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For all your insurance needs
ssm Wb. -27,274 Wednesday May 18 1977 ** I2p lor & Cover yourself with Pearl CONSTRUCTION 4975
CONTINENT*. SBXWG PRICESt FrJJ; AUSTRIA Sd».r 5;«aCJUN DENKAJUC Kr.3.5;' FgANCg FrJUh CTRMANY DH2-0: ITALY L-500: NFTWBtLANOS R-2.B; NORWAY Kr.3.5: rORTUCaUL* Ek^O: SPAIN Ptw.4D} SWEDEN KrJOS; SWITZERLAND FrABj EIRE Up, SUMMARY office Power talks NERAL BUSINESS building i snag for chool w policy I t>;r
** 1 in,.! ^
>1 £100m. >«; changed deal .1 J
% u; By John Hunt, BY MAX WILKINSON “* Parliamentary Correspondent T-r * I'tfIJf
; THE DEADLOCK in discussions Scotland. Hunlersioo and Nanrt- BY on the of power KEVIN DONE, CHEMICALS CORRESPONDENT A MAJOR change in Govern- ! structure the coke. Ontario. ment policy over the location engineering industry is endanger One of the rotor? at Drax was I
; ing an export order worth about found to have cracks and has to The of new office buildings was an- largest contract between the UK. and Russia was concluded last night nounced in (be Commons by £lG0m. which C. A. Parsons was be replcacd. However. Parsons on the point or landing. says the other sets are being GILTS advanced, encouraged by Davy Powergas, a subsidiary of Davy International. The £147m. deal for Mr.. Peter Shore, Environment \ modified .«> a m election. Secretary, last night. The contract, for a power precautionary .by hopes- for a 'further decline the supply of two methanol plaints was awarded to Davy in the face of fierce niea&urc. Mr. Shore has giicn a new station at Loyang. Victoria. ;:: GEC claimed tn liaxe won 21 vnls In- Tameside.' Greater international . Australia, important . might be as 74i competition. remit to the Location of Offices L'.K 1976 of the lual 2d orders. ,i -v Chester, have backed the (1977 Bureau, which was set up in jin providing work for the com- •*t _ Less than a month ago, after at a discount against both the ing modules powered by Rolls- figure which Pardon disputes. \ r.ieryative council’s decision April. 1965, with Instructions puny's Newcastle works as an negotiations lasting more than dollar the Mark in the Royce engines, represented the | statement from the mam Board and D 14 order fnr the controversial Drax .ctaln grammar and second* a year, to encourage the decentrali- ; K-. i. the deal began to slip forward foreign exchange first substantial use of the of Reyrolle Parsons Saul : "Since - sation of office employment B station near Selby. Yorks. modem schools, which the away from Davy because a market £9S0m. Anglo-Soviet credit j 1965. a- total uf US large machines from congested central Parsons- is to have Lords upheld last year tender from Lurgi, its main West The scheme was first devised facilities. understood have been ordered, of which 15 German rival, appeared London.” i produced the lowest lender for have gone to C. A. Parson.-.. -:»ite the opposition ofthe more by Morgan Grenfell more than Davy companies have now competitively priced. is to giten two 50»Mw sets, but the Auslm- “A further four machines for < v ier Education Secretary, JBr. two years ago. but the particular taken up more than The Bureau hr ; c\>- It was 1200m. lians have indicated that they a nuclear station only saved by the inter- deal it was designed for fell new terms of reference which [ were cancelled . .-.I Mulley. worth of contracts - . are placing an C: vention of Morgan GrenfelL through. It enables the exporter • involve almost the opposite not happy about afler Parsons hud been given the poll, of 20,875 parents and which is Meacher, Trade office '- order with the company until contract.” - arranging the financing or contractor to denominate his aim. Il Is to .promote "• .t! teachers involved "with of the Undersecretary, said last night i the future of Ihe power engineer- The statement said: “ K.. contract. under the £950m. contract in U.S. dollars or.Marks employment In inner urban Ihe Uey- ndary schooling showed Anglo-Soviet Government was extremely 'ing industry is clearer. rolle Parsons group h.is refrained i credit agreement, and to sell forward in the areas ineluding London. pleased the biggest further I sets arc . irities of 2-1 among the' T.BflMMENT- concluded by the then Mr. foreign exchange market the mat contract Mr. Shore said that the A wo 500Mw from naming comment, either .Mi:, *' ... nis and 4-3 among the Harold Wilson in 1975. payments made over the delivery ] u the history of Anglo-Soviet Bureau's aim would be “ to expected to be ordered for the directly or hy inference, on tech-
i i J> - been station quite .,',_hers against the introduction S0MIE8_ Davy had tendered in sterling or construction period, trade had concluded. It promote the better distribu- soon. nical problems common to the ’ *' nnprehensive schooling. as - against would prove to be a major fillip The company awarded the first ''< the West German tion of office employment industry as a whole, and it de- it Mr9. Shirley Williams, the jlNDEX tenders in How- for the Anglo-Soviet trade com- contract clearly stands an plores J In: . made D-Marks. _ . throughout tbe country. certain derogatory state- '.-cation Secretary, said last ever, mission at its annual meeting [excellent chance' of being given WIT.. Dec Jan Fab Mar Apr-May under the scheme kvirfl It will also he givrn the task ments which have been made." ljAUd 111001116W1Ut ' t that the Tameside poll pioneered by Morgan Grenfell. • next week in Moscow. of attracting international con- the second phase. Together the In private, however. Parsons j«-> .. Jd afreet two jobs represent the same ; not her demand Davy was able to switch its By doing this, the sterling in- Davy will design, engineer and cerns to locate office employ- engineers arc furious that GEC In interest rates. - The FT j till ~>r the new amount of work as that for Drax. Education Act for tender from sterling to dollars come for tbe contractor is sub- supply the complete__ plants and ment in Britain. should have ebosen to attack Government Securities Index „ r lu' h.l- ?ouncil and seven other local and thereby reduce the price it stantially more than would be will supervise both construction The importance of this con- them on a vulnerable point when " to. 7X13. > orities to submit plans for gained 0.85 tract explains the Prime it is well EC was quoting by 6 per cent. received if the contract was and commissioning. The plants ; known in the industry Minister's sudden intervention in • by that has bad its fair Details financial sterling-dollar i GEC share 5a*. .T'l.i of the based on the spot which will be the biggest in the Controls ” shedsimie of their ‘ ay. rage © EQUITTES the industry's delicate negotia- of ^•^TSSfST arrangement . will not be com- rate at the time the contract technical pi obtains in the r- •- world, will use technology deve- ml !«- early gains. The FT 30-Share mark a move lions. Mr. announced . changes Callaghan pleted for weeks, but the .entered into. Hence the The , past. some was _ by Imperial Chemical ntl r- : ’1-5. 468-Vuii traditional Labour i in the Commons last week Thai ;C court move Index closed at announcement of - this latest extra income is available for re- industries. away from Indeed. e\rry major turbme- la: . estimate for policy which, since Lord the order For a 2.000 station generjtor manufacturer in the Anglo-Sewiet contract coincided during the initial TJie cost j wju be MW point 0 ^ 1 !>rr.' • STERLING eased* to George-Brown (then Mr. at Drax would be placed with world has had problems when id-. er Cup final yesterday with the conclusion of the contract met by the sale of methanol on its trade- ! ho.- •• close at SL7I83, while: is anxious to George Brown) introduced minimum delay. introducing a new range of ail BBC will seek a High Court the first British export credit The Government hji*. world market and parallel Permits in larger machines. »• made in U.S. dollars. see more deals concluded in this Office Development itc . buy-back agreements have been ffL7. Dpllaris tra-de-weighted loan to they provide a consider- the 1960s, has always been Rupert Comwell. Lobby Staff ...... ciation at This covers a S40m. way as concluded between the USSR and of Broadcasting Agreement writes:' imminent 1 | The depreciation widened to L16 Dubai to finance the export of able balance of payments saving, Klockner. based on strict control of office decision ,‘s from disrupting its plans ._ jcj 1 ^ whether to make a quick start on capital the UJ\. and also cut the drain on pnblic development. It is likely that this an- 'up Final coverage on. Satur- (L03) per cent. . equipment from *rhjy wju use a small part of *' the Drax-B coal -fired power the need Sir. Shore also announced • alf The union has threatened for the construction of a gas expenditure because of Russia's vast reserves of natural nounec-ment was intended in re- '• „ ^ station has become the litmus .pjpc hangBd at gathering treatment plant. to refinance sterling loans. big relaxations in the present assure the Australians that C. A. jan withdraw its- cameramen ® GOLD finished — and " gas as feedstock Tor conversion ,i''- - Davy" deal. lt)e operation of the permits. He ten of the Government's whole icK ~use the BBC intends' -to $147,875. The two deals represent a new Until the -into methanol. This is an inter- Parsun» would be kept in Russia had decided to confine the industrial strategy—according io from I - pattern that is emerging in U.K. largest contract won business fnr a long period. : imit the match to South • mediate chemical used as a build- M* ‘ , „ ^ - flo M r. John Biffcn. a former Tory U.K. was awarded to the . operation of the controls to 1i • STR£BT, rose 3.98 is . .an important by the i- understood that Parsons Fi: - a. Back Page © WALL trade. It blocl for making other | . ' ^ spokesman on industry. consortium unclud- those office developments of > ' to 936.48. v... departure from the tradition of Cobervow ehenrfcals..' ol which formal- is tendon nc for two other large i r An early order in response to wh • '* exporting ing Rolls-Royce I late last year, major importance. contracts which it believes il is tendering only in the j the most important, : H..rj yal tour starts .(jghy^e S regional lobbying would “ sharply ' contract, worth f100m., was Therefore, the aim would be close tu getting, last night pay an • COFFEE prices- rose, country s own- currency and That n « , but credit signed. Page 8 immense premium for ‘ • gas pump- Dubai to in jobs m a Queen and the Duke of alter reports that Brazil's crop reflects the f^ct that sterling is for the supply of 42 exempt developments it refused to comment on any ' •*' ‘ which no than 206-300 Renfrew and Tyneside." he said ...burgh . more droveaTC' ^’r Through heen-Been' damaged by cold ; of them, or to confirm whether had , my ' — • - • — | In a speech to the Political iow in the Scottish State winds.- Back. ?age and . . people were employed! To it had tendered for the work at '' Committee or the Junior Carlton !l!i b. accompanied.uied. . the '-'.v * .- '« achieve 'this he has made an Loyang. by ! <;>" ^ Club last night, Mr. Biffen & elic’ci Cavairj^- .itat the frfare_ £ Order, which - has lo be Arnold made . y/ _ ©_ . W Mr. Callaghan saw Sir • Royal tour of Britain, that is- coming under pressure, to approved by Parliamcut. in- Weinstock. General a resounding plea for “normal **. head of the ” J last nearly three months, steps to boost the creasing exemption market relationships to prevail. ai.i tike further the limits Electric Company, on .Monday to -?wd of at least 604)00 was economy- Page 3. Big increase for permits from 15.000 to persuade him to reach agreement Drax offered the chance of a ‘wholly realistic appraisal” of ated . Middle at George Square, in in German wide with 30.000 sq. ft. on proposals for a merged . tu r ism tv centre. the country’s future power gene- j.'.i, .. Later, the Queen East, Page .8 "This will lift control from binc-gcneralor company with • rating needs, and the judgmenr ied the fi rat half of a chatrity some 55 per cert I. or the Parsons.
. Commis- r match. © BRITAIN and EEC number of applications we are GEC has consistently stressed could best he made by the . . reached a provisional Central Electricity . sion have poll currently receiving." the need for reducing capacity Generating Ulster ; p'- eve of 1;.. on agreement that should allow the Board itself. - oice charges In addition be iuteuded to in Ihe industry, but Dr. Robert *** aid to Client-customer relations in . f65m. shipbuilding scheme give permits to a limited num- Hawley, managing director nf people were arrested after • GILES MERRITT continue. Page 3 BY Parsons, has been moderately the power industry would be ber of speculative office build- : ‘lives visited the Souttramp- ings In inner London. optimistic about the prospect of vastly improved "if one or other u ‘-nd London offices of a com- tbe main However. Mr. Fitt's un- T«J..hSh«» ON THE EVE of Ulster's local major re-alignment of In selecting schemes for getting foreign business so tong of the disgruntled parties did not T' of international freight Loyalist parties. equivocal supjwrt for the role! feel he had a direct line lo tin- lndUStry OUlDULA elections, which in the wake of approval, he would he looking as the Government ensures a • : s. The raids were appar- - . r the Royal Ulster Con-, cs have taken on The Rev. Ian Paisleys Demo- played by base load of domestic orders. Government Ministers and poli- fret 2- the Loyalist-strike for those which make a strong c 0l Unionists and Mr. Ernest stabulary throughout the strike,; tical lobbying.” '•* new significance. -Mr Roy cratic contribution to the regenera- Last week GEC said that there OPT* slowly a statement that . ,SuTS.'5>.(S?V"J, rn* improves Baird's United Ulster Unionist and his important Mason, ^Northern Ireland Secre- tion of inner urban areas which , was no point in ordering Drax : - . i:i r-' C confidence! Pa Party have been rejected by the the RUC now has the : 1979. • WfDDSTRlAL activity is pick- tary, has launched the first phase require job opportunities aud. before it was needed in antf -f supplies ^NbrthNorQl sTa*** ^il011 • of the Catholic com- £ in New York Irr, PP ^ Production in the new political initiative. Official Unionists. physical renewal. ‘erilicised Parsons’ technical re- ing up slowly. of a . • mpni J>? * cord. ter*. this year was up - As a first step, he had granted first quarter of invited Mr. , Mr. Mason has ad^Se d'Jvo^u-; 1 jwr nearly 1 per cent on the pre- Sn^Vl^ow^eo^r X^n only yesterday a permit for the Mr. Bob Davidson, managing Mur 17 Proriou, otcxh’c fitl« tion take place against a cordial! | - ruen s, ime months. Page 12 SL'LtiS* development of ISO.OOO square director of th* »• vious three j GEC's turbme- San&al^fpaS' alliance with lUr. William Craig’s background. space Conteh, the world light . feet of office forming I generator" division, said Parsons _____ . , , „ which onoosed the mirtremist Sp.n m.iicc.;i*j SI.! 154-11:7 1 • EMPLOYERS should ensure Vanguard Party and With the The news .of Mr. .Masons part of the redevolpment of the 1 "weight champion, was having trouble with four sets ' boxing ee him next week:for 1 iiiPnlh 0J3.U.LJ .IN CC3A24 dii element of SI | that the new Unionist Party of Northern initiative has coincided, however. approach to Gapham Junction * iin«nih» i.i.SI-O.'iS .IK granted a temporary order 5twi«imJ? nn security^ and in three countries. i policy after July are ° 1 pay. Ireland founded by the late with angry reactions from Repub- 12 IllUDI II, i 4.«S-«.IC dl. WIaMp High Court Judge prevent- « pou-ncainoiitiraWraeutionsquesuons- station in Wandsworth. These are at Drax A. lnve^kip. abpsed. said tile Chajcetijj- para- Jie British Boxing Board of not Lord Faulkner. lican and Protestant There is a guarded optimism inter-party talks that nl from strippiDE him of his Although the militants to the disclosure “ubplS- N™,. in Northern Ireland that a may well start to get under way secret peace talks have been Page 15 series of Inter-parly ta^s could before tbe end of this monh, it taking place with the aim of improve, conditions of Direct the j S unlikely that they will deal bringing them together. lasure trove /• POST OFFICE, workers have from Westminster, even Rule w jtj, devolved government. Meanwhile, more than 2,000 approved- a scheme giving them s ot Hentmore Towers auction, producing a blueprint for an on Sunday. Mr. Gerry Fitt, ballot boxes are being kept in biggest dispersal of the the right subject to certain con- eventual constitutional settle- j eatjer of the mainly Roman police station® throughout the to stay on at work after of jres of a British stately ditions, ment on,, say, a five-year time- and Democratic ' delivered More catholic Social Province and will be ats u retirement age of 60. Page la for many decades, starts their scale. Labour Party, called for all- to almost 600 polling stations in
norning in . a marquee on ftp B d__. Dr0. The likelihood is that with party negotiations on the pro- time for voting, which starts tiiiu constitutional future—in S a.m. to-day. vides fw-an. immediate cut in last week-end's forma) collapse vince's at . ,0,w,, vii'sothey^oS^r^e" m of the 11-day Loyalist strike, and effect new power-sharing talks. in all. 1,020 candidates are ’i Unionists have 526 seals on pi* «bvmsi the disbanding a fortnight ago But the Official running for the 1 jsasMS sbtb Mr. : of the United Ulster Unionist already made it plain that their Ulster's 26 local councils. Eastern Europe, big chemical moderate stance does not Paisley’s Democratic Unionists if .: ' ITALY’S wo coalition by the Official Union- more ier , A e •• • »©** voxe groups.' Montedison and Societa ists, there will shortly be a extend to discussing that have 100 candidates. a National Religious Italiana Resine, are discussmg rir. ti I's Italian faction in raUpnalisabon of the third biggest . , Page Za . ! K. ^‘ist Knesset, has committed chemical industry. til I k and the Bank often. • ARAB investors more joined forces to Lonrho is moving into hotels of Montreal have ii ' with >ne place yesterday, the ‘ Resources stft up International Alignment its :r facing and Finance Bank, with head- 1 SCO*' t challenge. quarters in Luxembourg and an ‘ office in London^ Page 39 with £25m. bid for AVP Si Picasso paintings, worth COMPANIES CITY STAFF i BY TERRY WILKINSON. A' i Fly the flag. than £44,000, were stolen ^ WHITBREAD boosted pre-tax inytyr the Institute at its total furniture and refrigeration equip- McNay Art profit to f4257m. |£30.66m.) in LONRHO. the international trad- succeeds, would bring ntonio, Renoirs U.K. com-' manufacturing division, Te'xas. Five the year to February 26. Page ing group headed by Mr. Tiny cash payments on ment '.i eared the also the country's con from the same 22 and Lex Rowland, is malting its first panies since last September, AVP is y in February'. move into the tJJC hotel end of its last financial year, to largest distributor of spare watch >! FURNESS WITHY ea d cash £67m. and clock parts and has a 97 per Fast, from London fiu.' l nmad • industry with an agreed frequent services Ali retained his _ pre-tax .profit of a-wn.jJJjL cent, interest in Brighton West . Industries, have included 't heavyweight title at Land- bid of £25m. for AVP Other purchases in 1976. Page 21 and Westcliff Pier. which it has offered to sell Belgrade, ' tH4.13m.) Metropole chain Budapest, i-lt 'S K‘. MaryJandTin a 15-round which owns the ... r London City and to Moscow, Warsaw, for £1 bnyer is prepared to vith Alfredo Evangelista of of hotels and manufactures Properties for fl9m^ Dunford & furniture and refrigeration Elliott, the steel and engineering spend £2m- on renovations. igreb, Prague, Bucharest and Sofia. lifted pretax “ • C. E. BQEATH equipment group, for £15m. and £7m. spent Mr. Poster said yesterday: A r. Orient remains in Divi- profit to £1157m. (£6.4m.) in the little while ago City^investment Terms of the offer for AVP. on a 25 per cent, stake in SUITS, Plus special flights to the Leipzig II after drawing 1-1 with year to March 31. Page 20 considered the value of the shares of which were sus~ Timing this period it has raised Carlisle are relegated. New- AVP shares to be If a com- ProposeS O pended on Monday at 93p at ‘the £20m. by way of 2 rights issues. 58p. Autumn Fair from 3rd to 11th September. irew 1-1 with Workington • STORES pany comes along with an offer onwoMour quest of the Board; are I30p AVP owns five hotels iuclud- raiae - - with a re ‘ .Msion IV. £5 67m : so Halifax of s '-. • must in? the Metropole chain in 130p in cash I have to consider Full yourTravel rights issue at lOSp. Page 2U a share in cash. details from e-election. what is In shareholders' interests ’ The directors of AVP have London. Brighton and Binning- ’ —that be priority i Rippon, tiie BBC news- accepted the offer in respect of ham 'and the Warwick Hotel, should the top Agent or British Airways shop. or any chairman of public beat showjumper Debbie • MR. JAMES GULLIVER, who their own 3.4 per cent, holdings Birmingham, and Bedford Hotel, a company." Brighton. : ey by seven lengths in a made his haru'e with Fine Fare and have aiso agreed to obtain Mr. Poster will remain a* Vs mutch race at Goodwood and Oriel Foods, is moving into acceptances of another 16.1 per However, the largest con- . ' pre-tax profits, which chairman of AVP if the takeover ’ 24 tributor to : market. Page represented bv family and ;T. : the do-it-yourself cent VP’s shares Mr. Harold Poster, chairman of goes through, but Mr. Tiny Row- t.: trust holdings. 'A - - land is expected the i.- rose to the offer price yesterday, AVP expects to rise from £4-7m. to join
’ £5.5m. for the 12 ended Board as deputy chairman. : : • but Lonrho fell back 3p to TSp to months , British ‘i it in March this year, is AVP's, Lex, Back Page :F PRICE CHARGES YESTERDAY Lonrho's latest offer, if *160 ** :s in . pence unless otherwise Petbmv HoltIdings 423 + indicated) Recttitt and .Colman airways Reliant Motor + 14 FEATURES OX OTHER PAGES 5 . Appointments 13 Mauers IX RISES Men and ... Redden ' 6 We’ll take more care of you. Appointments Advts. 22 ...... 2b Willows Francis T Italian law and order Mining Nows Cone Union Tat. ... -7 + S AHS . i Manny Market .. . 9 32 Fidelity 12?pc. 19SL.^HWi.-l* Wotverhpm. Die CasL brehks down ls Radio .. .. - Company News 2L24-2fc Overseas News . ... a.7 Faraoc* loipc .399S.._£120i aii ... So + 6 Wttv ...... Woodsidc-Burm Crassmnf 2 Parliament Conard » Society To-day 19 M Nan. Disc...... 130+37 EM£rt2iB LOMBARD GARDENS TO-DAY and THE CHELSEA FLOWER SHOW IN JUBILEE . YEAR. Government in a poverty trap BY DAVID FREUD . cie C cU t Hillier In the ®, BY ANTHONY HARRIS A DARWINIAN might argue that , at least a gold. It is difficult its catalogue and John 5H?1 aPS S„„5? t4l5e iu s couId c!s IN' EACH round of the negotia^ titulary Exchequer deficit cora- &“ ^ ^ • bined with an -inflation ary wage “r,L^w K? lions for pay -restraint the some formula, a floor without a * Government has set off' boldly — wonder the City in, let us say, a southerly direo ceiling. Small -yesterdays of at opening the large Essex, who "hoping more has ceased to care whether there ford and Son, which had a BethChatto of Landscape 'tion.' to reach Royal Horticultural .Society s with Three or not, or even walk-through- exhibit to celebrate won her first gold this year . is a Phase Exoress wan gold'‘ attractive dimes, and has- 1 a to a collapse. 56thCheWea Show. its own centenary as well as the displav of hot-dry plants and finished up progressing - in .an looks forward her harden of ptentv plentiful wonder, am I Few insects would have felt at- jubUee...... - garden, said the iM.-'lerSy or even a north-easterly Why,. you may damp ^suver rehearse all this borne among the innumerable Another gold. went, to Hillier winter and spring direction. Or in plain -language, bothering to raj n 0f the “^Corporation fartor itsus outsideourame. ““ flowers on display. They were Nurseries of -Winchester. This problems for her it has Jried to reduce inflationary drearily ^d caused no it do with the. tax undeniably bred and arranged company founded in 1864 and plants. “Tve got pressures and finished up merely what has to drought-loving f ^ this: the trouble, one of the eldest in the country, the ' postponing them, and very system; Just for the delectation of homo: dry gravel that on „ :„ ,K west Midland savs each time round, has spning tribute to the jubilee with rve not suffered." possibly increasing them in the . taSES^Et a display of silver and grey t impressive ^ long run. One reason, which frd“ Quite apart from that, there Sorae of m05 iV?he dcreiiction of the radus- JfmVSthe .foliaged plants. ' attention, is protect the poo^ and from was simply no room for insects, displays are presented by insntu- ?i has received little ia i devolution. Its imaginative necessity to achieve this through The crowd which streamed all Golds went to the South trouble with the tax svstera. « , tions. featuring wooden pay rates. morning down of Informa- * Lower Sloan travel African Department is an excellent adver- There is all the difference in 7 ace: ?-»*]*«! infill Street and into the Royal Hos- . „ to j tion and to the City of Binmng- itR JuSTSlS inimum To the world between a m pital Grounds in London was which built its display w^id hc iss opt®p to the public. The difficulty has been in- income and a minimum wage. A ^ Jom^ round a 1910 Austin To^ “ but lSs vrould 3 and tomorrow^ £2 crcasinglv easy to see in each minimum - wage adds directly wSS /lOm J ^ on ' successive phase. We started both to prices and to unemploy un. to ", . with j need to cut real 'incomes ment; a minimum income, on the . . rnntv n 5 ’ pjn other hand, is an act of redistri- 00 ‘ b\ about five per cent., the gap Silver Jubilee celebrations. In- packed with . ! ^ aotJJ tp look avenues are Mr. Douglas Knight,: a landscape contractor from Fera^ •• bution by the Government It ° * • Botanists seek “super veg. which existed between net stead of taking advantage of the machines, tools, garden furniture ^^^verSaiS’'advertising. _ may mean mgher taxes, or less — . , . „ Merseyside, tends his display . national income and consump- occasion to give a first airing to Page 13 at the Chelsea Flower Show Hillier’s has varieties in and book-stalls. tion. The (JoveniDient took two public spending on something tfleir spring wardrobes, most 1Z500 decisions: to do it slowly, partly else, but it does not raise costs people were wrapped in winter in the belief that the world directly, it does not make people coats.. The organisers are keep- slump' would be quite had enough unemployable, and it does not of ing their* fingers crossed for- itself upset pay relativities or : wuhmu taking action to make it good weather. If it pours for the destroy the incentives of the clematis drastically worse . (a point of rest of the week attendance is Encouraging productive view which 1 would support The hiost members of likely to be- well down on- last Econo i#;i--a in defending against society.- year's. 160,000. the mnro simple-minded mone- Unfortunately, our present tax BY ROBIN LANE FOX and welfare arrangements not tarisis-*, and parti v in a Micaw- do Jubilee berhH hope that something— in any adequate way provide for ririnv output or falling com- this kind of redistribution, On the first- day, which was uiodiiy prices—would turn up Everyone s grateful thanks, amateur's habit of sound sense would salt their For the most part we agree, and be the prolific Lasurstenj to make the adjustment less therefore, ought to go to Pro- the signs "were promising. The Bardens need to be fed. if you than the j the soil and continuing babies. You • never know where although there are so many good the later Perlc d'Azur. 3 painful. lessor Colin Clark and the showwas even busier than the have time for the iob as the drenching ' splen it, while the water runs the spores of this demon fungux ones, I feel: entitled to pass on match for Roses. The second decision was to Institute of Economic Affairs first day last year. rains are likelv to wash certain to drench Something for the will up next .Death, how- those which have_ pleased gar- • prnreet the lowest-paid against for publishing a pamphlet* Attendance 'has been boosted elements out of the soil, while far and wide- mm The whites are dominated association the roots to grow into, I suppose. ever, is not always final..- Ir r n ° Marie. this ciil on - the fair-minded which draws attention to this by the close with 1 am prepared to Believe that a ^ ^. b*8 Boliselot, the pinks "ij* suggests the jubitee- Hagley Hybrid. grounds that their budgets were and shape of what ^ drought damages everything, not There is no danger that a An encouraging tale is told ^ to Queen made hgr - usual already pretty stretched. This, ought be done, The least the fertility of dust Al DS the dark ones?- flower itself to of . easnre. 3 * clematis will here iS^Tr . the j3S*whE**™ detrated^y^aiw «. ^? however, has proved to be the Professor Clark suggests that little king-pinKing-pin ofor ltIcel a Royal Vclunrs\ciui PersonaUy, I need little en- death, but tiierelere is tune doubtdouoi clematis,Clematis Tenbury-tennury laree-flnweredre clematis thp ! trouble was^^romSs Sae!floie d“l^SS^ esemtteJexeent H?® Y . trap -which was waiting one possible is "that the S? iSdSS for Mr. experience) that Wells. Worcestershire, who lost he top ’ forms, v: y a K JUMaiockmann varieties: L Healey. The first misfortune Conservative Tax Credit scheme flowers are small, and it ne- tfjine in Phase One: Ministers of 1872 was a false start. He * to be placed. The mall-flowc chose to talk the language of unexpectedly supports Lord clematis are to ray ere austerity without actually impos- Kaldor and tljp Labour critics second best even the snobs' ing any. The low-paid were of the scheme: it gave, too much therefore protected' the available benefit . against a of to the nun-existcnl sacrifice. The £6 rich, and generally cost too formula actually tended to raise much and did too little. He Bio. not a _bad^ moment to ie paiing bell-flowers in pr avenge real wages instead of therefore abandons the pattern- silver-green perennials. ?? To seaJ out denioias you.is certainly an advantage. In sand affemg faces look better attention to them. You will be should spray with Benlate, ®10 " aP(3 scenred o. cni\t cutting them, and especially, of book neatness of universal There are also two roses availr -you must stick to the rampant . l hatif-light dusk covers the able to buy them easily when the abIp from chemists, too. (what JbetteK). except last s course. Tor the low paid. The credits offset by the standard special]v named and introduced Spray, pink and white mofltaims if you R^P3 in Bardens too, increasing new stock m black - polythenes n, ®r w“en I climbed up to .1 result was twofold: compressed rate of incometax, and proposes for general show for the first monthly and before you read on, wish for the best- Lloyd believes that sense of emergent growth returns to most garden centres - OTje be says Lloyd, to' . and wondered, after differentials, and a- bigger cut in instead what he calls Reverie time/ sure, spray two that there are many classes of and nch greeanass which makes at the end of the. month. As long whetiier this McGredy, who is now in gallons of diluted Benlate onto montana, hence some are slow,to claim had my, r .real wages achieved . through Income Tax income support Sam — — at sndi, delight as can water lmavily. it is Zealand, bred Royal Salute, « fr M®y a you ground around each mature flower, a fact which hr all too true. overtfone ' the collapse of sterling as well for the poor , only relinquished New not too late to plant nait a dozen. '': the stand oCJohn Mat- Evening interludes from the pj ant. Two-year-olds need only Do not prune a slow-starter. It Of Jacbnaiax, Neily^Mnser as the working through of wage at* a relatively . high marginal shown on past week's rain have allowed me half the dose. I vouch eventually catch Co, T nothing, because costs— in the longer run. The rale.- tock of Nuaeham Courtenay, a fbr Ben-will up, "but Z say wc long to buy to feed the pinks and clematis late, too, though it Is- a prevail* have had to wait four years." 'know- them. -Lloyd's book is. longer run is now, and we all ___ . . There was a queue Wilt problem as they prefer. effort with r the large-flowered kn this scarlet miniature. The tion. taken up into the plant and-,. Among . .basic work, now, for dislingc of our most flailed Mr. Healey had Objections Mark Mattock said: “It's gone these two families is well worth- One spread round its system, but it.mauves, the vote must- go tb the ihg the drab, the lovely Z KS clematis, Cbnstophm: growers of a brighter idea: a more realistic This has much in common absolutely haywire. We've’ sold while. I have added many new ^ not a cure. A good Lloyd tip--recent Vyvyan Pennell, a plant fussy aiufcthe essential, Lloyd, has just recast his excel- pay limit, and a contribution with Sir Keith Joseph's Family more than -1,000 in the first two pinks over the past two years, is the planting of a new clematis with double flowers -to May to But do hot be carried at lent old book on the plant, now from himself through tax cuts. Income Supplement, and one hours. I've never experienced among them the handsome white so that a few inch esv of its Vstem June and sometimes some-single Eight in ray garden are eno flowers long out of pnnt, and us 1 Vt'p gfil the ruts, and a less ab- hopes he will commend this anything like this before." musgrave pink whose are below soil-IeveL jWTilt strikes- ones thereafter. As a-m&tehing to busy me fullv on such e a new clematis at £4.95 from surd figure for wages, but we scheme to the Conservatives. One The crush round the stand of have a charmingly green centre, above ground, but a Bmgth of old double white. Duchess of Edin- ings as I feel like feedtos- Collins, which will be a standard will didn't get the flexibility. Again, can imagine the Labour objec- jaxnes Cocker and Sons was even Limiting the foodto some groups stem then remain beneath burgh carries, on In the weeks spraying in the dusk. work for those who uke -to readr thc needs nf the low-paid meant turns to means -tests and the bigger. People were standing hut not others, I am now satis- about plants. Among such useful further compression of differen- rest, but Mr. Healey should con- 15-thick to admire the large fied that it improves the crop of advice, curious, one worthwhile + lials end more trouble for the sider this: with a reverse income peach-pink and cream Silver flower and, above all; the life tip which he omtts is the use of future. tsut he could have offered tb Jubilee. Orders were being of plants which -otherwise flower liquid manure. But the clematis SALEROOM BY ANTONY THORNCROF1 This year, so far. we have only look after the low-paid through taken as fast as they could be themselves too span to weakness taste for mulches of farmyard tax cuts. Flexibility there wall the Budget and got a pay policy -written or death. v manure is stressed. It.is not ev«m I lave to be. unless the whole which made sense. It is. surely Both' rose displayed, won A fortnightly spray after Possible to kill it off by giving it scheme simply falls apart Yet worth swallowing a few preju- awards. Mattock was given a dinner, mixing Bahy Bio or Maxi- too much manure: clematis resisfj stiil there is talk of a floor for dices to achieve that gold. Cocker a Silver Lindley. crop Into a watanrqg can, j S oeciwut like we do. the low-paid, who at length * Poverty before politics, by Medals were almost as thick strongly recamnflEued. When ' tops £500,000 actually are suffering along with Colin Clark; IEA. 2, Lord on the ground as flowers. In the the earth is already wqt, it goes What about wilt? Once you everyone else. The outcome looks North Street London, SW1P centre of the marque it was a in more deeply- Once you have, have it in the. garden, you cannot rrtfE DEMAND for Impressiouist lian infla-, #. rare display that did not sport soaked the soil around the roots, «ureit. can seal .your plants red figure trefoil-lipped pair of* German pistols m a perfect nightmare-^-an . 3LB; £1.50. You and Modem paintings is always oinochoe for Coll Ross. - about 1850 fetched £1,050. so uncertain that Christie's took Tbe saleof jewels, watches and " Victorian paintings at Sllver in R MtA I Moo . - . - l mJ u ***** 4 The i^ianciiE' ‘Times ^Wednesday May’ IS 1577 (Coliseum . I Television \:tM The Nutcracker The magic of the movies - by CLEM E NT CRISP Wrth * May as- . grudging and I admire almost everything U - Dv V^xirwioPTfRIS DL» IUJ N1M lvA. T P Y1 frost-bitten as. it .is this year, about the staging; the feelibg ” L £ Christmas - seems but a few that there .is magic afoot when ‘sm weeks away, and" as a wintry Chaikovsky's “There‘There are still soma,som decent Ealing screen score announces the ^ Cinema, which prefaces more and more “fllras-for- off which vou slice however naroinger iple left in FestivalBallet an. Mon- start of the mouse-baffle; the People the world,” says each film with a newsreel from TV” of the sort that we are much you need. BBC l's exampleexamale day brought out its production hideously right snobbery of Herr Sylvia Sidney wistfully. the year it was made. Thus last already seeing imported in grow- on Sunday. Sfcji Heist, was typi- °* The Nutcracker, - weeic British ing The. very -von Rattenstein offering- only “Yeah? Name one." growls brought a Gaumont quantities from .America. cal: a competent but mediocre notion of the piece iias. In the. one finger when Dr. StahJbaum Bogart snap J?idletin from February 1 M4 with _p cast enacted an ingenious but the brim snapped F , asQns j*,j s line be stnke “ fighting 0"£- ter- seefa to, shake .bis hand: the down, the shirt collar open, and meswgjs frora our of Painfully stretched story about ror£!S« S;*!! ^ as nm, ng* ihouJd5n0UJQ be“ oppopposed the, hearts of- man and integrity and credibility, of the cigarette in the men 10 Ita and showed up a the theft nf a plane load of gold down-turned ' fc beast, bnt is Ronald Hynd's w orld of the For ai start, many of those films this .Vassili Truaoff and Margot lips sending smoke licking into difference in aware- bars. Being American it con- new wmch have already been shown version, and it is good Mifclosy as the Stahlbaums. There a half-dosed eve. - ness of cameras between then tamed a careful] v distributed enough to Survive, without the a' n w* Da haU vera] ,raes — t e wani ™e are few moments of overplay- ti i* P £\ ° i series of miniature climaxes, to 15 scarurdav ni**htg MIdni hl Warner^ u H benefit of all seasonal nan- • S this speaking . . . Brothers producuons for the ing which could with advantage u ^ ? -V - Mum. is Danny deter channel swiichin" W*th sense pawed, and in sitting rooms instance, and musicals usually needed to^make it be restrained—the charm' of the one soldier explained unneces- the fifties no difficulty it could be stretched acceptable. " 0T *nta,“ ugures_ are recited — . nm finerinn i 6 ihar ho\itnn> in Y samy. They all letters deserve continuing repertory into a rebufcr nnii^ - • ‘ . • ' *-*& ‘ ltr10 11 tJ,0 ur * r,u au « true that television offers XL .rT™’' J ]justu finished grumbling “Oh not “ ^ 1 unnecessary • Chaikovsky score respectfully. on whom the action is pinned. i n cinema film*, f- ns well the . LXSa A fl0tber one ^f those awful movies from beyond „„ , . . , | a oH r and it invites. and receives. But it is. all in all* admirable. The Moreover the continuity from . ^Uck and white films ” as BBC2’s bounds of the British and Ameri- Entertainment HCCl w h ‘ s nf c ntr3! can industriestadunrin of the thirties. : - MUniau ai°™ comes on. Qufte «« r.ijJa c ftn T>*trp 99 r,!nV° j J'f 5 IfcCUI't* .oil performances EvaSS -Evdokimova is .and Guide isIS on0n Page 32 from Festival’s a sweet even forties on0 fifties. Fee instance « iSJwWStt 0 artists. Because Mr:\Hynd has delicate - Louise, and Alain we see- French movies on — Sg^SSTlhS°n ne worsL?rI,'bu,some''- put some 1!>- expertise more I, ;. sy al 4 airv* “Good ertef. j; ; . ' of ! p b st* ,00, • 3 ™ ry «00d - British television than French !\ need n.ot he I another of those wartime uSIed 5 tich? original tale, sense of Karl, the ninably considered at al! natures the hero. .. television programmes. In its demand showings, and m etnema Artists efforts-’' films. the- party iir the, first scene looks My only reseTyation about the Screen * slot BBC2 has recently rightly. If films-for-TV become credible- 2 c Because he..has care- staging is with the final grand fully and pas de deux. - I- wish Mr. : plotted incident Hynd eee n M- character, the action is sustained would restore the glorious, and * 11 mere, rigni tnis was two weess ago. ...j.j, _ *"» -miounk. Decomes. as aa me siyie. coiua oe a max iius thl, p in pni R y.t « urt i v people they speak 1 Ploughs mean when . mio ' the cinema extension of Louise’s and Clara’s perfect culmination fine and week the same slot was filled by IjJ ™5 I film to a that theh filmh£ ” movies TV. indusin-. and this dream: ; enjoyable production. United Artist's 1943 production of “did on And —happily— is Report points out. Vl °ul“ CTBr l l “.ol see takes place prison. . The hardly repetition, need . such in the bedroom, smacking Peter Lionel .by B YOUNG actual setting is a provincial though they do make a handy Lorre and taking his gun away suburban sitting-room' and it is vehicle for Sue Holderness. as from a chili striking a match “p 5 Hoideniess. gives a toler- wall of a dark alley and Lionel is Lionel Bart ss .a enough to cairyS that Toad of 2^? j JP* on the • • beT blood-sister as ably complete; picture, of a his face below bis mallnail- bov.'boy.' and- LionetLionel is the .gossamergossamer song,somr. v . . illuminating recalls itest example of the ' save- Thebe playing. fiow* StS'SSST SSSSi K! 3e SSSi? tSLSS uZ ^ M SKM office-girl— though hot so ordin- people who took her from herl pew of television’s offerings Lionel Bart has written some selves. Head“*5®“ lunchtime spot,»i»ui, usshas addedauueu lurmauunformation irrfe are haoif “ roaithat maxesmakes recalling which thev did repeatedlv ,b® nothing own, mthnrh? W* of his no commentcomment, her*heri crimes worth while. baddies always confounded mebooy .says (hke Business amplification is. mote, subtly ™5e ' "' 1 - ' “• . s ; ; — — — — . the goodies until the last reel. —- Usual "or “Consider Yourself achieved. — • ^'• •-*-- Tien they got their come- , ...... Horae "r and- The tune on Brian Themsotfs set has acres • uppance. rroN ivhat somebody whistles, like 0 f corrugated iron -bp either side - Moreover, they strong and r. friemf Mike." There was of the stage and an X of stair- bad- straightforward story lines. In inexhaustible market for caBes in middle that allow pular songs It oh n- the . Westerns and the thrillers, f bui those pri for ^ injertioh of .a Union ales in those'.. days, and Mr. and even the comedies and ; jack when the Jubilee', enters jtrt gave us some of the most musicals of the “thirties, forties anacbronlsti rally . into- the - - vccessful. ' and fifties .plot was considered £5 .i ./dream, j./feimaJI han^ funder an easily followed Revisiting those. now; rer Bor piaysTih essentifeC und ^ was seen as an asset rather plot ils them as epBemeraL They orchestra pit. - pH er little • beyond happy than a liability. raories of perhaps, sociology ' v the dawn of pop. Best of all. an«1 stalgia drips from the lyrics had not reared its Medusas head, . Harold WinsatewmgilLC »n people whose mi nds'stay con- narpia HXT. so -there was no army of police- 5.v» of ledly in their streets, probation Officers, and home . ‘ women. Celluloid heroes—Humphrey Bogart and George Raft • Li.,.: U v. JCWlSnc nVirnm‘r.1^ j m they have little jn them of UnTOmCier teachers written in to explain . •try or wit and the .tunes - -rj »_. *„„!/ bow shoplifting is purely a pro- 1 : u * i y solidly on a bright idea for JdOOK AWarajT duct of the menopause and bur- owners, and been re-sold to the the five-year-delay rule) was a gets and legal costs for 9 or 10 > : simply reaction *to the BBC for further showings (or worse &C M rSl bt ba 0n, i, for the Harold'.H. Win glary a year than 1976. so that the new movies. When (if?) made b> .v- • \)ynv solidJ!| isic !?calleda n^ forfn? to;5 Welfare State and that baddies vice versa). Which helps to trend is by no means irreversible, these will become available to gate Jewish Chronicle Book “ alKl tify a line of such numbers are really good and goodies -bad. explain those groans of not l understand that from 1976 some television in three years instead .Awards . have been announced, - - again" viewers a v a couple of hours. For the n ooo pri2e ior best All these factors contribute to as settle down 100 to 120 of the films produced of five, u.., la would.be happily for the latest viewing, will television. \ one more Hkgy non-fiction book of Jewish in- the enjoyment of old movies. But be “playable'' on By cinema industry .standards provide a suitable libretto most important for many people and of lhese leasl 10 pcr cenL it IS small beer, and "certainly published between- April 1. Dooujj.,. belief is that now - . .it n John Wells, who has more is the sheer nostalgia are maJor wel1 known tj,les- 1976 March 31. 1977, the of course, thp of cinema films up to is still early days. But unless n once shown himself; calpj|ble projects jud?es wJii;.be: Dannie Abse. the early seventies has been It is acknowledged that some, of tbis sort are made rreabog an ambianro that may 7 St professor David Daiches and screened at least once, there such as One Fteu* Over The to work, then "trashsporf (th* convinctag even if It is not r*« « 1 t.' it; F^eJi Literary Editorr fewer fewer movies Cuckoo's Nest, present bland cut-and-come-^gain non- nnrfiiSi in rJ^? *?***. *111 be and minor e- He has ddne hls. best for ul sense °{ 11 Jewish Chronicle, Hnpj available for television. The problems of content for tele- * A knockout, Sporf- nel with a bandful of chara^ fiction prize '*?»._ For the £1.000 reasoning is that fewer films vision.* However, it is : imply not P^elebntii i in* a property EaBt End pirf for -the best novel published be- made nowadays anyway, that true that most movies Go!/ and All ln \\ resiling which pwip" nsed in are modern lle Li hiraselt Rick, a young the 15 threatening the powerful tween- the same dates, judges Trevor Humphries 1116 few that are made are too. are unsuitable. For TV even fla- • 9 wartime1 v^fh^Granada rinema *.h siBger. Ma. Li’s Jewish 3 '®urs real 1 are:. Madelaine Duke: John or vi°leDt for* television; under the present restrictive of •P0*!* w11 he Robert Holman and Stephen Lowe' receive their 1775 George rirruit to wara its staff that air nraa, a cotiflle of girls. . a Gross and Bernice- Rubens. cut-and-come-again Devine and <^ema industry-, rules. Sjg-jw r. an ambitious ponce). But Entries for both- categories awards at the Royal Court Theatre yesterday. gSST were This . ' Robert Holman, born in North Yorkshire in 1952, had first offered viewera a cartoon, one of 8 3 argument tale, which Incorporates DL’s should be sent to the National his ^Xenre sapped^ away^hv TV Television will have nothing am of success as a rich song* plays presented at Tees-side Youth Theatre in 197?. His ‘Taking tte help-wuhthe^war propaganda should be Dpp0S^d °" h* fresh offer Book League who are adminis- it disappeared to the movie buffs" ^™osOrt of f th ^ , J ter,’ and for. Stock was performed for a Sunday night at the Royal Court ana filma; a newsreel, a feature film, the quality, content. . some reason wring the awards, by June 30. \ showed and will j Ust have to go on play- last year his version of Mrozeck’s * Emigres ’ was presented the c, ” ^ lents Adolf Hitler as the The winners at n mrtlejs raa f . .will be announced ->* unm * Young Vic. He was selected for the Award after, the recent - *08611131176 of- ss.r fo"^u tfsjssa is ' s-S«si the Muriclans* at a reception during next 1 k mana prowoiave tees. production iat the Bush Theatre of his play German Skerries.’ replacement since it resembles on, is hardly interesting December. . BBC2 is paying Granada the Stephen Lowe was.bom in Nottingham -in 1948 and studied drama compliment of imitating the idea Consequently runs the argu- one of those endless indus- at Birmingham University. In 1975 he joined Alan Aydcboum’s with its current Thursday series ment — television will have to trialised veal ham and egg pies company in Scarborough and last-year Aydkboum directed a double bifl of his plays * Comic Pictures.’ He was selected for the Award fair his play •Touched’ based on the 100 days between YE and VJ Festival Hall day.'. ‘-Touched’ will be presented at the Nottingham Playhouse on June 9. il hcwarthat never ends . WASHINGTON, D.C. The George Devine Award, named after the first artistic Vr'e.BriiisfaaTeapeacefnl'peopIc.Wbenawaris director of the English Stage Company, is awarded annually to by DOMINIC GILL I .:.-3s5 Serkin Renaissance . over we like to it creative 'artists in the' theatre (playwrights, directors or designers). A L ip ’?£3| ctmagn to the history books -and of *.«£ forget it.- This^rms year £1,500 will be dividedaivioea equauy.equally. . - There were moments of peace, (perhaps experimental) tempo Rudolf Serldn's Beethoven ( lV/ICtnUSt-IPSS But for sorte-the ware live cm. disabled from yrQraciousness The • roinor adapo spun out in which seemed to sacrifice too N j whirling A° F ? t» ‘ recit onOJ1 Mondav left World Wars and from lesser campaigns, now all ™ greatest simplicity defence- much of the music f‘ the the heart of , , . , all l\ZZr ofr!i , luxurv, • - its wake manner A !uxur>- hwelhen el intKcin the great too eaalyforgotten; the widows, the orphans and the - in le5g eloquent; an opening the still centre of . -r>" t — immense, children;— fOTfhcm their warlrv'es on, every day and A/Ip{ currents ancf eddies, subtle of Moon- of European tradition. Elegant, quietsquiet^ rjHflflK" * OTTTrY W1115wi,iiD oT KfiVSl Acdfipmu adagio soslenuto the the sonata—for the sake ell day. iTiV/V^wiiiU iwj'Gl / iwCtLIL/iliy pianisticecboes, conversations sonata beautifully greater clarity unruffled—nevernex-er a convention. ] ]igbt flexibility, greater cases, ' all In many ofcourse, there is help from d ' ' and half-voices but above , — caressed, beautifully pedalled of D ...... movement line. HHhI . and BY . , pension. Butthere is limit to The Royal Acaderaj s Jubilee In recent years ^ v a what any Government McCornb has these, a sense, of speed: not of (even underpedalted: how few The performance was other- S'(l\ Department can do. * Priee of £1.000 for the most come into his own with Kitaj breathlessness or haste, but* of pianists observe Beethoven’s wise a triumph: a titanic open- is “eluding This where ArmyBenevolence steps in. With ns of hisworks in the velocity and weight urgently to bold the sustain- ing hair- . distinguished exbibit in the instruction movement which took Tr, _ _ T -^waBsISH understanding;With a sense of uigency... and with Ga le1^,* ^uman Oay summoned. The outer move- ing pedar down throughout the raising 'risksrisks in its stride,ide. soared 1 Summer Exhibition from a non- i , THErib MADISOMMADISON practical, financial help. ex Qn °* 19W.. and the Tate raents of the ? ‘minor’minor’ sonata op. strive ''Bwfli mprnhpr has hern awarded to “-l? E movement—movement—or rather, for to thetbe grandest heights:s; a scherzo ii'jshuiit'i Gwc*Gw* Minajtjjt Tons it- is privilege to help these bravemen-and ® acquiring portrait ^ IM a a His award 2 no. 1 sprang fierce from the that stunningly bold effect on a articulated with a marvellous jjth*MS «*,!«iw,vc ink UB Be as J5**MStre«»,MVi;VC’asJiinsioti,D.CM0iUwoa,D.CMoli : too. will Leonard McComb. McComb was OfBH women, Please you help us to do more? Wo was. unanim.ous. and is for a instrument full of sudden, bard modern instrument*)- variety of tempi,opi. poised rubato Phone H.R.I. LondcnLondon m-t05-543801 -105-5^38 notlet our soldiers at the siaae, is “ must down.- a student and watercolour entitled Portrait of contrasts, leaning angrily on But the energy of Serkin’s in every measure withi Schnabel;Schnabel- _ TdexTelex g5 i.-265^w now a teacher at the Oxford a lady," for which his wife acted Beethoven’s sfontmdi; every never faltered: a’ re- ’ playing like inner tension: a fuguefU8 fUfull ' 0ror <« ™urwur trax,«™-iel a eflt Polytechnic. For much of his as a model in which just fiiri» a J S S- and phrase and rhytiunic cell of the morseless momentum wonderful of lightning explosions,5, fury at _. . bB- Ccyne, T^vpriclor The Army Benevolent Fund career be has concentrated on four, colours are used. It was minuet was given special point, to share, extraordinary to white heat—softened,i thoughrhnnoh sculpture, and tbe ArtfCouncil chosen from 11.45$ submissions, special charge prelude to the behold. In the adagio of never for long, moments of ““ for soldiers, ex-soldiers and their families in distress — by f has just bought a large figure- The Summer Exhibition of the finale's unstoppable chase, awash the H3mmerklavier sonata 1 -exquisite lyrical gentleness: but DeptrFT, Vri/ Duke ofYork’s HQ, London SW3 4SP tive sculpture he completed 13 Academy opens on Saturday. with inaccuracies, alive with found it for tbe first and only lyricism on the run, steel-sprung. years ago- A.T. furious energy. - v . time oppressive: a strangely fast at speed. :' - : &&& Research and Development. P Jut,. Imagine a minicomputer system the size of a typewriter. Sitting on your desk. Speakingyour language and sohingyour problems. Rapidly running your research, storingyour statistics.- Mastermindingvourmarketing. ’ Independent ofanalysts/ operators and programmers. ' CDS' Not costly or complex. • DUB , Not connected to a big computer(although it -will work inhamony\i.nthmanymainfnrm^), • Stvifter, more cost effective than bureau(but any m* mm Mm.rn.m ' ^ -willing to Interface into any time sbaring setup). Dedicated to you and your needs. Computer power at your fingertips, r ,Dirert eSUltS ' ' The Olivetti Pb060.Ii! ene d,A unit, Wh-KMHb nH™«-t^^^unvern S iruUuU personal • ol options °o. — M n M a ISC user meniorv, Lwin flopnv disks, lull range and peripherals. minicomputer system. Imagine bow BllfflBi it could contribute Lo your business; B B IS C5 Bb BiB London VVIX OAIL Ml - S 1977 The Financial -T?mes::-%Miiesday . EUROPEAN NEWS ten ^ Contrary to some forecasts, Zbynek Zcanan sug^sts that the IfSSR an exportable surplus of oil will continue to produce Mln r first place i' : - * to i on BS ifi i it Holding ' _ _ — ... V .. ' I 1 — 'tnon ! UVals in VnniiMk la... been TB80 is ibjlj to be much lower . doubts have ...... a aflwer seneration is being shifted Serious TOE VIEW appears to be gain- Soviet than earlier forecasts coal an raised as to whether 'the- t* ground ta the ^ert-pwtwu- to assumed, mg Russians are tryfag Union will be able .to. go on . , the recent report larly after OA closer to supplying its' Ea*t_ European .The projections here were pnj. about to |BdMuj tS SPfeli -^that the Russians are with the required amounts, pared after the warn,information towr big„ „Srceso rces mofcoal and hydro allies to run into diffioiln-. with whether tt will go on the -current Soviet develop, awena,j effect big of oil. and on ... reserves powct m oil industry, that their * exporting to the -West There ment strategy became known: the new tar- e are. too low to meet “^ ,076-1980 plan calls for are two developments in parti- that is to say, after the an- felt de- gets, that production will Soviets of the current five oil output including gas cular which -.wiU help the nouncement is grow- crane w y dine, that consumption year plan. This,This has made it ing too fast, and so on. - possible 10 develop two in- ' While there is little hard scenarios: one assiraos that INin 198U-1980 formation on Soviet oil reserves, PROJECTIONproJECTIOI OF SOVIET ENERGY CONSUMPTION3N Soviet economic. grQVrth will bo what data there is suggests a (m. tonnes coal equivalent) as low as planned and that the different conclusion. namely Likely wiU be effected. Minimum . UWpvenvenron energy savings j medium ' that in the short to 1980 Share "WB1980 SShare The other projection assume term Soviet oil prospects are % that Soviet economic growth win the % quite good. This means that 658 352 69i.6Mt 336jr .be somewhat above .plan, and will not only bold pn 444'- savings Soviet Union ... 346 .that the intended wir i 436 237 4**:. 3 Naturallralral m*Gas ’ place as the world’s largest ’ realised, its 313 . S6T ' 330.1 not be Wholly . Coal 57S / oil producer with over 500m. "60. projections fore ’60 33 ;; 60 ; .33 But both these buthut will also nave a 0*j|«r wM tons a year,rear. 1)0 a a 'Tib S3 cast a consumption rate that i' mar- Hydro and nUd~r on.gr _H0 M surplus' to export to world considerably lower than an; 1,83? illUJi Ltt7 lean kets and to its East European Total ——— previous estimate. (For lnstanccn a a NATO seminar in January 197-fJfj ^This export potential—about SOVIET OIL BALANCE -regarded a consumption forecastIrf/hm1 tonnes) the U.S. Central Intelli- 1975 and 1980. Cm, ' of eoat-equiva which - of 2J33U1- tonnes - 1975 sceptical . 19W1980 gence Agency is -clearly .' ICULt,lent), Uiof whichWUIUIA 786ra.IUVAMI tonnes Uo * the Soviet Union in 630-640 —could put Production coal-equipmentcoal^quipment was set aside Cofo it 1 I 321 t( T I f position in the *80480 * a favoured energy Consumption consumption of ojti, as accep * * the }1 J j medium term. — “ „ki«» \ r-nnclHeroA together witll M 7. 150-160 able.V Considered vritjl is growing feeling Exportable surplus jsmw For there a " production -trends, iL is like! industries that the — — within energy that the Soviet Union will ha\ run short of oil 1 West could an energy surplus in 1980 aboi -s supplies within the nest 25 years. obligations to The international Workshop on condeilsate. to reach e2O840«n. to futtl tteir Soviets decide EUROPARTNERS Strategies, alhes, and to earn precious hard Alternative Energy 1980: an absolute m* t^aes m thejr petrochemical i which this week reported on sb sourcesof primary energy than home" todeed7soviet S t^ dMKte lower rates Dutch curb asbestos use banks ; Italian ' MICHAEL VAN OS. AMSTERDAM. May 11 ROMEyMay 17. ;.| BY Affaire. studies would be made in th hanks are of bills for the ffret^ime to. 18 THE DUTCH Social TOE 14 major Italian drastically, areas. months. ..., Ministry is to limit interest.on deposits by Exemptions may .be given to reduce Interest on Treasury tolls the use of asbestos in Holland they decided certain cases depending on about 1 per cent, stands at about 17 pet ceaU de- because it is a hazard to health.. meeting in Sor-‘ This rate concentration of the asbet at an Informal pending on maturity? to-day that Apni;- The Ministry said in the air, but it may never The maximum rate pay- weakened slightly . ih rento. in about a year it will be -illegal, higher than two fibres per eu the largest deposits will especially for shorter-term bonds*, able on to sell, process or re-process millimetre, and lower it tech from 16.5 there a fjflrly heavy } fall to 1535 per cent while was • crocidolitc fbluc as]>estos> as possible: The limit for cent Other rates will drop demand for the 6-mohth and 12-. ally per well as materials or products more dangerous blue asbet one pointi. The prime rate of raonth issues, a further indica- .containing such. It .will also be will be less than two fib on -loans will re- tion’ that ther >banksw'are liquid interest charged to spread (spray) will be judged prepared to commit their, forbidden Exemptions main at 19.5 per cent. and are products containing and CommisE longer perimis because asbestos or the Minister a cut in deposit interest is fundsJor represents The expect find ««Mn- asbestos. of experts and the high level they do not JjO intended to cub 1 - and unions. mercial borrowers- They are also It also said^ it was aiming to from -employers AMERICANO of liquidity the banks are acquir- Dl ROMA- BANCO HISPANO believed to haye bqpgbt about ban as soon as possible the use BANCO a r This rise in liquidity has tot FtwNcuj- TtMts, mmux Mir ing. bills pri- .insulation and boUOm. U-S. »ob»ato ULOOOba of Treasuriy -of asbestos for SumUyn a ad , .At the April auc- flrrifbtt 5JJ 4.00 (tar mrin actfe. . become Italy. decorative ’SI 78 tf» IMr vately front the Bank-p* . . for conservation and; dan rw««" Wo « tion of Treasury MBs, the basks anmmi. Second - 1 . . further Yart. VJS. .. - . purposes* although M AP-DX- . .. . r,- COMMERZBANK- CREDIT LYONNAIS bectone substantial set. buyers firm with for adding The shipping lanes arc crowded Ships are get- anywhere in the world noneed onsorfM channel crystals. ting bigger and fasten Tune is rdoney. Safety is . or changing ‘ used on paramount: Pressing reasons Sor new and Raytheon electronic gear can be practically eyerytbingthatflq^s—from tankers improved aids to navigation. Andmany of them .. . * v? -to towboats, pleasure craft to pilot bqats. are coming from Raytheon, . ' . * the equipment list is a long one—in raejar Gurnew commercialiadar gjveS mariners a . And .. ;. K • . . systems, radiotelephones, depth sounders, ^ cargo-loadingcomputers. So bright,that no viewing hood is needed— direction finders, and it's global and at night, or even in daylight Now, two or more Marine electronics— a market,yet its just one part of persons can^watch the radar at the same time. • growing ' business. Result: more frequent and intelligent use of a - Raytheon^cc«nmercialeiectronics elpctromcs is just one vital navigation system. And commerdal Wre markeiing these new radars world- ‘ of the six basrebusiness areas at Raytheon. The - wide. Meanwhile, were delivering more than others are gewemment systems, energy services, Coast Guard. major appliances, educational publishing, 200 systems to the U.S. . „ • equipment. copies o. water; . and heavy construction For • records depth of •& :i.; \ Our new speed Iog : ' bottom. In shallow . our latest financial report^ contact any of the •nmx K.'- speed, and motion over the speeds!, the system is so accurate offices orcompanies listed below, or write: i- waterand at low ** hundredths of a knot Raytheon Europe, 52, Route des Acacias, 1227 * itjreports speed, in . . * — B ' - GenevaJSwitzerJand or woridwidehead- •. -VV-<\ •, crucial information for adocking tanker. , To aidmarine communications, our new _ quarters, Raytheon Company, 141 Spring Street, Raytheon VHF/FM radiotelephone can be used . l^exmgton, Mass. 02173, U.S,A. t -V": RAYTHEON. *'il l j!! ; .'‘‘"'ill! ?"i i FORE^RMAIIGNONROTHEONMARINEEirCTRONIC EQUIPMENT: Raytheon^^Cqienbagen, SHjangade 6.DK 2300, Copenhagen Demnark.Telqjbone 570611, or RaytheonMarine Limited, 65Vmc^SqpaxifiVVfcstimnstei; Lmdon, SW1P2NXTelephone 828-6172. RAYTHEON COTfEATOES IN EUKOTE: Electronics: Cossor Hectronics limited, Harlow; Essex, England • Raytheon Cossor Data Syst^ Hariow; Essex, England • Raytheon Halbksiter Gju.bii,' Munich, VfefGermany • Raytheon Intemationai Data Systems, Amsienfr Mancbestei; • G^n-biL • Lacroix Tbxss, Branische, Steriing ^ England Klasmg Co. , Ingoistadt, West Geman; & Yfest Gennany * C3ompaiyIinBted,AIdOTMrtoiLBe^ RAYIHECNNf OVEBSEASLIM1TED, EUROPEAN SALES OFFICK: Boon * Brussels « London • Ivladrid Paris. • ' • : ' < -\ . i ' - c ' The Financial Time* Wednesdays Way-' 18 1977 thl» the u EUROPEAN NEWS * is or on pressure for new Mondale EEC agrees U.K. shipbuilding aid praises BY REGINALD DALE. EUROPEAN EDITOR ‘ !•; i* . I Bonn reflation increases Spain :jji BRITAIN and the EEC Commis- On the British side, it was By Roger So far the Commission has not construction mdusirv. kvjiuh! BY Matthews sion nave reached provisional JONATHAN CARR emphasised that the commission pressed iis case too hard on the The I’.K however - BONN. May 17 MADRID, May 17. IV , agreement which should allow had requested only minor teeh- oil plat forms, a sensitive poliu- regards iu present svstem aunt i*i, . LESS uie Government to continue wnh nieal changes in the scheme to THAN two months after are improved allowances for oa-ntrai MR. WALTER MONDALE, the cal issue in view of the jobs nocessan tu proieei" Brit:- sir- ntl,“ • ti r its n i £6om. fund agrees on I'miSbn. pablio “ ^ \V.S. Vice President, to-dej- to aid the ship- bring it into line with practices involved. But formal complaints yards from subsidised rontne depreSuM anaua ELDonuses torfor in- Qr next building industry. •v.n -.* t .‘-i** Td msme Com- rale only when yards ihat the com iiii-smo dtfdtoramt ^ was Slwedr«UHe Jremf,^ Apni the number of jobless had had n .j Premier was in Washington petition, said tu* . Germany itself. the agreement on rehales per cent on buyer competing with rivals, outside - « of 3 raised formal objection war ' MB55bn “ 1975 10 DM48bn. Stall . not dropped below one mil- recently. ThfiatesTlatest examplepy*Tn«i* P the aid fund for shipyards, credit for up to SO per cent of the EEC. so as not lo discrim i- Mw? me came today last year, and continues to lm- lion. the scheme was iir-i introduce Shortly after his arrival, Mr. announced in February, was ira- the value orders. nate against other Community ti‘’l w d h of major j n 197.1. Th.- vnmmn-.ion ^ a 0* tbe other, there is no con- -Mondale visited Sr. Suara, and rtan ror tS weed the e Bent to P 3 sensitive area or The commission opened formal countries. ihai ihcre w:i nu compt-ttiin r. ™™^ per s Su' S 2 cent, value added i? j -V- tax sensus on what could now use- r later went on to see King Juan the L.K. economy. It still had Treaty proceedings against prohh-m 235 planned fully Rome He is pressing for a Com- ji that nme heejus liCT ® ^ for next year, be done-even granted the Carlos. Tbe talks were expected to be formally » tK*!8b' rami ie ^t0 hel cleared by his the British scheme earlier Ihts munity-wide system of invesi- the industry m n;her EEG c-mr I’.nr.i.'.i • e ^ little >i ? P !^0 arglues there is sign money were , made available for to cover of the colleagues tim late ^rlVa,e much same m Brussels. year. ment aids for the offshore cil tries was JHC\ investment that increased Government bor- new .programmes. Of the' much less developed Vmong other„^„E measures ground as those last week when J. •• . proposed rowing would oyersttaia N \ the DM.lfitin. already agreed, only Mr/Cyrus Vanre/the ILsT Secre- j v — between - DMSbn. and DM3.5bn. I iar>’ of State, also visited Madrid. can be translated into firm} This means they would concen- ordere Go-ahead for i . for projects this year, Tugendhat |i rvsi.ii BY DIANA SMITH LISBON, May 17. •• »K‘ THE PLAN for a Sl-Sbn. con- between 5700m. and SSOOm. would be forthcoming over the 5h.it V sortiurn loan to Portugal, origin- ally proposed by former U.S. next 15 months, including the aTrlU i Secretary of State Henry Kis- S500m. already promised by the ' singer last year, appears to have U.S. and West Germany, :• a is collapsed. Prime Minister Mario Leading Portuguese economists Soares, faced with an urgent could 1 «’• : suggest that the country IW -- - ' need to improve the balance of get by with Slbiv. in loans, rather payments, had hoped it would than $L5bn^ because tourism and be delivered by the end of this emigrants' remittances have ‘»" C year. . . picked up encouragingly. The • yesterday in • At a meeting medium and long-range industrial :'n iu" 1 Paris, chaired by Mr. Paul picture, however, is still un- a! eh : Boeker. U.S. Under-Secretary of satisfactory, and exports are not State, and attended by repre- increasing at any noticeable sentatives of. all EEC and EFTA rate. ' countries except Iceland, «u *->’ Furthermore. Portugal must ts\ together with Japan. Venezuela, repay its foreign debt — now the IMF the World Bank, Uswiv and running at over S3.4bn. It was discussion of ways to help made, clear at yesterday's meet- • .'Portugal's ...crippled economy IvV*?'-'” ing in Paris that no extension of Produced no firm decisions about :; repayment terms would be forth- < Tough talking at French Union of Left summit BY ROBERT MAUTHNER PARIS. May 17. LANCE'S LEFT-WING alliance But the costing of the common lich. according to the opinion programme of the Left is byno on which Is this really how see British industry? 115. point you stands more than an even means tbe only anee of winning next spring's the Socialists. Communists and neral election, to-day agreed Left-wing Radicals disagree. The Reading the to papers can be a pretty attractive in i ts own right quite apart All the potentially divisive step Socialists are also opposed - from in all it adds up to one of the revising its common Communist demand that the, govern- the depressing experience these days. foe imancial incentives. *nl programme. original list of nationalisations most exciting New Town developments France’s The decision was taken at a — covering nine of If you believed everything that was immir meeting of =the leaders biggest industrial groups and all Then there’s the existing workforce, in Britain today. yet state- the three parties of tbe Union banks which are not written, you could be forgiven for ihe Left, M. Francois Miner- controlled—should be extended one ot the most skilled and reliable in If you'd like to know more about id (Socialist), M. Georges to include practical ly the entire thinking that British industry doesn't Britain. rchais (Communist), and M. steel industry', the CFP-Tolal Central Lancashire, write to our bert Fabre (Left-wing Radi- oil company and the remaining such as have a single successful company within - Lancashire's 1. who agreed to set up a private motor companies And Central continuing Commercial Director.BiUMcNab. General Cnrysier- member working party to up- Peugeot-Cltroen and its ranks. e the joint programme. - Simca. development programme is ensuring a Lancasliire Development Coiporarion, . , 'be conclusions of this group important on some other ' we know plenty . WeE of in one ' steady supply factories' and 1:'’ I be submitted to another the three of warehouses Cuerden Pavilion, Bomber Bridge, Preston ft. issues, however, - unit at the end of June or partners have come closer alone.Thriving, . area expanding companies for new growth. beginning of July by which together, thanks mainly to a PR5 6AZ. Telephone: 077? 38211. it is concessions e. hoped, the- serious number of major that have realised the advantages of being ' have . igreements which have arisen which the Communists Housing, both for sale and rent, will •' 1 tin the complete .. Union will have been made recently. In a < Lancashire led out. previous policy, in Central NewTown.. be plentiful too. Not, hasten to add, iwi, But there was little reversal of their we in ny indication that much pro- thev have now accepted the Ijart-**' For a start its position, right at » on fundamentals. existence of France's nuclear the an urban sprawL but as a series of carefully rhiie M. Marchais said after- force, least until conventional at centre of the nation’s motorway network, ' ' cfs that the discussions had forces have been greatly planned villages each with its own pub, Central Lancashire - direct UfA* n “very positive." M. "Hit- strengthened, as well as Parlia- with nearby ports and airports, is The foundation tor vour future. and significantly refused lo - elections to the European village green, and shops. ment and sources said the ment on condition that it is additional powers. ; had been very tough. not given any . ' ; ' ,* —The Ffcaspci&l Times AMERICAN NEWS Blumenthal Carter defends policies Non-oil 1 1' countries’ . it]l wants 3 NYC ». i i i to find its against liberal critics debt growth EDITOR WASHINGTON, Hay 17. own . BY JURE* MARTIN. US. finance Presidential candidate that he behevM that such ’ PRESIDENT CARTER flew to defeated 9 slows to protest that Mr. Carter system was necessary, hut «dd«d By David Bel California to-dav to defend his in 1972. ' 1 reneging on his campaign that hq wanted to see it estab- economic — d social policies is By Hugh O'Shautfmtay neglecting the lisfaed “during time, WASHINGTON, May 17. w-hich his >eral critics have promises and my in suggesting uj£„ criticisin'* as being too con- welfare of porfrer Americans by office." that at this, THE CARTER Administration »»-.*** ° espousing economic policies that stage, he believes that if should! THE DISBURSED foreign debt expects New borrow part needs Tor the c BinmentkaL the V.s. Treasury convention that one of along with industry, is opposing! mn^emeoT the" President ihVuAtV ujj Econom i "commission for ** i,uui v M .• . _ : ,_.i_ . oiinn.i ii : r..:. * under . increasing attack for neglecting to concern himself with the needs and problems of California's business community.- *Uts projlj, - And. with an eye to an upcoming campaign - for re-election next year, possibly an erentnal second run for the White House. INTERNATIONAL BANK Mr. Brown slowly has begun acknowledging the business out- cry. FOR RECONSTRUCTION AND DEVELOPMENT His recent visits to Japan and New York, for example, were in- Washington, D. C. tended to assure corporate execu- tives there that his state’s busi- ness environment will be per- mitted to deteriorate no farther. The trips DM 100, were supported by dis-' 000,000 tribunoo of lapel buttons pro- claiming “ California means business.’’ Private Placement Governor Brown put himself at the centre of that controversy 6%% Bearer Bonds of 1977, due 1985 in April by sending, at the urging of the Franchise Tax Board, a letter to Senate Foreign Relations Committee Chairman John Sparkman, opposing Article 9. Paragraph 4.- in the pending Deutsche Bank Dresdner Bank LIBYAN ARAB AIRLINES tax treaty* Negotiated by the U-S- Aktengeseiiachaft Departments of State and .. Aktiengesellschaft Treasury. lhe clhusq . was de^icned 10 eliminate such extra- PEOPLE'S SOCIALIST LIBYAN ARAB JAMAHIRIYA territorial taxes as California's I JL . J V. . . * :. ! a m >• —;.^w Mai'' w . lgT *nie F3iianda^:.Tiines "Wednesday "May .18 . 1977 fon-oil Japan and araves m James Buxton reports on the military difficulties faced by Ethiopia ountries’ USSR ebt reach fisfi to Old armaments to face a new threat PRESIDENT: SlAD BARRS of Haile Selassie with U.S. equip- suggest that the equipment is all population >v burning village* menl* agreement Somalia declared this week that mainly with a view to fairly elderly. and committing atrocities. lows his forces defending the country against. This go only will go to war with equipment would Ethiopia is now preparing to By David Satter, f a small -way to redressing the use a « sr&sf ssfu: tactic which, if it conics 'BY r balance with the Somalis, who off, BRIDGET BLOOM. AFRICA CORRESPONDENT - “S*regime intervenes la Djibouti cun be almost guaranteed to 1 always conceivable because MOSCOW, May It; of now have 23,000 men in their cause more bloodshed - and after the French territory Somali resentment -over Ethi- JAPAN AND the Soviet army, and it can have no more Union THE U.K^U^. Initiative to find lateral and largely technical dis- antagonism in the province: it msut ils,.;, becomes independent on June 27. upia's retention of the Somali- to-day reached basic . than a small effen on the situo- is to r, agreement s negotiated settlement ‘of - the cussions send peoples' militia in f "between- Britain, the- 0E,dcB rcsion. the IS on a new interim fishing . lion in Eritrea- The Soviets do toe accord 12-year-old Khodesian': indepen- Rhodesian naliohalisis and "the THat should tenficKntwam- province lo occupy villages - ^ Ethiopia not ilr.cs .»i i which could prepare the way for deuce dispute entered to s 24 M*60 medium wani to jeopardise their tics and so free irootte from guard :| a new Government Salisbury. . . ing a country Ip Ethiopia's v,. in , . an end to the with srr * m\ ; . costly Soviet- phase arrival ‘‘Sht Pmko. Somalia by giving Ethiopia duties lo mmim offensives '* •v. yesterday with-Ae Despite 4he problems posed statt .ir Pnusa of military w«k- . of srdsn*-- !.. Japanese fishing dispute which in Zambia of a British team led both _ ...... many them ^rather old. were the wherewithal to confront the acainst thr guerillas. by the British role in relay- ness. But the ruliog military tVitluv.u-.. has threatened seriously to ",'..- and are no match for Somalia’s Somalis over Djibouti, partial- * by Mr. John Gjaham# ‘-mg the Rhod^steh- message t'lll|j. and council, The Derg is mmg l.i avoid a impair; -relations between the or Dexg. is understand- 200 Soviet T-34 and 50 M-41 arly as the Soviet navy and air Mr. GraEahi’.'who, is-. Deputy the resuhahl Increased tension th, . - nmUlkev Inaiu ycar, >ni two countries. ably concerned about the future medium tanks; though much of or U5C valuable Somali « yiif- in.-- Under-Secretary at the.Foreign between. Zambia and .Rhodesia, «. whpn ., s ilar militia, lamcns- of Djibouti: the Somali f m Agreement in its port handies equipment was as old raci lilies. • . principle viras Office in charge-" of Africa, was most observers believe that Hie abk organised, whs massacred more than two-thirds of as the Ethiopian and the Ethio- reached" during' negotiations appointed wqrfc Dr. David Anglo-U5, .initiative is . whether the Soviets are pro- ii-.% last by not at by guerillas before he ;:f ‘ reaching between Japanese Ethiopia’s trade, bn t after inde- plan army bad more than twice . Fisheries Owen, the Foreign" JSecretaiy. to pared to back the Ethiopians Eritrea. Losistical preparations fer Hum : . u pendence the new republic will as many men as the Somali, Minister Zenko Suzuki and head an Anglo-U-^, consulta- wholeheartedly in the battle For are being made in- l.hr • and Cuban 'l» ,r African have a- pro-Somali government But now Ethiopia many Tj Soviet Fisheries Minister Alex- tive groiip. .whoSerpi£fpose is to. South Prime Mini- has as Eritrea is less L-lcar: an Ethiopian strut-tors ’ ' JK'*- - -f. left as 2S 1 lh army’s 54^jub all need *i ander It - ster John Vorster Cape ’’99? men: but above they -Ishkov. is now being take oveir-The hesa . No agreement has yet been ? victory would give the Soviets militias near _ , soundings-’. : J* Addis^Ababa *P-7.7, into Town 10-day for talks in men tied down in Eritiea. The to be free of the war in Fritrea. put writing by Japanese three weeks onmegqtlatlons for a reached on the future of the a f00l hold on the Red Sea. But It is uncertain the | whether Vienna with U^. Viee-Presi- iorees ha paS lwo Jir- ‘ Soviet lawyers railway *. and and must .be consti- from Djibouti to Addis . there ore militia - i- Rhodesian independence ? signs that the situation will leave before nr after -:il.- dent Mondalc on. b ur Soviet Union is reported to haxe ' Walter fh»* ratified by both Ababa and Ethiopia is suspicious ^.P Ses and i in rains i III- i Governments. tution. for thc Eth opiaQ forces the which begin next 'U southern , b c nlu,ued se« l Ethiopia a smati number of ^hrtut iti • * p . Japanese .sources -into Africa. He was of Somali statements that it will said the - Mr: Graham went imme- \ ? Eriuea ^ ttow irretrievable with- month and 1 »m for three month*, expected Vienna to-nighi. aSamst in- military advisors, while there are . iki" ; ’‘ii. agreement provided in not intervene in the territory , vviih , for Japanese diate consultations with the a vasl inllux of cqui m( m ih- hatile for toe minds ,r p ' C r reVO t0 bC a, C • access to - Reuter unless Ethiopia does. «' of ton A* .(! .. ‘*r the Soviet 200-mile senior; American named io join I “ and. most important, a major Emreaiis a iread> lost it , SSSSU Jhv i , r aH A ^v,, ith fishing zone, T ' which presumably.- Steven Low. Seein> UI,!ikril ’ l!« ,«; the group. Mr. U.S. Two weeks ago the Ethiopian chaT)5e of tactics - lhi l lhl Soviets ’ l j 11 in r.- Seoce ifi deravinn'cnSfiiSJ!" ^^thPr° *’wT , includes -the water around .Zambia: me the would want m he closely 5ai»’ the ambassador .to leader Colonel MengLstu Haile S fSSP >h *n the past few months ass^ i fonr Soviet occupied Islands at t?* three guerilla movements, hacked ciatcd with a tactic which could m-v. I’li.- Vr: . imp -currenuy very iow Mariam visited Moscow, in an a S2LSS* con* bat 4 a reported to have the southern- end * bv variety states, prove enuntrr-prnduciivo. IPO .1! of the Kurile intends t» meet ; all lhe: potential attempt to secure military assist- IF a of .^rab have K- I \ ke? y U ^r ^ Ij. chain still Mos, mlliiarj : claimed by Japan. participants" Sia- constitutional for baSred won victories, takinc obseners see an idv I. tipi adds from Maputo: Mr. Ted to ^rfefeer^ne ect,on «r many,^^v uig the annj to hand their «™*e '• The agreement is also believed jjj P main towns in a wide arc of Ethiopian withdrawal from lii'hfil Rowland! British Ktinister of regime The visit ended with no. itt ^ to provide- for Soviet - access poun,r?‘ Eritrea as almost inevitable. It to Stale Son $ SmSS in ihe • at Foreign Office, said 111! *ii«i ;'.i a essm er| t ™a- have ^oxid War II nfles to the . the Japanese 200-mile - Sudanese border to the Red Sea. would at le:at have th«- advan- , fishing with &mton- be however the indications are f? , here to-day that an eleventh-hour and P Peoples' m.Utias now being !|l»* • zone which was declared early _tpiicnsfmg “ft*Z&rQbian They are now in a position in taco of enabling the Ethiopian peace formula was still possible thn the Prieto LTStfnmS V' n 1 '• ^ lbe.w-ar formed. (irtllii:. I thfe heseige (be towns of and army to deal with the \ . month but not to Japanese entuusms. of .Britain s role late jn to supply Ethiopia with* the Agordat provincial H Rhodesia. ° UeriJ S ,D ^* 1 „ territorial ntre* mid-April, before col. Keren, fall of which revolts internal waters which 'were equipment it needs to match j a . the would and strife in Mr- Rowlands was the first 68 aeed e"gistus l® Mo ow ” mp ’ • extended from J?!! 9 « Probably be the final blow to toe other pin* of ih.> pa? .t three to 12 miles ISmaSTforees Stole is - country and |1 ****'0T Western official to tbS SSJESii S 5, at the same speak ?°re arnis aad an,rauni Ethiopia is reported lo have Ethiopians’ hold on the province. Snvirl arms wu'r- . time. emptive aetjon against guerilla as to how : Mipplms would he : al some doubt firmlvtoev “J the meeting. attended by t and n,0r ™®urtd a shl »™Dt r om Aden The Ethiopians have suffered adentiate The draft agreement appa- bases - Tor thi^The Ethinman lutii!?-'' r in Zambia.- S? comntirted To hrinK- leB TV, ? ! representatives of 87 countries T’ a so n®ed T,ot of il S®™ 7-34 ta nks and 40 • rently also - .. because or the ineptness or their reqime i-an u , * new agreement jURBtirns . and when tfcey occur. Soviet officials have said the Rf. i>( Ilf - .Meanwhile, It -was reported ^'imposition of 200-mile fishing from Lusaka fast night that Mr, Lal«i» V- .-zones by. th& U.S. and the EEC Graham intends to visit Salisbury >«our>p •• 1 rr. will result thls.year’ih a 40 per to-day for talks frith Mr. Ian -••• ' "MAiBafi * ; •'Vj-cent. reduction in the Soviet • Smith, and fr44h. Bishop Abel reg:»: • -"*"u .Unions total catch. l» Muzprewa. leader of African interrupt toe ; c:<- The signing, of an 'interim iff 1 National CoumiT . iiUiuirtK* agreement ' must: be followed by Mr. .Graham' diet Mr. Nkomo, • . ...negotiations of a long-term * iMf!'-' joint ’. leader ‘with Mr. Robert ' “^'agreement to. replace the 1956 ?|H. D*.T Mugabe of the Patriotic - Front **••• .“"'"convention' oh fishing’ in the laV • in London 10/days ago, and the .-‘.North West. Pacific which -was iS«i Rev. SIthole; leader of one wing i ’.J'.ltnade void by the Soviet declara- aft lha? ' of Zanu. on Monday just before , tion of a 2(Xkmile fishing zone in Ii* »<*»; he left London for Lusaka. . December -’and- scrapped uni- minutes . 1074 ... Mr. Graham.-is report to" Dr. * aterally by the Soviets in April. to n-u> *"• thevftrsf week of June, run The return of Japanese fisher- Owen in- 1 r iPtrs-f. * ;r: •' prior to the-ojfanlhg of-.the Com- ; m nen to traditional fishing ' ’ onwealth Conference. Clearly • ' rrounds within 200 miles of the m hopes that "Soviet coast however, could the Foreign Secretary it only goes in one way, making ' And his envoy will find that all par- " Hefuse the anti-Soviet sentiment ' ties are ready to begin -negotia- -:-n Japan which provoked an tions oh -aq independepce cojitfi- ; . .i.-i* L-Dgiy reaction from the Sovmt it to erase information »#4IT M • virtually impossible k ' :, thtion, even, toouglvrtoe'se fr-i» Swob* 1 - vsr-. ress. -;i “V- mrtisiSy tike the fdmi- of ! i>i; - accidentally. - iutt r,‘ -;P» Namibia referendum 1 * ‘ y WINDHOEK, Ma^l7. Weigh these advantages against those peaM^d: : fho f.o*. ^ HE WHITE electors of Sooth toe Turnhaile vonstftutional ' . "Windhoek "to 4.*OW» > Vest Afriqi -(Namibia) voted" committee . met in ' competitors. r 3 7-day on controversial plans. for discuss counter proposals by the ofour •*': n interim government and in- U.S^ . Fritace. Brititin, West aind Canada? fin ir.r> ependence—which are likely to Germany have rejected the Turn- when you consider that most of ;e abandoned ... or . heavily "They, And sr: .mended because of ' inter- halle scheme for an interim *i Ihf -...-.’rational Opposition. government in which the- terri- White political leaders said at toiy’s ethnic groups would be interrupt . 11 to you f them are guaranteed ... -ie end of the referendum cam- equally represented, but the SJ'H"- «!i> .. *ign that they expected over- South-West Africa People’s * J-i the . .helming support f6r the plans. Organisation, reorganised by after 15 minutes, a Grundig Stenorette l**».*l . 'vimpleted- on Jtfarch 18 by the UN as the legitimate represen- " ...,rnth Africa-sponsored .Turn- tatiye of the territory's popala- ‘ ' lies ‘"l ille constitutional conference, tion. would be excluded. best ' dictation add to the • up ' system must ... But as the voting took place, Reuter ikiflir • value for money around. Peru ( abifcindia stresses draft plan Something you’ll discover for your- u . ofour competitors can record resh small-scale industry Most BY ILK. SHARMA NEW DELHL May 1? notes, ideas and dictation for 15 minutes. rpKE>;i> ’ PEOPLE’S plan, emphaa sing The people’s plan aims at less i Hefiixt-i owth of antall^scale Industry rapid, industrialisation, while >! improvement of welfare modernising more quickly the And then the tape runs out. >11,'.-. h?mes for - utilities. 1 ’ the rural popula- social services, public •. M'n-*- 1 • m. is to be toe basis for pubHc housing - standards and toe -r tftl.'-’- l-' scussion of the Indian Govern-.agrarian economy.' Indus trialisa- With the Grundig Steno-cassette 30 ?nt’s new economic policies, tion will become more oriented ‘ \ . ie plan has been prejKared by. to small industry. - .Vi i '•! .• - - . committee at the. ..Indian not you can record the same information. For irojtii1 - ; M ' people's plsn. bet the floonee rt, with its side. • wtoister’a .association a full 30 minutes, on one VVJ' : «- *rhe te^veartoaS involves a ' tlaundfing public discussion f . for » a nntlav of Suf " 1 1 ^^a.semi-official status^ i’: mut iilObn.?;- o^ ‘ ’S .-aorMerm economic ^pobciM But the advantages ofthe Grundig . icuiture gets the. major are expected ?.U»1- ire of Rs.220bn. It envisages toe Government . ,'» ammai . w vr domestic pcddiio-. to be announaed in toe •' ise in gross !««":• 1 to parua- . bjidget to be presented t there. . cent, over the ten don’ stop : 3 of SO per Steno-cassette 1 ' » Miu-.- ment on June 17, but the m* rs. Taking into account an wmen 'icipated rise of 16 per cent direction to the economy yesteroaj the population, the effective Mr-- Dcsai. promised indi- taKe Our cassette has a built- in time ^xrease in GDP over the period will .take *ome. months to Al’i ^^l be 55 per cent. shape. cator scale. m Lanka banks reprieve Not only does it tell you how much BY MBtYYN OE SILVA COLOMBO, May 17 of Mrs. Sirjmavo more you can say, it tells your secretary Z SRI LANKA Parliament' is administration Pnme ected to be dissolved. Ip- Bandaranaike, the plans tow- to prepare "toe way. for Minister to abandon its ieneral election — a move and dissolve the assembly.. howmuch she has to type. Reuter adds: The election is :h means that a^Government . ; to held on August to nationalise toe country’s expected . be three-party ign commercial banks will 6 or S. Formerly a It also has capstan drive for constant Bandaranaike s ! practice, the nationalisation coalition. Mrs. * office in e. Government, which took OdIy_of affected the three 1970. is now madi* up ^British The speed. You won’t, as a result, find the is with offices in the country her centrist Freedom Party. Sama Samaja ’rindlayVIrindla Chartered and 'the. TfotsSaist Lanka ^ from tne The Finance Minister. Parly was expelled dictation system. and quality varying through the tape. The Grundig Stenorette Hong Kong and Cabinet in September. 1975, sound Communist pivjen^iFelix Bandaranaike. had the' Moscow-oriented its support last *0 determined to pass the bill Partj' withdrew re Parliament's term expired February. predict a weekend. Political observers For further information on the Grundig Stenorette dictation system, hll in the coupon and post to: -the new . iwever. the parliamentary close-run election for parliament on was suspended enlarged 168-seat 01-659 2468. in group, Grundig International Ltd., Newlands Park, London SE26 5NQ. TeL uary when the Government with the main opposition ‘ United National Party, l a threatening censure the over the — having slight edge ic and It was only due to a Tel : : ’ sitting centrists. Name — ue this Thursday, - Mr. Bandaranaike hoped to a suspension of standing ON OTHER PAGES Position. •s to push the banking bill Company. 5b. . .. Company News: opposition,, however, International Stattforeug P°^}'a meed that it would ask the . Address— -Montedison dealings ;cr to give priority to its >nfidence motion and* this, Farming and Raw Materials: §, (GRUnPlG) ed wih Mr. Bandarnnaike’s EEC fishing policy interim BanK n departure io Loudon for Australia ' opposes FTBA3 ter -gent operation, forced the wheat pace fc'3* . . '1 _ , j : . , ,: Times' s. The MnaudaS WORLD TRADE NEWS consider Europe may I First dollar Buyer Airbus to . W* J I W. German boom in trade • : rptolisilp credit is signed Rolls-Royce engines gkn chief with Mid-East continues • BY MARGARET HUGHES BY MICHAEL DONNE. AEROSPACE CORRESPONDENT I warns Japan THE FIRST ever syndicated has Wn a Keen raee among FRANKFURT. May 17. BT CUT HAWTIN Terry Dodiworth • dollar buyer credit to be guaran- bankers to annoupre the first, ROLLS-ROYCE Airbus Industrie believes that By teed by tbe Export Credit) It is perhaps appropriate that BARRIE HEATH. eltidr* Even if MR. Guarantee Department was Morgan Grenfell should be tig WEST (SERVANTS visible trade 250 per cent. the warned Japanese increase slow?, man of GKN. signed yesterday by Morion first—though only by a whisker with the Near and Middle East or GLNP the area manufacturers yester- provide a row-in, motor Grenfell and Sheikh Rashid, the as GrindUy Brandts hopes has grown almost five-fold in the will suit £ aV-mentiur role. continuing protec* to bus - on the possibility of that Ruler of Dubai. This was final- finalise its Korean loan past six vears. in contrast, its market for imports. I*. says. TSSU £SuSSm2T !*?<*££& i j today ren to customers Atfte am tottta group tiattism ia their home mwket GrtRdlay countries 3£h havehhJ reported substantial { ised ahead of the Morgan Grenfell" "first, devised trade with the rest of the world Exports of the under which -gJJK, recognises that the tread among kind in | ^ answered Id firandTs loan For South Korea., more than two has only doubled in the same review have risen more than balance of payments the scheme years inflation, which has over in •. •• < • boom in coffee prices, which taken Government recent months. I a rise in volume : ..xi.'iv: has firmly reinstated coffee aa as- Brazil's- prime economic Minimum salaries, which vary The figures re leaked the Brazilian state The: tlton&'&r tjiii project wi . . North America. Thfe Could PETROBRAS. handicap. package .anti- from region to region, British to 1.37 sq. metres f£33m.l opened, .raiwd through .a £Wk Brazil's main export, and severe A of were I by tbe 'Cat^et Manafae- and) ofl corporation, has a 3icMf ..— -. .# mano- arranged wit curbs on imports. inflationary measures is due to recently raised *44 peT cent., in Hirers’ Association] show that Ireland down . from 1.14m. sq r*“ v*? of credit vrith Lloyds ‘«owit,’.-f»emur [ m. line | faeturing Investment;^!- tpe WO For the first four months of be announced later in the week: line with the annual cost of Iiv--the EEC now accetfms for more metres (£2:6rrr.) to 1.0&m. sq:j Bask Interna tian:l whit* imuId-Lloydl Ua lfc?4. a credit line no is U.S.. he said, the year, the balance showed a and there speculation that" the inq Increase. 'than half U.K. carpet sales in metres. f£2.Sm.). j jfefe the way to an export bowt equated, offshore oil in* for -the U.K. . t Japowti that Petrobras . a furthi ...... , . considering ordering ./ -The line of credit—wdcefl' by oiitfOrtn artd that a U.K. yard Liberian caJ9 Credi ts Guarantee Ibe Export tlle mn^ng for the contract; for tanker ass3.jsr«sa»sLsr safety chec) od that fomc S3fth. has ®,r By Roy Rogers, Shipping Correspond enfr-- In forestall months. a bid to Xn order that Britain arid the in the -i'eetj.rtay..- graving . damftur ..nfetont^ »* Ternmerit's Ottebore Supplies Also :. .for the introductioti Dr. ice is hoping to win J» Tor . _ ; stringent tanher- State - , oil s second * Offshore productiofi ^ pleasures, the--- Liberian— Energy^ - Carlos r~. . — . fuAfitform. Petrobras. has already/ : JsgJJ-.- - baa called Tef PetrobrJ - ping Council rird ered structure—the Baste Finance ^rector of j one more frequent Inspection^ of Sir Reginald Verdon-Smit * section — from > MeDerroott^ and [ under; the vessels registered lyarfl at Ardersiar In Scotiand: chairman’c^ liBL . Liberian flag. •• The council, an organitotiOn r of owners and operators or j , EEC steel li^uce date York yesterday /that the pur- pose- -p?4p®sa!s was lo ;of the t iTOB UaTB has now been eet fitters appb'in^ for surra.^ - , - shfos^froni -(valid for th^’ L.p_. implementation nf the Ear* Ian licences . . for " SSS2 tailw and in ; mont ) wUI be required ‘ tetsaififfsasira detailed in form a ti regirterlpg under Oie uoenan # ( to. the about uahtity, value. 1 irQn and imports . flag. ^ t UJK- frdxa non-EEC .countries. domes ti market price in }t ir also calling for the ' FroorMay flfl, a .wide .rangO "country origin. establishment of a worldI-wiae non-EEC iron and- BtOek pr^ computerised Information sys- of ln ic^ance with ductsr will, require surveillance which h tem ---to provide corrent data Davicnon plan, licences. The new on the .date each Liberian* . witfcil the .Commoc in- themselves ..constitutei.»- not * . trailrlier5 thir iiiimuu,. the data n flag ship was last inspected T ; 2 . - M mbnth. threat td taports ftoin oyteide a.report on any significant th^ be mused -in administer- and will issued COUVltlieS- They . W 471V irn anrl antMumn any Import and anti-dump. . deficiencies.Ticipiines. ( * { wthout on present^ A farther measure being pQij^y ^ which the COAunur-;- ged Solves half yearl* S. instead of annual inspections 1 • VKlfouair- EUeftne- Davig^W'. for older vessels together with vl heW-ftieasureTs to monitor the EEC Industry Commission ,, implements V. * fmm . imports "into the Community. An hopes that -the These proposals stem from a l jzi/orrigaftltkn gathering documen- of .^lurveraance licensing ?>:. . p 1 this was quiekly_brinfc . unity pri; . .: ' '.of sort on ? . I” | tatifin system : January following a series of : proposed as part of theDavigooa anwog EEC- steel-makers. In accidents involving Liberian* plan -to ateist troubled European face of cheap imports from o; flac tankers in U.S. , “" aAd near ' '.•-douirtriei. stfeel-matera. - a - # of Merrill coastal waters. . Lynch / Nigerian How our unique combination of investment banking and commercial order for banking capabilities could help you meet your international financing needs* Kellogg J V • Pullman Kellogg of London he Merrill Lvnch International regional institutions and to millions of . A private placement in the United has received an, award from the Banking well equipped to individual T Group is investors, plus rhe major -insti- Arab. Emirates. Nigerian National Petroleum Corporation for the process otter you more service, in the world's tutions in financial centers around - For a European client. . . design of a 21.000-barrel-oer- " access major capital markets, than any other the world. " stream-day fluid catalytic A Eurodollar Bond issue . cracker, a refinery process unit financial institution. Wc are the only Our services continue even after a • A secured financing in-the U.S. used to upgrade heavy oils to U.S. financial services firm that provides 'financing has been high octane saswline. arranged. We help to • Commercial paper programs for two a full range of investment banking ser- maintain active markets for rhe issues we subsidiaries. Generating: plant Hawker Siddeley Power vices worldwide— plus commercial bank- underwrite through our trading opera- . Enginering has been awarded a ing services outside the U.S. . tions in Europe, the Far East, the United Contact Merrill Lynch £l-5ra. contract bv Gharb Cfiraent States and other key markets. Research industries of Tehran for the Investment banking Tliere’s more to the sooty of our interna- supply of a six megawatt general advice is also provided. Ing station The station will tional banking strength. And more that Merrill Lynch is a leading manager of provide power for a cement vou should about our capabilities: lant 20 km from the town of issues. sixth year Commercial banking know bond and equity For the terraanshah In western Iran In mergers and acquisitions. In Eurobond in a row. we were the leader in managing Merrill Lynch also otters international near the Iraq border. trading. In money market instruments. In T publicly underwritten issues for corpora- commercial banking sen.-ices t >ut*ide Gihra tar deal . commodities. For information, contact • Simons tions in the United States. rhe United States including medium- 6F Lincoln fy&s won a any of these Merrill Lynch' bankers: contract worth about £iflrn. for Worldwide, we managed or co- term lending. the maintenance and upkeep of service bases in Gibraltar. The public .issues—including 53 actively and participate managed 235 We manage in work involved r$ on navy dock- for non-U. S. issuers. We arranged over syndicated bank loans in all parts of the London:' yards. RAF runways and army bases. 527 billion worth of financing for corpo- world. Our banking operations have a Investment Banking— Europe: Road contract rations, governments and municipalities combined capitalization of over S.V. C. Wilbferding-Tel: 236-1030 The- Military Govetnfnpnt of in 197ft. $76 million. Investment Banking—Middle East: Dyo Stare of xtgtni! ihough the Ministry of Works and Housing i " reason tor this leadership is our believe you’ll find Friendly and efficient service in a dynamic economy One . We that our capa- J. F. Dunlop—Tel:. 236- 1 030 has awarded a cnntract valued at_ " .thi.winning combination that assured dur growth into i - timely knowledge of financing opportuni- bilities imaginative and impressive. For Commercial Banking; anprnximately £20m. for the re- cpnslruclion of the south west city bank of I apart. 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Rotterdam, iwm wr; u Mm. oh, » Merrill Lynch plants and asphalt producing S.5u Paulo. Seoul. Singapore, Sydney, Taipei. Tokyo, Vienna, Zurich. Joint venture in Tehran- Iran units for important road works t+T •*•**** mihi »«r iZJZ* m‘ta*** Financial Services Co- International & Co. in thi- Philippines. UCCtf '* Photograph: QtmWyta Great Scot. for the pert There’s a special place In our heart plaids And how the big planes .guzzle fuel! A 707 takes on out In five-gallon cans and refuelling was done In splendid about of British tialedonlan. Maybe it's the . 10,000 gallons in a typical fuelling; and the farmers’ fields—by prearrangement with the farmers. airline’s independence that gets xis. 747s we service for other good customers over Last In any case, the feeling seems mutual. year, at Heathrow will take 30,000 gallons at a gulp. It’s a different .business now. As one of Britain’s British Caledonian awarded Mobil a contract to supply leading aviation fuels suppliers, we deliver over 80 about 20 mijlion gallons a year of the aviation fuel All this is a far cry from Mobil's early days in the million gallons a year. That’s roughly two-and-a-half its aircraft tike aboard at Gatwick airport. That made aviation business. Back in the 1920s, when we were million barrels. Ini the international airline of our largest customers taking care of the requirements of U one such daring young .“ for'aviation.pnaducts in the United Kingdom.:We men as Charles Lindbergh and Major Kingsford-Smith, We’II never be so busy, 1 though, that we don’t have a tfU X 1 Ills and Boeing the Australian “4 supply a fleet composed of BAC who circled the globe in his three- little extra time for those great Scots at British Gatwick. , engine "Southern J**f * 707s, from our fuelling facilities at Cross", fuel often was measured Caledonian. ;5 - 3. *.?»• S, )'tUf - 1 ’ k •’ • fit* i'“ i 1 Mobil 1 ' 1 ' a *. m - * :5rCT->~“' ... d , ^ — .a. , i .10 Continental High stakes in South UnionTrust Parana CompanyLimited BY ROBERT L1NPL-EY, recently in Paraguay The project at Corpus, not ALMOST everything about the quite- halfway up the Paranj Paranfl River,' which rises on River towards Itaipu TotalAssets at 31st March,1977: £27.4 million. . from the plateau of central Brazil YacyreEL was no more than- and flows into the River Plate study until last month when estuary and then into the Paraguay’s president. - Gen, Atlantic Ocean, is extravagant. Alfredo Stroessner. and VatA Atgar. Cbnsumif Coroum^ OMwsbaentst The name itself in the Guarani tiaa’s president Gen. ‘ Jorge Capita! Goods Durables ccaithtfSMS Fmandak Ctaidoh <& a 95% L?i language means “ mother of the Rafael Videla. met in UOS 12G . 17^= Asuncion sea.” The 2.796-raile-long and agreed that “Corpus will he Paranfi River is the backbone built." But the conditions and m^hvesbranlsbyS^ of .the River Plate Basin, the' specifications still have oot which if and when developed been sorted out. apd there- is wiH be richer, it is said', considerable doubt that " than - a dozen Rhinelands- Corpus complex; ever ' will be- pro- Tbe Itaipti . hydro-electric come reality.' ject now being built by - 'The reason for’ thie uneer- the UKSUfi Paraguay and Brazil on tain ty is that Argentina 1 Parana River will have the Brazil disagree on how high, biggest potential of any in the above sea- level the Corpus dan world, more than twice that of should rise. The Brazilians con- the one at Churchill Falls in tend .that a dam at Corpus Canada and six times that of higher than 93.4 metres above Egypt's Aswan. sea level would create “serious But the extravagance of the fisks" of flooding Brazilian ter- Parana River extends not only ritory and raoreqver would re- to the. electric power it can duce the potential of the ItaipQ generate but to the discussion complex. The Argentines con- North Air rnca it can generate as well. Accord- tend that so low a dam at Cor I’i 23.4% Paraguay’s President, General til ing to the Sao Paulo newspaper pus ha& not even -been contem Alfredo Stroessrier, and- a jtrp O Estado de S. Ratio—probably ; plated by the Argentines an map showing the sites of the the best in Brazil :— the battle Paraguayans because' with thi* three proposed dams on the of the Parand dams could handicap the project could gen Parana River. determine the balance of power 'crate hardly more -than Seciw in South America. As of now kilowatts- With' a- dam the battle lines are drawn at The- investment ^calculated at metres' above sea level at Cor Itaipu and at Corpus and more than $6bn,: but Itaipilis pus, the potential . of the com Yacyreta, both farther down expected to cut Brazil’s annual p lex would be 5m. kilowatts - rfo„ncltc _ F rh . head of paj-aeuav's am Ofto.'Cc'jrfri'ss the between “ and Argentina.- The confronts« 1 ® tion then is between Brazil and V «* <* the world* great indue- - -with an adequate dam, Argentina, with Paraguay ***1 regions. Inasmuch as the one of the Argentine planner aSJdy hSftoo i^s^ltos^nonleh^' ' Be giants ' “ allied to both these rival JS IS iSfnflv Mt,a4 agreement to construct’ has said, the proficiency c -and. according some, play- to Sit Tteipfi complex was aimed Corpus would be one of th ing off one against the other. *g“« ««o. by the. Para- most profitable in the Touche, Remnant Management Group, «* ** SlS^Sha mSrVfte wort, A memberofthe The Paraguayans naturally f "“g Brazilian foreign The opposition of Brazil to th . ®?JL 52K2S served the right to buy Para- S90nt ' resent it that in are . Total funds under GroupManagement exceed £600 million. when told mmisterfl. things indeed construction, of a suitable tfaj pays surplua energy from Uiecountry’s JmS reality the Brazilians are build- Moving rapidly, and not just by would' mean the prejudicing , Copies oftheReport andAccounts can be obtained from ContmantalUmoii Trust Ccnnfwaiy Winriw«*ip f" l *p wt^ndnn uTjTIj t aidoa KfigNi iHH. Limited, H j Itaip Svh^m ^eho^aS serious border dispute all- . three- complexes — Paraguay and Brazil-YacyretA and Corpus-are pe Ber the GuairS Falls,; upriver- fectiy. compatible and have pr SSf .? salaripj; for Itaipu. sinjply by burying posed a tripartite meeUng 1!SSBrazilians“Ireare bjfher^but mq - m the nmfldy Paraguay and Brazil to agr. -V; ;on a>-ordldating the.projec} tarns that since there isaooj^di - r -. Stroessner ba$ a ^g^tina Paraguay ' Initially Gen. ndual income tax ^ sl^ed' the agreement t in-August next year is another ' - that Corpi about it . 'The plans at Corpus- and POLAROID THEIR Parani ertravaswza^the Wz- COMPANIES GAVE , - Itijr THESE easily could, compensate r t however, .have been. in gest rock eacaiatioa: for any loss of capacity such ^ rompleted. and with.w luck r ;lc lit ^M) WOfld - There see . v- ^ie digging slioatd hegih soon. . dam might produce. IDENTIFICATION PROBLEMS. IT TOOK US The Ttaipii complex is ^BP- fossibly next yean: ThO. com- to be the makings here nf- 1 posed to" be generating elec ®ex at YacyrefS,’ a. Parag'uiyan.fuLl-scale tug-of-war with Par tricity by September. 19S3. abd gand- that will be •flWde'd "is guay piilltng on the side nf tl hy ipso may -be going at its faU ^heduled to v hinThipw, ylj&Bi. contender with the most to gi» u 1 -''T' , ' -.away. V capacitypacity of IZHivti. -tdtirw^^-wfow-atwj^^ jpr italge ^ . »^ i i *' *’ '’j-''. '* ' " - i .. A FINANCIALTTO v .. *'**&»« SofA y and small . companies—changes tn stracture through mergers. R- ' ( K. COLMAN ’"] The engineerings industry in world trade The high degree of inter- dependence in engineering products among the industrial countries—the 1 S-Qi'-Jlure export !e; performance of the British industry . . BP#*?*".. Financial in performance An analysis-' of trends profitability and invest- .1 Codtf ment.- : v H M52963DY . S5-i«s'«£S Industrial relations and'.producdvity ... ..^ v >uu«d: The competition ~A look- :at the engineering industries in the main SEPTEMBER 1976 competing countries, including, the U.S., West Germany and Japan. 1.2-77 . . Success in engineering- A combination of design, efficiency in production and marketing skill—-sdme jexaniples of successful products and why they have been successful. ' r ^HAMmouam , - . Engineering design A cnicial element in tile industry—the organisation "of. the design, function withih^an engineering company. The status of engineers Is it too low and if so what should ' be done? Relations between the : Industry and universities—the training of " engineers. .. - - . Whether your organisation tion cards to all your employees. . Well put yourportxait on a The role of the professional engineering institutions employs tvyo hundred or two Ifsomeone blinks you can make a card and let it speak for itself. The role of the engineering traded associations The case for a single hundred thousand,there is an new card right there on the spot. For more information or a body to represent the engineering industry. .The role of the -Government . Examples of intervention over past increasing need to establish who And don’t forget^denufica- demonstration,fillin the coupon the fifteen years—the- pl ace of the engineering industry in the present belongs where and who doesn’t tion can also go much further than below. Or telephone RayTaylor Government’s industrial strategy. ’ Foreign investment importance belong at all. strict security. The Polaroid ID at StAlbans 59191 The of foreign investors, especiallv American, in expanding parts of the engineering industry. And, because all companies card can be used to control access ' The themes discussed the opening .will do not have the same identifier- ro the company car park or in article be developed in more _ POLAROID detail in relation to these main sectors of the industry: developed canteen, ft can even be used for donproblems, we have INCTANT HMamHUTIOII SYSTEMS. Agriculture machinery Food processing machinery all lands ofidentification cards personal identification whenyou Machine Tools ; . Packaging and bottiing- machinery Limited, Road Tumps, valves and compressors Ball and'roller bearings with portraits, for all kinds of are away on business or holiday. To: Polaroid (UK) Ashley Boilers . StAIbans,Heit5JU.15PR. Textile machinery- organisation can pro- I Process plant hv purposes. Any construction equipment engineering contractors Please send me more information on die Steelwork plants Polaroid ID system duce these highly secure ID cards j Mechanical' handling equipment The Polaroid Instant ID System. ? P %£££$ i.- IcaI Power n,achuier5r | Office machine* - - produces a highly secure lamina- easilyand quickly with the low- Name_ . | - • ^ Mining machinery. Domestic ted card where pnoto and data are cost Polaroid ID-3 Identification appliances 1 Title - Printing • machinery . . .. Radio and . TV sets on the one piece ofmaterial. System. 1 Company- The proposed publication date is June 14 1977. Copy date is Jane embossed, magnetically It’s portable,so can take I It can be you Address 4. For full details of the advertising rates contact David Baker, encoded orpunch coded to fit in it wherever you likeAn operator on 01-248 8000. extension 232, Financial. Times. Bracken House, 10, I Cannon Street, LondonJEC4P -4BY. Telex:. perfectly with your company’s can be trained to use it in a 885033. I system few minutes. data collection I Tel: No- JEa tioJcmarlt of HNANCIAIllMES With Polaroid’s ID-3,you We’d like to demonstrate I -PolarowT H i rcgnorcti Polaroid Corporator, Cimimdgf.Mii^USA-Copytigb FolorokfCorporaaon 1977 EUROPE'S BUSINESS NEWSPAPER can immediately issue identifica- the system in your office or factory. flu «*=i ouSs&isiOB ' VtMl -V '.I '7 !The Finai^dat ^aiLey-Wedpgsday -MayTfc 18?7 u HOME NEWS Co-op sales reach fl.27bn., aises Machine tool trade Reduced oil Ix;fertiliserr stocks will i worried by Leyland prices by 6% cut imports By Kevin Done, Chemicals BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT By Ray Daftcr. . Correspondent • BY ELINOR GOODMAN, Energy Corrnpondent CONSUMER Aff • AIRS cdf^BPONDENT - FI SONS is raising the puces of AX INDICATION* of. the of ihr MTT.W iiu-nihers in the tool preparation- projecis lor | iUs fertilisers by an average, of impact on the machine of OIL COMrWTES are Heine 5 - . ALES OP the Cooperative ifi.per .cent .The increases indium, OF delays in British British 'Lej'lnnil." ftfbd.jiopduction facilities,' while will told the} ran mliu-r the level ‘Vholesale Society, tncreased-last year as consumers to put aside political differences la nd's pro- . the central .become effective lor cni«i>nund£ Lev investment He also reported that the another £425m. will -towards or s Hicks a mine go spent' less . — which could . raying in these. areas. ... and Collectively discuss, to the ' and servicing division for ! from Jane 1 straight gramme uas grien yesterday interna (iwiial exit ibif ion of improving and for ' the division's -.-retail .- give a mn-e-aml-for-all Britain's Mr. Sugden said that the cloth- point of- agreement and .then ' balance largest retailing 'nitrogen froth July ; by >lr^ -George Trowbridge, machine tools the National organi- operations in- Scotland. ing i. at - and footwear business, which' Implementation, means of reviv- of -'paymeutK ation, retiring of die , bnixt of over the Cij-operatve move- ! They coincide with pr'ire rises chairman Exhibition Centre in Bi ruling- 1 • Last, year the ibod division, accounted for slightly -more than. ing, protecting or expanding in- A**ocia- Slftftm. -.neot, rose by 15* per cent, to 1 averaging 7 per cent. recently': Machine Tool 'Trades hani. spuitstireil by the >1TTA in the next leu mouths. which -accounts per cenL .of CWS's turnover dustries and gobs, he said. ij27bn. last year. for the\ largest • tion. ami caHed 76. althuiiglr f joxrammced by ici, with whom MAl'H The Goiernmeiti is to issue part of- last year, cos’t the movement “a The use of “negative bargain- Trading profits, the CWS’strade,;showed Fisoas has a success terms, at about £l5m. Iona-term coniraci I After discussions with a in pultlirily lot of money.” of, in- new di reel inn- mi reduce the the best growth—sales were ing power" by both aides - . /ere about the same up for buying ammonia. . . had nut produced, the trade as iii 1973 , British Leyland, the Indasicj 16.S per cent, at £945.7ni-Accord- This had been partly offset by dustry was a luxury the country slocking reiiitireuicnt for l.K. . . *ut pre-las profits Fisoas says that the increases' the exhibitors hoped for. rose by [ hod con-jdentlj expected that 22 per the longer 6 - ing to improved performance of could no afford. , . refill ing eon; panics enr. to £l7.3m. Mr.. Su'gden tids'feflected result Jrom substantial rises in 1976 uonld produce' orde.v Sir.- Trowbridge pointed otti from rhe a Teal increase in? volume' as well other aspects of -the Co-op's non- Mr. Sugden re*-sffinned the • .Mr. Arthur Sugden, i production and certain raw from the division wort!, that the V.TTA was still coni- the equivalent of S-7 dais' con- the CWS’s food car as the effects- of inflation on business such as funerals CWS’s belief in the Co-op’s trad- costs, hief executive, said i material notably those uf between £40m. and £3ftm„ he mitted to a iwillcy «f encourag- su motion in 77. ila>-. yesterday ' and exports. ing stamps. In' spite of Test's - ' tunipver. nitrogen plant food. said in staiemeni ing import ami rxpurt trade in mt 1976 bad not been an easy j his to fhe But for the Government's tem- decision to drop Green Shield It is not kibiuii how com- \ ear anyone Tt last made its fertiliser- annual meeting in London. machine loots. for in, retailing, 1 panies will adjust r porary employment subsidy, be trading stamps from its stores deurer in January. ilu-ir Mack : and Mr. John | Fnrlherfliure, wi*ri- Thi- important point was- to istri button or manufacturing Sales. rise said, we several of the CWS's foot- next month, the Co-op would Kerridge, chairman of the fervi-' levels, hvit it they reduce them ' the rase nd that If was highly nnlikeiv ' encouraged by the evident ensure, as had been, He described ihe . food divi- wear and clothing factories' continue giving Its own stamps. division, lat the' Jiser said that- further tt-Isb of this for nine consecutive years-, h> the rifiiiiatem nr lit days overall situation would sion's'. ‘•112.1m. would organisation lo profits . df .as have had to lay workers predicted that Tesco's He priCe rises this year could not v.as positive trade nprove In the current * J plan its investment prosrampu- that there a cunMimpiioti ihe> mu id rut year. “ - off. Bnt satisfactory altS'ough profits move would lead to an increase ' 'be ruled out. a -iur>K balance. With exports Tor 197B. . ie CWS -was sufficiently cons- on more regular during the amount uf oil imports on milk fell from mote then £lm. There was an increasing in competition in the grocery He took yesterday's announce- by I - eaiifJ.riro. tiSSJm.l ent abnut its future lo increase urgency—'" he irc&h ten-year period'.’ -at 1 197.L as much as 2m. inuucs ever in- 1975 to £mjm \ almost a desperate market over the next few months meat as an apportuniiy to raise' ** mital spending by SO per L'ufortnnaiely. these high and inipurts . worth flHU.dni. cent. The non-food -division. did. less urgency in some cases"—for all but that by October the situation again the subject of id's Iona- the lies I few inuitlli*. Ibis • Hopes have still to ravuurable f iis year. . be realised (£I37.gn;.) Hie up -9.3 -per cent, those ' well. Sales .were concerned in Lbe economy would have returned.to normal. sl amount of ' terra, tow<0 energy contract ^ £.11. 7m. i-rude oil is worth It .is to despite an immense applica- trade balance was spend £25.Bm. . on aj profits-fett- from British a Jin " with Gas. which . has; tion of man hours on the part (£47,5ni.i. ui 1 12u in. .. . ivelopraent- About £11.4m. of f-LUn. Jflb-ix.1875 .'to £316.000. caused considerable price differ- iis wOJ be spent Oil imports Iasi momti . on the- CWS's Losses lb -clothing and footwear entials in the cost of ammonia: lolalled l'.;S7m. all hough with Six-monthly pension review urged to ICI. and other manufacturers. the increasing U«w of .North He “ said: "There is un- Sea crude lhe> are tlreri-asiits A SIX-MONTHLY review of -incomes could- not - afford a doubtedly a disparity in ' these £13m. for Ulster industry N'm:iiiii-a»ll\. The talue of oil pensions was urged yesterday Further drop in living standards. prices Which is creating severe by BY OUR BELFAST' CORRESPONDENT impurls in the first «|ttaner Beer Miss Pensions were last increased competitive distortion and which price freeze Betty Millard, president of was flilin. whereas the the in November 1976 to £15.30 for requires urgent correction. Most A '1 13ni. "PACKAGE uf measures factiirinj industry, help schuul- National Federation of Old annum | for the whnte of IU76 a single person and £24.50 for a ILK- -fertiliser manufacturers' 10 relieve LUsier's unemploy- leaver.- lintl work, and salegtiard Age Pensions Associations at its was l-i.I-'!lin. married couple. Miss Millard said profit margins, including Fisons. ment was announced yesterday 400 jous in lbe Govenmienfs - annual conference. Margate. . ‘ at this increase bad already been have be«n adversely affected. by the Norihern Ireland Office direi-t !jli.-,ur svhenie ra'Jed It i- Hie inerens-iii!; tolume h> j expected in ' summer She . of North Sea product also called for a pension eroded by rising prices. this price distortion. These S 11 wilt include an.' extension ol En'erpnse Vlsler. iou that of one- third of the gross average Increases' In the price of food latest price increases in no" way, the temporary emplciyinem sub- The oaeUii^e. mlroduced ii> ' has led to ihe re» »sed slocking BY KENNETH GOODING wage for a single person and one- for the. first three months of this correct this." sidy until next March, which \lr. Den L'uneiinonn. I’lster let els. I.: iuIi- r an inlvruaiioiial half for a married couple. year were the' highest ever In spite of its loog-veriii con- affects 17.000 workers. MimsH-r uf Siaie respunsible for aurenienl. the l'-K. i s -allowed - IS ALMOST certain 'that the efficiencies ill rtetailiag. Miss .Milliard told LOGO dele- recorded, and Britain faced tract with ICL Fisons still buys The scheme, designed to last industry, includes a n-w sm.ill- to rarry tower stocks because ..ivernment wiU freeze beer Tbe Government' -would seize gates .representing 9:25m. pen- further- steep increases because J arse amount* of. ammonia on for two years, is expected in rtnns pinpint men) a I Iowanee. of the seetiriiy prut filed by (hr ’ j ..ices later this summer, said cm these points .to -make political - 1 sioners that, old folk- on. fixed of EEC commitments. world ina'rk'eLs. improve job prospects in nianu- Fur .--r\ sannibs frnm July 1. indigenous produet inn. r • •• . \\' - .Veil Ke'rr. brewing industry :capkal because -beer prices ' Wit i alyst at sotekbrokers de Zoete played, a more significant wart in d Bevah. yesterday. • - mapy people’s Jives than would «-•» ; 1 -The 'only questions were be suggested Jay the fact that they > K»s : > - ether the freeze would be account for only 4i» per cent, of posed for three months or a the retail ludekl . price % h > v M' ir. and whether it would -be oed at the wholesale price of , .. fbe ' ‘ *r or the tretail trade.. Recreation, talking from the ttrr " •' dr. : the licensee, Kerr, speaking at . a point .of view of UlJ d* > ainar in London organised by pointed out that th6 Price Com- I • ' r\ • finn, suggested the Govern- mission will discover all sorts of •*" iut«* • - nt would use in justification of grey areas during to investiga- ‘ &) . .ceeze evidence from the Prime tion. i 'nmisisons investigation - “An overall- fair assessment of itr- of nk prices,. in public houses, due the situation .-from both -the irtns {'>• - . be .completed at the ead of customers' and- the -licensed, r. 1 udv y. trade's point of view is going to ii ,i ".Tiis was bound, tov show be very difficult,' and! the policing: W S -. 'r-Mnalies in the .margins of of any controls that ;are sub- • .fit obtained for various pro- sequently applied -Could be a sail' 5 • 1 -ts • nightmare,' .1* I.: . and might reveal in- he added. til- \ j ai*u • 'acr'.- • Hattersley: subsidies •• No »!.«* • bet*'- — l\!»W . o save newspapers >«!*? - ROY LEY, the It pro- *.4or. RATTERS was possible that one ;cs Secretary, hiled oul 1 posed .solution .would involve an j-V" •i-rnmeni subsidies for news- *; •’ application 4o him under.. the ers yesterday. It would be 1 o£» tr*,v -a,* - iish to expert newspapers to b propped up when thCy failed 5?a i ' # 6 n t0 d ! —inict-cially, he said: L ,^L ^f< 1 fUllire ' of ,the^ leaking at the annual lunch EvemnK?Jfr.D Standard.<;tsidfrd .ondon of the Evening News- S »t Advertising Bureau;- • be Mr. A-Hauersley said / he • no hint as to how he might believed in the beneficial e£fects| over the future of the two of competition. Although in r**’ t'l ' I TUon evening-papers. He. said most cities it was too lajte, he Llhk VI r future was still undecided Tell that -where two competing ^ l\ V? Ll UM "a whole . variety of newspapers could be .-keptJtept in ibilities" was being con- viable existence it was right that, red and canvassed. . both continue. 1EEBI Grocery code numbering >lan has new setback :i : f OUR CONSUMER AFFAIRS CORRESPONDENT lilsh p ' ,,i ‘ be f TIME-TABLE, for intro- article numbering bank would $t ' as. dirt J: • ? original target date for ••••' ; rn g up the bank, which Chemists administer the allocation n V use of computer -numbers ritish food and-grocery pro- fear more' was last month, TJ-r ' ause of -the need to co- »»*•’ 3te the British and Euro- closures ?1* >y stems,.it has been decided By Stuart Alexander st pone the opening until ry. FEARS THAT the number of, postponement is the latest chemists’ shops closing every ong series of delays- which year may increase were ex-j hampered the introduction pressed yesterday by tbe Phar- :icJe numbering. maceutical Services Negotiatinf sj’stem's. supporters be- Committee. tbat it will prove a con- The committee fixes with the ble benefit to both Department of Health the finan- retailers and manufac- cial arrangements for handling y 1 NHS prescriptions and has higher • ill make proJuct* ordering recently asked ..for a iventory control easier as rate of- return for capital em- fit-, s enabling companies . to ployed in stocks, fixtures and ir their sales more a'ccur- tings, rent, rates and salaries., This was fixed in the early 1970s pitc of research showing at 16. per cent. . IS*. fV idvantaees, there has been The Department, however, has ked roluctance on behalf said that., because chemists had uifacturers, who will have reduced stock levels from 11 it the .computep bar code weeks to about^even. it intended inn' ir products, to taT«e the to reduce .the- -overall amount il iry initiative, paid and to backdate the reduc-; ie beginning of this year, tion to 1975. ; if:*'' :r. the U.K. Article The chemists claim that this r Association, an organi- would mean losing film. -for of grocery retailers and 1075 and 1976. with a Further icturers, said that a British loss this year of £5m. it :t - : v' r v otest at dinner \hr M-way IAN HARGREAVES, tRANSPORT CORRESPONDENT EX’ problems- The Bankers Trust Pyramid is well known needed. Our and engineers will go with a full service hank in in charge of Britain's of solving transport . geologists different ay construction 'pitH such as traffic restraint, long-term in the North Sea. Not only is it the symbol of anywhere that our Noah Sea customers the fullest sense of the word, • for the past ten years transport systems, and in the patttern of land cl by a demonstration of changes ti transnational bank of considerable weight, need us. with the capacity lo raise, Birmingham Mr. Ken montaiists last night Bur in official of Lhc icy gathered Cure, a district i but of a group of bankers whose financial We are currently working with most of lend and manage money to celebrate Engineer^ iih anniversary of the "Amalgamated Union of warned that tne ! expertise is more than equal to the formidable the major oil gas producers worldwide. hniont of the Govern- inn Workers, North Sea and Government should resist the first' regional road con- those who plan, explore and develop pro-rail propaganda which needs of and many of the smaller ones. too. We are i unit, tide of had preceded publication of the European energy interests. also .working with a high proportion of those i< of the Earth organised Transport White paper. ol. which involved hand- Further restraint of the motor From a straightforward corporate loan to providing the specialised equipment and leaflets as threat guests arrived car and lorry comprised a anniversary dinner. The would the most intricate production payment deal, ancillary industry. to nearly 3m. jobs and services for the energy Trust Company were told their policies damaging effect on Bankers have a very Bankers Trust In the Tiw to the destruction t.f the London-based Energy North Sea and wherever you see Midlands. 11 the „ , Lntr-^v Ciroiif Quwii Vu'tnrM Si..Lt»nJ -Financial Times Wfednc^dav 12 Tfte May APFOl HOME NEWS Industrial output rising the THE LEVEL of industrial acti- gloomy implications. for bulk- of 8 per cent rise in The; output of the, textiles mining quarrying output. employment and . -leather and ^clothing, sector Livingston Development Corporation vity is picking-np, though the w» fiJJ per cent.' up on a. industrial: . production craarteH, i rate of increase remains slow, The comparison, reflecting figures have moved m an erratic 1 both stroni Riddell. - writes Peter . -INDUSTRIAL production LIVINGSTON, WEST LOTHIAN EH547AD fashion " during the last few export demand and the 'boost Office inv The Central Statistical WC=10G . months with an apparent sharp domestic sales from tourists said yesterday that the indus- rise in the' fourth quarter of Seasonally adjusted Engineering production trial production index rase by • : 4-3 last year, compared with the v: - JUT ’.per cent. up. aw1 there nearly 1 per cent, in the first v'TofaT" wu depressed summer period and a a rise in vehicle output in spn. . quarter of this year, compared -tfidustriax Manufacturing fairly Bat. treed. :Stoce January. .of. the Massey Ferguson- . and the .previous three months. ‘ with ' Chief . industrial • British . disputes. Executive Out-, Leyland Marti, the 1975 1st 1MJ mr- Xhi* Manufactprilig ..output increased,, - pnf hides ‘was 104,3 (1870j?100. 2nd. 1003 - 1003 was because of a nse in • . tlte - by roBghiy'f -per cent . Applications are invited for appointment to the post of • .slightly • Chief seasonally adjusted), production of ' parts, accessories activities and the <. 3rd 99J 99-8.. North Sea February, * Executive of the Livingston Development Corporation in the latter p*rt up from 104.0 in but 4th- ' HKL5 5003' and components. textile sector were about the .. , same level as in January. The impact of these ofthisyear. only bright features, though, at the dispute, 1974 Tit 101B 101-B- suggests that production signs, in 7 The underlying tread, how- couli Livingston, which is fourteen miles west of Edinburgh were, tentative - was there r to be slowly 2nd k 702.4 103A pick up in coming' months, March of. a slight pick-up to ever. appears up- o,, designatedin 1962 with a target population of 70,000 and also to • bee- 'first-quarter industrial 3rd- • 101 Jr uas the other hand, ''indications engineering production.. - wards: thu focal point of a Sub Reg ion of 200-250. (XX) people. The present 4th- 1032- IOCS there .may have been The overall picture seems to output was about 2$ per cent, _ Involuntary 1 ago. -though stocktmildiQg id the first population is just over 30,000. There are nearly 00 industries. be as indicated .in the. most higher than.- a year - quarter 1977 1st 104J 10s J . largest in - “ stm 5 per cent, below the peak — with consumption down - by It is the second town by population the LothianRegion and is recent CBI survey with a con- Oct. T02A 104J: 2. per cent, but industrial tinuing weak but nonetheless level in 1973-74. outyit in a phase of rapid development. . JlQlA. 104.9 . Nov. per cent, up—could lead recovery." But .there is not really vany - 1 to s post is very demanding in time a'ndenergy. discernible cyclical Dec. 1033: •10» The thought, an -all-round later; adjustment in' output positive feature In evidence . yet- of The main : It calls for a keen interest in the physical planningofthe town, in In the first quarter, -output the recent months has- been the pick-up since about a quarter of 1977 ' 104>“ of Jan. the investment goods attraction of industry, commerce, and job opportunities generally - per cent, rise in industrial ' ‘ * Industrie and evidence that export volume » the 1 . -Feb. 104.0 .1052 rose by 2 per cent., while a readiness to take an active part in the continuing development of a at last growing fairly steadily. output on a three-month- com- Mar. 104J 10SJ • enough parison came from the expan- .production of both consumer am* lively and caring community. But this is unlikely to he Control St&atkal co. intermediate goods' increased very small sion of North Sea activities. S«orca: CM* j Professional Officers are responsible departmentailyforeach to permit more than a '* - 'roughtly per cent . total -output with These also accounted for the J , increase, in * Development Corporation's activities^The , aspect of the Chief . Executive needs to have had a high level of administrative experience and to be accustomed to leading and co-ordinating the work of Senior Officers or Managers. Howell Response to 1 liaison with Lothian Regional Council Close and WestL-othian-.t .> District Council is an.essential aspectof thejob.The salary is' •- • • in thfl.r } see range of £1 1,1 80-£ 13,460...... r : to Applicants are asked to write, in confidence (pleaseftiark' aid plan still slow lore envelope 'Chief Executive') sending full details toir-1 V tobacco Desmond Misselbrook, Chairman, Livingston Development BY RHYS DAVID, TOCTUJS CORRESPONDENT Corporation, from whom further, information can also be Obtained - . companies research Applications to be returned not later than Friday CLOTHING industry is still of smaller companies, discour- •• THE Stuart Alexander . qualifying June 10th 1977. . By responding slowly to the lh-:aged by the original: dustry Act aid scheme drawn up Ujnita for assistance, have now THE Minister for Sport' Is to ‘ Government: " -This sobght.aid- . hold a meeting with the for it by the spite of significant changes The committee claims that tobacco industry to discuss is in at the end of last year designed evidence" suggests substantial difficulties which have arisen to- stimulate a higher level of gains in productivity and profits In forming a voluntary code on application*. ‘ cin be obtained through rela- By David Hshlock, sportsspon- the main sticking points is profits. . develc 2.301 to 2JO 3 inclusive: 2.307 to 2.303 inclusive: 2.313 to 2.317 inclusive: £3. 5m. were "submitted hi the and increasing . £M7m- bn. research and Tht Tr u ,ice hit informed the Bank a! Enjland due il it mcmiry to adjust 2.323 to 2.324 InUuSlvo: XJ2A: 2.328 to 2.341 indutlvo: 2347 to 2.370 thought to be over the weight first year of the scheme up tp_..With. assistance, under the ment- last year, said it wou the amount! payable in respcci of (he coupons and bands due on or after the inclusive: 2.381 to 2.382 Inclusive: 2.Z37 to 2.389 Inclusive.- to 2.481 UM of. con- tt December |*67 in accordance with the prowitiom of the London Agreement inclusive: 2-487 to 2.518 inclusive: 2.537 to 2-539 inclusive; *5*3 to ££6G of advertising support at the December, when, after pressurferscheme towards the' cost Welcome, proposals in those are inclusive: 2.570 to 2 583 Inclitsfv*: 2.601 ' on German Evternal Debts at die 27eh February 1953 (Annexe I. Paragraph to 2.800 lifddsivc ZJM2 to 2.831 place where the event Is taking front the Clothing Economic suhancy fees, the company to which its requirements Boar Inclusive; 2.851: 2.872 2je»(. U56: to 2.B90 tnctutive: 2.883 to IM Inclusive: 2.901 to 34104 inclusive: 3.199 to 3.201 inclusive: ]J21 to 1-227 inclusive. place. Development Committee, 1m-_:managed to raise productivity by Wfire^ assigning priority. The TrLttec fut advised the Bank of England that the Question 3.348 to 3.352 Inclusive: of the 3.502 to 3.503 Inclusive; 3.511; 3325 to 333* This spills over into provements in' terms were intro-;. tO per.'pent. and. output by more aoali:atian of ih.- exchange guarantee in the ease of the revaluations of the inclusive: 3.542 to 3.550 Indus**: 3-554 to 3.552 fnduSMd: SdSS to 3-539 .These areas include the co - inclusive: 3.587 to 3.651 mduslve: 3-SSS parallel, dis- duced by the Industry Depart ‘than. .40 per cent v / Deutschemark of March 1961 and October 1969 and of subsequent currency 3836: to 3*57 locieXve; }3U to separate, but serration -of energy ai 3.762 Inclusive: 3.923 to 4-087 indushm: 4.101 to 4.127 4-130 adjustment* remains unsettled. The rights of bondholders Iqdostre: ment 4t also recouped the £16,700 It - the with regard to to 4.133 Inclusive. cussions being held with the materials., production engine* that matter, therefore, remain resorved. irrespective of whether the coupons find from Iti own Amount repurchased • particu- The previous limit of £5.006: had to., on the marfcdt SUS77.0OO. BBC by all sponsors, tog, and computer-aided desli maturing an or alter the lit June 1961 are presented for payment or not. end within nine months, roial amorttzation quota SUS1 .000.008.— racing cars, on the assistance available resouiicte . collecting agents shou’d retain details of die holders of Conversion Bonds on larly of motor and manufacture. Amount outstanding attar tbe amortization net profit turn- whose behalf coupons are lodged. of June 15th 1977 SUS9.000.000.— over the size and content of towards the cost of emplpying.^an^ 'increased bn The bonds drawn will ceaie to bear Interest an and after 1917 Juno 13th outside consultants was removed, over from 6 per cent, to 9 per; According to the latest anau Coupon No. 49 The bonds so called tor redemption hove to wfth coupons track and car adverts. There ‘ June 15th 1978 and following attached and wfH be according per bent. report on- research and develo The Governor and Company of the Bank of England announce, therefore, oasabfr is the third issue of.' a new and a new top rate Of 25 the terms of the bands.' that Coupon 49 for assistance the; /-The committee, which has thent from the departme No due on the 1 it Jane 1977 in respect of six months' interest voluntary code of practice for cent, towards Cuacmbotirg. May 1 3th, 1977 on tbe Canve-s 1221 1250 to 1252 1257 to •1259 1269 4nd 1270 1283 TO 1292 sporting : Trm Fiwil Aflenl continues to support ments ’to Ihe- agreement sug- major suppliers and would hope Li leitinou. o Kicd-eiriina ah 1301 1315 TO 1317 1341 and 1342 1346 to 1364 1386 and 1387 9 events in other 'parts of the lower IB T * 7 Luvruiaiurgeoiir gested by the textile industry in to persuade-tham to aecept Mav 1398 and 1399 1410 to 1412- . .7.414 .TO. 1426 1435 1448 world. • ! that could I 1451 1464 -to 1469 1473 1478 1504 to 1813 Europe has been largely accepted growth rates so /room UJKL several 'for an increase in; UNU.CVIR LIMITED 1616 TO 1518 1521 TO 1623 1526 and 1527 1534 TO 1536 1544 TO . .1550 by the and other be left Commissio] 1588 1598 TO 1609 0639 and 1840 1897 and 1898 1701 governments. But the unions supplies troto elsewhere/ \ • 1721 1733 1751 to 1754 -1772 1779 . 1790 1 NOIICI IS HIRLB1 OIVtN Uial TO Self-employed are anxious to find out. what The TUCT is - also likely to RtlalSiRATIClN Ol- IRAN5I-ER5 Ol 1811 to 1814 1819 to 1823 1846 and 1847 1850 and 1851 1855 success has been had in getting place on teebrd its view . that Uricturee Loan. Ptelcicmc ana Pre. 1864 and 1865 1871 1875 TO 1881 1914 1934 refused 11 rer-ea 0>umar, lioiii al in* this adopted as the Community social conditions to the low-cost Lonipaur wii oe 5U5PINOED lor one 1949 1952 and 1963 1958 1958 TO 1969 1994 to 1997 meet d« o»iv on the loth June 1977. lor 2009 2011 2018 to 2020 2030 and 2031 2036 TO 2044 position. countries should be ‘considered pirpaialion Ol warrant* (or internr anu oi* tern's oavabie on JOIh June 2048 to 2052 2054 to 2062 2069 to 2077 2080 iM 2081 2091 and 2092 Some of the changes proposed relevant to Future worldrtextfle Howe to-day ; a-v 1st Jul, 1977 Translers or 2094 to 2099 2106 TO 2117 2138 to 2206 2212 to 2218 2221 by the UJL and backed by trade negotiations. price rises i.i.ii .. . i.hi . •• m v 2236 TO 2239 2242 and 2243 2248 and 2247 - 2256 and 2257 - 2266 to 2288 ol bull nett bn IM 9lh June 1877. By James McDonald • wii ec i(B5if’M ea .niernlialviaerid 2282 2285 to . 2287 2298 TO 2298 2301 TO 2307 2314 to 2317 ’ v Orrri ol IM BonrO- 2334 to 2338 2345 and 2346 2361 2387 2391 TO 2394 MORE THAN 1.000 members of ftoancW Times Reporter -1 j U RLlR Sacretarv. 2397 2418 2420 2423 to 2439 2442 2483 2486 National Federation of Self- Po. I SuiiiiOM to to (he W.irai 2489 to 2650 2553 and 2554 2562 to. 2678 -2613 2634 to 2638 are expected to attend Marie, sir* Employed THE PRICE COMiDSST I'm Mav 1177 2641 to 2661 2668 and 2669 2672 to 2679 2586 to 2695 2699 TO 2708 pre-lobby meeting at the rejected "12" 2718 2740 2743 2746 a applications 2716 to 2732 TO to 2750 2755 TO 2788 Central Hall, Westminster, higher 2856 2857 to 2864 2887 2923 and 2924 Preference in computer prices in April and f BfekRS . 3001 and 3002 U> CDNSOLIUAI uD MINES I will meet Sir v:- LIMI16U 3069 to 3072 3078 to .3086 3118 TO 3133 3139 3146 to-day. They shaded two distributors to n& llrKOrpovalad ip me RanuMK Of 3186 to 3188 3191 to 3198 3206. to 3209 3211. ad 3215 3218 and. 3219 Geoffrey Howe, shadow Chan- price cuts totalling £30i south Airiest Liberal 3221 to 3228 3236 to 3241 3246 to 3248 .3250 3252 cellor. Mr. David Steel, purchasing ‘should stay’ Among the applications rejec • 3272 to 3276 3283 3293 3298 3301 3305 to 3311 NOTICE Ol DiViOhNDb DECLARED ON TO- TO 3316 TO 3331.- leader, and a Labour Govern- were ones • trom the ma 3340 -to 3345 3350 3356 to 3378 3383 tar PRLrERLNCL 5NA4E5 ment Minister. Later there will BX CHRISTOPHER cement mandtocturers- as Well" Beclscalisn H On, mi no No. Ilk an IM 3392 3398 3400. and 3401 3403 VO 3408 3410 to 3419 DUNK 40 par uni. Cinglaini PrCferanca Mtsrei be a lobby ot MPs. a proposal from the cosnn - 3A21 to 3431 . 3441 3444 to 3449 '3452 to 3454 3612 and at H8.0O v*cn 3813 meeting, THE importance of preferential large, and medium-size main- At the Central Hall concern Rubinstr • litigs'-d Nw I 30 ul Onv Hand .Kl UO- 3631 VO 3637 3661 to 3653 3662 to 3664 3670 and 3671 3675 to', 3679 Helena . icsocti ol Government -procurement computer systems, tt par mail ine h, inanini 3695 3698 to 3708 3724 to 3726 4001 to 4038 4229 to 4236 Mr. Steel will be asked the to framer bar which wanted to raise Its pi? tpd no 30:r, Jvi'e 197 7 lisa eeea ac.U'ca Liberals voting International Computers Limited^ provided a stable home base ' parahir IJ »>o naldcis Jl Inv 40 per ceiir 4237 4239 to 4253 4260 to 4288 4351 to 4358 4390 TO reasons for the and by 10.25 per cent iwwai e»»* uiarn lesivleico m me occhi 4410 4422 to 4428 4431 and 4432 4437 and 4465 with tbe Government last week Is emphasised to a statement' improved its. standing abroad.. Another 1 ol in* ConipiKv al .use a» gjv irv. seven companies. me 4A81 TO 4509 and 4010 4519 4521 * on 24Ut June IBT.’ a- a >u personi Or*. 4598 on the raising' Of the VAT issued by the National Economic The report, suggests ' ways to eluding Agricul" -4851 and 4852 4850 to 4862 4871 4896 to 4901 J. Bibby MM »b uaupon No. 156 Oeli.ned rrom 4912 threshold and the 714 tax exemp- Development Office's electronic" which toe preference, buying and M Pldlmi man warrants Ic Dearer 4967 and 4968 4973 to 4980 4992 to 4995 5005 8016 ta 5026 Watney Mann and T A notice regard- no pa,mcm w t Oirldenas to tion certificates amendment. computer sector working party. policy abduld-Lhe- strengthened Holdings, thefr no coupon no. 136 aetacncd (rum inarc 8035 to 6045 5492 to 5498 5510 5S18 5636 to .6609 5612 to 6818 withdrew Geoffrey, the federation .The working party says that and extended. It should include warvanis to b?arer «nii be subiishw n 6622 5027 5629 5539 and 5640 5847 TO 8652- Sir cations for price increases . ‘ iim Brass ov I xv London 5ecr*tari«s or (he 5669 to.' 6076 5578 TO 5580 5686 to 5688 5697 to 6702 5704 says, will be reminded that all the Government, which is review- potential -buyers either in the ireliriifnarv Lawaanv on or anoul 1 7th June 1977 discussions With DMUnKM of Dividend No. 4 on Uh 6707 to 5719 6748 5752 to 5759 5996 to 5003 6011 to- 6020 the recent Conservative admini- ring policy, should .maintain pre- public sector or with Govern- Commission. par cans. Cumulative Second Preference 6046 6046 6049 6024 to 6028 and w 0068 6121 6126 and 6127 strations have" done for the self- ference .for International Com- ment-National Enterprise Board ol RUB each In another cases. . Shores 6134 6165 6215 to 6221 6227 to 8236 6229 52 D.v.oeim No. 4 ol 4 itnu per snare employed and small business puters until the end of 1980 and shareholdings. At .present the increases modified by ror i-» mcaiw enomu sum Jurre 1977 6241 and 6242 .6245 to 6272 ** were me sectors “Is to load them with this preference should be public sector. - only “ notes nas been dec'arcu paraole to tne holder* £100 Bonds ; Commission. These loclud"' or me 3 uer ten: cumulative second ore- legislation ” and he will strengthened and extended. Government policy.- - onerous central application "-. .Conoco teren-e snares reiistarea id the books or 33976 to 34062 34070 and 34071 34073 to 34210 34212 to 34226 34228 to 34236 from 11 ihe close or bus-nesi on federation’s According to the addition, the Ibe Company 34239 to 34292 34308 and 34309 34345 to 34357 be urged to hack the statement, In working party notifications from TC Shoes, 24 1 h ju:ie 1972 344QS 34409 to 34427 (tie demand Tor a place at the nego- pre'erenthd Government treat- urges the-«xtehqion of the policy For me nurpasa ol mew a-viaenu* 34429 and 34430 34432 to 34434 34437 to . 34459 34463 to 34471 34473 R. Industries, the Fm TRANSFER REGISTERS prNcrence mare 34477 to 34497 34501 to 34515 34517 34530 TO 34625 34641 tiating table with the TUC and ment of the company has helped beyond large computers to cover Times, -Fi and REGISTERS OF MEMBERS .will W tO 34650 the National CLOSED from 25th Juno 1977 lo Bln Julv 34701 TO 34810 34816 to 34854 34860 to 34865 34977 to 34984 35031 to 35040 the. Confederation of British bu3d it up as Europe’s leading all data .processing equipment, Corporation . - -* and . 1977 born days inclusive and warrants 35053 TO 36063 35090 to 35199 35206 to 35210 35215 to 35242 35247 Industry. and. indigenous manufacturer of especially nrim-computers. trom tne jonannasbura ana Mackintosh. will m posiad 35287 to 35264 35266 to 35258 35289 to 35401 aetAica to 35470 . United KinBdarti transfer office* on Or 35487 TO 35459 about 28th July 1977 Reo vlerofl snare, 35491 to 35494 35499 35506 and 35607 35518 and 35519 35559 to 35562 holders na» Budget, would - set economic On 15th June, 1977. there wfif become due and payable upon each Bond drawn far During Loj^ Other or the United K-ngdom redemption, issued last night, by Lord Wat- avoid any little ‘local difficul- targets, the Chancellor having his spoechr ^2 the Tr principal amount thereof, together with accrued interest to saiddnen the office aft— ... CBI s oSrief*ComM”»r*o Limned ldnson, CBI president ties *.of this kind whilst we work bees advised ’do .possible figures Kinson praised the * " ' Speaking at the CBLTs annual together to get the by the forum. director-general, K*r. Charter House, ^ai* Stidec S. G. WARBURG ft CO. LTD* economy ^ T N24 ffE Healey, Metbveu, for bringing “a®; Ashford Kent Q ...... 30, Gresham Street, London, 6C&2&B. dinner where Mr. Denis right.” i The, Government would next 4 —— a «ULn. LSfHfOn wwr purpose professionafls® Moie a Chancellor of the -Exchequer, was set' an example by restraining and STtlSSSle SMCt. « p' ‘ar 1 ia! or with one of the other paying agants named ain the- Bands. The CBFs proposals for long-' K.mbertey 3801. iClp 1AJ tbe chief guest he also warned wage rises to the decreed levy an that we seek to do" South Atrleo term reform - of the way the f that the "CBI and its members to the. public sector 1 7th Mai 977 Interest will cease to accrue on the Bonds called for redemption oh and after 15th June, while the CBI now had a 1977 . country's economic affaire Jhe might not work “ enthusiastic: and private sector woijld ces and Bonds so presented lor peymentmust have attached an coupons maturing subsequent to thatdate.- industry's reform and profile” and its "flw“! wage levels': are fixed 1JI ally”- on "the Government’s In- co-ordinate its main pay bargain- improved. are remain outstanding after Jane, 1977. will be debated to-day *^o we APPOINTMENTS £3,000,000 nominal Bonds wfll 15th dustrial strategy' if there were - by its tog eOUmfiL into a -relatively- short postr nirit, and we ftre-'gotog^ legislation Bullock on the Re- Budget period. much harder to bandwi 30, Gresham Street, London, 5C7F 2EB. 18th May, 1977 port. They involve a new COMMODITY Aooomuments Ltd. UMeri national . Last night Lord Watidnson we know, .much more, acMunUnis. trainees- Bdm:n:strairi and The Bullock worker-director forum bringing together Parlia- described these ideas as "not he ae Tel. Graham Stewart. 01-439 1701- at what we want to do,” i w* . ! . . 1 iu*sd:iv m iV The yinancj&t- Tunes : Wednesday •; May is 1977 13 pay I APPOINTMENTS review call ;Sir Ian McLennan to chair for doctors financial Times Reporter THE PRIME MINISTER has ANZ Group Holdings SY KENNETH GOODING, INDUSTRIAL. COftRiSPONMNT told doctors that he hopes the seventh report of the . - — reviewj body doctors' and dentists' Sir Ian McLennan will became Hr. John Swanborongh has been Mr. Patrick Cxssey has been - r, BRITISH’ LeylandY Special ’Pro- 'Enterprise Board. If approved it pay . will be published chairman elected ,ri Avelmg-Barford' Internal onai— SSm.-i cope ‘'very; of ANZ GROUP HOLD- executive chairman of appointed managin’' of ducts division is planning to with this. Expendi- director a £7m. would represent- the biggest ex- expects !TVRRLVGS andanrf Australiadi.cmtia andsn plani at Grantham. Lincolnshire, would “ a report pat included ... the seams. Special Products has depend-very milch on; the pre-interest profit of_about £4 i details uf the «ompany for 1 ml : * non-executive chairman siucp the past tuo II,V . , 1 > would be ! production e settlement The plant /ready . side"' If ~? which, it! *i years- by. been hinting that its progress . approval wqre-given the nevH P®*J r Watson Hushes 1975. has relinquished the chair • 1 . . 19S0 when- the company should Apart from Avefing bee“ nt , with -Barford, Aveting-Barfo^ * overseas sales .might he plant' . Would * «* by|„S, but remains a director. two i!3? fromlbe rtJX? p .out the. mistaKc. be very short of capacity to meet held back by lack of. capacity. of other three com- xhakemake the biggerhi p per equipmenteainnmenr the a. ruturv-n? c-rv»,,_ *Ir- Donald Anderson, director . , I ship of the "CHABENTB STEAM- la. I,. panies d^aand. In the construction’ equip- company wants to add to its - nd aenoral manager of United '•v-J- “.”2^ SHIP COMPANY and is succeeded Mr. Clifford Smith iJ- ...... The exporting .company " has been ?t\r ment division—-Aveliog Marshall range. including ah 85-ton- in lme with Phase Two of the] c" spafier has been elected The project bus still to be con- recently, up-to handle Special by Sir Thomas Pflldngton. Mr. appoioted a mana-rinc director \ x *• set and ' r . 1'USi- i M Goodwin Barsby also Pp^cy “od the 3 13 : —are capacity. dump— truck and 'a Pti BMA 1 Watson will a '™ ” of the EVENING XEWb- sidered by the British . .. l Hughes remain and ... 'Leyland. Products construction equipment Mr. Peter Hanaartner a direc- Ell Pf .*i *:!,• working near capacity. shovel that the report .UJVERTISIXG . tractor with a- 10-cubic-fRSked should be f member of company’s Board BUREAU, ' the tor . -Board and -then the - of BVNK 1 Rational division's overseas"." .sales— JULIUS B\ER’ tei«*rni< - Aveling Marshall is spending yard capacity. -published immediately. * l,hich promoies advertising in <: ! of directors. INTERNATIONAL. . * ' regional evening newspapers. 1 i- ^ * ^ ^ bee " Mr. William Jtevlin has been appointed of Mr- Richard Oppcrman has ,i-v°, managing director . . SAGUENAY SHIPPING JOHN joined the Board of BEYER PE.V Windscale inquiry KELLY from June 1 Botanists seek veg’ CUCK AND CO. ‘super succession 10 Mr. John K. Wilson. as commercial Erector. Mr. R^«n. who remains menibe r the director. haVe a of Reque, BY STUART ALEXANDER bee° Board and has bceo appointed * maae directors. consultant to the company. Hr. R. Psirhett has been an- rules laid down * pointed personnel director of the CARROTS AS- Mg as sugar beet They would form a part of a with fashion as ti is on nourish- * Mr. F. -C. G. Foot, at present tran&mifcHion* division of and crisp celery sticks five feet natural, technological and eco- ment or, when speaking of gar- ” n,"“ Jonnfflon, uno !3>t BY OUR CUMBRIA CORRESPONDENT divisional director of the lighting \ew.\GE EXGLNEEKS a Chart- for nomic chain which will in- ments, on their ability rostqned as chief c seen live long are possible within the to resist division of PHILIPS INDUSTRIES erhou^e uroupGroup companycompany. - e . mi fluence food requirements of; the climate.” | Bank has joined the ; audience iwfll become divisional ARRANGEMENTS have, been- beard by- an which! nest 50 years, says Dr. Magnus , director of f 1 the. future and, consequently, Along with ds' ° FERGUSON SECUR1- completed for tbe poWic Inquirj' included leading QCs,. a’-niajority new strains of 1 the video dir ision on January 1. 522I Pyke, secretary oJT tbe British TIES and its u-holly-awned sub- «r. Jeff re? t.. J. Chineadeu into expansion Appearing for manufacturing abilities to cope vegetables, the Industry would 'In the interim period, following of oxj de-fuel of whom is Association- dlar v*** for the Advance- with them. also need new technology Mr. M. J. Foster’s departure. Mr. >;- Birmingham and Midland reprocessing facilities at Wind- objectors, is one- making pro- . In | 5} reseat ment of Science.' On changing consumer atti- the form of both scale; West Cumbria. - vision' for all parties to make! packaging and ' tudes Dr- Pyke adds; “In spite developing artificially According to British" clear statements at the outset In Writing in the 50th anniver- con- of the public clamour about _ • Fuels, tbe plaxit could .earn jtakfng this departure from stan-; structed alternatives, such as sary issue of 'Food Manufac- head the video division. Mr. J. D. £u»n securities Group, n imam nutrition the food I Britain. in foiforeign cur- dard practice, be said the ’Press! indnstxy is. reformed steak and "oroecsscd (Qnf £600m. 1 'Dnnhley Reed and Sons and Habii Pro- Til* d I ture magazine, be says that like others, in the entertain- cheese continues as director *of The appointment a* Mr. !„ a 'O? a overseas tracts,' and broadcasting,' media might J** Jreney through con . the *udi° division. Mr.- 1. H. cision Engineering. Mr. Johnston Britz I as a part-time nf **' botanists working on the mag- ment business. However lhP member notably..otably '.The''.plant give more' fair treatment to those with Japan!Japan!. . “ Cohen, now director of cotnmum- alto takes over as rati rtaging the LONDON El.ECTRICin' • nification of plant strains, as That is to say, the quality Ti'on'lir hi is due li "-involved. " to open on June i , ... cations and general industrial director of Birmingham and Mid- BOARD has been I extended :n they have done with wheat and of food, like that of clothing. K a He ruled that.- .. closifig sub- *" division of land Securities, is By D.iv .... The inquiry will be unique ih . Mullard. will succeed Counties which January 23. 19S0. and will not e\ rice, could produce these (7. J» more j 5«Sc»U«- a number of ways, which, were missions could’ he made by both Mr. Foot as divisional director, also a subsidiary of FergUMiu pirc on December ::t. u>rr. .«s results. aesthetic appeal and conformity cereal and less foods. animal Ugh ting, l. . .'In White- | on January, Securities. previously announced. outlined yesterday . ., haven to a preliminary" meeting. The inquiry, wuleh will take evidence from.' -more 'than 60 presided over by Mr. Justice , Parker, inspector appointed to groups and* :" Individuals, is expected -last with breaks, for . the inquiry. to fn the first place, the inquiry, at least threfr' months. Yester- being liiCi. . will accept submissions of daj'- plans were- made for evidence that go beyond the documentary .material' to be local implications of the plan- widely 'circulated to - reduce ' ting application, although Mr. delays. • Justice Parker has indicated that i?— V ' a »,;»*- • . M>*' HiXpenseS . HUsF - natters concerning national . :! tecurity cannot be discussed. Although' Jit ..-"Peter" Shore, {in \or is he prepared to hear long- Secretary for the Environment, i> *A I* . -. erra Government policy called refused on Monday, bight in a mo question. Parliamentary. :exchan£e to pro- . f : 1 vide funds for-^abiectors’ costs, ! - - vi II be tested by public cross- witnesses be brought- to White- :”•< , p •xaraination. This. - said* Mr. haven at the- court’s expense— : -v* " ?r . • nistice Parker, came after a strengthening th^ impression he »r*T*t’ri ‘ . tudy of American practice in bas given that. this inquiry will its tv.»*ui ; he debating -of nuclear power he conducted ; ijO a-maime-r likely ^ ' sy • r-igues. .'• • to be seen, -as'-fair-by ail . , those w:*ir«i« ! Among his other deliberations, taking parti. lloss statement pTitvi >»• ; ihu'lUiri.:-. W' UM.- Isle of Man Budget cuts i ^Utl'r O :*• > • In petrol and income-tax v '« * .. BY OUR DOUGLAS CORRESPONDENT g:-: N IMMEDIATE, reduction in mated at. £l5.3m.. and from - e price of - petrol; increased income and other taxes at ••’rsonal allowances, and a £14.4m. .. aadard rate of income tax General receipts are estjinaied liich is held at 21.25 per cent. at-£2.1m_ Mr. Radcliffe .said that 1 ‘\ 1 i ci'hi . •e the main features, of the the Isle of Man Financd Board anx Budget speech presented was disappointed at ^heir in- Y • the Tinwald yesterday by Mr. ability to be able to ftontribute Average profit-io-sales ratios in 1975 • r : ,- r ?rcy RadcEffe, the- new ctelr- more . from revenue towards ' au of the Isle of Man Finance capital; expenditure. 100% tax exemption-High worker - Puerto Rico/USA (no taxes) r.,!- iard. Approved capital expenditure . Where’s the catch? - U.S. mainland ‘ HH (after taxes) for the year is £10.6m. and, in morale- Reasonable wages. Finan- Normally, under the “common There is none. We offer you more irse” agreement,' the Many, addition, £1.25m. is to be ad-: cial support in training of labour. 333% vanced' to' the Electricity, Water 32.6% to. ovemment has to follow the because we have Puerto Rico/USA f«>i Gas These are only " and Boards _ a few of the many 27.1% •XT' K. when altering Value Added- needs employment. That’s why the is or other duties, but. after reasons average profits are so 21S% 0? Vhy government has developed a pro- - : >. scussions WS j-i with the TT.K. Govern- higher in Puerto Rico than I4.8%- ?nt raising a rebate, tbe much !*.'» and by gramme of incentives with no parallel ice of petrol and heavy oils Tarling case on the U.S. mainland. Read on for' 7.8% i • evenue from Customs and Slater charges concern 0IH1 on four. Puerto an excellent network of Babcock &\Vilc6x General Foods. Gillette ise in 19<#- to -1978 -is esti- the affairs Haw Par.' Rico has ing of C. H. Boehringer HofTmann-La Roche • :• more than miles . of roads. new motor- p .600.0 A British American Tobacco International Paper ytfv . TN way connects the north and south- coasts. Diamond International lantzen. Matsushita Electric *m‘-l 'i Digital Equipment Merck. Nestle. Owens-Iliinois ’Hdt* - There aredQOO flights weekly between Puerto E. I. Dupont de Neymours Pfizer, RCA Revlon. Rodenstock. ib«* •*' har- Rico and the; U.S. mainland. A modem Exxon, Firestone, Schering-Plough, frrt Ford Schlumberger bour for for* traffic General Electric ;>srrt container ships is open in "Union Carbide, Westinghouse ?« San- Juan. -Near the harbour of Maya- Ifr ‘ giiez is the first duty-free foreign trade "1 *B ^ Ideal sea and air connections. 1000 flights weekly between zone to be. established by the U.S. atl*'* .Puerto Rico and. the mainland. Fast container ships. Only To: Commonwealth of Puerto Rico govenmaent outside the U-S. mainland. I B0 hours to New York. Attractive freight rates. Economic, Development Administration 1 It provides these additional incentives: Dept. FT2, Zurich-Haus-Pavilion 1, Duty-free foreign raw ma- E .entry of Am Opemplatz, D 6000 Frankfurt/Mam 100% tax exemption fs results lhatcount. terials." I Federal Republic of Germany 1 pu re interested jii results—not a philosophical debate about In Puerto Rico you pay no U.S. personal 2. No U.S. 'duties .on products to be Telex: 4189257 vning You want cost I £ a computer or usng a computer service. or corporate income taxes. And the Puerto exported to other countries. ! - Please send me further information on establishing poii lector? computing with a minimum of teething problems ' government will also exempt manufacturing id headaches • Rican manu- I a operation in Puerto Rico/USA . facturers all local corporate income • from and The bottom, line: N*mc: c would likclo make sure that you oet jusi ‘hat. i property taxes. ThisTOO percent exemption maximum profits Company: be for up to years, 'depending I : A Ivi-mber Companies are cv?rt of a profcss'onal Computing can 30 on the Did your company make 32.6 per- 3 Mn -r-ic software, iiuwel: * e Industry and c-ot-er air tiscects of consulting location of.your plant. 1) cent profit last year? Or 33.9 percent? — i l ' ' ' — | development. U«‘ . xesani ana recrunment service "supply and s These were the average .profits, re- SEL ti iureti'-.^ best, cost effective I y outcompany gets the most . High worker productivity avicii spectively, for the chemical and the Phone; u ! ii Write or telephone now for a free set of CSA Briefing kiitv* ‘ Worker morale in Puerto Rico, is - •:=*•. A Directory Describing j.tembers sen/ices is also good as electrotechnical industries in Puerto 1 am. iniereet*d in manafacuning the follow mg product! in Puerto Rico/t'SAi I fse»? I'lane. -good as oh the U. S. mainland Despite the fact Rico/USA-in 1975, And the profits can I ' = 1 .} -that wages are lower in Puerto Rico, with be transferred. 1 — ,.i;ta Senates As-sociaiion- Je+f ri—Las.“l L" \.’T-v i * ti:* • : IVCCB 6PG rsoitt* -rsosc-'s*. London PuertoRico/USA an.*. t • liS'—# :i> • 1 j 1. 1 " -.-aj, t . i*»IM.a‘ ** >* • ' M . I* • HANDLING EDITED BYARTHUR BEWKETTAHD TED S! Dock work lift tracks Ftying'contrdbliy FEATURED THIS week qt the height of less than 78 inches will RETAILING Mechanical Handling Exhibition be made available for shipboard until (NEC. Birmingham, May applications. . . 21) are two battery-powered -lift The LoSQD, port truck can trucks from Ransomes Sims and cany four tonnes sod has been Eases problem of Jefferies, Ipswich, IPS 9QG <9f7S specifically designed as. a steve- 73222). - doring truck with both' quayside The LoSOD has been developed and shipboard eapab titties. It fbr ports and harbours tn co- can also be used lot industrial computing stock control operation with the Port of applications where:. chare are London Authority. - The paea- height restrictions, such - as In in matte-tyred ESOA^ shown -. prof brickworks, LITTLE larger than a handheld Obviously there is an educa- Mini versus bo go into - effi- . operating for smaller totype and expected For *. maximum roleulator device invented by tional problem the a production next year, is a. high cfenqy the port truck «* fitted a* MSI Data Corporation cnuld help store and there is a fairly strict be capacity truck for inside and out- with a slow-speed motor and an T(|0 ft) the small shopkeeper to reduce discipline to observed in rack- In applications high speed control, wv V , operations -automatic on re-ordcrms in a simple ing and labelling the goods. side work associated with internal the truck high-: travel keying-in upc ratten once a week However, MSI anticipates that nonnail? gji^og jjaEPLY INVOLVED-thOugh ft Hft truck*.- engined speed on .the quayside..;, • with validated order lists then the education would come largely combustion may be in the rapid yrogiw rj has a capacity of Both the new -tracks buorper- transmitted automatically over from the wholesalers who also The ESPA ^ micrcHKiraputer in task mate* very and can vnsk in ate spreader bar wtut- Kiting the telephone line in the whole- can considerable four tonnes, a jecbaology appiteatioas.-Nati^fi, slippery- .condi- within the overhead guard salers. savings particularly in paper rough, wet and points j^mujynaurtor ciowly does oat slung abbard ship as retailers move over driver'si — cab can be and——— can be— - The terminal which has been handling lions.Lilfud, Ars im su^enbe toI.U thebUV beliefwvuw • UQIlihaW bvire i g 4 . m, metAral iAII mifk m standardotnntYorri four-leg fhamchain _ i_ . „ z* railed rhe MSl/77 has a memory to the electro me ordering equip- fitted. The standard model .trill with a 5Qme Uiat lhe minicomputer wiu SiT o imvornt mast brightorient of Mingsline and Shackles.shackles. - ' n*tA»n>,eiu ,> twh. . » inside it capable or storms in- ment have a lowered suffer Grievously at the hands qj*. MIL .port h - 1 wholesale end. various overhead guard- The prototype* r tew* - - •. • the >*• an . •. «, Form a lion up to 300 different At inchesUiCffCa andauu , . .*| Ult* nn 979| J ^ > \ would rover types nf receiving equipment are of 86 inches, but a . special been on trial - types of goods which I height - Thetne most recent marketusarKet att-fore- • a available from MSI running up with an overall Tilbury. Docks for a year. - the requirement* week by week **"V ••• -• low verston- ca5tscasts fromfrara the{fig company indicate , ‘"-3iS ui.llfli of a very iaVge sector of the to a unit able to take four phone From a world market 1* 1 that total if 11111 U.K. retail trade. fill Is at cnee translating these ** # HAND TOOLS of 56.000.. units in’ -1975,- to*-AJl computer tape, and also 4' In fact the > • hr.s been de- into blast -g>*.-»-* manufsietuwrs nf .. miAfw™ Seven nozzles . . : T| - ^manufacturers- of jaUfilibni-' Shot-blasting is more and more becoming a of these In a day. jr-x • ] . signed specially Tor Europe capable of calling up unattended precision This equipment, precisely that’ shape and surface and terminals all over the country at high process. abrasive so bearing in mind that, by microns can be extract -frtjm them the seen undergoing final checks- at the Slough roughness to within 1.5 with nana tnciiL to one large. independent:? and chains Strips . & wtir see their marker expaiia. . .Uniformity of blasting Is achieved r , * trnd to be .\nia/ic«' tii.m the latent order position. works at Vaen-BJast, has been designed to ’achieved. grammes, m WIRE-STRIPPING tool from . Weighing only. 130 ^nnorm^tq ute;..,,.. .7’ climates day to day aid of a device called tbc Tealgatc A jn U.S.. where MSI does SO pnr cent, MSI produce silicon wafers for the electronics with the now avail- handles axe abrasive -WeidmlUler.. Sweden, the tool casing and :_«fieam m of its husini*.-*. standing slocks with retailers io sensor which monitors the Bow'd! S industry and it is now in commercial ***-* glassfibre reinforced The 77 ujcs Hie latest available the U.K. at about I4bn. and each noale. Vacn-Bla^which.is K5BT through designed - for si t^^a^led * operation in Holland. The plant is capable an protect the • technology and in its >J030 believes that its equipment by Allied Polymer Croup; polyamide, d ^ see the OEM market' for co*. . a member ot the b lt 1 version hetween shortening the order process to cutting 180 silicon slices only I-5mqi in P operator to 1,000 V. Operating plete systems to change character of reckons that this plant marks the entry of of iMn^»n up sharply-' 20 typ^ ' £600 and t‘700 dv.-ovn-ling on less ihjH four hours from say handles with an offtafe oMOjOOO .. diameter an hour to produce 60.000 tiny automated blasting equipment into the from sinele^^and multi-strand pressure required on the & t9J5 ordered with the SOHO hours at present it can reduce ‘ numbers will produce to 509,008 arena. - and steelcon- is minimal (less than 2- crystals and up "machine tool . copper, W character model running from thc.se stocks through better - - be doctors • of all types, including sq.cm), and the tool can £750 to £R50 control hy at least 25 per cent. ribbon and co-axial cable, with easily used at arm's length. No - e COMPONENTS -cross-section areas ranging from pulling or holding of -the cable to 2.5 sq.mm. Is necessary. - COKEMURICATIOftS from to.825ttu .-A built-in cutter, shielded to Stripping jaws and enttmg 11 answer tn the problems. One fingers, .will blades are replaceable, and there *!-’ prevent catching the from limitation eliminated, for uriM ,nH mMp no tn thA is a «rirp hrusih mounted- iSdeiasfcfe wiU^vanceadvance .from .5S50QSmJ h Smooliier ‘ example, is queuing to use a A brake for Big Ben same cross-section. the handle for cleaning the cut- company The predicts . single central microphone. -Galled Stripax. tbe-tooMus two ting ridges—no other maintea- tha necessary: - Priced at offtake of microprocessorsmieroprocessdrs wffw£f lajiuua«. of jaws- The*• «•- first grips the'- ance is- Suitable for use at meetings IN OCTOBER, when the Great the umt is simple,t, self-containedseu-cuniameu eight backgrounduatKgiuuuu colours. pairspatia joj-- — —— 7 iJL-j'j srfvanm* 40 Ron ..-i*. the tool fmm for fee (Big at the Palace of mechanical. readily the shape of the light beam , of the - spectrometer ,cso that the atoms formed are concentrated in . tbe smaller ; area of the luiht - yS beam rather than across the fall >' diameter of an ordinary tube. The new tubes are reported to show much better lifetimes than Thechange of name wilt notbe^xpressed on they 'hose they win replace. For the above mentioned Euro-guilder notes.. determination of lead in water, Wilf .... life expectancy is about 1,000 Consequently, these be traded under the ' firings and -for silicon : in steel otdname until theymature. . S -some 400 .operations. development means ; 7 that Rotterdam, NTay 18th, 1977. - electrothermal atomic* absorption * can The.Executive Board ' -be extended to extremely r ' ~ •«* wm’r® a big name delicate deterinmktioxis of many ,. -3 J more. elements. " %£?- - . . • w» — . -73*'*n ' . -More from Pye Unicam 3 at York i Street. Cambridge. N.V. liederifflidsche Scfte^ivaart in work! transport. 0223 58866. Ui r. V ^ ;; . His timeyou got to us N know .*•- ;&?: .- , •*. - 1 h.'" V. J.-'?* si'- r..: .*? -j a little better. Our name is the Nedffoyd Group. A name that probably conjures up the sea and the worfd of shipping. The assumption would i.n fact be quite right but ' there's something else you ought to know. Shipping has been, and still is, the backbone of our operation. Butwe no longer deal with just shipping alone. A tightly-knit combination. Today, in 1 977, the Nedlloyd Group (which used to be known as'the 'V-:.''7 :. .-tt Group of Netherlands Shipping Union Companies) is a . mi tightfy-knit combination of shipping lines, stevedoring companies, forwarding companies ‘ and transport, airfreight y- , offshore drilling and industrial service businesses. jr. '•> ’.X Aftogetherthere are around a hundred companies, employing some 1 7,000 people ail round the world. It's a dynamic organization, growing all the time. Between 1 970 ' and 1976, turnover rose from Off. 1 460 million to DfL 2390 million. Overtheseseven years, investment totalled Dfl. 2725 million - and DfL 1 870 million of this i • -• -- h came from the Group’s own cash flow. — i (One Dutch guilder — ^ u :<.****& is about U.S. dollar 0.40) .... i l There’s a lot more likeme in Newport. I l . . . . Balanced structure. Our success is very largely due People /! who are wilOng and able tav look, if you decide to do more than looK, ' to the careful and patient building of a well-balanced, help - i-rr.-tjU l i- you build a prosperous business, there's an understanding Courid! ^ihi .11 IT- 1 1 ...... 1 integrated group of complementary - anan inWrnim KlnKn. ? companies. sh/pf or abundance all an aircraft, or an articulated truck all fit in But that's • H * equally well with . only one oftie;' has helped many other companies. S-m ; _ the-broad outlines of our corporate ' attractions of philosophy. This makes / Newport. ?:’:V ’ So think about Newport Then X &**&*$* rij it possible - - There's to offer such a . the access to .. look at 4 comprehensive package . ease of Newport. . ^ London.— " ’ of services. /JsS? the.Midlands and theNorth. Find1 H iu outUUI moreIIIU1C UJby contactingUJI ItflUlI the Fast *’ main roads, frequenttrainsenrice, Chief Executive. Ref: r i .Civic _ . airports and docks. Centre, Newport Gwent1 «sw - ... iThete.are plenty ot prime sites Telephone0633 65491. mm Nedlloyd Group from yMM yt to 50 awes tfet are well worth a SJ*A * /ffkf where-business-hasroora to boom; M . : - . . : IB X977r 15 LABOUR NEWS ‘ - • •* 'rfV.' V .-1 '..; . '1 r Flying cc ; ' - *.V . Aberdeen Airport -• ’ ' * -I yesterday L' GOVERNMENT soeial contract was “hot* only q falling Jiving standards due to tion, .andean -enctta.j'the. attack closed by Cheh^;^ ianfler renewe^.Tinioiv pres- dead duck" political ~' but a lia- the social contract on fthe public :'se^rice& - >—-**-- 1 ihepoll- bflity __ Mjkure to;o moveaway from wbich should 'be buried In its economic review, the of the Hoc^l contract a& the without delay. NUPE executive, whose own con- • jNJniy alternative to certain defeat It Is. ’ expected that A5LEF wIU ference takes place at Brighton TEhe AmiSgamfl'tsd; -Union; ofi Election, helicopter strike it -the next General this -week'join the unions "which next week, delivers, a similar EngineeriaiE>"Workers’ executive, «re opposing a- third Mr. BiU-RonksIey^president- of pfaase of pay message/ -warning • that it .is yesterday - decided to .t|ie policy. H 1 BY Ot^t .ABERDEEN CORRESPONDENT Mini y fitir, he Associated Society of Loco- almost the last • ehance for resolution- flcngqdfeg ^ie*acu--to MNftnOtive Engineers and Firemen, .'-Reminding deJegatefr-that -not the Government to get its policies free elective Cbi^n^ff-Vi®ch ABERDEEN' Airport will _ be tended to cover all entrances . warned- that the Government 3 single item on their agenda back on course.- its . conference adopted last weak be dosecMtor fixed wing Sights - and exits from the airport. Mr. vould fie “doomed" at the polls favoured continnatioa* of the S ^ S / » ^ “Without fundamental changes for consideration if ihn"G , which affiliated „1 .. -•'-''I'-mts yesterday gave overwbekm- .-The -anion." Conciliation and Arbitration Ser- 1 ’ By Nick Garnett, to. Bournemouth » • ‘ pointto agreatdeaL only last year, is vice. ",-,«g support . to the prln- with the TEG or a Govemment-TUC-CBI : i Forte ‘blackings’ could -to- four-part ? 4<>.'.ple of another 12 months of now jeoinmittfd; a forum. ANNUAL conference of , THE It's who can live and work in some d -'»v . _ not everyone . age restraint, after- July 31 and iraznework for -.stage, three. .. Mr. Bill McCall, general secro- the Union of Post Office va I::.* -1 .jstponement of normal wage This calls for a general per- tary. said that sorting out all Workers yesterday backed a ofBritain's most beautiful countryside. .rise including differentials ' . gaining until the beginning of centage pay a and anomalies scheme giving its members a begin again, says • Law tor in ‘ 1 But that's whatfs waiting you Vale Royal- Mi* * cash -floor to helpthelower paid would mean very large increases, qualified right to have a longer ,v-** 5 The decision was taken by 500 and; including adjustments to regardless of- the fact that mem- working life. BY ARTHUR SMITH. MIDLANDS CORRESPONDENT Winding lanes. Counrry villages. Delamere Forest. Yet .«!•: and- rewards for bers’ ' , .. delegates representing the differentials net pay had in the last lion ‘'The scheme, already agreed you're still within easy reach ofLiverpool and Institu- efforts, skills and. -responsibili- two years risen by between 7 II WHOLESALE “blacking” of The inquiry will be concerned : .L. KJ.000 members of. the ' with the Post Office Board and ‘ Trust . §er- ties:' and cent. Bouse .Forte establish- solely with tbc circumstances of The : : 23 per This compared and M5d. London Glasgow i» i .,..;’on of Professional CM1 gives Manchester. The M6 ratified by the union throughout tho Midlands dismissal annual con- . It seeks scope 'for genuine with an increase in the retail ments the of a waitress. Mrs. ints, holding their members the right to work a huge catchment area of potential -productivity schemes and the prices index of per cent. - could b$ reinstated quickly. Mr. Pat McGuire. Neither side will railways. And rence hare. 39 after the retirement age of 60 of delayed Alan Law, Transport and General be committeed by the findings. Some protests were voiced, payment from August “We must not throw away the] providing they can show they customers and major suppliers. \ 'J'jwever.* that the union was awards like idle 'Recommenda- sacrifices of the last two years! "Workers Union regional secre- The TGWU has been involved ! ‘ efficient. I i" - are fit and sufficiently companies have already moved in. " r tary in of Over 50 'tipg In the dark and had- no tions of the Top’ SalaHes Review now that there-- axe some I charge the campaign in two other disputes with THF. ' VJ-' ' i taiget . glimmers of thei Two provisos -in the agree- for union recognition, said in Settlement of the six-month- • tern stive strategy dr pay Body. hope on like Metal Box,lO Tesco and Dunlop. All of Vjlv -. Names f j* : .are that retention will Birmingham yesterday. stage three was rejected by • Departing -front -TUG - policy, economic horizon. \ ment long strike at the Randolph a L’ n Tbr V..., • them making use ofthe government 20 It - not blodk career progression The union is mounting a Hotel. Oxford, •'-.majority' of tiie-TUC. . the union wants special, super- “But that does -not mean we has been recom- • " . .fin..' " .The delegates went on to snp- vised arrangements for dealing can support a policy anything for younger staff and that round-the-clock picket of the mended by the union. Mr. Law Intermediate Area grant. Many oi them also making there is still a need to keep a Night Out theatre-restaurant in said still • .-it a resolution demanding that with anomalies, . like the last two years, nor can the eight people on iSiCO.t. particular post filled. AH Birmingham, but has lifted the oftheiree Vale Royal factory planning and \ e next pay guidetines- permit It "suggests that f supervision there be a blank cheque for the strike had been advised to share use --. body retentions after 60. will be “blading” of motorway service payment £2500 compensation. II « mediate restoration of dif- Should be exercised by a Government.” of construction overseeing sen-ice. reviewed every six months. stations, garages I. li»r and hotels Negotiations are proceeding at iii-.i The previous rules drawn up while the Advisory Conciliation the Grosvenor Hotel. Sheffield, Bill Wallace Winsford a i s«i Ring on iWi,-. 25 years ago, gave Post Office and Arbitration Service pursues where 45 staff who walked out . 7S infoimation, management total authority to an independent inquiry. in December were dismissed. 2021 formore determine whether a worker or use tlie coupon. Warning of ‘secret’ pay policy was kept on after 60 and. there was ho appeal procedure!. Bill Wallace, ' Under the new agreement, To: BY DAY® CHURCHILL. LABOUR STAFF A.?-?:-* V- v Inflation effects on low which - applies to postmen, Vale Royal District Council,' 14 ” -.means of might also- SECRET incomes policy lic sector throtfg&d&e prwe attracthf to sorters, clerks, telephone, and OverHall,Winsford, Chesliire. -erisg only public-sector wor- cash limits.” *• Sr,;.- r the Labours Gqvermheiit^ n no telegraph operators, the union paid ‘should ; be noted’ -s would be the cornerstone of Under this systemr r already new pay policy can be firmly has fun 'consultation rights Name policy. operated the Treasury, Gov- agreed this summer with ..the individual uture Conservative pay by over any who wants BY OUR LABOUR STAFF • Civil Service trade union ernment departinents are. strictly TUC. • : to stay on after 60 but man- ; Position Companv der warned yesterday, United to their budget^ fplus a This would be made worse if agement does not intend re- THE GOVERNMENT should than for others because of their actual) there ' fr. Gerry Gilhnan, general forecast (rather than were' a general return to employing. . regularly publish a special cost- greater proportionate spending ret ary of lKj.OOO-meBiber allowance for inflation. •free collective ^bargaining, with- discussions "break down, of-living index low paid on T the ff for the basic necessities. According jarerne**: 3 iety of CivU and Public Sep- An iptemal union ; memoran- out the protection for the union an appeal can then be made in .order to monitor the effects of to the unit the poorest 10 per ts. which represents mainly dum. winch win' be-" .considered of the Civil Settled Pay Research to the local manager and, if inflation on the poorest families, cent, of households last year by. quotes Unit, Civil' ! die-man agement grades, told dedegates- today: a which links Service necessary, the case token t? an the Low Pay Unit said in evi- experienced price rises of 17B agates on the opening day of Treasury oflteial - as .saying: “In pay to rises in the private Industrial tribunal. dence to the Royal Commission per cent, compared with 16.6 per Hjeaicr union's annual conference hi the absence' of any other incomes sector. The conference agreed the on the Distribution of Income cent for the high paid. :tbport: “I believe that *f a policy, cash limits -cOilld be the The conference is expected scheme In ‘spite of strong and Wealth yesterday.. It explains this by pointing to • -‘ Lserwative Government is incomes policy” . 7 -to demand to-day as immediate protests from .some delegates - Since., the 'social contract such factors as a 23-5 per cent, - -.•ted. they will not have an But tiie society is -also : con- return to thfe - research unit -sys- who feared, fhe- pbofisos would, started, .argues. the unit, the cost increase in food costs against a~ incomes will cerned' that the benefits' qf.. cash tem.' as , ' management ”rt policy, but soon as present . policy be used by to of Using has- increased more general inflation rate of 16.6 per ’’ '' ' - • • Iy a secret policy in the pub- limit control of public sector pay expires. : block staff- retention. steeply for tfeq; poorest families cent. • 1.2 .. 1 ! r* f 0»ntC»5: ’ r:*vm r • t*coipc:;V . :i irfay. H*' Kflkjyc! Groep fd Group) Vife havethebiggest fleet operating in the Middle East,too. . The ke^ totheheartofthe MiddleEast. "WfeVe scores qfdailyflights to .Cairo, Bahiain,Dubai,Kuwait-all . Riyadh direct,we are Saudi Arabiabeing one ofthe world's richest markets, is the Because so manypeople want to go to the important centres. £ l # 1 ^ service fromHeathrow. heart ofthe Middle East’s commercial world. ne adding anew,llI-Jiimbo non-stop 747 BecomingHggerdoesn’tmeanwe’veforgottenhowtotreatyon, This plus ourregularTriStarschedule, Saudia knows theregionbestbecause weVe been flying there W- exclusive new service, eithecSaudis aiebomto hospitality. AoditshowB.Inthe manner ofSaudi fprmore than years. you unlock this wealthy the Kingdom . 30 Andwe can help givesyoua choice ofB flights weeklyto youiewelcomed aboard andwiththe lavishness ofourmenus. Dhahran)-Ournewschedule marketbymakingyour travel much easier. Arabia^ndudingfHgbtstoJeddahand • l^feknowhowto entertainyou as welL Saudiaisthe onlyairiine busnessschedufe* Your travel agent has all theflight details, or call us direct. makes itmadi eaaer foryou to planyour with afiill programmeoffilms and music flying fromEurope to there in the spadous - •Ecomlstjune Saudiais tiie onlyaidineto take you Saudi Arabia. service-no matterwhich, flightyou comfortofanallwide-bodied ' ‘ • choose . WSMI ' MoreKJutes,nKire s^vice. ? 5 audia^fr More cargo. SAUDI ARABIAN AIRLINES Member vtl.V I \ **' Ournewnon-stopjumbo sdieduleis only • J With onrfleet ofDC8 cargo freighters backed up the cargo service. ‘.'r ^ by Saudia gives you mom # Keyto the heartoftheMiddle East operate an exdusiveflightiietwoikto capacity of747sandTriStars,we offerthehipesthequehey Hl \Vithm.theKingdqmwe TELEPHONE:LONDON 01-995 7777. MANCHESTER 0fiI-S33 9S7S X,-f. 5 ‘when-you-want-to-go hequency. andgisatestcargo 3Se financial Ernes Wednesday May IS 16 W7 PARLIAMENT and POL MP wants Callaghan cautions on pay limit on for direct election it so well by Liberals RAWSTORNE policy demand spending BY PHILIP labour w aba* meshed, harassed, worried and A BILL to limit general election THE CONSERVATIVES checked at every step and BY JOHN HUtfr, campaign spending by political doned their dogged P™** diplo- > turn alMdnds ef legal parties to £500,000 was given a the Prime Minister's, every by it. In the*.’ If only Mr. questioned formal first reading in the Com- macy. or lack of decisions.” Foot they were firmly indicated that taxation would Callaghan. He . A PREDICTION that the rate of thought that yesterday. .-had used Sir Whuten fall when, in fact it had not whether the Government was mons yesterday. Commtms inflation decline is the based. scene - . . ,- win Bill, introduced by Mr. Even the fresh « a Churchill's language lie to Mr. Mlduel done so. He wondered why any- doing anything tike enough to The coming year and the hope that According Lichfield about the Govern- declared, as the Labour the point one should believe the Prime get such a pay policy through. Brace Grocott (Lab., question it conld even be halved were -Latham (C. Melton) Foreign By Ivor Owen, statement any Mr. Callaghan that a and Tamworth) also requires ment's plans to cut the benches rolled in delight. voiced yesterday raised by Mr. Pattie was per- Minister’s present retorted in the Commons publish financial not tempt the - Mrs. Thatcher, already rush- Parflamcntary Staff previous' ones. further round policy parties to Service did : Minister in the fectly fair in view of the fact more than of pay by tiie Prime accounts and proposes -an in- Opposition pack to the chase. ing to seize the quarry, was that the Chancellor of the The Prime Minister retorted: would help in getting inflation face- of open scepticism from the “ in election candidates’ greeted with deristve cheers. been guilty of The rate of inflation was halved down. Buthe was not saying that crease Even the fresh scent of -a Tories. Exchequer had remarks that the MINISTERS CAME 'nodes- betwee 1975 tad 1976. I very if we did not .get a third-round deposits. Society- for the^ Protection Mr. Foots At the same tfane, Mr. Cal- some “terminological in- campaign ftfl would have precious servative and liberal- pteanft much hope that it could be agreement, then everything must Mr. Grocott said the Cognitive .Ambassadors^., people 1 tog+Tff" was given a Ann warning exactitudes.” of in the -Commons last- night to would prevent elections in- little freedom if ft had been Minister replied halved again. I am not sure that fail. limit triumphed at last? Had poll, immediate legislative, from tiu Liberals, whose con- Bat the Prime “ ballyhoo and “totally take action, it will be. If you do not believe It was the cur- volving the sports been_hanned? left to the judges were tinued support is essential to that the fact was that inflation impact of the ticai blood to subject local authority direct > forecast, your right. obscene expenditure involved in Mflsgraeeftl,” she.: snapped. the that is rent pay policy, Phase Two, that CaDaghan scam» ’ the Government, that they would was declining and this trend Mr. James v labour departments to- stricter presidential elec- - wholly American .-•“They . . should be us wait and see what felt second an through-tho' - expect to see a "severe and would continue as it had done Let would be during the pered cautiously financial disciplines- covering happens.” half of this first tion." of his . repudiated." stringent” Phase Three pay ever since the Government's pay year and the dense undergrowth accounting, charging and -tend$y Mr. John Pardoe, Liberal He said there was a clear with Mr. Callaghan running the introduced. This half of 1978. Agreements were time A . wary - policy with the unions. policies were question tag.- . a - , though economic spokesmen, warned him even now being entered into that difference between the cash Mrs. Margaret Thatebet - Tory leader through -legal In replying to this point, the was still true to-day. even eye on ; ’ candidate could spend loeally history from-the repeal of the Both Mr. Keith ’Speed, an Prime Minister was notably we were experiencing a that forecasts of the rate of infla- would last until May, 1978. That unscathed from-; extraordinarily and the- -money a party could He emerged combination tows to _ti» Opposition spokesman on local cautions about the chances of "temporary bump-” tion were an was why he had a reasonable Market; skirted nationally. It was now the .Common barked government and Mr. Stephen “ reason chancey business. The formula degree of confidence that if spend Osborne judgment, getting a new pay agreement in He added: There is no the economic pitfalls and Isle Wight) clear that elections, were won or “You’d better under-. Ross (L* of , urged the fact, went that if the forecasts are was by no means as certain as sterling maintained its strength, ^hadc summer. In be to doubt a teousiy declined an AHnring that an amendment to has really the Prune Minister had indicated. then the forecasts the lost on national issues and Maud that the trade union achiere out of his way to emphasise that borne out—and nobody about invitation .10 the West ifid- •' party's national spending should knows where it this objective should be the Government’s entire cast doubt on that—that inflation Unless the Government is reduced rate of inflation were Hodgson,, movement to.' ‘ be subject to the same controls i.nric from Mr. Robin matter." chided in the Local Authority* I don’t think we successful in obtaining a severe acceptable. , stands on this economic policy would not fail will turn down. the Tory MP for Walsall South. {Restoration of as locally. • Mrs. Thatcher switched her Works) BfiL if an agreement was not should discourage our people, and stringent pay pallcy, your “I don’t rely on that, hut I signal ler the That was the " negotiations forecast will inevitably be proved certainly believe say He was also concerned about • attack, demanding that Mr. This is the compromlfo : achieved. nor discourage the it is fair to Opposition hunt. Would the pay other organisations which spent - CaHaghan should confirm the measure brought 'in bj Mr. Geoffrey Pttttte (C. about the future of the wrong," Mr. Pardoe told Mr, that it will come true,” he added. Minister explain., the money supporting a political Prime Government's total confidence Government, under the Chertsey and WattozO recalled policy. Sr. Michael Foot's _ _ cam- logic Of 1 . “ of the country is cause during an election in tiie impartiality and Liberal pact, after being foiteC that in a speech at Tunbridge The future attempts to attack the judges., paign. Aims For Industry, he independence of the Judges. through the loss of its Wells on April 30, the Prime bound up in success in overcom- out their duties Parito. Tories table envoy motion claimed, had an income of about for carrying Tories *•" Minister has said, that Britain ing this battle. The Govern- "Answer answer** the anentary majority, to drop during 1974, most of yet exempt postal workers was winning the battle against ment has taken some very diffi- £600.000 bellowed—bat Mr. Callaghan more wide ranging direct labccr which was concerned with from the failure to do Che there had inflation. cult and bard decisions on it, BY RICHARD EVANS, LOBBY EDITOR Hodgson dQuudtL again, denied that bhl promoting the Conservative same, Mr. reflection, on the this has resulted in a con- . been. . any Mr. Pattie reminded him that and ' Moving the second readftb cause at two general elections. **I am sot -aware of any * Judiciary. in September. 1974, Mr. Denis siderable loss of popularity. CONSERVATIVE MPs were still sponsored by Mr. Peter Blaker, present Mr. Reg Freeson, Minister fov of Her Majesty’s well, Healey, Chancellor of the Ex- “That we have to withstand. far from happy yesterday with MP for Blackpool South, is to criticism And Mr. Enoch Po Housing and - . Construction: is that these policies are Judges" Mr. Callaghan more frustrated chequer had said that inflation The fact the Prime Minister's version of call into question once more Mr. creating lift explained that the wider power: if the country is to Jubilee plaque retorted amid the Tory howls. Conservative benches, was running at 8.4 per cent necessary how newspaper stories appeared Callaghan’s denial that any on the would' have been tied closely - hyper-inflation.” Foot had merely deRvered support to the Prime ti Mow. after two-and-a-balf years avoid last week suggesting that Hr. official attempt was made to A PLAQUE is to be set into the Mr. - give Us new arrangements for account Friday, the record ^historical exegesis»* he said It was for Parlia- of the present Government, it Onlv last Peter Jay was being sent to smear the repatation of the floor of Westminster Hall record- a Minister. tag, charging and tendering. been published, - smiling confirma- change the tow ns -was running at 19.9 per centln trade figures had Washington to alter an alleged present envoy, ing the visit of the Queen when turning for ment to -Mr. - a surplus of £Hlm. on Lord President. The established by decisions of Ike Reas was the first -t view of this discrepancy, he showing "fuddy daddy" image in the Mr. John Davies, shadow she received the. loyal addresses tion to the wondered why anyone should current account. This had come British Embassy. commemorating Tories bayed their protests— -courts, he said. A Bfflof suggest that these arrangement Foreign Secretary, ir believed to from Parliament should much sooner than anticipated. It group of senior Tories, in- gasped as the Prime he Incompatible be included in the Bi believe Mr. Callaghan's latest A support the motion fully, but her Silver Jubilee, Mr. Peter and Bights would was associated with considerable cluding members of the added with free constitution of before the -House. This is cor forecast. some had to withdraw his name Shore, Environment Secretary, Minister defiantly the sterling, a reduction . fined .to restoring on a permana strength of front bench, tabled a Commons said in Commons written reply don't think he went -for the country. _ because of a convention that a basis- the direct - interest rates, and, following claiming Press - Ca la han agreed. The labour powers i in motion that a members of the shadow Cabinet yesterday. enough-” Mr. l g reduction in mort- hares- 25. district councils which lapsi .- from that a Association version of a Down- Mr. Callaghan suggested he -Opposition was chasing * Inflation do not sign such motions. when certain of gage interest rates. ing Street briefing given to lobby might have said: “ The trade again. “This Is what .we are their function The Prime Minister toM him rousing cheers from the correspondents last Thursday The signatories remain con- and more." mainly highways and edneatio To os Conference cost iffriffn organisations are en- going to get more that all the forecasts showed Labour benches, be added: "Let the - replacement of Sir Peter vinced that Mr. Callaghan and were transferred to the ne that there would be a downturn us at least acknowledge some of Ramsbotbam as ambassador his advisers made- a grave error THE LATEST estimate of the county authorities > establish! 1 in the rate of inflation in the the things that are going right” accurately reflected the tenor of of judgment in criticising Sir cost to public foods of the under the 1972 local goverame, half this year Sir Benton (a Hunting- made by Mr. Peter and are seeking to Commonwealth Conference is reorganisation. > second of which David remarks Tom now Expansion of ‘teaching . £381,500, Mr. Evan . Laard, escape responsibility blaming - would continue into the second donshire) said that the Prime McCaffrey, the Premier's Press by There were indications of dj Foreign quarter of next year. He Minister and the Chancellor of Secretary. newspaper reports for the con- Office Under .Secretary, aest from theOpposltioD bench -- - forecasts tile Exchequer - continually The purpose of the -motion. fusion. said in a Commons written reply. accepted those and had companies’ planned when Mr. Freeson replied th any suchmove was precluded 1 financial times reporter the statement made by the Prhj Minister when he outlined ti ' Are pro- THE GOVERNMENT to hoping already launched . terms of the Labour-Liberal pi M to see if *' * to see the idea of teaching jaons with companies to the House in March. expanded at' the pilot schemes could be intro- companies" Mr. Callaghan then stated th enable duced on a wider scale. ->• • rate of four a year to be confined grammes and two more will be the Bill would students to learn more about in- existing shortly. protecting the aetfvffi aretimes announced - There duatry. of direct labour organisation - . . . “At least six universities and ~ . „ in the light of local gereznmr - polytechnics are preparing ’ - of teaching hospitals 2mlmid reorganisation. \ - fisher proposals m co-operation - frith interested companies." : In view , of this, Mr* Frees education student* to put thett . j^- Anthony Nelson maintained, the Bill could not „ skills into practice. • Chichester) said fiiat while wel- extended to cover other matte,, when Outlining the expansion pro- coming-any encouragement given But he looked forward to inch, gramme -In. the Commons yesteTr .to- these pilot pro- tag the new financial disciptol schemes, five ‘ day, Mrs. Shlriey WHBams-gsammes -could oc&be seen as. which , the Government Jr - • - Education -Secretary, -sal* “The miore than lip service tb : fbe need''hoped to widen to fndudfti Science Research GoundL and for better understanding between pairs tad maintenance, to’ the Department of Industry have students and industry. broader measure which-"?. Government hoped to introA pergaflon. in “ due tune.” Mr. Speed, who called ouC Niidear debate bid fails servative MPs to vote' against,1 Bill, argued that if it was MR. FRANK ALLAUN, (Lab-, laxly for .Britain which was, a proceed, there was no iw. I Salford E:) failed yesterday in “sitting duck" and could not why the stricter financial call for -an. emergency Com- use -nuclear weapons because we ' include* Imons debate on Press reports would be wiped but in any re- pltaes should not be it ' m, most of the fene- And sometimes more than others. But it that British scientists are work- taliation. . | ’ ’ f on new H-bombs, “These plans, apart from con- The need for impxij' im’tsometbing that cocoes automatically with the car you He said the issue was urgent travening Labour Party- policy, accountancy procedures for 1 because negotiations were now are contrary to Government authority direct labour dec v cbowetobuy pnder way between President election pledge* that there would inents seemed to be cons - Carter and Mr. Brezhnev to stop be no new generation -of nuclear ground between the parties all nuclear tests. -' * Efficient use ofpetrol is a result of considered design weapons," Mr. Album said.. the House and, therefore - Test prohibition was impor- But his request for a debate necessary amendment should : and efficient engineering. Its worth your while to choose a tant to all countries, but parties. was rejected by the Speaker. included in the Bill. carwithboth..- Call for insurance to feature in doorstep selling directive JUSTIN . BY LONG . . ._ PROPOSALS FOR -including the EKQj intention to control Mr. A. Hampton, chairs insurance business in .the in- doozstep. sales where reform was the European Mail - tended EEC directive to prevent long overdue. Traders’ Association ai abuse of “doorstep selling" were The draft directive seeks to Freemans Ltd., and Mr. supported- yesterday by repre- ensure a Communitywide mini- Carter, joint managing d sentatives of the Office of Fair mum standard of protection for of the Littlewood organi Trading and the National Con- consumers who enter into con- also contended that agenc. sumer Council when giving their tracts for the cash or credit sale order transactions should views to a Commons Select Com- of goods and services over the eluded from the EEC pro ndttee. - value of about £17 away from It has been estimatec Mr. B. E. Armstrong, Office of business premises. about 600,000 such sales an Fair Trading assistant director. In general, the proposal re- each day. said the organisation's study, sug- quires that such contracts should Failing exclusion of gested that further legislation be made in writing and that the sales, credit transactions was needed to control doorstep consumer should have a seven- ducted through agency transactions, and it was also coo- day cooling-off period during order should exempted, sidered that insurance should be which no ’payment should be de- be covered by the proposed manded. actions of tbs kind, it was EEC tained, directive. People could be But the NCC considered’ that would be control! the directi n bludgeoned’’ into taking out. tim scope of the draft directive proposed EEC I being prepared, on con nsuran ce. . was. too wide. It tried to cover Mr. Maurice Healy, bead of .many other consumer transac- credit. consmner policy for the NCC, ex- tion*. besides high pressure door- Both the OFT and the NC pressed similar views when MPs step selling and the organisaiton sidered that the EEC dir pointed nut that insurance was' regarded this as a mistake, should cover doorstep tr an instrument for - raving ' particular, rather In the directive tions costing less than the : than, spending. , should not-appiy to mail order. proposed bottom limit of “We want to catalogue trading about, which contendet prevent poor £17. The NCC . value for • money expended," consumers . had comparatively Mr. the directive should . Healy said. The NCC welcomed few complaints, the NCC argued. transactions down to £5. TREASURY the index for March '1977). ThlB •BPI by the end of 197S. : roJcutafiori to based only on the redaction basic tat Mr. David Weitoas (T-»h -in the rt ministerial' salary and does not 25 per would be vfl* Hackney North and Stoke cent New- .take account of either the ington). abated per cent off the RPI- r What would -be -tiie . ^Parliamentary salary receivable before to !DI gross salary required any increases to give a- minister v by . a- who is also a mem. taxation which might be Cabinet Minister who to man-' her of the House of diree tied with no children Commons to offset such large the same ' ' oruf any other income. reductions. ' net income ag he enjoyed In _ Mr. Michael Broth6 196S? . .Peter. ; Mr. Hordern (Cm, ’ • (Con^ Louth). Whit is . Hozshanrtad Crawley). What Mr. Robert Sheldon. Financial would be the .effect on the re- to .public funds of tile Secretary. Assuming for 1977-78 e index If Debt Commission, sno. tall implementation taU pdc the baste of the It . rste' of income tax wag re* many people^does ®Wfc Budget proposals. In money -duced: (a) to 38 per cent, and Mr. Joel Barnett, Chief? terras a gross ministerial salary ® (b) to 35 per -cent, using foe tary. The gross cost of. £7,575 per annum would he is same- calculations National Debt' Office . required to give the same net as- he gave in bis Budget statement. £480.000 per annum, income after tax and National Offi- cial Report? some £300.000 in resp« Insurance contributions ‘ as that salaries an dadministratioo enjoyed In. Me. Soberi * 196^66 when the Sheldon. On the The Commissioners are ministerial: salary was £S£00 per assumption that such reductions torfly 'empowered to jV annum. Expressed in real replaced increases 01 terms, in wages costs In respect of many then the gtoss ministerial salary yielding the _same net benefit a functions and all but required would be reduction in' the £51,163 per basic rate' of £50,000 of the gross annum, (using as price index income tax^to , 30 per cent to- recovered in. 1976-77. Al annum (using as -price infa^ gether with' — the other tax reliefs 1977 the number of . Retail Prices -All Items, for the announced- in the Budget would tax year 1865-66, and for 1977-78 be worth 4i per cent off the . .1•, « . : £ : * . :;TOb; 1977 17 EDITED BY CHRISTOPHER/,LORENZ^:Wj A. H. Hermann offers a step-by-step guide to Arab negotiating Middle Eastern labyrinths NICHOLAS LESLIE - B» Ivor ;ABAB negotiators have- ten- will be taken into account what they mean. rHE EMERGENCE of a truly a by as possible historical influences one has to Slates of the Middle East is to 1**1 dency - the Arab governments and courts. also as effec- “ Ham rr.jj, ; to play down This may work an add the spate of recent legisla- have a local sponsor " who 5fjn nternatxonal firm- of accoun* . importance of elaborate written There is- apparently no practical live deterrent to litigation, tion. particularly lakes ants, is an extremely rare concerning a pan of The profit. This 'trying ; agreements; maintaining that point in to agree pther- which is ia be avoided when- foreign is WV,mv,:, >ccarrence. The largest- agents and local ven- a legal as well as a practical . y^.. and they . are nsed to doing things wise. A translation into Arabic ever possible. It is a fairly Sff.U!: : .- ture# by foreign companies. In requirement; without him. it i -Jtpest-fcbown firms such as Price j i [“simply” must .therefore be not ITt Ut * .,-... and that .western just commonsense rule that the the United Arab Emirates there would often be hard to get in T'; /Tateitonse. Peat Marwidc Lti.r :iv :;.. . parties to' a deal had' to com- grammatically correct, but must western ; not ; party should appeal is federal legislation in addition know about Government con- . . "ViitcheU and Co.r Deloiites and Id plicate matters unnecessarily: reflect the spirit of the agree- to local courts unless it has a to local, ; but not every federal tracts and other opportunities.* 1 yi^^Mpers’and Lybrand. expanded Llfoilll . men ud the intention of the case so strong that it can hardly law is " Some f respected in all emirates. 1 'western businessmen thlftV.O". £nto 'other- countries well- ' over parties very clearly. jtend to' reach modi the- same be disputed, The judges years ago.' seem, on the Sponsor conclusion for a Besides securing whole, to i different the assis- When it comes to looking for have greater freedom »r.:: There is some significance, f reason": where the Ruier's of a first class translator, in choosing to The selection of right herefbre, word tance the sources of local law (in an which law base the Htljh >»; , in the outcome of a' is law. it may be a waste of another important preliminary attempt to foresee what the their decisions on than a sponsor, and the framing of a v-ecent j £lp-,>r> .:.- . ., "h meeting in Barcelona, time and money to give lawyers is to provide the negotiator local courts are likely to accept Western lawyer would normally suitable agreement to govern Jit-Vi-r::-. • ^jpoin, between the senior part- much say in the drafting of with a power of attorney certi- expect: In Abu Dhabi, for the relationship, are therefore Bwi ^ t j’ iers of L . accountancy firms from. ' contracts. It is not surprising fied by the respective Arab example, it is taken for granted of prime importance. It is lha! :«r .•- : :1 countries. In a . move inspired that- lawyers practising by *•: - . Id this the business community that best to avoid this 1 embassy. Without such papers anything .. V. :y Londonteed Jollifies Cork, a r specialised the law which ’ field of Middle East the company representative depends very much on won Id point towards an ClU(t«-( . . < I will ’ It is important : *rj[7t was agreed to that ,r 'form a new business deny the correctness the nationality and training of authority the (Ri - •* hardly be accepted however »f agent tn act m Y\ partnership called Jollifies the particular Still, of such approach. As did cbm- impressive are ihe titles on his contracts arranged judge. there the name and on the aecutint Tl;s. ;• ^k>rk International to cement mon . law in -England, they, visiting card. are certain rules which find uf the fureipn firm. This t&C.lh.itV '• This is just oue may • !-.• ven r more' firmly links which argue Arab became very with Arab countries* general acceptance. Throughout Uw- expression of the geDeral fee ,_ lead to claim*; for compensation ''yi-rijPe London . firm has been formalistic in order to circum- the United Arab Emirate-; 7...' 0f insecuritv and lack of reflect not only the when the relationship i> di.‘con- y.stablishing with scribe the ^ speculative ** thro:*.:: :!i. accounting absolute power of deals and unjust tinued. *' " confidence which also makes it r' ' • * ** • ‘7.. ! nns overseas in the past few Terra Ktrk the-rulen The respec which enrichment prohibited. ir-cr. :;.v. impePativC that any agreed agreement but also arc Agents in this semi -employee • Anthony jofffffe, the inpfntion Riorv ears. behind a new' international tiie written word enjoys m Th.e original general prohibition Status are prohibited ?r •- tank Egypt -: accountancy ^^tee and perform- m B»!‘. The agreement also provides partnership. S the spirit and the of usury has softened been by and the term “agent” docs not ' ._*;••/- • .- it each of the overseas hzis fuf belp° in^ttfe defensor allowing at least banks to charge Mr vir. on time if the future of the intentions of those who have a very good reputation finanaal analysisv or ^ furot^TS Mr. Hr:-, r pre-fix name Jollifies ^rporate would generally be handled enforcement of rights arising interest. Even so, the courts “ by contract is not en- elsewhere. Technical repre- ' ,*PPr»i*al with. SbCTinentation to be tli'ucir. : i r^ork to its in the large from business deals, they claim, are party to it will interest only own.. It seems.Jl^ely firms on an inter- award within sentatives " for industrial pro- ]'iat the local language^ Ihis Could national the present national basis.” A recent conference on the certain limits, though they jects and distributors trading would • ••. be provided .by thVlckal part- the firms wiH eventually give The legal aspects doing ' would not order repayment of on their finances of his operation j of business own account are seen Dl‘W !T rar in Jollifies qorfc T i-*ay to leave Jollifies Cork as are on basic that in Saudi Arabia. Iran and the Interpret interest already collected. as a better proposition. MW. -ili-ie sole "name. That this -step The link was .first established r as a arguments, . the , jf ™ the Australian United Arab Emirates, good All the Arab States are dis- In general, it is advisable tn - following Mr .... J not being taken.ndw. fe years ago- an Though it may be possible to appar- £*? pinner e to rofer astern organised by the Legalo Studies_ western lawyer is in for some tinctly hostile to the acquisition deal with a properly registered ’ a initiative.. After function- SjU r.f-i> ^jitly due to objections raised- Services agree, that English, or another surprises. The basic Islamic of foreigners, and land j 0niffes Cork would pay 7 ner and in London p ~the land by and licensed company than with pn basrs, , a tentative sh«»ul-i the , professional accounting - western law will apply to the of '..-.--V some . cenL f he fee concerned hack assumption' was endorsed that law the Koran has been over- tenure st ill hears marks uf individuals nr partnerships h«*fi:r« I notably contract, it should be borne in at -ost in France. t0 in the Arab . countries the layed. least partly, by the periodic tribal redistribution. a a further 3 because of the very uncertain t«‘. - *™ SSSS SSfS attitudes of authorities of mind that Hie local authorities 19th-century legislation in the foreigner nwn land in .. At the centre of the move is per om into the inter- are No can and rnmplK-atcd laws nf inheri- « haM.- ti. S S and courts will iterpret it in Ottoman . Empire, mainly • -r. Anthony Jolliffe, who has na f>onal - partnership more importance than- the under Abu Dhabi, and even a local tance. 2ii di.*ir. . to cover i ere is formal asso- .. light of iheir • written law. But at the same the own legal French influence. This included is to return ; . lilt up a considerable business costs there. purchaser expected There arc many more legal u!,.» " ciation.-if* through- either t Z ! ; ,, . rz~ a part- It A tl time it was stressed that there traditions. is therefore the Commercial Code of U>50, the land to the original owner problems connected with con- » ttuii < nership °* ^®inl company. As a consequence of the -s owi~ finn (SnS "jSSfltafJ are legal .rules and procedures dangerous to draft contracts in the Code of Commetciai Pro- for a reduced price after four tracts. both private govern- wrrc :r. , r:fi m°ves Jollifies and 1^01? Ts!d although this may, eventually Cork has made. which are respected by general terms, trusting that cedure of 1861. and the Code nr cr;mt\ -«ine wit * both years, and free of charge .after mental. The only brief advice cdtae about ' Currently, there- further partnership is now :• courts and government autbori- their interpretation will he gov- Maritime Commerce of 1863. eight years. attempts under " being Sometimes which can be given to new en- ' £ore* association is - kept established, this time with -. ^ erned by what is or ties, and that western accepted as r« nventio?^ Ci^ I? business- gut though Syria the are fnade by individuals to trants to this market is: expect goiTO jtiilg .l.eCTines be- .T. men should consider “reasonable ” or a “good T^n-. , .,, 1975. tauSid^Sik them Lebanon and Algeria remain apply the same rule to the sale everything tn be different. r tween thetwosides. -and^ST^JSS^S.Co. bandies the firm’s legal ” before business practice in English - ,:...;>rritt Sunderland, the- audit- starting to negotiate. . of shares in industrial enter- pcni i? very much nnder, the influence an * The trelf-publicised problem ' work, ."""-a nf KenhPtE Tnrk’c Anthony Jtdliffe describes his and as. the accounting courts.- uhr;> V. arm Mr One of the basic rules is to of French legal concepts, Iraq, prise ! paybacks, irith jrhick “all -network has been set up.- so of many any wi- :::\&SS£r SSS $r S*W proceed right from the start' on The contracting parties will Kuwait and the Gulf States are A.fundamental requirement for large companies deeentelzed firms/* In aQ. too has a became .’ : there been network of th** . . »rk, through' his other Ann, the assumption that only the be best protected by spelling more affected by the English every foreign industrial or dis- inrolred. dealt irith arc la0 in international lawyers overseas associated ims in this Mi >rk the with t Gullyand Co is’ well Arabic version of an agreement out as clearly and as concretely principles of law. To these tributive enterprise, in the Arab column on May 19. 197*. « Partnership, with governing Nabarro Nathanson. So far. irrm: • own for Htr wok- ns „ > If !;••• I Board 0frPartiiers-' WhUe his legal links have been estab- Tt» ' ceiver and liquidator of to- firm is Hshed Vr - iipanies now coiirsideiably en- in 15 countries. The plan ' largeda Anthony Jplliffe insists seems to be that eventually **\ v : > Vot content with that the be t^lat he “ not4rying--ta there will lawyers -rged firm of Jollifies Cork compete be associated T ’ -• ”7 with TifPrice Water- with. Nabarro Nathanson in «d *! been spreadihe- its wines ::, hpuse or Peat Mkfwlck Mitchell, every country in which Jollifies i*a _ o management consultancy— ' 1 ' ‘We have.gone W"- area where, again, the big into a different Cork is active, so that account - • says^- explaining ancy, legal and - ountancy firms are- already (through the u ' - ; ttiat extra - The ordinary my aim '®.-.-to give a EIU ^ management consultancj' U established. However . 1 ' worIdw,ide tead of talcing the more* personalised: .sen-rcc facilities can be offered through *! ditional t0 ' snakier companies than one source. ., step of forming a : -arate company —- Jollifies' -'k ... has formed aiTassociation BUSINESS PROBLEMS' by our legal staff - h the Economist Intelligence r it. the wholly-owned sub- Marina. -;tary of the Economist maga- The question of section 112 Unit Trusts relief • which is most frequently was discussed at some length in the Business ratified with economic fore- Problems column on August 20 and •rmg of trends in different srr • I am contemplating The Marinas are a range of saloons all -iness sectors. the sale of SSSifes reolv'SpnmmPTiliS and estates, some Government stock, *i.» • .. he full range of the EIU’s which I tb£ - .. :-vities d with stylish, aerodynamic lines and every model the IWT Uv . is, in fact, much sequences at all from makes Sin oa1 y2ir the fact » *" ; er, •• . covering economic con- very its f ancy, market research and S 5BW5 SS*S iS most of engine. They give you that important margin T It P ,S‘,oSS hagemeht consultancy. T* It is extra 4MMR* • ’ that they are complemen- of mileage for every gallon of petrol you buy. *»’" v,: ve !o .authorised ilies- ; unit trust are treated to Jollifies Cork’s business made“Sforf the reduced^ rate, of ttttml V-Mt -in the same way as qualifying In the Total 1-8 • 1977 ?h, though largely auditing, capital gains payable Economy Run, a Marina achieved tax on unit shares (and qualifying loan ' embraces general accoun- n 51S-- atock) in investment ? . _ trust com 40-69 miles per gallon. ;y advice. Both firms are Losses on urnt trust disposals panies. " *; arie treated just like losses on ib»tr »'“< '8dy international and have Economy Another extra can ' sharcs a 9 clients in common, stockia”d - 50 riWun,t you expect from Marina. f- trust loss will cover a £100 gain te type of co-operation- en- Lease renewal on a short-term deal in gilts «,• _ . . »ed could, for example, » „ be (regardless of the fact that unit es -whose“ lease in nsultancy job overseas won trusttruit gainsnin« ir>are eligibleiipihip for specialKni>ciai expires vnv„mw give he EIU, but requiring out- relief under section 112 of the Must I1 notice tn order to pt a renewal 7 to help in - drawing up a Finance ActArt 1972).tQ75t What do you advise me to do? Sp_lqng as you continue to occupy the premises for the Leicester ILC purpose tivdooking at of your business your -u- r.;> /VV-tW* dire tenancy 'will automatically con 300 Anglers are conferring in Leicester this tinne under the provisions of Part .veek. Rutland Water is not the only attraction. n- of the Landlord and Tenant Act .1954. It is for the Bicester is an-importanl conference now " ' • lanfflord . fpot for you), if he V centre thanks to its central position, excellent wishes to terminate the tenancy u>:\ ats*™ >.•; -fK to • lotels andmany places of interest. give you not less than 6 v'. '• r -4LL n v-i months’ notice in the statutory form. Until you read such !•> ** Enquiries to; . notice you need do nothing, and Gordon Smith Estates Surveyor, K. Eiq^Cfty would indeed he well advised V..- > f -‘‘ UBl New Wflflk' Centre, Wettordftace. not -to make any enquiry of the r?' - " ^ ‘‘ V“-' landlord as to his intention*: as Leicester. LEI 6ZG. . . -v it the sresent lease will continue Telephone (0533] 549822 ExL 6760. -. '•** t tit 7,1 it ter- y ' at at the present rent until ' ‘*»L • V* ECESTB^ minated by the statutory notice. B Even then you have the means "*• gricilhecertre of securine a new tenancy at the sho:i /’ market rent. If. therefore, you !:a! ih- are'served with a statutory notice you should at once seek advice. V No. legal responsibility can be accepted by ihe Financial Times A fh-- ? for the answers given in these columns. All tnoutries will be ? frit*-- anstpered by post as soon as Itafl'*- possible. Pr A - *• jyec t ! |L-:>£«•*; Management r r'"%chb Consulting A Guide to the Profession The growing importance of con- sultancy. the substantial differ- 1 ences in approach and execution rs between managemenr consulting and management practice, and t rfie lack, of formal training facilities for new consultants - have • created ah urgent and widely felt need for a practical guide -to the profession. ‘mm'. 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JJUUk WIU1 pi iMii.-vjw. — — TMr OMIl 2084 . i 1 IH Car featured Marina13 Super 2-door £2j83.29."Marina prices from £2267.46 including car tax, VAT i mm i mu mi s 4r lacsretesieare — and front seatbelts. Delivery and numberplates extra. . - . \' ; , '' Tfie Fmancial Times -WecfecesdayMaylS THE FINANCIAL TIMES ' „ fEatabUshat 1SSSJ . „ Incorporating THE FINANCIAL NEWS : a rrwuwinf i«h) Bend Office Butanol & Advertisement Often: BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY Telephone Da; & Night: 01-248 8000. Telegrams: Finantlmo, London Teles: Editorial 8S6341/2. 883897 - Advertising: 885033 For Share Index, and Business News Summary Ring: 01-246 8026 WwalBtUWi GNff* HmU. Crtr*t Rod Hmato 39 RM Bk*,. .;...... ' jjgMIOT tCl»4SJ INU Rone Vta ik*t» MtKfdi Sg .... 678 3314 shaken by DoMhu > TttnrtHam Sa. .7783321 Stockholm tUttamlmiRa 7. 105 17 Uimbanfe: 37 Gcon* Sow 03I-22C -1130 &WfchohB «1I-IM 4128 MNnriM „ TR: -7® 09 BO — r™, Bi Ma o- ™%utaanm . ,a a rate 36 Km da Smdar 236JHL99 UtflMrtm &-W~ WUUuub^DX. 282 1M M ffl ffiiiifain i _ 3*7 8878 •Mil Plwiiwi I1I1U Httaim 2>iu JoTwm 6S7 .Colon pww &h SIMM fliiutr pmdard and Hurt™ Santa. hiUMi OtasaldWc \ialn, P-Q. Bov 2128 crime and violence Inter* •* Floor. .Nlta* lUlWa 593720 feOK-Hali ag* 1 "* W Oftntaftl SMM7 fhnolMM ^irOdWfll. T«b 34| 2*21 BETTS and DOMINICK J. COYLE in Rome MAY 18. 1977 By PAUL WEDNESDAY, . Y ORDINARY standards, quibble over—every reasonable answer inevitably is best law and order has now proposal to reform the police, expressed in statistics which B broken down in Italy. Streamline ' the pninctalringly conceal a great deal of Street violence and extra- slow judicial process, modernise human misery and failures un- Parliamentary protest meet- an obsolete prison system and connected with greed, ideologi- from j Learning * ings are commonplace, and restore some authority and cal conflicts and urban held credibility deprivations I in Rome itself are in open to tbe governing pro- guerillas, social defiance of a Government ban cess. The blatant exploitation slum dwellings, migration, and on all public demonstrations, at of . this same process by the of course the ever-present least until the end of May. Kid- politicians themselves, of which Calabrian and Sicilian Mafia. tear gas mistakes the After a nappings average roughly one a recent Lockheed bribes depressing. The figures are Piazza Famese. . week, and* they have raised an scandal is but the tip of a Political crimes last year, ONE OF the most frequent which it might be worth spend- estimated £33m. for the crime sizeable Iceberg, has done to Prime Minister according for extra-Calls for tougher action against / charges against the Civil Ser- ing a little public money behind in the charge -of leaves the way open' syndicates over the past six nothing to reinforce authority Andreotti in a recent state- stayed - Sag. - ieft -extremists . are invariably vice is incompetent long-term speculatively. improve- understaffed prison parliamentary forces to the Any years—mostly the Mafia-con- or command public respect, and to parliament, virtually a greatly ment : with assertions that.'.:., planning. Energy 1 difficulties of 'the Communist mainstream coupled strategies have ment in the accuracy of popula- trolled “ Kidnap Inc.” for this the Christian Democrats doubled over the previous year service created been devised and discarded with system which to appear as the champions of the whole area' of law and tion projections, as in the must inevitably get much of the 1,200. In 1950, the in- a liberal The State is no longer able to to almost carry order can only be tackled as depressing results since 1955. sophistication of such studies ‘for “lights . out” the working class, to on V blame, since that party has in number of “ordinary” criminal provides ensure the proper administra- clock, often struggle which their part of; fundamental changes in The universities have been en- as energy resources, materials effect, been the Government for police no earlier than 10 o the tion of justice, since the jury cases handled by the was entire political stmeture. couraged to grow faster than costs and technology, and the tbe three privilege of making -tele- underground Press insists has the system shows signs of collapsing last decades. just over 700,000, but it rose tho tide ' adequate academic staff could pattern of demand for education calls home—-or presume now been abandoned by in the context: of the present „• * through intimidation of poten- But there is another, and in to more 2m. in 1976. Last phone he found. Housing available accomplice - between the parties - policy has and training, could prevent mis- u ably to any FCL dialogue On : political ” trials. a sense more important, bar- year alone there were 4,300 tial jurors in • produced the wrong -jailbreak-T-and.- an • possible formation of a new kind of allocations of effort which cost robberies on for a Anarchists in -the -more stxuc- the Crime is the country's largest rier standing hr the way of miscellaneous ' housing for the wrong kind of enormously more than the impressive, but clearly according to the government with an .agreed aU- growth industry, and it goes public order, and it stems banks, jewellery shops and post 'tured. although . . household. Teacher training search for the best available exploited, semi-parole . system, party .legislative programme, , largely unsolved. The subject directly from the years of Mus- offices. 642 murders and close police relativity, small, organ!- capacity was doubled and is information. which- allows inmates time: off ftatropB Brigade the situation is roughly this: of public order is nowadays on such as .the Red now in the course of being However, even the best fore- to visit sick relatives. 'the so-called NAP—the The Christian Democrats would the agenda of virtually every* •ud — halved. casts. or at any rate the con- 'like'td present _ themselves as _v Cabinet meeting but for all Some 24500 such pemiits Aimed Proletarian .Nuclei siderably better ones available, of fact that the real champions of law and practical purposes, it does not ITALY'S DIARY OF VIOLENCE were Issued last year,- and close make no secret fee are askin the Invincible in some other countries, are Bologna magistrate’* car. * prisoners, decided to take they are not out to undermine order, and they g exist on the streets of most of April 1 Bomb attack against . on goo • liable to large error, and the opposition parties to support - The difficulty with this line Italy's big cities and towns. April 2 Police-Mafia gunfight—four dead. French leave and failed to thp : democratic process, blit real challenge to administration Politician kidnapped in Naples. it. .Links unambiguously new. and tougher . of attack is that it is nearly April 5 Guido de Martino return. Furthermore, in Rais's simply to destroy with The crisis .is not just one of is to minimise the costs of such ” the more celebrated Baader- security measures. The opposn* .. always found that the plans order, “ error. The CPRS suggests public or of ordinary April 7 office of Interior Minister tion, principally the Com* .- rareB^to Sfeinhof . movement m W6st under criticism were perfectly country has tbwe are fii^arirSnal three approaches: a greater criminality. The munists the Socialists, give reasonable in the light oE the ^ Germany are more rumoured and emerged rapidly and with April Perugia *1. readiness to take into account m fhnn but-. the impression that this support best opinion at tbe time they 1 Justice Ministry m Borne., documented, Rome obvious social strains from an April 13 Extremists attack PCI office in Rome. t at revisions to past forecasts; a of cottid be forthconung, but fee . were made. So long, therefore, jaiL itself has become something essentially rural base, through April 14 R«olt in Brescia . violence on the greater stress in all plans on But it is the rice o£ DC conceding a as the critics concentrate their Revolt in Viterbo jail. Six armed women attack Milan store. a; haven for all. sorts. of para- P. the celebrated economic miracle April 18 -which is the most attention the the provisional nature of the wounded. Four university faculties military groups and Italy a good watered - down Compromesso . on apparent mis- its present Znl 1? '\~ of the 1960s, to it is hLe tiS ': of past, the forecasts on which they are supply source for illegally- Storico- takes the machinery industrial recession with rising Wprk Mafia) in Naples,-50Naples,- 50 wounded, forces are ^ewly remains virtually based, with a range of contin- April 24 FneFre (allegedly Mafia) jutsguts Pabxx?Pabzxi'in traded weapons. is yet openly accusing.. of Whitehall unemployment and the apparent breaking down Italian No one Two dead, two wounded In three separate bank raids. intent on - in vincible. It continues to pro- gencies taken into account in April 26 J.the parties, nf effectively play- absence of any collective public kidnapped. itself. Student the first place; and i greater April 28 'Turin m^stratemagistrate shot dead—-RomeRome academic democracy duce strategies which look • V - l aw Public.^ philosophy among a people April 30 Bomb attacks in Turin, Florence, Milan,Miter, Genoa, Brescia. protests over legitimate j reasonable now, and readiness to be ruthless with tiat the reality just now - - eminently individually in search of the 15 in prison escape. university over-over-. accidental over-provision. May 7 Turin grievances of Red will no doubt be found sadly Italy .is. coming dangerously good life. T^e crisis is at least May 7 Jail break at Siena—two kidnaps in Milan. crowding and the absence of course. ..r close-to situation In which,., wanting in due It is said partly political, and much of the May II Extremists attack Rome trade union office. graduation.graduation, are=are: being. anarCIUSte ; ICa j obs on ^ mVIMi PilK IT IfIC PpYM Ratchet effect girl killed. of coarse, anarchy refrains free" that those who cannot under- recent violence has been politic- May T2 Riots in Rome— infiltrated by okra-militarypara-military shooting.shooting, ' stand history are destined to The first two suggestions are May 15 PolicemanRolieerawi dies in Rome Hospital after terrorist „ Z,*y. -ntf* hf tho ^Political trials are^ dramatically to thrive. Aiso-itis just possible ally motivated. ^ repeat It. essentially self-justifying, and interrupted or fustrated through that some other and even more — — —.. I— — - — — ideological spectrum! .7 :-The- assassination of judges and sinister forces could be at work; warm welcome is due. then, it is to be hoped that the report the A 50 kidnappings. Incidents of Tending will give sharp jolt' those so Lini’s dictatorship. Fascism, as on lawyers-' and the 'deliberate ami certainly many for a report published yesterday a to Taking to the a result, has become something public protest and associated a climate of fear do not exclude the^, ~* in which the Central Policy departments (which mercifully coordinated "fiSSPthroughout Sitne . generation of Communists of a bogeyman in Italy (it is demonstrations were too itself intimidates jurors, - they have^l Review Staff examines one of now appear to be few) which ' which possibility—and streets record, their country. persist in planning as if the only right to record here that numerous to but -V. as* in the northern city of Turin hinted at it in public of late- the sets of assumptions which the in the last election some frequency is best illustrated by The students still cany the that to future were certain, and remain Parliament is no longer an 2im. earlier this month, when foreign secret , service*^;] \ are central the planning of protest placards, but under thetr deaf to evidence which should effective forum for political Italians did vote far tbe Neo- what has nowadays become an trial of 53 Red Brigade members could be behind some of Italy’s' the social services in their extremists Fascist party). opening conversational piece in crowd cover the only two of laws, MSI - widest sense, including housing lead to alterations. It is the debate and the making was blocked because recent violence, instant cities carry guns and throw petrol -- last suggestion that where the certainly not after the inconclu- This produces an Rome and the larger — ofi the jury turned up in court. and education—the projections — and " kfi Ci« -Rm-w realistic “ your bombs to start the rioting, “ ™ '* for. say. infant schools or sive results of the last general response to any pro- was there any trouble in Tim rest were represented of the future population. In one need .police the effec- last night?” .then they fade as the for the maternity wards turns out; election and when the activists, posals for improving area sense, it is evidence is prof^sionm mfifc' para-military extremists, tiveness of law said public And, in a sense, these figures arrive. It i the Whitehall defence—-the projec- unexpectedly low, provision and traction, and to-day it is . should be cut-—that will lead to have taken to the streets. The order, each measure being seen merely illustrate the start of _ tions were so bad that it is sur- larger toww, Christian at least being portrayed the process. At the other end, widespread m the SSL prising that the consequential the greatest practical difficulty. present minority —or — aQ(* some cases, ttjp,. Democrat (DC) administration as a potentially dangerous step and along the slow road- of the • mistakes were not worse. As the CPRS points out all -days earlier.-iwo - Tui;ip .armed- police undercover agents - -Two pxesentatlves and members ^L- of Signor Giulio Andreotti just back down a. Fascist road and Italian judicial system, the the report does services can always make a case policemen. weie.,shqt dead -However, sug- dressed- m opein-necked jshffta. B^hrfhe Government . . . Unfoi about survives from day to day,' erosion of individual liberty, situation is the same. Of v gest ways in which decision- for improved quality. Tbe re- an much dqnlde ^nnpCr jeans also the a .passtngbar, a tuI,a^ejy state authontie backdoor and rela- which restricts 33,000 people Ve m i ^ making could be significantly sult Is that changing forecasts through It is a climate an estimated crowds, in a jn~ the s&me weet-whidj- saw UB n0 precise ind improved, by an improvement in tend to have a ratchet effect in tively minor deals with the the professional civil servants in currently in the country’s tbe assassination of cation so far.” !“ tbe quality of forecasts and by opposition principally the the interior and justice minis- greatly overcrowded jails, some m°use which all services become more — T'uritt*^ °tttm unknown ^tot^evdmaryPSPSEJS Croce, president ' of! f£e J a greater readiness to revise powerful Communist Party tries when they come to the 20,000 are awaiting trial, and hof expensive than was intended. • one niforrned and not police, Lawyers' Association. No plans in the light of changing which polled one in three of the preparation of new legislation doing so in prison system de- *i The lesson, that plans must con- a couir reasonably take exception evidence. national vote—while in the or amendments the present For long the legitimate pro- stantly be reviewed in the light to signed originally more for *ro- of hindsight, it to the bitter remark Sg. A-... With should have country as a whole there is little criminal codes. It restricts, too, habilitation than, incarceration tests have been directed agaissr of changing evidence—equi- . been becoming clear as much Enzo Sflvestro, Turin’s Attoney- ' valent in some ways to Presi- positive consensus except it be a those many well-meaning poll- and with an officially calculated the piling Christian Democrats, suggesting, .that, the Russia is 20 years ago that the tradi- General, who labelled the virtually blanket condemnation ticians and public servants, maximum • “ capacity” of hut increasingly- now the target tional methods of forecasting dent Carter's proposal for zero- further postponement of the of all things political. is also the Communist Party, birth and population, by pro- base budgeting, in which the including the police, at regional 27,000. Many of these jails are , effort secure jecting measured trends, were case for spending must be made This is precisely the kind of level who see a real need for antiquated, although less so The PCI, in an to Compromesso tor tne state. •• its Tong-Cherished pi . nroducing misleading results. out anew every year—is the vacuum in which crime and law reform to combat the than the 200 unused (mostly for knows, to frustrate in tbe .. alliance: in. State is malting ratnm: is present rash of urban guerilla reasons) local '.Storico or grand . The possibility of an eaf- Any improvement wel- most valuable, because the most political violence thrive, since budgetary eess any . to &ght bacK come: and this is one field in difficult, lesson of the Report the political system gives every terrorism, political violence prisons which the authorities government of all the country’s feeble attempts Storico. -democratic parties impression of lacking and plain ordinary crime, but now propose to reopen to deatfidemocratic forces, . has gone All the the will - " .For his Washingtoi-'. “ giving and . pubK^l condemn part, -to enforce the mandate and who fear being labelled reac- with the growing prison popula- respectable through rounffly ^ -.'of' authority tkraary by a society which the present -Andreotti govern- "every'. individual . new ambassador to Some, Jr of the State. The tion. ^end; An undiplomatic political, parties, with their often feels guilty about its own It is little wonder that jail meat tacit support, -through its terrprifn: Gardner, on Monff varying motivations, insist daily past and uncertain about how breaks, too, are increasing. ..policy of parliamentary -abstpv bfcst to protect its future. * There were more than tion. This, very respectability on the need to strengthen the 480-r involvement the -Itah.- 'Christian Democrats CIA m : institutions of public order. The But just how serious is or worse than one' a day on is creating confusion and worse with the : most of. tire blame, troubles. message same parties resist—-or at least Italy’s present problem? The average-last year. Those who within the party's base, and. it attracting A GREAT deal of ink has beenin only too aware of the dangers days about there of such Instability. He be spilled in recent a may advantages of youth over ex-x-“ supporting the guerilla move- perience in the field of diplo-o- ment, but he bas made it MEN AND it cannot be saidId abundantly and repeatedly clear MAHERS macy. But Middle East that the thesis has been con-n- that he is only doing this First find Petrobras has already bought tag technology to firmed conclusively by the rolele because of the failure of the one oil rig “jacket’* from the and African countries.” The played by Dr. David Owen, theie responsible powers to bring the oil Scottish McDermott yard, plus International Resources and young Foreign Secretary, in there about a peaceful settlement to other equipment mainly on the Finance Bank, as it is called, sequence of events which hasas the Rhodesian problem. There Brazil’s Minister of Mines and strength of a £l5m. credit line is the brain child of ShakiruUah led the Zambian Government to is certainly no reason to believe Energy, Stageaki Ueki, is cur- extended by Lloyds Interna- Durrani, its' founder/President put its army on full alert in that he would wish or be in a rently is London doing the tional back in 1974. According and is essentially the result of H anticipation of some form of position to engage Zambia's own rounds of banks and oil com- to Ueki both tbe prices and a joint venture between .the Far attack from Rhodesia. forces in any kind of military panies and picking up further delivery dates are right in the Bank of Montreal, private share- inside loans to finance and equip UJK.” and he expects to be holders and the Arab African In the first place, there wasas campaign Rhodesia, Partners for Progress Brazil’s off-shore oil explora- Bank, set up years ago in no need for the British Govern-n- Mr. Smith's motives in placing orders with British sup- 16 tion. Yesterday he signed a Cairo by several Middle ment to act as a post-box forar making the threat, and in using pliers within the next 60 days;. $50m. five year syndicated loan -Eastern and African Govern- transmitting an aggressive mes->s- the British government to . with a consortium by Chase sage from Mr. Ian Smith in convey it, are open to question, led ments including Egypt; Kuwait, Manhattan then moved off Salisbury to President Kennethtb On the one hand, he may hope and Algeria, Iraq and Jordan. An Important Date at smart pace to sign a 940m. Kaunda in Lusaka. The onlyly precisely to provoke an atmos- Malta’s best Durrani himself started bis - export credit line with for Europe’s Importers justification for communicationin phere of tension and distrust Uoyds banking' career with :Lloyd6 and the illegalnl which would minimise the Bank International. seller between London Bank in Pakistan back in- T952 From September 21 to 25, 1977 manufactory chances of progress already "Once you've found the oil Smith regime is in the pursuitat — Two little old ladies who run and eventually became manag- there's finding of a negotiated settlement onm slim—in any negotiations for no problem the ing director of the. investment a modest bookshop cum publish- -. :.meet to Berlin to sign .-> ” 1 business contracts future, and that endid the transfer of power in money he told me before rush- Corporation Pakistan, Rbodesia's ing house in Malta have sud- of in 1965 ' ;r wfth dainrerouswipofters from European vj «. likely to be promotedsd Rhodesia to the black majority; ing off to Lazards in tbe after- is hardly denly. and to their great sur- ;oowifrfes, in a way whfch noon. ' That seemed fair com- "It showed promise hut by the transmission of belli-Li- or to do so prise, found themselves with a cast the blame on the ment under the circumstances new it - -produces- mere only specialised fair produd? gerent messages. would best seller on their hands. national Airlines two years later, j pope's for ^.. ^Ian' nationalists and gov- but I then made the mistake of thonttthorns than bloom.bloom/* offers of : black the His period coincided .with PlA’s tan overseas every advantage .*? . S ' A Their ' Guerillas ernments which are actively asking whether Brazil's borrow- surprise is understand- period of major growth and also / fonrenfrafetf and favourably-priced range \ able, given f supporting them. He may hope, ing was not getting a bit out of that the title of .featuring :-.. Moreover, Dr. Owen can onlyly the spectacular sale of the air- primarily textSes, fod-amjleathfiri by projecting the image of a hand." Once started on that one their hot property is no less ' ware, furniture, have made matters worse by}V Labour Parly Is now in a much line’s .entire Trident fleet tp the carpets, handtaraflsaswef\ Rhodesia in danger of organised there was no stopping. than “Structures and Perfor- before. as foodstuffs and - the neutral, not to say school- better shape, than Peoples . Republic of China, luxury foods, tectafcs! attack, to swing white The gist of the following mance of the ' Maltese masterly tone in which heie military They do not appear to have which he negotiated. He was products and semi-finished goods.' rr South African opinion onto his monologue was that Brazil’s Economy.” Its author is Pro- passed on Mr. Smith’s message.p. had much- success, however, then for a brief period Governor fessor ; Only those Mratenflyexpk^ side, and he may also hope, by overall foreign debt always Mokhtar Metwally, on the of. Pakistan Britain’s gad, with three months still to of State Bank - The purpose of favourable purchasing sources aH ova *6?^ using London as a "post-box,” looks bigger than it should be- Egyptian born visiting ; diplomacy in southern Africaca go before -his 12. months sab- before his removal from office undermine Britain’s legiti- cause both public and private economics Professor who pro- vtorfttwinbethatdedsiwlAtatafirf v-<._ should not be to admonish headsis to batical expires, Metwally. finds when the regime changed fol- macy in the eyes of the front- borrowings are included, and duced his analysis of the thefr competitors. ; state on the policies theyjv himspJf stopped and congratu- lowing the India/Pakistan .war. of private island's tine states as the advocate of most of the borrowing is economy during a one He subsequently joined Citicorp to ought to bo pursuing, but toto lated In the streets end given . Come Berth Establish newcortacteWj a negotiated transfer of power. in fact direct foreign private year's sabbatical leave from • bring about a change of regimeJe ovations from his students and and became managing director ' Bterge yddr assortment wHh espedaBy investment which takes a loan Queensland University. of their international develop- -J--. It bas been well businessmen when he turns, up . ^popular products frbni overseas. Use^ m Rhodesia. then Unstable form for tax reasons. He ment corporation in London! ' known, ever since UDI in 1965,% He concludes that investment at economic seminars- . chtocte Are leading European trade fair pointed out that although Brazil ; " Zambia has been used byjy has steadily declined over the Ori ginally He left Citicorp a year ago fe ImporlBra- fire Overseas Import FaS'_ that Mr. James Callaghan may currently imports per cent his book was to .J nationalist guerillas as o base** last five years, income from published the und since then has been seek- Tarta:ifprProgress^--hastooff»as*ft ^ have done something to restore of its oil the country still sup- have been' by "fill for launching operations aga ins51t self-employment and savings ins .nut a sophisticated western 977, . S- Britain’s relationship with the plies 62 per cent of its total Govenunent-owned Interprint, have fallen the bank .which had, the Rhodesia. substantially, . lost : the .full range Zambian government. Yet the energy needs domestically— but . they somehow. money supply misman- of .banking expertise', at its corn- It has also been Jmovhj thatat fact remains that if the current mainly thanks to the massive— has been original copy while a second aged and that the economy ' mand and was .looking for an the Zambian Government hasas Anglo-American initiative to and continuing—hydro-electric prospective publisher was re- fares a major challenge when entry -into the' Middle East. The permitted, even encouraged,d. solve the Rhodesian problem is power programme. portedly talked into leaving it the British bases dose down in alone. Bank'd! Montreal fitted tins bill these guerilla activities. Sincex to have any chance of success, Developing tbe extensive off- well Which is why two will 1979 and the island loses an little old. ladies wk^tfe- wfd*r-anging 'Middle the British government endorseses it require the greatest shore oil deposits is, however, arcntrw ha^ng annual revenue of East shareholding pattern oFfhe the objective, though not there diplomatic skilL Southern dearly a major priority and £30m. to rush out a second edition. P^ ir~~T HAMKBerfin. — 1 yriT - - .... Arab- ; Afri&uT ' Bahk/^nsured - . Company - methods, of the guerillas andid Africa is potentially a highly Ueki, a second generation Publication has been fol- . : na l i, -rorgxftttatois. ; aasessi to.' .the Middle ©mfr fijr the five front-line black unstable region and if any of Brazilian of Japanese origins lowed by a heated exchange of of ; Montreal' and Western e^iertise aBoxl9t740 • Meswdaa3m2Z states, it is naive to adopt a the regimes surrounding who was formerly head of the correspondence in the .Times of w B DanK for the .'new bank whose .‘first - -D-1000 Borfin 19 c. tone in discussingig Rhodesia were to be under- National oil corporation Petro- Malta with New peremptory establishment MM^gs^rda SartH -fci. ^30)3038-1 thele mined by the ^ ****& &id Oeut3cWaiplha8e/&BporihaaoS^&i with President Kaunda Rhodesian con- bras, will now be looking economists seeking to refute his Another, rather grimT Tidex 01 82908 nmkfad Luxembourg^ . dangers of instability in thele flict the prospects for the around for some British equip- analysis and pu£h the official tag bank has just been .created '.-V ** in moUcfboi KJr^Jora Xs,WcilB«a“f - whole area’s ii •-*! future could be ment view that after six . 0w3owa.ij aan swtxree. '. region. the economy with the avowed nim of. trans- * mtatan: Ohzasoe 91. octn«rfr»j# For one thing Dr. Kaunda is grim indeed* It won’t be the first time as years of rule by Dam Mintoff’s ferring "existing and jrfpano- yfyo£J14^f lx . .' .'' — ^ . ^ — ,* *• The'teajici^l \87i 19 *4> SOCIETY TO-DAY >.•:* waMftVV' - -:&?*- & 'i*.1:,^ 4: .tk.-c-v^-* \ -• ~ •-a. JV’ r »r v*-- middle classes ride again MIDDLE classes are bacir ; *0® the very: service is thus protected for-the When tt comes the t P* . to other Europe. Leaving made less onerous. When you charge back in 1974-7& But , » .»«**• “ *i.f it » »*‘< think *i2£La' i ££££ -2S w w '? ? e»»th« «™ to « u «*&» of of it, are they so much such Tory ideas are completely more terrible in practice than in tune with what Mr. Callaghan tbe old Estate Duty? has done, particularly since he was so conveniently tethered There is more. The days of by the and cknowledge^ that 30. 40 or 50 per cent, increases DIF trebly so since be was given the wonderful oppor- That in rates seem to have gone, at from regarding Jospftjjs. should not be- submission to the Royal Com- affitire is now being turned. tunity of the WB^S^lS least for the time being. Every- pact with the Mr. Healey's most recent Liberals. one who owns shares or similar .'as ^-stampeding hordes road to »'- : ' investments More to the point, it is hard '-a.' sobfe^ . ***** SlraxS SeL^SufSidSJ should by now be aCrOSE *WFt‘ * around half again as well-off to see any turn of events that (at least on paper) as six will result in our having any- thing Many people did believe that But consider fire 4aw ^ larger months ago—and heading back but a conservative Prime sSooi^S^fTe^^SI V wto Miat was steps in direction. to pre-l97*l levels in terms Minister for some time to come. happening the other , cash hiS^ lv w^2Lfli5 fv0 ifIf ^^etweea and. ISTS/and The majori^ “direct if not. admittedly, in terms of If by some miracle Labour won . ffli of &e poneS purchasing the next election, or if (as is _j|^ ome sttH-seem-to believe tt be- grant” schools' have deciinfed to ^esttomng power. Even house em^t? more likely) n5J ause Uiey have failed to notice be absorbed.- by the Siate; .they no values are starting to move to- the result was a nat.tbe.stimpede is orcr. * wards catching up with infla- hung Parliament followed by a Just ^ foiled ^ln?” year or two ago the trade The Laboor Govsvmn^a of tion. Labour - Scottish Nationalist w-JS™’ . _ k at e pnvate pact, we would have as Prime :*r : Dions were in unquestioned 1974 onwards- has added more ,?® . "am tr . «^nr 1 Tbe cost of mortgages is fall- 2 Minister the same Mr. XJ»rin>> ..^>jmmand of both their own private schools! *o the fcepey- ing. The growth in public ^ 1 • Callaghan, least until ;:.qrp\--.t » members and the British ing sector than any Government ^ ul he de- ; removed Snf spending is being contained. ™“. h°sP/tals cided to retire. government and— of this oeotuiy. has nct'ased . the '** laughable as It ^5? The Community Land Act is de- ^ ^ .• i may seem when .SntempIaT- its opportunity; to <*ange the jr.i'-r . ^SSS funct We have moved from a The most likely result of an Jack Jones, and tax systemis a way ttet wtmW early election, the of rtart of ^ Hugh “of Ppriw5StoSi2? general assumption that squat- on basis • t^anlon of to-day^-it hurt these ^oois,_and it can- "lift- t*?;:-.! was widely t SJ! ters cannot be evicted to a state the evidence of the by-elections * '^‘OTined that this not be aid that «H senior lu :!v somehow of mind in which everyone and the county council voting, is " l! *eant that the Left was in a labour polRficians^send their knows that sooner or later they of course a Conservative Govern- fliul.v;.;. * hSSf ^ 0ftta schools. ?Z ’Position of unparalleled in- children to Store will be. The Bullock Report is ment under Mrs. Thatcher, tt lh» p-v. .. • passaXoflast vS-s Health • u^ience-or. as Mr. Wedgwood - Ser^Ss dormant. Nationalisation has is probably fair to say that on iW* '•• „ Act^u^by • come a the . Withdrawn to halt and much of many issues the national mood part}' :•••: Reslicnt .. by this Saturday. work of the National Enterprise is more conservative than it has im* i* ' T.^-ime Minister's kn«.° that The' 3d»(ds theansrives have Board is reversible. Employers been for a generation; she ThP l ’ :••' 'o^oSpmgtS^e^LTbt '•‘.Tuyere was about to be a fumto- Prevwi reanarfaWy i^ent in SeSei^ ^Sme^o^HeSh are learning to live with the would doubtless reflect this. like* ;> tbi'.cntal and irreversible shift stoning up tojae preseures of ud Mr.^id Employment Protection Act and tHr TV.*: cortinflatum, rod, the growing So the way I see it, the scare '"’w i? P»w and .wealth to the Ennals, “M God had really wanted the middle classes to suffer, its concomitant irritants to was told by his officials he wouldn’t have given us Jim is over for the middle and upper fir L r. r. numbers who choose irking classes. of parents this week tb«t the t»cfr hat fi^ Callaghan as Prime Minister.” managers, although from their «ppn-::.* •• these schools have somehow classes. Nut forever: if a t Everything looks quite completed. point of view it must be said • Thatcher Government sn stirs !»!>.. - v -: the extra Thus WB) A afferent now. ; Tbe difference fomrf money. « permission, we now have a Income and Wealth yesterday. that there is a long road back - Now the Hfialth Budget certainly eased the up social conflict that it is even- sprtir-.'v the Independent -r. .. t- perhaps best understood if SduxUsJuior- fireat ““y ToJCy councils- the recent yet to travel. Services Board” set up to disproportionately pressure on the higher-paid; tually succeeded by a Labour first sets mation Service was airfe to timi e aside the terms . Before anyone protests that large increases in the price of even ; ou£ ^ ^ ^he the often-lamented regu- Above all. we have a conserva- Government led from a Left - report at tbebeginnine of this mm-'-' .. ^ruddle class” and •‘working ' is all ' must do its work. The ^is very well, but that food hit the poor hardest, since lations on company cars tive Prime Minister. I greatly that would have been streng- • totol population • that the ’r:: ? ..iss since they mean different month the oobody can afford such luxuries food and other necessities y mechanism is so designed that con- actually leave many of the re- admire the new Ambassador to thened fay a renewed sense of :« j-tngs to different people. of the schools within Its ambit i-oUlil . Let no further more, let us look at that stitnte a greater share their * pay beds will be of cipients of these vehicles better Washington, and I am certain outrage, then we would he back is increasing, : r.- - • simply say that what for a . .. pr; «r - taken out of service in NHS one- The luxury of private budgets than of higher-income off than they were under the he will do well in the job. but to 1974 with a vengeance. Sir • step ’ • v breathless^ years appeared The other paM away ' medical care, waicn-’. ,> hospitals until equivalent available to some budgets. former rules. This year’s it cannot be said of bis appoint- Harold Wilson, for all his '•• ’ be a Britain committed to from egalitarianism is of iVOf private beds are available 2Jhn. people covered by medical Again, the Financial Secre- “incomes policy,” if there is ment by his father-in-law, the faults.* he had to heal the since knew bas_ changed greater significance it nearby. The insurance plus the very rich, tary to the Treasury, Mr. No .>•• BMA recently one, will presumably recognise Prime Minister, that it was an social wounds left by Mr. Heath. •••—'.•2k into one in which affects the .overwhelming ”•••: reminded this little board of its some of whom may not be, is Robert Sheldon, said over the differentials. Next April’s egalitarian socialist act The The only guarantee against : lh‘* - idea of difference, assur- riw:-; p**’. of promotion repetition would be an by merit, of the intellectual or that Mrs. Thatcher reads, y;qit.U':. v. ance other form of superiority of and understands, history. If she Kin l!--; acute average worker was no. more There has been Wealth Tax 1 1 no some over others is not overtly does, the middle-classes can -* *> ’ ClC . ’*<*3o down iJie list, will education subsequently con- and you on its first recommendations most illnesses at a time of their own than four to one—a narrower so far. and the provisions of favoured by the kind of people relax in the saddle, and ride 1 of I'.'f- '• what I mean. ducted ^ by Mrs. -ShMey Williams, be made. The private health or their companies* choosing, divide than in ffoina or Eastern Capital TranTransfer Tax have been we all thought might be taking victorious into the sunset. t to th ?:••. i tha» Expenditure (general sub-com- 4 sim; : GENERAL miltee). Subject: Public Expen- f an* 1 Letters to the Editor Prime Minister addresses To-day’s Events diture White Paper. Witnesses: r ' Staffs " Transport Salaried Asso- mi SO (4.15 p.m.. Room 15). basis, all subsequent rate marginal when allowance is fined to affiliates having member- ?. pro*- : •TY»n rufa . nf ciation conference. Great Yar- annual conference begins, East- (10.15 a.m., Boom 18). Expendi- Up lalv UJ-. -changes could be accomplished made for an increase in the ship within the industry prior to mouth. OFFICIAL STATISTICS J* bourne. ture (Environment sub-commit- hi.T'-.‘ in one quarter of the time now composite rate of income-tax, nationalisation. The advice Basic rates of wages and Tbe Queen and Duke Edin- PARLIAMENTARY BUSINESS e i ha" • taken.. • of tee). Subject: Public Expenditure • . that is. the tax which societies given by the TDC on this matter normal weekly hours (April). - UV.UUU,nrnmP-T9T burgh pay Jubilee visit to Cum- Home of Commons: Supply day • •R KM.i.-j : Under file present system, it have to pay on behalf of their is binding on member unions: White Paper (Housing). Wit- Monthly index of average eam- bernauld and Stirling. debate on Belgrade meeting on r; necessary to go bat* to the investors. At the time when the as recently as nesses: Department of Environ- inss (March). 0 ft'C m Mr B Jamieson. last yearWhe Asso Helsinki final act. Motina on anniversary date Of each mort- council of the association CB1 Council discusses policy ment; Scottish Office; Welsh r r made elation of Professional, Executive EEC documents sulphur COMPANY RESULTS ?«• paper long-term' on in Office (4 p.m„ Room 5). National- V. sage “CC0Bnt and carry out its recommendation to. decrease Clerical and Computer Staff on development Duport (full year). ' fuel oil. Ranks several calculations; fTOm that rates it had assume of pay bargaining. ised Industries (sub-commitiee ‘L tw JtS 25Li i to that a (APEX) was involved in discus- House of Lords: Debate on Hovis McDougall (half-year). Sl- bad moved a Subject: Regional ggt0 in .order to establish the 35 per .cent, basic rate Cj. Water : v. _ of income- sions in relation to organisation Sir Derek Ezra, chairman, leads religious Redman Heenan International !r,».i j education in local Authorities. Witnesses: Anglian it capital outstanding at ite rate tax would continue. Should this; In the steel industry arising British Institute of Management authority schools. (half-year). Stenhouse Holdings --SSL’ince Bill That the - — •- - - - Water Authority (4 p.m.. Room maximum .• t*. change —date. If -the reducing° be redureduced^ the composite rate- advice given delegation to discuss next phase (half-year). F. W. Woolworth 1 . tv -r~ from the ten years Select Committees: Expenditure Sj. l V. -ant of tax on earned income Overseas Development. Sub- -monthly , balsice - bases were- would be lbwer and margins of pay policy' with Mr. Albert (first quarter). ago. (Trade and Industry sub-commit- ject: Trade policy and aid policy. , ;Jd be 50 per cent I was- adopted, this outstanding mort- Booth, would, of course, benefit The Confederation - of Ship Employment Secretary. "cayed to learn the tee). Subject: Fishing industry. Witnesses: Central Office of COMPANY MEETINGS : that Con- gage debt would be instantly Norman E. Griggs. & building and Engineering Unions Building Societies’ Association Witnesses: Department of Trade Information (4.15 p.m- Room til. See page 22. dives had failed to support available without calculation. an.. »*:, Park Streetaxreez, MavfairMcyj«r, W1 and APEX have already ten ..r '“t, of course, it was a Tory only the savings *»'.•• Not would in invaluable service to all Jv.r .jrnment which mtrodneed deredr . operating costs more than offset employees in tbe shipbuilding W. !»a»- ;al gains tax. Have the the -marginal reduction in -in- and aerospace industries. It was %* «<*> '• rals moved to the right of terest received bnt rate changes m • « our representations that led to . , conservatives? be fully to .. . eonld always processed I rancfPiTITlO' tbe establishment of the tripar- * . the same day I also read -by every it* society within the time tite committee for shipbuilding tv* ' . after tbe Liberals* amend-. allowed. 5»n span " which resulted in the Govern- about VAT liad not been c Eggar muons i2. " ment providing funds to assist -d (which would have in- 15. Bollvbrake Close, , From the General Secretary, -the industry in its present serious CT- -:ed the amount of turnover Cfuslehurst, v* Kent Tfte Association of Professional, difficulties, without which about to*. a business would' be nv’ Executive Clerical cud ' half the management staff in itered for VAT to. £9,600) Stir*. computer Staff. the industry would lose their ll! - failed to support a Coti- Appropriate j°bs along with other workers. m J-V jtive amendment increasing Sir,—The chairman of the When Lord Berwick paid • par- 1 Engineers’ and Managers’ Asso- h i'.vi turnover figure to £10,000. ticular tribute to the work done inr Government’s own figure of notice ciation (May 13) betrayed a regrettable lack of knowledge *»y APEX in the campaign to ri- I) (which, fails to take Xnfla- From Mr. G. Gass. - of tire procedures of the TUG secure the Nfanrod AEW aircraft . into account adequately) Tr- Sir,—Ttie problem of Mr. a. production in this country, he accepted, The TUG lays considerable stress Wl (Ma 13) ““ot having his on was paying yet another tribute wonuerwonder a Conservative/ ^ J m6 to recruit un- joortgage payment reduced from organised workers to the work that we have carried r.ev al•al<1 pactDaw has never been groups of and 1 Mjy lwhen the interest rate was years to the gedl thSkiys dmvT no talpSncS o»t over many n r»< reduced, mus increasing thecash advantage of employees, mclud- W. Jamieson. , to such recruitment including a M* fl 0w to the building society is managers in the aerospace 1utvrick, poIicy of interference where \°E. f— • easuy solved. industry. ridge WeUs, . ...•one union may transfer its Kent. insist that the build- He siumld engagements to another. Management staff in both in- - Ins society complies wun the inc . -y^here an industry is oationa- dustrifes are not unaware of the of the deed and tenn* mortgage however, a different situa- realities. Last week a major appropriate one or gives him the Stains because the Act pn> management staff in aerospace three months notice “e,c . "® vides facilities for bargaining decided to become a branch of interest reducing his mortgage and recognition which greatly APEX. Our management mem- rate. The rate would toen reduce stimulates ttade union oreanisa- bersbip in shipbuilding is ex- 1 tion reSt Act pending rapidly, and in the 18is flEJL witn toe *3\*XS* them time to dealdSl wltT^hl_ nr further talks we are boldine with The Financial Tixn^'AVedire^^iS^: 1ST 1977 1 DIVIDENDS AN^ODNCED 7 Cone- Tot&T ... Total COMMENT .... Current' of spondlngspondit for ISSUE NEWS AND •' payment; 'payment-.. dly. : '2.45 • .July — Thus. Borthwick inL- ; 8 ' Inter * Lranb ; LS5 July 1 L4 Bu ; July 1 Copydex . L38 I. Dykes (HMes-'E X5S Aag. S ^55 Fidelity .3.49- July 7 3.17 Broking boosts C. E. Heath to film Radio.. . -' ' John Foster -—- -.. - L83 : . 3<9 Withy.... 2nd inL,. 4-39 . ''JulyJuly 1312 : PRE-TAX PROFIT of insurance group made record pre-tax profits Furness . Goldman Grp. — LI* brokers and .underwriting agents INDEX TO COMPANY HIGHLIGHTS of £715^07 .against S579JJ87- and cash call H. M ... . Aug. 1 - 25V C E. Heath and Co. for the year paid a maximum' permitted divl- Hartwells_ JL9S ' -743 Page Col. Company Page . Col. it is .too early E. Heath .July?July? 1028 ended March 31, 1377, expanded Company dend.d£A.Gl36p (42l239p) net per v riohts. Issue to raise £5.67ra. At. this stage C,.E.C, ™.„^.._.~ I4JI« . * • 0.730.75 -r 0.75 25p share to make a profits forecast though -Hield Urns. 00,73;73 . , JujyJuly .t-t- - 0.75 from £6.4m. to £lL27m, Broking Ayrshire Metal IT 3. Investment Tst. Cpn.Cpii 20 1 .for 1978: The year- waa is nro^i to nSl Kder^-oup ‘ results . - . ' trading ... tl-, July IS not easy, Mr. in view of the to ; jhrve£tment.T!sL'Ctorpn. operations contributed £7.4Sra. Randall : says, but Empire Stores '(Bradford) along 3^ Engnrg. B. Holdings 24 - 21 Holdings 8 - 13.05 against £3.Sm., and underwriting Bainbridgo f -J.R.J. the group made progress at a Sjhplans^TraSTbe dividend date the directors believe ttar in John KlnraM w,...... :.. 1958 June 10 33.0* 2456 .18.05' ... — ' unforeseen _ time when markets generally cur- the absence of drcilm- Leeds & Dirt. Dynra Jut July 1 . 05 2.71 advanced from £2.34m- to £3.57m. Blockle'yi jO 2 -. Jones Group 21 2 toneaSy43 jer cent, in the ' e - will have an- • 18 -555.5 5.75 lacked .group July 18 . .. buoyant^. vear- This hi the grddp’8 stances the Lennon Bros. 5. Credit and Guarantee Insurance 28.5 per cent, of MPl will . own The unaudited results the Croup for the six to cent. ’ - of months 3 1st March, Company received gross apnroximately .44 per . premiums of £1 08m. and after An egm is called, for June 9 of 1977 are shown below, together with those for the first six months of the MPl shareholders to consider the - • allowing for reinsurances, ..a net . - amount of £257.000 wax retained acquisition ‘of FH.and disposal of previous financial year and for the year ended 30ch September, 1976. 1 The Kxpenfu'S amounted to £108.000 Chappell' ffuhernl interests) -• Board has declared an interim dividend of 2.4p per Ordinary share to be and the insurance fund at the Argyle has undertaken to vote in end of 1976 stood at £147.013. favour. 'Following.' that it fs w paid on 8th July, 1977 to shareholders on the register at the close of Mi Julius Neave. in his. Intro- intended to regain e listing for duction points out that the com- the new group .under the Forward Technology name, and a pros- .. business on 3rd June, 1977. pany has adopted the three-year ' . ' i pectus should be published .op -M.-- Ivm 3M-2 accounting period under which ^ * the rt-ult of each underwriting Monday. June 13. with dealing* Six months Six months Year ended vear is determined at the end of three years from the beginning ended ended 30th September, of the account Thu* Mr. Neave ht-m to- 31st March, 1977 31st March, 1976 1976 expects the ranee fund , be increased substantially when Fur- King®5hajson 1916 1975 £000 ther jremhirns on the same MmHad account become due for Daymen! Si Camhill SO 3PD Pre-teoc Profits £1,735,000 £867,000 +100% The company is jointly owned Gilt Edgtd NnMIt Hwma i Earnings External sales 162,000 128,000 292,000 Mercantile General m per share 12.15p 6^4p +92% by Tb- and ' Service' iBdax 17J.Tr Profit before taxation. 5,100 4,029 8,082 Reinsurance Company- The Portfolio f Income Offer HID Dominion Insurance Comoany. M'- - m u Taxation 2,686 2,227 4,284 N.V National* Borg.-Maa«ts- Portfolio II Capital Offer- 12fcJB RESULTS FOR THE TEAR ENDING 31st DECEMBER BW 12S4P chappij and Danxk Kautionsfor- • - 1826 -1975 Profit after taxation. 2,414 1,802 3,798 sik rings- Ak ti esel ska b. £000% . £000’s Minority interests (9) (7) (9) Turnover 9,224 . 5.594 Extraordinary items* (224) 16 421 . Profit attributable to Operating profit ' Ordinary shareholders 2,181 1,811 4,210 Insurance 1,864 .834 FIDELITY RADIO -Other .-194. ^65 Dividends 841 99 1,430 '2,056 SGS". Profit retained 1,340 1,712 2,780- Preliminary Results for year ending '•'.‘323-' 3Tst March 1977 Group overheads 235 1975 1/ftS 754 r>irapf.!irarT Item' ter ihe «,» menrh* ended Jlo March. 1977 and 31« Mvrh. consist o( ccdunpe pna fi a |Iom) on ovufatiiv f rcicutmita'ocno)^^lore(Kntir< ration] .h mu of nUunsctuUnguriuc date, net oldefenolaxadoa. - - SLjtg of profits of •• * Turnover * associated company V — * 103 U K. Sales 15.386 are quite satisfactory and have been achieved . Tlic TCMilts for the half-year despite Export 2-480 difficulties in some principal international meat markets. For example. Government Profit before taxatjoniaiici To;af Sales eacfaanrd^iy itflTH .- restraints on imports into the United States continue, and the expansion of the Japanese 1,735 • Ptolit befrxeTdxaTidn - Taxation r 697 beef market is being hindered through Government-imposed quotas. Imports into other L-1.-315. Ta«aiion - 681 I5.E.C. countries from the U.K. are discouraged by the current Green Pound level, and Pro ' ations of the Australian dollar and the New Zealand dollar, a weakening recently of the Earrings per share . 7.49p Profit (Loro) after texaflem and dollar and, happily, some measure of stabilisation of sterling. Anticipatory’ measures extraordinary * L'.S. ifbxna . A satisfaciary was achieved in difficult were taken in advance of these changes and the Group’s profits were well safeguarded. level of iradmg* . Transfer-of uorL-revenue-reservea economic conditions Our Sales at home increased by J5?n and our exports jumped. 49%, The axpan^on of oiir safes by Profit The acquisition of Midland Cattle Products in November. 1976, is proving a happy was the resufi of a better penerraoon of ihe market bath at available for distribution 982 marriage, and the Company is being smoothly and profitably integrated with the Group. home and abroad, and our policy of offering die public good Dividends on stares 322 value for money. This was' achieved through improved ' Net profit reiained .. efficiency and economy withoui sacnticinfl our marflins. The objective of broadening the base of our activities is being pursued in the confident .Earnings per share rose from 7.49p to 9.89p. . knowledge that wc are operating in a world-wide growth industry. Earnings per share The proposed final dividend which will be payable* on 7th . Basic : 12 .15 July 1 977. amounts to 3.436 pence per share which iogether 1 p 6.34P: Fully - . our control, it is diluted. : Subject to events beyond our present view that satisfactory results- with ihe interim dividend ol 1.1 58 pence, makes a total of • . U^6p 6.05p * 4.643 per share 976-4.221 pence per share) will be achieved for the full year. pence (1 , corresponding to a gross of? M3S (1976^64.94%). Thisi* . the ma> imum dividend permitted under the Government's. _ The Directors recommend payment ofafinal dividend of 188284r policy ot restraint dividends. share.on on the 8th June, 1977: These dividends, together with the re QSX^E5338£S ' F1DEUTY RADIO LIMITED ^eyear^dcompar, Thomas Borthwick &. Sons Limited Victoria Road: London NVVl Q 6ND ' : 01 8771 : Priory House, St. John’s Lane, London EC1M 4BX Telephone .96.5 Telex 923355 1 — 1 . '. ' —~— ‘ p " . 0 MjV TCe Financial *Times Wednesday May 18 1ST? S°V»b 21 1 ‘ {UVlDriti ''•''lit ,‘V 1 1 % >Ift, quarter l film, mii' Mist from Jim i •lllii 7 jSf- J»t\ - -T, Gerrard % i; & National » recovers to DISCOUNT J-oU l COMPANY LIMITED Ain , Statement by the Chairman, Mr. R. G. Gibbs Ju«v : 6 TAXABL ro E- . mt <,1 Garni if cSSS ©"P ! casts for the year axe barely R*SS 7 7 X am pleased to yon that, after »:X| “ -- i changed since investment income -f- inform taxation, profits for tbe tV7V -HOto 52“.£ !s ,w Corporation JKl*ErE • 'loss-making ' KS was illJm.' for die growth has been so strong. Even year ended 5th April, 1977 amounted i* passenger services made for dafeia*d taxation in -48» so® BOARD MEETINGS to £3,410,000 compared first quarter • of 3977, compered without the rights issue the rise with * Janus* Withy and Col 1976 only in respect companies 2X355 sjns £2,897,000 in the previous year. The profit figure has been .boost its pre-tax. ay*. 2M 351 *il profit lor 1976 m the group in widens fiabQity strode after alarge transfer to inner reserves. These reserves, 133 'dates fit Board meetings to tha stack v : with it the gain is a full 47 per Its ;WMB lor.vcor^Btton ^ . mig^r arise imow after transferring to General 1® 56 , Esdjaase.- /Snch aeetion are moans cent Naturally this will £500,000 Reserve stand ax a much 2a :' :SIr. James Steel, chairman*..within the ^ mmm hrr, +H- pan foresee*W»;£ntiire. Pull ExMpuoBZtSSdfc Z » higher figure than ever before. The maximum permitted increase announced- yesterday Oat- the provision lor p^» t*nx* twc sjzr Zfal ffihJt*.. deferred taxation sc£Say?n>vSe in dividend *• .- rates but it should Still be is proposed. A Resolution will •Y 1976 profit before tax was. was made in 1973 ariL-fte com- -- . 471 457 Hon 4ryr fhg avtUbfe rtrtw dividends coacenwl are good be put to theAnnual This compares taratwe •.-**— 7sa : m was WertB* « fl“W* Uk srtwttrtataaa enough to take the full year pre- General Meetingwhich, if passed, will authorise the directors to j with figures hare.-nut, been SgJBg 1976 «... . -showa or® 1975' a- 16 Mow based mainly on last tax figure to about £T6UL against - .£14J3m. m mid 123.9m. in adjusted ‘ pay a second final dividend in the event 'br ibe . Accounts. if the &m- Rxtrarts fromflieStatqnartty Prospects ird ihTT/t bnJt a- Jot^depemfo- Road, ^vrurthorpe; 'which was too 'orders; are m excess of the eor- a the controlling of inflation Ujg^ for the potential volnme-of .responding period last yeax_pnd ftie Cfcafnnan, RfrLeafie Fletcfrer, in At Clearly from^what has been alreadysaid, there will be improvements in the oco- recent acquisitions, which are business end moved into smaller 1976 Report andAccounts. - continmogpressures on most ofour building and ife situation coupled with premises in “Station Road, Sctm^ '-®ore numerous than in previous consumer products activities and have put in hand uactoiy deliveries from maun- thorpe, which are leased. years, will contribute to sales we a urers and supplies- However, in the agricultural division and profitability in 1877. programme ofTV and newspaper advertising to give as still face the future with A* already reported, taxable steady progress has continued Resists AnaDividends much help as we can to the efforts of the recently i denco." resulting In Increased turnover profit for 1976 advanced from * established Improvement Council. ie net final dividend- is 2£275p and profit .-r- -£A8fen. to £L04m. and earnings Itis j^easing to beaWeto report an improvement in National Home tor a total of (3J75p) Per share rose 39325p Ifl fuel oil distribution, although from &40p to profits before tax ofsane 40 per cent, with a figurefor The steel and engineering side ofour business the event of an amendment fo tinn with other energy supplies, 9-71p. theyear of£14.6m.; turnover inacased by only 20 per should be the first to reflect any movement to reflate tho he standard rate of tax to oil again rose in price, there was The group’s export ss cent, dicat economy but in any event we believe that this side should er cent before July 24, the not any significant fall in gallon- reached an all time high and ac- in ing an overallimprovement in margins. ient - Increased counted will he to age, the drop over the previous for £0£Bm. out of total In the lightofthis the directors have deckled to pay .contribute materially to the profits for the current year. »**q^P- -•*; ^os of-£6Am. (1525m.). Further . . _ year bring only 05 pef cent,, • sustainedeffort exports and subject, 5 - afinal dividend of4JT75p per share, the With a in ale chairman '-reports that of e*panaWn in this area is being maidmum ' deliveries were o"0 Sup^es and inevitably, to the state of the economy in the UK, wo i motor vehicle distribution Tm»iT,tniTw« H sought-,..-. increase allowed and a total for the year ofZ425p per ffIT .ng profit' of £U8m. about- r Lv jam-vr wfa-ts During -1977. Opticare wifi no share. shall therefore be looking at least to maintain the * -T; ;er cent ...fa contributed . - . '-t t r longer associate from iterate as an results ofthe last year. sltles other than car and com- company group has com- :- j as the The Year’s Activities ial unit vehicle sales andjhis Vwro pleted' negotiations for the sale Appreciation Ti * Although the second * six months foiled to sustain the coupled with, the ofl • - 6t its and • BtaBc foei* ym htGrot in Opticare. strip. I am very pleased to record my appreciation of the -' growth winch, Rolling steelbar and ultural activities accounts for -Tradtes rrvtli-- - - — tss&oss UMSV was showing during the second quarter of t 67 per cent of the -total Motor vehicle «st- — 1453,730 tho commitment ofemployees in what has been a very . year, nerorthdlessiHofits were sufficient to enable us Aarit- tntsor, etc.— VBS9S 139.212 Year s made. . • . Lennon Bros. - Exports •d to meetthehalf-yearforecast. difficult period. hough .the general Z* .level of'hniSSit vvabia'*.?.— SSw 353,734 Tobacconists etc, Lennon Bros.' The concentration on exports over the last few We hear and read a great deal about strikes and .ion for Jhe year was just- Fran bofor* tax xjsuis l*M«5 reports turnover net of VAT up years has begun to bear ftmt with an improvement of non-strikes 1936 fl' Twataft ste.ooo - industrial unrest bat rarely of and industrial 18 per. cent, car . prices from f8-43m. to BAJVTm. for the 2s Sf exports during ^ced by about 24 per, cent. aaS 37ear» to end January 1977. Pre- some 46 pm: cent, in the value of the year harmony. It is therefore with particular emphasis thatl mm ably the incre pric ased es re- wS 4BT.ua- tax. profits- slipped from £177509 compared with 1975. wish to record the gratitude and appreciation of the IZJ*P in the finance necessary- for-. x»*w -iS9.3SS 175.00. to £162,069 (afief £44,051, against ' directors for the efforts andunderstanding of Glynwed deposits with manofac- Vatrcd . — I_ 5.237 — £31,098, for the first half) but and debtors, and in consist not*to#a — 4it.ot4 «frm: a lower tax charge net pro- employees. |G31stDE .>****». - VAT aad ou- tir e baric taiSwIngi iE -IMvri. fits are slightly higher at £81*675 d. However, after allowing compared with £79,099. 1976 Results in Brief e saving of interest on the rCAfiOAuj Earnings.Earnings are shown to be up "sion of loan ' stock info from 24Jtp to 25Jp per 25p share 1976 1975 uy - Antofagasta shares the total interest The directors of the and* the. dividend Ss raised from Turnover £ 243m £198-2m «as about foe same as the (CUB) and Bolivia Railway Com- 5fip to 5.75p net. Group profit before taxation £14^m £ 1 0.4m Group profit retained £ 1.7m £ 13m Earnings per ordinary share (basic) lL90p 9.64p 1S4 IONEY MARKET TAISp 6.75p Dtvid«ids per ordinary share TV* adequate credit supply General Manyfacturmg, slocking anddistributing screws : . k of England 1 »«! ton note cent, touched per cenl_| In common with therest ofBritish industryW SDnlmmn to a rise in , 7-7J 1 before . . tmdfastemngs.\ to that extent ding Rate 8 per cent. - circulation was another adverse easing to 5-6 per cent and] support the need to contain inflation and . closing rat 7 -per* cent; since May 4977). > hand large 13,; . factor. On too other have accepted the defiationary policies of the ex- Short-term fixed period interest •' o-day credit .was in good Government disbursements Onceagaft^ (tested engmeeringside the rates continued and of Government. However, I believe that some reflation in the London . money: ceedcd revenue payments to the to drift lower. business producedvery results and steel yesterday and the authori- Exchequer. Discount houses buying rates for good mustnow be put in hand ifsous of tire country’s per threft-month -Treasury bflle fell to stockh not 7-71 ddmgcagfoin figures ^ copper tubes 22 lEe ffinaririal 3®ty ISrlFT?:; IP up fc to peak £42.6m. company's hopes'ofhol General Accident BREWERS Whitbread Fidelity- pany achieved record taking ’another ’ ahead - ~£L75nx..£6r the the load of directors anTtT wataTtiie final sind~to~ the undertos strength SL44m. at along .to. .re©mty'f£ /• diiidend ta. respect at their of Bb.^Wte^dwadSe increase pre-tax are possible. of £8-17m. to personal beddings. Bing a maintained dividend oi an Ihat v^u £2S82m. * JKT; 1875 6l745p net. . from to £512,000, the' drop 4h'e p/e from 16 at In November the directors said ; TfyjJ, - . aws-w- directors said that - an 'Improve-.- 8.7, which does not look ttatthere was a riowiag'do^ri of expen£» *.*7.818 s*' in profits should -evident when backed a yield 1 Erode but MflQ^OO,» meat he by of 9 An*.“ they were confident ”7_ 260*22 Qroap mum ra* ' .... mb before 'tax — 5- die' second half- cent that 1^8.373 profit <23,402 in' results for the full year tST ZHZT. : 92JS8 TraOtaJt 9HW5 . ios^ss . .. 200,735 Bre- would be well ahead. set profit ..... 1MM[ Depreciation Mjm Earnings per lOp share *-»89 -Interest 153.412 tt-*® Turnover I 3W» . shown dead from 7.4flp t»989p, for the year m ^** **±jr=Z cyws opt- final dividend ahead from «44L57m. to £315.47m. . _ „ mS? and the -of: lifts total The r.us ‘ 848Sp -the by the.maxi- director state that trading •» twod redents?, m 6.696 nmOr""" - iEftr v&(nst from to prospects for' the coming year Tret dividend . PrafaMSiuvidends _ 11373 13J7S mum permitted ,4821p ‘ 19,473 0rt|Mnr.-.- U8J87 - continue to.be threatened by the’ lowrim wd- ~~- l^ftW(i»! 113487 4^43p. months'results generai economic Mr. Tark points .out .that the-. vnmwsm Thiee climate and 57,237. — record turnover reflects,. severe Products they feel that they will be lucky Forward - 4S74S4 4num ^ • in costs as well as an . ^w Increases, r to enjoy a', summer as good, os SS last year. Nevertheless, they arc improved level of activity. None-.. Expert- ,t»4 Interim Statement ’ the] ess, the company was able to nnrit Mere tax M» UU confident -that progress wftl con- up£0 . 46m. of its exports Tax ; — The results for the three months ended 31st March 1977, tinue. increase the value ——— . £* Seccombe t are compared below with Basic earnings per 25p share -are • *y AFTER midWay advance, estimated and subject to audit, *&2mtZL2per L SUSS m S a «f cent of .' for total - shown as 8.79p (6.08p) and folly accounted 66 m an £w,wo to a.09m. watch similar period in 1976, which- are restated _ *5 those for the diluted at .dlvi-. &21p (58p). . The : level 101* distributors and retafl / MriinJ Ur ifarir - A satisfactory of trading? at 31st December 1976 rates of exchange; also shown are dend is- lifted to 3.534p (380&6p). Marshall the maiamnm aBiwed, ‘with a the actual results for the full year 1976. : ’ conditions, the directors «ate* final of 2.4068p net. factory level and shows better' the S** it must be emphasised that the results for the interim Investment plans for the civ- improves He rwjftflb. Board*,' provide a reliable indication of rent year are some £o5m. com- Jjupjycr was ‘ period not necessarily ' from do * SS-Tht, BILL BROKERS and bankers the current year. 1 per cent. The expanston. of sdes W pared with £47m. better penptra- 10 r - those for the full year. Seceomlie^ was the result of a *v* x= Despite a profit and ^tambtw bo& at home At Ktae* margin BJT v^oMjwCjmOt; for taon of the market ^ 3 months 3 months Year of 88 per cent, against was achiCTBd tors said that There were mdica. to 318.77 31.3.76 1978 per ‘cen U tTMT^M to Sfttf the -company -managed to £359,433, afterifi£JS3f2dSS5 TjGfidS Estimate Estimate Actual not AJWIW-1/JVW.33^ViBTS econXywSouteconomy samficingmar;. *«*:- to contmgemaes . beat inflation on a five-year view, for sSSre^re. In 'the company’s profits, £ millions £ millions £ millions they .add. and V Since 1972/78 growth in profits As forecast, gins, improvement pemitted SJOSlp further in tangfe, has been 63 per cent against a is a nunmnnm for the fuH year. Net written premiums— ™?tper £1 shgre for a »talof growth in theRetail Price Index midway comment - Xarsfogs per 10p'- share. General Business 1788 154.8 . 6208 15^03ip against 13521p. A scrip _ of 88 per cent, Fall year figures from FideBfy shown as lL95p (10.47p) _ >1975-76 issue of three for eleven is 1976 ' Its in to increase share of and If this continues, lgium “ Brmwd* . tendency tops £0.5m. in Be : with Socidte Gtoferale de B&nque,” in the ILK. market from 14.5 per the heavy backlog of building .or of its other offices and agencies; . any cent to 15 .per cent, but securing work which has developed should For the year ended Much 31, in France: with “B&nque Bedge (France),” rue Volney 12^ General AcddentEre &LifeAssurance Corporation Ltd. “^Jncreaalng demand tetier -to ;j ' ig7T, j. N. .Nichols (Vimte) 75002 Paris; 1 • - . achieved peak pre-tax profits -of in the Netiieriands: with “ AmsterdamRotterdam Bafikj ! World Headquarters. General Buildings, Perth, Scotland. rewarding than sharing in a grow- Overseas the prospect Ing market. £508,606 against £379,414 on turn- • Herengracht 595, 1001 Amsterdam. | recoveryate in a? toSTiars Owners ttf- bearer shares will be admitted to. the Meeting. Unprecedented rain in the first the economy has been £44^ ’ slower than expected, m recent ...... on producing, a statement" frtrm one- of the above baab'.. v*as a®e®^ by months the construction industry mentioning the Identity of . the -owner of the shares awT* ^S®.422 at £257376. in Western Australia has begun certifying,.that the shares will remain deposited from -18fif Stated “ to show a good deal more confi- earnings per 25p share to 26tb May, 19T7, included, - 1 * * deuce. are almost doubled at 36.55p - Owners of registered shares must advise the Compaxtf Cockburn Cement, achieved (18.7S&) and file dividend is lifted ' hot later titan. Wednesday, 18th May,. 1977,. of.their intention improved profits In 2976 as a to ILSp (7p) with a net i&ud of the Meeting orto be represented^. . result of higher dispatches of ^1. A one-for-one scrip issue Is to.attend both cement and lime. Recently proposed. Proxies, conferred according tp. article 80 of the Artadei 7 there have been announcements After £243,088 of -Association, must be deposited : not later than Wednesday tax f£H&221) net ' Furness of Mveial important, plans for May, 1977, at the Company’s Registered Office, rue de 1* WHhy Group out atS»^S 18th industrial expansion m Western (£187,193) ... CbaheeUerte 1, Brosstfs. '/ . Australia and there is therefore • _ . Proxy forms are available to ebardioldezs at the OxA every prospect of a continuing • *a® extraordmary t> debit pany's Regfctared Office and also at the above-mentioao Improvement in the level of in- for the period of £45470. "r _ banks. ‘ dustrial activity in that State and, The company mannfoctniee The Board of Directors Shaw Savill Line with it, in the demand for fruit compounds. cement squashes and cordials. ^ELIMINARY RESULTS The demand for time also shows signs of further growth, to the extent that, Cockburn j» now planning an extension of Substantial growth in 1076 present production facilities with a new lime plant The company Is actively pur- suing opportunities overseas, Profit before tax up by 60% particularly in the field of con- 'ft. sultancy. RPC Technical Services to is energetically seeking appoint- £22,642,000. ments in a consultancy capacity on. projects at home and. overseas. . At home 1976 was a year of progressive adjustment of current works' operation to current levels of demand for cement and of in- 1976 1975 creasing engineering activity to modernise production faeflitias with particular emphasis on the development of plane, which is more efficient and economical in 1-. Turnover £168-4m. £154-1m. the use of energy. As reported on April 5 turnover rose from £71.62m. to £7736m. in Profit before tax and 1976 and pre-tax profits advanced >\i £22-6m. £J4-1m. from auim. to £12.49m. A extraordinary items An analysis of turnover and Pre-tax profits up98% at£5nv trading profits — £LL53m. (£l0.22ni.) by activity shows: cement and lime £58-19m. Earnings per f£5L62m.) and £1027m. (£903m.) 55*67p 32-83p reinforcement £I6AGm. (£L738m.) £1 ordinary stock and £L19m. (£L27m.) and hotel £2.72m. (£2.12m.) and £32,000 loss (£180,000 loss). Dividends per A statement of source .and 7-3160 6-651p application of foods shows an in- £1 ordinary stock crease In bank balances of £3J>3m. (£S3m.), Authorised ' capital expenditure stood at £15:62m. (£1825m.) at the year end of which £4£4m. (£2,4m.) was contracted for. Meeting, Crown Bouse, Bushy, "Although there is stilf ho evidence ofa steady recovery on June 10. at 'noon. in the economy,thehfgher level .of activity.withfn the Provision for deferred tax; previously made in aU companies; is now Group during the secdridhalfof 1976 has fertile made only in respect of companies in the group in which a Gabifty To-day’s most for corporation tax might arise within the foreseeable future. part been maintaihed^ancKthis shouId be retiectedin the company ' The comparative figure of earnings per share for 1975 given above results for thefirsthaffiiffST?- Arryfurtherprojection has been adjusted as if the new policy had applied to that yean meetings Cape Industries, Gnwvenor growth rates in feeVyorid'smjormark^ are likely to Bouse, W., 12. Chamberlain Group, Dorchester Hotel W„ 12. be lowerthantpiwooaai^m Harrison and Sons,' Stationers’ Han, ELd, 12. Hepwortb Ceramic, 1&&BML-GREEN£ Charing. Cross Hotel, W.C, .12. Chairman. Jones (A. A.) and Shipman, : attheAnnua! GeneralMeeting. Leicester, 2. -London United In^ vestments, Abereorn Rooms, E.C,- 12. Plantation Holdings, 20, Aldermaoboxy, E-C, 12. Rock- ware, Winchester House; E.G, 3. Sun Alliance and London In- surance, Bartholomews Lane, E.C„ 12M- Wilmot Breeden, Bir- mlngham, 12. - Winn Industries, Dorcester Hotel, W, ll,. © Furness Withy Group TACE The One of the big names in British Shipping Interim results of TACE for the half year to March 31, Manchester Liners. Furness Wfthy & Co LKi 105 Fenchurch Street, London EC3M 5HH f-lS77; will be- aimotmced 'on "Jimei and. at that a statement i . 1 — . : . n :- '. The Financial Times Wednesday May is 1977 Mixed outlook for Petrocon Group TTtE SERVICES division 3 Petro- in ihd! par; of lire world- con Group will have a difficult Investment tn retinLng' capac iy 19" ycjr in but there is a record continues iu be heavy in Iifce .order book for manufacturing, Middle East but has reduced sub- -‘whicii will make further proEre-s stantiully in Western Europe. Siven reasonable industrial Thi- has' resulted in a recession i stabO'iiy, Mr. Peter Hoc&oon. the domestic process plant in du '-^chairman. siai&s. irv and pirtivuludy iwi the The directors are looking Cor supply companies winch are 'ways to extend present activities dependent on the level of invest- ". within the U.K. in the services ment on L.K. refitting capacity, division, 2 which deals with mcr- he tJi-. “’cStanUns - and rental of engineered On the other hand he sees sign products and allied service*. In of an increase lit petrochemica parLcular they wish to introduce in Europe—in 1976 plant construction other more technical products anticipation of thi? it w5 li decided and equipment through estab- io increase the involvement in lished sales outlets, he tells mem- the supply of -rainless steels, bers in his annual *talemeni. exotic alloy?, aluminium, etc. Manufacturing or engineered acquiring the Flotec Group. Tind growth in products wLU .Vi reported on April 129- pre- export • markets the directors — tax proiit for the 10 months ro have selected those area- with the end December. 11*76 was £1.3m.. most potential to concentrate compared with for the activities in the current jfc-ar. previous 12 months. Turnover Referring to the subsidiary. was £13.72m. i£!».55m.1. .Offshore Drilling Supplies. The services contribui - -chairman- say* that the company f».72m. »o profit with mamifac ,?HiouLd find increased oppormni- turnip. t0.74ni. and leasing £9.S3S. ..-lies for us rental and supply Exports amounted to ioJlito. earmngs •_services. ' In the North Sea CDS found capital increased by business difficult but m spite of Working i£1.3fint.i tr produced record results £98.942 _.this and Sons hold again and was a major contribu- John Swire _Lor.d Bo yd-_Carpenter ?h:tros of 12 op each of nor ;o group profils in 1975 TO. 0.75m. share capital of i'0..4m The ".toint venture company. l lie soial Life Assurance -Swire Petrocon in Sourh Fart Scottish Amicable hdid>.:W0.0rtf» shares. .-.-A.-ia i* now developing well. He Society Meeting. Great Eastern Hotel . i« much encouraged by the strong 10. noon. -.rSigtts of an upturn in activity E C.. June i :: ex- The speech of the Chairman„ at the Annual extent that Cockburn- is now planning an BOARD MEMBERSHIP General Meeting to be held on the IQth June, tension of present production facilities with a Your Board has been strongly reinforced by the lime plant. Following X977, together with a separate message from new the appointment of Mr. j. R. Pryor and Mr. A. N. Wilkhts and Mitchell: .Mr. J C. E\ ans of Leeds: per cent.— Chairman, both of circulated Wilkins ha? sold 60.0011 share.- and holding* all exceed 5 which have been Williams in January of this year. They both have Frederick R. Evan? 46I.S3S shares * .is- no longer a trustee in respect with the Report, are as follows: TRINIDAD a of 2.360.774 profound knowledge the Company's oT 20.000 shares. Hi? interest Michael tl‘. Ev 3ns shares D. Lcaveir Vieftl Shares were 8-2p in 1976 against 7-7p in 1975 colleagues' invitation to remain the in a of Clydesdale August. The- purchase price agreed was approxi- on Board -Erie.. Pnnn. .leaving balance of land in the name Account LHY. is and on the Participating (non-voting) Shares non -executive capacity. shall, in this way. _1J»K5.070 share? Bank Nominees mately £4-4 .million. We very much hope that We 360.00(1 42 percent in year. I.ex Service Group: Following interested in 3-6p against 3-3p the previous and con- continue to" have the benefit of his experienced Prefci-ence this sale will be followed by close •directors or their immediate second ciiHiuIaHve London and Midland Industrials: tinuing co-operation between the?new owners wisdom. - families have, taken up further Mr T. G. PicU-cn. a director, ha- HALFORD share.- a< beneficiaries. Mr. T. F-. RETIREMENTOFSIR REDDISH and your Company. 26.781. Mr. V. W. Renjam in sold 3 000 share*. Chinn • THE WILL TO SUCCEED Oil Exploration I Holdings): December 1 976 saw the retirement of Sir Your Company is actively pursuing oppor- - 41.700. Mr .1. G. H Hirsch 2.483, Consolidated OififeWs Mr. N. X. CVnnn SO .000 and Mr. L. Premier Halford Reddish after over 47 years on the Board tunilies^overseas, particularly in the field of Your Company is determined to-, modernise : shares between April Gm-bury 1.230. In addition Mr. sold 65.000 I its of expertise itself it to 2) and May 3. holding now of this Company. would have liked to say more consultancy where high standard in every respect to enable meet the * T. V... Chinn and others have 1'290.000 shares >9 9 per cent.). ' acquired a further 9.12j shared _ than this but it is at -Sir Halford's explicit, and in many directions, including the operation of challenge of to-day and tomorrow. I am confi- London Shop Property Trust: a- trustee*. I profitably exploited. Our ail which Sir Cjril strongly expressed, request that refrain from pipe -lines, can be dent that itwilJ-with the close co-operation of Beralt Tin and Wolfram: A company in Black has a coni roll! ns interest -doing so. subsidiary company. R.P.C. Technical Services who work, in it-not merely survive, but prosper. 1 British Xylonite has- an »ntv*r»->l has sold CO.nnq shares. in 1.(120.000 share? (about S.SO'pcr Limited, is energetically seeking appointments A. Monk and Co.: Norwich Union 1-will conclude with a quotation from an ' cerii 1. Insurance Group holds 450.000 ECONOMIC BACKGROUND in a consultancy capacity on projects at home English and Caledonian Invest- earlier statement which sets out with great share- 1 6.3 per cent.*. . menl Company: Mr. Colin Mac- and overseas. Rothschild Investment Trust: . 1976 also marks the end of an era in this clarity what 1 believe to be the essential truth Pher-on. a director, sold a furlltcr Yield is heneficially 2.000 -shares ot Jus non-henelieial Lawson High country as a whole. For during it Her Majesty's "The most valuable asset in the Company's interested in 60.300 4.2 per cent in'ene-i in assented form on publicly recognised for the first DEVELOPMENTS IN THE UK cumulative Preference shares. Government balance sheet is one written in invisible ink. It May 11 Thomas Walker: Arthur L. Tom- time the close relationship which inescapably 1 Hamptnn Trust: L. F. T. Flue At home 976 has been a year of progressive reads something like this Williams disposed of 20.000 share? kin* hr. Ida non nno -hare-. exists between the level of public expenditure of current operation to Record Ridgway: Pmtcs-sor adjustment Works’ 'The loyalty, the efficiency, the capacity for at 14 f-p on May 22. Smith, a director, has and of either taxation or borrowings to finance it levels for Cawoods Holdings: Kuwail Roland current of demand cement and of work of all employed bv the Company, their acquired a beneficial interest in Imertmenr OTfice hold? 1.949.000 on the one hand, and both inflation and an increasing engineering activity to modernise our in in the Company's 500 Ordinary shares. Tndu-rnal pride the_job and share- iS.3 per ceni.i Finance l oroora adverse balance of payments on the other. production facilities with particular emphasis on Trust: C. R Lambournr. anti Commercial achievements, arid' their joy in having a part m Armour Tin* 50.000 (ion has -old Jfl.i.fttW -hare.*. While, as citizens, we must afl be glad to see this a director i on May 12 sold the development of plant which is even more those achievements/" reduce- holding to 347.971 share* shares. the i3.li per ccnt.i. appreciation, however belated, of economic efficient and economical in the use of energy. At Pochin'*: Follow in? holding* of . Tarmac: Mr. I* B. Woodman, a •A" Ordinary shares are an- facts of life, the Government's actual measures Southern Works good progress has been made director. c old 2.500 share? on May nouneed— Arthur C. Pochin are in practice likely to less . enthusiasm. Mr. D. C. B. Winch, a director arouse on our first conversion, of a kiln from the wet'to MESSAGE FROM THE CHAIRMAN; 97.300 shares 0.37 per ccnt.i. 9. of a subsidiary, sold 3.000 shares For instead of applying to current spending the After pilot scale trials Cedrick W. T. Pochin 96.500 the semi-wet process. predecessoras Chairman made a practice on May 11. Mr. A. -I. C. Johnston, My shares I9.2S' per cent.).' .Cedrick inevitably painful cuts in public expenditure started in May. construction work for the a director of a subsidiary, sold which of including with the Annual Report a message W. T. Pochin and William R Verily 350. shares on May 6. which a proper understanding of the nation's conversion began in the Autumn and the krln 64.480 shares f621 per cent.). Mrs. specifically. directed to those worked with.: Steetley Company: Mr. >.\ M. who Edith C. Pochin and William R. economic situation plainly demands, most of itself was stopped for modification at the begin- Peech. a dirertor, ha.s sold 5.000 him in the Company. It is not my intention in Verity .112.812 shares (10.85 per share- and Mr. M. R. A. Peech, a their proposed reductions and restrictions appear ning of the year. It is expected to start producing - cent, i, Mrs. Margaret L. Pochin future years, unless some very special reason director, has sold 2A22 shares. capital particularly in ' 6n.02(l shares l.i.S per ccnt.i, to be aimed at expenditure, clinker by the new process in July, with a saving Hepworth Ceramic Holdings: arises, to continue this practice. For it seems :to .4 Sherrinc and Peter Frederick Mr. Peter Goodall. • a director, the field of construction. Not only must this of more than one third of the previous fuel Armstrong. Lord Holt. William R. me that all concerned with the ..Company, : bcneticiai holding increased by industry, - Christopher F. Hughes adversely affect the construction and consumption. Verity and 9.500 shares as a result of Fielu* whether, they work in it or advise it from putside 1 - per cent.). 96.776 shares ifl.3 issue. Mr. D. B. Simpson, a direc- those who serve it. but it must also mean the At our Rochester Works, the major part of the . or hold its shares, have a common concern With : Uerck Crouch (Contractors): interest tor. . non-beneiicial • creation of unnecessary bottlenecks and short- has acquired design work for the installation of a new 2,200 - Mr. V. O. Reynolds reduced by 50.000 shares otv May its welfare and I would like fo think that those further 2,000 shares making ages when economic recovery comes. At that kiln .' . a the trustee holding was tonnes a day Lepol semi-wet process and ll when who work in it will.read the whole of its' Annual 4.000 shares. voted in " the beneficiaries. lime necessary investment in buildings, equip- ancillary plant is nearing completion. The Belgravc (Rlackheath): A com- Electronic Rentals Group: Mr Report. And, indeed, T am glad to.-th ink that pany which Mr. C. H. Til ta way. ment. roads, factories and airfields will have to necessary civil engineering work is progressing »f L. F. Odell, a director, paid the there are many of those who work in it who- are--, and his wife arc con- a director, balance due on 13.000 incentive be done in a hurry, against time, and of course at well and erection of the new machinery is due to trolling directors, on May S sold scheme share- allotted to him also shareholders. There ate no /watertight^ a far higher cost than would now be involved. start in the late Spring. The new kiln will take IP.flOti "shares. partly paid on March IS, 1977. .and compartments to divide us. - Rentals Crimp: I.. .1. Electronic that si, a result a total of 45.000 For this Company, as for all others which over the whole of the Works’ production in the However, this' year, 1. would like;, to take - 10 ©dell.— a dirccsor. sold- 000 share.-.' to which Tic waV entitled the U.K. market, this must yesterday supply mean that Autumn of 19J8. shares under the scheme became Irce advantage of my predecessor's - practice-to say:, Bristol Waterworks Company; from restriction. 1 977 will be. so far as that market is concerned, In 1976. our steel reinforcement subsidiary. fri the' .5i}.u(ifi 3.5 directly to ail who work withYne Company ' Gawson Securities hold? com- I Beaumont Properties: A a far from easy year. Your Company did well in The Rom River Company Limited, maintained per cent, maximum Ordinary (6 48 pany in which Sir Cyril Black has how honoured I feef at being :entrusted withjts per cent.). a controlling interest has sold 1976 to increase its share of the U.K. market its position as a leading supplier to the con- Chairmanship, l am very .conscious, too, of the G. R. Dawes Holdings: Mr. 4.IIU0 shares. 14-5% 1 from to 5%. But securing a better share struction industry. • -in . H. A. L. Dawes, a director. ha« . Taffies Group: -Mr. M. D. responsibility which faUs d/r 'me becoming 'of' a shrinking market, though ft of course sold 13.000 share- at 1271 p. Pre-ton. a director, has acquired Chairman of a company with;, such Record Alpine Soft Drinks: M. anti G. a a beneficial interest in 100.UQQ reflects the greatest credit on those working in • CONSULTATION WITH EMPLOYEES J it in ; Endowment and Pensions Aa-sur- shares. behind and which sb.vfiany. ; p.edple have your Company at all levels, is a tough job and artce Company .-old 10,000 share.- Paring* Mining and Exploration are to worked for so long, in many cases indeed for 'the.- 300.000 We taking steps seek to ascertain the reducins interest lo shares Company: Mr. A. C. Douiton has less rewarding than sharing in a growing market. - registered in name nf M. and G. wishes of our wo rks* employees on the question whole of their working Jives. This responsibility bought a further 10.000 shares far as the present, year is concerned, Lombard Street (Norai- So ".roup making total 450.000 shares (6225 of trade union recognition. Meanwhile, con- certainly is not lightened by the circumstances icesi “K" account. per ' ‘ unprecedented rain in the first two months ceot.1. sultation has continued to take place through of to-day. Inflation, and all the evils that go with- Dominion and General Trust: Foseco iHinscp: Mr. E. Weiss, a literally -damped down demand, but.with better Hill's charitable trust is still it Is \ 1. C. M. director, sold 20.000 Ordinary the medium of the Works Committees and I it, far from conquered. And the weather there is reason to hope the demand for _ beneficial owner of £25.0iH) share.- on April 6 at 1 77 Ip. have, since becoming Chairman, Taken advan- “Unhappyface as l say in my Chairman's speech; per cent. Preference. The John Lewis and Co.: Lawson cement will improve as work on sites picks up I. trie measures which Govern- 'sices are Mr. and Mrs. C. M. High Yield Fund is interested in tage of my visits to the Company's Works, to that some of . qur ;, again. The recent Budget, it should be noted, il. Mr. Hill is a director £36.500 7 per cenL cumulative meet the members of these important Commit- mem seeks to apply to check inflation- must;’ British Industrial Holdings: Preference stock (3.13 per cent.i. will increase -and is intended to increase -the tees and to discuss current problems with them. inevitably hit the construction ‘industries and . eenbrook Securities has bought Orme Developments: Mr. D. Vi. costs of industries such as our own which have 1.000 shares ami holds total of Sleath. a director, has disposed Work is also in hand to improve and bring up to - those who supply materials to those Industries. - 783.000 shares' (21 per cen L». of 50.Mii share?. no option but to make substantial use of road date provision for retirement benefits in should be kidding ourselves,therefore -if we;; transport. However there are certain signs of respect We of all categories of our employees. thought that during'the next-year or two any of growing confidence in the British economy and usisgoing.to.haveaoeasytime. . .. if this tendency continues, the heavy backlog of But our Company has the great advantage building work which has developed should DIVIDENDS .-• that' all of those who work_in. it do realise that in mean increasing demand later the year. The increase in the dividends on both the : its continued success does depend uppn ;’its .. Ordinary and Participating (non-voting) Shares A . efficiency, in, a. fiercely, competitive '"situation. OVERSEAS which we are proposing- is the maximum allow- /i punctually . end efficiently Only . if. we deliver able under the - Overseas the prospect is brighter. While in Government’s policy of restricting what our customers want w i I f vye cont i nue to : in dividend distributions. Australia the forecast recovery the economy prosper. And we must prosper to suryive., It is an \ following on the change of government has INFLATION . illusion to think that companies caniget.by and been slower than some people expected, in ACCOUNTING continuetq provide good jobs vVithoutmaking.; ‘ in " ' recent months the construction industry In the'four years since January! 973, we have profit. Profits are needed, ;both to. enable: us to Western Australia has begun to show a good had the Accounting Standards Steering raise more capital when vye need new and , deal more confidence. Our Australian sub- Committee's Exposure Draft on "Accounting for better 1 equipment, as -well as helping to pay sidiary, Cockburn Cement Limited, achieved Changes in the Purchasing Power- of - {}':. Money", directly for some of this/. ,.-: / -J? / j /; . profits improved in 1976 as a result of higher Sartdilands and Morpeth. It is apparent that It is in difficult times that the men are sorted: dispatches of both cement and lime. Recently inflation accounting will be the subject of out from the boys. Most people pajf.get bywhe there have announcements of several been considerable debate before a new -system is conditions are easy. Bm when they #et difficult, important plans for industrial expansion in completely finalised? While therefore I have no it is the toughly efficient who -come ourqn top. 1 Western Australia and there is therefore every doubt that adjusting accounting for inflation is 'Let all of us be -determined- that Rugby r.shalL- prospect of 3 continuing improvement in the desirable. I can see no point in producing come out on top, so that; when this, country ' level of industrial activity in that State and. with Accounts in entirely an new form until the final reaches-as it will in due course-better times; it, in the demand for cement. The demand for pattern which we shall have to follow is we shall be there fully equipped .to take * - — lime also shows signs of further growth, to the established. : Onimiitu'iillp locetcJ hcr*Ci'n Vice anJ Unnie Carlo - advantage of them. - - - . >; with panoramic views vt tftc f ine d'. | :ur \URIOL'S& PRESTIGIOl.'S NEW APARTMENTS in J superb bui/diire* construction t/elinrry after \,n- /*J 'S Studios tfr 2. .i. 4. A 5 Pin iw PricV' tmm FFfWjm to fh t.iHM.W ' approx.) up tu FFt. 'WJHtttfnr Duplex or ? pits.es. THE RUGBY PORTLAND CEMENT /'DMA. COMPAtW/LML LAftCC B. UCOS/FS. S» MMISG THRR ICED G WOE'S. .- Bntfkunr\ Pri%x lj*t. I fcn-firi? etc. through uwnt » Hampton & Sods t»‘ \rlinyi«’ui St., i.iindmi SW 1 CROWN HOUSE. RUGBY. y .' cir 'f .-[ nf-4 y.222 A—uci.it/ri ulfivj in I'.tns anil JOHN 1 'A U.iR S. Ni-.-j t ' \ 1 . ^ , , ; .'Tv The Financial Times Wednesday 21 W& Iff 197? have involved GO offeringig 100:loop cash and a 50p debenture, secured J. B. Holdings on some Cavenbam assets in the Lyon & Lyon gets £1.6m. bid U.K. for all the outstanding: shares. to maintain Hambros. Generate Ocd- Cl> ri«- lVirnh-um. l lie ijlasRinv- and since then, ils share price Benhaitt. range of catering equip* den tale’s advisors, said they li:K'd e\,)liii .11 inn rnnucin. h;i.- has risen by 37 per cent, to 44p. incm already being sold to hoped to issue the forma) offer progress (n ii iu- fieri :i i't iim bid rnr L»un ah cad of the bid. Moreover, the caterers world wide. document on Monday. .*flp offer puls the and li>nn. Mil- WiM Yorkshire shares on an The directors of JJB. Holding, H]i»‘i i pi* nr only 3.4. against lupjt- jlnr. 'lule ;ilrea«]\ exil an CORAL/CENTRE moves state that they have every industrial average of Gulliver own* 1*1.7 pel' mil. oT I .yon awl 9.4. and a James HOTELS WOLSELEY fidence that the rosulrs for Linn. historic v at 3Sp (up Hpyesier* HUGHES jjjg l> current year should day i of fi.3. Siucit BORROWINGS enable The terms r»r the offer are -»0j* Lyon and Lyon BUYS FROM tfe! nnu appears to have largely cor* Corals Formal offer document group’ -to maintain Its cash I nr eaeli Unhiiary share. record (Cranston) ' or' reeled the toss makers which Tor Centre Hotels CRELLON ; Increasing profitability for Mr Miehaei I Atm. (he Uvmi and caused problems in earlier years shows a pro-forma balance-sheet into Alpine Hldgs.* ^ r.> efiairm.iii. -aid yc-iurday -A • Wolseleyns vuuivj —HughesI CT. u« AVHWicviacquired tenth successive year. Their mi * , fb— has land apparently -ban assets worth .for the two companies with total coa. that the Roanl had >el to von- fidence arises from the around TOp’pCr share} Clyde will borrowings of £24. 8m. apd .net Morris' that »«e sublet ta Ordi- ground r it ait. jixatES GOLUVi*,' Who Mth £285.1*0) hr St- A. Dyer. side the uffei hill he ihouyhl funds- of strong underlying liquid ““nr. probably have m increase Its bid shareholders' Mr. H. Singer and Mr. At; Stoller, . - and unuUl in* ennodered inadequate. made bis name in the food'indus- .Merchants!. PDM« a wfcofeoilfir 'goodwill valued' . 2L if it is to Interest shareholders excluding Fare who have -also -an option D«?' position, they say. tn take ’ try -by building up the fine cxteBdetf JF He adie-es Tia re holders “fi• Ordinary £5,capital. and Lyon. £tt»irr. . Homs from of Lyon jcffam -of -Supermarkets add who to- James' GdlHver Associates to of the A further factor mi .ie i inn until they iiear merit operating from four , U the group-, went on to achieve a second buy a ' further I4LB7. per cent, Scotland. I hr Rn.nd PHOENIX branches in success in recording a subsUmtui GLOBE & success with Oriel Poods before (1497 .per cent.) at 3S.?5p per consideration Clyde is brine utilised lij THORN GROUP ROLtJNlAKERS The will be equal tocrease-, in profits (hiring shire, on -'at BR. | selling -out to RCA of America a . discount of 2L25 ^ituer and Fi iVdlander, and Lyon , —WORLDWIDE to the net assets or POM as at difficult -'markei Beniiani and Sons, a member of in 1073, is moving into the Do-it- per cent, whichever is the higher. condltloos both .rnd Uvrtn hv Baring Brnihei*. The acquisition of the World- . SAYS YES TO April 30. 1977. less a sum of the Thorn .Group, has acquired UJC.- ‘ Phoenix Mining Yourself market. James Gulliver between May X, -1979 and Novem- £38.000. The -net asset “value will the and overseas- -durl Nev s of the bid sent Lyon wide Group by the Mcrcury-Dysona Microwave Associates,. whirlrconsistij-of Mr. ber L. 1$S0. % & FIRTH: 1976. they odd. .Group- . JOHNSON jointly, certified by auditors pre-i shares le 3*p. an and Finance has been completed, be. the raeine ahead Oven mamifacturin?. rental and profits improved fnirfi Gulliver- — himself, —tori-- •."Alistair-— - -Mr.• Gulliver has-' become **«--non- andr.Crrtlon, £l52m mi ihe day follow ins' earlier' objections by — — »«-« British Rollmaking Corporation, of. Wnlseley Hughes inoroafe <>f H|» servicing business. E2.36ra. in 1976, and .acquisi- Grant. Mr. David ; Webster and executive chairman, -acting Idivrdbnd some shareholders. The and - hnviniv, fully considered the 1m- A payment of FL38.000 on account .“o .. . .Mercury manufacture V range wider scheme llr.Hr. Martin Sorrell,Snrrvll ylns-nlns .twotwo chiefOi >r executive-«»...«T Limited • MIL—DUNDONIAN 'I.* Credito Italiano (.Underwriters) S.A. Daiwa Europe N.V. Den Danske Bank Richard Daus Co. Banlriers MIL Securities has informed & Summary of Group Results EQDQ’s 1976 1975 ! 1871 Aklieublub Vonnals Hans W. Petersen Pundrininn thaL under the terra? of an onrion agreement entered Turnover . 16,147 1^905 The Deltec Banking Corporation Den norske Credrtbank Deutsche Girozentrale into in October, 1974, ft has be**s Profit (loss) before lax 305 (178) Limited ••riled imon to dispose of 39.7S0 Attributable Profit • • —Deutsche Konmmnalbank— (Joss) 295 (272) ,! shareH.of-20o each m Dundonian Earnings per ' V“ ordinary share L - 50p (3-7p) ‘ ivi;” reoresentin'? ’2.69- per.cent, of the Dewaav & Associes International S.C.S. Dillon, Read Overseas Corporation Dresdner Bank Net assets per ordinary share 42 -4p (37*4pi ovnitaJ. JfTL Si^ * AktienceeeUsehefl now holds 740. =hnre« of 20p in Dundonian (5JH ^"V,v Drexel Burnham Lambert Eurocapital S.A. European Banking Company- Eurotrading Ltd. - Finacor per cenu. . Principal Companies in the Group Inruipwelnil Limited Printing PlatemaJang iivi ' 1i. Brogfia Press • Finter Bank First Boston (Europe) First Chicago First Manhattan Co. Robert Fleming & Co. DAVY-HERBERT Ltd. Ace-Engraving Ltd. . Sun Litho Ltd. ‘ * Limited Limited- Limited Acceptances of J)gvy Intyrna- Cartsie Web Offset Ltd. AWercolour Ltd. Sun Scan Ltd. . Morrison and tlonars . offer., have . now beeq Gibb Ltd. Art Reprographic (London) Ltd. Antony Gibbs Holdings Girozentrale und Bank der Osterreichiscben Sparkassen Gotabahken received in respect of 84J> p%*r Oxley Press . ' (Nottingham)’ Oil Art-Type Ud. Limited AktknjtH'.l'duil cent of tim ‘Preference Shares in Product Support (Graphics) Ltd. Bristol and West Engravers Ltd. - ' Herbert . Morris. 'Hve Preference Greenshields Incorporated Groupement des Bauquiers Prives Genevois .Hambros Bank Limited William Stevens ' offer bag been declared uncondi- Publications Lid. Laytqn-Sun Group Ltd. tional and will remain open. - Acceptances have now been Copies of die Report and Accounts are avafiable from the Company Secretary, Hessische Landesbank—Girozentrale Hill Samuel & Co. • E. F. Hutton & Co. N.V. IBJ International Limited Hd; received in respect of 92.6 per Oxley Printing Group Ltd. Conduit Street, London W1 Limited 55 R 0NY. : cent, of th^ Ordinary shares in Instituto Bancario San Paolo di Torino-Turin Kansallh-Osake-Pankki Kidder, Peabody International Littited Kjobenhavns Handelsbank Kleinwort, Benson -Kredietbank-S-.A. Luxembourgeoise- Limited Kuhn, Loeb and Co. International Lazard Brothers & Co. Lazard Freres et Cie Lazard Freres & Co. Limited ' Lehman Brothers Loeb Rhoades & Co. hic. London Multinational Bank (Underwriters) Incur nnr.i ted Limited McLeod, Young, Weir International ' Merck, Finck & Co. Merrill Lynch International & Co. Midland % ----- Doherty- Limited " The Limited IT Carborundum Company Samuel Montagu & Co. Morgan Grenfell & Co. Morgan Stanley International Limitrd Limited :^w . Nederlandsche Middenstandsbank N.V. . Nederlandse Credietbank N.Y Nesbitt, Thomson Limited has aqquiied The Nikko Securities Co.. (Europe) Nomura Europe N.V. Norddeutsche Landesbank Girozentrale Limited 1 C-i\ Orion Bank : Sal. Oppenheira jr. St Cie. Osterreichische Landerbank AG 1%r? Limited ‘ Peterbroeck, van Campeuhout Kempen S.A. Pierson, Heldrisg & Pierson N.V. W. C. Pitfield and Co. (London) Jk: Limited The Weybum Engineering PKbanken Postipankki Privatbanken Aktieselskab _ Richardson Securities Canada nn:- Rothschild Bank A.G. N. M. Rothschild & Sons Salomon Brothers ~ Scandmayian Bank Limited ... * Limited ^k!r » Limited - J. Henry Schroder Wagg & Co. Sisonbank Singer & Friedlander limited Skandinaviska Enskilda Banken •Pv Limited Ahlitnniielltchllt ' M ’ lh - ^ N. V. Slavenburg s Bank Smith Barney, Harris Upham & Co. Societe Bancaire Barclays (Suisse) SA. ;k IiKirp*ratr8 We initiated this 1 transactian ands^sjsted in the negotiations : Societe Generale Societe Generale de Banqne S.A. Societe- Seqnamiaisedc BanqurS^k k\ on behalf of The Weyburn- Engineering Company Limited. ; /41'. • Strauss, Turnbull & Co. Sumitomo Finance International .Svenska Handelsbankea Trade Development Bank Overseas Inc. UBS-DB Corporation Union Birnk of Finland' Limited Union Bank of Switzerland (Securities) Yereins-und Westbank J.Vontohel & Co. Limited A fc CkbcckIIi ck*ft 5. G. Warburg & Co. Ltd. Westdeutsche Landesbank Williams, (xlyzr & Co. Girozentrale Dean Witter International YamaicTii International (Europe) Ltd. ... May IS. 1*77 Way; 1977 % -V'V,i„ V,; ; , w . . . Of^a* cdncMii-.Y Wetfe^lay &ay.' 18 3577 35 erfbrmance Hit en - . 1975/76 1976/77 . . ;iu« . , pfBritish beer in the British pub is widely For example: malt went up by35%, hops I ;. ,Hol Profit before tax ^£30.7m. j£42.6m. appreciated. - - by22%, cans and cartons by 19%, and fuel and :\v ju-: (proposed). - .Dividend £7j6tia. ^£8.3m. . The public at large will benefit from die power by29%. •lliv it!C»' Tax X22.3m. fruits labours in the shape taxes Costs must ««•» j^;16.5m- ofoux ofdie be recovered and the only sure fhi «orri ;; Profit ploughed back jf79m. j£l0.9in. andduty that wepay. Last year we generated way is through increased prices. Failure to put (i W-t cal? * - IV- to around ^200 million whiph would have paid up ourprices last year would have resulted in a >!.<’ ix\ly stand. ? fall- depend on where you for any ofthe following: . j£l4.5m. profit down to ^28Jm, which is h.»* ' ’ v.« at the youmight : Standing bas betempted Halfofthe cost ofschool meals, milkand not much better than 4 years ago. tbrr " ,:o observe th^ifwe havemade that much welfare foods "We might have had less explaining to do, noney we should not increase the price ofa or all public expenditure on libraries but we would also have done less investing - : —lint so - or most ofthe cost ofthe fire service. spent less on new plant and equipment, and less i • wf. ^i\ ;;£££ Now, the not-so-goodnews. on our estate -with a consequent chain reaction • twlith^.I^iiirifr) inrike ; . Inflation has taken its toll ofour long on earnings,jobs and future profits. ’ +? ’ term prosperity-our performance over.die past : Human resource is probably our most ' *Tf is well^^a^oflaS&yeafs ratebf 5 years has been consistently behindthe important single asset. Caring for it and ' . iofiadon-adjusted targets. . nurturing it is increasing problem. its .. an At )ur employees might ask how long must most obvious it is a problem ofrewards and - • tand forwage restraint while we make . .. . securitywhich depend onWhitbread remaining a* Uion-' ofits a " - hassive profits. '. ,-v .Profit* needed to competitive and profitable. But it goes deeper . . v; « 4 50 match inflation ected that. On dieotherhand^ those same employees ^4tg>< 42.6 AennlVUiaiZ than Morale can be lowered by many 40 pwfits and to gainfrom our investment plans, as do 334^- ^ things: seeing the standard ofliving of one’s in 1975 30 j287^ “ * aerei whomal^'hyingbyt^ 0/1 ! family decline, having to operate an obsolete .262^ - 20 share - I machine for cost-saving reasons, listening to .ur products. - . our v i 7X5 40. ) Our shareholders can. lookforward to an . critics, feeling that the whole commercial - • lcreased dividend. And the Chancellor cap. structure ofsociety may be tottering. • 72/3 73/4 74/5 75/6- . 1 7^7 and by to recdve a. substantialwindfallin We want to play our part in removing utyandVAT. • these irritants-we know that self-interest, even Dividends are even fruthet behind itsatisfyalithi enlightened self-interest, is not enough in the is fview: changing modern World. Li&!'}--•• often a retired hard-working man pr a pension frofifc fra: whichwe are prepared to stand up Sowhere dowe stand on our profits? fund manner) has suffered most ofalL ‘hd be counted? For a starts let us declare an interest: we \f; C- worked damned hard to earn them! %u cannot m - 71/2 -22/3 73/4 74/5 75/6 7617 First, the goodnews expect us to achieve total detachment; nor to expound original wisdom bn how to perform «* ^ — MW the economic miracle. 1 large are °:.SPfiPfflS .. i_ As a national company we a TnvwatrrtfiUt pkns car> therefore COixtanua , ,— significant social unit and, as such, willing to Qpan> fe are halfway through a 5 yearprogramme 100 106.1 1147 13$£ 1713 1997 . account for ourperformance to the community ith ^116m. plannedto be spent over the next- as whole-even that means trying to /ears.Thereis ahrewery going up at Magor a though . AYERAGE South Wales, new lager production facilities, earnings satisfy conflicting opinions. 100 1143 1283 150.6 1792 19U9 w carming line and an pxtfmsive programme We think our performance, seen in the employee, context ofthe past years and ourview ofthe ,ngbirildingahdrehovatioiiin our licensed estate. .—__ 5 ^ next years, has achieved a reasonable balance. Employment results jfrom ounnyest- Prospects are not rosy~tbe second half 5 people but also - We think ourplans to plough back most ofour art plans,notjust for our own resuks are mucbinferiortothe first: t profits are responsible and, within our limita- tions, likelyto bring the greatest happiness to he constmction industry. Our own _ 1976/77vs1975/76 the greatest number formance allowedus to continue producing " FIRST HALFPROHT +/93m. (+493%) people-plus ge packets for nearly 40,000 SECONDHALFFROFTT -4-^3.1ttu(+23.7%) irfamilies-for anotheryean /- . ^fliese upvvuh price / figures maybe exaggerated by the . ' phenomenal of but the devastating, rease^ but still gets one cifthe cheapest pMts summer 197& has certainly heldup, impact ofaccumulating cost increases in the ir cope. Ourvolume a31 . i<4i ^rfwwagHs i« to believe that the value .. __s.eQondhalfis too apparent. . I . . . - , ' .r TBe Fffianeifi'Taies WSdSescKy TSSy 18 2577 ;.'i:' 1 f Thos. Borthwick reaches MINING SEWS at six £5.1m. months New Brazilian MOTORS LIMITED A •REPORTING external sale* of The objective of' broadening the £D.42rii. 10 £0.81 m. with all acti- Main Dealers Jr\\ £l(i2m. against £JL2Sm. and pre-rax baae of Borchwick's activities is vities contributing. Ford profits up from £4.03m. to £5.lm. being pursued in the confident As reported on April 22, pre- .For the six months ended March knowledge that the group is tax profit rose from £Ulm. to 1976tRESULTS of £5L64xn. SI, 1977, Dr. Bill Bullcn. chairman operating in a world-wide growth £I3Sto. on sales industry, states the chairman. (£36-22in.) In 1976. •of international meat traders, 1976 1976 i year's trading Thomas Borthwick and Sons, says . A feature of the BY KENNETH MAR5TON, MINING BWTO* £ £ that satisfactory results should !bc # comment was the sharp drop- In the profit in which Placer was For margin earned ,on greatly in- - sroeher in programmes achieved for the full year. .... (£29lm.) aluminium . ..I. Lonsidpriiiei^ Mtl ,lllo IU6 current flifQdifH - BRAZILIAN GOVERNMENT ap- SALES. - 51,640,907 .36,218,220. i» i —n , Hiinin tii turnover. This, to- involved, excluding those, of its GROUP •all sales came to ... , _ _,_ creased sales the southern Philippines for at cullies ofrt Hie|K International-f rno meat proval has been given to a deal Canada Export Gas and :^nri n^'fL n™ri« were SOSm gether with the special allowance two more years. Other subsidiary, £?* market Thomas Borthwlck's whereby the country's state- least PROFIT BEFORE TAX 1 ,577,670 1,3^194 - > m,hM*r expenditure provided OIL- - would be $Cl4m. -.(17.76m.) n*a®e public Rin for capital members of the consortium are: fits i of owned Companhla Vale do Rio j per j nter m pro r Se 26 cent Duthie said. TV- Code, has released - year; Mr. .. . Ju!i‘ 19. 6. by the Prices Conrinc Riotintb of Australia, this net 218,506 198^06^ . .. pre-tax looks impressive. How- Dove (CVRD) can purchase, for DIVIDENDS v company entirely ita The group has a cautious view dividend is Jp the from Kaiser Aluminium, Reynolds ' ’ The mterim erBr> whether it can continue an .undisclosed sum, a 36 per cent, - prospects for the rest of the compared 'vith- preoccupation with the restric- Billiton, . Holland of- RESERVES 691,300 39<637 nett per 50paOp sha,resfta.re moving ahead at this pace against stake" th Rio Ttnco-Zlnc’s pre- Metals, ADDED TO tions of price control.. year. While demand for molybr viously wholly-owned Mineracao ' likely to rempi“ - : of not less than 2.2p. eroup The main factors which cut denom is -EARNINGS PER SHARE. 16.3p ISip be doubtfuL The specialises Ven Crw> benefits to Placets - overall profit margin Oius bringing Sw rnontbs in frozen and processed meat for back the The last-named holds conces- istb-t; 1073-76 increase mine In British Columbia, no sig- the review the Chairman. which conditions bare' been par- were the big In the sions over a big deposit of some :• J tin tie Extracts from by £000 £000 nificant improvement in* prices for volume of sales of new cars, to ' 750m. tonnes of commeerie 1 grade Mr. J. F. Macgregor Kxiurnal sales .. UC.000 12S.OOO ; zinc are expected. At fleet owners, an expansion of the 0S6H copper- mid J P refit a«r«re IU 5,100 4.020 Lrihydrate bauxipe (which pro- - tite time, $£r- Dutbie -pointed group's petrol retailing, and the ' same 2.«s 2-2272.227 4 zs* further into . the fresh vides Para- Tax to expand aluminium) near marketing in 1 despite high practical difficulty of increasing \ out, -production and Continued profit growth 976 cost Net prowpro hi 2.4W2,414 l.so:i.so:' s.iss meat business via a bid for FMC. £omin&$. in the State Of Para. % # ...... 0 a costs are increasing. MMinonliMloom .os o for vehicle repair charges sufficiently ever expansion project. . J The croup remains hungry Test mining was carried out last of financing biggest Knrjord. dcbusdebits 16 year, Placer had net profits expansion, indeed that.was one of to match increasing costs follow- plant , Last AnrlhuubleuShSEibte 2.151-ill liii ilio 'year axuf pilot beneftclation (£9.9m.), compared ” main reasons for its flotation ing a prolonged period of en- of JCISm. the i b-.-.idondsD-.videiKls ..J!.!” HISit W 1.430 tests are currently in progress. .> - Dividends increased by permitted maximum.- : acquiring forced restraint. with fClfiJm. in 1975. x«a«i«jRetainod • L.:swi.:s« 1.712 2.7S0 in duly 1976, and after price A .'major feasibility study is •- vCrrfMs.v credits. Midland Cattle. Products in- Although the British motor in- j being carried by Mineracaa p out T 977 first .quarter's profit "of £606,000 shews 45 d The tax charge consists of: U.K. October 1976 it is now involved dustry as a whole failed because Vera -Cruz to determine whether B/K/A zyh LI ^ PROFIT AT mON " • . in a bid for Gear Meat Company ‘ increase over previous year. : Corporation Tax £2.13ra. i£6,000) of labour problems to produce the deposit could 'be commercially 1 < Py^fra \ ^ Zealand. But, these are ' less relief for overseas taxation of Mew enough to bold back the increas- developed. to ' This is expected CANADA ‘ small companies j ORE OF 12,13m. mil): overseas tax- £2.17m. both relatively ing flow of imported cars.- Ford- !be completed -before the end of laMntnti Management views immediate trading marked pick-up ? Results have continued to jfc without a in - t £242.000); and deferred tax 3nd Increased its share, of the. market 2977 when it is 'hoped a final ' improve. at the Iron Ore Company opportunities with confidence. £321.000 f£l.9Sni.h trading generally the group WTIJ and Perrys did likewise. decision ‘ on the the future of of Canada, which has mining op- Extraordinary debit, consist of Sail, S.W., deposit' will be made. d h Meeting. 89, Pall Aluminium, Kobe Sted, ‘Mitsu- erations in Quebec and Labrador. exchange losses f profits) on trans- June noon. Earlier this year it was reported it 7= ?n kJin nrofi?, 9. bishi Cbenucal and Nippon light First quarter net profits, fbr 1977 here that RTZ sold its per had 5 XetaL were 4414.000 (£240,550) com- cent, stake in the 3300m. (£175mA 5r-'2"« Jts&nS g-isffi wajrrifi A number, of these companies pered. with a loss’ in the 1976 aig-laxanon. bauxite project on the Trombetas are now planning to .take part $S-3m. Copies of the Chairman’s Review assuming a maintained final divid- first quarter ef . . Levex to river. - north of - in half-year are . the Amazon under- The results Tor the en is show healthy increase, . has and greater governmental closed’ from'- and the company being a he adds, £85.802 for the previous year. The aluminium arm, Comalco. inter- started last Wednesday has been registers of members of -the ctonganies win be profitably inte- For first dividend payment was L2op decided to further •' defer plans vention. . All companies mentioned smoothly and the three months of last brought .under control : Produce 4 to 10 Jane 1977, both days inclusive. ' • -' with the group. 1977 pre-tax profit increased from for 1971-72. for participation 'in a 5300m. The valoe of- the exploration South Africa. '-j .. trated . tion from the shaft- .trill build -are incorporated in the Republic of _ up to 60 per cent, over the aext .Unoont' 1 I [few days. - Lost tonnSgeS- have Name of company Class OT Bhsre D‘.vW da. . '[8i« “A” Redeemable of last January of $M9.?m .da.' j v • preference i (£2-27in.) I CunmlKWe cbm pared with SM6-8m ' . . da. do. .{•}, “B" Redeemable! during the previous yeat The comenible cnmntaslre j - ' ' final dividend is 29.5 cents . preference - (69p> • j . , r > gros?- Middle Wttwatarerand (Western ! . . . . ;ST, Redeemable -cumulative V*m) United | . .* * ' * ’ preference The .-’Northgatff-. Exploration | ‘ -• croup's Australian * Whini 'Creek ' By Ordfer of the Boards now- has Some 6.000 tons -of 27 . ' ANGLO-TRANSVAAL CONSOLIDATED INVESTMENT ' oer cent. copDer ore pwzitin? . . COMPANY, LIMITED ‘ shipment from its small Wbundo ' Secretaries mine. Meanwhile olans are in ‘ Peij-’E. G. D. GORDON band for a nilo» olant oneratiorj London Secretaries: Registered Office: tr*<* ; "o ’n 1 ]“^ch n-ncfiss fo» Anglo-Transvaal Trustees Limited Anglovaal Hou« the treatment of corner oxide 295 ‘Regent Street •' 56 Main Street ore at the \Vh4 m Creek, mine.' London WlR 8ST Johannesburg 17th Hay 1977 .. MINING “BRIEFS . . KINTA K ELLAS TIM DREDGING— Aorfl Un -output 4M louncs iWsrcb 4V ‘ranes- MOUNT ISA MINES—ProducUpn. JOr :be PcrKKl April U-.fo Mis', 8. Ittf m tr^atod 1S9.BS5 tonnes, .produced tlJOT COUNTER INFLATION ACT 1973 tonnes -erbric lead and 14.148 tonnes afn» ronrenfrates. ' Copper ore treated 386.Ml Treasury-have given consent the declaration' by. the following totroes produced I0SM tonnes blister The to " *” companies of. dividends of the total amounts spedfied -for the WT ... . - . NEW G.UIHEA. -GOLDFmMW—C«ftH financial years- ending . on the* specified ,dates: - rMsbs Mflt . Milled 10.774 tonnes . ore - Grampian Television Ln^ . . Aberdeen £90,923- 28. Ui assaying 0.093“ per cent .! Flue stibL pco- . ; : rlncwl 133 V ounces. . . Fine ffilrer produced .BSG- International Ltd. ~ : Birmnigham £975.495 31.12JJ O&Bces. Etfla Creek: Fine *«Jd - Southern Constructions-' :• produced 5T.fi ounces, pine sflner pro- • 31.1X74 dneed SCI ounces. TH haters: Tine gold (Holdings) Ltdi". . : Portsmouth £146316 v produced S4.fi ounces. Fine silver nro- Hestafr' Ltd. ... . -'Windsor £1,121,162 31. iJJ • tnrv-rl si. f ou-tees Marshall Cavendish Ltd, V London W1 .£1,200.000 3 1.1X71 at (FMS) TIN ’ interest KENT -DREDGING— Even todays rates. Aonl 30. 673 tP oawn: vimf* .•Hireh Jl) tonnes> Medreinster Ltd, London SWT5 04316 ' 31.1271 Bestobell Ltd^ . • Slough . . £1708378 Tern-Consulate Ltd, .London NlS £13,462 3 l.J27i Hongkong (Selangor)* , Rubber -Ltd.- • London -EC3 •£31300 31.12J. Yearlings Lex Service Group Ltd, London W/ £1,871324 Z 1.7 is Dunlop Holding* Ltd. London SW1 £6380318 31.127 two days along time. _ Gamar ScotMair Ltd, ‘ London SEI £IM,16T General Accident fire and Life 31.127.. - -Tbe- coupon rate on this week’s . Assanujcc Corjibtation Lid, Perth'./ £1630]-531 31.127 Its probably never occurred to you it - how much of. local.authority SPONSORING BANKS. issue, Qne year Nbbie * :Lund.Lcdk- . •GsMfhjnd*-'. £61.4ffl _ 31.127a,... hondF.TS. 9i .per cent, at; £99^- Ltd; Manchester ‘ £62769 31.127^^^' costs you to your staff. Manchester\Garag« ' _ pay “ The bonds are due on May -24, Reyrolle Parior»i-td. •NewCastle-ufpbn-Tyne Barclays Bank limited 1978. - Last week -the yearlings 3?:i2J- Not just the sum total ot* your payroll. Our £2JX»3.81T- were placed -at par with a coupon ." - WBmbt Breedeoj.CHoldfngs).- . of~9J per cent. " • ' ' ' -> ... . Birmingham £881,129.£881,129 . 31.127-'31.127 concern is the amount you lose simply in UA. L , ^ — . Lloyds . Banklimited .. The yearling issues- this Ltd; .- London. W1 £1301,989£1.601,989 31.12731.127/’ 1 week .Blackwood, Hodge — ' 25.127"*'-' transferring money from your account to theirs are: ' Ashford 0Brough Council Ltd; Birmingham £6.981.175 25.127 by Glynwed ; (£$m.). Restormel Borough Coun- Holdings- Ltd. . '' .Whitchurch- ‘£1760,198£1760,198 31.127.^;.31.127 Midland Bank Limited PorrtiS' . credit transfer vouchers. cil (£inO, Sett on Metropolitan Rolls-Royce Mbtor Holdings Borough Connell Swale - 31.127 Lt^./r > . Crewe . £3.057340 District Council (£}m.>.. : One day it disappears from your account Tonbridge Fairbairn Lawson. Ltd. Leeds £281301£281701-. 30.127 National Westminster Bank Limited ^ - an4 Mailing Borough Council ' Ocean Transport & Trading Ltd r Liverpool £12399350 31.127.,31.127 Several days later it surfaces in theirs. And in the aim.), Trafford -Borough Council 31.127 Cl T. BdwrIng-S:Co Ltd; . London EC3 £4372,9586477Z958 31.127; % Redditch District Council White Group Ltd, Wellingborough £197.132 ' 31.12731.127'.. time Williams & Glyn’s Bank limited Ward ' between the value ofthat money is lost to you. fli-m.), Dudley Metropolitan -• ROtork Ltd. 6r«co/ • £295385 31.127 Borough Council dim.). Falkirk ' ‘ Holdings Ltd, London HI £2756399 31.127 . sure District Council f£im.). Angus Kinet At BACS,we make you don’t suffer this loss. Bank England Unilev'er Ltd. London £54,187709- 31.127 of .. District Council - Darling- EC4 ' ton Borough Council * of which £2Z672.176 is. to be paid Until further consent What we offer is a method of deferring by at not Stroud District . - Council . CA'm.). Published by the Treasury as required by the above Act Coutts & Co. ;• *• Luton Borough Council (£iip.>. least two days the transfer of funds from your • _ . m - Metropolitan Borough of Calder- account to another. Bank ofScotland dale East Staffordshire District Council (£jm.)', Qee- thorpes District Coundl (£4m.). We do it through a system known as Electronic South Bedfordshire Clydesdale • l \ District Coun- Bank Limited cil (£ira.). Warwickshire County RUSH & TOMPKINS Funds Transfer (EFT). Council (£4m.). The coupon rate GROUP LTD Ail it involves is the preparation of a magnetic The Royal Bank ofScotland limited on two-rear looney Is unchanged this w«>ek at tape, by your data processing or a KH per cenL. The bonds arc own department issued at Cooperative Bank Limited par and due an May, 16. Surnrr&ny of the nesults computer bureau. Its then presented to our offices, 1979. This week’s issues Torbay Borough tfe year ended 31 .1 2.76 For further information complete the coupon Council (£*m.L for two days before you require payment to be made. Lothian Regional Council (£im,). below: Fjjrth and Kinross District Couh- ril * f£Jm.). City of 1 We transact the payment, where you want it, ^lan^heste Loudon Borough " [""bankers' 'o'f automated clearing services limited” Harrow film.). Cftv .of want it. Man- ' ‘ when mvou - chester {£*m.L London Borough -Turnover ; 39393 Name. of Lambeth Profit tax and exceptional provision we don't debit you until that date. . Wore •1372 And ' Three-year bonds retain * a Company coupon of Exceptional proyiston _ 508 tlJ ner cent issued -at . You can use it for more than just salaries and nar and are du*- op Slav 14. 19SQ. Profit titer'Tax ; . 837 Position The i«ue^ are:— Hereford Citv wages. is Council Irvings ver stare ' 8Sp Purchase ledger settlement another area ) swale District Council :-nJ. Warwick Dhridemi persHar® where can help prevent large sums your Address District 2369p we of Council l r‘itL), Canterbury City Council money disappearing overnight. Htmtino-don Du1- »rict Council Perth and k -ripfuj District Counci] (tin | Total turnover and profit before tax and exceptional provision it’ll Bank and Branch F-^»tbntB - its for, least . Increased in the year And whatever be saving you at . Borough Cminrit by 48% and 58% respectively. 1 'tiXSm ). V? • 4 _ Royal xjtcvrigr days’ interest. • Coundl - two (£>m,V -Orfordshire Dividend-Increased By maximum permitted to 2369p and it Cnuntv • Coundl fOm ). - ... covered 3.4 times. -—I There" ig one fmi^npr Add that up over a year of monthly transactions bouif J y*sr District Council i s #' The exceptional provision of £508,000 relates to two development \ c° 9tu- you’ll end up saving over three weeks’ bv way oF a 120 ' .in France ot which sales and A uer-cenL should be completed during the next hpr isfu-d a* oar and maturing .12 months. additional interest on May IS, 1981. *** During 1977 the Issued capital of Reed and Mallik Limited h» weekly transactions that into a acquired and this- will wider With turns STOREY BROS. enable the Group to offer an even of construction and BAGS The directors development services. saving of nearly four months. of Storey -Brotiierr and Co. state that should the' rate Kaperi Acoxinu 1976 an! may be obtained . of ACT be reduced they wfl! frm rates, Tpo SMTVB3T. Mariam House. Section ftwtt. Stdcup, Kent. And at todays if two days is a long time, recommend an additional FREEPOST BankeK Auiomated Clearing Service Ltd-Londoii. EC4B 4HP. dhri» dend payment on top of the four months is a lifetime. J L947Xp already announced. " . . ' . . . ***** Mav - The 'lSines r Fi^cl^ W«anesdav 5^ 18 1977 27 NTA^^l6 ^S CHEMfCA^- tP^£>U^R,^ ^ r ft Dealers ESIILTS 1976 t' SI ,640.907 BY W. L. LUETKENS 1.977.670 C. E. Heath & Co. Limited 213.506 WORLti .SCALE petrochemi- Originally Polysar. was a crown INTTER^ATKrvAL INSURANCE BROKERS REINSURANCE feedstock 'plant- fc coming BROKERS !• 991.300 .corporation . set' tip’ during ibe -..'oning at Sarnia, in the Canadian |P(ttaYSA^Aiinual Report1976 X/NDERWRinNt; AGl-INTS war as. part of a North American AND l9.3p ivmce of Ontario, which Will txash programme- to- produce I,ir te the- test whether close- SALK REVENUE BYiREA NET fflBflHE synthetic rubber. this day Preliminary Results for the YearEnding 31st March, jmv ss to markets and a location, To 1977 A» r-\ 4 , Sm . that is. Poliysar’s main product: MaCiJh’ nv thin a developed' chemical the company ‘.claims to account • Year to 31 Mar 77 Year dostr? can. . outweigh an to 31 Mar 76 for abopt S per cent of world thin !•«.. sured supply’ of oil or natural £000 £000 £000 £000 j( . production, ’.t. (excluding East the . two possible raw " Broking flSl Eurtpe and China). i-'ni J^terials, from elose-by . The involvement with Govern- Brokerage . . 14,934 10,096 posits- Zt reproduces part of .ment explains, why a House Investment Income . . 1,169 829 e larger. Rattle between the of - Commons- committee in dustrialised and the oil-pro-, Expenses (8,625) (7.125) jfit - uf t 1,‘Ui.i 1 1, " - ‘ Ottawa is mvestigattag certain ho-j-.cirig natii&s. ' 7,478 3,800 i unacceptable -prartices 7 '“Petrosar, the .facility at Underwriting the phrase is taken from rrua, began processing oil last' ' Profit Commission fflUMliaiv Folysar’s annual - report — at 330 >.ii jnth, though all it has for sale <_ the concern’s insurance Company Profits ... 571 llidori . sales affiliate in 127 the moment is heavy fuel oil Switzerland/.,- The.' report Fees rich happens to be a drag on says and overriding commissions . 3,367 2.662 fhat these practices have been » Investment income and interest ) market. The refined frae- 1,234 752 . stopped: ' they Involved rebates ns are being stored until Expenses net of recoveries (1,605) (1.552) . to customer companies - taping tober, when the whole plant - ‘ • paid nof “to the : compaBj’ directly 3,567 2.339 ’hdtim.m lies on stream. Within a short concerned, .byt to sister conv Other Investment income ...... ». '£«5»1 .A-:.; •••. 409 231 . . ne it is then expected to panics;' in other -countries, with tiOiu t)-c S,. •.. tch a capacity of lbn. lbs of , " the possibility- of tax or Operating Profit • ; -ex- 11,454 6,370 , lor.nr ; ;• lylene annually,' ^ . plus change- coatroi infringement. Interest paid )m. lbs of propylene. 300m. lbs (286) There - is no suggestion of Other butadiene, -. income and expenditure 103 isobutylene, and bribery. 31 tylene-fall used to make syn- Besides ; rubber • and latex. Profits dic rubber), 50m. U.S. gal- before taxation, minority Interests and . "• Polysar . makes [plastics: • a a' - & of benzene, and 40m. U.S._- prpeline from ifhe' Pacific Petrosa r are its extraordinary Hem , 11,271 shareholders 600m lbs :sis-rene facility 6,401 to. take is Ions of. aromatics.' i_ -Coast Alaskan oil into and main customers: taxation Polysar coining on stream this year .. (5.065) (3.182) ' 0 |The crude copies ,-fhe heart, of North.- America, fwith J» oil by. pipe- a 402 per cent, holding): in Sarnia. Minority interests 'When .it does, the 101 ) from. Alberta at. present,.- a both. sides of the U-S.^Cahariian U48 ) ( VA.VL i 9 fillip Du Pont of Canada' 1 20= per existing bordep-r 250m; lbs plant w-ill be '"Wince -Which also hai '$e£ro- cent): a ad Union Carbide of mothballed, because the Profits before extraordinary Item . ha.< Both Sarnia the.Aibertan fact of 6,058 3.11 B •mical ambitions and and. Canada (20: cent): per/ The the matter, is thai cyclically and Extraordinary item ' plant- have the- advantage of a (294 184) ifcFKKI.Xt 1 l>!\ln,used . guarantee that Union Cart>ide. share ) -originally for reasons of excess capacity, « :..majeria|;. s' ni-lt : 1 M: I 1 : ~rosar can. always rely upon subsidised '.raw- the belonged -to Dow, which sub- these are -nor !*-• " happy times in Net profit available for appropriation •ed in . V; } Alberta itself ' will, use domestic CanadTgn. oil price is 5,764 3.034 sequently pulled out- and is try- the industry/ The. Petrosar ‘lOW «sf % '*t .present 59-Z5 at the Wellhead, Dividend paid and proposed > n':;>ural gas as raw material in a ing its (1,243 ) (577 ludk; in Alberta instead. investment is making a severe ) in the •;:« i. to which' about has— to. be th/.m. Ibs a year ethylene plant 7 ^ The shareholders are', not : ‘- dent ’ : in Polysar profits for the l>uni*-ri - m ' added for . transport: to-. Ontario. Retained earnings carried to general reserve i.aUt-Ier construction near Red only joined- in -'the Petrosar 4,521 2.457 fur 1. r. moment though the net income ;Blr >i< ":i’in;fejr for Alberta Gas Trank That still leaves.-th* price aome- ventures: their plants at Sarnia last »»: ?h«* !• • ' year Was $7.5m. on ki‘ ‘"-'if that in sales of vc e and pome Petroleum- thing like $1 below also Earnings ll'IH . -,- : share steam and power per share Oll - ! '• S457.5m after a .decline to 65.7p 36.0p k Chicago. Gas. likewise, costs generating . " facilities! ' Moreover n lilt ••.i.l.i ii - less than in export-markets: in 1975 (on sales of . like everyone (•__€>< nil t In else in Sarnia Jm. ). . - Sariria- ^fcpres over $392 Alternatives Where The increase in income from our broking operations of 47 .9 per cent, and the reduction from 70.6 per cent. ffj rt«' 1 they, can call on . reserves t>f isin'its hkationln the Though Polysar is Alberta * first and - t0 57.7 per cent, in iiurni •;< .^'^Ifince the- existing Canadian manpower: required- whenever the expense ratio reflect a substantial addition of new business. On the underwriting side. " foremost -.a Canadian petro- - as isrr. r*. plant requires periodic- main- . expected there was no profit commission from our Lloyd's operations but there was continued growth in . chemical industries. chemical ^and plastics^ company . in Alberta^-are dedining,^ tenance,' calling for far more Australia and the results show for the first time profits arising from the new insurance companies. ielM-m- \ • ” it does extend further down- men than are' generally . The Board recommends a final dividend which together with the associated tax credit will amount to <:! 5* • stream into sMtr Mr- the manufacture of ' employed. That is .one of the 14. Op per share on the present issued and fully paid share capital. With the interim dividend paid in January plastic articles. both in Canada, assets with which the men of - this will make a total distribution for - • the year, equivalent to a gross dividend of j%+ •* and in Europe, through the 20.0o per share (1975/76 Petrosar hope to weigh up The • 10.232p). Bellaplast group which is based disadvantage : • of not having a It £*»••*> ,^-fonr.d A. in Germany. Styrene capacities is expected that the full published Report and Accounts will be posted to Shareholders on 10th June, if."* * T-.- SZFmJm captive oil supplier: ™S ' ' ' • ' 1977 with >• has sa)t nBD 1,'- exist in the U.S. a together the notice of the Annual General Meeting which will be held on Sth'July. 1977. Subject to ctfrci^: tanker, after beingbein Iran- ^ : and venture • =••» . Copies of the foH. accounts will obtainable , elude Imperial shareholder fs the .Canadian- for membership in the small be on 10th Jure. 1977 hnm the Secretary. C. C. Heath & Co. Limited. /Ai~ Mai* rprersed to bring overseas . -O&vfEjgftW). Cuthbart Heath House. 151.154 Miftories. London 5C3.V INF. Telephone 01-498 2488. - .into Ontario. Rsther more Dow Chemicals, and Shell’ But Government. . CDG , also, is but not undistinguished group 1 7 ’ tho's? for *: *»! i1i« i Jlously there is a possibility ".who matter jnpSf Pnlys'ar main shareholder. of Canadian multinationals. SfiSOt ii*v ‘ •.-a.Sft j] • ; • . 5 r v. . Extracts from the 1976 report of ATION ACT |i '* *1 pAb*-*-‘ •’ p V*ridr-! lo^d-r-- Better communications Ste«S»* Mei'd-- is more accurate GROUP mBBoh for. 1976 (4975: 46,0 mIRIon). Together with a balance of SKr 0.9 miBbn brought forward from 1975, andup-to-date plans the ofSKr 25:9 miHion is available to the Annual Not sales arid profit sum GeneKal Meeting. The Board of Directors propose a The yearl 976 started out wrth hopes.of good economic and drawings’.’ 1 dividend pf 7 kronor share (10), amounting to SKr recovery. Visible signs of an upturn bouid bequickfy per 24.&,million 1.6 million noted on Bolklen's most Important martlets, which are in all, and! that .SKr be earned - : forward to new account. : tratWionahy eensBve.lo economic ftuctuafcons. But the Few companies have done recovery was sopnifrteTrupted and the year as a whole r CONSOLIDATED INCOME STATEMENT a result as much as the Qzafid Group to cut was rriarke ' y Net profit and dividend Strareholders'etiuity 514 525 Langson Bosd. Lou^noa Essec K510 3TH ^ 3162 3 043 Telephone 01-508 5588 >' The Parent Company reports a net profit of SKr 25.0 FULL obtained from Boliden AkHebo- Bouden Is Hie leading Scandinavian COPIES OF THE REPORTmay be Department, 5508,-5-414 85 Stockholm, Sweden, or producer of nen-femm metals and re- lag, information Box !3 ’ Mtfsrt lated inorganic commodities. from Boliden Intertrade (UK) Ltd., Oak House, London Road, Sevenoaks, ?**“*' - '”_../ Kent TN1P 1BL ^/V/- - s'. • J--VS.P ‘ J ” •' Kc*;*1 Ay -*’*' v •« r-«* r; '. tht*- " . ' ' * ai« f 5” " jf*** . ^ • . . The Financial Times Wednesday INTERNATIONAL FINANCIAL AND COM PaNY NEWS & Estel Plan for Italian chemicals Hong Kong venue losses ROME. May 17. BY PAUL BETTS I private' ITALY'S TWO GIANT chemical disan and SIR. as well as with While it Is becoming evident a o^quoted on the Milan sickest finance controversial country’s other two leadjog that without some form Canadian conglomerates, the the mount currently holds an es j trolled Monte- chemical companies, ANIC-ENT rationalisation the Italian chemi- change and semi-State-con shares, By Michael Van Os represent a cal industry is increasingly mated 80m. Montedteon d"son group «d the private and Liqulgas. would BY PHiUR BOWRING 17. losing out its interna- and is AMSTERDAM, May Soeieta* Italians Restne (SIR), major breakthrough for the against AS A result of the sharp de- terioration in the steel market this year. Estel. the Dutch-Ger- The two groups- according man steel combine saw its first quarter end with a major loss of F1.79.7m. while the preceding quarter bad still shown a FIJ5^ra. net profit, the first quar- ter loss slightly exceeded the * i id luc i _ u^iuut^ Fl.72.2m. loss incurred in the Italian cnemicai awwi- ^ nUviinwen - sirs chaitman. - Clearly, there Is an Montedison over a of the entire Nino Rovelli. term6 are not unreason- interest* . - corresponding period last year!year djSon 3 |so said that it hoped contacts with Montedison group- Such decided to adopt it. ’ elsewhere - wf" possible rationalisation agree- A;. taU«l agreement on has |. eM '.in -Europe and i ^ ^Sa? other Italian chemical M . Interestingly, -sh controlling Xoni. attemjit ro enias we ooerea oy untune “ r-' « w. «s that first quarter sales, at ng a similar agreement sources claim, did not consult syndicate of ^uentiy Democrats' control of leading - i issuing the statement edison. This would give a major Matheson . FI* *3bn were 77 per cent, «Kih the State-controlled AXTC- SIR before hJIn t 4 . „ „ 1 ,1 SlS Sf state industt ra—including Mont- P ln . has led lo speculation boost to the Christian Democrat Manitoba bonds, should S quarter down on ’the1 previous^ £Jvj state-owned chemicals and this n jj interest taxi they efforts ediem with its enlagled pn- V vSuil the operating losses. here that the Montedison move to retain the "private" materiallfie. would be sub- *“• SnUm character. ^ finfSJSiffi' JS2 vate/public depreciation and other Monte- is. In a sense, politically inspired, character _of Montedison. SIR, scribed m U-S-dollara. Butin- 6 after An agreement between jJL]* ^oridBiSk'nJr the 2l?ER VSita? SE^S general costs—had worsened to Fl.fi0.7m. (F1.12Am.). ! Esfl's Board had earlier: --- ' B(Jth those institutions have been emphasised to rec^ hinted that the total 1976 loss of I L^OlVaV“ UlYlUGnUv Av* till dollar -issue! borrowers MT • interest In borrowing months by- industrialists Fl.fi9m.—which was also flattered Canadian M-J in case of the two Hong expressed com*!: j dollars- The World, plaining of an excessive by an extraordinary credit from _ D1 ,.e_ Kong companies which are rals- Hong Kong risefe^-'” J IC May 17.If. German fixed BY DAVID BUCHAN BRUSSELS, oney in this way, the U^-'Bank can even claim that it is the value 'Of the Hong Ron* a revaluation of | m was interest tax dollar v!ue to financial assets—could be exceeded this imr ctr Aifp „„ a«h nproxide chlorine PVC and H-K- dollar route clearly a not liable for rather; the flows. new device to avoid the 15 per because of undertakings by than trade \ . year Slroy! ?teTroc^ng and a&o to f ; The company added that the form a queue was confirmed to-day with the the fact that the group's research worsening nf the results since facilities concentrated in 1976 was almost solely CAMPBELL announcement that net profits the end of BY MARY Belgium form heavy overheads AMERICAN NEWS attributable to the steel sector. had quadrupled last year to predicted for per cent for the first four years B.FTsA889bn. from nf which the parent company has Results in other sectors—steel! AS HAS been some (£7flm.) and diversifi- time, external borrowing by and li for the last three. BJrs.lJbn. in 1975. A hicher to bear the major part processing trading j balance in Canadian entities is accelerating net dividend was also announced venture cation—had been on | * * * $0lvay has a joint fast. Almost before the Province of B.Frs^OO surplus. Jl wax added that the! (170). company called Intern—making Commonwealth Oil losse the steel market of Quebec had sigedI its 5300m. f the Brazilian Laporte Indus- decline in j loans 0r Turnover last year increased peroxide—with Eurocurrency loan, the Montreal mne clearly have an im- Ii also, in 1 * would also state nil company Pelrobras were 9 per cent, to B-Fra.87.8bii., and tries in the U.K. U is FINANCIALLY - TROUBLED Car its third quarter, ending.net benefits from GaveranrinP * hut for the appreciation oF the conjunction with ICI and Union commonwealth Oil Refining June 30. programmes in the 1977 quarter a r ®°- ZUD ri.. ’ ‘ nvuwr For the half-year, Tesoro re- of the company’s pre-ta® incom In the fourth quarter, net Tesoro said that its Board had ports net earnings of.. $4Bm^ Reuter or approved a write-down or$32Brti. ' earnings came to SB-55m., compared with Sitthn, on re- Kresee said its first mjartf carrying value of its ~- SI.24 a share, on revenues of in Ihe yenue oF $S96.5m.. compared results were on tareet wH S87S.7, against Sll-5m. or S2.20. interest In Commonwealth^to be with S545.4m. ' , . expectations and mor efaro# SS82m. included tn results of operations " on ^ commonwealth said It re- able comparisons are expecte'’-'’ New IssQe _ . ^ ceived an estimated Kl^m. io for .the rest of the year. EUROBONDS CREDITANSTALT — BANKVEREIN ~ Generous pricing {" U.S.$40,000,000 Floating Rate Notes 1884 l nr_l - ! Notice is given pursuant to condition 3 (d) of the terms and]! I JUPC conditions of the above-mentioned that the Notes Rate of ii fl Jl If L Interest (as therein defined) for the Interest Period (as therein for EEC bond defined) from l8tK May, 1977 to 18th- November. 1977 is atiiirp-r- the annual rate of 6.5 per cent The U.S. Dollar amount to iH r r I which the holders of fompon%o. 1 wlhrbe- entitled on dniWHLL f BY FRANCIS GHILfiS nreaentine the same for payment on 18th November. 1977 will be U.S. Dollars 3322, subject to such amendments thereto THE OFFERING price of the the bonds are not amply taken 1Q7C made by European-American Bank & Trust Company as double tranche EEC loan which up by the banks, Jf / p Principal Paying Agent for appropriate alternative arrange w was announced yesterday is 99 Nippon Telegraph ana Tele- Public Corporation will meets by way of adjustment made tty the Priucipal -J the indicated coupon is 7 J. phone $75,000,000 and Agent, with the consent of Lloyds Limited Trustee) S200ra. five-year float a 5w.Fre.lTOm. 15-year Bank as per cent, on the 1 ' - without further notice, in the event of an extension or shorten- . tranche and 7} per cent, on the foreign bond, which will carry a between ing of the above-mentioned Interest Period. 8300m. seven-year tranche. The 5i per cent, coupon, would thus stand May 23 and 28. Lead manager EUROPEAN BANKING COMPANY LIMITET- indl cared yield * first is the Swiss Bank Corporation 18th May,.1977. Bank) f; • the . European Investment at 7.75 per cent, on . (Agent Bank will he 99*. tranche and at 7.94 per cent on and the price said tiie S125m the second one which is very Deutsche Bank competitive with current issues. 4} per cent ten-year bond with being raised by its 9% Bonds Due May 15, 1997 mart** was somewhat warrants Credit Industrie! et Commercial pricing cmridering l«t v*c£| fo^.cquWn" tiie hiccupi: JD nominal Deutsche Bank waso DM5 cic group Commission shares at a price of S124 each. sUtestosetthetejmsl^ffhp terms - LONDON member SunBtrand s s25ra 1987 bond All these securities hating been sold, this announcement appears matter The leading London Wall 5 as a df record only, *™s EC2M ME unenangea. private According to as? Phone : 638.57.00 (19 Jignes] pricing of 991. some dealers the low pricing BONDTRADE INDEX /banking Telex: 886.725 -885.068 will guarantee genuine investor organisation Foreign exchange all Yesterday Monday Loeb interest and thus ensure that 1 Co. : Kuhn & Medium term 10236 10157 in France : telex 888 959 Canonex Ldn Incorporated Long term 9538 9539 - Convertible 10930 10935 i The First Boston Corporation Banks deal Merrill Lynch, Pierce, Fenner &Smith Incorporated in West This ariventsemau appears « s marter ofroajrd only. Lazard Freres & Co. Africa OShaughn«»y Morgan Stanley Co. By Hugh & Goldman, Sachs & Co. Salomon Brothers do Brasil and Incorporated THE Banco Union dp Bsnque Snisses have 49 P**r cent, Bache Halsey Stuart Inc. Blyth Eastman Dillon Co. Dillon, Read Inc. bought Citibank's & & Co. In Banque inter- Incorporated share the national* pour 1'Afrique Ocri- Drexel Burnham Lambert Hornblower, Weeks, Noyes & Trask derrfale for an undisclosed snm. • 51 per cent, Incorporated Incorporated riie remaining or BIAO stays with Cofifa, a E. F. HuttonHatton & Company Inc. Kidder, Peabody & Co. Lehman holding company owned by the Brothers Natiouale de Paris, Incorporated Incorporated Banqae Credit Commercial de France Loeb Rhoades & Co. Inc. Paine, Webber, Jackson & Curtis Reynolds Securities Inc. and other European financial In corporated Interests. BIAO has 121 offices in 13 Institute Smith Barney, Harris Upham & Co. Warburg Paribas Becker Inc. Wertheim & Co., Inc. African countries a* well as Incorporated representation in France. W. Germany. Greece and Monaco- White, Weld & Co. Dean Witter Co. Cabinet & The purchase of a sharehold- Nacional de Industria Incorporated Incorporated ing by the Brazilian bank Is export ABD Securities Corporation Arnhold and S. Bleichroeder, Inc. Basle Securities Corporation seen as helping Brazil's efforts 'm West Africa in gen- eral and In Nigeria in particu- Bear, Steams & Co. EuroPartners Securities Corporation L. F. Rothschild, Unterberg, Towbin lar. The Banco do Brasil and UBS are expected to dis- U.S. $60,000,000 pose of 9 per cent- of the Shearson Hayden Stone Inc. Shields Model Roland Securities shareholding to other banking a share- Incorporated Investors and to keep Five-year Loan holding of 20 per cent each. SoGen-Swiss International Corporation UBS-DB Corporation Weeden & Co. Incorporated . Banca Commerdale ItaEana The Bank of Bermuda Basque Generale da Luxembourg SJL Limited Bank of America NT& SA . Bank of Montreal Bank of Tokyo, Ltd. Basque Internationale a Luxembourg SJi. Credit Commercial de France Basque Bruxelles Lambert SA Basque Nationale de Paris PHILADELPHIA Creditanstalt-Bankverem Daiwa Securities Inc, Barclays Bank International Limited Citicorp International Group America Robert Fleming June 13 & 14 Incorporated An exceptional _ Chemical Bank Compagnje Financiers de la Deutsche Bank AG Kredietbank SA Luxembourgeoise Morgan Grenfell & Co. Limited international event Dresdner Bank Akdcngesellschaft World Perspectives on London Branch New Court Securities Corporation The Nikko Securities Co. world Economic Out look; lotenutionel, Inc. The First National Bank of- Chicago Kredietbank Earehaiw* Rare Forecasting; S.A. Luxembourg Nomura Securities International, Inc. Scandinavian Securities Corporation Perspectives on MaJqt rndoBina) Ecooonilee; . Manufacturers Hanover Limited lorornanotul bebi Problem: Westdeufsche Landesbank Yamakhi International Third World DevKoptnemr. Morgan Guaranty Trust Company (America), Inc. Wrjrtd Model Forecasts WorW Trade. ofTSfew York Girezeotralo ol KOR reservations * WesfLB International A. E. Ames & Co. Suez American Corporation Wood Gundy INFORMATION «!15i 243 MSI SJt Incorporated Wfaertvn EMnwmMt In urjiontcd AUMWOK i Ferecaftlflo bmtiMM, May 15, 1977 Inc.. 42 Chnuni Street, Fleer, Sixth pMiMteinhU, Mac, i rr PeniHylvania. 19MML - , • . h ^ ! 1: 1 ; US IrwscW Ma Tfe Times y*jn«sday Jfoy 18 1977 [INTERNATIONAL I 6 for IN \N( l\l AND COMPANY NEWS \ Match restructure delayed 1 Newly formed Arab *T WHJJAK DUU*QRCE STOCKHOLM. May 1 * . j OTIQlIlQn JlOllf' SWEDISH Matids Group, : . iTjJ? when ihethe profit collapse occurredeeeurred punnedputojwd scan*&$tm* DM.l^&o into ing. divisions and the : Jearer jk DM-l^Osn into components . UtllliV aims •-.'.• *** 1"““ • waroed off IVlil'l i'. . a takeover and Kr£34m. less than in 1974.- the Kti^el concern. ef which particle board factories in West; H'- tti.lfi. ^ Remanent MLTWn. was the original pur- Germany and Britain, which jj r; Deinoff BY i .JY WILLIAM DULLFQRQE . STnrram nr v',« ; ri£Lr,Ji ^ experts group MARGARET REID ; STOCKHOLM. Mw l..n [Qtante.]. CBapMy aflur tra j. anas to to l£, '*** Pnto tan . wmprtHit*. tartateta; ltjni. : «„ !>«.' PER -SKOI£. over their Scandinavian counter- , ARAB INVESTORS, including - . managing consolidated ?™*® by - substantial restruclur see ihe puisihllity of projects account l*st yorj m lB77 SSm rw j n lighters, which the aroup iW. d - •« «maWO«ll» ««*. * Jni ii.1™ «“«»•• * ?" A,rican <"* *"“««• b - *3L Sw tarnThL to weS to if* »y ..MShTmlS rIl® 1 SUtsfBtetat . “an {'- dntl-the Canadian group, V' the heavier loss this *»«ar. It restrueturm* ““breakdown of last year's when cheap, "throwaway li-bters The aroup has now disposed *lonary finance and commercial bhtir, . of 'iii^disb ^uivalrat oF&riUia's invested Kr- l2s^, - operating profit shows pro- Montreal, have joined finance. We would act as finan- Kr.l54bn. in plant and group'f'^S? orotom began eroding the maih marker of its interests in several . ^wnal Enterprise Bowd, ton** u> set UK I to- machinery during: V lEi. was * fu™‘ure factories in strategy duct lines. including partition up a new bank cial consultants in putting such Mr? Rnlf DeiS^So ? tte & now- to go on the j " or-:’ *:•. urge* GoveraaeBt International Resources and : i. t? and granted new share capital of S the German kubel concern ™ walls, roofing, pallets.- refuse- finance packages together "l Lrt StoEve with new product e SmSm dSSSu to thf D V ®-°« “<* reeved, /rom ^37l“' I?s *!?te »*de on automated ltoi collecting trucks *nd. in part, EL“ Mr. Durrani * a former chief *3821 »imo J*ft shShoK ^n' tor 1876 jf- # I . T*r££* f diViaj0“ was Kr- 13n:1 “ Jn se®‘ e sl ail00ga 1 ty : : tbnrh * i \ VC' at.:. emergence from H - jvesTors. the - holdina company’s thi* month. Therefore, the com- iLT BANHVERT cenl Dwncd j oim venture :n ® d r wn ® P* P. pany 1 ^ planning »o .sell two sub-. , „-*«.** / “"Li Frankfurt (Habra Druk D N. H.-!- the S^hrie family an 4 as possible.. loalill'J Nilirvt SELECTED EURODOLLARLAR BOND PRICES ‘ Autto) and a wholly owned suh- *idiaries a> soon ! v lhe ^ per ,b, ‘ c - v* r acc-ordini: to a company spokes/ .ussviAkic *?*} ,- P‘ .? Sldiary in Amdlentam (Roxw a penod of jrears. the family is- man. Sales neuutiatiuns are: *r»l=t'lr- MID-DAY INDICATIONSIICATIONS bripe). 10 U P 115 *hare majority. underway at present. BALANCE oiftr Bid o*tr ^ The eompanv aUributes us ; t !l»f lAleaa AuCralU *tpc IMS M m «;»•,*“. TWI iw Croup investments should Hp withdrawal decision Jo “strut- According to sources dose in’ ft:-.’ M ! Australia Vk 7991 ... . . 1*8 at le ast as hiah as the 1976, tural problems In the European the Industry. Dai Nippon print- : ...... 1 Bowawr Sine ISS* . .. ImS j p Martin' Mi m Sw.Frs.162m.. arfeordin? ffwv. .. . : V. iob* in Dr. printing industry, excess capacity intend^ to cover one-third oF ! Canad. X. 19SC INI 101 Xitm . bm me Upc * T. j Credit National sjpe tags m bb* Owns i?» iw Ruehrle- M^ior inTe*»raentfi will and a decline in orders folowins the lotal loss (about Yl.100m.ii Deamark SJpc ISM ...- IDO, w be to produerion capacity in the oil crisis Heavy investment bv drawing on reserves appro-i I ECS Hue IKS 1M “JJ Zurich and Rome and new would have been required to priated for overseas investment; etB aiw: 19M * — IBM iBi* wirriwn Isrj ism 1976 EMJ Kee 1B89 SSI 100* Revlon /. mi io» administrative facilities for ihe make European subsidiaries com- losses. Another one-third coulit Erep IN, tmj l|pr llBI im Rvn»Ms m Zurich - based machine - tools peiitire. Instead of makine such be covered by the sales nf fixed- Ericsson Wee IBS, ...... n* " deoartment. Capacity oF the investment, the company has assets belonging to subsidiaries; Esea Spc IMS Nov. ..a..... 1M lMt Si sn • ’ withdraw before in- 5. the;2Qth. April 1977, Eurofima 1SS3 ...... 101* lie tvxico si Crantham munitions suhridiary. decided to The remainder, corresponding to . On the Apnull GfeAeral Mating of ch« Board of Banco Hsc m 1 ‘ 1 ... t*,e * C rentes «pe IBS, . |B2 iD2| ,TWiH>» HO in* British. Maryifacture Re- curring Further losses. d» Sicilia improved the account far the 1976 financial year, that showed a net and ih liabilities of German joinU Gl. Lakes Paper 8*nc IKS IN — !i l profit search Co. Ltd Is beine esroanded According to the revised docu- venture will be the subjecl _of.. Lire. 5.191./ million after depreciation and provisions—net of the namrrsler 9*pe 18K IN ISJ 'If 05 ( in . and will time nrobably exceed submitted Finance negotiations between Dai Nip- VN iV\' relevant utilizations—for Lire 14.100 million, 6f which lire 10.940 million 1CI Upc IBS7 9S Ml w«mer ."Z tb si ment to the represent. a net increase :SE Canada «pc 1IS6 INI in jcwis *i* «* that of the srn«ip*s. corresnond’ne Ministry. Dal Nippon Printing’s pon Printing and its German of funds to cover risks of losses and lire 1 1.943 . Macro Ulan BlosdnJ Bpc IKS srnrinriim It IBM i .Cwl’wr'i"*' investment two partner million a net increase of staff severance funds. Soir-e-: KW 1»r PrabMv S*evnM»». rap»»a) in ’he Uauex Fprsuion Wpc iwi 101* 1B3 Michelin Spc IBM 1KI -Thus the -traditional policy of the Bank has been consistently continued. !M Midland lai. Flu Stpt IKs- 1094 181 ' - by remForring the balance sheet structure with cautious amortizations and Modo Dpe IBM 3SI 991 generous provisions- - XaL WeaBtSuKer Dpc IMS JM •tlCi VewtoundUnd Bpc 19S9 102* IBS the. Chairman.. Pr- Ciro de Martino reviewed the results of the activity of Xorecs Kdmni. Banh 8*pc This advertisement appears as a matter of record only. the Banking Section and of the Special Sections for industrial, mortgage. 1992 r* fa* Vorplpc Wpc 19SB mining, farming', fishing and public work, credit. These results are summarized 9S* «i , Norsk Hydro flpc 1M1 ....^ 1814 ICS . Corrii’Tieri 'by the fncreases of 18.4% -’in the funds deposited, which reached -Ur* 5.550 Norsk Hydro S*PC 1M3 — BT* SN billion,, artd of -18.5% in the loans and advances at short. ^medium and long Oslo 9pc 1838 102± 181 ' * Ports Atwtmcanes Bpc IB91 IWI term, which weeded Lire 4.120 billion. m * Prov. Oueboc Bpc 1961 ... 382* in The Representative Office in Abu Dhabi was opened, while th« Represen- Prov. Saakatcb. 8|pc 1S88 IBls . 1K» k^mdon / -rbee Hydro 8tpe im » rai fatrye -Office In Budapest will be opened soon **d the New York Branch wl|h ’*rd Imcrnauonal Bpc ‘8T *3 ; vw.ri.-' start operating m 1977. *kand. EnsWIda Bpc 1991... 181* IK •KF Spc IB8T BS* M OfH' . .n’ted Stearns 8pe IBM.. M »f THS -SHEET AS AT Jlst DECEMBER 197* Volvo Wpc 1B8J 1041 105? FROM BALANCE j US $20,000,000 Volvo Spc IBS’ March ..._ 981 874 Funds managed ... -...... -Lire 5^85 billion NOTES Term ' Medium Loan Lending - by the banking section Z597 „ Murrell* 8ipc 188S id: IK* Australia 8Jpc IBM 1811 • IK* Lending by the --special sections ... ^ 1.526 „ Sell Canada ttpc US" m 180 ... Investments- in: bonds and shares .. „ U1 I ^ British Columbia Hydro Engagements' and contingent liabilities 613 - Tlpe IBS5 art . Ml ! Dow Chemical Spc 1BSB _ 101 10:| ECS tjpc 10&J 97 sr* EEC Woe 1B82 10M 1014 Enso Cuu*n ^pr 138* — 97} - S3 Got avert ea Spc 1*82 .. . . ID** 101 Hitachi SMpbkU. 7 Bpc min. 1963 .. _. . »s* 1 MB IBJ 6pc min. US2 ... - 881 idustri* U.S. $50,000,000 lu. Westminster Bpc mm. IBM BS! Llords 7*pe min. 19SS .. IBM Provided LTC8 of Japan Sipr min. by Guaranteed Floating Rate Serial Notes, 1982 mi . . . m Midland Spc min. 389? . 9t Royal 8k- o» SooUud the UK Unconditionally guaranteed as to principal and interest by min. 1383 10'.* Banc|xie Arabe et Internationale Standard tc Chartered 8*pc o,ooo min. 1B4 : 981 d’Xnvestissement (BAH) TV ms. and Cljm’s Brpc ram. IBS* .. ’. .... 9^4 »* Republic of Portugal r HARK BONOS ' Murrla s*pc !985 :««* id:* Grindlsys Bank Limited an 1953 . Reedwra 10j* im* Bersen 7*pc 1539 IK* 103 ^FCE 7pc 1M7 representatives of the under* ritors of the Notts:— 99i lufri Tht feUbwjngArt Acting as VIB Wpl- 1954 :m 10)1 7-pc • Bank International TCI 1BSS . . Uoyds Limited . _ 1 02* 109 New Zealand ripe ASS . 10 1 1D4J a * limited Company TSS3 . . ilion, Read Overseas Corporation European Banking Nonray eipc 10« 10’4 . Shell ilpc MS9 . .. 1B2J 103} | Stats/oretai 7pc 19S5 .... 100* I0H Security Pacific Bank Amex Bank limited Wor'fl Bank Tpe 18S7 IM IIMJ - Algemenc Bank Nederland N.V . Source: While Wald Securities. “ONVERTICLES : A mer. Erp ssi ''' Frankfurter Bank m l :,! Banqae Nationalf de Pans BB-linerHandeis-nnd Arinand ... 97 99 Usorr , Hermw _ • SB 101 Beatrice 1074 1984 Orion Bank Limited Borden 196 118 .dcl»«>' Samuel Montagu & Co. Limited Broad 79 SB Canon 2B« Camaran . Agent admitted to the Official List of Chevroii Oi) 1.-4* .. per cent., have been -’The Notes, to be issued at 100 fian !ml 785 Kdil*> 91 M *- Tbe Stock Exchange. ISM Grindlay Brandts Limited ftbrt«V Sines Fed Dap; respect to Gabinete daArea de «•? Plreixon^ . Particulars of the Notes and information with . . Si Ford Im 954 1DU in the J b' *••! the Republic of Portugal are available ExmJ PcmJ Im. Fin Jte w, I imi( rod 1977 including 1st June, UEC . 91 • obtained during.usuai business hours up to and » ^ niliett- <** <24 ' to the issue:— C«lU *. 134 136 j rom the brokers . (1 CttH Western *8 CazenQTeA Co. Horns ... v: If? Honeywell ... 91 ?3 ITT «4 . i- Yard. Lendoa- EC® « V 12 Tolreah»iBe . \4ay ifth, 1977 . . 1 Komayni MoDerroott —... HB Kl 1 ...... i11 1 a« . . .. '. 1 i 1 . . a .. ,-!. — ;; . U L 'i * + . M 4 3 1 i—: r1 ,Z —..; . : d2 ' J 5 . . - —, ; ' The . Financial Times "W’eSiiesiay ^ay, ys&i&fr. 30 WALL STREET + OVERSEAS MARKETS + FOREIGN EXCHANGES GOLD L easier (ft III another 3.98 in active - 7 GM Buffitnl. . Its lost ground in premium over gold contisflt'was - Up U-S. dollar , The ... * also unchanged at 2,96 per cent : NEW YORK, May IT. late trading in the foreign market yesterday, for domestic dehvery and 3.46 per BY OUR WALL STREET CORRESPONDENT Schange S5SS«^b|Im7S6^ ! demand for .the -German, cent tn the international market. "l^aweav. • following 1 . "Si : — 1 1 ’ " >—al -2 L 62d4 Bfl ! 8 Market eased in quiet U.S. stacks were mixed, French German and Dutch issues were mark The overall level of bus/- •fcMwsirKt reduce the rate of unemploy- PARIS— - ADVERSE PRESSURES were over- to - IW85^85V -HO»873)-'4|: with operators awaiting issues gave ground, Germans were little changed. nesg remained low however, with Wall Street to-day and ment below 2 per cent, by 1981, trading, come on little changed, shares major currencies tending to cutting inflation two per- outcome of meeting of Left-Wing Dutch COPENHAGEN—Mixed in fair other DMA Coins.. the market pushed ahead over a while in line, with the points the end of 197B. leaders. improved, while South African dealings.. appreciate for the third straight centage by ’ broad front Golds declined. unit. The dollar touched 51Lt-153 US. Steel finished down at Chamber of Commerce Closed yesterday for German 3f 1^815 l*-153i session in active trading. Paris OSLO — DM2L3615 .hi terms business Spain— ight selling with most a best level of The Dow Jones Industrial 84411. Dethleheni Steel were up $i and Industry report that Constitution Day. wou-oa* .ts50*"52* sectors affected. Electricals, how- of the D-mark, but finished . at -J* ftfG.JS, $3S while Anne® Steel were off stowed in April helped 291,- Average finished 3.9S up at at activity MILAN — Mked with some . ££ 301,1 compared . with aou** sentiment, ever, were^alightly better. DM2.35S0, dipping 3JS2 to 92S.GS. while at S29. to depress market spots, consecutive OWSovYgni after Sj bright after sis It fell • GER3IANY on Monday. to i Tesoro Petroleum lost Si at $133 Germans and —Mo stly higher. D,M2^635 (£271,-28*1 the NYSE AH Common index rose Americans, losses. against the higher, in Steels, Marinesmans gained F1BJ5.4565 Dutch Gm net will not Coppers weakened. - Volume further a and'GKH DM4.80 recovery plan. franc from SwJFrsJJ.5260. The year ago." to 187.8. shares to 22.29m. equal a AMSTERDAM—Slightly lower. Among. \TENiVA—Quietly mLved. dollar improved -to Stores, were Canadian iU3raia-29J,). - began losing ground Kranklin Mint eased Si to Sla| Karstadt O The market Dutch Internationals were lifted JOHANNESBURG—Gold shares U.S. cents from. 95.63* -UA prediction of lower secood- DM7 to 348.5 and Kanfhof 95.514 OfilSor'r’fjni;541*^3* .jWlVM* after the opening as Steel on its ' - shortly : raised. Hoogovens eased Fja.0.10 DM3 225. eased, despite steady, European cents previously. (£844-2514) «a44So*i«^ heavy muirtiT results. to Company sleeks came under on Estel's slightly-iarger bullion indications. $g0 . Kaglw^igEZa*-523*^220 Eastman to 39.7 Utilities were in particulHr dollar’s trade-weighted *^^ to ?2aj;. ' The U-S. selling pressure, prompted by a IBM rose $21 first-quarter loss. Financial Minings- were mixed 1877 to $613. and American demand jed by Veba, up DM3.ID average depreciation - since the- report which sharply pared Kodak $11 fell initially after the AM1C IS cents Banks at iSfiJS, white' in Electricals, to softer, with Currency Agreement, share earnings estimates for Telephone SI 3 to $62. Washington per Central Bank announced credit higher at R 7. 95- a*™* FOREIGN EXCHANGES SE Market Siemens put on DM2.5 to 262.5. of December 1971, as calculated by s — HI several companies in The industry. THE AMERICAN but recovered to little restrictions, BBC were up Coppers were changed, of prices re- Index declined 0.17 to DM3JO. Morgan Guaranty New York, Selling abated and Value close mostly unchanged—except - Other ^ M8tR« Leading Banka and Chemicals while Platinums eased. to 1.16 per cent from L03 session, re- while the trading volume widened '17 ^ • • bounded late in the 114 .31 . for which dipped FIs .3-5 to Hay iBank— — J? ABN gained Metals were steady. - — up to DSSB, with Sobering cent u»y*. ! jecting a Commerce Department increased to 2.66m. (2-o3m.) per 'Haw*' 305xd. rising Industrials were steady in DM1.70 to 299.5 on higher - * | report that although April Hous- shares. Shippings were generally lower, Sterling ’remained between . T ! moderate trading. ‘ rent. 1976 profits. against ing Si arts were down 11 per as were Insurances, while Trading HONG. KONG — Market eased 6L7180 and 5L7195 the Nb* lomJ • S*J.71M-L715&L?!tt-U Public . up mostly Bonds shed to in .quiet trading; Therfe SPECIAL DRAWING issues and Industrials further on lack of interest Seati' dollar *-mrre-i ...( 7li 1.7990-l.lKtf 1.7M0.T, DM0.30, with Regulat- 1 the Public obvious interventjan • Si* ACTIVE STOCKS declined. merit also have been affected was no by AnuceRtem; «. TUESDAY'S OTHER MARKETS ing Authorities 6m. may ' buying DM3. klninrli; 62.05-ffiLM l S2.1 State Loans were easier. Bank Kong the authorities and the currency . RIGHTS RATES 64 i.hanur nominal of stock. Foreign Hark by rumours of further Hong VopKh’mn Clo’-IIE UTI Nederland sche Geraeentcn closed at Sl.7iS6-l.7l90. a fall of MOClil Yoor dollar denominated Offshore Bond — FmhRturk.. Loan s were barely maintained. iiayu ' irjited P'tL-O djv (BNG) announced Fls.lSOm. Bond 1 point on the day. The pound’s Onestiuti : '» Issues. Lisbon...... ' 6K4B46.75 t M.46jHL„, Anit-r.-.ii - u -— Canada lower r,p)> u! S per cent., on May 23. SWITZERLAND Markets were todey on the basis of Wash- - ' - •: — issue at — Jardine Matbeson fell 20 cents Ha o b 7 5812 0.675363 UadrutJi:. 7 1 :r>: i.lil, siu -V4J.W0 IV generally steady in light volume. iOgton A|reemem, as calculsited . Milan...... — Canadian Stock Markets were 20 ! ijew5 2.10122 1 .S. Slfifi e BRUSSELS — Mixed, with to $HKIS.50. Hong Kong Land Bank* slightly, apart of England,- • Uadii 8.871 iiir.nio — \ trading gained by the Bank was evictum rmo.-! 41.9893 4131926 i.r-n,'ral Uoior- mostly lower in moderate declines edging gains at the end cents to 7.30. Swire Pacific 5 cents SJM44JW* from- slightly Registered throughout at 2.74195 2.74199- Cult I 104 Uk rv.. Oil and tlj' iftr.ftoo -JOi u tower unchanged 6L7. . , neunKhranark: l,\'., yesterday. of moderately active trading. to 9.20 and Hntebisos cents to t&OBbholnru a 7.iai-Lsi 5.75382 5.75065 1 7.«-7J»3 p. t'lk'ltcn Sr«’-I . ISt.-.'DU stocks of K re ditans la It and Ban li- M5h , wle: last 12.2 Forward sterling remained very . T -^ fi-'l The Cold Share Index Steels were mostly lower. 3.35. S^ 1029.39 10X9.25 Tpky6...M..i 47&-4U . Rey.il Uuich Pctrlni. ir.x.-jnri A ve rein. " 1,017.7, Oil and Gas 3.1 to Frs.40 to 2.020. slowly firm, with the three-month V ieooa 4 ZB.*0-23.00 suds*. l-rankltn UUl.TIh) h: to Qabcecq slipped TOKYO—Prices declined 322.302 322^97 [ Mini ' Financials mixed, - I j.i; — Banks 0.61 to 215.17 and were narrowly discount against the , dollar 2.85426 2.85950 5£tinuh 2 jjgHA 1 lend. Power Liahr IHU.Ttm 1.087.6. Declines predominated in Non- throughout the day in very umchmnider! r.i.wu — while Insurances generally firmed narrowing further lo 0.78 cent mvedwr krone- 5.08392 5.06840 r-saro Papers 0.64 to 102J8. But Metals Ferrous Metals. limited trading. Volume 160m. t jt/ven «re-for ComimUbie except for easier Helvetia and H.a.u» (ranr.... 1 23)3092 It .93254 - and Minerals moved up 5.0 to Chemicals finned following 170m.) shares. from 0.S5 cent. Financwl~ft-auc SUMSM. - Winterthur Participation Certifi- at a seasonally adjusted annual 1,09 l.S and Utilities put on 0.74 sharply higher profit of Solvay. Electricals and other Blue Values are for curreode* against the «: 1 47 M AS cates. Small gains predominated $147^-148} . after another very. rau* from the March rate of 2.1m. to 153.19. which gained Frs.20 to 2,ao0. Chips and Export-Oriented shards 50 r as calculated bF u» mtenatlonai in leading Industrials. quiet ' day. The krugerrand's Fund in Washington. units, they were up .13 per cent, Western Broadcasting “B.’' were Gavaert were up Frs.W to 1.198. lost ground on reports that Japan Monetary other Markets Chemicals and Foods mainly from the year-earlier rate of 1.4m. active and up $5 to $111 but the Holdings were mixed to lower, agreed to hold colour TV exports Utilities finished steady to rose, although lasers included 1 Note* start s. “A" fell $13 to $91 — it was the while to the U.S. to L75m. sets a year. "At zcn«i Q* 6SS-40-82S.6® NrcoaOnaJ analysts cited as con- subject of an offer for 600,000 higher. Jelmoll and Von RolL Other Nippon Victor declined Y21 to Auatmllk,; t JfiK-UBfiTjAiuttia^^ by star. In mostly lower internationals. Dollar stocks were steady, while EXCHANGE CROSS-RATES junctive. President Carter's pledge shares Tor YSS5 and Toyota Motor Y20 .to Bnull • 25.53-2803 Belgium — j 7-00-7.01 ' Y1.04Q. . Finland.-.; Bcodt May 17 Frankfurt * New Totk Pad* J'Broweia 1 London lA'uerdain, Zurich ; e2-SJe-B4.<66lCan»dc..... Fats and Oils were generally | lireece 1.73*44 Untj-Kongr 6JKWJ4* Danmar*-' HUB4I K Y.S-K- ALL COSOtOH. 17 — j- 6^23-629 96J33-13 Rises and Tails May higher on expected good earning Pr'nkfurt; 2JS9CL» 47d60-7O I *.064066 | 33^838 • , Iran ~T. WB-124 |Pm 1K^._.>4M4 Indices 1977 prospects. * B. Yart 4X.4346 'taaiaama.Tfiw.TC iL7i»7i«ii '«J0. !B 383840- Kuwait. 0.4880.483 jG«rman\. "4J44. 1 Issues l.'p—734 aoLfivs* 196.1868 ! i liny May May j — Traded—1.888 4SW860 B^04-6E4 M«v j - Y5.0QO. Puis- 209.8J..13 Toho gained Y50 to ' : 16 : IB i High 1 3&14-17 '736-31 . - 62.08-13 14.70-75 1U14» IT 12 J Low Brnnels.. 1630-33 | 475 limnx— 679 Same— Sankyo Electric Y40 to YL.070. Mal^ral* -1 4-2575-4JB35; LUtJ.v ,H4S0-lhi 71 0650 ' - -now jokes Londoii'...! 4JJ6t-0fri’ L 831-62. 62.10-00 4^235 43334 „ , N.Zeatand|iyi31-l-7OT*JapBu 473-48 1 NEW YORK 1 New Highs— — Lows— — Miyuki Keori to Seiyn 87.406-466- 55.36 1 B7JI7 Xew Y39 Y739, 2.4562-37 S4.49ifi4.55 64.15 j S2.W 104JO-15 48J5036 te.7B86-8036! 4PZ3635 Am'rd'm-I . — rkudlAmJ BAS-6.12 INetberl'd-i^lMJ I 14.11 1 iSG.^i 10636-82 Z^aB-lb (6.3725^800; *^32046 102^2-70 ! Stores Y30 to Y1.730, Yoshihara Zurich- I aomS3 l«7i oceeomjdkrjon ’Mh KaporeJ4.S57G-4.2Ufi\«nrev^4 StKLSl OB Mill Y23 to YI40, 5. AXrlcm.,.j 1.4876-1^038 Portugal BLR Mav May ! May i May : May May 1- in Montreal C.S. -=s 10* Canadian Ceuta J AUSTRALIA Mixed close, after S' JO ,72 n.sL.-. JpoiaT...—! U7-U ' ! I /iw — li : IS' tS \2 11 10 High Law i High 1 B88L264&. ‘‘ I | X in New Tork. C6=»^62 C^. mu. tJ-S- 5 In Mika steadying from a weak opening. Li Swfte*knd:4.B.4J. 1977 Htertiug in Milan 1682^0-1625.40. C81- rose 14 cents $A6.78. UA...U...J1.71W 1 Mav May May Mav BHP to 1 JOS). KONTKEAL tijiMtata B6J04U.U YqgHfar’zi 5Mf, I<>, (urinal ... 956.49' U&afl.OtS.M 526.54. 525.80' 8U. t^ 855.78 814.60 TO* 41.22 ; 17 16 12 Low while Woodsfde Burmah were 1 la High (Oil) i2b(4l ! ill/l/iSi ,2/7.o21 ] • active and up 3 cents to 90 cents. . 2Ute stnn for otnenUna 1b free I!..nie8'iul41 91.31, SIJ9' SUM 91.291 91.25 91. id 95.57 38.69 — - | Industrial 179.71-17548 1 173. 17 '178.28 18647 07)3) S i oil] rt|3) ?? it Among lower Banks, ANZ lost i-ombined 17440|174.79 182-76 IT : fl74-18 0Bft lian»|>-rj.... 2«.72 243J4 2403^ 240.11: «0JH| MJI1 243.72 221.8! * 279.88 15-23 J174-25 5 cents to 3.60. |17fi» (2bi2i I (7A1». |(E)T:o2i INTEREST RATES (18)6) il2idt EURO-CURRENCY 0. TORONTO Gwuportto 397.0 996.1 l 99S.4 9914 10524 9914 n j " l iillnv* 111.38 111 . Or 110.4$ 110.24. 109.92 1D&92I 111.37 104.97 163.321 IQ-58 FORWARD RATES 1 NOTES: Overseas prices shown below 1 . Canadian Dutch W. German 35S" <2£«li (JS|2) kl»l*l6&i >29/4,-43) • _ 1 exclude S premium. Belgian dividends ' JOHAinTESBintG | * ICiL Dollar Guilder mark franc Htfrling DriUrl . Ira, (in; iiit. ! May 17 147. < f 148.6 (T.’il 146.9 (7T) are after withholding tax. j One manth Three mow Gold j 148JS 1494 18S4 1. | ilV-: .22.250 21.1701 19,780 21.990. 18.390 21, M0 I ndiutrlalaj 178.1 1774 176.7 188.8 168.1 (22/4) DUCO drain m. noless otherwise stated. | 1774 (7;U + 1-2 it I 8-7 31,-3 otherwise stated. t Short l+ani ... 7-71, Wb-5% 14-14 V Pns^OO denom. noless New Vortj0.30-0.20 c-jam >0.04 75 a, J f 7 day* notice 7-71, 1 5)4r5l« 658-768 1-2 3 1,-3 >4 •446’lSs jfm Kr.104 denom. unless lUbcrwlne stated. e. - Ba;-ib nr index July L - Jfcem4JMIHlU.1l pr changed from Month- 578-7*8 8s*-55a 6T8.71, 2 i s 2 a« > unless otherarL«e staled, ; May Pre- 1977 ! 1977 4 PrsJM denom. c. ,3-4 c.,pra 'dstajl-l , pm j months. ^*-8 7-7Jb 25* -3 ' 58 othenrise sated. Three . 3lv-3» 17 lioua High Low ll Ten denom. unless ffM BraMk J10 c. Dtn5pm-a. c ai»20-5 c. pm | • :JlO . 4-4 1 April 26 I'ear iappn>\.i • moot ha..... -e^ 8451, 7U-7S4- * 41a^k L.1 41 . .May lo May t J a+fi, • • Price at lime or suspension, Six &rt, May Pre. 1377 19T7 5 Copilh'ea .(2 -4 ore di» [74414 ore 4 [ 754/75* 51,-6 a« 4 liid. ielil 1 ' I'CenLs. dDlttt- Oneyeer...... i 894-869 4A-4A «m . } 17 viout High Urn- -ex 102-47 B3M n Florins. bSdiiHiiui. 9rt-9ii ! 88 bum pm ^4-34-pf pn '*) i l4enlHutt ISs-Sft P< 4.70 4.57 4.«0 i 3.77 dcod after pending rtgfitj. and/or amp - (Go) (l«/<) lirtrai- j&AS e. da I 10.XXO c. Euro-French deposit rate:, twiwtiy n*-«f per cenc: . scvmsday per ernt: _ m Issue, e Per share, I Francs. 0 Gro»s 4eZJ26 - 441.46 4S2J26 419.66 ..MO. w I to 399Jfii 405.01 16.68 10 ^1200-310 o. dia (785-935 Anstralia j Sweden U 91-102 per ccnttt threc-numth lDt-UOi per cent; stMnomh 10t-U 1 Madnd. djv. li Assumed dividend after »cr1 p one-month i - . I : ‘ (17/01 ! 116.21 e&.flP&.CI am,l«fc& 27-34 .. dia lire cent. - . - Mttah 18-14 lire tffi It Alter local pec c*ni.: one-year lM-Ui PB- STANDARD AND POORS 1 and.or nghis issue. t*.-' 96-E'l 93.56 , 99.12 1 92.61- . 26-X6 ! 295.7 «/.K; dia M- Belgium Switerl'dw-t 294 J deposits: two. years per cenL: three years T*-7* per Oato ore 6 oredu' . ; Enrodollar 6J-7 (24-44 taxes, m <5 tax free, n Francs: mdudiog Louz-ierm 11*11 (20)2) • . 13,3. (3)8) ffi- I cent. dls r-ompiUtiuD , Share a Dtv. cent.: four years JVTJ per Cent.: flvo years 71-8 per Itota ,.^_[l*-B * v. 6 e.dk StaR-e Unflac dlv. Nodi, a split, ' JET# p , Denmark 107.64 107.80 107 M2 98.96 The loDowlng' nominal rates wen quoted for London dollar caWMeMei of 8ioeKbo nil24'44 ore dia ‘7-9 ore dM : • .Mav and .vleld exclude xpecial payment, r Indi- May Mny , Mav ! base values u (9/5) ! (6.1) Indices and base dales tali deporit: one- month 5i-5i par. cenL; threesnonUi 5"i»-3 u> per cent; : six-month Fienii* M..5gn>-pui-Sgwi.dia lOgro. puhpai . : Ujtr div. Unofficial nadiiis a -Minority It ll‘ High ! ljnu cated u . 17 . I« 12 ; 10 limb : France - 4o.i> 46.4 ! b8.4 1 43.3 1 M except NYSE all Common — SO. L one-year 65 cent.. 3 holders only, Merger pending. * Asked $Uiv6 i» per ceaL: u^67ib ^eR ; An rich *—jl*- , c. y»m ,4V34 1 u IlH. : . tT-fi 1IO/&1 Standards Poors — 10 and Toronto ' and Rates are nominal closing ra'us. * Imlu’iiuil" 110.21 109.66 109.39 109.06109.14 IOB.Sb' 118.62 10744 154.64 16., t Bid. t Traded. : feller, t Assumed, , r > > 1975 >. i <69.6 765.2 790.7 7lliX) 300-1 .otW. the last-named baaed on ,- daUare and. Canailwn doHars: Six-month forward ‘OJS. doUar-LSS-l. Germany , risffis. xd Ex dividend, jc Ex Short-term rates are ealt for Kerlinx. U.S. >^;lt ! iZB/Ai ill-'hia. i50tja2i xr Ex - tS.tii 110,5) i a.) Belgian cpm and 12-month 4-SM.a com. Sydney All UnL «b> SE is-ue. xa Ex alL a Imerim since two days* notice [Or guilders’ and Swiss francs.' |l.(•ll.l•ltn 99.77 89.47 99.05 98.75 66.78 98.47 107.00 . .97.11 125.66 4.40 crip ; . 31/12.-63. I '1/73. ' au M-5 j. 8 U* id i Copenhagen SE Holland (y | Increased. to«ll | l86f4i MLl,7o. rl tr.iJ i (4 K>\ ! (26. 1) ie) Parts Boone 1961. ifi Connwnbauk 447.12 448.65 462.17 415.40 1953. is) Indus- Hongkong'* : December Amsterdam. ^AUSTRALIA BRAZIL GERMANY . TOKYO! v .. . (hi 31/7/64. | . 1 . (11(69 ,114*1 trial 19T9. Kang Sen Bank ' .' • May II May* A|ir. 27 Year ago -approv. .- rti* er'TSvjl ; 4 ‘ V 1 f Italy 6L22; 61.43 , 73.71 t'1-22 1 2t? Ranjitr Hit , 1-4 Banco 1 - ; 24* 4.( .nrrunnu .. . . Inna... 121 24* *En«l AnattcCq^.i 27711-1 ; Strtas Bant Carp.' ' -Sansdnno HiHnhi . * 12* ' 384 +8 10 2.6 Lnmrya: ; 9* 9* lies' j l Banknntni 1 39', IShiF. . 8*4 KittAitoCnhcu ...1 1 Priye wr ine Milat-ron... 1 1liviniikt : Perkin j t* 146 JI#i 14 6 Swiss Kan«ii_„.i + Div. Itu 40a- 405; t'airr^.. 18* 18* 4.0W 36 I ; 1 United BmnUs...., St- 83* ALgQiH.. 17 Bonus Km I [.’• — Andnindn 27k Hum-viaell 52J* i j «8 28* 0e*BdttU<19]&2eil 871fi — 14;Si Ln.BantnffiwUz. ^*7 - K«»e;j Kr. ! 521, I'M 31* 31* 2* ; 15 ; 2.M0:+.10 .80 l SA .1 J ! 1 nit ml torp „....{ IO* 10* • Babcock 1 Roral UL. uiI’id.. I Wilcox . 24 ! 1 ltitr- viriif.. 59 I ilixiver r jut. utyvgeaei 390 Ire 3.1 In*. -1 12 15 257, ' m- duneb Br.™ : 9.275rii+ > ; l*ii.\rr 26 I s. Rancnn' 29 29 1B5 40 8J! '•it. . StlK AB(Kr. a/)— 180 CK t fnrvsliitu.. l J ftSftyq* W&>] . 2 1 - ~ , r ^ — W J 1 — , i 1 « 1 ***** dllOK&iy 31 NG AND RAW MATERIALS shaken by u s zinc EEC FISHING producer cuts price June talks planned ftjr John Edwards, Commodities Editor • - BY RICHARD MOONEY UN sugar. conference THE LIKELIHOOD of a cut in $s deadlocked in.' its fifth the official European zinc pro- despite, a settle policy compromise. Rro- to new 3 ducer . price strengthened estates . rppging with the eeJd, attacked leaf cells, nade eir stocks. and quotas as «taken yesterday 3 °f§ yesterday wheh a. leading U.S. i*,j by report between 15 and SO per cent. such. Sr. - Gomes said ft was verv ij*. Gatin Campbell, Austra- feat Brazil ‘ producer, Asaxco, BY BRUSSELS. if. bad offered ftsseconfl ' calculations ere announced ROBIN REEVES May of the “***ffl tSSite ^5JS ibalnnen working' crop -disaster In two. years., £ that' ; it Mas .. lowering its ***. academic.- * -v.t.on stocks end ' gg*. Ho^vg from p^t quotas, Possibly SemesUc price by 3 cents lo EEC AGRICULTURE and Th« Commission has now ull delicate negotiations over- .'j ;; The latest blow, -resulting more significant is experience it was possible ’ i ;te sources' said; 34 cents .a lb. Fisheries kept the diffi- string of shadowed u ' Ministers but completed the b> the threat of 1 from that * unseasonably cold o>er- the blow . should Parana could lose 15 to .20 par, „ " .Camp^eU’s compromise is There have beenh n cult negotiations over revising reciprocal fishing agreements unilateral action by bight «>rae when cent, Britain tn winds' "iiithe state or it- has, a full two of .its 197S-79 crop, which 1 '“sred too dose -in outline ? #L n the common fisheries policy on with third interested countries, conserve herring stocks inside Parana, does ndt"-' compare in Months before tbe peak of the should have been 4-5m. bags. . -IMS lijtonafilonal Sugar market already this week that the rails here early this morning, quantity of its new 200-mtle limit. J'ohcRtu,Nu lu ^“l»ona] but the actual If there to bridge volume with the £975 frost BraztHaa * fhwt risk'’ Reports from other- parts or (he ^CHi^nent the gap - .European producer price by acreeing to an extension of "reciprocal fishing to be allowed wag nut a solution satisfactory tn disaster, This but a time that north Parana . indicated.. varyin world's coming; it - -means- the- - the main ex- - - _-T uni-lrl’r - would be cut from its present tbe North Sea herring fishing fay both sides, must await a ll.K. interns. TO1 d ® G-. whta BrarilJab grower axe still ? dealers will have degrees of damage, be added, j and tbe U.S^ which has 2bold level' of 5795 ft tonne (equiva- ban. They also accepted tbe decision on the internal regime, The Dutch Insisted that they struggling to regain their earlier to their breath until well Not all trees were affected. Many ’rward pJan for ah agree* lent to 36 cents a lb) because introduction of a June herring The Irish Government still must be granted a small herring a ' *' dominance of the market It August before they know of -those os north-facing slopes placing emphasis on te- of poor demand and heavy fishing ban on the West Coast intends to black the third quota m the North Sea la atlaw nevertheless 0,6 r® 1® of escaping, s sedt' th^ .world the 1979/79 world discounting. . •stocks.' of Scotland. country tie-ups until the shape the Netherlands tn celebrate its mariatis into lunuoiL - - crop. the damaged trees, * •'. -level talks Of gener- The Asareo move, if "Maatjes" . followed festival. among a small However the presence here the internal regime is settled, This is an • "* ,*** srawty of situation ally side facing the wind • of leading exporters Prlces the terminal the is by' other U.S. prodneers, Ireland is see important tradition in the Dutch 4 and on London yesterday of over 100 Scottish not prepared to a?0 leased by. the low level ^ *ome black, some brown and anpea m to make a reduction calendar, • •Tersr are being market soared cOffee in of its fisli avail- when every Butch man p. held to find with July fishermen demonstrating in stocks made f W0 w stocks. 50me green leaves. The other P?f* 1 BrazD has tbe European eats large . -ipn to the iippasse at the cltiBbir® £613 to £3383 a tonae ? J bad producer quota- favour of an exclusive national able in exchange for other EEC quantities of raw her- de 8,1 s most of its cqnrfder- e may be greep ’ tion al'fost ineiilablc. ring. The lVajee.- at- one stage. A reaction set in fishing limit of 50 miles under- fleets having access to third threat pnsed by the 1* *lock Sr^Gomesg «Ii said,^ of coffee -to keep its On the London Uetal North Sea 7 this high-level group is at this level as some dealers f® Ex- lined once again the fundamental country wa ters until it knows herring ban was be- ad, llal ,anle£i top " " on the began- fr “? customers supplied in P on the of change -the price of zinc, nol coming a hot issue in the Dutch . .. £ refusal of Cuba to voice scepfician'Oii Ih* , clash of interests which still how much of its own stocks will v bills .”e ™ Aftermath 0/ the 1975 frost tbe appeared the worst coriLrollPd by (he mafor pro- general election campaign, r. i details of its Inter- full extent 0 / the -damage arid divides the .Nine in moving to- be reserved exclusively for Irish now - ' d wffee is far affected, with the wind .having ducers. fell again • n'enfal trade with other nearly -£2d0' of tbe rSewks loSt^f from plentiful yesterday to wards a renrision of the common fishermen. in full swing. *' -a " - elsewhere in passed over .the top of some of its lowest level sin re inist countries. hi iflS Tiling* . the world- IRarch fisheries poliev to take account Britain, too. is still officially Leaves smaller- trees and those on last year. Cash 7inc ru, t> it. v_- on some of the coffee closed of 200-raile limits, acceptable to holding out for an exclusive fish- t ees in ‘ lower-lying ground. E6J25 down at £351.5 tonne Haggis saSTno^fo a all sides. tag limit of up to 50 miles a^ready^ tur (around 27 cents a pound) but 1978-79 TUinna cron* could have i ued brown as a result • On the London cocoa futures h There was equal insistanrp by of lost further ground on the late* S, ,' **™s winds and low tem- marker meanwhile, prices rose in “evJn other MlmMcrs. however, that kf ioiL?S‘fSPfcSJS'xSS kerb. ,nS £,„crr ^''eaf ernD°.n deaI n and' the an exception was made for the lia A . I J e draws up P^ident'of the Man- ^ Conner also derUned on the ™ ™ rhia would mean a cutback- of Julyposition closed fSfi’bJgher at I orrJs S’ln’Shn'ma'y S-M Netherlands, ihen they inn d*eua” Coffee I»»e kerb, with three months - . Growers’ Co- £2.376 1 tonne after reaching warned a quota. ?l.um,6HL hSsnag^.iou(M kflos“«2amios eaeae-.. wlrehars iradinc ra "nin operative, told Reuters. £2.390. down tn tyux Ha At nnr stage Mr. output session, they 1nopp tom hhammer"h°i _g. Hugh Brown, HovreVer, with Parana; -.crop He said af on •wropnr-rf »"t«h «h<> E wat _ fl that _ the main damage Dealers said tbe movement ! ? ^ junior Mlru-iier at the Scottish present- -rsfflpng af4M out, a concensus on the future lnhn fhn K ' was dene late on in Tioon close or £648.25 a Mp Monday when was sympathy with the steep! shape or the conimon fisheries Office, suggested nn hchnlf of the ategy between 4-5ni. and 6m. bags and the force toMne. F|sheries Minister, is known 'to of the wind; allied rise in coffee prices.- I U.K. that would be - » nolicj. which will resolve tne it much Ft was gpnrm>Tv foil thqr . aHnnI a tnnnh lino nn j easier for all if tin* Dutch cele- fJ ^ ; I MimihT’.T reartton i K. SharmS «o the ,he e,!clu5ive ,im, t issue. The brated their *’ Maatjes " festival l ririornsnriLrfand d b * BritamRr and ZnnvK*in “war” annonnn*. ‘ Continental EEC members, on .V A"EW DELHI, May IZ i-e,ana,. L by eating haggis instead, hut it ‘ * *' hnH ' J%- m^nf hi**n m r-rriouR, sinr^ the other hand, have still not was finally agreed in give the 1 WITH.. heavy Josses 61 it ann«ared lo niwp no # abandoned the principle that Netherlands small 1.50U tonnes * s a 91 ‘ j there should equal access for . -nd Ihteriin "T'ra be - . . , coarse grain from the wheat threat to v. pact opposed Ic PfMnmP'aivavitt* quota. * • * •• ' .-"icrop because of the coh- cooper sunnlics. EEC fishermen to all Community The-demand.s of Belgium, Den- 1 • .. rain waters enshrined in the fisheries ii'-T after harvesting^ BY OUR OyVN CORRESPONDENT CANBERRA. May 17. The problem is becoming in- mark. France and West tiermany J - policy agreed by the Six before, '.L;,reasonable .rain hits coi*- creasing ly urgent. This is partly were satisfied by writing into the **>* enlargement of EEC. «„* , -with a few brief 'breaks W°st reieofs because legal action is pending the minutes of the meeimg that they ~ THE AUSTR^LDUjI Government He . said that in discussions eluding measures designed l>n ‘l sides, ost a month—the Indian tni against Ireland's unilateral ban a however, there would like quotas after June 6. (-announced to-day. that -it. wis this • month with Mr. Robert contain : i . nent export subsidies, would ow scems ,0 e a growing has. evolved a multt- on larae fishing vessels within 50 P .. _ The han on herring fishing on against “ Bei-gland, rail to raise r , ‘ suggestions -for a crash the U.S. Secretary of be particularly important, impatience Tor a settlement of ... strategy, to Increase pro- to 100 miles of Its coast, but the west coast of Scotland during programme” for interim inter- Agriculture, and Mr. Otto Lang So far as a agrec- and minimise, fiyctua-. , new wheat because, without agree- 'Be *®ue Evcrj’one wants an will nnt greatly affect local n&tional the mainly J; June pricing arrangements Minister responsible for the ment was concerned, negotiators copper values nd l ° tae PrMent poucy of production during the ment on a definitive share-out of f .. fishermen, who tend to fish fnr " for wheat, j»en ding., negotiation Canadian Wheat Board, both had would have to focus on a .number GENEVA. May 17. lurching month by month from “kharif (summer) sea- “ the tola] quantity of fish avail- other species until July. If is FORW4RD of a new Jnternaybt^.'Wbeat agreed that there -was a need to of important and potentially RATLS THE U.S. and the EEC flatly Able inside the EEC’s new 200- one temporary arrangement to hoped hv then to have secured Agreement ;' press ahead with work designed divisive issues. These would in- In-day another. In such circumstances, irategy involves different rejected demands by mile "pond*’ the Community is agreement to an overall quota However, Mn Douglas Anthony, to get .negotiations for dude the nature of' the price 1 various states where a new Third World countries for action the June 2« meeting may prove Deputy. ^Plimfe Minister., kaid in no position to complete of between 60.000 to 90.000 . he wheat agreement off the ground.” stabilisation mechaaism (in- -ns -'vary, buf broadly in- at governmental level to raise critical. tonnes, of which tho U.K. wants x strongly supported early negotiar In recent months, however, eluding the role of stocks), ,*' covering maximum acte- the market price of copper. with non-EEC countries such as To-day's herring ban agree- a 75. per cent, share for local tions -for- a new- Wbe&t 32 The Financial ' Times ^daes2ay V STOCK EXCHANGE REPORT /„* FINANCIAL TIMES STOCK INDICES Gilt strength highlights market—gains to II points ' Gwnnnintow.. j. 71.1ft 70.34; 70.3V 70.3 li MJKt' u.eaj '09.73!-. Plied IntermJ. 70^8* 70J21 •6934t- -6BJ63 | 7a97; ’ '’47021 ttidiHtial Orrilmfy. .1 467-« jkjs^l fade after early rise-index up 1.5 at 468.2 .. 488^ 4fi6.7> ;406«^. K-y Equities ' .0 114.71 Gold Sline*,;.L ! llSLSU 116.ef 117 *118.0j 116V ] »u(v Yield. ,i dnL Uk «8i 4^2! . 4^2 439;.VS.0a t 4J9IIB S tb . fell improved 9 to I34p on revived ^^rdeoed .2UP* !. *3lV Dates investment currency market but rising to 138p to USp on Generate Occidentale; amid some KamiugiY"* W^tulix" J 18.025'- 16.44; Account Dealing 2>^), and Lmidon and 15=17] 15.15; 15.17] 18^8 Hjj.; premium fading bid hopes before staging a controversy, opened at talk of a bid from Lloyds and Wemyw. ’ * - the edged forward to Cavenium ' luUlo i*t« ...i 9A6 .9.67;. 9.67 .»-'»|.9.79' , 9.82; only a penny cheaper Scottish, while Rehant. at 6Jp, Aberd«» Preferred mm “Find IWlara Lost Account ISIS Per centfl before closing a rally to close 132p and closed at 133p, after 13Qp, SjTHEPJ} 4 apiece. London and LWetT»o^ Oenllrt^ uiKrted I .O95 -7,884 *»«»[’ balance at 130p*Petbow, 160p. recouped almost all of the pre- 6.79?] 7j»ij 7 . w net higher at 121 per cent. on compared with the pre-suspension V DMiiSlc fioS? DealingsOpalines Da>Dav = ] Dealings Uon to la|p and . AUmuce vious day’s reaction of.l} which firmed 1{ equity turnover liii.J — : 115.88 yesterday’s SE conversion factor and Louis Newmark, l20p, staged price of 140p. Elsewhere, J. Bibb? 76.77] 167^92; 130.43| {136,04] 44^ y followed the announcement that Trust rose 2$ to 202Jp. gains of 8 apiece. contrasted of to 1 oja., 84,781’ was 0.6SLS (06832). with a jump 8 iSquliy binpiin* —• 27.0625 23,142 , 25,2l5f 4 S* S j Z2fi8& u>j^g,*. the company is citfrently involved ‘ a + Stores were featured yesterday 142p on renewed speculative sup- Although the preliminary uu ^ disappoint might lead to 18 jun. 4ZL2. U KML 4704k .7>Q0a 479.0. 1 B.ttL -4K4 «.^ "" by a gain of 9 to 142p in Empire port, while higher earnings and a in bW talks which 5^^ were In line with -general f 2 xun. 489.8. 3 PM..4G&*. . .• ' . 1 proposed N. an offer being made for the equity Furness . ’ Sta i iM^fauJn!ss7an earner. General Aeidoent, down 7 at following details of the proposed scrip issue lifted J, expectations. Withy met .apjweciabty bekw t^e -LWIt ladex BUM* SCO. / l$2p- expressed disappointment dividend boosting £5.6m. rights Nlcbols CVimto) 4 to i30p. In at a price wirh profit-toting following the British1 h Funds took the time- » Baaed 00 32 Cain, tax. \ ^11=6.1*. Hotels. Trust edged current “®cker leveL Jpgber ’ per ofararattba / f with the first-quarter profits in issue. Freemans added 3 to 23lp House Forte announcement and closed •; 13 li«ht n siorkmai-keis vesterday Buis UI.COVL' Sees. 13/ld>»- Flxcd 'lnL \X&. lot Ort" i/ta in sympathy.sympathy, fared up 2» to of anan^ early earnujss ; h-u The Insurances. Other Composites -Leebee Cooper J50pJ&Op on hopes W" cheaper at_280p.at 280P- Elsewhere in »|nfS liaa>3i- SE Activity Jobr-Dttt. 1942. on^ibe majority view *ti5t the 87p. Heron were active and a like lct eased in sympathy. Royals gave well at lQQp, up 5, while a similar settlement of the current TGWV shippings, P. and 0. Deferred be- trend towards lower interest better at 58^ whue other to Phoenix and gain was recorded in John dispute. amount oc market,' : in*, up 6 33Sp and came an CITO Unprov- amp lows s:e; , h spois incl uded Hen4&. up highs ACTwfy? Sun Alliance were both 2 lower Menzies at IfiOp. Of the leaders, rm lns initially to I75p on some t • “ ^ - - It’ll tilllCt* ; Stodvfis, to Ul'lill-l.lhtll-h Sa Sa - --A---VP feature- - at 98p. and Robert j «*•« ’* «* *—*•'» -«-* «*u =™= aggressive buying - iSSTJf fairly before ‘ Tip StfSi _ : ^* a +**»m °h H^ST . 5“«TB , . ins-ti. \ambfcrinM. couponn niinnn stock..frtob ^Tnisfhic1 3rJin^u at laop. ’f 3Jst however, had C. E. Heath hopes, hardened 2 more to l25p; The miscellaneous Industrial the good Brokers,Brokers> settling a penny better on the day . l«IW 011 coupon U den' Hum » sated a strong run men » 1 _ jcarer at 580p on the results the first-quarter figures are due leaders drifted after a firm start Awaiting news on the Sir James at vVallcr Rnnchnan were slocks quotations cioseo near and scrip- Marks and were Evening Standard —Hutu- > anrf proposed 200 per cent, on Friday. and Spencer final quotations Goldsmith / ^so a pem)y firmer at 134p after 71.19 60.45 157.4 49.10 the day- a nest, wiin Oort. Crill-fidgn) Holdings were eased the turn to narrowly con-. • .11754 issue. 311net ll$p and Burton mixed. Beecbam touched situation. Bearerbrook A preliminary figures, while (17*61 (..! 153.1 n n souSht-after at closing 2 up ,- . at 7 °p- A market of late Bowater ended simUarly better touched 60p. before market b-diy.Vv’rrfrej. resided . ; w index aaianced 0-5oJ« 10 lod, OnL... 4702 357,6 643-6. 49,4 ^he big four Banks ended the pn hopes of a bid from Hawker. 2lOp. Unilever closed 4 to the on the day at 56p. Among other • . «dt- Edged...; 169.3 • ua/i) (lue 72. CMi/Wl.l tl2ft< . < sSf- Leading equities appeared tobe dav Wlth small gains. National Newsianers, News -International _*?*“ InduKrintM.. 281.B "“ «te nreuimnaiy figures Gold Jlmee. 137.4 - 95.1 448.5 423 * overshadowed by the Funds. The put on 7 at 247p and r -inn - — : s lS4p. after I86p, 1° p Westminster . added 4 more at ?? luu ntsws (7/3) tllZi Total 5. 1 173 J! trend at the rflart was to higher 3 at 303p. In ? Tex Jradmg was midland hardened | l 1 | arnd North Sea-oU stocks, Thomson "} P^l , levels, bill lack of sustained sup- Discounts, Seccoiube .Marshall and and Associated, both gained 3 to port saw Initial gains ranging to Campion declined to to 250p In MAGEIVE k « nj io7n rKnf^hvpIV In SOO WWS SttlU OlStdcl leaders pared to only results, r> in the a uiin market after the* OTHER TOOLS a Tew pence by the dose.- The Breweries had little to com- tssFtsfiu ssss? Si^s ACTIVE STOCKS FT 30-shore index which touched mend them. Whitbread A were Ebjssuzss. 3 as its best of the day al 10 a.m. unchanged at after F.T.- ACTUARIES INDEX iisfifas? Nd! . finally 79p. at 44p. "w progressively lower there- moved sip. following preliminary figures South African Industrials dosed nomina- of Closing Change 1977 u’ after to close only 1.5 higher on v bicli matched general market Oils quieter with modest falls. Abercom. Invert- Stock tion marks price Xp>' onday «Wrr-S-:> the day at 46R.2. expectations. Boddlngtons edged • £L 39 3W + i'. 408 ’ tte to while A. Guiness. Activity fell away further as up 2 112p, inquiry for Greatermans ‘A” 5 to 163p. - local or American P & O Defd fl 19 16S . + i 1B8’ .1* ofllcial markings of 14Sp. and Bass Charrington. lisp. measured b.v British Petroleum, OQs passed an Defd; 25p IS 2.44 4-4 MS--..*# Dis- BATs 0.71’7 compared with 7j?Sl on Mon- both dosed a penny better. session. No ' unusually quiet African MlfleS fall BP £1 12 946... - :® 956 71 day and the week-aqo figure of tillcries were noteworthy for a trend was forthcoming + decided >?. iow . 11.. S4 z flow speculative flurry lnver- that President Kaunas y 50 p S4 SJW3. The recent steady of fresh in 1 m3 hoMc a tn tuAn News of . , £1 ie 263 — 285 -* continued, gordon which jumped o to 62 - bid announcements - • . 2op 9 . 1S2 132 if liavercr. and with a fair amount in active trading, —-• P 25p a- 185 . 204 also in Buildings closed’ with gains in li. or take-over speculation to^ 538 ~ ‘ Improved marSW M SMi^nsport. 23p 9 S56 4i evidence, features were not lack- the majority after a moderate were rather neglected ..8 . 350 Burmah . £1 overall business. Buyers came for and weakened further 352 i ina. A slightly better - and gave up the turn to S2p, Hay's Wharf £1 8 170 . + 8 170 trend was reflected in the FT Tarmac, which ended 5 to the ffiSSriniTThe detarno m while occasional selling brought - £:.:‘ e Jf®. NatWest £1 S 247 . + 7 247 Actuaries All-Share index which good at 183p. while improvements ’ ’ the - • SEP OCT NOV OEC JAN FEB MAR APR MAY Ultramar down 4 to 188p. On j ; BSG Inti ...... 10p 7 ; 30i' '-+5 30V hardened 0.2 per cent, to 183.70. of 4 were recorded in RcdlamL - other hand. Tricentral staged a p OH £1 7 82. - 1 -83 British G. R. Frauds, 42p. Higgs — SH5it Burmah With high-counon Funds USp. , . , ' - _ of Monday’s y . - jqgn brief i extension l^’ Coiirtaulds 25p 7 127 133 reit? value, not and Hiti. 6Sp. and John luting John Brawn attracted further good at 4S2p. after 46»p, andana • off 1 assuming a sea * movement to end 2 “** *** *?“ 3 d(?vm support yesterday following RcckJtt firm reCQ ery l . onlv because of their attractive A. lOOp. Blockleys also added 4 at and Colraan were J , l a Ia 1 harder at lWp. In recognition « *#e, S5p investment comment and throughout 423p, up 7. Elsewhere. J!!ST f!S eJ yield status but also in the belief following the results. But speculative *»-. Coppers? also came- under 1 . .u „ 1 _ e fia. e k n j a , « -i the recent that the Issue of conventional tap French Kier shed 3 to 22p on hnprowd steadily to^to finish 6 deafingswereresumed_ in AVP, »Ulng pressure with.’ Zambia better on which higher ISOp ^qD fepforattolu OPTIONS TRADED storks was unlikely for some further consideration of' the the day at 19Tp. after closed 37 at *“S5S.}^t*^pS33I?SS Copper Invesrinents 2 cheaper at I08p. Other Engineering majors, following r»ws of the agreed bid while, the market adopted a results. 17* Messina the same DEALING DATES.- Rtxson, Richards and Wallft strong Implications of ICI faded after starting firmly, however, cheajtened after a firm frdra Lonrfao. 3 tower at 7Sp. amount easier at 170p. tendency. ?ear, “"r,nin^^I^BerivojomcuwiohlJ. Km tn First East Last Fori Avana; Lourho. Oil Explor - of variable at 404p, and closed only a penny start. Hawker, for example, Hopes of an increased offer from the proposed sale a prira of Golds were ini^Ily^ Deal- Declare- Settle- Tricentral, ’- touched* luiuoiii,initially, Ocean Transport a gain |be Wt , i '. •;>•-" - v -T&e Financial Times’ Wednesday Tfay. is 1977 Ahfecr life AitunM Co. Ltd. E«utty & In life Am. Sae. Ltd.* NewCourt Ptvpextr Fund Mngrs. Ltd. gofer »1. iv* Ufe Assurance United l-aSL^rari Ctmre^w^EM. owmoin a I.Hljtfr 0»»MM3SS77 SwithlnrSwtthlns Amg^«lt wiBfefc Wrto»boWrtcnbo .. 38X77 SL Lum,Lane, I/Jndtm,Ixmtfaw, EC*. 01-0001«B43364336 IQTCbespstde,l07Cbeafalde,EC=V6DU.EC=V6DU_ Old014080471 w». 4 — EqnrfyFd__ M2J55 167J1 4+0» SMI-lfS — ffi* *! —“ NNrLPrJlUr.31__aM.CLPrJ" Mar. 31__ pMA» MM1*634 ~..| Ul•» Solar ManorMamecd.-srd ..* MMH04.9 11471I1671+4A+0< - |®.l I - ; UUj — M _• Next Mk day Jana 30 Solar Property N5JJ .. wv Mlij — J . J — ; -m-2 iSazI Z NPI FUnrinis Hauseuent Lid. ' iStog&rS K 555^3 Z! — 4RGracecbiuehSL,BC3P3BH. 014X3 <200 Solm-Cub e General Portfolio life Ins. CL Ltd.tr Manured Fund = race#RiCCa Kay dealing Jane 1. |pS™2£:S UU 1541 +0^ — 80SDRnxthnUnimrrrBarllwloBjewCt, Waltham Croai.Dmaa VniKIWX31ST1 K* 1 NU B9 ' Pe«ia. Selective 705 743 -+03 “— U3M “ Norwich ' Union Insurance Group __ Penj-Sccnrity 13.2 129J 1b3+BJ — i tf J I — —' . ” SidarCaah ]96A 5 U2.M i — fagg * Ca. Ltd.9 Peas. Managed J47.3WJ 154J154.* +13+lj — PO Box 4. Norwich 1CT1SNG.NK1 3NC. 0803723800B032S p caresnamfoMha^Lifcurc AH. aoc.Soc LtO. • i« +? t j 01-3*83434 £F*- F T— gB-?.7 U7i +0.9+0-9 — Man aged Fond 1713 ~_ Sim Alliance Fund Mangut. Ltd. 4011 VProp. PM.Sy£—Ser. 4 1S7.6h U3J1.T3J — * Rdaeooc Walas Bd, BMooth. 0002 7B7SSD Sanity Pond ZHA- 2942+5.4 - Mh 3jx S SnaAmanccHouae-Boinhanv. wtoTra-Scr.4 +0.9 1142 .... - O4O30414I a? Jbj S — nuQ£2 uu1MJ _ GJL GUt Fund |M42 . 109.71 -—1 - J»4 U4J T: Z *BjtiHyP(LSer.4_ 315 — Fixod InL Fund 134.4 +14 - 2*8ill 315 +4i ii __ DM 1415 ifij J5s 6JS — ( Ijf. wrargnen-Hum iiiii Ult AIK.Aaa. fix LUX.lid - *Co«v?Vfl.Ser.4_ 10441044 MMM9.9 +0.1 — W. Deposit Pmvd W.4 IMA?Si -z 22U +34 ± = I Pta*«fF«.Sar.4_ M3.4104 104fjlSSfi +0.IJ+C.l| — flB.GrosfeaorS&.'W.l. 01-4831484 Nor. Unit May 15_ .„... - ’ yfj Z_ 4J§ DU17U | - Sun life of Canada (U.KJ Ltd. * 4.02 «te«3 at Mv 11 Valuationsablations normally Tact.Tdcj MngdFad liarJS__ (27.7 29 " 4 - IV nj __ JJ — HaphIv r 1# r Motors M* |CVr|Srtim and Cycles *3nltrnnttonaf ’’inu rtcttr t3-3 LU 5j6 1-2 K 34 lL«.S«rtaai_ 60 itt6G.HMa.5n. DAIWA nn Om&utyKjp SECURITIES N JlCJavS. 12bP 4^2 r r2-38l LI 4J6 W3.95 MINES Continged CENTRAL AFRICAN 1977 *f| wr IP I |+ j fry High - !W* 0 law I I ! iCiriGib Jrrr , !-6 I 05r | 8. -5 Oa-CarfSain 2.0 0.9 3.5 4.95 122 * 3A * 3i tLl 155 315 215 12 552 325 1812 73 +80 0.6 +1 1315 255 141 41 29 li 31 25 -tfl 62 43 131 113 125 92 79 6 130 99 100 77 £ 96 74 s & n a 59 51 ... _ 56 48h I Do.'B'Oni 96 71 52b « 2b 65 49 98b 74b 75 61b 36b 24 50 38 73 56 103 84 61 212 55 37 • 1 187 42 27 130 % 160 265 25 renmleu Wp 60 IM 224 Pruning }MI . '227 '2.9 £66 Sl2 750. 587 21 48 36b 92 LB 12B 104 425 UJ 69 52 P LSSS % •82 49 LiS UP 201 ZB 133 230 6 338 3.6(250 225 to* 4* 143 2.7 — 51 ““ 5.6| * 6>« T “ 20.1 120 46 263 302b 43 * 3$ 18 Do.Cap.I0p - 42 | .§ 107 58 4L6 600 {425 7.8 117 213 440 1355 6.9 46 243 $6 35 svrl 3J 93 Kant v 4.4 WAc 3.6| L6 h..v» t. _-•.- 60 58 %' NOTES 1 101 prirea dm dividends Id 40 PilrW otherwise InAntrd. and an* end dcnomliiaiteas are SSp. fattolpd prlcc/carnlnga 96 75 pan | nUw BDd ewen are based an Uni annas! reports and arena nts 36 23 and, where partible. arc updated om half-yearly flgaret: they are 94 173 adjusted to ACT of 15 percent. P/Bt are calculated on the basis of 20 net distribution: bracketed dimw Indicate 10 per rent, or no™ a in iBiwaUU 1+bltLO I difference If cstcnlmwf on “nil" died ballon. Camera are baaed »-•.•' •< an “nuucUnaW' distribution. TltUt are baaed on middle prlera, f* Gnxtp__c. ' are gxaas and allow for valae of declared distil bartons and righta. * "i* i s SeenriUes mb deomnlnallann ether than sterling arc «MM Ip-nHw ;• PAPER. PRINTING, ADVERTISING Indus! rr of the investment dollar premium. A Sterling dvoMnlnaied aecuntiea which include imaboul « 120 (AjmeEmer 1 44 1+3 1 1286 ! 110 dollar premium. • ‘Tap" Stuck. • Highs and Low* matted thus have been adjusted (n allow for rights issues for cash. t Interim since increased or resumed, t Interim since reduced, passed or deferred. if Tax-free to non-residents. > Figures or report awaited. I • * r Tt Unlisted security. * Price at time of suspension. f Indicated dividend alter pending acripaadior rights imaac cover relate* 10 precious dividend «rr forecast. " Free of Sump Dirty. Merger bid or reorganisation in progress. « Not comparable. 34b 4 Same Interim: reduced final nodior reduced earnlBOv 22 iNcwHIbnULSOp. indicated. Ken-Tin i Forecast dividend: cover on earnings updated by latest 24 Da Cap. i-iiefim statemen t I I Cover allows for conversion of shares net now ranking for dividends ranking for rvnncted dividend. 26 or only * Coror does not allow for shares which may also rank far dividend at a future date. No MR ratio usually presided. 9 Excluding a final dividend declaration. * Regional price. I No par value a Thx free, b Figures baaed on prospectus or other official eitimnie. c Cents, d I> hid rad rate paid or payable on part of capital: cover based on dirklrnd on full capital, Uandlnr__ e Redemption yield, f Flat yield, g Assumed dividend and yield, h Assumed dividend and yield after scrip issue, j Payment from capital Mure os. k Kenya- Imcnm higher than previous total, n Rights issue pending a Earnings based on preliminary figures, r Australian currency, a Dividend and yield exclude a special payment t Indicated P dividend: cover relates to previous dividend. P.E ratio based 153 an latest annual earnings n Forecast dividend: cover based 1 122 on previous year *, earnings, v to in the-E- -'v Tax tree up 30p J £65V w Yield allows for currency clause, y Dividend and yield 652 based on merger terms, z Dividend and yield include a £48% special payment: Dover doea not apply to special payment 481 A Net dividend and yield. B Preference diridrnd passed or 84 235 deferred. C Canadian. D Cover and P'E ratio exclude prafita of If K. aerospace subsidiaries E Issue price. F Dtvtdend 50 49 | 1 3.8 1 1 and yield based on prospectus or other official estimates lor 43 43 1977-7*. C Assumed dividend and yield alter pending scrip 288 and' or rights issue. H Dividend and yield based on 142 prospectus or other official estimates Cor 1978-77. K Filturra 60 based on prospectus or other official estimates lor IDT®.77. 111 Figures hased on prospectus or other official estimates (or i 3 .'iv® ;»iVi ij M 70 1878. N Dividend and vield based on prospectus or other 46b 66 official minutes for 1976. P Dividend and yield based on 128 17 prospectus or other official estimates [or 1877. Q Gross. 122 148* T Figures assumed. V No significant Corporation TM 32 68 payable. Z Dividend total to date. 87 245 Abbreviations: *tei dividend; is ex scrip issue: r ex rights: 24 won distribution. 69 all: c* capital 36 a* 38 “ Recent Issues ” and “ Rights ” Page 32 86 533 |-5 81b 21 -1 79 This service it available to every Company dealt In «r \TuuS5 — Wp 166 Stock Exchanges Uinmghont ibe United Kingdom fora 7ib fee of £400 per annum for each security 69 170 450 HI 95 55 100 137 61 158 80 158 S 83 67 82b 69 78b 67 — 121 4 Zb 18b 82 60 ! 202b «b 107 91 107 160 81 . 158 48 36 48 41 27 .41 38V 30 38V 37 28b 97 82 P rbmtfos.iZSp. 37% 33 110 86 jP 39 31 39st 50 28 58 35 58 42 »58 227 A 8 24 &89 116 95 132 980 , 112 94 112 94 68 44 35 40 50 44 Hfcl ’S fit 68 270 1218 170 140 . S $f 52 £33% 77 67 77 75 332 51 41 71 126 50 39% 152 22 . 21 £309 a, v i«*5 1_| 328 - 242d +2 192 113 113 1 220 512 iffseMp- 25 m 585. £15 5 Invest £12 32 358 i £24 J2 160 230 16 , 125 » I 70 21 186 : 106 SO 104 138 141% 17 ILoniton F?i"cT Q5H 6 99 133 500 ProvSbpUto 82 5 ttJiwWr.8lfcl246 175 10 383d 60 IS 57 70 ID 8 216 139 13 258 69 6 20 Gen. Accident! 17 .tFbre!@a«- Gen. Electric.. 1 17 £x Leeds 10b 36 DIAMOND AND PLATINUM 7 fhaiiMhlmM®. 18 3P Tfl £28 - 73 IB 25 - 27B 52 tut, -T- %76 ,;! —- 1 ' - M8 . . . STEEL ES3 from John Williams ppgi -it pays ^kWSSftSSSf I.;:-:-:-:- : : ;; : : :-! I wind Healey warning to private Cold puts up sector on 3 price 8Y PETER RIDDELL* ECONOMICS CORRESPONDENT coffee permitted of MR DENIS HEALEY, the Chan- wage explosion—so as to achieve warned that if jve consumption boom, cellor last night called on a single-figure pay/price ourselves a early 1970s, it is sector employers. to see equation.? as in the MOONEY The trend ohltfcsise private even BY RICHARD .It wag the turn of gfli-edged that the new elements of flexi- His appeal to private sector doubtful whether we would on our . to claim 'attention yesterday; 468-2 policy after July employers does; however, be able -to earn' a surplus Indes rose tS to bility in pay reveal soared on obvious concern balance of payments, sou COFFEE PRICES with the institutions apparently are not abused. the in Whitehall yes- Atlantic wherfr yolam^ accumulated inter- the' London fatures market t Mr. Healey told the annual to ensure that greater flexibility repay our deciding that there will -be no that next ing- ttp; although; tefes; national debt. . . - ** terday, after reports dinner of the' CBI' in London does not open the way to a wages conventional tap issued-In the Brazilian crop had been Unsatisfactory; 1 * to - North Sea oil Sjrow time year's On last night that. if there is explosion. ... . future and so being pres- detenora- by cold winds. near be greater local freedom (in Mr. Healey referred to the in which to repair the damaged side,- FW has- ttoBe: delivery position surised back into the market. m have to proposals tion- of our -manufacturing base The July vessels Tunning on the- pay .bargaining), we CBl’s for a longer-term rates, the last years. - climbed back to £3,865 a tonne Money market* continue combine it with responsibility reform of pay policy, which are' over 30 and having a rOugh before falling hank base rotes heat discipline. That to be debated by- its- council- Referring to -the recent mov^. at one stage to be soft, with and reasonable the its one -OBO, the 169,M just as ment of the current account of sharply t° -close £418 up on once again a full point but of applies to employers today Furness.Bridge, was solf that the objective the balance of payments into day at £3.670 a tonne. much as to trade unions. He agreed tine. . even more rapid This is tiie highest level for this 'year for somethfii " The authority or trade union “ should be the sort of situation surplus at an expected, warned several weeks, but still £560 a excess bf ^IOm.t’i andtia officers can quickly be under- which has existed for so many rate than he all-time peak a- the in Scandinavia, Germany that the figures: might tem- tonne short of the side as - whole is nhP mined if employers bend years Whitbread porarily worsen - again. _ during reached in mid-March. rulcs or exploit them for their and Austria. - 1HR. DENTS HEALEY perform' much- worse' summer because- of imports Tbe wind damage is believed own reasons," Mr. Healey added, “But if such an approach to- the “Reasonable discipline’ At the interim stage, last did.in 1976. determination is of North Sea equipment- .to be mainly in tbe state of referring in particular to the wards pay year’s brilliant sumer helpped * Heabvgiile the shares; it must be. allied, as it He also indicated that the Parana, the main producing contribution* by“sorae"employers succeed; ness the level of the indivi- pretax profits J at push Whitbread's at. where tire . a^g«V^i«,on ha's'been in those coiartrie", with ^awf of .Ceding, ^in tbe area and chief sufferer from 28ftpJ roTbntartor OSJEd “ioSaST per cent, ahead. But in “the capitalisation is-_£75m. larger social justice, steadily improving motatb to mid-ApriL due to be 46 in autumn 2974 by giving the industrial gpar tonne living standard^ and higher second half the growth ‘slipped probably close to the' increases to cover restructuring strategy income detail and I4500r levels of employment to 29 per cent under- the im- where even after aD or the restoration of differen- "iSSf,.? 2£f appealed to the industrialists Chancellor linked this sterling M3 luff ran pact of the bad weather, and tials. The ^P0Mnt t0 ^ more filing .to the "fall in sterling, Mr. Healey's speech gave no with his central theme of un- 7J them'elves to planning for tiie full year profits-, are Canadian- could, sell its year, well below the range fore- clues to official thinking on proving the competitivenessi of Government, higher at £42.6hl^ which 1- ^ £12m. interesting -about. the P® ,hoidis&. as propj in especially three. But he emphasised manufacturing Industry by cast little phase . He felt that “whatever price -unmoved hin left the share ' hy the. Monopolies CommS^. which require neither a Mtv Healey ^ed bixdoubte thoroughly assorted activitiesof the determination to achieve a means lo t difficulties raa still, y at 79p. without -.taking a loss. - “a more steadily depredating currency Tether ttexMjtjgtoswu mo- 00 AVP, though Lonrho Is said to Buf transition towards tte confrontation ! P slightly understates the '’ col- prolonged suspension ^of tore of fisc^. monetary ana pay ^ This in favourable trading backgfcj nnrmal system of voluntary nor a .^ n relations between the have* hotels somevhere. .. over j | so as to normal collective bargaining .policies would he sufficient improvement since a £L9m. cur- means That Eurocanadiah^ lective bargaining ... Governmentu “ uieui and . . . industry."auairjr Africa and did pick ..up some also discussed the unless a direct attack was made. • has bebn taken keen the rate of fn Ration moving Mr. Healey rency -provision last be !n ; no-V particular 1? competltive- Industrial output. Page 12 other UJL property assets frcc-for-aii or impact of North Sea oil and on the problems of above the line and a' strike, at down without a year through London City and despite £he.yfgd of only Luton cost the company wpfl cent' ' Westcliff. The main point, _ s over £lm. Virtually .jHitbe. .IT; seems to be that the group : per cent., increase m- .turnover 1 still an eager buyer of UJC. Empire Stores > - reflected the impact-of price in- - businesses, and at least AVP - . . BBC seeks call creases. Lager sales continued - + Defence chiefs accept U.S- does- not pose -any obvious Doc Jan Feb -Mar Apr May buoyant, with draught sates m^^.^tUTent et 1976 1977 management problems. cent volume 16 per higher. Lonrho’s debt build-up con- court order the July 1975 frost. This wiped Overall sales of canned beer, tinues. Total borrowings rose &$££"«_•_!?** « out. more than 75 per cent of cent higher and E Ixire' 5 for big rise in spending were 24 per from £184m. last September to NATO - 2977-78 and the f° Bruit’s crop, the wines and spirits operations on Cup entire Parana crop, sorting the £219m. at tho end of February. recorded a per cent increase SThfohw tenfold increase In world coffee 6i Additions arising frpm deals in tbe .bulk of MALCOLM RUTHERFORD BRUSSELS, May 17. volume. But ; reflecting BY prices. . since then, mainly Whitbread's * business sales Final ban This year's crop should not . Dunford and how AVP. which Pike. Labour Staff be affected in terms of quan- volume showed a~ • negligible amount By Alan Defence Ministers The readiness of Nato to balance of power in Europe will bring in their own debt, EUROPEAN tity, though the quality may. increase and Whitbread .con- BBC will seek a High pressure increase Its defence spending .tilt, significantly in 'Russia's to some £76m. less £12m. from THE i to U.S. to-day bowed suffer. Significant damage to tented itself with maintaining de e Court Injunction to-day re- and accepted that the continued should be a sign to the Soviet favour in the next few years, the rights issue and a certain ?“ 1978-79 crop Is feared. ' the its market shdre. for ^asti wh®“ U •*? straining tbe Association of build-up requires Union to restrain its military especially in the conventional from internal cash flow. j?- Soviet military London traders were reluc- amount 9 . Broadcasting Staffs from dis- significant increase in NATO build-up. But if this sign were field. The current year . has started shareholders’ funds a tant last night even to guess at Up to date r rupting its -plans for Cup Final over next taken, there would be no Dr. Brown recommended that well, Whitbread Implemented, a Unlike Grattah^Mft; defence spending the not the possible damage, but could be upwards of £350ra., so f. coverage on Saturday. several years. alternative for Nato to go ahead, the programme should concen-j lp pride increase (virtually mans. Empire Storrs_ _is Parana growers were quoted as at group level the gearing , s A decision to go ahead with There' is considerable disagree- he said. trate on the following areas: dclermmet bid estimating losses at between 15 aeross'the board) tn April, and particularly out of Une. niaking a legal action was taken by BBC about who should Leber’s accep- achieving greater combat readi- not : i ment however, Despite Herr rk •iLidrr : and 30 per cent. March beer production was.. figure! are ™ executives yesterday after the jbear the bulk of tbe increase tance of a margin of variation, ness- against, short warning given that the debt — As estimates for the 1978-79 per cent higher for -the whole expanded its catal^iej“,5S (ailed to satisfy swollen by tbg: export confirm- union had I least between Britain and howerver. it is not clear that this attack; greater reinforcement not v. ** Parana crop range between industry, but demand has Per cent, mcreasedita demands for an unequivocal West Germany. Mr. Fred Mulley, would be sufficient to satisfy capability: improving the mari- ing business; but the U.KL 4^>m_ and 6m. bags (60 kilos J its members time posture, control tapered off'smee then. However, *“**'' “^ assurance" that the UJC. Defence . Secretary, is Britain. command, balance sheet could look less each) these figures are virtu- of , is its t would work normally. The AB5 that there can be . still- and communications: betterl more immediate concern half of last year still insisting Mr.. Mulley is arguing . ally meaningless. favourable. is threatening to withdraw no question of Britain raising its that despite successive defence logistics and electronic counter- the outcome of tiie reference^ of • was running 41 per The picture is equally vague cameramen from the Wembley defence spending before 1979 at cuts, Britain continues to spend measures, beer to the Price Commission. eontraa J&e» Tor the total Brazilian crop. higher. By final because the BBC Intends the earliest cent of on The list he said. was. not ex- Furness Witby around 5 per GNP Before yesterday’s news, the Whitbread says it is .planning was shedding market start to transmit it to South Africa. elusive and could be changed, Tbe original U.S. formula pro- defence, whereas the Germans to spend £o5m. this year (£20m. and year, tightening its creditj Mr. Tony Hearn, general Brazilian Coffee Institute pnt Excluding capital profits posed here to-day was for an in- spend only around 4 per cent % British defence contractors above 1976/77 net cash flow) said that the'1978-79 crop at under 13m. charter. cancellation fees, and dratehting itself in secretary of the ABS. The most he was prepared to will ' crease of 3 per cent a year in in future be treated on the bags, 7 but the U.S. Department but it seems prepared to use , of tenth in.Jff he would be present in the say to-day that Britain Furness Withy’s 'profits are drop a real terms by all member-States was same basis as U.S. contractors or Agriculture estimated at Court, and the union 11 this as a bargaining counter if 1.9.5m- Loss enabling it to cut its borwj High in each of the next two fiscal would be willing to look again when seeking orders from the £7ra. higher at £ moves. 17m. bags.” tnras nasty. 1 would oppose the BBC at its own position in 1979, by the Commission elimination on the passenger by £2.5hl‘ years. u.S. Department of . Defence, The damage Is understood to The union will contend that year now looks like being which time its economy should according to a new directive lines explains £2m. of this rise,- In the current m This be confined to young trees, hot the dispute is justifiable on the have improved. increase* changed into an average in- signed by Dr. Harold Brown, the as "result of the ravages of and another tSm. or so comes turnover rould grounds that Its member* are a crease, with some countries pay- Tn an address to the NATO U.S. Defence Secretary. 1975 very large pro- Lonrho/AVP Inds. associate. So it to a! quarter and, witii t% i the frost being asked to carry out duties a from the OCX ing more than others, though the Defence Ministers today. Dr. The directive signed in portion of Parana’s trees* come improve- running' costs associated^ contrary to its national and j — AVP Industries is not going looks as 'tijough the ; time scale could be extended to ‘Brown proposed that the long- Brussels, in the presence into this category. Trees international policy. of Mr. on ment nn the wholly-owned the computerisation spending to go rising bust, there has been no ! on con- allow term defence programme sought Fred Mulley. British Defence relatively low ground and starting totfflH'S? Union officials have unpleasant publicity about its cargo liners has been relatively accounting emmter- right up to 1985. . by President Carter should con- Minister—instructs the Depart- those on tbe leeward sides of sidered taking oat a pedestrian bythe standards^of pre-tax profits of . There is also some argument centra te on a number of high, ment to offer equal .opportunities hills are .thought to have directors and it is not fighting i ajunction against the BBC. but majors. That possible. But a rise about how far acceptance of a priority areas rather than to British and U.S. firms to win escaped damages an 'unwelcome takeover bid; the other dripping do not propose to do this at th per cent, target- should be no. great surprise, jjlven. . the fShL- hi' debtors over present. 3 attempt to cover the whole spec- defence contracts, The £400-a-toune rise is nevertheless Lonrho is making is regarded as a commitment Dr. -- — — — &outh months and a £3m-ri train 'of' defence. - immediate beneficiary is equivalent to about 35p on the on trades to 12 In the union's view it would The an . agreed £25m. .cash, offer emphasis Harold Brown, the U.S. Defence -There should.also-be a number likely to be -Marconi,, which retail price of a half- and increase In net b he morally repugnant for-the has URL valuing the shares at 130p. more America., plus’. Australia . . Secretary, is proposing that of short-term Initiatives In. which jar of instant coffee, but match to he transmitted to been seeking to supply the radar pound than Z\ times the 1977 low. New Zealand, as. opposed to- point the need for be found of ensuring It %p ways must he hoped progress would be poS- guidance for the advanced ‘It is not possible to relate this 1 Charles : South Africa. Sir is OPEG countries.. - ... Issue; that member States live up to there not dear what Lonrho finds Curran, director-general of the sible within one year, and medium-range air-to-air missile to present retail prices. their defences obligations, but should.be a determined effort to In - the Past few months J BBC. has responded that It (AMRAAM) to be carried by the it is not yet known how this co-opera- •nearby coffee would be political discrimina- improve U-S.-Europeah. U.S. F14, F15, F16, and F18 air- futures prices can be done. tion fluctuated tion for the Corporation to can- in defence procurement craft have between £2,000 Leber, £4*230 a . tonne, and It Is eel its contract with tbe South Herr Georg the West The long-term defence pro- The U.S. Air Force and the and African broadcasting authori- German Defence Minister, said gramme .H seen -as necessary U.S. Navy had previously not clear which price in this Weather being ties. that tbe 3 per cent figure should because there is no sign of a objected that the award of the range Is reflected in the be regarded as an aim which let-up in Soviet military spend- contract to Marconi shops. UJL TO-DAY The BBC plans to beam | would allow Saturday's match by satellite would allow a margin of varia- ing. If present trends continue, the British access to too much Brazil in surplus. Page 8; MAINLY DRY, with sunny ' • not only to South Africa, hut tion from country to country. it is feared that . the military sensitive technology. Report stuns market. Page 31 intervals, although 'there will be to the Middle East, Australia. scattered showers chiefly in New Zealand. Malaysia and southern England. Hong Kong. London, E. Anglia. S. England, E. Midlands, Channel Is. Sunny intervals and scattered Cold strip mill Tameside showers. Wind moderate. Max. endorses selective schools 14C (57F). W. Midlands, S.1V. England, sets peaks Wales, new BY MICHAEL DIXON, N1W. England EDUCATION CORRESPONDENT Mainly dry with sunny CREWS IN the cold strip mill spells. Max. 14C (57F>. at the British Steel Corporation's in Tameside. ” Lakes, Is. of Shot ton wnrk<, fireside. Glwvd. PARENTS Greater secondary schooling, had shown seven other local authorities, to organisation? Man, W. Scotland, Manchester, have backed by majorities two-to-one among Cent. Highlands, N, continue tn set new production a of submit to her their plans for In the polL £be Tameside Ireland » two-to-one majority their Con- the parents and. four-to-thxee going comprehensive Mostly dry with sunny' peaks. The dav record for the . with the authority sent about 45.000 ques- periodsJ • _ ; cflru.'irivp rnrr n t*i 1 a nhniciAn tn nmnnp.tpsrnnpc ntreinct tho hittti. minimum tl* - _ . _ . « . councils decision - teachers against iotro- Max. f57F). cold reduction of strip steel was servatlve to. among the minimum delay. The deadline rtonnaires to tbe teachers and 14C j 1 grammar and secondary duction N. England, raised vesicrdav from 5.S56 of comprehensive school- for submissions Is next Tuesday, the parents or children in the NJG. England no rr f’ the in3 ' Mainly drv with sunny tonnes in 6.3S9 tonnes, and the jv, ‘ “However the parents and area’s secondary schools, with periods. | Loras{ J ne 3rL ver j Max. UC C52F). rnmputer-comrolled fire-stand y °. But Mrs. Shirley Williams, the teachers voted and I'd want to the exception of those catering / it?f 15> ffi «f , — NJE. and cold reduction mill, which ~ mu*. — «.«. n N.W. Scotland State tor education and Science, Mainly dry with sunny oeriods. commissioned in 1974. rolled. I njgbr that the Tameside , poll the questions and who ran the 22,409 replies was received. council Rain later. Max. 13C f55F). 4.443 tonnes—100 tonnes more The announced yester* would. make no difference to her- poll. I don't, think that It is Two questions were asked The j that poll of viable Outlook: ’ Mostly dry with than the previous best day. May [day a 20.575 parents demand under the new Education for a country -of our size first was whether or not" the 1.534 siinny periods, but some 20 . land teachers involved with Act for the councfl, • along with to be comprehensive in most ram: •>? respondent wanted both grammar Rather cooL areas- but with little pockets . . : , of and secondary modern schoo.ls to selective schooling dotted about retained, which produced the BUSINESS • \ be CENTRES here and there, Mrs. Williams strongly favourable response .said. Y’day Y'day" quoted earlier. tnnl-day - mid-do More than three-quarters of . , The second question was that c F •C ‘P secondary ’ Wexamirla as TT Trade Department inspectors school children were Madrid C la fli what • kind of comprehensive ‘V’-mm-rtlm 16 Bl now in coznprehensives, she JTanchKr. s » M and system would the respondents Athens 22 72 Melhimnie would have ** R II 5Z some hard ques- Bahrain K 90 Milan C IS 61 ” prefer if the area were required rue tions to ask any of .the eight Iona 17 E? Montreal R 26 79 higher netiucome and/orcapital profiLEvenafier to go comprehensive. ReUasr 11 main rebel 32 Moscow F 2S a authorities that Belmde 22 72 Munich to probe Ozalid affairs About half .of those who C 14 57T : top-xale taxaii annual return of1% can be achieved failed to Berlin f ^ meet. the deadline. 16 K1 Newcastle ; replied opted for the system of Bir 8 .ft 48 - ’ PTfhm 10 sn ^ .afcurrenl interest rdtei -3 Tb® other New York S 28 a \ .seven are Bexley. schools for pupils aged 11 tb 16 Brussels 17 63 |OjJo BY MAX WILKINSON " s is m Roduest 20 • .Buckinghapislur. Essex. King- colleges' 70 Parts AsSrokets • sixth-form’ we . plus-4wo c 15 39 ; advise on a very widerange of' B. Aires S 13 35 4 ston-upon-Thames, Redbridge, planned by the pre- Penh R 27 7ft the system Cairo. - S 36 97 Prague P 13. mvestmenis.'witlirnvestmeniSj'witli special reference to oersonaipersonal DEPARTMENT OF TRADE in- the -control of the Dutch group. Monopolies -Commission In Sutton, and Trafford. sent Tameside council's Labour Cardiff S 54 . IS Rertoavfk R 8 48; Cologne F 10 taxation. • specters are to investigate the Oce van der Grinten, after the March. It said Ozalid was at the Yet the Tameside authority's predecesor, and cancelled at « Bln dc J'o C 22 72 Connhagn s it - controversial affairs of Ozalid. revelation that profits would be centre of a price ring and that Poll was praised bl Dr. Rhodes short notice by the Canserva- a Rome C Si - W DbWib F - - 11 52 Slns.uKir* S E We ed# advise or? Capital TfantferTax* thn drawing office supplies com- much lower than the market had it failed to observe the law Boyson. junior Conservative tives when they gained control of EKfnmmich S ll j; wncttmlm C T1 ' 3t- which" 'Says spokesman Franjjnn P Sf- pany. expected. price agreements on education. the council in May 1976. W !Stni4l>nur£ C T» Irf' Geneva F have power Oce's offer of 92jp per. share with other companies must be “-AU the local 16 R1 ‘S«dhvy. -tv The inspectors : authorities- Although directed to imple- r. laspxrw c m s ll K Tehran s 17 pr significantly registered. -ought to • undcr the 194S Companies Act was below the do the same, an dask ment the Labour scheme by Mr. Kebmhi T -14 ;. ForfiffthecihforrnatioQ 57 f T<^1 Art* 27 Sl i^easewiite,tet^31^04 investigate if it appears market price at the tune of (he -An unexpected ;their customers' what -Mulley. a Sunn C -n ^SjTokrn to • loss of £^m. sort of. -Fred . then Education n n - - Jofrarg S 24 7a Toronto -of fiHIn- the coupon below. offer - last year from its Canadian secondary schools they Secretary, the council 29 Jf* That its business is being con- sub- want," "he defended LMxm F is • 50 1 Vienna it «r said. “If its dueled with the intent to sidiary which was apparently not the Labour Govern- right to retain selective Umdoa C u a w.nw S 1 am IS flea discovered ment could schooling which, Lnxomhra F « <‘I Znrtrh defraud its creditors or the until the end of the hold a referendum after lengthy n a. Me Dalfcon, Director * rj beeir- -bc-a-y«Mr- on the Common Market, why legal proceedings, was confirmed . creditors of any other person Ozalid has beset — HOUDAY RESORTS otherwise for a fraudulent or series of troubles and setbacks • The group was also the sub- won’t they bold one on school “by tbe Law Lords last summer. . ^THOMSON'S EQUITYAND liFEBRDKHRS LTD. or \\' Y’tlas - purpose or In a which have produced tarnished ject of unfavourable comment in - ..Y*day - 8 SgutlSripttaHaDLLonflQrt Writ*rtng - unlawful a mld-dav manner oppressive of any part image of its management 1975. when directors admitted toUriKY- -C «F •C *F Name. It was that they had -excessive Ajaccio IB of its members or that strength. The Department of received C 64 LasPta*.. SO 88 Algiers C 11 formed for any fraudulent or Trade yesterday refused to say payments of £93.105 in contra- Bl, Locarno 14 67 Agee in Australia Bkarnta • CIA 13 .Address, on C 55 Lnror -40 104 unlawful purpose; or what, precisely, tbe inspectors vention of tbe Companies Act, Blackpool f is. re Majorca 17 «&. would be investigating. However, 1948. The payments were made CORRESPONDENT Bordeaux P 16 61 Malaga rn that Dermns concerned with by OUR DOUGLAS 21 OT 1^73 ’ ~ QwfcHica. F 12 54 Malta or the manage- the company's recent troubles between 1970 and but did . CANBERRA. May 17. 23.J3. its formation ’ aptTmts-9 30 68 NalraM • 23 13- in include: not appear in accounts for those - Corfu C 3«. f hive con- 73 N’aplea 23 73 Investigation in years. UNRELENTING and increasing”' The latest to join the debate DudrovnBt C 21 79 becn gui Ity o f • Italy on |ki~ 7 IT O nertioS thcre5Sh Philip Ffni F a sa r allegations that its Italian sub- Relations in the Boardroom allegations of activity in Js MrJ Agee, the former .Niania C 34 Y3 IJJJl. misfeasance or other mis- Flnratee F . 21 Tfl evaded also from godd' abou 10 be deP?«ed Opono F 15 33 sidiary the Lombardy have been far - Gibraltar State - conduct towards it or towards Australia by the United £ 30,68 S 24 75 regional finance police investigat- with a series of sudden depar- m Bntain w°°- 10 an lnter‘ Guernsey C 10. ® TarHn «ic or central Intelligence . er F 18 81 memhors- AeencY *™*™*-F «a # not Ing allegations Sat Ficut lures by directors. The latest view broadcast throughout * Twwrife -C 13 35 BWDbm bare -nt iBFPTTfCSS 5 11 'iEmu a series ElTOnJs - £240.000 out of the country with- before the takeover was the m Australia by the Australian L F 20 08 been riven ?I1 tiie information Milan £ U MlVii^oeia P W.'G4. embarrassment . to the govern- lsfaniwl Broadcasting Commission, . F 21 its affairs which out observing the proper oro- resignation of the finance named .toi.VcdihT F 38 84 with resneet to J«wy C II 52 : expect, redu res. director, Mr. Brian Kennedy, ment here, attracting more and five U.S. diplomats wbn. he said, « i 0«ca _ Printed by sl demant's eresa f^^t Ihev mi "hr reasonably S-Snnay. Y—Fair. G-noudr. inanrtal 1 R—Rain. b* -Ute F Tines ’Ltd, passed into • Strong criticism from the after only two years in the job. more media attention. are CIA agents in Canberra. T-— Bracken House.- Canaan StmeT.'I^Si Qsahd ‘has recent nmqdcr. e me Finance«eties watch keenly »s on the dispute and, in any These feU as between themselves and the event, what Is it the Financed mStoS at ffSSSSr 1 November and electricians and, if granted in Times seeks — demonstrations, „ SSSStL* , Tow eSmi last1 « fonm wottld represent a that's that The currently run- violence, bomb throwing? name P fa h IlthiJmhSy are there -is total breakdown^ in the social All that could be said about !^A575t OS375 ^?per oat.«St pertS aiM^reSdlevels, I *g!pa^ooS^d « l«way to be contract. this dispute has been raid, on ' The reason our : uman.tbe one hand by bnwflwp made ud. There is no danger why the union to future of over- cannot support their claim is. its members and on the other d 1 immediate U SdM %laSSS- heatiSg^^S^T bundreds of thousands by the management to .its em- ?4 recognised for insurance — — ”V *11 IMS anj i nMiom * rr-* —r — D2V avs that the and file Government many of ness or with the silence which wouldwnniRebe a few nano %f!StMr- JiS's considerably less it observes for others. *i?v- whom earn electricians. F. Chappie. EETPD. were WomSJSto^Sothe margin toan the Port Mbot J. building societies hey would drariy regard a H«esCo«rt. rate and T - a r thpnextrate change between toe borrtwing t&fcm volte-face on this issue as T^estCommon Boad, Bromley, a*-.* .mb^ «S?c2g lSSS the lending rate. This is purely around theworld . p . ; . I ; . -EDln 37 13^0 : ta -20 Ini,-. ' RuBtenburn PUtnnnn - --iini 16 rilemnik. 262ffi +2.5 2.7 loray ! +1.87 ;+U.nz C..A I 20'^ 203$ Uiekv 15'* '* Ilrell ml 341- 68 Valgaiy Pna-er... I 331- — 126 It) d.a \iihi. M«1lil4i»(. 55 * 34. | .34* [ St, Helena .* • 'evil ’.-heZrt+t I '+5 +.1 r.rrut* I. I MW 245 Un(,r — Kl I'awi Not. 6u. IB 18 j knVuugtt'wn 10U •10U -shell Tranapnrt.. 37 36* Ibnada Lenient.., 84- .. '1.040 —20 ro 1.0 X ichotui IixceniBSJOAaJ ~ .- W.r3 8J> (ii.r-din >(»•••. 31 31 1 South Vaal • rbyneu Huttc. .8 1 ilJeS Kit™ 2b'’ 261- . Mai-MiHau 9>a Signal 29* ! - 11a ;+i.i B fidttb Broken RMtogstaOe -ejil 'I*-;, lei. 05 64.,; 30* iUuiiuia.N M'lnnrt, 6U ! x IS t Cold Fields SA _ 331’ ; .Man K. 11. . 33*8 ci;p.. tj aria. ! aea.5 + 1.5 2.b UaUBrtdgc-+LL_-_ .- rL2B *8.61 19 Kiueimn Kin-Ine 33m 53)a "Ignmlel .. 37 37* CanlinpHiik Vtm- ; 22 Sautw Kikko Secnniies. Tokyo i 4 M . r . .. 19 m ; 22* * Union Corporaroin I VKB.X 'll!’ . ini-n ,\lrl-'r'“lil 371- 37,* Haiiu, rz.... 373# 37Jt Pat... — : 136.3+3.1 4JS Uti Besrob-^ «.U# S’, h simpinaiy Ilia H*a (.’anaJOa Imlusu.. tlBlg | a i 18 ’ (iiili-i. • 1 De Beers Deferred art 39 39 Mai-*. 4538 461* imgrr. 221- 221 Verem A 7V«i Bki 302k_ 2.b Kiqneer tl.24 +UJJ3 Knit, 3 ; ; tan. H>i-ine.....^. 17.,' foacreie~. . )<..* 31. i !7* in 31. j BlyvoornloidU ' V«ji 1 Vamllfiia Of.'.. 492* 4Sia Mwmgen..,. . 1 184.8 2.7 K.M.t 4 3-4 anjiiti Kline. .. . Call. Pni-ilii; +2.2 10 BRUSSELS/LUXEMBOURG Kbc*ft'* I rd-20 1 r 1*11-“ It. 25’ 25 73U lnv_- 17* 177„ Eaai Rand Ply. M’i .iii- Midland. >4 Kn-t-iharil 52 32..t 124* 12 ^oninin 178 Gau. euper i »il„. 45 M. tO. 60 (-IL01 4< i':*-o N« 29 29 Vi T i 44* t. c8«tgh_ Free State CeduJd - Mar’oali l"ielii_.- I8i . 19'- >4 1 .mini o 511. 31!» 3 18k Suuthdoim 16 16* Vailing u'krrit.’ 2.71 Olv. ; tCLiO 4.- (• 19 ! 2.77 - p i-0.(M 17 PresJOeat Brfind •Kill* i 44 '« 44 NuitIuth lal. G<(: 251: May Pnt-v or ! Fre. 'Ylrt. l‘»n.i i» «*il. 12 '* 12.3 25* CsMair ,l »b?slim. 8* 1 8* + HoWlnd-™ :2.45 1 PTHilNt • Stern Mav r-iivea 23i« • Ft*. K\«>id .. .. Bl) t 5l*i Dect. 83 Southern !%».. ... 16iv — 16U ; i iootiH*i) : TL75 HLL2 ML 39S, AMSTERDAM — ; J Stilfaniein 31>... A 391* - 21-1 21 -a taiie-tiil.i Vainer*. -’tbn. >at. Rea... 50* 5178 Chieftain 113* i 30js 11* ‘ Wafton* ", > r, :0/#o WcBtoro MeDerip., 1 .. . . 54., NrMri ,2.650 —10 - : - . 4».<-an<|i>i1. 3b.', 361.* Kol. Uvit, 36 U | 56 Soulbenr Paeifte. 36 35* ComiiKv. SiiW 56U 34* "Price or Drr. tM , WesBern.MitttecJfiO pentyl tL73' l-D.vl M.-lK.onri:U.-ug , + tirx lernh..... West Driefonula .. 4 ii. ltlrlit»r‘.i hS'i 501- l'uv-ii-n«- hie.... 20 19 ifi I 2318 23* Southern Kaitar^. 5BI* 58 Cum Bathnr«... kl -lj>15 —10 4O-1 2.7 . .2478 May 17 Fl- { 1+4.01 - t, I Vnahrordn Tl-38 I * Western > 17--. '.112 Holdings 10.,- lOlv i 26J* U.-tina Hill .... 173* oekwt -a" 2.000 1+20 5,6 —v Vi Ki«. ,\*i. on. Cnnmmer 4 Hum it liu, . 25* 1 SHHilblaiid. . ... 21* 21 Western Deep Me-ii. 52.; ' Ll.BJL C-emeat . 16't 15.4 . Kiam. \ .... 141, I4I| 5548 j Cc-Jain -.1-480 wU 0.1 4-— an . Kiel! .... 11* ! Ahuht iFuar, 84.9 ri +0.6 d+ 5.6 I | as »t«rrr Hut