision to cancel the 
building of the 350,000 tonnes 
a year ethylene plant at Stnn- 
low was taken because of the 
increasingly bleak ptrture of 
overcapacity in ethylene all 
over Europe. .Shell Chemicals 
was particularly unwilling to go 
ahead with the project in the 
light of Esso Chemicals’ plans 
tu build an ethvlene plant at 
Mnssmnrrnn in Fife. 

As it happens the Moss- 
morran project is still being 
held up because of objections on 
the part of local residents to the 
granting of planning permission. 
Lengthy delays in obtaining 


planning permission — usually 
because of environmentalist 
lobbies — are becoming more and 
m*»re frequent tli rough out 
Europe and the problem is one 
which is increasingly worrying 
the chemical industry- Clearly 
the&c delays must also have an 
adverse effect cm process plant 
concerns. 

Meanwhile Esso Chemicals, 
which estimates that it will have 
spent between £l2m amt flHm 
by ihe end of ihis year on design 
and engineering plans for the 
new plant, is sul! pressing ahead 
with the Mossmorran project. 

Another major UK ethylene 
plant, which is at a far more 
advanced stage of construction, 
is that being built by BP Chemi- 
cals and 1CI at W lit on on Tees- 
side. The project, which will 
employ a steam cracking pro- 
cess designed by Slone and 
Webster, is nearly two years 
behind schedule — as is the 
acrylonitrile plant being built 
by Monsanto at Seal Samis on 
Teesside. Construction delays 
have been the chief cause or the 
two plants falling so far behind 
schedule ail hough the Wilton 
project has also been affected by 
late deliveries. 

Up lo now. UK chemical 
process plant companies have 
not been hard hit by the British 
construction industry's notorious 
record on completion as com- 
pared to its European counter- 
parts. But there arc signs that 
the poor image of the construc- 
tion industry is beginning to 


rub off on prorps? plant com- 
panies — particularly now that 
international competition is 
becoming so intense with the 
shortage of orders. What is 
worse is that it always seems 
to be the really big chemical 
plant projects that are worst 
affected by construction delay.?. 
Smaller prowl*. such as BP 
Chemicals' £-ftm apiece benzene 
and polyethylene plants at 
Grangemouth, which are due to 
be finished at the end of this 
year, stand a much better chance 
of being completed on schedule. 
Mr. Harry K-rnsby. who spent 
3d years in the chemical indus- 
try before moving to the Process 
Plant Association, believes that 
a far bigger problem for UK 
process plant concerns operat- 
ing in the chemicals sector is 
government-subsidised competi- 
tion from abroad. 

Indications 

He says the indications are 
that European competitors for 
chemical plan, and oil refinery 
projertj are lv-ing subsidised by 
their governments in one form 
or another — particularly in 
France, Italy and the Nether- 
lands. Mr. Hornsby says their 
prices for chemical plant con- 
tracts are sometimes 20 per 
cent. 30 per cent, or even 40 
per cent below those of UK con- 
cerns and be reckons that only 
government subsidies could 
make this possible. He adds 
that there have been occasions 
when the prices of European 


companies for a particular con- 
tract have been lower than com- 
parable UK concerns would 
need to caver materia! rests. 

-Mr. Hornsby is certain there 
will be a big growth in demand 
for chemicals in Europe. But 
he tempers ihis note of 
optimism by saying that :n his 
experience the switch from 
shortage to surfeit in chemicals' 
demand invariably comes when 
it is leas: expected. This in 
Turn cannot he good for a pro- 
cess plant industry that already 
suffers from violent swings in 
its own demand rale with all 
the accompanying problems of 
attracting and keeping adequate 
numbers of staff. 

The Process Plant Association 
would like ro see greater bold- 
ness on the part of chemical 
companies when taking invest- 
ment decisions and this is a 
view supported by the UK 
chemical trades unions — par- 
ticularly m regard to the pro- 
duction nf plastics materials. 
The chemical majors them- 
selves continue to be more wary 
but there are signs of a more 
ontimiiuc attitude beginning to 
sh*.w itself. Perhaps one indi- 
cation of this is that ICI. which 
is already pressing ahead with 
plant to sanction capital expen- 
diture projects worth more than 
SSOUm this year, has started 
looKing for a sue for a new 
UK chemicals complex that is 
likely to pp on the same scale 
as that at V/jlton on Teesside. 

Sue Cameron 


Gas 


CONTINUED FROM PREVIOUS PACE 


XZScSXUS 



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This is Lurgi 

Lurgi Chemieund 
Huttenteclmik GmbH 

.Process Divisions: 

— Inorganic Chemistry 


focal point onshore of the devel- 
opment of the northern gas 
fields. It will also. receive gas 
from the Brent Field and from 
other smaller fields which may 
eventually he linked to the 
Frigg *nd Brent trunk-line*. 
British Gas itself has invested 
more than £400m in the con- 
struction of its part of the ter- 
minal and the associated trans- 
mission system. 

At SL Fergus the pas from 
the offshore fields is regulated, 
treated and compressed to meet 
the requirements of Ihe land 
transmission system.... On a 500- 
acre site one of the largest gas 
treatment plants in Europe is 
being constructed. The site is 
large enough lo allow the instal- 
lation of all the processing 
equipment required and it forms 
a new supply base to the north 
of British Gas’s main national 
transmission network. The 
Gas Corporation and the 
partners in the Frigg Field — 
Eif Aquitaine, Total, Norsk 
Hydro, and Stated — have each 
developed about 120 acres of 
the site for the Frigg reception 
facilities. But there is still 
substantial space remaining for 
the facilities needed to handle 
the gas How from the Brent 
Field and any other fields rhat 
might follow. 

The requirements of a rapidly 
expanding gas industry based on 
natural gas supplies from the 
North Sea have offered import- 
ant -opportunities for process 
plant manufacturers in the UK- 
for more than ton years. Clearly 
the pace of this development 
cannot" be sustained indefinitely, 
however, and the timing of the 


next phases of the work are 
far front certain. 

One of the biggest question 
marks concerns the develop- 
ment of the gas transmission 
and treatment facilities for 
Shell/Esso's Brenl Field, the 
largest oil field discovered in 
the UK sector of the North Sea. 
The field has one of the highest 
ratios of gas to oil of any of 
the North Sea finds which has 
meant that a seperate pipeline 
system has had to be built to 
handle the gas supplies. Brent 
has about 3 trillion cubic feet 
of natural gas as well as about 
600m barrels of condensate and 
nalural gas liquids. 

This particular mix of h.vdro- 
carbuns — the field contains 
about 2bn harrcls of recover- 
able reserves of oil. including 
the gas liquids — has necessl- 
laied an offshore development 
programme that in complexity 
rivals any in the world. But it 
is onshore where Shell is wish- 
ing to build ihe various pro- 
cess plant units that the scheme 
has run into most serious 
trouble. 

As far as the SL Fergus ter- 
minal is concerned. the 
development is proceeding 
within its various deadlines. 
Shell/Esso has agreed a con- 
tract wilh British Gas to start 
supplying natural gas 
(methane) to the Corporation 
in October 1980. Supplies are 
supposed to build up to a mini- 
mum level of at least 500m 
cubic feel a day. Shell's fas ter- 
minal on the land beside the 
Frigg and British Gas units is 
under const rucl inn. Costing ai 
present estimates a Jittle over 


£]00m, it should be ready by 
the middle of 19S0. 

The plant is designed to take 
out the natural gas stream for 
use by British Gas, allowing the 
remaining g:*s liquids to be 
piped 135. miles south to a 
separation plant in Fife. Here 
the ethane stream would cross 
a boundary fence ro a petro- 
chemicals plant proposed by 
Esso Chemicals. The propane 
and butane, which should find 
ready customers in the fuel 
markets of Western Europe and 
North America would be moved 
by a short pipeline to a marine 
terminal at Braefoot Bay. 

But local resident living 
around Braefoot Bay have 
objected to ihe proposed plant, 
and a skilful and articulate 
protest campaign they have 
waged for two years has held up 
Shell’s request for planning 
permission. A public* inquiry 
into the scheme was held in 
July last year .and Mr. Bruce 
Miilan, the Secretary of Slate 
for Scotland, finally gave pro- 
visional outline planning 
permission in March. 


Evidence 


Since then, however, he has 
been considering new evidence 
on the pnss:b!e dangers nf 
pxnlnsions being caused hv the 
transmission of radio spark*, 
and his verdict has been further 
delayer! for another nine 
months. Shell/Esso can only 
he patient and await hi.s 
decision, but they are caught up 
;n the middle stages of a project 


that is already expected to cost 
same £3bn. The delay at Mnss- 
raorran means a major hold-up 
ton for the process piant indus- 
try. which is waiting for enn- 
tracu that could total nearly 
£590m. Meanwhile. Shell/Esso 
have already accepted that they 
will r.ot be getting the early 
gas sales they were banking on. 
More importantly, however, it 
means that gas re-injoct:on will 
have to be increased at the field, 
which cm id have bad effects in 
the iong-term on the perform- 
ance of the oil reservoir. 

After Brent the next major 
onshore terminal to be built will 
be British Gas's own project to 
exploit its Morerambe Field off 
the north-west coasl nf England. 
Sir Denis Rnoke. chairman of 
Eriri*ft Gas. said earlier this 
year that the field has reserves 
of the order of 2-3 trillion cubic 
feer of -as. It will be developed 
m the early I9$0s. It has not 
yet been, decided in derail bow 
the field will be operated, but 
the cost of production platforms, 
under-sea pipelines, a shore ter- 
minal and the feeder lines into 
the national transmission sys- 
tem will require an investment 
of several hundred million 
pounds. 

At least five sites are under 
investigation for the onshore 
terminal to receive the Iri'-h Sea 
gas. including Barrow, the 
sniiih-ea«t of ihe Lime estuary, 
near Classen. Cockorham nr 
Pr-?<:do. ih? south bank nf ihe 
Kibble estuary n^T Southport 
and ibp Prc'* sall-Pilling area 
near Fleetwood. 

Kevin Done 




Non-ferrous M 


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Lurgi Kohle und. 

Mineraloltecbnik GmbH 

Pixjcess Divisions: 

— Coal Technology - Gas Technology 
■—'■Refinery Construction. 

— Petrochemistry 

— Fiber Technology. 

Lurgi Umwelt und 
Chemotechnik GmbH 

Process Divisions: 

Dust Collection and Emission. 
r ; .‘ Control 

— Waste Gas, Water, Air 
—Thermal Processes 
r- Cellulose and Biotechnology 

— Gotek - Workshops. 

Org anizat ion Abroad : 

Subsidiaries in Amsterdam, Bruxelles, 
Johannesburg. London, Maffrld, 
Melbourne. Mexico DF M Milano, 

New Delhi. New York, Paris, 

Rlodfi Janeiro, Stockholm, Tbnonto, 
Wien, Zurich. 

Branch offices in "Bahian, Tokyo. 
Representations in Caracas, Kuwait 
Manila, Riyadh. 

A gianfet in mors than 40 countries. 

Services: 

Design, supply and construction of 
turnkey plants, individual units or 

oqmpment eisc^n and start-np or 

plants including: proof of fulfilment 

of guarantees;" development and 

licensing of processes and equipment 
Lurid itself is not a manufacturer or 




Prominent Percentages (3 


60 % of Lurgi’s business 
comes from existing 

clients 

Today’s customers make steadily growing , ^V 
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Thai's why absolute reliability and top performance 

are essential prerequisites when selecting "•*■ • 

an engineering partner, 

Last year, 60% of Lurgi’s turnover originated from existing 
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Lurgi builds large-scale plants for all sectors of industry throughout the world- 

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PROCESS 


Financial' Times ThuK.il^ 




Steel industry 




■ 

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to look abroad 


•V- 






RARELY DOES an Industry process began of chipping away casualty from the plant makers’ making supply for the -many Steels in. South Wales.; : T7ie busiloS* - 

lose the prospect of £2bn-worth at its edges. But major forward point of view has been the loss small and specialist seeimalung majority of .'the schemes- are plant- makers 
of work at one blow. But that investment decisions for hard* of the planned £8QQni-plus- ex- operations north of the border, much smaller arid are- 

is what happened to the British wary were stilt being made and pansion of the Port Talbot strip with improving existing: works :^ c '--'v - 

makers of steelworks plant and it was dear that the plan, should steel works in South Wales. and processes.. They are, 

equipment a few months ago it be allowed to continue in The industry had hoped to be JL/OCUXflt?flL . ' theless, valuable and 


when the Government and the approximately its original shape, embarking by now upon a new 


British Steel Corporation finally would consume same 







i P* 


me piani makers are sun ucihb ««nseu lusi nc must jiivb r r '° ”, ....... mpnrt; si fii^hoi- klnm nn mmo ~ vwm.*unuues^.»cei.. a 

shaken by the home market priority to sorting uut the 1S d “tmctly unfashionaole in the * ESSE* h, .5? S' be expected to .^?F. £.4p-i3t€SBUc. : - rTTinesy- . doseljr 

cut-back. To their credit how- mounting problems of steel. ' current climate of Eurooean onemau, -mArfo-rnisp it« cxistin? 


1 


A current climate of European 
vir- 

have readjusted rapidly to the Gerald Kaufman, une of Mr. tu_ally prohibited under the ? 


. ... .. , . - — — ar snthprf,,™ -cSS modernise its existing produe-wafein^ 

ever, it must be said that they committee was set up under Mr. steelmaking. Indeed it is vir- ~: ^ 0 4v tio ” capacity _ of ^up segt 


— - — .... 1 anot ^ r tonnes a year by an liters, 

new situation in British sled- Varleys junior ministers, to schemes of Viscount Etienne “- oUm WIil 08 ***„ ““ Investment- *of apprqxiTOte^.t^^riMb.^^ftiajiSft^'.ana 

_ j ■ _ . iU _ ^ si.* « i. nairranrm tbo Tn^iicW PnmmiV_ tWO V6STS OH SHULtiCr SCnffllfiS rn ru- fPU« nanmla ■***0af*\m. • will l ’ -m 

making and, at the same time, 
have begun pursuing foreign 
business with renewed vigour. 


Overseas 



ing its own critical gaze upon tive. So Port Talbot is being twined in a document Prospects;--- 
the British Steel investment pro- modernised and improved— still for Steel which includes those 
TWa K . ■ gramme and pressing the at a cost which will total several figures. It is based upon, the 

, Jmd.!!Sr n>^rVntL^Tf?nn T Government for mure informa- hundred million pounds— but premise that the. mvestmentom 


Fluidrive Engineering Co Ltd 


Isleworth Middlesex TVV7 6 EH England zc. Si i 
Telephone : 01 -560 1 1 21 Telex : 24107 




the industry. Davy International. tion ' " without the bs new set-pieces be justified: that with the' dew L 

SriiS'SSr oS£ work! When Mr. Varley introduced of " -L 

The two organisations, with ■ White Paper-- British Steel - v5Ji£ 

other British manufacturers, are Corpurauon: the Road to Capacity 2eSfflSr““^ 

bidding for new business in Viability iCmnd. 7149) - in Tte nSSte 2Sor of Brfttah 

many parts of the world includ- the s P rin S he carefully avoided The emphasis at this works, as • 

ing some of the most glittering Putting figures to redundancy at aU British Steel works 'I 

potential orders of all in China. « r S«»* He emphasised instead now, is on upgrading quaSiiy 7“ 

The strength of demand For that th * Government is taking a rather than making more steeL ‘ 

steel plant among the develop- “ ste P b >' step " approach to British Steel is concentrating * 

ing nations may well prove sulii- overhauling British Steel. upon finishing those capital in- ** a ^ * mploy V ig 

cient to take the sting out of In practice this has meant that vestment schemes which are past SrJX! 4rpef raSter Uian 
the retrenchment at home. in firtle over a year the corpora- the point of no return. The big VTIV* q*__, • 

The crisis in demand for stee! tion has cut back its work force ™.000 tonnes a day blast fur- ZZllIJ- i" le 

throughout the West during the from 207,000 to 1S9.000 and is "ace and its associated coke and virtniTlh^iS? 

last three years of ecinomic continuing to bring about man- ore preparation plant at Redcar tobuild a mw steelworks with*^ 





recession caught British Bteot power savings by closing ageing will be finished next year. h u 

in a difficult position. Having steelworks. At the same time Whether or not it will be put f ’SIS w"?t E - 
agonised about the future for the investment nrogramme — one into production immediatelv ^utn wales. _ 


esinient programme — one into production immediately 
nationalised steelmaking during figure that Air. Varley was pre- m ust be considered an open m a ir aV c 

the early 1970 S the crpnratmn pared to talk abom-has been question at this moment. Bnt m,lters “ e Producing some SJm I 


The private sector steel- 


had embarked upon a 


major halved from near £lbn a year to the furnace will demonstrate the 
expansion designed to provide some £500m a year from now on. British plantinakere* ability to steS mEmES * wftSPXi 
between 30m tonnes and 40m In practice British Steel will compete in the most advanced gector^re 'more 5hi : 

tonnes sreelmakms capacity in probably only spend about blast furnace and ore techniques ^ * 

the 1980s- and 199 0s at a small f40Um in the financial year 1977- now employed in the world. SSSi “ - 

number of major sites. I97S. although the figure is ex- Another bie job that is -inf pro *5® ss - ^“qng the biggest 

As ^the crisis in the steel trade peeled to be of the order of being sacrificed is the iiSaila- ^ the 6 25 ^ .. .. 

?hp e RK?«h fr SrLi f 0, ! wa 7 d 5 f?00 7 n a year in fature > e a r s up tion of basic oxygen steelmaking w a jeL at a cost procc&s ^ow-how. Our tulcntqd lA?ridoaPiocqssI^p^tiaeQi:.. 

the British Stee. phn looked r„ sheet m a, Raveoscmie. Scotland, to pr^ S^£ M -£‘££El*% isn 

I central, effiment steel- electric arc furcates b y Duport . It is adept at applying uiskifls to a tri3c^r pf 

own process es, to 

improving paniaUy dev^lqped .proce^cs. v - 



Chin: 


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x vh or\ J 

If 1 1 a. *» 1 




•* r y 


Humphreys & Glasgotv,as a contiactor r; ma joc^iri^ V . _• 

:c IrnniP-h/tH' Olir folanPuJ T — 1 -— n •- '*-» - -'- r ' •-'•-'c ■' 


increasingly unrealistic. The The biggest immediate vide 




We ave willing to assist by - - 

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the sheer power of bur pro.cws^pertist'^ian 

Let us help you. in whaTOver.wny sui^ts -^'uMet^lp^^^K 
. . • good, process ‘%air*t<» yopr riestplam. , 




mm 

e«r m 






THE BANDWAGGON had been 
stuck for a long time and there 
were general cheers from the 
electricity plant makers this 
year when the Government set 
it on the road once again. The 
two big decisions have been the 
apportioning of contracts for 
the second half of the Drax coal- 
fired power station in Yorkshire, 
and an interim programme for 
nuclear stations which at least 
enables the companies to look 
ahead until 1982. 


From a feasibility study 
foaturnkey operation 
weeanheipyou 



Process plant operators have 
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Plant Commissioning 

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Two new advanced gas-cooled 
reactor power stations are to 
be built — one by the Central 
Electricity Generating Board, 
the other by the South of 
Scotland Electricity Board — 
while further consideration is 
given to possible designs for a 
British pressurised water 
reactor. 

Meanwhile, after three years 
of talks the British and the 
French Governments have 
agreed that a 2.000 inW cross- 
Channel electricity cable should 
be built. It is likely that four 
pairs of cables will be laid on 
ihe bed of the Channel between 
Dungeness and a point on the 
French coast near Boulogne. 

Over the next four years the 
project is expected to cost 
about £220m which will be split 
between the two nations. It 
looks like a cheap way of 
achieving fhe equivalent power 
capacity of a new large power 
.station. 

Five big fossil-fuelled and 
hydro power stations are now 
being built for the CEGB. They 
arc: a 1,500 m\V coal station, 
Aberthaw B in Glamorgan: a 

1.625 mW pumped storage 
scheme at Dinurwic, North 
Wales: a 3,300 raW oil-fired 
station at Grain, Kent (inci- 
dentally the largest oil-fired 
power station being built in 
Europe); a 1,000 mW oil-fired 
station at Ince. Cheshire: and a 
2.000 inW oil-tired station at 
Liltlebrnok. Kent. 

The problem^ afflicting large 
engineering construction sites in 
Britain — problems highlighted 
in a National Economic Develop- 
ment Office report — are being 
felt acutely on that power 
station building programme. 
Some of the stations are rears 
behind schedule. The CEGB is 
estimating that it now takes 
about U years from proposing a 
big power station to the start-up 
dale and is arguing fiercely that 
such a period is iou long. Efforts 
are being made with the new 
Drav contract to have the 
station built in seven years. 

The nuclear power slation 
building programme also has its 
troubles. But in this case they 
siem mainly from the design 
and construction problems 
experienced with the various 
designs of advanced gas-conied 
reactor stations (AGRsi now 
being built. The CEGB esti- 
mated recently That the actual 
cost to the electricity user of 
the late delivery of those 
stations was a total nf £350m a 
year in higher power costs. 

Dungcness B in Kent, the 
most troublesome nuclear power 
stuBoa ever built lor the CEGB, 


ts now in its final stage having 
been started in 1966. It is 
planned for completion by 1930. 
The Hartlepool and Hesham 
AG Rs should also start-up in 
19S0 or 1981. 

The board is determined that 
the AGR mistakes wiH not be 
repeated and is looking for a 
straightforward design and 
building package for Hs next 
AGR which will be a standard 
for future repetition orders. 
Basically, it is to be modelled on 
the Hinckley Point AGR slation. 


Projection 


The CEGB’s corporate pfl 
the third such annual projection 
to be published — is forcastlng an 
increase in maximum load den 
mands in Britain from 44,000 
m\V in 1978-79 to 52,000 mW in 
1984-5. Bu-t it points out that 
the tune-scale for providing 
nuclear stations 'is now becoming 
so long that a considerable in- 
vestment will be necessary ahead 
oF requirements if power short- 
ages are Ui be avoided. 

The theoretical margin of 
capacity over maximum elec- 
tricity demand possessed by the. 
CEGB is now some 28 per cent 
— a high figure by historical 
standards. But the board argues 
that it is the sort of theoretical 
margin that will be necessary in 
the future as the industry relies 
increasingly upon big generating 
sets — each of which, when out 
of use represents a considerable 
capacity loss. 

The uncertainty surrounding 
power station construction times 
is going to be tackled ener- 
getically by the power authori- 
ties and by ttv power plant 
industry in the coming months — 
the new AGR and Drax 
orders provide the incentive. 
Bui it is duuhtful whether 
planning forecasts can be modi- 
fied. The power authorities will 
want cast-iron proof that power 
slation? can be built lo definite 
time limits before they dare 
adjust their ordering pro- 
grammes. 

The CEGB capital investment 
programme for 1978-79 includes 
£267m for conventional stations. 
£93m for nuclear stations, and 
nn less than £67ra for trans- 
mission investment. 

Transmission of power is 
becoming an increasingly com- 
plex and expensive business. 
Last year mure than 60 route 
kilometres of new transmission 
lines and cables were brought 
into use including some , big 
overhead lines designed for 
eventual operation at 490 kV. 
Transmission systems and 


transformers developed in 
Britain are proving popular on 
world markets. At the CEGB’s 
testing station in Somerset a 
series of tower tests 'have been 
caiTied out on J8 designs of 
British and foreign-designed 
towers for use in overseas power 
transmission contracts. 

British plant makers are also, «.. 4 
being helped by the willingness J j 
of the power authorities to 
develop gas turbine plant for 
standby and peak load uses. 

The CEGB has adopted a policy 
of leasing rather than owning 
some of its gas turbine plant 
The first gas turbine leasing 
arrangement was made three 
years ago. Last year the board 
made arrangements with two 
London banks to lease further 
plant for three stations. The 
arrangement saves typing-up. 
capital which could, in the 
board's view, best be used 
financing the base-load power 
stations. Rolls-Royce and GEC 
are now providing gas turbines 
for six CEGB sites. 

The failure of the • Govern- 
ment to bring about a merger 
of boiler-making interests in 
the British plant industry, and 
the current uncertainty about 
the future shape and manage-, 
meat of the national nuclear 
power station company, are two 
factors which are complicating 
the British electricity power 
plant sector. 

But there is a growing cobS- 
dence within the industry that 
they are problems which can be 
solved. Now that . the Govern- 
ment is allowing the nuclear 
programme to move forward 
again, ihe electricity plant- 
makers are looking forward to 
a steadily growing business pro- 
gramme in Britain during the 
1960s. 





^ bi -j i . 

S J “ . 


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Roy Hodsoa 




2r-«C’rl c - ,s C 

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CHEMICAL 

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Substantial sums avaflablt for 
the purchase of 
modern complete plants or 
individual items. 


Contact: Managing Director 
WINKWORTH 
MACHINERY LTD. 
Established 1924 


1 Bridge Street, STAINES, 
Middx. TW18 4PX 


Telephone: 55951 Telex 7346 H , 


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proportioning tciupnitni for jingie-ind 

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' 30 1978 


FARMING AND RAW MATERIALS 




/"S*-. f •« — * v.'* ’-v . 
TrvVG.-..vx-,- . 




Decline in 
rubber prices 

Bjr Our CoRmodttiss 5&£ 


Confident UK pig farmers 
step up production 


BT CHRISTOPHER PARKES 


NATURAL RUBBER prices Ml 
to their lowest level for nearly 
three months on the London, i 
market yesterday. ■ 

Less than four weeks ago the! 

M*. 1 spot price reached; A SHARP Increase in P‘£ pro- earlier. Two years earlier, in the .source of young stock for fatten-! 
an all-time poaK of «4p a - Julo • duetion is in the pipeline: reflect* months before a uiajur price inq lo beef weights. 

. m 8 #i S . c i? ae 11 h **'. “i« » resurgence nf confidence slump cau-.«ii by over-supply. Mr. Wally Johnstone, chair- 1 

slipped to »p following a lip among British farmers. there wen- 107,000 gilts in-pi-. man of the Meat and Livestock; 

. . j Figures collected hy the Minis- The number or expectant sows Unmtnisimn s.ud in London yes- 

rminfv fMi I *>' of Agn culture in its latest stood at 4-JT.fHW head. The total torilay that he did oot expect 

.rn or the «Jcui?fi™ e f5lL'2S ?f *™ 1 CPns «s Show the number of breeding herd was up 5 per cent any recovery 13 l ! K beef output) 
whieh^d h^L»S,r y I^’ I ' res,lanl on farms in at 733.01)0 compared willi 74M.OOO until 1981. j 

nriepm its record ^Pvn?i£ic»I™ I September was 6 per cent higher head tn the pre-crisis autumn of The beef herd would probably | 
KSr^ai aid JanaiS Sm^! than 3 F« r earlier. . lftTR. fall in 1979. remain unchanged | 

has Sso declined Tbe n,I£nher of young female Although production of pork m 19S0 and begin to expand; 

and fbr^ierdmrawjSd . pi?rs for the first time and other pigmeat products Is again during JflRi. he claimed. ! 

1“ VJSvSedlSt ^£i was 20 *« r ccnl hi&*r. plainly going in merease. prices To revive confidence in the| 

Indonesia devalued fts cnrnnra i producers have been on- can be exported to remain fairly livestock Industry, he said far- 
Landcai mSliMt sources S iC& “ r33sd by higher marker steady. The British meat market mors needed an early devsJua-| 

the reduction in demand h«!- pne “ ,Qr Pori:, strong demand which is expected tn be under- linn of the “green pound"— the i 

ertinrilfed with a nori«i «4«fl ! bac0TX - promises of rcduc- supplied with beef for the next special asneuhnral exchance; 

lions tn import subsidies on com- year at |ra-[ should he able to 
petmg .products from Denmark absorb e.virj guanlities of pork 
and Holland and an extended and bacon without an*.’ great div 
period during which feed prices runlion. 
have remained stable. 


coincided- with a period 
production was. moving up 
se a s on a l peak. 


Lbc 


Argentina 
backs wheat 
export pact 


rate for -.terling — against 
EEC's unit of account. j 

This would raise support prices I 
for all (arm produce and reduce; 
Peef production, on the other the monetary compensatory. 


Heavy gram and vegetable pro- hand, is siili nlacnant. The num- amount import subsidies paid on. 
tmn crops in Europe and else^ bw nf cat lie in the beef breed- food imports mio Britain from- 
where sugpesi more stability tn ing herd was 1 per cent lower other Community countries, 
the feed market. than in September. 1W77. Mr. Johnstone also forecast l 

Some fli.OOQ young - females although the number of dairy that the Commission would end I 
were pregnant In September heifers in calf was 4 per cent up. the current financial year wirb a 
compared with only SI .000 a year The dairy herd is nmv the main deficit nf more Lhaii £500,000. 


BUENOS AIRES. Nov. 29. 

ARGENTINA IS ready to form 
a common front with other 
wheat-exporting countries if pre-. 
sent obstacles tn reaching a new j 
International Wheat Agreement 
' are not overcome, the govern- 
ment said today. 

Agriculture Under-Secretary ___ 

Jorge Zorreguieta. who attended -T” 1 * EUROPEAN Court of UK Milk Marketing Boards, and become tilcgil, as soon xs a 
the recent Geneva talks aimed at (Justice today ruled that the which operate within the context common regime Ls established, 
ilacing the 1971 International ! operations of the Northern of a common regime tor dairy Our Belfast correspondent 


Court rules against Pig Board 


BY MARGARET VAN HATTEM 


BRUSSELS. Nov. 29. 


Shortage 

fears 

boost lead 

By John Edwards, 

Commodities Editor 
LEAD PRICES Jumped on the 
London Hrlal Exchange- yes- 
trrrta) foliowlnj; reports of 
further substantial sale* to 
lbc Soviet Union coupled with 
renewed demand -from Eastern 
European and Far Eastern 

countries. 

ll k feared that a farther 
scarcity of supplies available 
In titp market may develop as 
a result «f the new buying 
interest. A slcnificent feature 
was that the cash price gained 
£16 to £421 a tonne, widening 
its premium over the three 
month* quotation that rose by 
£11 to £401.75. 

Lead stocks In Metal Ex- 
change warehouses this month 
fell to the lowest level since 
February 1975. 

Tin prices also mnved up 
again yesterday reflecting 
another rise In the Penang 
market overnight. Demand In 
Penang was reported to have 
exrerded available supplies 
entailing ’* rationing" of 10 
per cent to buyers. 

Silver prices were marked 
down at the London bullion 
morning fixing, ullh the spot 
quotation cut hy 4.(i.Ip to 
302. 7p an ounce. However 
valors rallied in later trading 
when the New Vorfc market 
was boosted hy the larger than 
expected U.S. trade deficit for 
October. . 


repl 

Wh< 


Reuter 


cat Agreement, said neqotia-! Ireland Pig Marketing Board arc products. The officials said that adds: In a joint .statement with 
Dons were suspended when im-.j incompatible with the Treaty of since Britain has accepted strict the Ulster Cnrers’ Association 
porting countries failed to i Rome and with EEC regulations conditions for the Milk Boards' and the Ulster Farmers' Union, 
guarantee exporters what they! on the common organisation of operations, which meant that at the Pic Board said the extent 
considered a reasonable price, jtitc market in pig-meat. lea^i in theory they no longer of any changes needed in itsj 

The ruling follows the opinion bave a monopoly of the UK milk methods of opera Lion following 
of the Advocate General and con- market, the Boards are now the court rilling was under dis- 
forme to a submission to the tota fi- v cmnpailhlv with Com- cushion between EEC officials, 
j court from the EEC Commission. ““o**v requirements. the Ministry of Agriculture. ,.n»J 

— . _ _ . . A. If. Hermann, Legal Correa- the Northern Ireland 

l , e . ea ^J? w3s referred to the pendent, writes: The Court's ment of Agriculture, 
f ?^ ur i magistrate decision was n»i unexpected, be- It said that its — — 1 


World coffee 
exports rising 


China declines 
Australian 
wheat offer 


Financial Times Reporter 
WORLD COFFEE exports are 
estimated to have increased in 
. ihe final quarter of the 1977/7$ 
Depart-; coffee year. Octnbcr-Sept ember, 
j tn more than 14.1m bags t 6 G 
operations, J kiln? each/ compared with an 


SYDNEY. Nov. 29. 


■ 8 *pi j'* II! n J r Pn-H 'll tn?! ,T1 hne with previous which were “of enormous value ! average of I 2 .$m bags over the 

i h-Ia r n^ni» r> -frn r « f din-r -ir° !<l t dfrEMiiHts conrerntng nuiionalto Northern Ireland," would; previous fiv^- years, according to 
: oaa openec proceeatn,s marketing nrpanisalinns in the continue in the meantime. It j delegates at the International 


[a farmer who attempted In sell Ne , hPrlan " ds . KrjnfI . and Ila , y . 

pigS Without rp»icti>ra*f1 — . _ * .. 

with the Board. 


would continue u> buy pigsj Coffee Organisation flCOi meet- 


AN-AUSTRALIAN Wheat Board i p V?? without having registered The Court has repeatedly offered by contracting and non-itng in Lohdr.n yesterday. 


delegation which recently ! w,lQ me jsoara. asserted its view that national contracting producers, and nsl For the whole 1977/78 coffee 

Mounted front Peking concluded I The Board is a statutory body marketing schemes must not in- contractual relationships with! year, howver. exports are 

19? business, with China "on this; which has until sow required all terfore with Community urcaui- the Ulster processing industry j estimated lower at 43.9m bags 
a Board spokesman i producers of bacon pigs in nation of tlie market in question would be unimpaired. 

1 Northern Ireland to register wifh 


-occasion, 
said. 

He said both parties agreed to jit. 

£ C0 JK£;? , 5 other 'i Announcing the ruling today. 
rninacoH furtit6r delolls were )the Commission said the case did 

1 *r a «• not necessarily have any bearing 

International Trade House (0n similar proceedings currently 

u , ? he ; before the court, for example a 
Board and the Chinese buying } case concerning the UK Potato 


Farm price freeze plan 


BY MARGARET YAN HATTEM 


BRUSSELS. Nov. 29. 


authorities failed to reach agree- 
ment on the price of Australian 
■wheat 

The ‘ failure by no means 
suggests Australia will not 
ultimately sell to China from its 
expected near record 1978/79 
crop but the Board will have to 
match the price and terms of 
other origin wheat to do so. they 
added. 


EEC Heads of Government meet- the Common Agricultural Policy 


against 
56.5 m. 
Reuter 


a five-year average of 


WESTERN SAHARA 


Phosphate mines to 
remain idle 


BY TONY HODGES, RECENTLY IN WESTERN SAHARA 


THERE ARE no plans to resume 
work in ihe near future at the 
Ion --idle Bou-Craa phosphate 
mines in the Western Sahara. 

Mr. Larbi Ei-Omari. director of 
Phosboucraa. which owns the 
mines, told the Financial Times,, 
be does not know when mining 
will resume. 

Mr. El-Omari also could not 
give a starting date for the 
company's 60-mi!e conveyor belt, 
used to transport phosphate from 
the mines to a coastal treatment 
plant, until guerrillas started 
attacking i; three years ago. 

Last July. Mr. El-Omari fore- 
cast mining would restart in 
August and the conveyor belt in 
October. Bui these predictions 
were cot borne out and now Mr. 
El-Omari is wary aoout giving 
any dates for the resumption of 
work. 

Phosboucraa is the roost im- 
portant economic victim of the 
war in the Western Sahara, 
which began in November 1975 
when Spam banded over its 
desert colony to Morocco and 
Mauretania. 

Morocco received the northern 
phosphate-rich sector of the ter- 
ritory when the two countries 
subsequently partitioned it. Phos- 
hnucni 2 . formerly a wholly- 
owned subsidiary of Spain's In- 
stituio Nacional de Industria 
ifXn, was converted into a joint 
Moroccan-Spanish company in 
1976. 

Morocco’s state-owned office, 
Cherifien des Prospbates (OCP) 
now has 65 per cent of Phos- 
boucraa** share capital while 
INI retains the rest. 

Polisario. -he guerrilla move- 
ment fighting for Western 
Sahara's independence, has since 
made Fnosboucraa 1 * installations, 
especially t:s power lines and 
conveyor beit. ns most important 
economic targets. 

Mr. Ei-Omari claims that there 
are only worn tonnes of phos- 
phate at Bou-Craa. "Not more 
than 4 per cent of Morocco's 


total reserves.” He says that 
INI's official estimate of 1.7bn 
tonnes is misleading because it 
is measured in terms of raw, 
rather than dried, prosphate. 

But. in 1975, the last year of 
pre-war mining. Phosboucraa 
exported 2 . 6 m tonnes of 
phosphates and, until the war 
brought production grinding to 
a halt early in 1976, the company 
was expected to rapidly increase 
output at ihe two existing open- 
cast mines at Bou-Craa to their 
full-capacity rate of 5m tonnes 
a year. 

This would have been nearly 
one-third of Morocco's total 
phosphate exports or 15.Sm 
tonnes last year. The OCP. the 
world's lamest phosphate 
expon or, which has been badly 
hit by the slump in world 
phosphate demand and prices 
since 1975. might have faced 
even stifTer competition for 
world markets if Phosboucraa 
bad gone on producing under an 
independent Polisario govern- 
ment. 

Morocco’s phosphate earnings 
fell from 4bn dirhams 
(approximately 1512ml in 1974. 
at the height of the world 
phosphate boom, to only half 
that amount. 2 . 1 bn dirhams, last 
year. Mineral exports, almost 
entirely phosphates. fell a 
further 9.7 per cent in value in 
the first half of this year by com- 
parison to the first half of 1977. 

If Bou-Craa had gone on pro- 
ducing. or had even expanded 
production, the OCP might have 
been forced to cut back even 
further on output at its wo big 
existing mines at Khouribga and 
Youssoufia. 

As it is. the OCP has even 
been able to ship phosphate 
from these mines to Spain, now 
that Spain cannot buy front 
Phosboucraa. In fact, Spain has 
actually become the OOP's 
single-largest customer since the 
shut-down at Bou-Craa. buying 


2.7m tonnes last year, almost 
twice as much as the second big- 
gest purchaser, France, which 
bought 1 . 6 m tonnes. 

But Mr. El-Omari denies that 
the OCP wants to keep Bou-Craa 
closed. Morocco, he stresses, 
would prefer to be exporting 
from Bou-Craa, because the 
grade of phosphate mined there 
(SO per cent bone phosphate 
lime) is higher than at the two 
northern mines, where it varies 
between 6 S and 75 per cent BPL. 

Indeed, Morocco would almost 
certainly like to resume working 
at Bou-Craa simply lo prove that 
life is returning to normal in 
the Western Sahara. The problem 
facing Phosboucraa. however, is 
that there has not yet been any 
sign of a reduction m guerrilla 
activity inihe territory. 

In July. Mr. El-Omari said 
that five sect tons of the con- 
veyor belt, totalling 5.5 kilo- 
metres, had been burnt out in 
guerrilla raids. Two of the belt's 
10 control stations had been 
damaged and 17 power pylons 
bad been felled by guerrillas, he 
said, cutting off electricity sup- 
plies to the mines, where ail 
equipment is electrically 
powered from a coastal power 
station 60 miles away across the 
desert. In October, electricity 
supplies to Bou-Craa were finally 
switched on again. But there is 
likely to be a long delay before 
repair technicians get the con- 
veyor belt working again. A 
Spanish Phosboucraa employee 
said that every day military con- 
voys escort repair teams to the 
belt but they were sometimes 
forced lo return to El Aaiun. 
apparently because of military 
insecurity in the region. 

He said that some of the belt's 
control stations are peppered 
with bullet boles. Additionally, 
extensive test work has to Ve 
carried out on the belt, he said, 
simply because it has been lying 
idle for so long. 


EEC exports 
more sugar 


i 

I Shoppers complain of damaged potatoes 


BRUSSELS. Nov. 29. 


Marketing Board. — - - — • .-o- • — „ . . 

Advwat# rMorai'c mininn ber « ne,3rt Monday will be iCAPt tn the lieht of the pro- i THE EEC Commission yesterday 
on^i^ «ked to support Commission posed European Haott.nr 

a >d &iraai« l> ifarket V, ne!nM S rBr hoard ^freeie on farm support The paper, which one official 
S^Sr , nS te a. 5 Bl t 5 : prices for 1879 - S0 - dweribed as “ very radical." was 

rnm^LifhFFPmfic B d At their weekly meeting today, produced partly in response to 

compij with EEC rules. EEC Commissioners approved a British demands for :« closer 

Commission officials also paper, to be presented at next analysis of how EMS would 

stressed that the ruling in no way week's summit, which sets out affect existing Community 

prcjudices the operation of the the Commission's thinking on policies. 


authorised sales of 55.000 tonnes 
of white sugar at its weekly ex- 
port tendor compared with 48,000 
tonnes last week. 

The maximum export rebate 
was raised to 25.050 units of 
account per 100 kilos from 24.742 
VA last week. 

Reuter 


BY CHRISTOPHER PARKES 

TOO MANY damaged and 
blemished potatoes are reaching 
the shops, according to evidence 
turned up in a recent survey of 
tikes, dislikes and consumer buy- 
ing habits. 

More than 40 per cent of house- 
wives questioned on behalf of 
the Potato Marketing Board 
agreed that a lot of the potatoes 
they boueht turned out to be 


damaged. Fifty per cent com- 
plain about too many marks and 
blemishes. 

In a similar survey carried out 
in 1973 only 2S per cent remarked 
oo damaged tubers and 41 per 
cent complained of blemishes. 

But while some 40 per cent felt 
potatoes were expensive in 1973 
only 19 per cent said the same of 
last year's crop. There was. how- 


ever. a sharp increase in the 
□umber of complaints about 
sprouting and a drop in the 
□umber of shoppers concerned 
about potatoes wbicb tended to 
break up during cooking. 

Contrary to many opinions 
aired in the aftermath of the 
potato “ famine " of 1976-77. the 
use of substitutes for potato 
remains low. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS S3 3SK. *“ T ”"" j 


COPPER— Steady on Ihe London Metal 
Exchange (tespue an early fall when 
fonrart metal went from £770 Id £757.3. 

-Influenced by the overnicht ocrtomianee 
of Aitveiv The mice ii a boiled at tin* 
level and (hen recovered, helped by an 
advance on Come* In the afternoon. The 




OOPPKfi ] 

^m^ 4- or 
OWcihl ] — 

p-m. 't+or 
Unnfflral | — 

<’ - 1 


£ 

i £ 

Wirebars 

Cate..._..r 

£ j £ 

75 J-.S L.S 

753-4 

■ + 3 

3 mflnih«.: 771 . 5 - 2.8 - 1-26 

777 . 2-5 

S+ 2 . 7 I. 

SeUrm'nv 

763.5 —.5 



Cathodes! 



1 ■ 


741-5 — lb 

741 .5 

+ 2 .S 5 

SnumiJitJ 

76 C -.5 — 

760 - 5.1 

+ 1.75 

SaUVm’nt.' 

741.5 15 




U.S.Snu .. 1 

. f _....! -72 

— — 


do-c on ifae Kerb was 1773.5. Turnover 
3S.TUI inane*. 

Amalgamated Mewl Trading reported 
that In ihe morning cash wirebars traded 
at £753.5. 33. 3J.5. ihree months I7i». 

7). 71J. 73. 73. 72.5. 7?. 71J. 73. 
Cathodes, cash £741.5. 41. three momtu 
£760.5. 80. Kerb: Wirebars. three months 
£773. 71.5. A!ierai»in: Wirebars. ihree 
months £771.5. 71. 71.5. 73. 73.3. 73. iT.5. 
Caitmdet. cash £741.5. Three months £76L 
Kerb: Win-bars. es*h £754, three months 
£773. 73.5. 73 5. 73. 73.5. 

TIN— Gained ground althnnch The 
marker wa* not particularly active. The 
Ea-,1 was Heady overnicht. Forward 
metal initially slipped Irons 17.4M to 
£7.390 but then advanced steadlb* through- 
out the day to touch £7,495 nn ihe euti- 
limuiion of the cover Ins which has been 
apparent in recent day* and oo chart 
buying. Profit-taking clipped the gains 
to £7,»M and Ihe dose on the Kerb teas 
£7,470. Turnover 1.740 tonnes. 


_ Grade £ 

< a& | 7670-5 

5 iii> in llis. 7450-70 
SeMlrui'l . 7675 

Standard 

Cash 7570-5 

3 m uniJit 7445-55 
SvUlrui'i.. 7575 
Strain. K. ;f 1988.5 
New Turk] — 


£ 

+ 46 


£ 

. 7585 96 ■ 
+ 68 |74BU-SI0. 

"« I “ j 

.47.6! 7583-05 
+ 56 | 7485-90 

+ 45 - 


£ 
+ 76 
+ 85 


+ 00 
+92-5 


*nre for most of the flay. However, values 
n-i-tiViT.d towards Ihe close to finish near 
thn previous day's levels, reports Gilt and 
Pull us. 

— ;7eM«oiay‘spfor Buihuwi' 
COCOA I Cl.— 1 - ■ Done 


Dec- — 2115.0-11.0 —29 0 2 120. 0-7086 

Jlurii 2185.0 84JJ 1—4.0 2186.0-46.0 


Jan. 67.50. UK. Barley: English f-cd fob 
Dec. 54.00. Jan -March 56.30, east coast. 


RUBBER 


LOWER OIK cm* on the London physical 
market. Ultic Interns! throughout the 
day. closing on a w-aker mne. Lewis 
and Peai reported the Malaysian sodown 
pnre wik 237 tC43> tents a kilo ibuyer. 
Decent her 1 . 


— ...... 

July 

. 2210 . 9 - 14.0 <+ 8.0 

2216 . 0-8168 

I • 1 



1 

N?pt 

. 2179 . 6 - 56.0 - 2.5 

2 IB 8 . 0 - 45 .fl 

No. 1 IYe.lerte.vV' 

Prrvirua 

Bii<-inro« 

£ 7 . 370 . 73 . 

50 . 43 , 30 . 

Di> 

.March 

. 2159 . 9 - 45.0 - 7.6 
. 2110 . 0 - 50.0 1 + 5.0 

2150.0 05.0 
2 OM .0 

B.S.S. I Cio-e | 

Cloro 

Dune 


I.Gv Index Xlnilied 01-351 3466. Three month Lead 399.0-403.5 
29 Lam ant Road, London SW10 OHS. 

r 1. Tax-free trading on commodity futures. 

2 . The commodity futures market For the smaller Investor. 


ART GALLERIES 


AGNEW GALLERY, - . 
W.T. 01-629 ^76. 


43. Old Band St-, 
W.T. ■ Bl-S« BIO. DRAWJUOS FOR 
CHRISTMAS PRESENTS. Until 22 OK. 
Mon.-Frl. 9 .3 0-5.30. Thun, until 7. 


AGNEW. GALLERIES. 43 OM Bond St-. 

W J 01-629 8176. DUTCH AND 
FLEMISH - PICTURES FROM SCOTTISH 
' COLLECT IONS. A loan emlhltkm In 
.aJdvoi the National Trust lor ScomjMl- 

9^S.S0 . U "111 BT»v until 7. *' 




TV 


BftOWSfi* DARBY, 19. CorVSL.W.I. 
JOHN- SELWAY — Circus PJetures. 
7WOHMAN ADAMS — Flower Plcturca. 


£ 


CRAKE. KALMAN, 178 Brempton Rd.. 
SWA OI-S04 7566. MILLS AND I INMS. 
’ RIVERS ■' AND -STREETS OF ENGLAND 
— Pimtln* 1830-1978 Until 27 

- Ja»iiarv+,Mon.'Frl. 10-6: Sat»~ 10-4. 

COLNAGHI, 1«. Old 8ond StroeL Lornlon. 

. VK,1 j' 01+197 7*08. PICTURES FROM 
•?H£/GRAMP TOUR. Id NOV.-16 D«- 
.-FrtrtO.OO-6 jOO ■ Sats- 10.00-100. 






'/-<■ r i: 




^ ■ DAVID CARR ITT LIMITED 1 5 . D u k e 

j . Street, . St. James s. S.W.1. SEURAT 

PajRtlnnt end Drswmos. Until 15 Dec. 
•i t0.00-S.Q0. 

'SSf 0 "BVf A, iM ,E !ioo 3 ' p 2 So™ 

III by.' RODNEY FREDERICK GORE 

*} - wrasw GO& 

! ' K-- 1 o^f^d H ,N U C 

«art;^ses« snrd etas etwh etaolnunnun 

LEICESTER CALLER I ES at the Alpine Clpb 
' Gilkfltt, 74, South Atfdlcv St.. W.l. 
• ANNUAL . RRIMT Btfilbltlon. 

• - 'J . . 1fl-.M-6.OQ. Sat. 10.00-1.00- 

:• UimJVQ tfaLr r, 24, Davies. Sti. W.l. 

W-499 5D58rOlrilSTT44^ EXHIBITION. 

. _ Origam Print! £10-£1QO. Until 22 Pec. 
gaAL-qaA +Left tES. The Mall. S-W.1 .Royal 

^fifeSwe Society BOin Annual Enhlbltion. 
Moh.-FrL.lA. 00-5.00. Sa**- 10.00-1.00. 

-iinui-T.oo P.m, 9 Dee. A dm. 2 Op 




OMELL GALLERIES. FlM Brljlali and 
French MODERN DRAWINGS and 
Modern BrUISD MARITIME .PICTURES 

42. Albemarle Street, Piccadilly. W.l . 

RICHARD GREEN GALLERY. 36 Dow 
Street. London, w.l. 0 1^9 1 3277 . 
CHRISTMAS EXHIBtTtON OF PAINT- 
INGS UNDER £3.000. Dally 10.00-6-00. 
Sets. 10.00-1 2 JO. Until December 22nd. 


p.^u.nw rnrru c.»nr»y.l Ww Band 

Stiect To^diV. W.l, 01-499 5487. THE 

VICTORIAN SCENE. Daily 

San. 10.00- 12 JO. Until December 22od. 


PUBLIC NOTICES 


DEPARTMENT OP TRANSPORT 
TOTN ANO COUNTRY PLANNING 
ACT 1977 
The Secretary ot State ter Transport 
hereby Bl«* notice that he made 
an order onder S.209 of tl*e above A*t 
entitled “ The Stooping 
tCItv bl t-ondoni f*». SI Otdw W». 
authorising the atinipliw UP O* Wfccat- 
ihear Wharf, a length. and, parts. ef Pu dale 
Dock and oom of Blackfriaf* Underpay. 

E< fcooles ot the Order 

Iree ot cnaroe. on « PPj 

Secretary ol state. Department of Tranv- 

oort. Sf. ChrhUOPher House. SouttjwariC 

Street. London SEI OTE wimUng GLUT 

30' 5002 '7/ 014 J and may be 

all reasonable hours at Tn* Guitdnall. 

L °Any'' perron aggrieved by the Order 
and dcstrinft to question the *aiteto 

Uwreof. or ol any prorteWn contained 
therein, on th* uround that It N «ot 
witbln the powers ot ° r . 

ffui anv raQulreinwit that Act or of 
artr re^ulktlon made ^ JJ* 

been eompliwl with In rejation to 1*c 
Order, may. within £ weeks of the 30 
November. 1978. »P*ly to Ore HWt Cburl 
lor the i us pension or o™»f' ,no _£f 
Order or o» aw owlsloh contained 

therein. ah- A ssistant Chief Engineer^. 
R. S. WILSON. 


Ml 

• .■ m> i 
■ -r 


CLASSIFIED ADVERTISEMENT RATES 


1 X'J - 


•'i 




per 

line 

£ 

4750 

2.00 

4.50 


*>- 


- Cffli^iiercial and Industrial Property 

Property * 

;* '< vestment Opportunities, 

Vj - -Corporation Loans, Production Capaaiy. 

.1 ‘-. : Business- for Sale/Wanted rr™,a RrS 

i- Eflueafitw, Motors, Conlracts & Tenaers. 

MPetymal. Gardening 
, r '. ¥ • .Soils', and . Travel 
^ ; - 3^ Pubiishers 

- — - : = ■ '• ' ■. - ’“~Fmfurther details irrilc to: 

Oassified Advertisement Manager, 


5J!5 

4.23 
2.75 

Premium positions available 

dSTlSiim sl*e 40 «lumn cn^> 

11.50 per single column cm. extra 


single 

column 

cm. 

£ ■ 
14.00 
8.00 
1400 


10.00 

13.00 

10.00 
7.00 


, 7 - Classified Advenu— » ™ 4 

10, Ca nnon Street, E C4P . 

^ .. i; K 'f''~ ' ’ / ' ' 


High Grade, rash £7.S7n Kerb' Siarnlard. 
cash RMS. three nvaaths C7.4M. Allrr- 
noon: Siandard. ihrer mnnihs I7.4fi0. 33. 
83. GO. 70. 83. SO. SS. 90. 93. 90. 61. 90 
Kerb: Stand art. three months £7,488. 75 
60. 78. 

LEAD — Sharply Maher foUtnviriK the 
tightness of nearby supplies which had 
ihe eiTeet of widi-ninx the back want a Hi in 
in around a Z from £1S the previous day 
and East European demand. Forward 
material opened ai £390 and rose to 1400 
oo the morning kerb. The buying con- 
tinued to lho afternoon wiUi I nr ward 
metal touching ihe day's high of £4M 
prior to a close an ihe late kerb of 
CtOt-5. Turauvec 18,225 tonnes. 


Sales: 5.TK l4..VLti Inis of tu IOiux-5 
Inlcrnalional Cocoa Organisation -US. 
cents per pound i Dally pnre* for Nov. 
2* lt!L97 <1911.271. Indicator prices Nov. 39 
13-dar average ts (.36 US3J8I. 22-day 
average 18J.61 ilX!.31i. 


COFFEE 


ROBUST AS traded In ihe recent range 
for most 0/ the day in only moderate 
volume but 00 The close aggresslvo 
buying from one dealer forced rbe market 
to the day's highs. Trade acllliix absorbed 
lbc stop-loss buying that resuited but the 
market closed up lo 140 higher on ibe 
day. Drcxel Burnham Lambert reported. 


J»w 

Kch ; 

Jnu-Man 
Apr- Joe, 
Jlv-septi 
Hot- lioc, 
J un-Mar- 
Apr- Jne>! 

Jy-5ept.l 


58.2559.M-, 
53.20 SS JO, 

09.35-63.60, 
61.80-61 90 
64.06-64.10 
66.46-8fi.40 
88.65-68.70 
70.56-7 1.05; 
7S.28-75.60: 


56-58-U.M 
80.40-M.70i 
60.60 60. bO 
63.40.65.46' 
6S.7C6S.76, 
81.00-68.06 
78.25 70.40 
72.55 72.65,' 
74J074.86 

I 


69.CH 

60.00- 69.60 
6J.40-bl.50 
64.70-64.83 
68 00 6 b. 15 
89.20-i8.50 

71.00- 70.60 
76. 10- 72. 96 


tL.ru. 

Official 

+ «r 

p.m. i+ or 
Ilnnfilaial | — 

£ 

£ 

£ 1 

421-5 

+18.6 

423-5 +16 

308-6 

+ 7.6 

401.6-2 +11 

421.5 

+15.6 

1 

— 


■36.36 ‘ 


Ceafa 

5 month ■ J 
ScU'meni 
t'.S. apoi_. 

Morning: Cash £421. 22. 20. 20.5. 21. 
Ihree month- £392.5. 93. »&, 94.5. W. 9T. 
97.5. 88. 87.8. 87. 87.5. 88. 98.3. 89. 98.5. 
Kerb: Cash 1421. three munilis EJW. 
98.3. 99. 89.3. 400. 388.3 Aflrrnoon: Cash 
£423, three months £403. 4, 2. 2, t. 2. 
IB. Kerb: Three months £402.5. 2. J. 
400. '400.5. 401. c 

ZINC— Steady with the market sustained 
by the strength Of Ihe lead market. 
Forward mcial opened around ISSfi and 
moved up to day's high of £363 prior 
to chutes at £981.5 od tba late Kerb. 
Turnover 7,225 tonne*. 


COFFKK 

iVrtUmJav’a J 
CUre 1 

1 X per t.innj 

| + nr 1 BuMneu 
| — 1 Doue 

N<*remhw... 

Jnnimry 

Man-fi. ...J 

1 1599 1600 , +S 7.5 1605-1672 
1473 - 1474 ' + 17.0 1474-1441 
1326 - 1228 . t 2 1.0 1330 - 1 M! 


1220.1230 + 35.0 1229-1195 
1197 1 200 , + 51.5 1199-1169 
1168 - I 169 i + 26.0 1167-1140 

September ..1 
6 *iveniher...l 


Sales: 1 <none> at 5 tonnes aDd 438 
i30fi>- lots of 15 tonne*. 

Ptrsicjl cloving prices 'buyers' wen: 
5Kp <39.51: Jan. 33g ifi9.5»; Feb. S6p» 
161.25 1. 

SOYABEAN MEAL 

■ Y+*ier>l»T + i<r | Uu<-in<.<u 
| Cl«* • — i Lv»ne 


Sales: 3.3K i2.844' lois of 5 tonnes. 

ICO Indlcaior prices f*ir Nov. 2> < I’.S. 
cents Mr pound ■: Colombian Mild 
Arnbicas 172.94 (saran: unwashed 

Aniblcas 147.00 H46.Mi: Other Mild 

Arab leas 141.1* ■ 141.41 1: Robusas 1CA 
197S 138.50 < 146.001 : RobUStiS 1CA 1988 
139-4d (139.00). Dally average 129.83 
1140.21 1. 


•Cpert'inne ; 

Dt«T<nil<er—.|l 16.60- 17.7 — 0.(5 — 

Febniajy 1 172.50-22.5 —1.3 .2S.6tL22.20 

April — -13E80.tt.S- — 1.0 24.70 23.80 

J unv , Itt.M-tt.S-l. 1 : 

Aiir.iH .12348-26.9 —1.6 24.00 

liernber ,121.00-25.0 -0.25 — 

ljei-etniicr ....i 1200)0 23.8 -D.Jb — 

Sales: 123 1 40 1 lots of toe roonc*. 


SUGAR 


Z1KO 


a.m. or I p-m. |1+or 

Dtne.WI I — I PnoflleM — 


£ 

13494484! 

Bdl-B-B 

360-6 


e 

+ .88 
+ 1 
+ .6 


£ 

349-60 

361-.6 

• SS.6-4.6 


GRAINS 


£ 

+ 1 


OMh 

3 months 
S'ment ...J 

Prim, west) 

Morning: Three months £361, 81.5, 83. 
82. Afiernonn: Three months £361. Kerh; 
Three months £381.3. 

ALUMINIUM— Steady In routine trading 
hut lho level ot activity was not inch. 
Forward mcial Darted at £809 and moved 
gradually through lho day tn dose on 
ihe Kerb at 1811.5. Turnover 
tonnes. 


LONDON FUTURES IGAFTA)— Crain* 
opened unchanged on old crop wheat io 
i Op lower on barley wheal ui fairly thin 
trading. eas<.<d on commercial selling io 
trade 20-Up lower where good buying 
Interest was seen which mcadk-d ihe 
mantel sllghily io dose I5p lower on ihe 
day. P.arley say a sllfihUy heller volume 
trade wnta good suppon on any dips, ibe 
main imerest being In the nearby* to 
close i5-25p lower. New crops opened 
1J0 lower and were virtually neglected 
io close 30p down on wheat i5o down on 
barley, AciL reported. 


Ahamln'm 

non. 

Official 

1+«r 

OnotBelal 

t+«T 


£ 


fi 


Spot. 




— 

ram 

3 months. 

61L-5 

+ 1 

611-B 

+ 2 


WHEAT 


BARLEY 


YnienlH'i 


TMenhr't + or 


cirao 


OlOri 

— 

Jan ... 

02. BO 

-0.15 

84.60 

— 0.15 

Mar... 

04.75 

-0.16 

88.85 

—8.16 

May.. 

97.20 

-0.15 

89.25 

—0.30 

dm*. 

89.45 

1-0.30 

8B.40 

— 0.1S 


Morning: Three months £810. 194. 11. 
Afternoon: Three months £8U .A Kerb: 
Three months £6114. 

• Cenis per pound, z w per picul, 
f Op previous unofficial dOMi 


SILVER 


Silver wag Used 4.8Sp an ounce lower 
for spot delivery In the London bullion 
market, yesterday at 382-7p. U4. cent 

enuic aien tK 0 f the fixing levels were; 
Spoi S8.7C. down 7.3c; three-swulh 601. 6c. 
down G4c: sfis-monih 8124c, down 7.1c: 
and 19-month «M.4c. down 34c. The 
me Lai opened at 3M4-3034P <H2-a»4c> and 
dosed at 3B4J-305Jp rS94-596c>. 


SIliVKK I Bullion 
per fixing 

troj" Co. | jmee 





8p>* J302.7p 

i mnntliB.j310.8p 
fi immths.l317.7r 
12 cnnatLsj 33 1 .9p 


-4.B 304.4G]i— 1.8 
-4.6a 3 12. 6p U].» 

- r 

- 


LME— Turnover 391 i2?6> hrta ol 19.000 

nag. lionjlnK: riiree months 311. II-’-. 
114. 11.4. 11 .3. 112. It- 1L4. 11.3. 11.4. 
Kerbs: Three months 3LL3. 11.2. 114. 
Aficrnooa: Thrre mooilw *13.2. 13. W 1, 
13. 12.8. is.?. Kerbs: Three months 312, 
118 . 12 . 


COCOA 


in aethm coodltioag tbs market tradad 
sharply lower sBd remained voder m*- 


Busittess done— Wheat: Jan. 92.SMB.20. 
March 94.90*4.78. May 9748*7.19. Sept. 
JM-SP-89.50, Sain: 197. Barley: Jan. 84.70- 
84.55, March SS.I&WJU. May 89.44-89 25, 
Sept- NiL Sales: 199. 

HGCA— Location ex -farm spot prices. 
Ollier mlllias wheat: Shropshire 89J8. 
Essex 90.04. Feed barley: Shropshire 
76.20, Esax 80.60, 

The UK monel ary coefficient for the 
werk beginning December 4 • based on 
HGCA caleulaiionsi Is expected (o 
decrease to 1.289. 

EEC IMPORT LEVIES— The rollouing 
IcUCi and premiums are efiectivr (ur 
Nov. 34 in order of current levy plus 
Dee.. Jan. and Feb. premiums mith pre- 
vious in brackets], all In units of account 
per lonne. Com man wheal: 77.96. rest 
ml 477.08, rest ml a : Durum wheal: 115 9*. 
rest till 1 115.98. rest nllt. Rye— 79.94, rest 
nil <78.88. rest nil): Barley: 83.33. rest 
ml (83. 83, rest nllt. Oats— 79.56. rest nil 
119.58. rest nilt: Maine (other than hybrid 
(nr seeding) ff.SH. rest nil 1 75.92. rest 
ml i : Buckwheat: NU, rest nil will, rest 
niK Millet: 55.87. rest nil. 146 (55.97. 
rest ntL 1.26': Crain sorghum-. 74.88, rest 
nil >74 88. rest nllt. Flour levles—Vfhe.tr 
nr mixed «rhes< and rye fl«ur: 119.lt 
(119.11 >; Rye Ilnur; 12T.10 fl21-34'. 

IMPORTED— Whew: CWRS No. 1 1W 
per cent .Yav.-Dcc. 85.75. Tilbury. U.S. 
Dark Northern Spring No. 2 14 per cent 
Dec. 81-50, Jan. 83 23. transhipment ea»r 
roast. U.S. Bard Winter 131 per ecm. 
Dec. 80.30. Jan. M.fis. train shipment east 
coast. BBC unquoted. Malzn: U.S. .Trench 
Nov. 103.00. Die. ltS.Se. Jan. 106-50 esM 
eoatt. S. African White No. US Jaa. 
87.50, OS. S Aftioaa YaUor N*. y* 


LONDON DAILY PRICE iraw augan 
199 09 ■ same' a tootle ctl for Nov. -Dec. 
shipment. White sugar dally price was 
fixed at 198.A0 

The market was strady and price* con- 
tained wlUtm a p arrow ranee throughout 
the day, reported C. Czanilko w. 

Sujfar | , i 

_Pref. <Tewerdny'( Preci,«ie Bnunru 

Cumm. I i’l>w L'l.+e Imi* 

■ ! i 

£ per tonne 

IW-. 188.7 1M.86-M.S5 176.05-76.82 

3 l«vh _ 1 1(1.00-10. 10' 10 9.00- 09.06' I I9.u6.08.b0 

star 1 1 J.0d- 13. 15' 1 12.D6-I240; I li.CU- 1 1. 75 

Aug 1 18.95- l7.d01iS.B6- 16.00:116.36- 16.45 

Lid 1 120.0u.204u; 1 13 la Jfli 1 19.7a- 1940 

lYc :l 72.60 ii.ja 12 1.66-2 1.90 122.2S-2 1 .75 

Mxrrh ..| 125.53 26.70' 12S.25-25.a5| 126.2a 

Sales: 2.018 iJ.Mli lote of 59 manes 
Tate and Lyle ex-rcuuery price for 
granulated basis white sugar wax C84 66 
tsatnei a tonne for home trade and 
£173.00 isamej for export. 

iMormatinaal Sugar Agreement t L 1 S. 
cents per pound i fob and stowed Cenb- 
bean port. Prices far Nor. 28: Daily 
7.7S <7.7li; 15+1 ay average 748 l7.9l». 

WHITE SUGAR— Close >tn order buyer, 
seiier, bn?mr“i. Feb. IdS.M, 1DS5D. 

105 00-19740. 51; April 119.75, 111.90. 

111.75-119.00, 28V. July 11829. 11625. 117.60- 
11546, 11: Sept. 120.90. 122.90. 129.50. 5: 
Nnv. 125. TS. 177.60. tltt. nil; Feb. 120.50. 
131.00. 139.90. 3: April 130.00, 135.00. oil, 
nil. Sales: 319. 

WOOL FUTURES 

LONDON— Dull and featureless, reported 
Bache. 

Austral nit il , '«»nl'.n>+ Of? Bust new 
Grenay Wool Clnw | — j Done 


December _ '2S5.IM9.0 + 24| — 

March - '236.0^8.0. + 1.6 l 

Slav I23B.IMO.0; — 

July >.'240.0.44.01 — 

Od«i<«r i24O.0-45.D 1 — 

Dtretnher ....'24C.M4.D' j — 

Man* 1 240.8-44. n! j — 

May tZ40.0-4«.0< ' — 

Sale:* - 1 ‘none i IMS of 1.500 kg. 
SYDNEY GREASY— Close tin Older 
i la order buj tr. seller, buiinoks. sales/. 
Mlcrm Carrtract: Dec. 3S1‘.D. 353.0, 3S5.S- 
551.V. 19. March 35UL 355.5, 365.5-356 9. 
9. May 38D.0, ’MU. 381.D-3M.9. 5: Jnty 
383.7. 3816. 364.5- >3.3, 39: Od. 364 j. 
386.0. M:.0-5«J. IS: Dec. Sfifi.O. 387.0. 
3RS.3-3M.0. 38; March 378.8. 370J. 370.0- 
371 0. 12: Ma> M l. S72 372 0-3TS.O. 20. 
Total roles- 138. 

NEW ZEALAND CRDSSBNEDS— Om 
Ib order, buyer, *eDar). Dot 179.O-I0i.fi. 


March IS2 9-182.3. Mar 1R4.0-1S7.0. Jnlr 
134 5-157 0 Oc:. 1W 9-193.0. Dec. 193 5-197.0. 
March 1S4.0-13S.O. Mas 1OL0-19S.O. Sales: 
Nil. 

MEAT/VEGETABLES 

5MITHFIELD— P<.-nfv per pound. Bouf: 
Scotch fared aide? 54 o to 5S.0. Eire *una- 
qus tiers CO o to 6L0. forequarters 36.0 to 
36 i. 

Veal: English Fata 64.0 to 72.0. Dutch 
Hinds and Ends 58.8 To 91. 0. 

Lamb: Encash Small 4S.0 io Sft.e. 
Medium y> ft to 54.0. Heavy 42.0 to 10.0. 
Scorch lied: urn fti.n to 52 0. Heavy 42.0 
to M.O. Imported Frozen— NZ YLs 45 9 
IP 47.0. 

Pork: English, under 109 lbs 36 0 ro 
o :oo-i:o ;ije .iso to 45.0. u>s 

35.0 id 45.0. 

MEAT COMMISSION — Average fatxfock 
pner-s at represemauvu market* on 
Vovcmber GB cattle 67.76p per kg. 

Iw. • — P— I*. UK sheep 133. 4p per lus. 
rsr. dc.w. •' + 1.3i. GB pigs S4.1g per 
kc. I.w. England and Wales: 

Cattle number* down *5 per cent, average 
price 67.2S? t-0.44- Sheep numbers up 
25 1 per cent, average pr:ce l.USp '+I5<. 
Pig numbers down 6 * per ccnl. average 
pnee *4. In ■ — 0.1>. Scotland; Cattle 
numbers down 5.3 per con:, average price 
E5.45p 1 -0 60 1 steep number* down 
11.9 per Cent, average price 127 Jp i+i.Ri. 
PA cumbers down 16.7 per cent, average 
pri'f T A 3r> ■ — 1 4 ■ . 

COVERT GARDEN • Prices in sterling 
per package, except where otherwise 
stared 1 : imported produce: Lemons— 
Italian: —us sew crop 5 90-5 50: Greek: 
4.04-5 M; cypnoT trays 4JM.W botes 
144 163 5.5"-o 50. Turkish- 10 kilos .• sn- 
2.60: Spa. '.ia : trays 1 .50-2.20. Oranges — 
Spa o)a Kate! Nave linos <11-4.20: South 
African: Valencia Late 2.00-2.20; Greek: 
Navrls -..nj-3 30. Ja3a: Navels 120g 5 DO. 
Clementines— Cypriot: 10 kilos 3.40-3.i0. 
Sbwms— 1 Bpsnia- trays 2J!0-; s<l. Grapo- 
rra«— Cyprui: 2. 30-3. 79: Israeli: Jafia 
64 73 3 50-7.79: Cuban: 2.60: Texas: Red 
Blush a *0; Florida- S.20: Turk^h- 2 40- 
2.60. Apples— Fronrii: Golden Delicious 

20 lb 72 2 in-2.40. S4 1.40-2.00. -W lb. 
163.175 3.38-4.28. Jumble pack per pound 
O.uXl.on. Granny smitit 20 lb 72 2.33 S4 
I M. large Boxes I2 e -'139'’63 4.00-4.60. 
Jumble pack S5.’uD 33 1b per box G 07, 
Stark Crimson 40 lb 138-163? 4.50-5 S». 
2u lb Sis l all. 72s 2 20 . Pears— Ha Han; 
P<?r poind Vi'illietrs 0 IV 0.1b. Passacxas- 
saae 0-u9. Grapes— Spanish: Almcria 2 00- 
2.k*. Kenri 2T4J-2.40: Italian: White 

Ohanr-s 1 ft). b'acJ: Ohano? ? 90-: JO. 
Bananas — lima'.iao per pound 0.54. Avn- 
endst — Israeli- 3.A+3 Sri Melons — Span imi: 
limit 4<l*.>-4s0: 15-kilo boxes i -Lis 6 SO- 

7 'ill. Onions— Spanish' 3 50-7.69: Duuii: 

1MV-? CU. Tomatoes — Spanish: 4 60-5.44; 

Duic It; 4-J0-5 8o: Canary: 4.60-j OO. 

Cucumbers — Canary: III lr.s 2.0II-? 4i». 

Capsicums— Fronrt: per pound 9 36: 
Canary: 9.2fi. Dates— Algerian: per gJoie 
box 0 37-0 54: Cxiilorajan-. lubs U 30. 
Leauce— Frc-ocb: 12s 1.20. Walnuts— 
Cakformin: per pound 0.50-0.52; Chinese: 

0 33-0.35. Brazils— per pound LM’M d 50- 
0.54. Tocatiiu 0.42-Q.4L Almonds— Seml- 
noR per pound u.42. hard shell 0 30. 
Chestnuts— Italian; 19 kites 3.50-6.50. 
Spanish: 5 Wos 2.00-1.06. 18 kilos 5J0- 
5.80: French: 10 kilos 4.50. FUberts- 
Ttaltan- per pound 0.32-0.33. Pecan nuts 
— Califormxa: per pound 0.65. Cauli- 
flowers— Jersey: 24s 5.00-5.50. 

Enullxh produce: Potatoes — per 25 kilos 
1.20-1 49 Lettuces— per 12 mood 1.10-1.30. 
Mushrooms— per pound 9.504.55 Apples 
—per pound Bromley 0.0t-0.<r7. Lord 
Derby 0.64-0 OS, Cox's Orange Flppin 
o. o.T-0 IS. Worcester Pearmatn 0-04-0 06. 
R assets n osa<.08. Spartan n. 064.08. Fears 
—per pound Conference O.ns-o 12. Cornice 
0 12-0 16. Ca bb aaes — per crate 9 *04 M. 
Celery— per head 0.12. 

* 

GRIMSBY FISH — Supply poor, demand 
•nod. Prices at ship's side < unprocessed! 
per sronr.-: Shelf co-J l6.00-i7.00. cod tings 
£3 btv£4 jO: large haddock £5.l0-£6.00. 
medium X4.00.fS 20. smiU X3.W-X4.20: 
large plaice S.MU6.7V. medium £2.49- £0 SO. 
best small I5.89TG.20: large skinned doc- 
flsb £10.50, medium £8 59; large lemon 
soles £9.79. medium XS.4D; rockhsh £3.49; 
saithe £2.70-£3 OO. 


PRICE CHANGES 

Pnoe ui tonues unless otherwise stated 



Het&lg j , 

Alunilnium £710 

Free markM (e'-».j*l.lM/fiO ( 
•>p|drra«h W B»rj£753.5 

t.asli Catboile |£741.tt' 

S m-intte I tn. d.iJL'760.76 

I i i.l.l Trov .. /. S 196. 5 > 

Usui rate ,!.’«« 1 

4 m iolhi £401. 7bi 

Vi.-k+l 1 I 

Free Market lcifj(lb+8 1.68 j 

I 1-88 


;£710 

-81)40, 'M 

+ 3.0 i£750.5 
+ 2.7S £770.76 
+ 2.2V£739 
1.76 £769 
1.126-5227 
+ 16. 0X426.5 
+ 11.0 £410.26 

.!!.-!! si.'75 

1.88 


Plartnum troy ox.. 

Free Market 

QulcJinDrer 

bilrertrnj-oi...... 

5 montb'a 

Tin (Janh 

i mimihn 

Tungwm ix| 

WaIitoid 22.04 cif. 

Zbtc rash 

5 nurnUi* 

Producer* 

Oils 

i .coo tit tVbli) 

tiroundnul 

I.inveed Crude (Vi.. 
Palm Alalat on..... 


<£166 I i£148 

-£166.961 — O.B6<£ 187.9 
iS140,'4Bl— 1.0 i8 122/27 


302.7, 

310.6, 

£7.090 

'£7.437.6, 

IS 14 1.8b 


.H5 299.4p 
ri.63 306.7p 
89.00:7.990 
92.5X7.782J 

IS 14 1.5a 

.9138-48? 5143/48 

i£349.5 1X353.5 

^361.25 +1.0 LC364.26 
>720 | >730 

!s860f ■ — 10. o' 5880 

)£34o i:::::::::'£355 

|5590k 1—5.0 S620 


Seeds I , 

L'opta Philip |£560tc I >600 

Pnyabenu iL>.i_...>27b.7buj— 2.25 S292.5 


U.S. Markets 


Groins 

Harley ! 

Home Puiuroa....i£86.B5 

Maize I 

Fencb So. i Am.|£I05 

IXheat 

Nit. J Kerf >pnngi£95.75r 

N<u2 He rdW i ni+r £9u.b ir 

Kngliah Milling tl£84 

0<MMi diliuneai X2.S24 - 

Future ilv.. ml 'i!8,lU5 l 
C'oflee Future I I 

Jan lXl.47B.5j 

Collim <A' ln lcx...[d0.45i: I 

ltulrt«r kiln ‘ j 8 ,< 

euRor i.Kawi I 

1V.aiLln,n Mltkllm. J74p 


0.15 Jest. 9 
J + 0.5 Jxi03 
| Jx94 

'..—...4:86.5 

I , XU 1.5 

—4.0 X2.U41 
1-4.0 JX 1.987 

+ 17.0^1,471 
— U. la' .'d.95i- 
— 1.5 ,64,< 

£11,5 

'..... ^.:g69,. 

* Nominal, t New crop : unnunien 
n Nov.-Jan. n Sepi. ' Nov .-Dec >i lan 
ip Dec. j Per ton. r indicator prices. 


INDICES 


FINANCIAL TIMES 

Snr. 29 iNor. 29 'Month agn j Tear agn 

26jL75iB6 1.28 i 264.92 J a38JM_ 
i Base: July i." 1952=109! 

_ REUTERS 

Nov. 29 Stev. 22 |Manlb aen | Tear agn 

1516.3 15 19.31 1628 .6 |_14906 
i Base: September 18. 1931 =100 j 

DOW JONES 


Dow ; 

Nut. 1 

Nov, 


Jrmea > 

29 , 

28 

1 ! "L<*< 


Fnte rea 394.40 39 1.31590.83 325.67 
tAverage 'iBS«5-20=iooi 


MOODY'S 


Mondv’s | 

Nor. 

£9 

Nor. lUimtli jYrar 
28 | agn j sgo 

Spin Cemmty! 

962.2 S8 1.4.989.8 ‘B66.0 


'December 51. USI=imi 


RUBBER SCHEME 
FOR INDONESIA 

JAKARTA, Nov. 29. 
THE World Bank will donate 

arftund SBS.'Jm fur the reb ah i Illa- 
tion of rubber plantations in 
Sourh Kalimantan. 

The sum is the first portion 
of a SIS3m pledge by the World 
Bank for redeveloping rubber 
plantations throughout Indonesia. 
Reuter 


COTTON 


So Bum or ahipmem sales «rore regis- 
tered m Liverpool, leaving a total ter 
the ureek so far ai 491 tonnes. Users 
were deterred from operating in view of 
me sharp Bucraallnn in price levels 
Only rumor demand emerged in certain 
specialist Qualities, mainly ig the 
American-type rangu. 


n!!u%±%J * irm 5X006 rtMr 0 

J™* MSn per kilo: k<<, i 

mWe 816 °- Ltol "*• 


NEW YORK. Nov. ». 
Cocna— Dec. 1S5J0 '1S0.25J. March 

IfiS.m 1153-Si. May 1S5.23. July 15330. 
Sept, iso 35. Dec. 173 AS, March nil. 
Sale*: i^l=. 

Coffee— " C •' Contract: Dec. 143J5- 
144-09 ' 142.03 >. Starch 135.7S-135.9S 

*135.601. May 131.75-131.99. July 129.50- 
129.66. Sept. 12S.OO. Dec. 127.00, March 
123.30-127.09. Sales: 875. 

Copper— Pec. 05.45 1 65.051. Jan. 64-29 
165 90*. Feb. 67.00. March 67.75. May 
60.00, July 79-0. Sept 71.JI0. Dec 72.40. 
Jan. 73.05. Starch 73.99. May 74.75, July 
75. M. Sept 74-45. Sales: ?-90. 

Cotton— No. 2: Dec. «.20-«SJ5 * 67.57*. 
March 72^5-TT.50 *7132 May 73.B0-74.N. 
July 74.30-74.40. Oct. 6S 10-68.20, Deer 
M.ai-66.30. March 07.10-67.50, May 67.30. 
67 AO. Sales: 7.250. 

•Gold— Dec. 191 90 fie.MV Jan. lBS.tt 
*194.401. Feh. 195.46, April 199.10, Juns 
202J90, Amt. 206.50, Od. J16J0. Dec 

21330. Feb. 117.70, April 221.50, Junn 

225.30. Aug. 2»J0, Oct. 233J0. Sale*; 
35.000- 

tLard— Chicago loose rot avsnahl* 
*23.50*. NY prime gleam 26.09 traded 
* samel. 

XtMalzp— Dec. 224-2245 '2241 ». Man* 

235J-236 '2361*. May 2431-244. July J4BI- 
245*. Sept. !«H-250. Dec. 252-2524. 

5 Platinum— Jan. 31 0.00-3211.50 *921.7111, 

April 321 211- 32.7 .70 * 323.50). July 325-20. 
325.40. Oci. 327 70-327 90. Jan. 330 40- 
S».». April XI? M-rc.iUl asked. July 

■ris;n..r:3 40 Sates; 1.653. 

r 5llvar— P pc. 559 00 >559. «». Jan/ 

99*46 <304.30*. Feb 006.50. M.ir<-h 559. W. 
:tav 507.40. July 015.00. S«n. 624.W. Der. 
6.v:6n. Jan 643 60. March 651.10. May 
66? w. Julv 472 fill. Sept. BK.«i Sales; 
1* MW. Handy and Harman spot hiilllnn 
.WOT ■ 309 (Ml i. 

Sivabta-*— Jan. 671-672 < 664'. Man* 

50-697 * 676. i. Mar 0»tl.591l. July 6B5J- 
696. *nx. 69*1. Sept. 669. Nnv. 650-6504. 
Jan fiM. 

iiSeyabem Meal — Der. 1«1 70-181. M 
.101.50*. Jan. 1*4.20.184.50 *1114 301. March 
tSi5fl.103.3Jl. May 164.30-104.00, July 

1*4 Sfl-»«D 60. A*lg. lOi.iO-lSJ.nfl, Sept. 

182.iD.111 00. 0«. 178.50-179 80. Dee. 

17« t0.’7» no. 

Ssyahean Oil— Per. 24 70-74.75 t?4.07>. 
tan. 74 0-.94.K *24 *>79. Maroh 24.90-74 «5. 
«€„. 65.74 7H Jn'v -J.ifl, Antt. 74. IS, 

-7 o“ f*rt. 23 65-23.60. Dee. 23.30. 
ti>n "7 7i-'"I 27. 

riimar — Nn. 11- Jan * lb-i.U J8 121. 
e.7*.s«i iiii Mar STO-OOt. Jnty 
" n’.ne* On>*t q-7.o<*s. fl.\9 ,ta n . 

a " - 9 TO ***"6 0 80-9 06. Sit—-- 2.600 
Tte — 679 90.690 no ne*u. *6r-n0-6onon 
nnpi t. '*Y spat 675.5i».R?»i.no asked 
n— nn .flan 0C . 

-w*..,i_n»«. ".77-7~’* r3B6|'. 5fa-rh 

"•'7*.7<rt» 1 3501 1 M,V 740I.7J0. .ti, Jr KM- 
T*oi «<••*' 171*.-*". .1404-141 

UlNNIPEr. Nnv. 29. ttRy«+_p«e. 
w -|| |«M h.e -. s*qv 103.00 asked *104.701. 
704 no n«+pil 

T*B=*rt«w— P*r 75 70 hill C7S 00 hid*. 
■f»reh TOTH Hid *76 56 bid'. Mnv 70 80 
h»d Tiilr 7R80 hid. 

+HJat«— p»r. 04. "fl Md *84 «I MR i. *-far<*h 
raro h*H *0*10*1 idced*. May 78. w blit. 
77 0(1 ate«d. 

iipi-owaif-tiri 707«o hid r*«7;o Mdl. 
“"n nn <-»n m adrefll. July 

7«« r*l *«+Mt rt— "ffo ifl 

•■w.KM_cew-ot ill nw rent n"<»e1n 

'*'—'<*>* <■*» it l <rir*>n» <U Jt *100 to* 

Ml ee"*» per tv*nnd ev-varehnuve 
*>nl>av »i**-rw*>e <ea*nd. » S* prr tTOV 

n<r»«e — ron-on^.,, ]nf, T rihtraeo lhfec* 

•0 n«r tnn Jhc — Dent, of Ag. w-Wi 

■>--+ioi<7 day. r-im* steam *nh tfy hntk 
*«nh far,. I CVnl5 rv T 06. TJ, hnrhel 

-7-v»P*'*nil0e 0 too-hiishel lol*. a pc p rr 
•mv Wl*+" tee 7*Uv» ni>i5 iy 00 0 n+y 
eetil t»**ritr delivered *.T r rents ner 
*rnv n**ne«s <*x-trarfthmi*n. II “11“ 

enn*r->#-t In «s 1 short inn fnr hiflk l*ws 
100 tenrt tons delivered rnb rare 
'-Vespn. Toted n ri*. T.nnls and Alton. 
" r ems per so-jh bushel In wore. 
77 rents per 74-tb bnshe]. +* rents per 
«.lh hoteel ev-iesrehreise || pern* ner 
sc-lb h»»hei ev-vsrehmue, l.MMniM 
l*»«. 9T CS per tonne. 


SARAWAK SELLS 
MORE PEPPER 

KUALA LUMPUR. Nnv. 29. 
SARAWAK EXPORTED 25.081 
innnes of pepper in the first Din® 
month* of this year, an increase 
nf 3.4fi4 lonnps compared with 
*he Crt"” r ’' , ''Ti»tiTiH period last 
>«.ir. ihe Statistic® Department 

" , *i. 

" "uter 


fe e " ... u •. ' 

. ' y ‘4 ‘ V' : ? ' ; ’ : ; ••'.*• 
^ v- eT- Yip:. 

, * M —* v« s.-. ■ 

:*&ryr • 




42 


Investment interest falters and equity rally fades 

Gilt-edged also quiet but fully steady— Inchcape weaken 


FINANCIAL TIMES STOCK ' ““ 


Account Dealing 1 Dates Options saw the number of con- 
Option tracts decrease to 419 from the 

•First Dee lam- Last Account previous day’s 1,006. Interest yes- 
Dealinss lions Dealings Dav lerday centred chiefly on GEC 
Nov. 13 Nov. 23 Nov. 24 Dec" 5 and she,l « which recorded 79 and 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 76 contracts respectively. 

D ^« U !! , Dec ' 29 Jan ' 9 Brentnall Beard down 

New time dealings may take place . 

frwi 9.30 am two business days earlier. ProSt-tjIcing after Tuesdays 

^ ft * — seres 

latest^renort^eoui^ 111 !* Efsew 'here in Insurances. Royals 

iciest report, equity markets took ,ii nn p#i c «- n acr n anf i nnp ukpiI 

%? sLSFtfflS 


Technics! in essence when it L-wltaS! added 3 to 175n 

had^ver "the Sternart am-arted Eanks Rnniy but the 

a revived v ohime of business contracted. 

“ESS? 1 sllfl? hnS Midland edged Forward 2 more 
ihe _ FT 30-share index had -a „ 


offerings and lack of fresh buying 
interest. Shies were featured by 
renewed firmness tn Strong and 
Fisher wbkh closed a further 3 
to the good at 72p. 

Leading Electricals continued to 
edge higher on occasional de- 
mand. EOT improving 4 to 156p 
and GEC 2 to 327p. Recent de- 
mand for secondary issues, how- 
ever, appeared to fade and the 
majority of movements were small 
and irregular. AB Electronic ran 
back 4 to 242p after recent firm- 
ness. while Iffuirfaead, also a good 
market of late, eased 2 to 198p 
despite the increased interim 
dividend and profits. On the 
other band. Racal hardened 2 to 


retained some noini* to and *■»'« hardened a 

regained some -1 points. !lk - e amount t0 280p. Discounts 

Yesterday, however, investors made modest procress in thin 
decided not to chase prices of trading. Scccombe Marshall and 
leading or secondary issues Campion firmed in To 210o and 
hizher. In consequence, the Gillett Bros, rose 7 to 227p. Among 
initial tone war slightly uncertain Hire Pm chases. Monrgate Mercan- 
and the appearance in mid- tile edged forward a penny to 
morning dealings or professional i3p in response to the increased 
stock. although modest in interim earnings, while Hambros, 
quantity, led to an extension of an i n Merchant Banks, gained 8 to 
early small decline. 163d. 

The selling soon exhausted itself _ News items and speculative 
and buying inquiries revived yet interest wererespo risible for noi- 
r'gairr. Despite being limited in abel movements in the Building 
number, they were enough to get sector. BPB featured, rising II to 
a recovery moving and iust before 245p. after 24Gp. on the satisfac- 
Ihe clore nf official business many lory interim profits and confident 
leading issues were back at their statement. Revived speculative 
overnight levels. In the arter- support lifted Pachins 6 to 138p 
hours' trade. however, values and Brown and Jackson a like 
tended to soften again. amount to 21Sp. while Wilson 

The result was that the index (Connolly) in a thin market, put 
settled a net 0.9 easier at 4S9.0 4 l' 3 1- U P- ^*9bury found 

after having been 2.7 down at renewed support and advanced »! 
11 a.m. and virtually a!I-sau?re 3 high for the year of_68p and 
:it the 2 n m. and 3 p.m. calcuia- May and Hassell gained 5 to 73p: 
tions. British Petroleum turned lhe litters irwe.-im figures arc 
reactionary awaiting today's third- due *>o December 11. Higher half- 
nuarter results and lost 16 tn ywrly profits and the board's 
034 p. whMe lnchapr weakened 28 confident statement about current 
to a low for the year of "05n trading stimulated interest in 
follow in 01 the disclosure that it M'estbriek Products which firmed 
v.as miking a further provision 3 to 5flp. but second thoughts on 
of fl2ir on top of the £7.5m rhe interim results clipped 4 from 
losses incurred by the Dutch G. H. Downing at 120p. Eritb were 
subsidiary. sought and improved 4 to 99p 

Mn*r of the interest in British while. Nnrwest Holst added 
Fiinri* again comprised evitchip*r another 2 to 96p. 
operations, mans- of which could ICI recouped an initial fall of 
not he completed because of 2 and finished 3 better on balance 
technicalities invoMng interest at 375p following a thin trade. 
nivm''nts. Tn the absence of anv while Fisons held a modest im- 
straight husiness. quotations provement at 31 lp. 

-enerellv held at their overnight 
list levels wiih the exception of WsTlic oacier 
a few sho-r -dated stocks, which Vd r, M ■ ... 

eased ’. The Government broker "aliis touched 92p m initial 

-as noi hid for rentes of either "*Pon£e lo *!?« s| wrp 
th~ medium or long tips. first-halt earnings but then drifted 

Co rno rat ions winced infreouent lower to do^e a net 2 easier at 
innrovcme*»»s of ' while Proidn- on consideration of the 

cicl t2 ncr cent c-n- Board s warning nf a second-hair 

-TirXMe Jftsr,.<w moved an five slowdown. 3IFI at 13Pp. gave up 
nnint;/ ip •» restricted market to a 3 c*f the recent speculative rise 
hi"h of ri3.V and Fine Art Developments 

fho investment currenev nre- softened u penny more to 3Sfp on 
i*»iji**i between extremes further consideration of the dis- 

r»f 7S> md 76? nnr cent during a pperiming m id-term results. A. G. 
ihe course of a moderate tivo-vnv Stanley. 156p, and Austin Reed 
bo«’ness hefore closing 1! easier A. 92p. altracled buyers and rose 
on halar.eo at 77’ per cent. Yps. 6 and 5 respectively, while Ernest 
terrier's SF conversion factor was Jones hardened 3 lo 154P and 
0.7oh‘ /n7J90i, Henriques 2 to 28p. Leading 

A diminished business in Traded Slores drifted lower on sporadic 


160 — Metals and^j 9 

f Metal Forming 

1978 F.T.-Actiiaries Index 
150 L_J L— — i— — l 1 

l JUN JUL AUG SEP OCT BOV 1 
^ 

33Sp in front of today's half-yearly 
results. 

Although buying interest was 
a?3in evident in the Engineering 
sector, trading conditions were 
noticeably quieter. B. Elliott 
featured in secondary issues with 
a rise of 12 to 167p in response 
to the good interim results, while 
Matthew Hall continued firmly 
ahead or next Monday's interim 
statement and improved 4 more 
to 225p. C and W. Walker. 125p. 
and Clayton Son. 75p. rose 5 
apiece and gains of 4 were marked 
against Hall Engineering. lORp, 
and Midland industries. 43p. 
Brickbouse improved a penny to 
52p on the increased interim divi- 
dend and profits and the 
encouraging statement on the out- 
look. Christy Bros gained 3 to 52p. 
while fresh scattered demand 
lifted Babcock and Wilcox a 
similar amount to 163p. ML 
Holding were quoted ex rights at 
lfiOp. with the new shares at 36p 
premium. Leading issues were 
quietly dull throughout the ses- 
sion. Elsewhere. Swan Hunter at 
157p. regained 3 to 1o7p a» ailing 
Friday's details of the proposed 
scheme of arrangement. 

Most of the day's interest in 
Foods centred on selected secon- 
dary issues which encountered a 
reasonable two-way ou<iness. 
Cullen's issues took a turn for 
the worse ahead of today's hiterim 
results, the Ordinary and A shed- 
ding 8 and 0 respectively at the 


common price of 138p. Bishops 
Stores firmed S to 14.ip and 
Hillards 4 to 230p, . but profit- 
taking left Associated Dairies 4 
easier at lSSp. Wholesalers Joseph 
Storks put on 7 to 145p on the 
appearance of a few buyers in a 
restricted market and Lidstone 
jumped 45 to 150p in a nominal 
market foiowing the bid approach. 
A good market of late on take- 
over suggestions, Robertson 
Foods gave up 3 at 142p. 

Johnson Matthey firm 

Johnson Matthey’ became i lale 
firm feature in Miscellaneous 
Industrials, rising 14 to 454p in 
response to the satisfactory 
interim results and. proposed 
three-for-rivo scrip-issue. Reflect- 
ing the return to profitability 
and to the dividend list J. Dykes 
advanced 3 to a 197S peak of 

40tp. while renewed demand in 
a thin market lifted Hunting 
Associated 10 to 290p. De La Rue 
added 7 to 3S0p and 1CL 5 to 
442 p. Avon Rubber, however, 
declined 4 to 180p in reaction to 
the disappointing annual profits 
and Sotheby's cheapened 4 to 3S3p 
on profit-taking after the recent 
strong advance which stemmed 
from hopes that the company 
may announce share-slimming 
proposals with the results next 
month. Narrowly mixed price 
movements were the order of the 
day among the leaders following 
a quiet trade. Boots softened late 
to finish 4 off at 199p, after I98p. 

Plcasurama featured the 
Leisure sector, rising 5 to 76p. 
after 7Sp. on revived speculative 
demand; last year the annual 
results were announced on 
December 15. Reflecting demand 
that developed late on Tuesday. 
Campari B firmed 3 to 9Sp, while 
Barr and Wallace Arnold A re- 
rived with a gain of 4 at 106p. 

Motors encountered negligible 
interest with prices hovering 
around overnight levels, although 
Distributors provided the odd 
bright spot. Hartwells improved 4 
to 109p, Jessups closed 2 better 
at 39 ip and T.C. Harrison added 
3 to "l09p. In contrast Harold 
Perry became a dull market and 
gave up 4 to 112p. 

Daily Mail A rose to 3«8p after 
the imnrovpd interim results, but 
slipped back to close unchanged 
at 3A3p. News International 
improved 5 to 255p. 

Leading Properties marked 
time, but secondary issues dis- 
played one or two useful gains. 
Revived buying interest was 
shown in Fairview Eslaies which 
advanced 9 w 136p. wh'le London 
and Provincial Shop Centres 
gained 3 to a high for the year 
of 130p. C H. Beazer and 
Berkeley Bambro put on 3 to -T7p 
and 137p respectively, while 
Estates and Agency added a like 
amount at 58p and Chuchhiuy' 
Estates firmed 6 to 31flp. Centro- 
vincial Estates hardened a penny- 


more to S4p and the Capital saves. 
at 80p. regained nearly all of Lhe 
previous day's fall of 6 that fol- 
lowed this year's expiry of the 
conversion period. 

BP turn dull 

Quieter conditions prevailed in 
the Oil market British Petro- 
leum, a good market of late, en- 
countered nervous offerings in 
front of to-day's third-quarter 
figures an reacted IB to S34p. 
Shell, down 6 at 586p. tended 
easier m sympathy, while dollar 
premium influences left Royal 
Dutch 3 cheaper at £402- Little 
of interest occurred in the more 
speculative issues, where Burro ah 
ran back 2 to 73p- 

Following the disclosure of a 
further provision of £i2m against 
debts incurred by it's Dutch com- 
modity trading subsidiary, 
Inchcape plummeted 28 to a I97S 
low of 395 p. 

Trusts made fresb headway, 
with a fair amount of interest 
centred on Income issues where 
Channel Islands rose 6 to 156p 
and Derbv Trust a similar amount 

2l2p. 

Despite the optimistic profits 
forecast with the interim state- 
ment. Dawson International held 
at the overnight level of 96p. 
Sirdar, hit by more profit-taking 
slipped 3 for a two-day fall of 7 
to 7Qp. Hi eking Pentecost, 110p. 
Parkland A, 75p and Leeds and 
District Dyers. 63p, all shed a 
penny or two on reflection of 
trading statements. 

The underlying sentiment in 
Rubbers was firm, although trade 
was quiet. London Sumartra. on 
hopes of a bid from Harrisons 
and Crosfiefd. jumped 17 to IS7p: 
the interim figures are due next 
Wednesday. Guthrie also featured, 
rising 8 to 333p. 

Golds down again 

South African Gold shares lost 
ground for the third successive 


day despite a brief fluny of buy- 
ing interest which occurred in the 
early aTtemoon following the U-S- 
trade figures. 

Initially, the market had eased 
in line with the lower bullion 
price and investment currency 
premium. Then c am e the 
momentary rally but this soon 
petered out with overall losses 
producing a further L2 fall in 
the Gold Mines index to 124- L 
The ex-premium Index lost 0.7 to 
93 1 while the bullion price was 
finally SU25 up at S19&5Q per 
ounce. 

South .African Financials moved 
similarly to Golds. Anglo Ameri- 
can Corporation and Union Cor- 
poration vere both 4 cheaper at 
284p and 246p respectively, while 
De Beers eased - to 3G6p. 
Lon dor.- registered issues, how- 
ever. made further progress. Gold 
Fields put on 2 to 176p on con- 
sideration of the chairman s ; 
remark? at the annual m serin g. 

Lack nf interest and the lower ! 
premium left Platinums showing 
modest falls with Impala 2 off at. 
174 p. 

Activity in Canada's AVestticId ‘ 
Minerals continued 2t a high level;- 
with the shares moving within , 
extremes of 375p and 330p prior.: : 
to closins 10 higher on balance-., 
at 360p following the latest news 
or the company's uranium pros- 
pect in Newfoundland. However. 
Northeate Exploration, which 
holds 45 per cent of Westfield. . 
were affected by profit-taking and . 
lost 10 to -KOp. 

Australians provided features in 
Whim Creek and Hampton Areas. 
The former, which is associated, 
with the Northeate group, of/ 
companies, rose sharply to a 1978 . 
high of lOOp before closing 15 
better at 90p Following a -persis-'- 
lent Irish demand. Hampton Areas 
climbed 8 more to 13Sp, after' - 
equalling their 1978 high of 149p, 
for a. two-day gain of IT. . 


OoTvninflot .dm. 

Ftead Interest — ^ 

Industrie — 

Gold Mine* — — ■■ 
Uoid Slim* ffix-Spm,! 

OnL Dir. VivM 

KernlDgs.T*l<t\imill... 

l*-K Bitln nwtl l*) — . 

DeaHiwy marhed 

Equity turnover £m... 
Equity lwpl» 


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