Skip to main content

Full text of "Financial Times , 1994, UK, English"

See other formats



I « 


w «tchi 


W 1 

»tlW : '-fk#J* at-sei 



k 1^- n— *-+.■• - * **■ " ■— ■'i-7— ■'- ?■ .. ’ — 


■ ’ 4 «%»*. f i 





»■- -V 


. k fit". 

HW . .. 

*®.* '^ipv ;*** v;v: 


P’V.^ VJ 

4 . ‘ ’ v k> * 'k'^jh L :. a> . • Vy -S-’ V- 

;■• : :r -*vV ■ 

■' r - - j.v^ii 15 * .. . 

% % “'-t-'i. li^y - * - - - 

m 1 ■* ^ 




-i •. • - , ;*■• V •* 

reUgkm iXf 

. » : . m ■ . . . i» . / .« . • ' ■ 



» • • * 





*. 1 



Sixyearsatthe 
airport and 
still no fligfit 


A ride 
along the 
machete tine 


IS' ■**?■! * > 


■■:*■ 


*- 

'■'to!. n.:\ V. : 


r»i * 


Vrs* 


V 


afe.-bnfc, ,. :>r . . 
*!*£•» 

r? v , 

4 ‘ " 

Iff ^a».j ••.. 

jil. fcrV v**.: J 

# -v*. i. J(i 

'ftfcri Lfc*. 

to '^itttTAgfi -.:■ 
'33S..J4T 

mm . »m 

■^T 


Eu rope ; s Bus j ness i k-. ■/■ spac er 


ft'.'Tr 

^ ■ 

* I. < r ! 


- * *. • ^ 
i 


ii-j 1 " . • 

*•** •** fj ^ 

* m *iKJtr, x . 'u 

&>***, * !. :T v..:. 
****- ... 









t: > rvi.-, 


. ... 

**« - <t *U.y>. 

*, 

ri-TLn’ 

t&3Uttt7 liVt.v. r- :;...,. 

;_ry.fc,w ... 

f 'fitf'is# a?** *’Vjf -... 
i 1Sl» L- r 1> 1_ 

2 G* ralTY- J 7 
^■frrps 

4 # ffcf I^IrVcj ,•. 

tos i.ijh*i ‘ft* **- . 

,,+i^- - j ... 

i/ I’jx-tufi*: 

Ami v t 

_^r? ciV;- ; . 

•« . 

. i 

p " *' “* p ■_ !> + : /■ i f . 

^niisi Jm , ; 

1 -? 5-T 1 * 1 '-.*-^ 


• "r ■' *■€ •“. 'IL. M T “• 

>■ -■'< ■ 
r.n " 

. ’ 1 -^« J 41 Of. - " - 

■ : . "V- ■ _ ■- 

‘7? : 

...■ : ' ; •■»? •' i 

i?. 4’h - ; Russian general 
B;; 7 ^yfefuses to fight 
T-:^M against Chechens 

* ■..' i ■*u»i ■ ■ ^ 

* -■ . • «. ■« V' I . , 

ij,. : ' :: Growing opposititm among senior Russian military 

. . . *. ^ qflSoere to the invasion of Chechnya reached the 

p frontline when General Ivan Babichev, commander 

••=' )<-'''<&■ cfone of the three divisaons sent into the break- 

; awwrepob^ refused to ocmtinaefl^iig.I£s 

‘ ' -: ;*aS_ jdatament, made to a crowd of Chechen villagers, 
I..- - - 5..Y arectiy flouted the orders of President Boris Yelt 

! '*■ ’*■ j?. .'V ' 4 i'; - ^Qi co mm a n d gr -tn-dnef. it is the most damag- 

fag Mow to the Russian administration rfrirp thf» 

1 *■ Oedien crisis began. 

, • . ".iw Mi Philips^ two of the world’s largest 

'- *• i ' ^jqbsmner electronics groups, fired the opening 

ver,..__ — ^ ' ■ f -salvo in the battle to specify the format for the next 
.-- -an'** *sX - generation odf compact discs,- which will play fifaw 
hv..„ ssveQ as mnsic. Page 26 

V ' 

“■ ' General Electric. US conglomerate,, is to buy 
bach up to {Sim (E3Jbn) of its shares over tha nort 
two years, tahfng total buy-backs announced thfa 
year by US corporations to a record $65bn. accord- 
ing to Wall Street firm Securities Data. Page II 

Sabotage nuses air safety fears: Worries 
about air safety in the 05 were heightened when it 
emerged that Boeing 747 Jumbo jets operated by 
Tower Air, which Ays dally to Europe and Israel, 
had been sabotaged five times last month. Page 26 

C a nton’ s press secret ar y to resigns 

Dee Dee Myers, the first 
woman to serve as White 
House press secretary, 
said she would resign at 
the end of the year. “It is 
time for me to move on," 
Myers said, adding that 
she had received several 
job offers. Myers’ deci- 
sion to leave the White 
House follows a failed 
attempt by chief of staff 
Leon Panetta earlier this 
year to replace her as part of a staff overhaul. 

White House tacfcles Repubftcans on tax. Page 3 



i 


TIMES 



The man who 
is saving Europe 
from despair 


19,1 


■■ ^ 






“■.A- 


s . ? 






i-'A'-Li 


Becrhnmatfons broke out after 
the collapse of merger talks between the investment 
banks Morgan Stanley and S.G, Warburg. The dis- 
pute emerged as Warburg insisted it did not intend 
: to merge with another bank. Page 26 

rk Steel price-lhtag probes The European 
|P Commission is investigating the activities of at 
least eight European steel companies, because it 
suspects 'they are itmntag apriceffxiiig cartelin 
heavy fluty steel tubes. Page 2' 


■X 


kliinx 


Moat House* unveiled details of a 
-jaSftiescue plan, almost two years after its shares 
wea&Bpended, which could leave shareholders 
wiffi, 40 per cent of the heavfly-indebted hotels 
gtn$.PagelO 


a Car drivers using the 
Qaund tunnel wffl pay £4S for a day^ return when 
advices start cm Thursday. Page 5; Lex, Page 26 

farttie raBtes strongly ab ov o 3,OOOs 

The FT-SE 100 index, 


l V.-' 




\ * ■ 
1 J K 


» * 
it* 


iV i 

yg C^TnUih '> 


:* 






\ V.. 

{ ... : 

I la ■ -^» 



r-* **••**»*■ .« 

u\l ,l i * t. • 1 ■ "*■* 


000 


ft 


which hit a five-month 
low at the start of the 
week, rallied sharply to 
close above the 3,000 
leveL The futures market 
provided the driving 
force, with a buoyant 
early showing by Wall 
Street adding to the posi- 
tive tone. The FT-SE 100 
moved in a 60-potnt arc, 
falling 20 points at the 
opening before climbing 
to finish at 3,0I3£. Over 
the week the index was 
3R3, or L2 pear cent, higher. Page 23 

IIS halts trade tadess The US has suspended 
talks with China copyright infringements, risk- 
ing a serious rupture that could further complicate 
Betting's negotiations to enter the General Agree- 
ment on Tariffs ami Trade. Page 4 

Plan to dart ily society me mb er sh ips 

Everyone who puts money into a buflding society 
would become a member of that society under plans 
W drawn up by the UK government to clarify the rela- 
ttonship between societies and their savers. Page 6 ; 
r Lex, Page 26 


= r5 > 


European states 
have given th e go-ahead for a $2bn (SLSbn) particle 
accelerator. The accelerator will fire proton beams 
around a 27km tunnel and smash them together to 
recreate conditions nriti millionth of a millionth of a 
second after the creation of the universe. 

Companies hi this Issue 


itiNMim-nt 


Albion 

American Abfttas 


Barb 

BMchtey Motor 
phartea SfcSnoy 
ChBtamBajfio 
Copytnora 


Man tJcD&F) 
Moorgota inv Trust 
Morgan Stanley 
PWSps 


De U Rue 


I ■ p| 1 ■ 


- fc- ’*■? 


i 1 ■ ’ , 


onral 

At 

bitarcM 

jMfmmationai 

Ijocfcheed 

MTM 


11 
1 
1 

10 
11 
11 

11 SG Warburg 
11 Shareflnk 
11 Sony 
10 T&N 
to Tate & Lyte 
26,5 Ttiecomtefe 
2 Toad h mo watto ne 
11 ' Toshiba 
1 Toww Air 
1 WSstson & Philip 
6 YOftaNreBact 


ii 

11 


10 

11 


10 


11 

10 

2 

11 


1 

11 

10 


For customer service and 
other general enquiries call: 


i Frankfurt 

(69) 15685150 


WEEKEND DECEMBER 17/DECEMBER 18 1394 


D8523A 


Saatchi forced to stand down as chairman 


By Robert Peston 

Mr Maurice Saatchi was last 
night forced to stand down as 
chairman of Saatchi & Saatchi, 
the advertising group he founded 
in 1970, after the board suc- 
cumbed to pressure from a group 
of US shareholders. 

However, at 7.30pm he was still 
considering an offer to stay on as 
chairman of one of the group's 
advertising subsidiaries, Saatchi 
& Saatchi Advertising World- 
wide. 


The board yesterday formally 
recommended that the holding 
company drop “Saatchi" from its 
masthead. It wfll be retained only 
by the advertising subsidiary. 

The board was reluctant to 
take the decision but was told by 
its financial and legal advisers - 
there were 12 lawyers in the 
boardroom - that they harf no 

choice in the face of shareholder 
pressure. 

US shareholders controlling 30 
per cent of the shares, led by 
Harris Associates of Chicago, 


have best campaigning for Mr 
Saatcbi's removal, because of 
their anger at a proposal that he 
receive a £5m option package. 

They were also furious at Mr 
Saatcbi’s opposition to dropping 
the “Saatchi” name from the 
holdi ng company masthead. 

A decision was also taken at 
the board meeting, at the group’s 
headquarters in London's Char- 
lotte Street, for a new option 
scheme to be put in place to 
reward company directors and 
senior executives. 


Unlike the "super option” 
scheme, which was criticised by 
the shareholders, the new plan 
will meet the guidelines of the 
Association of British Insurers, 
the invest m ent institution lobby 
group. 

The board was told by its 
advisers that it had no option 
after soundings were taken on 

Thursday of UK investment insti- 
tutions, led by unit trust group. 
M&G, which owns 5 per cent The 
informal poll, made by M&G, 
showed that shareholders con- 


trolling a further 28 per cent 
would either support a motion to 
oust Mr Saatchi or ab- 
stain. 

Because shareholders owning 
more than half the group were 
showing no support for Mr Saat- 
chi, the company's merchant 
bank. &.G. Warburg, was forced 

to tell the board that it could see 

tittle alternative to Mr Saatcbi's 
departure. 

Mr Saatchi had during the day 
Continued on Page 26 


Deal over 
RAF cargo 
aircraft 
averts 
cabinet rift 


Pension law plans 
fail to guarantee 
security say critics 


By Nonna Cohen and 


Occupational pensions in Britain 
are to be regulated for the first 
time under a sweeping new bill 
introduced in the House of Lords 
yesterday. Bat lack of detail in 
controversial areas has led to 
criticism from pensions experts 
and same Labour MPs. 

The legislation comes three 
years after the UK was shocked 
by revelations that more than 
£ 440 m had gone missing from 
pension schemes formerly con- 
trolled by the late Mr Robert 
MaxwelL 

The legislation is intended to 
improve the security of each 
worker's pension, raise the age at 
which women are allowed to 
draw state pension benefits, ami 
restructure the tax incentives 
offered to those who take out per- 
sonal pensions. 

The main elements of the bill 
include the creation of a pensions 
regulator, a minimi™ solvency 
requirement for occupational 
defined-benefit schemes, and a 
compensation scheme for bene- 
fits lost through fraud. It also 
gives scheme members the right 
to elect some of the trustees who 
administer the schema 


However, on some of the most 
contentious issues, the bill has 
scant detail, raising questions 
about whether It has sufficient 
scope and strength to protect 
workers. 

In particular, the bill fails to 
speciftr the circumstances under 
which employers may avoid 
allowing members of occupa- 
tional pension schemes to 
appoint their own representa- 
tives as trustees. 

Neither does it spell out how 

Main elements of the 
pensions ha,.,.,, Page 6 


the minimum solvency require- 
ment - the level of assets a 
scheme must hold in relation to 
its habilitiBs - is to be calculated, 
nor the time alloted to an 
employer to make good a short- 
fall. At the moment, there is no 
mfnhmrm solvency requirement 
for schemes. 

The Department of Social Secu- 
rity said it intended to address 
any legislative gaps through sub- 
sidiary regulations. These could 
not be amended during the bill's 
passage and would probably not 
be debated in parliament 

Mr Donald J3gwar, Labour’s 


social security spokesman, said 
yesterday that the bill was not 
detailed enough, “hi many impor- 
tant areas, the bill is no more 
than a legislative skeleton and 
Labour's job will be to flesh out 
the detail during its progress,'' he 
said. “Government by regulation 
has become a disease.” 

The g ov er nm ent can therefore 
expect protracted challenges 
from the opposition and from 
within the pensions industry 
over several dements of the MB. 

The Institute and Faculty of 
Actuaries, the professional body 
for those who must provide cer- 
tificates of scheme solvency 
under the new law, has been 
among the first to attack the pro- 
posals. Mr Nigel O’Sulttvai. part 
her at consulting actuaries Bacon 
and Woodrow,' said: “We thtnk 
tins bill will provide the illusion 
of security for pension scheme 
members.'' 

Employers have argued that 
alternative solvency require- 
ments would cost them more 
than the £5bn over 12 years 
envisaged in the bill, and discour- 
age them from providing pen- 
sions. Employers’ groups had lob- 
bied against even the tougher 
solvency requirements proposed 
in a white paper in June. 


Cabinet will se|k City advice 


0-y ;vv^ 


on defusing executive pay row 


By Kevin Brown, 

Political Correspondent 

The cabinet is to set up a 
committee of City professionals 
to advise on plana to defuse 
growing political criticism of 
executive salaries by forcing pub- 
lic companies to seek shareholder 
approval at annual meetings. 

The plans, prompted by con- 
cern about salary rises in the pri- 
vatised utilities, would make 
e x ec u tiv e awards subject to affir- 
mative resolution, dramatically 
toughening shareholders' rarely 
used powers to question direc- 
tors. 

Detailed proposals were drawn 
up by Trade and Industry Depart- 
ment and Treasury officials for 
the cabinet's industry and con- 
sumer affairs committee after Mr 
John Major condemned “unjustif- 
ied'’ increases in the Commons. 

However, the committee has 
decided that the proposals are too 
complex to proceed further with- 
out detailed advice from a wide 
range of City professionals. 


Ministers are expected to write 
shortly to the Stock Exchange, 
the Association of British Insur- 
ers and the National Association 
of Pension Fund Managers ask- 
ing for nominations for the com- 
mittee to consider the proposals. 

Officials said other organisa- 
tions, such as the Institute of 
Directors, might also be included 
on a list of City institutions being 
drawn up for Mr Michael 
Heseteine, the trade and industry 
secretary. The committee is 
.expected to report to Mr 
Heseltine early next year. 

Mr HeseWne is understood to 
oppose formal legal changes in 
shareholder powers, which he 
believes would threaten the com- 
petitiveness of UK companies by 
making it difficult to recruit top 
executives from overseas. 

However, other senior minis- 
ters believe action to increase 
shareholders’ powers would help 
to neutralise Labour attacks on 
the Conservatives as the “party 
of privilege”. 

Mr Major and Mr Kenneth 


Clarke, the chancellor, were 
deeply angered by a 75 per cent 
pay award to Mr Cedric Brown, 
chief executive of British Gas, 
which was followed by cuts in 
wages for junior staff. 

In a further indication of cabi- 
net irritation, the British Gas 
strategy was roundly condemned 
yesterday by Mr John Redwood, 
Welsh secretary, who is one of 
the cabinet’s leading advocates of 
free markets. 

Running a large public com- 
pany was “a privilege as well as a 
responsibility”, Mr Redwood said 
in a statement “If you wish to 
lead a cost-cutting drive, there 
should be some effort to control 
costs at the top as weH A good 
officer does not expect his men to 
suffer privations or dangers in 
action that he himself would not 
face." 

Mr Redwood failed to win sup- 
port from the Industry committee 
to consider changing the law to 
allow regulators of privatised 
utilities to overrule boardroom 
decisions on salaries. 


STOCK MARKET INDICES 


FT-SE 100: 
Yield — 


3,0134 (MOZ) 


FT-SE Eurotaacfc ?00 l 


FT-S&AM-Sta* - 1p4ftQ5 
NJkkai 18,16343 


Dow Jones End Ave 3J71UM 
SAP Composite 45730 


91) 

ftl.lK) 

(f4Z31j 

(1-14.47) 

(tl-35) 


3-mo In t eAank 
UffefanggfltM:- 



6 *b% fn me) 

1 (BA (Mart02d) 


Fede ra l Fundee 


3-m Ttoas Bte YId_ 5L67S% 
Long 
Yield 


5£% 

178 % 

*31 


■ HORTH SEA OIL Itawn} 

Brant 15 -day (Feb) — S 1 SL 805 ( 1 & 83 ) 

■ GOLD 

New York Comae (Feb)_S38VI (382.7) 

London 53802 07065) 


Now York lunchtime: 

S 1-5613 
London: 

S 1-563 < 1261 $) 
DM 22561 52 . 4542 ) 
FFr 84637 { 8 . 4638 } 
SFr 22782 ( 2 . 0718 ) 
Y 1 S&S& ( 1 SEl&$ 
C Index 804 ( 802 ) 


New York hmdMkne: 
DM 12715 
FFr &41775 
SFr 12295 

Y 100.175 

London: 

DM 1-5714 (1 .5718} 
FFr 6415 (54205) 
SFr 4-3283 (1.3266) 

Y miS (100-31} 

S Index 534 (same) 
dosaY 10031 


Snda 
I Tokyo 


CONTENTS 


Man in tha News 


IK Newt 

mill .4m. 

manor. 
Lex 


■W 

_26 


ja 


Loader ftya 


A 

J9 



GcftfUartats 


ImdodSE 


16 

13 

.23 

22 


Wodrf Cofnr imfl fa a 


—.16 

iaw 

1&14 


Ataaged Funds 

» ljfnrtnata. 

InUlluj WunCCi ■ 


FT Watt 
Forefri Qdaiga 


.17-21 
__15 
13 


FT 


Share briuiiuMun 24£5 


tltt n**™ nfrftV — r*. tc. rmtw> so- Cypna nrr.tA; iup rwwv iwm n*Y-Mnr» Cgff* nrcnrv Po-gnnw- Ranee FfttUO; Gammy DMUCfc Qrwea 

OfWi Hota fon VmifltlOMiM WWfc 1*4*4 WB 219 J Me RopO* Mwuah HpejOS* mu Naojgfc Mr U0Q& Jon ram Jodan J0IJ5S Kona Wba 30ttfcKMOtH»^l4fanonSUS1.BI;Liflanfe'MgU% MX«wtafliM40tMeialJnlUac 
Uoeexo Dbiiat ‘ihati wa rlrmr.lil. HUS; Neitay t&MJXt Om ORl-SO; WH utie n FMOi TOfcphee Rio St PtfanC n 3UBK P u t Lpx (nTfena Fae225; oar QFfllOO; &Ara£n Rhll.00; Stoppera Stuns Book Rip K9L50C South 
Wee RlUO! SpretVMSS; at Lota laps® Sweden CW16J0a MQmMJ SftSJSO! Tehran NTJ8S; IMHnO BMOTothii 0*1.300; Tokay 130000; IMS 0h12J» USA S130 


© THE FINANCIAL TIMES LIMITED 1594 No 32,552 Week No SO 


LONDON - PARIS • FRANKFURT - NEW YORK - TOKYO 



Major appeals for party unity 

I John Msqor ye s terd a y de scrib ed the Con se r v ative defeat tn Thursday’s DudhgT 


West by-election as “a wary poor imufF and ca led for party mHy. The prims developed. Mr Dick Evans, 


Andrew Baxter 

The UK government yesterday 
averted a damaging split 
between two cabinet ministers 
with a compromise deal on new 
transport aircraft for the Royal 
Air Force. 

The Ministry of Defence ended 
months of speculation by 
announcing an order for 25 Her- 
cules aircraft from Lockheed of 
the US. 

Bat in a victory far Mr Michael 
Heseltiue, the trade and industry 
secretary, the MoD also said 
Britain would rejoin the Euro- 
pean Future Large Aircraft 
(FLA) programme, which the 
government left in 1989. 

The compromise deal, 
announced by Hr Malcolm Rif- 
kind, the defence secretary, 
resolved his apparent disagree- 
ment with the trade secretary 
over whether to buy from 
Europe or the US. Tory MPs had 
feared that the dispute had simi- 
larities with tbe Westland affair, 
which led to Mr Heseitine’s res- 
ignation from the cabinet in 
1986. 

Mr Rtfkind welcomed the pur- 
chase of the updated Hercules, 
replacing older models of the 
same aircraft, in a contract 
worth £Ibn, because it would 
ensure that the MoD met its 
operational requirements “In the 
most cost-effective way”. 

But the new commitment to 
the European programme - 
which con tains a tentative offer 
to buy op to 50 FLA - met Mr 
Heseitine’s concern that British 
companies should be encouraged 
to play a role in the latter’s 
design and development. 

British Aerospace, the aero- 
nautical manufacturer, which 
has a contract to build the FLA’s 
wings, had feared losing its lead- 
ership in wing technology to 
Germany had the UK failed to 
rqjoin the European programme. 

Such a failure might also have 
compromised the company’s 
position in the European Airbus 
‘programme, which provides the 
umbrella under which FLA is 


min iste r, pictured in hie Huntingdon constituency, made, his ap peal as seqfor^. 
ministers and rebel backbenchers disputed the Mame for the Tory caneB da tefr 
i fsa stnaus perfor ma nce. Labour won the seat with a 29 ,per cent swipg 
agafast tha Tories Report, Page 5; Stranded by a Labour tidp. Page 9 pvam pa 



chief executive, said 

Continued on Page 26 
Lukewarm reception from 
potential partners. Page 7 


Waterproof steel watches, for ladies and gentlemen, 
wuh an auerckangeable steel bracelet and leather straps, from £.1100. 



18 5 8 



BOUCHERON 


180, New Bond Street - London WIY9PD - TeL : 071 493 0983. 


_j£ 




i 










2 


NEWS: EUROPE 


Investigations by Brussels 
could trigger steep penalties 


Threat of rebellion over Chechnya mission 


Price-fixing 


Popular protests are demoralising the invading forces, write Steve LeVine and John Lloyd 


Mf» s * 

u 'Vie 


probe for EU 


G eneral Ivan Babichev, 
a senior divi sional 
commander of the 
Russian force attacking Chech- 
nya, declared war yest e r da y - 
against his political superiors. 
Addressing several hundred 
Chechens in the village of 
Novo Shurvoi, he said: “Any 
order to attack Grozny is a 
criminal one. This operation 
contradicts the constitution. It 
is forbidden to use the army 
against peaceful civilians. It is 
forbidden to shoot at the peo- 
ple." 

His extraordinary statement, 
made dose to where his col- 
umn has been halted for the 
past three days SS miles from 

the Chechen capital Greeny, is 
the clearest sign yet that a sig- 
nificant part of the army wffl 
not fight Chechens - in spite of 
overwhelming superiority on 
the Russian side. Although 
resistance to the Russian 
invaders on the part of both 
Chechens and their neighbours 
in Ingushetia has been spirited, 
it has been the papular demon- 
strations, particularly by the 
women, which have halted Gen 
Babichev and which are 
demoralising the army. 

“When I look into the faces 
of these old women," the gen- 
eral said yesterday, “it is as if 1 
see the face of my own 
mother”. 

Gen Babichev has had his fUl 


steel groups 


By Emma Tucker in Brussels 
and Andrew Baxter in London 


The European Commission is 
investigating the activities of 
at least eight European steel 
producing and distribution 
companies, suspecting they are 
running a price-firing cartel In 
heavy duty steel tubes. 

The investigations - canted 
out over the last two' weeks - 
could lead to the imposition of 
steep fines if the Commission 
considers that the companies 
have behaved illegally. 

Companies involved include 
British Steel, Italy's Ova, Val- 
lourec in France, and Maones- 
mann and Thyssen of Ger- 
many. Europipe, a 
three-year-old joint venture 
between Mannesmannrohren- 
Werke, of Germany, and DLQin- 
ger Huttenwerke, a subsidiary 
of France’s Usinor-SaciJor, is 
also under investigation. 

The Commission suspects 
the companies of meeting regu- 
larly to collude on prices and 
share out contracts in the oil 
and gas industries. They alleg- 
edly ran a system whereby all 
but one company proposed a 
higher price for a contract, 
ensuring the work was chan- 
nelled to the designated enter- 
prise. 

The inquiry comes as talks 
continue on bringing British 
Steel’s large-diameter welded 
pipe business into the Euro- 
pipe joint venture with Usinor- 

SacOor and Mannesmann. 

The investigation marks the 
latest in a series of drives by 
Brussels to stamp out uncom- 
petitive activities by EU-based 
companies. 

So far this year European 
steel makers, carton-board pro- 
ducers, and cement manufac- 
turers have been found guilty 
of collusion after probes by the 
Commission's competition 
authorities. They were fined 
record amounts. 

In February the Commission 
demanded Ecul04.4m (£82.16m) 
from 16 companies for alleg- 
edly operating a cartel in steel 
beams used in the construction 
industry. 

Only last month it imposed 
even higher fines on 33 cement 
producers accusing them of 
using secret agreements to rig 
the market far more than 10 
years. 

Following the Commission’s 
decision, Mr Karel Van Miert, 
who is responsible for competi- 
tion policy, hinted that other 
sectors of European industry 
were likely to come under 
investigation, but said evi- 
dence of collusive behaviour 
was becoming increasingly 
bard to detect 

The Commission investigates 
cartels when it suspects that 
collusive behaviour is affecting 


trade between EU members 
states or countries in the Euro- 
pean Economic Area. Evidence 
is often hard to assemble as 
companies have become adept 
at covering their tracks - for 
example, by agreeing not to 
keep minutes of meetings 
where collusive practices are 
discussed. 

In this latest case Commis- 
sion officials were dispatched 
on dawn raids to the compa- 
nies concerned to seize confi- 
dential documents. 

If found guilty the Commis- 
sion. is allowed, under EU com- 
petition law, to fine companies 
up to 10 per cent of their turn- 
over. 

This year’s record Ones on 
the cement, carton-board and 


The Commission 
suspects 
companies of 
meeting regularly 
to collude on 
prices and share 
out contracts in 
the oil and gas 
industries 



V 



% 


\ 



t 



U.f* 



A Ch ec hen pmeM/wre in Mn« flhow flmmy yesterday, during a ]nB infighting 


of women. They clambered 
over his tanks and armoured 
personnel carriers in Ingushe- 
tia; they have wailed and 
shouted by the ride of the road; 
and where he has halted they 
have formed barriers, dancing 
in the middle of the highway 


with their men behind them. 
They area human shield. 

On the northern front, where 
the Tnafw fi ghting has occurred 
but where there was only spo- 
radic shelling yesterday, a 
young Chechen soldier said the 
elders of the local community 


had gone .to the Russians to 
appeal to them not to fight 
"They came back and told us 
none a f them wanted to fight 
they wanted to go home.” 

A harsher message came 
from Mr Musa Israelov, 42, 
commander of the frontline 


tank post on the northern 
perimeter near Tolstoi Yurt, 
where the Russian division is 
now positioned. With the muz- 
zles of Russian fa>nka on the 
hffis behind him, he said: "IT 
Russian parents don’t take 
their sons back, they will come 


Compromise in Italian telecoms row 


By Andkew HSJ in MBan 


steel producers have boosted 
the reputation of Mr Karel Van 
Miert but infuriated the com- 
panies concerned, most of 
which have launched appeals 
in the European Court of Jus- 
tice. 

The levels of the fines have 
to be agreed by the College of 
Commissioners in Brussels. Mr 
Van Miert was only just able to 
secure sufficient support for 
the fines on the cement pro- 
duces, as some commissioners 
were reluctant to penalise 
high-profile companies in their 
own states. 

British Steel yesterday con- 
firmed it had received a visit 
from Commission officials but 
declined to comment on the 
subject of the cafi. 

The company's wide-diame- 
ter steel tubes are made at 
Hartlepool in north-eastern 
England and it is understood 
that both the Hartlepool plant 
and the headquarters of the 
company's tube business at 
Corby were visited by the 
investigators. 

British Steel's tubular prod- 
ucts business employs 2,100 
people and had turnover in 
1993/94 of £390m, but this 
includes smaller tubes and 
pipes made at Corby. Its heavy 
duty tubes are sold mainly to 
the offshore oil and gas indus- 
try and are also used in heavy 
construction. 


Italian ministers yesterday 
attempted to defuse a row 
threatening to delay liberalisa- 
tion of the country’s mobile 
telephone sector with a com- 
promise response to demands 
from Telecom Italia, the state- 
controlled operator. 

The committee of ministers 
proposed a reduction of the foe 
Telecom Italia pays to the Ital- 
ian government, and said the 
company should have the free- 
dom to set prices on the exist- 
ing analogue mobile phone net- 
work, over which it has a 
monopoly. But the ministers 


said implementation of the 
new initiatives should be 
delayed, to prevent Telecom 
Italia exploiting its position 
and hampering the develop- 
ment of a competing digital 
mobile phone network. 

Stet, the state-con trolled par- 
ad company of Telecom Italia, 
welcomed the solution as “sat- 
isfactory and reasonable". 
However, Omnitel-Fronto 
Italia, the international consor- 
tium which will build and 
manage the new digital mobile 
phone network, remained 
silent. 

Omnitel-Fronto Italia is 
headed by Olivetti, the Italian 


computer group, and includes 
US and Scandinavian partners. 
The consortium may well be 
concerned about a clause 
which allows for more flexible 
analogue t ariff s in the period 
before full liberalisation. Omni- 
tel had earlier expressed its 
concern that Telecom Italia 
would be able to take advan- 
tage of its head-start in the 
mobile phone market. It 
already has more than 2m sub- 
scribers to its analogue net- 
work. 

Telecom Italia has also built 
a digital network, but it was 
afraid that, with freedom to set 
prices, Omnitel-Pronto Italia 


would be able to poach anal- 
ogue customers from the state- 
controlled company. 

Mr Francesco Chirichigno, 
man aging director of Telecom 
Italia, yesterday signed the 
joint convention governing dig- 
ital mobile telephone services, 
which was signed by Omnitel- 
Pronto Italia two weeks ago. 
Telecom Italia had withheld its 
signature pending a satisfac- 
tory answer to its demands. 

Full lihpralteatiffli of tariffs 

on the analogue mobile tele- 
phone network will only come 
into effect 18 months after 
Omnitel-Pronto Italia has 
begun operating. The gradual 


reduction of the foe paid by 
Telecom Italia for its monopoly 
over a range of services will 
begin after 1996. 

The row between Omnitel- 
Pronto Italia and Telecom 
Italia has taken a dangerous 
political turn in the last two 
weeks, with Mr Silvio Berlus- 
coni. the Italian prime m i nis - 
ter, and his supporters publicly 
attacking Mr Carlo Be Bene- 
detti, rhaiwram of Olivetti. 

Mr Berlusconi’s Fininvest 
group was part of the consor- 
tium defeated by Omnitel- 
Fronto Italia in the contest for 
the second digital mobile 
phone licence. 


Car group set to go ahead with expansion plan at plant in south Italy 


Fiat workers’ rethink saves investment 


By Robert Graham In Rome 


Fiat, the Turin-based automotive 
group. Is expected to go ahead with a 
L400tin (£156.6m) i n vestmen t in its 
plant at TermoU in southern Italy 
following a volte face by the local 
workforce. 

Workers yesterday agreed to accept a 
new flexible working week attire 
plant, after rejecting the plan less than 
three weeks ago. Their spurning of the 
agreement led to threats by Fiat to poll 
out of the i n vestmen t aimed at 

ex panding mghM ^amrfnrtn riiig 

capacity. Such a move would have lost 
300 new jobs. 

The threat in an area with more than 


20 pm* cent unemployment, and the 
risk that Fiat would switch new 
capacity elsewhere, including Poland, 
triggered a local outcry. It also 
dismayed the main trades union which 
had already negotiated the flexible 
working hours deal with Fiat 
manag ement. 

Such was the outcry that the labour 
ministry was drawn in, along with 
national union leaders and local 
dignita ries. 

More importantly the dispute cast a 
spotlight on the problems, which have 
had a negative impact on i n ve st ment 
projects, of introducing modern work 
practices in the south. 

The crux of the problem was that the 


2,700-strong workforce had been 
winking a five-day week while earning 
extra wages through overtime on 
Saturday. Fiat proposed to introduce a 
six-d ay week with Saturday-working 
but eliminating overtime. 

Alihough this meant expanded 
capacity at the plant, extra jobs and a 
more secure future, it also meant a cut 
of some L300J100 a month in lost 
overtime. 

The fear oflosiiig this money turned 
a referendum into a simple issue of 
voting for higher pay for those in jobs 
while ignoring the broader issue of 
farther investment and new 
employment 

The national engineering union 


which negotiated the original deal was 
weak at the local level and unable to 
set across i te poin t of view. ^ 

vote on November 30, the workforce 
was won over and a show of hands was 
taken yesterday. This dears the way 
for Termoli to play an integral part in 
Fiat's plans to capitalise on the success 
of its latest model, the Pnnto, produced 
at the nearby plant of MelfL 

As a result of the Melfi operation 
coming on stream last year, Fiat now 
has more automotive production 
foriUties in the south than northern 
Italy. 

This new agreement could 
consolidate the trend. 


Mystery clouds Oslo bourse chiefs sudden death 


N orway’s financial com- 
munity is still in 
shock over the sudden 
dismissal and subsequent 
death earlier this week of Mr 
Erik Jarve. president of the 
Oslo stock exchange. 

As the atmosphere in Oslo's 
tight-knit financial community 
grows increasingly tense, the 
circumstances surrounding the 
death are quickly becoming 
muddied by mystery and accu- 
sation. Friends say it is 
unlikely he would have com- 
mitted suicide, as seems to be 
the case, by drowning himself 
in a fjord near his holiday 
cabin south of Oslo. 

The bourse administrators, 
though stunned by the death, 
insist he was asked to go as he 


Shocked friends defending Erik Jarve, who drowned earlier this week, say 
he was not the sort of man who would commit suicide, Karen Fossli reports 


THE FINANCIAL TIMES 
Published by The Financial Times 
(Europe) GmbH. Nibelungenplatz 3 V 
60318 Frankfurt am Mam. Germany. 
Telephone ++49 69 156 850, Fax ++49 
69 5961481. T dec 416193. Rcpvetcnicd 


in Frankfort by J. Walter Brand, Wil- 
helm J. Bru*d> Calm A. Kennanl as 
GescWufilhrcr and to London by 
David CM. Bdl and Akin C. Miner. 
Printer DVM Dvnck-Vcrtxkb nod Mar- 
keting GmbH. Admi rat- R oscndohl - 
Stnuse 3a. 63263 Ncu-lscnbufll (owned 
by Hurriyrt International). ISSN: ISSN 
0174-7361 Responsible Editor Rkhanl 
Lambert, do The Financial Tones Lim- 
ited, Number One Southwark Bridge; 
London SE1 9HL, UK. Shaicholders of 
the FbantiaJ Times (Europe) GmbH 
are: The Financial Times (Europe) Ltd. 
London and F.T. (Germany Advertis- 
ing) Ltd. London. Shareholder of the 
above mentioned two companies is The 
Financed Time; limited. Number One 
Southwark Bridge, London SE1 9HL 
The Company b incorporated under the 
bws of England and Wake. Chairman: 
D.CM. BdL 

FRANCE: Publishing Director D. 
Good. 168 Rue de Rivoli. F-73044 Paris 
Cede* 01. Telephone (Oil 4297-0621, 
Fox (01) 4297-0629. Printer S.A. N«d 
Eclair* 15/21 Roe de Cairo. F~59lOQ 
Roubau, Ctidu 1, Editor Richard Lam* 
ben. ISSN: ISSN 1148-2753. Commis- 
sion Phriiain: No 67808D. 


DENMARK: Financial Timm (Scandin- 
avia) Lid. Vimmchkafted 42A, 
DK-1161 CopcnhasenK, Telephone 33 
13 44 41. Fax 33 « S3 35. 


had abused his position to 
advance the job prospects of a 
dose family memb er. 

Oddly, the initial reaction to 
his death by the bourse board, 
the exchange executive, had 
been to cancel an external 
investigation it ordered into 
the affair when it dismissed Mr 
Jarve on Monday. 

Early on Tuesday mo rning 
Mr Jarve, 50. was found drow- 
ned. It is believed he commit- 
ted suicide but some in the 
financial community think his 
death may have been acciden- 
tal. People who knew him well 
say it was hard to distinguish 
between Mr Jarve’s personal 
and professional lives, but it 
was unthinkable that he was 
corrupt He did not trade in 
securities. H He lived for the 
market. That was his entire 
life. He transformed the bourse 
in just over a decade to com- 
puters from paper," claims one 
broker who worked closely 
with him. 

“There seems to be more to 
the case than has been 
revealed," another broker says. 

Even the bourse board 
praised Mr Jarve’s work and 
accomplishments. “Mr Jarve’s 
clairvoyance, expertise and 
patience has been pivotal to 
the development and moderni- 
sation of the exchange.. The 
entire finan cial community 
owes him a great many thanks 
for the work he has dona to 
develop the Norwegian securi- 
ties market into a competitive 
market." the board said after 
his death. 

But his friends are angry at 
the way be was treated by the 
board on Monday, given his 








Erik Jarve, in happier times, outside the Oslo bourse where he oversaw modernisation 


solid reputation and his 25 

years of service at the 
exchang e- They believe it was 
careless of the board not to 
have gauged the effect the 
sacking would have on him. 

“He was of the old school”, a 
broker says. “Things went 
strictly by the book with him" 

The board has offered a 
Straightforward explanation of 
its actions. Ms Elisabeth Wide, 
chairman, explained that Mr 
Jarve was dismissed fin* a num- 
ber of undertakings from 
which he personally benefited. 

The board claims that last 
March Mr Jarve employed a 
close family member at Oslo 
Bourse Information (OBI), a 
subsidiary of which he was the 


eh airman The family member 

was employed at OBI until 
October. 

The appointment was not 
cleared by the board and the 
family mamba 1 did not have 
the necessary qualifications for 
the job, it claimed. In June the 
same family member com- 
pleted two Unix computer pro- 
gramming courses which were 
not relevant to his OBI job but 
for which expenses were 
charged against bourse 
accounts, the board said. 

But if employing a family 
member is reason enough to 
ask Mr Jarve to go, friends say, 
why wait until Monday? “The 
family member was, after all, 
at the bourse and could be 


seen every day," a broker 
stresses. 

In September the bourse 
agreed a NKr51m (£4.7m) con- 
tract with Logica UK, a com- 
puter software company, to 
complete the development of a 
new trading system. According 
to the board’s explanation this 
week, Mr Jarve was not 
Involved in the negotiations of 
the contract but held private 
discussions with Logica in 
which it was agreed that the 
family member would be 
employed by the UK company 
for two years and that his sal- 
ary would be built Into the 
trading system contract 

Once again, friends counter 
the implied board accusation of 


improper behaviour. Perhaps, 
they say, Mr Jarve was prepar- 
ing the family member for a 
job as a technician for the new 
system once it became opera- 
tional and, if this was the case, 
was it not then bourse busi- 
ness? 

The board also said Mr Jarve 
had charged against bourse 
accounts expenses incurred by 
the fondly mamba while mov- 
ing to London and the subse- 
quent expenses incurred while 
living there when working fear 
Logica. 

The board said Mr Jarve had 
also arranged for the family 
member to receive a salary 
from OBI for October and 
November, even though the 
famil y member had already 
begun working at Logica. 

In all, tile costs associated 
with these undertakings 
totalled about NKi30G,000, 
which the board said bad been 
to Mr Jarve's benefit 

What cannot now be known 
is whether Mr Jarve knowingly 
crossed a' line distinguish 
his business from that of the 

bourse's. 

What is clear is that his rela- 
tions with the board had been 
strained for more than a year. 
It is understood there was criti- 
cism of his expensive lifestyle 
and that It was felt he travelled 
abroad too frequently to attend 
events related more to the 
international marketplace than 
to tile Oslo bourse. 

It is also understood that 
there were tensions between 
Mr Jarve and domestic brokers 

Who wanted more inflnaniy in 

the marketplace. 

"He [Mr Jarve] had his ene- 


mies... but they were brokers 
who wanted more say in 
things," a broker says. 

Early last week Ms Wille was 
informed by a bourse employee 
of “financial irregularities” 
connected to Mr Jarve and the 
bourse, Ms Wilie flwp told Mr 
Tom VLdar Rygh, vice-chair- 
man of the board. 

On November 8, believing 
those allega t io ns to have been 
confirmed, Ms Wflle informed 
Mir Arenl Henriksen, r.hairman 
of the Bourse Council which 
oversees the board. 

On Monday Mr Jarve was 
called into a private session 
with Ms WiUe and Mr Rygh to 
answer the allegations. After a 
brief period be returned to Ms 
office, and shortly after left the 
bourse in a taxi to go to his 
cabin. Mis Wilie then wiipj a 
meeting of the board in which 
she spelled out the aHagatinng 
against Mr Jarve and told 
them he had been dismiss^ 
This was followed by a mawting - 
of the council, which was 
informed of the affair. 

Ms Wilie said Mr Jarve was 
offered a suspension while 
KPMG Peat Marwick, the 
bourse, auditor, undertook a 
further probe into the affair. 

She said Mr Jarve rejected the 
suggestion so It was 

would be dismissed immedi- 
ately. The probe has - now been 
suspended indefinitely. 

After Mr Jarve had left the 
bourse, a note was found in his 
office by officials who say ft 
suggested he might have been 
contemplating suicide. 

Alerted by the note, Mr 
Jarve’s brother visited ham at 
the cabin but Mr Jarve asked 
to be left alone. The brothercal- 
led the cabin later that evening 
but there was no answer. 
When he drove to the cabin Mr 
Jarve was found in the fiord. 


]y > Jb 6 ' 


back as corpses in buses". 

Tta biamlc undercurrent In 
the struggle has become more 
apparent The Russian night* 
mare of a jihad on its tejrifory 
- an eventuality they trtedta 
prevent by taking over the km> 
derdSeoces of Tajikistan and 
pouring troops in to bolster 
fighting with the Afghani 
mujahideen - now seems a dis- 
tinct reality. ¥ 

Mr Mayerbek Bokhaeheev, a 

inscription “Allah Akhar* CCod 
is Great) on his vest, Said: 
-This is a holy war. You can 
tell Yeltsin the Islamic people 
of -Chechnya will never retreat 
Our country has never been 
conquered by anyone." 

The relative calm yesterday 
in Grozny was observed by the 
Russians in the west by clear- 
ing up the debris of smashed 

and burnt vehicles along the 
highway, resulting from 
attacks over the. last four days. 
On the northern front, more 
barricades were going up; 
cement blocks were Ming 
moved into place, gun em pl ace- 
meats strengthened and cam- 
ouflage netting placed over 

thfim. 

There is now a loll in the 
storm. Grozny's streets are fill- 
ing with people and the Impov- 
erished market Is doing mare 
business. But the city is still 
readying itself for war. 








-- r K r ' z ii&'' mi 


. „ - ? 


t 

<-* ~aM 
1 




-■ • 














a,/ * 



Mt 




iCt 


UK 




carbon 





energy 
tax battle 







Hatg stmonbn to London 




The European Union’s attempt 
to reach a common position ad 
energy fuss looked in tetters 
yesterday after envlrctament 
ministers agreed to let 
states adopt - individual 

approaches to plans to cut car- 
bon dioxide emissions, 

A deal reached at a meeting 
in Brussels an Thursday even- 
ing means that opponents of a 
proposed EU-wide carbon 
energy tax, led by the UK, 
have won their battle agaimst 
the measure. 

It is an embarrassing blow to 
the EU ahead of an ; Interna- 
tional conference nett March 
in Berlin to consider further 
steps to cutting CO, emissions. 

The conference is the most 
important International gather- 
ing an the environment since 
the 1992 Rio de Janeiro Earth 
Summit 

The EU*s failure to agree is 
particularly difficult for the 
German government, which 
had puttied most strongly for 
the carbon tax ahead of the 
Berlin meeting. 

Mr JOhn Gummer, UK envi- 
ronment minister, said he was 
“very pleased" with the out- 
come, which was in fine with 
the broader nnriargt-flrwHng on 
a CO, tax reached at last week- 
end’s European Council sum- 
mit in Essen. ■ 

A British official said this 
meant that individual coun- 
tries were tree to make thttr 
own provisions for meeting 
emission targets and that the 
idea of a European Union-wide 
energy tax “was dead in . the 
water". , 

Under the Essen compro- 
mise, economic and finance 
xmmsters will draw up a "com- 
mon strategy" for reducing 
emissions, which could also 
include- increases in ' excise ' 
duty or extensions of duty to 
cover new fuels. 

Although the energy tax 
measures will be voluntary. 
Commission officials said t he 
majority of member states 
would seek to apply them. 

Business leaders in' Europe 
have lobbied hard against a 
CO, tax, arguing that it would 
hurt industry’s competitive- 
ness in relation to their US and 
Asian counterparts. _ 

Opposition from the UK gov- 
ernment has focused on 
national sovereignty. Earlier 
this year, Mr Kenneth Clarke, 
the chancellor of the-, exebe- - 
quer, said the government - 
would not accept the principle 
of taxes imposed from Brus- 
sels. --• • 

But the tax has found favour 

in some ewwonscfoiiB -member - 
states such as Germany, Dot- 
mark and the Netherlands, 
other governments support 
the tax as a means of raising 
revalue, 

. The European Union is cfcaft- 
mi t te d to ste ri lising CO, ends* 
skms at 1990 levels by the year . 
2000 under the Rio Con v ent ion 
on Climate Change. Alt 12 
m e mber states have already 
agreed the targets and that 
more measures may be neces- 
sary tf the targets are to be 
met 

Ironically, the UK can afford 
to take a tough line on the tax 
as it is weU placed to meet its 

Rio CO Wmitwig nt^ - - 





1 


*4 ** 




■ 5- ■ 


* i 
- r :* 





-Tt .J-'— ^ 







'lit 








a 


1 





■'"-*** » 







1 JBi 


1 a 
. r 

.i - *» 




: \ 

* A 


. „ 
■ 



■as* 


‘- p . 





* ■ .ii-i 


mm 


■ fc » 


fa i 


• -ar -is 


■ h-m-v ■** 

i . — 


■ A 


* 

■ -, 













1 


r. . x *"* .1 







— > 




■ Ukl -w 


J ■< * 




*- .• ' N'fc 

... ■ -'. ’4^! 1 


- .VI’ 


. ,Ny 

■ • -Ofc. 

- fc - : ' C -I,V 

:*. s'* >*. 

• ■■•*. '»,* ' 

H "Cfe. 

;.n . ■ ■/ * ti\ 

■i I* . % w vl 

' ’■■• *4? 

■ ■— % 

“4: 

"■ » . “-A 

■ — ■■■ la ■ 

■ - ■ \ V- 

-• • ‘ ‘ W* 

• " ■' ,,J V ' t 1 

" ■ 

' K.\V 
■ m ■ * 

I « • s'- I 1 


* «* :....- 

- *•*:»* T-.-.i;. .-. v - 

«»hl it ..Li; -<*i » . 
tomkaz i ji; 

Ml'.fcim. Tlf ■ ,l„; 

pajll^^i; |\-.a, l •, i . 


“OW 


-3 5 ! H> prv 

itHk l** i*.v tlKfi.X"* 
***■ --ri TTirl-i.-i-a. -* , 

;>% 

hcV#..-wi; 

>Ua ?,-■*. V,.-;,-, r . 

fr* ^ in. 

^ 44* jv 

1 y ^ 

^V , 'a"^ T»T ■ ■ -I • | 1 * 

*«e?r: W U-v.i 

if>-C‘V! f .f^;Vs‘« - 
I *i r?tr" *■- 
- fe* J i . 

^ l* 1 ?; 't* * 

s ■._•.! »*■ . v 

rtf- 


■v 

k ■ c -i 

"-" • . -' m 9 

' : - ^*5 
■■ 1 

■■■-..*? 
'■■■ i .. ^ 


• ■-- > 
vfv-3* 


r *.' ? 5i 

S 



Jv 

v* * ..... 


.'1 



l 4 Ar^i * as 
<4*4 W><4 » In 
r iMm 

fjittWiW Siw 

i r'iwifjl ia< 

¥. p*:'. ! «- 

It# O f'«C IK : a”-- 1 
t pc {:• »«?. 

"Wi. 


,.r 

4 


#■ r'** 

Xu*n 




?TT«5f 


th 


r - ' • - 


9> t 1 


« * t 


■< ■ ■ •' «-■" 




fe ■ ^ 


i 1 


- w 


V-‘ ^ ' 

r‘— :.. I' 

ti r- ^ • ■* • • 


. - j . § 




_■. ■ i*' fv . - - 

C-v - ‘‘ - 

.*• %■ 

1 ^ "i 

■H v‘ 

T. ■*■ * 


■ 

t ‘ is. * . - 

v 

rV' 

^ .ri 


_ fl 




i i *'■ • 

v -■- j 

T* -• : 

* § *. ^ 4 

d ' : 

.* . k . 

■ •» < 


“ j. , > 


-a ^ 

■' n 


f '"it 4f 


FINANCIAL TIMES WEEKEND DECEMBER 17/DECEMBER IS 1994 


NEWS: INTERNATIONAL 



m \ 


INTERNATIONAL NEWS DIGEST 


% Paris Club in 
debt write-offs 


Clinton team tackles Republicans on tax 


By Geoiga Graham 
in Washington 

Administration officials 
yesterday challenged voters to 
measure tax rat proposals 
from the new Republican 
majority in Congress against 
the programme outlined by 
President Bill Clinton in a tele- 
vised speech on Thursday 
night 

“Are they targeted to the 
middle class? Are they targeted 
to working families in this 
country? Are they fully and 
honestly paid for so that the 
deficit does not increase?" Mr 
Leon Panetta, the White Bouse 
chief of staff, asked yesterday. 

Over five years, Mr CQnton’s 
proposals would cost a total of 
$60bn (£36J5bn) ( and include; 

• A $500 tax credit for each 
child under 13 for families with 
incomes below $60,000 a year, 


F rom the grey canyons of Man- 
hattan's old financial district, 
the World Trade Center’s soar- 
ing twin towers can be glimpsed only 
fleetingiy. 

The contrast between this new 
financial world and the old is a stark 
one. With their small and irregular 
floor plans and low celling heights, 
the buildings in this area around Wan 
Street are unsuited to the big, open-, 
plan trading areas sought by modem 
banks. 

Partly as a result, tower Manhat tan 
is in decline. While the island’s mid- 
town area - the world’s biggest office 
property market - booms, downturn 
has been stuck in a prolonged slump. 
Office vacancy rates have c limb ed 
steadily, to 23 per cent, despite the 
recently ended boom in financial mar- 
kets which drove the profits of DS 
investment banks to record levels in 
three successive years. 

On Thursday Mr Rudolph Giuliani, 


jovemment creditors yesterday said 
it tos ready to write off 67 per cent of the maturing debt of 27 
of the poorest countries, which could also far the tet thneget 
softer terms on the rest of their debt. ' 

The announcement follows agreement in principle by the 
Group of Seven ecommuc powers at their jSysuminit in 
Naple s to ga ve more debt relief to the poorest countries. The 
move, Strongly backed by Prance and the DK, marksltother 
rasmg by the Pans Club, which in 1991 ra£d to 50 per cent 

SfiiS 3 ^ maturing debt that it was 

billing to write off. 

The total official debt of the 27 countries, mainly from 
sulKsaharau Africa and a few central American states plus 
Vietnam, is put at $35bn (£2L3bnX The novelty in yesterday’s 
aimoancment is that the Paris Club is also prepared to give 
<tebt relief on countries’ total residual stock of debt provided 

Pr 08 ”™ 1 * 8 m «®si<fcred snf&taiay&r 
advanced. Damd Buchan. Paris ^ 

Aid and warning for Kenya 

International aid donors yesterday signalled that they would 
covet Kenya s estimated evtomoi financing gap of $soom next 
year, but warned the Nairobi government to take steps to 
prevent public funds being misu s ed again 

At the end of a two-day meeting chaired by the World Bank, 
donors said they “warmly welcomed" the government’s public 
disdosme of the misappropriation of public funds and its 
action t hfe w eek in charging a fanner permanent secretary of 
the treasury with conspiracy to steaL The legal action was 
dearly ^med to influence the Paris meeting, where, however, 
donors stressed the “critical importance" of n r ev pn tj ng such 
misuse occurring again. 

Kenya was compl imen ted by aid donors on its success over 
the past year in reducing inflation to sin gl e di g its, boosting 
growth this year to &3 per cent, increasing external reserv e s 
■ and abolishing virtually all foreign wrfanp and internal 
price controls. David Buchan, Penis 

New trade barriers in Sweden 

Sweden, which has taken, steps to liberalise trade over the post 
four years, will raise trade barriers again when it joins the 
European Union next month, according to the General Agree- 
ment on Tariffs and Trade. A Gatt report published yesterday 
on Sweden's trade policies and practices said prices of imports 
from non-EU nations are “in many cases" expected to rise 
from January because of “generally higher” EU fartffg and 
more complicated trade control systems. 

With the re introduction of textiles and clothing Quotas 
under the Multi-Fibre Arrangement and other trade controls, 

Gatt predicts that the number of import Hpgireg applications in 
Sweden could rise from a few thousand to over 60,000 a year. 

Frances Williams. Geneva 

Credit Suisse proceedings 

Swiss authorities have b^un extradition proceedings against 
an Italian financier based in London in connection with an 
alleged $70m fraud against Credit Suisse bank. Mr Sergio 
Cuoghi, the head of the Ehrofin financial group of Geneva, 
feces a charge of obtaining $70m by deception from Credit 
Suisse between January 1 1992 and November Id this year. 

As part of an investigation being carried out by the Swiss 1 nrnnrQVtlTYlri 
authorities, a former assistant manager with Fides, an invest- ( III. U&l ulUlilC 
ment trust company wholly owned by Credit Suisse, is cur- 1 
rentiy being held in prison in Geneva. At an interim hearing 
at London’s Bow St magistrates court yesterday, Mr Cuoghi’s 
case was adjourned to January 9 next year. Mr Cuoghi, of 
Montpelier Square, London, has been remanded on bail until 
then. John Mason, Law Cbaris Correspondent 

US housing starts increase 

A 7 per cent increase In US housing starts between October 
and November, reported yesterday, provided fresh evidence of 
buoyant economic growth despite repeated efforts by the Fed- 
eral Reserve to curb demand by raising interest rates. 

Fed policymakers meet again next Tuesday and could decide 
to raise short-term rates by a further half point to 6 per cent 
Host Wall Street analysts, however, expect the Fed to delay its 
next move until the New Year partly became of jitters in bond 
markets foBowing the Orange County bankruptcy. By late 
January the Fed would also be able to assess whether unex- 
pectedly strong consumer spending in November had carried 
over into the Christmas period. 

The figures (tor housing starts surprised analysts, many of 
whom were looking for an increase of only about 2 per cent 
Forecasters generally bad assumed that a 5 per cent decline in 
starts in October si gnalled a period of more sluggish home 
building following increases in mortgage rates. Starts figures 
axe volatile on a monthly basis, and the latest rise partly 
reflected unseasonably warm weather. Michael Proase, Wash- 
ington 

Japan’s trade surplus up 15.5% 

Japan’s trade surplus jumped 
15J5 per cent from a year taar- 
lior In November to $&55bn, 
but officials and economists 
said yesterday they still fore- 
saw a slow decline next year. 

Strong exports to recovering 
economies in the US and 
Europe caused the surplus to 
rise for the first time since 
July this year. Exports as a 
whole climbed 2UL per cent 
from a year earlier to 
$ 34 . 42 bn. The politically sensi- 
tive surplus with the US, 

Japan’s biggest trading part- 
ner, expanded to $5.l7bn from 
$4.29bn. But a Ministry of 
Finance official told report- 
ers: “The trade surplus, is still in a shrinking trend despite 
November’s rise." Tie noted that imports continued growing at 
a double-digit pace, up 23.1 per cent to $25J6bn. Reuter, Tokyo 


with reduced credits for 
incomes up to $75jOQQ. 

• Tax deductibility for up to 
$10,000 a year of college tuition 
fees, for families with incomes 
up to $100,000 a year. 

• An expansion of Indepen- 
dent Retirement Accounts, 
which offer a tax shelter for 
savings, to raise the income 
limit for tax deductibility from 
$60,000 to $100 J» and to allow 
no-penalty withdrawals for 
purposes such as education 
expenses, the purchase of a 
first home or catastrophic ill- 
ness. 

• The consolidation of 60 
worker training programmes 
into a single voucher pro- 
gramme to pay for training. 

Vice President A1 Gras will 
on Monday provide details of 
spending cuts totalling $24bn 
from reorganisations of the 
Departments of Energy, Hous- 


ing and Urban Development 
end Transportation, as well as 
the General Services Adminis- 
tration and the Office of Per- 
sonnel Management, incl uding 
privatisation of the naval 
petroleum reserve and tie air 
traffic control system. 

Moreover, Mr Clinton, who 
in his 1993 budget declared a 
“hard freeze" on discretionary 
Spending up to 1996, said he 
would continue to freeze 
spending at 1993 levels for 
another two years. That will 
provide $52bn more saving?. 

Mr Lloyd Bentsen, who is 
about to step down as treasury 
secretary, said it was essential 
that any tax cut should not 
increase the deficit. “We’ve 
come too far in cutting the 
budget deficit to let the next 
Congress bun back and start 
cooking the books," he said 
yesterday. 


Mr Bentsen said that 87 per 
emit of the tax cuts proposed 
by Mr Clinton would benefit 
families earning less than 
$100,000, while 54 per cent of 
the tax cuts promised in the 
Contract with America mani- 
festo on which congressional 
Republicans have campaigned 
would go to those with 
incomes above $100,000. The 
Republicans have called for a 
similar tax credit of $500 per 
child, but for families with 
Incomes up to $200,000, and 
also want to cut capital gains 
taxes. 

“Now who do you think is 
trying to take care of middle 
income families?” Mr Bentsen 
asked. 

But Congressman John Kas- 
tch, who will chair the budget 
committee when the new 
House of Representatives con- 
venes in January, said the 



Panetta: on the attack 

administration should “drop 
the doss warfare". “We need to 
stop that division, between one 
income group and another," be 
said. 


If there is to be a class « u 
however. Democrats Ua-«. 
already launched their ofii .. 
sive and appear confident ti.a- 
they can win. 

Congressman Richa-% 
Gephardt, the new Dernocrer;. 
leader in the Hou.-<*' 
announced his own tax i-i-i 
proposal earlier this week 
all taxpayers earning less tki.; 
$75,000, with or without c;.:i 
dreu, dismissing the Republv 
can plan os “a tax break a* 
every child of the rich". 

Mr Clinton's tax cuts wuuhi 
probably be phased in, uuO 
details were still being Wi- 
ntered out yesterday. TYkisi..’\ 
officials have to fit the tx:.- 
year by year into the pay 
you-go rules of the budget I; ... 
which require tax cuts to iv 
offset with spending cuts t,. 
other tax increases. 

Feature, Page 8 


New life for old Manhattan 

Richard Waters on Giuliani’s plan to revive downtown New York 


the city's Republican mayor, 
announced plans intended to reverse 
the slide. Included in it are proposed 
tax breaks, new transport lfaka and 
changes to zoning laws that together 
could encourage more businesses to 
move to the city's old financial heart 
- or at least, stop occupants moving 
out 

The tax breaks would consist of a 
five-year reduction in property taxes 
for new or renewed leases on budd- 
ings put up before 1975l There would 
also be tax Incentives for construction 
of new “smart buildings”, which 
incorporate the most up-to-date infor- 
mation technology, or for renovations 
of old ones. 

At the same time, planning restric- 
tions on a building's height or the 
distance It is set back from the street 
would be relaxed, while limits on con- 
verting old buildings for residential 
use would be abolished 

The efforts to improve transport 


links include a feasibility study into a 
new express corridor for taxis on one 
of the crowded avenues linking mid- 
town with downtown. Also, by next 
summer the Metropolitan Transit 
Authority will complete a study into 
extending commuter rail lines from 
long Island and the suburban areas 
of Westchester County and Connecti- 
cut into the downtown area. 

Many parts of the mayor’s plans, 
particularly those relating to tax 
income, will require the approval of 
the City Council. The issue is expec- 
ted to arouse considerable antago- 
nism, given that New York has been 
through a financial crisis this year 
and feres a continuing shortfall In tax 
income - and given that the beneficia- 
ries of any renewal of the downturn 
area will include the wealthy hanks 
which inhabit modem developments 
such as the World Trade Crater and 
the newer World Financial Center 
behind it 


Mercosur customs union 
to begin on January 1 


By Angus Foster in Ouro Prato, BrazB 

The four South American countries in 
the Mercosur trade group yesterday 
settled all their differences and said 
they were ready for the trade area to 
become a full customs union from 
January 1 as planned. 

Foreign ministers from Brazil, 
Argentina, Paraguay and Uruguay 
reached agreement on a number of 
outstanding problems after a hectic 
night of negotiation. 

The agreements will be included in 
the document, to be known as the 
protocol of Ouro Proto, which is to be 
signed by the four presidents today 
and will give Mercosur a similar legal 
status to the European Union. 

Mr Celso Amorim. Brazil's foreign 
minister, said he was "very proud" 
the four countries had put in place 
the first customs union among devel- 
oping countries. 


The protocol also sets out rules . 
the Mercosur institutions such ns ;s;. 
arbitration system for disputes an.: 
rules to promote competition and e-..-.- 
customs procedures. 

The four countries agreed the fiiui: 
lists of products, mainly those cou-U'. 
ered unready to fere full ewnpetitier 
which will be allowed to keep dum.-. 
tic tariffs for four more yearn rati 
than cut tariffs to zero immediate!;. 

Brazil and Argentina, whk : 
together account for more than S3 ,v*. 
cent of Mercosur's gross domt->:. - 
product, also reached an accord 1 
their automotive industries. Bec.u:s. 
both countries consider tills sen > 
strategic. It is given a special cxe!..:< 
tion from the free trade rules. 

The protocol commits the fou - 
countries to review before 2001 
and whether to go ahead toward a 
common market, which Implies 
free movement of goods and labu;.: 


World Bank 
urged to set 
up nutrition 




Vhblk^de.suplitii, - 

WBhUS 


■a; 


5‘- 6- 



By Nancy Dome 

in Washington 

% ^ 

The World Bank is calling for 
the Inelnsion of nutrition 
schemes “in every appropriate 
Bank project” in order to com- 
bat deficiencies in Vitamin A, 
iodine and iron. 

Without these so-called 
micronutrients, development 
is hindered in many countries 
by the need to care for the 
more than lm cases of blind- 
ness, mental retardation, 
learning disabilities and low 
work capacity, says a Bank 
report 

The recommendation to 
devote more resources to these 
nutrients is contained in 
“Enriching Lives” published 
by the Bank’s human 
resources division, now the 
fastest growing sector in the 
giant multilateral lending 
institution. 

The real growth in social 
progra m mes began a decade 
ago. Last year the Bank Irat 
$3bn (£l-8bn) for various 
health, education, population 
and social programmes. 

There came a general 
awareness that in order for us 
to make a real dent in poverty, 
we must attack basic problems 
like education and health- 



t • n 



1984 


n " 

Portuguese inflation falls 

Portugal's year-on-year inflation rate fell from 45 p er cen t in 
October to 4-0 per want in November, the National Statistics 
Institute said yesterday- The fell to a level that Mr Anfibal 
Cavaco Silva, prime minister, said was the lowest in 40. years 
was welcome news for the centre-right government as fears of 
political instability b egan to affect financial markets. The 
prime minister's office on Thursday described a stock market 
rumour that Mr Cavaco Silva was about to res i gn os “absurd". 
Wise. Lisbon 


[Manila aims at 6% growth 

Tba Phiu^tinaB h«a formalised an agreement with the Interna- 
tional Monetary Fund for an increase in 1995 monetary expan- 
sion targets that will allow the country to aim tor an overall 
economic grow t h of about 6 to 85 per cent, negotiators from 
both panels announced yesterday. Mr Gabriel Si n gaon , gover- 
nor of the central bank, said total domestic liquidity, or M3, 
would be allowed to grow by 23 per cent, addle base money 
(currency In circulation and reserve balances of banks) could 
increase by up to 24. per cent. The previous targets were 135 
Mr cent for M3 and 95 per emit for base money. The IMF 
agreed to the rise to give the Philippines "more elbow room for 
growth manoeuvres” following an “overpertozmance” in the 
mtaraational reserves, Mr SSngson said. 

Philippine gross national product is projected to grow by 55 
percent this year, compared to 35 to 45 per cent projected in 
the IMF programme, white inflation is forecast to average 9 2 
per cent, against the target of 95 per cent Jose Goiang, 
Manila 


care," 
a Banfc spokesman. 

According to the report, the 
cost of deficiencies of Vitamin 
A, iodine and iron ts enormous 
- as much as 5 per cent of a 
country’s gross domestic prod- 
uct-in terms of death s, dlsa- 
btttties and productivity- Rem- 
edies would cost an estimated 
Slim a year, according to Mr 
Bergman. Bank lending for 
everything last year totaled 
$20.Sbn. 

The Bank next year will 
lend at least $60m for micro- 
nutrient projects. Tim biggest, 
to be funded with UN agencies 
in China, is that country’s first 
salt fodisation programme and 
will cost $27Ul 

In Mali the bank is financ- 
ing the world’s first trial of a 
new method of iodising water. 
Water pumps will release 
small amounts of iodine every 
time they are used. 

The Rank ’s other health pro- 
grammes are growing. It has 

become the largest single 
source of external financing of 
aids pro gramm es in the devel- 
oping world, lending $600m to 
50 projects since 1986. 

It is stressing women’s 
health, having concluded that 
improvement is essential to 
reduce poverty. Over the past 
six years, the bank allocated 
nearly $5.7im to more than 100. 
projects, dealing with family 
planning, sexnofly transmitted 
diseases, nutrition, gynaeco- 
logical cancer and other health 
problems. 

The Bank also issued a 
report calling violence against 
women an obstacle to develop- 
ment. 


FAR AND AWAY THE MOST 
DISTINCTIVE MALT WHISKY 



PEAT SMOKE, SOFT RAIN AND SEA AIR. 
WOVEN TOGETHER IN SOME MYSTERIOUS ALCHEMY. 



mmm 

SRCL1 ttlVHILT 
SUTtH mkfitr 




fc 










-r • • 


■■■ 




— . mW 


3F5ENAN C1ALTIM^ WEEKEND DECEMBER 17 /DECEMBER 18 1994 




us halts trade talks with China Britain heads 

for fresh clash 

on Hong Kong 


By Tony Waiter in B e ijin g and 
Jurek Marttn m Washington 

The US has suspended talks 
with China over copyright 
infringements, risking a seri- 
ous rupture that could further 
complicate Beijing’s negotia- 
tions to enter the General 
Agreement on Tariffs and 
Trade. 

In Hong Kong yesterday, a 
US trade official said talks in 
Beijing on i nt ellec tual property 
rights were “suspended” on 
Thursday, "The Chinese did 
not make any serious offers. 
We couldn’t continue. There 
was no point, ” the official said. 

Mr Lee Sands, assistant US 
trade representative; left Bei- 


jing abruptly for Hong Kong, 
afta* three days of discussions. 
The US and China have been 
ha gg lin g for months over the 
copyright issue. 

In Washington, trade offi- 
cials said there was “no 
linkage" between the 
trilateral dispute with China 
over intellectual property ami 
the question of Chinese mem- 
bership of the World Trade 
Organisation, successor to 
Gait. But adherence to trading 
rules was a precondition erf 
membership In the multina- 
tional organisation, officials 
said. 

The US earlier this year 
placed China an a priority list 
of foreign countries infringing 


Nine dissidents 
are jailed for 
up to 20 years 


By Tony Walker in Baying 

China yesterday signalled a 
crackdown on dissidents, jail- 
ing nine activists for “counter- 
revolutionary" crimes, includ- 
ing a 20-year sentence for a 
un iv ersity lecturer involved in 
prodemocracy activities. 

These are the toughest pen- 
alties meted out to political 
activists since the trials follow- 
ing the Tiananmen Square 
massa cre of June 1989 In which 
the army fired on demonstra- 
tors in and around Beijing's 
central square. 

In Hong Kong, Mr Robin 
Munro of the Human Rights 
Watch said he was “frankly 
appalled” by the severity of the 
sentences. “None of those 
accused were involved in even 
a hint of violence ” he said. 
“They were all engaged in pro- 
moting free speech and free- 
dom of association.” 

Western officials in Beijing 
said the tough sentences were 
a sign that the authorities 
were intent on sending an 
uncompromising message to 
dissidents as uncertainty deep- 
ens over the transition to a 
new generation of leaders in 
place of the ailing Deng Xiao- 
ping. 

The leadership In this diffi- 
cult transition phase is grap- 
pling with high inflation, incip- 
ient unrest among workers laid 
off from faltering state enter- 
prises, a restless peasantry 
whose incomes are being 
squeezed by rising costs and a 
worrying increase in crime. 

Those sentenced were 
involved in various pro-democ- 
racy organisations, including 


the China Progressive Affi- 
ance, the Free Labour Union of 
China and the liberal Demo- 
cratic Party- 

The heaviest sentence was 
imposed on Hu Shenghm (Hu 
Shigen), a 39-year-old lecturer 
at the Beijing languages insti- 
tute who received 20 years for 
“organising and leading a 
counter-revolutionary group” 
and “counter-revolutionary 
propaganda and incitement" 

Hu had been held without 
trial since his arrest on May 27, 
1992. This Gar exceeds the Emit 
of pre-trial detention under 
Chinese law. 

Others to receive severe pen- 
alties included Kang Yuchno. a 
30-year-old doctor who was sen- 
tenced to 17 years, and a 
worker, Liu Jingsheng, 40, who 
was jailed for 15 years. 

China seems certain to 
encounter international cen- 
sure over the severe sentences, 
but may well have concluded it 
has little to lose at this stage; 
Mr Munro of Human Rights 
Watch noted that the trials 
were repeatedly delayed, 
apparently because of concern 
about political fab-out. 

Trials were postponed, he 
said, while China sought the 
2000 Olympics and renewal of 
its most favoured nation trad- 
ing status in the US. 

Mrlfunro said the sentences 
“gave the lie” to claims by 
western governments and busi- 
ness that economic reform 
would lead to improved human 
rights- “Bejjing feds it is com- 
pletely in the dear now and 
can act with impunity against 
the dissident community ” he 
declared. 


Fiuuro Ltd 



MARGINED FOREIGN 
EXCHANGE TRADING 

Fast, Competitive Quotes 24 Hours 
Tel: +44 71 8150400 
Fax: +44 7] 329 3919 


{INVESTORS - TRADERS - CORPORATE TREASURERS 

SATQU0TE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex* News* Via Satellite 

LONDON +71 329 3377 

LONDON +71 329 337T NEW YORK +2t2 2*M > tMt PBAHKTOT i W M W7 1 


FUTURES 
&0PX30NS 

TRADERS 

M iR AN KmCtENT 
[AlOXPemiVEWICt 


RERKELEY FUTURES LIMITED 


38 DOVER STREET, LONDON WK 3HB 
TELs 0171629 1133 FAX: 0171 485 0022 


I 


FOR TRADERS ON THE MOVE 

Watch the markets move with (tie screen in your podeet ttat rccefra 
Currency, Fttures. Indices and News updates 24 hom a day. Far your 7 day 
free trial, c&U Ftatutt Pager Ltd an 071-895 9400 now. 

FUTURES PAGER 



TAX-FREE* SPEC ETATTON 
IN FI T l RES 


Tootatajw free gnido le tow yam B—eal Boatarftcr an tofe 
pLeAMidw) Murray or lnWnioit7142B 723 J oe 
lo hk US. hda Fie. I WWkRfl^Uo*wSWlE5W 




^j&FutareView 

Rad-Sins mfcMda coverage of RAtraafOpfion prices. Softs, 
Rnandal.&ww, Mstts, FJCNavra, Cha-firgTPC Aidna wsta 


AsuboUaiyoftlMiJOe 





Market-Eye 

Protr^siorul financial information eircc* 
to yeur PC for a low fixed cost. 



FREEPHONE 0800 321 321 


Currency or Bond Fax - FREE 2 week trial 
also daily gold and silver faxes Anne v/tnibv 

ircn Cnait Ar.3 s ys:s Lta ,,, 

.1 J , lt , r -irv Hi/ U?': U I / t 1 / 4 % 

»• SiVO:-?Grt Sttoet. LcrtuwfT .. ?H UK • _ „ * i i 

eictanje role spcc^!:sts for ever 

tf '"t r e-iarc?; Aw’f'.cfty 




^ jma 

Q BB 

wv. 


r o 




i KL l K)KL \ >i\U\ M\ 

: : ,:J M- r "l 

1 1 ri : i j i ^ v, 1 . •••;.! - 

t • 1 : • L " > \ , : : i . ^ \ • a i * 

071-S65 OSOD 


C0KRDCYMMU2MOT 
CORPORATION FLC 
II OU Jewry 


Tct 07! -*450000 
Fxcon-mam 


vs 


T R 1 N D 


' •• : r 'f i 


♦FOREX 'METALS "BONDS ‘SOFTS 

Objective analysis for professional investors 

0962 879764 , 

Fiennes House, 32Sctthi;*tc Street, Winchester, j 

Hz * is 5023 9EH Fj.x D424 


copyright covenants. Beijing 
was given until the end of the 
year to put Its house in order 
or risk sanctions under section 
301 of the US Trade Act 

Even if Mr Mickey Kantor, 
tile US trade representative, 
decides not to extend the nego- 
tiating deadline - an option if 
he determines agreement may 
yet be - reached - sanctions 
would not be immediately 
enforced. The US would tint 
publish a list of targeted Chi- 
nese products, in effect allow- 
ing more time for resolution. 

The US is urging China to 
close 29 factories producing 
pirated laser and compact discs 
for export Beijing says it has 
taken action against these fac- 


tories, but American officials 
dispute this. 

US accusations of Chinese 
bad faith over what it says are 
rampant copyright violations 
could hardly come at a more 
awkward moment The Gatt 
working group on China is due 
to reconvene in Geneva on 
Tuesday in an attempt to rec- 
oncile wide differences over 
terms for Chinese entry. 

Washington has nominated 
copyright infringements as one 
of the key areas to be 
addressed if China is to satisfy 
requirements for accession to 
the Gatt and its successor, the 
World Trade Organisation. 

Ex a sper a ted PS officials said 
that if anything piracy had 


worsened in China over the 
past 18 months. They cited the 
case of a factory in Shenzhen, 
the special economic zone adja- 
cent to Hong Song, offering 
new release films an laser disc 
that are not yet available in 
the US. 

China, meanwhile, has indi- 
cated that it is not in the mood 
for substantial concessions in 
its Gatt talks in Geneva. Ms 
WU 71. the foreign trade minis- 
ter, warned that China would 
not yield to pressure. 

ftfrfna applied to rejoin Gatt 
in 1988, but negotiations have 
proved difficult over such 
issues as the pace of tariff 
reform and market access to 
services and form sectors. 



• * i 


Mi 

” W ' -fe ■ 

Km** 


Wm- 




By Peter Montagnon, 

Asia Editor, tn London 

Britain and China were 
heading for another bruising 
row orver Hang Kong last night 
after three days of talks in 
London foiled to produce a con- 
sensus on the establishment of 
the territory’s court of final 
appeal. 

Mr Hugh Davies, head of the 
British delegation, said the 
colonial government would 
nonetheless proceed early in 
the new year with legislation 
to establish the court, which is 
to be Hong Kong’s supreme 
judicial authority after it 
reverts to China in 1997. 

Mr Zhao Jihua, his Chinese 
counterpart, warned that the 
UK should not take unilateral 
actions before agreement had 
been reached on the details of 
the legislation. 

Tabling of the legislation by 
the B ritish side seems set to 
bring the matter to a head in a 
way reminiscent of the deci- 
sion by Hong Kong Governor 
Chris Patten to proceed with 
his electoral reform proposed 
in 1992. 

Britain has argued that it 
needs to establish the court in 
thna to provide legal continu- 
ity for Hong Kang after 1997, 
hut there have been suspicions 
that China is prevaricating 
because it would prefer not to 
be saddled with arrangements 
in which Britain has had a 


1 ?V 


^ y4 % ’+* 


Guo Maosheng of Beijing's Economic Dally bidding fiercely yesterday in the city’s first property 
auction. Guo dropped out at the last minute and the lO.OOOsq metre city centre site was bought by 
a Sino-Thal joint venture, Fu Hua Construction Development, for TnlSOm ($15Ufcn), about 20 per 
cent above expectations. Other Chinese cities such as .Shanghai have been auctioning properties for 
more than a year as a means of establishing a fair price. Beijing’s real estate exchange commis- 
sioned the property consultants, Richard HRs of Hong Kong to conduct the sale. 


Mr 7h«o declined yesterday 
to give specific reasons for Chi- 
na’s reluctance to endorse the 
bffl setting up the court China 
and Britain had agreed in prin- 
ciple as long ago as 1991 the 
basis on which the court 
should be set up, he said. 

But he told a meeting of the 
joint liaison group set up by 
the two countries to adminis- 
ter hand over arrangements 
that China had only recently 
been given the text of the bill 
«nd neede d more time for dis- 
cussion. 

“Pending a consensus 
reached by the two sides 
through discussion, no unilat- 
eral action should be taken by 
the British side,” he said. 

The proposed arrangements 
for the court of final appeal are 
controversial in Hong Kong 
because the bill provides for 
one judge to be appointed from 
overseas. While China is appar- 
ently reluctant to be tied down 
specifically in this way, same 
liberal politicians are reluctant 
to accept wording that seems 
to limit foreign participation to 
one judge. 


British believe that 

potting the bill before the Leg- 
islative Council will force the 
t«aue r because the council 
would only vote for a bffl pro- 
viding for the participation of a 
single foreign judge if it was 
dear that China would accept 
the result after 1997. 

This week's meeting did 
reach agreement on a series of 
issuer ranging from Hong 
Kong’s continuing participa- 
tion In international agree- 
ments on intellectual property 
and on the gfgning of a bilat- 
eral air agreement with Ger- 
many. 

But it was clear after the 
dosed that a wide gulf 
remains on a number of impor- 
tant issues. Mr Davies said no 
progress h «d been made on the 
dispute over the colony's ninth 
rfmtflfriw terminal, for which 
China refused to sanction con- 
tracts. 

“I urged the Chinese side to 
lift what is in effect a veto on 
the project and pointed out 
rmw again the damage which 
this continuing delay is inflict- 
ing on the economy of Hong 
Kong and on investor confi- 
dence more widely." 

There was also no progress 
on the question of travel docu- 
ments and rules on right of 
abode after 1997, an important 
area where “time is rapidly 
running out”, he said. 

For its part the Chinese side 
complained about Hoag Kong’s 
plan to set up a reserve fund 
for civil service pensions and - 
in an apparent reference to 
relaxation of the laws on film 
censorship - about unilateral 
changes to existing legislation 
which Mr Zhao said was out of 
line with the original agree- 
ment on the handover. 

China was also “gravely con- 
cerned" about the recent 
release into the Hong Kong 
community of 125 Vietnamese 
boat people, China wanted the 
question of Vietnamese refu- 
gees dealt with before 1997. he 
said. 

Despite the disagreements, 
Mr Davies said he would not 
characterise the meeting as a 
failure and added that agree- 
ment had been reached to step 
its work and hold more expat 
consultatio ns. 

“But 1 am afraid that the 
result does not match up to 
what is required and expected 
of us,” he said. 

“It is dear that we are going 
to have to do much better in 
the next two and a half years If 
we are to live up to what peo- 
ple rightly expect” 


Forty 

telecom 
groups in 
big cable 

deal 


fyAfanCm. 

at future of Rag, a privately 
funded fibre uptfc communica- 
tions cabte Unking Europe and 
the Far East through the Medk 
ternneten and Indian Oceans, 
sow seems assured. 

This week 40 telecoms carri- 
ers including ATAT and Sprint 
of the US and KDD of Japan 
signed agreements comndttfaig 
themselves to purchasing 
capacity on the cable wins ft 
is completed in early lSW. Tbe 
agreements define the operat- 
ing ^ maintenance respomt- 
bitities for the cable. 

Flag (Fibreoptlc Link 
Around the Globe) will be, at 
17,000 miles, one of the 

world's longest cosnztuslca- 
tions lines providing 120,000. 
digital circuits and serving 
about 75 per cent of the 
world’s population- 

The managing partner in 
Flag is tfynex, the regional 
Bell operating company. Other 
investors include DaHah Al- 
Baiafca group of Jeddah. Saadi 
Arabia, Marubeni Corporation 
of Japan and Telecom- AXU, a 
joint venture between ftfynex 
and Charoen Pokphand of 
Thailand. • 

Total funding for the project 
is expected to be 91*2ba of 
which about 9600m has been 
raised as equity flia wre . 

Flag Limited, the operating 
company, said It had signed a 
$1.2bn contract with AT&T 
Submarine Systems and KDD 
Submarine Cable Systems to 
construct the system. Con- 
struction Is expected to beftag 
in the first quarter of 1996. _ . 

Mr Gabriel Tackanich, Ffeg 
chief executive, said this 


'.V 


Suharto bypasses minister in tariff row 


By A Jakarta Correspondent 

President Suharto of Indonesia 
has created a new committee 
to take charge of tariffs and. in 
the process raised eyebrows by 
reducing the power of finance 
minister Marie Muhammad in 
the formulation of Indonesia's 
trade protection policies. 

The move has prompted 
speculation, in Jakarta that the 
creation of a new group and Mr 
Marie’s reduced role in it may 
he due to his public .rejection 
to of a request for tariff protec- 
tion by promoters of a huge 
petrochemical project called 


Chandra Asrl 

The 3L6bn project is major- 
ity owned by timber tycoon 
Prajogo Pangestu of the Barito 
Group and Mr Suharto’s sec- 
ond son Bambang Trihadmodjo 
of -the Bimantara group. 

Analysts say the growing 
controversy has already raised 
questions about Jakarta’s com- 
mitment to promote greater 
trade liberalisation, especially 
after Mr Suharto hosted the 
recent summit of the Aria-Pa- 
cific Economic Co-operation 
(Apec). 

hi a presidential decree this 
month Mr Suharto ordered the 


establishment of the new tariff 
team, which will displace the 
current three-minister group 
headed by Mr Marie. 

The new team win be 
chaired by co-ordinHtiiig minis- 
ter for industry and trade Mr 
Hartarto, who was not a part 
of the previous tariff team. Mr 
Marie, who is widely respected 
by foe international financial 
community, will be deputy 

rfiafrrrMm 

Investment Minister Sanyoto 
Sastrowardoyo said this w eek 
the new team will would refor- 
mulate government policies on 
tariffs and tirfp “optimise func- 


tions” of the existing tariff 


. Last- week a .Chandra Asri 
director Mr Peter Gautha told 
a Parliament committee that 
the project, which is scheduled 
to come onstream by the first 
quarter of 19S5, w0l need tariff 
protection of up . to 40 per . cent 
to shield it from the potential 
threat of dumping by foreign 
companies. Critics maintain 
that protection would only 
ensure the promoters quicker 
returns on their investment 
and give it control of a vital 
industry. 

The request evoked hostile 


reactions and drew almost 
immatiate opposition from Mr 
Marie. The minister said all 
projects must comply with 
existing tariff policies without 
exception. 

Mr Sanyoto has openly sup- 
ported tariff protection for the 
project Mr Hartarto has not 
publicly declared h& position* 
but several economists and 
government offMaia say hr is 
a strong advocate that Indon- 
esia should develop its own 
petrochemical industry. . 

According to government 
officials the new tariff team 
wQl take effect on January 5. 


Minister 

a ■ 

blamed 
for sugar 
scandal 


By Stefan Wagstyl 
in New Delhi 

Mr Knlpnath Rai, the Indian 
food minister, yesterday came 
under renewed pressure to 
resign following the publica- 
tion of a government report 
which found him “fully 
responsible” for the costly 
mishandling of a sugar short- 
age this year. 

The government which had 
earlier maintained the report 
blamed several officials and 
ministers, yesterday bowed to 
opposition party demands to 
publish the foil report Hu 
report said Mr Bai had aggra- 
vated a sugar shortage by 
delaying imports in order to 
push up sugar prices to the 
benefit of sugar producers. - 

Mr P V Narasimha Ran, the 
prime minister, wants lb Hri 
to quit so that he can remake 

bis and wml^ trim. 

dal-tainted ministers, follow- 
ing recent state elections in 
which corruption was 
important fesue. 


Reforms fail to cut the cost of bribing voters 

Japan’s long and dishonourable tradition of “money politics”, thought to have been 
banished by voter disgust and political change, may be reviving, writes Gerard Baker 


M r Hiroshi Mitsuzuka, 
file leader of one of 
foe smaller factions 
in Japan’s Liberal Democratic 
Party, threw a party for sev- 
eral thousand of his closest 
friends. The ostensible purpose 
was to celebrate the publica- 
tion of his book. Nothing was 
left to Zhanna fn ensuring the 
gathering’s success, though - 
former ministers in the faction 
were each encouraged to sell 
1,000 tickets at T30.000 (£190) to 
their wealthier supporters, and 
even first year members of par- 
liament were expected to palm 
off 200 tickets. 

But there was, of course, an 
ulterior motive - fund-raising 
for the faction. When the last 
book had been signed a total of 
Yl35m had rolled in, less than 
had been hoped for, but a use- 
ful addition to the group’s cof- 
fers. 

The event was just one of a 
sudden rush of fundraisers in 
the last month. After a long 
lull in parties’ revenue-raising 
efforts, the political cash regis- 
ters have been ringing again. 
The demand for funds is con- 
siderable - next year will see a 
rolling programme of elections 
in japan - local elections in the 
spring, followed by national 


upper house elections in sum- 
mer, and throughout, the 
threat of a general election at 
any tnxi£. 

But the recent round of polit- 
ical money-spinning events has 
raised fears that Japan's long 
and dishonourable tradition of 
"money politics”, thought to 
have been banished by vote- 
disgust and political reform, 
may in fact be enjoying a 
revival. 

A succession of revelations 
of corruption in the last 20 
years hardened the cynicism of 
the Japanese towards their 
political bosses - from the 
Lockheed affair in the 1970s to 
the Recruit affair of the 1980s 
and recent construction-related 
scandals. But while these were 
the most lurid of the cases of 
corruption, what came to trou- 
ble the Japanese more was the 
fact that a myriad of impubli- 
rised cases testified to the feet 
that the entire political system 
ran on money. 

But all that was supposed to 
have been ended by the voter 
backlash last year that swept 
the LDP out of office for the 
first time In nearly 40 years. 
The pnBtirai articulation of the 
popular disgust was the reform 
package instigated a year ago 


and passed into law last 
month, with the hacking even 
of a chastened LDP. These 
reforms come into effect on 
Christmas Day, but than are 
widespread doubts about pre- 
cisely what effect they will 
have in lidding the country of 
"money politics". 

The problem canned simply 
be ascribed to the venality of 
politicians. Like everything 
else in Japan, politics is an 
expansive business. In order to 
get elected politicals have to 
spend vast sums of money on a 
pliant electorate. For decades 

thf» rnirhalifingad rimninftwffft nf 

the LDP meant that political 
competition was based not on 

ideological fines but ah pecuni- 
ary ones - who could spend 
the most money to boy the 
most votes. 

T he reforms were sup- 
posed to have taken 
away both the cause 
and the effect of this demand 
for political "hot” money. 
Japan's .system of muffl-mero- 
ber constituencies was identi- 
fied as the cause. Because 
more than one potlitican from 
the same party could run 
against each other, the election 
often became a race between 


war chests. The poBtican who 
could spend more lavishly cm 
the voters would be the win- 
ner. Replacing that with pre- 
dominantly stogtemember con- 
stituencies means only one 
candidate from each party can 
run, so, the theory goes, the 
election turns not on money 
bat on ideological and policy 
differences. 

Cynics always regarded the 
likely benefits of the new sys- 
tem as doubtful The progress 
of Japanese politics in the last 
six months makes it highly 
unKkefy that the system will 
change substantially. The nom- 
inal coalition government of 
socialist and Liberal Demo- 
crats fs in feet dominated by 
LDP members and policy and 
it will be the principal govern- 
ing party in the next election, 
faced by an assortment of 
forces under the banner of 
New Frontier Party. What 
these opposition parties have 
in common is that they were 
mostly mice parts of (he LDP. 

The idea that there is an 
ideological divide In Japanese 
politics is even more far- 
fetched now than it was in the 
past," says Mr Rei Shiratori, 
head of the Japan histifnt* for 
Political Studies. "The 


election will be fought essen- 
tially between foe current LDP 
and an opposition made up of 
former LDP members. That 
means the differences will 
again be marginal and will 
come down to who spends the 
most" 

. And the battle is actually set 
to become more expensive. The 
reform cots the number of indi- 
vidual constituencies by half, 
replacing them with members 
elected foam a national fist So 
there are now fewer constitu- 
encies. “Thai bimim the num- 
ber of votes requfred to win an 
individual seat has risen 

sharply,” says Mr Dan Harada, 
a political consultant, “So even 

more maney-wBI have to spent 

on bribing the voters.” 

But, argue tire supporters of 
reform, that: ignores- another 
change that will reduce politi- 
cal donations. But here too 
there is scepticism- Though foe 
new law envisages. a phasing 
o ut o f contributions to 
todivdual politicans within five 
years, politicans are starting to 
get around the prohibition by 
simply shifting their ftiwdm g 
vehicle from themselves to 
their branch party. The law 
does not forbid such donations. 
Tn effect, politicans wffl go on 



Hiroshi Bfltmutau Y135m. 
fondrairing party 

receiving money, but in -the 
name of their loacal p arty /* 

says Mr SMratori. 

This may be too cynScstl a 
view. One pro-re£ona rnmihar 
of parliament says: “Last year 
■the voters voted for rail' 
c h a n ge. If they don’t get fit they 
will punish the. politicians 
again.”. u 

That blithe view- wUT .be 
tested in foe next year by foe 
arrival -of the new system at' 
Christmas. The voters wifi 
a chance to. express tbeir dis- 
taste again for the past-po&tir 
cal order. * But for the time 
being, as foe LDP holds firmly 
onto foe reins of power, the, 
book launch spree seems-Hkafy 
to run and riiri. ■■ ” •• 


J. 


V, 


i 


first cable system funded by 
private investor! which will 
permit carriers to buy capeofor 
at true market rates. 


-• 1 


1, 



>jh£> i; 


—• v 
















w H 




lash 


.on« 

n 

’■.-.I . ; - 

»■?» til-i :. 

■ 

" ^ ■ . ■ 
i .ts*rr.rnw -.. ... , 

Jfi '-Wrr •* .. ... 

I* • 
%&**- " ~' f '" 
*7 ?ha;: .:..• ... 

‘.JJ .r M 

Sl^f^ i - 1 - • ’»[. ... 

IfefelTVX ^ Cl ... ,.. 

Silifea. v. n i: ^ . 

Wa^i-*** r- !_;..- 


*°rtv' 

ss 

.5,'^ 


FINANCIAL TIMES WEEKEND DECEMBER 17/DECEMBER lS 1994 


\}*Jl i_> \&£> 


K ' ' i 

■ 1, - 

-• «... 


•1 ''k, 


■ ; -v. , ■ , K l -;\ 

- ! ;.ti ‘-v 

■ - :'■ •■’ ■-; 0 *'$ 
-.Sv 

*" Yi .,‘*11 ”; 

■- " «■ . ‘ l bf k 

1 ^ *TIt 

:,c K].^ 

•i -■ * m y T-v 


* *. ■*' a? i -*« .■ - . . : 

)? .ai 4 **'_;*- 

■ ■ a i> 

1 ‘it - . 

iri - — V 1 - ■■ 
t . ■ 

* K 1 , - * - ■«. 4 

■• ■ • •■iii | - 

Un * ■ 


V- ' H • :\ ■- 

a.\ c;rs; t. .. . .• 

-“■■a ■' f ; ,- . 

"'H - \ * : 

«>-■. 

4 --LT'^ . < . *. t.' -» ~f . 

. m+ • •'■_[ -•■■«. 

*'^5 71 “ilj . 

"Tfl. i>l - 1 -. ) 

“•■A 1 #,». . 

■' ■ T I ■■# ■ I 


■ » JV : 'fr'Jj ?n" ■ -j- 

<■ i 

r'Ti/. ! J - K-".r ^ 
-*•: \ \ ' 

C* ^T’T V=li- . -- ' 

*> '.i r ii .*> 

r ^**" rJ rf j, j >•<. 

*r --■ _r *T. ■ * . . 
.•*1 . 

T f * ’fc 

if v" 1 "; ' *‘i; <- 

. . * i rM . 

'-LP.M - - ( 

|P ( ' X * *'.■ ’ ■’ ’■ ' 

2 y ■’ * a * v l 

r-j >; f. 

- L> /- '■"■rin;;.r...o-' 

SiTir-.-' 

1 *.y ■ - ; . 

S-*.s>-. -7r-- > - 

: <1 -v. - 

f ! *rs m m , 'T; 


l --; «*J.v 

■ <r ^ .r* '■v 
■ ..• ; 


1 :- . .rv, 

.* * 

i!lf, 

V, ‘ Ofii. 

nr I. , “It 

• ;.■ » *li 

la 

'..4 . . 

""••'"i r.. 

■1 r-. -ft - 
*■ 

“ a\ , ' 

. . ■ . ■ 

»i . J - 

• - v ■ 

■ ■ - ■ ■. ■ v 

‘ ^ W 

_ %»■ 

'-’’.'a - >■?. 

■ -.v i H 

Ml 1 


3* 

rJ * g 


-.^1 

.. w 5: 

’ M r- 
mm% ^C 


■ Vif- 


^ 1 j> *■ ^ 1 f 

-* # :r-v- i - ■ 


nt- 

*•. . . 


I, ■ ■'•••»•.' <a 

* I ^ 


* ■. vtj i J" 


...i .-^ 1 .- Mi 


' 1 ^ f mi 


Ministo 
biamed' 1 
for suga 

c 

scandal 


.f - . *• - 


row 


\ C‘-'& 

_ ■- •'j-* ''.£* .■ 1 ' If 

f ^ ■— - " ^ 1 I 

■S'-* ? . •' 

■- iZm *■ %1AM _ . v 
% 

■ • # 
tv:-' “ 

?: - 

c»> 1 'i ; • 

. . - — 1 - -* • - - -. 4 

;a - .. 1 

A 'Jlu'j- ■ 

!-> ' - 




W- 


ung 

4 a n i, v, _ 

rf B»Krf 


, % t p|S 


3^ 

v. 4 1 - 

^ - _v 



’_ ■ •: t 



■■ iVi*'-- 

. ■■ 

1 . -. f- ■' • 

« 

■ 

i;^ ■■ !■■' ■ 

■ 

» *- a# 

4^7 a r » ' 

. ■# ' . ■ 

,|j»- if *' 1 ’ ■ 

Af - -f* _ " 11 ■ ' 

-'• 

■rt # ' •'" 

^ V " f 


Bitter Tory 
dispute over 
poll culprit 


UK 


By Ksrrin Brown, 
Political Correspondent 


The Consepative party was 
locked in bitter recriminations 
over the Dudley West by-elec- 
tion yesterday as senior minis- 
ters and disaffected rightwing 
backbenchers disputed the 
blame for the Tory candidate’s 
disastrous performance. 

Amid Labour jubilation at 
the unexpectedly big swing or 
29 per cent against the govern- 
ment, Ur John Major described 
the vote as a ‘"very poor result” 
and issued an urgent call for 
party unity. 

He said: T think some good 
can come out of it, prov iding 
people realise within the Con- 
servative party that we are all 
polling in the same direction 
for the same cause at the same 
time and against the same 
opponent" 

Rebel rightwingers blamed 
the defeat on the prune minis- 
ter’s unwillingness to bow to 
demands for a shift to the right 
on crucial issues such as 
Europe, taxation and public 
spending. 

Mr John Wilkinson, one of 
nine MPs suspended Gram the 


parliamentary party, said the 
Tories faced a “wipe-out” on 
the scale of the Canadian Pro- 
gressive Conservative party, 
which lost power and all but 
two seats last year. 

Mrs Teresa Gorman, another 
suspended rebel, said: “Our 
supporters stayed at home 
because they think the policies 

we are pursuing are not hi 
their best interests.” 

Mr John Townend, the right- 
wing chairman of the Conser- 
vative backbench finanne com- 
mittee, called for tight 
spending controls and tax 
cuts. “We have to return to 
basic Conservative polices," he 
said. 

Mr Jeremy Hanley, the party 
chairman, sought to redm the 
storm by forecasting continued 
economic recovery. He told 
MPs: “We have to stick to our 
guns to ma if» sure individuals 
feel the benefits of that in the 
coining two . . . years." 

Mr John Bright, Mr Major's 
.former parliamentary private 
secretary, told BBC radio that 
“a divided party is never a 
party that gets a lot of sup- 
port”. 

The bickering prompted a 



Eurotunnel 
sets fares for 
car services 


-o* ? 

1 v • J/*. hi - • * 

1 * -r *-* >. V, 

■ -AV 


Ian Pearson, by-election victor, and his wife Annette with their children in a Dudley shop yesterday 


warning from. Sir Norman 
Fowler, a former Conservative 
chairman. He wrote in the Lon- 
don Evening Standard that vot- 
ers “fear the party has a politi- 
cal death wish“. He added: 
“Conservatives should be abso- 
lutely clear what this means. If 
we go on like this then we will 
make a gift-wrapped present of 
the next general election to the 
Labour party.” 

Mr Anthony Coombs, the 


Conservative MP who ran the 
party’s campaign, blamed Tory 
in-fighting for the disaster. He 
said: “If you have the kind of 
things happening like the last 
two weeks you are damaged 
accordingly. Unity is very 
important." 

Mr Tony Blair, the Labour 
leader, said the victory demon- 
strated the need for further 
modernisation or his party to 
consolidate support from 


the centre ground of politics. 

He said: “The agenda for the 
1980s may have run its course 
but people want an agenda for 
the 1990s. They don’t want to 
move the dock back." He plans 
to demonstrate soon that his 
modernising faction reflects 
the mainstream views of party 
members. 

Stranded by a Labour tide 

Page 9 


Labour sights set on Midlands citadels 


By Paid CheeserigM, 

Mfcdands Correspondent 

Labour's celebrations of its 
victory in the Dudley West 
by-election, which started at 
1.30 yesterday morning, spilled 
over later in the day into a 
mood of breezy optimism about 
prospects in the West Mid- 
lands, traditionally the cockpit 
of British electoral politics. 

Mr Tony Blair's warning 
against complacency notwith- 
standing, the reaction was nat- 
uraL Although the Conserva- 
tives had been resigned to the 
likelihood of massive defeat, 
Labour won more handsomely 


than it had dared expect The 
29.3 per cent swing “exceeded 
our wildest expectations on a 
small turnout," an official said. 

The thinking was that a 
majority of 6,000 to 7,000 would 
have been creditable, while a 
swing on the same proportions 
as the 21.3 per cent achieved in 
the 1990 Mid-Staffordshire 
by-election would have been 
outstanding. 

But there is dispute about 
Conservative voting patterns. 
Only 7,706 turned out to vote 
for Mr Graham Postles, the 
Conservative candidate - 
27,023 fewer than voted Tory at 
the 1992 general election. 


The missing Tory voters 
might have stayed at home 
because the weather was bad, 
the day was inconvenient or 
the electoral register was out 
of date. On the other band, the 
government might have for- 
feited their loyalty and they 
changed allegiance to Labour. 

Conservatives yesterday 
dung to the first set of possi- 
bilities. 

Mr Postles said by-elections 
were a chance for a protest 
vote. He added: “Even given 
that opportunity, people have 
chosen not to exercise it Con- 
servative voters have chosen 
not to exercise it" 


A Labour official claimed the 
opposite: “This was a break- 
through with voters who had 
ignored Labour for 20 years." 
He cited the example or the 
Kings winford wards, where 
rates of owner-occupation are 
more than 84 per cent and Con- 
servatism has been a habit of 
life. There, he noted, the turn- 
out was among the highest in 
the constituency. 

The Dudley West by-election, 
the first in the West Midlands 
since the last general election, 
saw Labour carrying on from 
where it left off in 1992. Then, 
it won eight of the 10 seats it 
made priority targets. 


The optimism in the party 
yesterday sprang from the 
belief that the Dudley West vic- 
tory brings within closer reach 
the winning of Conservative 
seats such as Birmingham Edg- 
baston, Birmingham Hail 
Green, Burton-on-Trent, Wol- 
verhampton South West and 
Worcester. 

• All the drama of Dudley 
West has become a historical 
footnote. The Boundary Com- 
mission has decided that Dud- 
ley East and Dudley West will 
become Dudley North and Dud- 
ley South. The southernmost 
ward of Dudley West will go to 
Stourbridge. : ■ 


By Chartes Batchelor, 
Transport Correspondent 

Fares for car drivers in the 
Channel tunnel will be £49 for 
a day return when Le Shuttle 
services start on Thursday. 

Eurotunnel, the tunnel oper- 
ator, said yesterday that a five- 
day return for a car with 
driver and passengers would 
cost £75. A standard return, 
required on longer trips, would 
cost £136. 

Eurotunnel's one-day returns 
are lower than the brochure 
prices quoted by its ferry rivals 

but much higher than the spe- 
cial fares on offer. P&O Euro- 
pean Ferries and Stena Sealink 
list a weekday price of £72 
return between Dover and Cal- 
ais in their brochures but have 
a special offer for December of 

just £20. 

Stena Sealink said Euro- 
tunnel had promised that it 
would be charging a premium 
price for a good quality service, 
but these prices indicated that 
it was launching a price war 
with an inferior product. 

Mr Christopher Garnett, 
Eurotunnel's commercial direc- 
tor, said: “Our fares are highly 
competitive. While we will not 
enter a price war we are confi- 
dent that we will attract cus- 
tomers to our fast, hassle-free 
system." P&O said Eurotunnel 
would be starting with very 
limited capacity and would 
have little effect on its ferries. 

Le Shuttle's standard return 
and five-day return fares in 


December ore lower than the 
ferry fares. Between January 
and March the ferry fares will 
foil sharply, however, and will 
be almost the same as those of 
EurotunneL 

More than 1,000 people 
bought the one-day return tick- 
ets in the first hour when over- 
the-counter and telesales 
started yesterday. Customers 
will be required to book their 
tickets in advance until the 
end of March, when Euro- 
tunnel will switdi to a turn-up- 
and-go service. 

The shuttle journey takes 35 

minutes from the Folkestone 
terminal to the Calais termi- 
nal, although the total time 
including check-in and loading 
is about an hour. Passengers 
drive their cars on to the 
double-deck shuttle carriages 
and remain in or near their 
vehicles. 

The launch or the passenger 
shuttles, 18 months behind 
schedule and seven months 
after the official inauguration 
of the tunnel, completes the 
range of tunnel services. 

Freight shuttles started in 
May, through freight services 
followed In June and the 
Eurostar trains, for passengers 
only between London, Paris 
and Brussels, started In 
November. The shuttle will 
provide initially an hourly ser- 
vice between 8am and 8pra 
seven days a week. It will 
move to 24-hour operation and 
increase the frequency or 
departures in January. 




DEL FARES COMPARISON 



Ticket 

Le Shuttle 

P&O 

Stena Hovorepeed 1 





Sea fink 


December 

1 day Retain 





8am-0pm) 

Swday-Eriday 

’ 48 

20 

20 

“75 


Saturday 

49 

40 

40 

t85 


Scandart return 

136 

19Q 

180 

219 


5-day return 

75 

124 

124 

139 

January- 

1 day Return 





March 

Sunday-Friday 

49 

n/a 

nfe 

60 


Saturday 

49 

rife 

iVa 

60 


Standard return 

136 

139 

136 

149 


5-day return 

75 

75 

76 

89 


SUidtP-TlMdty f Ftidap-SabrTtar $ ftoxteirw Arif not 


WO meefs to c taps 
^ouca; T7» campi&tM 


Premium 

bonds 

repel 

lottery 


By Scheherazade Daneshkhu 

The launch of the National 
Lottery has not affected sales 
of premium bonds. National 
Savings said yesterday. 

Gross premium bond sales 
were £161m for November - an 
Increase of £34m from October. 

Mr Alan McGill, controller of 
the Premium Bonds office, 
said: “This confirms our 
belief that premium bonds 
appeal to a different market 
from that of the National 
Lottery." 

National Savings said people 

who bought tickets for the lot- 
tery did so on impulse, unlike 
those who bought premium 
bonds. The minimum lottery 
ticket purchase is £1 compared 
with a more thought-provoking 
£100 for premium bonds. 

Mr McGill said sales of pre- 
mium bonds this year 
amounted to more than £l.7bn. 
more than combined sales for 
the previous five years. 

Sales had been aided by the 
increase in the jackpot prize to 
£lm in April and the reduction 
in the qualifying period to Like 
part in the draw to one month 
from three months. 

National Savings’ contribu- 
tion to government funding in 
November was £249m, down 
from £28Tm the previous 
month. Of this, accrued inter- 
est totalled ElTOm. The highest 
contributions wore from pre- 
mium bonds at £130m and 
savings certificates at Eil3m. 
Net sales were £79m and gross 
sales £776m. 

The total amount invested in 
National Savings at the end of 
November was £51bn. 

• The government is to 
review the regulations guaran- 
teeing anonymity to winners of 
the National Lottery', Mr Iain 
Sproat. the national heritage 
minister, told the Commons 
yesterday. Kevin Brown 
writes. 

He told MPs during a debate 
on the lottery: “We ought to 
protect anonymity very rigor- 
ously and, clearly, it has not 
worked this week. We must 
look again at how to make it 
work." 



SP. famous for their deep water drilling, have done it again. We went west of. Shetland to find out more::. 

vv-:; it Wasn't just mo. :r was practice. V/hst we Icarhr in The North Sea we usee to' tackle tne Guif of Mexico 
•which v.-ss much deeper. The! gave as the know no w for this. That’s the way we work. 

You tet. 3asida ! *y it'll eeep reserves -going weii into the 2tsr century it’s. the latest -discovery in the las' 5 years. 



I gather you found the Geld west of Shetland, Julia? 

No, t didn't... 

Ob, I was told... 

...we ail did. i worked on the seismic analysis. That's like X-raying the sea bed. it costs a fortune (or so 
they keep telling me] but it's worth It. . 

So you did the «eismee». thing; in Mexico? 

No, but what they learned there was passed on to me. Before that there wasn't any point in looking here - we'd never 
have got the oil out even if we'd found it Do you foHow? Talk to Tom, one of our drillers... he did the hard bit 
But, be said... 


BETTER. 


l“ ,.: wv- .“■Ca . 














Plan to clarify building society membership 


By Afison Smith 


Everyone who pots money into a 
building society would become a 
member of that society under plans 
drawn up by the government to clar- 
ify the relationship between societ- 
ies and their savers. 

The Treasury intends to do away 
with the difference between deposit 
accounts - in which savers do not 
become society members - and 
investment accounts, where they do 
get membership rights. 

The move is part of the Treasury's 
review of what powers societies 


should have and how they should be 
answerable to the 3Qm-plus individ- 
ual members who own them. 

The results are expected to be pub- 
lished in mid-January, but legisla- 
tion to implement the review's con- 
clusions is unlikely to be introduced 
before 1996 at the earliest. 

The change to a single type of 
savings account is intended to 
ensure that customers are in no 
doubt about whether they are mem- 
bers of the mutually owned sodeties- 
Eemoving the distinction between 
Investments and deposits could also 
have the effect of speeding up con- 


version plans being considered by 
societies, since the change is lQcely 
to make It harder for a society’s 
board to get members’ consent to 
becoming a public limited company. 

The 1986 legislation on building 
societies restricts the allocation of 
cash or free shares when a society 
changes status either by being taken 
over or by becoming a public limited 
company. 

It says that only members who 
have been investors for at least two 
years can benefit, although a wider 
range of members can vote. The 
presence of a group of members who 


can vote but who are Ineligible for a 
handout reduces the prospect that a 
society will meet the requirements 
of the 1986 act, which sets high pro- 
portions of investors who must 
approve conversion for It to go 
ahead. 

Both announcements this year by 
societies planning to become public 
limited companies have raised 
aspects of this issue. 

When Cheltenham & Gloucester, 
the UK's sixth biggest society, said 
how it would allocate the £L8bn 
cash bid by Lloyds Bank for the 
organisation, it decided to include 


depositors but had to leave out rela- 
tively new investors. This meant 
that some people who had saved 
with the society far many years but 
had switched between accounts 
could not share in the money. 

When Halifax and Leeds Perma- 
nent, two of the UK’s biggest societ- 
ies, last month announced plans to 
merge and them convert they closed 
their investment accounts and 
almost immediately opened deposit 
accounts. This enabled them to take 
in savings without acquiring new 
members who would, thm have an 
interest in delaying approval of con- 


version plans until they too could 

hAneRfr ' ■ 

In other respects tte Treasury's 
conclusions resemble the sugges- 
tions made by the Building Societies 

Association. 

These include giving borrowers 
more voting rights and U>oswUngtlie 

restrictions on societies 
Proposals suggesting consultative 
committees of members and places 
on a society's board reserved for 
directors nominated by members 
have been dropped. 


Lex, Page 20 


Ex-directors PSBR 




are charged 


goes into 


£3.54bn 


with fraud 


deficit 


By Peter Norman, 


By Tim Burt 


Two former executives of 
MTM, the specialist chemicals 
company which almost col- 
lapsed two years ago, were yes- 
terday charged with fraud fol- 
lowing a lengthy investigation 
into one of the most rapid cor- 
porate declines in the UE 
chemicals sector. 

Mr Richard Lines, former 
chairman, and Mr Thomas 
Baxter, former finance direc- 
tor, have both been charged 
with false accounting, conspir- 
acy to commit false accounting 
or fu rnish false information, 
and making false or misleading 
stat ements under the Financial 
Services Act. 

The charges mark the end of 
a 214-year inquiry by the Seri- 
ous Fraud Office, which was 
called in after MTU shocked 
the City by reporting pre-tax 
losses of £20.6m for 1991. 
against expectations of a £2Sm 
profit The share price foil from 
290p to 25p after the losses. 

Mr lines and Mr Baxter both 
resigned in March 1992, shortly 
before the company announced 
its full-year results. 

Although officers conducting 
the inquiry declined to com- 
ment on the allegations behind 
the charges they are under- 
stood to relate to problems 
highlighted in the group’s 1992 
report and accounts. 

According to those accounts: 
“It became apparent that in 
previous years a number of 
transactions appeared to have 
been incorrectly recorded, sev- 
eral accounting policies were 
applied inappropriately and 
the group's profitability had 
been incorrec t ed stated. 


“Furthermore, following a 
detailed review, the values at 
which certain assets were car- 
ried in the group's balance 
sheet were found to be materi- 
ally over-started." 

Yesterday, however, lawyers 
acting for Mr lines denied he 
had been involved in any 
wrongdoing. Mr Simon Catter- 
ali of Jacksons, solicitors, in 
Stockton-on-Tees, said: “He is 
utterly shocked and appalled 
by these allegations. They are 
just not true and will be vigor- 
ously contested. Mr lines has 
dedicated himself to develop- 
ing major British international 
chemical companies which in 
the Teesside area alone have 
been responsible for creating 
employment for over 1,000 peo- 
ple." 

Solicitors for Mr Baxter were 
unavailable for comment yes- 
terday. Both men have been 
bailed to appear at Northaller- 
ton magistrates an February 8. 

Since their resignation, MTM 
has contracted rapidly, with its 
market capitalisation falling 
from £2S6m to £30.4n. 

Its decline has been marked 
by an aggressive divestment 
programme to reduce its debts 
- dominated by the sale last 
year of most of its assets to 
BTP, the leading speciality 
chemicals group, for £l06.7m. 

MTM noted in a statement to 
the stock exchange that the 
charges against Mir Lines and 
Mr Baxter "do not relate to the 
company itself nor any current 
director or employee”. 

A company spokesman said 
a number of employees had 
been interviewed by the SFO 
and had co-operate 1 fully with 
its investigation. 


Britain's public -sector finances 
swung heavily into deficit last 
month, but the shortfall of 
£3^54im appeared to reflect one- 
off factors rather than a seri- 
ous deterioration. 

Yesterday’s news from the 
Treasury and Central Statisti- 
cal Office of a sharp swing 
from October’s £55 lm budget 
surplus to the large public sec- 
tor borrowing requirement in 
November surprised the City, 
which had been anticipating a 
deficit of about £2bn. 

However, analysts remained 
confident that the go vernm ent 
is on track to meet or under- 
shoot the Budget forecast of 
£34.4bn for the PSBR in 1994-95. 

Britain recorded a cumula- 
tive deficit of £22.7bn for the 
first eight months of the cur- 
rent financial year compared 
with £29J3bn between April and 
November 1993. 





Dropping in: Labour leader Tony Blair meets members of the 2nd battalion, the Parachute Regiment, in Northern Ireland yesterday 


Bruton keeps Adams meeting brief 


By John Murray Brown in DubHn 


Carsberg rejects 


price war inquiry 


By Nea Buckley 


Sir Bryan Carsberg; the 
director general of fair trading, 
has rejected a call for an inves- 
tigation by the Office of Fair 
Trading into supermarket price 
wars. 

Sir Bryan says in a letter in 
today’s Financial Times 
that he believes price competi- 
tion is important to the con- 
sumer and he has no “convinc- 
ing evidence" of collusion or 
anti-competitive behaviour by 
supermarkets. 


He was responding to a tetter 
in Wednesday's FT from Mr 
Hugh Raven, co-ordinator of 
the Safe Alliance, a coalition of 
groups promoting sustainable 
agriculture, and Prof Tim 
Lang, professor of food policy 
at Thames Valley University, 
warning that below-cost pro- 
motions by big supermarket 
groups were bankrupting the 
“traditional high street 
butcher and specialist pro- 
ducer". 


Le t ters, Page 9 


Excluding privatisation pro- 
ceeds, which were a negligible 
earn in November, the PSBR so 
far this year has totalled 
£36.5bn c o m p a r ed with £32.7bn 
in the first eight months of 
1993-94. 

November's - bigger than 
expected borrowing require- 
ment exceeded the £2.91bn 
recorded in November last 
year. The deterioration 
reflected a sharp drop in local 
authority debt repayments to 
£407m from £L29bn in Novem- 
ber last year when local 
authorities had high capital 
receipts from asset sales before 
the introduction of tougher 
controls an their spending. 

The swing from surplus to 
deficit between October and 
November also reflected 
unusually favourable condi- 
tions in October. The govern- 
ment had privatisation pro- 
ceeds of £L47bn and especially 
buoyant corporation tax 
receipts in that month. 

Total cash receipts rose 8 per 
cent to £144.5bn In the first 
eight mouths of 199495, out- 
stripping the 2 per cent growth 
in cash outlays to £170 .4bn in 
the period. 

Among specific taxes, corpo- 
ration tax revenues were 30 per 
cent higher at £llAbn in the 
eight months while value 
added tax receipts rose nearly 
12 per cant to £27.8bn. Total 
Inland Revenue receipts rose 
14 per cent to £53JHm, Customs 
and Excise receipts were 8.5 
per cent higher at £47.4bn, 
while social security contribu- 
tions rose 11.5 per cent to 
£2&3bn. 


The first meeting between Mr John 
Bruton, Ireland's new prime minister, and 
Mr Gerry Adams, the Sion F$tn president, 
was little more than a h«im«hata» yester- 
day as the prime minister derided to delay 
formal negotiations with Sinn Frin until 


The Irish premier faces a punishing 
schedule in appointing his administra- 
tion. Nonetheless his apparent coolness 
towards Mr Adams is seen as a shift of 


emphasis in Dublin's relations with the 
republicans. 

The first meeting was expected to take 
place on the margins of yesterday's ses- 
sion of the Forum for Peace and Reconcili- 
ation in Dublin. But Mr Bruton made only 
a brief appearance. Sinn F6in said nothing 
substantive was discussed, although the 
rides agreed to meet soon, 

Mr Bruton's election could mark an 
important change in Ireland’s policy to 
Northern Ireland. His appointment was 
broadly welcomed by hardline unionists 


in the north. Mr Bruton’s views oh Ulster 
have been much more sympathetic to the 
unionist point of view than that of other 
southern politicians. 

Mr Bruton is “absolutely committed'' to 
continuing toe forum, although he has 
been critical of its Hi-defined role under 
the outgoing administration. 

Mr Bruton spoke to Mr John Major, the 
prime minister, by telephone yesterday. 
An Irish government official said toe two 
leaders might meet as early as next week, 
probably in London. 


GDP growth rate | Regulation urged 


expected to rise 


for digital TV 


By Peter Norman 


Expectations of UK economic 
growth have moved up and 
forecasts of infla tion down 
aftvw Mr K enneth Clarke, the 
chancellor, unveiled his second 
Budget last month. 

The Treasury’s latest 
monthly survey of 38 indepen- 
dent forecasts found average 
expectations of gross domestic 
product growth are now 3£ per 
cent for this year and 3.2 per 
cent for 1995 compared with 3£ 
per cent and 3 per cent in 
November. In his Budget, Mr 
Clarke forecast growth of 4 per 
cent this year and 314 per cent 
in 1995. 

Expectations of inflation 
have moderated since the Bud- 
get, although the forecasters 
surveyed tend to be slightly 
less sanguine than the Trea- 


sury. 

The forecasters expect 
underlying inflation, which 
excludes mortgage interest 
payments, to be 2J2 per cent in 


the current quarter ami 29 per 
cent in the fourth quarter of 
1995. 

These expectations compare 
with November’s consensus 
forecasts of 2.4 per cent for this 
year’s fourth quarter and 32 
percent for the end of 1995 and 
the Budget forecasts of 2 per 
cent and 2% per cent 
In its survey, the Treasury 
covers areas such as unem- 
ployment which do not feature 
in its own published forecasts. 
The independent forecasters 
expect unemployment to con- 
tinue falling although forecasts 
for end- 1985 range foam 2m to 
2.6m. 

The Treasury is not publish- 
ing its interest rate forecasts. 

But, according to another 
survey of forecasters, pub- 
lished by research company 
Consensus Economics, the 
City's average expectation is 
for 3 mouth interbank rates to 
rise to 6.6 per cent in three 
months tima and to 12 per 
cent by December 1996. 


By Raymond Snoddy 


Regulatory intervention is 
urgently needed if viewers are 
to get fUfi benefit from the digi- 
tal television revolution, con- 
sultants Arthur D. Little said 
yesterday. 

The firm says in a report for 
the BBC that without regula- 
tion companies which owned 
“conditional access systems" - 
the decoder boxes which 
unscramble subscription televi- 
sion signals - would be able to 
create effective monopolies. 

The danger was that viewers 
might need several decoder 
boxes to watch all the new ser- 


vices. 

The firm says that if monop- 
oly owners of conditional 
access systems were allowed to 
emerge “the development of 
new digital services could be 
stifled". 

The report comes before 
Monday's hearing of the Euro- 
pean parliament's economic 
and monetary committee, due 


to be attended by many of 
Europe's broadcasters and 
operators of decoding systems. 

Arthur D. Little believes a 
mandatory "common inter- 
face” standard is needed so 
that one decoder box would be 
able to handle the subscription 
cards of several operators. 

The BBC has called on the 
government and the European 
Commission to create a regula- 
tory framework to ensure that 
there is no opportunity for 
monopoly abuse. It would 
include: 

• Standards so customers 
could buy decoders compatible 
with all available systems. 

• Licensing so decoder boxes 
could receive all channels 
using proprietary systems. 

• Arrangements for owners of 
conditional access systems to 
carry rival channels if capacity 
was available. 

• Fair pricing and transpar- 
ent accounts when operators 
also run television channels 

• Binding arbitration. 


Pensions bill prescribes inflation-linking and compensation 


By Norma Cohen, 
Investments Correspondent 


The government’s long-awaited 
pensions bill, launched yes ter 
day, sets out for the first time 
the criteria that will have to be 
met by those sponsoring, 
administering and advising 
occupational pension schemes 
in Britain. 

The bQl. which runs to 127 
pages with 153 clauses, pro- 
vides for a progressive rise in 
the ages at which women are 
eligible to earn state pension 
benefits and alterations to the 
National Insurance contribu- 
tion rebates offered to those 
with personal pensions. 

AU occupational pensions 
will have to offer some protec- 
tion against inflation and, for 
the first time, there is an 

attempt to ensure that benefits 
of insolvent schemes are 
spread more equitably among 

members. 

The government estimates 
that the bill will increase the 
Department of Social Securi- 
ty’s operational costs by £20m 
in the 1997-98 fiscal year and 
that employers' recurrent costs 
wiD rise by £165m a year as 
they meet the requirements of 
index-linking pensions. 

It is also estimated that new 
minimum solvency require- 
ments will cost employers in 
aggregate between £290m and 
£4Q0fm in the next 12 years - 


Politicians from all parties were 
yesterday bracing themselves for a 
series of marathon late-night debates 
on tiie pensions bQl, the largest item of 
legislation to be brought before the 
c u rr e nt session of parliament, James 
Blitz writes. 

At the end of a week In which the 
bill was laid tn the House of Lords, 
government ministers did not disguise 
the tedinieai difficulties they will face 
in getting its 153 danses through the 
upper house and the Commons. 

The bill, which covers a wide range 
of issues, from occupational pensions 
to the equalisation of the retirement 
age for men and women, will be 
debated In the upper house at "second 
reading” on January 24. 


After a Lords committee stage begin- 
ning in early March, it will be brought 
to toe Commons in May. It would have 
to complete all its stages in both 
houses by the end of October to get cm 
the statute book. 

The government's difficulty tn push- 
ing the Criminal Justice Bill through 
the last session of parliament demon- 
strated the pitfalls ftat can occur when 
debating large and complex legislation. 

There were so many amendments to 
the bill drawn up by Mr Michael 
Howard, the home secretary, that it 
bad to be concluded in parliament's 
“spillover” period at tire end of the 
session. 

Implementation of the pensions bQl 
should be easier. The Labour party has 


said it will approach debates, on the 
legislation in a positive spirit and 
there is cross-party support for the 
principle of building in safeguards for 
occupational schemes. 

But business managers will face 
some problems. 

Tory MPs - led by Mr Winston Chur- 
chill, member for Davyhnlme - are 
threatening to introduce an amend- 
ment increasing pensions for overseas 
residents. If the government fails to 
back the principle, costing £230m a 
year, there could be protracted debate 
- and even a rebellion - on the issue. 

Government ministers are also cer- 
tain to be heavily over-worked in push- 
ing the measures through late-night 
committee sessions. 


Two junior social security ministers 
- Mr William Hague, who drafted the 
white papa- on occupational pensions, 
and Mr James Arbutimot - will guide 
the bill through the Commons. 

But Mr Hague is also charged with 
implementing important legislation on 
disability rights and may not be pres- 
ent for all the debates. 

Mr Frank Field, Labour chairman of 
the social security select committee, 
said yesterday that he expected the bill 
to run into timing difficulties. "There 
is no system of timetabling debates in 
the Lords, so they can go on for quite a 
while,” he said. Bat be added: "It is 
crucial we get the legislation right 
because there wQl never be a bill of 
this kind agam in our lifetime." 


Among other proposals, 
schemes whose assets are 
insufficient to pay all promised 
benefits must limi t inflation- 
proofing for existing pension- 
ers until there are enough 
assets to cover basic pension 
promises to deferred pension- 


ed though toe abolition of guar- 
anteed mrnimmn pensions wQl 

cut their costs. 

The bill's main elements are: 
• Creation of a seven-member 
Occupational Pensions Regular 
tory Authority. The members 
will be appointed by the gov- 
ernment, but at least one is to 
be suggested by toe life insur- 
ance industry, one by employ- 
ers' groups, one by trade 
unions and one by pensions 
professionals. There is provi- 
sion that a further two will be 
generally knowledgeable about 
pensions. 

The authority would have 
power to appoint and remove 
trustees where appropriate, 
to set civil penalties, to 


wind up schemes, and to order 
restitution. 

It would also have the power 
to require scheme advisers, 
trustees and sponsors to hand 
over documentation to it on 
request, and would have the 
power to inspect premises. 

Its powers would be enforce- 
able with the aid of a justice of 
the peace. 

The regulator will require a 
staff Of 200 from 1997. 

• All occupational schemes 
will be required to have mem- 
ber-elected trustees. 

For schemes with at least 100 
members, at least one-third of 
ti» trustees must be member- 
elected. For smaller schemes 
there will be a trrim'mimi of 


two. It is proposed that these 
trustees could be removed only 
by the unanimous vote of all 
the other trustees. 

The bill does, however, allow 
employers to avoid having 
member-appointed trustees if 
they comply with an unspecif- 
ied “statutory consultation pro- 
cedure" which results in agree- 
ment that such trustees are 
unnecessary. A member-ap- 
pointed trustee would lose bis 
or her post if he or she left 
employment voluntarily or was 
sacked, 

• For the first time, trustees 
of schemes will have specific 
obligations and duties niwngnafl 
to them. There are to be fines 
of up to £5,000 for certain rule 


breaches, with eventual dis- 
qualification. 

The bill proposes that trust- 
ees be responsible for ensuring 
that limits on self-investment 
in the employer or the grant- 
ing of loans to the employer 
are followed. 

Trustees wfll be responsible 
for appointing actuaries and 
auditors for the scheme and, 
for the first time, they will 
have specific obligations 
towards the professional fund 
managers of a scheme - in that 
they will have a duty to set 
investment principles for fund 
managers to follow. 

• Inflation-linking of pen- 
stems, with a requirement for 
annual increases hi line with 


the retail price index up to a 
maximum of 5 per cent This 
rule has existed since 1990 but 
there have never been regula- 
tions to Implement it 

• Schemes will have to com- 
ply with a new minimum sol. 
vency requirement although 
the terms of the standard are 
not specified in the bilL 

Schemes fallin g below cer- 
tain levels of solvency will 
require additional injections of 
funds, although the bill does 
not specify what the time lim- 
its for such injections would 
be. 

• Rules about how the assets 
of a scheme are to be treated if 
it is wound up are set out for 
tiie first Him 


Current rules allow existing 
pensioners to draw index- 
linked pensions in hill while 
those who may be nearing 
retirement could lose a 
significant portion of 
theirs. 

• A new Pensions Compensa- 
tion Board la to be created 
with at least three members. 
C om pens atio n wifi be financed 
by a “post-event” levy on all 
occupational schemes. 

It is intended to cover as 
much as ''90 per cent of a 
scheme's shortfall in instances 
where “there are reasonable 
grounds for believing that the 
reduction was attributable to 
an act or omission constituting 
a prescribed offence” 

The compensation board will 
have the power to borrow from 
commercial banks or directly 
from the Rank of En g lan d to 
finance immediate payments to 
pensioners. 

• A pensions ombudsman is 
to be appointed, with greater 
power than the present 
ombudsman to investigate 
complaints and adjudicate on 
disputes. 


IW>J» £> 


published 


Official statistics which tor the 
first time show variations in 
death rates between National 
Health Service hospitals wwre 
published in Scotlan d vaster 

day, Alan Pike writes. 

The report containing we 
figures was accompanied by a 
strong warning from Lora 
Fraser, Scottish health 
minister, that it was not a 
league table of good or bad 
hospitals. 

He added: "Still less is it 
about death league tables -for 
Scottish hospitals. This report 
provides no direct comparisons 
between hospitals and health 
boards either in relation to the 
quality of care or the effective- 
ness of service.’* 

Industrial areas of Scotland 
have one of the world's wore* 
records tor deaths from condi- 
tions such as heart disease and 
cancer. Many researchers .are 
likely to see the figures os con- 
firmation of the social and .eco- 
nomic factors behind this poor 
health record, rather than a 
test of the performance of indi- 
vidual hospitals. 

The report does, however, 
show a range of differences 
between hospitals. Nearly 30 
per cent of heart . attack 
patients, for example, died 
within 30 days of befog admit- 
ted to Fife Healthcare Trust 
compared with fewer than 16 
per cent at Edinburgh Western 
General bospitaL The Scottish 
average was 21 per cent 


Berkshire opposes 
shake-up proposal 


Berkshire County Council’s 
policy committee yesterday 
deckled to seek judicial review 
of the proposal to split the 
county into five unitary 
authorities. 

The council had previously 
worked with the county's dis- 
tricts on a plan to spot It into 
four unitary authorities - 
which combine the functions 
of districts and counties.' 

But councillors say that 
the plan for five unitary 
authorities’ would be too expen- 
sive. The Local Government 
Commission, which announced 
the plan on Thursday, esti- 
mated that its proposed struc- 
ture would create extra admin- 
istrative costs of between £3m 
and £7m. 

Berkshire wants residents to 
be canvassed on whether to 
retain the status quo. 

Sir John Banham, chairman 
of the commission, described 
previous attempts by counties 
to seek judicial review as a 
"waste of public money”, and 
none of his recommendations 
has yet been overturned by the 
courts. 


Treasury seeks to 
shed 23 mandarins 


The Treasury yesterday 
announced that it is seeking 
up to 23 volunteers for redun- 
dancy among senior staff; fol- 
lowing endorsement of radical 
internal restructuring plans by 
Mr Kenneth Clarke, the chan- 
cellor. 

The department wants up to 
eight volunteers among its 
grade 3 staff, who are just 
below the Treasury's directors 
in the hierarchy, and up to 15 
at grades 4 to 5 - these tradi- 
tionally count among the 
cream of Whitehall’s manda- 
rins. 

The aim is to reduce th* 1 
number erf senior management 
posts from 100 to 75. 


No-claims discount 
for Pool Re clients 


The government h— agreed to 
a “no-claims discount” for 
policyholders at Pool Re, the 
government-backed - reinsur- 
ance company which was set 
up after an IRA attack on the 
City of London to help pr ov id e 
terrorism cover. 

Mr Michael Heseltine, trade 
and industry . secretary, 
an nou nced yesterday that iwrt 
year's premiums would be pay- 
able in two iwataiwa^ t ;; The 
first 60 per cent is due at the 
start of the policy period and 
the remainder at the end. But 
if total kisses notified to Pod 
Re do not exceed £5Qm the sec- 
ond instalment will be waived. 


Derbyshire police 
‘inefficient’ again 


Derbyshire’s police force is set 
to be refused a certificate of 
efficiency for a third Him ; Mr 
Jbhn Newing, chief constable, 
said yesterday. His fonS 
remains the only one in the 
country to be declared inefft 
dent 

Mr Newing said he barf been 
told toe refusal was because of 
continuing finance problems 
with toe Derbyshire force. 
Senior officers In the county 
predict a gap in funding of 
about 210m. 


t 


K*f 




i 


i;: ■ 




mm 

jN BL / 

■FW- 


. a- 


, --VA 













- 1 


-.i 








m 

• - »v*v. 





as fcVf. 




r-r> ' ■ 


- — f_- 






. Li*. 


. r 




- <■ • 


V ‘ 


■ - -■'"■sd 

- v -£ 


= . 

w i ■' j 


IV. 


t 


VTjJS 

■rv-S* 


. I 
• i \ 


■ ■ 

.. ■■ *3? 


* ? ! t * 

■ y. * • 


'i kuitj ij 





•• # v .-i 


' /;• *>: 






■ 4 w 
»■* ** 






i..- 


'A:-$ 




: '-Vr«ssi 




■ . ■“ • ”> 


i : 

% 






* - 1 f 

- ■ ■ V ■ > 






i .• i — 


• ■IT-'" 

• •» 4 r- J_. 




> 


.cj- 














- fl * s 


*WTK**, 

«*»!** ? ‘ h . 
■^naiVv 

* i-.v-.: 

Unf'xr^ttr^-i r 

■ -T ■ " ’’li l_»i 

■ ■*« c ■ * 





FINANCIAL TTMES WEEKEND DECEMBER 17/DECEMBER IS 1994 


NEWS: UK 




■ ■ , * 

pressed on 


ksSs warranties 



k . ii: Si- 

>...'■ 

. . - 1 . rl. /'^h iJ&f 

■'■''“■A? 
■.-.... ■■' 4 + •» V 

,"': l, -i i*'.'!j| t Spa . 

:* - 


Aerospace industry celebrates a silver lining 

Andrew Baxter and Roland Adburgham assess reaction over the decision to order 25 Hercules aircraft 


••• 

• -.. . . 


■I 1 


; -v ^aSr 
>• - • 

• . * JNjw. 

’ . ‘ ’vhv” 


I ■ -A 


- 

k i *v . - 

" . I I " b 

" I ■"■ 
■ 


A.. 


% ' 




V. 




irief 


rhdrr 
40 thr 


- 1 - 3Ki 

«. . ? - ’ 

: .V*-.- 

R 3 rIS; : 




k 




‘b‘ r . kshire «te 
shaki ‘-«p i5 


_ A 

l'-'* • ' 

■:tv. .'<■■■ • . 


t.i 

hr K* » 
hrf Mr aJUbrr 

1 . ; . 

Ilw 


./ * ■ 


■ * . 


dwtfCUirl«i: 



I i A 


few 

lb W(prim , 

Step*. 

*■ Fprarifril _■. 

W# rs 


-- r c* 

■- Har 

1 - ":■*= 

■ ...... 

"■r fr* 


;■ • - as 

■■t r^rv 

■ ■•... i 

I ■ .. 

: - v 

'• : - 4 13. . 

: * -‘.o ^ i 

-■! ■; . 
. U ■■ f 

n 1 ki 

•b . i 

’• ’T*r-x» 

- 9 , k^., 

— *»-i 

! ** -5^ 

■ 

i • k.- 


;5: 


■ ."l ■ 

-. -r - 


i,+r =-:. • 

Ilf. 

•*« * <r* \ r r 


Ivt 1?._. 

*#«*»>■♦ r i ■' 
. It - 


l ri itMir\ NCffcif 
* , 

sln-cl 2J nwndaiE 


9 ri%VW»r* ■ ■ 






Mr- 


» ■.*!» 


t**' 
> i 




■* J. 


■ ■." -«* 


•r^\ 


l^ktakk 

-~4 


■ - ■- 


ini' di***- 
»l Ri' ** 


■-'•'I. 
-• ^;*t ... 

i' i : J. • 

t r -*l 
. . . 1T . .. -. 

* f«'j - ■• 

. - 

i-- : 


i >» ir ", ■ * ■ 

J'.p* k 1 ■ ■ 
« 7 r a r 

;■ 

> s ■ li 

b j» h‘< J i • t 

r 


>-17*- 7 ,f 




: vr- 

• ■v 

' n->- 


: c- - 


• : .- r-'V 

; 

- ■* 

. ^ ■ 

■ 1 ?■ 

_ -, i tfcrl 

:: -*■ 


I ■ • 


.». X* .• 


. I - 




shin P*. 


r.v 

4 *^' r" 

C ■ 

» 

t i-,i 'b!': 

w : 

— ■ f " Ji 


„ !»“ f r 


k *. 


■ ■ 

fc£iT-r T- 

n* m j* ■ 1 
icirr i 

ft*'* ■" 1 - 


•t _;: 


r 1 . 


rr ' 


■ ■ r 

‘ A-rX-. 

. *• I* 1 1 


-S9. 

t . ,rf» B % 

■• ■ ■■ 

. . * Am • 



, — t ■' t 

. ••* ■" 
a. ■ HT 

. p :c ■ 




By WBJtam Lewis, Nefl Buckiay 

and Ralph Atkins 

■ ■ 

Electrical goods retailers ought 
to implement Office of fair 

'Trading recommendations on 
the' sale of wdfe od fid wai iaiiti^ 
before Christmas, Mr Nigel 
Griffiths, Labour’s consumer 
MBdrs spokesman, said yester- 
day. - ■ - 

■The OFT report, published 
yesterday, criticised tech- 
nhfoes used by many retailera 
to seU Warranties and the wide 
disparity, between the prices of 

warranties on the same goods. 

Extended ' warranties are 
insurance' policies providing 
extra protection against prod- 
uct breakdown after standard 
manufacturers’ guarantees 
expire, More than 5m warran- 
ties are sold every year tn a 
market worth £40 Qrl 

The report called for retail- 
ers such as Dixons and Comet 
to provide customers with 
tnfonnation an the prices and 
conditions of extended warran- 
ties ~ including those offered 
by manuEadtorers. 

Sir Bryan Carsberg, director- 
general of fair trading, said he 
would soon examine the set. 
ting up of a code of practice to 
regulate warranty sales. 

Mr Griffiths said; “Millions 
of electrical goods will be 
bought in the week before 
Christmas, and 1 want to see 
retailers taking action now to 
ensure that the -mis -selling 
stops.” 


Sir Bryan said he would con- 
sider a Monopolies «nd Merg- 
ers Commission reference if 
retailers failed to implement 
the OFTs reco mme ndations 
“without delay". He was 
looking for "early moves 
towards the provision of full 
point of sate information'’. 

He said he would expect 
retailers' profit margins on 
extended warranties to fall 
more in line with margins on 
product sales. City, analysts 
believe warranties account for 
a large part of many electrical 
retailers' pretax profits. 

The report the 

wide price discrepancies 
between warranty policies 
offered by different retailers 
and manufacturers for the 
same products (see table). 

Dixons, the UK's biggest 
electrical retailer, *=*”*1 its «»Wy 
practices already reflected 
most of the OFTs recommen- 
dations. Since the OFT started 
its investigation, Dixons *»*« 
introduced in stores l eaflets 
carrying comprehensive price 
lists of its warranties. 

Kingfisher, owner of Cornet; 
the second-biggest UK electri- 
cal retailer, said ft was introdu- 
cing a computer system in 
stares to provide Information 
on both product and extended 
warranty prices. 

Extended Warranties on Elec- 
trical Goods - A Report by the 
OFT. PO Box &, Central Way, 
Feltham TW14 QTG. 081 398 
3405. 



Managers and unions in the 
British aerospace industry 
reacted with delight yesterday 
to the news that the UK would 
return to full membership of 
the European Future Large 
Aircraft programme: 

The decision more than off- 
set disappointment in some 
quarters that Lockheed was 
swarded a Elba contract far 25 
C-130J Hercules n aircraft - 
the first step in the replace- 
ment of the Royal Air Force’s 
60-strong fleet of ageing Hercu- 
les transport aircraft. 

Even here there was good 
news for equipment, suppliers 
which have won business from 
Lockheed. . 

Sir Batry Dnxbury. director 
of the Soaety of British Aero- 
space Companies, said; “Com- 
panies across the UK aerospace 
industry will benefit immedi- 
ately as suppliers to the 
C-I30J." 

As the head of one aerospace 
supplier said; "The govern-, 
meat seems to have made the 
right decision for once. 
They’ve found a way to please 
everyone." ■ 

The deal with Lockheed is 
estimated to secure 3,500 jobs 
in the UK well into the next 
century. But the government's 
decision to return to toll mem- 
bership of the FLA programme 
has a long-term significance 
that conld safeguard or create 
thousands more. 

Sir Barry said:. "It assures 
the industry of the toll com- 
mitment of the government to 
the FLA programme, which is 
of strategic importance to the 
future of t he UK a nd European 
aerospace industries.” 

The government also 
announced that between 40 
and 50 FLAs would be needed 
to complete the replacement of 


the old Hercules fleet and 
cover other, possible air trans- 
port requirements. 

That, together with the com- 
mitment to the FLA pro- 
gramme, enabled British Aero- 
space to shrug off the defeat in 
its hard-fought battle with 
Lockheed. 

. The UK company had offered 
a refurbishment programme to 
tide the RAF over until the 
FLA becomes available, which 
wfll not be until at least 2002. 
But Mr Malcolm Rifkind, 
defence secretary, concluded 
that reforhishment would pro- 
vide poor value for money. 

■ ' In recent weeks BAe - sens- 
ing perhaps that it was loons 

its case for refurbishment - 
had been arguing strongly for 
Lockheed's contract to be lim- 
ited to as few as 10 or 15 air- 
craft. Any higher number was 

seen as potentially damaging 
to UK participation in the 
planned FLA. 

The award of 25, therefore, 
looks at first glance like a blow 
for BAe’s hopes. But, as it 
argued yesterday, the govern- 
ment's decisions on the FLA - 
and its stated requirement for 
40 to 50 new aircraft - mean 
that the UK company looks set 
to obtain the share it was 
looking for from the pro- 
gramme. 

The decision to rejoin the 
FLA project will, therefore, 
help safeguard the future, of 
BAe’s plant at FI I ton. Bristol 
The plant, which employs 4£00 
people, designs and makes 
wing structures for the Euro- 
pean Airbus. Without the FLA 
its 1,500-strong design team 
faced a six-year gap before the 
next generation of Airbus 
needs wing development 

BAe's FLA project team of 
about 20 people is based at FH- 



An artist’s impression of the European Future Large Aircraft, which will not be available until 2002 


ton. The company hopes the 
plant will undertake the wing 
development work for the FLA. 

But the decision on the FLA 
has implications that go 
beyond the defence field. BAe 
had feared that staying out of 
the programme would have 
caused it to lose its design 
leadership on wing technology 
to German industry. 

The aircraft’s wings would 


have been designed and manu- 
factured elsewhere, which in 
turn would have weakened 
BAe’s position in the Airbus 
consortium when the next set 
of wings needs designing. 

Overall the UK’s decision 
to buy 40 to 50 FLAs 
could guarantee that the 
UK aerospace industry has 
a 20 per cent share in 
wotk for the programme. 


Not surprisingly, therefore, 
both Mr Dick Evans, BAe chief 
executive, and Mr Paul Gal- 
lagher, general-secretary or 
theAEEU engineering union 
welcomed the decision yester- 
day. It was “tremendous news” 
far aerospace workers, said Mr 
Gallagher. Mr Evans said 
it was extremely welcome for 
jobs in this“vital 
high-technology industry". 


UK aerospace equipment 
suppliers were delighted by the 
award of the Lockheed order. 
As an offset, the US company 
has agreed to place £lbn of 
contracts with British compa- 
nies, and at least 10 per cent of 
this will be related to the 
C-130J itself. 

The Ministry of Defencu says 
about 36 UK companies will 
participate in the production of 
the Lockheed aircraft. Even 
before yesterday’s announce- 
ment, several UK suppliers had 
won contracts from Lockheed, 
and pointed out the impor- 
tance of winning business on 
an important “launch order” 
for a new aircraft. 

Dorset-based Meggitt, for 
example, will win S5m (Sim) of 
business supplying equipment 
for the aircraft’s engine hous- 
ings. to be built by Westland. 
Meggitt is hoping to win other 
work directly from Lockheed, 
said Mr Ken Coates, its chair- 
man. "It’s very important to be 
in at the start of a programme 
sucb as this." 

Dowty, part of the Tl Group, 
will supply propellers for the 
C- 130 J, made with the latest 
composite material technology. 
The deal safeguards 270 jobs ut 
Dowty’s propellers factory at 
Gloucester. Given the long 
timescales involved in the the 
FLA programme, some imme- 
diate new business was wel- 
come, it said. 

Rolls-Royce, the big aero- 
engine maker, said the deci- 
sion on the FLA programme 
would nuke it easier for it to 
participate. But it should also 
benefit from the Lockheed 
order, as the engines for the 
C-130J are supplied by Allison 
Engine of the US. which 
Rolls-Royce is in the process of 
acquiring. 


A lukewarm reception from potential partners 


i K 


By Bruce dark. 

D ip l omati c Correspondent 

Yesterday’s twin-track a nnouncement 
- a firm derision to buy 25 Hercules 
aircraft and a declaration of interest 
in buying up to 50 Future Large Air- 
craft - received a lukewarm reception 
foam Britain's potential partners in 
the FLA project 

On one hand the British decision 
makes it more likely- that the FLA -r 


whose viability is still in the balance 
- wiQ materialise. 

On the other there is scepticism in 
France and Germany about whether 
Britain really will find the money to 
buy as many as 50 FLAs, given that 
the order for 25 Hercules C130J air- 
craft was on the high side of expecta- 
tions. 

The high estimate for possible FLA 
purchases was seen In continental 
Europe as q thinly veiled attempt to 


ensure for British industry the all- 
important contract to build the new 
aircraft’s wings. 

British Aerospace, UK partner in 
the FLA consortium, has said that 
unless the government commited 
itself to the FTA the UK could lose its 
role as a whig manufacturer tn future 
civil projects as well 

DASA, the German member of the 
consortium, makes no secret of 
its Interest iiTmaklng. the wings 


for the FLA if Britain stays out 

British officials have stressed that 
they see the immediate need for Her- 
cules C130J and the medium-term 
attractions of the FLA as separate 
issues. But for the FLA partners the 
British decision to become a launch 
customer for C130J amounts to a con- 
siderable boost for that project which 
would affect the European aircraft’s 
hopes of export to third countries. 

Experts put the. mlninnim n umb er 


of west European orders to ensure the 
FLA’s viability at about 200, assuming 
50 sales to non-European countries. 

Given that France and Germany are 
both in the market for about 60 air- 
craft. Britain might make all the dif- 
ference between success and failure. 
But renewed British participation, 
and British claims for a substantial 
share of tins work, could diminish the 
attractiveness of FLA among smaller 
European states. 










Make the most out 
of working abroad 

- No maqiT whore in the world ynu’rc working, you will 
want la be kept aware of the opportunities - and ihc 
piifalb • that every expatriate Ihces. livery month of the 
“year Resident Ahnmd brings von the latest news, views 
aiui practical help on living and working abroad - plus it 
keeps you in touch wiih whin's happening hack home. 

Resident Abroad is published by ihc Financial Times, 
and draws upon ihc FTs wealth oFiiiEbnnation and 
resources io provide invaluable comment and accurate 
data on the most, important Issues taring expatriates . 
today - making Resident Abroad indispensable if you 
want to .stay ahead of the expatriate gome. 

Make the most of your money 
If yon check out dtu'itKicpih, but csisy to read, 
coverage of the latest investment pi whirls, ofTsljorc 1 

banking; lax actamlagcs. world stock markets, domicile 
issues aud other expatriates 1 experiences, you will 
. qiricfcly. discover why Resided t Abroad is essential 
reading when you live or work abroad. . 

Make the most of your rime 
You can aUo calch up on property prices in ihc UK-as 
well as peruse features on -comparative living cost s, 
motoring, boating, holidays and information on schools 
for the children. Yon cstu discover the customs and 
cultures of different countries and find way* Tor you and 
yottr family to enjoy your leisure time together. And 
th ere -1 * much, much more io enjoy -in every 
muc. " 



FINANCIAL TIMES 


FT EXPORTER 





\>v 


I 


I 


FREE A£ FINANCIAL GUIDE 
Reply within 14 days and yew get the bonus of a Tree 
ArZ guide espedaOy written to belp yon through tiic 
1 financial Jargon mnr. Afl the baza worth and 
L technical phrases are eqphinri, enabling you to 
k make the most of the financial sections- 


fsPECIAL OFFER SUBSCRIPTION ORDER FORM HI 

1- iVaV tit'll l hr appropriate hux hrkuir hi iihfcllc tnur Mhroip'fnn nir anrl 1 

" pHlflfTIl IBClItoML 

| Q YES Ww mul me the nrsu H wuctoTRfAIrm AbravL My lira 2 f 

« ijwik^ air fire. Hnnc ahn viwl me my finer copy of Th e faq miriaic XV. guide. | 

Our yvar «dwrriplH»i (mr Pi-P) □ u^ac □ Europe " 

I North Africa and Middle Etft Q<\iramr CtK] □ Aii mail £70 I 

□ Airairr 03 □, 


Ren of World 


Ah mail £H6 


*n hdun mwtejMnlwthfjiNif *4 itewhurp— mVitnm \ M \ahq»4rd Am 


MAKE THE MOST OF THTS SPECIAL 
SUBSCRIPTION OFFER 
• ACT NOW to take advantage *>f <»ui‘ 

.speck d utbscripiinii offer or two ffee 
K*ucut> getytm started. Jnsl till in ti\c 
rotipon. post it to to with yuitr rciniltance 
and wc will ciiiuiv you receive tlie best 
" reporting Tor cxpnukiies - on your doorstep 
. -eWftv nuntlli for fourteen inontiis. All for 
■. the jtrirc tif ItvcKv. 




hlhnpRUi i <mi|uibF««nlk H'VA r Krft Xn _ 

i v \ r/Tv.\/B r w/ >» mv Mwstr/ rv viv.\ i 
,□ i\ccra Ovki 

TTTT 


Pkw lie bit mv 
No 


C3l)rtiw 

TTT~1 




FA(mt4hlP 

□ I ruclusc mv 


SAgpMmv 


IVtlr. 


■ rln^jiv [Mi^Ur lu hT llt&air« Kinnprhn fad. | 


Mr/Mh/MW M*— 
(imipanr/Prhuir .Vklrro. 


iWiiwIt 1 


.(diutiin 



NdiiiHialln' 


01266ft 


i umiutBipatoii, 

vi on. 


RESIDENT ABROmD 


Don’t go away without RA 


lU.p 

Ql^rtruh 
rtrw nium «u 1 


Thr \ 


itKvml 


r VretibtMiLHiBkar I nnikwi 
ICM^mbvpIi.i rf#M4a H 

.V> KMl-liB'.tiCtrorart 



FT EXPORTER: Winter Issue - January 31st 


The next issue of the FT EXPORTER, Europe's leading export review will 
appear with the Financial Times throughout the UK and the Continent, on 
January 31st. Packed with advice, information and case studies the FT 
Exporter is a "must read" for all current or potential exporters. 

To receive further information, please contact 


m rat- 


io Bob 4ft! 


Aine O’Connor 

Tel: +44 (0) 171 873 4071 


or 


Sally Beynon 

Fax: +44 (0) 1 71 873 4610 


t J 


Ik 










•«C 


-rf '• <■ 


V., 








. i*» l~'» T~ i ~.'^ la. .*q£- . 


- 

-• . - —d-l 
>.■ .i'. 




8 


FINANCIAL TIMES WEEKEND 


DECEMBER 17 /DECEMBER 


18 19W 



FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Saturday December 17 1994 


Policing the 
utilities 


There is a palpable sense of 
national unease about the activi- 
ties of many of Britain’s privatised 
utilities. 

It is symbolised by the decision 
of British Gas to station security 
guards outside its showrooms to 
deflect the wrath of customers 
angry at the withdrawal of ser- 
vices. Something seems awry in a 
world where senior managers get 
75 per cent salary increases while 
seeking to cat the pay of their 
employees; where massive redun- 
dancy programmes run alongside 
accelerating profits; and where 
shareholders - yesterday it was 
the turn of Yorkshire Electricity’s 
lucky investors - receive large 
payouts while consumers feel they 
are paying over the odds to what 
remain monopoly suppliers of 
essential services. 

Not all the privatised companies 
are in the dock. British Telecom- 
munications, after a period of deep 
unpopularity in the late 1980s, 
attracts favourable ratings. 

The contrast between BT and 
the gas, water and electricity com- 
panies explains the unpopularity 
of the last three. The salary of BT 

chair man Sir lain V arian ce was 
notorious while BT was an ineffi- 
cient, expensive monopoly. Now 
BTs prices are felling Cast; tele- 
coms regulation is seen to he 
tough; competition between phone 
operators is a reality in the con- 
sumer market; and although a 
heavy BT redundancy programme 
is in progress, consumers, not 
shareholders, are regarded as the 
main beneficiaries. 

By contrast, water prices have 
gone up sharply since privatisa- 
tion. Gas prices are to rise for 
many consumers over the next 
year. Electricity prices are felling 
somewhat, but by nowhere near 
the decline in the cost of distribu- 
tion - the main source of the 
regional electricity companies’ 
profits. And in none of the three 
industries is competition yet a 
reality for most consumers. In 
water, it will never become so. 

Caught in the cross-fire 

In addition, jobs have been shed 
at a dramatic rate, while divi- 
dends and top managers’ salaries 
have risen sharply. It only took 
the egregious provocation of Mr 
Cedric Brown’s 75 per cent salary 
increase as chief executive of Brit- 
ish Gas, at the same time as the 
company is seeking to cut the 
basic pay and holiday entitlement 
of its showroom staff, for MPs to 
start caSing for public Inquiries. 
The employment select committee 
this week decided to investigate 
executive pay in the new year. 

How justified is the concern? 

In some respects, the utilities 
are doing no more than ministe- 
rial bidding. The gas and electric- 
ity companies were caught in the 


cross-fire over the government’s 
unpopular decision - now par- 
tially abandoned - to levy 17.5 per 
cent value added tax on domestic 
fuel. The increase in water 
charges has been caused in part 
by onerous EU directives on water 
quality, which the government 
tried too late to persuade Brussels 
to reconsider. - 

That still leaves the fundamen- 
tal issues of executive pay and the 
balance which the gas, water, and 
electricity companies have struck 
between their employees, share- 
holders and consumers. 

Unconvincing claims 

The arguments about executive 
pay have been extensively 
rehearsed in our letters column 
with respect to Air Brown. Manag- 
ers must be paid according to 
responsibility, and multi-billion 
industries need to be able to 
attract top-flight executives. But it 
is hard to claim that large salary 
increases and generous share 
options are required to ‘incentiv- 
ise” individuals who were already 
willingly in post. It is equally 
unconvincing to claim that execu- 
tives need to be rewarded for man- 
aging a shift towards competition 
and bumness abroad, which has 
largely still to happen. The public 
feeling that it comes down to 
greed is difficult to resist 

Chi cost cutting, the utilities 
should be offered nothing but 
applause. In almost all cases, 
redundancies have been voluntary 
and on generous terms. The bene- 
fit to the nation as a whole from 
lower utility prices must outweigh 
any temptation to use the utilities 
as a source of unproductive 
employment Britain hie the low- 
est business telecoms prices of its 
main European competitors - a 
significant factor in the competi- 
tiveness of its financial sendees 
sector, upon which hundreds of 
thousands of jobs depend. 

However, in other utilities too 
much of the gain from efficiency 
gains has gone to shareholders 
fagfaari of consumers. 13115 is man- 
ifestly Hie case with the regional 
electricity companies. Interim div- 
idends up to 47 per cent higher 
than last year are currently being 
annmmcpH- The water and elec- 
tricity companies have done far 
better than expected in their cost 
cutting, but virtually all indepen- 
dent observers believe the regula- 
tory regime established at the pri- 
vatisation of the two industries 
was unduly slack, and has been 
insufficiently tightened in the lat- 
est reviews. 

The boards of the utilities 
should have greater regard for 
public aengihiiitias in rotting their 
salary levels. But it is the regula- 
tors who ought to ensure that a 
fairer balance is struck between 
consumers and shareholders. 


I t has come down to this. 
When the Democratic presi- 
dent of the OS goes on 
national television for what is 
universally agreed to be a 
very important speech, as Bill Clin- 
ton. did on Thursday ni ght-, the 
Republican party does not even 
bother to field a heavy hitter to 
deliver its statutory response. 
Instead of a Dole, a Gingrich or a 
Gramm, it offers the country Fred 
Dalton Thompson. 

In feet, Mr Thompson, elected to 
the Senate from Tennessee last 
month in the Republican midterm 
landslide, is a familiar face an TV, 
mostly because he was an actor. He 
therefore delivered his lines well 
and one sentence said It all: "From 
what we heard tonight, the presi- 
dent’s vision of the future now 
looks a lot like what Republicans 
just campaigned for - at least until 
we start locking at the details." . 

Earlier In toe day. Senator Phil 
Gramm of Texas, who is enough of 
a Republican heavyweight that he 
will soon declare his presidential 
candidacy, had dispensed with even 

toe pretence of poiftesse. Whatever 
Mr Clinton proposed would be "a 
non-starter”, he intoned, as he out- 
lined his party’s minimum tax cut 
positions. 

On Wednesday, Senator Robert 
Dole and Congressman Newt Gtafr 
rich, respectively majority leader 
and Speaker in the next Congress, 
wrote to the president, not only pre- 
suming to toil him what he ought to 
say but also warning him of the 
consequences of not signing up to 
the Republican agenda. "The Amer- 
ican people aren’t the only ones 
watching,” they said. “So Is the 
world and Its young democracies 
emerging from generations of gov- 
ernment oppression. ” 

The game now afoot in Washing- 
ton is the attempted marginalisar 
tiou of the chief executive by the 
suddenly ascendant -Republican 
majority. It is a high-risk strategy, 
conducted with a mixture rtf bold- 
ness, arrogance and certitude that 
goes far beyond even the sweeping 
ambitions of the early years of Roil 
aid Reagan’s presidency, tempered 
as they were by the feet that at 
least the Democrats still ran the 
powerful House of Representatives. 

It is predicated on the conviction, 
as yet untested by time, that an 
angry and bitter country has run 
out of sympathy with Bill Clinton 
and fallen head over heels for the 
new conservative orthodoxy. The 
latest piece of evidence was a New 
York Times public opinion poll this 
week which found a for greater 
inclination to trust Congress with 
the nation’s affairs than toe presi- 
dent, whose approval rating was 
below 40 per cent 
The poll also revealed much igno- 
rance about the Republican “Con- 
tract with America” (and even 
about Mr Gingrich himself) and less 
enthusiasm for some of its more 
extreme propositions, but that mes- 
sage was for the moment secondary. 

In fairness, Mr Clinton has not 
been in hiding since his electoral 
debacle. He has attended three sum- 
mits - two of which (tiie Asian one 
in Jakarta and the American ver- 
sion in Miami) may be deemed suc- 
cessful, while the failure of the 
third (in Budapest about eastern 
Europe) was hardly his fault He led 
the fight last month for congressio- 
nal passage of the Gatt trade treaty. 

Yet, allowing for dutiful media 
coverage of the above, the real 
headlines have been culled from 
every syllable dropped from the 
non-stop lips of Messrs Gingrich, 
Dole and G ramm and their acolytes 
This has led to the powerful per- 
ception of a president an the ropes. 
As R.W. Apple put it in the New 


President Clinton is fighting back against 
attempts by the Republicans to. 
marginalise him, says Jurek Marlin 

Race to escape 
the juggernaut 




York Times this week, "he has been 
dangerously silent until now. He 
has left the initiative to Republi- 
cans . . . their confidence and audac- 
ity has deepened the Democrats’ 
demoralisation; a Democratic sena- 
tor said this week: It’s bard to see 
how we escape from this wilder- 


His own party has turned on him. 
Dave McCurdy, the overweeningly 
ambitious ex-congressman from 

Olflahnmifl still « in a rring fr flm hi S 

own defeat for toe Senate, described 
his old colleague-in-arms in the 
struggle for the Democratic middle 
ground as "a transitional figure”. 
This week, Richard Gephardt, the 
new minority leader in toe House, 
rose from a sickbed to present his 
own middle-class tax cut proposals 
without waiting for his president, 
thus staking out the independence 
of the congressional party from the 
administration. A Los Angeles 
Times poll found two-thirds of Dem- 
ocrats hoping Mr Clinton would be 
challenged for the party presiden- 
tial nomination in 1996. With 
friends like these, the president 
hardly needs Republican enemies. . 

But real friends have been, desert- 
ing him, too. It was no secret that 
Lloyd Bentsen wanted to leave the 
Treasury after two hard and suc- 
cessful years, but even his depar- 
ture somehow could not wait until 
the dog days of Christmas. Equally 
David Gergen, all-round counsellor, 
was known to be going, though, typ- 


ically, he departed with some 
ambiguous comments about the 
presidents souL Yesterday Dee Dee 
Myers, the first woman White 
House press secretary, confirmed 
that she. too, would be out by the 
end of the year. 

Less easy to explain is the speed 
with which Mr CEnton ditched Dr 
Joycelyn Elders, his surgeon gen- 
eral Black, outspoken and from 
Arkansas, die has long figured at 

It Is not a one-shot 
attempt at 
redemption, but a 
step in title campaign 
to climb out of the 
political abyss 

the top of the conservative bit list 
for her blunt discourses on Aids, 
drugs and sex. She went after say- 
ing during a speech at the UN that 
masturbation was properly a part of 
sex education; her comments went 
unreported at the time, but the 
White House sacked her . once it 
came out that a news magazine was 
about to make a retrospective meal 
out of Py incident 
This left the impression that just 
about everybody close to or distant 
from the president was now fair 
game and that he would do little to 
protect town. George Stephanopou- 


ios, the trurted pre si d en tial adviser, 
is in toe Republican gnnsights as a 
symbol of outdated liberalism. 
Rumours persist that Jim Wooisey, 
head of the troubled CIA, and Tony 
Lake, national security adviser, are 
living on borrowed time. 

A midterm reshuffle of portfolios 
is normal, but this one, when it 
comes, will also have to run a 
Republican gauntlet In Congress 
(though Robert Rubin, Treasury 
secretary-designate, should be safe). 
Each appointment up for confirma- 
tion will be turned into a debate on 
political and social principles, no 
light prospect for a president 
accused of lacking core beliefe. 

No subject now consumes the 
media more than the political soul 
of Bin Cttnton, especially in con- 
trast to the certitudes of Mr Ging- 
rich. Much like John Major in 
Britain, the president has few 
defenders in the fourth estate, the 
difference in the commentary of the 
two countries lying more in the 
degree of venom directed at the per- 
son and character of Mr Clinton. A 
popular Washington talk radio pro- 
gramme after the speech on Thurs- 
day night was consumed by the 
most demeaning criticisms (“he's 
just a scared boy,” one caller said, 
with no demur from toe hosts). 

A thoughtful article by Adam 
Gopnik in a recent New Yorker 
magazine accurately noted that 
“however you feel about BQl din- 
ton. no other American president 


SiSifflSSSSSS 

itfew York Timto* 
a closer reading of 

ton’s overlooked recent 

KS? £ ST White H oqa»- « na 

readjf for the Republican challenge. 

ut more typical of the 
prevailing media mood 
was a column by 
Greenfield, the fofluen*. 
tial editorial page editor 
of the notionally liberal Washington 
Post She wrote that itw^b^ 
dangerous for liberals to 
mate Newt Gingrich as 
had Ronald Reagan 
holler and mock and talk about fat- 
ter and relevant tbtogsHke that; 
£vEi wins”). Her ai^ecouM 
he read as an overture to the new 
Soenver that could lead to an fettto- 
SfSdness compareWetothM 
her newspaper used to bestow <m 

Mr Reagan. . , 

Mr Clinton himself recognised toe 

mood of the times in Ws spMdi by 
filing for an end to “the poHticsrf 
personal destruction end towm* 
tion that have donifnatod too much 
of our debate”. Yet toe c^empo; 
rary reality may be that be will 
have to bite back himself to survtee 
in these stark-infested watere. 

In this respect the new Republi- 
can hierarchy presents some tempt- 
ing targets, with Mr Gingrich par- 
ticularly prone to shoot off his 
mouth. It is, for example, far from 
cl eu r that America Is ready for the 
recreation of orphanages on a grand 
scale as an antidote to collapsed 
family structures. Nothing would 
unite disaffected liberals (and 
thoughtful conservatives) so much 
as bis proposed of fed- 

eral funding for public, noncom- 
mercial broadcasting. Nor would 
there appear to be much appetite 
for his proposal to bomb tin Bos- 
nian Serbs back Into the Stone Age. 
The New York Times poll found 1R* 
tie for restoring prayer 

in schools or eviscerating the wel- 
fare state. 

Other Republicans; too, seem con- 
sumed with the hubris of the 
moment and the defensiveness of 
Mr Clinton, forgetting that the fault 
Hoaa in a party without a favoured 
presidential contender have in no 
way been reduced by its electoral 
triumph: Mr Clinton nay look vul- 
nerable against arty Republican, but 
as soon as that candidate takes a 
human shape, different calculations 
may be made. 

Thus the fairest. If not the 
instantly popular, interpretation of 
Mr Clinton's first significant 
response -to toe new political cli- 
mate is not to see It as a oneehot 
attempt at redemption -text as tbs 
first step In a king campaign to 
rtfrnh out of the political abyss. He 
offered a few modest tax arts that 
may not survive the light of day 
and a short homily on America’s 
crisis of confidence, nil wrapped up 
in 10 minutes and in sum hardly 
amounting to Lincoln’s Gettysburg 
address, which was also very short. 

But if the Republicans are playing 
the game hard, Mr Clinton must 
also {day it long. IF and when Fled 
Thompson ceases to.be the opposi- 
tion’s designated hitter, then the 
notoriously unpredictable political 
pendulum, forecasts of which are a 
mug’s game these days, may be 
swinging back again. 


*1 




tv •• 


* 


I 


n vi 


>■ *■ 




-.1 





...r-SASr VflfcT 

. »AO* : 










- .1 ■’ 








V 





f/ , 


-I-,'"* 




■ I 






. i i . ■ _ 


MAN IN THE NEWS: Simon Keswick 


Power in the 
background 


W hen Simon Keswick, 
chairman of Trafalgar 
House, announced this 
week that the com- 
pany was contemplating toe first 
hostile bid for a privatised UK util- 
ity, he was putting himself under 
the spotlight. 

He studiously avoids personal 
publicity. But a contested bid for 
Northern Electric would bring the 

kind of attention from the finaneiinl 
press that the tabloids reserve for 
National Lottery winners. 

As the Labour party has already 
pointed out, toe main reason North- 
ern is an attractive takeover target 
is the benign regulatory regime 
enjoyed by all the regional electric- 
ity companies. The companies have 
made substantial profits under the 
pricing regime put in place at prhra- 
tis a tlon. 

A bid would also raise eyebrows 
in the City, where analysts question 
whether It would be in the interest 
of the majority of Trafalgar’s share- 
holders. They argue that it would 
be driven by the needs of Hongkong 
Land, the 25 per cent shareholder 
and an offshoot of the Jardine 

Matheson international trading 
house, which Is one of Hong Kong’s 
largest businesses and is controlled 
by the Keswick family. Jardine is 
trying to expand outside Hong Kong 
before the Chinese takeover in 
1997. 

If to comes to a bid funded by 
Trafalgar stares, toe defence will 
focus on the record of Simon Kes- 
wick and the rest of Trafalgar’s new 
managem ent team. Keswick has 
already come under considerable 
attack from the Chinese govern- 
ment in the context of a deteriorat- 
ing relationship with Jardine. 

The Chinese authorities delight in 
remembering Jar (line’s origins as 
19th century opium dealers and 


describe it now as “a looter” and a 
“bad element”. The animosity is 
both the cause and the effect of 
Jardine’s efforts to reduce its reli- 
ance on the colony. 

Jardine’s suspicion of the Chi- 
nese, bom of the losses it suffered 
when toe communists took control 
on the mainland in 1947, has led it 
to move Jardine Matheson’s domi- 
cile from Hong Kong to Bermuda. 
At the end of this year it intends to 
delist Its shares in Hong Kong. Two 
years ago, it adopted Trafalgar 
House as its main UK vehicle. 

Although these moves might 
seem a sensible insurance policy, 
Simon, and to a greater extent his 
eldest brother Henry, have been 
criticised for antagonising the Chi- 
nese unnecessarily. Some observers 
also believe that the Kes wicks have 
failed to capitalise on opportunities 
in and around Hong Kong in recent 
years. But few deny Simon's 
achievement In turning the empire 
around in the mid-1980s. 

When he was Installed as talpan 
(chairman and chief executive) in 
1983, the web of Jardine companies 
was overextended, overborrowed 

and overcomplicated. 

‘Tie presided over the restoration 
of the whole of the Jardine group 
and the creation of a modem con- 
glomerate with almost no debt,” 
says one colleague. 

Until then, he had been seen as 
something of a socialite, without 
Henry's business or political acu- 
men. According to unkind critics, 
Henry got the brains while Simon 
got the looks. 

Some still question how much 
credit he should get for Jardine’s 
transformation. “It was very much 
a team effort as he would be the 
first to admit,” says one former col- 
league. 

But all agree that, among his 



dangerous because people start to 
believe the publicity. While he is 
very confident in his own judgment, 
and has an ability , to get to their 
heart of a business problem quickly, 
he is very conscious that the suc- 
cess of the business depends largely 
on the rest of the team.” 

Friends say that Trafalgar House 
has given him the new challenge he 


other qualities, he is a good judge of 
management talent “He has a 
record of bringing on good people, 
like Nigel Rich,” says one Jardine 
adviser. Rich has just moved from 
the helm of Jardine Matheson to 
become phirf executive of T rafalg ar 
House. 

Having installed Rich at Jardines, 

Simon moved back to the UK while 
remaining chairman of key subsid- 
iaries Hongkong Land, Mandarin 
Hotels and Dairy Farm (the 001031/8 
biggest grocer and 39 per cent 
shareholder in Kwik Save). He is 
also a director of Hanson. 

Educated at Eton and Cambridge 
(briefly), he is a typical establish 
ment figure: charming , unassum- 
ing, courteous and conventional 
(apart from his passionate support 
for Tottenham Hotspur). 

“He is quiet, even in private, and 
not immediately very impressive,” 
says one business associate. 

Given his background, friends say 
he Is remarkably humble. “He 
believes that self-promotion is very 


Hongkong Land took its stake in 
Trafalgar in 1992 as the engineering 
and property conglomerate buQt up 
by Sir Nigel Broackes was strug- 
gling. It soon became clear that 
Trafalgar’s financial state was 
much worse than previously 
thmight Over the next 18 months 
Hongkong Land engineered a final*- 
dal rescue that saw shareholders 
Inject more than £70faa to keep the 
group afloat. 

The old management was eased 
OUt and ffimgfcnn p T anri took effec- 
tive control although it owns only 
25 per cent of Trafalgar's ordinary 
shares. 

This is very much the Keswick 

way - top family rails Hk» shots 

around the empire, although it 
owns less than 10 per cent of Jar- 
dine Matoeson’s shares. Such power 
wielded by minority shareholders 
tends to be frowned upon in Lon- 
don. 

If Trafalgar does bid for Northern 
Electric, the target is bound to 
argue that shareholders in both 
companies are being asked to dance 

to Jardine’s tune. 

Northern Is also likely to question 

Hongkong land’s judgment over its 
move on Trafalgar House, given the 
scale of the problems that subse- 
quently emerged, and toe attacks 
could well get personal. 

Although Rich will be on the 
frontline, some of the shots are 
bound to be aimed at Simon Kes- 
wick. But friends Insist he will not 
respond. "That is just not his style.” 

“He may be basically shy but he 
is not thin-skinned. People have 
been saying nasty things about Jar- 
dine for 150 years,” says an adviser. 

David Wighton 


- 




7 *ii 



-fa 





- 


•1 -r- 




■ 

d to 


- 



|3| 

‘-V 


• K *' 

7 






V 

V 


» s' 


*. I 


■ \ 



We gather Company 

Information. 

You ENJOY THE FRUITS. 

Tbi* U the age of information. The trouble it (here has new been so much of it about 
make, it harder than ever to find key company information that's relevant and to (be point 

PT McCarthy a your vital octwovic providing oomprehendve fafbraation on the companies 
and industries U»t Interest yon. Every day. we harvest and store the tafomudon tram the world’s 

top borinas publications. You can mas just what you need by co»p»j. Indwtro, counttv or 
nuiittL Hard bet - and industry ru m ou r. * 

Whether you aocen it «i CD-ROM, onfcnc or from hud copy, you wflT iM it easy tn reap the 
baicfia from FT McCarthy s camprehcrniw service. Sow the first seed today: post tbc coupon below. 

Don't be a don’t know-. . 

I -contact FT McCarthy ewapkw dm ^ ^ 

' 1 17 ^ ^ ^ «- T-epb^l UmuLv., 

*■ 

mar 


>nt for 1 


[ Cmipjgy 


- 



i A *U» 





— - 


FT 




FINANCIAL TIMES 

Infiumarieti 


a ■ 


V 



■. ’ ' - 














l 

, * |p Iatl> 7’ ‘ 



WEEKEND DECEMBER 17/DECEMBER 


18 1994 




Philip Stephens examines the ramifications of a crushing by-election defeat for the UK 


-1.. ■‘cv*. 


i ■TV. Pjt'r 


-J V'. ^ , 


,.4 • 


4ttH» d 

*foi Touv 
fn*f. sjv 

whra \t 

LH r uK <4 

Tbh»vu 

r W Tssfci. 
wrrfirnw 

***•*».- m» 
KHkh^ttl 
«h 

Uip 


--.Sir .a. .... 

im!:* 2 ’v ■ ij.. .... _w -c 2 j : 

a * ’ I; " |2: 

n^n;^5S- 

?wS', v 


; m 4>wi 

Hr tfuw- 
t«*V tn 

Wl fa* 

riu-- 
ft«r ihp 
f<u rh* 
tfW- 

4*' |*i .- 
% 

l ,'TI#V 
by w»wf. 
(ft.!-' 
A »lvu 
V^ir^t 
*d 

^wS'h't*' 


i • ■ * : v . 

I l- M . - - - 
m ■** ■ ■_ • . | * 

-1:hst -;, 

-»■•■■ 1 • *• 

w -:.i: S ! .. 

M 1 i~ : . • 
- 

<L.* . 

tr:-.:-: \ 

ru-T-rl ; 

a* .if 

■ 

nr?' h- t --. 

ri, . 

■ 11..1 % 

•-»■•% i 

M! 

A»t-‘ 

ft--.: 


(V 


WflSlQj. 

■ r -’- 

••■ ... ■ ^ •*■ 
'" -•»tT ”■ 

• •;■• * J ?; js 4 

’ '•-‘■■I'T, £jy q, ■■■ 
■■ ■■ li 

nr^ct. 


I .\ 


:•< iff 

• tfkrpc: 

sb.- 
‘ ?oiit 

’■’■ a .!a 3 : 

■»*■■■• iM 

I -1 > W 

• ■ \-r •’••riji 

, . 

r » ■•■! ■«■ bi : 

’• -rlv. - 

• • iiy I:*: 




■ « ’i 


<■ 


■••« * 


.1** ’>« 
■ •■ *— 




# -i 


: i+tT* 

' . ’ ■ a • a- 

' . . . .• , - w: p- 

V- f rizi 
•: :? .V .1 IS’ . 
: ■ * : ;Y 


<«Vti 


« "b -a. | 






“‘'I i’- 
ll 


:■ 

l l' . i* “ n, ■ 



i - 



y-elections do not 
change the tide of 
history. They dct tell 
ns which way, and 
bsw East, the^ tlds.is ftowing. 

• After the defeat in Dudley 
West- this government is as 
.dose as any postwar adminis- 
tration -to drowning in the 
breaking waves. 

Everyone knew the result 
■ would he had. In the event it 

Was awful. : 

- Conservatives now always 
seem to e x ceed their worst 
expectations. Ministers may 
jgntteraboat a low by-election 
turnout and Uniterm protest 
votes Woes. But the 29 per cent 
swjtag froBa Tory to Labour - 
m* new Labour, as Mr Tony 
Blair insists his party must 
bow be called - was the largest 

^ace l9S5. . - 

Scratch beneath toe surface 
the opinion polls, and it is 
dear the electorate has not 
embraced the Labour cause 
wflh enthusiasm. 

Many remain uncertain of 
Mr, Blair’s prospectus. But the 
gar that has kept the opposi- 
tion party out erf government 
forso long is tost dissipating. 

One minister confessed he 
v>»a not found a Tory 
.voter ta the Midlands constitu- 
ency. after, half a day on the 
stump fit was all he could 
- standi; 

A former cabinet member 
in that the electorate 
in this sertsiblB patch of middle 
England regarded the Tory 
party as a shambles. Surveying 
the waning factions on the 
backbenches and the dfairaay 
in tbfi cabinet, he found it hard 
to ^sagree. 

Neither ma n had to ask why 
the government was more 
unpopular than at any time 
during the past 15 years. 

The economic recovery is 
well-balanced, with inflation 
low and growth driven, by 
exports rather than consump- 
tion. It is not Ming felt where 
it counts, though. Higher 
taxes, a squeeze an wages, and 
job insecurity have depressed 
both the incomes and the confi- 


Stranded by 

a Labour tide 


y* - fv i^' *»i ■ , ' 1 * '■’to* * 

Hfiiuuu - .*■ t '.j 1 ^ {• r *' ' 1 ’" 

I' - . -a - -■ 


dence of the voters. 

The disenchantment is 
reinforced by the spectacle of a 
Party preoccupied with its own 
political infighting rather flwi 
the concerns of those it prom- 
ised to represent The defeat 
over value added tax on fuel - 
smack in the middle of the 
by-election campaign - epit- 
omises the pr oblem 

An out-af-touch government 
was determined to double the 
level of the most unpopular 
measure since the ffl-Med poll 
tax. The measure was aban- 
doned not because ministers 
had listened to the voters but 
because their hand was forced 
by backbench Tory rebels. 

Dudley West, one of the 
swathe of Midlands seats that 
will decide the outcome of the 
next general election, ha<; been 
Tory since 1979. A mix of the 
old industrial and more pros- 
perous residential areas now 
typical of t he Mack countr y , 
the constituency is a natural 
home for tfrp aWlai workers - 
the aspiring Cls - who turned 
to Mrs Margaret Thatcher dur- 
ing the 1980s. 

The boundaries will be 
redrawn before the nor* gen- 
eral election. But if Labour 
holds on to seats like thin Mr 
Blair will replace Mr John 
Major in 10 Downing Street 

Ministers yesterday were 
primed with excuses. This was 
a mid-term protest - louder 
maybe than same before it, but 
a protest nonetheless. Mr John 
Major’s government, like oth- 
ers before it, would be fo rgiven 
once the recovery began to put 
money into the voter's pockets. 

Look at the history, they 
said. The government lost 
seven by-elections during the 


last parliament Every seat was 
recovered in 1992. 

Remember Mid-Stafford- 
shire? Labour under the leader- 
ship of Mr Neil Khmock won 
that Midlands seat in March 
1990 with a massive 21 per cent 
swing. At the 1992 general elec- 
tion it was returned safely to 
Tory hands. 

Go back further. In Novem- 
ber 1981, Mrs Shirley Williams 
grabbed Crosby for the now-de- 
funct Social Democratic Party 
with a 25.6 per cent swing 
against the Conservatives. The 
chattering classes were con- 
vinced that her victory marked 
the beginning of the *»nd of Mrs 
Margaret Thatcher's govern- 
ment. A year later, Mrs 
Thatcher won the war in the 



about the 
self- destruction of 
the party 

Falkland Islands. A year after 
that she won an impregnable 
144-seat majority. 

But there are many threaten- 
ing precedents also. The 
Labour government’s crushing 
mid-term defeat in the mining 
constituency of Ashfield in 
1977 foreshadowed the mass 
desertion of its traditional sup- 
porters two years later. 

The Conservatives’ loss of 
Orpington in the 1962 by-elec- 
tion was the precursor to the 
end, two years later, of 13 
years of Tory rule. Mr Edward 
Heath's loss of the Isle of Ely 
in mld-1973 provided a similar 
premonition of impending 


doom in February 1974. 

Closer to home, the by-elec- 
tion. defeats of toe last parlia- 
ment may not have dislodged 
the Conservatives from power. 
But the succession of ever- 
more disastrous losses from 
mid-1989 onwards was a sign 
that the tide had gone ou t for 
Mrs Thatcher's brand of Con- 
servatism. She went 
Mrs Thatcher, of course, had 

a majority of 100. Technically, 
Mr Major has headed a minor- 
ity government since the sus- 
pension of nine Tory Euroscep- 
tics from the party whip. Even 
if they are eventually brought 
back into the fold, toe govern- 
ment's majority would rise to 
just 13. A few more by-elec- 
tions and it could vanish. 

For now the support of nine 
Ulster Unionists improves the 
arithmetic. As long as the 
prime wiTwntgr retains their 
confidence over toe peace pro- 
cess in Northern Ireland, the 
unionists are ready to sustain 
him in in office. 

But more convulsions are 
threatened on the Tory back- 
benches. Europhobes and 
Burophfies have drawn battle- 
lines for the 1996 European 
Union conference on the next 
stage of integration. Mr 
Major’s hint of a referendum 
was designed to encourage a 
truce. Instead it threatens a 
still more protracted battle. 

The factionalism stretches 
well beyond the divide over 
Europe. There are pro and anti- 
Major camps, radicals and con- 
solidators, self-appointed hold- 
ers of the Thatch erite torch 
and the merely disgruntled and 
dispossessed. Like the factions 
that nearly destroyed Labour 
in the early 1980s, these cliques 



see party infighting as a way of 
life. The Tory coalition is an 
toe edge of disintegration. 

The divisions have spread to 
the cabinet Mr Major does not 
have a grip over his colleagues. 
He is unable to prevent them 
from promoting their own 
agendas, personal and politicaL 

To listen, say, to Mr Michael 
Portillo, the employment secre- 
tary, and to Mr Kenneth 
Clarke, the chancellor, is to 
imagine two politicians from 
different political continents. 
Both are contenders for the 
future Tory leadership. Neither 
seems willing to call a halt to 
toe sniping that could destroy 
their inheritance. 


Publicly, cabinet ministers 
insist the divisions can be 
bridged, the wounds healed. 
But in private moments, the 
same ministers are surpris- 
ingly candid in contemplating 
the party’s self-destruction. 

One of Mr Major’s colleagues 
ventured this week that defeat 
at the general election was 
inevitable unless the party 
managed to seal the fissures. 
And defeat, he suggested, 
would be followed by a holo- 
caust that would deprive the 
Conservatives of power for 15, 
maybe 20, years. 

Forget about turning tides, 
he said. Mr Major’s successor 
would inherit a funeral pyre. 




H ow many TV channels can 
you handle? If you are 
British, you may get by 
quite happily with four. If 
you live in parts of New York, yon 
could he feoed with 150. 

If that seems daunting, a new sys- 
i tern shown this week in the town of 
Orlando, Florida, by the US media 
giant Time Warner is calculated to 
terrify. In this system, of the fixture, 

■ the number of channels is theoreti- 
cally n™m***g’ hundreds, *frnnBBT>d« 
jpr eyett millions - .as many channels = 
•iias toe system has users. - 
■■..Ths immediately striking part of 
toe nig system - installed on a test 
-hMkftija handful of Florida homes - 
isstf&ted video an demand 
-•Sagpbse you want to watch the film 
BaswinstincL You call it up with 
, yoHRffisnote control, press the button 
; and -St starts immediately. If the 
phene rings, you stop the film. If you 
.get .to a boring bit, you skip forward 
arrewtnd. 

'As Time Warner’s chairman, Mr 
Gekaid Levin, told reporters in 
Oitendo on Wednesday, the aim is to 
-do evaytoihg a conventional video 
recorder can do, without having to go 
dot ami rent the video. 

; JEn itself, that is a trivial improve- 
ment. But it has profound implica- 
tions for home entertainment ser- 
vices. The system works by storing 
films in a kind of digital warehouse, 
from which they can be Instantly 
recalled. Just as toe whole contents erf 
the Library of Congress could eventu- 
ally be stared digitally for access by 
(xnnpnterusers, so a system like Time 
Warner’s, could ultimately contain 
every film ever made. 

The system also contains home - : 
shopping. Conventional US home 
shopping channels such as QVC, 
offer products at the times the broad- 
caster decides. If the channel is show- 
ing DIY goods when you want chil- 
dren’s toys, hard lack. 

The Time . Warner system takes you 
into a mock-up of a shopping Tnatl and 
walks you around. When you get to 
the right store, you press the button 
and go In. The Chrysler showroom 
shows you the latest models; for tech- 
nical details, press the button and 
they appear from the printer next to 


Wrapped up in cable 

Tony Jackson previews the explosion in home TV services 



Viewer power Gerald Levtn (left) beside a model of the remote control device, shown in action on the right 


the TV set Go into the post office, 
and you can order a book of stamps to 
be delivered with yotzr mail toe next 
morning , or ask for a postman to pick 
up a parcel within three hours. 

Or take video games. The system 
has the usual state-of-the-art arcade 
games, where you ream around corri- 
dors shooting at things. But it also 
lets you play games with other peo- 
ple. Wednesday's demonstration in 
Orlando offered toe curious spectacle 
of the chairman of Time Warner 
playing a hand of gin rummy with a 
family on the other ride of town. 

As Time Warner insis ts, all this is 
merely illustrative. Nobody knows 
what kind of services consumers will 
want, or how much they will pay for 
them. Now the system is set up, it 
will be used as a test-bed. Over the 
coming numthfi, up to 4,000 homes 
will be plugged in, and their inhabit- 


ants watched like laboratory rats. 

Early in the new year win come 
news on demand: if you arrive home 
10 late fin* the six o’clock 

news, you can still call it up from toe 
be ginning . Next will arrive sports on 
demand, music and educational ser- 
vices. 

As Time Warner says, the applica- 
tions are practically limitless, at any 
rate in theory. The printer can pro- 
vide you with a catalogue, a theatre 
ticket or an individually compiled 
home newspaper. It all depends on 
what people want 

The answer to that will also deter- 
mine whether Time Warner has 
wasted a great deal of money. The 
project was first announced early last 
year, and is badly behind schedule. It 
has also been roundly condemned in 
parte of toe US press as an unafforda- 
ble white elephant 


At Wednesday's grand-scale demon- 
stration, the sense of relief among 
Time Warner executives as the sys- 
tem went through its paces was 
almost palpable. The project may lade 
believers, but at least it works. 

How much money is at stake is a 
matter for conjecture. According to 
Mr Levin, Time Warner will invest 
$5bn (£3bn) in round terms over the 
next five years. But as he is also care- 
ful to point out, most of the money 
would have been spent anyway in 
upgrading its wrigting cable network. 

As a result of com petiti ve pressure 
within the cable industry, Time 
Warner and its rivals are already 
investing heavily in broadband net- 
works, based on optical fibre, which 
will provide a better version of their 
gris ting service. This technology has 
as its by-product an enormous 
increase in capacity. Much of the 


innovation by the cable companies is 
an attempt to put that spare capacity 
to work. 

The next step is to take on the 
telephone companies. From the mid- 
dle of next year. Time Warner will be 
using its fibre optic system to provide 
a load telephone service to businesses 
in the Orlando area (it is already 
doing this in New York). 

Eventually, when the regulations 
that currently prevent cable compa- 
nies from offering telephone services 
more widely permit, it will do the 
same for the general public. And, of 
course, the telephone companies will 
be moving into cable. 

I n the early stages of this revolu- 
tion, the new services demon- 
strated this week will be no more 
than toe icing on the cake. Mr 
Levin candidly admits he does not 
know how successful they will prove. 

“There are so many opportunities 
that rm not smart enough to know 
what they are,” he says. Or, as a col- 
league puts it, “even if the big winner 
is a business nobody’s thought of yet, 
that’s OK. It’ll still have to come 
down the broadband pipe." 

Two central questions remain. 
First, as the explosion of riianneig is 
duplicated across the nation, what 
will be found to fill them? Second, the 
average American family spends a 
great deal of its time in front of the 
TV set already. How much time will 
families have to spend to feed the 
monster which is being created? 

The first question is probably a 
matter of tuning. The growth in dis- 
tribution channels has been so sad- 
den that it 1ms outpaced the ability of 
the entertainment industry to simply 
it But American popular culture is 
robust and many of the entertain- 
ment giants are scrambling to catch 
up. 

Hie second question is less certain. 
Already in parts of the US, the only 
observable form of life is the car, 
shuttling between the shopping mall, 
the school and the office, hi time, the 
TV could render even the car redun- 
dant 

If Orlando is the future, toe Ameri- 
can's home could end up not so much 
his castle as his prison. 


Fizz goes out 
of office revels 

Christmas parties are too dear 
for some UK companies, say 

Gillian Tett and Richard Wolffe 


Shirley Wdiams’s 1981 victory to Crosby did not herald a 
sea-change - but does Ian Pearson’s in Dudley West this week? 


L ehman Brothers is 
trimming back the tin- 
sel this yean it has 
cancelled toe Christ- 
mas party for its London staff. 

The decision has brought 
some grumbles, and provoked 
some “underground” events, 
but it seems that the US 
investment bank is not alone 
in taking a cost-benefit 
approach to festive ton. 

Despite the r ecovery in toe 
UK economy, jollity is a com- 
modity that some companies 
are finding too expensive. 
They want to staff 

morale, and the image proj- 
ected by a high-profile celebra- 
tion is important, but many 
are considering carefully how 
much pleasure it is worth pay- 
ing for. 

A survey of 130 businesses 
by Reed Personnel Services 
revealed that 81 per cent of 
companies were stUl planning 
office parties this year, but 
approximately half said they 
expected them to be less 
extravagant than in toe boom 
years. 

As Mr William Deakin, 
owner of Juliana's party 



to 


account for malpractice 


i, 

UJUN. 


1 _ * 


■ ■ . 
f -i ■ “ ■ 


.it* «r'- 


;* 



l • V, 


a “t. * a 


From Mr Guy Defxn. 

Sir, - 1 fear John Mason’s 
article (“Corporate manslaugh- 
ter verdict poses legal 
dfiemma”,. December 13) on 
corp ora te manslaughter foUow- 
ing the conviction in the Lyme 
Bay canoe trial misses the 
point. 

Months before toe disaster 
two instructors had written to 
the managing director about 
safety, at toe centre, wanting 
that unlecc something was 
done “you might find yourself 
trying to ov piflfa why some- 
one's son or daughter will not 
be coming home”. 

At the trial, Mr Justice 
Ognail made it clear that it 
was toe failure- to heed tins 
warning that separated this 
case from any other of its kind. 
No~daubt it was also relevant 
to the managing director's jail 
form. ... 

ff any of. the five warnings 
about.tbe Herald fleet sailing 
with bow doors open bad been 
addressed to toe managing 
director or board of P&O, toe 
case in theZeehrugge prosecu- 
tion might well have been put 
to toe jury. As it was those 


1 warnings got lost in middle 
management- The key point. 
Him, is with Whom a serious 
concern is raised, rather than 
merely the size of the organisa- 
tion. 

The message from this case 
is that an effective check on 
serious malpractice in the 
workplace is to make sure that 
those in charge know of it. 
Increasingly responsible lead- 
era in the public and private 
sectors axe open to such con- 
cerns and address them prop- 
erly. 

They know it is only right 
that, when people in their posi- 
tions have actual notice of any 
unwarranted dangers, they can 
and should expect to account 
for their response. 

If the law or good business 
provided otherwise, they would 

do little to promote the doc- 
trine of accountability in 
organisations or to protect the 
public. 

Guy Dehn, 
d i rector, 

Public Concern at Work. 
Lincoln's £m Bouse. 

48 JSngsuay, 

London WC2B SEN 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Lesters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 

No reason for OFT to probe loss leaders 


From Sir Bryan Carsberg. 

Sir, In their letter of Decem- 
ber 14, Hugh Raven and Profes- 
sor Tim Lang call for interven- 
tion by me to end the current 
“price war” between toe super- 
markets. They cited price cut- 
ting on turkeys as a cause for 
concern. 

Price competition is very 
important to the consumer; 


without it, there would be 
fewer bargains to shop for, and 
fewer new products and ser- 
vices would get off the ground. 
Even where the competition 
fak-pf the form Of dtsmnntHd 

prices, including loss leaders, I 
am therefore reluctant to inter- 
vene in tiie operation of the 
market without convincing evi- 
dence of collusive or otherwise 


clearly anti-competitive behav- 
iour. I do not believe that loss 
leading on selected products - 
as opposed to uneconomic pric- 
ing of the whole range of prod- 
uct - can be expected to drive 
rivals out of business and 
reduce competition to the 
detriment of consumers. 

I therefore do not regard the 
facts reported in the letter as 


sufficient evidence to justify 
intervention, though my office 
continues to keep a close 
watch on developments in the 
retail grocery sector. 

Bryan Carsberg, 

director general of fair 
trading. 

Field Bouse, 

15-25 Bream’s Buddings. 
London BC4A 1PR 


Government must accept risks in encouraging small companies 


Fhnn Mr Michael Snyder. 

Sir, Gar confusion between 
“re-enervating” and “re-ener- 
gising” toe British entrepre- 
neur. spotted by Observer in 
his column (" English disease”, 
D ecember 9) may have been a 
subconscious reflection of our 
lack of real enthusiasm for tire 
government’s policy towards 

small rampart ips 

As accountants specialising 
in advising owner-managed 
businesses, we welcome toe 


additional measures intro- 
duced in toe Budget However, 
our fundamental problem 
remains to be tackled: lack of 
finance for small companies. 
The new Venture Capital 
Trusts, for reasons of manage- 
ment economics, will prefer to 
make funds available in 
chtmks of hundreds of thou- 
sands of pounds rather than 
the fens of required 

by really small enterprises. 

One answer lies in toe Loan 


Guarantee Scheme, which the 
chancellor has promised to 
review. The fact that since the 

hPghnriTiff nf Aria financial yea r 

only £121. 75m has been lent 
under this scheme shows how 
ineffective and hamstrung by 
red tape It currently is. 

The government must make 
dramatic changes to simplify 
procedures and broaden its 
availability. In doing so it must 
recognise that tt cannot expect 
to go unscathed - reasonable 


risks must be taken and gnr^o 
losses will be incurred. But 
unless a real co mmitment is 
made In this way, the small 
business sector will never 
make the contribution to pros- 
perity and employment that It 
could. 

Michael Snyder, 
senior partner, 

Kingston Smith, 

Devonshire House, 

146 Btsheasgate, 

London EC2M 4JX 


“Parties in the 
1980s were very 
lavish with 
unlimited bud- 
gets for alcohol 
and perhaps 
Included caba- 
rets. Now peo- 
ple cut out 
themes and 
cabarets, and 
after a certain 
point the 
guests have to 
pay for their 
own booze.” 

In some sec- 
tors an extrava- 
gant 


PW3Y I s 

CBN CELLED 

B i/r hem 


party continues 
to be justified as a status sym- 
bol ami a display of cr e a t iv e 
skills. Ms Wendy Riches, man- 
aging director of advertising 
agency Ogfivy and Mather, for 
example, says that recent 
Christmas parties have 
involved the staff dressing op 
as animals to visit the zoo, and 
gambling fake money in casi- 
nos. “We are a bright, sparky 
agency so we have to do some- 
thing bright and sparky,” she 
explains. 

Bat even among advertising 
and public relations agencies, 
toe emphasis has shifted away 
from sheer expenditure 
towards greater innovation. 
“How much staff enjoy a party 
often has nothing to do with 
how much money is spent,” 
Mis Riches insists. 

The desire to stage a shared 
celebration as a way of engan- 
dering corporate spirit is also 
still strong. Morgan Stanley 
held a lavish staff party In 
Chelsea this year, while its 
bond traders celebrated among 
waxworks in Madame Tuss- 
auds. It also held a client 
party at the Royal Academy - 
a venue that costs £3£00 to 
hire, before catering costs. 

Securities house Robert 
Fleming, which has been 
increasing its staff recently, 
held a dinner for more than 
L000 people at the Ghnsvenor 
Haase Hotel - an event which, 
according to toe hotel’s official 
price list, would normally cost 
about £33,000. 

“Our most valuable asset is 
our people. We believe that a 
party like this is valuable 
because it brings people 
together - many of our staff 
are very specialised, and never 
have a chance to meet each 
other,” says Robert Fleming. 

But as City groups have 
expanded, some have found 
that engendering corporate 
togetherness is no longer feasi- 


ble. Stockbroker Nomura 
International’s guest list for 
example, bas risen to more 
than 1,400 in the past couple 
of years as the company has 
expanded. It now has diffi- 
culty cramming its staff and 
partners into a venae without 
dividing them into separate 
rooms - and thus dividing any 
corporate spirit. 

“We have been thinking 
about cost catting,” Nomura 
explained. The lack of any 
suitable large venue in London 
clinched its decision to aban- 
don Its main staff party this 
year, it says. 

Ford UK, the car manufac- 
turer, has never funded staff 
Christmas parties, precisely 
because of the problem of size. 
The company used to have 
50,000 employees, and It was 
impossible to fund a party for 
all of them, the management 
argues - but it would have 
been divisive if it had funded a 
party for a few. 

The fear that a party might 
generate more ill-will than 
good appears to have been a 
motivating factor for other 
companies. They are worried 
about appear- 
ing profligate. 
Tbe phenome- 
non of the 
extravagant of- 
fice party Is 
anyway partic- 
ularly British. 
“You don’t 
see drunken 
crowds wearing 
black tie on the 
streets in Paris 
at Christmas 
like yon often 
see around tbe 
City," notes a 
trader with a 
French bank in 
London. 

UK com pa- 
aware of how 


nies are more 
their customers might view an 
expensive party. East Mid- 
lands Electricity, which 
recently announced a special 
Interim dividend worth £186m, 
is sticking to its traditional 
Christmas lunch - courtesy of 
the company canteen and 
funded by the staff them- 
selves. “If yon think we are all 
living lavishly in the priva- 
tised sector, that would be 
wrong," toe company says. 

Government departments 
such as the Treasury have 
long relied on Christmas spirit 
to overcome their restrained 
party budgets. Tbe Treasury's 
public expenditure group, for 
example, this year had a party 
featuring karaoke to enliven 
an otherwise modest affair. 

For small companies, Christ- 
mas parties continue to play a 
vital role, particularly at a 
time of weak employee confi- 
dence. 

“The benefits of a party for 
staff morale are very great,” 
says Mr Charles Hadden or 
specialist broking house Euro- 
pean American Securities. 
Last year the company had a 
Christmas meal in a Chinese 
restaurant. This year, how- 
ever, the six employees, plus 
partners, travelled to Paris to 
celebrate. “Paying for a week- 
end in Paris might sound a bit 
ritzy, but it’s good value if you 
compare it with the goodwill it 
creates - particularly when a 
meal might normally cost £50 
a head anyway.” 

But as toe spending bonanza 
of the 1980s becomes a distant 
memory, a more cost-con- 
scious approach seems likely 
to spread further in the pri- 
vate sector. Corporate Christ- 
mas frolics remain entrenched. 
But crackers, rather than 
champagne, seem likely to be 
toe hallmark of toe British 
Christmas party this decade. 


Smoke signals required 


From Professor Michael Singer. 

Sir, Nicholas Lander’s guide 
to restaurant guides (“Christ- 
mas Food and Drink”, Decem- 
ber 10/11) fells to mention a 
significant difference between 
the various guides. 

For the discerning diner who 
enjoys the subtle aromas of 
food and wine, freedom from 
tbe intrusion end irritation of 
smoke is desirable. Among the 
guides, Harden’s and Which? 


report most consistently on 
whether a restaurant boasts a 
no-smoking section. 

It is much more convenient 
to have this Information in the 
guide than to waste time tele- 
phoning one restaurant after 
another, in search of this ulti- 
mate in gracious dining. 
Michael Singer, 

George Washingt on University, 
National Lam Center, 
Washington DC 20052, US 


Bizarre airport charge formula 


From Mr Dermal Cox. 

Sir. Des Wilson is right 
(Letters, December 14) that 
BAA’s landing charges are low 
compared with those at air- 
ports in other countries. This 
is the result of a bizarre polity 
by BAA’s regulator, the Civil 
Aviation Authority, whose 
response to BAA’S monopoly 
has been to force It to cut its 
charges over toe past two 
years (the retail price index 
minus 8 formula). 

We have a situation at 
Heathrow where the demand 
for slots for exceeds supply and 
where the airport is the largest 
single source of noise and air 


pollution in London - yet 
charges are going down] Tbe 
correct regulatory solution is 
to allow market dealing prices 
and tax BAA’s excess profits. 

This special treatment of the 
air transport industry is also 
seen in the exemption of air- 
lines from paying any duty or 
tax on the fuel they use - con- 
trast the government’s deter- 
mination to put VAT on. 
domestic power and the mas- 
sive levy on petrol and dieseL 
Dermot Cox, 

Heathrow Association for the 
Control of Aircraft Noise, 
cjo 22 Ruskm Avenue, 

Keuo, Richmond TW9 4DJ 


i 








10 


FINANCIAL. TIMES WEEKEND 


DECEMBER 17 /DECBMBER IS IW 



COMPANY NEWS: UK 


£1.3bn debt reconstruction could leave shareholders with 40% 

QMH details rescue package 


By Peggy Holfinger 

Almost two years after its 
shares were suspended. 
Queens Moat Houses has 
detailed a £L3bn rescue plan 
which could leave shareholders 
with 40 per cent of the beavily- 
indebted hotels group. 

The stake is substantially 
higher than that won for share- 
holders in other large debt 
reconstructions recently. At 
Heron, which has been restruc- 
tured several times, ordinary 
shareholders received 5 per 
cent of the company. 

The Queens Moat package 
includes a £200m debt for 
equity swap which will allow 
ordinary shareholders to 
increase their stake if they 
wish. The swap is, in effect, an 
equity issue underwritten by 
its banks. However, the price is 
likely to be unfavourable com* 
pared with the level at which 
the shares are expected to 
resume trading. 

The survival of Queens Moat 
is stQj in question, however, as 
one lender continues to resist 
the package. It must be unani- 


mously approved by the com- 
pany’s 74 lenders before share- 
holders are allowed to vote on 
the proposals. 

Queens Moat refused to com- 
ment on individual creditors, 
but it is believed that the 
unhappy lender is California- 
based Trust Company of the 
West. TCW, which bought 
Queens Moat debt In the sec- 
ondary market, is thought to 
disagree with its ranking in 
the rescue package relative to 
other creditors. 

Mr Andrew CoppeL, the chief 
executive brought in by the 
banks to replace the company's 
founder Mr John Bairetow last 
year, said he was confident the 
proposals represented a good 
deal for creditors and share- 
holders. “The alternative is 
stark," he said. "The group 
would have to cease to trade.” 

Under these proposals, Mr 
Coppel said. Queens Moat 
would not have to return to 
shareholders for further finan- 
cial support However, inves- 
tors would be unlikely to 
receive a dividend in the fore- 
seeable future. 


Of the company's £l.3bn 
debt, £200m would be con- 
verted into new ordinary 
shares representing 60 per cent 
of the group. The new shares 
would be issued at a price 
equivalent to 86p, after a 
1-for-lO consolidation also 
being proposed. 

A further £63 Om would be 
restructured into longer-term 
and convertible debt payable 
between 2000 and 2008. This 
would allow for a second debt 
for equity swap giving the 
tenders control of about 75 per 
cent of the company. Mr Cop- 
pel did not expect the second 
swap to be necessary; it was 
there as protection in the event 
of unforeseen difficulties. 

Other elements include the 
conversion of preference 

shares into ordinary equity on 
substantially enhanced terms. 
Finally, the company is hoping 
to amend terms of the deben- 
ture stock. The package pro- 
poses to waive certain 
breaches regarding the value 
of the properties on which the 
debentures are secured. 

Queens Moat's liabilities 


after the restructuring would 
he £l84m_ The proposals will be 
put to shareholders in the new 
year if the final lender agrees 
to the terms, opening the way 
for the shares to resume trad- 
ing in the spring. 

One substantial institutional 
shareholder said he was likely 
to back the proposals. “The 
banks could have left equity 
holders with nothing," he said. 

Now that the restructuring is 
largely out of the way, how- 
ever, shareholders will begin 
tackling operational issues, 
such as management, he 
added. “It is not necessarily 
the case that the people with 
the qualifications to get the 
financial restructuring out of 
the way are the right people 
to . . . run a hotel company.” 

Queens Moat has been in 
negotiations with bankers 
since April 1993, when it 
became apparent it would 
breach certain loan covenants. 
Subsequent property valua- 
tions wiped £lbn off its prop- 
erty portfolio and last year it 
reported the second biggest 
loss in UK corporate history. 


Lincoln 
National 
to acquire 
Liberty Life 

By Alteon Snath 

Lincoln National, the financial 
services group, is in discus- 
skins over tiie purchase of Lib- 
erty life Assurance, the small 
UK life insurer and subsidiary 
of Hansard Financial Trust 

The move, expected to be 
completed early in January, is 
a farther stage in the rational- 
isation of tiie UK life insur- 
ance sector, where competition 
is intensifying and putting 
increasing pressure on costs. 

Acquiring LLA will give Lin- 
coln National 180 sales agents 
to add to its direct sales force 
of 590, and will increase its 
funds under management by 
almost half to £1.6bn. The 
number of clients will rise by 
almost one third to 460,000. 

Mr Jeffrey Nick, Lincoln 
National's managing director, 
said there would be some 
redundancies among LLA sup- 
port staff, bat Lincoln 
National would be able to 
accommodate some LLA 
employees in its new bead 
office in Uxbridge. 

The acquisition is the com- 
pany's third in two years - it 
bought Citibank Life in 
August last year and Crown 
Unit Trusts a few months ear- 
lier. As a subsidiary of an 
overseas parent - it is wholly 
owned by Lincoln National 
Corporation, the US invest- 
ment and insurance group - it 
is in one of the categories of 
life company Identified as vul- 
nerable to a price war if it 
does not attain critical mass. 

Mr Nick said the purchase of 
LLA was “clear evidence of 
our parent company’s commit- 
ment to building a presence in 
the UK commensurate with its 
sire and reputation in other 
markets”. 

With £26£m in regular pre- 
miums and £93.4m in single 
premiums last year, Lincoln 
National was just below the 40 
largest UK life companies. 
LLA’s Income was £5.2m in 
regular premiums and £55.4m 
in single premiums. 

Granada gives 
details of 
share options 

By WBfiam Lewis 

Granada, the leisure and 
television group, has become 
one of the first companies to 
give fall details in its annual 
report of share options held by 
its directors. 

Under new guidance issued 
by the Accounting Standards 
Board in September, greater 
transparency was urged on 
companies, although a few 
already published share option 
details. 

The report shows that 
Mr Gerry Robinson, the 
group's chieF executive, is sit- 
ting on a paper profit of 
£2J3m. 

He has 737,569 share options 
which he can exercise now at a 
price of I84p each. Granada’s 
share price closed the week at 
4S8p. 


Exceptional costs push 
Huntingdon £71m into red 


By Peter Pearse 

Shares in Huntingdon 
International Holdings dived 
23p to 20p yesterday as excep- 
tional costs of £70 An plunged 
the life sciences group Into 
annual pre-tax losses of £ 71 . 1 m, 
against profits of £8.68m. 

The group has also 
appointed administrators to 
Travers Morgan, its UK-based 
consultancy. HTH had been try- 
ing to sell Travers Morgan, as 
well as HEE, its US engineer- 
ing and environmental services 
business, but could not find 
buyers at the right price. 

The £70.8m (£3.01m) excep- 
tional charges consisted of 
£33 .9m relating to TM and 
£3&9m for the restructuring of 
HEE. Mr Christopher Cliffe, 
HTH deputy chief executive 
and finance director, said he 
would be “utterly dismayed” if 
there were to be further 
charges in the current year. 

The group said it had made 
provisions of £18m since it 
bought TM in December 199L 
and had decided not to inject 


Huntingdon International 

Share price (ponoe) 

250 — 




IDO 




L 


1993 

Saras FT Graphite 


1994 


farther hinds into the consul- 
tancy. 

Changes in the market in the 
UK, a general lack of large 
infrastructure projects, and the 
government's containment of 
public expenditure were all 
cited as causes of weakened 
overall demand for TM’s ser- 
vices. 

Mr Cliffe said the primary 
responsibility of the HIH board 
was to its shareholders and it 


was “right and proper” to 
restrict their exposure to TM 
and ring-fence the consultancy 
by administration. He did not 
think there was “a large num- 
ber” of TM creditors. 

In the year to September 30 
TM, which employs 720 people 
in the UK and 800 worldwide, 
incurred operating losses of 
£ 1.29m (profits £2. 74m) on turn- 
over of £3L6m (£37.2m). 

HEE made operating losses 
of £L58m (profits £5 .28m) on 
turnover of £70.7m (£79 .2m). Mr 
Cliffe said “part of the divi- 
sion’s problems were attribut- 
able to poor management”, 
adding that new management 
was now in placa 

Profits from the life sciences 
side fell to £8Jjm (£9.lm) on 
turnover up at £4L5m (£39.7m). 

Group revenues, net of sub- 
contract costs, totalled £146.7m 
(£156. Im); operating profits 
tumbled to £2 .53m (£i5^m). 
Losses per share were 0.704p 
(earnings 0.073p), and losses 
per ADR were 5.311 cents 
(earnings 0J55 cents). The final 
dividend is passed. 


De La Rue 
in further 
talks with 
Portals 

By Christopher Price 

Portals and De La Rue were 
last night locked in negotia- 
tions amid reports that the lat- 
ter had made an offer is 
excess of £10 a share for tiie 
specialist paper group. 

The all-day meeting was the 
second the two sides had held 
this week and followed the 
news last week that De La Rue 
had made an approach to Por- 
tals. 

The fiercely Independent 
Portals board is thought to 
consider a figure of more titan 
£10 a share as the minimum it 
would be prepared to pat to 
shareholders, with many 
observers expecting them to 
hold out for between £11 and 
£ 12 . 

The approach by De La Roe 
was made public on December 
6 following a sharp rise in Por- 
tals share price. 

A subsequent statement by 
De La Rue said that it would 
not make a bid without the 
agreement of the Portals 
board. 

It is the second time this 
year the two groups have been 
in takeover talks. De La Rue 
made its first approach In 
May. with analysts suggesting 
an offer being made of about 
900p per share, which was 
rebuffed by Portals. 

Hie length of the latest 
round of talks suggests a 
higher offer has been forth- 
coming. Analysts said that an 
offer of £10 per share, which 
would value Portals at £648 m, 
would most likely be funded 
by cash and equity. De La Rue 
has about £250m in cash. 

Portals shares closed up 14p 
at 920p yesterday. They have 
risen by 215p since the news of 
the latest approach. De La Rue 
shares rose by 2lp to 955p. 

Last week. Portals 
attempted to bolster its 
defences by announcing a 
£lQ0m contract with the 
Indian government, the big- 
gest value banknote contract 
ever. Portals said the order, 
which, will begin early next 
year, should allow the group 
to operate at capacity for the 
foreseeable future. 

De La Roe is one of Portals’ 
largest customers and is 
believed to be keen to acquire 
Portals’ technology and exper- 
tise in developing banknote 
security features. 


Tate & Lyle in £36m 
Mexican investment 


By Christopher Price 

Tate & Lyle, the sugar and 
sweeteners group, yesterday 
announced a $56m (£35.8m) 
Investment in Grupo Industrial 
Azucarero de Occidents, 
Mexico's fifth Largest sugar 
group. 

The UK company is buying a 
49 per cent stake from the 
Saenz family, whose trusts will 
continue to own the remaining 
majority share. The Mexican 
company, also known as the 
Saenz Group, recorded turn- 
over of some £89.lm for the 10 
months to October 31, with pre- 
tax profits of £5 .6m. Net assets 
stood at £69 -3m. 

Saenz has an estimated 7 per 
cent of the Mexican sweetener 
market, which produces 
approximately 4m tonnes a 

Baris chairman 
leaves after less 
than a month 

Mr Andrew Morton has 
resigned as chairman of Baris 
Holdings, the dry lining and 
fire protection systems group, 
after less than a month. Mr 
John Foley has become chair- 
man and chief executive. 

Mr Morton’s resignation, due 
to the “increasing time require- 
ments” of the other companies 
of which he Is chairman, came 
as Baris reported an interim 
pre-tax loss of £1.29m com- 
pared with a profit of £143,000 
last time. Sales for the six 
months to September 30 were 
33 per cent down at £5.43m 
(£8. 14m). 

This half's deficit included a 
£l.lm exceptional item relating 
to costs and write-offs as a 
result of withdrawal from the 

German market Losses per 
share came out at 20.5p (O.lp 
earnings). 


year. The top five sugar proces- 
sors in Mexico account for 
about eo per cent of total Mead- 
can output and 64 per cent of 
refined sugar production. 

Tate & Lyle said that Saenz’s 
operation of two mills in the 
north-eastern state of Tamauli- 
pas and one in Jalisco, save 
quick access to the growing 
markets in Guadalajara, Mon- 
terrey and northern Mexica 

It added that the inves tment 
would enable tiie group to play 
a part in the fast expanding 
soft drinks market in Mexico. 
Strong demand was also expec- 
ted from the food processing 
and retail grocery markets. 
The move was part of the com- 
pany’s strategy of expanding 
into emerging markets through 
joint ventures and partner- 
ships. 


SE commitment to small 
shareholders criticised 


By Tim Burt 

The Stock Exchange was 
yesterday criticised by one of 
its non-executive directors, 
who resigned earlier tins week, 
for neglecting private share- 
holders in favour of global and 
institutional investors. 

Mr David Jones, chief execu- 
tive of Sharelink Investment 
Services, the Birmin gham , 
based share dealing company, 
called for a “top to bottom” 
review at the exchange to help 
lift the profile of smaller share- 
holders. 

After stepping down from 
the Stock Exchange board, 
which he only joined in April, 
Mr Jones said: Tve been get- 
ting at them for six years that 
they need to step up their com- 
mitment to private investors. 


I’m still waiting for the 
exchange to do something con- 
crete." 

He denied, however, that his 
resignation was linked to any 
diffe rences with the board, on 
which he was expected to serve 
a three-year term. 

In a statement, the Stock 
Exchange said Mr Jones 
wanted to devote his time to 
Sharelink and the advisory 
committee on Crest, the elec- 
tronic settlement system under 
development by the Bank of 
England. 

In recent months Sharelink 
has been dogged by low vol- 
umes and made a pre-tax loss 
of £468.000 in the six months to 
September 30. Although there 
had been a pick-up in orders 
from some Investors, Mr Jones 
said tr ading remained poor. 


£188m bonus for Yorkshire 
Electricity shareholders 


By David Lascefles, 

Resources Editor 

Yorkshire Electricity is to give 
its shareholders a £188m spe- 
cial dividend after a period in 
which profits soared 32 per 
cent. 

Mr Chris Hampson. chair- 
man of the Leeds-based elec- 
tricity distributor, said: “These 
outstanding results reflect the 
delivery of our strategy of 
growing the business and cut- 
ting costs.” 

Use pay-out, which will have 
to be approved at a special 
meeting on January 13, will be 
worth 90p a share to all share- 
holders at the close of business 
last Thursday. The effect win 
be offset by a 22-for-25 share 
consolidation. 

Altogether, the package has 
a similar effect to the share 
buy-backs which other recs 
have completed in recent 
weeks. But Yorkshire said It is 
fairer because it distributes the 
gains evenly among all share- 
holders. In addition to tiie spe- 
cial dividend, shareholders will 
receive a 15 per cent increase 
in the interim dividend to 

7.92p. 

In the six months to Septem- 
ber 30, Yorkshire's turnover 
rose io per emit to £647m, prodr 
ucing pre-tax profits of £97.fim, 
up 32 per cent on last year’s 
first half. 

Much of the growth came 
from the supply business, 
where profits more than dou- 
bled to £8Jkn. But the distribu- 
tion business also produced 
sharply increased profits - up 
23 per cent to £82m - thanks to 
cost savings. Yorkshire is half- 
way through a 1, 000-job reduc- 
tion programme. 

For domestic customers, 
Yorkshire will be cutting 
prices by 3Ji per cent next 
April, when new price regula- 
tions come into force. This will 


Yorkshire Electricity 

i 

At privatisation 

(we® 


.i. 


E1-258bn 

, j.- a-~ ■» / v" 


Turnover 

Net dividend 

1 

. Net assets 

■ ■ --W. — ,. i, 1* ■ Ot»" ■ I"* - • 

. ■ f -P- - ■ «■ • - — ■ *1 * 

■ ■ ; , •. * 3 • • 


— - — - - ■ - ■ - 

Employee* 7,153 


■« - — »■ V- ■« ■ 

- h_; A I e _ V. 


| 



P5 — - T** ■ - J -. .« * - 


Year 

lO-Mwrdi 19W 


£iJ3bn 



1 . -V 

■■ ■ 

.*i o. 4 ®. - 


IP'ih'*" 






■ _ V .-77- :r , x Cl _• . . - >• ; - 

i i^na2Neswforj^aCMiitranwtfcftttf^ 

Chatwh-Rve other cfcecftrtwws part m om ftan £130.000- 

Sourcac Compry pm KKrtw eidw^ 1 - 


bring the total price reduction 
since privatisation to 19 per 
cent in real terms. 

The result was marred by a 
con tinuing loss or £3.4m at 
Homepawer, the retailing ven- 
ture jointly owned with East 
Midlands. Yorkshire said it 
would decide whether to keep, 
sell or dose down the business 
by next March. 

Tbe special dividend comes 
at the end of a week which has 
seen sharp rises in electricity 
profits as well as indications of 
the first electric utility take- 
over bid - for Northern Elec- 
tric 

Mr Hampson said that he 
saw no point in recs merging 
in the face of takeover threats. 
Any savings from merging 
head offices would be offset by 
merger premiums and regula- 
tory factors. However York- 
shire would consider any 
actions that enhanced share- 
holder value. 


• COMMENT 

The special dividend should 
restore Yorkshire’s favour In 
the City, where the perception 
was growing that it had lost 
interest in its shareholders. 
The sharp drop in the share 
price yesterday merely reflects 
tbe feet that £lSfen of cash will 
flow out of the company In 
January, but that should be 
exactly offset by the share con- 
solidation: The result also 
showed that Yorkshire’s efforts 
to grow distribution and sup- 
ply profits are paying off the 
first through cost-cutting and 
the second by finding new cus- 
tomers outside the region, 
Management also made a 
much-needed commitment to 
deal with the Homepower prob- 
lem before the financial year Is 
out. The real test will be 
whether the newly consoli- 
dated shares continue to trade 
among the sector’s highest 
yielding stocks. 


SAIF takes 30% stake 
in Golden Charter 


By Geoff Dyer 

The consolidation of the UK 
funeral industry took another 
step yesterday with tbe sale to 
the Society of Allied and Inde- 
pendent Funeral Directors of a 
30 per cent stake, valued at 
£3m, in Golden Charter, a pro- 
vider of prepaid funeral plans. 

SAIF, formed in 1989, repre- 
sents 500 independent funeral 
directors. Its members make 
up two thirds of tbe funeral 
directors who sell Golden 
Charter’s plans. Mr Michael 
France, president of SAIF, said 
the deal would allow “every 
independent funeral director to 
compete in tiie growing funeral 


planning market”. 

The two parties said they 
had been in discussions for 
some time but the deal had 
been accelerated by recent 
moves in the UK market 

Mr Gordon Kee, chief execu- 
tive of Golden Charter, said be 
expected the prepaid funeral 
business to expand by 30 to 40 
per cent over the next 10 years. 

There is no immediate cash 
payment and the consideration 
depends on Golden Charter 
achieving profitability and 
growth targets. Mr Kee said 
details of these would be dis- 
closed in the new year. Golden 
Charter is jointly owned by Mr 
Kee and Mr Andrew Harvey. 


Ensor back in the 
black with £176,000 

Ensor Holdings, the USM- 
quoted supplier of building 
materials, swung back into the 
black with a pre-tax profit of 
£176,000 for the six months to 
September 30. 

The outcome compared with 
a deficit of £32,000 last time 
and with a lass of £180/100 at 
the March 31 year-end. Turn- 
over few the six months grew to 
£7.3601 (£633m). 

At the operating level profits 
were £204,000 (£23/X)0) and the 
interest charge was cut from 
£55,000 to £28,000. Earnings 
came out at 0.6p (O.lp losses). 


Correction 

BTR 

In an article in Thursday’s 
issue, we referred to a leaked 
announcement and a breach of 
Stock Exchange regulations on 
the part erf BTR in relation to 
the disposal of three subsid- 
iaries. It has since been made 
dear to us that there was no 
breach of Stock Exchange reg- 
ulations, nor was the 
announcement in any way pre- 
maturely or incorrectly dis- 
closed. Accordingly there was 
no issue for the Stock 
Exchange to consider. We 
regret the error. 


Land 
Securities’ 
£76.5m sale 

By Simon London 
Pr op erty Corre spo ndent 

Land Securities has sold its 
Milton Gate, office block in the 
City Of London to AP Fonden, 
the Swedish national pension 
fund, for £7&5m. 

The building is let to Price 
Waterhouse, the accountancy 
firm, on a 25-year lease ' bom 
June 1990, when tiie building 
was first occupied, with a 
break in 2002. 

The annual rent is £6 5m, or 
about £44 per sq ft This is well 
above the current headline 
rents for top City offices of 
about £35 per sq ft 

The exit yield of S.S5 per cent 
reflects the fact that the build- 
ing is unlikely to show rental 
growth for some years. 

Mr Ian Henderson, a director 
of Land Securities, said the 
building had been sold at 
above book value, which is 
based on its revaluation at 
March 1994. 

“The disposal reflects our 
policy of adjusting the balance 
our portfolio away from City 
offices,” he said. 

The acquisition is AP Fon- 
den's second large deal in tiie 
City this year. In the summer 
it acquired nearby Angel Court 
for about £60m. The fund also 
owns Four Millbank, near 
Westminster. 




| DIVIDENDS ANNOUNCED 




Cortes - 

Total 

Total 


Current 

Date of 

ponding 

tar 

last 


payment 

payment 

dvidend 

year 

year 

Bankers Inw Tst ......fin 

0.99 

Feb 28 

0.98 

3.9 

a 68 

Ctwmex Inti § fin 

OJ 

Feb 24 

- 

- 

- 

ChBtflvn Rada — .fin 

1 

Feb 24 

nH 

1 

nO 

Bectra Inv Tst fin 

3.7 

Feb 20 

3.55 

7.25 

7 

Huntingdon inti . fin 

nfl 

- 

1.9 

0.875 

2.775 

Intercara fin 

2.8t 

Apr 6 

2.8 

3.5 

3l5 

Moorgate inv Tst___Jnt 

1.7 

Feb 15 

1.7 

- 

4.25 

YorksOtae Beet bit 

9* 

Mar 28 

&S 


23.48 


Your Dog makes its debut with a chewy 

Raymond Snoddy on Emap’s latest launch, which is aiming to take Britain’s 8m dog owners by ston 


KKnos snown pence per snare net wwvapw wiwo 

-eased capital. §USM Stock. jtDfstribuflon P* consofidatad share apodal 
dend of 90p also dadavd. 


L ast week Emap, the 
media group, launched 
its latest magazine. 
Your Dog. a glassy bi-monthly 
that came complete with a 
boneshaped chewy treat stuck 
to the cover. 

The cover picture featured 
an adorable pooch, designed to 
catch the eye of Britain's 8m 
dog owners. It had plenty of 
what Mr Ian Beacham, publish- 
ing director of Emap Pursuit 
Publishing, described as “big 
eyeball contact”. 

Inside there is plenty of prac- 
tical advice. Including the wis- 
dom of holding a dog’s tail 
with your free hand while tak- 
ing its temperature. 

Your Dog was the almost 
inevitable consequence of the 

successful debut of Your Cat 
last year after Emap Journalist 
Ms Sue Parslow, who edited 
fishkeeping Answers, pushed 
for and got permission to 
launch a new cat publication. 

With the help of cover gifts 
that included a plastic cat bowl 
and special formula cat milk, 
Your Cat took the cat publish- 
ing world by storm with sales 
of more than 60,000 - yet it 
probably cost little more than 
£50,000 to launch. The latest 
issue of Your Cat, out this 
week, will have a tin of catfood 
attached. 

Launching new magazines is 
one side of Emap, a company 


that in the last 10 years has 
nearly quadrupled sales to 
£362m. Last year’s pre-tax prof- 
its were a record £45.7m. 

Another side is demon- 
strated by Tuesday’s 
announcement that it was pay- 
ing £60m to buy Maclean 
Hunter European Publishing 
from Rogers Communications 
of Toronto. MHEP, with inter- 
ests in seven European coun- 
tries, publishes 22 market 
directories, seven electronic 
information services and 34 
business magazines, including 
UK Press Gazette and Werbe 
Woche, the Swiss marketing 
magazine. 

During the first half of this 
financial year Emap spent 
£19Tm on acquisitions, includ- 
ing £106m on 28 magarinw 
from French publisher Editions 
Mondiales and a further 10 con- 
sumer titles from companies 
within the Hersant group. 
Despite the acquisitions - and 
the latest makes Emap a seri- 
ous contender in the German 
market - Mr Robin Miller, 
chief executive, treasures mag- 
azine launches above all else. 

“For Emap, growing and 

la unching Is more important. 
New product development fires 
up all our people. If a journal- 
ist comes up with an idea and 
it stands op, they might get to 
edit it,” says Mr Miller, a for- 
mer editor of Motorcycle News, 


Emap: a decade of growth 




Turnover (Cm) 
4QO — 


3^0 m " am — - ■■■ ■■ ■ - - 



4 .. .. 


90 VI 9ft.- 98 "-: 94 


Pro-tax profit (Em) . 
30 





89 89 90 91 92 93 . 94 



one of Emap’s early successes. 

The return on investment 
from a successful magazine 
launch, he adds, is particularly 
high. 

Not every Emap magazine 
launch is a sure-fire hit Jig 
Jag; a music mazarine for dis- 
tribution in music stores, was 
such a “turkey” that it was 
killed off after one issue. And 
Car Week, an ambitious E5m 
attack on the lucrative weekly 
car magarim* market, has had 
a tough time. Launched In 
newspaper format it foiled to 


meet its targets and was 
relaunched this spring as a 
glossy magazine. It now sells 
about 60,000 copies compared 
with the hoped-for 80,000. 

A rival publisher, while 
conceding that Emap 
has done well, never- 
theless saw the problems of 
Car Week as a turning point. 

“That was a bit of a water- 
shed and dented their confi- 
dence,'" he said. 

Mr Derek Terrington, madia 
analyst at Klein wort Benson, 


-Aablh 

Chief £xeaufc*a 


praised Emap’s magazine suc- 
cess, but would like to see 
more excitement in its local 
and regional newspaper 
operations to justify a top 
rating. 

Emap, which bos added com- 
mercial radio and exhibiting 
to its more established newspa- 
per and magazine businesses, 
also has new launches in mfriH 
even when it acquires other 
companies. Tbe purchase of a 
car magazine called Practical 
Classics led to the launch 
of Popular Classics and 


Classic Car Weekly. 

" A cq u is i tions give us aircraft 
carriers to get into new mar 
kets, new territories ” says Mi 
Miller. 

The com pany ky«j ; paid con- 
siderable attention to the pro- 
vision of professional informa- 
tion, often delivered 
electronically, to back up its 
business titles. Mr Miller says: 
“What we are trying to offer is 
a broadly based madi^ solution 
for business, providing the con- 
nection from the seller to tbe 
buyer” 

As a spinoff from Its biggest 
consumer magazines, v-map 
has started to get involved in 
moving pictures. It is now 
producing golf videos to -go 

alongside magazines such as 
Fare and Today’s Golfer. A lit- 
tle further down the im», spe- 
cialist television channels are 
possible. 

One priority for next year, 
though, is celebrating the 300th 

anniversary of the founding of 
one of Emap's local newspa- 
pers - The Stamford Mercury, 
which goes into virtually every 
home in the Lincolnshire mar- 
ket town. 

“We want to continue to be 
dominant in all these markets, 
whether it be the market for 
young women, the inmi mar- 
ket, or the market for »?»?■«<«« 
people interested in fleet cars,” 
Mr Miller says. 




h 








■ ' 3rV -.- , w*r 

tv - ► ... 




r»»1ivs..«;i 
t«W tr* iff f 

■» - 

to »Mnwi! bK .-, 

* <* sum 4! 

t. .Mailing- w: :t . 
*** *iih 

«riii| i! 
*Wtb*r ».* *n^ T - 

<fl y* hipfcilM'V. 

wi i*fii<Js Jlp. 
» VP .*+Mauu 
i jnft'ttku: cr 

* Uhi- 
fott hgi r t. fcfry 

thtt V.r 
mrtivjft/ 
HuKiir. 
hnftl tHrtXi^r; 
M t* *fftef U 

* 40(t fl-gV'.-i 
■rwrvur y a K 
iWWfr ,v ;■ 
MlKnl 


*... C0M ***wr 



< »;r'.- 


JV ■ = 

i i,,.\ 

. f -J ?v 




nfl ' 

r,^<MS± 

r v i - ,f,0;s? 

*i : ' ; v 

■ Os; ■ - - w m 

v 

_ " • «...■£ % Li/ ' 

• v ^i-' i 

•>•■•• !>: >-v 
‘ •••:! : ', T ^fcf 






take Land 


*4 iir 


% i. 

* ‘ i 


fii,; 

I'M! rw'Fflt 

***** 

twit 

ajn f f i L ■ 
l UP -^ ; fl 

* frjr Ip it * 

J*F*# tP r*ar<. 

ptOtfl H'.-l 

4r -\\r- 

-. t: 51 V : 
Mb*' *-.-■> 


Securities 5 

£ 76.5m sal 


. »'i .^n i«\dcn . "j 
r ' ,-|lrrf » Cl-rrcspcwleB! ‘ '.f 


■■ n3S J 


■< •!■•>• rifli 
'• ' '•■ l?r 


• ..-»i! ■. 


■. .■■ % 


..f -r t 

r 

. ‘ T-i * ;;5, 

. fl ,.L 

-., • lu. i 

«■ ■ 1 

•m 

■ ■ •■■■J « 

■ m * 

Si 

. ■ < 

•■’ " " -v?T-. 

.• • _ •* i^i ■? 

• •■ ■ •• » • m P 

. ! ■ j:. 1 ? z 
• •. 


fv 5 s .Vv ■ 

f ph+Sr. ;s 
'V >.:; 

ffV r > ’- 

yJiiJ- 

Frf n; »■ • 
;|l^>^ 4 n'i 1 

ka'» *'■■.• 
F.“ 

'jlT 

fFiir-ti- Jt v k- 
U V'rr. r 

f lA+-s . ' 


"u.V'S 1 


t: w-‘ 

■ 




i , iK> 


: . i 




. L 


I — J 

‘ .. ■ n S' 


t 1 rea t 

illVj! MM i\ l ' ! °® ; 





rf-' 

a * 
»* * 


' " - ‘ t 

' • . 
•_ . i 




• • . 1 ^ 

■ V 'r 

" 1 - rflt. 


> 

*• •■ 1 - < ■ 
- ■ - «. 


• '. 

M ,!«■ 

.. * ■ V- 

■ J* rf." 

1 H 

- ■ % 
f. V .f" v ' 


. •- - ■ ■■ -"A 

• n.” . 

- 

, h 

■ -r%. 

- ■ . •:; * . 

A # « J 

' ' 

. - ’ • ' ■*■ 

'• ■ ' ■ 
■ • .!■■" .1 


*fc*#** 

’ i 

, i _ 

■ ■ a p 

■ ■ 

V — ^ 

.J* * 

ft *-!■ *- 

% 

P V " 1 " 

B 

■ — — 

■ 

■ ■* • 

■ 

i » 1 

■ ■ 1 . 

■ ■ » • 

* ■ 

■ 

■ 

i 

1 

■ 

■ 

v y 

■ : .v r 

. . . * — ■.i* a 

• -I - "’ 

-■ "■ . 

■ . \ rr\i\ 

•..*i . ; v .v • 

■ , — ...» 

. ' - V , ' 

■ - „ ^ r 

ii-*' -r 

m ■ . kl 1 ! . 

■ 

-a • 

P*. * 1 ■ 

a:- 

t i.ji » 

■ 

. 1. 


■ 

i ■ • ’ “ . 

r • 

.«s?. 

\ ■ 


t 1 

.1 ■ 


:r= 

* |H ■ ■ 

| *■*«•» ■ 




r». T "' > 

L , + f. • ‘ ■! 

c 

t _! 


3-r • 


r- 


i-i:v 

- a . * , ■ , 

■; • • •' 

. *■ ■»• 


• WNANCm. TIMES WEEKEND DECEMBER 17/DECEMBER 


IS 1994 




il 


INTERNATIONAL COMPANIES AND FINANCE 


GE plans share buy-back 
worth $5bn over two years 


pyTonyJKkMninNnrYoric 

. Qeuenl Electric, the BS 
con^omerate, b to buy back 
op to $5ftn of its shares over 
the next two years. This brings 
total bay-hacks announced this 
year by US corporations to a 
record $85ba, according to the 
-Wall Street firm Securities 
■ Data. The previous record was 
set in 1989 with $62bn. 

. Mr Jack Welch, GE chair- 
man, said *Ve have conrinrfi^ 
that GE stock today represents 
the best investment we can 

Twafrg 1 *. 

The company has not bought 
in -.stock since 1992, having 
spent $Sbn in the period 
.196992. -The programme origi- 
nafiy ammnnced in 1989 envis- 


aged purchases of up to JlObn. 

Large buy-backs have accel- 
erated in recent weeks, from 
companies such as Merck, 
Chrysler and Walt Disney. 
However, the largest of the 
year was 66bn from Philip Mor- 
ris, the tobacco company, 
a nnoun ced in August 

Mr Welch said the company's 
strong cash generation allowed 
it to continue its napitoi invest- 
nient programme, mafep com- 
plementary acquisitions and 

rand share repurchases 
Moody's, the debt rating 
agency, yesterday confirmed 
its triple A rating on GE’s debt 
The company has gross bor- 
rowings of J59fan and cash of 
¥8.7hn. 

GE also said it would raise 


its quarterly dividend by 14 per 
cent to 41 cents a share. The 
company bad lifted its divi- 
dsnd every year since 1975, it 
said. The previous increase 
was 13 per cent last December. 

This year, GE hag suffered 
losses estimated at $L5ftu an 
Kidder Peabody, its stockbrok- 
ing subsidiary, which was hit 
by alleged fraud and is now 
bring sold off. However, its 
third-quarter profits were a 
record $L37tm net, a rise of 13 
per cent 

Mr Welch said he p ypncted 
the buy-back programme to 
increase the rate of growth in 
the company's earnings per 
share and its return on equity. 
GE shares rose $1 to SO in 
early trading. 


Compaq 
sides with 
Intel over 
Pentium 

By Louise Katwo 


Cariplo counter-bid pleases market 


m 


Compaq Computer, the world's 
largest personal computer 
manufacturer, has sided with 
Intel in the controversy over a 
flaw in Intel's Pentium micro- 


Inmarsat wins satellite funding 


By Aten Cane 

Inmarsat, the London-based 
satellite . communications 
organisation, has promises of 
more Btan glhn from its mam- 
bas to finance a global mobile 
phone satellite service. 

The figure exceeded its 
expectations, and follows a 
decision last week by the 
organisatirai’s ruling assembly 
to approve the project 

Members from more than 40 
countries have agreed -to the 
investment. They include 
many of the world's leading 
telecommxmicatkms operators. 
An investors meeting will be 
held in January to formalise 
the project 

The system, based on inter- 
mediate mbit satellite technol- 


ogy, is expected to cost $2.6bn 
in total It wiD provide a world- 
wide service for di gital tele- 
phone, fax data g»d paging it 
is expected to go hve in 1999. 

Inmarsat pioujeered maritime 
voice and date in the 1980s, but 
faces competition from a num- 
ber of other consortia in the 
provision of the new service. 
The principal competition 
seems to he Iridium, led by 
Motorola of the US, which has 
also completed its equity fund- 
ing. 

• Brussels yesterday formally 
approved the creation of a new 
satellite telecommunications 
company, arguing it would pro- 
mote competition in the lucra- 
tive market for transatlantic 
business telecoms services. 

International Private Satel- 


lite Partners (IPSP) comprises 
a group of nine companies 
including Orion Satellite Cor- 
poration of the US, Com Dev 
Satellite Communications of 
Canada, Kingston rnwurmwirsi. 
tions International of the UK 
and Stet of Italy. 

IPSP will own and operate 
two high-power satellites 
which will be placed in geosyn- 
chronous orbit over the Atlan- 
tic Ocean. The first was 
launched last November and is 
expected to be operational fay 
the end of the year. 

The EC said that IPSP would 
be co m pe titi on for the strategic 
alliances being forged between 
existing carriers - often public 
telephone operators - and 
international satellite organisa- 
tion such as Intelsat 


The PC maker said that after 
thorough analysis it has con- 
cluded the vast majority of PC 
users will not be affected by 
the flaw, which can cause 
errors in wurfhgmnttwii calcu- 
lations. Compaq said it would 
continue to seD Pentium-based 
PCs- Compaq's decision is a 
vote of confidence fur the Intel 
chip, following IBM’s move 


SCA in SKrl.3bn rationalisation 


By Hu^i Camegy - 

■ In Stockholm 

Competition in Europe’s 
disposable nappy market yes- 
terday forced SCA, the big 
Swedish forestry products 
group, to announce a SKrL3hn 
(8173m). rationalisation pro- 
gramme in the nappy-making 
operations of its subsidiary 
Mdlnlycke which include the 
Peandouce and Libero brand 
names. 

-■ Mdlnlycke has been hit fay a 

arj : .. ■■■ 


tough battle for market share 
in Europe in disposable nappy 
and female hygiene products 
since Jtimberley Clark, the DS 
group, stepped up its efforts a 
year ago to build up its posi- 
tion, adding to the competitive 
pressures imposed by Procter 
& Gamble. 

Prices have fallen by 10 per 
cent while marketing costs 
have soared by up to 30 per 

nmf 

The nappy war caused a 19 
per- cent fall , in Mfilxtiycke's 


operating profit in the first 
nine months of this year, in 
spite of the company's largely 
successful defence of its lead- 
ing. position in branded nap- 
pies in its key markets in the 
Nordic countries, the Nether- 
lands and France. 

It is the biggest producer of 
own-label nappy products for 
retailers in Europe. 

The cost of the battle has 
raised a question mark over 
SCA's readiness to continue to 
take on the US groups. 


this week to halt ship- 
ments of Pentium-based PCs. 

IBM says errors due to the 
Pent iu m flaw could occur once 
in every 24 days and users of 
common spreadsheet programs 
may be seriously affected. 
Intel, which was forced to 
acknowledge that its fla gship 
product was flawed last month 
when a professor in Virginia 
discovered errors in his 
research results, contends the 
rate of errors is fewer than 
once in every 27,000 years. 

Compaq said it has exam- 
ined data from Intel and IBM 
and conducted its own study of 
the Pentium problem. “We 
have confirmed that the statis- 
tical likelihood of errors is 
extremely remote," said Mr 
Jim Paschal, Compaq 
vice-president of desktop com- 
puting: The assumptions upon 
which IBM based its calcula- 
tions are valid only for very 
highly numeric intensive 
applications, he said. 

Several other PC manufac- 
turers have this week 
announced they would con- 
tinue to sell Pentium PCs, in 
Spite of the flaw. Critics 
charge* however, that snch 
c omp ani es may be acting out 
of self interest to avoid stall- 
ing sales during the busy 


Compaq’s motives are less 
open to challenge because its 
PC models are based on earlier 
486 microprocessors and the 
company has in recent months 
been highly critical of Intel's 
efforts to promote the Pentium 
(hip as the PC engine of choice 
fin* home PC buyers. " - 


The Italian stock market 
yesterday welcomed the 
announcement fay Cariplo, the 
world's biggest savings bank, 
that it planned a counter-bid 
for Credito Romagnoto (Solo) 
of Bologna, in alliance with 
other companies. 

Directors of Solo will meet 
today in Bologna to discuss the 
Cariplo offer, announced on 
Thursday, and the previous bid 
from Cariplo's Milanese rival 
Credito ftaHano (Credit). 

On Thursday, Bolo said it 
had received the offer “with 
interest” “The announcement 
firms up the hypothesis, 
already laid out to Ralo's man- 
agement in an atmosphere of 
mutual collaboration, of a com- 
peting offer significantly better 
than that of Credito Italiano." 

The consortium led by Cari- 
plo intends to offer L21.500 a 
share for 70 per cent of Rolo. 
That compares with Credit’s 
improved offer of 120,000 for 
only a 6 per cent holding. If 
shareholders accept, the Cari- 
plo consortium will have to 
pay L3,29ibn ($2bn) for the 
stake, 18 per cent more than 
Credit would have paid. Ana- 
lysts agreed yesterday that the 


Cariplo offer would probably 
put Bote out of reach of Credit, 
unless It too teams up with 
other bidders. 

Trading yesterday on the 
Milan stock exchange also 
suggested that Cariplo's plans 
might be enough to win Rote. 
The Bologna bank's shares 
closed nearly 3 per cent higher 
at L18J884. having risen. 3 per 
cent on Thursday ahead of the 
announcement. 

Cariplo, which is unquoted 
and owned by a charitable 
foundation. Is likely to have a 
majority of the consortium. 
But other banks are set to form 
a noccioio duro, or hard core, 
within Rote's shareholder list 
if tiie bid succeeds. 

At the moment only IMI, the 
privatised banking group, and 
Gassa di Risparmlo in Bologna, 
Rolo’s neighbour, have for- 
mally put their names to the 
offer, but Bank Austria, which 

Is controlled by the Vienna dty 
authorities, and Reale Mutua, 
an Italian insurance company, 
are said to be discussing join- 
ing the bid- 

Cariplo and its allies still 
require the backing of the 
Bank of Italy, responsible for 


supervising Italy's fragmented 
banking sector, and Consob, 
the stock exchange watchdog. 
The group has until January to 
launch the offer formally. 
Credit's bid opens on Monday, 
and closes on January IS. 

If the Cariplo consortium 
wins the backing of the Rolo 
board today, it will represent a 
victory for a collaborative 
approach. 

The Milan savings bank, 
Italy’s third largest bank, 
began discussing a deal with 
Roto nine months ago. 

Analysts believe that Credit, 
on the other hand, made a 
number of crucial errors when 
it first announced plans far a 
bid at the end of October. Cred- 
it’s first outline offer - of 
L19.00G a share - was dis- 
missed as hostile by Rolo, and 
although its second bid 
received a warmer welcome 
two weeks ago, Rolo directors 

stopped short of giving it full 

support 

A defeat for Credit would 
represent a defeat for Medio- 
banca, the secretive Milan mer- 
chant bank which has built up 
a strong influence over Credit 
and Banca Commerciale Ital- 


ians (BCD, its recently priva- 
tised neighbour. 

BC1 was thwarted in its 
attempt to gain control of 
Banco Ambrosiano Veneto, 
another quoted Italian bank, 
launched at about the same 
time Credit made its approach 
to Rolo. 

Before the Cariplo plans 
were announced. Mr Lucia 
Rondelli, Credit chairman, crit- 
icised the possibility of a deal 
with Cariplo, because, he said, 
it would put Rolo - one of 
Italy's most efficient quoted 
banks - under the shadow of 
the public sector. 

The Italian Treasury and the 
Bank of Italy have stressed 
that public foundations, such 

as the one that owns Cariplo. 
should accelerate the process 
of listing the shares of their 
banking subsidiaries. Cariplo 
(short for Cassa di Risparmio 
delle Provincie Lombard©) 

planned to float about 20 per 

cent of its shares on the Milan 
stock market earlier this year, 
but abandoned the operation 
because of adverse market con- 
ditions. 

Andrew Hill 


BHP rises 30.6% to A$836m 


fly Mldd Tatt to Sydney 

Broken Hill Proprietary, the 
Australian resources group, 
yesterday announced a 30.6 per 
cent advance in first-half prof- 
its after tax but before abnor- 
mals, to AJ836m (US$653m). 

The figure compared with 
A$640m in the same six 
months to end-November in 
the previous year. Revenues 
rose 104 per cent, to A$9i2lbn. 
and bpqfo earnings per share, 
excluding abnormal^, were 593 
cents, up from 47.9 cents. The 
interim dividend is increased 
14-3 per cent, to 24 cents a 


share. BHP took an after-tax 
abnormal gain of A$234m, for 
the sale of its remaining stake 
in Woodside Petroleum. This 
brought bottom-line profits 
after tax to A$l.07bn, 672 per 
cent higher than in 1993-94. 

Mr John Prescott, managing 
director, noted the figures had 
been achieved at a time of 
quite depressed prices, 
although he conceded that the 
copper price, which reached a 
four-year high during the 
period, had beat an exception. 
He suggested the annual round 
of negotiations between Japa- 
nese buyers and Australian 


coal and iron ore suppliers, 
which is under way in Japan, 
should bring gains in bulk 
commodities, and said that 
higher prices should “impact 
favourably" towards the 
end of the current six-month 
period. 

"Firmer world growth should 
underpin improving prices for 
some of the company's key 
products,” said BHP, adding 
that Australia’s strong eco- 
nomic growth should lift 
domestic demand for steel, 
“although some government 
initiatives can be expected to 
manage this growth". 


Eramet in share swap for nickel 


I 


By Kenneth Gooding, 

Mining Correspondent 

Eramet, the recently-listed 
French metals group, is swap- 
ping a 2 l 4 per cent stake in its 
existing capital for Cofremmi, 
a subsidiary of Bureau de 
Recherches G&ologique et Min- 
ifies (BRGM) in a deal worth 
about FFrlZSn ($22.7m). 


The deal gives Eramet 
800,000 tonnes of nickel con- 
tained in ore reserves in sev- 
eral deposits in New Caledonia 
that are surrounded by depos- 
its owned by SociSte Mfetallur- 
gique Le Nickel (SLN), Em- 
met's subsidiary. Mr Alain 
Ray, Emmet's planning direc- 
tor, said the acquisition would 
permit the economic 'develop- 


ment of the total area. SUTs 
reserves previously totalled 2m 
tonnes of nickel 
Eramet, the world's fourth- 
largest nickel producer, said it 
would increase SLOTs annual 
output by 20 per cent from 
50,000 tonnes to 60,000 tonnes 
by 2000. Mr Ray said capacity 
would start to rise next year to 
51,000-52,000 tonnes. 


German bank 
in deal for 
Polish licence 

By Christopher BobinsM 
in Warsaw 

Westdeutsche Landesbank is to 
take a 2AJ9 per cent share in a 
capital issue by the ailing 
Bank Morskl in Szrzecin and 
become the second Gorman 
bonk to obtain an operating 
licence in Poland. 

The German bank, which 
applied to open a wholly-owned 
subsidiary in Poland 12 months 
ago, made the move after the 
National Bank of Poland 
(NBP), the central bank, said it 
would only issue licences to 
foreign banks if they were 
willing to help shore up the 
private sector by buying into 
troubled banks. 

Westdeutsche’s partner in 
the venture is the state-owned 
Polish Development Bank 
which is to take 75.1 per cent 
of the new issue. 

Bank Morski has been 
managed by receivers for a 
year and NBP has promised 
to help finance its recov- 
ery. 


m. 


COMPANY NEWS: UK 



Ibenschmidt hits out 


oyer T&N stakebuilding 


-1 ' 


By Kerin Done, 

Motor Industry Correspondent 

Ktdhenschmidt, the German 
automotive components sup- 
plier, yesterday attacked the 
ttttsibpted acquisition of a 
majority stake by T&N, the UK 
automotive components and 
engineering group, as “an 
unfriendly takeover". 

. . Kfr Heinrich Binder, chair- 
man of. the Kolbenschmidt 
.management board, held talks 
with the German cartel author- 
ities in Beriin yesterday in an 
attempt to block the deal- Pro- 
test petitions signed by 2£00 
workers have been sent to the 
'economics ministers of four 
German States. Mr Binder said: 
“We do' not need anyone to 
help us financially. We have 
achieved the turnround and 


Chilten 
consolidates 
recovery 

Following a modest return to 
the' black at the interim stage, 
Chlltem Radio * yesterday 
announced a resumption of 
dividends as it consolidated the 
. recovery over the frill year to 
.September 30. 

On turnover ahead 8 per cent 
to ifijflm. the pre-tax line 
showed a turnround of £760,000 
to profits of £52.4X00. The out- 
come took in net costs of 
£53,000 related .to the unsuc- 
cessful bid from CLT, the Lux- 
embourg-based multimedia 
group, which was more than 
offset by a gain of £72,000 from 
.’the dfcppgfll of its stakes in 
IZkfepemlent Radio News' and 
^Gloucester Broadcasting. 

" The group now operates 11 
radio stations, all but one hav- 
ing the full 8-year licence 
period outstanding. Mr Peter 
Burton, chairman, said that 
national^ advertising revenue 
Wiu up 20 per cart yearon-year 
but local revenue sources 
remained relatively flat 
“Earnings were 5.4p against 
fosses' of ' 3.4p; dividends are 
restored at lp.- 


are back in the black." 

T&N announced in Septem- 
ber that it would pay up to 
DM282.6m (£117.7m) to acquire 
a 52 J5 pear cent stake in Kol- 
hens chrmdt - which designs and 
manufactures a wide range of 
engine pistons, bearings and 
bushes, oil and water pumps 
anil aluminiu m castings- 

T he deal would make T&N 
one of the world's leading pro- 
ducers of engine pistons, vying 
for the number one position 
with Mahle of Germany. In 
bearings it would rival Federal 
Mogul of the US. 

The UK group has secured 
an option to purchase the 
majority stake, but the deal is 
subject to approval by competi- 
tion authorities in the US, Ger- 
many, France and the UK Mr 
Binder said he believed that 


at Intercare Group, the health- 
care product supplier, fell 46 
per centfrMn.£431mto£233 n oL 

The £43u4m sales figure for 
the year to October 31 was up 
from £39m last time and 
included £978,000 from acquisi- 
tions. The gr o u p attributed the 
disappointing outcome to a 
“significant contraction" in the 
Dutch scooter market a nd poo r 
performance by new ventures 
in the medical products busi- 
ness. Recovery was expected in 
both areas. 

Earnings per share emerged 
at 5.5p (I0^p). The recom- 
mended final dividend is 
unchanged at 2^p. nKd ntauim g 
the total for the year at 3Jq>. 


Intwcaredown 46 % 

Des^te turnover 13 per cent 
ahead, full-year pre-tar profits 


Albion falls 

Annual profits at Albion, the 
Belfast-based men's wear com- 
pany,' fell from £1.09m to 
£620,^0 pretax. 

The company Maim»d tighter 
marg ins and exceptional costs 
Of £273,970 to cover closures 
and the writedown of its Hun- 
garian investment 
Turnover for the year to Sep- 
tember 80 rose to £25.6m 
(£2LSm). Earnings were l3.6p 
(20-2P) and a reduced final divi- 
dend of l,6p is proposed for a 
total of 3i2p (4p). 

Charles Sidney talks 

Charles Sidney, the Mercedes- 
Benz truck and car dealer, and 
Eletchley Motor Group are in 
talks over a possible merger. 


the German cartel office would 
block the 

T&N c laime d that it had 
received “numerous offers of 
support" from leading German 
vehicle makers. 

It acquired its option an the 
majority stake as part of the 
restructuring of MetallgeseU- 
schaft, the German metals, 
mining and engineering group, 
which sold its 47 per cent hold- 
ing in Kolbenschmidt to Com- 
merzbank and institutions. 

TAN’S option expires at the 
gnd Of March An initial ver- 
dict from the German cartel 
office is expected in February. 

Kolbenschmidt said yester- 
day it had achieved a pre-tax 
profit of DMi4m in the year to 
September, against a DM114m 
loss. Group turnover fell by 21 
per cent to DM1.2Sbn. 


NEWS DIGEST 


It is though likely that terms 
would comprise a share after 
by Charles Sidney for Bfetch- 
ley at Wednesday's market 
price of 26ip, giving a market 
capitalisation af£26m. 

Watson & Philip 

Watson & Philip is expanding 
Alldays Stares, its convemaice 
stare subsidiary, with the pur- 
chase of 12 specialist conve- 
nience stores from Circle C 
Holdings. 

In addition, the Circle C fran- 
chise network comprising 34 
outlets will be acquired and 
merged with the Alldays fran- 
chise n e twork. - 
Consideration is £3L5m cash, 
phis stock in trade, which will 
also be payable in cash when 
the valuation is agreed. 

SEC fisting 

Securitised Endowment Con- 
tracts, the marketmaker in 
traded with-profits endowment 
policies, has obtained a full 
Hsting and changed its namp to 
SEC Group. 

Dealings will begin on 
December 22. 

Toad £3m placing 

Toad Innovations, the car secu- 
rity company, has raised £3m 
following a private placing of 
3.55m shares' that will be 
traded under the Stock 
Exchange's Rule 4 2 facility. 
The issue, which dosed on 


Autumn sales lift 
Courtaulds Textiles 


By Tim Burt 

Shares in Courtaulds Textiles 
rose l6p to 435p yesterday after 
Britain’s second largest cloth- 
ing and fabrics manufacturer 
defied raw material price 
increases and unseasonably 
warm weather by reporting 
encouraging sales during the 
crucial autumn season. 

The rising share price, how- 
ever, only partially reversed 
several months of decline, 
which worsened in September 
when the group announced a 
26 per cent fall in first half 
profits following significant 
losses at its newly-acquired 
French hosiery businesses. 

Nevertheless, the group said 
a “satisfactory" performance in 
recent months and minimal 
restructu ring costs would help 
it meet full year profit targets. 


December 12, significantly 
exceeded expectations. 

The Issue is sponsored by 
Henry Cooke, an active pro- 
moter of issues under Rule 42, 
formerly known as Rule S35£. 
Dealing are expected to begin 
an December 22. 

Moorgate assets dip 

Moorgate Investment Trust 
saw undiluted net asset value 
per share dip by 53 per omit, 
from l62.1p to 15&5p, during 
the half year to November 30 - 
a modest outperform ance 
against its benchmark, the 
Hoars Govett Smaller Compa- 
nies Index, which fell per 
cent over the same period. 

Net revenue declined to 
£712,000 (£828,000), reflecting 
the managers' decision to 
invest in lower-yielding shares 
“with superior earnings and 
dividend growth prospects”, 
according to Sir Mark Thom- 
son. nTxrirman 

Earnings per share conse- 
quently emerged at 2.52p, 
against 2£3p, but the interim 
dividend is maintained at L7p 
and a modest increase in the 
final (SL55p) is anticipated. 

Copymore in talks 

Copymore, the USM-quoted 
nfffco equi pment supplier said 
that it had been in preliminary 
negotiations with a number of 
potential buyers of the com- 
pany. However. Mr Jeff God- 

bold, j oint ^ban-man said that 


estimated at about £47m by 
analysts. 

The group’s optimism was 
due in part to increased orders 
from Marks and Spencer, its 
largest customer, according to 
Ms Julia Blake of BZW. 
“Demand from Mfes has taken 
off with a vengeance and sup- 
pliers across the sector are 
extremely relieved,” she said. 

While not downplaying the 
importance of M&S, Court- 
aulds Textiles c laim ed trading 
had improved following the 
success of a three-pronged 
strategy aimed at maintaining 
margins. Its exposure to raw 
material price increases has 
been limited by building up 
forward stocks; higher prices 
have been pasted on success- 
fully on towels and bedding; 
and new products have all had 
increased prices built in. 


no official offers had been 
received. 

Shares In Copymore have 
risen strongly throughout tins 
week. They closed yesterday at 
I80p, up Upon the day. 

Man plans appeal 

ED&F Man is to appeal against 
a decision by the FT-SE Actu- 
aries Industry Classification 
Committee to reclassify the 
agricultural and financial ser- 
vices group from the Food 
Manufacturing to the Other 
Financials sector. 

Mr Harvey McGrath, manag- 
ing director, said that over two 
thirds of Man’s profits come 
from the food business. How- 
ever, the committee said a 
review of Man’s operations 
over the past five years showed 
that most of the group’s reve- 
nue was earned from financial 
services. The current year’s 
revenues were unusual in that 
the group's fund management 
business bad underperformed. 

Correction 

ERF 

The stake held by ERF 
Holdings, the UK truck maker, 
in ERF South Africa is 56.1 per 
cent and not 43.9 per emit as 
incorrectly stated yesterday. 
Production is currently run- 
ning at 15 to 16 trucks a day 
and not a week as stated in 
the world commercial vehicles 
survey. 


REPEAT CALL FOR TENDERS 
FOR THE PURCHASE OF A GROUP OF ASSETS OF 
“METALLURGjCKI HALYPS SA”, OF ATHENS, GREECE 

ETHMK1 KgA^ooSAtAihniiusmiioa of Assets and I iabflirim of 1 ShmlenioiiSiE, Alliens, Groce, mils capociry osliquiibTor 
□f METALLURGIES HALYPS SJl, a company wilh iis regaicred office la Athens, Grace, (the Company), presently under special 
tiqiriduiDii according to the provisions of article 46a of Law 1892/1990, by virtue of Pe dii oo No. 4345/1994 of tbe Athens Coort 
of Appeal 


for tbe pwetae of the 


announces a repeat call for tenders 

moitioiicd below; which are being arid as a single entity: 

BRIEF INFORMATION 


The Cnmpmy was cmbKriicd in 1972 and was in operation until 1991, when ii was dedwd bankrupt- Its activities inducted tbe 
production of coaciefe icnsforcing iron in roBs and bus. On 10194, the Company was plac ed under qscrial liquidation according 
to tbe pro vai ons of article 46i Law 1892/1990. 

ASSETS OFFERED FOR SAl£ 

a. A Sffliige bnildlng of 1500no2and the 172 pro-todrvno of oilier 2 storage bttikfii^ of 1,965 m2 and 1,000 m2, leapecfively, 
whkli are "separate vertical pio-iniilviao properties” gandiag oa a plot of b&d of 7.980 m2 locked in the Local Authority of 


lx. Agpculmnl plot of land amoemting to I2JB75 m2 ai Simaadia of Loo] Authorities of N. Mowbnia, ChaOdcfikL 

c Agricahmal plot of bnd umutinting to 4,312 m2 in the same area as plot (b). 

Tim above assets were mentioned in the publication of the 1st call lor leaders under the heading "Other Assets". 

OFFERING MEMORANDUM - FURTHER INFORMATION: 

Interested parties nay obtain the Offering Memorandum upon signing a mnfjdrnriiility agreement. 

TERMS AND CONDITIONS OF THE AUCTIONS 

1. The Auction shall take place in accordance with the provisions of article 46a of Law 1392/1 990 as sqspkmented by article 14 
of Law 2000/91 and modified later), the tenia and conditions set forth herein and the “Ttnas and Conditions of Sale” 
contained in the Ofitaring Memorandum. Such provkaou and other tenns and conditions shall apply inespeaivdy of whether 
they are mentioned herein of dol Sulmtisi Ecu of farming offers shall mean acceptance of snch provisions and other tema and 
conditions. 

2. Binding Offers: haeiesicd parties arc hereby invited lo sofamit binding offers aoi later than ITtii df January 1995, 12.00 hours 
to the Athens Notary Public Mr Evangclos Dracopoaka, at 19, VouduMwestiou fie 106 71 Athens* ret 4-30-1-3613732, &uc 
+30-1-362.1 UL 

Offers fchoold es p redy state tbe offered price and the detailed terms of payment (in cash or restalmcnts, mentioning the 
number of hagalrpcnti, tbe dates thereof and the proposed annual interest rate tfaay). In tbe evatf if not specifying a) die way 
of payment, b> whether the instalments hear interest and c) the interest rate, then it shall be deemed that a) the offered price 
is payable immeffately in cash, b) tbe instalments shall bear oo In t er est sod c) the inlami rate, then it shall be tbe legal rare 
in force. Binding offers —fanfaied later dun d» above dale shaO neither be accepted nor considered. The offers shall be 
binding until tbe adjadfcatiotL Sobmissloo of offers io favour of third puties lo be appointed at a later stage shall be a c cept e d 
under the condition that express mention b made in tins respect upon submission and dm the offerer shall give a perawnf 
gnanmec in favour of such third party. 

3b Iff ttutfiamteC Rfawfing offers "»»«* be by n Letter ofG nanBtt<b ■— n«t m aooprdancc «iraft 1 ^ 

of Guarantee contained ha the Offering Memorandum, by a bank legally ope ra tin g in Greece, to retrain valid until (be 
ad§tMficaskn.The amount of the Letter of Guarantee man be for the amount of Dis. THIRTY MILLION (30.OOOJJOO.-1- Tbe 
Letters of Guarantee shall be returned after dm adjwficaupgL In the event of non- compliance wit! h tbe prawfatona and other 
terms and c onditions referred to in paragraph 1 hereof, the Letter of Guarantee shall be forfeited as a penally, 

4. Mangjpg. Biiidipg oCfeq together with tbe Letter of Guarantee shill be noh—iited in acaled mradopesL Snbinfesions shall 
be node in person or Khroogb a duly authorised agent. 

5. E nve lo pes containing the binding offers shall be unsealed by the above menti oned Notary Pnbtic in bis office, on the 17th 
January 1996 at 14H0 boars. Any party having duly submitted a tinting offer Aon be entitled to attend and dp die deed 

ti be un se al i n g of the binding offers. 

6 As highest bidder shall be considered tbe participant, whose offer wifl be judged 1^ aedhen represottiiig over 51% She 
Claims agama the Company (the "CMboBfX wp« suggestion of the Liquidator, to be in the best interests of nil the Gnedfem 
of the C o mp any. It is noted that far the pttrpoKs of evaluating » offer proposed to be pud by htfUfanents. the present value 
thereof shall be taken rate icmot, which shall bo ealenhred too the basis of an amoai discount htt ere s* me of 2H, 
compounded yearly. 

7. The Liqigftefor shall gm written notice to the highest bidd e r to app e ar on the date and pla ce mettikmed therein and execute 
the oatiraci of sale in soeoftfanee with the tern contained in bis binding offer amUor any other improved terms, which nay 
be snggestedby the Ctafiuns and agreed upon. Arfiodiaiioa shall be deemed to take effect upon execution of (he contract of 
s ale. 

S. All costs aal expenses of any oaten b respect of the putidpatloi] and tire transfer of assets offered hereby far sale shall be 
exclusively borne by tbe ptnupub and the purcha s er respectively. 

9 , The fiquxrfaftor and the Credhora shall hov<o no liability nor obtigssioa whatsoever towards the {nroetpuite m Fetation to tin: 
evaluation of the offers or the appointment of the highest bidder Of any dorian te repeat or cancel the Auction or any deoaksc 
whatsoever in with the proceedings of the Auction. Tbe i and the not ar y shall have no IrabQtty for any 

fegal or xoiri defects of tbe assets. Sahmfeswo of binding offers shall not create any right fot the adjudication nor (be 
participants ahafl acquire any flghU power or daim from this invitation and/br their participa tion in the Auction against tire 
Uquidnor tod/or the Qu&on for any reason whatsoever 

Iff. This KnvitatiOo has been drafted in Greek and transfaicd into tingtish. In any evem tbe Greek vom shall prevail. 

fa order lo obtain the Offering Memorandum mid any farther ixOouoium please apply to the Liquidator "Ethniki Kcphafeoa SA. 
Adainfaratiwi of Am and Liabtfaks", L Skonlenioo Stt Athens 10563. Greece, Ttt 430-l-323.14£4-S7, L mu +30-1-321 .97.05 
(attention Mis. Marika ftangatisV" 


-* 








ft - 


-- - > 1 , 





\ 




Asda’s chief executive, Archie Norman, made a bleak forecast for foe supermarket sector 

London 

Take-over fever 
proves catching 

But retailers strike a sour note, reports Jane Fuller 

O ne of the few the September 30 year-end had another two years, hi spite 
remaining hopes for been cut to just 3 per cent on this, the group has contini 
a bit of stock market shareholders' funds of £708.6m. its recovery, beating mar! 
fizz before the end With the government saying expectations with half-y 


O ne of the few 
remaining hopes for 
a bit of stock market 
fizz before the end 
of the year has been bid specu- 
lation, and this week has pro- 
vided some entertaining tests 
of whether words might actu- 
ally turn into action. 

They foiled spectacularly to 
do so in the case of S.G. War- 
burg, the OK investment bank 
with global ambitions, and 
Morgan Stanley, of the US. 
Merger talks were called off on 
Thursday, a week after they 
became public. 

Postmortem reports revealed 
that the sticking point was 
Mercury Asset Management, 
Warburg’s 75 per cent-owned 
fund management arm which 
contributed nearly all the 
group's first-half profits. 

The board of MAM wanted a 
premium offer for the minority 
shareholders, along with guar- 
antees about independence. 
The US firm would have con- 
templated the former, up to a 
point, but jibbed at the latter. 

The merger collapse left 
Warburg with difficult ques- 
tions to answer about its vault- 
ing ambition to become a 
global investment bank. Its 
share price fell 99p to 678p on 
the day. 

The other big bid prospect of 
the week remains firmly an the 
cards, however. Interest in 
Trafalgar House's putative 
offer for the Newcastle-based 
Northern Electric is intense, 
especially as it would be the 
first hostile bid for a privatised 
UK utility. 

The engineering and prop- 
erty conglomerate is controlled 
effectively by Hongkong Land 
- a subsidiary of Jardine 
Matbeson, which is trying to 
reduce its dependence an Hong 
Kong ahead of the 1997 hand- 
over to China. 

Money from the colony, plus 
the target’s own strong balance 
sheet and cash-generative pow- 
ers, would finance such a deal 
rather than Trafalgar's other 
shareholders, whose goodwill 
has been strained by asset 
write-downs and two rights 
issues since 1992. 

At least Trafalgar House has 
returned to profit after three 
years of losses, and gearing at 


the September 30 year-end bad 
been cut to just 3 per cent on 
shareholders’ funds of £708.6m. 

With the government saying 
it would retain its “golden” 
shares in the regional electric- 
ity companies until March 31, 
Northern’s share price ended 
the week at 985p (valuing the 
group at £l.22bq) after rising to 
lOlOp on Wednesday, the day 
Trafalgar said it was consider- 
ing a bid. 

Northern started the week at 
881p - already nearly 300p 
above this year’s low. Then, a 
rising clamour about bids in 
the sector kept mentioning it 
as a prime target. It is one of 
the smaller of foe 12 rocs, with 
a reputation for lacklustre 
management - although same 
analysts have begun to revise 
that view. 

Takeover fever has added a 
few extra volts to a highly 
charged sector. The recs’ 
results season, which culmi- 
nates on Monday with East 
Midlands, has thrown up divi- 
dend rises of betw e en 15 per 
cent and 47 per cent - politi- 
cally unpopular dimensions. 
Underlying earnings have 
risen strongly, even if re-organ- 
isation charges - including 
hundreds of job losses - have 
dented headline figures. 


W hat a contrast 
with the retail 
sector, which 
ought to be enjoy- 
ing its jolhest time of the year. 
The latest CBI survey, showing 
stagnant sales in November 
and October, confirmed that 
the “feel-bad" factor was con- 
tinuing to affect consumers. 

Ample evidence of high 
street gloom was provided by 
this week’s set of company 
announcements, most graphi- 
cally in the profits wanting 
from Hornby, maker of the rac- 
ing car game Scalextric. Its 
shares fell 50p to 127p on 
Wednesday as one source was 
quoted as saying: “It is going 
to be a poor Christmas.” 

On Thursday, Asda’s chief 
executive, Archie Norman, 
came out with a typically bleak 
forecast for the supermarket 
sector: the era of intense com- 
petition and failing margins 
was likely to continue for 


another two years, hi spite of 
this, the group has continued 

its recovery, beating market 
expectations with half-year 
pretax profits at £108.7m. 

A ray of hope for the fixture 
was offered by one small multi- 
media company. VldeoLoglc 
has signed what could prove to 
be a lucrative deal with NEC, 
of Japan, to develop computer 
games with much more realis- 
tic 3D images. Never mind the 
Scalextric: games now avail- 
able only in arcades are set to 
enter the home. 

Rather quaintly, VideoLogic 
explained away its £3 .7m 
interim losses by saying that 
the business remained “in 
development mode”. It had 
eschewed short-term profits 
deliberately to keep up invest- 
ment in research into the mul- 
timedia breakthrough. And, 
believe it or not, foe market’s 
reaction was any thing but cyn- 
ical: foe shares rose llKp to 
51p on the day. 

As the company results sea- 
son starts to wind down, the 
discomfiture of some high pro- 
file individuals has this week 
vied with the takeover excite- 
ment for the front pages. 

Maurice Saatclti, chairman 
and founder of the Saatchi & 
Saatchi advertising group, has 
been assailed by some big 
shareholders. They were 
incensed by a proposal that he 
should receive a £5m option 
package - based cm his old sal- 
ary of £625,000 instead of his 
new one of £200,000. 

Yet, even £5m pales into 
Insignificance beside the esti- 
mated £40m of personal debts 
owed by Robert Montague, 
chief executive of container 
rental group TLphook. Barclays 
Bank has joined Royal Bank of 
Scotland in serving petitions 
for bankruptcy on him. The 
latter’s action is due to be 
heard on Thursday. 

Of the money owed to Royal 
Bank, some £8m is secured on 
Montague’s L300-acre estate at 
Pusey, Oxfordshire. Another of 
the big lenders involved is 
Commerzbank, of Germany, 
which has about £7m secured 
on his yacht 

If Montague is made bank- 
rupt, he wifi. no longer be able 
to sit on TTphook’s board. 


You win some, you lose some 


Relative to ttia AA-Share (FT-SE-A Indfcea) 

^ 0 Q “■ - — ■ ■«- ^ m-w ■ • — a- Ap * A# 


160 


TWUtve to the AS-SiareiFT-S&A Indfces) 

— > — — : 135 


120 - - 


ioo'kjf.9 



rr 12S 


120 . 


1991 1982 

1883 

J | 

1894 

L 1 

1990 

1— L_. 1 » ® 

■91 . ■ 93 93 94 

■ 

| ■ Highlights of the week 


Price 

Change 

1994 

' ' 1994 - 

* B ' » * * " " v 


/day 

oh wok 

Hfgb 

Low 

■ ■ ‘ * 

FT-SE 100 Index 

30138 

+30.3 

qrana 

2878.6. 

Corporate activity expected , 

FT-SE M d 250 Index 

3437.1 

+41J 

415SL8 

• 

3363.4 

Hopes for Christmas, rafly . . 

British Petroleum 

421% 

4-19 

437% 

340 

• ■ ■ 

Wifl received conference 

CacSxw-Sehweepes 

400 

-18 

545 

392 

■■ . 

. Btakarfs i a dewnpredbiQa . 

Caradon 

254 

+1056 

465 

224 

■ 

Broker “buy" note 

Euro Disney 

114 

+7 

213 

78 

knprovod attendnee figures 

Hornby 

135 

-42 

216 

■ m 

125 

■ 

n i fii — ■ . 

Kroms wammg 

Made & Spencer 

380V> 

+11 v& 

... ■ ■ 

36854 

. . r 

Brightor prospects for sector 

NFC Var vtg 

152 

+16 

291 

145 

Chairman effect buys stuns 

Northern Elec 

885 

*104 

1049 

588 

■ 

Trafalgar House considering ted 

Scotia Htdos 

274 

+20 

295 

242 

■ 

rosovQ conical uiai 

SmtthKBne Beectiam A 

454 

+27 

465K 

35754 

Positive anaiyata meeting 

South Western Sec 

855 

+90 

8 63 .. .. 

551 

Bid specutaUon In «>«ctjicity aeetor 

VideoLotvc 

63 

+2354 

64 

■ ■ ■ 

18% 

■■■■■-■ ■ 

Ventura with NEC of Japan 

Warturq (SG) 

713 

-70 

1012 

569 

w B 

Morgan Stanley talks cpttNWt 





FINANCIAL. TIMES WEEKEND 


DECEMBER 17/PECEMBER 18 1994 




MARKETS 




Wall Street 


Witches lurk behind the Christmas tree 


L S st 





-1 '-is 

• ■''I 

' "tfV-j 


T he only predictable 
feature of the stock 
market this year has 
been ite unpredictabil- 
ity. A little more than a week 
ago. Wall Street was reding 
from a 50-pdnt loss on the Dow 
Jones Industrial Average. It 
was the latest in a string of big 
sell-offs which had dragged 
blue-chip stocks dose to their 
lows of the year and sucked 
much of the confidence out of 
the market 

At the time, investors - 
already bruised by rising inter- 
est rates and fears of a dazfcen- 
mg economic outlook - were 

also being battered by the big- 
gest municipal bankruptcy in 
US history and the mysterious 
cancellation of a $2bn cash dis- 
tribution by the nation's big- 
gest mutual fund. The cHmate 
on Wall Street was so chflly 
that most pundits predicted 
that the market would miss its 
traditional year-end rise in 
share prices - the so-called 
“December rally”. 

This week, however, the 
mood abruptly chan ged, and 
like many of the market’s 
moves this year, initially no 
one was quite sure what was 
behind the shift Since its big 
decline on December 8, the 
Dow has rebounded more than 
90 points, or 2J> per cent Now. 
talk of a Dec ember rally is 
being revived, and investors 
are realising that there maybe 
something under the Christ- 
mas tree for them, after aJL 
The market’s turnaround 
can be traced to the easing of 


As the Dow bubbles unexpectedly, Patrick Harverson predicts trouble ahead 

... .hnm clnwdown in 


•. "it- 


fears that the Federal Resave 
would raise interest rates once 
more before the year ended. 
The selling of shares in early 
December followed a strong 
November employment report 
which led some analysts to pre- 
dict that foe Fed would tighten 
monetary policy for the sev- 
enth, and final, time thlg year 
after the Decembers meeting 
of its open market rcwmnltteft. 

To this grim prospect of yet 
another rate increase was 
added the bankruptcy of 
Grange County, California, and 
foe cancelled payout at- the 
Fidelity Group’s Magellan 
Fund. Although neither stray 
had direct implications for 
share prices (the Orange 
county debacle only briefly 
roiled foe bond market after it 
sparked a fire sale at billions of 
dollars in government agency 
securities, and the Magellan 
mix-up subsequently proved to 
be the product of a mathemati- 
cal mistake), they clearly 
undercut sentiment. 

In the past week, however, a 
string of economic data has 
forced analysts to reconsider 
their predictions of a December 
20 interest rate increase. The 
most important statistics con- 
craned inflation. On Tuesday 
and Wednesday foe governr 
ment reported that producer 
prices rose by 0l5 per cent and 
consumer prices rose by 0L3 per 
cent in November. Neither fig- 
ure was encouraging, but in 
both cases the closely-watched 
“core” measure of price infla- 
tion (which excludes volatile 


4JDQ0 


nohn 


3JB0Q 


ajo a 


3,600 — 


3JBQ0 



components which distort foe 
indices) rose at a slower rate 
than expected. The market was 
also encouraged by a report 
from the Philadelphia Fed 
which showed signs of moder- 
ate growth in business activity 
and only mild inflationary 
p ress u res in the region. 

Taken together, the data 
comforted investors who had 
been worried about another 
tightening of monetary policy. 
Ironically, the Grange County 
bankruptcy may also have con- 
tributed to the easing of inves- 
tors’ fears, because another 
rise in interest rates would 
have further undermined the 
value of Orange County’s trou- 
bled bond and derivatives port- 
folio. 


Hong Kong 


198* 


Stocks were also aided this 
.week by fresh Am-Utww hi bond 
yields. In the past eight days 
the yield on the 30-year bond 
has dropped from 8 per cent to 
7.85 per cent. This has helped 
allay mnewns that rising bond 
yields would lure cash out of 
stocks into the Treasury mar- 
ket The favourable move in 
bonds, however, has been off- 
set by a sharp rise in yields on 
shorter-term g overnment secu- 
rities, such as two-year notes. 
This divergence has led to a 
further flattening in the yield 
curve - the graph of yields on 
securities with differing matu- 
rities - and, as bond market 
analysts never tire of pointing 
out, a rapid flattening of the 
yield curve typically precedes a 


sharp slowdown in economic 

^rTmost equity Investors, 
however, the flattening yield 
J-urve is a technical pbenfem, 
non of litfle intere^andtto 
weekend they are likely to *» 
bSfr* in ti» wsmn glow of 
the Dow’s best weekly showing 
since eariy October. 

Yet, foes* should he 
against making too much of 

the gains of ae gas toe 

because for most of toa week, 
trading was greatly influenced 
bv the manoeuvring?! of insti- 
tutions ahead of Friday, after- 
noon’s “triple-witching hour“. 
Triple-witching is the name 
given to the simultaneous exjd- 
ration of stock options and 
futures, which happens four 
♦ irwpg a year and often pro- 
duces exceptional s hort-te rm, 
movements in share jafoas. 

This week, these movements 
were mostly upwards, which, 
far some handsome gains 
in the Dow. Yet. they were 
gains which only cloaked the 
market's underlying weak- 
nesses - without them, the 
Dow’s advance would have 
bees modest. Come Monday, 
share prices are likely to drop 
initially, and the market win 
aVnnnfit certainty be sporting a. 
triple- witching-sized hangover. 


^ r ? iii 


. /ffl 


•1 


.--.J--- v»-*r: 


■1- a -titfJMLr -U 

: 'Mci w raM * M 

■ . “I ? 


Stef** 


4 




0 ^ p* 

Milan r 


■ .'.tf 


Mr;-** 


■ 


Monday 

Tuesday 

Wednesday 


* tad A ee negu 

3716J37 +27-36 

371534 -MB 
374&20 +30#Sr 

3765.47 mw*; 




■"--irril 
-V *Sj * 


- i . . t ZafTw 


4# : ■ -J| 




• 


Friday 




Dog days in a year that matched its name 

Bearish sentiment has plagued stock prices. Will 1995 be any better? asks Louise Lucas 

T he Hang Seng index. h«w S eng s ape again The US-led Interest rate year, just as last yearis Sine 

Hong Kong’s stock rises, fed through to Bong British wrangling failed t 

market barometer, Kong via the doUar/Hong Kong avert the index from soaring 

improved nearly 5 per 13,000 — dollar currency pec. also have ever higher on a flood of Hquitl 




T he Hang Seng index, 
Hong Kong’s stock 
market barometer, 
unproved nearly 5 per 
cent this week. But this techni- 
cal rebound, achieved on the 
back of thin turnover, has done 
little to detract from the bear- 
ish sentiment that has plagued 
stock prices since the begin- 
ning of the year. 

This sentiment has ensured 
that, in the Year of the Dog, 
the Hong Kong market has 
proved to be just that for inves- 
tors. 

After a promising start, 
which saw foe index peak at 
over 12,000 just four days into 
the new year. Hong Kang stock 
prices have succumbed to ris- 
ing interest rates, faffing prop- 
erty prices, and fears over the 
Chinese economy’s ability to 
engineer a soft landing . The 
index is now 33 per cent off the 
January 4 peak. 

In recent weeks, fluid man- 
agers have been selling down 
foie marVet in a bid to raise 
cash to meet redemptions - a 
reversal of the institutional 
activity this time last year 
when foreign funds were 
reputed to he buying anything 
with China, or even Asia, in its 
name. 

The prospects for the tradi- 


11.000 


9,000 


7400 



5,000 


Jan 


tional lunar new year rally 
(foe new year falls at foe raid 
of January) look increasingly 
riim > although many brokerage 
houses are predicting a turn- 
around in 1995. 

Stuart Cook, chief executive 
of Morgan Grenfell Asia Secu- 
rities, says a mix of attractive 
valuations and flattening yield 
curves should turn the tide far 
equity performances, espe- 
cially in the second half of next 
year. The Hong Kong market is 
now trading on a price/eam- 
ings multiple of around 10 

bmps 1995 PfiprmgS , 

He says: “In the first half of 
1995, we will see more pain 




nfirnfag throu g h the interest 
rate front, with short-term 
rates continuing to rise fairly 
swiftly but the long end has 
now stabilised. 

“By foe second half of 1995, 
[US] Fed rates will be more or 
less up to where they are 
going, so a lot of the pain will 
be finished - which ought to 
he good news (for equities].” 

Corporate earnings across 
the board are expected to grow 
at only 17 per cent in 1995, 
compared with 19 per cent this 
year. One reason for this drop 
is the expected inability of 
developers to to maintain earn- 
ings momentum. 


The US-led interest rate 
rises, fed through to Bong 
Kong via the doffar/Hong Kong 
dollar currency peg, also have 
taken their toll cm the property 
market Around 40 par cent of 
foe Hang Seng is exposed to 
foe property market 

But the sector has chalked 
up some of the year's biggest 
losses as the cost of servicing 
mortgages has risen and devel- 
opers have been forced to trim 
the cost of new projects. 

The sector first fell out of 
favour in March when Chris 
Fatten, the colony’s governor, 
announced his intention to set 
up a task force to look into the 
over-heating property market 
This bid to temper prices came 
after a 200 per cent increase 
over three years in the cost of 
homes. 

The task force's recommen- 
dations, aimed largely at spec- 
ulators, were impl emented in 
June and these, together with 
rises in interest rates, have 
sliced around 15 to 20 per cent 
off home prices this year. Stan- 
dard Chartered bank is looking 
for a further fall of 10 to 15 per 
cent next year, others expect to 
see still bigger drops. 

Political events have played 
little part on foe sentiment- 
driven Hong Kang market this 


year, just as last year’s Sino- 
British wrangling failed to 
avert the index from soaring 
ever higher on a flood of liquid- 
ity . 

But the decision, by foe Jar- 
dine camp to de-list from Hong 
Kong, allied to Anther attacks 
from China - which claimed 
the company had been 
awarded a container ter minal 
contract unfairly in return far 
-political, favours sent JUs 
shares tumbling. 

In China, premature but fre- 
quent reports of the death' of 
paramount leader Deng Xiao- 
ping drove the index lower, as 
did fears oyer out-of-control 
inflatio n and b sd debts. The 
debts issue hit the headlines 
when Tubman Brothers said it 
would sue three of China’s big- 
gest trading companies for faff- 
ing to pay 5100m alleged to be 
owing from foreign exchange 
trading. 

Hong Kong’s fortunes are 
linked closely with those of the 
Republic although, so far, 
investment in domestic 
has been modest Instead, com- 
panies are focused on export- 
oriented industries in southern 
China which, says Cock, wffl 
benefit only as Europe ynd 
Japan, moving out of reces- 
sion, increase spending. 






ASIA PACIFIC 


Late rally J 


Tokyo 


. .***■ 





Barry Riley 


• ' V. it ’ 

****** 


• > 4 ta+ 

■ tr 

’• -.dT 

: «* 





Let’s drink to ’94 


in castor oil 


->•5 • 

■ v-i . 





I t was a haff of a first haB 
but the rest of the year 
has left us disappointed 
rather than devastated. 
Despite a couple of half-point 
rises in short-term interest 
rates, the FT-SE 100 index 
stands slightly above its 
endJime level of 2^19 and the 
longdated gilt-edged yield has 
hold at 8.6 per cent (although 
only after hitting an 
intermediate high point of 9 
per cent late in September). 

Going back a year, however, 
the bull market enthusiasm 
was all-pervading. The only 
way for the stock market was 
up, most analysts said. Same 
*qTVpH about 4,000 on the 
Footsie, hardly any about 
3,000. 

My own opinion of the 
FT-SE 100 index at 3,400 was 
cynicaL We were to the late, 
paniohuying stage of the bull 
market, I said. Prices might 
temporarily move higher, but 
equities were only for the 
brave and the nimble. There 
was a chance that the 
dividend yield on foe market 
as a whole would be pushed 
down to 3 per cent - but, by 
then, all the warning lights 
would be flashing red. In foe 
event, it dipped no further 
3 JJ per flgnfc at the 
market’s peak on February 2. 

Events unfolded a little 
more quickly than I had 
envisaged. January indeed 
saw a dash from cash, as 
gman investors piled into the 
two European privatisation 
investment trusts which were 


launched opportunistically by 
Mercury and Klein wort 
Benson: they raised 0,075m 
between them, cm which 
original subscribers are 
showing an average loss of 
17% per cent now. 

There was a smell of the 
notorious Royal Event: an 
over-hyped, suckergathering, 
unit trust launch, in 
September 1987. But it turned 
out to be not quite so bad: 
Instead of collapsing by 25 pra 
cent in a few days, the London 
stock market took nearly five 
months to fall by 18 per cent. 

In fact; though, foe equity 
shakeout was a bit of a 
sideshow. The real story of 
1994 has been one of a global 
bond market crash. 

Fixed-interest securities 
finally shook off their boring 
image and staged a tumble as 
they reversed the bull market 
of 1998 on a rather swifter 

HmgftgKto 

In 1993, long-dated gilt 
yields had fallen from 9 per 
cent late in January to &5 per 
cental the year-end, 
generating a total investment 
return fra 1993 of 34 per cent - 
which was mare than on 
equit ies . That movement bad 
been reversed entirely by 
September this year and, 
although there has been some 
recovery since, the negative 
return on long gilts toe been 
about 12 per cent - a little 
worse than on equities. So 
much for the tradition al idea 
that bonds are less risky than 
shares. 


The reason is parity that 
hnge pnv pmmpnt deficits 
around the world have 
collided with a vigorous 
economic recovery, pushing 
up bond yields. But the scale 
of the boom and bust in global 
bonds has reflected the huge 
growth to speculation by, 
among others, hedge funds 
and the so-called proprietary 

trading teams of banks and 


The shake-out in 
equities was a 
sideshow. The 
real story was 
a global bond 

market crash 


securities houses. 

Plenty about 1994 has been 

positive, however. Economic 
growth has soared above 
expectations whereas mtteHnn 
has under-shot British 

companies as a whole have 
become very prosperous, 
recording a record financial 
surplus hi foe first half-year. 

Yet, the stock market can 
seem perverse. Last year, I 
remarked that foe All-Share 
index had risen by 64 per cent 
In three years while dividends 
had increased not at alL In 
1994, dividends have bounded 
up by an unexpectedly healthy 

8 per cent but the All-Share 

has tumbled by 12 per cent 
Such share price behaviour 


might seem disappointing and 
puzzling to many investors, 
but it is predictable. 
Remember that in buoyant 
economic conditions; it is not 
share prices that go up but 
expected rates of return. Share 
prices fall so that equities can 
compete, in terms of future 
potential, against 
price-insensitive competition - 
such as bonds issued by 
free-spending gove rnments to 
a growing economy, capital is 
in greater demand. 

Fortunately, the British 
gnro riiinmf — more nimbly 
than many others - is 
reducing its borrowing 
requirement rapidly. But the 
influx of speculative foreign 
money which flooded to 
during 1993 (when overseas 
buyers bought £l&6hn of g» ty) 
has halted, and been reversed 
slightly, in recent monthc 

Essentially, the sharp rise in 
bond yields betweenJFebniary 
and June reflected the 


* — UVUILC 

domestic buyers would absorb 
all that the Ranlr Qf Rn g l fl nfl 

had to selL Equities had to 
move roughly in line, because 
a ratio between gilt-edged and 
equity yields of much more 

than 2 is unsustainable. So, 
the yield on foe All-Share has 

moved up to 4.1 per cent now. 

Not only securities have had 
a disappointing year in the 
UK T he feel-bad factor baa 
extended to hoosmg, which 

has flattened out after a 
reasonably promising 
springtime rally. I was right 


t it was healthy 

to say in January that it was a 
good m om ent to switch from 
the stock market into houses; 
but my forecast late in 1998 
that house prices would rise 
by up to 5 per cent over the 
next year (which seemed 
cautious at the timft) hac Haoti 
undermined by recent 
setbacks. By November, hfl p gp 
prices nationally were 
fractionally lower, 
year-cn-year. 

Such house price weakness 
reflects foe peculiar nat ure of 
the 1994 economic recovery: a 

strong corporate sector has > 
been driven by exports and 

healthy flows through foe 

capital markets, but =• 

consumers are restrained by 
job insecurity, weak post-tax 

income growth, and a 

reluctance to increase their 
debts. 

. Where, indeed, are the 

borrowers? 

The banks and building 
societies have been confronted 
with major structural 
challenges to 1984 - 
symptomised by the past ' 
y^^smere 4 per cent g row t h 
m broad money. This was the 
recovery that passed by tha 

banks and house prices, which 

depend traditionally for their 
?frengfo upon voluminous * 
injections of mortgage finance, 
have languished. 

This has been growth V 
^iroout a consumer sp ending 
spree and without <r borrowing 
It Is, of course, all 

“Roughly healthy. But sa 

they say, is castor off. ' 




r :.T ’ v 


J- ... 


1 Vfa uff- -! 

■■■*--« *$* - 



r'r. ■rfc t 


4.-*- . 


i 


%■ ’■-IS'J 




#H:W— _ 











I— 

_ * ^ ■ 


.. 








’ ‘ «t 


3 

: 


■v.: ■ 


■- - i 


•- 

.t*. 



m J 

’ *" 

k . 


r ■ 

J . 

ti. \ ■ 


- !, V. 


*-T W 


1 . 


^ * 


- Pi . 

1 . *■! 

V 

HU. 


'-»* Vj, 
*1 .» 
- < * J ' . * N 


•-•j 

’ 4 

k " ■ *_ " " i 

TAX 
’* ■. 

i 


- ■ ■ ■ ■ •• 

+-■§-- -i 


^ir ■ "I 
iV. u 

v . m 

A*. .. : s 



tVpjb £> \jSu& 









FINANCIAL TIMES WEEKEND DECEMBER 17/DECEMBER 18 1994 


13 


WORLD STOCK MARKETS 


AMERICA 





^ US stocks up ahead of triple witching Financials lead decline 

in German share pnces 

But there are recovery hopes, writes Andrew Fisher 


'* a h 






f *-%■*. . v 


tf*--*-* . 


I- 


* pi 

1 . 


- - r 


.■Or • ij . ^ ^ ^ 


1 - ‘ 


(W 




.nida^T ft;-- 

******* j cv ... 
****** 

7 ,-j. 

ft fr* Vti;* j, 

Iff Ibu Jk’**- ■ 

nm ' tfM ruu v s .. 

fNlWT J 

* 0* Tr^fat^y* 

hd* -W. h" 
k ' s .. 

i m u:j. » 

^a*w W m t „ .. 

i« ifo- 

irf V5. Wv .... 

«*h. m^i-^ 

*L « Kart !n*‘ir: 
Hntf. T» A 5^1iat’ 

IF fcftmirn? tfl t-u* 
pnyKir? 


- ■ • W ’ft’ 

;: r - « 

7 “ 'I Tm.' V 
*.:■ v 7: ^ 

fa -■ _ J ••L**™" , 

■■ i r.: _ ■<- a' 

, * • . i - .>o 

* d *■ "Itai k 

*' '< A* ** 

■ . n 1 . -S 
•; . . "• - s >5 

■ ■ ■■ ■ . * I B ■ F* ■ 

.. .■•■ *V. 

‘s:v 

‘■’T-. <J5a 

/'■ ^ ■ T-. ^ 

1 _ i i* ' 

■■ ...: 5 ft • 
i^rry i». v 

r -. • * 1 -te 2. 

— ■ ^ 

' V.* . 


:hed its nan 

jr-bRlhT? asks i-ouisetgg 




t&t- mrc7«T 

t. tf •>> _ 

•■'MSfr Kxv 
*** put. «*«• iavr- 

$h :ru( ri 

I* >mhw4 J ■ 

***B£ hik 
fe jrifof'ft hltfpnu 
» 4aai h( wmnmttr 


t*urs 

.. . 

I Rrti 4wfe T*it r(f 
htKft t'Hfri. 

sit Jiifawfi. 4r t"‘“ sK-s 

*m 1* failr' if*- 

*yt»t .ptvw , 

iji«r .wt i.ts-'Trv;; 1 

M»r* «.()». «■■*; 


"—I 

-• -lC-.. 


-■'L O i 

" "• ‘ p- 

• ■■*■-£.; 

. rkii 
r, -‘^ h 

: 

* *, n »* 


r.zLo: 
■•■ ■: c? d 


>?► * ■■^4* ’**;■». • 

>su' f 
a-. 1 : 

MnH ii: p 

! tS <st 31ft pr.r rs — 

ML ■ 

■t" hMrtfc l* 1- Aft : J 

r *X.^dP ff. I*. -- ':■. 

r 

Mrift Ht>* i '.r- 


■u 1 :! w 

-<-4 i : 


' 1 t “ JN » 

■ ■ VyAi 

- 

»•> •, ■ 

■ < » ••_ 

* 

- - ‘'n 


f t - - -> 


i .*■— 

a . 




■ 

. 1 L. ' 
■ - • 
_ — a « 



in castor 

Vat lea-l it 

,^S> 


"v 

r 

t Vff :v*s >•• v*-'- 
ikWV> :i -' • 
■t f' ^ : —' ! 


m > 


. 4 _ 




?y •-.■■ 


V. lY-fW^- 7 - 1 

■ ^ ff 

■ 


fF^TCs'l 1 
St 

!***’%** 


■ ■r , '‘ 


•i . j 






W fi*' «=- • - 
tor*, ii ' ■ 

l|' 

t ifejkr r : 

«R ‘ 

nttV 

ti.tr- 

«WdStv S.™' 1- 

aei St**3 i '-• 


-i : ‘ 


. - 1 - 
k ' • 




. \ ■+ 
v 


» . / 

I ■ 


U^b- ff 




. ». 


i. . 


■; > 

-r ■ 


^ap «"■ 
t*,W.u t- ” 
■**/ v 

* 


i • 

m 


* 

«- t 

N > 


4 _ - 




US shares rose yesterday 
morning amid record volume 
as traders prepared for the 
afternoon’s "triple-wi tching 
hour" when stock indices on 
- options and futures expire in 
•die last 60 minutes of trading, 
writes Lisa Brunsten m New 
York. 

By I pm. the Bow Jones 
Industrial Average was up 
11.43 at 3,77630. The more 
broadly based Standard ft 
Poor's 500 gamed L67 at 457 SO. 
the American Stock Tfrg^Wig p 
composite rose loi to 427.13 
and the Nasdaq composite 
slipped 0.41 to 730127. Trading 
volume on the NYSE «m>a to 
318m shares. 

: - Volume in the first half-hour 
of trading hit 183m shares, 
breaking a record set In M^rWi 

Neither the stock -nor the 
hood markets reacted sharply 
to data showing an nnexpect- 


edly large increase in housing 
starts Cor November. Construc- 
tion of private hnngfwg grow by 
&9 per cent last month versus 
economists’ forecasts closer to 
23 per cent 

The bond market was mfmH 
in quiet trading with the long 
bond outperforming the two- 
year note causing further 
steepening of the yield curve. 
The curve had flattened smry 
mid-November, reflecting 
investor sentiment that the 
economy would slow. 

Analysts had attributed 
recent flattening to the pros- 
pect that the Federal Reserve 
would raise interest rates 
again at the December 20 
meeting of its open market 
committee. 

The release of relatively mild 
economic news earlier this 

week, however, led investors to 
believe that another tightening 

was unlikely, causing a steep- 
ening of the yield curve and a 
rally in the stock market 


Since the beginning of the 
week the Dow has recovered 
more than 2.4 per cent of its 
value. 

Shares in US airlines were 
mostly down after a spate of 
separate incidents raised safety 
questions. 

Fears w ere already high in 
the wake of two recent crashes 
of American Eagle planes. 

Late on Wednesday the com- 
muter airline cancelled all 
flights out of Chicago after 
Idiots claimed that they were 
not adequately trained to fly in 
cold weather. Meanwhile, 
Tower Air acknowledged that 
several of its aircraft had been 
sabotaged, and the privately 
held Kiwi Airlines was 
grounded after it was unable to 
provide regulators with docu- 
mentation that its pilots had 
received sufficient training. 

AMR, the parent of Ameri- 
can Airlines; was down $K at 
$5054, Tower Air fell $54 at $854, 
UAL. parent of United Airlines, 


dropped $54 at $8754, Southwest 
Airimfis shed $% at $ 16 %, and 
Continental Airlines declined 
$% to $7%. 

USAir Group, which has lost 
about 65 per cent of Its value 
since foe start of the year, was 
up $54 at $4%. 

Canada 

Toronto stocks were narrowly 
mixed at midday as the market 
searched for direction, ham- 
pered by triple-witchiiig in the 
US. 

The TSE 300 composite index 
edged up 2.73 to 4,114.46 at 
noon. Volume came to 34.4m 
shares worth C$396u93m. 

Falling precious metals off- 
set a rise in the conglomerates 
group. The gold and silver sec- 
tor lost 10536, or L17 par coat, 
to &387A6 in spite of slightly 
higher gold futures. 

The conglomerates sector 
moved forward 49.07. or 1.05 
per cent, to 4739.53. 


Bramalea topped the actives 
list, up C$0.07 at C$L35 with 
237m shares traded. 

Brazil 

Shares in Sdo Paulo were up 
0.2 per cent in volatile midday 
trade ahead of Monday’s 
options nrarTrat settlement. 

The Bovespa index rose 86 to 
48,513 by 1pm in turnover of 
R$242.1m ($285^m). 

Analysts said that the mar- 
ket’s medium and long-term 
scenario remained positive and 
did not discount the possibility 
of a bullish trend after Mon- 
day's settlement 

Lower nominal domestic 
interest rates, following falling 
inflation forecasts, were also 
expected to continue bolstering 
prices. 

Vale do Rio Doce. the mining 
group, announced that it was 
planning to launch a level-two 
ADR in mid- 1996 but the stock 
was unchanged at R$l56. 


Milan rises in calm before expected storm 

Tfulv. hfiH flnm omfiJ* . i — _ 


Italy- had its own agenda 
yesterday. Bat where equity 
markets were strong, as in 
New York, London, and Frank- 
fort, they were accompanied 
mostly by the expiry of futures 
and options contracts, writes 
Our Markets Staff. 

MILAN took advantage of 
foe relative political calm to 
move higher again, ahead of 
next week's expected storm 
when Mr SQvio Berlusconi, the 
prime minister, faces a confi- 
dence vote , that could topple 
him from power. 

The Comit index rose 13.94 
or 2.4 per cent to 605.77, up 0.7 
per cent an the week, dealers 
reporting a further awakening 
of foreign demand. 

The hanks remained in 
focus. Credito Romagnolo was 
L537 higher at L1S.884 in 
response to the Carlplo's 
counter-bid. Credito ItaBano 
rose L24 to L1.645 and Bd was 
L50 up at 12,331 amid apecula- 
tion that the two might launch 
a joint ofller far Rolo. 

Bahca Narionale dell'Agri- 
coltura rose L265 or 10 per cent 
to L2£09 on renewed specula- 
tion about a shake-up in its 
shareholder structure. 

Telecoms were supported by 


FT-SE Act 

uaries Shs 

ire Indices 


— 

Dac 16 

Houfr ctegs 

cm luo 

THE EUROPEAN SERIES 
1100 1 200 1330 1430 1530 One 

FT-SE Bnkadc 100 

FT-SE teetack 200 

132035 132834 
137034 1371.77 

132932 1330.16 132871 
137653 137658 137600 

132650 

137626 

133023 132665 
137613 137677 


OK 15 

fee 14 fee 13 

fee 12 

Ok 9 

FtSE Bwtacl 100 
FT-SE Eurafarac* 200 

1320L74 

137239 

131682 130950 

136554 135636 

130612 

135535 

132158 

1387.17 


wo BUM* Wto: us - mum a» - on» mu* in - imw son - ismst t m 


concessions on fen-tree and fees 
charged by the state for its 
lines. Telecom Italia moved 
ahead I..121 to 13,883 and Stet 
LSI to 1^385. 

Hat rose L209 or &8 per cent 
to L5.707 after the company 
said that its results to October 
31 and foreca sts fo r foe foil 
year were continuing to show 
signs of improvement 

James Capel, which 
upgraded the stock to a buy 
this week, commented that 
since July there had been a 
marked i m provement in both 
the Italian car market and 
Fiat’s position within it The 
company was also malting 
progress in other major Euro- 
pean markets and was per- 
forming exceptionally well in 
Latin America. 


PARIS failed to buzld on 
ministerial approval -of-spme - -early- gains as - the little 

v |SiA PACIFIC 

iite. ■- 


momentum that was evident 
during the morning petered 
out after lunch. The CAC-40 
index slipped 694 to 1324J6, a 
fell Of 0£ per cent on the week. 

Peugeot, down FFr22 or 3 per 
cent at FFr725, but off a ses- 
sion's low of FFr720, was hit by 
a big sell order in reaction to 
comments from the company 
on Thursday that seemed to 
suggest that second-half 
results would show only a 
small improvement over the 
first Six m onths 

But, said Mr Christopher 
Will of Lehman Brothers, foe 
picture could be quite differ- 
ent; he said foe group’s sal es 
have been holding up 
extremely well during Decem- 
ber, after a strung performance 
in November, and he believed 
his full-year earnings target 
of FFriL5bn, following a first- 


half FFi688xn, was an fine. 

Hoare Govett downgraded 
Moulinex, oft 3 per cent at 
MW0L30, from buy to sell on 
the expectation that its earn- 
ings recovery will take longer 
than expected. The electrical 
appliance manufacturer 
reported a higher half-year loss 
on Th ursda y. 

AMSTERDAM’S derivatives 
expiry passed quietly and the 
AEK index rose 0.69 to 40&38. 
up 0.5 per cent on the week. 

KPN added FI HO at FI 57.80, 
bringing its gain on the week 
to 6 l 25 per cent following the 
announcement that Unisource, 
in which foe Dutch teipmmg 
group has a stake, is to fink up 
with AT&T, of foe US. 

ZURICH saw forther demand 
for blue chips which took the 
SMI Index 6.7 higher to 2^04.7, 
for a 1.1 per cent rise on the 
week. The financial sector 
remained focused an CS Hold- 
ing and Swiss Re after Thurs- 
day's announcement of an alli- 
ance to develop financial 
derivatives an reins urance, cs 
Holding rose SFrl7 to SFT546, 
with some investors said to be 
switching out of Swiss Re into 
the bank. Swiss Re gave up 
much of Thursday’s advance, 
earing SFr7 to SFr787.' 



rally lifts Nikkei as region slows 


TiUwo 


A late rally lifted the Nikkei 
index to a slightly higher fin- 
ish, but the total market was 
marginally off in declining voir 
ume as arbitrage buying con- 
tinued to set foe tone, writes 
Robert Patton in Tokyo. 

The 225 average, after spend- 
ing much of the day an foe 
minus side, climbed by nearly 
158 points, in the final hour of 
trading to close at the session’s 
high of 19,163.43, up 42^1, its 
third rise in as many days and 
a percentage point higher on 
foe week. The day’s low was 
1&012.I0. 

However, volume shrank to 
an estimated 2SQm shares from 
Thursday's 287m and the 
broader market was sluggish. 
Declining' hsues o utmnnbcr Bd 
advances by 502 to 466, with 
3)5 stocks flat The Topix index 
of all first-section stocks eased 
0J9 to L5Q&60 and the capital- 
weighted Nikkei 300 was off 
0M at. 279.04. In London the 
ISE/N&kel 50 Index put on 0.78 
at L239.39. 

Arbitrageurs bought stocks 
underlying the Nikkei 225 
average after futures prices 


were pumped up by dealers. 

Large-capital issues were 
mixed. Steelmakers shed same 
of Thursday’s gains. Nippon 
Steel, the day’s most active 
stock, lost Y8 at Y355, Kawa- 
saki slipped Y5 to Y4Q0 and 
Kobe dipped Y2 to Y303. Ship- 
builders added to Thursday's 
rises. Mitsubishi Heavy Indus- 
tries moved up Y5 to Y728 and 
Kawasaki Heavy Y4 to Y446. 

Japan Tobacco cut a two-day 
rally short, declining Y7.000 to 
Y90B£00, and NTT Ml Y7.000 
to Y84L.900. East Japan Rail- 
way recovered Y1.000 to 
7468,000. 

In Osaka, the OSE average 
declined 21.12 to 20330-34 in 
volume of 1243m shares. 

Roundup 

Wall Street's overnight gain 
helped sentiment. 

HONG KONG encountered 
profit-taking in a thin market 
The Bang Sang index was off 
93.17 or 1.1 per cent at 8,16639, 
after hitting a low of 8A4L16, 
leaving a 43 per cent rise an 
the week. Turnover was a pro- 
visional HK$2.9bn, a gains t 
HK$3.7bn for Thursday. HSBC 
fdl HK$L5Q to HK$8230. 


The H-sbare index of Chinese 
stocks listed in Hong Kong 
rose 330 to 1,08033. 

SEOUL was lifted by broadly 
based buying and ended higher 
for the third consecutive ses- 
sion. The composite index 
added 839 at L038.76, but was 
unchanged on the week. 

Brokers said that smaller- 
capitalisation shares, which 
bad fallen sharply in recent 
days, staged a technical 
rebound, while bine chips con- 
tinued to post moderate gains. 

Korea Mobile Telecom closed 
limit up for the third day, ris- 
ing WonltMXX) to Won465300. 
Samsung Electronics put an 
WanLOOO at Wonll4300. 

MANILA 'S gain was influ- 
enced by the rise on Wall 
Street, with the composite 
index climbing 29.14 to 2.70899, 
bringing the week’s improve- 
ment to 4 per cent 

Southeast Asia Cement Hold- 
ings, listed on Wednesday, was 
the wed’s top performer, ris- 
ing 28 per cent to 192 pesos 
from its offer price of 130. 

KUALA LUMPUR finished a 
choppy session lower, with 
falls in Telekom Malaysia and 
Tenaga Nasumal dragging foe 
composite index down 4J.7 to 


94630. The index gained 4 per 
cent over the week. 

Telekom fell 40 cents to 
M$16.60 and Tenaga lost 20 
cents at M$1030 l 

SYDNEY ended slightly 
higher after late profit-taking 
rutted initial gains. The All 
Ordinaries index was up 23 at 
1987.0. for a 23 per cent rise 
on the week. 

BHP advanced 12 cents to 
A519.12 after reporting 
improved six-month results. 

BANGKOK chalked up a fur- 
ther 2 per cent gate, the SET 
fritter dosing 26.47 stronger at 
1336 l 47, higher by 43 per cent 
on the week, in a rally led by 
finance and hanking counters. 
Turnover expanded from 
Bt&2bn to Bt79bn. The finance 
and banking sectors both rose 
by 23 per cent 

BOMBAY saw moderate bay- 
ing interest from domestic 
mutual ftmds, and the BSE 30- 
share index rose 39.76 to 
394335. This was still 03 per 
cent lower on the week, 
although bankers argued that 
there had been an overreaction 
to the Congress rout in 
regional polls earlier in the 
week, whim the h«tac fell by 
more than 135 points. 


FT -ACTUARIES WORLD INDICES 


JoMy etnipM by liw Ftatdtf IVnos Ltd. Oottran, Sachs a Or «*J Natweat Secucttw Lid. krt ooi*jnrtton wttti th« 
NATIONAL AMD 

UU 9 KETS — THURSDAY OBCEMBB 1 15 19*4 — WEDNESDAY 

fci rironttinw US fey's Pound Local Luc* Gtasa US FoukJ 

■how nunber N toM Mar Ctanoe Starting Van DM Curency K chg 


at Actuartaa and tha Faculty of Acborias 


of stock 


ttq 
Balgbni p^_ 

a*zam_^. 
Canada (Ite- 

fewartpS). 


MmC 

171-53 

.17SJ58 

165-23 

17024 

127-54 

23007 

17037 


Mac Indfrc Index Meet on dey 


Dm. 

YWd 


US 

Defer 

Index 


Year 


141904 

Yon DM Cumancy 52 

todax Max Inctoc H#i Low (approx) 


2.1 

tLl 

OO 

- 2.1 

a7 

0L2 

09 


16086 

icon 

15088 

1B7J3 

121.09 


167.45 


- Ffsnoa fWPjA - 

16116 

-02 

16088 

GmnvSn, 

137.89 

1-1 

13092 

Horn Kora G0L 


• 04 

312^9 


Z.196J0 

01 

188.71 

• Italy (fin " _ _ 


02 

6013 

-tan wn um 

, flQ 

or 

14694 

(87) 

465.14 

06 

441J3 

MiTirn fiitt " . 

MXdnm 

-1.3 

1842.16 

Nottvtotond nav 

21034 

02 

19071 

NM2Mtetd64 

7122 

mx 

09 

02 

87JB2 

191^8 

Sfcvnw tAA 


ao 

344.14 

Sootft Africa (5^^, 

Satin an ^ ■ • 

324.13 

137.51 

1.7 

-08 

307.78 

12097 

Saafeh p8) _ _ 

j99fU» 

06 

21066 

Batata tairffCT}.. . , , 

. .1 

06 

152.74 


15037 

22 

142J7 

, , 

United »udoni SOI. 

mss 

-02 

■ 178.06 


10070 

111J33 

104,77 

111.70 

8087 

152.16 

11133 

104w00 

87.43 

20002 

124 X 9 

4017 

9012 


140.17 

14046 

135.02 

144.01 

10022 

10009 

144.12 

134.14 

11087 


14050 

14040 

131.78 

27541 

12000 

201-17 

18051 




11287 

327-48 

17034 

B4JJT 

9012 


13137 

4018 

127.86 


87^7 

14403 

10100 


USA ^14) , 


.18538 


Ol 17098 


11060 

118.18 


38010 
158549 
171 JB 
5020 
16478 
29018 
284^7 
11021 
16038 
13148 . 
12088 
154.14 
182 J 3 T 


16094 


187.71 

24003 

28013 

137.39 


13233 

14058 

17009 


1.7 

093 

16002 

15045 

10049 

137417 

14416 

18015 

15738 

15793 

02 

1.13 

17046 

1G6J51 

11120 

14013 

143.10 

19089 

167,46 

17006 

Ol 

4.19 

1BS.20 

15083 

10473 

13481 

131.64 

17794 

15994 

156.69 

-2.1 

075 

18006 

17090 

11413 

14090 

28142 

— 

— 

— 

06 

069 

12066 

12020 

6027 

10032 

127.19 

145L31 

‘ 12094 

13295 

04 

1-48 

239142 

227^1 

151.73 

19031 

20031 

275.79 

23406 

23440 

08 

078 

17473 

185-81 

11073 

14253 

17999 

201 j41 

11695 

11085 

OO 

3l07 

16055 

15016 

10428 

13423 

13993 

18537 

15934 

16696 

1^ 

1.04 

13041 

12646 

8045 

11128 

11198 

15040 

12037 

13338 

as 

078 

318L92 

302X8 

202.12 

26017 

31892 


30599 

40731 

02 

3JS6 

19034 

18038 

12080 

15940 

17088 

21060 

17796 

18013 

ai 

1J68 

6747 

64433 

42J7B 

55J04 

8299 

97.78 

6597 

6839 

0.8 

080 

15049 

142X1 

96L37 

122.70 

9597 

170.10 

127.18 

13390 

05 

1-83 

46683 

43923 

29032 

znsi 

45790 

62193 

43071 

55297 

-1-1 

1J9 

1966.72 

10^47 

124079 

180054 

742018 

264798 

169028 

219899 

03 

042 

20938 

19927 

1334)8 

171.29 

16338 

mm 

19138 

191.74 

02 

4J6 

7050 

0096 

4472 

57^6 

5077 

7799 

6296 


03 

1.78 

201.24 

19096 

127.54 

16416 

187.13 

211.74 

168.11 

16011 

ao 

1.74 

351^4 

33090 

22096 

287j02 

23796 

40136 

294.68 

34296 

0 15 

229 

31062 

30257 

20133 

2S9L92 

28057 

34290 

20595 

24426 

-07 

4.16 

13037 

I31flt 

8706 

11287 

13896 

15079 

13291 

13536 

03 

187 

22072 

21016 

14068 

16495 

253.77 

24291 

18793 

18798 

06 

134 

15089 

151.73 

101^3 

13043 

13149 

17056 

149.91 

15593 

2.1 

061 

147.06 

13056 

9020 

11996 

14082 

— 

- 

— 

-02 

431 

100.07 

17043 

11082 

15424 

17043 

21498 

161.1 1 

19693 

Ol 

2J95 

10021 

.17072 

11O01 

15190 

18021 

19894 

17895 

18894 


Am tafaa* yiM) , 

M 17405 

Ol 

18&25 

11036 

14 Z 23 

14490 

Ol 

288 

173 JS 

105.06 

11023 

14191 

144.72 

— 


- 

BflttMfTDB - 

16447 

03 

15016 

10422 

13440 

14796 

03 

017 

10495 

155 J 58 

1(098 

13082 

WM 

17898 

18099 

18328 

Wnaelenita - r - 

^,, 317.74 

06 

20073 

13896 

17793 

20792 

04 

1^2 

21033 

205 u 48 

13733 

17694 

206.74 

23391 

18030 

16038 

Pacific Bosh ( 73 $ ___ 

15938 

. 19 

161.33 

101 X 9 

1902 $ 

1 05.19 

u 

1.18 

157.84 

14079 

10003 

12876 

104.15 

17086 

141.04 

14016 

&n-Padtc fiftVtj 

161.42 

07 

15 S 2 S 

102 X 5 

131 JO 

122.12 

07 

2.04 

18035 

132.17 

101^2 

19090 

121 JS 

17014 

15294 

15294 

NonhAiraricB jri 7 )___ 

182.73 

Ol 

17390 

11087 

14 X 32 

18237 

Ol 

294 

18232 

17021 

115.87 

14899 

182.18 

192.73 

17557 

18439 

&*op« Ex UK C 04 ) 

14790 

06 

14033 

93.72 

120-71 

mor. 

06 

231 

14790 

13930 

93.16 

11991 

12 & 2 S 

16012 

142.17 

142.17 

RwNcBb JteMi-ffS- 

rx*fT 

- 23 

22452 

14994 

16324 

20794 

2 .T 

022 

231 25 

21048 

14036 

18065 

202.78 

296 L 21 

224.17 

Z5BJ55 

Wodd Ex. US ( 11 X 09 _L_ 

16029 

06 

15693 

10004 

13 X 43 - 

12071 

07 

294 

16295 

13197 

10063 

13235 

12499 

17596 

15491 

15431 

Worfcl&c, iNcpoiq _ 

mam 

OS 

15990 

10006 

13736 

14078 

05 

2.16 

16734 

158.71 

10596 

13042 

14005 

17899 

16190 

16190 

MMdBLJteMRnnS- 

. 

03 

1723 Z 

11108 

14821 

17272 

03 

aoo 

18091 

171.98 

11435 

14758 

172.17 

.18020 

17034 

18049 

Tt» World tod—t p2Z$-. 

r_ 18 B 92 

04 

16133 

107.74 

13885 

144 2» 

05 

237 

18017 

least 

10791 

13890 

14394 

16080 

16459 

16490 




ms**" M Ox ttdMM 1987 

fe» 8« MOM MA e Am fcacfeo «i033 pflKM &V0M 


Cyclicals remained volatile, 
with BBC declining SFrS to 
SFrl.096, while Softer lost 
SFrlO to SFt866l Fischer recov- 
ered after Thursday’s fell with 
a rise of SFr30 to SFrL530. 

Landis ft Gyr, still supported 
by Wednesday’s better than 
expected foil-year results, put 
on SFr9 at SFr804. 

BRUSSELS saw the Bel-20 
index rise 10.61 to L394.44, a 
fraction higher on the week, as 
dealers took positions at the 
start of the two-week trading 
account Cockerfil added BFr5 
at BFr205 ahead of its Bel-20 
debut on Monday, and business 
in Union Mhti&re was lifted by 
block trades as the shares rose 
BFr50 to BFi2£10. 

COPENHAGEN fell, the KFX 
index losing 1.17 to 91.54. 
Sophus Berendsen, the holding 
company which owns RentokO, 
of the UK, dropped DKr22 or 
4.5 per cent to DKr470 after 
Thursday’s revelation that 
divestment losses in 1994. at 
DKrl58m, would be some 
DKitifen higher than expected 
after the sale of a US engin- 
eering unit 


Written and mfltod by 
Cochr an e, John Pitt aid 




T he German stock mar- 
ket has moved sideways 
and back this year, but 
analysts have hopes far 1995 as 
the economy continues to 
recover - supported by exports 
rather than consumer spend- 
ing - and interest rates stabi- 
lise on bond markets. 

The biggest market losers of 

1994 have been bank and insur- 
ance stocks. This is where the 
sharp rise in bond yields has 
hit hardest, as shown by the 
latest set of fairly dismal 
results from the big banks. The 
investment portfolios of insur- 
ance companies will also show 
the effects of securities write- 
downs necessitated by weaker 
bond prices. 

Of the top five starkR tn the 
Dax Index of 30 leading shares, 
two are from the hanfcing and 
insurance sector. The biggest 
component in the index, Alli- 
anz - Europe's largest insur- 
ance concern - accounts for 
about 11 per cent of the Dax 

Many investors boy Allianz 
as a proxy for the German mar- 
ket, since nearly 70 per cent of 
its total investment portfolio of 
mere than DMSOObn is invested 
in German companies; it owns 
sizeable minority stakes in 
companies such as BASF, 
Dresdner Bank and Veba. But 
investors in German insurance 
stocks have not had the bright- 
est of years. According to Com- 
merzbank, the sector at mid- 
week was down by nearly 20 
per cent this year. Allianz’s 
shares had fallen by 18 per 
cent to around DM2,420. 

The banks had not fared 
much better, with an overall 
fall of around 16 per cent The 
big three Frankfort-based 
banks - Deutsche Bank, Dresd- 
ner Bank and Commerzbank - 
have just reported falls of 
between 15 per cent and 27 per 
cent in their 10-month operat- 
ing profits. Deutsche and 
Dresdner are also in the Dax 
top 10. 

Showing the smallest 
declines, in a stock market 
year which Commerzbank 
described as disappointing, 
were chemicals, engineering, 
steel and energy shares. These 
have clearly benefited from the 
economy's faster than expected 
recovery. The worst performer 


was the department store sec- 
tor. which is hardly surprising 
since German 1994 retail sales 
are likely to be down for the 
first time since records began 
in 1965. 

Nor is 1995, a year of 
renewed income tax sur- 
charges to help pay for reunifi- 
cation, expected to bring much 
improvement on the consumer 
side. One foreign bank which 
holds a different view, how- 
ever, is Sod6t& G£n£ra]e. "We 
think that household consump- 
tion is likely to bring some 
good news in the second half of 


QAXhdm 

2J3Q 0 


2.200 


2.100 - 


%000 



l 14.1. 


1.800 


Souok FT 0m|Ma 


jm »— a j, 


j-J 


1904 


this year,” says the French 
bank in its latest strategy 
report. 

In support of its case it cites 
the upturn in the consumer 
confidence index produced by 
the Munich-based Ifo economic 
research institute. The bank 
recommends Kaufhof as its 
preferred department store 
stock in continental Europe, 
although other analysts have 
downgraded their earnings 
estimates for the company in 
view of the sluggish retail 
scene. 

For the German market over- 
all, Sodet£ G€n£rale is not too 
optimistic. It has increased the 
market's weighting in its inter- 
national portfolio strategy to 
neutral from underweight. On 
the positive side, it points out 
the virtues of political stability 
after October's narrow general 
election victory of Chancellor 
Helmut Kohl and of economic 
recovery. On the minus side, it 
still regards the German mar- 
ket as expensive in spite of its 
decline this year, and as rela- 


tively over-exposed to the risk 
of a US downturn late in 1995. 

Commerzbank takes a more 
positive line. Its analysts 
expect foe Dax to move up to 
around 2,400 - a rise of at least 
15 per cent over the current 
level - on the back of further 
improvements in corporate 
earnings and more stable bond 
markets. This year to date it 
has shed nearly 9 per cent to 
around 2470, after gaining 46 
per cent in 1993. 

The hank reckons on average 
earnings growth of nearly 30 
per cent next year, led by 
industrial companies, after a 
similar outcome in 1994. Fur- 
ther profit rises in 1996 are also 

on the cards, with the corpo- 
rate earnings peak likely to be 
reached a year later. 

Mr Ingo Mainert of Com- 
merzbank's equities team 
favours shares of big chemical 
companies, which have been 
producing sharp profit rises, 
and banks, now in a position to 
benefit from a more favourable 
interest rate climate and the 
economic upswing. 

Analysts at SchrOder Mttuch- 
meyer Hongst also favour con- 
struction stocks as likely to 
profit from future growth in 
European economies. Its over- 
all stance is more cautious, 
however. The bunk advises 
investors to be ‘'increasingly 
defensive". It sees risks for 
the strength or the economic 
upturn in foe behaviour of con- 
sumers and in the limited abil- 
ity of companies to increase 
profit margins. 

M alting the point that 
the German stock 
market does not rep- 
resent foe German economy 
very effectively - much of 
manufacturing and service 
industry is in private hands - 
Kleinwort Benson expects a 
"not hugely inspiring” 1995, 
with the Dax pushing above 
2J00 towards the year-end. 

Mr Glen Liddy, a German 
market analyst at the UK 
bank, favours blue chip capital 
goods and chemical companies, 
as well as banks. But he says 
the German market does not 
have enough consumer-ori- 
ented stocks, such as Wella 
(halrcare), to take advantage of 
international spending power. 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AID FALLS 


Opltaa 


Jm 

fer 

Jfe 

JM 

Apr 

Jbn 

AM DHMfl 

9 55D 

15 

S3 

41* 

11 

16 

26 

r»i ) 

800 

1* 

12* 

20 

49 

90* 

55* 

Arnsti 

240 

16 

23* 

n 

3* 

6 

11* 

(TO) 

280 

4* 

13 

18* 

13 

15 

22 

ASM 

60 

5 

7* 

9 

1 

2* 

3* 

rw) 

7D 

.» 

6 

4* 

7 

8 

9 


Brftfew 

rsfioj 

WfeA 

C452 > 


Mm 26 33 ion 18 25* 

390 ZK13A B31* 88 43 

42D 3BH 46H 54 2J4 1054 18 

460 fl 23 3114 18 27 33* 
460 31 44 4914 3tt 8 15V* 
500 7 2fZ7K&*2BK 35 

420 13 23 3111 10* 17X 24 
460 1* 8 16 38* 43 48 

140 172VH 25 * 3 5 

180 3* 18 13* 7H 11 13* 
500 27 38* 48 7K 16 Z7 
550-3* 14 22 41* 45 54 


19 38013* Z7 34* 10* 19 25* 

raoi J 390 4 14* 21* 30* 36* 43 

OMtKftfc 42D 31 m 50* 8* 12* IB* 
f445 ) 460 8 22* 29 21 29* 38 

HOB 489 38* 47 - 2 15* - 

C5Z7) 543 920* - 22 44* - 


P483 ) 
BP 

T421 ) 

AMOS 

P»> 

) 


D 

f74B) 


P414) 

Land Star 
) 

85 

1*380) 


700 S3 86*75* 3* 20 25* 
750 1935* 47 20 43* 49 
390 30*43* 47 3 11 16* 

420 22 E* 36* 14* 24 33 


rsoa) 


1 6* 13* 
16 24* 35 

2 6 11 
IS 19 ’ 25 

500 18* 31* 41* 12* 31 35* 
550 312* 22 46 64*87* 


55038* 53 68 
800 8* 23* 28 
38021* 3840* 
717*23* 


f3M) 
SMDmni 
row ) 


n«5) 


430 

BSD 

700 

200 

220 


14 26 35 8 16 24* 

9 14* 21 27* 34 41* 

45 55 91 2 11* 13* 

11 24* 32*18* 34* 86* 

15 20* 25 2* 0 6* 

3* 0* 14* 11 16 16* 


H4) 

Unfemr 

ni38) 


rw2> 

OptiOfl 


78 6 9*11* 

80 1* 4 7 

1100 88*73* 87 
life 29 45 
890 35 53 
900 11 29 


Z* 5 8 

8* 10* 11* 
8* 26* 38 
50 61* 
13 32 40* 
32 38* 60 68 
tag Feti Mqr Adq 


) 


P155) 
ttd 
C3ZM 
Option 


39018*27* 31 
420 5* IS* 21* 
140 19*21*25* 
100 7*11*16* 
300 29 
333 n* 
fee 


16 21*26* 
37 40* 44* 

1 6 7 

6* 15 16* 

2 9* 12* 
18 2S* 12* 24* 27* 
lv Jfe fee H or Jm 


110 5 13*16* 1 6* 10 
120 1 6* 12 6* 12 15 


nu> 

fljiAw 


** to fey teg 


BA fen 
<*431 ) 
BAT 
T432 J 
mi 
1*280) 


POT) 

Cafevy 
C400 ) 
Eaton 

CTO) 


37 48* - 10 21* - 

446 16* 30 ~ 29 42 - 

420 28 36* 38 9* 22 20 
460 6 17 2132*46* 54 

2B0 13* 17 23* 9* IB 21 
300 5 915* 22 31 33 


18 38*25* 6* 11 16 
5*14* 21 2 27* 34 
23 29* 3t* 5* 16* 19 
420 6* 15* 21 22* 34* 36 
750 40* 82 73 25 40 51* 
1939* 50 54 67 79* 


rz*) 
("436 ) 


IB 23 27 4 6* 11* 

8 12*16* 14 16* 22 
420 28* 36 41* 4 12* 16 
8* 1622*23* 34 37 


Qpftni 


fib 4- 

U Itof feff U life feti 

rani 

229 15 IS* 21* 2* 7 10* 

rza)} 

240 5* 8* 12 

13 17* 21 

Laos 

140 8 13 16* 

6 9 10 

H41 ) 

160 1* 5* 8 19*21* 22 

Ira tofi 

180 22* 27 31 

2 6 8* 

nsej 

200 9* 15 28 19*21* 22 

P 8 0 

600 29 4293* 

15 3Z*39» 

reio t 

650 K 29 32 

45 63* 90* 

mkJ^uD 

160 8* 1316* 

4* 7* 11 

P68) 

180 2 5* 8 19*20*23* 

— ■ .... 

riUDiaDBi 

300 22 3 31 

6* IS 17 

rsisj 

330 8* 11* 17* 21* 32 34 

RTZ 

600 46* 86 73*12*28* 36 

(*82B ) 

850 20 32* 49 

37 55 02 

RBrad 

420 36* 43 46* 

7 10 24 


460 14 29 28* 

24 41 46 

Rqd fe 

a 380 16 22 27 11* 18 * 21* 

ran 

300 7 14 1823* 3233* 

Tesco 

220 20 26 Z7* 

ZH 754 10 

C23G) 

210 718*19* 

10 17 19* 

VtoMoB 

200 10 16 20 

6 11*14* 

raoo > 

217 3* - - 

19 - - 

Mm 

300 19 27 38 

4* 13 40 

reisj 

330 5 12 16 20*29*30* 

Option 

Jtot Apr Jtti 

Jm fer Jto 

BAA 

45024*38* - 

3 11 - 

r469 } 

475 8*21* - 

13 21 - 

Ttomn M 

460 23* 38* 48* 

B 13* 24 

rm) 

500 6* 19 28* 26* 35 46* 

Option 

Dec Hv J« Dec War Jto> 

Atitey Nto 

390 28 37*42* 

- 10 15* 

r*8) 

420 8* 17* 26 

6 24 30 

Amtonti 

12510*14* 18 

* 4* 7 

H34) 

150 * 3* 7* 

16 10* 21* 

Barctsjs 

600 9*33* 45 

3* 28 36 

row) 

860 - 13* 2<* 45* 80* BB* 

Eta Greta 

260 12*24*29* 

1 7 15* 

fZ71 ) 

290 1* 1419* 

10 IB* 26 

Brttital fes 

800 819*29* 

1 8 16 

P307) 

330 - 6* 12*22*25*33* 

OtaBB 

160 17*21* 27 

- 4 6* 

CtTT) 

160 2 16 16 

5 12 15* 

MkId w 

100 IS* 29 22* 

- 1* 5 

P75) 

100 1 7* n 

S* 9 17 

imrtn 

140 9 14 U 

1 5* B 

H46> 

160 - 4* «tt 

1216* 18 

NaB Pom 

400 12*31*44* 

1* 13*23* 

r«roj 

606 - 13*22*39*47* S3 

Scot Pm 

330 8*21*32* 

2 16* 28 

FBT) 

300 - 1 3 

23 33* 40 

Sera 

100 6* 10*12* 

* 3 5 

n«) 

110 1 5* 7 

5 8 10* 

Forte 

22014* 22 26 

- 5 10 

(*234) 

240 1*10* 16 

7 13* 20 

ItoBQC 

120 2* 1013* 

2 8*11* 

nzo i 

130 - a 9 

10 14*17* 

Thom EM 

100015*44*67* 

7* 28 36 

nora 

1050 *22*42*48* 50 63* 

786 

22016* 23 26 

- 7 9* 

(*Z36 ) 

340 2 11 16* 

5* 16*19* 

Itonktas 

200 13* 19 25* 

- 5* 9 

rzisj 

220 1 916* 

m 15* 18* 


650 34 5m 74* 

1 22 34 

C8K) 

TOO 4 3340% 

21 47 90 

feta 

Jtoto* 

Jm Apr Jrf 

flaw 

600 37 52 08 

725* 33 

P526) 

G5011K27tt 44 31H52K SO 

ffiKSpfe 

650 67 75*04* 

6 24* 30 

ran) 

700 34 46 57 21* 48 54* 

Rsutot 

460 16*29*30* 

12 23 29* 

r«2 > 

500 4 13K2»3M47H S3 

Option 

RbHay fefl Feb fey teg 

BdMoja 

ISO w 30 OK 2ft at 8K 

H72) 

180 5 9* 13* 11* 16* 18* 



On F 

Rises 


Seme 

Ol 

Rtae 

a the we 
Feta 

ok 

Same 

tolfeh Futo 

10 

27 

27 

132 

151 

67 

Ocher Rxod Interest 

1 

0 

13 

8 

13 

49 

Mneral Bdraction 

46 

68 

82 

284 

280 

438 

General Manufacture 

133 

95 

400 

551 

721 

1.888 

Consumer Goods 

54 

29 

103 

210 

216 

504 

Services 

96 

71 

324 

358 

516 

1,581 


26 

9 

6 

114 

65 

36 

Hnanctato 

85 

64 

197 

386 

461 

979 

Investment Thins 

95 

42 

328 

482 

324 

1,539 

Others 

47 

28 

43 

210 

168 

204 

Totes 

603 

451 

1.523 

2,715 


7,283 

! 

B 

1 

1 

toe fated on too London SI 

tei Santa 

. 



TRADITIONAL OPTIONS 






RretDeafeoi 

Decembers 

Expiry 



March 9 

Last DanBnpe 

December 16 

Satttamont 



Mach 23 


OAK BUI Wto BTIl Wli ? 5 - 6 , Bfe d wteMga, Munwy Bntog Wto, Roy* te. 


LONDON RECENT ISSUES: EQUITIES 


torn Amt 
price paid 

P up 

ft*L 

cep 

ffmJ 

1964 

Wi Low 8 todi 

rvMt* 

price 

P 

+/* 

Net 

(ftr. 

ON. Gre 
Cov. yW 

m 

net 

150 

FJ> 

7 SL 4 

152 

145 Atitoum 

148 

-3 

WN 3 L 0 

3.1 

25 

126 

100 

FP. 

4 J 9 

95 

90*2 Asset Mtai kw 

95 


- 


_ 

_ 

- 

FF. 4 . 407.7 

25 B 

256 BSkyB 

257 

* 

N- 

- 

- 

- 

- 

FF. 

6&9 

173 

133 Qydeport 

187 


RNL 51 

- 

2 J 8 


100 

FP. 

204 

130 

101 Eucfctian 

102 


- 

- 


_ 

141 

FF. 

23.0 

143 

140 Eimeht 

140 


WN 82 

1 J 

BJS 

11.2 

— 

FF. 

46 &Q 

495 

486 Hdafty Spec Unto 

468 


. 

- 

— 


100 

FF. 

10-8 

101 

98 Rnsfrury Smtr C 

96 


- 

- 

— 

- 

910 

FF. 

372 

625 

615 FM Raton Fr 

620 


- 

- 

— 

. 

100 

FF. 

464 

94 

91 Baning Not Ftes 

92 


- 

- 

— 


100 

FF. 

30 JO 

106 

98^2 For & Col Eng C 

10 a >2 

*h 

- 

- 

— 


100 

FF. 

303 

102 

96 Hm Govett 1000 

101 


- 

- 

- 

— 

80 

FF. 

109 

83 

63 Hydro ML 

83 


RN- 

- 

_ 

328 

- 

FF. 

2BJB 

100 

90 MVESGO Korea C 

96 


- 

- 

- 

- 

120 

FF. 

26 JB 

126 

123 knQMttte Tecta 

128 


N- 

- 

- 

• 

215 

FF. 

004 

232 

228 JJB SptirtB 

228 


RM 6 L 0 

24 

as 

129 

100 

FF. 

27.0 

103 

100 KBn Capital 

100 


F 40 

- 

5 l 0 

- 

100 

FF. 

594 

101 

99 Lag & Gen Rrcwy 

99 

-1 

- 

- 

_ 

— 

100 

FF. 

406 

94 

82 Matireon Uoyds 

87 


- 

- 

- 

- 

100 

FF. 

508 

92 

66 tansy Bng Gcon 

92 


- 

— 

_ 

_ 

- 

FF. 

14 J 

145 

136 RAP GflXJ) 

138 


RN 485 

2.1 

42 

108 

175 

FF. 

35.0 

210 

203 RM - 

208 

-1 


3.1 

29 

134 

- 

FF. 

5.75 

106 

105 nmWtailW Prep 

105 


- 

- 

- 

- 

120 

FF. 

&J5 

144 

120 SeaPerfect 

129 


- 

— 

-i 


182 

FF. 149&5 

186 

177 TfeMttt 


*2 

— 

— 

— 

— 

100 

FF. 

17.6 

102 

102 Vtoflnflltin Un. 

102 





■■ 

RIGHTS 

OFFERS 









Amount Latest 





dosing h 

►or- 

prtca 

f»h 

1 Renua 

1964 




prioe 


P 

up 

date 

Ugh Lew Stock 




P 




190 

Ni 

2^1 

30pm 

16pm 

Covrie 

18pm 

100 

Ml 

2571 

27 pm 

lajpm 

DMteiGrp 

27pm 

53 

Nfl 

31/1 

^Hpkn 

I^Zprn 

MY 

i | zpm 

37 

Ni 

an 

5pm 

2pm 

OMI 

2pm 

12 

Ml 

3/1 

1*2pm 

Upm 

8altire 

Mpm 

28 

Mi 

10/1 

4pm 

4lpm 

Usboma 

%pm 


FINANCIAL TIMES EQUITY INDICES 



Dac 16 

Dec 15 

Deo 14 

Dec 13 

Dec 12 

YT ego 

— 

1 Dyfl 

"Law 

OnBnan/ Share 

2314J9 

2288.7 

22926 

22674 

2265.7 

2505.1 

27136 

2240.6 

OdL dhr. yWd 

<61 

4w55 

4-55 

460 

441 

3-72 

461 

3.43 

Earn, yfci H fU 

6-61 

&67 

067 

6.75 

6.75 

442 

6L75 

362 

WE ratio net 

17.47 

17J29 

17-31 

17.11 

1749 

29.91 

33.43 

1644 

PfE ratio nS 

17JI3 

1687 

16-88 

1669 

TB47 

27.73 

8040 

1647 

"For T994. Otaneff Shi Mac tones cotajMfarr Mgh 27138 toir 494 2S*M0 

FT Otdhtay 8hn index bne dale l/7/as. 



unsen 

Dw to bt 
34541 Ruts 


l&Total 


Oidnaiy Share hourly changes 

Opso 9L0P 1090 11J0 IMP 13JOO 14JP0 1&60 16L0D High Low 
2286.1 227&B 22815 2305.0 2311.2 23094 2308.7 2310.2 231&0 2314.7 2273.1 
Deo 16 Dec 16 Dec 14 Dec 13 Dec 12 Yr ego 


49.090 


20*881 


FT GOLD MINES INDEX 


Equity tunow (Bitff 
Equfty btoQ ri ngf 

m 


19,370 

1184J 

26,200 

518-5 


19*830 
157E3 
27,758 
1.4 


18267 

1599.3 


662.1 


19313 

138&4 

27306 

677.7 


38.153 

18413 

42367 

830.7 


16 


% ckf 

on dOf 


14 


13 


age |fdd% Htfi i car 


ta*X(3q 1674.17 -63 198646 168731 217832 £84 28674017082 


Ata{l6| 

Mnfetafl 
North Ansteffl) 

Goprtft Thi FtaoicM 
tafaacfta 
Ml 


290948 -12 294423 294134X7930 
238135 463 220635 221233 286611 
149621 -1.1 151150 149692 188661 
few unfed iaw. 

nuffteaf c a nai toi fefeUB 

Mac Dee 10: Z&U : d** etajpe 
tor tide 


431 371137 290446 

221 301536 217130 

‘ 203635 141730 


100030 31A202. 
DC2473tPM6 


I APrime Site for your 
Commercial Property Advertising 

Advertise your property to approximately 
1 mBDon FT readers in 160 countries. 

For details: 

Call Emma Mullaly on +44 71 873 3574 
or Fax: 444 71 8733098 













* ■■ ,n -*l 




FINANCIAL TIMES 


WEEKEND DECEMBER 


J 7/DECEMBER 


■.* * 










gteri 


i ■ "l* 


... * ‘ 



t frf-'P 


V*" 3 * 

,«-- J 

n* *■ 

■'j 





O^uai cnai 


& 

*»*? 

i^svjn; 

k 







UWDOft 

Et: Ti 


* 0 *«» | 


■. *■ »r ■ 

- 1 — -i l«a, , 

I 

0 >J- . 


tv.:.-- • 
^ ■■' ■■ * 
k k n _ _ 



P *J\J | 

‘ ■'*-*■» 

* Ut, 

1 J « 

*> » « tlJ 

t ... 


I. 













































































































































5 


f -m. 

’.fe:.,., 

• ■’ ' 4 » Mb' 

-- IW 

\ •- * Hr, 

. L- ‘ ^ »■* 

«*■ 

I f »-i. ^V 

- 1*»: : A 

r Ti 


• 1 *• 

J- 


k* a- 

■* 5 5 

-V-ftiS 1 


■ j ;'K;i 


•’41 


*V 

Vt 


Sterling was yesterday left 
anmpved by tee nfliz^ Conser- 
vative Party's massive defeat 
in Hie Dudley West by-election, 

imW Phflrti fZmrrith 


steady 

&i Europe, Mr Jacques San- 
to, incoming president of the 
European Commission, n»<<^ 
the Community would have 

»l Vs _ - 


.. ' / « V -v* 

-»bnar“ - 1 

■* . ;■ ■ • J :■* . T 

■■ ■ -t > T 

■*••**■•■ * *** ■ • *■ - . 


* ‘t * 1 
■< ■ 


r • t# 


• 1 u'li * s! t*i> ■ ■ * "■ 

‘ " T . ‘ : ' - 

■»*; ■ 

- ; * ...y#ftjpttrs. . 

" '-ID 1. ■■ — ■ y ^T — *-<— 

“•••.-■ * ■■■ i,i • ' j . ■ « 

♦ *\\ ■ • / v '' 

... 


TS70 


DM per £ 
2A7~~ 

2M — 


FFrpwDM 
3L43 




3u44 


oi 

- 

7-50 

MO 

10 

« 

7.S0 

&20 

LS5 

- 

125 

- 

S4 

— 

5-25 

- 

4 B 


aso 

- 


esH 

160 

— 


7. tff- 





















































f J 


Copper 
falters at 
5-year high 

The London Metal Exchange 
copper market yesterday tried 
the air above the 53,000-a-tonne 
mark and found it a little too 
thin. 

A strong recovery following 
a severe shakeout early in the 
week carried the three months 
delivery price to a 514-year high 
of $3,005 in the morning; but 
by the dose it had been pared 
back to $2,985.50 up $6 on the 
day and $48 on the week. That 
price was $10750 above the low 
reached on Tuesday. 

An important factor in the 
market’s renewed strength was 
concern about nearby supply 
tightness, which also resulted 
in a widening in the “backwar- 
dation” - the premium for 
immediate delivery - against 
the three months price to $80 
at one point from $50 at Tues- 
day's dose. Traders said there 
was nervousness in the market 


LME WARBIOUSfl STOCKS 

(ta al ThuraddayNi doo«| 

Donma 

AksnMum 

-26L860 

to 1.751X00 

tantalum alley 

*400 

to 20X00 

Oopp« 

-3,525 

to 290875 

Load 

faftaso 

to 351X00 

racksi 

-222 

to 149,166 

2Jnc 

-4X00 

to 1.190XM 

Tin 

*70 

to 28,700 


ahead of next week's “third 
Wednesday” option declara- 
tions. 

In spite of yesterday after- 
noon's retracement most deal- 
ers remained confident that a 
decisive break above $3,000 
would came soon. 

“Copper’s fundamentals are 
strong and a 3.6 per cent 
growth in 1995 western con- 
sumption is forecast to cut 
stocks to five weeks supply by 
the end of the year,” said the 
Economist Intelligence Unit in 
its monthly World Commodity 
Forecasts, published yesterday. 
It said that pointed to a 26 per 
cent rise in the year’s average 
price compared with the 1994 
average. 

The EIU report was also bull- 
ish about the outlook for the 
other five base metals traded 


id=t < 


nr price 


M M 


Gold pre troy cz. 

SBvor per troy oz 
Afumftnkffl 98.7% fcatei) 
Copper Grade A Ieoh) 
Lead (eta) 
rfcHa (caanj) 

Zinc SHG (cert) 
Thfcaaty 
Cocoa Futures Mar 
Coffee Future Jan 
Super (LDP Row) 

Barfey Futures Mar 
Wheel Futures Mar 
Cotton Outtoak A Meta 
Wool (64s Super) 

Oft (Brent BtancQ 


Latest 

pricos 

Ctianga 
on wok 

ta 

1904 

Mgh Low 

$38080 

+020 


$396X0 

$389X0 

soaxop 

+0.15 

341X5P 

3045ftp 

308X0p 

$18800 

+43L5 

$1094 

$19600 

$1107X0 


+57X 

$1724 

$3055.0 

$1731X0 

$6305 

+1X 

S467X 

9675X 

$4200 

N545lQ 

-185 

$5285 

$88300 

$8210.0 

SIIIIjQ 

-14 

enrtfi 

hhIW 

$11883 

$9005 

ft 

-30 

$47975 

$8270.0 

$47300 

£970 

+23 

£968 

£1124 

£859 

$2838 

+185 

$833 

$4001 

sim 

$384.7 

+15L2 

S272X 

$357.7 

$2809 

£105.75 

-025 

£104.75 

£106X0 

£92.85 

£107X0 

+025 

£99X0 

£117X0 

£97X0 

87X0c 

+1X5 

0O15C 

87X0c 

62.45c 

470p 

$15X052: 

+00 

34lp 

SI 3X1 

48Gp 

$18X1 

842p 

$13.16 


p Pnelq. c Oats Bs. z Fob 


WORLD BOND PRICES 


Denmaric 

France STAN 
OAT 

Germany Bund 
Italy 

Japan No 119 
NO 164 

N etfte rten da 


Australia 6X00 

Belgium 7.750 

Oreda* 9X00 

Denmaric 7.000 

France STAN &00Q 
OAT 7X00 

Germany Bund 7X00 

Italy 8X00 

Japan No 119 4X00 

No 164 4100 

Nethertando 7XGO 

Spain 10X00 

UKGBts 6X00 

0L7S0 

9X00 

US Treasury * 7.875 

7X00 

ECU (French Govt) 6.000 

London dtateng. Tta York atf-day 
t Grew (nductog ttefthoMno ret « 
races LG. UK to Store, otters fti < 




Red 

Date 

09AM 

10A04 

12AM 

12/04 

05/96 

04ABS 

11AM 

08AM 

06/99 

12/03 

10/04 

02/05 


Mice 

924400 

902000 


88X000 

101X000 

900000 


00.7400 

103X400 

908160 

97X600 

904000 


Day's Week Month 

change Yield ago ago 

-O750 1024 10X3 10X9 
+0.180 8X2 021 037 

+0X60 9X6 9X5 921 

+0130 078 6X0 8X6 

+0X60 7.61 727 7.47 

+0X10 006 7X5 821 

+0X40 7X1 7X8 7X4 

+0.030 11.91t 11-72 11.79 


-0X3Q 

+0.180 

+0160 


3X8 

4.60 

7X4 

11X5 


3X5 

4X8 

7X2 

11.19 


4X7 

4.75 

7X1 

1121 


UKGBts 


US Treasury * 


11AM 

1008 

11AM 

11/24 

04AM 


90-19 

-2/32 

8.48 

8.42 

043 

68-14 

-1732 

8X0 

045 

058 

104-05 

-1/32 

0X8 

8.44 

060 

100-15 

-2/32 

7X0 

7X0 

8X3 

95-29 

+41/32 

7X6 

7X8 

014 

84X800 

+0290 

8X0 

8X0 

8X8 


FINANCIAL TIMES WEEKEND 


DECEMBER 17/DECEMBER. 18 1994 



ta **4 


COMMODITIES AND AGRICULTURE 


at the LME. 

It forecast that foils In west- 
ern world production of alu- 
minium and in imports from 
the former eastern bloc, plus a 
further "healthy” rise in con- 
sumption, would lead to a Id 
per cent increase in the price 
average for that metal 
Thin week aluminium, like 
the other metals, shadowed 
movements in the copper mar- 
ket It bottomed on Tuesday at 
$1,815 a tonne, for three 
months delivery, but yesterday 
touched $154), before dosing 
at $UKEL50 a tonne, up $46 on 
the week. 

Nickel prices were again 
highly volatile. After losing 
$835 in the early sell-off the 
three months contract closed 
yesterday at $8,68750 a tonne, 
down $17750 on toe weak. The 
EIU report forecast that nick- 
el's average value in 1995 
would be 22 per cent ahead of 
this year's as Russian exports 
dropped for the fourth year in 
succession and western con- 
sumption grew. 

The London Commodity 
Exchange robosta coffee mar- 
ket yesterday repaired some of 
the damage sustained in mid- 
week, when heavy selling 
wiped about $350-a-tonne oft 
nearby futures prices. The 
Mam h position rose by $127 on 
the day to close at $2535 a 
tonne, still $168 down on the 
week. 

The selling on Tuesday and 
Wednesday bad been largely 
technically driven. It was also 
influenced, however, by a 
report from German statistics 
agency F.O. Licht putting 
world production in 199+95 at 
92.3m bags (60kg each), up 
from 9Llm in 1993-94, and con- 
sumption at 93.4m, down from 

Market sentiments had 
already been weakened by a 
US Department of Agriculture 
report last week that showed 
world coffee stocks were 
higher than the market 
thought. 

Technical factors were partly 
responsible for a £40-a-tonne 
jump in LCE cocoa values on 
Thursday. “Short-covering has 
been the main dynamism but 
there was also a strong techni- 
cal motivation,” one trader 
told the Reiters news agency. 

Richard Mooney 


BASE METALS 

LONDON METAL 


'M j 


Precious Metals continued 

■ GOLD GOMEX flOO Yrojr az^ S/tray raj 


GRAINS AND CHL SSDS 


SOFTS 

■ OOCOA LC2 (E/tanno) 


meat and livestock 


■ UVE 


UNIT 


.V 


Close 1882X4X 

Previous 1871-3 

ttghAow 1905 

AM Official 1902X-3X 

Kerb doss 

Open InL 253,787 

Total daffy turnover 61X32 

■ ALUMINUM ALLOY (I ta torne) 


Ind 


SNft 

priDo 


m 

Ota 
tow u 

■ 

M. 

Doe 

3706 

•10 

3805 

3700 149 

83 

3 mriis 

JB0 

3704 

-IX 

- 

1 

_ 

1623-4 

U 

391.1 

-IX 

3830 

3807 91024 15009 

1803-6 

ta 

3801 

-IX 

387X 

3B4X 13082 

363 

1943/1910 

jin 

389X 

-IX 

3BU 

3800 21010 

165 

1934X-5X 

tag 

3930 

-10 

- 

- 12008 

97 

1918-20 

Trial 




179036 77077 


9stt Daft 
ta tali 

10GJB6 -090 
107X0 495 
108X0 4X0 
111X9 -020 


97X0 


4X0 107X0 
495 10&45 
4X0 11025 
-020 111.10 
490 

4L70 K7* 


10070 1049 

mm vm 

11000 1,788 
111.10 277 

80 

97X0 1,0* 
6,136 


flflfl 1484 a 
063 44078 2X86 
961 17*447 827 

070 7X14 144 
980 129* 90S 
994 12.190 25 

ffoyooi 41 * 


Mta cM|e «W» lm * ™ 

71775 *OM TMB8 *LS* «® '■*£ 

who *a«e tomo 3i.»* 
man azs ti.mo 

mss +OH8 E.M8 ttTIS *2; 

M«w *a!S> 44. wo ttTW *.*5 * 

MOa *OMO *1000 «ura » 


- _ _J >■ ,*•_ * 


r ' 


X ’■ » 


Ctooo 

Previous 

Hlghriow 

AM Official 

Ktadooa 

Opon InL 

Tocw dafly tumouar 

M LEAD ($ per tonne) 

1830-30 

1825-35 

1835-45 

3X37 

727 

1880-70 

1885-75 

18801 850 
1875-55 
1860-70 

Clore 

639-40 

657-8 

Ataus 

634 XXX 

683-4 

Wgh/kw 

847/646 X 

664/852 

AM Official 

848X-7 t 0 

663-3X 

Kobdon 


657-8 

Open InL 

45X07 


Tta dafly turnover 

20*1 


■ MCKH- (S par torn) 


Ctase 

8540-50 

8B»40 

Previous 

8605-15 

8755-60 

rtaWtow 

8000 

sssoimzd 

AM Official 

9800-10 

8750-00 

Ktab dose 


8690-7D0 

Open int 

87,421 


Tta dalfy turnover 

10X04 


■ TO 9 per tome} 


■ 

Close 

8990-60 

6050-60 

Previous 

6890800 

6966-6000 

hfighflow 

5945 

609&6Q30 

AM Official 

5045-50 

8045-50 


/oz^SrtrcyozJ 

4129 10X55 4X09 
4180 14X87 1X06 
4209 2X01 81 

- 822 2 
- 114 


■ PLAiram rmygx fsoTh 

Jre 412J5 +08 41119 

Hr 415L5 40.1 4100 

JN 4209 401 4229 

Oct 4247 +01 

ta 426.4 +01 


PALLADIUM NYMEX (100 Troy cz^ 8/troy czj 

154X0 +455 154X0 154X0 19 

r 15&75 +456 15690 16690 5X08 35 

I 15790 +455 15790 15790 783 3 

I 15825 +455 - - 129 

t 15425 +455 - 11 

el 6799 39 

8IL9BI GOMEX (100 Troy ob:; Cents/tnoy ozj 


■ WHEAT CBT PXOQbu Brin; CtottMBOBi bmhte} 


37914 

+W 

3794 

mm 

791 

993 

5tar 

1306 

+9 

383/2 

+7/2 

3934 

38 U 44020 HllSi 

ita 

1316 

+12 

3792 

+G6 

376/4 

389/4 

7X32 

%!« 

ta 

1335 

+12 

34K 

+W 

3486 

3W 14,118 

1X72 

*P 

1360 

+12 

3&IM 

+*ft 

3614 

3<W 

735 

16 

fire 

1381- 

+12 

361/2 

+w 

361/2 

3SE0 

Z77 

19 

— — 

1411 

+12 


7X06 


TftW 87X88 13X68 

■ MAIZE Cgr fcOOO bu nrin; ueiWb EutaQ 

Ore 218/2 +145 218M ZTBD 2AS0 802 


■ COCQftOCCQIPDRVtOOn^ 


477 2 

4773 
4809 
4839 

4889 


4819 4779 89 


218/2 +145 218ft ZTDfi 2,450 802 

229ft +1/8 Z2W Z26ArtdX77 19X78 

236/8 +410 23170 234ft 44X88 1X82 

310ft +1/4 2406 2392 45X50 1X22 

344/2 +1/6 244ft 243/0 5X97 72 

247ft +W Mfl 24 m 2BJ50 751 


M BARLEY LCE (2 per tewa) 




ta. * 
94480 


LCE SAorrtdJ 


4879 4829 74X78 18,160 
4939 4889 10841 1,435 
4999 4879 7X50 93 

mta nre 


ENERGY 

■ CRUDE OH. NYMEX (42.000 US gata 


1HUS - tOlTS HUTS 

1(3.73 - KB3S 10BJB 

10750 415 


2688 +131 2873 

2638 +130 2855 
2623 +145 2620 
2396 *m a» 
2580 +132 253S 
2578 +123 2SZ0 




2385 7,786 881 
2540 iq»l 3,130 
2518 LTfl «M 
2510 2J066 . 71 
3510 2,700 40 


Vf7 


■ UVE HOPS CMS (4&O00Cba; — — 

fab 3&J»-4500«» i n* 

m 38.075 -OMS 39.400 SM» «M0& MW 

far 37^3 4200 3U23 SMBS UH 

Jh 43260 -UBO MSKD 432D0 4J» 

fa, 41406 -0300 *Un 43 100 I.W1 

W 4000 -0313 «47B 4000 1.1* - W 

g xn M|W 

Ml^aELJMCME«40t00«««wBfa^ 

Mb -0250 40050 393S0 7,340 4.629 

Mr 3B37S -0223 <0200 39730 U01 

Ifa. 4O30Q 47060 41200 3UOO 339 107 

M nm -M78 m m ia 

M MK8 +400 41000 39100 20 « 

Mb 49250 +373 39300 40200 IV ~ 5 

w - *42*3 




r. * 






- f-'L-Jf i 


ye j '^Y 1 

p v a ll 

- ’• ' ‘'▼•-i 

“t *. t 


.wor 


- . • v-Nl 


LONDON 


87X0 -0.15 


586/2 +3/4 5G» 502Q 41916 12,132 

502 40ft S7» 572ft S4XB3 8X* 

5898 +30 58170 581ft 1A775 1X54 

5902 +30 OX 586ft 25X53 1X21 


Kerb dooa 
Open btt. 
Total dMy 


4X12 


16X2 +099 16X5 1648 
16X2 +0L09 1790 f6X8 
1793 +097 1799 18.73 
17.15 +097 17.15 16X6 
17X8 +0.11 1798 1695 

17X7 +092 17 27 17.10 



1110X-11X 

1138-9 

Previous 

1117-8 

1144-5 

High/tow 


1145/1128 

AM Official 

1113-15 

11«l-2 

Kerb doae 


1138-9 

Open InL 

107X21 


Tta riaffy tumow 

10.261 


■ COPPER, grade A {$ per tonne) 


Ctoee 

3064-6 

2986-6 

previous 

3038-40 

2979-80 

ragMw 

3067/3083 

3005/2966 

AM Official 

3067-8 

3002-3 

Kerb dose 


2980-3 

Open ktL 

235X82 


Total cSetify txvnover 

74.750 


■ LME AM Official &$ rate: 1X686 


LME Ctoafag £/$ rata 1 j58« 


Spot1XB30 300x1X630 6mtfKlX625 9fitoKlX620 

■ MGH GRADE COPPER (pOMEX) 


: 49X16 29,111 
95,173 35X89 
54942 6X27 
21X14 5X88 
12X47 2JM 
27X89 3X98 
481,188 83,746 


Total 


983ft +2ft 586/0 581ft 1X37 6 

137X12 20J78 


■ CRUDE OK. AE fybarreO 


2646 +0l34 29X7 
2EL00 +0X7 2893 
27.14 +031 27.18 
2829 +0X7 2032 
25X9 +032 2595 
2546 +030 2548 


DSC IS 

Oomp.<MY 

1 3**mm 
m HefT Pf 


ISBJffl +OTS 180JM 1SU0 4B 10 

5056 +015 1BLB0 15270 17590 482* 

GftJO +7 « 161 JO 15430 8.41S 1^0 

8080 +735 162.15 15SL00 2733 727 

0035 +MS 10230 15836 1165 60S 

6020 +735 162.15 15620 1^28 117 

SUM 73*0 

BE600HUSc«fa»owK6 

Mm ftW-OW 

r 13858 18*33 

am 14035 15048 


■ ftlMIMUM 

(907%) LME 

1890 

1000 

1960 


Mar Jun 

140 188 

114 184 

#1 141 


Mar 3m 

74- 1« 
98 138 

193 188 


■■ fm 

. i 

•+ : - 

■ . 4;r r ■ - 


t -ri 
■«.* + -ir *KI 

• 1 <■», '* 8 

f, > * e 

- - rti ' 






3000.. 


maftUM RAW SUGAR LCE frMMxb 


0201 

Apsm 

far 

1309 

m 

. 

_ - 

3085 

ta 

1027 

+042 

- 

- 370 

784 

8tef 

1045 

+05D 

- 

- 860 

809 

ta 

1545 

+800 

- 

- 300 

234 

mte 




1039 


900.. 


Total 


15JH +8.13 1596 1590 30589 11366 

1593 +012 1588 1596 94,662 31J365 

1594 +007 1585 1572 23X85 5161 

1584 +005 1594 1578 12X49 1758 

1595 -087 1599 1690 7X51 315 

1694 +0.12 1B94 1994 7X58 1X00 

15BA90 54^83 


nm 14X62 8 ¥ffKTE SUGAR LCE (l/tonre) 


■ HEATKIGOLNYMEX {42X00 US flMs;cft5fftaJ 


Day's 


treat Dwf* Opai 

pries ckaoga IRW tar bit VM 
Jm 4055 -023 4892 4790 31X10 10182 

M 4890 -017 4990 4035 40480 8X11 

Mm 4080 -015 4896 48X5 22X59 0783 

Apr 4045 -010 4045 4015 13911 709 

Mai 4005 -005 4015 47X5 0180 399 

Job 47.70 - 6990 138 

Tta 148904 2897V 

■ GAS OIL IPE (SODOM} 


■ SOYABEAN MEAL CBT (100 rere;SAqn} 

Dec 1507 +05 1579 158X 1918 2X00 

Jm IPX +02 1501 1579 20624 0067 

tar 1812 -*4 1639 1609 30006 0478 

ItaV 1602 +03 1679 1659 MX07 598 

M 1807 +05 1712 W4 1X630 548 

JUft 1729 +07 1702 1719 3X38 27 

Tta 98ta UX2t 


2775 1X85 

2 


41390 


2789 


tar 35490 


1013 

1016 

1491 


-090 41070 40790 12X82 
+050 41000 40200 0400 
+290 39690 30190 4X01 
+190 38040 36090 1X84 
+030 35010 3829B 138 

+490 35060 381X0 2Z3 


T0OO 

1660 

1700 


Mar .Jun Mar Jsai 

j. 141 78 na sea 

m 80 124 300 

06 48 190 336 

Jm Mr Jv Mr 

17T 344 ft 106 

TO STIS 16 127 

- 100 166 32 160 

tar iky Mar Mr/ 

66 . 96 . 16 32 

^ 6 ft 81 84 - - 42 

64 67 34 63 

«« Jan Apr Jen ^ Apr 

• Oft 4 n 

40 too 

- 25 - 


i «+■’ . .ji 4^'* ■ ** 


. . ' - » !«• 

rr-s 


^ . i 


LONDON SPOT MARKETS 


2509 


1017 


Tta 


19 

7 

1X16 


+012 1036 t4J8 .67*13017X68 
+013 1037 1590 30235 3X80 

+011 1590 14.72 23X81 2X40 

+007 1490 1078 28,128 0471 

+007 1020 1008 1X84 M 

+007 13X0 1250 0079 222 


OJbel SI 009-0 15u . -0006 

BtaBMM SI 042-5X6 “004 

Brert Stand {Feb} S1SXO-061 ^0029 

W.TX (1pm eat} $1691-06 ta 004 

M OIL PRODUCTS NWEprempt daOrey Ctf ftoouil 




UV 


.. .^-i »• 


m 


tm & 







PnraKjm Qfaoflnc $158-150 

um oa $i40-io 

Hwy FM 01 a7-90 

t fa ptWlm $168-165 

JM Ml $150-160 

DM $147-148 

fab M— > jlfa* W. London (IW) J30 6A? 


20T3 


fire 

138X5 

-80S 

14000 13080 

4,171 

1,131 

Jm 

13075 

-aio 

13080 13050 

1020 

305 

F ta 

137X0 

-000 

137X0 137X0 

761 

0 

Mm 

13505 

-030 

136X0 135X0 29026 10081 

Hr 

132.10 

-0X5 

132X0 13ZX0 

759 

95 

ta 

12045 

-025 

13000 12015 

3070 

557 

Tetri 




51060 13000 


Sett taft 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices suppfted by N M RoChscWft 


Jm 

14200 

-100 

142.75 14075 41007 

*736 

Fib 

144X5 

-100 

14475 14300 22002 

3,131 

Mar 

14025 

-1 25 14050 144J5 13034 

1046 

Hr 

14075 

-075 

14075 14800 4837 

915 


147X0 

-075 

147XD 14875 1051 

80 

ta) 

Tta 

14800 

-050 

14600 14700 708! $33 

90040 14037 


+37 1895 1850 1X54 

+18 1045 1830 193 

+40 1773 1740 1X81 

*21 1580 15(5 235 

+5 - 106 


Tta 


8017 -1 J1 8050 8290 30770 0706 

8391 -192 66X0 BUS 11X39 2X62 

8017 -1X8 8090 2290 8X81 1X81 

7440 -068 78X0 7498 1X*1 887 

TUB -098 TUB 71 J5 8X76 $77 

7295 -060 94 1 




JaUta 




2014 2024 


ft NATURAL GAS NYICC (10X00 amta: SMta) 


lata Oafs Opea 


Gold (Troy oz.) 


$ price £ eqXv. 

38090-361-00 
3799008020 

379.70 242999 

38035 248X88 

381X0-38190 
37990-37990 
379.7098090 

l Gold Lamftig Rtae (Vs USft 

494 6 months 5l72 

_4w98 12 months 640 


Opening 
Morning fix 
Afternoon fix 
Day's Ugh 
Day's Low 
PmlouB dose 

Loco ire Mas 

1 month 

2 months ____ 

3 months 

SRver Rx 
Spot 

3 months 
6 months 
1 year 


ft ORANGE JUICE NVCE(1SjOOOta; oarttflta 

ta 11496 +1X0 11495 16090 0X83 1,181 

tar 11070 +196 11890 11250 0764 817 

ft* 121.70 +1J0 121X6 117X5 1X70 80 

JN 12470 +195 13490 12290 080 44 

Sap 127X0 +1X0 127X0 T2U5 0331 16 

tar 12640 +1.15 12000 12000 1908 129 


242999 

243X88 


(Vsusft 


1X00 -0018 
1.700 -0021 
1995 -0025 
1975 -0015 
1970 -0020 
1980 -0910 


1.730 1990 22re 0X21 
1X36 1901 22.747 6X86 
1X25 1904 10129 2.670 
1995 1970 9X80 1,194 
1985 1970 0567 505 

1.700 1900 7X34 513 

MMB 24X77 


(42X00 US taKOUSgta} 


lata Otfs 


In gawd the matat emfiwd on the quiet 
sWe tMs week. wHdi is not unosuft tar the 
lime of year, report s Iter Rod u dai Buyes of 
btac pepper ware very ecareaL On the ocher 
nano me eoraig pressure vorn rnosi pnoueng 
couurist ffliappenmri and prloas more or lass 
at USS04OO a tffiw for y* 


VOLUME DATA 
Open (merest i 


NYCE. CM0CSCE 
day in am 


d Vbtame dfta shown tar 
€» COMEX NYMBQ CBT, 
Eta re Crude 08 arsons 


Krugerrand 
Mapte Leaf 
New Sovereign 


^roy os 
90890 
312X6 
31010 
329.75 

$ pita 


US cts aquiv. 
482X5 
ABB on 

497X5 

61000 

£ equfv. 
243-248 


5190 +6X6 5190 5010 10146 12JB0 

5095 -010 5190 48X0 18X07 4X33 

51.10 -019 51.10 5010 8X81 2X65 

5170 -090 5070 5390 0989 1X78 

5120 -044 5025 5290 0370 908 

32.40 -194 52.40 5240 1,389 393 

88X18 20306 


toaevar, re aching a bout 93^ a toreia . dL tar 
Decsfribertreuary XIpfMrt dsy4ng Interest 
tar second ta ttftd quarter 1996 d ataries 
made wtfitas more espensbm. As CMne and 
Sarawak cat not sal tags q u a u t ftias untfl the 
now crop starts to arrive In Jfty si wtfte 
pepper asrnana nn to w cuvereo m tnoonsss 
where stocks are already unusucSy low. 


391X0-39390 

86-91 


INDICES 

■ gangs (Basra isggwtog 

Dec 16 Doe 19 month ■( 

21804 21602 21407 

■ CRB Raises (Base 1967-1001 

Deo IB Deo 14 month ag 

23079 229.64 232.72 


Oott $Mrbo]pa4f 
Sbw (par tray 02)4 
PbB bfaU (pW OQf ozj 
nSfaftjm ftwr ttoy eacj 

Ooppar (US ptod) 

Uad (US prad) 

Tin {Kurti Lmp«] 

Tin Rbw VbriQ 

CHHb «bfa wMsWt 
Stmp fw 
Plgb ghb «righ4 

Um. day we*r(m+ 
Loo, Omf aogw (wta) 
Tm» & DM ««nn 

8 nJny {Erin. faa(8 
Mbfai (U8 N03 YMoM 
M fUS Dade Nortnl 

RUU«r(fa$y 
Rubbor <FM ; ¥ 

Rutter MLRSSNb* juj 

Coconut OK PROS 

PNm Ob OUMfarjS 

CopM(m$S 
Soyabaana PUS) 

Oohwi OutkxUc'A- kKMK 
WooNopa (Ha Siam) 


48?.0c 

$413.25 

$152.76 

143,0c 

40,75c 

15U8r 

mac 

123.06P 

I18.61p 

M.ftlp 

$364,70- 

$41400 

G54&0O 

.Unq, 

eiaa .0 

CM8J0- 

1Q2J0p 

W2JQp 

372£n? 

SOdOy ; 

tTQOft 
$4440q 
E17U0C 
$7 JOB ' 
470p 


42.00 

♦400 

+0.76 

- . 2.0 

♦423 

♦1.0 

re- 

+JW 

+o.ao 


'ir-i.m 




+1.60 

+ 1.00 

+080 

-79 

>10 

> 00 . 

+1.T6 


r ■ -f : 

_#• « 

a f 

*+ . . . . J ■ V- J* 

^ . .-_+/* 4 .. 

^ . <* ■ »■ / * 

T — . 

■ — . ' , ' 'Uf- 

fa-^ . _ ■ - • •* '.-Tr?*- . 

■.? . . 

i V- “ ' i •* '' * . 

T : -iMs-J-' 
- . . .. ' . - , 
i r. t j»- ■ J' V 11 ■ V ■ ‘ aa™ 

T__. p . - -6-r ■»*>- . 4 

-Qw J 1 _ J 

lj^iTJD-4 r.« If Wgrttgft-. i iV-ftt ‘.j 


X. u* 

■ +» - 

^ — _ i 

$ M» ■“ 






,% 1 -n+r ^ 

1 J 
» ■ • — 


FcbitJkiq 

0 Button re 

Ghanaian* 


monm y jsq+*o, v wwcr ii 

o ft London nedcri | OFtata. 
tats, ft Stap (LM+efttlta' 1 


. : ,4 
- ■» • 

i * 

:■ .9 


I - -ta- 
il u. 

r* ■ * tr 


1 r + - 

' * ■ m 


-A * - ■ (fSV^F 


v i + i I 


Lunchtime 

Mow rate- 
Order tail 
Founds-. 
FedAntara 


Oob rontt 
Item mtai 

6*2 Hmmona 
Sm SttmBi. 
Ore year _ 


Trassory 68s ta Bond Ytota 

046 Item 

592 Untiw 

598 Rvaynr.— 

048 U+for 

7X9 30-war 


ft LONG GET FUTURES 


Mar 

1-34 

1-03 

(M3 


OPTIONS flJTq £60000 64thi of 100% 


- CALLS F 


.■ i*- *j 


Price 

1QZ 

1X9 

104 

Eat vaL total. 


Jun 

2-02 

1-40 

1-19 


Mar 

1-24 

1- 57 

2- 33 


ft US TREASURY BOND FUTURES (CBT) $100000 32nds od 100% 


3-30 

409 


Cta 3B46 Puts 66. Pmtow daft open int. Ota nfe Ras nft 


Open Lsta Change High Ldp 

99-26 10004 -0-07 10005 89*4 

99-12 99-19 -008 99-19 9006 

9SX7 9004 -007 9004 9024 


Esl vqL Open M. 

8^62 40283 

220052 357,183 
610 10B13 


t ■ — • 

Va ta , 

i: 

4 4.-, 


TTTTTT 


AND 


*Tji • 


• yi 

J ‘ J, 


ft NOnnONAL FRENCH BONO FUTURES (MATO) 



Open 

Sett price 

Change 

«*» 

Low 

EbL VOL 

Open InL 

Dec 

111X6 

112.10 

+0X0 

112.18 

111X6 

63018 

26^ 

Mar 

111.1B 

111X8 

+026 

11104 

111.16 

99034 

127019 

Jm 

11048 

110X4 

+022 

110X4 

11048 

302 

2050 


9 FUTURES (MATV) 


Open Sett price 

81X2 81 >44 


+0X6 


Wi 

61X0 


Low 

81X2 


Eft. voL Open InL 
1X06 1X05 


NOTIONAL LONG TERM JAPAN 
OJFFg YIQOm IQOths of 100* 

Open Ctoee Ct 
r 10042 

Fi coseecte eadad « apt. tt open 


JAPANESE OOVT. BOND FUTWES 


Hgh : Low Eat vd Open ft. 

10042 1Q8X3 1286 nte. 

loa. are lor pnwtom der- 


YWEteltarreriiftateitad. ■ LONG TBftl FRENCH BOND OPTIONS (MAT^ 




■=1* - 
■* * 0 
■l'-* 

r - ■ 


■ 4. 


o m ;Vfl ; v.'HIwj =< : ■ k 


TODAY: National savings 
results (November). Gulf for- 
eign ministers meet in Bah- 
rain. African National Con- 
gress holds triennial national 
congress in Bloemfontein. 
TOMORROW: Parliamentary 
elections in Bulgaria. 
MONDAY: Business enterprise 
research and development 
(1993). EU foreign ministers 
meeting in Brussels. Leaders of 
Gulf Arab states bold summit 
meeting in Bahrain (until 
December 21). Bundesbank 
releases monthly report 
(Dec ember). 

TUESDAY: Cross border acqui- 
sitions and mergers (third 
quarter). Provisional estimates 
of M4 and counterparts 
(November). Building societies 
monthly figures (November). 
Major British hanking groups' 
monthly statement (end-No- 
vember). US merchandise trade 
(October). US Federal Open 
Market Committee meeting. 
Talks on Gibraltar in London 
between British and Spanish 
foreig n ministers. 
WEDNESDAY: Engineering 
sales and orders at current and 
constant prices (October). Insti- 
tutional Investment (third 


quarter). Balance oF trade with 
countries outside the EU 
(November). International 
banking statistics (third quar- 
ter). British aid statistics 
annual publication. Deadline 
for Senate's approval of Italy's 
1995 budget. Ministers from 
Pakistan, China, Kazakhstan 
and Krghystan sign agreement 
to open land trade route 
through the Karakoram high- 
way. 

THURSDAY: UK national 
accounts (third quarter). Motor 
vehicle production (Novem- 
ber). United Kingdom balance 
of payments (third quarter). US 
grass domestic product (third 
quarter-final). Opposition par- 
ties plan mass rallies and dem- 
onstrations in Bangladesh's 64 
administrative districts to 
press for elections under care- 
taker administration. Bundes- 
bank council meets. 

FRIDAY: Capital expenditure 
(third quarter-revised). Stocks 
and works in progress (third 
quarter-revised). US personal 
income and spending (Novem- 
ber); durable goods (Novem- 
ber). European institutions 
close for Christmas holidays 
(until January 2). 


Strike 

i - - 

Knee 

Jan 

— \ -<y -ere 

Mar 

Jm 

Jan 

— PUTS — 
Mar 

Jun 

110 

- 

- 

- 

0X9 

082 

1.70 

111 

070 

- 

- 

034 

1.17 

- 

112 

021 

1X1 

- 

0X7 

- 

- 

118 

005 

062 

- 

- 

- 

- 

114 

ooi 

0X5 

062 

- 

- 

- 


UK Oa Ww h 

1 Up to 5 pm 

2 5-15 yam (22 

3 Orer iS ywra 

4 kredeomotas 

5 Aft stocks {BQ 


ffl . 

Doc 16 

119X6 

140X7 

18018 

137.41 


Day's 
dm ngo % 

+OJQ7 

+0UM 

-008 

40X9 

4003 


Thu a 
Doc 15 

119L75 

14049 

15BXD 

179X6 

137X0 


EsL VOL mol. Ota 19,834 Ms 10040 . Previous dsyH opsn kit, Gta 100041 Putt 140287. 


Yteta 

5 yra 
16 yrs 
20 yra 
IrrecLf 


Dog. 16 Dec 15 Yr Mgi 


xdudj 

yWd 

10X7 

12X7 

12X5 

1071 

12X2 


Doe 16 Ooc 16 Yf ago 


6 Up to 5 yon 

7 Owr5wra( 

8 Al stocks (13 


9 Data 


17073 

174X2 


Day's 

chrege-% 

Thir 

Dec 15 

Accrued 

totorete 

+0X2 

186X0 

1.07 

+008 

17078 

091 

+007 

17424 

092 

-003 

12073 . 

2.19 


5ft aril 
ytokl 

007 

4X6 

-4X7 

1060 


' - •** 

• • n 




Dot 16 Doc 




049 

036 

8X2 

040 


Germany 

ft NOTIONAL GBftCAN BUND 


Opon Sott price Change 
8078 8091 +017 

8045 89X1 +019 


TgDM250L000100«taqf 100% 

Hgh Low Esl vol Opon rnL 
90X9 89.76 62770 nta 

6046 8045 32 rVa 


Up to 5 yra 
oust 5 yra 


096 

088 


946 947 7X3 lOOTpOW) 7.19 00") 942 941 7X4 096(209} 7X9(201) 9X7 9 M 7X6 1 

Avenge gran raeU mp Bon ytalds are shown above. Coupon Bands: Low: 0M-74|M: Atadhnc 8%-IOV*: 11% md oven f R tt yMd. ytd Yaw tc 

FT FIXED MTEREST INDICES CELT EDGED ACTIVITY 

Oec 16 Deo IS Dae 1* Dec 13 D ec 12 Yr ago rtrfr LoW Deo 15- Dec 14 Dec 13 

Oort. Sees. «JK) 91.87 91S4 81SS 81A9 91SB 107.18 107JM B8 lB 4 WEfaMbsnks 101 A 11 41 10 n(, 

B«J Intaraat ICS. 72 10880 109^2 109.48 109.75 130L90 23957 10550 (hOfa averege 1028 VJ1A 1007 


sai 8J95O0W) 
as 089 COR 
046 8uB1 Sun 

6X1 axs 
OftabonrateSft — 

1X1 4.16 (13/12) 
2X3 3X9 (2175) 

5 yaaa — — 

7X3 IQLOTpEVft 


8X7 

8X0 

041 






7.19 CIQ/f) 


5X2 001 
647 005 
6X1 9uQ5 


1 .1 fa i, m ■ ■ — — - an*# 

wnaaon ram ipyo — 
1X3 3X1 (11/11) 
2.74 079 pVQ 

7X4 9X6 (2 M) 


5X2 (19 n 
8X9 CO/1 
642 con 


1.19 

2X0 


8X9 

072 

6X4 


8X8 

072 


SX9 016 
6X8 9X5 

070 009 


5X1 

083 



*ik 


jT ■ *■ a 


i>. a 
<L . 


• « ' 1 ' 

- 

fc-f 

. 

.. .f 


- - il 


1 

: s* 

-«l 

1% 

% 
i ^ 


7X9 (»n) 9X7 9X8 




ft BUND R/TURES OPTIONS (fJFTt) OM26QJOOD potato of 10096 


8frike 

Price 

Jan 

Feb 

CALLS — 
Mar 

Jun 

Jan 

PUIS 

Feb Mar 

Jun 

8990 

053 

093 

1.14 

1X8 

012 

052 0.73 

1X7 

9000 

022 

066 

0X7 

1X6 

0X1 

076 096 

1.75 

9090 

0X6 

043 

085 

0X6 

065 

1.02 1X4 

2.05 

EoL voL 

. tta, Gris 9132 Pm 6650 Pmfaus day's opal hU CM 

0 nfe Pirim nta 



7X6 9X0 (2Q/9) 749 (10/1) 

f Year to data. 


• lor 169A Qommmnt 
20 and read inmate i 


12740 0/1/33, ta 4010 p/l/Tft. Ftatf 
1074. 


Doc 12 

1001 

101X 


Doc 9 . 

907 : 

99X 

reftta tVlor 






r - 4 1 

. 1 ♦ . 


UK GFLTS PRICES 


tod Mcȣ+or- 


_ 1994 _ 

Nflh ta 


Italy 

■ NOTIONAL ITALIAN QOVT. BOND {PTPJ HTIUCS 

(UFR9* Li* 200m iQOfta 61 1C0X 

Open Sett price Change Low 

Mar 99.70 99.41 -OHO 100L04 99L37 

Jun 98.71 -006 


EaL vol Open ht 
18072 nfa 

0 rife 


■ ITALIAN aovr. BOND {gn^ FUTUBES OPTWWS (LffTEl Ura200>n 100!tMo4 100% 
SM» CALLS - PUTS — 



10000 
Ed. vOL 


Spain 

ft NOTIONAL 


Mar 

Jun 

Mar 

Jun 

1.96 

200 

1X5 

2.69 

1.70 

2.18 

1.79 

207 

1X5 

1.98 

2X4 

3X5 


403 Pta 520 Rorious cky^s opsn btt. Gta ta Pta ta 


7tal2pc1«96 11X3 

BftlSpetoi 1990-85 3X4 

IDtalBK 10X4 

tore !2l*e 1996(4 12.13 

14pc 1966 13X5 

TIM 

Bfti13taifi6m 12X0 

Cbarenta Htoc 1993 „ BaBi 

Tires G&V 71 k IBBT^ Z.18 

TbOSi13Vpc1flB7)ftsfa- 12X5 

Eta iota 1667 10X2 

Tten8ta19S7tt 6X2 

EnblSpciW : ISM 

MffClMB 9X0 

1ta7ta19B6tt 7.48 

TfiraBta 7X7 

14pc 16B6-1 12X6 

TtoralStaWtt 12X5 

Bftil^cIM 10J7- 

ThreB^pcIOBDff 017 

Bdll2Upei9B9 1063 

TtealOta^ 076 

Timsflpffigntt 8X2 


5X5 100& 
5X9 9BH 
667UB&N 
6X5 

6J9107ta 
7X3 llOi 
7X9 vn 
7X4 1CT 
7X4 STB 
7X6 HIM 
8X0 104ft 
014 10112 
axo mjj 
axBioaft 

8X7 sm 


-A 107: 


056 110 2 ! 
643 122*2 
053 111ft 
646103&V1 
056 113 m 
6 X 1 vm* 
8X8 90V 


107ft 

113% 

+A 117A 
~ t«il 
177ft 

sis 

4 iatt 

1142 

+£> 11 U 
-i 1312 
-4 imE 

IOB& 

♦A IK 

13Ti 

-i. 1«A 


Rnfas9%c 1986-4 

10 W, Q fa wa aa iPtfc aoo*— 

TtaeiMipcamW — 

CBTTV 9 pc 2D05 

{S? Tmgl Zhpc 20 03-5 

W7L 

1032 OCOBM ff— . 

Tta llta 2003-7 

IQBft TiwsStaOT#— 
10+% 10ta BOM 

100ft Tffift9pc2006# 

ii6g Ttatoeaooo 


tod Wrag 

7X5 74%te 
059 100ft 


_1994_ 
+«r- Mgh Low 


— YMf^. 

(1) (2) Pries C 


ugh 1 


1024 

010 

8X4 

10X8 

049 

1048 

0M 

032 


047 106ft 
09 106ft 
09 122V 
047 9« 

09 06* 

08811612m! 

849KXUW 


047 104ft 
047 96% 


+* «* m 

-A 125ft 101ft 
-ft 105% sm 

-V MOB 07 
-ft 125% 102% 
-ft 143ft 118% 
-ft 1128 90% 
-ft 111% 91A 
+A 190ft 112% 
+ft 119ft MB 

+ft 131ft 124R 
-ft 124ft HH 
+ft 113A 91M 


% 

2ta , 0l_ 

sa* 

ztats— 

2ta*D_ 


XT 2.46 

« 230 


+ft 116ft 

123ft 

ft T21ft 
ft HUB 


11653 

122 0lwMw|i1i|W 

1^ Tiw61/te20KL 

11133 Dm 9pc lit 2011 # 

105ft Tta 9|pc 2612ft 

88ft 1ta5ta200B-42tt-. 
1tata2013tt__ 
7%po2D12-16tt n 


L SPAWSH BOND FUTURES (MB=F) 
Opon Sottprioo Chango Wtfi 

8849 80X6 +4X11 8068 

65X6 85X6 +4X11 8010 


8068 5643 


EsL voL Opm toL 

20964 40037 

10484 30387 


EnlllSpc 2013-17. 


8X3 01ft 
043106AM! 

055 105% 
017 75% 

056 96ft 
026 94ft 
035 USB 
060 131 fi 


ft 9BA 77fl 
-% 126ft TOW 
ft 122% 100% 
— 98% 71% 

ft 1178 92 

-% 114% 89ft 
ft 126% SOft 
ft tSB% 120ft 


■ 50 * 2H — 07Ji an 
JPtPC^tti — (Mill 174 
ta raempdon ns 

gx W gy re in Pi 
fo 8 UN prior to to 
rtoote ntaring of RPI to 10Q 
Ntar 3S4& m tor Apr! iso* 


4X5 200% ' 

3X1 10S - fai-e: itsft :ieeft 
3X1 106% 17*% .lS% 

3X3 182% ^ 173% 180ft 

3X3_ Itofli 118%- t07% 

X02W%te ^ TMU 168ft 

js dt isras 

55 st -S !S SS 

unx&.fi| 1529 ijsh 

3«in53 +>t I28A law, 

U910SM +i raw 1 CP| 

onprtfbcMMMano((1)iim 

(Mhaan faow HP) dsm tv 

hm| «nd fare bwai afawtad b 
in fabrawy 1087. Conversion 
end far NoMember 19B« 


•& at; 

+? IWi -1 


•J ^ 

&**•• • • n 

- .■ ss 

•t*. ^ ■ * • ■ **■+■ Mi 

ss^- T- - •» 

-ta 

• •••» ajt 

■ ■' j , , ^ . .* Mw. 

^ ' v ji * # • fii : . 


Gbit! 


■ 72 


tto M 


« *«rtfa 


Othter Fixod brtMtost 


Oowteen iota WO. 
Tta Rfy Rite 1 BOB — 


“ - - T 

... 

:!! 1 
' *- a 

I 

■ . . . . 

fi ::: . M . 

fi 

1 

a - * — - 

a <■.••• 

■ ,, .... * 

Traded Options Software 

.• ■ • ■ 

m » — t 

m . . . m. 

■* . * . 

r . -i« 

1 i it 

INDEXIA 

a 

.... ... 

Hr,. 

Tel: (G4J2) S7S0TS * Fax. (04J2J S7i834 


UK 

■ NOTIOICAL UK CELT RfTURSS (UFF^ ES0OOO 3ZrdS of 10054 



Open 

SMtpriM 

Oreige 

High 

Law 

&L VQl 

Open I 

Dec 

103-04 

102*27 

-0-01 

103-04 

102-46 

782 

nto 

Mar 

102-10 

102-05 

-0-01 

102-18 

102-00 

21993 

nfe 

Jun 


101-06 

-0-01 



0 

r^B 


CW Ope 2000ft 

Trau 1 %k 20W,^..> - 
10DC2DD1 

S 2001 ft 

C20Q2 

8pc 2003ft 

injrwn 

Tteaiifypc 2001-4 — 

• Tre-teock ftlte^ 


017 

002 

1003 

041 

7X1 

020 

820 

025 

1020 


057 105% 
- 99ft 
046 97% 

051 102ft 
06511000 
0A 106ft 


-ft 121H 104H 
100ft 99% 


an i05B 
an «% 
0X5 108ft 
8X0 1t2B 


ia* urn 

-ft TWft INrtaSijpcft, 
-ft 123ft teas 


-tft 113U to% TtaSpcXStet. 
-% 127ft 104% OoUb2ta~ 
-ft 12BS 10M Tta.2%0: 


E Auction 


30%te 

29% 


kd to 


tft 88% 44B 

+4 54*a 39» 

7! 05% 

-% 44% 33H 
+41 38% 28ft 
4ft 37% 27H 

ranhoom. 


taftor Wipe 2009— 022 

nmTtaEff2-re» 0B6 

IS 

lfacW-2 iS5 

f*rt»Oa*eeTSpeaon, 1030 
13*200 30Q6__ 1051 
UMWOiVschBL B50 

uca^-aofa S 

{h n di tfa rnjpcap. sloo 

iTMhhifagli3%0E5m. - 

tiipcLSOdt. 

UHfaSHfaWnaean 1157 


Dm. tOU 

WaEfor- nj low 


US 111A 

Ml 110 


- 874 h 

- soil . 


- 10 Tb 

ATI M2U 

- ta»a 

3 T 

- 3l*a 

130 IISJj 

m 

430 130 

454 ISM, 


1335. itf£ 

— i« ns 
+* iisu an* 

— Wt aw, 

— nsv too 

— Mi m 

— sa^. 

— - >as<4 im, 

— 78 W® 

— 13N|-12B^ 
U3L 12K 

— 130*j 134^ 


fa ■ «, ""■fa h u 

"■1 • . * 

*Sfa“ ■■ ■ ' -• . - 

- 

■V-? 1. 

^ C3Ur J " V- 

T -v: r -w, 




a 

i 


«. m » 

v.“>+ w^. 


-i’ ' r fa- . ^ *■' I 

1 ■ A.. ifa . J 

t ^ r 7» 1 

4‘ ' -J 

-H - 1 1 he 1 


Vi 



>j* £> i; 














































































































































































































































































FINANCIAL TIMES 


WEEKEND DECEMBER 1 7/DECEMBER IS IW 


tuw* 



*’ tf — «■' ^ 


. FT IflANAG 

FT Qtyflne Unit Trust Prices am available ovor the telephone. Call the FT Cttyfine Help Desk on ( +44 71 J 873 4378 far more dotafls. 


ED FUNDS SERVICE 




►--'ii 


► i .1 . 1 


IJ. j * > j ‘ l » 


I ' 71, .. - 


K5M 

11052 

7117 

219.13 

I3*2ttf 

9958 


HQ42 

19037 

7R2 


J 11 


i«£42 

11172 


1KL» 
10X» 
«J7 
SB. 19 
llttJS 
121 JC 


» IJK 


tv: 




12X57 13X40 

oua i30a 




r •' j ' a 


. 

2X313 

i ; 

22*5 


;i an 




UatoUKCDC_U4 

UrUKOn-«i 


rfr*i 


109A4 isrsai^m 

HBL2I iagjnSl? 


71 JM 




*1280 2Al 
¥2485 284 Jt 
¥2*1.1 Bti5 
1175 12 Sl3 


17&J0 ISSUE 




E 


hojb nw4 


mmwptmmm 

BwO?m 041204: 




XZJZ2 3408 


<mo 

I OBJ 111.2 f4«J0 


*050 


34SL5 EA5 
SOU 21U 


-MUD 

-Ul4 

-XH> 

-070 


*050 

-an 

*020 


SO 5 091 j4 
MLI 1504 
1803 1B9L7 
3BDL0 4QJI 


*02 

1055 1745 1+04 

18*4 1937 1*05 


!-*■••, ■ llli'i . _ " i t . I | i i: 


► iil'-'il-' I - 


TTTl 


"C7 






1115 1175 

1124 U04 

HU 121J 


77X2 0275 +25 
1175 1255 +03 

1444 1544 *0.11000 


in •j’ * • 


.► - 1 . i ■ ' 


48fWnrrftL 


TJ i ‘ P' - 


SSRI 


1-flO 


040 UK 






4152 4X05 
38-70 4157 


2445 2»5 
2775 4035 
5104 SS25 


BiEudMv 

OrEnRogl 


W A Oct Prog 
UK&CsiStaol 




*,T 


fel 


nc_frli 


5 


+TT 


23X7 

51X7 




2Ja 33»w 




$ 


TSB 
Da# 
1SBM 
„ ' Da# 
050 tub 
D o# 




► i n i ;i 




Ttr 


150 I* 


OOQ MB 

000 Mb 


Em ka & Qnvu— 


-r- 


04.70 6091 
10X0 MOB 


UK So* CM Mb 5b 


T~T 


1-2S UK 


rife 

►fei 


+14 

fOOl 1001 _ 

100.1 7001 — 

90.11 1057 +02 

9758 104.1 *05 
95-17 0756 _ 

8034 9X76 _ 

8025 04.12 -01 
0940 0021 -01 

■faff! LM (12Q0[F 
O faiwiM, Ft wx 


158 M* 


USB 


iK. 


i n 


^TT 


OJI 7173 
7001 0058 


1745 18*41 -OS 

2107 22101 MO 

MU' 


(as), 12005 21151 -03 


+02IKL12 tel 
88155 72154 +031 “ 

16010 16853 *075 
17477 18454 +652 
9033 109.11 +424 


COM 

77 JM 


64.18 
0176 
5871 

72.13 ltd 
8152 ML IS 
7251 *021 

60.14 
50 14 


3909 41M 

3875 41&2| *25 

•Of 


,\+i 


4* 



84* 

: 1 



liLM. 


4775 5022 

7202 1875 


I .. 


.18 


154 m 


£ 


243i *ai 


mm 


IM nr 


18025 17751 


I1S07M 12357 I *4561154 

U0(12OQF 

1AX 071-2483000 ted 


+0770 


-as 
+02 
*AJ2 

■M llTB »5 

-05 


ra i£S 


27B.YM ZMJ 
1185 1275 




155 FT 


>• i 


44.T7 4856 
6153* 99.13 


POBM 741.1 ToMd. 


. i ■* U" 1 1 

■WT ;| 


UK Body 


5751 6072 
26017 27457 


‘ I I 


186754 1734JI 
6654 10043 
10072 11656 




8038 8049 
47-52 9X35 
90.10 96.10 
21013 22014 


W. 


#m Eq teg 


15 SMOq-sDs c14 


35 tnwtoaa Doc 14 . 

- JqpmDdch 

- RadfleOac 14 

32 


15X11 18X76 


Are you an international / 

expatriate working4fcy< 

in the UK? 

Are you making "iF3B| 
the most of Britain? 

International expatriates working in Britain qualify for unique tax savings and investment 
opportunities, investing your money wisely while you are in the UK. can lead to significant 
rewards. The International in Britain is a new magazine with expertise to help you. 

To be published early in 1995 by Financial Times Magazines, it will provide independent 
and impartial advice 10 help all international expatriates manage their personal finances 
profitably while in the UK. 

And more - regular features will cover job opportunities, property, schooling and healthcare 
as well as finance - essential guidance on all the practical issues an international expatriate 
faces when moving to the UK. 

■ 

Make The International in Britain your first move in the UK - complete and sign the 

coupon below for your FREE one year subscription, 

^International 


189L7 194.4 

TDK 13—18*15 67X4 

1165 1163 


Haqu SUey feterafiooal 

OmnEwtWV— I 2753X16 f _l 

Uuiuy Jatatsta ffT Nkifjit 


+•1 


Antrim Ewopl 6X12 BQJB -057 158 tePh 

PtUiHw Opflmpt 9154 8X35 -5.10 

Asdh«ExD4Cl& 4X33 4XJ0 — 

Japm am** SXII GUM -058 

Mandpd Ei Dk 15 5X38 5658 _ 

SEMEnM 34J26 2X37 -QJ6 154 Sn 

StaiCMEuptUoB 15 4458 47.1W _ 

UKEq^f Bt Doc 15 4494 4X7D 


T>-~ 


^rr 


m 


■Tit 


99LZS 10023 
9256 KLB3 
93J5 9450 

01 -75 9153 

9350 9X64 


i- -.i-EBf T l 


IfWfe 




48357 6195 

20757 2155 
17073 17072 


D 07£F± 


Mtfl 


3 S® 


aw& w 


SI25 

24471 

X?35 


46751 

isxT: 


1722 


Fm fly 

Z 17UM 


tojTj 




FudyD 

MrO 

MrCd 

wl 



zzu 

UIJ 


2455 

3516 


MU 


T580 




0 «»* 


ni 


4SXm 4700 


T 4*75 


m 


■M 


• 0.1 

VSBfl wx»! 

-5S 




507 87X71 *05 


Cll 44H.7 1 51 


Mi 


. +*J 

*ai 

SK)3i 

2449 7475 j *02 


Pit— mum ID Kevin PhUfipi, Hw Wori M toMlitiBritaM, FREEPOST, Graya^WlMd.F^Uhd, Undart B^B4QJ ■ 
v^p ta a » eMB«ngai*i *4 tf flM^BdoatoOTT ca LtMwnrtif MlaqtMiMibBEiktaUK? GO-iwn Q^ym OOwS^nn . 

•qnndK 004019 n Id UK. WMnctoyoDfMnioiMntaa? Q^ipoa Q2>5 vmb QOMrSyoa J 

uaouta !!KbDMib6>iJp«iiflMiniMMiiwiMd79iMM0MaM i 


■ JoDTlfe 


I ill 1 Cmbsw Q RhMb 


J Fac 

s STibaBoJrlyauE^EOMSIl^ArOOpytfnil 


Sgatoa 


FT * 

l 


mi 

15X5 

1025 

17X4 

1275 


- UKEqi*. 


4145 

W13 

3305 

9345 


1501 
15X6 
975 
12875 
3101 
5445 
2275 
S545 
1775 
3077 
1805 
7935 

S3C0 I TTSUd 

4377 
24X3 


43B5 

9907 

3095 

962.1 
7195 
1643 
1615 
10 U 

13343 

3204 

57X4 

2305 

8811 

107.1 

ms 


37X4 

1415 

2017 

1115 


3317, 

8415 -12 

3165 1 MLI 

2065 1 

3747 

14X31 4X7 

29051 *ai 
I17J 1 


8*15 C54J 


-85 

1965 16451 +15 

•07 


10X0 1fi85| +03 

*03 

4X2 


31 15 3204 


T < I. 




2917 307.T 

3805 -4004 -W 
3204 Mi *4.1 
27*5 -JU 

1425 lg4 *05 
no# IfOB -02 
OT5 n£5 *05 

20X4 2102 *0.1 


1295 12X5 


tmo iud 

Bi 1 T S« tfr 

3S 


: S 


- NFS mo 


77 


17X71 *av 


2815 300.71 -L2 

4905 47371 -?7 

+03 
-03 

1007 18X9| +04 


r- 1 J 



2040 

l 

2MJ 


am 

rhfBi 


1195- 19951 


■ * * 

DCdV 


*02 
-02 

1704 17X41 — 

1885 10«5l -0.1 

*05 

-02 
*07 
US l *05 


< 

1985 


HS5 


. 

73*5 


7IZ*| 


1015 1075 


2117 2225 


2 415. 


I i 4J 


7135 751.1 

3435 3615 

5U0 8347 


i -f 111 


i- j, 


naH9rl 


BIT A 4014 


fSSLtlr* 

HOMSM 

S3K1 


3975 3795 


20124 21154 


mi 

8205 

3885 

00X1 

905 

■9X5 

Ml 

20L7 

2VU 

13X7 

14*5 

1037 

10X5 

*8X1 

2800 


2B4 9- 3125 




.1 t0D75 

IJ 1M7J 


till 1U1 


21150 

UQ5» 






Lift Cap. 


itrr 


1953 

1915 

2475 






1*13 

17X5 

2 SU 




2013 

1825 


s 


til 


3075 

2077 


/I 


2543 26771 — 

22X8 237.7] *4.1 

T547 17341 *02 

. 40-1 

2822 297.11 -02 

1815 191.1 +35 

16X5 1774| *07 

4X1 
+X1 


3 




,irt 


nr 


i + - 


390JI MU 
•XI 


18X0 20X4 

1973 20X1 

15*3 mj 
1044 2DU 
2914 3005 

28X5 2775 

19X0 KXLO 

21X3 2*13 

21X1 2244 

1541 18X9 

1555 I HOT 
1503 158-3 


k<i 


1785 1582 

71*5 BM4 




23X1 3445 


*1 


B +12 
1735 18951 +15 

WI5 191.1 
1717 1805 

1415 1485 


i '■ 


15X7 18X1 

1583 19X1 


Ti] 




~ DO. 


- Do. 


*404 8087 +07 

4345 447.1 +15 

25X4 29X7 _ 

4284 4477 +X2 


1737 18SJ 
3473 30X1 


_ Crown 9rt lou A. 


mo 30X5 




- I»M5 


17X6 1845 

22 X 1 2417 

2845 24X91 -XTO 

*030 
-050 


1375 1449 


20X1 2105 

205A 21X2 


17X3 1877 

22X1 2402 


Pfrcn.tnL 


LtfOri 

Lite 




w 13 223.11 +05 

3005 325.1 1 -X9 

4X5 


1355 147.2 

1445 13L3 


5*5 S BU *85 

7475 76X3 +05 

710.1 7575 4X5 
1005 10085 +77 


4753 MUSI «X10 


3950 <174 


SOM 32.19 


ICI0IH 


8533548510 


.071-6091111 ifa- S 
»«4l -050k 350 aafS 


405 
+04 
*X1 
*X1 

+u 

42J 

+X6 

«X8 

1915 _ 

2275 *07 

2803 +15 

2003 

1480 -XI 
2145 -05 

0X1 


*41 A 24151 Z 
17X7 MOO! _ 

10 X 8 105 5 _ 

187 1 049 

18X7 U774 

1065 1125 _ 


-■*.1 


2083 BU 
IBU 1716 


*rrr 


1387 1425 

145 WXl 


*W5 W81 


+37 
„ *19 

911.ll +19 


15651 -0 2 
-15 
+X1 


— - faM 


WI5 1777 




+14 

+150 


+a 

+25Q 

*020 

•XV 


2994 *1X2 




c/i « ^4 

1 w • -e 


+- Eii.^ 




'MJh o' 































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































t ill It****. 


Untew ottwwtea t ndtamod prices are in pence. The prices are those at 
which the business wee done In the 84 hours up to 3 pm an Thursday and 
setflad through the Stock E xchange Tafaman system, fhi^ as not in order of 
execution but In aacandkig arts’ which denotes the day's highest and lowest 


For those securities in which no business was rsccrts d hi Thursday's 
Official List the West recorded business in the four previous days <8 given 
with the relevant dde. 

Fhie 4J»ta) stocks are not reguHed by the Mamattonaf Stock Exchange 
of the United Kingdom and the RepubAc of Ireland Ltd. 

t Bargains at special prices. $ Bargains done the previous day. 


British Funds, etc 

tauy 13*W Ok 200003 - £123 
Exchequer lO^K Sft 2006 - ClISji 0XM$ 

Corporation and County 
Stocks 

B fc r lu/iam Cap 3W Sdt iseffior afMO - 
07(130041 

hfcrf Carp 3*2* Saf1*tl*!« - £33 (1ZD894) 

MS Oarp 3*j* SU(£nd tax)- £35 (140<0$ 

lefcKfer cny Could 7* Ln 90c 20180*0 ■ 
£80% 3 

UMhMttfCKyaq 11.5% Red Sk 2007- 
015% % (130094 

Oktan Carp 4% Deb Sft -€42(1*0*4 
Srffart (CRy of) 7% Ui 8ft 201 ape# - 
£80^ 


UK Public Boards 

MabOpOto water Mrtrapo fta n Wtf>3%A 
S& 63/2003 -&B8(l3Do94 
Portal London AuteBy 3% Port of London 
ASft 20/99 - £80% 

Portal London Authority 3%% Sft 40/99- 
£83 

Foreign Stocks, Bonds, efco 
(coupons payable in London) 


Sited Gfid Bds 3023 <Br £ Vto) - £103% 
(120694 

Abbey National SMkig ftpM PLC11%% 
Sited <3*1 Beta 2017 - emu* 

Abbey Ntitond Ttouy Sew* PLC6KGU 
MS l909CEkC1O0Q a 100aaLia0O0C8 - CBffl 


CM Be* 2003 QEfer $ YnJ - 388% (120094 


Beta 2000 (Br C Vta) - £92% (14De94 
Antio ft Owmib Tftnt PLC 9% Sound 
Debs 2812 JBr£10000| - £97%# 
BPArarioikv 9%% Gfa Nta 1MB|Br£ 

Vta)-£f0lAtf3D*4 

Bor* of Metooumo Ld FW 199te$ Vto - 


OU0- £833 (740*4 

BMv Sank PLC 9J75% UMM Srtto 
Nts- £07% 


l:T .1 TT*:™. , 


iga7p£iooo0iiooaq) - ao3% 
BnM&OMv 
Rig ntoW»2003<l 
(130*4) 

Bristol & Waal Suiting Society 10%% 

9lM Bdi2QOOe£iaOOO&100QO(|- 

£103% 


8Wi Ate** PLC 9%% Nta 
1997(8r£l 000610000) - eiQ1% 

British Airawya PLC 10% Bds 
1998PVC100Q81000C9 - £102% 0Do94 
British On HI flmnoe BV 6%' % CM Hi 
200BIMM - 387% .87% 87% (f3D*4 
Ebttfah Gas PIC 7%% Beta 2000 (JBr C Vto| - 
£85% 

BW Gas PIC 10%% Beta 20010* 
£1000,100008100000) - £107% 

British Oh PUS 8%% Bds 2008 (Br £ Vto) - 
£99% % 

Brttati Land Co PIC 12%% Bds 2016 
QBfClOOOO&TOOOOQ) - £122.13 (13De94 
B^a Finance PLC 10%% Subte Gft! Bds 
2010 (Br £ Vta) - £87% (14D0B4 
Bum* Cate CapteJueey) Ld 9%% Qnt 
Cop Bds 2006 (Rag £1000) - £132 
Bum* CasM Capfcalfrtaaey) Ld 9%% Gnv 
Cap Bds 2006C6r£5000890000) - £133 
(130*4 

DsiinartQQngdoflft o$ 6%% Nb 1998 Or £ 

Va4-£93%# 

Dapfa Fi nan ce MV. 7%% Gti Bds 2003 pr E 
¥arf-£87% (130*4 
BCC Grotto PLC $%% Cm* Bds 
2009(Br£1000810000) - £95% 

El Du Mds Namon&Oo S%% Fits 
1996 Pr Si 000810000) - $10035 1OOL0 

(140694 

Far Etasn Dspsrtmonl Stores Id 3% Bds 
20Q1(Reg tata** ire* STOOD) - $88 68% 
89% 902 

Far Eastern TeodSe Ld 4% Beta 

200aprS10000| - $111% 

Rd Bank Ld 1%% Qs> Bds 2tWgprS5n0fl) - 
$101.175030694 
GES8 PUC 835% Gtd Sec Bds 2018 
0*1000) -£92(130094 
G uuart e o d Bport Ftaanco Oorp RC Ofa 
Zero Cpn Bds 2000(Br£10000&1 000001- 
£60% (140694 

(Steen PUD 7%% Ms 1997 (Br£ Vto) - 
G97JD5 (I3D694 

GUthum PLC 10%% Mb 1997 (Br £10008 
10004 * £103% (120694 
Krttat Bidctav Society 7%% Nta 1998 (Br £ 
Vto)-£96%0D004 
H*bx Butting Satiety 8%% Ms 
l999QBr£Vari) - £97% 100£ 

Hafltax Bdktog Soctacy 8%% Nto 1997 
|MUar) - £100% 

Hanson PLC 0%% Chv Sutad 2000 (Pr 
EW*- £103% % (140694) 

HyOfrOuabec 630% Dabs Sara 1 
199B(Rog £ Vtas) - £91.14 (130094 
nnrMnran uiwnpniini tunc 1 
Beta 1S9SPr ESDOOt - El 01^ (I4MM} 
M e wBU o na i Sank tar Rae & Dw SUk Bds 
3007 (Bresooq - Cl 02 H MS (M)a94) 


1999(Br£100D&7000q ■ C103^ 4 
Mypap^ec d) lOlj* Bds 2014 
(BVC10000&50000) - SnOTH H 

JSpan Fin Cap far Hurtdpal EnL QU 
Bds 2tXMO£1000 & 10000) < CSJ»i 
p3Dt94) 

tend BacMc Pdwbt On tac 7*sK Nb 199B 
(BrC Vat)- CBSti 

KiW Menadonoi iWpart Co Ld 8% QU 
Bds 2003 (Br S VW) - SCSB^ 80% 

Kyushu BacUnRsnarCobie BH Nts T8B7 
(Br E Vta) - ISBtt (13IM4} 

LsndSKUllss PLCe^K Bds 
2007(pr£10003k1000Q . cgglj 
Land Soartias PLC StyK Cm Bdta 2004 

(Bifsaoossoooq) - cio7>2 

Lssmo PLC 9h*> ws 1990 [Br E Vsj) - £86 


leergMvwt-csT^ 


1996 (Br ESOOO&IOOOOQ - £1P38 {ISDsOg 


retfteNB zooocnsg HuneiOOOl - GMi 
Lawta Uotaf PLC lOtsH Bda 2CU 

(Brfnooooaiaoooa) - nos^ 


200<(BrtMeuSi - CB7.166 
Lloyds Bark PLC 9H* SUbwd Bds 2023 (Br 
CVW|- C9M(120A« 

Lucas aidusuas KC lO^S Bds 2020 
&C10000B10000Q - nOT>s (140*94 
Maria ft Spancar Rranoa PLC Qtd Mb 
1B96(Br EVsr). £96 
Mciwali MamMond hclSK Bda 
2001 (BrSl 0000) - S109*i 
MbubMS Bv*. Ld 3*2% Cm Bds 
200«(Bt$ia000) - SI 02 >4 (140*94) 

Ndfonta Old Co PLC Th% Bds 1968 (Br E 
W}- £96h (140.9*1 
NMtand & PharineM BMg Soctaty 10t|K 
StAerd Bda 9008/11 -£105 (130*04 


Nts 1999 (BrCl 00009.100000) • C99J3 
(120*94) 

Nadonsl W aa l n Sn atsr Bank PLC ll^H Und- 
SabMs ClOOOOCmr ID PrQHog ■ CIOS’. 
(14CN94) 

. .-«i a — ■ an. n 44 1 - a/ a a, „■ 

KHjOTmI Vimilhowi DVK rUr 1TJ79 WXr 

sobNb naoocnv id Mia- ■ snort 
<90*»«| 

MWeitaridB BUMng Sodety Ms 
1969^(£ Vars> - Otrt f12DeB4) 


gadAiooa.iaoao&ioaooci* sasi^ 
(730*04) 


i99S(Brciooo&ioaoq - snort (i40sB4) 

Mppan Tulsj mjti and Tatapnona GadTliM 
Nts 1Q99(Bt1 000,10000,100000) - $BBB8 
n«s9g 

Padflc Bacate wimicaeia Co Ld rtw Bda 

20010610000} - $110 (9(M4 


Pvwacxi Stadng Rnanca PLC irtH <3M 
BA 2002 • E10BJB (ISOflBI} 

PasnoA SMfing Tm PLC SL5H «W Bds 
2004(Br£ Vbrt) - £100*2 (T3De94) 
RsnkMter a Oterttd BMSO New Os IlftM 

Bds 2014 (BrinOOOO&IDOOOO) - £114*s AS 

h 

PwwrGsn PUS 8%H Bds 200 (Br 
nooooaiooooq - £97^ £i \ 

PHidanlW nnsnea BV rtH Bid BA 2007 
(BrCSOOO&IOOOOO) - £100^ 

RMC OspiW Ld rtK Cm Cap BA 2006 fft- 
BSOOOSfiOOOQ - £127*2 (ts&m 
Rsdand CapM FU 7^«K Cm BA 
2OQ20«1OOOUOOOOt - £100 (120s04) 
FtaAnd SMhg Fundhg FIG KA% QU 

BA 2001 |Ek £VW) > £10rt -805 

Read Banter Inc 7«2* GCd BA 1999tEMI 
V»N - 39(1275 (MJaBt) 

R od a ti dA Conttrnmtan Rnpj)Ld0)t Patp 
SUxad QU Nts (BrCVtalous) - ESI 
(12DO04) 

ttoyal Bs* of acAnd PUC rtN BA 
aXM(6WV^-B83% 


SAoni BA (Br £ VW} - £93 (OMrt 
Royd Bmk of Scsttend PLC IrtX Sdssd 
BA 1998 IBrgmnMSnoO) - £103*2 
(130e94) 

Royal knuanca HUga WjC 9^* Srixad 
BA 2003 (Br £ VM) - £872* (BDaBri) 


rtMCmCapBdi 

E121V (130894 


2003 (Br $100008100000} - $102 
arSCri J Iw Baachsn CepRta PLC 74|H Odd 
Mi 1990 Qr£VW) - £96%$ 

SaHNdna Boacham CapM PLC B*tM <SM 
Nts T996 (Br £ VW1 - £97%$ 

SNA Bark at New Saudi Wales Ld 7% BA 
1999 (Br SA Ua>] - $A89*s 89% (130*94) 
SwadanOOngdam All Bda 19950/ 
£5000} - £W1*« (140*04) 

Tarmac Rnanca (Jocsoy) Ldl 9% % CM Cap 
Bds 2006 fftag £1000| - EBB% 

TnMLyta Mfln njCfMs&j4a PLC 5%% 


£9rt*i 


El}-£11rt>tV\7% 

■maa «kdar PLC 0%H CmBubonBdm 
2DOOfk£SOOOS5QOOCI - £113% (12M4) 
maa WWv UHtea Ft»a PLC -!0*2K 
QM BA 2001 - £108*4 .25 


VW)-E9rt 


Oo fen 7H9t Ms 1998 


H*g Ha Slsei BnSsrprim Cop 4% BA 
200HB$10000| - $112% (140*9$ 


Bda 20010*0 in Ml* S100Q- $105 10S% 
10B10B55 


BA 2002 (Br $5000&TOOOO| - S98J 100% 
(lOOeSri) 


Nb0*pMsB«}'EB4Ti4 
toatoteh Bddng Sodoty 11%» Subcnj 
Nts J3001 - £109% (12DOIM) 


1999(B«lAni - SBfctt (130*9$ 
wA ftawaaat Bidding Society E10(hn 
RIB RM Nta June 19B7peeiOOOOO)- 


Now South VMn Tmsxy Cop SAIOOm 
10*2* NTs 7/2/2004 - $ A 99L0 8 (140804) 

Near ZaMand Oaky Board FfaftZJLdSlfikn 
FkRta Ms Apr! T999-$UXL05 (13Ds9$ 

SnadanOtkndom oQ £B00m 7*2% Ms 3/127 
97 -£975%% 

SwadsnpQngdom A £3Stkn 7%H BA 28/7/ 
2000 -EM% 3(130*9$ 

SaeAnffOngdam d) $C300m 686 Debt 
tarimmerte 12/5/2003 - $C90% 9095 

Corporation Stocks - Foreign 

M a hawrtCHy ol) 7Htfd Sag Bda(/VB5003- 
£100)Ar2%% - £98$ 

Sterling Issues by Ovoseas 
Borrowers 

Bar* of Greece 10%% Ln Stic 2010080- 
£99*4(12009$ 

DnR»f$angdomc413WbiSKa005> 

£I2B% 

Baopaan knreaMMit Bank 9% Ln Stk £001 
(Rad - £100%* (13089$ 

Euopaui kwettmeni Bank 9%% Ln Stk 
2000 -£105% 6% £ 

European b iw ea tmert Bank 11% in SOc 
200a(RBg) - £111% 

IcatamXRopUbBccQ 14%% Ln 8tk 2016 - 
£144% (12De94 


Stk 20lOP%g) - £106 (140004 
Inoan u Bo nJ Bank far Rae 8 Dev 11J%Ln 
80c 2003- £11$% (130064 
P*otaas bMcanoe 14%% Ui Sflr 2006 - 
£120% (I2D0M) 

SpafnfKfcgdom of) 11%% Ln Stk SOlOfFtagJ - 
£1212(130064 

Ouwtanytagdom oQ 6%% In 3k 20146%^ 
-£104% (14D094 
Sw0dan(Khigdom ofl 135% In Sflc 
ZOIOtRstf - £WZ% (13D064 

Listed Companies(exckiding 
Investment Trusts) 

AAH PLC 42% Cun M £1 - SB (140a9$ 
ASF Imestments PUC 5%N Urn Ui Sk 87/ 
2002 SOp-378 

ABF b wM manti PLC 7%N Uha Ln SOt 87/ 
2002 500-42 

API Group PLC XB5% Cun Prf £1 - 55 
(14D094 

ASH Capo* Anancetimtfjd 0%% Cnv 
C* Bds 2006 peg IMs lOOrf - £03 
(I40a04 

AbanSaan Trust RJC Wta to sub fcr Otd - 45 
(12D*4 

Mart Ftahar Gnxp PLC ADR (TOei) - S6% 
(130694 

Aiaxandara Wga PLC 1 0p - 

is 

Afltod Domaoq PLCAOR (iri)-$8% 

AM Donueq A£5%% Cun Prf £1 -06 
Afled Donueq PLC 7%% Cun Prf £1 - 75& 
(130604 

MM Donueq RJC 11%% D* 30c 2009 - 
£121 (130*04 

AM Domocq PLC 7%% Uni Ln Sk 93A6 - 
£94 

AM* London PioparM PLC 10%% lit Mb 


POmdAym Fkunatar Swvtee* PbC8%% 
GMQ*9 u badftM008 nauM iaiT i tinn 
£97% 

MMLyou Fkmctal Q uvtaan PLC8%% Qu 
Cnv SubonJ Ekta 2008{Br £ Vta) - £97% 
(13D0B4 

ANta PLC 86% Cnv Com NonAAp Bad Prf 
£1-75 6.7 


- $39% 

Amrita* Oorp Shi of Cbm Stk $f - $40% 
Andwua Oyta u Qroip PLC Cnv pit 50p - 
62% (140*4 

An^o-Euum Ptantadara PLC Wswits to 
sub tor Ord - 42% (130*4 
Angto-Entam Ha m a floim PLC 12%% Una 
Ln Stt 95«- £102 (140e94 

Armour TruP PLC 10%% Urn Ln Stk 91/06- 


Attwoods (pnanori NV 8%p Ged Rad Cnv Prf 

5p-ei% (180*4 

A u ta aal o d SscurityfrOdpaJ PLC 5% Cnv Cum 
Rod Prf £1-51 00*4 
Automated Socwfty(HUg4 PLC 8% Chv CUn 
Rad Prf £1 - 39*38 40 % .52 
SATMuita PLC ADR (tl)- $1329 
(12Pa94 

BET PLC ADR (an) - 56% 

BM Group PLC 4J5p (FtoQ Cnv Cun Red Pit 
20p-m% 

BOG Group PLC ADR (in) - $1 1JW 
B0CGmupPlCa5%CunMPrf£1 -50 
BOC Group PLC 12%% Una In Stk 201217 
-£125% (120*4 

HIP RJC 7.5p0teQ Cnv Cun Ftad Prf 10P - 
176 


FT-SE ACTUARIES INDICES 

The FT-SE 1 00, FT-SE Md 2S0 and FT-SE Actuaries 350 incficee and the 
FT-SE Actuaries Industry Baskets av calculated by The international 
Stock Ex cha nge of tha United Kingdom and Republic of Ireland Untied 
O The In te mal k xi^ Stock Bcchange of the UnitBd l^igdom and RepitbCc 
of Ireland Limited 1994. Al rights reserved. 

The FT-SE Actuaries AB-Shara Index is cakaiatad by The Financial 
Tones Limited in conjunction with the Insffiute of Actuaries sod the 
Faculty of Actuaries. 0 The Financial Times Limited 1994, AM rights 


FINANCIAL TIMES 


WEEKEND DECEMBER ^/DECEMBER IS 1994 




Jun .3^ 


LONDON OTOCK EXCHANGES Dealin 


Detefa of business done shown below have been tehen with consent 
ton last Thursday's Stock Exchange Official List and should not be 
reproduced without permission. 

DetaSs re&e to those securities not included in the FT Share In for ma t i on 


The FT-SE 100, FT-SE MSd 250 and FT-SE Actuaries 350 Indices, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries Al-Share 
Max are members of the FT-SE Actuaries Share lruSces series which 
are calculated in accordance with a stand ar d set of ground tides 
established by The financial Times United aid London Stock E x change 
In conjunction with the Institute of Actuaries and the Faculty of Actuaries. 

"FT-SE* and "Footsie* are joint trade marks and service marts of the 
London Stock Exchange and The Ftoa n dal Times Limited. 


BTH PLC ADR (4n) - S17-Z8 
Bomptcn Properly Qt up Ld 7%% Un Ln 
30*1/99- €94 

Bulk of IratandQGoramor & Co aQ UMta NCP 
3k an A £1 & C9 UqufcMon - £11 3 
(130064 

8nk g( btaMeOavunu- $ Co o$ Urfta NCP 
3k BuA k£l«M» UqtfdUfcn - fillj 
Quwur Hwwt Group RJC Qtd Iflp - IPS 
Buctay* RJ3 ADR (4rt) - $37^5 (120*4 
Baidsyi Bartc AC 16% Una (tap La 3k 
200007 - £134£ (130*4 
Banton 3oup PLC 7.2fip fM} Cnv Rad Prf 
2fip - 77% (140*4 
Burton G«te PLC T125p Cbm Red m 
2005 11^3 -96% 9% 100 (120*4 
Borings PLC 6% Cun M ftf £1 -85 
Borings PLC 9%% Non-Cum Prf £1 - 115% 
Bunoto aptererton Ld CM Raoi -180 
Bvr$V%daea Arnold Thut PLC CM 25p- 
505 (130*4 

BM PLC ADR (KTIJ - $1623 30604 


Boa* PLC 10%% D* sac 2016 - £113 ft 
Ban PLC 10JB5K Deb S3 96/90 - £103% 


Ran PLC 1QJ55K Deb S3 96/90 - £103% 
(130604 

Bn RJC 4%K Un Ln Sflc 92m - €87 
Bam PLC 7%% Lbn Ln 80c SB/97 - £96 
Damwaa Carp PLC 7%% Cun Prf Cl -73 
(120604 


WC151JB7 2*3 3*28 


teiWMriMi yku^M fli Jilhm ft*w* AL|C 
nrnyiUil WUffiiH UNIIU 900 I* 

Pum M O euteB Sta £1000 - £89^ % % 


%O0 


BWnood Hedge PIC 4J% Cum W £1 - 
10 ( 00*4 

BMM44 Hodg* PLC 9% Cum RUT m £1 
-20% (130*4 

BVuo CMe MkaWM PIC ADR flit) - 
£2.79134 

Bowthorpe PUC 7% ItofrLn Sflc 90/95 - £89 
6(90*4 

Bradbrd 6 Btegtey BiMng Soetaty11%% 
PmnMfifeutegShs tlOOOQ - £113% 
tadfaid 8 fib*ey BuBdng fioctety13% 

Rm Inc Bearing Bhs £10000 - £126 % 
findtad Property That PLC 10%% Cun Prf 
£1-123 

Brnit tntovnadond PLC 9% Out Ftad Rf £1 
-92 3(l3Oo04 

Brent WtaBoer Group PLC Wla to Sub tor CM 
-0% (130*4 

Bteni Wtataar Group PLC 6*9% M Non-Cum 
Onv Rad 2001/10 £1-1% 

Bristol Water PLC 6%% Cum Ind Prf ei - 
113% (140894 

Bristol Wfllv Mgs PLC CM £1 - £1QL2 
1021 

Briuol WUrWgi PLC 075% Cum Cnv 
Rad Prf 199B She £1 - 165 (140604 
Bristol 8 Wnt Suiting Soctaty 1S%% Pwn 
Int Bearing Sha £1000 - £127% % 
ato rtfl Biddtog Soctaty 13% Penn Int 
Staring Shs £1000 - £123% % 

Brfttaft Ateauys PLC ADR flOCT| - $0000001 
56% & 

BrRtatHtourteui Tobacco Oo Ld 9% Cam W 
Stk £1-53 (130*4 
EH6al i A mart cui Tobacco Oo Ld 6% 2nd 
Cton Prf S6c £1-60(130604 
Wi uobrtr hftdga RJC 6% Rad Own 
PHDS95}£1 - 110 (130*4 
8Mto Pobrttean Co RJC 8% Cm 2nd Prf 
£1-94 

BM* Start PLC ADR (KM) - $24% Ji 


Wi Sugv PLC 10%% Rad O* Sflc 2013 
-£114% (140*4 


Brtrtxn Estate PLC 11%% ttt Mb 00b Stt 
2023 -£116 {130694 
BtimarfHPJHdgi ftJC 6%% 2nd Oun Pit 
£1 -102 


110f8Oe94 

Bwzf PLC 7% CM Una Ln fitkflSW - £96 
Bum* CeaKiti PLC 6% Cun Idt Rrf 80i £1 
63(130*4 

Bum* Castrai PLC 7%% Cum Red Prf £1 - 
7122(140694 

Bum* Caaml PLC 8% Cum Prf £1 - 78 


Bumdene I nv a rt menta PLC 15% Una Ln S6c 
2007/12- £116 (1 2 0 *4 
Burton Gnat* PLC 8% Cnv Itas Ln Sflc 1986/ 
2001 -£79% 

Butte MMng PLC 10% 9to0 Onv Cbm Had 
Prf 1994 IQp - 2% (BD*4 
CWomta Energy Co Inc ShsoT Gom Stk 
$0 l 0675-S15%(12D*4 
Cantoridge Itonr Co 18% Rad Dab S* 2004 

-£121% (130694 


SBC 2027 -£104% 

Capita 8 CunUM PLC 11%% IteftBgCtab 
Stfi 2021 -£117% 

Ctedo Origin— Iqg Otanp WX# TO%% Cun 
RwJ Prf £1 -100(90094 
GuMaCMup PLC 4*38% ptal) Rod Crw Prf 
1390 £1 on H 10*11 
Oarton Cumudcattem PLC AOT (£1) - 
$26% 7 

Ctetam Gommurictekm PLC 7%% Gn» 
Sited Bda 2007$l6g £6004 - £X34% 
Ote dl a ho Shi cf Com Stk $X - C32-52 $ 
61% (130994 

Onriwood Alonce Hktea Ld 6%% let Mlg 
Dab SOc 95/30 - £96 (120*4 
Chuteood A B a n c e Hdaa Ld 7%% Uu Ln 
Stk 5Qp- 34(120994 
Choem Croup RJC 7% Prf £1 -100 
Chdtenham 8 Gtauceatar Btdd Soc 1 1%% 
Pann M Bearing Shs £50000 - £1182 % 
CttySfta Eatataa RjC& 25% Cnv Gian Rad 
Prf £1 -66% 7 8 % 

Conte Mm RJC 4%% Una Ln S0c 2002497 


Conte Mm RJC 4%% Una Ln S0c 2002497 
- £03% (120694 

Coate Mm PLC 6%% Un» Ln Sflc 20Q2AV7 
-£78(l3Do94 

Coate Vfy*a PIC 4J9K Cun M £1 - 64 
(180604 

CohET^g 8 Co RC Non.V "A” Qnl 20p - 
490 500(90694 

Cacrmandari IMon RC 8%% Cun bid Rf 
£1-107% 

CuraiuvoW Union RC 8%% Oun tod M 
£1-109% 

Co-Opmrthm Bonk PLC &25K NMter M 
Rf£1-111%(t3De94 


Cun Pig Prf lOp - 86 (120*4 
Ooutartte RJC 5%% Um Ln Stk 94/96 - 
£35% 

OourtaJde CtetHng Bondi Ld 7%H Cun 
Prf Stk £1 -73 

CQM*yB*dkigSod0ly12%%PuiAfcte 
eO Searing Shs £1000 - £115 % 

Oonta Group PLC 1D%% Rad Rf £1 - 100 
Ctopperfiamoa) PLC 9% Uhs Ln SOc 94/99 - 
£93(90604 

Dely fttoft 8 Omeel Thai PLC Ord 80p - 
£13% 

Pebud ia ra RC 7%% Una Ln S6< 2002/07 - 
£83% 

Delta PLC 10%% Deb Sk 95« - £100% 
(f4Do94 

Dewd o p m e nt Sees gnwoabnantaf RC 11% 
lat Mg Deb Stk 2016 - £103 (130*4 
Dantam PLC Ovd lOp - 87 (140104 
DomMon Cn ugy PLC Qd 3p - 12 
East Suiey Wdter PLC 10% Red Deb Stk 
07/98 -£102 (130*4 
Eti^n BM6 PLC Old 5p-9% % % 10 % 
% 


fi63(120oB4 

Bneaa PLC USpgteO Cnv Cun Rad Rf 5p 

Bititer CNna Ctayn PLC Mm (3d) - 
$189394(90*4 


BfftecdSKIO - SK411JQ2 221 %%S652 
% % 3.11 v88 AJ3BS 5 jOG % % % ^6 6 
.11 .13 2 % % % %7%.79 


Stti 97*9 - £102 (12D*4 

uuc and SafltaHc Wktar PLC 11 JDK Rad 


Dab Stk 95/97- £108 (130004 
am and SuflUk Wte PLC 11 \\ 


Esuax and SuBUk WktvPIC 11%% Rad 
0* Sflc 2002*4 - £111% (13De04 
Euo Otanay SCJL Shi PRO $tapo * ory 

AtepC4- 1101 226 
Bro Etaney S.CA Shs FRS (Br) - FRSJB JBS 
.883333 .7 J .73 % % 


CM 40p 8 1 8SA FRTO p) - FR2226 


Inacribed) - FR21 M J9 SB 209 


BfrLanda PLC Wa nna to aub tarSftt-20 
(130*4 

ENptoratten Oo RC CM Sft 6p - 225 
(140094 

Fdtoon Hotolngs PLC CM 5p - 130 (140694 
Rrst CHoogo Oorp Com Stk $5 - $46% 
(13D094 

Brat Naltonai BtikBng Society 11%% Perm 
Int Bawtag She £10000 - £102% 

Brit Natfonsf FtaancaCorp PLC 7% Onv 
Cun Rad Prf £1 - 110 10 
Ram PLC ADR ffcl) - $7i (140694 

Raons PLC 5%% Una Ln SOC 2004/09 - £99 
Rukn wa W flwnu Ld Rg Rad Rf 
3001 (Stating Srt) - £40974 (!4De94 
Rva 0*s to wa MnudS PLC 7% 2nd Ctan Prf 
£1-60(130194 


Forte PLC 9.1% lira Ln Stk 96/2000 - £99% 
(130*4 

Fuftiuft 8 Iteon PLC Ord SOc £1 -£66 66 
(120094 

FfiuxSy Hotate PLC 4%K Cw Cun Rad Prf 
£1-77 

PVfancfly Hote RC S% Ckw Cun M Rf 21 
- 117(140094 

Rrtaody HoMa PLC r% Cnv Cun fl*d Rf £1 
- 92 

Rogmom Ertate s PLC 1M5H lat Mtg Deb. 
3ft 200003 - £112 (130*4 

Q4 (tet tetio Ld Shs DK100 - DK470 l38 
(130094 

G.T. CMa tetii Fond Ld Ord SOU01 - £31% 

Gente Actidsti PLC 7%% Cun tad Prf H 
- 100 %% 

Ganoid Accktant PLC 8%% Cun Ind Prf El 
-109% 

Gnand Beettc Co PLC ADR (in) - U.15 
(130*4 

GMtener hlrtat PLC Old (tap 2Sp - WO 
(140694 

Gte Group Ld $%% Uru Ln Stk *ti5 50p 
-49(120*4 

Oyrwad MraBonrt PLC 10%% Una Ln Sft 
Qi/QQ _ nonSi nrwu 

tend MatropoBten PLC 6%% Cun Prf Cl - 


rniiir rinifiani riiiuann n r it rnr -irnp 
O* Sft 2016 - £103% (12D*4 
Gmat Unkueal Stuns FLC 0%% Rad Una 
Ln Sft - £64 (130*4 


GraanaRc Group PLC 6% Cun Prf £1 - 105 


OraanMi teip PLC 9%% tad Un Ln Sft - 
£84 (80804 

taenalateip PLC 7% Chv Subud Beta 
2003 (rfad- £107%% 
terdtan Mrfa Gmp PLC PLC 4% Cun 
Prfei -545(190*4 
OukMflB PLC ADR (Sd) - S33J45 % J05 
Gutanm FBtfff M Aoe Fund Ld PHI Rad Prf 
90UD1H Plklte Bd Fd) - C2823064 
(130*4 

HSBC Http PLC OdSHlO (Hong Kang 


% JOB 

HSBC rtdgi PLC 1149% SubonJ Bda 3002 
(Ftetf - £103 76 9% 10% A 
HSBC tfftp PLC 1U6B% Sited Bda 2002 
(Brte/ta) - £110% 26 


tag Shs CfiOOOO - £89% (I20afi4 
Mte Bidding Soctaty 12% Pm bit Bou«i 
hO Shs £1 {Reg £50000) - Et10 
H**v HaUngs PLC OnJ 5p- 71 £9 
Huuuarau i RCGfed2Ep -000270.159 
Hvdys 8 Hanam PIC Ord 5p - 236 44 

(140a94 

IMepodo Water Co M Stk - £1850* 
Iterfemera Estates PLC 10%% fat Mb Oeb 
8ft 86/2003 - £102% 9% 000*9 
Harfemare Estate PLC 10%% Iti Mtg Deb 
Sft 2019 - £106% (1SOa04 
Hereto he Shs of Com &K of NPV- 
$ 111 % 

Madmrt Hdgs PIC ADRftl) - $1069 
Hobnss Rotatfon Qo* too Shs of On Sft 
$d£5-$a$i p2S 

Hong Kong ted Mdgi Ld Old SOLID (Bor- 
mute Rtat - 3M16.15 % (B0a94 
IS Ifn ateyp And NV Old fUKH - $19 19% 
Intend Group PLC Onv Cum Red Rf 2ftJ - 
114% 6 j44 % 7 

tegwortfi Monte &daftra) Id 4%% Dan 1st 
Rf £1 - 36 6 

tegannh Monte 0*ab% Id 7% Non-Cum 
Prf 500-27% 9% 

toduabW Cute Santos QtQ PICM lOp - 
136% 7% (130*4 

M Stack EN**gs of UKtftap of ino%% 
hdg D* Stk 2016 - £107% {120*4 
Mfb Ufa PLC Ord k£Q.10 - K18 IS 21J3p 
179 

JMtao Hteon Mdge Ld Ord $025 (Hong 
Kong RetiM) - «-« SH5&841 3 3 
JBBOBS 6-231314 % 

Jgntins Strtogle Hhfgi Ld Old $0i% ptog 


JBS J713997 


Cun Etad Prf lOp - 127 (120694 
Kmaa lluropa Fund Ld SbsPOR is a) $0110 
(Cpn 7) - E3812%4 
Kvaamer AS. Fm A Sfts NK1250 - 
MC304S4 7 

Ladbrticc Graop PLC AOR prf) - $242 
(130e34 

ted Seeutto PIC e%% let Mg Deb Sft 
93/96 - £23% (12DeB4 
Land Secutoa PLC 9% 1st Mg Deb Sft 8* 
2001 -£100% 

Labowa PteBman Mnee Ld CM R0J01 -6Q 
tecta 5 Hotoecfc Suiting Soctaty 13%% 
Perm Int Deeding 8ta £1000 - £126% 


Perm M Boerlng €50000 - £135 
Leetepohr^PLC5%l3tCanPrfSft£l - 

63% 0 2Db94 


£f — 59 

LtoWrfRunato PLC 7%% Cum Prf 
Sft £1 -75 

Laic Sarvtoa PIC S%% Cun Prf £1 - 68 
( 1 3 0 0 0 4 

Ltater & Oo PLC G% R4 Cut*1 - 51 

te>l» PLC AOR n^)-SZJ34 (130604 

LootaKS PLC B% Onv Cun Red Prf £1 - 
106% (130*4 

Lynton PLC 10%% let Mg Deb Stk 2017 - 
£107% (130694 

R4B’CPLC10%% let Mg D* Sft 2024- 
£116%4 

MGPC PLC 8% Urn Ln Sft 200005 - €94 
(140094 

UcCuthy a Sum PLC &7S% CUn Rad Rf 
2003 £1 -as 

MoGarthy & Stuw PLC 7% Cnv Uns Ln Sft 


Mctaemay Rqpedtes PLC -A- Ord k£D1.10 - 

K30l066$M4 

McKay Sacuteae PLC Cap 20p - 160 
(130084 

Manduta Oriental taaeontionti Ld Ord SOQ5 
9toU Kong Aid -SHft33S4l6* 
MaraRaU Bean RC 11%% Dab Sft 2DT0 
-£117% (130*4 


Meriey PLC 11%% Dab Stk 2009 - £113 

(13Da04 ^ _ 

MteuLThompaon & D wr a had PLC 10%% 
Dab Sft 2012 -£109% (120*4 
Made* PLC AOR (4rt) - $10/134603* 


le tcba m Rtiti teup PLC 8%H Un Ln Sft 
98AM- £65 (140*4 
lerauy totamUkmd tav Tout Ld Rg Red 
Prf ip pasarva Rn$ - £502006 (I20a94 


Sft 9MB - £90% (130604 
Memoy Docks SHerboir Go 3%% tad D* 
Stk -QB (!40e94 

Md Kart Hakfhgs RJC Wuvanta is nto tor 
CM -10 

Md-SuMkWteerCo 10% Rad Dab Sft 
2013/17 - £106% (120604 
Mdtand Bte PLC 14% Bted Itaa ill Sft 
2002/07 - £122% (120094 
Mom toe Sha of Ctaas A Com Sft 90U06 - 
$20065(130094 

Motvi Startaf RC 5425% Cnv Cum Red 
Prf £1 -62% 

Mourt Chsriotte ta ue b iia ute PLC 10%% W 
Mg Dab Sft 2614 - £105% (130694 
WC PIC 7%% Orw Bda 2OO70tatf - £91 
(140094 

PUDona M9dca Lfnorpnsee am ons or uon 

Sft $005- $13 (I30a94 

N*oad Pdiw RC ADR (1Qr9 - $732 


Cun Sflg Rf Sera m A m £1 - 11$%* 
NaBonol WaubtinitarBank PLC 12%% 
Sited ItoaLn Sft 2004- £119 (110*4) 
M u tate ! fttitfqg Society 12%% Perm 
intuaat Saarlng Sha £1000 - £117%$ 
Nad RC 10%"B" Cun Prf 50p - 45 


North Houatag A ae oc ta tf ui Ld Ztan Cpn Ln 
Sft 2027 - 375 85 (BDe94 
North Sumy Wtoer Ld 9%% Red Dab Sft 
94/98-£l01 (13Da94 
Norttum Fbode PLCS%% Cnv Sited Bds 
200B (Reg) - £07% 

Norttum Rsode PLC 6%% Ow Sited Bda 
200BfȣVte)-E85% 

Norttum Rock Suiting Soctaty 12%% Pe n n 
tot Bearing Shs £1000 - £110% 20 % % 
Ontario & Quebec Rrtuep Co 5% Pum Dab 
SttflnlGtd by CJPJ- £50(80694 
Osbta RC Ord lOp - 20% 1% 

PaeAe Gas L Bacbfe Co Stu of Can Sft $6 
-£15% 

Putted Group PLC Gkd 26jp - 159 00604 
Ptinan Zachatis PLC 10% Cun Rf £1 - 
115 

Peel hidgo PLC 10% Cun Pvf COp - 55 
(13DeB4 

Peel Hdgs PLC5L26%{NeQ Cnv Cun Nan- 
Vto Pit £1-78 040094 
Pirtteu A Ortartd Stem Net Co 3% Cum 
Pfd Sft -£54 5 90094 
Pertotier 6 Oriental Steam Nav Co 3%% 
Deb Sfl^PUrt- €39 (1Z0a94 
Pertto Foods PUC flpfftaQ Cun (tav Red Rf 
lOp - 86 (130604 

Prtwto SJL dd She NPV (Br to Denom 1.5 
& 1% - BP8Q3&374545 70 70 5 84 S07J006 
Poltohand (CLP J Os Ld Shs $005 {Hong 


Foritis Group PLC 0% Cun Rf £1 - SB 
(130004 

P btgtata rem at FteUnum Ld Ord R0J025 - 475 
Rote Drtftyn PLC 4%% Cura Prf 50p - 25 
PbwerGen PLC ADR (10rt) - B4U6# 

Render Hartlh (tore PLQ Od Ip -1% 
Qurto Grore toe BJBppi* CmGunRedShe 
Of PM Sft S0.10 - 140 (130094 
REAMdOO PUC 9% Cum Prf £1 - SO 


HPH Ld 4l 2 % Urn Ln Sft 2004/09 - £33 
RPH Ld 9% Una Ln 8ft 93/2004 - £03 7% 
RTZ Corporate PLG 3325% "A" Gun Rf 
£1 -50(140094 

Rte aectnvto RC ADR CM) - $6% 
(130004 

Rank Orgatete PIC AOR &t) - $13 
Reeun & Oataun PLC 6% Cun Prf £1 - 6S 
(130094 

Re ed tatamotlorul RC 35% QFmly 594 Cun 
Rf £1 -45 

Ronald PLC 7%% 2nd D* Sft 92/B7 - £96 
(120094 

Rohr Inc Shs of Cam Sft $1 - $8%f 
Rotor* PLC 9%% CUn Prf £1 -104 (14OO04 
Rayti Bnk of Ssolluid Grep PLC 11% 

Cun Rf £1-110(140*4 
Rugb^Graup PLC 6% Una Ln Stk 93AM - 

SCSeup She cd Com Sft Of NPV- £9% 

(14D«94 

SaataM & Sstel Co RC AM (fclj - 
$7.19$ 

Scsntrartc Wgs PLC TJ5p fta$ Cnv Cure 
RsdPrfto-^(fiO*4 
S csrwu d o Wqs PLC SJ75% Cnv Cun Red 
Prf £1 - 49% (140004 
SctKd PLC 6%% Cum Red Prf206lAB £1 - 
98 030*4 

Sehtf RjC 5%% Cnv Cun Red Prf 2006/11 
£1 - 70% 

Scots* Mwopuntan PraportyPlC 10%% 
let Mg Deb Stk 2016 - £104% (140*4 
Seopfch $ Itauctea PLC 6425% Oum Prf 
£1-90(140604 

8en PLC 4j9% (pmfy 7%) -A- Cum Rf ei - 
67(120694 

Shti TruwportKTratingCo PIC Ord Shs ($4 
2Sp (Cpn 193} - 688 (130*4 
Shall Ttenpart&TratingCo PLC 5%% lit 
Rf|Cur$£1 -56(120694 
Shoprito Rnanea (UK) PLC 7S76pgilo9 Cun 
Rad Prf She 2000-65% 

Steal Group PLC ADR (fcl) - $1.02 
Sbnon Engtoeutag PLC 42% (My ON) 

Cum Rf £1 - 48 9% (130*4 
Sbnon Entreating PLC 9%% Dab Stk 92/97 
-CB8%pO*4 

SMptan Bidting Society 12%% Peon H 
Bearing Sha £1000- £121% 
Stag&taSiCJRC Ord 25p - 2B5 
StattiMbM Beechem PLC AOR &\) - I3C33 
(130894 


(K1) - £21.16 21.1725 S 326739 % 

Stag Antes Mt^t PLC 11% CUn Prf £1 - 
96(0069 4 

Started Ourtared PLC 12%% SUbort Itos 
Ld 801 200207 -£114% 

SHbeteti * Sow Ld 6J3% Cun Rf £1 - 
100 

Syroonds Cn gtnseifc i g HjC Ord 6p - 32 
TS. N PLC 11%% Mtg Dab Sft 95/2000 - 
£101 (120*4 

THK (btewQ Ld 6d05% tateUnkad Sft 
20209BJ016f4-£l2l % {120*4 
TS&QrmPLG f0%% Sktad La Sft 2009 
-£100% (140094 

T3B Ottte* tavPund Ld PLfl ftad Rf Tp(UK 
EqtityOte -283^7(140094 
7T Group PLC 10375% Qw CUn Red Prf . 

Su£l 1097-278^0*4 
This « We PLC 5%%f%55% pkn to ted- 
BQCumRf £1 -66 

Tayto Vtedmr RC 9%H tot 0* Sft 
2014 - £90i2 (130a94 
Ttewt C u ii ii a tote s RJC APR (WI) - 
$ZT%%dB8S 

TeeoP PLC ADR (Irt) - $33 (130*4 
Teaoo PLC 4% Una OoapObc La Sft 2006- 
£03% (140*4 

Thai Pibne Fuel Ld Pig Red PrfSQJDI - 
$14427515(140004 

Hirtand Mui utert fond Ld Pig She S0JQ1 

0DRtatoBD-$2A (130*4 
THORN as PIC ADR (in) - S1&S54 
TootM Qnxjp PLC 4%% Perp Deb Stk - £* 
Ttelgar Hone PLC 7% Use Dob Sft £1 - 
66(90*4 

Ttegr Houaa PLC 9%% Uhe Ld » 2000/ 


Wddooubam tap PLC 7%% Cte R* O* 
£l -$4 ff30*4 

Wtenbaitap PlCWOwWW 
Sft £1-54(130094 

Wyete Gsnto Cento RC 6-5% pMJ & 
Com Red Prf £l - 156 

Xra CUrCimi Sft $1 - $93% (140*4 

Voriuto Cbentea RC.5K Cuu Rf Cl - 
53(130*4 

Vfirkrttel^u Tte TV Mdge PLC Wta to 
xtifsrOd-229 

teobta CMoMte Qeftmr Mm LcTB" 
OM K10-210 

InvesbrrwTt Trusts 


Gtota ito PLC Ord S5p-te42 

iMwiri a tom lleuiauwt PLC CM IQp 


areawfSSStnH Qw mgtCW * CM on 
m wi «x» o - « 


ncHc M«Xa PUC 0»d to ■ ■ 

Pm Mam $$«»«•• M w 

WIHO! . 


! sSf--<;E l 




vsxam 






Rute4^(a) •- - 

amco cwp i» Ort rep - ear an 

Sefwd PIC Ort ZSp - 11 1 




cuect^MKi 

MtoM W 


Fd - fcU4t3 n®*4 . 

r ^ssr^ss^ mm M 

FW Mb* CM» «c QW top tat . 

OA 

p ^ huMQtftcAomfctww 
-S7M{00«$$ 




-t- 

u 

:...w trf m 


ip-102 


m howi 


r .. 


Onfsre-floi 

Brite SHM 9*i Mtaan PIC Wntt to 
tub lor ana - as >» (mmm) 

OWore s*t Mppw PLC Mnrt to 
«* fcr Old 2005 - 71 
BW on wn retflii rertn i nn 'IhaiPLCWWte 
«4> ter (M - 25 [t2MB$ 

Bktth MM* That PUC EqtffiN Mm IM 
20Q5 top- 191 (12CM$ 


Uwln Sft 2001 - 139 rMM$ 

1 iiiiin iihiIm riroTnurnfntm ntr m 


TnNgr Horn PUC irtS Um Ia Sft 
aDBl/08 - £99*2$ 

TreMiMfti HeMnso PLC B m Qw m £1 
-«>a 


dond ftf ICfci - Wrt 
Cminre Stand BqdW Tuft PLC Grend 
CW *1D top - 34*2 O 5 ! 

GoMt SMMOfc tar Tiuft PLC AN Dft> Sft 
2017-£U0V(iaCM$ 

KIR Jftimta SiMtar Co*. TmA PLOOid ■ 
29p-m45 


Una Li Sft SOW - £117^ fl«M$ 

UKEMxnCM Cm Cm Prf Cl -SCUM 
{MtW$ 

UNgn PLC ADft flil) - *5.1S 02Do9$ 

Uristaa FU Uta In Sft BIAS - E97 

Itavnu PLC rtH Cm Cnv RU M £1 - 
75(12tM$ 

IHmt PLC ADR (tl) - S11L1SBC94 
(iaore$ 

Untan btamftiaml Co PLC 8K Cam Prf Sft 
£> -5B(I20 bB$ 

Union fcftmftfcmft CO PLC 7» Cub Prf 8ft 
£1-50 


saw - sort pJPa Oq 


CM- 38 41 h 

Btad Sftoct tnvootmnt That Ld Pig Rod 
ftf aip OoM AdftN Fund - £1^71 


Ai S f S £w ^ l*ta* C«P MS On ftf 

AiStoMd MftftCorp PLC MfrOn ftf 

£i-roasp««$ 

/M SMft SMMoy CD Ld Od £1 - DM 

pm amt Brnwy Co Ld Ow Bid ftri ftt 
Mop id OH Cl - tttflSM 

Aaenrf Fbdtb* Club PLC On! £l * €985 

(130094 ^ 

Adoot WQiPlCVhrRdeCnr Gum Red Rf 
10a - £0026 0025 

FoftM CUb.PLC Od £fi(f ret4 

Atm Group 

Bounwnauli Wftar Pt£ IrtH R*d 0«b 

Sft 19* - ctort paxw M 
MapmfWMft 8ftM PUC Od 2Sp - G2A 
SA ft ««,«$ ■ 

Bwxtxa HoWnsp. PLCOdSp - C044 
BMtoank top PLC Ord ibp - £2 
(140*4 

Crttfwiui RJC Did 5p h £0.1175 (130*4 
Gtenrt wands Come (IV) Ld Ord 0p - EM 

pOa04 „ 

Cnartftaid Rmd Mu u pa m e rt PLC Ord lop - 

CtePte3teFLCAfWPtf£f* 


-CHM 

Stun own Hd* PUC OM ip - nun 

S w d tare m»ft pW H« RC Od Cf > 8M_ ■ 
[I3D*4 - - 

SooOMnVDcdoPUCOreHp-OUtt - 

SMW» Hfttiour HM* U <W »P - rM* 

HWtfurPUC(»5P‘BWa»0«<$$ * 

TAdwr NaMoft PLC Od £1 * CV ?% 
Ta n a anao TiUnsfDp'M ftC OM lp * £1 
poa*4 

V0CPUCOMC1 .BUI 
vtaoNftPLC-oredP' SunaotM . 




*jsim 

i ' _ 

T- ' i 




: m iMTf 
l \... Z ifj> iifrfs 

t- a wm. 


_ Tl~ m 1 T'* 

r.‘ , ».# 


mi'jt W 


MGoldiatnMf Fd-Sl.TI 
yjpddtMW SlUiltl— plC Ore 8p t mi 
(T3DM$ 

WftaSft Ld "A 1 NoaV OM ■~8T> Wi 


'.t 


20J01 ft$0«8$ 



PUS CM tp * tt. A 




(140*4 


rrrri ntffft kneabnert Truet Ld Ptg Red 

Rf aip ilk. Acte ted - mss 

rend Stiacf bMBtnani Trott Ld Ptg M 
Prf ate ILK. Lite Aeeet* Field - £1 Q 


HULE2.1 WM 

nvktdhim 


Prf aip UX. Liquid 
(14D«04 


Pit aip us. 
(W*4 


art That Ld Pig Red 
Rmd -£17JS2 17 ST 


Oreum HWga M OW IQp - €5% 6% 8*52 
(t20o94 

be Gractqr (Ntoum) Co Lid Onf 90p - £1% 

090*4 _ _ 


aw pridpal mriret to ou*U$ th$ 
UK *nd HnttoMe o H re hnd . 


5p- 196(140004 


15 (130e04 

V0U9 3 become Tnat PLC Wb mei ta 89/94 to 
aub far Old - 45 

VtastOraup PLC4%% AOn Rf £1 -456 

Vte Graop PLC 9 l 875% 00b Sft 2015 - 
£105% (130094 

Vlefeaca PLC 5% CarfTta Ree To 30p|Rf 
Sft £1-666 

Vtec (Mop PLC 4L9% ftaly 7%f Ob Rf 
£1 -70 

WbdtirigtonUohti PIC «% Cun Rf £1 - 
62 (13DeB4 

Wbgon btetrial Hefa* PLC TJSp 9>taQ Cor 
Pig Prf lOp - 137 (140094 

WtefThomre) PLC Oto Sp - 31 2% 
(130*4 

WMwg (SLS^ Graqp PLC 7%% CUn Prf £1 
- 100 <T3D*M 

Mfatam PLCAOR (L-D-SVD% 

WtaektUM Property Cup PLC 05% 1st Mtg 
Deb Stt 2015 - E96% (12Do04 


Ln 8ft -£12(130094 

ndflhtad Tobeooo Co PLC Ord TOp - S3QL19 

sraebten Ld Ord £1 - £0u54 054 


Ata Diprte bn 04 (14,12} 

Alto tekteona ASLS076 (ktft 


abb far Ord -56# 

MucnQf toconie Tiurt PUC 4J25% Oum Prf £1 
-61(130*4 

New Ttaogmton ToatfHMCb PIC 12J0H 
Oeb Sft 2006 -£122% (190*4 


GRA Group PIC Old SI -$0.15(130*4 
Gteer Hokflnga PLC Onl ip - CDfrf 
Goblen toOomteatoRCOrflp- 
£1-42 $0*4 

QrartureeAppotaonenta PtCOnf lp-DO.1 


A8ttiCOcp$27%(l9.U) 

An* 

Aust FbandsOon tav AS1S23 (fiUft 


r:- 


i * « 


m ,i- 


■i -'-S 

rffii* -i 


Deb Sft 1906 - £72 (120*4 


040*4 


to bweebnert That PLCSeca “A* 
to to far Old - 17 (13D*4 


Guamaey Pres 
(12D*4 
MUESGOMM 


Ujm Cb Ld Ord IQp - £102 
■ Co Ld OrI Up - Q 


Aterth-£1JM9 




in to tor Od- 14(130* 4 


■ * 

..i — . 
_w 

3 ^ . 


r--' 

^ % V 


rt- 

rt;' • 
■+ - 


cotdafa Eaten tov That PLC 9%% DM Sft 

2020 -£106 (130094 

ootte ruvn bu Thut PLC 12%% Deb 


£06(140094 

Ka/e Ate Bmeury 5% Cun Rf £10 - C«J9 
(1$0*4 

tefrinth Gratfa AC Od IQp - 8945 
(I2D*4 

tetete Entwprtaee PLC Old 5p - £1.77 


toutai €29.125 (13.fi$ ; 
£7^70094404.14 


■: tf ' 

** 


WHtead PLC 7% 3rd Cum Prf stk£t - 71 
0Da94 

WMfamed PLC S%% tad Une In Sft - £57 


Scotto Mortgage* That PLC 6-12% 
Supped tat Dab Sft 2026 - £12$ 

Sootflah Mortgage 5 Tkuat PLC BH-14% 
Stopped tarn* 00b Sft 2020 -£146% 
Scottbb Ntionrf ThutPLC 10% Dab Stt 
2D11 -£105 00094 

SacteM Ihjrt of Sooted RC 4%% Cun 
Rf Sft - £10 (130a94 


LatanMtare to PLC Ord Op - SOOT 
(140104 

London Rduotary Ttet PLC Ort Ip - 
£00275 OA (1 10*4 


N*m Malayata 950 (l5-t2V 
06 Search 4M5(14.1Q 
Regal HatakHCtfJM9(K14 
Sere* $»9«*1$W4 p4,uj 



WMbraed PLC 7%% tea Ln Sft 95/99- 


S* far Oid-19 


IMtete PLC 7%% Ubi Ln Stk 900000- 


VHMtate PLC W%% Una Ln Sft 2000/05 - 
£107 

WMtacraft PLC 5.1% Cun Ri £1 - 60 
Wldruy PUC 076% Gov Cun ftad to Rf 
2000 £1 -90 


20X6 -€94% (140094 


USM 


$1037460 


BLPteqi PLC 8p toO Cnv Cun Rad Prf 
rap-67 (90094 
Bdcs PLC Ord IQp - 310 
FBOHtep PLC Ord KOL60- BIAS 
040*4 


Bond Pend- 0X5416 (t2DaQ4 
Nateal Pteto Cup Ld Od IQp - £4ti4jr 

(140604 

Ne e bu y Receoonree PIC Ord POO - £2500 
(130094 

North Warn faqftteon PIC Ord Ip- 2 
(120*4 

Northern Matibm Raputy bm Ld M aip 
- £046055 

OtiMi Enurprieea Id Ort tl - 
(WO*4 






m 

m 


UrttodPi 

(M.WI 


VMte Mritag Coi 3%4 0Llfa 








FINANCIAL TIMES 


a e a z i h 


BUY YOUR 


m 

* : 




T 

l 




HIlllJA 


£84-00. 


As any investor knows, there's nothing mote valu- 
able than information. 

That's what makes a subscription to INVESTORS 
CHRONICLE such a goldmine. 

As Britain's leading investment magazine, we 
know how to provide you with exactly the information 
you need to make the right investment derisions. 

We do this not just because 
we have unrivalled access to all the 
world's major databases; we do it 
because we have a skill in knowing 
the relevant from the irrelevant; and in presenting it in a 
clear and structured manner. 

Every week we cover all aspects of stockmarket 
investment, beginning with a general overview and mov- 
ing to in-depth coverage of market sectors. 

Y/e give you news sector by sector and stock by 
slock. We track a basket of your most popular shares, and 
subject the new and the fashionable to particular scrutiny. 

We print a weekly roundup of leading brokers* 
views and dps, and inrite the occasional column from the 
gurus. In short as an investor you'll be kept up to date 
with everything from the performance of your PEPs to 
the pitfalls of the Options market. 

Not surprisingly, INVESTORS CHRONICLE is 
consulted and relied on by investment professionals. But 
though you'll value an investment opinion that is heavy- 
weight - it’s never; ever, a heavy read. 


Wt'd like you tv subscribe I* INVESTORS 

CHRONICLE and see for yourself bow Us lucid coverage will 

Mp y>* m k.l«H'r - V 

Bui because we know no-one 

can make a decision better than you 

can yourself xee're making a 

generous introductory offer cf 

FOUR FREE ISSUES -so you 

ran judge for yourself the value of 

Britain i leading investment mag- ^ 

au„t. And m aMUU,,,. accept r 

our camptimenis a copy of the new Mi'Cnfan/n^af... 

edition of the Begmuers’ Guide ** *r 

, , tnaknaOBmgewmpnkpm- 

to Investment, the moestment r, ,, f i l iiinuiir hmji..!.. t. 

guide which Lord Hanson “highly frt* to m rj «w enter 

recommended ... informative, -** ok 02.99 fuHetQtft. 

eamprehenshv and readable ... " and of which Cosmopolitan 
was moved to write “Thu book is packed with wisdom”. ■ - 

I Pte^tfaA ^ pro ^u taba^acAHprioa in ctaierfcP. 

I P 1fcfc..pfctae caiol m./ irU wtHcribcn I wiB neeme nv lira bor 
I awes of bwetton Chranicte FREE. TbcraAer my finryear*. ntacrip- . 


/ »■ ■' 

• C-1 



laical -.‘-vw v . 4 j|| 


'S3 

: 3bJp 




0 to * * 


ss 


dt* Mcntf 


of dta 


fa h u ri H 


" ;*-wf 


'.Ml M 


!1 ■'ML “J.1 
-vcr» 

* ; 

■ :va/ ; T , 


19 ft 



3 


Phase aho read ime my FREE copy of ibc jww. ftilly mu«d wnmd 

-- - f, ~ — ^ ‘ * ■ L 


matting at £ 1 139. 1 T at any tone during my ate iptioe I decide 10 
cancel. I an cor m d by a Money Bid Guarantee. Should I deckle to 
caned. 1 jun write and tdl you and yon-fl refund my tescripim far all 


” TiC. 

<^*0 ,'j 




RECEIVE 

YOUR FIRST 

A ISSUES 

4free 


i ftiir 
mm-' 


BLOCK CAPITALS PLEASE. -OfWretalrtimmehftaUa. 

□ £84 UK me N. Defend/ ■ 

Q £100" Europe or IndfencV 1 ' 

□ £12 1 Sal oTWorld (mnrail) . 

O Ffea*e bavoice mehuj comprav twmvSmSSSSMSstiiwFm 

OQHq^endoteapmjahleiafTBmmtSiEwtrprueLtd 

□ Hro t e dchitroy credii cold acwnml 

□ AMEX □ Dttm nv« .. HI Am 

Card number f I I I I I M 1 I M I I I 4 > 

tixpm* rials- 

SiRnaMiiiv Ife| C j 

Mt/Mb/Mi JA-i-mL, 

XauwnUaHBiPM . . . 

PnvadlluDpara MkW- 


— — - — i ftmide • I 

Q I do not wiifa io receive pnxraioml nwlltng. Croat other cnmpwiet. J 

Pkmc rviuro Ik I i SubacripcioiK FREEPOST* 1 

■" trfrphooe our sufascriptioa HOT- 

UNE 081-492 8485 firing tag your cradk cud details and mm . 
KMifoceatecr O016A r 

n biumss amnihEsuarnii utihitniijj , % I 


vie 

MN ■''•OO 




vjh v - 1 

' fe "3*-i 

'***• -4#| 

1 -9 

— - . Jjj 

*2 ^ " t *m 



SI 

to - 







CHRON1CO 


THE CITY INSIDE OUT 


... 


■ -h. 


*rHi 


JiJ VI 


f - -- 


ft . 

v*’ : ^ 






■iU 

-4.E » 




«■ »v, ^fcr ^fte. 

1 V < ^ ' 1 ‘X 4 

l». _ >u ' r 

.v =X.. -*•. . ^ - , ; TiJtm 



w _ IIWWOHiltlBMPteMBW.JBMWUlfB— W 1111 v 

USk> 


■■ Sft - *- — 






23 


■% ! ? 


' ' 5| tY 




^•SSi*** 'i.- 

fc^r. ■» >.T£ 

^Ujldi-^'v. • 

p«:-s.-.-:.j — ■ 

,jV.- 

_ J 1 • 

■?■**“*** *■*-«■., , . ;i 
SSiS^** • i*-- * 


Tr. 1 1 :.£*» f « . 

f • ■ ■ ■ 1 


J^S&vy-T: ' . ■ . 

sw?V, "kt, ■ ■ MARKET IMPORT 

^a^-FT-SI 

, s 9fSUin Ttnm^on 


j|NANCXAX« TIMES WEEKEND DECEMBER 17/DECEMBER 


18 1994 




LONDON STOCK EXCHANGE 


surges through 3 


•Mi 


pT 1 ’ 


- ^ 


Udirr . 

; . x 


*>*!*•*■- RUV... , 

4 1 -** n_: -. _ ' 


f?** tWt. 




3T - • f *' 

hy 'T'A tlv r- ^ 

It. 

‘-wi-wiv.j^v € . t 

». .i.. ;. r 

i'USm** r^c a ^ f 

tV 

■L L> X ^ 1 I - *M . 

—w ?r* 

•A A •«-?* I , 

^S«.v r*= , v .. ... 

**S‘ Hfiil;-U 

*i* ‘*t-t l\l ,v. . 

K 

T**' * 'Maw. 


- <; ’£?tW V pfteTT-SE 100 Index, which at the 

V ' dart attest week hit a five-month 
~*’* , *i' ' * jgqr; rafltedwtth a vengeance yea- 

■ ■•■.* 5t V. \ terfay, bursting through the 3,000 
..1 *“"► ■*. V ; levd^nd shn^ging aside the gov- 
’ ^ hammering in the Dud- 

“•«■*■». w Westbyetection. 

■■-. ‘* 1 ■ -v . \.. Tbemain driving foroe came ftom 
M ' u the futures market, where the 
:*"*"• ■ " la »]^V jprSB 100 December future expired 
' '« %-!'“* : in midmocamg and was followed 

ri A*. - 1 - i nmiu nf Knur rw fa*— 


' " -vt u - l '-‘W\ r ttre-tsoe. throughout a busy after- 

' W ,; w - m ->TV noon sesnon vra& another buoyant 
.. V * H alxwteo hy Wall Stxeet,whfire the 

’ *■■., \ Dow was up around 20 points 
" shortly" aflerthe qpmzmg of trading. 

* u *S?I The buying m the TJK equity mar- 

<•<« *"^ ( A 


ketwas spread across the whole 
spectrum, with second-line stocks 
aggressively bid up from the outset 
md dosing around the day’s higy 
theFT-SE Mid 250 Index finally 
raslhig 2i2 up at 3.437.L Over the 
week the Mid 250 has risen 4L3, or 
1-3 per cent 

The FT-SE 100 moved in a 60- 
point are, dropping 20 points at the 
opening before spiralling upwards 
in the wake of the December 
future's expiry to and a net 40.2 
ahead at 3J1116. Over the we* the 
index gained 368, or L2 per cent 

The market’s resurgence coin- 
cided with another relatively frig*. 
tevel of turnover in equities. Some 
S&Sm shares chanp>d hamfa yes- 
terday, with the top 350 stocks 
accounting for well over half that 
figure, well above recent levels of 
activity. Customer business in the 


after futures expiry 


FT-SHt Ad-Sharo Index 


1,575 


Equity Shares Traded 

Tivtym* by vokviwtmBo^ Efldudtog 


market an Thursday was £UShl 
D eale rs said the market was 
always going to open lower, with 
some mark et operators said to be 
keen to see the December FT5E 
fixture expire below tbe 2870 level 
And even some of the market’s 
more hard-bitten traders were sur- 
prised at the extent of the rout of 
the Conservatives in the Dudley 
West by-election, which produced 
one of the worst results for the 
Tories for more than 50 years. 

The FT-SE 100, after op ening 
points off; fell to a day's low of 
28538, down 208, within the first 
half-hour of trading and was down 
some 7 points prior to the expiry of 
the December future. 

Within minutes of the expiry tbe 
market embarked on a determined 
rally, led by some of tbe current bid 
favourites. The rise j^thered pace 


for the rest of the session, and all 
the major indices closed at or 
around toe day’s best levels. 

Triple- witching hour” In the US 
was said to have gone oft without a 
hitch and markets across Europe 
drew further strength from Wall 
Street’s latest show of strength, 
which occurred in spite of higher 
than expected housing starts. The 
Dow has now risen In excess of 80 
points over the past five sessions. 

Dealers also pointed out that the 
market had effectively ruled out the 
chances of another interest rate rise 
in the US after the Federal Open 
Market Committee meeting next 
Tuesday. 

Maxketmakers at toe big London 
trading houses said there was now 
a strong expectation of a good per- 
formance in the abort term; “3,100 
by December 31 is achievable.” said 


one head of marketmaking. But he 
cautioned that toe market had to 
keep a weather eye on the political 
situation in the UK. 

Tbe utilities areas continued to 
provide much of the excitement in 
the market. Yorkshire Electricity 
announced a 90p a share “special 
dividend”. And there was a growing 
feeling in the utilities that the 
expected burst of merger activity in 
the recs/waters could very well see 
some of the tecs launch takeovers/ 
mergers in toe waters as “poison 
pills” to ward off bids in the sector. 
Swiss Bank Corp, which was said to 
have been accumulating stock in 
Northern Electric prior to this 
week’s announcement that Trafal- 
gar House may bid for the utility, 
was reported to have been an 
aggressive buyer of the electricity 
sector. 


1,550 ~jh 

1825 — 

1800 U- 

1,475 

1,450 * — — 



1,000 — 



NOV 

ISM 


■ Kay Indicators 

I ndi e— and ratios 

FT-SE Mid 250 3437.1 

FT-SE-A 350 1510.7 

FT-SE-A All-Share 1496.05 

FT-8&A AB-Sham yiaJd 4.10 

FT Ordinary index 2314.3 

FT-SE-A Non Fra p/e 17.77 

FT-SE 100 Fut Dec 2070.5 

10 yrGBt yield 8.59 

Long gilt/equity yld ratio: 2.11 


1994 


+23.2 

+178 

+16.45 

(4.14) 

+24.6 

(17-58) 

-3.5 

CW8) 

(2.08} 


FT-SE 100 Index 

Closing rtdax for Dec 16_.. 3013.6 

Change over week +36-3 

Dec 15 2973.4 

Dee 14 2980.6 

Dec 13 2946.4 

Dec 12 2943.4 

High" 3013.8 

Low* min,i? 9 3 fl || fl 

Tftfcrtutey hgh and lo* for vwk 


' 1 **^r - . . 




trading volume 


EQUITY FUTURES AND OPTIONS TRADING 


VoL Oaring (*/• 


VfaL Ch*B Da r* 






1.800 &1 -fe 

fly 300 04 

4JW 418 m 

1*400 46 

MO 5521a «151 b 

1.800 4Q9 40 

830 638 48 



-n » 

BftHrtm.* «. 

m 


IPf * , ^ tl !W* •.■^« i’; |», 

‘"'I 1 

£V: ^ 

** - 


• A 'PL. 

ni% 

• ir. , 

- '**** *.*« tS-:- ■>_■ 

m 

1 ■ * 


.a* 

A. *■ . ■^‘3* 

*.vis 

A- 


ja tfimw *' 409 40 u«i 

\ M , 330 838 48 118 

?£KU si 5 E 

Apoe.aft.fMi 184 271 +| IWc 

UBO 




BAAt 

84TMLt 






'"iir r* ^ 

^ ^ €7 

mew. 

eta «w. f.- : ,•» 

* fc 1 ;/ 

Ota 

Ml* l£# cm >n< 

% ^*1 p 8H m*; - .■„ 

Aj '■* -. 

W-.'Vir: ni.-.-i 






BooMt 


1*300 104 4^2 

-603 387 -<2 

878 710 +1 

2&D00 4»h *7 

1JQD 282 

ttJJOO 378 48>2 

12JXB 2B0ht 44^ 

2L2O0 207 48 

7JD0O 004b +1212 

£000 0Z7 410 

£800 272 47 

87 4Q2 4-1 

£500 484 -4 

1.500 420 tl 

1*400 4281a 




PAOf 


RMC tf 
ffttf 




■ ■ _ n> 


' BMOtff *1*000 307% 402 

BritahUnd MOO 348 *3 

. atttlMt 7^00 158*1 

Af rf 1JQ0Q 188 1th. 

Bfljga h Caymrif- 830 7»1 -1 

. Sa&mt wo M^a & 

OASJF .SdMppot 3*900 400 40 

5 Cntoit . ^ £700 2S4 +u 

CMtanCtavofaf. • 1*900 858 +11 

cav^b 1^00 102 42 

. ■ Coom. Unfcnt 1,000 527 417 

9' -C MMfl . 1^400 230 -1 

h ' Couraaat 2 44312 

' OdBPV ^ 141 418 41 

* Di la Ptaf 487 865 «1 

EXxona £800 177*2 -1*2 

Earti i B«*t ' 1,400 7V7 +1 

BtfWMBflOt - 431 810 +12 

BK&QDOBVH 531 458 • 42 

Bpg China CM 833 340 -2 

BriaiprtooOtf £000 884 45 

Eorabndim 1JD00 273 415 

1 FW 1 ,000 151 +1 

ffacra 308 114 41 

i Ryatan ft OoL LT. £900 .132^ .41 

RrMT £400 234 48 

QntadMft 2jQQQ 531 422 

OnvalBscLf £600 272 48 

QM 13,000 028 -8 

G^Md IjOOO 838 41 

Omdtff 2,100 490 41 

(MMftf £500 39602 *7*2 

OJSt £800 584 • 42 

QfiEt <100 100^2 40f2 

amt 1JGQO 887 -6 

^ £500 440 410 

r^.HSBC{75pih<t £700 009*2 &h 

'AHMon 1W . 309 45 

14jQ00 230 4lfe 

lUnQaUI 1*800 W • -i 

Hfti 1,400 288 41 

Ifcrtnwn 1*400 170 41 

Bi IS 818 

•V3t” £200 748 4012 

tatapaf £700 434 48 

AAMflo MMxboy 10 647 41 

iWfat 4j600 414 44 

' Ml 208 630 45 

Mtat. A £100 155*2 4812 

Ltata*«t fJOD 580 422 

teptt * ' . 370 ' 807 48 

UodAOMif VOOO 430 46 

U09*Atar - T . 330 320 45 

UdydaBOtf . £100 565 40 

LASMD - • 4,700 141*2 «>Z 

LoaJipBjpaC . 70« 743 45 


^ :3 **s 


^ Vi-, ^ 

..... . 

'T” a. i 1 ** i — 


9-C tfr,, •. 
ei M «v ■ t' 

Wb* ■ 


■■Hz 




I — i 

Pen*f 




ftkr 


.V. 


■AiM-fis 


J*rn«A WH> -r? 


P*rf 


wi i- : +4-- 


rr^ . . 

wi* *i7 ftkq0Ll.JL£ - 


t+mrin* o/?f« 

vifl r / *- ■ ^ W4 


W - /*4 r+f - 


I -r‘ 14*^1 



nMdtaLt 

J EUEUnli 

taMt 


F=VBk 


SeeattiANKt 


SnmTtancf 


£700 

10 

4000 


UodOOnoif 

\&R : 


|“0d 1^00 148la Jc 

1 £100 190 42 

2w400 377 416 

JJ 0 £000 120 +1% 

Mandril 540 oca +& 

itetox spmrf 7^oo 3 bo»i + 4 J« 

6 M sot -a 

JtoTtaonWmj a U T38 

NRC 777 102 ^ 

NMItaQrtt Gjm 00ft 46 

ftWWf £400 471 410 

Nod 325 £46 *7 

itaftHteattftft 1*100 518 413 

JfarthaniBoaL 1JD00 0B5 »1 

IMson Edodrf 1^400 213 +1 

WOW*. BOB 007 416 

£300 SOS 46 

PS Of £000 010 40 

yn gPh £400 101 42 

£200 SO till 

PWpUf £100 313 «8 

ftMCf 073 048 47 

RtZr 5000 BZB 414 

“ + 1.800 212 43 

as?L-t «s s 4 

£000 448 412 

naadtaLt £100 785 46 

5 «W 9 1 JXJO 218 -1 

^ 4500 408 46 

Manayoaf* £000 112 424 

M8k3co6Mf £300 403 46^ 

teour ow t- 1300 281 42 

Srinrinwyt 4900 304 46 

Srfrakat 153 1416 

Soooirii 6 Nw,t 1300 902*2 411*2 

8 m H^0KL 1300 328 *1 

Scoabh Ptarif £500 337 

SaMf 5300 108 42 

Sto O fF k k 631 181 42 

ft Maw d 888 472 48 

§mm Ttancf 1300 008 48 

a Ml Tkanport 11300 00 ! 46*2 

8 W 8 f 1300 596 -1 

Stou^i Etta 768 214 48 

Sn*ti (MUq 400 452 412 

SmBh&Napitat' £7D0 162^ 4 

8reCQ Baactaatff £800 464 46 

8 nnBwtaUis.t 83G0 419 t 6 

MhS bxk 104 432 -1 

Souhflm Bactt 915 706 44 

SoutfiUtasBrn 602 8 S 1 416% 

Goutfl Watt Wttor 1300 606 416 

Soulh Watt. SsgL 400 865 -2 

daufhamlMr 21 504 

8 M CtmLt 3300 202 47 

MtUi ' 661 216 41 

Sun A£rarf 3300 307 48 

13N 748 168 

TlOnaafr 1300 371 40 

T9f £000 238b 40 

Taeniae 513 120 42*2 

Tfcto&Uto 446 418 47 

T^torWteockow 645 128 42 

Tawot 4300 2B7 43 

ThamWMttt £600 474 418 

Them BWf 1,700 1014 #4 

TonMnaf 6300 . 214 46 ^ 

Tkafrioar Houaa 1300 74 4 ^ 

Unlgria 1300 338 42 

Unfewt 2300 1138 416 

Lftriad Briouferf 1J00 • 326 . 48 

Oftfl.n- 11 ftapril 813-481 <2 

Voriftboaf 8300 200 42b 

Mb pqjt £300 713 414 

W Mcon ^ £700 885 +14 

HMtfiWttar 478 0B4 44 

Mbosov VMCar 1,700 383 410 

Whtboa U t 1.100 547 411 

Wtt iia Hidga-t £000 8H 44 

WBaCcruon 840 138 42 

Map* 808 134 47 

HUrityt 026 797 46 

VofcMra am • £400 087 480 

ftriribWM £300 422 43 

SanaCtff £100 B73 415 


Stoci index fa tmes moved 
ahead strongly, with the 
premium to the ««>> marin* 

widpnmg- dnmwtiniTTy mw. 

the December contract had 

expired at lOJOam, writes 
Jeffrey Brown. 

The FT-SE 100 March 
contract was at 3,043 at toe 
close of pit trading, up 49 

■ FT-SE tOO INDEX nmiREB AJFFE 


points. The premium to cash 

equities was 30 points, or 12 
points above the middle range 
of brokers' estimates of fair 
value. 

To some extent the future 
was botmeing off the 
uncertainty created by the 
expiry of the December 
counter, but activity was low. 


M FT-SE 100 SPEX RITOHBB (Lu-ffcJ E25 p*r U index potra 

Open SoapriM Chans* «9h Uw Eat w 
Oeo 306&O 29706 ^6 297EyO 2964-Q B758 

Mar 298S0 304X0 +47 JO 304X0 29760 1S0BS 

•Jim 30534 +480 0 

■ FT-SE MP asp ElOeX FUTUBES (LIFFQ £10 par flJhdt point 

Dec 3410.0 34205 +15JI 34100 34100 ISO 

Mv 3441.0 3445A 34410 34300 161 

■FT-SE IMP 2SQ INDEX RJTUBEB(0MUQg10 par MjndBK port 

Mar - 34500 .... 

M opan latan^*a anM ,» fcrp refaa d «y. t &*a «cfcra» Fioiwl Mkmtag tm^nlc 


(AFT) 

EaL vo( Opanfea. 
B753 n/a 

IflOBS nM 

0 n/a 


W FI-SE 100 WPBC OPTION (UFFE) (*3013$ CIO perful Index point 


2850 2900 29S0 3000 3060 3100 3160 ™H 

CPCPCPCPCPCPCPCP 
Ok 120*2 J®«2 'fj 25*2 79*2 129^ 179^ 229b 

In 204*2 tO Mh&hl&h 37 S3 55 B 784 41 HO M IlSfcWfcW^ 
Ftt 2M 30b 1884 *3*z ISI 1 * 58b 121*2 80 ffa 101 N>t 128 47% 158*2 34 196% 
H» 237 46 2®% 58% 186 75 1X7 98% 108 118 87 W? 68% 177 SI 212!% 
JUlt 235% 88% na%127% 127 178% 88 238 

Cafe U2S Ml 1IU47 


■ BJBO STYLE FT-SE 100 MPBt OFTIOH JLFFQ glO per X Index point 

2776 2925 2875 2&25 2975 SOS 3075 3125 

DM187 147 97 47 3 53 KB 153 

JM 284% 8 219% 13 178 21 128% SI 184% 77 W% 66% 50% 82 32 123% 

ftb 289 19 241 24% 203 35%*5%47% 134 B5%103% 85 80 111 88%138% 

to 290% 26% 281 24% 214 35% T8B 47% 148% 65% 128% 35 95% 127 74% IE 

JUTf 298 69 224 100 187 139% 119 188% 

Cflta £705 Mi £667 * (MBfetu Mu vriHL ftfittfen rinw an based oa hUbbhdI pricis. 
t Long riM nq*y mtto. 

■ EURO STYLE FT-SE IMP 230 INDEX OPTIOM (pfcti-X) DO per tu& Index po^nl 

3300 3400 3490 3800 3590 3600 3680 3700 


An TWft4B^8#i7Mi 60fa96* 

Wri 0 Mi 0 SKNmnr pton ari wta m are Mop i 


FT-SE-A INDICES - LEADERS & LAGGARDS 


Pwowtog® ch n qggn aim Dscembor 31 1903 boaad on Rldev December 10 1804 


ftPnd 


WMeonvT 
Writ Wtttr 
WeomeVMr 
WlrtUeuft 
MmWgLt 


33 

+162 FT-6E Hd 29D n fT . 

+£75 FT-SE IH 250 

+3.4B MM 

+1.83 6b Mftiri W . 


+838 FT-SE-A AMM 


-£» HiwSnwiTmm 

-222 Mtt 

-2jB3 FT-SE 100 

-an UBflri 

-431 Spkfti, Mn&CttS 
-807 Midi 


m -&B1 JlAttiiu ^ 
--SJB UriMMril 

.-834 mv 

-■845 FTftMHMskri 

-10.16 UMuta 

-1096 Ttntwt 

-11j 06 TUMi & Appttri 
-1129 HdMAS 60008. 
-1138 Mr- 

-mi W w m lBft 
-1221 B08—H, Ott ri 

-1239 BMglIMb 

-1259 lawci 


FT-SE 
Food I 


■848 OKMoSBttlEqpt -1330 IbtaBCO 

-736 SwotSrtcai— -14.11 Ftogorty 
-724 Mori Ms -104 B trite i 


-1432 

-1588 

-1573 

-18M 

-1820 

-1820 

-1732 

-17*49 

-16.13 

-1843 

-1873 

-2067 

■8874 

-8144 

-2136 

-3474 

-2861 


| ] I - SE Actuaries Share Indices 








; he UK Senes 

Q^s 

Die 16 cfcgrit Die 15 Dbg U Dec 12 

Tear 

V 

Oh. 

|K 

E n 

J52L 

BE 

urio 

W4 

1« 

Ttttt 

Mm 



m ism 

flhP ftphiff 

1 lov 


MEW 


FREE 


FMEIfel a 
RSiai 




30136 +U 2973.4 28686 2M84 3337.1 427 739 1599 12426 1M85* 3B85 

3437.1 +87 34159 34056 33732 3881 J £71 823 181813583 129227 41528 

34383 +47 34128 M&Q 33787 88838 388 £76 1781 142.11 129L11 4W87 

15147 +12 14828 MS4J 14753 18812 4.15 7.12 1562 6120 117828 17382 

173088 _ T730LB1 I7Z726 172881 T809J9 385 &T1 2478 5587 135181 2MJ6 

160077 _ 180979 160786 168091 175089 386 570 2280 5224 133L30 200872 

149686 +1.1 147983 1461.19 1496.10 164117 4.10 680 1782 60.16 1166J2 1184.11 


2/2 29168 MS 33853 
3 tt 3393*4 2HB 41828 
Wl 33024 27/6 41BJ 
2/2 14513 245 17753 

4/2 1727 JB 14/12 B9UB 
4/2 165785 14/12 255572 

2Q 14QJ0B 24A 1764*11 


35253 2/2/64 

418LB 3M4 

41BJ 10/1/94 
17753 2/2194 


9558 23/704 
137*4 21/108 
137*3 21/1/90 
5845 14/1/06 


4/2/94 135178 31/12/92 

4094 138579 31/1292 

20*4 6182 13ft2fT4 


r'*' Iw p- 


•6* iH'4 rl aZ+ . 
tfjFftrrW: ■»..'*-> 


V ffl '■ 


*i r A 
■ fwrrtl* 


■ FW 8 K Actuaries AH-Share 

. D^S 


Doc 16 c6ga% Dec 15 Dec 14 Dec 13 


Eft. Earn P/E Xdtf). TW 
ym yu% ebSo ybf Hehia 


Imigran 
talk hits 
Glaxo 

Pharmaceuticals group Glaxo 
failed to benefit from yester- 
day's market rally as a letter 
in one medical journal over 
one of its key drugs lowered 
the temperature. 

The Lancet letter related to 
Imigran, the anti-migraine 
treatment. It examined data 
that had been discussed before 
and did hole more than con- 
tinue an academic debate. 

But it came at a time when 
the leafing pharmaceuticals 
companies are awaiting 
approval tor some of their 
products in the US - the Food 
and Drug Administration tends 
to try and dear its books at the 
end of the year. Glaxo could 
win long-awaited approval tor 
an oral version of Imigran. 

The shares were off 10 at 
worst, but there was reassur- 
ance from some more seasoned 
analysts, combined with news 
of a senior company appoint- 
ment, that aided sentiment - 
Glaxo said it had appointed Dr 
James Niedel as its global 
research and development 
director. An additional boost 
from US buying late in toe 
afternoon helped the stock to 
finish only 3 lower on the day 
at 626p. Turnover reached a 
heavy 13m shares. 

Rees spark up 

Bid speculation drove the 
utilities forward, with tbe lat- 
est twist being talk that some 
leading regional electricity 
companies (recs) may seek to 
protect themselves by bidding 
for water companies. The gov- 
ernment’s golden share in the 
water companies expir es at the 
end of this year. 

Meanwhile, Yorkshire Elec- 
tricity took the market by sur- 
prise with the timing of a spe- 
cial 9 Op dividend. Market 
watchers had predicted that 
the distributor would follow 
East Midlands Electricity in 
paying a special dividend, but 
the move was not expected 
until some time in the new 
year. 

The group also reported a 32 
per cent increase in half-time 
profits to £97.6m and a 15 per 
cent rise in tbe dividend. The 


EKItHSlMtat 


of- -1 


M U- f • • X 


k * r *i-- »’ *■' - 


« ,« J« ike 






Ii— 4 J-fT 4* ■' Jl ** ' T * 

* !% *4! i * •- 1 

A. »-j yu; i*. 

i» z-/« x*-* Ti ? Y • -i 

jl «e~« - -T-' " ’ 

■.if L . * • •“■ - 1 

- - .. 1 ..O' « > ' 


w WML Hdaiemm 

, 12 eeaefloa MEHnn 

— ~ ^ » w. toe * m 

, ■«,»**' _w»to*"toStoyiTi 

■— 2 q am wnwaggpEQ 

2! Mag s O fo odla n n 
- •=■■ =-- a Mfeg Mb S wnhasa 

a owicMp^ 

M OkaoMW MmKUWIBI 

a awooie&aKiEowe 

--- a n wwrtittn ) 

,..r P nwnw i W s, WMto(m 

a nutaa miv a Mgm 

- ' 7 7 , r a toaitfopwPB 

- “» can min 
^ sitnmum 

a font wm & cMontiq 

a Mtotomtopa 

... -t* M itaWoU GMXW13} 

a M cmzt) 

37 I MoM ia 


Mm ■ »■ “ y T 


.v-k 


L.-.- -■ ^ 


rf^l <14 

• 


o ^t'i • -a* 


.. %:■« *-+• •’ + 


w • * * 


« UtesHoMes 
«tof«q 
^ mm, Fboaie 


• Tonporffia . - 

61 OtarSHMaa 


W BaoridKI7) 
64 GHJaMoW 


« VtofU) 


to nawawnuM 

71 BHMIf 
a MracoffT) 

7* IkMaanfl 
a hram Bwfci e g 
V«vftaW|H) 


34# - 

: ■■ 


* IMH JUnSSNSm 


265236 +U5 261387 281*31 259221 246825 389 5.18 2482 6983 107077 280281 

3730.13 +18 3870L76 370084 384781 354*20 344 &5D 2248 9562 1Q2&3D 410555 

9to <M +18 2S80L3B «860 2S6&75 214*41 £70 571 ZIJ9 66L44 100584 238285 

783084 +18 160546 100242 178225 160*78 288 t t 3503 100*29 mp 

150*19 +18 tmn 178321 7773L48 198*02 481 5.79 20J8 7581 924.78 2ZQJ6 

96093 +18 94£« 04U4 94*23 123720 487 *07 21 JT 37 JD 75*46 15KU0 

173590 +18 176384 170283 168684 216681 432 584 2*28 7423 62517 23BS22 

224*40 +08 222*44 221*14 216*18 225*88 4*22 481 2580 9487 100*69 SK42 

17D542 +1.1 168520 186520 166520 19BB86 *42 *56 17.72 9*65 88424 223L57 

162489 tZO 17B52T 178*58 178558 201189 *10 *93 1781 6284 69488 228338 

177481 +0-2 177180 177188 175294 176*19 *41 554 2121 8*16 102239 2611T7 

218556 +0.1 216451 217*12 215480 208286 483 158 80007 6*03 105984 251595 

270287 +08 280*64 P«ngg 208*11 2S0375 *21 *78 2*14 8450 106*68 304581 

150187 +08 149*22 149188 1497.78 153*41 449 680 1*67 6581 85051 208486 

274*16 +12 271132 2H*19 267689 2931-47 441 785 1*7811789 95180 304&78 

218483 +18 215681 218059 213422 233186 430 *21 1470 6928 98*93 89B452 

259 55 8 +22 25 3 * 6 1 283786 280007 268080 424 785 1*3711*28 91180 322*93 

22568 9 +1.1 234187 223*21 221583 230277 485 7J5 1*2210*65 66*16 2660.84 

296248 +18 233983 230*51 228216 273481 *SB 788 1*70 9046 85*72 299414 

154338 +02 154181 153586 153*37 172*56 £2B *57 3557 5182 90181 190*13 

817*43 +08 314880 3151-28 310104 316*79 425 *78 178513*07 101*00 320581 

382489 +08 360*11 361180 360*58 436584 588 940 118221787 82*88 471088 


184233 +08 182*86 183273 182IJ5B 2DZM3 381 884 1786 643B 91256 229777 

248083 +08 2187.12 248*14 248687 269*89 *00 785 1587 9280 06*83 331*33 

206781 +04 205*75 205*76 2D4O09 255*34 *44 587 21.79 5*11 102216 295682 

270204 +08 274048 275*58 275185 2082.56 258 *54 2186 71.49 961J3 3WLH 

168*04 +1^4 106*12 167181 166*24 174*50 380 *45 1288 6*24 101781 191480 

152*76 +08 150786 160*42 149*42 181431 *52 782 1686 6886 62780 1*067 

144185 +01 144*50 144*44 1441.14 1627.40 £98 681 1780 4180 68187 19 6*4 9 

216889 +18 216086 216087 213157 252*69 *90 6L37 1*48 7Z24 85484 290*95 

jgjW 122182 1217.40. 121647 113*67 38S *96 8*18 3*11 105027 130*59 

235*96 *10 292*17 283*65 220489 28518* 481 *04 1&12105L72 gU5 55 M 

250*44 +08 2491 JB 248*42 240*28 246*75 388 SUSS 128413186 106280 275474 

203844 +08 291784 199*12 1977.11 2361.11 *69 t f 11*02 95*08 299*77 

193*18 +18 190784 191282 18B18S 237*43 4L40 *13 i486 5789 62*14 215*42 

175*14 +28 172*44 T733JD 167883 206*50 *70 1480 7J7 9*08 69282 212639 

1814JD +T.1 156783 199*99 1582.40 174*89 409 *75 17.77 6169 115180 187*5" 

2132.07 +18 208*48 210*77 200*21 250487 483 *35 1240 9*79 60080 BShT 

2B31J4 +14 279187 275*09 275822 3257.3? 4291*33 11.1012*90 05*79 380185 

11 9*96 +2* 116237 117L23 113*76 I476J0 *36 1024 11.14 6*13 82445 159*81 

9WB 420 227*19 230787 228*15 264186 580 *02 1*21 1Z782 69*39 292187 

B302* +£0 201292 309087 309*19 330*28 *55 951 122410*78 88*98 379189 

181*00 +08 VF*” 161*31 .161727 165781 484 *71 1*78 7*54 87485 227*36 

133093 +*1 132*49 132274 131579 100682 456 494 2623 5987 78980 160686 

207*55 M 256*66 365787 884887 80*04 288 180 9L21 8L14 90236 319uT 

140*05 +1.1 147*60 1481.10 146010 164017 *10 *96 1782 6018 110*72 176411 


5» MS8J6 
2/2 394781 
W 234986 
ZZH 176489 

2/2 177*46 
m 94184 
Wl tOBBJM 


2/2 169020 
« 178586 
2/2 773065 
m 209*94 
18/3 ZDL1S 

4C 1491g 14712 232580 2TfttW 96986 24«90 

Wl 249494 2M 308980 22/1202 90780 14/M* 

10n 207187 24/B 2464a 19/1A4 8088 14/1/06 

24/1 25600 13/12 340780 11/5/92 88788 14/1/86 

19n 258*26 24* 280094 1BTU94 94*10 14/1*6 

18/2 227387 12/12 289*14 IBttM 927.10 21/1*6 

19/1 159*37 13/12 204789 28/M7 07289 21/1AB 

ZB* 264U9 1* 411*90 14/1*2 953JD T3/t*6 

7/1 312034 24* 473*81 26/12*3 90*80 0/1*8 


310 200291 5**4 90020 100*6 

13/12 410786 212*4 190060 31/12*5 

30* 279286 5094 90280 20088 

31* 3944.10 flg/90 05080 29/7*8 

13/12 223298 2**4 90*10 14^*6 

14/12 212680 16/7*7 63*30 9*192 

13/12 Z3B122 24/1/94 95480 9(9/02 

13/12 256682 8**4 97980 14/1*6 

10/12 228157 2/2*4 96480 21/1*8 

13/12 226386 4/2*4 99*90 29*26 

24* 2011,17 2/2*4 80280 1Q/118B7 

28* S18L96 6**4 99580 14/1*8 

4/1 304581 18/3*4 97*38 14/1*6 

14/12 232UD 2/10*7 96888 24/9*0 


Disk 


I0n 182129 12/12 220727 19/1*4 94480 23/1/9S 

212 266L3B Of 10 331*38 2/2*4 98850 21/1*6 

17/2 1991.16 6/7 236052 1772*4 97*40 21/1*8 

17* 262*11 27* 334*11 17/2*4 97*20 3/1*6 

18/1 151184 25* 723620 2VTA3 91780 21/1*6 

4/1 148520 12/12 193484 29/12*3 91*10 9/12*8 

2/2 144*50 15/12 188*43 2/2*1 99*90 1/2*1 

3* 213387 13/12 200*98 3/2*4 90050 14/1*8 

10)2 113082 

2/2 210082 


30 YEARS OF HISTORICAL PBICS FDR 
CASH, FUTURES, OPTIONS AMD 
INDEX MARKETS. 


Sbnbtotbo 


found fan Ac OIB 




INFORMATION: fiWbrVM* 


TW; +44(0) 71 8424063 




I5/T2 161*43 2/2*4 99*30 1/2*1 

13/12 280556 3/2*4 90*00 14/1*8 

21M 245680 16/7*7 96*10 14/1*6 


24* 279283 2®94 

24* 275414 30**4 


3/10*6 

7/1*1 


108480 24* 237*30 1*12*3 OBUO 9/12*8 


7/1 168480 
2* 188406 
3* 190*71 


1* 248189 29/12*3 61*80 3/10*6 
27* 212589 3/2*4 934J0 1/5*0 


158289 24* 187036 2M4 6380 13/12/74 


4/2 203434 
4/2 291*77 
24/1 113629 
19n 218081 
2* 2582a 
4/2 178283 
4/2 131*79 


24* 2737.13 4/2*4 97220 23/1*0 

6/7 3BDL55 4/2*4 9980 23/1*6 
12/12 182420 29/12*8 87*80 298*2 
1* 29ZI87 19/1*4 967 JB 23/1*6 
4/10 37BL29 2)2*4 90280 27/1*6 

4/7 227585 40*4 05*30 1/10*0 

13ns 28250 sm 71*40 16**2 


201*99 27* 318431 2/2*4 ATOM 14/1*6 
14C35 24* 1384,11 2)2*4 Bia 13/1W4 


w v'' . 


■ Hoorty nowMMViC* 

■’ . • ■ c 

PME100 a 



MJOO 



TOE IU 280 9414.1 

TO&A36D 1490.7 

^ * FME 190 480pm LOW U9n 


2957J2 

34115 

14885 


34215 

.14BQ.7 


1150 

20045 

34295 

15022 


1250 

900*4 

34325 

1 90* * 


135P 

30015 


1505-6 


30012 

34 3*3 

15055 


Opw 


BMgAGiMcn 


WMor 


| V 


()lt 


311BL1 

171SJ 

aai y 


MB 

. 8S9JB 
3107X1 

171M 

2S1&9 




312X2 

17344 


11JB 

8012 

31322 

17412 


lag) 

90ZJ0 

3148.7 

17412 

2857.0 


law 

901A 

313&6 

17432 


1420 

901.5 

31322 

1744,0 


30042 

3434.7 

1506.7 


1&10 


WO 

30102 


15104 


Mflti fdKf Low/dpy 

30132 2953-2 

3437,4 3411/4 

15107 1484,7 


9042 

31232 

17432 


005.1 

3147.1 
17632 

2867.1 


9 0 fl_ 5 

31500 

17520 


8384 
31232 
171 as 
28270 


+18.1 

*26J 

+352 

+40L4 

bS& 


EorlroomoUal Uabffilj Report 
provides vilal news and amlysis of 
enviimmental fialnliiy issues from 
inmd die world. 

Pubfidttd monthly. 
Envavomema] liability Report 
is ihe ideal way 10 b»p up-io-date 
in this fast-moving area. 


B«1to1MMikiSEn Sinsae IOOOlOO FT-SE HH 2S0 R M* 1M> 31712/85 141260 Vtatar 

riVSEShWCw> 3Vl2/a2 1363.79 pr-SC-A3S0 31/ia<85 68234 Nan-Rnandat 

TtWTh Ml Im Till TIJITT nin ~T FT-SE 100 31712^3 1000.D0 FT-SE-A At-Shaa 

PT-ee Ifid 250 ■ 31712ns -Mreno Sfletrieky 31/12/DO IOOGUOO ASOOwr 

Slf FT-UE m an FFOE IM 360 Md te IT-8E AcMte 390 hdow m Bmahdfo ttw Luatan an* eKtng. and Hi. Rvse 
" a Unm umn.n_ Uudi ii LUfi n rl l n n rt h ttm i4tift nl nninitf ”“ < *- *■ 1 — — — 1 — 1 — i- gr— 

tow. tata n« VM canny, t SaWr HE rtM 0MHM)mi ao an net Uiam. t lMUia ■■ iNQHIn. 1)» Ol EiqiMm 4 F 

< toK1Un.btnCMUiMiRMiiaHjbnniSmkMbbna>ttiM 


29712/89 1000 hO UKGSts indcas 
1 0/4/62 100-00 faidw4Jrt(Kl 
10/4752 100X0 Date and Loam 
31712/85 1000 AO 


31712/75 10000 
3QM/B2 100 AO 
31/12/77 100100 


For more infomoxn and a free 
sample copy,iek?hoae the 

irfliVrtin^ Ou pW tniffflt 00 

*44 (0)81 67366ft, 

or by fox ea +44(1)81 tf73 1335 


Olbff 


SncbariBi Th» Ftaneri 
b 104788 *1 * 3VQ/V1 


FINANCIAL TIMES 


NEW HIGHS AND 
LOWS FOR 1994 

Ncwimgij. 

BUUMQiCNnWtqMmS^ 

MTMUIOIIS 00 MMI A Ftaray, VIIttiMr. 


CLECimC* 


cn IBSXA 111 MMri BUDMM, o*. 

EXPLORATION 6 PROO ID Ann Enwyy. 
PHAMMGBR1GMIS « Zina, PRIM. 
PAPS! 6 PAOCO ff) Portrift AWBCANS f!) 


oBJxnononQBRneHuitQNM 

Cap. BEipe Ln. 2P1Q. ftHEWEAUftfQ lymrind 
Biwmo * CMSrttH n AMCa Do 81 ^ Prf ^ 


MaTLS a MCKTS n Bardoa 

nl. UnaQO VQPpML WDoTH 


lAfomDMWVDMDUNBniWfa. 
1997, 8Mft ELECTRNC A OfCT QQUP (I) 
Paov 9mm. BOMBO 86 APW. Farm, 


WOM 


IA(7} Nmss M. SpacW 
Porfna ri hS todritt^ 


Miqf MbBou OTHER SERVS ft 9II8N9 « 
l#im^Wri»MnpaM|ni, 
WlARMACEUTICALSff] Hirtinpdon 0WL 

PRTWL PAPfR ft PACKQ p| Ar)o Wlggha 

Appfona Braon. CtoriAdn. W09EH1 Y HO 


Land. Do Bpc BcL Do Mpc Pit. 


FiavAun, KtagUar. ftM W*a>. SUPPOHT 


CAMADMN8 (V) BC Op. 

shares climbed 30 to 687p ex- 
divideiid. Mr Nigel Ha wkins at 
Hoare Govett said: -York- 
shire’s sector rating Is likely to 
improve following the reasser- 
tian of 31)3161101^ value and 
impressive interim results*." 

Yorkshire has been men- 
tioned as a possible -white 
knight" for Northern, for 
which Trafalgar House has 
said it is rmwariering a bid, but 
several brokers said the group 
could itself be a bid target US 
broker Salomon Brothers was 
said to have taken this view. 

East Midlands, which reports 
figures on Monday, jumped 12 
to 810p, and Northern finished 
a penny ahead at 965p. Trafal- 
gar edged % forward to 74p. 

Merchant bank S.G. War- 
burg recovered from the shock 
of rejection as the market 
looked ahead to the next con- 
tender to replace Morgan Stan- 
ley, of the US. 

The US i n vestment bank was 
not prepared to pay above the 
odds for Mercury Asset Man- 


i» 9m 


oa 1F.EEI 
M 


bi mm 


3080 


1*43 

£88 

*66 

*12 

086 

*01 

25.79 

1080 

26JB 

£5.79 

25L79 

2784 


1*69 

1*68 

Q» 

623 

*21 

*16 

*12 

*12 

*16 

*19 

*1B 

*19 


*23 

986 

1086 

2786 

3186 


3*42 


6186 

2788 

2788 

1787 

1038 

1038 


1480 

140 

32.13 

3*61 

3*31 

3*81 

3*31 

3*51 

32.13 

32.13 


1086 

1085 


BM 

1068 

3187 


48JQQ 


5*75 

9*70 


I486 

W83 

986 

£23 

1483 

35J2 

4186 

82A6 

5*46 


1930 

2000 

2030 

2100 

2130. 


2784 

2754 

2751 

2*72 

*26 

*06 

*06 


4*10 

3783 

2780 

31.27 

1038 

1*33 


4TJ0B 

3L4S 


1483 

106 

883 

*22 

an 

*20 



gasrgg 



agement (MAM). Warburg’s 75 
per cent-owned fund arm. And 
after the market closed yester- 
day, Warburg said it was not 
soliciting other approaches. 
However, analysts are con- 
vinced that change will come, 
and while tbe shares were off 
their best by the close they 
were still qp 14 at 713p. 

MAM, revealed as toe ambi- 
tion of Morgan Stanley’s affec- 
tions, jumped 46 to to 724p. 

Insurance issues; which are 
big investors in equities and 
thus geared to outperform a 
rising market, moved ahead 
sharply. They were further 
boosted by an enthusiastic 
recommendation and the hope 
factor now In the FT-SE 100. 

Credit Lyonnais Laing 
removed its cautious stance on 
the sector in a note published 
yesterday. Specifically it took 
Sun Alliance off the sell list 
and the stock rose 8 to 307p. 

Laing’s change of heart is 
part of a market-wide review of 
the sector that concentrates on 
recent slides in the stocks 
rather than fundamental con- 
siderations. Earlier in the week 
UBS argued that the sector 
was undervalued and focused 
on General Accident Yester- 
day GenAcc, helped by pres- 
sure from short positions in 
the market rose 22 to 531p. 
Commercial Union moved for- 
ward 17 to 527p. 

News of Vickers’ choice of 
partner for its Rolls-Royce 
Motor Cars division could 
emerge early next week follow- 
ing a meeting between the 
company analysts on Monday. 
Vickers was unchanged at 177p 
in nominal turnover. 

Best bets in the City point to 
a straight race between the 
two German groups, BMW and 
Daimler-Benz. The former has 
existing links with Rolls-Royce, 
but on Friday the informed 
money was leaning more 
towards Daimler. 

Caxadon was the star of the 
construction sectors, surging 
14 to 240p in Z3m turnover fol- 
lowing the recent buy recom- 
mendation from UBS. The 
stock has rebounded almost 10 
per cent this week. 

Barrett Development and 
Bearer kept the recent recov- 
ery in the housebuilders tick- 
ing over, with Barrett up 6 at 
156p, and Beazer adding 2Vt at 
131p in 2.4m turnover. 

Oil majors BP and Shell 
Transport rose on heavy turn- 
over that reflected toe expiry 


■ CHIEF PRICE CHANGES 


London (Pence) 
Rises 

Andrews Sykes 
Caradon 
Copymore 
CourtauMs Text 
Danka Busswss 
Dotkng Kind 
Eurotunnel Ltts 
Johnson Fry Hid 
Land Securities 
MEPC 

Mercury Asset 
Nontiumbrn Wtr 
Rothmans Uts 
Lttd Carriers 
VideoLogJc 
Warburg (SG) 
Wimpey lG) 


Rextech 
HaecnocaU 
Huntingdon kit 
Proteus 
Sterling PutX 


132+5 
254 + 14 

iso + io 

435 + 16 
324 + 24 
313 + 11 
273 + 15 
131 + 10 

566 + 22 
377 ♦ 15 
724 + 46 
723+15 
470V.-+ 23*4 
92+9 
63+4 
713 + 14 
134+7 


430 

23 

20 

170 

104 


'city | 

INDEX i 


E C 


of the FT-SE 100 December con- 
tract The removal of pressure 
in the derivatives market sent 
BP 7 higher to 421 , /ip with 20m 
traded and Shell up 9'i to 691p 
on turnover of 11m. 

However, toe heaviest traded 
stock iff toe day was British 
Gas, the shares Ignoring popu- 
lar criticism over the compa- 
ny's disparate pay policy and 
rising 2% to 207 & with 21m 
shares changing hands. 

Channel tunnel operator 
Eurotunnel bounced 15 to 273p 
on optimism over the car shut- 
tle service, which was priced 
yesterday. 

Boosted by early morning 
fixtures activity the heavily 
traded telecoms sector notched 
up big volumes but limited 
price movements. BT traded 
15m shares to rise 3 14 to 37Sp 
and Cable and Wireless added 
6Vt at 381V»p in 7.7m turnover. 
Vodafone was 2% higher at 
200p in &Sm turnover. 

Land Securities jumped 22 to 
586p after announcing the 
£7&5m sale of the lease on the 
Milton Gate bunding in Lon- 
don. The sale was to AJ>. Fon- 
den, the national Swedish pen- 
sion fund. 

News of a 49 per cent acqui- 
sition in a Mexican sugar cane 
business saw shares in Tate &. 
Lyle harden 7 to 41Sp. 

Shares in Dixons eased a l'A 
to 177Vip in trade of 3m as the 
market digested the Office of 
Fair Trading's report into the 
sale of extended warranties on 
electrical goods. 

*5^ B OO 


[ariosi Leaden ■ sprout betting - Fmtacisl ul Spocn Fora 
■crime and n ww > applicjlioo fin) aril 071 283 1687. 

ActtmttiiBPonipfty upriitf mttin72hffiri9 
aufap-to+riia print 8 e.ol to 9pm. aaTektedw^S 


REUTERS lOOO 

24 hours a day - only SI 00 a monthl 


A/ 




uk an lift 


ARBITRAGE 


Are you in le res ted ia potentially substantial Mock market trading profits? 
Vc offer a unique performance related service. Contact: Arbitrage Dept. 
Michael Laurie Partnership Ltd (Member of 5 FA) 

Tel. 071 493 7050 Fax: 071 491 8998 


Signal 


O 130+ software applications C 
O RT DATA FROM STD A DAY O 
O Si- Ti :it SOFTWARE GUIDE O 

Call London C' 44 + (0) 71 231 3556 

for your guide and Signal price list. 


Petroleum Argus Oil Market Guides 

'Convcrehensive ex oi.-insaoxs of the oil niarkels' 


Petroleum Argus 

CALL \cvv !..:nh+r do;;:. Is {44 ?r, 259 9792 



Veritas House 
J2S F tobuiy Pavement, 
London EC2A 1PA 
Iht 071-417 9720 
RUC 071-4179719 


r'JTURBS i OPTIONS 

CAcCJ?i“r;-CNL.Y rao*A... 




Appear in the Financial Timas 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise 
in this section please contact 

Karl Loynton on 071 073 4780 or 
Lesley Sumner on 071 873 3308 


RMANOAL TfcCS 


I 


1 


i 


> 














»7 


t*o mvz +reb 


WTHUkT—Jj 


Tau*TM0kT_ta 


1b 

827 

W 

mM 




BJJCl CM 
ZtfD 647 ft 




Abbey 


itm 

•Waft -ib 
i*b — 
m 

QZ +5 
410 +7 


a 

MM -1 

30 

33 -Z 
« 46 

» 42b 

mo +i 

32 4-1 

Si ♦ Z 


Mgh low 
W 31 
206 130 

an in 
m sib 
nob 74 
m iso 

m 47 

482 333 

rei im 

41 26 

43 a 
*177 107 

88 10b 

« a 

232 139 

in 122b 

*384 178 

58 31 


215 1 18 
41b 19b 
300 210 


CMvfQ 


21b 

J 101 
71 


83 34 

288 tffl 
>1 197 b 118 

*M6( TOO 

12b 5 

04 31 

82 44 

42 20 b 

*188 108 

*120 73 

98 tt 


18 

20 

17M 


If 

530 b 

TO 

22! 

221 




191 121 

188 130 

43 *144 06 

32 2 D 

79 43 

*20 8 

+b 874 b 492 

-1 138 104 

«4 428 2 M 

44 428 202b 

184 90b 

148 115 

< m 53 
-2 253 190 

"321 154 

*] 0 b 90 b 


PM8. 


184 "321 154 

n 18b 90b 

80 84 58 

97 1 ttb 94 

188 43 " 379 b 182 

<2JA Old El 4b 

1283 m 125 

«S +b lie 44b 

103 4 132 94 


■3 388 233 

10 112 62 b 

m -4 are in 

88 .41 257 151 

0 42 183 114b 

n -i re 635 

50 08 36 

21 MOb 21 

9 38 23 

OB 141 98 

fad 129 SO 

11731 42 118 115 


ttUSANClAL TIMES WEEKEND DECEMBER 17/DECfiMBBR 


LONDON SHARE SERVICE 


low gopoi &rs 
gffl HU M* 
SHi 3217 14 


YU 

firs re 

•8,8 


/ HU* 

» 

“S& 

iMD no 

in 4 l 


.17 

443bft 

377 

131 

m 


10BA 

ezr 

201 

”0 

219 

re 

193 

46 

17 

420 

327 

95 

nsb 

tt 

is 

£ in, 1 


7 .W 7 


mb w 

9& S7fi 
90 48 

483 290 

127 100 

128 6T 

272 106 

8 i a 
4S 337 

m 161 

823 570 

-80 340 

» 258 


914 

184 

are 

US 

09 
1,310 
176 
1ft* 
2214 
7 MS 

not 

Mil 

1834 

HU 

W* 


lift* 

HI 

IM 

CIS 


587 

162.1 


a iu 

m si 

45 160 
65 - 

4 * - 

4.1 170 

SLO 31-0 
70 

42 3tt| 
20 76 2 
4.4 132 
22 - 
30 169 
56 108 
70 110 
SL7 - 
27 fftS 
4J 890 
20 363 
61 103 
18 170 
80 ; 
42 14 2 
69 * 

60 90 
tO 300 
10 210 
30 165 
30 17,1 
60 189 
30 166 
30 180 
20 163 
29 21* 


1884 m 

u* mim 

irSaSS 

'i 2b U> 
sreb aid ua 
rez £ tzs 

re sn re 


38 3 « 8*1 

W 99 b BO 
27 W HO 


men jo are 


- ar i2b tm 
80 .ore 812 
taob ret 482 

6 2b 705 

s^gg 

SPa Kb an 
« 7b so 
S5b 38 a* 
*m 28b 44* 
88 15 - 

» 65 182 


met 

■tt -* 


■ft" 'ft wSSa"^ 
g 5§ “S3 » 

a f« *»a«# l) 

ll < g ■ "! . 

1 s BfiS S 

£ £ U»7W 

229 - 179 - * _ 

S '3 S »< W 


OUft lit “ 7JJ 


987 ** 


HU W 


g& aa 

987b 9T2 1 
227 11 


M 


1H~ U141S 175 


_ HI .W 


48 604 13 167 



°s 


* -a a „s 

— W 30 397 122 U 


Waft 


2 

in 

an 

2 b 


31 21 

ire iia 

8 3b 

4-1 878 495 

29b If 

403 S3 

40 S 

370 an 

31 15b 

98 rf 

71 41 

57 35 

486 245 

+b n *4b 

-b 22 lib 

138 W 

+1 135 86 

81 32b 

"34Zb Wb 

+b 12b 6b 

mb 127 

60 446 

-5b 03 414b 

*224 147 

+2 50 443 

TO IS 


S 2 

234 201 

173 106 


sift 

518 

88 

118 

18 

tt 

72 

100 

1413 d 

6 b 


170 

-b 34 


18 

178 

151 

-b 8b 


409b 

490 b 

SO 

15 
16 
19 
60 
59 

96 290 

122 162 
3b 402 

16 204 

is no 
aoob iso* 

41 U 7 


148 +1 " 27 b is no 

272 b "MZb 200 b 1300 

ft 110 41 237 

ffi m 88 217 

lift 138 T 10 43 * 

2900 323 238 610 

434)8 +6 889 395 2282 

123 123 110 20 

50 68 35 6 J 8 

161 184 145 

292 573 291 

171 276 189 

194 282 162 

118 139 103 b 

14 b S 14 

8 b 9 3 b 

18 52 17 

105 121 92 

423 440 279 

91 100 47 

152 175 152 

228 -4 240 217 

256 "310 232 

W 1 238 tft 

HO -1 193 140 

an 297 210 

133 2 fS 133 

in rea 97 

2 b — 6 b 2 b 

4 b 24 4 

81 86 76 

33 b -b 42 32 b 

06 -b 43 34 b 

in "284 TS 7 

ZSEft "200 155 b 

37 44 31 

TBM 265 219 

0 9 ft 239 SI 

10 221 151 

9 36 9 

245 335 245 

15 +b "Mb 13 b 


60 
4* 

3.1 15 
4 J 1«J 
1 J 0 

3.4 - 

62 11.7 
5u4 10.1 
Si 14J 
lO 11.7 
SO 210 
40 2 

37 110 
60 HL4 

4.1 92 

SJ 150 
M 16.6 
4^1 * 

2.7 170 
27 18.1 
20 130 

38 19.4 

9i 180 
91 120 
4w4 126 
33 f 
iS 214 
57 80 

24 221 
89 


70 &4 

6.1 124 

WO - 
29 160 
M 140 

- 2 LB 
22 TOO 
1* 127 
26 193 
42 144 

4.1 140 

- 124 


22 
27 
40 
4 A 
21 
22 



256 2410 30 

8 b 184 - 


Ptt* ¥6 


n 24 83 * HI 

S M W-jj 


429 437 


17 484 J®2 


E-ltO 


55»b -4b 837b 



Met - Mfti km capoo 

tw m n 13 

14 

SSf 


tt 
IX 

8 J rest 80 


HI 40 M5 
1024 26 flJ 

184 192 26 


132 640 22 20L5 

64 CLl 26 213 
101 4U 25 


176b 42* - - 

m 1408 24 

7/ 443* 12 177 

17 1X2 - 

M 2 ana 10 544 
re ua - - 


ua 25 + 


♦17 *7*1 


4.7 »9 


to 

HO OJO-tlO 


pCJ areixd 
70 


*b» 


tW 144 M 

6lfl tfl IBM 


WM 


+1 m 

230 

an 

-r -20b 
—3 334 


247 TOO 
110 028 
150 121 

2/2 021 
180 14 L 2 


24 16* 

25 177 

26 25 

S | 

20 ia5 




res 470 

mi «b i» 

_ are is Tt* u 

-b 261 b Wi RU 


+2 aetb W2 ijTi 

-b « 55^ Sis 

HZ 34 n xn 
— ftb lb 
MR 65 fK3 

S Si SSI- S5 

-1 33 Kb 777 


91 

uni 
u 


*|2S 

a m3 


M M 
•ini 


16 789 


172 

34 b 

17 b 


1*3 

141 


214 

4f> 

3677 


3 


6% 


46 b +b IWj 0 b S 27 

*2 "78 tt* 

^ r ll ’g 1J - ♦ 

ti in n - - - 

758 503 b S 47 76 * 


330 29 43 S26 U 2nl»Ff 


26 b mb 1 U 




217*2 


37 44 

M 285 

M 239 

0 221 

9 36 

48 335 

15 +b -aab 


111 Ml 24 


9&1 >44 


4 I jfi 

9/ U 


23 1396 74 


1137 - 07 


Prtca 

156 _ 

78 

mhM 

948 *27 

■a ^ 

« +ib 
SBb 4-1 

0 

124 *2 SBb 


3*44 1.1 51.6 8 

20 84 
61 7*8 22 72 

8U 27 lift 

8 7.17 - - 

47 617 - - 


m2 554 


im -b aw 



0 Mi 476 116 


195 U 233.1 M 3 

273 41 449 LB 


21 b 

EM7b 

144 -1 

^250 -5b 

-1 

M □ £28 M 

^ -iS 


Mb 

El 04b 

an 142 

S* JSS 3 

■ 5 b 239 b 
710 409b 


66 146 
17 112 
13 232 L 
16 194 
46 132 Bary 
85 66 Bsbl 
35 4 

* 156 


U 2242 16 IttMart&rer 
- 1715 -&T UreMntui 


11 101.1 120 Uatf 


733 *-1 



1 LaaAmr 


13M *2 

17 M -l 

155 -J2 


04 *4b 
74 4b 
*P2rf 


60b 619b 
570*2 440b 
2J5b 167 
705 513 

"164 110b 
"34b 9b 
*1B3b 105 

267 T7B 
220 IS 
39 32 

44 0 

"20 220 


ObpQrPf 



sa ^ 

re 

314 *4 

nib 


♦ or 

Met 

277b -b 

ore 412 

787 4l 
743 46 

859 44 

sa -6 

471ft 410 
08 *1 


124 0 

H6b 93 410 
*440 245 576 

"324 248b 9312 
182 0 764 

13b 9b 
"414b X» 

175 126b 


26 A 
46 13 J 
1J 

7 J - 

16 166 
16 Z17 600 
21 25.4 SKFSHr 
26 * 

12 196 


10 +1 *10 


VMM 
17M 
22 b 


mb 


uofe._ii 11 


816 41 J M&fiaftDnalnLJI 


44 2817 -.1 


-2646.1 90 
re M 6 - 
Wi - ate 866 
Tl? 62 1116 -46 
54 94 684 46 

50 

30b 163 - - 


76 OBJ 72 


37 1213 -6 


W 941136 86 


0 * 1436 - 56 


tkt km 
40 1 72b 


607 416 
Oft * 1 Q 
no 4i 


472ft *8 

851 416b 

80 -2 


687ft *30 

c & _____ 

4 or 

wet 

-U 


40 1 72 b 4601 

■STS 

763 634 

871 635 

846b 547 

520 404b 
1048 SO 9 
421 329 

800 587 

682 449 

477 307 1,258 

40 32S 

"472 299 

01 591 

03 SI 
837 540 

70 S32 


YU 

Cm M 

36 

46 GBL9 
bf 106 
42 11 2 
46 191 
36 126 
15 T2* 
15 122 
4.1 99 

18 105 
14 199 
56 102 
46 105 
13 125 
4J 11.4 
17 112 

19 115 
45 114 


19 W 


0 A M « 


1202 9 J 3 


1316 U 


104* 56 


1199 32 


- 426 15 * 


30 b u 393 96 
21 - - - 
89 93 SIX: 06 


10 „ 

134 +2 

71 

33 

mi ^ 

110ft -b 


01.1 rend *2 20 10 1*04 11 31* 


SSS5 


7 i = 

423 t3 

an *3 

Mb 


40 ft 

28 b 

521 ft *2 

180 ft *-10 
10 tZ 
40 M -3 

3 f 

324 ft *24 


£574 C43& 

*90 246 

10 63 

10 10 
"250 USb 
73 40 

"38 24 

•«ii re 
476 325 

166b 107b 

20 239 

It 7 

17 a 

SB 402 
"900 20 

2zb 14b 
ZB 206 
67 87 

35b 0b 
522 360 

10 81 
202 148b 
487 4TZ 
128 23 


58* 4.1 


14tr 307 


370 30 


Saiftl 

SfttagftMl, 


120 *2b 

ttl 


97 - 


awii st 

0 -Z 

393 *4 

394 -4 


» -4 

ra -a 


46 27b 
101 61 
60 40 

76 0 

105 122 Q 
"WO 160 U 
X 37 A E 23 
Mb 21 
«0U 07b 

"451 343 

•403 334 b 
76 0 

an iso 

S6 14b 
751 30 b 


•no 310b 
110 60 
104 SB 
m 331 

m m 
20 m 
3Bb 0 25 

*64 SO 
Cl 81 
S» 263 
Mb Ob 
178 14B 

WG 10 281 157 

316ft +1 313 263 

« toe 


W * MAJtBtWDesJl 





17 
16 
2* 
933 10 
191 IS 
113 2.4 

,20 95 



39T.5 11* 


04 m 166 MMoM 


PacUortim on 41 


Fraodl 


*1 4m 








* 

J f ■ 
A 




- - ■ 






i 





4f 



F 








’U--- 








>?■ ■- 


.1' vl T 0 ^ __ 

Fr-T- . 

































































































































































































«**T 


«z 

-tal+^np. 

- *■ r — ■ ■ f ^ r »a 
*f £. »*«.*? «■• 

.:4i *+■ V 

. . *-■ 't*v * 

.-♦jTTtil »V*r* *.• 

:T» *j 'T 6 !**^* 

. U •■'■' A. •£ ^ 

\ # * O ' ^ kr+ 4 % . 

.4. * - 

...rt.: | £ 

is i- j N-*tc x * - a . 
;■•> ;■ 

\ V ^ WS* ■ - 

JU . f -v» -*».■: 

: fs- ii • 3 r. r - 

• :r * -if, *-w 1 




V. . 


Y ««5T 




, .-n-'*« 


j^OAiTIMES WEEKEND DECEMBER 17/DECEMBER 18 1994 


d*Jl f&Q 


V 



LONDON SHARE SERVICE 


-tr 5 I- 
? ? V ££:’ - *■ 

■-M .isr **♦» ^ 


'* H. 


. *4 '4 , •>■*■ ,. 

. -is *»* j.- * 

■ f^ - " Wrirv V* * 

$« -' t 4-. 

i. ♦*-**■ 

_ any f w * 

V» A". : i —*■** •* 

* *• k 


% 

dr*. 

i* 


V* 

v.: 

if 

*14- 


-M+m 

•V-V*F^ ^ 


f . t\ r-, * L 

■ t$» * *!£ ?* / ■ < 4* 

i MiKMT.A. 


* - 
t 

*jr 

IS 

r 


i ' ft > ' 1 “ Xr7 ‘ — ~ *«i U, 
j » piT • '** 


p : v- * ^"r 

!; <i ■' “ 

»* * •' 

8* 4i , J1 


"■».>* r* 


“* .a r 
o-«* 


-■■ It 

fe- 


ll! - - r^r 1 — **. fv 

f i - ■•■; >Tj 

3: - i. IV 

i . 

'*(■ ,'r 0* 

•-# ’ttf **’*'■* 

v« "ir* 5 :* ^ 

am *a ■ (a a WA 

.^L*. fe 


KL'l^ 


^ *»E 


|| 

ifi »'4 ^ •■ 

-S' V i? - 

• "•" " "?^»T -J Ma'bV x 


ii .= : ^ tZ-C | “ , | -': r - | __ 

«C 11 ^ • 

f- ■ a " ^ 

. k -! ■ > •i * 

.4»r 

• 1W/4 

f-.» J-J! * . ,L„ ^ 


jv - 

U. 4 

M :>T 

V4 : " -xv- -■ 4L 




7 * N^.«w * n i*» 



4.. a ~-*r -v 


■- * s 

-l? ^ I 

> ^ «i 

k. flv 

% <; - 1 ! 
^-1 %. «v 

^ 5ft 

■ ^ ^ u &' 
.: 1 1 «< 

' ^ $. 
u *' 

1|> fj . . a * ■ 

,. it' A\ 

. v. j» h 

• | C .V 5a.; 

’. »-JS *1 u ^' 

: ; % Si 

*1 **. Ii 

»f .*■ Ii ■ 

ii ?SSJ 

-■‘i r i ii 

t ”■> ^5- 
3 «■; gj? 

. ,f » -f 11 .«r 
*o - Vh ■- 
(t V <SM 

> - *?5. 

: 5 ; ii ,*i 

t- 1 

• ■? $ $ 


*1 - 

■ • r .' i*. ; 

■ ■ e : 

13 .5 S < 

:: ; 5 Sj) 

• ?>“V 

. V I * . 

fi# iV 

! ■; i ■ . 

.* J * ««»:.- 


• * * 


“ Bt7 -U 


f :5»U; 


>4 S*i 


' ^IsV 

r- .5 

; :i ? >•%, 
■«: ^ «*; 
V ;. 1®! 

*: -- -fc, 

5 £ -V 

• c? '•*- 
^ ■? 

" = SSf 

■4i 4 1 . 

^ « sti 
.5 « ■& 

; - "j H^' 

— i »•; 
1* .r- • ■. 
c -' 11 

15 l «=!' 

■■• I -f. 



4 * 

+3 HI 

— w 

+1 -SM 


K YU 
capon M M 
« - - 


11 

w 


= a 
— « 


79 

+1 m 

— 2WPa 

— ns 


» iu M u 
u 
11 
M 
45 
T07 


HD 195 - 


IH m 
w » nc 

0,196 18 211 

1JBZ O 117 
i&m 42 - 

«i34D 49 - 

nm 41 - 

Si U 302 
9BLT3B 4J 17.7 
M4 K - 
«68 45 205 
751 75 - 

4401 4J « 
1501 12 - 


— 1806 kM 

-1 *H4 108 

— JP » 

37*2 14 

31 S 

83 48 

*llg 48 2 

«J 234 

-2 “20 210 

^ 14 

^ “Ml 70 

+4 228 178 

+1 137 103 

+3 *OT M 

-Jc £183 C&5 

— £178 EW? 

-J.C1Z7A EB7A 
tl *270 166 

^ #2 18 

*118 


VA 15 
165 64 
851 


W4 - 
451 

2BU U 
1825 45 


♦ flf 1904 lid nd 
- m to-opfift 6* 

*18111 151^ 809 15 

19b 146 1055 45 

ti m m hi 15 

TOW 3b 150 

*18 aaa 3&t 350 sjj 

♦1 to a C2 14 

-a TOa a «5i i.i 

_ H5 TM 805 35 


77 

301V 




382 15 

2S5 45 

828 45 

1587 25 

1229 79 

1445 U 
26BJ 21 
8965 35 


1 :< 


♦ or 
mo 

92M +15b 
318 *1 

118 *1b 




446 *10 

M 48 
300 +1 


8*88 -* 
U8 «1 


UB4 IH W 
m *■ Cod cn 

TW 333 MB 11 

«4 356 2043 35 

no in ni u 

SB 374 82S8 45 

so 42i gjm a; 

457 353 8518 21 

222 127 2416 0.7 

710 3K 80JB 19 

*614 $15 2142 42 

59 72 885 43 


1W 

91 

Wa 

& 


l . ' L. 


3SE 


Canw5 — £□ 


244 

a 

567 
153 
112b 
Si ZZ5 

Eli 8&0 
9b 828 
2B IS6 38U 
131 65b 9988 

818 HQ 3111 


136 387 

1ST 3148 
96 308 
73 3U 


22 207 

04 

24 224 

25 183 


86 T43 
2.4 « 

22 - 


ZM E17JJ 8810 15 

m 142 1819 55 


d : 


“ .SbpeOwOiW 


r l: 


DHTbElQ^ 

t* -i m « 

£ = 

ni — M3 m 

J* : a i? 

158 = % ^ 


X %*& 

llfi 65 021 

2^ £1^ 1g7 


17.1 BL4 


-3 ™ M 219 23 379 

-3 447b 355b 

-4 184 127 

— 2 1b 1&B - 85 

— 31b Mb IZD &D 145 

— m 118 2U 45 88 

— naa Too asu os - 

»4 J? 8M <5 14.1 

— *82 eoy 40L2 15 302 

♦1 *360 296V 1789 80 189 

19 4 H7 - 247 

Zb 1b 485 - - 


■s 

m 


& 


— 2b 1 

17 10 

-EM 7 15 

— 187 105 

— HI 128 

— ’S "i 

— 148 110 


115 96 187 

°g H V3t 

W 108 223 
31 3 49 

27b 20 391 

757 02D 8177 

X&b Ell 688 
vab 417 uu 
TO 125 8U 
B 35 848 
80 B 
117b £90 

150 85 

187b 748 

71b *5h 

7m 513 
188 80 


VU 

n he 

28 285 
35 85 

4.4 239 
U 69 
20 75 
80 - 
27 - 

85 111 
&4 85 
55 114 
17 522 
35 179 
15 59 
79 95 
45 185 
- 779 


71b 

SB 

*25b 13 

-10 1755 1205 

= "8 il 

17 4 


W» 

^<1 






rj - Ml 


= 18 


*or 1984 
- fafati kM 

— ®Sl 

— ^ 668 370 

-2 an 178 

*8 MT 407 



■Viln'i 




232 158 

&*% 
815 396 


188 161 
12B 1Q6 

‘MTV 240 
41 17 

11 
B 25 
*7b 0b 

**r a 

480 275 

47 18 

132 97 

75 50 

43b 23 

OTP? £98 
» 64 

TO 80 
37 23b 
70 

51 36 


«« ta m « 

- fafe few CWb Grt 

nn M 1719 u 

-3 743 593 981.1 

650 476 714 13 

41 34 105 - 

*5 140 58 779 - 

2*1 118 2U 23 

*b IB 99 0713 41 

IB 115 28.1 38 

— 2G6 175 809 49 

_ m 130 365 « 

1b 0b UB - 

£tl £5b 18U 

-1 a 159 435 18 

70 57 798 IS 

_ 186 91 708 15 

*1171^ 80 848 55 


as 




w- 



tNG W 

«S 


*1171? 

1M 


THn 


— - 136 
-1 173 




_Lll 


s 

1815*1 


iMH 




IB W 
1208 84$ 

Mb 19b 
251b 151 

239 217 




8138 

86 

nro b 


IB 73 
SO 37 


11b 


h- 


*4 47f 3fi 

48 443 282 

+8 388 271 

♦2 M 239 


"pr 


«b BO 

*3 TO 432 


49 - 

75 9.7 
08 149 
04 105 
80 17J 
45 30L4 
«2 - 
49 223 


317 193b 
428 103 

a 248 
178 106 

48 22b 
M 138 
119 95 

tan 794 
m 218 


& 

**% 

75 


407 mo 5.1 

228 5U 35 

16Tb 6508 OO 

nm? goo &i 

ri OB &J 205 HM 

134U OLD 39 149 

118 15SL0 89 

88 1289 09 356 

» 8748 49 

5b 888 - - fed 

28 GU 24 1T.4 6SB0Nr 

88 435 79 - 91A_ 

25b 479 17 439 Jrtrawl 


tic UU 

B ~ 

IB 

11 

"S =: 


172 

18 

£28U 


25b ffb 
« 36 

196 118 

78 51 

1268 670 


rz7b 
18b 

154 

tM 666* 


*306 270 

968 198 

*b 33 17b 

— nib sb 
no 5 

2S t3 

— a IB 

I s s 

4K 213 

95 58 

tao 100 

» to 


S3 41$ 
TO 158 
TO 2*5 


Thai oil 

IWtap 


si; 


XT'- 


— *M 117b 
4-1 43* 325b 

+11 1047 797 

+1 145 102 

38 21 

178 743 

-4 TO 106 

H 8 

-08 78 

_ 1X3 10B 

ane « 

-7 TO TO 
+9 TO 538 
_ 1575 1450 
_ 17b S 
-24 485 308 

_ 1083 BE 

_ *275 IB 


*8 172 

W 

*18 

— 408 

- 72 


59 119 
59 9.1 
ISO - 
39 105 

10 15LQ 
42 S3 

19 219 

to 'l«S 

79 

20 174 
39 87 

179 05^ 

82 09 
1.1 414 

11 389 
19 315 
89 209 
30 287 


T~i1 


TO 108 
599 465 


MU 

4M 


172X1 _ 
TO -2b 

71 


235 158 

Iff 118 


2M 78 
m 23 

112 48 

74 20 

198 87 

31 2D 
168 105 


17 
11 
49 
11 
49 
11 
49 
42 
49 
102 
14 
39 

7.1 
17 
3D 

4.1 

39 155 
24 
72 
OLS 
59 



20 

45 

TO 

123b 


noth 

TO 

72$ 

37 


80 Ui 
£5 4 14 

155 879 
125 128 
S3 3LO 
28* TO7 
73 119 
72 189 

108 119 

100 4JM 
106 339 

41 329 

48 179 

<7 1*1 

212 28J 
73b 428 

06 198 
92 118 

135 373 

35 129 

40b 239 

tf! LITE 
1B2b 1279 
1$ 119 

135 848 

8 7.18 

£168 4342 
12$ <29 

231 1159 
98 4U 
221 2M 
?7 274 
58 21.1 




19 
<15 
19 - 

09 1*6 
42 162 

84 

68 
19 
05 
- 2 
28 
50 


“ Ii 

12 1* DMiGBm 

H 'H omu 

8 i‘ B“ 


PnraE 

28b 

18b V] 
3Zb 


38bd 


«4A 

BlbP 




m. 


-b 2SW 

3« 

-bTBbp 

--- IBP 

^ 23V 


*5 

3Sb 

s 

iob 

ab 8218 25 

IM4 2188 - 

IS.; 4JH4 46 
27b HW87I 34 

~b mm is 

33b 

3} 

14A 


TO 143 

21V 103 






*3® 

TOD 


377*1 +15 *562 
ib — 13b 

IB -1 160 






30 96 Z7 

£11b 04b £llb 

HU +1 166 144 

88 105 90 

a — » a 

0b 2b Ob 

30 *04 29 

ns -a 's 

m +1 TO 218 

HI +2 « 138 

2b -b 12b 2b 

8b — 9b 4b 

3 — 5b 2b 

223d 273 223 


Tll.-il 


uLLL 


'T r T 








80 209 P8P 

39 1U 
45 99 
37 297 
42 - 

15 87 

53 19k? 


178 101 

TO 409 
nj< 141b 
35 22 

B 22 
B 48 
*84 60 

118 6$ 
143 90 

2B 150 

m 82 

51? 1b 
*98b 60b 


16 192 

TO 1189 
32 Xtt 


480 3.1 17-4 


zWffJ 


I * W | 'm m 


m 

Bib 


— 182 
_nBb 

* ns 

+2 no 
— . 443 

-1 177b 
3b 283 
*3 431 

+5 *9B 
-5 314 


120 

273 

in 

119 

137b 

20b 

43 


291 

188 

123 

S44 


ku- 


22 

38b 

14 

488b 

304b 

118b 


440 307 

ffB 603 724 

31 21b 128 

338 TO 489 

TO HO 795 


aob 421 
MTV 127 


19 304 
3 J - 
39 179 

20 549 

39 39$ 
29 9L3 
29 109 

HA 

19 237 
27 2B5 

Ii 15$ 
19 89 
49 209 
99 15LS 
89 11.1 


13 124 
22 84 
20 
79 
32 
19 


a 

M 

9 

98 

11U 

44 


47b 

IB 

n* 

■a 

111 

113 


kw 

107 3419 
6b 387 
160 519 
90 119 

70 
5b 
a 

IBB 
21b 
100 
12 
E7A 
TO 
79 
ff 


4** 


19 809 
82 75 



Z34 884 
65 8BU 
162 
130 
38 
214 
207 
» 

82 
flb 


09 81 

32 180 

12 189 

11 337 
23 TAB 
20 342 
29 315 
37 * 

29 209 
80 159 
59 - 

09 - 

3L3 T44 

13 287 

49 ♦ 

15 204 
53 111 


ff 77 

ErfllbPCDb. £H0b £03 

3f *03 


S -b 48 

180 

98 134 

» *1 

48 91 

90 7* 

54 100 

TO +1 Ml 
am us 

ZH 46 307 

H7 +b 10 
will 13$ 

n = m 

9 29 

EBObd £132 

180 133 

14 -1 SO 


207b 

116b 

93 

11 

50 




4TM 


tSbid 


415 290 

48 22 

170 73 

177 104 712 

65 20 

163 105 

270 TOb 

194 138 

*215 147b 

an $07 

382 243 

*04 78 

17b 6 

438 310 

TO7 243 

TO 136 

136 75 

138 92 

IB 83 

nib 7b 

254 175 

48 31 

148 100 

TO 203 

361 120 

31 13b 

338 300 

71 49 




% 

i«£ 

H 

38b 
21 Vd 

2M, 

4 ? 


♦b 17b 

-8b to* 

1 1 

31 51b 




+A 30 

3 Sa 


NIT48 15 


14ff 85 
MS 41 
1IU52 52 




men 59 






T?** 



25.1 99 


+• • 




3B4 16 
4401 4.1 
1121 19 

1423 15 
5041 14 
4dOM 4! 






164 M4 

TO — a 138b 
B W 

S 5 
4 “ 1 

20 _ 317 








d Lm.0ic] « +1 m 




«M 7U 
218 


t - I 1 : j 


^ T WTTffl 



878b - inZb 781 
4»b Jj TO 41 

798 -3 381 23 




r.i] 


-b 46b 




+ 0T 1984 
WCB - Mdi I 

6* TO 5 


*1 817 


129 44 

— 792 IB 

*8 ’ 200 104 

■* a 

— TO 117 

_ 40b 250? 

-1 170 ' T6Z 

40 82 310 


kL- 


» 


! ■ 


IBM 

M* TO 
08b 819 


YU Du or UUNM 
M HB PtaH m 


. Ml Bit 
♦2 *731 477 

_ 161 108 

- » 18b 

— 23 16 

_ IB *3b 


19 219 
44 9lB 

40 ui 
12 21.1 
42 119 
46 124 
59 35J 
34 179 
30 2D9 
59 114 
46 TLB 
U 88 


43 

343 

191 

88 

TO 

930 


on 




30 - 

54 1&1 
80 183 
34 * 

as l 

17.4 Ah 
43 - 

21 127 
3 J 24 




+7 3X5 2221? 

606 413 

43 24 487 

17 11b 357 

Hb 137 » 

318 344 

— a 37 

188 87 


97 181 67 

T7H +1 371 165 

I860 1008 653 

147 +3 Ztl 133 

9b Mb Bb 

508a 46 « 523 

158 T70 133 

11b 18 0 


TtV 


' 71 


b-Hb 


686 +14 731 4SS 





m 9|b 

443 400 

+4 668 434 


YU 
ftV 
125 
105 
41 
20 

9.1 - Ml 

54 11 9 API 


-A 


Hdh TO 

m 122 


£1 


Mb 11 


998 434 OBJ 48 99 TOnPlMD* 

n 78 58 246 19 17.1 TO0WS- 

H BM 1090 L4U 19 150 A*MDCSmi 

458 1043 TOD 19 119 Bbbbdm 


418 BM 1090 LO8 

283 MSB 10B TOD 


90 L4f* 19 150 Apn&EB 

43 TOD 19 119 bbbbdm 

75 MU 46 119 BTOTO feTO- 

B8 UB 39 121 BoTOfer 


TOO 180 
316 234b 
30* 145 


213 m 209 121 6D H2 7bpc0rff. 


182 -b 777b 


* • 


Y_0 220 


■1 

WB "™ op 

•b nib 


“S 

m 


TO Cfe^n 
5b HO 
42 ZLS 
302 MU 
35 2U 

TO TO 


TO 


TOS 182 
2B 2*2 
*«5 435 




1b 18D 
6B BL1 
42 




114 78 

137 108 

*8tb 432 

m 75 


16b 446 
4b 290 
9b 19.1 
15 1L2 



•■ 1 




218 +1 

322| 
R2U 
3b 


“i 

40 26 UD 

Mb 4H 4809 

Mb 185 BUT 

*eb 11 us 

177 ttf 2tU « 

48 38 BJ - 

TO 11b 212 - - 

MB 100 TU 29 - 

m *5 219 58 189 

381 234 857 

-200 135b *44 

*006 231 B4 

08 <8 522 

7b 2b tU 

7b lb 241 

KM 80 48* 41 109 


•2»-wi 

% 

48b 

fi 
■a 
■a 


17 Vt 
0b 1b 591 
44 10b a<7 

nr 4b to 
498 370 1488 

728b 362 174 

28b 21 809 

2 12 TO 

lb 4b SLE 
2b 1b 525 
607b 422b - 

.77 5< 845 

47 31 484 




TO 120 
311 223 

38 1b 
*233 148 

230 168 


YU 


&*» 

BE 

55 

112 

52 


14 

114 

54 

389 

39 

169 

42 

152 

T9 

482 

39 

159 

59 

— 

51 

149 

51 

174 

40 

— 

189 

39 

29 

17J 

51 

109 

39 

114 

22 

156 

29 

KB 

G9 

09 

49 

119 

19 

149 

57 

174 

29 

145 

69 

152 

19 

358 

49 

174 

53 

122 

59 

— 

58 

124 


231b » 178 

TB -1 232 162 

123 n48 89b 

$b«3 1 ^ w 
9 ae &b 

8SU 101b 25 

237 +3 a 200b 

m +b£tt||£tvg 

36* ^ m 278 




-6 270 

71 

n7b 


t+t*- 


Um 


Trt 


n4iH 


-3 183 163 


h** 



42 2H7 18Bi 2 

«b 4V 

+16 C*3 417 

-1 naob 117 

M3 87b 

-b S2 32 

42 25 

88 72 

38 290 

155 138 

_ 28 14 

128 94 

B 48 

— m 73 
-b nob 11 

*33 2Sb 


1 




1 '■' •' 


tz 



4* 


fc±nn 



fp 




+or 1904 
Mm - H* TO 

32 00 25 

too — an 189 

338 +6 411 307 

223U 237 191 

7? — 102 54b 

BM -7 357 129 

ZXOb -b 248 178 

WA ND 133 188 132 

129 B0 110 

43d TO 38 

au 48 29 

bm +2 an 190 

484d -1 601 458b 

ib -b nab ib 

and +1 *an in 

86b +b mb si 

MB » 1« 

230 384 220 

15B +3 2*6 152 


217 *6 


147 63 

nsb nab 


264d 46 083 

177b -1b » 

nb» no 

0 nib 

154 -1 284 


4.1 * 

11 77J 
AJ 222 
82 - 
59 186 

53 109 
59 17-4 
51 419 

51 49 

50 - 

1-4 159 
4L0 154 

26 169 
39 312 

54 4» 
39 18L3 
19 274 
54 254 

52 158 

44 * 

09 4 

52 247 
04 484 

49 18$ 

57 - 


*2BZb 12S 

485 333 


44 189 

49 * 

44 $ 

51 - 

55 108 

23 150 

51 SL3 
54 4> 

50 155 
19 74 
3L2 156 
57 1Z1 
4.7 114 

24 * 

74 153 
04 * 


3dxn 





U. 


-4 


■ J - 4 i VU^ i nl L 




= 5S S 

17 10 

— a 158 

+1 m 54 

IS 53 

112 59 

08 71 

+1 88 30 

TO 42 

US 141 

HO 82 

HO 137b 


piiri 


a 




3? ia 

04 18 

130 118 

126 K 357 

230 14B 774 

+14 SB 913 SHM 

46 16 37J 

183 132 759 

-A S14V &£ 3154 


373 

88 

60 -1 


44 54 
14 209 

53 

72 104 
44 79 

«£ ♦ 

54 132 
49 99 

51 57 
59 142 
44 1Z1 
57 149 

52 157 
14 SU 

5? 88 

7J 57 
2-4 1&S 
39 154 
51 139 
12 112 




E3 


I 


LU. 


JX 


frrrrP. 


rx: 


u-~ 


1905 ZDMantf 

JMUdbandoa 


TZL 


TO 

H7b 68b 
S 40 BA 
TO* M0| 1£* 


412 314 

in 4B4b 
38b 9b 
122 75 

mb to 

873 306 

420b 274b 


59 158 
54 234 
22 254 

5! 14.4 
14 24.1 
29 219 
29 17.1 


wvfetoJlC] 


iu » 

M -b » 
TO TO 

BM *5 » 

Iff +1 118 

28 St 




2 571 


■» 1 * n i r 


«b 

f 18b A 


Ml 

K 42 

^ a 

210 -3 


® -tt TO £329 


7b 3% 821 

> 12 51 

TO TO 874 49 TI4 

TO 3b 598 

98b 57b 

13 2b 298 

I i ns 

188 140 789 - 9 | 

TU 83 484 

JTO 21 M7J - 1L7 

B8 46 189 153 - J 

TO . 129 489 89 - MLdoU 

TO 325 3781 59 - 5«0CCrttPI 

MS £329 7JB1 2J - TOtoSIJtam. 

m 43 US 29 22 Aaged 


4M +1 778 

IH 42 27V 

383 H3S 

TO -1 TO 

TO -1 252 

128 +1b 184 

84 — 100 

3BBbd +4b 488b 

500 -1 TO 

m 377 

94M +7 m 


277 : 

in 319 

117 OHS 
89 V1J 
588b H98B 


10 229 
59 109 
33 209 
19 22.T 

52 VU 

53 179 
5u4 652 
55 152 
49 151 
45 109 
1 J * 

2D. - 
49 89 
49 - Ask Dr 

44 TIB BAA 

43 147 BBdBKft 
51 159 Bsoub 


jfeU, J00feBM 

pramfoaV 


l t / r 


, > t*. 




07 


27 -1 39 

7i m 

« z: S 
16 -1 62 
127 ^ 209 

HC *2 TO 

462 +12 548 

718 +12 1200 
215 +1 82 


238 079 
214 0255 
102 857 

250 147.1 

73 
12 
160 
18 
137 

60b 
16b 


29 153 MfetittTOh-IKJ 
51 134 C*8bpcO 

34 1&1 cutoten 

55 104 DaoUtaa 

- 254 
49 129 

- 21.7 
43 103 


128 

IS 

36 

84 

ITORt 


344 

ia S 

27 

75 

140 




426 UOi 
688 MU 
189 8949 


43 213 
56 303 
54 174 


185 

5b 

50 

405 

“JS 

113 

IS 


w — «4i a a? 


71 39 


YU 

an 

59 
53 
29 
29 
29 
40 
55 
3438 49 
6389 99 

*g “ 

219 29 

2U 22 
1251 19 

1,213 - 

441 

129 - 

«4 5! 
4657 49 

0U 5T 
544 51 

M0 56 
W2 14 
41J 40 
259 5! 


























































































K A FINANCIAL TIME 
( for change 



wsgst i 


FINANCIAL TIMES 

. 41 „ 

Weekend December 17/December 18 1994 


PRUEH A UF 


T R 


A 1 L E R S 


Carrying the 
nation's goods 


For information call 0362^6953^ 


Sabotage increases US 
fears on airline safety 


in New York 


Mounting worries about air 
safety in the US were heightened 
further yesterday when it 
emerged that Boeing 747 jumbo 
jets operated by Tower Air, an 
International carries: flying daily 
to Europe and Israel, had been 
sabotaged five times last month. 

Tower Air said that saboteurs 
had cut wires in its aircraft while 
they were on the ground at New 
York's John F Kenned y airport 

In all cases, the cuts were 
detected during pre-flight checks. 

Separately American Eagle, the 
commuter airline division of 
American Airlines, grounded all 
flights out of Chicago and many 
from New York after some pilots 
claimed they had insufficient 
training to fly in icy conditions. 

And Kiwi International, an 
independent carrier based in 
Newark, New Jersey, agreed to 
ground all 11 of its aircraft after 
the Federal Aviation Administra- 
tion found fault with its record- 
keeping system for pilot training. 

llie developments come amid 


UK deal on 
RAF order 

Continued from Page 1 

yesterday: “This is extremely 
welcome news for British Aero- 
space, the UK aerospace Industry 
and for jobs in this vital high- 
technology industry.” 

He said a share of the FLA 
programme equal to that of 
Britain’s partners would reaf- 
firm the co untry’ s key role in the 
European aerospace industry, 
and would be worth well over 
£5bn to the UK. 

Mr Rifkind also pointed out 
that British industry would ben- 
efit from the Hercules purchase 
under an offset deal that com- 
mits Lockheed to placing con- 
tracts worth £lbn with British 
companies. 

He dismissed reports of a split 
between himself and Hr 
Heseltine. 

Mr David Clark, Labour's 
defence spokesman, condemned 
the deal as “a half baked com- 
promise which clearly shows the 
extent of the government’s divi- 
sion and indecision.” 

Saatchi out 

Continued from Page 1 

been making a last-ditch attempt 
to persuade the board of the pos- 
sible damage to the company 
from his departure. On Thursday 
he contacted his friends, John 
and Forrest Mars, owners of con- 
fectionery and foods group. Mars, 
who said they would review 
whether to keep their advertising 
business at the company if he 
went Mars is one of the group's 
biggest clients 

He also presented the board 
with letters backing him from 
several senior executives. 

Four of the group's six non- 
executives were present. 


growing concern about air safety 
prompted by four fatal crashes 
involving US domestic flights In 
the past six months. 

Most US airline stocks, already 
depressed, edged further down- 
wards yesterday amid fears that 
safety concerns could lead to a 
decline in passengers. 

On Wednesday, hours after an 
American Eagle commuter flight 
crashed in North Carolina with 
the loss of 15 lives, the US 
Department of Transport 
attempted to counter air travel- 
lers’ worries by ordering an 
immediate satiety audit of afl the 
nation’s airlines. 

Yesterday Tower Air said it 
had heightened its security and 
pre-flight checking procedures in 
the wake of the attacks on its 
aircraft in November and there 
had been no instances of 
sabotage in the past five weeks. 

Possible suspects could include 
disgruntled former employees, or 
terrorists motivated by Tower’s 
frequent flights to IsraeL The 
Federal Bureau of Investigation 
has been called in to examine the 


situation. Yesterday’s disruption 
at American Eagle followed last 
week’s grounding of all the air- 
line's Chicago-based ATR turbo- 
prop aircraft by the FAA because 
of suspicions that icetktp wings 
caused the crash of an American 
Eagle ATR aircraft in October. 

American Eagle transferred its 
ATRs to the warmer climate of 
the southern US and moved a 
fleet of Saab 340 turboprops to 
the north. 

However, it was forced to 
ground these aircraft after some 
of the Saab pilots complained 
that they had not had sufficient 
cold-weather training. 

Meanwhile Kiwi International, 
which operates a fleet of 11 Boe- 
ing 727 aircraft flown by former 
employees of the now-defunct 
Eastern and PanAm airlines, 
appeared to have fallen victim to 
the FAA’s rigorous new safety 
audit. 

It said the grounding of its air- 
craft bad nothing to do with its 
aircraft or pilot training. The 
decision was related only to 
record-keeping. 


Sony and Philips 
prepare for battle 
over new video-CDs 


By Mictliyo Nafcamoto in Tokyo 
and Alice Rawsthom in London 

Sony and Philips, two of the 
world's largest consumer elec- 
tronics groups, yesterday fired 
the opening salvo in the battle to 
specify the format for the next 
generation of compact discs, 
which will play films as well as 
music. 

The electronics industry has 
for years been developing a more 
sophisticated version of the 
audio-CD, which would replace 
the video cassette and provide 
some of the data storage capacity 
of interactive CD-ROM discs. The 
new discs will be played on spe- 
cial machines, which will also 
play audio-CDs. 

Sony and Philips, which liaised 
successfully to launch the origi- 
nal audio-CD in loss , are anxious 
that their proposed format 
should become the industry stan- 
dard, thereby enabling them to 
earn royalties from licensing the 
technology to other companies. 

They face strong opposition 
from Toshiba, the Japanese elec- 
tronics company which has 
riarignari its own disc format in 
conjunction with the Time 
Warner entertainment group. 

The rivalry raises the threat of 
a repetition of the “video war” in 
the 1980s when Sony lost a battle 
to impose Betamax as the stan- 
dard format for video cassettes 
against the VHS format devised 
by the Matsushita group. 

An early version of the discs 
with video capacity, or "video- 
CDs", Is already available in 
Japan. They have had limited 
success as they only run for 72 
minutes (the same as audio-CDs) 


and are therefore unsuitable for 
feature films, which have a mini- 
mum length of 90 minutes. 

Some companies, including 
Philips, have addressed this prob- 
lem by developing multi-disc 
players, which can play films or 
operas by running from one disc 
to another. However, multi-disc 
is seen as an interim solution, 
before the industry moves on to 
more advanced Cite. 

The format proposed by Sony 
and Philips is for a 12cm-wide 
disc (the same size as an 
audio-CD) with the capacity to 
store five times more data. It will 
play 135 minutes of video, 
enough for most feature films. 

Sony claims that its new for- 
mat off ere "superior” visual qual- 
ity to video cassettes and sound 
“at least as good as audio-CD”. It 
says that production costs will be 
“reasonable’', as it can use its 
lariating capacity to manufa cture 

the new hardware and discs. 

However, next month Toshiba 
plans to launch the prototype of 
a disc that can store data on both 
sides and up to 270 minutes of 
video. It claims that its disc 
offers superior visual images to 
the Sony format 

Winning the entertainment 
industry’s support win be critical 
to the success of the rival for- 
mats. Toshiba has Time Warner 
on its side, while both Sony and 
Philips have significant film and 
music interests. 

The two camps are also court- 
ing US computer companies such 
as Apple, IBM and Microsoft. 
However the decisive vote may 
well be cast by Matsushita, 
which Sony claims is “quietly 
supportive" of Its format. 


Warburg 
hits out at 
Morgan 
Stanley 
‘alibi’ 


By John Gapper, 

Banking Editor 

Recriminations broke oat yester- 
day after the collapse of merger 
talks between the Investment 
banks Morgan Stanley and S.G. 
Warburg. The dispute emerged as 
Warburg insisted that it did not 
intend to merge with another 
bank. 

Sr David Scholey, Warburg’s 
chairman, accused a Morgan 
Stanley executive of composing 
“a subjective and selective alibi” 
by claiming that the US firm's 
motive for a merger was to gain 
control of Warburg's fund man- 
agement arm, Mercury Asset 
Management 

Speaking publicly for the first 
time about the merger attempt. 
Sir David said he believed the 
Morgan Stanley director's motive 
was to minimise publicly the set- 
back to the US firm, and to reas- 
sure its 2J3QO staff in Europe. 

“I cannot say that I feel miffed 
because they have a hell of a 
containment job to do,” said Str 
David, commenting on remarks 
made to the Financial Times by 
Mr Stephen Waters, co-managing 
director of Morgan Stanley 
Europe. 

Sir David said it was “not our 
natural way to charge into the 
attack and say all the self-justify- 
ing things we might do” after 
such an incident, but he believed 
Morgan Stanley wanted a true 
investment banking merger. 

He said that when he read Mr 
Waters' remarks, “I thought to 
myself, what a pity, but he pre- 
sumably has his own imperatives 
for saying it”. 

Warburg would not now seek 
another merger because Morgan 
Stanley bad been the best fit It 
would resume its strategy of 
building an independent bank. 

Sir David said it had gained 
from merger discussions and 
would adopt a plan “fundamen- 
tally based on the pre-discussion 
strategy, but with adaptations 
and variations”. That would be 
c ommuni cated to staff. 

He denied that Warbuig had 
been weakened by the incident 

The merger discussions broke 
down on Thursday over demands 
by Mercury Asset Management, 
which is 75 per cent owned by 
Warburg, that it would maintain 
operational independence in the 
merged bank. That was rejected 
by Morgan Stanley. 

MAM’S board, advised by the 
merchant bank hazard Brothers, 
also wanted a significant pre- 
mium to be offered to minority 
shareholders to buy out their 
stake. That might have involved 
an offer of about £4Q0m for the 
minority stake. 

Sir David said relations with 
MAM would be unaffected by the 
incident, and Warburg wanted it 
to maintain independence. 

Warburg shares closed 14p up 
at 7L3p, although they reached a 
peak of 735p earlier cm specula- 
tion about a possible takeover bid 
for the investment bank. 


FT WEATHER GUIDE 


Europe today 

Irdand and the north-western UK 
will have rain, while eastern Britain 
will be dry but overcast The 
Netherlands, Belgium and northern 
France wUI be doudy but mainly 
dry. There wifi be cloud and sunny 
spells elsewhere in France and the 
Benelux, and in southern and 
north-west Spain. Central Spain, 
will have some fog, especially In 
the morning, while early fog win be 
followed by sunny spells in Central 
Europe. Italy and the northern 
Balkans will be mainly overcast 
though- the southern Balkans wflJ be 
sunny. South-east Turkey wilt have 
rain. 

Five-day forecast 

North-west Europe will remain 
unsettled, with wintry showers later 
in the week. A depression over the 
eastern Me di terr an ean will bring 
cloud and rain to the region. 

Eastern Europe will have calm 
conditions later in the week. 


^*^980 
^ 990 

k iooo 




1010 




1020 



1030 


M .. 

” ■ b ■ ♦♦ t 

*■■ ■»' ' 


HIGH 


% 3 






* v <.:•>. t {• * I J 

- -•* * w ^ 


. : X-- Wi 1 

# „ ...... V ' »■ ■■ * yf I ^r}< 

. -■ •. .-. ...... . ■* .'Tr 

H ^ fft Cold front A A Wind apm od In KPN :**/ 

Tafrntemtims maxkrum for day. Forecas ts by MetiaaConsuft of thaNMo ria nds 


Vv 1010 | 

■J CrP. 1 ^ 

L_ j Y-H 


TODAY’S 


Abu Dhabi 

Accra 

Algiers 

Ams te rd a m 

Athens 

Atlanta 

B. Aires 

BJorn 

Bangkok 

Barcelona 


j’ 3 


MaxJrmin 
Gefatus 
sun 27 
sin 32 
sun 18 
drzzl 5 
sun 12 
cloudy 15 
shower 28 


, " ■» ■■ ’ "■ • ■■■ -- “* • . . - • * ■ * ■■ #*"- • , X.,« i. rr 

/ ■ ■ • • Warm from ijl Cold front A A Wind spaed In KPN 

* m tmt « — -A-.- - 1* i—.*..™... 

Situation at 12 GMT. Temperatures ma ximum far day. fore casts by Mateo Consult of the Nertfwrfarafe 


Bei|ng 

Belfast 


Batin 

Benrmda 

Bogota 

Bombay 


tzzt 10 
tar 33 
sun H 


Budapest 

CJiagen 

Cairo 

Gape Town 


sun 

raki 

lair 

fair 

shower 

tar 

gun 

doudy 

fair 

fair 

shower 

fair 


11 Cardiff 
4 caaatto i 
4 Chicago 
21 Cologne 
20 Dakar 


32 Dales 
4 DeN 
4 Dubai 
4 Dublin 
18 Dubromflt 
28 Edlnbwgh 


lOtf 

tar 

doudy 

tar 

fair 

fair 

tar 

BW1 

rein 

tar 

rain 


No other airline flies to more cities in 
Eastern Europe. 



Lufthansa 


29 Fan lair 

11 Frankfurt fog 

IB Geneva hazy 

4 Gibraltar sun 

2 Glasgow rain 

30 Hamburg doudy 

IS HefeWd tdr 

23 Hang Kang fair 

27 HanohJu fair 

12 Istanbul fair 

13 Jakarta rain 

12 Jersey cloudy 

Karachi sun 

Kuwait doudy 

L Angeles sun 

Los Palmas fair 

Lima sun 

Lisbon sun 

London doudy 

Lux.bourg tar 

Lyon hazy 

Madeira shower 


17 Madrid hazy 

0 Majorca sun 

5 Mdta fair 

17 Manchester rain 

12 ManBa doudy 

4 Melbourne fair 

•9 Mexico City tar 

21 Miami Ur 

28 Milan Sun 

6 Montreal doudy 

30 Moscow snow 

12 Munich fdr 

28 Nairobi cloudy 

16 Naples tar 

22 Nassau fair 

22 New York rain 

25 Mce sun 

14 Nicosia sun 

11 Oslo tar 

D Pons doudy 

5 Perth sun 

21 Prague tar 


9 Rangoon 
17 Reykjavik 
16 Rio 
11 Rome 
30 S. Fraco 
25 Seoul 

22 Singapore 
28 Stockholm 

9 Strasboug 
'1 Sydney 
-14 Tangier 
2 Td Aviv 

23 Tokyo 

14 Toronto 
27 Vancouver 

6 Venice 

15 Vienna 
13 Warsaw 

-2 Washington 
8 Wellington 
36 Win ni peg 
2 Zurich 


thund 

doudy 

cloudy 

fair 

shower 

doudy 

doudy 

thund 

tar 

rain 

tar 

mow 

rah 

eun 

far 


fair 

hazy 


THE LEX COLUMN 


Democratic societies 


The government has bought the line 
that building societies will become 
more accountable if voting rights are 
given to ordinary depositors. This 
faith in bunding society democracy is 
touching but naive. Millions of society 
members already possess the vote bat 
can rarely be bothered to use rt Inflat- 
ing their ranks will merely increase 
the number of wasted votes. 

Instead of gTtending voting rights, 
the g o v e rnment should define clearly 
members’ economic rights. At present, 
these rights are fuzzy. Members collec- 
tively own the societies' assets. But 
the legal framework does not specify 
how these assets should be distributed 
among indfvidoal members. 

This vagueness most obviously has 
drawbacks if a society is taken over or 
acquired. Should its value be divided 
among members on a flat-rate basis, in 
proportion to their savings or accord- 
ing to number of years they have 
saved with the society? There is no 
dear answer. Not surprisingly, there 
is grumbling over who receives the 
spoils, as shown in Lloyds Bank’s bid 
for Cheltenham & Gloucester. The 
planned Halifax-Leeds merger may 
provoke similar disgruntlement 

Clear economic rights could also 
improve accountability, if members 
had identifiable financial interests, 
there would be greater point in using 
their votes. There are several ways of 
doing this. One would be to pay mem- 
bers' dividends reflecting their soci- 
ety’s performance, as if they owned 
equity in an ordinary company. An 
alternative would be to pay higher 
interest rates - with the portion 
attributable to financial performance 
dearly earmarked. 

Spelling out economic rights in this 
way would also clear up the wide- 
spread confusion over who is a mem- 
ber and who is not 

Such a reform would not merely 
give substance to the idea of building 
society democracy. There would be 
broader economic benefits given the 
billions of pounds of capital tied up in 
the movement. Societies’ positive 
image in the high street may give the 
impression that they are performing 
well. In fact, their man age n ients are 
often sleepy. Many only perform toler- 
ably well because they are sitting on 
vast inherited capital bases on which 
no dividends are paid. 

Eurotunnel 

After a long phoney war, the real 
battle for the hearts of 15m cross- 
Channel ferry passengers has begun. 


FT-SE Index: 3013,6 (+40.2) 


Eurotunnel Units 

Share price relative to the 
FT-SE-A Afl-Sftare index 

no i ■ 


90- 


80 - 



Eurotunnel shares rose 6 pm* cent on 
news of an impending revenue stream 
from Le Shuttle, even though the lat- 
est delay means yet another official 
revenue forecast will not be met. 

Le Shuttle's pricing is much lower 
than the low-season prices Eurotunnel 
announced last January. But the dif- 
ference cannot be interpreted as the 
start of a price war. Earlier rates did 
not stretch beyond 1994. Nevertheless, 
the move does dash earlier indications 
that Eurotunnel could charge a 
premium for its “premium” ser- 
vice. 

Eurotunnel’s true intentions on 
competition will only emerge when it 
unveils pricing plans for the summer, 
which accounts for two-thirds of ferry 
company profits. The tunnel's fixed 
costs - not least interest charges - are 
enormous, whereas variable costs are 
low. That means it is imperative to 
maximise passenger volumes. Beyond 
a certain point, additional passengers 
represent almost pure profit whatever 
the ticket price. 

OF course, nobody wants a price 
war. Short-haul profits at P&O, the 
largest competitor, are forecast to drop 
to less than half the £65m estimated 
for this year. P&O could float its 
capacity elsewhere, as Eurotunnel 
must hope. But it is not going to give 
up its revenues willingly. 

Recent performance on freight sug- 
gests a potentially friendly outcome. 
P&O's freight traffic increased by 30 
per cent in the 10 months to October. 
Eurotunnel started competitive freight 
operations in May, but has hit its 
stated target of 1,000 lorries a day 
without price cuts. 

However, Eurotunnel has little mar- 
gin for error, as Le Shuttle revenues 


must finance Eton oF debt. By IS**, Lfi 
Shuttle should be carrying half the car 
and coach passengers currently cross- 
ing the Channel by Ferry. Any short- 
fall will probably provoke price cuts 
and the spectre of yet another finan- 
cial restructuring. The tunnel no* has 
to progress From forecasts to bard 
n umber s. Until it does, caution should 

prevail 

Share consolidations 

Share capital consolidations have 
gj po qi n p anted both the special divw fepfl 
payouts made by regional electricity 
companies - first East Midlands and 
now Yorkshire. The effect of the mea- 
sure is to reduce the number of shares 
In issue, thus mimicking the effect of 
the share buy-backs which have been 
another popular way for the compa- 
nies to slough off surplus cash. 

The reason given for the mea- 
sure is a tittle odd: it is designed to 
ensure that the share price moves 
back to where ft would have been had 
there been no special dividend In the 
first place. But a fell in the share price 
after the payout is announced is noth- 
ing to worry out, unless it is for more 
than the value of the dividend: it is a 
simple arithmetical adjustment to 
take account of the outflow of 
resources from the group. 

That companies go to the trouble of 
making the change implies limited 
faith in shareholders' intelligence. 
Total return should be the main 
investment yardstick, and that is the 
combination of the dividend and the 
share price. It also shows scepticism 
about investors' ability to make com- 
parisons between the perfor man c e of 
companies in the same sector. True, 
all the regional electricity companies 
had the same share price when they 
were privatised. But they bad different 
yields. So a simple comparison of 
share prices is spedous. 

By contrast, share capital consolida- 
tions may prove useful when compa- 
nies seek to raise capital from shore- 
holders, rather than as a cosmetic 
adjunct to giving it back. There is a 
dearth of deep-discounted rights 
issues, even though these eliminate 
the need for costly underwriting. This 
may be because companies fear share- 
holders’ reactions to the reduced share 
price and dividend which can fallow 
such issues. The fells in price and divi- 
dends are technical in nature. But : 
they could be avoided altogether il 
companies consolidated their cap- j 
ital as part of the rights issue pro- 
cess. 




Rothschild 

ASSET MANAGRMLNT 


Benefit from Rothschilds* Global Investment Skills 



A full range of services 
for private investors 


Rothschild Asset Management is a major investment management 
organisation with an international network of associated companies. The Rothschild 
Group manages in excess oF £16 billion around the world. 

Our international strength enables us to offer a full range of services to private 
investors which meets a wide range of different investment requirements: 

m 

A Full Private Client Service 
for portfolios in excess of £500,000 

m 

A Portfolio Management Service 

structured for amounts of £50.000 or more 

A Full Range of Investment Funds 
with minimum investments of £500 or less: 

Money Funds 

offering investment in sterling and 17 other currencies 

International Bond Funds 

providing exposure to sterling, US dollar and international bonds 

Equity Funds 

providing investment in the world's main stodemarkeis, 
including a Personal Equity Wan 

If you think that Rothschild Asset Management might be an 
appropriate manager for your investments, please cal] us on Freephone 0800 124 314 
(444 71 634 2599 from outside tile UK), fax us on 071 283 9878 or write to us at 
Rothschild Asset Management Limited, Five Arrows House, 

SL Swi thin’s Lane, London EC4N SNR 


buvdbry Roihadttid 


limilrd, a OKvnbCf of IMRO. 


London - Paris * Zurich ■ New York • Hong Kong • Tokyo • Sydney 


84121 7*FT 



r- -m~ 

II * ka • 


ItSKi 

' *: ■ ' 

►J-’-' •*" 

r 


. «. iy • ; .«• 

k—» V' 





K ■ ■rin' 

rx<$ 


EWaAl-'.iiir 

V™ * >/ _rV- . 

-ilVi 

Wr M* ’ _ 


: -j " ’ 



: • -i. A 


■ ■ ■> •i'r 

x * 

■ ■ .' 

' ■ 




- 

-‘riS 

*4 


-VA5? 
'• ••• 

A- AV& 

'm 

■■■■ 


... _u 


• • l.v 

k. «■ 1 m. 

'•FT 


• -"*rm 




V -fi 


- -!/■ 
■ t ■:*-**:* a 


! ( 
i I 









* - - -A 
r ■ sii 

‘As. 


j A**? 
'"■- T 

■ . -4- 

-•••*? 

• AV 4 

'•* ;i> « 


- — - -IT 4l 


*■ »■ > 

■■ 

.-5. 

■ j. 


. M. _ W l 

' J 

■ ’ ■ 

v • ‘J -A - Win 






-■ — . - * 


■T J ‘vf- 

- "V 

' j 

%1 

* 

1 


iy f 













r-.-rv 


-3. TJ 

• ■ I 

-if 


SST-' 

*lUr It : . s|i :; 

sr.^j'^ss* 

., 1 ' ■ I 


i'** Fftll liif 
w*w»i'rtaai 
«**». in* 5 *i 
•ftw 

jp'tjrt't. 

tUk j 1 , 4 >frVI 
ftlS tfv? j{t. 

hw{ +* iiv 

wr taiw* fJiJ 

Mt"tftanv 

ifattge * 
**iw' 

Ntt*nmf *hi 
rV? Wfcmi it 

tlifr itflUM 

w nTOMn , 

f*i 'rf l«ffy 
‘ftel 0 flSiCd 

larjjwt' nt* 
!*• ^ 1 * 1 ^ Mlfr 

prratjw- ns 


(;) rk . f , . ' *""■ 'C* i -thi 

J*. ■ 

>n*r ■. . : ... "Uv.^ 

?>•». ►. !.-. »v... ; ■ ^ ; 3 ^ 
; ? ™ : . , . 

■tjH-J •»;,. ., 

in*- : » - n :■ .-u; ‘ >'^,5 

• lujj j*v ij - * . j r 

Mnu/ii , r ... _. 
tAkl- iil'i'-Il,;.. 

frs^r,^ !s| . s ir_: ^ 

maim* »;- r 

DillJi -v .... ..“■“■'SaS 
i>u; ' 

UrtwSrv:-. 


Fashion: What the 
under-sixes are 


Page VI 


Perspectives: The view 
from the Woking 
buffet car 11 


It efcgifuf 
••’.a a 

r*« ?v 

2*?*. lO^rOt- 

i rti.At it* 
•■y,TV4v tuar.l- 
iac in qjtf 


■ . J'l; i t 

*fcMv {<r„\ ;• r^a?- 

flKuii .>.... 

»wn« r.- • 

rirmjv.'i-r-. -• •-... 

JIJ ihr 

IWi* »h;' • ■- -,. 

;■'..:/*■.•■ 

v u*; ii» > 

«.)i r^-_* . a. . ■■O*- 




r lAtn-Su*^; 

wwf h) SJ 

(t-‘ '.Mjjh'r 

frr ItTipil 

w* rtf 

:*• 4 4*1 


ttrtfe hm/' 

r.rewMh 


^sor:vr.- !- 
JiZi ihr -i* g * 

l»ei I \-.m . - 

"«*■! ii.t : i 

eniru J4S1,..; 

v i»\ ;i» > 

; r. . .- 
H". .;■■“■■ 

lii-i-:. 

uirs ys*-*. ; 

•- : 

JTljGrr? ■ 

llVA J*>\* ■ 
tni>T t-~ . 

ttibj*--;' 
■prl^T :.; 
Wil :v.. • 

Ihvi 1 .-•• • 
mjAlu 


Perspectives: Learning 
to drive on the information 
superhighway HI 

How To Spe n d It The 

right presents for the most 
awkward relatives V 


■>■44 hh. 

. .■ ' ‘r ‘ 

■ .it' 

lj j ^ 

■ ■■-*. *- . 

■ .^1 £* ■_ 

I " *PI ■ ■ 

■ % h ■ ■ 

% I mm m 

— »-■* . 

• >L, r. -■**-. 

■ ->u.<. 

• .*»■' . , 

’ -I LZ 

•.* %}•. 

■» ■»•••, 

.* f j .. 

- *«_ 

■ 

SZ' 2 


The bubbles that bind 

Charles and Di, Angie and Dirty Den. Soap operas are today’s social glue, writes Jackie Wullschlager 





I n Jonathan Dimbleby’a 
new biography. Prince 
Charles is quoted as say- 
ing that the collapse of 
his marriage “had all the 
ingredients of a Greek trag- 
edy”. In Sacty the story resem- 
bles nothing so much as a soap 
opera. 

The features that make soap 
- opera .popular - a family that 
becomes public property; the 
focus on personalities; the 
obsession with sexual moral- 
ity; the mix of glamour, inti- 
macy - are precisely those that 
keep the royal family in the 
headlines. . 

Until the 13th century, the 
great forces for social cohesion 
jn. Britain, were the monarchy 
and the church. Today they are 
the monarchy and soap open. 
V&en Angie, walked out on 
Dirty Den in the BBC televi- 
sion soap EostiSnders, 31m peo- 
ple watched - more than half 
the cotmtry. Regular audiences 
Off 17m tune into Coronation 
Street, 14m to EastEnders and 
4m to Radio 4’s The Ardors. 
Host people in Britain can 
name a character from each of 
thesesbaps. 

Two hundred years ago. by 
contrast, few people could have 



named any fictional character, 
hut almost all could have 
explained the story depicted on 
the stained-glass window of the 
village church. Now few of us 
have a clue about religious ico- 
nography. Instead, in a frag- 
mented culture, soap opera is 
the only entertainment that 
ensures, as the church for- 
merly did, that people across 
generations and social classes 
share a set of references, and 
discuss the same issues at the 

camp time. • 

When, for example, In The 
Archers last Christinas, Susan 
Carter, mother of two, was 
jailed for shielding her brother 
from the police, the episode 
caused a national outcry, pro- 
voking leading articles on 
crime and p unishment in three 
national newspapers, and pub- 
lic statements from Michael 
Howard, the Home Secretary - 
and an Archers fan - and from 
the Lord Chief Justice. 

Soap opera is no longer just 
easy entertainment. Pro- 
grammes such as The Archers, 
EastEnders and Brookside 
focus on our deepest social and 
moral concerns. Marriage and 
family values; abortion and 
Aids; rising crime and unem- 


ployment are their subjects. 
They also deal with timeless 
human feelings: love; betrayal, 
fear, loneliness. Soap deads, in 
short, with subjects which 
were once the prerogative of 
the Church. They also do what 
Shakespeare's Hamlet said 
drama should do: “Hold the 
mirror up to nature”, and 
reflect “the very age and body 
of the time.” Why are they so 
popular and so powerfully 
emotive, and what do they tell 
us about our culture and life? 

In each century an art form 
emerges which comes to domi- 
nate the nation and embody its 
values. That art is always 
changed by the technological 
possibilities of the time. For 
the Victorians it was the novel, 
which readied a ma ss ma rket 
because of the opportunity for 
cheap printing in the new 
industrial society. In the 17th 
century, it was Revenge Trag- 
edy, which grew out of the 
beginnings of public theatres, 
and in the Middle Ages, it was 
courtly love poetry, recited 
aloud and passed on by oral 
tradition in the days before 
printing. 

Today, it is soap opera, the 
populist drama of an age in 


which television and radio 
have supplanted the printed 
word as media of communica- 
tion. Television's special vir- 
tues are intimacy, continuity, 
and mesmeric realism. These 
three qualities are precisely 
those which make soap opera 
■ 

Viewers send 
characters 
wedding 
presents or 
apply for jobs 
at Brookfield 
Farm or the 
Queen Vic pub 

so successful Soap is therefore 
a natural genre for the small 
screen. On many weekday eve- 
nings, television means soap 
opera to most people - Corona- 
tion Street attracts 70 per cent 
of all viewers, EastEnders 65 
per cent 

Who is watching? The main 
soap operas have distinct class 
and regional profiles. The 


Archers is a middle class soap 
so when Caroline Bone tries to 
lure her putative lover into bed 
she invites him away Cor the 
night to hear the Christmas 
Oratorio in Birmingham. East- 
Enders is a working class soap, 
so Phil, and Kathy’s engage- 
ment party is a knees-up in the 
pub. Brookside is a Liverpool 
soap; on the cutting edge of 
urban social problems, it 
thrives on strong local accents 
and Merseyside humour. 

Although audiences reflect 
these features, soaps appeal 
across the classes and regions. 
The Archers audience includes 
a far higher percentage of 
working-class listeners than 
Radio 4's average audience. 
Brookside (6m viewers) has a 
loyal following in the north of 
England, but is also popular 
with young London profession- 
als - reflecting Channel 4's 
middle-class profile. East- 
Enders also has many middle- 
class fans. Neighbours (10m 
viewers), with its light-hearted 
romances and sonny back- 
cloth, appeals to children of all 
classes. 

Coronation Street viewers are 
mostly working class - ITV’s 
traditional audience. Years 


after they have left the series, 
characters from this longest 
running TV soap, such as the 
matriarch Ena Sharpies and 
sexpot Elsie Tanner - James 
Callaghan, a former prime min- 
ister, called her “the sexiest 
woman on TV” - remain in the 
popular imagination, like Mr 
Mlcawber or Scrooge. They 
suggest that soap opera is 
essentially a democratising 
form, delivering into the family 
living-room regular everyday 
drama which millions of people 
experience at the same time, 
and discuss next morning. 

The combination of a mass 
audience and a serial form of 
fiction is explosive. It is a rela- 
tively new phenomenon - 
Dickens discovered it in the 
19th century, and made a for- 
tune serialising his novels 
before publication. When the 
Old Curiosity Shop was run- 
ning in the 1850s, hundreds of 
readers wrote begging him not 
to kill off the heroine. Little 


NelL When she did die, top- 
hatted men wept in (he street 
on hearing the news. It was 
reported that “the nation was 
drowned in a wave of grid”, 
and Dickens received so many 
mourning letters that he felt 
he had committed a murder. 

Soap opera is a descendant of 
the Victorian serial novel It 
uses the same storytelling 
techniques - cliff-hangers, 
melodrama, sentimentality - 
to win a devoted following. 
Vanessa Whitburn, producer of 
The Archers says her primary 
aim is “to produce good drama 
which makes audiences cry, 
makes them happy, surprises 
them and sometimes shocks 
them.” 

The Archers storyline which 
reached a climax this autumn- 
with the birth of Simla's baby, 
after a desperate series of fer- 
tility treatments and the death 
of her husband in a car crash. 

Continued on Page xn 



Sfcflng: up the fast way, 
down the fat way XI 

Drink: A gold star 

for Australia's 

Rhdne Rangers VII 


.XV-XVI 

xvu 

xm-xiv 
— xvn 

VI 

VH 

IV-V 

_ xvn 

XU 

u-tn 


Arts Guido 
Books — 


Food & Drink 

Cantoning _____ 
How To Spend It 
J amas Morgan — 
Motoring — 


Properly 




.VIIMX 


The Pope 
in winter 


i: ISii't m '»■: ^ : • K 





Joe Rogaly 




T he national lottery is 
fantasy finan ce. It 
ranks with fantasy 
football another tele- 
vision game , and fantasy for- 
nication. enjoyed by viewers 
of Bumwatch and similar pro- 
grammes. It is a leisure indus- 
try created to exploit our sole 
remaining nnprivatisable 
asset, our national imagina- 
tion. It is a tax on the poor 
derided by the rich, a machine 
for the creation of a spurious 
sense of self-satisfaction for 
the pathetic boobies who toss 
their coins into its maw. 

There is untiring of worth in 
this crap game, no net gain for 
charitipa, no work of art saved 
or building erected that could 
not have been financed by less 
preposterous means, no true 
promise of glory for the mil- 
lennium, no benefit to anyone 
save perhaps the shareholders 
of Camelotta Suckers, pic. 

You will have gathered that 
I do not wholeheartedly 
admire the gamble so many 
mOiimw of our brothers and 
sisters have been seduced into 
taking , Right first time. You 
will not catch me buying a 
ticket. Anyone who goes for a 
Mm-to-l shot is simpte; that so 
many do is a - nuisance. I 
queued to pay for a Christmas 
present in W.H. Smith last 
week and found after 10 min- 
utes that it was the “lottery 
only” fina The same double- 
take. frustrated me when X 
tracked down one of Britain’s 


Down with the lottery! 

Britain's new game of fantasy finance will do far more harm than good 


*Wrye * '• 




SVSf 


*-;***■“*■ 


fc? r:; i 


T. “f-‘ 



dwindling collection of main 
post offices to have my sea- 
sonal gift weighed. 

Two l arge phafas of news- 
agents, WHS and John Men- 
zies, have been reported as 
expressing concern about the 
disrupting effect of long lot- 
tery queues in their stores. 
The rake-off Is only 5 percent 
which must be compared with 
what ought to be higher mar- 
gins on sales of tangible goods 
such as magazines, stationery, 
and confectionery. Maybe 
retailers will profit one day. 
We ffhjtii see. They must count 
against business lost the gain 
in customers drawn lnio their 
shops by the urge to waste 
money. There can be no calcu- 
lations until after Christmas. 
Charities will certainly lose. 

Donations will fall by £172m a 

year, according to a survey 
carried out for the National 
Council for Voluntary Organi- 
sations. The lottery masters 
predict a handover of siaBm 
from their proceeds. That 
leaves good causes £36m short 

Wait, the merchants of fools' 
gold will say. These are only 
estimates. Maybe the numbers 
will turn out more favourably. 
Only Camelotta Suckers can 
believe that Anyone else who 
does is not thfoMng Maybe? 
Maybe the rail privatisation 
will go smoothly. Maybe the 
board of British Gas has dem- 
onstrated a fine grasp of fair 
salary structures. Maybe Mr 
Tony Blair will become a 


socialist We know what will 
happen to charities. The evi- 
dence is there. A state lottery 
was introduced in Ireland in 
1987. Last year Irish charities 
were asked about its effect 
Some 87 per cent said they 
bad lost out 

The rest of the scheme is a 
swindle. Charities constitute 
one of five groups that will 
share the 28 per cent of punt- 
ers' payments set aside as con- 

Anyone who 
goes for a 
14m- to- 1 shot 
is simple; that 
so many do is 
a nuisance 

science money. The other four 
- the arts, sports, the national 
heritage and the “mUlannium” 
fund - have been promised 
that the treasury will not daw 
back their lottery income by 
reducing allocations from the 
national exchequer. Talk 
about suckers! This is a gov- 
ernment promise, like April 
1992*3 “no new taxes”. 

Let us be generous. Say the 
treasury allows the lottery pot 
a few years’ free run. What 
then? Stephen Dorr ell has 
asked for ideas from readers of 
The Sun. “Do you play football 
or hockey ...?” asks the heri- 


tage secretary. “How would 
you fancy new, fullye quipped 
changing rooms?” Perhaps 
wheelchair access to local his- 
toric buildings or refurbish- 
ment Of the local art galler y? 
Mr Dorrell has no shame. “It 
is not too far-fetched to 
believe,” he writes, “that new 
Indoor tennis courts paid for 
by the National Lottery could 
provide the next British 
Wimbledon champion.” In the 
immortal words of hucksters 
everywhere, he appends the 
warning, “some applications 
will be lucky, others will not”. 

Our Mr Dorrell is one of the 
better ministers in John 
Major's cabinet He Is not a 
natural bom con-man. It is a 
pity he has been given so 

rigm renting - a task. Perhaps he 

is carried away by the sup- 
posed glamour of the idea, as 
was the BBC when it allotted 
prime time to the draw, thus 
producing one of the most 
humiliating programmes it 
has ever transmitted. Happily, 
it I las come a cropper, ratings 
are down, and the time for sec- 
ond thoughts has arrived. 

Others apparently having 
second thoughts this week 
were the “XXX’s*. the report- 
edly Moslem family whose 
main breadwinner scooped 
jest about £18ul This led to a 
comedy of pretence, as the lob 
tery promoters sought to show 
that they would stick to their 
undertaking not to disclose 
the name of winners who pre- 


ferred anonymity. They went 
to the high court for an 
injunction. The tabloid papers 
do not like that They printed 
and lavishly Olnstrated every- 
thing they could dig up about 
the newly-rich individual save 
his name, then had the injunc- 
tion removed. 

It Is delightful when thieves 
fall out. On this occasion 
those who conspire to steal 
our common sense, Camelot 
and the tabloids, staged a con- 
vincing quarrel from which, 
no doubt, both profited in the 
form of greater dollops of the 
notoriety they so avidly seek. 
The question of the week 
became: should winners have 
the right of privacy? The 
answer no, not really, but 
Camelot must be seen to be 
rigorous in its efforts to main- 
tain any contractual obliga- 
tion it may have to protect 
winners from discovery. 

As to our “lucky” northern 
family, we cannot yet he cer- 
tain that it will bless the day 
its numbers came up. Games 
of chance, according to the 
Koran, are abominations 
devised by Satan. “They ask 
you about drinking and gam. 
bling,” says the holy book. 
“Say: There is great harm in 
both, although they have 
some benefit for men; but 
their harm is far greater than 
their benefit’.’* Drinkers may 
demur, but, as to the lottery, 
the Islamic view is sheer com- 
mon sense. 



TAN AGRA 

18 K gold, mechanical or 
electronic movement 


PiageT 


JOAILUER BN HORLOGF.RIE DEPUlS 1874 

GENEVE 


From leading jewellers 
throughout the United Kingdom or for your 
nearest stockist please call: 

Telephone: 071-416 4l60 





















II WEEKEND FT 


FINANCIAL TIMES 


WEEKEND DECEMBER ,7/DECEMBER 18,9^4 



PERSPECTIVES 



Letter from Woking 


A haven for the dear and the 



Richard Donkin on the discreet charms of the Surrey bourgeoisie, as viewed from a railway carriage 


E ver since a surrey by the 
Reward Group, a firm of 
pay analysts, named 
Woking as the most 
expensive town in the 
UK, I have found myself enduring 
the odd nudge and wink from col- 
leagues suggesting that I “must 
have a bob or two"’ to five there. 

They make the common mistake 
of equating expense with wealth, 
their theory being that if something 
is expensive you must be wealthy in 
order to buy it Expense and wealth, 
however, have rarely matte a lasting 

relationship as compatible bed- 
fellows. Wraith and thrift are a bet- 
ter match, perhaps, leaving expense 
to elope with stupidity. 

Here, in Waiting, are all the 
answers to those questions posed by 
economists and politicians about 
the lack of any feelgood factor as 
the UK emerges from recession. 
Here you can find genuine old-style 
Dickensian, misery, as house h o l ders, 
weighed down by mortgages, loans 
and school fees, make their MScaw- 
ber end in deficit, and 

pray that something will turn up. 

Woking has one of the biggest 
colonies outside the capital of that 
semi-troglodyte sub-species - the 
commuter. You see us in the twi- 
light hours at either end of the day 
flocking on to dirty trains to Water- 
loo station and the City where we 
grub out our high five-figure and 
sometimes six-figure salaries. 

Pallid features, furrowed fore- 
heads and greying temples are the 
hallmark of unfettered slavery, 
resigned adherence to the worship 
of work as the only source of keep- 
ing the head above water. What 
they so unconvincingly mask is not 
so much worries over negative 
equity - most of the souls with that 
particular torment have long since 
found their release in repossession 
- but totality of eq ui ty tied into 
property which cannot be released 
without a realignment in their 
domestic circumstances. They are 
not as wealthy as they think they 
are. Deep down they know it and it 
is the cause of real unhappiness. 

Some find relief on the journey 
home from work. 1 was told of one 
commuting pack, travelling 
together, who sit in the buffet car 
and religiously down a whisky at 
every station from Waterloo that 
starts with, the letter “W". After 
Wimbledon, Walton-on-Thames, 
Weybridge and West Byfleet their 



of the Lawson boom in the lata 
1980s. 

Now, however, the buck!* fa wry 
m nrfi tightening as families who 
h ftng Wt their houses at that thus 
struggle to shake off the mood- of 
austerity resulting fwm by falling 
house prices. When prices row, 
they went up rapidly. When prices 
came down they dumped; heari ng 
yyMm but on a slow sBde at a 
downward curve over the last four 
or five yearn, ' 

On the estate where l five - a 
recent devefojpnent- 8** booms 
are fetching about . ilOO.OOO- fass 
today Hum the price asked by the 
builder when they had just been - 


Knowing their station: *9ng off the train with the other commuters aft Woking station), it would be easy to condude tram the vacant, fatigued expressions tbst you had Joined Hie ranks of the Swing cMmf 


cares have disappeared. You have 
to admire the constitution of the 
one who passes Woking and gets off 
at nearby Worplesdon. 

fifing off the train with all the 
other commuters at Woking railway 
station any evening of the working 
week, it would be easy to conclude 
from the vacant, fatigued expres- 
sions that you had joined the ranks 
of the living dead. It has not always 
been so. Woking’s original pioneer 
settlers were just plain dead. 

To understand this point we must 
go back just over 150 years to the 
laying of the Ixmdon-to-Soutbamp- 


ton railway line, which passed 
through Woking, at that time no 
more than an agricultural commu- 
nity of neighbouring villages, all 
smocks, straw and pantiles. 

The railway arrived just at the 
point that London was struggling 
with a chronic shortage of burial 
land. Two entrepreneurs. Sir Rich- 
ard Broun and Richard Sprye pro- 
duced a plan for what they called 
the London Necropolis - a 400-acre 
city of the dead, designed to be the 
mother and father of all cemeteries 
that would serve London’s needs fin: 
years to come. 


It needed a Parliamentary Bill to 
make it happen. The result was 
Brookwood cemetery, then quaintly 
named the Glades of Remembrance, 
on the edge of what became Woking 
town. They even built a branch line 
into the cemetery. Thus the first 
commuters using Woking arrived 
on one-way tickets from London. 

The hearse trains, with vans seg- 
regated according to class and reli- 
gion, used a specially built terminus 
in London. The train ran until it 
was destroyed by the Luftwaffe dur- 
ing the second world war. 

It was no coincidence that 


Britain’s first public crematorium 
was also built in the town at a time 
that burial was regarded as the only 
accepted form of disposing of the 
dead. Burning was proscribed by 
the Church and untested in law. 
Enthusiasts, however, formed the 
Cremation Society, which cele- 
brated a legal judgment in favour of 
the method by cremating one of its 
dearly departed members, a Mrs 
Pickexsgai, in Woking in UBS, the 
first legal cremation in the UK if 
you do not count burnings at the 
stake. 

Perhaps it was the same tranquil 


surroundings that appealed so 
much, to the recently bereaved that 
also attracted London’s money- 
makers. Woking soon found itself 
the buckle of the stockbroker belt 
as of one London’s most important 
satellite towns. 

Every few years as London’s belly 
bulged, the belt would loosen a 
notch to take in embryonic com- 
muters. More and more trains fed 
the City’s voracious appetite for 
office workers to the stage that 
they woe pulling out of Woking 
station with the frequency of a Lon- 
don underground train at the height 


Yet still people coma here; 
attracted mostly by the easy com-. 
muting , perhaps, and the proximity 
of LSSstSo biggest airports 
Heathrow and Gatwick. Mayba, 
aim, there Is another attraction,' 
something to do with the town ’s 
p) <rin ordinariness and anonyrntty. '' 

This might explain Woking's 
other funereal connection. Not only 
is it noted for its disposals after 
rtamfap, tt has also attracted notori- 
ety in the business of dispensing 
death. 

. First it was the Sicilian Mafia. 
Francesco Di Carta, one of Sicily's 
top Mafia bosses* flved here for a 
while with hfa two large Goman 
shepherd dogs- But Waking could 
have been cosier for the Cosa Nos- 
tra. Di Carlo was rumbled as the 
head of a £75m heroin smuggling 
ring and jailed in 3987; not the sort 
of character with whom you would 
want to engage in a ntighbourly 
dispute over the hedge trimmings. 

‘ Just when we thought it was safe 
to mow the lawn again. I was doing 
just that in May when l heard the 
guifahot of what police later decided 
was a Chech m mafia hitman as he 
murdered a housewife on her 
doorstep about two estates away in 
an apparent case of mistaken iden- 
tity. 

Having recently erected a “No 
dogs allowed" sign on our private 
estate, it may be time to consider 
the addition of another declaring 
“Mafia-free zone“. - 

So come to Woking if you want to 
witness the symptoms of our 
endemic national depression. They 
say it fa the moat expensive town in 
the UK. There are better places to 
live; Soar sore, but you must agree 
there are worse p laces to die. 



I . ■ v 


« w 


it 






'V 

* - 

.."■is 






**■ 


i 'i 


■ i-\’ 


.%« • 
I/’ • V- 


‘ 

: I a.' 


•--** * 


BUSINESS SOFTWARE 

To advertise in this section please telephone 071-873 3503 
or write to Nadine Haworth at the Fmutdal Tunes, 

One Southwark Bridge, London SE1 9HLorFax071 873 3065 


MINDING YOUR OWN BUSINESS 


FREE SHARE PRICES AND 
MUCH MORE— 

OFT-ni TeMsxt afemdfcaly downtoadB 
otara price*, Man unattended - un odtti any 
gpmnriiih i M a tor custom toad analysts and 
papfaQ. NOovriffie mas Indbdes now 


SELECT 400 

UNIT TRUST SYSTEM 

Retool Nsbrertad Padoge 


hMfrcurrency 


Profitable Fitted Kitchen/ 
Bedroom Manufacturer 

Turnover £43m seeks up to 
£0_5m from Business Angel 
to fond expansion. 

Write to: Box B3589, Ftmudal Times, 
One So uth wark Bridge. London SEI 9HL 



OPTMJM TECHNOLOGY LTD 


T«L- 0101-9010220 

aufowmeo* 

TO: 0181-203 5500 


Htfi Sttft PiodudMy 
A nly modem, oconazdc 

Ptotfaifn for LT. eflctoncy 


BUSINESSES FOR SALE 


UNIVERSAL EXOTICS, 
OPTIONS, SWAP, YIELD, 
ZERO-CURVE ADD-INS 


functions tv 
Ftandal MwMs Ftafaaslanab Bring Lotus 
1*2-3 and Excel (Widows, OS/2. Mac). 
Birgi— n and American style options and 
wai«w on Donas, oonvnoaisos. 


0783 244226 Fix 0763 2M548 

FINALLY: REAL-TIME 
DATA YOU CAN AFFORD 
STOCKS, CURRENCIES, 
BONDS, DERIVATIVES AND 
NEWS 

Tenfaro pfovfdaa fpoboi naoJ-Gna flnenctri 
data flroct Id your PC at 8» tarns! posable 
cosl Our Windows platform tooH l nm a 
seamfoes Mortari n g wtth other Windows 


Hit Hoy« House. 13Gi floor 


Tfafc *44 (9 171 - 000 0093 
PfOQ *44 (0| T71 COO 4KB 

FREE STOCKMARKET 
PRICES FOR THE PRIVATE 
INVESTOR! 

TdWfixt has hcroasod Its StDdapariwt 
oowaQs to M20Q0 quoted UK j 


CM IMora UK on 0171 405 46*1 

INDEXIA TECHNICAL 
ANALYSIS & TRADED 
OPTIONS VALUATIONS 




Pirn appal No monMy ring* UpOas 


Why pay hundreds ctf pounds a 
up Id dree whan you can gat free 
WoyovPC? 

Our so ft ware and hardware Tattoo 

from £340 ex WCT 


(R fawn) or Free 0172 


for your 


MARKET ACCESS - 
D A3A COLLECTION MADE 
SIMPLE 


ft you need 
l a fti w y , look nofuam 


from 


Tha andatfol 
EttowMi pdcaa from moat 


MOBQA R urech , 121 High StreaL 

Rsrtrtiamnaif HM20JL 

TkL 0442 878015 Fax. 0442 878884 

SUBSCRIBE TO StARI 
THE NEW STOCKMARKET 
SERVICE FOR THE 
PRIVATE INVESTOR 

An aNcIfrnfl new breakthrough from Synergy 
Bottom SM otters a eompfoia tone stop 1 
aofotton bo your dare. Hittan wa don and 
anolyals needSL Kapphg you right 141 re dole 
wtti the UK stodoneriiat, StftR contore 
powerful Investment end portfolio 
management softw are with Synergy 1 * 
re no wn ed dreg detiuvy aerefasL AeWto on 
adbMtiption erty, from Juat ttOpor weefc. 
Calf 0082 424282 NOW 


GREEK EXPORTS SJk. 

(Tonadcd & owed by KTBA 5LAJ 

INVITATION 

FOR EXPRESSIONS OF INTEREST IN PURCHASING THE ASSETS OF 
GABRIEL SJL SPINNING A WEAVING MILL OF NEO PHALERON NOW 

UNDER SPECIAL LIQUIDATION 

QBBBR EXPORTS SA^c tf ili itolrt dia Athens at 17 ft mrpttaiM« Sgmfaiacap«sfeyas 
special liquidator of GABRIEL SJL SPINNING A WEAVING MILL OF NEON 
PHALERON (fat aooonhnoc with Dedaoa Na 854/1944 of the Pineos Goert of Appeal* by 
which GABRIEL SA. SPINNING A WEAVING MILL OF NBD PHALERON ha been 
pfaced mJcrspo dri li gakhd in n ) o ad wit hui the ftamcwpdc of article 46a of Law 1892/90, m 
afftonwipd by guide 14 of Law 200CV9L aad camptczxxiaed by article 53 of Law 222494 

KNVRES 


wrewRa d tow m re opna Chdr interest k puicfaaaisg tb t a a eea of GABRIEL SA. 
OWNING A WEAVING MOL OF NEO PHALERON cow m*fcr special Lkjtmtorioa, by 
itibpftilqg $ non-hB«fiiig. wiftten apreg siou of taereat vidua mealy (20) days frena today. 

GABRIEL 5LA. SPINNING A WEAVING MILL OF NBO PHALERON woe beaded hi 
1986 in PSneo* id to en g aged in p rodnrin g aad idling fcaimpcan wowea mrtmhto and pm 


a) 


b) 


The mare fbcioqr on 76 Pfreos Sheet on 1 pio! 9,454 L24 m 1 is 
with bniUrega cw eigg m area of 14,211 eP containlag a 
xpimles with a capacity otf 600 toes per anmon. 

A beuny oa FSodoe A 3 Uevaki Sheet la the MimiripaUty of 
3J843J I re 1 in reel fwttfald (he rewn ptoal and buddings oowedqg an 


frefrf Drill with 7£OQ 


on a plot of land 
of 8,644 nr" is 


c) A henry at Net Ijmptata In Euboea on a plot of bod 19,332 nr 1 in area (outside die 
oqwq plan) wiA btrildiq^ covering ea area of 3,415 m 1 m whkfr a nriaed wool tph m 'ni g 
m3) has bees isstaUed with ID nttdiiiieg and 4^00 spbxBea with a capacity of 300 too* 


OTHER DAZA CONCERNING THE PUBLIC AUCTION 
Prospective b u ye a , on p wridog a written uadensHgg of c unflrirnrt al it y, may receive 
the offering mwimr a nduui from the offices of the colony. They shall atoo 

hare accere re any other inforaubon they may seek aad may visit the premises of the 


KL The ofleriogiWRDDBDdam win dreertbe in detoil the total ameta of the oonqwoy fiorrelc 
and wgl ooreia ereiy oscfnl infotmation for the p t os p ec tiv o hoyefc 
The nanmnwiif iff of the public wetioa for the hjgbcrt bidder wgU be pobtfahad within the 
prescribed time timin and in the 


Forney farther details or information please appty tor 


17 


Sfeeii (1st Ftooclt Athena. Gre e c e 
430-I-324J1U Fac +30-1-323^185 


Minding Your Own Business 

Novelty value 

One man's quest for stocking-fillers goes on all year, writes Clive Fewins 




SUBSTANTIAL HOLIDAY 
BUSINESS in Nvfunbattd 


PARK 


oral TONY ThriMng canal boot busJnoss 
rih expansion potonfiri for birnotSsta aote. 


BUSINESS SERVICES 


SpwvSaflm«B«CB2or 


ACT! THE SALES 
MANAGEMENT SYSTEM 


COMPUTER AIDED 
SALES & MARKETING 

moAkinrouvU a oorrcrenensnrfi soles & 
m aiko rtrtfl productivity system. Handea. 


Has Ul WP. Madam, Fa» support 

dos, vwoows. rdwems, hag, 
TraMtig, ConsjAgncy. Sigspoit Product 
DorVt rnnipton compalsl 
ASX FOR THE DCUO DISC 


& oaretadoa Pnxfuoos fonn htton. much, 

fttitofr action Isto. Report gonorelre hdtadad. 

oooting, 


Thfc 01882488444 


“SNAPDRAGON" offers 
Windows™ charting and 
technical analysis on your PC 


S nneti IKH^ 09*0 DISC>raiabi& 
SOOEL, FREEPOST, London N101BR 

TEL: 061-883 9198 
FAX: OBI -380 3«82 


BUSINESS 

OPPORTUNITIES 


Call USA 

Only 1 7P/Min 
30 Mins Free 


Australia 

Only 29P/Min 
Mexico 72p/min 

Tel 444(0)181-490-5014] 
Fax +44(0)181 -568-2830 
Dial bit. Telecom UK 


PERSONAL 


International 
Phone Calls 

For Less! 


HO VAT 

As* about oar tow rale* 
to other countries. 

etaHback 


419 Second Are W. SoSZto. M9SJX9 UK* 


0 Corns Futures. Fmipi E a d ia ngp 
8 hdcas 

• No phono Hire modem or sats^to Me 
For ftto Rid ad othor services «afl Frotrtno 
0500800456 



hmjireppok 


1M1 


woue Start-dp 


m tfw 

advmsnc ftdd reqriics modest capknL Whh 
ariewretaaDcUfag biMrtify 1995. 
i No ogeots). 

WitoN BSm. Fmonriri Tmo, Dm 
IflMhmfr BWhtoA 
LemdamSEt 9 HL 


“CHRIST DIED 

to save you from your sins. 
For a free booklet, please 
telephone London 
0181-577 1209 
(Ansaphone).* 


YOUR ADDRESS IN 
NEW YORK 
from $1 a day 

Tel/ Fax/Mai I/Trade 
Shows & more. 

Tel: 212 9724617 F»c 712 972 9637 


S id Templer says his 
rather unusual busi- 
ness is best described 
as “a quest”. It is a 
quest for what he 
calls “barmy things" - 
so-called stocking-fillers that 
sell an the year round - and 
this is the time of year when 
he begins to know whether his 
more recent searches have 
been sucoessfuL 
‘Tt’s looking very good, prob- 
ably better than ever,” said 
Tempter, 53, a former teacher 
and founder, 21 years ago, of 
Tobar, the company he named 
after his sons, Toby and 
Barnaby. 

For most of the autumn the 
barns and outhouses standing 
an the 20 acres surrounding his 
Elizabethan farmhouse in rural 
Norfolk have bear full to burst- 
ing: But now they are largely 
cleared of the vast stock of 
novelties, knick-knacks, games 
and toys for the nine-to- 
ninettes that 'Tobar sells. 

Business -is by no means 
complete for Christmas. “Many 
of the 2.500 retail outlets, 
including museums and some 
specialist toy shops we supply 
go on ordering until December 
23 for delivery on December 
24,” said Tempter. “After 21 
years in business we are able 
to supply goods so fast that the 
shops have no need to carry 
vast stocks. They usually get 
orders from us within 24 hours 
so they order very frequently 
and in effect use us as their 
warehouse." 

After a week’s break after 
Christmas “the quest” will 
start all over again. In 1396 it 
will take Tempter and his son 
Toby, 25, who is a codirector, 
to tiie US and Germany. Sid 
Tempter is also planning- to go 
seating ideas in India and 
Hong Kong. 

Toby, who runs the whole- 
sale side of the business, said: 
“We buy from most countries. 

This year we have added some 

letter beads from Germany, 
some traditional games from 
India and some painted acrobat 
toys from Sri Tanka, and also 
reintroduced the original sets 
of five hand-painted Russian 
wooden dolls. 

“We are currently evaluating 
some calico hammocks from El 
Salvador - our first line from 
that country.” 

Not everything is imported. 
A specialist publisher to Bury 
St Edmunds. 40 miles away, 
produces colourful, embossed 
Victorian and Edwardian party 



Work or pley: To** Tempter, SW Tempter and Diane Harper d 


masks that have been a suc- 
cessful line for 12 years. A 
local printer Is responsible for 
the toy theatres that are 
another at Tobar’s most suc- 
cessful paper lines. 

The plastic goods come from 
many countries. They range 
from a new range of clockwork 
tortoises to a barking bulldog, 
an indoor boomerang, and a 
hen that lays eggs. Altogether 
the company sells more thaw 
600 lines. 

“Prices start at a few pence. 
You could buy one of each of 
many of our 500-or-so Unws for 
less than £100,” said Toby. 

The most expensive am* is a 

children's terracotta-brick 

bunding kit at £39.90. "I discov- 
ered it in Spain this year,” said 
Tempter. *1 had owned a simi- 
lar British-made kit myself as a 
boy in the 1950s, but had been 
trying unsuccessfully to find 

one for the Tobar range ever 
since my sons were small." 

Among the leak expensive 
lines is the fish - a paper nov- 
elty that sells at 5p. Tempter 
introduced it 20 years ago and 
it is still going strong. He esti- 
mated that in the run-up to 
Christmas there were 100.000 
fortune-telling fish in the 
Tobar warehouse. 

When pressed, Templer 
admits that his real skill is in 
what he calls “developing and 
adapting old-fashioned ideas* 
and in selling them to different 
markets. A good example was 
a Victorian paper butterfly 


novelty which he “rediscov- 
ered'’ three years ago and sold 
as The Magic Moth. With a lit- 
tle help from Tempter, it meta- 
morphosed a year later to 
become The Balancing Butter- 
fly. These now sell in parfre of 
four for £LA5 as part of the 
mail-order operation, headed 
by third director Diane Harper. 

The cardboard toy theatre is 
another Victorian speciality 
that Sid Templer has reintrod- 
uced. *T was always interested 
in toy theatres, but really, like 
a lot of our successes 1 put its 
entry into the Tobar catalogue 
largely down to luck," he said. 

“It was a cold February day 
to 1990. There was a knock on 
the door in this remote part of 
Norfolk and it was a T*»m w ith 
plans for several full-scale toy 
theatres. He explained that hie 
was a former theatre director 
with a passion for toy theatres 
and theatre history and he 
wanted to do b usiness with us. 

“Four years later we reckon 
we are the biggest suppliers of 
Vlctorian-style toy theatres in 
the country." 

An offshoot was the series of 
theatrical jumping jacks, that, 
like many Hires, have devel- 
oped organically from others 
and appear in both the mad' 
order and trade ca t»ii yi^ 

The company has never 
made a loss and Templer does 
not think business would have 
been so good if he had not 
developed the skill of what he 
calls “listening to improbable 


people”. The tables to the huge 
book-lined room in Ids house 
that is the company nerve-cen- 
tre groan under piles of pack- 
ages containing ideas and sam- 
ples of novelties from people 
who have approached him. 

“Somehow they manage to 
find us," he said. “However, 
this is not to say we do not go- 
out to find ideas. We exhibit at 
four gift fairs to the UK and 
Germany every year and we 
are very receptive to ideas. 11 

Tobar does its importing 
through agents, and finances 
this by means of letters of 
credit “We have never had 
any problems with this 
arrangement nor with our 
bank, Barclays,” Tempter said. 

The only time we have ever 
had a major loan was seven 
years ago when we bought the 
freehold here for £250,000. We 
still have a £100,000 loan on the 
property through Barclays, and 
although we have an overdraft 
facility I can’t remember the 
figure, as we so rarely use it” 
Collecting money from retafl- 
ers can be a problem, but Tem- 
pter has two key policies . 
help. Tobar will not supply 
goods until the previous 
account has been settled, and 
the company offers a 5 per cent 
discount to retailers who settle 
within 10 days. Templer says it 
is “unwise” of Tobar to offer 
this discount and equally 
unwise for hw customers not' 
to make use of It “But it suits . 
our office procedure - or i»r* - 
of it” he added. 

Templer does not know 
whether it is the mail-order or 
the trade side of Tobar that 
has the bigger turnover, but be 
is categorical about toe flnan- - 
dal success of his company. 

“frr 1998 our turnover was 2& 
per cent up on that of 1982, 
that was 40 per cent up on 
1991 f which in turn was 29 per 

cent up on 1990 . In its last com- 
plete year Tobar made a net 
profit of £ 225^500 on a turnover 
of £2£m,” he said. 

“In the run-up to Christmas 
we are bursting at the seams, 
with countless part-time staff 
to addition to our regu- 
lars. We had to have a tempo- 
rary marquee to hold excess 
stock and we desperately^ 
some new storage todtedngs. 
The business seems to be 
reradon-proof - but really I 
dont know why!" 




. . 

. . 

. i'». 

• V! * ’J 


*?* * 
' i*> 




m 


k - 




•il 


Falla 

tal in 




- -K 


■ — i*T 


linnr* rfc 


A* 


T vlrf 

rye 

«iri 
i£i 





a-. 


K m V 
I , ^ 


. 1 


' m . i 


vSx- 






,* L .i 


■ St Margaret, Bar* 

fasten, Norfolk 2P20 QPJ. Td 
01 $$$-782222. 


V 


v « 
























-T 

4 F? fiW 


«£■ 

’SfsSii 

7 « »«* T^sf 

‘ 4l : 'i* . .* ■* < .. , -CtoJr<k 

«:i 

. U| ili»' ™ 

»£'„* .'->0 
5£f* •"£?£&' 


rfi.ji 

L* 

th-H 

■fcni a ilr:Jitp 
- ^VVi^t ^ 

IV s* 

fifliV y-rt 
>'Ljl££ 

■C. ^Alh^ 
y i is** 


rues* 


*ar\ tvntfs ("live Fem 


jy-> ■*■ » r^-i 


. ■ o . i 

■V J m -y *■•-- 


*1. j*‘ 




■ i 1 !■*■*• 




^ l b ; »■•. 


. '• r. - 1 1 * * 
. >Vi" v fc - 




^ • » .- 


„ -* 

;^r T ’■■ m - 


■ ■ *at*v » » 


_ - ■ 

P _yi ■ # ■ ■ .■ 


■--.1 J ■ ■■ 

v^ 1 :. ■»■-■% * 




■ 1 >• 
■4 • ■ ■ 


.».■■' | ' '!■, 

“-* *■ '•.» ■*• :r. .n bi 
■ f • "V.J 1 LTi"“ 3;TcI 

p ■ _ 

" • • • ■« ... ■. p B i a .fV 

.. ..' : r 

•. r -,■■•-■ •-‘ | *s t_*~ 

* . '. ,« !•"■ hi 

r ■ I 1 . 1 . - “ 

.1 ■» * ■ r “■/ ■“*!■_■ t ■ 

• . . ». I I PJ 

1 . a 

■‘ - a * •. ; : ■ n - ’ i?Z - 

-.■ ■ ■.. -.- Wftci:. 

:- f h 3* 


- ; i ass t 

•i .. , •% .. 

■ ■ * 

•- j — % - “ . . 

; &iS : 

„ .«* 

. . ... ' ■• • U.. 4 J 

-,--■£ .. 

;■ » .<■ i^ 1 ' ' 

■«• ii i« 

: . . ••.• #r »• ■■ „ . 

. i . • a ■ . . 

■ - ■■ ^ 

- ■ - ±"'*1 

. . I .il -O^^i 

.i. :.■ ■ V JV ^- : ' 

'• '■ ■ •= 1 1 

. ' ; -- 1 ^ 
t * > T 1 -■* ■. 

- Y.‘» • 

a % ^ ‘ " 

• - 

• c ■ “..•.-rfi - • 

.. . *. • • 

^ •■ S'*" • 

: * • 

l , 

:r- ■ . - 

. • ■ .--■** . 

) ■ ■ k| „.»•■ 

• • : • V- 

■ ' ...-***■*’■'■ 

■ .a»^ f H » 

•* & 

• 1 ■ ' _ H .- ^ ' L-^" 

* . 

:■.: l ^r\ 

• — < . 


. ' i "■ u, 

• .:. • • .:>. - 

> 1 i ■■ m 

— . 

- ** . 

■ ' '■ ^r 

■ ■ •■ ki’ 

a. • . 

. •' ’ . ylr. 

. 1 .- ' j • • 

•• ' . s 

— ’-«■ • .. -* 4- 

. a rn ■" ■ I •' J “ 

• . ► 

• ::r . 

■ •-,» r r . 

■ ■» l*“ + 

. .- 

. . ■ -•>■:■■ - 

. n,!^ - 

■■ ; i 

r * ■ 

# - ■ I g«-»S^.. 

. <■' J* 



No pte» Hw boanc the tfapartwe loungs at Chafes do Gaute akport, wham Nassarf awaits Ms ffight to London 


waiting for a flight 


* .* ■ 1 *r,v ^ 

f.! , f-- A I TWfa| 

^ ' ■ 

. 1 r vl-'i 

II,. ■ 


7ohn Ridding explains why one man has made his home at Charles de Gaulle airport 


wn.i-p. 

*.»«. !■ rf* «* • 

<r .. .. 7, ■* e ; ,a «v 

, * 1 ' a \r Ip. ■ | _ 

U?y - 

»i,.i ..' J ■■ SMB 1 .. 

*r 

■ .:_ .. *■■ fa m-.' ■■ 

- u - 1 , KJ (P> 

. — ' . . . - . H. 

■ ■ , i 

C -. .; ‘ 4-5 

■ '■ '■»' - ! Pltsssr ' 

:r . 

i':'' '/ •■■" - - f ’ Hhrfei 4 

^ ' u :-:.w s g . 


W ith his bags 
neatly piled on a 
luggage trolley, 
Merhan Karimi 
Nasseri appears just like any 
other passenger at Charles de 
GanDe airport in Paris.' Read- 
ing a newspaper aTn^gritte a 
fallow traveller, he ought be 
waiting for a flight to fairw hfm 
home for Christmas to New 
York, Brussels or Moscow. 

But Massed is not like the 
throng of businessmen and 
tourists miTKo g am mnri the air- 
port te rminal. While others, if 
they are unlucky, may face 
delays of several hours before 
boaniing their aircraft, Nasseri 
has been awaiting his depar- 
ture for mare than six years. 

His desired destination is 
London. But his last attempt to 
fly there, in November 1968, 
met with failure. Without a 
passport, he was ordered to 
retum to Paris: The French 
authorities, however, refuse to- 
grant- him -citizenship. As a 
result, he has made Charles de 
Gaulle bis home, becoming the 
. wca&s hardiest transit passen- 
ger ban unfortunate episode 
in. Ha annals of immig ration. 

Aft&sserl tells it, his tale is 
rnin'rf mishaps, misfortune and 
red tape. Expelled from Iran in 
1977; following charges of anti- 
Shah activities he applied for 
refogee status in several Euro- 
pean countries. In 1981 the UN 
Tfigh nmYimisston for Refugees 

in Brussels granted his request 
for political ' asylum. He was 


furnished with papers allowing 
him to travel within countries 
which have signed the Geneva 
convention on human rights 
and apply for citizenship. 

In 1988, however, after sev- 
eral abortive attempts to enter 
Britain, he lost his refugee cer- 
tificate at tiie Paris Gare dn 
Nord railway station. Unde- 
terred, he sought once more to 
travel to London on a British 
Airways flight. Without his 
travel documents, however, he 
was returned to Paris. 

What followed was a series 
of «Trirwi>g>igg with the French 
authorities. 'Nasseri was 
arrested three times for Illegal 
entry into France and detained 
far brief spells in prisons in the 
Boulougne and Bobigny sub- 
urbs of Paris. Without a coun- 
try of residence, however, he 
could not be deported. So be 
returned to Charles de Gaulle. 

In 1992. Christian Bourget, a 
well-known refugee lawyer 
took up Nasseri's case, success- 
fully appealing against the ver- 
dict of illegal entry. “The 
courts accepted that he had 
been granted refugee status in 
Belgium,” says Bourget. “So 
the police leave him alone at 
Charles de Gaulle. They know 
there is no point in hauling 

him rn. " 

. The problem is that Bourget 
has met with less success in 
his dealings with the French 
immigration authorities. “The 
a dminis tration refuses to give 
him citizenship or to supply 


him with the documents he 
needs to leave France,” says 
the lawyer. Nasseri wields an 
identification certificate winch 
reads: “nationality - to be 
determined". 

His applications to enter 
Britain have also made little 
headway. From a file among 
his bags he produces a letter 
from the consular section of 
the British embassy in Brus- 

He sleeps on a 
bench between 
a Burger King 
and a cafeteria 
in the 
basement 

sels. “Although 1 sympathise 
with you in your present pre- 
dicament there is unfortu- 
nately nothing this office rsm 

do ... 1 wonder whether the 
Belgian authorities can help 
you in this matter,” the letter 
reals. 

But officials in France, Bel- 
gium and London reject Nas- 
serfs complaints. The UNHCR 
in Paris claims Nasseri could 
claim new documents from 
Brussels, which originally 
accepted his refugee status, or 
could gain access to duplicates 
of the documents. They say 
Nasseri is able to leave the air- 
port but has decided not to, a 


claim which wins some sup- 
port from . Philippe Bargain, 
airport medical officer. 

“I have offered to drive him 
to Brussels to try and sort 
things out, but he doesn’t want 
to go,” says Bargain. “He has 
found a cocoon at the airport 
So he remains stationary in a 
place of transit” 

Bourget says, however, that 
Nasseri remains in the airport 
because be is safe there. “The 
police at the airport know him. 
If he travels Into Paris he 
might get stopped and asked 
for his papers, which of course 
he doesn't have.” 

Nasseri says he will leave 
once he is able to travel to 
Britain. His attachment, he 
says, steins from a period of 
study at Bradford University in 
fha 1370s and his birth in Solei- 
man, a part of Iran which was 
under British jurisdiction 
when Nasseri was bom there 
in 1945. He wants to return to 
study and will wait, he says, as 
long as it takes. “It could be 
months, it could be years. But I 
am optimistic.” 

In the meantime, he contin- 
ues with his bizarre airport 
life. Meticulous and well 
kempt, he uses the airport 
fa cilitie s and travel packs from 
passengers for washing and 
trimming his Chaplinesque 
moustache. He sleeps on a 
bench between a Burger King 
and a cafeteria in the basement 
level of the futuristic Charles 
de Gaulle building. 


Fallacies that can be 
fatal in medical matters 

Barry Groves challenges the research technique of meta-analysis 


7n . the Weekend FT of 
Jfooetnber 26, Clive. Cookson 
described recent uses of meta- 
analysis m medical research. 
("NeW: conclusions from old 
studies "X This is a reader’s 


« -'* 1 

. . . , . . -.i i 

Am -* *».% , ■ - , - «“ IL' 

w 

.j 

■ 7 — ' » * . . * • » 


vc Jar* 

■ 

iV-i" 


- W • 

r I "'-3" "" . - .■-»■• 

■ -• ' • 
.. .«, 1 _! 1 , 

’ . ■ A 1 ' -JiX \ . 

■—j — i . . * ■ »■ •" 

r * 

.-p . v 








1L i’-< : 


• ■ ■ *■_* . - 
v t 1 - " ■ 


— \ ■ 


¥ ’ 


¥ 'ou are an ambitious 
medical researcher. 
You are working in 
a controversial field 
- say, the effect of 
diet on heart disease. A mxm- 
! her of glmirai trials have been 
published, but with confficting 
findfaigg some show a small 
but significant benefit, others 
demonstrate small but signifi- 
cant harm, while most have 
results which are statistically 

farigftWfwnt 

Despite the large amounts of 
money and resources which 
have been devoted to the 
studies, no convincing evi- 
dence is shown and no conclu- 
sion can be reached. How can 
youinake a name for yourself? 

; The greater the numbers of 
subjects and the greater the 
time-span, the greats - is the- 
chance of achieving a statisti- 
cally signifi cant result. So 
. what you might do is to collate 
all the- data from those studies 
and pop! them into one large 
sttsjy with the hope that signif- 
icance can be shown and the 
question resolved. It is a tech- 
nique ftaifad meta-analysis. 

Meta-analysis has become 
the modem way to demon- 
strata significance where none 
appears to exist Bat it is a 
technique beset with problems. 

There have been about 40 
studies of heart disease, for 
example, bat their methodol- 
ogy and endpoint have not 
been similar. 

Some have looked only at 
dietary factors, while others 
lave linked diet with other 
“risk factors": smoking and 
obesity. Some have cholesterol- 
knrarhig as their goad, others 


count the numbers of fetal cor- 
onary even ts or add n on-fatal 
coronary events, and a few 
look at all-cause mortality. 
Pooling them all could give a 
statistician nightmares. 

Even if they were similar, 
however, such meta-analyses 
involve what is known as the 
“faggot fallacy”. Lash together 
a number of sticks, each weak 
by itself, and you will have a 
bundle (faggot) which is much 
stranger. 

fa a similar manner, scien- 
tists bundle together studies, 
each weak or insignificant by 
itself, in the hope that the 
resulting bundle will be stron- 
ger. But it is a technique that 
should he regarded with 
extreme caution. 

ft is only valid if the individ- 
ual studies were valid, and you 
wm be sure that if it takes 
large numbers of subjects to 
show a significant benefit, then 
+H& real benefit for any individ- 
ual must be relatively unim- 
portant. 

The benefit to the individual 
is an important consideration 
which is often forgotten. 

Scientists are tempted to 
equate statistical significance 
with clinical importance. But 
“statistical significance" is 
only a measure of the probabil- 
ity that a treatment will be of 
benefit it does not measure 
the magnitude of that benefit. 

And where large numbers of 
subjects are needed merely to 
show a small probability of 
b enefi t from a treatment, then 
the treatm ent itself is likely to 
be of no real benefit to the 

patient. 

In the search for an answer 
to the “diseases of civilisa- 
tion”, time is the scientists', 
enemy. Heart disease usually 
takes decades and cancers sev- 
eral years to reach a point 
where symptoms become 
noticeable. Any trial, therefore,' 
has to be conducted for 


decades if it is to demonstrate 
a significant effect But most 
scientists cannot wait that 
Tong and so another fallacy is 
introduced. 

That is where a surrogate is 
substituted for the real end- 
point For example, breast can- 
cer screening is hailed as a 
success because of the ever- 
increasing Dumber of women 
being screened. The number of 
women screened, however, is 

Heart disease 
usually takes 
decades, and 
cancers several 
years, to reach 
a point where 
symptoms are 
noticeable 

merely a surrogate for what 
should be the real determinant 
of whether screening is benefi- 
cial: a drop In the number of 
deaths from breast cancer. 

Unfortunately, despite the 
“success” of screening, the 
number of deaths from breast 
cancer is still rising. 

Another fallacy that creeps 
covertly into much of modern- 
day tMnking on disease man- 
agement concerns the e xt r a po- 
lation of frofoig” from studies: 
the belief that if something is 
good for you, than 10 times as 
much must be 10 times as 
good. 

- Some studies have shown 
that a small amount of alcohol 
may be protective against 
heart disease, but that does not 
mean that the heavy drinker 
wifi he hpatthfer than the tee- 
totaller. Most things, even 
water, which are beneficial in 
the right quantities, can be 


dangerous when taken to 


In this case, we have a far- 
ther question: is it the alcohol 
that is the beneficial agent? Or 
could it be that the type of 
person who drinks a couple of 
glasses of wine during the 
week has a temperament 
which is beneficial? 

Whenever the results erf dirt- 
ical or epidemiological studies 
are considered, whether singly 
or pooled together, someone 
can be guaranteed to remark 
that if this or that had been 
done so oner , many lives would 
have been saved- 

This brings w|j to my lest 
fallacy: that of cheating death. 
The health ffan«ri«i would have 
us believe that we are mem- 
bers erf an immortal species, ft 
is with regret that I have to 
inform them that we are not. 
No matter how we alter our 
lifestyles, we will not get out or 
this existence alive. 

Much of the medical 
research over the past 40 years 
has attempted to prove that a 
nhangp of diet away from fats 
will reduce the in c id e nce of 
premature heart disease and 
prolong our lives. But individ- 
ual studies have consistently 
faifarf to demonstrate convinc- 
ing evidence of this, and meta- 
analyses of them have not been 
much more successful 

That is not surprising: all the 
increases in heart disease 
deaths over the past three 
decades have been in the over- 
Beventies. Premature deaths 
from the disease started to fell 
in Britain from about 1965. At 
that time we bad a high-fat 
diet, ate fried breakfasts and 
“went to work on an egg”. 

Meta-analyses of studies 
which start Umax an incorrect 
premise are no more useful 
than the studies they analyse. 

To find the right answers, 
you first have to ask the right 
questions. 


Despite his unworldly predic- 
ament, Nasseri is well abreast 
of the news. Be keeps informed 
through a tiny radio supplied 
by Japan Air lines and is an 
avid reads - of the press. Today 
he is concerned by the pros- 
pects of ratification of the Gatt 
treaty on international trade 
and by events in Bosnia. “After 
what has happened I doubt my 
course in Yugoslav studies still 
exists,” he says, referring to 
his stint at Bradford. 

For food, he receives meal 
tickets from airline staff or 
sympathetic passengers: Many 
write to him, care of the bou- 
tique basement area of termi- 
nal one, and the letters are 
kept in a file in one of his 
suitcases. A card delivered that 
day from Switzerland came 
with SFrlO. ft is addressed to 
Alfred, a name attributed by a 
court clerk, and by which he is 
commonly known. 

What he misses most is “deli- 
cious food” and Marks and 
Spencer. “T used to buy my 
clothes from there in Tjmdnm. I 
don't care much for airport 
clothes.” 

As for Christmas, he is 
waiting to see what turns up. 
“Once I had Christmas dinner 
in the medical centre. Another 
time I was given champagne 
by British Airways,” he says, 
leafing through his diary. 
Behind him, the airport speak- 
ers announce a flight to Lon- 
don Heathrow. But be has 
heard it many times before. 




Learner drivers on 
the superhighway 

In part two of a series, Paul Taylor tells how beginners 
can sign on to on-line computer information services 

A rmed with a personal nographic pictures), or can To reduce costs, most corn- 
computer and a only be reached via premium- mercial on-line services give 
modem, the world of priced telephone numbers. customers local numbers 
on-line information is Although it is reasonably which can be used to access 


A rmed with a personal 
computer and a 
modem, the world of 
on-line information is 
just a telephone line and a 
moose click sway. 

Once on the “information 
superhighway” the possibilities 
are almost limitless. From 
weather forecasts to astro 
physics, there are few subjects 
not covered on the internet or 
in what has become known as 
“cyberspace". 

The internet itself is an 
informal system linking more 
th an 7,5 00 individual computer 
networks and more than 2m 
computers in academic institu- 
tions, companies and other 

It is used mostly for elec* 
tronic mail (e-mail) and infor- 
mation exchange by an esti- 
mated 2Sm to 30m people - a 
figure rising by between 5 and 
10 per cent a month. 

But the internet is not the 
only source erf on-line informa- 
tion. There are thousands of 
bulletin board systems (BBS) 
mostly run by computer enthu- 
siasts, and a wide range of 
commercial on-line informa- 
tion services. 

So bow does the novice begin 
to explore this world? 

The traditional route has 
been the local BBS - an elec- 
tronic notice board on which 
messages ean be left. Most 
BBS’s also enable users to send 
(upload) or receive (download) 
software and other data. 

A BBS is run by “sysops” 
(systems operators), who are 
usually computer enthusiasts 
to help “newbies" - newcom- 
ers to the world of PC commu- 
nications. 

BBS telephone access num- 
bers - the numbers used by 
communications software to 
connect a home PC modem to 
the BBS modem - are often 
listed in computer magazines. 

Most on-line systems, 
although not CompuServe, 
expect your communications 
software to be set to the follow- 
ing parameters: eight bits, no 
parity, one stop (or 8JN.1) and 
support a number of flirrni mit 
“protocols" or modem cammu- 
mcations languages, for down- 
loading computer files. Among 
the most common protocols are 
Xmodem, Zmodem, Ymodem 
and Kennit 

Usually there is no charge - 
other Hifln ordinary tel ephone 
charges - for logging on to an 
amateur BBS. There are, how- 
ever, also a growing number of 
commercial BBS, most of 
which advertise In magazines, 
which charge for downloading 
programs (and sometimes por- 


nographic pictures), or can 
only be reached via premium- 
priced telephone numbers. 

Although it is reasonably 
easy to set up communications 
software and a modem to dial 
into a BBS, many new users 
may find it easier to start with 
one of the c oma erctel informa- 
tion services sach as Compu- 
Serve Information Service 

(CIS) or Delphi, or a commer- 
cial conferencing system such 
as the Computer Information, 
exchange (CDQ. 

Although most of these ser- 
vices started in the US they arc 
now available via a local call 
in the UK Their big advantage 
over the neighbourhood BBS is 
that they have helpful tele- 
phone "hotlines" ready to talk 
new users through their first 
tentative steps along the infor- 

Although 
initial charges 
are low, it is 
easy to build 
up a sizeable 
bill quickly 

station superhighway. 

These services generally 
chaige a join-up fee and then a 
flat monthly membership fee of 
between £6 and £10. However, 
in an effort to sign up new 
customers, they often waive 
the sign-up fee and offer poten- 
tial users free trials. 

To sign up with CompuServe 
call 0800-289378 or log on to 
0171-490 8881 by modem with 
the parameters set to 7,l£ for 
CIX call 0181-390 8446 or log on 
to 0181-390 1255 with the 
parameters set to 8 JJ.1; for Del- 
phi call 0171-757 7080. 

New customers usually 
receive membership kits 
which, in addition to a local 
access telephone number and a 
password - needed to log on to 
their master computer - usu- 
ally include a manual and, in 
the case of CompuServe, a ded- 
icated software package called 
Gim (CompuServe Information 
Manager), which is available in 
DOS, Windows and Macintosh 
versions. 

Although initial charges are 
low, it is easy to build up a 
sizeable bill quite quickly. 
Commercial on-line services 
generally charge a flat 
monthly fee, and an additional 
fee for information outside 
their basic services, plus, in 
the UK at least, the PC user 
wifi have to pay telephone call 
charges. 


To reduce costs, most com- 
mercial on-line services give 
customers local numbers 
which can be used to access 
their services. 

There are also special soft- 
ware packages called off-line 
readers, or OLRs. that enable 
you to prepare before the com- 
munications software connects 
to the service and the meter 
starts ticking. Using an OLR 
such as NavCis for Compu- 
Serve or Aroeo) and WigWam 
for CIX, a one-hour session can 
be reduced to a few minutes 
on-line. 

Commercial on-line services 
also provide one of the simpl- 
est methods of connecting to, 
and sampling the Internet. For 
example CIX. CompuServe and 
Delphi allow their subscribers 
to send and receive e-mail to 
and from other internet 
addresses. They also provide 
access to Usenet newsgroups - 
there are around 10,000 Usenet 
“discussion groups” on the 
internet And CIX and Delphi 
provide access to a special IP 
(Internet Protocol) prompt 

This means users can search 
for files on remote computers 
and upload or download fifes 
from other computers con- 
nected to the internet using 
file transfer protocol (ftp) via 
the on-line service. 

At present however, the com- 
mercial on-line services In 
Britain stop short of providing 
“full” internet access. In partic- 
ular they do not provide access 
to one of the most exciting 
areas of the Internet - the 
World-Wide Web. 

Since its creation in 1992 the 
World-Wide Web has become 
the fastest-growing internet 
service, with more than 3,000 
Web sites and tens of thou- 
sands of documents published 
by academic institutions, com- 
panies and governments. 

But to access the Web, the 
fledgling cybemaut needs a 
direct internet connection - 
available from a specialised 
telecommunications company, 
called an internet service pro- 
vider. Direct internet access 
also involves running a com- 
munications program called a 
TCP/IP stack (the internet's 
networking protocol) and set- 
ting up for full direct access to 
the Internet can be tricky. 

Fortunately, however, inter- 
net service providers have 
begun to provide software - or 
make it available for download- 
ing. For many new users this 
may be a key factor in 
choosing a service provider. 

■ Part 3 on January 7 
choosing an internet service 
supplier and internet software 


ir 


frl ! 


" .• >, ■* 
• " *:> "ft” 


■ * ■ v 
■ ■ ■ 

■ ■■ ^ . %%■ 


a 


■ *#■■■:**: 




. ^ ■:* i ~v. - 


-s- ’ V 







Fisher Island. 

Unlike any community in the world. 

In 1925, William K. Vanderbilt II could have chosen anywhere in the world to create his elegant seaside winter 
estate suitable for hosting captains of industry, presidents, kings and princes. 

He chose Fisher Island in Florida, overlooking die Gulf Stream, Biscaync Bay and the skylines of Miami and 

Miami Beach. 

Three-quarters of a century bier, Fisher Island has remained absolutely faithful 
to the original design and purpose William Vanderbilt envisiooed for it. 

In the last decade, the developers of Fbher Island have nf-maaasa'thc princely 
lifestyle that flourished oo this historic, museum-quality estate. 

Today, it offers an array of world-class amenities, including seaside golf, 
tennis on three surfaces, an international spa, magnificent beaches, fine restau- 
rants, two deepwater marinas, shops and the ultimate in privacy and security. 
More than four hundred of the world’s most prominent families from thirty-nine countries now live in splendid 
residences in Vanderbilt Style. & 

Fisher Island, Florida 33 1 09 (305) 535-6071/ (800) 624-3251, Fax (305) 535-6008. 

Your inquiry is welcomed and appreciated. 

UuBk my community 
mthtworld 

Residences from $800*000 ID $4,800,0001 Guess oT re ai de na arc welcome id nay in t ao oetd Vanderbilt Era Guest 

Cocrages sod Seaside ViDis, from $42$ vo $U000 per night 


wMhAwNewJaaef IU 


>QBGCW-ni>7lh 


ivftbcaicaaM 
do! kwfotiybc 


PCVEL atai and M ifcc 
IkBrocO^paiiBnin 


















■ l ' 


IV WEEKEND FT 


financiajl times 


WEEKEND DECEMBER 17/DECEMBER 18 ,»9W 



HOW TO SPEND IT 


A simple guide to buying a computer 


■ 

*/ V- 

i ■■■■■! ■ ■ ■ 

¥* 

i 


. *?.«■ 


F orget mountain 
bikes, hi-fis and 
designer outfits; a 
personal computer is 
second only to a for- 
eign holiday on wish lists in 
Britain this Christmas, accord- 
ing to a survey. 

The Gallup survey, con- 
ducted on behalf of bold, the 
US semiconductor manufac- 
turer, reveals that those who 
most want a PC are aged 
between 35 and 44, and the 
majority lire in London and 
the south-east 
"We hare seen phenomenal 
growth in the home PC market 
this year,” says Nick Wood, 
marketing manager for Intel in 
the UK •*n« PC is vying for 
attention with the television as 
a ubiquitous tool for the entire 
family." 

Sales of home PCs are buoy- 
ant on both sides of the Atlan- 
tic. In the US, where 7m home 
computers will be sold this 
year, they have become one of 
the hottest-sailing consumer 
electronics items, outselling 
everything except colour tele- 
visions. 

The surge in home PC sales 
reflects tumbling prices and 
the success of computer manu- 
facturers in designing 
machines with something for 

For children, a 
decisive factor 
may be a 
system which 
is compatible 
with school 

everyone - as the Intel survey 
confirms. Families with chil- 
dren between U and 15 years 
old are much more likely to 
wish, for a PC in their stocking. 

Today’s home PCs boast 
“multimedia” features to run 
the latest games and “edutain- 
ment", such as Microsoft’s 
Rn carta encyclopedia. But they 
also ran more traditional word- 
processing packages and home- 
finance software for parents. 
Some can double up as a fax or 
telephone answering machine. 

Once they are hooked up to a 
“modem" and a telpphnnci line, 
they provide access to the 
information superhighway - 
the rapidly expanding world of 
on-line services, electronic 
maSl and the internet 
However, potential home PC 
purchasers still face a bewil- 
dering array of machines, espe- 
cially if they are not an expert 
So here is a guide to buying a 
family computer 

Question: Is this a good time 
to buy a family PC, or should I 
wait untB nest year? 

Answer It is never an ideal 
time to buy because technol- 
ogy is advancing all the time 
and prices will continue to faQ. 
But the factors to consider 
include the new types of PC 
which are coming shortly 
(same, for example, will com- 
bine features such as televi- 
sion}, new software, and the 

facing prices far the latest ggn- 
eration of faster PC chips 
including the Pentium and the 
rival PowerPC. 

Q: I think I want to buy, but 
how much is this going to cost 
me? 

A: The price range is from 
about £800 for a baric machine 
built around an entry-level 
Intel 486 chip, up to £2,000 or 
more for a top-of-the-range PC 
with a state-of-the-art Pentium 


What sort do I need? How much will it cost? What does all the jargon mean? Paul Taylor has the PC answers 


processor. Remember, in 
Britain most PC prices in com- 
puter magazines exclude VAT. 

Q: Please explain in Simple 
language what are the most 
fundamental chokes I have to 
make between equipment 
A: The most basic choice is 
which software operating sys- 
tem to choose - Apple or 
Microsoft/IBM compatible. 
Generally, Apple machines stiH 
have a reputation for being 
“easier to use”- But thanks to 
Microsoft’s Windows and 
“plng-aod-play PCs” from Com- 
paq and other manufacturers, 
IBM-compatible PCs are catch- 
ing up fast 

There is a much greater 
range of software available for 
IBM compatible PCs. And add- 
ons, such as a modem or extra 
memory, tend to be easier to 
find and cheaper. 

For children, a decisive fao- 
tor may be which system is 
compatible with those at 
school - although many pri- 
mary schools have older com- 
puters which cannot be used 
with either Apples or IBM-com- 
patibles. For parents, if they 
intend to use the machine to 
work at home, they wiH want 
one that runs the same soft- 
ware as the Tnflfthfnas in the 
office. 

ft So what sort of machine do 
I need? 

A: The next important decision 
is how sophisticated a machine 
to buy. It is possible to buy a 
basic PC, which just runs con- 
ventional software, or a multi- 
media machine, which win 
also run software stored on 
CD-Rom discs which are simi- 
lar to audio CDs and are capa- 
ble of storing a vast amount of 
digital information. 

Multimedia machines will 
probably also have a special 
soundcard inside and two 
external speakers which are 
needed to provide high quality 
sound. Many will also come 
bundled with some “free" soft- 
ware and some will have I5in 
or even 17in colour screens 
rather than the standard 14in 
variety. 

A multimedia PC will cost 
about £200-£300 more than a 
basic machine. It should be 
possible to buy a basic PC from 
a good quality manufacturer 
for less than SlfiOQ and a simi- 
lar multimedia machine for 
around £1,200. 

Q: Are there any other big 
technical decisions? 

A: Unfortunately, several. One 
with expensive implications is 
whether the machine's central 
processing unit - brains - con- 
tains an Intel 486 chip (or a 
similar chip from a different 
manufacturer), or a foster one 
such as Intel’s Pentium or the 
rival PowerPC chip that has 
been developed by Motorola, 
Apple and IBM. 

The 486 - which itself comes 
in several speeds ranging from 
a relatively slow SSJ2S up to 
the fastest DX4/100 - allows 
you to run almost an the fam- 
ily software that is available 
now. But machines based on 
Pentium/PowerPc chips may 
be more use in future as soft- 
ware is developed which makes 
better use of their extra power. 

The choice also depends on 
how much money you have to 
spend, how trig the price differ- 
ence is, and how long you plan 
to keep the machinp - in a 
year or 18 months 486s will 
probably look old-fashioned. 

But most important, what is 
the PC going to be used for? IF 
it will mainly be used for rim- 


2 






K 


rfi 

m 






Belash 

MS 




0 


m 


ilH 


m 

--Mi* . . 






ml! 


m. 




jmb ar m 



ifS 


m 

w-s 


m 


mi 






W 


fzM 

£m 







a? 




\ 




3m 

iL'® 


% 







\W 




mfi 






pie word processing and stan- 
dard games then a 486 - say an 
SX33 or preferably a DX2/66 - 
will be OK Apart from 
high-powered graphics and a 
few other processor-hogging 
functions, there is not much 
that a 486 cannot handle ade- 
quately. 

If your children insist that 
they need to keep up with, the 
latest games IS months hence, 
if you plan to develop an inter- 
est in rocket science, or il you 
explore the outer reaches of 
the Internet, then it might be 
worth digging a little deeper 
into your pocket and getting a 
Pentium or a PowerPC. 

In general, it is best to buy 
the highest performance 
marline that you can afford. 
This prolongs the useful life of 
the machine and may stop you 
kicking yourself in six months. 
If you decide to go for a Pen- 
tium they too come in several 
types. The “slowest” Pentium 
processor runs at 60 MHz - but 
is still a bit foster than a DX4/ 
100 486. The most recently 
introduced Pentiums run at 
75MHz and the fastest (so far) 
run at 90MHz. 

In terms of cost, a quality 
P60 machine can be bought 
today for less than £1£00, a P75 
will cost about £100 more than 
that and a P9Q an additional 
£100. From a home user's point 
of view any Pentium-based 
machine will be fine, but if 
only the fastest will do, then 
go for the P90. 

If you think of a mid-range 
486 as a solid dependable fam- 
ily saloon car. then a F60 is a 
BMW and the P90 a Porsche. 


Q: Can 1 buy a 486 now and 
upgrade it to a Pentium 
machine latex? 

A: Yes and no. Most slower 486 
machines can be quite easily 
upgraded to a foster 486 chip 
using one of Intel’s “overdrive" 
processors. In addition some 
machines, which are labelled 
as such, should be upgradable 
to a long-promised Pentium- 
styie overdrive processor 
called the P24T. 

However, beware. Upgrading 
to a Pen tram-style chip can 
cause problems. Intel has a 
system for “qualifying" 
systems as upgradable, so look 
out for that in product specifi- 
cations. Generally, it is much 
easier and cheaper in the long 
term, to buy a more powerful 
machine to start with than to 
upgrade a slower one later. 

Q: Fve heard of thing s called 
hard disks and “Ram”. What 
are they? 

Az Just as important as the 
processor, if not more so, are 
the other bits and pieces which 
go into a computer. 

As almost every PC-owner 
will confirm, a huge hard disk- 
drive, capable of storing loads 
of programs and data, plus lots 
of internal memory or “Ram”, 
which also helps speed up pro- 
cesses. are both vttaL 

The bid role with both hard 
disks and Ram was take the 
current “standard” amount 
and double it Generally that 
rule still bolds true. 

Software packages are get- 
ting more hungry for power 
and space. Therefore it is use- 
ful to have a bard drive of at 


least 500MB for software yet to 
be developed. Lots of machines 
only have 200-300MB. 

Similarly, many PCs come 
with just 4MB of Ram - which 
is just about sufficient to run 
the latest heavy-duty software 
prograips such as Microsoft's 
Office Suite, but you really 
should go for at least SMB. 

This amount of Ram speeds 
up current applications dra- 
matically, and will be esse nt ial 
for tire next generation of soft- 
ware in elu ding Windows 95, 
which Microsoft is due to 
launch by June next year and 

In a high street 
store, do not 
rely on the 
staff knowing 
what they are 
talking about 

which will boast a number of 
important and desirable extra 
features over the current Win- 
dows 3J. version. 

Q: What about multimedia 
machined? 

Az The most important thing 
here is to ensure that the 
machine at least meets the lat- 
est Multimedia PC industry- 
standard dubbed MPCH which 
lays down a set of minimum 
requirements. 

In particular, make sure it 
has a double or even triple- 
speed CD-Rom drive because 
this is what is required by the 


BATTEN 'S 


latest games and multimedia 
encyclopedias that contain vid- 
eo-dips. and it must me able to 
read PhotoCD discs. 

ft What about picture quality? 
A: This depends on two main 
factors, the internal graphics 
card and the external screen or 
monitor. 

The graphics card, which 
generates the screen image, 
must be a capable of generat- 
ing at least 65,536 colours and 
of supporting screen resolu- 
tions of 1280 x 1024. A card 
labelled “64-bit” is a good bet 
for a multimedia machine. 

Generally the graphics card 
should have at least 1MB of its 
own video Ram (Vram) mem- 
ory and ideally it should be 
possible to add to this Vram 
later. This will ensure that the 
graphics card is capable of 
keeping up with the latest soft- 
ware. 

On an ordinary PC, as 
opposed to a multimedia 
machine, a slower graphics 
card capable of reproducing 
fewer colours is acceptable. 
Bat multimedia TnflnhfrnoR and 
ordinary PCs both need a high 
quality SVGA or better colour 
monitor. For your eyesight’s 
sake, also make sure the moni- 
tor has a flicker-free image 
refresh rate of at least TCMhz. 1 

ft And sound? 

A: The sound quality from a 
PC's tiny internal speaker is 
usually pretty poor. A multi- 
media maehino should have a 
16-bit Internal sound, card 
which guarantees audio-CD 
sound quality. It shwiM »i«i 



In the tiniest box 


I s there a woman In the 
world who would not be 
pleased by the tiniest of 
boxes, caretolly packaged, 
pestling at the bottom of the 
tree, and offering up the most 
intimate, sweetest, most 
thoughtful of presents - a 
piece of jewellery? 

Here is the rundown an just 
some of the options around 
this Christmas. 

■ Infinitely desirable and 
wearable by almost everybody 
except the most avant-garde 
and determinedly modern, is 
Sandra Cronan’s collection of 
fiutx jewels and gems - here 

are beautifully simple neck- 
laces of aquamarines (one gor- 
geous one at £860, others at 
£3,500, or earrings £650) or an 
Edwardian faux diamond and 
pearl choker (£1,800) as well as 
an early 20th century steel and 
gilt metal cross at £140 or a 
late 19th century Vauxhall 
glass star brooch at £170. All 
available from her shop at 18 
Burlington Arcade, London Wl 
(tel: 071-495 4103). 

■ La Boutique Fantastlque is 
another s mall gran of a shop at 
13 The Royal Arcade, Old Bond 
Street, Mayfair. London Wl 
(tel: 071-409 2641) which is 
owned by Irina Laski who has 
a dramatic onyx and coral 


thoughtful of gifts 


necklace with a centrepiece of 
18 carat gold plated on a silver 
shield and heart at £350. 
Matching ear-rings are £215- 
She also has some beautiful 
Venetian milk-glass jewellery 
ranging from £160-£230. 

■ Cox & Power is a new little 
jewellery shop at 95 Walton 
Street, London SW3 2HP (tel: 
071-589 6335) with a rather con- 
tinental approach to jewellery 
- that is, it produces jewellery 
to be worn at all times (so 
many of their pieces could be 
worn durin g the day) and rang- 
ing in price from £45 for a pair 
of hand-made silver and 18 
carat gold earrings to £L950 for 
a platinum set sapphire ring or 
scattered diamond ring. 
Designs are understated. 

■ Kjkl McDonough at 77c Wal- 
ton Street, London SW3 (teL 
071-581 1777) has a knack of 
producing jewellery which 
chimes In beautifully with the 
lives of the modem working 
woman - not too grand for 
everyday wear yet glamorous 
enough to add a bit of panache 
to a plain dark suit Her new 
gold and sterling silver collec- 
tion (very useful because it 
means it can be teamed with 
either gold or silver pieces) is a 
perfect example of the genre - 
c hunky square gold and silver 


earrings are £296, a chain neck- 
lace is £725. 

■ Lesley Graze Gallery 34 Oer- 
keuwell Green, London ECUt 
(Tel: 071-608 0393) is the gallery 
for those who life their jewel- 
lery to speak more of their 
sense of design, and modernism 
than their means. This does 
not mean to say It is hfo»ir or 
austere - most of the pieces 
combine a great deal of charm 
with real wearability. This 
Christmas, for instance, there 
are some charming dog 
brooches and necklaces in 
patmated silver by Carol 
Mather from £94, or lustrous 
bronze, copper and gold 
ceramic earrings by T.inda 
Jolty, for around £10. and - 
most desirable of all - Esther 
Ward's platinum caterpillar 
necklace for £1,027. 

| lASritnmEFtBSBNTS 


A tnriiy yaag crito me ni a bonfta of be* 
jtfw ofl tana woodetf enflo ALSOTfto 


TbcBnofRoM. 

. ftm&£2S+ £5 defray 
OH « mw an; Q7I -371 0775 

A 

(OC^ ton/Qud 


have connections for external 
speakers and a games joy- 
stick. . . ... 

A set of headphones with 
nffiPrtflMp volume are a must if 
you do not want to listen to 
children playing on the com- 
puter all the time. 

Q: If I get all this gear, can I 
(Bal up (ratine services, cruise 
the information superhighway 
and access fids internet thing I 
have heard about? 

A: No. You need two more 
things: a modem, which 
enables a computer to- send 
and receive fnfbnnation over 
an ordinary telephone fine. Get 
at least a 14,400-baud modem - 
this speed is rapidly becoming 
the main standard. Fax- 
modems will also allow you to 


Then you also need the right 
communica tions software to 
di«i up yud fog into on-line ser- 
vices. Windows comes with a 
basic communications program 
called Te rminal. 

For more information on 
gaining access to on-line ser- 
vices, see Paul Taylor's feature 
on Page UL 

Q: What about home PC 
brands? 

A: Unless you realty know 
your stnff, it is best to stick to 
well-known brands with strong 
warranties, telephone helplines 
and service plans for when 
thing s go wrong. Among the 
well established brands are 
Apple, Compaq. DeU and IBM. 
Others include Gateway 3000, 
Packard Bell. Vigien and So* 
nex in the UK 

Q: Should Z buy from Mg high 
street retailers, computer 
superstores or from maU-order 
firms, such as Dell? 

A: It is a good idea to look 
around first Buy a copy of one 
of the big computer magazines 
such as PC Pius or Persona! 
Computer World then go and 
have a look in Dixons or one of 
the other high-street retailers 
or one of the trig PC super- 
stores such as PC World or 
Byte, if there is one near 
you. 

If you know what you want, 
buying from a well-established 
mail-order company that 
advertises in one of large PC 
magazines can be the cheapest 
and easiest way. Make sure 
you get an order number and a 
delivery date, .then pay by 
credit card. 

However many people feel 
more comfortable buying from 
a retailer or superstore. The 
Mg advantage is that you can 
see what you are buying and 
should be able to try it out 

PC superstores have a wider 
range of and should 

be willing to configure the 
computer to your require- 
ments. 

A high street store may be 
more convenient, but do not 
rely on the sales staff knowing 
what tluy are talking about If 
you have a Mend who knows 
about computers take them 
along too. 


Q; jjo I. need to worry about 
the software? 

A: Yes. All home PCs come 
with operating software 
already loaded on to the . 
masfctatfs bard disk, and many 
brand-name PCs now come 

with «MMnaal free bundled 
software such as Microsoft 
Works, so you can just plug 
the PC in and play. 

With some machines you. 
wffl hare to load the software . 
yourself which can be tricky ; * 
and time c ons umi ng - asp* 
cially on Christmas Say- . - 

Most multimedia machines 

are sold with some games MR. 
ware andCD-Roms included in 
the price. Beware though, the 
games are not usually particu- 
larly hotoncs. 

You may also want to am--., 
adder what extra software you 
want to boy, so the novelty of 
the machine does not wear off. 
on Christmas morning. Far t 
o ld er children, popular games f 
include 7th Guest, Myst and 
Sim City 2000, but there are 
thousands of software and 
CD-Rom titles. - 

Ask friends with PCs what 
software they like, or read . 
some of the xwriews to the pop- 
ular PC magazines. 

What about a printer? . . 

A: You will probably find a 
printer extreme^ useWL These 
are usually made by a different 
group of manufacturers. The 
most Important considerations 
hare are what the printer win : 
be mostly used for, the type of 
printer and tia price. 

If children will be using the 
printer a tot. consider buying a 
colour printer. Colour ink-jet . 
printers can now be bought for . 
around £350. 

U colour is not important, - 
then a good low-cost option is a 
standard inkjet printer from an 
estabUsh&d jnaxusftxttuw su^ 
as Hewlett-Packard, Canon, 
Epson or QttvettL These coat 
around £200. Dot matrix print- 
erg axe cheaper but cannot pro- 
dnee such good print 

Far the highest print quality 
pick a laser. Recent price cute .. 
and technical innovations 
mean some laser printers 
designed for use with windows 4 
software now cost £300 or less. 
Good quality manufacturers 
with low cost models include 
NEC," Panasonic, Star and OkL 

ft What If the machine mal- 
functions? 

A: Branded PCs are generally 
sold with a one-year warranty. 
Check the details. Often they 
are back-to-base warranties, 
which means the PC manufac- 
turer will fix the machine if it 
goes wrong; but the purchaser 
has to get it back to the- factory 
or the shop. 

Some manufacturers (and 
shops) offer extended warran- 
ties. But these tend to be 
expensive and it is worth not- 
ing that most computers that . 
go wrong do so in the first year 
- which is covered by toe basic 
warranty. 

ft Is that ft, then? 

A: Yes, happy computing. 


BOODLES 

at 

THE BROADGATE CLUB 

1 Exchange Place * London EC2 ”■ 
You are Invited to do your . . ! 

CHRISTMAS SHOPPING \ 

in style ' -,'v'T 

on Monday l9tli or Tuesday 20 tk December' -j 
from 1 Lam. to 8prii at Tkc Broadgate Club 


a* 

-y 




- 1 , 


r . 





..»/ * - 

I 

ww ■“ /Ifi 

[ : ■ * 


VH 




* 


z. ■ 

■*mS 


J 


- -f&m 






..■***, 


I anal 






2S 




* fa j. 




: -,a * 







sale will be a vast choice of 
exquisite Christmas, presents in 
gold, diamonds and' pearls. 
Lunch or afternoon tea - .Champa# 


s& 


82 Brito tod. SWA 9Hf 


BOODLE & DUNTHORNE i 

Jewellers 

1 2S Regent Street & 58 Bcompton Road - Knightsbridge * 
. Telephone: 071 437 5050 

No need to reply - Everybody is welcome. 


in 



& IJ5& 














_ FINANCIAL times WEEKEND DECEMBER 


HOW TO SPEND IT 


tar W*** 


ir i 


*:?**:* 


»iH' 

,^'T- 

S^2» •**■■■ 

iZ'&g «■ i 

***. b^S?^ 


amHias, families . . , 
console yourself, 
everybody else’s are 

difficult, too. But. as 
__ Tolstoy might have 
said, it is the difficult ones that 
ge the most interesting. But 
jgf matter how difficult they 
may seem, somewhere there is 
i &ILHe v ’ a urtsentto match. Bare is an 
**£‘ ly hS* 5t arthetypaDy difficult family, 
ta';^ hSj. A-a^JpresaitstDplease them. 

:r-^ -.nebarfess to -- • 


<* Qo» 


\ 




IV 1 


,&i h* 1 * 




iW*4 


"IV 


■: 

-MtH ni?® 
1 Ihi 




■' Hruti 

IjjSr 


*8 P ®* CSS... 

•see 

t,.. 

w ^sfi fvml th*. InL ^, 

ww i-rsRtoi «?|h J 
Ef*f" hn TO «ny. SK , 

f * *USrt-tr :J j, 

tli vlfY-lU* 

^lairii ti .j| ai , T 


•’■' * >i*s§ 

»v v J! lj qjj*^ 

■Jfrv 

s^^ssa 

«.* .... 


****** hnmr 


i't 


i. » 


*1** t> t!:-. i, r., 

^rarKH vt^Ui Mn <-.■ 

tafrfthnfv hrfj o^ 

*- f.ir uv-jt*:: 

*T^tut Amntu' *‘> r 
ftxtrwi 6iran,lt ,^ L . 

J**l IVu orui 

aai*. 

4.._Vi*1c£i ami f.ii- 
li-. 

taof ht|C high 

rdst^^ifr 

«.tw« Mali nntr 
« WKT 

rjtt4 '&r* tn ‘iis-v 
1 nipt v* k >-x C 
«#m*r hiitfK l :jr\ 

. "jf !.Vj 

***( *4?rii *V: .TSi.: 
^ f*f i*iip t-f 

(h «SrWt irf 4i V"'. 

h* 1 - ii<e JV v.iir' 

A* t 1 *' Wvrr+d ;>t 
wv . ?» r.np 


f*i 


M Wli.ii 


-'VS 


recession 

• i ■ b ■ ■ 

: is tfe. 1980s Chaites’ salary 
looked Ek» a telephone num- 
ber. But these days life is 
tougher. The financial tnvest- 
iffBat Sam he worked for has 
gone under, his losses at 
UoyiFs still loam and Charts 

spends _Ms days h£dpizxg to put 
some financial tader into his 
Trine’s catering business,, 

- He does nut often have to 
Trear a suit so anything from 
somewhere tike Racing Green 
(0345-33H77) would help 
restore his fading wardrobe or, 
better still; a pair of stane-col 
cured cords or moleskin trou- 
sers from Hackett or Johnnie 
Baden (081-964 2662). A Thomas 
Ptok shirt would go down weD, 
too, for those days when he 
has to face the bank manager. 

; Now ftat Charles does not 
have to cot much of a figure in 
the office his waistline has 
become rather slack. He- would 
love a ehbtttp. bar at Just £9.99 

- tones up the biceps and the 
torso - from LQlywhites, Plcca- 
dSIy CSrcos, London WL 

Charles loves good things 
but can afford them less and 



«■ ■ 

Happy 


? ™ ”■« db. 

i; r 



■t !,r 'S Tern - he would be thrilled by a 

ii. . .:•■ V k!? q s£i5 flnfily-made Caran d’Acfae pen 

:::: - -nil dhn Tfncm: «HK a onnH 

pr . r 

il 

i 




'If 




.. :;"v’ s « h & ; 

• i ... y- ■ • 

•. ,1 - 

' 

. ' ■ ■•'ti c 

- ■ - ■ 'Vr. cv 


all sttm lines with a good 
strong pocket cHp and a giant- 
steed refill tor £99.50. 

He badly needs cheering up 
so a real boys* own adventure 
would be just the thing. Give 
Mm a day out teaming to be a 
rally driver for £225. (01608- 
678339) 


Perfect gifts for difficult people 

Lucia van dear Post conjures up an imaginary family to offer ideas for presents for real relatives 


• u 


K ■. ,1 


pz 


■mm t4 Utrp- 1Y 

‘W rW*T^*fT i;vj .-, 
*. ,ms ^ 

|^V £•■’*! 

Tvtr*ii«r ?!i:- 
Xift: r T\l : 

/}< 'tk*' ”«i r.ivt 
Wv tn.*tfin f 
' «ti? trt- if ;..jl 
rtw hjfv jj 
r -'.^r jit>>T i; t 
• 'iXrflfijfB/*' 


pr. 

■ ■•■■'i tr ( /- 

rti ira r 
" sn£i" A. 
“ .-.M £};• f' 

■ i 

•: =aU’ ■ 

I*..' (■•> 

■ iiL 


'! :t ;hi' 


‘l * ; 

fc 

■•' - d 

•:> Ki 

■ V flj»« 


we * 






'.(•IT 


* *■ I 

w U'.l -V -v* 

m itr- f : r f r» 


: jc 
’: ■-i-f 

- ■■i 6 . 




■"?' 


Zac and Sky: 
very, very green 

Zac and Sky are concerned 
about the third world, conser- 
vation, over-population and 
waste. Zac is in c ompu ters and 
Sky is an occu pat ional thera- 
pist hut hates if. 

Sky sees herself as an earth 
mother but her concern about 
using up the earth’s resources 
means she only has one child. 
She is worried about ha- Daisy 
Killin g hr front of screens aD 
day /laying down cholesterol 
for hex later years. 

Potter Rangers In-Line 
sfcatesf“the most bap paning 
way to work out”) would be 
good fbr ei^bf-year-old Daisy. 
With aUgh ankle support, soft 
inner linings, strong chassis 
and PVC wheels, they are just 
die thing and at £19.99 a pair 
(from Toys ’R’ Us) Daisy will 
find them, “awesome”. 

- Then Sky loves traditional 
ga me s such as Triotminos from 
Goliath Games. It is, she has 
heard, the perfect family game. 
It encourages ‘interactive 
play” something Sky is very 
keen an; It wan the Game of 
the Tear in the Netherlands 
and far just £9£9 ought to give 
a lot of bonding. 

. Daisy wm .certainly find an 
Urban Forestry Et, £259 from 


Natural Fact, 193 Sing’s Road, 
Iifmflqn SW3 (man enter 071- 
352 4283) in her stocking. The 
kit consists of three seedlings 
to plant to help prevent global 
warming. 

Sky herself would love 
almost anything from Natural 
Fact , 192 Ring’s Road, London 
SW3 - an ecru towelling robe 
at £4959 or Acca Kappa natu- 
ral straw massage slippers at 
£30. As for beauty products 
(not that Sky uses than much) 
Green Things, 70 Chalk Farm 
Road, London NW1 is the 
place. 

Sky believes in fair trade and 
loves anything with an "eth- 
nic” label Kashi (294/5 High 
HoLbom, London WCl), for 
instance, has hand-made 
papier-mdche decorations, chil- 
dren’s wooden fig-saw puzzles 
at £6, and -silver-plated wine 
glasses from £150, all made by 
extremely poor women in 

Tniito. 

Janet: stressed 
single mother 

Janet is In her late 80s, a media 
person with an independent 
TV company and, as if that 
was not stressful enough, she 
is a single mother to seven- 
year-old Simon. She is busy, 
busy, busy. She never has time 
to shop so what she needs are 
presents to soften her home 
and thing s for herself. 

Give Simon a PGL Adven- 
ture holiday weekend (£79 plus 
insurance 0989-764211). Simon 
would have a ball and Janet 
(dearly as she loves Simon) 
would love a weekend to her- 


Boom KS 


t ?■-! ' i il‘ 


fc . . 


• 4 

A - 


r j « | , ,_■ - . r -. 




iKir- 


i. ‘ 


7i 




... f 


i‘n;, 


V^.5 I •- ■' 


4 

I 

v."- 



v 



v 


4 


T HKST SIGHT 


! •!, ! i:. '.. ! 


« m m 

- ■ • " ■■ # ■ 


i • 


■ y 




•■, v*> 


“ V - - I - . 
-■VI - 


■ ■ i 


% * 


it 




i ' ; .. • ■x. 


j -: t 


\ ■ .. 
?■■■ 


v **' - 

i >• ‘ \ 




t ’w r 


i r \ ' "* i ! ■• 1 I : • ‘ 1 • 






self She could indulge in all 
those new age therapies she is 
so keen on. She would love a 
voucher, for aromatherapy 
(Aromatherapy Associates 
071-731.8129, £38 a session) and 
she is always worried that she 
never has tone to pretty up the 
hoime.so fresh flowers arriving 
regularly would do wonders fhr 
har morale. For roughly gififl 
Parterre (071x323 1623) would 
send a bunch of seasonal flow- 
ers once a month for six 
months (delivery , charges vary 
hut in the London area would 
be about £3). 

Charles badly 
needs cheering 
up so a real 
boys’ own 
adventure 
would be 
just the thing 
for him 

Jewellery, if you get it right, 
is always a good present A 
multirstranded pearl choker 
from Coleman Douglas Pearls, 
97b Drayton Gardens, London 
SWIO (starting prices £380) or 
one of thefr huge peart cuffs 
(from £480) would be wonder- 
fid. She has also had her eye 
on Sandra Gronan's collection 
of finer jewelleiy at 18 Burling- . 
ton Arcade, London Wl - in 
particular her aquamarine col- 
let necklace at £850. 

Jana* WfcrftR glam rinBws — 

toe is, after an in a visual busi- 
ness - so anything from 
Browns, South Molten Street, 
London Wl would be appreci- 
ated. She hankers for Mulber- 
ry’s ChemPe coat at £495 or a 
delicate devorfe scarf by Cam- 
illa Ridley (small ones are £99 
but the luscious shawl-sized 
ones are £249. ..find them at 
Hatreds, liberty’s. Space NK). 

Henry and Rose: 
need spoiling 

Bose, dear Rose, has spent the 
last 20 years looking after the 
four children, tending the 
house; doing the flowers in the 
p^fTirh nn Sunday while Henry 
hppn fepniWng hk p ati fflt ff 
as a co unt ry GP. They are both 
unaccustomed to spending on 


themselves - what with four 
lots of school fees and their 
youngest son’s surprising aca- 
demic success (what was Ms 
PhD all about? They never did 
quite get a handle on it) 
required years of parental sup- 
port, and then the grand- 
children coming along, the Old 
Manor House is looking a bit 
shabby ... as are their ward- 
robes. 

So Henry and Rose are easy 
. . . spoiling is what they need. 
Rose would love a black cash- 
mere tunic sweater which can 

be given a demure elegance by 

the addition of heavy ivory afik 
detachable collars and cuffo 
(£285 from Madeleine Hamil- 
ton, Chichester Rents, Chan- 
cery Lane, Loudon WC2A 1EG 
and 94 Richmond Avenue, 
Islington, London N1 QLU. Man 
order 071-833 3888). Or she 
would love a heavy matt silk 
shirt with double cuffs (£75 
from TJd. Lenin, 103-196 Jer- 
myn Street, London Wl). 

These days Rose has diffi- 
culty keeping track of her spec- 
tacles - so her grandchildren 
might give her some pr e tty 
haematite headed spectacle 
rapes to hang them around her 
n«*.lr At £1959 a firm* (includ- 
ing p+p ) from Crystal Eyes, 12 
Bearish Road, London SW15 
IDG (081-789 3528). IF Henry is 
feeling rich he could give her 
one of the beautiful antique 
lorgnettes car opera glasses sold 
by Optika on the Lower 
Ground Floor at Harrods (not 
cheap --anything from £250 
upwards - but very special). 

Asa girt Rose was a promis- 
ing artist and now at last she 
has time to start doing water- 
colours again. - toe would love 
the drawing pad holder, beauti- 
fully encased in leather, by 
Papyrus (£9750, 48 Fulham 
Road, London SW3 6HH, 071- 
584 8022) and if somebody is 
feeling generous there is a 
pa int brush tube with a water- 
proof lining that fits QU tD it 
with a strap for £9750. 

Rose likes jewellery. Caro- 
line Hhnripg 56/57 Bwindiamn 
Place, London SW3 (071-225 
3197) is her sort of shop and 
this winter it has marvellous 
antique-looking diamante 
chokers and earrings as well aB 
some dashing leopard skin 
gloves which would wake up 
the siflpsmpn ]n the local 
church on a Sunday morning. 

Henry has seen too many of 
his patients slide into an 
unhealthy late middle age so 


he is making determined 
efforts to take his shape in 
Hand- A pr ariaWm- mafla march- 
ing co m p a ss with a luminous 
dial and a magnifying sight 
lens at £1455 (from Presents 
for Men, 01295-750190) would 
lend ins walks some interest 
So, too. would a pedometer 
which dtps to toe waistband 
aaifl measures to*? distance cov- 
ered, a pp ro xima te number of 

steps tefcaw amfl ralmrfo fi O0U- 

sumed. By Spcrtsline at Lflly - 
whites, Piccadilly Circus, Lon- 
don Wl, £1959. 

Henry loves single malt 
whisky or, at the end of one of 
Rose’s splendid diners, some 
cognac (get him an ZO Cognac 
at £90). A classic from Talking 
Books for when be is driving 
round the cou ntrysi de would 
go down wefi (make sure it is 
unabridged for Henry knows 


bis classics), as would some 
very fine tea. 

Nigel: dashing 
in advertising 

Nigel is in bis early 30s and 
really rather (though 

not quite as flashing as he 
would tike to be). Muto to toe 
bewilderment of his masters at 
school who remember him as 
rather lightweight Nigel is 
doing very well in advertising. 

Though Nigel has had a 
mobile for some time he is 
rather bored with the bulge it 
makes in his Paul Smith suits 
- he would love the little Sony 
("smaller then a pack of 
playing cards," he read some- 
where) mobfle. He knows it is 
expensive (anywhere between 
£200 axri £400 depending an the 


discounts) but it would be just 
the thing. 

In the 1980s his bathroom 
was full of premium-priced 
lotions and potions but now he 
is wary of glitzy names selling 
what he refers to as “coloured 
water” and goes for classic 
lines which he likes to think erf 
as "his”: Chanel’s "Pour Mon- 
sieur”, Givenchy’s “Gentle- 
men” or anything by Geo. F. 
Trumper are the classics he 
likes. 

In the 1980s he would spend 
hours watching American foot- 
ball but 1990s man supports his 
local soccer team. So he would 
love a video of his favourite 
dub (Arsenal Spurs, Chelsea 
. ..they are all doing them). 
He has intellectual pretensions 
so a video of a French classic 
movie would please him. 

Nigel eats out rather less 


Hwn nnr«» he did »»fl is into 

cooking - kits of pasta which 
satisfies his seed to feel cre- 
ative without taxing it too 
severely. A proper Parmesan 
grater would go down well 
(£12.75), as would a terracotta 
egg-tray for £6.75 and an 
espresso maker that goes on 
top of the cooker with a 
reranric pot on top around £20 
or sweet little aluminium 
knives at £355 to £455, just 
right for spreading tapenade 
an his crostini. AH from The 
Conran Shop, MicheUn Hou se. 
Fulham Rood, London SW3. 

He is, of course, highly com- 
puter literate and would not 
move without his laptop. But 
he is the first to admit that 
computers are not things of 
great beauty. Mulberry under- 
stands him perfectly end has 
produced a laptop computer 
case in brandy harness-leather 
with solid brass fittings which 
would be just the job for £395. 

Sophie: 

Daddy’s girl 

Sophie has just turned 19 and 
is not what you might call aca- 
demic. Her A-levels, much to 
Daddy’s displeasure were not 
up to so after her secre- 

tarial course she took a nice 
little job in an art gallery. The 
salary is poor but sbe tikes the 
slight whiff of bohemian glam- 
our attached to it (after all 
Lady Helen Windsor did all 
right, didn't she?) and they do 
not mind if your lunch-hours 
drift an a bit 

She would really like any- 
thing from Nicole Far hi 
(Chanel is, dare we say it, just 
a little pass6 tills Christmas) or 
APC (130 Draycott Avenue, 
London SW3) and what she 
would like in particular is a 
silver tunic or leather-wrap 
mini-skirt Then she has her 
eye on an absolutely plain 
polo-neck wool body from 
Donna Karan’s DENY range at 
£79, any accessory by Patrick 
Cox (8 Symons Street, London 
SW3). 

She longs to own a Discman 
(about £200). Now that toe has 
to be tolerably organised for 
work she would like a black 
patent Bill Amberg rucksack to 
hold her personal belongings 
(£70 from Harvey Nichols but 
there is an excellent cheaper 
version at Debenhams tor £35). 

She has always longed for a 
silver jig-saw ring £144 from 
Georg Jensen, 15 New Bond 
Street. London Wl or silver 
pen from Tiffany which would 
fit into her FDofox (£34). 


he"? • y * jf’* 


’■ OHi ■!**(/« 

v ' 

•• ■ v - 

■ s$F N > " #■ *Vf V 

. ■ * 

#■; '«»‘V ■ ♦ 

. ■ L £ vS 8 “V." : Jfr - Vi 


s ' 

■Ji ' # v* ..vy - f 





*j£fi 

\> ’.A".” • J * m *!Z»4 




y* 




LE TEMPS 


CHAN 



STAINLESS STEEL WATCH AND BRACELET. SWISS CRAFTSMANSHIP. 

CHANEL BOUTIQUE - 2fi OLD BONO STB SET LONDON Wl CHANEL BOUTIQUE 31 SLOAN E STREET LONO0N Wl 
MAPPIN • WEBB • REGENT STREET - LONDON Wl GEORGE PH AG NELL LTD JEWELLERS STRATFORD -UPON -AVON 
WATCHES OP SWITZERLAND I OLD BONO STREET LONDON Wl WATCHES OF SWITZERLAND • 17 RING STREET • MANCHESTER 


» • 

• t 


1 ". 


r 

i 





VI WEEKEND FT 


FIN ANdAJL TIMES 


WEEKEND DECEMBER 1 7/PECEMBER 18 1994 



' 

;■••■' * *^i?i 

tri^y |£k*\ <-• 

*:1 r25£S 

;is 


*•&?%£& 

l k 

V-in&x 

ff ". 

>.< _••'■ i : 






: .'t -.r • :•'' 

1 •/' ' 4 ; V A-?- *•' ■;<■- 'V 

,v-'- ;, ; ; : ‘.'..v.^ 


'- '.<■"• ■• 
■ j V f *- 'i . i- f, - V. . - :>. 5i: 

••• . V -7*: '...'' ' • 


* f V." V--.-T 


hackett 

LONDON 


Essential 
British Kit 

137- 1 JS SLOANE STREET 
LONDON SW[ 
ft? I -73«.» 3331 

JERMYN STREET 
FULHAM AND THE CITY 



FASHION 


Party dresses for the 
smart young things 



Avril Groom on what the under-sixes are wearing 



T he entertainment is 
about to begin. The 
girls are twirling 
and preening, 
checking out each 
other’s velvet and lace. The 
boys are already loosening 
their bow ties and blaming 
mummy for forcing them into 
tight-butimifid shirts. 

This is not a corporate 
Christmas dinner but a smart 
tots’ party in a Kensington 
townhouse. This is the domain 
of the competitive pre-prep 
school mother. The duels that 
start with fur coats at dawn 
outside the school gates can 
too easily escalate with the fes- 
tive season into full-scale p arty 
wars. The end may be provid- 
ing evermore magical experi- 
ences far innocent children but 
the means sometimes run Into 
extremely conspicuous dis- 
plays of consumption. 

At some parties the children, 
seated formally round tables, 
are waited on by the hostess’s 
s taff. The latest wheeze is the 
“limo party”, where a number 
of dressed-up little girls pile 
into a stretch limousine and 
are driven round town watch- 
ing videos and taking in. attrac- 
tions such as a mru»mn or a 
burger resta u rant If the party 
is held at home a huge fantasy 
cake, costing perhaps £400 and 
which no one will eat, is the 

Centrepiece. An entertainer is 

de rigueur. aided and abetted 
at this time of year by both 
Santa Claus and costumed 
"characters”. 

The usual form is for the 
children to arrive with their 
nannies, who are offered cham- 
pagne; and for mothers to 
malm an app pflrtmrg at the md 

in order to thank the hostess. 
Country parties follow a simi- 
lar, if more low-key, pattern - 
the cake may be made by a 
famil y retainer rather than 
Jane Asher and a glass of wine 
next to the Aga tends to 
replace the champagne and 
white shag pile. 

In either case there are, 
according to one veteran of 
such rituals, two factions - the 
modernists and the traditional- 
ists. Tins means, broadly, that 
the ‘•characters” and the con- 
tents of the essential party 
bags will be inspired by Disney 
or Beatrix Potter respectively. 

One aspect, however, is com- 
mon to alL Dress is always tra- 
ditional and nostalgic, involv- 
ing yards of net petticoat for 
girls and white shirts and 
breeches or long shorts for 
boys. The only difference is in 
the amount of glitz. South west 
London leans towards plain 
velvet or smocking whereas 
the capital’s northern suburbs 
favour gfft buttons and lace- 
ruffles. Similar styles appear at 
children’s parties in Paris, 
Milan and New York because 
what is perceived as the tradi- 
tional British look has become 
the universal standard of spe- 
cial nnflflsirm children 's clothes. 

Its origins he in media por- 
trayals of royal children, 
whose formal style has 
scarcely changed for genera- 


m * 



Left: □ Bm*wr in i wpb wry bcfcd wool e m broid ere d jacket, E312S, 
rwecfleeord skirt £1525, whfta cotton sfiH; £1065, velvet hat, £14*95, el 
from Laura AshJqy. Green tights, £10 ton Young EngtauL Green shoes, 
£2200 from Or Mariana, Kkig Street; WC2L 

□ ffight Natasha in burgundy and greed fefted wool embroidered jacket, 
£49 l 9S, neetfeconf stdrt, £2030, both from S effri d gee, Oxford Street; VHL 
Cotton Mouse, £19 j 05 from Laura Ashley. Tights, £11.50 from Young 


□ Teddy, £125 bora Hatreds, KnUrtsfaridge, SWI 


turns. Andre Dur and’s recent 
portrait of Princes WQHam and 
Harry in T-shirts and trainers, 
however ridiculed by the art 
establishment, was probably a 
more sartorially accurate por- 
trayal of what goes on in most 
homes but the public percep- 
tion of aristocratic children in 
party wear and smocked frocks 
has brought considerable com- 
mercial success to the original 
purveyors of such items. 

The White House, in New 
Bond Street, London, speci- 
alises in hflnii/minhflri clothes 
which are almost children’s 
couture and numbers tourists, 
arrivistes and indulgent grand- 
mothers among its customers, 
along with the greatest fami- 
lies in the land. These are 
clothes which largely aim to 
please the giver or the parent 
rather than the children, who 
rarely appreciate the finer 
points of exquisite fabrics and 
perfect execution. Slightly sim- 
pler, but also geared to an 
export market with an insatia- 
ble appetite for British tradi- 
tion, are clothes from Bur- 
berry, Daks Simpson and 
Scotch House. 

British mothers are more 
inclined to shop at department 




REPOSSI Si Co 

JOAILUERS 




' sr 

V> •: ? 


< * ■ 

/•s * 


-A4 

+* : 

• -- v ;-w: : : : :c : \>-« : x* - . y- 

w X-: 

• *$ : x- ,: x : : : :-x : x %i .:.x : < 

• i 

'A: ” 


S-.xi;- 

’» V V.x-x : : x. 
: & \ 


* ^ M 1 ‘ + I % '*& • 


#-» v-r* 


.. -.-•>* : : 

? * 


a‘ : 


S^fUn md CWnl NedUKr Srt fa WWr tod 

Recently opened at 174 New Bond Street, London WL 

Brochures available on request 
Telephone:- 071 491 0673 

Prices start from £200 

Also Available exclusively- 
The Zo lotas Jewellery CoQection. 


For the most ghmjnrot'S li?i<*erie 
and )u f >hizz'ear this C bnstmjs. 

Open every weekdav froir. 9am - Kpm 
Saturdays 9am - 6pm. Drinks from 5pm 

'ii-ic* /\r'y,: r. 2 Ftt ut'.o/.rxn P-u :'t. L r > , . , /7 / »?. r o VC'.T ; ; Y O 
Tel: ;7 1 

.‘1 y. li..-- r-r . r| f.T l mil il i\ ri'/'-'f ' r. r -' ■: ;i 9 — .7 r y. 

. i ;.•••• • u : i : r; P y-. //': . v s ?; - / • »j ■> v 
j” .•> /' r i J-nrt -a • r : .1 .< i i ?■ 1 ■: f !■ ■ ■ ■ # •= vi-*- ■ • • i • 


stores or small, upmarket 
shops such as Young England 
owned by former royal nanny 
Barbara Barnes. Trotters, 
owned by Sock Shop founder 
Sophie Mirman, Patrizia 
Wigan, Bcnpomt or the small 
Jacadi chain. The latter two 
are of French origin and their 
neat-collared, small-check 
dresses and shirts and Tyrole- 
an-style knits show that in 
children’s, as in adults’ fash- 
ion, the European version of fe 
style anglais is often more chic 
than the home-grown variety. 
Emporio Armani, Ralph Lau- 
ren and The Gap are other styl- 
ish imports. 

As fashionable children’s 
names filter through society, 
so do their clothing styles, so 
that today party frocks and for- 
mal Jackets pack the rails of 
chain stores alongside the 
denim and the sweatshirts. 
Lama Ashley’s redefined "Brit- 
ish Heritage” hnag B hag hawn 
highly successful In their 
Mother and Child departments 
and the style has found an 
echo at Marks and Spencer, 
Next, BhS and - for chQdren 
up to five years - Boots. 

Yet the lavish party is - like 
most aspects of childhood - 
Just a phase, whose pegging is 
a source of either regret or 
relief to parents. Boys lose 
interest first, both in dressing 
up and in behaving with deco- 
nun. 

Barnes says she stocks little 
for boys over six "because 
their mothers cannot persuade 
them out of sweatshirts and 


At around the age of eight, 
girts go from fairy princesses 
to grange queens, seemingly 
overnight Then you are into 
the wasteland of black danim 
and Dr Martens, from which, 
with luck adolescents emerge 
into black tie and evening 
frocks around 1SL 
My son, aged 12, recently 
received his first invitation, to 
a pre-teen balL But he ami his 
friends decided to pass on a 
grown-up, late night out 
because the card suggested ties 
might be worn. Life may cur- 
rently be cheaper but the wist- 
ful nostalgia evoked by 
wideeyed tots in pretty party 
gear cannot be denied. 



From tore □ Bryhar fa groan rehwt tbrei wHfa aaSn s—h and hwa ooflw, £425, from The White Houre, New Bond Streat , W1. S hore s £38 bow BucMa 
my Shoe. □ Sadia fci buegnsfy velvet watoteoat, CM AO, breeches, £2&S0, bo» from Harroda.KnIgh t8b<kt ge. SWI. Slfc tSWetm eNrt, £80 from The 
W W W Houn. Socks, E7 from Young England. Loafers, £42 from Buckle My Shoe. □ Natasha ki claret vetret dress wffli tece trim, (£11 8 from 
SeMridges. Tights, £11.50 from Young England. Shoes, £S2 from Buckle My Shoe. □ Teddy, £17.50 from Rnog HoCow. Rebhtt. £86 from Scotch Ho ure , 


*3 > ' - 



From Mb 

□ Sacha In rad cotton knU 
sfip-on, £18 from Gap Kids. 
Red tartan Vfyala shirt, £19199, 
groa n cord bre ach e s , E14J9, 
both froni Trotters, Khgs 
Road, SW3L Sock, £7 from 
Young England. Shoes, £1299 
from BhS. 

□ Bryher fri blue tartan 

£152 from 


from BhS. 

□ Natasha In rod tartan VfyeBa 
from Scotch House, 


□ Wooden Arts £7A9 and 
£21.50 from Flog HoSow. 


Hair and grvomi n g by Merit at 
Joy Goodman. 



CERRUTI 1881 

MENSWEAR COLLECTION 

SALE 

STARTS TODAY 

. AT 

76 New Bond Street London W1 

Tel: 071-493 2278 


Waterproofs^*^ 

wrfi an interdumgeable seed bracelet and leather straps , fro 


from £1100. 



m • ■■ , 


JEWELLER SINCE 1$58 

BOUCHERON 

180, New Bond Street - London W1Y9PD - Tel. : 071 493 0983 


j. 




f 


3 



1 


u ■ 
* 

















\lpjl tit* l&p 




FOOD AND DRINK 








So»o- 

iHae^ !««<■■. CSsM^f 



.**£ C si*-’- l .£■?*.• 


A 



Something to go with 
the kangaroo fillet? 


J ust back from 10 days in 
Australia . and what 
sticks in ray mind? The 
Juiciest fruitiest little 
oysters I have ever had 
in my life, from the west 
coast of South Australia and 
now feared as commercial 
rivals to the Sydney rock ver- 
. gjnns; a honed, spiced quail git- 
(fag on a couscous salad with 
fresh data- chutney; meBtingiy 
tender kangaroo fillet in «*iirn 
and Mack bean sauce .. . . 

Oh, and 1 believe I washed 
down Australia’s dynamic new 
f irfafafl with the odd glass of 
wine - some of it just as excit- 
ing and Tnotdd-faraaking- Come 
to tftfak of it, I do not thinir i 
drank ,a ; . single overtly oaky 
Chardonnay - the wine style 
with which the Australians 
wooed fiw now-infatoated Brit- 
ish — the whole tim^ i was 
there.'-:'' 

Australia continues to refine, 
its wine styles. Over-oaked, 
heavy Wines are becoming a 
thing of the past - in fact, 
within Australia, oak is now 
seen as an enemy to be farmed 
Many wines are sold with 
the word '“imoaked" on the 
label, typically carrying a price 
premium above Chardon- 
nay. 

The cheaper product’s fruit 
is often given “oak flavour” by 
oak chips rattier than by matu- 
ration in barrels, which can 
cost as much as AJ1400 (£460) 
apiece once they have been 
shipped from France, although 
fiie Australian wine industry is 
one of the better customers of 
the American oak barrel busi- 


Jancis Robinson begins a two-part look at Australian wines 


Australia’s new pride in its 
widely planted Shiraz (the 
Rhhne’s noble Syrah) has been 
a delight to behold - and I 
even got the faint impression 
that Cabernet Sauvlgnon was 
out of favour, although admit- 
tedly I spent most of my trmp 
in the Barossa Valley, Austra- 
lia’s Shirazafiire. 

Another noticeable trend is 
that Australia, like California, 
is developing its own band of 
Rhine Rangers, producers 
cherishing other vine varieties 
wimmonly - if in same esses 
erroneously - associated with 


V S ooks who have 
m - cooked more 
■ Christmas turkeys 
E" ' j than they care to 
remember often 
dream about, and may even 
plan on, serving something dif- 
ferent on December 25. But 
when it wtmaa to the crunch 
the conservative will of the 
family nearly always wins. 

Ah wall. Console yourself 
with the thought that if you 
give in and stick to the inevita- 
ble bird and all its trimmings 
that large family gatherings 
seem to expect and demand, at 
least the Christmas day mood 
in yoor household will be more 
peaceable than in those in 
which novelty has been farced 
an the natives. . 

It is only when small, groups 
of like-minded adults join 
farces, and children and grand- 
parents are notably absent, 
that alternative Christmas cel- 
ebrations stand any real 
chance of coming to happy fru- 
ition. 

For those who have managed 
to escape the year-in year-out 
routine, here are some cele- 
bratory suggestions that centre 
on seafood rather than poultry. 
Those committed to the same 
old Christmas menu as usual 
might like to save these ideas 
far Janu ary d inner parties. 

DOVER SOLE WITH 
OYSTERS AND MUSHROOMS 
Three good size Dover soles are 
enough to serve four people as 


F lemish chef Roger Sou- 
vereyns has been 
crowned king of Bel- 
gian cuisine on his 
56th birthday. Souvereyns, 
owner of Scholtesbof restau- 
rant in Hasselt, was awarded 
19 J out of 20 in Gault-MlHau’s 
guide to restaurants in cantir 
nenlal Europe. 1995. That rat- 
ing, the highest Gault-MUlau 
ever gives, earns him the title 
of Chef of the Year. Hie has two 

Michelm stars. 

From your table in the res- 
taurant, you can watch Souver- 
eyns in the kitchen, composing 
carefully' concentrated fla- 
vours. He works closely with 
Nicolas Santi, his young 
French sommelier, who this 
year won the title of Best Som- 
melier in Belgium far French 



Vtns de Bourgogne 
For stockists, 
teh 071-409 7276 


France's Rhftne Valley. As in 
California; Grenache and 
Mataro (aka MburvSdre) were 
scorned as Cheap workhorse 
varieties for years, until their 
respective direct links with 
ChSteauneuf-ttu-Pape and Ban- 
dol were recognised. 

Today dry-fanned (non-trri- 
gated) GrextachB from the Ww* 
of Rockford and Turkey Flat 
(grape-grower Peter Schulz's 
fruit made at Rockford) is 
offered with pride in the 
smarter restaurants of 
Adelaide, Sydney and Mel- 
bourne. Another cult wine Is 

Australia is 
now a 
seriously 
useful source 
of well-made 
sweet wines, 
typically about 
£7 a half bottle 

RBJ Theologicum, a gamey 
blend of Grenache and Mour- 
vftdre from the Barossa (the 
1996 is £7.49 from the Austra- 
lian Wine Centre). 

And was it my hopeful imag- 
ination or was Riesling actu- 
ally making a comeback as 
opposed to being about to? 
These racy, dry wines make a 
great alternative aperitif to 

champa gna 

Certainly Australia is now a 
seriously usefbl source of well- 
made sweet wines, typically 
about £7 a half bottle, that can, 
often should, be drunk young: 
They are not desperately popu- 
lar in Australia itself and so it 
is up to us to encourage their 
producers to continue with this 
painstaking sideline. 

In Britain there are still 
scores of . beautifully made 
wines to be fbund in the price 
bracket Australia continues to 
do best, £5-£10ish a bottle, and 
a high proportion Of them are 
sold by the Australian Wine 
Centre (AWQ. Tel: 0600-716883 
unto. December 22 at 50 Strand, 


London WC2 and afterwards 
by mail or der only. 

■ WHITES: 

O Primo Estate Colombard 
1994, £5.99, Australian Wine 
Centre (AWC). Charmingly 
idiosyncratic wine from 
a grape variety that is usually 
dun as dttchwater, but m the 
hands of Joe GriUi (the 
'‘Joseph” of the cult red wine 
Moda Amarane), these gr ape s 

ripened under the merciless 
sun of the Adelaide P lains 
become a full-bodied, spicy, 
fruity, dry white. 

□ Stafford Ridge Lenswood 
Riesling 1991, £6.75, Adnams 
of Southwold; £6.99, AWC. 
Geoff Weaver releases his Ries- 
ling late, and here is the clos- 
est the Adelaide get to 
Alsace. Definitely dry (which 
not all Australian THaaiiwgpy 
are), long and kerndecenteti. 

□ Chapel ffiH Eden Valley 
Riesling 1993, £6.49, AWC and 
Bottoms Up. Pure, long, 
intensely aromatic. 

□ St HalletPs Chardonnay 
1993, Tesco, Thresher etc, 
£7.49. Big, broad Barossa-style 
of Chardonnay but with 
enough subtiety to convince an 
extremely experienced Burgun- 
dian blind taster that it was 
made with French and not 


.□ Ironstone Semilion Char- 
donnay, £549, Majestic, Full- 
ers, Cellar 5. Truly interesting 
South Western Australian that 
smells of tangy Samflltm, but 
has the weight of carefully 
grown Chardonnay - a less 
expensive label from Cape 
MenieHe. 

□ Rothbury Hunter Valley 
Chardonnay 1993, £540, Odd- 
bins, Davisons and Marco’s 
shops around London. First- 
class value for medal-winning 
liquid gold. Buy lots of this 
vintage; the Hunter is suffer- 
ing dreadfully from drought 

□ Petaluma Chardonnay 1992, 
£949, Oddhlns. Very good 
price for this level of sophisti- 
cation from the cool Adelaide 
Hills. Great delicacy for the 
moment, but this one is worth 
hanging on to until the four to 
eight-year-old "d rinking win- 
dow” recommended by its 
maker Brian Croser. 


□ Shaw & Smith Reserve 
Chardonnay 1993, . £10.99, 
Winecellars. Textbook early- 
1990s barrel-fermented Char- 
donnay. ■ Where will fashion 
take us from here - back, to 
matchstichs In pineapple juice? 

□ Henschke Craft Chardonnay 
1992, £1145, Lay & Wheeler, of 
Colchester, Essex. Savoury 
oak, appetising. A third fine 
Chardonnay from the Adelaide 
Will* 

□ Primo Estate Botrytis Ries- 
ling 1933, £749 a half, AWC 

and Harvey Nichols, London 

SWL Pure but not far purists, 
as this was made by Inducing 
the botrytis mould at the win- 
ery rather than in the vine- 
yard, but far me it is a delight- 
fully racy sweet wine without 
the clout of a Griffith SemiUon. 
■ REDS 

□ Peter Lehmann Vine Vale 
Shiraz 1992, £3.99. OK, so it is 
less than £5, but do not cam- 
plain, just enjoy the oomph. 

□ Chateau Reynella Basket 
Press Caberaet/Bferlot and 
Shiraz 1992, £6A9 each from 
Oddbins. Evidence of Austra- 
lia's new pride in "old-fash- 
ioned” wine technology. 

□ Chapel Hill Cabernet Sau- 
vfgnoo, £749 Tesco, Thresher 
and £849 AWC. The AWC will 
soon have some of Pam Hans- 
ford’s miraculous 1992 vintage, 
which was voted best of the 
best at this year’s Canberra 
show. It is deliciously suave 
and persuasive now but should 
get even better. The 1991, 
which Tesco is selling at £749, 
during December, is also worth 
taking seriously and it is 
expected to stock the 1992 next 



v, ■ j 


+ r + + - 




t ...ij , ^ 


nc 




kt(, 





□ Cape Mentelle Caber- 
net/Meriot 1992, £7.49, Majes- 
tic. This is the bargain, from 
the Western Australian arm of 
the company that brought you 
Cloudy Bay, although alcohol 
freaks should be thrilled by the 
zany Zinfandel 1991 stocked by 
Adnams of Southwold at £345, 
and bargain hunters may pre- 
fer the cheaper Ironstone label 

□ Coldstream Hills Pinot Noir 
1993, £8.49, Oddbins. Lavishly 
refinanced and on a medal-win- 
ning roll. this Victorian winery 
run by the wise writer James 



r _ 


* ••• : : •' ..- y-. . ’ r v. 

\ • • •••■ f: ■■■ * ~**' *‘ . 


Vineyards In the Barossa Valley, AustraSa's Sh ha—hfc a 

HaHiday has Australia’s surest HCriot/Cabernet 1992, £1245, 
touch with the red burgundy Lay & Wheeler. Very superior 
grape - although Bannockburn stuff, apparently designed to 
can be damn fine too, as indeed win over those who find most 
is the Tasmanian Freycinet Australian reds just too big. 
(join the waiting' list oh Box- □ Yertogberg Cabernets 1990, 


ford Wine, 0787-210187). 

□ Henschke Abbott’s Prayer 


£13.75, Bibendum of London 
NWl. Gorgeously fashioned. 


serious, glossy, fine claret from 
the Yarra Valley. 

□ Yarra Yering Dry Reds, 
£1649, Oddbins. Majestically 
idiosyncratic, just like its 
maker, the donnish Victorian 
Dr Bailey Canodus. 

□ E&E Black Pepper Shiraz 


Cookery / Philippa Davenport 


Let s not talk turkey this year 


a main course, or six as a first 
course, but as this is Christ- 
mas I would use four fish. Ask 
fho fishmong er to ^kfn and fil- 
let them for you and bring 
home all the trimmings - 
essential flavourings for the 

MTIWI 

4 plump Dover soles; 1% 
dozen o y st e rs; 4-6 oz chestnut 
mushrooms; % pt double 
cream; - 2 tablespoons Noilly 
Prat; half a lemon; 2 tbsp 
chopped parsley. 

sfrmtwn- the fish trimmings 
and mushroom stalks in lV&pt 
water far half an hour. Strain 
and reduce to %pt to concen- 
trate flavour. Just Vtpt is 
needed far this dish. Save the 
remaining Kpt far another day 
(you could use it, for example, 
to make the scallop add squash 
ravioli recipe given below). 
Boil the Noilly Prat until 
reduced by half , mix it with 
ttpt of the stock, season lightly 
and reserve. 

Sfice the mushrooms, put 
them into a small saucepan 
with the cream, some sea salt 
a nd a grinding of pepper. Half- 
cover and bring very slowly to 
gfaunering point. Remove the 
hd and simmer far about 10 


minutes until the liquid is 
somewhat .reduced and sticky. 
Stir occasionally during this 
time to prevent a skin from 
fo rming . Set aside. 

Shuck the oysters. Lay the 
sole fillets to a b u tte r ed gratia 
dish and pour the oyster juices 



over them. Add a grinding of 
pepper and a squeeze of lemon 
and lay butter paper over the 
top. (Everything up to this 
stage can be done ahead.) 

Cook the fish on a pre-heated 
baking sheet in the oven at 
375*F-400°F (190 # C-200°Q gas 
mark 5-6 for 5-6 minutes. 
Transfer the fish carefully to a 


Appetisers 


wanned serving dish and keep 
hot while you finish tie sauce. 

BolL the sole cooking liquor 
far a minute or two and gently 
reheat the mushroom cream. 
Add the first to the second and 
bring back to simmering point 
Continue simmering briefly if 
needs be to achieve good con- 
sistency. 

Chop the oysters roughly 
and slip them into the pan. Stir 
to immerse them, then quickly 
cover with the lid and turn out 
the flame but leave the pan 
where it is far 5 minutes. That 
way the oysters will heat 
through without danger of 
toughening. 

When time fa up, check sea- 
soning, spoon the creamy mix- 
ture over the fish and sprinkle 
hghtiy with parsley - like a 
green backbone down the cen- 
tre of the dish. 

SCALLOP AND 
SQUASH RAVIOLI 
Decorative and flavoursome, 
this will serve six as a not-too- 
substantial main course. To 
make mare of a meal of it add 
extra scallops or large raw 
prawns freshly grilled. If possi- 
ble enlist a pair of helping 
hands for the final stage of 


Chef s accolade 


wines. Says Souvereyns: “For 
me, the wine is as important as 
the food. If the wine does not 
hfllp nce the food to its flavours 
and spices, it can kill the dish, 
and the reverse is also true.” 

Scholteshof, literally the bai- 
liffs house, is an 13th century 
manor to Limbourg, Flanders, 
near the Dutch and German 
borders. Souvereyns has 
attracted a loyal following of 
cross-border diners. 

The restaurant is set in 
grounds planted with' a maze, a 


WANTED 

Wo wffl j»y KictioiL banner pricn 


Patrick Wilklnon 071-267 1945 
or Arc 071 284 2785 

WLKINSON VbfTNBIS Lmtth) 
nmlMne Mmhanb 
coMMtoo Mumfcn mnzslm 


vineyard, orchards, a tradi- 
tional herb and vegetable gar- 
den, and a lawn with an orna- 
mental border, pond and 
gazebo and is about 45 miimtea 

from Brussels. 

Scholtesbof is refreshingly 
relaxed. If you want to drink - 
rather than merely taste - the 
wine, think about staying the 
night at the comfortable hotel 
that is part of the complex. It 
is worth noting that Belgium 
has just tightened its drink- 
driving laws. 

Three-course seasonal lunch 
BFrl.700 (£33) or BFr2^50 
including wine. Scholtesbof 
Eermstraat 130, 3612 Hasselt- 
Stevoort, Belgium. TeL 32 2 II 
25 0202. dosed Wednesdays. 

Eoa Kabuzynska 

■ Aubrey Newman & Daugh- 
‘ters of 79 High Street, Burford 
to Oxfordshire (0993^22592) is 
a sister company of Shaws Del- 
icatessen at 360 King’s Road, 
Chelsea, London. T he country 


siblings, who bill themselves 
as the Cotswolds* premier food 
and wine shop, are running a 
programme of special pre- 
Christmas events.. Today cus- 
tomers will “be treated to 
exquisite excess” with savoury 
tastings of truffle breads and 
truffle sauces, sw e et samples of 
truffle Christinas pudding. 
champag ne tr uffle chocolates 

and much more. 

Phiiippa Davenport 

■ Once again, Oddbins has 
released ft range of malt whis- 
kies far the Christmas season, 
all keenly -priced and sold at 

They are: the Bndchiaddich 
1980, at £29.99; the Highland 
Park 1976 (59 per cent), at 
£32.49; Glengarioch 1971, at 
£3949; 17-year-old Port Ellen 
(59.6), at £2949; 22-year-old 
Brora, at £3949; 23-year-old St 
Magdalen (fiS.1), at £3949; and 
Dallas Dhu 24-year-old (60.6), 
also at £3949. It should be 


cooking so one of you can sear 
the scallops while the other 
deals with the pasta, than both 
pa n as semble the 

10 fine scaDops; 1 b ntt cm ol 
squash; 8 sheets lasagne, 
home-made or bought (fresh 
not dried); I oz sun-dried 
tomatoes in oil, drained and 
ent into snippets; 2-3 table- 
spoons toasted ptoennts; a 
bunch of basil; 1 generous tea- 
spoon finely chopped ginger 
root; 1 generous teaspoon cori- 
ander seed, freshly toasted in 
a dry frying pan and reduced 
to a powder; 2 garlic cloves 
and 1 onion, both finely dum- 
ped; 4 fl oz richly flavoured 
fish stock; 4 fl oz freshly 
squeezed orange juice and the 
finely grated zest of 1 orange; 
4 tablespoons olive oil; 3 oz 
butter. 

Halve and seed the smash 
and steam it for 10-12 minutes 
until tender. Blot dry, peel and 
quarter the flesh. Cut most of 
it into % inch thick slices. Dice 
the rest finely. Cover and 
reserve. 

Clean the scallops, gently 
separate the corals from the 
whites and slice each white 
across into two or three discs 


remembered that these high 
strengths mean that you are 
getting a bottle and a half of a 
whisky at 40 per cent alcohol, 
but you will need to add more 
water. 

The Hi ghland Park is a gor- 
geous dram with all the peati- 
ness you would expect from 
this Orkney stalwart; the Glen- 
garioch has classic Spey side 
sweetness; the Port Ellen has a 
surprising fruitiness, rather 
like raspberries (you try it!); 
the St Magdalen is as elegant 
and understated as a good 
Lowland should be; the D allas 
Dhu a classic in honey and 
heather. 

1 have had better bottlings of 
Bndchiaddich; and the Brora 
has an odd redolence of sum- 
mar road works which might 
frighten off the less rammitteri 
whisky buff 

Giles MacDonogh 

■ Correction: In my article of 
December 3, "A good but not 
great vintage” I stated that M 
Andre Porcheret, wine-maker 
of the Hospices de Beaune, bad 
previously been with the 
Domain© de ia Komanee-Conti, 
whereas he had been at Dom 
Leroy. 

Edmund Pernibig-RouaeU 


depending on the plumpness of 
the cushion. Set aside. 

Sweat file onion far 10 min- 
utes in the oil to a heavy-based 
pan with a well fitting lid. Add 
the garlic and ginger and 
sweat far 10 mhurtwa more. 

Cut the pasta into large ravi- 
oli squares and prepare the 
other ingredients as described 
in the ingredients list- (Every- 
thing up to this stage can be 
done ahead.) 

Add 1 oz butter to the onion 
pan. When it has melted and 
the mixture is hot stir in the 
coriander and sun-dried toma- 
toes. Add the orange juice, zest 


and squash. Cover tightly and 
cook over a minimal flame for 
about 15 minutes until every- 
thing is well heated through. 
Shake and stir the contents of 
the pan once or twice and sea- 
son with salt and pepper after 
the first five minutes. 

When ready, lift most of the 
solids out of the pan with a 
slotted spoon (leaving some of 
the diced squash, onion and 
flavourings behind with the 
liquid) and keep them hot to a 
covered dish in a low oven. 

Add the stock to the pan and 
the remaining 2 oz butter cut 
Into dice. Let the mixture bub- 


1990/91, £13.49/£12.75, Ecktog- 
ton Wines of Sheffield 
(0246-433213). This is the sort of 
strapping red Aussies them- 
selves fight over. 

■ Next week; why the next 
two Australian vintages may 
prove crucial. 


ble up and blend to make a 
rich sauce and check season- 
ing. 

Meanwhile, cook and drain 
the pasta and sear the scallops 
in batches in a hot saute pan 
barely filmed with oil Scallops 
need only to glance at the heat; 
turn and remove them in the 
order in which you added them 
to the pan, and keep them hot 
with the squash. 

Finally, to assemble the open 
ravioli, lay some of the pasta 
squares on a warmed serving 
dish. Spoon some erf the filling 
over them, sprinkle with 
freshly tom basil leaves, cover 
with more pasta squares and 
pour on some of the sauce. Add 
extra layers in the same way, 
ending with the last of the 
sauce. Scatter with the pine- 
nuts and strew with basil for 
the sake of its colour and 
sweet peppery bite. 


a Founder Bondholder 
with Scotland’s Newest 
Single Malt Distillery. 


I Imve sjiciiI a fili’l mr in ihr — 

nliiskY inriikd tv and alvavs. jg 

my rlrram iras 10 nvoH' n now 
angle noil. t 

This ilrrani is imu- f ^ 

I (ring rra&snl ni l/x-hraira. . 

wtmr up a ip bnikGng lire firsl - ra 

legal cite illery oil iIk* Isjr of T 

Arran for over toll jrare. 1 

ttlai uill tslo oT Mm ^ 

.Yrrnn single mail bo like*? Il j 

has been saul lhai wtvn 
uliisky iras bsl nBHloonlhr 
island, il n?s dmmrd in be 
1 lie best ui SroUiiml 

Willi I Ik* ifiialily or 

.bran's nir mxl uTiier. I am Haroi 

cnnriilenl I fell ire Bill be nsikiiw * •* ** 
oiip ■» nrotLiibis grmi malls H .*!«.,/.■ o™. 

mvl I invite yuu to irscn e yemr v,** t 

slock non. by becoming a 
Koimdcr Row took [cr. 

Kmavler Hondhobiera will liavc their own 
exclusive reanc which is obtainable at itisiillm 
(irices - no reiaflors or other ttisiribniors invuivctL 
For I he tlnnd price or W-Vl. excluding duly. I hey will 
receive (he 12-bolllr cases of Mended whisky in 
UKVi and (kr cases of Arran singlr mall In ilie tear 
2001 - ilx* {terfeci way to siaii flu* new leimirvi 
Von don't have lo lake your cases nil al 
mice, so you can <qjrrad the pleasure u\Tr years If 
you like. You can ate) spread the pleasure by slmring 
ihe pricr of a Bond mill (neiKls. 




Harold Currie 

1 uvffM <y W> a iW limi jlediA-it fjtf 
bmtm'i 1 7r*-«i>/ir"\ a imi 

“J I ffiirf {■■fps'i fiafiMof §m n^i'i i4 

tfv'ViAi flWv Ivusifiw 


.\s n Knuruhi 1 HojuUkAH 
iim nil] alhu Iwv rhr iniiik^i 1 
of cfjnlimiuifi in b»iv uliisky 
\H illsiillon pnres plus n^ibr 
ofTcrs nr\ci>- sptiiil siuRk* 
nuills wliii-li nr srrk mu. 

IlnuniT nr |dsui in 
uITcr rrjiiticlrr Immls «hiL\ luuil 
prorliicinm lippiLs n! Dip 
ilisiiUrn: parly m H83, 
So ilun'l clrfny. simkI ihjw Tim 1 «i 
brorinur «nuV be m al Ihp Unh 
uf utir n civ siiifilr nisdl . 

Isle of Arran 
Single Malt 

THE DREAM DRAM 


t .-inoi •* .4 Kor a Ijmcliun'. 

- ■*- ipfal Jkxu> ill 20 n Vi:aVi/:w 2 ^ 

&xmain.V)(iirr. 
or post Ihr rouijon lo [larokl I hirrir 
IsIp of Amin l!risli1lon» Ud 
1. Tlio Cross. ilanHiliivr. .V^Tsfiirr K:V> SIU 

\hmr Mrl'iinii* 

lima 1 fl'iul nu 1 tk^lttils mi Imu I nui Ihmikib* no 
kk' nr .Vmfli sipph* mult Kuuulrr liiuNlJtnldiT 

l^mH 1 

.\ililn , !« P _ 


TrlrjduiiH' 



























VIII WEEKJEND FT 


FINANCIAL TIMES 


WEEKEND DECEMBER 17/DECEMBER 18 1994 


TRAVEL 


■ ■ 

■ ■ - 

A journey to feed the body and 


Paul Betts, in Burgundy, tastes abbeys, basilicas and churches - and worships at the region's heathen temples to gastronomy 




Fontenay: thought to be the best-preserved Cfetorctan abbey In the world 


T he gastronomic pil- 
grimage started at 
L’Abbaye Saint- 
NScheL OverLooking 
the town of Ton- 
ne rre, near the vineyards of 
Cbabtis, the Benedictine abbey 
had long been a favourite stop 
for pilgrims on their way sooth 
during the Middle Ages. 

There are no monks left 
these days, instead, the abbey 
has been, converted into a 
plush four-star Relais et 
Chateaux hotel with a two-star 
Michelin restaurant 
On a sunny December Fri- 
day. the abbey, carefally 
restored by its owner Daniel 
Cussac, a public works engi- 
neer, was hushed. We bad 
arrived from London on a long 
weekend tour of northern Bur- 
gundy to combine the best 
tables of the region with its 
rich monastic culture. With 
Christmas approaching, it 
seemed an appropriate cock- 
tail: total unashamed gluttony 
blended with spiritual medita- 
tion. 

There has always been an 
affinity between food and reli- 
gion, even though the great 


Cistercian abbeys of Burgundy 
were built as a reaction to sec- 
ular excess. The Cistercian 
order was founded at the end 
of the 11th century as an anti- 
dote to the sumptuous rituals 
and materialistic trappings of 
the Benedictines. No Dam Per- 
ignon far them. They believed 
in simplicity and nature. 

“For God's sake. R men are 
not ashamed of these follies, 
why do they not shrink at least 
from the expense," wrote St 
Bernard, the guiding spirit of 
the Cistercians. The same 
could apply today to the prices 
of top restaurants in the area. 

We were alone in the big din- 
ing room overlooking the clois- 
ter gardens where two charac- 
ters out of Clochemerle were 
trying to fix the drains. Chxis- 
topbe Cussac, the son of Dan- 
iel, had prepared what was 
described as a light Lunch: Pot 
cm Fm de Foie Gras Paysame; 
Ailerons de Volaille auz 
Raviolis d’Epotsses; Bar a la 
Peau au Cube du Pays d’Othe. ; 
Rognonnade d’Agneau aux 
Courgettes 6. la Qreapu; Front- 
ages; Gaufrettes & la Poudre de 
AHel; FriaruHses. 


Monsieur Cussac fUs is a 
small, shy man who worked 
under JoSl Robuchon, arguably 
the best contemporary chef in 
France. Robuchon trained to 
be a priest but found his true 
vocation in cooking. The reli- 
gious connection was taking 
deeper root 

We left Monsieur Cussac, 
worrying about tilling his mon- 
astery in the off-season in a 
region which has traditionally 
been a one-night stopover for 
travellers heading to the Medi- 
terranean or back north. 

Lunch had only been an 
appetiser. We headed towards 
Joigny for the CAte Saint Jac- 
ques; the first of the trinity of 
famous three-star Michelin res- 
taurant we were going to try. 

In the hills, they were 
already pruning the vines, a 
job which, ideally, should be 
done in March. But the vine- 
yards in this northern part of 
Burgundy have been expand- 
ing since the growers discov- 
ered techniques to overcome 
the spring frosts. As the sun 
was setting, thin trails of 
smoke rose from the Mils from 
the small stacks of burning cut 



The cloisters at fontenay 


vines, as if the wine growers of 
Ch&blis were electing a new 
Pope. 

The Cote Saint Jacques sits 
on the main road running 
through the old town of Joigny 
on the basis of the Yonne. it is 
a typical masson bourgeoise, 
which was converted 40 years 
into a modest pension by Marie 
Lorain. 

The youngest of her four 
children, Michel who trained 
as a pastry chef, took over the 
running of the roadside inn in 


HOLIDAYS & TRAVEL 


HOTELS 


CARIBBI 


CONCORDE to BARBADOS 

from £2075 to £5025 per person 


A short mlk bwo the EMd *Xhmr 
Stadia 1,2,3 bedroom apartments, 5 ran pea 


INCLUDING 7 NIGHTS OR MORE AT ONE OF THESE LUXUlOr HOTELS - 
COBBLERS COtfE. CORAL REEF, COLONY CLUB, GUTTER BAY, XCKALUmUW, 
SANDPIPER INN SANDY LANE, TAMARIND COPE OR TREASURE BEACH 


ran peathgae with 


AJBTA 

971H 


Airports and Earn Dfeocy 'Dransfa*. 




ATOL 

2985 


14 NICHOLAS STREET 0244 329671 CHESTER CHI 2ER 


Call now J3.L45L75 j 6229 
or &ix 33.L45.79.73.30 
FIATOTKL INTERNATIONAL 

14 roc dieThtttn 75015 Paris 
ta New York - Brussels - Costa dd nl - Fnscb 


Rhm 


FLIGHTS 


15% 

OFF 


15ft 

OFF 


At This Superb Town House Hotel 

CORPORATE ROOM RATES FROM JUST £55 FULLY INCLUSIVE WITH 
COMPLEMENTARY CHAMPAGNE WELCOME OFFER 


/requent /iyer 

— J 1 R A V E L*/C IUB 

•mum ema-iuom nara* 


Aof 


■■ *ivt 


* Overlooking Hyde Park 

* 55 Personalised Rooms 

* Deluxe Rooms A Suites 


" Private Car Pork 

* Restaurant A Bar 

* 24 Hour Room Service 


£1399 

£1389 

£1450 

£1950 


LONDON ELIZABETH HOTEL 

Lancaster Terrace, H yde ftrfc London W2 JPF 
Teh 071-402 4641 Fee 071-234 8900 


£1799 

£1300 

turn 


SAFARI 


AUSTRALIA 


£3150 








Great 


Luxurious remote lodges. 
Walking, canoeing, riding and 
vehicle solans with tho very best 
guides. Superb wildlife. 
Adventure with comforL 
Can us to create your ideal sahtri. 
Ptxjoe John Buvdett on 


Barrier 


Reef 


UP TO 


60 % 


msoouxT 

OH 


EXCLUSIVE 


Hamilton House. 

G6 Palmerston Rd 
Northampton, NN1 SEX. 


m 


LIZARD 

BEDARRA 

ORPHEUS 

HAY MAN 

DUNK 

Contact ua for special rates at 
these islands and other resorts 
ihrmtjtkota A nirra UN- 


SCHEDULED FLIGHTS 
WORLDWIDE 

WVRLDUNK 


To charter an exduslve hilly c rewed 
112 0 luxury yacht and efube the tstad* 
of the Giaiadlnes lor a week would 
normally coot yon around 530-000. Wfch 
Ixora \todii Line you can do U for aa little 
as £340 per person*, per fright, «Q 
[ndustve. fA iDlnfamm ol three Digits 
kictudxog all meals and diBuks, oaUfig 
from either Grenada or 5L Vlnceat), Ifs a 
new and unique way to enjoy luxury 
yachting etcher as a complete holiday or 
as pan of your hotti-based boQday. Cat 
OBI 366 5477 for full details and a 

b ^-“ i 


ABXA.ATOLA1AXACMMI 

TEL: 17V 538 £273 


KJ YACHT LINK 

PEMBERTON HOTELS 

r d on peo ple SwW iatft 


CcU for oar full brockar*. to u make 
Australia the kMay of a lifetime. 



0284 762255 
Travel Portfolio 

TSOuudtgateSL 
Bury St EdmJ* iPSS IRL 



Tim Best Travel 


4 tprewlH 






INDIVIDUAL 1T1NEBARXES TO 
Botswana. Katya, NanbOaSulh 

Africa, Iknzwa. Zambia and 
Zflnbabwc.’fti dSDom i icqled «d Imfpe 

a£au oe foot or by vehicle, riding , 
anodog, golf m the am, the wit* rooe. 
wbihig mibcdoL 


^mBmtptonKcQtI 9 SW73^ 
Tab 071 591 0300 
Vvstm 591 0301 to 


WEEKEND SKIING 




We are the specialists 
In organising flexible 


n organising flex 
short breaks us!i 


ADVENTURE 

SAILING 


snort oreaics using 
scheduled flights for 
Individuals, groups or 
corporate bookings- [ 

CLEPHONEs ha& 


If you are looking for a global platform to promo te yov Travel Brochure next 
ytidTi you need look no further than tfie Waaksod FT TbmI Brootam Qofcfo. 

Tliegidde wQ often 


2777 


A readersltip of over a million worldwide with 74ft of our readers 
having taken a hoWay abroad in the last 12 months.* 

Superb cotoui reproduction. 

A free broemue reply service. 


CNAY BUT7H N atf tc we ta wctU Coma & 
join him tor port of fib ttn& Cat 0579 


WEEKEND SKIING wtl fie wpeife. MW 
chdca ter ^ooaura or hudnoos Ry any day 
lor wy nunfior of days- MAb Boo SW 
on 792 118B AIDL& ATO 


A chance to reach an extremely affluent audience with 49% of 
Weekend FT readere earning fn excess of £35,000 par annum** 


For father details pteasacatf 


FDUNOALUMEt 


GERMANY 


Alisan Pits - 071 873 3S76 Graham Fowlas - 071 87? 32L8 


Fax - 071 873 3098 


WhJUt 

.oarer 


uc Ig tal 
warn 


any jsimiwl 


that our 
mm 


GERMANY Dally km coat Iota. T& On 
£36 444A VbafAccass 9O0B6, ATOL 
S77WSA Rd Passes & Car hfra. 


* A8T811992 


1958 with his wife, Jacqueline. 
Over the . years, they have 
transformed the C6te Saint 
Jacques, together with their 
son. JeanrMicheL into one of 
the country's most jsestigkHts 
restaurants, where a typical 
menu costs about FFr600 
(£7U34), and a luxurious Relais 
et Chateaux hotel. 

Inside, it is a slick, stylish 
establishment Its modest bur- 
gundian roots have been 
replaced by the Parisian idea 
of rustic chic. The Lorains are 
equally slick: so polished and 
polite that you feel there is 
never a tantrum in the 
kitchen. 

The bedrooms are in another 
house cm the other side of the 
road on the river bank. To 
avoid guests being run ora:, or 
catching a cold in their even- 
ing gowns, the huge roams are 
reached through an under- 
ground tunnel The result is a 
sense e£ amnesia- stack in the 
middle of nowhere surrounded 
by the sort of luxury that 
would make a bank manager 
tremble. 

We sat in the candlelit din- 
ingroom, with waiters in black 
patent leather shoes breezing 
around as they delivered the 
1 terrine of oysters, the scallops 
fn a cappudno froth, the lob- 
ster gatette, the hare, a pineap- 
ple shaped like a straw hat 
worn by a paddy field worfea-, 
more puddings, chocolates -and 
tittle sorbets. 

Food at this level is an art 
ham, ait least it is venerated as 
such in France. Michel Lorain 
appeared and gave a small 
audience to each table He told 
na he had composed an En glish 
menu for the Mfiridien hotel in 
Piccadilly. London. “I looked 
up some old Kngtish recipes In 
an old cook book," he said. “I 
cooked steak, kidney and oys- 
ter pie. but each ingredient 
separately to avoid confusing 
the tastes too much.” He was 
drooling a little. His hands 
were slicing the imaginary 
products as he talked with the 
movements of a skilled sur- 
geon. 

For a Friday ni g ht, the res- 
taurant was not futi. It was a 
bad time of year, but the long 
recession in France has not 
helped just as the new motor- 
ways have diverted travellers 
away from the traditional Bur- 
gundy staging posts. It has 
made holding on to three stars 
all the more important because 
there are people still prepared 
to scour the world to pay any 
price for a French gastronomic 
experience. Two stars, forget it 
The three-star restaurateurs 
have also been farced to maim 
concessions to the modest no- 
star customers to maintain the 
necessary cashflow to support 
the heavy costs and risks of 
running a top table: On the 
other side of the river, the 
Lorain family have built a new 
hotel, Le Rive Gauche, with 
affordable rooms and meals. 

It was still sunny on Satur- 
day and time to revive the 
spirits and the soul. We 
stopped briefly at the Cister- 
cian abbey of Pontigny, visited 
by Thomas Becket in exile and 
resting place of St Edmund 
Rich, the Archbishop of Can- 
terbury who fell out. with 
Henry OL These days, Potigny 
continues to attract English 
pilgrims. 

At Fontenay, about half an 
hour's drive away. Hubert 


Aynard was waiting. He is the 
happy owner of probably the 
best preserved Cistercian 
abbey in the world, which has 
been designated since 1961 as a 
“universal heritage” site by 
Uoesco. Set in a valley of 
woods and streams, the abbey 
was founded by St Bernard in 
1118. It is a perfect example of 
his spiritual aesthetics. “What 
Is God? He is length, width, 
height and depth," he raid. It is 
all there in its utopian simplic- 
ity- 



a 


Lorain poroetflbeso poHshcd 


and polite 


The abbey's more recent 
story is equally magnificent. 
After the French Revolution, 
all religious life ceased at Fon- 
tenay and the Directory pat 
the property up for sale in 1791 
for FFr78,000. It became a 
paper mill until Edouard 
Aynard. a banker from Lyons, 
bought the place in 1906 from 
bis father in. law, Raymond de 
Montgolfier. Sparing no 
expense, he set about restoring 
the abbey. Subsequent genera- 
tions have continued his work. 

In the abbot’s house. Hubert 


Meneau is a 
self-taught 
cook, regarded 
as one of 
France's most 
unconventional 


Aynard explained that indus- 
try in the case of Fontenay had 
helped preserve, rather than 
destroy, the monastic enmpto 
The paper mill buildings had 
been added on to the ori ginal 
monastery. They had acted as 
w rappin g paper and when they 
were pulled down, the o riginal 
stones and structures were vir- 
tually an there. 

- We left Aynard, who lives at 
Fontenay and keeps the abbey 
open all year round, for 
another shrine. St-PSre-sous- 
Vezelay is a little village nes- 
ting at the foot of the monu- 
mental basilica of Vezelay, 
once one of the great capitals 
of Ch ristianity, visited by 
crowds of pilgrims to pray by 
the reties of Mary Magri»fr n p 
More come these days to eat at 
Marc Meneau 's LTSsperance. 

Meneau is a local boy from 
St-Mre. a self-taught cook who 
has come to be regarded in 
France as one of the country's 
most unconventional gastro- 
nomic giants. If Lorain has 
risen to three-star Michelin 
stardom thanks to his inven- 
tive but safe cuisine, Meneau 
has done so by his extrava- 


gant, extrovert and sensual 
approach to food. "You either 
tike what he does, or hate it," 
said one local connoisseur. 
"But it is very sexy." 

Meneau converted his moth- 
er's village grocery store into a 
flashy restaurant and hotel, 
with a whiff of decadence and 
a strange combination of 
kitsch and goad taste. 

On Saturday night the res- 
taurant was friti. Yhe staff was 
working overtime and lacked 
the potish of the C6te Saint 
Jacques. There followed a 
sequence of the most extraordi- 
nary culinary experiments: 
walnut soup; a spoon with a 
lump of pan fried mash pota- 
toes stuffed with caviar; a cro- 
quette filled with what I think 
was foie gras diluted in Marc 
de Bourgogne; sensuous open 
shellfish held oa the big round 
plate by some gooey substance 
followed by a cold shell fish 
cream with lobster jelly to the 
middle; turbot served with 
hunks of bone marrow; and cm 
and on. 

Presidents and princes have 
regularly dined at L’Esp&ance 
to discover the textures, aro- 
mas and flavours of the local 
countryside which Meneau 
blends in his dishes. . 

Serge G&insbourg, the ertfant 
terrible who died of think and 
cigarettes last year, spent 
months at a time at L’Esp&r- 
ance. He would play on the 
piano late in the night at the 
bar and, one year, organised a 
massive fireworks display on 
New Year's Eve. He dropped 
FFr500 tips and has left fond 
memories in this small corner 
of Burgundy. BQs epitaph could 
have read “When you've lost 
all hope you turn to L'Espdr- 
ance." 

It was nearly 2am and 
Meneau. a strong, arresting 
man. was puffing a bazooka- 
size cigar. I stupidly asked why 
you never get a decent portion 
of vegetables in a three-star 
restaurant “It's not aesthetic,” 
he said (tismissively. 

Like Lorain, Meneau has 
also expanded with a new 
annex and a lower-priced res- 
taurant Bat the economic di- 
mate was Improving. His indi- 
cator - Romance Conti, the 
prince of Burgundies, which 
sells for FFr4000 to FFr6000 a 
bottle in the restaurant - was 
telling him so. “We used to sell 
about one a month. It went 
down to one every seven 
months. Now we are back, to 
about one every two months." 

We left \fezelay on Sunday, 
after high mass to the basilica, 
for Sautieu, our last epiouian 
stop. La Cfite d’Or has been a 


popular stopping place for 
more than a century. But it 
became internationally famous 
to tim 1950s when Alexandre 
Dumaine turned it into a gas- 
tronomic milestone for tire Jet 
set of the day travelling down 
the Natiasale 6 from Paris to 
the Riviera, 

Bernard Lotseau and his wife 
acquired the babel in 1982 end 
at groat expense reestablished 
its reputation as a French gas- 
tronomic landmark. . For 
Loiseau his three Michelin 
stars are a matter of tile and 
death. "Our business virtually 
doubled over night when we 
won our third star" explained 
Madame Loiseau. ‘Tt would be 
a disaster if we should lose 
one," she added, explaining 
that they have had to borrow 
heavily over the years to 
expand and modernise the res- 
taurant and hoteL 

Bernard Loiseau is a perfec- 
tionist who as a teenager was 
already dreaming to become s 
great chef. IBs restaurant was 
also a good choice to end our 
gastronomic tour because 
Loiseau has created a tight cui- 
sine using water-based and 
wine sauces and as little fat as 




V v ■ 

■7: ■ .*/ ^ . 

. ? ■ ■ ■ ■■ i ,, 



V If 

i 1 • * 

■Slvj 


\ i 

.,4 


are a matter of Sfis and death 




possible. “You won’t find a sin- 
gle pot of cream .in the 
kitchen,” said Mme Loiseau. 

We ate lentil soup, pike- 
perch on a bed of shallots in a 
wine sauce, a pigeon, chocolate 
pudding. One would not have 
felt full if one had not 
the last 48 hours oaring . 

On the motorway, rushing 
back to catch the evening 
Sight from Orly to London. I 
was asked by my other two 
co mpan ions which restaurant I 
preferred. It was impossible to 
answer, but I suppose, I mW, I 

would take my wife to La CWe 

Saint Jacques, my mistress to 
L’Esperance, my mother to la 
CWe d'Or mid my mother to 
law at L'Abbaye Saint-MlcheL 

I dozed off and started think- 
ing of Alfonse Daudet's lovely 
Christmas story of toe parish 
priest who raced through Mid- 
night Mass to get to toe party 
traditionally held after toe ser- 
vice as quickly as possible. Be 
stuffed himself silly that nlgl& 
and exploded. But that was a 
tat further down to Chateau 
Neuf du Pape. 

■ Information: l tons <t guest of 
die Gamin Regional du Tour- 
wroe for Burgundy, Relais et 
Chat eaux hotels and Air 
France. L’Abbaue Samt-MtdieL 
Tomerre, tel 8$ S5 05 99 l 
L a Cite Saint Jacques. 89 800 
Joigny (86 SS 09 70). VEsvir- 
89450 St-P&re-soas-V&xlay 
» 10). La C6te d'Or. 
21210 Saulieu (so 6 f 07 SB ) l 







$ 




IhtpWlA' 


il 


i fuLm. 








•.ujit i 




-i ■ r .. . 

: 

- 'XT 
• -r „ . 


Of 

M 


• K * 

- -c ■ • 


Pi 

til 


m 




.1 - • 

1 - „ . - 

I 


£ 


2*1 




V ‘. S, 




Bv 


m 

* m 


Mark 


. *•* mm 


r . 


- . ‘ 4 ... 


■.ri.’j- v 

_ 


• ■ N.. -■ . * 

. c* - 

■ ■. - ■- V i# 


V. . 

. * '-. 



. . - 


***■«#** 


>,; u ■ 



~-\ 9 ' - 
, ■ - 1 j 

• • ?. -> . 

- V -.. *-' \ 


Art -i . 




-i;V ■■ 


- f m_ tm. 


O'. •• 


- o V ’ 


-* ! 


:’iV m v-. 

■ ii' . 

: 


■p.*' 


: S r- 


^ L_-. 


- ■ ■ ^ ■■ 

- 1 


-• J' * 



v IK, 




i . S V : - 




■*** M 
•x 


.•i 

1 1 - ’ ? 


T-t ■ ■ ■ 

“ • ” i • • ■. 

• * *■*! . - 


1 « 1 1 *■ 

; • 1 1 . 


nmjk 


■t * 

^ ■ -i 

• • 








rjjpjM-£>.U5S> 






















-if it 



■ KT|» % ; 
" V ,v : 

* 'f*i« it • 

“«** J^=£c ;1 • 

ijr t ^ras-.rii: 


V. 


i.*i 'v-C'. 14 


• * ri ■ ? w i fli.:, x; ; 
^Vf V **-jt ;;w • 
w . a.:.* hoii'i 

T ^* : wf*i , h i ,-/•> 4 

wjiw. • 

•* MtfSf- ill*: 

. Tfc r ^isrs fT-«v 

"*l-?i“ ijiVAft." 

? V'^ .L'/t; 

V* IviJcdi-J -i 
risy^i r ir^ i 
y ji 

■< Wl^ „ : 

*5* "■ If * • » r V. 4- 

* - — a * : 

.t;i ^pr-vr ? 

:& ; :?^ r : 

■ ■/'" V _ -. . 
'VtlU^SiL 
k; san triji - 

-■^ +?«=:' 

' >(ii v—’f »*■.:.: 

'lVi/ i;; 


^ jprroi 


■ ‘V 

_ ■ » * 

■ - :? 
o.: o . 

* - *C I 


• ‘ <p - U 

■ 

I 

’■* :J . 

.. ■-' •* • • 

’ ’ *■--. - 

’ ■■••.■ u rlii 





■j - 

*■ • «. ... 
•■‘•■kgi* 

• »■*'.’ r 

■ ■/■■> ^ 

'7u/ -T 

■ 

"•■ H I. 
- 

: >::: 
:.ji ! l :■ 

: h - i- x 


> -ld£ 

. "--cn 

- ■ *■ ?,*■• 
>■ Ata 

x \ /^jri 

. •* ?.-£ 

" "L “■ "tV, 

, ■.«-*■■ 


■ ■ ■ ■ • ■ • . < - 


V“‘ f ' "i i 

■•-. ».. -i*i . » 

--' - ‘ * ■ ■? 

■ v -n - v ■ ■ - ” * ' ■ 

rVA'K t? 

rV *s#vA/.:£*^T - 

.'*5- -’livii * l 

ii*w* <r :/ -.x. 

- ; — 


» 

i ■ 



. ,’. ■■*-• — 


.'■jl. *■.* 


I 


■•: ■ ■ i« - . . 

j. Av ' ■■ ■ f ; . i. 

5 ?• : :’. v *• 
j. Y.LL** J :V. 


»•'■•-. , : . 
I ?; / i — -*• _ . . .i 


■ kIW * I i . 


■:•'»*■• 4 - l 
■ ' V _ ' n 

• "j ",■ " M,' ■ ” — 

« ■ . _ - . . ■ 

#_ -•^ < • ■!.-- 

r- ;: _ • "'■ 
VtVja'-/ - 
. '.‘"Jf "! . ? 

’• ;_ 5 • «Y- 

ji i • -J.— ' : ; 


;3 


iV 4 -v 
5‘f ^ 


4 V L.-J& 




T - 



r . 


*!■ 1 ’* ■ 


f. 1 . 

!’ ■;tf- 




. . -Vi-" 

- ■. 1 1 

i»Ti ' 
.• ■k.i" 


^ - .J'; 
• iliu- 


A ^ 
-■ (,»■ 

, i^. *• 

k- V 

. ■ • 

_ .WJi 

■ “ B- % 

"J : 

b »v 

- P .V 

• * J. ■ ■ . 


jnNANGLUt. TIMES WEEKEND DECEMBER 17/DECEMBER 18 1994 


WEEKEND FT IX 



A day with Hals, 

Steen and 

Rembrandt 

an Hopkins seeks out locations in Amsterdam 
which have insDired ffeneratinns nf artictc 



n* rt ■■• - 


ets face it, there are 
plenty of museums 
in Amster dam - 

almost too many. 
■And they are gener- 
aSy presented as if the noblest 
qfaddevements is to wear out 
good, shoe-leather in them, 
especially Ihe J&jjksmusenm. 

Ai a lover of Dutch 

act, j agree, of course - but 
' -nifty up^a point 

How can one fail to be 
mjoved.by the wide skies and 
infinite dtoudscapes of the 
Dutch\ landscape and water 
pfdnterSv.fiiQ willing victim to 
the tekta and hnxans of Pieter 
de “Hooch's street scenes; or 
laugh colludingly at Jan 
SSteen’s-sicexies of family confh- 
shm? AD this brfore the bigger 
guns of Rembrandt a^d Ver- 
meer. JFrahs Hals and Latter- 
day van. Gogh are even 
wheeled into action. 

Bat the real place to begin in 

Amsterdam, if yoa want to 
sqoy it best and feel at least 
s o m e of £bn impulse drove 

the p ain t e rs, is with the actual 
subject-matter they depleted. 
Much Of it StQl mrist B in thia 
most eye-catching of cities. 

Start with the canals, the 
greatest of them devised in 
1609 by an inspired town plan- 
ner and dug a little later in a 
majestic triple ring - Prinzen- 
gracht, Keizersgracht and Her- 
engracht - around two thirds 
of the city, giving it the curi- 
ous horsehoe shape which it 
has never lost 
Rembrandt and company 
were at the height of their 
powers during this undertak- 
ing and there is little in 
Europe that is lovelier B»m to 
submit to the canal-side scene 
of the 17th c en t ur y, the inter- 
play of brick and gaMe, leaf, 
and branch and water, with 
the narrow, delicate canal 
houses aspiring ever upward, 
theft- fronts as fhll of windows 


as a Dutch East ftidfaman of 
square-rigged 

The multiplicity of human 
characters that Rembrandt fea- 
tured may not persist in quite 
the same form - all wwnc a 

little more uniform today - but 
there is still a huge variety to 
experience: faces and demean* 
ours Dutch and Indonesian, 
Surinamese and South Moluc- 
can. faces of the old Dutch 
empire, faces — counting in 
oneself and other visitors - 
from everywhere. 

Then, to take a more con- 
crete example, there is the 

An enduring 
aspect of the 
city is its pubs 
and eateries, 
patronised by 
the painters 
when they 
were flush 

ever-appealing flower market 
on the Singel canal, which is 
itself a modem version of an 
older market now infilled at 
the hack of the town hall. The 
original can still be found in 
quite a few 17th century paint- 
ings of the city - 1 came on an 
example just the other day in 
the Thyssen-Bornemisza collec- 
tion in Madrid and there are 
others in Amsterdam’s engag- 
ing Historical Museum. 

The town hall, a grandly 
classical building endlessly 
represented by the painters, 
st31 exists just as it was. A 
ld-minute walk, -alongside the 
main road or canal, will bring 
you from Dam Square and the 
town hall to the delightful 
West Church or Westerkerk - 


sketched by Rembrandt - with 
the pompous crown of the 
Habsburg Archduke Maximi- 
lian on its tower. 

Rembrandt is buried in the 
interior, exact spot unknown, 
and there is a statue of Anne 
Frank, who lived and suffered 

just 100 yards away, outside 

the church’s door. 

Across the canal here is the 
old working-class district of 
the Jontean, much given in the 
19th and early 20th centuries 
to revolutionary disturbances, 
themselves often depicted by 
tbs painters of the day. This is 
another excellent district for 
strolling. 

And back cm the Car side of 
town, close by the often- 
choppy river Amstel - which 
of course gives its name to the 
whole city - you will find 
swing bridges of the type that 
van Gogh fovoured. 

Yon do not need to know the 
painterly references to enjoy a 
canalside start to Amsterdam 
- it all becomes crystal clear 
when yon finally hit the muse- 
urns - but you can certainly 
pick up a trick or two from the 
painters as you progress. 

- For yet another enduring 
aspect of Amsterdam is Its 
excellent pubs and eateries, 
much patronised by the paint- 
ers when they were flush. 

You could start right In the 
middle of town, close to the 
History Museum. Here EEaeqje 
Claas In Spuistraat will offer 
you traditional Dutch grub in a 
cosy, old-fashioned atmo- 
sphere, the sort of interior the 
painters often showed. 

You can imagine the 
kind of food - a stampott, say, 
featuring curly kale- and meat- 
balls. 

Or, more my line at midday, 
the old and pretty pub of 
Hqppe, right an Spui square, 
will serve an excellent cold 
beer, while Kootje van Brootje, 



Say cha—ae just foSow yw now to the ch eese market In Amsterdam 


a superior sandwich bar next 
door, proffers soft white 
rolls with raw herring and 
onion. 

(Those in the mood could 
skip the beer and go for a 
quick shot erf Dutch gin, the 
rougher young or yonge being 
preferable, in my opinion, to 
the smoother oude. In which 
case they might aid. up like 
someone in a Jan Steen paint- 
ing.) 

There are other restaurants 
round here for evening time - 
the posh and sometimes tour- 
isty but always entertaining 
Five Elies (mine property d’Viff 
VUeghen), with its host of 
ancient little dining rooms and 


quirky comers (more Dutch 
interiors), or Lucius, where the 
effort goes into the excellence 
of the fish-dinners. 

But as with the canals, one 
ought to range a bit. How 
about an indmiPsiaTi rUstaffel, 
mauy-dished, in Tempo Doelo 
near the Rembrandtsplein? Or 
a hint of designer sophistica- 
tion at Les Quatre Papillons - 
one of the four chefs, the so 
-called Poitou, is Bngtish- 

As for the Jordaan district. It 
is much less known to visitors. 
Steer by nose - almost all pubs 
serve food as well as drink. 
Last time I was passing 1 had a 
meal (evenings only) in tie 
Reiger - the name means 


Heron - in Nieuwe Leliestraat, 
and very good, and very 
homely, it was too. 

Which brings one, finally, to 
the museums. The History 
Museum, of course, is excel- 
lent One could say the same of 
the Maritime Museum, 
although it is vast and you will 
not want to see it all; as is the 
much-lauded Jewish Museum. 

But really, I suppose, we are 
talking Rftksmuseum for his- 
toric Dutch painting, van Gogh 
Museum for the aneteared mas- 
ter, and the Stedelijk for inter- 
national modem. 

Although the van Gogh can. 
be done as a single - and 
e x t r aordinarily Alumina ting - 


whole, it would take days to 
get right round the other two. 
My own tactic is to pick just 
one or two painters at a time 
(the guidebooks come in very 
handy here) and otherwise con- 
centrate on the canals and eat- 
eries, and even, maybe, take a 
quick flip through the red Light 
district That way I may not 
get much wiser but 1 certainly 
feel I get into the spirit 

■ Adam Hopkins visited 
Amsterdam as a guest of Trao- 
elscene, tel 081-4274445, staying 
at the excellent Pulitzer Betel 
on the PrinzengractU, a series of 
concerted canalside houses 
joined to make a single, decid- 


edly upmarket, hostelry. Flight 
by Transavia from Gatwick. 
Three nights, two sharing, 
breakfast, airport transfer, from 
£314. 

Restaurants: medium price - 
Haesje Claas, Spuistraat 275, 
(tel: 62649993) and Les Quatre 
Papillons, Beuliingstraat 5-7 
(6261912): expensive - de d’Viff 
Vlieghen, Spuistraat 294 
(248369) and Lucius, Spuistraat 
247, (6241831); economic - 
Tempo Doelo, Utrechtsestraat 75 
(6256718) and de Reiger, Nieuwe 
Leliestraat 34, (6247426). 

Food prices are comparable to 
London, maybe a shade lower. 
although you certainly hose to 
watch wine costs. 


By bus in Guatemala 

Mark Hodson has an eventful journey by public transport 



i -■ 

- i / 


■* B *# * 

-■ n 


I .p^ 


■' a 

^ B , # 
w> ■ 

■ , 

■ ■ 

■ j 

14 *«■-. 

% ■ 

.. , .i 

■ 

-■ , * 
.r 


- » J '.. 


\ 


Sfc- 


os£ sat beside me wearing 
red and white pin-striped 
trousers and black leather 
chaps. He had a long 
straight Mayan nose and 
diy Mack skin like crumpled 
hum. On his head, at a slight 
angle, sat a straw boater. 

He was taWng the bus home 
from market, along with his 
wife and two young daughters 
and a chicken , in a cardboard 
box. They lived in Todos San- 
tos Cuchumatim, in the moun- 
tains of north-west Guatemala. 

Josfr was a Nam Indian, a 
true descendant of the ancient 
Maya yet, like his village, his 
TiarhA was Spanish. The con- 
quistadors had made the ardu- 
ous trek to Todos Santos even 
before a road was built to con- 
nect it to the outside worid- 

Tbe Spaniards converted the 
inhabitants to Roman Catholi- 
cism, gave them new names 
and a distinctive local cos- 
tume. Legend has it that the 
men of Todos Santos were so 
taken by the finery worn by 
one particularly flamboyant 
Spaniard that they all copied 
tt 

Today, the villagers still 
make the straw hats by hand 
and. a boy does not properly 
become a man until he is 
allowed to wear the red shirt 
with its brightly patterned 
cuffs and upturned collars. 

The bus pulled out of Hue- 
huetenango with a few nervous 
coughs and a loud roar. 1 
shared a seat built for two with 
Jbs& and his family. One of the 
giris was allocated to me and 
she sat <m my lap for the entire 
journey staring silently up at 
my alien face. 

As we approached a police 
checkpoint the conductor told 
everyone to crouch on the 
floor. There were 20 or SO peo- 
ple standing in the aisle and 
they all obliged, the men 
gently laying down their 
machetes, the women heaving 
babies on to nearby laps. 

We mwte it through hut at a 
second checkpoint we were 
stopped and a policeman 
noticed the bus was illegally 
overloaded. A small fine was 
negotiated and we were off 
again. 

For anyone over 5ft Gin tall, 
■the seats were horribly 
cramped - ihe bus had been 
designed to carry American 
schoolchildren. Above the 
windscreen, between a blaring 
tape deck and a picture of the 
Virgin Mary, a ~ faded sign 
warned: “No Swearing, No 
Harsepiay." 

After 20 minutes we ran out 
of road and started to climb a 



Both men and women wear brightfy-cotourad cio thing 


lush mountain, rarely getting 
out of first gear and hardly top- 
ping walking pace: The driver, 
a wow in his 40s with sun- 
glasses, a greasy quiff and a 
row of silver teeth, handed 
over the wheel to his conduc- 
tor so he could chat up a 
woman passenger. 

An hour later we reached the 
peak arid pulled up at a lonely 
truck stop HMMGft above sea 
leveL The men filed off, loos- 
ened their rfwpg and relieved 
themselves against the side of 
the bos. 

They did not speak much. 
S panish remains their second 

language and they would smile 
and exchange pleasantries hut 
little more. 

After a light lunch of Coca- 
Cola and dried cakes we were 
back ah the road crossing a 
stark barren plain. We dropped 
into a steep valley. 

We could see Todos Santos 
spread out below us when we 
heard another bus behind, 
hooting and snarling as it tried 
to pass on the narrow dirt 
road. Our driver refused to pull 
over even trim be stopped to 
setdown passengers. 

The other driver jumped out 
of his cab and ran up to our 


bus, swinging a machete, 
stamping his feet and howling 
obscenities. 

Our driver pulled away, stop- 
ping on the next bend to let 
the other bus pass. As it did so 
a young man stood in the door- 
way of the other vehicle, and 
waved the machete. With a 
fl«gh of steel he slashed one of 
our tyres and we ground to 
another halt 

Todos Santos was a picture 
of peace and tranquillity. 
Around the whitewashed colo- 
nial church half a dozen young 
men leant in doorways, talking 
in whispers and coyly posit® 
in their brilliant costumes. 
Families sat outside their 
adobe huts weaving: women at 
the looms, children bundling 
up cotton and men sewing lit- 
tle bags. 

The villagers had set up a 
wor ke r s’ co-operative and their 
tiny shop was packed with col- 
ourful weavings, each with a 
tag showing the name of the 
person who had made it. 

Next day, I saw a funeral 
Half a dozen small children 
were walking down the main 
street in single file, each hold- 
ing a peace Iffy and solemnly 
staring ahead. Behind them a 


boy of about 14 supported the 
rough-hewn coffin of a child 
across his shoulders as if he 
was ca r ry in g his own cross. 

He was followed by a dozen 
woman In flagyiing red blouses 
and skirts. None displayed any 
emotion. It was exquisite and 
heartbreaking. 

There ypas just one restau- 
rant in town which served the 
same meal of scrambled eggs, 
Mack beans and tortillas for 
breakfest, lunch and dinner, 
and a hostel with horse-hair 
beds in draughty rooms that 
got hellishly cold at night I 
lasted two days before I got 
back on that bus. 

This time we broke down 
after just 45 minutes. A second 
bus took us back to Huehue- 
tenango where 2 found I had 
miaspH the connection east to 
Sacapulas and would have to 
wait until morning. 

Next day at 11am I was back 
an the road with another luna- 
tic at the wheel who hurled us 
around the winding mountain 
roads until after two hours we 
shuddered to a halt when the 
transmismem shaft snapped. I 
sat at the side of the road 
dreaming of ctdd beer, watch- 
ing a herd of oxen overtake us 
awfl thfriiring that even by Gua- 
temalan standards three break- 
downs on the trot must be con- 
sidered pretty bad luck. 

A United Nations truck pul- 
led up but the driver refused to 
give ns a ride so we had to 
wait two hours for the next 
bus. When it came it was 
already nearly full bat the 
driver seemed so pleased to see 
a rival broken down that be 
made sure everyone squeezed 
on. 

By the time we reached the 
little crossroads town of Saca- 
pulas at the foot of the Cuchu- 
mat&n mountains it was 
almost dusk. 1 had missed the 
last connecting bus to the vil- 
lage of Nefaai and was looking 
for a cold drink when a lorry 
driver offered me a lift. 

He was leaving immediately 
so I clambered up the back of 
his open truck, clinging to the 
edge as we thundered high into 
the hills. I turned and through 
Ihe swirling dust saw a warm 
golden sunset over the valley. I 
looked down to find myself 
s tanding on a mountain of 
wooden crates filed with beer. 

■ Journey Latin America 
(081-747 8515) take escorted 
groups through Guatemala, 
Mexico and Belize, staying m 
budget hotels and using public 
buses. Pries far 20-day trips 
start at £1210 including flights, 
tut not accommodation. 



The Financial Times offers its readers the opportunity 
to explore the wonders of Cyprus on an FT tailor-made 
tour. Spend 11 days in the company of Gerald 
Cadogan, the FT correspondent, learning about the 
ancient past as our exclusive programme takes you 
across this beautiful island at the ideal time of the year. 

Spend the first five nights in Paphos, an area rich in 
flora, fauna, spectacular views and archaeological 
sites. In the Kato Paphos region visit the Houses of 
Dionysos and Orpheus which feature some of (he best 
preserved mosaics in the Mediterranean. At Kouklia 
see the Sanctuary of Aphrodite, the Archaeological 

Museum and tour the excavated site. Explore the 
Troodos foothills and the many medieval churches, an 
abandoned Turkish Cypriot village and a Roman- 
Byzantine copper mine. 

On to Limassol for three nights. Visit Petra tou 
Romiou, the surpposed birthplace of Aphrodite, see 
the ancient city of Kourion and its monumental 
architecture. Enjoy a day on freshly excavated sites, 
including Gerald Cadogan's own excavations at 
Maroni-Voumes. 

End the tour with a two night stay in Nicosia travelling 
via the Troodos with its many wild flowers and 
spectacular scenery. For further details of this unique 
holiday, please complete the coupon opposite. 


Brief Itinerary 

D ay 1 Travel lo Paphos. Hotel Cypria Maris for S nights. 

Day 2 Akamas peninsula. 

Day 3 Kato Paphos region. 

Day 4 Free morning, followed by a visit to Kouklia. 

Day 5 Tour of Western Troodos. 

Day 6 Travel to Limassol for 3 nights at the Churchill Hotel. 

Day 7 Limassol sites and moseums. 

Day 8 Excavated sites in central Cyprus. 

Day 9 Nicosia for a 2 night stay at the Churchill Hotel. 

Day 10 Cyprus and Leventis Museums. Walk the Green Line. 

Day 11 Kiti on and Hals Sultan Tcjdce. Deport from Unaca for home. 

Price: £1,210 per person. Single room supplement: £175 

Readers may join (be holiday in Papbos. 

Price includes: Scheduled nights with Cyprus Airways, airport taxes; twin 
room accommodation, **rnrmn« and entrance fees to sites and museums w 
denned in the itinerary. Breakfiutf and at least one main meal each day. 

Pries excludes: Travel insurance; items of a personal nature. 

Hus lour is organised on befaaff of the Financial Times by 

Sttnvfl Holidays (CAA ATOL 80S) in modalim with B r*lt Travel Ltd. 

The InfbmiiM you provide will be held by as end may be used by other select qtnttiy 
conyanki for mafliag ^ p u nx ne s. 

CYPRUS 

To: Nigel Pullman, Fuumcuil Times, Southwark Bridge, 

London SE1 9HL. Fax: 071-873 3072 
Please send me foil details of the FT Invitation to Cyprus 

TITLE INITIAI SURNAME 

AOORHSS m 

POSTTOWN 




■ i mwm*. 


■ ■miKi miiHiiiiiniia.iM. 


■ MBS. (.....a 




1 COUNTY 

I 

I POSTCODE .TEL NO. 


Pit M 


« 











' " ■* ? I 




X WEEKEND FT 


FINANCIAL TIMES 


WEEKEND DECEMBER I 7 /DHCKMBER « 1*4 



PROPERTY 


The road 


to true 


conversion 


Gerald Cadogan looks at homes made 
from churches and chapels 


A D Saints, Langport is the 
first large medieval 
church that the diocese 
of Bath, and Wells has 
declared redundant, and 
“it will certainly not be the last”, 
vans Philip Notes, deputy dioce- 


More will follow as congregations 
amalgamate, but still lack the 
money to maintain their fine band- 
ings. And the recent hugely 
increased parish payments to the 
dioceses make it ever harder for the 
faithful few to keep a roof over their 
heads. 

At Langport, the parish of 3,000 
has another large gem of a medieval 
church (Hnish Episcopi St Mary), 
500 yards away. How could it sup- 
port two? Which should go? 

Objectors to losing All Saints 
tried to appeal to the Privy CoundL 
An attempt to hand it to the 
Churches Conservation Trust failed, 
because the trust did not have the 
money to take it on. 

Now, it is on the market. Chittons 
is inviting any reasonable proposal 
for a new use, subject to consent 
from the local council, English Heri- 
tage and the Church Commission- 
ers. No price is set The sale could 
be freehold or leasehold. Grants 
may be available. Special care must 
be taken not to disturb interred 
human remains. 

The alternative to vesting in a 
trust is conversion or demolition. 
But fennrfrfng down listed churches 
and chapels is bound to meet resis- 
tance bum councils, conservation 
bodies and, often, the non-church- 
going community. 

Converting churches is tricky- As 
potential homes, they do not subdi- 
vide welL It needs ingenuity to 
make them good places in which to 
live. 

Happier adaptations are as stu- 
dios, workshops, restaurants or con- 
cert halls. Such uses make the most 
of their generous proportions and 
are popular with planning officers 
as they maintain the “integrity” of 
the building. 


Unfortunately, the pews which 
are often part of that integrity win 
almost certainly be discarded. 

In North Dorset, the council's 
conservation officer hopes to pro- 
duce a list of buildings at risk, to 
rtirit sympathetic buyers. 

He has submitted the names of 
several buildings to SAVE Britain's 
Heritage, a pressure group which 
publishes a similar list entitled 
"Stop This Rot: A Collection of 
Buildings to Restore in England & 
Wales”, at £10.95. 

One building in Dorset is a 
wooden chapel built like a wooden 
bam. If repaired, it would continue 
in its present use holding farm 
machinery. The Unitarian church, 
in Gosditch Street, Cirencester. 
Glos, is in such a des p er a t e state 
that the council has served a 
repairs notice on the church trust- 
ees - the first step to a compulsory 
purchase order. It could prove a 
bargain for a sympathetic new 
owner. But, , as with all church and 
chapel conversions, the price 
depends on the terms of the plan- 
ning consent 

It can be hard work to define a 
new use, as architect Richard Ped- 
lar of Bristol has found with the 
United Reformed Church at Blake- 
ney, Glos, on the edge of the Forest 
of Dean. 

This handsome late Georgian 
building has been on the market for 
seven years, although he has had it 
brought inride the local conserva- 
tion area mid its listing has been 
upgraded, which means closer 
supervision of changes by English 
Heritage and the council. This 
should improve its chances of grant 

aid. 

His hope is that the Youth Hos- 
tels Association wQl take it, but 
local support is vital for the success 
of such a scheme. 

The structure and function of 
churches and chapels is what 
makes them so hard to adapt Their 
main job has been as meeting 
places. 

The easiest churches to turn into 



Cadogan's Place 


■ 


Carden 


Y 


R eceivers have pot devel- 
oper John Broome’s proj- 
ect, Carden Park, Chesh- 
ire, on the- market, at the 
request of the Bask of Scotl an d. 

Broome had set out to produce a 
hotel, golf, leisure and sport resort 
of outstanding quality, spending 
£23m In the process. 

Carden opened in October 1993 in 
730 acres. Broome has established 
an 18-hole irrigated golf course on 
ground that varies between pine 
WDOdS, pft rirlflrtd and VtCtT ffiCftdr 
ows- Its complement is a beautiful- 
ly-built golf academy with a 13-bay 
driving range. 

Carden also offers pheasant 
shooting on the estate, rough and 
driven, with rights over a farther 
1,400 acres of adjacent land. There 
is also fishing and rallying. 

Croquet is the surprise. Broome 
laid down a 45-acre croquet lawn, 
of world duunpkmship standards, 
which looks big enough to hold TO 


up for sale 


. -- 


ss 






The former All SflM» Chord* Langport; Somerset 



The former St Me h a el and At AngeJe, now Old Church Hou se, at Groves Bucks 


housing are medieval and Georgian, 
as they are huQt in the domestic 
tradition. The most difficult are Vic- 
torian - usually great barns of 
churches with high windows. Yet 
these - often marooned in the mid- 
dle of slum clearance sites and new 
traffic schemes - are the most 
av ailab le. 

In Fellows Road, London NW3, 
Winkworth in St John’s Wood is 
selling a converted four-bedroom 
chapel, complete with, gallery, for 
£395,000 (down from £475,000). 

Its EGghgate office offers a splen- 
did flat that makes full use of the 
stained glass windows in the former 
United Reformed Church. Priced at 


£340,000, and now called Cloisters 
Court, it is on the comer of Crom- 
well Avenue and Hornsey Lane, 
London N6. 

Former Georgian chapels are for 
sale at Brockenhurst, Hants (Wood, 
£140,000). and Blockley, Glos (Jack- 
son-Stops, £260,000, down from 
£285,000). 

Using grants from the govern- 
ment (70 per cent) and the Church 
Commissioners (30 per cent) the 
Churches Conservation Trust (for 
merly the Redundant Churches 
Fund) takes only a very few redun- 
dant churches, mid these must be of 
architectural distinction. 

In June it was sheltering 291 


churches. The dioceses shelter a 
few more, as do the Friends of 
Friendless Churches. 

In June 1993 the Historic Chapels 
Trust was launched. To date it has 
two chapels and is n^otiating for 

jintiHw nirK* 

English Heritage funds 70 per 
cent of overheads and eligible 
repairs to the chapels. The chapels 
trust must raise tire rest privately, 
but hopes that an agreement with 
the Raman Catholic Archdiocese of 
Liverpool for the presbytery and 
chapel of St Benet, Netherton, Mer- 
seyside, will set an example 

The Archdiocese will pay for 30 
pa- cent of the repairs to the group 
of buildings. 

The most unusual forma- church 
an the market is the mostly 14th 
century St Michael and All Angels, 
now Old Church House, on the 
Grand Union Canal at Grove, Bucks 
(Cote Ftattt, £280 jOOQDi 

The owners conve rt ed it 20 years 
ago out of the smallest church in 
the county. It has two bedrooms 
and many medieval fittings. Are 
you ready to five beride a grave- 
yard? 


between the hotel blocks would 
ai m be welcome. A Ml infuewnUtm 
pack Is available to serious putw. 
tJtal buyers for £150, plte VAT. 

This grand scheme is so warty 
complete, and is so well done, test 
a good profit must ttfl In store. Not*: 
alas, for Broome, creator of the 
highly successful Alton Toward 
amusement park, which now 
belongs to Peareoa, owner, of the 
Financial Times. 


*« --id 



I T ■ ■ 


,*4*2 


e • ■■ 
1 " " 


***■ 


■ Information: Quttons, Bath (tet 
0225-469512); Cole MaU, Tring 
(0442-890290); Jackson-Stops, Chip- 
ping Campden (033&84Q224); SAVE 
Britain's Heritage, 66 Battersea High 
Street. London SWll 3HX (071-228 
3336); Winkworth, Bighgate (081-341 
1988) and St John's Wood (071-586 
7001); John D Wood, Lymington 
(0590-677233). 


A vineyard above the croquet 
lawn produces a thoroughly drink- 
able Seyval Blanc - the grapes go 
south to Bletddey. for pressing - 
and there are plans for a swimming 
pool and exercise centre in the 
walled kitchen garden. 

The garden is some distance from 
the rite of the former "big house”, 
a typical Cheshire hall hi Made, and 
white timbering that burnt down in 
1912. There is a large dear park and 
Broome’s plan was to build a new 
Mg house, or an 80-bedroom exten- 
sion to toe hotel, on the rite of the 
old hflll. 

The hotel Is set out in nine Mocks 
around pared yards, and the rooms 
dassed as ambassador (lowest), 
earl, duke or Prince of Wales (one 
only). An categories are of unusual 
c omfort and luxury. There are also 
self-catering co tta ges. 

Situated near Manchester anil 
Liverpool, and not too for from Bir- 
mingham, this no-expeuses-spared. 
development should be a sure suc- 
cess, especially for tee corpor a te 
market and for croquet comped- 
tlotis* 

Savills (0295-283535) has not indi- 
cated a guide price but the sum 
already spent gives a top Qrit, ft 
still needs £2m3u fin- the exercise 
centre, a clubhouse for the golf 
course and a central knmge/bar in 
the hotel. Covered walkways 


In the US, a superb conceit of * 
house Is on sale in 
Wndami, 40 minutes by train fhfan 
Manhattan. X should lore to have ft.' 
The octagonal Araour-Sttnw 

boose, at 45 West Clinton Arena, 
was built to 1872 and has three 
acres. It combines the style of 
Beaux Arts Paris at its most 
extravagant with a big traditional : 
American porch with cast Iraunffi- 
ings and elaborate columns and- 
w qrftttH: On top of the dome ta » 
observatory with views ef the Hud- 
son river and tee Palisades. The 
price is a negotiable 22.45m 
(£l.49m). Inquiries to Fern Bfe ste w 
of WlHJam B May 01*591-8884 


■ m 

AT 





p: 


a a □ 




Ho 12 Eaton Bqttanv London SWly 
Is one of the last seven bouses to 
the square in single family . usa 
wen-renovated ami rich la marMe, 
granite and wood, this teen Impor- 
tant, traditional prop erty . 

Its asking price, than Clatters 
London Beridantiri (07HS84 2044> 
or De Groot CoEUs <971-285 SOW), is 
£&78m, with n ground rent, at pres- 
ent, of -ttjDMh ft has a small patio 
ga ric a at the Iwcfc, 


- 

\F 




FOr $4m, you can escape to a ranch 
of 120,000 acres hi Tanzania, 188 
miles north of Bar es Salaam. 
Mbqjs Ranch has 1X^800 head of 
cattle, a private beach on the 
Indian Ocean, an airstrip and its 
own game reserve with elephants, 
hippos, gi r af fes,' Hons, hyenas, 
mo nk eys and many more speriea. 
Inquiries to Knight Ftoak A Rutley 
(071-829 8171). - 


G.C. 




GOLF 


COUNTRY PROPERTY 


INTERNATIONAL PROPERTY 


SAVILLS 


WHICH COUNTRY RETREAT 


On ike I nsuuctums of die Joint. LPA Recewen, Allan Griffiths, 

Doubt Rowlands and Malcolm Shimon of Grant Thomson 

Cheshire, Chester 

Uuapoal 37 miles, Manchester S3 notes, Birmingham 60 miles, London 180 miles, 

MS31MS6 tOnul*, M6 20 mbs. 


IS THE SMARTER MOVE? 


w-*- 


OUTSTANDING HOTEL, GOLF AND LEISURE ESTA1 
Lrverpool/Manchester and Birmingham/West Midland 


r * »n r , ■ 




But 



4 *' 


V 




FOR SALE 


Pageant Beach, on Seven Mile Beach 
Grand Cayman, Cayman Islands 


Pageant Beach is the largest remaining undeveloped 
site on Seven Mile Beach with a total site area of 
7.15 acres or 311,454 sq. ft With 920 ft of sea 
frontage and 400 sq. ft of road frontage. The 
location is unique because of tee unrestricted views 
of tee George Town Harbour and of Seven Mile ' 

Beach. 


A corr ag i in tub Cots wolds- 

Price £120,000. 


Watcutau Ilf THE Co rs WO LOS. 


From £84,900. 


ri Piciitresquc setting. 
m Easy actrsj from M4, MS and M40. 
M Three bedroom* 

M ^acit bade ^idou 


■ Kgm aqpc tetting, 

■ Exqr access Iron M4. MS and M40. 

■ Throe bedroom, nro bathrooms. 
rn lljOOOaav vaBeravfc. 


83 le e ring bedrooms, restaonmc and bar {atiUty. Meeting and function rooms. 

Self catering cottages and mfff management accommodation. 

Quality diompcocuhip length 18 hole golf course. 

Go mp mbcmivc Golf Academy - driting range, 9 bole couoe, abort game area, clubhouse. 
Rgotiw sp ot ting and rocrcarioaal mtace amcmtfcs. 

Planning brief for additional bedroom acco mm odation, btorc fadUdro and retail area. 


lake and Deer park with planning brief for new country bouse or 80 leering unin 
Far ml a nd and cotogn (par t kt}, vincynd* woodland. Shooting rights over substantial additional acreag e . 

About 730'acres 
For sale as a whole or in parts 

Savills, London 0171 499 8644 Concacc Nick Sweeney or Crispin Holborow 


■ Golf dub ncmbcrship. 

M SaHiogAc wrodsurtiog, 

■ Tram mid Coarse Fishing. 

■ Hone riding. 

■ Qiildm’s tod laics. 

■ Hcshb dub roenbenhip. 
m *ttyc*r tease. 

■ Rovfsd-dtc^ciodK security 

■ Tbatf-raamd moaotcnaocc. 

■ fall -time gonlcncc. 


ideal location for a five star hotel or for a world 
cl a s s resort or luxury condominium development 
Asking price is US$10 million subject to 

- negotiation with serious enquiries. 

Please call Mr. Bilal Ahmed, 

First Cayman Bank Ltd. 

Tel. 809-949-6133 or 809-949-5266 
Fax: 809-949-5398 for more details 


; - 'ii ■ * ■ ■ 


■ o . 




. - . 1 


^ m • V .V 


■ a n» ■ 


.. . ' "sV ' r 

iv: • 



■VMd 


» ■ 




■# , ■ 

Y*# ■ 


I , 


AN INVESTMENT YOU CAN ACTUALLY USE! 


OPTIONAL 10* RENTAL GUARANTEE AVAILABLE ALLOWING FREE HOLIDAY USE OP 
YOUR COUNTRY RETREAT. POTENTIAL CAPITAL SUM OF UP TO 123.000 CAN BE MADE 
BY BUYING NOW BO* MORTGAGES AVAILABLE SUBJECT TO STATUS. 


WATERMARK 



4 R 


CAM 



OUR PMPBUIES MW HOT BE BSEO AS A PWOPM. PUCE OF RESDENCE. 

VOUR HOME S W IRSK IF TOO 00 NOT KEff UP REMmE)fT5 OH A MORTGME Ofl OIMBI LOAM SECURED OR IT. RESORTS 






INTERNATIONAL PROPERTY 


FOR SALE PARAGUAY 
FOR IMMEDIATE OCCUPATION 

2600 hectares 

can be purchased through a Luxembourg 
registered holding company. 

For all details please write to: 
CABINET JJP. FYBOURDIN, 7 rue Delenie, 
92120 MONTROUGE, FRANCE 
Fax: (33) 42 S3 87 34 


. ‘ w 


_ t 

V 


* ^ 3T 


* : vrp. 
,v 

-» 




ENGLISH COURTYARD 


"WHERE LONDON MEETS THE 
GENTLE COUNTRYSIDE" 
Church Place, Kdccaham, Middx. The 
bonefanirtAekatoftbovifapA 
apocwcolff new dcudopncN at roomy 
cofugca and Obia 2 sad 3 bedrooms. 


ENGLISH COURTYARD 

"ON THE ENGLISH RIVIERA* 


The Vhaeqr, Tbfquay. 

Qttdc 2 bedroom flats just above the 
dd hastate. Seem garaging. 


MONTE-CARLO 
LE VICTORIA 


TT7H 


Lease over 1 25 yon. 


£BSJOOO -JE14S400 
Lease over 125 years. 


FOR THIS AND ALL THAT 

IS BEST IN RETIREMEbrr HOUSING 
ACROSS RURAL ENGLAND 

EqUCaMjiriAwcMioa 

8 HoSauad Street, Undo. WS 4U* 

ntEErONEWNZZMSS 


Fall Service detmb avnilabte. 

FOR THIS AND ALL THAT 
IS BEST IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 


S HoRud Stint, Lomha W8 4LT 
FREEFONE UN ZZ0SSS 


Pleasant 2 bedroom 
apartment, 120 SQ.M 
approx., equipped 
kitchen, storage room, 
good condition 
(possibility for 
office use) (R33) 


Lake Geneva & : 
Mountain resorts 

'tau can aw n a q uafty WWIBOT 
chalet hi Morrmeux, vuars, 

LEE OMBLEREFS, L6VSW, GS3AAD 

VriM CflAHS-MOnANA. VBR8ER, 
tte^SFcaoorm-Ci^facfito 

REVACSJL 

SZ. n« da MoMbrflM'CH -1211 GBieM 2 
RL 41 J2 / 734 15 40 - Fax 734 1220 


OWN YOUR OWN 


D 



LONDON PROPERTY 


me BISHOP'S AVENUE 

Doe for very early compfetioo. 

clcpe prestigious aniiicct 

dcsignod London borne. Most 
spackna reception areas, study A 
(amity non. 4 principal bedrooms - 
all ensnkc. lolcgtai, folly contained 
annex. In all, approx. 4^800 sq. It 
Offered for early viewing £ 1.75m. 


BUYING FOR INVESTHBIT? Waldentt^ 
la beM onmmUa tar you ihraughaut 
canM London and also h he cay el 
CMridga Wta provide a 6 mt*Mb padoge 
AequfMm Rnonca Fkntthg. 
Lrifing and Mamujunssit twsptxm 
MaiookR WMan Imnmtanai on on <83 
4291 or Roc 071 <8343)6 


A AGEDI 


SOUTHERN SPAIN A wfqua iateBB M 

wMflfl M devcAopmont Inootpo tS ttna R 

world dan- 18 hdo Ha golf cow** 


♦ Fully 

♦ A perfect 


NYC/HI East 60’S 7RU$ 

PRIVATE 51 FLOOR 
PENTHOUSE CONDO 

homes totop wWto glove bWg. 
rm - l & J ara O Q ' Spectacular protected 360 degree views. 

^ balcony - 3 MBa ^ mart> * 
881 ^ 1ff C8ffln0, central A/C. Relocated setter 


esrfiensivc accommodation 
ar to Hawaii 


Higgins 212491-7050 
DOUGLAS ELUMAN 


7/9 Bd dm Moufins MC 98000 Mmnco 
.Tel 33-92 16S9S9 Fa 33-93 501 942, 


vlas ton CITRBOGl TTiaaS tad vfloafrom 
£10R87 Sl TSt 0273 Tuns Fee 0E73 


Expressions of 

freehold > 
7b be in writing, to be 


LON 
RENTALS 


COTE D’AZUR -VOICE SpKkupioymde 
**a. * bedwma, 2 batvoorn, sovfced 
pool nondariU earn. 16 irks Hfca akport. 
H=el Jhi Ttt [UK) 0883 B52S42 - 


Reg area, off 
Australia. 

the purchase <f the total 
rex of land. 

5th February 1995 at 


GUERNSEY 


BOCA RATON 


SHIELDS & COMPANY LTD 
■ 4 South Esplanade, 

St Peter Port. 


FLORIDA 


mTMancHKumur 


a ok stop wvEsnars ssiwce - jb m 
hi best London buys. Rone s . UiftJiiy, 
tantna A man. 0B1 446 3848 fee 001 445 


sstocdOR of quality popofe* £100- 
CfSDOpe fem 3 wfo lo 3 yn Qwd 
Mmbb » 071 7320782. 10-7001 


FRENCH PROPERTY NEWS UOfUMy 
okL mu & sld proportfaa, isgd cokmiabL 
Me lor your FREE copy rmc “ftt 001 947 
1834 


SYDNEY AdSZKALU REAL ESTATE 

FOR INSPECTION & FURTHER DETAILS CONTACT 
ON MOBILE PHONE MABEL YEUNG 018281398 
OR LEN RESNEKOV 018220452 
Phone: (WI1612) 983 0003 Fax: (0011612) 983 0006 


Tel: 0732 450699 


Chelsea homesearck & co wa 
rflpramtf Kba buyer to isro time and 
msmyrOTI 037 2281 .Fax 071 0S7 2282. 


CADOGAN SQUARE 3 bO ti nOomOfl 
porttvwa wfiDi roof te rrace. £10GQ per 
WHk.AnMLanaumQ7T»«33 - 


OOdbo, For Msrmatt 
OBI 90337B1 awflmtii 


PROPBITtES JkttrtKb 
vttstan A ftteg Afft ring 


OneoftheislaraJs 
largest independent 
Estate Agents. 


Tel: 0481 714445. 
Fax: 0481 713811. 


Waterfront & Gtotf : 
Course Homes. Buyers 
Represaitaflon. Wo tea. 
Contact Roslyn Caresne, 

Realtor. Fax your Tal#. , 

in call you for details. 
F®C (JSA 407 241.8028 
Tel: USA 407 347 2823 


]y. jHo' tjs& 


i-rtt 






























nr” * » 


WEEKEND FT XI 



» 


S58R& « 

4wiltU4 

^yswdJSJj 

W til 

22**» »*»? 

•I'WKiiR* 

f JS^W h*, in 

W #*lw mewl 

*3*1*1 awt 

asr®: 

«IW.' Rnumic 
» feTr 

£.»»■* !0 

^ ^ ftmart 
tank 
£****** ro 

**Wf lit (J|R 

m 

■rifcttutce ihnn 
^ %ta 

"tort** **4 

WW 49»n in 

‘*^***61* 

*» dvUd a 



f ill doubt, give a gar* 
dener a gadget If in 
taste, give yourself four 
of tbs five new types of 
_ Christmas tree which 
jgtwr poshed paces up to £5 a 

foot- ^ 

if you 'are canny, however, 
you will know already that 
conventional Christmas trees 
jell for- £L50 a foot deep In the 
, nh -‘h l, country and that the prices 

ASh 

personally, I would prefer to 
> given a plant. As presents, 
jiji "'UfcTS, plants seem .to be socially 
ft^iIuJC unacceptable tinless they are 


Green and pleasant gifts 

Robin Lane Fox solves present problems for the whole family with a trip to the nearest garden centre 


looking for hardy Oowerers 
which are sbt months oat of 



»• i |P *4 Ik fr ■* * 

ti , ^ r Mn V fast fear ^Christmas. Unlike 
’" Um '\ h \ dogs, they improve the garden 
V ^d can be left Inside until the 


foe 


l\ 




& 


hi 

3-SJ&5S 

*** *•*»:»! 

4<arriS4h Jij£il 

rapituK i m . 

""^X 

S'SE.^ 


.. «^*W» 

*■ *»iwv bkaki 
rtpl.fha Rum 
4*r tfeweai, 
** Wales idnr 

** or smqi) 

Nfc** tow atari 

*i**\*T a*d 
fcrfnamfct 


™ ««!«• nf fhr 

JfX* BTMdtJJ Jjjfe 
W- ** M.aii J5 1 ** 





* a AMK-aar 


I'eWJWV 

Mt M) . 
M (ftPlM** 
ft* ffittL It 

^ MTffKF 

tef *fc* tail 

aEume- li I*.' 
'■fV'WT Mi 

valiwaya 

Mmmmm 


- -ran 

i^ £:i J rTH.lt,- 


Thanks to the better garden 
centres, plants look tempting 
In fttfr dose season. like good 
sspennarkets, they show 
plants which lo ok fr esh and 

waon&ee and tempt custom- 
ers who xwnar go near open 
certmtry. As a result, you can 
now give. them as presents 
without leaving earth on the 
carpet or.' bring.. unacceptably 

rustic: v _ ; 

This year, amazingly, you 
f fn even give hardy plants in 
jtower.1 have had a fascinating 
tfme hxmtfmr through the cen- 
tres and their main suppliers. 


rioting by numbers 
may not have pro- 
duced many Rem- 
brandts but It gives 
pleasure to many 
would-be artists who might 
otherwise have difficulty paint- 
ing ashed. 

'.And Bach might be turning 
hr his grave at modem key- 
boards that play themselves, 
but they bring the excitement 
of making music to unini- 
tiated. 

'Andnow wehave "fat boyB”, 
which allow mediocre skiers to 
join the hitherto elite and 
become hell-skiers - skiers 
who ride like Vietnam 
"grunts 1 ’ to virgin snow in a 
clattering helicopter, there to 
ski in bottomless powder 
where few have skied before. 

" So how, in the time it takes 
to don a powder suit in a tele- 
phone box, can Average Skier 
become Super Skier? 

Fat skis are the answer. 
They have-sparked the off-piste 


He re a re my top six, aimed 
at solving common family pres- 
ent problems and priced from 
big suburban centres. 

For Ni gels and Tanias who 
garden in shade in London and 
Spend the summers south of 
Florence, this year's answer is 
a camellia. Plants of the hardy 
varieties are already flowering 
and I would opt for the double 
white “Swan Lake" which 
looks heavenly in a two-litre 
pot, even at £14^5. 

For aunts and uncles on 
light soils in south-east 
England. I would capitalise on 
the mild weather end choose 
th e craz iest sight of the year, 
medium-sized plants of Ceano- 
fhm “Gloire de Versailles”, 
which have been s tanding o in- 
doors and flowering freely, 
four months after their season, 

at a price of only £&S6. 

Remind the Bernards e nd 
Catherines that these plants 
are hardy in most winters, but 


not all and that they might ha 
better in a well-lit shed until 
spring. They Look lovely as a 
foil to old-fashioned roses if 
you prune them ge ntly in April 
to keep them at a height of 
about 5fL 

For Gill and Max, who have 
just settled in their home for 
life, choose a long-team winter 
shrub and look no tazthar than 
the witch haw»i« which prefer 
neutral or acid soil and will 
Improve with age. They, too, 
have been flowsing frantically 
to attract givers and, for gisAs, 
you can lose your head with a 
full-flowering BamameHs “Pal- 
lida", whose pale yellow flow- 
ers are the prettiest of the 
usual varieties. 

Evergreens are their natural 
companions and nead Ipcc of 
an explanation when non- 
gardeners unwrap them - any- 
one can appreciate a good leaf 
Some of the bigger centres are 
sto cking the creamrvariegated 
form of Rhammts, a great 
favourite of mine against a 
south or west wall. 


v^ou G-nse SoiX 

U /15T 





Fix' Valerie and David, who 
open their gardens to the pub- 
lic, the best buys on the circuit 
are fresh plants of the ever- 
green Osmanthus heterophylhis 
“Variegatns", at E8L95. Garden 
centres can stfll surprise us afl 
among the usual range of mal- 
lows and buddleias: I have 
grown a plant of this osman- 
thus with, its mildly prickly 
evergreen leaves for foe past 20 


years. It has moved homes 
with me, but it is stfll only 3ft 
high and wide. It is very chic 
and striking and it has just 
flowered suddenly for the first 
time in Hia mild November. 

While planting ont the 
forget-me-nots, 1 became aware 
of an exquisite scent which 
traced back to the lines of tiny 
white flowers hanging from its 
branches. It Is foe thinking 


person’s alternative to yet 
more squares of clipped green 
box. 

I could never resist a vibur- 
num, especially if I could not 
remember whether Aunt 
Judith’s soil in Wiltshire was 
add or not. The winter variet- 
ies are predictably good this 
week, but you can also find 
flowers on the spring-flowering 
curies# this week or on the big- 
ger and stronger "Park Farm 
Hybrid". 

When there are still flowers 
all over the place I have less 
time for those centres which 
are trying to sell callicarpas 
with violet-mauve fruits by 

calllpg t he m “Beauty Berries'* 
and pricing them at £24.95 
each. The small print teds you 
that you need a group of three 
in order to he sure of a proper 
crop. 

Instead. I would go for a yel- 
low-berried cotoneaster which 
is excellent up any great-uncle 
Edward's drainpipe, even in 
semi-shade. “Expery" or 
“Rothschild" are the best vari- 


eties. You can still find plants 
with yellow berries untouched 
at “only” E&95. 

What about those difficult 
people, young couples who 
have nothing but principles 
and mean, for the moment, to 
stay together for years, or 
open-handed people who have 
so much more money than you 
and may well try to humiliate 
you by dishing out a crate of 
champagne? 

Outflank the young Simons 
and Kiistys by giving them the 
nucleus of their fruitcage for 
the future. This year, the 
blackcurrant bushes are 

looking eminently unwrappa- 
ble because they are thick with 
buds, though still without 


“Baldwin" is a sound, later- 
cropping variety which will be 
at its best when the super- 
stores have moved on through 
foe calendar and are trying to 
sell you loganberries 
instead. 

The champagne Charlies 
need more generous treatment 


Do not be stampeded Into buy- 
ing foe neatly-clipped standard 
of evergreen privet or bay at 
£70 because it looks fancy: you 
could grow one yourself for 
very much less and they look 
better in pairs, increasing the 
bill Instead, go for unarguable 
quality which even the idlest 
garden-watcher will know how 
to pronounce. 

This week, there are super 
magnolias, looking large, clean 
and advanced in bud. Big 
bushes of Magnolia alba 
superba range from £1435 to 
£49 for extravagant specimens, 
4ft high and wide. The rusfirc 
rubra form of this variety can 
be found at even greater sizes, 
up to £70. My personal choice- 
would have to be Magnolia 
loebneri "Leonard Mess el", 
root-wrapped in hessian and 
about 4ft high at a cool £6$, 
complete with dozens of visible 
buds. 

These large magnolias wiil 
transplant easily into gardens 
so long as you water them over 

a dry spring and early sum- 
mer. After five years, smaller 
sensible transplants will proba- 
bly have overtaken them, but 
Christmas is not a time for 
being sensible. 

If you are wondering how to 
measure up to a millionaire's 
fire-power, enlist a magnolia's 
flower-power and be fairly sure 
that she will not know what it 
really costs. 




■% 

4 


li l I Si::; 

T anya. -> 

"I Dir ts 
lUBf 
tatq 

?* n i r.-vnr ^ 

" !.:f jf!rv |j 8Ei w 

^ rf* nu s * 1- 

^ t l "T m Tney naro-sparKed tbe rtf-p&ste 

*871 r- v -i /"*"'' revolution and this winter, 

have taken a grip on hell- 
- - tiding . 

i -.The “fat" ski was developed 

- by ski manufacturer Atomic, 

based-on a pr o totype designed 
by-tf 'fonner Austrian train 
dorarwho had the idea of saw- 
fag a snowboard in half. The 
.original, the Atomic Powder 
. Has tras quickly imitated by 
virtually, all the waip sU nan- 


UttlAYVOftAi. PROPERTY 



FT Ski Expedition / Amie Wilson 

As Swiss as 
edelweiss 



OR SALE 

1 Si \ • \ Mu i Blui 

ii Cayman, i. ^ v .\ M.wds 


■t--, - ™ 

V -/-TV 


'■ * *♦ 1 % 4 ■ I* ,*« 1 % 

♦ ,1 * » ,» • ft 


4 * mf \ " ft *• * 

' , 1 ■ / ’ ■ • ii i# ,1 ■ i ,' ■ * _■ • ■■■■■*■■*■■■■ - 


_ n 

. . Mi* 


.#■ 


. .< 


■m # 


*+• Lt! j-j v! ■; 

I ■ 

Nfiir H a- - ; i> 
iwirsr - : :- 

-i . : 

■ 

*»?* W H » tfi. K : 


• >1 1 Lt -*'* 1 


"I 


it 


fi-. - IT'- 
y i. 




U >- 


t fe'H A G i 


;pn;rv 


IT 


• VI I 

!-■ « 


a* i ‘\i 


ft $**• V 


iWfiiif' tt 


'■i - . * : 

■ ■ ■ 


if ^ jU Mt. \hnifJ. 

nf tAvnuh Biinii i tJ 

* . -r. 


949 r t ^ #.».v 


>A'? 





num'-uil V- ■- ■ •* ■' . 

H* 8Al£ PARAGUAY 

HiOUTE OCCUFAT1CN 

A# hc~ lz.tr- 

~ : T' 

Yrf , M ' 

t ij. -i 

7-r uv i ;li .1 ’ 

* % . 1 # - 


. The usual length is either 
IfliGms or ISScms and because 
the ski is almost twice as wide 
as a conventumal ski it floats 
.on the surfece of powder 
lather than burrowing deeply 
futo it Tney can bought or 
rested in most main ski areas, 
but not in huge numbers as 
they are only really designed 
fur off-piste use. 

- So today, middle-aged inter- 
mediates Who would have had 
a tenflfc straggle to ski pow- 
der. can. now sign up for a 
week’s helicopter skiing know- 
ing that the fat skis will be 
tfror passport to success. The 
only banter to hell-skiing now 
is cash, not skill 
Bui foe .question remains: is 
it right and proper that the 
rank and file should be allowed 
tonse-fhte new equipment to 
penetrate the mystique of the 
true artist oar athlete? 

Inevitably, those with a pas- 
sion for foe real thing might 
resent “skills" acquired so 
^ cheaply. Those skilful enough 
7 v to helHEa on ordinary skis 
tend to resent the feet that 
their precious world - not to 
mention their sacred powder - 
1s being invaded by lesser 


\ \ ■■ 

■ '■ a 










- *. * v- :*'*>■ ■■ ■ 

/ - . .. ■ -'**.?* - ‘ 

■Tsf sl’ 1 ’ ’ . ■ v* 

*• ■ ■ ■ * ’ *. ! . , ■■ Vft.V ’ i ■- 

* ;■ i : 7^,:“ 

... ^ m _ ■ ■ ■ ■ ■ _ ■ - 

- . • v- t>%L. ■ . ■■*>.>.* -.y* . '/- 

: ■ ■ ' - - - ■ * : v . .V . . r . 

■ ■ . ■ ■ n Jd ■■■■■■ A - Hi 

- j ■ ’X ' * * < ■■**> ■- * ■ ■ • 1 ■J ,,, if , ft 

. . ■ Jr- ■ ■ - ■' \ c <. ■ w ' 

■ - Jr- \ . / • r \ ■* *• '.= .->■ 


■As* 

'A: 


v v 


Fat aids mean Average Skier can become Super SMer in the time H tehee to don a powder ait in a te l e pho ne boat 


Skiing 


Fat skis send you flying 

Amie Wilson on how a new type of ski allows almost anyone to go heli-skiing 


Helicopter skiing is frowned 
upon in many parte of Europe, 
where « w i mimMarfaBa tg have 
urifv-occftiTTy managed to have 


it banned in most of Austria 
and France. This leaves Swit- 
zerland as Europe’s heli-skttng 
mecca, with Italy another 
option. 

The French get round the 
ban by transporting clients 
across the border into Italy, 
where heli-skiing is permitted, 
and flying than to peaks from 
which they can ski either in 
Italy or back into France. Heli- 
copters are allowed to collect 
skiers on French terrain at the 
end of the Jay from the bottom 
of the mountain but not to 
take them to the top. 

Grindelwald offers some of 
the best heli-skiing in the 


world, with huge 7,000ft verti- 
cal descents from such spots as 
Sustenalp and Rosenegg just 
across , the Erger/MUnch/Jung- 
frail 

There is good heli-skiing in 
New Zealand, the Himalayas 
and parts of what was the 
Soviet Union, but North Amer- 
ica - especially Canada - with 
its vast wilderness areas, Is 
where the sport of heli-skiing 
has become a fully-fledged 
industry. 

Reseats such as Sun Valley, 
Jackson Hole, Telluride, Whis- 
tler and Panorama offer daily 
heli-ski outings, but if you 
want the “total experience” 


you should look at the option 
of spending a whole week in a 
heli-skiing lodge in British 
Columbia where you live, 
breathe and dream helicopter 
clrifng. it is not cheap, but it is 
undoubtedly foe best 
Canafflan Mou ntain Holidays 
(CMH) runs lodges in nine 
areas, farinding the celebrated 
Bugaboos, Cariboos, and Mon- 


If you are reluctant to be 
“incarcerated" - however cos- 
fly and luxuriously - in a wil- 
derness lodge for a week, you 
have the option off basing your- 
self in town: CMH offers excel- 
lent heli-skiing out of Revet 


sthke. 

Its ohly serious rival is Mike 
Wiegele, whose operation is 
based in just one location at 
Bine River but covers an enor- 
mous amount off terrain. While 
CMH is the brand leader, both 
org ani s ations cure extremely 
professional and the overall 
experience is similar. Fat aMa 
now dominate Canadian heli- 
skiing. Even most of the guides 
use them. 

Skilled powder skiers deter- 
mined not to pander to such 
toys can use conventional skis, 
but the fat skis make lt so 

much «a»gj<w* ar>rt lwn wwrgBHr 

that they can find themselves 


being left behind by foe fat bri- 
gade. 

■ CMS: ContacirPowder Skiing 
m North America, 61 DaneraBe 
St, London SW6 SEW. Tel: 
071-736 8191 

■ Mike Wiegele Helicopter Ski- 
ing: Ski Scott Durm, Fovant 
Mews, 12a Noyna Road, Lon- 
don SW17 7PK Tel: 081-767 
0202; or Fresh Tracks, Me Mi- 
lan House, Cheam Common Rd, 
Worcester Park. Surrey KT4. 
Tel 081-875 9818 

■ Heli-skiing in Grindelwald: 
Powder Byrne, 50 Lombard 
Street, London SW11 3SU. Tel: 
071-2230501 


Arme WQson and Lucy Dicker 
are trying to ski every day of 
1994 on a round-the-world expe- 
dition. They are currently in 
New Mexico. 

W hen we pulled 
back the curtains 
of our luxurious 
apartment at the 
Chalet Montesano, we were 
greeted with a picture-postcard 
Alpine scene. As the snow- 
flakes cascaded aTnni^g the fir 
trees, a large Swiss flag flub 
tered gently from the wooden 
balcony. 

In a country which loves to 
imitate Europe, it doesn't get 
much more Swiss than Taos 
Ski Valley, New Mexico - 
small village, big skiing. Taos 
was, after all, invented by 
Ernie Blake, a German-bora 
Swiss, and Swiss themes domi- 
nate the resort . 

Two of the principal hotels 
are the St Bernard and the 
Edelweiss. There is a Kanda- 
har Lodge and Swiss flags 
abound. 

The Chalet Montesano is 
owned by Victor Froehlich, a 
ski instructor and pastry chef 
from Davos and once a Swiss 
junior international goal- 
keeper. It is named after the 
chalet in Gstaad where his 
wife Karin went to finishing 
school. There Is even a si gn 
saying: “Achtung - Private 
Parking." 

Lew Wallace, governor of 
New Mexico between 1878 and 
1881 and author of Ben-Hur, 
complained that “every calcu- 
lation based on experience 
elsewhere fails in New 
Mexico". Not as cruel perhaps, 
as: “Poor old New Mexico - so 
far from heaven, and so close 
to Texas.” 

Many skiers these days like 
to think Taos is heaven. Sev- 
eral runs cut through steep 
and picturesque glades 
reflecting the Swiss/German 
connection: Edelweiss Glade, 
Tell Glade, Winkelried, St 
Bernard and even Sir Arnold 
Ijnwi- 

And there are other, more 
dramatic Teutonic connec- 
tions. Blake worked for Allied 
Intelligence during the second 
world war, and grilled one or 
two big fish such as Goering. 
To honour some of those who 
tried to rid the world of Hitler, 


he named the best runs in Taos 
after them. Hence Tresckow, 
Fabian, Oster and Staufenberg. 
Churchill is not forgotten, 
either. Both Winston and Spen- 
cer’s Glade are tough, expert 
runs. 

We thought we should stick 
to Taos's legendary tough 
runs, because we were being 
watched. The whole resort 
knew we were there because 
Chris Stagg, vice president of 
marketing and Blake’s 
son-in-law. had put our names 
on the day’s lift ticket All 500 
of the skiers In Taos that day 
had “Welcome Amie and Lucy, 
Ski The World" written on 

‘Poor New 
Mexico - so 
far from 
heaven, so 
close to Texas/ 
Today, many 
skiers think 
Taos is heaven 

their lilt tickets. (Five hundred 
is not bad for early December 
in Taos.) 

Froehlich, who was one of 
the original instructors, said 
that when Blake started the 
ski area in 1955, you could 
squeeze the entire ski school 
and its clients round one table 
for dinner at the old Hondo 
Lodge. 

Mach of the grooming was 
done by hand, with shovels. 
“There were only two radios in 
those days," he said. “Ernie 
had one and the ski patrol had 
the other.” 

Sometimes Blake told the 
then teenage Karin Froehlich 
to “go groom Porcupine”. 

Karin, just about the only 
woman in the resort in the 
early days, continued to make 
an impression on her boss by 
living in a freezing old trailer 
which she called foe "ice box”, 
and, determined to be indepen- 
dent, refused to eat the hot 
meals Blake organised for his 
staff 

Said Victor. “I thought this 
would be a good woman to get 
to know better.” 



• i.« Si l 

EMTHQUSJV CONDO 

34 1*1- tfti >.-* 1 . 

Jft K- .4*.:.:-^ 




;w 


£ y ] 

mi*v 
m 




I li -“A " . smll 


HOi 7 .VrA c* 

FAi « « £ ,. 


(L^ 1 * 


Ift 


. I . L 

rt *■■■ 






. fc>“i 

1 ; 

:.v i 


i: 


. i -*•*->■ 


4 fj"!' 1 - 1 


I 1 


! 

% 


r ** i* “ . . . 


ft * I raw 

•l II w 

■ 


T he sea has always 
been a place of high 
feelings. It Is becom- 
ing more so as fishing 
nations worldwide try to 
extend, or consolidate, their 
fishing zones. Nowhere are the 
banes as complex, fraught and 
poifttebed as in the EU waters, 
under pressure from excess 
fish-catching capacity, lower 
stocks.- and the conflicting 
flwM Hniig of member states, 
particularly Spain as well as 
non-member Norway. 

Protectionism has never 
been more, old-fashioned than 
when Spanish tuna fishermen 
defending their traditional, 
tongiine fishery in the Bay of 
Biscay brandished axes at the 
British arrivistes using dead- 
lier modern drift-nets. 

B ritain sent Its own fishery 
protection sendee which pro-, 
seeded to hoard and inspect 
British, not Spanish, vessels. 

The tnna to ore took place 
outride the BIT MMMnite fish- 
eries tone, on the high seas. 
Here the international law of 
toe sea holds sway, theoreti- 
cally concerned only with 
piracy,' slave-trading and the 
movement of illegal narcotics. 


Europe’s fishing fleets prepare for war 

Fish supplies are running out, but the authorities seem powerless to act, writes Michael Wigan 


Flag st a tes may board their 
own nation’s vessels any- 
where. But in practice, within 
the EU fisheries zone, each 
member state's fishoy protec- 
tion force operates only in 
national waters. Spanish 
inspectors could, in theory, 
appear off Scottish coasts to 
monitor Spanish fishermen 
bat in practice they do not. It 
is believed by other states’ 
fishermen that Spanish inspec- 
tors rarely police Spanish ves- 
sel. 

Policing EU waters state by 
state, with fishery protection 
forces from different maritime 
cultures, with differing moti- 
vations and muscle, is a disas- 
ter. Each nation's fishermen 
aoenses its own fishery officers 
off being tougher than in other 
mm ab er states, British fisher- 
men fed they are singled oat 
by their own inspectors for 
specially rigorous treatment, a 
diin denied by protection 


V 


officers themselves. Even so, 
the simplicity of flwrttrig with 
own-nation boats, UK regis- 
tered, with UK addresses, is 
much more appealing than 
dealing with foreign boats 
whose crews may not speak 
any fa gtish. 

Even in British territorial 
waters, where England and 
Wales can call on nine Royal 
Navy vessels and three air- 
craft, and Scotland on seven 
boots and tm aimafo fishery 
protection is only a partial 
affair. "We cannot search 
every Ut off the sea, but the 
fishermen know there is a 
presence nit there,” a minis- 
try spokesman said. Britain 
his 33,000 sq mites of water to 
pofice. hut whereas the inspec- 
torate has 170 employees, 
Spain, with the largest EU 
fleet, had, until a recant 
increase, only 17 pasmmeL 
. Not only are national inspec- 
torates a poor example of sub- 


sidiarity in action, but the sys- 
tem is riddled with loopholes. 
For political reasons a pro- 
posal from tihe European Com- 
mission to land catches in 
specified local ports, where 
they could be more 


How palatable 
would it be for 

■ a m . 

the industry to 
wither away as 
a result of its 
own abuses? 

inspected, was turned down by 
the council of ministers. 
Catches by EU vessels are rou- 
tinely transferred at sea into 
the holds of mm-EU brats - 
thereby evading inspection 
and recording. The most obvi- 
^le of catches leaving 


m ir 


fh 


the European fish-pond with- 
out proper recording ' Is the 
klondykers. These factory 

ships are usually Polish or 
Russian, owned. They are often 
in poor physical condition. 
They lie off Lerwick, Peter- 
head, Fraserburgh and Ulla- 
pool, lit up-at night like gently 
rocking cities, buying herring 
and mackerel and paying in 
cash. 

The Common Fisheries Pol- 
icy, formed in 1972 jnst -before 
Britain joined the EG, and 
which only produced its first 
conservation measures in 
1083, is abnsed on a giant 
scale. Hie "black fish” catch is 
thought to have reached 50 per 
cent of the legitimate one and 
it has been by a for- 

mer heed of EC fisheries con- 
servation tint oi the 2£m fish- 
ing trips made am maSy in EU 
waters, about 250J100 involve 
infringements. These include 
catching fish surplus to quota. 


f 


fish for which the boats have 
no quota, undersized fish (pm 
hake “as small as a Biro” were 
recently landed in northern 
Spain), or fish from waters 
with exhausted quotes. 

Such excesses need some 
explanation- There is one. It is 
simply that EU memb er states 
have knowin gly shrank tm m 
Implementing the recom- 
mended conservation mea- 
sures because of their political 
implications. There is still 
public sympathy for fisher- 
men, seen as hardy and inde- 
pendent souls whose efforts 
play a critical part in the 
national diet. Such sympathy 
may be Scientists 

say catches that are now 
dwindling would have bean on 
tile increase bad their recom- 
mendations been accepted. 

One of the most sensitive 
issues is tile concept of a pan- 
European fishery inspectorate. 
N ominally tins exists in the 


form of an inspectorate of the 
inspectors. This small force 
evaluates enforcement; it is 
advisory; ft handles com- 
plaints. But it lacks any ves- 
sels and its members must 
travel as passengers on 
national fishery protection 
boats. These surveillance pro- 
grammes are often announced 
in advance, meaning the 
inspectorate is unlikely to be 
involved in any braising 


Today’s fishermen feel over- 
whelmed by a tightening net 
of regulations and restrictions. 
They are hemmed round by 
limits on days at sea, area 
restrictions, quotas, and most 
recently, intentions to limit 
fishing effort 

“All out rebellion is in the 
air" as a recent Fishing News 
leader put it 

Against this picture of 
muest among the last of foe 
hunter-gatherers, fish con- 


sumption is rocketing, while 
improved fishing methods are 
harvesting the shrinking 
resource more efficiently. An 
effective pan-European fishery 
inspectorate may seem incon- 
ceivable given the natio nalism 
and widely differing fishing 
status and practices of mem- 
ber states. But before fudging 
the issues again, politicians 
should consider how palatable 
tt would be for the fishing 
industry in these most fecund 
waters to wither away as a 
result of its own abases of the 
environment 

For the sea's boundaries are 
an abstract concept - an 
abstraction that is coming to 
mean much. It stretches the 
concept of a non-federalist EU 
to the limit For if EU waters 
are to replace national ones, as 
they are treaty-bound to do, 
the logical consequence is for 
EU inspectors to replace local 
ones too. 

■ The telephone number for 
Bourado Sports Fishing, given 
at the end of an article by Tom 
Fort on fishing in Brazil, pub- 
lished on October 29, should 
have read: 081-563 1988, fax: 
081-563 2230. 
























Xn WEEKEND FT 


FINANCIAL TIMES WEEKEND DECEMBER 1 



SPORT / MOTORING 


Rugby Union / Derek Wyatt 

A glimpse of 
the 



T he first half of the 
rugby season has 
given us a taste of 
how the game will 
work once it 
becomes a non-stop year-round 
international sport Over the 
past 10 weeks, the Springboks 
have been in Wake, Scotland 
and Ireland and Romania and 
Canada at Twickenham. The 
international games followed 
each other rapidly. 

After next year’s Rugby 
World Cap in South Africa 
only three countries will defi- 
nitely pre-qualify for the 1999 
finals — the two finalist s and. 

the winner of the third place 
play off (a fourth may also pre- 
qualify if the host is not one of 
the first three nations). 

England may well pre-qual- 
ity as hosts but there is a good 
chance that Scotland, Wales, 
Ireland and France will have to 
pre-qualify. The increase in 
win stretch the inter- 
national rugby calendar 
throughout a foil season. 

One immediate result of this 
autumn’s proliferation of inter- 
nationals was to marginalise 
non-international matches, 
namely the Varsity Match 
The internationals provided 
some pointers to world cap 
form. The Springboks are 
nearly a great side. Against 
Scotland they were magiste- 
rial They were more fortunate 
the following week against a 
fighting Welsh side who have 
found their pride and commit- 
ment again. 

The Welsh had only one 
game plan and it did not 
involve using their three-quar- 
ters. Instead Nefl Jenkins, at 


fly half, kept the hall in front 
of his forwards in the hope 
that the Springboks would give 
away penalties. It nearly 
worked. 

At least; in Derwyn Jones, 
the 6ft lain lock, Wales now 
know they can win line-out 
hall at w2L It wifi, be interest- 
ing to see if Alan Davies, the 
Welsh coach, changes his one 
dimensional tactics for the 
forthcoming Five Nations 
Championship. 

For the South Africans, the 
Barbarian fixture in Dublin, 
was one game too many. They 
graciously made five changes 
to their test team to give all 
their squad the chance to play 
and thus revealed that they do 
not yet have a squad that will 
win toe world cup. 

Few would disagree that in 
three of the five critical posi- 
tions - at foil-back hooker and 
No 8 - they have, the best 
players in the world: Andrd 
Joubert, Ulrich S chmi dt and 
Rudulf StraeuIL But at both 
half back positions the jury is 
out True, Joost van dar Wes- 
thoizen, the scrum half, 
ducked and dived to great 
effect against Scotland but his 
passing from the base of the 
scrum was woeful and this 
meant that bis fly half, Hen- 
drik Le Rous, was rarely ever 
able to impose his personality 
cm his side’s tactics. 

Almost by error, the South 
Africans found a game plan 
based on their emerging back 
row of Francois Pienaar (an 
inspirational captain and a 
public relations dream), Ruben 
Kruger (the best player on 
tour) and StraeuIL By their 


athleticism and presence this 
trio took games, shook them, 
hard and seized the Initiative 

Hmg anil time a gain. 

The Springboks looked tired 
alter the Welsh game. The time 
has come to move the Barbar- 
ians game and follow the 
example of cricket. Cricket 
tours start with a soft opener 
against the Duchess of Nor- 
folk's XI at ArundeL Visiting 
rugby teams should start with 
the Barbarian fixture and the 
gate should go to charity. 

England easily, if somewhat 
clumsily, defeated a poor 
Romania XV and then last 
week turned the screw against 
a battling Canadian side. The 
team is beginning , to settle - 
Simon Shaw, the uncapped 
Bristol lock, needs a few games 
in toe Five Nations' champion- 
ships to bed him down ready 
for the World Cup; Ian Hunter 
needs to be rehabilitated on 
toe right wing and Mike Catt 
will one day prove a brilliant 
deputy for Rob Andrew. . 

In the 1991 Rugby World Cup 
side. England finally decided 
that what mattered most on 
the right wing was that the 
player would give no tries 
away and be safe under the 
high ban. They chose a centre, 
Simon Hailiday to play cm the 
wing. The same thought must 
be occupying Jack Rowell, the 
currant IF n g tap d \ 

He knows tb at Tony Under- 
wood, who played on the right 
against Canada, Is not up to 
international rugby but he is 
unsure - rare for him - of the 
solution. I suspect Philip de 
Glanvflle and Mike Catt will be 
tried out at some time over the 








4 


-•* 


- . £■ 



Run with 


next few months. 

England have developed an 
aMtity to raise their game for 
big matches. Them 15-a-side 
approach is how the game is 
played in New Zealand and 
Australia and one effect is that 
the scorelines are much 
higher. Running rugby 
involves a greater risk but is 
much more ton to play and to 
watch. 

The Varsity Match was a 
classic. Cambridge emerged 


from the tunnel on to the 
Twickenham turf slowly and 
delib e r a te ly nunims ceat of toe 
Scots under David Sole four 
years ago at Murray field when, 
the foe was England and a 
Grand Slam was at state Cam- 
bridge played a wonderful 
game and deserved their win. 

Naturally, it hurt, being an 
Oxford Blue, to .see Oxford 
lose. At one time in the second 
half they looked as though 
they were going to concede 48 


posits hut r anted and nearly 
won toe match. - 

Cambridge used a tactic I 
bad not seen, before. At the 
maul, their forwards did not 
pHe in blindly hoping that 
somehow sheer strength would 
see then through- They kept 
popping the ball up to the next 
player comin g in. As a conse- 
quence they ripped the Oxford 
defence to shreds. It was com- 
pefflngto watch. 

Cambridge showed the 


northern hemisphere coun- 
tries, who are fed up with argu- 
ing toe rights and wrongs of 
the troiHJver law, a way to use 
it more constructively. 

The up-coming Five Nations 
Championship should have 


K*fpanta could have used it as 
tbs ffefli stage of their build 
up. As tt is, the championships 
serve only to lulenupt toar 


drop Ge^ HaSttogs, & riot 
have a hope and w® whrffla 
wooden' spoon. Ireland mid 
Wales st& Have to- deasnr 
strata that thfey i un de eri ap gtofc 
word variety. RnsSand rift 
France again took as though 
they wffi fighftt out Bngtend 
have so often been the Intent 
xtffKs tun prac^sDC furs,, wit 


.■j - 


■.* ■■ 

? . ■ 

i-y 

-a 4 . 


i > 


•V ■ - 

t 



Scotland, unless they mot 

■ - it in- 


ability iri’tiiit’ France Wffi 
a m erce ay g fre Five Natttw 
Cup hokiersfor 


1 


for 1966. - 






■ 


>,t ■*.” • ■»}, 


Motoring 


Chancellor should come clean 

» 

Stuart Marshall complains that Kenneth Garke has ignored the evidence on diesel 


T he anti-diesel car 
lobby still has the ear 
of Britain’s chancellor 
of the exchequer. Ken- 
neth Clarke. That much is 
obvious from bis latest Budget, 
which took away the tiny dif- 
ferential in excise duty which, 
until nearly three weeks ago, 
had favoured diesel marginally 
over unleaded petroL 
Now, the duty rates are the 
same. For every litre of 
unleaded or diesel bought by 
motorists at an average pump 
price of 54 pence, 30 l 4& goes 
into the chancellor’s pot 
Britain is Europe's odd man 
out Everywhere else, diesel is 


cheaper than rmiegtted petrol - 
sometimes spectacularly so. 
Why? 

In his Budget speech, Clarke 
said a differential between pet- 
rol and diesel “is clearly 
becoming very difficult to jus- 
tify in economic, health or in 
environmental terms”, dearly 
to whom? 

Obviously, to his advisers, 
who strike me as perverse and 
contradictory. But not at all 
dearly to expert opinion in the 
motor industry - including 
independent (and thus unbi- 
ased) sources fike Ricardo Con- 
sultants, a British automot iv e 
think-tank of world renown. 


Peninsula's rooftop pool 



jmifr- /iwrrp Tri^^ 



has the only 


053901^^ i .BMRV 



lanes in New York 



Diesel cars produce much 
less carbon dioxide than petrol 
vehicles because they bum less 
fuel - and not just carbon diox- 
ide. A study Ricardo carried 
out recently for Mercedes-Benz 
revealed that a car diesel 
angina without a catal yser pr o- 
dnced fewer air toxics (harmful 
emissions) than a petrol engine 
with an elaborate catalyse-. 

Add a simple kind of cataly- 
ser - which many diesel cars 
now have - and the emissions 
were twice as dean as those 
from a cafalyser-equipped pet 
rol engine. 

There Is a lot more where 
this came from. Petrol cars 
with the most elaborate cataty- 
sers emit vastly more benzine 
- a known carcinogen - than a 
nan-catalysed diesel, the foal of 
which is almost benzinefree. 

In urban driving conditions, 
diesels reduce fuel consump- 
tion (to which carbon dioxide 
amissions are linked directly) 
by up to 40 per cent. And 
although research ' into 


cKaning the emissions from 

ftiasri an ginas hagan far lata- 

than it did for petrol power 
plants, much has been 
achieved and further large 
gains are in prospect. 

With diesels, the one fry in 
the ointment is the emission of 
particulates - is* smote 
But petrol cars also can emit 
up to Q.Q2gnL of particulates a 
kilometre - “not much less 
than can be achieved with 
advanced prototype diesel 
engines”, says Rtcarilo. 

Cheaper fuel, though. Is only 
the icing on the cake for die- 
sels. They use so much less of 
it that they still make eco- 
nomic sense, especially for 
high-mileage d ri ver s and those 
who do a lot of stop-go driving 
in traffic. 

My present car, a Citroen 
Xantia turbo-diesel manual 
averages 39.8mpg (7.09 1/ 
100km). A Citroen XM turbo- 
diesel automatic gave me 
34.05mpg (8J291/lOCkm), and a 
Mercedes-Benz 19QD 2£ auto- 


matic p induced 36.14mpg 
(7A2 1/lOOkm). 

These are realistic figures 
over several years’ motoring, 
with plenty of the short trips 
and cold starts that ruin a pet- 
rol car’s economy. On motor- 
ways, I keep up with the pack. 

In spite of the government's 
anti-diesel car stance, their 
market share has grown, 
steadily and they account for 
around 22 per cent of all Brit- 
ish. registrations. I cannot see 
this changing. The dearer fuel 
becomes - and we all know 
that exdse duty can only go up 
- the greater the diesel car’s 
appeal 

Pump prices of diesel vary 
more than those of unleaded. 
Within 20 miles of my home in 
Kent, I have seen 7p a litre 
difference at diesel pumps on 
the same day. And do not pass 
a supermarket filling station, if 
your tank Is half-empty. They 
are usually so much cheaper 
that they can even be worth a 
detour. 



< i 


. ; i 

■S •• 


1 < ’ 


rs* 

)■ 



- . i 


I"*- 


*. 4 - 


Small, roomy and smooth 


The new Volkswagen Pofo 
1.3 CL (pictured) was so 
refined, roomy and 
smooth-rkfing that it came 
as a surprise to turn round in 
my seat and see how small tt 
really was - and to d i s co ver 
how easffy it coidd be 
reversed up my awkwardly 
curving drive. 

Head room generous — 
there is no standard sun-roof 
to get in the way. Clutch and 

are up to 


the best Japanese standards 
of dkhess, and the 1^-Btra 
engine is eager to spin 
sweetly or pufl hard at low 
revotuttansL. 

In town, toe Polo CLfe 
compactne ss, power 
steering and good vMb&ty 
make parking easy. At 
motorway op c ode , ft (fid not 
sound unduly busy mid, on - 
winding roads. Its handling 
was a delight Reckon on 

(RBI/ 


100km), or better than 400 
jnflfcs (645km) a tankfuL 
VW*s prices are much - 
keener than they were. The 
IB CL three-door, with , 
driver's aln-bag and ol e cWC 
window s, costs a modes!? : 
£8,700. Prices start at £$950 
for the one-fore Polo L, dnr 
which power steering Is £*00 
extra, and go up to £11,750 
for toe live-door GLX , ’ 
wflh ABS brakes, afioy - 
wheels mid manual sunroofs 


f 

S* >■ •- 


\i - - 
r 

Jr *. «■ 

stfrv - * 
v* 

VJ __ . — ■* 

14 n. . • 

■ - ■ - 

r . 1 

■ m—M ^ ■ . 


r „ 

.«• • t 

: ■ ; 04. 

‘■1 : V 


» MT! 




* 

-V 


'ft* 






that aren’t jammed. 


THE PENINSULA 

new yorjc 




5 ft A JT t riff EXrgMIEHCE 



Tbp Mnsnlft Hans Kong • Manfla • We* Yorfc « BwwffHIto 
Tho ftlw Hoed BattUift* lb* fovftm HoW HOfie Mont 


is an example of how the Dick- 
ensian methods still work in 
an updated 1990 context. like 
the serial noveL The Archers’ 
plots are planned months or 
years in advance, but each epi- 
sode Is produced at a frenetic 
pace. There are eight writers - 
those who cut their teeth an 
tiie series include bestselling 
novelist Susan H5H - and after 
the monthly script meeting, 
they each complete the week's 
worth of s cripts in a fortnight- 
Twenty episodes are then 
recorded in six days. Topical 
events are written in, during a 
[ flurry of re-recording, on the 
day of transmission. 

“Charles Dickens was my 
teacher,” says Julia Smith, the 
producer who devised Bast- 
Baders. “He had the gift of 
combining reality with fairy 
stories. I don’t think we are 
doing much that Dickens ^ 
not done before.*’ 

That mix of escapism and 
social anthpntteify lies at the 
core of British soap opera. 
Soaps tug the heartstrings 
because they invite everyd ay 
involvement with annthpr fen- 

fly or community whose inti- 
macies and indiscretions 

become, like those of the royal 
family, public secrets. 

* Hedli Nicklaus, who plays 
Kathy Pecks in the series and 
runs Archers Addicts, the fan 
club whose members include 
Norma Major and Adam. Faith, 
says soap works because "it 
lives in people’s heads, and 
when it’s in your head, it 
becomes .part of your own 
world picture 1 ’. 

hi extreme cases, viewers 
identify so completely with the 
soap world that they send 
characters wedding presents or 
apply for jobs at Brookfield 
Farm or the Quean’ Vic pub. 


The secret life of soaps 


i *- > 

"T»i ! t* 

” ■ ■ 

•’ --*4 t 

-l" •- . .* 

•• .... .. 

4. a 
- *• 

-W- ‘ ■ r 5* 

'- I , „ ^ 

JI# . 1 

( ■ <rLi. i 

i*,. ‘ : **w-» 


.'Hi 




(Traditmnally readers of fiction 
have done the same: the Royal 
Mail continues to receive 
letters addressed to Sherlock 
Holmes, Baker Street) 

But tills empathy is 
grounded in the acute realism 
with which characters and set- 
tings are portrayed. Divorce, 
racism, cancer scares, children 
running away from home, 
dodgy business deals - these 
are daily events in soap. 
Behind them is a strong educa- 
tional and moral impetus, 
sometimes even a pioneering 
■ social conscience. 

The Archers began in 1951 as 
a family drama aimed at teach- 
ing farmers how to Increase 
food production during post- 
war shortages. Now Brookside, 
says Fhffip ReeveL head of cor- 
porate affairs at Merseyside 
Television, confronts "a ques- 
tion of how televirion can 
accommodate both, entertain- 
ment mid real social issues'. 

Brookside has recently fea- 
tured the murder of a wife- 
beating father, a lesbian affair, 
and the birth of a Down’s syn- 
drome baby. Reeve] called the 
programmes methods “hyper- 
realistic": a high concentration 
of controversial dramatic hud-, 
dents within a small commu- 
nity. The key to soap success, 
he suggests, is “the programme 
makers’ ability to anticipate 
popular tastes and concerns”. 

Impeccable social research is 
the backbone of soap opera. 
The names of many EastEnders 
characters were taken from 
cemeteries in east London. The 
armed robbery in The Ardors 
was inspired by a conversation 
between the producer Vanesa 
Whitburn and police officers 


worried about toe rise in vio- 
lent crime in rural areas. The 
Archers employs not only an 
agricultural adviser hut a per- 
manent consultant obstetri- 
cian. The story of Simla’s infer- 
tility treatment rang so true 
that the BBC was over- 
whelmed with letters from 
empathising listeners. 

A chief pleasure of British 
soap comes from empathy - 
from recognising oneself as the 
drama holds “the mirror up to 

The names 
of many 
EastEnders 
characters 
were taken 

from east 
London 
cemeteries 

nature”. It is emphasised by a 
comparison with US soaps, 
which offer pure fantasy - 
mega-rich Dallas oil magnates, 

Dynasty’s sumptuous tnarwann 
“floli” - and invite not identi- 
fication or social debate but 
the schadenfreude of “let’s 
watch the rich screw up”. 

British soaps are by contrast 
highly moralistic. Tony War- 
ren, who invented Coronation 
Street in I960, summed up the 
aeries as “a fascinating freema- 
sonry, a volume of u nwritt en 
rules. These are the driving 
forces behind a - working-class 
street In the north of ^ England. 
Coronation Street sets out to 


explore these values and in 
doing so, to entertain.’* 

Today, Brookside debates' the 
vices of capitalist tax-evaders 
versus the jobless an the fid- 
dle. EastEnders is currently 
running an explosive tale of 
sexual ethics, about the 
break-up of Sharon and Grant 
Mitchell’s marriage after she 
slept with his brother P hil 

Commuting between the 
intensive care -ward, where 
Phil lay after Grant tried to 
murder Mm , and the pub, earfi 
character has offered a com- 
ment on the morality of cheat- 
ing; revenge and forgiveness. 
Barbara ’Windsor made her 
debut In the nroeranmie. as 
feuding men's mother, with a 
homily on family values. The 
story is as primitively compel- 
ling as Cain and AbeL 

One reason soap operas are 
so dramatically powerful Is the 
clever adaptation of archetypes 
- EastEnders’ Don. Juan villain 
Dirty Den, The Archers village 

idiot Eddie Grundy, reformed 
superbitch Elizabeth Archer - 
into topical British settings. 

They build age-old dramatic 
conflicts in a modern cnnteryt 

The Archer sisters (Shula 
and Elizabeth) at different 
times involved with the same 
man, for example, recall Eliza- 
beth and Lydia Bennett in 
Pride and Prejudice; hut their 
recent dilemmas have been 
abortion, IVF treatment, and 
whether one might adopt the 
illegitimate child of the other. 

"The Archers is living drama 
not a museum piece," says 
Whitburn who. since joining 
the series from Brookside two 
years ago, has catapulted 
Ambridge up to date. N ostalgia 


and continuity, however, are 
also crucial to the appeal: 
issues, charact e rs, move with 
the times, but soap operas 
always retain the structure 
and milieu of opening episodes. 
- The Archers 0951) still fid- 
lows the fanning calendar. Cor- 
onation Street (i960) is a dream 
of working-class solidarity in 
back-to-back terraces. The new 
housing estate at Brookside 
(1982) and the market stalls 
and entrepreneurial car dealers 
and cafe owners of EastEnders 
(1985) are obvious products of 
the Thalcherite 1980a. 

Where is the soap opera of 
the 1990S? Eidorado (1992) flop- 
ped, although in many ways it 
spoke for the decade - jet-set- 
ting lifestyles, international 
profile, a group of people who 
happened to have landed in the 
same place rather ftm grow- 
ing up together in a tradi- 
tional, outdated community. 
The reasons for its failure are 
still discussed no social 
roots, and thus lT>ant>io n H <- 
characters? No clear nffta 
market? Given insuffi cient 
time to prove itself? But the 
BBC Is unlikely to try 

Soap operas are potentially 
lucrative. - Their name coines 
from their original asanri^ on 
with soap manufacturers, mnfr 
as Procter and Gamble, which 
sponsored radio serials for 
housewives in the 1920s to 
advertise their products. They 
continue to be an advertisers’ 
dream. Brookside is Chaw^j 
4’s bestrated show. For a satel- 
lite company such asSfcy One, 
a compelling soap opera would 
he manna from heaven. 

Will they endure as art? It' is 
an open question. 


y , - 4 -\ 

* VIV 

2’- »i-v r - 
i £**»■'=;■ 

~" } -■* v- J* 


i* 

i ■ 




‘ 1-fcl 


Unlike the popular form of -ear- 
lier periods such as Dickens’s 
novels and Shakespeare’s trag- 
edies, soap operas are by 
nature ephemeral. Thefy-'are 
toe easy viewing option dflwr ' - ^ 

lazy undemanding tefevigfiia -- 
age. Each episode oMSiitf- w . 

Enders, for example, is too^m-. 
ple and banal to be wricked a 
second or third Hma, ft* -toe 
way that we can re-iOWd-’-a 
Dickens novel and discover 


c 

I 


new _ ^ 

On the other hand, soap 
operas speak of important 
social and emotional cop cpro 
to. a mass -audience; despite 
their vulgarities and their for- 
mulaic presentation, they 
deliver some tit toe-moral sus- 
tenance- that Dickens ofiered m 
toe 19th century and Shake- 
speare in the 17th. - — 

On the Radio 4 programme 
Desert island Discs lari mcafth. 
Sir George Christie, cfaajrinen 
of Glyndebourne, selected 
many classical opens, ' Shd 
then chose as his luxury a 
complete recording of r fh* 
Archers from 1951 until today, 
ft his stash wore to be found 

m l00years.it is unlike tori 
The Archers would^e rtjardftd 
as a successor to Mozart or 
Verdi, but it would jauvldfe a 
fascinating and umatidrife 
panorama of Britain in toe sec- 
ond half of the 20th 1 cen- 
tury. . n.:- : 


<«Y- 

2 ^ * jrirf 

. '’*r> 



_ 0,1 


_ _ v_ >1 


^ r_ ' • ,■ 

. > :• 


- ^ <- 


.?<- . ' 

- -V. v -> ' ■ 

- v- ^1- ' ' 




'■ * 

- > * 




•J -i-i ’ 


, f 


motors 


- 1 : 


hassw Lean <*n re cswfwsnra 

p w d QSSOQ ft gjffg QQ 'MA, 

« you^ horns or craw 
WL-flST «B«NQSfOr 


7 


« teas omm i» isuus 

w w sos lass 




' ' ’ n a - 

V x - J 

... ,.p- 1 m 

• 'ft. 

" . 

.'•> J.I.V 1 • 

•• 

“ Jl ■ ■’ ? -i . 

a . ■ ♦ ■ - - j 

i w,, . 1 

■ > " v. . . 

*. ' - "fa. 

. . r " ■- 

• - 

. 1 

- i . 

.• % ■ " ■ . , i, 

* --- v 

■»r. : ^ . 

■ - i . ■ ■ -5 

• mi ■ ■ 

- . ■ . % V- i ^ . . 

• - Vs « i -i 

. . .1 V 1 . . , 

T-I - ‘ 

. . . 1 •. ’ ’ - • 
t . 








^ r 















f 




■ F^ANCIAL TIMES WEEKEND DECEMBER 


WEEKEND FT XIII 


BOOKS 


Poetry 


d richly 


Dunn reviews the latest 
crop of contemporary verse 




HV) 

*■' »*- a **v to ■.*" 

*TH».ii»vjy 

^91* h»r 

r? A**«* *»'■• rim *v.r 
«M, hd\ T ttu'ii 4 
fif.Uyft W,.; 

tfaf' rhfl. i T{n j>. »; . ... 
fc* ifttmtan «i -\. 

'**?**< rhi t , 




*% 

'■■? r.-.r '••• .. 






:r ‘ ’* ' : 

■ r:t:v E$ : 

***«?.• 
,. *■. “ «n.f 

■ ’ i>S3 
'■ " f- U bT: 

■■■■ ■Rl’ilV-. 

!v» r ►- 
u » « 1 
• It.* 

■. -ft. f. ^”1* 

’ -:b* ' 


~-Tr 


i 


a i 


■*■ -*■ 

M ft* ■ - . < • 



i 


¥66: CJ 




tdrty-odd years ago 
- H you are old 
-enough - did you 
ever think you 
. - would , read a poem 
fe.AfienTansberg; hegrwnfag 

Jricss my Mtchen floor the 

at Death returns"? I 
fety&rSdn’t. Did you foretell 
tfcgt& his penitent old age the 
gn^Kitwould write an anti- 
song? Or that he 
poems in which he 
lie got . himself toto 
“this workaholic 
medita t ion market”? 
the Beats came to 
and contrition? 
to have died 
talent and 
to give up fags and 
$pote. Ginsberg's recent poetry 
yCotitiopoBtan Greetings, Pen- 
guin, £7.99} subtracts from his 
prestige as an icon of rhapsody 
and excess. 

White a lot of contemporary 
poetry would benefit from even 
a few ounces of Ginsberg's 
earlier fire and energy, that 
could not be said of Douglas 
Oliver’s Penniless Poetics (Bloo- 
daxe Books, £755). yw about 
50 pages Oliver drives an with 
aWg, baggy stanza which is a 
handy instrument in a poem of 
sustained narrative rollick and 
invention. What the poem says 
might be a bit hard to take at 
times, which could be the same 
as saying that living up to its 
h rifflant Erst Utip - “all p olitics 
the same crux: to define 
human kind richly" - is too 
much a matter of the reader’s 
conviction and not the 
anther’s. 

Oliver’s poem is up-tempo 
and generously in v e ntive , and 
much the same haffto be said 
for Iain Crichton Smith's 
poetry. His range includes 
a lmost everything between- 
footnotes and the “marvellous 
apq&thrlft universe”. He is 
sex3y post-modernist, 
and much of his power 
from short passages and 
ttfer- individual phrases. His 
aspires to a timeless 


spontaneity. Ends & Begin- 
nings (Carcanet Press, £855) 
shows a poet now in his 60s 
writing as if with a new le ase 
of life. It innhirtee some of his 
best work. 

A more exact, engraved 
rather than brushed poetry, 
confirms just what an 
Interesting poet Pauline 
Stainer is (The Ice-Pilot Speaks, 
Bloodaxe Books, £855) - as 
well as setting up a contrast 
with the immediacy of Gins- 
berg and Oliver, or Crichton 
Smith’s less disciplined lyri- 
cism. Her best gift is an artist's 
discretion in what she 

is saying onto the page (see, 
for instance, “Between Sta- 
tions" and “A Study for the 
Badminton Game*). 

Today’s version of the 
courtly in poetry is a 
self-aware reliance on art, 
music and other literature, and 
there is a lot of that in her 
work. The originality of her 
perceptions p re ve n t s its delib- 
erately “cultural” climate from 
precious. 




■iz - .. . 


f and smooth 


Id tit* 1.4-tura 
» |ft wym 

to*. 


AS 

*» A Art msf 

«•? jM <ki 


on 


JS 


OC 1 + 

-MWhh * 

V A'tijj. .1 • * 

. ■ 
V_. 

V i : v? * ■ ' ■ 

vii>V-‘ ' ' 

tV ;e i 

^ 

l* L 7 _ 

-,j f-y.- 'i - 1 1 ’ - ‘ 
x - 

J-fif • " , -. 

0)5 ■ • 

■ -yT ? 

■ # 'f ■ 

.--L> 

%p 

rhe-bil \ v • 

iW 

te is ■* • " 
^vii 

■ 

..?b ‘ *»* ’• ‘ 

^ rt-rt :4, i 

. t ■ ' 


■? > ttJit 

.c i .i iarifc 

*"iV “ ; 'vrt .lTCratf 

- ■ 

a 'H’- 

• r : -,v !■- .r-.suKS 

r r’rC .- [r . 

i ■ % TlS 

^ ! i,i} kr ** * _ 

?. ^ tHr ■ ,? il.V- W 
.1-;: 


~ "The mtian shone like a 
touhd sftieldf In a window 
between Itoo countries { Like ice 
that has grown over unowned 
tad". 

More than many poets, 
'Smith seems to write straight 
from' dr earag. which might be 
why his work carries a look of 


W hatever Geoff 

Battersley has 
to worry 
about, it is not 
preciosity. 
Some poems In Don’t Worry 
(Bloodaxe Books £7.95), 
though, give an impression of 
slightness, cleverness, or 
embarrassment in case there is 
a danger of being too serious. 
There is real gusto in his work 
as well as a manic but con- 
trolled humour. EEs can evoke 
odd or unnerving states of 
mind, enigmas, private terrors, 
domestic emergencies, with 
techniques or ways of looking 
at things that seem devised to 
giro the familiar a good shake. 
“Time passes slowly here in 
south Yorkshire. The dnstbin- 
men came yesterday . . - My 
cough gets oa my nerves but at 
least I own it” Cheeky, imagi- 
native, cerebral, witty - It is 
poetry with a lot to say for 

"Poet Laureate Rttnal Bath 
Minder* in Douglas Houston’s 
new hook. The Hunters in the 
Snow (Bloodaxe Books, £655), 
is as certain a piece of literary 
-satire as I have come across in 
a while - althoug h the object 
of the satire is how Ted 
Hughes is mythologised by his 
less intelligent admirers. 



Companions for 
the sporting life 

Peter Berlin reviews the sports books of the year 


“^y«*tta»hadyGastoc»d^E«cyooo ttlsac&Fm BstonetiT. Joseph Rfoncure Marsh’ s (oat chunk: pom “The 
WBd Party - once inspired WRHam Burroughs and ties now been rep rin ted by Picador fPQQQ, 112 pages}. 
PuStzar prize-winning mrtist Art Spfegetman has Rushsled this new etSion of the 1928 jazz age tragedy. 


Houston’s characteristic poems 
tend to be chunkier, more seri- 
ous and sorrowful although 
sharpened by quirky humour 
and observations. A deft tech- 
nical command, confident 
imag ery - “Night falling Hire a 

weightless slab of slate” - and 
an agreeable first person singu- 
lar. make this an enjoyable col- 
lection. Less showily formal 


than others, “Encounter" and 
“Taking a Break” suggest that 
simplicity is the most poetic 
wile ofafi. 

Poems of Gerard Woodward's 
such as “After the Deafening”, 
“A Nocturnal Breakfast" and 
“Tomatoes” jolt with an almost 
disturbing originality in After 
the Deafening (Chatto & Win- 
das, £759). “Making Strange” 


is a process at once mysterious 
and recognisable. You feel that 
you have been shown some- 
thing new, or that the previ- 
ously familiar really has been 
reexamined with a fresh eye 
and intellect 

Not all ids poems work any- 
thing like as wed, but when 
they do the result feds like a 
sting to the nervous system. 


U ntil very 
recently the 
majority of 
sports have been 
Observed by pub- 
lishers. The exceptions were 
cricket and baseball, suppos- 
edly the more meditative and 
intellectual sports. Books on 
these were permitted literary 
ambitions. Thomas Boswell 
probably did not have his 
tongue entirely in his cheek 
whan he called a collection of 
baseball essays: “How life imi- 
tates the World Series.” 

It was no accident that, for 
most of this century, the only 
outstanding British sports ref- 
ence book was Wisden, the 
cricket annual. Good books on 
other sports were rare indeed. 

That has begun to change. 
Sports p ublishing is still tiomi- 
nated by the shallow biogra- 
phy or ghosted autobiography, 
although sane are considera- 
bly better than others. This 
year’s better efforts include 
Jones Bunt - the B io graphy by 
Gerald Donaldson (Collins Wil- 
low £1559); and Gough - the 
Autobiography by Brian 
Clough with John Sadia* (Par- 
tridge Press, £1559). 

Alongside nta-ral t- n mpnt 

af froth, the silver trickle of 
books which treat fans seri- 
ously is turning into a 
These are books written by 
fans, often about the experi- 
ence of being a fan. 

In Anyone But England, his 
aaMnU nr> fhp En glish cricket 
establishment (and. by exten- 
sion, English society as a 
whole), Mike Marqusee recalls 
life as a teenager in 1960s 
America. “Swallowed up in a 
culture of mass protest which 
rejected competitiveness and 
aggression, I lost interest in 
sport” He rediscovered sport 
at university in England, lis- 
tening to Test Match Special 
with stoned, giggBng ex-public 
schoolboys and at Taunton, 
where he watched Somerset 
play in the company of “mid- 
d]e-aged wan and women bun- 
dled in tweeds 0 . . and “not a 
few long-haired remnants of an 
era that was rapidly 
vanishing" - one of whom sold 
cannabis resin behind the 
scoreboard. Marqusee, who 
unashamedly sees the hand of 
Marxist historical determinism 
in Test results, is the middle- 
class rebel as sports fen. 

Colin Ward’s Steaming In, 
published in 1989, was 
reprinted in paperback this 
year (Simon ft Schuster, £55$. 
Ward is a dwrewart sort of rebel 
to Marqusee. The book is a 
paean to the golden days of 
teracefighiing in the 1970s. It 
is a catalogue of thuggery 
across Hip British and the 


continent of Europe. 

for all its violence, the tale 
has a heroic quality. Ward fol- 
lowed a code of honour. He dis- 
approved of racism, thieving 
and weapons. He would not 
attack people who had not 
indicated they were ready for a 
fight, or continue to kick peo- 
ple once they were uncon- 
scious. In another time his 
tales of daring, cunning raids 
on enemy strongholds and 
brave defence of home terri- 
tory were the stuff of manly 
young dreams. One of the hoo- 
ligan leaders, Hickey, is coura 
geo us, witty, generous and 
deeply racist. With a different 
accent and a regimental tie, he 
could be the hero of a Buchan 
novel instead, he was arrested 
in 1986 as part of Operation 
Own Goal and sentenced to 10 
years in prison. 

Steaming In makes an excel- 

I The 

outstanding 


( publications 
are works of 
obsessives - 
the true 
fans 

lent companion to Nick Horn- 
by's more genteel and literary 
Fever Pitch, about which quite 
enough has been written, and 
this year’s gloriously eccentric 
- and award winning - addi- 
tion to the fan genre. Football 
against the Enemy (Orion, 
£1459) by Simon Kuper (now 
an FT journalist). 

Kuper spent nine months 
travelling the world, watching 
games and exploring the link 
between soccer and politics. 
Everywhere he went people 
told him: “you’ve come to the 
right place”. In every country, 
Kuper found fans, footballers 
and administrators with tales 
to tell and theories to expound. 
Perhaps the star Is Roman 
Obchenko, head of interna- 
tional relations at Dynamo 
Kiev, who explained that the 
dub exports not just football- 
ers but nuclear missfle parts. 
Kuper does not need to ham- 
mer his point home. In the old 
USSR fans went to games to 
whistle. Soccer matches were 
the only place they could show 
political rtiggpnt 
The lightness and economy 
of the account of a trip to a 
Celtic-Rangers match in Glas- 
gow with which Kuper end B 
his book contrasts favourably 


with the self-conscious, stodgy 
and embarrassingly partisan 
meditation on the Old Firm 
rivalry with which Don Wat- 
son opens Dancing in the 
Streets (Gollancz £959). This is 
the tale of Watson's adven- 
tures in “World Cup City”. It 
starts in a pub on the Edgware 
Road, whore Watson watches 
Ireland qualify for the 1994 
World Cup on television and 
ends in Pasadena, dancing in 
the streets with triumphant 
Brazilian fans. Ostensibly. 
Watson set off to follow 
Ireland. It is is difficult to 
avoid the suspicion that he 
was really following the foot- 
steps of Pete Davies, whose AD 
Played Out. a Cm's eye view of 
England's 1990 World Cup cam- 
paign was, and is, a best seller. 

There ore other worthwhile 
works of a more conventional 
nature: Mihir Bose's Sporting 
Colours (Robson Books), on 
sport In South Africa, Simon 
Wilde’s Letting Rip (Witherby 
CasseU) about last bowlers, 
and Boswell’s baseball book. 
Cracking the Show (£1959). 

But the best-thumbed books 
in any sports fan's library are 
reference works. These too are 
improving. Wisden remains a 
perennial best-seller, as does 
Rothman's Football Yearbook 
(Headline, £1659), which cele- 
brated its 25th anniversary this 
year. But while Wisden 
remains unchallenged, Roth- 
man's now has a rival. The 
Bndsldgh Football dub Direc- 
tory (Harmsworth Active, 
£1455). This lacks Rothman’s 
polished presentation and his- 
torical scope, but does offer 
even more thorough player and 
club statistics. 

Soccer, with its large fen 
base, dominates the field. The 
outstanding recent reference 
books are works of eccentrics, 
obsessives - true soccer fans. 
Three of the test, Guy Oliver's 
masterful World Soccer (Gui- 
ness, £1955, 1992) and Simon 
Inglis' engrossing Football 
Grounds of Great Britain (Wil- 
low, 1987, £1159) and Football 
Grounds of Etxrope (Willow, 
1990, £1455) are being updated. 

A pleasing addition to the 
soccer library this year has 
been David Pickering’s Cassell 
Soccer Companion (£16.99) a 
quirky mix of strange soccer 
facts and train-spotterish list- 
ings of non-league clubs. 

Beyond soccer there is the 
Radio 5 Sports Yearbook 1995 
(Oddball, £11.99), the latest 
incarnation of the invaluable 
annual that started as The 
Sportspages Almanac, and 
gives a well-judged mix of sta- 
tistics for almost every sport It 
makes an utterly reliable 
Christmas gift. 




.f 


E noch Powell once 
declared that the Hves 
of all politicians, 
unless cut short in 
add-eareer, end in failure. No 
20th century life illustrates 
tMa dictum -h a tt e r item that of 
George Nathaniel, 1st Mar- 
quess of Curxon. Viceroy of 
India far 1898 before he was 40, 
Canon left an indelible mark 
on that sub-continent “You 
will' never said to India”, 
declared John Morley, “and 
you have never sent to India, a 
viceroy his superior”. 

After a period in the wilder- 
ness, Curam returned to office 
in 1915, to became foreign sec- 
retary tram 1919 to 1924, 
under Lloyd George, Boner 
Law and Baldwin. BQs achieve- 
ments in the foreign office 
were, if anything, even greater 
than in Mb- It was Curzon 
who achieved a peace treaty 
with the Turks at Lausanne In 


A brazen pot among earthen vessels 

Vemon Bogdanor argues that the great Lord Curzon was a bully who was rightfully denied the premiereship 


1923, Curxon who helped ease 
France out of the Ruhr in 
1923, Curzon who b e ga n the 
revision of re pa ra tions that 
culminated in the Dawes Plan, 
Curzon who resolved the Corfu 
crisis without either alien- 
ating Mussolini or weakening 
the League of Nations. He 
remains among the greatest erf 
20th century foreign secre- 
tsrtcSft 

And yet, it all turned to 
ashes. As number two to the 
ailing Bonar Law, Curxon had 
every expectation of the pre- 
miership. Be was, John Simon 
had declared, “the brazen pot” 
among “the earthen 
of the Tories. 


Yet, within sight of the fin- 
ishing post, the prize was 

cna te hori from him by some- 
one be regarded as “a person 
of the utmost insignificance”. 
Stanley Baldwin. The story is 
well known how, lacking such 
modem appu r ten ances as a 
telephone, Curzon waited in 
ids house at Montecute until 
the village post office received 
a telegram from the King’s 
private secretary asking if 
Curzon would receive him in 
London. Returning to Cariton 
House Terrace, he was told 
that the King had already 
appointed Baldwin since, with 
the Labour opposition unre- 
presented in the Lords, it was 


essential that the prime minis- 
ter sit in the Commons. “Such 
was the m an ner in which it 
was intimated to me that the 
cup of honourable ambition 
had been dashed from my Ups 
and that I could never aspire 
to fill the highest office in the 
service of the Crown”. 

The dramatic career of this 
Imperial proconsul has 
already inspired a number of 
biographies. The official biog- 
raphy, published in 1928, three 
years after Curzon* s death, 
was written by the Earl of 
Ronaldshay, a future Secretary 
of State for India under Bal- 
dwin and Chamberlain. In 
1934, Harold Nicolson pub- 


CURZON 
by David Gflmour 

John Murray £25, €01 pages 

fished a study of his diplo- 
macy, Curzon: The Last Phase. 
In i960, Leonard Hawley was 
employed by Beavarihook to 
do a hatchet Job, while in 1969 
two further biographies 
appeared, a life by Kenneth 
Rose and two volumes by 
David Dflks, Curzon to India, 
on the viceroyalty. 

Given this plethora of bio- 
graphical material, it is not 
clear why a further volume 
should be needed. Although 


Curzon is David Gilm out’s 
first book on British history, 
he pr oves a master of 

Us subject. Hie is a formidable 
researcher, having consulted 
no less than 77 coDectians of 
private papers. IBs judgment 
is generally sound and his 
style dear. There are one or 
two nuggets of fresh material, 
especially on the 1916 ministe- 
rial crisis which made Lloyd 


Chanak crisis of 1922 which 
destroyed Mm. Yet he does not 
really have enough that is new 
to say to justify a 600 page 
book. Perhaps what Curzon 
really needs is not another 
biography but a short inter- 


pretative essay of the kind 
that Roy Jenkins does so we3L 
Gihnour’s book, like most 
biographies, presents the case 
for the defence, that 

Curzon was a more sen sitiv e 
person and more riddled with 
self-doubt than he appeared. 
He argues that many of the 
more outrageous utterances 
attributed to Curzon were 
either apocryphal or self- 
mocking. Did he ever say, 
upon seeing soldiers bathing, 
“Dear me, I had no conception 
the lower classes had such 
white skins”? Did he really 
hafi a bus and direct it to 
Downing Street, feigning sur- 
prise when it did not go there? 


In the last resort, for all his 
achievements, it cannot be 
Jwmtad that there was some- 
thing utterly preposterous 
about the ex-Vlceroy. In pub- 
lic, he appeared pompous, dic- 
tatorial and conceited. A bully 
to his inferiors, he cringed 
before Lloyd George and foiled 
to defend the prerogatives of 
the foreign office against the 
prime minister's “Garden Sub- 
urb”. The man who had 
declared In 1902 that an 
increase in soldiers' pay would 
merely “find its early correla- 
tive in increased syphilis and 
intoxication”, would hardly 
have proved a suitable premier 
during the labour unrest of 
the 1920s. In rejecting him for 
the premiership in 1923, 
George V made his own not 
insignificant contribution to 
failing the British revolution. 

■ Vemon Bogdanor is 
Reader to Government, Oxford. 



i 

■ 4 


►I ' 


. rr ■“ ■- * 

la A ; .'I 

* *■ 

v^.t* 


t 

i 



w*’£ 

f. . 

ml+t !i !- 

■ k # 


'ashington, D.C, 
January 26, 1961, 
early morning; 
snow . swirling 
from high winds, 12 degrees of 
frost, the worst inaugural 
weather in 52 years; John Fitz- 
gerald Kennedy, president- 
elect, sits down to breakfast. 
Richard Reeves describes the 
scene: "Ask not what your 
country can do for you * ask 
what yum can do for your coon- 
"try,’ sa id John F. Kennedy. 
Then, he paused, took another 
bite of bacon, and reached for 
his coffee." A surprisingly 
temni account, perhaps, of a 
particularly propitious moment 
In the Bfe of a professional pot- 
but one the* captures 
-the titetinctivB tone and ambi- 
tion of Reeves’ biography. 

H is a tong and vary detailed 
book (we are even told, for 
example, that the pope, in hon- 
our of inauguration day, had 
given Raman CathoUcs in the 
Washington area "a special dis- 
pensation from the Church’s 
stricture against gating meat 
Co Fridays” and that Kennedy 
had consumed no fewer than 
three rashers of bacon that 
morning), mad it devotes most 
of its narrative to the account 
of what Kennedy did ad signifi- 
cant points during his three 


JFK 


the man 


behind the myth 


years In power. Reeves is not 
so much interested in the myth 
as in the man, tmd not so 
much in the fixed historical 
facts as in the feel that they 
must have had as ' they took 
shape at the time. 

What Reeves attempts is 
n othing less than a recanstttuh 
tfon of an historical present hi 
stark contrast to the countless 
studies, ranging from the rev- 
erential to the sharply revi- 
sionist, which have sought to 
place the Kennedy presidency 
in a dijfln i t tra i n terpretive rest 
lug-place, Reeves' approach 

strives to re-animate the politi- 
cal context of the time, to 
unsettle the confident images 
formed by hindsight.' 

The Kmnedy of Reeves’ nar- 
rative is. a man who did not 
know what he was doing at tire 
b qrmnfag , and in some ways 
never changed at aQ, “reacting 
to events he often neither fore- 
saw nor understood,” a man 


PRESIDENT KENNEDY: 

A PROFILE OF POWER 
by Richard Reeves 

MaanUkm £ 12.99 . WO pages 

who was “intelligent and 
detached” hut also “careless 
and dangerously disorganised." 
Comparisons with more recent 
US political figures, although 
not attempted in the text, are 
certainly not discouraged. 

What emerges from Reeves’ 
account as Kennedy’s most 
striking quality is his imagina- 
tive grace, his readiness to 
believe, unreservedly, in cer- 
tain ideas and images about 
himself and his political poten- 
tial. The presidency, observes 
Reeves, “is an act of faith;'' 
Kennedy, he argues, “believed 
(and proved) that the only 
q ualification far the most pow- 
erful job In the world was 
wanting iL” 


•s ifr 


-% 


4 


It is this adamantine charac- 
teristic that becomes some- 
thing of a leitmotif in Reeve’s 
narrative: the man who suf- 
fered from Addison’s disease; 
who sometimes needed 
crutches or a cane in private to 
rest his back; who needed med- 
ication every day, sometimes 
every hour; who had received 
the last rites at least four times 
before he was elected presi- 
dent; yet who still preserved a 
public image as a beacon of 
youthful hope. “He had little 
ideology,” chums Reeves. “And 
he had less emotion. What he 
had was an attitude.” 

Reeves is most effective as a 
biographer considering Kenn- 
edy’s personal and political 
attributes. He is less convinc- 
ing (sometimes disturbingly 
so) as an historian. His cover- 
age or Kennedy’s relations 
with the Soviet Union seams 
distinctly uneven, and his 
of the Cuban missile 


\ 


crisis is incomplete and, in 
plaices, rather misleading. For 
someone who p ur p o rts to be 
committed to the discovery of 
what Kennedy knew “and 
when he knew it and what he 
actually did - sometimes day 
by day, sometimes hour by 
hour, sometimes minute by 
minute,” he is also capable erf 
making some curiously injudi- 
cious remarks. When, for 
example. Reeves discusses the 
growing tensions in black 
America, it is unlikely that he 
intends to be taken literally 
when he asserts that “Presi- 
dent Kennedy found out there 
was a revolution in his country 
by reading The New York 
Times on May 15, 1961," but 
neither is It vary clear why he 
felt the need to employ such a 
misleading turn of phrasa, 

As a serious work of history, 
therefore, President Kennedy 
Is, In spite of its apparent 
attention to detail, disappoint- 
ingiy lightweight and umdkh 
bfe. As a popular biographical 
study of a president in power, 
however, it is well-written and 
refreshingly imaginative and 
vivid in its efforts at rendering 
a little more real those events 
too often obscured by myth. 

Graham McCann 


A born raconteur 
writes home 


T ouring days, alluring 
days, someone trills In 
one of Coward’s more 

Bwntimgnfcal w iimher a; 

no longer. Few actors in 
modem times have felt its 
allure quite as strongly as 
Timothy West and his wife 
Prunella Scales. 

Tm Here I Think, Whereon 
You? is a coHectkm of the 
tetters which West has sent to 
Scales over 30 years of touring, 
national and global; thelr 
pnbli cation makes more widely 
available the shrewdness, 
drollery, and briBlant 
raconieurfal gifts of a 
driightful companion, 
ffis theme is inevitably 

gpn g ra phifial and theatr ics^ 

but the hook's appeal is not to 
be confined to theatre- or 
todeed moviegoers. 

Typically direct ami 
undehated, he conveys an 
affection, for and a fascination 
with the craft of which ha is 


TM HERE I THINK, 
WHERE ARE YOU? 
by Timothy West 

Nkk Hem £14.99, 224 pages 


such a master; sometimes one 
could wish to know more d 
could wish to know more) 
about how he went about 
creating Ms satyr-like 
Shpigelsky in A Month in 
The Country (a performance in 
a supporting role which 
brought an entire universe of 
character onto the stage) 
or his heartbroken and 
heart-breaking Knobarbus. 

In the end, though, he is 
not interested in analyzing iris 

work: well he was writing 
home to his wife, after aQ, 
and trying to tell her about 
where be was and what was 
happening (there is a 
letter of great power about 


a visit to Russia) and to 
raise a laugh, which he 
succeeds in doing again and 

a gain 

Reading the book is us easy, 
as diverting (and as frequently 
instructive) as sitting down 
to supper with the man; pour 
yourself a nice malt whisky 
and settle down with it. 

You had better bring the 
bottle ora:, come to think of 
it, because once you have 
storied you will find it hard to 
stop. 

Simon Callow 


NEW AUTHORS 

iwsiimm 

AIL SUBJECTS OON&OBED 
i man, non ncm, woqrapny, 
FWoy* ftwoy, CNUkm 
AUrrHORSVVORLMMDEMVrTH^WRTTH 
ORSTOYDURIMftjSBOTro 















'f* 




XTV WEEKEND FT 


FINANCIAJL TIMES 


WEEKEND DECEMBER 17/DECEMBER1S 1994 



BOOKS 


Wild fancies and cultivated 


F ew winter pleasures 
are more enjoyable 
than carting np with 
a good gardening 
book, dreaming of 
summer. The pleasure is 
heightened, of course, if the 
books are illustrated lavishly, 
a fire roan in the hearth, and 
the curtains are dosed against 
the desolate borders outside. 

This year, British publishers 
have produced a bonanza of 
such books. Themes are varied 
while photographs, plans and 
plantings seemingly are glos- 
sier and more enticing than 
ever. The books come with 
prices to fit every pocket 
I make no apology for 
starting with four volumes - 
three new and one re-issued - 
devoted to water in the garden: 
I started dreaming in the sum- 
mer of a wild-life pond in my 
cottage garden; now, thanks to 
the books, I am almost at the 
point of cutting the first sod. 

The best of the four is The 
Water Gardener by Anthony 
Arches' Wills (Frances Lincoln, 


■ . 

* m " 

■ 

■ 

From jungle planting to potting sheds, Bridget Bloom enjoys the range 

Anil XmAAae. 


OH i 


of this year 


harvest of books about gardening 


die 


m 


All the gardens 
analysed are 
inspirational 
and all are 
capable of 
being adapted 
to suit 

different sites 


£25. 192 pages) although The 
Water Garden by Peter Robin- 
son. in the Royal Horticultural 
Society Collection series (Con- 
ran Octopus £1499, 128 pages), 
runs it a dose second. 

Both cover step-by-step con- 
struction of water features, 
from the smallest of trickles to 
tbe grandest of fo rmal pools, 
and both are illustrated with 
splendid line drawings and 
photographs. But Archer Wins 
scores an the comprehensive- 
ness of his construction, details 
- he has several pages an mak- 
ing larger ponds in concrete, 
which Robinson Ignores. 

Ponds and Water Gardens by 
BOX Heritage is a revised sec- 
ond edition of an already popu- 
lar paperback and has the 
advantage of being compact 
and cheap at £5.99 (Cassell, 170 


Creating Water Gardens by 
Mary Moody, in Anaya’s Plea- 
sure of Gardening series 
(£1499, 128 pages), is perhaps 
not as comprehensive as the 
others; an the other hand, it is 
the only one to offer good 
advice on how to protect your 
fish from herons, which are 
serious predators for country 
pond-owners (put some terra- 
cotta piping on the bottom so 


the fish can hide In itX 
The next clutch of books 
deals broadly with garden 
design - four of them, coinci- 
dentally, by contemporary 
British designers. Great Gar- 
dens, Great Designers by 
George Plumptre (Ward Lock 
£20, 180 pages) sets the scene, 
following the work of tbe 20th 
century's mostly grand garden- 
makers. Here, among others, 
are Gertrude JekyEL, Edwin 
Lutyens, Harold Peto, Law- 
rence Johnston, Vfta Sackvilte- 
West, Geoffrey Jellicoe, Russell 
Page ami Laming Roper. 

Phunptre - gardening corre- 
spondent of The Times - traces 
the beginnings of modem gar- 
den design in the 19th ce n t u ry 
and then analyses the essential 
tenets of each designer and 
their principal gardens. It is a 
handsome book. 

John Brookes, one of 
Britain’s top contemporary 
designers and the only one to 
figure prominently in the 
Phunptre book, mges a “gent- 
ler, natural approach”. In 
Planting the Country Way 
(BBC Bocks £1889. 192 pages), 
he urges the gardener to be 
sensitive, not only to local di- 
mate and soil but also to the 
local ecology and environment 
He pleads for planting and 
designs which, wfafle not neces- 
sarily using all “native” plants, 
avoid “plots of hybrid-hued 
mini-plants”. 

Brookes takes a canter 
through garden history, cover- 
ing some of the same ground 
as Plumptre hut in a more 
practical fashion. He provides 
plans and planting s for differ , 
ent types of gardens: an 
enclosed herb garden or a gar- 
den on exposed downland, in 
woodland, a valley or even an 
inhospitable town. 

If you are riprfgnrng a gar- 
den, you might with advantage 
start with Plumptre and 
Brookes and then progress to 
Rosemary Verey’s Garden 
Plans and Penelope Hob- 
house’s On Gardening, both 
published by Frances Lincoln 
(£18.99 and £20, 144 and 216 
pages respectively). 

Both Verey and Hobhouse, 
granites dames of the British 
gardening scene, eschew “mul- 
tthned hybrids” in favour of 
older-established, gentler spe- 
cies. Verey describes planting s 
she designed, primarily for 
dasac gardens (whether Lon- 
gleat or a manor house in 
Gloucestershire), but the 
schemes would adapt well to 
the naturalistic approach. 
There are many good ideas for 
vegetable gardms, too. 

Hbbhouse’s book opens with 
a brief but fascinating essay on 
her philosophy of garden 

dfi fil gn, ynf jpmq jfl by thg 

“many rooms to one garden” of 
BQdcote and Sl s srn g hn rst but 
with dense and exuberant “Jun- 
gle planting” to soften the 



"a 

~^~u r 








ShublKfa Baa, Suffolk: ■ Sp e ctacular Victorian gardan dea ig n o d In ffw 1880 b by Chari— Berry, pfctwd fa -Great Panina, Great Daeja na r a’ ’ by Georg* Plumptre flffwd tuck) 


edges. On G ar de ning is really a 
valediction to TmtmhnTi, the 
National Trust garden which 
Hobhouse revived before mov- 
ing on recently to a garden in 
Devon that sounds (from this 
book) like a green-field site. 
There is much to dream over 
here. 

AIL these books have excel- 
lent photographs and are pro- 
duced most attractively, but 
those qualities apply especially 
to the last “designer” book: 
Roy Strong’s Successful Small 


Gardens, subtitled “New 
designs for time-consdoos gar- 
deners” (Conran Octopus 
£17.99, 144 pages). 

Strong describes in detail 
nine gardena which. he reck- 
ons, can be maintained on an 
hour or two a week plus an 
annual clear-up; another six 
needing an afternoon a week in 
the growing season; and five 
specifically for the plant enthu- 
siast 

Strang’s gardens rely heavily 
on structure: gravel paths, box 


hedges or topiary, vases or 
s tatues, seats and the like. But 
he also illustrates a wild gar- 
den in a c our ty ard to comple- 
ment tbe angularity of a mod- 
em house; and a pergola 
r a m p an t with flowering climb- 
ers, with two tiny pools below, 
for an awkward city hack-yard. 

AH the gardens analysed are 
inspirational and all are capa- 
ble of being adjusted to suit 
different sites. And they are 
real gardens but, sadly, Strong 
rarely ™fenHfjpg them or their 


Now for a group of smaller, 
cheaper volumes. Mirabel 
Osier is an acquired taste, as 
she recognises. In her prefece 
to In the Eye of the Garden 
(JM. Dent £12iJ9, 176 pages), 
she notes that her m usings 
might infuriate some readers. 
But I find at tract i v e her mix- 
ture of practicalities, humour 
and whimsy (marvelling at the 
throat of a penstemon through 
a magnifying glass, or filing 
for old potting sheds to be 


Aristocratic P 


excesses 


T his excellent account 
of aristocratic 
finances win confirm 
John Beckett’s 
already high reputation as the 
leading scholar of the modern 
aristocracy. He con- 
centrates on the financial and 
social fortunes of the Gren- 
villes whose trajectory was 
more spectacular than that of 
most aristocratic families. 

In 1710 they were a Bucking- 
hamshire gentry family with a 
relatively modest seat at Wot- 
ton. By 1822, when they 
gained the long-sought duke- 
dom, the Grenvilles owned 
over 70,000 acres, two large 
London houses and five coun- 
try seats. Yet their fall was 
also spectacular. Thanks to 
debts of over £lm by IMS the 
family lost most of their land 
and in 1889 tbe dukedom 
became extinct. The great 
house of Stowe was sold In 
1921 and became a public 
school. 

Beckett offers an essentially 
chronological account of this 
process. His study benefits 
from a formidable account of 
archival research. He skiUUny 
integrates economic and social 
history and is alert to many 
other factors, ranging from 
landscape development to the 
benefits of political opportu- 
nity. The nature of an aristo- 
cratic dynasty Is ably dis- 
cussed: a succession of male 
betas, with few other depen- 
dants, was crucial. 

Beckett is also alive to the 
importance of tbe role of per- 
sonalities. For example. Item- 
pie’s desire to recreate the 
Dorset estate of Bubb Coding- 
ton made little sense other 
than in terms of his pertina- 
cious personality. The Mar- 
quess Buckingham was 
obsessed with gaining a duke- 
dom. The First and Second 
Dukes of Buckingham spent 
and thought nothing of mas- 


sive debate. The First Duke 
married the heiress of the 
Duke of Cfaandos in 1796 and 
from her, and his father, had a 
rent roll of over £70,000: but 
the Duke's collecting, election- 
eering and houses ensured 
that he always lived beyond 
his means. He was extrava- 
gant and was swiftly involved 
in a spiral of debts. The Duke 
exacerbated the problem by 
neglecting the estates and 
fraudulently interfering with 
the settlements. By late 1832 
four-fifths of his income was 
going into paying interest 


THE RISE AND FALL 
OF THE GRENVILLES, 
DUKES OF 
BUCKINGHAM AND 
CHANDOS 1710-1921 

by John Beckett 

Manchester University Press 
£45 (£14.99 pbk), 520 pages 


P aris was a place of 
scandal during the 
period of the due d'Qr- 
lean’s regency in the 
early 18th century. Orgies were 
held In the Regent’s rooms 
every evening, involving 
behaviour so lubricious that its 
contemporary chroniclers 
dared not name it 
At the height of the Regent’s 
excesses, shortly before his 
death, a young newly-married 
woman joined his bacchanalia 
and became his mistress. She 
was a sparkHngly vivacious, 
witty woman with beautiful 
eyes: Marie de Vichy-Cham- 
prond, marquise du Defraud. 

This was a spectacular 
arrival on the social scene for a 
young woman not long out of 
convent school not long mar- 
ried - and not long separated 
from her milk-sap husband. It 
presaged the rising of a new 
star in the French social firma- 
ment Mme du Deffand became 
one of Paris’s great salon host- 
esses, and because of her 
friendships with D’Alembert, 
Voltaire, the duchesse de Cho- 
iseul, and especially with Hor- 


A mistress of repartee 


AX. Grayling on a remarkable portrait of salon life in 18th century Paris 


ace Walpole, she made sub- 
stantial contributions to one of 
the 13th-cen£ury*s richest liter- 
ary traditions: the art of letter- 
writing. 

In this translation of her 
much-praised biography, Bene- 
detto Craveri paints an 
extraordinarily rich portrait of 
Mme du Deffand and her 
world. It is not a biography in 
the straig htforw ard sense, so it 
proves an advantage to know 
the outlines of Mmg du Def- 
fand’s life before reading Grav- 
ed, whose primary concern is 
with the nuances of the mar- 
quise’s complex relationships 
and their even more aamp ten 
setting: Craveri explores both 
through the marquise’s vast 
surviving correspondence, 
which shimmers with histori- 
cal and literary fascinations. 

Mme du Deffend was bom 
into an aristocratic fondly at 


Champrond in 1697. At her con- 
vent she preached irreUgkm to 
her fellow-pupils, so the 
Mother Abbess summoned the 
great Massillon to correct her. 
He foiled, nflimnantjng as he 
left “She is charming!” Her 
parents married her to a 
cousin, the marquis du Def- 
fend, but they soon separated, 
whereupon Mme du Defraud 
began her career of dissipation. 
After the Regent’s death she 
was for a long time a compan- 
ion of the royal duchesse du 
Maine, who kept co u rt at her 
chateau at Sceaux. The chief 
pastime there was theatricals. 
Here Mme du Deffand estab- 
lished her reputation as a wit 
and mistress of repartee; and 


that Mine du DefEand estab- 
lished her own salon, based in 
the secular wing of the con- 
vent of St Joseph in Paris. Its 
handsome apartments were 
famously decorated in butter- 


MADAMEDU 
DEFFAND AND HER 
WORLD 

by Beoedetta Craveri 

Halban £20. 481 pages 


of ha* long-standing affair with 
Jean-Franpois Henaolt, presi- 
dent of the pariement of Paris. 
It was only in middle-age 


cup yeBow wat er ed silk deco- 
rated with flame-coloured 
bows, which visitors came 
from all over Europe - to 
admire. 

It was a salon for aristocrats, 
not savants; with the excep- 
tions of her HteLoug friend Vol- 
taire. D ’Alembert - whom for a 
time she loved - and, briefly, 
Rousseau, she hated the philo- 
sophies, bolding it against 


Diderot that he was such an 
JH-mannered lout that he used 
inadvertently to kick Cather- 
ine the Great’s shins while 

ex plaining p oints of philosophy 
to her. Instead, her sakm enter- 
tained aristocrats increasingly 
at odds with the new world of 
the Enlightenment, who looked 
back to the mannas and val- 
ues of the days of Louis HV. 

At the age of 55 Mme du Def- 
fand went blind. (Voltaire said 
“she has been punished 
whereby she made others sin.”) 
She employed Jude de Lespi- 
nasse to help her run her 
salon. W hile the clever and 
lovely JuBe was at her ride , 
the literati still attended; but 
then Mme du Deffond discov- 
ered that JuBe and D’Alembert 
were having an affair , and that 
the literati arrived early to 
spend time with JnUe an her 
own; so the women, quarrelled. 


charges. In 1833 a trust was 
created to run the Grenville 
estates. The Duke prepared to 
take an extended cruise only 
to find he had used the yacht 
as security for loans, and 
before he could leave port it 
was sequestered. 

The Second Duke was simi- 
larly dishonest, predpitating a 
crisis In 1847 that set peer 
against heir. IDs debts led to 
his loss of control over his 
estates and be spent bis final 
years as a pensioner, hying rat 
money provided by his son and 
anything he could borrow. 

The Third Duke had no sons, 
but his caution and efforts 
ensured that he left no debts. 
However, Richard Horgan- 
GrenviUe, the heir to Stowe, 
died In the Great War, and 
Lady Einloss, who neither 
needed nor could afford Stowe, 
arranged for its sale. 


J ust a couple of years ago, 
the guest of honour at a 
luncheon in the officers’ 
mess of the South Wales 
Borderers in Brecon was 
an ancient and distinguished 
Zulu gentleman called 
Magquhu. He and the colonel 
toasted each other and remi- 
nisced about the exploits of 
thsr forefrfhets in the Anglo- 
Zalu War of 1879, when - the 

stuff of legend - at Isan- 
dhlwana and Korke's Drift, 
assegai-wielding impi s gave a 
nasty shock to tbe pride of tile 
British Empire. Here in Brecon 
warrior-nation (in decline) 
sainted warrior-nation (ditto). 

The colonel was not so rude 
as to point out that that 
unequal conflict dealt a fatal 
blow to the Empire’s most pic- 
turesque and legend-worthy 
ethnic group, militant tribes- 
men eulogised by Rider Hag- 
gard and other writers, 
respected for their (alleged) 
dignity, stoicism, generosity, 
honesty, elemental and intu- 
itive integrity, etc, and at the 
same time notorious for their 


Jeremy Black 


Ethnic bricks exposed 


difficult role of the Zulus in the new South Africa 


bloody barbarity. (It was in 
this minor war that the young 
Louis Napoleon, the Prince 
Imperial, met his end, occa- 
sioning Disraeli's remark, "A 
wonderful people, the Zulus. 
They beat our generals, then 
convert our bishops, and they 
write finis to a French 
dynasty...”) 

The foot is that the Zulus, 
who had emerged from obscu- 
rity to notoriety under 
at the beginning of the 19th 
century, plunged after 1879 
into a decline from which they 
have only fust escaped. Their 
place in the. modem world is 
still not dear; and they are at 
the very heart of the South 
African political drama today. 

Stephen Taylor's book. Shak- 
o’s Children, is therefore very 
timely. EGs thesis is that “once 
the cement of apartheid, which 


had bonded togetbra the foes of 
white domination, was lost, the 
ethnic bricks that made op this 
diverse and complex nation 
would be exposed...” Looking 
at the events of 1994 it is 


SHAKA’S CHILDREN 

by Stephen Taylor 

HarpaCotiba £18, 416 pages 


Impossible to disagree; South 
Africa win have to reconcile its 
tribes to the fixture - and the 
trickiest win be the Afrikaners 
and the Kilns. 

The Zulus,’ or rather the 
Tniratha party of Chief Gatsha 
Bntfreteri. joined in the April 
election at tbe last imaginable 
moment and made a good 
showing at the (rather dubi- 
ous) polls, as a result of which 
the tocreastogly-impossLble 


chief is - at the momgp fr of 
writing - in Cabinet But Zuhi- 

land is the shakiest card in the 

near South African pack, as 
president Mandela (a Xhosa) is 
well aware, and the history of 
this arrogant and impressive 
people, the largest ethnic 
group in the country, is highly 
relevant 

Taylor’s first 250 pages is a 
sti Aight-downrthe-middte story 
which is competently, even ele- 
gantly, done, always readable 
and pleasantly un-academic. 
He then tackles the post-1879 
period and gets a hit unfocused 
- this becomes not so much 
history as extended journal- 
ism, which is probably inevita- 
ble because he haa to pose 
Questions rather than recount 
the answers. 

He hangs on to the point 
that the Zulus are not a 


homogenous people and have 
for a century been split 
between traditionalists (stran- 
gest in the north, in the kraals) 
and (Christian, educated, 
southern) urbanites. In differ- 
ent ways ButheJeti and King 
Goodwin (a Christian polyga- 
mist now being courted by the 
ANC government) represent 
two ways of bridging this divi- 
sion, which was downplayed 
until recently because, so long 
as the white government 
emphasised ethnicity under 
apartheid, anyone hostile to 
that government was bound to 
decline to endorse that ftthpte 
view of South African society. 
But this is a new world and the 
Zulus’ place in it wiB have to 
be sorted out, which means 
that the division in the tribe 
will have to be resolved. It 
would of course have been so 


\W>jh £> 


were a devotee, you witt wn 
tchriyeoJo? this ax*. 

Green Thoughts by Etoenor 
Pwrenyi is subtitled “A writer 
to the garden" (FtaafiOO S3 , 279 
pages, to UK only)- ftnoyi, a 
Journalist and novelist, gar- 
dened to Hungary and an the 
Connecticut coast With chap- 
ters In alphabetical -order, she 
ranges from an im a ls , -ashes 
and autumn through pontes, 
potatoes and pr unin g, toads, 
tomato and toots, to a KHng* 
somewhat tongue-in-cheek 
essay on women in the garden. 

ff pruning is yowr bent lnd- 
tontsBy, ton book you need fa 
the Compkte Book of Pr unin g 
edited by Duncan Coombs 
(Ward Lock SOM. M4 pages). 
Everything seems. to fa* cov- 
ered, including an appendix cm 
your legal right - or not - to 
prune your neighbour’s trees. 

Last to this "Christmas 
stocking* category is one book 
on compost and another on 
companion planting. Magpie 
Muck, toe Complete Guide to 
Compost, is by “Lady Muck * 
(abas Jane Down, an enterpris- 
ing former’s daughter who 
could not get & job and decided 
to process form atony into 


ft 




.jw dk: 

itUf. 4*.' 


e \ 1 




I -« -jf 




3* 


• * > 
. ** , 


■ JK tm 


.t y. 


brad worms). . 

AH you need to know about 
both these subjects la cove re d 
to a book which is written 
entertainingly and illustrated 
nicely with tore drawings by 
Tira Couth (Pavilion £9.99, kh 
T togwt tn XJK only). - 
. The Campanian Garden by 

Bob Ftowerdew is (as televi- 
sion guru Aim Titcbmarah 
says on tire cover) "pecked 
wtih reaBy good, down-to-earth 
advice on the practicalities of 
.plating one type of plant with 
another for mutual benefit”, ft 
Is riro illustrated prettily and 
priced competitively (Kyle 
Cathie £&99, 96 pages). . 

M ea n wh i le, if rock gardens 
era your thing, you have s 
choice of two volumes from the 
latest lists. - One by Mary 
Moody, to the Anaya Pleasure 
of (tandentog series, is called 
Rockeries eatd A&nt Gardens 


•> 




-V** -'.j 

: 










> * 




r* - = 


... i 


r* tfi"..";?) 


(£1499, 127 pages). The . other, 
to fr e prcyflwnt ft ps Collection 


listed as endangered aperies). 
The line drawings are as 
dehghtful in their own way as 
are tire glossy photographs in 
tire previous books. - 
In similar genre are two 
books from America. Henry 
Mitchell wrote a gawtonfng col- 
umn for tbe Washington Post 
newspaper for more than 20 
years, and the .Essential Earth 
Man (Houghton Mifflin, Boston 
$1095, 244 pages) is a memorial 
anthology. The style is not to 
everyone’s taste bat, if you 


|q fhft QoUBCttflO 

by Christopher Gkoy-WHsou, is 
titled The Alpine Garden 
(£ZSj 99, 128 pages). 

Write tire latter has a good 
brirodnetten on alptoes to the 
wild, both, cover a dosm or so 
different types of shrine garden 
with construction, prop aga tion 
and planting tips. Both ara 
weU-fltastratBd, as is Tbs Iky 
Garden <£MJ99, 128 pages) by 
Mark Sumary. This is also in 
tire BBS Coftection, a series of 
a dozen practical guides to' 

plamihig and planting - mhWi 

have been published over tire 
past year or two. 

. Any one would be a good 
present; the whole lot would 
set up a gardener almost for 
life. 


i A 


*■ * 




ft • • < 


■ *■ -.r 


A-- >'*. 


: , . .■ . . r - * ; 


and Julie left; taking the lite- 
rati with her. 

But the gre ate st was yet to 
be. Horace Walpole, gothic 
novelist son of the British 
Prime Minister Sir Robert Wal- 
pole, became an habitue- of 
Mme du Deffand’s salon, and 
she - though 20 years his 
senior - fell in love with Mm 
Walpole (fid not return tire sen- 
timent, but was drawn to her 
nonetheless by her fttfamgattra 
and perceptive wit As a result 
he drew, her best w o r k from 
tor, in tire Item of letters. By 
his prompting and gtnrnjto her 
made Mme du DefEand reveal 
in ho* letters a hi g h order of 
literary talent 

M me du Deffand suffered ter- 
ribly from what she called 
ennui and is one of tire 
first true chroniclers of 
as an existential agony. But 
despite it, she took by s to® 
force of character and mfep ac* 
a position at the centre of 
French 18th century fife, tor 
intimate record of which is not 
reriy tme of the groat literary 
achievements of the a™* but 
a great historical document 



- - - - j 


sa 


much easier If Britain had 
reserved Zuhdand (like Basuto- 
land and Bechnanaland) to its 
own direct rule many years 


■ 

*4 at. 


■w — 

■: . - li ' • -- 


*m 


Stephen Taylor’s account of 
the Zulus to thin rswit n iy {g a 
little tirin - fate maybe to haw 
no significant story to triL Tto 
Xhosas hijacked the ANC at 
stage; Albert Lutfauli 
*» straddle tire tredt 
bonal/urban Zulu divide; 
ButhalerL was a protrigri of 
Luthuli but post-1980 his wfit 
ingness to associate with Pre- 
toria inevitably turned torn 
tato a -stooge” (and his oppose 
tion to sanctions, Taylor cor* 
rectiy emphasises, was “a 
.colossal blunder”). 

Are there lessons? Nothing 
encouraging, -paction fight- 
tog" will continue, with the 
appalling and weekly blood- 
stod that entail^ The Tufiria 
Hirer wfll continue to dMde 
Jbe aju nation. And tbe feet 
toat there ara eight million 
Zulus will remain tbe single 
most significant -element in 
South Africa's political fixture- 


l 1 



■ ■ i 




*** m 


... ! , 










4 


" “St** ■■.’Ip'. 


* ™ - ■ * 


+ m 


«ti 


--- v. 




tP - i*i 


.S 




TfujrM 


>14 










WEEKEND FT XV 


* j 





FINANCIAL TIMES WEEKEND DECEMBER 


, A 


V 1 ■ 



^ 4**»t Karde ni 


in g 



premier 








r\ 

■.‘. - • .■ 4 ■■'' 
•*■¥*■ • X »- *■ - 

.W/_ r 
** , 

PE »w.W , 5 ' 

1 “ jm"x ■ ■ Am «■ r . , 

| “ ' * • 

-* 'T ■ ■ *— f - 


!i *i£ {*»SSf 

•■uu: 3 , Mv 


fruitcake 


Shuttleworth talks to Ken Campbell, 
^ • : - ^ ie ^ una ^ c genius of the fringe 


V..... . «3| 

* 

r 'tS*&§ 

S'SfcS feS 




I IV 

fl "irat.. 

,u 5 |rt 'CW?i^Sjt- 
^i-wfeSVS 

as; 




1 Is easy to deduce which of the 
new houses by the River Lea in 
.North London is fr>h»hih»fl by 
Sen Campbell: h is the one 
with the plaque of a flyin g pig 
the front door. The interior decor 
T** JC? 1 1? v fc jamflarty outre, consisting largely of 

« «t from iS^omstage 

ym:r > V:' shows. How can he bear to live in the 

Pr.ijjt. ^ • ■ Bamfinxmi as an enoraMiis portrait (rf 

' . ^srss-'v , John Birt, director general of the 

BBC? “Watt, I have a set of darts . . .* 
-Less s t ra l g h tficwward, though, is frha 
tyak <rf -explaining in measured, com- 
py^ptwrihie terms just why Ha-mphor; 

, has become so cherished as Britain's 
• premier- theatrical fruitcake. His 
' soles of surreal one-man stage shows 
rummages through the bottom draw- 
ers ofcultnre. science and an assort- 
■ moot of bizarre notions ha« endeared 
him to audiences and critics 
> Since st agin g what was then hie trio 
ef seto rambles at the National Thea- 
. tre last year (he dubbed it “the Bald 
trilogy" to compete with the theatre's 
concurrent Hare trilogy), Campbell 
. has discovered that “I don’t get writ- 
l er’s Mocks, I get writer's flux, " and 
mSe/SSt '-the. trilogy is now a quintet-gqingnn- 
r.’jF - sextet If you have ever felt the 

‘ of a batch of easy-to-digest, psychotir 

cally seductive crash courses in For- 
tean phenomena, to name but a few of 
the topics covered, Campbell is the 
weirdo you have been looking for. 
This may all sound uncomfortably 
<2* ■’ s like the man who sits heavily beside 
, 7!" : .', Jra ^*£r 1 juu on the bus and begins to com- 

■ tJoiVI lMIffkr Hiat “fWlFmA MM 




,r ‘ - ! 

2«ft *3WB 

Jr 


** Kfxpte.. 

: a ? *» Aln^ : ■ 
ty* cp. 

"V" -a io 


Str 

,;:?***' 

5wl*> ! 

J -V. ’-*• S3: 

‘ - ■Vt 'TtS'ak 

/Is foC- 

V>.> r&S-V. 

t ‘ “■■‘-■wi sc^- 

• - v 

--•'Tv^SBr. 


c::-* 


i _ 


y ipsT 


L'i 


F_ S‘ 


IgUfcicz? 

i****!*#* Nrr ? 
***** *** am 

iCl’W 


ft c - 


ar* ? 

W ,**wr*i:* i#?'f 

4 MftfPi'itit - 
,fcr 

? fi*t Iji’-x! - " 

i Cifbp. &*»**;* 

SWftfh 
• rn# ^ 

t )a<«^ 


A 


i> < 




-■ MkS 1 : 
jafri2 : 
■•r oa dp* 

•> :-t: a ^ 

v m V-^cist 

- 

: -r' -z tip? s . 
V.-si i s; 
i L5t 

t ?. :■ j.1 Tii. 

■> ‘ "- 1 * i ' -iiOC:: 


plain loudly that “They” are spying 
an him with rays, but Khi Campbell 

- has ploughed his particular curlicued 
furrows over many years and in a 
number of theatrical fields. From 

■ beginnings in repertory theatre (recal- 
led in bis show Mystery Bruises with 
a' teamed analysis of why the other 
' characters in Macbeth ignore the 
' Thane of Angus - “Do they not see 

- him? Is he a dwarf?”), he went on to 
do a stint as stooge to Dick -Emery on 

• a stage tour, then to "the baths: I was 
director of the Bournemouth Aqua 
•Show. . . well, of the shallow-end act- 
ing bit 


plays within a year, and they all got 
done.” 

A period at the Royal Court was 
followed by the first outbreak of viru- 
tent, infectious Campbellian idiosyn- 
cra®^ the Ken Campbell Roadshow, 
^hfi first show was with Bob Hos- 
k t nfl . and was notable for bong 
on urban folk-myths, vanishing 
grandmother, ghost hitch-hiker, all 

that sUilT — aiiri the bpw)t h| was nota- 
ble for putting my ferrets down Syl- 
vester McCoy’s trousers. Bob had so 
much talent; he could have been a 
great comic, you know, like Jerry 
Lewis, Norman Wisdom, proper crap 
co medy, b ut he decided to go and be 
gangsters. He’s been rather successful 
at it, so I can’t knock the decision." 

The Science Fiction Theatre of 
Liverpool^ (1S7&-80X under Campbell’s 
artistic direction, provided th» oneib 
ing show for the National Theatre’s 
Cottesloe space in the form of a nine- 
hour stage adaption of the IUwnmor 
lus novels, and took the world record 
for longest continuous play with The 
Warp at 22 hours: “It consisted of ten 
separate dramas, each with its own 
title, but they were so weird that 
nobody ever knew them; The Winds 
Howling Through Tiflis was one, I 
don’t know why it was called that but 
I didn ’t want to look thYrft so I never 
asked." SF activities continued into 
his tour of duty at the hahw of Liver- 
pool's Everyman Theatre. 

Add to this c.v. a dutch of acting 
roles as diverse as Alf Garnett's 
neighbour Fred Johnson in BBC sit- 
com In Sickness And In Health, a man 
who shoves a rotting prawn down 
co m edia n Jim Davidson’s throat in 
Peter Greenaway's A Zed And Two 
Noughts and a crooked solicitor in A 
Fish Called Wanda, and Campbell 
would appear to possess a formidable 
array of talents. He denies it: "I can 
write a bit; I can direct, but I only 
really enjoy directing something that 
nobody else will, Z don’t want to join 
the who-can-do-TTw-CTwny-Orc/z ord- 
best competition.” 

The solo shows began by chance 
when he asked to plug a scheduling 



A rummage through the bottom drawer of culture and ad anoa s Kan C a mpbei ki ‘Figapuf 


1 .fThe -writing took off-in the nhd-6Qs - hole in Camden’s Offstage Downstairs 


.■vrx'l 


*£$hen I was understudying Warren 
I showed him a play rd writ- 
kids called Events Of An Aster- 
Bath Night, and we put it on in 
theatre. They had a notion 
gffr'the time of putting professional 
^^ows 021 there and it didn't work, 
i and that one particularly didn’t work. 
> Bnf then I wrote a number of TV 


studio theatre in 1988, and “all I could 
think of was an evening of reminis- 
cence, nattering about things that had 
happened to me. Then I went onto 
Robert McKee's storycraft course, and 
there’s a moment where he says, ‘A 
story is a bigger thing than hfte itself 
way beyond mere reminiscence,* so I 
thought, *Oh well. I'd better make a 


story, then,’ and bunged a fib or two 
in." And the rest is history, albeit a 
distinctly unorthodox version. 

Work in the pipeline Includes a 
.commission from the National Thea- 
tre for solo show number six. which 
apparently concerns “mystic geogra- 
phy: sometimes out of the blue some- 
body will way something like, Tou 
must go to Kathmandu,* or some- 
where you’d never really thought of 
going - well, Tvb got a few I have to 
follow op. 

“But I thmk (the solo weak) might 


be craning to an end. I’ve got a faint 
feeling this one might be a hit differ- 
ent: a on&man show with same other 
people in it.” 

— In February-Channel 4 screens Seol- 
ity On The Rocks, a three-part popular 
science series in which narrator 
Campbell explains matters such as 
“the expanding universe, how time is 
curved, and listening to the echoes of 
the Big Bang through this gramo- 
phone horn thing-" He also gives elo- 
cution tips to Professor Stephen 
Hawking: “I said, That voice they've 


given you’s rather good, it’s got some 
humour in it,’ and he said TES', and I 
said, ...'except when you say yes. 
they ought to give you the option of a 
campy yes or an ironic one,’ and he 
went, ‘MAYBE’ ” 

But what aspect of his work gives 
him most satisfaction? “Well, there’s 
a party on Friday Tm looking forward 
to...” 

Ken Campbell’s solo shows are per- 
formed consecutively next week at 
the Cockpit Theatre, NWS. 


1 


r 


-.V, 


iSAf: 


a - -- 


j. 





66 










i * 




n « 


■ 

. is : 


titurv 


' V - “■ 




«t {iv J Mi ME 
uif y**t Huh, i* 

dl. U* II ** i-ti/.tr 

«fiqM i tiiltLk 

Mil tar 

i Mnptr 

9 we* « =’- «’j * • 
eH „»V- *1-' 

+ ’V- 7V - ■ 

■- -r- ' 

tJBftf :f afi’W'* iV 

y 1 * 

* 'taps 

4idkv; '• 

^ ■ 4 

iSrl frfW* ** m Air* 
r *p*- ffi 1 ' 

• 

- ■ 




Vj - .•■ - 

11 ■ -1 


^ - 


r. 

I V'J. 

■ ■ I 

n - / ■ *' 


»,f - - 


- 

-i. ' ' 




If-*-. 




X V 


y 




Vi 


.f 


a . 


J m' 


. -f * 


l r 



h 




t the end of Fast and 
Dirty - the collective 
results of a five-week 
experimental theatre 
workshop initiated by the 
mixed media performance 
. ensemble. Second Stride, and 
presented at Whitechapel's 
~ Curtain Theatre - the artistic 
director, Ian Spink, hounds on 

- stage and invites the audience 
to join him and the performers 
at a nearby pub. 

Although the suggestion 
] veers uncomfortably close to 
’ that brand of luwles-at-fhe- 
! cutting-edge liberalism in 
which woolly, post-perfor- 
mance debate between creators 
and public is marketed as a 
' form of personal growth for all, 
Spink throws it our way with 
the kind tfadmhrabte foUy and 
spontaneity which, judging by 
t the evening's miscellaneous 
‘ offerings, . appears to have 
inspired most of Fast and 
Dirty'S participants. 

- Take, for instance, the pro- 
■ fogue to a serira of untitled 

• voice and movement improvl- 

- sations featuring the eight 

- members of Group 2. fiunghng 

* but prudent ringleader Phehm 
' McDermott instructs the 

assembled crew of actors, danc- 
ers, and musicians to be “posi- 
' tive about other people’s ideas 
'. . . be available ... be sparing 
: with words ... and, if all else 
fails, to ask for lights out” 

In the first of the group’s 
enjoyable juvenile efforts, two 
” men jostle and prance around 
the lolling body of a woman 
who reaches out in vain for 
assistance. In the second scene, 
McDermott mobilises various 
' body parts - an elbow, a knee, 

' even his eyes - in the' ridicu- 
lously exaggerated manner of a 
bad mime artist , or novice 


Fractured 

■ 

fantasies 
in the raw 

Sophie Constanti sees Second 
breaking boundaries 


dance student But his most 
absurd contortions are 
reserved for “doctar’S" orders 
to “move [his] intention”. 

In another episode, a duet for 
two women dissolves in- an 
orchestrated attack of cough 
ing and miffing, the prelude to 
a run of physical endurance 
testing which, although mainly 
for McDermott, sends his col- 
leagues into fits of barmy 
aggression, forcing an immedi- 
ate curtailment of all activity. 

The continual threat of 
chaos, so amusingly manipu- 
lated by the performers, is per- 
fectly balanced by the unex- 
pected moments of impotence 
and fear that characterise all 
true forms of improvisation 
and experiment. 

The performers feed on and 
savour those moments. In the 
final tableau, an unseen 
schoolteacher Is heard admon- 
ishing a pupxL “I want you to 
come out In front of the whole 
class and dance,” says the 
teacher, a command which 
prompts instant paralysis and 
strikes a chord of comic-horror 
with immaculate ease. 


Less is left to chance in the 
first item of the evening, a col- 
laboration - entitled I Would 
Be Desirable - between direc- 
tor HDary Westlake, choreogra- 
pher Sue MacLennan and com- 
poser Fabienne Audeond, 
involving two actors, two danc- 
ers and a singer. 

Working around a single, 
unanswerable question, “If I 
were you, who would you be?", 
the performers evolve and dis- 
sect their own language of 
physical and verbal communi- 
cation. Their feces are shown 
in doeaup on a bank of video 
screens which later accommo- 
date edited footage of an 
encounter between the dancing 
couple, Julien Joly and Gill 
Lyon. At a bistro table, one 
man interrogates another to no 
avail, eventually storming off- 
stage only to return disguised 
in a woolly hat and aH-in-one 
plastic glasses, eyebrows and 
nose. 

Themes of mistaken identity 
and jumbled memory colour 
the intervening text for two 
speakers, who, revising their 
stories as they recite them, are 




fttf t' ■ 

ml&a : 


fill-.* 






jpjSr.j 

'-lfc 


%*}’ 


.il 


2* 


v* 




■ ■ - -i m M r* - 

J |~» *■-! »*■ 

;J~u 1=1 ' ■ 
'.-ri*, 

***** iM«V-rr ■ 
ac Sr*?*! ■ " 
She 1 , fyr- ' 

ha: 

ih. iH r: 

to 

; Hw 1 

mi- fee** »" 


■ v- 

_ \ 








YOUR WILL 

can help so man; 
elderly people who have 
given so much 

ijnd are now in Deed of bdp 
tbcaswcbrcs - wiill onrsmg borne fees 
orconvrfcwm»tabni^ote 
wiyv Ftac tsk tbc NBI to show yen 

hwjmicnicvnpAlepcy* 1 

amgnufld uibmip tiaa. or pkaac 
«cndedooac>fia ux: 

TkSccrftaiji 

The Nattonl Beorvotenf Ip flitc rin a . 

(IBqswaferlM 

LoadnWlJM. 




periodically thumped by their 
respective silent partners. 

Fragments, the two-part clos- 
ing work directed by Lucy Bai- 
ley and Ian Spink for a third 
group of performers, Is the 
most impenetrable piece on the 
programmes. 

Based on selected texts writ- 
ten in diary form by an 
unnamed 20-year-old woman, it 
hires you into a dangerously 
unpredictable fantasy world of 
doppleg&ngers, alter egos and 
evil spirits. 

In her bedroom, a woman 
dressed in a ni ght g own and 
prone to Intermittent bouts of 
furious scribbling is visited by 
Lizzie Saunderson’s Babushka, 
a collector of dirty laundry, by 
a musician who outstays her 
welcome, and by the oddball 
couple (i .inria Dobell and Liz 
Ranken) who, as the woman’s 
parents, displa y an even 
greater tendency towards luna- 
tic behaviour than their dis- 
turbed daughter. 

Ranken (the father) turns 
into a convincingly semi-rabid 
dog but, having regained his/ 
her composure, is later to be 
seen drowning under a black 
sea constructed from plastic 
bin-liners. And just when the 
storm of slamming doors and 
hysterical exchanges seems to 
be blowing over, Desir&e Cher- 
rington's mute diabolist 
springs to frightening life, 
clambering an to the desk and 
iq) the walL 

As Spink explains in his 
introduction to the evening’s 
events, the act of presenting 
such raw, newly formed work 
demands a two-way negotia- 
tion of the process- versus-prod- 
nct argument 

. Over the past few years, 
many performers have stressed 
the importance of funding for 
research and development But 
are such embryonic creations 
of any interest to an audience? 
Work as m+onw-hiaTiy mature 
and focused as Second Stride's 
Fast and Dirtg contributions 
offers, even in its unfinished 
state, a revealing insight into 
the perils and delights of thea- 
tre which is led by opportu- 
nity, accident and instinct 

As McDermott points out in 
his round-up of performance 
possibilities: “Same people [in 
the group] might never come 
on stage.” 

But that, he reminds us, “is a 
valuable contribution to a 
piece, sometimes.” 

■ Second Stride’s next prosed, 
Badenhexm, . trill tour from 
autumn 1995. 


Elgar’s 

Dream 



n Sunday at the 
Barbican The 
Drum of Gercmtms 
received a welcome 
dusting-off. Ever since its 
premiere in 1900, Elgar’s mas- 
terpiece has been a repeated 
victim of the “English Choral 
Traditinn”; many at the finest 
interpretations have come 
from outside that tradition 
and taken a broader view of 
the music, whose roots are 
firmly In the mainstream late- 
Romantic idiom. 

Few English conductors 
are better qualified to 
approach the work from that 
direction than Colin Davis, 
who brought vast operatic and 
symphonic experience to what 
may well have been ids first 
Gerontius. 

With a trio of soloists not 
normally associated with 
Elgar, and the Lond on Sym- 
phony Orchestra and Chorus 
on splendid form, Davis was 
able to take a “new” look at 
the piece. It emerged as a 
giant symphonic poem for 
soloists, chorus and orchestra 


remembered worldiiness," 
wrote 'Elgar.) Anthony 
Michaels-Moore sang elo- 
quently in his two roles, his 
baritone slightly roughened by 
a cold but nevertheless impos- 
ing. 

As the Angel, Anne Sofie 
von Otter - a refined maon 
far removed from what bas 
become tbe “gallon-jug* 
tradition of tins music - sang 
with radiant warmth rather 
than fervour. This is new terri- 
tory for von Otter and her 
voice is perhaps a little light 
for some of Elgar’s thickly- 
scored climaxes, but through- 
out her part, and especially in 
the Angel’s Farewell - over 
which Davis lingered magi- 
cally - she maintained her 
poise. 

The projected Philips record- 
ing with Davis and these 
forces will be a valuable 
addition to the Gerontius dis- 
cography. 

John Allison 


tanned it an “oratorio". 

Davis’s approach was dear 
right from the Prelude, In 
which some of the orchestral 
textures took on a surprisingly 
diaphanous glow. He also 
revealed a feeling for Elgarian 
rubato, a barely perceptible 
give-and-take in tempo rather 
than the mann ered gesture 
that all too often disturbs the 
music’s flow. 

He filled in dramatic detail 
without unsettling the broad 
sweep of the music. Tempos 
were generally relaxed, except 
in the viscerally exciting 
Demon’s Chorus, which for 
once sounded properly 
demonic. Elsewhere, the cho- 
rus excelled itself with con- 
trolled, still singing. 

All three soloists supplied 
the almost operatic dimension 
the composer sought Thomas 
Moser was a full-toned Geron- 
tius who, after a slightly ten- 
tative start, sounded like 
Elgar's “worldly man”. (*Tve 
not filled his part with Church 
times and rubbish hot a good, 
healthy frill-blooded romantic. 


ART GALLERIES 

ART DECO ORIGINALS Osrtca CSS pat- 
Wy far an m Bflienc setection of her 


81 Hai fa* AnttquK Centre. Queens tod. 
tHtaxHXl 4LnifatfFat 01 452 347377 NB. 
Open Tuudop-Saiiaday 10AM - 9U. 


A MTERMXnONAL ART An 
Edeaic detection Ws DOfcM Our track 
recant b poodl Shoe 1040 m hn add 
meri ts by to Nkhctan. Homy Moore, 
Mb&hw Smffii SuOiednnd. LS. Lonvy; ccc 
when than cod £100 or lass. Wte show new 
arista, u nfash io n able arttsa and otao 

tamouBadofe CRWS kaiman Gailerv 

17B B u mpkin Ad. London. SW3 1HO Tek 
OT1-&4 75fi6 Daly 10* Sri 104 

LEPEVRE GALL£RY 30 Btittn 3. W1 071 
433 2107. to n y end VI fetorittu* by 
EDWARD BURRA - The Farmaffca ton 
1923-27. 1-21 Dec. lion - Fri 10-fi. 

SPINK. CHINESE TEXTILES EXHIBI- 
TION . 3-33 December. Mon-fti. M30, 
Tutt 9-730, Stt 10-1. Wbtautiflui of 
fnA A vagtofaa by Susararah BkxhOL 
LteS 23 Dacamber. Uon-FrL Ttos 9- 

73a 

EAUSTUS ANCIENT ART & JEWELLERY 
Dtites Court 32 Duke Si 6L Jamfe 
London, SW1 Tot 071 930 1664. An 
Etttibidan of We a rabte ANCCNT J£W- 
RLERY tos II 2W2& top fa 


IIAIUOnOUGH HUE ART 6 Atawte St 
W 1 . 071-629 5161. AMJLA REDO - Dog 
Vlfarm. UnS 30 December. Uon-fti 10- 
9010-1230. 


r. ix 


Popular 

restoration 

David Murray finds a fresh and 
dear approach in Man of Mode 


G eorge Etherege's 
acrid comedy, 
playing in judicious 
tandem with Step- 
hen Jeffrey’s The Libertine at 
the Royal Court, gets a pretty 
well faultless production from 
Max Stafifbtd-Clark. (The plays 
share their casts and sets as 
well as their director.) The first 
recorded staging of The Man of 
Mode was in 167$, and it was 
popular for 50 years; but later 
ages began to find it immoral 
and nasty, and after >1766 It 
seems not to have been revived 

until this century. 

It is easy enough to see why 
it aroused discomfort. Even its 
happy ending has a bitter edge; 
bed-hopping Dormant weds 
Harriet because he truly loves 
her, but also because he needs 
her estate and until the final 
moments, his brutally dis- 
carded mistress and his 
younger paramour are at the 
party. In feet the play’s hero is 
by a long way its most calcu- 
lating and disillusioned charac- 
ter. A contemporary assess- 
ment of it as “an agreeable 
representation of the persons 
of condition of both sexes, both 
in court and town” fairly 
one’s breath away. 

Even by the high standards 
of Restoration comedy, the text 
is notably witty and literate, 
and Stafford-Clark's eleven- 
strong cast do it proud. 
Though it is played with 
unhesitating speed, nobody's 
tongue trips, and every phrase 
cuts cleanly through the air. 

Public bdhaviour is just as 
important, for it is endlessly 
discussed, mocked and indeed 
carefully illustrated at several 
points: it is what everybody 
most cares about The cast get 
it beautifully right, never fell- 
ing into slovenly modem ways 
but never into “period” cam- 
pezy either not even Sir Fopl- 
ixtg Flutter, who in the person 
of Tim Potter is so touchingly 
confident of not being the 
prancing idiot that he is, that 
he never looks like a carica- 
ture. Apart from its immoral- 
ity, the most startlingly mod- 
em aspect of the play is the 
extreme, critical self-conscious- 
ness of nearly everyone else 
about his arid her feelings. 
Again and again a character 
stands back from bimBrif and 
discusses his own mprhanigm 
like a clinical researcher. 
David Westhead’s slightly tru- 
culent dryness is nicely 



Tim Potter n Sr FopGng Rutter 

adapted to Dorinunt in that 
mode; Katrina Levon's cast-off 
mistress, Mrs Lovett, does it in 
bursts of violent passion. 

There are no weak links. 
Amanda Drew makes a fresh 
but properly clear-sighted heir- 
ess Harriet (with a pretty whiff 
of the innocent countryside 
about her), Cathym Bradshaw 
a wry, fetching paramour. 
There is a doughty father Bel- 
lair from Bernard Gallagher, 
whose comic timing is excel- 
lent, and Barnaby Kay plays 
his son Dorimant's best friend 
with doggy eyes and a defence- 
less face, which contrasts with 
Dorimant’s style. Jason Wat- 
kins plays Medley, a witty 
friend, sharply, and makes a 
rapturous, irresistible aria out 
of his description of Harriet. 

Peter Hartwell's sets are 
plain, economical and effective, 
and his costumes impeccably 
apt for the people they dress. 
John Baxter's group dances at 
the start and finish of the sec- 
ond act are infectious enoug h 
to make one want to join in; 
helpfully, the cast encourages 
two or three audience mem- 
bers to do just that, on stage. It 
did not feel like a gimmick. In 
several respects, this Man of 
Mode is the most intelligent 
and rewarding Restoration 
revival I’ve seen in years. 




rectsion movements 



L 


RAYMOND WEIL 

GENEVE 


4) 


VtaldiCmiwul Vte loa ill ittfLlihl IUMH1J& 

AAiASLE FROM WW>f S Of 5l\1TZEF3 Af© HARRTjQS ” 
SQ/KD3ESQEAB^8nCCnSdW5QiCITDCfUlCHf5iT 
60LLGfcllhG. LdJE DWfi VWJtLR AW HALL MtfW AID 
VUEBBi ERf£5T JOVCS ERA/N5TOC1 M/D TOGftCCN AND 
CHUB* Ft* JEWELLERS 

FOR 1CLR RAfMGfCl W£1_ PLEASfc 

TELERCVe04fttedB?Z 

















XVI WEEKEND FT 


FINANCIAL TIMES WEEKEND DECEMBER 17/DECEMBER 18 1994 



ARTS 


Surrealist 
show- cases 

William Packer lifts the lid on the latest 
. exhibition at the Whitechapel gallery 


W e live oat oar lives 

with bases from the 
cradle to the grave. 
By whatever they 
hold, they describe 
and define what we are and would be, 
our fears and hopes. We have only to 
hft the lid, open the box to discover 
who knows what treasure, or s ecret, 
or horror. “Open the box, OPEN THE 
BOH" shrieks the audience in gleeftil 
anticipation. 

Christmas bases, chocolate boxes, 
match bases, tool boxes, soap boxes, 
toy boxes, dressing-up boxes, hat 
boxes, paint boxes, cigar boxes, knife 
boxes, button boxes, shoe boxes, jewel 
boxes, pill boxes, makeup boxes, fees 
boxes - we could go on with the list 
for ever. 

For boxes mean lists too, and cate- 
gories and collections - boxes foil of 
sea shells from those far-off beaches 
of childhood; cabinet drawers foil of 
birds’ eggs plucked and blown so care- 
fully in days before ornithological cor- 
rectness; match boxes foil of beetles, 
spiders, moths and butterflies. There 
is the remembered fed and rustle of 
tissue paper and cotton-wool, the poll- 
ing open, the un w r a p pi ng, the oh so 
gentle picking up. 

Boxes also mean the festivals, the 
games and discoveries of childhood, 
the presents, the parties, the dressing 
up, the illicit searchings and adven- 
tures through attics and cupboards, 
dressingfabtes and chestsuf-drawers. 

Small wonder then that artists 
should draw directly upon this com- 
mon stock of memory and. experience. 
To surrealists in particular, including 
our latter-day conceptuahsts, the box 
has been an obvious and constant 
theme. There it is, to be taken as it is 
found, its contents ready-made. Or 
again it is taken as it is but left 
unopened, declared by its label only 
in imaginative possibility. Or yet 
again the label is the artist's own, and 
the contents to be taken on trust Or 
the contents, as the artist has sup- 
plied them, are revealed or hinted at, 
the box itself become a stage or fhear 
tre In miniature, quite literally a 
show-case. 


The emphases and combinations 
are limitless in possibility, and any 
exhibition of such work, whether bril- 
liantly or indifferently chosen and 
presented, can hardly fell to be fas- 
cinating. Indeed the material is so 
dense mat any particular disappoint- 
ment mav be immediately shrugged 
off for the treat that follows. This 
show at Whitechapel, ending a 
national tour, is true to that form and 
* indeed bolds many not just fascinat- 
ing but beautifol things. 

J oseph Cornell with his quietly 
theatrical and ambiguous nar- 
ratives, sets the pace, and from 
Schwitters’ flattened cigarette 
carton, and such as Man Ray, 
Eileen Agar, Arman, Meret 
Opp p.nh p.im, Louise Nevelson, Jiri 
Solar and Martial Raygse, to 
Kamshaw and Raynaud, surrealism 
supplies the substance of the show. 
The upshot is that interest and 
surprise he less in the nature of the 
work than in Its particular quality 
and in the artist who produced it I 
was especially Intrigued by Avis New- 
man’s little box of snails set in waxed 

cm ri p a r l r rignfa^ and delighted tD S06 
Fred Stiren's small mid my s te rious 
boxed abstractions, seff-effiudng to a 
fault, given their proper prominence 
at last 

But all that said, and the works of 
some of the artists - Cornell, Schwit- 
ters, Stiven, Solar and one or two 
others - excepted, one cannot but 
come away feeling just a little let 
down. For so much, of it seems amus- 
ing enough, and clever, but also arch 
and self-conscious, easy and arbitrary, 
as though anything else would have 
done just as weD. 

We are hack to the tray of birds’ 
eggs and the box of sea shells, and to 
the drawers and cabinets foil of nails 
and screws and dips and bolts in the 
old-fashioned ironmonger’s shop. 

Worlds in a Box: Whitechapel Art 
Gallery, Whitechapel High Street El, 
until February rib a National Touring 
Exhibition from the South Bank, 
sponsored fay British Telecom. 



An isiMed booc construction by Joseph Cornel, c.1948-54 


Television/ Christopher Dunkley 


Midnight after a hard day in the House 


T he BBC Director-General, 
John Birt himself, is said to 
the be the man responsible 
for the launch of The MM- 
night Hour, a late-night BBC2 studio 
discussion designed to “review the 
parliamentary day”. It could be a 
smart move. The BBC already boasts 
of "setting the agenda” in the morn- 
ing with the Today programme on 
Radio 4 which goes out at just about 
the only time when politicians, top 
executives and other “opinion for- 
mers” are available to listen. Mid- 
night is often the only thne that such, 
people manage to see a bit of tetevt- 
skm, so if The Midnight Hour catches 
cm the BBC will be able to dalu that 
they are the gatekeep ers at both ends 
of the political day. 

But will tt catch on? Launched on 
the evening of the Kate Opening of 
parliament, it has so far had five 
weeks of four-day transmissions 


(Monday to Thursday) and has 
already improved considerably. For 
instance, the production team seem, 
thank goodness, to have ditched the 
“hinny" song illustrating the day’s 
events. This idea is re-invented every 
time anybody does a studio commen- 
tary series bat the only times it ever 
worked were on the Tonight pro- 
gramme in 1957 when Cy Grant sang 
calypsos written by Bernard Levin, 
and on That Was The Week In 1962 
when tiie scat intro was sung by the 
brimant MUUcent Mar tin. 

The producers of The Midnight 
Hour should now abandon their other 
securttyhlanket devices: the fluores- 
cent tube logo which was so trendy in 
the 1980s, the cocktail bar mini-set 
guaranteed to make any politician 
look as though he is about to do a 
high-stool Dicky Valentine number, 
and the barmy inlay of a giant tropi- 
cal fish tank which would hardly 


pass muster on a yo of series. No 
image on television is more powerful 
than a talking head against a black 
background and teat is what they 
should stick to. Even the gimmick of 
making the men take off their jackets 
can be safely dropped; we know 
wi thi n two mhu rtaa whether we are 
watching a genuinely relaxed conver- 
sation or a tense and contrived 
interview. 

This depends largely on the skills 
of tine chairman who should, ideally, 
have been Vincent Hanna. At News- 
night, A Week bi Politics and most 
recently on Channel 4’s Midnight 
Specials, Hanna has developed a 
technique combining amiable con- 
spiracy and rib-nudging ridicule 
which is admirably productive with 
most potftidara. He also has a phe- 
nomenal memory for political minu- 
tiae. 

However, The Midnight Hour has 


gone for a different chairman on each 
of the four nights, the best of them 
being former Sunday Times editor 
Andrew Nell, and Trevor Phillips, 
who has done outstanding work as 
producer and presenter with London 
Weekend TV. Both are political jour- 
nalists with considerable broadcast- 
ing experience, and aiflmngh Neil's 
instincts are those of a political 
commentator, the squibs he tosses 
from the chair land pretty well 
equally to ail parts to the political 


The same cannot be said of Bernard 
Ingham who looks and sounds Uke a 
survivor from a different age, hut, 
worse, seems too often incapable of 
se tti ng aside Iris political allegiance. 
Most tedious of all, he tikes to remind 
ns of fab old glory days. 

Sarah Baste may one day Oil posi- 
tions to this sort splendidly, but at 
present she lacks those attributes to 


a rugby forward which are necessary 
to these circumstances. It is not a 
simple question to masculinity - the 
decidedly feminine Betty Boothroyd 
has it, as she proved on the night of 
the dramatic VAT vote when she 
bawled out MPs for crowding in over 
the bar of the House and thundered 
T don't give a - I don't care where 
you sat, but yon must tot down”. And 
they did. 

The Midnight Hour has proved that 
it can attract cabinet mtoitoere and 
their shadows, camera pleasers such 
as Tony Banks, and respected war 
horses such as Pete Shore. The atmo- 
sphere is beginning to feel right, and 
if they can establish the idea that 
this fe the place to let your hair down 
after a hard day in the House (a few 
indiscreet leaks would be handy) this 
could weD become a long term fix- 
ture. It is the most interesting post- 
nhdnight series for years. 


Welsh Yeomen 


T bs very Engjiahness of 
it all only underlines 
the irony- Through a 
thick London fog a 
beefeater arrives to start the 
show: a cut-out curtain s haped 
ifkfl the Tower to London rises 
to reveal the huge red-and- 
w fafta cross to the English flag 
draped across the stage. 

The twist is that the venue is 
to Wales. While English, opera 
companies seam to have tost 
interest in Gilbert and Sul- 
livan. Welsh National Open is 
ftikfaig up the rouse instead. 
This new production of The 
Teamen of the Guard is the 
first G&S to the company’s his- 
tory and - to emphasise the 
irony further - will be the first 
ever to be staged at the Royal 
Qpera House, when WHO takes 
it on tour there next year. The 
production ia also shared with 
GJimmmglass Opera to the US. 

All this suggests that WNO 
is confident about what it has 
taken on. Opera companies 
awyin g G&S for the first time 
often find the experience chas- 
tening; because they treat it as 
slapstick and promptly fell flat 
on their f*rp. t he Yeomen of 
the Guard, in p ar ti cu l ar, is a 
comparatively sober entertain- 
ment and for that reason resis- 
tant to vulgar treatment. 

to case its producer slipped 
on a banana skin, WNO wisely 
took out insurance. The cast 
tnHnripg one G&S veteran, a 
younger G&S specialist and 
several of the most experi- 
enced stage artists in opera 
today. Donald Adams made his 
debut as principal bass with 
the D’Oyiy Carte at the New 
Theatre, Cardiff, back to 1S63. 
so returning to the theatre 49 
years later to play Sergeant 
Maryll again must bring back 
nwrwries. He is the consum- 
mate pr ofessio nal 


■ “ ■ 

/maw His Ko-Ko in Ixmdofo 
Richard Snari has G&S patter . 
on the tip to his tongue (sane- 
times close to leaving Gareth 
Jonas behind in the pit). His 
Jack Point in this Yeomen 
looks crestfallen whan ho 
walks on and is crashed toto a 
cowering loser by the end, as.- 
always a physically telling gar- 
trayal A melodramatic light- . . 
tog plan caJchm Felicity Prim* - 
er‘s face at her entrance, 
sculpting & skeletal mask-tor 
her fearsome Dame Carru th- 
ere, bat then everything this 
singer does on stage com- 
mands attention, 

Alwyn Mettor and NelU 
Archer play naturally together, 
wittrout too wash Edwardian 
winsomaness. as Stole May- 
nard and Colonel Fairfax. 
Pamela Helen Stephen’s 
Phoebe combines 'temptress - 
and tanocoit to one, though 
her seductive singing gives the 
temptress toe upper band; the 
big voice to Donald Maxwell 
mafcss his Shadbott an unusu- 
ally dominating character. 

Wherever thefr peraonatttfee 0 
come across strongly, Tim 
Hopkins as the producer must 
take a share of the credit The 
best of his production, . 
designed by Peter J. Davison, 
comes when the words are 
allowed to make their points 
unaided and there are merci- 
folly few unwanted vtsualgsgs 
deforming the script, Uke red 
noses planted on Gilbert’s por- 
trait Qnly the restless chore- 
ography gets an one’s nerves. 

The chorus behave Uke 
mechanical puppets, hut with 
any lock their batteries wfll 
have gone flat before the show . 
London. .. 


Richard Fainnan 

Sponsored by KPMG. 


Caribbean carnival 


A t the Cochrane Thea- 
tre, the black Tatawa 
company has found 
another offbeat 
Christmas show to stage. This 
year it is Sylvia winter's Mas- 
karade, with music by Olive 
Lewln, which recreates a 
Jamaican street festival known 
as “Jonkmmn". (Nobody is 
quite sure why, but it may 
commemorate a man called 
John CanoeO For colour and 
rave, Yvonne Brewster's pro- 
duction scores high; there is a 
certain intelligibility problem. 
with the Jamaican dialect, but 
that rather enhances the exotic 
charm oT the piece. 

The setting is Kingston In 
1841, a year in which the 
Mayor rashly decided to ban 
the Jtalouma parade. The ciril 
disorder that resulted barely 
crops up to Maskarade, how- 
ever, for it is not a political 
show. In the first act we watch 
the local citizenry preparing 
for the carnival, planning their 
costumes, jockeying for the 
best roles in the mummers’ 
play; to the second, we get the 
play Itself, declaimed to quaint 
rhetoric amid a swirl of fantas- 
tical costumes. 

Those, like the stereotyped 
folk-characters who prance and 


ravel in them, carry half-re- 
membered echoes from aU 
over Africa, courtly Europe, - 
pure local fantasy. The cast of 
ten “ aH g ta gtog . aH - danctog — 

project everything with terrific 
gusto, even when what they 
have to say to opaque to non- 
Caribbean ears. (The Carib- 
bean part to the audience tel- to 
many passed 

the rest to us by J This is a 
thoroughly professional cast 
by the way, not just talented 
amateurs, and any West Indian 
connections tiny have: -proba- 
bly go back a generation or 
two. ’ 

There are a lot to appealing 
songs, simple and mostly 
sbotV accompanied by a trio 
sitting high on one side of 
Ellen. Cairns’ pretty set (an 
arrangement to screens and 
straw carnlvatfigures). There 
are lively fusillades of drum- 
ming. The whole show takes 
less than two hours, and ends 
with a touching lament Chil- 
dren might mind not bring 
able to figure out just what, 
exactly, to going on; but if they 
dent, they will probably enjoy 
everything else about Masfcsr- 
ade. 

David Murray 


S omething should be 
done about Melvyn 
Bragg, if not to him. 
The rumour is that a 
producer’s diktat went out 
to the effect that he must 
be more abrasive: if it was the 
producer who supports 
Arsenal as revealed on Mon- 
day's Start the Week, it merely 
confirms one’s opinion of her 
judgment 

From a civiltoed arbiter of 
argument, coaxing the best 
from his guests. Bragg has 
become a bully, slapping down 
those he disagrees with and 
giving short shrift to those 
he considers, not always 


Radio /Martin Hoyle 


A ‘Loose Ends’ for 



rightly, to be fools. It to a 
little Uke Brian Bayes to his 
old LBC days, but without the 
sense to craggy integrity. 

There to something innately 
plash about Melv. He to too 
comfortable with himself, 
which makes the discomfort 
he inflicts on others unaccept- 
able; less a rigorous crusade 
for troth than mandarin con- 


100 WATTS PER 
CHANNEL. 12” HIGH. 
UNDER £2,100. 

Tke new AVI total ki-fi system. 

(Neater than ever, Martin.) 

Electronics genius Martin Gnndrod Las now inched the 
AVI tote! hi-fi system still closer to his ultimate dream: 

A new integrated amplifier (the S2000MI) delivering 
a genuine 100 watts per channel. A new CD player out- 
performing at least 95 per cent of all CD players on tke 
market. Plus tke original tunas. Tke wkole system (which 
includes a remote control) stands 12" high. And costs 
under £2100 - three times lower than some of AVI's 

wouU-ke competitors. 

Coll 0453 752656 to hear it. 

i rjm A V latcgufttiou) LimltaL 
1-5 Unit F 3 C 3 . Bfttk SmL 

Tailing Hiblcv Stroud. 

G o u oa rtc r GL5 3QF, 




tempt for inferiors. And white 
Hayes’ victims rang in, 
choosing confr ontation, the 
guests on STW have presum- 
ably been invited because they 
have something to say. I would 
hate to think they were bring 
set up. 

On Monday, initial boredom 
at the prospect to a newspaper 
journalist telling us why she 
had given her television away 
was replaced by outraged 
sympathy as she was verbally 
jostled by the assembled 
company of the media-wise, 
seldom permitted to make her 
points in full, and assailed 
by such intellectual attacks 
as MeW*s dismissive assertion 
that all the people he knows 
who say they hate television 
are very stupid people. So 
there. Melv is of course a 
TV magnate, a well-known 
screen personality and rich 
with it No me could call him 
stupid. 

Far from dispelling the air 
of self-co ngratu lation that 
is turning STW into a Loose 
Ends for eggheads, Maly’s 
acerbity accentuates it in 
some of his guests. F.J. 
O’Rourke was a disappoint- 
ment after his writing, the 
breezy bonhomme that one 
dreads getting cornered by at 
parties, ruffing along on auto- 
pilot chuckling facetiousness 


Chess No 1052: 1 Kb5, 2-6 a7- 
alB, 7-8 BcS-M, 9-13 Ka4-b3<3- 
dl-to, 14 dlR, 15-16 Rd2-e2, 17 
Bd2 and White mates by REL 


and woolly generalisations. 

But it has been a depressing 
Week for the an mifflinlrtaHTig ' 
classes. Medsumwave chatted 
to the British brat-pack of 
directors who, despite the 
death of our native film 
industry, are doing well In 
Hollywood. little Action Men, 
every one, saying things like “I 
want to be very, very rich’*, not 
wanting to make films appeal- 
ing to a minority and boasting 
of being the first video (Le. not 
lettered) generation - well, 
why not if that's where the 
future lies? But what became 
to art? At least Mehr is keen on 
that 

S truggles to communi- 
cate have recurred in 
the Radio 3 pro- 
grammes an the distaff 
and the stave. Pride and Preju- 
dice - a Celebration- cf Women 
Composers. They almost qual- 
ify, as a class, for Radio 4’s 

Scapegoats. Tuesday’s pro- 
gramme featured music and 
words from Judith Weir, 
restrained, ironic and articu- 
late on the double handicap to 
being a serious composer and a 
woman. 

Some fascinating sounds, 
many new to me, from compos- 
ers mitteleuropaisch and points 
north. But arguing about 
whether women's music is 
intrinsically different from 
men’s strikes me as an a par 
with extracting sunbeams from 
cucumbers. 

We all know that the 
both bang the big drum tt w&w? 


post-Glennie days. It would 
be Interesting to compare 
the sexes' percussion styles, 
a thought prompted by Radio 
3’s artist to the week. James 


Blades started in cinemas 
and circuses and ended as 
a favourite of Benjamin 
Britten. 

Besides showpieces, the 
week’s well-chosen snippets 
included that ominous passage 
in The Turn of the Screw where 
the governess muses about her 
new job and a frantic throb- 
bing underlines her nervous- 
ness, tightening the suspense 
unbearably. 



vm 

1 17 1 

hjx 


SOUTH RAFVK 

Toi '^C Cl / 1 •92>u 8sGQ 1 0r?rr-9pn~i da t •! y C '".r \\ 


ROYAL FESTIVAL HALL 


Joyous vocal mix 


fftythrtis. Indian 4 
£13.30, £10 


alMoL 

e brings together African 
Aboriginal Stemes. human 



wiw d(M§?(ay©¥a®G(is3 

Please dial 0891 437 200 from the handset or teteoho 
on your fax machine and fofiow the voice prompt. 


Dae 21 
uaa 
Man 14 


Serious Spsufeout 



(choreographer) 

7 thnM^jn the {taxing Land o! Sow (rated by xhe 

" th® Lemorwta Sea to the Calrytaia Jantf of 


h7D«: 


No parts Sundays. £32, eza, 

wmmmmmm queen Elizabeth hall 

FAMILY CLASS 
London FttlM 
Vivaldi Winter ( 

Animals; Prefcotftv Peter and the 


22 Dec -2 jan, 7. 11. 14 Jen] 
£21. £15. £0 *E 


Vivaldi Wirier (Four S*asofu»Tsajy5-si|^ Camfraf , o/lhe 

Waff. £20. £15. £10 ’ LFQ Lfri 


Sun 

KSUH 


NATIOMJUL CHILDREN^ 

Vaughan WUItams 
Night on the Bara Mountain; C#mJ 


OUCH Jacob A 


Night ot 
Artdante 


of MlrtstrHl 



Malta 




ar 


Colin Iff attars 


£10. £7-50. E5 -National CMfen-4 I 


hSDoc 

\7AS 


ms 

aa 

7AS 


gTOMELOQH YOUTH ORC Hfin g] 
Adrian Brawn (oondl Kart Ptadttaivyl 
Candida; Beramrln Piano Concerto; B 
(Romantic) £7.50, £5 (conca E4JO. £330)1 


Orchestra 


<pno^j Bamaretn Overture. 


•r Symphony No. 

*SYO 


eia. eio. EaSoTSSa ; 


(non 

KS& 


nu 

ad 

MS 


THE SNOW QUEEN iriih Jm«*a MhMtrul* Roger 
(eond). Pretoafansf pwfarmsra walk WHlIWkiW 

tayored wsten at the waS-terod tairywia] 

£ 12 . 30 , eiojso, ea_so, esjq. 


*Cty of London Ctttir 


In this mu 
*PLG 


^ ■««** * 

ei5.E11,EflLC7rS0 Glrwd Racorda Ltd 


WOn 

?M 


CAROLS FOR CHOIR AND JUIMENCE 

City of London Choir, David QfltMKm (oond) 

ei2. ei& ‘ - mm3 


*CSyd London Choir 


rjo 


I puptcaj. room! 

INSPIRED BY POLK MUSIC HMM Wold (sop) Rirai-Sotv*Io 


insfcy. gigga.es 


Kfedonan® 


Qonffon Concert Mgr 


W FT 1 

UK ARTS GUIDE FAX 


If you are Interested in the arts, we have a new weekly tax 
service to suit you. Our UK Arts Guide covers those major 
productions reviewed in the FT - giving a foil Bsfing of events 
and also the option to access the FT review of your choice.. 


For a full feting of the choices avadable, 
dial 0891 437 200 from the handset or 
telephone on your fax machine, 
arid follow the voice prompt 



To receive tiie FT review of you* choice, 
dial 0891 437 followed by the 3 digit code 
which appears against the particular event 
shown on the fua Rating. Please dial from the 
handset or telephone on your tax machine. 

and follow IhevotoepromiA^^ 


I 


FT ARTS GUIDE 


HAMLET 

Not only is Stephen OOaiw’P Hamlet the freshest, 
most Interesting, and most peculiar tngndont ......... 



Please note: We would like to apologise to those customers 
who have not been able to access the service from the- 
keypads of their machines. If you have a keypad and no 
handsel please leave your name and address on our 
Helpdesk line (0171 873 4378), slating this fact, and we wiS 
send you a connecting device to enable you to use vour 
telephone with your fax. 1 


WPP* 





A. 











■^^13 1HVC : %|»| 


L- , 






S trfftfANCXAL TIMES WEEKEND DECEMBER 17/DECEMBER 


■ - *. 


■£?*;*»* Wfcfc../.;- 

* -£&H."jL l ■ J _ 

mPV • { /■ ' n * « ■* 

%r «**» to'*;* < 
ii^WI-eai 7^.,,:. V to* 

m*v*m SwZ *'*" 
*# J,’ r - 

>****- «JL^ 


^Ojh What»s on in 

sSfiftwY;- 


INTERNATIONAL ARTS GUIDE 





i :. 1 


iIir,w P: , ;i 

whip 
M 1A «VlrH 

S-feSE.^ 

-• :;- tf 

W - la.-ag^;^ 
■***»• - we? f* ,, f . - 

4? ijrrr ir..». . 

w«n ;£ 
«*** nrs.t v„- -m. 

w* b «ftu *1”. * ,fp 

i-'Ut) i.i :. 

SXSw-r.sr 

fflassa- - 


:,;r 

"^■Ssfc - 


- ; *" pnuHpe 

■ '. ^v^gy- fn&m « 

rv ***** 

hiT HetMuzn 


TefcfOZQ) 671 8345 
4 ptdlfipe Hemawegte: with the 
Reibaiger Barockorchestra and the 
Vocafe Gent conducts 
^acfi'at ai5 pm; Dec 20, 22 


tr _ 


■*:,, Spas ®T 89 22 


tiiu. 

■ill 


^ #- Die Ftedermaus: by Strauss. 


r.^j, 

V:* \J-. -, Contactor, Raff Weikart, production 

-^siisci .‘; % \ by Johannes Schaaf at 8 pm: Dec 17, 

^ ^ Jtr : 20, 34 . • • 


' x -’-’te... 


•d - «CaX r . 

: M ..i ‘ 

cife.' Hfksmuseum Tet 020 673 21 21 
1 f. *v HfM -iL-Art of Devotion 1300-1500: major 

... fc ii ite r oithihltinn {hnionvi nn 



■ ;•;* lifcwW * Maifcled, Chintz and E 

■’r \± ' u,a 3 SiV " Psp®^ exhibition of decorated 
..-. , \’ . pfiper manufactured In and impor 

• ’ , —sa?C?5iV - initia Low Countries in the 17th 


W«i»tUar . I' 

^ A’ 


n puiv 
MlWtt Man 
•**«r m*t rr*» 

Vartpftfr Crtsitmc; 

*U jpt^SiKVi 
m*ir, HA X . 

t «w. u»x 
*"J*J***«*nii .s:r s ; 

" T J D r.i 

i* 4 WlMgel 
p>tr ra*f# at t i ;l . 
r Ce^^t)fr ler)i ijt 

Iw llll> ttejfcr u 
•litf -w ptex .Vr t v,t., ; 
••W* MWt hfliiii; fn.^ 
S- tf* n lV ittftr-.t'- 


imported 

• io the Low. Countries in the 17th 
Century: to Feb 12 

-•• •V -.»- Van Qogb Museum 

Tet (020)570 5200 

• Ocflon Redon; retrospective of the 
Frvtdfi artist's work with over 160 
paintings, etchings and lithographs 
tom public and private collections; to 
Jan14: 






l-v.' ^ 
„ . - J . i 


^BARCELONA 






Fundac>6 "la Cana" 

Tet (93) 404 60 73 
• KancSnsky/Mondrian: Two Roads 
to Abstraction. Exhibition that marks 

to 

to Jan 



L 


iribbean can» 


■*- ST*itJaanj: iTs-.-, 

tre tte b&t% 
rteftjHn.v Jr*!.- c.i 

A# *Im >S f« ftLtj {t-. r=.;r. 

tJtiivtd It: i 

»*** ttM' t«> *:».'■ tr 

wfckil ■ rifr i rtji7r?5 ^ 
S PteMH Mjtiii 
itMtie ' '■ t 

^4 i| UV"- 

ite L i l e 4 Men r*kr^= 
t 


• The Austrian Vision; a selection of 

Rirh .j k ' 17 Austrian artists frcxTi three 

C1 ^rd fjL generations that represent the 
^.Tr-O- - dWwept models and main aesthetic 
^ positions adopted by Austrian artists 

over the last 20 years; to Jan 22 
Museu Picasso Tel: (33) 319 69 02 

• Picasso's Early Works: 220 
drawings and paintings from the 
period 1890-1912; to Feb 12 (Not 
Mon) 


■■>=« . :-. 
— “. *r.. 

* ■ -L*. ' 


Ci 




% t - 


no*** Mill flw ir \t 

ifciWl. 

r ^..s 

Kftfi# - f * ■ 

i A. • irfclr ! f 
fcSMf ( 

awwnatrifc fry^ 
Jhfl feulfiv «*?;.' 

Ift U 1^.4 A a ^> t .‘ 
liHr (Uf%. «v n^; ■ 

i ; h« 

■i if- FTi# v i 

JWH rf 


' -sr; i-i 
■" Si- J ' 


■ ,B * .7- 

4 

^ »k 


: 


n *■ - 


Konzert Haus 
Tel: (02Q) 309 21 02/21 03 

• Berlin Symphony Orchestra: 
conduted by Olaf Henzold plays 
Dessau, Mozart and Reger at 8 pm; 
Dec 17, 18 

• Radio Symphony Orchestra Berlin: 
conducted by Hanns-Martin Schneldt, 

' '^- with soloists Katherina MiUler, Carofin 

r y. •— -"rjiuasm; Reinhart Gktzel and Matthias 
QCtoe plays Bach and Reger at 8 pm; 
i 

rmonie Tel: (030) 2548 8132 
in PhiBiarmonic Orchestra: 
by Sir Yehudi MentAiin 
with soloist Leonid Gorokhov 
Mozart,- Tchaikovsky and 
^Schubert at 8 pm; Dec 19, 20, 21 
: ® Deutsches Symphor^Orchester 
‘flerfru with pianist Eldar Nebolsln and 
>i»odiicted by Vladimir Ashkenazy 
plays Chopin and Sibeffus at 8 pm; 
Dec 17, 18 



<- . 


' i 


* . , 


«. _ 


- A 


«< 




.. -« 
_ 


tbac 


OavulS 


mw W - 


- r 1 i- 


# » - 


■■« ■•cfT* "V 


f V9C- tWff **» 

Has M ww h i i ia f 


FT 

IRTS r l 


-i *; 


■.•■I 


i \ 


iL ■ 


- w 








-Deutsche Oper Tel: (030) 3 41 92 49 

• -Don Giovanni: by Mozart 
Conducted by Christian Thielemann, 

- production by Rudolf Noette at 7 pm; 
Dec 21, 23 (6 pm) 

- • GOtterdSmmerung: by Wagner. 
Conductor Horst Stein, production by 
G6tz Friedrich at 5 pm; Dec 18 

• Rigoietto: by Verdi. Conductor 
Sebastian Lang-Lessing, production 
by Hans Neuenfete at 7.30 pm; Dec 
20 

' Saatsoper Uniter den Linden 
Tab (030) 2 00 4762 
. • Die VerurteWung des Lukuilus: by 
Pad Dessau. Conductor Hirsch, 
productioo by Berg haus at 8 pm; Dec 
-18 (3pr^) 

' • Die ZaiAerfldte: by Mozart 
Conductor Daniel Barenboim, 

; -production by^ August Everding at 7 
pm; Dec 20 , 23 

• La Traviata: by Verdi. Conducted 
by Rizzi, production by Kirst in ttdfen 
at 7 pm; Dec 17 

• The Nutcracker by Tchaikovsky. 
Production and choreography by 
Wainonen/Schetflow at 7 pm; Dec 19, 

.22 



-> 






r 

i 

*- p/ ; 
• i 


Oper Der Stadt Tab (228) 7281 
0 Carmen: by Bizet A new 
production by Gian-Cario del 
Monaco, with conductor Michel 
Sasson. In French with German 
surtities at 7 pm; Dec 18, 22 {8 pm) 




sss /f ' 

r 


•M ■ 


wp-wl !:tr 




• J 


PhdBiarnonique de Brux el l e s 
Tet (02) 507 84 34 

• AndTOs Schiff. pianist, plays Bach, 
Reger, Handel and Brahms at 8 pm; 
Dec IS 

• Royal Concertgebouw Orchestra: 
with pianist Evgeny Kjssrn and 
conducted by Sir Georg Solti, plays 
Beethoven, Bart ok and KbdAly at 8 
pm; Dec 17 


>T< " * l 


Ultt 


• r . 


f r 


J ' # r 




. 


A 


r « 
< ' 




^ — # 


.. J 


MusAe cfbcefles Teb (02) 511 90 84 

* Gainsborough to Ruslan; British 

landscape drawings and watercolours 
from the Pierpont Morgan Library in 
New York, includes paintings by 
Constable, Tumor and other 18th and 
19th century artists; to Jan 15 (Not 
Won) 

■ CHICAGO 

GALLERIES Ait Institute 
Teb (312) 443 3600 

* Kart FreidHch ScMnkeJ 
(1781-1841):. 100 drawings aid prints 


Glenn Close En a 


from Sunset Boulevard at Ihe Mknfcoff Theatre in New York 


by the influential German architect; to 
Jan 2 


Lyric Opera Teb (312) 332 2244 
• Aida: by Verdi. With tenors Lando 
Bartdini and Kristi&n Jdhamsson; 
Dec 17, 21 

■ LONDON 


Barbican Teb (071) 638 8891 

• Royal Philhamonic Orchestra: 
Christmas concert wfth conductor 
Owain Arwel Hughes at 7.30 pm; Dec 
20 

• The Joy of Christmas: Robert King 
conducts the Choir New College, 
Oxford for some traditional Christmas 
music at 7.30 pm; Dec 22 


Hayward Tel: (071) 261 0127 

• Romantic Spirit in German Art 
1790-1990: examines work of early 
Romantic painters. Includes section 
on German Expressionists; to Jan 8 
ICA Teb (071) 930 3647 

• The Institute of Cultural Anxiety: 
works of art and science by young 
British artists such as Angela Bulloch, 
Uam Gillick alongside works by more 
established artists such as Jeff Koons 
and Jufian Opie; to Feb 12 
National Portrait Tel: (071) 306 0055 

• Christina Rossetti: an exploration 
of the Victorian poet on the centenary 
of her death; to Feb 12 

• The Sitwells: the arts of the 20’s 
and 30’s through the eyes of the 
Sitwells; to Jan 22 

Royal Academy Tel: (071) 439 7438 

• The Painted Page: Italian 
Renaissance Book Illustrations from 
1450-1550; to Jan 22 
Serpentine Tel: (071) 402 0343 

• Rebecca Horn: major exhibition of 
works by the German artist including, 
’Kiss of the Rhinoceros’; to Jan 8 
Tate Tel: (071) 887 8000 

• James McNeill Whistler: major 
survey of the Victorian painter wid 
designer, to Jan 8 

Victoria and Albert 
Tel: (071) 938 8500 

• Streetstyte: tribal dress codes from 
Harlem in the 40‘s to new age 
travellers In the 90's; to Feb 19 


• Hamlet by Shakespeare. Directed 
by Peter HaB, designed by Lucy Hall. 
With Stephan Dfflane, Michael 
Pennington, Donald Sinden and Gina 
Bellman at 7.15 pm; to Feb 4 (Not 
Sun) 

Haymaricert Teb (071) 930 8800 

• Arcadia: by Tom Stoppard, 
directed by Trevor Nunn. Two present 
day historians investigate a possible 
scandal involving Lord Byron at 730 
pm; (Not Sun) 

National, Cottasloe 
Teb (071) 928 2252 

• Two Weeks with the Queen: 
adapted by Mary Morris from the 
novel by Morris Gleitzman. Alan 
Aykbourne directs at 7.30 pm; Dec 17 
(2.30 pm) , 19, 23 

National, Lyttelton 
Tel: (071) 928 2252 

• Broken Glass: a new play by 
Arthur Miller, directed by David 
Thacker at 7.30 pm; Dec 19, 20, 21, 
22 (2.15 pm) 

• Out of a House Walked a Man: by 
Daniil Khaims. A Royal National 
Theatre and Theatre de Com pE cite 
co-production of a collection of 
musical scenes by the Russian 
absurdist writer at 7.30 pm; Dec 23 

• The Chfldren’s Hour by Lillian 
Heilman, directed by Howard Dames 
at 730 pm; Dec 17 {2.15 pm) , 19 
PaOacGum Tel: (071) 494 5020 

• ODven produced by Cameron 
Mackintosh, tirected by Sam 
Mendes. Cast includes Jonathon 
Prycs, Safly Dexter and Miles 
Anderson at 730 pm; (Not Sun) 
Strand Theatre Tel: (071) 930 8800 

• The Prims of Miss Jean Brodie: by 
Muriel Spark, adapted by Jay Presson 
Allen, directed Alan Strachan. Miss B. 
played by Patricia Hedge at 7.45 pm; 
to Feb 25 (Not Sun) 

Wyndhams Tel: (071) 369 1736 

• Three TaU Women: by Edward 
AJbee, directed by Anthony Page. 

With Maggie Smith, Frances de la 
Tour and Anastasia Htlle at 8 pm; 

(Not Sun) 


Whitney Museum 
• Franz KThts: Black and White 
1950-61: major Abstract Expressionist 
works from the last decade of the 
artist's life; to Mar 12 


Metropolitan Teb (212) 362 6000 

• Die Fledermaus: by J. Strauss. 
Sung in German with English dialogue 
at 6 pm; Dec 22 

• Don Giovanni: by Mozart, sung in 
Italian at 8 pm; Dec 20, 24 (1.30 pm) 

• Madama Butterfly: by Puccini at 8 
pm; Dec 17, 21 

• Peter Grimes: by Britten. English 
at 8 pm; Dec 19, 23 

• Rigoietto: by Verdi at 8 pm; Dec 
17 

New York State Theater 

Teb (212) 870 5570 

• The Nutcracker by Tchaikovsky, 
performed by the NY City Ballet 
Tue-Thu 6pm. Fri 8 pm. Ring for 
other times and matinees; to Dec 31 
(Not Mon) 


English National Opera 
Teb (071) 632 8300 

• Figaro's Wedding: In house debut 
for conductor Derrick Inouye at 7 pm; 
Dec 17 

Festival Han Tel: (071) 928 8800 

• The Nutcracker, by Tchaikovsky. 
English National Saflet and its 
Orchestra choreographed by Ben 
Stevenson at 730 pm; from Dec 21 
to Jan 2 (Not Sun) 

Royal Opera House 
Teb 071 340 4000 

• Ashton Remembered: celebration 
of the Royal Ballet founder 
choreographer Fredrick Ashton. 
Includes pieces by Mendelssohn, 
Offenbach, Massenet and Walton at 
730 pm; Dec 17 (2 pm) 

• Ctnderafla: musk: by Prokofiev. 
Created by Fredrick Ashton in 1948, 
this was the first fuB-iength ballet by 
an English choreographer at 730 pm; 
Dec 23 (2 pm) 

• La Traviata; by Verdi. A new 
production by Richard Eyre. Georg 
Soft! conducts for the first five 
performances, then Phililpe Augu'n. In 
Italian with English surtities at 7.30 
pm; Dec 19 

• The Sleeping Beauty: a new 
production of Tchaikovsky’s ballet 
Produced by Anthony Dowell, set 
designed by Maria Bjomson at 7.30 
pm; Dec 20 (2 pm) , 21, 22 


KunsthaBe der Hypo-KuKurstiflung 
• Paris- Belle Epoque: An avocation 
of the period from 1880 to 1910, with 
paintings, drawings, posters, 
photographs, glass and furniture; to 
Feb 26 

■ NEW YORK 


Barbican Teb (071) 638 8891 
• New England: World premiere of 
Richard Nelson's new play. No 
performance 12-1 5th Dec., otherwise 
at 7.15 pm; to Dec 29 (Not Slut) 
Gielgud Tel: (071) 484 5065 


Brooklyn Museian . 

Teb (716) 638 5000 

• Indian Minature Paintings: 80 
jeweHike paintings from the 15th 
-19th century; to Jan 8 (Not Mon) 
Guggenheim 

• The Italian Metamorphosis 
1943-1968: a survey of visual arts in 
the postwar period; to Jan 22 
Metropolitan 

• Ann Hamilton: exhibition reveals 
tiie artist’s Interest in tin relationship 
between si^rt and touch; to Jan 3 

• Early Renaissance Florence: 100 
panel paintings and manuscript 
illianinations by masters of the Gothic 
style; to Feb 26 (Not Mon) 

• Origins of Impressionism: 175 
paintings by Parisian artists of the 
1860’s; to Jan 8 (Not Mon) 

• Thomas Eakins: exhibition 
honoring the 150th anniversary of the 
birth of the artist This installation of 
about 30 works from the museums 
holdings explores the museums 
continuing interest in Eakins; to Feb 
26 

• WHfem de Kooning’s Paintings; to 
Jan 8 (Not Mon) 

Museum of Modem Art 
Teh (212) 708 9480 

• A Century of Artists’ Books: 
Exhibition of 140 books from some of 
tills century’s foremost artists; to Jan 
24 

• CyTwombiy: Comprehensive 
retrospective of the contemporary 
American artist; to Jan 10 


Manhattan Theatre Club 

Tel: (212) 581 1212 

• Love! Valour! Compassion!: latest 
play by Terence McNally (of Kiss of 
the Spiderwoman fame), directed by 
Joe ManteBo. Sun. performance at 
7pm otherwise at 8 pm; to Jan 1 (Not 
Mon) 

Minskoff Theatre 
Teb (212) 307 4007 

• Sunset Boulevard: directed by Billy 
Wilder, music by Andrew Lloyd 
Weber. Finally arrived in New York 
wfth Glenn Close playing Norma 
Desmond at 8 pm; (Not Mon) 
Plymouth Theatre 

Tel: (212) 239 6200 

• Passion: music and lyrics by 
Stephen Sondheim. Winner of four 
Tony awards at 8 pm; (Not Sun) 
Promenade Theatre 

Teb (212) 239 6200 

• Three Tall Women: Edward Albee's 
Pulitzer Prize winning drama about a 
92 year old widow contemplating her 
life. Sun. 3pm, otherwise at 8 pm; 

(Not Mon) 

Shubert Theatre Tel: (212) 239 6200 

• Crazy for You: by Ken Ludwig, 
directed by Mika Ockrent Tony 
award winning musical loosely based 
on Gershwin's Girl Crazy at 8 pm; 

(Not Mon) 

Vivian Beaumont 
Tel: (212) 239 6200 

• Carousel: revival of the 1945 
Rodgers and Hammerstien musical at 
8 pm; (Not Mon) 


CONCERTS 

Chamos Ehrsdes 

Teb (1) 47 23 37 21/47 20 08 24 

• French National Orchestra: Jeffrey 
Tate conducts Beethoven 
Symphonies Nos. 2 and 3 at 8 pm; 
Dec 17 

• The Messiah: by Handel 
Conductor William Christie, soloists 
Dartceman (soprano), Berdan (alto), 
Budon (tenor) and Berg (bass) at 
730 pm; Dec 18 

GALLERIES 

Grand Palais Teb (1) 44 13 17 17 

• Gustave Caillebotts: retrospective 
of the painter and patron of art who 
belonged to the circle of 
impressionists; to Jan 9 

• Poussin: 400th anniversary 
retrospective; to Jan 2 
Instut du Monde Arabe 

Tel: (1) 40 51 38 38 

• Delacroix in Morocco: Delacroix’s 
visit in 1832, when he was 34, made 
a lasting impression on his art; to Jan 
15 (Not Mori) 

Louvre Tel: (1) 42 60 39 26 

• British Art in French Public 
Collections: paintings by 
Gainsborough, Reynolds, Constable, 
Lawrence and Turner. Closed Tue.; to 
Dec 19 

Mus6e cT Art Modems, Vile de Paris 
Tel: (1) 47 23 61 27 



• Andrd Derain: 350 works spanning 
Itis entire career; to Mar 19 (Not Mori) 

Muste (fOrsay 
Teb (1)45 49 11 11 

• Forgotten Treasures from Cabo; a 
rich coDection of works by Ingres, 
Courbet Monet Rodin, Gauguin and 
others; to Jan 9 (Not Mon) 


Chatetet Tel: (1) 40 28 28 40 

• Christina Hoyos: Flamenco 
dxireograpbed by Hoyos. Marin and 
Gfliia, music by Paco Arrigas at 830 
pm; from Deo 22 to Jan 7 
Champs Elysdas Teh (1) 47 23 37 
21/47 20 08 24 

• CesseHKHsette: Tchaikovsky’s 
ballet performed by the Kirov ballet 
company, St Petersberg at 830 pm; 
Dec 22, 23 

• La Fontaine de Bakctesarst ballet 
by the Kirov company, St Petersberg 
at 830 pm; Dec 20, 21 

Opira Comique Tet (42 96 12 20 

• Une Petite Flute Enchantee: 
Mozart’s Magic Flute. Mathee on 23/ 
12 at 230 pm at 730 pnrr, Dec 21. 
22, 23 

Opdra National de Paris, Bastille 
Teb (1) 47 42 57 50 

• La Lac des Cygnes: by 
Tchaikovsky. Choreographed and 
produced by Rudolf Noureev. 
Conducted by VeBo Pahn/Ermanno 
Fkxio at 730 pm; to Dec 31 (Not 
Sun) 


Teh (06) 481601 
• Cronache Italians: baflet in two 
parts based on work by Stendhal at 7 
pm; Dec 18, 20, 21, 22, 23 


Teatro Regio Tel: 011 8815 241 * 

• Lo Schiaccianod: baSet in three 
parts by Tchaikovsky. Performed by 
the Kirov company, St Petersburg. 
Sun mat only at 3 pm; to Dec 18 (Not 
Mon) 


Kunsthalle 

• Oskar Schtemmen a 
comprehensive survey of work by the 
Bail haus artist Closed Tue; to Jan 29 


■ WASHINGTON 

CONCERTS 

Kennedy Centre Teb (202) 467 4600 

• Black Nativity: Langston Hughes's 
retelling of the Christmas story 
through gospel musk: and dance at 
730 pm; from Dec 20 to Jan 1 

• Choral Arts Society of Washington: 
seasonal music conducted by 
Norman Scribner at 7 pm; Dec 18 (5 
pm) , 23 (2 pm) 

• National Symphony Orche st r a: 
perform Handel’s Messiah. With 
conductor Peter Bay, soprano Janice 
Chandler and mezzo-soprano 
Stephanie Blythe at 830 pm; Dec 17, 
18, 19 

• National Symphony Orchestra 

Pops: concert of favorite Christmas 
songs by jazz singer Mel Tomte at 7 
pm; Dec 20 , 

• Oratorio Society of Washington: 
more seasonal music conducted by 
Robert Shafer at 8.30 pm; Dec 17 (5 
pm) .22 

• Paul Hill Choree: conducts some 
seasonal favourites at 830 pm; Dec 
18, 22 (5 pm) 


National Gallery Tel: (202) 737 4215 

• Italian Renaissance Architecture: 
Brunelleschi, SangaDo, Michelangelo, 
the Cathedrals of Florence, Pavia and 
St Peter’s; from Dec 18 to Mar 19 

• Roy Lichtenstein: A survey 
spanning four decades of the 
American Pop artist; to Jan 8 
Sadder Teb (202) 357 2700 

• Landscape as Culture: Lois 
Conner travels through Asia recording 
architecture and landscapes with her 
100 year old banquet camera; to May 
30 

• Paintings from Shiraz: the arts of 
the Persian book created in the city 
of Shiraz during the 14th -16th 
century; from Dec 24 to Sep 24 


Kennedy Centre Tel: (202) 467 4600 
• The Nutcracker: music by 
Tchaikovsky. Presented by the Jeffrey 
Ballet, choreographed by Robert 
Jeffrey. No show Dec. 12th, mats at 
2pm otherwise at 8 pm; to Dec 17 


Arena Stage Kreeger Theater 
Tel: (202) 554 9066 

• Misalliance: by Bernard Shaw, 
directed by Kyle Dortnefly, to Jan 8 
Ford’s Theater Teb (202) 347 4833 

• A Christmas Carot Charles 
Dickens' classic directed by David 
Befl- 

Guriston U Teb (703) 418 4808 

• An Evening with Tom Stoppard: a 
series of three one act days by the 
British playwright presented by the 
Washington Shakespeare Company at 
8 pm; to Dec 17 

■ WOLFSBURG 

GALLERIES 

K uns tmuseum Teb (05361) 26690 

• Bart van der Ledc wide and 
representative selection of work from 
the early 20th century artist who 
made the transition from figurative 
painting to geometrical abstraction; to 
Feb 26 (Not Mon) 

• Gilbert and George: Shitty Naked 
Hunan World. Bchfoition of the 1986 
Turner Prize winners evolution since 
1977, and includes first showings 
from a new series; from Dec 18 to 
Mar 12 (Not Mon) 

■ ZURICH 


Kimsfhaus ZGrfctt 
• Degas-The Portraits: a major new 
exhibition on the portraits of Edgar 
Degas; to Mar 5 


XVII 


CHESS 


Gariy Kasparov finally won in 
the Moscow olympiad whoa 
Russia met France in the sev- 
enth round. Kasparov’s oppo- 
nent was Joel Lautier, a brash 
young Parisian who had humil- 
iated the world no \ earlier in 
the year at Linares. 

When they met in Moscow, 
Lautier launched a provocative 
Sicilian Defence line which 
Kasparov had brilliantly 
routed against Kramnik at 
Novgorod. It was naive of Lau- 
tier to think that the Russian 
would repeat his previous 
strategy and wait for the 
French homework (G Kaspa- 
rov, White; J Lautier, Black; 
Moscow olympiad 1994). 

le4c52Nf3e63d4csd44 
Nld4 NIB 5 Nc3 NcS 6 Ndb5 d6 
7 Bf4 e5 8 Bg5 a6 9 Na3 b5 10 
Nd5 Be7 11 BxfB Badffi 12 c3 0-0 
13 Nc2 Rb8 14 h41 Kasparov's 
patent, which stops Bg5, meets 
Bsh4 by Qh5, opens tip play for 
White's hi rook, and gives the 
option of pushing to h5 and hS. 
Ne7 15 Nxfl6+ gxft All this was 
known from Novgorod, where 
16 Bd3 d5 17 exdS QxdS 18 (MM) 
e4 19 Be2 Qxa2 20 Qh6 won for 
Kasparov. 

16 BdSI d5 17 exd5 QxdS 18 
Ne3 Qe6 19 Qh5 White has 
transferred his Q to the K-side 
fiaster, and has avoided expos- 
ing his a2 pawn. 

e4 20 Be2 b4 21 C4 KhS 22 


0-0-0 IS 23 QgS RbS This cum- 
bersome rook manoeuvre sug- 
gests that Black's opening has 
gone badly wrong. Pushing the 
a6 pawn to a3 looks better, to 
create a target at b2. 

24 b5 Rc6 25 Kbl Rc5 26 h6 
Qe5 27 Rb5 Rg8 28 Ng4! 
Resigns. A typically incisive 
Kasparov finish. If Rxg5 29 
NxeS Rxh5 30 RdS+ Ng8 31 
Nxfi mate, or 28 . . . Qe6 29 Rd8! 
Ng6 (RxdS 30 QgT mate) 30 
Rxg6+ KxgS 31 QdS+ NS 32 
Kg5+ and wins. 

No 1052 



A series-helpmate in 17 moves 

(by N Sikdar, 1994). Black 
makes 17 successive moves, 
neither moving into nor deliv- 
ering check, and then White 
mates in one. 

Solution, Page XVI 

Leonard Barden 


BRIDGE 


Step-by-Step Signalling, by 
Mart: Horton (Batsford £839), 
will do much for your defence. 
N 

A Q J 9 6 
V Q J5 
♦ K J 10 2 
X K8 

W E 

4 K 2 48753 

4 K 9 6 4 2 4 10 8 3 

4 87 4 A 9 G 

4 J 54 2 4 Q 6 3 

S 

4 A 10 4 
VA7 
4 Q 5 4 3 
4 A 10 9 7 

South deals and bids one 
no-trump. North says two 
clubs. South re-bids two dia- 
monds, North jumps to three 
no-trumps. All pass. 

West leads the heart four, 
covered by knave. What should 
East play? There are three 
basic signals: 

■ Count, signalling bow many 
cards you hold in the suit 

■ Attitude, telling your part- 
ner whether you like his lead. 

■ Suit preference (not relevant 
in this hand). 


East -West are employing 
count so East drops the three, 
telling West he has an odd 
number of cards in the suit, 
one or three. It cannot be one, 
since South denied a four-card 
major. Declarer finesses the 
spade queen. West wins and, 
knowing East had three hearts, 
plays the two, drawing South's 
ace. Declarer cannot make his 
contract without playing on 
diamonds. East takes the first 
lead with his ace. A heart 
return defeats the contract. 

Yes, you say, but if East- 
West ore playing Attitude, East 
also drops the three. True, but 
he would do this if he had only 
two cards, 10 and three and a 
heart return be fatal, allowing 
dummy's queen to score. 

■ CORRECTION: The bidding 
of question four oT last week's 
quiz should have read: 

N E S W 

14 - 14 - 

34 - 3NT - 

Deadline for entries is 
now December 22. 

E.P.C. Cotter 


CROSSWORD 


No. 8,639 Set by DINMUTZ 

A prize of a classic Pelikan Sooverfln S00 fountain pen. Inscribed with the 
winner’s name for the first correct solution opened and five mnner-np 
prizes of £35 P eltktm vouchors. Solutions by Wednesday December 2S, 
marked Crossword 8.639 on the envelope, to the Financial Times. 1 South- 
wark Bridge, London SEl 9HL. Solution on Saturday December 3L 



Address. 


1 Running amok, what sort of 
weapon to use? (8) 
a Some pop a question that is 
obscure (6) 

9 he does not know the 

answer with certainty, acting 
so strangely (8) 

10 Whistler, for example, almost 
an entertainer? (6) 

12 Suggest I am to carry cm (5) 

13 Conciliator without energy as 
a leader In the field (9) 

14 Empty tin into storage con- 
tainer (6) 

15 Heir to a throne had up, in 
trouble (7) 

19 Reportedly tail a fast cat (7) 

21 Laboratory vessel for the 
coonter? fs) 

23 Modest oil output in the Ital- 
ian range (9) 

25 Keynote of the Meisterstnger? 

26 ^met instant (61 

27 Ruined stock 

28 Housman' 
twice-bitten? (6) 

29 Lawyer attending knightly 
contest that Is non-U (8) 

Solution 8,638 


□QBBE3QQQ QQOQEB 
SHOO a □ □ 
□□□□HQHO □□□□□□ 
EUBQEIBI30 

□nnniauDao □□deg 

a □ □ □ □ □ a 

□□eg □□□□□□□ 

□ □ B 0 13 0 

QHHBaCIB &□□□ 

□ H 0 □ H ED 
□BQfHQ EBQSnDDHD] 

□ 00DBEJDE 

ananma □aansaaQ 

□ hq □ □ H H 
□□□□□□ □□□□□□□□ 


DOWN 

1 Kind of square perfecto, say, 
upside down cooJd be calami- 
tons (6) 

2 See new moon glide like an 
aircraft (9) 

3 Gets extremely ticbly rash (5) 
to beat ai 


4 Fast r unner 

m 

6 

7 Charade 
provoke (5) 

8 Exalt 



ivourite? 


balance-sum (9) 
ic half-quip to 


ant (6) 

ick Rex put out (8) 
i’s ruddy thing. 


her nonet composition 


11 Cutting a number of detec- 
tives (4) 

15 Climbing aid for 2? (9) 

17 Rugby player in multicol- 
oured lights? (9) 

18 Impractical tutor (8) 

20 Have no stomach for hospital 
tea, possibly (4) 

21 What is needed when engine 
conks out? Reserve fund and 
skill? (28) 

22 Guard transported by rail (6) 

24 Clean break with cavalry 

weapon (6) 

26 Capital all right in toy pro- 
duction? 15) 

Solution 8,627 


□□□□□SBDQOna 

3 u u u u n ['] n 

□ □□□□□a nClDEOHH 

□ □□□soon 

onaas QanBHHGE 

□ □ a q q he 
□□□□□□□□□ a onaci 
0 o 0 □ 0 E 

□ H □ □ □ H B 

aaacinanQ □□□□□ 

□ □□□ODQD 

□aaQann hohubhc] 

UUlJliGBDB 

□□□□□□□□□□□a 


WINNERS 8,627: H. Sweeney, Southport; A. & G. Bates, Micheldever, 
Hants; KJ. Burke, Hanley, Stoke-oa-IYent; AJ&D. Cleeson. Brettoa, 
Peterborough; TA Pickard. Axminster, Devon; Janet Reed, Ainsdale, 
Merseyside. 





!»*■ 


•# 




4 











XVIII WEEKEND FT 


FINANCIAL TIMES 


WEEKEND DECEMBER .7/PSCEMBER « 


m 



Peter Aspden 


All in the Mini 


T his is a tale of two 
libraries. They are thou- 
sands of miles apart, but 
united in their respect for 
scholarship and reverence for the 
written word. They both, in their 
own way, contain awesome collec- 
tions of manuscripts and richly 
repay foe effort of a visit I have 
seen both in the past week and, In 
the course of my travels, heard for 
the first time the sad story of the 
Codex Smaiticus. 

The first visit was to the library 
of the Greek Orthodox monks of St 
Catharine’s monastery at the foot 
of Mount Sinai. The location is, as 
promise d in t he ever-thickening 
piles of tourist brochures, spectac- 
ular, the 6th c en t u ry c hu r ch radi- 
ant with early Byzantine splen- 
dour. 


The monks’ empty glass cabinet 

The missing Codex Sinaiticus sits in London. But should it be returned to its original home? 


The library, said our guide from 
the monastery, was laden with 
riches from the early years of 
Christianity; hot the jewel of their 
collection was missing. He pointed 
to a glass case in the corner con- 
taining a few sheets of parchment 
with Greek writing on them. A 
poorly-taken photograph was stack 
on the cabinet with Sefiotape. It 
showed what should have been 
inside: foe^ Codex Sinaiticus, a 4th 
century faible regarded as one of 
the three most important early 
versions of foe holy book in exis- 
tence. 

Our guide, more in sorrow than 
In anger, told ns the monks' tide of 
the story. The Codex was borrowed 
by a 19th century German scholar, 
Constantine Tischendorf, who 
promised he wondd bring it back to 


its proper home. The letter in 
winch he made his pledge hangs 
on one of the church walls. 
Instead, the Codex ended up in the 
hands of the Russian Tsar in St 
Petersburg. There it remained 
until foe Soviet government, which 
unsurprisingly had little use for 
the tome, sold ft to foe British 
Museum in 1933, reputedly to help 
pay for the restoration of its 
embassy in London. The monks’ 
glass cabinet in the meantime, has 
Trammed empty. 

And so, a few days later, I vis- 
ited my second library; not, 
strictly speaking, a library at all, 
but room 30 of foe British Museum 
in London, which contains a stag- 
geringly valuable collection of 
original documents and volumes: 
Chaucer's Canterbury Tales, the 


Slavonic Gospels, Haydn’s Dram- 
Roll symphony; even a letter from 
John Lennon, bless Mm, to Ms old 
mucker Stuart Sutcliffe. 

And -there, in an unobtrusive 
comer, the Codex Stnatticns, next 
to the Codex Alexandrians, not too 
far from Nelson’s Memorandum 
and a germ's leap away from the 
culture plate on which Fleming 
discovered penicillin - odd bed- 
fellows to be sure, but part of the 
eclectic charm of foe place, I sup- 
pose.- ■ 

I ranted to myself (and to a star- 
tled shop assistant) about foe evils 
of cultural Imperialism and sud- 
denly hated this entered corns- of 
Bloomsbury which has caused so 
much distress round foe world. 
Bat I instinctively felt an dodgy 
ground. And so it proved. 


The British Museum side of the 
story, as expressed in one of Us 
books, soon clears away the 
smokescreen or sentiment. Tls* 
chendorf, according to their 
sources, actually rescaled the pages 
of tiie Codex from bring inancr- 
ated by the monks for wtotar fueL 
He then persuaded them to present 
foe book to tiie Tsar In apprecia- 
tion of the protection of Holy Rus- 
sia, in order to safeguard tt. 

The guide in the monastery had 
heard the ar gu m ent, and duly rub- 
bished it (“How. then, did we man- 
age to keep it in perfect condition 
for is centuries?”). But I spoke to 
a couple of authorities in the field 
who confirmed my worst fears. 
The monks of tit Catharine’s at 
flurt time, ft seems, cared as much 
for their treasures as for a sack of 


coaL Their attitude to antionlty. 
«y» of foam told- me, showed .an 
irresponsibility that beggars 
desc rip tion”. •• ■ ■„ 

But that is not the end of foe 
story; for today's monks are wry 

aware indeed of the value of their 
coDection, and assure us that they 
know exactly how to look after It 
The roles of the game are differ- 
ent- Tourists are beginning to flock 
to Sinai as they have traditionally 
flocked to Bloomsbury, they listen 
to the monks’ plight, they corse 
Europe’s cynical plunderers. The 
British Mmamwi is finding it more 
and more difficult to May the 
straight bat of rightful ownership; 

and rightly so. For possession is 
only nine-tenths, after all, and 
when did the law ever capture 
hearts and mi nd s anyway? 


G ive him an audience. 

and Jacques Blanc is 
airborne. Put him to 
front of a home crowd, 
and he will stay aloft 
for an hour. I first witnessed the 
aerodynamic talents of the mayor of 
La Canourge (pop. 2900) at a wine- 
growers' banquet in Narbonne to 
the French Midi- 

Surfeited an oysters and bubbly, 
500 guests had listened with indif- 
ference to the exertions of a wine- 
glass percussionist. Politely they 
had applauded the caped caballem 
who pranced among the tables on a 
white stallion. But when Blanc took 
the stage to tell them what they 
wanted most to hear - that they 
could once again become world- 
beating viticulturists - they 
responded with intoxicated roars. 

Wine is serious politics in the 
Langued oc-Ro u&sillo n region of 
which Blanc is serving his second 
term as council president And wine 
is the theme he often uses to 
explain his new role as president of 
the European Committee of the 
Regions, a Maastricht creation set 
up this year. 

One of the pushiest politicians on 
the French right wing, the 55-year- 
old Blanc brings the same aerated 
rhetoric to the committee’s proceed- 
ings. Yet even political adversaries 
concede that he is a smart o pera tor. 
Never still, rarely silent, he has 
ambition w ritten all over Mm. 

There were cries of “Stitch-up!” 
when Blanc won the presidency of 
the committee in MawA. The Social- 
ists had two candidates, Pasqual 
Maragall of Barcelona and Charles 
Gray of Strathclyde; they derided to 
run Maragall in order not to split 
the Left vote. 

According to Blanc, Maragall did 
a deal with the favourite, the Chris- 
tian Democrat prime minster of 
Flanders, Luc van. den Braude, “ft 
was designed to kill me," he said. 
“But I won.” Meanwhile, opponents 
claimed, Blanc had done a deal with 
Maragall whereby if they led the 
ballot, they would swap the two top 
jobs in 1996. 

Over a stylish but workmanlike 
lunch with members of his entou- 
rage in Brussels I asked Blanc why 
be had wanted the job so much. 

“You underestimate the impor- 
tance of the committee," he replied. 
“It is always interesting for a politi- 
cian to head a brand-new organisa- 
tion.” The committee of 189 elected 
politicians, ranging from regional 
barons to municipal captains, is a 
diluted version of the body first 
envisaged. The Germans once 
talked of it as a second chamber of 
the European parliament 
Blanc says its consultative func- 
tion is still enough to give it great 
influence over the life of Europe. 
“To establish a new political reality 
in Europe - there aren’t many peo- 
ple who could do that I consider 
that next to the President of the 
Commission, of the Parliament and 
of the Council of Ministers this is 
the most interesting job.” 

But you are still mayor of La Can- 
ourge? 

"I am the mayor, and I invite you 
to play golf," he said with a flash of 
teeth. 

What do the villagers of La Can- 
ourge think you do in Brussels? 

“First, they are quite proud. Sec- 
ond, my region and my town are 
among the priority development 
zones and therefore they think 
Europe has brought them money. 
Also that it helps them sell their 
agricultural products. They think I 
am in Brussels too often. But they 
forgive me." He leant baric with a 


T his weekend marks the fif- 
tieth anniversary of Le 
Monde. At least the paper 
first appeared on the 
December 18 , 1944, even though it 
was dated the 19th, a practice 
which continues to this day. It is 
hard on those who want to know 
last night’s football results, but Le 
Monde wishes to discourage that 

kind of reader anyway. 

It began life - on foe presses of a 

daily which had been sailed by col- 
laboration - almost simultaneously 
with another, tattler, Paris daily, 
France- Sotr. But whereas France- 
Soir celebrated its 50th birthday 
last wed; with a commemorative 
edition, Le Movie had to mark its 
anniversary rather more grandly. 

Three months ago there was an 
article called “Heritage”, making 
its readers aware that a seminal 
event was to occur before the next 
solstice: there was to he a “coQo- 
quium” n&der the auspices of 
Uhesco. It made tiie Anglo-Saxon 
heart sink. 

So, an December 6, foe Unesco 







Private View 


Territorial champion 

Christian Tyler meets Jacques Blanc, the new president of the European Committee of the Regions 


gjitigfipd laugh. 

What do you do every week? 

“I am saving Europe from 
despair." He laughed again. 

Jacques Blanc started life as a 
doctor, like his father, and worked 
as a general practitioner in La Can- 
ourge. His curriculum vitae 
he was also a neuropsychiatrist spe- 
cialising to the treatment of handi- 
capped children. 

Why did you take up psychiatry? 

Blanc gave his usual answer. 
“Because it’s always interesting to 
study the reactions of men - and 
women.” Here he winked. 

I recalled a fellow committee 
member saying that one thing Jac- 
ques Blanc could not be accused of 
was paying too close attention to 
other people's views. Now Blanc 
smiled and said: “I think I was a 
very good generalist and a very bad 
psychiatrist I'm not mad enough to 
be a good psychiatrist” 

He went into politics because his 
Lozdre region, was turning into a 
desert Now it had registered, the 
first population gain in 100 years. “I 
am very proud of that result and 
Europe has contributed." 

From local counriUor and mayor, 
Blanc ascended to the national par- 
liament, was secretary-general of 
Val&y Giscard d’Estaing’s Republi- 
can Party and briefly Minister of 


Agriculture. When I asked him 
whether he thought of himself as a 
stiH-riring star, or whether he had 
readied a plateau, he said: 

“I think a pleasant plateau. I'm 
not a candidate for the presidency 
of France.” 

Peaceful for the most part, 
Blanc's committee was tom apart 
last month when it chose to give an 
opinion on refo rming the wine mar- 
ket. Spanish and Mediterranean 
members, who fortify their wine 
with concentrated grape “must”, 
almost came to blows with the Ger- 
mans, who use sucrose. 

Blanc may have thought he haH 
disarmed north-south tension by 
annnnnriing, even before his elec- 
tion, that he would appoint Dietrich 
Pause, a gentle-mannered German, 
as his chief official (the job the Ger- 
mans wanted). He would not admit 
to me that he had made a gaffe, but 
smoothly declared that although 
the debate had been fierce there 
had been "dements to satisfy both 


How can regions agree on any- 
thing, I asked, when they are in 
competition for EU money? 

“It’s the essence of Europe to try 
to overcome what separates the dif- 
ferent entities and try to agree a 
common line." Blanc replied. This 
bad been achieved on such impor- 


tant topics as regional aid (the cohe- 
sion firnd) and Strengthening the 
devolution of power (subsidiarity). 

The feet that you have large and 
amaTi authorities an the comm i ttee 
must be a problem. 

“It could have been a blockage 
and I think most of my success is 
that I have prevented it And why? 
Beca use I am at the same time - 
forgive my lack of modesty - a big 

It's the essence 
of Europe to 
overcome 
differences and 
try to agree a 
common line 

one and a small one, president of a 
real region and mayor of a small 
commune as legitimate as the 
mayor of Rome or Athens. 

“For me there is no Mg, no small 
- only the elected representative, 
anointed by the voters.” 

The mandarin of the committee 
will be renewed at next year’s post- 
Maastricht negotiation. Blanc hopes 
to achieve full autonomy from the 
economic ami social committee with 


which he has to share administra- 
tion and paper clips. He says he 
does not want control of EtT funds. 

Don’t your electorates think yon 
have money to give them? 

“The distribution is conditioned 
by choices higher up- So if we Influ- 
ence the big decisions, without our- 
selves opening the sluice we can 
have a say in the water that flows. 
It is better to be at the source where 
the great flood is than at the little 
pqri end of the tap.” He laughed. 

Is there a danger the committee 
will encourage separatism? “No." 

Why do people say they are afraid 
of it? “Because they haven’t under- 
stood what regions are. I believe, on 
the contrary, that regionalism is the 
antidote to separatism. 

“I, who am from a centralised 
nation and defend the nation state, 
am not at all bothered by being also 
spokesman of a region- Til do it my 
way. I think regionalism is the best 
answer to the complex problems we 
have in all our countries, simulta- 
neously reconciling respect for foe 
state, tiie grand European design, 
and the needs of identity.” 

Nor, he said, did his committee 
present any kind of threat to the 
directly elected EuroMFS. “That is 
not the way to look at it It’s a 
question of compleme n t ari t y . Euro- 
MPs have a European mandate. We 


As They Say in Europe / James Morgan 


Grand contradiction hits 50 


colloquium took place. It was subti- 
tled “Retaveixtmg the press". The 
invitations were inscribed with a 
remark taken from Balzac “If the 
press did not exist it would not be 
necessary to invent it" Dp until 
the moment I read that I had had a 
moderately high regard for Honort 
de B, bat as a coiner of witty 
phrases he plainly ranks little 
higher than tin 17th-century apho- 
rist the due de La Rochefoucauld, 
and somewhere below the noted 
English idiot Bertie Wooster. 

The press exists because people 
exist Newspapers appeared as soon 
as the technical means were avail- 
able. Almost everybody has pro- 
duced newspapers: foe Naas had 
foe VdOdscher Beobachter ; foe com- 
munists, Premia. In London there 


is The Sun and there is the Finan- 
cial Times. There is Ouest France 
from West France, the Manchester 
UmonrLeader from New Hampshire, 

and the Barnes and Mortlake Her- 
ald from Barnes aid Mortlake. 

Some exist to spread ties and 
hatred, some to appeal to a narrow 
range of narrow minds, some to tell 
of new parking regulations on 
Church Road and some to tell then- 
readers what they need to know. 

Fortunately, few of foe contribu- 
tions to the colloquium took much 
notice of Balzac. Instead foe reader 
learnt of the duties of foe press - 
“to try to operate foe difficult syn- 
thesis between justice and liberty", 
or its aims - to make more money, 
or to give primacy to information, 
over rumour. 


This provides a perfect reflection 

of Le Monde. It is a paper of enor- 
mous pretensions that does a very 
good job by keeping its readers 
informed on diverse topics- It genu- 
flects before every modish fashion 
while providing a critical aye on 
what is going on. It nuHntahwi the 
appearance of heterodoxy while not 
really opposing the state. 

Sometimes the contradiction, as 
during the ivtotements of 1968, for 
example, becomes too much. Bu t Le 
Monde would never question the 
main policy foundations of foe 
French state - quittin g Nato, tiie 
reliance on nuclear weapons and 
nuclear power, or foe hijacking of 
trade policy by peasants. 

More than a quarter of a century 
ago, I went to a seminar on Africa 


in London where foe main speaker 
was a Le Monde correspondent who 
lectured the participants on the 
politics of the francophone states. 
It was an undiluted apology for 
French policy in the region. When 
asked why we were being fed this 
line, foe man from Le Monde 
“Of course, I would cot talk like 
this at a Gaullist meeting in Paris." 

The paper annoys its English- 
speaking readers fay mbriq g news 
and comment in a manupy that 
makes the Daily Mad seem objec- 
tive, and yet it is able to provide 
breathtaking insights. I recall 
many years ago, following a three- 
part series on North Korea, of all 
places, with an enthusiasm nor- 
mally reserved for foe denouement 
of a soap opera. 


are elected to exert territorial influ- 
ence an policy .” 

But will regions one day, in the 
distant fixture, under a federal gov- 
ernment, be more important than 
nation states? 

“No. I don’t think so. Whether wo 
like it or not, the way chosen is a 
Europe of nation states, with, of 
course, all the different levels that 
constitute them.” 

Lunch was not over, and Blanc 
bad about 20 minutes in which to 
catch a flight to Paris. “No,” he 
added, starting up from his chair 
and taking a last slurp of coffee, 
“the problem of our democracies is 
that the citizens don’t feel close to 
those who take the decisions. We 
have to rediscover thav p roximity." 

An aide passed hhn his coat and 
briefcase. “And when I see some- 
times how some of our friends (he 
seemed to be r efe rr in g to the Ger- 
mans) get stock over a comma, it 
shows they have misunderstood the 
role o f tiie committee. 

"When you are a legislator, a 
word is very important. But when 
you are being consulted, it is not 
the word or the comma that mat- 
ters, it is the spirit which blows 
through it" 

With that, Jacques Blanc 
stretched out a hand and blew from 
the room. 


Le Monde is a co-operative of a 
kind. It harbours many 
talents - those who think them- 
selves the descendants of Mohtes- 
qufeu, those who think they are 
international lawyers and some 
brilliant journalists. There Is even 
foe occasional genius, like tiie for- 
mer rugby correspondent, Jean 
La couture, and the cartoonist. 
Plante. 

Today, it is not what it was in foe 
1960s. Then, no youthful intellec- 
tual, from Quebec to gmsha« a 
could be seen without foe obliga- 
tory copy of Le Monde. It is not the 
institution it once .was, but It is a 
better paper. And next month it is 
to have a new format - does that 
mean photographs? 

But over -the 50th anniversary 
bangs foe shadow of the losses to 
which, at times, Le Monde seems 
doomed. The press will not Htaap . 
pear, but individual newspapers 
can and do. Le Monde is one that 
would have to be reinvented. 

■ James Morgan is economics corre- 
spondent of the BBC World Service. 




• 'rim 
• ■ '£ 

• - 

■»» .*■ 
m • * 


of new 


n • r 



C ould you learn to ride « 
bicycle in your -steep? 
Sleep-teaming might seem 
an impossible dream but . 
fixpcriinw^ tha yott show tbit tin ■ 
was you sleep and dream are 
closely related to your Mfectivness 
in learning new things. . 

A®wp of Israeli scientists. -ted 
by Avi Kami and Da* Segl of to* 
Weizmann Institute In Bebovot. 
measured the time a person took to 
discriminate the shape of a pa tch of 
stripes embedded In t: pattern 
flashed cm a computer screen. - 
This task, like bicycle riding, ten 
be learnt It depends on what theo- 
rists call implicit knowledge, w 
skill, rather than explicit know 
ledge, such as remembering a . po> 
son’s name or a sba#p£&8 wt ® mk . 
not easy - rather like trying to rend 
a striped speedometer n eedto that 
appears fora fraction of a second m 
a striped dashboard while your gate 
b fixed on the ft»l gauge. But three 

features make the task a break- . 
through for research on te a m ing 
It is easy to measure how well 
people do and how they, improve 
with practice. This scat of tewnhg . 
is also very specific if - the angle of 
the stripes, or their position is 
changed, the task must be learnt 
anew. Finally, teaming is voty 
robust it lasts for years. 

Last year, Kara! and Sagl showed. 
tha t speed improved, not during a 
practice session, but during the 
eight hours afterwards while the 
subjects were doing other tilings. 
This made it possible to study the 
effe cts an ] [«*wifog of sleep and its 
diffe rent stages. 

Subjects were trained and tested 
over a period of days, with sessions 
just after rising, and just before 
retiring. Exactly the same uncon- 

i - _ 

Most people _ 
can read 
and then 
repeat a string 
of seven 

numbers - but - 
11 digits are 
too many 

scIqus learning occurred whether 
the time between- trailing and test- 
ing was spent asleep or awake. 
However, if sleeping subjects' were 
roused whenever their brainwaves 
showed that they were dreaming, 
no learning occurreiduring the 
night, although learning resumed 
the following day- If, instead, sub- 
jects were roused when they 
entered tiie deepest stage of sleep, 
slow-wave sleep, they learnt nor- 
mally during the night This pro- 
vides the first dear evidence that 
brain activity during dreaming 
Sleep promotes learning. 

Scientists have long* suspected 
that sleep is related to learning, but 
experiments which tested know- 
ledge based on remembering, rather 
than learnt skills, showed only that 
sleep delays fiugteting. 

Like most exciting results, the 
Israeli experiments confirm some 
old ideas and raise new questions. 
Brain pathways using the chemical., 
acetylcholine are activated during 
dreaming sleep and during the wak- 
ing state. This confirms that acetyl- 
choline is important in farming-' 
memory. Kami and Sagi suggest 
that all our memories may be pdd .. 
down by the same mechanism. - 
Different .types of teaming take 
place in different parts of the hrato- 
So, patients who suffer damage to a 
region of foe brain called the hippo- ' 
campus are unable to learn explicit 
knowledge, such as lists or people’s 
names. Such amnesics can re trie ve 
old memories, but they cannot team 
new knowledge, aithnng h fogy, can 
acquire skills. 

Amnesics have normal short-tenn ' 
memory. They can remember a. 
string of numbers for hours by 
rehearsing t.hi=»m continuously, but 

ff they are distracted, tbey wffl for- 
get them completely. • J 

To test the size of your- own 
short-term memory read the follow- 
ing string of numbers once, .then. 
shut your eyes and repeat foam 
aloud: 4, 4, 5, 2, 7, 1, 4. Most people ; 
can manage a seven-digit string, but - 
11 digits - 0, 5,4, 8, 1,8, 1, 1,4,6.x - 
&tb too many, although -much top- 
ger strings can be stored In .7 
long-term memory. 

. Tiie hippocampus is involved to : 
transferring information from short 
to long-term memory, but the tec* . 
tion of long-term memory Is soro&- : 
fifing of a mystery, tt cannot be tte 
hippocampus, because anmesks esn ' : 
stul recall old memories. 

The mechanism of forgetting-)?' 
also unknown. Scientists art. 
divided, on whether mem o ri es are : : 
ever truly forgotten, or whether 

foty simply become impossible- to. 
retrieve. 

hew experiments give no safe.-." 
Port to the Idea that wi can teart 
by playing tape recordings white Ufa 
weep- According to Professor Jim ’ 
Home of the Sleep Research Labo- 
reway at Loughborough University. 

only occurs if the type 
^®<»[der wakes you up. 

, The author is profess or of nadto- • • 
*** the UnioenUy of tfottmahaa - 

Andrew Herrington 


fgSl ' 






. vie* 


v ■ 


„ - " 





Li* **' 






*>*"*'■ 


* -*ir 





s' 






4 ^ U 


^1 ' 


■ . : ■»- 


_ ■ - 7 _r 




\ 


* **** W*** 






-*i ■? i 


- — wi 




. . 'Apr 


v# 


f >'., -■ • r\.*: 








- Vfc. 


f ■ l ft* 






Sw 


ru U— 

■j • ■ ■ ■ i teg * 

- 


sh> 










\ ■ ■ , 
v -- ■■ ’, 

• fc^ju 1 • 

-V ■ 

*. * * 

K 9 


i*. * * 

* 


* - *1 


1 L 

\fe J 


V * * . " 

\ ’ . *1 
j — 

mrn 

♦ ' ’■» ■»!_■ '■» 

\ r "fc - 

s v ; 1 - 

v if. 



* . -rlt 

■ 

- 


v-r-v 


w » — . 

■ % 

^ '1 


vJ 1 * i s