US Army, Technical Manual, TM 5-3610-294-13&P, MODULAR PRINTING SYSTEM MODULE C FINISHING SECTION (N

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Sbaw has been invaluable to the Labour Party for his special knowledge is this direction. He is currently vice-chairman of the Labour-controlled Association of Metropolitan Authorities. The Left-wingers on Camden coundl were prominent In a series of mix-ups which resulted. As the London boroughs had only three places on tbe key AMA committee within their gift and eight nominations. A consortium of Italian and U. Soon after the birth of her.

FT Business Information Ltd. The case for the rahimr Party was presented by Mr Roy J enkin s, now the. More than 35 yean later the publishers, Longman, have done it again. Next Monday three new books will appear. A pretty torn bdnch. Sir Ian Gilmour tradition—the Tories who Think. Why, one wonders in passing, la the new Tory Right hardly ever Invited-to anything remotely controlled by the liberal grtablfshment? Labour Left as belonging. Mr Reith puts the ease for the Alliance as well as for the Liberal Party,'of which he is chief whip, largely because three leading members of the Social Democrat s.

Mr Berth has no problems on this score. There are major policy differences, of course. Two of them may now be crucial. The dfanzming lobby, rather. Labour Party has won. These ' policy differences matternot only because Europe and defence are important a Putting the case for their parties left to right: True, there are some disagreements—say over the successor to Polaris— but they are minor compared to what the Tories and the Alliance have In common and to where they differ from Labour.

The Tories and the Alliance m probotii. Economic' salvation is largely seen through devaluation of sterling and he would like to see a Department nf Expansion s wdl as. The Liberals are in favour of an incomes policy, too, and could adapt to either the left-wing Tory or the right-wing Labour side. The underlying theme of all three books, however, is really about something else. It is the possibility that the two-party system, with which we have lived these past 40 years or so, may be breaking up. What happens under the first part tiie pose electoral system if there really is a powerful third grouping?

However, Labour must face up to the possibility of a hung Parliament when it might be asked by the Alliance to accept both FR and the Common Market as the price of a coalition. The Liberals have been advancing by small steps for years. They have sow been joined by the Social Democrats;. They are the classless grouping at a time when class allegiances are breaking down more than ever.

What is more, the Liberals have preached electoral reform over the ages. It has now become topical. Yet something rice, on which Mr Berth touches, is even more fundamental. And they have this, if nothing else, in common. The British voter is 4 wet' too.

Why recall that speech now? All tiie argument still lies ahead. The UK will in the meantime continue to insist on animal rebates while France, now digging itself out of the economic hole it dug itself into, might he expected to be less receptive than ever to these British demands.

He stresses the need for a long-term solution to the European budget problem— nothing novel in that as a French sentiment—but be also draws particular attention to this speech. There were two prongs to Sir Geoffrey's argument. The first was the valid but well-worn assertion that spending on European apiculture accounts for too large a proportion of EEC expenditure ana must he brought under control.

What is there here for M Delors? He plainly has a good Triatitmship with Six Geoffrey and shares his cod and quiet logic, of which the speech was a fair example. But one most wonder what the search for budget equity will yield. V r The banning of strikes in essential services b;. In theory, if a great many people break the law, circumstances coold arise where a country could only survive if those who choose to defy it are confronted with the full rigour of the law. This Hr why It remains the function of the. We have a long tradition of respect for he law.

Hundreds may riot at a football raatrii bat. The power to send people to jail is, and will always he. National unity was essential. Sir, — Sir Frank Cooper is right Kareh 28 to assert. Its unscrupulous exploitation of the. Neither does it take, into account the kuig-Cenn which is being done to what was once regarded as the best, example of effeetiva. Already it is Quite apparent that many mote mi efficient effective service. It would do well to review its own industrial relations policies. Instead of offering derisory pay Increases nod divisive local incentive schemes, which wS3 only prove counter-productive in the long run, it cHtrairt treat its only asset, its sta ff, with a little more regard.

Civil servants do nor seek preferential treatment, but they do expect; in return for a - lifetime of service, to be treated fairly. Present Treasury attitudes will only harbour fur-. On the other hand if zero-rating were abolished -the standard rate coaid be reduced to perhaps 10 per cent without loss of revenue. Of course VAT is a regressive tax but tiie remedy is not to fix differential rates, which benefit. Instead ave should look at the tax system as a whole and give relief selectively where ft is needed through income tax allowances and social security benefits.

I am aware how misleading quantitative approaches to such subjects can be. There are fewer women with -hi gher level pai r. Labour Party proposals would make matters worse. I refer in particular to car insurance. I work for an association of disabled people and now think that my own transport would be helpful so, wishing to get some idea of. It sent me a form with a standard covering note—-the note I returned adring for a reply to my letter. A Short letter came back asking me to fill up the form! I complained to the motoring organisation and finally received a not very satisfactory reply which did, at least give me some of the Information for.

I await the promised contact from the local office to discuss tins matter with considerable interest I am inclined In feel at tins stage that should I ever get round to purchasing a car new incidentally, and one of the smallest on the market , my insurance will be paid to the first company which takes the trouble to reply to my first letter in a proper manner.

I did not aslc for a firm quotation as I am perfectly capable of working out what I think probable costs will be. Wordnlex Simplifies the electronic office 23js needs of ttifi modemoffice ore soms- tlmss-vBryconfasing. At Wordplex we recognise the problem andprovide a positive, yet simple, solution. A workstation so well connected that th ere is simply no need to invest in a multitude of different devices. And of course, all , thifi islDUilt around the most advanced word processing system available today. Talk to Wordplex, andfindout hew to simplify the electronic office. South Africa has sunk from 1, tonnes in to tonnes in In the former there are shallow "low-grade ores cheaply available by open cast mining," according to Prof Kaser, while in Armenia the Zod deposits are high grade and j partly obtainable by strip mining.

Prof Kaser, however, detects a closer correlation in recent times between increased Soviet gold sales and years in which the Soviet Union has run a under visible trade deficit, even when the gold price has been relatively low. Gold, Page 33 per cent of Mexico's estimated Sbn gross domestic product, was underscored by a recent report from the Mexican brokerage house Estrategia Bursatil.

The rate on the free market is almost pesos to the dollar. The petrol price rise followed a 22 per cent increase in milk prices, a move which has been denounced by labour leaders. The profits slump came in spite of a big improvement in the hank's operating result in France and abroad. The profits declaration was the first for the year by France's big nationalised banks. Their aim is to develop jointly ways to create a solid common industrial base in Western Europe which would enable them to compete against U. Yesterday they completed their first meeting in Paris with plans to set up an informal club to discuss industrial cooperation.

This was mainly because of better profits domestically, in spite of the fall in French interest rates. Overall provisions rose 84 per cent, however, to FFr 3. The bank's balance sheet during the year - 57 per cent of which is in foreign currency - rose 21 per cent to FFr bn. Just a year ago the Indonesian Government announced plans for two petrochemical plants, a It is now thought that their progress may be slowed by balance of payments difficulties resulting from the declining oil prices.

Some banks said they would try ; to obtain a higher margin from , companies when they drew up the complicated legal contracts on each i re-schedulung. Two countries winch would almost certainly be affected are Yugoslavia and Uruguay. This dosed in London at SL The pound also tell 1. This, of course, is much less than half the story.

Even after yesterdays fig- ores. After foe successful shrinkage of a few years ago, the recent drive for growth has turned into an unmitigated disaster. The real worry is bow a balance sheet whose main assets are stock and trade debtors can comfortably support debt which totalled E25m at foe end of January and has risen by a few million since. For foe cycle subsequent the- cafo seems likely to be directed. Most obviously, the record sterling value of North Sea oil has held energy profi t s at around their level despite lower dollar crude prices.

The strong dollar, on foe other hand, has added 15 per cent to. This advance has helped to bring group operations in foe US. Raychem and LpgicaVrs amongst the companies flourishing in Swindon. London 50 minutes by train. The M4 oh your doorstep. Guaranteed housing for key personnel Full relocation assistance and introduction to funders.

A large underemployed workforce. Training facilities geared to future needs. They the turn of the decade, participa- were disincorporated from the par- Almost all the productive activi- "the perennial problem of Italian in- ties Of the group were in fibres, dustry - undercapitalisation. If the shareholders agree at. Losses began to pile up. In the Snia parent company bad revenue of only L29bn. Group sales last year were LIbn. In a higher gross operating Its sales have grown dramatically since when they amounted to Lbn. Grace also has a valued at A The bid follows the purchase last ty sales on the drawing board.

Myer has limited the convertible margin overall than in was off- began in September , but Sig set by higher financial charges to Bendni denies a recent magazine month of an almost 20 per cent note option to a total of AS30m, or stake in the Sydney departmental 20m notes, a more which will limit The defence business boom coincides with a reorganisation of Snia, whcfa is already benefiting, and the company seems likely to reduce the debts that have piled up in recent years. The chemical fibres subsidiary, Snia Fibre, in bad made a trad- report that no less than 80 per cent of its explosives production goes to that country.

Another element of the res true- half Snia's sales, will make up only turing programme, the doubling of a quarter this year, and in the des- the parent company's capital from per ate ly competitive European L Fibres, which once accounted for The explosive business is ao- half Snia's sales, will make up only know! BPD Bombrini- rockets in Europe. Its propellants As a result Snia has suffered in- Parodi-Delfmo is a famous name in are used in the U. Report of the Board of Management. Apfwoval erf the proposed dividend per share of DO.

Copies crf lheAmijal Report in EogtsstO may be obtained m the. Limited, New Issue Departmeiu. If successful, such a clutches of Mr David Murdock, a man of the company last summer move would enable Mr Murdock to west coast financier. Fleri-Van but was ousted from that position vote around 40 per cent of the equi- shares have risen sharply in the just over a week ago. The board iy at the company's annua meet- past few days in expectation of a said it took this action because of ing, which is scheduled for May 5.

The Myer offer, if successfii! Sales rose 11 per cent to ASm. Grace Brothers' profits were that following his removal from the amounted to The bank board has until April 14 to consider bids for the lafied association. UK Spnrts Course May 1 Autumn Gmse September The course examines current practice in the complex offshore industry and looks at issues of topical concern. In accordance with the proraans af the Nates, notice is hereby oven that the rate of interest has been fixed ac 10 per cent and thee the irceresc payable on the relevant interest payment data 11th Octxnec 19S3 against Coupon No luiwff be U.

It was related to alleged misconduct in a brokerage firm called Wustock Brokers, owned by Mr Scales and his wife. Mis May Wu Scales. New Issue March Can. Albert de Baryte Co. Richardson Greenshields of Canada U-K. Swiss Bank Coiporation Intemational Limited. The issue price of the initial tranche of the Notes is per cent of their principal amount. Interest is payable annually in arrears on!

Full particulars of the Notes are available In the Exlel Statistical Service and may be obtained during usual business hours up to and including22nd April, from the brokers to the issue: He added he had disc u ssed a pos- sible appeal against the revocation of his securities dealing registration with his legal advisers.

C and C has just sold most of its stake in that concern.

The company- said its share of profits from associated companies rose by 90 per cent bn a M per cent gain in turnover, and that new. Alusuisse reported a net loss for of SwFr m S Of tbe SwFr m revaluation. They include expenditure on the discontinuation of operations, accelerated write-offs, contract modifications and personnel settlements. Further similar costs totalling SwFr m will be incurred over the coming five years, of which some SwFr m will have no direct. Over the past two years: It is buying Unidur, a maker Perstorp earned only S per of surfacing materials, for fuxni- cent of its world sales revenue ture and kitchens, at Burstadt in West Germany last year, com- in Hessen.

Interest charges fell sharply last year, but the effect on earnings was largely cancelled out by a steep rise in tax payments. A year later, the total had risen to FI 97m, and tbe result was FI m. The sharp foil in interest charges last year — from FI 66m to FI 50m—was brought about largely by a decrease in capital invested. Tax on gross earnings last year came to FI Pakhoed noted that Paktank, its oil storage division, did not contribute as much to group profits as in previous years, but said this was to be expected.

Paktrans, the transport division, also saw a sharp fall in profits, and there was a decline in the contribution of Pakhoed U-SA-,; the main American subsidiary. Checkers, lost market share. The new superstores, however, tended to counteract this, as their sales had a larger bias toward more expensive items. The total dividend, has been increased to 61 cents a share from 49 cents, while earnings rose to cents a. Net asset value as of 25th March, per Crf Share: Tbn in , which reached as high as L62bn following foreign exchange adjustments.

Turnover rose per cent to Lbn. The Central Bank said the Treasury would widen the original Ll,bh offering of four-year notes in response to heavy, demand. The four-year notes are priced at Subscriptions will continue until next Wednesday. The yard announced last month that it was slowing down the production schedule and laying off workers in order to stretch ids order book through to the end of Net profit was up from FI 5. In this case, however, the addition of FI 8. Ten Cate, badly hit in the s and by the slump; in the European textile industry.

FFr 12 paid for l98I. Parent company' earnings stood at FFr 1 5. Valeo said parent company rev enue rose 12 per cent to FFr 2. This is equal to the overall payout for M, which included year jubilee bonuses of SwFr 10 and bwFr 2, respec- i tively. Swiss chemical group, is to acquire Ti toms Eurocon, the German manufacturer and distributor of contact lenses and lens-care material. The tekeover for-an undisclosed price, has been approved by the German Federal Cartel Office.

An agreement was signed between the two companies in to enter the U. Also proposed is a three-fordone scrip issue. But the group did show a worthwhile, underlying profits growth in most of Us main divisions. The loss follows heavy write downs aqd agency recruitment costs, and the dividend Is omitted. Royalty income less related expenditure is included to the area in which the licensor is 'located.

In tobacco, which contributes 73 per -cent, same to trading profits. However, its overall domestic market share declined by 0. Although turnover rose it was more than offset by higher expenses. Exports were only just below last year's very Rood level and profit increased slightly. The impact on the year of a very large increase in tobacco tax. In Brazil, total market sales were depressed by consumer price increases, but Souza Cruz increased its market share slightly, turnover was up some 35 per cent in sierling terms and trading profit by 10 per cent.

Sales volume in the rest of the Latin America area was lower than last year, but turnover and trading profit showed a good improvement. In Asia, total profits Improved and sales volume was maintained. Hong Kong had a difficult year but trading profit was up as margins improved. Singapore had excellent results, particularly in export markets. Excluding the acquisition of Marshall Field and Co, BATUS retail division's turnover would have been down slightly and trading profit in dollar terms would have fallen by 38 per cent in what was a difficult year tor the whole Industry.

However,' with the addition of the 79 stores of the Marshall Field group there were increases of 38 per cent in turnover and 13 per cent in trading profit. On the paper side, Appleton Papers' trading profit improved significantly in both dollar and sterling - terms, reflecting improved selling prices, lower material and pulp costs, and the benefits of completion of a large capital spending programme.

Wiggins Teapo's total sales in the UK and Europe were more than 15 per cent up in sterling terms on last year. The UK domestic market was still under severe pressure and sales volumes were down. Other trading activities as a whole show a decline in trading profit against last year which bad included a special, exchange gain; excluding this, results overall were up.

At Wiggins Teape UK losses, before tax. The interim dividend is being held at 0. Earnings are shown at lp 7. V-'; ; There -is stlti a deficit in 'the revenue reserve,. Accordingly, the board is unable to approve the payment. Of this Baird Textiles, which: Pre-tax profits were struck after deductions. Stated earnings per share came through well ahead at The directors say that although the.

However, the sector shows little sign of any recovery in consumer demand and is likely -to be a repeat of the. Now that the UK textiles division has moved downstream, a rising pound is needed to reduce the costs of its imports from the Far East, and to restore unit margins. In compensation was to be found in the higher volume. But no major upturn is foreseen until Extractsfrom a Statement by M.

The dividend paid to the parent company. The growing maturity of local banking institutions!? Bank, is progressively extending therange of itsServices in dose liaison with other members of the group, especially in the areas of merchant banlringand insurance. It is also devoting i We are increasingly aware that change will be the main.

The Bank will continue to show the adaptability which has always, been. Our staff have yet again proved that the success of our operations depends very much upon tbeir technical expertise and dependability tinder sometimes hazardous conditions. We are particularly appreciative of the consistently high penonnance-of otir staff during the year in the Lebanon under very tertingtircumstances, and I was very pleased to find them in such good heart when 1 visited Beirut in.

Earnings are shown, at A split up of the pre-tax profit shows: The remaining shares will be taken np by the sub-underwriters. A new board has been appointed which includes top executives from the U-S-. In the group worldwide' three loss-making subsidiaries have been merged, or. After the placing FFI wtll hold almost 11 per cent of the equity. Bensons Crisps in its present form arose from one of the first management buy-outs, which was undertaken in by the three present directors, Mr Malcolm Jones, Ur Walter Bryant and Mr Michael Keen.

Mr Keen, Bensons' finance director, said yesterday: But hitherto the company has not paid a tax charge other than ACT. No profit forecast for the current year is made, although the company is confident of another satisfactory year's trading. Said Mr Keen " 3 per cent of our turnover relates to our small animated electronic models business, and 4 per cent to our pizza business.

Ur Keen said that it was not Benson's aspiration to take more than 8 per cent of any regional market Bensons has a wide spread of customers covering cash and carry, the wholesale and licensed trades, schools, local authorities and sales direct to the retail market No one customer accounts for more than 5 per cent of turnover. Bensons has recently decided tolease a purpose built factory at Newport Gwent which will effectively double its crisp manu- faetpring capacity.

It is the intention -of the company to build.. At the placing price, this would give a gross yield of 4 per cent. The group has experienced an extremely difficult year. And they are not receiving a final dividend—the reduced interim of lp, therefore, stands as the total for the year and goes against 4. The directors explain the importance of concentrating reserves onthe rebuilding of the business to ensure the long term future of shareholders' funds. On the outlook Mr J. Pickard, the chairman, says present demand in traditional agency mail order shows little sign of improvement, and it is intended to take further steps to reduce costs in order to move into a profitable situation.

In these difficult times we are also looking to the future and investing significantly in the direct thail order market. Loss per share lp shown as 2. The chairman stresses that this is an expensive installation. Greenbank Industrial Ladbroke Group Wm Morrison Photo-He Inti. Dealings should begin on the USM on April 14 comment It is appropriate that the arrival of a crisp company on to the stock market should be effected exclusively by a cashing in of chips by all concerned. Nor that there was a need to raise money.

In fact with only a three-year record in its present form Bensons could not have come to the market any earlier. An understandable desire to take advantage of the state of the equity market clearly outweighed thoughts of waiting until a profits forecast was feasible. A potato Merry down, no less. Gainsborough and Southport on January 23rd In addition a major extension at Keighley will be completed in August Wm Morrison Supermarkets plt.

The betterwsyto shop and save. B 7JJ n? U — Mr Cyril Stein, the chairman and managing director, regards the fill! Looking to he says that with the continuing increase in disposable income and consumer spending the group's leisure and retail operations should again do better. The company is a close company. The structural and engineering company, say the directors, is seeing the benefits of the reorganisation which took place last year and with it a slight improvement in trading activity. Losses per share were given as Such meetings are usually bold for the purpose of considering dividends.

England Wellington , Insurance Corporation of Ireland. Nation a Trust E. May 17 Wefkom Gold Mining. May 11 Millar F. Net assets per share rose from p to p. The ; directors also propose to make a scrip issue on the basis of one- f or-one to holders registered April Tbe reorganisation of the: Annual meeting, June 1 at noon.

The interim dividend is held at 3. They say that current returns indicate results for the second half will be comparable with those of tbe previous year, if there are no further material movements in exchange rates prior to the year-end. In the last full year a total dividend of 9. Assisted by a mild winter and increases in local authority spending on home repairs, this area has been the main force behind a measurable increase in sales in the current year.

The share price Jumped 13p to p, with the increased dividend yielding 5. This close company is paying its first interim dividend since joining the Unlisted Securities Market, of Lip net per 5p share. Expansion continues at Morrison: The dividend is lifted from L4p to L6p. Three supermarkets were acquired from Hainstop at South- port. As the effective date was January 23 But the company has Just signed a.

In other words, like for like gains will be hard to come by. There are man; less impressive stocks an higbe i ratings. Fmanrial Times Friday April: One of tbe - most famous mining camps in history was-' situated on the Comstock Lode is Virginia CUy. Mr Earl MacRae, president of the Vancouver-based Knobby mjitx, says his company and its partners are preparing final agreements on a pirn. Troudor Resources and Gordon Resources. Mr HacRae's engineers have examined the property -thoroughly, and he says they believe the whole area is on the point of becoming. Knobby , - Lake's.

We have achieved this through our advanced technology; our experience in manufacturing techniques and our constant and strict commitment to quality controL Through extensive automation we are able to offer superior products at very competitive prices. Which is why today you will find our axles used more and more on tractors, front loaders, excavators fork Ms etc. The property has indi cate d tannages of gold-bearing material from previous mine- making attempts which included underground work.

One estimate of indicated reserves is Tbe Jackson and Jackson South oilfields have proven oil reserves of m barrels. Partners in - the two otiflelds are Santee, 40 per cent. Santos, operator of both Mds, says surface facilities will:. Unles molybdenum or copper prices increaei: Stringent control of operating costs. WKft refervnea to tto nMoncemM doted 2nd Aura The final atantial recovery in results over dividend, however, is raised m the iaS two there is still line with mdlcatioos at the time much: In due show an- advance of 49 per cent time, increase, our rate of dm- Sir.

Croda Organic ChemicaU Xm from 5. But the pre- Organl? There could be further nous,. Standard Soap and Manley sales, but this far out the out- Itetcllffe, and tJ. Nevertheless the market for appear to be improving. Pressure on current year the two main UK companies noted. S In February the. The situation after the sale of The,share price: Tbb' tfividend is again,3p. Haywood Ireland and the net tangible assets , of those companies when they were bought in J Dealings in the securities, which have previously taken place on the USM will start on April 11, 1 F.

Although no improvement In results has been seen In the first few months of Loss pec lOp share is given as 0. The extraordinary items arose at Brough. And reflecting, their confidence the directors are paying a final dividend of 0J5p from reserves, which doubles the total to 0.

Mr Williams says the trade was again reluctant to carry other than minimum stocks and the public has tended to postpone replacement purchases. Bank overdraft was down from A new design of electronic heating pad has been introd-. Dreamland argues that it is simply a question of catering for lower retail stock levels. The market took an equally sanguine view, marking the shares up 6p to 18p. The interim dividend, however, is maintained at 0.

Directors anticipate that these measures win contribute to some improvement daring the second half of the year although a longer time scale is required fully to assess these changes. The year's dividend is being maintained at 9. Losses per share are given as 5. Of tiie market's expectations Tbe major markets in which the group operates have remained weak, while borrowings — abou' half of which are in the U.

Capital spending made up tee balance, taking year-end gearing to 45 per cent Metals and chemicals kicked it a lower contribution than las year and profits from Duliu Australia fell by two-thirds. Some encouragtn; signs of a stirring in the con struct! Ai improvement at Cookson wil depend on a broadly-based re covery in its principal market and the likely movements 0 U. He de- withdrawals on the Golan dared then that it was Heights following the Israeli, no longer unauthorised, and advances 'in the Yom Kippur that many such settlements war.

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V en in Sinai started off war. The h Bedouin had built were Shaba. Agricul- right to live in Tel Aviv. General Ariel Sharon, who say. This view was shared bj for lVr? Zambia and , on Wednesdav. Israel itself the nppostinn comes are Strip. Of tbe 49 members. Benin is on other issues there will be wide not present at all. Mozam Cuban involvement in the ttnent has become increasin vocal, will, observers in Libre- president Nyerere is not ville believe, make a strong stand expected. Our correspondent reports President Houphouet Boigoy.

Arab mini- summit conference to end. Sadat spoke in a lengthy Interview with -the Beirut be published to-morrow. His call for an Arab summit on Lebanon came after he met Mr. Flad Butrds, tbe Lebanese Foreign Minister, in Alexandria yesterday, and dis- cussed the Lebanese situation in general and the rising tension la southern Lebanon near the border with Israel in particular. It also came as Syria has again Indicated that it cannot leave its 39, troops serving with the Arab peace-keeping troops here indefinitely. Tbe Damascus daily al Baalh said la an editorial yesterday that Syria needed the troops to face Israel on tbe Golan heights.

Thereafter, acknow tion slackening but remaining at. Bo ,h jw r engrave and Mr. Fitzgerald, who was civilians, tbe Ghana government in power, as well as with an ifi-- cassacao" decision had been example of peaceful return toi elected without a formal vole, has announced concrete plans to creasingiv serious economic! Hp t0 safeguard medium-term n! These include a DMlBbn. But it Is already clear that nationwide referendum, leading gramme although observers in i said to have provoked his punish- intellectuals, lawyers, business - 1 he will have to make a major to a constituent assembly to Accra said tbey believed the j.

Furtado and three chorus for liberalisation elections. Hans Fndenchs second half. Clusky, who in I He first ballot drew eight voles to eight with Mr. The Volvo the final analysis the decision holdings of securities rose bv: Bond market sources said tb3t one reason for ihe bond market's weaker tendency over tbe pas! Orders, it says, corn's sales were going very Their spokesman had doubts have been sufficient to guarantee satisfactorily.

President Luis Echeverria as its ambassador to the. This means the new Paris- based assignment supersedes Sr. Echeverria Is on a tour , of Asia and Europe, and it is hot known If be has agreed to accept the hew job. Renter reports from Islamabad. In a third report' of the country's- governing Federal Council.

At S resent the two companies have 3 per cent, of the domestic mar- ket. POCLAIN, the world's largest 12 per cent, on the sam unions affirmed that m the face — Of tough international petition on the car better for their merge with Saab look for a foreign Saab blue-collar port the merger. The sentences were handed according to diplomats at the said, conference. M asreemenl per taope price, which wauttftil! Tokyo anticipatr lhe entire based committee, faces charges At stake m the talks are 18m. Indications from Bonn are that the Federal authorities are somewhat readier than before to give a little, cautious ground to this pressure.

If German growth is clearly falling behind the 41 per cent, expansion rate needed to prevent unemployment from rising further, some action may be taken. The Japanese may also be giving a little ground. If such talk actually leads to some refiationaiy action later this year, some people with short memories may be tempted to proclaim the sunrise, and others, with longer ones, to 'ex- press renewed fears of infla- tion.

The first difficulty is to see the wood for the trees. Markets, as well as politicians, show an almost morbid preoccupation with the day-to-day movements in the statistics of output and employment. This can only in- crease uncertainty, for in the present situation — bumping not along the bottom, but around a very slack recovery path— the figures are bound to wobble. Stock levels The main reason for this is that the level of activity is still dominated by stock levels, especially in the U. The rise in consumer demand in that country caught industry by sur- prise.

Recent figures suggest that for the moment the balance could have swnug the other way— that manufacturers have for the time being slightly overdone the restocking programme, at a time when consumers' incomes are temporarily squeezed by an increase in capital taxes. Somewhat similar uncertain- ties plague the close observer of the European scene. In Britain, for example, output has not yet visibly responded to the sharp, temporary fail in consumer spending and real incomes — though the last unemployment figures suggest that some manu- facturers with uncomfortably full warehouses may have damped down their activity for a time.

Italy, and to a less extent France, are plagued with political doubts. From a greater distance, the picture is much clearer. The world has suffered its worst re- cession since the war — though far less severe than that of the early s— and its worst general inflation crisis for a fax longer period.

Finanrial shock, avoidance of risk, and fear of. However, it is largely futile to hope for any early improvement on this per- formance. As the Germans have rightly argued, any attempt to stimulate a boom rather than a gentle recovery would only stimulate inflationary fears. Talk of some world-wide drive to recover a largely mythical growth of potential output is pure wistful thinking— a throw- hack to times when stable mone- tary values provided a fulcrum against which, the lever of financial expansion could bear. Even the British talk of reflation is largely a.

It is not only markets which hare, had a bad fright in recent years. There would be almost no chance of preventing it from delivering Its payload. A few years ago, that was a possibility that hardly anyone would have even contemplated. For one thing, the Soviet Union did not possess low flying attack aircraft capable of reaching Bri- tain.

For another, the very idea of a conventional threat to Britain was unthinkable. The threat was strategic. If the Rus- sians bad launched a conven- tional attack on Western Europe, other countries— be- cause of geography— would have suffered first. If the attack had not been quickly checked by conventional means, it was assumed that the West would have resorted to nuclear wea- pons. The only direct threat to Britain was the strategic one of Soviet intercontinental ballis- tic missiles fICBMs and a few high-flying, bombers. To-day, it is quite different. The Soviet Union does have air- craft capable of reaching the UK and of attacking fairly predse targets.

It is building more of them, and there is every reason to beliere that tbeir performance will steadily improve: They will be equipped with more' sophis- ticated missiles and more ad- vanced electronic counter- measures ECUs , the means by which a computer-based defence system can be thwarted. They might even be capable of flying very low in- deed. Moreover, the Russians have not only developed the ability to deliver a conventional air attack on the UK; there are certain reasons why.

K is now probably seen by the Soviet military as a major base from which NATO would launch its counter-attack. Most of it would not be British. The aircraft would be flown fn from tbe U. How many would be Sown in would depend on the length of tbe warning time aixd the degree of tension before the outbreak of hostilities. But the 40 per cent will do as a rough guide. This air power would have two functions. One would be to counter-attack Warsaw Pact forces and Warsaw Pact terri- tory. The other would be to protect the Atlantic shipping lanes as further American re- inforcements were brought to Europe by sea.

It follows that if the Russians were ready to launch a conventional attack on Western Europe, it would be in their interests to destroy the bases from which much of the retaliation might he expected to come, and to do so at a very early stage. Tjhat realisation has enforced ia , change in British defence-priorities. In case all that sounds unduly alarmist, it should be added that the threat of a Soviet conven- tional attack on Britain is not seen as immediate, and that measures are being taken to deal with it- We are talking about the period up to The British estimates are that by the early s the Russians will have developed a formidable air attack capability, and that it is imperative to seek to coimter iL At present, the threat con- sists mainly of twd aircraft: The same aircraft can also carry conventional weapons.

Its range means that even without in-flight refuelling it could cer- tainly reach the UK With such refuelling, it could even do so by the back door: It was always assumed that the attack would come from the east. Like the guns of Singa- pore, Britain's air defences, such as they are, are pointing the wrong way. There are perhaps 70 Back- fires currently in service, and the production rate is about two per month. About half of them are of the naval version, especially designed for attacks on shipping. They are also constantly being unproved: One estimate has it that the Russians would deliver about five times the weapon load on Britain per day as the Germans did in World War Two.

If that sounds a relatively small increase, given how. It would be reasonable to assume that the. The Fencer, otherwise known as the SU after the Soviet designer Sukhoi, has a maxi- mum range of under 2, miles. It is the first Soviet fighter spe- cifically conceived as a fighter- bomber far ground attaek mis- sions. Like the Backfire, it can carry nuclear or conventional weapons. If one were to imagine a Soviet attack plan, the Back- fire could come in from bases In northern Russia, fly round the Scottish isles and attack from the west The Fencer, because of its shorter range, would make direct for the east coast It could do so very easily from bases in East Germany.

As with fhc Backfire, its ability to penetrate air defences and to fly in all weather conditions are being steadily improved. Again, if that sounds alarmist, it is time for another caution. It is not suggested that the Rus- sians are about to attack, nur Ifiat when the number of Back- fires and Fencers has been doubled or trebled all of them will be directed against the U.

There will continue to he large numbers of primary targets in those with American reinforce- ments, the missile air defence system designed to protect tbe bases, and radar and communi- cations. After all, if those could be eliminated, or at least re- duced in effectiveness, the Rus- sians would have much greater freedom to continue the conven- tional war on the European mainland. At any -rate, it is with! The race is to complete the programme before the Rus- sians are deploying more and better Backfires and Fencers. Hardening means making them resistant to conventional attack, and it is a process which has been under way in continental Europe, backed by NATO funds, for several years.

It did not happen in Britain until now be- cause it was not thought to be necessary. Some NATO funding will be available, however, and it is believed that the pro- gramme can be completed in reasonable time. Tbe only air base target then vulnerable to conventional attack would be the runways, and the Army is now studying ways of repairing runways once an attack has begun. There is also a problem about surface to air missiles SAMs. Britain does not have enough of them, and those that it does have tend to be concentrated in eastern and central England — designed to provide defence against attacks from tbe east.

They are at present no threat to the Backfire on the assumption tbat it comes the long way round. The missiles concerned are the Rapier and the Bloodhound, and the plan is to provide more of them. But the Bloodhound is no longer in production. Fit is not ;the'sorr of choice that the British like having to make, but it seems to have been con- cluded that there is. So it is here that a large -part of tbe British effort will come. At present, about 25 per cent, of RAF com- bat aircraft have a full time air defence role.

But some of them are beginning to age, and a great deal depends on the arrival of the air defence variant of the Anglo-German-Italian multi role combat aircraft now known as the Tornado. The view in Whitehall is that the existing Effort is satisfactory in terms of quality, but there are consider- able doubts as to whethe quantity of aircraft is adei That leaves radar and warning systems, and here tbere are problems.

Becai the shape of the U. But arc very many gaps, an chances of detecting a low attack are minimal. But the technical cuities involved in act compatibilty are formidab. S coming in ore r sea, inc. But tht still two qualifications. It is the old st high quality, but not enc: I hope the Government will agree. The removal of restrictions is ail tbe more important at the present time when those responsible for pension schemes have to review their schemes- and decide whether to contract in or out of Ihe new stale scheme which begins next April.

In these circumstances, it seems likely that modest improvements in pensions and other benefits can help to provide a safety valve in the next round of'pay negotiations. Myths From Mn G. Brian Sedgemore, is reported by you June as saying: Callaghan's disastrous spell as Chancellor of the Exchequer, devaluation.

Wilson's opportunistic caperings wfairfa disillusioned the voters. If any Labour Minister enjoyed national respect it probably was Mr. This new version, how- ever. It is equally important that the Conservatives do not gel carried away by mythical versions of the past. As an excuse for not put- ting forward clear policies on denationalisation, tax reform, scrapping of rent controls, etc..

Conservative spokesmen keep saying: From mid they steadily lost papular sup- port when it became obvious that Mr. Barber had lost their nerve. What the British people want from their would-be political leaders is courage and consistency. S- saccharine ban proprosals. Americans are estimated to be overweight The fact of the matter is that a number of institutions of impeccable repute have recently reviewed all tbe evidence relating to sugar and health, as a result of which their published reports have indicated that there is no acceptable evidence to link the consumption of sugar with coronary heart disease.

Commenting on the assertion that a high consumption of sugar was an important factor in the causation of coronary heart disease, the recent report of the Roja! I am surprised that Miss Dunne does not seem to be aware that last year tbe U. Food and Drug Administration 'issued an "Evaluation of the health aspects at sucrose as a food ingredient. Iq April last year tin House of Commons Expenditure Com- mittee considering preventive medians, and noting tbe widely accepted view that dietary factors contributed to the deve- lopment nr coronary heart disease, considered the evidence on the role of fat or sugar.

Having examined views on both the sugar and fat theories, the Committee expressed the view that the main dieinrg cause is saturated fats, that is, mainly animal fats. Pork Lone, TT I. Foods From flic Head of F'K: These, he says, prove that there u a wide discrepancy between full EEC and "world prices. Given the increase in fertiliser prices due to the oil price rise, ami the increased demand for food from a rapidly growing population in ihe world's poorer countries tus seems likely lo be a Ion era tread.

But far the time hping there is once again a buyer's market for certain commodities. The ques- tion is: That assumption was- made 20 years ago in respect of Oil—witb the results that we have. But we are concerned wiih practicali- ties — in particular with food prices, which are by no means tbe same as farm prices. In practical terras, the U. And there is no doubt that food prices in Britain do not compare at all badly with food prices around the world. According to the recent CBI publication on West European living costs, six haste foods covered by tile CAP — steak, chicken, eggs, butter, milk and sugar — were all dearer in seven non-EEC countries of Europe than in Britain, with the exception nr rhlckcn and cess, which were cheaper in Spain and Portugal.

Neither NALGO nor ourselves have raised the slightest objection, it is not part, of any inter-union conflict. These will not he upset in any- way by the AMEE merger. Fox Lime North, Chertseu. Sir, — If prices of all goods, except houses, remain steady it is generally ronsidcred a good thing but if they start lo go up ii is called inflation which is a bad thing.

If house prices remain steady, however, it is termed stagnation — apparently a had thing — hut If they start to inflate it is not called inflation, which would be a bad thing, but strengthening in the market and regarded by some, including your property correspondent, as a good thing. If income from investments increases il is considered at least in the financial world as a good thing but reduced dividends or continuing dividend control are condemned as bad things.

Or an example of brain - washing by property interests? Middle Avenue, Famham, Surrey. Edited by cop analyst Charles Whltcomb. E-C " l Oh, 5F3H muter fode-jp-. Mmtity o j Ttar a: Left 'and sarcasm from the work whidi brills together the. Right— add with- aur.

Enterprise Board was people in. Leslie Murphy, who takes over. Ii f f0ur yeais frtm abroad the role the NS deputy di airman of the and was then. KtioS and At wS ing-where the factory was. Wealt v comes ana m l. Grunwick High Court session opens, Luxembourg. Vance also that -create opportunities for Inquiry rJune. Louis, the Horn of Africa and about praised the djtitude of the Souto automotive conference in' the '.

Bf eafaingS; differed yfeited Washington by Mr. S, profoundly hoped protected. Botha, bat the speech S? Trust Grand Mel- Guardian Inv. Is having to stop production of North of whelming, demands next week the. Tony Dubbins, assistant the union. Wilson, and Whitworth, pub- Shop. Allied overall strategy is to remain menting our decision, we will be In spite of some disruption of lishers of the Stratford Express Workers. Yon should regard but are you able to achieve the spread of i nwaam a u txn your investment as long term.

Basic rate taxpayers will normally pay receive a bonus of 1 f Q as extra units, no capita] gains Ihx. An tpltlal ebsm oT s?:. W ladnded in tbc. The estimated gross yield fon the current offer price of Brown said that, he. About men had been.

U.S. Army Technical Manuals TM Series 5

Whatungs An unchanged final dividend of Dividends shown pence per share net except where otherwise stated. Stated earnings per 20p share are down from -lOJSp-, to fip. Opened as off licences. Dennis Lennon, chairman of Lennons Group. The group has three licensed. Official indications are 'not available whether dMdemls awcerned. Finals— In his review, Mr. However, that trend been open Iwtvjc , pr?? Saint Piran, is 'well to x74,uou. At the South Crofty 4. KG mine the- second phase of n 1W. W2 , capital investment programme is 25'Sli being considered. Shaw is optimistic about the future of the housebuilding sub In December the director said reflection of last.

Lloyd Holdings has programme there was a consider buayancy in hotel lettingsi Once a receiver. The shares dosed yesterday at 3p. Foster, interim of ffjp. The last pay- this year where sales have been "ad Vofd fti two main! Forward sales ipri] 19 1, bank balances and.

June 30 to October The mar- Lee became chairman and manag- fenced by the subsidiary Gailey f TflCFPR ngineering and steel divisions on bottles pickles, sauces, etc. Nevertheless the improve- , n ment shown by other subsidiaries As proposed earlier a net final ffoes some way to make up for it dividend of 0.

In the U -K. Interim rising as the king size price war tad leisure major. Trust Houses in television rental profits. This profits in November were two- stepped up and margins wold: Also producine results are appears to have continued in the thirds ahead before tax doe en- nave been lower.

So Wednesdays 1 associated Newspapers, Rothmans second six months and a full yeaF tirely to the North Sea opera- full year figures are unlikely to aternational and J- B. GECs interim profits in Decern- looks a safe bet. Judging by the recent share year. The newspaper side was Half-time nrofits from J B. This reflected strong per- peeling good things from Trust ever and the group warned.

Some easing in the sec- stabilised and the price of - -: In the dosing months there dividend on Tuesday. The final through the market. Trust, which presently holds Cumulaf warranties to "FH. Ul recomme totally Inadequate and the offer oner - is Inappropriate.

We are offering our package for only $45 which includes free shipping also.

Dividend lif Dividend friP. M Bath and Portland Grotto. I is 1 0 Haliatn Sleuth and Cbrsoa. The new ordinary the issue of Treasury bills, stock- shares not taken up have been holders holding M per cent, or. Rutherford and Mr- A. Amer- sen, the three BEC executives in hues tion.

BOC's existing interests in ek innnAiru in tron beam welders and wOl mi. The party in question, Mr. Stockfis w Barclays Merchant Bank, suspended yesterday pending- advisers to Abwood, said yester- announcement. SharesinStocfc day that talks between Mr. Bald- in which Central and Sbewwo. Cowrie are closed on June 27, w still inadequate and that the bid accepted in. IL of - that company. C orfHins of the Preference t: Treasury consent has At present it xs not inteidel that an offer be made for the i V v per cent.

Cumulative Preference r stock or for the 4i per cent, am - 3 per cent. I of esttu units lunlfl I flute. The nUnimiini investment perfonnmg the. G Group is dcawins basic tax; otMr-four. Aitteo and family trustees who control the voting shares. The extra sum is based, on the formula of 0. Rayberk considers the acquisition a unique oppor- tunity to buy seven prime retail units in the West End.

S6 — — Anglo-Afrlcati Ffn. Tlc oJKZ c 4. Shareholder in Pnrbeck Group have been told that they will Cone. Value of - Price Value Company. S6 S7 -. S7h 3. Decision on final when! Offers for sale, piacings and introductions: Quotation and placing nf 1-lm.. Ordinary 20d shares at 60p per share. Offer lor sale of 3. Ordinary 25p shares at p per share.

This is a flexible inrestTbeaC minimum ou'. The plan has full iwthdrawid facilities and includes life assurance cover. Barriay- hwnds offer investors the chance Of- - swi tCh i ng between eq uities. TV v-d - rw Interim Dividfind of0. Today flexibility is essential. A Barclaybond has other tax benefits, particularly if you pay higher moving from one investment sector to ' rate tax or the investment income another you can often steal a march surcharge.

If the Bond is cashed in after over the more hesitant. Send the Four invest in gilts, equities, property coupon below or ask at any branch of and money, while a filth, the Managed Barclays Bank. Rind, is invested in all four areas-. And no Capital Gains Tax,. If you have shares you may be able to exchange them for a Barclaybond on. Td-like to know more about Barclaybonds. Holcis and Metals, which were index.

Germans steady, Inter- book-squaring. Sehering nut Pharmaceuticals generally steady. Public Bonds improved un to Spinners' 'Recession Cartel ah. OUUsUloruwj 42 42 Sid. Trade AVC ' Vm. Paneonllnental gained 20 cents lo u,M tf i inwnxi Borden lou fi. Kafhlnn 2 cents to 1. PniL-hnur 30 4 Khi im fn. ISU iknatn xwrt, 1 26 1. Hart r tie i UinilM 4 i'li 42V Inrl. Solutions must be received bp. Gypbuni 23ig 23ii L'N. U ftiuutv- 28 -- Mcep Itoek In.

VE of the most open isiaing bizh-clas? The half-length victor utsr.. Oil A Dai Mi 7t6 -,2 [I6 -j' 7 3. Kiii r 44 — 2'? AiafilCriui r -2 t0. C1 Mat uxJiin in-t.. Kjidliifi "U' T a. Jtlb 1 — -. J 09 UIU What- is ' perhaps too little-? The visaged in aircraft noise levels, to impose mote restrictions on airport operations. Gwent was put out of action yesterday by a blow-out of molten slag and mefaL - No one was injured, but the furnace, which can produce 5, tonnes of iron a day.

The cause was being investigated. The incident was the second of this kind at the furnace within a month. Healtii Ser- vice, in a difficult period.: British Ambassador to' Spain, sirme , who died on -. March S,, aged Chan- cellor, last mght joined i the mounting campaign to persuade Labour supporters to maintain party unity so that the Govern- ment could benefit from improv- ing economic prospects. The Prime Minister is expected to reinforce the call for parity unity when he makes a major speech to-day at an Abe r yst w y th raHy on economic prospects.

Mr- Healey, speaking to a Labour audience in his Leeds constituency, said that it was vital for Labour to retain power because the country was at an historic turning point and the sacrifices of the last few years were just beginning to pay off. The system of payment under which members of the IRA have -been able to claim compensation from the State has been strongly criticised. Concannon said yesterday that under the revised system there would be a right of appeal to the courts as to whether a person was or had been a terrorist Spending cat Onqe the fact of terrorist In- volvement was established, the right to compensation would be removed.

All that has been just as de- manding and rewarding as I ex- pected it to be. Minister and yourself on May 25,. In announcing my resignation, I shall pay tribute ta, and ex- press my great appreciation of, the tremendous encouragement and wholehearted support I have had from you, from the Prime Minister and from your Cabinet end Ministerial colleagues, as well as from all members of your Department with whom I have worked.

In laying down the task now. I am con- vinced that the NEB can over the next few years, make a most significant and worthwhile con- tribution to strengthening the British ecooomy. Since we have now. The Government owes you a considerable debt for the way in which you have established the National Enterprise Board. This task has called for great dedica- tion, fortitude and immensely hard work over the past eighteen months or more.

I and all ray colleagues are very grateful to you for the the significant contribution you have made to the development of our industrial policy which is so important for the future of this country. The unions, hope, to muster more support to keep the factory open, though the buyer they favour has had its request for financial assistance turned down by the Scottish Office.

The company, whose parent is Crane company of the in- sists that this postponement is on condition that no further funds are extended to the factory and that the only- acceptable alterna- tive to receivership is sale of t factory on July 4. So far two potential purchase' have come forward for 't- hydraulic engineering compar which employs over L Pla put forward by the first wc 1 rejected by the Scottish Offl which was asked to intervene the planned closure. The second, which submRI proposals on June The area has about such con- cerns, most of them set up fa the past 10 years.. Further ffqimvuon has come from big companies es- tablishing research bases.

The council projects a further 20, people by the end of the cen- tury. The growth, which has put under strain both the peaceful ambience of the dty and the physical fabric of Its centuries-old university build- fags, has posed an awkward dam- ma. These fears have emerged in the debate over the structure plan, a central element of which abas to re- lieve some of the housing pressure by providing tor a new settlement of 2, houses, built to the north of Cambridge near the existing village of Wsterbeach.

The scheme is a co mprom ise. Some onlookers have suggested that two new villages are required if Cambridge is not to suffer an aoute housing shortage in the next decade, with a subsequent even fester Increase fa house prices, which are already near to London levels. Developers are keener to buDd these satellite villages to the south and west of Cambridge titan the north.

The corporation's op e ra ti ng sub- sidies would be sold seper a tdy to private companies, worker buyout consortia, or to the pubSc share issues. The report says tiw operating companies should be exposed to co mp et i tion from new companies operating comp e ting services over fee same trade.

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Ancillary ser- vices such as catering, deaning and maintenance would also be likely to face competition. A more radical shake-up along the lines advocated by the institute is known to have some s upport among Conservative MPs, but it would he strongly resisted for tiw opposition and the rail unions. The BOTB also said that UK com- panies wore not making enough use of the scope available for titan to participate in World Bank-finance co n tr ac ts fa the developing world. The main growth in manufac- tured exports came in consumer goods other than pass eng er cars, while particularly sharp increases were recorded i n exp orts to Ger- many ""d Japan, with gains in val- ue of non-oil exports of 11 and 11 per cent respectively.

House builders have eyed Cam- bridge with a healthy interest The county council has received no few- er 15 proposals for construct- ing satellite villages of one form or another, with some of Britain's leading house builders, including Bryant, W3con and Countryside Properties, keeping a dose watch on what the structure plan may al- low. One of the proposal s , which will be ruled out if tiw draft plan is ap- proved, Involves the construction of 3JN0 houses, with an associated country park, on acres of land at Scotland Farm. This is to the west of the city, near the MU and tiw village of Hardwick.

The scheme is backed by two of Cam- bridge University's colleges. Trinity and Churchill, which would build roads and sewers, inviting develop- ers to put up the houses. Mr Chris Buxton, a partner in BidweDs, a local property company which is promoting the scheme, said be was disappointed the pro- ject was not inrfndad fe the draft plan. The scheme's backers are to press tor its inclusion during the structure plan's public examination,.

Shopping is also an issue. The centre of Cambridge is becoming in- creasingly cangated. Mrs Kate Grant, a director of Nine Tiles, a small electronics company based in a converted dairy at Water beach, says she rarely ventures into the dty for shopping because of the parking problems. Retailers are considering sites for satellite shopping around Cambridge. An- other possibility is a new retailing centre at Duxford, which Grosvenor Estates has p roposed.

Overriding all these issues is tiw question of what tiw future holds tor the Cambridge high-tech compa- nies, many of which are small and are at tiw point of requiring new in- fusions of managerial financ ial resources. Mr Jack long, founder of Topexpress, a successful Cam- bridge computer company, who has just left to start Perihelion, a new electronics concern, says that the expansion could easily run out of steam. He set up instead in a new busi- ness park at Ely, 15 miles to the north of Cambridge.

The rent for his premises is El. Mr Walker says that Ely is de- lightfully quiet - sometimes a bttie too quiet. A little ruefully, Mr Walk- er says he may be missing out on striking up contacts fa the high- tech fraternity in the hustle and bustle of Cambridge. Would you go to an optician if you had toothache? For anything from housebuild- ing to industrial development, from office refurbishment to the purchase of investment property. Once a loan application has been accepted our own in-house solicitors will be able to speed up the legal process.

For further information rin g John Edwards at our head office, on or Michael Moss at our London office on The shares have not been registered. BanUiaus Max Rasea 6 Co. MemR Lynch tntsmationaiaCoL 8. Its activities cover 18 shopping centres in Australia, half of them owned through toe quoted Westfield Trust, and eight la the US. There are practically no vacancies, and strong demand continues for its existing retail centres and those under construction.

Launched last year, it is 50 per cent-owned by Westfield Holdings. The group already has investments in property, industry, resources and, now, toe media. The formation of Westfield Capital reflects a move by toe group to diversify its interests, and is already seen by Ur Lowy and the market as a success.

The latest phase in the evolution of toe group is a long centre each year, sometimes Because dependable builders were scarce, they started -their own design team end constroo tion business, and then leased toe space themselves. They Czech -bom Mr Frank Lowy right has come a long way from mi mi ng a delicatessen 33 years ago in an underdeveloped Sydney suburb. As a variation they tried a motel and other types of deve- built a centre from toe ground Zopmest. But, says Mr Lowy, up. It opened la Hdlped by because of limited.

WeriJWft ' Coptttf St ". It opened to As manager and developer. Saunders, decided to start their the company promoted the delicatessen to Blacktown. Interim results from Westfield. Thless construction company, reven u es were upWper cent v. It was to Connecticut; Then came the real spur, to Lowy'fc year-old son. Freedom, flexibility and choice. UNIX multi-user system, they make a These are the reasons so many people - complete range. So why not choose NCR Tower m wefl? The directors recommend payment of a final dividend of The directors feel that this modest increase is prudent in the context of the earnings per share in of The many excellent trading performances in the year included those of United Provincial Newspapers and Link House, where significant growth in both of these mature businesses has been achieved.

Trading performance of some business magazines was dull in trying market conditions in the United Kingdom and the United States, though there were strong performances by individual titles. Miller Freeman Publications, our west coast magazine company, increased its dollar profits by 85 per cent. On the east coast, Gralla Publications, maintained its profits of the previous two years. The absorption of the Fleet companies was completed early in The Daily Express, the Sunday Express and The Star formed a national newspaper division and Morgan-Grampian became the division operating business magazines and exhibitions in the United Kingdom.

The departure of 2, regular employees and the elimination of 1, casual shifts at Express Newspapers was negotiated and completed according to plan. I thank all the directors and employees for their hard work and efforts in The future holds many opportunities. I view it with confidence.

S 52 a-Tit a site of at least 50 SL rt fo? Alternatively, say the Arm. Further evidence comes from no t make the rents that some nod backland. It is left to developer months. John White of Landaner, US associates of BOlier Parker, says that downtown M anhattan has experienced better office rental conditions than any area in the US, apart from its midtown neighbour. Shaw, ww XncoKpdrated SOcie fy- w. Valuers and Anctloaee Wt: Contact; Mark Glatrasn or Rod Glbba. Crosfleld has grown rapidly within De La Rue, while re- taining Its own identity.

Another reason for Cros- field's individual growth has been its more into two new areas: A key Crosfleld contribution to the group has been its research and development staff of scientists and engineers who are skilled in a variety of areas Including computing, optics and high-precision mechanical engineering. According to John White, De La Rue's flnawi-iai director, this technical expertise has acted as a catalyst to the parent When a small investment pays off handsomely Grafidd Electronics gave De La Roe a new core business.

Mae, yellow and black used in printing. In recent years, CrosfieM baa used its computer ex- pertise to branch oat Into graphics systems— for use In design and advertising studios and for Unking with general printing equipment. Last year the company made a Mg push into type- setting and picture systems for newspapers and maga- zines. De La Bne set up a new, UK-based card! According to John Crosfleld. The electronics pioneer, who set up his company in a spare room of his bouse In , shortly after leaving his Job as a war-time scientist with the Admiralty, says that in the late s De La Rue invested many millions of pounds in re- search and development within Crosfleld, confident of the pay- off to come.

Other onlookers generally paint a bright picture of Cros- field Electronics' technological capabilities. Crosfleld has won no fewer than four Queen's awards for technological achievement: There have been some spectacular failures — as with, in the US, Schlumherger's purchase of Fairchild and the takeover of Zllog, like Fairchild a microchip manufacturer by Exxon. John Crosfield, whose family owned most of the company, rays he had been willing to give up control, providing he could find a partner with a new source of funds for research and development A second reason, ft appears.

Rather than break into totally new territory, it was edging out into a field relevant to its core activity. In an effort to make bank-notes and related items such as travellers' cheques dif- ficult to copy, De La Rue is keen to monitor developments in new printing technologies that could aid the forger, an area In which Crosfield's tech- nical staff are experts. As for John Crosfleld, he appears to be enjoying bis re- tirement using the time to write a page history of his family, which traces its genea- logy bade in Q.

He wakes up the moment some- one mentions profit analysis. Whet does that tell his rivals about bis company? They might even decide that the comp an y does not plan to Introduce much new technology. On the other band, the chief executive might leave such matters to his excellent tech- nologists. His concern with pro- fits might just be a counter- balance. Quantitative data an product characteristics, sales, costs and market share are important. But they tell little ibont the rival's culture, the way it is managed and how it retains the loyalty of its employees.

And yet these, largely un- quantiflable, factors are the ones which could ultimately determine the rival's perform- ance, argues Richard Ball, vice- president of management con- sultants Cresap, McCormick and Paget. But you need to find out what they plan to do in practice. In case this sounds like tacit incitement to engage in bogging, surveillance or related unsavoury practices. It is a question of knowing where to find the dues and having the patience to piece them together.

Personnel dr artments may pick up valuable information during recruitment campaigns. Com- mon suppliers might be another source. Examining the career path of a rival chief executive might also reveal something about bis strengths and weaknesses. If he has never worked for anyone else, his knowledge of how other companies are run might be limited.

If he has specialised in only one function, he might tend to ignore the others. Much can be learned, too, from looking at which execu- tives a company attracts and which it loses. If, for example, the senior manufacturing man- ager and the senior research manager both leave in the same year, this could indicate that they have failed to persuade the company to take technical priorities into account. Perhaps the balance of power now lies with the sales and marketing executives. Many American companies now collect this sort of informa- tion in a systematic fashion.

Some electronics companies have gone even further, he says, establishing separate departments to cany out this work: Sees scanning as heralding a revolution in retailing. Despite the apparent slowness of uptake, retailers are becoming Increas- ingly committed to electronic point of sale systems and points to various benefits in cost reduc- tion and provision of informa- tion;. Customer Involvement In pro- duct development. Raabe in Absatzwirt- schaft Feb. Last year an army of Japanese cars, boasting advanced tech- nologies like multi-valve engines, supercharger s, tu rbo- chargers and computerised suspension systems, captured a record market share of 1L1 per cent in Western Europe, and 14 per cent in West Germany— considered by many to be the front runner of the European car industry.

He adds that despite much hyper- bole some of the innovations thrust upon the ear market' by the Japanese are of dubious value. These tech- nologies are then either aban- doned or developed, depending on whether there is a genuine benefit to be had. VWs Orbit prototype places strong emphaala on aerodynamic styling. Pro- "sour Prof Smffert fercorUlrieh Seiffert. VW Research executive car ranges and down into the volume market.

I'm not really con- cerned about the product engineering and technology base In Europe. Volkswagen spends nearly 4 per cent of its world turnover, some DM 1. The reason for this is in- creasing demand for safety. Stressed mechanical com- when compared to petrol engines. Demand of advantages could Out- , units a year would be unit costs because re- needed to cover costs, and the dueed oscillating masses could market la not ready for such volumes.

The laboratory, which is operated by the University of Chicago for the US Depart- ment of Energy, has shown that miles of nonstop city driving is possible without rec ha r gin g. The tests were carried out In a General Motors Griffon van carrying a load of lb. It is encased In high- effiriency vacuum insolation so Out the beat it generates daring discharge is not lost and the temperature Is main- tained, The charge time for the van battery is about eight hours.

Others, like sodium sulphur and tine bromine can yield very high power to weight ratios but have proved difficult to engineer Into safe, cost effec- tive units for vehicles. UK, electrical research organisation, has developed a technique which allows the thermal history of plastics to he determined. The technique can reveal the marhiurm temperature to which a plastics component has been subjected daring its service— In a piece of electri- cal equipment for example. The method could be asetnl to designers seeking to opti- mise materials and shapes of components in order to pre- vent failures.

When a piece of plastic ta heated differently along its length. Its structure Is modi- fied according to the temper- ature experienced. Therefore, when it is subsequently re- heated, the melting character- istic are different. ERA uses a system that can see these differences on reheating and can deduce the original range of temperatures to which the part was subjected. The tech- nique has already been used to determine the operating temperatures of high-voltage power cables after their re- moval from service. This has a very high energy density, which means that relatively small pieces can produce large magnetic fields.

Edited by Geoffrey Charlish Sumitomo Special Metals in Japan, will allow designers of electromagnetic components tike transducers, motors: Vacodym is a aeodvmlnm- Iron-boron alloy and in com- parison with the better known cobalt-samarium material, the magnetic energy per unit volume is 70 per cent higher. However, the alloy is much more temperature-dependent and unlike the cobalt- samarium metal, eannot be used at higher temperatures.

Instead of writing out tickets by hand, the car park attendant uses a hand-held computer which is connected by cable to a portable printer carried on a shoulder strap. The combined weight is less t han 5 lb and the units be used in any weather. The key pad on the hand- held unit is used to record data about vehicles entering and leaving the car park, while the printer quickly pro- duces tickets for the car drivers at 60 lines per minute. The plug-in board will allow PC users to bring frames of teletext direct to their screens.

Conventionally, a suitably equipped TV set is needed. Image Search Plus allows very quick access to the images of original docu- ments. West Gormany, Maurice Bejaifs XXth century ballet: Howard Davies's sell- out nre- Revolutionary production for the RSC has moved from the Pit with Alan Rickman and Lindsay Duncan still battling and bitching over lovers and other riffraff. Barely seen Shaw, and a much underrated play, given the full RSC works by John Caird, a Polish new woman crashing into the surrey conservatory to her monoplane. Jane Lapotaire sparkles alongside Brian Cox.

The Phantom of the Opera Her Maj- esty's: Hap- pens in a wonderful Paris Opera ambience designed by Maria Bjora- son. A new, meritorious and pal- pable hit Saturdays, Sundays and public holidays e reacted I until 31st May Written representations concerning the twister may be sent to the Secretary of Grata for Trade and Industry, Insurance Division. Room , Victoria Street. The Secretary of State wiM not determina the applica- tion until after considering any representations mode to him before that date.

Alan Ayckbourn's new comedy has a bril- liant performance by Julia McKen- na as a dissatisfied housewife visit- ed on her own garden lawn by an imaginary jM family. Starlight Express Apollo Victoria: Andrew Lloyd Webber's ro l lers k a t - ing folly find 10 reftwitefi of Spielberg movie magic, an exciting first half nnri a dwindling reliance on j ffrtrimlnatP untiring niwmri Dis- neyland, Star Wars and Cats are all faiHnimnAg- Pastiche score nods to- wards rock, country and hot gospel.

No rhflri is known to have asked for his money back. No British equivalent has been found for New York's Jerry Orbach, but David Mer- rick's tap-dancing extravaganza has hcon rapt u rously received. The House of Bernards, Alba Globe: Lorca's last tragedy in a successful production transferred to the West End from Hammersmith. Angela Denning, Keith Levis. Die Varkaufie Brant rounds off the week. Onl eg BA, Opera: Der Bazbier von Sevilla is a well do? FQqqio 5L 46 17 The condnetar is Ml- SelSasson. Also Orpheus in der Uster- welt provides a roll-call of some of tbe best actresses around - all edipsed by the ineffably touching Julie Le- grand.

The English-speaking Theatre' company presents Barbarians by Barrie Kratffa, a trilogy of short plays trac- ing the fortunes of three school- leavers, two white and one black Fri, Sat - Folk music and d enrw from Poland Mon. Still a sellout, Trevor Nunn's production of TS.

El- liofs children's poetry set to trendy music is visually startling and choreographically feline, but classic only in the sense of a rather staid and overblown idea, of theatricality. The longest- running musical ever in America has not only suppo r te d Joseph Papp's Public Theater for eight years but also updated the m u si cal genre with its backstage story in which the songs are used as audi- tions rather than emotions.

La' Cage amc Folks Palace: With some tuneful Jerry Herman songs, Harvey Fierstein's adaptation of the French film manages, barely, to cap- ture of feel of the sweet. The Tony's best play of won on the strength of its word-of-mooth popu- larity for the two oldsters on Central Park benches who bick er uproar- iously about life past, present and future, with a fumy plot to match. A copy of the Scheme aa certified by the Solicitors of the Company was registered at tha same time in accor- dance with the said Order.

There is a total floor area of some , sq. Fully furnished and equipped, ready for tourist occupation. Only principals need apply to: Financial Timas tO Cannon St. The Mystery at Edwin Drood Imperi- al: Thor to Gnaringen, Srtiouwbiug F ac etious look at country music and down-home country Ufa with a good beat and some memorable songs, especially one played on kit- chen utensils his proved to be a dn- rable Qncago hit. She Always Said, Pablo Goodman: The company's associate dir ec tor. Ri- chard Thomas stars in popular his- torian Howard Fast's look at toe Thetford-bom American radical's rise and fall to obscurity, in between the fame brought by Common Sense.

Kennedy Cen- ter A dance-drama, Kasane, is toe most appealing in the matinee programme. The gory tale of an encounter with the skull of a murdered man faftnr of toe her- oine. When toe spirit of the dead man possesses toe draf- ter; tbe resultant grotesque disti- eurement takes place with fall rer ish - though beautified by Kabu k i styfisstion. Stars Thmasaburo and Ta- ]nm appear in boto. Ezcdtent Enr earphone guide available. Most p erformanc es take place at weekends.

Two handy little books A Guide to Nob and Guide to Kyogen fa most hotel book- stores anri at soma theatre give syn- opses of plots. Britton gad Shos- takovich. Queen EBzabeth Hall phar. New Ion- don Otanfoer conducted by. Varese, Gerard Maa- scai. Michel Thbach nlk M en. IMfr trade la Tfilte Barfok, Flo- rentz, Ugeti, Debussy Tne. Amfi- trrinm des Halles OHvier Messia- en Tim. Radio France ORvfer Bans, guitar, Richar d Siegel, harpsichord: Vivaldi, Bonce, Bee- thoven.

Salle Ga- vean Odeon- The Iimdionf no. Mozart, S c hub er t, Tne. Had, - -Strains Thur - Continiiedoa Page Now in Hong Kong. Today we are celebrating the opening of our new Branch in Hong Kong a gateway to the East-West trade, in a city which is a true nerve centre of the Asian World. For businessmen worldwide we will simplify contacts with the new South East markets, contributing to the development of their import-export! Her tangibly physical delight In the old leather bound volumes die receives is the trigger for ha , staff of Marks and Co bookshop in the Charm e Cross Road. By contrast post-war New York is a brighter, brassier, more affluent place, but not affluent enough, sadly, even when aus- terity has evolved into the buoyant Sixties, for Miss Banff to afford, the trip to England she promises herself throughout the exchanges that end with Frank's death.

Not a truly cinematic Sim and set never claustro- phobic or confining, 84 Charing Cross Road, is an involving and refreshing experience which may even send you rushing home to hug a book. Immediately he is ensnared by the tacky inter- nal politics of his American owned record company and sees open State repression of free speech replaced with skilful evasion. Government propelled by capitalism is enough to send any self-respecting anarchist scuttl- ing back to the East where at least he knew where he stood, but taciturn Klaus Gerulf Pan- nach is a man with a mission, to find the father — musician and resistance hero— who left Ger- many under circumstances Kim ii nr to his own 30 years earlier.

His search takes deeper Into the lying world of -temocracy. What the film save Illusion greater than he had ever Imagined. It is a little disconcerting at first to find a British director and writer who have made a film about Germany with German dialogue and English sub titles but that leads us away from the more central issue of why Ken Loach and Trevor Griffiths looked to the East- West German situation for In- spiration in the first place.

Certainly this team could have looked closer to home if they wanted to rumi- nate on the confinements of democracy. What the film says it what we all know in our hearts but, bound up in its own aridity and sometimes mesmer- iaingly dull, it never provokes an emotional reaction. The little shop in question is e fall- ing flower shop on Skid Bow whose fortunes suddenly im- prove with the arrival of a strange plant cultivated by weedy shop assistant Seymour Krelbora Rick Moranis. Somehow this strange looking succulent, named after Sey- mour's colleague and secret crush, Audrey, becomes a lucky mascot for the store, attracting customers and media Interest and swiftly developing a per- sonality of its own.

Alas, Audrey II is no shrinking violet If she is to flourish, she swiftly communicates to Sey- mour that she needs not organic plant food but fresh human blood. Seymour's efforts to appease the ever-growing, ever- demanding plant Inevitably result in some gory moments and a swift re-ordering of his own morality as he decides that some people may be expendable after all, especially if they are also his rivals. Audrey n grows and grows into something hypnotically obscene.

Will Seymour see the light in time? Will Audrey XX take over the world? Rick Moranis and the deli- ciously flaky Ellen Greene as the flesh and blood Audrey are a winning pair of losers, but the unforgetable highlight of the film is Steve Martin's guest appearance as Orln Scrivello. The sadistic little boy who grew up to find bis true calling as a dentist inspires more cold terror than Laurence Olivier in Marathon Men. Larger than life with an exuberant, boppy score. A memorable entry by Muppet director Frank Oz into a relatively human world, probably destined to become as big a cult as The Rocku Horror Shout.

Direc- tor Chantal Akerman is known for her feminist films, a fact which gives no handle at all on the meddlesome disloyalties of the marriage obsessed females who populate this makeshift piece. These men, laboriously estab- lished as educated professional types, take it into their heads to meet to bare their souls, a kind of encounter therapy with- out the therapy, and end up in an expensive brothel where they proceed to make complete fools of themselves.

The film has nothing to say about anything i approaching real feelings, nor does It ever become interest- 1 ingly erotic. An embarrass- ment for all concerned. Though the official film uses ten men as its focus— Platini, Lineker. Francescoli etc— the undoubted hero of Hero is Diego Maradona. Football fans should find this an enjoyable eighty-six minutes of highlights from the matches with key moments shown as many as five times from different angles.

Colourful and lively, con- stantly moving, with scarcely a moment of interview or peri- pheral documentary to slow things down, the film's greatest handicap is a very blandly written commentary. There is a satis- fying symmetry in the fact that we have just been watching an artist paint the backcloth and the cooks set the table.

I know little about IOU bar- ring wbat the programme re- veals — namely that they arc a Yorkshire-based co-operative of artists and musicians. And so to the narrative, billed helpfully as "a detective story comprising imaginary lives and actual deaths. As a detective story it signally lacks the ingredient of suspense. As a send-up of the pretentions of literary and musical biography it is a good joke that goes on too long. There are upwards of 3, seats. Parsifal Is not an obvious choice Ponnelle to stage it there. They have done so with imagination, resource and considerable success.

What came over was a big. No chairs, but padded benches. A backless Parsifal is not an experience to be lightly under- taken. One ached, but was gripped. No veil, no mystery. The capable Capitole orchestra, strung out in a half-circle, pro- duced a rough blend, not enveloping but warm and forthcoming. Amf ortas takes his healing bath not off-stage in the lake but onstage in a large font serving many purposes during the evening. He stands there stripped to his blood-soaked For the suffering king the pro- ducer, I thought, shows a certain lack of sympathy. In the third act the Good Friday radiance is symbolised by lighting the tile-patterned floor-cloth from below.

At the end the healed hut expiring Am- fortas places the Graal on the stomach of the dead TitureL He carefully curves a white, lifeless arm round the base but the sacred vessel started to slip all the same, striking a false note after an unusually impressive representation of Parsifal's assumption of leader- ship. The second act is uneven. Bobbed of the enchantment of distance, the flower-maidens are not wraiths or houris but indubitably human, a bunch of jolly ladies in fancy dress sing- ing with a French forwardness totally unlike German or Anglo- Saxon timbres — the whole chorus had been thoroughly prepared by Marcel Seminara.

For the crucial Kundry-Parsifal scene Ponelle uses a stage bare except for the font now With no orchestra pit let rags, still wearing his crown. There was none of the feeling of special veneration, of pilgrim- age, still detectable in Parsifal the nearness of the Pyrenees where Wagner imagined the castle of the Graal, and of ancient religious schisms and upheavals, devised a circle of concentric ribs over a raised hexagonal acting area sup rounded by Romanesque motifs.

Ends June L Beu dand fc The exhibition of en- gravings is excep ti o na l for the proofs showing the stages of Rem- brandt's creative process and its im- aginative presentation. Gerard La rgni er: Ends Apr 18 Having acquired fame with his co n trove rsi al oohnrnis in the Palais BQyal gardens, Buren.

The colour of the stripes may. British Art In the 20th Century h a major full of in terest yet to some extant.

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