into n the etals
cop-
U
fren Extrad "The line 24/4/665
Tondon dealery reported a de mand from corporations and other yanngfors wanting to borrow } h francs at interest rates rằnging up to 20 per cent a year.
Odr Political Staff writes: Roy Jenkins, Chancellor of the Exchequer. last night confirmed his cautious Budget forecast that Britain Would move into “slight "urplus on current account in the second half of this year.
He was pressed for details at a private meeting of the economic aflairs group of the Parliamentary Labour Party at the Commons. but refused to put a Agure on his expectations. He told the group that he expected the surplus to be- come more substantial in \the first half of next year..
Mr. Jenkins expected imports to continue to be held at a shower rate of growth than has been avi- dent in the past, and expected a substantial rise in exports. «
Stans hint on
price system
From EDWARD MORTIMER Paris, April' 23.-Maurice H. Stans, United States Secretary of Commerce, said în Paris today that on his return to Washington he would recommend that Presi- dent Nixon open American mar- kets to European produce.
He said he could not be explicit
at this stage. It is felt, however.
any recommendations must in- clude the abolition or, at least, the
reduction of the American Selling
Price system,
+
At a luncheon yesterday Mr. Stans lumped the A.S.P. system together with European non-
such tariff barriers ",
34 lax and exemptions for exporters
* subsidies enabling some of our competitors to capture American markets in the third world ". He 'round table " said his idea of a to discuss these barriers had been accepted by all those to whom he had spoken in Europe.
"
His aim in this Furopean tour is apparently to convince Europeans that Mr. Nixon is a "free-trader at heart, persuad- ing them to limit voluntarily their exports to America of textiles and steel; in order to help the Pies- dent resist pressure from Congress for protectionist legislation, Leading Article, page 29,
Talks in London
Mr. Stans arrived in London last night on the final stage of his European tour. He will meet the President of the Board of Trade, Anthony Crosland. and Chancellor, Roy Jenkins, today,
He will
Mr. Wilson
tomorrow.
the
ATA
An agreement, signed on Febru« 1 between the two groups gving Leasco a 20 per cent share of the French parent holding com- pany, has been broken.
The American company has withdrawn from the partnership because the French Government has 1000 given the
necessary approval for the deal to go ahead more than 10 weeks after its re- quest. Metra International under- takes some large contracts for the French Government and has al
Lonrho deal
with Slater
Slater Walker Seedfities is acquir» ing 1.2m, shares in Conrho, equal to 2.5 per cent of the capital and worth £3.9m, at last night's price of 655, 3d. for Lontho\ shares, 11 fexchange for all its irķerests in
East and Central Africa.
and
These are in the vegetable tan- Ining extract industry, motok trad- [ing. finance, property manufacturing and have a balance- sheet value of £om. with profits. before tax for the current yea Estimated at £550,000 after gros] minority interests,
Lonrho's share price last night Was 101d. down and valued the group at £150m. including John Holt of Liverpool. Slater Walker's new shares will rank for Lonrho's proposed one-for-five berip issue.
No scrutiny for
Sweets merger
The Board of Trade zmierday, announced that it would not refer | the proposed confectionery mef
of Rowntree and ter
John Mackintosh to the Monopolies
Comryssion.
Rowntree which has just suc ceeded in fending off a takeover þid worth 153%, a share from General Foods, saw its shares fall 35. to 95%, yesterday.
and Metta
The reason for the Government hold up appears to have heen over the terms of future stock options. open to the American corporation, The French Ministry of Science and Technology, which supervises Plan Calcul, wanted to guarantee that $1 per cent of any new orga• nization remained under French control. Apparently it was diffi- cult to get acceptance between all parties for a long-term agreement to this effect.
Strike call at Leyland plant
main
Shop stewards at British I gyland's transmissions factory in Washwood Heath. Bingingham, last night called for the strike of 4,800 workers on May ƒ, as a pros test at the Government White Paper In Place of Stfite,
A similar May Day strike call decision over the proposed anti-strike legislation was takeý by the London- based Watermen, Lightermen, Tug- men and Bargemen's Union,
Ros
ان
102
By GILES SMITTL
hire purchage restrictions and pi chase tax fncreases over the p six months are starting to but a ports as well as the home mat was given last might.
the
Figures for deliveries of dom tic yefrigerators during. Februa released by Rýfrigeration Development €4 gåttee, showed big talk #*#*! home market
exporti
fcreases, for the first time for
months.
-
A DR.DC, spukesimin last night that if the export ta continued #[ world unde strongest possible protest to t Government,
+
The home salex fully ate iney able, as the direct jesult of Can ernment policy. the spokesm sad. He added. The fact th export sales have started to fid! alarming. Governmenf polic are designed to cut home co sumption while exports take the slack. If this is not happeni then the Government mund-sh worrying. It proves oût pout th we must have
strong from market on which to have expo
Home sales of refrigerators February dropped 21 per cent a last February to 77,251.
growth." Hatteryfes, Parlamentary Secretary to Mrs Barbara Castle's Department Employment and Productivity And a local MP, was the Leyland quickly noptied of diersion when he arrived on a pre- arkinged fisit to the regional head- quarters of the Amalgamated Unjon of Al ngineering
Foundry Workar in Birmingham to discusă the proposed legislation
and
Dunlop price fise warning
Dunlop, which Yncreased its tyre prices in the domestic replacement market by 5 per cent this month. may well consider another upward revision by the end of the year, or early in 1970.
Sir Reay Geddes, \ Dunlop's chairman, pointed out Yesterday that the latest price increase was the first for four years, and took no account of the cost of rubber.
HOW THE MARKETS MOVED
The major rises . . .
Barr & Wallace 1:6 to 16/6 Bovril
2 6 to 61 6 1/3 to 65:6 2/3 to 83/6 1.6 to 15/6
Bowater
B.I.C.C.
Clay Cros
Clubmajs Cl... 6 to 49,0
́and falls
Crémell Laird 10 to 199 Constellatn. Delta Metal /Gen. Acciden}
Liden Hldgs, North. Songs Shell Smith, W. H. Solar Inds. Warwick Eng.
Nation Life
10.10.26.9 Spyaf& J'son RECHTY No. •
..
10d. to 12/412 173 to 38/9 1:6 to 90 2/3 to 48 0 5/3 to 26/1 1.6 to 14:0
2010 30 6 40 to 1416 50 to 950 1,0 to 26 9
Exports also fell, for the fu time since Fanuary, 1968 In Ec ruary 20,115 domestic refriger tors were shipped overseas, a be of nearly 6 per cent compared wit February, 1968.
BEA men will
join Tradewinds
Two directors of Housh Fund pean Airway's subsidiaries wo operate a new independent ab line, Tradewinds, the Air Tran port Licensing Bound was fol yesterday,
Mr. C, P. Huphaton has bumph 42,400 of the 50,000 shares it Tradewinds, while Mr. ( Stevens has an option to buy quarter of the shaies,
Gill-edged securities lost further ground, largely on continued currency fears,
Equities continued to improve but trading remained quiet,
Commodities. Kopper, tin, lead zine and silver alk moved up hemly on L..M... Cocoa and coffer teen strongly but sugar Mutures plunged as much as 105 points.
Detailed reports pages 32 and 33,
25 APR 1969
HAKILG/DOUX