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' HM1BR0S (West BronwricMLtd. JHiBHrawe Tel =021-552 3351 -"i'SsSsi Tefex 337473 ^5% BIRMINGHAM No. 27,394 CARDIFF . GLASGOW Thursday October 27 1977 *i2P •LONDON- • STOCK TON-ON-TEES - SWANSEA. WIGAN *75
COMTTWWTAL SELLING PRICES] Seh.K« BB-&UM Ft- 25; NETHERLANDS AUSTW* DENHAM K-J.Ji PRANCE Rr.J.Si GERMANY Mtl.fc ITALY l.SM; P.J.fc NORWAY K-.S.J: FORTUGAL hxJOr. SPAIN Ha.A9i SWEDEN Kr.I.Ui SWITZERLAND FrJLD; EWE Up INCOME TAX CUTS • SONUS FOR PENSIONERS • HELP FOR BUILDERS THE PACKAGE
TOTAL COST: £lhn. in cur- budgets for science and the rent year ,>n»i £2.2bn. next. arts. Estimated effect: to raise out- Rest of the £lbn. made up come put by i per cent, in first of £475rn. for measures an- quarter "of 1978, rising to nounced in July, including 1 per cent, in first quarter of increase in child benefits, new 1979. manpower and training BY PFTBR RIDDELL, ECOWOfMCS CORRESPONDENT measures and more free PUBLIC SECTOR BORROW- school meals. ING REQUIREMENT: Raised ' long-awaited to £7.5bn. 1977-78 and £7hn. CAPITAL TRANSFER TAX: -A^The e of income tax cuts and ment to current exchange rate policy and the- continu- rates, higher-than-expected tax receipts lower- m and in 1H7R-79 hy the tax and Threshold for liahiliiv raised ' ^additional public was announced in the.__ than-planhed g ing large inflows of foreign currency which are causing public spending. expenditure measures. to-day from £15,000 to' £23.000, ’-'/Commons by Mr. Denis Healey, the Chancellor, yesler- considerable concern within Whitehall. The tax and spending proposals raise the borrow- and starting point of each tax- _ the aim. of raising economic a rate. personal able hand similarly raised h\ J growth to But in answer to later questions, he said that the ing requirement to some £7.5bn. in 1977-78 compared INCOME-TAX: Main “will allowances per cent, £10.000. Rosincs* relief ,‘% which turn the trend of unemployment firmly policy was still to maintain the stability of the pound at with the ceiling of £8.7bn. agreed with the Inter- up by 12 idownwards.” backdated u. April. Single against capital transfer tax “ approximately ” its present lerel. national Monetary Fund. raised to-day personal allowance raiser] by from :»!.» to fin per .Moreover. Treasury estimates show there is con- He admitted there might be a potential conflict Mr. Healey commented after his statement to the £M)0 lo i'P45 and married cent, for nwner.% of controlling 'siderahle scope with the borrowing requirement ceil- between interest rate, monetary and exchange rate Commons that he had not taken full advantage of the allowance hy ElfiO tn £1.455. shareholdings and uninenr- n'rr«.onaJ .•ilhwanre poraicd business's, and reli- f • * tog far further action next spring. policies. But there was no actual conflict between headroom both to keep control of the money suppfy up £60 to £5io. sinalc of 20 per com. -’ranted for Mr. Healey said that if circumstances permitted them now. If there was, he would take the appropriate and to ensure (haf the economy did not run into supply minority bidding- “ allowance ur» £130 tn £1.250 m un- /he intended to make some further reduction in the measures. constraints as a result of excessive reflation. and marriffl aqe allowance quoted eninpnnii"c. These ' reliefs ho v. burden of personal taxation.” In the near-term. Mr. Healey said, the rate of For 1978-79. the borrowing requirement is esti- increased £210 tn £1.075. in applied nn nr^- u-ional also at Increj.-e- take around basis until 1P7S The Chancellor also forecast “a considerable increase in the money supply was on target. He mated £7bn.. compared with the ES.fihn. central Finance pno.ooo people out of lax net Bill passed. Single recovery in real take-home pay and personal consump- thought that short-term interest rates had probably forecast in last December's Letter of Intent. IMF and will cost £940m. this year cumulative tun a nf £500 oim tion ” during 1978 and a fall in the rate of price infla- bottomed out. The Chancellor has also given himself more •>n transfers h.-ncHung from : UT\j and £].2bn. m a full year. new '>i Ztotion well into single figures by its end. The exchange controls changes announced yester- freedom of manoeuvre next year by bringing forward Most people should receive propn-.ils. Cost •si'uirUod at XlUni tms year. •'Kfun next - But he stressed that all that was dependent on an day are limited in scope, and in the Commons. Mr. the increase in personal income tax allowances which their rehales—worth £20 for single person £35 for a year and £J00in. in a full year. s.,‘,^a?erage.eamings growth of 10 per cent, in the current Healey specifically ruled out any major relaxation. It he would have had to introduce in the spring Budget, a and married man—by Christmas. /‘ controls on direct or unless given .a pay round, and warned that if settlements edged up “was not the time to loosen permission otherwise, under the terms CLOSE COMPANIES: Thres-
of 1 -.^towards 15 per cent., there was likely to be slower portfolio investment overseas,” he said. of the 1977 Finance Act. FURTHER MEASURES: hold a ppn m on 1 lent of trading income of close com- • growth next year and less scope for further reductions New Treasury forecasts published yesterday set The measures announced yesterday are expected Chuncclloi said there is panies to raised ' strong rase in 1978 Budget he from £5.000 •.si' personal tax in the spring Budget. the scene for the Chancellor’s stimulus b3 under- to raise domestic output by about 1 per cent, by the m for raising personal tax tn &15.UUU. Top li.mt fer abate- «,V. The proposals announced yesterday will cost just lining the sluggish level of domestic activity this year. first quarter of 1978. reducing unemployment by . ihresholds ihove level of ment relief inerea.ed from financial year, involv- should rise by only about per cent, 110,000 compared it £15.000 : / over £lbn. in the current mainly Total output £ with what wonld otherwise be. social security benefits in in 175.000. Cost: up to - mg an increase in personal tax allowances and a tax- between the second halves of 1976 and 1977. compared Additional support for the construction industry, cost- order to reduce “ poverty £5m. next year, and up tn £20ni. in a full year. Further :free bonus for pensioners, and about £2.2bn. in with the 1$ per cent, increase projected in the March ing £400m. is expected to increase employment bv trap.'* Also case for intro- ducing a reduced rate hand lax changes lo help small -* 1978-79, including nearly £500m. of additional spend- budget. some 30.000. of tax. However, scope firms to be considered before ' • latest estimate public sector borrowing The Treasury forecasts project a cent. i ing announced in July. The of the new 3J per depended np development of next cars Finance Pi l{. The only major surprise in the statement was the requirement for 1977-78 turns out lo be even lower rise in Gross Domestic Product in real terms between economy and trend of pay OTHER snvli /extent of the concessions offered to small business, than had been thought,* at some £2hn. less than the the second halves of 1977 and 1978 with consumer settlements. HELP to com- panies will cost foOU.COU this respect of Capital Transfer Tax. April forecast of £8.5bn. before account is taken of spending and manufacturing investment rising particu- vi mainly, m PENSIONERS: Tax-free bonus year, and £l-:n. next. ’ Healey no direct reference in his state- yesterday’s measures. This reflects lower interest Continued on Back Page \ Mr. made nf £10 for all pensioners in week beginning December 5. EXCHANGE CONTROL: Res- ... Speech* and reactions Page 17. Tax tables Page 18. • Other details Pages 18 and 19. • Cost £100m. trictiuns un borrowings by Features Pages 19, 20 and 21. o Editorial comment Page 20. # Lex Back Page Previously announced in- non-resident controlled com- crease in pensions and other panies lo finance expenditure taxable social security benefits in the U.K. eased from m day. which take effect next month Rules governing amounts of will be exempt from tax for foreign currency which U.K. this year. Cost: £40m. insurance companies, banks NEWS SUMMARY and merchants may retain to open finance business date PUBLIC likewise EXPENDITURE next year tn increase by £lbn. cased. Limit on sterling notes IRERAL BUSINESS BY RICHARD EVANS, LOBBY EDITOR This includes: Construction taken abroad by travellers industry: Extra £400m. in raised from £25 to £100: limit local and central Government on foreign currency notes up reflationary They said that the Prime budget and declared: "This to a hostile reception THE Chancellor’s given to expenditure next year. from £300 to £500. Limits on might tempted to Budget ef repentance mill do in package leaves the Prime Minister be the Chancellor his dozen pre- Expected to increase employ- foreign exchange facilities for Equities to the country shortly after more to convince the House that vious budgets and economic \ Mini«ter with all his notions ooen ment by 30.000: Overseas aid: travel raised from £300 to a tax-cutting budget next spring, the Government is preparing re- statements. Even the few on the choice of a general elec- Additional £20m. nest year; £500 for private individuals. particularly if inflation had luctantly to its judgment face at grumbles from the Left-wing Law and order: Extra l'9m. Amount which emigrants lion date. reached single figures- but the hands of the people than about the need for slip; more help next year for police cadets, may take with them raised to signs of rising again that high-lax Socialist With the promise of further showed the party for the construction industry and civilian support, police equip- £40.000. in toe year. has changed lax reductions in .«he Budget laler its spots." ihc need tn restore public spend- ment and vehicles, prisons and Others believe that if pay - in « «*** f3l,ed to dampen the i next spring. iF tbe% per cent. raiey countered that, community henice schemes. IMF STANDBY: Government ! are restrained general quiet enthusiasm Gilts up • settlements rather ^an a- Budget of repent- Also inchicW increases next will not lake* in pa,D a gu.ueunea.is.not-m-deiinen is not kiesdestrojea.troved up 3JPm. ance, it reward Mr. John Parrioe. Liberal year in mobility Labour MPs believe that the was a Budget of allowance For Special Drawing Rights hours for the sacrifice made by the rcormmic spokesman, said that disahled, mere teachers for • EQUITIES eased after Chancellor has launched the (about 8350m. t which become Daily Chancellor s statement was a reflecting. slight disappointment Government on an extended A Gallup Poll for the British people over the last three deprived areas and larger available in November. “Hire were last night question- years. sign that the Government bad with the economic package. The election campaign that could yet Telegraph published today- Mr. Andrew Gino Newton, conic “halfway to sanity/’ 5 was bring victory. shows that Labour and Con- Despite bis criticisms. Sir e man he was FT 30-Share Index, which who claimed Parties running Geoffrey was obliged to welcome 1.7 at 1.7 down Ministers were buoyant last servative £5*00 to kill Mr. np 3 p.m., ended /Ved level per cent, each, the "substantial cuts in direct at 513.0. night at the wide welcome the with 45 naan former friend . " -Scott, -U Chancellor's statement received compared with a 14 per cent. taxation and the improvement ON OTHER PAGES j Appointments Thorpe. from in the basic financial indicators, U Labour News u TV and Radio 2 * GUTS made headway the Labour and Liberal Tory lead in July. Foiling was Appointments Advts. J2-35 Lending which, he said, had been brought Articles ... 20 Unit Trusts 39 etailie Art* ... benches and at the obvious before Mr. 3 Letters 2 Wall Si. Si Overseas r^ -? throughout the day. There was carried out FEATURES 26 aOu^^Mrport after arriving discomfiture of Conservative about the tutelage of the Inter- Business Boohs 25 Lex 42 Weather «2 no late dealing. The FT Govern Healey's measures were national Monetary Fund. Business Dppts 29 Lombard 2 World Trade Nows Ainster^ daro leaders, many of whose clothes The economic & r; raent Securities Index rose 0.34 announced. package 17-21 Company News 2 24-25 Marketing Page 14-15 PROSPECTUS _ al&di7"Ve‘f“used to had been taken by Mr. Healey. Tory frustration was under- Crossword 2 Mco and Matters to close at 77.43. Quotations ... 20 Imperial Metal Inds. 30-31 aw a solicitor to speak to Mr. lined by Mr. Peter Emery (Honi- Business in the courts 2 Economic Indicators 24 Minion Hews H INTERIM ’" The Chancellor insisted that „ STATEMENTS 5 expected to higher this Entertainment Guide 14 Money Market ...‘Mofi aud Mr. Brian Apfel. a are open eC 0 ton) who called on the Chancellor Gill and Duffus 22 i Farmlno and Overseas Hews ...... 4-* throughout the mater the Prime U.S. advertising Km HopMnsens Hftfys. ... 'iai adviser, said he was pre- morning, to admili parIicular, the Left- boom 15 35 wasI.L^aWdevelopingini as? f®S-°!strategy for y ^ Materials 3T Racing - Minisrer will opt for next autumn Telephone Rentals ... 22 red to set. a' writ for habeas r* wing Tribune group, that his Foreign Exchanges 35 Saleroom nu&s economic recovery over the Foreign credit 3 ANNUAL STATEMENTS 1 7 .|l points al t ^le ie T s0 1 i- FT- Actuaries /; Tus. II STERLING fell 2 to success had been based on “ trad Indices s Share Information ‘W'2* next 28 months.us ixevermeiessNevertheless, . *?£ V? ? Asscd. Dairies 2S f „ visible benefits Home Stuck Exch. Report .... close at $1.7767 in the wake of p l, fuU tional Conservative economic News lB-Ib-24 » Linfood Hides. 25 . , an increasing number of Labour ? l5 mil. of North Sea oil. * Company News 26-?7 The Technical Paar lilierreport the Chancellor's statement. The an elec- policy and not Socialist theory. Jobs Column MPs now believe that 32 Tn-day's Events .. 25 Base Lending Rales 31 trade-weighted index was un- Sir Geoffrey Howe, Shadow There was widespread praise police report into the con- tion in the early summer of For latent .Share fnricj: 'phone OJ-2-J6 S02S trade- Chancellor. attacked the for Mr. Healey's statement from ntial- documents alleged to dianged at b—6- The ext year could be an attractive Callaghan. measures as an electioneering Labour in marked contrast e- been'found in the office of weighted depreciation of the choice for Mr. cent, ** : late Sir Eric Miller, former dollar widened to L2B per «. i* airman.' -of'- the Peachey Pro- (1.16 per cent.). s V - rt}' Company, has been handed £ the Director oE Public Pro- • GOLD fell SI to S162I. j - t • lions. Industry’s mixed welcome ( ? i 4/vw # WALL STREET rallied in M N disagreement active dealing on interest rate BY DAVID CHURCHILL AND KEN GOODING , i ilain and France are reported I Industrial Average closed i i * VI be in disagreement with the Jones “ j LIk THE Confederation of British to reduce unemployment, cut the The cuts in personal tax will 5. 12.04 up at 813.58. on a niandatory embargo on Industry was last night describ- rate of inflation and resume the help to restore incentives and Ir ing ' the Chancellor’s measures growth of living standards which allow people to keep more of • VS TOEASTJRY Bill rate, at for . : Vie* TOln’drtSJ by ihe as a “gamble we hope will come has been so long in coming but what they earn and decide off.” while the trades union is now in prospect,” said Mr. themselves how it should be s movement was clearly dis- Murray. spent. uawii per cenL • .‘ban. . appointed that 3fr. Healey bad Th e Scottish TUC. however. “We hope this will lead to • BETHLEHEM STEEL, the not done more to reduce the was -deeply disappointed" and continued moderation in pay Uilier nOiTlO ,e e f un employment. “ extremely con- settlements infla second largest producer in the T. i^9 remained and .not fuel This package is useful, but " Peter Shore. Environment U,S., had a tiiird-quaner pretax eerned at the Government's bon further.” re 1 de ld -reiary, is to carry loss of $750m. to give it a nine* »«2“de t ™“ rds uo mpl y“en L prepared M? i^n TUC glne?^ ? ? The rate of inflation over the .t the. work House, month net loss of S4fi7.4m. Mu™ Other trades union leaden, on Somerset 2«etS said coming months would show iposed by Sir Hugh Casson. (S128^m. profit). Back Page especially those in the public whether Mr. Healey’s gamble had ThA Mckaap was less than the also 0re cnt,c . cessary to create a permanent sect0 were “ succeeded. n . i TUC 82 wanted, white ^ the J' o ^ dery for Turners paintings. of measures. Mr. Bernard The CBI believed that much There’s no better to u6iHOt6Q “slieht and sfow feipJctP ft wiH way savour the flavour ofthe Dix ’ assistant general secretary have on emDloyraent underti^« larger cuts in personal taxation of National Union of Public required. real France than a Winter Air France Holiday Tiefly • . , • MR. ALEX PARK, chief that these measures can onlv are In this context, land, has Employees, said the Chancellor ttae confederation was disturbed Visit Cannes, Nice or nth an executive of^British Ley betie the first instalment"instalment Theine Monte Carlo and Africa is to open doTip Mt00 litUe i ate.” b demoted to become one of ^ ^ t0 see that the Chancellor had tuest inio the death of Steve «n b avoid the Summer crowds. But Mr.- DavidDaviti BasnettBasnett, TUC “ rivo executive vice-chairmen more in coniine Mr deliberately loosened the reins .«o, the black activist, who died 'action package was Back Page months boost industrial president said the M public expenditure yet again If mainland France doesn’t appeal, try island .-^.detention last month. - to * t . Bach Page priorities in the field of income the tax the tax" in tbe next Budget. At eral Workers, welcomed within limits planned for and African tradition. The temperature EEC has launched an “ " measures as a “ step in the right 1977-78 hy effecting cuts in cur- -l or tJ e »PkegP a"d the same time, he welcomed rarely drops below ? ^ investigation 75 :.'L antj.dumptnE rent pair of historic, churches by the latest increase in tax allow- direction." a p ajne*. Tananese bearingbeannB pro-P CBI Methven Ifyou enjoy outdoor activiti ^Department of the Environ- jg"?* ances and particularly the free- Mr. John Meihven. three- Mr. added: “Increases cs like crucial test public expenditure will be at ing of snxue people from tax tor-general, said the in horseriding, cycling, walking, sailing and • altogether. of the Budget was whether it the expense of further tax cuts j limie Mandela, the black •SPILLERS had pre-tax profit fishing, Aquitaine 'Our common objectives are would help to reduce inflation, which are badly needed." offers you the perfect frtcan denied in up per cent to £6.05ni. in the leader has 6 ' family Winter holiday. urt in South Africa that she six months to July 30. but the oke a Government banning chairman warned of a fall in pro- If cities mean more to you than the 22 and per by having a talk with two fit for the full year. Page sea, and Winter warmth isn’t quite ..ople about a chicken. Lex Fed chairman answers Carter important, how about a few days in Paris? BY jURSC MARTIN, US. EDITOR WASHINGTON, Oct 26. HIEF PRICE CHARGES YESTERDAY For further details.of Winter ... BS + 8 ’rices in pence unless otherwise Prop. Partnerships control, I have Air France Holidays, ask your local DR.- ARTHUR' BURNS to-day much and too little money." But little doubt that indicated) Richards Wallihgton 78 + a he was in no doubt that the fears of inflation would now be Longbourne 250 + Is vigorously and unrepentantly Travel Agent for our brochure. policies of restraint had running stronger, and that long- Charter Cons. 142 + a defended the Federal Reserve's right RISES term rates, Or post the coupon. + 10 policy, been applied this year. which play eas. I3Jpe 1OT7 ..>£1183 + l Petaling 210 conduct of U.S. monetary 204 + 5 criticised week by the Carter of short-term delays Bank 1 318 + 6 R12 last “The increase . 10 me{jy torford
items Of. whether they are to be -con- many electrical •SSTta « cSraetad out l ^ntfuch aE ^e fojj S More training e*®ctac AgU would therefore respectfully vtaaeh do Leyland can isnotnece^ contain any suggest tbatno news ***%£& required news,, depending of «« mmO* exchange scandal whether your em- the fuse l« Yugoslav Mr. course / From O. Lee Z _appr RACING BY DOMINIC WIGAN U-05 The Late Flint 1 -The Revenge of t Indicates programme In 5.55 Nationwide i London and To-day. 6.45-7.10 Heddiw. 11.50 Papers Say. black and white. South-East only). News and Weather for Wales. “ a™ E "Pr. tor 6.20 Nationwide. Scotland— 1 120-11JO a-ra. For Peace week Michaelf Service except: t-ZO-LZS ».m. Penawdau 5.55- 6.45 To-morrow's World. Schools (Living in Scotland). Burrell reads a prayer. Newrddion s oyaa. «o sun Mawr. BBC 1 6.20 p.m. Reporting Scotland. 11.50 All IBA Regions as London Sereo wib «JM.u v VM 3.00— 7.10 f p Top of the Pops. **** Swrlf , mafie a.m. For Schools. Colleges. News and Weather for Scotland. except at the following times:- Ml 7.40 Happy •JT. Ever After. Northern Ireland 3.53-3.55 p.m. Incidei 12 S3 p.m. On the Move 12.45 — HTV West—As trrv General Service Return of Border 8.10 News. I.D0 Pebble Mill. 1.45 When the Boat Comes In. Northern Ireland News. 5-55-6.20 ANGLIA ercept: L2D-1J0 pjh. Report West Head lines. Sport West. Heads and Tads 2.4)0 You and 9.00 News. Scene Around Six. 11.10 The Fall L2S p.m. Anglia News. 2JN Women 4JV6J0 The wme stone. Me. 2.14 For Schools. Colleges. 9-25 Cannon. and Rise of Reginald Perrin. I1A0 ^ crmricu WENCAITTON HAS again forward to dispose of his four In the second division of 2.25 Volumcer?. 3.53 Regional and Weather f° r Northern 10.15 Omnibus: Big Band Jazz Emmerdale Farm. 6.00 About AncUa. attracted a high-class performer opponents. event the two I like best News for &Ireland.nd fiJS p m Ws an K^id^aiKl Weatherer England icxcept with Count Basie. fcJO Arena. 7.00 Bygonea T.30 Survival. ,S i , c « rw^*™ The 7-year-old's jockey, John 5,55-6^0 for to-day’s renewal of the Terry sugar Palm and The Winker. London 1. 3.55 Play School. 4.20 11.10 To-night. England— p.m. Look MJO Biv. rwrlse. U4» Police Simon. s -2a CrM5rDadi ^ Sco " ar,d Francome, who is almost cer- East (Norwich): North i2J» Wtriiis. ujo ,a.m. Bedtime sroty. Biddlecombe Challenge Trophy first-named trained by P Lippy Lion. 4-25 Jackanory. 4.4U 11.50 Weather/Repional Look 6J0 Carnocfc War. 7.00 The News. of Britain's tain to be aboard again at Chel- { ^•.--'ie Brown 5.05 John Craven’s (*-eeas. .uanenester. Newcastle); World of Pam Ayres. 7JO Happy Days run in honour of one Barons at Kingsbridge in D' AJI Reeions at BBT 1i ovr-nnr 3t a I'm* Air 10J0 Sounds and Sweet Airs presented best-liked tenham now that Lanzarote is V". .round. 3.10 Blue- Pei or. 5.35 the following time®- most respected and showed tbat a prize such as UOp.m. ATV Newfdesk. 320 The Eire- by Rennetta McKellar. ILW Cuckoo longer with us. could well N-' .ii .'ii l Nelly in Skylark. post-war jockeys. soon come his wav Wales—1.40-5.05 p.m. Trysor ^ Theatre Show:Si Richard Chamberlain, waltz. 1ZD0 Late Call. P° m 5.IO Vows To-dvv I Smtihamnfnn?- Sp0tUsl,t n 0lher winner here Tn Bryniau Caspar. 5-55-6.20 Wales Inlands. 4.45 Sandohan. This afternoon’s 2 mile 5 fur- runmng on well to be fourty ^fiwl^rpJmSSni j. 5.15 Happy Days. 6.00 ATV To-diy. 7J» JjjJJ /1 y 15 behind Oriilo SOUTHERN long event which a year ago went a( Nnd P-m . siftvrn ™ 240 Women Fsi| Abbott recently; while the Lantoans Rabbi 10.30 Police Woman. to April Seventh has been chosen 2 0Tll5 _ DgK , ;nne Modern. 4JS Tb< F.T. CROSSWORD No. BBC ^ Walwyn trained Winker PUZZLE 3.503 Little House on the Prairie. 5-23 Cross- Richard Head for the sea- WINCANTON The 11.00 DADHCD a.m. Play SchooL roads fc.00 Day by Day. UQ Umvcratv have come on good deal UKUtK sonal debut of Border Incident, LOO—-High Fly*** a 6.10 p.m. Open University. tlJO p.m. Border News. 4J0 The Lon Challenge. 7J» Emmerdale Farm. 7J0 result of Twn preparatory^ Islands. 4-® The Little Boose on ihe Ca Some In! UJO B arena. 12.00 7-1 joint favourite at present 1.30 7.00 News on 2 Headlines. Jimmy Miff in trail# Prairie. 6JI0 News nod Look- Southern News Eirra. 12JL0 «-m. Here August The Winker, 7.05 Your Move. Border with Banoow Rambler for the around. 7.00 Emmerdak Farm. 7J0 Comes the Future. 2.00 Centaur by Walwyn for his- Cheltenham Gold Cup. . 7JO N'ewsday. Get Some In. &-00 The Six MiHlon TvlUC TECC 2.30 Border Incident* Catherine, is just given the «A. 8.10 Chronicle. Dollar Sian. 10JO Police Woman. 111.55 1 I ™L 1CE5 Border Incident, winner of over his rival. 9.00 Premiere. Border Nvws Summary. 5J5 a on. Nonb East News Headlines The Winker** .a-'. •_ followed by Startiaa Point- 1J3 P.m. last season’s Embassy Premier 925 The Hollywood Musical: 3.30 Ramadan Yesterday at Ascot aMd®*’ - North Easi News and Lootcaround. 24HI Chase final at “The Great Caruso." star- CHANNEL Haydock and the W035 CD Only. *23 SflO One. 4.45 LOOh Walwyn chaser. Isle y i 8 it 1 Record Review • 7. ''.XV -.i- >i The great the gratin, -«i, and ’ 71 ir.-- by KEVIN HENRIQUES 1 Here BiiiV Butterfield need- different ro-leaders: Wilber with Though Howard Riley * music noises mcluding some from an “E.M.S. Synthi." tic soprano, or is improvised it has little shape With this cleared oui of the system the musicians get down to really valid and serious playing, ener- getically led by John" in ^bitbl0 ' say member. Taylor on J: Soprano Summit In Concert. European,, approach comes Happily soloists are nnt acoustic piano. Sulzmann on ’ the from Dieval Concord J&zz CJ-29, £4.50. French pianist Jack Similar emotion-drained piano aori H.no Ellington repUcas. Lav-son's on All The Things You .-ire exercises from Roper Dean on All tte Things Yon Are, Jack of °fren on ll.hZr'" b and b *'**• tniinpet is in a ciass its own fPeeiess Velvet V,-ELP 1000. Cycles (Mosaic GCM 774) which P” ‘ Ve ^¥et J”*.,s OT,J 1 and owes nothing to any Eliing- 1 -' a * lT waj £2.49) where all buti two tracks little Jh® ...... UUC3does aiat least liaichave „a more , . !j?...... -•ilOpO. **-«- ton brassraan while little-known behind the Trent-rank British sax v (Dieval originals) are Jerome j azz feeling, albeit small. Dean 'Intertwine, clarinettist Phil Bodrer is a real ,a>'ers ' Ron Mathewson. who ... ^/ Howard Riley, Kern tunes. With bass and drums 9 ]*0 utilises over-dubbine and P once a brings quality to whatever Mosaic GCM 771, £3.25. find. AJ Klink, ?en°r- backing, he strolls nimbly and the inside of ihe piano to ex- Miller, is recorajng he is on. shows ' 061 w t Glenn the enjoyably through instantly also again cycles, Roger Dean. Mosaic -P^ } ^. some press his musical ideas. He b] eve,atlon though. His play- familiar he IS nf tbe m0 t Pulsat,n S ^'4 774. .E125. ® r compositions without joes in fur the modish bangings. , ,. . ? GCM ,rna ,native bassists ng 1S 50 s*11 115 ever straying too the and S around. . . ®?? far from teeth-grating scrapings and n mtu Oratitnde l “ he gets on I ve got it bad fa melody line. has delicate is ... rru 77V n He a sundry noises which in some Mosaic Records the brain- ^UOsaic , iojo. feature Johnny Hodges alto with touch and his style is not to quarters obtain benediction and child of bassist /com poser Symphony . of Scorpions. Ellington) is almost as light as M lltiA, probe deeply into the possibili- approbation for musical en- Graham Collier and Symphony 3 Collier. Mosaic Hodges’. Billy Butterfield^ guest- UlY Srahan GCM ties of improvisation or to deavour such as this. of Scorpions (GCM 773 1 is his £*.25. . this is the otWr note- '} R8i mg on LF. embellish so that the tunes , pii most recent addition to his own ; n h albura ev and uniHltin worthy soloist-open-toned and become totally unrecognisable. label. It is an extended work “ _ “J nfarc themseh-ef.,h n that — 7 Ia tu Lane d vuupjc — iTt « E «-*« n man'c.lanH and 1-HSrfJ* .«*» wrlilw nr serious criticism reservations. a “3S2L1XSjtieasurab.e ^S,nU“,d flS5S!*l.B The most one Q f choruses and leave it at that. ’’ novelist Malcolm Lowry ( fans than a b contemporary music, Greatest album, more for WGJB Lightweight “but ‘tuneful "munr. !S, V.. of a proi.es- san^evetat The World’s V{Eu1Ke people in that territory they symphony scorpions, v =- --- — - — = — P!Uin"tonians.EUingtonians. just the to surprise and • album dying and 7 Angela Aguade, Carmen Lavani and Scsco Bruseancini in La Scrva Padrona Wexford Festival A Neapolitan Plum bv ELIZABETH FORBES -<•> jro T- Not for the first time—and 2 ill so: and \n 20lw.t- rondo ir- ri in if>cT The pi with lurk not for the last—ihe finale, winch wind-; "P ih** in- III- 0: the R.id'u TelrS« Kireatio Wexford Festival has delved into 1 rig tic m a flouris-h of color.iim'a. S? 111 phony nirhcNirn In suilaMy .ludd. though not the inexhaustible hrantub of are just »> delightful. gr.n ei'u I while .I:iiih*n nation#.' The trouble is that the member or the rhythm section he does play the keyboard alone between Themen and other or and prml iii-n on nndii' lur-hi'i'o m I.1-1 \i\ir\-- *•*: l10n®' they nave the imprint soloists: there variations in Italian comic opera Scmii F-ru-caniimV /• Almost definitive original con- is featured. Acoustic guitarist the figures are either a boring arc (Ijiii iriiin: d.tivn. or a tutored composer. moods, tempos as well as exten- pulled nut a genuine prise. Lu matches ihe music exactly: pr>«\p< a* I’niinions-^"wjtions obtrude in one's mind Marty Grosz. Ray Brown on bass, ostinato as in “Perpetuum”“Perpetuum . eifli-d 1 nr i-|.inm>-:i 1 > harmonic 1( all serrn l ussero. a one-act farce slyhsh. . enjoyable than good conversation. . more Paavo BcrgJuod's first South tion out of its path at the con- in the whole in manner that the words tnac a • speaking, remember Bank clusion of Nielsen Fifth fnfhreeyean So, when you’re venture with the BBC Sym- the seemed wonderfully authentic. ' phony Orchestra was devoted to Symphony. After many hearings, .makerall the difference. Britten's three of this century's—conserva- I still find myself baffled by the Opus 15 is one of his Cognac, please.- frailest, most TOamarn tives? conservationists" . reten- many-layered richness obsessive scores, ; of Perkins Engines, the world's biggest manufacturer smoothly pinning faith "The paMrycognacwiththe unique . tionists? Whatever convenient Sibelius's symphony, stilt unable on the dramatic of high-speed diesel engines, founded in catchpenny title we apply to to explain in more than super- significance nf one or two key was rounded flavour." ... rhythmic Peterborough years , f composers who found new ways ficial terms bow it moves, with motifs; even the scor- 45 ago. Now it produces more conversation.supported by a subtle reference Such of retaining tonality, we shall no an appearance of inscrutability ing. so^ much of it “top and than half a million diesel engines world-wide and is sure to be appreciated by your doubt displease one or other bottom" in a piercing and at the to Havana's finest cigar, and even secrecy, towards such Peterborough is suit the headquarters and main portt prLs. It was, at any rate, radiance. conviction and same time insubstantial manner eloquent guests. Yet manufaciurmg centre. most t ,, a occasion: the lack* the allure, yourself. distinguished sheer physical impact assure me tbe “cleverness" extent of having to repeat New factories, offices, Even to the Finnish conductor's ability, from each time that the work contains of his music Trom that period. It new new machinery and behind a superficially impassive some of this century's most depends heavily on the person- more employees have all been added to the facade, o f the to draw out musio important and most gratifying ality soloist to bring it Peterborough operation to meet an ever-growing making of unforced power and music. off. A.* last night’s soloist was Mamain. international demand for Perkin's producis. natural shapeliness succeeded in Ida HaendeJ. Co.Lttf. The BBC performance was one a violinist with Sale Agents: Mentzendorff & Investment in success. Investment in Peterborough. .. lending warmth and depth to to sustain such a conviction. Mr. personality vibrant in every Asphalts House. PaliM St reel. London SHOE 5Hu the recently somewhat under- Berglund does not seek to note, there was a plangent teL QI-S34 9561«'5 nourished BBC string and brass dramatise passing musical vitality about the three move tone.- The partnership was not details, such as the sinuous ments that is sometimes con yet, of course, as close as that string curves under, the trom- spieulc-usly absent. Miss between Mr. Berglund and his dal's bone trio that another conductor Haen tone, though it seems Ring JohnCase excellent Bournemouth orches- might more pointedly shape, or to grow- slightly smaller with the tra: - but it was distinctly the sudden gusts of fresh air years, earned at all ends of the promising. brought by the onset of scurry- compass. Planted between the Chief Estates Survey Chancing a second catchpenny ing scherzando figuration. He two symphonies — Sibelius's, and s title, one might say that it was docs not train a spotlight nn the Nielsen after the interval, given en evening of “tonality against inimitable orchestral colours, on with like feeling for the Inevit- odds C major deep-welling and the way. for example, the Bute ability of symphonic direction, majestic in Sibelius's Seventh parts invariably manage to sound like cumulative intensity — Symphony, D major bravely at once leaner and more Briticn seemed slightly dimin- assertive if still somewhat mysterious than almost any ished in scale and stature. But or write ambiguous by the end of the other composer’s. He does. not lhat surely not w the aim of Peterborough Development Corporation Britten Violin Concerto, E flat need tn; the steady, balanced a well-planned and rewarding major fiercely sweeping opposi- exposition of the music attends programme, POBox3 Peterborough PEI 1UJ : : ' 5 EUROPEAN NEWS Pf? Italian employers seek early reflation Portugal PRICE POLICY reduces CONFINDUSTRIA. Hie Italian the economy should grow was the maximum which union confederations, national organisation or em through 1978 by a minimum of 'would be consistent with the demand a much higher growth ' ployere, is pressing They in- the Gov per cent, or a little more- need to reduce the rate of in- rate in the economy. crnmcnf .for early reflatlooarv The sist their proposals would government. In its oat flation, conform . wfih that 4 and to AND THE measures aimed at securing a the the exchange line budget lor next year pre- . undertakings given to not endanger growth rale- next year of 4-3 sented to parliament at International Monetary Fond. rate of the Uni, nor conflict cr cenL. .writes • Domlnck the end objective of reducing £oyje iri Borne. This compares of last month,. Insisted that a 2 The employers, have now with the the median term. with u official that per or rate supported the main trade inflation lit fly Diana Smith ROLE OFTHE forecast cent mote growth • • 0cfc the party, secretary. - THE MAIN Italian political Berfinguer. '^ WED. WITH a budget made a fighting speech tt> young <&& . parlies seem to be frightened of ' of OSOm, on August militants .in. Naples; over the . .31^11!.' DenUyl the electorate, although that is Sr. telling them, in. effect, year, Mario. Sg area* - not the way they would put It week-end mhwS PRICE that the leadership. was the best Socialist Government, has -*2 They have agreed to postpone— : of policy,, that. Italy, at decreed Immediate etas in p$£* , possibly until the late spring judge tries to and spending.. . facing grave _ u.: . . maybe until 1880—local elections preseht was ^ economic, and social, difficulties scheduled for next month which Current expenditure wfll £,*' j whigh required dmtlo remedies form new •would have involved getting on away cut by 20 per-cent.,- und. S3* : f he saw. signs that . thd, COMMISSION for one in sTx of the national- .no expenditure by 10. per quE3h Chfiiffian .Democrats were pre- the exception. 1 electorate. Moreover there is an afmsjor inw r them) that no *' obvious if unofficial parafto apply and meat specified in the G6m£v' coalition consensus r 23 tjie & 24 NOVEMBER 1977 one should rock boat. What rtf’s - :: that an early general election me thf^esvear blah ^ w By Michael van Os Sig. grants predsely - must be avoided at almost any Berlinguer is financial liabilities. THE HAGUE, Oct. 26. to advance' the ..programmatic £- cost Most MignMeSntiV' rr^jl ROYAL LANCASTER, LONDON an “emergency CARETAKER Prime Minister Why this reluctance to give accord into -J^JEKSEr£» government," which on a; pr&c- /*!**•- eonference organised Jooj.den Uyl agreed, last night the electorate a say in bow to % EpJJJL- nga A by the Financial Times deal level would be tjie' com- 4^ to try to form a new coalition resolve the Italian political another ^ prprocsso under' Government despite the deep imbroglio! First there Is the un- storicp Chairmen: THE ACCOUNTANCY PROFESSION AND elections FuISnre rift that has occurred in his own doubted fact that premature authorUe all -official rrs HOLE IN THE PRICE LEGISLATION AREA Sir Frank Figguras. KGP, CAM Labour Party - following its elections are rare in Italy. Gov- For most Christian Deraocratrl abroad Mr, David Raa Smith, CBE. MC By Dominick j. Coyle in Rome council's outright rejection of emraentS come and go. and on that would be a mushroom "of Mr. R. Hafcrtoed, CBE Senior Partner. Osiciue Co. & the compromise: -reached yester- average' have each lasted less Chairman. Beecham Products almost atomic proportions. U ts HOWTHE 1NOUSTRIAUSTSHOULD day with the Christian Demn- than a year sinec the republic simple. Sig. AndreOtti discusses always necessary In Italy to dl* crats on a new Cabinet. ’ was voted in over ago. in advance all major (and most Speakers to include VIEW THE PRICE COMMISSION 30 years ringnigh between public comment Dr. Gordon Hobday It - was reported from The But the parties generally man- minor) policy Initiatives with the intended for the party faithful, Hague to-night that an extra- age to fill Communists, the Socialists, and OPENING ADDRESS Chairman. Tne Boots Company limited out the constitution- atw| private demands between ordinary party congress is ex- ally the three .smaller opposition maximum of Bve years , But- if this Mr. Charles Williams Deputy Chairman. Price Commission . party leaders. Com- pacted to-be held on Saturday parties In so-called “program-. Chairman. Price Commission between general elections. Last the m i n«n u-pr»> really to press -for 1 week to -give a final verdict on matic ' THE LESSONS OF HISTORY year was an exception. In large .agreement of the six. a Government, it would the compromise. This would TECHNICAL ASPECTS OF PRICE Mr. Samuel Brittan measure it was the inconclusive Only when theteis broad agree- almost certainly bring on the Economics Editor. Financial 7 imes have gtyen Labour and the men t does the pre? COMMISSION WORK outcome then which explains the Government premature - general election Christian Democrats v n sent its Mr. Norman Godfrey *f £ parties’ present reluctance to go proposals to Parliament. hj ch none of the main- parties IRELAND'S EXPERIENCED PRICES ministers in the the W Gabinet. and . At" that point, the pariiamen- _ • - Undor Secretary. Price Commission POLICY to the polls again. want sm*” L«it-°f-Centre party Demo- The In June 1976 pro- tary process gets under way. election £af raav give- : the Com Professor Louden Ryan crate 66 two. Lr for w THE CONSUMER INTEREST exchange duced a reaI deadlock In that no Some occasionally useful com- reflect Professor of Political Economy -^nne to: Mr. Michael Shanks dropping.!- demand for an extra single party, or indeed generally, mittee work apart, there are no Trinity College. Dublin however and of course that also Chairman Dasignaie. Cab|net seat- the Labour Party combination noting clxffhangers. since the In- acceptable of J® So *ftir the DC and the National moT con Mentions of the various parties Consumer Council . parties, could form a majority GERMAN EXPERIENCE IN PRICES POLICY ?_ j s that the various versial Justice Minister.1 Mr.JJ^ ^rfi The known in advance. . Dr. Wilhelm Sterling administration The numbers t headquarters believe,hpIIptp andan THE UNION VIEW OF PRICE POLICY AMO outcome of the general election. . throughout the country. Many The postponement of next 1t nf THE ROLE OFTHE PRICE COMMISSION CLOSING ADDRESS The Labour negotiator. Mr. F.d "l” .. of them fall -to understand why. month’s local elections was agreed JJ That1 Mr. Tom Jackson Rt. tterei pariia- The Hon. Roy Ha ay, MP van Thijn. who heads the -7th- prn the Christian Democrats should primarily .because the parties General Secretary, Secretary State for Prices raentary Labour the of and sector of the t>Tp *L«I?SLi^ni JS be kept on in government on feared that the present informal Union of Post Office Workers Consumer Protection Party, had stated in defence of "KSLJJS back of their own party. Yet for alliance in government might not ton the compromise that It had been li the -moment the -three main survive even so limited an * ernm€0t^ The fee of £1 45.80 (mdudrng VAT) covers afi refreshments. cocktails, lunches and conlerwiee In the -.country’s interest parties are happy with this un- Electoral campaign. The issuer- parues.-ffj - documentation. some vital -economic decision* Fry?? ; usual arrangemenL even .-if they significantly perbStfsT was’ dot' To be cotnpleiPd srd reamed to The FinsneialTimes Ltd, Conference Organisation -*-«*— • • iwitn ms minority Government — Strand, portfolios. rnumsts into Government. 388 London WC2R OLT Telephone : 01 -836 5444 Ext 233 Telex : 27347 blame. The Communists' and Mr. Den Uyi’s first «ntrr-]eft its Socialists told the Please dieter me for ;he PRICE POLICY The DC leadership had own Gbyertmeht: AND THE ROLE OFTHE PRICE COMMISSION Gnrernment formed June. ^ in meeting over the week-end. and privately of their support; for CONFERENCE BLOCK CAPfTAlS PIBUC ^erage.8 InitiaMv be was krot *•** 2 1s **5* or* ‘| afler 8ome morale-raising chit- postponement they wauled r?, ir !I going bv a policy of abstention buit adopted by Comn, chat for the party faithful, and a tte Oimtlapi Democfatu to make March over dHagretneent nvrr the unh and . whole lot of sniping at person- the first publie move. In the jUl v ^ of r 1; rrforin ‘•fWation. T" the alities. made it clear, if somewhat end they challenged—not -the !-5J a formu] a which incidentally elections -the Labour P?»^v seBraa t0 haFe served as a reluctantly, that following the decision as sujfcb. but the manner Company . . _ scored significant gains hnt in it implemented, m0(jei for aaQther European programmatic agreement was which }was failed achieve absolute to *n government lacking a pariiamen- thethi> onlyonlv course at present:orpsent: ByBv .namelvnamely byhv Government decree, Address maioritv. tary majority, that of Sr. Adolfo waT of assurance to sceptical DC Perhaps toe last word should I fr»*m enclose a cheque for £1 45.80 made payable to the Financial Times Ltd. Asked bv the Ou**en to ScaresSuarex in MadridMadrid. The “Italian“ Italian supporters it added that the go to one of the Liberal Parly vovernment. Mr. T'yi Please send a n*w Den t0 q00te the Spanish alliance would never be allowed leaders yfho. Surveying the me further details fnv M^d a coaHtinn of Communist Party leader, Sr. to mushroom into a full-blooded present political situation- and, Party, in r,sbo"* with « seats Santiago Carrillo, is to form a formal coalition letting the PCI In particular the. sixrparty accord Si3nfld__ > Date. th* + Lower- Hnn*;e. h*» political coalition which is not directly into the government. to which his party also, adheres, Tiw 'FimMCWLl Tlf Financial Tin? si. Christian Democratic vri+h id Higd. No. 2Z7593 cnjlmd Bqt IWii*.&aeii*HBa».C«avi:SMX. Li F.EC4P4BY hlnc. a formal governing alliance. But such a mushroom is pre- .suggestedl. that the wh6)e thimrl -Mm. Mil. 'Vtr w Mm- pmn* ms Ss&Ssr?’. mm. 9 " •> : -i , :r- V- vt - r Chemical Bank t'T/ VfilDilt&Wti&ffyfffirT t The difference between Chemical Bank and the other large U.S. international banks isn’t money. It’s loyalty!’ More than money. In ary language. O^EMICALElf^ ChannellslancJsChicago Dubai. Edinburgh FranWu^Hong Pans, Riq de Janeiro. Rome, San Franciscafsao X — - - — Financial Times Thursday October 27 i9f7 O I I ROI’K VN N1US Parliament restores West German energy plan could boost economy £435m. to next BY ADRIAN DICKS BONN'. Oct. 26. TOTAL INVESTMENTS of a? home-owners, businesses and sage that the industrialised generating rapacity require- all further unclear develop- Bari, Taranlo and Brindisi in much as DH-20bn. over the landlords to apply to existing world faced long-term short- ments, but Count Lambsdorff ment contingent on West Ger Italy, in south-west France and next four years cnnld be structure the Insulation ages. despite a short-term made plain that his own belief many setting up its own In the Netherlands. AP-DJ energy glnt silp. year’s EEC budget triggered off by the West Ger- standards pul into force last that has pushed In the need to use the nuclear radioactive waste disposal reports from Brussels. year for new buildings. The current coal slocks In West option Is as strong as thal vf Last week, however, a scien- man Government's reran! pro- The Com mission said a study bill be used to give Germany iq an unprecedented his predecessor, Dr. tific working party reported BY gramme to encourage energy money Hans established that “vast un- DAVID BUCHAN Oct. 26. LUXEMBOURG. subsidies of no to 20 per cent, "2m. ions Frideriehs. He has in effect Favourably nn the proposed site savings through better insula- explored areas exist in member tion of the cost or heat-caving fired the first shot against at. Goriehen. near the Lower of buildings, the Econo- Qieralf. Count Lambsdorff Mutes where geological struc- 1 ’ THE EUROPEAN parliament Otto measures in the D M.4,000- those both In his own Free Saxony heritor with East Ger- S (skimmed milk) programme mics Minister, Cuitnf made clear that the Bonn tures should he favourable to voted to reverw ^the £88m. to the regional fund, Lambsdorff, Bnnde- DAL 12,000 range. Democratic camp and in that many. Count Lamhsdnrff said £23m.| told the Government holds to its view hydrocarhon concentration." jiwingeing cuts made by the EEC to the social fund to alleviate stag to-day. If so, the pro of their Social Democratic coal- this report “showed the Gov- ; An overall economic effect that nuclear power Is likely to “»<*» The cost ,>r the projects is Council of Ministers in July in youth unemployment, and, in re- gramme woold result not ition partners who are likely ernment has embarked os the ] of the magnitude which Count retain a significant cost advan- for the 197S all right solving the estimated at MS.’Jm. EEC budget by putting cognition of there being nearly merely in imporiant energy Lambsdorff referred to pre- tage over coal for generating fo oppose forms of nuclear path inwards £4?-5in.. geophysical exploration and i disposal ^'‘jbacic mainly in regional, 6m. unemployed in the com- conservation, bnt would ghe a sumes that property-owners power. power once again at the forth- problem." drilling. • ^social and food aid funds. The European Commission SWm. for exploratory ,lv This, munity, £M.6m. for selective job- significant stimulus to the will be willing to put up the Coal would remain a security coming party conferences this • '*> approve The Commission proposes In .... for the moment, restores the creation measures. economy and create jobs. cushion has askf-d Ministers to x remaining 60 ppr cent. The. Tor German}, with aid autumn. 197Sbiidget Tor oil finance 75 per cent- of the • to slightly more financial support ifl. than Members also reversed earlier The Government has pro- Minister, making his first continuing to the coal indus- “'«•.* lX.B49hn._ The FDP snubbed Dr. Mediter- geophysical work and 40 per .. the the European units of decisions by EEC Ministers which posed, in conjunction with the speer h on energy policy since try- exploration off « account originally Frideriehs last year with a south-east cent, of the exploratory proposed by had virtually wiped out funds States, to provide up to he took office earlier this The debate produced no new ranean coast and • • EEC Commission. regions of drilling. \ m . ‘*;-tbe fDr official conference resolution Greenland, in the r energy research. DAL4.35hn. in subsidies to month, rammed home the mes- estimates for nuclear making ‘ voting to-day km f also marked The budget will next be con- - -we ant defeat for the strong 22 „ gldered on November by tfap -V-k- pro-farmjng lobby in the parlla- Council oF Ministers, which hast ______1 ment_when MPs approved ; ' J.; an the last say on “compulsory”; IN BRIEF ''1 amendment ordering the Council . Council t (mostly fanfarm) spending. Parlia- allegations „ r- Official report refutes Baader murder iv.^'ahd.the ‘ Commission next year to ment. in itsit December session. 1 put “a real and not 0 merely will have thetl last word only on BONN. OcL 26 '^'[."indicative, celling” Growth of on farm non-farm spspending, which it can ment iwdicv limlcr^ Chancellor price support costs, which make raise by a rate which has to be West German three guerilla leaders died the prison radio system. the A month .iro a similar poll AN OFFICIAL the on cent. up 4“ r cent up -ahead with Helmut Srhmidl. -per • . P® of the 1978 agreed each year. report to-day said that Andreas last week. Rut it admitted thal report said. showed the it™---posit mo - . et replied ' fl * ' bu08 - . change, tn the ^' . significant 2 authorities prove 51 per i'*nt. The _ » The most amend- 5% Baader and two members of his the could not UP1 ‘A.,’ It,,. Toe due In the only 39 per cent in September, SEC Budget Comm Is- ment passed by parliament band committed suicide and were this. Jonathan Carr adds from Bonn: multures opinion, is throughout "‘•'•f-i.^.sioner. Mr. Christopher Tugend- which is certain to be strongly not murdered in prison as some The report said the exact time The lough stand of West German Government’* s-iand The TCsull* .in* hitter—thmiah ’. hat. who described the indiwinfi- for oppo«i- •sr;,’ the overall opposed by the Council—is itaa’l forecast of their supporters charge. of the suicides still has not authorities acamst terrori.sni has the kidn.'ippinu- of n „j un<-\pei-i>-d — the ’'bnlcome to-day as “very coalition iwi. Dr. HamivMarlin Scblexer. it play i-d .in import .ml good.” for the farm price support ceil-, It said a fourth member of the been determined but was r» r°b- earned the Government ,„,n has ’ later jailed ' sa'd of the proposed ceil- of iis rcJu-al to release ,,j il<-ri-i Mii-making w . ing.. fflg. after a and u„. „ 0 Sponsored by — AltieroiThe, _,.r West German Economic band. Irmgard Moeller, survived ably German commandos back to favour with majority r r “g, while we agree ” with the Spinelli, a former EEC Com-! Institute has predicted rising a suicide pact probably agreed stormed the hijacked airliner at the voters. terrorists. ih*.- so *a I led crisis >laff” >n .objective poll Kfi per i of controlling agricul- raissioner wbo sits with the Com-) W. German unemployment and on after failure of ihp plot to Mogadishu Airport ju Somalia A pnll taken by the respected The shows that R„n n. hm tin* • iiiii rmii*ni hn- tural that Bnnn , expenditure, we don't think munist group, and passed to-day i real economic growth of 2.5 per exchange them for 66 hostages ou October IS. AHenshach Instiluie and puh- ccni h«*u.n* u right v .ecurity institutes predicted two days ago real growth In 1979 of 3 per cent, with inflation of 4 per cent The Institute based its predic- Call to halt aid for Israel tions partly on expectations of continued weak consumer demand The mayor who lays enmity to rest BY ROBIN REEVES BRUSSELS. Oct 26. at home and of slackness of trade abroad. Tbe report said that high BY JONATHAN CARR. BONN CORRESPONDENT • ‘ARAB LEAGUE countries, pation of Arab territories. He pay demands and stoppage of resignation • .. together with. Palestine Libera- also urged recognition of the nf cipally as served two State Prime a campaign stressing that while Herr Peymanns of°m.hHo nnnftsUinn’^uJpria ^arrfnnt* raE END the Baader-Meinhof the son of Field Mart He '.\tion Organisation represents- PLO as the only legitimate loyally, Herr Kurt reforms were- desirable they also was widely demanded after henc factors hplninf tn gang has brought into the public sbal Erwin Rommel, the so-called Ministers . . -' ifives. to-day urged the European P ® persuasive had allowed an appeal tn he representative of the Palestinian investment eye a politician who dares go “desert fox” who was forced to Georg Kiesinger (who also had to be paid for (a Onmmunitv to suspend economic people i , >i fl 1 9 East ,'! "• '» P«t . it" ^ returned " ^?dcr"’ r *7rv to ".rS ".ohniMtinT1- of" occupied yesterday "’riS^lSi.S.o^ than a year for preliminary dis- . -Arab territories. was his security jail. Dr. Rommel agreed Were it uot for Dr. Manfred courage. all his, that he might one day a good figbi fairly won JSSSTS^Sm cussions on road improvements to "The demand was tabled at a W. For ail bid for high office. SPD opponent and to the CDU ^edirectorwas a ‘virtunsoof Rommel. Mayor of Stuttgart, the the fame of bis father, speed western* mTc*5 crosrin'g s ri Dr. Rommel has since political clumsiness " but said Sooi^e^pi^: thek* jomt^border^n the^ay^lo burial "tenday of the three it would he hard to find a more However when the Stuttgart ch a S "- *1? *2 v bec " ready l ha d at ,w , b v unlikely-looking not on, - ^° ' ' hero. A reirtTfrem terrorists who killed themselves ™ ? . r wS Srim^Remer , d i»S n r , ? i ? T ’ that M associated wiib added.he'hud!thc inipre^ion ^ a r>eMhVl973 on Crisis topm East in their prison cells could not friendly, bespectacled figure. * * bands more often phic d demft- Berlin. West German officials __ linripr Rn pl came under Cpurm , pres- even we .still don t hate tin. -wart . political centre-left, but \mnte co-operation between the *J2S.” said that yesterday’s first round have taken place in the same aged 48. with hair receding at the status - with the ni?ss>e\ cry where ut w bat frecaom ; EEC and the 20 Arab League of full-scale Government-to- Stuttgart cemetery where the the temples but worn modishly sure to stand as a candidate, it on occasions to yule has consistently tried council. really means members. The EEC Government talks could lead to a first West German President, long over the ears, he freely seems certain that some of those SPD in the municipal to limited to . -t Mr. Taher Radw-an, the Saudi- keep the Dialogue deeper look at the more serious admits that "1 would be a dis- pushed him did so because comes his decision to ( V prof Theodor Heuss. lies buried, who He has. for example, opposed Now -^ainbassador to the EEC and discussions on increased econo- issues of contention. aster in ihe Bundeswehr ifederal of his famous name. Wtiile was bftler 0 positioT1 the , the allow Andreas Baader. Jan Carl , mentation of ’ p to , 0UJ h m p| e . .Tfeader the Arab delegation, mic and technical co-operation “ anned forces) . State was controlled by the of West Germany has dismissed as the choice of cemetery, not least CDU, » mca- Kaspe and Gudnin Ensslin a Arab League on the other! dl?cre0 on radicalism"— a accused the community, in bis The speculation reports, that it had 1 L from Dr. Rommel's friends in the Trained as a lawyer, talented 1 . extremists common crave ,n the city’s Horn- .1 ^opening statement, of contenting hand has constantly pressed to made a new compromise proposal ‘swiaf DeraoSJt su^ee intended to keep Christian Democratic Union. He in... mathematics and finance, he h«Idcn cemetery. He has made .« "itself with mere declarations of give the regular talks a stranger ea " tSPD) Oli , or pubUe servlce which lias *™“" ignored it. saying: I refuse to seemed for years to have found .’^concern and Israel's failure to political dimension. This pres- West talks on jnagic. Imms thought, might help interpreted very differently ad m it that there^should be first his niche as’ a competent official been ir/nli^shorkc'first resolutions its over Europe, Reuter rinnrt’s Twoi-lT ... Ibrry out UN and sure led the EEC. two years bn °S a change. Beyond that federal states. Tins and second class cemeteries. All of the Baden Wuerrtemberg j n different the suicides, lb* . rf meni ^nurres in Washincinn Summlinm then . ’ abases of human rights in ago. to concede the inclusion 0 3 en mit must end w * th death." government in the State capital, ’” a Mir by his politictil respon- on Tuesdav that Bonn* "had ^ut . ? a vear he seated storm over 'Veupied terntories. PLO representatives the Arab ^noiSaM i n i’e" Dhrai ^ m s nnt lhe, pnnrrove r- Stuttgart. No doubt bis long- of stage director, prison security, forward1 a plan which....would iji defence the jubilitv for finally . V [m V ' « He called on the EEC to "sus- delegation. siaisial decision Dr.Dr." Rommel had standing membershiptnembership of tbe 5®°“*** *’ ¥ man ! Claus Peymann—a all. \ modify the ^rlcinSTTwo-phStSoriEinal iwo-phase J®®?, .\ Herr and most of the murder of ln8 rained Tor Left-win; stance as ihn heine proposed by NATO four u . r a indn«rialist Dr. Haon« j have been more wrong. ...,assistance to Israel, on the crele sanctions against Israel years ago at the *o 19“4, but it is the one which conservative state helped his professional skill which er. of j mutual and well as a Marlin Schley a native ;.; «roands that this aid was help- brought no immediate \response' balanced force reduction has made the widest impact Dr. career—but he appeared to be After hestitatina for v*eeks f iMBFR) r has given Stuttgart one of Jhe Baden Wuertteniberg who vr== ’ -r-pig to consolidate Israeli occu- from the Europea isde. Italics in Vienna. Rommel used to be known prln- without political ambition. Dr. Rommel agreed in run. fought coutitrv’s- finest theatres. buried there on Tuesdav. developed must not In 1902 an engine with a 1 litre capacity Robert Bosch supplied that spark. overheat, otherwise dangerous can last 10.000 miles or more, in the old days to comparatively few years Bosch pre-ignition about 6 HP. Nowadays engines produce up In HT may occur. the motorist had to reach for the plug spanner racing cars. ignition systems and spark plugs had become To give 60 HP - or as much as 300 HP in some you some idea of how much every 600 miles or so. automobile development. Bosch To develop and manufacture spark plugs which an established part of spark plugs have developed over the So next time you buy a Bosch spark plug Since then the basic principle of the spark years, just compare very the make such high performance possible, our first plug with just remember how much of the history of the a very plug has hardly changed. Yet up to now we latest models. a technological capability is required of motor car it contains. as many as 20,000 different The high order indeed* have produced 1902 plug had to produce sparks at types of spark plug in order to keep abreast the rate of 15 to 25 per second. Today's plug Bosch UK: of changes in engine technology. must produce five times as many in the same Robert Bosch Limited* Watford, Hertfordshire A good spark plug will bum ofT soot and time. the The Carl Benz called automobile ignition other deposits even during slow city traffic. upper temperature limit for plugs has spark risen from problem to end all problems. *If the It needs to do this to prevent misfiring, to 600 to 900 °C. and the HT voltage 1 else is useless economise on fuel and give longer engine life* from 10.000 to volts. fails’ *, he said, “then everything 30,000 And finally, however sophisticated the design** At high speeds on the motorway the plug whereas modem spark plugs BOSCH » AMERICAN NEWS Halt arms sales demand i Pilots’ leader calls U.S. oil demand still fisiW -w* — — — — - Jp -* 5 —1 _ 1 1 NEVMTORK.NEVr.YORk, iw I BY JOHN WYLE5 Qet ^ l In addi* Tt is too early*early to for concerted global A CHANGING pattern of energy to generate electricity. to dnudraW . at UN debate on S. Africa arsaris-s: elusionsJ® from *wi. Dfa. s oils appears' to-be M®* an increase of more than 6 per aTJdS UNITED NATIONS, OcL 26. The U.S. faces a possible “oil President Carter's W action on air terror cent in demand for oil products aim disaster” by the late 1980s un- encouraging industry to™ AFRICAN members of the UN American position. did not Lake steps to reverse its In the U.S, less urgent steps are taken greater use Of coal. Security Cnuncil tonight called In one of their resoludnns latest repression of black critics UNITED NATIONS. OcL 26. According to the latest figures The JS”' conserve use and is also helping to keep for the revocation of current to-night, the three African mem- of the Vorster Government from the American Petroleum soon to uu THE WORLD air-line dited. He had received no reply. * 1 • arms sales body of develop new energy resources. and oil-product imoortaimports »* contracts tn South bers of the. Council proposed a Mr. Andrew Young, the Am- Institute, demand for oil pro- pilots to-day called for ratifica- Capt. Pearce said that the Secretary Harold average of 8.8m. Africa, as well as iho mandatory 1”, 1978, bassador the 1.3m. barrels a day Defence barrels, iff February deadline for to UN. -is carrying S6m. ransom - five ducts is now tion of three existing inter- collected by in is nearly 7 ban on supplies thev proposed African first nine Brown said New York, half of towtotal ?! South compliance with the brunt of the negotiating load national Japanese hijackers higher than in the 7 conventions aimed at red army . Even If the demand. . 3* earlier this week. resolutions. in New York, frequently report- of 1976. More than half AP-DJ reports. UN curbing air piracy. was “ enough to finance two months Benin, to improve Its energy Other factors : Libya and Mauritius Reuter ing back to the Administration increase is attributed lo U45. acts that Capt. Derry Pearce, president Lufthansa -style hijackings per of the V seemed to be aiming at France, here for distil- position, he said. “I am dis- encouraged greater use .*5 O Administration sources in nf the International -Federation day for the next 12 months." nuch stronger demand which according to some sources .Meanwhile Congressional pres- fuel oils by turbed at the potential for oil include severe dronrtj* Washing: on acknowledged mean- of Air-line Pilots' Associations, .ate and residual has about ' Earlier olUsiarved various SHOOm. worth of arms It sure for srrong U.S. aerion to-day. 46 national dele- the domestic strife in an world parts of the while that was not proving said that the conventions deal- industry and r^L contracts outstanding with South work against South Africa gations circulated a draft resolu- of- the 90s.'' which have reduced easy to out a common por- mounted ing with offences civil Wiimiuici.consumer. iffi Africa. The French are supply- against tion condemning aircraft hijack- electric with U.S. to-day. with the Africa sub- figures power, and - tion allies at the aircraft had only ReccntRecent Government more ifeS . ing submarines been ratified ing and other interference with to South Africa United Nations that pro- committee of the House Inter- have suggested that as much as natural gas because of fears for diesel fuel,, which could by about half the 149 countries i and co-np.-ralpd with the Ropuh- civil air travel, calling for strict- supplies be the result ' duce an acceptable Security national Relations Committee In the 40 per cent, of the demand may that may seriously of a 13 per lie in the United Nations. er air-line rain ' development of the Council resolution dealing with issuing a resolution condemning and airport security, bp because of power companies disrupted by shortages this crease in the 'sale of Cactus missile. The debatewas arranged after and urging aewwl«*»»•••• South Africa, writes Jurek South African political repres- ratification of the expanding iheir use of fuel oils winter. this year. — the federation, which has 53.000 Tokyo. Meanwhile, a spokesman fur Martin. sion. Hague and Montreal con- members, threatened the Sou ih African delegation However, a number of Con- a -IS-hour ventions. said :hjt his country strike this week In protest was setf- gressmen hinted that they might The Cuban ambassador. Sr. sullirii-ni against the hijacking Luft- in weapons and that Speculation introduce legislation proscribing or a Ricardo .Alarcon,- wondered the hansa airliner current Security Council de- assorted aspects of to Mogadishu. Threat to Rolls-Royce They stressed, however, that U S.—South whether race had anything to do recedes bate on apartheid, following last Somalia, and the killing or the Provident Carter African relations, such as ship- with the global attention given week's crackdown on hlark nppn- was committed captain of the aircraft. ment lo South Africa of U.S. ' the CORRESPONDENT i: to the common approach, even i£ issue in the wake of the BY OUR OWN NEW YORK, nenu of the regime, was 'CapL Pearce called off the Oct-i ; irrelc- nuclear fuel, a ban tin the import Lufthansa hijacking, white other vani. it tnnk time. It was even sug- strike after Dr. J of South African goods produced assurances from A LEGISLATIVE proposal that lers." This overwhelming show models). Mercedes gested that at bis Press con- Kurt Waldheim, air terrorism tragedies had been and The U.S . Britain. Franco. cnnipames the UN secre- would ban the sale of the Rolls- of opposition does not kill the ference in-mnrrow afternoon the by which underpay little noticed. Sometimes, per- Supported by the Canaria and h>st in- tary-general, that the UN was foreign luxury but vote Auto* Germany black workers and so on. haps the Involved have Royce and other proposal, the makes President m'ght not be in a posi- persons Importers of . tensified Iheir consultations to- taking urgent action on the cars in tbc U.S. has suffered a it highly unlikely thaL the pro- America. tion to go f.irther than his com- Many of these and other not been fair enough of skin to argued that the day on a po-sihlc cnunlor-rosAlu- hijack problem. major setback in Congress. posal will remain in the legisla- ban wouifl ment of yesterday that he had demands were first enunciated call forth the proper response only 40 barrels of tion. Informed sources said that Asked after the debate whether The proposal was passed by tion when it finally emerges petrolri*? reached a decision on the on Capitol Hi!) by Senator Dick from throughout the world." day and was .v-corrime lo ideas being can- appro- the pilots’ federation would lift the last month as an from Congress. thereto? course Clark, the leading Congress renal Senate 2 vassed by iho US., the priate of action hut was the threat of He recalled the destruction by unjustified as an energy-»S Ameri- African authority, a strike. CapL amendment tn President The Senate proposal was being “ unable to Belgian evinces interest in leadership of IMF ' ria : BY OUR OWN CORRESPONDENT WASHINGTON. OcL jP Clerq, former would to MR. WILLY de the appear fracture .] Belgian Finance Minister, has let hopes that a generally agn it be known that he Is interested European candidate can beeaj in taking over from Dr. Johannes found. Wittevccn as managing director As it stands at present, of the International Monetary British runner appears to be Fund next year. the ofting, particularly since 1 Mr. dc Clerq, who was Mr. Healey has taken himself out Denis Healey's predecessor as consideration. Speculation a chairman of the IMF's powerful Mr. Jeremy Morse, now m interim committee, is understood man of Lloyds Bank, might If to have put his name forward to candidate seems to be unround the chairman of the EEC Council It is understood, however, u of Finance Ministers last week, the British have let it be The current] chairman is Mr. discreetly that they could* Geens. the/ Belgian Finance, cept M. De La Rosifre, aid Minister. : according to some sources, b Mr. de Clerq is understood to the Americans. But it- is have coupled the announcement that no minds have been -m of his i availability with the up. assertion that, in his view, the The choosing of a new ma next n/anaqing director should ing director is moving & be more than just a technician, much more quickly Lhan.i !E C CM This is being interpreted here seemed probable a month ] as aq implied criticism of the when Dr. Witteveen annoy® French promotion of the candU that he was going to step du daejvof M. Jacques de la Rosifire,- The quick French thrust for Director -of the French Treasury. De La Rosifrre; and the respo The French government has this has elicited from other a tries. been strongly urging other EEC could mean that the ii nations to -unite behind M. de la will be . resolved by the end Rosi&re. so as to ensure that the .the year, .several months earf managing directorship remains, than had been widely expert as It has in the past, in European If the European dm's'i hands. But Mr. de Clerq's entry deepen, then the chances of into the lists—not to mention non-European as next tnanap that of Sig. Umberto Dini, the director obviously increase.,? Italian executive director at the name of Mr. John Turner, 8 IMF, backed by his own govern- former Canadian Fim?I ment, and the probable declare- Minister and now a member (ion by Mr. Wilem Duisenberg, a Toronto law firm, persitfeS the Dutch Finance Minister— crops up in this context. Options market charges] BY OUR OWN CORRESPONDENT NEW YORK, OcL 31 THE TROUBLES engulfing I the similar programme in 5yd# booming U.S. share options mar- Australia, kets grew yesterday with the He pleaded not guilty to t announcement that Mr. . Robert charges in criminal courtlo Si H Reid, a former vice-president hattaa. saying he bad alra or ihe American Stock Exchange, been exonerated of any wra KMrtttSt1 ! !» *nd a a federal grand jury on ' charges _ . . Ttle .. or having stolen most of the ,n dictment of Mr.-w Sim. which the company had ®£lses out of 30 Investigation! N*w ork S* *® A?®* set aside to be partly used for X 3 1 r oui* political campaign contribu- H? H. ‘. J' .alleged“nJi.w fictitious trading d tions, writes Stewart Fleming °f (mi a,le abuses hr, K * The executive, Mr. Robert S?d lj Beasley, ° P ns markct »win\ resigned from Fire- - / stone last year. A week ago, the SEC onfa? u'iiB\cri!.i hppn 3 f°nnal Investigation of opiM Tias phamoriCPd °r.„D .,n counls of perjury markets around the country. imposed Mr Rein hpinori a temporary freewfl P 5 aft- fl&i “S ih* SteL nr„nld Foreign investment rises WASH1NGTON, Oct 3- FOREIGN DFRECT investment end was the Netherlands. * y-S. business increased I" bv S6.18bo. compared with $5J9 5-.5-.bo. or 8.1 pcr cent last year 1975, Canada's share ' to S30 18bn., the r. Commerce S5^6bn. while Britain lev® Department said. The gain com- S5.7bn. 1 Since 1912 the Bankers Trust Pyramid pared Investment in U*T.. During our half-century in Britain weve with SA2.52bn. or 10 full-service branch per businesses declined sUfihti? I in Temple Street. It is our cent increase la 1975. has symbolised our commitment to financing It forged strong links with international increased in . the chen^ com- open The country with the invitation to the business community biggest insurance, finance companws-s industrial growth. of direct Investment- at the panies throughout the country. vear- property fields. Rm® Birmingham to take advantage of the It was a commitment that quickly pro- spread Our experience has shown British business fessional commitment represented by the abroad. more than willing to take advantage of new Bankers Trust Pyramid. By the l°20s. Bankers Trust branches in opportunities, particularly if the economic Wherever you encounter oil spill payment London and Paris were doing a brisk foreign climate encourages investment and profit. the Bankers Trust Pyramid, BY OUR SHIPPING exchange business and engaging in CORRESPONDENT numerous To back it. we have 700 staff here provid- you're dealing with a full- mmi OF si international loans. lm - u°der the Tanker-Owners' Vd ing sound, iWriMO0 f has^hoh . professional financial services. service bank in the een paid t0 the tary Arrangement Conns* In fullest sense irs“ irvSi™0 enl. Today, ™ ’ and 10 snme Com Pensation Follnl our for Oil commitment has expanded such areas as foreign u V ?f a exchange, trade, com- of the word, with the te Governments, in an (TAVALOP). capacity n , 7JS through an internal t ,e nt ional network covering modities, f0U°Win 0Sl ° f the insurance, energy" to the aroHndin? u e rro ^ and pension raise, lend and manage T the Greek- U.S. Government although P 35 countries. InpH rTifnL?tanker fund management. Ar o Merchant vlsion has been fflidej money anywhere in the ^Kc° S also world. 3t of Mas3achU5etts expenses Incurred by the^J Our clients include corporations, finan- last nLTh Their achievements December- of Massachusetts and »*» . strengthen our belief Payment IsIandIand sl£, cial institutions and Bankers Payment was arranged - A c,aim f°forr government bodies in in Trust throughtnrnunh Jf, . H'J the abundance of Company ihe been * nC creativity in Britain. International Tanker-Owners* submitted by the virtually every 39-40 !lc country in the world. Temple Street, Birmingham Pollutinn FederationFederation, !,C 5 afteraf, r to*lhe accldeaccident It is also the B2 5DP which is . reason why we have a thriving, based in Inr ! S- Tel: 021-643 London and these casefi ' 4935/6/7/S. Also London since 1969 , and Manchestcn has r, 'vnprs ' h operated a voluntary federatloo, »b« i r scheme 1 ? Pp! or tanker 10 r resent than 9 owners so a * CP more assure cent Df Governments that tankor toe Industry, MSMjJi ripe ra tors are ,nterincdi:uY. with HtfaJquartcTs.New YorLIr.r. ihe l prepared to accent L-: tendre andBirmingham and a representative office in ^nme liability Pensa Jion coming Jn/lbe ManchesterOther branches:MITm Par^Toi-^ c* For oil spillageP 3 Aa ^-tenuucaal fcaabsg , n ^ 1 *e ^ Network of branches,subsidiarics,alBfiatss ^3P0ie| ,aSSau P*11181118 in imernarlnnal wav through Insurers #!- and representative offices in over^ro^ri«aB^^3^^^ ^ Qty waters the -TES TSVSSi $S£~*r& — t '.' r = Financial Times Thursday October 27 1977 PEKING'S proverbial inscruta- CHINA AND FOREIGN CREDIT pectedly lowered export earn- Sadat Inquest on bility extended to apparently ings. Chinese oil has proved Indian suspends difficult. because of arms contradicting itself recently on to market p the subject of credits for its high heavy oil fraction anti Biko death purchases from foreign firms. Weighing the perils viscosity, and in any case industrial To the West German Foreign Chinese energy needs seem debt repayments to Minister's party Chinese leaders likely to mop up a good deal M to be held said they would be prepared to of the output. While they may production accept cash deposits as perfor- of more borrowing be prepared to accept credit mance guarantees for equipment where it is port of normal trade Russia for ten years in public abroad disguised or banking the Chinese bought fa form BY COUNA Mac DOUG ALL practice, slumps By Quentin Peel of loan). To visiting Australian may well want to be sure or BY OUR FOREIGN STAFF steadily rising exports before JOHANNESBURG, Oct. 26. editors they rejected the whole of International Settlements Hong Kong and Singapore, By K. K. Shartna A PUBLIC to be idea of borrowing and said the calculated will they commit themselves too SADAT inquest is that China’s bank major markets for China NEW DELHI. OcL 26 u"|pRESIDEXT ycsterday commitment, the Soviet Union called to hear evidence about Chinese people would simply borrowing was 8506m. be pure surplus. deeply. new Egyptian INDUSTRIAL production In ! . the Cabinet aircraft \iuM supplied MiG 23 the death of Mr. Steve Blko, have to tighten their belts. While are still cut- Added to that is the ideo- tT these obligations are Why tbe Chinese India has fallen sharply since *. decided to suspend ; ,/he had re* However, the Egyptian Air the South African black cons- logical consideration. The ' One can conclude the Chinese not enormous by international ting imports when they April, and. Tor this year as a -‘payment of military nebts to the Force has been most handi- ciousness leader died in who standards, Chinese seem genuinely con- to only Union for a discuss ideology with journalists more large credit obviously need and want them whole, is expected show .. tlSovlct 10-yea capped by the differences police detention month. with last cerned to avoid outright bor- marginal rise, tallowing - • and banking techniques only purchases could make quite a is a bit puzzling. They must a a? {] 'period, the Soviet Union. The British A preliminary' formal court rowing from West, perhaps last year’s 10 per cent, increase. and businessmen, burden, especially for a country still be reviewing their the . tolal amount Aircraft Corporation and hearing Governments . ... The owed by Hawker will take place on principal reasons for the is still their sums because nf unhappy memories The Egypt ..for- past deliveries of Siddeley have been contracted to Friday, and the inquest will but that is not the whole story. which heavily dependent economy and doing of pre-1949 and the accom- decline arc widespread labour is in the region. of $3.5- assist the overhaul take this year tbe Chinese have on the weather if it is to feed on the future export-import loans '«!*! weapons with and place on November 14, AH and power shortages. panying inflation and depen- troubles i 1; Rescheduling the debt has maintenance of MiG 21 engines. according to a decision taken talked about their pressing the people and supply exports. balance. ' Therr has been a wave of -contentious There been report® dence on outsiders. They have ’^tf-been 8 issue since have also by Mr. J. E. Not filing, need for development, and the China is thought to have had In the past they have used strikes, following the assump- October War of 1973 that they might be refitted with attorney-general for Transvaal certainly found that debt limits ;the and role that foreign technology a surplus of nn progress payments and deferred tion of power by the Janata Roils-Ruyce about $700m. the Egyptian rapprochement Spey engines. province, they said. should payments (with supplier their freedom of action. Iu the government, and the number of Michael play in it They have trade last year, after previous the U.S. As it is. Egypt is Tlngay writes Trom The decision follows the with done considerable research into gaps in 1973-75 which altogether credits), with the deferred pay- early 1960s. after the split with man days lnsi and lockouts and believed to have defaulted Cairo: eight new Government submission of post mortem and on its ways and of ments mainly repayable over Moscow, they had to pay off all closures declared has risen Ministers were sworn in to-day deal means not actually must have added up to over obligations over the past two police reports Into the It bought dangerously. paying cash—research that will $2 bn. Some of this was covered five years. Added to that they the equipment they had or more because of the after a Cabinet resbuffl aimed at of Mr. Blko. whirh caused an Reasons for this inelude the pay off knowing how to get invisible have used the interbank from tbe Soviet Union in the -o^viet Union’s demand for pay- extending the control over international outcry and wide- by earnings through growing expectations among cheap credit market, turning what is sup- 1950s. It took four years and an ’'Si meat in hard currency and the economic affairs by the Egyptian spread domestic protests. when they actually Hong Kong, some by a large workers following the defeat of their Deputy Prime Minister, Mr. yes- decide to ask for it. gold sale posed to be short-term deposit estimated 40 per cent, of 'i lfl Virtual cut-off of arms supplies. Informed sources said They do this year ($350m. the Congress anil lhe present Abdel Moneim el Kaissouny. terday post bor- export earnings during the ’* In an address to the Cabinet, that the final not seem to have made up their worth) and some by inter-bank business into medium-term Government's failure to satisfy is principal wbo now the execu- mortem report concludes that minds yet quite how far to go. borrowing. rowing by rolling over their in- period, at a time of desperale them. '-V .president Sadat also announced tive Anwar Sadat’s on the export of President he died as a result of head But in fact devices debt. trouble with the shortage in China. onicial sources say labour . \ v-a ban of the best some have The surplus looks very likely The economic open door policy. tniuries. that suffered Vnuality—presumably long-staple and he been in use for a long time. to continue and indeed increase first two devices has been that So perhaps it is not surpris- unrest Is partly due to the lift- Prime Minister Mamdouh brain • damage as well as fakin-j ing of the tirtual ban nn „ cotton to the Soviet Union and Hence, though China looks this year. Peking cut imports they left the Chinese with quite ins that the Chinese are Salem removed eisht Ministers arntc kidney failure. uruaiilsed union :ir‘i\ ily during • ’’SCicChoslovakia. Traditionally, like to their time. probably hope : having a trade surplus this heavily Iasi year and tbe lack a large repayment burden They ‘ from their posts-, including Dr. decision to hold a full Gandhi's ;1 tJhis commodity has been the The Mrs. Indira emer- Abdel Kazak Abdel Meguid. year, its international payments of contracts shows up markedly pay off over a small number nf to extend ihi»ir export market who!' inquest was welcomed here to- gency rule, and this has led in mam means of defraying the in Europe hv coming inuL* ’ held portfolio, obligations are large, well over have heen the 1 the Planning and day as uro\ tiling an oppor- in the first half of this year and years. Recently they eruption of demands '.teh! buck . .. iV . jjebL Mr. I*»n influential Slhn.. with the EEC. The;, "*‘/ Shaheen. the tunity for lawyers for the of which about S650m. might even continue to Decem- stretching out their credit to agreement fur more iIkiii IS mini ills. ,1 k i£ ‘President Sadat's decision can Minister of who Industry, had is due on equipment bought in ber. In \OiI price rise Israel ‘making ,to be ‘moderate’ nuclear bombs’ PARIS, Oct. 26. By Out Foreign Staff ISRAEL HAS been producing - '1 'HE SAUDI ARABIAN Foreign nuclear bombs at a steady rate /'linister. Saud ai FaisaL pre* for at least ten years, a retired !. ‘r’icied in Washington yesterday French general and former “moderate" oil price increase director of the French Institute said interview v ^-y OPEC "but ' warned that in a radio 1 of Studies . ailure to achieve a Middle East Advanced Defence ,;: i «acc settlement would provoke Gen. Georges Buis said that .world war. Israel had the capacity to pro- : In Amman, the Saudi Interior duce two nuclear bombs every 1 . linlsler, -Prince Nayef ben year. He was commenting on. .’ .bdel Aziz, vowed full support though not attempting to con / ii' the Arab states bordering firm, U.S. news reports that iTael and left open the possi- Israel had built up a nuclear -ilily of a Fresh oil embargo if bomb stockpile with supplies of - 1 ~ ie “confrontation states* were enriched uranium stolen in the irealened. U.S. and Europe. kFTER THE COUP ATTEMPT 4 Zia imposes firm rule in Dacca BY MARGARET VAN HATTEM IN DACCA .HE MILITARY regime of Prcsi- question: was it merely a mutiny ent Zia Rahman has imposed over wages and conditions, or a on control over Bangladesh in conspiracy to overthrow the it wake of the October 2 armed President, or both? _ ivoll from army and nir force In an address to the nation on inks. October 14 Gen. Zia said tbe inquiry had revealed “ a con- The revolt wiped out the- air spiracy to undermine the ,trce's most experienced officer sovereignty of the country by ilots and has left the military crippling the armed forces ” and jthoritics in control but badly he spoke of “ terrorism, foreign raaken. infiltration ” and " a grave crisis clif market The revolt though quickly put facing the nation.” jwn r appears to have taken the The President refused to ex- "jthoritics by surprise und the pand on these comments, saying mount of damage Inflicted by- appeared to . merely that there hat appears tn have been a have been foreign involvement, arrovly based and badly but refusing to comment on Tgatilsed group from the currenf reports of Soviet and iHdle ranks has pointed up rhe West Bengali influences. eakness of the country's intelli- The small number of rebels snee -services and a lack of managed to get control of the ' njty In the armed forces, on airport, to capture temporarily - . hioh the. regime's power Is Mr. Tabarak Hussein, the Foreign ased. Secretary, and Air Marshal In his first Press interview Mahmoud, the bead of the air nee the coup attempt. Gen. Zia force. . Though they seemed to lack any coherent strategy, they Tie crucial question threw Dacca military canton- ' rifled the 'as it. a mutiny or a con- ment into chaos, armoury, commandeered trucks piraey . to overthrow the and killed 11 senior Air Force ‘resident-remains nn- officers—thus setting back at one blow the development of this nsivered. force by years. But it is still not clear what as reluctant to assess the prompted The revolt, nor who ‘Vbls, ponding completion of an were its main instigators. TiCial inquiry, but he talked The Bangladesh Air Force is Chinese wut lhe revolt and its after- small, consisting of ten rath. MiG fighlers. two Chinese MiG M Not one or the country's trainers, four Russian MiGs fonly Shier planes was damaged dur- two operational), five helicopters, training Jg.lhe revolt,” he said. “At no and a few one-engined in 'ate' were cummuni cat ions cut aircraft. It is insignificant but *21*0611 Dacca and the rest of terms of external defence, fll^ country >6 country, nor did the mili- crucial to security in a arc try lose control of any of the where road communications Allying cantonments on the often minimal and railways virtually non-existent. Since revolt, a series nf the Looking ahead from lhe events (ght *of October 2 or sub- of September 30 and October 2. iquently." drastic it seems clear that fairly ugh measures has cliinmuieU rebuild } action may be needed to 1 outward signs of instability. morale witbin the armed Forces * large number of specially and to renew confidence in tribunal* tastitiued military them both internationally and as so far tried ai least 490 and domestically. rabably about 500 servicemen. On this point. Gen. Zia was f been whom a I least 37 have non-cemmillai when he gave his *ecuted. sentenced to life 20 interview to the Financial ffprisiinutent. given long many Times, merely noting lhal there "I terms, and 63 acquitted. might be "one or two changes A More are awaiting trial and in’ the military command. Nu planned \ !-'»e total arrested since Octo- sweeping reforms wore er a. However, . though not oniclaily at this stage, ho said. nnuunced. is estimated at there has been widespread early 1.000. speculation tbai one or two ready to Three political parties— the senior officers were on. evolutionary Juiiyo Sauiajtan- assume control if railed our home ground. are Europe’s leading of the been overcoming the events Ordinarily a construction company We pioneers. We have ik. Ihc pro-Moscow Communist Among politicians, out the need arty or Bangladesh, and the of October 2 spell takes a lot for granted. Power supplies, contractors so naturally we do many difficulties for many years. If we don't have an relinquish govern- **niucratic League—have been for Gen. Zia to on con- united. ment and concentrate labour, lines of communication and transport everyday tasks. immediate answer-we find one. The assur- Armed soldiers continue to solidating the army. he h-is over- “there". But in uard strategic uruund the ance with which he systems are all expected to be when we take on a project aresis the timg lacca come this crisis, for radio station, the airport difficult least, has reinforced At Wimpey we know better. country well move in everything nd the jail, and a curfew, being at snnte diplomats nough recently relaxed is in opinion among normally his determina- As civilisation goes further afield in taken for granted, from our own fuel orce front midnight lu 5 a.m- here lhal despite hold elections next The commission of inquiry, tion to developing new resources, these things are supplies to all that our labour force needs December, leb President is the eaded by • a Supreme Court able .hold °dge. has been examining onlv man currently Jo is big to live and that he not available. Wimpey enough and work efficiently. ivldence the' country together and for two weeks. It Is dominant x will have to assume lhe to the challenge. In a world further P«ted to report in 10 days or whatever resourceful enough meet that must reach out 0. Gen. Zia said political role in succeeds tus further So far. no evidence has administration Here in Britain you see us working on and for life’s necessities, Wimpey is one Totally constructive 'merged to answer the crucial military regime- . . .i ! , ' S1NO-JAPANESE TRADE Commission opens inquin Japan cuts EEC reement hangs on interest i/ates into West into dumping of bearing parts By DOUGLAS RAMSEY IN TOKYO BRUSSELS, German BY GUY DE JONQU1ERES, COMMON MARKET CORRESPONDENT Oct ^ and As&bi pean bearing and housing JAPAN and China look ready Mr. Hoshlno, EUROPEAN Commission- known as Show's) to .£ - But who is keen China's Vice-Minister for Foreign 6.5m r tons (although deliveries THE nM|* (ha. h,m Seiko. factnrpf* sign a long-term trade agree- on a resumption of Eximbank Trade, on his visit to Tokyo in will spill over as to-d,, that it h« opened an into 1978, car market ““ Hon wlll ramlne years. ment by the end of 1977 if Pek- credit for China,";hlna. must first usual J. u en- September, announced that China But -.the level- Chinese investigationInvestigation to determine L . ««* af Oct 26. . houses, whether or not Ttae Federation's ing accepts Interest rale condi- sure that Peking is willing to pay would welcome the agreement .oil exports will FRANKFURT; fa hinge an Peking’s whether Japanese cpm panes are. bearings origi- a formal Inquiry Into-_lto tions set .by Japan's Eximbank the price which the car-makers ^ ^corporate bojj^hotyU-j Eximbank. even if specific target levels for own developmeat and id WEST GERMAN r-ti-ftrr*' Vrufclnot. fnr ‘hall ..‘.a- a_ t A AAnvrlinrv tf> pcilicies, dumping”m housings- for ball. Japan. According to is understood to have for a resumption of export credit under international rules, must particular-’ face growing competition at nating In jga bilateral trade cannot be set. oh whether it can received some time roller bearings officials, the inquiry ago-Soft? < to China. New credit has been charge For its export credit The and abroad from their roller and needle Commission supply Japan with lighter crude home Commission apparently last gentlemen's Mr. Liu is understood to have who on the EEC market -. is particularly complex because suspended since December, OECD agreement from Japanese counterparts . new .fields, rafter than otl action until itibad asked for a resumption of Exim- ' but in Tokyo the stipulates a minimum unfair com- has been Opened _ .. 1 sources expect rate of from the Timhing -fields, which enjoy both fair and The Inquiry ** recent actio*, -over I tvyo- cent, for bank credits to finance. a high managing duatej-Jj sides io reach am agreement 7.75 per state-trading compete directly with Indonesian petitive advantages, at the request of. the Federation “ level of plant impart over the President Carter’s chief trade of bearings. .. . . shortly. To. that end. the Exun- borrowers on credits which go 'supplies to' thfc director of the Motor Vehicle of European Bearing Manufac- 'Japanese, market. negotiator. Hr. Robert Strauss, This earlier case- bank' announced to-day that Mr. beyond five years next eight years in tune with (VDA) which was smLL (compared ‘ Indu5trv Association turers Associations, So Japanese refiners expect said to-day that he thinks the last July through, an -agreed Duizo Hoshmo. its vice-president, with 8 per cent. For other indus- China's plans for- a major expan* Mr. Achim Dlekmann said. claims to represent 95 per cent and sion of they will- be lucky to average U.S. may be able to correct Us whereby the four Japanese nw will go to Peking in mid-Novem- trial nations 7.5 per cent for industrial capacity. Bat although the Japanese of the European industry. The -L2tn - tonsf-'W oil trade imbalance -with Japan panies would raise tteir he^.' ber at the invitation of the developing countries). . Chinese crude Bank Mr. inayama. .chief- of. the ; set push their 2.4 per federation contends that look tq .within a year, writes our New prices ih..Europe' b£afc:,avBr!2 of Filina. however, Kcidanreo's Japan-China Long- imports a year to 1985.' Similarly. market share to Japanese housings are being sold Peking, wants Its cent. German “1 think we win of 15 per cent. Jn Mr. Hoshino's visit will be the term trade an average price York staff. retwii, Eximbank credit at 7 per cent., agreement promotion China has not decided on how 4 to 5 per cent, in the next in the EEC at in 12 months . - . be EEC suspended indefinitely: ' first by an Eximbank executive committee, hopes per' cent, lower than on the lite next a ax"' and the Japanese fear Inter- to sign the- a nC8- Japanese' steel, machinery, 18 months, competition from 26 since- close to balance in trade with per cent dumping duty . inWw-3^ 1979. when Japanese trade nationa! pressure (from . agreement for' Japan In- he much tougher in Japanese market and- that this competi- -ships or other plant it will want them will trade on the hearing sales but. with China 'peaked at $3.Shn. in has damaged European pro- Japan,” he said. The retoS tors like the U.S. as well as other November, but China may mark to buy. next year, over third markets such as Con- the “> 1973. largely to domestic much less deficit with Japan was S5.4bn. right-te-.re4mpese it Jr -S-' due recipients like the Soviet Union) rime unless Mr. Hosbino pledges tinental Europe, -the U,S, and ducers.;’ •' the next eight years. and for the first eight price undertakings -was. ..*2,* political turmoil in China and the- last year if they accede to China's request. Eximbank money at easy In 1975 steel a the Far East, be said. According to the federation, exports hit 'this year it was observed; . j . / tile Tnngshan earthquake, trade - months of The Eximbank is being lobbied terms. The finance is considered peak of 4m. tons, but then sub- Japan’s share of the German output of bearing housings in between the two countries fell 21 $5bn. This settlement, has ilnefe hi by Mr. Kashiwagi, president of necessary by Ohina if there is sided last year when Peking market in the first eight Europe fell from 7.9m. tonnes m per cent- This year, trade has Mr. Strauss said negotiations challenged .by both sides! the Bank of Tokyo, who beads to be a long-term agreement at scaled down its -imports because months of 1977 was 2.4 per USl - been running higher than in of the Japanese manuTact the Ketdanren Committee's all, primarily because the ex- ;of a heated domestic debate over cent^ 0.5 per cent, up on the “It y°J 1976. hut the most optimistic M ” n payments subcommittees. In pected exports of oil and coal to The' wisdoifi- -dT:’ the whole of X970. In the same figures include’ the output of L NTN and NSK, recwitlySiuS forecast of total trade for 1977 'pursuing r„, 1976. Japan's commercial Japan will not be sufficient to growth of Japan. period German manufacturers* 8 1 the European Court reckons the figure at S3.3bn. banks trade with negotiations in Geneva, of JuslltgJ agreed to shoulder most of the pay the bill for plant and equip- sales in Japan fell nearly 20 Japanese .producers* during* fte Last week, a Japanese indus- At present, Japan's Eximbank Luxembourg to rescind an ad* China financing On a five-year ment from Japan. per cent, in 1976. three preceding years, the try committee headed by Mr. is negotiating with Moscow to tlonal EEC decision to keep deFerred-payment hasis (although There are no firm Indications Mr, Dlekmann expects a rise decline in production by the In- Japanese companies import ^ Yoshihiro Inayama. chairman of set the terms for Government some provisional duty paid three smaller to at most 9 per cenL In digenous EEC industry is said to on bej Nippon Steel, began to draft the nr the plant con- yet abour how much oil and coal finance to promote the pending housings into Europe and fit be Japan’s German market share be even steeper than the figures exports between. February long-term trade agreement tracts were tn paid, in cash), China will agree .to supply to sale of about 3QO.OOO tons of locally-produced bearings, which and Mr. Kashiwaei sees little Japan between 1978 and 19S5. within 18 months. indicate. between 60-90 per July this .year- which would be signed by but large diameter steel tubes from account for - chance of providing Japan's market advance .In The is Last month the" Chinese -rifliciats and leaders of much more the amounts are expected to be Japan s big five Steelmakers. The Commission; inquiry cent, of the total value of the Federation a unless mainly at the Japanese industry (with a letter deferred credit the Exim- substantially less than Japan’s Russfan teamuarrlved in Tokyo Germany came directed at four' Japanese manu- finished product European' Bearing ManufaetutnL, and Italian., of guarantee from the Japanese bank takes ud the slack, nrob- requests. The Japanese hope to on Monday, but* experts did not expense of French facturers which were found by None the less, officials in Associations claimed tSa* ablv via sunpliera’ credit to 17m. tons producers hut German exports the earlier this year to have “ dumping ”, margin- on: Gpvrmmenl i. import about cf expect Moscow .to ask for the EEC Brussels say that- there appears be exnnrters. regarded Mr. inayama goes to China, Janane^ .rather than Chinese crude oil h year during lenient, terms' which' China has to Western Europe, been “dumping” ball and tapered to be a good prima facie case of from Japan .had widened H also in November, to firtn u.i the to Chinese imnnrt organisations. the period, and at least 1th. tons requested—ited- although that would virtually as an. extended roller bearings in Europe. These dumping by Japanese concerns 15 per cent; to between 30-35 could have agreement, and observers say it Talk of a long-term trade pact f coal annually. certainly-- change if Japan did domestic market, are NTN, NSK Koyo and Nacht on the EEC market They point cent in some cases, if-said without Japanese may he signed during that visit surfaced last spring when a At present deliveries are sub: give in to Peking’s demands been higher It is also aimed a three Euro- in particular ' to the sharp U was considering legal aettd ’ “ if negotiations between Mr. delegation of the Japanese indus- stantially less. Oil imports de- (The Soviet steel, shipments are competition, Mr. Dickmahn pean susbidiaries of Japanese declines in both production and to seek a higher dumping*llhT* Hoshinn and the Chinese authori- trial grouping. Kefdanren. went clined in 1976 to about 6m. tons, to take place bv the end of fiscal said. producers. FYH Nippon Pillow- profitability reported by Euro- ’duty. ties prove successful. to Poking. Mr. Liu Hsi-wen. but in 1977 are estimated at 1877 next March.) Reuter block. NBR Pillnwblnck ' faiso Arab airlines discuss more joint operations BY RAM! G. KHOURI AMMAN, .Oct. 26 Efforts So- improve cooperation which, will Include -a test-cell among the - booming Arab Boeing-747 Jumbo jet^engl national air carriers have Will primarily service -Pratt receive a major boost during (he Whitney engines of the JT recent three-day meeting here of and JT-4D models, which Fo the 18-member Arab Air Carriers the bulk of engines used o Organisation. Boeing 707, 727 and 737 lets I The organisation Is now work- Arab air. fleets, according i ing on functional and design Arab Air Carriers Organisatlo specifications for a Joint ticketing assistant secretary general. Amt and reservation operation Sharif. - - - centred in Bahrain, to serve 11 Mr. Sharif also revealed On airlines, and five member carriers a pre-feasiblllty study Is beta ] are moving ahead with plans to carried out to determine 'tt . establish an -- engine overhaul potential - for .a '_ joint centre at Amman’s new airport oriented- and owned cm.. that is scheduled to be com- centre In .London, geared "to th| pleted by 1980. needs of the 12 Arab cantal The engine overhaul centre, that now fly into London^ I Fi^t Algeria plant snag B> DOMINICK J. COYLE B0ME, O.ct’28. W. \ . PLANS by the "Turin-based Fiat mise-.Jormxila ,wbicb, in 'ffiedX group-for would lea responsibili tjc Ihe construction of 2a . ni ' 100,000 caiis-a-year plant to Flat fbr raising a sizeable pgf Algeria could be modified some- tion of the money itself. what following talks in Algiers However, officials travel^ between Italy's Foreign Trade with Sig. Ossola have now Minister, Sig. Rina I do Ossola; ported some differences and senior Algerian ministers. opinion within the Algerian Gal The original project was esti- ernment itself as to whether tbfl mated to cost Lire 2,000bn. original Fiat proposal should (£I.3bn.). implemented Immediately in d Sig. Ossola returned to Rome entirety. -The alternative auggal late last night amid reports here tion is for its gradual impIetnJ that President Boumedienne per- tation, perhaps limiting pram sonally.. with whom the Italian tion in the initial stages to u| Minister had a meeting yester- model, the present Fiat 428, day. favoured the Fiat proposals its subsequent replacement; over projects advanced by the production of the larger Fiat G|J} 1 French Renault and the West phased in at a Somewhat hefl German stage. Volkswagen groups. i i The Algerian Government had Fiat itself has made tit)-' m tiff l indicated earlier that Fiat was meat ou any such altemiM preferred on “ techniral Unconfirmed reports in baukh grounds.” and the contract ac- circles in Rome suggest that Fa cording to the Turin company, may shortly -go intotbe^Een depended on. the Italian Govern- cutrency .-..market in coiraectto . ment agreeing on credit lines for with the projected AjE^tiafl c* the project In the event the tract, and a figure of 550ftjj. b Government adopted a corapro- been mentioned. U.S. insurance extension 'Mp. WASHINGTON, 6ct,a THE U.S. Senate has passed a banks for projects in' develop^ Bill to extend the authority of countries../ J. the Overseas Private Investment ’ ‘Hie Bill would eitehd 8» fjs*- j Corporation to offer political risk gramme from December 'SI, 11 insurance to U.S. businesses its current expiration -.daft, — investing in foreign countries. September 30, 1981. The The wholly-owned Government cancels. a requirement voted corporation provides .insurance' Congress in 1974 that the laad to American investors, against ance: against expropriation >4 losses .due to. war. expropriation inconvertibility of cmrency q oj property and incbirwertibitity transferred to private inso«| of "currency. It also may by. the end. of 1979,. guarantee loans by private UB. AP-DJ U.K. explosives for India BY K. K. SHARMA NEW DELHL Oct S« 40 tons of explosives dally from of a stockpile. Britain Coal working . for use by Coal India India is now a national policy * colleries whose production has stockpile, aims at building up ‘of a fallen in the past month, owing ^ mum of 4m. tonnes of. coal, to a strike by Indian explosives equivalent of two weeks’ prs workers. Such is the drop in pro- tion. This is considered- the n duction that L India's programme mum level and the coop for coal - exports to Europe is feels that even twice expected to suffer while the quantity will not be sufficient problem of uneconomic inven- buffer stock purposes. Mather & Platt £lm. order R" I J O driven - e5 v;;;; R by 1,75b bbp C E O A N ^] jcsisiuay DO aunuunurai me receipt motors. "Iw i, YOU'- JL of orders from U\. Indian concerns. Alfred Herbert of Mather and Plan of Manchester has received orders from is to supply £l_2m. worth of Herbert (India)' to..AuppiI w. pumping: equipment to Bharat Herbert/DeVlieg jigmffis Heavy Electricals Kv':: Working of New Delhi. a total of Elm.1 '-•** under poor lighting conditions isn’t copy - could drive them to the optician. This equipment will be used They work out at about 1% of your for These high-precision ^23 good for anybody. salary bill. extensions to the \ . . Better 1 Trlooli West drilling milling ighting can improve their and - performance Your Electricity Board can Power Station in Libya. The trouble is most people don\ see the problem. ana save proride information The will be installed: in d>« *”3 money. For instance, by lighting for the task about company is to supply six mixed heavy They struggle on complaining of headaches modem lighting systems, and there’s no reason vehicle, machine T-a \ and ou concentrate - Row circulating water > the light on the working areas why anybody from an pumps general engineering work load but not the lighting. Ana as they get older where architect to a one-man business it does most good. shouldn die problem gets worse. t feel free to seek their guidance. SUCCESSFUL iWttfc-, Lighting Polish credit line To systems like this are not as expensive If — be iiKCntiul J* f** 'HU:... Try ing to distinguish ‘c as you’d like more light thrown The Export a from an ‘t on a carbon on the subject Credits Guarantee -til*, you might think to operate. camnerdP ... contact your Electricity - Department has Board.. . guaranteed a lencttive* 2m: line -^ of credit which Lloyds “Ta. be Mir rtteawKl » Bank has ‘ • made available to Bank . rbv ire Handlowy w Warszawle UGHTttlcniC 0 f Serrf»^ Business Information Poland. The loan will Zke£ittUicitj Council, England and help tarff -r Wales. finance contracts 25. Rmc 'XM awarded by 1201 Geneve (S-'^Tojr Metalexport of Poland Tel. 022/32 85 20 Tele* ^ - : • V - ' 1 ' ' f y j » 3 : L>V'\ Financial Times Thursday October 27 1977 ' ' 1 ’ ’ - I i ’ ’ ’ ThJjrt TsO&O , ShOttffajuJ ?tsias 2S;oao Seventy Thousand y. Ab Orily • 30,-COC y [/, Tseqty ^riVe Thousand bounds . r | j • •• ,-Qaly.-.] ‘ari :." .-"wac^fittosuw® i." • r '< '003BBE;’ iQ-qy. 03i! ; DQi&6QQ< 1303Bfll^ iO'.Sy. DCaSfcOO- '0038 38' 30-9EA Jj. 1 ~ ; * 1 1 ’ ‘ *S ?• V*' *\ i 2 ' f* 2 4 ' 11/ < IQ" 197? . V / 1977 ' - ‘ s , * *.. . . • Indnstmh • . f (ommercm •• ••• ion - - (g> . . : \ 01-?28 ~5£? v ^91 \WwrW. Road. London S£1 8XP. Tel 01-™! 7X2L ^9TWat«1oo Road. London SET 8XP. Td 9! Wjie:k.«o Road. London • s - V* ; fc. ../ jf v *•*'••' lQ3u2ofci.cn Lti . y7*-r : - ."' j.”‘ Iwnt’a Sou ' rallied My V Aztec dolor Ltd • - Pav-.G.y. Ltd jpr*rrdsT "'•'. 4S,CCO •• •• ‘ c.’ ' * • ; Forty rfctxa£*md Sounds Only Seven T!\ou£-jnD { ' * • sOnly • ^ ~——— , j£< •-*••* “ ' '.• • -. ft- p r 003830 30-9&*. QOl&EC'Q*' fc- QOifl33- 30-R&L OOVL&OCK -OQ3a3b'- aO‘96». OOk ”*' - — .- " ipzfgfbte*** , .2 v 2 ' •• /5 J977 2 /S .?77 i., . % j. j Industrialand Industrial ' . '> V ’ 5v- orbomtion i orMratioa (oiwnercm a > l Vj;erU*- London v 91- 91 Waterloo Road, London SE1 SXP. TH 7«r. . Vhieriuo Road, London SE1 8XP. Tel 01-928 7821 i\. .?••-. ; : ^ ' tlatcfcnr-. P.ubbftv C • jfcar 'T^chtaid Lt& ?*•*» L*& ppy tr ‘ ‘ v • '1*55 ...... - >V . . Txt .C Li-jhty Five Thou ^OCO* ._ . .. . Thirty' Thousand. Pounds Only 30,000 Wcndsed aad Seventy J70 ( Aj ; ‘ iHloilS • v; • • ftSv ./'s/ML- 1 « ^ou»a»d PcanS* C«ly -., <£:_ vssjr,iw . i " . ^ »..> . w *K , - 'VC-s- 'A : \ w. . • *s:- •' . • • V . I 'U03aiB'- -30-cl&L 001&60Q*- '00386*^ 90-W. -OCft&feOO- •0038 39- aO-q&L DOW v ,v "» g |y.- n^fW'.’r ’.'"r.-- =^r> l WMi X’'xm*siwzsx* v. MWWW . " ** ‘ •*• 1 9/7 24/€ 1977 • w 24/6 77 . 1977 JQ _J. inaustnait n • * (ommerck ,k-/ 7 91 Waterloo Rend. London 91^tatoo Road. London SE15E1 &XP.8.XP. TU0M381U«f42S 7821 ^ JL V^lertoo Road. London SE1 SXP Tel 0I-9?8 821 ' ' ’ . ' ;•-> : .-• ••V/ C . ; J- t;.. .r .> 1 \ : ' Packing Ltst *^**?* Sa^nig .iAd • Crown lycn Cer^a aoflsx . oconferv! P*?, Cforder pay / 'f. ^ • * ( : ' • ' /* • ' ’•*’• ’ ' • •'• •' ' •’ •' •' • -7„- !-:ij! .'- $/* ;•. • . '.v. s'lf V- S . P. v 7 !.. _A ' L . 1 • Tbou^aRd- Pounds Only 70, OCX) One Hundred find -orub- Hundroc Thoooaod ^ou^ao ixiO/OgC . ;Vi .. y . J y ^ ^ - .i. - -?»- ..^ j. • .;•!.• ; . . Thoa&incd rounds ’ ,' i s l • ;'.v. t {p f y V- # - J-.. .* 'Q038E3- 30-9&L COIEEOO' .7 'CD3fi&L" 30“?SL ‘ OOttBOCk -003fi3V 30-9&*. OGW 't-xy *»/• -.' l ~r ~Sv'-j*h- fc&eJzS’iiricSti&riSi • . -> . . r ••* x • — «p~— x • 24 /7 1977 1/8 7 • _ i«r ^ , 24/7 . 1977 T«i 0;-«?8 9 J v&iedoaRwd, Lonmin SE1 SXP. TclQL928 7822. Road London SU SXP. 7S11 ' •A/7..vA-A ' .- , . - •.... - . -;;; ' • f.; ; • /’•• ^ • .• • • 'w *r\>. . • ? .yc.:. . * : . .. - . '"^*K ^ - ‘ ' ' '-Tgrlru yped^); • c .L-C. Lagliteeci - - i^v • er: - p^ ^ . - JT.y#r pr ord y ^ - " ^ . . . ’ .-" . P /v ^>^. itli ' ' ' Ptity 75C,C<«& ' :: Twenty Five **•0* ~ . fatodged Thoc 7 4 J •/ ^ ^ ^ rT-^ji^nvc ^ 1 ^ i i •' ' ' ' ; ' ' "! - '. •« - r . ' • D D- 30 r '"aO'wi'^ OCttK^K . A. ;'^'s s ; 0 388 OOk 0038&fi s %~ a 1’ .' ‘ r.‘ .. '. .; ‘‘V . k T 2 •: _*^s ^7;r>' .rc.r:vr-^T'--<- Who says difficult for smaller businesses to raise money at the moment? nr! 1 * > 1 we certainly wont lean on you to sell out, hare extended factories and installed new plant • The fact is,weve offered £42 million to 350 And help. businesses in the last six months alone. even ifwe’re one ofyour shareholders. with ICFC That’s £1% million a week.Or £350,000 a day. Because our business is, simply and solely to Financed sales at home and abroad with ICFC Or£50/300 every working hour. help Britain’s smaller businesses do more business. help. Increased their share base and prepared And there's plenty more where that came from. We were set up in 1945 by the Clearing Banks capital of England for that specific for CTT with ICFC help. Ifyou’re running a business that could use and the Bank between £5,000 and £2 million (oreven more), purpose. We doubt ifthey’ve got anything you haven’t. our money. why haven't we met’ And given the rather forbidding title of the Apart from We can provide equity finance, fixed-interest Industrial and Commercial Finance Corporation. loan finance or a combination of both. Our track record runs to over £480 million And give you between seven and twenty years invested in more than 4,500 companiesAXitli £56 currently invested in 800 to pay back the loan. million ofthat companies as equity finance. Meanwhile,we won’t appoint one ofour staff The smaller business’s biggest source of are long-term to your board. All over the country' there companies that money. BRISTOL MKJSTRAL AND COMMERCIAL FINANCE CORPORATION LfttfTED. ABERDEEN 0224 5302S. BIRMINGHAM 021236 B53L BRIGHTON 0273 24391. 0272 2920B1. CAMBRIDGE 0223 62120. CARDIFF 0222 34021. EDINBURGH 031-226 36S5 GLASGOW 041 221 4456. 26S54. LIVERPOOL 2944. 01-923 7S22- MANCHESTER 061633 551L NEWCASTLE 0632 81&2& NOTTINGHAM 47691. READING 0734 £619- 3. SHEFFIELD 0742 66456L 0703 32044. inrrre Q532 30511- LEICESTER 0533 051-236 LONDON C6C2 SOUTHAMPTON WE DO NOT REVEAL INFORMATION ABOUT OUR CUSTOMERS WITHOUT THEIR PERMISSION. WE RE THEREFORE GRATEFUL TO THE COMPANIES ABOVE FOR THEIR HELP' IN PRODUCING THIS ADVERTISEMENT. 1 1 - 1 1 I . ” ' ' , : 1 . . . ? — ' .i ' r HOMi: NiWS ji» Company Hayward launches Fire cost New routes to Europe exceeded f plan to reform „u’f reports £18m. ;'w. “ THE ESTIMATES cost 'rj * may cause airline row Labour Party NEC damage in Britain last jL5 rose by nearly i-im. to cliches according to figures BY MICHAEL DONNE, AEROSPACE CORRESPONDENT RUPERT CORNWELL. LOBBY STAFF issued . BY I terday by the- British hkr~ is BRITISH AIRWAYS and British British Caledonian has been flights to other destinaiinns—a matter hy whom. it. is flown, to increase airport's . Caledonian have been given given rights to.-fly from Gatwick point on which Heathrow, served bound the new i mOTe than 30 scores. attractiveness . to foreign major routes between Gat- l0 r,nenha-:cn. o s 0 Gothenhu'" *>J' criticised •-.wick Continent. travellers and that it is an error and the Two . .i The authority's aim. therefore. S«etknoo r t ihulni,m. and also iroinfm’in ’ other airlines, British Island bui!dbuild up as quicquicklyfciy orof judgmentjudgment to favour bi^scrbigger CoinnuttEe.Committee, stated to be our aim. t t0 I Executive is to try to ; National [ rwoisnus mdir Aberdeen to openhagen. British airlines. Services, large network of • forura. of Issued explicit Airways and Dan-Air as p^s^iepossible a ‘theI the party’s keyltey policy forum, He then an said. ‘ . . _ . . _c . _ u \T5rt (.11 1 _ -"have not been given anything. Caledonian yesterday that new scheduled servicesservi radiating The authority believes that theatre of upen appeal for the NEC to fall in MESSAGES bv chairmen in com- ; late frequently a it - delightea with Gatwick will developed These w.i s the awards f i to CorContinental and not be l Bight the and decisions, announced fromr( n GatwickGut wick to - warfare between Left and fine behind Government e".11 reoorik^ are severely i l i j nnpnuatelv wrihnHt «ha «nt«tan- ? . . , , . . _ a »« "f hunting services as and British Cal* possible proportion of .busings it IS the bigger airfine? with from such BA . political! v tain ted’eommen ts 'and! with minor policy wrangles In *- drasti reduction in paper* routes- £ A' drastic existing extensive Gatwick a« quickiy as oossiblc donian. are, best able to do this. ' 1 network* — managerial conventional the run-up to the next General work, andan^ steps to confine new ' Tpe transfer- : the ntnv that modernisation uf the The authority's decisions are of P .'' Election. which can provide necessary wisdom ! : worbinc study domiaanUy leisure- sen cp> working parties and aimert, deigned to rai.-c its likely to create wnsiderahle ; expansion in traffic that Gatwick United Biscuits. GK.N. Imperial i Mr. Hazard startled an NEC ..needs. capacity fromi.Sm. passengers a bitterness among other airlines. wall. bluntly listing the Group. EMI. Turner and Ne I meeting by I'Car I* lhin.. is nearing who may say that if they are not 01 , .t® loo British Airways, which already L : Wiggins Teape, Avon, Brock- committee's failings — much aDract other i- P it ; More Horae News, • completion. new routes they cannot n airlm.. - - held licences to fly from Gatwick given ! » Hargreaves; work, too many resolutions ; house GroU p antj paper airlines is also more likely that »o re ;ta various Continental destina- tine of th>' problems is that develop into the larger * par- examined, too Group are singled -out Cor ' to be property 25 foreign airlines are attracted that the Gocvrnmcnt wants to operators will choose to Pages 16 and r -tions, has had its rights con- not (icular criticism bv Mr. L. D : many sub-croups and working F FIRE in , a - .'•..firmed to Dublin. Dusseld.irf. Uanucb. spite of its see. Parker, of Monaab University, parties, and a poor attendance DAMAGE 3i!! £!»,i\SL % id» a « so™- 15 .i i also savsay that any short-haul routes if BA doc?doc. M - amenities,men ties, it maymaj “ i .Frankfurt and Zurich. It willwill' imprmed because They traiia.|j _ f Reporting!Reporting) record by members. . to - AusAustra a aUauthorth0r o!0 groups the strict nwmnwni aB . lacks adequan? connections new route out of Gatwick, no loo, the authority said. •start services nextixt year. with Results to i His recommendationsrecqpajnendations comec ! X I of Company FrnancialFinancial required to complete work on I- ** j • Employees.”rmnUl-AAr !} nowherenhli-ViaPQ oeS-rrtaftP -'4hdao.'llllttn ofrtf militantntrli j existing policies. j t- ' . Right-wingers want ; LabourLanour who - - I After quoting extracts rrnmfrom m hv xec members recent. statements by tbc chair- root-and-branch reform .of the damage so far this year aiite tro' auenqattend maininmu iu>committeeuni re fc,- ' r. F Mmnan Mr . PTPninvr . but'hut thfiV do imnlv a (tes.1... men of these companies.« Mr. , executive, they imply a Ing tl fl66.lm. is for i : such state need greater concept ration by ’ Parker ask 5 ‘Arc ! «ban the correspondtna menaations-cVo beneroreforV methe ful, -fi£- .»• . __ „ Control m on 1 nrro«3rv’ fin ihpv have the NEC on., its administrative c r lh h ‘ sucbJ «doveU« with the Mr Parked claims that all » ' ; ^55 ^Twed - the.^vishes of the Prime Minister, but J* ^eti^^haf^SllSSte : antagonise of audits comments do is J ll”L5K.a » i, 'SI!'} raerce appeared to be resnoS personnel for whom they are in- are oouno in dc treated very tfXrl&er-. Wu'V ! ' cfi. warily . by the Left-.. they ’ tended and cause them to rej6 When ! atteniion i meeung.meeting.megrim* Greater to fire daW^ 1 are examined — and almost cer- ^ tbe whole report.” Bather thatrf Considerable interest hadSS have this happen it might be ^ talrdy modified — by party com- # Resolutions wherever possible i * by State IUUM' ^ ^ j the ' Second N«!SS better to eliminate the chair- mVttees next month. shouldsnout n bedp snuumwosubmitted \o pi__ c^r^y 001 Fire Safetv WeekWoek iusriuor pndpJ ! man s message altogether. • Mr. Hayward flatly stated that relevant committee rather than ... J” Labour's 1976 programme and the NEC itself. Documentation j; SiJi3m21.252™ Vere its current “campaign document” for the annual conference i . w urged C)0n difficultr?iflfir>iilf SM 2JS^ h ^ SoJ already enough policy should he settled by Mav. to ,J contained | “Eg** L’- The criticisms occur io the! to -keep a majority Government allow paperspaoerg to be circulated **" BY JOHN' BRENNAN “ •* j firesflrpq wbere ravage m each pm context of advice to companies busy for 10 years. If implemen- properly..nmnerlv rn.oiul.rf tin. exceeded £lm. Fire-atFI«-ot .a builte* ^ on how to prepare credible! A CALL for State control or! merchants in the South gw accountancy profession is; company's financial state. Mr.| the cause damage of more than made in a disciiisiondiscussion paper pro-pro - Parker gives a warning that^1 if} *fa f » j B [ Britjsh Caierlonlan Airways is buying two more U.S. McDonnell Douglas DC-10-3U tri-jet Other major losses occurmioccu! such-fJh^Ln^tcreports arearp^n^poso-priprepared withw'ii[ I ianilrl Avm I P OfA nl 1 £45ni.). the alat a Sroupofgroup of warehouses In ' airliner., worth SSflm. (over for delivery next autumn and spring of 1979, write* In a* tmancer.n°nrp' and TaxationTaxation^Assocu-J/^bocIa"* avia viewev to? presentingrSenK manage-mana I 9lG TO 'DUUu *1V1U#1 (fffl* WUUU a. A West MldfandsjMidlands, a . shooplhgshooplng ^.' D„ nrie _ The airline has two trijets already. The latest deal, signed In Houston by W | ment Tnin the bSbest po«ibtepossible Ught ® •cinctcinct in-In- the North' .East andan Mr. Adam Thomson. British Caledonian chairman (above left), and Mr. James McDonnell. . The paper, entitled The Audit! they will be regarded as man- w • -w ^ ' chemical11Cal manufacturer“ anuIac ‘urer ,nin -S.w of Public Companies, gives credit vice-president (marketing) of the American group, brings lo 5150m. (nearly £90ni.) Hie agement propaganda and te ' ’ j PnAIHlPO 1C ‘Flldl'll land.?ai?,? -V? i staff. to the various Institutes of iuwstmcntinvestment hyby British Calpdonian in DC-lOsDC-lUs and support equipment-;.The airline this week rejected by : ylit/lll ILm.13 IJJImLIL • I /u’tooether there v> \ Accountants insofar Altogether there were 12 fim Chartered regular service Texas. . for advises to avoid 1 • began il?it? scheduled between Gatwick and ..FinanceFinance this week's He companies hr they have established orufes- where,where damage hr each cas«» purcha.-c i*is being provided by a consortium of banks.banks, Includingincluding tbe-U)e- Texas Commerce Bank. paternalismpaternal iam arid to ensure that :: 1 BY RHYS DAVID AND KEVIN DONE -estimated-estimated.- at more than ££2W2on;0oj sional standards, but criticises reportsreDnrts provideprovide; -real financialfinancial.! Thi' afVUIonalaf'i’lllonal DC-l«sDC-lOs will help British Caledonian to consolidate Itsits major route expansion i ‘ •* The amf 52 other fire'sfires cosrinccosting at & l.-ti-k independence. leaq their of information and -not as a means- is to its enls of the pa ton slowly : ,,nn l > ^ ^ ” f t ^ ' rMrt - Piper. Two more. Claymore and petroleum gas. which it over five years In the enm- m-c 1 rtond Banner after the accoun condenses, f romr0 Upar lsis nnot new .*•“'/Frlivlpnp - - • the order-on • two-yea r-al(L»3 ^ q Thistle, to start nan Vs fnmactanr- ^torth-Wcst ., , ^ , The rale of production com- are due produc- between its extraction and I : tanev firm had"signed a ^riran “a3or -- cheni factorv i^HtroD. by -«r; ^ Thomas NichoS I S21.293 "ing within the next two months, arrival at au-li't report for a subsidiarv of pare «ith b/d in August a U.K. shore terminal.- buifdmg hfofffe was -once PYO- Stockpiles (of Wigan, - Lancs, . who claira 529.622 h/d at lh*« beginning The latest Government report The report also states that aenuired S^^eyGrmip ihe now collapsed fringe bank. . - «- ,0« ‘ .oo. ^ - of thi* jear. m. re.*i«e on Continental But the compand is honins I London and Counties. The was Shelf activities, during the year 57 production' as ,s, stillstiI1“ tlu carecaSe inln ws ’ m "s * u ^ “ P«renasepurchase orof landlana at HaydockHaytfocK thee net loss can be restricted naa achimcd in spite of i enforced published yesterday. als» wells ; S* he shows and S7 appraisal and ex-i «nirifc 1 • of Oil11 tn SL Heleos. UI llj about result of . fK-mio uf a Bren i Field plat- that during the period April 1, ploration wells were drilled coui-iI 300 jobs as a £. , Tt,e economics of sugar/ The company, founded ln !9E - 1 * form, now being filled with gas- 1976. to March 31 this year, the pared :vith 18 and 114 respec ; , , , the developmentP n of new busi- chemical production have heen was said to have group dcfiBd injection equipment. >.ix North Scr, cas fields in the tively in the previous year. I nes«?s ln, v d ij ‘Make co-op '- i , .! Tntal production in ilic period L.K. sector produced 39bn. cubic Contiuenlcl Shelf Art lf>64: i aepieieci wkw.,,., Pi=otvh,chwm srf?iiL rO'f Kr°. lf 5?; ‘is Pi!i r , "cr*a5e th« olJ Pnce aElcr hands oFs?!joint receiver*!* -.ramiarv to Septenii'cr v.a- 27.1m. metres of natural gas and 390.752 nrnne . under Tate and Lvle's 1? Report for Year 197*77. Corn- • Talres Development subsidiary, the Arab all embargo managers in June. 1975. tonnes. At curn til prices Ihls t-.-nnes of condensate. S.O., ) myiis Pay-erCr 572; S.O , price £1.35.£I.3'<. rFinancialnano Tim*sTimesnmes upReporter The grtjtf-a homes I Jj? first ePt Tate and Lyle is convinced that judge refused to law ^ maj 0r new pr0j 'THE HEAVY stockpile* r.flln emerge from the increased its patented processes could now adjournment to allow the cm ' alcoholic spirits built up at thei search bv the company for areas prove attractive, especially in pany to pursue an action agitat simpler’ 4 lend nf 1978 have now been of diversification. ' developing countries with ahun- Williams and Giya's, its banfe depleted and the trade is getting The plant, on a 20-acre site — dafl t s“?3r resources but a lack He said the company, winw By Michael Cassell. Scots growth i go on indigenous supplies. registered Ellnbtft to nnrmal. the latest tbe biggest to let by of oil office was at back | be Liverpool Building Correspondent j statistics from Customs andj for 11 years — will make sucrose • Licensing discussions are being House, Presloji New Hoad, Blaes j 8Y RAY PERMAN, SCOTTISH CORRESPONDENT burn, obviously . -b,.iv.cwc r,H , 1 Excise indie? re. i surfactants, and microbial poly- held with a number or countries, was inso\vtd rRi.iPOSALS for a Simplified lav. . I i.n.L i - e i j l-!-.* i a 1..J] n v> _» a onH hit nrttiM p.a» aoma- co-nperative housing worn ' THE IMPROVED health of tbed 1P77. a considerably better per- in Britain were published by the formaucefurmaiice than is expectede - for s.s.-oiit i i^lq ' i>* Financial Times Thursday October 27 1977 11 rFOlftTME-NTS ntej Senior executive Like the iime one ofour Avis girls rescued 0 businessmans briefcase at Heathrow. He'd left it posts in Allied behind in the boot ofhis Avis car. With just minutes to go before take -off she found it and rushed Breweries group it over to him. ' Like the time an Avis manager, returning ALUED .BREWERIES (U.K.1 BRJGNELL AND CO. ..'-fias made three appointments at (BUILDERS; in place of Mr. Percy' that his car rented out ? Irid Coope and the Aylesbury Clark, who remains chairman. from abroad found had been \ Brewery- Company from January * due to a sudden demand for cars., and had to travel ^ r Mr B. Dance has been ^Mr. WTWom Leyland takes over : npomted mechanical engineering l-jnri-Tteie duties a; managing public transport. ^'rector Dr. J. V. Lyons, home by v director of the Aylesbury and Like the fact we have more cars at more V 1CES. airport anyone else. Like the condition and • (headquarters) of that company locations than Mr. AlWa Hall. . Mr. David * ^by newness our cars; are older than 9 months. - Mitchell, at present commercial Mr. D. H. Boas and Mr. A. C. of few .director,. Joshua Tetley and Son. Stephens have been appointed 'wili become managing director of directors of BLAND PAYNE Like the ease with which you can rent them. We ilnd Coope (London; in place of (MARINE) and Mr. C. Perrival Ball . . has [[ |jr become an executive director. have 5 regional reservation centres, and nearly 70 offices - v ; - Mr. A. C Chamberlain. Mr. D. A. Valor'-. has made the following Cressweli. Mr. F. Croekrord, Mr. liPPoftUnen Ls to its subsidiary J. Fairhead. Mr. fi. Raplcy. Mr. throughout the UK. f; VALOR" INTERNATIONAL: Mr. P. J. Thomas and Mr. D. Tyler _ - >nk ."irtan Wharton becomes m&nnging have been made assistant At Avis, v/e really do try harder. Mr. UAtiiT iiirector.; Keith- Bering l on directors. r*^CF fraies director, and Mr. Harry + ;R,,rnett ire overseas opera- .B. •? >t r. Donald F. Jackson has been r- Va!o ‘: appointed financial director or S }l W'4SnJ?..nt ,he CONCENTRIC GROUP. He 1 reviously Johnson Firth "^bva^Intemati^al Mr?Robert P wlth “r0WT1- •••• bases continues as director ol ,'^nance of -Valor International. * * . Mr. K. P. Legg has been appointed a director or the 'Mr. Don Collie, until recentlyu 1 • L rL a ver ou-vrrvwwcjAiw: V-rYnonn a. home trade marketinc manager of A.\GLO lNDONESIAN CORPORA-I JOHN WALKER AND SONS, has TK3N. ' • - been appointed to the Board. * r - - ' - * Mr. Geoffrey Codserill. an Mr. C D. "Jakes has been Under Secretary in the Depart- appointed a managing director of ment of Education and Science is • WARPfSN- PLANTATION HOLD- to be the new secretary oT the ‘ ‘ : 1 ^ , :-jE>IGS and has been succeeded as UNIVERSITY GRANTS COMMIT- V pbance director by Mr. T. K. Faris. USE from Janaary L He will * ‘ succeed Mr. John Carswell, who L, . The following appointments is resigning from the public aer- " •• ^ We been made by BRITISH AIR- vice at the end of this year to :-, -'/CRAFT CORPORATION, a British become secretary of the British Aerospace company. Academy. Mr. Cockerill will be Mr. D. Wynne becomes financial promoted lo the rank of Deputy * ".''‘"Jirector. British Aircraft Corpora- Secretary’ on taking up his new ''Bon. on the retirement of Mr. appoiatment. T.B. Pritchard on October 31. + ' ’ tfr. Wynne Is also appointed finan- Mr. William R. Ashbetry ha* tri.J vital director of BAC Com- . been appointed secretary of Btrcial -Aircraft Division, sue- the MIDDLETON BUILDLNG . •: -reeding Mr. Harold Smith who is SOCIETY from December 31. He ;'ea\-ing the company. In addition, V'ill succeed Mr. Alan Farmer. jr.'-Rr.' Wynne :wiil proride specialist who is leaving the society to take insistence to- Mr. B. E. Friend, up another posilsvn. finance of British ••-....lirector of ^ r :.:;ISra.b.m'n/d. SKi; V.lWwr.Aa.tKtor If BAC -.Commercial Aircraft iwaBoard iJ^RPLA^Tf N0RPLA-XT division and Mr. RL G. Wilde, : managing director. na,a.\u. - “iccomes * * Miss Rosemary Sprigg and Mr • Mr.- Graham J. L. Hlil has ^ i been Terence Lucas have | ' the in B f REGTONALREGIONAL WoPERTIESPROPERTIES ^® 2?rA? A>‘ D raGAN tpfKn 1ANAGEMENT, the principalprlncipal subsidiary ; of Regional \ { f [Ij^Jperattng | * jperties. — -* Mr. Ken Halim, former market dimnaiMr. Roger Fool bo, become '» ™'“K,r 1 11 of the C IPA FM resident COUNTRY P ^?L„4mH 1 5 bee" 1 ed . , AMDOWNERS .ASSOCIATION I/, '" n JjJ5,vJ LUh gS‘"" “ dePU,-V H e‘ 'AOIJIldu resident. -oa.e^nfel^^ce’llvS" . ^ continue to be based at the ^in^eskienro? ttJSg ANNIF1N EUROPE and vice- • „ Mr. Geoffrey RJch*ds has resident of Ihe Parker-Hannifin w ferporation's International Group. CHESHIRE BUILDING lr. Mark Jarrad has become vice- SOCIETY resident of finance and adrainl- and continues as general manager * - J ration of Parker-Hannifin *\ . . .. , •ntope. .Mr. 'Glyn Ward has been., Mr. Clive Segal has been . lade financial controller — appointed managing director of Mope. All are based in Watford, KRATOS LTD. A El SCIENTIFIC - . ertfordshire. INSTRUMENTS, and vice presi- * dent of KRATOS INC. He takes Mr.' Bernard Bland, general over from Dr. Terence Gooding, ofks manager of G. PERRY AND who resumes full-time duties as -J3fS has additionally been president and chief executive of .ppointed a. director. Mr. J. the Kratos parent company in U.S. Irtdn has .-become sales director California, *’ ! the company! w’hich is a ember of ‘Ihe "Weir Group. The five Government nominees :to the INSURANCE BROKERS .Mr.’ L. E. Riley has been REGISTRATION COUNCIL are apolnted a director of BAM- Mr. J. P. H. Mackay. QC, Dean of DRDS LIMITED and continues as the Faculty of Advocates. Mr. jcreuuy of the Bamford Group. P. B. Milne, partner in Lancaster . * . "Littlejohn and Co.. Mr. D..* B. Hr. Frederick M. Bachman has L*wis, executive editor of Money sen named rice-president in the Mail (Daily Main. Professor R. L. xjject finance and syndications Carter, Professor of Insurance »up of CHEMICAL BANK LON- Studies at the University, of • 3N." Nottingham, and Mr. J. A. * Halladay. chairman of Ihe Cor- ,Mr. Peler Clark has become pnravion of Morlsage Finance and -'anaging direclnr of JOHN Life Assurance Brokers iii ; K .‘ Alliance Building Society ; : r (licf'te announces that from 1st November 1977 Ihe rate . * " . of interest paid on Share and Deposit Accounts will be reduced by 0.7° b p^. and the following interest rates will apply to personal investment accounts:- . Gross equivalent. f . Nrt \icldai54 o per annum income lax raie / AAfw ORDINARY SHARES n B'lfllTfi MoneyReady juniorand I-monlh IMTI '• noiiL-e.MoncjvMoiUhJyAccounis /V TERMSHARES (Current bntcJ . OEM ' n*/ T/n 1-vear High Income term Share v /" and MoneyMonthlyAccounts 947% •/L .w|~|0Z. 2 year High Income Term Share ( - A#*Jvf /U and Monih lyMoney Accoun ls 9 85% ' 3 -year High Income Tferm Share Money * i'Uv /0 and Monthly Accounts J10 61% REGULAR SAVINGS 1 - • fJ/O MoncyBufidcrSai’ingsAccounfcs J10 98% t DE3SOOTACWlimS 575% (8* 71% .t J- a i ? . TbeRiteofinterestonallotlierShafeandpepiMilAccounts. inAidingall previous issues oflbrm Shares, will be reduced bj : 0.7 -opt andbn investments byLimited Companies and other bodies by 0.75. .0 pa. fromlst November 1977. S. A.Y.EL Accotints arenot altered by ftese reductions. AVIS We rent Chryslerand other fine care. ALLIANCE BUILDING SOOETY TO RESERVE A CAR CALLYOUR TRAVEL AGENT OR YOUR NEAREST AVIS RESERVATION CENTRE: LONDON AND SOUTH EAST (01) 848 8733 MIDLANDS AND SOUTH WEST (021) 622 4262 SCOTLAND (02366) 64525 NORTH OF ENGLAND (0532) 444911 NORTHERN IRELAND (02384) . Head Office: Alliance House, Hove Park^Hove, East S ussex BN3 7AZ. 5233*, " K . . d ' . r 12 Financial Times Thursday October 27 1977 • QUALITY CONTROL 3 3g®nra BYARTHUR BENNETTAND TED SCHQETERS ^Ifii Tests the bearings COMMUNICATIONS AXLE PUT bearing' test equip- is achieved by the use of two ment has been designed by the Maxam square cylindei? of con struct!on giving the level of product development department 100 mm diameter and 100 mm pprforroance and. life already .•v...:;’: of Ransom e Hoffmann Pollard at stroke, mounted back -to back. with r . established these techniques k v Newark which simulates impact, The wheel is rotated ontil full in military equipments. •» loading on heavy truck bearings left lock is achieved, vhen an V complete unit is : -.#N up. The moan led, .-L- &Ki with extremes of adjustable toad to 15,000 lbs '^i " the wheels at *H1 ’ s ^ in. 19. inch racking and. has . *££%: their lock. is applied from below; Sensed by :UbS internal forced air cooling;, a The bearing under test is posi- a load cell, which allows the >arg is -included. partially. or power unit Standard tioned on the axle, which is at pressure to be totally « COMPONENTS a tqi features include a .helix current the or jsst position. Any removed., the axle is allowed to the central, meter with oyer-current protec- the central ^position Dub diameter of bearing between 15 return to tion. automatic warm-up time where the load is -again, applied. Plate heat met . and 3in. will be accepted by the. • delay and reroute control faclli- This- operation is then repeated . switched on lorn rig. which is then 10' ti*s. Input and potjiut circuits at full rich: lock. .-when the axle, 5USi bStXCE October a new form aai is controlled pneumatically. «n be arranged' !•>- customers’ finally batik to its- rest exchanger TlCi M picture and sound gathering RiK: -control equipment by moves requirements. Moir.-ffom . the contains position. Was been used by which . Maxath titanium A BBC TV CompAir . OFFERED with . company at 'Vaterhouse Lane. aeix Been ! dubbed .PNC—elec- Pneuroaid moving part logic ele- An automatic counter indicates. stainless steel plates and Vhli * CM1 t- . 1 orilt news gathering. Chelmsford- -Q Essex.- ments combining to produce a the number of times the load has range of seals to ; handle m if I 617 m >. - e: t Providing alternative to *0245 compact^ high reliability system beeti applied, which: for the fluids, a range: of heat H’f 1 ^ an alternative new will Tran: :'£pnvcnlional news film coverage, which, by. using patented push- bearing under test end after changers from Sen* Heat sif- act apphefe-.^ tad 'technique makes use of in nylon connectors, may be 30.000 shocks. ter will have iraportanf easily extended ormodified.- CompAir Maxam. Camborne; marine, diesel, of ipp: uniature TV cameras and tions. in the arl fdeorape recorders. Main Conference Movement of the axle on tost Cornwall. Camborne 2750. shore and power! generatio Silvan tage is that fields. ... igX my film processing ppwe' -- be cut out, saving about Design. Is such that a an hour - hig ’ speech on ful, turbulent flow gives r valuable time. M NAVIGATION small arc cqi Three modes of operation are transfer of beat for a high perfonnanc B fanned. In one a dispatch rider which means be sitnnly take the recorded the move -from a compact unit as ure .cassette to the TV Centre ANY delegate lb an international Wide range of radars Service dismantling 1* f te-»’ •*- required an .'hii only spare seals are afor editing and transmission, conference with mu Ill-lingua I ALT; SIZES uf merchant ship and stabilised or true motion modes..' plates numbered for simp” an he camera is in this' ease cable- translation facilities- will know are vessel are catered for by Also, the company’s Situation reassembly. At the same time r pr finflected, in the video recorder that ihe moment -he -moves fa r fishing Display can be supplied, giving extra is needed for di los ah -a' 'Range Rover. from bis seal he will be cut off a marine radar system. Series A. space daylight viewing with automatic mantling; when clamp bolts >t* !on A variant will be to make the from the proceedings because introduced by Kelvin Hughes. A ^ tracking in the ships’ head-up, released', plates can be lift? 3 In is wearing is con- Vanirra more mobile bv radio- the head-set he new solid-state transceiver is >30 “own ship in centre” presenta* out from, an adjacent gangway- voking it in ihe vehicle. net-led hv umbilical lead and In the offered together with a choice of en! tion. a feature of importance aboar . [rf^ist sophisticated form (lie jack plug. display units. All the displays,bare * “two- can be rategg-y* T •jpihlcte The problem vanishes Avith the ship. Performance itself would also he ** rar : Options include high perform- tone picture in which above- up. or down by the addition send to-linked rn ihe TV Centre. SOOO system introduced by Tan- bo ance X-band <3 cm) or S-baod noise targets appear at . maxi- subtraction of plates. gr which ease pictures could he nay which Is radio-based and en (10 cm) basic Installations, dual mum intensity wb>Ie the weak More 021 772 4353. transmitted straight cordless, allowing..; delegates to on "on air" display facilities, or inter*, targets and the noise are re- j££At the moment a Philips LDK move freely about the hatT- * switched dual radar systems. . tained on a lower level where camera. Sony while still receiving 'the'- trans- P‘ 3S0p: : recorder There 'are . six display -sizes they can be seen but are not dis- ^Ttd.a .flHz lation. - . v. ~v cost i 13 short range radio Low ' ranging to 16 - New- radio transmitter.- radiates From. nine inches tracting. More from North. tui't are tn use; later.. a 2 5 G'Ht A This Fordigraph Fastfold FS folding machine, 21 X .tj up to 11} X 22 Inches, in all carrier and they can provide informa- Road. HainauU, Essex 1 GB 2UR tong ran: •» link ^h* ^par?\e frequencies '] will be added to long, tedious and labour-costly weights nf paper from airmail to card stock. tion in head up, eompas& (01-600 1020). carrying, the various- languages cuts out the , the vehicle An automatic feed mechanism makes paper - transducer via a loop aerial elated round task of manual folding In the office. It folds, easy ROBUST unit TF10- iotend^fc;' - the auditorium. Each headset alignment and allows badly cut paper A scores and stacks at a top speed of 13.000 for the precise measurement 1,35 * crystal-controlled eighf- .to be used. Speed can be varied to suit C <-» 4-^1 3x4- hour and can be fitted with gauge pressure -of liquids, gas?^p4; I haonol receiver, powered by items per handling conditions at the output. More COMPUTING steam has been Introduce^pv hearinc aul batteries -and giving perforating and slitting attachments if from fifrev House, Stephen Street, Tendon and ' hy Tekflo. It measures pressurOj.^ a Useful li f c exceeding- IDO required. It can cope with sheet sizes from IE 101-636 36861. W1A A in the Tanges of 0-0.35 hours. When no signals are Map output increased * *" i I 0-550 psi ». unit bring transmitted the head=et<= (5 Dsi) to Bar <8000 is fWTKNUED for use in the • SECURITY U.K. Survey has in- AJ860 The measuring element 4-^; new switch themselves off auto- ORDNANCE printing terminal in. . the diaphragm, deformation of wbicT 1^.0 tu 14.5 C1H? satellite com- m^'icaliy. stalled a further six Frees'can U.K- beanl nuinicaiinns band is a 140 vnatt The system can also enable di«- e machine, produces is' arranged to defied a binary digitisers ^* high = '.fi and -a Master- , - with small ctetfe-,. tfa yelling wave tube ainoliSer cussfon between delegates and’ Foils the . . resolution characters, on a 9 x 5 instrumented a -Tr7 data pirates plotter together ith supporting . w tried bridge network. The bridge- twin English Eicctric Valve i he sneaker by means of multiple "ol: ' - equipment and a*£«v company, already chosen for .use ciphering .device -called •. • software -by energised with either ac or ad micronhone* connected to" a A DATA difficult. Crctacoder 315 can be used for ter cell: as a result .it can print” ' voltage 1 »? the European Space Agency c’nninion cable. The. .latter con- fi re fa coder is described by its ’An almost countless code ciphering^ operations on data Ferranti Cetec. upper case true lover case current and the' output all - i ! 1 mid-point of th in. coninnction with the orbital ;to:n n,'T add *e.« wires «o lhat the maker.-*, Grefag of Zurich, as diversity is obtained by three transmission .lines for banks, The Survey is expanding its characters ’and character line ^ taken fr™ tfie gr- test .satellite tOTSt programme, micronhon^s v-^n be' se-lerted "dealing a knock-out .blow” To independent elements—^a secret industry and public services. It digital map production facility underscore. On command the bridge- The. signal may be 1! "i i -A- new travelling wave lube.-* Mlv rrr.t- cn?»*-ni "" ’ 1900 Series system for which it Alban a , user disregards the normal head, white the latter is fitted tn data picked up without authnrisa- lsaud becoming available on “diaL- material. More from: 1 a 1 al was originally written. This latest Industrial Eat* vrantine indicators. the fuel line that supplies the tion on route also looks random. up.” Mn« from Station Approach, Road. Granby SfcHf! tllP . device, called Thermo- injection • • award brings tJie number of Shepperton, Middlesex (Walton- Weyniouth. Dorset DT4 .The pump.. i • ftUU .-However, at the receiving .end - ' !r Stop. .shuts off the fuel to -. Ferranti -Freescdri-. digitisers on-Thames 44439). 103057 72237). supply A , crltiraKterap^ufure^ihe the same synchronised -candoniJA moving- lohiect 100 yards! ^with a ' vhtcb : .RADAR-based beam whicl^ the .Ordnaitee Btrrvey will — ‘ J the cnelnc about 30 seconds ' wax in ih« Vvstem expands, stream is subtracted, yielding detector aimed at combaftpg the is not impaired by .'passage eventually have in operation to after .tiie engine coolant has -v.alye' -..its. closing . the. /.against th& onginal message. ...menace cal! through. .glass, .The-. transmitter. growing of le and 24: pius^two XEerradti -Mas L 1 f tec- spring and stepping the fueJ-ftowi- -• So. that a pariicuUir ‘pseudo- ; sheep rustling in thii country is contained in steel housing plotters wi&L.“fwpp'ort computers. & By agreement bruneen the On return to.nonnal tempera- random ciphering sequence can has been introduced by: 'Satis- measuring. only 184 x 82 x 89 him. CAMFLEXHincontrol Ferranti Cetec Grabhics. Ferry Finan.'itil rimes nn-i ture the valve reopens and is several times by several the BBC. be used bury Speciality- Sales, Iff. West- Tree movements, birds, bats ait Road. Edinburgh EH5 2XS. information from The Technical ready for a further emergency, users, the hit stream is ntothfi- end. MinchinUamptofl. Glos. moths do not produce false Pcgc is available for use bn the It cannot be damaged by the. able In a number of ways by iBrimscombe 2926). alarms. . r.'orjjpmi inn's f.rfcrnnj Services brief increase in temperature means of a switch— in such a It is claimed that the unit. A selection of warning systems us sourre material for its over when *he en« ne is slopped. More fashion that a systematic search which works well inside buildings can be used with the detector bomdeasis. on 0202 741200. for the code in use is extremely or in thp open, has a range br including floodlights, bells and Clear fast sirens; ;they installed I can be locally -.or remote from the - printer This announcement appears as a matter of record only. detector so that the user can choose whether to frighten away ANDERSON JACKSON, which intruders or give warning of has made its mark from a 1967 their 'presence without their stan mainly in acoustic couplers fflasDneilan knowledge. The system, called (there arc now 8Q.G00 installed Masoneilan Limited Park Royal London Rada-Lite, can be adjusted to world-wide) has launched Its give the best results for inside working—to protect fruit of grain stores for example. REDEMPTION • MATERIALS NOTICE OF To the Holders of Smooth ENTE NAZIONALE IDROCARBURI move E.N.I. for taps (National Hydrocarbons Authority) 3 6 °ti Sinking Fund Debentures due June 1, 1938 Leveraged Lease Financing LUBRICANT fur the thread? rad 4 “O” rings of laps and >mull NOTICE 15* HEKtBY'-IVE'.' that, piir.-uart te'thp providers "fibcSiricingFiiiirtrortncr.'cbeiihjre? ef:h* valves which 1 is claimed to do «he iKii-r.iJ'tfciilKii t|i*rfJi! ‘.lMi.iniy Tru ! Lrtmpjny o! V'ck- a* F:»ra| b.u iric<-lcd hv- lot in first non soluble material, and n.drmpf|i>n «n EJoxmlirr J. l"7r ai ; lio principal smoiin: therroi 5741 ,'„»G0 i(rm'.ij:al aui ouat oisaid Dcbenniren has National Water Council bcjruir l he lulluuxiig wrial nunlitr^ A. I. Leasing Corporation approval, has been introduced by Isaac Bentley and Company. I»F.CENTUR£S Of V 51,000 E.VCR Liverpool, a subsidiary of M-53 3812 3447 4203 5290 6283 7021 3197 95S1 HIM 12KS 36432 38359 20403 22253 27455 28703 Lessee Marsi on Lubricants. J41 1869 3449 4303 5292 8345 7041 8240 DflPt 11203 12912 16433 19072 20CZ0 22MP 27482 28821 334 IBM 3450 4308 5294 6372 7045 8296 0613 11313 12922 16470 1908O 20661 22284 27409 28875 Vinoleo WT 90 has application 183 1888 3500 4333 5316 8374 7061 8317 9670 J 1335 12397 16476 39088 20013 22363 27498 28807 ' " * in the manufacture and main »4 1308 3514 4331 5347 6402 7003 8342 9080 Siam J301R 1848!K5 19094 20749 22368 27301 2»WJ« 354 1823 2515 4342 5385 6413 7101 8366 9773 ....11731 13334 28494 10131 30751 22370. 27610... 3*372 tcn3ner of domestic taps, shower 389 1938 3540 4347 5401 8419 7113 830®. 9793 11743 23619 16570 16147 3M2JI 23130-37738 28978 cun trots, smaller valves used in Si 2252 25ii 432 wos 6451 7133 &*“»r mbs iitso 33074 ibbos 19220 30827 25033 27795 2901B 566 1980 3563 4362 5412 MSS 713.1 8449 9642 11758 13675 36670 1W2J 208X2 25737 27790 29029 the water Industry, on drink dis 587 1996 3«M 4367 5437 The undersigned is providing the equity amount and 6467 71 8494 9922 11630 33737 16677 1S255 20020 25755 27*63 29088 pensing machines, in brewing, fS 2£i2 HIS 5440 6468 7178 8542 ,9832 11850 13781 16749 19275 20967 25822 27871 29326 690 2037 3924 4437 5454 6473 7197 8574 30031 31909 J38.T7 16736 19301 21006 25927 S7RI6 29154 effecting of four A300 aircraft for lease fanning and in the food process- 709 2042 3629 44 W 54S6 6524 7230 *008 10052 11961 14034 18700 19370 21Q28 25364 28HH 39162 the purchase ing industry. 767 2U45 3635 4532 5470 6539 7253 8044 100BC J 1304 J4B56 3683G 10302 21063 25HP3 28032 29226 777 2088 3657 4543 5555 6551 7263 8731 T0133 11971 14073 16P47 19459 21139 26086 23042 29244. Principal advantages over ex 3718 4554 to the Lessee, a wholly-owned subsidiary of 295 2J22 5584 6552 7268 873* 10183 11933 34245 16M6 39496 21156 26124 28053 29286 r 1st Ing lubricants are that it is not fQO Z1M 3727 4834 5594 6564 7308 8753 10209 32074 14277 17226 19512 21228 2CIW4 ZfcftM 7.0273 4643 56,3 6,540 r3*5 3 10233 12103 14394 1710B 21239 215249 28133 522 “21 2221 w* iwm 292*3- - soluble and has a verTy hlgn melt- Ul3 7JIM .17013770 ARAQ uu uu-i --ion niuc IMm (Inn i j- — — - g? 28M 4849 5644 6642 7380 8848 10233 121 12 14439 17*00 19S28 =3247 26397 38162 29330 ing point, maintaining its lubrica- B16 2931 3782 - 4670 5631 6654 73*1 6664 10S32 12113 14456 17474 13650 2 1.739 36303 581*1 29337 £38 2938 3808 472® 5657 6670 7413 8888 10378 12136 14485 17480 13673 21357 26519 28204 2U340 tion characteristics even when > n Airbus Industrie 93“ »4® 2826 4732 5*85 6687 7453 8938 103*9 15185 14534 17333 1 9706 21407 26526 38210 23330 contact with boiling water, so 2&9C9 28289 20435 . . _ _. a . 86623 28284 29489 that H is suitable for hot and ---- mSSi «»Si =i.-s - --- gMl 1052* 12342 14632 17982 1361 4 21522 26848 28306 MS44 for sublease to cold water systems. V»S 3062 3894 4793 5617 17726 7529 9087 10503 12357 1467G 17606 19H97 21504 2MJOT 28337 29547 Following recent tests. It has hern approved by the National Water Council for appltrjtinns 3?22 1295 HU4 SIS 5S l Z591 ®3E IES 13310 i«3* ia374 so6m mtis WS6 soms mtis where It Is in contact wltb 1563 3198 4018 4331 3937 6834 7703 9270 10632 12527 19308 183*7 20042 21000 26846 2*475 23777 V- Eastern Air Lines, Inc. 1666 3249 *021 4932 6012 CKI 7780 10BB7 potable water. 9306 12331 15335 1R478 20044 51R17 28881 26527 23831 1M® 5m 4029 4942 6019 6366 7614 8837 10872 13M2 25658 18505 20064 21629 26925 28529 2PH5 4033 4PM 6878 Marston Lubricants. Naylor 13M «C0 7674 KM3 10885 IKK 15766 1B564 2012S SIWI WPM W540 M8B8 i?y 1h5» 32*7 4081 5013 6107 6889 7909 0373 10897 12621 15758 approximately $42* equity investment provided by Street, "Liverpool. 051-227 1177. 1*614 201*8 21012 27033 28350 1714 WM 41» flSI «*3 0066 0453 llOffi 12734 16085 1*7*5 20315 22079 27213 20650 1710 3386 4208 5172 6207 6960 8103 9460 UQ05 12752 16127 18831 20333 22068 . 27234 286GS 17» W«7 *222 8204 0240 7001 6112 -0474 11066 1278a 1*324 18*77 2m21 23128 27342 2*690 BameriLease,!nc. Keeping out ir 3414 4pi 5223 6252 7017 22 8119 9478 11152 12831 15353 13345 2C424 22143 27247 28712 1T80 3428 4244 5225 6256 7020 8155 8544 1118L 12834 16394 18948 20448 &153 28TO0 On December J ,1977. there will Ii-.^ime anil be ducand paTobte upon «ch Debcatim? :Leprincipal amount a BankAmerica Company HI thereof, in such or the water coin currency of ihc United Stole# ofAoii-rica at r.n tajd date Is ie?aJ lend»-r for ihc tuv, i Herein ol public and private Jcbi s. j; ihc uplwn ol rU«? holder, cilhcr i.i „r ihc trjET j enraorate office of 3 Jorum asphalt Guaranty Tnisi of AS an alternative to and Company New Vork, 15 UnncJ Street, Wk. >.V7 100IS, or lb> rubiect to anv plastics sheeting for waterproof- ing applications an elastomeric membrane material is being offered by Nordae, a subsidiary ; V_ of Babcock and Wilcox. Amsterdam or the main nflri-e uf hr.riidlvinl. lr~\. Lnsembnur^cirfic in Luacmliourq-VilSc. Ddnait tiressurrendered Inr have The polyurethane compound rni-mjii inn should atuicitul all unmnluied coupum. appurtenant thereto Coupons December l. i'J; haj been trade-named Chemdur due ; fhould bedewbed and i*«lln.lid >n die usual manner. From and after 74 Liquid Sheeting and it Is December 1, 1977 interest shall cease tu accrue on tlw Debentures herein designated ror supplied as thick liquid,. iDto redemption. which a hardening agent is stirred before application. ENTE NAZIONALE IDROCARBURI compound is The mired By: MOECAX GXJABANTY applied by spray or trowel to TRUST COMPANY the required thickness—usually OF HEW TOHX, Fiscal Agent October 27, 19 ii mm—and sets in 32 to 4S hours as a tough, oil and sheet. NOTICE s chenitcol-rpcisianl A thixo- \> :v%- f.-.i-JiJjpf ' • . . ; wall vl - tropic grade is available for - The fulloninc Debentures pre . ia-j-N eaif-d for rn>mpiion hare not as yet been preseateo rendering- for pa-?ia-at: Nordae is at It 9-1 20. High DLUKATITILS Ol L^. Sl.OlMJ LACK street. Eton, Windsor, Berks. 5117327 27744 270*7 ’in millions £L4 CAN. TO ,r 1 Financial Times Thursday October -27 1977 Early December will mark the birth ofsupersonic travel to the Far East,with the introduction ofSingapore Airlines' , '> '^''nc0rde services between London and Singapore; lew Concorde service means yet another first le airline and positions SI A as only the third nier in die world to operate supersonic aircraft SIAs Concorde will complete the journey in just nine hours thirty minutes. Flights depart London Heathrow at 1.00pm, even' SundayWednesday and Friday, arriving in Singapore at 6.00am the following ' morningJn time For convenient connections to major cities throughout South Asia. ; East • . Return flights leave Singapore every Monday A Thursday and Saturday at U.30am,arriving , Wiru ^ r London at U5pm the same day Singaporeaipunes 'Operatedin ayioautiuu with ffriii.\h Amai', " 4*”41 .*>»: irj' vLwtK' N- Bruur4 ?WNi« ffl 5H %: L-.-r-f -WWftiiw tlmalWu.** .\L’ . W: 1 -S4 i, / TL fA™.*?, fcwhuise |W,&lba*#* PIjivCO IQ\ Tri.iw*..aM®» 1 . ' a . . A . . — f ‘ ‘ -' This announcement appears as a matter of record only. September, 1977. ’.5“ Centrais Eletricas 3;' Brasileiras SA- ELETROBRAS BY MICHAEL THOMPSON -NOEL twist wiMii.,, vnif vckh intn-9 nar lightly.uenuy. In tiie U.K.,- at retail .donVknow what- to drink,' says cherryand a olioran^’^ I WOULD YOU STEP Into- a bar Brazil Showftrlngs, fills It is" a £50m.'Wnd and and Babycbam There's even a scbeme te ^SSi^ in De&tri^o^Colimbua^nd ask prieS »' three-fifths the .gap., s , • _ . .: . It in the kitchen; wit, " h»m m Jf S i SiS account? for roughly ggf turnover,turnover. Theme is still soitt cnatn vegetable. risouo* "• . Brings’ .meThe product rail sold worm-world- chain , oT^howerings'Show u . $250,000,000 You”dYou’dyou a neednaed^fotetofo be suresureoTvomvotrif yourwvourw of f, Writloh ,>rWd mnmi «n«m rest includes Pony cream British wide in .the familiar lQOmL cham fondue^ potilet. as Sa£'-i ; self to do it but vou’d ouift : Compared bottles', packaging and apricot seveS sherry and Cherry*. and the has ctom hafogjlff. SelylUvciy be™ sireeiServe CL AfterAlter Sevan ... - MediumTerm Financing MndlHnna ITT llnla alloktw In fhd. BabychamRakw> sauce.' r ..Ohio, .wS: * Guaranteed by racking up imprasalve real »» “= Sh - » » iu the US. SSS laulta wiiS a. UA E The Federative Republic qf Brazil Babychau. There are uaiiv.S ^ dSpltiTt5Sie7 Columbus came first ..Then on the market, but 0ther pGrnes tha '*«*! 'nmmnttnnai hudoetu m business Already * the rest ef Managed by Showenngs .tackled the- competition for Babycbam J? L J? exdbm to aU' foreign present, ten Babycham - - y Ohio. At ts not Significant. account fwfor tOtC pe?per cent, ..t-— SJn ®^oo^Q0 TV—4-Soo£400,000M0 JSffi i ofy^ salesmen plodding the streets is r _from the are drink made Bank of America NT&SA The SJJ®®?<, LiJ,« hXX2i volume sales Apart -fftim'f |of Detroit. -The next targets are juice of special -peure which Dresdner • : > J*, pim ff..l! se'mng^ Bank Aktiengesellschaft ' on^dl2 {?& Kentucky and North .Carolina, doubly, fermented' It used to be * .. _ 1 in Te_ Part. of the Africa. Australia attd th*..: Showermgsanoweriugs ssoldoia as Babychamoaoycnam cnampagne “3“ * ,E " ' Banco do Brasil S.A.— London Branch Peter Edwards, thetne as Champagne '-J 7L: ,"7 East. It is beina testetWii Chemical Bank director in charge of marketing. Perry, but. because, the dispute Sf and ShowInSS has 4 one year, word has ' Westdeutsche says that in Ohto. after over toe "champs; Landesbank Girozentrale per ttled ls ' Babychain’s rate of sales nor been finally “ • I ri . offoff- toe'toe brand has grown -20 ffiSa " showedsnowedchnw^thir^MOmarthat 25-30^a-oii; percperoer'cenL^cenLeo l ofnrof^ ok - • capita swept to 50 per cenL of marketed at present as Baby- Continental Illinois Limited licences ran out of Babycbam in fournr years.«»M-ShoweHB«'Sho weriags i.7*l^'w > .i a i *i=ri nnrt haHU. DG BANK Deutsche Genossfinschaftsbank European Brazilian Bank Limited— EUROBRAZ i££S;?5?-~ SSs« «»•»SsaSk&i«>• setting. up in Deoipark'-i ,*w. nert m licensed also vigorous g Wo in Conjunction with knew it would be tough, says pw cetjL of Britain's There are T' Edwards. 1 We reasoned thaf'if pretnisw. Perhaps 10 per cent attempts- to spread the brand’s The Bank of Yokohama Limited SJSSKS, peter EdWonK Internationale Genossenacliaftsbsnk AQ there we’d of sales are accounted for by appeal and uses A Five Star Banco Esiado de Paulo E-A-^London make it" TUiBnCeu SJiOUlflif iDIcIgufi2i do S5o Branch . Lloyds Bank International Limited -l. ... A...... k ,ua MBssrph RiKu.him Mplciiil fnr pvnmhlfl CudDMi' ' that’s what tbe research Babycbam cocktail, for. exam pie. - . . Banque Natlonale de Paris Williams and Giyn's Bank Ltd. make *ir anvwhere. OuruHimate men— fluid .ounce, of vodka,. No. You should not t»kd Canadian American Bank S.A. The Yasuda Trust and Banking Company, Limited target is to reach 25 per cent of says—but the brand’s strongest calls for 1 ’ 25-toJ9-year-old Cl fluid ounce of Crime ,de sham Gghtly. witn t» I tbe U.S population." appeal Is to } 1 risotto. ' and Provided by Babycham is not to be taken women. Many women simply Menthe, Babycham,. and a . Abu Dhabi Invreimcnl Company International Mexican Bank Limited— INTERMEX ' * Arab Bank (Oversoas) Ltd. Korea Exchange. Bank, Los Angeles Agency ‘vJSl-i: Associated Japane&e Bank (international) Limited Lloyds Bank International Limited Banco de Vizcaya London Intarsfale Bank Limited Banco da Brasil SA.— London Branch Mercantile National Bank at Dallas Banco do Esiado de 5Jo Paulo, Grand Cayman Branch Midland and International Banks Limited Banco do 'Esiado de SJo Paulo S A— London Branch Tne National Bank of Kuwait SAK. Bank Brussels the Lambert (UK) Ltd. National City Bank of Mlnneapoibj.Grahd Cayman Brandt Almost like Bonk Bumlputra Malaysia Berhad, London Branch ' The Notional Commercial Bank r - Bank Flier Arbeit und Wlrtschaft AkUengeeellschaft" -- —Saudi Arabia l Sank Morgan Labouchsre N.V. Nippon European Bank S.A. BY WINSTON FLETCHER Bank of America NT&SA Nordic American Banking Corporation 1: The Bank of Yokohama Umltod Overseas Union Bank Ltd., London Brandi them to nwninate the Atlanta, ' retailers’ asked «?ggg«d tecty^ Banquo Conlinenlale du Luxembourg SA. Pan Asian LAST WEEK at Wembley Con- the stale thesis that Finance Limited htonomic and soc-al fercea whi* hds personal^ inferior me- Banque Internationale a Luxembourg Boctttd Anonyms PKbanken International (Luxembourg) SA fereoce Centre, 520 panjandrums brands are always Banque Natlonale de Paris Republic National Bank of New York. New York of advertising and marketing too copies. (Tell that to Boots. b Jh? i.S £5 £m£i£5t- trim advertising over the next had summoned ; Brasilian American Merchant Bank. Grand Cayman The Riggs National Bank of Washington D.C. gathered together—the creme de W. H. Smith, Halfords. Sains- affect to Canadian American Sank S.A. Roywest Banking Limited Corporation r, Canadian Imperial Bank of Commerce (International) SA Santander Finance S by. empMs- . MrslX o™en'helmw co“ °n w., rh. Scffir w. %.: P the « Chemical Bank Skandlnavfska Enskilda Banken (Luxembourg) was ^ SA. Tq a y ‘^M^toating lng thal 80 far .-.dvertising is duced an exceUent video Jajfe The Commercial Bank of Australia Limited SOFIS United descendinely ralled them in her i? Ii ^ “lk sl ven by D J ° concerned, no homogeneous inferview with Np.'-‘ Continental Bank Toronto Dominion Bank coolly-received lunch-time speech fu' rwr roim Whether! . ^ • Coniinon-jil lumtic National Bank and Tm,i Company of Chicago Trade Development Bonk, London ,8tete ' Europeexists,nOr not JlmmyCwUl^ally-pn)! Credit t£w were aSnding^ hlHewpost Suinsa White Weld Limited UBAF Arab American Bank un Be ^ even nearly exists, nevertheless, himself a great Ptestdem. Daiwa Europe N.V. fference whose theme was New Hl , BusmessStudiMatn to. Union Bank of Switzerland, London Brandi as- Dean of alflrerent ,„swerc from the sutseh -Sudemerikanlsche Bank AQ teS“leas m aS!S«2mAdvertising. h was undoubtedly a great inj- Union de Banques Arabes et Europbennes City University in the New - fflany countrj ea bullt up H date; Raf8haon —Affiliate of Dresdnor Eank AG — U.B.A. E.— Soefdte Anonyms -whobaa SS. Why are such .Treasure took an ’ ' - _ - Businessmen Year. Dr. G BANK. Cayman Islands Branch .... United Virginia Bank reniarkably ..coherent and con- and worked with him since ttf gluttons- for. The ^t the. .ejecta on conferences. analytical- look : Dresdner Bank Aktiengesellschaft, London Branch The Valley National Bank of Arizona ^5^,^ overelf picture; a picture as a loyal mem her of the Imb _Eura-L Financial Times Thursday October 27 1977 The other advertising boom 3* . are rising. New York: The US. ad spend this year will top $36bn. Profits s'//. describes cheerful hard-headedness. \. ANTONY THORNCROFT the current mood of long-term future for ilF. AS IN THE Hollywood most interesting response Ip to agency so if they are dissatisfied The in the U.S. looks Cdream, Madison Avenue was produce its own programmes with a campaign it is much advertising bright The first major 'still the centre of the world which it then offers to the local easier for the agency to change very government have 'advertising scene, the Rock TV stations and guarantees ex- the team working on it. perhaps pressures from the slant Hudson-like executives who run posure for its clients. One of its bringing in people from a been deflected and informative adver- the agencies would be allowing biggest investments has been AH regional agency in the network towards more It brought with it themselves another olive in their You Need fs Love, the JJ. K.- or from overseas.” tising that , beneficial. third dry martini these days, financed history of pop music. In the case of Interpublic, has probably been steak now rather But the big agencies have long Not everyone is so worried which, with its constituent parts, “We sell the Gene ,\Cago spread away from Madison, about the cost of television. BUI is the largest agency In the than the sizzle” says is also and the top men in the inter- Phillips, president of Ogilvy and world with gross income world- Secunda oE JWT. There revenue from the national agencies are as stu- Mather, reckons that it is easier wide in 1977 approaching 3250m., a lot of diously sober as cost accoun- agencies in the corporate adver- with which tants, so that the only sign of ™ • — 1,1 tising campaigns ilf^j and get their new. 'the current boom in U.S. adver- companies try Iri rvorPTcn n c an cncun across, and tising is the increased profits Eai ECTED U.S. AD SPEND responsible, message Government on the balance sheets. 1976 1977 also from the U.S. must be in the top Nevertheless, there is an air Change Change which now % % advertisers. if well-being, especially in the Over 1975 Over i974 six of U.S. fop dozen agencies which (with But the main bullish feature the rogue exception of Dentsu, National broadcast 5-5 +24 &2 +13 comes from the fact that person- )he Japanese giant) also happen National print 3-3 +20 3.7 +11 to-person selling Is fast dis- to he the dozen largest agencies Other national 9.2 +72 10.0 +10 appearing. and companies are in the world. Robert Coen, the Total national 18.0 +17 20.0 +11 dependent upon advertising to 15-1 16.6 +10 the \TcCann-Erickson vice-president 7otal local +18 “ — get their message across. In who acts is now as the Industry’s statis- 772 ITT , supermarket world, which -M7J So.o , in.* lical soothsayer, reckons this will Grand total extending even to car salerooms, 'ST-tVEC " 1 "" * ae another good year, adding it is informative advertising 10.6 to 12.5 per cent more adver- to a better-educated consumer of its revenue tising spending to the 1976 figure to get decent coverage now. His 70 per cent, comes which is acting as the sales- :>f $33.1 bn. which, in its turn, main concern is the problem of from 28 great multinational com- man. This has also brought in mas well conflict clients get ' ahead of 1975. account As pan i es and half from clients retailers as great advertisers, into new And the good times will con- larger and diversify who have been wiUl ^ age^y especially on local TV. tmue. agencies are likely .to Coen predicts a further markets, All in alL U.S. advertising Is are working for Ior yeare- jam of between 8 to 13 per cent find that they remarkably similar to the U.K- companies if not In Ogilvy's case, 45 per cent of ‘iext year—advertisers abviously competitive scene except that Government Ogilvy’s revenue comes from fees, which “ake a more sanguine view of the competitive products. pressures are less politically was to acquire Bill Phillips believes make an J.S economy than Wall Street solution to this motivated, the industry is so York agency, agency more efficient Efficiency analysts. As in any conventional a second New much larger and companies are Scale McCabe (rather in the way is certainly the key word in New British advertising boom it is less inclined to cut advertising 0BM in London has David- York, a state forced on some of yoghurt.* n’V advertising that made the a recession. 26 budgets in % more competes the agencies because they f-unning last year and now the s °n Pearce), which major But the same basic pressures head n its big brother, are publicly quoted, although ifress is enjoying increased ° are at work—more expertise in- We're spooning our way through 26% more yoghurt per household there are repons that more may ,-evonue, up at least 20 per cent. Buying agencies is. in fact a side companies, reducing the 1 follow Wells Rich Greene and than the national average.* or magazines and 12 per cent topic of some interest in New agency role to creative and media Needham Harper Steers back *or newspapers. Although over- York at the moment as advertis- abd capturing the brighter Another into private ownership. astonishing one-off figure? Not at all 'II television revenue will be i3 ins becomes more regionalized. voung executives with higher I’.'er cent, higber this year, spot There are many smallish ($25m. But account changes in the salaries: a general shortage of Last yeai; Anglian grocer sales per headwere the highest in the iU’V is billing) agencies in fast-growing u.S., in London, are much role the independ- expected to rise by just 6 as media: a for country. yer cent., reflecting the resist- areas like Atlanta and Phoeniv exaggerated. Major account ents but the main thrust remain- -mee of advertisers its stagger- which are making big profits and moves are only 4 per cenL of with the few big agencies; a to ing And the proof isn't ours, it's Nielsen's. ng 25 per cenL jump in costs fit neatly with the efforts of the total advertising billings, and greater reliance on overseas mar- national advertisers m market experiencing, ast year. there is this built-in stability kets. which are ANNUAL GROCER SALES TER HEAD BY NTELSEN REGION-1976 their brands on a more local agencies first consumer , la fact, if agency men have a between the big aad the perhaps, their (omplaint it is the problem o! level. big corporations. Only the big booms: more relevant advertis- ANGUA I £176 \etting clients to tele- For the international agencies agencies can offer the inter- ing and the need to meet govern- their on • • - 1 £175 Jsion at a reasonable cost. Ron look all set to Lake the fullest national coverage, the research ment criticism: a trend towards LONDON 1 the of any SOUTHERN 1 £174 jbermnn, who beads the east advantage of the higher advert- and back-up facilities , legal fees: the unlikelihood , S side of J Walter Thompson ising spending. They service the expertise to check on ads — more agencies going public and SCOTLAND JL160 i J s well a* its York office, big American-owned multi- important in these days of more deadpan, scientific, adver- WALES, WEST New : £159 ,as a string of solutions to the nationals and their relationship government controls. The major tising. & WESTWARD haiienge: so close that really big agencies offer stability, a stability Madison Avenue, if it really “Don’t ignore print; is a TYNE TEES 1 &158 ink at the length of the corn- account now rarely moves. As JDly undermined when they did exist as the advertising heart YORKSHIRE I £153 lercials; investigate local TV Carl Spielvogel of Interpublic diversify outside advertising to of the world, would be a duller “ profitable place MIDLANDS 1 £!5Q rations rather than rely on the points out: It can cost a multi- their cost, as proved by Doyle but much more LANCASHIRE etwork.” But perhaps JWT’s national $10m. to change an Dane and 3WT. than Hollywood ever imagined. Source NIELSEN the Golden Mile mGU justabove London andthesouth tAnglia Television Ltd. Brook House, Park Lan^LondonW1Y4E$L Tel: 01-408 2288. ‘Sauice.TGA. BY MICHAEL THOMPSON-NOEL ST WORLD sport, as in much a powerful piece about the “asset says it is the Arab' world's lead- week: “It Is a business opera- tse. the marketing men cometh. strippers of sport” whose “pro- ing '.creator of TV programmes. tion." Losses, he said, could be he latest plan—a $5m.-S6ni. motional cynicism” seems likely The chairman of Falconry sustained for five years but orld professional athletics meet to pose a threat to the credibility Sports Enterprises Is Leonard eventually it would make a profit, ext autumn offering a minimum of future Olympics. “Sport if it Evans, Jnr., a marketing man to principally from TV sales. •’ 31.6m. in prizemoney—pro- is worth saving, must stay inde- his fingertips: founder of Tues- He believes the product Is )ked intense scepticism, when pendent. run by the ethics of day Publications Inc., a trustee right He says. the prize money .•plained to sportswriters in Lon- international control bodies and of the University of Chicago, a on offer is bound to attract ?n this week. not by the expedient needs Df member of the President's Com- enough world-class athletes to But they're not dismissing it. multi-national media corpora- mittee on Nutrition, a former tempt international TV Coverage. ow could they when the Arab tions." he wrote. director of Marcor Inc. (the Apart from the Golden Mile rid American backers were Which, is fine, except that the Montgomery Ward conglomerate) there are a further 14 events early more at home discussing marketing and the media men and a former vice-chairman of offering a first prize of $75,000. larketing and merchandising In- have already bought up such the U.S. Advertising Counci He's not knocking the Olympics, ead of technicalities like who large chunks of international Mr. Evans may or may not reckoning they could serve as a ill or will not make the quallfy- sport that an excess of idealism know a thing or two about world- stepping stone to the pro ranks, i? time of 3 minutes 57.3 is unfortunately misplaced. class 400-metre hurdle running, as in boxing and basketball. Foster. Britain's only MARKETING They’re here, they're at work. Brendan WHY >cond$ for their “Golden Mile." or who’s who in the shot. He n event for which theyve pro- The main backers of the Dubai doesn't really need to: he says track medallist in the Montreal lised the astnnishinq tola) nf International Track and Field that S45.000 has already been Games, said on Tuesday: "I am 497.000 in prizemoney? (The Championships are Falconry spent on researching the Dubai not interested in competing pro- rst prize is $300,000. At 3:575 Sports Enterprises, a subsidiary proposition and that the backers fessionally. but with this sort of m in training.) of the Tuesday Television Net- have access to all the product money to be won I’m sure many Brian James of the Daily Mail work. a Chicago TV production advice they require. athletes will be, especially the MEANS BUSINESS ummed up his colleagues' dis- company, and the Arabian Gulf Mr. Evans was quite unabashed Americans.” Once he’s got the leasure yesterday morning with Productions Corporation, which in telling the sportswriters this right athletes, says Mr. Evans, the packaging and selling will virtually look after themselves. Put in a nutshell,; marketing is concerned Institute of Marketing has a great deal to with satisfying customers profitably. The offer you. And you will have a lot to give discipline of the marketplace is simple and to British business. Pye puts positive: what customers don’t want, they Write or telephone now for a copy of don’t buy. Of course, sensible business our brochure “An Introduction to the people have always put the customer first. Institute of Marketing” arid find out more £300,000 But in our fast-moving, increasingly about the wide range of services available to international and competitively complex members. Such as regular Branch and world of today, it’s not easy to make sure Specialist Group meetings with leading on the everything works as it should business speakers; library and information That’s where professional marketing services; our monthly journal “Marketing” skills come in. The Institute of Marketing — and many other benefits. It your interest is pools through its 40 branches, its three-year in marketing training for yourself or your Diploma qualification, its own marketing staff, ask for a copy of our Prospectus for BY PAMELA JUDGE training courses at Cookham, Berkshire, its residential College Courses. If you are PYE IS PUTTING £300.000 into journals and publications - has long been someone who thinks that marketing may be a Scoop the Pools promotion in which buyers or renters of colour in the forefront of reconciling the needs of the career for you, ask for details of our TV sets — Pye, of course — are customers with those of manufacturers Certificate and Diploma scheme taught at m offered 165 entries a week on Vernons Pools. The scheme has and employees. The three are indissolubly, around HO colleges in the country as well as been developed by Len Pearce linked. is overseas. Employers, too, will be reassured Associates which is hoping there Without customers, there no will be more than one winner of business and no profit- It’s profit which to know that these are thoroughly practical £250,000 in the football season. The budget is going into exten- enables the business to survive and qualifications designed to fit people into sive point-of-sale matter, the guarantees employment. But without real-life business situations and to produce trade Press and regional news- paper advertising. employees there can be no products and- the kind of executives British industry so • GRAVY POT, a concentrated no services. vitally needs. gravy in paste form, is to be test marketed by Colman Foods in Members of the Institute represent Examine what we have to offer. We think the Southern TV area. The 45- second commercial from Foote enlightened industry and hold to the three you will quickly understand why marketing Cone and Belding is an animated main tenets of marketing success: really does mean business. version of a music hall dance And why our number. The campaign aims to knowledge, integrity and enterprise. If you rallying call is “Working for Britain”. get housewives to use gravy dur- believe in these as well as the for ing the week rather than only at need Write to Peter Blood, the Director- week-ends. highly-trained professionals in all areas of General, at; FROM for • NOW four , weeks sales Thorn Lighting is spending marketing and management, then the j £200,000 on national TV spots for Mazda long life lamp bulbs. This The overage weekly income per Southern household is 10*4% higher will be followed by a £50.000 than the national average.* back-up poster campaign on some 2.000 hoardings. THE INSTITUTE OF MARKETING every field of The Southerner is a big earner and a big spender. In almost • BARRATT DEVELOPMENTS consumer spending, from food and freezers to boats and cars, our area outstrips (London) has appointed Clough Moor Hall, Cookham, Berks. SL6 9QH Tel; Bourne End (062 85) 24922. the national average. This is the kind of spending power which makes television Howard and Richards to handle launch arts, and promotional advertising really work, and you can reach it easily with Southern. activity in London and the Smith. Expenditure Survey “Family 1975 i • THE ASA concluded 62 cases in Anmist of which 20 involved mail order. Of the other 42. 29 Working SOUTHERNwTELEVISlON were upheld or partly upheld. Four related tn exa'eaoration. For further information contact Brian Henry, Marketing & Sales Director, four to prices, two tn unfair com- Southern Television Limited, Glen House, Slog Place, London 5W1E 5AX. Telephone: 01-834 4404. parison and two to misleading employment conditions. ! " & . ; - . g. frgiy.;:. LABOUR N EWS Clearing bank staff rise Majority at Vauxfr Days lost by strikes for jgeace awarded Phase Two at Lmwood BY PAULINE CLARK, LABOUR SWF HOPES ROSE yesterday Tor fourfold seven-day votaig. increase end to the Ytipted Sbme an early A MAJORITY of VhuxfcaH work g'^OO Trani. which has shut down .General,:General " pay increases dispute ex* has now accepted a 10 per port And . Linwood plant. ' BY DAVID CHURCHILL. LABOUR STAFF Chxy&ier*3 cent, pay -offer madeide ini response Union members -at V BY NICK'GARNETT, LABOUR STAFF After a meeting between the to their 20 per cent ci&im with Port decided not to voteven yj survey survey points 12,000 THE NUMBER of working days the annual began' In 1970. The alsb to a management and the Scottish (he decision yesterday of pay. issue: .but to discuss 'th* - CLEARING BANK were tary of NUBE. which had wanted - lost through strikes has risen by A separate .article "in the lack of foundation in fears that STAFF TUC In London- Mr. James at Luton to accept pay rises possibility- nflayoffs insteadT to the bank’s Phase Two almost four times over the past Gazette reports the conclusions students might tend to shun busi- awarded Phase Two- pay rises take Milne. Scottish TUC general within the Governments celling. Possibly in ah attejopt.to said '’ of a survey which reveals ness and industry .at a time of yesterday in an arbitration panel offer earlier in the summer, “ proposition resentment three months, according to that secretary, said: A The vote followed- a similar veut about layos, decision binding and his union's position had been r figures released last night by the undergraduates in their last year economic depression. One in on unions emerged for a farther meeting. ' of spilling over into thte. voting result at a inass meeting . ^ / appear to be more concerned five of those surveyed said they employers. vindicated. for that meet- company - agenda . -annotdfpS Department of Employment. “The pay,; the ;. ; engineering union members at The staff would already have - with job appeal than such firmly intended going into busi- - considered in it s' 1 There were 1.15m- working Thla. leaves the ^5,000 Mer- ing Is being Port fac- yesterday that Wa V . YaushaiVs Ellesmere ,r ftSe - had extra in their •• matters as salaries, ness or industry. It was second the money - the "days lost in September, rom- promotion chant Navy officers and most detail and it is hoped It echos the “exceptional - measures to tg££'/ pockets, and talks on anomalies tory on Tuesday- prospects and security of employ' only to academic research in concerned will get to- for workers dir : - pared 304.000 the parties .. with only in July. Fleet Street journalists as at Ford last week when tain pay 4tnwv and productivity could have events *1 raenL Many undergraduates, popularity. ' nest 24 -The total of working lost the only major groups still gether within the factories until; next' - ,'j days who' have a series of meetings accepted the Wednesfo survey says, were anxious that Department of Employment started much earlier. ‘ "So far this year Is 6.4ra. com- not settled pnder Phase. Two. hoars to carry the discussions than The companyV qualifications 12 pef cent pay offer rather ; pared their should be Gazette, October . 1977. HMSO, further. offers a self-financiilg, with 2.5m. in the first The settlement, affecting about pursue their 15 per- cent claim. pir^d^-'lV- relevant in tbeir job. £120 . ** of these talks ‘ which ’> • three-quarters of last year. 200.000 staff and - backdated to The outcome tivlty deal wdttl&'-.gw Dispute causes The voting at . Vauxhall: takes ; lead to an early resump- ' SI July 1. was one of the -central could workers an exl*a a. weefcia ° - ” working.” plaee against serious - disruption, Disputes issues in the totter; In-fighting tion ol normal date from signing ofthe aftT*. . ai lo production caused by a strike V, But there was a glimmer of GROSS WEEKLY EARNINGS between .the of power cuts The trouble Chrysler, ment. -The' 10 per: cent actus*. National- Union 3.000 which has .cost ,£2iiz. a; day in over pay differentials. : Tbe ' '.'gond news. The number of new Change Bank Employees,and ‘-the bank ’th&bnorff offer is bariedatedu from April 1976 By Pauline Clark. Labour Staff affected walked - associations. lost production, began when skilled workers September 10. > spikes starting in Sepleniher, April staff . 1977 amount . per cent. - 200. MANY PARTS of Britain, were Tour inspectors refused lo out at the end of last-week and In recognition of " was 74 down nn the August Th^ issue came 'to a head the prbbfen . though production was main- • figure. The total of stoppages Hales and femrie* ££930 £5.90 93 when NUBE gave notice of with- faced yesterday vrith brief power move 40 yards up the produc- behind the present strike \Vg.V' -' - In this week, ahout - cuts aud small reductions tion lines ease a bottleneck, tained earlier says It . will r in the first nine months of this Males £76.90 £6.70 93 drawal from the banks’ national to company underitt!- year. negotiating, voltage because of a work-to-rule and' the 7,500 workers were 18.000 layoffs had - been to set tip a working party 1.991. was up. however, machinery,-. . ' ’ : non-manuri £86.90 £730 9D workers in electricity home. announced by last night -i from 1.534 In the same period The CQhfederaCipa. .of Bank by manual sent differentials as part of the pact. 1 : manual £70 DO £6.10 93 generating stations. oniony said the changes has already dis-- age. • .la*t year. Staff Associations had forced The The strike . /. .. Thp increased number of Females £51 DO £430 10-4 the bank 'staffs* pay issue to But a 15-ralnule blackout in should have heen made Loudon, includ- proce- work-ns days lost in September non-manual £53.80 £5.00 103 arbitration by hiding out for parts of Central through the established - 'vv.c ’ • ing Fleet Street, was said to be dures. firm insisted due to such malor disputes manual rises of 10. per cent The has : £43J0 £430 .10.9 work-to- -Ac f»in«!e in the baking and giass- Mr. Wilf. Agnail, the Con- unconnected with the that the men must move beFore ' inaniif.ictiirine industries. Bnth federation’s general secretary, rule but a result of a small power the plant Is reopened. Firemen in work-to-rule were over pay. as usual the main said yesterday that on. face value, station fire. Since the walkout up lo im- statement after ri'iv of strikes during the the award was disappointing. The The unofficial industrial action 24)00 workers, to relays of FIREMEN in Avon county A a meeting^- work^to-ruIe yesterday oi'»nh arbitration, panel;-- however, bad for improved fringe benefits is several hundred at a time, have posed a the 'Fire Brigades Union jji' ' to continue to-day sit-in the factory to after their SO percent, pay claim 1 The strike figures are included advised unions and employers to expected held a at Bristol said that the work-to-ajf start looking at-the of though' it is thought unlikely demonstrate their availability was rejected. They warned that In the Department's Gazette, Air assistants’ vote possibility was riot 'designed ^to- vhifh that there will be much impact their action would be extended ' a'sn includes details of the productivity deals and the for work. adverse effects: to the soon. public?- . It., \pw Earnings Surver This problem of. anomalies.^ - on the general level of supplies It Is understood that the unless negotiations started their Emergency calls 1 shows that, in April 1977. the That was :> significant gain to Industry and householders. talks will take place, in Glas- The 900 firemen said will "not .!#:- average gross weekly earnings of ovbr "What would have been The action by the manual gow (O-day, involving manage- action began because of a lack disrupted. But hdmlhistntii|V result 1 next week employers .and work, training' and fire - ful'-iime workers achieved if the had workers is a repetition of a work- ment, stewards and the of response from prera* in Great bank' staff ‘ Britin were £69.30. simply accepted Phase Two rises to-rule which lasted little more Scottish TUC. Government . tion duties will be blacked The figure is an average for BY OUR LABOUR STAFF when they were offered them, be than 24 hours early In September men and women aged IS and added. and had only a minor dfect on THE RESULT of the ballot of possibly rising to per cent, over on .Tanuarv |. It covers the 8 Mr. Leif Mills, general secre- supplies. vhnl** tpoffram of manual and air traffic control assistants on a from next April, in addition to to their normal pnn-mamial jobs and includes peace formula end their eight- pay review. CONCERN OVER TETHER COLUMN p.tv supplements, overtime, shift week strike is expected to be Tbe assistants will also have and other premium payments. announced next Tuesday. their 1975 pay agreement, giving The survey results Include If tbe assistants vote *o accept increases averaging 17 per cent, Miners’ leader predicts separate figures for many specific the offer made by the Civil but blocked by pay policy, imple- groups of penple in various in- Aviation Authority, air services mented when Government policy could return to normal by the allows. • denies hostility V dustries. occupations, regions, bonus scheme rejection Editor and age croups. end of next week. The assistants decided not to The average for workers At present Nights from U.K. accept an offer which could have male A MINERS’ leader yesterday reject the deal and It was en- was hut for airports have heen reduced by given them 20 per cent rises female predicted a national majority dorsed at a -series of pit-head vrv-Wnrs H was only £51. almost half because of the strike. next April but which would have against the Coal Board’s prod ac- .meetings. . papers went out yester- meant giving up 1975 TltP perron tiige increases Ballot their settle- miners will to tivity bonas scheme. Britain’s. 260,000 between April 1976 and 1977 day to the S50 assistants, mem- ment. Mr. George Rees, general .vote to either accept or reject were ahnui half t... .-"e of the pre- bers of the Civil and Puhlic Ser- Some of the union’s executive secretary of the South Wales the NCB scheme which could MR. FKEDY FISHER, Financial column and tried in- a variety of Fisher became Editor, 'and had •' ceding \ ear. reflecting the effects vices Association, to accept a members wanted to fight on for - miners, said his area had voted give face workers £23.50 a week Times Editor, said yesterday that ways to establish contact with been writing the _ cotanm for - - nf i he pav policy. They were lump-sum payment of £315 and full implementation of a 1975 ’ ' ' : overwhelmingly -to throw out the more. be had never been activated by Mr. Tether to explain ’his 18 years. . _i- . also the lowest increases since a guaranteed 4 per cent rise. agreement deal. Mr. Arthur ScargilL Yorkshire hostility when dealing with Mr. concern. Sir Harold "Wilson had pajg - miners’ leader, attacked Mr. Tether, columnist tribute-in the of : "The indications, are that C Gordon a Earlier, in November 1973. House - about 75 per cent, to SO per cent, Anthony Wedgwood Benn, dismissed 13 * to the quality . of Mr. Tetfcdft Mr. Tether bad claimed he was ." of those who voted in South Energy Secretary, who has urged dispute over editorial control of articles but had also paid .tribute lnterferlDg wlth ^ ln ' Wales were opposed tbe pitmen give the bonus * to tbe to his column. to a number nf otter journal^.- : - an .unacceptable way. -Again he tackles unions’ image scheme.” predicted national scheme fair deal.” were given latitude TUC He a “a Mr. Tether. 63. who wrote the who . to; tj. [Mr. Fisher] made the point that -. majority against it Mr. Scargill sent Mr. Benn a press their . views in the Lombard column for 21 years, he bad to edit the whole of the Knanehi BY LABOUR EDITOR Earlier, a delegate conference telegram expressing “ shock and Times, although he did OUR has asked an industrial tribunal Financial Times. Even at that notjea- in the Kent coalfield unani- disgust” at the Minister’s inter- that - tion them by name, . 'Z:, > in London to rule he was stage, Mr. ; . THE TUC is tn establish a sought the regular monthly meeting Tether-. was. impress- of mously recommended miners to vention in the ballot unfairly dismissed. In its early years the cotaoa committee of general council He said the committee would the TUC general council. . . ing on him that he was an inter- Mr. Tether, of Hill Road, nationally was very much finance and .; members with the task nf “ seek to ensure that the real Mr. Murray also disclosed that famous and distin- Worplesdon. Surrey, has rejected ished journalist fag based.- But in the. 1960sBt improving the image of the face of trade unionism is he and Mr. David Basnett. TUC gu the newspaper’s compensation . . _ .. Tether widened his scope, mi unions in the Press and broad- adequately purtrayed. It’s not chairman, are to meet Mr. John 0 ®- offer of full pay until normal started writing about, a variety ... casting. out to ‘knock* the Press." Lyons of the Engineers and Reinstatement ‘out while S retirement age and an unaffected of subjects.. This continued uafa Its jnb will he to tackle a Tbe committee will consider Managers Association to arrange He Mr. Fisher’s editorship. Bat ft common complaint both whether to working effectively >:• of sides co-opt what . * would be an . . s— ZfltfE-E frJSE was obvious that no maxi - nf industry — that coverage nf journalists. Its members are Mr. out-of-court settlement of a row Ward runs Grunwick’ ***** iS. ^sher .told,, the -tribunal! be ap .expert', on the rang^,^ -. industrial ' affairs focuses of the Municipal -JO- on Ken Raker about the association’s alleged J that- he wanted an independent, ^8* /W. JwL ; - - suhiedfs Mr. Tether was coverag strife, puts the unions in a had Workers. Mr. Geoffrey Drain, nf refusal to abide by a decision BY NICK GARNETT, LABOUR STAFF ' dissident voice.jin the lombard : Mr.. Fisher, did, hot w light and damages Britain’s NALGO. Mr. Len Edmondson, af of the disputes committee..... ~ LC9tt$0ESmp- ’ MR. DROMEY. one the’ Strikers’ representatives column, but -Hhl npjt tell allegations 'Mr; .Tetter f, reputation af home and abroad. the Engineering Workers. Mr. The association has threatened JACK of say' Mr- by & Grunwick strike leaders, virtu- they understand that officials of Tether ' be; vas surrender's hiy woric fakd been subject^ t The ways in which the com- Moss Evans of the Transport the TUC with a writ, both tn , More important, be riade it c ally ruled out yesterday the the Union of Post Office Workers editorial control over it r “ word-by-Word. line-by-Hbe, pan mittee will deal with the prob- Workers. Mr. Bill Keys nf block any move to have it sus- clear that' he regarded any Inter- ' possibility reinstatement will to' beginning of.- his of find ' revision lem are not yet clear, hut Mr. SrtGAT. Mr. John Morton of the pended from the TOC and to for try out what support Front the fepgnce with the column as graph-by-paragraph” ffl the strikers while Mr. George would forthcoming editorship, edited material., “ manipulation intx^ - Len Murray. TUC central sec- Musicians' Uninn and Mr. Alan reverse a decision instructing it be from the he censorship of a most the. . . Ward. Grunwlck's managing TUC if some of the union’s including Lombard, inr - , ... able kind.” :r retary. stressed vesterdav that Sapoer nr ACTT Mr. Norman to cive uo a recognition claim ple - . *?•**} there ” Reactor Equipment director, remained in control of members again took official or normal way. There were' He had certainly frit riot would be a positive Willis. TUC deputy general at the GEC aPPhedJjp* to journalism,_fift5j; everyJJJJJ ’’ the company. unofficial, action when he would try to. Mr. Tether’s writing apprnarh in which the co- secretary, is also a member. plant at Whetstone. near against tbe occasions was bemfrf Mr. with Ur. ^ new^a^r ^wo^d mUirtit one-atinn of the media would ho The announcement came after Leicester. Dromey said reinstatement company. raise certain points ing strident to the degree apd] he th® d Mi; !;>\ would be made possible only if Tether and on some occasions could prejudice ' the ‘repntatfci| f®1 * Jn the company was brought to its succeeded. It was not very easy of the Financial Times, t lmder lhe 8OT aid knees and Mr. forced resented any * .^ Ward to because Mr. Tether SSf£ . said the -things it: bad Jo . islwld' Print leader’s e ‘sGen sell up. attempt to discuss the content in a manner which was'; ML unwilling He admitted that if essential of his column.- . He was to “can"- strident dr ill-tempered althoiiSl services - the If to the North London warning From the -, start. Mr. Tether column. it were possible on occasion, it could be fomfub SURVEY inscription he would make AFINANCIALTTMES company were not cut off the interpreted the minor alterations - In cross-examination, - THE LEADER of a print union . strike would probably “slide “independent” as meaning that to make It acceptable. But, in Tether asked Mr. Fisher wM1 * said yesterday that greater down to defeat " in the New com- what he wrote should go into retrospect, he was mistaken in it was he had allegedly assertti “ petitiveness was essential to the this. Year. It was no use maintaining tbe paper in the way he had He should have “canned” that he had complete frewlsitfia survival of the industry. Mr. pieces illusions” among the 90 or so written it. aU the he was not pre- write what he liked and wheak} John Jackson, general secretary strikers by withholding informa- Mr. Fisher said he did not pared to accept liked. • of the Society tion them. of Lithographic problem, with Mr. Fisher said that early in 1 from have the same Mr. Fisher replied tbiat he tte the Artists. Designers, -Engravers and staff. 1974 he told Mr. Tether if A report for TOC’s Finance other- journalists on bis that Tether] never, as far as -he # Process Workers, appealed for a his contention that and General Purposes Committee although this did not mean they was by mak- aware, toldbim in those wbrdr has stressed the legal correct balance in .tackling; prob- have differences of ing alterations he [Mr. Fisher] and 1 did :not But Mr. Tether's actions whes-, technical lems arising from- neur tech- difficulties of cutting opinion. was altering the sense of Mr. ever he tried to comTnent nology. - ” off power and water. Trade - “ loose rein Tether’s column in an union -He . took a unaccept- thing written,' oi* asked him k] officials have clarified the issues Tbe only way eventually to approacb and edited Mr. Tether’s able way. then he was perfectly -consult with htmi or whetf W with Government representa- “ tame this monster of increasing column in tbe way he under- happy to leave Mr. Tetter’s name obected tn anything he had tmH tives. productivity from new. tech- stood Sir Gordon Newton, his off so that the words were' not ten, left him with mralterniiW] Mr. " Len Murray, the TUC nology was to establish shorter predecessor, had done. There attributed to him. Mr. Tether but to heHeve that this i*®' DECEMBER 9 1977 general secretary, said the issues hours, more leisure and less was no "sudden explosion,” but rejected this out of hand. Mr. indeed his position. • were still being discussed by work in collaboration with unions in the first half of 1974 he was Tether had been with the Finan- The hearing was adojnmdsaw the TUC. In other countries. becoraing unhappy about the rial Times for 36 years when Mr. to-day. r The Financial Times is preparing to publish a Survey on Gas. The main headings oC the proposed editorial synopsis are set out below. HOME MEWS INTKODUCTION Position of British Gas Corporation as energy supplier: prospects. Nuclear plan ‘contrary Insurance Brokers SUPPLIES Frigg field supplies will shortly supplement North Sea output: Brent gas arrival and other offshore supplies. to peace treaty aims’ Registration Council •i; PIPELINES Government approval of offshore gas gathering system: BY IAN BREACH involvement of Norway in the project. :r,.. CONSTRUCTION of a now be said to THE be the best result of the inquiry, “We bope appointees named reprocessing plant source thermaloside there Is of information of course that the Japanese wili THE MARKET The users, the tariffs charged and the controversy in Britain would be "contrary and guidance on the matter.” remain patient". BY ERIC SHORT to the spirit of the non-prolifera- Mr. Justice Parker had said -'il .. surrounding British Gas Corporation’s marketing campaign. 9 A U-S. national laboratory has THE NAMES of the people shall Include a. law7«r. tion treaty." Putting forward earlier: “ We shall be castigated, Jf produced an outline design for appointed • to the Insurance accountant and a poticybtrfo*5 this view at the Windscale in- whatever we say." but Mr. Kid- a simple and easily-constructed Brokers Registration Council representative. from to quiry yesterday, 3Jr. Raymond well suggested that any judg- x CONVERSION flbn. conversion town natural gas: summary reprocessing plant, capable of were released by the British Mr. J. MHCfcay ;DeaB* Kidwell. QC. for the Friends of nient P. H. f would require - of financed entirely within Gas Corporation. great refining enough plutonium to Insurance Brokers’. Association the Faculty of Advocates. S3** programme thj Earth, added that the treaty courage on the part of the make a nuclear weapon — about and Mr. Stanley Clinton Davis, lawyer nominee, . must either be . recast or inspector and his assesors when V ai eight kilograms — only seven Parliamentary Under-Secretary partner ln Lancai breached if this country were to they came to CONSERVATION Promotion of energy conservation: services offered: make their recom- days from receipt of the spent of State for reprocess reactor wastes from mendation. Trade yesterday. and Company, Saying “No, not nnclear fuel. overseas, reroverine plutonium ” Under the provisions of the Accountants, is- -the achievements. yet to the Windscale plant, nuclear According to the later issue Insurance Brokers (Registration) nominee, and -B. B. ho®', and other materials from which the Friends had argued •Mr. those wastes. of - the Washington newsletter Act .1977, which received executive editor oF Ifan ? should be said, would require the the gM” GEM AWARDS Success of energy savers under Gem awards scheme. Alluding to the pending con- Nucleonics Week, tbe U.S. De- Royal Assent in July,, ail persons is the consumer rejaesfenttg®* greatest courage of all. :V; tract between the Japanese elec- partment Of Energy is Oak Ridge or organisations wishing to trade The other -tw>'• 'ftppoln®®*, .Reports that Swiss nuclear • trical utilities • National Laboratory has designed as insurance brokers are Professor GkrtaKrf^l !tr natural and British will have R. L. i, THE FVTURE British gas industry leads the world in substitute reprocessing contracts are to be Nuclear Fuels. Mr. Kidwell said a plant Using easily-obtained to register as such and fessor of Inanrance Stua^J* conform ;• aas technology: recent research with emphasis services. signed towards the end of this materials, which can be ' %' on U.S. that Britain was under no obliga- built and to certain conditions, relating to the University of "Wottr Vi year with Cogema, the French operated by technicians " tion to go ahead with the re- of qualifications,, expericncer finan- and Mr. J. A. Halliday.. processing counterpart to British Nuclear average capability. of spent fuel from cial solvency and of the CarporatkhFT 1 gas supplies other related Il- . THE WORLD Worldwide and reserves. Japan. Fuels, were noted yesterday The design, says the newsletter, ** M matters. Finance and .'XJfei' “It with regret by the company. strikes a severe blow at the - rather stands the moral This registration process is to Brokers- > y _-.va British Nuclear Fuels said U.S. Government’s TRANSPORT Growing market for liquefied, natural gas carriers. argument nn its head to suggest argument that be handled by a The chalrman-ol that the French were not to be by banning commercial Registration we have a duty to support the repro- Council comprising 17 has to be one-jrf the blamed, but it was another cessing members ^ Japanese economy or a moral of soeot fuel, it can he! tion httVif oE whom 12 are appointed by the appointments- The proposed publication dale is 9 1977. Copy date is isil*’ example of the risk it faced of assured of “timely : December to st**rHv iV-e many non- warning” of Association and the by all members. b£ tta. losing business because of the any attempt remaining December 1 1977. For details of advertising rates and the editorial nuclear nations with the material to proliferate five by the Secretary long delay brought about as a nuclear explosives. of State for for making bombs, if they so Trade. synopsis contact: wish.” .^i Brooks Appointees of the Association Royer Marlin This wa« especially so since are Mr. F. SS Perkins. Mr. ••• in the Friends’ the M. Financial Times. Bracken House. 10 Cannon Street. London EC4P submission, Kekh. Mr. G. Hayman. 4BY. proposed Windscale plant would Mr. J. popular Cliff, Mr. R. G. Strange, most Tel: (11-24$ S000 Ext. 422 he a net financial drain on Cable fault hits Audis Mr. W r* T ’ O’Connor, NEARLY 200-cax^Wo^i^ Britain and would pose serious « i, 31 Mr. P. N. Miller, Mr. than environmental risks. DRIVERS of new Audi cars were believed A. K £tar. to have a fault in the Lawson, Mr. D. The influence of the decision warned yesterday that their Grout. Me *\ private huyetf vhr;*F*f vv;-.:: cats throttle cable causing it in K some Browning and Mr. 1- - nf the tribunal “must he rnigh* have a dangerous W. White- Leyland . distribirioBi .tf; -.f FINANCIALTIMES fault. circumstances to Jam when wide house. immense, one way Volkswagen, London Motnrfair.^ i. or the other.” which makes . tbe open. , EUROPE'S BUSINESS the inspector. Mr. Audi 100 These members have" been The mosj NEWSPAPER When five-cylinder model with Hr. Tony Hill, spokesman company’s: Parker, for! appointed to take account It! Justice demurred Mr. automatic transmission. tnJd Volkswagen, said: of all models have insisted: “We dis-l sws of insurance < Kidwell “No-one. no dealers to contact anyone brokers and announced T'.t f-pv-v ir.-l pj-uw •-.»! «. > l iur\, who covered the fault when one rff are spread enun jr-- •ii'i.i:' nuiiii' i” -!n 1; -if i.y, one group of people in the world had bought the car try-wide; since It was our dealers crashed into the executive .fry knows as much about this issue put a wall Association pointed oul. on the market in July. when he was driving sales have been ..acfqK this out of his The also as tribunal, which could • Act specifies Of the 500 sold about SO are garage,. that the from Minis to. secretary of State's appointees said.- sfr-v ™ Financial Times Thursday October 27 197*7 THE at Vi» ECONOMIC PACKAGE . . . The Chancellor’s Speech io° 0 ^ aim expansion in reaching settlements during : AN ECONOMIC PACKAGE which includes Income-tax reliefs, higher public the remainder of the round. expenditure, increased Government spending in the coustruclion industry ^ f do not think it is right at - and help for small businesses was outlined in the Commons by Mr. Denis a time when working people as y ^ a whole arc receiving cash Healey, Chancellor a of the Exchequer, yesterday. He also gave a warning rebate on this scale before ’ “ ” Christina* to similar - - J S against pay settlements edging back towards, do nothing . say, 15% Tor those who have retired. The Chancellor told the in the expenditure juslmenls ness i have decided to increase The 2*m. pensioners who now- 1 ‘rs ::.- Commonsi figures, such as any changes rc- the threshold for the apportion- pay tax will of course benefit Since the Hotuse debated the suiting from discussions with . ment of trading income of close from the measures I have situation in July, the refinancing economic the the banks about companies to £25 000 This will already announced. improvement in our financial of export and- shipbuilding cosl up l0 £5m. nKrt year and m- it " rV^wsition has been greatly credits. ... £Mm. in a full year. *' . * \ ti’.’strenstbened- Confidence in Beyond these decisions on ;n- The Government will al*io be Tax-free bonus Britain’s future has been power- come tax and public expenditure considering before next Year's , '>y reinforced both at home In 1978-79 I have left myself free- . -fuliy Finance Bill certain further tax i ] abroad. dom to make further changes for pensioners . , '.and changes which could be of sub- As a result we are now in a in the 1978 Budget according to stantial help to small firms. However, the majority of - .v- position to take further measures developments in the economy very brieflv there are two pensioners do not pay tax. The " •v.J. to iinprove the outlook for em- and particularly the prospect for proposals to encourage new busi* Government have therefore to_ inflation. • i.,:. pioyment and bring the growth nesses—the possibility of carry* decided to pay a special tax free of-output on to its intended path, if economic and financial cir- ing back losses in the early years bonus of £10 to pensioners in i is^now clea:r that * n the week beginning December 5. -f . It I i . 95“ cnmstancea pprmit intend to of an unincorporated business to - lhe U.K. and m tne world as a further reduciion in set against the owner's rather in* The cost of £100m. mill be met t make some i .Uie recovery jn demand From the reserve. lS:- whole the burden of personal taxation, come in earlier years: and allow* contingency ' activity is "l.v'V'and weaker than was For example, as I explained in ing relief from capital gains tas The Government will introduce expected in the summer. mv Budget Statement last March, where a loss is made on a loan to early in the next session a laiest .The meetings of the there is a strong case for reduc- a business. Finance Bill and the necessary International Monetary Fund and jng the poverty trap by progres- Then there is the possibility of resolutions to implement the Df the Finance Council of the sively raising the personal lax tax facilities to help farmers and proposed tax reliefs For the cur- 111 ,1 European Community have rent financial year. The pro- k»fri agreed that the industrialised ' posed reliefs for capital transfer “rk-tn.' HWl world should take steps to tax and other changes affecting small firms will he nmvided Tor • •j-v.. Britain Is in a position to join ^Our main objective must be a in the Finance Bill following the r in this collective effort. Sprine. 1978. Budget. These measures will raise the ’*• elear that it aims at a steady and continuing fall in the level of public sector borrowing require- ‘ sustained expansion and is deter- . "^ ment 10 a figure now estimated '•& [mined to avoid the risk of over- lUlCITlDlOVIliemuutmpiuj mem at some £7Jhn. in the current ' i heating the economy with the year and to about £7bn. in 1978- . damaging consequences for 1979. . growth, inflation and the balance 1 a; of. payments which we saw four ... , . . . . . thresholds until they stand clear perhaps other unincorporated years a™o Public sector as a Mr. Healey leaves 11, Downing Street ab v e the levels or the main businesses plan their investment A HINT of good news for income-tax payers smiling For this’ reason the decisions 1 9 security benefits. programmes. shall now announce are pan of a so £]?' with Mrs* Healey for the Commons. There is also a strong case for borrowing 'programme for economic expan- . j n addition the Chancellor of a reduced rale band sion spreading over 18 months, introducing DUChy 0 f Lancaster will be Both these figures are within I have announced this aFternoon of tax. announcing a number of other the Government's ceiling. They scale of unemployment move- # _ . However, there can at this measures costing about £jm. for are consistent with keeping 1 prizegiving that the the current year and £2Jm next growth of the monetary aggre- ments has proved extremely diffi- The end-of-term 1 • J I fllirk-RClinff Stage be no assurance SfilTlr >c economic situation will in fact year, which will help smaller gates in the current year within cult to predict — witness the Anns increase investment and our financial commitments, and encouraging L m 1 v permit a further net reduction in to figures published hostility with BY PHILIP RAWSTORNE *** T measures taxation, over and above the employment. a similarly fins control of yesterday. Vv in reliefs 1 announ- - . monetary growth 197S-79. , major which am , now lurn t0 fiscal pro But at this rate, if we must be „ m> growth Our mam objective a C afternoon. The scope The measures are estimated to it monetary scope left for indus- mg this p 0 sals for the current year can sustain and build on it. will THE CHAN CELLO R called nesses, a boost for construc- continuing fall id the level of in this raise domestic output by about eMnieni. Mr. p f0r aT1 y further move 1977.78. tnm the trend of unemployment a Budget of Reward; and il tion. mure for education and trial int Healey unemployment. In framing rale i per cent, in the first quarter ell. direction and a reduced , a capital political law order, increased assured Mr. Enoch Pun But I — We ^ now be confident of firmly downwards. was and 1 measures this end the Govern- of 1978 rising to about rlter to band of tax. in particular, could substantial head-room below the 1 per occasion. overseas aid. liltle room Tor political opposi- ment has been guided by four be very expensive—will depend cent, in the first quarter of 1979. Within this overall rate of visibly tion. he told Scottish Nationa- ceiling which I set for the PSBR The Chancellor presented Labour MPs enjoyed main considerations. crucially on the development of On the conventional arith- growth, there should be a con- the experience of listening list Mr. Douglas Crawford. tbj s vear It is important that we his neatly' packages rare ' measures should be quick* wrapped The t he economy between now and take advantage Df this lo surh a list of benefactions. s hou'd with all the decorum of an It was a thought which - acting, .they should reinforce the next April, and above all on the head-room bv measures which The Chancellor could scarcely obviously concerned the Con- inflation assist the end of term prize-giving for attack on and trend of pay settlements, mea- are actjng and which have bear imerrupt bis recital to sacrifice and effort. be lo servatives as well. Only Mr. <• - industrial strategy, they should And sured asainst the Governments a maximum effect in bringing take a drink. look the cheers at lhe end as John Blffen succeeded in rais- : - fully consistent with our fin- he guidelines. unemployment down as soon as 4 If we falter now, we can lose the ground When aU the awards had ing any clou bis about the ’•ancUl commitments for the cur- a tribute to his own perser- possible, been presented, Mr. Heati-y Gov ern men I 's strat cgy. and should run verance—bis 12th budgetary rent year they The measures should also if to appreciate the Tl gained . . . find ourselves once appearance paused of over-extending our fin- I I we have and but the first at He questioned its ability to iw.nsk hp A/I |h possible reinforce our attack on warming glow—and lo pledge unpegs- The* IMF which he had been able to control in llation. when ^ances in .1978-i9 or of Inflation and our commitment to even prizes in (he spring relax bis financial discipline. more monetary expansion was • -sarlly prejudicing the possibility , high inflation, stow 11 „ the industrial strategy. more wrestling with if Ibis year's promises were i0 No-one looked prouder (ban threatened by the inflow of standby brought to Tull economic ™, point, .t™,* «> .* Mrs. Healey in (be gallery* foreign currency. distinction. r aspects p ies possibte reduction in growth and rising unemployment. “ . Our basic economic strategy I now turn to certain ? £f^ !_ 9 Confidence in Britain's Elsewhere on the Conserva- income tax. as l described it in of our overseas financial position, future has been powerfully re- general . remains my M tive benches, the feel- March Budget I now see scope In our present circumstances it inforced at home and abroad Stolen fruit ing seemed to be that the prizes clearly be wrong for us the Chancellor asserted. could he . Tor measures within the frame- would Such These measures handed out by the Chancellor oF that strategy costing a to take up any further drawings achievement could he just the beginning of a pro- had taken straight from work PersonalJrciSODdl metic, this could produce an siderable recovery in real take been ..little over £Ibn. in the current on our standby with the IMF. rewarded with the distribu- gramme of 18 months of econ- the next Conservative increase in employment in these home pay and personal consump- and £2bn. in the next finan- tion of £lbn. omic expansion, he declared. manifesto. . year \Ve will therefore not take up allowaflf£5 quarters of 30.000 and 170.000 allowances tion. The rate of price increases Mr. Callaghan at his side lay- He taunted the “glum and jaalyear. at vhe end of November the and lead lo a reduction in Mr. Dennis skinner put the will help the ** •‘ British people to back in his seat and contem- miserable Sir Geoffrey painful thought into words. First, measures a SDR 310m. which then becomes I have therefore decided to unemployment, compared with choose instead a better course— plated the future with even Howe, who from the Conserva- look Mrs. nest financial year 1978-79.. The available. The managing flareewr bring forward the 12 per cent what it would otherwise have From (he chilly on , to build ’ on the gains they have more confidence as the hand- tive bench suggested House decided this summer to of ih e ntfF has been informed Increase in the main personal been, of some 20,000 and 110.000 Tronl that Thatcher's face, it seemed as ' to in- already won and to achieve a outs were made. the ucrasiou owed more to the ir Mr. Healey had stolen .. .feonmiit. the Government 0f this decision. Oor full 'draw- income tax allowances which 1 respectively. her sustained reduction in inflation Healey, it • allowances Mr. seems, had tutelage of the IMF than to political clothes, .creasing' personal tax inq rights under the standby will, have just undertaken to make But I have to say again that he suggested. together with a steady growth in forgotteu no-one—bonuses for '* each spring in line with the rate of course, remain intaci. next April in accordance with the prospects for the economy the Government's inherent 1 hav e never berii a trail* “ jobs, in output in of price increases over the P re- the Finance Act 1977 and to as and living pensioners, relief for tax- ab'Miy. vestite,** Mr. Healey responded . d b , hp slandbv a whole depend crucially on ” ’ w standards. help vious calendar year unless it . . straightaway. payers. for small busi- There would be pleuty of coyly. =. ScJJJv-at the implement it what happens to inflation. 1 am PJicit PenniSSi0n 10 d The inland Revenue are *?!*!* ° in/SV? Ur. Sd mid-tein publishing to-day a further half- otorwlWifS a yearly economic .forecast as pro- .. discussions with the IMF on our . REACTIONS ° l a r vided under the Industry •-,L ' economic strategy will shortly be {L £? “%!!?*,£i Act. . ^ incomeL*2**f!tax Nr the i?JrS}current 1975. taking platep a as envisagedIisased ini0 our ! >' ear- ! wlsh 10 place on record This forecast assumes Raising tax LetterjjJK* 0o.of imentintent^,^™Intent SK« an ® , .^mymy app^ciau,,,,appreciationtoallthehard-t0 aU u,,, hard. average earnings growth of 10 The change in ourpur financial ' fhrOcliAf/lc peggedpressed staff concerned. per cent io the current pay • lili W11U1U3 situation also makes possible i„[„ order lol0 makeraa ke room for the round, consistent with the Call for increase in pensions to in £18 8nme adjustments exchange additional work the Government '1 helievA it is riehr that we Government's guidelines. On - contT01 irsX 1 1 ' ' !® decided to exempt from lax waive tSI . ^ this critical assumption, the '^ahLSd Sot seek to changesJ intended ““S'to help FINANCIAL TIMES REPORTER cerUm fdr lhe curTent year, 1977/78 growth of domestic output could "SremMt.requirement in *lhctnc comtaRcommg the over- raainlam or increase on[v the increase in National strengthen significantly over h V D f the seas eurnin s of the financial Insurance pensions and in other PENSIONS need to go up to £J8 Mr. Hohman also pointed out . 12 to figure Employers’ Federation, said; Christmas trade a splendid boost." to faS ta\ thresho1dt fJ5 p ext months a in S serv,ws sector- l>enefits which for a single persun and £28 30 that yesterday’s dis- iSd social security the region of 3* per cent. measures “To-day’s Budget is a cautious The Consortium said the re- a - For this ur ose 1 am relaxing will come into effect next month. for married couple next month criminated against those pen- first step in the creation the duction on capital transfer tax down in the Finance' Act 1977 P P uf if somewhat the rules governing The cost will be £40ra. they are to keep pace with sioners who do not pay i ax. They right environment far the fur small businesses was "im- insurance This further raising of lax the rise in the retail price index, would receive only the £10 gift portant. but not enough." er cent STcreri b? pereonal the amounts which Warning on profitable expansion uT indusiry declared the Help the Aged while substantial tax cuts were whieh will do more to solve the Mr. Denys Randolph, chairman organisation last night. being awarded to the better-off. problem of. unemployment ihan of the Institute of Directors, pay deals 11 is pressing for the Chan- Mr. Roy Close, director- any number of temporary maintained: "We arc pleased that cellor to make an immediate general of the British institute employment the Chancellor has at last recog- ye schemes. Second l am further iibera- creased by £J«0 to £1,455; there Growth at this rate would be statement about the proposed Management, nised the damaging ?n ihn i ho ftftvpm- iy, of commented; “The EEF believes that by his effects uf rules perm ill iog will be a consequential increase rather above the trend growth increases in retirement pensions Chancellor's capiial transfer tax on small mint mnmVJSf'w!? «5iihsian >^‘"8 lb® "The balancing act announcement the Chancellor busi- manufac- £510 in the additional per of productive potential. As the henefirs non-resident controlled to and reminded him that an assur- between restraint on inflation has assisted employers in their nesses." and there will House will know, the timing and during companies lo borrow sonal allowance; ance was given last April that and encouragement of steady determination keep wage in- 'll is nut even a mini -Budget. Kr SrSniD V^r mSSS8 to for investment in their be a similar percentage increase could continue to Tail, to a level, the rises be lifted sustained It U at best a micro-Budqet. K i^iri^nt thA Wnit-iUri Gom-Com uteriingt would if and growth has left creases within the Government ; to. implement the Holland . ,, „ , , 0 f £1J50 for the by the end of next year, not far business in i e l0 new 0 als Inflation- did not fail to around us with 3 mini-Budget which guideline. The measures for small com- mmeesmirtees .proposalsproposals on manpower above ^ allowance and £1.975 that of our main competi- 13 per cent. provides little direct incentive “ pantos were welcomed last in-in However, il looks forward to night and training, and a major ' for the married age allowance. tors. Inflation is still at 15.6 per to managers. further reduction;: in direct by Mr. BUI Poeion. chairman tif creaseC , children1 in the number orr Ch "ill have effect By contrast, however, if . These reliefs pay the Union of independent , cent, so Help the Aged wants will be disappointed taxes on both individuals and Com- eligiblewa^f, %for ,free schoolK° meals.meals:«?Ifi jh Qrp|g[] "They in , he normai wa.v from the settlements edge up towards say- small panies as a “ good start.” in Foreign Mr. Healey to honour that that action on tax allowances companies in the spring Bifa together these increases ® beginning of the present fiscal 15 per cent., and the rale of Government promise. does nothing to ease further the Budget consistent with sensible they were far from adequate tin puWicpublic., expenditure w-mwill cost . will be £940m. in inflation moves back into f ro 7 /!| year. The cost doable At Age Concern Mr. David squeeze on differentials and pro- monetary policy.” deal with ai! the problems df jomeJoino £475m.£475ro. at 1977 Survey travelIlglVCl ar. figures, we are likely to be lhe current ye faced Hobman, the director, welcomed vides no additional incentive at Mr. Cyril Coffin, director small bu»i Jl ***' further increases in not only with slower next WM , Thirdtv l t decided lo These growth the £10 Christmas present general of recognise that The „ recognises havea but a time when they are being- the Fuud Manufar- “We must there Government . . personal allowances will take year, but also with less scope j cum nt insisted it was no substitute for called upon to make a greater turers' Federation, said that is at leant the beginning of aji that exceptional difficulties are people out of lax. values tne niiesrotosoJermoM around 900.000 for fiscal relaxation. an adequate Income. pension contribution econo- Britain’s must indication that the now faced .construction money “{Js to v No to export-led housewives make Government by the Tllis in addilioQ l0 the j m . Thus, we are now at a turning policy should rely on a “ chance mic recovery. sure that increases in take- home is beginning to realise our pruS- ^ point. If we falter now we can bonus.'' pay lems." therefore decided to K?JS2tTVS.^ “The measures do liltle to found their way into the he said. I tfflTfii ’ lose the ground we have " L ,orL I n gained "The £10 will allow pensioners raise the confidence we require weekly They arc making 1 ! ^ Uicrease expenditure next year on ^or “ample e housekeeping budget. the right 'ti h oVe that it will be possible in the last 12 months and find ; i- ^can ue to buy a little extra food, encourage investment noises but construction by lhe central naey tacimies ^w men ^ warmth to greater The Retail Consortium wel- Mr. Lever needs to wage-earners to receive ourselves once more wrestling and perhaps aulhonties obtained from : even to give and provide for growth and more comed the fact that lhe tax con- produce mure fundamental ’ .fipwrmnem and local " the benefits of these reliefs in with high inflation, slow without reference to the Bank»JSk growth presents. But you can not get jobs." cessions are to come through in changes including relief from flip?' £400m. at Survey prices over a . packets after rising .oerc^ed and unemployment. much with the equivalent of just Mr. Anthony Frodsham. direc- November rather than in the the linked problem, lllPand above Uie existingplans. The or Eo^nd-re^beine ™ W /^“Tor ,he uf cupiitfl |f“ ra 1 believe the measures which under 3p a day." he said. tor general of the Engineering New Year. “They will give the gains and capital transfer allocation uf this additional from £300 their first pay taxes." r-.if rrnmfrom £75 remainder in | holiday trawl a nd £75 amount between different pro- for . 6. . pai ket after Decem ber Healey’s promise on exchange rate policy ZW" j vjon iur a Hint I ‘CU moil, i nci t- 1 ®!. the relief will be worth 0friend lhe Parliamentary Secre- BY IVOR OWEN, PARLIAMENTARY STAFF ap raxj malei g5p a week for a Avovcaoc Department of p y '.vJVerSeSiS sue* aryt single person paying basic rale l studying the problems have been aTld £1 >05 for a raarrjed man. will ; i ^ APPROPRIATE action be Mr. John Biffen (C., Oswestry) ruins." said the Chancellor, amid that speculators searching for _Thp Chancellor conceded that taken by the Government iF * continuing. o noted monetarist, concentrated Lahuur laughter. capital gains would not be per- Mr. Tapsell was reflecting a view increased ^tSs sumEm* mm conflict develops between ex- the Upposi lion's fire by contend- Mr. Dat id Howeti, which was widely held in the change rale policy, interest rate When mited lo push up the exchange conclusions mainly bul Effect on that the another Conservative Treasury Guy. But it a.s nut held by those dpriftod fin pnflsin CITTltlpr its* first — policy and monetary policy, the ing campaign to reduce rate in a prejudicial manner. ensased in trade and product ion and eradicate inflation would spokesman, pressed for u proper Chancellor said later during not Mr. Healey experi- answer to Mr, Biffen. the Chan- replied that in Britain, he said. Policy must questions on his package. have been assisted by the &sh£ transters is. take-home *pay“ cellor agreed been ence in other countries— he in- be primarily concerned with the taxation of business Doubts the that there had iDcre-iain-jP lIh.. ftupwioM aidW Poro- about Government’s measures announced by the stanced Switzerland and Germany protection an inhibition on the crowd) or These reliefs will represent a very large inflows of foreiEn of Britain's manufac- £ratnme hv £^0m capacity lo keep the money Chancellor; — showed that physical cunirols turing base. *"«H firms. significant further addition to currency tnlo Uie reserves in the it is incrMsin- rhr* law and supply under effective control had not proved very effective. The 30 per cent, business relief take-home pay tn the current pay He warned of the dangerous current >car. Mr. John Pardoc. njL Vrocrauiuie by £9m lo formed the mam thrust of Con- " Une of Libera] P lax will be married, on gamble involved the lessons of people for for capital transfer round. For a man servative criticism of the mini- in the monetary spokesman on economic affairs, proSfde additiunar resources in who hold my particuljr job is increased to 50 per cent and it average earnings they will be the element Uie total economy. said the Chancellor'.*, pK ende s cllilhtn SppoS Budqet which, with its many tax inflow that there are fairly slrici limits statement wi” he extended to deferred equivalent of an addition of and called for. confirmation that Currency brought “ vehicles and ^ equipment remissions, was seen by Sir within the Government hail- Wcl public which U is possible to charges on forestry. There wUl £1.74. or nearly 21 per cenU to the sector borrowing been possible to sterilise way to sanity “—a ind also for Se prison^ and the Geoffrey Howe, the Shadow It had withstand market pressure." transition he of 20 per cent, his weekly gross pay. requirement continued to rise, implying particularly for fixed investment. AFTER THE Chancellors speech, further increases in import small rise forecast Tor the the Treasury issued a statement The penetration, particularly far con- second half of titan year reflects setting out economic forecasts sumer goods. With demand expected recovery in expendi- for 1P78 under the requirements an growing more strongly next year, of Schedule 5 of the Industry ture towards planned levels as Economic prospects to the volume of imports muar be Act, 1975. well as the decisions announced expected lo continue rising faster on October 28. xj The forecast reflects the than final demand: for goods and A Although total private Invest- measures announced on October end-1978 services as a whole a rise of i i is expected to show little »S WiMf 25. Further assumptions include ment wwne 11 per cent, during 19 during 1977 there has effective exchange change is forecast- a constant 1 been a recovery in manufactur- Table the rate and growth of average earn- {jalf 1978 tad half l*77 The improvement in ing investment and a rather ings at 10 per cent, per annum. to * D current balance this year can slower one in distributive and « During 1977 so far, economic 2nd half 1977 2nd half NTS be attributed to an improvement investment. The main activity hs remained subdued. service pe wantage changes in the genera! trading balance offsetting decline has been in Nprtb Sea oil. The Persona! real incomes were Output and Expenditure at constant prices as well as to North Sea oil Installations: this currently severely squeezed by rising Gross Domestic Product (at factor cost) ... terns of trade are partly reflects accidents of tim- a result of prices in the early part of this Consumers expenditure i-.—.- improving, mainly as intentions inquiries year and public expenditure has ing. Recent Public expenditure on goods and services lower world' commodity prices. been firmly contained. Exports by the Department of Industry Private sector fixed investment Tbe main switch into surplus of have performed well and manu- indicate some further accelera- of which the current balance is therefore investment facturing Investment has been on tion in the growth of manufactur- Manufacturing likely to have taken place by services an upward trend. Total output ing investment in 1978 and a Experts ‘of goods and the end of 1977. continuing rise in commercial StockbuUding (as per cent, of GDP) t GDP) in the second half of this During 1978 the continuing imports of goods and services year is expected to be only investment. improvement in the oil balance Manufacturing production slightly higher than a year pre- The forecasts shown here are may be offset by a rather faster viously. mid volumes than near the point of the range Balance of Payments on current account growth in import tax 19fT 137S export The forecast What During 197$, the prospect is for suggested by the intentions indi- in volumes. - current a widely spread increase in final cators. Although the growth in is of a continuing omm annua! demand. This year’s fall in pub- total demand this year may have First half ~ account surplus at an 1 ‘ £l*bn. The lic expenditure on goods and ser- been less than expected, lower Second half | rate of the order of vices he followed by a small rates and improving uncertainties, concerning both may interest Public Sector Borrowing Requirement is volumes and the terms of rise: personal consumption confidence should be helpful to 1978-73 trade all earned 19TT-7S extremely Single persons—income real are. of course, likely lo rise quite brisky as investment. The favourable finan- £ bUUo« trade income* recover: exports and large- cial conditions may also stimu- (Percentage of GDP at market pricei) ... 7} (5i%) 7 (41 con- central industrial investment should late a gradual recovery in hous- The recent trend of tinue tn grow. Retail Price Index government borrowing Indicates •: ing investment. In aggregate Present charge far 1977/78 Proposed charge far 1977 /TO fallowing: : trends point to 4til qtr.1171 4fll qtf. 1977 that the public sector borrowing Although past private sector investment is fore- Finance 1977 announcement of Oct. 26. 1977 to 1977-7S could followinga Act Imports continuing to rise faster cast to rise during 1978 by some to requirement For Reduction m the Impli- t 4th qtr. 1977 4th qtr. 1978 well turn out before allowing than final expenditure, 12 per cent. — Percentage of Percentage of tax after geroepuge changes just announced cation is fnr a fairly strong re- for the measures totaltotalincomeincome proposed IS* ^ 64 total income covery in domestic output. GDP some £2bn. below the April tax changes — IncomeIncome Tax taken in tax Income Tax taken in tax forecast to rise by some 3| per forecast of £S.5bn. The differ- i B&3-70 244 3440 u> well contribute These excess stocks are likely to building may tinue. The increase compared expenditure, especially invest- 26* 1,038.70 26.0 '3440 .'.32- growth 12)72.70 be eliminated as personal con- significantly to between with a year previously should . . ••• 17-' ment. Some of these develop- 1*242.70 27.6 U08-70 26.9 3440 Investment sumption recovers in the second late 1977 and late 1978. therefore continue reach- to fall, ments are also likely to affect 1.412.70 293 1378.70 27.6 3440 U- hair or this year, thus delaying ing perhaps l?i per cent, in the Preliminary evidence suggests The faH in real personal dis- 19TS-79. The revised forecasts 1.752.70 292 1,718.70 28.6 3440 1J.V the full impact of the recovery fourth quarter 1977 fall- lhat puhhc expenditure on goods posable incomes between the of and taking account of policy changes, 2.102JI0 30.0 2,OS2JtO 29.5 4040 w- : J on production. ing to aroqnd - 61 per cent, by the 4540' •. and services may have continued autumn of 1976 and the spring of are for borrowing requirements 2^09.75 31.4 2,464.75 304 u fourth quarter of 1978. in run raihcr below plannrd Recent stuck levels have 1977 was a severe one caused of some £7tbn. for 1977-78 and 2.96730 33.0 2,91750 32.4 50.00 ... IT' levels in the first half of 1977. generally been high in relation primarily by a number of factors It should be emphasised that £7bn. for I97S-79. 3.4752Z5 348 3.428,25 . 344 55.06 Mr: . ••• other than wages continuing to. these figures are 6147850 .7040 - dependent on a 6,548SO 43.7 . M- W ’ priees: - 75.00- 03“ push up consumer 10 per cent earnings assumption, 10J2062Z5 51.0' 10,131.25 50.7 Although some of the squeeze on if earnings rise more than this Earnings 14.208.6S 56-8 14,125.65 565 8340 . 84* real incomes was absorbed by the rate of inflation- will start reduced savings, personal con- rising again in the second half of As usual, it is necessary to Average forecasting sumption fell rather shanffy until the year. • • stress the high degree cf un- the second quarter of 1977. certainty in economic forecast- The growth of world trade ing. For the price forecasts, in Since then, tbe trend of prices seems to have been very slow particular, the earnings assump- has slowed markedly. Given io the first haLf of this year. This tion is crucial. If- for example, also the tax reliefs announced in be explained, if only in pari, errors may average earnings were to grow April and July real personal by slow growth in a number of First Second incomes by 15 per cent, rather than 10 disposable probably major industrial countries. The ' half half per cent., tbe growth of tbe RPI Presont charge far 1977/78 Proposed charge far 1977/78 following • began to rise again during the forecast assumes a rather faster •" year of year of during 1978 would probably be following Finance Act 1977 announcement of Oct. 26» 1977 ftedum« forecast forecast summer and preliminary esti- rate of growth in world produc- " over 10 per cent . . . - Reduction in va period period mates suggest a substantial re- tion with world trade expanding Table 2 Furthermore, the growth of Percentage of Percentage of tax after perc covery in personal consumption in a more normal relationship Cnnslant Prices the economy would be lower totalincome totalincome proposed of in the third quarter of 1977. to output wttb investment particularly ' In tax i >n?unier.?’ expenditure iper ccnt.i 1.0 1.9 Income Income Tax taken in tax Income Tax taken changes The prospect is for real dis- This implies that U.K.- likely to be affected b; the less Public authorities.* ' consumption iper cent.) 1.4 1.7 posable incomes to continue to financial Gross lived Investment (per cent.) ;i.n 3.3 weighted world trade in manu- favourable climate. The rise fairly quickly, Stnckbuilrtins* iper cent, of GDPj os 1.2 helped by the factures might increase by most marked effects of increased Export? of sond.s and services iper cent.) ... f.M 44 more favourable trend in prices, about 9 per cent between 1977 inflation on growl h and employ Import* uf souds and services (per cem.) .. 27 4.3 by the further tax reliefs, and by and 1978. U.K. exports have risen meat would, however, be Hkely GDP al (actor cost (per cent.) 1.3 1.9 faster growth leading to rising strongly in recent months and to be felt rather beyond tbe employment Current prices oui share in world trade in manu- horizon of the present forecast. savings factures has very probably risen. More generally, there is no Current account of balance of payments (per Higher would normally expected precise way of- indicating cent, of current price GDPi 0J 1.5 be to reduce the effects Both past and prospective per- - margins of error when the use R'tail price index (per cent chance on year of a fast rise in rein incomes: qn formance probably owe some- of formal techniques is modified preiinuslv) L2 33 the other hand, much of the thing to Improved- competi- the. by judgment One approach abnormally high savings of tiveness achieved in 1976 which. A full account of the methods or calculating average errors was which has been used in previous recent years may be. attributable In terms of relative costs, has given in (ho table accompanyInc the forecast published in December. Government forecasts is to refer to inflation, so that savings would largely been maintained. Never- 1976. The p n-j.cn l table uses the same methods though the figures to the average size of errors (end to fall as inflationary expec- theless. in view of past treqds. differ in two respects. made in previous forecasts These tations subside. some loss of share has been tli The calculations for the constant price variables are based are get out In table 3, and some allowed for. on fnrecaMs made during the period .lunp. 1965. to June. 1975. For Of the complications are ex- the current balance and the retail price index thev reflect forecasts Trade The forecast rise of 6 per cent, plained In the accompanying made between June. 11)70. and June, 197.7. in exports of goods and services technical note. C!» For all variables, except the retail price index, the forecast The forecast increase In con- also takes account of a build-up They are. at best, a very crude examined w a fareesisi of the change between a "base jear" and sumption of some 3 per cent be- in oil exports and a sustained up- guide to the likely errors in present the period concerned. Where a forecast is made in quarter 0 the tween the second halves of 1977 ward trend in exports of services, circumstances. But they ba Estimates of Expenditure, Imports and Gross Domestic Product A proposed new scheme to help 1 companies finance the cost of markets, Table * developing new export £m. at 1970 prices, seasonally adjusted announced by the Chancellor, will • m Pubbc emwndiisr ps (he export Market and sen kc» be known Cross Domestic Guarantee Scheme Puhllc Exports Less Less Product Entry IMEGS). author-ulus' Private of suods Total imports of adjustment it factor cost* It will be designed to help ron- Public lix-.-d and Stork- filial SOOilS snd ID factor GDP totter amaJJer- and medium-sized con- ri iten-1 turc iump'ion lines. inwvm:ii Went unices bulletins* expenditure iun.-ce* cost U74 = U0 cerns in manufacturing Industry *1 r 35.250 10.700 4JNM 14JIOO -650 69.500 ro deal with the financial risk and ’ ri 35.4.*0 M.U50 4.150 13.350 -350 71.200 problems associated with a 7 7 venture to develop a new export 35. 1 50 1 1 .0.10 3.450 16.500 250 71.930 market. 3IU50 11.150 3.non 17.000 350 74.900 It is proposed that the Scheme 7»i f l ir-| half . . 1 T.iktll 5.5(10 2 "on 7.500 - 250 35.300 will lake the form of a 50 per >*u«inl li.iti 17.S1HI 5..v>n 1 .950 7.S50 - 100 35.900 cent, loan towards the eligible t: k-i-i lull .. .. 17.400 5.5(H) 1.750 S.05A 400 35.850 coats of the market venture and •M-i-nntl luilf 17.750 5,VW 1.700 6.450 - 150 36.100 will be repaid, with a commercial TS h.i!| I 65 1) rate of return, out of receipts MrM . .. IS 050 5.550 S 650 150 37.050 ."•venil half is.r.yo 3,(1011 1.700 P.950 200 37.850 from sales in the market. If sales do not materialise as *! »-r iii.icC i'li.in;:e« expected, then the company and •••nil half (VTft i,i .ectiHil the Scheme will share the loss, hair m;r and for this cuarantee the com- ”--1 hail r»r; m lir-t Unit pany pays tbe Scheme an annua! i:»;> "I premium. The Scheme will he • •nd hall I'lfr second operated by the British Overseas Trade hall l?TK .. . . 3 Board who are now work in? out the I hall ttl In details in consultation 7T *r> ond weh Half i;«i .1 111111.il r.ilei M industry. Mr. Edmund Dell. Secretary of State for Trade, informed ' the National ’ All uemv. in l.thlt 2 arc b.i ->'d i»n ' mniproiiii-.e " climate* ni -rn** product. Discrepancies between Economic Derelonrnent Elderly persons — income all domestic compromise and earned (.nuncii v-iiiiui.--- Si.it r bci-n adrfrtl in *imk building .V»;c: Figure* in £m. arc rounded to I50m. Percentage changes are calculated about the scheme op Monday, unrounded level* m £m. and then rounded m ; per cem. The GDP index in the final column is calculated from unrounded numbers October ID. and will he reporting further to the meeting on Wednesday, November 2. Tax law changes to help small companies After (lie Chancellor'* * perch, >tf tin- diffcrcice between the purpose of the same rule?. The varrj back a trading loss sustained during rules for relief when a thr Inland Revenue i**ued ihe »i"'.in'e £13.1100 (The figure* po»sibi[i:> of easing these restric- m any of the Rrst. say. three loan made far the purposes of a rullimina siairment about change* :»re reduced v hei-3 the company tions except in cases where, for years or a new business and sel trade by a person not connected In the lav law intended to help h.i- com- example, the buffne>s is <<:u- er more associated acquired il against im ome of the previous, (null companies and oilier Mil with the trader proves to be t 1 from a participator or associate •bay. three years, including Tor review. irrecoverable and the loss is not rlunge* under 2 — lluve figures are 10 be in- of a participaior 14 now under example his earnings from em- already allowable for income irc:c»?«i 10 £25.000 and £75.000 consideration. or ployment. corporation tax purposes. Relief Apportionment of Trading Income jv-peoiively. Legislation will be (,)ne way of helping would also extend to losses iiiiroducL-i)' In next year’s Finance the or Close Trading Companies individual entrepreneur to get Attractive suffered by guarantors. nine Ui>! to give efleet to vhese ch jnges started, t — if lire relevant ms of n for example the employee 8— Il would cfasp company fnr a particul.ir iea;i;’2 employment fi—Although a loan is an “asset" be necessary to to set up a against of the lender it guard abuse of the relief accountin',; period exceeds its Restrictions l, eb business on his own. could does not ihe ordinarily give rise lo capital by for example the creation of acluat di.-trlbutioRs. eacc*s be by enabling him to obtain any unreal losses or nsiiy be apportioned nnninc Hie 3—'The rlo*e company Appor- relief earlier gain when it is repaid. Conversely the disguising of gift tin* company tionment rules contain rcs'.rlc- the existing 9 as a loan. members of Where 5 Ai present, an individual or law does not give relating to certain relief from tax capital Yesterday's a ir.iillns compan > Ita* effate or non? payment* tnd't.dual members of a partner- on gains measures are iff no nude in connection when a loan is lost, except in !;?iriinz income mmo than with she >hip can Llaim lend for a trading the based on tbe conclusions reached of the iir%: cave of marketable securities or JTlnpn for .in aeijouHtm^ period acquisition bio:nc*« !n* s either against total income of by Mr. Harold Lever, Chancellor of iwio year liowC-.C". pone of (paraurapn 12 Schedule U. the debut which have already of the vjjar of iois nr lonowmg tear Duchy of Lancaster, in ;.*in Hand*; jl» r-.tstr or li.i(i]:ic iiirpm* Finance Act l!TJ I .in-! ierm chanced (paragraph II. : (Serf i^n ’65. Income and Cor- the first stace of his study of <>f Schedule 7. the munis ;>* trie- : \^J&\ i/ \ - V ^Fmancial Times Thursday October 27 1977 THE ECONOMIC PACKAGE AID FOR CONSTRUCTION Capital transfer threshold The pressure pays off of ‘ own part raised to £25,000A \/ \/ Vr THE CONSTRUCTION' industry public sector construction pro- The broad effect of the new that to restore its which Jjjg.C+y.*.- * was last night bending over grammes, and until yesterday measures—apart nrom aiming to the industry to t_he output lake \%rs£ backwards tu appear grateful his attempts to make amends increase employment by 30.000. existed in 1974 uuuld fBEKjfoHoiytag statement on Finance the of £3uuni. of additional public Act, 1975, tax sub- transfers after October 26. the 1 7 —Subject to one chance, the for the Chancellor's decision to had been minimal. which 20.U0U should be m canity Mransier tax was issued sequently chargeable on a dis- expenditure. The -£-KH)m.£-KH)in. -- - £15.000 limitijimil onUU IU May (October 28). The ucessary legislation will be business but owned by a ine tranaieror inahes tor a0n , PV „.; ch i ib.n i.»r«r.. n P »,- mcasiirtmeasuress wonwouldri nm solve alall the ‘ All expressednr,.^j the wish that, although he did not elaborate taken upim before new employ- produced in next year's Finance o—Transfers reported late: partner or controlling share- cultural relief (Schedule S. if thethe^ L ha II industry's problems they went 1,1 e mea nQrne the Capital Finance Act I9i5) for other Chancellornee or finds furtherft nn this. It seems likely, how- ment would be created. lie . -gift- °L _ where a transfer is reported holder (paragraph 3(li ... - Financial Times THE ECONOMIC PACKAGE 1 1 NANCIALTIMES THE STRATEGY BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY Telegrams: Finantirao. London PS4. Telex: 886341/2, S83S87 Telephone: 01-245 S000 Sterling now the real issue Thursday October 27 1977 wanted London, will be imposed over who Is not averse to point is that everybody « YESTERDAY’S so-called Budget which haa characterised Mr. dead bodies of movement A provided .ti&. . the " Budget" out of the way, 9m sceptical jH' a adjustment Healey's tenure of 11 is confused r was minor which No. Public sector officials. But this would be diffi- not' mth doctfljS*. so that the decks would be '' Mr. Healey has been trying to that even a fair minded and the officials are floating), dowh^d+arth borrowing cleared for any necessary action cult. and, if E"< talk last couple nf balanced account of scope concerned with up for the the and right, the measures will not ters wa*«jo2 v Tor increases requirement in the foreign exchange “ months for more than it is in real earnings penalties would not, as Mr. Albert' Booth; havr|^' - monetary fields. work. Such Unanswered worth. The main thing he had would now run into a credibility affect normal Impressed by the for instance, £bn. to do was to correct a somewhat gap. But as usual the House of Even without international accounts of inter- employers tor put 1977/78 1978-79 resident Commons gave the Chancellor complications, the sup- 1 • rare error in British public political national companies which have turned- monetary rfestraiflfciji a ridiculously easy against the : finances, a combined under- ride. port policy runs up accounted for a good deal of course the “industrial stuffy! \v Estimate : ‘ estimate of revenue and over- real fact that—as the Germans dis- Ministers -have 'l The economic issue n^u* the inflow. been"7^ - March 1977 8.5 1 covered similar situations— '- question estimate of spending. But in under discussion everywhere in woodenly . briefed to authorities could- also Estimate a The - so doing he took the opportunity been at it is not possible to observe against appreciation has not the “Budget" technical devices, such far: October before turn to + " output to go against the spirit of the all. target for both the exchange THE MEASURES announced by national of some 3$ per but how long the authorities 6.1 to try to pre- sake of. corapetitrvcnesl"^' changes 6.5 One, as tile “corset," the Chancellor yesterday are cent, between the second halves indexation amendments in the will be able to hold down the rate and the money supply. Healey himself Yesterday's vent the monetary pressures last Finance Act by including sterling exchange the nr both, eventually has to give. rniued; on the monetary very much along the lines ex- of 1977 and 1078. But these rate in n the official money ** ” spending showing * it is in his next year's concessions face of the vast flood funds The Government has to raise and perhaps less pected — with the exception estimates. emphasised, de- of figures. But any massag- Increase +0.H dollars supply crucially on the some £0.9in. for an adjustment into London, reflecting partly the sterling to buy the the exchange rate •• perhaps, which is more than pend assump- ing of the official figures would .thatt-ifi' +0-9 reserves: and It - and which Mr. tion that the average Increase nf the tax thresholds to inflation the weakness ef the dollar, but coming into the City official advisers. DOspit^ welcome on be brought to light by 1 Yesterday's which ex- soon ^ in earnings comes out some- which he would have had to partly the independent strength is only convention risk of predicting Vbat'Iwjui.- •• Lever is to be strongly congratu- tax changes +0.9 J analysis; and the game is \ where near 10 per cent. make in any case. of sterling. This is a problem cludes the $13bn. or so It has like to happen, I think lated, ot the introduction at probably not worth, the candle. the ft*:' for The £40(J m. increase in un- which the U.K. experienced needed this year the pur- are 7 to 4 In ..favour- of nnee of a first batch of measures The whn'c idea of the Indexa- Resultant with the stark choice expenditure once before, in 1971, and which pose from the PSBR. Faced Government, being to case the position of small specified in con- tion amendment was to deprive PSBR estimate 7.5 7.0 would forced the top Treasury advisers ' struction next year was Germany has experienced many Until recently the Govern- the pound rise. . . _ firms. The improvement in the the Treasury of part of its divi- sterling rate, times. able sell clamp down on the expected, since unemployment *iioi . s\ consists nnt only in a better ary nf regard as so much once, since plans arc not September the overseas inflow them balance of foretgn payments and at has characteristically behaved inflow has been an even bigger mumbo-jumbo anyway. But chance of being snmewher£w. ready, and it is to be hoped nnt acted surprise to the than swamped debt sales; and as a too remote from reality. the huge inflow of money into as if Parliament had Treasury COMPONENTS OF MONEY fortunately we must also reckon that political pressures do nnt result the expansion of the and as if the fiscal dividend the outflow during run on SUPPLY only if the official policy^. ; the reserves for which this is the with the personal cnmmitrnent lead tn over-rapid recovery in money supply so far in 1977-8 from inflntlnn was still part of sterling a year ago. sitting . on. sterling coftag partly responsible but in the Mainstream Month to September 21 of Mr. Gordon Richardson to the jtf a field sensitive to shortages and has been up against the upper 1 observance nnxt year’s revenue. In the Treasury advisers have been (seasonally adjusted) stuck, which is what .oiai'&S ’, of the monetary ! monetary objectives. ’ liable to sudden, price limit of the official 9 to per rises. i 13 targets table I have followed the adamantly against any effective patriotically wish. which were arranged £bn. at the Man- original intention of Parliament cent, range- The overseas inflow He emphasised with the Internationa! Monetary Money flows appreciation of sterling and PSBfe minus Sales ef On the purely jmertii-^&o has continued at high levels in sion House last week that these rathpr than the Treasury's they would ideally like some debt to pon-bank the budgetary package Fund. were "an essential probably, ‘ Most however- as tn «“ 1 October and it quite likely that objectives attempt pretend that the law depreciation in 1979. To hold pri-rate sector njetically. right but- - In nnc important respect, in for financial psych olMtfL- Mr. Healey's failure to discuss had nnt heen changed. Sterling lending to the 13 per cenL upper monetary foundation Lhe effective .. sterling rate steady ally wrong. If Hr. Healey^JJj ,. fatf. the Government had ex- longer-term plans fnr public private sector -4 281 limit has already been breached. stability." They had been “a In the present financial year, the authorities have bought vast simply made a quiet correcfcua - ceeded its undertaking tn the spending suggests, the refer- Overseas lending in The modest exchange control constant preoccupation " and 1977-78. no formal indexation amounts of foreign exchange. of hhs earlier arithmetic, Fund. Fur a variety o£ reasons, ences to expenditure on con- sterling 34 and export credit liberalisation would “ continue to have crucial ptM',-. clauses have been in force. But The reserves have risen from kind to - which- he including buoyancy uf tax struction and some other sec- External and foreign announced yesterday will be a importance." These are strong a large fraction of the so-called $4.ibn. last December to currency finance +798 accustomed, .all would fi™ revenue caused by inflation and tors of special political interest drop in the ocean by compari- words from a man not given lax concessions made last March $l7.2bn. in September and they Non-deposit labilities ~~ 35 been well. By. butiding up some under-spending, the public reflect mainly the debate which son with the overseas inflow, to overstatement .By contrast and yesterday simply help could well now be near the policy of correction in his recent speech*) sector borrowing requirement is going on inside the Govern- Change m Money Supply +918 which was still going strong the defence of the to beep the tax burden where $20bn. mark. into a major change of aiuJS fnr the present financial year ment at present about the rate (Sterling M3) (plus 21,4) yesterday morning. Larger sitting on sterling In the Sep- it is in the face of inflation. Mr. Healey risks giving the i3 now looks like being consider- at which public expenditure Quite apart from anything Source: Bank of Ejigtand relaxations came up against the tember Bank of England The true remission is much less press ion that the floodgates grow in the long run else the accumulation so Bulletin was- one of several art ably less than the original esti- should average of veto or the TUC (an authorita- than the 6! per cent, of too much was open and that wags eatW in relation to the growth nf the much hot money is dangerous. viewpoints and . mate. The Government there- Healey. tive source of foreign exchange earnings claimed by Mr. of the *he market. should go all out far whateW fore has both scope and justifi- economy as a whole. The mainr What goes in easily can come Deputy Governor in case would read into it by is wholly inappropriate wisdom) and any hi« It alternative of increases they can before lU cation for correcting the course criticism to he made of out easily. A heavy accumula- Bundesbank. be essentially long term in Faced with the' a and misleading to add this .. alMoo-precedented post-elccw latest parkace is. however, the tion of footloose in The foreign exchange inflow major overshoot in hlamonetary of the economy, in which out- spurious 61 per cent, to the funds character, as Mr. Gordon with which he touched it is difficult to see bow clampdoym. under either paw put is at present stagnant and lightness London can undo most of the has been the main reason why Richardson. Governor of the target, 10 per cent, pay norm, which The main hope of avoiding on the serious problems ot good of the brought the Governor could avoid thlj ploy i Basle sterling has been the Mansion u nem pent high. The proper is simply a Government target the “Budget” Bank, explained at exrhanso rate appreciation. result is that sterling may 1: course was clearly to choose monetary and balance agreements, which were forward to such an early date. House. recommending & and compare it with another forced to appreciate pnlirr wltii which the Govern- is also the attitude of and tfcj- measures which would act target — that for single figure intended to make the pound less No doubt the Treasury hopes What happens if the inflow There " ment find? itself confronted. facts of the foreign e&haiid- quickly while volatile in the face of changes that the benefit to gilts from a into London continues? There individual Ministers. Apart not going further inflation—which applies to a marker may speak - Mnnev is still pouring into borrowing the Prices Secretary, Mr. mere ioudlj than the present uncertain out- totally different period, the first in sentiment. Doubts about the lower than expected is. of course, the possibility that from the ermniry from ahmad and outweigh the Hatiersley, a than the wnrd of ChahcellorM look for uage negotiations half of calendar 1978. British policy have been aired requirement will inward exchange control Roy who ‘has making mnndarv polirv more attraction of London natural interest in a higher makes prudent The trouble with the exag- in the U.S. Treasury and it has increased measures, such as an interest difficult tn enforce effectively. SAMUEL BRITT* geration and over optimism been publicly criticised by the to foreign funds. But the main penalty on external deposits in pound, and Mr. Harold Lever The supply Proper course money has already begun to rise markedly faster- Mr. Healey has. for the most the next reserve figures will THE FINANCIAL ARMOURY part, taken a proper course. The almost certainly show another mn:t important part of his park- large capital inflow and the ne'-'t a^e s > a cut in direct taxation money supply figures another which will he hack-dated and relatively sharp ris*. The C.han- which, like the concession to cellor has had the sense not tn pensioners, is calculated m lead seek to keep nut this unwanted The search for new weapons to an immediate increase in inflow bv administrative mea- pprsniial spe nding. Ai the same sures and has chnsen Instead time, he has not used up all tn relax various exchange con- assets are capital is the FOR THE financial markets, the Is whether, by providing some Exchange controls is even more less the present one can be su^ reserve which banks concerned, C& th*» mum which the figures ffnr trols thmich not those which present allowed to hold cellor has hardly scratched;} — Chancellors measures and the new encouragement for the gilts urgent: otherwise the current tained until speculation against at what they are worth) would the business community would surplus, dammed the dollar itself reversed, the against their “deposits. - possibilities. BanKS couTd^ accompanied market, the Chaocellar has account up is have allowed him tor tax cuts rmisl have wished tn see relaxed statement which bought enough time to take fur- behind exchange controls, would risk of' an uncontrollable rise However,, radical reform is allowed to relend their.# immediately. He stressed his liberalisation them appears at first sight an The nr borrowing ther steps in an orderly way. raise the exchange rate to an in the money supply remains. not the best way to tackle a resident sterling deposits lift - reluctance, in fact, prejudice hy foreign firms to in- almost complete evasion of the - to ui-hins Reports of a heavy inflow of dol- exaggerated level. Free floating The reason is simply that in potentially pressing short-term nationally—an_ attractive a unnecessarily the possibility c.f vest in this a most discussed question of the country may have lars in the morning, ahead of and freer capital movements spite of the innovations of /the crisis; and measures to relieve seemingly cmwnonsensical g further measures in the spring Imomenl—the future of monet- substantial effect, the other re- his statement, were a further are not alternatives, but last year—the issue of part- the pressure by diverting the position which could cause ph Budget sard ary and exchange rate policy. and that he would laxations perhaps relatively reminder—were any needed— complementary. paid stocks, which ensure fund- flow of speculative foreign lems if an outflow were; like t«» further There was one startling esti- make sumo re- little. Indeed, these may mainly of how readily the situation ing for a period ahead, dhd of capital would produce quicker occur iu future, but not Insap duction the mate: the public sector borrow- For the time being, however, in burden of convince foreign observers tha» could go out oT control. floating-rate bonds, which might results, and make free floating able ones. The access m personal taxation specifically ing requirement which was put it is still probably as true as it — a Government which can be The central problem has been attract investment funds in a a more realistic way out of any allowed to multinationals; by raising the threshold as recently as July at i'8.7bn. was in August that the circle further pushed a lirtle can he pushed so widely discussed in recent authorities crisis which might still occur. finance their British opemt» be squared by a sufficiently bear market—the and introducing a reduced rate is now forecast at only £7.5bn.. can further. This, combined with weeks that it can still In London could be brnadew be restated successful of gilt rely baslcatly on a rising The TUC’s rooted objections band: but iu> Ireeduni tn act including the new measures, programme the impression of a package very briefly. The inflow of market to sell really large There is also growing presft sales. It is the domestic invest- to allowing British companies then will he governed to a large which will themselves cost mure moderate than it might foreign funds, as is already clear quantities of stock. The inno- to create a market fn'Bttf hy about £lbn. in the current year. ment demand which is vital and portfnlio investors to send extent the movement of pay have been, may even increase from the October money supply sterling bond finance, wh& here. Foreign demand for vations have been marginal their capital overseas are not settlements in the meantime. The effective reduction of more the inflow of funds. It remains figures, is now making it in- divert foreign^ stock rather than fundamental. nearly an obstacle as they would The Treasury's assessment of than £2bn. in the under'ying Government has no impact such lo be seen if Mr. Healey can creasingiy difficult to contain sterling from these .ftoii supply if goes possible for it is not British the economic "Utlnok to estimate after an interval of on the money it There are two ways may appear, the pud maintain simultaneously his monetary growth within its altogether. It « on snmesw straight into the official taps, or oat of this dilemma: new kinds capital which is causing the of next year is ren-imahly four months was simply announ- present stand nn lhe exchange official Limits. This problem lines as these that we may a if domestic holders who sell of stock, which would appeal to problem. The case for making optimistic, with a rise in targets. ced. not explained: but the mar- rale and his money offers a policy choice which is the first follow-up to the Cls ket. ready to suspect an over- stock, which is exempt from investors when confidence was British borrowers compete in discussed by Samuel Brittan cellor’s measures. estimate, will be encouraged. withholding tax, to foreign low; or a new monetary regime, world markets to encourage above: but even when this buyers promptly reinvest the which would . not rely on gilt efficiency is a separate, though For the rest, however, there choice is made, technical prob- proceeds. During the continuing sales as the sole instrument for related, issue. As far as foreign ANTHONY HAf was only a restatement of .the lems remain. bull market in gilts in August mopping up surplus funds. The exiting monetary targets, shine If the Government wants to monetary growth was remark- Treasury’s long-standing objec- to rather marginal relaxations of stick Tory warning to a stable exchange rate, exchange ably low, despite a large foreign tions to experiments with in- controls, and, under it. will almost certainly need If you built a factory in Aycliffe,.you could inflow. In September, when dexed Government bonds still questioning, a Delphic admis- new technical means of funding domestic holders began profit seem immovable: get back more than 60% of what it cost yoji, sion that there might well be a thf inflow but a more — borrowing the proceeds of sales to taking, the radical innovation is possible. conflict hepceen the Govern- sterling used to buy dollars from Government sources. South Africa in foreign investors went straight ment's monetary-, fiscal and ex- the exchange markets. Perhaps the most drastic So, if cost could The into bank deposit. If the new the plant £1,000,000,. you chan ?e rare object!' es. Mr. inflow could be offset by gning proposal which has been I"iir» « \Ttni.\i-.rn.VS rue. mining up hr fa re the UN PSBR estimate gives new life get back more than £600,000—a tidy fortune Healey refused to be drawn on far rurther than Mr. Healey did studied officially is tn base fill I bull market, as seems at V fill |.1 ,,‘fl w.lllllll^ In I )*• Bi’iiant has Inn* .-uppnrled a to the what h® might do under these yesterday monetary control any standards. in permitting capital the will nn some ver- I dilemma SnuMi Airwait iim'*rttm»*nt. vnUmlary embargo nn arms least possible, ri»'- nrcum+ance.s. but ii i« dear outflows. sion of central ymff What is still not so postponed for a time. bank money- But you needn't stop there. With liirre-l sales In South Afr-va and would; be u ,t Ninth Afni-,i i.lnh that the present measures can generally realised is that if it note circulation plus deposits super new factory, stable relation^ '> .i S e .'--Financial Times Thursday October 27 1077 21 THE ECONOMIC PACKAGE MEN AND MAHERS PERSONAL TAXATION he has been a professor since pute for craftsmanship. We Getting back the early '70s, despite his must lake our opportunities in passionate protests against Britain first, before I Start look- to basics academia. ing abroad again.” Where might of With the aid of the Gulbenkian He is even more biting about lie look? He is not thinking Relief in Foundation and Shirley Wil- his fellow engineers: "The pro- any more castles in Spain, but bigger liams. a one jig and tool fession’s search for statu? hy rather fancies the prospects :n allowances time designer plans a direct assault incorporating schools of engin- the United States. this eering within university facul- •./•’THE CHANCELLOR’S pro- on educational attitudes in taxpayer's Chancellor's statement makes it spendable income. Profes- ties of applied has been v-'/'aosftlB yesterday gave away country. Bruce Archer, science Part will materialise in the Erst clear that he regards yesterday's sor of Design Research at the an unqualified disaster. Science Bank brains ./ pother.£54 for the year to the HOW PERSONAL INCOME TAX FELL IN 1977 pay packet after November 22. increases or 12 per cent, as ’ Royal College of Art in London, is the purcuii nr knowledge — , per week wage earner. For Interna (tonal financial observers S$Q this being the date by which meeting in advance the indexa- l on £5,000 per believes that schools and uni- engineering is the pursuit nf learning that an- it. -.lfltf“inAn annum, Earnlngst £3,0 CAPITAL TRANSFER TAX -.'Vi':- • \ Help for the small company HE CHANCELLOR'S package business to he offset against the rise to any requirement for a .retains considerable tax relief income of the owners of the company to distribute income to >r the smaller company, par- business for. say. the previous shareholders, and litis limit has TRANSFERS ON DEATH OR WITHIN would include now been increased lo £25,000. icularly in the a reas of capital three years. This Schedule E Where trading incnmc is be- . ranker. tax (CTT) and Ihe close their earnings from THREE YEARS BEFORE DEATH oinpany apportionment rules. employment. tween £25.000 and £75.000. Vhlle will there Is an abatement of half most oMhe measures Cumulative tax 9 Losses nn loans nr guaran- ihe amount by which after-tax »ke .effect immediately' others to bottom tees made to small businesses -re still being "urgently con- income falls short of £75.000. Existing scale New scale Rate of range would be allowable for Capital distribution idtred" and may not be an- The maximum £000$ ’ Gains Tax purposes. This relief £0QQs % £ ounced until the next Budget. which the Inland Revenue can would apply to all lenders and now require is half of the .The. main points of the 0-1 0-25 O could prove a considerable income remaining after abate- leasures effect im- 15-20 25-30 10 0 which take inducement to lending to small ment. 20-25 30-35 15 500 mediately are: businesses. And consideration is being 25-30 35-40 20 U50 JThe relief from CTT on Mr. Healey’s CTT measures given to a further relaxation uf 30-40 40-50 25 2.25 D tansfers of business assets is were described last night by Mr. the apportionment rules. The 40-50 50-60 30 4,750 prteased from 30 per cent oT David Tallon. a partner in requirements of a company's 50-60 be value nF asset tn 50 per accountants. Deardon 60-70 35 7.750 WHERE IN the chartered THE business are taken into account WORLD 60-60 70-90 40 ’Wth.This applies both to con- Farrow, as “dramatic." a senti- deciding whether or how 17,250 m 80-100 90-110 45 19250 rolling and ail expressed shareholdings ment which was also much of ils income a company WILLYOU FIND miiicorporatod businesses such hy several other tax practi- 100-120 110-130 50 . can distribute. However, those 28250 • partnerships and sole tra- tioners. Mr. Tallon said the requirements have always been 120-150 130-160 55 36,250 tert ” reliefs 150-500 160-510 60 54.750 new “ Business assets said not to include the neces- STANDARD CHARTERED? in allow- ;• In addition, a completely seemed to go long way sity for repayment of a loan 500-1.000 510-1,010 65 264,750 plan the lew ing businessmen to purchase of 1 .000-2.000 1.010-23)10 70 589.750 . CTT relief of 20 per cent taken out for the their companies to over 2JH0 over 75 the value of transfers or transfer of the business itself. Known as 2,010 1.289,750 something which RtaorJty shareholdings in un- their children, the “first business loan” re- has been difficult up to now. iUMed companies is being to- striction, this was brought for- time that reduced. This is not the first ward from the surtax company introduced this Govern mem has legislation into the corporation .• The level at which a person Tax reliefs for Capital Transfer tax system in 1965. An annmaly OTHER TRANSFERS tecomes liable to pay CTT Is When the tax business assets. gave a differing treatment for a aised from £15.000 to £25,000. 1975. effective was introduced in subsequent loan for expansion Cumulative tax fte previous figure had re- was no such from 1974. there or for further purchases. How to bottom tained unchanged sinco CTT Finance Act Rate relief. The 1976 will be relaxed Existing scale New-tcale of ran£e Tplaced duty in 1974. far these rules Thailand. eslate in the 30 per cent In No other British bank offers you more than Standard hrnusht and aligned is not clear. £000$ £M0s % £ Each band in the scale is relief. . Chartered. We’ve been there for over 80 years and are an important part of htailarly raised by £10,000. should Capital pains tax relief is to The CTT measures 0-1S 0-25 0 be introduced fur lnsscs sus- commercial life. • The level at which small businesses across 15-20 25-30 5 0 benefit small who lends .'ot&p&jtfes required, under particu- tained by a persun branches are. the board. Fanners in 20-25 30-35 n 250 Our are reached direct from your nearest Standard h money to a small business, or “ so-called dose company one group which will lar, are 25-30 35-40 10 625 Ch artered branch in the U.K. This gives your business thecombined 'rUonment rules, to distri- reflected who guarantees that business's advantages benefit, and this was 30-40 40-50 12* 1,125 cts after-tax trading income Is from borrowings, if the loan sub- of a British bank here and an established bank in Thailand. And our last niqht in a statement 40-50 50-60 15 2J75 system is ised from £5,000 to £25.000. Farmers Union sequently becomes irrecover- the National not only a lot quicker andmore reliable, it saves you money too. Good able. Current thinking is that 50-60 60-70 3.875 * reason to e previous limit has stood which welcomed Mr. Healey s & 60-80 70-90 20 5,625 ring Keith Skinner on 01-623 nefe *972, the relief could only be given to 7500 todav to discuss this. CTT reliefs. 224 lenders who were themselves in 80-100 90-110 9,625 (f Other, measures foreshadowed Slier* According lo Mr. Tony lay include: Delmttep, business, and where the loan 100-120 110-130 14.125 ring, a tax partner in in relaxation was made in connection with 120-150 130-160 35 19,625 • Recognising repayment re- the dose company exemption that business. A further 150-200 160-210 30,125 quirements for loan6 used to raising the level of trading requirement would be that Ktrehaie the business as a de* from apportionment of 200-250 210-260 50 51375 Standard Chartered £25.000, “ effectively lender and borrower should be 250-300 260-310 55 7*375 jnuetion • from apportion able income to apportionment for the at arm’s length — that the only 300-500 310-510 60 103,875 un,ier lhB cl0Se company abolishes Bank Limited company- The connection between them is the typical family 500-1.000 510-1J1IO 65 223375 Immediate relaxation m the loan. 70 r . • Allowing losses sustained: 1,000-2,000 1,010-2J)10 548375 he^youthixRiglioiit the follows: trading woiid say. the first three years of rules works as over 2,000 over 2,010 75 1248375 jjj* Head Office: IflClements Lane, London did not give MICHAEL LAFFEKTY EC4N 7AB Asset* Kneed £;,600 million 4 me life of a new unincorporated income up to £5.000 t " , : j Financial limes xmuauaj wlwci 1977 ISSUE NEWS Star Offshore raises Spillers warns of significant profit fall £3.8m. by rights REPORTING a 6 per cent, rise in cither dues the Board favour pre-tax profits from £5.G8m. In investment based on acquiring BY DAVID WRIGHT £tt.ii3m. Tor the half year to July INDEX TO COMPANY HIGHLIGHTS opera tins control of a large l ns*' or British publieiy-quoied com- . 30. 1377. on turnover up by 23 per Arrangements are In hand for cent, from shipping service, - Company Page Cot. Company Page Col. pany. ll prefers to continue as an private per cent, from ; com. to £35Sni., Mr. Michael Star Offshore Services, a 42 divine) a! investment company and possibly to raise £913,006 In the Alliance * Dublin 24 3 Gomme Holdings 22 1 unquoted company, comparable tu seek to integrate prosperity ^ its £S,S46,tHM by way of a rights issue. and £1.62m. in the previous Amalgam d. Power 22 4 Grant Bros. 24 6 with new export-led industries, fits for the full year compared The Issue involves 3.61S.206 Trading in (he remainder yields «r fur which could result in hi;*h shares Ihe basis year will, however, with the record riG.Uiin. A»sam-Pooara . 22 4 Hopkinsons Hldgs, 22 3 Ordinary 50p on be mop. for shareholders, explained. 1976-77. he of one-fgr-ihree at liflp per share. cult. There will be T 22 4 high a ^ the BPB 24 4 Jokai n FiUWilton'j current downturn in the He says that since July Line, which owns operations^ liquidity allows it, Mr. O'Reilly Blue Star national bread strike has caused BPM 22 5 Lankro Chemicals 24 and barges, and trading continued to explore Govern- 269.000 shares (5.8 per cent.) and hetl substantial in the baking with also be depressed over tosses Hawkes Williams 22 4 203,333 (3-6 per thp Boosey & 22 2 Lindsay & ment. the Industrial Development united Towing March. group and a reduction in profits to to 1979, given the 2 Authority- and the • Board's own cent.) have both undertaken in iho milling group. Border B So«h«"- 24 5 Shiloh Spinners 24 2 number of platforms contacts abroad their attitudes to subscribe in respect of tbelr hold- sefe* The Overall volume nr bread for installation in 197? Brooke Bond 24 3 Smart (J.) 24 3 Irish equity capital and minority ings. The remainder of the Issue aTS sales only slowly recoverin'* to ; the figures over this is participation. has been underwritten by J. Henry periiw levels, will Charterhall 22 S Speedwell Gears 24 3 be bolstered by the pro-strike and this also Schroder Wags while the brokers coni adversely affect second half 22 6 from star Canopus, 1 City of Aberdeen 22 4 Sphere Invst. are Cazenove and Co. results, he adds. The net tangible assets nero. Conti. Union Tit. 24 6 Spillers 22 There are some 220 shareholders Tire interim dividend is raised al September 30. 1977 are 4 First in Star Offshore, but the bulk of i from O.Sl23p to 0S23p net per 23p Htzwilton 22 3 Telephone Rentals 24 half taking in half-lime retentions j ihe equity f Just over 70 per cent.) share cost in" £1 21m Last year's S allowing For shares fount j“ Francis Ifldi. 24 2 Trust Union 24 held by institutions, who final payment was 1.941)2.Ip. is the past six months. Hntt-y.-ar > i-ar 1 Western Daoars 22 4 mainly built up their holdings An interim dividend Gill * Duffus . . 24 or 47*. l»ra jump 1976 when Lhe company was formed in share gross has been > ;-itv> detfaru j liHl 71110 15 per cent 1P74 About to 20 the directors intend to oav J external vain 3St.W S1.W ta.MS *, of the equity is "held by private *1 surplus .. 11 tl.-1.Vi 27.WI O.O-itiSp is paid in respect of Of op gross. Trading i« proposed to an amount equal to be 7.."-07 individuals. Dealings take place Depreciation 3.N7 i.;ts and 1976 on reduction of ACT—last by I issued share capital APE lo he tnivsi mi- n: initmw rn h~ 1 11.1 under rale 163 te) but the market reserves. year, payments totalled 4.344p per arjnri 2111 21* M2 consolidated FIRST of average share, HALF 1977 turnover is very narrow. The l»iifr«.v DH'd'iJ- .. *i \i JuU J!» 1 977. the bank o\er- 25p J^rj j-» Amalgamated Power Engineering price over the last couple of deals offer -ai wine to £J.42ni. <£379,iK)U). IMI ,Vt9 draft evnnnripft from [inOm in r-»? Kjtiri PralH b«T«rc ux ... t,.Vh 5 14.011 expanded E20.9m. lo r*7.«5m. was about 119ip. h.-. i rat rtw T.»s 7 and pre-tax p roots leaped from the 1.1 IM 102 +•»* The long-term aim of com- to-dav • comment £1.13m. to £2.93m. mf Xi*: profi; 5 :o; 2 j7.'i • Hopkinsons pany is to obtain a quotation The directors say that in recent -econd half profits have prospectus i E*:ranrii hus n- n17 Gon-mC* when a sufficient track record The s pUhru :*n 1 years a larger proportion of T'> >nln0r,(i.>s int. ichccJ i hose ol the first six Since the first to-day in conneclitm *4<< nia has been achieved. uuh .Vlr h.,. ,hi - -i'« | 3.279 profits has arisen : wlnch-isr very much as in the second offer for sale of the months, couple of years were spent 63 p? r e I six Mr Vernon reports ha l l he half. This year however profits overall profits are 13 off £0.3m. Krcddu: -'car. and the final Birmingham Post and Mail, the ultimate holding company i dividend of ENDED 30th JUNE, 1977 }) 1977 Profit estimate £18 million J.ol’SJfip nor t2 473p) is in line main event of the year was the S. Pearsnn and Son held 250.000 with the ro recast at the time of putting into use of new terh- 138300 and 3.390.000 respectively On the 26lb October the Directors declared an Intervi the twn-for-seven rights issue and nology. Meeting. Queen«way. Birming Dividend of 5 1482% (1976 Dote lakes the lota) to 4.05346p (3pj. -All classified advertising in the ham, on November 30 at 12.30 p.m 5.5%) on lhe Ordinary >1 Interim dividend 3.96p (6.0p gross Capital in respect of the year to 3 1st December, 1977. absorbs £598.047 (1976—£532,640). In addition, a supplementary Fi<“ Dividend in respect of 1976 of 0.23692% r n the Ordinary Sluu 1976 4.0p gross) Capital, absorbing £22.987. has been declared to take in® account Lhe change in the basic rale of Income Tax. TtoW Sharp advance in tea company profits dividends are payable on (he 7th Derember, 1977. to It* » Board intends to recommend total dividend shareholders on ihe Register at the close of business on SUBSTANTIAL RISES in full-year result of efforts in new export 'lake in five wells and 4.25 ppr lltb November, 1977. p> re-tax proti|« and increased divi- markets. Although the hrsrh power cent interest in the remainine 3’ The of ii { for year of 13.2p gross as indicated at time dends are reported by four Lea cable industry and the shoe wells. Consolidated Profit Siatenient (unaudited) e-iate companies. industry, the group’s two main Group for ibe six months ended 30th June, .977. is as follows- The first two programmes are of Jnkai Tea Holdings bnn<1cd its markets, remain fairly depressed, rights issue (1976 8.727p) alreadj in production and Year taxable surplus fmm £ 1.70m. lo they expert an improvement in income is Rowing. In the Half Year to 30th June 1977 1976 I97d £4 9m. for the year lo Alan-h 31. profits for the full year. late-'t vear to June 30 a net £000 's £000s £D00 1977. Profil s nol of tax advanced After sis months tax £26.986 profit or £1.339 was )) reported from US. operations. Turnover* Group's activities continue to broaden from £813.022 tn £1.335.925. (£1.039) stated earnings are 2 4|-i The dividend i* stepped per share Drilling RentaJ 8,613 7JS2 16# up from 25p against O.nngp and a? programme three t's Sales 132* S6p tn I2p per £1 share. the interim dividend is 0.5p net complete and production nipelinr- and other 6,218 5,218 Laitgbourne Holdings is paying compared with ni! last time. Last l.-tid. while drilling on the final 2S.if 10p net per £] share for HITS year's final was Ip. iwo programmes is underway 14.831 13.100 ared with 3K5n. Profits ex- Ail five are expected lo be com- 1 Estimate of profit for the year ending 31 st December, 1977 Turnover was ahead at £1.1 9m. ?d frnni in 52m. to £2 71m.. mercially productive ihetr T.R. Group Profit before ( £1 14m.) and profits were struck and after lax. and exiranrdinarv proximity to consumers Taxation 9.WJ after interest £20.627 i£ 18,600). is con 4.569 4.026 1977 s of £52.233 < £295.352 1 the sidered 4.6U 1976 1975 particularly advantageous Le&»: Estimated Taxation 2.355 2.058 Exploration at its i.200-acre (estimated) (actual) (actual) nickel prospect at Mt Keith in Gronp Profit after Taxation Al Assam-Dnoanc Holdings the 2,214 1,968 Charterhall "e-tern Australia has recom- Less: Minority re-tax surplus for 1976 Interests 23 18 was menced Charterhall has a 53 £000 2 15m. against £000 £000 10 Pm. and the per cent, interest Lp the \en;ure nst-rax surplus ill S4m. Balance of Profit attributable enm- poised for hut its partner Cliffs inter- lo Group profit 18,000 ared with In .Tim The dividend Telephone Rentals Lid. 12.634 7.443 national can earn up lo 51 per 2.191 1.950 • up frnnt S.HdiSp lo »5057p cent, reducing Chart erha M's hnld- Taxaiion 8.500 3.405 pi ner £1 share. oil benefits tn Depreciation 5,537 Per rent., if it completes Western lliinars. Tea Holdings the Amounts charged in arriving After a year nf further prncre«s exploration omaramme al no Profit after taxation i-tucved a rise finin £:W2.JllS j.% ensr at above Profil 1ffS 9,500 7,097 4,038 Mr. t.;. in Charterhall. D. U illtanis. chairman ol L721 1.516 CburU-rhafl Klnanrc Tlip financial n.ij :n _ 5.24D ppr £1 share Holdings sav- activities of 11 Taxation: ain<: 4 69p. Vi; Ar ••?*•#• •• K !*s&fcgfc& mm?i >v •%_> . : ... . v-iv-j'tf- 'M. *•?** ... , V''?'. . >#\ A/.r- . >•> V . This year consumer expenditure in the US will run their American businesses the American way US in 1973. It was the deliberate result of careful he some $1^205,000,000,000. Even a small percentage for the benefit ofall our shareholders. market and economic analysis. And while others are “ ofthat makes a verv attractive prize for any company 7 ... 77U , now following into the US market, Hanson Tmst is Amanagement pool, with no shallow end willing to risk the price ofentry. Yet so often the land solidly entrenched and reaping the rewards of its has been the graveyard ofUK. investment analysis and management creativity. golden opportunity Our policy of buying into basic markets with ; reasons for failure has This depth of expertise and original business enterprise. One of the major companies which have management potential has foreign companies to con- thinking is applied to every facet ofHanson Trusfs been the inability ofmany brought a gratifying degree of success. It means that ofthe American market place. operation. And that gives Hanson Tmst a unique formtothe dictates not only is a depth of expertise available to strength. Although we don’t have a crystal ball and maximise every growth opportunity, it also means It takes anAmerican can’t guarantee the future, shareholders must be existing business is run very profitably. In fact, over to understand an American reassured to know that Hanson Trusfs emphasis 60% ofHanson Trust’s profits were generated in the on good management that there always United States last year many oiher means will be? Trust decided to enter the USA How British When Hanson die expertise available to make the most of every same criteria as companies do you know whove had this level of in 1973, we applied exactly the we growth opportunity. success across the Atlantic? do in any other market We relied on native manage- we demand from ment to produce the earnings Foresight Saga an investment- Thus acquisitions remain entirely autonomous and continue to run as before Hanson One last point HansonTrust Trusfs interest Apart from rigid financial control. It wasn’t an accident that Hanson Trust chose The industrial management company have patterns) bur American rn^agpment teams freedom to (against all conventional to invest in the where people are as valued as assets. Gutter ij theacLVimu arcdi^HabUfram Haxsm ihisiLaLtlSOBn'niptiMtRoed, Lyndon SVT31HF. TJ:01-5&97Q70L * . r 52 - | ; n . — i , « W Z. ^; ' •• ‘ NEWS - Gill & Duffus expects Near £15m. for MINING v.i A f to reach £18m. BPB midyear Canada’s Denison joins time. Total for last still The directors of international this year was future are not good, say the including psminn «f -.ccm-iate Commodityimmodity brokers, merchants 5.28p net directors, and much depends on o4SS?l-hU^mosl „ - „ — and Gill id processors, Gill and Duffus the outcome of talks on the Multi doubleS from BOARD MEETINGS debate Grouproup estimate JEtSm.JEtSro. record pre- }-!£ Fihre Arrangement due to be lJr . uranium JE® , .g if . , , the ±VM me **y taxaoie13x3axabDie promn ofot rpr industries?„.Infiriw _TV, , *? nmfifE tfxr ill iott j®* ... , . c BPB Industries WtoniWfnTio^.ne comuaniescompanies hkre qouRikInon. tax profits for all 1977. compared completeddurln thfc next few ^ Tumow e edget] ahead to to the Stack with 12.63m. by BL47m. housing ' sfHsreflects the extremely high prices _ A satisfactory outcome to these repairs will counter- mie-itm—.MLrt ir^h Bank*. bmtv existence of a Australianss%»Governments to pre- rr: -nd the apparent roRether with a recovery in balance assisting bacttlnUj which obtained in coffee and talks the disappointing number boqi. ErutkOi and imeraauonaJ years 1972-75. A com- vent their naUonals from ^gS; J?A 7m cartel in Ow at cocoa in particular, but these L K- demand could well result in of new housing starts in the U-k- £»**UL Canadian the Inquiries. Whether Rw Ttnto- Jon «*.«*£ Jnmgfc com- dWV# /' “ffl.’ IOl pany statement said the modllies have now returned to the group's sector of the industry and the directorsrs forecast full- -5ladDd properly,properly in .ZincZinc directors should appear in ? SSKS. day” *e?e.»°w5ri at.£l9|. being in a stronger position inthe time profit l^stl t SS cunently the sub- ; realistic levels, maintaineduntamed at Js Trust, participa- is currently the ..... W more TJ.S. they add. TT' _ m Niwicw-TVcniy-EiihiN^rtcon-TVcniy-Eishr hronnratinresmtcnt TnS. encouraging producer courts-courts .‘.O' v_- future, add the directors. They years record level william Press. a«ubrui*eShecDbndre Eusiareriw.Easinrerin*. *i ~** actions now being. ; =wt r, The directors continue to pur- fi rQ “IC evel of £27.l5m., -ion “ cartol and -the pro- feetjeet of appeal . on jn |thebc / the policy of broadening the *- * ttUVW are, therefore, reasonably opti- Hr. N. M. Barrow, the chairman, Panels. becoming heard HouseItouM ofot Lords. ue 0“ OW"""- r_..„v ducerad«Mn actedMted properly inm b«omms HmrI inIp the company's activities and a further i • mistic about the company’s long- states, TajSaS'fSmw* nw fWIiPP ’nnt£& . Prod v. waiter Uwtw». iteKephnie member^members. V/UCUCL T j rovld . act UU6DCC COfiScUcS m-, is «i ® ' step in this direction term fulure’ short-term the entry I P The improved[ performance «yby ehm.. s. Slmasan,simason. TiwreaiTrenrexal Conwii-CobwIi- Dnn-jmn'r - ver markets 4.-. • •• nave Consoiigateo. . been strong. , . •• • •• • fiA:.-" h.df vcar and in view or the lerms £12.618 against £25.634. The There is no tax charge. Last year § i ’ of the offer on behalf of Diamond figures inc'ude a substantial lo=s profits came to £202.000 after tax Association of the Holders of 1976/1981 Bonds- of Shamrock under which any divid- made during Ihe long run down of £70.000. Interest a nominal value of $1,000 with floating interest ratep end would accrue lo Ihe offerer, nerlnd of the Sandy Mill. Earnings are shown at 6.34p TR forecasts record the immediate (tl.43p> peril share. The interim issued by UNION DE BANQUES ARABES tt V' no dividend is being declared at Prospects for trims Sphere • — dividend is 4.i66p (4fi37pi nei - FRANCAISES ' UJ5.A.F. —- Resistered Offis equal to 3p (same) cross. The 011 • afterailCl £4.6m.^.UUl. halfwayII -Way ; ltalieus *-* total for 1976 was 0.269p and pre- v Investment t. 19, Boulevard des 75002 PARIS „ r U.K. ECONOMIC INDICATORS * • TAXABLE PROFIT of THephone figure So the year could pro- -t’T- -mi:: vnu "l"'-. it- t>“ lax profits came to £263 ’45 before revemic"- of Snheri* tax of £34.714. Rentals increased £543.000 to duce £9»m. pre-tax indicating a [n 5SSn , slipoetf frern ECONOMIC ACTIVITY— Indices of industrial production, manu-anu- The directors stale thai results £4.a69.000 in the June 30. 1977. prospective p/e of 11.4 and yield Ussoag ro £S06024 Mn the = volume (1970‘0== half year on turnover up from or 6.7 cent, at That facturing ouiput. engineering orders, retail sales for the year will be affected by per 134p. cpDfpAihpr so 1977 half vear UNION DE BANQUES ARABES ET- £13.1m. to is not particularly attractive 100 ): retail sales value C 1971 = lOOi: registered unemploymentnent the level of gas sales during the £i4^3m. a JJV ^ , ha t ia thc V (000s). All winter heating season. Directors say new rental and rating though TR has a solid Tol- “ «?' m^\ i excluding school leavers) and unfilled vacancies AH JJmI Interest nn iii i Mm FRANCAISES seasonally adjusted. Al this stage ihey anticipate sales business taken in the first lowing because of its steady PJJJ w,_ u-hll»'7nrom^ some improvement a I pre-tax nine months of the shows a record and strong balance sheet .. — year . Uneni- Vacsa tTrm»ra made witli the (U.B.A.F.) , g, levels on last year but the current “ very satisfactory - increase over >rod. ouiput pln\ed loan proceeds'^peds S^was mlnimaLmlnimS. order mild weather has adversely although is Limited 1976. some slowdown *»* Company with a Capita] of FF 150.000.000 ^ affected sales in receni weeks, "rhJ^SS-The revenue is£ snbjecsubjectSUStnto *“taxi 1976 now evident. Rprnrd £7£Z./7m _, r. i KCCOfU1WCU1U cWX-./Ul.HI. of £291,962 compared with Registered Office: 4th ntr. 103.1 104.7 106 108.5 2112) na na £3 516 ,asl - would be disadvantageous to year half Iasi year's - year 4, rue Ancelle — 92200 NEinLLY Sim SEINE results to exceed . 1977 fnr RnrHpr end results. £3ra. because of general industrial lUl DUlUvl The interim dividend is ahead l.-l qtr. 103.6 105.6 108 105 217.1 1.277 156 Trade Register: PARIS B 702 027 178 uncertainties. But they expect C« __4_l from 1.15p to 1.45p. fa line with 2nd qir. 102.0 102.9 103 103.9 22LS 12576 158 i» policy.oF Financial Publications: S1RET 702 027 178 000 U results to show an overall & ^OUtnern paying half the ?.la> 103.6 105^ 102 104.4 221.8 1.262 160 previous year’s total dividend. . record improvement on the TsxiiolcT„,u. revenue oinf Border sndm„A A.P.E. S.902 June imu 100.4 101 103.8 2232! I.29S 156 Agcpt vhIup tier - !i5n chnrp jc £9.013.000i2i.uw.uuu reportedreponea last lime.time. . Southern Stockholders Trust Jtuy 1112.5 103.9 99 107.0 232.8 1.345 151131 j .iTTi 15'-«P againsl I32-P a! Stores 31. T*1® interim dividend is higher lifted from £2.l8m. to a - record Aug. 102.7 103.4 107.2 237.6 1.357 152132 exnands 3t 19M197^' al ].33oSp net against I575p. A £2.83m. in the September 30. 19T7 Stpt. 1.3X9 143 FIRST CALLING NOTICE . . : final was paid Iasi year and Jwr ou gross revenue up from Ul’t. 1.377 151 CIV mnntnc 3.85p lllUlIllKd an additional 0.05923p will111 be paid f2.72m.i2--2m. loto £3.08m.£3.osm. OF HOLDERS OF 1976/1981 BONDS ^ I^nntinontol ‘ Pre-lux revenue of Trust Union as a supplementary final1 following The result is subject to tax U\^Ull(IUviftld.i rs OF A NOMINAL VALUE OF S1.000 . v change in ACT. of £1.010.453, compared with tll'TPUT—B\ market sector: consumer gouds. invesimeni goods,ids. expanded from £508.988 to the a- r i t WITH FLOATING - Hair-rearHBif-reir £841.428. earoings INTEREST RATES , £653,367 for the half year lo and per share inicriucdiaic goods (materials and fuels >: engineering output,ut | UillOD 3003(1 1 September 30. lPfi, and the are stated at S.I8p against 6.66p. The Holders of 1976/1981 Bonds of a nominal vAhw-of ^ metal manuracture. textiles, leather and clothing (1970 = 100):Ol; !j|Jjdm Revenue orof a . . .. increased Turnover ./Si .:ihE A final dividend of 5p per 50p Continental UnionUrn 51-000 - housing starts l000«:. iminlhl\ average). interim dividend is hsji w.ico ^ with floating interest rates are being called to a General »2 Trust Company Tortor the half-yearhaJf-yi D I. net per 25p Rcnui s.613s.sia ;.s:.s>»2 share is proposed— last time.3-75p 1 Cnsmr. Invsi. Intind. Eng. Metal Textile Housgds...« from Ip to 1.4p Meeting (first Meeting) by the- Board of Directors. sa»t I - to} September lltii. S -i.,.. directors sav thatinai thp %.*>.uis2 6 ms5 21 B was paid. Total dividend is 7.5p ° 30.50. 1977. advancedadvan< ^-nare. Thpi ne oirecior-. say me -j, to be held on 16th November 1977 at 10.00 auh. at gnnds gouds goods ouiput mnfg. etc startsills* Dcorecljnni ,1711rJ , t1.37B .sxnt from X55IJ10S£551.303 to £605.690 subjectsubi interim amount is not to be taken Pr«m befaro iu Association's «jm 1 At the 4th nil. 20-8 the year. Last year’s total was , half-5'ear net asset value 1 ' per share 2^p and revenue £1. 13m. 25p w as better at 162 9p —Approval of the appointment of the Association^ 1977 twTw -til i sm £235,075 peak asainst icq Tax for the six months took the 1388p at March 31. Directors in compliance with Article 7 or their ArtieJs l-‘ «;lr COITUnent 1977. £238.192 UE21S.976IIJE21S.97SI and net asset •* ouimneru far f'llie of Association. .. ; '-mi 'jir. 220^44 1 a aiu oo value per share is shown as 143.1p143. Ip The latest figures from Telephone The net interim dividend is M.iv 22[g The Holders of such Bonds will have, in order. to-b* j- m » compared with 12I^p as at March Rcnlols again show steady, if un- O raised to Ip (0.8p) to reduce •une TV/TrtlTorrl'IT' allowed to participate in the Meeting, to deposit th'elr Boa* • 31. 1977. impressive, profits growth at 13 (X LyiUlldl Uj disparity with the final. Last year -.r- • . .>;ii;. 5^4 five days before its bolding Paymentspayments totalling with following Institutions." . nn\ per cent. Sales income on the . .. 2.$5p were paid \ng. , , Pre-tax profll or solid tuel dis- ; __ rental «iide is up 9.3 per cent. from record pre-tax revenue of —CREDIT LYONNAIS, Luxembourg and Paiia. T- v-T^V . aided v index- — b- the switch to »»" —THE FIRST NATIONAL BANK XoadW DIRrnnLrpUUKC RnnHDU IlU linked of year* from £214.209 (0 £23aJJja for the OF CHICAGO,' conlracts a couple '' a ,d'July 31. on turnover K\Ti;K\.\L TRADIv—Indices of export and import volumeme -\jT hack, though three-quarters of *L i/Aeppvy where POWER OF ATTORNEY Forms will be bblcCat tliisr _ r '"f ° r a 8in -i.46m. Profit Jt/jtr H WLRRWcBd , 1 S9TO- 1 ikm: visible lulance: current balance; oil balance: termsms existing contracts are still on a ? disposal. ,v IvGn\ 3 IU RIDS f ' * J direct ^1C I 1, r a Has sJtJhOy 1 • trade it 970- 1 mii: exchange reserves fixed-price basis. Meantime £. 1?.JSi ®? Joseph Webb and Co. points THE BOARD- OF D1RECT0KS S' — d n J compared with Export linpuri \’isihle Current Oil Terms Hewesv frx sales are far more volatile and p* __i“ ou j that its group of companies lhc r j, turnover of a fifth trading in Mihiuii' vnlumi* balanee balance balance trade VSSbntlin* e . _ estate and property Brunkc BundBond Liebig Ken>aKenya is probably distorted by irregular The dividend per 25p share is development and holiday centre*centres 1976 increased 2.4385p . ... re,:oriv proliisli;s more than doubled i-ontrarti-ontrai:f completions. TR admits from to 2.7235p has no connection with the Webb 4:h nir 141.5 136.3 -9X2 -414 - 1.602 79.1 iiS from £7m. m £13m. for ihe year that installations are falling be- net. Net profti_ for the year Group of Companies, reported as Association of the Holders of 1977/1982 Bonds $ 1977 ending June Sl». 1977. hind its earlier hopes and at emergedrged ^*tal £155.876 J£l02.336i(£102.336) laying off itsit.s employees bait-halt- and a nominal value of $1,009 with floating interest Tag for 1 half will do no and £723.194 i£73.074»1 1-1 Mir. 141.2 142." -962 -461 -SIB 80.4 9.62 The realms his increase best the second £73.074 » was fag trading in one of its subsi- were "excclien: growing than match last year's retained. issued by UNION S* 2nd As part of its planned rh.msc Weir and S. Osborn of emphasis on agriciiliural invest- opens Mtm. camrni ment J. Bibby and Son has sold its cs^’producir" subsidiaries le Ross Pnulixv. h -.utisiriiary of Jm- pcrial Tobacco- The price i* £2m. in merger talks in caah. including; loan repay ments. The companies involved are ,o»w*n. *bo 'was <-h»r ._?? ? MJe ,,, e iv save™ ti«ci °ri- Norfolk Newlay Ejrjr and X. Reich. BY Kenneth goooing. industrial correspondent formidah!i» fnre? In the two piece slip its plant in South Wales or beverage can business. • one ol the other assisted a was Its main competitor is the where unemployment is high.: Briii«tw.r.vned Metal Box Com- But industrial development fiura. w.ti pany which w.'is not invited to set cnrtttrealcs were Nsried heeaisc •.fjnin in manufacturing and this was the Corporation. ' t subsidiary of Securicor Group, ha* Canadian shaver chicks. Export up next tu the u. The .. rationale the Coca-Cula piunl corporation cmilrl show that ». 250m. a vear mainly i«'r.iuse il supplies il was o-cnlial to be closer to already eiqnt r>m of 10 cins used I he East Anglian anti .-ouih-ea-.-t in Iho 11 K. -• And we like in markets which will primarily no encourage competition anions supplied from the .Milton Keynes our supplier-!." Mr. Alan Jack- fdclury. son. n riin-L-mr of Crica-O'la If Coca-Col.i had sited the Export Cnrpor.itinn. said. fmion. In South Wales it would Initially, there was an attempt hate boon entitled to grants .of by the Depart meni of Industry up to 22 per cent, uf the total to persuade the corporation to cost. ------inu prom •=-- - . -- news or a runner major stake per cent, or pre-tax . 'Koiaet ffe«-1' vearsrs •and has v' an,r ina as recently * lOdnstry if •rr f? chancim? hands This rime ii is for the year to that date was ... hut estimates sueyvst the past ten years. e irou3h “We are concerned with trying could not be brought Necaneo plant will he M^£^^nT2,ii?L? !lf '.u the 15 per cent, holding of Banquc £195.000. ft on stream The ra l f ' which the Belgian group The agreement conforms with for ,ess an B,M- capable of mafcinsmaltinc at least 250m. ^'-fchSna?- dS 0/” th*> st«T Hr^lmra^oneration^w^iich £ ', has he,d f° r three "bich Malaysian Government policy. Mr. Although the Coke and cans a year, most of them fnr fiSSSJ’industry, in "specialsp stealsslee s and k.. account for tWO-thirdS atOf £Urmr : Ku>n mm iti* nip immint. Peter Smith, chairman nf Seruritv _ v -faetnrir-B will ho Wi»hlv the rnM-fnl.i fai*Mrv next rinnr - yygn a ”d T ^ r have . ^ &s based Davis Investments groun -sm»ng as a result,„ iMter also has a growing indus- bottled and canned, less than 5 Nucanco. formerly known in .j^en the has picked up 100,000 shares U.S. PURCHASE Bibby .. .^oim^wt veiterd»v they rose i>Y trial side, mostly related >o paper per cent, are owned directly by thp U.K. as Ciovcr Can. spent . which together with Vs existing BY BOCnrv^ PA. products. It is likely that the Coca-Cola. The rest — and this £2.0111. three \ cars ugo on a plant elIes “ *» per ®OCBOC Imnnabonai. . has ln<™d- has acquired £2m. proceeds of the egg sale will applies tn ail in Britain except 3t Sfcelmersdale. If supplies only Associated Dairies Limited Fioneer FUteTs 1“®- of Portland, !.. 26. confirmed rights BT STEWART FLEMING NEW YORK; OcL typical for sector share) from • FURTHER EVIDENCE of the which rose by 25 per cent to S577m. (52.96 a 8376m. reflected Improved prices 5598m. (53.07 a share) in the I all-round" weakness in third 26- as Chrysler^ BY GUY HAWT1N FRANKFURT. OcL issuelJtJUv (quarter earnings among the for natural gas «id refined pro-' same, period of last year. that like Conoco, ol l companies in the U S. ducts and an increase in natural Gulf said By Our Own CerrWponder* I that turnover, not including new increase productivity and the 7 gas production. which an S.5 per cenL gain WEST GERMANY'S retailers are i to-day with an announce- bad M . came ' stagnated. its labour force. 26- in the nine months, still feeling the bite of the reces- sales space, Total effectiveness of FRANKFUXT, Ocu i ment Prom Mobil Oil of a’ decline Foreign petroleum earnings io revenues struggles i up per ." ' sion. des- sales the nine months, ex- sales space rose by an were 10 -. • Sales remain sluggish during While DEUTSCHE Bank. West of 5.1 per cent over the period. rose by 2 per -cent, to 8279m. its sales revenues ---- '. THE | pite forecast in- cluding K.nifhofs travel business, overall 4-6 per cenL In the first $l4-7bn. over this period. 5 a 8 per cent, commercial < With the results of 1 1 of the Favourable factors included cent to By Wyte* Germany's largest John ... crease in average pay this year, went up from DM4.61bn. in the three-quarters, the workforce production Beryl Its third quarter sales revenues announced a : top 20 oil companies now crude from the bank, to-day -• and consumers still 1 comparable period of 1976 to went by only 0-S ner cent. Per- per cenL higher. appear to be up rights issue 'aimed at raising I reported. It is clear that in the field in the North Sea. partially were 7.6 however, rose by In- NEW YORK, diag*£’'.' saying their money rather than DM4.76hn. f£1.18bn.). sonnel costs, offset by the failure- of Euro- Gulf said that both- tbe DM240m. <£3S3m.). -The bank's i third quarter the industry has " includ- *'’' spending it. 7.4 per cent, to DM890m. quarter and tbe nine months; its GENERAL -MOTORS* 1 Kaufhof AG, the parent con- shareholders will receive the been struggling for improved pean refined product prices to '-unsafe wages, social security pay- j gained from higher abte position Ik the in’ last profitability in keep pace with .increased costs. results had giant for the threp- cern. reported that sales went up offer sometime within the ! spite of generally Figures first benefits. - *' ments and fringe report, crude oil and natural gas 'prices American motor industry - quarters produced by Kaufhof. 3.2 per cent, to DM3 79b»., ten days of November. Straus revenue gains. Other companies to S Kaufhofs travel business, un- ] and increased sales of natural gas Chrysler Corporation’s « I Several companies following the industry leader the Federal Republic's ceconJ although excluding increased According to the bank lo-day, . have lib-: the store operation, has its liquids and refined products. The to stay on. term' with space, turnover the issue consists of Urn. .reported weakness in their non- Exxon, which turned in a flat largest department store group, sales remained at 31. appears vear end on October company suffered a foreign cur- major rivals- are sharply . i oil operations third 5.4 per ceot. are fairly typical for the sector. around the year ago level. Kauf- DM30 nominal shares to be such as chemicals quarter and a ' a very good year, translation loss finned -by - to be having earnings rency ~of 519m. -quarterly' : Sales during the period rose by halle. which operates further offered to more than EtHUKKI or coal production. Others cite decline in nine mouths* increase in of- ‘ * with a substantial Sl-Sfibn.. against a gain 523m. a year published to-day. ; ,. market, shareholders at a .ratio of high exploration costs or foreign earlier this . week to a nominal 3.3 per rent., but the down the saw sales 11 months to bookings, to the currency Continental ago in rhe third quarter, how- 1 increase is entirely accounted for r 3e by 3.8 per cent to DM969m. one-to-15. The price has been translation losses as include Gulf Oil and Weakened by losses 'ftonj iij. a the end of September this year, it ever, and Its chemical profits ‘ v • excluding set at DM2011 share, an factors depressing profitability Oil- overseas subsidiaries. • : by increased sales space and new However Increased per . anif , had sold a total of 337.337 holi- 24 halved to S16m. .-in. the same stores. space, turnover actually felt by attractive price for a share and offsetting increased revenues Continental Oil reported a , sliding share of the 39,506 holidays, or 13 3 per period. days— From oil and sales quarter cent. which yesterday closed at gas in the per cent decline in third marks Chrys let's ' 0.4 per -• l thlnfqb^V c?ot, more than in the compar- Atlantic . Richfield's third The group, which operates I S3 DM293. The newly created third quarter. earnings, the worst result so far stores in Kaufhof has obviously been able period of the previous 12 quarter earnings some 109 West German shares will Mobil Oil to-day the lead- rose to SlB34hn. qualify 'for divl- . reported earn- in the Industry among, towns and cities, reported to-day making considerable efforts to months. from SlSO.tau -a year ago. deods from January 1. pngs of S239m. or KL2B a share ing companies. Revenue rose to The issue, fo the thrrt quarter, Conoco's net for the quarter 23 per cent. which was ! .£ compared General- 5252m. or compared with S2J33bn. Nine months earnings Motors, on the dh& '. - approved hy the bank's super- i^i" S2-39 a share in was 881.7m.. . haod, with more • visory Board tbe same period of were IS per cent higher -at . than in : yesterday, will S107Jra. ‘ • nine S530.4m. on a sates revenue gain cent; of U.S. manufacturers* 1! bring the bank’s share capital For the first nine months of last year. For the first si.' sales, the year. Mobil's earnings $300.9u>. fS2.80 of 30 per cent to S8.46bn. has-,* eslablishM = . up to a nominal DWflOTro. At rose months It earned 1 plan to sell ships to’ decline Tbe company said its Anaconda records for Jinit and dollar Granges S7Q2m. or S6.63 a share, per cent, , the bank's annual meeting in up a share), a 17 Copper Mining unit bad contri- net income. and ? . May this year, shareholders £-4 Per cent from the S679m_ or from theS363.1m. FS3.4S a share) , buted third quarter Income, of share for th'e same BY WILLIAM DULLFORCE STOCKHOLM. OcL 26. approved a DMZOOra- increase S6 8 a share. reported at the same stage last third gdarM--''’ .1 ^ S10.6m. and nine months income in the bank's authorised Commenting on the thtrd- year. . GM has. been greatly THE BOARD of Granges Ship- gested that Granges should sell Granges forecast earlier this of S72.6m. capital, and the rights issue quarter results, Mobil chairman Conoco, one of the leading U.S. and Chrysler "in sotnb ping. subsidiary of the Granges the whole fleet in one package, loss of Oil a month a consolidated will take Mr. Rawleigh Warner, Jr, said producers, cited declining Standard of Ohio, the handicapp«L by ' up DM60m. or this. coal -an uoex^^^ . heavy industry group, yesterday but Mr. tneemar Wahlstrftm. business, British Petroleum associate, tor Kr750m. (£8S.2ra.) in 1977 after Deutsche B*nk to-day said that a decline in Mobil's refining profitability in this surge thls year ih sale® ofTESi''" to its managing director of the ship- proposed parent Board tbe strikes and rising day reported net. income of ‘ reporting a loss of Kr3S5m. for that the rights issue was In and marketing results abroad reflecting cars. wherr_ it was/ tboagfit^k' sale of eight of the 13 vessels in ping subsidiary, said yesterday factor in its $36.5ra. for the third quarter % anticipation more than offset Improvements operating costs, as a smaller • the period ending August 14. It of (he continued vbhicles wouW.be Jtia: ^- its fleet in order to cover its he was recommending that it compared with 535.3m. In the - involved in negotiations for nse in bank in U.S. petroleum operations. performance. The company also attractive -to is business. By law, caosumera beSB'* . continuing losses. It reported a continue m operate those vessels “generally lower profit same period of 1976. Sales rose tbe restructuring of both tbe German banks are required to The foreign results reflected, he cited of thelr .lowet. petroi a profit in •coiutwS-''^',, loss of Kr39m. (E4.5m.) in 1976. which could show preserve said, largely the effect of a de- margins" as an element m its to 5872.3m. from 8644.7m. Swedish mild steel and- special a fixed ratio of assets tion-.At the start -of tbe^SI’^ The sale of the ships would future. For the first nine months, the to profits decline. '' industries. credit extended valuation in Turkey. This con- model year^ * - steel to customers. GM JhtroducriH . GrSnges Shipping wants to earnings were ' deprive snra? 50© people of their trasted gain* In Gulf Oil reported a third company's i? with exchange new range of large cars jobs, two 270.000-ton tankers, The Swedish shipowners* 10. 82.82 share, com-, iSfl,?' reducing the number em- retain the corresponding period of 1976. quarter gain in earnings of 1.6 81 9m or a had. m fact beetr reduced in ' to about 400. Granges two new ORO vessels of 120.000 federation has ureed the Govern- Scotti E.C. Slflin. with 96,2m. nr 52.49 a w ^ ployed shares On the nine months figures. per cent, to {81.0 a share). pared S •' • increase the KrSflOm and weight so as to increase t'S'' •• Shinning has applied for a tons and a 76.POO-ton ore carrier. ment to the nine months, its earnings share. Sales for the nine months Mr Warner said that earnings For - fuel .efficient^, ; " V- to sell two ore limit to loan guarantees which by S2.09hn. Desptte^SS- Government guarantee on hank It would try Consnb from U.S. petroleum operations. were down by 3.5 per cenL at were £L52bn. against 1 approved earlier this anx-ieiles that -these- loans to help » meet its cash carriers, two hulkers and four Parliament THE BOURSE Commission shrinEaS'l! of its^ model line might : needs. ehemic.il m Tiers if the parent year by Kr700m So far only f Consnb) said not piS "r: it suspended acceptable, accepts. two guarantees have been given. indefinitely a- 13 par.’Sf’iV' It had previously been sug- Board the share quota- WESTERN IND. ' TENNECO INC. IMPERIAL OIL GULF A increase in 'GSTS- tion of Spa Scold E C. a Third Quarter Fourth C aarfei- 197V-77 1075-74 sales this year Is, financial Third Quarter 1977 scenes otaFV bolding company, • s: s. ’ S , of the maxim that* i: new" miSP' because of Its struerural and 1.26hn. I.07hn. Revenue 931 0m. 866.0rb I Sbn. Revenue from GM tends ta financial difficnltles. Revenue seli wri^^.- . profiLo 23 )m. . Net profits ^ 71.0nt. 57.0m Nel 47.0m. " : Net profits . 96.9m. 1011m GUI's new • , • 0.43 . 94 madeis -H-ir" Ericsson France Net per share . 0 54 0.44 Net per share 0 half loss for i First . u.*o -p 1 s . Net per share ; dominated Nina* Months Net dll 0 39 .‘ 0.69 by rediBctiOtls inM^^-^^ leleronica issue iw mmo* share — . 3 I4bn. Year size of its raediunratay ra'- !< BY DAVID CURRY PARIS, OcL 26. enU 5.50b n. 4 S7bn. Revenue' 3.62ton.' cjg nT COMPANIA TELEFONICA, the Revenue l. 3 64bn. 3.4bti. and this will put further ores^jUUR' v*! n rn fl, K MtaJ* 296*m'' Net profits 209 0m. 192 0m ERICSSON FRANCE, the tele- gramme. A; the moment Thom- Ericsson, which last year after qon-rnlW M'.t.m «... Net per share 1.60 1.48 Net profits 1503m. 190 >m on Chrysler during a , ^Lre'!. 3A7 3 19 " w ' ^ its J.' communications subsidiary nf son holds 38 per cent, of predictions of solid profits turned operates Spaing telenbon- Net per share - 2.90 4.04 which market shwe-tdrtn*^'' ' in a Frs.84.4m. loss. An investi- system, is to increase its capital .„- . WHEELING-PITTSB. STEEL Net share dll . 2.21 288 slipped from 18.4 per- the Swedish L. D1 Ericsson, has Ericsson. AMERICANpir N BROADCASTINGBnnAnracTivr cdpt the part this concen- gation hy the Bourse watchdoc by a one-for-ten share issue 15.1 per cent. This reported a Frs7 7m. loss fnr As of same Third Quarter puta-fta l equivalent to CITIES SERVICF.S first half nf 1977. The fieure tration of resources around a committee, following the drama raising an extra n.*d owner vm ivn 10 or 1 1 percentage poltiti beTriiu lakes inm account a Frs4.9tn. French grnun. Thomson also tic collapse of the Ericsson share Pts.l4 34hn. (SU.S.172m.L At the « s Revenue 25253.4m. 249 9m Third Quarter 11 Ford and below the stares contribution from the parent acquired from ITT one nf its price after the necn nation* with ind of last year Telefonica was Revenue 367 0m. 3213m. Net profits “4 fim. 3.4m. taken by foreign imports - - subsidiaries. Materiel Thomson, reported that rhe com capitalised at Pts.143.8bn. Net profits • •• 22^’m Gross income l.nfiSbn. 9636m. model range .is heavijy company. French Le Net pel share . c The French subsidiary is in Ihe THOphnniqim. This company pany's accounts for 1975 were According (o Telefonica's Net per -.hare 1.22 Mins Month) Net profits ... 402m.- 56 8m: trated at the medium tb nB H«"w« 737 .5ra. process nf bring lakrn nvpr hy has reported Frs.34.37rn. half- not a Iru? reflection of its finan- oresirienl. Tomas Allenrie v J" Revenue 72726 9m. Net per share . 1.451.45 2.09 end of the market whiire affi Revenue 1.1 bn. 951.0m “2 Nine Months • - - the Thomson grnup via Thnmson- term net pmfiis, around Frs.2m. cial condition and that informa- Garcia-Baxter, . the move has Nel profits .... “20 7m. 6.0m. its main rivals are now coin prubts 75 Om 47.4m Gross income . 3M8hn. 2 8l9hn. rsF. which IS one of the fnr.il hfiler than at the same time tion provided (o shareholder been dielated by the neH to Net per share - tratiiig their energies becaiBf points nf the French telecom- la^i year. had not conformed ro Bourse meet the company's heavy invest- ^ el Per share 4.13 2.68 Loss. Net profits ... 1559m. 157 4m federal fuel consumption --5 " munications investment pro- The problem child has been nries. ment expenditure NotNet per share 68 580 lions. EATON CORPORATION With tax credits, Its o het profit in the third ; q Euromarket borrowings Third Quarter 1977 amounted to 533.7m. (5762IA 1976 with . tax credit). 5'21 6rn. 449.8m. Revenue S4.05hn. (S3.8bn.l. . .The Net profits ... .i 26.27m. 2L95m, down in third quarter months aggregates are net Net per share . Ntes Months 51842m fS243.4m.) or BY JUREK MARTIN WASHINGTON. Oct 26. share Revenue ...... 1.56bn. - 1 33bn. (S323). Sales outside the UiL TOTAL EUROMARKET borrow- S2-2bn„ and centrally - planned Ner profits- ...... 79.96m. 67.25m. 53.5bn. compared to S3.3L ng dropped, sharply in the third economies and organisations, Net per share . the first nine months of last quarter of this vear ; according which took 5400m. STANDARD oil of Chrysler Said -its. internal to preliminary data issued -here The IMF survey 'divides thl CALIFORNIA . . . companies earned SlS.lm.# by the International Monetary Euromarkets, into _xwd cate- Fund. first nine months including In 1977& third quarteiu. gories—covering the foreign and TMrtJ Quarter' 1«77 -. extraordinary tax creifit; The estimated third quarter international bond markets -and t $10.1 ra. to Revenue ...... 5fibn. compared $72nt ’otal of Sl43bn. was S1.6bn. commitments ' for publicised eluding $39m. tax credit a below that of the previous Eurocurrency Net Profits ... 238m. three credits. The 5 per ago. months and SI Tbn. below the cenL decline in the former Net Per Share 1.4 Nine Months • These results include a 5 continued earnings progress ?16hn quarterly average for the category in the third quarter Revenue 16 5bn. flbn. loss hy Chrysler U-K,.wbM? preceding 12 months. (to S8.5bn. from S9.3bn.) was 14 Net Profits ... the company's share of anoTO The decline was less sharp than the drop in 743m. 612m. entirely S32.6m. loss, half of whlSk Net Per Share • ••''!»;• accoimted for hy lower borrnw- publicised Eurocurrency credits; 44 36 \\ being borne by a UJu-Go ng bv the industrialised whicb fell to S5.8bn.. 12 per coun- LTNION OIL CALIFORNIA ment 'grant: Chrysler says irips. which raised an estimated cent, less than the second sustained its companies in Argentina, world Third Meets Quarter 1177 lVTt *6 9hn in the third quarter quarter com- Brazil. Venezuela and Acs oa’-ed with SSfibn. in rhe second. WhHe the -industrialised coun- Revenue l.Sbn. 14hn. hIso had operating losses & The developing nations slightly tries continued to-dorainate the Net Profits ... 95^m. 73Sm. first nine months. increased their borrowing To Foreign — and international bond Net Per Share 2.1 1.6 Chrysler is now pinnWg 34.7bn. from 84_5bn. The balance markets to -the tune Nine of 90 per Mon tea hopes of improving positi demand forAllis-Chalmers of its the total bormwine of all issues, was cenL two-thirdi nF Revenue 4 5hn. 4.3hn. the U.S. market through; accounted for by international all Eurocurrency credits Net Profits ... were 253.2m. 199.4m. introduction of its first; sti organisations. which raised obtained by the LDCs. Net Per Share pact cars early next year equipment EUROBONDS MEDIUM TERM CREDITS 9 MONTHS S46.9 Signs of improvement NET INCOME * *d. J Hong Kong Railway lo; . »' dollars in millions; '/ BY MARY CAMPBELL VTERNATIONAL FINANCIAL AND COMPANY NEWS I SUWERiCAN MOTORS CORPORATION Nedbank Insurance I'lii* ^ . Problems at g The struggle continues profits broker for *ci2 BY JOHN WYLE5 IN NEW YORK up Bahrain ' n0 *« stavetav€ oSoff neiel lossessses of serious Richard Vf K, - crisis was averted,averted, by the requirement which says that By Rolfe Kogyo Doina Thom.-* Toyo By LE ^ t° ! j c!s “2IL ast J’^ar and S28m. tne appearance of the Gremlin, so* rheir fleet average U'lCtl asswIniM j a fuel constimp* JOHANNESBURG. Oct. 26. IT WMS ^.rnew year before. Witn a king term BAHRAIN. Oct.. 26 ^JJ|A, ,jnaW^ called sub-compact aimed at tion must be IS miles per gallon THE SOUTH AFRICAN bank- TOKYO, Oct 26. given lb eb burdcn at Slll.mi.. ^.hid ? "^ch. filling hole in the- this rising results FIRST Inca! in.'iiraace ::nd ' L a market which year, to 27.5 mpg in ing MSbon has got off THE v 11 er CenL ,T s 1(1 * "* not being filled by the big 1985. Can AMC, with its ex- to a good start with the pre- =lft?ra*25Si tw?? tm ,u l BY YOKO SHKATA AND DOUGLAS RAMSEY ' e DC easix Pertinent 0red J three giants of Detroit— General tremely limited cash resources, Umfnary figures from Nedbank SlTtuTin Sum >Ze«£Z J Ebeen ^bow long b will . Service*. , W* ?f Motors. Ford and Chn-sler. The develop the new models to avoid Group, uiilch incorporates the National insurance ’ rwintention AM C*s ' ahsobiiely of bankers conbnue to lake I car was given a superficial being trampled company TOYO KOGYO. maker of Toyo Kog.vo's «s,ciimulalt*d debts which i« wholly-owned by k-adicc rt and underfoot in an trust Syfrets and tbe 1 e of us (estimated Bahrain: incrch.tiil houses and " r i ng,y mwde,j ^’ a^ke, roerchant banking activities of Mazda cars, is one exception to total: Y347bn.i. On i sees? ^buTt, uns i “ir Ntfstf s k? Acceptances esdav - Mr- Nnihara told a • private investors will b- ir«sss A! a$3 s^ Union as well as the rule that Japanese car I“ . bafi l°n been the It looks unlikely that ... ‘-awy 8 pigmy AMC will AMC from just "over „. - , Press ennfcreni-c that “a« a mem-. m: ' ‘ • .innu.ihv. -fresh lease — which the company had been putting the shares, 196 not reach the 1976 level of ten .i premium# or mvr Mm. 'i ir given a of life at on 3pa n‘s omnomy trn yrars! '.--Chapiirtf looking for. cents, on a yield basis of S8 5.6bn.. will J:ipanr This announcement appears as a matter ofrecord only “Which is why-as well as a complete merchant ' and commercialbanking service-we can provide detailed and expert advice and help on everythingfrom company structure to Faellesforeningen for Danmarks Brugsforeninger employment policy, andfrom mortgages to CO-OP DENMARK agents, suppliers andcustomers. “Ifyou’re afinance director, our area-manager LS $10,000,000 will be happy to sendyou details ofthe 81% Notes due 1984 services we offer information onthe total range of Bank of America International “Forfurther the Credit Suisse White Weld Amro Bank services,please contact Den Danske Bank address below.” af 1871 Atoiewb lmh Commerzbank D Bank uresanerjojmKDresdner Bank peutuche C?Ui«*iHtWriwk AknosreiolltrtiahAlmcarei.llKtiali • ilh i ifun ulTui liufi Grenfell & Co. Salomon Brothers International Hill Samuel & Co. . Morgan amro bank i) S- G. Warburg & Co. Ltd. amsterdam-rotterdam bank nv Herengracht 595, P.O. box 1220, Amsterdam, Holland. Telex: 11006/Amronl. .October 12*1977. London Office: 29-30 King Street, London EC2V 8EQ. Telephone: 01-606 S833» Telex: 887139 ! S L . t ' — . .' . : " ; 4 Westby- Nunn's Secretarial Handbook by C N Gorman and G 0 M Cockain s petroleum coin pan For fifty has been over years. W«tby-Nunn an ever- Its. coverage^ is AUttktk popular standby for company secretaries, setting out their production and. reBnlho;^ duties under the Companies Acts 1948 to 197®. Sections o^t : issues : PttrocW include: formation: shares and shareholders: Real .i company Granwieksaiiovd fhesisj side: oU thd. jndbip^ accounts: meetings; annual return and directors and all picture. . which auditors; and charges and debentures. that the social and {SOOlf ; iafcog? 7th edition August 1977 ^ (£6.30 by post) by lord McCarthy tllC SllOp dices of murtinationaJ,^ prises In the prod uctioss-jt! sectors', fining of the' S* Dymond's Capital Transfer Tax — — to should be JOHN ELLIOTT — It. also not assumed BY and did not. seek powers display- features which GranwJck by- Rogaly.^ “ Greenfield Joe compel employers to co-operale that a direct claim for recogni- man to the industry by Reginald Johns and Ray •’ thmfci Penguin, SQp with ACAS. explains tioo rights " could not be made thp world. '. and And it Provides, in over 1.000 pages, a thorough comprehen- Arbitration Com- •" ZTTTrr T ! I wby they were against providing io Lhe Central ISBN 92-2-1018067 description capital transfer tax. The authors take smts-s-s sive of FOR*'"***“THE National w-wawvuA^ociatioo a legalicksiegai obligation •’bargainbargain in rnitleernitlee; underuauvr the termsicruis ofui Sec*Sec- — . uoiigauon to -bargain w nmiee me . ^irhlKildnnrt —rrv ; .. •!.» »ka in the various categories of property, and the Factory ^by Theo Nicbols ant Americanism5L255SLH.'as jiwt the turn situa- for Freedom Ibe Grunwick dts-dis- goodod faith."faith," that tion 16.9(b) of theThe EPA. Many ^ SO of the kind Routiedge ana tions which can occur, and brine to each category and Bcynpn. ^thing needed to . increase the pute symbolises the overwhelm- exists inLn the USU.S. good labour lawyers think this Huw Adapting working situation the provisions Finance Acts which impose Kegan Paul. £5.75 tile.eotlectmica m- of the tograg power of tradeirade unions—imionhr- efficiency of • . >, could'could be done and nnc only modem needs-. . ^ tax or dutv sheltering behind friendlyf lawsia y ful hooes that Roy GrantismGrantham has- Thc timc Foctor_Xn August 1977 £37 £ £38 by post) ffffswsi ^ takenjuju their«-« Xceadvice. Gyllenhaimnar. Addisoo-Wesley sai£* approach to working'meat « TUC rMst change lts miod o> justifiable oreswire on SiS leg's- Sewntfr. even If the House of Publishers, £5.95 by D. Merit . . . nonunion IsU and free dSnf for- a furure government must 2 SK This study deals late a a nst its wishes provide Lords- decides that the ACAS rc- ,wlth* and the Law ms entrepreneurs. Arthur * ! to CVO|ntiou by -Paul Di.cfc Company Director To R types of; Working such rights "dearly * •arran^!! Scargill, and other left-wing as_part of a son. George Allen and Unwin, Franks ( the continuous b» John led of flg out lion unenforceable a^the^ worthy activists, il is fiulher proof - 1 aws setti o f ^A . cenw in Scandinavia and the U.S. which both rnsponsi- now stands.^ M coroprenfeh^of the law concern com- "Sbts and A practical cuidc to areas of the Class basis of post-capitalist ^ muicairindicate tentative steps towards wbat is needed is^ .aa radical feyfew years the week, staggering of pany director; The book starts with the question what British society another indica* F0R the pa5t *» balance ' „!»»«»«,» in .iha is» an that .. n i_4... of thi ’wvg ertabluhtd.eoni^l^mtiWirirt * SrtSH f ^ Tnlln Puhlphinf; i " [.-! iii Sin—i, i -.»* : “ p,tBl To M.gh n. Financial Times Thursday October 27 1977 29 AND INVESTMENT ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS Investment Opportunities for Bankers, Insurance FOR ACQUISITION Companies, Industrial and Private Investment Groups. U. S. PHARMACEUTICAL MANUFACTURER Our client who is presently In close negotiations with sovern- .l;' Finance j- ment, semi-gov era mem and privaijj Institutions throughout the The Company developed the first total-spectrum unit injectibte defivery systems. dose disposable drug world, wishes to contact interested parties who are capable of Covered by 500 patents. investing 50-100 million U.S. dollars in joint ventures with COMPARATIVE SALES government, semi-government and private institutions against for Growing AND EARNINGS the PAST FIVE the appropriate Guarantees which will be extended by YEARS ENDED DECEMBER 31, AND FORECAST FOR YEAR 1977 .nations] banks of' those countries where production will take >v FORECAST place together with further guarantees underwritten hv leadinn FOR 1977 1979 1975 1974 1973 1972 international insurance companies. These are turnfeev projects Companies which will include techno logical and personnel training to - Nfft Sates i. *9,600,000 *7,774,603 $6,553,45S $4,878,249 $5,683,449 $4,409,729 manufacture the following products under licence. Nut Earnings $-1 A) AGRICULTURE " * ,575,000 S 803,932 S 458333 302319 356.796 ft- 757359 S $ . $ Products with the following properties: II _\v*u .ire i tfwreht il.fcr in .in established md L e tives of certain herbicides and pesticides can be NOTE: .For the nine 1fr . grow ing company \ ou. l months ended September 1977 NetSaJes and or vour conip.inv. • 30, were 57,206,565 and Net Earnings were $1,181,946. ! ’ >- significantly enhanced require- * * t.rt * i 2. Certain crops can be grown with half current water between i'^ UHHi and £ l.« fur .mv Prospects for Growth requirements purp^t*. ring D.n id W ills. ( Ium*rh> 'itst- Devviopmcnt. 3. The safety of certaiD defoliants can be measurably Unit dose, disposable drug systems are In a growth phase, and because of their inherent advantages of speed, convenience, improved Investing m medium \i:a ci »mp.mies as 1 safety and accountability, this 4. Certain become more effective V segment of the drug market will continue to grow. fertilizer; minorirv sli.irchi elders Ills Ixvii i.iur c.\clusi\ o 5. Growtb can be retarded in certain plants, among others The Company's « »ver t systems are unique in that they are the only unit-dose systems which have no limitations as to size or drug grass. business for forty ears. W e arc prep.ircd u B) ANTI-FOULANT FOR SHIP BOTTOMS that can be encapsulated therein. The simplicity of its basic design permits a wide variety of unit-dose adaptations for every 0 insider new investments in K>tli um *ted and 1. Ships, when treated can stay -more free of sea growth hospital discipline. It provides delivery intravenously, intramuscularly and topically, and to ail varieties of bulk containers. I both plant resulting in less frequent dry-dock uni^ui »red companies mm-nrlv maLmg u\ er •V . and animal) scrapings per -tirs. Currently, from the basic system, there are adaptations which are hospital as the i annum pre us pn sold to such departments operating room, 2. Allows ships to travel 1{ knots per hour faster !CU,-CCUj neonatal nurseries, pediatrics, obstetrics, X-ray, podiatry, outpatient clinics, emergency rooms, etc. 3. Considerable fuel savings per year. %n’ 4* .. I C) GROWTH RETARDANT until now, Up the sales and marketing efforts of the Company have been by mail and telephone follow-up. Its penetration An application that can effectively stop grass from growing Additionally, the heed for of the United States hospital market would be that expected i.e., for a period of up to six weeks. CHARTERHOUSE of a mail-torder house, approximately 5%. A sales force watering during this period is reduced by S0 %. of 100 field representatives would quadruple the present business. D) WALL COATINGS Cii.irrerln »iise Do elr.pmenr. 1 1’arernr'srer Knu. Sr Pauls. Certain treated become resistant to wall surfaces when • * 1 'ti* i< »n HC-iM "DM. Tt kpln »n*. t'l-J is v *. the effect 1; 0 f weather, pollution and graffiti. i*. PROJECTED SALES AND EARNINGS Market potential on the Mbnve items accordtna to recent market projection* are between 2J-3 billion U S. dollars in United 1978 1979 1980 Statps alnne. Executives decision and policy making level only should Net Sales $20,000,000 $30,000,000 $40,000,000 at contact for appointment' ELECTRONICS Net Income 4,300,000 6,800,000 10,300,000 . AUTEUR CONSULTANTS INC. 575 Madison Avenue, New York Suite 1006. New York 10022 ASSEMBLY and TEST CAPACITY The Company Is debt-free. Phone: 212.486.1487 - Telex: 125846/237699 . AVAILABLE Price $30,000,000 Modem factory in Surrey, close to London Airport Principals only, write Box Financial G860, Times. 10. Cannon Street, EC4P 4BY Do you have and motorways, has space and experienced labour available for the manufacture of professional a Computer grade electronic assemblies. SKILLED ASSEMBLY I*. THRIVING COMPANY in North London? * LATEST WAVE SOLDERING FACILITY SHIPPING We now wish to expand our computer bureau capacity' from more computers our present nine -installations by operating FUNCTIONAL TEST FOR SALE on clients’ premises. Such arrangements .release capital for ^ certain cost use elsewhere in clients’, businesses and show STRICT QUALITY Nationally-known ladies’ dress and sportswear savings which can amount to £100,000 per year. ic CONTROL BANKER manufacturing company. Established 1971. 800 If you currently operate your own computer in North or accounts including major stores. Strong U.K. North-East London and want to get more results for less cost, Experienced Production Management can ensure write or telephone in confidence to: sales force. Net assets approximately £100;000. rapid and punctual completion. -Leading. U.S. Bank. Strang in ship finance field, R. G. Mills (Managing Director), •Nj «1V, Purchasing and production engineering expertise require experienced officer for their Tokyo Estimated 1977/78 turnover £600.000 — profit MILL ASSOCIATES LIMITED. WanaBtow Road, Monmouth NP5 4YE. branch to assume geographical responsibility £60,000 net. Factory and prestige showroom in is available as required. Tel: 0600 2131. for shipping in the area. Applicants should prominent W.l position. Management will stay Bureaux in: Birmingham. Bristol. Cardiff, Edinburgh, London .Si for one year. Price £250,000. Write Box G.842, Financial Times have sound knowledge of the industry and South. Manchester, Monmouth, Nottingham. Swansea. 10 Cannon Street, experience in credit analyiis. Age 28-35 range. Principals only write Box G.866, Financial Times, EC4P 4BY Apply with curriculum vitae, etc., to 10, Cannon Street, EC4P 4BY. f: Box G.884. financial Times. 10, Cannon Street. EC4P 4BT. TOYS - GAMES - FANCY GOODS ENGINEERING INDUSTRY Unusual Opportunity ' TOP-LEVEL SALES/MARKETING AGENTS We are retained by substantial clients who seek to We offer m ungiusl opportunity tor in ambitious executive who wants to IN WEST GERMANY (Cologne) private U.K. companies in these fields. run.* Jbusmeu and has ideas on how tt can be a on*. purchase :i < " If you Ju w i CANADIAN URANIUM EXPU)RATION for Technical Products- and Sendees V valuation in Thejf havkiu jtfind companies with a know of a specific acquisition ' • ma-ket opportunity or possibility v V FINANCING REQUIRED We get large: esq nines for bur British Clients fa Germany, with outstanding growth prospects and hold their stock of Spare Parts the region of £250,000 to £300,000. An early .. r -r: A 1,800-acre. uranium prospect, located, in the Bancroft area • hire the ability to lead the chosen business to substantial If you are not getting your share, we can help quickly and of Eastern Ontario, Canada, requires additional exploration meeting will be arranged with any interested party. profirro l*ty economically. .-..financing.- The first phase of exploration indicates several we may be able to give you the backing Contact: Write Box G.859, Financial Times, 10, Cannon of a substantial group and to arrange . 3 u large uranium bearing zones. •oi yau tu u.e i .-antai ini* *. With Investment case history, and details and also possible. Mprredet. Daimler, jaguar, Vanden and proven brand of can. ihare .^Substantial private funds avail- train and Involve 50-50.000 people. ticipation of S10.000 you Of FREE TRIAL offer. and foreign companies. •*'m. BMW. Porsche. Ferrari. Matcrati. irinojcr'ate adhesive to the con- in profit opportunirie*. 1 •umer field theta write Lamborghini, /amen Convertible, The consumer mark et , n able for acquisition of Invest- dwnonitrotlon lo: Full confidence and discretion Dirndl-Hock, Am Hams, Phone or write for free Rover. T-mpioh and Volvo Car*. J S A. amounts to 2 million tubes per *•* Writ* for detail* to: Private Investor’s Letter. Dept. 1PE, went companies with property omette: Business Advisory Service month of 13 Golden Senate. London. IWX D 8000 Munchen 70 Open 7 days a week identical grade material. in reply In 3 rue Herre-Fatto. 12W Geneva Can«etl«n . UX Principal* only IVAN BERG (AUDIO DUNN & HARGtTT Or Plume ttwm 7jyr anywhere in U.K. Cash or Write: 1 Tel.: 3fi D5.« Telex: !W! 1 ttriet. advertiser’s (24 hr. answer! op sendee) Banker * draft available. Telephone us confidence to PUBLISHING) LTD., RESEARCH SA. INDUSTRIAL a--.iENC£ tor a Hnxi ortee or our buyer will call LTD. Solicitors JSi Bfecdhum Carden*. Dept. 11A Bte 6 ROMANS OF wn\.<4G LTD. -eider House. 117.12D Smrgjre Street Dover. Kent petted, JQT. roe pKque* lordavn* Brookwood CTI7 9DB WilJbm* Sr ( r*f» 19), Ham London Nwe 18, (04367) 4567 . James Rruneh — Belghm JOINERS & TIMBER J/4 South Square. Gray's Inn, Tell 01-424 7715 1050 SPORTS GOODS Trii 0Z/640JU0 LIMITED COMPANIES London, W,C.1. AH ATV COMPANY MERCHANTS Available only to reiideirt* of eoufitrie* FORMED BY EXPERTS REtAlLERS ADVERTISER FRENCH COAIPANY re*trleted Private limited company ror sale. where not £78 FOR INCLUSIVE for nffers t>ai>>ni*d. enjnlv m-inuia-riured FOR SALE WE CAN PUBLISH YOUR (Restricted In flelglum andUJCJ^ Substantial funds available West Yorkshire and Turnover L READY MADE £80 approx, nnn oeo p.a Modem Tree- eleciro-mrriiagicgi amcle Turnover EXECUTIVE BUSINESS investment in or purchase of £1 million in industrial . for uMeamnc MAGAZINE OR COMPANY SEARCHES existing business. hold premise*. As alternative vrnuid sale. articles with o-m sale* force: 73.(100 sq. ft office, sen bnnnesB assets only. Further Cf.flN.OM net prof] annnni. workshops. & NEWSLETTER i t^r CARD WALLET EXPRESS LTD. Box ' Financial Time*. warehouse CO. REGISTRATIONS Write G.879, f23% unused >. Lille area: detail* from:— Reasonable fee erreiiem Wl in i migsiine publisher with buiwec* gift which will M RENTS 30 Gty Road. ECI 10. Cannon Street, EC4P 4flV. base for expansion in .The GROUND France =*R**» in London, currently publishing retained and appreciated. Printed with 01-628 5434/5/7Jdf. 9934 MAWSON & WALTON Write Box G^TB. Financial Times, fo” ws magazine* and have teeilW** your company name and logo on in. Write Bo* C.«iS2. Financial - Creek street. Leeds L Cannon Srreei. unap *E.Y Tunes, FOR SALE U in. *ft*»ra» ijiore. We can provide you cover. Indispensable for any builnen- f^nnon Sireei ECaP 1BV • We wHh to acquire a Tel: (85321 *781 ait services needed to get out man, Profruionii, etc. HoJd* 96 card* HIGH CLASS RESIDENTIAL COMPANIES FORMED WA magazine. Including deClgn. prlnt- In ind>vMaal pockets for eaiy refer, SMALL LITHO PRINTING Expe.li/. ipeediiy. tnrougMuc the Wi. sutocriptlon. rwwi.vtsnd. idver. mice. Ideal Xmu gift* for your PROPERTY DEVELOPMENTS ir--M "omparc our pne— COMPANY DEVELOPMENT h*Mg. acc. A complete service ** cummer* — deltvenr ex-*tock. PUBLIC COMPANY Fliutntial Tlmo*. #hieh is ntuscea in tha Grester COMPANY ?/• i reasonable con. Write Boa G.B6B. ENGLAND £69 with asrwd RABEN-CH1STENSEN LTD, 4BT. London irv*. Him hivv SRA2 use 2 IBM ELECTRIC capital Insscs wishes fa Time*, 10. Cannon Street. EC4P ISLE OF MAN £98.44 OWNING TWO SITES Wrft, "go* G.BBf, RnarcJo/ Sunex. and/or 4-coloar printing machinery. acquire private in vestment company • 23 Define Road, Horsham. tO. Cannon Street. £C 7636 TYPEWRITERS realisable assets and Strict confidence .assured. IO.ODO *q- ’* m. excellent location, LIBERIA U.5.S870 contingent Uawjity io capital gains write Factory reconditioned and jiieranteed wftfaln Sr rez Company Format, on Pletne to Managing Director 20-mMe redhi* of London. sax. EQUIPMENT IBM. save to pc. Lease OFFICE I Athol Street. Douglu. 1.0. M. Box £.9943. Financial Tlmat by Buy, up 40 seek* iharc.term building finince. years from £3 70 weekly. Rent Details m ronAdenre to BELGIUM Tel: Douglu (06141 23718 10 Cannon Street. EC4P 46/ 3 Pleme reply Bos G.S73. : CAR PAINT Finance Required in the str/ctcrt of from 420 pe- month Financial Times. 10, Well, known be.gian Ontributor with . . Telex: 626554 confirfenre to Boa G 877. PmoneW Canaan Srreei CARRY and Gent_ iteki Times. fO. I.nndnn EC4P 4BV FOR 5At£ . CASH AND branch** In Brunei* Phone: D1-&4' 2365 Cannon Street. EC4P 4RT. O' leading brand of ear rafimsti paint develop- parenvrihip with i manufacturing £50.000-£ 1 00.000 for intsratted In ISLE OF f*r Hie. Many colour*, including diitributing Company MAN in ne* throughout colour* lor Continental car*. ment of existing firm developing It* ictlvltln OFFSHORE TAX SAFEGUARD PRODUCT Management Belgium. WANTED litre plus V.A.T. location Equity me opoort tow tax £10.000+ PA. BUSINESS WANTED £1.00 pbr / SPARE CAPACITY GriM unifies in * Manutxturing Pleote write: area we specialise in tne formation company with well- V. iAr bulb orders. participation possible. OHtount como-r es Including nominee after tax Rnsinessman. 37. DRORY, 24 rue da ta Consolation ot peek* workinu narli- established outlet* in the Hardware/ Write a ox G.B48. Financial Tim—. FlnoacioJ Tlme>. Do you require a product to -wxHntinentl. secreraria. service*, Are you in accoununt with good cipatmn within a sianu. Write dot O.SSO. Ofwsefs Tratitne nr Do-i t-Touriiff 4BY- . S.FOJff general aoenev work, relex and aenera* and Fancy Good* icekl : . 10. Cannon Street. £C4P Street. EC*f manufacture to take up spare contact to companies and bufineti raoiunni; Company with a view to 10. Cormon consultancy Including commercial additional people? Seeing ample in your offica, evenival pnr.-tiaae of whole, product* that it can either capacity l placements. Full netiiis iron* p art. or you itarc on i commission bun If if rhe enmiy Ah replies treated in manufacture under liunce gr p A. Brown. DROWN- BROTHERS buy VKtrnr Hill. you ire successful you will.htve rka atnciesi confldciHi?. IN Write Box G.849. ltd- Home Pros pact outright to sell to cheie ouclea. YOUR OFFICE Douglas bl; g| Man- rtla OB42 opportunity to become a partner of • SETTING Financial Time*. 23661. Write Bn* MS. Write UP ERECTION Veto 638241. > bighly.-duallfied intematlonat Lawyer G FI da (trial Tlmo*. Bor G.B63. Financial Tlmat. 1 : CONVEYER io REGENT STREET 10, Cannon 5treet, EC4P 4BY. Cannon Srreei. EC«P 4BY 10. Canaan Street, £C4p IN NEW YORK? Teti Bedford 781442, 9 a.m. to >2 m. 4gy. SERVICES LIMITED ADFONE BUSINESS SERVICES ftp. room approx. 180 sq. fa., pfos Imttllitlon * 24-hour telephone entwering secretary and telex. ivaflittle For Mechanical The Adrertitar la the extluilve Da. Overseas * Luxury fUrtii*h*d private office* FINANCE tributor in tha United Yort afflee on Madttofl Personnel and Kingdom of Kfw . UK * Pretng* buiineu addreia TRAVEL LONDON GENERATOR ANKER 1 ROLLING First Class Service St Telex lecretarial, Xerox ProooM'i Invneo ror snort term credit BOOTS to eitihlisiiM Irnown In " ISO, Regent 5 treat, W.l. CAPITAL REQUIRED I m Dorters in Alrica ano .he IJ K. J* Spe,dwheeJl.'' Box CJJT6, Financial Times. TRAFFORP ROAO. AGENCY FOR SALE Aiia igalitsi cover irom beat* ano 1 D»y D 1-439 - Eves 5351 b*0 We ara anxious to hair from 6218 81*714 rapid PBtltieil rules lamed stale other Ui Oeimoa Street, EC4P 4BY. ECGLES, HANCMWT-*. any organisation with sub- « finance expansion of estab- Bv EEC companies in the Leisure 667050 Would 50U KVA 4I5V 3 Phase Insurance comnmes ana ECGD 0> industry with 061-719 - Totan travel lished rcxrile piece jtoodt manufactur- a view to developing Tail 6720 itantial annual be inureitad U a Al» to 'moon era jn Eurooean «** maximum ing, Act/re at steeping participation 12 cylinder Dorman Diesel ann "in Investing in a semrai London agency North American countries Our poiMiiaf of this exciting new activity reasons for anticipating considered. Water Moled. ovgraeas Director is here for two of dry ice-skating. Please SURREY, SUSSEX, with parricnlir ween*, write to the WfPAKY DOCTORS—Can we help rtuf KENT, intern at i o«i» Treae Promo- - gtowthl j; - O'tCTror. Men are a long establishes! »n*ult*nc» OPPORTUNITY Write S-B47, Financial Times. Hardly used. tions. Bor GUOS. Financial Time*. of Leisure EXPORT Ltd., Queens Hall Meciairikna In HarmonUs u* wrn HANTS; Write Sor G.849. Financial Tifltei, 10. Coonoff Street, EC*F 48 Y. TO. ~annon Street EC4P 4BY Leeds LSI 4AI *wnai at giRicvit litoetiDm tor client TO JAPAN 10, Cannon Street, EC4P 48 V. - Ring 01-539 3000 Ext. 320. Tel.: 0532 31961. Wc iceic a light engineering company Rmnaoie* witn annual wit* LSOO.OOO- ne e Hive you 'over tried w P* ^7| * preferably with foundry and own pro- nurheti K you h***> ^‘ t/o end Jipineia duct, up to about £400,000 DimtlBUTORSi WHOLESALERS. Handling or UnuiUSI producu « quality Profitable, for ea*h purchase. tor ***** HELP! HELP I HELP! PRIVATE 1" »«*« LONDON Repmentatkm Professional Branded W* Preview working COMPA the evperri** to bring It BiHlneu People- are located write u*f Principal* only to: or We In capital ior wroatvsion ana relieve you Smalt M.W. M)ts comaanv manalac- SWISS •’ rtgh» buyer*. Why not » Hie .heart oi tneWest Ena ana offer in plastics and * WUK tor ECZ address or phone th< f oring decorative nrooucti ,n Class packaging oftte feellities. ut toe ^rore'ai Htfl nflMii is ui Erasane*. Combined rate* + telex under LTD. FRANCIS BITTEN showroom end Finance SJSJiWrit, ,2in Reiniorced Plastic tor 0 LONGFELLOW maraetimn and Mlmlnstrathm control. commence, Bev cjdb. tne Building and to acquire business manui week. Message Minders Inter- SMITH Hcithennotint, Snow Hill, Goptharne. by Financial i no u- fltt/no mdusirv. i.e oar] els. snap PROPERTY COMPANY arrangement- Please consult in 10. Cannon Street. Pftional. 42-as. Me* Broad Stray*. Oiks, Retd- Woking -West Sunex. con- 4BY* Trams, fascia*, mural*, oar Intuit sne ing/ marketing range fidence Box 0.807. Financial Times. EC4P of t wj*8pu EC2M tor. Ot-.GZB .USM. aiinue*. wt*h r s form an association Bungalow Hotel Bircelona coast, for rwes^BB Surrey GU21 tQ, Cannon street. EC4P any. able products for induiet nya». FINANCE with a camnanv or oCrson with tales sale 50” or 1 00 interest, well CORPORATE and Financial and msrkerina Managemant exams seek Investment/ mtoertisd nollt home below user value. Valuable Peseta the Health Service. Turno sofooLS amp eoucA- factoring, invoice Dbcwtirtlnfl-- E.F.I. OOOO IDEAS AND MONEY well ln»olv4ff»#w In unablv to and inroad. Tremendous nolencul. lac jiprt - 00 export licence for - AL can be | .offneCt'Dn*. Wnir 7m. D-Mark*. the region RTABL OMMENTS offer, taellRM* Uiiorea to client* need*. (mother. We oot the mone- and cxDBOti ack uf working GflOttBl, Bo* GB54 Plnanc- of £ 100 . 000 , H yri J. L. A. Ormbton. .MA. F-C-A-, vov gut the Ideas let e get together, Plea—, re m confftotre. C4B8, riaf Times, to. Cannon Street, icap "SK^JiTsSin tan PLURCO AG. I.ederenr. 2. Write Bor G.B02. Financial soutn. a Timer House. Heath Rd- -WovOridoe. write tn Bos: GA05. Flnsntlsi Times. D,e*’ l0 ' n,,n,, - 4B7 Ai:ernau»t» «»*tderad. c* str“*t Munchen |Q. Canaan RH1 SOM - home Tot: 47882. Cannon street, EC4P 4«y, Ecap^aBV* D-9000 2 Street, E end 331277. 10. C4P 4 H . — & . : . ' . ' nav eal ft, 1 *•« Offer for Sate eon'Mlute? sn offer only m United Kingdom. No pernor. recefvin.ar in any other territory a copy or thisis Offer and 'or an AprlMon Fonn f r ' any ' '• '• 1 : -' cmilil law he made tuhirn u irhou: requirements. It is she resronsihriitj. o. ~ •/ - : i*rrt hits melt an invitation lull; Lompiuncetompiunce with anyanv legwr-tCiontcgb.tr.ttion orcr etherother legal .-.- . V . '“>1; ' tobw; raidinsudi icrritoo’. .v«- .-^-i otherh^r^^le^'reouirinBtaxes requin ..PA - . the requiredrcqinreo lormaittiesiortrulrtie* neeaimsneeding to»u hevss observedui*-ki»v>« orwv transfer sJv — g _ . - ... ie»riior> in connection ihcrcwiih, includma ohuining of any government or other consents which may behe or otherotner 4 •.. ... - j'. : . I Henry SchroderWagg& Co. Limited and S. G.Warbnrg&Co.Ltd. > on behalfof -y- .* * . m , • -a C' • "v-«^ V Industries Limited ' Imperial Chemical . a; ; •• • r OFFER FOR SALE . "••I" 130,852,037 Ordinary shares of 25p each in ’." ‘ t ..it ‘ "J .JP .1 (incorporated in England under the CompaniesAct 1948 No. 714275) at 52p per share payable as follows On application 25p per share per share Not later than 3p.m, oh 13th January, 1978 27p }? 52p per share The shares now offered are sold with the right to all dividends and distributions hereafter declared, paid or made cm the Ordinary share capir.il of Imperial Metal fndu.-trie? Limited ('iMT'i including any final Ordinary dividend, in respect of the year ending ' * • iji*sn tvi a|.'piivouviu iiwm j ^ . - ; ?l>l December. v j L to successful applicants by post at their risk. If an -application -» not raepted^tef'. The whole of the issued Ordinary share capital of IML including the shares now offered, is listed on The Stock Exchange.. Letters of Acceptance will be despatched full any application is accepted for fewer shares, than the number applied; for, a cheq^i \prlicJtions. v.hich veil! he irrevocable and which nui>l be made on the accompanying Application Form, must be fora minimum amount paid will be returned in and if f s risk.; ... . sent. In each case through-the post at the applicant . . «’! ftMt shares, in •nultiplcs of 500 shares for applications up to 5.000 shares, in multiples of J.000 shares for applications for more for the balance of the amount paid will be (in accordance with the instructions thereon and subject to payment not Tatec.ififoF than 5.1 n i jnd up to Zt.MXKl -.hares and in multiples of 5.000 shares for applications above 20.000 shares. Letters of Acceptance will be renounceable per share) until 3 p.m. on 27th January, J97S. Default ii.ich application must be accompanied by a separate sterling cheque or banker's draft drawn in accordance with the insiructions 3 pm on I'th January, 1978 of the final instalment of 27p jn'paymenictv. io Letter of Acceptance will render the amount. previously; paid on the accompanying Npplication Form. The right is reserved to present all cheques and banker's drafts for payment on receipt, to the'final instalment in 'respect of any shares comprised any Hatkf,. Interest at a rate of 5 per cent, per annum over the Bank of England s retain Lcucis ol Acceptance and any -urplu- application money pending clearance of applicants' cheques and to reject any application to forfeiture and the acceptance to cancellation. 1978 may be charged on any overdue amount which 1 «m to jiccpi airy application m part only, completion and delivery of .in Application Form accompanied by the necessary cheque Lending Rate prevailing at the close of business on 13th January. btay^ will constitute an undertaking that lie cheque will be honoured on first presentation and attention is drawn to the declaration in ‘,tL j Exchange the business day followingthc the \pplica?:on h*«rm to 'he ctlcvt that the applicant understands :hi- to be the case. Completed Application Forms and accompanying Dea!?ngs in partly-paid form are expected to commence on The Stock on jxxstiqgdF*., - cheques or banket*- draft -tumid be feru aided to the bank indicated on Ihc Application Form so as to arrive not later, than 10 a.m. Letters of Acceptance. . . - . '.-’of. . . ‘ -«l.iv. fully-paid Letters of Acceptance will be registered in the naraets) of the personal entittel on "I hut 3iq November. I ‘177. , The Ordinary shares comprised in the transfer duty share certificates In the o' cm if.’ the Offer tor S,de being p vt —ub-cribed. picfmmiial consideration will be given to applications received front thereto under the terms of the Letters of A'cceptance. JCI will arrange for payment of and will be • • . '. v . (M.hn.uy -i.*wkhoi«lcrs ot Imperial (. hcmu..d Industries Limited fit l"i to whom special Preferential available issue from 10jh March, 1978. - ; pink Application Forms have for ; £ Copies of this Offer for Sate document and Applies (km Forms for use by members of the public can be obtained front the underwriters:— J. HENRY SCHRODER WAGG ^ CO. LIMITED, S. G. WARBURG & CO. LTD.. • 120 Cheapsidc, London EC2V6DS. 30 Gresham Street, London EC2P 2EB.- or from the brokers to the Offer for Sale:- HOARE GOVETT LIMITED. PANM URE GORDON & CO., ROWE & PITMAN. HURST-BROWN. J. & A. SCRTMGEOUR LIMITED, 1 King Street. London ECZV 8DLI. 9 Moorfields Highwalk, London EC2Y 9DS. City Gale H ou«. 39 45 Finsbury Square, LondotrECZA IJA. The Stock Expanse, London ECZN 1HD. or from the reccivinc hanks to the Offer for Salcr- ... •• V BARCLAYS BANK (LONDON AND INTERNATIONAL) LI M ITED, NATIONAL WESTM INSTER BANK LIMITED. - New Issues Department. P.O. Box 1 23. New Issues Department. P.O. Box 79, Drapers Gardens, 2 London Wall Buildings. London FC2P 2BU. 12 Throgmorton Avenue, London EC2P 2BD. or from the principal branches of Barclays Bank Limited, National Westminster Bank Limited and Bank of Scotland. - History and Business of IMI Letter from the Chairman of IMI IMI v'as formed in 1962 when ICFs metal .interests, which IMI has overall a -50 per cent, interest, lias since The following is the text of a letter, receivedfijy J^Wnnry Schro^ef Wagg A Co. Limited and S. G. Warburg & C6, ’ connection with the, Offer 'fprSale:-^ . ? ilormerlv ICI's Metals DKision) were reconstituted and expanded in many countries. Ltd. frqm the Chalman of IMVin . ." : c- 'ested in IMI. These comprised ICI's interests in non- The Directors. / • • Wilton, Birmingham. •B6.‘7B/£ IMI now has over 100 operating subsidiaries and at the Ltd. '1 8th October, lerrou.- metals (other than aluminium) and other allied J. Henry Schroder Wagg & Co. Limited and S. G. Warburg & Go. 197^ end of J976 employed more than 32.000 people Dear Sirs. Helds including Id's 50 per cent, interest in Yorkshire throughout the world, of whom about 26,500 were You have asked me to write to you in connection with employment within TMI companies at home aqd Imperial Metals I.imtied. In March 1966. 10 million ’ employed in the United ICFs decision to sell all the Ordinary shares which it abroad will be unaffected. new Kingdom at over 60 manufac- Ordinary share** in IMI." representing 10.4 percent, holds m IMI. Sales and- purchases between ICI and- IMI arenoHarae turing plants. IMI’s headquarters is at the Group's of l he enlarged i—tied share capital, were offered for sale In rhe course of making its decision. ICI consulted the and arc conducted on an arm's' length basis/ IMI js. largest manufacturing site in Witton, Birmingham. The l«> ihc public. As a re-uli of righix issues, together with a IMI Board on its reaction to a possible sale. We were already managed independently of ICI and -makes _ main ov erseas manufacturing plants of subsidiaries and -,~. number of issue- in connection with acquisitions the able to reply that in our view' it would be to the benefit little use of ICI’s specialist services. Such sendees' associates arc located in France. West Germany. Spain, of our business and in the long term interests of our are used will be replaced on an .orderly and agreed issued share capital has increased to 20tl.39I.677 Austria, the United States ofAmerica and Australia. shareholders and employees. I am confident that the basis. IMI is financially independent of TCl ajid-itas] Oldman shares. ICFs holding therein amounts to time has now come when complete independence from sufficient financial resources for its present require- 30>‘ 1 5 Ordinary shares (approximately Copper is the most 62.8 per important of fMFs raw materials, JCL will facilitate the freedom, of action and stimulate ments. IMI's capital expenditure programme will be cent, i and those are the shares now being offered for sale. not only quantitatively, but because its use. in one form the further progress of IML I shall be writing to all maintained at home and overseas, Our relaijons.wjlli or another, links many IMT production units. IMI shareholders to tell, them that .my colleagues and I suppliers and customers will continue-’ to be based. o)i I 'pon formation. IMl’s activities were primarily the on the IMI Board welcome ICI's decision without the trading record and reputation of lMI itself andof IMT's external sales in 1976 were £404 million • • fah icaiton of noii-lerrous metals and the manufacture in the reservation. , its subsidiary companies. ' following broad product areas: IMI has capital employed of over- £200 million and In August'. I announced pre-tax profits for the first Rr. ' of /ip fastener*, spoiling ammunition, heal exchangers * ' ranks on a turnover basis in the top 100 United of 1977 amounting to £l&;0 ihrUiofL l tbeiv jnaad^|Bi and other engineering prod nets. Since then IMI has £million per cent Kingdom companies. It is one or the principal non- forecast for the second six months, but indicatedtiitfelf made the following principal acquisitions, each of Building products 83 20.6 ferrous metals manufacturing companies in the United was unlikely that this year there would be a repedtion Hc.ti e.vdianec which represented a logical extension of ils activities: — 41 J 0.I Kingdom, and has substantial interests in general of last year's profit growth between the first and i-luid power 28 6.9 engineering, building products, heat exchange, zi'p halves. In the last six weeks, wc have experienced a Genera! engineering 84 20.S fasteners and fluid power. I believe that IMI has small downturn in order intake in some business areas. Zip fastener' 55 13.6 demonstrated an ability to manage these activities Range R-.'ilcr« 1 m:iiiihI Hot v.itcr ej lingers "We have in general been encouraged by theprbgress we Refined and wrought metals 113 28.0 I"h' " oh u hdiviplon NUt.il profitably, even in an unhelpful economic climate, and have made towards settlement of our autumn i growth, organically HoUimg ? i Limited Copper retinmg to generate both and by acquisition. claims but, in the course of this, one of two manufac- Ui.S 404 100.0 I Hie > ork-hirc opper t W orks IMI’s interests lie in business areas different from those turing units have gone through a period of industrial tl IfMiry-i Limited, owning the arc founded of ICI and on design and manufacturing unrest. Our current expectation is that pre-taxprofits in rni- on; -landing 5n per n:m l?e rappp'- i»M*. «nj « 'cmphi melal 'hown ahoic «du4e techniques unrelated to theirs. Efl'ectivC: management the second half-year will fall below :e.rr.» .'V -.-rr*- arp ..i- those achieved hA. inlcu -i in X'or-Ourj In.priMl r-r vhich are iiKludri. ** nmljinc r'-'rfu.'va*.; and development of these interests cntinccf mii- Has required the first half. For the year as a whole. hnwpvrr.T am aariB- i Dividend si ml elated product- and IMF- in su'!:-lerr«>u- racial*. ?,1 -i Yield di-ci:—ed with IMI whether it would % adversely >; Sal;;- between U. On the basis of the rate st ml Ot'euKVMirC and purchii-e- I .::ui afieel the future or Ordinary dividend in pro>pccts and development of IMI and respect the .gross '»•** the dividend yield on the ai«- ti.q ti.m • :y..> of year ending 31st Ordinary , IMI laige .onl "en ;[;e ha* concluded that December, 1977, which the IMI is fully able to prosper aa a at the Offer for Chairman of bale price of p«i i codiptinics are at ami's length. is IMI has indicated in i jy/ T-gv-- iNU naancially completely his letter set _-.5 y independent entity. out 9.6 per cent. 'jr‘ above r that the Directors of IMI intend to recommend. ^ H » ' — — ' — 1 r — — — : Financial Times Thursday October 27 1977 51 Appendix I Appendix HE FINANCIAL INFORMATION REGARDING IMI GENERAL INFORMATION which the Directors .Tlie information set out in this provided by DIRECTORS AND DIRECTORS’ INTERESTS of Imperial Mclal Industries Limited (“IMI") (for Appendix has been IMI and, where appropriate, b hat** oa fia* published audited consolidated A. Sale of IMI are solely responsible! to be included in an Offer for accounts of IMI and its sabs'diaries (the “IMI Croup"). (T> The Directors of IMI arc listed below. Tbe interests fas defined by document to be dated 19th October, 1977 and which includes tho the Companies Act 1967) of such Directors and their families in the following statements:— capital share and loan, capital of IMI are as follows, all being beneficial 4. Share N'otww _ current that pre-tax profits in the second half- land end interests:— “Oar expectation is (i) The authorised and issued share capita! follows:— For the j'tar as a ofIMI is as bugatnre Karl ‘ycar will fail Mum those achieved in the iir>t half. Tzrcr ccTt.. whole, in the absence of unforeseen • . Humber Nominal CD Find assets eesBqriso: £000 £000 however. I am confident that, Authorised Gross book value Ordinary shores L nteared circumstances, ve shall be able to report pre-tax profits somewhat Ordinary shares of25p each 280,000,000 £70,000,000 At cost 24^00 94.699 of25p each. iosr. ::cds higher than the record level achieved in 1976.'’ Atnlndoo 14,319 13,921 Sir Michael daoham (Chairman) i,:ss We have reviewed the accounting b.ises and calculations leading to Issued J. A- Lofthouso •— 38.419 iiojco U5U these statements. The calculations include the unaudited trading Fully-paid Ordinary shares of25p each 208,391,677 &2Jff7Ji9 D. V. Atterton . — Depredation. (11^23) (70.S88) results for ihe «i\ months ended 50th June, 1977 as set Out in Appendix Sir Roben Clark M is not aware of any 3 1 of the Offer for Sale document. ,(ii> IMI holder of 5 per cent, or more of the issued Net book vain© 27.I9S 39.932 jLHasfom — — stare capital, other than ICI. W. R. D. Macdonald 9S.592 rfi £ftQ In our opinion :hcre statements are based on information which, so Revaluations a£ dates, 15 been were nude by eerfela tubsidivias n£ous p.-m&baBy in SS E. SwainsomManastnsDirector) — — far as the accc.tr.nng bases and calculations are concerned, has (Jil) Since 31st December, 1976, no has Lid JP62. share capital of IMI been J.R- Crane 3.0QQ — properly compiled on the fooling of the assumptions made hy the cash other issued for or consideration and no commissions, discounts, — Board, se! out in paragraph B of Appendix 111 of Lhe Offer lor Sale f*:> Good*-!!, which is shown at cos! Ion aacunS aritien off. ;x ihnart wholly the JU Amos 327 brokerages or other special eittw document, and presented on 3 be.Mx consistent with the accounting terms have been granted by IMI in of li*. pjrthais coir; ldtr»:lcm petd for ita KQtnsiUan of lAibbkdarie* over their D. V. Aym net Lercibte the cor rj deration connection with, the issue or sale ofany of its share capital. No unissued aw«; at Uk dale of acquisition. Jo erriVtay u per chase W. Briitcin 642 •— jrtiCLvCa lionv.dl; adopted by the JM1 Group. tor accfuititicm, in cases where nil or pan of the consideration was satisfied by the share capital of IMI is .under option or agreed conditionally or D. G. Jusiham 3,627 — i: jue of shares in IMI. the vahe ptaxd on those shares was market solus at toe time, Yours faithfully. unconditionally to be put under T.A.J. Lamb 3.414 — option or is proposed to be issued. SP-ing rise to share premiums of £1 7,877,000. PEAT, MARWICK. XllTCHELL & CO. Chartered Acccuncaru (iiij Investments include £19,803.000 in respect sf major annehtod companies stiiei Messrs. J. A. Lofthouse and R.Kaslam. who arc also Director? of jj. Indebtedness a: book -.alue plus ad»an.-cs Group and tbs IMI Group's share intend resign IMI on 3rd v ember, ]9,-.. from the IMI of ICI, to from tbe Board of No CO. LIMITED ' 2TTLL SAMUEL & 'At 16th September, 3977, the IMI Croup had outstanding the poti-acquisitioa profits. According of the Companies 100 Wood St rear. borrowings : (IF) to the-register maintained under S.29 following fivl Stocks arc valued, whh certain exceptions, at Hie lower immaterial of cost (cast of their families have no interests (as London EC2T 2AJ, redaction iedudieg Act 1967, the Directors of ICI and £000 £000 r related works overhead. J sod net realisable value. The Directors, FIXED LOAN CAPITAL defined by the Companies Act 1967) in the share or loan capital of (ij Creditors Include £26,000 due to ICI and its ether eubsidiarics. coos&tins of JMT. with the exception of Mr. J. A. Loftfrausc, whose interest is Imperial Met -i Industries Limited, ±S t94?,000 due by ihe ofiket to the ; j4ot wholly repayable within five years IMI Group by £5,917,000 owisfi IMI Group. disclosed in paragraph (i) above. Kynoch Works. XV in on, (vi) • Unsecured Deferred taxation includes: (iii) Sir Robert Clark is Chairman and Chief Executive of Hill Samuel Birmingham Bt'. 3Sth October, 1977. Deferments due to accelerated capital allowances 7BA. cent, loan stock 1985 ’90 fee for given S per 5.075 Relief" for increase values other liming dHfcrcnaa & Co. Limited, which company will be receiving a advice in stock and Gentlemen. 7} per cent, loan stock 1986/91 31,957 Advance Corporation Tax recoverable to IMI in connection with this Offer for Sale. V.'e have di within fire I Ltd. .1Wholly repayable years: Trading proBtfNoieut 17.363 25,130 23,034 19,922 29.863 Wage & Co! united and S. G. Warburg L Co. have agreed to (c) 'there will be no significant movement in the relevant exchange rates. Share of profit, lists Imres make this Offer for Sole and to underwrite it for a commission of :'Usteeiired.;-_._ of major associaied companies 1.468 1,375 1.609 2.407 4,243 per cent, of the total offer price tphis V.A.T.i. out of which they will (If) Copper stocks 2 Interest payable Jsu in'csuneni pay a sub-underwriting commission of I] percent., a fee to the brokers /dank loans . 7,977 iprnmtp The pre-tax profits referred to in the Chairman’s letter do not (1.904) (3.186) (3.739) (5942) (.4.0*6) to the Offer for Sale and their own lcc.il espouse-;. ^Others 2,603 include changes in the book value of unsold refined or wrought copper Groop profit before taxation Ib.8)2 2*419 18,904 16.337 50.075 stocks arising from fluctuations in the price of copper. These are The expenses of the Offer for Sale t including the underwriting Secured : . . Taxation. 5,923 10.891 8.865 8.427 13,658 brought into the profit and loss account separately as profit loss on commission referred to above, the legal and professional costs of ICI Bank loans 216 metal stocks (after adjustment for taxi in arriving at the earnings and IMI. fees of the receiving banks, transfer duties, the costs of Group profit after taxation 10,039 16,417 '_'••• • 10,909 12,628 7^60 applicable to shareholders of IMI. In the first half or 1977 there was a printing, advertising and distributing this I'MTer for Sale document and [Others 228 Applicable to minority shareholders small profit before tax on meint stocks of £0.2 million, compared with Application Forms and the cost of printing and distributing Letters 11,024 of subsidiaries 1,118 1,075 231 258 1,030 f. £2.2 million in the first half of 1976 and £3.6 million in (he full car. of Acceptance; are estimated to amount to" £3.5 million and will be BANK OVERDRAFTS AND OTHER > 9,791 11,553 9,786 7,702 13,387 paid by ICI. (iii) Letters SHORT-TERM BANK BORROWINGS Profit/Hoss) on metal stocks following are copies of letters in connection with the statements after 89 The United Kingdom fall unsecured) tax (Note ii) 189 3^09 (1,961) 1,742 38,617 relating to pre-tax profits received by the Directors of IMI from IMl’s D. DOCUMENTS FOR INSPECTION x Overseas (secured £314,000) 33.129 financial advisers: Earnings before extraordinary auditors and Copies of the following documents are available for inspection at the 17,129 31,746 items CNoie iii) 9,9 SO 14.762 7,825 7,791 offices of Slaughter and May. 35 Basinghall Street. London EC2Y 5DB, tre 2.423 PEAT, MARWICK, MITCHELL £ CO. Ex ordina ryitems (Notes iiandiv) 713 142 (651) 7 hours Windsor House, during normal business on any weekday (excluding Saturdays) 76,556 up to 3rd November, 1977: 10,«93 14^04 7.174 7,798 19457 The Directors. Temple Row, Dividends 3,997 3,708 4,012 4.346 6.146 Imperial Metal Industries Limited, Birmingham B2 5LD. (i) the Memorandum and Articles of Association of IMI Liabilities in foreign currencies included above have been converted Kynoch Works, Retained earnings 6,696 11,196 3.102 3.452 13.411 (iit the published audited consolidated accounts of IMI for the last Into sterling at rales of exchange ruling at 16th September, 1977. Wjtton, two financial years together with the Interim Report for the half-year 7BA. 1 Sth October, 3 977. - P Birmingham B6 J Save as disclosed herein and apart from intercompany indebtedness P P P V to 30th June. 977: and Earnings per share (Note lift 6.0 - ' BJ 4.5 4.5 S.6 red guarantees of inter-company obligations, neither IMI nor any of Dividends per share CNous v) 3.123 3J545 3.813 4.125 4J538 Gentlemen, tiiii the written consents of Peat, Marwick. Mitchell & Co. and Hill subsidiaries Samuel Fixed assets (Note i) 67,128 (iv) The main extraordinary item* ore gains on net fixed assets of overseas subsidiaries Goodwill (Note ii) 28.108 ard fnvestmenls in ouodstes, provisions for unfunded pensions and provisions far IMPERIAL METAL INDUSTRIES LIMITED ' rationalisation of production facilities. Investments (Note iff) 21,784 (vi The djvidends per share shown represent gross equivalents arrived atby adding the Offer for Sale Darent assets . dividend payable and the imputed (ax credit available to United Kingdom shareholders, hy J. Henry Schroder Wagg & Co. Limited and S. G. Warburg & Co. Lid. Stocks (Notciv) 112,528 except for 1972 when the interim dividend is the actual gross amount paid. on behalf of Imperial Chemical Industries Limited Debtors 87.679 fvj) Overseas subsidiaries mafea up accounts to Rtih September in eaeh year. The Cosh and short-term deposits • 21,465 relevant figure* far sales and profit have been convened at the rates or exchange ruling of 130.852,037 Ordinary shares of 25p each at 52p per share pat able as follows: at that date. on application 25p per share; not later than 3 p.m. on 13th January, 1978 27p pur share. 221,672 E. Miscellaneous . Current liabiKlies (i) There is neither litigation nor any claim of material importance, t Number of shares /or which Araouni enclosed Amorims pavible on application: Creditors v) 77.S20 application is made at 25 p per shaic. (Note pending or threatened, against IMI or any of its subsidiaries. Shares Bank overdrafts and other bank borrowings 21,243 SuO . — 125 Commission, following an enquiry into the European zip Dividends payable 3.333 HD The EEC I.OTO — _ 2*0 fastener industry, addressed to IMI formal objections alleging that the 1.5(10 _ ?T« £ 2,000 _ _ 500 102,396 LF/Opti Group (in which IMI has overall a 50 per cent, interest) is in 5,000 __ 1,250 breach of oertain of the competition provisions of the Treaty of Rome. 6.000 _ — 1.500 \0i*> -- __ 1,750 These allegations have been strenuously denied in written submissions Net current ass&s 119.276 n.nnn _ 2.000 and also at a formal Hearing before the Commission in Brussels in U.OIHI ^ 2,25(1 Applications most be far a minimum of 500 shares, in multiples of 500 shares Tor applications up <0 lO.lHW „ -- 2,500 September, 1976. No decision has yet been issued by the Commission 236,296 ‘5,000 shares, in mnTtitdei of 1.000 shares for applications far more than 5. TOO and up to 20,000 diarcs and so on in proportion. relating to these allegations. and in iauliipk* ol 5,000 dram lor applies) fans abort 20,000 sham. Fixed loan capital 38.398 (iii) The Director General of Fair Trading has advised a number of FOR OfFiCE Investment grants 1,353 suppliers of certain copper semi-manufo auras (including IMI) that he L SC ONLY To: J. CO. LIMITED and S. G. WAP. & Deferred taxation (Note vi) 27.360 is considering making a reference to the Monopolies and Mergers HENRY 5CHRODER WAGG & BURG CO. LTD. 1. A:\cpljncc >o. Minorities 8,931 Commission under the Fair Trading Act 1973 in relation to Lhe supply T*.W2 of such products. Gentlemen. I/We enclose a cheque /banker's draft for the. above-mentioned sum. being the amount payable on Net assets applicable to shareholders of IMI ] bO.254 lit) There has been no material adverse change in the financial position application for the above-mentioned number of Ordinary shares of 25p each in Imperial Metal Industries since 31st December, 1976. l"ihe 1 irrevocably offer to purchase that number of -.hares l vve agree 10 of the IMI Group Limited Company"). We and L Numtai ol accept the same or any smuller number in respect of which this application may he accepted upon the atLiic*. jiiccpicd terms of the Offer for Sale dated 39th October. 1977 and I/Ve undertake to pay the final instalment in respect thereof not later than 3 p.m. on 1 3th January, 1978. Appendix II I/We understand that completion and delivery of tiir. Application Form accompanied by the necessary cheque will constitute an undertaking that the cheque will be honoured on first presentation. 3. Amount recctied i( We hereby authorise and rcquesL that my/our name' si be placed on the Register of Members of the on appbeanon INTERIM REPORT OF IMI Company as holders) of that number of shares in respect of which this application is accepted except to the extent that the right to. such shapes lias been effectively renounced. authorise request you to send the rcnounceable Letter of respect ?lst 1976 permissible under the regulations i/We hereby and Acceptance in of The following is text of the Interim- Report issued on was not the maximum on the such shares, and/or any money returnable, by ordinary’ post to me/us at my/our risk to the first address 4. Amount payable an restraint The Directors have, therefore, declared an August, 1977:— of dividends. given below. shares accepted the additional dividend of 0.0984% in respect of 3976, which will absorb “The Directors of Imperial Metal Industries Limited announce £51,000. (enure ibtlowing unaudited trading results Tor the Group for the first half of Jf the falfowinc Deebrntion cannot br made, ft nmv( be deleted and re ciiould be made to an Authorised Depotltary* or an Approved Agent in tint Republic of Ireland' through whom this Form should be lodged. for 1976. The Directors have also declared an interim dividend for the current 1977,-vmh comparative figures 1. Amount returned 3976 year at the rate of 6.0%, which will absorb £3.126 mOlion. Taking J977 \ I/We declare that I am /we are not resident outside the Scheduled Territories* and am .'are not apply ing account or tbe imputed lax credit available to UK shareholders, this First six First six for the above-mentioned shares as the nomraecis) of any personfvj resident outside those Territories. mouths Year Is equivalent to a gross interim dividend pf 9.09093 compared with monrfts _ % £ • • Dated £ million £ jnillian £ million 8.3077% in 1976. Signature . .1977 404.0 6. Spiit.Repounfed Saks to external customers 236.5 186.5 Both dividends will be paid an 12 October, 1977 to shareholders on the Register on 16 September, 3977. y£ Cbrietian or Forename(n) ttarull) Profit excluding major associated PLEASE 25.9 ’ companies • • 1 6.3 9.1 BRIEF REVIEW OF ACTIVITIES USE Ue Surname and detifmaiinn - BLOCK 1 (Mr., Mrs., Miss or Iitiry Afttr chorging depredation 4.7 4.4 9.4 7. Final uuudmeni paid Compared with the first half of 3?76, overall sales value was 27% CAPITALS Share of profits, less losses, of major ' 4 (Address in full) higher. Of the £50 iqillion increase in sales. £18 million was accounted Wsociated companies 1.7 1.1 4.2 for overseas, comprising a 29% uplift in exports and a 2S% increase in 30.1 overseas manufactures. Overall volume was the same pro rata as in before taxation as.o J0.2 , the last quarter of 1976 but 5 higher than in the first half of 1976. ALL Joint Taxatioa 7.8- 5.0 13.7 % applicants Sitrmtjre DIUltigB Profits from building products held up reasonably well despite the . 16.4 Profit after taxation 10.2 5.2 continuing recession in the UK building industry. Results of Yorkshire tube and fittings showed an improvement (itsfuO) Applicable to minority shareholders of Imperial Metals in copper pin If:1 S. Share Ccru&cut 1.0 subsidiaries 0.3 — compared with the second half of 1976, but profits from IMI Range No. here. g.& | and Yorkshire imperial Plastics in hot water cylinders and plastic pipe [ Profit after taxation applicable to respectively were low er. t - shareholders of Imperial Metal Compared the second half of 1976, there was a small downturn 35.4 with in industries Limited 9.9 5.2 Stamp ol Aurburised profits from, the heat exchange sector. Volume was higher at Maratcm - Dcpovilary Radiators and Marston Paxman, but this was offset by poorer results \tHfUlIl .1-1 ifr_ A/rx_ Jffel cr Title the second from Marston Excelsior and Marston Radiator Services. with onr normal practice, no forecast is made for in indicate, however, L iths. The Directors think it prudent to Activity fluid continued show strong * within the power companies to a that this year there m 7" Hi® east present conditions, that it is unlikely upward trend and profits were significantly better than in 1976. The of A Corporation this Form must be signed on its behalf under hand by a duly authorised official whose dcuenatioa between the first ana most be stated. rpciilioa of last year's profit growth improvement was experienced in aH manufacturing units, notably in This Form should be completed and lodged with ihe appropriate Reecirinp Bank by reference fa tbe initial letter pi the Cist- half. - Enots and Norgren Snipston in the UK. and AR Italia in Italy. - M named appfa'aai's surname, or, in tbe cbk of a corporation, to the inlua 1 loner of its name, as lotto*!; Sales of Imperial Metals were at a A-K BARCLAYS BANK fLONDON AND INTERNATIONAL) UMHXD. NEW ISSl^ES DEPARTMENT. PO BOX 123, engineering tube by Yorkshire 2 LONDON WALL BUILDENG5, LONDON EC2P 2BU »ra Sons do not Include tttrewdiwiy tana « J"£3 higher level than in 1976. Specialised industrial val« activities in the ^ of lP77,«*mp»*al*SJKS L-Z NATIONAL WESTMINSTER BANK LIMITED. NEW ISSUES DEPARTMENT, PO BOX 79. DR.APERS £022 million in *e fim half i, on nwulstodu amounted to UK and France had an excellent half-year. Results ofEley Ammunition GARDENS, 12 AVENLE, EC2P 2BD year. THROGMORTON LONDON million the firw hair of IS7b and £3.6 million in the fell in remained satisfactory and the component fabrication activities at toeetfwr with a rendtumce for the amount pavaUa od application. A SEPARATE CHEOLB OR BANKER'S DRAFT DR.AM'N (ofwhfeh £04 rainiwi ON A BANK IN THE UNITED KINGDOM ACCOMPANY EACH APPUCATION FORM. will tax for the year 1976 fadoded_£K2 minion Witton maintained the recovery made last year. MUST No anpJicatioo be before sidere the * con d unless these condiuiins are fulfilled. • to minority sharehokkri of M.Wdiartea) nrtmenwifi ear. the sterling value of Profits from zip fasteners showed an encouraging increasein the UK. AU cbapKa and banker's drafts mast be nude payable to tbe appropriate Rfearing Bank and crosred "Not its in « change rmej during the s In Negotiable" and may profit* be presented for paymentan receipt. sod. adjustment i< totaled in dm Elsewhere improvements were modest. » subsS*. No umaled “ a* 3' >*«•&• 11 14 “ No receipt tctU ho issued for the parwent on application but an ariznowledgonent will be forwarded it 1HT7. Based on M cftans« IM** through the p«t in due - growth in the 'refinery based primarily on increased comic M iha risk of the Applicentfa) in the fora of a renoimeeabte Leticr of Acceptance is reaped i orolii or low arose in ihe firal Wr °f I ,J77 Volume was of the shuesapnlied for or e part thereof and/or the return of The appUcniion money or any surplus therrof- input of virgin copper. Despatches of copper semis and titanium Were rite Auttaarised peposiiario are listed injbecuRent Issue of the of land's Notice l9 based on a UK Corporation Tax Bank Enp EC I and include most Bank' and Wioacterec the firs n SiovKR’Bken mi, Investment Grants oT 10.1 rnDicn Ht at about the same level as at the end of 1976. In the stockholding and Solicitors praciisinB in. the United Kingdom, the Channel Islands or the Isie ol" Man. An Apeioved «tn reduced fcv crediti for Airo! in the and m.ffiwjn »he «m Republic of Ireland la defined in the current issue of ihe Bank ofEngland's Notice EC 10. nnpared with £0^ million in the bm hairor 19-fi ^ business of Henry Righion & Co. activity was better than in the deferred uxauon. present comprise the United dLuse baa been made in the method of providing Tor a: Kingdom, the Channel Islands, the 7sle of Man, the Rcputii; of second half of last year, I MICHAEL CLAPHAM- reduction in the r 1® at : of a retrospective ? the final dividend foe ChaicttULQ-’’ L i on dividends paid after 5 April, 1977, ” — — 1 t M " Financial Tim© 'Thursday October 27 1977 THE JOBS COLUMN Up and down experience of management competition BY MICHAEL DIXON £•-' MANAGERS in the United have taken part in the national reports depicting companies, normally be supplemented by period—the new business posi- fluctuation of the rates of find that they have’ now sold entry fee for each of a numb >&£ Kingdom woke up one day in and international management all starting in identical posi- harrowing at pre-determined tion is sent hack to .the team delayed payment or even bad their stock and total produc- of teams from their employee ex- August to Press repons thal contests, which were originated tions. Also before the round rales of interest. Tn what concerned, for use in making debt by the teams' customers, tion, and still have huge It is that, the eompetitr £v to • they were scorned as incom- by the Financial Times in the starts with the new year, the tent dues the team wish the next set of decisions. and sudden wage claims by their •numbers of orders which they pressure of the national gam fa*- in- petent by their West German late 1960s. The world’s first teams will receive a forecast, spend on production nr in Usually, while iu formation workers. One trusts they will cannot meet and the opportunities it-provid g* counterparts. One evening a took place in the U.K. in 197(1, sometimes rather enigmatic, of creasing factory capacity, and about the prices charged by not demand more' than lU'per for self-study in action. .When this happens the . com- |f^ likely it afford? much month later a leading West sponsored by the Financial the economic conditions what can llnw competitors and the movements cent. - 7- stalwart ’thought, by companies to be ” _ puter—a champion of ^ in conjunction with on the “ paper should be pul intn .marketing of the market Is in manag German manager stand up in Times ICI. to he inflicted available But the greatest uncertainty— consumers' interests—immedi- useful adjunct to their ^4 Institute the computer and intn research and develop- everyone. U West Germany’s leading man- and the of Chartered companies by each side is given which probably accounts for the ately redistributes the surplus ment-training programmes. agement in England Each team Iher ment? IV ill iher? bn enough Ruanda! information multiply school near Bonn to Accountants and programme. only about fascination which the game orders free of .charge among to this year, the largest £ present the cup for the Euro- Wales — a continuing partner- need* to make a set of lorries In deliver -the predicted its own company. But mid-way entry from a single group usually imposes tin its players— the competing teams .with stock pean management ship since joined by the Con- decisions. sale*, and if nnf. should extra through every a dozen, but tfe:£> champion- round, normally lies in the actions of the com- and capacity to meet them. been abdut ship. federation of British Industry vehicles be hired nr bought oul- consisting of five nr receivii^rj;- six trading petitors. However carefully a (Manoeuvring other- sides into administrators report He handed it to the British the Institute of Directors as righi? (Any tram which sells periods, the 'Computer provides inquiries this year aboip$& and team' analyses its starting selling more than they can tpam nf Mr. John Chappell associate sponsors. and make* more goods ihan it accounts describing the entries or more teams, jgt-f- and Pricing com- position and things out its supply is. by the way, a standard of 30 Mr. Paul Webb, of lead was quickly has transport to accommodate, petitors’ as well. of entry 50 fjgps, Rank Xerox. This positions strategy, the. results relumed by tactic nf old hands like Mr. With the rate One of th'ese is whether Germany did, however, manage followed in several other automatically has the surplus When the round has been Mr. higher than ever before. M§££: or the computer are often start- Chappell and Webb who . to take third as tar away as Africa and if so. by hnw. much up delivered by the administrators* Manage place, behind countries completed ihe company with lingly different from those this year tnnk 'the national Layzeil (National down to adjust the prices for Sweden. Denmark. Australasia. In — service charges • Ireland and and Europe emergency at the biggest accumulated profit predicted. title for the second successive’ Game, Victoria Houss^ nations its product in the various France brought up the rear. alone six sent their which would have (he Trices available for distribution, goes year.) Southampton Row, I£nd The EITB - largest of the Industrial Training Boards Candidates will preferably have an engineering degree established by the 1964 Act - exists to serve the varied or professional qualification and be aged between 40 and $&.' Their careers must provide evidence .of training needs of the engineering industry, comprising high managerial, administrative and intellectual com- ' •25,000 establishments employing 3! million people. petenee, within some organisation of substance, and - The Director advises and guides the Board in the an appreciation' of the engineering industry and its trainin requirements. formulation of policies and objectives and is account- g _ able for their achievement, leading and directing in We have in hand a search for an experienced executive in the Salary negotiable (about £15,000), plus car and staff organisation with a of 1,000 and an annual other benefits. Location WatforcL general management field in industry. expenditure budget of £3501. Collaboration and communication with the industry, Government Please send relevant details - in confidence - to Saunders, ref.B.37357. The position could be attractive to those at iainisirus ?qd agencies and othqp bodies andinstitu- P. present earning /' tions concernofarc important assets. - Tliis appointmentis open to men and women. ' £35)000 or thereabouts. If you are interested please write briefly, in confidence, to BBSnaflli Management Consultants Wallace Macmillan ref. B.31204. Management Selection Limited 1 7 Stratton Street London This appointment is ppm to mat and aomm. W1X 6DB Management Consultants Management Selection Limited 17 Stratton Street, London W1X 6DB ntroller For further information please o+car send brief details of your experi- ence to date to the address below if our Clients, a leading international : The ideal candidate will be in his/ P-lease indicate in vourletter there Manufacturing and Marketing yher eartv or middle thirties and afecompanies to which veu do not Company in the U.K, 2re looking for combine, a record of stgaficBPt ; wish your details to be senL an outstanding manager to loin academic sGCcess in accountancy their financial team ac a senior level. with work experience which demon- Alfred Bates £ Son Limited He/She will be reaulrod to head a sinres leadership and ambition ir is - Reference ft 260 Department of skilled managers essential that he/she has the ability 130 Fleet street Investment and staff with wide ranging to communicate effectively at an London EC4A 2BQ Management financial responsibilities. The levels. Ray and benefits are extremely, Company is looking for high levels attractive. reflecting the unique of judgement and ability with . qualities necessary to fill this demand- creative analysis which will enable ing position. Electricity Supply Industry him/her to become effectively involved in all aspects of the business In wnich the financial impact of decisions is significant The Investment Branch of the Electricity Council has meet present requirements and also emure succession. He • she will ho working for a responsibility for investment of the funds of the Both are London-based and pensionable. Starting company which alms for and industry's superannuation schemes totalling £1 -billion salaries will be broadly around £10,000 depend me achieves high standards of and comprising a diversified portfolio of United upon experience. Candidates, aged preferably in their financial performance. Kingdom and overseas company and property invest- early forties, should write to P. Saunders quoting the ments. The following -appointments - reporting to the appropriate reference under-mentioned. Investment Manager and his Deputy- - are intended to Assistant Investment Manager (Property) Managing Director c. £10,000 The portfolio of embraces £30omO commercial, Candidates ''male or female; should have a proneriv Marine Engineering Essex industrial and agricultural holdings and abo the administration background, a basic know ledge i-f development of .-1 «-i!.il|i , .1 ’.veil industrial estates and substantial equity and lised-intcrot inw.-imcms and discounted Thr. i*. iKjini| opuoriuiniv. lo man an-? a subsidiary of a major British Group which has established commercial and centre complexes. T*,'iiu*!on 1 01 Hi#* inanufactuir nl capital onuipinonr and v-ries iniyrnaiionjl markets. Thu subsidiary company was town Duties in cash flow techniques and the experience and nhiin-.- jn ji'jirif^d f.vri aqo and i-mpluv* drain id 260 oL-aple m iwo locasiorw cn thn development and manufacture managing the portfolio will include assessment of negotiate at the highest level with developers, contrac- units lor quality recommendations ol ncii me i» nwrlijni.-jl > nqruccWW'H .considered if their barkgioonil in small batch production lias .been comple- Assistant Investment Manager (General) niuiiii.ijlivdpivgprMiyoxpCTienuo'inoilii.'rlimuiioiis. Thi:. aoiK3iniior-nl offeiV J qualified tnqine-.r willi the riqhi practical cqieneiicc a lirst class opporiiir.i:-,- io take full profit resiKHi-rihiliiv ill -an evpandmq busnrnsv. wilh qood prospeci*: of further advancement wulim the Group. A As well as working closely with colleagues in dcterm in- Candidates *.houMshould haveh< experience of investment and salary .around L 1 '.000 pw year is r-avr-aged touMhsr with car and the usual Irir.ije bcnefiis. Assistance will) relocation ing strategical and tactical policies, he or she will economic analysis, cecompany Jaw and the management expenses will bfi r*rovnfed. manage specific parts of the Stock Exchange portfolio of institutional funds, or frnwfc omdiJ.ites p/easc .wrfc'm c.on(tJ Management Consultants (Tile RrBGonsultiiig.Group Appofhtmeiits Divisioa .- 1'- " •' " ^ ' Management Selection Limited -Stf r,fcy. -T.W.?0 QH'.V. J>:r Egr-,.-- 4 .in : 1 7 Stratton Street London W1X 6DB m I! STOCK EXCHANGE INSTITUTIONAL Major U.S. Securities Company with extensive MERCHANT BANK network of branch AND BANKING CLERKS. offices in Europe is seeking require We hiive a selection t>f vacancies qurrenily available with DEALER EUROBOND SPECIALIST ranging 10 £-!,00f» plus fringe r benefits. Transfer Clerks up to age of 30. Good salary and salaries MEDIUM SIZED RESEARCH re be located in New York. He win be BASED LONDON STOCKBROKERS responsible fur U5. All enquiries ireated in strictest confidence. fringe benefits. Require year old dealer sales and liaison between domestic offices 25-30 to service specific and the Eurobond Quill's Employment Acency Limited. institutions. • • • Please write Box A. Financial Times, 10, centre, located in Paris. -. Competitive salary and bonus.' 6120, 5. Broad Slrcet Place. E.C.2. Cannon Street. EC4P 4BY. W.-ire Box A y.II, Financial Times, 10. Cannifn Street. Hicks. HTS n92fi. Write E£dr 4BY. Mrs Mrs. Howell. Box T.4JSS, Financial Times, 10. Cannon Slreet. EC4P L3j> : . ' . \ :/:??Bancial -Times Thursday October 27 1977 33 International Group London; c £8,500 OIL ANALYST TTi© C3a!fe ^ Wirefsss Group is onebf should include specialist for knowledge of aflher SchJ:?ing?r?. require a 5enior Executive marketing - international fl .me wwtfs target project control, financing or intemaflionad and development in the field of tetecomrnunicat^ cutTencymonitOfingandcontroO in a • in. over fifty '^-.operating countries..Our activfties conme«&J or industrial environment. Ybu ^encompass cable and racSo systems, wfflbe directly concerned, as Management ; ^i ,£asiTrnurica{Jons. vb satellite, computers and Accountant, in an BEVAN emergng ZOETE accounts de & j^claJa handing, and national ato function. ;% international Your rde wifi require, ttenforat Non UK-Resident • telephone and telex systems. - .an above-average ability ; j to present ' concise reports, both oral and written, to ' ; u* •; Asaraor appointment within a highly (Members of the Slock Exchanee) ' management at all levels and from ../’’j.aiocassfifl cSvision flumover has more than a variety Private Clients ' . ofdteopfines. '» ;y*dcwbledoverttielasttvvDyears) ofourGraup ..V'Sjs available to a fully-qualified accountantto- In addition to a commencing salary of around This is a new, senior appointment vtal to the company's ’ the post of ftiH j ;'S-^ssurt» Management £B,500and a range of benefits, we will international development ofex-pniriate clients, and calls for a .. *!>, "HuMinlonf Oanvtinn Vi 4m Oh» offer you the scope to build a tong-term career successful background person who is self-motivated, with a in considerable City and/ Bracufive, r rote be to design from a developing require a senior Oil Analyst with systems, area developing private client investment business. Experience 5 j .. v 'gndcfflTtiWthei^jaratkxiartoiTO^retatton- Pfeasfi write, in confidence, with fulf CV to; with non-resident situations and ideally umtised funds would r^rt budgete, forecasts and financial reports: to David Barron, be an extra advantage. will an ^•*3iientjiyt}teprafi^^ or industry experience. He.'she lead and broaden Group Manager Recruitment* Although London based, this position will involve a great Development, and marketing proposes. Dept A30ST750, deal of overseas travel with the possibility, in the future, of in this area. Cable & Wireless Limited, being located in Jersey. already existing specialist research effort key should be aged around i'; 35 wth sound Mercury House. Theobalds Road. This is a challenging and rewarding opportunity carrying a. * L. management accounting experience (which London WC1X8RX. .* T" - * • high salary, excellent company benefits and potentially a Directorship. Please apph' with full cv. to R. K. Timbsrhke SCHLESINGER INTERNATIONAL MANAGEMENT LTD LEADERS IN INTERNATIONAL TELECOMMUNICATIONS. Please write in complete confidence to: 41 La Mode Street. 5L Heifer. Jersey. Channel Islands - . v Square. London \V or at Schtesingcrs. 19 1 J .mover 1 C. Cnopcr •r. R • Zorr° A- Bevan • •- 1.' de ! h|- 25 Fmsburv Circus -Ji your wasted ? London EC2 "EE n Progress into Sales with Burroughs "j ‘ **.1 ; vy Excellent salary + Bonuses + Company car U; - Best known for computer will Corporate Burroughs. hard- be negotiating with senior executives ,ware and software, are leaders in this field and handling selected accounts including the -of technology. UK's most prestigious companies. ( Burroughs-UIC Is the largest member of the A programme of intensive and on-going will provide -International Group. training you with the professional skills to express yourself through personal . - expansion and continuous . Sustained Internal effort and the determination to succeed. Finance has created a -need for T promotion new If you have a degree or equivalent with of the sales team. f members a systems or safes background, but find your- You must be self-motivated, ambitious and self not realising your full potential in your, capable of adjusting to the personal and current employment, then you and Burroughs intellectual demands of a rapid career pro- could achieve success together. Bing now Central London C. £8,500 + benefits Self-assurance is - Executive gression. essential as you for an initial interview or write to: An idea! opportune Tor a person r 5 t in recent v'virs in the ch.nacter the Caroline Bagtey.gley. For BURROUGHS MACHINES LTD. London Area Tel: 01-240 2441 Informed observers hawe recognised a positi-. e change o! p.'ifrsiicinal experience and proven abilit; i<: iT:a.-= a business of our client— along established U K. industrial group. Overseas activities accoun' (or S John Churchley. BURROUGHS MACHINES LTD- 411 Millbrook Road. Southampton Tel: 776355 v.-yr turnover of .000 million*. Andy Curds. BURROUGHS MACHINES LTD* Shell House. _Wine Street. Bristol Tel: 291236 significant contribution to our business rs-.g m Lc' con more than half of the total 0 world-v.-lo'e Cor?c::-;e as 3 member of a successful The recently appointed Treasurer is establishing a function which win male a significant Computer People Ltd. Advisory team of scquisiiicr: 3 nd d :ve:iror? .pxijiists. 5 contribution to Group profits through sound planning, investment and control ol funds. T ha VLI House. Seme international corporate conation. ::::y arj responsibilities cover financing strategy, project and export finance, exposure and asset 68-69 St- Martin's Lane sgs: management, corporate finance, and both sterling and currency dealings. fluency in at least cr:e major European langu ;«= v. juld ba London WC2N 4JS previous in t Although Lx member of the VLI group Tel: 01-240 2441 si advantage. experience these fields would be preferred, candidates with a sound analytical capability who are interested in moving into progressive Treasury function are also Preferred age late 20’stc early 39’:. urersticn a i invited to apply. They should have a business school o> professional qualification o- alternatively a highly competitive. Applicant should v.-rr.e v.i* i -u'l good Urwersiry degree. They must be commercially motivated and possess eHecyve oral and Curriculum Vitae, to: Christocher HcrrtK. .ce P'esident. written communication skills. The appointments involve contact with senior management, and Morgan Guaranty Trust Company of Near Vcrf- P 0. E: - 152. candidates, male or female, should be able to demonstrate their suitability tor promotion within the Group. 3 i Lombard Street London cC2P 3EH. Detailed information on the company and appointment will be provided to candidates attending interview. Please submit a detailed cunfculum vitae or contact Ronald Vaughan Morgan Guaranty A.C.M.A. quoting reference 1998 requesting a personal history form. Thxst CompanyofNewYork Candidates' identities wifi not be disclosed without their permission and contact .'.ill nol be TAX MANAGER made with either their present or previous employers. with a view to partnership -Edinburgh Douglas Llambias Associates Ltd., r 4 i0. Strand. LonVion VVC2R DNS. . leading international firms of Chartered One of Scotland's Telephone: 0 1 -83*> 950':. . -Accountants is appointing a member of the profession to 1 Si. Vmccni Sne*'-\ G-'asj’.*. C-Z 5H1V. their Edinburgh office as a Senior Tax Manager with a view Telephone: 041-2263101. and ir Edinburgh. to joining the partnership in the fairly near future. COMMERCE & INDUSTRY Candidates, probably in their late 20s, will have specialised in 000-£9 000 po taxation for at least 3 years either in a professional office or £? , - in an industrial group and willhave the personality and Dixons is a muRj-national company with worldwide interests in retailing and distribution. The Holding Company wishes to manner appropriate for a senior professional appointment of recruit a person, who will report to the Financial Director, to negotiable but will this nature. Salary and other benefits are set up a new department which vvili be responsible for the the broad Group treasury function. be attractive to people currently earning within . The responsibilities will include the monitoring, .band £5,500 to £7,500. Applications with full career details co-ordinating and reporting for the Group of financing, Financial Controller from men and women who meet these requirements should domestic and international cash management, as well as be sent in confidence to A. P. Rait, as adviser to the management of foreign exchange exposures. The ability to respond rapidly to changing situations and Rural interests Unusual opportunity ' partnership, at Selection Thomson Ltd, Room 17, Terminal to work accurately under pressure is essential. The . SWTW 0AU or of . House, 52 Grosvenor Gardens, London candidate who will probably be aged between 25 and 35 A small group companies with substantial Accountants of high calibre with senior 15 North Claremont Street, Glasgow G3 7NR. must' have had at least three years experience of a financial backing and a multi Cmillion turnover management experience, of compatible age Treasury Department of a mufti- nations! company in the East Midlands area is seeking someone with the young management team, and with a would in line with those e/pected from a major make an impact not only their ' • SELECTION® THOMSON Benefits be to on genuine interest in agriculture, rural life, and public company and would include relocation expenses if accounting systems but on the overall Ihe efficient production ol food. A appropriate. development of the Group. The profit motive is remuneration package ofsarary. car. BUPA, Applications in writing lo important and corporate aims lie towards Iringe benefits, and removal assistance as E von Greyerz, Ewj- Financial Director, expansion end diversification. Working with necessary is negotiable with a salary indicator Dixons Photographic Limited, Dixon House, the Chief Executive you will be expected to of around £7.000. 18/24 High Street Edgware, Middlesex. advise him on all financial matters eventually FA Personnel Sendees Ref: A.A82 57 35 FT INTERNATIONAL becoming involved in all aspects of the The :dcnMy of candidates will not be revealed management of toe Group. However, to begin to our clients without prior permission given with you will have lo prepare accounts and dump a confidential discussion. F‘case send operate at ground level on budgets, brief career details, quoting reference number BANKING forecasting, costing, cash flow and control. to the address below, or write for art Computerised information and capable staff application form, and ach'ise us it voir ha; e are available. Candidates must be qualified recent.V made any other applications. OPPORTUNITY MANAGEMENT AUDIT AND PA Personnel Services invites 2 New International Bank with Middle East orientation H>dc Park Hou*c, 60a knighlsbridge, London 5W1 \ TIE. Tel: 01-23.i bUhQ Tclr\: ’374 applications from experienced Bankers for the following position SPECIAL INVESTIGATIONS in its London Office:— • OPERATIONS MANAGER — with proven experience £ 10,000 to £ 12,000 tax free m implementation a A r . establishment and of . .~e.vfce offa -le a:.: ~-J ; in the comprehensive range of domestic and international systems and procedures. Candidates must also have Extensive Overseas Travel : Generous Expenses wide experience in the accounting function of a bank. Our client it a U.5. Engineering and Construction Company with This position would be of interest to those who enjoy working substantial International activitfej. The Company is expanding its in a challenging new environment. Competitive salary and Corporate Audit function in the Eastern Hemisphere and seeks probable that a period with a firm of benefits. applications from single, qualified Accoumants fA.CA., A.C.C.A.. Accountants whose clients arc maior by a detailed curriculum vitae, should or Business Applications, accompanied A.C.M.A. or equivalent) with a Degree School qualifica- Manager- corporations, or allernaiisc!} e peri-jo ce- to Box A.6 11 o, Financial Times, • be sent in strictest confidence tion, ideally aged 25*30. as a Chief .Accountant with a large 10, Cannon Street, EC4P 4BY. company, would have been part ol the Personality and ability to deal with a succession of complex problems Accounting career path of the appointee. Age is in an International environment are more important than a precisely flexible from early thirties. defined area of prior experience; but successful candidates will £20,000 will probably have accounting or audit experience with a major Company, TO PER ANNUM Salarv be negotiated ar,d a package of up to £20,000 can he taken as guide. or audit (or investigations) experience with a. major Firm of LOCATION - SYDNEY j will Chartered Accountants in London or overseas. The appointee be eligible to join a If you are seeking an interesting and Controller generous superannuation fund. Divisional challenging position managing a or write ro John Walker F.C.A. In the first instance telephone Please address all applications -in competent team of accountants, then on confidence, quoting file 1 102. Interviews (jjty To £8,250 behalf of our client, a major AusLulian HEWITSOH-WALKER (EXECUTIVE SELECTION) will be conducted in the L’ K., late enterprise, we would like to hear from Industry> in marsecrorthfcTsectorcrformstheSeivice “ * Recentm k promotionw u um November, eaiL December. Our clients are world leaders in ECI 61-248 you. for an ambitious acoountantagedaccountant aged I SNOW HILL COURT, LONDON 1403 and re-organisation has created an opportunity position responsible for all aspects of The responsibilities of the appointee will up to 30 to take on a vital lib® management expenditure exceeds £50m. encompass complete control of finandal^ontrol In a sector of the group where corporate tasks will be the establishment and financial accounting, tax and research. With the assistance ofseven;staff your primary monitoring of budgets, longterm plans and MAJOR FIRM OF LONDON STOCKBROKERS To handle this important position, we are will demand that the appointed contact with directors and senior management seeking a qualified accountant who is in good commuricator keen to make a require person Is not only an able manager but also a every sense a professional. Applicants reaching prospects. contribution to profitability in return for far ASSISTANT INVESTMENT ACCOUNT should be technically up-to-date and be 01-MS 3499 Price ContactJohn P. Sfalgh. ACCA. on interested in contemporary accounting JS/240/DCr. developments world. V.dte-hou?e . _ quoting roferanc® EXECUTIVE around the It is Assoc iaies Ply for home and averseai bank and trustee investment department. A degree of experience in answering written enquires at junior level, and knowledge of investment statistics essential. Remunera- « accordlng to experience. box 191, royal exchange, Sydney, n.s.w. management consultants Write In firs; instance nrit ft detfl'fs to Box T.4754, 2000, australia. Financ'd Timet. 10. Cannon Street. B.C4P 4BY. » — . - : , ; r . . FinaudaX .Tiaies ^ursday 'TOtt^P RECRUITMENT CONSULTANTS 35 New Broad Street, London EC2lvi 'IWH. Tel: 01*533 35S3 or 01-588 3576 Telex I\lo. 337374 DISCOUNT COMPANY LIMITED London Branch Open to a prime mover in whom will b# vested a high degree of autonomy. M©.\EY market dealer • requiies'fQrJts^expahdJ&S^^t ] FINANCIAL CONTROLLER—EUROPE business operations required with a reasonable’ amount of .‘Experience to 12 CH-£16,000 pla nnin our new dealing room. NORTH LONDON £ , 50 join the team g benefits enjoyed by bank SUBSIDIARY MARKETING AND DISTRIBUTION COMPANY — GROUP T/0 IN EXCESS OF US? 2 BILLION All the usual extensive Senior Clerk to' successful -candidate. 33-45. who have acquired a minimum of 7 years' employees are available the We invite applications from Accountants (CA. ACA, AACCA or ICMA). aged acquired .in a multi -national organisation confidence, giving full details of age commercial or industrial financial experience, at least 2 years of which must have been Pleasb write, in successful candidate will be responsible as -the s« n, ° r in a senior financial role covering activities in Continental Europe. The and career history to date.’ to the afl matters relating ca finance, administration, law. and the meeting of tight time' deadlines financial person in Europe for • and the Ui. Corporate 0™“* . The Personnel Director,. with approximately- three United States. Close liaison will be maintained with Treasury, tax. banking, legal heads in Europe ye^sr. further profitability is important. Initial salary negotiable The ability to make a significant contribution to the Company's Alexanders Discount Company Limited, experience in clean inwaraJoutvt -1 assistance with relocation expenses - pension scheme: free life assurance: free medical cover; il2.500-CI6.000 car: contributory i. Swithin’s Lane, Managing Director: St payments, cheque collection^ gj if necessary. Applications in strict confidence under reference FC 63813/ FT. to the ' London EC4N 8DN’ of. CAMPBELL-JOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) UMrTEp. sound knowledge Exchange" - or 01-588 3576- TELEX: 887374 35 NEW BROAD STREET, LONDON EC2M 1NH TEL: 07-S8S 3588 : . Control Beguiations: in this-ffeld. Age preferably ^.'tq 30 -years: ^ ; Knowledge of Gemian:woukfbe an advantage.Pleasant working, climate. Salary negotiable plus’', fringe benefits. Accounting Corporate Finance Please apply v ‘ ^ ' ; . leading international A investment house is“ Deutsche’Bank AG,i6ndpcrB Manager additional lu;. looking for an corporate finance executive, lOMoorgate, London EG2P2AT knowledgeable in current "" .- c. £7000 international financing 3 Tetefon 01-606 4422 techniques and markets. He will be working in London xl i. - , required for United Kingdom financial holding company and international finance company of large U.S. concern engaged in reference to th e Eurobond market - diversified interests of multi-industry and multi-market nature. The ideal candidate would be a chartered accountant with prior The successful applicant wiltbe professionally experience in the area of international finance being an qualified with at leastfive years’televant experience. advantage. The position offers a good opportunity for career Salaiy will attract those curreritfy development and promotion. earning in the range of £10,000. . . The individual, who will report to the Financial Controller, will - apply join a small and efficient staff and will be responsible for -the Please in writing -with full career details to: financial holding accounting and financial reporting of the J.A. Plaxton, company and the international finance company. In addition, International the individual will prepare various financial and statistical reports Finance Department, WOOD concerning foreign exchange exposure positions of group Wood Gundy Limited, ‘GUNDY. companies. 30 Finsbury Square, London EC2A1SB. Replies to Box A.6124. Financial Times, 10, Cannon Street, EC4P 4BY. Tlin poxltloo It open to Male and Female applicant*. * “ • appoirtment. •, - Career prospects are excellent. . ^ CflmlidatesvriH need to be fbUv qualified background in Industry and hove developed a sound sZes fill II ' ' w business acumen. , 6 Telephone Richard Downes, QUALIFIED (02731 Brighton; 23431- . intre CAPEL-CURE MYERS LIMITED ACCOUNTANT PROFFSSIOWA input* SHORT-DATED GILTS INSURANCE We require a Senior Sales Executive to join our new PROGRESSIVE OPPORTUNITY Gills team. Applicants should have several years’ experience Aoplicafions'are welcomed from both men^ andwbmes^ of providing a professional service for Institutions in short- Qualified Accountant MUST have insurance experience—preferably dated Government Stocks. broking—to head accounts department of well-established City GILTS TRAINEE Brokers administered South-East London. Minimum .5 years post also wish to recruit graduate We a trainee who wants qualifying experience. Initiative and energy initially will be well to make a career in the Gilt Market. rewarded within company, and Group. • In both cases a fully-competitive remuneration will be Apply Box A6119, Financial Times, 10, Cannon Street, EC4P paid, together with nou-contributory pension and other 4BY; OFFICE MANAGERAND fringe benefits. SUPERVISORS Please apply, in confidence, to Personnel Manager, Heron Le.asing, onje ofthe, largest car andyap lea CapeUCure Myers Limited, Bath House, Viaduct, ' Holborn companies In the U.K., cun-eritly have a ma London EC1A 2EU. expansion programme under way. We urgently TAX ADVISER two or three top class executives .to manage th office and deal with the administration, -risk asse& U.S. Corporation with U.K. North Sea and other eastern hemisphere .oil ment and maintenance control aspects of fte The Law Society C. £10,000 interests requires individual .with a U.K. accounting qualification and Uj£. business...... tax knowledge and experience to assist American Tax Attorney/; Prior If you have experience in a finance -bou^, leasing company or accountancy, and Want:**!* experience with the U.K. Petroleum Revenue Tax is - desirable but not FINANCE AHD salary plus bonuses and a company car, an mv =-• . mtHz required. v prepared to work hard to getto.the top ring-us-drii 24. ’ 0 1 -965 2 ' . .. V. > : 131 e? . &j£ NIST SON-DESIGNATE European tax experience is also desirable EEU . . but not required; Or write with full career details to'date to: ' in pi "la! ions io- Mv* ah«?.'e uosl are irvii-?d {-cm nrotessicralSy auaiified Accoun- ANDREW SENN . I This is a newly created position to commence January Ian!.', pi j!-! ' Ij 1&7S, in the yr.clii II;* 3*31? cl cO, :.rj 'dCc.il / rt;*h s' eerier :e m comrrsrce, SALES & MARKETING DIRECTOR-i . - ! '»• ii-du n io j.ii.-{«iion, »i»!i a t it.- :-i iucceec.r.g th= piesenl Secielary. offices • - • company located in London, W.l. T . HERON LEASING hipdi'.iic and Artinp;isiia:io:i or. Ins resne, 101^103 BRENTFlELD.ROAD * J ' LONDON ‘ ;;' . 3 11 , 1 Compensation NW1S Th -'a*- -.-^i o:'.- cl:- !•. 1 v ii a p-oif ss.o/. ..oavand is *h*c oa.'.isa^cn resoonsitie A MEMBER OF THE HERON.MOTOR-GROWMOT] k.i !> • .?! au legal aid E” •yard ar.o •VaL-o. Tne ccJ a 1 50 cov«is the Tlie confidentiality of all responses will be respected. . •>( 1 -for vt : c :t o--. r>?r£c.r.i'e!. Itrta'v- cate-'- •-> rn.; « . •“ • r r„ . i -j > : •. ana -i .® ab'Iiiy .*c -i d 3 v io. cr.d' aoiai a.;d to Write 1 Box A.6114, Financial v.ori Qia momoci o’ 11*5 ;.“ii:oi nii2nag;r Times, 10, Cannon Street EC4P 4BY. • V. < ; lo lof copv 10 b d?scrrDMon and aorn ?tion to'm. Io be burned byltth Nov., lo: The Secretary-General. The Law Society,113 Chancery Lana. Lena on WC2A 1PL. TAX PLANNING & LIFE ASSURANCE ASSISTANT ACCOUNTANTS MARKETING DIRECTOR A ncl°n ^° -based financial services group offers an unusual opportunity to ‘ a hard EI.3IHW4.300 \se 23-2: working person with flair and proven expertise in marketing and BANKING selling life assurance/pensionsr ”and tax planning" ° services to the “ top of the Expanding quoted group; seeks entrepreneunil r * ' Three uell-knnun Ciiy hanks have career vacancies for young experienced market.” Finance Directors for subsidiary companies^ s persons with ambition and drive. Accounts, B.’oi E. returns and The M*;m’t. immediate task is to develop the marketing of the group’s tax and Applicants should be qualified accountants Profit & L«ks> Accounts. Excellent prospects and competitive fringe benefits. investment schemes through professional advisers. Subsequently the between 28 and 40 and currently earning ‘nof Marketing - Director will, also assist our life assurance than £8,000. • ini-ihcr n: tnrmat mu rprnrrhnp (heir nrui other bar.k'.r.g pasjoons. H company in , marketing its sophisticated investment pfefiAC telephone ;ts n.- coiMirfcT:cc. H—__ products both In the UK and Applicants must have overseas. the ability and.desir^.^ become Managing Directors. ;• • An extremely attractive remuneration package ^/BANKING PERSONNEL will be offered to the rieht Apply in writing immediately with fua^iffrieoM person including the opportunity to build . •• <41, capital. • JS Lendon Wail -London EC2 -Telephone: 01-58S 0701 vitae. • v '.y.rT/v.Vi Please write with full details of your career to date, in confidence 1 Rpcruitmcnt (.'nnsiilunt^ " to Box Box A. 6121, Financial Times, •?; A.6123. Financial Times. 10. Cannon Street. EC4P 4BY Bracken House, 10, Cannba street fr. - • London EC4P 4BY. - v : ; Applications will SENIOR EXECUTIVES Investment be treated in strict- tioi INTKKI'.X K' ! vnes potslni' nsM^lanfc to Executive's peeking m-n cmplu; ment nr tn mipruve nr chan-^n their careers. PROCESS PLANT Where Ju star! Iwikinc for a joh. Which Aceneics can help? 1 - - - . Hen to liiid unudvcrlibed vacancies What are condi Uinis Manager .iri<* m !h«* Miditle isun in •«! .1: n«-r\nn. How tn finii the r«”ht jnL at the right saiary. 1NTERESEC A Londor.-based Investment Group plans to launch a foil coin- ASSOCIATION ma into 1 ns all the infnrutation >cu need, provides a portfolio management service for private investors, prchcnsirc adviwjrj .service and docs all the ground work companies and pension funds on an international basis. of jub huniinc for you. enabling Executives to explore I "X investment manager is sought who preferabl y can ;he market in cuntidence. and to *ccuic the right appuint- A DIRECTOR will introduce and expand the level ofbusiness. Rerrroneration will be appointed in February, 1973. laster. [ ments 1 be by negotiation. directorship and equity is Age 40-pQ. . A available Five-figure salary. . Wli.v waste iiuie? Phnne for details for the Non-contributory — right candidate. We are seeking THE INTKKEXKi: REGISTER LTD- pension. an experienceci EurdbohdlsaL0*: Confidentiality responses The World Trade Outre. London El SAA. of all will be respected. to develop existing and new cohtacts Write :Bax No. A£117 Financi al Times, fbr^^^V; Tel.; OMSS 2400, ext. 53. 10 Cannon Street The successful applicant will -need to have: primary and London EC4P4BY. secondary market bus in esSi^^-Lr. individual (a) Experience in The engineering industry; selected will have a knowled^bffi®^’ investors ^® fbl Knowledge. of the Government machine; U-h. and be ready to solicifbdsinKS,0 active basis from : Newly formed National Insurance Company (c) A sound staff training; Lohdoh accompahf^j'by. -.r necessary visits requires suitably tdi The ability to develop *a pei^Ra^ in Middle East urgently BLUE BUTTONS to write. and speak publicly. more relationship. qualified Chartered Accountant a> The position will be a keyrpna#^. A knowledge of Trade Association Phillips & Drew ha\e vacancies work and continued ; for experienced Blue development as an iss,trihg'^use;.^ '; FINANCIAL CONTROLLER Buttons. languages would be an advantage. Remuneration r is flexible and generoySi wfti6C%^ All rad nr tax-free salary, company vir and Ue offer a competitive Applications to: U.K. citizen or for salary, bonus and luncheon a foreign . free accommodation provided. ficneral national !<}. vouchers at the rale of Please 40p per day. IS days’ The Director, reply to Mr. B. F. Manager will be in London mid-Nm ember nonday Gadow, AssocMter^®^ m the first year of sendee rising 20 days — to Process Plant to condnci interview.?. aiicr two years’ service. Association, 197 Knighlsbridge, Apply in Hi’s! instance, with curriculum vitae, Please write to the Staff Manager. to Box A.fillS. Financial Times, SW7 IRS. lu. Cannon Messrs. Phillips & Drew, 1 UNDERSHAFT - Street. EC4P 4BY. Lee House. London Wall. Tel: 01-581 2621. LONDON EC3A ' London EC2Y SAP. SHN . % 51 ’ - - ** «* WML - c\ l f^£t\>\ 4> \j&£> ll/il fi Banking Opportunities Herts. c. £10,000 + Car Credit Analyst to £7,000 DATA 100 Systems limited has beat established for 6 years aid is responsible for AND Major US. bank seeks thoroughly experienced Analyst 25-29, ideally with PUNNING marketing and servicin computer systems in the ’British TbIps and to overseas g ' American bank credit training. distributors. The Compmy is part ofDATA 100 Corporation, one ofdie “Top 25” American computer manufacturers. ACCOUNTANT The position ofFmanrial Director/Company Secretary provides die opportunity Snr. Accounts £6,50Q-£7,500 to Tnandgwnpnt fwam nfa mmpany riiaf k ar ir r pcing rate of arunruyi join the qq j u rf ggp In-depth knowledge of all aspects of Internationa! bank accounting is a pre- Slnwn-TR Holdings Ltd. controls the chemical trading, in the computer industry. requisite for this senior position with a leading Consortium bank. bukhquid storage and transport interests of Simon An imaginative Financial Director is required who wiE beresponsible to the Engineering Ltd. Managing Director for all finanrial, accounting awH administrative functions ofthe A Management and Planning AndystyProgrammers £5,500-£6,Q00 Accou rriant is to be Company. initiative and appointed who He or she must possess considerable dedication, personal will take charge of a new section Rare opportunity for 2 Analyst/Programmers with good banking experience dealing wfth aspects resiliance and management ability. of Holding Companywork. to implement and develop the new real-time system in an expanding Candidates, aged 30/45, must be qualified accountants with in-depth Duties will include:- . . Consortium bank. management experience, probably within an organisation associated with high cost. {H Flnancialwoffclm/ofved , in the preparation of the ' capital c et industry leasing would QrqupCorporatePJan. . pipducts.br the omput and experience in be an advantage. The candidate must be experienced in forecasting, planning and F/X Accounts £3,750-£5,000 (5) Budgetary controland monitoring of the performance of Unit Companies. budgetary control, iheusec^fimdsa^thec^xTaricmc^compatcn^accoTintmg Well-established International bank requires a young banker with experience systems.' ... of general accounts work and 6/E Returns. (SI Assisting in the preparation of HoWino Company and consolidated Group accounts.- • • He or she will be required to manage the Accounts Department and to meet tight accounting rime scales whilst erfor ing the function a senior member ofthe Simon-TR Holdings Ltd. at p m pf ptasent includes 21 Contact TonyTucker orTom Kpllinsky In confidence subsidiary and associated management team. operating companies and on 01-246 3812. furtner expansion is planned.The appointment has Earnings ofcirca £10,000, pension scheme, car and usual fringebenefits. •™®n as 8 resu It of the continued expansion of the - Applications giving details ofcareer and present salary should, be sent in absolute and the Group need to strengthen our presentplanning confidence, quoting KXS 36 on both envelope and letter to: . ana budgetary control work within the new Holding Company. The Managing Director^ ^.•6.0Mon Applications should be submitted in confidence to: D. B. Blackwell, Company Secretary, Simon-TR Holdings Ltd.,TR House, 134/138 Borough High Street, London SE1. MONEY BROKERS EA.A.E. . Sales & Marketing A leading and established Money Brokers require the following staff: 1. Experienced Local Authorities Broker. 2. Commercial Broker — preferably experienced, but willing to train someone with dealing experience, not necessarily with a Money Executive Broker 3. Inter- Bank Dealer — either an experienced bank dealer or money broker. Mail Order Salaries will depend on age and experience. •mui Please contact: Mike Pope. Our client li one. of. the leadline mail order companies who wish to strengthen their executive team. ftjfiiie] CHARTERED ACCOUNTANT . to £7,000 The Sales & Marketing Executive will be responsible for a large national salea A well-known Merchant Bank seeks a qualified A.C.A. or A.C.C.A. Mmm force whose task is to recruit agents, and consequently this is a key appoint- with two years post-qualifying experience. The successful applicant’ ment in the organisation. will join a small management team responsible for banking — M*. Sharp- Associates Ltd/ a multinational computer It is essential to have had sales management experience at national level accounting functions including management information, service organisation, based in Canada, is seeking a and with responsibility for a large sales force, and knowledge of either mail monitoring and revision of U.K. and foreign investments. Preferred European Controller to co-ordinate financial reporting order,- direct selling or the consumer credit industry would be desirable. --•activities, end to consult head office on accounting, For this appointment, which has excellent prospects, the initial salary is age range is 25 to 27. . legal, and tax matters. Present operations are conducted . negotiable at five figures, plus car and other fringe benefits. P/ease contact: Richard J. Meredith. through subsidiaries in the U.K. and most of Western Europe. Please apply for application form to D. G. de Beider, Knight Wegenstein Ltd., 75 Mosley Manchester 3HR, tel. 061-236 0987, quoting Reference Based in London and reporting directly to the Secretary/ Street, M2 No. 68103. Treasurer in Toronto, -the Controller will be responsible 170 Bishopsgate London EC2M4LX 01-6231266/7/8/9 for. finance statements, management ..reporting, Ail applications will be held in the strictest confidence. ICE MANAGER) systems, budgets, cash management, tax/legal matters SUPERVISORS in each country, and accounting control. We are looking for a qualified' accountant with a sound professforiel background- fplfdWed by sofne- 5 years /.f^iight^egensttin Limited < r cbmmerbiai/indusrnbl oxperTence/ 'Involving ‘European v :-V'' Expcutiy* Recructmem Consultants < . ? ‘ exposure to North American accounting ' operations and Management Consultants and Consulting Engineers requirements. He or she will be self motivated and able to London - Manchester - Zurich - Dussaldorf Madnd Fringe benefits are communicate at all local levels. Pans - Stockholm -Vienna - Chicago negotiable. Please write in confidence, enclosing concise persona and career details quoting ref T.633/FT to: (Economic Services) . -J. D. Atchertey. Arthur Young Salary from £7700 to £8300 A A 'A JA AA W. ^ Management Services, FINANCIAL MX Ilfl^ Rolls House. T 7 Rolls Buildings. W FetterLane, CONTROLLER • London EC4A1NL. LONDON The Welsh Development Agency is honours degree or post-graduate R. P. Martin’s We are the UJC. subsidiary of a major American charged with the task of helping to qualifications in economics with several company in the field of education with extensive regenerate the economy of Wales and to years' relevant experience in industry or operations around the world. Lease Broking ______JNTERNATIONAL improve Its environment It owns and government, including the management The .position -.reports, directly to the Divisional develops industrial estates, provides of research. Proven ability is needed to Controller in the U.S-A. He/she will be completely Local Authority - .responsible for. the maintenance ef financial and finance for industry, promotes Wales as compose quickly and clearly studies and ... INVESTMENT reporting to both the U.5.A. and local operating; a location for investment and other papers, some of which be reclaims may management Departments derelict land. published. The successful candidate must be qualified The Agency Is seeking a Controller Salary is within the range £7700 to BANKING (A.CA or A.C.C.A.) with at least two years of * fUM • post-qualification experience as Chief Accountant are looking for (Economic Services) for its Industry and £8300, together with a car allowance. 1 Ve are investment/merchant initiative *38011 seeking an experienced or similar. The position requires and Investment Division. The Controller There is a contributory pension scheme ability to work to strict deadlines. Salary circa ranker to join the international operations of one of EXPERIENCED heads an Economic Services and generous leave allowance. £7.000 p.a. he world's largest and most prestigious financial D epartment which initiates and carries Please write or telephone for an Please send detailed curriculum vitae to: DEALERS ’ nstitutions. out market research and analysis, seeks application form. CCM, Kern House, .to identify and evaluate investment Hie successful candidate will have had at least three 61-62 Lincoln's Inn Fields, London, W.CX opportunities, provides regular advice on Personnel Department (Ref 151P), ®ars’ experience in the corporate finance department Please Telephone for the attention of Mr. Justin. economic prospects and priorities Welsh Development Agency, if an. established merchant bank, with exposure to throughout Wales, and co-ordinates the Treforest Industrial Estate, mergers, acquisi- inderwriting, private placements, Agency's forward planning. Pontypridd, Mid Glamorgan, CF37 5UT. ions negotiations. He will Treforest (044 Ext. and/or joint venture Candidates should have a good Tel: 385) 2666, 262. Possess a University Degree,- MBA, or GA qualifica- ion, and speak at least one foreign language. We ire seeking maturity and sound judgment together Ambitious young for tith flexibility, motivation and an instinct SENIOR FOREIGN EXCHA Justness development. INVESTMENT Investment Analyst and MONEY HUBEI DEALER Phis appointment offers long-term opportunities to •fitisfy the overall career development objectives of Oneofthelargest firmsefLonddri stockbrokers Isloeking for a We are an international merchant bank seeking a ANALYSTS young general investment anal usl to join their research staff. fn outstanding individual and accordingly a most Tne duties will include the development of special situation mature Foreign Exchange and Money Market attractive compensation package is offered. investment ideas in conjunction with other members -of the We are a large firm of Stockbrokers Dealer. • who plan . research team. . _ ; ^.ease jvrite with full career .details- in complete The ideal applicant will be in his/her early 20's, probably a to expand our Research Department. We are - ideal aged 26 to confidence to Box A.6126, Financial Times, graduate, who has learnt the skills of investment analysis and is The candidate would probably be seeking analysts with two or three Street, 4BY. years’ . , _ 10, Cannon EC4P 31 and be familiar with all aspects of money Remuneration will market experience who would like to work creatively . applicants knowledge and potentiaL operations. Interested applicants should send an up-to-date CM. marked and independently. Please write with full confidential and quoting reference GJ-A—J. to: This position carries a considerable amount of Dewe Rogerson Limited. particulars to us through responsibility and the salary level will reflect 3rd floor. 4 Broad Street Place, London EC2M 7HE. this. National Box Aei 16, Financial Times, Gerrard & If there are anyfirms towhich you do not wish your application LIMITED to be sent, please list them in a covering letter. Street, DISCOUNT COMPANY please write giving full details of age and 10, Cannon EC4P 4BY. require a experience to Box A.6125, Financial Times, Limited 10, Cannon Street, EC4P 4BY. 1 DeweRogerson WANTED Junior £6,000-£20.00fl GILTS OR I EQUITIES You probably know ihat we Sterling Dealer specialise In Riockhrokina and SHIPPING LEADING STOCKBROKERS lb*' our client*, medium sued be *nrt large Firms, are particu- Norwegian MBA-equivalent The successful applicant, who will not larly interested in hish calibre from Switzerland. of Individual. 26 yean, single. 2 over 25, will have had some experience - years' all-round experience the London Money and Securities Markets INVESTMENT ANALYST APPOINTMENTS SALES from DEAJJNG Norwegian ship-owning com- either as a dealer or as a Settlements Clerk. We are looking for- an' Investment Analyst to specialise in the pany. familiar with Salary will competitive RESEARCH top-level . be and other benefits Tobacco sector initially/ but with scope to undertake research negotiations, seelci appear Monday—Friday Let w know, confidential!? of challenging and be made in writing outside this field later. The position would suit a young analyst, application should vaar experience and expcc’s- opportunity in Shipping/Rnanc® -to: but applicants with experience in the Industry or recently qualified Uitns and we'ii keep sou abroad, pref. USA, The initial salary will be competitive Informed Languages- L. V. Flack, graduates will be considered. Rate £11.60 per Single Coinmn Centimetre The Secretary, K. on personal achievement. Norwegian, English. Ltd., with subsequent progress dependent German'. ..-Gerrard & National Discount Company Stephens Selection French. Pleas* reply to Box A.6T27, 35 Dow Street. London WlX 3RA. Street, London EC3V 9BE. Write Bei A.dfOS, ___32 Lombard - - 01-45*3 0617 Flnanelof Tin.*, . -FlnerxW J^eSylB^CoDPon-Street; F£4p-4ti¥.~-: : * * TO. Con.io„ Street, EC4f* Recruitment Consultants 4 gy — . I J 1. M j||J. | 6 1 1 . ’ T 1 1 Financial Times Thursday October 27 1277. WALL STREET + OVERSEAS MARKETS + FOREIGN EXCHANGES GOLD MARKET Up 12 after fresh fall below 800 Pound easier Gold BoUkm Good demand for sterling con- OaHtMaanecI, CORRESPONDENT NEW YORK, Oct 26. tinued throughout most of the Ck» tlSBV 1651*1 116*34-1*^ BY OUR WALL STREET day, hnt some late selling S165H 1641a sliS 1 * 51i changed. or buying interest ahead of Mon- developed after GUILDER SSS^k; *163.68 U8.60 major the strongest sectors, with Rhpne- other major Banks little the Chancellor of 087, AFTER WITHSTANDING some Rale. Most banks have and {£92 CD 6) (£92 at Frs-o6.8. Leading Chemicals, Steels day's technical Bourse-month the Exchequer's statement, as it mid-session selling pressure. Wall already increased their rate from Poulenc adding Frs.1.9 dupkOnlltefn* AftenVftx'di 8162JX) S 1 B2 89 " announced Utilities all moved within narrow closure, became clear that the pound Is 1291.643- Street rebounded sharply over a 71 lo 73 per cenL Michclin B," uhich (£91.889) limits, while Siemens led Elec- Snia Viseosa lost L20 to L64S not to be allowed to appreciate 'The market advance sained higher first -ha IF profits,- recovered Gtjld Coto»_ broad front in heavy trading higher but and Fiat L35 sharply the after an. early loss to finish a net Fts.2 tricals up to DML30 ta LL950. m near future. domatfcaJly to-day, with bargain hunters momentum Federal Reserve »'•* Engineerings eased a little- Bonds were quietly steady. Much of the demand probably Krugomwi.. 91681* 170)4 S1684 i Burns called Cor ”a better at Frs. 1,352. spurred on by encouraging Chairman DM0.30 l£843 9534) (19434-9534 to Frs. 147.5, Public Bonds were up to VIENNA—Closed for the notional reflected hopes that the present V bold rax policy” to encourage Poclain rose FtS-5.5 JfNr Sovr'cnj 3483* 5034 msa* DLl* monetary and economic state- lower, with the Regulating holiday. tight control of sterling in the j business investment and stimulate hut Peugcot-Citroen declined Frs. uae.iaikis)- i£/«la-2' 1* ments. Authorities taking up DM9m- foreign exchange market be growth. to Frs.309. HONG KONG — Market rallied would Otd&orVgiu 947-49 ^0 IS -81* The Dow Jones Industrial economic nominal of paper (DM2.9m.l- Mark issues U.S. Canadian stocks were slightly in thin trading. eased, and the Bank of England (£2612-271*) A\ crape, after sgain falling CompuLer spearheaded and ground. Foreign Loans lost further Jardine Matheson on 10 took in large amounts of foreign the rally after analysts’ bullish firmer-inclined, white Germans by put through the psychologically im- SWITZERLAND—Influenced exchange for the reserves to Gold Oc*na._ comments on the Industry, IBM and Foreign Oils were steady, but cents to SHK13.3Q. Hong Kong ilntama'llyi. portant SfiO level to reach 79o.o6. the recovery in the dollar, share prevent the pound moving rising S3* tn $2603. NCR Jl| to Golds,, after yesterday’s gains, Land 5 cents to 8HK6.75, and much Erogahand.. flt7VJ693« Slt74-l | picked up strongly to end 11.S7 prices mustered a modest rally 1 sharply Hutchison 2.50 above the SI.7785 level. It dosed (£941* 981*) (£94 I*-$S 813.41. 8415. and Honeywell St} to S45J. were lower. cents to SHK3.025 . higher on the day at The in increased monthly settlement 1 but Wheelock shed 2^0 at *1.7765-1.776®, a fall of 2 points erw&WT'gtw »48-&vJ M81t-$C S l NYSE All was Chemicals were also prominent. BRUSSELS—Mixed movements Harden . Common Index activity. (£»7-'t) £E2'fl4.-t*4)? addins to cents to SHK2.40. on the day. while the trade- Finally Du Pont $3} $112} in slow trading were Lgain the OKI 8ott*«q* 7-40 646S«-489( t 53 cents better at 850.41, Swissair rose Frs^S to Frs.SIS weighted index against a basket W Bethlehem Steel sained S3 to order of the day. TOKYO—Stocks were again alter 849.73. while gains led losses on good buying interest, while May Jun Jui Aug Sep Oct despite a substantial Petroflna, of major currencies was $30 agiw,.fe46-u49 1824 by 981 to 463. $19£ loss in Making headway were Oerllkon- easier—inclined In limited <4 j Trading volume investors also favoured unchanged throughout at 62.6, Ihe third quarter. Fra.3.S55. Soclete Generaie. trading in the absence of new further increased by 1.27m. shares Bnehrle, which advanced Frs.40 according to the Bank of England. to THE AMERICAN RE. Market Frs 1.935. and Fabrique National®. factors. Volume ISOm. shares 24,S6m., compared with to FrsJ.435. The U.S. dollar was slightly yesterday. Value Index regained 0.78 to Frs.2.620. each gaining about to (160m.). Nestle put on Frs.20 weaker overall in quiet trading, FOREIGN EXCHANGES 112.16 in another active business. Frs.35. but Electrobe! receded Tuesdays Exportorlentated Electricals, CURRENCY RATES Late yesterday, the Federal Frs.3.5S0 following ahead of the announcement to-day Volume 2.32m. shares (3.40mA. Frs.30 to Frs.6.380 and La Royal* by Vehicles and Precision Instru- Reserve raised the Discount Rate business performance outlook, of the September trade figures for Beige Frs.40 to Frs.5.170. ments declined following the Spwial From 3J to C per cent, in what the company. the U.S., which are expected to Orawins Unifoi U.K stocks were firm. Germans fresh overnight weakness Wall Ud Day’* it said was an effort !o discour- Domestic Bonds were steady in on Rlfrtjts Aneoca’ MARKETS and Dutch unchanged. Canadians Street show another large deficit. Several % Spread - Clot age member bank-s Irom borrow- OTHER somewhat increased activity, while easier, central banks continued their OutotwSS' ing mixed, and US. and French Sony lost Y50 to Y2.030 and at (he discount window. but Foreien Bonds were irregular. recent support of the dollar, and J4ew7orfe^. U788 1.77S7 I.I76B- while Gold Mines weakened. Matsushita Electric Y3 Y624. .Starling 0.660807 Utratreal.^. I.37B6- again. to 0.661471 . fie 1J7BM.S7S6 rallies late STOCKHOLM—Irregular this helped to keep movements 14 - WEDNESDAY’S ACTIYE STOCKS Canada AMSTERDAM — Slocks moved In contrast, Electric Power UjLdallK— 1.17518 1.15897 Aqutvdam. il* LiVA.K* OWf OSLO—Shippings, Banks and within a much narrower range OuwlliiL 1.30692 Charuse Canadian Stock Markets irregularly, but with Industrials issues strengthened on yield con- 1-BB790 BommIbI.... 5 92.1Sb2.76 63.60 62. Insurances were quiet, while In- than od Tuesday. A-wtria S.-h.... — 18.6999 Oopeahageo 10.84 10.00 I0.>53 I0.IQ3- Slacks Closing on yesterday, after easing afresh, and Banks showing a firm bias. siderations. with Tokyo Electric t were barely steady. TTie Swiss franc rose Deigian (nui . 41.4368 40.8662* Frankfurt.- 31« <-91* 4.054 4.1113 4.025^ irad^l price day staged a l3te recovery to end w ith Internationals, dustrials Power to In easier Dutch adding Y44 to Y895 and . Citicorp 2SS.I00 and In- Osm«hkTOQ« 7.18586 7.09540 UiboQ- 6 I2»-7S.6e 11.38 ;it +i gains in the majority. The COPENHAGEN—Banks Sw.Frsi5347J from Sw.Frs.2i3W) net Ro.val Fl.0.50. Kansai Electric 2.65873 odrid. 1 148.60-143 Oneral .. 4«0 Dutch eased Power Y39 to Deutedwmark 2.62226 Madrid. 8 146 40 4k. 8u Motors 33 l. K£J -J surances hardened, but Shippings against the dollar, and the Composite Index closed Fls.0.40 Patch O-uli-ler 3.85686 2.81690 MQanOao 11 l,HU l.«S6* I l'.S. Steel 21S.SM r.Of +J Toronto In Banks. NMB gained Y990. S>H . eased and Industrials were mixed. Japanese yen advanced to Y251.57£ fnuuh irm.-- 0.69788 0.61922 Oilo. 6 sjl -.IS S.7Bt-a.74a^r NCR 21 1.190 41 } -‘It 4.1 better at 965.1, white Oils and on announcing a jubilee dividend. JOHANNESBURG—Gold shares >1n..... 1033.86 Ports. Amor. Tel. and Tel. 20B."iK» The recovery move- from Y252.30. IWIm 1019.68 k.BlT.tS* -.SU>>S. i91 +C Has recouped 8.5 at 1.197.4 and Stare Loans improved afresh. SPAIN— generally reacted despite a - .' rise hpuHe cm. 295.675 291.706 Stocabolm..ocafaolm.. 6 ? JO-4.6!* B. 6O4 B.fil, Amor. Bruadcaairna I7J.7IW ".s: Minerals 9.4 at S43.H. ment which started on Tuesday Tbe dollar's trade-weighted - Metals and GERMANY Slightly softer for in Narwny k-roai- 6.45585 6.36380 Tokyo»kyO 446-462 446* tit Gas & El. llS.TOO S! — — pronounced yester- the Bullion price, dealers noting average depreciation, as calculated - 414 -<48* Utilities were up 0.40 at 157.89, cboice. although selective buying became more Spain peart"- 98.2815 ' 96.9057 nnin..,,.leans 2a.GB-Sfi.7B 'nmincnial Oil ... iTr./jn ?! — j that selling was on both London Bit /B-I0.S./F,>- reacted 10.7 to 1.242.2. day following wider publication by Morgan Guaranty of New York, Swwt1"h ‘.rfiM 6.62617 5.54367 2nrleh.._.... Asarco UiSfiM Mi -1 but Golds orders from domestic iosliimions and local acconnt _1is S-fBJ-i.f to 1.29 cent, fpul . 2.62371 • Weyerhaeuser 168.300 ss; -1 lost 1 35 of the Government.'Oppositinn widened per from — , 2.58861, while Banks to 217.05 and and private foreign investors Financial Minings were quiet The 1.16 per cent. * t Rates glmigiven are for convarUMacoi franc^*k 0.44 to 38-51. socio-economic agreement. Ha tr- -rooreruMa Financial Papers helped to enliven the marker. franc. FinancialLuanda! -franc further and easier in line with producers. fell $182-163}. franc 82.45-02.65. g-T most analysts bad been expectin': PARIS—Market put on a firmer The announcement of a capital market index picked up a Gold 9{ to franc 48.TO98. Prcrlndus. AUSTRALIA Markets displayed SiS at least a half-point increase. performance, helped by news of increase by Deutsche Bank was 1.04 lo 64 64. Galenas — an easier bias after profit-taking OTHER MARKETS This was followed to-day by a Frs.40bn. of Government aid for favourably received by many however, weakened 6 points more checked the. recent advance. placement from Wells Fargo Bank French citizens repatriated from operators and it recovered most to a new 1977 low of. 114. EXCHANGE CROSS-RATES declined Some- leading stocks, however, . I16JW- that it sees no justification at its previous colonies. of an initial fall to end only MILAN— Most sectors and Chemicals an almost complete absence recovered early falls, with BHP .. 88-: present for raising Electricals were DM283. uith in i Frankfurt 1 Torfc UnirJon the Prime DM0.60 easier at New Hrawe If Anwt'd'm) iurtd „ 613-63^ closing unaltered on balance at | | 86-34 fe, SA5.50, alter SA5.76. .-rankiurt I — 2.2614-24 4fl.6E-72 6413-23 4JS34I28 33.06-16 touching j 101^0-30 ..r.9fl-i.«B£ ALL COMMON New Turk I 44.18 - 2U.r3r4 < 776&I JU£. Container, $A1B0, and EZ 19 lUURI&l Ji./VSl >1.16 i7 4-.7S74 Bong K*ng )^430 - ‘ liulustriats. . » 40 . Inds.. 40 uulities. 40 bra* Con. Bind v laid finance and tn Tranroon. «c» Closed 1 Conuag Gian.... 551* 1 58 1< -IcbniHanville... Kevioo „..., 1 CPC InlVUnnal 481 2 481, lohnwra J rjhavnn KejnoM* Mela)*. 274* -J.'hn-in Control Rev now* K.J • 34 >« J A MAX. Sunn I ml* ...... A ax-trad* Hen. •H-hlurHicwirm.. Am--. Airline. srhiuml^fser .... Amer. Brand* •m. M A mar. Bmadcut >cii Paper Amer. Oan Seovtl ? mi’* Duo* Veal Sea I. on in I net* Seajfrsm scaile iU.D.j.„_ sears IMurt .... SBDCO. ; 363* 33ia 1 337 dfii* I a tbeii Oil Shell 1 ran* port... i SlOrul. — _| -4.38 duenode (.'-orp I —0.30 aimpncllf Pat....' -0 05 1 . dtn£& -J -00? L denitb KIIQ&. ' -0.13 f . SiliL'oti + 0 M fi- 25 lg < 33 southdova. ll Soul bet w Cal. Bd< -040 P. cijDthero Co.... 1 -6H3 rf- A tamers Oil Slhn. Sat. Uea-.J -0.20 -p kwr» toutbem Pacific.. Ashland Oil >3UI bem Benway AH- BlcO field AV -uul b'and Aron •J perry Hutch ! Amn PrOiincti... -lerry Hand __ Bait Cat filect.... Squibb Anwni*.... Juuniarrt Krands s Sank -6.01 E Banker* Tr. N.T. Std.OnLalifoniia Barber Oil 31U I 205s 34s* Sul. Uu Iodises. I b35a Hazier TraveooL. Vd. Oil Oblii.^.. Beauiee Pcad..... vsuli Chcmteal BeetonUiekena.'O 0OI2 JO'a Stertina Uriqt .... Bed A Howell. ... vudebaker Bendia — suo Co. Heoguec Con* - B‘ ~anil«rtind Bethlehem Steel. SyDlex Black A Decker.. LechatcoVor B"eing — leklrunix leledyne Brii se Cascade +B 05 UoniMi ...... ielex I — -0 la Bora Warmir...... renneeo^ .... 1 -OK Bmnili lnu.„_ Le*on< PecnSeum Biatcea *A’ — iexao B'Uk'l MVBfa..... lesaiautf BrtU P«U AUB— iesw* lasrtn. Bnr.'kway Gibm..! le*as till a Gao.. Bnunwkk ~...^| l«ai l;tiiitl alia I 31 Cobble Hi lm__ i La aboe. ' Kuya:Tniv 1 UnlhiuAigoian^. LS. aieei — 15l* CWumbiA Cxxa. L. re bnotogieaJ «... dlio ._ ahm. ijuuda ln.iu*(nea. l 14a* Columbia Put.... LV u j V irginia Kled...- •Jherrin ft. Alme* 4.2' Com. I diCoa4 Am IV* sieheaaU.O lfi Corabosriaa Bng. 1 green —I j g aira|«si» 4 . .. H'.vraer-Commn. — j 5Q Combustion Bq J 1 steel 1 Canada^. Vn’w'th Bdisoa 160.75 257.2: IVuner-lamhen^ <5 oteepHo.fi !rtM.„l C-om'w'ihOii Het 20L 195„ Waste- b o' meet 1 2.48 lexa..-oCUMitaMl 2912 Otnra. Satelite. *714 Wette-Par^u ! j loronto Dr>m.Bli.l ll?t 385 1 38 Weuern Ban .-or 2 CotaputerSdeooe 4 f. Iran* IBh Western y. Anierj Can PipeLoi IS Course. — 18'B I Tnaos 16)4 Western liniou...; MubdiOihI gi. Coil Edison N.I. 17 »a Tnsec | iio 40 >p I 40 We-Ltngb'a BlenJ Consol Foods. UiiliuG 34S, «s_ : 10 CoaMt Sat, Gae. 85 L : iitvea l-nlted C"rp "h'j iuS* Consumer Power a 1 O Wc Wa:ket Btrnm.... A0 >B 304 Wayerhaen or ....I a 7 i f Contmentai Grp. | We« (.View l*fl tl» W Birlpooi.-,^...J T.-an*! Continenbd Oil- i ffWnnCw. i121j K8 L 28 White Con .lod J J Ooetiaeatal Tele. | Control Dot* Wi.Hem Co—... ’AweBlM Wi in Cooper Indus—. 27i3 I Heputnic StaeL. eai EH&~i <3dcd. Kew (tack. . — T n P S 5 y ' financial Times- Thursday October 27 1977 37 ARMING AND RAW MATERIALS LIVESTOCK RATIONS \pdlm oil Japan and Australia settle New fall Output rise in copper & Farmers forecast sugar contract market C^Own Correspondent dispute •l'f£ ^y. By John Edwards, Commodities Editor * \KUALA LUMPUR, Oct. 26. BY OUR OWN CORRESPONDENT SYDNEY, Oct. 26. j^LAYSIA'S PALM oil produo- COPPER PRICES declined over "n dispute THE TEN-MONTH be- original contract would be close heaved a sigh of relief to-day again on the ' expected to increase from London Metal ft in tween '**' Australia and Japan over to SAfiSOm.—a reduction of only over the agreement between 33 j.’- Exchange yesterday, bn. tons this year to 3.5m. tons bringing BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT the terms of their long-term $A50m. Japanese sugar refiners and Datuk Musa Hitara. ihe fails >Q lead and zinc values "a- i f?985,: sugar contract finally appears to 1 To compensate for these con- Ausrralian growers wbich appar- and slowing tester ot Primary Industries. too down the up- buy on the have been settled. The only fac- MR. JOHN SILKIN, the Minister other words someone is profiteer- tirely. They can 1,1 cessions -tbe Japanese buyers ently brings to an end the most ward trend in told Parliament to-day. tin. grain proteins « tor still holding up the signing of Agriculture, is not the only ing. market all the and have agreed to enter into new acrimonious interlude in Cash wirebars closed £8.25 own under the crop of the amended contract is the object of NFU displeasure. Farmers also claim that there they require to make their gtereage is ex- contracts to buy an additional Japanese-Australian trade rela- down at £672.5 a tonne, and iery exchange of letters between Hostilities now seem to have is no reason why compounders rations, at prices in general to expand from 1.7m. new 600.000 tonnes of sugar over tbe tions in recent years. the market moved lower in should be differently little higher than the com- • tbe Australian and Japanese started between a section of the treated' any /i'w to 2.4m. acres Is the same' next four years at a rate of The 7 per cent price cut con- late kerb trading on the news Governments update those National Farmers' Union and the from food manufacturer* who pounders can. Those who grow to ex- 150.000 tonnes annually. tained in the new Australian- that the U.S. Mint bad post- changed when the original con- compounders of animal feeds, have to slate the ingredients on their own grain are even herter to questions. For part of this extra tonnage Japanese sugar agreement is poned its copper buying ten- theorelicjl ffepiyiiy? Datuk tract was agreed in 1974. grouped under the composite many of their products clearly placed, and the - 1 the price will vary according to smaller than Japan had hoped der, announced earlier. ‘i ^ said the Government did banner of UKASTA which repre- on the label. advantage* are very apparent. The sugar contract is tbe only movements in the world market, for, and will heavy The market. In fact, opened • foresee- an oversupn]y of place a The ingredient* of nty oig one in which the Japanese with a minimum and on a higher note reflecting the sents tbe bulk of the U.K. The compounders' reply to this Ln the world maximum burden on Japanese refiners over ration at to-day's date co#i under ftr.„ WoU market in Government involved agricultural supply industry. is that being in competition with ' u became price. For the remainder tbe the next four years, according firm tone in New York over- *• He said world produc- ISO per iiinn**. That is the at- Ejuv Rife. through an exchange of letters, price will be the ruling London night Bnt renewed selling Farmers are asking that when many others should be a Guaran- projected to grow to Mr. Kakuichiro Fujiyama, farm value of the grain and th-? ^taris from which proved an important bar- daily price, plus a small pressure soon forced values they buy their animal rations it tee nf keen pricins. if they chief Japanese negotiator. delivered price of the protein * -present 3.7m. tons to 6m. gaining point for tbe Australians. down again, should be clearly stated on the declared ail ihe incrrdiems. it premium. and New York supplement. The cheapest 1985. Palm - oil’s Onr Commodities Staff writes: ^Ss by share The new terms indicate that then opened easier' and fell labels just wbat ingredients have would show their competitors equivalent compmuid that 1 cun T -world trade of edible oils both' 'sides compromised. The There was little reaction to the sharply lower. been used and their proportion. jusi what they were doing, and Sigh of relief lily. fexpwsted to increase from Australia-Japan settlement on might even open the way in buy would imsi o\er I % 14 remaining 15m. tonnes, to be Lead and zinc were hit by The compounders, except for a to 22 per tbe London sugar terminal pinching their formulae and so ' p'Lceni- cent, during delivered under the- contract, Mr. Joh Bjelke-Petersen. the mar- copper-infinenced speculative very small minority, have .' period. ket. It had been widely expected on. «.j&ajpe will ihsw be shipped over four Queensland Premier, said to-day selling, hut the continued refused. They stated, in the Inefficiency and already discounted. of The most cogent argument ' ^ -"ionwhile, Malaysian authori- rather thao three years, at an that only when tbe letters bad shortage supplies boosted words of one of their leaders, annual rate of 450,000 tonnes been exchanged between the two However prices eased in late high-grade tin to new peak they give is that every com- This difference id L'2t) or more : -4 given until July that it would cost £40m. to do . Ifiave next pounder of any size operates tnnne tv not. ail : instead of 609.000. governments would it be pos" trading when it was reported the prices and rlandard grade per of course, V?‘ fr;ibr all palm oil mills to this, and that what really ’’ will bad traded at rerorrl whin is called a ** Irn+i co-i profit, eithrr to me or the c«mi- anti-pollution equipment Contract price be sible to terminate the legal EEC authorised subsidies levels before mattered was bow the animals formulation. This iiie:in- that pnunder. I have nt\ mill'nu co-M expressed partly in Australian proceedings now in train and for exports of 62.005 tonnes of closing marginally lower. to • performed. They already have Minister of Technology ihp compound is designed to a :is he d"e*. bin J have no fra im- ^-.'fbe dollars, partly in U.S. dollars and to implement the agreed con- white sugar at its weekly selling declare the overall analysis of i! >j: Environment, Ong Kee Hui, fixed level of energy, but that port co*:-, hr ihe bulk of the partly in Japanese Yen. At tract amendments. tender. Traders had expected protein and carbohydrate, and * mills were as the com of inssvdn.’Ms r.iliun. if in.-t«-:i*l , i the required to the effec- Our Tokyo correspondent sales of aronnd the nf making n:> present exchange rates 50,000 tonnes. Indian tea this they feci should be enough. v Kjicff their pollution load by tive new price is about 7 per writes: Echoing the Queensland But it was noted no sales of raw vary on the markets, they can own feed's I sold the cram and - suspicions have heen purchased nj> often >7' per- cent, by next year, after cent less than the original price. Premier's statement, that a sugar were authorised for the Farmers' be price, repurchased the eotnpeyn.ls I “ export curb aroused by the information that front day to day. and formulated would Invo transport and they. . were compromise " had to pay . expected to On this basis, the value of tbe sensible second week running on lack have been using fit inin cnerey -^V'-jide the pollution discharge sugar still .to be sent under tbe been reached, Japanese officials of offers. compounders to the overall other overhead oi.-i* on j ter ' very gressively to an Insignificant ‘voluntary’ certain rather exotic substances requirement. It would he s:ib .f.intial -calc apart from the —such as grape pips, olive pulp difficult, they claim, to make sure mmHinders' profit rl within three years. Those By Our Own Correspondent m and many other residues. They that the machine printing the 1 bate iio doubt that. I ;::n ^ng to comply could face pri- CALCUTTA. OcL 26. not unnaturally feel that if these labels could keep up with the sn frequently told, my :•* • sentences. • Si x MR. MOHAN DHARLA. the materials are being used, com- computer formulating the inefficient compar'd with n Indian Commerce Minister, has Brazil coffee sales denied pounds cannot be as good as if rations. niurlL-rn milt with all l bo labora- told the tea trade that while the made with primary materials, There is no doubt that there tory facilities lint the *25 per Government has to stick to the deal this argument, of M BY DAVID WHITE RIO DE JANEIRO, Oct. 26. such as grain and more tradi- is a cood In cent, margin will cuter :i to: er world export ceiling of it 225m. kilos tional ingredients. but farmers' suspicions are nut inefficiency. enforce SR. CASTILLO CALAZANS, presi- retail prices were within the official minima. will this celling only alloyed. They have been even The amount of "n-f.trni milling with the co-operation dent of the Brazilian Coffee reach of U.S. and European While O Globo divulged none and further aroused by what seems and intvuig is difficult to pstn"- on supply through the voluntary effort Institute (IBC)., has categorically consumers. of -Lhe details, it said banks deal- of tn be the concerted pricinc nf lish. run pounders claim that the industry. The Government Simple peasant denied reports that Brazil has Brazil has maintained an ex- ing in foreign exchange' had re- rations by the major groups it is nnj growing and cue the has fixed the export ceiling to products have edicted started selling coffee at discount port floor price of S320 per ceived sales declarations specify- Waste food been which seems m them to indicate rad that lliv sales' of proprietary leave more tea for domestic con- prices to major U.S. and Euro- pound of Green coffee, fob. ing conditions of the 'sales, in- used for animal feeding for a lack of comtu-iition. After all. concentrates to balance the .* sumption and tbe Minister is recog- SEOUL. Oct. 26. pean Importers. Brazilian since 20. cluding discounts to the years, and most farmers tf price chances all happen at cereals are not increasing. F.’.lt ports, May that the year's happy current nise this. But the absence of the time it looks to the this is no sure guide; COTTON supplies He told businessmen in Santos, causing a virtual paralysis of importers. same many are crop is likely to be a record 550m. proportions Brazil's main coffee-exporting exports. In York, a declaration of the simple peasant as though sonic fanners Imv th- high protein tied to total 83.7m. bales in New leading coffee kilos. in a compound, they feel that people have been getting their maierijis make their nun "ioorrent 1977-78 centre, that the reports were Reuter earlier that the traders said Guatemala had and up cotton year, reported With only 225m. -kilos going have com- ialse and designed to depress the stopped 0- too largo a proportion may heads together, and that the eoncentrales. Personally. 1 won:! more than, last season, the usually well-informed Sao Paulo new registrations of for export, the domestic market to be included. If it has and petition is nm as hot as they think on-farm mixing is likely to National Cotton Advisory market. newspaper O Estado de S. Paulo coffee, effectively cutting off assured of 325m. kilos which is cost less, led to believe. j-tiiiv, particularly on the larger of. a. return to the export the ingredients much are RftT[s unittee (ICAC) said here .Rumours had published a front-page lead sales. The move comes be. than will at least ,30m. more reflected in the farmers are far from being farms, ns transport - 'special deal" system, operated “ after an announcement this should be" But and other ay. . story headlined LBC Confirms by Mild was available last year. This price- of the compounds. In In the compounders' hands en- costs accelerate. " his year’s opening rcarrvover in Brazil until a few years ago, Special Contracts with Im- producers of their intention to should help the Government's have circulated in the coffee- withdraw from the r.-^Auenst-l amounted to 19.3m. porters,'* . quoting unidentified market until of bringing down the and policy the;lqwest for many years growing interior, of Brazil IRC sources for its information. prices improve. internal price. to Rs.17 per kilo on the .'.3m. less than a year earlier. were responsible for falls on The sources quoted said the But traders were still some- average against the present price London market last week. . world production this year is amount of coffee Involved was what sceptical about the ability of Rs.22. ’. : market prospects coffee is sold Aluminium *cted to. increase hy 6m. bales Under the deals, not much and that the strategy of producers to withhold sup- LME mushing tin total sup- nominally at the IBC's export was to reactivate the overseas plies for any extended period. - 5 paid to BY COMMODITIES EDITOR -s s to-83.7m_.-if sa d in a Pre« floor price and a refund market where prices were Both Mexico and Salvador are SILVER STOCKS OUR ‘ - amount of the «e i«su“d during its sixth the purchaser, the expected to rise in reaction to not selling at present, but , ; ; refund' not being disclosed. the news. traders noted that they bad been INCREASING IF THE proposed aluminium an LME aluminium market tract cnuld provide the regula- Senhor Calazans has always The article recalled that last withdrawn WASHINGTON, OcL 26. futures contract on the London announced last week. tion needed for the growing ICAC .said consumption anyway prior to the “ opposed the system! week the IBC president himself World stocks of refined silver Metal Exchange can be success- The report forecasts that ihe free market." as the producers.' - j'yeaf would do wen if it announcement of the sales ban. of 2.3m. ounces in September launched without the sup- percentage of output cnnlrolled control slackened, and could '. ^to last year’s level of 615m. He rejected criticisms had told a news conference that C On the London terminal rose fully policy and Brazil’s 10.7m. ounces following, an of Western world producers by major Western world pro- easily begin to influence the pro- xlC; • Government export minimum export price market futures values rose in- to port ducers. who a producer ; pressure on the part was "unrealistic." itially increase of 500,000 ounces in and survive the first year, it favour ducer price. le carryover- at th»» end of described under . the continued Insti- an important in- price system, is expected to be No definite date for the launch- ^nrpsent season will th«*re- of .exporters to reactivate coffee The Rio afternoon newspaper influence of the “other milds" August to 8.4m., the Silver should become industry. reduced in the years ahead and ing of the new contract has yet jUicrease to nver 22m. bales. sales at a reduced floor price as O Globo, also usually well in- export ban. The January posi- tute reported. fluence in the is the view of Rayner- the “free market" supplied by been decided, according to fcji! the sunnlv situation n-»r* " idiocy." formed on coffee matters, said tion reached £1.680 at one stage UJS. refiners stocks rose to This LME S. W. Berisford other producers will become sources. more comfortable, ICAC He said he was confident that to-day there was no doubt the but then fell back quickly to 4.7m.’ ounces during the month Harwtll. the and .-M. special increasingly important * Aluminium world coffee prices would recover IBC had signed contracts with finish the day £38 down at £1.585 from the revised 3.1m. at the end group subsidiary, in a and the LME, report* o nthe decision to launch The new LME aluminium con- price £11, Raymer-Haneill. -L)er.,...... within a few months and that importers at prices under the a tonne. of August, JMMODITY MARKET REPORTS AND PRICES PRICE CHANGES <-!.!>. England and Wales—Cattle mnti- < -i- that In the morning cash wirebars traded -the afternoon further nervous tluuMarion 275-260. Feb. 265-255, Man* KS-355. April all. oil. sfl (samel. .. . T. C cent.. average price - • 70.5. 78.5. CBMX. effective bers down 3.4 per W** 'S&K 'MJclAJuai . at- 081. three months led to a tow tor tbe day of 16.825 but 262-IM. May 282-25*. June 282-254. July EEC current levies are also stated. - • 1-1.04): numbers down 9.71.7 -. . {M. jo. gj.5. 92. 91.5. 91. Cathodes, cash acme late buying lifted the price to a 262-251. Sales: Z lots. for Oct. ZT far tbe foUowiPB flours iwlth 55. lop Sheep cent-, averase price 133.jp i-o.7i. i.fPER—Uaf-swuod Oiroucnout the three months 1681. 81.5. Kerb: close on the Kerb of IGS4.5. Turnover. r>r\v-r^-r< previous In brackets) In units nf account P*r numbers down 9.4 per coni., averase ’•on;, the London MotaJ Er change, wirebars, three months 180!. SO. 80. 800 lo tinea. C ClrEEt per lonne. Wlwat ar mlxad wheat and Pig ' t-2.4i. Scotland—Came num- iqtii' forward metal traded briefly at 90.5, 91. 92, 91.5. 91. 91.5. Afternoon: Morning: Standard, three months rye ftour^l32.G isamei. Rye flew—110.39 Price 57.4p ‘ short months 1683. 84. 83.5. 83. 43. Coffee ftmires bers up 21.0 per cent., average pnee Gold pre-market, following heavy Wirebars. three ib.SSD. 3. 70. 50. 48. Kerb: Standard. opened E0 to X40 higher (same). and -l.r htg on there was 84.5. S3. 84.5. Cathodes, cash 1663, three tnooibi X6.850. 45. Afternoon: and valoee remained around these levels 56 Mp *+0.30): Sheep numbers up . Come* overnight, 84, _ _ _ 7 __ slipped Wirebars, Standard, three months £6.825. 30. 35. for of the early session, reports wr cpW average price lla.lp t D5>: 'Bow "through and the price ihree months I6<5.3. Kerb: most SOVABFAIM MFAL ^ • no change, average price ^*0- during the rooming. Came* ihree months 1086. 87, 86.5 88. 66.5. 67. High Grade, cash r753B. Kerb: Standard. Drexel Burnham Lambert. Trade buying Pig numbers d tower to the afternoon and then month* a.840. 45. 50. at the lunch-time dose took the market The market opened around unchanged 59 lp t-3.9). Aluminium >£680 copper S7.5. fall: in rales or U.K. ror vree* cd. There was bcavT trading In . LEAD—Lower although the undertone to the highs, but in the afternoon values In vers Ihtn conditions but rallied late Forecast mcai free Market (cUiAgSd-SD — .... n oi **"—»*«d steany in roe anennam 31 i with previous 1 neady. Upset -the performance the day in amid pal I cm or s continuation commencing October to aramd £665 with speculative Ilqnl- , waH by slipped steadily In tune with the weak- Ormoiwli W.Uare|£672.5 — 8.Z^U.'69 Z ]a,e buying overnight ana a very sreong elevator strike. Physical week's flgures In brackets': Fresh or j Md-trade buying. A low of £663.5 of copper, forward meud moved down ness In New York. Tbe market closed of the Chicago 5 mem v hr do. do x6M.75i— 8.75 jC7iJ4.75 Eastern market. Pre-market forward Per kg. - Mp -vached before there was a rally to from £362 10 a Jew for the day of £357 at the lows £U to £48 down on the day. markets were dull. SNW repons. chi Lied beef carcases W Ca.h Cathode. £662.75 -B.751C6B1 coffee 1 weak petM moved between £6.800 uid K.8W. Green bacon sides £255.12 per | « of 1583 on -ihe Kerb. Turnover, ailrtng ,he afternoon, prompted by long [Yestenlayj or Busfoesa 34.O61: 3 nwubsdn. do!"!! i£675.25 — 9.0 '£694. Influence of copper, profit-taking, + ; £243.84 • J bui the was active with lonnt 1 rjniii. - NEW uuu'dadon. Tbe market 1 .. . . Tmi-io. 975 0.2*1? 154.875 YORK, Oct. 2C. ttOM*. CImm — 1 Done ,* JE 162 i iprlces In sierUiw good tonnages changing hands. Towards Clow +or 1 Burinem COVENT GARDEN Lendr —a iViih' 5.7V.C341 s.m. 1 l> p.m. or Cash £351.76— GOLD, platinum and silver + f-f- COFFKB Done per pawage eacept where otherwise all declined.'' a.m. '(+ ori p.ra. — UnofBefell — the close of trading the market steadied — _ _ 3 n 1 . m,hs ...;!^!.‘”![Ca6777s’3 —5.5 !£547.25 Oipuer IuI1.va-.-j TIN Official j 0 uu> trend the ' and fall' .'roj ( produce: Ora nsa*— " p* : tonne , staled 1—Imparted S. . ! £359.5. £ i*r , OfieUl r- UnocHrtal and the close on the Kerb was 1 n Lnndua values. Cecuj J Dtc,mb,r... , teflM5.! + I.« 1U-M-U.H 4.1^00 “BritiiTan: 3.30.' and coffee bf'tii I Turnover, 6.323 tonnes. i 85-2.1 £ £ I £ Free Market Icfri... f l.B-2.0 igl. fell, m line with Eurnpoan High Grade £ 1 trendy.' , November .. 1710-17 15L-40.5 1 810-1705 -• l - I 7850-70 +35 Cniinn wa» weaker £ £ Ca»h 7285-5*0 +87.5. 1 Turkish: 4 JO- <£97-102.5 un foriva-.U 0/ bu^er' £ £ j January 1580- rMUa-w1680- 1660 a* Italian: 106/ 120 4.89-5.00: Platinum irov «... £94-98.5 ! j or 1590HH.0! .- 16950- ?fHW! 6970-90 a.m. ;+ p.m. 1+0 st"cks. SuyalK-uii'i. maize and )an | 3 awmihe. +10 [ >15 June - il0B.OQ-O8.Q: + O.76 SSS106.50 kUos 3.00-5.75. Grope- Free wheat lit' ! — 4.30: Cyprus: 16 1+ l.OMST.BS fractal — UDofflcia] Much 1495-15001—48.00 1 1590-1590-1MB5195 Market £93.4 W.I.. 878.9-9 -*.5 678-3 I-8.8S Settle"-'! J 7540 +90 LEAD hnuud. uuluencod by a local strike fti* | Mar 1454- 14661—47.51 1545-1466 Fruit—Cyprus: 3.89-4.50; Spanish: 3.50- Quicksilver l76lb)..|gld 0-35' 5130-35 till- -8.75 Chicago and- the * 691-.5 (- 4 | 684.5-6 trend In Canadian- grain July ' 1430-1445 37-511525-1514 3.80; Jaffa: 4.30-4.95: Dorolulcan: 3.45- Silver Trev oz 1274.251.'+ 0.65264 .9p 1 — L-8 I £ £ inurncti., s'nt 679 1— LS. — ..! 7135-00 +77.5 7070-3-BO £ £ — our stall reports. — j C-a«b~» September.. 1412.143K-S9-0 1515-1*901490 December ....{1W.M.14.D: 4 02B 3.11. Apples— French: Apprnx. ;o lbs, 3 uvintba. !a77.95i^ + 0.*5;^69.1;. deii +21.6 6835-40 1+2.6 Cosh 354-. 5 -J.fi 851.5-8 -6.75 _ Cocoa— .. 3 mouths. [ 6848-50 - Golden Delirious 3JW.60. Stark Cnmann Tin Oath '£7,080 i— 5.0 <£6.667.5 Ghana and Hafua spots nhl* 3 raiYoLha.. 360.-6 367.5-6 -6.6 November... 1400-1415Ul2.fi 80 1 V N..I, 66S.5-B—5.5 668.S-I -8.76 7150 +80 - i-1.6 Sales: <83» Iota of 100 ionneC 3.00-3.30. Cranny available again. Dec. ir.roo I177J0'.,.* | 3.00-3 JO. Red Delicious 5 nmwirbe '£6.837.5-2.5 '£6.565 t-| -6 1 •••--- d'mem. ... 353 k-B.5 - 681-.fi ; 67S-.6 Straits K..(t*18B0 +8 79/84 4.00-4#: Italian; 40 lbs. March J4B.0U il53.Tu>. Mai' 138.10. *1* Smith Wnlfmm22.0lh.4cif 6172.78, IS 140-45 Jo® ! K.T. Spot. 1 ...... "Si 669 — 6.5 New Tnrkl — -620.50 +6)9 Sales; 3.813 <]9. 38 FINANCIAL TIMES STOCK IND Equities react after details of Chancellor’s GoramMit H«> Vi**d Index down 1.7 at 513.0 after 517.0—Gilts up—Golds lower tqdntrUl Ordinary (ratd Vlw — respectively. Dri- YW.1 and dealers opened at the previous day's loss of If interim figures lifted Kwtk-FK 3 I25p last 24 and 3 Old. Account Dealing Dates to open and Spencer“ finished unaltered — - r _ _ n . « _ J _ Mhk in m i r*Ir ft? r rontmnn KiilV Option prices hisrher this morning. 162p, BsmlufifindltfulDOl •Fir«t Declare- Last Account Corporations caught up with the Warehouses PiB Riuao («t) recent improvement after 112p, - _ -- - - Dealings lions Dealing* Dav in the main — _ . , ... OmUngi marterl....„. Willtain in restricted Funds, and closed w.-rh gains 3 to 237p. Uneroft Kflgoor, how- 36Sp. In Supermarkets. a market while re- _ Oct .1 High Low High. ^ Low Govt. See*. 79.85 60.45 187.4 '49.18 . - expecting .. io Rubhers. J (3010) (4tlJ WWfi) $iim oocp qunianons higher this mom- Ans. dealings there yesterday. Prices Mj{ itoj? Fraser active ,,iFnumerous gains of - 60.49 150.4 50.63. Speculative.. inc »n the view Ihn ihe proposals ended at the day’s lowest, 43iP.wj Fixed tht...- so.sa eraser Ansbacner mcluded 8l P’ (IflflJ t^l) OEAlfW -Tbtaii. w it) make nn difference in the featured pro- although losses were moderate, xta^Ae'Mcd Orrt 548.2 »7.6 549:8 49.4 flmneial ertndiifan* nn which the wedings in the Banking sector British Petroleum, gflfip, and To,_ fad. Umgbonrne featured Teas witt LEGAL NOTICES RECENT ISSUES FT—ACTUARIES SHARE INDICEl EQUITIES These indices are the joint compilation of Ihe Financial Times, Ihe Institute of Nn HOIK; ol 1BJ7 No. B03536 ol 1977 No. 903422 of 19 and the Faculty of Actuaries in ih- H|.:u .'hi rt hk li'STICE In the RICH COURT OF JUSTICE tn the HIGH COURT OF JUSTICE Court, in (>sn, »r» n.n-itin 'aipini.'t Court tn Chancery DivtsiOP Cnmpanios Court. In Chancery Division Compamea .if Urt\EY\«v I.VVRST- Ihe Mailer of KINNEAR ft ANDREWS he Matter of SOCIALIST WORKER ;h« \lii|.*r LIMITED •'< I PUBLISHERS V-'M? I i.'liTvn .n.l :h. Ma.t-T nf BROMLEY) LIMITED and in the Matter PRINTERS AND Matter of The Companies Th i |nP|Mn:> . \.-l. I»# nf The Companies Act. IMS and in tbe EQUITY GROUPS V'»Ti. K l« IIRRFIIV i.HKN thlt a NOTICE IS HEREBY GIVEN, that a ACL IMS. am i\t! .ii . .i.i. Mr Witi.illK >it> ill- .lbnve- Petition Windina the above- I ..I -h for Ihe up of IS HEREBY GIVEN, that a NOTICE I F.F. - £103* !«!-.> '£103* -Ij I aj|4.6'lB. £114 AmuxO Qtfflc linj:.- •. n i si'il I'.nma'iv h, ill-- Itiin Court q# named Company by the High Court of of the above ! Peduon Tor tbe winding up 845 300 15tl2| 40- 347 ,BP£Jpd MM..j 573 —2 ly4I-77 1.4] 3.512.152-6 GROUPS SUB-SECTIONS j & . .!•; .Ill III.- IMIS .if (Vtnlvr j III,- u J*-. Juaure waa on ihe lihh day pf October named Company by the Hl*h Court of 50 74 i «S pouch CroftTlOp 1 74- 44.12 B.4 11.6 »«ll u W7T ?r. I'Ti-ii! in ill- i*A Cnuri bp 1977 presented 10 the said Court by F.P.UBfHI 1.5i Justice was on the Mth day of October -iFiu: .... 1 - N .1.1! n ’It 1*1 II RV\KS l IM’TKD whim. A 0LBY ft SON LIMITED whose 1977. presented 10 Ihe aaVd Court b* Figures in parentheses show number of .-• 1 "4 R -- ;. | -‘iH. .» a: !-.isii*r Plare Resistvred Office is situate at 1S3'1«9 1 HENRY LING ft SON (LONDON Iiiiie.ii Rjnliers and *hjt Kir laid stocks per section ? Riah Street. Pence. London. S.E. 20 . ail l I MIXED whose reiuiervd office Is I*. ::...iii i« dir -, ird to Ifc* Imard br/on- KuUder* Mertbania. and thai Uw said Berkshire Road. London. B.9. Paper FIXED INTEREST STOCKS ii »iii:ae 'h*- Ratal Cauns ai Pennon la directed to be heard before Mercbania. and tbai ihe sard Pennon cl lu.iii - , .iii nr nr mmirilws'ury o( ihe said on of November 1977. Building Materials <2Ei tbe "Im day asd srrand. Loudon WC2A 2 LL. oo the 28ih 1*1|i£ 1977 ’ «.ii'iani rt . «irniis to •umarr ot npunsi' any creditor or contrlbuiory of tbe said 1977, any creditor Stock Contracting. Construction t3B>„ :* day of November and c msi :nr m .in Ordrr on rtur salrt Company desirous to snppon or oppose - or ctmirtbuioiT of rhe said Company as EleclncaisilB) r .i -.;i in-' ijip.-ir a- rh- iinir ol tbe of an making Order on the saM desirous to support or oppose the making ill hrannii Donron or b* hli connael. Engineering (Heavy sBi m Pennon may appear at the ttmc of on ihe said Petition •••- of an Order may Vn*. -n .r iiiirr- -. anrl a .opt ot !h» £100 F.P. i - I 100 lyf 100 I Agile. MorU Run 1962 J100 1^5 r\ G ; D . J £ —' 4n . . 6 - * C1 + L- —_-, —. . 4 . 1 1 «1L —.. . . « 5 1 . , . 1 11 .. dai 'nmes Thursday .... October. 27 1977 AUTHORISED UNIT TRUSTS OFFSHORE AND OVERSEAS FUNDS fe)UD Brtttggls Tnnt—continued Arbutimot SecaritiM iC.i.) Limited Fidelity Mgmt. & Res. fBda.i Ltd. Remp-Oe Ltd- Ssve ft Prosper Intern at tonal Garonor ! .MMagement Jersey *5aflaKl rnd*N<5ionai_ wist * Fond Villagers ¥ laugi Perpetual t'nit Ttnsl Mngmt.M «a» . 3 N 3B6 SL Heli+r T+177 M«3 p 0 bn Jmrr ll!B4 rO. Box S70. HwniheB. Bermuda t. Chan ns Crm» SI llel.er Jr+sov 053*73741 Dealing in 3-3 357 fi°t»WT>Sham DJi 214 ^ V* BC3'\npP (11-283 W! 4(1 ttorl SI . Kcnto. 0.1 Tf.acy* DWirROT i)- Ine. . LAGGARDS » Extra Growth.. 35 7 Property Units = Do. Accum. 199.7 - Flexible Fund . 1098 — Rel. Prop Bd* . AND OipUal/Aetfumi^JHA n .. | 1863 | W:-J j Financial Fixed tolUil 1803 Inr. Trust Fd,— 1338 .. p44 &i Moneymaker Fd... 1020 irerrtBUW 5g ^wSriPrtir..™ On. Accum - __ . 1003 LaUc Am Income [37 6 ... ^ .. Westminster Royal Insurance Group 5T£JSHActuaries ww* 5-H Do Aecum 144 City of An. Ca Ltd. Initial.-... 188,1 Property Fund. 779 .... Principal «*•«* seeUm JU?htt the FT Portfolio Inv. Fd__p3.fc 787) +0 Managed Wmh6r-31. 1976. to the , Hi ah lac Ftttrtay . 12.1 NewRnli RiftgaleAd 8 WUtefame Rhad. Do Aceum 1031 NraRnll Place, UterpooLUtcrpooL 051227*422 a •#_ - ,, Geld ms IPM*- Wall lnL_. 26 b i r- Use contains the HI fiEL Trust Managers LtdV (aHg) London Croydon. CKO L) A - Property Inidel— 953 1002 Royal Shield Fd. ..(132.4 _ Windsor Life Anur. Co. Ltd. OldMPMi Mftu | ^ Special S4& 29.4 ^ ‘ MUton soil Wwt pro^Fdgd. . DO. AMMte —e..^W 1 UO^I ] High Street, Windsor WindWindaor iWiM* +13M5 ParireslBg and + Court, DoridniSuixey -gf#, m«4 687ri +0.41 *44 (yl Sara & Prosper Group* . Ufe lav. Plans.. 2 73.91 _ ... + &rs _ 1*53 TSB Unit Trusts tori Construction +J2T.7I cons. Goods I'KNi-Dvr* GroUB Life Asgnr. Ca of Ptouuylrania S»P Nri*WfHtehIne.-jS6 5241 +03 IS* rhcciiy Way. Aadorer. Banb. 026+8353 =L and Fund — 30-42 New Band St, W1V0RQ 014838S88 z *“ DeaUugate 028 BaL Inv. Fd. ;[U7.6 :;£j J*!3 I New Court Fund Managers lid. (g! * «^3, j Fund—-- lAcopuoiu run laai — Ret Aasd. Pena. J! PS£St'T-r oi — j FTOpurty Frf.- U6.8 Flex. Inv Growth ^117^ L4 M + aiu 60.9 GIU Fund m.3 C ”'Z| Z ••••• + 5034 “““g? S.9 rWJ^md~-^-^.gf3 MO, W Taab Jt Pmnnctal Group -661 eMtotf Llftyds Bk. Unit T*L Main. Deposit M . 1202 .Z'"T.Z‘ZZZi SZ’. + 87 Pud currently to men fa U4 Fd ;— + 8167 661 Eqn it^PBaxJU—.[toC3 (Kmnrvj Z~. + DtaeowH Hoo^ sgsasebra aasgr-iH Perform. Units.—I 1933 7i.Loabard5L.ECl 0I4B31288 4- 8937 H 8D.4n "T Goods (D arable) Groan 300 Share tad« Exempt 11913 114.84- -I 731 NOTES + 48.67 ftSSSPSjSfcRC.. +3- A9s 854 20 •' TeXtittf + U + BJS ’ Commercial Union Gmnp frieei ao *OcL *rfi? ~ ..... + 4738 fbl Lloyds 'life Assurance 28, jjwritoont + 793d All- Share tod« - Norwich Union Insurance Group ijiRtsr Bank9 la) tWeekly dialings' races no net m ; — , 0 <> \ jX^s. M 23 M 12 Prep Pan 34 iL-'-r, Mererar.t ! 79 Pmp.fp _ acton 112 125 « | 43 37 !e«] 89 • >IINES—Continued 7.4 n 155 |i££1 Fiyti iiiuujui Jd 60 32 60 66 3S; 65 72 38 re 72 141 82 133 110 47*2 109 fOxd — I 60 i~ life ZOlz 230 Op- Zlnj 140 113 1 33 m. 1 162 354 100 112 9 I s 206 77 53 98 103 61 337 101 62 Supra Group] Op. I 30 m 12b 235 173 79J 2 40 28> 253 76 42 99 * 93 W 1 1 . 3avL 1O7 . PTi-cie; I'-.t* 700 ;-25 f 405>*c| 1.21 11 9a LOl 73 43 131 106 ira 4 118 j 1 v?6r « 136 92 *4.92 £l jO *-]0* — — 84 60 +3.15 1.1 150 99 4.16 H 116 77 Alletwoe lOpf ft 1017 ; 102 76 [Glw.OTrM hidrs ; 23] 83^2 64)2 Klerdo.cn Inv. SO 57 65 51 63 W2 125 1221a 71 42i 58 z H» 1 i2Np 73 49 23 111 ; bnr-r - 55 itorairiim !Mn :0 110 1 74lj 450 l.iHind'iili 61J2 103 9 7 407 61 274 sSj 9.6 70 83 61 101 14.6 34 35 28 Sjhina lnd> 1 2 83 gersiubflnr.SOp 133 tS.9 49 334 262 4.E6 I'nlraa ollitnriif Indicated. frlea nd net dlrMndi or In imcr UN) tewa'ialem arr ISp. Estimated priKi'cmlnca ralHmilonrp * Dlvidcnil nnd yield c« Jude. < :-pccial pajanenL I Indicated dividend ccner rulaie* 10 previous dividend, F.E ratio based an tact annual c-vtunus n Fcnvjsi dividend, cove; based m prev-.ouv year'* curn- nc'- v Tax free up tn 30p la the £. » Yield aUrivvs lor rwrrency clause y Dividend and yield based cn merger terms. 1 Dividend nod yield Include pi.Tl.il paviTcmt Cover doev nd upply- to special payment A Net dividend and yield R Preference (llvulrad passed er deferred C i.anaditm. S» lover arul P Z ratio exclude profits oi I’.K. aoro^-paco .'uh^itilarir' r l-.xue price. I" Dividend, arui yield ba-i-d on praspeclus or oilier afliclnl r^tlavnc? for ITT! IB 1 : .V-Kumod divlacn.1 and viclil alter peudins venp •irvl or right*, irur II Ivvvirtcn-1 and yield ba*cd on nn>.pcclu> n other ililnal Mlrraur* lor lf»7P-77. K Flgurta Kwd on provpuvlui’ or esher ouiciol isliraates tor ' IHTB-TT. .M Dividend and yielil hu-vd on pro* peel it- cr other clficial e-nm.-nr* tor l»ra N Inv idend mid >\el.j hi.ed on prcspectiv* it oilier offiviol eiiituto.’ fur 1P76 P Dnidenrl and yield Ii!b«iI on pto pcelii' " t <^hcr vxlicial crajiroite* lor 19T7. - q iJro*x 1 lloCS' a-'iiinrd I Nn *u.iii!icani Oirpontlcn Tax piiynhle 7. Divivtond lol.il t«, fair 41 Yield lotvsi ctl 25 avv-unirtion TriMwirv Rill Rnio t.iyv uni h-ingoH imiu maturity r! .lvvli 2?.< ugTj 9lij taiOL Ihhroisiiimi’ »c% iim-iri> <5.9i 79 61 Set 1 Stuck Exchanges thmugbsui the Vnhed Kingdom far a 3.6 78 57 Do. fee nf £408 per annum fnr each security 60 ISPs 143 +5.48 450 320 137 fP87 | 17 56 47 [Si-eueiJ lOp f’ 115 7b 107 |— +2.94 166 111 166 t9.19 1 61 ; I— I +4; 5 0 TIh 43 . . 94 92 (_77 iSunbopeGeu 178 1 REGIONAL MARKETS t4.72 1 * IZ05 U The fot lowing is.i 'election of London mu oat inns nf shares n 238 1 previnuily lifted nnlv in regintu.S nborcls ITtrcs nt ln«n « tv-ues nwift t»f wi'Ti-h arc not nfrn-i.iliv lisicd in London, p nrr ax nunted on the InJi cxchance. 193 8.63 1 79 t2.44 L Mbanv Inv COp 22 StvcH -RcJrFhne.l 00 26*2 0 .tsh .'pinning 37 138 I® Hnlnli Vpinn . 1 20 Pciian> ++ 104 - Sindall i vl’m . 55 68 Bdw'wir EM Snp 2SC *" liner i ‘roll 21 .0 C ralg fc HtvcCl '1 PvsnniR.4 i 25 Coni Rn.tC. fWji+J, 62 Ell.-iMcHdy MII.ir.cc Oax „ 70 ! E’ .i»i- FY'k.lOp 25 Amon .. 2M j Riorcd .... 16r Carroll i Pj.i 85 | File Forte 43 I’lonHnlkin FS.Giduld.vic . Finl.iv Tks. ftp • 1 **; Coru’tcle Prods.. 103 P‘5 SaatplazsRl Ship LI. . 260 ilr.ng lle:lon‘Hldg& a 44 86 Hiirron* Prc« 110 Tn* Cnrp 130 3.6 1.0 M Sim. U .. 162 Irish Ropes 130 . .-r. 27-5 105 Jlt.lt. Jo- 2 Jacob - 50 OPTIONS & 3-month Call Rates Industrials House nf Frailer 1 12 , iTuheTmesL A. Brew - 61; l.l.I — 23 {.miner— A.P Cement. 18 Traps''.—.— 7 L: ld.I)rtpcrr- B.b.rL 12 1.CL.: 20 Vlchers.-ZH- Babcock 10 Imeresk 7 Woolwonhs Barclavx Book. 25 Ladhrokc 11 Berrj- Wifigins 5 Legal AGon... 12 P+OPertv- Beei-bam.--.... 38 * Brit Land [Lloyds Booh. 22 _ Bools Pruc 16 Ca^i. Count! Bowoiers. 16 [‘Lcds".,— 5 e>.j U7117 London Brick ™. B.AT. 6 lntreun>fXMn nvn.Lnnrhnin. d — ] 62 — jwiusrBrilisr ''rvy^nrvysen n6 I j j c^~- Lucas 900 fimh'J M Inds..... 25 MEPC..-.„ 6 Lyonr.J.i 224 +1 Burton'A — 9 Peacheypp 3 C h’ev!Z[*“ 33 ladburys — 5 Manrv 7 SprauelW CourUuld* 10 Mrkj-x & Saner 10 M Debenluuns— 8 Midland Bank 25 Distillers .. - 13 Nat Wei Bank . 22 mis Dunlop 8’: ’P " arrants 8 & 17 9.1 J E-n EaclcSLir 11 P&OLKtL 13 rctrotatmuetrrfena. 27 53 2.81114 60 I E.-.M.L 18 I1or-re>-„ 7 BumuthOilahOll__ a J 146 13 4.7jZ62 R-H Shell ~~ Gen .Vridenl JJ M.._ 5 281 4 84 t Gen. Electric.. 16 FLmkOrc A‘_ u Ultramarnur—.. 4 s *%2 13 [ 6»2 + ; II” Glaxo—, 40 Rwdlml 38 +ij — 6te Grand Met 7_ BejTolle. a Mom '82 G.IJA-A'it.iijv. }8 SptHers-,,,era -Jx 4 — s ± 13 v...—i lsF “1 7 I Chart orCan*C«M l [Tetan. ...1 230 46 12 Guardian—Guardian, ,| 18 Tesan 4 5^ I QurterhfflpffCharter hflTtvfc. i GJC.N..GJC.JC I 25_25 {ThornThorn \vZ_-I’.V --— 22 101 335 2»2 14 ConTr^bvCons, Ccjd ! -1 HaxritwSldd .|£6o|ltUSt H0u»s.J S __ 120 43 TT B.9 |aS?T.§JJ 116 -i - m J 6 A Mlection of Options traded is eixea «. «- 335 M London SMXA Ewban** '* SSsI ‘i® S 4 i TtepSn J ^ i . ' , 5 P I M a £ — . ' , . Tfc THE £900 MILLION 5k*. INVESTMENT EXPERIENCE FINANCIALHMES Thursday October 27 1977 EXPERIENCE- WHERE EXPERIENCE COUNTS '-an-^ViljtrrUna Trifd MjimimUntol Cjruida 0atlw«ftr'Hc»t5,ETJ65EA T*l Pour* Bar 5TU2. Alex Park is demoted Holder quits as in reshuffle Leyland Fairey BY TERRY DOD5WORTH, MOTOR INDUSTRY CORRESPONDENT MR. ALEX PARK, chief execu- land Board, has caused consider- without a much greater degree for the Mini range had to be chairman able annoyance among top of worker-participation. sent home, live of British Leyland. has been u Leyland management. I do not believe in autocratic demoted become only of The company out little to one held BY MARGARET REID malting. . . Some senior I . managers are management from the top. i*o executive vice-chairmen in hone for an iariv P nri to the There is only one significant said be their in ' w considering believe no more autocratic fLonte do intine out that the' Mr ?ias investjnont. -and: Mr. ROBERT HOLDER has ChancellorChancellor’si 513.0 the company w the reorganise iire with management surprisesu***1** min **the Index fell 1.7 to fut the company, and control than 1 do hSSfijfhadP Iliadv decided* Sf^^aTrliaimian of toe prove a beariSh'jnflu^': tion following the appointment one of Mr. Ed ward es' first tasks in the other extreme of workers' nuni-Budget—mini-Budget—the estimate thattha n ot to meet again until the endf F^rey^ivirtioii engineer- I level of the preminm;. k - and ... « \ of will be to try to restore control. Both are just not . Mr. Michael Edwardes as the manage- of0 f this week. mg group where a Receiver the public sector borrowing • ment morale. sensible.” . . . . . new chairman t . was called in a fortnight ago. been under- Mr. b ndfi« b““ ba requirement has elements lit .the:; * It IS not clear vet hnw the As BMwardes met Ley- On Leyland’s overmanning,, be ,Jf"A 5£ ^Ung the £fL5bn. estimate by package other’^.c^chalrmansWo^wHloUier vice-chairmonahlp will ^ SJGTS IS S *g| be r long-term n by ** - gmaih e, of bis wo maln preoccupations. Disruption started with 1.100 to dispose of the SS, ^S: . mination currently dominates lo sold bef&rre i ?h r i i!iiJLjS lio< which lo be sold befbra ***• *- «- fi-ocial eve, af.e' .hjs i&°ber ~ tm* ihUM more tnana rmh ~ 7 Ih? receh/er cveryassistance marketi^-the clash between -".7 nlb below the let««£*-els of I9T5- bnns risk being && & sssa.s tl %l k in the disdiargc of a?ssshis dnties ssss^raonetaiy and tsurssexchange rate £® w raSwSSMl bain Liverpool. Edwardes was appointed vir- in which and *® in real terms. by the inflows. - we shall solve the spread to Castle Bromwich where with a viewy^ew toj 0 securing the policies.. Hiswi.s deafening silence Aha/th tually over the heads of the Ley- major problems in the country about 300 workers on body shells Lombard, 2 of all share* suryV ffj Der*roRft.T-3 Page best interests wm 0nly confirm the general • The latest move should holders. forecast for -WhtjrMOTlatj :W5Pt 1 * expectation that :some early negate most of the ESOOtn. cutscdts ^ In of the Since the calling deeicmn will have 1978-79 in last' hardly suririYd decision will °have to be taken planned for - receiver, in which problems at da C “““J? monetary Krowth*. ! V oaon this11115 front- December's emergency package. . the Belgian works of the ' 61 Britten-Nurman Light aircraft But the concessions will be IimnediRtelyr Settlement hopes recede subsidiary played a large part, Phrikima*Hiriehnoc miclt primarily concentrated in local could-serve to stinUilattirtK t^nnsimas U in HOUDAY RESORTSRBO' » ‘ tomS fo'r"!^ “u^SStatUlSd' lur^ ‘r«7iled “he ouc'mb “of ggHg^I _ Ind' hoSra"““ °I 'lirnl “when S cMMes58 and furtherfurlh lc ri adiust- fGasQ"a P « stability." now cor- Kennedy’s “bold policy- "Md” Y-das i V'lUv consumtog American I uolcnlmin? crunoirr'iini areonare oo toelnc ^ ^"f Jfdas 5, Hid -day 1 ^This, he added, would take . uid-day AUd-dar time, porationsP approach" of 15 years ago S®?! , e ,UWl *C F 1 e He wen n with Tony Christovher, general ' “C » /> implied criti- This Dr. Burns designed to rectify I . s'entimenL J similariy • JJr- s VtSI TO Jereav thattKi ff«S%SliSh *2SS!!i c t ry tbe Inland a Jaw R 15 39 cism of both Confess and. said, “reflects in large part weak capital investment picture S* ? Revenue Algiers f 2526 787S ijulpio F un inef, cie ot rnc ponce pay 5la? I I S3 arguably, the White House, it irritation or annoyance at what through the enactment of the “ Association, said last night Biarriur s is silLucaroo84 Locarno R 14 talksinlks at the Home Office, Mr.Sir. I a 5 c IS 54 Majorcaorpa F J COCoulduld be accomplished onlv is as Governmental tax at he P lanned to visit the if is viewed investment credit and'£? 5L r5 **l' 9 != 5S{S*i s 13 39 Mala as ,77 McNee also said that U was un-jtoe Fed retained its C indepen- mvopia 13 an Malta F disputable that 1 hr police are| rt cnce from ‘‘political” ores-pres- toto* endear the chairman to the depreciation rules. morning ti n. Sfl -B8 iKjIrobi should S a special case. Police pay 1 K sures. Head of a Government trying While not suggesting that Problems. 34 »« Nonlcs S 13 s Nice c 2n 21 Oporto s IS RHortcs s F 5? 72 SaJzbun; r. 14 21 TO Tamder c il IS Tenerife F ti c 11 5i T«nis f. 26 IS 84 Valencia C n wu»«.Wmw h»m» .tir “Ui'inc -nr. uricr noi tn Keep tir. 187B non in alone meant that Burns ursed that 'an un-! pressing for incentives c 14 Venice C- ii in e E 1.1 " : S hl5 , '™ “ D,res c •V { encourage ; fS /^,n^'e"!n'r?e response w-operatlon. e Sr ^;K- „^re a r Fair. .6—Sunn?. ( S^jS^TS-JSSa jChrurtopher said. ^ d— rUste. ijSuzcrbaH produced a £233 86« lime when substantial profit in the vear United Kingdom 2,391 1,230 After benefits and are expecten lax and extrani dinar*/ will be received m continue as Overseas from Ui e -S ) the main -evenm 312 .\i2 Hem- the surnlii- »»< £721 p bus years of e\ pi ora source for rhe Deferred Taxation -• • non. group until the 652 506 nmpared with a loij nf I2.SQ. ni ' and gas He say, in hU statement anh ilies product- with substantial income. accounts that with development 2.355 2.058 As reported previously. Gill of the Buchan held (in which u an after-tax profit nf Duffus Upturn holds an indirect 4 7-30 per £109.738 was The figures Tor & cenL the fi a«.*nie\ed months to 30th Tune, 1976. St. Dunstan s House, 201 Borough High St. London SE1 interest in I37B-77 against 1HW » now proceeding and 1 a amended for E4S B82 loss previnusiy comparative purposes to allow for- atw*** production expected 10 Telephone: 01 -407 7050 commence Because of made in the Annual Accounts for 1976 the>« for Lindsay in the latter the domination ol and include half of 1979, it is n forei ? *nd a as in ' S0 exchange rates That .?, el ear that the future its operations m durinx" of Charter- Lb.irterhall has united Kingdom taxation Co^waita^ hall will be changed its Stock has been based on a & Wiilians built around this asset. Exchange clay rate of 52% in both International merchants, brokers and processors in a wide range of ific.n ion to the nil years. SyS l. (Metric cable nur trials Limited interests tn additional -eclor. and it is proposed that Group Profit, primary commodities. manu- the before Taxation for the first Uclurerv Lindsay exploration areas will tie taken name 0 r the ‘group be show a »nd Williams changed satisfactory increase ot 13 48% compated^wl®-1 reports pre-t.ix pioliis when opportunities arise, lo rharicrhall Limited. ^ of and B ' £51.89U Bo,h nevv Ren,aJ and Sale business iaRe0." for the first half nf 1377 particular inlere&t in the im- Accounts show fixed , compared awij n the first nine months of this -*8®'-^. with a loss mediate I2.4f»rn (£1 year show a veri of £2.113 A .second- future will be given to 45m j tvfih ue t --urreni increase over 1976's figures a» hall turnruund w.i- further development of asset? ai £0 43m f£04tim) tbia stage althbugh^OJBe^ achieved |ysi group There down Is now year and profits activities was a 57 becoming evident -X-H • C-i-..-! for lhe whole of in the energy resources £67 1 reduction in ne: p.m; were c-tT.nsa. livid Owing to general 1 in the U.Jj. "buid funds in the vear cnmna red industrial uncertainties ll 1* .1 ? : si’.- during # 7*®* Hier the n.»si few- months wilh £659 924 Tall the second half of good the H alreadv has an in 1975-76 this year to exceed the gi-mjji s nrricr hunk interest m Th» meeting produced dunng the h^« inipmvnd, fii.e is at Chartered second half of 1976/ natural gas programmes in .Wnum.inls’ »he drreemrs stale, , Dtreclors expeci mainly as a' Hal!. Mnnr.-ate p| ihai the results Pennsylvania with an 5.3 per cent. HM for (he E.u. on November 23 at show an improvement 11.45 a.m' over those ohlained last' yjafe Bfeandal’ Titties Thuradav October 27 19?f7« lands trebled, due to a combina- London listing a week ago. IP*J^ sro.331 copper-molybdenum . opera - ns.733 peorrriafimi 4.3B4 3.7W» down and carried the price far - tffiiKi ,. directors sav pavout is in line (ion of market and production announces a halved quarterly “ l beyond anything the market British GoIumbia .U .Aow. lhhi slumps at for ?-.: problems: while in France and dividend of 10 cents (5.6p), a net ' . with the 3.37p forecast the bivltfenda «n leaner times. profits fell by 39 and 21 arrangements had contemplated." i third through -Net place- Retained .. .. 76i "sissis must647SS0 I4.S M4a Canada oss for the quarter and w year in the March share mmS? n, * Among the factors listed by *° r - n ntontha .i • motif ni ronlir I act ..oar a total Including additional 01.219b.319 asaa adjustadjust- Biukun*BuikUos mamareriats—rerials— per cent, respectively. Price con- heatily reduced earnings over the . *. , . 1 1 J « t'.K amount ment 1 the halfterm orwwS Kr previous rears £i.225£1.225 reduo- - 7.TI7 «.375 trots in both countries knocked Denison as contributing to first nine months of this year.- September 3v to .|CTJ7fr"_ ..aojip was paid. non in I976>- Canada I\ LINE with expectations pre-tax France ._• Republic of Ireland ... proi:t< of Lankro Chemicals Group p,. , v Paper and pacfcaalnx— for ihe half-year to August 31, Sim OH uiupofJrOOS U.K. 1977. fell by more than half to Alliance and Netherlands u’JS »«i ductfon problems were to blame. Atomic Energy Commission, over the nine months to Lornex is- suffering from the J £4m.iK)u compared with IMS 000. Australian French with- Share of assoca...... i.w< 6ir Reorganisation should help reduce and September ore 311.76m. f£6.6m.) In the metal .price while proi on turnover up from £24.07m. to IU iaUJ Dublin Gas U K. las 5.979 5.T5I this in the second half. Analvets drawal from the market, rising against 830.43m. In.. the first tion has.fallen sllgfttly-in'f Overseas lax i‘52 are expecting no more than 127m- costs and delays on nuclear re- three-quarters of 1976. with a lower grade- of ore miif In July the directors said that Nei profit -’S 3t hlllfWSlV Minority Imeresti 128m.. compared with £27 96m.. processing and recycling. The loss was foreahadowed by The Rio Tinto-Zinc: groutrtr-l they expected a significant upturn r down midway “i7 a Attributable 74»5 7j;7tt for the full vear. unless the house- Until the Denison statement, the Asarco chairman, has a 67.2 per. in thp uppnnr) half hni nrotits for Reflecting the serious recession Mr. Charles Algom « same. • will close ataoj time exeaftzi b® . ". r The Application Lists for the shares now offered will open at 10 a.m. on Thursday, 3rd November,. 1977 and ~ii2 SSI3+83 358 si.. . Sa Easl AlnlJ Tsl CTi |U0 0 U9.W - SUS35S7 6*4 • • Fidelity Pae.Fti.. 61 5J.S+BJI 3jo Lnlv EqnrnTT 132.6 3 15 Ccnsmwnj Share" 144 9 1552 -0.J JO (aw hi I Dir FYd tot M 10 2Ji -Cs:«C« Piccadilly I'nil T. Mgrs. l.td.V Ntfjd nib. Ociobnr 27. FidrlUyWrldFd Trust 0.8 27 7n -0J 3l'SlL91 -»«! iDLGr’l 611 6631 Fite z Krruelex Mngt Jcrary Ltd. Gnuptf (axg) The T«-- 568 611 *01 641 tosopr Fidtllfi Ster KarEaCrreS - KBS IbMpra British Life Office LtiLV lat £«L'"™* henesAiZnml.i. EJ 8* ' . TO BozM SL Heller Jenrt -EhqOI-flM7Tm \'nrth ' 6B t 731 +02 645 Extra Income . . 133-7 360 8 55 Aostraliod Selection Fund Anertnn* IW life HuPOP- Brcnnpotod- Reliance W 12* a*n. lit* .Tunbridge Well F. Kr C8S21S271 Sciiw BlPacllic' £563 193 - Ins Aecnri Small i.m> F.l 363 re: 277 . . ._ 80 .Seprtv~; 12 75 11931--ft flmtTOBd USTTt 711459 e -“ 1328 l<3i 1-4707 381 OppntunlUre. inure Focrelex 7 ?|(n ar grtllxh Lift _ .150 53-jid -0 J! 5 18 lr.U Exempt +o«J Capital FumJ S3 2 -01 446 Martel i,oJn»h 6 Senes D (AmAU U248 J-S35! - Kc'Selca Inti U-. 9 . Fd 85.7 93Ae 521 513 !27- 4.48 Ftrellw-dcB«mlna:»d Fnadr ; kept Si.. ST . , .'-s'M.h 8.81 OaHnnln. Sjdnej WI-: _ „ W6 M W ... J 4 8? '.rilnU.Tu iAr~ . m: Z8 -Dll 162 lift. Eras. & 535 57- ? Kqirin Europe . 3 M faT»ilal+ 1230 1381 Shares- - fir41*5152 Channel 2 ?5? “!! I- BlKildml- .. Prtutc Fu/rrf 4S£ 486 " 1 ' i 25 474a J 74S_.tw *3 JaponGih Fuad. $&» ;. fhann>'f Is'aitrt** |14S a I5o0j*3_j 48* •rrrees Nci aarot islur Ocl .l First Viking Commodity Trusts . Ore 2B. None Aeanas day TAn. 1 Gibb* (Antony) L'tift Trt- Ltd. 53 9 6*C +(51 449 “ 1 135fl| - Mrs. romaiihliD" |l29 9 . TcchnClinjy Fund b27 66 6k 37] a St IJCCTW « S . Douctea. ! n "d «E4 4«P? C«t*A»»«*^»p *?12S TT Toon 13*3, ! WTO ZJ. BlamJieJd SL . ELTM r-158R4in 51. Fad.lsi.***^ . |«2B5 TNL 252 300 Ldn .Ifli Duohor ft Co. U.I Brown Shipley Co. LULV la.A-U toco 239 Banqtie Bruxelles Lambert IVirui cn *i«rt £ -MVl 2B •'•iict 21 4n & me* 190.6 43 7 BOD American Fuad. 53, Pall Mali, london. SW1Y 6IH nioaOTer: MngTB. _. B34 M(1 -od 3.10 d* tt Recent B 1000 Bni»ala IWerkl.i nnalincs Founder* CL, BC2 1-000 8MQ ''AXj.Orotrtbtt— 062 39j! 460 2 Rue T*i (37 a 39 1040 Ring ft Shim a on Mkt-v Fn. vil Cm . 344>« | B(5 CidL%OcU3„ r 1 a u, ujuvC F«rE«a-_|S.: Z4.0. 030 FtCfiUi Food IF • IKK, 20131+10) • 14 1 Practical Invest. Co. Uri.1i I.VBC) Fnt.Vk.Dbl.OpTU B20 T?c! -ur. *00 1 Charing Cron. St. 1 Irllcr .lerw? I Dealing *Tu*x. rt'A'ad. Lid. Do.(Ara.,Octas^...t 434 Thomas btreef. Fchleringer iDtrmstima] Mngt- HS 44.Stoftn.buiN Sq W(*1 4 2RA ni-flzinqn 1 DqurIio iMtf of Man. Exempt Set*. 1 | • . 5Z0 BrMTSWrt. I af London & S. Ltd. Meming Japan Glh Fund 'Jerreri flOOO 41 laMniteV...*! Heitor. Jcr«re Gwelt ulohnPf Practical Or) =B._ 11411 151' 6 60 Bk. America Fund S.A. ]S44a8 .. I 10 M I ( 1* Trust. V, 1 . 1117 Not. +>! I 8 AS ?™ |,t GillTruH.lo Mi 40 10 SO SAIL 2 . S s| 40-00.006+° Victana Si 01-8902319 37. rue Notre-Jlwnie. 12040). I J64 __ ZSS 1. London Arexim Linlti- _ |197 2 ZU. +811 660 .EC* Luxemhcurg - - .Financial r Wall. ECJ I 48241 OH 36.3+01 In:! Gert. S A O L Nro Z _ . Si S8 79 01^ . -. I WmawteTFund 1-005) f'lna Jap.Oc1.2S , 6.46 Shi dr SLS635 — | 51S3682 General 439 Oct2! 1302 3 74 Flnt StreitDE ^1452 lnll Fd. Jersey. ... WO 1M< IS): Do ' Provincial Life 1m. Ca. Ud.V N<* a*«u talus Ocl 20. '*3* iJ2 £?****teem* - ... Aram CallL'nli! . U54.6054.6 li 1.74 Fint toll Ufa tolnl F(* Lzmbrg- ll) VS i i Gcgyt "•aa 4n VB htrecrog 4« Med dealing Oar Net 2ET. niriwpfKine.e.t'i 01-347 asn , 'Free World Fond Ltd. HiantncoiDe sa^if 414 Prolific Units ... [72 5 T7 7. 370 Barclays unicorn Ini. (Ch. Is.l UtL 2.40 *1 1 Buirrrfield Bldg. Hamilion. Beneuda Schrader Life Group 1 « LT.X.1. Grieiesm Management G». Lid. Kirin wort Renwn Limited _ 2Xftc . 3.45 Htob Income . _ . |ll2 1 120 ll -0 6! 6*1 Croai. St I. Charing Heller. Jrsv 0934 73741 30 i 5US16207 1 — Inrfax “ VAVSopt | Enlerprlstf Him v. Ponwieuih 1 ;h : 2SJ_ +ai « n f»GreEhamSuEC5P2Di' 20. Fecch-jjrh St. EC2 01 8S3 muq W* . (TreiieMtoWM* B4< 57J8 .. I 415 Prodl. Lhiit Tst. (aFbMci Eurlnv-Ht Lai. F 481 latoroadaaal Fnafla *i£3lnS Banroaoctse ei?3 22s 71 Mngrs.¥ UBhteiiarTmai- .hiSjn uad-Dls) *509 Management Ltd. Lda. Agto. 1,W i-6031 'Aetum. ' C.T. 16* S^TS+Sfl 2-55 Birit*. S3 8 Holbcm •Sobjtel to tee rod -ithholdlog Gurmwr Inc M5 652« 7 93 CEqailr.. . |1D12 K Co-'* My- - 2J.S40-U Bam EC1N2ML nMCSEPSa tros. 7 570 Bteix ^FinrtiuT+Cireu^ Lr» dro Accum _ _ _ . .. . ti er HYLlrt 20... 1724 rVudcmiA) ^ Ed Po _ 73 8 7* 4< 3*3 SFquils' . llieJlllSJ ss {124 S 137 5id ~0 »l 341 ** » *75 Bi3i ... li* 15.1 'Arcim:. . Tri.oiess tlx: tessm E«rt ... I IFlvcrl Iqlrrei).. _ J 4 . I»h — 15.4 BEd fniu> 1543 ^ , ... . „ .. KB Far Fd. srs* j* JO 31 Barclays Unicom In* tl. Lid. 47 lone) Endeavour . 1527 O. Maul r^muKBIntl Fondr ana >1 Flow 1 IMinl Imrrrrt.. ..1015 Scar— Mjs Ocl 25 liter Mwiageinenl Co. Lid.¥ m CaH*da life l?nlt Tat Mngrs. UriLV ‘AcwaUniS^ 1 fJJ Qu St- DoagLte SIS25J4 063 (Manac '^1 I12J6 MS 1, »SvriW- K.9 oaj’IS '^7 I Tliopw | o jj. 08244858 ”-oBk ITb+t^T sT/RroiUn Orato S&jPgli21?*™ -3 ?!!• «ui.l~ .. . - — 'JmrMr Dcl Ki» 4 TlicStk Ev.-hanje, .N :hp fti^anai S16J4 SManneed nos 9 11 ? 1 is E02 Ext. . S' pulr. .KM.76 l6.Hrf4SJ.-l 1 GO'!*- U6 WHlghSt,Ponerj Bar.Hert*. UnlioroAmt. gj “IS J. 220 AndwrGIh Edge U-7S , a 5 22 Too 438 QnodrnrlCen. Pd. (115 0 118On* I JM '54 Can. t»en ttm. Do AmLlOii- 87 24 5 +0 . 2 40 Anchor In J»«vTs«-.&* 23*1 . 4 71 ?:ll?.fL"fr 5?.V Mi 3 tn.&Brsts rtcLS*. Ill i hllenduDM, 1" 55__ 2ft 1-1101 471 3 555 157 Quodnuil laceme D2A0 127M...I 768 Do Grtr.PKlflc. — 57 0 613 -D.W - Anrbor'B* Unlls pin 882: ... 168 J. Henry Schraderhrader WaggI ft Co. Ltd. Unit MfiqL Co. Lid. to? . 3 « I'Accum * Units) . . |H2 2 57 loc«ae. ... 37 -4-0 •KB act linnnnn pacing ajenL* onl; Inti. 40-3* . .. 162 36 bo. .*j 879 Anchor InL Fd pL‘SJ7S Jtoj I IS*. • 1i<-arwl rte. KCr. C 2 (»J .*« 4000 EC3VMA. 01408 Tst tt.| wn. dS *el,a,H* t,nrt Do. [.of Man — 519 . . uai 724 Guardian Bsnl . I G.T. Bermuda ltd :i."hej»e SOel SII I ft 510*4 ;-PL«l 2 60 taol.puut 362.0 1 7.90 Ex Voit” Mars LWL Do. Mans M° real .[235 2531 -OJI 1'0 1 Rdionce Hie . 44eilB. Ki OMCEaci St. Lloyds Bk. iC.I.I "St*™.TT ,"7T "«»“« H.e.TonbndBeWeJUKi7 onbrldBc Bk of Benunda. FVont Ramlla . Bmdi IVT Mgr*, Tralacar ‘iepL30an srsioj ?* I — aWlSSinlrt ! I .tii 78 1 Capel Brr+ P«tf FdOel 3S SI'Ssi 48rt . 110 an Oct ST KL 413 UII 347 Securities (James) Mnxl. Ud¥ r O Pm 104. Si Helirr. Jersey 05T-J 27VU M _ Ltd (aHel -«a»rtiiiiiT«. «».°S5*Si £L'S611rt . Dr.rlmc I'ml . is-owiilJU ir?1 .', ! 16 iinoLdnTO*aa Exeirqn Q 124 0^ . I SSI Fd. Ocl. as 6.6* Bank of Bcnwda iGoornarrl Next dealing dale Nov. 2. _J117 Nippon U HI- CM A! be Ka •.'epper Tr m«_ni»t 110(5 10M1 tg’Nth American _ Price on Oct. 17 Nexi deallnj; Nsn. 15. -Stack 31-33. Id PnllM. Guercscv 1 E* Split Aucf. Ea lap |n
Bans M3 732 fGItUMmi Gtd Dfiosll Fd. _ .Wfc.8 1821 . - m . J Coov. Drp Pena .... 1549 1094 eintl.Usn ^AocumUnJtrt Mixed fd- ll3*l Zi4g+ft*| - ' Solar Cash S .ta Exchange Ave. London EC3V SLU. Tel. 01.2S3 1101 Sehag Unit Tst. Managers LU.9 (a) Moo. MkL Pen*- . 1867 .. .. _ zS Solar Managed P vAceum.Unlui.Zl *13 296 _ hs Guide as at 25th October, 1977 (Base 100 at 14.1.77) TO Bm 511 . Bcklbr>- Hse. E C4 01-5365000 General Portfolio Life Ini. C. LtdV Solar Property P... Fund «f Imr. Tsu [54.0 NEL Peusiona Ltd. ,- Clive — 350 Solar Equity P._._.. Fixed Interest Capital 133.79 (Aecum Uni LI) *4 8 00 Barthol omew CL. Waltham Cross. WX3I97I ’ 716 Mi Hoc Coon. Dorking. Surrey MI] Solar Fid tot T -Clive Fixed Interest Income 125.90 (leneral 14C5 11 Portfolio Fund I 1321 [+* — Solar Cash P _|W3 (Aeram-Uallaj nU-MnJhj FdAcc QDO Nelex Eq Cap IM.7 _ 2394 Security Selection Ltd. — A Portfolio Cap)tsi ._|*23 *3.*| ... J - High Income WLi PropJ’ettAcc. NeietEq. Acettin. _ [116 J 1 > Nelex Money Cap.. 160.9 Son Alliance Fund Kangmt, Ud. r Aecum Utau) 160.7 7.68 B The Crewenl Mnwie*. EC3K Zpi. 91 -OB 017 STple Inv3 en_Acc_P903 Gresham Life Ass. Soc. Ud Nelex Mffia. Arej624 Japan 1194 2ZS Um-lGthTatAcc n K14 2J21 .. .J 215 Sun Alliance House. Horsham 0+3354:41 y.- CORAL INDEX: Uoie 510-515 Magnum 367 2 Prince et Wales Rd. B'moolh. 0902 767853 Next aub. day Oct. UnvIGtbTMlnc . — 1M4 [193 KM 1 313 EQLFd.TuI.InL Oct_ 12 [1573 1634J I - lAcctnp.UnM»l 226* AMEV Life Assurance Ltd? C.L. Gilt Food JllftJ 12*31 ... — ) IdLBil Ocl 3...... | ai 28 ] I _ MldJisnd M94 646 Stewart Unit TsL Managers Ltd. (al Aims Bse_ Alma Rd_ReJ gate RrigaurilQL Jfcw Court Property Fund Magra. Ltd (Aecum. Unit*) 2427 45. Charlotte S