- j -. . 1 —
The world’s most
The essence . . expensive feminine twist suiting cloth $ F> Stegance SCOTLAND LES PARFUIWS No. 27,424 Thursday December 1 1977 ** iaP TxT'T
FrJS; CONrriWBifAt. 5BJJNQ IHICES: AUSTRIA tfaMARK grAJ; FRANCE FrJ.0; CatHANT DMZJ; ITALY L500 : NETHERfcANDS FLU; NORWAY ' Kr.3i5 yORTUGAfr \ % SWEDEN XrJJS; SWITZERLAND FrJ.0; HUE lap CARTER PROMISES TAX CUTS NEXT YEAR heads U.S^ economic for poll index shows victory om Srtan Hunter .BY QUENTIN, PEEL. JOHANNESBURG, Nov. 30. rising trend IAN HARGREAVES AND CHRISTIAN TYLER THE RULING National Party MLR IN WALLSEND was. beading for 'a crashing victory In the South African BY DAVID BELL WASHINGTON, Nov. • THE BANK OF ENGLAND General' Election to-night/ with 30. stepped in prevent majorities gained in the yesterday to its by outfitters at SwanHft ter to persnade workers at otheryards not record its first ersuits to.be announced. minimum lending rate from THE KEY index of leading U.S. it until tbe United States -begat the £50m. . Polish lost because of their the Gberal Progressive ..sfag again tw» week after own overtime Bnt economic indicators, which is de- 10 cut its oil imports and oihei Party . recorded the r %. j officers yesterday appealed last Friday's jump from 5 to V Jipearedto be having soipe ccess last night Federal signed to predict future move- countries strarfed to import more] first jain In alley urban seat. ment he Prime Minister to seek per cent Confusion oyer money in the American economy, when their economies began to itewards at Govan Ship- Bnt pipbuilders' demand mainly among steel Early results, suggested an workers ’ are rose a solid 0.7 per cent, •tution to the strike, now rates was reflected in differing which was told yester- for oF in improve. disruptioo-free at stake in the short run. increasing polarisation of the October giving Its a further indica- t imp third week, as views.- among banks on their . sould build one of the , ... of the Polish ships aU^whiter eTeciorate, with the He said latest estimates sug-] “ . .. In the aftermath of the out tion that the economy may once , ' Kers. went ahead with efforts overdraft rates. Page 16,500-A bulk carriers forfeited were - - ' gested that the underlying U.S. -Back of the road . ' middle.- New again be picking up steam. by Hunter issued a state- to' thw deficit was about $2 .4 bn. lain the support of other _ . Swff 3 Republic Party soundly a month! GILTS meat Tyne’s problems by Wri Henry Wilkinson, aK>ear*d To-day's encouraging rise • closed as much as 1$ At the district defeated in.- two important Although there is still coi the fourth in 1 ^ou, the Tyne. a row—coincided upresentativea of the National ‘‘W ." »«? the dl SwVu-.jJgJ-p seats. , siderable concern about th| Govanfts already started work Union of n^ineenng workers. with a firm promise from Presi- jciation of Fire Officers, most ©ntheBM reversed early fhUik tional pay The extreme Right-wing underlying strength of the U.S.3 on tenW0Q4on ships in the con- between dent Carter Ot a Press conference * •, .^ Herstigtc Nasionale Party rise whose members wra acting The Government Securities! ^ 0{ not seem to be lost themselves steel-1 economy, the in the index! tract. and the that next year would see “sub- f sva failed to make anv impression of leading indicators is encour-i •ivisers to troops at blazes. Index closed a& 73.99 to recover 0r Hunter. Mr. Ken workers who belong to the stantial** tax cuts. And he also Airlie, the stewards* on the National Party in the aging news for the Administra- ested a meeting of Govern' 0.25' of the (L58 .lost in .thp. Mr. jAmy Griffii eputy chairman of Boilermakers’ Amalgamation. pledged that some of the more added: “Everyone early results, losing its deposits tion. :t, employers, chief officers, converK. BritisL _ P d controversial of previous two days.- 11 a,SD emer e& that up to the; parts the ?rs and firgmen. involve should get round the radio jint £w JaS’ night tiiat S in te first five seats announced, Administration's tax reform The U.S. Commerce Depart- table in order to giving the ruling party EQUITIES closed at :«r neb* egoiiSng some record ment said to-day that it sug- h. possibility of a produe- • fit out the ships oo£e they are package would be postponed. resolve their problems in the given e Tyneside yard. maiorities. gested industrial y scheme- as a way out of the day’s best The FT 30-share built, Govern- production and . , , , _ believed that ffie interes of . the . shipbuilding u The results showed that ‘deadlock was - raised. Scot- index was up &fl at 4SL0- for a n scfcsed that the Corpora- meat, British Shipbiilders. and employment would improve in ' indust ” b’“ fl generally the tnrnont was low ' months ahead. • " the Yard gave a warning to two-day gain ofl&5 Hon the Poles yesterday their own management were Bitter ThU love may be little more ' in safe Nationalist seats where 'on’s 6,000 striking firemen t0 e final specification In the first three months of than a Lttempt to bring pressure, i* bluffing the only challengers were President Carter said the size prosecution if v volved in . . they faced • STERLING dosed 22 points the contract . this year, the index rose an on Bi sh Shipbuilders to en- their shop of the tax cuts could not he de- ’ carried on collecting money higher at $ljgl70 and its tcade- agreed date of next average O.S per cent. It climbed wt * counij negotiations on the pay jj* ®tewards commi Mri Dave [ termined until Congress had com- * Svran Hnnter workers 1.9 cent, in the weighted iiKloLrOse to 6SL5 ihua came; Bill per second quar- differe ials issue behind the i sajd pleted work on the Energy their fighting fund. *E?Back wtnj -e assurances ’ , . about ter and 1 per cent in the third. 53^ The dollar continued to The outfitters ,„ for this Exports curb —still the subject oF bitter argu- overti ban. . wor ormally on the Polish trouble gain ground. Us depredation demaiA about £7 a week extra guarantee wheflB e I ment on Capitol Hill—and the These increases are considered ^ eft all the ships would The West German Cabinet narrowed to 2.45 frost -&48 per to b them into line with was. I think they fare holding Social Security Bill, which pro- a clear sign that the economy necesiar* be re-allocated. ^ . , yesterday decided to limit pone box calls boile ra. a cr on ea vides for higher social security is moving in the right direction cent The yen w*s?we»ker. Another yard being considered ? £5 ' T ^;j real Be ae provision of Governmcnt- contributions to strengthen the even if they do not compare with tS'v" from for in Pages The‘-_ were suggestions. a fch#e the £U5m. Polish ^ raycostSp importance of
• rnllutpin. of the. most promising tor lur;
hydrocarbon ’ hire truth: Strippers in diseepwries. Rage A SNIPAT £2.95. Racal deputy chairman resigns ch
2 Financial Times Thursday December 1 *5977 LOMBARD '5INESS AND THE COURTS i, Some people The Advocate and the bananas
like it here A. H. Legal Correspondent!
: ‘•iher 8 wh BY GEOFFREY OWEN THE ROLE of the Advocate practice often means the deve- Henri Mayras on expensive branded product by implied matters were not views it Talking to me the day General of the European Court lopment of completely new and analysed in ...fnn on deploying- - - vast-- fifopria 1 supported by any and before he delivered his Opinion H-- -. ;2*acked resources for advert! and in particular the gives Is something of a puzzle concerning employment, November 10. in the United Brands case. U. The - " .I*. ' MR. GEORGE BALL. Former volvinq factory closures." Just trade patents trade marks the EEC Commi-^- cision other,w promotion. T numerous examples what it Mayras said that the role or the Court ta four sucb officers at and Under Secretary of State and as European companies were of I*-’ _• iiosing Zn its application 4jnited claims was “heavy. ce inH oc oa-K as well as all sorts of agree- December It. on Advocate General at the Euro- now axx investment banker on flocking to the last bastion of present and as. each case reaches enterprises. on United Brands - 1m. Brands argues that ‘‘ThgAdva- a number of uffi reports, pean Court was "to the was tins week, American investors ments between be Wall Street, re- capitalism, so Court it is sul 1 the assigned to one Yet the complaint that there units of acc-’- about cate-General’s all-out attfck on rather 'Qian on on5 guardian of the public interest.' • parted as saying that doing in Europe were filled with, gloom Advocates who- : it to the use of trade xnaxjs and made by both sides the this business in the U.K. was “very about creeping socialism, of the follows is no possibility of challenging £550.000) and r«£ v~| If is so, one should not >'::n posi- advertising by United Court." The company that difficult." There were labour dis- The recent change in mood the written and oral proceedings any new elements introduced cease abusing its c 4 Irands complain when his conclusions pates, high tax rates and “ a very may stem from the realisation rebellious trade union group that Europe is simply too big a that by and large cannot control market to be- ignored and that, their own troops.” Mr. Ball despite the social and political {spate But many -will look jfe aion's decision, and moreover . Beilis lawyers concerned with _ . - the an impartial adjudicator, . . „ ^ —the Brussels . Ifsted these problems, together anxieties, there is money to be with facts and legal issues, context* ~ and representing United Brands in between United Bra:--' id the Court for guidance on Sactly were quoted out of with uncertainties in other Euro- made here. Having reached that ,h,“ ,H,t ’rha r bis Opinion is a recommendation Commission. .’a-: ™ pre- this point~ The Court first United Brands introduced pean countries, as factors con- conclusion. American companies its appeal against the EEC M. & unto! aoiSiStioS fo? ictrng find It necessary to the application by saying tribufiog to the great upsurge of have then weighed up the rela- to the Court as to what the final Commission's Chiquita decision sented a broad cam's V of toe ISS well role of brand namisltrade was not its purpose t« com- forclgn investment in the U.S. live attractions of the different decision should be. —were quick to grasp. Article the world banana I cm wSStfSi European countries and the UJC Court’s Buies Pro- as dealing with with marks and advertisingJefore ment on the general tone Now there is no denying that The parties in the case do not of ‘ deciding Advocate-General’s submisMons. ^ COTDea lE ot on the which the foil's whether thesjwere this upsurge is taking place and ? normally have any opportunity cedure makes Possible for that some m“l of their ' ,s L°w lab0 Court to ora! proceed- decision was not cor.-.-T- abused in a way prohil#! by nor on the fact that he did not European companies , “r ^-oPfn Ho^ costs are no doubt£ a factor, as of being heard after the Advo- _ eojrfter. oftte which are makinc takeovers logs after the Advocate General Moreover, he acL , the Arride 86 of the tX of -« em iftaSff ftTrte* lhat or ** North Sea oil. but they have cate General has spoken, and fundamental arguments. putting 5o MW fXSS has dellTered Opinion. It is issued flying Rome. Tho a, Presumably realised, from been often pointed fundamental ,§ Advocate is in fact iclliu-* in the uJ. nSy be infiSS ?° this has to ^ In as far United reproach contained in these Americans, “optional course for the the dispute (proviso (Com- as Brands ti,e G,##* h in part by ,0 fellow a weakness in the procedure, “ w at he considers to the desire -to . as application words springs ftnm the view t0 take implying the need mission is found w Je Us for a reop^of [>e find e more congenial climate, not only by commercial lawyers, the the efficiently, pro- power the proceedings claims tife the that the Advocate-General where unions understand tones in U.K *0T a °?lni°n “d m™h r¥*? rasei follow that the what but also by British Government . W*? - is a kind of lower court Judge ®ta ,y and w,ttl virtually no delay. t-’ ; priee Advocate General stated ilfacts entire cap itaJ ism js about and J? tawvpr^ But in its application of the Commission procedure of the Court J using “ matters which are cont»y to who should impartially marshal worker .. filed last Monday Brands j s }„ need participation i& re- . United brackets for coraba."^' of a fundamental aarded by most people Such critics feel that member ques- the evidence submitted m the the facts and legal Issues and as an out- m asked, the Court to take this their market pmker- a revision. OUy that would Court,” offer his judicial conriu- Governments should be given step or “ order any other mea- tion of whethe? an litsxde it is on thin grouml The then onablc the parties, in this case easy to square Mr. Ball's* Changes of mind interpretation of evidcu«is sions to the full Court £ ah opportunity take a stand sure as may be ,311st and con- supplier has theyiint profit a the Commission and United matter of Some disinvestment is still on any new arguments or propo- -vement in the circumstances of from different prifce lev«-_ exist- _judgment- Aitkin However much one may sytn- Brands, the right of reply to KlSiv J’Sn.riS,.'Ax i’SSSI v - fairly wide limits. lace - Ooe of **“ irritat sitions made by the Advocate 3firket; pathise with this concept of the arguments {5 !lJ| gK SS!^ SSKSi p the case.” ing within the Coauncr bis without having ing habits of A erican conglom- particularly legal. However, Advocate-General’s role, it or so H't^seems that ® General, when the The application is in fact a and finally whethi: United Brans also is to ask for a reopening of the i°‘ erates is tbat tbey are prone 10 been asked v-' : to claims that Henri ?JaSa f Court has to inter- forceful attack on the Opinion ot at least monil? 4s. the .. A&cste not how M. Mayras, proceedings and a risk of further f change their minds about which dorto notL? shareJ5~ his pret EEC law — and this in delivered by Advocate General transform a cbeaiTi'rur. fxo an General stated as~; ia# or steeped in the French tradition, loss of time. pessimism. bits their sprawling empires t»t j should be regarded as central or IN6W mOOd peripheral. In 1973, for instance, one such ^conglomerate, Cham- Apart from the celebrated pion international bought A.W. engine plant which Ford is to (Securities), a fast-growing car- build in South Wales, a number Ferry off pet manufacturer, but it now Point 41b Setter ental art brings of American companies have wishes to dispose of it; the new 'been quietly—or in ooe or two management at Champion has a cases not so quietly—trying to very different .strategy from FROST put paid to any hopes of much impression ia three out- grey Town Crier lure s (d she buy up medium-sized British those who were responsible for racing . in Britain yesterday-— ings last season, caused some- seems certain to Jo c)-J.--f with manufacturing businesses, some the A.W. purchase. RCA's wiping out the meetings at Hay- thing of a shock when making out, perhaps, belnd;£00(3 ’{lough of the bids are listed in the dock and Sedgefield and the short work of his opponents in to. concede weigli Ferry at Sotheby’s changes of min'd over Oriel — 0 Foods table. In several cases there are —buying it. trying to sell it Lancashire course is in danger the Remembrance Poppy Handi- Point special factors at work, but. taken three years later, then deciding again to-day. A decision on the cap at the last meeting here. HIGH PRICES were. at and a scene of smiling cardinals, «n Zobn sold for IF -racin'*- is Dod-j’c : _ Hay- fSJBOD -to a together, they reinforce the im- to keep it—are another example, ra g dUC wU1 be Sotheby’s auction of Cl ital “The Chera Birthday," by private buyer. Sent up T0 leaders dock. I expect to sh the ~ pression, which is confirmed by Such chopping and changing taxen at^7^1 a.ra.T pictures which yesterday Andrea Landini was on target at A j n g nal ^ por. promising and pofujiy pair-cased London merchant bankers, of a gives American business a bad ES2SJ30, and private £12,000. However, the other two meet- lorn River gelding, a 25-1 chance, rated Within the 4 a the chronometer by Thtmu significant of since, it alter change mood name, but does not the ings, Warwick and Wincanton, were much to the fore. A sale of clocks, skeleton shew fetched - SZJSOST _ proceeded to take control of first division . of thjv.'e^ trhaoi A say, two or three years ago. fact that American attitudes to- Dutch collector' gave the situation and found no diffi- Novices HuftQe. clocks, watches and barometers London dealers,. BoMnet; Araericans are actively looking wards investment in the U.K. (plus the 10 per cent- buyi Christie's yesterday totalled late 17th century culty in beating the equally ... at walnut to for investment opportunities in are; in general, more fav- “ much . un fancied Gay Signal by four mium) for Rotterdam— ..clod: went to nn Ami the U.K_, whereas few years ago ourable than they were. That HTNCANTOX : a RACING lengths with the heavily backed Scene,”, by WiRem. Kt dealer, Selttn, tor £2,700. some of were inclined to does not necessarily make our 12.45 Snccesso; them Valiant Charger — while a German private] fer The second part of a further three ^ ft* Efelya write the country off as a lost basic problems any easier to LI 5-—Sonny S4ner« bought “ Servic BY DOMINIC WIGAN lengths behind. Morning by SALEROOM Library, covering th»jmthon D cause. salve, but it is nice to know that 1A5 Ferry P in*- Cornelius Springer for " — to U is being sold hyagbrtstto** There have always been some the Americans like it here. On 4 lbs better terms this 2.15 Feltisiiv The price 'acquire — same fiY ANTONY THORNCROfT yesterday and tCKlay. ^She first American companies, of which ,iMr onj afternoon. Ferry Point should 2.4S—Harry H itpor Quelle ” by Hans- Thon ' seem to be in theiue clear,ciear, anaand i.«,. . day's total was:£7L39iA"flit Cummins and Caterpillar are two difficulty in again 3J3—Silent Bi n “Les Vieux Offtriers,” hs . edition copy of wgagto/ti JDl* “ ' notable examples, which have SOME US. BIDS IN 1977 for course inspections.“JS- Francois Raffaelli course de ls Metbodrpraieiifed admittedly, has since HAYD0(8v a been investing steadily in the gone one 04,000. - Quietude ^hy 8®-, A eari < Evelyn Seagram/Glenlivet Distillers . ? !2. w John by Sir Ricbart U.K. and do not appear to have At Wincanton. where there is better. 12J0—WHWn li. Lawfw Levy-Dhurmer made tb SS? Brown, sold above ' estimate fw St. Regis Paper/Reed and Smith marked shortage .of .runners The Ascot-trained Hill. •- 1.0U—Treble raj been greatly affected by changes Sandy . sum, and “The Young ^ - t Fruehauf/Crane Fruehauf with a total of just 26 compete -whose three victories last season V' 2.00—.‘Vlayhem ”, in sentiment back in the U.S. f hoy .“by . Joaquin ;Bas -^ssr%ss^sassi ' . s tors for five of the races, the included .1.80—infoxJcat^rl ss But others, especially those which American Standard/Clayton a victory over this two Soralla^ ;sold_ for 2r & wBtton MPy °f Jeronimo Gtrava’s had made rather ill-considered Dewandre feature Tom Caxton Home Brew miles course and distance, prn- wooded -landscape by SSr wife ^?DutcS^wS?urt Hurdle has. in contrast, WAJRW1& h^T Llbros de CosmograpWa. A acquisitions in the late 'sixties . duced by far his best effort to Cornells Kdekfcoek made hmgpase dock by Paulis Bramer Diamond Sham rock/Lankro 1.0ft—Main Chw-; of 1X Pamphlets, prphably and early 'seventies, began to attracted a worthwhile field of date at Ludlow last time out Chemicals 1-10—Salsa • \ bound for Jonn Evelyn, sold -for get disenchanted with the UJC. 13. The two who interest me when defeating Winscornhe bv Colgate Palmolive/Joseph Terry - £2.700 to Quarich- A taj -a and with Europe In general most are the locally trained two lengths at level weights in 2JM)—Allied Carrts WINESALE Carborundum/Weyburn 2^0—Virgin Sb»- Lodovicb Guieciardlnt'^ ^CiRldra during the period from 1974 on- Ferry Point and Sandy HilL the Knight Frank and Rutley 3.00—Diamond £gc Universom went to HeJundnd lok wards. A series of disinvest- Engineering The • Les Kennard^trained. Opportunity Hurdle. 330 Glissando C2.000. , ments took place, sometimes in- Ferry — Point who failed to make -That was a fine effort by the — “"At Sotheby’s Belinda furni- iordeanx ture and works of fert sold for £44^64. with a hlgaest price tit £2.300 from Allen tir a late MHh TV Radio century oak side cabinet, whitest Christie’s other teleroom, » South Kensington, farn4mre#W^ for- £50.739, the best price' hflin* Peter. 535 Ivor the Engine. All regions as BBC 1 except at A00 The New Avengers. -5JS CrosSnnda. too Hewn West. 4J*t BBC 1 - £8.900 for aTCazak h®. /A - Bepon W4I0- L3Q Tftt -Ple-jce. W 5.40 News. the following times:- 94)0 ZOO Odd Man Out. iorian lib: t indicates programme in Mr. aad airs. 1J0 Ota So »:•* Selwyn mahogany book- 535 Nationwide (London and Wales—4A0 p.m. Crystal Tipps 920 This Week. black and white. FroKitt. UD Charlie's A:e[s. »J5 case sold for £1,700. and Alistair. 4.45-5.00 104)0 News. “ Murder the ” fop^ South East only). Bobo] Bach Magician c:«te fur to American ie of the same year went for idevtsioni. THANKS LAR6ELY Phillips disposed of oriental (2) MeUtith Matholwch ! 5.55-6A0 10450 Time for Business prg. tlLOS Tbc ite FUm: 9.41 ajn. For Schools, Colleges. 6.20 Nationwide. and Continent^, buyers, prices of £155: A single bottle of Chateau ceramics for £87,820, with only Wales To-day. 6.45-7.10 seated by 12.35 pjn. On The Move. 12.45 Heddrw. bnu Montrose brought three 6.45 To-morrow's World. H*45 Andrew*. _ Cynwa/WalBV—As la’ >jenenl leading Bordeaux at yesterday's 1869 £64, 2 per cent unsold. Woods Wi'son News and Weather for Service except: L2D-U5 p.ir News. 1.00 Pebble Mill. 1 A5 7.IU Top or the Pops. P-iumUui Sotheby's fine and rare wine sale bottles ,of the off-vintage Latour bought a pair of Arita blue and Wales. 11-30 Pub Entertainer Of The Ke«i-rddkn Dytu. 4J» Heads and Tails. 2.14 For Schools, 7.40 Citizen Smith. r m auwr. battles xjmjs ’W&ubetlma? AJO-fc: were distiuAly high; including 1914 rose to £270. and two white jars, circa 1700, for £2.200. Scotland — It £0-11.50 ajn. For Year. y usod. Colleges. 3.53 Regional News lor 8.10 When the Boat Conies In. for vintages and chateaux of Mouton-Rothschild '28 brought and Stevens a Komai gold it bid Schools (Living 12.00 What The Papers Say. some England (except London). 3J5 9.00 News. hi Scotland). 5J5- £150, ’ IMSa-m. Close: Debby Cum- ot partiemariy esteemed. How- Sale total was £84,500. censer for £2,000. Play School. 420 Lippy Lion. 9.25 The Big Time. 6-20 pjn. Reporting Scotland. s£Z ‘S ming reads poems Headlines, ever -it yhs the more popular 425 Jackanory. 4.40 13.45 a.nu News and Weather for by Lucie wun (osajo Srn w£kT Cbarlie 10.15 Omnibus. 1 Shaw. vintages that achieved the Brown (cartoon). 5.00 John 1L05 To-night. Scotland. ^rnTTiqH / All 1BA regions as London i highest Craven’s Newsround. 5.10 Blue 11.45 Weather/ Regional News. Northern Ireland—3^3-3.55 pjn. M njs PJ and Hoad aj ncep at times- Northern Ireland News. &55-6.20 Report zoo Women Onfl-. sasTrie Chate&ux Margaux 45 made a Undersea Advenurrtrs of Scene Around Six. ANGUA. Ctoim record£450 a dozen, two bottles 11.05 Last Of L20 Crossroads. &S0 Sofiad I%Uy. The Summer of Laffte ’45 went for £135, and F.T. CROSSWORD PUZZLE No. 3^33 Wine. 1LS5 News II^ Canw* Way. 7J» Baev 3 the and Weather two /ChevaLBIanc ’47 reached for Northern & | toland. £107/ Among the increasingly CaU ' 13JS *jn- Wac E-i - ssuffl Arena - 7-tB Bygtmes. 7JO GhI Some In! ^ Rn^InnH R m T iftnlf sought ’61s, Lafite made a record ™ 1100 ^^onrichh LoS"' nSS SSK u SOUTHERN £590 a dozen, Mouton-Rothschild (Leeds. Manchester. Newcastle); itv ^ cwSf reach a new high of £475 Haut- dS a Da ' Brion fetched £410 and Latour ^ p - m ’ ATV Newsdesft. X20 The M0 5L L niv’ ^ i; t POIXltSPo£ wI^*» est (Bristol},miS^l?^q^hSouth CTectrlc TTlearre Show- 4,21 The Lose ^^hDRc. T-flO EnuntnlaieS£Hhiai. 7J8 £400. ToKlay (Southampton); Wmid. *US Solo One. 5J5 Some In! 10J0 Bavrj. jje Base Spotlight Happy Days. Rate ~ " At the next level of this South West (Plymouth). aao ATV Today. 7JH Emmerdale Farm. Sonttaern News Extra, Lm. are CamiiS FlMrt vintage La Mission HautBrion 7JO Cartoon Time. 7JS Cotambo. I0J0 ““ - i poUCT Wotaa new top price £330 a TYNE TEffi made a o£ BBC 2 nnr?r^c:j> - dozen, followed by BeycheviUe at Bank Leuzni (UJC) Ltd. announces that, wflEj- OUIVil CJ\ 9JS ajn- North East Nei4 Scad, «es I L00 a.m. Play School. tUO xn. Border Nevre. «a The Uoa. followed by StorUog Point: jnl £1®, Brane-Cantenac and .Calon- ua effect from Wednesday, 30th, 1977, its 6.10 pan. Open University. UJands. «A5 solo One. SJ5 TBe Flint- North East Nows and Luofclramd. LOO Segur at £155 apiece and Xalbot November 7.00 News on 2 Headlines. sJOQiw. 6.00 Border Nows and Loots round. Women Only. 3J0 The MaralTji-r J ore 7J0 Bnimerdalr Farm. 7jp Show. 5J5 The at £150. Base Rate for lending is increased from to’ 7.05 Your Move. Border Bradv iuti h. uu 6% Journey. ZU The Six Bullion Northern Life. 74IB There was a- notable assort- Dollar Emim-rtlat farm 'Jfl A 7.30 Newsday. Man. 1B30 Police The Streets Woman. tUJS Border of San Freonsw- Bja rhe ment of Petrus, whose post-war . 7£%- The rate of interest on 7-day notice Deposit 8.10 Chronicle. News Summary, SoutmOs. Ifljo Pnb Enr..-rd6tor of the vintages attract more ’attention, 9.00 Hollywood ' - s|u.r. |as accounts oh sums below £1,000 is increased The Musical: -» - to 4$%.- CHANNEL S* , “ PoUced«h~. Sureeon.c..«. Z-U«« a-m. r r largely American, than any other Deep in My Heart'' star- LU p.m. Chamwl Lunelulrae Nows and ^Pdovm^J claret. Yesterday the ’53 made Ferrer “d MerI For larger amounts interest rates will be quoted on sasr ^ _ «ssi® £470 a case; the ’64 £350; ’66 application. ^ ^ £330; the *67 £230; and the *70 ttn assTt-ci* wool? £245. Among- a number -of old of Yquein the 1899. went reads “The Parrot,” by .Reports. 7j» Emmenude 1 vintages farm fje James Elroy GRAMPIAN for £82. the *2T achieved a Flecker. « ,» FmnSiawi. Cram- « All .VOODt. _ plannl*n NewsNow Headlines.'Ua«4lin.c i6.NM Grampian ms ExecutExecutinj' Sulio. record of £125 a bottle, and the taws<1 b!f Bedtime. Today. 7 DO Bachs to rhe Land. 7Jo J *28 fetched £160 for three bottles. LONDON ' Cannon Time. 7J5 Oalumbo. 10JO a.m. WESTWAR Among the rarities the most 9J0 For Schools. 10j4S SoonscalL 1LU Fireside 'Theatre. 1Z05 1317 a RlrSiliys unusual was a bottle of '1820 ^60 For.Scb^s (con- . iSy^Sm^SJ&S t-M life- come from tinued). 12.00 Animal ackers. ward Diary. Alicante which had BANK Kw 7J0 The six j ton LEUMI CU.K.1 GRANADA OoDar cellars Of Napoleon LTD. 12.10 p.m. Rainbow. 1220 Weather UP pjw. This la Your Right. SJO The Man- UWS Westward Lain UJ0 the Tuileries CaUotnng Gourmet. 5JA This is Westward Report. UD0 Gibb^ille in the vendors’ Wise. 1.00 News Plus FT index. Your njtt m and had been Registered Office: 4-7 Woodstock Street, RlGtlt- 118 Crossroads. Bure us The Future. London W1A 2AF 120 Hein 1 IJ!0 Crown Cnnrt 2JM) M0 Granada Com lZf>-2Dj am. family 1872. It' fetched since I MrUL 638 EmmerdaJe Farm. 74M Faith For Ule. 5£ j 1803 e N 0On. Hunt^ w^k. The SI* Million Dollar £100. A Tenant® Madeira I Telephone: 01 -829 1205 X _ Man. t 10ja ^ ^The Report* Extra. YDBliQHTRIx V/tvIV jrLiXvi X20 Squirrels. 34S4 The Cedar UD0 wpat the Papers _ made £74, and a bottle of Renault ' J?:30 Entertainer of the Year. p-m Calendar News. 20 ACROSS 6 Fish has to come in with Tree. 4J20 The Little House On ; Lotos MJS Wlinesa to Yeaterday. FamiUar. 4JD The Sooty Show 415 The1 Prairie* *S.1S-16 -Mr 31111and Mrs 1 Censure makes a salesman hit chips (9) ' L,lUe House on the Pmrie- HO r 5j4S News. **HTV* * dar the ceiling 7 Should let something appear (Emiey Moor md fielmoD *jdcn l (7) L2l> pju. Rejwa WcSt Headlines. 6.00 at 6. US 7M Emmertale Farm. T k> Thames JO sj 5 Holmes’ brother comes to my (5) ,rt 625 Crossroads. 55S « FrMcteco. SJO The Sua small holding (7) 8 No agent can be upset with 720 The Bionic Woman. Stg, Pro^J 3r' 9 Spice for a fellow about fifiy capacity of ships (7) SSLW9i FJK 1NCIALTIMES iO, (5) 14 It is annoying to get it —that BRACKEN HODSa CANNON STREET, LONDON EC4F 4BY p>-.BBC Welsh SO, nart 247m If” 1 Mozart, taeladlns Financial Report B Telex: Editorial 896341/2. 883897 Advertisements: 885033 10 Prevailed not against Michael is the point (3, 6) RADIO I ' h Telegrams: Finantimo. London PS4 — " Bradford the Form. 7D0 . ms BBC Shut Time. 5.00 PM Report). Xd prasramme 1** Copies obtainable fttnn newsagents get the 0 is> alft 1 i and bookstalls worldwide or dff.*resakr suhsoipfloiA' wriah Symptaonp Onftcstra. part l; Screodlpliy, J5J5 Weather, pmcrawnie fronip Golden Fleece Show cS).* ZOO a.tn- ™’ naaean Mhni?* Sabscrjpnon DepartJnent, 7 l Financial (5) Wallers Hasdn iS). HJH Short C cM Jflfcos w Times, London^.’ - . .,. in ualk>. news. (VHf) Kesloaai News. MO News. Nishi. FUght tsi.* «a
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3 ! Financial Times Thursday December 1 1977 i Metropolitan Opera Olivier
The Country Wife by B. A. YOUNG Rigoletto by ANDREW PORTER conversation with The first new production of breathtaking Aida — platforms to full ensemble, both specified an unwinning Suddenly, In Two centuries ago, 'Wycher- the Metropolitan season is a and tall screens—that Helmut in the score and defined by the Countess Ceprano. “ they ley's The Country Wife was Rigoletto conducted by JlUTies Jurgens designed for the reopen- music. When everyone is E iJ SO] deH’anima/’ found of Levine and staged by John ing of the Munich house. But around from the start, the the right style, flexible and given the approving seal Dexter—the team responsible for the set that Tanya Moisciwitsch striking entrances that Verdi expressive, and maintained- it! “very pleasant and instructive the Mel's artistic direction. Last has produced for Rigoleno, the planned for the Duke and then for the Act - aria. “La donna; satire.” A century later, prescription, ” hard and bright i season's Lulu, has been their Dexter's docs not for Rigoletto are lost In the e mobile was William Archer labelled it one great particular achievement to serve the drama well. second scene. Gilda's abduction rather than charming, but it had I of the filthiest plays in the date: their general achievement, It is a tail, conical tower part almost gets a laugh. In the last energy, and Domingo's tone, — language. Permissiveness has a large one", has been to raise crumbling garden pagoda, part the Duke addresses the second whii-h bad been going in and out " to-day the house's level of seriousness. Durer's Babel—which revolves stanza .of “ La donna e mobile of pure focus, stayed true (until so far advanced with- us No longer is the Met season just hetween scenes. Levine in- to Maddalena. The individual the interpolated final Bi. In the that we may regard it as a cavalcade of big names cautiously said that its decrepit acting at] except Gilda’s—is on quartet on the climb 1o the pleasant without necessarily is to reflect “ he pro-' (followed by lesser names, once condition intended the other hand conventional and B-llat of conAda r.” being instructive. In a society the first few performances of any the degeneracy of Mantuan unimaginative to the point of duced four marvellous notes that! where sexual freedom Is taken opera have bene given) passing society. The first two scenes are dullness. Cornell MacNeil has shone like the sun. for granted, the desire of all across the stage. played without a break: Rigoletto two expressions, mouth open and On two recordings MacNeil has Monterone's Wycherley’s male characters At the same time, this ffigo- sinks down beneath mouth shut, eyes crewed up for been a rather dull, unmoving both. was again: unhappy Pinch- letto, like last year’s Levine- Maddalena is a luscious Rigoletto, and so he (apart from the Dexter Aida and the Prophetc sex pot. wearing a dress so low- somehow, the tone goes dead wife) to go to bed with some- cut that Dexter staged earlier this Book Reviews are on that the main dramatic in- and heavy in most of the key one else’s wife, and the desire terest wondering whether all three duets year, raises serious doubts about lies in passages, and of most of the female characters Page 33 it wi)) contain her safely to the with Gilda sagged. It was sur-, their understanding of nine- to go to bed with Horner as soon teenth -century opera. When end of the scene. prising that so forceful afi have made so; as it has been discovered that Levine and Dexter talk about curse, and then (when the Ueana Cotrubas, however, was Amonasro should Cortigiani but his reputation of impotence has their aims, it is in the familiar scenery has swung round) rises a real character, touching in little of “ he; Levine's a ccom-' been exaggerated, can be taken terms of stripping away the to confer with Sparafucile. This every phrase, exquisite in her was unhelped by simmer rather For granted. Add only a encrustations of tradition, of find- is better than an unwanted in- portrayal of the girl who. Juliet- paniment— a mild strings, and Eunuchs’ Lib faction to support ing a composer's “ inner mean- terval. but it overrides Verdi's like. moves from innocence and than boiling, furious - Horner, and the picture comes ’ in “ Miei ing, of discovering a way to clear instruction: “ N.B., the cur- obedience to passion, wilfulness, a very bland cello line fully into our own world. make an opera vivid again to a tain falls For an instant.’' and tragedy. In ensembles, her signori, perdono.” Justino Diaz contemporary audience. This is Curtain-Fall represents the pass- voice rang out with surprising was a smooth, sinister, unblus- The National's production Levine stock stuff; what matters is that ing of a day (the Duke's party, power and clarity-. Elsewhere tering Sparafucile, but rightly plays for laughs and their results are less effective Verdi remarked, goes on into the there were disturbing moments rushed him. Monterone was leaves the audience to deduce than those achieved by. say. small hours, and Gilda would when its steadiness failed, when undercast. James Atherton was what instruction it tikes. It is noticeable | pretty pavilion Peter Hall at Glyndebourne oc wait up fur her father all night), there was a small but a lively Bors 2 . set before a beat accompanied by a juddering Rigoletto by John Bury its loca- Cotz Friedrich at Coveot Garden. and it also emphasises the dis- In a blaze of light, designed r ( of the jaw. The Met is a huge he could see tion can be changed Instantly The new Met ffigolefio. like tance between the two poles of protested that house to fill, and maybe she was the second scene, by a spin of the revolve, bring- Aida and Le Phophctc. is Risoletto's life—the poles of the nothing, in using force, instead of relying in the last a new back wall into view mounted on a single set Dexter drama. An effect Wagner pre- and in another blaze, ing on purity of tone and projection lantern. make sufficient distinction pleads economic necessity, and scribed for TiiMiihaustrr has been scene, he called for a to to carry the day. that because the per- between one room and another, it true that he has been keep- inappropriately transported into But was is once opening out to repre- ing production costs down. Unit /Jiflulettn. Pladdo Domingo was a hand- formance, before a paying audl-j and but he and being treated as sent the traffic of the New .sets can work; witness Ezio The first scene is also spoilt some Duke, Levine ence, was also | television Exchange. insensitivity to the very clear gave ' us a stiff, unfeeling, a run-through for a Frigerio's for the beautiful Edin- by j “ ” burgh Carmen, or the simple. ’•"build-up.” from an empty stage inelegant Quests o quella and relay. Everything goes very brightly under the direction of Peter Hall and Stewart Trotter. So why did I begin to feel impatient halfway through Act V? The answer, I think.' lies in the acting. There Is an odd sameness about all those young wits, even about Ben Kingsley's Sparkish, who cannot stay still for a moment bat shifts from one leg to another or flaps his. arms as if he were longing to go off for a pee. Kenneth Cranbam. showing an unfamiliar facet of his talent, Leonard Bart is a reserved and sulky Harcourt Albert Roney and Elizabeth Spriggs who releases his best spurts oF personality when he is disguised as a -priest and pretending to be his twin brother. Even Albert Elizabeth Spriggs as Lady Fidget desert her husband on their would dearly dominate a suggests a true individual; the wedding day to run off with country estate bat .finds the rest—apart from Margery Pinch- Harcourt. subtleties of town life too much wife and her sister-in-law Alithea The letter scene is one Of the for him. to cope with. I like the The Entertainment —are high-quality mass-produced two funniest set pieces, of the Sir Jasper’ of Robin Bailey; too, items of society. Not impossible play; the other is Homer's dis- an actor to whom elegance is Guide is on Page 28 that both Wycherley and Peter play (off stage) of the. “china” second nature. Hall meant them so; but without in his bedroom. Mr. Finney and -The high-spirited conclusion is some more personal approaches Miss Spriggs are wonderfully high-spirited ..indeed, though I to lechery and seduction the here; “ Finney’s Horner, though there is good my only reservation find it hard to take. A dance of basic joke tends to run down. is the unnecessarily phallic stage-direction a lot in it to enjoy, seems to fit shape cuckolds** is a into this production-line pattern Susan Littler is an attractive of the - china with which Lady easier, to write tfian to mount, of young men. Can’t Wycherley Margery, with her Mummerset Fidget emerges from the room, and those homed dancers, doubt- be spoken like Coward? I some- accent and naive country face. underlining a joke already com- less a winner for the wits in the plete in itself. tunes found Mr. Finney a little She made me laugh a lot as she pit in Restoration days, -don’t bard to hear; there is an up- wrote her letters, even though Poor Pmcbwife. for ever, striv- produce quite the same effect in holstered quality to his voice that she wrote them at a pace that ing to protect his country wife our own. Besides, they have us
needs careful use in the far-from- would test a Speedwriting expert from the seduction she is hound reaching for our umbrellas while . ideal acoustics of this vast Polly - Adams - plays Alithea to meet and longs for above any- we. ought to be paying attention auditorium. prettily—as near a decent girl as thing, is beautifully played by to Mig«' Spriggs’s eloquent- speak- The same with the girls. Only the play offers, even if she does Richard Johnson, a figure who' ingDihe^pflosue wfiichfoflows.
mM- I judging by the quality of the works up for sale the first Burlington Raising of Lazarus” (above) acquired by Colnaghi at the last International Fine Art Fair, which opens at the Royal Academy in moment and the most costly item for sale, at over 1m. dollars, to Piccadilly to-day. should be a great success. After the initial surprise the odd contemporary artist, some Lowrys, and the works of British that the Royal Academy should throw open its finest rooms to 19th century primitive artists. dealers throughout the world there is now a feeling of satisfaction. But the bulk of the sale is devoted to Old Masters and paintings For the 40 exhibitors from all over the world have come up with oF the 18th and 19th centuries, including works by Monet, Guardi, some very choice items. Caneto and Stubbs. There are almost one thousand items on Indeed this is probably the best display of paintings for sale offer, and a conservative estimate of the value is around the £17m. ever mounted in this country and thus provides a wonderful exhibi- mark. Although the- exhibition is a sale, and timed to catch the tion of art to anyone prepared to pay £1.50 (which includes a great American art galleries on their winter tour of the U.K., there catalogue) to visit the Royal Academy between now and December are no price tags on the works of art. which can be enjoyed in their right. 16. own There is already talk of a similar Fair, perhaps in two years The pictures, plus a. few' items of furniture, sculptures and time. drawings, are spaciously hung, and range from a Tintoretto “ The ANTONY THORNCROFT
Elizabeth Hall Festival Hall/Radio 3
1 Kirshbaum/Frankl Yuri Temirkanov bv MAX LOPPERT by DOMINIC GILL In Debussy's Cello Sonata the second sonata from the Op. 102 partnership of Ralph Kirahbaum 6et that ended the recital. The From 1969 unlil this year, The s.iloist in the evening's Arpeggione Yuri Temirkanov and Peler Frankl was displayed performance was one was the tnusic centrepiece. Prokofiev's third uf those in which one sneakily director of the Leningrad piano concerto, its most impressive during was Dmitri at and resentfully started the to find Symphony Orchestra. By now Alexeev the same concerto with Tuesday's recital. Earlier, the be- — music long-winded, if only be is well-known in America, American cellist had given which be so impressed us in his cause the lilt and the lift of the and has already conducted in plentiful evidence of his special competition finale at Leeds two music, however uncomfortably Birmingham and Liverpool: but eloquence in slow music—the years ago. It was asked From a cello, were in some- his concert on Tuesday with the another excit- start and then the Adagio of the wrhat short supply — Mr. Frank!, Royal ing, large-boned performance, Beethoven C major Sonata. Op. Philharmonic Orchestra who accompanied with ail his marked his South Bank debut worked with precision 102, no. 1, were drawn out with and usual rhythmic alertness, muscle: an initial sense that steady, clear-eyed sensitivity He is an engaging musical of dis- appeared a little reined-in in (The Nordic Investment B|(ik) that always makes one believe personality, and one we shall agreement between Alexeev and response to the demureness r.f Temirkanov the cello is speaking slowly in its doubtless soon be bearing often in the first move- his partner. But better far read- middle register to be the most in London He .framed his ment us to exactly wbat allegro ings of this kind — straight, free to noble orator of nil instruments. Russian programme with two adopt the one holding back from artifice—than the souped-up. But in Debussy Mr. Kirshbaum symphonies: a scrupulous, powerfully, the other pushing on. virtuoso kind of Schubert that is was now able to suggest to the bright-toned, attentive account was quickly resolved. So loo a possible alternative. full, Classical sym- were some early, slightly literal, We finance investment through the same richly of Prokofiev’s projected sustained and shaded tone, the phony (much inflected by a four-square phrasings: in the crisp despair, the sad clowning, curious, rather endearing tine Theme and Variations both Rus- export and the elegant wry mockery of Schumacher Prize in left-hand finger signals), and sians came together with lively of common nordic ipt®st. the composer's last and greatest Anthony Blond, the publisher, a darkly romantic, splendidly unanimity — and the finale, serenade interrompu. The has announced that the 23 pub; full-blown performance of decisively, with quick, pungent Established in 1976 - urgently dramatic way Mr. lisbers of E. F. Schumacher’s Rakbinaninov's Second, buoyant attack. Unfailingly civilised, en- Frankl s solidly placed, sparely book. Small is Beautiful, have and strong. joyable evening. employed piano tone was apt to funded a new literary prize to cut into the cello reverie be- commemorate "the contribution Shareholders: tokened excellent judgment and Schumacher made to the popular Planetarium thoughtful partnering from both understanding of economics and players. its relevance to the world in Denmark If something seemed to be which we now live." missing in the Beethoven and The prize will be worth at Laser-rock Schubert sArpeggione readings of least £5.000 and will be awarded Finland the first part, that might be a by a selection committee (now combative vigour to balance and being established! to the author by ANTONY THORNCROFT Iceland offset the dreamy cantabiie style. of any book that has signifi- The cello tone, released so easily cantly contributed to the One day the laser will revo- the classics, tut there was a and fully during passages of slow development of both the spirit lutionise entertainment— if it has thought that such a modern Norway lyricism, was liable to sound a and the message contained in not destroyed the world in the entertainment demanded modern ' ouch underpowered during the Schumacher's work. meantime. But at the moment music, especially as the gyrating • lore muscular sections of the The first prizewinner will be it rather recalcitrant remains a streaks of light are reminiscent Sweden " ; eelhnven sonata, although this announced in October. 197S. novelty, reminiscent of movies of batucmjtbry trips. Not sur- lacuna was filled much more probably at the Frankfurt Book from the early IfcyOs with prisingly laser shows developed manfully in the account of the Fair. wooden figures doffing their caps in California simultaneously tediously in front of shakey wnh the acid rock era. Share capital: 400000000 SDR’s cameras. In the event the new music The new laser show at the is rather vapid. Songs by the Planetarium endured all the Doohie Brothers, Yes. Fleetwuod inevitable teething troubles Mac. Jefferson Starship and before it got under way on Tues- other;, were chosen more for THE OLYMPIA INTERNATIONAL day. The first laser beam went their connection with viewing moody; the waror that i s required the heavens— for the laser show SHOWJUMPING CHAMPIONSHIPS to cool it did its job. and flooded is effectively set against the the controls. A standby laser established sky-at-mght of the /h com/bn'tvM your Guesik/ was quickly put into operation Planetarium—rather than for but the controller, who creates a their appeal as rock music. The Thursday, -December IS .to Monday, December 19 different show at every perform- combination of comfortable scats, FACILITIES INCLUDE PRIVATE BAR AND RESTAURANT ance, was displeased by its darkness, and soothing noises led effects, at least in the earfy tnexorahly Evenings .7 pm. Matinees Friday to Monday 2 pm to a case of the dos- Sodra Esplanaden 8 00130 Helsinki stages when it failed to produce ings. 13 Mind Bui at least it is different, its full range of colours. and when the laser beam gets Basically Laser-rock is patterns into mid-season form this new phone 90-601 066 telex 12-2121 nib ; oF light forming shapes in Wi four manifestation will no doubt colours set against rock music. intrigue progressive OLYMPIA BOX OFFICE—Tel: 01-37 1 305 7 music ' The earlier, successful, show freaks, •S'CNSOfiED er- MAOfctS uSi'OS.fUTHO CENTALS if not coach parlies from borrowed sounds mainly from Kasiemerc. . 1 n ' . ;; ' v
Financial Times Thursdsy DecwjBer 3 2^7 EUROPEAN NEWS West Germany limits its Agreement Portuguese leader to ask nearer on avoid exports to South Africa Dutch for vote of confidence LISBON. Nov. 30. BY JONATHAN CARR BONN, N»v.'30 coalition BY DIANA SMITH West German Cabinet today guarantees will In principle stands at DM3.4bn. Mano Soares Democrats and Christian Demo- the document THE Michael van PRIME MINISTER rvr\l granted for individual John Wyles writes from New By Os crats wafled m. all-out policy would pe^based If IBII rf decided to limit provision of only be wil iasKlask parliament to grant or — have man ; S[PA| - and Western con- Nov. 30. their Government vocelm a vote J Government-backed guarantees orders whose value does not York; Gulf AMSTERDAM, refuse its confidence to his campaign to have way. We the _ that it Tihr^oguons ui- for exports to South Africa, cit- exceed DMSOm. Further, only firmed this morning had' TWT- jjutcH Labour Party lo- minority Socialist Cabinet. wtU not contemplate a coalition of confidence. increased risks short or medium term business decided against making any Fur- with those to our right or to our a review of pensions, and BY ROBERT ing the sharply 4- failed to stop negotiations i dude j MAUTHNER in South Africa Sr. Soares briefly inKmpM maximum wages involved. —that is up to five years—will ther investments Demo- ( efL I£ opposition utafcs It minimum and j j^tween the Christian marathon Cab net meeting to- ^ >112*0 PARIS. the action with two be eligible. because of racial and political Right-wing WD viable alternative, ilfen let (now Esc.4.500 or and Nov. 30 lit coupled j the ^ nignt o *5?* a month; other rulings on trade with South There may be exceptions—for instability there. Liberal Party on the formation “ It defeat us in Parliament/* Ese.50.000 or Sl.L’50 MEMBER COUNTRIES of tha j lo reach a rancc^ us*Jggitn emphasise that example when losing the order company has been pushed failed Although Sr. Soares redacted respectively. 24-nation OECD tonight agreed Africa which The : 0f a new coalition. ^nere Ihe opposiuon parties. “ “1 that measures to Bonn is seeking to make a would mean more jobless in a into this decision by the Inter-' or 3 union of the Left, he grossed This review, the Options deal with The parliamentary leaders 1 1 ^ • he the problems political point to Pretoria. sector of West German industry Faith Centre for Corporate Res- Democratic "JJ? Soeaker **81 the Communist Party's fav- state, would keep annual ip. of their steel the Christian to-morrow_to the Sgakeri motion 1 industries should Under one. West German enter- already suffering from a parti- possibility, a church group whose 0Brable on the of flatten at about 20 ;ht cent preserve | Party (CDA) .and the VVD reque^n.g the tang cularly high unemployment acquiring urgently confidence would bo as valid as the Government existing trade patterns and prises vrttib plants in South members have been have started talks, led by the Furthermore, U.S. companies U«t of any other party..; tn fix price.. Of not take the form of import Africa most accompany an _ . stockholdings in Christian mediator. wX™ntinuc Democratic will ; debate Cabinet gave one example motion t“5 Furthermore. Sr. Soarat ladi- as frozen quotas. application for export guaran- The a means oE campaigning for Prof. WUlem van der Grinten, essential foods, such : very near future. The iueluuun of these tees with a declaration that they °f such an exception to-day, action on a range of issues, cated that if he were defeated meat and fish. rice, bread and two on thee sharing oF Cabinet port* urgency points when it approved a guarantee resolution Sr. Soares stressed the and reigned therefor*, he cooking oils, although in the communique support the code of conduct a shareholders’ foUos wi7 "he divMon'or Sate S some of BM339m. for the controversial of resolving *he sltua^on ”5® would answer a call rnto the to be issued after a meeting here recently agreed by the European opposing investment in South secretaries in the new centre- these prices would have another. ** h*re of the organisation's steel Community Council. code is delivery of a West German-built been tabled for Gulf way or T President of the Repute to reviewed at the beginning of The Africa had rightrierht coalition.mailrion. This issueIssue isIs crisis submarine to vital matters that mast be form a second constitutional group were of particu- intended to improve the lot of Argentina. and Western's annual meeting, not expected, to cause any 1378. end of Decern- lar importance, given the black workers in the Republic. To-day's decision was not but this has now been removed as- cleared before the government, should this be the Furthermore — reflecting IMF problems. An often-heard ,l proposed reached easily. There has directors her” he said. approval of the wish of Gen. Antonio Ranalho credits—the introduction by the Underthe other. West German after file company's sumption in file Hague Is that terms for future U.S. always 1978 hudget. the 19TS Govern- Eanes. would agree to this -of a reference price exporters must pledge that the been a strong feeling gave an undertaking that there the Christian Democrats will “We Government would try to hold system plan and resiuumion of the interest,? for «eel imports. goods they deliver to South against politicising West German would be no further investment provide nine or ten Cabinet meat in nationalal the the balance of payments deficit ' wrtJtam £n2!!Sr r s export policy apart from the for negotiations with the IMF Prime Minister »'<**s, ‘purjparty Africa will not be re-exporterl — n or guaranteeing of loans ministers and the WD six. at about SSOOm. (It now stands at Deoufv 1 it to Rhodesia. clear issue of a ban on arms South African business. M/C 3S — has always soughtshi dialogue and SLlbn.)!SMbn.v AAgain,pain, obeyingnbevim? IMF The Labour Parly’s Interven- State, emphasised that the are regarded deliveries to areas of tension. Gulf's involvement in South Sr. Soares threw down the peaceful coexistence. Vefirould terms, expansion have to Both measures derision would proiwsod reference and tion was based on the “ right have de- not like to see a polarira price, by many in West German Indus- Nonetheless, there was wide- Africa is relatively small Parties to our of be held back next year so us to 1 of six Leftist “ dissidents " in which he preferred (d describe try os superfluous, on grounds spread surprise even at minis- dates from its acquisition of New gauntlet to the opposition, the extremes in Portugal.' reduce the current account's the CDA party not lo approve coali- f as a trigger " price, should that already everything possible terial level earlier this year Jersey Zinc in 1965. This brought manded that we set up a Last night, the r ity deficit which is heavily affected the revised policy agreement J not be confused with a tuim- is being done to see that the when it was revealed that with it a one-third holding in lion,” the Prime Minister said. Socialist Cabinet relea: fiie by raw material and machinery! with the They still uium price sj stem for imports. guarantees and Titanium and WD. parties — the Social text of its "Options for code and- embargo are observed. Government -backed Quebec Iron ;** These imports. ** favoured governing with (he The trigger” price, to be hased But there is no question of a on exports to South Africa had thus an Indirect 10 per. cent, Labour Party on the basis of on (ho cost of production plus refusal to abide by them. shot up by more than DM2bn. in stake in Richards Bay Mining of the May 25 elections which. had transport costs of the most Under to-day’s decision, export less than two years, the total now South Africa. given a strong backing to this efficient world producer. combination. The Labour Japan, would not automati- Party argued that, as a result, Barre raises wages! cally keep out lower-priced a new coalition would rommand pensions imports, he said. If imported Bonn backs Iran nuclear order the sunport of only 71 out of steel products were offered at the 150 seats' In parliament. . prices below the “trigger" BY JONATHAN CARR BONN, Nov. 30. Therefore, it did not com- price, an inquiry would he mand a majority and urged a initiated under the U.S. anti- export but national strike&oes ahead THE WEST GERMAN Govern- to Tran—an order valued at cent of the Government mediator lo re-open coalition dumping laws to establish through the meat said to-day it was ready around DMl9bn. guarantees available talks between the current whether the exporter was, in allocation BY DAVID CURRY PARIS, Nov. 30. to put up the necessary export Normally the rule of thumb is federal budget. The partners in •' the outgoing fact, selling his products at and guarantees to cover the delivery that no single country should for this year is DMllObm. Cabinet—the Labour Party, the less than his production costs. 1978. ON THE EVE of the one-day and now get a further 2 .per is thought that rather than of four nuclear power stations account for more than 10 per will rise to DM130bn.‘in CDA and the small Democrats It The exporter would have the Cabinet is con- national strike called by three cent A final adjustmen will Barre However, the 66 Party. Such a coalition concede new direct aids. H. opportunity to plead his case everything possible unions to protest about the take place in January to ring will Green Franc vinced that would comm and 110 seats, but promise a before it was decided whether done to ensure that the government's austerity pro- them into line with cost of 1 dug around 1.5 per must be folks of its formation were devaluation of anti-dumping duties would be prospective order does not fall gramme, the French Cabinet has in creases. cent with a further small step, his jnvuucia.products. Schmidt meets Andreotti finally hroK^ubroken off nearly two icnculevied uuon «» far, letters of intent decided to increase the national The raising of penslonl at through. So weeks atm after Fal ! s a the time of the March EEC The group agreed three mam line tbroD-h" signed between Kraft- ' nimimum wage, boost the basic tang-standing GiscarJian 1 have been • Hey. price fixing. principles on which their joint BY PAUL BETTS ROME, Nov. 30. for the fifth time j Union (KWU)—the wholly- :old a e pension by 10 per cent. The increase from Frs,10.( i werk Th* assertion’ of the si* S to Finally, the government has* or individual efforts to deal owned Siemens subsidiary—and dvi1 semce salanes Fra.ILOOO a year takei THE West German-Italian sum- probably review the general CDA diat that thvv and the confirmed its plan to impose a with the steel industry's prob- Iran r * 0ll MW 1.300i reactors, 2-5 er cenL Ml wU1 improvement durinj mit meeting, which was abruptly problem of terrorism, especially ‘2 f would n^ suoMit a Labour i^ P 1377 surtax of approximately 2 per lems should be based. They is expected to be postponed this summer follow- in relation to the possible links The deal c0me int0 force tomorrow- to 22 per cent and mean! that cent on the energy, bills of In- also agreed, the details of an Pmiv motion ofWn-cUfidence l clinched next year, ' payments are ing the escape from a Rome between Italian extremist groups in the new Cabinet and that In addition, to help farmers’ now more han dustrial consumers using more “early warning” OECD military Should the order be won, double their hospital of the former and the Baader-Meinhof move- they would Judge future GSabi- ’incomes, a small devaluation of level of four fears than 1.500 tonnes a year 0/ oil monitoring system, which Nazi war criminal Col. Herbert meat thousands of jobs will be safe- net policies on their merits was Green Franc is expected to equivalent annually. Energy would help, member countries \ Kappler and Bonn's refusal to The one-day talks are also French retailers remain pftgf- of a guarded for years to come—not sufficient reason for- the ;be announced later this week, economising investments can to take action in advance extradite him, is now scheduled expected to review general gxmj mfstic over sales prosifcts at but ^ ' mediator to continue his talks. tbe particular aim of com- earn .exemption although smaller crisis. to relations between the following a downturn in take place to-morrow in the two coun- ' 4eg - ich keep On her- return from the state pensating dairy farmers for the companies are in any case In their three principles, first tries ent wh * WP; volume In northern city of Verona. in the wake of the con- *fP™? . September visit to Senegal at (he end of EEC levy on milk production excluded. — priority must be given to the On the Italian side, Sig. Giulio troversial Happier affair, .which plied- There is no question of October, according to this week, Queeir Juliana will which has caused vigorous com- The measure is intended to long-term need to restructure Andreotti, the Italian Prime generated considerable nnti- supply of reprocessing or enrich- National Statistics Ins still have to give her stamp plaint in France, keep the oil import bill in and modernise the steel in- went facilities, so that no ; 1&7S Minister, is expected to raise German feeling here. Indeed, AP-DJ.. • reports from The higher minimum wage -to dustry. The group recognised involved of approval to the. .centre-right FrS-S8bn- ( Frs.53.5bxL . in 1977 a number of issues including security precautions in Verona political objections are Commenting on 'Its Cabinet by appointing prob- bad been promised for some below the Frs.55bn. that the rationaUsatiun of steel ; target) and, Italy's obvious interest in seeing are reported to be tight for fear from the U.S., which opposed survey of 3,00 French re( • a- difficult readiness supply ably the CDA parliamentary i lime. Normally, the minimum over the longer term,' to save Industries would be West Germany increase’ its of possible hostile demons tra- West German to (excluding tbe food sector) J agreed to Brazil, leader, Mr. Andries van Agt. is increased every , time the cost the equivalent of 45m. tonnes and .painful proeexs and growth rate next year. Other Sons against the West German these Institute said that be of to put his final touch to tals of living rises by 2 per cent. oil between that member countries shonld issues are likely to include the Chancellor. If all goes as planned, more demand was lower than now and 19S5. guarantees will soon have been Cabinet by picking the ,as well as being reviewed every Transport and power supplies co-operate in an international elections to the European Parlia- Italy is also currently seeking pated att he end of line-up the put up for exports to Iran than ministers and state-secretaries. {July in the light of economic will suffer from to-morrow's framework. They should avoid xnent and the possible to encourage West Germans l?t0Cks have tend most growth. It was increased 2.2 * shifting the burden of adjust- of political forces in Luxem- to make fresh investments in to any other country. To-day's . Holland has been without by strike called by tbe. np - CGT and per cent, to - one producing hours. the .country. But it seems decision contrasts strongly with an effective government since FraB.79 an hour on — r CFDT industrial unions and the ment from The Italian Prime Minister unlikely that the subject of a the simultaneous imposition c£ late March when (he outgoing • October 1 and would probably ago. which translates into a FEN teachers' union. Gas and! nation to another. his West German counter- Italy limit on guarantees for Social Democratic- Christian not normally have qualified i Second, any immediate measure and new West German loan to a German I for in purchasing power of al electricity output will he’ 30 per part, Herr Helmut Schmidt, will will be raised. exports to South Africa. -Democratic coalition coHapsed a new increase until the New a half. Over 2m. people centcm* downrinum causing widespread-T. ^ i must be consistent with the rationalise T —Year. benefit rats, rqil services will -be only 40 longer-term need to Instead, it will rise to Fro. - . the world steel industry, as To-morrow, 11C. 'RaymonAper cent, • „ — . of nansal while Paris 10.06 an hour from to-morrow, Barre, the Prime Minister, meets hnass transport systems should! wall as with the Irec and fair trade. No Frs.l,i43 a mouth, takiug the the four main farmers' organ!* function 65 per cent normally, flow of International increase this year to solution to the fundamental 12.4 per sations, to discuss their' tfadl- There' will be virtually no rijail Mr. Berger, Banqtu Bruxelleslatnbert, during a recent abroad. problems of the steel indus- trip cent-; fulfilling, albeit modestly, tional list of grievance* which deliveries, no newspapers, a tries could be found by the Prime Minister’s promise to centre around fife tendency for skeleton radio and television recourse to quantitative restric- direct whatever increase in real rarm incomes ttf lag behind tine service and extensive cancella- tions. wages the country could afford growth of naliqfial earnings. • tions ’of school classes, though Finally, special atumtiun shuuid this year towards the lowest in- This year, tbftaks mainly to the children will be supervised, come groups. he given tu the problem of Frs.2.7bn. drowht relief handed The government is unlikely tn pricing. In times of slack Lml servants, for example, out to farmery to compensate for be influenced by the strike which the demand, prices could be ex- are among groups limited last summer'/ crop failures, real does not have full union support to .rises sufficient only pected to fall and producers t0 main- incomes are top by some 3.1 per and may well enroll only half as tain purchasing power. might be tempted to sen at a They cent, but farmers still complain' many strikers as last May’s more received loss. No nation could be ex- 6.6 per cent, in April that the trsqd is unfavourable, genuinely general strike. pected to absorb for lengthy periods large quantities of im- ports at unjustifiably low prices, to the detriment of domestic production and em- Clash at EEC nuclear hearings ployment. However, any meas- ure designed to deal with such BY GUY DE JONQUIERES imports should take into BRUSSELS, Nov. 30. account customary patterns of trade. SHARPLY CONFLICTING views met for much longer out of provided there The OECD's information system were no political i on the future rule of nuclear fossil fuels. As supplies obstacles to their on designed not only to exploitation I energy, diminished, prices would be “give early‘ warning: af incipient and or the fast breeder SL A-'Dejou of Electricite de ' y making crisis, but also to act as a guide reactor in particular, were France suggested that the Indus- a " d 3r to rational investment deci- expressed to-day by represents- pardcu y . . ! “trialised countriesLU iri 0,6 fast breeder an increasingly “B es naa.ahad a dutvautj to sions, will be organised under lives of EurooeaD eoerev com- ~T” ° panies at act e e «no“dc proposition. ucIe r P°wer because four main headings: on the one hand ”nd iT f ^ut John 1. General steel indicators, in- scientist^ and trade unionists on °F- Cbesstaire of Sus- Jhrtr nlunee on fossil coJ r the other sex Univer6ity suggested5Ugg( that would lead to price cluding annual data on crude . -1 - - —^ c“I ent forecasts of future elec- crises wmenwhich wouldwouiu cause steel production capacity in At hearings oreanised0 here bv T — lclty demand were too high serious hardship to Third World the world and individual the EEC ComSssten nuclear and that£ whatev® r th nations which could not countries, monthly crude steel power was depicted varioiwf/as ’ e Pnce of afford uranium ' breeders would be the nuclear option production, monthly new the onTy mSSS to mm uneconomic compared with But tis view was challenged by orders and order book posi- Euron^'R £ ther- raaI reactors. The EEC was devot- Dr.^Peter Chapman of the Open tions. quarterly employment ex«.f^«iexcessivelyv costly alternative to img excessive resources to de- University, who argued that the figures in the steel industry conventional forms and10 a ve loping fast breeder technoloay adoption of nuclear 'power, and measures likely hazardousU technology by any new S B 1113 should the fu^er* devpion^!? eh« T?°h be focusing more industrialised world would to affect production levels. be cioselv Issues such not help solve halted - as conser- ; the energy 2. International steel indicators, WaS known vati°n- problems about of the developing covering monthly exports, with .- Prnf- s - Callone of Arip countries or free Industrialised a breakdown by product and 8 ro nu !ea Nucleare said that uranium re- countries from their n^ ,? ^ f ^ vulner- country of destination, monthly «"«i Gwk or serves were sufficient to fuel ability to supply disruptions and imports and any measures A asserted ”. that ihermal nuclear reactors in the social difficulties caused by likely to affect trade in steel. energy consumption could not be EEC until the end of the century, rising. energy prices. 3. Steel pricing, with data on monthly domestic prices of the £ main stcel'and other sensitive products and Metal Bulletin Continental Steel export prices. Denmark Turkish threat idenied Longer-term structural changes 4. Longer-term structural Whenyou have business abroad, .WASHINGTON, Nov. 30. changes, giving information on steel plans or objectives and spending to THE U.S. State Department to- “I 'would say emphatically 1 including, information on banker day denied a report that Turkey there's been ‘no such warning. your has no business staying home. I major individual investment had threatened to expel the 7,000 Indeed, the Turkish Government I projects and rationalisation IU.S. troops there if early pro- has "«h own every rise by 10% indication of schemes, both Inside and out- International contacts often play in Belgium. But nlsnuu international network Financial Times' Thursday December 1 1977 AMERICAN NEWS *11 Carter praises Sadat but $500m. loan Major companies to seek Return to ?! sought by work after T seeks overall settlement Hydro- oil off Falkland Islands East Coast OAVU) BBJ. BY WASHINGTON, Nov. 30. BY HUGH O’SHAUGHNESSY • “ Quebec 2 dock strike Robert Gibbens PRESIDENT CARTER to-day East" he said that it was right as a co-chairman of the confer- By Anwar MAJOR international oil com- survey of waters as far out as islands because It would not fly praised President Sadat that the U.S. should not con- ence—to be involved in the MONTREAL. Nov. 30. NEW YORK, NOV. 30. “ panies are to carry out seismic the 100-fathom line on behalf a red ensign as a courtesy flag of Egypt for' engineering a stanUy have the role of a domi- peacemaking process and he said HYDRO-QUEBEC, according to DOCKWORKERS East and “ exploration of oiI com paines of “international in Port Stanley. Petrol has now in historic breakthrough in the nating intermediary." that sources, is for oil in waters in recent months the Soviets money market standing.” It added that been sent ip an Argentine war- Gulf coast ports returned to but sought M . Middle East at the But, Mr.. Carter, said, the U.S. have moved to a more balanced negotiating to borrow between around the Falkland Islands, the work on in re- Geophysical Services «s one of ship which was not expected Wednesday same time to emphasise the need was striving to keep very much ” about the Middle East in the inter- remote British sponse to Inter- position $500-$75flm. colony in the two companies (the other being to lly a courtesy flag, a calf by tbe for comprehensive settlement nothing less a alive the idea that c aa - Brazil bid for BY OUR OWN CORRESPONDENT ' GEORGETOWN. Nov. 30. andacharmii^introduction to companies. THE WORLD Bank will sponsor the U.S, Japan, Holland,. France, 40D00 N-equipment Mexico, and a two-day meeting in Washington Canada, Venezuela. STOCKHOLM, Nov. 30. B mid-December to bring to- ™?- in . THE SWEDISH Foreign. Ministry tta third request by the gether actual and potential aid has refused a Senior U#SL officia i t0 vjSjt Right in the heart of Tokyo’s Recently, JETRO staff at the Stale-owned Atomic Energy Com- donors to the Caribbean, and Guyana in recent months in what training pany to sell technical recipients thereof, for a discus- appears to be a steady climb in business district is the Execu- Executive Service Lounge have equipment to Brazil, the Ministry JAL sion on future assistance. Mr. interest in the country by Wash- pointing out that the said to-day, Terence Todmtua, the U.S. Assist- ington, and a rapid repair of tiveServiceLounge.%u!:officeaway found a distributor for an Italian export of nuclear technology to relations hit point a ant Secretary of State for La tig." which a low Brazil was ruled out' by a America* said here. ' Year ago. office, conveniently and manufacturer, a market for an Swedish law which states that -V from the stated that the Decwnher. Mr. Todman said there were nuclear technology can only be He 14-15 meeting will be aipied at now no obstacles to co-operation the mezza- English paper makei; a supplier for exported to countries which have comfortably situated on produring.ideas for a programme between -the. U.S. and Guyana, signed the nuclear non-prolifera- of action to step up Caribbean' Ons. U.S. fiajscial assistance, he aFrench food company aodajapan- tion agreement. Brazil has not nine floor of the Imperial Hotel development All roimtrieyiu the predicted an\ increase on the signed the agreement. had been invited, he $12m. promised, for 1978, as well The Ministry said that an Caribbean Since there’s everything there for “ ye do not some sort of balance of pay- Atomic Energy Company request said, bnt then added, as Cuba as being involved at ments support last week for permission to see you except the overheads, it’s better out further financial exportnuclear energy stimulators present" / He ruled countries which "assistance to Chile because of its to Brazil jvas turned down by the Some of the than havingyourownTokyo office. Britain* human rights record. Foreign Ministry. UPI will take part include- MEXICAN ECONOMY Oil as the salvation BY ALAN RIDING IN MEXICO CITY ese partner for a German firm. And for per cent for \their [HE MEXICAN Government is pletion of the budget 1978 least 24 Sr. with demand low and loder growing pressure to reflate only a few weeks ahead, fun da and, this is just a handful ofexamples. cent of industrial he economy, after scrupulously Lopez Portillo Is showing, no only 60 per International signs of giving way to growing capacity in use, new investment oil owing the . Remember too, that the Execu- justify. lonetary’s Fund austerity pro- wage demands. _Is difficult to The lounge provides all the iramme for the past year. From In wages and in other areas, The improved relations -tive Service Lounge is only part of private he point of view of the IMF and in fact, the Government has between the public and office facilities, free or at a: Lopez regular omestic monetarists, it would carried out its agreement with sectors since President theJAL Executive Service, the first the to the letter and can Portillo took office have there- till be too early to do so. But IMF nominal charge and is staffed by Impressive results: fore not been reflected in tbe conomists of the Left are now boast and still the most comprehensive Inflation* which exceeded 45 per performance of the economy. itlering warnings about the both and the Japan be around 20 Businessmen are simply waiting JAL JETRO, ociaJ and- political hazards of cent. 'in 1976. will business aids for the trade Government to start package of orcins the peasants and workers per cent this year; the for the External Trade Organisation. The should drop from S-.73bn. spending; then they will tallow d carry the brunt of the reces- deficit executive visitingjapan. Itgives you below $lbn.; the .suit. ion for another year. last year to staffwill take care ofyour travel budget deficit is within -the Government expenditure on JAL has analogies in all the help you need before you go, The debate agreed limit of 6.5 per cent of oil and natural gas is clearly arrangements, Iritain. The Mexican Govern- both necessary and justified. A and accommodation lent. too. is looking to oil to save $17bn. investment programme by on the way andwhen you get there. hold services ofsecre- tie day and is trying to the state oil monopoly. Pern ex, and will obtain the administration - rage increases to 10' per cent, The production to 2^6m. "With all this, 22 flights a week will raise interpreters, chauffeurs and lut in Mexico the drop in real believes that the main barrels per day and exports to taries, rages has pushed millions of by 1982 and will and JAL’s incomparable in-flight inflation and that 1.1m. b/d eoplc below the poverty tine, evil is double refining and triple basic guides. TheJETRO staff will help nd the collapse of' domestic more sacrifice will be petroch»nical capacity by tbe service, ifs no wonder thatJAL fly cm and has raised unemploy- same date. The income that with all aspects of your business. to defeat the tent and underemployment to an needed these investments will produce more Europeans toJapan than any nprecedented 53 per cent of the monster. should more than justify the rork Force. plunge. other airline. Not that an early expansion of However, the argument is also borrowing he economy through increased GDP; the net foreign made that, to avoid excessive respected ovemment spending will limit of $3bn. has been liquidity and an artificially which problems of the poor and the Mexican peso, overloaded currency by the earlT (solve the from Weneverforget adrift nd unemployed. The. one-year- in August was cut 1980s. Mexico must start think- its oil wealth ild administration of President the dollar after 22, ing now about how 12.50 to 28 spent in other areas. use Lopez Portillo believes that quickly fell from is to be howimportantyou are. is now noa«* spite of the he main evil—for both rich and pesos to the dollar, For example in at about 23 pesos domestic steel surplus and con- ioor—is inflation and that, in ing steadily siderable spare capacity in the ptio of considerable progress to the dollar. turnaround has industry, Mexico expects to his year, more sacrifice will be The economic all this double production to about 17m the monster. been remarkable. And leeded to defeat cotm- within six years. without considering the tons per annum Sr. Lopez Portillo seems to which Similarly, demand for electricity £“ new Oil reserves, lave a point. His controversial and is expected to boom, justifying have been rising by leaps iredccessor. President Luis com Government's decision to bounds and are now bem* the to promote complete its first nuclear energy Scheverriu, tried with those in Iran. pared lant at Verde and Id Through their computer, they can [renter social justice and toe IMF i p Laguna Not surprisingly, hydro-electric dams in conomic equality through patient an build new pleased with its .. provide information on 40,000 k'ficit spending and foreign 'un the soutb- mpanasr unes excepted to, relax the fjbn. jorrowing, but tills only fuelled borrowmg tjatt| But these investments in long- hurt on net foreign Japanese companies. Then, if you nllaiion, the poor, and led Mexico needs m nej term capital-intensive projects greater set for 197S. u a concentration of in- and ul a will do little more for the reces- to develop the oil W wish, make the introductions. come than before. Premature j ^ sion than to create a few natural (is PjP'1 '”* reflation now will inevitably be pro] construction lobs. The for these thousand eilectcd in higher- prices, creai- Financing is to be sound, available. recovery, if it hg even greater political pres- should be increased is must come through the sures which the the economy Government will However, efficiency and productivity of Dc ill-equipped tq doldrums, and, in contain. in the er both private and government- increased JSov The conflict absence of industry, starting with Find out more by contacting theFxecutive Service Secretary at your neaicstJAL office or between- expan- there is no owned and meat expenditure, medium-sized com- uonists strict monetarists of small and mail this coupon today. sign of a recovery are relatively large •ame out into the open on Many panies that when Investment . and reaching bigger November 16 President debts arc conon employers Please the new brochure on thejAL Executive Service. with large dollar that must learn to send memy ropy of ,opt*2 Portillo abruptly sacked ejects of companies timing X suffer the profits and less Minister, Sr. Julio flo live with lower ns Finance the devaluation, their cash Street, LondonWlR ODR. _ protectionism. For this to To;J apanAir lines, 8 Hanover loeicsuma. who supported their foreign squeezed and be stability. austerity, and the Plan- happen there must artier credit rating shaken. . bring inflation down to ing and Budget Minister, Sr. Domestic resources remain To : " another year -Address- refla* - American levels Name. larlos Tollo. who favoured limited .even though savings deflation is therefore unavoid- FTP 13 taking sides, the have since interest or ion. Without begun to grow give in now to pres- Position — -hat he raised to a able. To TChidoni indicated rates to savers were spend would make a work cent, lasi sures to ifcded ministers who could maximum 3852 per wages-prices spiral Company. “ that ean return to the n ** hrtal harmony with each May. Companies com- borrow muitt nAtvrrhcIess Pay inevitable. itiwr, But now, with the \ — - 1;; ' Financial Times Thursday OVERSEAS NE WORLD TRADE NEWS Germany ‘Rejectionists’ soften Egypt line E. EEC close to agreement BY 1HSAN HIJAZI BEIRUT. Nov. 30. talks vwgoK ! in bilateral textile recognition of Presi- the Middle East dispute be held to discuss President Sadat's fE ARAB STATES opposed to withdrawn Leslie Colin enforced York fallowing the talks peace initiative with Cairo. From By 'esident Anwar Sadat's Middle dent Sadat's regime and in New • spokesman said BERLIN. Nov. 30- BRUSSELS. N„V. ist policy have shown signs oF an economic boycott against in Cairo. the UN, a PLO BY DAYID BUCHAN 3a for a to import desire not to let their campaign Egyptian goods, ships and air- The Foreign Ministry spokes- that Dr. Waldheim's plan EAST GERMANY is man said to-day that " Israel conference was worth studying- 10.000 Goif cars nextC3lt year olale Egypt from the rest of lines. VW to-night to India being offered * U ,er of to talks the extremist Pales Lin agreenien"reemen? si 3ned THE EEC appeared with 25 Sff*^l S* world. Svria has been careful supports the idea of direct However, under an JggJJtotal « 0.000 tonnes tar P t e Arab ° Vnncsua-enwerk be close to agreement with Its increase on its 1976 cs.-ort 197h. alter * avoid making its anti-Sadat cam- between the parties, such as took ian “rejectionlsi” factions. between the recognition , lD, n Pnartidiiarr has warned of Transport two largest textile suppliers, of 131.000 tonnes in ^ paign appear to be aimed at place in Jerusalem and are about which have accused the PLO marv^ set an increase un this ,1^1S ,*hii '.t “ Hong Kong and India, with only ’™ President Sadat personally and to be held ,in Cairo. Israel adopting a capitulatiooist Maschinen Ex^rS'mpcri'Tn^U This may bo another nnncihiome 30 cuuq. . warning was included in labout £22m.). j reversal of its tough Altarex The not constitute a divorce- convened following the Cairo «,[ views on the Middle East some DM90m. n a iai e Ambassador George tries in the- oust seven weeks. - i editorial in Baghdad s serai- not. however, mean talks" i v. it is * compensation stand toward Hong Kons. the chaired This does w t Syria, which has already although Martel of Brazil, who But the outlook Wi» “sen»ni5.~ !- >*sti?r- :s expected substan- Bda I daily. AI ^awTa, that Iraq or Syria would lessen deal. East Germany Commission has now said there was js generally felt in official rejected Egypt's call for a pre- the meeting, sources said. E th !r re ec n S dafs to deliver machinery fer Vw tially increased its initial offer about govern- L J ^°. .. ? circles here that it was Genera Middle East conference. deep concern The Commlssiun is. c'.cdijv It ; r ?hp ? cars ^ n $ establishing con- to pay for the Q f iag.000 tonnes for next yew. Im- pollc-v direct offer opening speaking after talks with or parts ments restrict! nb foreign anxtous id set >ome ^srcenicntA 1 nfaMt .°J unnecessary to an He was t l g b th sraeI 0b*eTVers lnt says it does rot know Hong Kong has been offered local f ' *"* P° for the “ rejectionist ” Arab Mr. Abde1-Ha lira Khaddun. VW ports to safeguard with hig supplying cfaintrios fou 7hf S J Sith V L l cars will go on tf diversifies ils t'-xtOe ad sbt out that has C0 is whether the mope ft Any increase of belt, i states to try to block the progress Syria's Foreign Minister, who industries- under Us bcf&re r.rtiitg pl th newsMoe? oolmJd ‘RfS 5S?^ for West German D-mancs- exports to the Community in ' amon sale could threaten in - e achieved between Egypt and visiting Moscow. Mr. Brezhnev such measures -.nemher states Decembe- I 11 East ?t- ••Thus E^-nt Mnnff Cive wlim in East Germany or for return for cutback in sensitive Inter- Israel. meeting at head- stopped short of an outright re- the structure of ihe open u-hether to renew the multi flb n ifc A b lefdeishio ralP " a A UN Reports from products. re P p st German .Marks. ! he : Quarters was redundant, officials jeetion of President Sadat's national trading system, arrangemeni which expire* n! tl.!here saw , theth Sr reflected« ? the i followed say that the prije There is. 6till argument over ^ Observers m Uus m Une nrivnrelv nronasal 3. ,. agreement and other components of communicating with Libya to with Yugo-: ; ee k hi lateral peace treaty with- the country has been The observers said Iraq did not Israelis. of a Middle East settlement. the detriment of Egypt’s securi ty. slatia where it has an assembly, - Lennon adds Tel Onr Foreign Staff adds: The The five were among 54 on trial. oat 13.000 cars a; Exports ‘still I rant Arab “rejectionists" to go David from plant turning Central Council of all of Takfir Wal EF,S. expects concessions i s far as Libya has gone in its Aviv: rsrael to-day rejected the 55-meraber members AJ year. Vneasures against Bgvpt -suggestion by Dr. Kurt Wald- the Palestine Liberation Orgam- Hijra—the Society for Repen- East Germans wai: an average competitive’ Libya has burned the common helm, the UN Secretary-General, sation (PLO) began an important tenee and Flight from Sin—an of five years before taking to meeting in Damascus yesterday extreme Moslem party. a ear from o' '{ las It used to have with Egypt, that a meeting of the parties delivery of new in Japanese, package Comecon country so the limited By Lorn* Barling - - - N’nv. numbers of Golf Imports are BY DAVID BELL . WASHINGTON. 30 up. certain to be snapped t# mDr local groups as u yesterday. Trade Representative made tl s aware that the Japanese have member of British Verospace ; clear yesterday th t pressure said it was ncvt\s>jr> to erouD has received orders worth and said not taken kindly to the He he has not yet decided wbrtl which U.S. has been apply put the recent sterling apprecia- Isom for another 16 sets of r the will visit Japan to tion perspective, pointing mit wines for the European A-300 he Japan next moq . ing in an effort to set in effective ottlv party disintegrates Airbus Michael Donne writes. His trip to Tokyo was origins r liberalise its economic and trad- that the rate wa« n lirtle more than l per cent, This brings to 132 the number' expected to take place earl r log relationship with the rest of higher than when the rate was BY K. K. SHARMA of wing-sets ordered from KSA;this month, but no new date b s the industrialised world. But " '* was un more NEW DELHI. Nov. 30. for the European Airbus pro- [been set. Mr: Strauss had no apology to uncapped and oi.j than fi per rent, above its level gramme, worth more than £I50 Officials affirmed to-day ti t make for this yesterday, and between Mrs. However, Mrs. Gandhi still has '' towards the end of last year. rHE AGREEMENT In addition to buiiding the wings {Mr. Strauss will not be going f> clearly believes that the some supporters in southern and her rivals in has an s ndira Gandhi for the Airbus. HSA j Tokyo until after the new md- Japanese, must now demonstrate “Even after the appreciation, b“e ' ' Party to maintain overall design consultancy role sures have been announced. aJb that they mean what they say competitive position is much :he Congress h .$£«•£! our for the aircrafL then if to ?< sup- imty has broken down and the only they are consider* about efforts seriously reduce ! stronger than sometimes Since she cann0l openly #plu Airbuses the number of ' jnce powerful National orgarusa- plan; So far. “substantial.’’ There was their burgeoning trade surplus. posed.” he said. the Congress, her are to either firmly ordered, on option tion faces disintegration. It start the Indian - Socialist Coo- now or for which letters of intern that the Congress gress which is meant to be ai ls now certain have 1 been received total 110. nationwide organisation with .vill break up into small regional The West deal is for the lease ostensibly Left-wing policies., and state parties. of two Airbuses, signed by Iran This will obviously take time to! Air earlier this week. *• The first such move is being ljunch and. in the meantime.' Move to hold down pulp price made by the southern state of plans are being made to forml first ' U.S. banks in , Karnataka where the Chief units in states like Karnataka. BY WILLIAM DULLFORCE STOCKHOLM. Nov. 30. ly Minister. Mr. Devraj Urs, a sup- The move is significant, -not Polish dollar loan < y aorter of Mrs. Gandhi, is facing only because ir shows • Mrs. I The Export Credits Guarantee SWEDISH chemical pulp roam Swedish paper pulp production West European paper prices !’ re-; disciplinary action by the GandhVs determination to department has guaranteed the facturere aim at raaintainin during the first nine months are cleariy a cause of concern •• Congress Party's national leaders main in politics because of her- repayment and funding for a; their new. lower price level ; declined by 20 per cent, to 2.5m. for the Swedes. The a-sucUtiun 'or “ anti-party activities and troubles but also because it S16-4m. loan which the Bank of through the first quarter of 1978.1, ; apes:.-. The mills utilised only notes that, although Swedish Areal to form a regional parly.” heralds the end of the Coqgress I America, acting on behalf of: The Swedish Pulp and Paper ul 66 per cent, of their cap a- and board exports, grew a ' Association offers this assurance paper Mr. Urs has let ii be known » r itself and a syndicate oF Ameri- , ed *S -to West European paper makers city.- since the poor close to 13 cool, tu 2.7in. that he is behind the move to can hanks, has made available... continuing by per more lli3n. SO yesrs. Ton more i w Warsawie of in its- report on the first nine, demand for market pulp and the tonnes during the first throe 'tsvrt a K'^rmhk^ to Bank Handlowy j f II was in power. ® » which This is the first ECGD- months of this year. . excessive quantities' offered on quarter* of this year, price cun- , Congreu wh“h II Lp*"d to A Vietnamese mother pleading The request was made by the Poland. dollar loan Poland. The association connects the the 'international market made It tinued under procure " ami m be the precursor of the Indian It also strengthens the ruling with Thai police while they Vietnamese Charge d'Affaires backed to ' 1“ uneasy situation 7 on the pulp- "a matter of urgency" for the the case uf must qualities yield Socialist Congress, of which the Janata Party which now faces In Canberra. An Australian The loan will help finance a ” were turning back the small with the /unsatisfactory Swedish industry to ils definitely return president is expected to be Mrs. a divided opposition and thus Foreign Affairs Department contract awarded bv Polimex-| market reduce a pour fishing craft she was sharing ‘ development of p/per prices this stocks nf unsold pulp. Large sections of West Gandhi. The decision to form hopes to run away with the spokesman said the request Cekop of Poland to Beloit l the ‘ year. points iut th3t the 10 to were a such parly is based on Mrs. remaining non -Janata states with 4S others seeking entry had been noted but that no- Walmsley. of Bury, Lancashire. It Shipments the main markets European paper industry Gandhi’s failure to gain control when they go to the polls next into Thailand: 14 men. LO th’ng further could be done for the supplv of machinery and 'percent, cut in pe Swedish com- in the EEC declined by 10 per still operating at u loss, although panies* list prufcs for bleached cent, over the nine months. This the British and West German of the Congress from its present February to elect new leg*s- women and 24 children. Mean- until normal Immigration pro- equipment for a paper board mill ( chemical pulp At the beginning “very unsatisfactory develop- mills tu bn ;»pcratins ar . leaders. Sueb a move by her, latures. Four of these are in the while, Vietnam yesterday cedures had been completed. at Kwidzyn. near Gdansk,: “seem initiated more than iwo months south, of which Karnataka, asked Australia to return 181 northern Poland. of October w» Intended tn stabl- ment" was not balanced by a a somewhat better reunmnie The trawler was the ninth re- j " ago, -was abandoned a fortnight Andhra and Maharashtra' are refugees along with the three fugee vessel to arrive within a The banks in the syndicate are i«e price for both pulp and near doubling of exports lo other level than those of niurt other ago when it became clear that the most important The Con- soldiers they seized in a night paper. • markets. countries, , week at Darwin, which Is on the Bank of America, Chase Man- / shc had become isolated and gress is divided in all. and its escape from Saigon on Novem- Australia's north coast and a hattan Bank. Chemical Bank. Citi- j posed no threat to the present internal quarrels give the Janata ber 7. The refugees.’ trawler Journey of at least 3.000 sea carp International Bank, the First - Congress leadership. a head start. . docked at Darwin on Tuesday. miles from southern. National Bank Chicago, Harris Vietnam. of i Trust and Savings Sink. Morgan Guaranty Trust Company of New 1 York and Security Pacific' Norway may block ship order Weaker yen welcomed on Iranian Cabinet reshuffli National Bank. : BY DAVID HOUSEGO AY GJESTER OSLO. Nov. 30. / oil Coconut plant . | exchange market OR. JAMSHID AMOUZEG4R resources Iran. acqi A £2m. complex Tokyo . for the pro-'. NORWAY'S Government may terras, not only to Swedish ship- The Norwegian Shipowners took direet over control or the through the increase In duetion of coconut oil is to be owngrs but also in ; refuse to grant import licences to foreigners .Association, though opposed BY CHARLES SMITH, ?AR EAST EDITOR management of the Iranian prices gave the count ,n tte FbiUppmes under ’^ vrI, a :. ° >h8Ve Previously been good principle to subsidies which en- ““Iv . f0J ht ships ordered recently economy yesterday in the first unique opportunity- to trai g 0n by SlE1on customers of the yards. courage shipbuilding a! lime . by Norwegian owners from a TOKYO, Nov. 30. major cabinet reshuffle, since itself into "* nf H„ii -n, "i another Japfcn.f in Snlcs ° r r of tonnage surplus., nut J “E_9 . Swedish yards under the According to Press reports, docs THE JAPANESE YEN displayed line of December 6 for ‘drafting he became Prime Minister In contras! Dr. Amouzegar argued surprising bill exceedingly wel- a set ol import liberalisation August. for a more gradual approach come weakness on to-day's Tokyo measures to satisfy American that would avoid the massive . The change has been -ine vj . A ^ i oraers are commion&i on me ow foreign exchange market, fulling pressure. It is now virtually cer- waste of funds (hat has 4lnce Corporar brought about by the removal ' aPProvaJ by both Governments, with! the rest provided as a Mr. Dav'd Vikorcn. the as^ocia- 3.3 points against the U.S. dollar tain ihai these measures will in- occurred. Lon on the islandifi of Jnlo. from the key post of Minister . The Norwegians say the credp. repayable over 12 years. tion's managing director, laid :lic close at a rate of 244.20 Yen clude substantial tariff cuts on Mr. Ansary's removal— to of Finance and Economy of Mr. scheme appears to violate OECD Tigo ‘Norwegian owners who Oslo Aftenposten that lie did not culour and computers, could not have taken (ercilles variant to the dollar. film two Hushang Ansary, who has been rules about provisions of ship- hav^so far negotiated believe the Norwegian Govern- • contracts without the support ol . „# ^IrTie ! of the products singled but by Lockheed of the U.S. is The Y’en is now hack lo where in the Job for eight years. It now , building credits, but final ment could refuse to grant Im- Shah—was made possib| no under the scheme are Ole it was about ten days ago and the U.S. has. long been an secret conducting a sales campaign decision port shios thai were open the last about the import SchaKler and Parley Augustson. licences for death week Id de its is over 4 points below the Following thq drafting of the in Tehran that Dr. Amonzegar '^' n^w twin- licences will be taken until the Schifeder has ordered two 50,000 free-listed within the OECD. Manuehehr Eqbal, the hi ^°J- if , j strategic barrier of 240 Yen to measures. Japan- will send a and Mr. Ansary t^le four- were at odds . terms of the deal have been fully d.w.tfc product tankers costing He added, however, that the National Iranian Oil - X the dollar, at which the Bank of senior official or minister personally and over matters ^oamirafL explained by Swedish officials, puny. Mr. Ansary hasf been, Kr.lTSra. (£i7.5m.) each, with Sweden's shipyard suhsidv pnlir. it last (probably Powered Japan successfully held Mr. Nobubiko LTshiba. of policy. by two ! who are visiting Oslo this week, an option for two more, and —tike that of martv other -eoun- appointed to take his pljce in Ainson turbo-prop week. When the central bank the new Minister of External Mr. en^nes, can The Swedish subsidy scheme Parley Augustson has ordered tries—was regrettable, partlcu- Ansary was an apostle of what is also an atte: j the last Economic Relations) - a ad stepped into market to negotiate fast ?. ^ .lb® enables Swedish yards to offer four Ro-Ro vessels worth total larty since in Sweden shins wore economic growth who inject dynamism into an overnva ^J° JSr®® j a Thursday, it bought an e.ui- with the U.S. on the basis of the distances of 550 miles, exceptionally favourable believed that the massive wise over cautions organ! credit of abdut Kr^OOm. being built for stock.- l mated total of over S400m. in u liberalisation package. The single day uf unprecedentedly hope is that Mr. Robert Strauss, heavy intervention. To-day the the U.S. trade negotiator, will bank was apparently buying then pay a return visit to Tokyo, Muzorewa warns Smit] small numbers of Yen to pre- putting the seal or the trade Soviet gas pipeline vent a new downward movement truce between the two nations, BY TONY HAWKINS from going too Tar. Its interven- An additional possibility is that SALISBURY. Nov! 30. Prime Minister tion probably explains the fact Fukuda might DESCRIBING the Rhodesian In a letter lo Mr. Smith that the Yen made a moderate visit Washington early next year j destruction of two guerilla released to the Press (to-day. recovery after at one time much- Tor talks which would be mainly offers big market bases In Mozambique last week Bishop Muzorewa, who! is the inc a rate of 246 tn the dollar. concerned with trade and as “abhorrent, shocking and key " The dollar's recovery and the economic relations. tragic,” Bishop Abel Muzorewa, to the internal] settle- ” Yen's decline is attributed to the Observers of the Tokyo foreign leader of the United African ment negotiations due to reshuffle, which Japanese cahinel exchaugc market feel that the National Council, to-day warned start next week, said jie had for plant suppliers appeared to have been well re- Yen may . zigzag around its Mr. ian Smith’s Government demanded “an .urgent colved internationally, as evi- present level for the next few that the “massacres” could response” from the Rfapdesian BY RHYS DAVID, NORTHERN CORRESPONDENT dence of Japan's determination days, or maybe for rather “very seriously and adversely Prime Minister, and an! under- to correct its trade surplus. Fol- longer, while optimism continues prejudice THE FIRST of turbine the successful out- taking that there would be no 42 gas modules which wit] be located lowing the reshuffle itself. Japan about the impact of the pumping modules, part trade come of the mooted negotia- further such massacres In the of the In groups of seven at s* 1® problems a complete unit in special Russian ships which oo Tuesday announced u dead- liberalisation measures. Diggest order ever six tions.” future. woo by the separate stations along a l* 35 recently been test-assembled will call unee a month at Hull. u.k. from.the Soviet 960k Union, will long 142 centimetre diameter and then dismantled at Cooper’s With the first shipments now feave Hull docks later this week pipeline, moving no cu. metres Liverpool plant where half the about to begin the order is the natural gas of gas daily from the Tyumen modules will- be built The. rest expected to keep Cooper's Livor- or 'rfrEi-western Siberia. gas fields in Siberia to the city are. being manufactured at pool plant buss- until only the Thailand’s military ruler order worth £i00m. or Chelyabinsk. admits grim future was another Cooper plant in' Canada middle of next year and a search amst strong international with the The system is due to come w'Mch' U.K. Is providing Is now being made Cor new BY RICHARD NATIONS IN ition by Coberrow. a con- into BANGKOK operation by the end of ^ finance for the deal. business. sortiura C S f P l9 FEW rotild with deliver es due *o finish For Cooper itself the order is The USSR is seen as ihe must PRIME MINISTERS downfall of recent civilian that have developed within the a new Prime Minister. General Bessemer ?n Liv?™nnJ n^? nf \S. ! P ^ =\ummer ° r next year, promising market because of have taken power as governments—have and thfe most important since it with erirn now spilled mililtary. Kriahsak was also apparently th? US «rouo Soopr inrt,.i a ove er wa placed .in the Netherton. which has now been IWWj- Ure r 1,10 army. uneuthusiastic In accepting the mk Rol^Se J-L°? m6ved to on the out- . n , The main pressure on bun S % lhe natural lieneral Knansak Lhammananm General Kriansak ab,liry of skirts of Liverpool, to take over and because of its huge cannot count p0st *^ al was thrust him. But tfffstalton , a r rn„_ h iv on 0^ £ nd t lal 8roaps srou roughly “ 10 gas pipeline made when he recently added P °f *? el English programme, r, n the solid military support jj avj ng ontv the former Electric that done so. he has set out to because of fts hu\ V l Up already the premiership lu his pod of underpinned the dictatorship battalion commanders—the heal the the suilable '* W5. The company has The Soviet Union has of wounds through a eom- because of eiiwmoSi , suprenie Commander nf Thai- ZHSSP 2 w H purchased more gas transmission Field Marshals Sarit and Thanom majors and junior colonels call- promise constitution aimed at potential for further orders b^ea operating in the U.K. since from package approach,Ln°«K last thiei land s armed forces. Pointing lo S. mini- equipment over the y,e ia60S . He rides an uneasy ing themselves the "Young appeasing at least some of the the USSR. J963 through licensing agree- rising aBserab, the world unemployment, the hard- y time* j S raents, the most years than ihe rest of coalition between the younger Turks.” In the three week of old guard generals, The Soviet Union i icial Times Thursday December 1 1977 i—ADVERTISEMENT—, ! HOME NEWS Why Do More rail may Insurance brokers So Slowly ? A WELL-KNOWN educational publisher reveals that he has be electrified criticised devised a new, simple tech- nique of rapid reading, which licence fee By Our Consumer Affairs increase guarantees that will you at 8Y DAVID FREUD, INDUSTRIAL STAFF Correspondent least double your reading BT DAVID CHURQflU- £5m. INSURANCE BROKERS were speed and yet retain much to THE GOVERNMENT intends toe Board’s 200.000 acre land sharply criticised yesterday by more. BBC is shortly to begin would “ undermine THE es the was £229.945m. The surplus of review with British Rail the case holdings. the Association. The Most people do not realise With, the Home BBC's Consumers’ negotiations vital constitutional inde- for further main line electrifica- % how much increase £2.927tn. had: to- be offset against At the opening of London's only way to be sure of getting they ccuid Office on: its claim for a sub- pendence." "“I hope that neither tion. last year’s final deficit Argos £12m_ redeveloped Blackfriars the best advice, the association their pleasure, success and of £6.4m. to stantial increase in the licence this Government,, nor any future income This improved position was due A White Paper responding to Station, Mr. Parker explained said, was for consumers to shop by reading faster and fee from next summer. Government, will risk that dam- Committee more accurately. What’s more, - said Sir Michael to internal By Elinor Goodman, a Commons Select that plans for the £130m. com- around different brokers and Xbe size of the increase being age," added Sir Michael. report on British Rail last May companies this method has been tested fj economies, the effect of Consumer Affairs Correspondent prehensive development of liver- contact insurance r( sought has net been decided but pay Sir Michael; who was an- policy on wage supports the report’s pro-rail Street Station in the City direct as well. and proved successful in busi- V *. costs, and un- pool the BBC deficit of £3.5m.. despite the BBCs latest annual recommendations. It agrees ness. industry and schools '» «"•»* nouncing expectedly buoyant colour tele- ARGOS, toe sister company to may not be viable if the Inland In a survey published in this an operating profit of £2.9m. in accounts which with toe committee that no large throughout the world. report . -and., is vision to allow month’s co- •-** » sales. Otherwise, the BBC Green Shield, is to bonow £5m- Revenue decided Dot edition of Which? « the last financial year, is cuts should be on the rail- According to this publisher, included in the new BBC Hand- would have ended its financial from Barclays Bank to finance made station rebuilding costs against inciding with the setting up of expected to climb sharply over if way system. anyone, regardless of his book.- also .warned that the year close to the maximum of its its development programme. -the potential 80 per cent tax the Insurance Brokers’ Registra it* the coming year as costs con- present reading skill, can use Government kept down the borrowing powers. Like Green Shield, Argos is The Government is now pre- charge for development gains on tion Council, the magazine con- - this simple technique to im- ‘•ft - tinue to rise. A deficit « of licence fee this would damage owned, Mr. Richard Tomp- pared to look at electrification in the office content of toe scheme. cluded that brokers “put up a Mr. Ian Trethowan. director by prove his reading ability to a between ilfim. and £17m. by next the ...quality of programmes. the group terms Qf future energy prospects manag- fairly dismal show.” General, said that the BBC hoped kins,' and until now Mr. Robert Dashwood. remarkable degree. Whether July was forecast the ' by BBC BBC would prefer for has largely self-financing. rather than on a financial basis. British Rail survey showed life insur- The a a radical restructuring of its been ing director of the The reading stories, hooks or tech- I ft yesterday. British Rail welcomed the ance brokers in a particularly return to the previous financing P?y system next year to end the Argos was started in 1973 as Property Board, said that at the nical matter, you can read Sir Michael Swann, change of approach yesterday bad light In general the maga- BBC chair- system whereby toe licence fee discrepancies between pay levels a new type of discount retail- moment Development Tax was sentences at a glance and man, yesterday made dear the- in and said it firmly believed that zine concluded that they failed -was set at a high enough level independent television com- ing chain. Shoppers select an unknown quantity. “The entire pages in seconds with ft* - BBCs unease with - “investment in railway electrifi- to ask enough questions to get 1 the Govern- "to last for. several years. The panies. But this would solve merchandise from a catalogue present attitude seems to be this method. uot cation .r- ment's refusal to should receive high an accurate picture of the guarantee 'the' surplus in the first few years the BBC's dispute with its staff and go into the stores only ‘You cany out the project and To acquaint all readers with long-term priority io the current national family's insurance needs and financial viability. :af would be offset by losses in who are refusing to accept a 10 when they have decided what we will assess the tax after- the casy-to-foilow rules for debate about of if. 65 the future use advised clients to spend more the BBC. He said that the toe latter period covered by toe per cent pay offer for this year. they want To-day there are wards This attitude had, he developing rapid reading off revenues." The change could money than necessary. Government repeated last yea^s licence. Argos branches, and the chain said, finally killed plans for skill, full' details of this in- The BBC also announced yes- mean an early go-ahead for four decision to increase licence fees Despite the BBC’s warnings bad a turnover of £50m. in the development of London’s Vic- Motor insurance brokers fared teresting self-training method terday that it was sponsoring schemes to which British Rail for a period covering only a yesterday over future finances, a 12 months to the beginning of toria Station, and had made it better in the survey. But the have been printed in a new research trust to look into the attaches high priority. year, then -this would create a their case for as increase was November, against £26.4m. in difficult, if not impossible, to association still concluded tbat a 24-page bonk. “ Adventures in long-term effects of television, “situation dangerously akin to not- helped by a better, than 1975-76. These are the electrification of plan future schemes around the car owner would have to visit Reading Improvement." sent including the effect of violence. an annual grant-in-aid.” expected financial performance It is planned to increase the the Thames valley suburban country. a number of brokers to be free on request. N«* obligation. * BBC Handbook number of shops to 100 by lines between Paddington and reasonably sure of being recom- The BBC fears, and this has in the last financial year. 1378, from • British Rail has applied for Simply write tn: Hnpid Read- been BBC, 35, Marylebone 1980, This would more than Oxford, the remaining dod- mended a fairly cheap company. ing (Deni. FTB41, supported . by. various The total income of BBC High Street, permission to build a 14-mile Programme London, doable toe invested by. electrified Southern Region Government committees, said domestic services in 1976-77 was WI. price £2. 44m- diversion of its East Coast line Mr. Francis Perkins, chairman 9 Mandeville Place. London, company, most of it from routes, the heavy freight route Insurance Brokers 6AE. Sir Michael, that annual financ- £2S2B72m. and total' expenditure Editorial comment Page 22 the where 125 mph' High Speed of the British W1M Shield between the Midlands and South it Green or reinvesting Trains will be introduced from Association, commented that Wales, and the continuation Argos profits. to next year, because the tracks run was precisely because consumers Sheffield of the London-Bedford Mr. Joe Phillips. joint right over toe new Selby coal need more information and route now being converted to BUILDING managing director .of Argos, field, between Selby and York. clarification on insurance Long John lifts whisky output said yesterday that the manage- electricity. broking than could be provided ment had decided that it madO The role of British Bail in by an article of the type given SOCIETY BY KENNETH GOODING sense at toe moment to go out- public transport The Govern- Blast halts in Which? that the industry- side for money. ments response to the first re- with the support of the Govern- RATES International has 195m. gallons of Scotch. Because Argos, which is ran separ- port from the Select Committee ment. had set up a registration LONG JOHN John's two malt whisky distil- plant ately from Green Shield, made on Nationalised Industries : BP system. Every Saturday the Financial completed the £5m. expansion of of tiie . maturation period, the leries, the group did not need an estimated profit of £750,000 Session 1376-77. Command 7038. is investigating best protection for con- Times publishes a table giving its Strathclyde grain whisky- dis- whisky sold in that year would any extra capacity for many BP CHEMICALS The in the year just 'ended against HMSO. 75p an explosion which took place sumers would be to look for details of tillery. The project . has have to be in stock by 1680. years to" come. £55.000 year. John Brennan, property Sterlingshire. who have increased the capacity of the dis- However, stocks last year were the previous • at Grangemouth. members of the B1BA, BUILDING SOCIETY RATES •-V Lorig John recently became a Mr. Phillips said yesterday correspondent, writes: Mr. Peter yesterday, halting production of to be registered, for sound busi- tillery from 51m. to lOtu. gallons 140m. gallons and a 5 per cent, on offer to the public. subsidiary of the Whitbread that Barclays - willingness to Parker, chairman of British Rail, acrylonitrile. a propylene ness practice and advice. The a year, making, it one of Scot- addition a year. 40 1980 would brewing group. lend the company £5m. showed warned yesterday that the derivative used in the manufac- B1BA has already started on the land's largest ieeve -them at. only 170m. For further details please ring This year its sales were up the bank had confidence in the Development Land Tax could ture of synthetic fibres and task of raising standards still gallons. by 01-248 8000 Esin. 424 Mr. Ian Coombs, managing about per future of Argos. block plans for development of robber. further. Mr. Coombs said that these 15 cent. V-iTm., director, said yesterday that »• were only- rough' calculations, but there was some evidence .that he joins a growing number of /ft - there would be a shortage "of • Scotch whisky people who have *“:-i capacity in the Scotch whisky been dropping hints about industry in the 1980s. , possible shortages in the 1680s •jf. there He pointed out that was However, the Distillers Com- a concensus among distzHers thst pany, which accounts for roughly 9*1. world-wide sales of Scotch would half of all .Scotch produced, has rft. grow at about 5 per cent a year steadfastly maintained there rate i against the historic of S will be no shortages. (M-. per cent, to 10 per cent. Mr. Coombs said yesterday This would indicate that by that, In any case, after the expan- 19S5 the market would take sion. completed in 1975, of Long Colonel spent large n pui t sums, says woman FINANCIAL TIMES REPORTER EVIDENCE was given by Mrs. giving him the money corruptly. Geraldine Revill. of Wimborno. Mrs. Revill told the court tbat] Dorset, in the Iranian arms deal LL-Col. Randel had spent man> trial at the Old Bailey yesterday hundreds of pounds on her and that Lt.-Col. David Randel. a had planned to buy a housed her to rent. Vauxhali Ellesmere Port have * *-y - former Defence Ministry signals Wimbome for Motors of made adviser, had spent large sums Once he tend her that be had entertaining her for several saved meaty from his entertain- enormous strides in fuel conservation. months in 1975. ment expenses in Iran because * . V*. She said that she had met him the British Embassy had looked As major industrial consumers of gas, they working as part-time bar- alter the people involved there, while a have significantly improved the efficiency oftheir maid at the Wimbomc Conser- and he had bought luira there - *.- V with' the money he hadftaved. vative Club. He took her out gas-using plant and achieved dramatic fuel savings. in London and the West Coun- He proposed marriage to her, did- him- The try and later told her that but she not accept This year, on their heat treatment furnaces several thousand pounds of his relationship ended Christmas money had come from Iran 1975. f alone they have reduced fuel consumption by ihrough a Tehran business Earlier yesterday, Mr. Douglas associate. Morrell, a director of Racal 56%-from 115,000 to 50,500 therms per year, Lt-Col. Randel. aged 41, of Electronics, gav4 evidence of Aldershot, denies corruptly re- signing various cheques from the and greatly reduced maintenance and replace- ceiving nearly £25,000 from two company for / Sir Shapoor former Racal group executives Reporter; an Iranian business ment costs by changing to a new type of burner. company win consultant, for commission fees t r for helping the to 1 £4ra. contract from the from the company, ranging from present work has been completed there sli: :.r a defence When k Iranian forces in 1972. The two £20.000 in 1973 to £17,000 in 1975. former executives, Mr. Geoffrey The hearing, which will last will be a total saving throughout the plant of Welburn. aged 41. and Mr. for at least another month, was Frank' NurdiD. aged 61, deny adjourned until to-day. 600,000 therms annually. These savings are the outcome of dose Judge defers decision co-operation between Vauxhali and the North West Gas Technical Consultancy Service. on bankers’ £l|m. claim And it’s made them this year’s Gas Energy A HIGH COURT judge yesterday contends that he is not liable to Management Award winners. reserved his decision in a £lim. the debt because of the scheme 7Ti e G.E.M. Award is made every year by lawsuit brought by London mer- of arrangement between the UUmao Stern Group and its creditors, ap- chant bankers Keyscr British Gas to the company and Regional against former property devel- proved by a Chancery judge in 1975. oper William Stem. . Technical Consultancy team who, working The bankers' claim, arising out The scheme proposed a three- enforce- of a personal guarantee given year moratorium on the (together, show the most successful increase by Mr. Stem in 1973 in respect ment of debts, during which time con*, of cash owing by one of his com- the affairs of the scheme efficiency. were seventeen by in gas-using There panies. Magnum Hotel (Man- ponies would be administered three-day Mr. Kenneth Cork under the all chester), ended after a I other finalists this year, and won lee of hearing. supervision of a commit Mr. Stern, whose property creditors. . ^^substantial prizes of higher plant efficiency Mr. Muur empire collapsed with the 1974 Mr. Stern's counsel, Justice the property market, Hunter, QC, told Mr. and fuel saving. decline of scheme disputed the claim on the basis Talbot yesterday that the “over-reached” the guarantee. If you’re interested in ru nn ing your plant that it was not enforceable kv%/ judge to bold that against him. He urged the are looking for expert The American-born business- so long as the scheme remained more efficiently, or there was no sum owing man, of Albert Court, Prince in force, advice about installing new plant, or changing Consort Road. South Kensington. hy Mr. Stern. fuels, call the Technical Consultancy Service of your Gas Region or send in the coupon below. Rate of profit rise A preliminary chat is quite free. It could save you a lot of money. last month And-who knows!-win you the G.E.M. declined Award next year. FINANCIAL TIMES REPORTER *' .* H ! To: British Gas Dept. 369,326 High Holbom, THERE WAS a further decline in the rate of profit Increase in London WC1V7PT. Uu* 130 full reports and account* I like of industrial companies received would to know more about how gas can help during November compared with my business the levels a yew ago. The increase at toe pre-tax Also I would like to learn about the British Gas stage amounted to 21.4 per cent. This compares with the ncaMO School of Fuel Management (Please uck as appropriate) per cent, rise recorded in reports received In October, and with Name ; increases of 34-S per cent., 48.7 per cent, ami 36i per cent, in the first three quarters or the Company. year respectively. Larger companies reporting Address., above-average profit gagains ‘ in- eluded Lucas Industries, and Smiths Industries, up 38 per cent, and -7 per cent jrespec- up 19 per cent, and i Uvelv, Glaxo Great Universal Stores up 14 per ago figure. This is mud* in line \ with the tois i cent. monthly mei***** the October year, which reflect the 1 Dividend com* :n largely BRITISH GAS. dividends ?• reports and .uvmiiits aimsw allowable, increase in IS than too year- being paid mi larger capitals- S . per cent mure a ' : ~ 1 , . Times Thursday . De«mbeivi f Financial : nil 8 HOME NEWS -strike State may pay to keep Are North Sea gas reserve lobby Healey to-day BY RAY DAFTER, ENERGY CORRESPONDENT resist costs up already holds Industrial fuel-users eon Id BRITISH Cl AS Corporation may British Gas the most in tne snort pay oil cornoanies Ut leave =;«s «p•.wnunlion to aniKwsi's pend1 supplies »•of «wgas probably do >. • BY MICHAEL CASSELL, BUILDING CORRESPONDENT inirsj houi. reserves under the North Sea as from fields in ihe southern sector term to reduce tut BY ERIC SHORT tn-ii reacacu. 3ETTER Government treatment directly with their position. with confidence and mobilise re-! part of a sett-imposed depletion of the North Sea. The IS companies jwiiril'* Jtaiev take-orcr ‘or the building industry will be While the deputation will make sources to match the need. Mr.; pohev. The clause was included in .xhe the final of the will that if «m tnerms a sought to-day by a deputation of general points about construction Healey be told no THE of fire rose the corpora- supply agreements because the savings or almost <' COST damage Sir" Denis Rookc. energy Michael Donne, : which is due to and the national economy and attempt is made :o reconcile the i-orporatiun sceptical about year, enough to meet tn« By ndustrv leaders, on ] V snsi,Uv m October to lion's ehairniar sjjii! esterdav was the content of the two. then the industry will not be; c of all of 40.000 people. a Aerospace Correkjrondenf neot Mr. Denis Healey. Chan- comment on 19;lm according to figures that the aa- industr- would do if? being able in dispose gnu requirement* £4P0ra. measures announced in able to _respond efficiently to. lR60s size of Canterbury ’ ;eUor of ihe Exchequer. jssued yesterday bv Lhe British bust tu pruinnjprulfin-4 the hfe of off- supplies m the late and town the ' future demand. WORKEEtS at the Britten- The deputation, representing October, it will avoid any attempt : Insurance Association. Although shore supplies a engineers, to tell the Treasury how to do The l * - raihi-, guilders and- civil i*"8 dar occurred’ before "the - sible! even \i meant paying a Iway accepted at least the the ammint of ™*se \Y : brid’C pie^of profes- its job and concentrate on get- that Respite the prospectrosnict * ofjfae;of the ' material producers, the loss :o stop mum contract quantities. • well over) firemtjn’s strike, October's sfjme comcompaniespa me money saved was [^auier and Trisla&derTYisSh^hr *iK5 union.*, is the ting across the practical conse- £400 m. next year and an addi-. light dons, and trades £5m . higher than m producing. £800,000 year. Government tional£181m. nithefollowmgUJI^ a ! transport aircraft-^re antmbled. lame one which met the Prime quences of recent . In * same monthlaSyearm0IU0 Iast year' The alternative, be said, mi 'ht demon- meeting Peter policies Tor those working m the months, the situation has de-s Conservation need If only half the savings are seeking a with the Minister in June, and Mr. nt surplus • for be enforced disnasa. Shore Secretary for the Environ- industry. leriorated to such an extent that! Fire damage figures industry’s leaders will tell ti-j industry will not even be in a November are expected towards iuent in the following month. The j should At earlier meetings, the group Mr. Healey it rejects any sug- position to achieve by 1979 the- the end of December and emphasised the importance of gestions that construction output depressed output levels of 1976. give some indication of the cost ihe construction sector to the in this country is likely to He will bear an account of cur-, of the strike, rent problems including high i i .national economy, and attempted remain permanently down on lThe October fire damage unemployment, low new rd s .to bring home the extent to earlier levels and claim there ? ®[ 'rfigures reversed a trend over tended "to commercial supply investment in tne‘ thulSSiat action two tion ‘of' British industry will be a substantial and con- and ener^i 1 .it which the industrv had been seven months when damage volume.* of gas winners were Vauxfcall S*s- A 10 per cent, i* i?.«ri of tl.e rej Group, for for building materials sector and growing ears, as large The . recent Govern- tinning need new sector __wwouldonId It itgrivcr.. handicapped by iwas lower in the ... thisih*s ;. whichivhu* a -Sif arrive fro. is the Frias of Ellesmere Pori, and saving m Charles i ^ begin to Motor* ! reliance on overseas contract*. and civil engineering works. i [ . rnent action. corresponding last year, reduee costs *y *»m- a Hurdle. Has called In. hefp^to month Brent" fields.'" .WtiUvcsi Gas' Joint rirencivup fuel hm rr'calting"for mo fr j accepted 1 . It was that the Indus >-ear at to-day’s prices Workers rerrcsrntaUvw _su . .- - — Sir Denis said that Ihe corpora- Barton Abrasives < Northern R . boost were t0 a 5, instruction cftML ft. an eS ' 30 ? market- Rest that i! inuml finaroh^can ‘Consistent Healev will be asked to change [£^ tion was on largci in its Ga«j and Critchle>\ Shan* Wd other companies in the final ‘fi5oS faTrlv forcefullv 1 Sd * he anniird. present fiscal arangements which. . in; of Frigg gas. whxn has Tetlow ( North-East Gas). -were: Alcan Booth Extrusions; • ^aoai^fromthe announcement of The denutatiomsP seekio* what w “* the industry claims, discriminate. I A started to arrive re tau I K. in Sir Denis laid emphasis aisoiw Hugh Baird and Sons; umr ewnpany ' bfereasedincreased leveis if nubHc ir .liu more consistent levels or puDm it tails a . • , P ,*, —. — __ _ I It - consetta- over would mean a toss .of jobs. — f energy Kitchin; ; ^construction as a form e n(?c j ur Tunon Platts; S. and J. expenditure for 197S-79. there is relationship between the general against " is that can he unn. confirmed that Elektron; Royal the country of investment. There much He Magnesium f -also a growing feeling t>;at the economic activity of win ,ive. done in the future to sensibly Morecamhe Field in the ! Factory, Chorlcy. construction output." It be- e deputation, i Ordnance Ppcpjjrch lags ‘Government has in recent months and f“ “ ri,-k- . I Total fire damage this vear at » = Air merger THE CLIMAX lo a year of legal forced higher b> an inlematidRa month related to the spread of pipeline troubles El 85m is still £15m belqw the f may Alaska struggle will be reached to day uranium cartel. U.S. jurisdiction, which, he BRITISH KX8r.‘0TIVS lass for the first 10 months of . Air Scr- 1976. when seven directors oF the Rio The bsue the Law Lords bSe argued, prejudiced Bnti>h vices, acqunea hs tife .Bristow BY RAY DAFTER, ENERGY CORRESPONDENT There were tv/o major fires Tinto-Zinc Corporation hear been considering centres fc sovereignty. Heliropier gfdup IS ratatba ago. Lords shipyard INITIAL PROBLEMS with the explosion and fire at one of the 'faring October, ohe'at a colour f rom Law whether whether letters of request »r Even if. however, the Lurds ^ being afitorbed Into the pumping stations. f th.ey have been successful in rtz evidence, sent from come down in favour or the RTZ Bristow Riuuji. Sp»e; redun- iTransAlaska oil pipeline lost manufacturer in West Scotland ! »e By Our Scottish Correspondent ' n"In t,ie ' suggest that} w 3 backing of the Richmond court, should 'directors, headed by Sir Mark dancics may iwvr. British Petroleum S 16m. <£S.Sm.) Industry reports costing £2m. in . damage and; Se. • English. their PlP^ 11® should achieve -at}at! another at a " warehouse in EnS lisii courts inIn attempt executed. The letters wEe Turner and Lord Shacklctnn.; FOSTER-WHEELER OFFSHORE in theuic threemice monthsuuuia to Seotem- 'warehouse m wfe i of 10 avoid giving evidence to a chairman : • Mftrlivtn Cau u»r*rL' I east break-even levels South-East London* costfns more issued on October 21. 1976. *d chairman and deputy U i:j is bidding for North Sea work - . a uV trniric j b r 30 ' * lu,*ua ' part, throughput present &.S. court hearing . of the have— the respectively. RTZ’s involvement J in the , _ — since been . which if secured should enable! — K J than £lrn. *«*»,»*.Altogetherm.vi there were;vllBaMI subject^— j : e company, which holds a estinghouse Electric uranium with TVestinghouse will not have * it yard quarter. 14 fires where damage exceeded legal dispute between RTZ Mi, THE FIRST Boxing Day train to reopen 'the at', c I^ j ^ 5 per cenL slake in e htigation. “ Throughput is running . at 1 Weshinghousc. * finished. is Dumbarton now on a care and ., . £200,000 and 70 others which Service since 1974 to he 1800-miie pipeline, ' 1 tm said yesterday - maintenance basis. 700.000 to 800,000 barrels a day. each cost at least 530,000. The! In a S2bn. ca«e. power utilities In addition to teclipgu KTZ companies are in a group provided by British Rail this tha j ' se caused by ] should reach its design peak are suing inch use arguments the ® aQ( [latter included 43 fires in public! West o .in about use lo. of uranium producers being sued . ~ L, !^® _ ' ' | Christmas. Limited timetables ' any RTZ eviJence ml t by Westinghouse for operating a will start at 10.00 sum,. the Law Lords will b; e cartel which conspired to raise j assessing what we$ prices. At the same lime the t- U.S.; reiwrn given to the interv s-. authorities have instituted grand I D3HK Mr, Sam Silkin. : & jury proceedings to examine Ihe .'the British Linen Bank.whirh — ... .. Attorney General. His cone a.- possibilities of breaches in the, - disanneareii in i theraer in 1971. modules. pipeline pumping station might he back ' special attention to re dangers; its cpiHention ihat pnees were during Lhe Lords hearings 1 t U^. anti-trust law. I wak revived yesterday in a new system was frustrated by an in operation by mid-February. because of Mr. W. H. Fraser, managing : ihe cost and the possi- [form, when its title -was adopted bility director of Foster-Wheeler Off- of injury and tesfl.of life.' : ! hy. the Bunk of Scotland shore. said that the deck design ; Finance Go. would enable oil companies to build completely and assemble Coin box calls may be Clean Thames Self-assessmeiit taxitnquiry production platforms inshore.] 5p | Car prices up Mr. Fraser added that Foster-! BY LYNTON McLAIN. INDUSTRIAL STAFF BY DAVID FREUD Wheeler was also investing £5ni. pays off ; VAUXHALL car prices weal up convert at (including grants A PROGRAMME to the Post Office Users National : THE Government hos^sk-d iho cost Americans per cent- EEC of £1.4m.) ' The to the "On the !toe EllKIm. ] ,, ’other hand, we need Britain's 77,000 telephone coin Council sn™ oh c canins in developing designs for in 1975. . rolleeUng . u Revenue to investigate io recognise what would .be' the 1 private ith'rThamgs E's^“prid ‘of U.-I50 flexible sub-sea riser which could and 250,000 pay The Post Office said;. last Vkh *‘e the cost to Jthe In kn ipUcations of door now cost .23M. fin last year’s drought brhen the ! the. practical possibility o: intro- going over to seif- telephones from to mini- night he manufactured and sold 2p 5p that no derision had- been . Re'enue about under fr&h flow ’was fi. , itot" water was Ween for; daring a measure of setf-assess- _ • licence, and uffshore early pro- mum cost operation would taken, but confirmed Oiat all j pnbhc supply. Mr. HlftH Fish. Apart from being chcaffer than ^gpo.wgai of the cost or - i mimt — nn iha die oaother 1 your partner in Mr. £rost died in hospital io po ration, which is the operator S e I aild na* Lerwick on Tuesday nighr for the Thistle Field rrnm i-M„„!. V»». after — due ti»' 1>11IIIoninMillionth tonlon stream next 525,^1 S. - 1 being taken ill on the semi-sub- month , "another wis MINERS AT Clipstoue Colliery. meralble rig. which is acting dwt man taken , U.K! « or*otSe xlrth *£ as a £ 5 > *** north Nutting ha in-Jln re. yesterday _ . on the on Sunday and was .. in support vessel Two police offtL-hrs liew out ^ * du_*ng.the uf flown, to Aberdeen. ! produced their inil’ionth ton to the rig, the Sedro J. rrom prfr<;oraraissipnmg work on the ‘ it fa believed that both I coal this >ear The pit. which Aberdeen yesterday to invrcii- Thistle A platform. . The body illnesses were caused by some- has two of the deepest shafts gate the death of rig worker was- to yesterday • Mr. down Aberdeen thing- the two men had drunk. m Britain. . has produced lm. Alastair Frost aged of - 24, Aber- for examination. It was possible that both had tons in a year 13 limes since - Six major European banks deen 1 have - The British National Oil Cor- suffered from the same iflness. 1981. joined forces and now form UNICOBANKfNGGROUP with an \ aggregate balance sheet total of some NEWS ANALYSIS—HOWARD MACHINERY S 180 billion. O I The group with the wide-spread base. UN1CO BANKING GROUP comprises ing through a patch some 56.000 offices and bad branches, the densest network of BY CHRISTOPHER DUNN banking outlets in Western Euro{ UNTIL recently Howard Machi- which bad no connection with the increased demand, decided company invested This web of offices not only nery, formerly Rotary heavily in its ? Hoes, tillage. to selt factories at West Hom- Bighaler. seemed a shining a square hay baler, allowsfor speedy execution of success in the Presumably dbn. Essex—the others are j British-owned Howard calculated at which has received an uncertain sector or the farm Suffolk, all types of banking activities but alft> that Its bigh returns from tbe Halesjrorthy, and Hares- reception from lhe trade. Such machinery industry. ton. other Rotavator were hound to attract Norfolk—and move into big- was the company's faith in the enables extensive services f The company, which is based severe competition- sooner or ger premises. Howard wanted to such as new business contacts and in East Anglia. developed product, however, that it made j later across the world, and it move jo Ipswich, but finally wem an efficient and profitable taking the Bigbaler, which has detailed information especially ? needed to attack other markets. to Washington New Town in the tillage implement, the Rotavaior. had mechanical problems, a con- local But in North-TEast. about and regional business in the thirties. Returns on the pursuing this policy dition of getting a new super- the company Hew in Production was severely dislo- and investment opportunities. i tractor-powered tool, which the Face of dealership during the recent lifts cated. This meant Howard could rather -than conventional wisdom in the reorganisation of the franchises. ploughs the soil, not supply dealers industry. This laid down during a In addition, business were so good that it made com- that In the past Howard has sold elsewheife the art of crucial period of the boom, and mercial sense from the late Commercial survival its products to a chain uf about in the world is it missed a large supported by branches forties to for small companies was to pan of the set up manufacturing increased 750 dealers, whu took stock as subsidiaries and affiliated operations develop a position of special market banks in In France. Germany. Simultaneously. and when they needed if Australia strength in a narrow segment Lely, a Dutch London. Luxemburg, Zurich. 'and Brazil. Marketing of manufacturer, Howard decided to introduce a posts the market, preferably with started to pene- were scattered across the a new tier of what, effectively, New York, the Cayman Islands and unique product, trate the U.K. market with a til- world. and to hang on were 110 distributors the super- to it ing* tool which in some respects — Hong Kong. This global thrust aimed to ex- against ali comers. was technically superior to dealers, ploit the machine's flexibility. It European specialists provided Rotovator. Lely found readv The group with a wide variety of activities. could operate in almost any" cli- examples of this strategy in acceptance from dealers starved mate. and double up as a harrow, operation. Early tech- Through its members, of Howard’s products. Rough vear their sub- a seed driller, or a weed cutter. nical leads and a commitment Howard also came under fierce sidiaries and affiliated companies' Howard management was so to develop a market position They would take stuck from pressure simultaneously in some highly regarded that at one point helped companies accumulate Howard so guaranteeing some UNICO BANKING GROUP provides of 'its overseas markets. Lely — m the late sixties the Industrial experience faster than competi- production offtake—and sell the for the possibilities to raise Reorganisation posed a threat in France and lunds in Corporation enn- tors. and establish unassailable products on tn the smaller templated using Germany, where Krone, another various currencies and maturities for the company as leads, particularly since compe- dealers, in exchange for better Lthe nucleus farm machinery manufacturer, For a merger with tition in farm machinery groups discounts from Howard. Some corporate finance, foreign trade nvo other also came In. Competition built farm machinery manu- lends in by limited. dealers' protested strongly finance, project finance facturers. up in Italy, and there were diffi- . and inter- Bamfords and Ran- the culties in Spain. against having to take national loan transactions somes Sims and Jefferies. these among After 1974 the boom Bighaler as a condition of But in the last five or started services. six Diversification new franchises. This provision other years. Howard has been to fade. Most of Howard's major hit by markets .throughout has been dropped. a number of setbacks, culminat- The first diversification the world by have declined' the The cnin expects IS*® Feel free to get in touch with ing a few weeks ago in Howard was at same time. puny the successful and As be year, when tm announcement that 300 others followed. a result the group has surplus anulher rough UNICO BANKING GROUP by simply workers The -company reorfianjs^tion were to be. made went capacity—“one factory too second prndiu-iiun either redundant. The into feed storage, combine vpmp'Cted- contacting one ofthe partner sackings coincide many." in the words of in five i-ears will be with relatively harvester distribution, potato Mr. banks listed below buoyant trading David Long-Price, the company This time Howard isj™*? UiNSICO BANKING GROUP or the Standfrig for the industry planters, wine presses, and hav generally. secretary. This its plant egcgjgj : halers. explains the Ipswich w Partidpatina banks; Secretariat in Amsterdam, 1 Howard's interim profits current round of redundancies. manufacturing at » at 604 Keizersgracht this, But despite these moves Rota- Hariesl°^ Andrisbankcn-Danrijank (Denmark) Telephone Borrowings . yfarfril by £800,000 to Just vator have not risen as Hales worth and flden{ ' turnover still accounted c0 Caisse Nationals de Credit Agticoie {France] (20) 2Z22.52, telex £31.000. for quicWy as they might “ 15412. a substantial have done B.n the taawwg 4iIlly Centralc The percentage of group with such Rabobank (The Netherlands) . . - . __ series of misfortunes Sa surplus capacity, be- of pulling seems at the end of 1x181 Year. fcgSEJfl, oF its DG BANK Deutsche Gcru^sseihthaltsbank Cermanv.) -i .• (.L.V’-* to have started about 15 ^ Slferhe new factory was mainly because of t»® * ir Three unrelated n - * ’ '• years setbacks financed p GcnossenschaftJichc Zen LraJ bank (Austria) ' ago. In 1962 the through a seven AC l. ». group occurred in the -for-10 decided lo diversify away middle seventies. 8 ”h ch ta.r OKOBANK Osuuspankkien Keskuspankki Oj’lPialand; from Their impact rais«d n.lm. sspa^Tta the Rotavator has been almost dis- rfSKJGetting !^the l by manufacturing rights issue off the and astrous. • lona way marketing the Rotaspreader ,W0 years “SO was Howinf ’ * * h i W* * '4»i> j ^ \ ^ , , Volvo have always been readyto support thiemotorist- ’ ^>SV: skh , Rigbr inrheback.Where it counts. :? When we designed out seats we worked with doctors who measured the activit)- of the spinal muscles. T This helped us make the first driving seat with' really effective lumbar support. But beingVolvo we couldn’t just sit back and relax. So for 1978. were introducing an even better seat > Its more contoured and wrap-around with a. longer cushion that's raised to give better support to the legs. ' Weve improved tire cushioning and made the bead- restraints 50% softer. Weve even refined the lumbar support control. Tire way we look at it is tins: die more heart-ache we have, tire less back-ache you have. UTS GETTING BETTER ALLTHET1ME. «TO TEL-HIGH ' fORVOU v i , ' ; : ;: Financial Times Thursday December 3 1977 io PARLIAMENT and LABOUR EVOLUTION DEBATE Tories Leyland shop stewards Scrutiny powers angry call for higher output over BY ARTHUR SMITH. MIDLANDS CORRESPONDENT LEYLAND CARS shot- ..mitt-nck. of m have taken the initiative in into the hands of dealeiv n output say twice th^ • Parliament, the critical 20.000 cars — in MPs workers of warning amnesty jtlvanw hill*. Chrysler (liJCi S situation confronting ‘ of will come under pressure ne*! : b „S bemuse BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT Staff and.a ne,!d t0»» r3I>p ou p *romfrom usits tradecrane unions By Ivor Owen. Parliamentary i?5uil*K.. “«m«roniDohentrtnr.nt suopli’rs.suonli-’r*. week tmwms tn body to deal with such conflicts. The troubled ears division has Mifmiirtoil disclose details of its long-term -E LONG slogging match over matter to the judicial committee. mii- i* Cars has Parliament expressed a He believed that the amendment racial -tensions achieved only 70 per rent, of to the plans. Tin’ working party Solution continued in the Even if Government s lts",Yans for next year ' did a useful job in diminishing exacerbated by the intended output, seen Its market is responsible for drawing up Thl* -nrnons yesterday with Tory view on the manor, it could be amnesty BrttishBritish LeylandLy-iv>— Bnard...... nil- ... the power of the Secretary of decision to extend the share eroded, and will end the r-Tmpwnys planning agreement Mthenchers alleging that the ignored by the Scottish Conserva- llkelviikWv to bmurce that nmajor invest- State. - - for illegal immigrants. year with a loss. Such a per- is scheduled to meet ru»vt wwk VernmenPs proposals Tor pre- Assembly. USSLmea^ 110 mulfcaUUPrised Mr. Pym; tive MPs claimed at Westminster otnrmrrt) P»»» £ -Sting the Scottish Assembly According to Mr. Page, if the Frauds Opposition performance has fur the first time for two month*. spokesman, said the .itself yesterday, amhitious 10- reeding its powers were Scottish Secretary was only Bill in question the. p__j Talks wen* JblKHinted. nn admitted that disputes would by Mr. programme. ^ETOauCiiVTlj fh'tnher R mateurish, inadequate and io* accountable to the assembly and gu j ah attempt year development when the trad** union* arise and . the ^kmservative Hail Green) rcpre-rntativejfH (ii-:. i.inrtcd mure tnf-ino.it ion jitile." not to the House of Commons. . Reginald Eyre tC. Trade' union_ \ Mr. Michael _Edwardes. nrw io Him Che accusation came from Mr. then the entire clause was point* amendment was “an attempt J0 force an emergency debate on nn ',hV Cars "Council, the *»*P- chairman* of~ the “huUUns com- about new light rarschcdiilcd make a construcUve improve- Commons was body, his !>< introduced in WTfl at Lin* i Pham Page (C. Crosby) leading less. t he issue tn the lier wor |t e r participation pany. i> already conducting tn 1 dt Siirt.anil, - the civil servants m* - the Speaker, Mr. bn allowed, of the I another attack from the Tory Jn practice, . _ rejected by as^ e(j management to own derailed review The for , tn KMnvMtinj ; nk-and-file on the fourth day will examine each Bill and methods resolving George Thomas. tn underline the gravity of the corporation’s long-term strate^s The do. ay ;hi - these disputes :. party ha* prompt*.,;’’ L- stage of the advise the Secretary of State, were not adequate1 throughthrouen from rumhim are wnrsmwnrkin * lihe committee In a statement. Mr. Keith position and to appeal Recommendations ana represented a continuingillnuing.i " i« the•'— Jtiun tUatL hrvs.ct nij\ lowland Bill. Why should not members of the s d an Opposition spokesman the narticinatinn tnachinerv to unlikelv to be forwarded threat to the ' - «n . centre of the con- look the Bills? Why unity ,f Board until con*^t I \t the House at - ** on home affairs conleaded that employees for improved perform- National Enterprise 7 j ^i*versy was the clause which should it be reserved for the country. “Why should the secre- ril ' year. ‘ the amnesty, [ a nce. . early next -N s down how the Government Civil Service to advise the Secre- 5gyf SLSSars; £ 8WTE2 put scrutinise legislation ~ ..n Trom tary of State.?*' he asked. if Unvnuvl ha*- -su^pil tro*» f : Scottish Assembly and, Nr. Tam Dalyefl (Lab.. West 1 indiis-tria* roljrsons cessary. block it. - and Lothian), speaking once again i a oi pu , , n Bill says that the Scottish pimr prudiictivifv vpnwi i.-.ftie from the almost empty Labour a'^rp pC i'i l m ,P ment zts'&'zz: ^ s Tsa?% ( rv st R\»»n nian:. whirh 'eretary will scrutinise all the back benches, it way. The result would be an thought doubi- control immigration. '-1s from Edinburgh and. 'where ful if people would be prepared “unworkable muddle.” “ It is a slap in the w ;• believes the assembly has to accept - the advice of the In the clause as it stood, said immigrant 1 reeded its competence, refec judicial committee in a highly Mr. Pym, it appeared that the law abiding. r-'.* matter to the judicial com- charged political situation'. Secretary of State and the the rules and has Ofll,ePriVyC0UI,dlfl,r Government were trying to avoid to jump the queue. I believe it is 1 “These things have to he to .i' Snwision. Mr. Powell . / “An attempt both a Parliamentary process a sop by the Home Secretin-- settled hv a political process - m and judicial process. Left-wing of the Labour Party Vo cases where the Government at part federal structure.** a the i a political way and not handed lT1 vte* f «'ieves that a Bill is not com- Mr. John Smith. Minister with . *L over to the lawyers.** he declared. - under from them.llLmCISb i?the ible with EEC or international Engliah Parliament would»vui i «be responsionuyresponsibility forlor aevoiunon,devolution, r ™ lost regular l**r in jm-.-fmI | Another attender "d Days firemen ^rlke. he dem ared- Grunwick hearing ligations, the Secretary of vca“«l «a? the villain ««of the*•*«? piece. saio maitbat the Secretaryaecrerary ofor Statearaic ^ the long debates. Mr. Enoch i ^ me «;arT1ed that decisions would be political te can alone make the decision p0Wefl (Ulster Unionist. South would decide whether a matter a° they ide reject it. • Down) d ™ better that was within the legislative eom* maintained that the diffl- L® should.}} h made elected m " fi? extremist crouns 6 Mr. Page and other Conserva- CU lties resulted from the Govern- ®. *?> petence of the Scottish Assembly. representatives rather than hke10 , a nnSa Fro n L whe through es wanted to give MPs a much ment’s attempt to introduce and if u wa8 not . refer it t0 the hitting ACAS’ a ud “ ere exploiuni: raaa./{S?5icit»ion>.0iS .ger aay in deciding such part federal structure for Scot- J *“- judicial committee of the Privy his unsuccessful bid for a tiers. They moved an amend- j an d while still maintaining Mr. Ian Gow (C. Eastbourne) Council. In Eyre explained tbai !nt that no Bill from Scotland that it remained an integral part told the House that recurring The judicial .-coinnuttfee would debate. Mr. BY NICK GARNETT, LABOUR amnesty, granted in iuld be enacted until it had 0 f the U.K., subject to the House again and again, in the debate then take a legal decision, not a the original strikes ?n considered hy both Houses was of conflict political one; and it would be April JS74. applied to those who! of Commons. the certainty Ai/viaunv,aovikiirv wuncmrnnmiiitiun fe in no way compelled to eo- * tmimgratton I w & j Parliament. The Lords or the Scottish 'Assembly . binding had evaded the Hr. thought that the clause in between the erate with ACAS in providing 1 Service says that mroons would then decide Bill and Secretary .for Scotland, Mr. -Smith accepted that what controls altogether. The exren and Arbitration the and the Tory amendment the ..rmaiiun to form the bast*; that it would. ?lso of the legal hearings' ether it should be referred fnevitahlv failed. and the Houae of Commons and powers the assembly should be sioh Dieant because ; r**You are survey. The AppcjJ ; ah opinion double judicial committee for those who hid gained the attempting to do something the assembly. . ... -.:giveri were a matter ^.political coyer arising out of the Grunwick dis-j to. 1 - rt’s ruling has meant up vision. which is He maintained that the; controversy. But. be «aid. itwas admissiew to the.U.K. by.decelv- inherently contra* , it is facing increasing that a claim by ACAS that' \Ir. said that thearchl- clause - was,, an of 'nz the immigration authorities ^ Pace dictorv. You can’t do it*' 'Government not- a- matter- pofkical con-' SISr f some companies re anc€ rom had done all it “reasonably” BY OUR LABOUR STAFF ts of the Bill seemed to be a leading Labour left-winger, attempt to reconcile the inreeon- troversy to consider an Act and about their entitlement to entry |h DrocessmK of union aid do to gain information is Ding fur some sort of federal Mr. Eric Heffer (Walton), cllable: an attempt to solve the say if an issue fell within the said’ such deception,F said Mr. Eyre. ,recusniuwI recognition 'claims enough. • good .icedure in settling disputes — >" • - - -• - [0 ! .if a insoluble. powers given by days that future Scottish Secre- Parliament involved the ure of forged nr . . . r _. THE u umber uf working jlween Westminster and the The advisory service «a>* thatj tary was not happy about a For tbe Liberals. Mr. Jo under that Act fraud ul antly obtained passports lost through -.trikes this year , Aj*S!°!|L Sho.H^r'In^rAS yolved assembly, although Lords soo: on ^^theran ie growing problems it i« fucinc the Scottish Assembly Bill, there Grimond agreed that It was un- He stressed that the number or other documents, or false is already considerably more ^ not by II did not set up a federal woi^enaatiun that Lrun ilk being provided j was hound to he conflict dis- satisfactory that the decision on of cases referred to the judicial rlairas to be dependent on some- than double la*t year's total hut by some; • *»era at all. The proposals had cussion and argument. should recognise the Association ritish companies whether or not an assembly Bill committee would be small and one lawfullv settled in the U K. 1 with two months* figures stlU . Executive, based concerns. -lerged as a very rickety struc- legally valid should left Professional. rue foreign. ( ” Then tbe 71 Scottish MPs at was be then they would be the “hard “These cases involve the to come. c mQee0 » be saiQ Clerical and Computer Staff is Sumy of which have! - Westminster would come under to the Secretary of State. cases.” breaking of the criminal law at { OjO.OftO working invalid. edition ally shown a reluctance Another Bill, the Scottish pressure from their constituents Mr. Timothy Raison (C.. Ayles- In a division, the amendment a time when there is great con Under the were lost during October, * co-operate, days i;retarv was the one who had to support the assembly legis- bury) thought the judicial com- was rejected by 282 votes to 245. cern about immigration.’ be The issue has centred on Y, taking the total for the first 37. . decide whether to refer a latlpn in the Commons. The mittee was not the appropriate Government majority added. whether is bound by law • ACAS , ten mouths of the year to to ballot a workers to whom i^WHiewOTK i IL ne&rlv 7.4 15,000. In the whole recognition-issue relates and the These companies, particularly of 1976 3,28-1 ,000 days were recommendation now stands' Imse based in France and the lost. invalid after a ruling by the w have often strong traditions during Fire safety costs Appeal Court. Prominent ship paces Councils warned to keep | operating in areas where October Included the British service says that recncnirion is lightly The advisory on Oxygen dispute, the strike at ‘wiall of large com- in law. a number nd up Chry’sler's f, In wood p(an( panies ha« now become distinctly y - are used to onenutiu; aHer four insperiors were plea to Minister more ohstinaie towards acting y in, i lecal framework' suspended, and the Moppacr- tight control on spending wilhin what it believes tb-he the cnncepl ” r than within any over skilled workers* differen- tn people's had to register spirit of laws dealing with .nn- E GOVERNMENT intends home * "spirit” of industrial i tials which halted all Vauxhall end the working of the 1971 with the local authority and was BY DAVID. plnyment protection, and-uhion-. car produriion. CHURCHILL th i-e Precautions required to take -adequate pre- recognition -in the. wako of , AeL as soon as p j*or ]hat reason, some of them l • Uncertainty over pay pulley ---Bible. Lord Harris. eautions against- the risk of . Grunwick hearings. v Home , mptam c-n j:, . . __ . arp watching very closely t e out-j A D TAH*ED circular spelling expenditure. cur in services. Progress should for raitrli of the year musi lie ‘ice Minister or Slate said fire p of hearing. the law stands, ^umpames come the Lords | - “ oul the effects of ,he rerem ra,e The rate support grant settle- also be In As regarded as a central explana- bterdav Lord Harris added Some t made remedying su PPurI ra nt was sent yesterday ment. announced last month by deficiencies in services tion for the sharp Increase in •Te renlvinn m a Twirls decree of risk of fire has to be 8 to the 10 local authorities in England Mr. Peier Shore. Environment elderly and to the mentally and the strike figures ihls year. hate in whmh bn 3S awpted in homes for th! i" and Wales. Secretary, was baslcaitv aimed at phvsicaUy handicapped, *kers .C had anneafed for Srivt *nie diSy is in draw® The circular, issued jointly by providing .stability in local services: ijp for small hotels and old mg the line hetwee/precautions .femer Home Office The the Departments or Environment authority finances over the settlement provides for an r Fewer unions 'iple’sipies homeshomes. ManvMany ofot mem.them vitalna« rorfor sa.erysafety andauu thoseinose pre- gnd TransporLa,, - I?CJ ,1 drivers seek 1 »oon warnswarnjJ coming year u[t 4lsQaiso snugniaftUgh , toro fncreaseincrease lnin poUcepolice manpmanpowerower and Tanker ^ ~ - claimed were heine forced cauUons contributing to a red uc- *r ‘J"* ^ / The strike figures appear in aurharities that close control of ensure that no local authority for re9ourres to enable extension J t of business hv the cost of tion in fire risk but which are the October Issue of the expend'ture should be oo emooraieelaborate o warranlarraoi ma n- would suffer, unduly hy .the of probation and after-care . precautionsprecautions. reauiredTnderrequired under « Department of Employment ^ ined ln lhe comln financ | a | diatributiob of the grant services ^ ; Gazette, which also reports year lo ensure that the Govern* For sptfcUTc local authority Local transport: ord Harris said that the Fire- fidv Virkerk. had said that The forecast wage talks k a ,ha more V that: S e C Slrate8J r.Btndimre .wtn jUj, im- S ?el e! ... r« h^.w ^ M.’h b ®* ns of ' m 0 r, forget .. Education: Authorities. t* Membership trade unions making repnmmpnd>itinns inp tnM thp work nwniired u-nuid S Pn u™T .. wiU be prnvemen in concessionary fare • But ** acknowledges that the ablp to restore to an acceptable schemes and enable road main- BY PALHJ^E.'CLARKf. LABOUR STAFF stood at 12376^000 at the end or reriewiri" the Art and the AliA fcrS”C u "l “nMI or «p.ad> inel expenditureure temporarily Tenanee to continue at its present /' of last year — an increase of I “,Tcapp«d chiWre ture in the current year— It is d«fferred on non-teaching costs. A level REPRESENTATIVES of more cent, offer made in response to 359,000 over 1975 although the MS,na ly bel°w fhe «Pected *Hght increase 'to spending on the Local envTnm mental cervices: than 2.000 tankerdrivers m figures were- compiled on a ^T^overomcm "wanted tn “BTSS SnSBSttP ? i a ' "lade “a major con- youth service willbe permitted. The Government has derided not Shell oil company hhave Elsewhere in tbe road haulage slightly different basis. icnate^ mherer classes If be a Mowed fo 11' financeMiiu^wuii^MN.w-x~,,,to bridge the gap between Your sales director can sell them. exportcApun rs /^f ir\oiir]» them.Your manufacturing and getting paid; even Your production director can make _ joreig - local agents in your principal transport director can deliver them. vetting h* markets and insuring your products till they \ qq {\ you afford them? ’sCahMiiand Bank manager get there. , Your local Midland manager can help and see how hii team can giveyourteam all these business questions, and • you answer the answers. / y additional strength from Your problems may be anywhere more. He gains Group, a powerful team ot between cashflow at home qnd documen- Midland Bank companies specialising in businesslike tary letters of credit from buyelss overseas. solutions for industry You’ll find your local Midland manager And they re all as accessible to your can call on a team whose answers may business team as a call to your local include factoring to speed up your cashflow; Midland Bank. leasing to accelerate expansion plans; Tfptirnoyniirbusiness teammetthe Midland's .-tKras''" u if Midland Bank iVadiand Bank Umiied - ® t Times Thursday December-.! .1977 12 financial COMPUTING HBTHJ BYARTHUR BENNETTAND TED SCHOETBfS Setting its sights high available KN { SAFETY XCR. which earlier this year machines will heeome G 1^' • next year (A memberofGKNRolled & disclosed that it intended to in the third quarter the provide users with as much com- hut the larger one not till BrightSteelLtrii 19"?- nd puter power as they could ever second half of ;^ Caale Works. r 1 Millions faulty in the heoo of that, machines ITQ. need dn the grounds "if larger Cantilf CF1 they grew very quickly the com- senes will be described m detail 0222-33033 OBHH 11 1111 pany could not—at a certain next year. , . , . disclosed point In their growth-turn All that NCR has j domestic pings that they round and invite them to go else- about these so far is processors and ' disclosed a little-wiil link several . ACCORDING TO aa independent efficient cord grips (16.2 per Where." has systems in w^ QUALITY ' surrey carried ont by the Elec- cent). This meins that any pull more about the top machines it constitute very large Trical Research Association there on the cable puts a strain on is planning. ... their own right CONTROLCONTROL. connections, result- , are more than 70m. potentially the terminal dangerous electric plugs in use ing in poor contact overheating, ’ in British homes. short circuits, etc. the 8590 panion machine, . ™ be UllCi Lcan smSS-S#§53^^*»cl Cutter The sample covered homes in Many people were still using more \ respectively one-third and “ o««£ ~ London. Bristol, Leeds and the plugs which had been damaged mSKwP P <. twice as powerful as the largest SlL \v^oed for^nv pur- Crinti fnr 1 Midlands, with a total of 1.503 (3.1 per cent.) and of these a “ Mw itsi.' largestiaree"; scan ior plugs examined (an average of large number ware 'dangerous pose down the line, making—the 8570. . The „• . offerings will be welcome. e« , 9.5 per dwelling). sample because of exposed terminals. j j. Purchase price of the 85883ta latest disclosures about { was divided equally between Of the 1.5 per cent which These nptpPtC a reasonable array would be }u»t by the UVIVV1J v privately owned and local w'ere found to have Canity wiring, NCR plans were made over the Sim. mark and for the president C. E. Exlry authority houses. "Cold calling" the most common fault was company gTRACHAN* HENSHAW Is build, t larger machine not Tar short of Further From was used to give maximum reversal of the live and neutral Jr. in Dayton, U.S. in5 a ram wide dead knife , Matyleboncmaiyieoonc Road, objectivity (no chance to "tidy connections, possibly because Sim. NCR aiat 205,3U0, rufU^tcritcr forTor Henry and Leigh 1 The smaller of the two Loudon,London. NW1 6L\. 0w23 *0«0.*C«0. ci gin *. up* plugs before inspection), householders do not understand slater.ater> BollBoUineion.in n, manufac- • with the inspections carried out the colour coding. Hirers of coated papers and . by Electricity Area Board elec- A -range or other faults were boards, for installation in the trteians supervised by EftA staff, found.' including replacement of Where faulty plugs were Found, the fuse cartridge with they were replaced free or aluminium fail. Distributes the load charge. The survey which was confined , With faults discovered iu 432 to 13A plugs, was carried out for j per cent, mo 8 srs-?" tension pines f2S.7 of the MK Electric to provide guidance . boy. Automatic cnntrol ( . TZ avstems based on a Urge main- Sss ma. il.. .MWtaliorfof sample) it is estimated that in improving domestic plug ceKloe ^or rmss cut and slil.rr d.M ealrac terSSaK Grant distillery at Rothes in -Automation 1 about one third of those in use design. The company is making on a still Glen Computer stnp/start slow Coppersmiths From A. Forsyth and Son work for the distributed processing with a twin and down in the U.K. need checking or the results public because of the Scotland. This is the last of sue new stills Installed under a £lm. expansion scheme. systems in its Kendal h&d- tapes on both delivery systems number of geographically° r " spaced replacement. horrifying risks that have been .1-- i * ,rn nrnviilarl quarters and Leeds bra :b minis. are prm-ided. fault found was in- discovered. equip- Major office. Reasons for the choice cited by Sophisticated scanning Provincial Insurance Comp iy Provincial's DP manager in- ment supplied by Nais will be METALWORKING fitted at the null to detect paper . . has eight regional offices and ie eluded: the absence of a large HYDROGRAPHY • larger machines are content- coating defects — holes, • 1 company intends to instal A initial outlay: rapid iinplemen- and ’ a decision to creases, plated, but go minicomputers in all of tl in tation of a partial system so as marks and etc., with HTQPhlTlPC ahead and build one will depend automatic rejection for Heavy duty machinesIllilvlUllW within three yean. The Kei al to get answers quickly about the fully Depicts sea bottom nn reaction from industry at sorting. unit will control the regii id likely final outcome: distributed, subsequent The large to what is now a well- a rated ACT1F Electronics has an auto- to 999.9ra: instrumental resolu- FROM EAST GERMANY conies Table speed for planing is 0QG5 and wjjj handle eommi i* and therefore better security; machine hoc mechanical established technology. of 1.000 feet/minutc. malic add-on digitiser to oper- tion is of the order of O.Olni to a new range oF Heckert double- infinitely variable from 4 to 40 cations with the company's it- and a simpler operating system speed details 0-1™. depending upon range set- column dual planing and milling metres/sec. Spring clamping At the moment, the company ing mainframe machine it that “enables us to dictate to Further from 0272 uicate in rnniunetinncunjuuLuuu vnuiwith anv .. _ « : ui— r*, .( .u- , i l. ..j _n _ , ,,-n etc - u ting.litig. Accessories includeiuliuuc «iian -*\^AC machinesuidtuuicb intendedmitimtu for*vi theum- »uauu-raanu- uiuand hydraulicujuiauhl unclampinguuviampiub uiof methe rancan benducuu uuuuucarbon i Paris Madrid The with Ihe touch of Barrancpjilla As a calculator if s completely "Actual size Cartagenai^ revolutionary. The Sharp 5 mm. slim. (slpanacas EL81 30 doesn't have Medellin# conventional buttons—we've replaced them with a unique CalP finger sensitive key panel, • which at the merest touch p Quit^ - gives you ail the answers you need. We call It the *Pinger\ That's because or the built th musical note facility which will 1 LLima ‘ping to let you know immediately that each function has registered in the machine. Rfbd^f Yet despite its super thin Janeiro dimensions (the slimmest in the world) the ‘Pinger’ offers all the features you'd expect Sao Paulo* from a big calculator. Features AViANCA offers you best way to get to the like 8 digit display, full memory, Souihamencan markets. percent, square root, liquid crystal display for hundreds For many reasons: of j hours of battery fife. It even Buenos Ai —We were born there. »y turns itself off if you accidentally Santiago — We are the oniy ones who Py from Europe to leave the machine switched on. San Juan-Caracas-Bogota in Jumbo 747. Nowonder we believe the — You can benefit from our 57 years flying experience 1 ‘Pinger is the calculator with -the oldest airline in the Americas. the touch of genius. RRP £24.95 — We fly to 1 78 cities in Europe and America. — OurJumbos have fewer seats; that means more comfort fer you. We have 358 seals where others squeeze The ‘Pinger* ' , & in 500 seats. ... ’ Now take a look at our map. if you i > compare destinations and timetables^^^^SQHBPHN^ wih } ou see why they say that Avianca m * ( has the "Golden Routes”. We m • know tna; your ume «s worth If money, and we^ar. help you make V .kstcyxWa iVco^am. tne most of it and do good business. Colombian world airlines »w:assssss3rp™ni C7S50 and square root keys. HRP E24.95. ComoactB dfgh Bqi v.iih fun catauiatjng Mwtfcji alarm end slop w« 1 , — The Financial Tim* h i i ^ ‘vl 'ZS-- 7 -.^> r ' '$ -t.-’ v— *.' iJ.u.':. rVi - vV.f? Mi j- '.. * V rj .:+t‘ V m bt v >* > v-Vtw ;---. .-V-‘ :* '- - '-.v- ,-*t V *•! / V .4 / •» Tv* V,'*^ -.«• a 7^^7,3 a / digging, ripping, dozing and * Our machines are for 25 tons. stripping. They weigh anything up to yellow. .jjjAnd they're painted bright %ut they're business machines for all that. Mth Massey-Ferguson industrial and construction machines the accent is on business values. Greater economy. Higher productivity. More r* reliability. . , major Our range of over 40 models covers the and industrial categories of loaders, dozers, excavators MMlinlNAC you can We have coverage in depth, too. So that > to the job you f _ pick a machine that's perfectly matched paid dividends. / want It to do. Our approach has world leader in In ten years we have grown into a y! field. ? „-«r very tough MKL With sales and service in 190 countries. We call that business success. Massey Ferguson 1 • . . financial Times Thursday December 1 1977 14 HNANCLAL TIMES Thursday, December 1 1977 Nopdic Banking and Finance ! \ i t- ' s ! 1 ? * *- The banking systems and financial markets of the five Nordic fc J countries are strongly influenced by one common factor — large national -v balance of payments deficits. A.major effect of substantial foreign borrowing has • . i interest although domestic banks Ifeve . i been to increase rates at home, managed to expand their international operations considerably. ADVERTIS] - OKOBANK? ; OSUUSPANKK1EN KESXUfKANKK10Y I FINLAND r; kSSES icKvmtMccn&MKivrl SBANK VI - : swbdsi.; : i r iff>35 1 International trade has always been import/export financing; documen- a iota! factorintheeconomic develop- tary activities and foreign exchange & ANbELSBANKEN A/5! ment of the nordic countries. The dealing. And banks thatoperatedose • DENMARK.! many items they sell abroad range to commerce; industry and.ajgricul- cars,' turie: Andefebankeri . l.. from furs to high quality from are A/S Dane- *rr « heavyengineering equipment to dairy K products. Osuuspankkien 3£eskuspanlriri. Oy. mt In this vibrant atmosphere of-world- Theyare strong and active financial -r " 1 wide- trade, in both directions, the oxganisattcms ideally equipped to - .* *• ; •• nordic hanking community has ac- guide yon in your business dealings V/ • quired considerable experience in inorvrito the nonfic countries. : V -r j- • • - " • I*.;'. l *, • V‘ • •• * ' •} • ,, i . \\ J . L*. / i , •••. f .T c: - v-.v r- . v •*, 'ft' I/*. 'W:.' > cooperative banking partner in Sweden. : ' - V>! ;v' • /'• V As in most other European and handles the foreign busi- trading partnersIn Sweden. mmrn countries, Sweden’s cooper- ness ofaHmemberbanks. The Swedish cooperative ative banking movement had Its broad office network pro- banking organisation is its roots in the vides clients with agricultural foreign structured In three tiers: • .V- '.Vy'V sector, but today It extends direct- access to the whole RJruniogsbankero&s Bank, 12 " ' «• ' into all areas of industry and country, and Fflreningsban- regional banks and a total of f : commerce. kemas Bank can actively help 742 service outlets. 742 bankhigoff&cBsand bran- guide customers who seek *? : • j ches with 294,075 members make up Sweden's cooper* RhrinhiffibitolffTiTO atrve bankin organisation, g FhianCial ighlight at October3130877^^ mraningsbankernas Bank H sas serves as central clearing and Balance Sheet Total Stac 14A32^20jMMuOO -’ commercial institution for the Total Deposits ' Skn 12.726,241,000-00 ** i Tbtal Loans Ontetandb Ska WjMljs&jOOOUBO The Bank manages toe ig^fe oggantaaMarfs-Hguld reservgg u r *• > \'?rirrT 'ry^* ***'^ - . i/K . — * -i. '' - # .* ">cf •:A r .-'-5*r • • . In Rnland talk to OEOEANK - the . . —s . ... A/S bdpej^fcf:-. Xj. ;§jj , country’s third largest commercial bank. 10.'- .^5l Vf^^'farin^ So>: 36(S[X.^ Of a total population of 4.7 Thanks to its traditional ex- offceeorabysfbramort inter- ®b*a5^ Bullion well over one million port financing activities in- national banks, providing all are clients ofRnland’s cooper- volving currency dealing and the services one has come to ativebanks. Astrongfinancial documentary services, OKO- expect from a leading fi- partnerforyourbusinesswith BANK has developed into ooa nancial institute. this country. OKOBANK which stands for OKOBANKI -M': Osuusponkklen Keskuspank- Financial Hit its* ki Oy, is tho central bank ofthe * cooperative banks organisa- Balance Sheet Ibtal at June 30th. 1877 tion covering the whole ofFin- OKOBANK Fmks. 4,014 million land. There are 376 member ' Cooperative banks 12,528 million v •' Fmks. ’ * *- . 5 bunks with 816 branches and ; 4 fi in all there are 1,183 cooperat- Total Deposits at October 31st, 1977 ive banking offices through- OKOBANK FmkS. 1,926 mfllinw out the country. Cooperative banks Fmks. 10,160 million .?*"•; i*'- V^-V'T Total Loans Outstanding at October 3 1 st, 1977 More than a flflh ofall public depositsoroputincooperative OKOBANK Fmks. zjBosmQlkm. Cooperative banks Fmloe. NU 17 million banks, the equivalent of10,160 • million Finis. At the same Warn** y ^TrnwmlyfwminKrmANK'- mm time total loans outstanding reached 20417 million Fmks. OKOBANK has handled: foreign currency transactions for well over 25 years, and its customers' ‘ im International business to- Andelsbanken, Danebank, one of meats and in the finance - via gether with its advisory ser- the Eurocurrency markets -of vices to foreign customers con- their exports. Imports «nd tinues' to expand' at a rapid Denmark’s top four commercial banks. Investramits. ^ London pace. Today OKOBANK is the Andelsbanken. A/S Dane- third largest commercial bank also finances the pro- bank of In Finland and its corporate Maxzy Denmark^ mjor to the growing diversification corporate customers. 8 offers duction and export of fure. exporters are closely linked clients include business enter- to of its clientele: The Bank pro- attractive deposit and savings With demand on the rise, the AndelsbankenA/S Danebank. vides complete range of schemes, finances .building prises flnom all levels and sec- a export of mink ski ns is play- tors ofthe Finnish economy. The Bank’s activities have domestic ftT*ri international and construction, deals in ing an Increasingly important rapidly expanded in response services to both, private and bonds and shares, provides role: For breeders from the KOBANK regularly partici- O funds for working capital and nordic countries have organ- pates in big project financ- raises medium and long-term ised one ofthe world's biggest ings. It acted as co-mrmager in. funds in domestic and inter- for auctions held in Copen- the Metsa-Botnia fi nancing national capital markets. hagen. More than a thousand t t operation, one of the largest London As a result of many years of ouyers from around the world & GmtmentalBankersLtd. — Investments in the private sec- worldwide activities. Andels- visit this auction ©very year. tor in {Inland in recent years. basils is yourmenJumt weUknown in inter- Withmore than 90,000 share- banking bridge to the Shareholders oflrfjndim OKOBANKplays a majorrole national financial circles. It is holders. the Bank has a strong & Continental BaolffKS active in the foreign In financing forestry products exchange and broad base. At the same Nordic Countries. Ltd.: .market, currency as which arc in demand all over deposits, time close dn'28 i Financial limes Thursday December 1 1977 15 NORDIC BANKING AND FINANCE II Nordic Banking&Finance Nordic Banking&Financ Nordic Banking&Finam NordicBanking&Finai 10% E Nordic Banking&FiiK g ®5? Sto. * %'vf ^ Nordic Banking&Fin an easing Nordic Banking&Fi THE DOMINATING FACTOR ceat.^md in Sweden 2.S per the expanded public sectors and by 3 per cent In Oslo some by a tightening of domestic OECD recommended interest rate on the Nordic financial mar- ceawliz comparison the OECD by strong hade onions, which economists and bankers, in- -credit while on the other it may in Norwegian 1 combined deficit were able press through sub- Governor even have a liberating effect on policy, a proposal which one kets is the large payments de- countries . to chiding the Deputy -cent. of. their assumes would not have been ficits run by ell five countries, equaled’ OA-.per stantial wage and salary rises, of the Bank of Norway, have local interest rates In that pres- Nordic has made, had there been strong Banking&f These together with growing ttfial GNP- even after the recession bad pointed out that the arguments sure been growing on ' authorities or opposition to it from the Bank state budget deficits and a Ibis year the Norwegian pay- started to bite. which originally prompted Not- in two three of deficit will be some $5bn. 1 no Nordic countries to ease Of Norway and the Finance tightening of domestic credit' meats ^ sitnation ^ way to join the “snake’ the aftcr being scheduled at the be- longer apply, although official controls on interest rates. Ministry, Nordic Bankingft have forced the Nordic couifc pii cate^[ for Sweden. Norway the .year to rise to unchanged. The ®° far nothing has happened, tries to borrow heavily on toe ginning of ^ Demnaii w tbelr partici- P°hcy remains jn all the Nordic countries The reason most^likely is that international money market around $3-3ta- The pad on fo the European Swedish devaluation has intro- Qje authorities exercise some to $3^bn. a tension to the tie Labour Govraim to; over the past three years to an deficit will be Close ^,at link with the d.nced a new quantitative control over Nordic Banking! probatolUy rise to take action betore toe extent where lending to the and wifi in all West German economy may Nordic financial scene, which credits, although methods vary. ***? next year. The Danes later have to be September general elecnon- Nordics has become big. bust: further have an inflation-dampen- wiE sooner or ^ principle, Norway has the limited roccess m 1 .The have had resolved. - ** nesss for foreign bankers.. ing effect ^ ^so meant that tightest system and Denmark Y? J*** h H[p bringing their defiat, down ng t queues of eager lenders uaOslo IflJT thejr currencies appreciated So far the Nordic countries the freest with Finland and ? Nordic Balking to $1-6- to $1.7bm, while the flnano- and Stockholm are -still long. along y^th' the Deutschmark have had no problems in Sweden somewhere in between. JJ***®^. „ pursued the If “e pans haw (j,e price competitiveness ing their payments deficits, but The controls originate from the For the domestic banks the 030 pern*r' of ***** as F\ Nyfooe Andersen, need to ration credit when de- demand for S^ monS Sa “ «** » Mr. Nordic Bankini undermined. director of Denmark’s Andels- maud is consistently greater a in . «££_ 255 region this year. loton* ” 540°m. banken, pointed out in a recent than supply, and to channel it F**. Seif posl- rai d J Norway Is in a special conditions can change sodally selected targets such The result is that although olncjnn speech, to J^ SSrmtiais huge growth to V^UUUUMUU the problem of^'the: differentials Jf® flmt the Sy on the international as house building. Nordic Bankii to i d *n,e expansion °* public ^“ home by of ^GNP^by Denmark—and Finland which ? ae e ^ssue” is also J^ |J ^r 2nt “ ” tage of theJ* hea^h _ rate controls, they have still JJJ'JJ? due laraeS is not a member of the snake . sectors with the accompanying ^ith the growth of the maintain -profits, 2 increase in corporate taxation been able, to atf —bave drawn the conclusion state banks on timcredit market Jj* Srestoenf^ln : c^ore Nordic Bank the rule that banks t&at grow * t0 help finance it and the rela- confirming ^ *. jav de. that a level to unemployment change in present de ^ n t^f a™ ^ ^ suffer Jess in times of recession. which would have been un- E®p ®? tive smallness of the capital poiicy^rould have quite a dra- by anuaantici- - - ^? wv^edcovered W 1 efforts to - Nordic emtriflT Wltt the exception of Oslo, thintaWe tt ^.the jeets have led to some de- Norwegian payments JSJj effe« on “the where the “democratisation" of inevitable element in the cost- ^ bate about capitalMnirn r formationformats in ^_ « cer- the pay- system. It would the commercial banks has up-' correcting process. has balances. Industry and business gener- common to all Norway tainly be_ welcomed by the set market, bank share been em- Sweden, for instance, which ally. In Sweden the issue has the ^I ^n^jc^uiitries and even able to maintain full commercial banks, with a net foreign been linked with another, that prices have stood up well Norway when the Payment and raise real dispos- started 1977 ^ ^ Government and Bank ab, at of dose to zero because to of greater worker control over « the declining stock exchanges. e incomes but the expense debt - . j_ ft; T dfaioveries is f N a the baill ien( of 8 Puente deficit, which has the foreign claims built up by companies and in particular have . £,1 t thfrtSS dl ?ng ^theTw^d So You need go last . jfr* I,, far outreached any previous Swedish industry over the over profit distribution. The AnomaliesAnnmallP^ the eomuetitive 'interest rates on the ^ no further z " domestic banking systems with net forei debte equi- way of solving the capital for- Nordic Bank Limited ™ annual growth in valued the Swedish krona by 10 ^ lending rates of the ; ' - valent 22 and matmn problem. . d< - * resp^ly • Head Office Asia Pacifio Sdr tVATper per cent and left the snake . stfte banks. . ^: • attempts to steer ere- 18 r cent- GNP* move, P® - Nordic Bank Limited . of this interest cent and ^ afford a The advantages . .» . _ In Dmunaric. where Singapore ’ 2.’ and inter^ it was, given the The Nordic states have also traditionally con- Nordic Bank House powerful expansion in both inescapable as jfciCOIlOIIllCS . rates are not Nordic Bank Limited *iere are uiaicauons tnat tne ir have involved in 41 -43 Mincing Lane Drfvate consumption and public government’s premises, become increasingly _ _ . trolled, the problem is different Singapore Branch criticism is now being listened year. The more Immediate effect <» London EC3R7SP They took full advan- yet to be proved. It should foreign borrowing this, as part of its attempt to get an to wito more understanding on export-prospects. The Swedish state, for instance, the growth in foreign borrow- working in 1975. Telephone: 01 -626 9661 -9 Hong Kong ta^ ^ ^ liberalisation of boost Swedish jncomes policy the official side. -on Nordic Asia Limited moved into the came onto the market for the ing, however, 1ms- been froze the in- Telex: 887654 and international but Sweden has Government . foreign trade Trato' tiie OECD inflation first time and is expected to interest rate policies. with the intention Tbis year the Nordic bloc will capital markets after the War to *°P half of terest spread Shareholders tionally. Norway and Sweden account for between one investments and ex- table and there has been some take up loans equal to about ^ containing banking profits, boost their rate Nordic neigh- total Swedish borrow- have been low interest lift regula- Copenhagen Handelsbank quarter and one third of the ports. Their «wj»n, open criticism from its half the A pr0posal to this * economies with Sweden op^rat- Den norske Credrtbank OECD countries’ collective pay- economies became increasingly hours that Sweden is exporting ing requirement of roughly ^ being discussed in Par- problem to borrow- ing a more flexible system, Bank Kansallis-Osake- Pankki metos deficit, whereas accord- dependent on 'foreign markets, its unemployment $3.5bn. Danish state umijgjrt and the National substantially Finland has also aimed at main- any Svenska Handefsbanken ing to the size of their bothTfor export sales and, in other countries. ings has increased ^ interested in using e taimng stable w“Ie link economies they should provide and the OTer the P881 wh r®, ‘ change to establish a closer the cases to Norway Sweden’s departure from W ? freer If you would like to receive a copy of our guide to investment a Finnish state, which has the mark has opeitoed between its discount rate and between 5 and 6 per cent If Svreden in particular, for ship- "snake” worries the Danes in in the UK, and our recendy publicised survey of nordic of policy. er the last two years the U.S. deficit is excluded, the lowest foreign debt any - the rates paid on bank deposits. pin*p g income parttadar. because their econo- companies' experiences in the UK, please write to country, started bor- the Oend^ to been to- force five Nordic countries will be when the SvTiS; «is positedfluted ,n concon- OECD - to Now at a time one policy on , ...... half of this ratefr.upw_ William Dnllforce P V C Bey, Associate Director, Corporate Finance Department responsible for over half the in • general economic recesrion and timemg participation In the . yoax aofi 15 expected to look for signifi- Nordic Correspondent at the above address. . . particularly- remainder. - is . . called “and dependence on This- the rise in oil prices, . for"** snake even er credits next year. .- .where, .the The accumulated payments a growth in exports in relation hemdeshank support for ' the “Tg cant for Norway, interest rate is only deficits for the Nordic bloc to imports, Ssfeden and Nto^-ay Swedish krone. Inter-Nordic The enormous increase in longterm — ^ — — o JICI IM VU1A , Ml MUUUW „ - last| year me 6 per cent, in Denmark 3 per complicated by the Wight to Finland devalued the Finmnark hand it has been accompanied wegian economy savings f! OVER THE last few years the of the savings-banks could well .The new situation is forcing have an earnings target of 1 per over the past few years. The et Nordic savings banks have been be either outright nationalist the savings banks to attack Ihe cent of their balance-sheets. Per- battle for deposits is severe, all experiencing something of a tion or the establishment ofr two bastions of the commercial fonnance varies greatly with the more so in that either metamorphosis, even a rebirth, more state banks, it is felt ;. " batiks, their former near some to the larger, progressive through direct control from the Since their period of expansion As non-profitmaking organ- .monopoly of business finance banks returning 2 per cent or authorities or through “gentle- in the late 19th-century, when isations closely tied to local. and of foreign transactions, more, but the average for the men’s agreements” with them, the banks are largely prohibited they operated as patriarchal, communities ' and ' at least in Both these targets boost the Swedish savings banks is 0.77 their percent. gone from competing in interest rates thrift-promoting institutions for principle belonging to .role to the savings banks’ cen- Each country has _ in their ability to offer the poor, they have been a depositors, the savings banks ^ral banks, which provide the in heavily for automation and atid major factor on the Nordic are seen as a democratic, decent expertise in foreign business computer -processing as one loans. banking scene. Even after the tralisitig element in the banking *nd the facilities the smaller method of rationalising • and The tension was illustrated decline which started in the system. The truth is rather banks may need in dealing with boosting earnings. The savings when the Finnish Workers’ banks in each country far the cost-war years, they still ad- more complicated, because in &e financial problems of cor- have a Savings Banks, by refused to ministered close to one-third of order to take advantage of their pprate customers. central data-processing company country’s biggest, operating scope the say- *** 1969 NoifiiskSpardata lower the 12-month deposit total banking deposits in the wider . development of Spar- merge formed? to co-ordinate the interest rate after the discount Finland's numerous foaming rapids will continue to be area but iu this decade they ings banks are having to uJJk!rnS^SJSk the Swedish w an important source of power even after the first their into larger banking nnits offer- work on a Nordic basis- K rate *** *>** by 1 per h£e teen mtfuftom haX , nuclear plant is on stream. tigrsszssz zsz m ErSSs.M “s ““ sss 55?^ d t be i uc n has been S3five^ °| transformation ^ The Concentration ich £ od ed ^ ^^^ ^ ^^t j5e^ ^ ^ The straight way years. In the first ll month brought about in all four coun- operating ’in Norwav and part of an incomes policy concentration it had acted as co- tries by legislation, starting This voluntary to tins year by jgyg This co- packet. in 1969 furthest in Denmark, manager, underwriter or seUing with new banking Acts has gone operation at the Nordic level in Norway the savings 1K7 V!nrn- m Sweden and v in both Sweden and Finland, which now has 172 members In H7 tej the savings «~y . teita to . , . Stag Finland's economy. h to compared with some ^500 bond issues: it participated m These liberalised the savings banks standardise equipment and pur- determined bid for the so-called and and in Sweden, where its first in banks’ operating conditions in 1955, chase jointly. « special deposits," the grey more or le® tato tho 447 19 1 b brought thorn » “ Jf “^°^f “1 ‘V Tho savings banks also bare mSkJTio shirt-tarm money fed commernal hanke. have heenjmdueed to 191. rh s D hoe with the to make a maior effort on the mostly by the indnstrial .and Use it. Finland is a highly industrialized country. the leading commercial banks savings banks pieted until 1975, while The Swedish total banking deposits and group comprising the savings not explore your opportunities in this 11 Why in any size and between them S ' have made a dent in the private Norwegians, who were ijQ ^ case of the Swedes have banks' central bank, the Spintab per cent of the total savings market and case less handicapped than 60 hu^ess lending even started to reverse the Mortgage ' Company, the lively area? You can establish and maintain deposits. .The roce 13-35 per cent, of their neighbours, will be on the banks P ^_ estimate that However, the picture is Municipal Credit Company and means complete. goesto same footing as the commercial by no their credit flow now clouded by the controls exer- the leasing and factoring corn- links with the Finnish business community for instance, hope ov r sector com- banks from January 1 next year. Swedes, small business cised by the national central panies, now claims to have some next en st through Kansallis-Osake-Pankki, its over 400 rhe , 8”11 with and u ^ too early to be 30 per cent to the special The new laws were essential *l 51 ]? ic *®mate into 10-15 big saving years ago. The Central Bar* is npr out of S0It ^ ^ underlying trend deposit market The commercial to the mvines banks branches, and its representations and one or ea to have doubled its tanks- ***** understood has to change connteistiaim that the ,f ? ^ bankers’ smaller units, trading m the • WI SK! SiJSSc «8ton. and S5^0 volume of share ylng5 banks have been push- affiliates abroad, the newest of which re- ^st four years. It also manages development of^nltingtoing This concentration of IVfowjirjigp tog up the interest rate to draw Tn tew urnttaaffi. one of^wtoch is LYUIAUIUX is Kansallis International sources is not unopposed. in BOTeW|V monejr at the end Bank S.A. the 1930* and 1880s. Most li£ the corntry. bankers, the biggest in monto, in order to boost portantly their lending scope Finland some savings ^ savings banks have of each is small countries th and avoid in Luxembourg. Kansaiiis-Osake-Pankki was enlarged by lifting the res- pursuing the theme that in all four tbe fact that to maxi- thtir liquidity ratios asking of the commeraai^ pay penalty rates on iriction under which they could is beautiful,” are penetration profits, it is essential to having to 7 preserves is Finland's leading commercial bank. grant loans .only., against whether modern communica* banks traditional society’s cash flow their borrowings from the technology still limited but the Riksbank. One way or the security in fixed as»ts and they tion and computer rather than to concentrate, as Avail yourself of our expertise. alternate L banks’ newly legislated status other, it shows that the savings were allowed to shove into could not provide an d^d ^ ^je pas^ on private, most that they have to try to are edging into traditional foreign business. For some to fusion. Even those means Ionffterm sarings. This entails banks KansaIJis-Osake-Pankki means direct access ’ the market snare ana years, therefore, the Nordic energetically promoting increase tbeir an expansion, of banking ser- commercial bank territory, batiks, insist that improve their profitability. Tue The Nordic savings banks to Finland's economy. savings have been gUr- structural chances ^ ^ sav- banks have no snare- n a new lease of ing up to act M the “third they should not deprive the savings lw^ ^ bolding of wage ^ve tx* ” eftarae- holders to turn to, when them e 1970s. They are force in the banking world tins banks of their local acconatSj M effort to break into Dfe m ,^ as ratios need improve- envisaged in the 1973 Page ter and of their status capital ^ ^ ^ short-term opera- responding with considerable ft KANSAUIS-OSAKE-PANKKI family ment, and and already Committee report on *016 orgaatoattons for Jj? tions monopolised by the com- dynamism have obliges raise their profit targets con- widely extended the range of British Trustee Savings Batiks, finance. Swedish law mereiaJ banks ^ me capacity Heed Office, Helsinki. Finland. their those operation^ mcludii^ the of the savings the savings banks to limit oderabfrta^tiwji provide management their Subsidiary: Kansallis International Bank "SA., Luxembourg? The emergence with as J areas or could operate 5 businesses.Duaui establishment together with the Affiliate Banks: Nordfinimz-Bank Zurich, Zurich. Nordic Bank Limited, London. « a dynamic, counter- operations to local Tl 25 forIDr local the societies. Not a few Nordic Westdeutscbe Landesbank Giro- Manufacturers Hanover Banque Nordique, Paris. ^ wortuc to Denmark bdancmg force on Ae IMe'-SriS nixrm« sav- Representative Offices: Frankfurt Paulo, Singapore and Hong Kong. ^ ^ banks have been having At the same time as the ^tnie, Dusseldorf. of Banque am Main, Moscow* Sao capital ^markets is associ money and trouble during the recent penod togs banks are trying to loosen SA in Luxembourg, commeim^ ° Nordeurope welcomed by many inflation in raising profits the commeraai bank’s hold oa arrival the or aadaptendapled to the of fo m brakers, consider that tt ^ ^^^m meet the growth corporate deposits, they have who up fast enough to international finance field. THE INTERNATIONAL FINNISH BANK waiidp relieve pressure for been subject to a counterattack » In their liabilities. Wnilam nnltfniro ' se^gs sector William Dnffiorce t f th H5-T5S1SE “ ae Swedish sevtags U in the housed ^^m, lo £^ 5SS — ^ ^ Z ^ - • Financial Times Thursday Deeen^.1^77 15 NORDIC BANKING AND FINANCE DI Pension funds take their share SWEDEN’S Alim anna Pensions- Boards, one receiving contribu- bonds—an obligation which is system. Employers can pay up employers, unions and Govern- Fonden (AP) was founded in tions from the Government, also laid on the banks and in- to 80 per cent, oi their premiums ment 1960. It was seen as a way of local authorities and public surance companies—but other- in the form of loan certificates The Fund re-invests its own increasing savings and main- corporations, one from ero* wise the boards determine their carrying an S per cent coupon income and repayments, J taining investment but was ployers with 20 people or more own policies. In 1976 they and with repayments at an 8 although legally it could be also the object of considerable on their charge sheets and one invested 36 per cent, of the per cent annual' rate. New in- called on to meet any deficit on political dispute. private employers with less than Kr.l3biu available in the busl- vestment last year Fin- insurance scheme, i Many from by the the national » bankers and businessmen feared 20 employees. At the end of ness sector, 31 per cent, in nish pension Insurance com- its total funds, Kr.l2J2bu. year the AP per in \ that it would dominate the 1976, the 17 th of housing, 33 cent, govern- panies was Fmfcs.L8bn.. of (S2^obn.), are less than the credit and capital markets and Fund, their combined invest- ment paper and 10 per cent in which 65 per cent was in the annual investment of the Swe- rtow so large that it would ments totalled just over local authorities. form of relending. dish AP Fund and its invest- Similar book become uncontrollable. Kr.99bn. (S20.6bn.). The The recent trend has been In contrast the Swedish AP ment policy is the most rigidly pension funds, their capital resources Nordic supplementary value of decidedly to favour industry at Fund has found that its refinanc- controlled of all the receivable, varying in organisation and includes interest so the expense of housing, al- ing facility has not been funds. This is a reflection of control procedures to suit that at the turn of 1976 their though investment in govern- exploited much by employers, the closer Government steering i national political preferences, total capital resources had as a whole . ment bonds has shot up in the They have the possibility of of the credit market in Kr.lOObn. mark. \ appeared in Finland 1963, passed the last two years, as the budget taking up In any one year bank in Norway, Norway in Denmark in 1964 and i ble invest deficit has soared. The AP Fund ^ funds avai a for loans equivalent to half their Investments are made by five' 1967. ment represent the difference placed Kr.250m. in two institu- premium payments in the regional boards and go to the con- tions which convert bank ): None oF the latter have between the income from loans .previous year, which the banks bearer bond market, of which the into long-term credit for invest- l reached the dimensions of the trlbutions and interest and can refinance with the fund, took up just under 23 — - - — ~ - the Fund Swedish AP all become of investment proportion ezport performance relies loans , its industrial is they could distort the function- in the annual investment has so far lent more than Although Sweden on foreign Denmark operates two main total bond issues, at the btora hoppar- A ing of the credit and capital growth, which started this Kr. 1.25 bn. good.Aboue, a marine diesel exhaust value is being forged pension funds, the ATP which markets have not been justified, decade, was arrested and invest- W.D. ' berg steelworks, Vikmanshyttan. is entirely controlled - by the - This is probably due to the fact ment capacity was nearly employers and unions, and the that they were largely modelled Kr.l3bn. (S2.7bn.). This was Systems Social Pensions Fund, set up in to fit existing market patterns due to the rise in contributions, Finland and Denmark have 1970 as a fiscal policy device and, with the possible exception emanating-iiiduciiiii • partly from extra different and funded by levy somewhat systems in * 2 per cent ?-' of the Norwegian fund. have payments”of^KV.TfiOm.^pTOdwed 5*. r - that the supplemental pension on ordinary income tax. This .i had considerable independence by adjustments to the collecting Funds were formed by agree- money is invested by a com- in determining Uieir own invest- system. The underlying trend ment between the employers mittce and so far it has not been ment policies. is still towards a slowing down of Fund's and unions, and are run by decided how pension payments rely in the growth the AP Swedish panks should be made, investment capacity. them. Parliament legislated in accordance with the labour t Payments Moreover, in 1976 for the first i n 1976 the ATP invested just market partners' wishes. time income from interest did under Kr.l-2bn. (8169m.) on the Inflation and changes in the not cover the Fund's pension Finland is unique in that the bond market and the social pen- level of pension payments bavc payments. The chief reason was pension funds are all operated sions fund just over Kr,3bn.v started create problems dur- to the higher inflation rate, reflec- by private insurance companies making up some 15 per cent eistl ing business the last few years. The fof ted in pension levels, but the under the supervision of the of total new investment A on difficulty of obtaining a real rate Ministry o£ Social Affairs and further Kr.l.Tbn. lowering of the retirement age came from the . _ err. ; of return on investments and In 1976 from 67 to 65 years Health, The employers and pension funds operated by pro- , the decrease in proportion the unions are represented fessional • _ . ... —also played a role. Previous- on all groups, such as THE SWEDISH BANKS have not 'be -just a tem access to rntemational markets, ably higher than the long rate, of funded money to pension dis- estimates nf the Fund's devel- the fund boards. The insurance doctors, lawyers, economists and been operating this year under phenomenon. - Indeed, .f: .an incomes policy which the This development has ..fesmant,. « thnt t o - ’ 1 bursements has meant that the basis provide just over 11 * ! op ment, which formed the companies sociologists. the unusual combination of a chart- illustrating the de prC&ent' non-Socialist govern- squeezed the banks' placement investment potential of the for *the decision per cent of the total outstand- : Government’s' In Norway the National Pen- recession and officially en- ment- of the Swedish ment may not be capable of margins. It has intensified the i funds has started to taper off. on the level of- contributions, ing loans to the public and by gion Fund (Folketxygdfondct) forced credit restrictions. The account balance since .1050 implementing or a realignment battle for the so-called “ special In Sweden at least this has led had not expected this swing to far the larger part comes from is the funding institution -of the tightening of the domestic ere- Rudolfjjalakas, chief econoj of exchange rates. ' deposits ’’ and at least tem- to discussion of possible new _ occur before the middle of the pension insurance. Outstand- national insurance scheme, fin- dit stems the market from pay- of Svisnska Handelsb cent, devaluation Ppfsftiy interrupted the re- methods to stimulate savings - The 10 per 19B0s. ing loans by the insurance com- anced by the surplus of income merits deficit, which will be a draws' conclusion of the capital mar- the of- the Swedish krona at the end 'Ration and raise new investment boards' investment al the end of The three panies 1976 were over expenditure in fliat scheme, record Kr.16.5bzt. ($3.4bn.), and Sweden’s payments position ^bich started In 19* u, when capital .oJf August is estimated tq have activity is subject to very Fmks.ll.Bbn. f.?2.8bn.), of This surplus on l •. depends largely is largely designed to compel been gradually the weakening, halved the relative unit labour link between the short-term AP currently has limited state control. Ttiks- which Fmks.8.9bn. The Fund The came from a direct contribution from the companies and .banks to turn the past 25 years. an(* lonS*term interest rates was i cost gap between Sweden and Just under 30 per cent nf the hank (Central Bank) with life and pension funds. State Treasury which in rocent to foreign markets for finance. .The underlying trend . the average costs ip 14 compel- and the long rate was credit market and 40 per cent, government approval can oblige A particular feature nf years has in turn of Men part in consequence, the banks have determined by two facts: the lncreased- • - ing countries. The companies of the capital market The funds them to invest to a certain level Finnish pensions is the . auto- icoraes the ..incomes. poUdkpolicy package .continued to compensate for dine in shipping inco: 'r the net Total ' are administered three in or -housing malic relending or feedback riiouli get further relief from borrowing on the by government settled annually fcljy the lower interest -margins and de- in real terms and the stead. ,&>$r cent* ..cut in payroll Swedish bond market rose by - dining profits at' home by en- increase in the outflow on the? v.-jv •• --"-wS which-wuiiir bqcdmesutojubs euccuveeffective close%.*uoc *wto 30ou per ccm.cent, toiu almosthihium retafnin Kr-2»bii. *» last year it " S 1975. S £5y, SSSftJST " * labQUr durftlE - **» -»ee»ton. fell back to Kr.27.8bn. A figure which^LinaSs more 0^1ess d rePatnat on F . ? they must have * substantial to set against this is the antici- 1 P >, J [e h ai ng5 W rke i -° ” productivity reserve. Neverthe- pated state budget deficit of &Jlea* to maintain profits this SwedenS S This underlying, trend^ less> if the build-up in export KrJiWSbn. for the financial t,le beSillDinS 00 “' ’ Another feature on the dom- - J y S^SE BRSSStaStt year. year. It produces an intriguing estic banking scene is the S government applied a tight Sweden re in troubletrouble. background for the report from swift growth in the budget de- credit squeeze! 0n domestic market Market Commission flat, expected to, reach Kr.30- Aoart frem that neriod this ^ j35bn. -« !«* . (£6.25-7.25bn.) in. 1978. SweSe? The full' consequences of this trade deficit relieved by a ship- textbooks wbic“ tb*t every, The “special deposits development' 'for. the banking ping incinconp!* which in the 1950s credit creates corresponding where system have yet .to appear but was;! lent to some 11 per * deposit interest rates are nomin- The growth in ally free it can tie assumed that the cent rts and covered all bank deposits are designed to attract demand' ; rou8biy 3.5 per cent, companies short-term for foreign loans will the ne, a items includin'" the ^ money. continue 'through next year w1aich means a iu real terms. Competition for this “ grey niar- invjsib Shipping income has M and there .will be a further- in- T'lis 1,518 been due l*^gciy to ket has been, particularly de successively to average . crease in the totaJ credit legs per cent of exports ^ “ deposits from indus- severe this year, as the banks 8. volume, so tihat earnings tr aR companies have fought bank i n the 1960s and some 3,5 per 3V. have had to to increase their need not fall. cent this year. find cash to finance stocks. liquidity ratios and to avoid When tfie interest the penalty Interest rates on ; payments on the current foreign loans are T JsnHlTICr their borrowings from ihe Expansion >dded -to -the invisibles and the RJksbank (Central Bank). Spe- deposit 13- The banks’ expansion af current- sale of ships from the landing, oq the other hand, rates are now foreign r an in some cases business may also be merchant fleet is taken into should .grow, by dose to 12 per P® d * wen higher- report seen as defensive in that, if .account, it becomes, evident that cent despite the Official credit The latest froini bflnk cal- they did not increase their Sweden' is facing a long-term curing, as ^ie companies have inspectorate cul4tes t*13 some operations on the International liquidity problem. OF this year’s been utilising their overdraft * there is markets, * n 1 de- foreign banks would Kr.16.5bn. payments deficit, faciHtleff more extensively. The 1tbe special of certainly step in to meet the only Kr.7-7.5bn. comes from gap- has been made up.hi the or about one-fifth needs of total deposits. Swedish companies. At trade deficit. Sweden would inflow from foreign loams, the the same time the Swedish have needed to generate a trade amount borrowed abroad prac- .Also In the market for these baxuvs’ balance sheets are tak- surplus of some Kr^bn. tically equalling the difference deposits ' are the finance com- ing on a new look, ($U*7bn.) to balance the invis- as their between the • increases in panies several of which are foreign debt grows faster than ibles and the big problem of the deposits and credits, bank subsidiaries and which are their domestic debt And a 1980s will be bow to achieve The other element on -the not under Biksbank control. A heavier foreign surplus debt entails that or how to cut the domestic market .has been the-Bill to "bring them within the taking exchange risks, a invisibles. fact high interest rates prompted by Riksbank brbjt is in the pipe- underlined by uie this successive The nub of problem Is to the raising of the discount__ rate line.- The' overall effect of the devaluation of the Swedish restore the competitive ability - to S ier'cenL in"Q«rtobcrr'l976. competition' for special de- krona over the past of export industry. 15 months, the Swedish The Jpng-term interest rate' Was posits," however, has been to This may not cause too which has much been undermined hy increased at the same time by force up deposit rates and to as as Jong the volume a rise of over 50 per cent, in half « point to a minimum rate squeeze further- the banks' mar- of foreign. business keeps grow- unit labour costs in the 1974-76 of BA per cent but the simul- gins- They have good reason to eriei ^ere are three altonia- to neons introduction of be thankful, for acceleration 2S f. 4 a the re ,m sl lon ^ P° import temporary ceiling on lending in their foreign business, pansionSaSeiTn of^F foreign borrowing curbs 'S? ] which would conflict hadly prodneed an increase in short over the last three years will with " Sweden’s need to have free term rates to a level consider- , ! W-D. your bank? . Is it by chance? Or hv service rendered? VVe are a Finnish commercial bank with branch offices ' ' throughout the country. > .1 . ~ W'fslrosb individuality — which means everything you expect > • From a hank: efficiency — dynamism — expertise — ail' r\- ..linked vvi til a genuine desire to serve. ..: .. - il'jat'sxyhv were also known as the Ser\ ice Bank. Through."- our-dffillatvc i-hunks Bancjue Transatlantique S.A.. Paris •Ji - . - - »v' and-Hanse Bank S.A.. Luxemburg and our extensive \ network of corresponcfeiit banks we also offer a complete : • range f rf international tianking services. ;’ -.v ; I--:.- 4; v;. : So, choosing us is dealing with a service bankin the fullest sense of the word. -X f' i * x'.^i - 1 lank of Melsinki . . .. v Ltd. - * s' r4 '’ HELSINGIN OSAKEPANKKI HELSINGFORS AKTIEESA^J Hfiid OHiLe.* Aleks^iuerinkdtu I~ Helsinki. Finland . r Ctthio. Helsbank lelc*\ 1 liljank si - ; v V; 25te> Sum-address: HELS .FI K ' - i ^ ; . Atiilimn! banks.' Uanque TransatldntiqueS.A., Paris — HanstyBankS.A., Luxemlwi/rg ' The Swedish Cellulose Company’s distribution centra nt Tn"- 1 Mrce oTsSk arui its 0™ “ ™^ J 1 ' Financial -Times ' Thursday December 1 1977 C '-JF- -- s . y-rt' m. 1 / _ h\'. 5 ’ .. 7 -'Vr£ f'*-' j 7T-'. w :'-. • \ "" i ' • l-*v ... "’ [' v- ", ' ' - . .-:l . T i • 7TT v .... x? Apsmf£&**' “ I a. . •• MEt .. jy ^ j :y >• •»--• *""fe Jf- pt^r Financing of North Sea oil developments callsfor ! :S vast amounts ofcapital.As member of the Group NorweglanBanki ng for Petroleum H. Financing, the Union Bankof Norway Ltd-has In Finland, the financing of housing by the savings participated in the financing of all majorprojects banks extends to the industry itself, and among ;*, on the Norwegian continental shelf. vj Skopbank’s clients is Makrotalo, manufacturer of prefabricated housing. The build-up of this company's exports has been aided by foreign- trade experts of the bank, which has also provided credits and guarantees enabling buyers to use local capital resou rces. rUV A considerable amount of international financing •3 Jr is invofvedin the servicesto local governments W provided by SparbankemasBankthrough its subsidiary, tommunkredft-which helped to I; finance the new terminal atStockholm-Arianda Vy airport (above). By borrowing abroad, M.. Sparbankemas Bankand Kommunkredit have provided funds forawide range of local . government projects. f •* ;* : A It goesalmostwithout saying that there Is plenty oflocal business .within the savings banks systems of Scandinavia and Finland. Soma 5,500 bank offices spread throughout the area ensure that. Attracting i between a quarterand two-fifths ofthe deposits in each country, the savings bankswield considerable resources.Tradiiionally providers of mortgage loansfor housing, they are increasingly occupying thefield ofcorporate and municipal finance as well. This often involves international operations, for which the local banks in each country can caH on the services of a strong central bank.Throughtheirsecurities and foreign departments,these full-service com merdal banks provide, togetherwith the affiliated Banque Nordeurope, Luxembourg, the linkswith international capital and money markets that industry and local governmentstoday require. Here are opportunities for business thatare worthconsidering. Serving corporate cfients, often with international participation in the field of industrial financing is an increasing part of the Nordic savings banks' LUXEMBOURG business. In Denmark, Faellesbanken has for A principal source of shortand medium-term loans in Euro- * process T-' * •••» 1 ! . » * instance been financially involved in the |t| : currenciestorNordic savings Of expansion that has made Faxe Brewery the bank customers„Banque country's third largest Faellesbanken, too, raises Nordeurope isactivelyengaged loans abroad for savings banks’ customers as in international capital and - well as its own. • money markets, participating in i Vc ^ bond issues and the establishment of loan consortia. BanqueNordewcpeSJL Streetaddress: 31, Grand’ Hue. Mail: P.O.Box259, Luxembourg (G.D.) Te(ephone:27696.-Telex: 1771 ^FAELLESBANKEN -y for DanmarfcsSparakasgarAktieseiskab Domestic rapo*: FaDeabanten as Street address: Kirkegaten 14-18 Streetaddress:24iBdrgergade Street address: Aleksanterinkatu 46 A ' : Postboks 426, Sentrum.Osfo 1, Norway Mail: Postbox 1054, DK-1347 Mail : S-10534Stockhd Mail Copenhagen K Denmark Mail : Postbox400, SF-00 101 Helsinki 10, Finland Teiephcme:OMB2iooB Telephone: 472-41 9580 Telephone:1-11 2733 Telephone: 9pH70 361 Telax:22396 unionbdk Telex: 19505spbanks Tetex:19470felban Telex: 12759 skopsf Cable : Fellesbank. SWIFT: FHBANOKK Cable: Uhfanbank.SWIFT:UNIBDKKK Cabte:Unionbahk.SWlFT:SPABSESS Cable : Skop. SWIFT : SKOP FI HH rSft- , Financial Times Thursday December 1. 1977 NORDIC BANKING AND FINANCE V Do you knowDenmark? -N^i* ihmi- *‘r ,r « vv’v'"! jt 'Wl:''^'S!r ¥ \lArnrAmotic tr\l fh THE VICTORY of the Labour Government in the . September parliamentary elections in Nor- * way has made it certain that "XT Labour’s legislation to make'the country’s banks more ‘'demo- cratic" will be put into effect next year, despite continued strong criticism of the change from the non-socialist opppsi- - tion. The new laws, parsed by the previous Storting (Parliament), last summer, will change the organisational structure of the banks and alter the balance of power in their governing MiWk bodies. In the case of the com- Jlfeff mercial banks, majority control will pass into the. hands of pub- lic appointees, who will hold eight fifteenths of the seats on the banks’ representative coun- cils. In the governing bodies of the savings banks, public appointees will have equal representation with depositors. The banks’ employees will also be represented, while share- (depositors iri the holders SPfe:.... IS*?-'-- * - mutual savings banks) will have only a minority say. '• •••*** . . X In a White Paper last month Ministry of Finance laid the ! Vv.v down guidelines for the Storting—at the request of the Storting’s Finance. Committee —about the appointment of the “public watchdogs” who will sit on the representative coun- sfee Creditbank’s Oslo head office. cils of Norway’s 27 commercial M- banks. It suggests that the I Storting itself should appoint JL - 0011113 ree no political, these members in the case of technicalftave fallen by 40.1 per cent, cent., for commercial banks in the 11 banks whose interests or economic grounds for sudaK.7 per cent and 245 per cent, southern Norway, and from 15 span several counties, or the reconsideration. 3topecHvely. the index for bank to 17 per cent, for banks in - banking for over years. 8 decl ,ed b* only 83 per- the north (where credit curbs Den Danske Bank in 100 whole country. For the 16 On the same dav that th®*” ^ from Januar to mid- are always stringent, re- nationwide. banks whose interests ate con- white Paner was nublished y less 270 branches vemben fleeting the region's special centrated locally, the authority Govermmmt named the mem® appoint Preutou15 )- The primary reserve Contact: Den Danske Bank, International Department^ to should be delegated bers of the independent bank*!Shares in shipping, industry, by the Storting to .the countF-^nunj^sinn: which will deterjfeen insurance, are not very 12, Holmens Kanal, DK-1092 Copenhagen K. rauncils-^n; in banks in the north ®re exempt) the case of mine the level of compensatiorronpting buys in Norway at the have 0®to* t0 Council. the present been raised no fewer than , t0 ije pgji) to shareholders wisMwiment, in atmos- The eleven banks whose pub- our tl™es' year’ t0 ggjj, their bank shares tqamefe . of concern and un- f ^'5 lie appointees will be selected n ^uO»m Noway. The last State. A provision of the^tainty about the country’s J DEN DANSKE BANK by the Storting itsdf-arer Den lacrea“* 1. W oommercia! bank reform ImtJnMdlfcte. ' economic future. 1 norske Credithank, Andresens brought the rate to 9 per cent v AF 1871 AKT ESELSKAB states that shareholders who aiders of bank shares, on the Bank, Bergen Bank, Christiania for commercial banks and # per wisfl to do M niay seU their Ifter band, have three years’ Bank og Kreditkasse. FelJes- cent for savings banks, and was shares t0 , the State> wtihin a |£ce-dutfng which they are banken, Bondernes B^nk, Fis- against loss. period of three years from price . — to kernes -. Bank, Landsbanken, # total of NKr.lbn.J to NKr.600m, january j 1978, either at the d^de: whether to hang on to f Samvirkebanken; • bein taken out of circulation Forretnings- market price on that day of the "thlfr stafcesun the banks or sell £ and the commercial banken Vestlandsbankeh. .‘average price: over- the Oir.eeopt Ttod put their .savings into banks and “ rest ' sotn^shing else. the by the sayings banta. preceding years, whichever is ; . " V Despite -these curbs lending Appamtees thehigb socialist ‘ally, the, SV, together private banksi this year will have to, decided for instance, . can dispose -of them' without-^ , f have a one seat majority in the suouto total NKr.6.5bn. to on what basis th/ average is to serious loss. . The measure is not Storting. The new - laws say be calculated—^wfiether on daily, intended to make the State a NKr.3.6bn. from the commercial ; nomination of public Appointees bal kB 1111(1 NKr3.9bn. from the weekly or modfbiy 'quotations, major -holder of bank shares— ^ •• should reflect the composition There is also Jthe problem of though- some of its critics have banks. In the autumn, of the elected body Authorities adjusted these ; .winch banks . whose/shares are not claimed that this is precisely ^ ” nominates : ceilin theuu This means quoted . on -toe Oslo Stock what it will do. They believe ®B upwards by a total I that in a county - of NKr.lbn. NKr.4.1bn. for where the Exchange. - that many shareholders will sell, — to Conservatives, / commercial for instance, are i and share prices fall 5* banks and. ^ „ feKis atiQn takp win so in a majority on NKr.3.4bn. for the the county effect sharply thereafter that the State savings tomJSiy l , 1^8. For council, the public appointees to vm mt be able t0 resell with- practical reasons, however it „ local banks will Bank of Norway intervention include a out a loss- The mart three years wilI not ^ fulJy ira plemented . majority of conservatives. This in currency market, in sup- U nti] the bank* 1977 accounts wiJJ show whether these fears does not, of course, alter the have been ^ justified. Port of the krone, has also approved When it does 00,116 4 qu dity force, there is Meanwhile, government credit . be ui a minonty JSfro P v l on the banks unlikely to* -be m^vate banking any Immediate policy with regard to the private ^ ! °nCC ^P rc eB of 018 "“h by shareholders to cash in banks has: been exceptionally ! i law tokeseffert. 2l2S^zrrency by ^»f t |p their shares. The knowledge strict tbe ban this year. The official , J® . Last month s White Paper bowev? ®r een tower anti- that the law was ' than coming—with curbs, which have - been ^ also decisively rejected the cipated through most of the its promise of optional share gradually tightened as the rear Oppt^tions final appeal— ea dur- redemption at prices linked to has progressed, -have, been * T— possibly because of the mg the debate on the Speech earlier values reJ t Iy low mterest rates — has in fact designed to partly offset In- ^ *S from the Throne—that the Prevaiiin abroad. Only sustained tfcs value of bank creased lending by the State g recently Government should reconsider 13,6 Banlc shares in the general price slide banks, and ah expensive ?** of Norway had to its plans to “ democratise’’ - intervene the which has taken place on Oslo’s financial policy generally on a somewhat larger ' tanks. The paper declared that • stock exchange this year. While In January, the ratio for B d e r°U*ld todices for shipping, obligatory bearer bond holdings ^ *::* A * «yy/ ** UNION BANK OF FINLAND Head Office: Helsinki Cables: UNITAS Telephone: 12221 Telex: General 12407 unit sf Foreign Exchange 12525 unex sf Eurobonds: 122161 uneb sf UNION BANK OF FINLAND INTERNAHONALSA# Forum Royal 25 Boulevard Royal PtO.Box 569 LUXEMBOURG i! G.D. Luxembourg Telephone: General 352-28952/6 Forex 352-28073/6 Telex: General 1575 ubfin Forex 1576 ubfex xne main offshoreproduction complez on Norway’s rick Ekofisk onfield ' ' . i: FiDandal Ximes Thursday December 1 1977 NORDIC BANKING AND FINANCE VI '..V;/. hnmVitiii Stock Exchange The doorway to investment in Denmark Take advantage of the Handelsbank’s expertise when buying Danish securities. Limited possibilities? Not any longer. Denmark’s entry into the EEC opened up new avenues for investment A HEADLINE --.IN ..a ..Banish • n?«rr^" ' j ' '* •••’ ' .'• ' newspaper other'day* ran: .•"« /.'••' vv' k; •* it is thr . also possible, limitation, to . :>_ without purchase 'T*- . Now - v “ .' •’ «-' ’ Denmark teaches the EEC how v -.•* •; .'. ’‘Y-’V-* -U : , . . *: r-~ r.-v ;\ .' * '•'.'•* « x high yielding mortgage . . ; !'.... ••*. I to borrow." Well they might : vsU /*;.• i' , *v. ?•».•'. ;*•*/• ' ;\V). .'Y- ' '• v ••• ? Two of the principal preoccupa- --Y’Y'-' % +!:,/ bonds with first-class security. ^ lu-day are how to barrow enough Apply to Handelsbanken for further information.' abroad to finance' the current balance of payments deficit and how to borrow enough on the domestic prevent HANDELSBANK market to EJ0BENHAVNS the budget deficit -flooding the country with money. - - The Danes have, of course, always had a tendency to gamble when it comes to managing the . Branches throughout national economy (oddly, Shareholders’ funds . . . Dkr. 1,863,000.000 Denmark Subordinated loan capiial: Dkr. 436.000,000 Participation in: Nordfinanz-Bank Zurich. Zurich private gambling is very tightly __ Total.. Dkr. 2,319,000.000 Manufacturers Hanover Banque Nordique, Paris restricted), borrowing vast f^ [ Head Office: 2 Holmens Kanal, DK-1021 Copenhagen 1C Nordic Bank Limited, London amounts or money abroad when- Telephone: +45 1 128600 Representatives or consultants in: ever markets have permitted it Telex: 12186 -Telegrams: HANDELBANK. Hong Kong. Madrid. Manila, Sao Paulo. and paying for U later with Swift code: HACODKtCKL Singapore, and Tokyo. forced retrenchment at home when cither markets dried up or the debt became too big to sustain. This, in a nutshell, is the financial history of Denmark over the past century. And they 1 have never been further from a. break with the past than they are to-day. Between I960 and 1973 the current balance oE payments deficit averaged 2 per cent* of the gross domestic product, so when the oil crisis struck, the country already had a large net foreign debt Since then the current deficit has run at an ’ | average of 3 per cent of GDP and the foreign debt has climbed rapidly. At the end of last year the _ d t head Copenhagen HandeUbaitk.Handelsbank. DKtisb^r i4i pe"ceA°Sf The head office of the Copenhagen gross domestic product. By * the end of this year the debt ; rtbrt sr be about that this can prevent interest . . ._ guess whether depreciation of especially to cover unemploy- 'nvDKr.aooiL.-f anai about 17 per the krone ^ cotU ing ment benefits. The central rates on advances being pulled years will tend to increase the government's total borrowing up by the competition for export than infla- year short-term deposit* at times .5iif K«?i 4« debt burden faster requirement in the fiscal 6 l b d t0 particn- ,? tionary growth of exports’ values -ending March 31 is about when bank liquidity is r r *• Believ^: iV or not,. N o rway ex po rts sand to Algeria sandblasting;^ " moderate DKr^lbn. and it will probably larly tight The situation has . y, _ *wlH it 1 also given rise to a discussion ISSr ..-S! JSSIfj The foreign debt burden is rise to about DKr^Tbn. in the I We thinfcthis Ka good example of Nowegian Initiativa Mb rwayts-fi^^ m high- by Western European coming fiscal year, rising from among the banks on reintroduc- mamij by the pniate sector, but agreement ^surprises' like this, and as the co u ntry’s largest comm erci'al ba nk'we< sjandards. but not especially 7 per cent of GDP to well over ing the interest rate ^ oi er the past years the • two which ran from 1936 to 1973 & - io+r\ b-n™*/ caKrvj .fh-P fin^nr+fll Qtrip rif Kinru/fifftan hi : high by comparison with many 8 per cent .js to know about -the financial side of Norwegian business-.^ic; government and public sector j developed countries. His-. and which imposed a uniform 1 lThe borrowing requirement is your financial gateway to Nori^yl;' rate Our international Department twiELll! • '- msn 5—-» • ' !° -SST5 ^ > Ilf . .vV 'i, , . +>v i?' on a nias*ave scale, ini T™iSiio, debt was proportionately con- for^ipw and domestic borrowing deposits. Ask us. Ifs our job to know P S ide”bIy lar?er in sector and The legislaUon has duly had ? fS^the non-bank . Stlte ra^d ^net* 8 DfolO^bm , r earnings, i tanidhtdy before the -the size of sales of Government its effect on bank abroad and in the5 first nine World War but sincc then it sub- Operating profits have shown ° b0Qds and bills has had a £ *515“ 0 as Jt 18 only a moderate increase over 25? r7*.*ea hotteranou past couple of years and . „ t , to-day. ; xate stnirture is the the capital which Dhr.6.3bn., while private of inter- change is in prospect this In tbe current .state highest in Europe. liUe came 10 ab0Ut the Danish year. Bank accounts will show national markets rate5 are kept high uAr.a.oon.DK^sshn any return this dcbt has not created by tbe in order to a better final net banks are, 3’ear than last, when several :?,Den noiskeCr^mffiapfc * • problems Foreign tbe prj rate sector to metaphorically speaking, queue- banks reported Josses. They servicing rziSe m J’ney abroad> but interest The laraest co mm erci ai’ han^rf^orway ing up to lend money to tne welI beyond were due to a fall in the value T . «, Q rates have soared The cost of„7 servicing the Govern- held, Government, and the the level necessary for this pur- of securities which go pubhc sector debt alone will of their value menl is making the best & and hav7^o t0uCh into the books at 55 nt 4 ’ final of the year, ° m'A thins whi,e il lasls- which is on the day £ . with the discount rate risingi5i toi DKr.fi.9bn.fi qhn ^nin 19SL. exchange no slgni- The official foreign q t While at the moment accorting t° an offiejal esUJMtc . record Scant increase in bank portfolio wsen ps are up to a .; ve interest rales on month. Tno me^ this DKr l3bn comPared with only Government bonds and mort- values can be expected, tbey ac u(d fi gurc will be consider- plunge which hit DKr lbn at thc end of October g^e bonds are about 161 per will avoid the 1 rov,de them last year, w last >*“• The Iunds P cent and rates in the day to U*2"ii.nea figure ifjdid notJ!Z ^nehlrietneiuae Dcnmark a cushion in case day money market have some- Foreign portfolio investment loans under negotiation nor did ^ squeeze on international exceeded 20 per cenL. in Denmark was liberalised it take into account future bor- next s^ou id emerge particularly when the banks when Denmark joined tbe EEC Jl? year or later, and they give the arbitrage operations have in 1972. Interest in Danish ine fmMV. debt servicing (repay- strength to paper was limited, but this year allthorj tj es additional been in need of liquidity and ™X n rates, especially ° in defending the krone’s posiUon fiance forward foreign high interest 25? ?rSPth ear w,1 ^‘*\ «y of the European exchange dealing. oa' Government bonds, has t J as a member Come to about 1? per cent of attracted foreign investors, who C foreign ' CU a AUoVvlnK l0* in emerged this havehare invested more thanthan' they fliff*' , ?? T^ firet Sns rritipiciri °na V^riUCISUl did in the past five years thlt the growing foreign ^ i II dsbfw month causing some politicians The banks have come under together. VC . debt is Finance criticism for pushing short-term From January 1, Denmark is mnJh S to have qualms. When Heinesen asked interest rates up to these levels due to liberalise Danish port- of the toTw^rtel Minister Vnud authorisation partly an upward drift folio investment abroad, but so for purUamcntary because abroad on deposit inTerest rates forces fer the authorities have not said STC ofde^aio^ to raise anotfterDKr.Sbn. ^i^'^Se par- them raise rates on advances, whether they intend to go ahead same proportions in coming months, liberal to Henning The banks consider tiie cnti- with this or to seek a new post- external deficit w2 thrSoSt liamenlar>’ spokesman ' blame the ' thc asm unjustified and ponement. the 1960s. - Ctiristbffersen requested dc- situation of the inflexiWe law The share market has Net private sertor- Wign government to make a more Daniel const- «in limitation of the spread on been bearish throughout this debt is about the same J tailed report on the W . This; legislation sector interest rates. year after recovering somewhat the public' sector debt or about quenees of further public obliges each individual bank j n 1976. The share price index D.Kr.28bn. Total' debt servicihr borrowing to the parliamentary bank to keep the long this year will therefore be in flnaneo committee and savw'Ss was fairly stable for a ' of the period the and the region of D.Krflbi£rising^ to "The, domestic borrowing re- ?P«ad at the mv» through summer years 19/2-74. The point early autumn, but. since then DiCr.Ifibn. by 1981, thbugb this qubj^nts of the Government three legislation was to prevent it has fallen about five per figure is necessarily- a‘ very; are of newer date than the of the by banks earning more money year so far rough estimate as there is no foreign ones. The budget was in the wnL and over the everyone else was sup- accurate information on the surplus until 1973 and since the when it has fallen by about la "per posed be showing resriamt— cent autumn fiscal squeeze, maturity of private sector debt immediate poa-wir period there to An policy a hed 10 private or future bor- has not bees significant incomes » PP wducb will hit wnsump- . on So extent of a on discourage servicing, national debt h3 5- ^ Total debt V . ^ ^ This when The ****** isS pf tbe order of 10 Ranged rapidly put p investor optimism. r* the recession country in has . ' • #%**> •? :£*** . export hit the ^ .??:•£ . ; . ®W^int. nf total . ^° amendI the w ' rise mtd-1974, musing Government 1^? will inevitably Hilary Barnes : ^ ^ Ktrkeg& 2l, Oslo i- Norway - T6iefori:4B 10 50 -Telex; 1817 5 OnO'n;^ q^^:^^ITBANK 1 hope CopenXegen CorrespomfenT VZ '™on£ SSTL- %SmS SS^reSed. ton from the tar in the _ ' . Thursday December, 1 financial Times MT? so \> ' NORDIC BANKING AND VD Finland needs to more tit in with the private sector this ; THE PAST YEAH has seen clear compe ive edge the ing by trend which seems to increasing its issues. ' three changes of relatively un~ West European export markets, bond The accord with the avowed Left- latent offer is * five-year coupon wing aim of usual character in the Finnish It was in connection with the gaining greater paying 10* per cent, with both control capital * banking and financing scene: Finnish mini devaluation in of flows. capital and interest tax-free. The commercial tvro devaluations of the Finn- August — an English banker banks’ quotas it — The terms of new private issues for credit from the Central i mark and a reduction in in- called a non-devaluation 1 iikel/ to be 10} per cent Bank • that the general level of interest were cut to Fmks.L9bn. I terest rates. f ? lowered from October eight years, also tax free, m May. But by the end - Vet. When all Is said and ntes was b°nd market is becoming October the * “ l, first change since 1973. ^ banks had been * SSL } the . done, they have had little real lemMas rate of the more poplar now that the obliged to run up- a Central 8“" papers ’ pnW“ *£* Bank debt of Fmks.4bn.. paying erai ana tne money0“ey°TarketmarKei in Snk^ FlSS?^ lowered V gold before maturity: the a penalty interest on the over- parncuta.-. JUWltee «I7 to 1 per oentuntt to 8J priM fm ^ gj., was ufter ^ucinE V. per cent tonds are running at the growth in their total lending 1 change was amlied to aU bank °J?''JS “tout Fm*si>5 to business to about Fmks.llbn.. SS,. d ^Sl^SSt ratts^d . ^While the It per eenL bonds versus Fn.ks.lMbn. in 1976. to off credit-hungry S™**clients andi°Iof new bond issue rates, Tll6 issued earlier this year are adopting a tougher attitude to competing with the State for adjustment was, as all interest « overp“- the meagre funds which might rate decisions have long been. The old standby m times of# ge I < P™p to be available for private saving. politically motivated. l trouble, the foreign capital 035 ^reduced thef^demandJ^for Amine* -t4>a roiinf *,;«. Discernible in the back- market, has been largely sealed longer-term credit, but the poor i avc borrowers ground, too, is a steady, if Qff b the Bank of Finland liquidity position of the J , “scouragemem exports. subtle, move towards increas- whif4l ^ applications corporate sector has increased Paper makes up a very large proposen of Finland's manufactured sum auuiug iv me gcutnu uv " *«— private sector at 'of ; certainly, is the possibility of a tong Mjumual rate 13 per debt was Fmks.27.7bn. (£3.6bn.) ^ „ * . . „ year.«*. All eight new third devaluation cent Savings had already in the near foreign bond floats sanctioned at *b® end of September this future. stagnated, The savings ratio year, and will ^ so far> totalling Finks. be a hiHion or of 14- 9 ®r 80 by the The sorry facts are that the .“tES* »]!”* p 724m. were issued by State- end of 1977. cettt; In 1975 - 9-5 per cent, in According to some corporate sector is in bad ovme(j companies or institutions. experts, the J9 6 311 d the estimate for both ec n 1 now liquidity shape, the Treasury J ' ^uuuByear. It the real disposable income of per cen ^- .loan' of 330m. in 1977. is evident from ™e Treasury’s strained cash households is being eroded by The Government did try to _ position that this inflation and taxes and, con- stimulate savings with a tax w-w . sum would deposit echeaae. This to >e rai sequemly. the savings ratio is UCtCnttlllrltlOD el state^ wlu^ probably need shrinking. Much has been said invites the saver to deposit in a . ls of 0 tax relief account in his gross “ ~nd m c°ver 1116 of stimulating the economy, but bank a With the foreign debt as . ?^ ot“*r little of real value has been minimum of FmksBOO (just large as it is, the Central Bank’s __ ,h«a. J, *°* “JL?- nrrrrnmr i„ m rencies and the - down slide late November, with the highest done. Even now, the Govern- over £100) and maximum of determination to limit foreign ™t0Te ** ^ “f* of the reeen against the dollar reached about interest on longer-term loans at ment is trying to put together Fmks.8,000 (about £1,066) per borrowing is understandable, ^ 30 per cent This measure was “ b le *78 per tent during the first- nine ‘’ also taken to protect savins r, i isss^Ais^s. bT months of the year and is now s ini accounts from the effects of the b eSt,!d wilh ?en^d^ingl976 andthe Ant nevertlmless, for an i3ose to or above the 9 per cent, deducdblf f^n SS.l1 monopoly. TOe recent increase, |^„^S. . level The Government has -been inflationary upswing. follows: -If notking else is eereed inreme The mteresr -Jl;proposed1 increare, injtt. “‘*1 SST^^SS!: S ^ . using the exchange rate as a tool Pension funds, which are run done soon there will have to be rate is per cent,, but flu tan borrow^g nghts_ of the State 8 ^u, economic life in this smallest ^ ^ pet ctot^talear. in its fight against ever increas- by the trade unions, have also a meaningful devaluation.” benefit brings the yield to Investment Fund make -it. a - - up ameQUfflcts rw th»t wW member state of NATO is . L-: ftbvnfnmmit. 'ing inflation and interna) labour, been -hard hit' for the same • irf the The • about 11 per cent Harm fat Vffjt M . 55J5S5M? • Zo» - - test • • reasons. The funds in general ASS _ h' However, in the scramble for cent* devaluatioa. Wiuch could the haxti-hlt lcelaii.ders can hope h h with lhnl grant almost exclusive long- Devaluation frri savings the State also an- be wusmcicuconsidered theLuc minimumfor-mi II Hill I 111 i' culan'upswing.upoimifr again..InflationagdHL. JlUUSUUU __ lJV LT,. ._ u T_j „ _ -1U1 riwwwwJ __ j L term Joans to members, who in credit b n ““eaAingful,” Sweden tlie oounced that taxpayers whowno T,_ mighf.add about will be ruhnlug'at about 32 per devalued krona nkf But the balance for «» «PW with interest will be ever' since ^ j?" bk Angls. reme ““ m ™or reSors g* pSp^Tssnw-- * fflSStofta* inrestaen re ld »«cr °f ° tln of industry the changes were wo I» « comer. The private sector.fears Lance Fe“ S effects offlie funds. ^ KeyworthJ r Shi?J-Kr-mn. in October ttys year. 1874, alter the 2 “f* , collapse of a own to a minimum. Demand for _ _ small and left Sweden with a The Treasury is also compet- increasing political influence r , ^ , , in Helsinki Correspondent -freezing on- The latest development in left-wing Government which and especially the ]ong. and .short-term financing left behind a recdryl portent dustry, claims ft is mmning. Into has fefen very heavy aDthrough in-; Iceland- is that the inflation. bankruptcy beesnse of extrerhejly ^bvernrneat is preparing a Bil\ Iceland’s economy the y£lrk since mast companies, wbicb Althing .turned the corner in 1976, and high wages and. the -unfavour- as individuals; try to in- - « passed through (Parliament), allow earlier this year inflation was able rate of ex^iange of . the vest heavily in property, which will down to 26 per cent, on an Icelandic krona. ^Leaders of' the apparently the only sound in- Icelanders to open up foreign In Sweden,7out of 10 annual basis. During last year industry, have Ken demanding vestment in an inflation-prone exchange accounts in Icelandic and the first six months of this a considerably devaluation of economyl The Gentral Bank of banks. Very strict currency year, the situation unproved the krona against - currencies Iceland is trying id control the regulations have been in effect markedly, the_ national product like the dollatand sterling. situation by ordering.the. banks m Iceland for years, creating increased “ lucrative foreign exchange industrial along with the terms The Govehiment has sue- ta maintain a' loan celling. quoted Wack market in the country, companies of trade and' the enormous which runs about. per needed, dunng the . economic 20. cent- Government thinks it deficit in. the balance Of trade turmoil of-toe past’three to four above total bank financing for is fame to hberaiise rules during 1974-75 . . the was . nearly ^ears/in keeping unwplwment 197B. eliminated. We two mam down. Onemethod has been to Another method- of controHrii factore deP°^t their foreign currenwes, the behind the recovery borrow heavily abroad for major the tor use same bank. demand money has been were favourable external 0wn ™em ’ bank condi- industrial -investinent -at home, to increase long-and short-term *P tians of trade a^Qunts, so long, as they can Skandinnviska Hnskilda Banken. Sweden's leading as well as like building power plants, and bank interest rates. The tfc Government’s, economic e Posing commercial bank. ? ^e^^rfl^fleet. forexampll f" pohty, plus restraint fun“5 ' in wages Foreign debt in June of th is increased the interest rata of With its head office in Stockholm and three central and wage negotiation and year was EKr.114.5bn., excluding shortterm loans from 16.75 per »» offices in Stockholm, Gothenburg and Malmo. a agreemente. t Offering . short :.term foreign. lbans. This cent to 17^5 per cent in June, JODI JVlagnUSSOn complete rjnge of international banking services. Tne upturn lasted unti! May With an- amonnt has increased somewhat and again to 20 .5 per cent _ in. Reykjavik Correspondent when the Icelandic Federation ' extensive network of 379 branch offices throughout since, and' it . is generally of Labour negotiated a 26 to 27 believed to be much "too high. Sweden. e P nt ^”8? “crease, for its. Foreign debt at the end of 1976 So if you wish to do business with Sweden, members,!J® which went beyond was close to the IKr.lOObn. Skandinaviska Enskilda Banken is the fastest way. the limits warranted by the limit We already handle more than half of all Netforeign: exchange reserves We Like Fishing Sot- Sweden’s international at the end of September 1976 commercial payments. Swhave come to an end and basic wpr<> TCr mo- , n(i arp ****** fa “• °- mated to dose to that Ing problems. bfS mark. Gross foreign exchange COMMERCIAL BANKING reserves were IKr.19.M7m. The Limits foreign exchange reserves dur- ing the- first nine months of this IS OCR BUSINESS Civil servants went on year improved by IKr.3.969bn. strike for the first time in and this improvement is. mostly ^u improved external mar- October. It lasted for two weeks ®. aud resulted in a 32 to 35 per ^eting conditions and external borrowing: Last year about 14 cent wage increase, which gave , A/S RSKBMES BANK new impetus to the inflationary cent of gross export income spiral Total wage increases In wis to repay foreign loans Iceland this year will he 60 per 3X1(1 interest. It is estimated that up on year, about the same -percentage of ex- HOBWAY TrcCer.fr.il Office in Gothenburg cent the the highest annua] increase P°rt earnings will be used this f ® tiers a complete range ot inlcrna- since 1942. year for the same purpose. Oiir 19 Branches and Offices along canlinj* services. the Coast The Icelandic Minister of The Central Bank, along with are here to serve Finance Mr. Matthias A. the Government, has been using you Matthiasen, said in his annual the. floating rate of the Icelandic budget speech in Parliament a krona to regulate export earn- few weeks ago that “ consistent ings, and control prices and im- HEAD OFFICE: TROMSO The Head Office and the Stockholm govemment policy has been ports. The Icelandic krona has CENTRAL FOREIGN Central Office offer a complete range maintained to withstand the ex- depreciated considerably this DEPT.: BERGEN of international banking services. passion of the public sector, to year against most Western cur- strengthen government finances and thereby contributing to economic balance and stability/' The Government accounts show a deficit on current This - advertisement appears as a matter of record only accounts, far 1974 and 1975, but a surplus of LKr.800m. for 1976. The public sector as a percent- PRIVATE 'PLACEMENT TO age of the GNP accounted for 29.6 per cent in 1974, 3L4 in 1975, hut the Government man- aged to reduce it to 27.6 last AB SVENSK year. This figure, according to EXPORTKREDIT AB Mr. Mathiasen, is expected to be further decreased this (SWEDISH EXPORT CREDIT year and ASSOCIATION LTD'*) remain at a similar level next • v .. year. The inflationary effects have LOAN seriously undermined the com- FACIUTY TheCentral Office in Malmo offers a complete range ofinter* petitive positions of Icelandic national banking i>er\ ices. industry and ‘ exports. The Government is promising to try to cope with the deteriorated US$ 10,000,000 situation, -but it. has -only six SkandinaviskaEnskilda Banken months left in office, and will Postal addresses: not take any unpopular steps S-10c40 Stockholm, S-40504 Gothenburg, S-20520 ^ falmo. > Arranged ai*d Sweden. for the time being;* Measures provided by Representative offices in Banff, Frankfurt am Main, Madrid, Paris, Sao Paulo, Tokyo. will reflect the need to buy time Affiliates abroad: Banque Scandinave en Suisse, Geneva Deutsch-Skandinavische Bank until the parliamentary elec- CHASE , AG, MANHATTAN BANK N.A. tions in the ..early SBNDSVALLSBANKEN Frankfurt am Main. Scandinavian Bank Ltd, London. Scandina'i'iilii Securities Corporatioii, sununerl The recently introduced New York. Skandinaviska Enskilda Banken, (Luxembourg] SA^ Luxembourg, Budget [Bill reflects the need to limit ) 21 EDITED BY MICHAEL THOMPSON -NOEL IPC’s determined BY (1kMOBL.WOWSON.NOGL sales drive or the establish- BY PAMELA JUDGE THE KETAtLJNtj revolution on and big improvements in style ftInterference .' goiferiiment -propaganda both side* of the Atlantic has and. atmosphere. nment "of compared with 'aims were party nearly (April-Octobert< as one of the agenciesa whose' APARTJ FROM spending naturally emerged One of Tuesday's speakers, last year, and as instead of social or promotion next spring, tthe same time biggestjdngl^. issues m idter- David Kingsley, chairman -of political$ j£2,3m. on spending ‘ example of greater • an . to take its in recent educative.e )IPG Magazines is \ nationa} ' marketing London's - MSJ . Advertisipg it has been re- be a healthy the ini the magazines, revolution con- But it would (circulation drive right down fwt- - the Group, discussed the growing jpar^ Thttit that Van der Berghs wiu If xt helped highly personal portedi precisely [where developmentc line,j and in a tinued"though use of. advertising by govern- by tne end legislation, produced circulation have1 spent £509^)00 :xHHme seems- sure. 'U.S. rrestrictive way., Patrick Barnes, it ii h^edf ments. particularly in the year double that of i efficient and professional director, and his team.have come oft the — [LATEST ESTIMATES of Govern- A-^oifiter to' the complexity and U.K., where governments more ( and . developments in government communication,: with Spring, 1978 Magsell, a 1976.: . advertising expenditure 'spefid of were already big advertising | up ment and: j spending by IPC led to more economical which lists details of-- Promotional London ( year through the Central thisirea'was pitmded-m spenders. In the U.S., the value Ifi it document this i • wiD publica- . Press. and radio— session on new adver* igovernment . the plans for each EPC —on TV of Information are t ai a of paid-for governmental Office now vestet^ay government new for the womens of two i f17m. retain* at the Using bad increased from $42m. The emergence tion (including he £1.2m. put at approximately com- SSSEws-'-Ibj major an exciting go out to i £400.000 for the conference organ- last year; in by1 advertising was launches) which is to weeklies, pared with as. anticipated spend « EuiAm in 1971 to 8113m. «rtmd benevolent develop- individuals in whole- £170,000 for the monthlies,: Advertising Age which the U.K. the equivalent ex- andi perhaps some LODO of around £12.5nu Expenditure i by the “But it requires great sating houses—managing direc- juveniles and £105,000 for 'underiihe-- that to antid- penditures -had been £&ru and jment ' leather on. the current fire precautions jfelpstf maga- Clever " sense of and so interest : useful ‘care and an overriding tors, regional managers young women’s could reach £500JX)0, 5S'-the 'ftttDxe it is to filifim. campaign j on behalf- of zines with the rest being divided the past that ]responsibility on. understand\ turn, it now seemed while [other areas of higher-than- In" and advertising men other groups. BY PHIUP KLEfNMAN .• painted -politicians plans are among spending are energy The VX. picture was governments were: using a 1 While the promotion expected the don’t think we should made Davis,- marketing of their alike:; I interest to the effort is to be . Peter proportion . considerable extra conservation and unemploymerit jhj by smaller of An espectec ourselves to forget that journals. scores by didramatic effect it was director of J. Sainsbury, and advertising budgets merely for iallow trade, Mr. Barnes hopes to get an for the gardening MUCH ADVERTISING programmes. .[ view- Next yeaJ ; trade. what proved a highly is to be stock up totc make on the TTtonij Greensmith*. managing publicity recruitment and In equally interesting response to Editorial emphasis persuading dealers to • Meantime, the COT haxaalAftat ! and a to bt Mr- Davis able 90-minute presentation, of a new consumer theit TV campaign is likely SelfridWS. using advertis- information at the the findings anticipation . of i of . increasingly some of the geared to in. the Police Recruitment afiglffiL director were tater- is planned tc the DLK. back- change three-man team from ABH. Bearing in indicates that 63 ads. Indeed, some e:expanded, and it pointed' .out that ingj in -an attempt to hack of the booklet. survey which response to the currently worth At some of ‘tic research public awareness oE tht retailing in I national looked are suggested that n groipul in. .food socials behaviour and explain the mind that the data is highly per cent of readers U.S. research has : expected to rise in>'W 1 confronting the trans- ; :®Sf one of a level- benefits of new problems information in Information on effects of TV campaigns brand.b: ' recent years was jpurpose and personalised, the interested the sales financial year, is to_ ,«tey . yffg in Europe and is the . national marketer divi- money, 59 per can be mainly branding operation Hntfofl in 'population and a static legislation] and social and econo- shows which wholesaling gardening to save for packaged goods The whose ajSffiaps™** I most NSW Parlners, the Individuality of per cent increase in shelf stage in a carefnllj -even declining; volume of imic .poUcSeS. at sions returned below-target eent in vegetables, 53 ascribed to the »second 1978 billings moves to €6m wfa”^ pr compared with strateg> ;, the r Eure pean markets three higb- per cent in them by super- thought out advertising Reeruttmesrt trade which- had- helped The ' conservation of energy figures for IPC’s last io pest control, 49 space allotted to a the Prison equivalent applied sincf from a .20 per for racialL their U.S., _ periods — Counter gardening and « markets. But if it is commonplace wwhich has been wuilu multiples 'move resources,, . the need . proraotion labour-saving (business,- of the most interesting cook- of finished appointed DPBS abou’ [ Some for .business. 25 years' road autumn of 1976, gardening manufacturer pPittards share; of harmonyj and sensible . Attack in the per cent, in for a [£250,000. etaya tgthv^vrfson cent between markets stage jnoreMlhan 50 per typicalb differences earlier this year The budget for to use TV to influence fourfl years ago. The first - : freezing. to ssafety behaviour were, Spring Board ery and products Pearce Berryand ^»ltfswoode- ago vme^ the groceries coloui - in ' for tiw^CjvOp Mid the1 advertas- were apparent latest autumn effort. Gardening and Popular retailers, it is highly unusual rrestricted to double-page cent. areas, for government and the Amateur the U.&, for example,- materials to papers, majorec 1 sector:- ^ fallen back in in both,i. in £100,000. of raw spreadsfi in trade had explored, is producer • SPERRY’ CNIYAC^baS independents mg, already Gardening a was less than oDe grocery' other words, if central to manu- “Our leathei ;- JST5, though thei that it was almostt there In to do the same 0on the message that Ayer, the -yea« to countries., So intensity attempt appointed 1 i of the 1,000 of population but management of the wholesaling As an example staged ai trendI shop per your profit." the 050,000 U-B- recently possible to identify a- ’ Woman facturers. hhelps mann to handle Co-Op had | drive 13 issues of for every' have a of the computer aggressive market- “ by adver-- In Italy there was one houses did not already not unknown. \ but nc for a new smaH comeback via towards government , promoted and Unusual Recognising that there was / account potential sales oppor-. will be specially spending Norway, in fact,; MO. picture of of the largest tan- , line. -Additional tisement-" (In ^ 15-second I Pittards. one difference In the product 1 will be three important It thought that the first week of ani there offices economic di- unprecedentedl Yet if was tunities in the the country, is ABHVCohttaental the current therei was an Over the whole nery groups In. quality of the material supplies through .retailing were! receive one> commercials. 1 were skills of food EPC drive, they will building a ' r - £250,000. The food chains > peace-time campaign under way engaged in should total mate, the bfe range of magazines there will be currently by^ Pittards and its leading com i across fron-' i easily transferable now. its aimed at companies having to aim for increasedI to persuade the population any day during consumer brand image for recom products are food retailing in 62 different gifts on offer petitors, the agency soaaetimes at the! balanced1 tiers and that these reach buy-in -computer services. market share, towards more properly Between September 10 and1 campaign, leathers, even though that its client positior who developed countries was3 the 17-week mended jniaigins, and .had1 - most In the form of in ASH’S recently-gained expense., of diets.) November 12, IPC’s womens the public only company which tool< Adding similar patterns,, at itself as the advertisers. i this healthy develop-h settling down to the point that and so on car business, the agencies emerged:*? big The Was a a sales rise off Magsell makes shoes, gl fives, garments help its owr Subaru remembering thatt weeklies showed sales Ihe most trouble to for all1 unhealthy7 it was worth film, worth of extra The next year should move MEAL-mdnitored'-.figure ment? It would be an per centi, according to Mr.. least manufactured by. others. problems. billings top ten U.S. foodi 10 trade, customers with their to ^advertising had growni said Mr. Kingsley, if In-'k" none of the forr could be generated by the still has a long way to from around £lQm. , this year retati step, Barnes. Advertising revenue exercise showing a dawr retailers by turnover featured inj Smith could cor- Hence ads ELtfcflm. in 1672 to £95Jm.- creased government advertisingg perr At a guess, W. H. John Pittard, group nearer £13m. &6m any Buro-r the women’s group is up 29 eo, but delivery of an urgent consign Ten lists of i 12 months to Sept-- government by stealth,l, the Top s take an extra £500,000. director and the produced first six months . porate development in cent, in the . ment of leather to a South Walei CAMPBELL EWALD the -figure forr in- governmentit pean country. chairman. : • WASEY ember 30, 1977; or an increase nephew of the keep manu firmJ or offering to [ act for the wbnle LibbF chains had moved from Pittard, believes it is1 is to grocery C. J. facturers abreast of fashioT next year. The Imdget £24Jfcn- range for £7fim. to already paying off. developments. One of therr re- , be around £600,000. ^ . individual food company will Among Pittards, a public developments. ad , tailers,, the Co-op’s national which grew out of the old family is to Spend £140,000 uniformity the consumer cam • CUSSONS spend had grown from £l-3m. in Pittard in Yeovil. Stage two, TV campaign for firm of C W. research . -on a two-week latest 12- based ou £3 in the ofF paign, was 1973 to 5m. advertising busi-- a turnover last year Leather bathing toam. big Eurobeer or a uniformity, the bad while consumer} Imperial period, while other Then concept of a forr revealing that month with the i results 4 about its relationships uniformity in £14.8m. First . half company reckons. to have WHAT AMOUNTED TO a prod a thrown out ness knows that leather, there The gains had been shown by ASDA, The role Eurobreadl had been in Septem-- universally valued bathing liquid marketing public authorities.. ... advertising is self-- this year, announced per cent of the itself— in the riba for the i except for over-riding international deal of confusiot Tesco and Sainsbury wealth creation andi at £9.4m. Ini was a good Brady and Marsh came this week from cof marketing In defeating. ber, put turnover market Alien £670,000. business i health and safety, distinguish betweer from £185,000 to crucial. Neither reasons of turnover. Pittardsj about how to Thomson of Momfleth, is,i of course, protec- relation to : is the agency. Lord should be optional. consumer bettei According to Eugene Mahany nor in- 1harmonisation "As to the oni the genuine stuff and the increasedi investment i to spend more ehalrinan of the Advertising to me equally reckons groups 1 Of Needham, Harper and Steers viable needed, par- tion side, it seems - synthetics. Discussion HALLMARK CARDS is con- and one of ccreased employment is a But vigilance was advertising than any of its con^ o Chicago, the U.S. Standards Authority important to recognise thes to the sugges- for a two- Advertising of itself. Investment in the case of the pro- this years adi reacted positively centrating on radio Commissioners endc In . ticularlyi petitors. and of of heavy the &st two EEC validity of ntftional traditionss identifying Defr retail scene, in the wake there is a directive mislead- £100.000) tion of tags or labels drive which begins on i meaningless unless posed EEC on of well over week the UJC, who told the is j in which national1 budget inflation, increased gOTemment from services of and the way origin of the material. has a budget of foe the goods or ingi advertising. Advocates is "being spent on TV/ the ember 5 and Society’s annual con- demandt dealing with thee two-thirds ' intervention and militant con- Marketing Jobs their case on practices of investment produces. thisj directive rested and the Midlands, past 12 months £36.000. in London that be thei advertising standards5 in London In the of equally ference - problem of medicated sumerism. was one unless there are first, that common oi NEW PEARS J no reality two premises: it has supplied (free Q a been wondered why marketing men, have grown up in differentt Commercials, being broadcast Pittards with rapid change. There had consume .the... advertising control have tot is being , launched wishing to -standards of such tags shampoo self-confident in ipeople only the secondd charge) over lm. promotional activity in so aggressively - ways. The Germans have tbeirr this -autumn- for £250.000 TV campaign followed Intense products' of those who are work- were necessary to ensure free articles turned out by a a should display ] use thee leather shopping for price. their own fields, legal traditionss year in succession, further burst in January.. response to The marketing sector [has;•and fair competition across the predominantly " manufacturers. Some by a been the such an apparent inferiority com- ing. slogan “-Very Clever Leather” variety of • had also havee the company’s first venture but there fresh opportunity in a new Community; second, that the of dealing with theirs. We biggest manufacture* It is smart in-store plex when they came face to face a and demonstrate the versatilityy of the shampoos. emergence of premising climate of EEC’s consumers needed protec- our predominantly voluntaryy are into medicated" officialdom. and more material. Viewers aree decline them, since they “ego-intensive with But-it- of the formerly manag-. boutiques and explain bow vital its tion from misleading advertising traditions of self-discipline. thar • JOHN RAAD, * think sometimes the market- opinion to to look for a PittardsIs using leather from more merchandising of clothes and “I them is perfect andd urged Posters, isi wealth-creation basis. neither of ing director of British public skills are in the on a consistent product:t supplier, but others, includ ' ing business feels that in improvementL label on any leather one . of William Metsou asi furniture. , , both are capable anc to su cceed it is the big business." Lord Thomson: ing shoemakers in Norwich of the Mr. Greensmith said that ifi re- decision-making According to Certainly both must be ready too they buy. secretary of the Institute the TUC an entirely believe that Leicester and garment manufac whole there was battalions of the CBI, But there was now “1 simply cannot circumstances.s. to the firm's agency,7, , a According at theI tailing as adapt to changing IPA. He will take over the London, have_ beer- a move towards and the Whitehall Establishment new dimension in which the present differing systems of Pearce Berry and Spot-t- turersLUicia inaai . i bound to be Davidson end of March when Mr. Metson officials to "If there has to be a directivee the Pittard? store formats of senior Ministers and marketing sector had to look enforcing advertising standards was chosen not only persuaded that vastly improved end of theie tiswoode, TV while .the voice interests and in significant effect on of this kind at the brand name can only strengther dominate, : legitimate have any colour and which its mostst because It supplies to the day it ought to be" In the effort of marketing is inadequately which the marketing case had competition. Whatever joy movement but because of the their own sales flexible and optional terms. heard. There is no reason why be made plain: the EEC. •bureaucrats may get out of should be so.” ibis . health and safety combining, Where public -The present system concerned, said the controls: were directly voluntary and statutory chairman, there was a lot to I ASA maintaining advertising 1 for be said for common Community worked reasonablyr standards “But if goods are i standards.. Lord Thomson, and well, said produced for purely national con- which the system, the way in sumption and are not to be a number ofF worked offered marketed across the frontiers of lessons for marketing as a whole. I the Community. I see no reason is utterly wrong for “First, it they should not continue to the close of , wbv With effect from those engaged in marketing to national * conform to their own see this system as some sort of for r ’regulations. Harmonisation between self- on 1st December, 1977, confrontation harmonisatiou’s sake is a non- business regulation. regulation and State sense" - "The marketing business onq further notice, TSB Increasingly, the EEC had and until side should adopt a self-F- its back on uniformity. confident and positive philosophyv- turned its Base Rate will be 7% per annum. Trustee Savings Banks Central Board, P.O. Box 99. 3 Gracachurch Stteet, London EC3P 3 BX. a *'ar * We British are a peaceful people. When booksl -ana over we like to consign it to the history Wiffiams&Glyn^Bank wars five on. The di sabkd from But for some the nowaH both World Wars and from lesser rampaigns. announces thatwith,effectfroni easily forgotten; tbewidows, the every day and for them their war lives on, December 1st 1977 itsBaseRate from a irTmany cases, of course, there is help increased limit to what any Go\cmmeat foradvancesis ^ pension. But there is a ° Thisisvvh^ Army Bmevolcnce steps from 696 to 71496 perannum. . . . aud with understanding. With a seu« of urgency hlsTpiwiS’io Interestondeposits at7days‘ ^ do more . Wcwe women, too. Please will you help us to Anglians get through soldiers down. Somehow, must not let our notice is increased 3 Fund /4 perannum. The Army Benevolent from 3% to3 96 more branded cheese. ti^r femffiesin % and 23 for soldiers, ex-soldiers York’s HQ, London SW34SP Dept. FT, Duke of WIUIAMS & EDTirS BANK ITD £ Weie happy to report yet another example of Anglian excess e 23%more.cheesethantheaverageBritishho-asehold! Economic (Coincidentally we also buy21% more pickle: alookatthe And if youwantto makeamealof durfigures^take MARKETING chart below. Advertising is selling. • in these times, the. value of Westminster.Press recognised 2 Test Towns is even more ap- Z parent for their low cost No more. No less. • mcasurcnicntofanewprbduct, • its packagingandprice accept* • ability. ord Excavators,EmbassyHotels, J. C-Bamf • Many ofthe biggest companies BiltonsTableware, • in Britain use our Tust-Towns BritanniaBuilciing Society •as the 'fuse step’ before TV •launching. Royal Doulton Sanitaryware and. Sandvik agreewithus. 2 WcstrninsierPr«sTestTowh2 X aie justafewof the peoplewho S offer tvpicality to o&iional pro* { Geographical isolation. why. Z file and • Sendfor ourbrochure andfind out -ini iy newspaper published • : • Th? • : Media p!an?Tou!Vd^5^ • in the town gtiv-es you highmar- MjonckmviajDM-thel^esc • ket penetration- mea» m ^dependent overseas CRBrwteAitetismg. on twdcerslntheUK. • Call Tel cr Clifford J JUSTABOVE LOT®ON ANDTHESOUTH J ftl.353injOforiitenitum » LejghtonHouse,53 Balance StreetUttoxeter, AugUnTdeviaoaLtd. BrookHon 01-408 2288. "Source: TCA. TOWNS Staffs, STX4 8]Q.Tel:(OS893)493L 2 TEST I JDM^ C1-SS4 M S : Thursday December' 1' Financial Times W 22 FINANCIALTIMLS I Workers in BRACKEN HOUSE, GANNON STREET, LONDON EC4F 4BY Talegnms: Slnantimo, London FS4- Telex: *86341/2, 888887 Telephone: 01--24B 8000 Thursday December 1 1977 By ARTHUR SMITH, Midlands Correspondent sentiment^ »"<» —fho nrvrftTrrmowt an A «.« tTPmPnrlniTc nnnortrmltv thrmiCntough sMerins5iaenng bWUqmiiB planned of these (RITISH LEYLAND >nd -the Government and the com- tremendous opportunity ^:^^7f"the bnrneh, plants in the machinery.Appnfo p planning UiL, both any—the fact that prior agree- the *5 member of have alrndj* been made.to trade 1 production question of b:rescued from financial meat is sought from the trade the involvement and support of A collapse by state aid, presented unions makes | an siotj I the Labour Government with of any ; opportunity to. pioneer experi- participation, ments in planning agreements ' Chrysler, and worker participation, two suspicion independence concepts central to its election the company manifesto. Now, nearly two committee syi years on, ministers must be the planning agreement and de- in splendid isolation as the wish. mdustt^al temoeracy ot we within the comeaeration nr eye at *• only one to have signed np; me whatever the pressures upon THE GOVERNMENT an- meat’s action. One of its reasons casting an anxious veloped a separate communi- shipbuilding and Engineer!^ ” for market there is certaapy must make it wont ^ nounced an increase in televi- for keeping the BBC on a tight developments. cations exercise to involve fact that targets management, Unions. -resum- Chrysler there are union employees affairs, share,suar«, output,uuipui. buuand profits are wuwruconcern among some shop stew-steyr- He argued against roe—- ^« licence the financial lead was to ensure that . At employeesmpioyees min company anaffairs,airs, — _p___ sion fees at end of initiative is niBnnui fears toe company, a sub- “ ”- knowledge makes any that the plaimmg toon of last July. It was a small increase it observed the pay guidelines, that The word communicationsu cations P^lic ards - ' to overcome the. faitore m U.S. concern, has fall moreembaiwas- . proc onesided ^^oj^heln™ si diary of the fbort- the mept . — considerably less than the It is arguable that the Govern- persists, it .is„ difficultifficult to . flwjr JO their views jure not favour reflected a -r---—---- " ment is attempting to enforce as “gone cool” towards the plan- appreciate what distinguishesguishes 11it mg. Senior executives com- and that BBC had hoped for — and was detete andd disc,,^™aiOTissim^ EffortsEffort agreement The working plain of “having to operate in taken into account sufficient^, display of displea^^ttthe totended to help the BBC keep a universal norm what was ing from participation. Thereaere is no orginally party formed to draw up the goldfish bowl." The commit- Such criticism is not ventilated behaviour of its services miming at around to have been a target formal machinery—whereastiereas at a to the public as the stewards believe Shop floor workers were protest- EOOOj average and it is questionable— document has not met for nearly Leyland a structure of»£ partiti- ment of shop stewards in their current level without of committees ac_snop^opandand depart-*2£l 011 months. Talks were been less than the Government sees the plama- ing against the refusal rratoring miw prwiously made **“ ^esti is obviously rele- two pation committees has been experiment has October after has varied agreement as theconditoen management to toe^TGTO 78111 t0 toe issue indepen- adjourned on 6 created. But there are,quarterly wholehearted. and ins_ _ or embarfcins on ambitious new __ meeting to meat eSSsUireSuw dence—whether the Government the trade unions had requested conferences at which shop from plant to plant: Linwood for giving continued support facilities for a mass ynroiects.J company’s package system committees which is even indirectly the paymaster more information about the new stewards can enter to+p a dja- has only agreed In recent weeks Mr. Lapworth agrees that the discuss the The BBC itself, finan- whose j n this case. But the practical light car which Chrysler is to cial position — it as extremely result is that, through an acri- introduce at Linwood in 1979. vulnerable to inflation — made dent of tuning, technical staff at Prospects of a planning it glad of any increase in ) the BBC are being paid consider- agreement at British Leyland, revenue, was upset not only by ably less than their ITV counter- which has stumbled from crisis it the smallness of the increase parts. Not only is there to crisis during the past 12 but by the fact tbat it was disruptive industrial activity as months,' are as remote as ever, -V. deliberately made in the way of a result which may get worse, with the arrival of Mr. Michael but the is ; a stopgap, to last for only a BBC losing employees Edw&rdes as chairman, yet o. year. It protested, and the to ITV on an embarrassing scale, another long term review of chairman protested again yester- . strategy is under way. More / ^*tree years ! day in his foreword to the seriously, the participation annual report Pointing out that A further result of the way in machinery at Leyland Cars, this was the first time ever that which the last licence increase upon which great hopes were Government had made a licence was made is that forward pro- placed for a dramatic improve- settlemem intended to last for gramme budgeting becomes ex- ment of industrial relations, is only a year, he added that such tremely difficult: the more threatened with collapse, a development if repeated, ambitious programmes have, in Transport and General Wor- would create a situation danger- fact, to be planned up to two kers Union members at the ously like an annual grant years ahead, and the BBC has Cowley body plant in what no way at present of guessing union officials have described Pay policy What its resources will then be. as a spontaneous rank and file But independence is the main protest against the Leyland This, he went on, “has been issue. Although the Government style of management are urg- repeatedly rejected by Govern- has not interfered with the way ing complete withdrawal from ment committees of enquiry as the BBC runs its affairs, it both participation. The 5/60 branch, being bound, sooner or later, to appoints the governors and sets the largest in the country, has undermine vital die BBC’s con- the licence fee: it is in a posi- called for a meeting of all stituUonal independence." This tiou, therefore, to exercise con- transport union stewards within is certainly felt inside the BBC siderable control. The risk of Leyland Cars to recommend to be the main though not 1 Three key men from the TGWU. From the left: Ur. Harry Deputy General Secretary; starts at plant level, rises to thi the it abusing this position would such action. Against that back- J2KJII!? only point at issue. It is Mr. Bill Lapworth, divisional officer who won fame in the flon of the Meriden motor* division, and culminates is the not per- be reduced if, next summer, it ground, developments over the i. i bike eo-op; Mr. BUI Roche, • haps unnatural en all branch secretary, who thinks ^middle Cars Council. It is k ,wh forms were to give the BBC a sizeable next couple of months will be management is schizo- hoped thai f ’ of 1 on achievements.: Chrysler phrenic abort parttdpatioi the new committees will operate!, “* V? ?* increase in revenue designed to crucial for both the Chrysler curbed, that the should lssl,es on a BBC be last for a period of at least and Leyland experiments. The fairly informal basis and' ^niiefln?^Lw providing ^confidential required to check its own and three years, so that the Corpora- Chrvsler claiming agreement ... form part of an elaborate, to seek for administrative detaUs of company perform- to be represented _on .the sub- stewards need help to tion could, as die Annan^om- SPfirst and^sSrth^onlv one of. industrial relations reforms system designed to improve the . economies of one kind or an- mittee *“*• and stewards are committees of the working their voice, more effective. prior to the recent flow of information. recommended, accumu- secured by the Government has , . ballot Mr. 1 other. But this does alter e°couraged to sit in on manage- party. advocates the provision M > the late some reserves to smooth hardly got off to an auspicious Roche pinpoints a schiso- One of the major disappoint- competitive balance between it ment discussions. By early this There also is risk assistants in much the same w4y w out fluctuations in its financial start The document was signed the that phrenic attitude, of middle ments of the Leyland expen- and the independent television year the success of these in which trade unionists position. The chairman's in March and forecast £300.000 drawing up formal participa- atten%management as a main obstacle ment is that information so far companies, a to the advantage of anxiety is no doubt connected m3thods was reflected in a tion plans with the shop stew- ing meetings convened by th^to development has flowed mainly in one profit for the year. Bv May . the of the parti- flatter. to extent 8Teatly improved industrial ro- ards may render the company’s National Economic Developmen«apation " . some with the fact workers were already being told’ ideal. In the morning direction, from the top down- The competitive balance be- Iatl0ns record and high morale strategy inflexible. Office are allowed to take alon0fe that negotiations about the next that losses in the first quarter Manage- VQrfcers are confronted with wards. Mr. Roche argues that tween public and private sector increase may be taking place ^ous the work forcel The com- ment may fear, that stewards advisers. ways be had totalled The deficit , ^igh-handed and arrogant super- must found of involv* * moreover- a t a time ?any was quite happy to discuss will hold letter of - when the politicians had mounted to £lflm. by the it to the the The reluctance of;the Cfuysler Ifisory staff. The same afternoon ing employees earlier in dis- n an re more are mainly Interested in achievements and was con- original ..plan and resist of stewards . publicly to. .criticise, are expected cussions in which they have ! u +i? £ end September and onlv an workers to sit down c wa\ by the Govern- electioneering. Sldenns^ again lor changes. outstanding performance by the . planning agreements for fear of ode by side .with" these people some expertise—for example mol formal • participation,. troubled Linwood plant would £. The potential problems aTe a withdrawal of Government within participation .and discuss the layout of plant, biaery. But- nothing prevent* the total for the year mac hap-‘ illustrated by the issue which funds is particularly significant their future." Mr. Derek Robinson, a Corn- moving beyond the £20m. marie. and Chrysler seems provoked the adjournment of -It contrasts starkly with the Senior Leyland executives munist and the senior trade The great Irony of partidpa- reluctant to discuss either- the the working party. Shop stew- attitude at Leylana and probably know the problem, but empha- union representative on the or “ • tion at both Chrysler and Piauums agreement com- ards had heard that develop- reflects' the fadf that Chrysler si'se that attitudes cannot ctaanse Cars Council, echoes Mr. Mr. Sadat takes mumcations. Leyland is, that it is : ment work had been halted on employees werefcloser to Tedun- overnight and that Lapworth’s views and calls for though . time will sought, by trade union leaders Mr. Bill Lapworth, the TGWTJ the new light car, code named dancy during ^he 1975 crisis, be needed for participation to back-up research facilities, “ the " Tango, in- Many Leylantf stewards liave evolve. of We should not have to and Labour Government, divisional officer based . at and demanded more One them said, depend there is widespread suspicion Coventry, has been closely ^ formation. The most likely ex- taken a satoewfcat perverse ‘.‘What is being caned for is a upon facts and figures provided another risk among the shop stewards, vblved with the. af&iis applanation is that the. vehicle Is pleasure in^enying-themselves revolution in. management by management We should be Labour relations Chiysler being the .privilege and style. able at Chrysler in recent years. ; He restyled under a new of -discussing: There must be full con- to initiate our own ideas were at such a low ebb prtor/believes that the company- has. code,, as often happens in the influencing the plans iorltheir sultation and involvement of and put forward alternatives.lt 44 -within THE MIDDLE East as a whole ference). This is because it the rescue that employee/ gone cool " towards the plan: development of a new car. How- plant the framework of employees in decision making, is time the trade unions woke and the Arabs in particular seems to many that Mr. Sadat’s rejected the company’s offer ot rung agreement: “It would be ever, the long delay in setting worker pirtiepation. Withdrawal but on occasions supervisory up to the fact that in British the will ' have not yet recovered from tactics are to talk to Israel on a formal worker participation tragic to put at risk all the- pro- a new date for the working from machinery has been staff' still heed to exert Leyland they have a publicly the shock of President Sadat’s pan-Arab platform but to accept machinery and the right to two grass made so far just because party led to speculation that treated as a sanction against authority.” owned company where there is seats on the Board. . from The immediate historic visit to Israel, only two a separate agreement -if Syria. of any short term problems the the company may have shelved management. The threat problem in a real opportunity to give the n, weeks ago. It was inevitable Jordan and the Palestinians re- Although there are only two company may be fadng. \ He the project Another rumour Cowley to pull out of. participa- the State-owned concern is to workers a major voice in how it parties a planning drift that a visit of this type, which fuse to go along. to agreement speaks of the risk of “wasting a has it that Chrysler is con- tiou is only the latest expression halt the away from parti- is run.” ended a 30-year taboo on Arab The effect on the Arab world and Israeli leaders talking has been dramatic. Some coun- direciiy and openly, should tries like Jordan, a moderate, cause such an outcry ia the have only with great caution Arab world. Thus in the short- come out in favour of Sadat THE INDUSTRY term, most of the Arab States but King Hussein refuses to go seemed incapable of understand- to Cairo unless somebody else MEN AND MAHERS mg that President Sadat’s does. The Syrians are do an dignified speech before the even more awkward position, Israeli Knesse was an Arab for they fear that they will be BUILDERS _ ^ grams. Unless you happen to he They left instead from the triumph, not a humUaation. The isolated and incapable of either WHO CarOS? royalty in the world’s biggest long closed and forgotten concrete achievements may have diplomatic or military inltia- Ifall building proj ects were ... oil supplier, one initial is merely a question of been sparse, but all station called Ludgate Hill, a it certainly rives if Egypt and Israel con- The PUDIIC pays . . - you will get Even so, Americans mere stone’s throw away off construction, industrialists would have very few demonstrated on the Arab side elude ,, , , . an agreement. The ** , and Japanese are taking imagination Does one reCOgll Se ^ hand of to this Fanangdon Street, and a desire to go “ rejectionlsts ’’—those opposed ~ headaches. form of head-to-foot ... . . rail publicist Will Camp in exhibition- T . . , to the heart of matters rather to any form of diplomatically In Vlctorito heyday But they are British Rail's decision to support ism with a gusto. In Hong Kong, , not. AtHunting Gate we appreciate than higgle on endlessly about negotiated settlement — have of ra 1 ^v®1 each of the four cloths with “L" and “W” woven . procedures the pressure group Transport ^ this and ourteam of which had been briefly come into their own, but In are pn te 8 mng development and building I reported month ago, going well, because of the T? sadly absent 2000? As a „ , ^ f before. only to fall apart. Thus to-day, preponderance of Lees and southern England had their own specialists includes planning experts, architects, “ the organisation has staged a one rejectionist " conference Wongs in the populace. separate routes to the continent. startling recovery just when it surveyors, building engineers, financiers Hostile opens in Tripoli, and lawyers and next week seemed financially on the ropes. I asked Often whether he a rival show all working under our . own roof . _ is to ensure _ . ^ „ scheduled for confirmed might ever thatwe are President Sadat was thus Director Mick Hamer make one more ex- u. _h ^»+ Baghdad — both, it is reported, w prepared for every yesterday to me that BR has ceptiom Supposing, for instance, _ eventuality h°S lere iP fw idcntical countrieT and 1RB4 a !! : become affiliated to Transport Mr. Brezhnev wanted a suit- S1®"’ HlT?.d to awaken fearsf that lift •We develop our clients sites, ?” Palestinian organisations. our own sites or seek i This 2000. which has a minimum sub- length with “LB” woven into it? ^ i TWW at 0 Wei other half from SBJS?victoria divisiveness is a function of “In my experience ” out a specific site to meet a client’s i JESS' H. S” ^ scription of £5. he said requirements. factors: traditional rivalry- L Clearly, the men just along We handle complete individual between Iraq and Syria, and ci,iHm> in uctim. together at Herne Hill before ‘design and build* Mr.E SadatsuhnwfcS-hJcertainly has ?2 the corridor from Peter Parker a case ir-m’c tn °a ^ t0 projects from initial planning, injecting than Europe. WeVe ^er sol^ ^ through financing to are much more n Dover Pier. 2jjy that, but Hamer is not giving any construction — and we complete on target. The departure from Ludgate figures. He declares it is no We pioneered Hill was in deference to industrial estate partnership s secret tbat the three railway “ ' Do think ~~ 1 r OPP® 51 11 too fir, for fear that yon yon can t Thomas Cook, whose headquar- schemes with Jerusalem to ensure that the ^® unions back his association, and local authorities. lt vould couirterpruductivc throw it as far as the Govan ters then took up one side of momentum achieved did not J says they still supply more than In the past even downright Circus, year; these are just a few bfBritain’s slow down, ir that bad hap- ““ dangerous, half of the total revenue. How yard?" South Coast only Ludgate in those days the very heart of the travel foremost companies ' pened, the visit would have been much is tbat? Not more than Blackfriars who took advantage ofour Xiluaerai station in the old business, a failure, putting Mr. Sadat's £10,000 a year. Hamer must be comprehensive days was just made for _ service— pof-ition at risk. In short, Mr. deploying it well, because last single first class fare to Reservations about the Cairo suburban Walter Mittys. They ^BOCLimited d s 110 launched magazine P®t®rt*burg in the 1890s conference are month he a „ . was *J* ®J shared by both might just have been nous h 1 1 Isra l,s Pnsewben a g0 ne toe VS. and the Soviet Union, and pays a full-time helper in Christian Dior shop aroufld £21. Trains to Lenin, ”^°^5eehnglaboratory 2jf?°SSill j i1 S i home to tlu* wife and mnw hf EquipmentLtdL Riyadh ‘ because co-chairmen of the addition to finding his own in February. To ^ leave from -TJeGoodyearTyre »i andRubber ls hether * — * oavut uuw jr*irls Company ^he Sart. Row armfirm i not Jjonuou, anumid only ^ ck:neva conference they are com- alary.laiy. ham -hut- n ut*i« £2?% *** «* XMdan, pIe (Gt Britain) Ltd. . mitted to a 1 IWver 10 during summer, months. comprehensive -What about the British Road J? imagmatio^Uiey could equaUy of ^h * s repe*t ,tje completelyl uncora- 7 But lf one 15 interested fnVnJf settlement, involving progress Federation?" he respondedP to wen w Ln^ff t/T« in a -Regma(UK)LtxL y 010 of mouogrammed ^S not just Sin{ probing. -They are sup- flrst dasB Moscow' Tia ^ but alw on my rondel to X?other Arab states. «*“« by President For our corporatebrochure lhe west Bank, the Gaza Strip, ported by two nationalised J™™. Hook of HoUand !t please contacts t or bt- Petersburg. By calling so swiftly for a con- the Golan Heights and premier Callaghan. you back a mere £85.15p. But and the bodies, the National Bus Com- * " e ference involving Israel, Palestinian iew the oil.” At least that is what one that does not leave from Black- its issue. Thus the main pany and the National Freight “ .Y. „ neighbours. < xpJa2ned “c firm s managing could have friars either, Palestinians and the task feeing the Egyptian and Corporation.” True enough- and : been led to believe co-chairmen Jwctor. Walter Often. yester by the list of any Geneva meet- Israeli negotiators In Cairo will when I questioned the federa- : of romantic sounding toil, Egypt was effectively asking raidFahd “d '-Prin desUmti0d«tinaUons carved be in some ways far more diffi- tion, it idmittedadmitted to receivinfireceiving “ “ M c in stone on e ™' ns fellow states to associate cult than the ice-breaking meet- h” n0' yet beent’ren toid ““ •““ftstatl s pHta*. donations totalling more than . “f* mattw^,they are t0to, ^ themsclves immediately with his ings in Jerusalem. On the one £100.000nnnnnn a year.war That’sThstv compel!-oAmnnti. be wouId however had S?L£^^l . Shod for life initiative. In restrospect, it may hand, any step which reduces Wlth th®- 1D itl s t0 wait on platform one for tion for you—all these State ^ . a __ r ?IJ. . be said that he pressed too hard chances n PA res^^ve^-^in colleaguecollc was the of war between organisations slogging it out in mighty long time had they looking and too soon. this stage e; oth at a ofJ” AY the Egypt and Israel would be wel- a bid to win friends and *5 wanted to go to any sp ay shoes on a stall 5! of , ? !. eonfercnce In Cairo seems likely Jiia * come. But any decisions which influence Westminster these places. For the fact ^ LMdon market last Satur- 4444 and is ““ recently-,, so to be a comparatively lonely smack too clearly made much play. . he Hunting of a bilateral Whitehall. that, contrary to the evidence ** to the stall. Gate Group event with only Egypt, Israel, deal run the risk of alienating bolder The princes are. decidedly in on toe stone pillars, which have that they were cheap.and -More Ura UB. and the UN certain to the other Arab states more pro- luck, been, carefully a^ed ^ they would wear Than Builders ' because it seems that preserved and welL be represented. Outside, re- fouadly, strengthening the wealtby dandies tfie worid over incorporated in the rebuilt ****** wear well, gov," was Hunting Gate actions vary from delicate fence- “rejectionist” position and toe- reply. have been trying in vain to per- station, opened -yesterday, the “Nobody’s ever come Hitchin sitting to outright hostility. Fit for princes The thereby making it harder for a suade the. designers. old continental ^^ tor'a second pair” __ Wain boat trains Herts • U.S. has shown reserve, as has full Geneva conference to recon- *®etwo Crow-n SG40TB Minces of Saudi Shi ell, to turn out more cloth never left froin Bladdriars'ai - thc UN (by calling another con* vend. Arabia are m far a sartorial sur- Tdephont(04<) incorporating personal mono- all. 4* - yJOS€PV€T 2)4444 Telex: 82444 d —i •1 financial Times Thursday December 1 W?T 53 ECONOMIC viewpoint BY ANTHONY HARRIS Monet policy when employers cave in toeir own rafter easy one. NUMBERS WEAVE months looks a vas that M3 provided a -measure rnrintffng' eaB fo its Treasury’s ing wage round. Armed with exchange rate policy which keep SEKNNJV-MJUSTEB ojw 'of the most The . into the of the myths, and flood of money impact of policy. own model of the economy—pro- adequate stocks, they could margins under constant but less the moment ls that -hardly sug- powerful at building societies The story has been greatly duced remarkahty accurate esti- have faced stoppages with rela- toon disruptive pressure should monetarism has dis- gests the^stuff was scarce. a stem that complicated. It is true, by three mates of the size of the dollar tive equanimity. Indeed, until still leave room for those who placed all .other forms of Above ali/ pw&aps, the rela- changes in exchange rate policy, inflow. Tpis version of events Bank advances* strikes again carry some risk of are really coznpetive to promote ' economic policy -in the UJ\. The tively neglected Ml measure of inflow growth and structural change in In 1976, until events got out of suggests that the was * defeat is -the private sector, sudden rise in interest rales last which .concentrates on haying an# the two decades relative money, tamti* the policy was one of simply the result of miMlancy is positively encour- of week is only the most recent balances^faeld for day-unlay policy about the ex- relaxation which could result . measured depreciation. After official m aged. Experience teaches that 'confirmation of this belief. The transactions, has been -growing change com- from North Sea oil. tbe subsequent crisis and rate, and that the strikes always pay. floating sterling at pace of the end at a'iapidiy accelerating ’ parative calm since the recovery, the Government float Is Too employers according and both many British of October, and— to since Vlhe .^ settled due to toe fact that toe Govern- for what was hoped seem share view- in Better measures growth hare *£- to this the National Institute of Eco- measures of money would ment changed its polity at he a less eventful policy reverse: wages can only be con- I have suggested that such a nomic and Social Research—the far' exceeded ihtfpumthly rate precisely the point when the of a virtually fixed dollar value policy July. trolled by the Government, and depends first on toe use whole fiscal policy which started of .-jpflabon since for monetary forces were back in + sterling; hut in July, fearing are to be avoided at of indicators which give a better in July 1976, and strikes was subse- that balance. o the decline of the dollar almost any cost. The availability measure than M3 of toe real quently tightened to meet the More votes Tins seemingly dry reasoning would inflate the British price of cheap credit seems simply to ease of credit in tbe home terms of the IMF, tell " the same that while is absolutely central to the kind ‘AH this suggests level too far, the Bank of shau* to m pawn sector economy: but it also depends on story. The Government has have encouraged them to buy Government has certainly of arguments about long-term Ism vAXgmrfh mmmt MO) the England persuaded the Chan- 100 off any possible trouble by in- more effective ways of execut- been deflationary, when 'it policy which the National Insti- acted with determination to re- cellor to to policy ing any policy which indi- change a of to' QUARTER 2«d QUARTER AUG Sff OCT venting cosmetic ways of paying these should have been Teflatioopxy. tute has launched this week. The m duce its own deficit, monetary a constant .effective exchange 1977 cators suggest. A still greater competi- well above the Government and has now sacrificed per- National Institute seems to -policy has been- extremely rate against the average of cur- challenge is posed by the need tiveness on the same attar,. The assume that it is -possible for the guideline. While it is not cer- missive since 'the financial rencies. at times to fund or discourage flourishes This ensured that ster- and that given a tain that a tighter monetary financial economy ginn ing of the Government to get virtually any better guide to Government funding which recoveiy at the be ling would rise against the laige foreign inflows, which while the real .economy- awaits exchange rale it wants, in spite policy and better instruments depends on a series of bull policy would have checked this year, and - that the authorities dollar, must be accommodated and the Inflows became the Government can still keep markets in Government stock is if both - • •-• behaviour, the outcome would first aid. . 1 fact it has been V-v . possibly too enormously of the that have now acted, larger until the end some control of events on both bound to suffer recurrent stops monetary and exchange rate If this were? true "account of of forced off its chosen policy three hardly have been worse. High late, to prevent rapid growth October, wheal sterling was fronts. Indeed, unless this is and crises, and it is only too objectives are to be achieved, expect to floated. times in just over a year. The taxes and cheap money seem affairs, one would becoming explosive. so, it hardly seems worth dis- easy to imagine another one with toe threat of a diiwMfto not too in the event positively to have find that whatever else might Institute does seem cussing long-term policy at alL before long. Closer attention to The restraint of puhlie spend- The meaning of this story as encouraged -wage inflation. about interest rates. monetary policy one worried about toe possible con- must either the danger signs the growth of have happened; been dictated partly by which academics win be We live with what- — ing has. This pattern of behaviour is Essentially this means that had indeed beenstrict; and this able to debate for years to sequences tor the money suppir- ever growth of money and infla- Ml. the money piling up in the . crisis financial necessity in’ tt happens, a strong funding cannot come. tion results from the dollar out- non-bank intermediaries, and also, as simply depend is where thh numbers some. in. The plain man’s interpre- but is ' nay reinforced argument in favour allowing on fixed interest rate bonds, of 1976, tation, flow permitted the the potential money stored up of nor Until September the gtWth of which certainly appeals by tLS. by political calcuiation:- Hr. Familiar in undrawn overdrafts would the exchange rate to appreciate, on contriving a bull market in strongly .to a journalist Hke my- authorities, or risk the kind of — .as measured the money -s^ply Callaghan, like StrS. Thatcher, have led to greater restraint which is a natural result of a Government stock, for all bull by MS, the definition used. for self, is that most of the inflow Pare mooptfarintgi at the disruptive currency appreciation now reckons that there are more earlier, and less risk of dis- tight monetary policy. Deprecia- markets come to an end: tbe purposes,'; did look was the result of the policy argue recently suffered by Japan. policy votes in cutting taxes: than in other extreme, would that ruption. tion, or even constant competi- present potential crisis marks change, July, ' in and sauce the restrained. .Even in its sterling services. Monetary so Government can have both a The need for some better tiveness, can only encourage the end of one such bull the social is important, market. version w&icb has grown float on October 31, sterling’s What more — policy, _6d the other hand, has monetary policy and an guide to monetary policy is growth and investment if rt has The floating rate bond launched appreciation has been head in though, is -the effect in toe Teal . faster the old rather tha& M3 been a' mixture of aeddent and strongly suggested by events in its theoretical result—an im- this year to meet toe need to check by disquiet about wages. exchange rate policy: one or the economy, notably in the present since sterling recovered—M3 statistical Ularion- The accident this country this year, for the provement in profit margins. sell at time of low confidence near the other must be left to be deter- wage round. Monetary policy is growth remained was the TJ.S. decision to follow However, there is a monetarist over-expansion suggested by Experience in the last decade does not seem likely to fulfil forces. supposed to play some part in bottom of its official rangeland mined by market The almost any measure except the suggests that British employers a: policy .of flririy aggressive version which . suggests that this role, since the funding of rate .of fact that the Government, hav- determining toe actions of com- well below 'the going 7 dollar depreciation; to put pres- neither tire Government nor the official one has certainly had are unable or unwilling to pro- inflows has created an excep- '.'are exchange rate, has panies, and must take account inflation: if both' rates sure on Japan- and to contain unions had much to So with ing freed the noticeable results. One has been tect their profit margins until tionally steep yield curve. Some of the way they behave. An measured on an annual basis. protectionist pressures at home. events. The monetaristinterpre- allowed its moneta^r actions to a fall in interest rates which they have their backs to bank- other security — North Sea be dictated market forces, aggressive company sector this It is hard, though, to .discover This has involved enormous out- tation of -the balance of pay-, by leaves the authorities in a ruptcy. If is so, monetary equity, or some other seucrity has made toe myth of stem might have taken advantage of any other, signs of monetary flows, as did the tT.K.% involun- meats says that currency flows tons drearily familiar dilemma: what policy at least permits us to offering real rather than mone- monetarism more credible than if Govern- low interest rates to build up stringency- Qnthe contrary, a tary depredation in 1976, which are determined by the- relative to do the demand for achieve the low growth rate that tary security—seems essential if - ever before. rest of litis stock does -revive. stocks, as U.S. companies regime under which minimum have complicated the task of monetary-- policies in the The ment not soon goes with weak profits without the Government is to achieve its article concerned to suggest repeatedly in routinely do. and increase their suffering high inflation lending rate -can fall from 25 monetary " management every- countries concerned. Forecasts is As I have argued too. A monetary objectives m a of bargaining strength in the com- per cent, to 7 per cent, in 13 where. The -statistical illusion based on this version ofevents tost a middle view as possible. recent years, a system monetary policy and an turbulent real world. GENERAL 9 Industry sub-committee, continu- Mr. Denis Healey, Chancellor To-day s Events ing its inquiry into the Fishing Letters to the Editor of toe Exchequer, meets CBJ Industry, visits Shetiands. leaders to discuss progress of - Publication of Fay Committee PARLIAMENTARY BUSINESS Nationalised Industries (sub-com- policy. mittee B). Subject: British pay report on Crown Agents’ involve- House of Commons: European Steel. prescription boils down to elec- in all this, has got -little to do tbe finished plant, at is difficult Mr. Li Chian g. Chinese Foreign ment in secondary banking and Witnesses: Mr. Eric Variey, Indus- Assembly Elections Bill, commit- A parallel toral reform and “a set of poli- with political stability and to resist tbe conclusion that Trade Minister, meets Prime. properly up to 1974. accompanied try Secretary, and Mr. Gerald tee. tical policies that is in tune with nothing at aH to do with toe foreign fabricators are taking Minister and Mr. Anthony Wedg- by Government statement on Kaufman, Minister of State 1S.S0 majority opinion.* rest raint and decline of hard line work at a loss or receiving wood Benn, Energy Secretary, report’s findings. The Govern- Honse of Lords: Athoil p.m. Room S). currency socialism in Britein-^flto will covert help of some kind. What- before starting regional tour of ment will also issue to-day a Investment (Aberdeen Develop- COMPANY RESULTS I share his desire for electoral - be— secured by its intellectual ever the explanation, it Is clear British mdostrial plants. hitherto vnpaollsbed report on ment) Order Confirmation BiiL From toe Hon. Dotnd Cobbold. chance,ice, butUli heuc mustU1UOL surelyJIUUJ re*ta-a- - .-«> . . ~T7,~~ Bass Charringtou (foil year). t £‘ZT National Union of Mineworkers' Crown Agents produced in 1972/ defeat, by electoral disencfaant- that British fabricators are Motions to approve British Petroleum (third quarter). c;T Prnfp«amr Triffin in his lfce that there are few votes in Coypus <»Uectivist sohz- negotiators due to meet National CB1 South Western Regional its imple* ment^ *** suffering from determined efforts (Keeping) Order 1977, Mink Racal Electronics (half year). 800 (November 25) toe proposal, and that Coal Board foDowing its forma! Council meets, Bristol excelient article tions and by the by foreign competitors to “buy” Group (half year). European “parallel- mentation would not bring an rejection of pay increases before London Chamber of Commerce (Keeping) Order 1977. and arcues that a development of mass pojjtar in the U.K. to replace lost t£ overnight change in toe character work March, anniversary date under Economic Affairs Committee Employment Protection (Varia- COMPANY MEETINGS , aa itorac- woSd - turnover in foeir own severely w 12-months rule. meets. tion of Limits) Order 1077. Gun Bryant Group. Shirley, Solihull j ! depressed home markets and ™f £3ki£ European Commission’s first Burlington International Fine Barrel Proof Bill, second reading. 3.30 pan. Courtney Pope, Ayles- o? S£ that in effect steel is being open discussions on nuclear Arts Fair opens. Royal Academy Debate on television' and radio. bury. Bucks- 11.00 am- Highland some ' stem ssss&s ss. ^ dumped via finished products. energy end, Brussels. of Arts, 'Piccadilly. Wt Select Committees: Trade and DistiDers, Glasgow. 15.00 pm. Most of toe projects for which StuSl' aJSSafttl rrSSSl ^sSaon. to ^Tanretl. fabricated plant is being ordered * pbHcIes House of Commons. S.W .1. abroad are in .the assisted areas i lorn* road to monetary union. He — should be. JP. *. is surely richL ~ j. and benefit from Government HO help funded by British taxpayers LOOKING FOR A BANK IN FINLAND * “ without any parallel obligation ' toat Ke w-T*5 S3 politics.is to Takeovers and involved hi British to support British suppliers. The shouldiAbe linked to one or other ^ a member of one of the two projects are capital intensive of the several formulae for m ajoj parties. A party , is more and mate only a. modest contri- “ most of trusts baske^ — official pronouncements, than,Its . bution to creating new jobs or which have been tried and found „ H.^ Instone,t as j* shown by the pamphlet by From Wr. safeguarding employment except inadequate except for trans- Biflen ^ Mr Rogaly re-. Sir,—The letter from Mr. in toe construction phase. On actions at tbe official level ana ^ews. gy own preference- is for Waiter A. Eberstadt in defence Che other hand, British fabrica- issues, market • for limited capital - . jgj, party toat at least holds out of- closed-end investment' com- < tors, whose activity Is labour . V . . ...J The essential for a “parallel the hope that attitudes such as. panics (November 29) prompts intensive and have theofselves those .Mr. Biffen’s pamphlet that, friends - Postipankki currency " if it is to achieve Jn rthe thought with benefited from Government achieve ascendancy. In Professor Triffin’s -aims is that copld jae him, such companies have grants and loans, are unable Unioninkatu 20. Mr. Rogaly is ra any doubt, of enemies, it should he a currency of need because of cut-price foreign com- party 00007 Helsinki 7 account, freely traded in the spot that ri not toe Labour petition to earn a reasonable Jonathan -Bradley, The decline of the investment and future - foreign exchange return on their investment. Tel. 1641 tiiTist is simply explained. Indi- markets against other convertible S7i. ffowitflp Road,. 2V..4 ridixal Investors are better served The fabricating sector, Telex: currencies. For this -to be by -nxAt trusts, because the bid working well below capacity, _ possible some central ^banking .’y General 121698 npee of units is tied to asset making every effort to keep Its .. involvement (albeit iofot) .as walpes) or by insurance-based labour force intact If business market maker and fljtimaie A moderate " {Cplans (because of the tax continues to be lost at toe ' • -* 1 ‘ ' Times; Thursday December 1 1977 24 Financial dividends announced • • Date- Cone* Total ISSUE NEWS Current of spending for payment payment div. year 5J2S Jan. 23 4 9J8' Avon Rubber .. *— 0.8+ 1J24 .1,7 . Cardiff Malting -tint. 2.66$. Jan. 13 2.42 — ...int- M. — 1.4 — — 3J7 4.54 Last day dealings Home Brewery ...tot 6t Feb.l 5 — ...... tint-XRL 9-50-0 Feb.reo. 7/ u.-**0.44 —_ QQ record £5.42m. 1 Avon Rubber leaps to - SSS * wiNil —- Nilnh mNH H ...int.' 1.7 Dec. 29 Nil — AFTER 13m. seating a 10 per increase at A midway jump of £ cent, paid ...idt 0.73 j«*4Jan- mb0.66 —- u* gross level in partly SSSm^'z::: to profits and payable on BP — — 4 £2.5nL. pre-tax of Avon 4 INDEX TO COMPAHY BlGHUfiHTS January 2. Rubber Co. leapt from JE2.45m. to ' Company * fag- Cot Company ' Page Col. BARTHOLOMEW BY JAMES acquisition issues. X Additional Avon Rubber 24 f Henshall (W.) o.lio!in tot 1975-77. P higher at £108.02m. Barker 9t Dobson 24 7 Home Brewery 24 3 Johnson that BP be charged on £8 TO-DAY IS the last day ,«T 7.84m. • be sold in amount accepted, -*1**®* can ' Blockheath partly paid shares ' Bdgrave 25 4 1PD 29 1 .AndAnd even ' * this being reflected in hiah» the stock market. The jobbers araptance ieuer. jww this --% Johnson-Matthey 24 4 exercised to ’ profits, Mr. L Golelka, the Bolton Textile 24 7 Matthey who deal in the shares are con- right may. not be KQrlrpf tin* begin with. decisionsision has yet JJftll JVV1 man. tells members. - some small investors No _ Cardiff Malting : 25 4 Marling tads. 24 2 cerned that titton business maae on e many days -. • warp knitting in its tyre and the may be hoping to deal as late been how __ , The section or directors anticipate that this Clarke & Morland 24 3 MEPC 25 T or weeks will pass before’*" tnteiesi textile clothing division slowdown as Tuesday next week—the day ““ and p™ duced encouraging results Dunhifl (Alfred) 25 A Rothmans IntnL 25 1 & Dobson durim, GOLD. S^VER and platinum with the^IW'the last . . . In addition, the directors state ££ "cffiffi. day 1876/77 due mainly to joereaS Cities refiners, Johnson and will 4 Scottish Matthey ^,|ttU of getting in the accept- of dealing m partJy-paid be export sales following the : dosu™ Co . reports second quarter pre-tax of BP s third. Grand Central 24 2 Sheffield Rfnhmt. 24 7 letters from sellers and the announcement sMis deficit of. one manufacturing make quarter results, due at about L45IIAS Cuts division ssiliB them on to buyers rwoherOctober Mlast year The clothLne Gresham House 24 2 SHverthome 25 4 for dealings ta the p-m-ml rurccasm uay* thje YEAS ended .i-,, r«J;j the British car industry, make any it SS«wnecessary *•» dealincs m me I nw,v pj hnrtt-r -Hartle Machinery 24 4 Tilley Lamp 25~ 3~ » - ** - — — * - , 30. *771977 abendahead from j».WmTto£9.14m to ^ current' year * : SSS. STittBft ££££ WMgj £1 0.02m. _ For alll the previous that time, it is unlikely f W After However, dependent on the ex- the plantations are now in • Sd the greater contribution to™ j i the yrarf^e v £^ nw 5iw nSuRwfcfi prope^’^es 9 tent of these -ProbJems. they be- Hacks profit, he g^J IVl 1 hands of the Sri Lanka state. record £21 ,32m. surplus. tatSX I? pa paid shiu^s this rangl could make the last 35ibJ5blT profits of says. fl-tPriTIlCl II K Respite from the Mid-termA It is t0 be formally proposed First half sales, excluding John- Without paying me final instal* Tew hours of dealing m the partly- Malaysia into account •iSJgJLgJ children t at A he adjourned until son Matthey jobber or to paid particularly hecut .- £22,000 against a loss w r s *cU°us e" were eSbli! the ^ ™ Bankers, were higher men?, eitherto the «j? >l «- bmSv^m^hoa& ? are cans, of course had- before non-recurring and, with its :rL«r„« the accounts available. . at £180.45m. against £]8L13m and the Bank of England- And evi- The Amen was’ earned client full order ^ P ornwth to BP shat i fully pad of £236,000. . directors £?Kita trEd glUnlUgrowth If the aca)imts of ns Sri after tax of £5.17^ ?£^fmS net denOy^osewhodonot have the bdy * W expenditure books the are opS ® -am Lanka subsidiaries are profits improved be partlcu- they are reported to have. bNn non-recurring expenditure tie that this trend will . . ... , nr excluded, from £4. 5 7m. to cash available may The continue. Following the recommendation - nervous, of the market in, BP payment nf IV9 UJC operations for 1976 showed a £L86ra. brJy embarrassed. comprised redundancy The leather division contri. of the Accounting standards Com- QnlTHT shares in view of the nmu call fcsnlting trom at<2.1 Marlingl"AtlI Bllijl pre-tax profit of £60.600 with tax The interim dividend Is stepped Late" payment of the call has a related costs bQte[j substantially to vroun mittee, the directors report they interim in theory, overhangin the market in^- the within the con- at £32,000. An dividend, up to ap (5p) net, with an addi- severe penalty, at least g reorganisation prag t anij the- continuing demarj are of the 0P»nmn that noprwi- in lieu a final, letter .states, UJC They have been steely division. No Industrial textile group Marling of of 0.55p I05p) tional 0.1106p per £1 share to be The acceptance fectionery r0r its products in the b declared. Kuril Plantations “ Failure topay the iiwtalment by ^/ms nonrecurring costs Industries pushed taxable proS paid In respect of 1975-77 on 5““ ‘“furnitiire and- allied. ftS fn?hefo?i?^We f t waived ttta dividend pjn. o, 1977. will »u«u^.is uiwu^ tow y remauiremain tolu b* borne. Vntoito* pjn. on Decemberuecemoer 6, wm reorganisation 1975?^ ha^iheriSf £101,000 higher to £404,000 in the reduction of ACT—last year's final 3 o^ l^ couraSes thetbp directors”dirwtnrc. ®n? on its holding of 1,057.576 shares, any previously posed of about-about tin. .But more embarked September 30. 1977 half year. -v^s 7.1928p. render amount , directors have ^ ® ^The ^ence in_ fntiir*.futurero prospects, ^ recently they have mcreasedlhen-increased then- pro- Jence he ^ The profit jump came on turn- H.uvearHair year paid liable to forfeiture and the upupon£n a^italcapital expenditure change policy. ‘ ibts a- oC.huy- adds. m tbtt letter of acceptance to cancel!cancel] holding agam^asagain as a refiUtresuK oLbuy- Isis necessary to _ _ over ahead from £5.lm to £6 54m!, • ISH ‘215 > —n,^: ^jwbj Ccbh ti blockblockof(rf BurmahBunnah’sBPs BP shares. As-As reported in October Tax took £740^14 (£549^52) and or tion-tlon However, the Bank of ingLng a S^to»^^T the ewiroroup to profitability. ij Sid te subject to tax £209.000 If SaiestSafest : im*si 1 ^ stated earnings rose from 2T.3p.to VHQI1€inT1 exercise The stock market might think for the group profit rose tnS7.000l. TotaJ profit !ast year ExpansionXL/AIJallMUll “dk*Dob. & *S"other laiensts ’im England is unlikely to Li tt]e. jj any money has from 68. per £1 share. final divi- Depredation j.ass1.33K right in it is already paying Its wgp by applied £31.000 to £305.000 for the 4p A w__ £475572 -m Depredation ...... ijssi_338 this the immediate Dast severai .years been Tear -' Tqesday de £ 5 75 ’ Pre-tax PTOfltprofit L0.B22 W39 future. getting In £290m. next within the' con- to April 30. 1977. The net- ^ The interim dividend is lifted \r to ^e-equipment divi nv-- i f| Tax 5.166 for shares. But the timing More probable is the use of BP ftetfonery division or to renova- dead is 0.625p (nil) a 5p share. from m adJusted 0jM53P net P« r by"j HomeIlUIIlC Net prafifprofit Z"r.~. *xm JJra4 [aoVneL^^oreSst^ati0reCaSt at ^31?“e 1in- “4 a second right: “Interest at the of the .Commercial Union within the retail 10p share to 0.5p. Last year a To minorities —..... 87 «b onor renewal The total source of funds in terim stage. Divide ads8 RE rate of 5 per cent, above the issue has been such that another totai of o.9038p was paid, after dlvts1on _ ycar was £476.000 and tin* EillriS? .... tmijwsi £74m. will have be found RrnnjArvr LeavlDl Bank of England’s Minimum to on They report that the group as ahnlirarion £321000. IndJthl 197S-77 1B7S-™ adjustment for a one-for-eigtat - BreweryDrCrVVlV t BSmOmExdmiins Johnson Mat^Mitthoy BanKowBankers Lending Rate then prevailing may Friday in the same week^week.-:.-. trading profitably, r : lhSe iiww L ... scrip issue. Earrungs per share Net assets at half-year end are fles^for l he purch?^ ' Q tXl ' are Stated al 1,9887p a eainst as £145. (£lS532m.)(£13532m.) JSJSSta; sw '"Jr L£Zi!w tte shownbown n45.8m.8m. . _ “2“ *S hliJhSS . loss of £667,000 was reported. ~ L4516p ^ the working apit2} - 8 eF-:= js . £155.000. • " ^"" ^ FrH“! ££lfI. w Kenning calls for £3.8ini ; * An ***&'* ° f 58,65 p^. “ "* . Midway nsc ^ Gresham House TS^^-S55^i tax profit shows as percentages &£wiuer mconiB improvea irom „_i j Reporting estimated pre-tax More than 78 per cenL of the ; iip hasp ii» • comment 3 nrim-11 pnPl niM-l PIC Ann £424,000 to £610,000, ” up fr0m £4- 76m- 10 m estimated profits for 13 althoughalth0'$h buSwe iJTJS dSectSs p™?^ “p ?f5 in SSI ^^? ^ dEm ended“B ' at Sheffield improvement ' year The Avon upUD 1£35,000jJ,UUV there was a lower surplus on dis- 2£r!L» than £7m. for the were earned from acti 8S % Rubber'sRubber’s pre-tax marrnnsmargins last year r~ . 1 Pi . posal of assets of September 30,1977—a record- other than In operate rt f i £174.000 hSd b^nB used the 2™ 0 the to 5a per cent ISis going to take some of hfl (£302,000). the directors of Kennmg .Motor SS?S®!P™ "^ of IlflfTlP "Z5!.K estimi UamilllL/nalltllllG CwJSS? JE5 motar depots. The tt Refreshment holding onto in the current year. Gronp announce a £3^m. rights T^e took jE202m. against n.69m. ™ter provtdiS fflm. £65^357 higher at Meeting. Winchester film « On - turnover W fl a new espaas,on ssntiusjttttss -jr-usnuy e d to p the £47L907 taxable' profit of Sheffield E.CL, on December 21 at noon. ws m i^r1o « sis “ ' s^!^ iv P sir 4 of ReTreshtnezit Houses io iim.uuu in _ is accounted tor oy direct exports, xaa.uuu me six sttares>, areare HlUlwith a 3Ain net final • comment offered nfi ^ -' *«p nei fi»aLfiDaL B*Si- doubled from £28,634 to £53,164 I_ ?Jand profit from non-U.K. opera- “fS“months to $sn>June 30, 1977. The JSd^dSS: Johnson Mstthey’s at 62p eacb-a discount of W per 1977. half . first half Septemh^ao. tions has risen from £411^80 to result is subject to tax of £64,000 gj rced ScottishSCOttlSIl proflte rise of . about, a tenth around £S00^HK), so Avon Is wor- against £39,000 last time. C<-w O on^one-fg- SUSE" aTBSSA? Plgrt n Includes nil growth, in the second » Denary holdera Sfe was after interest charges ried by the strength of the pound. Directors anticipate .the full 10.111 JUU iV (»& by 70 S f'lfipQ TnVfillv. of £t2.843 against £17^86. After CitiesV^IlICa Inv. Industrial troubles in tbe motor year result will sbow an improve- )a if 1 j 9ecu net profit increase in dividend have boosted car imports, “uw uuw 1116 previous _ , . moq «tmnnl«iar« tru tax of £25,800 (£9,400) a further trade , An raent on last year’s reduced IVlOrlBIlQ* “S66S “°«««^ onene for everyn n £230 ‘23°loanInnn 5toCKstock An extraordinary meetin] Jutting original equipment five quarters. Because of the 3Li emerges at £27,364 (£19,234). income from investments may be thus £243.000 profit : iflw • •Id on November lo.15.w 1977. be held .tin' December 15. full year salesL Although the group is holiday season the second quarter I -Directors expect the expected for Scottish Cities Id- interim dividend is The held at TirOTl'l' flPpliflA 1 TbeThp new sharessher*s will not qualify to increase the authorised: least- comparable developing its non-auiomutive UcLIlilC is normally leas important but result to be at vestnienr Trust during the current i.4p pe r 25p share. A second P*U1U interests successfully tyres and |nt erLm of L6p Was also paid in In their interim report, motor accessories still account for 1976. directors of unquoted sheei a third of total profits. In ihe-non- products . manufacturers. C automotive mierests only medical - chemical manufacture division. .. - _ , ^ . Sonson and Horhmd savs that the . ^ 3St for„ current _ . operations performed poorly show- Lower interest rates hit banking mak6 a f°rec the The issue bas been n IVfnro rlolov nn comnanv is findine It more diffi- yeavs payment on the increased mg a fall of two-thirds in profits lVI.OrG (I6i3.y -OH profits but the shortfall was made written by Hill Samuel ah Co. p&ny. He points out in his statement 'nilt^o ^niake nrofits^and at this “P*™- to £88.000. downturn in order- /~i /-x jt,,. up ln dealing ***& trading in an . . . The brokers to the issue aire although the A 1 _. « do not expect to0 hnnrove . t , with accounts that Department of The nghts Issue is also being mg from the CjTSillCi on "last year’s^results, v^en a active gold market The company Laing and Cniickabank in< fpo- -tl balance- at bankers at September ^ U V^GfltXJll to -a Phlinn Health, and an industrial dispute ite hiade. it is stated, maintain • recoiSrecord kSn£U9m. profit wmwas achievedachieved, hhas“ held its market share in ^ Powell popham s OOllOU SO. 197T. of £723^80 (£593.024) The balancece sheet Mtlsfjcto^ balance betwemi d,d' not help. a/>AQApniinfc .TheS? directorsd?rec“rs™ddadd ^tthat forwardfo^ard Platinum. There were benefits .. - . .. . JJd Co. may seem unduly high, part of will show a £ 1.75m. reductioniction in atUJUUWa,LUOUUlaA||nfQ shareholders’ fundsfuncte and bomm- m froinfr the Silver • orders are belowbe! tnt budgetedbudget and ma°mar- °m JubUee in both [VI 111 - this cash had been accumubted 8inly oa oveerd«lrafts 1 iGXtlle “ Delay inj n obtaining the accounts gins are becoming less satisfac- the colours/transferscolours/transfers division and _____ the repayment . v , ___ , ininmim. In order lo meet £A57m., while interest charges * 1 .-With.-With,ww. tile gradual improve-n>ve- of of Sri Lanka subsidiaries for the tory. due to Inflating costs and mechanical production division W* L. ^* MIDLAND BAJVK l *e p S0f £325,000 5 per cent. Debenture are down nearly a fiith lo il.to. .boffi general^ econ- S the year to March 31, 1977, means the appreciation of sterling rela- wth a sharp Increase in demand ment an gt ^ 1976.77 which fellfeU ^dueUe on Attributable earnings and cash that the potters re STATISTICS comiftions.conditions, sales group accounts » f Grand live to the currencies of the from and jewellers, but 2 S«i!r’ pmyomy and- trading NovemberNorember^llrII. flow have been further boosted by Central Investment Holdings for countries where the company Is this is likely to tail off now. The Statistics compiled by the BH- of Bolton Textile Mill,JH111, the Lon- As already known, prepre-tn a very low tax charge. At lSlp the Mr. George Kenning, chairman, ^ 1976 will not be available for selling market Is taking the view that nuw JMun -uiivn 1*11*1 don-based textiles andT women’s revenue increased to £456^57 on p-'e of u shares stand a 2.8 (on consideration at the annual £23ra. ' raised in meet- Because the directors feel that about (£21m.) is possible «-5*uu of new money’* Clothing grdup, is now, showing (£386,576) and the dividend total ..a.tax charge of 14 per cent) and mg on December 30. last year’s dividend was less than for the full year, and by the issue of rnariret^l^ at 443p a iff? SJS. uje an increaseim^rease overrtheovex^ tbe correspond- liftedlitied to Sp (6.75p)(B.75p) net. yield 8 per cent, a rating which According to the company that justified by the results, dividend s maximum payment securities to Novemyr wgl j n period - Winchester Ho' not fully recognised the 6 ra _ g of lastryear and the Meeting. has extent secretary; Evcrett-€hettie^and-Go-..-net- interim dividend -of -6.14308P would yield 4.7 per cent covered £u®PLj^’ forward ec- Decemb!!r 20 at "Mn - of the improvement. the reason for the delay is ra *' ° that per £1 share is declared, repre- about five times by earnings. OfirttMAf U furthersaa-is.developedttrarjssfbut due to thea SauST continuing increase in the price of vehicles considerably more CORAL-^5.7% capital investment will be announces required. Coral Leisure Group The car and van hire fleet and 06 S8 be^^takerrup^ Those the contract hire fleet numbered T?, , i,* , moo vehicles (8500> during “Ufc ? decision st makers “ ™ ment programme for the re- moulding factories is under way and due to be completed in three .LEEDS DYERS The chairman says that there 109% SCRIP are opportunities making a decision: for obtaining Leeds md District Dyers and new franchises for a number of Finfchers proposes a scrip issue denote—negotiations are well of bne-for-one. The purpose of advanced and the rights issue the capitalisation is to bring the ' Dun Bradstreet's readers tend will enable the company to pro- issued capital more Into line* with & to concentrate vide the permanent finance the capital -actually employed to rather hard as they turn the pages. No flippership needed. the business. proposition, this:And what readers they are. Key executives major Industries; Modiy in large companies and Unnrlinll The iaim of the office is 'to im- : financial institutions. We can deliver tiiem to you regular^ • ilCllMlaU prove the quahty of service and W through your advertisements in any. aU strengthen the company's rela- or af the following . , ' • - - v tionshJpwithMIddle-.Easrcustom- publications: au flUtcs ere, directors say. Europe’s5000 Largest Companies. . to £73,414 1000 series, for Norway, Sweden, Denmark, Aircraft interior equipment HarfleAxilA UC Finland, Belgium or Holland. maker W. Henshall and Sons -m m i_* Who Owns Whom, Continental (Add lest one) increased prq-tax MftCiUI16rV Europe edition. profit from £61.697 to £73.414 In .Who Owns Whom, UK & Republic of Ireland edition. the September. 30, 1977, half year imnrnvina r on turnover ahead from £999,997 IlUJIIUyUIg "i Who Owns Whom, North American edition. to £L200A0S. Mr. Derek Hartle. chairman of Who Owns Whom, Australasia & Far Ebst edition. ^ 'The result is subject to tax of Hartle Machinery Interna tional. Stubbs Gazette, Northern Ireland edition. Mirim SlSSXdSnbi UK Manchester machme tooled Stubbs Buyers' Guide. eQghieertog group, year a 0-325p final was paid, and told the AGM Key Bribsh.Enterprises,Vo]s 1 and 2 the_last interim declared was in that the improved trading LOao-76 when a 0.1625p net per lOp climate was encouraging although share payout was made. tt was d0uhtful whether the DUN& ADVANCE MOTOR : BRADSTREET ammoniai nitric ac i d: ammonium nitrate: car6iurn nitrate SS : ^^SpS^m mo BEIRUT OFFICE T LTD. magnesium "arbitionium nitrate:. calcium nitrate: tirea^s*iii|f»uric acid "£W ottm „ Publications A member of the Sheepbrfdge the industry, had been going Division. compound fertilizers: phosphoric .acid: ammoniuh>^flpsphate Engineering group Advance Motor through a period -of deep reces- Ask for details of advertising space available to you, Snpphes, has established a pro- si on but the upsurge seen earlier by telephoning Alec Wiatt on superphos^hatev.^lple superphosphate: phenol: melamine: cyclohexanone motion office In Beirut. Lebanon. In the y«ar had continued. 01-S28 269L caprolactam: acrylonitrile: sodium cyanide: ethylene: propylene pyrolysis gasoline: C4-fractioni benzene: cyclohexane: butadiene high-deri^ty polyethylenei; tow-Hdep^polyethyl Aonmfcr IV77 TP-rubbe^AS-pIastic^^ABS: vinytchlpride: po|yy^^|^!oride polypropefene: methanol: formajdehyderbenzoic adf^ijaeir^^ldeyhyds British Shipbuilders d.l-phenyl glycine: acetyl caprolactam: ber^jpa^pfipl (Establishedunder the Aircraft and Shipbuilding industries Act 1977) hydroxyl amine sulphate: acetald oxim e: ure^^rmaldet^ e resins resins to rprinting-ink production:vcarboi^d^ n - US$65,000,000 per cent. helium: plastic products: packaging bricks 9 Bonds 1992 outer-wall bricks: concreteOTfer^o.hevifeife^or tries: wall tiles concrete building elements:;.plaster bc®Ki: ready-made clothing . Hambros Bank Limited Amsterdam-Rotterdam Bank N.V. -} Banque Bruxelles Lambert S.A. Banque Nationale de Paris - ; BarclBardays Bank International Limited Baring Brothers & Oo., Limited DeutscheDc . Bank Aktiengesellscbaft Guinness Mahon & Co., Limited Kleinwortj Benson Limited chemicals and plastics Lloyds Bank International limited Midland Bank Limited National DSM Westminster Bank Limital N. l*J M. Rothschild & Sons Limited Salomon Brothers; International limited . . J.J- Henry Schroder Wagg & Co. Lunited Societe Generate • . Westdeutsche Landesbank Girozentrale To find out how much more we do,write tothe Information Department, DSM PO Box 66;Heerlen,The Netherlands* Jfdj 1^22 C .. . .. ’ : _ .. : . . . ^ V yN. Financial, .Tijoaes .Thursday* Dectembet: .1. 1977 j l MEPC nears £9£9m. and a. Drawn sees farther growth at halfway ON TURNOVER £5-05m. hjgherai *“tr £23jS2m., taxable profit of “ to properties nnnhfli climbed from 5A3&m. RECOVERY' in profitability at Sales of uwfcstmmt within the company's resources. during the for the six months enoea SSc has cttrttauad With taxable in the UK. eoaDnu«l The balance sheet at year-end .£4,6jxl shows September 30, 1977- . . cash' and short term ; Dunhfll, a suhsldjary deposits of £43m. available, a large . Profit of IoternationaL is portion -of which results from the of Rothmans sale of the investment in Canada. subject to tax of £2J4m. S?SSW=S of £89,000 gs interests Extraordinary debits, this, time and minority prout saSSSsSHS Mr. 5SAAjSg Included losses of £?.Sm. oh the (£77,000). Attributable £ sale of certain subsidiary com- comes out at £2-°7m - : resultin' . . us panies set off against 'gains on £L9Sm. last year. What we do sst srrws Ma contribution from na bond redemptions and' the sale eludes a OF PRODUCTS AND SERVICES of investments. Mratblanc-Simplo for five months. SALES 1TO-77 IBT5-75 The interim dividend is stepped ' £000 UNO up from 2.43P to 2.662p net. A r\)ta] lnconm 51.S3B SM 1967 1977 ...from of 7.88886P per 10P share Crass renial incuse 52.336 35,737 tool M MILLIONS IN MILLIONS paid last year on record tas- Other reveime .. 5,044 £563 was New products mem. iu9 ana a- wiluubuwm cy Ontaotogfl" 3U7B- HL835 £9Dlm. demand’ : able profit of ' pected from other sites and to fond . GO sso sources . Providosst and increased F1 tnaryp witf 33,733 30.557 developments In progress has development' schemes. There is IM. transferred* M33 5.441 $272 $967 .. been disregarded. nd«r modest, .tf scattered, demand marketing Interests . 483 1.831 Cardiff Together with an exchange loss space at acceptable rental 5»« fW Pre-taxj profit 1,172 SO ~ .been accota- < services and other items amounting to levels. This-nta* Tax 4947 3903 slips £12. 17m. (gain £S,6Sm.) and extra- paptorf by a return of the institu- Minorityi Interest -— 588 728 Malting TRUCK COMPONENTS PrpypT - G8 ; wipfi ordinary debits of £5.6©bl rfons^tb the funding -market, Mr. l f dlvtdena — G8 explains. ApmpdUlHl 1.183 1.743 £2.1601.) the net reduction in Tborie? jr . ' ...from 1 . Attributable — 2935 p8l into the red fflutm. ' diwctots expect that pro- values Jle t property- of Ordinary -dividend LSI 6 fll07 After showing a midterm coverage and: famfin^^uirements , Ri.offi Expanded f£3J5Sm.) has weakened- reserves letting Retained - 4M £14,160, * decline from £44,100 to jh^'-wULroe- met-ito. 1978 to enable Pro petty ' ooigotnfo and other ebarges^ by £46.82m.. against a £2mL slipped into with more regional t Ajulnst loans and debts, - i To pronerty Cardiff Malting Co- crease last time. ^^pment 9^1“ - ,derdopmenis. gTrantferred to properties a pre-tax loss of £46,368 for the $126 $385 . the March half-year-esm- ford ondj assets. depredation warehouses and At SI held u current 1 Far full- year to September 30, 1977, .lieu) OJOm. » The on overseas properties. U Loss. profit gffiwere Erm ‘35&5J compared with a £57,894 SERVICE more products Turnover increased from £519,235 PARTS DISTRIBUTION “wwie a, to £607,247- certain problems to at the time of the content. - The Oxford Street Tilley back In August, ...a company b^demons&atot development' at th* new Bond acquisition of Wadhanna Group, has the skill directors said that sub- area of the . Street Station, comprises 44,300 to profits the Growth sources to deal with it ex- ^^^.^T^ sq-uare - fetf .'of shopping space standard barleys had made , more lems, and they ere ***?. Sd 4LQOO- square feet. of offices, tremely difficult to produce good Company- that profitability vdH holding in and dividends which would mean signifi- cur *The gronp’s sub- malts, $38 $253 products and new prove sigrufi ' 1 <•- > - wwKi. rf -air r*v ' IfdBty ' ‘ ; s» '. it 1 :h banking operations, assets and On 30th November 1977 the merchant Bank of Scotland Finance Company Limited is~, whole undertaking of to largest merchant bank—were transferred . already Scotland’s Limited. The British Linen Bank , respected \Ve are pleased to announce the revival of this to bank which has financed trade and supported industry and - V . commerce for more than two centuries. Acceptances Corporate Finance Term Loans Deposits Direct Investment Leasing Governor; Thomas N. Risk B.L., Deputy Governor: Thomas W. Walker, C.B.E.,B.L, ChiefExecutive: D. Bruce Pattullo, B.A. Secretary; Joan Smith, M.A., L.L.B., Ph.D., Advocate -ar *f / m *7 _ m -v-v”rV' "» .'at ‘y.&*4'Jr*r~. I. The^^Merchant Bankof the Bank of Scotland Grap • . 041-221 6692 4 Mdvilk Street, Edinburgh EH3 7MZ.Q3J-226 4071 87 Si Vincent Street, Glasgow G25TJ . . S™L 1 r a ; i Thursday December 1 1ST? - Financial Times battles on t BIOS AND DEALS Edinburgh & Dundee tSS^SS^j^s^% holders as part ot a Plan ot liqui- Allied of the Britrailpea buying offer are run- dissolution of the BTR dation and ningnijjg at arounaaround su.450.4 cent.cent., irnctt per ~- jrrc Group. It emphasises that such a Edinburgh and p n RFTTER Dundee stresses «lan would have no effect on the that as long as the First Invest- i offer remains c a.’rW&’asss®rights or position of . rj • conditional, and no definite dos- ™ policyholders. showfurther ment ing date for ****“ acceptances has been ^ ...... ^ ** 'ssftaiuaa lor-M-V-M. ty^m.MMM.9 Save and Prosper, the LJ\. s Polymer announced there is risk for no risk w those who continue the largest unit trust *ro?*P' to reject J pnce from.J*'** HELENE OF LONDON offer of them becoming minority secured an increased ___ Company of yoiNT VENTURE positive growth BY KEITH LEWIS shareholders in a company con- the Life Insurance XN JOU^ * .... U-S. msur- the fashion trolled hy Britrail pen. North America for its aeide of London, fjesem*"! ‘ in in respect of 128,757 shares If tte offer were to be declared once Interests, : manufacturer BTR, the industrial holding that this will result in a Stock -J? at nuity Iu against £3.4zn. ' m fX“"“clS*“u Tor oW.ctio= S Ths'bS^f Sir National Cral Board - One year later,r, theme groupKiou^j re-re . J with«iia loiatotal assets in excess owned by the of the oner.offer.' Profit after niniT and fnpli-s rrl [ n c i-rurmsnv of nSrer beim n^mailn ThSv aeccacceptanceptance frirwardlnp enmnanv havehaw not yet been revealed. They Cazenove alsoaiso ^ ported profits a further Ilm. ^ U^^17bn. Pensions Fund.^Funi Srenore covg^g letter the 1 C“n«ge of Manchester, will be given later in affidavits ^ taxation 962 870 t 5». lower at 11.2m., accompanied by C Constantine, a privately owned shares (non- fetors a passed dividend. men t Ordinary j Mull approached court bvy January 2 197R. The M^ th g yPar was By f In the meantime, Mr. Richard JOSEPH STOCKS ra fS?*Se a P^eSivej;iUbpCLll»C ^biddeTVU1UVI- Following* "“ft Eamingsper 2CSJ"?a SSooe mi?Sr ”SSS31X1 Tarling, colleague eonwUi^ tatn^ rtowed National itself approached- a a former of f PURCHASE . this Hull share 3.6p 3.6p 6.3p &2L' Pen^s interested esm- J«*PkJoseph Stocksstocks anaami Sonshons tnow-(Hold- before the case is heard on^ __ „ number of other March,MaTch^fi1976 birsinretoyi?^but since then it has ™ W. Grenfell and w Wfth man. restimed his directorshipdirectoTsfain , 16. ro Unci came up acquired from Booker -January^ p^i^and Sto' APG. 0mbar\ed on a ^es of acqulsi- behalf of Fruehauf International 7QA48 57.872 134,057 iUO u" u ’ operates three nrap A recovery in APG’s inlerests wholesale -pforistod merchant tions may be that all toe eight Hull, which t ‘ eludlm Qarid^s tureover has 1 a nd P e f! C ’ operating on Manchester and companies have been served 10-7 virtilally doubled. Profits in 1978 ^ratt and Cooke, on Novem- 000^’ fe^o?fits for ^rtoe fl«ifirsl hhalfa |? oofr 1977 Birmingham. income tax demand notices on Produced^ SSt/WSwprofits tu-ice a>s |*, 05 nurnhased Crane ^ minM nver "hi!Seh" r 20 000 ta amounted to £575,000. more than year* s m These assets comprise land and the commissions remitted to their F^eSafoSmS shared at IOOp ^ ? f “ «i?2L 35 P y •^tf. ? Hargreaves Group, BowcUffe Hall. double the figure m^the corres- buildings, plant, machinery, fix- London’ agents over, past years. P™^ peak«i at £103f)00. on behalf of Hffl Samuel who are r! ponding figure in 19/6. tures and fittings, motor vehicles This has been a common pbenom- Bramham. Wetharby, W. Yorkshire LS236LP acHne for Fruehauf Corporation. ' was preceded stock.Stock. consideration, UJL controlled tea ;X The move by BTR NEWNFW4TALLL MACHINEMACHTNF and The enon among imiTC, ccrc of AQUIS SECS. Commercial vehicle distribution; plant hire, by a rise in the APG’ share price „ ... „ __ equal to book value assets companies and the outcome of B. Elliott s offer for the Pre- Securities announcesarmounces that which was suspended at S7p, up acquired, amounts to £486*518 and this casegave may have implications AquisAqtris contracting and waste disposal ; fertilisers CUTS , Ferred Ordinary shares of Newafl B4LAMUNDI Aquis Estates has 4p on the day, and Sp on the was satisfied -in cash on complex -forfor the others as well. its subsidiary "v : fueloil and solid fuel insurance; quarrying; T wrTTTRVV1 1 aiAtvtCTAKT? (j level a week ago. It is expected Machine Tool has been’ accepted turn.' Yesterday, Mr. M. Butter- justjnst completed a sale of the free-freer . W. iWrA^-r^. transport, shipping and warehousing. wick* chairman of WD- and G, Thomas Witter announces that hold of its development property. MHKOUCWIW o*\ri World Corporation House, New Zealand . that the objections raised Balamnndl Aquis were “nbt greatly to our sur- (U.S.A.) now holds 1.72m. shares Avenue,’ Walton-on-Thames ‘to ' prise.” He added that toe Indian of the company (19.6 per cent), institutional clients of Jones Lang • agents of the companies had also which compares with toe previ- Wootton for a sum in excess/of objected since they feared for ously notified interest of 44.6 per £lm... . their jobs once the companies cenL The property comprises a large retail store let to Marley Home- . were Indianlsed.indianlsed. WhenWhen,- thetoe com- panicspanies are registered in India, care, and the two floors of offices A FURTHER INCREASE AT INTERIM errmrer let STAGE local agentsaseats would notnot- be per-aer- SfcLIKU&T are respectively to TrouvayTrouvasrj j 1 #"imwT uttm 1 I missable. However, Mr. Butter- AoAcceptances of the offer by and Cauvm and GKN Windsor. ^ wick was confident that all toe # Pre-taxprofits increased by35% objections would be overcome. O" Turnoverincreased by44% Share BLACK AND stakes “0“ fc „ A , Earningspersliaie increased by37% Automotive Products — Lucas pany. Prior to. this purchase C-A-L ' - FriniNGTHN ’ ' Industries has* acquired a further owned 57SS per centi-of com- Progresswill BR Sf be maintained asplanned Black and Edglngton Is acquir- 625,090 Ordinary shares. This pany*s issued capital, tng CL Groom, a London-based brings Lucas' total interest to Hargreaves Groupr Britannic NK2LESW1FFEN CHAIRMAN 7-7-—“ industrial textile manufacturer. 4^85,750 shares (11.43 per cenL). Assurance now has an interest in The price will be based on three Hanson Trust has acquired an L950.00Q Ordinary' shares 7.39 per sixmonthsended 30*9*77 sixnxxdis endedlea 30-9*75 times current anual pre-tax profit equity Investment of more rhau cenL _• subiect to a maximum of £620.000, 5 per cent in Cosait (5.08 per Helene of London: Mr. E. 14. The British Petroleum INTERM TURNOVER £17313000 torfhe satisfied by Ordinary shares £12099000B2D59.000 cenL), Lind Lis tries (5.62 per Passes, a director has sold 250.000 RESULTS in Blade and Edgington. shares; and Mr. D. cent), Selincourt (6.0 per cenL) Ordinary Company Limited PRE-TAX PROFIT £1420000 Mr- Garry Moodie, joint Baigler, director, has bought (UNAUDITED) a052000£1052000 . and Sidlaw Industries (5.63 per a managing director of Black and cenL). 250.M0 shares. EARNINGS PER SHARE 13*6^ 9-97b9-9^3 Edgington said yesterday that the Third Mile Investment — Mr Margate Mercantile Holdings: £1 Ordinary Stock Units —— acquisition further strengthens Wilson Investment Co. -has sold — j. e V^lce director hS tiiegroups posmon to ..the in- 50 shares injom- DIVIDEND PER SHARE l-42732p I-2779pI*2779p acquired 196,000’ Ordiiury shares '000 OrdmJBy dustnal textre field which re pany now holds I6 . per ^nL) and L259.782 Offer for Sale by the covers the whole range of textile shares. . . Stores^ Mr Rice _ConStracacn L L mier Commawd; products from tarpaulins to in- Bros^W J. Glos- estedin 417 000 sharL lTfflnSr Wettern and Bank of England 5^ / dustrial workwear. This side of sop has acquired * further 20,000 toe group has performed ex- . Ordinary shares In^ company, and Provincial l^aonUTleSLanndri*^ T * rrwnplv until mppntlur and tHo — Lmnet k.Mr 395,000MS nm shares-sharct 23.50MM on behalf of H.M. Government ly “d aK T- iSS now holds per cent . "SS.’S 'T Ml.Ul Ordhmry . ’Sfta Idc of Mack and shares. Anglo Swiss Holdings: Seven acquired ail iU Edgington, which is -Britain’s Leda Invwtment Trat-Pra/- Seas F*Financeoance 388.6683SS.663 Final Instalment Due camping c‘ shares^at on October 31. 1977. biggest equipment tical tavp^rn^nf” »? 28p manufacturers, was greatly Seven Seas Finance is wholly ESreasedTtjT^holdSr h^innnn37 10 000 6th December 1977 enlarged in Man* of this O'^ed and controlled by Mr. year share^o 316 ooo ^^J when it acquired A-line Thomas Keane, -chairman, of ASH. Caravans Groove and Co T.ie«tn« The Bank of England wish to remind holders of Letters of Hull one of the leading UJK. This holding represents 15 per purchased L650British Siv«^i^!rf rof Acceptance that the final instalment of £5.45 per £1 BURNETT& HALLAMSHIRE HOLDINGS UMITED»-*«**• 1 u-i-x manufacturers of caravans. company's issued T19 PSALTER LANE SHEFFELD STI 8YS Uo5^SsSeTS .Stock unit MUST BE PAID BY 3 P.M. ON 6TH ,Lmt B,ac^ : IHamoSs Pmudon °n Centreway: George Whttefabuse DECEMBER. Cheques for the amounts' due, made BRADFORD PROP. (Engineering) Holds 133^00 Ordi- whoTied^SN- rinnZ^i00^ payable to the Bank of England and crossed “Not £im. land sale SfflS^gSS^^ rsJSlL!^iSS^r^ negotiable — Stock" must be forwarded, with tha ov "SJ BP 0 1*0 f 3r tie Bradford Property Trnst has i toes of National Coal Board Staff ac£^? 0f <.f n® D LETTERS Oi: ACCEPTANCE, to the APPROPRIATE exchanged contracts for toe sale Sjffekipamond Pen- Superannuatioa Scheme. Mxne- on 1 0 00 BIT «senieaassented RECEIVING BANK whose name and address appeals "DOES THE ROAD of 933833 acres of non-residential „ fi„ “L _ ’? workers’ Pension Scheme and landiojiu ata«. iBiuusmmmMartlesbam Heath.neaui. iae -„ —at 164tP and BlackDiatR h/iauiuuua PensionsreusHlus in the box on the side The 1 Rn rmn r . e Diamonds pur-PUT- right-hand of page 1 of the Letters sale will add more than £lm. to _ chased 700,000 Ordinary shares on ofAcceptance. the company’s cash flow, before “? account November 25 making a total hold- n f , n allowing for any consequential ®oard Pension ing of 5^91,176 shares, WIND UPHILL ln j. w 10.6 per ALL ^ >ustlt taxation: toe land is part of the !rl«* non-assented cent ' "mP,ny S S, °Ct Registration of Renunciation V cUwel, and Ch. brush, The attention of holders of THE WAY?" d renounced Letters of ASSOCIATES DEALS 5?„.S, Acceptance, i.e., those with Form X completed or 9 „*rni», and Co. her 25. HOLDINGS LTD marked "Original duly renounced", is drawn to BJX 81 1M*»' Se&conrt: As at November 24 uSr^ElSSFS , ' IE f c,’" 0£BriD5I, Instruction 5 on page 3 of the Letter : it is essential that The 34th Annual General BPRI Meeting of relations, as the Government’s very s I'000 0"”’ t£™? gLJTSZ ^?vSnf^SJr na snares— r cenL Declaration Holdings Limited was held on November necessary pressure to reduce the rate of bought for Sa discretionary invest- *• -— — SSfS£E.1£ii!±7 « P* both (A) — where appropriate — and 30th, 1977, in Birmingham. inflation encounters the resentment built Declaratiorr(B) at the foot of page 4 are signed before up in a year when prices The following arc extracts from the have risen much fully paid Letters are lodged, for registration of faster than net Incomes and the anomalies rirrnlaled statement of the chairman. Sir renunciation on or before 1 5th December. arising from years of rigid controls have Michael Clapham, K.B.E. become more glaring. ** While the scene is not entirely dark, “The circulation of the papers of The either nationally or m your company’s Birmingham Post & Mail Limited did not show a continuation IMONI Y MARKLi affairs, the year 1976-77 was, as I have indi- of last year’s down- ward trend, cated. a drab one. in which there was little and In particular the Sandweli opportunity for growth, competition was Evening Mail showed a good gain in circu- lation intense and profits were hard to earn. In as it did in advertising. Advertise- the circumstances an increase in pre-tax ment volumes in the other papers did not profits is quite reach the previous Interest rates of 50'fi welcome, and enables us year’s levels, easier owing to recommend increasing the dividend by to the depressed state of the retail market. However, a the permitted 10*£. We cannot regard it realistic policy on Bank of England Minimum Day-to-day credit was in good On toe other hand advertisement rates and cover there ms a as yet being satisfactory, but knowing the prices re- Lending Rate 7 per cent. 1 ha en increase in the note sulted in a SPSf: i*"?., ? ’£ ^® clrcu- circumstances in which it was I substantial increase in revenue, authorities lation, earned (since November 25, 1977) ^ and funds continued to be Lake matched by would absorb Elliot, Ltd. can properly pay tribute, almost equally large increases . . . a surplus. Funds drained by. & on behalf of the r . _ „„ toe call on 10* in toterert rates. rore sharply m were generally 4 ** shareholders, to the considerable efforts newsprint and service costs and the bill slow to appear cent. iLtorouw* 1997 for early trading in the London however and to end holh by managers and other employees, salaries, wages and National Insurance. toe the Bank ®“rv„.7^c unt houses money market yesterday, but then of England gave- 9, paid 5i-5| per VALVES. STEEL CASTINGS which enabled the “West Midlands Press Limited moderate assis- company to move in the had its retreated following the Indication tenet by L ““ in best year since lending To oS or^S 2? -S£ ENGINEERING direction of a tolerable return on capital. moving into the Leamore that toe Bank of England does discount 5,n8 baJ ’ " plant house* overnight £ £° Last year I wrote of the need. In our at Walsall, brought about mainly by not wish to see a further increase MLR. ances were taken- at 1-4 per cenL the newspaper activities, to reduce manpower, improvement in advertisement revenue in Minimum Lending Rate tills ti e Interbank market EXTRACTS FH0M the report Banks brought forward snrnln. ? over- and accounts streamline production methods and com- during the second half of the year and the week. Discount houses buying nlght loans 0pened at balanreL there was a Ew?5r£f 55-6 per FOR THE YEAR ENDED 31st 1977 plete the introduction of the now technology continued tight control on expenditure. rates for three-month Treasury amoumbfneY and eased to 4-4* per July. ABC bfils at C.ol more Circus with as little hardship as Weekly Advertiser Limited once finished at 0^-6J per cent, ^ before ^rising to 5-5J cent possihlc. 1976*77 has been a year of sub- again also had a profitable year. London ** * ^ Ind lh« per cent ^ 1977 1976 stantial progress in that task. ‘There have and Westminster Newspapers Limited, our Signing! UkS Gov^en^SSSette^SS P" been voluntary redundancies, con- small group of London weeklies, Group Turnover 8.290m and the had an “ - - Rates In the table «' £1 8.247m £1 day's Treasury * £ below are siderable sums paid opt in comoensation evcellent year, with record trading results, bill tender. SSS. ~ is Group nominalJSK. In some cases. Trading Profit £2.027m have rpriwrnd the year’s profits. There have and a substantial surplus after all financing £1.1 21m Earnings been retraining programmes, changes in costs. T. Dillon 6c Company Limited, our per Ordinary Share Siernug Lxjj ' retail [ t1 Lota Audi I dislocations newsagent? Fhunce f people's work and while moving group, showed a small So*. Certlthai*- UlKOUUl —h^ore 30 | lorartonk extraordinaiy | Auibarlty 0 |I DesotmUe 9<*o» item 10.62p mel.il increase in profits to | tiompuy mufael 4.44p from hot to computer-based photo- just below the 1875 197/ jofdepnsui j Trenomr Pine depndt** ! bonds I Trad* peak. Profits rtopote* Bills * uni,* —after, extraordinary composition which have been irritating To were held back by the costs item 2.59p 1 0.62p oF the Ovenurtn...^- — lia-6 editorial and production staff, management refitting programme which is now Ordinary i ii»y» notice. ,J — — 1-7 Dividend 3;4385p and. least, virtually completed, 3.491 not our readers and advertisers. and by the large in- I day- or 1 4p There is still some way to go to complete crease in branch wages resulting from the I day, uotL-eJ — 620-614 £6 per week increase Ltae month J 6B0 -6 I4 6^-7 the chance of technology, but in retrospect which was given in Two mooUjKw.; 6?8-6i£ 6S4-71b ay 68 th ,ong prospecis rOT^ it has been a year of progress. July 1976 under Phase 1 of tBm market marked the pay policy. rbroa mooihiJ 7-67 7 la-6 6 M a - obscure, H 510 1 There was a net increase ^Ltmaoth- 7Ij there has If all goes well in the coming year the of onlv one in — 7& 7S*-8Si la recently been a ransid^j , .^ recovery in our affairs should continue, the number of branches during the vear, NnwmoollK-, 75* 758 7i» BL the of whuj J year order P^ition, the effect but renewed growth ra 6 75* 7l8 ^5, and the introduction of the new technology is planned for the Two yam.. fa e t in Company, current — — ® the ^oncl half year. The should be taken to a further stage. But it year." thpreS J r h vm teken to ^cqver will be a testing periodienod in our industrial The Report and Accounts 0 drastic a^n were adopted. ronm? ^ ! ^5 “ —.unau; uuug - - •LwseMsnn weal ,eStlle ytttifS ui| anthorres 1 per ceuc.1 fOUT jean 111 oer rail - „ mortsast f uture with confidence^P^® UOtete are bnytosnjlns ralesrates (orprlraetan ar'js ““* ® BanJt 1 prime papw.papq*. Bavins rate tor ftw-moaUirw-monili hUls»onc WD rates In whhprudTnS' BPM HOLDINGS LTD Aupnalmaie Benins f«*ronoBih trade Mlb rate tor omMnomb TreLara un* e oer »k7 nusinrSi per cm.cem. and three-month ab*. PeterLake, Chairman 28 Coimore Circus,Birmingham B4 6AX oec cant.-, aafl JBJajBr'aa =« bbir ^ Ban* •*»» tor leading Tmsmr Average teeda- cates of discount tLCSS per caS Mi oeruDL ^ - . ' . 1 Financial Times Thursday s. December T 1977 27 MIKING NEWS Nickel producers !s Sr- r,1 post prices sup ~ - —XT' its 7N MOVES: deariy designed to has other metal interests, had a consolidated loss of SCan.I£5m. restpre stability to the erratic in- in the first nine months of this ternational nickel market, two year, producers. Falconbridge of diamond output & Canada and Areas of the U.S., have resumed the practice of Granduc copper V|if)\V{Lr kenn£th marStGn, mining editor publishing, fixed prices: In different announcements yes- AFRICA'S De Beers terday both groups stated that mine is BANCO MERCANTIL DE S&) PAULO oudcgs a majdrexpassion— CSO INCREASES IN they- would not permit discounts e 13 -per. cent- in -terms of GEM PRICES and that the posted prices would written off ttage — in its diamond pro- prevail through the first quarter " _ per cent. US. groups. Asarco and the Republic together of next year. THE -^00 in December, 1977 17 Newmont Mining are writing Off t a decision to launch R5m. March, Fixed and published producer 1$W IS their investments in the Granduc is pleased to announce ihe opening today ils mineral survey of ’ of 16m.) September, 1976 5.75 prices were a feature o£ the copper mine of British Columbia. "ti West Africa (Namibia), January, 1976 3 market until about a year ago Both are making provisions for the Kimberley when intense competition led to utput from January, 1975 ;L55 future related costs. They have a aqu aland diamond discounting, making prices posted lease on the mine, doting Nam August, 1973 „ 10,2 50 year October inoperative. The es is to be lifted by some May, 1973 last back to 1965, from a Vancouver LONDON BRANCH *10 system was formally abandoned . carats ax a total company. Granduc Mines. m. a year March, 1973 ..... 7 last July when the world's largest of R67.6nu 0£42.8m.).' This February, .The .write-offs will result in a 1973 H producer. Inco, of Canada decided udes the already, announced charge of S33,8m. i£l8.6m.) September, 1972 6 jt would keep its prices con- 500,000 against Asarco's 1977 net profits, ease of carats a year November/ 1971 5 fidential and in a charge of 312m. t£6.6m.) . * he Koingnaas mine. Koingnaas mine is on schedule Certain categories of larger Falconbridge and Amax are against Newraont's earnings this Ians are well advanced to and asmiral output of 500.00Q ’ STOCK gems only. obvloiisly hoping that other pro- year. THE EXCHANGE e annual capacity of the. big carats .of: high .quality gem ducers will follow their' initiative, first three quarters Of sch mine from 2m. carats" ajamondi will- also begin in against a background of unpre- In the LONDON EC2N 1HH cedented which seems to be timed to take this year Asarco had net profits of jre are 142 carats to the J»£y. The latter! can be. fairly buoyancy in the world of the rough balance M market advantage $11.76m- (£6.4Sm.j and Newmont ce) to about 3m. carats by said to 'be “a little gem when for diamonds. Last year and demand the between production had earnings for the same period t-X979 at an estimated coat its cost iis compared with the far Central Selling Organisation, mine wbjcb created- by severe cutbacks. of $145Sm. (JES.lm.). R40m. The small Langhoogfe higher sums required for only handles the marketing of But ail producers are still hold- Both groups have a 50 per cent, te in Nanaaqualand i± to be modest base-metal and sold rough diamonds from De Beers ing heavy stocks. interest in> Granduc whose profit- and other producers, lifted its pened at a cost of R3.Sm. and . operations these days. Indeed, sales The basic price at Falconbridge ability has been in question since duction 80,000 the total cost- of. De Beers' value to a record S1.55bn. Telephone: General 01-638 4444 Dealers 01-638 2488 at the rate of. will be S2.08 (£L14).a lb and 1974. Since it <£852m.). then has become ms a year is due to start in 'expansion is dwarfed- by current that at Amas $2.06. The disparity of the Telex: 8811873 Cable: Mercapaulo, London In a victim general recession v neat year. - world mining standards, the first half of this year the can partly be explained by the in the industry despite production •evelopment of the! R24m. News of the expansion comes CSO figure climbed to S1.0Sbn. fact that Falconbridge nickel cutbacks. There have also been and so. strong has been the de- tends to be of higher grade. difficulties with the British Colum- mand for diamonds, particularly Amas. however, stressed that its bian tax system although these the smaller gems, that the pre- list prices reflect its “continued were partially resolved when a oi l{i‘su|| J£onsly big stocks held by the -commitment to remain com- mining royalty was withdrawn. i petitive.” CSO have been run down. But tbe mine is to continue in Furthermore, the market has These prices are nevertheless operation at least until the pre- absorbed the big 15 per cent. considerably higher than the free sently developed ore is. exhausted. 'rice increase in March and now market price of $15)0. But they An underground exploration pro- faces with some equanimity a fit coherently into the pattern gramme has been started to- test Lms de Alagalhaes Yaz Pinto, General Manager further rise of 17 per cent, which of industry prices described by some promising drill hole inter- sections will tak& effect this month. In Inco in the middle of November adjacent to the Misting view of the uncertainties facing when it published a prospectus workings. for issue of preferred shares. the economy of, the U.il, which an inco Australia and New Zealand is the world's largest buyer of At that time disclosed it was receiving less than $2.15 a lb. diamonds. It- remains to be seen SUNGEI BESI Banking Group Limited whether the market can main- Yesterday Inco stated that it tain its hot pace next yean. wished- to raise from Canadian MAKES PROFIT investors SCanJ23m. (£61.9m.) by announce that on- Dc Beers, however, can afford selling' om. preferred shares at The Malaysian tin-producing to take a confident view with its a price of SCanJZo each. The Sungei Best has enjoyed a better- Office: and after -. ^.v latest expansion. And. Head New York Agency: output shares will carry a dividend rate than-espeeled half year thanks to Indeed, Avenida Paulista 1450 any slight redaction in pf 7B5 per cent, a year. Increased production and higher One Wall Street demand would uot be entirely 'tin prices. *!t has made a profit The Inco board has also author- SaoPaulo, New York. N.Y. 10015 1st December 1977 unwelcome in view of the need for the six months to September ised a long-term debt offering of Brazil U.S.A. for ihe -CSO to rebuild its 30 of SM3.09m. (£717,000) com- up to -SUSloOm. (182.6m.) and is pared with its base rate will be depleted stocks. a loss of $M2.08ql a considering a private placement- year ago. of preferred shares for an amount However, it is stated that the survey of up to SCaaSOm. (224.7m.). Namibia directors consider it Inadvisable These moves reflect the financial' to declare The proposed survey- by -De . a dividend at this time pressures on the industry at large. because of the tax credit position. Beers' Consolidated - Diamond Amax Nickel,' a relative newcomer Total production fer the year is Mines of South West Africa sub- irp to the industry is not- running at expected to exceed that of 1P76-77 > sidiary in January and peranriurn will start a profit, and Falconbridge, which Sungei Besi were 150p yesterday. 7% will cover, some. 100,000 square kilometres over areas to the east of Windhoek, north of Luderltz, austrauaandnewzealaNo " south -Keetmansfioop* and bankmgqrquplmth) - of north of Tsutneb.\ • (Incorporate! in the State tt War*. Australia wtthtfrmtaJ litaity) 1' It is expected to. take five Comhill, London EC3V3PR Tel: 01-623 71 1 71 ~~ — years to complete and! the' results -y will be - -accessible to all' in terested individuals . or. com- panies. This is in line with the decision of the group’s chairman. Mr. Harry Oppenheimer. to seek opportunities for participation MACHINERY in further mineral development HARTLE in Namibia. Far from retreating from Confidence for the future Namibia, tbe Oppenheimer group INTERNATIONAL LTD. is t!ie the ended 30th September dearly aiming to come to some Highlightsfrom Statement by the Chairmen, Sir Gerald Thorley, T.D. S F.R.I.C.S.s for year 3 1977. partnership arrangement with (Machine Toojand Engineering .Group) Jhelsevr: administrators - of "the The - recovery in the United States by the purchase v rv.. territory whefir they emerge. iP Group’s profitability has con- of the Gamble and Norman ' rmonth* Year ended SUMMARY OF RESULTS . J$ tinued. Profit before raxaooii SUMMARY OF GROUP REVENUE (in£oo&s) commercial centres in Min- ' to 30.6.1777 31.12.1975 - ] ART GALLERIES of £ym has increased from neapolis 650,000. square feet £•0005 1976 roods CQYENT GARDEN GAUXRY. OPENS £5.501 in 1976 and, after all 1977 . of office accommodation and ‘ ‘TODAY. Chriitmu Exhibition at over * a'-'rcs of undeveloped land. 8.401 A *DO British Watercolours. Mainly £25- charges including a £i.mn ' 24s Turnover Gross revenue . . 61,330 58,300 X Pel:::' US. Suitable for mot*-ft collectors, 20. appropriation for Since that time development Trading ProBr ••••• 5265 Russell S4..W.C.2. 85S 1139- Dally depredation *¥• T 0-5 JO. Tliurs. and Sili. 12 JO. acres of overseas properties, the Revenue before taxation ... . 8,972 5460 of to I has been under- : -’ FIBLSRQJtftE GALLERIES. Profit after Taxation and 63. Queen'j earnings available to ordinary taken and two. office buildings iy L’ Wood - 5,5 5600 - Extraordinary Items. 15,1 1 ) 8.8 Taxation .. , shareholders- are £2.201, a turn 4,847 3,903 totalling 202,600 square feet FOX. GALLERIES. 5-6. Cork London. Earnings Share (basic) 3Xp- 69ffp~ St.. " round of £32x11. The taxation have been completed and let. f Stcu.v-. • per W.Li 01-7X4 2626. From Nov. Zlrt- Earnings attributable to ordinary — Dec. -M« -Ctirictms* Exhib'doo.- Many charge has decreased, from Two further office buildings caOfptsxina‘ oH and watrrcoloart r*roe ‘ shareholders .. _ ....-98 . 2,236 ' ancTsroan. old and modem, from El DO 71 ofgross profits in 1976 to totalling it 6,000 square feet Chairman, say* : . , % Mr. Derek Hartle, . to 10-6. LIO.OOO. Weekdays Saturdays are planned and arc scheduled 16-1- Sunday idevrtna 10-1. 54% ia 1977- Dividends of )-80p. per-share have-already paid and a final WELL GALLERIES. 40 Atbcmarle Street. An interim dividend of for completion during rgyS. for-the- 18-moirth period. AtoBatTOyTW.1. - ANNUAL Erd-of-Year distribution of 0.90p/ makes 2JQp , In the Company also ft OFFERS at GREATLY REDUCED I-7P net per share payable on Chicago PRICES. DELIGHTFUL ORIGINAL PAINT- owns two fully let warehouse in - Policy of maintaining fuil-empkiynient wfjfim our manufacturing FOR ' PRESENTS from £35 to 29th December,- 1977, has NET DIVIDEND per share I-7P 0. ip been declared which, together vestments comprising 105,000 companies is now paying off. . < i Thackerayi X THfCKERAY GALLERY.iai m i,- 18.is.- _ _ _ credit:, square feet. toLKm/xlaetan So- W.B- 01-937— —77 5B3Z5883. with the related tax is PV ^ The Company tt prepared -for the suige ahead. CSWISTMAS EXW6ITTON. Until Dot 22 equivalent to a gross dividend of 2.57SP per share. FINANCE In January 1977, through our US associated This dividend will absorb £i.8m of the profit company, we acquired a shopping mall of 700,000 llntrnl Since 1974 -the Group's principal financial it the annual meeting held -op 30th November, 7W7, Mr. Derek CLUBS available and a final dividend will not be paid. square feet ac Rochester, Alirmcsota and the Foshay priority has been to reduce its overall level of lartle .declared: “The improved trading climate is encouraging Towa, a 173,000 square feet office block in central iwb secured loans and loans EVE.; borrowings, particularly let. /though it is dpubtful whether the effects of the anticipated upturn 18*! Resent Straet.- 734 *557. A la Minneapolis. Both investments arc folly rarte-oe AU-ln Menu. Three Soeetacular UNITED KINGDOM. in currencies other than sterling. now Show. denominated In Hawaii, tbe Discovery Bay apartment rill first .-. 10.45. 12.45. MS and be felt in the six months,'!. > - 1 _ hMe of johnny Hawteewfonh A . Overall, the loan capital. of_tbe Group has been re- MsW Investment Portfolio development of 667 units is 62% sold and contracts CAIKA>YLt 6S Dean Sfrrej! U^aon. W.1 duced during the past year from £422123 10 £31603. Registered Office: Bank House, Charlotte Street, Manchester. «EW STRIPTEASE FLOORSHOW The investment portfolio continues to be the fot other sales representing 25% have been ex- is the sale of THE GREAT BRITISH STRIP Of this amount, £8am attributable to changed. *1. Midnight also 1 a.m. Hostesses. underlying strength ofthe Company and from it will iSS,leoe-W. Closed Saturdays. 01-437 6455 MEPC Canada, £iom to nerrepayments in tbe UK come much of the future growth of income. This Our policy for the United States is one of and £1201 in the US. It should- be noted that both will be supplemented by the developments as they cautious growth. secured loans and also currency loans have fallen are completed and become income producing, and from just over 60% to just under 50% of the loan Australia by the application ofgood properly management. capital ofthe Group. Sales of investment properties in the United Following our decision last year to build out In addition to our continuing policy of reducing year Exchange Centre, the construction is progressing on Kingdom, have continued during the and an re-finance a HOUSE INVESTMENTS debt it has also proved possible to the storey ERSKINE cost, and main amount of £12.701 has been realised. This has scheduled time and 32 number of large loans which became due for repay- involved the sale of properties at a surplus of tower was topped out earlier this year. The Sydney 99 ment during the past year. £um over book value. Our target sales for the Stock Exchange will occupy 80,000 square feet and •'* improvement in sterling during the year The it fitting programme. ^ , -r* El current financial year has already been met and is well ahead with the out The LIMITED gave rise ro a loss of £i2m on conversion of our O IB farther sales will therefore only be made when dic- investment properties of our Australian subsidiary, overseas assets for Balance Sheet purposes into tated by the principles of goad estate management. mainly comprising office and industrial properties sterling. large part of this loss related to our A in-Sydney and Melbourne, are fully let. rtanariian subsidiary. It should be noted, however, Tourism and Leisure Group Development Portfolio that an improvement in sterling relative to foreign E.E.C. During the last few years has retained a currencies favourably affects the Balance Sheet by MEPC Progress has been made on letting the office number of major sites, in excellent positions, which reducing debt and the Revenue Account by reducing THE HALF-YEAR ENDED 30 SEPTEMBER 1977 space in Manhattan Center, Brussels, two-thirds of INTERIM STATEMENT FOR could not be developed because of the lack of two interest payments. which is now' occupied. The Eurohaus, Frankfurt vital ingredients - a demand for the finished space Contractual commitments have been reduced office was completed in and the year to £i6.8m of which development May 1977 at rentals which will support building costs and a during from £29. 5m u is now 6o „ let. The office market in Frankfurt is Results ; Audited Results- wiDingness by institutional sources to ftmd develop- £6-9m relates co Exchange Centre, Sydney. The Unaudited still over-supplied and the remainder of the letting ment schemes. During 1977 have had evidence reduction in contractual commitments has been ^ may be slow. Conditions arc still not appropriate HALF That conditions are changing and in 1978 wc expect achieved by the completion of our major develop- for the deveiopement of our site- in Munich for YEARS ENDED and fimdmg requirements will be ments in Hawaii, Birmingham and Frankfurt, by YEAR ENDED that our pre-4etting which consent has been granted for a shop and September 31 March met to enable us to commence development of our the sale of our Canadian subsidiary and also as a 30 Exchange Centre. office complex. Our office property in the Champs- sites in Guildford and Oxford Street. result of the progress made cm * Elysees, Paris, has been refurbished and rdet on a 1977 .1977 1976 arc conscious of tbe need to control the We now intend to commence two major develop- We profitable basis. extent of ouf development programme to ensure ments and one large refurbishment in the UK, , the Irish investment portfolio continues to . £ £ £ The be that the amnltaneous development of a number of financing of which will -be comfortably within the 9,363,181 1,167,885 fully let except for our newly completed develop- f, Turnover 9,241,799 sires does not bring with it the attendant risk which Company's resources. and short term ment at Dun Laoghairc, where five of the one could arise from any' downturn in the demand for The Balance Sheet shows cash hundred and four shop units remain unlet. space. deposits of £43m available, a large portion of which ' 173,471 179.796 47,255 Profit before Taxation results from the sale of our investment in Canada. MANAGEMENT AND STAFF In addition the Company's unsecured overdraft Dividend I greatly that the profit- Per Share [Residential Developments facilities have been increased during the year. Of the cannot stress too more 0.66p able position the Group- is largely due to the hard Proposed Interim Dividend Last year I said that we needed to achieve another -unsecured stand-by facility of XJS$36m only 55m of (1.72p) (1.54p) work and skill exercised by members of the staff and (Dividend for year) £5m ofsales to dose the operations ofMEPC Hous- has been drawn and it is unlikely to be further I current year. particularly to the managers upon whom we rely fur ing Lid, and J. Sanders & Son (Holdings) Ltd. am drawn upon in the Earnings Per the enthusiastic execution of Board-poliq- and much Share glad to tell you that we have reduced our holding in original thought. The concurrent problems of in- -After conversion of £308.894 these subsidiaries to around ££m without having to OVERSEAS flation, salary restraint and the excessively high . Loan Stock on 30 September 1 977 4.8 make further provisions. Canada levels of direct taxation in the United Kingdom outlook Canada Before conversion of £308,894 Due to the unfavourable in have not only reduced the standard of living of • 3.4 2.0 PROPERTIES vour Board -decided that a sale of its investment in harmfully, have in Loan Stock on ^September 1 977 5.8 VALUATION OF managers but, more some rases Canadian Properties Ltd. would be bene- The income earning part of the investment MEPC brought about personal, financial anxieties which ficini- This sale, at CS51 million representing a large portfolio has been valued on the basis of open could detract from business efficiency. This problem quoted share price,- was negoti- premium over the . at last acknowledged the politicians market value and it is our intention in the future to has been by and progress ated and completion took place in. September. The CONTINUING good annually. The result of the a solution is urgently required. ravaiue this portfolio - sale has .made funds available for the support of valuation was a surplus over net book value attribu- Commenting on said:- overseas investments, particularly for those develop- THE FUTURE Merits for Chairman Graham Ft- Dowson table to MEPC of £6.6m which has been incorpor- ments to which we are already committed. The progress of ated in the Balance Sheet. YThiJsr we still hare certain problems to solve, "ln view of.the Board'® confidence continuing good will also be a considerable reduction in the effect of the sale the Company has demonstrated that it have been able to renew our un- - has the skill first time, of an This year wc the Company thie Board for the in short term debt and , elimination of much of the proposes the payment' completed development sites by reference to their and financial resources to deal with these problems. ordinary shares which mismatching offoreign assets and liabilities. interim dividend of 0.66p financial Times Tliursday' Dec^bCT .l I^ 1 11! Entertainment Guide BUSINESS AND INVESTMENT OPPORTUNITIES READERS are recommended to take appropriate professional advice before entering into commitments Insurance Investment- Opportunities for Bankers, and Private Investment Companies, ' Industrial Groups. . . negotiations wth govern- who is presently in dose Our cUent the AUCTION ment semi-government and private institutions throughout 2 who ^capable erf Howcana world, wishes to contact interred parties joint ven toresjintt SALES IN investing 50-100 million -U.S. dollars in government, eemi-goveniment and private mstitutions IPH the attended by the appropriate guarantees which will be SCOTLAND production will take merchantbank 8ImIW national banks of those .countries where by leamng .Machinery no longer required place together with further guarantees underwritten projects in the businesses of international insurance companies. These are turnkey training to which will include technological- and Reraonnel NCR Dryburgh Factory products licence. helpa private LIMITED Dundee manufacture the following under A) AGRICULTURE 6th & 7th DECEMBER 1977 properties: Products with the following .. . can .be Presses io 400 Tons Plastic Moulding to. L The lives of certain herbicides and. pesticides company? 600 Tons x 1 00 oz Powdered Metal Presses significantly enhanced- current water Auto & Capstan Lathes Spring, Drilling, Gear, 2. Certain crops pan be grown with half Milling. Grinding M/Cs, requirements. ' defoliants can be measurably Very large quantity miscellaneous - 3. The safety of certain Do you need to increase your overdraft stores. improved. _ . Certain fertilisers become more effective. or should you look for an increase in capital? COCKBURNS LIMITED 4. Growth can be retarded in- certain plants, among others Hiilingion Estate. Glasgow. 5. How are you planning for the future? JfFflSS 8th DECEMBER 1977 B) ANTI-F0ULANT FOR 5HDP BOTTOMS GRESHAM TRUST can help. Solving Ships, when treated can. stay more free of sea growth Herbert 9, 8. 4 Lathes Richards Mo. 3 Bore & L (both plant and animai) resulting in less frequent dry-dock problems like this is our business. Face Webster 36' M/Cs. & Bennett Vert Borer scrapings. We are a long established merchant bank Wadkin Woodworking M/Cs Rad. Drills 2. Allows ships to travel 14 knots per hour faster. Extensive Material Handling Equip. andMuch Misc. Considerable fuel savings per year. who specialise in financing private companies. 3. Brochures available from C) GROWTH RETARDANT Tnat’s why we'll always listen -whatever An application that can effectively stop grass from growing for a period of up to six weeks. Additionally, the need for your requirements. So don't be afraid to write watering during this period is reduced by 50%. ring one ofour Directors. Associates Overseas Inc. D) WALL COATINGS or - wall surfaces when treated become resistant- to * P.O. Box 1 1 9, London. SW1 H 9AJ. Certain Winy don'tyou do so today ? the effects of weather, pollution and graffiti. Telephone 01 -839 51 51 . T elex 837291 Levy G. Market potential on the above items according to recent market are between 2$-3 billion U.S. dollars in United projections ' ' States alone. . - . , , - Executives at decision and policy making level only should contact for appointment: AMEUR CONSULTANTS INC. 575 Madison Avenue, New York - Suite 1006, New York 10032 . Greshamlrust Phone: 212.486JL487 - Telex: 125846/237699 Where the successful private AND TEST PRIVATE INVESTOR i, company feels at home. High quality electronic engineers located near M4, WITH SUBSTANTIAL VENTURE CAPITAL .•.£/ Grchsm'T.iat Ltd.. Barrir-Ejr Houso. Greiham eer, London M40 and Heathrow Airport have manufacturing EC2V7HE BeeKs entrepreneurs with a -successful track record wbo require (in one woe - id: Ul -aCte 6474 capacity to offer including: projects In ettber: 1 Me.'.ruil bT-r.'i •/ services field, Inclatiina n*gtinr«». one rations. E.> OSce Edmund Mouxi. jireei . bl Ji:. 1. Tbc financial j Tel: 1 127/ offering than avenge 02 -236 PROCUREMENT 2. Senti-cpmirieted property developments ’higher • - ratnrna. . * " ' 3. Expon/import opportunities. DRAWING OFFICE mdostrles. 4. The leisure Principals only are Invited to reply in strict confidence to Bos G1UT7. Fimn^W *7 Haven Automation Ltd ASSEMBLY Times. ID Cannon Street EC4P 4BY. Manufacturers of a range of high quality process WAVE SOLDERING 24 HOUR _ . MANCHESTER BASED a instrumentation test equipment require established TELEPHONE ANSWERIfJ-p - EXPORT COMPANY LIVE SERVICE sales agents in AUTOMATIC CLEANING. hear small to the petro-chemical and process WbuU like « froM (Now at our new Reduced Rotes rise companies Interested in medium — the cheapest in London)*? industries for the following regions: Scotland, North TESTING - Exporting to the TYPING — AUDIO/COW* of England, Midlands and London. UNITED ARAB EMIRATES AUTOMATIC ARABIA OFFICE SPACE AVAl PACKAGING AND SHIPPING. .. -and SAUDI in Write Box G_f04f, Flnondaf Times. &T OAT/WEEK/MON Please apply writing to the Manager, Cwmdu . 10, Cannon Street, EC4P 4BY. FULL SECRETARIAL/ Industrial Estate, Swansea SA5 5LQ. Telex: 43479. Write 'Box G.1079, Financial Times, 10, Cannon ACCOUNTING SERVICES? Street, EC4P 4BY. TELECOPIER SERVICE? MUSIC COPYING *• ORCHESTRATION $•* ‘ Three Swedish Companies Require Agents/Distributon in Phone: (01) 903 MSS for our brochure the United Kingdom ACQUISITIONS SOUGHT Our clients, a substantial and nationally known company WEMSEC—Your London SHAW. 01-380 1 Digital trainer. Require Importer (distributor with an established technical sales -oiirBtioN. CC: - ox-930 3216. Daily a* 11 a.m. texccp: ToroorJ network selling to educational in are seeking to expand a r ,n 2.30 P.111, S4CK. 2-30, authorities, universities and organisations liketv engaged heavy manufacturing, EVBS.Em— B. Ci» B 3Q ThUTS. 3.00. to use a digital training aid. Easy to operate, tremendous future as an W^fr^i'LLiPS A RIGHT CHRISTMAS. OEM*... - - their operations and to acquire further business a! tied educational aid. . “ impea»bie ..la maetor." Sun. Times A' new children's play hy WH.1.IS to the engfaeerftg industry or other manufacturing fields,. Steel tabular furniture. Designed range of furtiiturfc—opboUtorwd chairs, tables M World. STRAND. 01-836 2B6Q. EveMnoe - HILARIOUSLYuii Amniici.v 'ISuJfvFUNNY. NIf. Oiof worm. and stools. Competitive prices. Agent leading a capable sale# team covering They would be willing to pay a purchase price oathe . order-, TO|1 3 00 sa^rday 5 . 30 and 8 all contract outlets required. -. NO SEX PLEASS of £0-25-£l mill ion, either in cash /hr by a comlwdtipB o£- YVE'RS BRITISH Exercise aod tralPtnn equipment. Range covering all requirements for exercising -* — casb and shares. • -\ THE WORLD'S GREATEST and training equipment lor health centres, athletic clubs, gymnasiums, hospitals, V LAUGHTER MAKER rehabilitation centres, etc. Aoent or Importer required with existing contacts. Details of suitable companies": with a management team - FINANCE and agents Those interested in the above opportenlttas contact In witting: wilting to continue under Hnew ownership should be Wantstf for marketing of new, Att: Mr. Halts Aloen, Swedish Trade Commissioner's Office. 73 w el beck street. . BoiiotBi steel-timber element system London. first to: W1M SAN. forwarded in the Instance for 1-2 storey houses developed by FRYER WHITEHILL & CO. Finnish experts. Price, quality- frrignt space, erection, manufacture mike Buchanan House. 24-30 Holborn (Ms system superior to others. London EC IN 2PX Inquiries: AIR CONDITIONING EVICON or Box 17. 00660 Helsinki 66. Finland American manufacturer of air-cooled package and split units is looking for TOGETHERNESS—A DIFFERENT WAY OF: IMPORTER(S) — DISTRIBUTOR^) SELLING.. EQUITY AVAILABLE FOR THE UJC. Private investor wishes to Invest op Are you a small independent company? Selling a technological Financial to cbuftOOO in trading or manufactur- Write Bo* F5B4. Times. TO Cannon Street. EC4P 4&Y 1 product to the process plant industries? And having a- 'hard ing company wltb sound manrgsmont time getting. the commitment you want from overseas agents? in return liar controlling interest. ' Docs the picture fit? Then you share our problem. Principals only PART-TIME DIRECTOR/CONSULTANT—INTERNATIONAL Write Box £1070 Send a resume of yourcompany’s products and international U K. based British Company Director, well known management consultant and Financial Thnei - with sales arrangements to Box G.1061. Financial Times, 10, Qannon over 20 yean professional experience, seeks part-time directorship! s) in 10 Cannon Street. EC4P 4BY campany(t) where hb skills, enthusiasm, experience ind current commitments Street, EC4P 4BY. Principals -only. would be useful and appreciated. During the last 4 years over half my time mi spent in Canada. USA. Caribbean Perhaps together we can. make exporting more profitable and West Africa developing interests with Industry and government at the levels. . PAYING highest I seek to use chase ulenti now in a wider context and will consider depth m the contribution I can make to any company sending Mess CORPORATION TAX? of function and interest required with detaib-of their product/service, to: YOUR COMPANY FOR SALE f Box G1069. Financial Times. Street 10 Cannon , EC4P 40Y Yerjr Substantial Funds Available Claim full capital allowances If you are the Owner of a Business with strong Balinco Sheer and Trading from hire cruiser purchase. EGYPT Record, wishing to sell, but inhibited, by the proMe mi arising an a We are an Internationally established Excellent . liquidation or disposal: return and security professional group based in London. DEVELOPMENT WANTED Our CUenu can offer a rapid decision and very advantageous Cash Terms. plus fringe benefits. Our current project commitment in- Write la rtrta confidence tor cludes activities in die Middle East. Frensham (025 125) 2315 We wish to contact principals of FINANCE The Hanging Director. HOTEL TAX sendee- or manufacturing ' indutmes AIBOTSBUkt FINANCIAL SERVICES LTD.. who would like to discuss with Wwnford Court, Throgmorton Street, us AVAILABLE 41. London EC2N 2AT. exploration LOSS CO. Phone 01-5U 5B77 or 6?S 0547- the of Egypt as a potential MANAGEMENT AND expansion area. Our company is not PARTICIPATION BASIS Contact Box G10S9 a sales or marketing oriented Sox G1060, Finondol Times Finontiof Times MONEY organisation. Ail rephn will be treated in strict confidence. 10 Cannon Street, EC4P 4BY 10 Cannon Street, EC4P 4BY WEST END Chartered Accountant with inter- Write Box OFFICE SERVICES national management experience wishes G10S5, Financial Time s Invest partici- 10 Canton Street, EC4P 4B7 ARABIC u up Co £200.000 and . Prestige Add^ss pate In managing a private business in IF YOUR COMPANY IS the 5oudt of England. Company for Sale TRANSLATION -TYPESETTING Telephone Answering, Telex An Original and Substantial Write Box G1062, Financial Timet Qualified An b Translators Offices (short term) . PUBLICITY Weil established engineering company TALKING ABOUT AND MARKETING Typesetters and Printing for Sales Secretarial Services 10 Cannon Street, EC4P 4BY engaged in sub-contract and manufac- • PROJECT SKATEBOARD Exfilbitlon ture oi own product with reasonable PARK Literature. Material for Photocopying, etc. well proven and with the established die Middle East. c-ofit record. Turnover in excess of OPERATION Telephone: 01-580 5818 support oF top names in British indus- 1 million, tax losses available. Pan-Arab Publications Limited WANTED try. seeks further investment capital RECEIVING OFFICE “. on loan up to £100.000 in P-meioais only please Then ring me right now on Telephone 01-353 8316 turn FOR SCOTTISH COMPANY from one or more bickers. Hw money Wr te Bos CI0M. Financial Tines Leeds 31961 to _ learn some- Small professional Scottish company will be used to exploit the 10 Cannon Street. EC4P 4 87 project's thing you don’t know’. BETTING 5HOPS would like to arcange an accommoda- full potential more rapidly thin h tion address plus sendee near Fa scon possible with existing resources Group owning small chain of luxury and WANTED Station, where a telecopier could be first class return shops for sate. North of England, high on investment is Irani led eventually and from which offered. DO YOU NEED MONEY > average turnover. Budgeted t/o next small parcels could occasionally be Pletne write or for ISLE OF TAX LOSS 12 months s./iu. approx. Substantial ring a We tan arrange finance Irani both MAN taken to Red Star at Eustsn. . meatinc In London rnititutioruj and private cash price required. sources for OFFSHORE TAX SAFEGUARD Write Box CT 067. Financial Timex ill types ol industrial and commercial OT-629 3436 Grew we opportunities In a low tax PROPERTY CO. Parc Cash/Shares may be considered 10 Cannon Street, EC4P *BY sropcity in: lading hotels, factories, tea. We specialise in the formation Principals only home and oversea* developments, of .companies including nominee Contact Box G1058 appointments. Write Box Cl 063. Financial Times to m pa ny atquuitioRs, corporate finance secretarial services, general ageoey work, telex and general Financial Times TO Cannon Street. EC4P 4BT SYSTEM BUILDING Conan leaner Including commercial 10 Cannon St- EC4P 4BY Established company specialising G. ). DARBY A CO., placement. Foil details from: in the »- Brown. manufacture of metal Framed insulated Suite 2f, 70 Buckingham Cats. A_ BROWN BROTHtXS PLANT AND LTD- vKtw> House. Praapect Min. cladding systems Mumble for bouses, London SWJ. Tel: 222 4043 PoppIbs. UIb of Mam. Tel: 0642 Wo wish to acquire a schools, hospitals, etc., widely used in 23U1. Total US 241. FOR SALE SMALL LTTHO PRINTING MACHINERY UJC. is looking for financial backing in order to develop overseas markets. COMPANY Possibility Of complete acquisition LOSS vroald ' BUYERS, SELLERS, FINANCIERS TAX COMPANY which Is situated In the Greater be considered. ARAB 1 London area. Must have-SRA2 so* 2 The internationally known Write Box C1074, Financial Times. of import*, export* , ventures, mergers, and (or 4-colour printing machinery. ffl Cannon Street, EC4P 48T acquisitions, commodities. products OMAN Standby .Generator -Sets MARKETS ? & RETAIL FOOD TRADE Profits not important Inventions valued ewer U-S.S500.000. Read the leading local newspapers: Strict confidence assured can be made available as follows: "International Market-week" will bring Enquiries to Bax G1064 SAUDI GAZETTE (Saudi Arabia) PJeose write to Managing Director 2 to 25.0KW ex-stock you business. For deuffs eartcef: ARAB TIMES (the Financial Times Bor E9943, Financial Timet Gull) 50 to 250KW on short delivery PRECISION MERCHANT BROKERS EXCHANGE . ENGINEERING Detail, pf subscription rotes from: 10 Cannon Street, EC4P 4BY 10 Cannon Street, EC4P 4BY 1-7 Artillery Row 250 to 625KW as available ex- Sub-contract capacity. Well e-inbinhed GULP MEDIA CENTRE London SW1P IRL factory Minneapolis. 3 Du nraven Street. London. WI Tel: 01-222 4447 Sole U.K. distributor In: port, has capacity available Tel: 01-499 4741 . Telex: 290412 Telex: 89669! G Ref ATE5U YOUR OFFICE IN for pre- LIMITED COMPANIES eWon machined para — quantities TRIDENT EQUIPMENT LTD, from 1 0-1,000 preferably an a monthly REGENT STREET FORMED BY EXPERTS basis. LARGE AMERICAN Onaa BUSINESS SERVICES FOR £78 INCLUSIVE Division, Unit BC. Write Box COMPANIES FORMED ADFONE G/075. Financial 77 invs MANUFACTURER answering, 10 Expertly, speedily, througbo.it the * 24-bour telephone READY MADE £80 Teh Exsdeijti 617256 Tefcac 477642 Cannon Street, EC4P 4BY private office* 4 Luxury furnished . of Skateboards, parts and world. Compare our prices COMPANY SEARCHES 3 Prestige business address accessories desires exclusive ENGLAND £69 i Telex, secretarial. Xerox EXPRESS CO. REGISTRATIONS LTD. distributor for United King- ISLE OF MAN £9844 150 Regent Street, W.l. 30 Gty Rod. EC) PUBLIC COMPANY dom. Excellent opportunity. GUERNSEY QS0 Day 01*439 4281 . Eves- 01 -734 5351 TEXTILES 01-628 • GENERATORS 5434/5/7361. MJo (Old Kablfshed) with ampio funds to Write Box G.1Q53. Financial LIBERIA ...... U.S.S870 (Ovett over 400 sets m stock is looking for acquisitions. Will- Times. 10. Cannon Street, SELECT COMPANY FORMATION jog to purchase whole or part murest i Athol Street, Douglas, 1kVA-700kYA EC4P 4BY. • l.o.M. in any type of manufacturing Tel: Dougin (0624) 22718 NEW YORK OFFICE or -n*. buy wisely frwn i £50,000+ the manufecturen Child sing business situated within Telex: 628SS4 •wy access ABOVE SUM AVAILABLE FOR TuuFiil New York . office suite of with full aftersales service. of Lancashire. Existing Management INVESTMENT IN ANY SOUND International attorney (U.S., EEC. CLARKE GROUP retained. Principals only. french, German, Sndl iaw) has large Repfiej to Managing Dfreaor 01-985 7581/0019 Box With or without active participation. bright office to let. Secretary and xalex Gf076. Financial Times 10 Cannon Subscriber has excellent connections available. Immediate occupancy. Telex 897784 Street. EC4P 4BY internationally in the marine industry. KcpJies treated In strictest confidence. JOHN C LEONARD. ESQ„ Write Bex FJS3, Financial Timet, 600 Third Avenue, New York, " 10, Caamn Stfcet. £C4P 4flY, SPORTS GOODS N.Y. 10014. Toll . (XU) 535-3627. WANTED RETAILERS 500 > - or 750 KVA: -.FASHION BOUTIQUES > TRANSFORMER iTi 00,000 available for Investment m existing business in either Teh D. K. TAYLOR of these areas, 0255 Wr GT 78 24244/5/6/7 J5T>'' ? - Fliwuetar Timer IP Cannon Street, EC4P 4BY M - . . = ^ 29 Finaiudal-rTimes 'Tbxirsday. vDecemlser 1 1977 APPOINTMENTS TJ^lrArnn , ffPD out of red at £ Gordon Brunton to be Bemrose chairman * ... aa«.come managingm-enasrino directordimrtor oOiln Janu- S firmn hhe had been UJC group manag- HOLDINGS L. Turner, jJt. Gordon Brunton, managing HUMPHRIESli •' ary 1, in place of Mr. E. chairman la Mr- hing director since 1975. . until director of the Thomson Orgautea- to-day.* The new has been who will remain a director awaits loan Plantations Davey, previously deputy- Mr. DavM Griffiths Hancock was pre- 000 will non-executive John/ T. Prest- retirement. Mr. £<>9 — ?tion, become director of , °made financial manager of En- chairman of the BKMROSE COR- cchairman. Griffiths was viously general during c ' cold Holdings. Mr. < CONDITIONS • c News- for .development or property CUMATIC group, field Newspapers. Reading season have- been FPORATHJN, the packaging previously financial controller ot the1 current tea Thompson, managing P Press developments in progress, and May. Mr. R. CL Products at the paper Is part of the Argus MEETINGS generally favourable and a record nnext fQament Leyx land Special BOARD that remittance to the ILK. of 2 Bern- directord of the woven Melton Group. about 35400 quintals He will succeed Sir Max group's headquarters in any sale of group tea crop of division, and Mr. P- M. White, ' e proceeds of chairman for 23 years and d | Leicestershire. He will ] Empire. Plantations rxese, Mowbray.• is is1 expected by home furnish- I. P. Bailey !HS5 £3S5? SVffi assets in Trinidad is subject to fifth—and last—Bemrose to rmanaging director, the Prestcold Hold- Mr. Christopher SUPPlUS are ggaally Investments, ; Mr. G. A- thet Viyella be“ based at ^ VJ Klnir EsCbanse. such WMlIniT exchange control restrictions up mrf since rmgs division, CarringtnD Berks. to become managing dlrectoror «- *»• W«W» 4IW- ; the title consecutively offices at Thatcham, of £Z.«rt» Mr. Saffw the ftnoae of- capaWortM. in his' annual thold the ings11 PRODUCTS over w to October 19$). Accordingly they Whitaker, says 1S26. Ltd,I have been appointed to TUNNEL BUILDING condi- Wfcti m bm tan- the1 company was founded Is • She chairman, W* oocial W subsidiary. 1973 he has continu* concerned arc are unable to form a view as statement joined the BoardI of its principal In January. Since i • LimSilii fffmnflnv Me Yrhclher dWJfcnC* 'Sir Mwt who is 73, Griffiths a ^ffroup . some uncertainty m VTYELLA GROUP. Mr. Peter director of marketing and to the present value of these There was in 1028, and hiB retire- CCARRINGTON INDUS- been* following the «company director0 of MARLING subsidiaries oi - market of two SftaS**-*®* assets, thei Calcutta completes a management W Board of sales 3PS&5 to ment TRIES, has Joined the J J& of a rales ta*. and T. Davies has been 'Guthrie Corporation. “* 14 milm. Kjnsu. impositioni started six Mr. EL and is restructuringj which J a subsidiary, further ^£adj topmement M* Indian authorities * of the Miller® Weblift, * . B73-75 UT4-75 addition the iappointed London manager . ago. In 1971, Mr. David Rice and Mr. Terry anticipated. : £ lax 3years Mr.* David Hartley, form- _. I imposed a heavy export l OP ADELAIDE to succeed Mr. Myles S. H. have‘ Sir Max’s cousin, BANK been appointed previous 22 mouths, aroii. Croup tnmoiror M90.ST 7.K&M1 auctions. Wigglesworth, WDkfaBoo have director ot the ™Tor the shipments to London Mr.l ML L. S. Anderson, who is erly managing 1 •HMlfi on chief executive, and Sir Ryfcneld Milk, a . T radios BK884 : of ’ Sir 1WS, there was -g** *“*£ pnrfU with became' to the Board division, has become rice- October coupled ' export ended S^w^sSSSJyro S06.1-IB Snt the extra crop *retiring. Mr. raw w. Wrfctmfft - - - non-executive chairman. Mr. member, company. ™ turnover of ,warn MaxJ .. joss of £152ixl an gftj”- wuAnwi control has lessened chairman of SHAW CARPETS. Share tame, kmc . . aW88 — tight financial * duet ' — joined Bemrose i has become group ' Brunton the Powner ; Charnock has £7.Sm. Dundee ami Pre-tax won fiU»*lJ2Z£M of increased wages chair- Mr. Raymond E. -BaE* "Gharrtsstoo, the impacq years ago. Mr. E. J. Gordon Henry, Psx 190 10,784 BoardJ two accountant director of terms have been GvU cost of items beenj made managing As known, T EM»re and the escalating Stewart Wrightson, has » Minority ipterasw 1-ST8 W# man of ^ previously ‘ ui uic 1 / ad^ett- . seasonally ..Retail Betail XJnem- ^ vara - .rfS -oi. ^ i— : • 1977 -iase ids" 1054 • 217,1 1430 na 103 as ;S- is*»? slow s5h issW18 s 123J! m lW Mlw 103-8 a? if g s»' ® 1433 133 1433 156 SSSRSS«fflf^---»« . UM S 1 10 Wg sill* uajo «HA' **25 IS** ni SSL i* TRADE—Indices of axpeat' and ftterNAL oil balance, tern*tlSSS visible balance; current balance; 1 _ . -rnrt N • avMtflllffD fPSPrVflL of trade (1970=1001; Terms Re*v. Export Import Visible Cun Oil Vm* u trade USQbu* -volume volume balance balance 79.1 4J9 1414 128-2 ’ «»9 —962" —461 —816 80-4 9.® s q -™ nd qro; mi B 15J: 3rdqtr, 1414 16J.4 =ffi S 1^7 152.0 Ig^ June -199 80.1 1*34 1«.0 L ^ July a -183 82.4 144 UB -204 83.4 17J7 ? ; i?se lS3 +S +355 + ” 4W —881 84J) *ftg “financial— oney snppiy^lL and, ^rlteS M3, bank advanora.. (three months gnwth, it annual in sterling to the private sector Si?): domestic credit expansion ttm.l; credit'; all seasonally adjusted. Minimum - inflow; HP, new lending rate (end period). lit .M3 .advances DCS BS HP inflow lending ^ % %-•..% £g>. % 7 " 14.4 1*17 152 ^7 Mi 4th q tr. 3.9 8.8 339 10* nJVZ -- 3.6RJS -10J2-10.2 S353 -L882-1382 4®492 352 1 5.6 809 L290 I6JI u -236 394 134.4S1 mSI H-223 8 SBLOW 5 iS- f8 5.6 707 304 . 350 suS5J ..iB17.0 320 " 363 8 19.qcJ 12.612 0 2SJ2 —293--233 302802- - 417 7 £2.02?0 9.4 So24.0 -69 462 402 6 '5?®; S334.4 lls14.8 32^22JB J2SJ26 580590 %ct M35.8S 17J U3*** 239299 £- INFLATION—Indicw of earnings (Jan. materials and fuels, wholesale prleejio retail prices and food <1070=100); value of commodity index (July 1952=100); trade-weighted >. sterling l Dec. 1971 = 100 r for International Financing Earn- Basic Whsale. _ . . K. large enough Foods* comdty. Sttlg. We are ings mails.* mnfg.* RPI* 1976 2339 165^ 172.7 250 8 5M to remember your name. 4th ulr. 109-9 329J9 and still personal enough 1877 374-1 184.7 2^.4 615 1st qtr. I1W» 9U3 24W) 259J) 181.9 191.1 2a0-0 an Austrian bank in a financing group, 2nd qtr. 114J M7Ji with a large bank for If you need 184.7 192.1 2^9.9 6L8 We all know, banking 3rd 116-1 341.1 267-7 or qlr. 2o0-0 loan consortium (new issue syndication), 345J2 4K.4 183.6 l«-7 g-j international transactions has its problems;lfs a 183^ 192.0 24J^ 6L0 ventures, 344.6 265JS the problems, just to conclude an East-West business 339^ 268-0 184.7 19L9 S39-9 shame, many banks overlook 341.6 62.4 ofpur experienced 33BI 2fiO 185,7 1^-5 rectifying them- why not write or phone one 64-8 thereby not 334*4 270^ 18t5 1KU J36J8 4 do! staff members. He will become your personal * Not seasonally adjusted. We banker who will representyour interests whatever department it may Concern. Thafs what makes us more than just a large bank. KGA International As announced with the company results and following approval by shareholders Berry Wiggins & Co. Limited - has bean renamed GirozentraleVienna KCA International We take you all the way Girozentrale Vienna, A-1011 Vienna; Schubertiing 5, Tel 72 9 40 Telex 7-5445 « r vomrctca TeL 7294 670, Telex 1-3165 International financings: Mn ANTON, TeL 72 94 750, The Company Head Office remains at; 9th Floor, Berkeley Square House. Berkeley Square, London W1X 6BY. 94 Telex 1^2911 Nonrecourse financingiMr: SCmffiERT,TeL 72 94 329,TeIex7-5445 -tang- dealers: Mt RAMBERGER, TeL 72 441, and the Registered Office at: Foreign Hoa Rochester. Kingsnorth-on-the-Medway,9 Kent ME3 9N0, . . — . ^ Financial Times Thursday December 1 1977 30 INTERNATIONAL FINANCIAL AND COMPANY NEWS AMERICAN NEWS heads Ericsson’s nine month Peugeot ICC may take legal action NEW YORK, Nov. 30. . against the Government's, earnings rise A COURT-APPOINTED investi- told the Securities Industry fight 13% for suit, William by anti-trust growth s. In Boca gator recommends that Inter- Association Meeting AP-DJ. Cashel Jr., vicechairman and. ‘ STOCKHOLM, Nor. 30. PARIS, Nov. 30. national Controls Corp. (ICC) Raton, reports BY WILLIAM DULLFORCE BY DAVID CURRY Wall chief financial officer, told AP. a prominent Washington law In a speech before -- sue Dow Jones in Atlanta. Swedish of final earnings “somewhat inflow of new orders during the heavier volume of sales outside firm. Hogan and Hartson. and a major trade group, Cars- L. M. ERICSSON, the AUTOMOBILES. Peugeot which Street’s Cashel said \>e wasn't sure the higher” than the Kr.filSm. re- third quarter, notably several the country, accounting firm. Coopers specify any telecommunications group, re- historically ought to be the more France than inside leading well didn't Government’s total costs were 1976. relatively large contracts from Colombia, tendency broken for allegedly aid- the Treasury ports a IS per cent. Improvement ported in The profitable half of Feogeot- resuming the and Lybrand. approaches but said "! the ' included in the company's earlier Kr.515m. (£59^m.) low sales growth is expected to Nigeria and Venezuela. At the last year. in the schemes of Robert L. advice of the in earnings to Citroen combine formed just j would seek the prediction that total costs of : half-way stage Ericsson's order issued Jones.' fashion- the first nine months and persist to the end of the year. The Frs500m. loan— Vesco, reports AP-Dow industry **in 2 for over a year ago, is heading for securities preparation and trial of the case ? turnover The interim report notes that Intake was trailing 5 per cent 1L3 per cent, action, and in 5 per cent growth in at least maintained and probably over 12 years at A 323m. damage ing the right approach would “unquestionably approach (£617m.). telephone authorities are still behind the 1976 performance. offering a yield of U-.66 per from the alterna- to KrJ.4bn. improved profits on sharply and apparently stemming thinking of creative $lbn.” : " the holding back investments new During the third quarter the snapped up by Moreover, after eliminating m higher sales in 1977. It will also cent.—has been recommendation, was filed tives." incurred in transferring telecommunications equipment Swedish .group also won the investors backing Peugeot* against Hogan and Hartson ta a losses “ build around 780,000 vehicles Carswell noted what be called subsidiaries’ mone- because of restricted economic Australian Government contract reputation and as one of this Federal court yester- the foreign which will surpass last year’s New York drop in public into resources.” Zt is thus significant for its new generation of com- profitable com- a predpitious tary assets and liabilities record of nearly 758.600. country's solidly day. of companies at nine-month pre-tax that Ericsson can show a 3 per puter-controlled telephone ex- proven ability to International common offerings Outlook kronor, the These forecasts are contained panies with a Mr. Vesco used capital for the increase in the order intake changes. Although the contract seeking equity figure is more than trebled from cent, in the company's prospectus for compete overseas. Controls, a Thomaston. Connecti- the months, had no immediate impact on first time. He said that in Kr.l09m. last year to Kr434m. for the nine from a private cut,' electronics manufacturer, In Rexnord the FrsiJOOm. Issue it has made At the same time, as six months of 1977 such Mr. Bjorn Svedberg. the Kr.fi.26bn. in the corresponding the order book, the choice of have the 1970 take-over of the over- first to finance Investments. These concern, it does not his totalled S230m. com- Gooding, director, maintains period last year to Kr.5.43ba. Ericsson's AXE system was seen empire, IOS. In offerings By Kenneth managing are likely to amount to Fra.975m. burden, bom by the state- seas mutual fund for all 1972. forecast This growth is due to the as a “strategic breakthrough.” pared to S33bn. Industrial Correspondent the cautious half-year this year against Frs.G74m. in owned Renault, of being November, 1972, the Securities Commission CpwiTtianriTig on this drop, institutional 1976 while forecast Investment regarded as the social pace- and Exchange MRE than 250 ] Carswell said “we don't really in 1078 shows a further sharp maker in industry and as the charged Mr. Vesco and numerous vestors, mainly from tho complaint whether the present increase to Frs.l^bn. The new perennial industrial relations associates in a civil know but also from other ports of funds, inadequacy is simply money is destined for plant test case. with -looting" IOS which apparent Europe and the Middle Eas^. downturn in new at Malmros modernisation, preparation of to extent have since been placed in liqui- a cyclical were given a “teach-in" by' Resignations It known what is not whether a combina- new models, and reinforcement Peugeot's stable-mate Citroeo dation. financing or senior executives of Remark regulatory rigidities and BY WILLIAM DULLFORCE STOCKHOLM, Nov. 30. of long term capital structure will match Peugeot's profits fore- Hogan and Hartson was coun- tion of the diversified engineering Controls. is really having a and working capital. cast. .But the most recent motor sel to International tax policy group, in Loudon Yesterday. Roos, to chairman. Mr. pany. A similar gas tanker is audi- 'dampening impact on THE CHAIRMAN. Mr. Axel expected be Sales in 1977 are expected to industry production figures Cooper and Lybrand were decisive The objective, said Mr. Robert’? Malmros and his brother com- currently moored off Gothenburg firm was are trying to and two other directors left the reach FrsJ8.5bn. against covering the first 10 months of tors for IOS. Neither a innovation. We Krikorian, president, was to in^j manded over 50 per cent of the harbour after escaping impound- SEC action. But dimensions of this outside Board of the crisis-ridden Frs.lSbn, the previous year of the year show that Citroen ’s defendant in the explore the terest more investors th«^- votes cast at the meeting. ing in the Gulf of Mexico. documents filed as part causes and possible shipping company which Frs. 7.4bn. came from expansion Is rather better than in court problem, its States in the group. Rexnord' Malmros Malmros. which is largely a Two Swedish companies, the <‘id question exports. At half way this year that at Peugeot of its case, the SEC cures.” currently gets one-third of its.' yesterday after a clash at an Pripps Brewery and AGA, are family concern operating tankers sales of Frs.9 R5bn. included Un to the end of October, activities by the firms in connec- business from outside the extraordinary general meeting have signalled and bulkers, needs to find a understood to manufacture tion with Mr. Vesco's alleged 3 per cent-: with the managing director, Mr. Fri4£4bn. exports. excluding overseas and yet only around further Kr.20m.-25m. (£2.3m.- Interest in buying Frigoscandia, operations. shares Frans Malmros. Mr. Roos, who During the same period cash- and assembly, Peueeot had in- Dayco Corp. of the 17m. issued ar»- 2.9m.) for its shipping business the concern’s most profitable Federal Judge investor*.' the managing director of flow topped Frs;956ni. against creased last year’s total of Early in 1973. held by non-American is before the end of the year to operation, which could fetch an whiln appointed a Skanska Bank, wanted to sell Fr*.630m. while net profits were 618.567 vehicles to 637.10* Charles E. Stewart There have been major avoid liquidation. It has already estimated Kr.l 00-150m. Foreign to take oyer earnings rise b'rigoscaxidia, the concern's lost short of Frs_?95m. rather Citroen was running at 594.637 board of directors changes in the group’s European" succeeded in postponing payment buyers have also shown interest, and, profitable cold storage business than Frs.195 6m. This year the a&arnst the previous year’s International Controls also By Lynton McLain operations during the pea on most loans due since October. but Mr. Malmros is optimistic 1 attorney. , with cold stores in Britain and company expects to have a 549.852. appointed a New' York couple of years. It acquired, for Its major problem involves a that he can settle the gas tanker THE DAYCO Corporation of the Continent, in order to David M. Butowsky. a forimer around $15.5m.. Ateliers Bon an gas tanker being built at a deal and find other ways out of Dayton, Ohio, has announced a SEC Investigator, to make a geaud-Macon, the French mining'' meet Malmros' debts. French shipyard. the concern’s cash crisis. per cent increase in net earn- Malmros had a of all. .pos- 10 thorough examination' equipment manufacturer, hut . The annual general meeting half share in this ship but, after He has been negotiating the ings for the first nine months , sible claims for or against-Alter- has a 50 per cent stake in an sleeted a new, enlarged Board, its Liberian partner in the ven- sale of Scandinavian Touring, of this year compared with the nation at Controls. Italian chain-making business in which former Swedish Ship- ture went into liquidation, the the concern's travel agency, to Deutsche Bank ahead same period in 1976. Earnings of Shortly afterwards. Mr. Veseo also its construction equip- ping Board managing director. full responsibility for the order LB-Foretagen, a subsidiary of yaam were achieved on sales and left the U.S. and has refused to subsidiary in Wed Ger- Hr Carl Costa Wid**ll. is tow fallen nnto the Swedish com- the Axel Johnson group. BY JONATHAN BONN, Nov. 30. for the period of S413.6m H up 15 ment CARR return to defend himself against brought per cent an the previous nine many—which In a total SEC's civil charges or agajkost DEUTSCHE BANK. West Ger- earnings by 13.4 per cent, to the period. of around S3m. indictments month many’s biggest commercial bank, DM1.68bn. Commission earnings several criminal Dayco Federal Grand Announcing the figures, has followed in rose more slowly later brought by Commerzbank —by S.5 per president Mr. Ernest Dourlet .t NOTICE OF Juries. He currently is living* in REDEMPTION announcing a sharp rise in cent, to DM483 m. The balance been record sales Costa Rica. said there had November tumronnd operating profit in the first 10 sheet total was up by 43 per earnings for each of the To the Holders o£ Late yesterday Mr. Butmftky and i" months of the year. cent in the first 10 months to quarters. He said there filed an 825-paee report withVthe threfe at Bacbe Group Results of the Dresriner—the DM70 2bn. was every indication tbat fiscal judge, aver the objections, of GROUP Inc. president* B' other member of the “big The bank’s credit figures re- year BACHE RICHAUDSON-MERRELL 1977 will be another record 1 Hogan and Hartson. The report Mr. Harry A. Jacobs Jr., told tbo a ', three” are due in the next few flect the weakness of the econo- for Dayco with sales approach- reviews the many transactions annual meeting that the com- ¥' days. mic upswing in West Germany ing $570m. It was unlikely, how- OVERSEAS FINANCE N.V. hare thoratf&hly : that already pany had had a very substantial l** An interim report reveals and the disinclination of enter- ever, tbat the rate .of growth been aired in the SEC rase^but increase in November gross, *? 8 Deutsche ooerating profit to-be prises to borrow for capital attained in 1976, when net earn- Guaranteed Debentures Due December 15, 1985 goes on to recommend mlts revenues and that OctobetY Iff %% up by one-flfth—thanks chiefly investment The trend is ings rose 41 per cenL. would be be filed against Mr. Vescojand have been stopped, »o increased earnines from the almost upcban*»od—d**soire in- repeated this year. trading losses as of many of his confederates, as well NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated Decem- ’nteresr business a nd -the bank’s rprp*t rare* at tbpfr lowest level as a result of the turnaround la- rc Hncan and Hartson. -sad ber 15, 1970 providing far the above Debentures, $2,000,000 principal amount of said Debentures fo’^i'tn and securities activities Fn- mor® a d aende the bond market. r 1 , Conner and Lybrand AT and T estimates hearing the following serial numbers have been selected for redemption on. December 15, 1977 The ban - no*ntPdlv dec' ires Total crn* « vftiiim" 'ncreasod Bache last week reported a* if- , Reed International Spc "87 • 8S 985 RHM Spc 1992 ... 97| W? Selection Trust 8;pc 11*89... 83 915 November, 1977. Skand. Enskild* Spc 1991... 10U1 101 SKF Spc 1887 93 BM Sweden fK"dam> 8} pc 1987 974 9SI Untied Bhcuits Spc 1989... 993 1004 Voice Spc 1987 March 954 ftdi MOTES Australia T4 pc 19S4 Ml 87* Bell Canada 7ipc iasr ... 934 90 Br. Colombia Hyd . ?ipc *SS 964 971 can. Pac. 8*PC 1934 — 90} 108* SGS-ATES International Dow Chemical Spc IESB ... 191 1015 S.A., Luxembourg ECS 7) pc 19S3 97} w* ECS Mpc 1989 971 98J EEC T-bc MSS 971 PS1 EEC 7Ipc 1934 97* «S1 u.s. $10,000,000 1025 211*3 0414 4534 3WW 7051 S191 9546 107CM 11903 12944 14001 15290 16813 18562 19871 Enso GilCBdr SiDC 1934 _. Wt 99 IMS 2Um tUtS 4W5 STlIU TnS7 MOO 9565 1U7RL 1190K 12UU 14003 15295 16819 18572 19883 Couvvdnn 7Ipc 1952 W5 9W 1KR.-I Z112 3424 4SK7 STHiI TdSR 820S 95m 10783 11917 12953 14008 15:07 16829 18574 19910 Kockiuns Spc 19X1 9S3 89* Medium Term irvr.6 21115 343*1 457*1 S7W.> 70*3) 9587 Loan B21» U17SW 11927 12957 14009 15333 10866 18577 19911 MlcbcUn 81 pc i»K3 ... 1094 101 2129 34113 4537 8213 9559 1U795 Stan 5710 TUBS 11931 12965 14014 15388 18870 IE5B8 19914 Montreal Urban Sipc 1981 99} IN* WBfl 2144 3435 451*0 5714 TOGS 8218 9594 10B04 11933 12976 14015 15.TT7 16878 18600 19920 New Brunswick Spc 1984 .. 99 so: 111311 2145 3437 45-17 5731 7U82 821*1 9595 10324 11954 12982 14034 15383 16884 18602 Guaranteed by 19948 New Brans. Prov. sjnc V3 1921 103 in.-2 2163 3450 4b'.||i 5722 7083 8231. 9506 10825 11941 12390 14648 15438 16892 18605 19990 135 211=7 3451 411.12 5725 7107 HSC !*5TO 1082G 11348 13002 14051 15451 18898 18615 19959 New Zealand Sipc- 1988 . . 839 991 Tnv. *84 li-'-.tl-!t» 21W 3474 4664 5733 712*1 8252 9601 10827 11BS5 13006 14076 1546S 17003 18821 19961 Nordic Bank 7,’pc 974 981 Norsk to:*?n*7 2207 24:12 4fi|«* 5TV.B 7136 8265 0G3G 10K44 110K1 1»J16 14085 15472 17016 18648 19973 Hydro 7Zne 19S3 ... 9S-1 »* STET 111*2 22*U* 34K15 4*527 5739 7133 H264 MM IHW*» 11366 13*121 14086 15434 17035 18650 19978 Norway Tlpc 19S2 974 98* 41.211 “*'*88 ism 2ZI7 1*561 P740 7164 fl»« 1"BSM U97T 15026 14096 15485 17048 18654 19991 Ontario Hydro SOc 18S7 .. 97> 98* 1121 2224 yiiOW 4tuU 5767 71«S 8295 08X9 WKM 11*131 13031 14108 15498 37059 16689 rinser S!pc . 19994 1982 101 101 } Societa Fmanziaria S. Of Scor. Elec S!pc 1981 ISO] 1011 Telefonica, p.A. On December 25. 1977. Ihe Debentures designated above will become due and payable in such Sweden iR'daml TJpc 1632 fc» 982 Swedish State roin or currency of the United State*; of America as at the time of payment shall be legal tender for Co. Tipc 1989 884 » Arranged and Managed by Tclmex Bine 1934 . 1001 the payment of public and private debt^. Said Debentures will lie paid, upon presentation and sur- Termcm 7!pc 19S7 May -. 9*1 93* irndcr thereof with all coupons appertaining thereto maturing after the redemption date, at the option VoDuwafien 7Jpc 1687 984 971 or the holder either lal at the corporate trust office of Morgan Western Guaranty Tran Company of DM BONOS American Bank (Europe) Limited IVew York, IS Broad Street, New York, N.Y. 10015, or tbl offices at the main of any of the Austria o;pc KK5 195} 1M following: Morgan Guaranty Tm**t Company of New York in EKCE 7pc T9S7 \ Brussel?, Frankfurt am Main, London, 1WJ 104 Standard Chartered Merchant T-imitpr) Denuurt: - Bank Bloc 1BS3 Iff! l’aris and Zurich:^ Banco- 'onwilier Si C. S.p.A. in Milan and Rome; Bank Mees & Hope NV in 103] ETB Sipc 1931 ...... IWJ IW Amsterdam: and Kredtetbank SLA. Luxemhourgeofe in Lnvembourg. Payments at the offices referred rirand Met. 7pc 19*4 991 190* And Provided by above will to in (b> be made by check drawn on a bank in New York Gty or by transfer to a dollar HrdnwiuelKc BJpc 1987 ... 99* 109i ICI account maintained by the payee with a bank in New York City. 4JPC 1987 UB4 1041 The Bank Montreal Tpc 19S7 100* 1014 of Tokyo3 Ltd .. Santo Coupons due December 15, 1977 should be detached collected Spirito Investments and in the usual manner. NOreca Gas Tpc 1989 1044 UB Limited and Norsk Hydro International On after December 15, 19 * < interest shall cease to accrue on the Debentures herein Jprfgwntfd Sine 1838 IBS! 104* Mexican Bank Limited Standard Chartered Bank T ' Nanny forredemption. Kpc 1S8S 1EJ 103 Shell 6Spe 1989 1074 108 Standard Chartered Spain Bfpc 19S4 991 100 . . Merchant Bank Limited ! Twl;mT EICHABIJSON-MERRELL OVERSEAS USANCE N.V. Sweden Sipc 1984 103 IMS Italian International Bank Limited Western World Bank 6*pc WB7 „. 1024 IN Ammcan Bank (Europe) Limited Dated: November 9, 1977 FLOATING RATE NOTES Bank af Tokyo 19S4 THispc 99} 991 Agent NOTICE BFCE 19S4 Tpc BNP 971 974 The following Debenture* previously called for redemption have not as yet been presented for payment: 1983 dipc 97* 981 CCP 1983 Tpc 93* 93} 51-673 0243 3109 3218 3223 6280 6364 7364 12670 12713 16631 18838 18916 CG31F 1984 OG^oc 97} Creditanstalt 1994 78pc W+ Credit Lyonnais 1882 «|pe m 9H DG Bank 1332 e«pc 99* 99} . . . ; \ - — medium term verseas i credits Hanimex Australian takeovers Issue for Kanin Agro $50m. loan sales ahead A day of surprises BY RAHCI5 GHttJ® in firct Banco do 111 lilM BY JAMES FORTH STDXBT.Ztor, 39, KARUN AGRO Industry tea, of The cost of group the project Is terms from a of banks led BUILDING products maker, A. T.V. bigJog contracontrol throughThrough market pnr» leas Than1 SA3.40, aodf have been Iran is raising iSSQm. for seven most xwwi ra wf/\w of which will come by Guinness Mahon. n /frier WehllndastriesWehl Industries to-day sprang a chases hutbut not extending a com- as lowlot as $A1.28 this year, Lloyds years at a spread of .l per cent. from Iranian l|II UdfICr sources. The $S0m. ENI affiliates continue to x surprise SA13,3m.SA13,3hl hid for hard- parablenarabte offer to all shareholders directorsdiretf have advised share- Biwflwif - over the rate from a loan "'.By Sue . interbank represents the group, Lloyds Holdings, amount of borrow. This time it is . the By Our Own Correspondent is a controversial issue in holders to hold on to their shares small group banks led by First ha™ l SAO PAUtO* Nov. 30. of currency needed to pur- Nassau based Tradmvest Bank The momentarily stunned Australia at present and await a statement from the Chicago. a three- chase KVTMsnrv • ' - 1 — * " — ^ . ; the lower level In the current Malaysia. The gross sales profit loss of $Sl.63m. end reported a 4S.5 per cent, let per share- 0.23 1.57 { ' 1 half ;et share dil 0 ”3 1.52 njLnjk. Not available year. j margin also went up from 1.8 per The improvement at Cycle and advance In pre-tax profit :i .V '• • :\ r Anew force in international commercial banking .Wit Allied Arab Bank ||j Allied Arab Bank Ltd i L^uV IcH-o Now established in London, Allied Arab Bank is in a unique position to provide financial advice and services to Arab customers and corresponding assistance to Western clients seeking to develop business in the Arab World. Allied Arab Bank offers the Ml range of international commercial services provided by an authorised bank) These include:' Documentary credits Stock operations Financing credits Current accounts Documentary collections Safe deposits Investment advice and Savings accounts Foreign and domestic Travellers cheques management Deposit accounts payment transactions Operations in the international Project finance and development Trustee accounts Collections of bills markets in sterling and Preparation of feasibility studies Fixed time deposits and cheques Eurocurrencies Syndicated loans Foreign exchange Authorised and paid up capital: £15 million Allied Arab Bank Ltd Cunard House, 88 Leadenhall Street, London EC3A 3DR Telephone: 01-283 9111 Telex: 886959 • m/mxttHBft TWER WUE5TYTVE QUEEN SCCRCHWSCVDBIUBS JWiWUBt&SONSUU JOHN WALKER & SONS LTD.SCOTCH WHISKY DOTJJ^iW^ ; > —a : Financial Times Thursday December 1 1977 BOOKS OF THE MONTH uit/VincivneyiU: Mow are prc-paid ndr-erusemcnts. If vou ijinrr entry in the JiwtftcOTiOtyJ pow<*fs application should • fiiii? to tfec .-ldtvriMerneH/ Department, Bracken House, ) illinium Street. EC4P 4BY. Telephone 01-245 8000, Ext. 7064. ihnkpspeare’s Prophetic Capital Allowances in BY C. P. SNOW lincl Law & Practice Holding the gorgeous East in fee R. J- C. Harwood Pickerill FCA FTH i. made money, from Ihe time. of the Genoese, Pisans, Byzantines, Venetian buildings, most of no one was allowed a position Apart from the oligarchy th» Venice: The Rise to Empire re- rest of the population had no t ibis short and highly read- President, Institute of by Attila (round 450 A.D.). when Arabs. Turks and so on. together which, of course, were built, of power for long. John Julius Norwich. Allen political power political rights hlo A. ti.irwnod they mainland Loo .with .land struggles with Italian built, added to over the centu- The oligarchy had the power. or volume Taxation • Lane. found the £7.50 319 pages at all. This they seemed to have >;ps Shakerpesre's plays as dangerous and so took refuge in city states. ries. Norwich seems to know There was no single figure, or accepted cheerfully enough. They orirnying in their sequence The first book to bring every slab stone. ' will even single group in charge. The the lagoon. The lagoon gave At some periods, the Venetians, and That fought well for the "Republic developing ullage of man together all the provision on This is the first of two volumes them nothing bat mud flats and who never had a native popula- he rather more familiar to a Doge was increasingly controlled they in. capita! allowances, including by Lord Norwich on the history when had They worked nd mankind. A most re* of more than. good many Eng lish readers than 1968 of reeds, but at least they could tion say. 250,000. by law. so as to be a dignified efficiently. All the evidence sug- linkable discovery. amendments since the Venice. It is really not Venetian survive fish and birds, and took heavy casualties, and there his account of the and continuously supervised gests that they had strong pat- Act, allowances on machinery necessary to say much more on tudiilf Steiner Press £125 than can’t have been many Venetian constitution, which was also tnat were safe. Once safe, within a > figurehead. The oligarchy was riotic feeling. They had full and plant enacted in the the whole work will be -the over short time they had started sea- homes which didn’t lose a rela- added to, and crystallised, much too large to take executive legal rights. Thprc were social Finance Act 1971 and changes standard treatment in the Byzantiujn. tive fighting for the Republic. centuries. It was very odd. There decisions, and so the republic anv Finance Act English language, and borne commerce with services unlike in Europe, effected in the probably like it, or at the By 700 A.D. or so the little island A1I that, however, is water under has been nothing was governed by a set of commit- national health, provision for old 1976. best treatment in any small Enterprise communities had accumulated The bridges, along with Crecy, any rate nothing like it which tees, one of which, the Council age. factory legislation. The language. However, I am going The Institute of Chartered Poitiers, Fontenov and Dettin- endured so long. It had the of Ten (which with levolunraent: Policies to indulge myself bv writing some wealth, and soon combined sat the Doge average standard of living, in Accountants in England to form what we should now call gen. .The Venetian leaders were greatest merit which any con- himself and six of his advisers), the modern sense, was during >nc! Development further. I could rationalise that and Wales £5^5 by a stale. normally even more obscure stitution can have. It worked. was Ihe most operative organ. most of the lifetime of the saying that 1 am doing it figures than the western Euro- about But no one could sit on the Keniihlic. up perhaps tn the nlended for persons con- because Venice is not only the The Venetian constitution, and In due course-—it took peans. nur own, French, Burgun- Council of Ten for more than a L-rncd with promoting small most beautiful artefact that men the social structure, developed 500 years to crystallise—all the middle of ine 17th century, dian. Teutonic, whom we read an year at the time. Once again than that nf country- ni'*rpiisi-i and helping in have made, but also because the into something of a marvel. power became concentrated in higher any about in English school histories. heir effectiveness. Encourages Statements of Source & Venetian Republic was one of the Venetian history, in terms of oligarchy. The oligarchy was the checks and balances were in Eurone. Industrial relations This was because the Venetians with about working. The Venetians went us caders io compare strategies Application of Funds: most interesting, and most im- drama, is rather uneventful, quite a large one. were a Won tn nil. About didn't encourage anything in the aris- to obsessive, almost insensate 15.000 men were employed in the nd to selpef relevant Practical Guide to perfectly understood lessons in which is part of the marvel. 1.200 membprs. the entire A way of personality cults or Bona- a lengths to keep anyone front Arsenal. pprname* for their p3rticu- human organisation. But in fact Norwich does his best with-it, tocracy. which was itself They were skilled and SSAP. io .. society ever l naftism. No has working aristoc- real and permanent power. Pos- indispensable workers, nn whmn ir purpose and situation. am writing just because I love and no one could do better: but commercial and been so anxious fn avoid power or people any iili'Hi;iiei\- ihe Robert W. Knox, FCA the place. there were just two episodes of racy. This aristocracy decided sibly 40 50 in thr nav\. ,uH eollPCtinE in a single pair nf - decade reallv had lhc major con- i|em*nd**il Tlir- SUN 92-2-10JS5J.2 £3.55 The Venetian Republic had a internal commotion, both pidd- in close ilself After about Stale. arsen.il hands, or so ingenious at devis- per- The author deals not only continuous history of over a ling by contrast with the most 1300. it was effectively impos- trol nf Venice, and strong workers bul their ««wn armed nlrnialional Labour Oltice ing checks and balances. sonalities have made them- militia Thpv e n.ir.i- with specific difficulties which Thousand years, from the eighth minor risings in England, in sible tn enier ii. either by money, mu«t mi Id have fell: that Ivscri have been encountered in century io 1797. Before that first those thousand years. There This is one nf the two aspects merit, or anything else. To have selves hut any dav in ihe peimhiir nnv week m histnrv it would have been all ihal time neier did practice, but also with general eighth century administration were plenty of small scale wars, nf ’ Norwich's book which ought any position of power, one had long The-, actually hail - ihe nf in got for to teach us most. Thp other is to ' be a member of this closed hard In define who The' were mu-t reliahle Personnel problems commonly met going though, there was fought largely at sea, and the preparation and presenta- Trade. The Venetians traded, and firmly commercial reasons, with his mastery of the history of aristocracy. On the other hand. lhc power. all Venetians Act ministration and tion of funds. intius! rial Relations. The Institute ot Chartered Second edition Accountants' in England Fiction and Wales £4.95 ,T. Valerie Grant and Adventures of Aphra i.ieoif Smith tremors edition includes new Coming BILL1NGTON This Capital Transfer Tax BY RACHEL covering the effects material (Cassette) of incomes policy. The Updated Lhc BY MICHAEL THOMPSON-NOEL her body, at least, made It a coach overturned and 'he looked dealing with selec- sections Ralph P. Ray The Passionate Shepherdess: little further to lie under a like “ hrawn in snaking drink." employee assessment and tion. black marble slab in a cloister she puis nne verv i-’ns>» m the This double cassette pro- logy of the southern Californian Aphra Behn. 1540-89, by- job evaluation have been ex- new at Westminster Abbey. raw. dangerous, romantic world sets out “the nuts Goodbye California by Alistair coast and the knowledge that Maureen Duffy. Jonathan panded and updated. gramme of 17lh century Encland. At bolts of the tax in its up- MacLean. Collins, £4-25. 318 according to all the best estim- pages All this would seem a bio- and Cape, £6.50. 320 worst, one has the disagreeable Lungman Group Lid. dated foriu ", the second pages ales, California is already over- grapher's dream. Ms. Duffy, ~ feeling nf choking nn a mass of cassette concentrating on - due for a monster earthquake however, has a rather different Paper £5.95 net facts which have been, almost planning. Printed notes t0 C a Ms. Duffy wants lo reinterest viewpoint. She is convinced that estate Risk by Dick Francis. Michael ™ JL A perversely, restrained from shap- with worked examples accom- SgSerfuI as ^ great quake of the world id Aphra Bebn. It Aphra Behn's credibility as one Joseph, £3.95. 252 pages ing themselves into a readable JJJ^ would not seem too difficult a of the earliest and best women pany the tapes form. But that is only.... the-.. . start. task. Aphra Behn (or Ben or writers has been overshadowed Buttenvorths 0 406 88447 1 Flashman’s„ Ms. Duffy has obviously done of U.K. lady by George what if an earthquake along Beane) bom (probably) in 1640, if not actually cancelled out by Anatomy a remarkable job in gathering £14.50 + £1.16 VAT MacDonald Fraser. Barrie and the San Andreas Fault were to led a most extraordinary life. In the dramatic story of her life. Finance 1970-75 together the pieces of the Aphra Jenkins, £4-50. 32S pages be triggered by a nuclear device her early twenties she travelled Therefore, far from playing for ' Behn jigsaw. It is a pity ih.i? planted by terrorists? Does that to Surinam in South America the reader’s attention, Ms. Duffy Christopher Johnson when she put them ingether she Unless you really do know sound far-fetched? Not at all, where her experiences caused her has determined “lu be as un- decided not in paper over the This hook, originally puh- Houseman's Law of Uranium 235 from Plutonium for as one digs deeper into this To write tbe hair-raising docu- flctional and unempbatic as cracks. Scholars and Ihe already I'.ivd l*y the Financial Times, 239. or 6.5 on the Richter scale remarkable novel and discovers mentary novel Oroonolco whose possible." In this she succeeds. Life Assurance converted will read this Aphra nvvni> a comprehensive from 7.8, or indeed the San how well advanced we are along distinguished African hero is The pages are thick with inform- Ninth Edition, 1977 Behn bible with excitement but . the_ self-destruction. eventually pieces tut lysis nf r: nance in Britain, Andreas Fault from its Newport- road to chopped into ation. names, dates, places, buy. Nor are MacLean's characters watched both by himself and an the imeresied observer is not en- i r-'uw recent financial de- Inglewood counterpart, then events—no less real because, Ed. B. P. A. Davies ’ enthusiastic couraged to persevere. On the ..lipinenis in the British borrow * or steal Alistair belittled by the enormity of crowd. It makes despite Ms. Duffy's admirable nasties are Roots look like bed-time story. other hand, she may turn m conniii;. winch are at the CTT and other recent develop- MacLean's new thriller. the plot The a thoroughness, she must prefix genuinely the heroes On that work alone Aphra is frustration to Aphra's own works *;»ntre of current debale. have been IPs concerned with earth- nasty, a them only ton often with the ' J ments law - - in the . v. t lo lh«* *rag'c « o'i'onofro or ih« liitle less so. Read it. George MacDonald FraSer: Hashman 'qualified both as a first female fully assimilated in the latest quakes and Cali font ia, or rather honest if off-putting “ T believe.’* [novelist anti-slavery irresistible Wilinoi or even the 'iri: Group Ltd. with what a genuinely large With Risk, and the more in Borneo and first ’ .oncman famous work. edition of this novelist. At best, for example in her passionate Angelica Bianca. X ’.,U earthquake would do to Call- rustic delights of Dick Francis, Cased £9.95 net I> has been usefully split info descriptions of events during the Perhaps Ms. Duffy will achieve S’«v fornu. specifically an earthquake we are on less ambitious ground. nicely clauatropbic A few years later she was a genera] section and a taxa- As usual, and 1684 Aphra's goal despite herself. triggered by terrorist nuclear would have expected by now Great Frost of when her tion section. One Very wcu observed spying for Charles II in Antwerp attack. (In the simplest terms, that the author had exhausted Flashman's Lady is yet anothpr ’ which gave her material for ‘4?X Bullenvorths California would be tipped into the sport of horse-raring and all milestone in the rascally progress another novel but landed her .n j policy’s in the net the Pacific—all of it. like its crooked possibilities, but no. a Taxation Cased 0 496 59705 7 £15.90 just „f everyone's favourite poltroon, i debtors prison from which that.) This one concerns a 31-yea r-o Id she begged. . . . Von must nn hero his ; “Sir. PhojjnH islands and Limp 0 406 59706 5 £9.00 net This time r makes 1 1 sounds fanciful 7 Not at all. bachelor chartered accountant infamous wav from Lord's to [send me something to keep me Lsiv of Man his According to publishers, who just happens to excel as an Borneo to Chi natowrn tn the slave- in prison for I will not starve' Alistair. MaeLean spent three amateur steeplechase jockey and palace of a mad black queen , David Ci. Young j Shp was h , his time a widnw Tiley’s Revenue Law , J a,or-- ,reacb?r> * *•••“*« “ : t- ... w ere.7 JS?SSthree years2?Jasawell spent. !BHi's Stsof his horse-owning” clients stirs bucketful Three "7b 'far jl d't.idod snide io taxation Edition, 1977 S S5JOTMSK \m — The Second W.. startiuv-point is the manic geo- a considerable can of worms. »Flashy j t. Jrrsc>. Giicrnsrv and the obvious course was lo marry. -li- nf Man. revised io m- JohnTiley — Instead she decided to write te •h.df ihc laws tn September j plays. she feminist | Was the first in the light of the Expanded too? Or first romantic? Ms. hook | Finance Act 1977. the Duffy finds Building well I interesting evidence develop- BY H. A. N. BROCKMAN f^ilry Publishing To. Ltd. now covers CTT and among her poems written in her addition to ISR Nu. V 310 *9363-7 £3.00 ment land lax in A TOOL OF POWER: The Political History of Monay « f ,’’' ’ < r "<1 income lax. corporalion tax Th, Late Bld41« by Wira “? „’ 2* by W.WtseleY- n t he “Tl and capital gains fax. Worked r £ comprehensive history of money from the earliest times of examples are included. 1)3868 A minded in the 1870s with such had not fe,t Ph > s,cal passion. recorded human behaviour to the present day, which emphasizes Board Schools where very small ! BuUerwortbs prevailed in and continue Tolley's Taxation in (he An exuberant and brilliant pagination by the architect panes were used in lhc windows When thou coud'st mix chat political considerations have often Cased 0 406 66589 3 Bern3nl Feilden * ambition with to dominate the evolution of money. In particular, this book public Ireland account of the architecture and because by so doing it was much thy joy. \ J| Rr of provides thorough descriptions of the major changes in the inter- Limp 0 406 66590 7 art of the late mediaeval period. M cheaper to repair damage by Then peevish phantom thou 1977-78 Architecture by r but includes information on V| illustrated with the author's own h on ij Bans wert nice and coy. national monetary system since 1944. Prices’ lo be announced Alastair Service. Thames and »».. international monetary rules in effect now and in the foresee- photographs. tjvountefavourite of all these Not beauty cou'd invite thee the Kric L. Harvey FCA and Hudson. £2.95. 200 pages able future, as determined by the Jamaica Agreement of 1 B76. J The principal chapters deal _ architects is the gentle, firm and then Nigel A. D. Lambert LLM with this country. France. A sensible price for a splendid consistent Philip Webb, an out- Nor all the art, uf lavish Contents: Gold and Its Competitors (to 18151; Gold and Empire Trust Bnrgundy. the Netherlands, little reference book on an archi- standingly sensitive artist. Ii is men: (1815-1914); The Test of War (1914-1918); Revolution, Recovery, A detailed guide tn taxation The National .Germany and Austria. Spain and tectural period full of lovely unfortunately difficult to read She was not prepared tn he Relapse (1917-19311; Resort to Barter (1931 -1944); Gold Versus in the Republic of Ireland Yearbook 1977-78 Portugal. The author bases his designs, well selected and illus- this hook in any comfon as the kept by lavish " men. There- Paper (1944-1956); The Triumph of Paper 11956-1965); The the Finance Act including are so widp of (1965- ); Invention of an Abstract Standard story on the rise of Perpendicular’ trated: from the mixed historical pages that the eyes ; Excesses Paper Editor: fore she would keep herself ] 077, capital gams tax. capital Disappearance of Gold [August-December 1971); architecture, a style peculiar to style of CoJlcuii's Imperial are moving all ihe time, but it i There had been women play- (1963-1974); The acquisitions lax. wealth tux. Jackson Stops Gervase EngUnd but hardly influencing Institute of 18S7 to the superb is otherwise a fine production, wrights before but never like Hiatus (December 1971-March 1973); Gold Demonetized value corporation tax and the and noble of Lutyens’ (March 1973- ); Bibliography; Index. with the more ebullient styles to simplicity Aphra who wrolc as a man did lax. The ideal gift for anyone j .nlded Continent. From Beverley. " the Viceroy’s bouse at Delhi (“a with the mixture of our unique | Restoration 1977 £12.70/821.55 an interest in - 0471 02235 7 416 pages June finest west front in the Perpen- slap in the face of democracy" sex, wit and philosophy. This did Tolley Publishing Co. cultural and environmental j diciilar style" to the amazing was a contemporary jibe), the not make her popular. Ncvcr- heritage. With 130 illustra- SUN 0 510 49364-5 £4.50 Celtic decoration on the south author critically appraises thp theless she was rcmarkably tions. J Kiss • front of .St. Mary Magdalene at whole architectural contribution of successful with such plays as The Also from Wiley: "* analyses *•» that imperial age. Europa Publications £ 00 Launceston. Wim Svaan Racer. The Cilii Heiress or the THE ARENA OF INTERNATIONAL FINANCE and appraises with a construe- _ . . 'politically motivated Sir Paitent Former Senior Vice president of the Federal Sweetness Light hy by C.A. Coombs, lively critical eve and helped by her Fanc>i Sbn was . j* death : Reserve Bank of New York. Girouard. Oxford. £15.00. 250 rhr Private Shareholder The whole hook makes good patronage in court circles and . 01513 264 pages October 1976 £8.45/81435 ’dgp-s 0471 X «id the Corporate Paul Cezanne reading, is bound in black clorh r by her friendship with lhc on which the publisher has. I am 1 teT ry ?u rcs nf u rt3 Report A fascinating, persona l. social bv ?‘ FOREIGN EXCHANGE RISK Kimnc Time Sandv Fawkes: ' U ? ^ L V 7. glad to say. printed the title Drydcn. Rochester and Otua>. Anna Barskava & an^ architectural account of the Peter Owen. £4.95, ISO pages by A.R. PriiKfl, Vice President Morgan Guaranty Trust Company across instead of the spine. Otway wrote a prologue to T7ie Tofcssor T A. Lee and E. Georgiyevskaya down nse 0 f the Queen Anne Move- o f New York. Heiress in which he Jr. IV P. redie ment between I860 and 1900 Citu 0471 01663 5 180 pages April 1976 £6.05/312.40 Tw York Minster Sandy hawses was down, frus- defended her against her male A very fine album containing A. History of "‘Vhe boolT exnectedlv well ; :ii.< bonk report’s on an in- and trate in abortive attempt to edited by G. E. Aylmer ; critics. 5S rnlniir plaies representing ttTjllcn 3nti lively and at the and - CA FTH sexual pervert brutal killer. * Maim world companies founder of the Hotel Industry Published today Sandy Fawkes is an extra- 4* Largest mergers and leading Marketing Group, finds in the industry s stormy history the Caravaggio and his Provides nor-accounting ordinary person, untypical among u. i::-- directnrs and salary profit makers FoUovyers women. root causes of many of its current problems. The result is «'arners there has long personnel with an effective Fleet Street 1 know would write Special now features this year: that rarest of . widespread belief that none who as combinations; an invaluable and provocative m S. Sense new method ol easing Top 25 advertisers Ysevolcehskava & Making candidly as she of their own # L'K gift book that stimulates thought. v .m- pa.\tiV4 tun much tax a I. Unnik Themselves into shortcomings tin bold headlines) * List of foreign banks m the UK -1 “tculd take professional Just £7.50 -at all booksellers, in case of difficulty, ring famifujnlY with accounts. nor magnify their warts m such v-p{* Tin* i*s>ji«ci of this of Finance 187 canvases and Their details self-thumping style. PLUS Ken Ellerton on 01-837 3636. m-. fi provide -i single by 40 {lifii-rent artists of the £3-95 (£4-20 in- This astonishing saga .would many otherinfurmativetables •:r.f of rrfenviee Jor Caravaggio circle together and Accounts cluding postage) scream from the top of the fiction v. pin.-? i-l lii»: Tue-s- "rs jr> wjih a number of unidentified lists, but this not a crime Publishedbv fis aicrer .isped. works of the period and novel. It is a true life adventure, TIMES BOOKS ;:V "'i- . ttHotcUic*i*er Business horror r *(*hnoIx in with on whose < which are housed in gasping- , ..... « OiariiTi’d Bodley Head & Instiinic nr Soviet art uilcrie?. last page 1 was relieved to be finmtaufs (Publishers) Ltd £8.50 fn England HFL able to regain my breath. CENTENARY YEAR PUBLICATION .-,. 0 Aurora. Leningrad , £19- *n\ale* ‘a.tt? 9 Bow St, London W C2 DttrAuUd by Hemtrk Hmm&nr, J.W. WALKER DEBORAH PICKERING — . — i. 34 Financial Times TfciHsday December 1 1977 THE JOBS COLUMN Financial disciplinarian for Ashley • Export strategist etc. BY MICHAEL DIXON ' acquaintance with forecast- largely NOT AGATS'." 1 said to my- and marketing sides of the busi- Another requirement is an wbo feels in of the the recruit will be a member of is of nearly £88,000 from didates are experience In tbe body " need self on seeing that The Laura ness. like it there. Their main experience of computerised challenge the senior management group ing. planning and budgeting, Arts Council, local authority, kinds of work Involved, and Ashley group is seeking a finan- interest, consisting people sales promotion and and foundation grants, but demonstrable ability to manage by the way, lies more management information The age indication is 30 to of about 15 plus the After all. it is trade marketing staff. sales of catalogues, staffs money. cial controller. in the home furnishing products systems which extends fn a 40. and the salary abnut £9.000 variously responsible for training of A' some from and less four year.* since this in business administra- and books. Application forms can be than including wallpapers, than in knowledge of these systems' (though I cannot see that as an in Western Europe, America master or group be Nicholas Serota column helped the to garments. Furnishings now- limitations. absolute ceiling). Perks include and Australasia, and in tbe rest tion degree would an The exhibitions which the gal- obtained from “ Whitechapel find one. account for about 4S per cent, We want a first class pro- a car. hut no bonuses- Applica- of the world : and for services advantage. lery puts together from outside at the gallery in Ashley, collection El 7QX So I rang up Bernard of turnover. fessional accountant, hut that's tion forms from Miss 31. J. Hill such as finance, documentation, Tbe specialist abilities, how- sources^ having no of High Street, London asked 01-377 0107. The the chairman, and what In France particularly. Mr. not enough. So many accoun- of the ICFC-NU2HAS manage- and personnel. ever. must be combined with an its own. draw an average of telephone was gnlng on. The answer was Ashley said, people on a week- dosing date is December 10. women seem so tants don't seem to be able to ment consultancy (5. Victoria Once the new manager has ability to communicate with around 600 that John James, the previous be diverting their all between 1,300 budgets away know the essential things Street, Windsor SL4 1EZ—tele- learned the basics about tbe non-experls. day and usually financial controller, has now from bodily adornment in (hat are going on behind the and 1,500 on Sundays. So when phone Windsor 56633). relevant products and markets, The age and salary, indica- Consulting become joint managing direc- favour of doing up their homes. figures »n the computer print- a 'show is on, Sunday will rhe first main tasks are likely to tions are respectively 30 to 50. THREE or four new consultants tnr, and needs a recruit to take He added that, while out. Hero it's- vital that we normally he part of the admini- * the be improving the quality of and around £7.500. Applications are wanted by Productivity and responsibility to him for his group's business on the Conti- have one who can.” Much travel strator’s Jive-day week. market research and the com- giving career details to David Management Services, which is.-, fnrmer duties, especially the The newcomer will have nent was generally satisfactory, NOW TH a job based hi tbe Tf Export company By way of salary. Mr. Sernia a subsidiary oF the 1TLH con-- financial pany's support to its agents and Kirk, maintenance of disci- it was looking for its 3D7S about 2D staff, a fair propurriiro also with much column's Birmingham distributors. secretary—who is abroad at the can only go up to this sultancy group which in turn, pline in the privately owned expansion mainly in the U.K., of them graduates. "So. this travel abroad, though in moment—at TI House, Five normal £4,000 Boor price but 1 am told, is closely associated group’s operations in other although a force public- Beyond that. Mr. Rodger .iees / where six new retati shops are ten case fluency in at feast one Ways. Birmingham B16 8SQ.- to anyone willing or able to with the Midland Bank. countries. planned, and in the U.S. school accent isn't necessary, is a need to develop the strategic other European language work for this sum the gallery Tbe fields in which PMS . These include separate con- ' on will export market- We’ve heen in the U.S. mar- whoever we take have considered necessary. The post planning side of strikes me as offering a satis- principal consultant Andrew cerns in Holland. Germany, and to plans * ket for four years, and in the be well educated." And as is head of export marketing ms. forming contingency Art manager fying and demanding job. covering Jackson wants the extra help Belgium, and another first vre lost well as being familiar with the to cover possible changes in the three money. But with TI Export which provides " PUT a skeleton driving and a Responsible to the. director, are industrial engineering., France. Switzerland and Italy. strategic aspects of business conditions' of we're now in profit there and supporting services for almost patterns and few bats flying about." states an the newcomer' will look after management development and’ Each of the'*3 four has its own financing and dealing with increasing feel that, by comparison with ail rhe overseas sales of the 25 trade, and TI exhibit in the current show at tbe day-to-day running of the training generally, and indus-. managing director. the international hankers, candi- to new gloom in Europe, there's companies in the Tube Invest- Export'* sensitivity the Whitechapel Art Gallery. building (next to Aldgate East trial and human relation*. The; But. Mr. Ashley explained, a good bit of slack th»> States. dates should he married. opportunities and problems m ments si pel mbe division. The exhibition is devoted to the tube station f. its staff, and its preferred ape range is 35 to 45.: these far-flung MP- responsi- Besides. ih*»y're so Anglophile, There will he a good rleai nf for steel tube Thp export company, onn- likely to arise the fairground and includes numer- finances. The new appointment and he would like candidates at! bilities were largely For mer- travel from th*» Carno base to aren't they'*" division's products m overseas ous fascinations such as elderly will bring the number of regular. the younger end to have had! manufacturing. *.cnieH with dealing? ''urrently chandising and FT e ,i nc n f me mam r--. Europe and. it hoped, the tntalJinc more than £40m. a countries. slot machines and those brash Full- and part-time staff tn nine, five year?' expenenre in husi-f The financial control of the quiremem- thf financial U.S. Bur Mr. Ashley considers of Tbe thinks that, ideally, side-show decorations .from though an exhibitions organiser ness management and another- which employ*. 1.500. year, employs just under 200 MD business, controller's jnh as the ability that there will be no real need added to people in the L’.K. and abroad. candidates should bare some Ghost Trains anti suchlike., is likely to bo the five In. consulting. people world-wide, was exer- to maintain full understanding for proficiency in foreign - Of the-ip about ten will be in the broad technical training, per- which are coloured like metallic team. nexT April. Annther The base is London, hut th« cised from headquarters at tho ,n terms real-value invest- languages He trunks the most •; shortly newcomer's domain ’.which, haps in engineering or metal- fruits. development expected newcomers- could work frorejj Welsh village of Carnn. some ment of th»7 opportunities and likely: background for candi- tn lurgy. and a background which T there to inquire about is the taking over of extra pres their own homes. No salary,- 40 miles from S'nrc»hury. financial according the company's man- was problems of dealing in several date' is management for aging director Tony Rodger, has demonstrably developed the a .tob for an administrator being mises for a bookshop, and quoted, but my guess -would hq The base is there because different currencies. The in a very big. wi*e multi- constitutes "a quite large depart- analytical skills required in offered by Nicholas Scrota, educational and community £6.000 at least. Applications ttf : Bernard and Laura Ashley firm involves national concern. " Giant* have group's cash use. 148-150 GrnsS by industrial marketing industrial marketing. Some ex- director oF the gallery, which, is Mr. Jackson at ; the design director—and two of guilders. Swiss and French •ots of people to do the job we ment standards." of International busi- 78-year-old charitable trust No age range is specified, and venor Road, London SW1V 3J\S ! their children who are now francs, and U.S. dollars as well want doing, but we can only perience a also wanted, as with a total income tills year the only qualifications for -cart- —telephone 01-821 9141. much involved in the design as sterling. afford one—so we'd like snme- Responsible to Mr. Rodger. ness dealings is \\ General Manager — Contracts Are you moving ahead? Germany £10,000 Financial For tbe European operations of a subsidiary of a major group, specialists in maintaining and landscaping government sites and highways. Reporting to th*» UK board, the person appointed will ‘ensure the profitable operation We are welJ established Stockbrokers of contracts in West formany and Berlin, and will, also’ be required to organise the Analysts expansion of operations, in Germany initially and to neighbouring countries at a opportunities for 3 or 4 later dale. - who have Candidates must have gained general management experience fn contracting and speak accommodation. . Up to £6,000 German. Fringe benefits include car and help with progressive, working Members to 67282 (24-hotrr Ansafoue service) hard Rank Xerox, one of Britain s leading com- Telephone David Gartonr PER, Cambridge (0223) panies in the field of communications and join us in our expansion programme information handling systems, have recemlv. set up their Engineering Group Headquarters Chief Accountant m Milton Keynes. £8,500 Excellent Potential for Early Partnership Here in one of Britain s newest cities the W. London Company has created a modem facility where The subsidiary of a rapidly expanding company employing 700 personnel requires a technological development is rhe key. To Chief Accountant responsible for tbe company’s, fully computerised accounting ' support this important function we have a system. •. „ ..... compact highly skilled team of accountants, Reporting to the Managing, D irector, duties include .the .preparation and consolidation of accounts for the ten-companies within the greup conducting financial investigation* planners and analysts all of whom are r £ £ £ £ £ advising on taxation problems; planning external or internal audit programmes, in working towards the common end. undertakiog functions'- of Company Secretary. . . .. adiMtion tb some of the , Due ro ifitemal promotion we now need You should fie fully fiuaUffiwT,. preferably ACA'ifith a Minimum' of five years* post- . Financial Analysts 10 analyse and interpret ; • q ual ifledtit»n crate knowledge qf;iijdu^trial taxation planning, Write in strict confidence to The Senior Partner. Box A.6163, financial performance related data and develop particulariy-in ifcspecfi^ and subsidiary companies; considered essentials -r control plans for management action. They Financial Times, 10, Cannon Street. EC4P 4BY. Telephone Adrienne Luckle."PER, London 101) 235 7030 ext. 237 will form part of a small team reporting through to ihe. Group Director with on important role to play m assisting the Chief Accountant decision making process. Cost and perform- ance control am key elements in our total Suffolk • ~c.'£6H500 operation so that tola! involvement is Required to join a young management team In a manufacturing company who have over assured. the last three years achieved an eightfold increase in their turnover. The job shouic appeal to men or women The company is currently integrating its financial and costing procedures and the wishing to extend their iandard costing. We ha-.e another Cai^id^ integrated male or female, murt have a legal background with primarHy'con«.erned witi- the operations of foreign preferablya law degree post which is and membership oftheChartered Institute f ** subsidiaries, the salary lor this job is about £5000. s' * ar\app°intment 8S Company Secretary £is iifc2^E!likely to be made5 RESEARCH/ INSTITUTIONAL SALES within about a year, substantia) experience of and other rJorr-.aticc.ri-g Mrs. C. Fordetalif ofthc Comoarv, co^x,rate ecrelar*at*s essOTtiaLThe i^30-40 ^ profecredage range arigoid on 02404 4621 -.reverse charges..! or .-.rneterheaerdres* BIRMINGHAM eTrt be:a e wm «ncIude a salary negotiators We-I.^3,;4bii^hed Birmingham siockbroker; -wish to recruit a ^ _^L Research Anaiyst/lnsiitulional Sties Executive ajed 25/35. Trie s^cce-.sful applicant should have ability to communicaie, i0 nfidenca to mm The Radiochemical Centre “ John- Anderson asAdvisdrtotiia an visit companies and write reports. Fre*ieus experience desirable. SSSrlHS P/ecie giving of v--r-:e detain you.- career to (fete, which will be erected confidence, zo:— Box No. FT fSOO do Manway House, Clark's Place, Norfolk House, SmallbrooK Queei^way,BirniihfibamB5'40 London EC2N 4BJ. [A " . . - . ' - w * «Ct> 'V. -. . Thursday- December 1.1977 t 35 ABU DHABI INVESTMENT AUTHORITY t etc INVESTMENT MANAGERS The Abu Dhabi Investment Authority requires wo experienced Investment Managers to assist in its Bond and Equity Department. Candidates should be over 30 years old and should have obtained a professional qualification. They Experienced Foreign Exchange Brokers must have had at least 5 years practical experience in analysing securities and experience in V- managing^ Bond or Equity investment portfolio, preferably both, and on an international basis. Fultoh and Charles Company Limited, oh e of the largest authorised firms of international Candidates must be prepared to live in Abu Dhabi. The contract will be for a minimum of 2 years, brokers, vacancies money marker now have a Sew. for experienced Foreign Exchange Brokers, renewable thereafter. Salary is negotiable and free of tax in Abu Dhabi. Free accommodation, especially thefoUowing D.Marks * • • m cunre^elesLYen; and transport medical a , ; Guilders, . ... and facilities will be provided. Ref. 893/FT. •>*•• • . : . CASHMANAGER' We also havea. requirement for Steriinglnter-Bank Brokers. The Bondand Equity Department ateo requires an experienced individual to be responsible for Writewith details or phone: managing deposits and short-term investments in a variety of currencies plus certain other duties with the investment portfolio management David Porter for Foreign Exchange or Candidates should be over 30 ydars old and should have obtained a professional qualification. They T'T Davies for Sterling ; Hugh Inter-Bank must have had at least 5 years practical experienceln analysing and managing short-dated investments. ;«HNSs!li ntl Charles Fttltoii & Company Limited T^ncydates must be prepared to five in Abu Dhabi. The contract will be fora minimum of2years, renewablethereafter. Salary is negotiable and free of tax in Abu Dhabi. Free accommodation, .3440 Ludgate Hill, London EC4M 7JT - transported medical facilities will be provided. Ref. 894/FT. : -‘V \ 01-248 3242 INVESTMENT ANALYSTS They also require experienced investment analysts to assist in the Bond and Equity Department. Candidates should have obtained a professional qualificatiOT and must have had at least 3 years practical experience in ana lysing international fixed interest and equity securities. ’1 Candidates must be prepared to live in Abu Dhabi. The contract will be for a minimum of 2 years, renewable thereafter. Salary is negotiable and free of tax in Abu Dhabi. Free accommodation, transport allowance and medical facilities will be provided. Ref. 895/FT. INTERNATIONAL ?? Please write or telephone for an application form, quoting the particular reference number to; til W. L. Tait Touche Ross & Co., Management Consultants, 4 London Wall Buildings: London, EC2M 5UJ. life Assurance Society is The Scottish Amicable seeking Tel: 01-588 6644. a person of investment managementralibre fora challenging Included in oor portfolio of cuctr apporcanJcitt with prime name Intar- situation within their investment division. The role is a new nationit Banks Id d» City urn— one,' and Will involve the successful candidate in top level • <- . 1 . •if. TT V mnctOu.i CREDIT ANALYSIS <-.£5.000 Ai • urial eai«tr ife*»laament oppor- tunity -for a young hanker who can coaiMna. a*an pm a bed* Credit Analptft. . experience with fluency in Portuguai*. DOC. CREDITS (2) to £4.000 On* of - these 2 openings demands 2-3 years experience: the ocher ii for a bright 'young trainee. Beth offer a lot of scope for personal development. Financial Controller professional academic quat Although no or ' ' North West, c £10,000 + car necessary, the successful candidate will have a broad ACCOUNTING BIRMINGHAM. 1 GLASGOW. LEEDSi LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD' ! SCOTTISH 'It AMICABLE National Freight Corporation Planning Research + Systems LONDON W.l. ; c. £7,000 Limited onatlian Wren - BankingAppointments A Two ksy vacancies arise: at the Head Offitie of Europe's largest •: ' transport business comprising some -sixty -subsidiary iie personnel consultancy dealing exclusively with the_ banking- pmtession freight Planning Research + Systems Limited (PRS) is Britain's leading research - companies? i - . ^ V — based business consultancy, providing services, to.Governments and leading . companies throughout the world.' PRS has established a leading international I - ' . vr. _ lir.-. ECONOMIST 7 EXPORT FINANCE £high consultancy market position in advice on obtaining new earnings, and To join the Corporate Planning Department, the duties oF this industrial and automotive engines and their components. To maintain its Our client, an international bank, seeks; a very expepenced Export ; post include .monitoring an<| forecasting :hr business environ- Finance Managerto spearhead its rapid growth PRS needs to fill the- following positions: Eurppearuoperations': . . ment and assessing its impact on the Corporation’s activities The successful candidate will be expected to become involved in and plans: participation in developing tnc Ucparcment s plan- Manager, Industrial and Automotive Engines Research and Consultancy other types of lending. Travel within Europe will be a normal feature ning techniques and analysis; and the prevision of advice on The person appointed is required to manage this important profit centre. •of The position and therefot^'ft working knowledge of a\Jeast one economic matters- . good honours engineering graduate is required, preferably with an MBA cantinentallanguagewiltbeiiecQSsafy. A -in Applicants should .have a good honours degree Economics . and aged 25 ...Relevant industriakexperience is essentia!.'. Consultancy - to 30. The successful candidate ^fcprabaWy be holding a senioi^manage- ’ - - of or a related discipline- together with a. .sound knowledge experience is essential/. ‘Fluency in French and German is ment position already amf ihe very attractive salary useful but not pack^e dfierad statistical techniiguei/Expenence of the application' of computer^ highly desirable. Salary with otheF benefits is’ substantial and negotiable. techniques n' business problems .would be a distinct advantage." Cpniact : Q^dGrova . Project Manager, Business Research Division FINANCIAL ANALYST An experienced business analyst or consultant is required to project manage MIDDLE EASTVDOCUMENTARY CREDITS Tax-free «alary . demanding business studies. The person appointed will be a good honours A vacancy exists for an ^tperienced documentary creditggffjdal to This post is in the Finance Department and the successful . graduate with. not less than five years’ relevant experience, fluent in French manage the documentary credits department of an international bank. candidate wilt deal 'with a wide range of financial matters, including preparing reports for top management on company and/or German. Salary range £5,500 to £6,500 with other benefits. The position is based at the bank's Head Office in Riyad, SauttfArabia. . . results, assessing company budgets and capital-' projects, operat- Experience in opening/paying and back-to-back credits Economist • Inessential . ing a - computerised cash flow control and forecasting system, ; knowledge of French an added advantage. Substantial tax-free A subsidiary company, Economic Associates — a leading firm of U.K. and analysing -Varied financial -topics covering the' organisation salary will be paid and usual ‘ fringe benefits. as a whole. - economic consultants —^ requires a Development Economist- The person - •• • - ••• — . — ?. • Contact; -r r: . r Given will less than five years’ Applicants must be Fully qualified Accountants or havea univer-.’ appointed be a good honours graduate with not relevant experience.- particularly of water and waste disposal, urban and CHIEF sity degree (or equivalent qualification) with a Strang financial- AC TO UNTANTyCOM FANY SECRETARY Tto£7,500 rural development and transport and communications. The work will An international investment bank wishes fill the post to of Chief involve overseas assignments, usually as a member of multi-disciplinary Accounrsm'/Company Secretary ar hs recently established! London Both positions are likely to appeal to persons in their late 20’s teams. Fluencv in French and/nr Spanish is desirable. Salary will be not office Candidates for this will in post ideally be the age range 23-28. post-qualification experience in a business environment. with less than £8,000. with overseas allowances and other benefits, and is with a good educational background ('A' levels), a professional Please telephone or write -for application form and further, negotiable. accounting qualification, and one . or two years' post-qualifying particulars to:— * experience within a financial institution. to: Mr. R. A. Dyson. Detailed written applications should be sent in writing Contact : Sophie Clegg NATIONAL FREIGHT CORPORATION, ' John Martin. Chairman ‘ -215 Great Portland Street, Planning Research' + Systems Limited London WIN 6BD. 33 Cork Street 244 - 170 Bishopsgat'e London EC2M 4LX 01-623 1266/7/8/9 Telephones (01) 436 8688. Ext. . London W1X 1HB. I: Accountant/Secretafy INTERNATIONAL BANKING CAPEL-CUKE MYERS LIMITED Chartered Accountant Hertfordshire c £6,500 SHORT-DATED GILTS In order lo complete the re-building of our Gilts team A major American Bank, with growing international interests, is The ITB 1975 Pension Funds, bated in Watford, is seeking a chartered accountant to join its London based internal we require a Senior Sales Executive. Applicants should ri-Mponsibie for the operation of the Pension Funds covering employees of 24 participating Industrial Training Boards. auditing team for audit work at senior level.’ have several years* experience of providing a professional The Funds current value is L2Um, membership numbering ‘ - i..m Applications are invited 25-32 Government .Stocks. from candidates aged who must be .service for Institutions in short-dated The successful candidate will responsible for financial be willing to undertake to 25% travel. planning and control, benefits administration, management up international nf Lhe office including staff development, preparation of fully competitive remuneration will be paid, together A Rpeci.il report* and the secretarial duties a&uciated with An excellent salary will be offered to the successful applicant, with ' with non-contributory pension and other fringe benefits. tnistee and committee meetings. • attractive and generous fringe benefits generally associated with Our Client requires a chartered accountant; aged with a first-class bank. Gilts Director, on a minimum of three veaie’ experience in a line management Please telephone John McGregor, piisition. A working knowledge of pensions administration Candidates, male or female, should send full their age, education, Capel-Cure Myers and compulericed sy*temn nould be advantageous. details of 01 -588 7944 or write in confidence c/o experience and current salary to Box No. Extel It is envisaged that the appointed candidate would assume RD. 4323, c/o Advertising Limited, J3ath House, Holborn Viaduct, London, EC1A 2EU. sole responsibility' for this function in the short tenn. & PR Limited, Pemberton House, East Harding Street, London E.C.4. Please contact: Dick Vernon, Luton (0582) 417562. The names of any banks to whom you do not wish your application for- PER, 56 Park Street, Luton, Bedfordshire. warded should be printed clearly on the back of the envelope. INVESTMENT PROFESSIONAL ACCOUNTANT TRUSTS and EXECUTIVE ccnun rant aged between *0 and 40 required W help run group Leading firm of * RECRUITMENT ORDER GLERK JOB ANALYSTS private compamei with- view to becowifi Com piny 5eereiii7 STOCKBROKERS Ifrgwbgth nmi mvS w»io*nu Are you interested in working in Athens, Greece, for I The required to work in due course. appl'ori; not b* qualified but should has a vacancy in ict Investment a multinational consulting firm and travelling to •v C good knowledge of general aecoupaney. company law. Trusts department for person STOCKBROKERS •various parts of the Middle East? m:ion and should also be conversant wirh.ap oF office wicb institutional experience— • If you are in to the Investment the age group 25 35 and have 4 to 5 'anjgcmcn: Assistance, with housing can be given not necessarily in BANKING & FINANCE if required. DEALING BOX years of experience Trusts market. There are ex- in salary administration and job ^Bportumty to join Pension Scheme after initial period. Salary £6,500 - £10.000 +. Benefits cellent prospects for the right evaluation please apply to: experience.. Stock Exchange wwiensurate with person salary will be by We urgently require applicants for a variety of rolefs with ‘ Job Analyst negotiation. .Merchanu iDtcniaiional and Consortium Banks. The vacan- experience necessary. in wrjtmg • in lending, corpora le finance, Apply to?.- . Please upp/y’to Box A6f70 cies include specific positions MFJRC. S-A. planning, credit analysis ami iniernal cnn«ultanry. Telephone 60(i 4177 7 Fi'nuncHil Trmw Financial Times' P.Q. Box 14 Psychico . A(j,f7I. j ; Pj,* Hudson Partners LliL Malcolm & Staff 4RY* 195< Department Athens. Greece. EC*P4Br . Street. BC4P 29/31* mire StreeL 5-C3- Financial TimesThursday December^ RETAILING POOD MANUFACTURING ENGINEERING CONTROLLER An exciting career Meat Marketing- FINANCIAL Middle East. £10,000 meg. opportunity for a THE GROUP TIDE JOB NewZealand Organisation. Retail Hot Bread Kitchens This is a new appointment and the currently operating through- key areas of responsibility wilt young banking executive SUBSTANTIAL SALARY; out the. UJK. and shortly include the following: VEHICLEAND LOCATIONALLOWANCES commencing in the U.S.A. Biscuit manufacturing and Financial control involving shorty retailing xnedium and long-term budgeting^ are one of the top companies in the U.K. benefit from our services. We International distribution of plus ’preparation of cash flows We would like you to be aged 23-27, computer services business - and also part ThcNewZealand MeatProduoexsBoard, a degree, yearn food processing plant and of an international network. ideally with and have 3 which office Tehran has decided to increase contract negotiations experience preferably within a foreign or has an m machinery Top-level and Our major clients include leading clearing, merchant banking environment. We are its representation in theMiddle Eastbythe appoint- Manufacturing food processing liaison with legal and financial foreign and merchant banksand other looking for experience of particularly . mentofa Marketing Executive in the Gulfarea. plant and in the advisers financial institutions in the City of London machinery • Foreign Exchange Operations, Credit • who use us far a variety af computer Republic of Ireland • . . . . Evaluation and Accounting. Some Afteran initial assessmentofthe market of adequate funding, applications including on-line foreign 5. The Company is expanding The ensuring involvement with on-line computer needs,he wifl advise theBoard on howbestto service expansion of exchange systems, credit evaluation and rapidly with sales approaching to cover the Group systems would be useful. But equally responsible, • financial management systems. the Arabspeakingstates.Hewffl be £10.000,000. since activities at home and overseas important is a keen desire to change your Growth through the General Manager; for developing an Expansion of these services into new areas career course and the confidence and establishment in 1973 has „ creates exceptional effective liaison the Administrations andTraders, provision of accurate manage- within banking an potential to succeed in a professional with exceeded 100% per year. It is The opportunity in our customer support team marketing environment. both existing and potential.The function will be very aggressive in the market ment information within an agreed fora young, ambitious banking executive. value your banking knowledge and will • - We accomplished eitherbythe setting-ap ofa new office • place and 'requires manage- time-scale This position involves working closely pay you a total income with commission ment with howthey in one ofthe countries or byregular visitsirom capacity to absorb with our clients, advising them around £6000. Our attractive benefits growth sehrices, after *- \Y5diiogton headquarters. our i can make best use of include Co m pa ny car a her the n i tia I qualified, self-motivated sale, training and supervising of [he period of training, expenses, BUPA, Applicants should -be 35 or over, professionally The importance ofrepresentation ofthe vvuung to 7 installation, it offers a stimulating change pension,- life assurance scheme, etc. decision-makers with experience in high-level negotiations, travel market from a mundane desk job'to a more active We area voung organisation— individually Board’s interests in tins vital and expanding The person appointed will report overseas at short notice when necessary. , and rewarding career. and as a Company. If you are seeking a requires that we locate and engage a man with a to the . direct Board. _ _ , . If you are the right person, we will train you dynamic activity where personal effort is ofachievernentin marketing ar and previous record The Group Headquarters is in SL Albans. Hertfordshire, re-location extensively both In-house and in the field encouraged and rewarded phone:— this level, preferablywith experience in the meat expenses will be met as necessary. A Company car will be provided,; so that you quickly become effective m our Nicholas Birtles on 01 -222 5665 or write industry and ideally with some knowledge ofthe together with the benefits. banking team and learn how our customers to him at— usual fringe will be the LESS Middle East-These (actors rather than age IS IF YOU ARE EARNING THAN . Comshare Limited, THIS A SENIOR APPOINTMENT— ~ Peter main selection criteria. 32-34 Greet Street , London SW1P 2 DB. £8,500 PA DON’T APPLY. Applications, in strictest confidence, should be sent to: The salarywill be appropriate to the senior The Chairman, Mr. Don Miner, Don Miner’s Hot Bread Kitchens, status ofthe Boanfsoverseas representatives, and 71 SL Peters Street, SL Albans, Hertfordshire. benefits and location allowances will be established ' Telephone: SL Albans 69201. forthe country ofdomicile. making the computer make sense Initial enquiries and written applications which will be treated in strict confidence may be made byairmail or cable to RqyLynch of— Sheffield Associates Limited, MARKETING Management Consultants, P.O.Box 27-078. Wellington, New Zealand. 1 Company Secretary Cables'MangWellington. FINANCE £10,000 + car MANAGER A major British company with diverse at Ieast7 years experience in a commercial INTERNATIONAL SUGAR ORGANIZATION interests in the distributive, retail and other or industrial environment They should be Salary negotiable abroad, service industries in the UK and is looking for a job which will carry • STOCK FINANCING FUND ensure the company takes full seeking candidates for a new appointment considerable responsibility as an accepted This portion n being newly established to all cases where financing arrangements can as Company Secretary of one of its member of a management team and they advantage ofjjhurket opportunities in be beneficial..*'' business groups. should therefore be sufficiently female, will be expected to improve and seif-motivated to ensure that The succjisiiful applicant, male or The position calls for a Company Secretary this aspiration Appointment provide maintain in-house procedures affecting such financing arrangements and will participate as an integrated is achieved. who counsel andijopport to marketing personnel where appropriate. This latter aspect member of management in the business The position will be located in the home will demai> The grade of the post will be equivalent to that of D-l or PA Advertising 0-2 (according to experience) on the United Nations scale. infips The appointment will be made by the Council in May and the Hyde Fade House; 60a Khighbbridlge, London SW1X TIE Tel: 01-235 6060 Telex: 27874 Manager will be required to take up duties at the headquarters of the International Sugar Organization in London as- soon as P.O. Box 2, Luton, Beds. Tel. Luton 31 144 Ext. 95 possible after that date. Applications with full details of career and the names of two A memberofPA International persons to whom reference may be made should be addressed the to Executive Director, International Sugar : Organization, 28 Haymarket, London, SXfJl, so as to reach him not later than 23 January 1978. ' Further particulars, of the duties and the conditions of Financial Director appointment are obtainable on application in writing to the Executive Director. Commercial Vehicle Distribution The Scotts of Nottingham group is fastgrowing profitable Wellcome Atkinson, ERF and Mercedes-Benz franchises. ^ YcrawffibafanyreflpnnnihlnfimracCTfflntmgmin fmmifrifl'lTreyrragg^- across all ten meat locations, each with its own aalag, repair and parts supply operation. Financial - . Senior * Yon will be a qualified accountant wifli a record of success in a similar director or controller role. Management Salary, pins car and. other benefits will match the responsibility. Management Accountant Location is Nottingham. Send -brief but compxBbsnsiTOr details of career and Galaxy to date in con- The advertiser Is an International one fidence to: operating its own Around £8,500 + car plant on two sites in the Peter Manley, Group financial Director, U.K. and with a Headquarters unit in South National Carbonising- Company Limited, The Wdlcomo Foundation Limited is a major Candidates should be qualified Accountants, London. Crow W0. Drive. MANSFIELD, Notts. British-owned international pharmaceutical ACA, ACMA or ACCA with sound operating NG19 IAZ organisation with an outstanding Sales and experience, preferably but not necessarily in As a consequence of recent promotion to the Profit growth record. an R & D environment. Managerial and in- European Regional office, the need has arisen novative skills as well as the ability to to recruit a young qualified or near Wo seek an experienced Management qualified motivate and implement changes are essential. accountant, who can Accountant to control the Finenco Depart- be Introduced into the ment of our major U.K. Research and Career prospects in financial or general Company as part of the management develop- ment Development site at Bockenham. Kent; and management are excellent and group wide. programme. The successful candidate CAYMAN to be responsible for providing a compre- The salary is negotiable c. £8.500 plus car. will report to the Chief Accountant and will RECORCIUATIOIS hensive service for budgets, forecasts and Other conditions of employment wiii include be assigned investigatory and consultancy with supervisory experte# management accounting information to senior contributory pension, excellent sports, social duties to familiarise him/her with Company staff in the Group's Research and Develop- end dining facilities. Generous assistance will ISLANDS activities. £4,500-£S,3W ment Directorate. be given with any relocation expenses. Salary Salary is negotiable, but is unlikely to The successful candidate will manage an Please apply, giving details of be less Employment. than £6.000. Quill’s accounting loam of about twenty persons and age, qualifications and TRUST OFFICER Agency Ltd. will mako significant contri- experience, to the be expected to a 5 Broad Street Place, bution to the development of the company's Personnel Manager. interested Those should write to the A leading Trust Company has an opening for a Trust Officer Mrs. Hicks 623 0326 financial and management accounting pro- The Wellcome Research 'at its offices in George Town. Cayman Islands. Candidates must Mrs. Howell cedures, particularly in the area of modern Laboratories. Langley Court, Group Personnel Manager have at least ten years trustee experience and methods of data processing and reporting. Beckenham, Kent BR33BS. preferably hold Box A.6169. Financial Times a Trustee Diploma. Commencing salary will be in excess of £9.000. tax free, with other benefits including 10, Camion Street, EC4P 4BY Medical Scheme, Pension Plan and Group Life Insurance. Four weeks annual APPOINTMENTS leave with to the fares paid United Kingdom. WANTED Interviews will be arranged in London, Edinburgh end Belfast to Financial Director but in the first instance applicants should write by air mail PA giving full details experience Successful af and qualifications to: - Mature. MAJOR RELATIONS Surrey c.£6,500 INTERNATIONAL BANK THE MANAGER- PUBLIC DIRECTOR Following an internal promotion, our client,a well known publishing group,seeksayoung WISHES TO APPOINT A SENIOR TRUST THE BANK OF NOVA SCOTIA TRUST Currently wih medium-*'*^ Personal Assistant to the Financial Director. COM PANT (CAYMAN) EXECUTIVE IN GUERNSEY ' LIMITED would appreciate "ghc P.O. jom R,I?* Candidates with a legal, company secretarial or accounting background must possess BOX 501, GRAND CAYMAN, B.W.I. leara agency -work to iar*lee -cnmP? 0* the strength of character to work closely with managing directors and senior executives for this urine O' Candidates appointment, which is Prepare* to uw throughout the group. organisation. w permanent, should have a professional qualifica- from prKtieeno'. xutadsau first Your tasks, which will be varied and interesting, wifi side agency or originate involve acquisitions and disposals tion, preferably AEB (Trustee Diploma) and depart'’1 ”*- and assistance with general financial problems. Hence a good knowledge of commercial public reUwJr* London 1 law is essential. practical experience in Trust work at senior trust known In prole**** working contKQ >" officer level. Experience Kihed ^ , in Prospects tor career progression are outstanding and this is an excellent international offshore AJMT, opportunity to Writ. &» 4 gain experience and exposure in a successful forward looking group. trust work an advantage. STOCKBROKERS 10. Con Contact David K. L.Tod, BSc.ACAon 01-405 3499 Preferred age 35-45. An require quoting reference DT/236/PAF. attractive remuneration WANTED package commensurate with age and experience for general office •' experi*0 is offered. Please send full career details to: Cxrrrdssfiil ^ ASSISTANT B and hgg Box A.6162, Financial Times MANAGER Metres" December 1 1977 5^*5 _ 37 NA^ONAL ^GTRIC- POWER AUTHORITY - m Record revenues and earnings markedboth all contributed to the increase in operating Accountant the third quarter and nine-month period, income, after taxes, of 48 percent for the third reflecting substantial strength in the major quarter and 276 percentfor the nine-month c. £6500 facets of our business. Property period The National Electric Power Authority,- a Nigerian and casualty as compared with last year’s figures. insurance, title insurance, and container leasing Public Utility, responsible for generation, trans- with Overseas Travel distribution- of electricity all. parts mission and t? With the rapid expansion of our business, which, involves providing of the country requires protection, Control and specialised services to .the oil. gas and construction industries worldwide, we -now wish to metering instructors' for its Training' Centre - at appoint an Investigations Accountant at our- Hounslow headquarters. - Kainji in Nigeria. • Saul P. Steinberg . Chairman and President The man or woman appointed will be responsible for a wide range of complex Reliance Group, Jncoiyorated Applicant shbuld'possess a good University degree in international finance arid accounting work including systems development and. Electrical/Electronic Engineering, or an equivalent implementation.' budgets and liaison with ovorseas management which will entail some overseas travel. profession^ qualification, and must have registered The appointment calls for a qualified Accountant, or be registerable with Professional a .recoiled aged 27-22. with the experience and ability jo influence rather than direct business - of strategy. Engineering Asswiation such as . the Council Registered Engineers of Nig&ia .(COR3EN-);' In Hlirial sajary will b e around £6.500 per annum with Reliance attractive benefits and excellent future career Group, Incorporated and Subsidiaries addition; he must have acquired & minimum of three prospects. years' Financial Highlights post-qualification experience in the Protection, Write to M. W. Newby. Personnel and Administrative Manager. Solus Schall. Annabelle House, 28 Control and Metering Field in a power utility, a major Staines Road, Hounslow, Middlesex TW3 3JS. • . Quarter Ended September 30 Nine Months Ended September manufacturing company, or smiilar concern. 30 1977 1976 1977 1976 inspection Applicants holding theiEigher Diploma/Certificate sm.ua scholl] \ Corrosion Control Revenues $304,035,000 S259.655.000 $847,555,000 S7 15,750.000 in Electri cal/E 1 ectrcraid Engineering with aminimum Project Engineering of experience in protec- Underwater Services ‘ five years’ post-qualification Operating income after faxes $ 14,476,000 $ 9,788,000 $ 38,341,000 $ 10.200.000 tion, control and metering; will also’ be .considered. realized gain * 4 Those with lesser* experience may be .considered for- Net on insurance investments after taxes 933,000 2,650.000 *, r.v. 3,742,000 9.579.000 . i, appointment as Assistant Instructors. ii • ; v . Chief Accountant Income after faxes, The successful applicants will be responsible for City £9,000+ before extraordinary income 15,409,000 12,438,000 42,083,000 19,779,000 developing courses, writing instructions on new -and A wholly owned subsidiary of the Trustee Savings Banks w existing" equrpmest, and a’ctuaUy Ihstructing-both in Extraordinary income^) 7,720,000 - 1,131,000 23,164,000 4, J 06.000 Central' Board, Central Trustee Savings Bank was estab- the classroom and laboratory. ?bj2£-Wdh alsp be lished in 1973 to provide Clearing, Banking and Investment facillttes-to the “Trustee Savings Banks. A reorganisation Net income after taxes $ 23,129,000 S 13.569.000 $ 65,247,000 S 23.885,000 in groups expected to work the field with r support of the administration of the Bank, to meet -the expected 1 rapid growth of the five years, has led to this Sl from time to time. -• ' next . y appointment. V The Chief Accountant will be expected to rake early Attractive salaries commensurate with qualifications responsibility for the entire accounting function. He or and experience as well as ^generous fringe benefits she wilt be responsible for -financial and management E accounting, taxation- and accounting systems and will be Per-Share Information will be offered to the right candidates. . ’-V assisted in this by a small highly qualified team. A major review of the Bank's systems will shortly be Operating income after taxes carried out. making greater nse of -the existing main $1.65 $1.08 $4.31 5 .65 Interested person; should . forward his .curriculum frame and minicomputers and the Chief -Accountant will vitae fin duplicateV containing his fulj- names^igg, be closely involved in this. > - Net realized gain on insurance marital status, nationality, qualifications indicating Applicants must be professionaTTy qualffie^’aged ”33'-rid investments after taxes .12 .36 .49 1.31 and have had previous banking experiences with a. systems dates obtained, specialised -training, if . any, work bias. A knowledge of foreign exchange is essential. Income after taxes, experience showing periods, present appointment A salary of not less than '£9,000 is envisaged and benefits before include a comprehensive non-contributory pension scheme extraordinary income 1.77 1.44 4.80 1.96 with date of entry, and other 'useful* ; pieces of and a rnopgage subsidy scheme. r information to the . applicants please write giving full details to: Extraordinary Director of Personnel, National . Will income^ 1.00 .15 3.03 .56 . . - D L Andrew, Assistant General Manager Electric - Power • Authority Headquarters, 24/25 ’ ...Central Trustee Savings Bank Limited Net income after taxes . $2.77 $1.59 Marina, Lagos, Nigeria, to reach hirh $7.83 $2.52 not later than' ' FO-Box-99, 3 Gracechurch Street, London EC3P 3BX Friday, 23rd December; 1977. '-Copies'' of relevant' ' * * TS ' * certificates must be attached: . ?. w - :. i'j (I Extraordinary ) income resulted from ihc utilization of (2) . Per-share computations are after deduction of dividend / : v- ©o© lax lost, carryovers. requirements on ibe Series C Preferred Slock. ...V ”, a, how; Direetar of Personnel r External Advert No. 24/77 Vr.%” “ '* : ... Alsaudi Alhollandi 14tb November, 1977. Albank affiliated to . AJgemene Bank Nederland riv ..>1 . , .. ,o . ... * }&$:a vacancy for an experienced' . rrw— tv rr V. STATE GOLD MINING CHIEF FOREIGN FINANCIAL TIMES CORPORATION i ;/ EXCHANGE MANAGEMENT DIARIES (HEADQUARTERS-IAAKWftf BBANA) .... DEALER “ - FINANCIAL CONTROLLER fcr JJi.eir .Overseas Operations Applications are invited from suitably qua lifted Ghanaians to 611 the pan of in Jeddah Financial Controller at the Headquarters of (he forpor^dor ac.Tarkwa, Ghana. 1 •••• " 5 - -y:- ; .. i|*fe (a)' QUALIFICATIONS: — "Generous remuneration and leave terms. - A.C.A.. A. CCA. or A.G.H.A. twill J yean.* it.Mass' - pan qualification - experience in industry. . _ . - ’ \ _ Applications in writing are invited uii"” (I). ' DUTIES: at least years • The person appointed wifi. *e dmrihfcwponsiblr to-rfe Managing' : from individuals with 4 Director. Hi* duties. will include dcy^o-daytwparviiKvn and co«:dfoulon ^ of the work of dw Chief Ateuunarftnif the various of • mine units i; . experience in a similar-capacity the Core oration. Ho will be respoesINe lor gaaoclal reports so ah* vSfi Board, control of procedures regular, ; «nd budget and cash forecasts. '* - Curriculum Vitae should be '. ’ (c) SALARY: .1 . .'.I.. . Negonaofe but very-attraedvf. '. by a Passport photograph - .-JC accompanied * ’ [(d) ACCOMMODATION: . : .ir* Free accommodation includes , hard ; ftu-iafctai. .electricity, water, re- and forwarded to: frigerator and cooker Free medical attention in Corporation hospitals (excluding spectacles and dental . treatment). Subsidised Canteens. Ade-' P.d. 503, LONDON, EC2P.2HH. quaw social and sporting facilities BOX — .CJeb. . Grans. .Golf. Swimming, Tennis. » _ ; (i) Social Security Fund: S'- ( Employee); 12+: (Employer), fii) 21 working days leave alter e*e-y tour of 12 month:. I Application farms and further inf or mot /on may be obtained through: SCHEMES !^S The Oversets Representative. PENSION Stare Gold Mining Corporation (Ghana), Bush Home. MANAGER % North-East Wing, - AJdwyeh, I’r: The Pension Schemes of the Westminster Press group The best way London, WC2 of newspaper and printing businesses are seeking a Manager. & "" Westminster Press has 32 divisions and companies in of whom England and Scotland employing over 7,000 people to be remembered ^three self- a total of about 4,000 are members of its administered Pension Schemes. The Funds .of the Schemes are invested with the help and control of professional through 1978 advisers, subject to the decisions jof the Trustees. It ;s intended that the two main schemes be contracted-out of Financial Times Management Diaries make the ideal gift for your business associates, the new State pension scheme next April. set highest CHIEF ACCOUNTANT There is a small pensions team in the London offices anywhere in the world. They the standards in hook design, production, of Westminster Press Limited for the maintenance of member- in late information, presentation and craftsmanship. This is an opportunity for someone their ship records, the calculation and payment of benefits, the 20s with Management Accounting background to collection of contributions, accounting requirements and the Desk Diaries way of keepingyour company’s name in front of financial and statistical reports for the boards be responsible for the accounting service within preparation of people all : Handsomelybound in luxurious black calfleather year through. a very fast-moving environment. of’ The Trustee companies. _ ^ Tbe Manager will be responsible to the Trustees not only at £13.98 each* or elegant black leather cloth at' Delivery Schemes The successful candidate will possess the potential for the proper administration and running of the £7.51 each* FT Desk Diaries contain 92 pages of pensions office but for Informing the members We can deliver your diaries to any address in the to progress within the group. In addition to and the London information, including 48 pages offull-colour maps, regularly about the conduct, progress and state of the Funds world, saving technical skills, you the time and trouble ofpacking and required commercial acumen and generally. He or she will also be required generous space for appointments each ofthe and tbe Schemes and on posting your knowledge would added management of Westminster gifts. . of E.D.P. systems be an to advise and assist the general •sveek-at-a-glance double-page spreads. Among the advantage. Press on matters of pension policy. useful items ofinformation are metric conversion Discounts ' The salary will be attractive and competitive for the In addition, to an ..attractive commencing salary, person with the experience, ability and personality needed tables, a 6-page business vocabulary in English, For orders of25 or more, we offer generous we offer four weeks’ holiday per annum, company for the post. - . discounts , French and German, a comprehensive directory of on both Desk and Pocket Diaries. These writing with deUxils oj age. education, bonus and. pension schemes, LVs and staff . Please apphi m current salary sources ofinfonnation in Europe, a calendar which' begin at 8% for25 ormore andrise to 25% forordera qualifications and career to date, includinq , to purchasing facilities. Secretary, - 0. F. Dawson, Director and looks forward to the year 2000, charts and graphs for . of 500 ormore. LIMITED, PRESS . . WESTMINSTER business analysis andworld time and temperature Application* .to; Newspaper House, Act now to avoid disappointment C. J. Rymun. 8-lfi Great New Street. London. EC4, 2onemaps. . . Complete and return the coupon below and we will Personnel Manager. who treat all replies in confidence. will PocketDiaries do our Phonogram limited, phonogram best to fulfil your order in time for Christmas. 129 Path Street. Simple, convenient andbound in calfleather with That way, the gift you give will besureto getthe London WIY SFA,“ 0 gilt metal comers. The FTPocket Diary is a perfect New Year offto a good, and well planned, start. planning aid, providing ample space for appointments, Investment Analysts io Kwaaiisr In addresses and notes. Other features include a year Auints arc rewired by csiablishefl siockbrOkrrs and all. Experience, po«Dly In ihe indusir FFo: The Financial Ltd., Diary planner, worldwide sources ofbusiness information, Times Department, n Itself, is i-sscnpal. I 10 Bolt Court, Fleet Street, London EC4A3HL. Director of Applied, econometrics Service and details ofInter-City train servicesand hotels Institutional Sales Tel: 01-248 8000. 27368. The Cambridge Growth- Telex: Project Is expecting to set up a company /ui opportunity for someone with nperune* throughout Europe. At £4.16 each* these Pocket J S APd eajoy anftstaanal earmnas.^ users Rl'U io funher ihfcir career Ilike the idea ofFTManagement Dianes apgiftsformv Private M«or ’or with Diaries are exceptional value for money. [ ofif therhe “reject s mere is also a Junior appointment «»«« multsectarxl dynamic model U.K. economy. business associates. Please send meyour orderform, of the re krani cxocrloner, la train «n sales. The Prejeet ts -looning for someone " unthout to . be die fim Director of Gold Blocking delay. the company. Corporate Banking “ I bans wishes io reuiwt a roans graduate. »ub banftnu ' Foraround a pound you can personalise your gifts Name.. Candidates should combine ciivJusn) ^ entrepreneurial ; kills with expertise join corporate Sendin* depart- or relevant flnanrial experience, to with our superb gold blocking service. I In economic forecasting and the preparation prospects. Completed of reports. ment- Excellent Poation. initiative THE STRICTEST •within a few days, this allows have h« job would call for and responsibility as well as ALL ENQUIRIES ARE TREATED IN you to your ,‘J CONFIDENCE j'n ability to work with others. Salary: around £BjQQ plui perform- company logo andan individual's name or initials Company Starting Telephone or send career details Mtoto ttrtww, ance-related bonuses. date:- 1 April 197® or as soon as E.C2. Tel: UN- V* j.' Fanuahrson Ltd.. ^ Gresham Sum. gold blocked on the diary's coven It is a first-class Address — possible thereafter. Applications by: 16 January 1978. farther detail* plena - Fo- coma.-—. . RECRUITMENT CONSULTANTS •prices quoted include VATand are far deli very within the UK Department of Applied Or. T. S. Barker. Economics. and Eire. Overseasprices are quoted on our Older Form. Cambridge Cl» SDE. - Tel; Telephone. ^ SdfWick Avenue. £Z23£8H4. I..' .....Date.... M 1 1 • j»nja ' . 5 1 3 1 1 HL . 3 ,u 1 I 1 : J » — » Financial Times Thursday December! 1877 WALL STREET + OVERSEAS MARKETS + FOREIGN EXCHANGES GOLD MARKET Dollar firmer Index rallies 2.4 on bargain hunting I standing at 4*.4 at noon and The U-S- . dollar continued ' to after ^ fino BY OUR WALL STREET. CORRESPONDENT NEW YORK, Nov. 30. gain ground in the foreign, as- in early dealings. u.« — change market yesterday,, and Gold rose ?i to 5139J-160! jh sterling also trading. McraiBgtti'x S158.80 laisslr® forward improved quiet i£ea.u30i halted a tax cuts are 'fanja. BARGAIN HUNTERS expected In IS7S, and to 1017.3. while Golds forced GER31AJ\Y—Shares SPAIN—Market remained de- following the signal from the' Bank : 1 ImHiptaMT Atteri/ntiVs $160.05 iSlStiaS i£B8.Q90i - rcarjS GiJd Ciiiif'...; i rfiMBPrtwnlb-; KrutfCixud... S156 168 516flU.i«. ji£9U 92: l The Dow Jones Industrial Aver- that if Federal Reserve Board weakened 1-37 to 230.34. Deutsche Bank, higher ten. JOHANNESBURG—Gold shares the Cabinet reshuffle in- Tokyo ? 2 on S«w4ii-rr'Kte,?4a.BO 'WBao”0 ace. down 17 points over the past Chairman Burns is replaced, his months' although and Indications that Japan will Texaeo Canada rose $3 to $36 operating profits, gained were generally higher, .'i£26<3-27>gi (Jt86fc4M- two trading sessions, ended 2.43 further moves to reduce 0,1 replacement would have to have Asbestos $2 to S41, Thomson In- DM2.30, while Bayernbypo. also some issues closed below the day's make its Old So*So^'zgQrUnret- 397-49 S47-49 firmer on surplus. yen >£86-27, the day at 823.70 after the confidence or th ebusiness dustries Sli to S3SI, and Home OD after improved operating profits, best levels, an initial rise having ^de The finished t£8ei7.^. ! an early fresh fall 821.29. ** at V244.174 against the to The community. “ A 811 to S391. were steady at DM299. been inhibited by the strength of dollar. (lull! Coins... • compared, with Y243.40 previously. NYSE AH Common Index finished Among Engineerings, GHH i ) Internationa] Business Machines the Securities Rand price. • OABTC M (lnim»t*ll.v' -.1 12 cents harder at $52L30,$52L3G, after declined DM5,DM5,-. while -Steels »m* franc Ml to1 rallied $1J to $264 oa stating that , "Jh—/ ‘f . had Elsewhere. De Beers gained 9 Erusemum„‘8l64S«- 166^4 In -ternis S165l*-i*J touching S32.00. while gains finally it has no plans its Kloeeknerwerkc down DM2JH) at com- SwJrsAI«25 I of the to change !K!£,5KSSC, L riilrareherf cents R5.S5 following the held an edge over josses by 727 pricing structure, despite reports a”d *'IcJ*Usese,l -FRENCH NtirSavr'j>B«, *48-90 R f * po,Dt nse m 0311 61; y °. i £2 -371; r Sobering. , ; to 673. Turnover came to 22.67m. that it would cut prices on .* on C28l&-a»El- J.Money rate. Sovr’ROAS47-49 shares, slightly down on yester- medium-sized computers. profits for the 0*1 ll£26-E7i day s 22.03m. stores .were the only, sector to shed DM1.50. at R3.35. on the other members of the dwbmiw r 1EZ6U.6AL IBM’smn announcement also heioedhelped . _ 533 &glei.... 024^249 hold steady against the trend. Public Authority Bonds European currency snake. Earlier Rfawtw—Hi— hpr rnmoutpr runt riemrr _ HONG Generally littie KONG— the da the Belgian .fMlldaau— osses to DM025. The altered aeainaiw atfet^dJnsT !" F authorities their 1 » 1 i Authorities bought indicated ; firm resold ;to »—I lith so^so e UteUTe bujSl°uy SeSftresI the AUG SEP OCT ,»V - Terence were cited as factors nominal of pa per maintain Belgian franc- at— its JUS ML FOREIGN EXCHANGES nology $13 to $192- " V . t *ia+in„tid viii” uiidci canearly] y weasnea.uuiuicsa.k^^J +u- n rnuaro U.ri. Innc ^ " ^ ^ I nraspntnraiont Tavp!level nothinuritHtn helping Americans. Germans. Dutch. Mark foreign loans. ent IeveI wlt“n J«nt 1377 the market to stabilise Kaneb Services lost Si to $151 Am ng |eading shares. . Hong g^* Indinsvot. ’ GoM — . 161.7 T92.D' 183.3; 214.7 (17/101 (-2A/5.1 , 159.4 22.360 17,810 28.300 — . ‘ : .Wi: 22.870 2IJ7Q 29.180 — — — industrial* i NOTES Overseas prices below FORWARD RATES ( / — 197.8 137.4; 197.6. 21 1.2 iK'IUi 1 169.1 c£Mi shovn Lbeniwi ciclude S BTCOUIUD. Belgian dividends 1 yov 3c mark mtinth Three rnnuS," are after nllhhokUcK tax. One | * DU30 denam. unless oUKnnse stated. Basu oi index clunged from August 24. JO Hi“h 1 tKhnn' I Wr fi6 u , rlout Lu« Pias-oOtt deDom. unless otlunrise I tun - dl*1l.2M.10 9 stared. s 5.55-5i4L £.1 3^.3 /a New VniADS AJS a Kr.100 denom. unless otherwise stated. .0.06-0.15 c. 1 Montreal dwO.OS4.l6eJ > A 1 BuJsl Stalls 1 Xov. Lou* High Liiw y>i 04.96 . 10K-S7. B7 -61b ! 3W-24S Vi. a Not. IS 11 [ Tear ago (appro*. , >iy£A 6La< ‘ s ^ PrsJOB denom. unless otherwise stated, w*", sS- tS m " AmrtMam.i e. |>ni. 3 «•. «!!» 'lH-^tpo- ‘“7h‘ 7 7 678-7 lg 618-830 10 50 7ir -6^«4 I 2^2^ ! VYen denom. ontass otherwise stated. Bni9rela...A e. pm-5 calls .10 c.ptefw lol 441-44 4ti9.T14lK.2ti -714-719- 63a-68a ! . 23*-9t Australia «5SJ . 296^ Q223.0 1*8% b 5.40 8.44 5.33 4.26 Sweden w 296.67 | 4I6& suspension. 63s-66a • dm ’ Cop nhgn.E ll ore »4j 28jmvsi, ' 4l^4i« 1 ' - .'•aatai, ill;7i l,n* — - - - 76«-8e* . 73e-76a 658-6786^-6tg E.^Ja . l^ J) »«| Florins, b ^ * _ . „ _ a Set i’ll lass. Cwj rfPn'i- — 3 PraukfurtiH=-tj pf- • P®i. j*^- Belgium 1 A- 92.48 82-96 99.12 8wiurld<>- 507 307^. 5lt.B ZSOlo , A _ fana after pending rights and/or scrip! •* d • - 1 lifl'lli 14.’ — IQfli 1 b_v ii/Ji deposit 14-13 seven-day cent: [5su(V cPer sha re 1 Prunes. 0 Gross L Buro-French per cent.: U>13 per H'ft?. JT. aen. - . ^ F00BS «f>>•« 96^E9EL6E 9&.SB — : - STANDARD AND DenmarkDanmark 107^2 y&M d>v -T. h Assumed dividend after scrip ooe-montt llH3i per.cen ia-14-per cent; stx-month 18H3i per cem.; 3 Lit [24-29 treft . «6i (28/ and/or rights issue. it After local one-year BHti per cent. giaeatiwwpUat'n , ' '*> bb.i 116-18 ore ills 27;-29i 1 Rtanc* 65A*.4 » 4 ; *S.b years 71-73 three years 73-71 per m 1 BraodoHar two per cent.; Niiv. Nov. Nor. indiee*Indices and Basebase dales (allrail base *»«• «'• free. "Francs; mctudlng LoosHemi Nnr. Nut. daiu values Parti ...... ^>>4-944434.544 c. ondl» -ia-iv-15-14 . dnun »- jrean«-8i per cent. • I I 1 uxo'Dicxo'di .^«-c— - : * . -«w,. 1WM NYSE MlAll Common —-50.50. 1 — ' 29 28 2a 23 | 22 Low High tow Comm^SI lL w ‘ kb Germany Hi’< 798.4796.4 ,9bA •_-S« were sooted ftir London dollar certificates of ,m e SundirdStandards5 atwami Poors -lo and Toronto xndyicJd erdude smMal/pastnent. ttndi ^ [5^;T^^ ^ d*J ...U.DS-ii.20 — . — .... — 1 catp^j div. » Unofficial rradms. deposit:- onwnonth 6.-1D-6 . rtiranowinrii 6.TMJC per cent.: alx-month lean*. jro >U*M-44 rnd 106.33- , L o Mfno ) 104.19 105.85 105.58 106. 10, 105.66 . 110.92 98.1098.80 : 134.84 3J2 Tr , n11.nA f 8,ri 6t 8L7 * ZurU-li^...iliz.ti >-. pin i4l2-5lzc.pi HnlUn,i .V‘ fa^ 'sjdnL-y hoMere “•v Merger pending. .VsSiw. 7M-7AB per Cent.: one-re per conL (3/11 (2/11 .-11/1/731 /30/6.521 ; j i^BelKun*^ (2/111 | | 31/12/83. cd> |’ BM. i Traded. - Seller. Assumed. Rales are nominal c 107.00 ; .in'?!- !???!. Copetriugen SE 1/1'rj 94.83. 34.55 36.04 96.69 9E.48j 99.09 90.71 .,n ,c • ^ £ HnngKongv 419^9 413.16 452.17 413^0 *£Ex richis. id Ex dividend, re Ex I 5htm^ann rmes are c n^ doUara and Canadian dollars; two days' Slx-manUi forward dollar O.C2-0.52c i 101 Paris Bourse 10 if) 5/L-i (2/Ul(2/11 I ilWTOi i'IWiSCi «. Commenbaitt l J8> ; «rtp uwic. xa Ex alL A Interim srncel notice tor guDdrts and Sv 12-month 1.43-1 .113c pm T ;«--«« 4i *%'•! December. IS38. ig) Amsrcnl.m. Indus- * 6S - ' Ital w 4S 1 Increased. 1 «“* • Ii . Nor. 9 (apprux.i trial l»7u. (hi ilaug Sena Baita 31/7.M X*iv. 23 Not. 18 Year agoami tapprex.i 7 . ! ^‘T ! —— • ,kl Milan 2 ' 1 /TTl. um Tolo-o New S E. — t JXSl , ...... >«•• 368-11 >1ii. aSZM ttOAJ 'a6*X49 4--L-88.‘ (&> Straus Tures IMS. ip( GERMANY ln-1. yicl.l \ 4.75 4.78 4.89 |} 3.775.77 Madnd ; 1 — — _. SB 31 '15/74. 101 Siocfcholra Industrial* • Ml,, Sw'Sll 1 Singapore «» 264J8 264.44 868.02 242.38 i‘i/5s. ir> In 1. I*i K Kali.. 9.52 9.42 9.18 11.54 Swiss Bart Corn. 71/12/36 ! ' • laB/e) i (3.*bi tut Unavailable, t Exdoduui bonds. • 4DC i Tnduslriata. t 400 Inda. 40 Ullliiles. 40 l»ng Ml. lfruel vivid 5,23 1 — • - 111 r.fc.6 93.31-0.7 1 Finance and W Transport. Id Closed. l Alhanx \ ersvrb_; jrl8 ED 466 J-r-3 , j HMW f. 352 —05 ! ISO • 4A : HAST, : 144 •—L4 17 5JS Investment prcmlhm based I on BarerBarer-.! 138.1,—Oi ! 16 5^ ; M — f AOfr , A-- n* \ 1 it.' 1] per »wr. Hyp(4-. l »9 OVERSEAS SHARE INFORMATION $2.60 £—98% (975%) 1 7r Bayer. VereJnsbk, JO.JJ 307 | T 15; | 1 oretnr.Neft.vrm:- 31fr r...;.:.. — — I >r>V. N>>v Lommer/*ank_...: 217.6. + 0.1 » 18 NEW YORK • 50 29 OuDli Ciumml...' 69^; — , Daintier Ben* 363 **rl 19 1 2.5 i 7. . . "r_ 56ftg vi lie... Sllg Ketkm Wuwinultli—... 20201*ti 193* -o lormoz litiaa—.' 571* Johns Man SUb 441* 44 . | DeK..«a [*1.5 18 | SA j 268 ^ or* 1 l wuv 07* : C lat’n'DOrti: 464* Jobnvm Jobiucn, 72a3 i liej noMs .Metals. 7« .*. PC 47 74 291a 295s Demap 162 +1 14 ; 4.6 lj 1 S71* Jobn*un Conti ol. 271* 274, UeynuhtilLJ 631* o2i« Xerox.: 4747lj 47aa ***- , . 5’ta Ueure he Baca 1296J*r, + SL3 20 3.4 V Times Thursdax'December .1 1977.-;: — - 3f5 : FARMING AND RAW MATERIALS World food U:K. FARM SPENDING s gram crop is Isoglucose plant to Machinery makers disappoints record 17.1m. tonnes close soon BY ROMS,. lfov.?d, RICHARD MOONEY AMSTERDAM. Nov, 20. PRODUCTION IE INCREASE id world food; of maize-based feel isoglucose the or high pinch fructose syrup win be stopped al Sfpvaisa ±vts Konlnklijke Scholteu-Honlng BY DAVID RICHARDSON NTs plant on January 1. „anjsation (*AU) sa>b that > «?» The company has stopped 17.01 m. tonnes of only middling of domesUc grains for ': A YEAR AGO most U.K. manu* want and they are faced with by much more, it is clear that ist progress has been in 10J The HrrA th pDri building a made Ported - , *2* 100.000 tonne quality erain Is 28 per cent up suppties. ? u i facturers of farm machinery paying a still sizeable las bill in there has been virtually no ofrdomestic feed grains has led Yica and other poor develop- Jr ; x ! capacity factory at Tilbury, ^ h. were quoting delivery delays of a season of diminished returns, increase in the number of' units wheat ' f0l S regions, creating a widening -fe d }S t0 “P**^ 01* of exports England, and also shelved i 1 0 because Japan’s . food . self- to come into force on January 1. on last autumn mainly as a result on a show of confidence to launch So. although Earls Court will sufficiency is falling and rice says ‘no’ to potato aid The -daily price for raws was of lower returns for arable crops the Smithfield Show their main probably be just a* packed a-, growers have been asked — by the unchanged at £104 a tonne, but and the difficulty- of moving them sales platform of the year—will usual next w.vk. few Farmers government ** to diversify to other, BY CHRISTOPHER PAftKES March and May prices rose by quickly onto markets. doubtless do the same next week, will be walking round with agricultural .products because-of almost £250 each to close at Some commentators have Figures show that exports for cheque hooks ready, vacer in lumber rice crops since 1970, Agriculture THE MINISTRY of should be no mere than a Research during the same £123.525 and £129.55 a tonne. suggested that individual posi- ihe first eight months of this year spend"—the word* used by :ie said. has. refused to allow the Potato “marginal*’ potato surplus of period this year shows that tions have been" made worse by were up 23 per eent. .at £624m.— many salesmen to describe the 'said'-' the .to Mr. Uchim urn Marketing Board .resume its. around 100.000 tonnes ibis year, although sales have improved an over-zealous desire' to save on the face of it a creditable last few Smithfields. This ye-ir ...Ministry is studying which agrl- 'operations, • on * support buying .even^dearlv feeM.i.th^^.-the :‘.maik.et over the drought seasons in 1975 tax. • performance. 1 suspecl many farmers will - : -11 Kura! tariffs could ;- cut b$ though .farmezs-ara stilLjeantina oeed$L some. sort. Of.psychological and last year, they are still Farm loan That led them to spend more But since the price of many leave their cheque books at vithln the framework “of a pro- only apound £30 tonne for theix •' a boost running at an animal rate of only than they could afford on machines has risen by at least home—some of them on bankers* tision GATT. : of crops, compared-with the guaran-_ ,lt is; holdih^L567.000 tonnes 85 kilos a bead. • interest machinery which they did not that amount, and in some cases orders. Imports of agricultrs! products teed price of £45.75. - under contract from fanmere who Although all the figures appear Ticreased to S17.6bn. last year A delegation from the Board rushed in when the support' buy- to support the Board's contention rnrn reduced SSbn. in 1972 and as a this week also mg lute. opera* - was refused per. programme eame that there should be only a estilt the rate -of food- self- mission to off-load some of the tlon between October 5 and “marginal” surplus, prices stub- By Our Commodities Staff ufficiency dropped 70 - had :_to.. < - • surplus. already held under. con* November, 4-. bornly refuse to move upwards, MANY FARMERS will be paying »er cent, from BO. per cent in tract, on to the pigfeed jn&rket. The Board, announced yester- There are fears about heavy less interest on their capital Tractor sales set to fall he 1980s. he said. . The Board ktent td, -the day that at the end of October “dumping" in the winter by the leans from to-day following a cut In Geneva yesterday Japan’s Ministry to try to find some farmers held'-3^85.000 topses of French - hvov. Apd other Common Mar- in the rates charged by the BY CHRISTOPHER PARKES Masao SawakL told a of pushing- means up .market potatoes on .their J^rmsl'-. ket “invaders.” but' for the time Agricultural Mortgage Corpora- IATT meeting that Japan will Britain's leading' farm 33,000.. In the first 10 months of than. per cenL to last returns io potato growers. If - The total; included an esti- being the main depressing facror tion. ONE OF 40 £157m. able proposals For Tedncing its tractor makers expects a -sharp this year -skies were running year, and in the first nine months prices do' not' improve, - it. conld mated 435JK1&.tonnes still In 'the still appears to be the apparent Variable rate borrowers will mport tariffs by an average of * 1,000 vehicles behind last year's this year exports had again easily find itself and the ground, .‘add.'the -567.000 stored lack of concern among ‘growers have their interest charges fall in sales next year. Farmers' iVn 0 per cent, at world trade nego* 'slip rate. to more than £l63tn. Exchequer janded witb - a size- under contract for the. .Board. .about the quality of potatoes sent reduced to 10?. per cent from 12 purchases are beginning to iatinns in January, Tiplady. able bill at the end of the season One the same date in i974— to market, cent, or II per depend- behind last year’s boom, levels- Mr. speaking -in • per cent Mr Tmiariv nnmniain«t -.limit tourer ttenourrag-the “ Mr. G. Tiplady. executive direc- London, claimed however, that when'it comes' Yo the last" normal^ year for The Board comments in its ing on whether they are on half- tll J •*a; tor of tractor division. Ford was winning a bigger slice P guarantee. : potato growing ip Britain.— latest or review. the Ford market report that “only yearly quarterly ? ionsund re-- market. on nfreeul'al ream But the Ministry, fearful as farmers held 3.765.000 tonnes, the best-presented samples move The lOi per cent, rate will said that last year British farmers of the British Last year's !£, ever of doing anything to in- Then was no need for spent much of their bumper figure of 27 per cent had in- Paris there steadily.” continue until March 1 for ro market cent, crease -food prices and damage support . buying at any time Markets in general are over- quarterly review loans and until profits from potatoes and btber creased- to 32.4 per this ^ ,? ',V ' ^ t0StnJ! oC tl?tho inflation, year, said. The Paris Commodities Ex- its efforts to control during -the- year. supplied, although for half-yearly review arable crops on new machinery, he . and somi June 1 “ nislied prGaULL change is expected to work nor* insisted that the Board should Bui consumption during 1974 growers are reportedly earning loans. including 3S.OOO tractors. Exports have also improved. Rally - ^ 4>ql.ween Shipments . of tractors, corn- Sound damping alone added today despite a 24-hour hold one Httle.hmger. -— measured June and more than £50 a tonne, many are The lending rate for new van" . But. he. said, purchases nex.L it like against the Government’s The -Board, which .stands by October — .jtes running at an going home with almost £20 a able, rate loans wdll also be 104 year would probably slip back to ponents and parts in 1975 were* more than £1.000 tn the end price inti-infiation policy. its -original kilos head.- tonne, less this. --- - “ f\ levels a^rpund worth? fJI COMMODITY 1MARKET vffiPOWS ; AND PRICES PRICE CHANGES I that to an morning cash WMbar* ndcd'snuve at iS-SSfl after.. toner /-!.•»: per tonne unless othemisp U.S. IVlarlinfs^; oicr lfCTl T c : Srftm rnrCUC J7^ pu-r ceoL. average IH.IP ITIJC JM. > iJ.tJL | /\ L3 IW1 now momli* orr, 77a. ts.^ eriw .'overah^n . onw.-d. down to USM V.UF rtt, SOYABEAN Pigs up 32.4. per cent., average 5o-9p stated.^ __ MEAL C Kfrb 11 . f+OL. COPPER—Firmer on the London Mrtli fj* Q01*1 day. in which ralnee raevtd In Marker opened undungi-d and renumed NRV.- Xov. Mi. wSj*ari‘ Tlnnff ' Mrmtb YORK. Juhang* after an aeuw tradlna day. u - 530 nDSe wltb “° real hnperua viable within 50p iradlng ransv. SNW Com- U.K. monetary compensatory amounts Nov. 30 + or rritM in' 1 - I- 1977 agu Cocoa-Dec. 171.20 170 23'. March orwird metal opened- ac xaaoiwu tat eitbcr direction, rroorta Drcxd Bum- modWcs redons. Tor week Irani Nov. 5. Fresh or chilled — . ibree motabs ri. H^^rnnnUia Id-Sal, is. -V^-a. Kerb- MS.J0 1 246.30 . !S> 90. July 1,3.10. . SO. May ost arnnnd 10 M77 on Remum seUlos. *2*™ jam. November contract expired (juicilr beer carcases: 31 .up per kg Irstei i»i, «-»»».- rtihJi fairly troll taken. In the - - 1 Sew. J32.su Pm;, issoo. Mqreh was « ' with Jannary portion, and at Crcsn bacon sides: CM 9fl Per loime — — Wlrebars. three nramha UNJ.J-' saaflart three months o.-X2tt Uf,**?- « :i,m» IHhw Sales: 1.255. .lit moon the prlcf moved up to -a high SL IV- dose rahwa wer- £10 bjeher to ti0 l£.'33.53i. •••! " standard, •monttrt fallowing blither M.&. -. throe fBSIS. ,15. Coffee— or iln? day ol WRI . la^er from Tuesday. LomraLl HU- a ; . J f There was no COVENT CARDEN « prices in sterling Metals C t're. ’If ' c •.Imihh 'oron opening. Trading In the tings In sobdued cen- LKftD—Gained sroimd^as bevs of note on physical scene. per D4 lIu&i unless maii-d 1 —lirfwed AJuiniiilinn £680 2I?.00 1213.001. March t.‘itJ5-!7o to .lit 14.; TIH^ljaww on hataiwc Sower tps'lng . Uecemiwi ... 117.57-19.8 119.00 ras mainly between £680 and £682 and j -0.60 S.. tin's \l*i 10.0 S93O-80 May 1.10.30-117.111) conthgicd ' Free tM*)MiF930-5D— 138jO-JjS.75.Juiy dlilonsr as the' price moved namhrty.' ahhouah prices . sUpiaed -from- produce: Oranges— African: 50 S^p!- , v j lie ---- - — - -v « tv.-^ T— — --* * Ke»>i ibjiv .... •112 4s IU - 1J1 hl^dlS-U the £<8L,a. Turn- — — ' L'639-25 144.00-145 30, Dee. 130.03-151 cosed on Kerb —was — —— 5.70-3.90: .ju. Tbo packwardailoa wldehed slfuldhi and rhete •—hJgbe*.! tcTrts.terrty. Durtnc the 2.00-5.00; Spanish: Nave lings fniipetva*h W; Ban. £656.75 t 5.5 March mom- ^ | -i . . 1 ™ i i 1 . . . . — , “1 ' . 7 Financial Times Thursday December: 1 1077 40 STOCK EXCHANGE REPORT FINANCIAL TIMES STOCK INDICES signal for unchanged 1 on MLR .Vuv. N«. Xiiv. ,\rtV. Xih'. Gilts feature Kuv. Short | - 30 29 23 l a 2* 1 a i j , 733ft 75.741 74.0 li 74.32! 74.061 75.8?] 77^0: 77.45! 77.401 77.73| 78.13’ 47«. ll 464. 466.0| 436.7) 4700 Share index up 6,9 for two-day rally of 16.5 at 481.0 InduBtriii Ordinary— 461.0 bj 1463; 145.2 145.0! 139.41 143.3j 243.4f 5-72 5.70i 5.ao! D-66' 5.61 . of OnL Div. Yield. 855 4- Barrett Biscuit, following.newsof a hid aPP«rari^ ^^vemeatewonhy note element added at 280p and dearer at 200p and United ' Account Dealing* Dates by the more ’speculative IIK* 16.72 18.91 17.24 17.20j 17J17] and Seed and Smith were occurred in Textiles. Barulngs Y’Ui'Shu 17.50J Ontion Losses were quickly erased, a Developments 3 at 107p. were 4 up at 152p. Nndln dealings in picked from an uncer- Peacock met and resumed at 63p yesterday thus P/H ttrtm (net) (”{).» 648 8.40 8.241 8.26! 8.12| 8.36 * First Declare- Last Account development which sympathetic- IO up with support terms from 4.6B7: 5.4611 5.131! 4,661- ally helped stocks of a longer life tain start to finish 4 better on rose to If before settling at matching agreed bid Qolfe firmer again Den N ago marked-.... - 4,163 4.182 Dealings tlons InternalInternational, the UK. ° ?F reduce their falls by some *, and the day at 362p. after S35p. Else- 105p for a rise of 22. Pork FameFarms St Regis — 66.58 64.41 82.841 79.24! 55.4l| SSiPof* tS? R - ’ —•~—=- Equity turaovw Nov In Chemicals. Stewart 12 restricted subsidiaryr of StSt. Regis Paper. The modest 2a cents improve- r!°! q the 12JO pm. signal from the where put on to 397p in a y — 12.884 11.907! 16.1111 15.4011 12.6371 "** « nf/oA Inter- bullion tiquity bargains total.. Nov'•*? - Newspapers, News meat in the price to * Bank of England that It wanted Plastics.. , „ were popular again at market By_ waym of contrast Among_ Newspape 12 pec, 30 Jan. „ per ounce enabled Dec. Dec. 29 11 minimum lading Rate to remain ll6p, up 6, ancf Pisons gained 4 Associated ttairiesT a good mar- national added S at 24Gp. $160-125 South ' African Golds to show further . at 7 per centals week subse- to 377p. ket on Tuesday, reacted to 248p 3 mn. 479.2, 3 pm. 479.3. from fJB ^Mi. nw tu e -ueBtJy ictJvared increased busi- The Electrical leaders generally before closing 6 off on balance b l t ni i ed Latest Index U-M6 ffik IfLUiTV.MEPT rise j? . u ? K M«i^ ? 5 corporation uix. , N ll = Q-41. \ csterdoy s signal from the upturn, recorded modest rises in quiet at 252p. rise quiet and the Gold Mines Index • Based on 52 per real, g^d accelerated the lad. Ord. l-T.-JS, higher at Basis 100 iiovi. Si-kS. IS-'M-CS. Fixed lot. J32S. . Bank of England that it was day> the shorts trading. EMI, however, were good A shade easier at 165p In front a nervous market at lllp in was only 1.0 <1462 for At ^ end of 12/S.-S. SE Activiiy JdlF-OvC. 1W9. increase this rise of 6.8. Mines opposed to a further were showing gains to li on at 217p, up 8, wkh the help of a of the preliminary figures, Avon front of the preliminary results, a three-day week in short-term interest rates longs were broker's circular. Other firm spots Bobber rebounded on satisfaction rallied strongly on the divi- bajance. while the MEPC Among heavyweights'ue VJ ULa R»ndfwonon- LOWS S.E. ACTIVITY . AND turned stock markets round from «* * * —' » ? "^ «? HIGHS «enera ]iy j higher overall Interest dull ISInro Ctinipllatii’O a start. official close was very 1977 ... after the Nor. SQUltics a or ft'nr. subdued but the market was con- 50 with leading^ii HIgU I High 3 near, the day’s best level. in Matthey signal that j | SO]jda tinK at the enhanced 4 to 210p, after 200p, front of results from Johnson the Bank of England's African Financials, however uro- jssues ending with gams to 6 and * not . pursued a contrast- to-day’s mid-way results. caused a mark-down of 10 to 443p. another rise in MLR was — Dftil.r ! corporations features in Anglo American, I occasionally more after earlier ded 79.85 60.45 127.4 49.18 lnK *course and ended with scat- needed. Land Securities rose 5 to 16 to Govt. Sec* advanced 280p. ind (3CV9) <4.1j (9/1/56) (3/I/ic) I falls ranging to about 5. The J42.9 ! d loses extending to i- l»7p, while Saiduel^gamed 4 toS2p closed t i De which 10 higher 86.1' ^ 160.4 ! 5033 Sn-TBlalive J a n Scottish Metropolitan 3 to Fixed Int-— 80.60 6a49 ; «.7 fi Routine business in investment and 3t 307p, both reflecting a renewal tiaS.-U.-47)! (5/I/7a) Tutu Is 945 E“ h il/10) l*lll | 102p. Other firm spots included of s demand. 5-riavAv'nute, u 357.6 649.3 49.4 1 Itwl. Ord— S49J2 [ I mgs-from aTfahreqe ^un^which Great Portland, 6 higher at 276p. Glli-Krtueil... 162.0 isro INVESTMENT Corporation 12/1) 135,6)40) Onion were <14j9) ( showing farther falls extending and Bradford Property Trust, 4 2 Uhluatrala.^i 1S7.5 IQqx finner at 272 following talk of 442.3 43.5 Spvculxtirc>>J 33.1 as* °"a"1 up to 11 bc,,cr Wffherat 186d the latter helped P GoM Mine* 174.5 95.1 [ ss? of **>"** (32A>/7d),i2Sil0l71> lonJa 107.4 a ls TRUST fli.-FoaibUiiy » (18/101 Cl«l j 109, FT-ACTUARIES INDEX mine' Losses • throughout the market for more than rim. A. and J. in the early stages were con- clos® UJC, ' ester_ Mncklow were quoted ex the two- The firmness of the equity inti unchanged on ** a % t in™ to reflect fears or i‘ the improvement day’s factor for-one scrip issue at 98p, up 2. market and in another hoist this week in jUini- SE conversion was mum Lending Rate, but the 0 (0.7242). l —•* OPTIONS TRADED Bank's announcement that it re- art-ass/ss MMXS garded last week’s 2 per cent, rise Banks mixed 180: as 5r._M.Mi- Dairies, to per cent, cor- S\S£3?slf: DEALING DATES in Associated Britha 7 as adequately . . r£ C n For Arrow, MEPC and StatesIfrro iJ reding previous distortion in the Awaiting Barclays decision on f™« ^?o^W?\Jl Srd” First Last Last rate structure reversed the trend, interest rates, the major clearing Deal- Deal- Declare- Settle- count, while double options The day's gains in both the main banks traded quietly and closed tiou ment transacted in Adda Internal 170H SheD of uranium lugs lugs sectors of the market exaggerated narrowly mixed. Barclays edged ritered at STT^T after 380p7 MM Dec. 5 Feb. 22 Mar. 7 Racal Electronics and Towa btigataoiu Nov. 22 forward a penny to while, fluctuated between 560p and S6Sp the amount of business passing 326p. 6 Dec. 19 Mar. 9 Mar. 21 City. - AustralAustralians responded , to the*U,B Ike. with the Government Securities Midland cheapened 2 to 373p before settling a net 2 up art 566p, Mar an Apr-11Am- 11 1977 firmness of overnight Sydney mid Dee. 20 Jm. 10m Mar.?B index, at 73.0D. retrieving 025 of National and Commercial soft- but Royal Dutch eased i to £43fr. Melbourne markets whldruioved For rate indications see end of rhe previous two-day fall of 0.58, *ned a P*“ny to 70p In front Renewed speculative demand dUH JtR AU6 SEP OCT HOT for the fourth successive Share Information beroice while the FT 30-share index, down of to-day's preliminary results. MAB APB MAY ^ developed' for Oil Exploration, up ahead RISES AND FAIIS trading owing, to contmutag 42 at 11 a.m.. was finally 6.9 up Overseas issues were notable for 18 at 320p, after 326p, while buy; day Money was given for the "call hones of a 1Liberal i lifted YESTERDAY at 481.0 for a two-day rally of a rise of 12 to 285p m ANZ. Dm- risen to 37p mg of a similar nature f Metropolitan Warrants, Easier at leading Stores Allied Polymer had 4 December 10 G d dealings at 102p. Gold Fields, Stafler, MJ. rallS^nS-tly in thin tiding te when were su^ended Consolidated Brhfcta t gff.pSSi Federal eiecuo . Fmds As . „ on Tuesday, business was KA at day’s best. Gussies the company’s request at 12.45 Chartcrhall, British Petroleum, Dom. »d close the A onw, Harvey and Ross i° lower at LjvwtinentsJ™ however, extremely thin and official mark- touched 306p before closing 6 pjn. pending detaSs of a probable m„ Pnces here, tended to press, Kwik-Fit, National Fortfen bjobC* 2s '° WnL J ings were again at a five-month dearer at S16p and Mothereare offer BTR 3 3 shade Withy, from Industrto.which JjJjSjL!?!* t ? L?*» SSoSSE Furness SSSS*mii‘¥rt8 5 und ™ ' Wlth Pl VIde ,osur ?h a shar S® small prog-takmg ^ Prw- S ® low of 4.153. Buyers for the P™ . “* ®: business as - most 2. ended similarly better at 180p. hardened 2 to 253p Buying on ^ . ? *5 J JSETl' international, Siu u part remained cautious because of Smith I rose 20 to 7S0p lifted Sore 0 C S W*L Sdtopa EFigJW^8 °^ ^ SKoat ? i2SL?Biat EamZana Qiarteiltousc whicb pot on 4“Sto favouredS""* * with Utah-, Jffinlng ^era. Towfand cShSSu the threatening labour unrest in a thin market, while British to 140p making a rise of 22 since . ntcconnt. Racal Mixes — M n ri respectively. Status Discount, ‘ following reports 59p* tt s esnits e du Australia 15 to the good 290n, Recw« issues t that the fire- Home were 9 to the 8good at 227p. Mondaywonaay. ic£anooriu* a poor mantetmarket afteraiier ^ i? ?T .r J ? u §^ nextn(Urt month^ Fashion and^General -rhioc <; hotter at utBn and n«ir. Electronics.Electronics, DupleDupl and Barker . . . month. lSOn-a^d men's strike leaders had decided Brokers provided the main _ .. „ „ - Thless 5 better at Oak- , „ rhA recennt 1 G The Interest tbe iEngmeenng ™ arranged Totals rm m sc to broaden the dispute by trying movements among Insurances. ™?L ? came in for considerable support bridge 2 harder at 138 Base- and Dobson. Puts were unj ca di^^ d to C. Heath added 8 as 10 6011 ' 11 111 m#kfal ^aes showed NortbJroWsa involve the whole of the trade K at 260p l tS^oS^htie ^rired bid Up J union movement. did Sedgwick Forbes to 348p, ^J A™ Investment Trusts. Edin- HJH 4 up at 92p and HIM Hold- — ’ initlaHy before fresh speculative hopes aSS’iadded 6 to hSteS Rises in FT-quoted Industrials while Minet rosewe 4 to 188p.369p. burgh and Dundee met with tags 2 firmer at 149p. • price to . demand took the up a outnumbered falls by 2-to-L Breweries . -r~made headway; institutional support and rose 5 tne miaeffitaneoro “dusrnal despite a lowv level of trade, close of 2^p for a rise of 6 on t0 ig5p after 157p . British Rail — against W-to-2 on Tuesday, and the J" NEW HIGHS AND LOWS FOR 1977 ----- MONTHLY AVERS In the MOTORS (1) results, wane similar gains were »•»»». •*»» TIM following security (sooted „ nait Dnnbee- Share information Service yesterday Cates thin . leaders, Lucas closed 5 higher at dearer at following its half- Industrial 50 L4 (11th) Courtney Pope Photo- Me Change Wares Cnv. Cum. t. met with a wave of Discount business was Jennings were sectors. Foods took a turn for the 51Jp Oni j « P Flexeflo Rowan 4 Bode* Mstrt. 26Sp, and Dunlop 2 better at 93p. yearly figures which were at the AIKBhare ai6LB5(lltb) teocuB<h) SCHUX House buying, which provoked notable for an improvident of better after initial dullness. Tate Foozrty (EJ Simmon /SJ A TEXTILES <1> _ . hurried covering of short positions 10 to 106p, while Richard Costain and Lyle dosed a few pence Suspended at 35p on Monday lower end of market expectations. Kieeo-E-Z* SleetcMey Snia Viscera. FT—ACTUARIES~ SHARE INDICES ROME KHSUIHN IN MDIA RECENT ISSUES V JL These indices are the joint compilation of the Financial Times, the Institute of Achurfa and the Faculty of Actuaries t7e need your help EQUITIES J . fhm. for immediate aid d ‘ GROUPS WeA, Not. 30, 1377 An appeal has been made sis! 1977 |st Insoe 3 Stock II the Victims of the Indian cyclone which devastated an Si •3 to Price SDj jra-j. Low s GKO & SUB-SECTIONS < ei 5< 8 Qt Gloss at r . area of 20,000 squarfe miles. EaninjB Dir. WE 300pl Index {Yleld% Ratio Index Index 845 15/12j 400 343 Fiimajn poraitbesM show number of YieldK Index 1 F.P. 61 81. No. max.) (ACT CNeO Na No. Na to 50,000 have died. 53 — | HoWon(A) 61 +'i 63J> 3.6| Up stocks per section at 52 25p 27/1 28if" 26 ULLabppd 26lt 34%) 2,000,000 are homeless. Imagine trying to rehouse the 68 F.P. 1B/11: 74 62 Sooth Crafty 10p...— 70 fifli combined populations of Birmingham, Edinburgh and GfcAPITAL GOODS 070 19B3I 17.61 19669 193.90 19149 ’rBmldiiiglfttcxialsC 28X28 1A68 18142 18037 17832 Cardiff, all at one time. FIXED INTEREST STOCKS fContacting, Ctttsbncfioo (2®. 312.71 18-52 3MJ2 38548 38433 £175 million worth of crops have been completely ruined. •HectricalsUa. 4Z3J8 41749 41128 39947 EigiceeriirgfHeavy)®. 281.04 27606 27DJ5 266.46 | a Voluntary relief organisations have been asked to give aid. Iffn + « Engineering (General) 15655 15528 15256 35147; n ill Stock c - ll . MachineandOtter Tools . 11035 10858 104.99 < £ 35 HI«h I4»W o* But unless that aid arrives in the area almost immediately, JEsceDaneonsCan- 1K3J27 15332 15336 I CONSUHER GOtHffi and in sufficient quantities, many more will die of cholera, ElUJi .J*. lOOlj BBls S97al 981- £10 3/2 Bath /Clfcv oI)H( Ifod. 1BB5 (D0SABUHS9 mJo 1666 285.12 10691 £ U>t 84 7! F.P. typhoid, or starvation. L'lJu 45/11 108 105 OriL Land IS? 1st JJeh. 1987 105 UL Electronics. BadioTV05) 229.44 1455 22732 22233 225.43 - Ls®£ I A. BN. Bank 7J®5 'Hill Samuel ? 7 95 Allied Irish Banks Ltd. 6 % C.'Hoare & Co T 7 % American Express Bk. 7 % Julian S. Hodge Sl% Amro Bank 74 q; Hongkong & Shanghai 7 % A P Bank Ltd 7 % Industrial Bk. of Scot. 7 % Ilenry Ansbacher 74% Keyser Uilmann 7 % Banco de Bilbao 6 % Knowsley & Co. Ltd.... 9 % Bank or Credit & Once. 74 95 Lloyds Bank 7 % Bank of Cyprus 6 % London & European .... 8-5% Bank of N.S.W. 6 % London Mercantile 6 15 Banque Beige Ltd. ... 8 % Midland Bank ...... 6J% Fanquo du Rhone S % Samuel Montagu 62% Barclays Bank B % Morgan Grenfell 7 95 Barnett Christie Ltd.... 7' <5 National Westminster 71% Bremar Holdings Ltd. - 5]% Norwich General Trust 7 % Rr»t. Bank of Mid. East 7 % p. s. Refson & Co. ... 7 Si 7' Brawn Shipley 7 % Rossminster Accept’cs ; 95 7115 Canada Pcnnanrnt AFI 7J% Royal Bk. Canada Trust ~ Capitol C Jfc C Fin. Ltd. 9 % Schlesinger Limited .-. % CavTor Lid. 7195 E. S. Schwab B % Cedar Holdings 7 % Security Trust Co. Ltd. S' 95 °5 Charterhouse Japhet... fi °5 Shenley Trust S C. E. Cnales 7 % Standard Chartered ... 8 9jj Consolidated Credits... 8 % Trade Dev. Bank 7195 Co-operative Bank ...*- 6 % Trustee Savings Bank 7 *7) Curinthion Securities... ft % Twentieth Century Bk. 7J% Credit Lyonnais 6 % United Bank of Kuwait 7 % 95 . Huncan Lnwric S 8 % Whites way Laidlaw ... 7? E-igil Trust 71% Williams & Glyn’s ... 7195 English Traiwnnl. ... 7 % Yorkshire Bank 7J95 Bouses ” c*(T m an*m or tap Accept Inn , First NaL Fin. Corrn. S % cmwninre. • «iny deposits 3%. i -month deposits , : First Nat. Sees. ‘Ltd. S • Antony Gibbs t 2^ deposun on mins nr no.wo .' t.oqdn Dunrant Trust... h % ami under 4'.. on tb £23.000 4j- Hreyhound Guaranty... 7:°5 **rr ‘"l. ilepwtrts Over 11.008 J*«.« r; Ju Ranlf + c tr t Tall t nnnmiiaxhv< K- •••+ \ nk , tt"m«nd drpovlis 4SV "Cmnppsg Mahon 8 % ; naff also applies to Sieriia* led. Hamhrns Rank 7 95 LEADERS AND LAGGARDS place Tiu> follow loo uMs .stall« tbs porcaaUse thaw« + whkh have taken Share mec December 31. lot, Hs U» principal putty tccdou of the FT Actuaries sdlces. II all* CMUtas VheGsM tftets Mcx. . Ire Purctucc ...... j...... + «.« MorchMt Banks + Uchlne Tools + MJ& + 31.78 - •wnwco Life citron lev Radio and- TV - ... +.TTJB oniracUpp and ConsiroctlOR VacfcaBbiB and Bauer + 3T.87 . ™ + 8U8 - 37JO ton» + nst XpWta ...» + itfiincering (Heavy] .. 37JO * 87JB6 .JwijbO Carnes ...... + Mlidiwt Materials •+ MJt *13** lobrs .. + J7J7 Equipment . .. + 3S.W Hue + MS AOMwute lodes .. 31.05 msurvt Uiwds i Durable' Crmip + -4X2T P*«w»»nam + Pubibblns + 3002 rwvsrpori ml — .+ an . + 2VJS sod RclailitU • + STM mi -.i:. .„ _ ...... tedrkals — BM Fowl Mamrattarti .3 * au» Oversea* 2T-W ropcny — + PUS -rurpi i . .. + ~ + 28J4 sji-.ii iTro-J*. •It •up + 4M3 (Cenond) .. + 2SJ» •Mors and Distributors + «.7t . llUlMIMRI TtOSH " + 2U7 + M-TS . aaa spirits . Cold + + mlss Woos f.T. . I'..’.. 21J0 Wb + 17J7 WcbolO + «7.a ... . Goods skipping 4- 02.U . + 1*® Jk ncsis iXar-dur • Cpsh* • • r 4- Tohamn ..... ,.J + U7 wsx-i,v ? jr.v' »;j: raw • O jj Mfoiaa Plaance -r 3.71 a; J.r.uj.v + «.0f ^Travtj. (Composite] rt.09 - P-rrmuaBr chancts bared OO lUi filial' - JfckS Nuvmbcr UJ7 mrfir.-w- ?*K~i Cr{*j . ———, 1 —. - I ———_ . ———_J..J.I & ———. —. ——_—J. |J| 1 ——] —_ —. I1 — 4 Financial Times Thursday December 1 1977 43 INDIJSTRIAI^—Continued INSURANCE —Continued PROPERTY—Continued INV. TRUSTS—Continued FINANCE, LAND—Continued cnjcfijns 1977 1977 + rid | «h - |Ctt|S5|bE Seek Price JVE - CVr urn Prh*. M-BUB High Unrl Sudt Prtee | CfslP/E 7.9 1216 39» 291*4 Kfdarlnv — l4j U| 65)23.7 Kwahnlto 165 131 103 10.91 73 84 40 145 86 ISO lAml ls.Ine.£l LOjioja p lamonlHMiin , 050 69 JA . 10-59 46 19.6 LaapaSeeaSI. U ? 295 )176 .4469 24 4L4 L0| 53\VA LfflE.B'aro Grp.— — [City Cun. Inc. 10| 951180 5A lOjj 138 44 L88 24 1 t Lira. Mercbant 72 (+1 -| 125 8M £4122) f£l waa 1 Do. Cep. 1 ILtG. Hides. 5p +3.15 yi NEW JAPAN SECURITIES .ChytFwIm— > « 3L917.fi SUjftfielnr'. 2flp_ 058 a Tokyo, Japan 6510.8 ft 1-1 15 +1 4.07. 65 6 Martii! (RP.'bp. 5.96 , 2X 8.2 MOTORS, 29 1.7 fetyofOrfwd— M 7.4 2J5 £12%[WO ManlliLfrinty QOJ5 1 ,4 an AIRCRAFT 81245 London Branch •Frankfurt Offico 28 Tflwjsa® Ltt I 82 5.0 TRADES » m& 45125 NLM.Clms.l2i*p I 13 0-7|1135 14,11 'ilSi Motors and Cycles 94 34 Snnel Props y 3.9432 ~ Nrp|xmF 44 For Really Discerning Drinkers fmk guides the way with a hew. range of . -thrsadguides for alt yam. Thursday December 1 1977 Ifciwryiisa h* .processes Really Dry Gin FWK International Ltd. Macclesfield 0625 29433 THE LEX COLUMN Carter advised to under-pin Growth continues BY ALAN PIKE. LABOUR CORRESPONDENT BTRE OFFICERS yesterday being nought by the Fire In Birmingham, Lord Walkin' steel industry appealed to the Prime Minister Brigades Union, during their son. president of the Confedera- at Rothmans meeting with Mr. Callaghan. Mr. tion of British Industry, warned to seek an urgent solution to YORK, Nov. 30. Bill Hitciiin, that firemen could not allowed BY JOHN WYLES NEW the national firemen’s strike, now the association's be general secretary, said his dele- to bulldoze through Uie pay- well into its third ivefek, as the significant improvement in gation told guidelines. told standing Last week the Bank of strikers went ahead with efforts was that the Govern- "We have the SWEEPING proposals aimed at its procedures are not relying on “mar- helped by a = ment felt tbe best answer to lire Government that if the firemen strengthening the U.S. steel in- in the way of modernisation. One England was rose 6.9 to 481.0 to gain the support of other Index number ^ > service were ulluwed to get their pay- of industry's complaints has forces” to set the level. of of recent completions unions. pay problems was through dustry's financial base while the ket plus 1 a long-term deal. claim, then no employer could offering some medium-term pro- been its having in spvnrl far too Minimum Lending Bate, but a move out of losses irr the During a meeting with Mr. In a rearch for this the Prime hope to settle at anything like against the sale of much on plant conversion to is barking out the U-S- and. the tax charge should Downing tection this week it in 1976/77). This would, put : Callaghan at Street, 10 per cent.." said regulations. Minister cautiously suggested to he steel at prices meet pollution discount be further reduced. - representatives of the National foreign dumping strict orders to a marr shares, at 51 Jp, on an un- Although Fire Brigades Union' leaders Officials of three unions repre- In addition, it is suss*?*** appear likely to be recommended still in a shambles multiple ®°me new developments are in Association of Fire Officers, most senting Department issue kei which is demanding prospective 2m. local authority that the Justice • when he met them on Tuesday to President Carter hy an inter- 11 111 UJEL, of whose members are acting as after being caught hopelessly of under 5. ... o® ® the this year's manual workers yesterday guidelines on mergers and 1 that it might he possible for the governmental task force. new financing advisers to trumps at fires, sug- as not to im- long by recent events. Yester- the real interest requirements are Government to underwrite any decided to return to the local of the joint ventures so However, gested a conference of Govern- A preliminary summary res- expected to be met authority employers for further pede the creation of more viable day's move immediately centres on 1978/79. The out of cash . long-term settlement against task force's proposals has already how ment, employers, chief officers, the merger of short, gilts flow. So there could be further discussions on a pay offer of units through to . future pay policy restrictions. been sent lo the White House tored confidence transition to the ELECV system officers and firemen's representa- firms. for This, however, does nothing lo about 10 per cent. Members of smaller weaker there were also small gains taxation, from next support the shares at 118p. . tives seek a solution. and details leaked to a number and nf tobacco to The the unions are divided on the Financially, it is thought that here overcome the intense demands of a final dratt at the long end. but prices January should improve Roth- possibility of a productivity deal of newspapers. But de- „ . u p ra j offer, and no decision on accept- Mr. Solomon favours new 1 the strikers for more money of the report will be discussed are overshadowed by the pros- mans domestic margins In the JhuinDIirgu OL UQ1K166 as a way out of lb? deadlock was ance was taken at yesterday's preciation guidelines for the steel immediately. to- tap. will also raised. hy a breakfast meeting add to the pect that the long short run but it is still unclear TUC officials were in touch -meeting. industry which could Edinburgh and Dundee morrow of the economic policy re-established at a’ While the Government has not The delaying decision was not industry's cash flow. Govern- shortly be whether another bout of price night with FBU leaders yesterday group under the chairmanship of currently dedded last that it still ruled out the suggestions from taken as a result of the firemen’s ment loan guarantees are also lower level: it is .cutting will breaf put Mean-, following the union's decision to Mr. Michael Blumenthal. the some bargaining power, even the officers' association, it was attempt to persuade other unions urged. around 6 points under tbe issue marked slowdown, m seek TUC assistance. A meeting Treasury Secretary. ' BritraiIpen has collected ago. ‘ emphasised that any productivity with the finance and general pur- to join them in an attack on the price of two weeks Alfred Duphill s profitegroMrth - The President will then decide MC thees 0 f £er 50 per cent, proposals would have to be 10 per cent, pay guidelines in the ^ " poses committee will take place More closures is a worrying sign, given Roth- when to publish the report, continuing genuine, and not siminy a device soon. public sector. It was stressed, ^ ^ jjoard is to which has been prepared at hi* Closures in the steel industry Rothmans lot. mans - keenness to .divers*? to end the dispute. Such a On Merseyside, one of the most however, that if there were a reject offer ^ conld be “ request under the leadership of demands for protection away from tobacco. scheme has not yet been change of rules ” tbe manual and dangerous game. Leaving out : militant centres of the strike, Treasury prompted the The tobacco industry’s gamble a produced. workers' unions would want to Mr. Anthony Solomon. against imports pickets yesterday extended their ~ of account the dead portion of- : Under-Secretary. of the task force at the with substitute materials' : has The fire officers did not discuss action to an Army headquarters. resume negotiations. setting up here the recom- costly disaster and -the MEPC tbe register and the Scottish their claim, Fire statistics Page According to the reports end of September. If proved a own pay which is Trade unionists refused to cross 8 - which are understood to be it is expected to war is as fierce as The preliminary figures show Me offices- sticking by their com- greater than the 30 per cent firemen's picket lines there. Strike figures Page 30 mendations U.K. price accurate in outline. Mr. Solomon make are endorsed by the Presi- ever, but one might never have that MEPC returned to financial patriots, E and D£ shareholders and his team are concluding that be one of 1 dent, the result would guessed it from Rothma n’s stability in 1976-77—and the have voted In favour of the imports ought to be reduced rescue comprehensive - the . most interim figures. At the pre-tax target for 1977-7fe must be to get terms by a substantial majority, from 20 to 14 per cent of the programmes ever mounted on level, profits are 30 per cent, back to the dividend paid before It would be irresponsible of the U.S market which would mean behalf of a big US. industry. Bank steps ahead at £38m., and the im- the crash. That would be 4p Board to put the offer seriously Road hauliers drop u reduction of about 6m. tuns But tbe president is under looks still better if net per share, compared with at risk. But E and D is plainly a year. strong pressure from a coalition provement half-year’s £3-5m. the year just ended calculating that Bri trail penm- of the companies, the steel in- the previous L7p for in to stripped peg Dumping dustry unions and a powerful of exchange gains are an d a strictly nominal figure in having retired empty-handed /V Congressional caucus to take out 1975-76. Meanwhile . loan once before from the Standard scale of charges The main tool for achieving radical action. the earnings .growth capital has been .cut by over Trust battle is oat readily going this would be a reference price Most of lending rate ' Some 60.000 jobs have been higher £100m. to £316m., largely thanks to walk away from this one. BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT system which would lead to has resulted from sales By Michael Blanden lost in the industry this year and to Canadian disposal, Government complaints ahout yolume. For the group as a the and ' ; BritrallpenV vulnerable spot although there has been a slight THE BANK OF ENGLAND dumping regarding all steel sold whole it rose by 8 per cent but although shareholders' _ funds, is highlighted by its reluctance/ THE ROAD Haulage Association court unless the parties agree increase in the flow of orders io yesterday stepped in to at a certain level below the the real momentum was to "be have fallen by a further £47m., to go unconditional with just L yesterday became the first major to drop them or the Office of U.S. Companies, mast analysts prevent its minimum lending costs nf the most efficient inter- to £l94m. (168p per share) the Fair Trading concludes lhat rhey further closures found in U.K. exports—volume over 50 per cent. It. does no*/-, trade association in the service producers, the would expect rate from rising again this national namely close a third-^-and figure now shown looks more want to get. stuck fall within the very narrow over the next few years unless was tip by to with au ; sector publicly to drop its scale week after last Friday's jump Japanese. category of agreements which the industry is substantially in the domestic market, where, realistic than for several years., obstinate minority which might-- of recommended charges rather from 5 to 7 per cent. II is thought that a 6 per cent, be - can exempted because they modernised and its costs brought by dint of aggressive priding, Thus losses oh the develop- ^interfere with -its - plans to mo- hearing The move helped to bring cut in imports would raise U.S. than face a in the are insisniScaaL into line with those of the to in steei industry earnings by about more Rothmans has managed push ment side, which were only vamp the portfolio the inter-- Restrictive Practices more settled conditions in the CourL Tne Road Haulage Association Japanese. its market share up money market and produced S900m. a year and save 24,000 U.K. from vaguely indicated a year , ago. ests of maximising the tax was apparently told in April that According to the New York ' Another 10 or so smaller trade a sharp recovery in prices of jobs that might otherwise ue 6jr per cent to a claimed Iff per have now crystallised in the advantages. Meanwhile E and it? recommended or charges! plan associations, including those lost. Times, the Solomon is would gilt-edged securities. cent. plus. shape .of a provision of £S6m^ Jcnows that if BritraiIpen goe$\ not be exempted, eten, The Solomon proposals are designed to restore at least 25.000 representing radio and electrical The confusion over mone> Rothmans’ and the investment properties unconditional it most give though the hauliers claimed that also understood to suggest a of these jobs. It would also pro* By contrast import- repairers and the London tug rates was again reflected in have been revalued on aa open shareholders two mare" weeks the scale no longer had much! change of approach by the vide -820m. of Federal aid for ant German market has. been boat owners, have also agreed differing views among hanks on practical application. Yesterday] Environmental Protection communities badly hit by steel- sluggish with sales volume down market basis. The. book value. to accept so they bear no ristq;- to drop the restrictions In the:*- the association formally agreed their overdraft rates. Williams Agency 'o as to make sure that work closures. close to per cent, bat this of the developments, which are of being left nnwiHinglv. in .jjfi terms of membership. and Glyn's Bank, the fifth of by 5 to drop the most obviously re- now taken at or is 7 the Loudon clearing banks, has been offset by higher below cost minority position. The choice* Many more are expected to strictive clauses in its advice to last announced an increase in its margins and increased sales of down to £S6ul, half year’s how open to Britra&iNui-seem follow suit once it becomes dear members. base rate for lending to per hand-rolling tobacco. As for figure and less than a fifth of to be either to add a sweetener,’ just how unlikely il is that they Tbe agreements, which are 74 the cent. the. total portfolio. And this calf D’s' bluff • will be able to continue operat- three inches thick and date] second half, there could be; or to E 'and by This left the banks in the year, the auditors are going to time limit If offer: ing such restrictions without hav- basically from the 1940s. slowdown, but even . assuming setting a the !ay : Mirror to-morrow unique position or offering five ing to so before the Restrictive down in minute detail Ihej no growth, the group should he give the accounts a clean isheet were to fall E and D’s Board different rates to borrowers. - Practices Court. charges recommended to i on target for pre-tax' profits or On the Tcvenne front the would come in for a great deal ; Barclays again its base for carrying practically lert group.Is talldhg;ia4crm*:,o£ members I £75m. ( compared jwith £68-4in. -*_£!£ stick- . >.*, rate unchanged per cent, \ ... every conceivable kind of load. at 6 Breaking up to dispute while it waits for conditions as ends The last increase to any part of restrictive practices legis- settle down. . The the scale was made Iasi year. hanks STJ.FF lation. which, when it was first The association said yesterday The other big three BY PAULINE CLARK, LABOUR have announced rises In applied to the supply of goods that, given the highly frag- all in 1956. resulted in the beenking mented and competitive nature base rate. National West- LONDON editions of the Daily The management's pay offer 7i Lloyds i^Qrdercf up of many well-established of the industry, the scale of fees minster to per cent., Mirror are expected to be back was withdrawn last week after ./ Midland trading pacts, was extended to was now no more than a rough to 7 per cent and to on the news stands tomorrow criticism of certain elements by services last year. The road guide to members of prices they 61 per cent fur the first time in nearly two the Department of Employment, William and Glyn’s, which weeks following a journalists’ it is expected that a similar hauliers’ agreement was one of could hope to charge. Abandon- but its decision un rates after decision last night to return to amount can be renegotiated with Jr about 600 submitted to the Office ing them would have very little took the Bank's message on MLR normal working. some adjustments to its presen- of Fair Trading for scrutiny. practical effect i had reached the market, also At a two-hour union chapel tation. Of these. 200 have been put The scale of fees to very big followed the example of Nat- (office branch) meeting, mem- A mangaemenf letter which on the Register of Restrictive users, like the British Steel Cor- West and Lloyds in widening bers of the National Union of was considered b ythe journa- Trade Practices. All of those will poration, is being allowed to its margin. The bank raised its Journalists agreed in effect to lists yesterday also gave an have to be defended before the stand for the moment seven-day deposit rate by only drop their claim for an imme- assurance that a restructuring of Trust CompanyofNewMk. rise man- their pay conditions would be Pay problem 5 per cent, to 3j per cent. diate £3,000 pay after The Bank’s move took the agement promised to resume looked at by next July if Govern- Last road month the whole an usual form of telling the dis- negotiations “within the frame- ment policy allowed. industry referred lo haulage was count market directly that last work" of its original offer worth It stated that the company was the Price Commission by Mr. This is suiphis to requimnents week's rise In short-term rales, an extra £1.533 a year. committed to meeting the jour- MAINLY dry and cold. Roy Hattersley. the Prices Sec- which resulted in the MLR In- Management of the paper nalists' “aspirations" provided retary. ' Recommended charges London, S. VV-, Cent, S. and N. crease, was regarded as claimed last night that the dis- they recognised tbe need for new - were one oF the things the com- i^isiwwavailahletolet England, Midlands, Wales adequately correcting the dis- pute had lost the group about attitudes on flexiblity and the mission have been ex- Misty, variable cloud, sunny migH tortion of ibe interest rate 47m. copies of l.^lon editions company’s ability to pay pected to examine. periods. Max. 5C (4 IF). structure which had earlier of both daily and Sunday papers. increases according to the effect Now it seems more likely that publications. been caused by external capital The cost is estimated at about on individual E. and N.E. England, Channel Is. I the inquiry will concentrate on £3.6m. in lost revenue or nearly The company has, meanwhile, Fog patches, cloudy, bright inflows. the effect of the wage .settlements £2m. taking into account sav- stood firm on its demand that spells, wintry showers. Max. 5C The Bank therefore said that in' the industry which have ings made on newsprint and proper disputes' channels should <41 F). it did not wish to see any fur- breached the Government’s 10 distribution. be used in future. ther increase in MLR. The N.W. England, Lakes, I of Man, per cent, guideline. This is an message became necessary Borders. 5. Scotland, aspect of the commission's in- because Cent Highlands, N. Ireland quiry which the Road Haulage Ibe markets bad remained in 1 Fog patches, cloud, bright Association welcomes. a highly unsettled Continued from Page stale and had started to move j periods. Max 5C (4IF). The OFT is having talks with to levels indicating a number of other associations another N. Scotland, Orkney, Shetland MLR increase on Friday. Dry, bright periods. Max. SC ahout dropping the restrictions Vorster heads for victory Interest rales in ibe money | <46F>. in their terms of membership. market continued to rise in The Association of British Travel University singing a psalm. be removed the walls Outlook: Similar. early trading, but after the from of Agents has agreed to drop its There was also turnout schoolrooms Long range forecast: The next news from the Bank they came a heavy used as polling system of recoinmendtng retail in his constituency of Nigel. stations. 30 days are expected to be prices while standing hack again, leaving Treasury- by its The election aroused little There were also hitler words marked by contrasting weather, dealing Bills ai levels which would exclusive clause. interest in the black community, from the Opposlion Press and with periods of mild, fairly wet keep MLR unchanged if main- Several other organisations, where political figures dis- poiticlans on the election weather and mainly southerly tained at Friday's weekly Bill such as the Stock Exchange, missed it ” man's wind?, but also some very cold as white coverage given by South have indicated that they are not tender. northerly outbreaks. Over the business," unlikely to change African television. prepared to make any significant • Finance House base rate is the lot of the black man. A survey by the Johannes- month as a whole this is likely changes to tbeir long established cut by i per cenL to 5} per One last-minute to result in mean temperatures dispute was burg Star concluded that the rules and that they are confident cent, for this month, reflecting caused hy Herstigte candidates and total rainfall near average National Party had almost five they could prove to the court lower rates in the past eight insisting that portraits of television in all areas. Gales, fog. frost and the times more coverage that the restrictions operate in weeks. The MLR rise came too Minister now will probably occur with Prime and his pre- than all the opposition parties the public interest. kite to have a significant effect. decessor, about average frequency. Dr. Henrik Verwoerd, together. BUSINESS. CENTRES Continued from Page 1 Y'dJF Vday | M;i!-4ap MMd.iT *C “FI *C °F Amsidni ' F ; 41 1 Madrid R 4i — Athena C * 44 r ,vi anch<*sfr C I w Bahrain c 23 Ti M'.-lbonme C ic 41 Shipyard men may resist order switch H.i'-viuna R :i i2 1 Mexico C. C IS El R-Ifasi S j i« Milan C : ;; night: “Shipbuilding has always Swan Hunter has to back the plain. h.-ijrade c i ail Montreal c —-i 27 Describing some of the earnings, both within and H. rlin 7T Yhncow s 21 been ‘hunger or bust.’ policy for fear of sanctions. Of appalling diseases to which his between trades. Brrmnanm c ; c -n “ So often in the past managers the nine ships under construc- ' Bristol •» 2 members are prone he said: They seem prepared to drop c \-vc3Biie c said about “ Brussels York 5 40 have pay claims 'You tion in its five yards, five are Boilermakers are out in the f i 34 New R the claim for immediate cash on _«» it ra -i Oslo C — 2 can't get because we will go naval vessels. The next big order open all year round and in far the table in defiance of the pay E. Al.-Vs s 29 Si S i) bust.’ Then comes along some- it expects is For another Naval worse weather. Cairo s 24 Penh S 72 policy, and to work out a pro- Pa -3 thing like the Korean War or through-deck cruiser. " Cart.lt 0 -1 37 Frag no It's not like the joiner, in a ductivity package for January 1, Chicago O Reykjavik F 1 M the closure of the Suez Canal But at the bottom of the Swan K 32 nice heated shop. Parity with their due settlement date. Column? r Rio d«? J o C 3U f6 and suddenly ships are in Hunter affair is a long-running !* what or with whom? A joiner Cwnhacn c 3 n Rome C demand again." and fairly general struggle by Next Wednesday Mr. Chalmers, Dublin c 4 3Vi Singapore would never take the job of a think there Is as chairman of the shipbuilding Edtabrsh aiSTocJcha'm C i T4 Tbe men a craftsmen joiners, plumbers, F — welder or caulker—he'd sooner of Frank! urj C 0 32 Sn-asfcosu-F F political game afoot. The letter electricians — for the kind of committee the Confederation go on the dole.” Geneva c of guarantee, they said, required wages enjoyed by velders. of Shipbuilding and Engineering GlaszaT c Tehran C Si *' ” 28 not only to give their platers and rest Tne hiah-wage mentality Unions, will put the Swan Hunter I!cL>m>-l c 28 TcJ Aviv them up the in the P as Mr. Chalmers puts it—of tbe affair to his senior colleagues in Ti. KvOtf s ;o ca Tokyo overtime ban. which they say Boilermakers' Amalgamation. GfficeJbui^ .» JoTjuts c 21 fD Toronto C 36 could have been settled in plenty One veteran plumber, with a Bnillermakers dates back to the York. Lisbon Vienne Sn ’li 27 V ST of time, but to stick to the long apprenticeship and ex- days when they were on piece Ho is likely to press for what London 4 Warsaw Sn 0 32 c 33 rales and big money. Luxe mb'# s -1 38 Zurich C -3 Government's 10 per cent, pay perience behind him, put it earned be calls “the logical alternative Reconstructed in 1973to superbmodem office standards guideline and to the TUC's 12- quite bluntly: “To oe a welder As piece rates disappeared comprising synchronisation of Air conditioning Car-Parking ’ HOLIDAY RESORTS ^ - montb rule. it takes 12 weeks' training, io throughout industry, manage- settlement dates and agreed 4 V day YMar They claim that the company be a caulker it takes two days ment began buying out the res- wage structures in each yard or [* Mid-day and to be a burner it takes an trictive practices of tbe steel- profit sector of Britisb Ship- -0 -F drafted the letter and were hid- idiot. works. builders. R -i ing behind British Shipbuilders Ajaccio C :3 39 Jersey " Biarritz C j 17. Las Pims F tn resist iheir claim for com- We’re not Reds. Alt we want For example, demarcation lines That, certainly, is one thing on P Blackpool 5 i .Hi Locarno parability of earnings with the is justice." between the man who cut the which everyone seems agreed, Bordeaux S .iT'.TIdJorca F !7 best-paid in the Swan Hunter Mr. John Chalmers, general plates and the man who welded the need for a rational wages * Bonlourv C 3 37; Malaga C 14 F J| Here, as in most yards, secretary of the Boilermakers, them were removed. system newly Gape To. C 22 72 Malta yards- in a nationalised Telephtiijg! -i Casablaca C lo 59 Nairobi C 20 the best paid are the boiler- admitted that bis members were Such flexibility, Mr. Chalmers industry. Cortu C K 641 Naples S IT makers first in line for the dole queue, said, has now been extended to It could stop the kind of thing Dubrovnik C 13 a nw S 11 i ail the Faro F 13 55! Oporto c The company said the letter and hoped the incident would yards, tbe last being Cam- that happens on the Tyne, where >6 Florence G Ilf Rhodes c force tbe unions round the table nwll Laird Birkenhead this 59; — was drafted by British Ship- at l he shipyard worker looks con- Funchal C 17 63! Saftbur* c 1» builders, and that the references to work out a wages structure year. tinually along the river bank i.i|hra|t.ir R 14 ?7 Taasler c m Mr. Cue crew.F r; 6 43 (Tunis F 19 to pay policy were bound to be and bury the u!d grievances. Hanson and bis colleagues and across the water to make -73* Inrsbruck S 2S, Valencia n lu included for Government con- Nonetheless, on the subject of at S'-van Hunter now offer flexible sure he and his mutes arc not Ttmlstered at tin Po*t Office- Printed' .tH A' 1 Jnvi.-rncvt F j 37. Venice c 4 was quite working by [he Financial Times Ltd* Bradun -Soww. Caiwg. street,; : 1 tract work. pay parity he too in return for higher losing out. I. of Han C 3 a? ^-39-. .lr»n One* or his main tasks. to urblnes iiihnrf difficulties effective power of the and ^rb^e and gas pump, and asso- than expected develop- at aruund of immediate lie the he says, will be to prepare for vent. a worsening of the country's I 5}J?lJJft . Valued of the Worth country's still neglected and un- elections and a return to civilian old guard generals politically major economic T problems “ iSfSl- MU Sen ha* led resolved economic and social rule by April 1979 as recently associated with the corrupt die- -growing unemployment the con- Cooper’s problems. Worse still, ihe “ laid down in the interim con- tatorships of the 1960s. centration of wealth in Bangkok, VS- and «1 political divisions that have stitution.” But well before ihai Their belligerent and unpre- the swelling number^ of landless in eompctiUvM >prun? from those — and thai his recline could be over- dicta ble left 23-man poor and turap,e,e auppliera. but the mood the lawlessness in the placed With "Coberrow only last sysfera will other have helped brm^ ubuui ihe whelmed by the cities. share tensions junta little cboire in deeding on December, is for 42 ®?ul nl jroni Nether- prospects for the U.K. lu Coberra 1S2 Because 01 the P™? of me vervvery difficult ton is good. being shipped to the USSR in. U are seen as . . . . 1258 2345 3711 4776 5937 7378 MTS 9874" 10984 12109 13168 14296 15647 17400 121 1263 2354 3715 4783 593H 7378 MTS WJTG 10988 12110 13175 14307 15S48 17409 ...... JB.V. 130 123!) 2386 5723 4792 5051*7383 8480 «M*2 10997 12114 13182 14345 15680 17472 ,18868 Company i:H 131*2 23113 3752 4793 530) 7306 84 Rl 9383 11015 12132 13166 14375 19676 17475 18874 MLR hint helps sterling issues 135 13WI U4IWI 374U 4001 5982 7397 8492 9903 11018 12139 13193 1439* 15877 17499 18875 142 1MI7 2411 374.7 4HI0 50R4 7422 «5©2 9920 11027 12147 13211 14411 15683 17541 18878 U.S. $30,000,000 Guaranteed r.7D3 IPO 15:15 2441 " 4831 6000 7425- 8503- BY FRANCIS GHILES ISO 17558 18931 17559 18334 THE SECONDARY bond market eased at the start of trading but be priced at 9flf. The DM150m. Floating Rate Notes Due 1981 17564 18947 was a little easier yesterday 'as recovered later in the day when for Megal Finance which Dresd- 9976 11082 12189 13264 14471 17581 18960 some profit taking developed it carries a became clear that the Mini- ner Bank is managing ' For the six months . among professionals on indica- mum Lending Rate (MLR) would 61 per cent coupon. Its maturity December 1 st, 1 977 to June 1 st, 1 97.8 tions of hardening short-term not increase next Friday. They is 22 years. rates. Most bonds fell back i finished the day unchanged. the Notes will carry an per cent or per cent, on the In the D-mark sector, activity 1 BONDTRADE INDEX interest rate of 7£fr per cent, per annum. day and one recent issue con- was greater yesterday than at the tinued very weak: Cavenham beginning of the week. Tbe The Notes are listed on the Luxembourg Stock Exchange. was quoted at the close at 97H. DM30 m. five-year private place- Yesterday Tuesday two points down its price ment for which carries Medium 101.68 101.66 on of Kubota By : Morgan Guaranty Trust Company of New York, London issue. tbe guarantee of Fuji Bank will Long 94.72 94.66 Agent Bank. The two recent sterling issues bear a 51 per cent coupon - Convertible 108.09 108.68 SELECTED EURODOLLAR BOND PRICES Weekly net asset value MID-DAY INDICATIONS ^ STRAIGHTS BM otfar BM Offer Bid Offer Alcan Australia SJpc 19S9 100 INI GZB 1981 7|pc MS IN* Gould 5pc 1987 U7* 119* on November 30th, 1977 '84 All EV 8pc . 19S7 07 371 UHL Wsramstr. 715ifipc 99 99* Gulf and Western Spc 1988 73 80 Australia 8hK: 1992 ... . m 97* Lloyds 1983 7*pc 984 INI Hards Spc 1992 133 133 Australian It. fc S. Bine *SS tow 1B1 LTCB 1982 A* pc 9SS 9BR Honeywell 6pc 1988 87* 89* Tokyo Pacific Holdings N.V. Barclays Bank SJpc 1901... 90 Ml Midland 1982 Spc I0U 10U ICI AJpc 1992 87 88 Bowaier Bine 1992 loot 101 Midland 1987 TUUPC 881 88] IN A Spc 1997 «i SSI U.S. $ 40.60 Can. X. RaDvoy Stpc issa m IN* flKB 1981 8*pc - »i 99! locheape 63pc 1992 98* 991 Credit National Sipc 1936 081 99* SNCF 1033 SUifrPC W! 97* ITT 4! pc 1987 81 83 Denmark 31 pc ISM ... ion 102 swidd. and CTmrd W fi!pc BS( 99* Jnsco Bpc 1992 1034 104* ECS 9 pc 1995 tool 101 * Wan. and Clyns 1S94 Tpc 98* 894 KomalSU 7ipc 1999 IN 101 Tokyo Pacific Holdings (Seaboard) N.V. ECS Si pc 1997 » 891 Source: White Weld Securitlea. J. Ray McDermott 4} pc *87 144 1 -M ECS SicrUnc 91pr 1968 ... 98i » CONVERTIBLES MBlsoahlta 8 Sue 1990 _ 121 122 U.S. in: $ 29.60 E1B 8 toe W9S 109 American Express Upc *87 32 84 Mlretd 7lpc 1BB0 ... 1011 in* 101 EMt 91 pc 1999 not Ashland pc lflss J. P. Moreau 4|pc 1987 9S* 97* IN* 5 ... 91* . 93* Ericsson 84 pc 1999 095 Babmck a wiicox sipc v? on* si* S'aMaco 3* pc 1988 — 100 * mi Listed on the Amsterdam Stock Exchange 19S6 lilt 1M* Esso 8 pc Nos Beatrice Foods 4*pc 1992 Mi 98* Owen* Illinois 4 5 pc 1987 . 139* 131* >91 10OJ CL Lakes Paper SJpc 1984 Hcnrrtce Foods 4lpe 1992 107 IN J. C. Penney 44 pc 1987 7B 81 Hamcrshnr 1993 ton 102 "1987 Information: Plareon, Heidring & Plaraan 9LV., Horangracht2l4, Amslordari Mpc Beech am Ajpc 1992 ... M* 97* Revlon 4Spe 113 117 Bpdro-Qncbvc Spc 1992 9S] »} Borden 3pc 1992 ... too* . 102* Reynolds Metals Spc 1988 83* 83* 09 095 IC1 Slpc WT Broadway Bale 4Jpc 1987 764 78* SandvfK AJpc 1983 IN* 101 i 183 1031 tSE Canatsfl TUpc 19S6 CanuUan 4pc 1987 to* si* Sperry Rand 4*pc 1987 85* 87* Ma cmillan Uli 102 BUxkJoI 9pc 1992 Chevron Spc 1B88 ISO M2 Squibb 41 pc 1987 77* 79* VONTOBEL EUROBOND INDICES Massey FcrRUSOO 94 pc 1991 1021 103* DtUt 4}pc 1987 79* 81* Texaco 44 pc 1988 SO* 82J 14JJ6=100% Ulchelln Pipe 1898 .. 11111 102 - .. * Eastman Kodak 4!-pc 1SS3 88 88 Toshiba Mpc 19M . *14 92* 100 PRICi INDEX 29.11.77 22.11.77 AVERAGE YIELD 29.11.77 22.11.77 Midland 1m. Fin. S3 pc 1992 994 Economic Labs. 4!pc 1987 80 S3 Union Carbide