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MEPs may reject 
car exhaust rules 
as too lenient 

Legislation on stricter car exhaust emissions 
may be rejected next week by the European parlia- 
ment because its environment committee feels 
they are not tough enough. Leading figures In 
the motor industry maintain that tighter standards 
than those proposed could not be achieved be fo re 
the 1998 de adl ine. Next week's proposals are expec- 
ted to cost the industry Ecu400 ($440) a car. 

Page 26 

Thais pick GEC-Alsthom consortium: 

A consortium including Anglo-French engineering 
group GEC-Alsthom has been cho s en as priority 
bidder for the $lbn contract to build an elevated 
railway network for Bangkok. Page 4 

IG Metall In Last ditch talks: Germany’s 
engineering employers and union leaders from 
IG Metall and employers met to try to prevent 
a strike due to begin on Monday in Lower Saxony 
Page 2 

Four goaty of bombing World Trade Center: 

Four Moslem fundamentalists were convicted 
of bombing New York’s World Trade Center last 
year. Prosecutors presented 207 witnesses and 
1,003 exhibits during the trial, which began in 
September. 

German tourist shots Gunmen wounded a 
German woman in southern Egypt when they 
shot at a Nile cruiser carrying 33 German tourists. 
Moslem militants claimed responsibility. 

UK and Poland reach abr accord: Britain 
and Poland agreed to resume direct flights between 
London and Warsaw from March 13, ending a 
dispute that has suspended air services between 
the two countries for four months. Pace 2 

Banks to put pressure on Walt Disney: 

Euro Disney's banks plan to press Walt Disney, 
the US entertainment company, to reduce its 
entitlement to royalty payments and other fees 
from the troubled European leisure group. Page 13 

Clinton move seen as free trade setback: 

The US decision to reactivate its Super 301 trade 
law provision, opening the way for sanctions 
against Japan, was greeted with concern in Europe 
and Asia, which feared a setback to free trade. 

Page 26 

Berlusconi football dob probe: Milan 
magistrates are investigating alleged undeclared 
transfer fees paid by cup-winning AC Milan football 
club, owned by media magnate and aspirant politi- 
cian Silvio Berlusconi- Page 2 

Credit Suisse, the bank within the CS Holding 
financial services group, reported a S3 per cent 
rise in consolidated net income in 1993 to SFrl.46bn 
i$1.02bn) despite an 81 per cent jump in loss provi- 
sions to SFriLSbn. Page 13 

Tokyo takes tough line on aid for China: 

Chinese vice-premier Zhu Rongji ended a 10-day 
visit to Japan with promises of continued economic 
support from Tokyo, but a tougher line on aid. 

Page 3 

Japan's surpluses read: record highs: 

Hopes that Japan's current account and trade 
surpluses had peaked were dashed when both 
reached record highs in January. Page 3 

Scottish Power speeded its expansion into 
the English electrical goods retail market through 
the acquisition of 50 out-of-town superstores from 
the receivers or the Clydesdale Group. Page 12; 

Lex, Page 26 

Post sell-off ‘would benefit staff ; Bill 
Cock burn, chief executive of the British Post 
Office, said staff would benefit if the business 
was privatised and able to compete internationally. 
Page 26 

UK car registrations rise: UK new car 

registrations were 14.75 per cent higher last month 
than in February 1993. and commercial vehicle 
sales appear to be firmly on the mend after their 
steepest post-war recession. Page 6 

Executive pay outstrips clerical rises: 

The basic pay of top UK executives has risen 
far more quickly than that of clerical workers 
since the Conservatives came to power, research 
by Hay Management Consultants shows. Page 9 

Tonya Harding attacked: US figure skating 
champion Tonya Harding was attacked by a man 
in a park in her home town of Portland, Oregon. 

Miss Harding, involved in a police investigation 
into an attack on rival Nancy Kerrigan, suffered 
scrapes to her knees and elbows. 

■ STOCK MARKET MDICES | ■ STERUMO 


WEEKEND MARCH 5/MARCH 6 1994 


v-r-r 


FT-SE 100: -3£78J) 

(♦31.5) I New York (uachtbnir. 

Yield . ... A65 

S 

14885 


FT-SE Eurotrack 100 ...1,42541 

(+1176) London: 



FT-SE- A Afl- Share 1,65128 

(40.8%) $ 

14383 

(1.485) 

Mttef 13,9666 

(+860.14) DM 

24828 

(2-5546) 

Mm Yurt tancWme 

FFr 

17113 

(8-6668) 

Dow Jones Ind Arc .—-18401 

(+1688) SR 

2.1488 

(2.1415) 

SSP Composite 46580 

(+2-79) Y 

157244 

(151572) 

■ US LUNCHTIME RATES 

E Index 

812 

(81.1) 


1 DOLLAR 


3-fflo Treas Bite: YU ... ,1601% 

I New York UncMnn 

Long Bond . 9ZA 

DM 

1.72 


YfcM A8641; 

FFr 

18405 



■ LONDON MONEY 

3hto tntertunk 5,1% (same) 

Ulle tang gut future: .. Mar 112,4 (term*) 

■ NORTH SEA OIL (Argual 

Bred 15-day S1148 03.6) 

■ OoM 

few Yorfc Corwx (**) --S378S (378-3) 

London -$376Ji {377.3) 


SFr 1.442 

Y 10583 
London: 

DM 1.7TSS {17088) 

FFr 53455 (5.8108) 

SFr 13419 (1-4325) 

Y 105515 (104365) 

S Index GG8 (68.1) 

Tokyo GtoeYlOU 


For customer service and 
other general enquiries call: 

Frankfurt 
(69) 15685150 


Thorp N-plant 
given go-ahead 
by High Court 


By Michael Smith 

British Nuclear Fuels won a 
17-year battle to open and com- 
mission its £2_8bu Thorp repro- 
cessing plant yesterday when the 
High Court dismissed a challenge 
that the government acted unrea- 
sonably and irrationally last 
December in approving its 
start-up. 

The fllll cnmmisslnning of the 
north-west England plant, which 
has contracts to reprocess spent 
nuclear fuel from Japan and Ger- 
many but is opposed by other 
countries, including Ireland, will 
start on Monday. 

Yesterday’s ruling on a chal- 
lenge by Greenpeace, the envi- 
ronmental group, Lancashir e 
county council, also clears the 
way for the government to 
launch its long-awaited review of 
the nuclear industry. Terms of 
reference may be published 
within the next month. 

Although Greenpeace said the 
campaign against Thorp would 
continue, it and Lancashire coun- 
cil are unlikely to appeal a gainst 
the ruling. That means BNF has 
emerged victorious from a legal 
battle that began in 1977 with a 
public inquiry in Seflafield, Cum- 
bria. where Thorp is located. 

Mr Justice Potts decided 
against ordering Greenpeace and 
Lancashire to pay BNF's legal 
expenses. He said it was an 
"unusual and indeed exceptional 
case of great public interest" and 


Ministers acted within 
their powers, judge says 


the two plaintiffs had won an 
important point of law. 

That was a reference to his rul- 
ing that government lawyers had 
"erred in law" when they argued 
that ministers were not legally 
bound to justify the need for 

Page 10 

■ Nuclear review likely in 
wake of Thorp move 

■ Lobby groups left to carry 
green banner 


Thorp. 

In fact, the judge ruled, the 
question of justification had been 
properly considered and the 
coart would not intervene. Even 
so, Greenpeace believes his rul- 
ing will help them in future 
nuclear cases and in the nuclear 
review. 

The judge also emphasised the 
need "to properly inform the pub- 
lic” on matters such as Thorp. 

On the main issue, Greenpeace 
and Lancashire argued that the 
government acted irrationally by 
not holding a second public 
inquiry. Without that, they said, 
no authorising authority could 
properly agree to the proposed 


"dramatic increases" in radioac- 
tive emissions which Greenpeace 
believes could result in many 
deaths. 

Dismissing the challenge, Mr 
Justice Potts said Mr John Glim- 
mer, environment secretary, and 
Mrs CMTHan She phar d, agriculture 
minister, had acted within their 
powers when they authorised 
BNF in December to discharge 
radioactive emissions from the 
thermal oxide reprocessing plant- 
into the air and the Irish Sea. 

Mr Justice Potts said in a 76- 
page judgment: “It may be 
thought that a minister sensible 
to the 6cale of representa- 
tions . . . and the desirability of 
allaying public anxiety would 
have directed an inquiry.” That 
was not an issue for the court 

Mr David Banser. Thorp direc- 
tor, said the decision provided 
secure long-term jobs for 500 
employees at the plant. Thorp 
would make a profit of about 
£500m in its first 10 years of 
operations, the company said. 
The decision was also welcomed 
by the GMB general workers’ 
union. 

Mr Chris Rose, for Greenpeace, 
said Thorp was a threat not only 
to Britain but to the safety of the 
world. 



Dr Mahathir Mo hammad insisted that sanctions would remain in 
force as long as the British press continued ‘telling lies' rxm 


Markets rally on improved US jobs data 


By George Graham in 

Washington 

and Our Financial Staff 

A fell in US unemployment was 
greeted by administration offi- 
cials yesterday as further evi- 
dence that the economy was set 
on a strong growth path. 

The stock market rose in 
response to the better-than-expec- 
ted figures which showed a 63 
per cent unemployment rate for 
last month, compared with 6.7 


per cent in January, in spite of 
fears that freezing weather would 
halt hiring in many sectors. 

"Given the very severe weather 
conditions in January and Febru- 
ary over much of the country, 
this shows a continuous good, 
steady expansion of job growth,” 
said Mr Robert Reich, labour sec- 
retary. 

By 2pm the Dow Jones indus- 
trial average was 1639 higher at 
3.S41.3L The bond market fell 
again on the basis of the stron- 


ger-than-expected employment 
data. The benchmark 30-year 
Treasury bond was down 4 by 
lunchtime at 92£ to yield 6£64 
per cent 

UK equities moved up behind 
gains in government securities of 
around a full point at the long 
end of the scale. The FT-SE 100 
Index closed 31.5 up at 3.278 on 
moderate volume. 1 reading conti- 
nental bourses extended their 
recovery with an average gain of 
about 1 per cent 


Increasing confidence that 
European bond markets can 
decouple themselves from US 
Treasury securities underpinned 
hopes that UK base rates can be 
cut further in the near future. 

UK government bonds ended 
the day about % of a point 
higher. Gilts shrugged off over- 
night weakness in the US Trea- 
sury bond market and dropped 
on the US employment news at 
lunchtime, but then rallied. 
German government bonds rose 


by more than half a point 
The US Commerce Department 
said its index of leading indica- 
tors, designed to predict eco- 
nomic turning points six months 
ahead, rose 03 per cent in Janu- 
ary, helped by improved consu- 
mer expectations. 

Continued on Page 26 
Taking stock. Page 10 
London stocks. Page 17 
World stocks. Page 23 
Lex, Page 26 


Malaysia 
refuses to 
budge over 
ban on 
contracts 


By Kieran Cooke In Kuala 
Lumpur and Roland Rudd 
In London 

Malaysia yesterday refused to 
reconsider a ban on giving Brit- 
ish companies government con- 
tracts. 

Dr Mahathir Mobamad, the 
Malaysian prime minister, said 
that as long as the British press 
continued telling what he consid- 
ered to be lies, his government 
would not alter its position. 

The Foreign and Common- 
wealth Office, while disap- 
pointed with the Malaysian deci- 
sion, said it wonld not be 
reacting. Mr Douglas Hurd, for- 
eign secretary, had decided to let 
"the dust settle” before trying to 
re-establish contacts. 

However, ministers were 
reported to be irritated over the 
Malaysians’ refusal to lift their 
ban after the British High Com- 
missioner in Kuala Lumpnr 
briefed the Foreign Office on Dr 
Mahathir’s reaction. If the ban 
continues the government may 
consider reacting, though “we 
are not at that point yet”, said 
Mr Hurd. 

Downing Street said Mr John 
Major, the British prime minis- 
ter, continued to believe the 
Malaysian move was short- 
sighted and not "remotely Justi- 
fied-. 

Malaysia announced the ban 
last week in retaliation for what 
it said was “the patronising atti- 
tude aid innuendoes" contained 
in British media reports on Mal- 
aysia. In particular the Malay-, 
sians attacked a recent report in 
The Sunday limes suggesting 
that a British construction com- 
pany bad discussed offering a 
$50,000 (£34,000) bribe to Dr 
Mahathir in the hope of winning 
a contract 

Dr Mahath i r has denied know- 
ing anything about such pay- 
ments. “I am not that cheap in 
the first place," Dr Mahathir told 
a news conference last night 

Mr Andrew Neil, the editor of 
The Sunday Times, said yester- 
day: "I am disappointed that the 
Malaysian prime minister has 

Continued on Page 26 
Murdoch in Asia, Page 11 
The Asian Way, Weekend 
Page XXVI 


PM denies unions a voice 
on Bank’s governing body 


Ely Robert Taylor, 

Labour Correspondent 

Mr John Major has refused to 
appoint a trade union leader as a 
non-executive director of the 
Rank of En gland, breaking a tra- 
dition dating from the Bank's 
naHnnnHaatin n in 1946. 

A Downing Street spokes- 
woman said last night the prime 
minister appointed Bank direc- 
tors on the basis of their “individ- 
ual expertise" and not to “repre- 
sent other institutions”. 

However, the Trades Union 
Congress said: "The prime minis- 
ter’s decision means the Bank of 
En gland will dow lack a voice 
representing ordinary working 
people and this will damage its 
credibility.” 

The matter will be raised in the 
Commons on Monday by Mr Alis- 
tair Darling, Labour's spokesman 
on the City of London. “It is 
deeply regrettable that the gov- 
ernment has abandoned the 
bipartisan approach to the 
Bank's governing body,” he said. 

Over the past few weeks. Mr 
Eddie George, the central bank's 
governor, and his deputy, Mr 
Rupert Pennant -Rea, tried hard 
to persuade the prime minister to 
reappoint Mr Gavin Laird, gen- 
eral secretary of the AEEU engi- 
neering union, for a farther four- 


Inumntlonal Nans. P -4 


TRADE UNION DIRECTORS 
OF THE BANK OF ENGLAND 


Charles Dukes 
(later Baron Dukeston) 
Sir Georgs Chester 
Sir Andrew Naesmftfi 
Sir Alfred Roberts 
Sk WllOam Canon 
(later Baron Canon) 

Sr Sidney Greene 
(later Baron Groene) 
Sir Geoffrey Drain 
Gavin Laird 


1947-1949 

1949 

1949-1957 

1866-1963 

1963-1969 

1970-1978 

1978-1988 

1986-1994 


year term as a non-executive 
director. 

Mr Laird’s work as a director 
had impressed Mr George and his 
colleagues. He was appointed to 
the Bank's governing body in 
1986 by Lady Thatcher, the prime 
minister of the day, with the sup- 
port or Mr Nigel Lawson, then 
chancellor. He was given a sec- 
ond four-year term in 1990. 

Mr Major's office told the Bank 
that reappointing Mr Laird for a 
third term would set a bad prece- 
dent. The prime minister consid- 
ered another union leader as a 
replacement but did not appoint 
him. However, Sir David Scholey, 
chairman of SG Warburg, was 
appointed for a further four years 
although he has been a Bank 
director since 1981. 


CONTENTS 


Mr Laird and the industr ialis t 
Sir Adrian Cadbury, the other 
outgoing director, will be 
replaced by Sir David Cooksey, 
chair man of the Audit Commis- 
sion and Advent, a venture capi- 
tal company, and Ms Sheila Mas- 
ters, a partner in chartered 
accountant KPMG Peat Marwick 
and a member of the chancellor’s 
working group on private sector 
finance. 

The TUC never directly nomi- 
nated union officials to the Bank, 
but it was an unwritten tradition 
that a union figure would serve 
as a director. What particularly 
irritates the unions is that Mr 
Major’s decision came the week 
that the TUC “relaunched" itself 
with the aim of broadening its 
appeal across the party political 
spectrum. 

Mr Stephen Dorrell, financial 
secretary to the Treasury, spoke 
to the TUCTs public services con- 
ference on Thursday, the first 
time in many years that a Con- 
servative minister had addressed 
a TUC conference. Mr David 
Hunt, employment secretary, has 
agreed to speak at a TUC employ- 
ment conference in July. 

But Mr Major's government 
has snubbed the unions before, 
most notably in 1992 when it 
decided to abolish the National 
Economic Development Council. 


bdL ConpariSG . 


Leader Page . 


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O THE FINANCIAL TIMJES LIMITED 19JM No 32,309 Week No 9 


LONDON • PARIS - FRANKFURT - NEW YORK - TOKYO 











2 


FINANCIAL TIMES WEEKEND MARCH S/MARCH 6 1994 


NEWS: INTERNATIONAL 


UK and 
Poland 
end air 
dispute 

By Pam Betts In London and 
Christopher Bobinski 
m Warsaw 


Britain and Poland yesterday 
agreed to resume direct flights 
between London and Warsaw 
on March 13. ending a long- 
running dispute that has 
suspended direct air services 
between the two countries for 
the past four months. 

The dispute arose when Brit- 
ish Airways sought to add a 
second daily flight on the Lon- 
don to Warsaw route. 
Although the UK flag carrier 
said it was entitled to double 
its weekly flights under the 
1988 aviation agreement 
between the two countries, 
Poland rejected the plan. The 
UK government retaliated by 
banning the London services of 
Poland’s national carrier, LOT. 

Under yesterday's agreement 
the two carriers will each be 
able to offer nine flights a 
week from March 13. This will 
increase to 12 flights a week 
during the s umme r season, 
which starts on March 27 and 
runs until November, and then 
drop back to 10 flights a week 
during the winter season. 

The compromise agreement 
includes a mechanism to 
increase the number of ser- 
vices next winter if there is 
sufficient passenger demand. 

Mr Zbigniew Kiszczak, dep- 
uty president of LOT, said the 
agreement was “a clear Polish 
success”. The airline was 
happy to have preserved the 
principle of “parity and equal 
benefits" in the talks. 

The Poles were especially 
pleased to have wrung agree- 
ment from BA on having the 
additional British morning 
flights leave Warsaw in the 
late morning, arriving in Lon- 
don too late to catch a transat- 
lantic connection. 

LOT's fears that it would 
lose passengers on its direct 
flight to Chicago to BA have 
been at the root of the dispute, i 
which cost the carrier $lm | 
(£675,600) In revenue. Since the j 
dispute began LOT has seen a I 
17 per cent rise in passengers 
on its transatlantic flights. 

Following suspension of 
direct air services, travellers 
between London and Warsaw 
have been forced to fly via a 
third country, more than dou- 
bling the journey time. 


Engineering union issues list 
of companies to be hit first 

IG Metall in 
last-ditch 
strike talks 


Yeltsin tries to steer 
a middle course 


By Quentin Peel in Hanover 

Full-scale negotiations between 
Germany’s engineering work- 
ers and employers were 
launched last night in an 
attempt to head off what would 
be the industry’s most serious 
strike for a decade. 

Leaders of IG Metall, the 
engineering trade union, 
agreed to the talks yesterday 
morning, but also gave the 
go-ahead for strike action to 
begin at 6am on Monday. 

The union's regional head- 
quarters in Hanover also 
issued a list of 22 companies, 
involving some 11,000 workers, 
which will be first hit by strike 
action in the state of Lower 
Saxony. Top of the list are the 
Man bus plant in Saizgitter. 
and Linke- Hofin ann-Busch, the 
Preussag subsidiary which 
manufactures wagons for Ger- 
many's ICE high-speed train. 

Mr Klaus Zwickel, IG Metall 
leader, said the union would 
take every opportunity to 
avoid a strike, but he 
expressed doubts that the lat- 
est round of talks would lead 
to an acceptable wage compro- 
mise at the last minute. 

However, he added that IG 


Metall would “leave no stone 
unturned to try to keep the 
engineering workers out of an 
all-out conflict”. 

He blamed the employers for 
the current impasse, saying 
they had refused to abandon 
their “unacceptable positions" 
throughout the negotiations. 

Gesamtmetall, the employ- 
ers' national federation, is call- 
ing far real cost cuts from the 
pay round, and has served 
notice of cancellation of the 
existing contract on holiday 
bonuses - which has most 
Incensed the workers. 

As a result, the Lower Sax- 
ony engineering workers voted 
by a hefty 92.2 per cent in 
favour of strike action in a bal- 
lot this week. Nonetheless, the 
union is aware that in a steep 
recession, with rising unem- 
ployment, its position is weak. 

No big suppliers to the Ger- 
man motor industry are 
involved, although they 
amount to 40 per cent of the 
engineering employers in 
Lower Saxony. Apart from 
Man and Linke-Hofmann- 
Busch, other companies tar- 
geted include two Manna s- 
mnnn subsidiaries, Kahplmpffll, 
and Otis escalators. 









IG Metall leader Klaus Zwickel voiced doubts on talks 


Berlusconi football club in probe 


By Robert Graham in Rome 

Milan magistrates are 
investigating alleged unde- 
clared transfer fees paid by the 
cup-winning AC Milan football 
club, owned by media magnate 
and aspiring politician Mr Sil- 
vio Berlusconi. 

Their investigations centre 
on the 1992 tr ansf er from Turin 
to AC Milan of the highest paid 
Italian footballer. Gigi Lentixii. 
Lentini was questioned this 
week about his transfer pay- 
ment publicly, said to be at 
least L22bn (£8-91m), and alle- 
gations from his old Turin club 
that up to L6.5bn was not 
declared. 


The transfer of Lentini is 
already under investigation by 
Turin magistrates who last 
year arrested the former Turin 
chairman, Mr Gian Mauro Bor- 
sano, on charges of accepting 
alleged illicit payments over 
player transfers. However, the 
involvement of Milan magis- 
trates has taken the case a 
stage further and focuses the 
spotlight on the activities of 
AC Milan itself. 

According to well-publicised 
leaks from Milan magistrates, 
Mr Borsano is alleged to have 
confessed to receiving L6.5bn 
from AC Milan to facilitate 
Lentini's transfer. Of this, 
L5bn, he alleged, came from a 


Liechtenstein h ank. He is also 
said to have confessed to illic- 
itly pledging Turin club shares 
with its AC Milan competitor 
for three months as a guaran- 
tee that Lentini would be 
transferred. 

Mr Adriano Gafliani, AC 
Milan director, has brushed 
aside the investigation. 

In a separate development 
Turin magistrates have 
arrested two French citizens, 
Mr Roger Flamant and Mr 
Maurice Bansay, respectively 
chairman and managing direc- 
tor of the French retail group 
Trema, on corruption charges 
related to the development of a 
huge shopping mall. Le Gru. 


This is believed to be the 
first time foreign nationals 
have been arrested in Italy dur- 
ing corruption investigations. 

The Trema group has devel- 
oped the Le Gru complex in a 
60/40 venture with Euromer- 
cato, part of the Standa group 
controlled by Mr Berlusconi's 
Fininvest empire. The two 
French executives are alleged 
to have paid about Ll£bn to 
political parties to help obtain 
the licence for the project 

Although both had previ- 
ously offered to co-operate with 
the magistrates, they were 
arrested following suspicions 
they were tampering with the 
■inquiry. 


UN commander 
sounds alarm on 
Bosnia troops 


Benelux warning on votes 
hurdle to EU enlargement 


By Judy Dempsey 

General Sir Michael Rose, 
commander of United Nations 
forces in Bosnia, yesterday 
stepped up his pleas for more 
ground troops in Bosnia as 
western governments contin- 
ued to debate the military aims 
of sending in more ground 
forces. 

Gen Rose and his officers, 
who are increasingly con- 
cerned that the fragile cease- 
fire will gradually break down, 
warned that “there are people 
who are prepared to go back to 
war". 

“We are already strained and 
the thing will get more diffi- 
cult as we go ahead." he said 
in Vitez. headquarters of the 
British forces. M AU you need is 
one group opening fire for one 
reason or another, and of 
course everyone starts to 
become nervous." 

A British Ministry of Defence 
official in London said that 
growing reluctance by western 
governments to send more 
ground troops would be “sim- 
ply exploited by (the Bosnian 
Serb. Croat and Moslem] com- 
manders on the ground. Our 
hesitation will be perceived as 
weakness and indecisiveness, “ 
he said. 

The UN High Commissioner 
for Refugees said yesterday 
that Serb militia were raping 
and killing citizens in the 
northern city of Banja Luka. 

No country has yet said it 
will unreservedly send more 
troops in response to a request 
by Mr Yasushi Akashi, the 


UN’s special envoy to the for- 
mer Yugoslavia. Mr Akashi 
called for at least 4,000 troops 
for the Bosnian capital of Sara- 
jevo, and a further 6,000 - a 
conservative estimate accord- 
ing to military strategists - to 
shore up the ceasefire in Bos- 
nia. 

“We do not know how long 
we have to stay, and we still do 
not know what our goal and 
mandate is,” a UK official 
said. 

Britain already has 2,500 
troops in Bosnia. 

The French Defence Ministry 
is considering a “roll-over" pol- 
icy. Troops, due to replace 
those on the ground, might be 
sent earlier to complement 
them. “It would be a great help 
if this was the case, but it 
would be a temporary solu- 
tion." a UN official in Zagreb 
said. 

In Washington there are few 
signs the Clinton administra- 
tion, Congress or the public 
will support sending troops 
before any overall peace settle- 
ment is in place. 

• Michael Littlejohns, UN 
Correspondent in New York, 
adds: The UN Security Council 
moved last night to approve a 
plan to break the siege of Sara- 
jevo and restore “normal life” 
there. 

Its resolution requests free- 
dom of movement for civilians 
in the city and unhindered 
relief deliveries. The UN would 
appoint a senior official to plan 
the restoration of essential ser- 
vices and to administer an 
international trust fund. 


By David Gardner in Brussels 

Belgium, the Netherlands and 
Luxembourg have warned 
their European Union partners 
they will not be able to get 
their parliaments to admit four 
new EU members if Britain 
and Spain insist on the same 
voting rules of a Europe of 12 
for a union of 16 countries. 

Sweden, Finland and Austria 
agreed on Tuesday the terms 
on which they will enter the 
EU next January. The Union 
resumes membership negotia- 
tions tomorrow with Norway, 
which Is holding out for special 
treatment in sensitive areas 
such as fisheries resources. 


But the issue of the so-called 
“blocking minority" - the 
number of votes needed to 
block legislation in the EU's 
Council of Ministers - could 
decide whether the enlarge- 
ment goes ahead at alL The 
British and, with nuances, the 
Spanish want to keep the exist- 
ing value of their votes in the 
qualified majority voting sys- 
tem. Under this system, which 
allocates votes in the Council 
according to the size of states, 
two large states and one small 
one can combine their votes to 
block the rest. 

Foreign ministers of the 12 
must resolve the voting contro- 
versy when they meet in Brus- 


sels on Monday and Tuesday. 

By Thursday the European 
Parliament will decide whether 
to proceed with its mandatory 
ratification of the accession 
treaty in time for the newcom- 
ers to enter in January. The 
parliament has said it will not 
go ahead if the voting rules 
stay as they are. 

The four newcomers will 
have difficulty selling EU 
membership to their citizens in 
referendums each has pledged 
to hold this year. But now the 
voting dispute has raised a 
new obstacle at the level of 
national parliaments - all of 
which have to endorse the 
wider Union. 


By John Lloyd in Moscow 

President Boris Yeltsin of 
Russia yesterday called for 
“stability, order and coopera- 
tion” in an attempt to calm 
growing tension in the coun- 
try. Hi* c a ll signalled that radi- 
cal economic reform was even 
more unlikely in the immedi- 
ate future. 

His speech to government, 
party and regional leaders, and 
a later one by Air Victor Cher- 
nomyrdin, the prime minister, 
proposed a strategy balanced 
between macroeconomic con- 
trols and industrial support to 
try to stem failing production 
and avoid “reform at any 
price". 

The two men ended up, how- 
ever, calling for quite different 
year-end inflation targets - 
with Mr Yeltsin insisting that 
the former target of 5 per cent 
a month by the end of 1994 still 
stood, and Mr Chernomyrdin 
proposing a much looser 7-9 
per cent. 

The International Monetary 
Fund, whose team returns next 
week for farther talks on 
releasing a farther tranche of 
$L5bn, has Insisted on 5 per 
r»nt Finance ministers of the 
Group of Seven industrialised 
countries meeting in Frankfort 
last weekend backed strict IMF 
conditionality - a move which 
appears to make remote any 
further IMF assistance in the 
near future. 

The annual budget, passed in 
principle by the government 
on Thursday, envisages a defi- 
cit of Rbs61.000bn, or 10J2 per 
cent of GNP - compared with a 
claimed deficit in 1993 of 10.7 
per cent of GNP. Though 
hailed by western financial 
observers in Moscow yesterday 
as relatively brave, it is also 
being greeted as merely an 
opening salvo in a process of 
bargaining over credits which 
has already begun with large 
sums being demanded by the 
agricultural sector. 

Air Yeltsin, who referred to 
the amnesty of the parliamen- 
tary rebels - former vice-presi- 
dent Mr Alexander Rutskoi 

Estonia 

pullout 

pledge 

Moscow yesterday confirmed 
Its intention to poll out troops 
from Estonia by the agreed 
date of August 31 - but only if 
a dispute over the fate of 
10.000 Russian military veter- 
ans were settled to its satisfac- 
tion, writes John Lloyd. 

On Wednesday Russia bad 
said it did not intend to stand 
by its promise to pull out the 
2,600 troops. 

Estonia has so far been 
determined not to pay social 
security to the army pension- 
ers. It claims most of them are 
not - as Moscow says - 
elderly, but are young/middle- 
aged ex-counterintelligence or 
airborne troops who pose 
a security threat to the 
state. 

Sweden and Denmark have 
come out strongly in support 
of a pullout by August 31. 
Denmark’s Foreign Ministry 
said yesterday that it planned 
to raise the issue with its 
European Union partners in 
talks next week. 


and parliamentary speaker Mr 
Ruslan Khasbulatov - as a 
decision which “seriously vio- 
lated the constitution, the law 
anrt moral standards", never- 
theless proposed to the parlia- 
mentarians a “memorandum 

for civic peace". He views this 
as a document which would 
bind the parties to “responsi- 
bility" for their actions - 
though in wbat way is as yet 
unclear. 

In their speeches, both Mr 
Yeltsin and Mr Chernomyrdin 
preserved many reformist ele- 
ments - and the prime minis- 
ter even allowed himself to 

‘Russians will 
never forgive 
us if we leave 
them with a 
weak country 5 

shout at Air Victor Gerash- 
chenko, the central bank chair- 
man and an ally, for weaken- 
ing the state by handing out 
credits with too liberal a hand. 

“Future Russian generations 
will never forgive us if we 
leave them with a weak coun- 
try," he retorted to Mr Gerash- 
chenko's contention that infla- 
tion was a lesser evil than 
mass unemployment 

Mr Gerashchenko said that 
choosing to fight inflation 
meant mass redundancies - 
while support for industry 
meant. higher inflatio n. 

Mr Sergei Dubinin, the act- 
ing financ e minister, however, 
said that inflation had come 
down from 22 per cent in Janu- 
ary to 13-15 per cent this 
month - and that the govern- 
ment would now follow a cen- 
trist course, avoiding shocks 
and pushing enterprises “grad- 
ually" to the market 

Mr Chernomyrdin said that a 
law on bankruptcies would 
have to be adopted and said 
that his government would 
tread on a “razor's edge” 
between rising inflation and 


falling production. However, 
the substance of his speech 
was to commend moderate 
reform - and was greeted by 
Mr Sergei Glaziev. a former 
trade minister and strong critic 
of the radical reformers, as lay- 
ing the basis for consensus 
between the government and 
the parliamentary majority. 

Mr Yegor Gaidar, the farmer 
first deputy prime minister and 
leader of the liberal Russia's 
Choice political party, said Mr 
Chernomyrdin's journey along 
the razor’s edge was unneces- 
sary. “There is no such 
Economic decline is 
by and large caused by our fail- 
ure to adhere to tough mone- 
tary policies.” 

Martin Wolf adds: Boris Fyo- 
dorov. Russia's tough farmer 
finance minister, said in Lon- 
don that if the west were to 
start pouring money into Rus- 
sia now, it would be a great 
mistake. “Money must be 
given not on promises, but on 
deeds,” he insisted. 

The IMF and finance minis- 
ters of the Group of Seven lead- 
ing industrial countries should 
wait to see first what budget 
was adopted and then whether 
the government managed at 
least three months of sound 
financial policies. 

Mr Fyodorov admitted that 
the government's financial pol- 
icy had been more restrictive 
than previously, but only 
because it had demonstrated 
“total inaction in the last two 
months". Meanwhile, the cen- 
tral bank “had become much 
more monetarist", since his 
departure from the ministry. 
This was mainly because Mr 
Gerashchenko did not want to 
take responsibility for credit 
expansion, but wished to be 
commanded by government. 

This inaction would not last, 
argued Mr Fyodorov. “Inflation 
may accelerate to 30 per cent a 
month by the autumn," he 
forecast, far above the targeted 
level of 10 per cent At that 
point, he argued, Mr Yeltsin, 
who was trying to distance 
himself at present would feel 
obliged to intervene. 


Curbs on foreign 
banks may ease 


By John Lloyd 

Prospects for relaxation of the 
tight rules governing foreign 
banks in Russia appear to have 
improved following talks with 
the authorities and foreign 
bankers. 

Mr Victor Chernomyrdin, the 
Russian prime minister, yester- 
day told a meeting of govern- 
ment ministers and party lead- 
ers: “I think life will force us to 
take a new approach towards 
competition with foreign 
banks. Hothouse conditions do 
not seem good for our bank- 
ers." 

A decree issued last year per- - 
mits a few foreign banks to 
operate under tight restric- 
tions: it limits foreign, banks to 
handling accounts of non-resi- 
dents only -cutting out the 
growing Russian business and 
personal market as well as 
joint ventures. 

Foreign bankers believe their 
lobbying for a more liberal 
regime has been paying off, 
and that Mr Chernomyrdin's 


Radical MPs held in Turkey 




Tansu Ciller: legal moves 


By John Murray Brown 
In Ankara 

Five Turkish MPs representing 
the radical Kurdish-based 
Democracy party were arrested 
yesterday as they left Turkey’s 
National Assembly after a vote 
on Wednesday stripped them of 
their parliamentary immuni ty. 

They face the death penalty 
for espousing the Kurdish 
cause. 

With rebels of the Kurdish 
Workers' party (PKK) fighting 
an increasingly bloody war of 
independence in south-east 
Turkey, legal moves in Ankara 
against the region's MPs will 
further alienate the Kurdish 
community. 

Parliament’s decision, expec- 
ted for some months, followed 
a motion submitted by the 


True Path party of Prime Min- 
ister Tansu Ciller. However, 
the timing was clearly to coin- 
cide with local elections on 
March 27. where a hardline 
stance towards the Kurds is 
expected to be a vote winner. 

According to the public pros- 
ecutor's submission to parlia- 
ment, seven Kurdish deputies 
- two were arrested on 
Wednesday - have been 
charged with making separat- 
ist propaganda in speeches in 
Turkey and abroad. One dep- 
uty also faces charges of har- 
bouring an alleged Kurdish 
guerrilla, although the case 
against the guerrilla has been 
dropped through lack of evi- 
dence. 

Parliament Haw also voted to 
remove the immunity of a dep- 
uty of the Moslem-backed 


Refali party for slandering Tur- 
key’s founder, Mustafa Kemal 
Ataturk, and threatening the 
secular nature of the state. 

Last night one of the MPs 
was released: the others had 
still not been formally charged. 
Appeals were lodged with the 
Constitutional Court, which 
has 15 days to decide on the 
legality of parliament’s action. 

To many observers the depu- 
ties' seizure by anti-terrorist 
police, after they had taking 
refuge for two nights in the 
assembly’s corridors, provide a 
reminder of state powers to 
curb the freedom of speech in 
Turkey, which is seeking mem- 
bership of the European Union. 

European governments are 
unlikely to issue a formal pro- 
test until the appeals process 
had been exhausted. 


When elected to parliament 
on the Social Democratic ticket 
in 1991. the Kurdish deputies, 
originally IS in number, were 
seen as a potential informal 
channel between the govern- 
ment and the rebels. But the 
party was quickly branded as a 
PKK mouthpiece and since 
then DEP members have faced 
widespread intimidation. One 
MP was killed last year, and a 
number of local party officials 
have been killed in the region. 

With municipal elections 
approaching, a stand off is 
developing between Turkey’s 
two main communities. Last 
week the DEP announced it 
would not field candidates for 
the elections, after bomb 
attacks on their offices. The 
PKK has also threatened to tar- 
get all candidates and voters. 


remarks may herald more 
banks entering the arena or 
existing hanks taking a wider 
spread of clients. 

The licences issued by the 
central bank to all but one of 
the banks allow all types of 
transactions - but the decree 
tightly limi ts them. 

Russian b anks are small by 
international standards and 
offer a limited range of ser- 
vices with an emphasis on 
money trading in preference to 
investment banking. They fear 
the unrestricted entry of large 
western Institutions would hit 
their market. 

Only four banks - Bank of 
Austria, Citibank, Credit Lyon- 
nais and Banque Nationals de 
Paris/Dresdner Bank - have 
opened branches. Eight more - 
Chase Manhattan, Internatio- 
nale Nedertanden Bank, ABN- 
Amro, Credit Suisse, Soci6t6 
G&i&rala, Bank of China mid 
two Turkis h-Russian joint ven- 
ture banks - have received 
licences but their branches 
have not yet opened, 

THE FINANCIAL TIMES 
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FBVANCIAL. TIMES WEEKEND MARCH S/MARCH 6 1994 








NEWS; INTERNATIONAL 


3 


New highs for Tokyo’s trade and current account surpluses 


Japan surplus hopes dashed 


By Paul Abrahams in Tokyo 

Hopes that Japan's current 
account and trade surpluses 
had peaked were dashed 
yesterday when both recorded 
record highs in January. 

The finance ministry 
announced that the country's 
balance of trade in goods and 
services had increased by 303 
per cent in dollar terms during 
January compared with the 
same month last year. 

In yen terms, the current 
account surplus increased for 
the first time in sis months, up 
163 per cent to Y761.7bn. 


The ministry attempted to 
play down the increase, point- 
ing out that January’s figures 
tended to be volatile because of 
holidays and that there had 
been an additional day of busi- 
ness this year. 

The current account surplus 
reached a record $633 bn before 
seasonal adjustments. Exports 
rose 63 per cent to $2536bn, 
while imports increased only 
33 per cent to $17.09im. 

The surplus had fallen In 
November last year by 20.6 per 
cent, but rose the following 
month. 

Meanwhile, Japan's conten- 


tious trade surplus • excluding 
services - rose 15.1 per cent to a 
record $836bn during January. 
The figures were inflated by 
the falling value of the dollar. 
However, the surplus widened 
even In yen terms, up 2.7 per 
cent to Y92i3bn. 

The upward trend continued 
during the first 20 days of Feb- 
ruary. The trade surplus 
Increased 1.4 per cent to 
Y7313bn compared with the 
same period last year, said the 
ministry. Exports fell 7.5 
per cent to Y2.l34bn, while 
imports fell 113 per cent to 
Yl,4Q2bn. 


In dollar terms the trade sur- 
plus increased over the same 
period by 15.4 per cent to 
J6.674bn. Exports rose 5 per 
cent to $19.4bn. while imports 
increased 0.3 per cent to 
J12.7brL 

Presenting the government’s 
budget yesterday, Mr Morihiro 
Hosokawa, the Japanese prime 
minister, predicted the trade 
surplus would fall from 
YlS.400bn l$142bn) to 
Y15,000bn ($136bn). The cur- 
rent account surplus would 
also shrink, down from 
Y14,400bn to Y13,800bn 
($l25bnj. Mr Hosokawa said. 


China MFN chances weakened 


By George Graham in 
Washington 

China's arrest of a prominent 
dissident yesterday cast a 
shadow over the visit to Bei- 
jing next week by Mr Warren 
Christopher, the US Secretary 
of State, and further weakened 
the chances that the US will 
extend China's most favoured 
nation trading privileges. 

Mr Wei Jingsheng, who was 
released last September alter 
14 years in prison, was 
detained yesterday after meet- 
ing with the US's top human 
rights envoy and just one week 
before Mr Christopher’s 
arrival. 

Chinese officials also con- 


firmed the detention of three 
other dissidents. 

The State Department 
refused to make any immediate 
comment on the arrest of Mr 
Wei, who was a leader of the 
Democracy Wall movement in 
1976-79 and is probably the Chi- 
nese dissident who is best 
known outside China. 

President Bill Clinton last 
year extended China's MFN 
status for one year, on condi- 
tion that it meet US demands 
for free emigration, pot an end 
to the use of prison labour in 
exported goods, and make 
progress in other areas such as 
the release of political prison- 
ers, the protection of Tibetan 
culture and allowing outside 


radio broadcasts. 

While Clinton administration 
officials have indicated some 
encouragement at the steps the 
Chinese government was tak- 
ing, they have also repeatedly 
warned that Chins has not yet 
done enough to fend off revoca- 
tion of MFN in June. 

“There already has been 
some progress in recent 
months. There has got to be 
more, and this is going to have 
to involve actions as well as 
pledges," said Mr Winston 
Lord, assistant secretary of 
state for East Asian affairs. 

Mr John Shattuck, the State 
Department's human rights 
envoy, met last week with Mr 
Wei, whose arrest appeared to 


come in response to his com- 
ments to Mr Shattuck on the 
need for the US to maintain a 
tough Hnft on h uman rights. 

Before leaving China for 
Hong Kong yesterday Mr Shat- 
tuck said he was disturbed by 
the reports of new detentions, 
and a gain called on the Chi- 
nese government “to release 
those who have been incarcer- 
ated solely for the peaceful 
expression of their views." 

US officials accompanying 
Mr Shattuck bad earlier been 
encouraged by hints that 
China was considering abolish- 
ing the law against “counter- 
revolution" under which most 
political dissidents have been 
tovriaoned. 


T okyo aid conditional, Zhu told 


By WiBam Dawkins In Tokyo 

Mr Zhu Rongji, Chinese vice premier, 
yesterday ended a 10-day visit to Japan, 
with promises of continued economic sup- 
port from Tokyo, but a tougher line an 
aid. 

Mr Tsutomn Hata, Japanese foreign 
minister, told Mr Zhu, the architect of 
Chinese economic policy, that the sue and 
terms of Japan’s next package of official 
yen loans would be conditional on Bei- 
jing’s efforts to produce environmental 
projects and dearer information on mili- 
tary spending. Japan’s current five-year 
Chinese aid package, worth YBlObh, nms 
out in 1995 and is to be succeeded, on 


Tokyo’s insistence, by two shorter term 
packages of two and three years. 

Japan’s switch to mu king aid to Qihia 
more conditional is line with a new direct- 
ness in Tokyo’s attitude to China, espe- 
cially mi human rights, flefennw spen ding 
and pollution. “We are looking for a more 
mature relationship,” said a foreign min- 
istry official. 

However, Japan is eager to support Chi- 
na's economic reforms and maintain good 
relations with this increasingly powerful 
neighbour. As evidence of the seriousness 
with which it views its China ties. Mr 
Morihiro Hosokawa, the Japanese prime 
minister is to visit Beijing on March 19. 

The economic stakes are high. China is 


the fastest growing destination for Japa- 
nese foreign investment, with 490 projects 
worth tl.07hn in 1992, nearly doable the 
$579m in the previous year, according to 
the finance ministry. To this, Japanese 
businesses added another $695bn (£476bu) 
in the six months to last September. 

Mr Zhu, who met 240 senior executives 
during his visit, is widely seen in Japan 
as a guarantor of Chines e economic stabil- 
ity and of the safely of Japanese invest- 
ment there. Trade is also growing fast, so 
that Japan last year became China's big- 
gest trading ally - with two-way trade 
worth S37J8bn - and China became Japan’s 
second largest commercial partner after 
the US. 



Prime minister Morihiro Hosokawa checks the text for foreign minister Tsutomn Hata in 
preparation for their policy speeches at the Diet yesterday Anooaloa Pima 


Reforms that sunk 


two premiers passed 


By WBftarn Dawkins In Tokyo 

Japanese political history was 
unobtrusively made yesterday 
when plans for the most radi- 
cal change to the political and 
electoral system in post-war 
years became law. 

Revisions to four political 
reform acts were approved 
without debate by the upper 
house of parliament, spelling 
the end of Japan's unique mul- 
ti-seat constituency system, 
held to be a big factor in foster- 
ing the corruption which has 
discredited Japanese politics in 
recent years. 

This brings to an end a five- 
year struggle, which brought 
the downfall of two govern- 
ments, caused the end of 38 
years of Liberal Democratic 
Party rule last summer, and 
then nearly killed the new 
coalition government of Mr 
Morihiro Hosokawa. 

The plans had to be revised 
after the upper house voted 
against them in January, forc- 
ing Mr Hosokawa to agree a 


watered down version with the 
LDP. 

Japan's new political laws 
stipulate that the lower house, 
the more powerful of the two 
chambers, must have 500 seats 
- down from the present 511 - 
of which 300 will be chosen 
from single seat constituencies 
and 200 by proportional repre- 
sentation. the upper house is 
chosen through the same 
mixed voting system. 

Corporate donations will not 
be banned, as Mr Hosokawa 
had originally wanted. Instead, 
companies will be allowed to 
donate Y500.000 per year to pol- 
iticians and fund raising organ- 
isations. 

The next stage will be for an 
independent panel to draw up 
the new parliamentary constit- 
uency boundaries. This is polit- 
ically sensitive because many 
politicians will have to rebuild 
support from scratch In new 
constituencies as a result New 
boundaries are expected to 
take between six and nine 
months to prepare, paving the 


way for a general election 
under the new system by next 
autumn at the earliest 
• John Burton adds from 
Seoul: The South Korean par- 
liament yesterday passed polit- 
ical reform legislation meant 
to reduce corruption in elec- 
tion campaigns. 

The new election law is the 
latest measure by President 
Kim Young-sam to end corrup- 
tion among politicians and 
bureaucrats. 

Lower spending limits will 
be imposed on candidates, 
including won 22£bn (£18.6m) 
for presidential campaig ns and 
won 53m for parliamentary 
elections. An election will be 
nullified if a candidate exceeds 
the campaig n spending limit 

Government subsidies to politi- 
cal parties will also be 
increased to reduce the depen- 
dence of candidates on outside 
contributions. 

The use of campaign dona- 
tions to bribe political candi- 
dates has been a common fea- 
ture of South Korean elections. 


US set to 
retaliate 
in French 
fish trade 
dispute 

By Nancy Dunne in 
Washington 

The US is expected to act 
swiftly in ordering inspection 
system delays of French 
exports in a tit-for-tat trade 
dispute over US fresh fish 
exports. 

US fisheries say that since 
Febrnary 5, France has 
blocked fish, shipped in by air, 
by instituting a cumbersome 
inspection and testing regime 
and other paperwork require- 
ments. 

Exporters have sought to get 
around the blockade at French 
airports by air freighting their 
products to other European 
destinations and trucking it 
into France. However, they 
have been warned that this 
fish too will now be seized for 
inspection. 

A spokesman for the 
National Fisheries Institute 
said trade officials have prom- 
ised decisive action quickly 
under an emergency provision 
of US trade law. They said the 
retaliation is likely to mirror 
the French actions, with 
increased inspections of 
French products like wine and 
cheese. The option of levying 
import duties remains viable. 

The US has drawn up a list 
erf prodncts for retaliation. A 
decision by Mr Mickey Kantor, 
the US trade representative, 
and President Carter Is said to 
be imminent. 

The French government Is 
said to be responding to 
strikes and violent protests by 
its fishermen against cheap 
imports. It has offered to lift 
the inspections but has yet to 
act 

US officials said a communi- 
cation received Wednesday 
from France was considered 
“nan-responsive” . 

Because so many of their 
traditional fish species are 
“fished out,” US fishermen 
had began exporting “under-u- 
tilised" species - like skate and 
dogfish - which are not popu- 
lar in the US. Millions of dol- 
lars worth have been left rot- 
ting in French storehouses. 


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FINANCIAL TIMES WEEKEND MARCH 5/MARCH * 199* 


Middle East peace process on the rack 

The Hebron massacre has left PLO leaders enfeebled and put the talks with Israel in jeopardy, reports Mark Nicholson 


I n public the leaden: of the Palestine 
liberation Organisation tn Tunis this 
week have expressed deep anxiety 
over the prospects of salvaging the peace 
process in the aftermath of the Hebron 
massacre. In private Mr Yassir Arafat, the 
PLO chairman, and his close lieutenants 
are near to desperation. 

Not since Mr Arafat's famous White 
House handshake with Mr Yitzhak Rabin, 
the Israeli prime minister, to seal the out- 
line accord on Palestinian self-rule and 
Israeli withdrawal from Gaza and Jericho, 
has the credibility of that deal looked in 
greater jeopardy. Neither, in the eyes of 
Mr Arafat’s rioting constituency in the 
occupied territories, has that of the Tunis- 
based PLO leadership who negotiated that 
deal in secret Oslo talks. 

Mr Arafat will not have needed the tele- 
vision pictures of Palestinian militants 
burning his effigy last week to impress on 
him the gravity of the threat to his already 
waning authority within the territories. 
Several PLO leaders in Tunis also received 
threats to their lives from Palestinian 
groups this week. 

But the uncomfortable truth for Mr Ara- 
fat and his colleagues is that, from their 
distant villas in suburban Tunis, they see 


little they can do to inject any impetus to 
the peace process. 

The Palestinian negotiators of the Oslo 
accord say they cannot hope for the mini- 
mum popular support for resumed talks 
without, at the very least, more substan- 
tial guarantees for the protection of Pales- 
tinians from militant settlers than Israel 
has so Car offered. For this, they are 
depending upon the unlikely prospect of 
these being volunteered by the Rabin gov- 
ernment, or perhaps forced upon it by 
international and, specifically, US pres- 
sure. 

Palestinian support for the Oslo accord, 
and for Mr Arafat himself, were diminish- 
ing fast enough in the territories before 
the Hebron massacre. Twelve weeks have 
passed since the supposed deadline for the 
start of an Israeli withdrawal from Gaza 
and Jericho without the PLO leadership 
having anything to show for it on the 
ground. 

Even the ever-optimistic Mr Nabil 
Shaath, the chief PUD negotiator in the 
Gaza-Jericho talks, felt that three more 
painstaking weeks of talks were in pros- 
pect to complete the deal before the 
Hebron killings lan rimme d the process. 

Since Hebron, PLO leaders now speak of 


the situation in the territories as “explo- 
sive" and “volcanic". According to Mr 
Ahmad Quorieh (Abu Alai, one of the 
negotiators and most ardent proponents of 
the Oslo deal, “the seeds of a real conflict 
have been sown". The PLO leadership in 
Tunis is watching with horror the poten- 
tial for a renewed, full-blooded - and for 
them uncontrollable - intifada (uprising), 
and one largely founded on frustration 
with their efforts. 

Senior PLO officials see no way out of 
the crisis other than by politically accept- 
able measures from Israel, a return to 
negotiations on the Gaza-Jericho accord, 
and its swift implementation. That accord 
will be enough if the Is raelis begin to take 
real measures that people can see,” says 
Mr Quorieh, who also warns that the 
whole process may be at stake if the origi- 
nal April 13 deadline for withdrawal is 
missed. 

And although some PLO leaders said 
this week that these talks can only resume 
if Israel begins to discuss the future of the 
settlements in the occupied territories - 
which is unlikely - they have in fact set 
far more modest “requirements" for 
returning to the peace table. These are an 
“international presence" to ensure secu- 


rity for Palestinians and “further” disarm- 
ing of militant settlers than Mr Rabin has 
offered. 

PLO officials say they cannot believe 
these gestures are beyond the Israeli cabi- 
net’s ability to deliver. “Both we and the 
Israelis tods: a risk when we entered into 
this process," says Mr Abed Rabbo. “We 
have to take a risk now.” 

In fact, the PLO is abo taking a risk 
with what it considers the modesty of its 
“requirements". PLO leaders express the 
hope, rather than any firm conviction, 
that if they are met «»ri talks resumed, 
this might be enough to quell the anger in 
the territories. But as one Tunis-based dip- 
lomat puts it “How much cheer will the 
people in the territories get from seeing 
the resumption of talks, when all they’ve 
seen from them is delays?" 

If the Gaza-Jerieho talks can somehow 
be hauled back on track, the premium will 
be upon concluding than rapidly. But this 
wQl be difficult Not only is there much to 
resolve in the security talks - Israeli offi- 
cials have not been as optimistic as Mr 
Shaath in this respect - but parallel talks 
in Paris on the economic aspects of 
self-rule are much further from resolution. 

In addition, di plomats in Tunis seriously 


doubt whether the PLO would be ready by 
April 13 to assume their responsibilities 
after an Israeli withdrawal A Palestinian 
police force is far from readiness, commit- 
tees and a dminis trators remain to be 
named. And while the post-Hebron crisis 
commands the full attention of Mr Arafat 
and his small coterie of trusted leaders, 
decisions on these and a host of other 
matters are being further delayed 
In the meantime, the PLO leadership 
can only lobby and hope that the political 
mood in the occupied territories does not 
spin irrecoverably out of their control- For 
the moment, neither Mr Arafat nor the 
other executive committee members or the 
PLO sound optimistic. 

Three weeks ago the PLO chairman said 
he thought the peace process was losing 
credibility. This week, asked whether Pal- 
estinians would back him if he simply 
decided to resume the peace talks in the 
absence of further concessions, he replied: 
“No, frankly. No. Because the peace pro- 
cess has lost credibility 
Mr Arafat knows his own credibility In 
the territories is also now in the gravest 
doubt And barely anyone believes the 
present fragile peace process could survive 
the final loss of that 



Yassir Arafat close to desperation as his 
credibility fades 


Anglo-French group to enter negotiations to build $lbn rail network in Bangkok 

Thais pick GEC-Alsthom consortium 


Inkatha decides 
to register for 
all-race elections 


By Victor Mallet in Bangkok 

The company planning to build 
a $ibn (£600m) elevated rail- 
way network for Bangkok 
announced yesterday that it 
had chosen a consortium 
including GEC-Alsthom. the 
Anglo-French engineering 
group, as priority bidder for 
the turnkey construction con- 
tract 

Mr Kasame Chatikavanij, 
chairman of Bangkok Transit 
System Corp (BTSC), said he 
was confident that construc- 


tion of the system could start 
“within the next few weeks". 

Details of the turnkey con- 
tract most be negotiated 
within one month , and if the 
talk's fail BTSC can approach 
the other three consortia; one 
is led by Siemens, one by Ito- 
chu and the other by Mitsui 

The contract price for build- 
ing the 24km system is expec- 
ted to be about Bt26bn (£690m), 
while the total project cost up 
to the time trains are supposed 
to start running in early 1997 is 
put at Bt37bn. 


Executives of BTSC - a sub- 
sidiary of the Thai property 
group Tanayong which was 
awarded a 30-year "bufld-oper- 
ate- transfer” concession by the 
Bangkok authorities - insisted 
there would be no problem 
with financing the deal, in 
spite of protests by interna- 
tional bankers over the the 
Thai government’s handling of 
a separate $lbn project to build 
an elevated motorway. 

“We have more then 100 per 
cent coverage of the total proj- 
ect cost requirements," said Mr 


Edward Chow, BTSC chief 
financial officer. “We are 
in a chooser's position 
rather than in a -worried posi- 
tion." 

Between a quarter and a 
third of the cost wlQ be cov- 
ered by equity. Tanayong has 
also raised $130m through a 
convertible eurobond issue, 
and expects to launch a baht 
debenture on the Thai stock 
market worth another $10Qm. 
The International Finance Cor- 
poration is also expected to 
help fund the project 


The construction consortium 
will procure supplier credits 
covering its costs. Paribas is 
leading a group of banks back- 
ing GEC-Als thorn’s bid. The 
consortium also includes Ital- 
lan-Thai Corp, a Thai construc- 
tion company. 

BTSC and GEC-Alsthom 
directors dismissed fears that 
the project would not be able 
to pay for itself, arguing that 
there was great suppressed 
demand for a mass transit sys- 
tem in a city as large and as 
congested as Bangkok. 


By Patti Wakfetmlr in 
Johannesburg 

Chief Mangos uthu. Buthelezi, 
the conservative Zulu leader, 
last night sent an envoy to 
Johannesburg to register his 
Inkatha Freedom party for 
South Africa’s first all-race 
elections, but other right-wing 
leaders said they would not 
register before the midnight 
deadline. 

After a frantic day of bilat- 
eral meetings between African 
National Congress officials and 
leaders of right wing groups, 
the ri gh t was in disarray and 
insisting on an extension of the 
midnig ht cut-off to allow it to 
taka a final daciainn- 

Mr Ferdi Hartzenberg, leader 
of the hard-right Conservative 
party, said his party would not 
register, but he was under 
heavy pressure from younger 
CP members of par li ament and 
Gen Constand Viljoen, the 
more moderate Afrikaner 
Volksfrout leader, who are 
believed to wish to enroll for 
the poll The CP may split if 
Mr Hartzenberg continues to 
insist on a boycott. 

Officials of the Afrikaner 
Volksfront and the conserva- 
tive Bophutbatswana black 
homeland said both groups 


By Matthew Curtin 
In Johannesburg 

The African National 
Congress's determination to 
engage the South African busi- 
ness community in the task of 
reconstruction and develop- 
ment has stepped up a gear 
with an appeal for co-operation 
with the private sector by Mr 
Tokyo Sexwale, who is expec- 
ted to bead the country's most 
powerful industrial region 
after next month's elections. 

Mr Sexwale, top of the ANC’s 
list of provincial candidates, 
told a meeting of 44 prominent 
businessmen that the Pretoria- 
Johannesburg area, where he 
would be in charge, was “the 
engine room” of the South 
African economy. “If I put one 
foot wrong HI sink it We don’t 
want your votes, we want your 
wisdom." 

He warned the audience - 
which included Mr Sol Kerz- 
ner, chairman of the Sun. Inter- 
national gambling and casino 
empire and Mr Clem Stmter, 
chairman of Anglo American's 
gold division - that it was 


would register if the deadline 
was extended, but this was 
ruled out by the Independent 
Electoral Commission. 

Still, politicians might inter- 
vene to allow a change in the 
date for registration if they 
believe this would tempt more 
moderate conservatives to 
enter the poll, and split the 
right wing alliance. 

Inkatha' s decision to register 
was hedged with conditions. 
Chief Buthelezi said the move 
was “provisional" and did not 
necessarily mean it would take 
part in the poll 

After a six-hour meeting the 
party's central committee 
passed a resolution rejecting 
the constitution. Chief Buthe- 
lezi said he would only begin 
electioneering once there had 
been international mediation 
of South Africa's constitutional 
dispute. 

The ANC and inkatha have 
agreed to this in principle, but 
battles lie ahead over who the 
mediators should be and 
whether mediation should be 
binfling. The constitutional gap 
between Inkatha and the ANC 
remains large, and mediation 
is likely to yield a positive 
result only if one or the other 
side is prepared substantially 
to abandon its demands. 


essential for ordinary South 
Africans to be given a for big- 
ger stake in the economy. “If 
you give them politics, a flag... 
anfl you think that's change, 
you are merely preparing for a 
second, more deadly, revolu- 
tion,” be said. 

It was also vital for South 
Africa to become competitive 
internationally for fear of 
being “eaten for breakfast” by 
Pacific Rim countries. The 
meeting was the first in a 
series of provincial ANC busi- 
ness leadership forums and 
was followed by a closed dis- 
cussion session where debate 
drew a warm response from 
businessmen. "If the previous 
government had done the same 
thing we would be much better 
off today," said Mr Dorian 
Wharton- Hood, trice-chairman 
of assurer Liberty Lite. 

Mr Sexw ale's comments 
come amid growing concern 
from some quarters that the 
business community has not 
done enough to voice its vision 
or economic development and 
has foiled to table an industrial 
strategy of Its own. 


NEWS IN BRIEF 


Moslems 
guilty of 
New York 
bombing 

A New York jury yesterday 
found four Moslem fundamen- 
talists guilty of bombing the 
World Trade Center last year, 
in which six people died, Reu- 
ter reports from New York. 
Mohammad Salameh, Nldal 
Ayyad, Mahmud Abouhalima 
and Ahmad Ajaj were charged 
with conspiracy and 10 other 
counts. 

Germans want to 
ban British meat 

German health minister Mr 
Horst Seehofer wants Euro- 
pean Union agriculture minis- 
ters to ban British livestock 
i and beef imports because of 
the dangers of “Mad Cow dis- 
ease”, Reuter reports from 
Bonn. If a special meeting of 
the EU ministers foils to agree 
an immediate ban, Germany 
will impose restrictions. 

Le Monde 
appoints editor 

Mr Jean-Marie Colombani was 
yesterday appointed publishing 
director of Le Monde, the influ- 
ential French daily newspaper, 
following the resignation of Mr 
Pierre Lescoure after a row 
over his cost cutting plans, 
writes Alice Rawsthorn in 
Paris. Mr Colombani, 45, 
the newspaper's editorial direc- 
tor, faces a tough task in 
returning the paper to profit 

Zambian airline 
near collapse 

Zambia Airways, the national 
airline, is virtually bankrupt 
and may have to close, Mr Wil- 
liam Harrington, transport 
minister, told parliament Reu- 
ter reports from Lusaka. He 
said it owed $45£m. 

Hungary purges 
state radio 

Hungary's government yester- 
day reinforced its grip on 
broadcasting in advance of par- 
liamentary elections on May 6 
which polls say the conserva- 
tive coalition will lose, writes 
Nicholas Denton in Budapest 

Mexico and Costa 
Rica end tariffs 

Mexico and Costa Rica have 
signed a free trade accord after 
three years of negotiations, 
writes David Scanlan in San 





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New car registrations surge by 14.75% 


By John Griffiths 

The government's Insistence that 
economic recovery is on course 
received a boost yesterday from sta- 
tistics showing a further surge in 
new car registrations. 

Registrations were 14.75 per cent 
higher last month than in February 
last year and commercial vehicle 
sales appear to be Qrmly on the 
mend after their steepest post-war 
recession. 


In another positive development, 
the statistics. Issued by the Society 
of Motor Manufacturers and Traders, 
indicate that there has been no 
slump in diesel car sales following a 
government-commissioned report, 
published in January, which said 
there should be “concern” about the 
long-term urban pollution effects of 

a rising population oF diesel cars. 

The total new car market share 
taken by diesel cars reached 23.3 per 
cent last month, up from 15.5 per 


cent in the same month last year. 
“There appears to have been no 
adverse effect at all,” said Citroen 
UK, which has a leading share of the 
diesel market. 

The lack, of a downturn in diesel 
suggests that the cars are bought 
primarily for economy. Carmakers 
also maintain that the report, by the 
Quality of Urban Air Review Group, 
underestimated the technical prog- 
ress that has been made in cleaning 
up diesel emissions. 


The 145,710 new car registrations 
in February - up Sum 126384 the 
same month a year ago - followed a 
20 per cent year-on-year jump in Jan- 
uary, so that registrations In the 
first two months of the year, at 
344335. were 1732 per cent ahead of 
the 1992 period's 291323. 

“These figures confirm continuing 
growth in the market as manufactur- 
ers benefit from growing consumer 
confidence,” said Mr Roger King, the 
society’s public affairs director. 


Commercial vehicle registrations 
rose last month by 8.1 per cent to 
16312, following a rise of 13 per cent 
in January. 

The negative side of yesterday’s 
statistics was a rise in the share of 
the market taken by imports. They 
accounted for 5754 per cent, com- 
pared with 53.78 per cent the previ- 
ous February. 

Sharply rising imports of Vaux- 
hall's Corsa from Spain and Ford's 
Mondeo from Belgium were among 


the main factors for the rise. The 
Mondeo, with 27566 registrations, is 
leading the best sellers' list after the 
first two months, Second is Ford's 
Escort at 26,477 and third is Ford 
Fiesta at 22,623. Then came Vauxball 
Astra, 20,376; Vauxhall Cavalier, 
20.064; Vauxhall Corsa, L6.707; Rover 
200 15312; Renault Clio, 9378: Peug- 
eot 405, 8,976; in tenth place is Rover 
Metro with 8528. 

Registration figures. Page 8 


Local newspapers look to 
multimedia as sales slip 


By Raymond Snoddy 

The regional newspaper 
industry has launched its big- 
gest study of multimedia and 
the implications of electronic 
publishing for the future of 
newspapers. 

Average circulation decline 
in the regional press has been 
1 per cent to 2 per cent a year 
over the past 20 years and 
there are widespread worries 
about the future of print. 

The first stage of the project, 
organised by the Newspaper 
Society through consultants 
Meta Generics, will scrutinise 
existing consumer and adver- 
tising markets and assess the 


likely impact of technology in 
the next seven years. 

A technical trial of elec- 
tronic publishing concepts 
with a small number of con- 
sumers may start next year to 
gauge interest in uew services 
from newspapers. 

Mr Richard Beamish, direc- 
tor of development at the 
Newspaper Society, which rep- 
resents England's local and 
regional newspapers, has been 
looking at research in the US 
and believes there are no 
magic solutions on offer. 

“I think we are talking more 
about enhancing the product 
than producing a different 
one," he said. 


Newspapers in the US 
already provide several thou- 
sand additional services - 
either by audio or by fax - 
although at the moment these 
only account for about 2 per 
cent of revenues. For instance, 
for a subscription of $2.95 a 
month readers can get five 
foxes a month providing more 
information on chosen stories. 

But Mr Brian Sallery, a 
director of Meta Generics, 
believes that as competition 
from the electronic media 
Intensifies the regional press 
may be in a stronger position 
than national newspapers 
because it is "more targeted, 
more localised". 


New chief of MI6 announced 


By Motoko Rich, David Owen 
and Jimmy Bums 

An intelligence officer 
understood to have won his 
spurs gathering information on 
the Iraqi weapons procurement 
network is to be the new chief 
of ML6. 

The Foreign Office 
announced yesterday that Mr 
David Roliand Speeding, who 
turns 51 on Monday, has been 
appointed to the £82,925-a-year 
job as head of Britain's secret 
intelligence service. 

Mr Spedding is a career dip- 
lomat and civil servant special- 
ising in Arabic affairs. He was 
heavily involved in the Gulf 
War effort It is understood he 
has not given evidence to the 
Scott arms-for-Iraq inquiry. 


This is the first time a new 
chief has been announced and 
only the second time the head 
of M16 has been named. Sir 
Colin McCoU, the present chief, 
was named in 1992 when Mr 
John Major, the prime minis- 
ter, decided that the intelli- 
gence services should be put 
on a statutory footing. 

Two weeks ago the intelli- 
gence services bill, which will 
make MI6 more accountable to 
parliament, received an unop- 
posed second Commons read- 
ing. The Lords have already 
approved it. 

Mr Spedding will take over 
the service's 2.000 employees in 
September, after a year as its 
director in charge of 
operations. Mr Spedding joined 
the service in 1967 and trained 


as an Arab specialist in Leba- 
non. 

Although be has spent most 
of his intelligence career in the 
Middle East or specialising in 
Arabic affairs in London, he 
was posted to Santiago, Chile, 
from 1972 to 1974. 

The Foreign Office said Mr 
Spedding was chosen as the 
"best man for the job” 
although it was not revealed 
whether there was a shortlist 
for the post It is expected he 
will save for the same length 
of time as Sir Colin - about 
five years. The openness that 
marked the announcement of 
Mr Spedding's appointment 
only extends so for, however. 
Unlike Ms Stella Rimlngton, 
the head of MI5, who was pho- 
tographed last summer, Mr 


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Spedding will not be posing for 
cameras. The Foreign Office 
said: “Forget about photo- 
graphs. 1 don't think you can 
count on it” 

Mr Spedding will assume the 
top job shortly after MI 6 moves 
its headquarters to a £230ra 
b uilding at Vauxhall Cross in 
south London. 

His appointment came two 
days after the Kremlin accused 
a senior manager in Russia’s 
arms industry of passing 
defence secrets to MI6 officials 
in the British embassy in 
Moscow. 

Mr Spedding attended Sher- 
borne school in Dorset, where 
Mr David Cornwell, better 
known as the spy novelist 
Jolui Le Carre, was also edu- 
cated. 


Economy 
hopes on 
‘unique’ 
Scots zone 


By James Buxton, 

Scottish Correspondent 

The first enterprise zone trust 
for industrial property devel- 
opment is expected to bring 
enhanced financial benefits 
to the Scottish economy, 
according to Scottish Enter- 
prise, the economic develop- 
ment body. 

It calls the scheme - in the 
Lanarkshire enterprise zone - 
unique in the UK. 

Akeler Developments of 
Leeds, which is to raise £20m 
from private investors through 
an enterprise zone trust, will 
pass most of the financial sur- 
plus it makes on a 250,000 sq 
ft industrial development at 
Blantyre in Lanarkshire to 
Scottish Enterprise. That will 
be used on economic regenera- 
tion projects in Lanarkshire 
and elsewhere. 

In return Scottish Enterprise 
and Akeler will form a part- 
nership which could lead to 
Akeleris involvement in other 
Industrial developments, and 
Scottish Enterprise will guar- 
antee investors the rental 
income on the factories for np 
to 10 years. 

Scottish Enterprise says it 
was able to secure this deal 
because of strong interest in 
the Lanarkshire zone among 
enterprise development spe- 
cialists. 

The enterprise zone trust is 
marketed by Capital Ventures 
of Cheltenham, Gloucester- 
shire, an enterprise zone trust 
sponsor. 


Judge 
warns on 
Lloyd’s 
claims 


Lloyd's Names suing the 
London insurance market for 
alleged negligence over recent 
losses might not be fully com- 
pensated even if they win their 
cases, the Commercial Court 
judge in overall charge of the 
litigation warned yesterday. 
John Mason writes. 

Mr Justice Cresswell said: "It 
is necessary to impress on the 
parties to the Lloyd's litigation 
that there is a distinct possibil- 
ity, even if the claims are 
sound in law, that there may 
be Insufficient money to satisfy 
them alL” 

The total for all claims 
against Lloyd's exceeds £3.5bn. 
Lloyd's estimates thut follow- 
ing the decision by Names - 
the individuals whose assets 
support the insurance market 
- to reject its fSOUm compensa- 
tion settlement offer, the maxi- 
mum amount of cover avail- 
able to meet court awards is 
about £i.lbn. 

Mr Justice Cresswell, who 
has just completed a review of 
the progress of the litigation, 
said the Commercial Court 
would continue to meet the 
“considerable challenge" of the 
Lloyd's litigation. However, an 
appropriate balance had to be 
kept between the demands of 
those actions and other cases 
brought before the court 

Research spending 
increases by 4% 

Spending on research and 
development rose by 4 per cent 
from £l23bn in 1991 to £12.6bn 
in 1992, the Central Statistical 
Office said yesterday. In real 
terms, spending was 
unchanged in 1992 and repre- 
sented 2.12 per cent of gross 
domestic product. 

R&D spending for civil pur- 
poses was £10.4bn, 5 per cent 
higher than in 1991. Spending 
for defence purposes was 
£23bn, down 1 per cent 

The government funded just 
over a third of all R&D in 1992, 
nearly 30 per cent of the civil 
R&D and just under two-thirds 
of the defence R&D. 

Treasury plans 
power shares sale 

The Treasury will shortly 
appoint a merchant bank to 
advise on the sale of some or 
all of its shares in the electric- 
ity generators National Power 
and PowerGen, Mr Stephen 
Dorrell, financial secretary to 
the Treasury, said in a written 
answer yesterday. 

Subject to market conditions, 
the sale would take place in 
1994-95. 

Electronics group 
to double capacity 

Pioneer Electronic, the Japa- 
nese electronics group, intends 
to double capacity to more 
than 800,000 units at its audio 
production unit in Casteleford, 
West Yorkshire. 

The increase will enable Pio- 
neer to produce 40 per cent of 
the audio goods it sells in 
Europe. 


Liverpool oilfield 
supply base named 


By Robert Corzfne 

West Hornby Dock in the port 
of Liverpool has been chosen 
as the site for a shore supply 
base to support the Liverpool 
Bay oil and gas development. 

The base wifi be the main 
point through which equip- 
ment and materials will pa.<s 
on their way to the offshore 
site during the project’s con- 
struction, drilling and opera- 
tional phases. The first oil 


should begin to flow in Novem 
ber 1995. The first gas is due i 
month later. 

Competition for the supplj 
base was fierce, with at leas 
eight west coast harbour 
vying for the contract. Abou 
£40m will be spent each year U 
support the Liverpool Baj 
development once it become 
operational Between 20 and 21 
permanent jobs will be create 
at the base, said Hamilton Oil 
the field's operator. 


Any time any place 
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FINANCIAL TIMES WEEKEND MARCH 5/MARCH 6 1994 




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FINANCIAL TIMES WP.F.KEND MARCH 5/MARCH 6 1994 


NEWS: UK 


Smith targets rising crime for election push JgJZ 

Bv Kevin Brawn. He Dromised better transport and by Mr John Major, the prime minis- as the safer cities and urban redevel- despair, hopelessness, drugs, vio- vided fertile soil for crime to flour- t-irni 


By Kami Brown, 

Political Correspondent 

Labour's campaign for the May local 
government elections will focus 
sharply on public anxiety about 
rising crime, Mr John Smith, the 
party leader, signalled yesterday. 

Mr Smith told a rally of London 
Labour r^nriidab+s and MPs that t b e 
party’s plans for economic revival 
would win votes in “massive num- 
bers” at the election 


He promised better transport and 
health services for the capital, and 
confirmed Labour's plans for a city- 
wide local government to replace the 
defunct Greater London Council. 

But Mr Smith's speech concen- 
trated on increases of 287 per cent 
in burglaries and 174 per cent in 
violent crime in London since the 
Conservatives came to power in 
1979. 

He ridiculed the fresh approach to 
crime prevention outlined last week 


by Mr John Major, the prime minis- 
ter, which included plans for prickly 
bushes around buildings to deter 
thieves. 

“Burglars throughout Britain are 
now quaking in their boots at the 
prospect of this latest bold, indeed 
draconian. Initiative by the prime 
minister.” he mih 

Mr Smith said the government bad 
no strategy to combat crime except 
“talking tough"- At the same time, it 
was dismantling programmes such 


as the safer cities and urban redevel- 
opment Initiatives which helped to 
prevent crime. 

"Drug education officers' posts are 
being cut; local authorities are being 
forced to cut youth services; men- 
tally ill people are left to roam the 
streets with tragic consequences. 
And the prime minister shakes his 
head and wrings his hands at the 
rising crime rates," said Mr Smith. 

Mr Smith promised a “concerted 
strategy to smash the culture of 


despair, hopelessness, drugs, vio- 
lence, poor education and poor job 
prospects in which so many young 
people live". 

He said Labour would establish a 
separate London police authority, 
create a new category of racial vio- 
lence offences, and set up a national 
campaign to combat drug abuse. 

Mr Smith said no one should seek 
excuses for criminal behaviour, but 
Labour would tackle the poverty, 
deprivation, and squalor that pro- 


vided fertile soil for crime to flour- 
ish. 

The tone of Mr Smith's speech 
reflects a growing belief among 
Labour leaders that the party has 
neutralised the Tories' traditional 
advantage on law and order issues. 

Mr Smith carefully followed the 
approach pioneered by Mr Tony 
Blair, shadow home secretary, who 
has promised that Labour would be 
tough on both crime and the causes 
of crime. 


Thorp ruling 
likely to stir 
nuclear review 


Lobby groups left to carry green banner 


By Michael Smith 
and David Lascdlea 

The government is expected to 
launch its long-awaited nuclear 
review soon, probably within 
the next month, following yes- 
terday's High Court decision to 
allow the opening and commis- 
sioning of the Thorp reprocess- 
ing plant 

Mr Michael Heseltine, trade 
and industry secretary, is 
believed to be taking an 
Increasing interest and wants 
to leave open the possibility of 
privatising Nuclear Electric, 
the generating company, 
before the next election. 

Civil servants estimate that 
a decision on privatisation 
would need to be made by the 
summer if the sell-off is to be 
achieved before the next gen- 
eral election. 

That puts pressure on the 
Department of Trade and 
Industry to announce the 
terms of reference for the 
review as soon as possible. 

The review has been held up 
both by inter-departmental dis- 
agreement over the terms and 
by the judicial uncertainties 
created by Greenpeace's action 
in the High Court 

However, the delay appears 
to have shifted ministerial 
preferences towards a more 
wide-ranging review than was 
originally planned. 


Last year ministers were 
tending towards a narrow 
review which focused mainly 
on the prospects for privatising 
the nuclear power industry. 

This was strongly opposed 
by Nuclear Electric, which 
believes that its ambitions to 
be privatised would be best 
served by a review which 
included wider factors, such as 
environmental considerations. 

The review is now likely to 
cover the balance sheet of the 
nuclear power industry, the 
assets and liabilities, and treat 
privatisation as just one of sev- 
eral options available. 

The back-end costs, includ- 
ing decommissioning and 
reprocessing, are also likely to 
be scrutinised. Another issue 
to be resolved, either as part of 
the review or alongside it, is 
that of contracts between the 
generators and British Nuclear 
Fuels for reprocessing. 

Mr Tim Eggar, energy minis- 
ter, rebuked Nuclear Electric 
recently for its high profile 
campaign to be privatised. 

He made clear his support 
for the privatisation of the gen- 
eration industry in the long 
run but raised questions about 
the practicability of it happen- 
ing quickly. The future of the 
industry would be in the pri- 
vate sector, he said, but added 
that the question was how and 
when it got there. 


Though Greenpeace lost its 
14-month battle to halt Thorp 
in the High Court yesterday, 
the case suggests that pressure 
groups rather than opposition 
political parties provide the 
main challenge to the govern- 
ment's environmental policies. 

“There is no question that 
the people the government has 
been worried about right 
through the whole Thorp affair 
are Greenpeace, not Labour,” 
said one official at the Depart- 
ment of the Environment. 

Thorp, one of last year's 
most controversial industrial 
issues, presented Labour with 
a dilemma The party's policy 
is to phase out nuclear power, 
but the plant, which employs 
2,000 in a region of high unem- 
ployment, is In the constitu- 
ency of Mr Jack Cunningham, 
shadow foreign secretary. 

Mr Chris Smith, shadow 
environment spokesman, 
called Mr Cunningham's sup- 
port for Thorp a “legitimate 
constituency view”. But 
according to Mr Andrew Lees, 
rampflig m director of the pres- 
sure group Friends of the 
Earth, the overall effect was 
that Labour was “stunningly 
silent - they managed to keep 
their heads down, that's all”. 

Critics feel that the recur- 
rent conflict between jobs and 
being green prevents Labour 
developing a coherent environ- 
mental strategy. For example. 
Labour opposes the rapid shut- 
down of tiie coal industry even 
though this cuts emissions of 
carbon dioxide and the threat 
to global warming. But accord- 
ing to Mr Dieter Helm of 
Oxera, the forecasting group. 
Labour’s plans for more energy 


BUSINESSES FOB SALE 

MACEDONIA THRACE BANK S.A. 

ANNOUNCEMENT OF A PUBUC AUCTION FOR THE HIGHEST BIDDER 

The Bank of Macedonia Thrace S A., established In ThessalonSti at 5 lonos Dragouml Street and legally represented, 
in its capacity as liquidator. in accordance with article 46a of Law 1892/1990, as supplemented by article 14 of Law 
2000/1991 and foflmving Decision Na22S3/1 993 of rhe Thessaloniki Court of Appeal. 

announces 

a public auction for the highest bidder, with sealed, binding offers for the purchase in toto of the assets of AN IMA 
5 A . a socieie anonym* under special liquidation. 

ACTIVITY AND BftlEF DESCRIPTION OF THE COMPANY 

ANIMA S A was founded at the end of 1983 and began functioning In June 1985, producing a) thick yams from by- 
product for the manufacture of mops and mopping cloths and b) thinner yams for the use of textile and knitting mfis. 
The company is established In ihe Community of Lakkoma in the prefecture of ChaBudW where Its manufactumg 
plant is situated The entire plant has been buft on a seff-awned ptol of land 1 1,550 m 5 in area. 

Tho following buildings stand on the above plot of land: 

Producllon area ot 1094 12 m' with electromechanical equIpmenL 

- Office spaie 280 m' 

- Melal warehouse ISO m- 

- Underground water tank 70 m 1 

The plant's electromechanical equipment which has a capacity of 2,750-4,000 kg per 24hr period fdependng 
on me yam count), consists of' 

- TRUETZSCHELER raw malenals opening and carting line (1984) 

- J TRUET CSC HELER EX TRAC ARD roving Irai ties ( 1984 - 1 988) 

- 1 SCHLAFHORST ALTTOCORD SRK yam-making machine (1985) 

- 2 FEHRER CWEF.'ll roving Irames ( 1984 & 1988) 

- 1 ZIENSER 720/2 general purpose draw frame (1985) 

- 1 GEMMIL DUMSMORE DD Tv/isllng frame (1984) 

- A LUWA. UNILUWA S40 humidifying unit ( 1984) 

- A LUWA FDA air IMionng unit (1984) 

- Electrical installation 

- Water supply and lire extinguishing nsiaiiaiion 

- An Supply installation 

TERMS OF THE AUCTION 

1 Pardos inter esied in taking pan in the auction are invited la receive the Offering Memorandum from the 
Liquidator and the dr all wter ot guararlee m order to submit a sealed, biixfng offer to the notary public appointed to 
tno auction who r. mu Vasttika notary public Mrs KyriaH Papadopoulou. Plateta. up to Monday. 4tn April 1994 at 1900 
hums 

Bids rmc,! be jubmned m person or by a legally authorised represenlatlve. 

2 Ttw bid, will bu Qpenud by [he apjvo notary public on Wednesday. 6lh April 1994 at 1100 hours with the 
Liqu'daior m attendance Bidder o who have submitted otters within the proscribed time can also attend Bids 
submitiLkl b<*yend ihe pioscnoud lime will nor be accepted w considered. 

3 The Svalod. binding oilers must cieoriy suio tho ottered price for the purchase, in toto, of the company's 
aswis and inurt be .Kcampjrw d by a Witer of guarantee by a bank legally operating in Greece far the sum 
ct 22.COO.COO trK-i.-niy-iwu miihonj drachmas or me equivalent m US dollars. 

4 The Ciontp.uiy's asset i and all Cued and circulating constituent pans thereof, such as immovable and movable 
property." claims, trademarks, lilies, rrghts. rights lor mineral ore exploration, etc. are to be sold and transferred "as is. 
whore is" and. more specifically, m thoir actual and legal condition and location on the date on which the sale 
contract is signed, regardless of wl rather me Company is operating or not, and with the proper legal procedures. 

5 The Liquidator, the Company and the creditors representing 51% of the total claims against the Company 
lLaw 189290 article afia. para 1 as m farce). known hereafter as the Majority Creditors, shall bear no liability lor any 
legal or actual defecir. or lor any deficiency in ihe effects ad righis far sale nor lor the possible refusal of the State to 
approve, as required, the transler of elements ot the assets, nor for their incomplete or taulry description in the 
Ottering Memmandum and in any correspondence in rhe event of Inconsistencies, entries in the Company’s books, 
as they stand ai me dale of signature of the sale contract shall prevail. 

6 Prwspeci'vv buyers, heromjner relerred lo as ‘Buyers*, shall be obliged, on their own responsibility and due 
Care, and by fhflir own means and al Iheir own expense, la inspect the object of the sale and form their own 
ludgemoni and declare in their bids that they are tolly aware ot the actual and legal condition of the assets tor sale. 
The Suycts arc hereby remmled thai. in accordance wtlh the provision of Law 1692/90. article 46a, para. 4 as in 
loice. toning agreed in willing lo nuinuin coniidenbauty. they are entitled lo have access to any information they may 
require concerning ihe Company lor sale 

~ B'ds should not con urn terms which might prevaricate their bindingness or any vagueness concerning the 
ofteiLM price and ns metnoo of payment, or any other matter ot Importance to ihe sale. The Liquidator and the 
MaiorifV Creditors have (he right, at tfrair contestable discretion, to reject offers which contain terms and conditions, 
irrespective of whether ihoso otters contain a higher price than that ol other bidders. Such unacceptable terms would 
bo. lor example, requests lor the repair, improvement or transfer erf fixed assets, or requests tor guarantees m tha 
collection ol claims or tho outcome of court actions brought by the Company in this respect, or compliance with 
recon imendations regarding ihe security ol the installations, or lor safeguarding tha insurance cover, etc. 

8 In Ihe event thai the person ro whom the auction is adjudicated, (ails In his obligation to appear within twenty 
cCO) days from being invited to do so, end sign ihe relative sale contract and fails do abide by the other obligations 
accruing lor Ihe present announcement, then the above-mentioned guarantee of twenty two million drachmas 
(22.000.000 drn ) is forfeited lo the Liquidator in compensation lor expenses ol any kind, I me spent, and any actual 
or hypothetical loss sustained, with no obligation on Ihe Liquidator's part lo furnish any specific proof or deem that the 
amour it has been torieiied lo hun as a penally clause, and collect it from ihe guarantor bank. 

Guarantees deposited by oitw bidders shall be relumed lo them after the Liquidator's evaluation report has bean 
approved by me Majority Creditors and the highest bidder's guarantee shall be returned to him after he has paid ihe 
sale price and rhe act of settlement has been drawn up and signed. 

9 The highest bidder is deemed me one whoso otter has been so |udged by the Liquidator and approved by the 
Mj|onfy Creditors as bo mg in their best Interests. 

10 Tho Liquidator shall nol bo liable to partfcfpama in the auction either with rasped to the evaluation report or for 
he sotoctran at tho highest bidder and neither will he be liable fa them for Ihe cancellation of the auction in tho event 
that its outcome r> nor approved by tho Majority Creditors. 

1 1 . Participants in the auction da not acquire any right, claim or demand from the present announcement or from 
trrair participation in tiie auction, against the Liquidator, for any or reason. 

12. Transfer expenses of the assets far sale (taxes, stamp duly, notarial and mortgagors fees, rights and other 
expenses for drawing up topographical diagrams as required by Law 651/77, etc,) are to be borne by tiie Buyer. 
Interested parties snoutd apply for further miormaiion to: 

MACEDONIA THRACE BANK S.A., 5 lonos Oragoumi Street. 546 25 TheesatonOti Tel: +30-31-260568. +30-31- 
286012. +30-3 1-286013 




Greenpeace director Lord Melchett at the High Court yesterday 


efficiency “provide only a 
short-term answer and duck 
questions of long term energy 
policy". 

Hie Liberal Democrats pro- 
duced a clearer line on Thorp. 
Mr Simon Hughes, environ- 
ment spokesman, used the 
debate adeptly to rail for more 
public access to environmental 
data. But they too have some- 
times seemed reluctant to 
acknowledge the costs of curb- 
ing pollution. 

Mr Scott Barrett, lecturer in 


environmental economics at 
the London Business School, 
says: “Their concerns about 
putting value added tax on 
household fuel are hard to 
understand as they have advo- 
cated pretty big environmental 
taxes." 

In contrast, Whitehall offi- 
cials credit the pressure groups 
with having forced the govern- 
ment to re-examine Thorp's 
future, even if they did not 
eventually change its mind. 
Part of that influence, officials 


How the plant 
will operate 

Final tests in preparation for 
shearing the fuel reds, the 
ngrt stage of the coramission- 
ing of Thorp, will begin on 
Monday. Shearing will proba- 
bly go ahead within the next 
two weeks. 

The first fuel rods for repro- 
cessing at Thorp arrived In 
1988 and have since been 
stored in ponds to allow 
short-lived highly radioactive 
isotopes to decay. 

Some of the fuel has already 
been moved to the “bead-end 
plant" where it will be sheared 
into smaller pieces and 
dropped down a chute to a bas- 
ket suspended In nitric acid. 

Dissolved fuel is transferred 
to the chemical separation 
plant where the uranium and 
plutonium are parted from the 
waste. The uranium and pluto- 
nium are then separated from 
each other, and converted to 
solid form for storage and 
eventual re-use. 

make clear, was the pressure 
groups' increasing use of the 
courts. Officials say Green- 
peace's threat of Legal action 
last summer prompted a sec- 
ond public consultation into 
the plant, delaying the 
go-ahead by several months. 

Legal action by lobbyists has 
been rare in t be UK compared 
with the US, where powerful 
groups such as the Sierra Club, 
the San Francisco-based ecol- 
ogy group, keep largo legal 
taairiH on retainer. Coart action 


has begun to appeal to UK 
campaigners partly because of 
the amount of UK and Euro- 
pean legislation passed in the 
past decade. 

Mr Lees, who says that 
Friends of the Earth will be 
stepping up lawsuits against 
the government and compa- 
nies, adds that “European reg- 
ulation has given us a particu- 
larly good lever". 

A second reason is the 
groups' growing financial mus- 
cle. Greenpeace UK received 
£6.6m last year in donations 
before fundraising costs, and 
Friends of the Earth about 
MSm on the Kama basis. 

But Thorp also displays two 
factors which could eventually 
jeopardise the pressure groups' 
success. In the Thorp rase, the 
judge ruled that Greenpeace 
and Lancashire County Coun- 
cil did not have to pay the gov- 
ernment’s costs, but normally 
the costs of losing such rases 
are formidable. 

The second threat is that the 
campaigners' agenda may 
inrraa singly be moving a way 
from their supporters’ con- 
cerns, which could eventually 
undermine their ability to raise 
hinds. 

Lord Melchett. director of 
Greenpeace UK, says that 
while Greenpeace's policy- 
makers felt Thorp was a prior- 
ity, its members may care 
more about whaling and toxic 
waste. 

Mr Lees also acknowledges a 
gap: “We have pretensions 
beyond representing our mem- 
bers - we are acting in loco 
parentis for the future.” 

Bronwen Maddox 


PowerGen mothballs generators 


By Michael Smith 

PowerGen, the electricity 
generator, is to place one gen- 
erating unit in reserve at each 
of Richborough, Ince and Fid- 
dler’s Ferry power stations 
with effect from the end of this 
month. 

The company said the 
reserves move would enable it 
to cut costs while retaining 
future plant flexibility to bum 
alternative fuels. 

Under current operating 
conditions, the affected units 
are forecast to have minimal 


generation. Their withdrawal, 
the company said, would 
enable It to make savings 
through reductions in mainte- 
nance costs, use of system 
charges and business rates 
without affecting Its ability to 
meet forecast customer 
demand. 

Richborough and Ince are 
PowerGen's only plants where 
ortmulslon. the bitumen-based 
fuel, is burned - but the com- 
pany said it would still con- 
tinue to bum about 1.3m 
tonnes a year at the units still 
open at the sites. 


The registered capacity of 
PowerGen plant available to 
the grid system as a result of 
the move of the units into 
reserve will be reduced by 
1,080 megawatts. 

PowerGen said withdrawal 
of this plant will not prejudice 
the possibility of these units 
being considered for disposal 
under the recent undertaking 
given by PowerGen to Offer, 
the industry regulator, to use 
all reasonable efforts to negoti- 
ate the disposal of about 
2.000MW of its coal- or ofi-fired 
plant within two years. 


When generating plant is put 
in reserve, PowerGen says, it 
is not available for operational 
use. However, under certain 
circumstances, it would be pos- 
sible to recommission it if 
future market conditions made 
it economically viable to do 
so. 

Richborough is a three-unit 
340MW orimulsion-fired power 
station in Kent Both Ince, a 
two-unit 1000MW orimulsion/ 
oil-fired station, and Fiddler's 
Ferry, a four-unit 2.000MW 
coal-fired station, are in Chesh- 
ire. 


part-timer 

ruling 

By Robert Rice, 

Legal Correspondent 

This week's landmark House or 
Lords ruling on employment 
rights for part-time workers 
was an important confirmation 
of the rights of pressure groups 
to challenge the compatibility 
or UK law with European legis- 
lation. lawyers said yesterday. 

Law lords rejected govern- 
ment attempts to limit those 
rights. The government had 
argued that the Equal Opportu- 
nities Commission had no 
standing to seek a judicial 
review and that such proceed- 
ings could not be used to get a 
declaration that the govern- 
ment was breaching EU law. 

Lawyers said yesterday that 
if either argument had suc- 
ceeded it would have been a 
very retrograde step. 

Mr David Pannick QC said 
the judgment reaffirmed the 
law as set out in the 1992 Fac- 
tor tam e case where Spanish 
fishermen successfully applied 
for a judicial review seeking a 
declaration that the 1988 Mer- 
chant Shipping Act was con- 
trary to EU law. It also con- 
firmed the liberalisation of the 
scope of judicial review in 
recent years. 

“It has never really been in 
doubt that if a person with a 
proper interest can show the 
government is in breach of EC 
law they are entitled to use 
judicial review proceedings to 
ask the court for a declaration 
that it is," said Mr Pannick. 

Other lawyers said the judg- 
ment amid lead to an increase 
in the number of politically 
controversial cases brought by 
pressure groups. 

Lord Lester QC, counsel to 
the Equal Opportunities Com- 
mission, said although the 
judgment was not ground- 
breaking in the strictest sense, 
it was still a very important 
clarification. 

The law bad been thrown 
into doubt by the Appeal Court 
when it gave judgment in this 
rase last year. The judgment 
stressed the role to be played 
by statutory and non-statutory 
lobbies in this area, he said. 

In one respect the case did 
break new ground - it was the 
first time an English court 
reviewed the rationality of Leg- 
islation rather than its legality, 
Lord Lester said. 

In the Factortame case the 
court looked at the domestic 
law and read it against the EU 
law to see whether one con- 
formed with the other. But in 
this case the court was looking 
at the impact of the legislation 
- at the economic arid social 
justification for it. 

Lord Lester said that role 
was typically played by consti- 
tutional courts, such as the US 
Supreme Court, but was a new 
departure for English courts. % 

“The judgment establishes a 
more intrusive and invasive 
form of judicial review.” 


Generator fined £34,000 for 
deliberate radioactive leak 


Nuclear Electric was yesterday 
fined a total of £34,000 far 
deliberately leaking radioac- 
tive gas into the atmosphere. 

The case, the first prosecu- 
tion of its type in Britain, fol- 
lowed an incident at the Wylfa 
magnox power station in An- 
glesey, north Wales, last July. 

Magistrates at Amlwch. 
Anglesey, also ordered Nuclear 
Electric, which admitted two 
charges under the Radioactive 
Substances Act I960, to pay 
costs of £20.170. 

Mr Martin Warren, for Her 


Majesty’s Inspectorate of Pollu- 
tion, said sulphur and carbon 
gas leaked after a 1301b grab on 
a refuelling machine fell nearly 
40ft, landing dose to a fuel rod 
of radioactive uranium. 

An air sample from within 
the building showed the radia- 
tion level to be nine times 
above an internal action level 
Some air was released into the 
atmosphere over two hours. A 
few hours later internal radio- 
activity being more than five 
times above the action level, a 
further amount of air was 


released, Mr Warren said. 
Power station staff released the 
gas without considering the 
information available, and did 
not know the wind direction or 
the potential for serious envi- 
ronmental harm, he added. 

Mr Wyn Lloyd Jones, for 
Nuclear Electric, said the com- 
pany reported the gas release 
immediately. Mr Mike Wil- 
liams, Wylfa station manager, 
said yesterday that it was a 
minor breach and there was no 
hazard to the population or 
their workforce. 


UK CAR REGISTRATIONS - JANU ARY- FEBRUARY 1994 



Volume 

Fotiruary 1994 

Ohanfleta 

Shares* 

Fab* S3 

Share}* 

Januaey-Tcferuary 1994 

Vohnna ChaioeH Share% 

Jan-W 93 

Share}* 

Total marfcet 

145,710 

+14.75 

1005 

100.0 

344^235 

+17.92 

IOOlO 

1005 

UK produced 

81,884 

+5.41 

42.48 

46l22 

151.829 

+1458 

44.11 

4559 

Imports 

83.846 

+21.60 

5754 

53 78 

192,406 

+21.14 

5559 

5441 

Japanese makes 

15.893 

-6^8 

10.78 

13^0 

38,090 

+Z42 

1057 

1Z07 

Ford group 
- Ford 

32,548 

324)22 

+8L90 

+6.77 

2254 

2158 

2353 

2318 

81570 

SQ542 

+2346 

+2357 

23-79 

23.40 

2272 

2233 

- Jaguar 

S26 

+17.15 

056 

0.35 

1528 

+15.78 

059 

0.39 

General Motors 

27,287 

+28.73 

18.72 

1&68 

53541 

+28L10 

1856 

1757 

- V&uxhall 

26^21 

+27.80 

18-00 

16.16 

61.885 

+28.42 

17.98 

1651 

- Saab* 

1.046 

+57^3 

0.72 

0.52 

1556 

+1852 

057 

056 

BMW groupt 

22,199 

+iaoe 

11x23 

1452 

51,944 

+1455 

15.09 

1552 

- Rover** 

18595 

+1920 

12.78 

1Z29 

43,471 

+14J20 

1Z83 

13.04 

- BMW 

3^04 

+12^7 

ZA7 

Z53 

8,473 

+1850 

Z46 

248 

Peugeot group 

16^19 

+6.40 

1141 

1250 

42580 

+6.78 

1251 

1350 

- Peugeot 

11^24 

+1858 

7.91 

7.63 

24,176 

+4.00 

7.02 

7.96 

- Citroen 

5C95 

-14.14 

3.50 

4.67 

184214 

+10.72 

559 

5.64 

Volkswagen group 

9v435 

+34L29 

6.48 

554 

20,168 

+2557 

556 

548 

- Volkswagen 

5,983 

+2028 

All 

3.73 

12572 

+19.29 

3.77 

3.72 

- Audi 

1,517 

-9.88 

1.04 

1-33 

3,473 

-854 

151 

130 

- SEAT 

972 

+10250 

0.67 

0-38 

1547 

+75.07 

054 

038 

- Skodatt 

963 

+67a4 

0.66 

0.10 

1578 

+533.7B 

054 

0.10 

Renault 

8,787 

+2448 

6j06 

556 

19548 

+2Z11 

558 

548 

Maean 

5,155 

-2456 

354 

558 

14514 

+1152 

453 

<US8 

Rat group 

4,062 

+4154 

2.78 

Z27 

8544 

+2740 

234 

215 

- Flat 

3J876 

+47.83 

zee 

2.06 

7589 

+3Z07 

233 

1J99 

- Alta Romeo 

165 

-11.76 

on 

0.15 

299 

-1756 

0.09 

0.12 

- Lancia 

21 

-70.43 

0.01 

0.06 

56 

■4825 

0.02 

0.04 

Toyota 

A100 

+X64 

251 

5.12 

7578 

-25S 

9pn 

277 

Vdw 

3,273 

+4a78 

255 

1-83 

6584 

+953 

200 

215 

Mercedes-Benz 

2,218 

+57JBB 

152 

1.11 

6,015 

+5158 

1.75 

136 

Honda 

2.101 

+16.79 

144 

142 

4576 

+1353 

150 

135 

Mazda 

1,968- 

+7850 

154 

0-88 

3,438 

+157 

150 

1.16 


INVITATION FOR THE SUBMISSION OF INTEREST FOR THE 
PURCHASE OF THE GROUPS OF ASSETS OF MINAIDI5- 
FOTIADIS WOO L INDUSTRY SJL, 

OF ATHENS, GREECE 

ETHNIKJ KEFHALHOil &A, A riminlu yalaon of ASKU ltd LiabtUScs. of I Sknolenioa Sb. 
Atina. Once. (■ in opacity at Liqndw of MNAlDfS - POTTADIS WOOL INDUSTRY SA, 
■ co op in g With it* iqpucred office in Altai Oncer, (ihe Caaqmji. p« acuity special 

LiqaMitian according the peovutoa* of Section 46a of Lew 1892/1990, invitee interested partita to 
tamh wttMa twenty CTflifaff* tan the p nMire two of ihbaaUcc. written ikchnaki 

of internal far ihc rnrrtiisr of w or *H of ihe any, nr m umiiiii 

BRIEF INFORMATION 

The Company wwa erfiMhkcd in 1*43 end me fa opcmloo omit IWK, when H «i declared 
bukrapl. In activities included die a anufi i-l atlng. selling ud exporting ol mat* ant Mended 
Ufjen Ol 15^.94, the Gofnpeny wni pieced voder special liquidation neconfing to tho pvovlBBaos 
of Section 46a oT Law 1892/1990. as snppicmaiicd by ankle 14 of Lew 200CW1. 

GROUPS OF ASSEiS OFFERED FOR SALE: 

1. A spinning and weaving mffl in the Aden area itunmndod by bfcwatao SL-NJosria Atcnoe 
S.Vtadta SL-D. Rolia oonudng of seven! bmklMgn. of 10.438 eqm. nredte on a pM of 
eppnninBMy 6.100 aq xn. end conbdseng nadrinoy. meefankal eompmcM uj a ItnKd maoml 
of stock Made. The compear’* «8tared none hi also betas offered for **. 

I 1 A (dm Oibnd of enrorimudy 617 tocood beyowd the >*v ptanta ra, m d«r rejdao of 

Kansoako on die Bland of Sidamia. ’ pmuu^g ^ m ore 

4* "4 of tread ^ppmxzBH&rfy 70S nf.nL, farmed da Ihe cane are* a* (he above. 

^ h> ““ d ‘“T”" 1 ^ “*■ >» 4*r rcpjun of Atad on 

SALE PROCEDURE 

" >lr 01 PBb6e Aoa ” n ln • 0CDn *ance wtfb Uk pmvfcdaac 

^ “ d w «** in *e favtotuo m tender fa, the highew bid 

tartapmtare of ihe Kwre wees, n be peMiafaed in lire Ofeefc and Foreign prere oo ihe daaa 

SUBMISSIONS OF DECLARATIONS - OFFERING MEMORANDUM - INFORMATION. 
r^ tte mtmia ^ of ttatankm* of more a«I 0 i, onfcr u ohtire a ojpy of Ilk OOettag 
atfareov in vnfl!| ab< T &"*** ° r !*»« wwiart Ihe Uqnfatart 

SSS. “ 3 - *“*““«*« Alta* Trt. 

ANNOUNCEMENT OF CSEDnUilff CLAftS 

Pleree Dote dm at lovitaliM to otdims u irettonce (heh cbim* i. 

(be Greek papers TA NEA‘ end ’EXPRESS", in 4J.W. *»>■*» ihe Company appeared re 


■OM hoida S0H * * Saab Aulomoblo end ha l in e u n w orn 
"kehldw Range HnuonUh n cnay. rtVW hekta 31% of SM 


corkoL tBMW hr wooing 10M4 contra! of Romr. 

Ida and hm rmgemox control. 

Soun* SocMjrdf Moderl 


Frontrunner 1 
Sicav 

872. rt!9 do Neudorf, L-2220 Ftndel 

. RC - Locembcfang No. B.3144Z 

^ b**®* i™**! lo attend the 

e Agenda: 

^ DMMrfaer3lfl8w! anCB ***** 30(1 th<3 pf0fi1 1035 statement as at 
3. Discharge fa the Directors and fas Authorised *.*«*,. u 

"ShameiS tte & £* “” a 01 ”” “ II “ ,da B 

present or represented ai the Meeting EachLSrJta 01 8har8 ? 

shaiehOUermay act at any b ^ Wed 10 0m A 

Shareholders wishing to attend the MawbL 

Account Manager tn Untoenk SJL by *** 

By order erf ihaBoart of Directors 

Frontrunner Management Company g * 

672. rue da Neudorf. L-2220 Rndel 

Telephone: +3S2 *3 88 71 Telefa x: + 3 S 3 an ot « 


,r* 

i» 4 

9 


i 


r»i* 


li! 

. a 

i L 

,a , i i * 

h i i * 

# 1 


.i ?» . 


s, 

“ lA « X4 . 




NEWS: UK 


Fears over 
housing after 
drop in loan 
approvals 

By AUson Smith 


and Philip Coggan 

The number of mortgage loan 
approvals - regarded as an 
important forward-looking 
indicator for the mortgage 
market - fell in January, com- 
pared with December, under- 
lining the fragility of the hous- 
ing market recover}'. 

Seasonally adjusted numbers 
for loan approvals dropped to 
74,000 in January from 80,000 
in December, according to fig- 
ures published yesterday by 
the Bank of England. 

The total of loans approved, 
again seasonally adjusted, was 
flat at £4.3bn for both Januar y 
and December. January figures 
for gross and net lending by 
banks, building societies and 
centralised lenders were also 
down on December. 

Gross lending stood at £4.1bn 
(£4.8bn in December) and net 
lending fell slightly to £1.56bn 
from £i.64bn. 

There are signs, however, 
that building societies are 
regaining some of the market 
share they have lost to the 
banks, which had success in 
promoting fixed-rate mortgages 
last year. 

According to the seasonally 
adjusted figures, building soci- 
eties achieved 70 per cent of 
net lending in January, com- 
pared with 57 per cent in the 
last quarter of 1993. The societ- 
ies’ market share of loan 
approvals was 65 per cent in 
January, against 60 per cent 
for the last quarter of 1993. 

Mr Adrian Coles, director- 
general of the Council of Mort- 
gage Lenders, said the lending 
figures were consistent with 
the house price rises being 
reported at present, but 
showed there would be no 
return to boom conditions. 

• Lending by banks and 
building societies in January 
was even weaker than previ- 
ously estimated, according to 


Prospects for farther cuts in 
UK interest rates are unlikely 
to be affected by the turbu- 
lence of international financial 
markets, Mr Kenneth Clarke, 
the chancellor of the exche- 
quer, indicated yesterday, Paul 
Cheeserigfat writes . 

At the end of a week when 
markets have been buffeted by 
a surge of inflationary fears in 
the US and surprising money 
supply figures in Germany, Mr 
Clarke stressed the indepen- 
dence of UK rate policy. 

“When I make decisions 
about interest rates I don’t 
look first of all at the interna- 
tional scene. I consider what Is 
the medium-term outlook for 
the British economy, have a 
look at what’s happened to our 
money supply, what’s hap- 
pened to our exchange rate 
and whafs happening to asset 
prices and the economy gener- 
ally here,* he said. 


the Bank of England, which 
has revised its seasonally 
adjusted estimate for sterling 
M4 lending to the private sec- 
tor in January. 

It estimated that longing was 
£i00m instead of £200m. The 
original estimate was well 
below City forecasts of £2.6bn. 
The overall estimate for M4 
growth, the broad measure of 
money supply, is unchanged at 
a seasonally adjusted 55 per 
cent in the year to January. 

The figures shed some light 
on itoiimgi; in the gift* market, 
which has been foiling shire 
the start of the year. 

Mr Don an «wuinmiiri - 
at Green well Montagu, said the 
figures showed that domestic 
institutions sold £396m of edits 
in January, whereas overseas 
investors bought £l.05bn. He 
added that these figures 
referred only to the cash mar- 
ket. and overseas investors 
might have been selling gilts 
via the derivatives markets. 


Research adds fuel to top pay row 


By Lisa Wood, 

Labour Staff 

The base pay of top executives 
has risen for more quickly 
than that of clerical workers 
since the Conservatives came 
to power, according to research 
published yesterday. 

The result follows criticism 
of high pay rises in Britain’s 
boardrooms by politicians of 
all parties. 

The research, by Hay Man- 
agement Consultants, says pre- 
tax clerical salaries have 
increased by 333 per cent since 
1978-79 while basic salaries at 
executive or director level have 
increased by 416 per cent 
The gap is likely to be wider 
in view of bonuses paid at 
boardroom level, and the gap 
in take-home pay is wider still, 
as top earners have benefited 
more from tax cuts than those 
lower down the scale. 

Research by P-E Interna- 
tional, the management 
research organisation, suggests 
that senior executives in the 
food, drink and tobacco indus- 
tries got the biggest percentage 
increases in fra sir ? salaries last 
year - 85 per cent in the year 
to July 1993, compared with 4.4 
per cent in financial services 
and 7.5 per cent in util- 
ities. 

The P-E study allows com- 
parisons between chief execu- 
tives and managers, but does 
not cover other groups of 
employees. 

Mr Nick Boulter, a director 
of Hay, said executives' pay 
had grown more rapidly in 
recent years, but clerical pay 
had doubled between 1971 and 
1976 while that of executives 
rose only GO per cent 
A recent index of executive 
pay by Sedgwick Noble 
Lowndes showed that bonuses 
and perks (excluding share 
options) could ad d as much as 
40 per cent to an average exec- 
utive’s salary. 

This is partly responsible for 
the growing gulf between gross 
earnings of chief executives 
and average earners, illus- 
trated in the management pay 
review chart published this 
week by Incomes Data Ser- 
vices. Gross naming s tnrinrip 
bonuses. 

Management Pay Review, 
IDS, 193 St John Street, London 
EC IV 4LS The Hay Compensa- 
tion Report from Hay Manage- 
ment Consultants, 52 Orosoenor 
Gardens, London SWL Both by 
subscription. 


How executive rewards measure up 


Gross and net pay movements of chief executives 
and average earners (1979=100) 

700. — - I . . _ 


European annual salary bicreasas 

m 

15 — 


chief executive net 



'-SanwJnconneDK^SeAfoesIttana^ - 

Average gross salary rises: Jtdy1992-S3 


Source; European Network flamunaratarv in Europe 


UtIDttes 



Mec hanica l 

engineering 


BeeMcd and 
electronic en gine e r ing 






'• . v* ‘ ••••*♦»— • 

?: sa*; 

. 1 ; ( s i v. .s' . 


&3K 

•42%. 


• Source: P-efatsiwifotei Survoyo* Safari** anti Berniks 



Brown forces issue on to 


By Kevin Brown, 

PoStfeai Correspondent 

Mr Kenneth Clarke, the 
chancellor, struck a populist 
chord - and a blow for his 
prime minis terial aspi rations - 
when he attacked excessive 
boardroom salaries this week. 

But tiie real credit for forc- 
ing the issue on to the pniiffeai 
agenda belongs to Mr Gordon 
Brown, the shadow chancellor, 
who raised it last autumn in 
his shadow Budget 

Mr Brown has concentrated 
his fire on the substantial 
increases in exec u t i ve salaries 
that have occurred in most of 
the privatised water and elec- 
tricity companies. 

He has also pointed out that 
many former cabinet minis- 
ters, including those involved 


in the privatisation process, 
have been beneficiaries. 

However Mr Brown has 
reserved his most pungent crit- 
icism for the discretionary 
share option scheme, ia»m*frgd 
in 1984, which many companies 
use to give executives tax- 
efficient rewards. 

Mr Brown says share options 
worth more than £i2bn have 
been issnad to a small nmnher 
of highly-paid executives, at a 
cost to the exchequer of about 
Elba over the next five years. 

That would provide about 
£20Qm a year if the s efremp was 
abolished - a handy contribu- 
tion to the ElObn a year that 
Labour says can be raised by 
closing tax loopholes. 

Labour’s r-laims have been 
dismissed as fanciful by the 
government, which says that 


most of labour's socalled tax 
loopholes are inventions. 

Ministers also point out that 
Labour is wrong to suggest 
that all the beneficiaries of the 
scheme are highly paid. 

The Inland Revenue says 
that more than 585,000 employ- 
ees were granted options under 
the scheme between 1984 and 
1992, with an average value of 
just under £19.000. 

The scheme is popular with 
executives because the options 
are free of income tax, pro- 
vided they are exercised 
between three and 10 years 
after they are issued. 

It allows for grants of 
options worth up to £100,000, or 
four times the recipient’s sal- 
ary, and the price can be as 
low as 85 per cent of the mar- 
ket value. The only tax payable 


agenda 

is capital gains tax when the 
shares are sold. 

According to the Revenue, 
the tax receipts forgone 
amounts to between £30m and 
£55m a year, the cost was £45m 
In 1991-92, the latest year for 
which figures are available. 

The figures represent the dif- 
ference between the income 
tax revenue which would have 
been payable if the scheme did 
not exist, and the amount of 
CGT actually paid. 

The CGT liability is lower 
fhnn the notional income tax 
liability because no CGT is 
payable on the first £5,800 oE 
taxable gains. 

Labour increases the total of 
revenue forgone by inc luding 
the benefits to spouses of 
option holders, to whom 
options can be transferred. 


Nissan 
falls foul 
in soccer 
land row 

By Chris Tighe 

Sunderland Football Club 
yesterday won an important 
part of its fight with Nissan 
over the club’s plans for a 
£70m sports, entertainment 
and conference centre on land 
beside the Japanese car- 
maker’s £900m plant 

In a report made public 
before next Thursday’s meet- 
ing of Sunderland City Coun- 
cil’s environment committee, 
councillors are recommended 
to give the club's project out- 
line planning approval. 

The recommendation is a 
blow to Nissan, which has 
argned that the complex 
would block expansion and 
jeopardise its component deliv- 
ery and production methods. 

However because the dob’s 
proposal for green-belt land Is 
a major departure from 
Sunderland's present develop- 
ment plan, the application 
must be referred to Mr John 
Glimmer, the environment sec- 
retary, who may announce a 
public inquiry. 

Yesterday the report’s 
author Mr Ed Robson, Sunder- 
land’s director of architecture 
and planning, said It had been 
a difficult decision. Mr Robson 
- a Newcastle United sup- 
porter - was, ironically, 
coordinator for the Wearside 
local authorities which 10 
years ago this month clinched 
the Nissan project, the UK's 
biggest inward investment of 
the 1980s. 

In his report, he says Nissan 
did not indicate when the plan 
for future expansion was being 
prepared; nor could the site be 
protected for Nissan simply by 
withholding planning consent 
for other developments. 

Mr Robson’s report con- 
cludes the application would 
bring significant economic and 
employment opportunities and 
private-sector investment pro- 
vide a major new regional 
facility; and significantly 
enhance the image of Sunder- 
land and the region. 

Nissan said it did not wish 
to pre-judge next week’s deci- 
sion, but welcomed the possi- 
bility of a public inquiry. 


What next as telephones 
head for the museum 


British Telecommunications is 
at a crossroads. Either it goes 
ahead with the next generation 
of network modernisation, or it 
risks being left with local net- 
works inferior to those of the 
cable companies building com- 
bined television and telephone 
networks in Britain's urban 
areas. 

That is the subtext to this 
week's confirmation by BT of a 
series of trials this year into 
video-on-demand and other 
interactive services. 

Until now. BT has insisted 
Licit a government ban on it 
providing entertainment ser- 
vices on its network until at 
least 2001 made it uneconomic 
to invest in taking fibre-optics 
into the local network - the 
critical investment for interac- 
tive network services. 

Instead, it said it planned to 
offer a video-on-demand ser- 
vice using its existing copper 
local network, upgraded with 
ADSL electronics. 

However, in its trials it will 
pilot both ADSL and Gbre tech- 
nologies. In an FT interview 
last week. Dr Alan Rudge, BTs 
development director, stressed 
the commercial potential of 


BT ponders its 
step forward 
in the networks 
race, says 

Andrew Adonis 

fibre not just for entertain- 
ment, but for information and 
travel services. 

Two trials are planned - a 
trial with 70 BT employees in 
Kesgrave, near Ipswich, fol- 
lowed by a commercial trial 
later in the year covering 2,500 
residents. 

For the companies chosen to 
develop equipment, the stakes 
are enormous. Northern Tele- 
com, the Canadian telecoms 
manufacturer, has won the 
contract for the ADSL equip- 
ment. Alcatel, the French sup- 
plier, will provide the fibre 
technology. 

Three US companies - Ora- 
cle, nCube and Apple Com- 
puter - will supply software 
and hardware. Oracle will pro- 
ride software and systems inte- 
gration services; nCube will 


provide multimedia server 
hardware; and Apple Computer 
will supply "set top boxes” to 
decode the digital multimedia 
signals. Whatever system is 
used, the programmers will be 
a critical link in the Chain 

For the initial trial, more 
than 250 hours of programming 
will be available; suppliers 
include the BBC, Carlton Com- 
munications, London Weekend 
Television, Thames TV, Pic- 
ture Music International and 
Granada. BT is also seeking a 
supplier for Hollywood movies. 

Figures in the region of 
£15bn are cited for the cost of 
taking fibre into the local net- 
work nationwide - perhaps 
more if BT derides to go the 
whole hog and lay fibre into 
the home. 

BT can afford such sums 
with Capital investment 
has fallen from £3.lbn a year to 
£2.1bn since 1990, as Its digital- 
isation programme has wound 
down. 

The key question it faces is 
the cost of not investing if 
broadband services take off 
and today’s "plain old tele- 
phone” becomes a museum 
piece. 



Published In Tokyo. Mew Yofk, Frankfurt, Roubalx and Umdon, ft WH be 
road by senior busi n e s s people and government officials In 150 countries 
worldwide. 


It will also be of particular Interest to the 139,000 senior business 
people In the UK who read the weekday FT*. If you wish to reach this 
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CUVE RADFORD on 0272-292565 Fax: 0272-225974 
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Potential 
bidder for 
pit urges 
early sale 

By Chris Tighe 

A potential bidder for the last 
pit to close In north-east 
England is pressing for British 
Coal to start the sale process. 

Mr Crispian Hotson. chief 
executive of the Ryan Group, 
the Welsh-based private min- 
ing company, said yesterday 
bis company had written to 
British Coal asking when and 
how it planned to advertise 
Ellington, in Northumberland, 
for sale and urging it to give 
potential bidders access to the 
pit quickly. 

Ellington closed last month 
with the loss of 1,100 jobs. It is 
being maintained in anticipa- 
tion of a possible sain 

*Tt would be better for all if 
Ellington Is found to have a 
future to embark on it as soon 
as possible,” said Mr Hotson 

yesterday. 

British Coal’s remaining 
working deep mines and its 
opencast operations are to be 
sold in five regional packages. 
Twenty-eight closed pits have 
already been offered separately 
for lease and licence, but three 
which shut very recently, 
including Ellington, are to he 
offered "in parallel” with the 
regional packages. 

The Department of Trade 
and Industry said yesterday it 
had not yet been decided 
whether they would be part of 
the packages. 

The coal industry privatisa- 
tion bill is likely to receive 
royal assent in the summer; 
the DTI expects to invite poten- 
tial bidders for the regional 
packages to register their inter- 
est in a few weeks. They will 
then be given more informa- 
tion. 

Ryan and British Alcan Alu- 
minium - the UK subsidiary of 
Alcan of f tanaria — which uses 
coal from Ellington in its adja- 
cent smelter, announced in 
January they were considering 
a joint bid for the north-east 
package. 

Mr Hotson, who expects 
three or four bidders for Elling- 
ton. said yesterday he was 
"cautiously optimistic” his 
consortium would place a bid. 
But no final decision on Elling- 
ton could be taken until his 
team could get underground. 
He envisaged, he said, signifi- 
cant capital Investment, giving 
Ellington a long-term future. 


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INVESTORS 

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THE CITY INSIDE OUT 



10 


FINANCIAL TIMES WEEKEND MARCH S/MARCK 6 199 ^- 


* 


FINANCIAL TIMES 

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

Saturday March 5 1994 

A question 
of risk 


When central bankers gather in 
Basle on Monday for their 
monthly meeting at the Bank for 
International Settlements, they 
are widely expected to discuss the 
role played by hedge funds during 
the recent upheavals in the mar- 
kets. Given the lack of knowledge 
about these largely unregulated 
and heavily borrowed outfits, that 
is no bad thing. But the central 
bankers might be well advised to 
spend more time on the growth of 
proprietary trading, whereby sup- 
posedly more conventional mem- 
bers of the banking fraternity 
have been backing speculative 
positions in the markets with 
their own capital. 

Both commercial banks and 
investment h anks have reaped a 
rich harvest from trading in bonds 
over the past three years. This 
was partly because fixed interest 
paper underwent a fundamental 
and continuing valuation adjust- 
ment on the basis of the profound 
disinflationary forces that were 
sweeping through the world econ- 
omy. But it also reflected the feet 
that the US Federal Reserve chair - 
man Mr Alan Greenspan had sig- 
nalled to the hanking community 
that it mniri micmatrh the matu- 
rity of its assets and liabilities to 
an unusual degree without losing 
any sleep at night 

As long as the Fed was seeking 
to recapitalise the h anks after the 
debt binge of the 1980s, it was safe 
to borrow short from depositors 
and invest longer in US Treasury 
stock. In effect, it offered a 
cast-iron safety net to bankers and 
anyone else who chose to exploit 
the speculative opportunity in a 
yield curve where short-term 
interest rates were significantly 
below long-term rates. 

What has become apparent 
since the Fed changed the direc- 
tion of monetary policy early last 

month is that this se eming ly risk- 

less form of speculation was a 
much more potent influence on 
bond markets than anyone had 
recognised at the time. That is one 
of the messages in the market 
shakeout. 


Dangerous activity 

No one in world bond markets is 
cushioned from risk any longer. 
The Fed’s gigantic exercise in 
market rigging is over, and bor- 
rowing for speculation in fixed 
interest paper is a dangerous 
activity again. Because they are so 
highly leveraged, the hedge funds 
were quick to feel the pain from 
the Fed’s small increase in rates 
and to appreciate that the rules of 
the game had changed. But there 
is plenty of anecdotal evidence 
that the response from commer- 
cial bankers has been slower. 

In large organisations, success 
provides the material for the cre- 
ation of bureaucratic empires; and 


bureaucrats do not find it easy to 
curtail their own activities. The 
risk is that, while central hankers 
are busy worrying about the 
counterparty risk that commercial 
banks run in d ealing with hedge 
funds, the proprietary traders in 
their own backyard may have 
failed to adjust their activity to a 
new level of risk. 


Remain stagnant 

None of this means that under- 
lying economic factors are irrele- 
vant to recent events in the mar- 
kets. The rise in real bond yields 
around the world from 3 per cent 
to 3'/i per cent clearly owes a great 
deal to fears that the US recovery 
will spark some renewal of infla- 
tion. Te chni cal factors, on the 
other hand, provide the more plau- 
sible explanation for the way 
European bond and equity prices 
have fallen more than those in the 
US over the past month. And it is 
hard to believe that the world is 
heading for a serious capital short- 
age when fiscal policy is being 
tightened across the Group of 
Seven industrialised couhtries, 
with the exceptional of Japan, and 
the Europ ean and Japanese econo- 
mies remain stagnant. 

The disinflationary story 
re mains solid enough. The prob- 
lem for markets is to work out 
what level the story implies for 
band yields now that the pursuit 
of capital gains on leveraged bond 
portfolios has ceased to be a lei- 
sure activity. The problem for 
businessmen is to adjust their 
investment plans to realistic 
expectations about future returns. 
All the signs are that they take a 
different view, in Britain at least, 
from the bond markets. 

To take an obvious recent exam- 
ple, National Westminster Bank 
still feels that it can achieve a 
return on equity of 17.5 per cent 
when the gilt market is assuming 
a long-term rate of infla tion of 
about 4 per cent If the gilt market 
is right. NatWest will have to take 
exorbitant risks to achieve that 
return. Leading British industrial- 
ists appear to be similarly reluc- 
tant to reduce target rates of 
return, which says little for the 
credibility of UK monetary policy. 
Who has it wrong - bond market 
investors or business leaders? 

There can be no short-term 
answer to that question, any more 
than there can be an early end to 
the market upheaval that followed 
the Fed’s change of monetary 
course. Market psychology is 
entirely defensive, with good news 
precipitating price falls just as 
readily as bad news. The panic 
that followed the publication of 
freakishly bad German money 
supply figures this week was a 
measure of the nervous tempera- 
ture of this market The tectonic 
plates continue to shift. 


T here is something per- 
verse about the way 
stock markets as well as 
bonds plunged around 
the world, on news that 
US growth surged to 7.5 per cent In 
the final quarter of last year. 

After all. companies are supposed 
to thrive in a growing economy. It 
boosts their earnings, which ought 
to be good for share prices too. In 
other circumstances news that the 
US was doing well - reinforced as it 
was on Tuesday by a positive sur- 
vey of industrial purchasing manag- 
ers - might have been sufficient to 
send a glow around the world. 

That this tinw was differ ent is a 

measure of how markets lost touch 
with reality as they raced ahead 
late last year. Now. as the shock 
starts to abate, two questions arise. 
Will the liquidity return that fuelled 
that earlier, apparently effortless 
rise? And have markets fallen far 
enrnigh to reflect underlying eco- 
nomic reality once again? 

The US Federal Reserve’s decision 
to tighten monetary policy on Feb- 
ruary 3 was a turning point for 
equities. Since the end of January 
the US equity market, measured by 
the Standard & Poors Composite 
indp» l ha« fallen 4 per cent, but fails 
in Europe have been larger. The 
UK’s FT-SE-A All-Share has fallen 6 
per cent German shares are down 5 
per cent, while French equities 
have fallen by 7. 

Warning signals had already 
appeared in bond markets in Janu- 
ary. These markets, too, had been 
driven up by cash-rich buyers - not 
just US mutual fond investors seek- 
ing a higher return than available 
at home but by large-scale profes- 
sional investors using borrowed 
money to punt on ever-grow in g cap- 
ital gains. 

Because they are so heavily lever- 
aged, such investors, known collo- 
quially as hedge funds, cannot 
afford to let any losses mount At 
the first sign of trouble they must 
often on the instructions of their 
bankers, cover their positions. Once 
that process starts losses can snow- 
ball. Markets then find themselves 
in a vicious downward spiral. 

Insofar as this explains the prob- 
lem, bond markets are not 
reflecting a basic shift. Though 
yields have risen by over 1 percent- 
age point in the UK this year, 
nearly 1 point in France and Ger- 
many and half a point in the US, 
there is no immediate sign of infla- 
tion returning. Indeed, it is likely to 
fell further in Europe. Arguably, 
bonds now offer attractive real 
returns. 

There is little chance hedge funds 
will return in a hurry, though. Nor 
did yesterday's US unampln y mpT»t 


Peter Montagnon examines the storms 
spooking the world’s financial markets 


Taking stock 
after a fright 


How markets lost touch with reality 


Stock markets 

Domt Jones Index 
4000 - - 


Nikkei Average COOO) DAX Index 

21 — »=-— ■ — 2,300 


FTrSE 100 index 



3£00 l 


10 year benchmark bond yields 



sowca; D an a — n 


US 


Germany UK 


data do much to allay fear that 
signs of the US economy over-heat- 
ing could prompt the Federal 
Reserve to tighten further. Not only 
might that choke off the US recov- 
ery. Higher deposit rates would 
reduce the incentive for US inves- 
tors to put money in mutual funds. 
With their $2,000bn assets, these 
funds have been large players in 
world financial markets. They 
might invest less abroad and even 
re patriate existing investments. 

Opinions differ on where the mar , 
kets go from here. “The fundamen- 
tals aren’t bad," says Mr David Hale 
of Kemper Financial Companies. 
“It’s really a psychological shock." 
He believes the speculative froth 


has merely been blown off markets 
previously driven up by a surfeit of 
liquidity. “This situation is still 
very manageable. It’s not something 
which can't be corrected over time. 

Mr Nicholas Knight. London- 
based strategist of Nomura Securi- 
ties, is less sangirinp- “You haven’t 
yet sggn the culmination of this, " 
he says. “The real interest rate 
environment has changed. Period." 

A striking feature of market tur- 
bulence is that prices have been 
pushed lower by selling of futures. 
The volume In cash markpts has 
remained low, suggesting many 
investors still hold more securities 
than they want. Mr Knig ht , more 
pessimistic than most, fears their 


first in clinat inn could he to sell into 
any rally. Even further cuts in 
European short-term interest rates 
would thpn fall to give a sustained 
boost to bonds or equities. 

Perhaps these contrasting atti- 
tudes reflect the feet that the US 
seems less threatened than Europe. 
Markets there have fallen less 
sharply. Economic recovery has 
brought a rise in corporate profits 
which maria the peak pric&eaxnings 
multiple of 26 on US equities look 
less stretched than those in Europe. 

It is still possible that, after act- 
ing early to combat inflation, the 
Fed may have to tighten less this 
timp than in previous cycles. That 
could eventually mean a soft land- 


ing for bonds and equities as “ 
foF the economy- And if ^ves 
tors become more risk averse, th 
first instinct will be to drop more 
exotic investments abroad before 

familiar holdings at home. 

For Europe, still struggling to 
recover from recession, the malaiso 
has* been ill-timed. Stock markets 
across the continent had bee^i 

driven to record levels by the pre- 
sumption of recovery.Thatis now 
threatened by fears that the > FW 
move may delay cuts m Bunpeon 
short-term interest rates andby the 
rise in real long-term rates that has 
occurred in the bond markets. 

“European equities are discount- 
ing high leconomic] growth, which 
we don't think will happen, says 
Mr Richard Davidson of Morgan 
Stanley. Most vulnerable to disap- 


A nother problem is that 
the withdrawal of hedge 
fund buying from the 
bond markets has 
exposed the high bor- 
rowing needs of governments. 
Though the UK covered this year’s 
£50bu borrowing requirement eas- 
ily. funding next year's deficit may 
prove harder even if it drops to a 
forecast E38bn. Higher real interest 
rates may be needed to woo buyers 
of government debt. Savers would 
have less money over for equities, 
whose attraction would di minish . 

Even those who believe European 
bond markets have fallen to the 
point where they offer value are 
uncertain when buying will return 
in force. "No one In the whole world 
would disagree these markets are 
cheap," says Ms Alison Cottrell of 
Midland Global Markets. “People 
just think they’ll get cheaper. So far 
they've been right.” 

Bond markets yesterday recov- 
ered some of their poise since their 
falls in mid-week. Some say this 
could be the first sign of an end to 
the buyers’ strike; others that the 
rise is mainly technical. For a real 
change in sentiment, investors 
must be persuaded that Europe can 
decouple from the US trend, so that 
interest rates can fall again. 

That requires decisive action by 
central banks, which may be diffi- 
cult while the Bundesbank remains 
spooked by 20 per cent growth in 
German money supply. Without 
lower short-term interest rates, 
though, there is little chance of a 
meaningful bond market recovery. 
European economies would also 
continue to stagnate and budget 
deficits to grow. That is not a 
friendly climate for equities. 


hog the limelight 


H edge firnds have been 
widely seen as one of the 
causes of volatility in 
the financial markets. 
Here is a guide. 

What are hedge funds and who 
manages them? 

They are pools of money aggres- 
sively managed by highly paid spe- 
cialists, and are usually highly 
leveraged. This means they use bor- 
rowed money in addition to their 
capital and specialised instruments 
such as futures to increase their 
exposure to the markets, thus mag- 
nifying- potential rewards or losses. 

The hedge fund industry is by no 
means homogeneous. Originally, 
funds were meant to be “hedged" - 
in other words, protected against 
adverse market movements. How- 
ever, the term is often used 
now as a blanket description for 
leveraged fUnds which move in and 
out of the world’s equity, bond, 
currency and commodity markets 



several times a day. 

There are hundreds of hedge 
fUnds, mostly managed in the US, 
where many sophisticated trading 
techniques were developed. Inves- 
tors are usually of the “high net 
worth” variety - individuals who 
can put a minimum of Jim into a 
fund. The headline-grabbers tend to 
be big funds such as George Soros's 
Quantum Fund, which has an esti- 
mated JlObn under management, 
Steinhardt Management, run by 
Michael Steinhardt, and Julian 
Robertson’s Tiger Management But 
there are also scores of relatively 
small funds with ftfrn or less under 
management 

Successful funds with a track 
record of generating average 
returns of more than 30 per cent a 
year have encouraged investors to 


jump on the bandwagon, prompting 
new funds to mushroom. But these 
investments can be risky, and 
result in heavy losses. 

Why are the funds in the news? 
Last year, some funds made gains 
of as much as 70 per cent, having 
positioned themselves for the rally 
in government bond markets and 
the effective breakdown of Europe’s 
exchange rate mechanism. 

But, this year, the funds have 
been wrong-footed by sharp and 
unexpected market movements: the 
Japanese government bond market 
fell heavily in January; the yen 
appreciated against the US dollar in 
February following the collapse in 
US-Japanese trade talks; and the 
snail-like pace of interest rate eas- 
ing by the Bundesbank caused the 
prolonged rally in the European 


government bond markets to stall. 

Heavy losses were exacerbated by 
the highly leveraged nature of the 
funds. To halt losses, some firnds 
started selling, which depressed 
prices in the bond markets. Further 
sales were made to finance posi- 
tions in the futures markets, where 
additional payments have to be 
made when prices fell sharply. 

Why are banks keen to do business 
with hedge funds? 

It is lucrative business: many hedge 
funds trade in large amounts, trade 
often, and trade across a whole 
gamut of products includin g cash, 
futures, options and other financial 
instruments. 

What strategies do they employ? 
Some fund managers track com- 
puter charts showing market move- 
ments, basing investments on 


expectations of small technical 
shifts. Others follow their hunches 
and bet on the direction of currency 
and bond markets based an broad 
economic analysis. 

Do hedge fluids pose a risk to the 
world’s financial system? 

At the moment they are every- 
body's favourite whipping boy. 
True, they pour in or puli out vast 
sums which can rock the markets. 
But banks have also been heavy 
sellers recently. Central banks and 
other regulators have long been 
concerned about market volatility 
and the potential threat posed by 
leveraged financial instruments to 
the financial system. They are also 
concerned that banks, which lend to 
hedge funds, could be hit if firnds 
go under. 

Sara Webb and 
Tracy Corrigan 


4 


4 


0 


MAN IN the News: Michael Heseltine 


Return of Hezza 
the Prezza 


H is cabinet colleagues bad 
approached the Scott 
Inquiry Into arms-re- 
lated sales to Iraq with a 
mixture of annoyance and trepida- 
tion. Mr Michael Heseltine treated it 
as a pleasant day out The president 
of the board of trade took along his 
elegant wife Anne to pose, smiling, 
for ihe cameras before facing his 
inquisitors. He turned in a bravura 
performance. 

The message was clear. If there 
was blame to be apportioned for the 
government’s dubious role in what 
has become known as the arms-to- 
Lraq affair, it would not fall on 
Michael Heseltine. He had played 
by the rules. The bundles of docu- 
ments laid out before Lord Justice 
Scott proved bis point. 

The reaction among Tory MPs in 
the bars of Westminster was 
summed up in one oft-repeated 
phrase: “He's running. ” For what? 
For the key to No 10 Downing 
Street, if the bus chasing Mr John 
Major finally knocks down the 
prime minister. 

Hezza the Prezza had staged 
another political comeback. Prema- 
turely written off after the fiasco 18 
months ago over coal industry clo- 
sures. and once again last summer 
after a heart attack, he is fully 
recovered and is not about to cele- 
brate his 61st birthday this month 
by announcing his retirement 
He is not the fevourite to replace 
Mr Major if a vacancy does arise 
after the Conservatives' expected 
trouncing in this summer’s local 
and European elections. Despite the 
furore over impending tax 
increases, Mr Kenneth Clarke, the 
chancellor, remains the front-run- 
ner. Mr Heseltine deposed Lady 
Thatcher: there are some in the 
party who will never forgive him 
The Prezza. anyway, is dismissive 


of the latest speculation: “1 think 
it’s a lot of garbage," he insists. 
“John Major will lead us into the 
election and he will win it." He will 
campaign hard alongside the prime 
minister in the summer elections. 

Mr Heseltine is similarly con- 
temptuous of rumours he has been 
wining and dining Mr Major's oppo- 
nents on the Tory right He has not 
“People just invent these things.” 

But whatever the protestations, 
he is now rated a strong second to 
Mr Clarke. The bookies have short- 
ened his odds. He is worth a bet 

Mr Heseltine has reinforced that 
point all week. His appearance on 
Monday before Lord Justice Scott 
was followed two days later by a 
combative House of Commons per- 
formance. Brushing aside a Labour 
onslaught on the erosion of 
Britain's manufacturing industry, 
he almost convinced sceptical 
observers that the government had 
a coherent industrial strategy. 

To hear him speak In the debate 
about BMW's recent acquisition of 
the nation’s last volume car manu- 
facturer was almost to believe that 
he had planned the deal himself No 
matter that a few years earlier he 
had insisted that the British car 
industry was a vital strategic inter- 
est. We should not have been sur- 
prised. Mr Heseltine Is a political 
heavyweight in a cabinet with more 
than its fair share of lightweights. 

By Thursday night, he was rumi- 
nating on the future of western cap- 
italism In the annual Lord Stockton 
lecture. It escaped nobody’s atten- 
tion that the man once branded by 
Thatcherites an interventionist 
decided to emphasise the role of the 
private, not the public, sector in 
ensuring future prosperity. He 
attacked overregulation in the 
European Union and even offered a 
hint that he was no longer quite so 



wedded to the European exchange 
rate mechanism. For one seasoned 
Westminster observer it was too 
much: “It’s bloody shameless." 

If Mr Heseltine is to take the ulti- 
mate prize he must win the support 
of the Tory right. His instinctive 
pro-Europeanism and industrial 
interventionism has always been 
shot through with a streak of ruth- 
less nationalism. No harm in 
emphasising that now. 

But it was his appearance before 
Lord Justice Scott that most con- 
vinced Conservative colleagues that 
he is running- The political time- 
bomb in the inquiry is not buried in 
the argument over whether the gov- 
ernment secretly changed the rules 
sales covering defence-related 
equipment to Iraq. The most dan- 
gerous allegation is that ministers 
were ready to see three business- 
men be sent to jail unjustly to cover 
up its own complicity. 

Other ministers, including Mr 
Clarke, who signed Public Interest 
Immunity certificates to withhold 


documents from the court, insisted 
they had no option. Sir Nicholas 
Lyell, the attorney-general, bad 
issued a legal instruction. 

Not so Mr Heseltine. He bad 
strongly resisted the same instruc- 
tion. He had agreed eventually to 
sign only after imposing conditions. 
He had voiced his determination 
not to be involved in any cover-up. 

It was the approach of a battle- 
hardened politician: one who had 
learnt during the row over West- 
land which led to his abrupt depar- 
ture from Lady Thatcher’s cabinet 
in 1986 that you should never take 
unnecessary risks. 

But his evidence outraged Sir 
Nicholas and left a number of col- 
leagues feeling sore. Mr Heseltine 
was cast by the press In the role of 
knig ht in s hining armour - other 
ministers as weak or conniving. Mr 
Clarke, after all, has promised to 
resign if his behaviour is faulted. 

For his part, Mr Heseltine insists 
that the media got it wrong: there 
was nothing in his public evidence 
that had not already been sent to 
the inquiry by his department 

He bad taken a different decision 
about his immunity certificate 
because the secret Whitehall papers 
it covered were more revealing than 
those shown to other ministers. He 
had conveyed his misgivings to col- 
leagues at the time. 

All true, but not enough to con- 
vince everyone of his good inten- 
tions: “I don’t know whether he is 
running. But I do know he didn't do 
the rest of us any favours at Scott,” 
was the judgment of one minister. 

For the moment speculation is 
running ahead of reality. The Con- 
servative party might decide that 
casually discarding another prime 
minister is not the way to win back 
the British electorate. In the event 
of a contest Mr Clarke still has a 
powerful hold over the centre and 
left of the party at Westminster. So 
Mr Heseltine may yet be denied the 
office he has sought all his political 
life. But that is no longer certain. 

Philip Stephens 



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Sgf Land bank increased to 6700 plots 



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R 


Wrinkle, wrangle eastern Star 

Simon Holberton and Kieran Cooke on Murdoch's Asia problems 


ardy has Mr Rupert 
Murdoch had to tread 
so carefully as in Asia 
. this week. 

Attention has focused on the 
role of the Murdoch-owned 
Sunday Times in provoking 
Malaysia into curbing trade 
with British companies. Hie 
London-based newspaper 
alleged that UK businessmen, 
anxious to win contracts in 
Malaysia, were involved in dis- 
cussions about possible under- 
the-table payments to Malay- 
sian politicians, including the 
prime minister. Dr Mahathir 
Mohamad. The Sunday Times 
denies suggesting Dr Mahathir 
sought, or was paid, a bribe. 

But eight months after his 
News Corporation paid $525m 
for a controlling interest in 
Star TV, the Hong Kong-based 
satellite broadcasting com- 
pany, Mr Murdoch’s involun- 
tary role as Dr Mahathir's b&te 
noire is not the only problem 
facing the media mogul, whose 
plans for global expansion 
focus largely on Asia. 

In Hong Kong this week, 
Star has in effect been 
excluded from the nascent 
cable TV market after a dis- 
pute with. Wharf Cable, the col- 
ony's only cable-TV provider. 
The row centred on the terms 
on which the latter might have 
carried its programmes. 

In Taiwan, an important 
business partner has pulled 
out of an agreement to provide 
Star with up to $l20m of adver- 
tising revenue over four years. 

Mr Murdoch's problem is not 
a lack of viewers. An estimated 
200m people In 39 countries 
across Asia and the Middle 
East - including India and 
Chirm, the two most populous 
countries in the world - tunes 
in to Star daily. His difficulty 
is In making the venture profit- 
able. And that requires Mr 
Murdoch - who has made a 
virtue of thumbing his nose at 
the establishment - to find a 
modus vivendi with Asia’s 
political leaders. 

Many of them, like Dr 
Mahathir, who has tried to 
block Star broadcasts to Malay- 
sia. oppose the free flow of 
information. They are sceptical 
about western popular culture 
and have the political power to 
hinder Star's expansion into 
new markets. With China this 
week announcing tighter rules 


on access to satellite television, 
the likelihood is Increasing 
that Mr Murdoch will drop the 
BBC's World Service news 
from Star's network as a sop to 
political leaders unused to 
unfettered news programming. 

The News Cop chief does 
not have much time. The head 
start Star had, as the first sat- 
ellite broadcaster In Asia, is 
being challenged. Time- 
Wamer, the US media com- 
pany, hopes to forge an alli- 
ance with Television Broad- 
casts (TVB) of Hong Kong, the 
biggest terrestrial broadcaster 
in the colony, to launch a com- 
petitor satellite network. The 
US company is discus sing 
investing about $15Gm in TVB 
for a 9J9 per cent shareholding. 

Mr Gary Davey, Star's newly 
appointed chief executive, 
says: "Almost everyone in the 
world media industry is 
talking to each other about 
business ventures in this 
region. This will be the year 
when some of those ventures 
firm up and we have a clearer 
idea what the long-term pic- 
ture will look like." 

Media observers believe that 
a combination of Time- Warn- 
er’s management expertise, 
TVB' 5 contacts in Asia its 
Chinese- language programme 
library will be a powerful rival 
to Star. 

Given the importance of Asia 
to his business strategy, Mr 
Murdoch's decision to set up a 
home in Hong Kong is charac- 
teristic. He moved from Aus- 
tralia to the UK in the 1960s 
after his acquisition of The 
News of Die World; and to New 
York and Los Angeles after he 
embarked on a series of US 
acquisitions in the late 1970s. 

Each venture has brought its 
own set of worries, and Asia is 
no different. This time, the 
Immediate problems include: 

• The setback to Star’s hopes 
of introducing pay-TV caused 
by its dispute with Wharf 
Cable. Star needs to be carried 
by a Hong Kong cable system, 
as cable is the most profitable 
way of distributing and collect- 
ing fees for programmes. In 
theory, Hong Kong, where 
incomes are on first- world 
levels, should have been the 
easiest country in which to 



launch such a service. 

• A decision in January by 
Satellite Television Marketing, 
Star’s advertising sales agent 
in Taiwan, to use the change 
in the broadcaster’s ownership 
as an excuse to terminate an 
agreement to provide advertis- 
ing revenue 
equivalent to 
about a quarter 
of Star's fore- 
cast income 
over the next 
four years. STM 
wanted to end 

the agreement, 

because the tar- 
get sales figures were proving 
over-ambitious. 

The failure of the STM alli- 
ance is a particularly savage 
blow, because Star has, as a 
result, lost its association with 
the Koo family, which owns 
STM and is one of Taiwan's 


Star will have to 
beware of 
programmes that 
offend Chinese 
sensitivities 


most powerful business 
empires. Star is believed to get 
the largest share of its reve- 
nues from Taiwan, a country 
where western companies face 
difficulty in doing business 
without a local partner. Star is 
now trying to sell its 
own advertising 
space In 
Taiwan, having 
decided against 
forming an- 
other alliance. 

• The vulnera- 
bility of Star's 
broadcast lic- 
ence, which Mr 
Murdoch does not own out- 
right He owns 63 per cent of a 
company, which in turn owns 
48 per cent of Hutchvision, the 
holder of the licence to 
“uplink'’ Star's signal from 
Hong Kong to a satellite. 

Mr Li Ka-shing and Hutchi- 


son Whampoa, the conglomer- 
ate he controls, own the 
remaining 52 per cent of 
Hutchvision. This lads of con- 
trol probably explains why, on 
his recent trip to India, Mr 
Murdoch canvassed the idea of 
a separate “uplink” from the 
sub-continent 

• Star is also susceptible to 
political interference. Mr Mur- 
doch is well aware of the hos- 
tility some Asian leaders have 
towards western television. 
Last September, he wrote in 
The Times of London, which 
News Corp owns, that 
advances in communications 
bad proved “an unambiguous 
threat to totalitarian regimes 
everywhere”. 

Subsequently, Mr Murdoch 
has been bulleted by a stream 
of criticism from Asian leaders 
about Star's programming. On 
a visit to India last month, 
where Mr Murdoch met Mr 
P.V. Narasimha Rao, India's 
prime minister, a government 
spokesman said the country’s 
Image was often tarnished by 
bias in foreign medi a. 

Mr Lai Krishan Advani, pres- 
ident of India's opposition 
Bharatiya Janata party, com- 
plained that many of Star's 
programmes were unaccept- 
able and “could have a serious 
impact on the cultural outlook 
of the people”. 

Dr Mahathir says Mr Mur- 
doch and the western media 
are trying to incite unrest: 
“Their main idea is how to cre- 
ate friction and Instability, so 
that if we are unstable, they 
can compete with us." Indon- 
esia, where Mr Murdoch was 
last week talking to local com- 
panies about joint ventures. Is 
also taking measures to control 
satellite broadcasts. 

But the biggest threat to Star 
could come from GMna, both 
in Hong Kong and on the main- 
land. When Hong Kong reverts 
to Chinese sovereignty in 1997, 
Beijing will hold the whip 
hand over the colony's regula- 
tory framework. If Star wishes 
to retain its broadcasting 
licence, which expires in 2003, 
it will have to beware of dis- 
seminating programmes that 
offend Chinese sensitivities. 

On the mainland, the tighter 
rules announced this week by 


Beijing’s Ministry of Radio, 
Television and film will, for 
example, allow access to for- 
eign satellites only to hotels 
catering for foreigners and 
public institutions, such as 
financial, media or educational 
organisations. 

The China Communist par- 
ty’s concerns are likely to have 
been exacerbated by research 
conducted for Star by the Chi- 
nese State Statistical Bureau, 
which showed that the service 
may have up to 100m viewers 

On Hie TTininlartri 

Ms Chen Zhfli, chief of pro- 
paganda for the Chinese Com- 
munist party in Shanghai, said 
recently: “The main task is to 
preserve the national culture 
against pornography and nega- 
tive programmes." Star's 
repeated transmission of BBC 
footage from the Tiananmen 
demonstrations of June 1989 
was an “insult to the Chinese 
people”, she said. 


D 


unrig his India trip, 
Mr Murdoch began 
the process of rap- 
prochement with 
China, saying: “The Chinese 
are very sensitive about inter- 
national news and we have to 
work out a way of dealing with 
this. We haven't yet been able 
to do that.” An indication of 
how far Mr Murdoch is pre- 
pared to go to reach an agree- 
ment will come when he 
decides whether Star should 
continue transmitting the 
BBC’s World Service news. The 
News Corp chief is considering 
dropping the BBC, and either 
airing no news service on Star 
or carrying an international 
version of his European Sky 
news service. 

But complaints about Star by 
Asia's rulers appear to extend 
beyond its news service, 
encompassing the Simpsons, a 
enmie cartoon series about an 
anti-establishment family, and 
much of its predominantly US 
programming. 

As Mr Murdoch roams Asia 
from his new base atop Victo- 
ria Peak in Hong Kong, it Is 
tempting to write off his 
regional ambitions. That may 
be rash, given his reputation 
for pulling off successes in dif- 
ficult circumstances. But the 
range of political and business 
obstacles he faces make his 
task formidable. 


T he talk over the smoked 
salmon and cbablis at Hamp- 
stead dinner parties this 
weekend might revert for the 
first time in six years to a favourite 
topic - UK house prices. 

With the news this week that prices 
were again rising faster than infla- 
tion, for the first time since 1989, 
home owners may be discussing 
trends in the market with a new sense 
of optimism. Between 1983 and 1988 
home-owners saw the nominal value 
of their investment double. 

With the collapse of the housing 
market, prices dropped by about 14 
per cent on average between mid-1939 
and early 1993 - and by double that In 
some areas. Almost 2m people found 
themselves living in homes worth less 
than their mortgage - trapped by neg- 
ative equity. Those who fell behind 
with mortgage payments were unable 
to sell, leading to unprecedented lev- 
els of repossessions. 

Home-owning - seen in the 1970s 
and 1980s as a sure-fire way of making 
money - had lost its lustre. But the 
long-awaited recovery is now under 
way, says Mr John Wriglesworth, 
housing analyst at brokers UBS. 

“We are no longer bumping along 
the bottom of the housing market.” be 
says. "We have now begun to climb 
the hill." 

On Wednesday, Halifax, the UK’s 
largest building society, reported a 12 
per cent rise in house prices in Febru- 
ary, the biggest monthly gain since 
September 1988. The number of homes 
sold has also risen sharply, according 
to the Inland Revenue, which records 
the completion of sales. 

There is good news, too, from the 
construction industry, with builders 
reporting that work started on 186,400 
new homes in 1993 - nearly a fifth 
higher than the previous year. 

But the recovery will be uneven. 


Andrew Taylor and John Willman on a rise in house prices 

The word on the street 


cautions Mr Wriglesworth. Halifax's 
latest figures conflict with a report on 
Tuesday by Nationwide, the country’s 
second-largest building society, which 
said average UK house prices had 
fallen by 0.6 per cent in February. 

The societies' figures for the previ- 
ous two months also differed. But the 
two broadly agree on the annual rate 
of increase. Nationwide reports a 33 
per cent price rise in the 12 months to 
February 1994, Halifax 33 per cent 

This modest growth has been suffi- 
cient to lift some home owners out of 
negative equity. The Bank of England 
estimates the number of households 
stuck in this trap has fallen almost a 
third from the peak. But many others 
will have a long wait until their 
homes are worth more than the 
amount of their mortgage - especially 
if they bought just before prices 

crashed. 

For the 300,000 buyers estimated by 
the Woolwich Building Society to 
have held back from buying dining 
the slump, house prices now look like 
a bargain. The average house price is 
now just over 3% times average earn- 
ings, having peaked at almost 4 'ft 
times in 1989. Today’s low interest 
rates mean the cost of buying a house 
far a first-time buyer is lower than for 
decades - 26 per cent of average 
income, according to the affordability 
index produced by TSB, the bank. 

But no "198te-stylfi housing boom” 
is likely, says Mr Wriglesworth. He 
predicts price rises of 7 per cent for 
each of the next two years as the 
market bounces back, but then “medi- 
um-term stagnation". One reason is 


UK house prices: edging up 


ao— Average price 
Afl houses (COOO) 



the caution of lenders after the slump 
in prices. At one stage, more than 

800.000 borrowers were in arrears 
with mortgage payments. About 

300.000 homes have been repossessed 
over the past five years, leaving build- 
ing societies and banks with large 
amounts of empty property, often in 
poor condition. 

Even If lenders were tempted to 
relax their lending practices, insur- 
ance companies would veto a return 
to loans of up to 100 per cent or more 
of the value of a home. Insurers guar- 
anteed repayment of the top slice of 
such loans through mortgage indem- 
nity polities - and paid oat £2bn in 
1991 and 1992, as repossessed homes 
were sold for less than, the debt on 
them. 

The result is that it is becoming 



difficult to borrow more than 95 per 
cent of the value of a home. First-time 
buyers now need £5,000 for deposit 
and expenses to get onto the bo than 
rung of the ownership ladder. 

The mam dampener on house-price 
inflation over the rest of the decade 
will be decreasing demand from 
younger buyers as a result of the fall- 
ing birth rate, says Mr Martin Ellis of 
Woolwich building society. The num- 
ber of 25- to 29-year-olds - the age- 
group of most first-time buyers - wfll 
fall from 4.7m In 1991 to 3.7m In 200L 

“Over the rest of the decade, we 
expect prices to rise in line with infla- 
tion," says Mr Ellis. 

If that is so, it will be welcomed by 
economists, who believe the 
house price roller-coaster has 
been responsible for’ amplifying 


the stop-go cycle in the UK economy. 

“When house prices forge ahead, 
owners increase their mortgages and 
spend the money on luxury goods," 
says Professor Duncan MacLennan of 
Glasgow University. "In 1988, for 
example, equity withdrawal injected 
over £20bn into the economy, the 
equivalent of over 7 per cent of con- 
sumer spending. 

“When house prices drop, equity 
withdrawal naturally falls, depressing 
demand generally. Home owners also 
tend to save more in housing slumps, 
because they feel less secure finan- 
cially." 

Despite cautious predictions from 
observers, Prof MacLennan worries 
that the underlying causes of instabil- 
ity in the UK bousing market remain. 
Chief among these is the absence of 
alternatives to home ownership for 
most people. 

There are signs the decline in the 
privately rented sectors has been 
halted. But with just 7 per cent of 
homes in this form of tenure, it is one 
of the smallest in Europe. And the 
chances of the sector expanding have 
been diminished by the government’s 
failure to offer tax incentives to land- 
lords. 

As for the public rented housing 
provided by local authorities and 
housing associations, it is subject to 
long waiting lists- Hence it is hardly 
surprising that more than 80 per cent 
of all households say their preferred 
form of tenure remains owner-occupa- 
tion. 

And with home ownership still hov- 
ering at about 65 per cent, there is 
clearly a large unmet demand for 
home ownership that could fuel any 
future house price rises. Dinner tables 
may yet hum to excited talk of 
double-digit house price Inflation 
if that demand is to be satis- 
fied. 


From Matthews to Malaysia 


LETTERS TO THE EDITOR 


1 1 

Spanish demands for fish are a 
hurdle to EU membership, say 
Hugh Camegy and Karen Fossli 


Codswallop - 
but a big deal 
for Norway 


I t is hard to imagine many 
Spanish fishermen want- 
ing to venture to the 
bleak waters of the Arc- 
tic, where the shoals of Norwe- 
gian cod ran beneath the icy 
surface. 

But the fear of raiders from 
the south plundering its jeal- 
ously guarded fish stocks this 
weekend stands between Oslo 
and an agreement with Brus- 
sels on terms for Norway's 
entry to the European Union. 

While its Nordic neighbours, 
Sweden and Finland - 
together with Austria - con- 
cluded accession accords last 
Monday, Norway held out 
against demands, led by Spain, 
that it relax its stubborn insis- 
tence that Is has “no fish to 
give" to the EU’s fishermen. 

To outsiders, Norway’s 
dogged attitude on fish may 
seem hard to fathom. The 
Spanish demand for 14,000 
tonnes a year from Norwegian 
waters compares with Nor- 
way's total annual catch of 
more than 2m tonnes. Fish is 
an important export industry 
for Norway, but it accounts for 
less than 3 per cent of gross 
national product 
Many Norwegians - espe- 
cially in the business commu- 
nity - privately acknowledge 
that to sacrifice 


the political significance of the 
fisheries issue. In 1972. Nor- 
wegians rejected joining the 
European Economic Commu- 
nity, as the EU then was, in a 
referendum, after Brussels 
adopted a common fisheries 
policy without consulting Nor- 
way. 

The prime minister of the 
day. Mr Trygve Brattcli. had 
staked his Labour government 
on winning a Yes vote and was 
forced to quit. Labour was 
deeply split internally on the 
issue, and lost a subsequent 
election. 

It is an experience that Mrs 
Brundtland and her colleagues 
in tbe Labour party do not 
want to repeat With the party 
rank and file, like the elector- 
ate as a whole, still deeply 
divided on the merits of EU 
membership, a “defeat" on its 
fish demands could make it 
almost impossible for the gov- 
ernment to win another prom- 
ised referendum on member- 
ship. 

Mrs Brundtland has there- 
fore been extremely careful 
throughout the application 
process. She has said all along 
that, if she does not win good 
accession terms, she will aban- 
don the process and settle for 
Norway's existing membership 
of the Euro- 
pean Economic 
Area, which 
gives many of 
the trade 
advantages of 
full EU mem- 
bership. 

Bat in spite 
of this tactical 
stance, Mrs 
Brundtland is 
determined to 
get Norway 
into the Union. 
Those close to 
her say she is 
convinced of 
the long-term 
economic bene- 
fits of being 
inside the 
Union, as well 
as the political and security 
advantages for Norway, which 
is a Natn member bordering 
Russia. 

“She also thinks it would be 
a catastrophe - a real catastro- 
phe - for Norway If Sweden 
and Finland join and we find 
ourselves outside and iso- 
lated,” says a senior Labour 
member. Apart from the lack 
of influence Norway would 
then have in Europe, it would 
risk losing investment in the 
Nordic area to its neighbours. 

The three-time prime minis- 
ter - she first held office in 
1981 - has therefore been plot- 
ting to overturn tbe result of 
the 1972 referendum since the 
late 1980s. She secured 
approval for the 1992 applica- 
tion to the EU at a party con- 
vention - thereby gaining an 
important mandate that 
averted internal Labour splits. 
She successfully steered 
Labour through last Septem- 
ber's general election when 
the anti-EU Centre party 
became the second largest in 
the Storting (parliament). 
Labour not only held on to 
office, but increased its num- 
ber of seats. 

That left Mrs Brundtland 
dear to prepare for the pres- 
ent negotiations. The next few 
days will determine .whether 
she has succeeded in winning 
a favourable accession accord 
- as now looks likely - or 
whether she herself will fall 
into the tangled netting of 
Norwegian-EU relations. 


the wider eco- 
I nomic and 
political bene- 
fits of EU mem- 
bership on 
the fishmong- 
er’s slimy slab 
would be a big 
mistake, the 
more so now 
that Sweden 
and Finland are 
well on the 
road to joining. 

Bat few ques- 
tion the politi- 
cal judgment of 
Mrs Gro Har- 
lem Brund- 
tland, the 
prime minister, 
in attaching so 
much importance to winning a 
deal that satisfies Norway's 
demands on fish. 

Though it was long ago 
dwarfed in economic impor- 
tance by the North Sea oil and 
gas industry, fishing has 
remained Important to Nor- 
way. This Is partly for senti- 
mental reasons. The image of 
the rugged fisherman making 
his living on the far-flung 
fringes of northern Europe is 
as much a part of the national 
culture as the tough moon tarn 
skier. 

However, there is also a 
practical issue at stake. A 
broad political consensus in 
Norway favours keeping alive 
the hard-pressed communities 
of the distant northern coastal 
regions - and these communi- 
ties still depend to a large 
extent on the sea fishing 
industry. 

The industry has been in 
long-term decline. This has 
been considerably offset by the 
rapid growth of fish farming - 
but farming still employs only 
about one-quarter of the 
26,000 people who work in the 
fishing fleet Meanwhile, fish 
stocks - and catches - in Nor- 
wegian waters have been ris- 
ing in the past five years 
thanks to Norway’s own quota 
system and stock manage- 
ment Hence it is reluctant to 
make any concession to Brus- 
sels that might threaten tbe 
achievements to date. 

Mrs Brundtland* s minority 
Labour government recognises 



Self-destruct landmines do 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed ana not hand written. Please set fax for finest resolution 

Non- executive directors' input is invaluable 


not guarantee protection 


From Mr David Matthews. 

Sir, I have a customer in 
Malaysia to whom I have sent 
the following letter: 

’’Dear Mr Wong, 

Everyone in this country is 
sorry to hear that Malaysia is 
placing a ban on British prod- 
ucts. in our view totally illogi- 
cally because the English press 
is not controlled in any way by 
the British government. 

“There seems only one way 
for the normal businessman to 
bring this borne to your citi- 


From Mr Sinisa Sank. 

Sir, Doesn’t your editorial 
“False moves in Malaysia” 
(February 28) confirm that 
Kuala Lumpur’s response was 
justified whatever the conse- 
quences? 

The Malay government is 
reacting to the proposition that 
the British and other Western 
governments are more civi- 
lised, have greater respect for 
human rights and generally 
always know better. The con- 
trast between the British 
“free" press and the Malay 
press expresses the same idea: 
"the wogs" do not understand 


zens and 1 am afraid that is by 
the simple decision not to buy 
anything else from your coun- 
try. We will not, therefore, be 
buying any more bookcases 
and it is a pity because they 
are a good product and they 
are beginning to sell well.” 

I suggest that similar letters 
from other readers could only 
be beneficial! 

David Matthews, 

Matthews Office Furniture, 

61-63 Dale St, 

Liverpool L69 2DN 


the subtleties of the demo- 
cratic process. 

It is quite ludicrous to imag- 
ine a "free" British press. Does 
anyone recall the coverage of 
the Gulf war, the grovelling 
before the Cook report, the 
demonisotion of the Serbs? The 
muzzle is in place; the differ- 
ence is that the leash is invisi- 
ble. 

At least the Malaysians have 
shown some self-respect and 
taught the self-righteous a 
lesson. 

Sinisa Sa vie, 

77 Suimyside Road. 

London N!9. 


From Sir David Plastow. 

Sir, I am second to none in 
my admiration of Sir Owen 
Green’s remarkable leadership 
of BTR, but I was disturbed by 
some of the statements he 
made during the Fall Mall Lec- 
ture on UK corporate gover- 
nance last week, as quoted in 
your article “Cadbury Cri- 
tique" (February 25). 

Sir Owen’s lack of enthusi- 
asm for nonexecutive directors 


From Ms Anne Thompson. 

Sir, Nigel Spivey in his 
article “Bronte country can go 
with the wind” (Arts: February 
26/27) is right to send up the 
illustrious literary environ- 
mentalists who wrote to the 
Tunes Literary Supplement on 
February 18 to call upon the 
government to ban further 
wind farms within a 20-mile 
radius of Haworth. 


is clearly the exception that 
makes the role in the context 
of BTR’s splendid financial 
record. 

In bis own words, Sir Owen 
is a “pre-Cadbury practitio- 
ner", and may I suggest that 
he lacks any real experience of 
non-executive director contri- 
butions to company success. 
Having myself served on sev- 
eral listed company boards on 
both sides of the Atlantic I 


It may be that there was no 
place to liberate Emily 
Bronte's mind quite like the 
moorland round her home; but 
that does not mean we can 
expect to liberate oar own 
minds by returning there, still 
less by seeking to ensure the 
skyline does not change. In 
any case, it appears from her 
poems that Emily was more 
Interested in the wind (the 


must say that to suggest that 
nonexecutive directors “must 
blunt the competitive edge and 
deflect the entrepreneurial 
drive which characterises par- 
ticipation. let alone success in 
a free market” Is ill-informed 
nonsense. 

On several occasions I have 
been involved with change at 
the level Of chairman and chief 
executive which was greatly 
welcomed by executive col- 


“blast”) than the ftfc yliwa and 
nobody is suggesting the tur- 
bines damage wind. 

It is possible that, if she had 
been living 150 years later, 
Emily would have approved of 
the wind farms. Charlotte 
Gain in her biography (Oxford 
University Press, 1978 p.142) 
describes how the task of 
investing the legacies she and 
her sisters received from their 


leagues who were unable to 
initiate the necessary action. 

More importantly, in all my 
experience the outside board 
directors have demonstrably 
broadened the vision of the 
board and. above all, encour- 
aged entrepreneurial drive and 
development of the company. 
Sir David Plastow, 

Church Farm Oast, 

Boughton Monchelsea, 

Kent ME 17 4BU 


aunt in December 1842 fell to 
Emily, and how that 
strong-minded person took 
shares for her sisters and her- 
self in the York and North Mid- 
land Railway Company, which 
had been started in 1839. It 
would appear Emily Bronte 
was not afraid of innovations. 
Anne Thompson, 

11 Bettridge Road, 

London SW6 3QH 


From Mr Nicholas Hinton 
and Mr David Dryer. 

Sir, The FT is to be congratu- 
lated for pointing out that 
landmines cause carnage 
among dvilians in many coun- 
tries around the world (“Effort 
for global ban on landmines". 
February 28). The review of the 
international law governing 
the use of landmines, tbe UN’s 
1980 Inhumane Weapons Con- 
vention, beginning in Geneva 
this week, presents an opportu- 
nity to protect future genera- 
tions of civilians from these 
terrible weapons. 

The existing international 
law has numerous faults. It 
only seeks to restrict the use of 
landmines, not their produc- 
tion and export. Restricting 
use is an almost futile task 
once they are in the hands of 
most of the world's combat- 
ants, especially given that 
there is no monitoring or 
enforcement system. Further, 
existing law applies only to 
international conflicts, when 
the great majority of anti-per- 
sonnel mines are used in inter- 
nal conflicts. 

Your article mentions that 


anti-personnel mines might be 
improved by adding self-de- 
struct mechanisms. We have 
grave reservations about an 
exception being made for such 
devices. Self-destruct mecha- 
nisms are not foolproof. Inde- 
pendent experts estimate that 
failure rates are likely to be 
about 10 per cent. Thus, a 
minefield originally containing 
100 mines will still contain 10 
deadly mines. The land will 
still be a death-trap, unusable 
to locil populations. 

And mine clearance 
operations will still be danger- 
ous, expensive and time-con- 
suming, since it must be 
assumed that every mine is 
still armed. For the first time 
in more than a decade, 
national delegations attending 
the review process, including 
the UK delegation as observ- 
ers, have the opportunity sig- 
nificantly to tighten the pres- 
ent UN Convention to protect 
innocent civilians. It would be 
a tragedy not to do so. 
Nicholas Hinton, 

Save the Children Fund 
David Bryer, 

Ozfam 


A lesson for the self-righteous 


Emily Bronte would very likely have approved of wind farms 




COMPANY NEWS: UK AND IRELAND 


US advance helps lift 
Cookson 59% to £95m 


By Paul Taylor 

Strengthening US markets, 
particularly in the final quar- 
ter. helped Cookson Group, the 
specialist industrial materials 
company, to report a 59 per 
cent increase to £95m in pre- 
tax profits for 1993. 

The results compared with 
restated profits of £59.9m and 
highlighted the refocusing of 
the group over the past few 
years under Mr Richard Oster, 
chief executive. 

Earnings per share rose by 
51 per cent to lilp i8p) and the 
proposed final dividend is 
lifted 10 per cent to 3 Jp. mak- 
ing a total of 6.3p <6p>. 

The shares gained 13p to 
266p. 

Cookson's electronic materi- 
als and plastics businesses, 
bath of which have a large 
presence in the US, led the 
advance with operating profits 
up 63 per cent and 48 per cent 
respectively. 

Turnover increased by 16 per 
cent to £1.43bn (£l.24bn) 
including £759 from the US. 

Mr Oster said the market 
growth experienced by the 
group in the US and east Asia 
during the first half of 
1993 continued and, in some 
markets, strengthened in the 


By Janies Buxton, 

Scottish Correspondent 

Scottish Power believes it has 
accelerated its expansion into 
the English electrical goods 
retail market by several years 
through the acquisition yester- 
day of 50 out-of-town super- 
stores from the receivers 
of the Clydesdale Group, which 
collapsed at the end of Janu- 
ary. 

The deal, along with the sale 
of Clydesdale's rental book for 
£&3m to UK Consumer Elec- 
tronics, part of Granada Group, 
means the break-up of the 
Clydesdale chain which failed 
because of under-capitalisa- 
tion, poor sales, and a costly 
expansion programme in 
England. 

Grant Thornton, the receiv- 
ers. should realise up to £42m 
from the two deals, and hopes 
eventually to achieve asset 
sales of about £70m. Creditors 
are owed about £80m. 

It said the bid from Scottish 



US and east Asia continued 
second half. 

Commenting on the outlook, 
he said: “So far in 1994, market 
conditions remain s imilar to 
those experienced in the last 
quarter of 1993. The US contin- 
ues to perform strongly in 


Power was the best of three 
substantial offers. 

The purchase of the super- 
stores in the Midlands and the 
north of England Is part of a 
deal worth up to £34m under 
which Scottish Power will 
acquire 36 superstores in 
England and 14 in Scotland. It 
will pay £16.9m for the stores 
themselves, and up to £17m for 
their stock, subject to a physi- 
cal check. 

The deal means that Scottish 
Power will increase the num- 
ber of its superstores In 
England Cram two to 38, and in 
Scotland from 12 to 26. Its 
retail operation, which 
includes a number of stores 
selling brown as opposed to 
white goods, as well as 90 high 
street shops, made an operat- 
ing profit of £4.5m last year on 
sales of £90-2m. 

Mr Duncan White, one of 
Scottish Power's two chief 
operating officers, said yester- 
day that it had been proving 
difficult to secure the space it 


most areas, the UK Is improv- 
ing and continental Europe 
appears, on the whole, not to 
be getting any worse". 

The disposal of non-core 
businesses added about £7 5m 
to the pre-tax result Excluding 
these gains, and the effects of 
currency movements, pre-tax 
profits increased by 34 per 
cent. At constant exchange 
rates turnover increased by 5 
per cent and operating profits 
were 18 per cent higher. 

Overall, operating profits 
grew by 32 per cent to £ll05m 
(£83. 4m), which helped lift the 
return on sales to 7.7 per cent 
(6.7 per cent). 

Electronic materials contrib- 
uted £36.7m (E22Jm) to operat- 
ing profits while plastics pro- 
vided £19.7m f£13.3m). The 
ceramics division was fiat at 
£34. 7m (£34. 4m) while engi- 
neered products, buoyed by the 
US-based precious metals busi- 
ness, improved to £i9.4m 
(£13. 3m). 

Net interest costs declined to 
£23.4m (£27.2m). 

Following the successful 
£ 185.6m rights issue a year ago 
and the sale of some non-core 
businesses, year-end gearing 
dropped from 76 per cent to 28 
per cent 

See Lex 


needed for its expansion on 
retail parks. That problem was 
now solved, he said. 

The company said it was not 
able to bid for the whole group 
because that would have raised 
monopoly issues with the 
Office of Fair Trading, given 
its market share in the Scot- 
tish white goods market esti- 
mated at over 30 per cent It 
held discussions with the OFT 
prior to concluding the deal 
with the receivers to establish 
what would be acceptable. 

The receivers are negotiating 
with potential purchasers of 
Clydesdale's loan book, which 
it hopes will realise £25m, and 
have received expressions of 
interest for some of the high 
street stores. 

Mr Allan Griffiths, one of the 
receivers, said the deals with 
Scottish Power and Granada 
would secure the jobs of 600 of 
the 1,400 Clydesdale employ- 
ees. Consultations with staff 
on possible redundancies mil 
begin on Monday. 


Turnround 
to £15.8m at 
Hambro 
Countrywide 

By Simon Davies 

Hambro Countrywide, the 
estate agent and financial 
services chain, yesterday 
announced its return to profit- 
ability In 1993, as a result 

of Increased house sales and 
profits from investment dis- 
posals. 

Mr Harry H1U, joint manag- 
ing director, was confident of 
strong sales growth In 1694, 
and said the company was 
keen to acquire a sizeable 
estate agency chain to 
add to its network of 446 
offices. 

The company reported pre- 
tax profits of £15-8m (£ 1.58m 
deficit) last year, after five 
consecutive years of losses. 
Turnover rose from £90J8m to 
£9 65m. 

The results were signifi- 
cantly lifted by the £12m 
profit from the sale of invest- 
ments in Ham bro Legal Pro- 
tection and Hambro Country- 
wide Security. 

The estate agency division 
cut losses from £135m to £2m, 
and has started to open new 
offices, reflecting renewed con- 
fidence after years id retrench- 
ment. 

The company owns Hambro 
Guardian Assurance, which 
became a fully-fledged life 
assurance company In October 
upon the expiry of a five-year 
link with Guardian Royal 
Exchange on reassurance and 
policy administration. 

Life assurance activity con- 
tributed a pre-tax profit of 
£10.7m (£105m), and Mr HH1 
expected the decoupling from 
GEE to boost profitability. 

Hambro's strategy is to sell 
financial services, mortgages, 
and property-related services 
through its estate agency net- 
work. The key to rising profits 
Is, therefore, rising house 
sales. 

During 1993, Hambro sold 
47,275 houses, a 21 per cent 
increase over 1992. 

In the first two months 
of the current year, Hambro 
has achieved a 34 per cent 
increase in the number of 
house sales in the hands of 
solicitors. 

Hambro is cash nentraL Mr 
HiU said the company was 
keen to pick up 200 to 300 new 
offices from one of several 
unwilling owners of estate 
agency chains. 

A final dividend of 0J25p is 
proposed, making a total of 
0.75p for the year. Earnings 
per share amounted to 4.43p 
(0.67p losses). 


Scottish Power accelerates 
growth with Clydesdale buy 


Tussauds invests £28m 
in Spanish theme park 


Inspec market float 
gives £100m valuation 


By Tom Bums In Madrid 

The Tussauds Group, a 
subsidiary of Pearson, owner 
of the Financial Times, is 
investing up to £33m in a 
theme park that will open at 
the resort town of Salou, south 
of Barcelona, next spring. 

The UK group is to make an 
initial £27.5m investment to 
acquire a 40.01 per cent stake 
in the theme park, known as 
Tibi gardens, with an option to 
acquire a further 10 per cent 
within five years of its open- 
ing. 

Tussauds will obtain the 
contract to manage Tibigar- 
dens and provide £9.8m in 
loans for start-up costs. The 
venture represents its first big 
move outside the UK where it 
owns Alton Towers and Ches- 


sington World of Adventures. 

Tibigardens is a smaller 
scale Euro Disney and aims to 
draw some 3m visitors from 
April to October. 

A key attraction for Tuss- 
auds is understood to be the 
potential partnership possibili- 
ties it offers with Anheuser- 
Busch, the US food and drinks 
group whose leisure arm, 
Busch Entertainment, 
designed Tibigardens and 
owns 20 per cent of its equity. 

Busch Entertainment runs 
nine theme parks in the US 
and chose Salou as its first 
European investment shortly 
after Walt Disney opted for 
Marne La Vallte, near Paris. 

The other shareholders are 
La Caixa, Spain's leading 
savings bank, and Fecsa, the 
local electricity utility. 


By David Wighton 

Inspec Group, the speciality 
chemicals company which was 
a £40m buy-out from British 
Petroleum 18 months ago, con- 
firmed that it is coming to the 
market via a placing and inter- 
mediaries offer valuing it at 
over £100m. 

The flotation will raise just 
under £50m - the limit for an 
intermediaries offer - of which 
about £37m mil be new money. 
The offer price will be 
announced on March 17. 

The FT-SE 100 index has 
fallen almost 6 per cent since 
Luspec announced its plan to 
go pubLic a month ago, but Mr 
John Hollowood, chairman, 
said the market weakness 
would have little impact on the 
flotation. 


Inspec will use the proceeds 
to pay off expensive buy-out 
debt and £5.45m of deferred 
consideration to BP. 

Following the flotation, there 
will be debt of some £7m and 
net assets of £22m, to give 
gearing of about 32 per cent 
Mr Hollowood said that after- 
tax profits for 1993 would have 
been £7.5m on a pro-forma 
basis, including a full year 
from recent US buy Ailco and 
flotation proceeds. 

Sir Charles Tidbury, former 
chairman of Whitbread, has 
joined the board as non-execu- 
tive deputy chairman and Mr 
Julian Sheffield, chairman or 
Portals, is to be a non-execu- 
tive director. 

The flotation is being han- 
dled by Morgan Grenfell with 
Cazenove as brokers. 


Henlys recovers 


By Paul Taylor 

Henlys Group, the motor 
trading and bus and coach 
manufacturing and distribu- 
tion company, plans to raise 

eas-ftm through a l-for-4 rights 

issue at 2S0p. 

The group, which yesterday 
also reported 1993 results 
showing a profits turnround 
and a raised final dividend, 
said proceeds would be used to 
strengthen the balance sheet 
and to expand the core motor 
division, both organically and 
through acquisition. The 
shares rose 7p to 352p. 

Higher new and used car 
sales and a turnround in the 
bus and coach business under - 
pinned the recovery. Pre-tax 
profits of £7.3lm compared 
with a restated loss of £2.0Sm 
in 1992 when the group was hit 


by £2.18m of exceptional 
charges. Including costs of 
fighting off a hostile takeover 
bid from T Cowie. 

Turnover grew by 12 per cent 
to £3725m (£331.lm), led by the 
motor division which lifted 
sales from £265 5m to £30Sm. 
Operating profits more than 
doubled to £9.17m (£LSm) with 
the motor side contributing 
£7 .28m (£5. 77m). largely as a 
result of improved trading. 

New vehicle volumes 
increased by 18 per cent with 
retail sales up 13 per cent, 
while used car volumes grew 
by 19 per cent 

Coach manufacturing and 
sales operations recorded an 
£ 1.89m operating profit, com- 
pared with a £1.97m Iras, on 
turnover little changed at 
£66 5m (£65.9m). Yesterday the 
group acquired from Charter- 


and seeks £26m 


house Development the SO 
cent of the Roadlease Con- 
tracts financing business 
which it did not already own 
for £50,000. 

Pre-tax profits were further 
boosted by a £250,000 gain on 
property disposals, a £286.000 
(£257,000) share of profits of 
Roadlease and a sharp reduc- 
tion in net interest costs, 
which fell to £2.4m (£3.95m>. 
reflecting lower interest rates 
and reduced borrowings. 

Net borrowings rdl by £9.7m 
to £16. lm at end-December. 

representing gearing of 32 per 
cent. Proceeds of the rights 
issue, fully underwritten by 
Charterhouse, will be used to 
virtually eliminate term debt, 
reducing gearing to about 2 per 
cent 

panmure Gordon is stockbro- 
ker to the issue. 


i COMMENT 

although the resurgence or the 
ar market has helped. Henlys' 
nanagement deserves credit 
or steering the group back to 
jrofit. Although some SO per 
*nt of group profits now come 
: rom sources other than new 
■ars forecourt sales still drive 
he rest of the motor business, 
rhe rights issue is well timed 
md deserves support since it 
ihould enable the group to 
ully capitalise on the recover- 
ng market and to expand geo- 
'raphicallv through acquisi- 
tions. Pre-tax profits could 
each about Ell.Tra this year 
iroducing earnings of 19p 
md the board is predicting 
r gp of dividends. The shares 
iave gained almost 250p over 
i i* months nnd now 


James Crean in the black with I£15.9m 


By Tim Cootie in Dublin 

A turnround from pre-tax losses of 1£ 15.4m 
to profits of I£15.9m (£15.3m) was 
announced by James Crean, the Dublin- 
based industrial holding company, for the 
year to December 3L 

The 1962 loss was after an exceptional 
IE32.4m charge for the write-off of IAS, an 
aircraft leasing subsidiary. There was an 
exceptional I£300,000 char ge in 1993 relat- 
ing to a disposal 

Operating profits dropped by 8 per cent 
to TE2!>-3m on' turnover up 8 per cent at 
l£245m. 

The company said that competitive mar- 
ket conditions had squeezed mar gins, espe- 
cially its office products division. 

However, Mr Brian Molloy, chief 
operations officer, pointed to the overall 
sales growth across the group which he 
said was indicative of a lifting of recess- 


ionary conditions and should bring “a 
sharp upswing in marg ins" in Its wake. 

Net borrowings at the year-end were 
I£77-8m (l£69.7m). Last month the group 
announced a 35-for-100 rights issue, 
together with a convertible loan stock 
issue, to raise a total of I£62iSm before 
expenses. This will be used to reduce gear- 
ing to 40-50 per cent, leaving between 
I£15m and lESSm for acquisitions being 
sought in the food sector in the US and 
electrical wholesaling sector in the UK. 

Inishtech, the 70 per cent-owned subsid- 
iary which earlier this week announced an 
11 per cent growth in pre-tax profits to 
I£8m, contributed 40 per cent of Crean's 
profits. Crean has amynmi-wd its intention 
to acquire the remaining 30 per cent of 
Inishtech through a share swap, but Inish- 
tech's independent directors have now 
indicated that they will seek a cash alter- 
native in any offer. This could absorb a 


s ignifican t part of the funds being raised 
for other acquisitions. 

Earnings per share, after goodwill amor- 
tisation and exceptional, were 20.6p (76.1p 
losses). Unadjusted earnings were 27.4p 
(29Jp). 

A final dividend of 7.S65p (4.635p) is rec- 
ommended for a total of I3.5p (12.5p). 

• COMMENT 

Crean has seen its turnover almost double 
in the past five years, but profits and earn- 
ings per share have been declining since 
1989 while gearing has leapt to 83 per cent 
Sha reholde rs are now to be called upon to 
clean up the balance sheet, through a 
rights issue at a tempting 20 per cent 
discount to the current share price of 32Sp. 
Fully diluted earnings of 25p per share can 
be expected in 1994, giving a prospective p / 
e of 13, cheapish for the sector, but maybe 
rightly so given performance to date. 


Union launches £10.9m rights issue 


By Simon Davies 

Union, the City discount 
house, yesterday announced a 
£ 10.9m rights issue to restore 
shareholders’ funds fallowing 
its disastrous foray into asset 
leasing. 

The 2-for-5 issue is priced at 
I50p, and up to 7.6m new 
shares will be issued. 

The shares fell 6p to I76p. 

The announcement follows 
Union's recent return to profit- 
ability under a revitalised 
management Mr George Blun- 
der!, chief executive, described 
the cash call as a "balance 
sheet reb uildin g exercise". 


He said Union's discount 
house had been forced to turn 
down orders because of Rank 
of England regulations on capi- 
tal adequacy. Shareholders’ 
funds had fallen from £81m to 
£37^m between 1991 and 1993. 

The cash call may prove to 
be an interim measure, as it 
will shore up capital in exist- 
ing discount operations, rather 
than fund development of new 
fee earning businesses. 

“The future growth is about 
fee earning services, not rais- 
ing capital to build trading 
positions in the market”, Mr 
Blunden said. 

The rights issue represents 


the final stage in a turnround 
in Union’s business since Mr 
Blunden joined the board in 
June 1992 from Warburg Secu- 
rities' discount house. The 
company suffered pre-tax 
losses of £24m and £3 6m in 1991 
and 1992 respectively, resulting 
from the poor performance of 
its asset leasing businesses. 

New managp.ment was forced 
to sell businesses to survive, 
including Winter-flood, the 
profitable stockbroking subsid- 
iary. 

The company plans to build 
upon its long-established 
money markets client base, by 
developing fund management. 


equity and gilt-edged market- 
making , derivatives and con- 
sultancy businesses. 

Its discount house and leas- 
ing business provided the bulk 
of the £4.5m pre-tax profit in 
1993, but future growth will 
come from new businesses. 

Analysts expect profits to 
reach £6m in the current year, 
and initial forecasts suggest 
the 1995 outcome should 
exceed £7J2m. On a post-rights 
price of 168! ip. the shares are 
trading at a p/e of 10.5 and a 
discount to an adjusted net 
asset value per share of L82p. 
Brokers expect the issue to be 
strongly supported. 


Restructuring costs push 
Coutts Consulting into red 


By David BtackweH 

Restructuring costs pushed 
Coutts Consulting Group, the 
career consultancy, outplace- 
ment and residential training 
company, £4£9m into the red 
at the pre-tax level for the year 
ended December, against a 
profit of £ 1.22m last time. 

At the operating level, how- 
ever, the group was £701,000 in 
the black, including an £823,000 
loss on discontinued 
operations, mainly accounted 
for by the bank training divi- 
sion, sold to Euromoney Publi- 
cations last June. This com- 
pares with £1.7Tm, including a 
lass on discontinued 
operations of £616,000, in 1992. 

Turnover from continuing 
operations climbed from 
£14Jlm to £16.7m- Discontinued 
operations contributed £L75m 
this time, compared with a pre- 
vious £4.77m. 

The career management and 


outplacement operations 
increased profits from £2. 19m 
to £2.33m before exceptional 
operating costs. Turnover in 
the division rose from £11 .9m 
to £14.1m. 

Sir Kit McMahon, Chairman, 
said that the problems which 
had been bolding the company 
back had been resolved. 

Orders and management fig- 
ures for the first two months of 
this year "are both encourag- 
ing and our cashflow is 
strong”. 

The group said all tfr** main 
objectives of the reorganisation 
had been achieved - the termi- 
nation of its costly long-term 
lease in London's Docklands, 
which resulted in a total 
charge of £6.45m; the capital 
reconstruction that had been 
hampered by Mr Barry Topple, 
the former chief executive; and 
the disposal of the training 
division, which resulted in a 
£ 1.29m gain. 


Debt has been reduced from 
£6.28m in June to just over 
£6m at the end of the year, and 
the group expects the strong 
cashflow to continue the reduc- 
tion. 

The £lJ5m proceeds from the 
sale of Winkfield Place, expec- 
ted to be completed at the end 
of this month, will also be used 
to reduce borrowings. 

Losses per share were 2Q.56p, 
compared with earnings of 
L85p. 

Sir Kit said the board was 
“devoting Its efforts” to the 
need to pay off arrears on the 
preference dividend and to 
resume ordinary dividends. 

The group said all outstand- 
ing issues with Mr Topple, who 
owns 70 per cent of the 
preference shares, had been 
resolved. 

He has been paid £180,000 for 
the termination of his contract 
and been recompensed for 
same legal expenses. 


NTL expands 
in £6.6m deal 

NTL, the broadcast 
transmission and telecommu- 
nications company, has bought 
an organisation specialising in 
mobile communications for 
emergency services in a £6.6m 
deal, writes Raymond Snoddy. 

DTELS was a government 
agency which used to be part 
of the Home Office. It installs 
and maintains mobile commu- 
nications from 56 sites around 
the UK and employs nearly 
500 people. 

The deal means that NTL 
will be the majority supplier 
of mobile communications for 
the emergency services. 

A total of seven bids wore 
received for DTELS, although 
in the end the battle was 
between NTL - which is expec- 
ted to have a turnover of 
about £i20m this year - and 
Pell Frischmann, the consult- 
ing engineers. 

Later this year, NTL will 
consider whether to apply for 
a flotation following comple- 
tion of three years' accounts 
as a private company. 


Litho Supplies up 30% as 
sales start to improve 


By Thn Burt 

The first signs of recovery in 
the commercial printing indus- 
try helped boost profits by 38 
per cent at Litho Supplies, the 
printing products distributor 
which came to the market last 
November. 

Maiden results of the Mid- 
lands-based group showed pre- 
tax profits ahead to £4.63m 
(£3.35m) in the 12 months to 
December 31. 

The rise was fuelled mainly 
by rising sales in southern 
England in the last quarter, 
which helped overall turnover 


ML Laboratories has signed 
the long-awaited worldwide 
marketing deal for I codextrin, 
its glucose polymer solution 
for use in kidney dialysis, 
writes David Wighton. 

It is to form a joint venture 
with Fresenius of Germany, a 
world leader In dialysis, which 
will have the exclusive rights 
to sell icodextrin in ail markets 
apart from Japan. 


improve 10 per cent to £60 Jim 
t£54.7m>. 

Mr John Byford, joint man- 
aging director, said that before 
last September - when demand 
started to increase - trading 
conditions had been patchy at 
best. 

“We began to see an upturn 
at the end of last year, but it 
has not been a dramatic 
improvement,” he said. 

The pick-up. however, was 
enough to push year-eud prof- 
its 7 per ceut ahead of flotation 
forecasts of £4.33m. 

Of the three distribution 
arms, sales by the electronic 


Icodextrin is addressing the 
£500m a year market for solu- 
tions used in continuous ambu- 
latory peritoneal dialysis, 
which cleans the blood of kid- 
ney patients without the use of 
expensive dialysis machines. 

Icodextrin will be launched 
in the UK in May and ML 
hopes to gain approval in other 
European countries within the 
next few months. 


equipment division showed the 
sharpest increase, up 87 per 
cent to £8.4m (£4J>m). 

Turnover rose by a more 
modest 4 per cent in consum- 
able products such as film, 
chemicals and printing plates. 
The division continued to dom- 
inate the business, accounting 
for £49.1m (£47J3m) of sales. 

Mr Byford said an improved 
performance by these two busi- 
nesses helped offset weak sales 
of traditional printing equip- 
ment, down £200,000 at £2.7m. 

Together, the divisions con- 
tributed to a 21 per cant 
Increase in operating profits to 
£5.7m (£4.72m). 

The results were also 
boosted by a cut in interest 
payments following the group’s 
decision to use most or the 
proceeds of last year's £14.lm 
placing and intermediaries 
offer to cut borrowing to £2.Im 
{£10m). 

Earnings per share were 
12.9P (8.6p) and a dividend of 
0.7p is payable for the period 
between flotation and the year 
end. 

The shares, placed at 190p 
last vear, were unchanged at 
274p. 


ML signs Icodextrin deal 


British Data 
ahead 10% 
at £1.75m 

Pre-tax profits of British Data 
Management, the specialist 
data management and storage 
group, showed a near-10 per 
cent improvement from £1.6m 
to £ 1.75m in the six months to 
end-December. 

Turnover increased to £8.I8m 
(£7.04m), reflecting a full con- 
tribution from the three com- 
mercial data management busi- 
nesses acquired last year. 

At the operating level profits 
rose to £2.0Gm (El. 65m), princi- 
pally because of the replace- 
ment of rental charges with 
correspondingly higher inter- 
est costs from the acquisition 
of property previously held on 
leasehold terms. The interest 
cost on the acquisition loans 
amounted to £210,000, pushing 
the total charge up from 
£53,000 to £311,000. 

Earnings per share were 5.7p 
(&3p). The interim dividend is 
raised to l.85p (l-6p). 

Goldsborough even 
on first day dealings 

Shares of Goldsborough 
Healthcare, the nursing homes. 


hospitals and homecare group, 
ended their first day of deal- 
ings at 170p, equal to the issue 
price. 

Although opening below the 
issue price, and touching a low 
point of 158p, the shares recov- 
ered during the afternoon. 

The public offer part of the 
flotation had been marginally 
undersubscribed and the pric- 
ing had been criticised for 
being a few pence too greedy. 

Net asset boost for 
Latin American 

Latin American Investment 
Trust had a set asset value of 
$2.82(1.79p) per share at Decem- 
ber 31, against $1.83 a year ear- 
lier - a rise of 43 per cent. 

The fully diluted figure was 
$2J32 ( $1.69). 

Attributable revenue 
amounted to $240,000 (losses of 
$175,000) for earnings of 0.32 
cents per share (losses of 0.23 
cents). 

Lloyds Smaller net 
asset valne up 36% 

The split-capital Lloyds 
Smaller Companies Investment 
Trust saw its net asset rise 36 
per cent over the 12 months to 
January 31. 

The rise - from 97.5p to 
I32.7p per capital share - nar- 


NEWS DIGEST 


rowly outperformed the FT-SE 
Small Cap excluding invest- 
ment trusts, which rose 35 per 
cent over the same period. 

Net revenue declined to 
£867,000 l£U33m) for earnings 
per dividend share of 3.53p 
(4-21 p). The final dividend is 
maintained at L85p, bringing 
the total to 3.6p (3-55p). 

Smaller Companies 
IT asset value ahead 

Net asset value per share of 
Smaller Companies investment 
Trust rose by 74 per cent from 
84.lp to I40.4p over the year to 
December 31- Fully diluted, the 
value rose by 67 per cent to 
140.7p. 

Earnings per share fell to 
3!04p <3.i9p) and again no final 
dividend is proposed. Interims 
totalling 2.6p (same) have been 
paid. 

Albert Fisher 
buys Campbell arm 

Albert Fisher, the food process- 
ing and distribution group, has 
acquired Campbell Chilled 
Foods, a subsidiary of Camp- 
bell's UK. for a maximum of 

£6 5m 

The consideration comprises 
£5 .6m cash together with the 
assumption of £900,000 of debt 
- subject to final adjustment 


based on net assets at comple- 
tion. 

Campbell Chilled Foods 
trades under the Wrights of 
York name and had operating 
profits of £886,000 on turnover 
of £12m in the year to August l 
1993. 

Waterman Partners 
nearly doubled 

Waterman Partnership Hold- 
ings, the consulting engineer, 
nearly doubled pre-tax profits 
from £56,000 to £106,000 in the 
half year to December 31. 

In London the group contin- 
ued to trade profitably and a 
number of new commissions 
were won. However, the vol- 
ume of international work 
decreased because of recession 
in western Europe and political 


instability in Russia. 

Turnover rose to £3.98m 
(£3. 62m). Earnings per share 
were static at 0.2p and an 
unchanged interim dividend of 
0.5p is declared. 

Murray Inti net 
assets at 382.6p 

Murray International Trust 
reported net asset value per 
share of 382.6p at December 31 
up from 293.2p a year earlier. 

Net revenue for 1993 name 
out at £ 13.2m (£L3m) for earn- 
ings per share of u.ip (l0.9p) 
or 10.95p (10.75p) assuming full 
conversion of the B shares. 

As forecast the final divi- 
dend will^be 35p for a total of 
11. 6p. It is now forecasting a 
final for 1994 of 3.5p for an 
unchanged total of ll.6p. 


DIVIDENDS ANNOUNCED 


British Data 
Cookson 


Current 

payment 


Data of 


-int 

-fin 


1.65 

3.3| 


Craan (Jamas) fin 7.865*+ 

[*nibroCM»Wo fin OKf 

jwrays — — fi n 3 

Litho Supplies fin q.7V 

UoyrtaSmafler fin 1-8 J 


Smaller Cos FT fin 

Waterman Pnrtshp__int 


Apr 28 
July 1 
July 29 
July 4 
Apr 12 
May 30 
May 0 


05 Apr 15 



Correa - 

Total 

Total 

ponding 

for 

last 

t dividend 

year 

year 

1.5 

* 

4.75 

3 

6.3 

6 

4.635 

13.5 

12.5 

nfl 

0.75 

0.05 

2 

4.5 

3 

- 

0.7 

- 

1.85 

3.6 

3.55 

- 

2.6 

2.6 

0.5 


1 


v™r from flotation lo December 31 . 


pence. 





jlNANClAX. TIMES WEEKEND MARCH 5/MARCH 6 1994 


Credit Suisse 


iq. 


lihts j 


*SSUt 


rises 53% despite 
provisions jump 


By Ian Rodger in Zurich 

Credit Suisse, the flagship 
universal bank within the CS 
Holding financial services 
group, has reported a S3 per 
cent rise in consolidated net 
income in 1993 to SFrl.46bn 
t?L02bn> in spite of an 81 per 
cent jump in loss provisions to 
SFrSLffim. 

The figures are distorted by 
the effects of the acqui si ti o n of 
Swiss Volksbank early last 
year, although the main busi- 
ness trends - huge gains in 
income from trading and ser- 
vices more than offsetting 
depressed interest income and 
the cost of bad loans - stand 
out 

Trading income, the largest 
source of group profit, soared 
118 per cent to SFr3.4bn. The 
London-based 50 per cent 
owned derivatives subsidiary. 
Credit Suisse Financial 
Products, more thaw doubled 


its net income to SFr444m. 

Commission inromp, mainly 
from asset -management, 
jumped 54 per cent to SFr2.6bn. 
Interest income was up 20 per 
cent to SFriUJbn but solely due 
to the consolidation of Volks- 
bank. Both banks saw decline 
in their interest income. Exclu 
ding Volksbank, profit before 
taxes and provisions was up 62 
per cent to SFrUbn Including 
Volksbank, the figure was 
SFr5.1bn, up 79 per cent 

Volksbank, which was close 
to collapse when CS maife its 
$Frl.6bn agreed bid in Janu- 
ary, 1993, was also responsible 
for SFr727m of the SFrl^Sbn 
growth in the group’s provi- 
sions. In addition, the group 
provided a SFr27CBn extraordi- 
nary contribution to Volks- 
bank to enable it to show a 
nominal SFr2m net income. 

Total Credit Suisse group 
assets at the year end were up 
34 per cent to SFr232bn. 


Microsoft issues new 
MS-DOS after verdict 


By Louise Kehoe 
bi San Francisco 

Microsoft has moved quickly to 
issue a new version of its 
widely used personal computer 
operating system software, MS- 
DOS , following last week’s 
verdict in a Los Angeles court 
that the company is guilty of 
patent infringement 

Last week, Microsoft was 
found to have infringed 
patents held by Stac Electron- 
ics, a small California software 
company, and ordered to pay 
8 120m in damages. The patents 
cover data compression tech- 
nology used to double the stor- 
age capacity of a personal com- 
puter hard disk. 

Stac is seeking an injunction 
to halt Microsoft's sales of pro- 
grams containing the offe nding 
technology. These include 
MS-DOS 6.0 and £12. the operat- 
ing system software that is 
normally installed in new PCs 
before they are shipped from 
factories. 

Microsoft said that it has 


begun sending English lan- 
guage copies of MS-DOS with 
the data compression feature 
removed to L300 PC manufac- 
turers worldwide. 

Other European language 
versions will follow wi thin a 
few days. 

Microsoft said that in light of 
the verdict it was also remov- 
ing data compression from sev- 
eral other products. Most users 
will not notice the changes, the 
company said. 

Stac has asked the court to 
force Microsoft to withdraw all 
offending products shipped 
since February 1. This would 
include Microsoft software and 
PCs pre-loaded with software 
that is currently on the shelves 
of computer stores. 

However, Microsoft said that 
it does not anticipate any 
“material” disruption of the 
supply of any of its products. 

Microsoft continues to deny 
patent infringement «bH 
that it win ask the judge to 
overturn the jury verdict and, 
failing that, it will appeal. 


994 

INTERNATIONAL COMPANIES AND FINANCE 


13 


Banks to 
step up 
pressure 
on Walt 
Disney 

By Alice Rawsthom 
in Paris 


The Euro Disney banks plan 
next week to step op pressure 
on Walt Disney, the US enter- 
tainment company, to reduce 
its entitlement to royally pay- 
ments and other fees from the 
troubled leisure group- 

Representatives of 63 inter- 
national banks in the Euro 
Disney loan syndicates yester- 
day met In Paris to be briefed 
cm the progress of negotiations 
over its FFrl3bn ($2bn) emer- 
gency financial res t r uc turing 
between their steering com- 
mittee and the Disney compa- 
nies. 

The meeting, which lasted 
all day, was a continuation erf 
a previous session on Wednes- 
day. 

The steering committee, led 
by Banque Nationale de Paris 
and Banque Indosuez, has for 
the past fortnight been hold- 
ing informal negotiating meet- 
ings with Euro Disney and 
Walt Disney. 

One of its main objectives is 
to ensure that the US group 
plays a larger part in the final 
re st r u c turi ng package thereby 
sharing the burden of rescuing 
Euro Disney. 

Walt Disney has set a dead- 
line for the completion of the 
rescue. However, it Is under- 
stood to be w illing to continue 
its financial support far Euro 
Disney after that date, provid- 
ing the banks have agreed to 
an outline deaL 
The hanks yesterday were 
given a full presentation of the 
investigative audit into Euro 
Disney that they commis- 
sioned from KPMG Peal Mar- 
wick, the consultancy group. 

KPMG endorsed recent 
changes in the management of 
the EuroDisneyl and theme 
park. 

The banks, which had origi- 
nally considered recommend- 
ing radical changes in Euro 
Disney’s strategy and senior 
personnel, issued a statement 
saying that the Iossmaking 
group was “moving in the 
right direction”. 


Micro compact car set for 1997 launch 


By Kevin Done, Motor Industry 
Correspondent, in Stuttgart 

Mercedes-Benz, the German 
executive and luxury car- 
maker, and SMH, the Swiss 
watchmaker, are aiming to 
launch a “micro compact car” 
in Europe by 1997-98. 

The two companies are to 
form a joint venture incorpo- 
rated in Switzerland in which 
Mercedes-Benz will hold a 51 
per cent stake and SMH, the 
maker of Swatch watches, 49 
per cent 

The combination of the pres- 
tigious German luxury car- 
maker and SMH. the company 
which masterminded the res- 
cue of the Swiss watch indus- 
try with the development of 
the high quality, low-price 
Swatch, is unprecedented in 
the world automotive industry. 

The two groups are aiming 
to open up an entirely new seg- 
ment at the bottom of the car 
mar ket for a two-seater urban 
micro car that would be only 
2£m long (significantly shorter 
than the 3.05m Rover Mini) 
allowing it to be parked in con- 
gested cities head-on to the 
pavement in the gap between 
other parked cars. It is expec- 
ted to cost less than DM20,000 
($11,739). 

Mercedes-Benz disclosed yes- 
terday that it had been work- 


ing on concepts for a micro 
city car since the early 1980s. It 
unveiled yesterday two proto- 
type micro compact cars that 
have been designed and devel- 
oped at Its California design 
studio. 

Hie expertise of the Swiss 
watchmaker, which has been 
working for more than three 
years on its own Swatchmobile 
project for an environmentally 
friendly city car, is chiefly in 
the development of a hybrid 
electric/petrol propulsion sys- 
tem, in micro-electronics, low 
cost modular production, and 
in the martpting of high vol- 
ume low-cost fashion products, 
like the Swatch. 

Mr Nicolas Hayek, chairman 
of SMH (Ste Suisse Microelec- 
tronique et d’Horlogerie) and 
the creator of the Swatch revo- 
lution in the world watch 
industry, said the joint venture 
would aim to sell the micro 
city car worldwide. 

The name of the new car and 
the possible distribution chan- 
nels were still to be developed 
by the joint venture, said Mr 
Helmut Werner, chief execu- 
tive of Mercedes-Benz. 

A separate franchise would 
be created which could use 
both the Mercedes-Benz and 
the Swatch names. 

Mercedes-Benz’s decision to 
press ahead with the develop- 



Bubbling with promise: The Eco Speedster prototype which was unveiled in Stuttgart yesterday 


ment of a micro city car comes 
only a few months after its 
announcement that it planned 
to develop a small four-passen- 
ger car sized between a Ford 
Fiesta and a Volkswagen 
Golf. 

A concept small car, the 
Vision A -93, was unveiled last 
year, and the small car - to be 
sold under the Mercedes star - 
is scheduled to enter produc- 
tion at Mercedes-Benz’s Rasta tt 


plant in south-west Germany 
in 1997 with a volume of up to 
200.000 cars a year. 

Mr Jfligen Hnbbert, director 
of the car division. that a 
production version of the 
micro car would be around 
2.5m long and l.ttn wide. The 
car would be high to create 
inside space. There would be 
room for two passengers and 
some luggage and the car 
would meet all the safety and 


emissions standards of larger 
cars. 

The short but high shape of 
the car will allow the engine 
and gearbox to be positioned 
under the passenger compart- 
ment. Mercedes-Benz is aiming 
at a top speed of I40kph for the 
micro car. a range of 500km 
and acceleration of zero Lo 
lOQkph in 13-14 seconds. Petrol, 
electric and hybrid propulsion 
systems are possible. 


Isuzu Motors link with 
Suzuki to be dissolved 


By Mlctiiyo Nakamoto in Tokyo 

Isuzu Motors, the Japanese 
truck and commercial vehicle 
maker, and Suzuki Motor, the 
largest minicar producer in 
Japan, have agreed to dissolve 
their business ties after almo st 
13 years. 

Hie agreement which frees 
each company to sell its stake 
in the other, highlights the 
growing willingness of Japa- 
nese companies to unwind 
business ties which have out- 
lasted their usefninpRs SusuM 
holds a little over 1 per cent of 
Isuzu shares and Isuzu just 
over 2 per cent of Suzuki 
Isuzu, which Is 37 per cent 
owned by General Motors of 
the DS, and Suzuki in which 
GM has a 3 per cent stake, 
formed their business capi- 
tal link in 1961 with the bless- 
ing of GM and in the hope that 
as fellow members of the 


American group a tie-up would 
bring significant benefits. 

However, the link has only 
led to a deal in which Suzuki 
provided Isuzu with vans an an 
OEM (original equipment man- 
ufacturer) basis and one in 
which Suzuki ’s commercial 
vehicles were manufactured at 
an Isuzu facility in the UK 
which it jointly owned with 
GM. 

The former resulted in just 
1,500 vans being maria between 
1986 and 1988 while the latter 
led to 72,000 vehicles until last 
year. Both projects were aban- 
doned after the vehicles proved 
unpopular. 

The two companies have hari 
difficulty finding new joint 
business opportunities and 
none have been formed gin«> 
August last year. Isuzu is a 
maker of trucks and large com- 
mercial vehicles while Suzuki 
makes cars under lOOOcc. 


Earnings rise 
24% at Brierley 
Investments 

By Terry HaU In Wellington 

Brierley Investments, of New 
Zealand, reported a 24 per cent 
rise in earnings to NZ$140.4m 
(US$79 Jm) for the six months 
to December 31, from 
NZ$1 12.7m a year ago. 

The improvement was in 
spite of providing for a NZ$36m 
loss on the sale of the group’s 
27 per cent interest in Domin- 
ion Breweries. 

Directors said the main con- 
tribution to tiie rise in trading 
profits by NZ$6m to NZ$148m 
was an improved performance 
from the company’s main 
investment. Mount Charlotte 
in the UK, and good perfor- 
mances from Air New Zealand. 
Carter Holt Harvey, Sealord 
Products, and ' Australian Con- 
solidated Investments. They 
said the profit increase was 
achieved in spite of reducing 
shareholdings in subsidiaries. 


Lufthansa sell-off may 
get under way this year 


By David Wafler in Frankfurt 

The German government 
yesterday reaffirmed its com- 
mitment to privatising Luft- 
hansa, and indicated that the 
process could get under way 
this year. 

An official from the finance 
ministry told the Reuters news 
agency that the government 
intended to give up its major- 
ity holding in the airline in 
1994, although details of how it 
will take its stake below 51 per 
cent have yet to be worked out. 

The comments from Mr Eck- 
art John von Freyend, director 
of government holdings at the 
finance ministry, follow recent 
indications from Mr Theo Wai- 
gel finance minister, and Mr 
Matthias Wissmann, transport 
minister, that the privatisation 
process will begin this year. 

Although Lufthansa is keen 
to be privatised, the move 


away from state ownership is 
currently blocked as a result of 
a dispute over the financing of 
pensions for Lufthansa employ- 
ees. Lufthansa is likely to have 
to make a substantial contribu- 
tion to VBL, the government 
employee pension fund, in 
order to help finance the pen- 
sions when the group leaves 
the public sector. 

Privatisation is unlikely to 
be effected via a direct sale of 
government shares in the air- 
line: it is more probable that 
Lufthansa will hold a large 
rights issue in which the gov- 
ernment will not participate, 
thereby diluting its stake. 

Lufthansa is to seek share- 
holder approval to raise capital 
at its annual meeting on July 
6; a one-for-three rights issue 
at current share prices would 
raise DMl.Tbn ($960m) and 
lower the government stake to 
about 40 per cent 







j The March issue of Money Management gives you 
] everything from Pensions to Pffs. We take an in-depth 
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PFP UPS AND DOWNS 

Abo m the March issue of Money Management we survey 


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FINANCIAL TIMES WEEKEND s/MARCH 6 1 994 


14 


WEEK IN THE MARKETS 

Copper 
brightens 
LME gloom 

Copper shone dimly through 
the London Metal Exchange 
gloom this week. As prices of 
most base metals tumbled the 
exchange's flagship contract 
rallied to end $27.25 up at 
SI .914.75 a tonne for three 
months delivery. 

Copper's relative strength 
was built on the solidity of sup- 
port below $1,870 as tonne 
revealed by a sharp fall in the 
first half of the week. Signs of 
a tightening nearby supply sit- 
uation fuelled the rise yester- 
day, when the cash discount 
against three months metal 
narrowed from $19 to £13.25 a 
tonne. A week earlier it had 
stood at $23. 

Supply tightness was also 
behind the only other LME rise 
on the week - for aluminium 
alloy. As the market responded 
to scrap shortages (the con- 
tract is based on secondary 
aluminium), falling stocks and 


(A* at Thursday'* dOM) 
tonnes 


Alraninkim 

+11678 

la 2308400 

Akenbiksn alloy 

-460 

to 46340 

Copper 

-7£2S 

m 546.875 

Lead 

+26 

tn 330.700 

Mdvel 

+824 

BO 133306 

Zinc 

+6,750 

10 1.056.150 

Tn 

+235 

to 22,445 


forward technical tightness the 
three months price yesterday 
touched $1,225 a tonne, the 
highest since its launch 17 
months ago. and the cash dis- 
count (or "contango") against 
metal for delivery in three 
months, which in mid-week 
stood at $18 a tonne, turned 
into a $10 premium (or “back- 
wardation"). 

By the close the three 
months price was back to 
$1,217.50 a tonne, up $45 on the 
week, and the backwardation 
had moderated to $5 a tonne. 

The p rimar y al uminium con- 
tract also made ground yester- 
day as investment fund buying 
helped it to recoup some of the 
losses suffered early in the 
week on disappointment that 
producer representatives meet- 

WEEKLY PRICE CHANGES 



Latest 

prices 

Change 
on week 

Year 

ago 

1983/1994 

Hlgb Low 

Gold per troy 01 . 

537860 

-31 

$329.95 

$405.75 

S326.05 

Saver per tray oz 

351 30p 

+03 

2485 p 

36a OOp 

236. OOp 

Akjminkxn 98.7% (cash) 

512803 

-123 

511625 

$130050 

$102350 

Copper Grade A (cash) 

51901.5 

+37 

$14745 

$237530 

5110850 

Lead (cashl 

$442.0 

-33 

$2845 

551050 

$36150 

Mckal (cash) 

55610.0 

-255 

$58335 

$6340 

$4043.6 

Zinc SHG (cosh) 

S9173 

-39 

$998 

$1112 

$ae&o 

Tin (cash) 

$5280.0 

-195 

$5670 

560475 

$4340.0 

Cocoa Futures May 

£912 

-14 

£709 

£1061 

£803 

Coffee Futures May 

$1249 

♦14 

$1000 

$1297. 

$836 

Sugar (LDP Raw) 

S288.S 

+53 

$252 

5317.4 

52045 

Barley Futures May 

£104.50 

-025 

£141.00 

£11030 

£10150 

Wheat Futures May 

£103.35 

+040 

£14025 

£14945 

E97.20 

Cotton Outlook A Index 

81.00C 

-1 

61 . 61 c 

82.60C 

54.15c 

Wool (64s Super) 

380p 

+7 

397p 

403p 

31 9p 

OB (Brerri Blend) 

S13.48X 

+0.035 

$19,475 

$1953 

$1325 


COMMODITIES AND BOND PRICES 


ing in Ottawa had only rubber- 
stamped output cutting propos- 
als drafted list month in Brus- 
sels. 

In the absence of further cut- 
back announcements from pro- 
ducers adding to the three 
months price dipped to $1,270 a 

tonne at on point, before clos- 
ing yesterday at $1,302.50, 
down S12 on balance. 

The LME's heaviest loser 
was lead, with the three 
months position closing yester- 
day at $455.50 a tonne, down 
$33 overall Yesterday's $4 fall 
was attributed to technical 
selling after chart analysts said 
Thursday’s break of support at 
$460 a tonne had confirmed a 
“head and shoulders” forma- 
tion, signalling further falls. 

Negative chart factors also 
hit the ring market, sending 
the three months position to 
$93<L25 a tonne, down $39.25 on 
the week. 

Gold's reputation as a haven 
in times of economic trouble 
took another knock this week 
as turmoil in the financial mar- 
kets failed to prevent a break 
through the bottom end of its 
recent trading range. 

The London bullion market 
price was fixed yesterday 
morning at a three months low 
of $375.85 a troy ounce before 
dosing at $376.60, down $2.10 
on the week. “It suggests a 
fund is getting out," one dealer 
told the Reuter news agency. 

After a shaky start coffee 
futures were rescued on Thurs- 
day by Brazil’s announcement 
that it was set to fulfil its obli- 
gations under the multina- 
tional export retention scheme 
after reaching a new financing 
agreement with producers and 
exporters. 

The success of the retention 
plan, agreed last September, in 
lifting coffee prices out of the 
doldrums bad been under- 
mined recently by Brazil's con- 
tinuing failure to put into store 
the full 20 per cent of its export 
shipments required under the 
scheme. 

Before the Brazilian 
announcement May delivery 
coffee was quoted at $1,216 a 
tonne at the London Commod- 
ity Exchange, but by Thurs- 
day's dose it was up to $1,232 
and yesterday it moved on to 
$1,248, up $13 on the week. 

Richard Mooney 


BASE METALS 

LONDON METAL EXCHANGE 

(Price® Mm Amalgamated Matte Trading) 

■ ALUMNUM, 89.7 PURITY {Spar tome) 



CMb 

3 mffis 

Ck>» 

1280-1 

1302-3 

Prnviouu 

12635-43 

1285-5.6 

HQtVtow 


1306/1287 

Aktandal 

1278-85 

12S35-39 

Kerb dose 


1304-5 

Open be. 

289,127 


Total daly tjxnover 

63.401 


■ ALUMINUM ALLOY tS per tonne) 


Close 

1220-5 

1215-20 

Previous 

1176-85 

1175-88 

HgMow 


1225/1200 

AM Offidd 

1215-26 

1220-5 

Kerb dose 


1220-6 

Opart tot 

3595 


Total dally turnover 

2.157 


■ LEAD ($ par tan) 



Close 

4413-25 

455-8 

Prevto/w 

4463-65 

450-60 

HfeMow 


464/450 

AM Official 

4413-2.0 

4543-53 

Kerb dose 


456-7 

Open InL 

36.612 


Total daffy turnover 

9.027 


■ MCKEL (5 pertonra) 


Cloae 

5606-15 

5660-5 

Pngrioua 

6645-55 

5700-0S 

MdVtow 


57205650 

AM OfflcW 

5620-25 

6670-75 

Kevfa dose 


5640-50 

Open int 

60,252 


Total daffy turnover 

16.100 


■ TWt ($ partorm^ 



Close 

627&« 

5325-30 

Previous 

5290-300 

6336-40 

IflgtVIow 


5330/6300 

AM Official 

5280-90 

5335-35 

Kero dose 


5390-400 

Open Int 

20217 


Total drily turnover 

5.142 


M ZINC, apodal Mgh grader ($ per tonne) 

Close 

9183-75 

834-43 

Previous 

926545 

943-4 

Hgh/tow 


948/925 

AM Official 

913-4 

9313-2.0 

Kero dose 


937-8 

Open nit. 

T 09370 


Total defly turnover 

10500 


■ COPPER, grade A (Bp er tonne) 


Ctose 

1901-2 

19143-53 

Previous 

1873-4 

1832-3 

Vflgh/law 

1891/1890 

102271893 

AM Official 

18903-13 

19043-53 

Kerb dose 


1917-18 

Open InL 

248.392 


Total daffy turnover 

74305 


■ LME AM Official E/S retro 1/4800 

LME Closing £/S rate: 1.4905 


teat 1.4695 3 attirl. 48*9 6M&K1.4&14 8mffiE1.48&2 

■ HIGH GRADE COPPER (COMBQ 




Opra 

Ckraa efrevs 

Mgb lm 

kit 1W 

to 9950 +2.00 

8930 6730 

5.448 420 

Ato 89.45 +2.10 

8950 88.40 

1074 22 

to 6955 +260 

9030 6930 323S3 *547 

Jen 69.40 +190 

. 

845 5 

Jal 0950 +135 

89.45 6800 

8388 777 

Mg 0920 +1-70 

- 

388 


Total KM m 

PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices supplied by N M RothscriffcQ 


Pt» term union mhorww stared, p PamteVp. a Cam tx X Apr. 


Gold (Troy oz.) 
Close 
Opening 
Morning fix 
Afternoon fix 
Days High 
Day's Low 
Previous dose 
Lorn Lchi Mean 

1 month 

2 months — - 

3 months . 
SDver Fix 
Spat 

3 months 
8 months 
1 year 
Gold Cohn 
Krugerrand 
Maple Leaf 
New Sovereign 


S price £ eqtev. 

378.40-376.80 

377.10- 377-50 

375.65 252-233 

375.95 251.69Q 

377.10- 377.50 

375.10- 3 75-50 

377.10- 377.50 

Gold Landing Rota* (Vs US» 

_-3.11 6 months 334 

—3.14 12 months 3*4 

—3.18 

pAtoy ok. US cts equlv. 


347 M 
351.85 
356.10 
304.96 
S price 
378-381 
38&50-388S5 
89-32 


518.60 
5Z3.10 
528 28 
540.15 
£ equv. 
253-256 

60-63 


Precious Metals continued 

■ POLO COMPt fl 00 Tray ok; S/tray 

SMI Day. Oproi 

price ctogs Mgb law U ML 

Mar 377.6 +1L3 3753 375J 1 

Apr 37X8 +03 3718 37$0 71.255 3252 

HtV 373.7 +03 11~ 1 

in 3808 +03 3808 378.1 34.743 847 

Oafl 383.1 +03 3838 3818 5415 49 

pet 3858 +04 - - 4,113 

Mil 140864 tljm 

■ PLATMUM NYMEX (50 Tity Qfc; Sflroy oxj 

Apr 3953 +05 3868 3918 13,220 1,225 

Jut 3BGJS +07 9878 39Z-5 3,753 410 

M 3878 +2J 3878 3SS8 1.120 ZD 

Jan 3974 +2.7 - - 528 4 

Apr 3888 +2.7 - SOS 21 

Total 10138 1880 

■ PALLADIUM NYMEX pOO Hoy era.; S/Troy era) 



13080 

+035 

_ 

69 

17 

jm 

13090 

+035 13130 

12830 4,197 

19Z7 

to 

13000 

+035 

1301)0 

12850 402 

41 

Dec 

12930 

+035 

- 

- 189 

3 

Total 




4337 

1388 

■ SILVER COMEX (100 Troy OZ4 Centa/tray at) 

to 

CT O 

-a a 


5193 2391 

229 

Apr 

5243 

m 

5243 

5183 1 

1 

to 

527 J) 

412 

B29Q 

5213 65358 

73« 

Jri 

5309 

-ai 

5320 

5263 17307 

322 

Sep 

5353 

- 

5353 

5320 3387 

22 

Dae 

5403 

- 

5425 

5375 8319 

16 

Tetri 




106338 

7303 

ENERGY 





■ CRUDE OIL NYMEX (42,000 US Qrite. S/barreff 


Latnt 

Dto 


OPOB 



price 

etraaga 

to 

Low tot 

M 

aw 

1431 

-014 ‘ 

1477 

1431 102488 28398 

to 

1477 

-010 

1434 

1438 61,361 

14,188 

Jw 

1431 

-038 

1437 

14B3 64 750 

93» 

Jri 

1538 

-008 

15.10 

1438 25343 

3308 

Mg 

1321 

-OIO 

1535 

1530 14382 

564 

sap 

1539 

-OIO 

15.42 

1835 18383 

730 

Trial 




437799 65319 

■ CRUDE 0*. »>E (S/bamq 




Latest 

Bay 1 * 


Opaa 



pries 

chaaga 

to 

law tat 

VM 


1330 

-007 

1380 

1336 88307 

19311 

to 

1331 

4105 

1387 

1347 43376 

14304 

JOB 

1375 

-004 

1378 

1385 18384 

2358 

Jri 

1338 

4104 

1388 

1380 9302 

478 

Aog 

1430 

-005 

MOB 

1400 5358 

543 

Sop 

14.16 

4X0S 

ICO 

1416 3390 

300 

Totri 




147396 37778 

■ HEATMG 08. NYMEX (42JD0 US gate; c/US grio) 


Uteri 



OpM 



pries 

ctnaga 

to 

Law tat 

vu 

Apr 

45.10 

4136 

4590 

4430 48368 12302 

to 

4330 

-025 

4335 

4820 45747 

7320 

ten 

4335 

4125 

4145 

4120 273GB 

3333 

Jri 

4390 

4120 

4430 

4895 19324 

1380 

to 

4470 

-030 

4470 

4435 8331 

414 

Sop 

4535 

-O10 

4535 

45.70 7325 

335 

Totri 




177378 28382 

■ GAS 00. PE Atari) 




Sril 



OpH 



pries 

topi 

to 

law tat 

Vri 

to 

1397S 

4175 

14075 13025 27399 

5.124 

Apr 

13025 

-050 14025 13875 25779 

3373 

to 

13830 

-130 13B30 13830 14.03B 

938 

Jm 

13075 

4L50 

13930 

13550 1B329 

1300 

Jri 

14075 

-050 

14130 14025 10383 

756 

A«ff 

14300 

-075 14100 

14275 5.102 

122 

Trial 




1233B1 12382 

■ NATURAL QAS HVMEX (10.009 autfinu S/nuBki) 



to« 


Opn 



plica 


to 

law tat 

W 

Apr 

2135 

-0011 

2.150 

2115 15322 

6375 

to 

211$ 

•0011 

2125 

2100 12372 

2379 

Jm 

2395 

-0315 

2105 

2085 9388 

808 

Jri 

2385 

-0318 

2095 

2081 8377 

587 

Aog 

JIMS 

-0304 

2110 

2100 8J52 

317 

Sep 

2.140 

41305 

2136 

2127 10311 

15B 

rum 




118322 12388 


■ UNLEADS) GASOLINE 
IMMEX (42000 US gefe; c/US gaffs.) 



Uteri 

prica 

Baita 

dhanga 

to 

(to 

Law lot 

vu 

Apr 

4535 

-031 

4530 

4530 36348 

9348 

to 

4535 

-037 

49.79 

45J5 39399 

4399 

Jua 

4830 

-032 

4835 

4830 18316 

1356 

Jri 

46.70 

4)32 

48.75 

4635 5,775 

1319 

Aeg 

4830 

-032 

- 

- 5388 

450 

$«p 

Trial 

4835 

-0.12. 

4835 

4830 2311 250 

1163*4 10391 


GRAINS AND OIL SEEDS 

■ WHEAT LCE |£ p« toon# 


SOFTS 

■ COCOA LCE (B^anrw) 


Nay 

8m 


Total 


SMI toft 

price (tenge Ugh lew 
101-90 +015 10280 10280 
10385 +020 183.40 10285 
103.40 4015 10X50 18295 
9125 

92.10 -030 92.10 92.10 

94.10 -015 94.15 PUD 


OPM 
tat Vte 


Stet B*% 
price tenge 


tte KM 


■ WHEAT CST ROOObu mhn centa/SBb buaheQ ■ COCOA CSCE (10 tomea; lAontw^ 


Iter 

340/4 

to 

343/8 

Jri 

33ZH 

to 

333/D 

Dec 

342a 

Ux 

Totri 

34810 


+4/4 


■ MABE car (5800 bu min; centte568> buaheQ 

Mar 27312 -04 279/4 277* 28035 42505 

May 266/0 - 287/2 285/2855.830292833 

■h* 2BBI8 - 289* 295/2541875114775 

Shp 273/0 -W 277/4 27OT125J85 12885 

to 263* -l* 263* 263/0271.30 49880 

Bar 2ES/6 -UB 271/2 26HB 17840 575 

Total I85IM484850 

■ BARLEY USE (E per tonne) 


■ COCOA QOOttjBjjfrtejgnnj 


■or 

10430 

-025 

_ 

- 208 


to 

10430 

-025 

- 

- 196 


to 

9250 

+035 

- 

- 119 


HO* 

94J5 

+025 

- 

58 


Jra 

9575 

• 

- 

3 


to 

Trial 

9700 

-025 

" 

864 



taw 

686/4 

+OS 

668a 

064/4 38070 40025 

to 

671/0 

- 

673/0 

6G9A 322025 254000 

Jri 

672AJ 

-1/2 

674/4 

670/2219,475 90.735 

to 

883/4 

-2/2 

too 

683/2 38,115 

7086 

Sap 

Bsan 

-1M 

653® 

05010 

18005 

1390 

Nor 

640/S 

■m 

043® 

633® 133030 35095 

Trial 




78S0BO4210B5 

■ SOYABEAN OB. CST (60300098: centaflb) 

taro 

2808 

-013 

2825 

20.04 

6092 

2085 

to 

Mtw 

■021 

2X24 

2802 36058 14027 

Jut 

2707 

"CL20 

2 a IB 

2706 25.443 

6.136 

to 

Z735 

-018 

27.72 

2730 

7.195 

1075 

to 

27.13 

-021 

2705 

2706 

7081 

336 

Oct 

2040 

-023 

2BJB5 

2B.40 

5002 

150 

Total 




101003 26008 

m SOYABEAN MEAL C8T (TOO torn; Sftortf 


Ur 

1912 

+00 

1810 

1901 

4068 

2008 

to 

1010 

+07 

1R2 

1907 32015 

12066 

Jri 

1920 

+06 

1924 

181.1 

23048 

4048 

to 

1900 

+OI 

1910 

1902 

7.107 

1076 

to 

1893 

- 

100.1 

1880 

5063 

883 

Oct 

1880 

+0.1 

1808 

1800 

2064 

172 

Total 





85049 22081 

■ POTATOES LCE (C/taone) 




Hv 

1700 

-100 

1790 

1700 

34 

14 

Apr 

1400 

-03 

1470 

1470 

1069 

27 

to 

1583 

-40 

1810 

1570 

857 

BO 

Jen 

1300 

- 

- 

- 

2 

- 

No* 

800 

- 

- 

- 

- 

. 

■tor 

1050 

- 

- 

- 

- 

- 

Totri 





2083 

122 

■ FREIGHT (BIFFEQ LCE (SIQAndox pokil) 


■w 

1144 

+4 

1144 

1140 

286 

22 

Apr 

1197 

-3 

1200 

1195 

1,117 

87 

to 

1193 

-4 

1200 

1190 

212 

25 

Jot 

1D93 

-2 

1090 

1080 

574 

10 

Od 

1230 

-28 

1240 

1240 

243 

7 

Jaa 

1275 

-25 

- 

- 

74 

- 

Trial 

Oaaa 

Ftsv 



2001 

151 

BH 

mo 

1112 






SplOOft 

Block pepper prices, espectefly for "asta' 
grades, rose conUderabiy ditang the week, 
reaching a level hi the U-S. Market af about 
S88 a to c and f New Yorii and SI 875 a forma 
c and f Europe, reports Man Pnxfcjctun. tada 
had Deen expected to offer abundantly from 
the new crop by this ten* of the yev but a 
very doappointhig and somewhat dteiqed crop 
forced the aborts to cover. White popper prices 
also tended Armor, about 32450 a tonne, ctf, 
for KHarcfi/Apr* shpmenL 


DM* 


. 90583 


. 912.10 


Rev. day 

08384 

908.15 


■ COFFS LCE SAonra^ 


■ SOYABEANS C8T (50OB« can; carMBOta laalal) 


tar 

1237 

*15 

1238 

1225 

988 162 

to 

1248 

+17 

1248 

1237 15403 2,182 

Jri 

1238 

+0 

129 

1231 

9051 1002 

to 

1239 

+8 

1243 

1282 

3,715 968 

to 

1239 

+1 

1248 

1235 

4001 1.414 

Job 

1236 

+4 

1230 

1239 

4064 100 

tou 





3*137 6018 

rn COH-fat •c 1 C9CE (37300tb3: oentsAtw) 

to 

7800 

+035 

7000 

75.15 

445 225 

to 

7700 

+060 

7705 

7060 29440 7045 

jh 

7025 

+000 

70S 

7805 

7057 719 

to 

8060 

+080 

8060 

7080 

6.121 159 

to 

8100 

+080 

8105 

8085 

3044 170 

Mar 

8200 

+070 

- 

. 

1060 

Totri 





47,184 8019 

■ COFFEE PCO) (US centa/poiatd) 


to 3 



Pita 


fin. to 

Corn, daffy 



_ 7204 


7208 

ISteyriongt 


- 7200 


7200 


■ No7 PHQ/tRJ** RAW SUGAR LCE (cents/tea) 


to 

1207 

+007 

12.15 

12JH 

1060 

105 

tel 

1230 

+006 

- 

- 

2737 

- 

Oct 

1100 

. 

- 

- 

130 

- 

ten 

11J3 

-002 

* 

- 

■ 

- 

Trill 





4027 

105 

■ WMTE SUGAR LCE JWonne) 



to 

33000 

+80 

33700 

33100 

7027 

532 

Am 

32800 

+01 

32900 32400 

4.118 

917 

to 

304.40 

+21 

30500 30140 

2589 

434 

to 

30000 

+20 

> 

- 

12B 

- 

Iter 

29900 

+20 

299.70 29840 

341 

70 

to 

30040 

+30 

• 

- 

197 

- 

TOtri 





16064 1083 

■ SUGAR 'll’ CSCE (ilJLOOOfcs; oorto/lM) 


to 

1100 

+014 

1109 

1104 82082 7065 

Jri 

1206 

+012 

1211 

1200 29027 2028 

Od 

1140 

+002 

1101 

1107 23J75 1075 

to 

1103 

-002 

1107 

1102 

8024 

752 

to 

11.18 

-004 

1101 

1141 

1034 

47 

Jri 

11.18 

-006 

1109 

1109 

961 

25 

Total 




12502712014 

■ COTTON NYCE Q5Q0OOBM; ccnta/ba) 


KB 

7708 

+206 

7800 

7800 

48S 

171 

to 

7706 

+109 

7707 

7800 25019 0032 

Jri 

7808 

+100 

7645 

7600 12730 3043 

Od 

7580 

+005 

7805 

75,10 

2351 

203 

to 

7205 

+075 

7400 

7245 11041 

1097 

to 

7270 

+095 

7440 

73.10 

406 

28 


Total 5285315857 

■ ORANGE JUICE NYCE (158000m; centaAbs) 


to 

10600 

-050 11000 10030 

900 

169 

to 

11000 

-045 11300 11O0S 

6,114 1087 

Jri 

11120 

+010 11500 11280 

4000 

190 

sap 

11500 

-005 11700 11530 

1008 

92 

to 

11400 

-000 11600 11400 

1,122 

59 

ten 

11805 

-070 11700 11550 

1060 

M 

Trial 



18,128 2236 


VOLUME DATA 

Open Interest and Vohana dan shown for 
contracts trotted on COMEX. NYMEX, CUT. 
NYCE. CME, CSCE end PE Qude Of a* one 
day hi otreare, 


INDICES 

■ REUTERS Proa: 18/9/31-100) 

Mar 4 Mm 3 month ego year ago 
1790.1 17858 1788-5 17827 

■ CTB Futures (Baas: 4ffi/56=100] 


MEAT AND LIVESTOCK 

■ LIVE CATTLE 


119 

1 

to 

861 

+3 

662 

882 10« 

263 

Apr 

2040 

112 

to 

912 

+7 

912 

897 23,102 20Z7 

teai 

441 

24 

Jri 

924 

+7 

92* 

909 14034 1062 

Aug 

192 

- 

to 

937 

+8 

928 

923 11,157 

136 

Od 

981 

160 

to 

951 

+0 

951 

937 17041 

173 

Dae 

37B 

41 

Mar 

969 

+11 

988 

053 22434 

147 

FOb 

4001 

338 

TMri 




107004 3031 

TMri 


Sett Days **■" 

pta MS W9k Gte w 

77.200 +0.475 77775 7$05O X3& 
74875 +0450 

71250 +0.125 73300 71000 11.8® 
73475 +0050 73.750 73.4M SffO 
73,950 -0025 73850 73025 *-W8 
£575 - 7X6S0 73875 821 


Vol 

4859 


1826 
322 
27 
2 

63.MS 6,7*8 


33BM 8035 

4080 

to 

1180 

+28 

1150 

1125 

342 

199 

Apr 

341/0 79030 34090 

to 

1168 

+27 

1172 

1138 37.194 4068 

Jan 

328/8 81089 30000 

Jri 

n» 

+25 

1185 

1160 16083 

630 

Jri 

33014 15.160 

1086 

to 

1212 

+Z5 

12T7 

1188 

7.751 

129 

Aog 

336/4 20095 

1040 

to 

1243 

+2S 

1248 

1222 

6,448 

10B 

Od 

10 

» 

to 

1278 

+25 

1271 

12S5 

0707 

30 

Ike 

213,10 73048 

iwri 





88028 5078 

Totri 


48.675 

54825 

53950 

y>n» 

46225 

49.150 


+0850 

+0.400 

+0.400 

+0825 

+0075 

+0050 


48825 48800 
54.7B0 S4J00 
53975 53.725 
52.100 SI .850 
48380 48.150 
4&400 48150 


■ PORK BELLIES CME (40D0QBW 


13,132 2807 
8169 1.488 
3.244 207 

2890 271 

1800 8! 

1,274 95 

31801 <•<» 
centsAM 


to 56850 

May 57.400 

Jte 57.700 

/teg 55800 

M 58800 

to 58690 

Total 


+0200 56850 55890 
+8.100 57.950 58. BOO 
+0250 58.075 58825 
+0.475 55.400 5L300 
-0.150 80.000 58500 
-1.250 80800 58100 


436 350 

5.858 1890 
2.43+ 323 

455 23 

17 B 
3 Z 
WOO 2832 


LONDON TRADED OPTIONS 

Strike price $ tonne — CaBa Pule — 


■ ALUMNUM 

(99.7%) LME 

1275 

1300 — 


1325 

■ COPPER 
(Grade A) LME 

1850 

1000 


1850 

■ corns lce 

1200 

1250 

1300 

■ COCOA LCE 

900 

825 


950. 


1300. 


1350. 


1400. 


Apr 

Jul 

Apr 

Jul 

41 

73 

22 

38 

28 

60 

34 

50 

18 

48 

49 

83 

Apr 

JM 

Apr 

JM 

70 

112 

18 

38 

48 

83 

37 

SO 

28 

59 

65 

84 

May 

JM 

May 

JM 

70 

85 

21 

47 

41 

59 

42 

71 

23 

42 

74 

104 

May 

JM 

May 

JM 

39 

62 

27 

38 

27 

49 

40 

50 

19 

39 

57 

65 

Apr 

May 

Apr 

May 

57 

. 

9 

29 

24 

53 

23 

- 

0 

35 

SO 

75 


LONDON SPOT MARKETS 

M CRUDE 00. FOB (per barroi/Apr) +or 


Dubai 

S12.17-2.32w 

-0305 

Brent Blend (dataoQ 

$13.39-3^43 

-0.09 

tont Blend (Apr) 

513.46-3.50 

-0.12 

w.T.i. (ipm est) 

$14*1-4.63 

-0.05 

■ Oft. PRODUCTS NWEprornpt deffwy OF (tome) 

Premium Gasoffne 

$153-155 

-1J0 

(to OB 

$144-146 

-05 

Heavy Fuel CM 

$80-82 

-0.5 

Naphtha 

5136-138 

-1.0 

Jri Fuel 

$159-160 

-1.0 

PMrotant Argus &ttiwtel 



■ OTHER 



Gold (per troy ot)X 

$378.00 

-0.70 

SBver (per troy oz>$ 

523.6c 

-2 

PtaOnwn (per tray ot) 

$391.60 

-a so 

PiAadtum (per troy azj 

$128.75 

-050 

Copper (US prod) 

92.00C 


Lead (US prod) 

35.00C 


Tin (Kuala Lurnpu) 

14.08r 

-026 

Tin (Now Yack) 

24700c 


Zinc (US Prime WJ 

Unq- 


Cattle give weigMJT 

124.68P 

+2.KT 

Sheep ftae weighing 

12232p 

+30T 

Ho* (Bw-wrighQ 

8203p 

+0.40* 

Lon. day sugar (raw) 

$28050 

+1.40 

Lon. day sugar (wte) 

$337.60 

+5.50 

Trie 6, Lyle expert 

£304.00 

+1.00 

Barley (Eng. feed) 

Unq 


Maize (US Na3 YeieraO 

Unq 


Wheat (US Dark North) 

Cl BO. Ox 


Rubber (Ap»)¥ 

S5_60p 


Rubber (May)V 

65-75p 


RufaberfKLRSSNol Apr) 

241.00m 


Coconut Off (PNQ§ 

S520.0X 

-IftS 

Palm Off (MelayJ§ 

£385.01 


copra pw&§ 

$385.0 


Soyabeans pjsg 

£1900 

-2 

Cotton Outlook A Index 

81 . 00 c 

-O.fiO 

Wodtops (64a S**m) 

380p 



Mer3 

226.19 


Mar 2 month ego year ago 

227.09 228.73 20&47 


C per Kane unto oOwrariM eated. p pwwe/hg. c cereate. 
r rinogiMg. m Mriwaien careeAg. w Apr- 1 ■M/Sep. x Apr/ 
to- V London PtiytricsL 9 CM Bntot m . « EMon 
marint dose, 4 toep (Uvo writes pries* * Cawige on 
week, proririonri psoas. 


WORLD 'BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day’s 

Coupon Data Price change 

Yield 

Week 

ago 

Month 

ago 

Austraia 

9.500 

08/04 

116.4390 

+0.450 

6.00 

80S 

821 

Belgium 

7050 

OVO 4 

1020000 

+1.000 

696 

7.02 

804 

Canada' 

8.500 

06/04 

940100 

-0040 

701 

701 

6.46 

DenmarH 

7.000 

12AM 

1020500 

+0080 

6.68 

pftO 

8.12 

France BTAN 

0.000 

05B8 

107.9700 

+0380 

542 

5.42 

5.10 

OAT 

5.500 

04AM 

942000 

+0080 

829 

624 

503 

Germany 

6.000 

09/03 

98.1500 

+0250 

908 

6.13 

5.74 

Italy 

9 500 

01AM 

95.7200 

+2.350 

9.17T 

804 

833 

Japan No 119 

4.800 

06/99 

105.0590 

+0090 

3.68 

325 

3.04 

No 157 

4.500 

06/03 

1030150 

-0090 

4.01 

3.59 

300 

Netherlands 

5.750 

01AM 

960000 

+0050 

6.19 

6.18 

5.72 

Spain 

10.500 

10/03 

1110000 

+0.600 

808 

8.71 

707 

UK Gilts 

. ftOOO 

08/99 

98-01 

+11/32 

8/44 

6.43 

5.77 


0.750 

11AM 

97-28 

+23/32 

7.07 

7.02 

833 


9-000 

10/08 

115-19 

+24/32 

725 

723 

8.68 

US Treasvy ' 

5-075 

02AM 

96-14 

-9/32 

606 

6.18 

5.75 


6l250 

08/23 

92-14 

-13/32 

605 

070 

6.31 

ECU (French Govt) 

6.000 

04AM 

94.7000 

+1.170 

8.74 

809 

805 


YWaK Load martaa nanawd. 


London dosng. "Now York mg-uay 
t Gross grave wrid («»***nq md u l vkhm aw at 128 per cent payable by nanresklanut 
Pncmr US. Win 32ratoi ohm in decvnol ScwarMUS 

ECONOMIC NARY - FORWARD EVENTS 


TOMORROW: Moldovan 

referendum on independence 
and territorial integrity. 
IGEDO international fashion 
trade fair opens In Dusseldorf 
(until March 8). Raymond 
James & Associates holds 
annual investment conference 
in Florida. 

MONDAY: Credit business 
(January)- Housing starts and 
completions (January). ITS con- 
sumer credit (January). Cen- 
tral bank governors hold 
monthly meeting at Bank of 
International Settlements in 
Basle. European Union general 
affair s council meets in Brus- 
sels. European Parliament in 
plenary session in Strasbourg. 
Engineering workers in Ger- 
many due to strike. Nordic 
Council meeting in Stockholm 
(until March 10). Mr John 
La ware. Federal governor, to 
address Institute of Interna- 
tional Bankers in Washington. 
TUESDAY: Cyclical indicators 
for the UK economy (January- 
second estimate). Index of pro- 
duction (January). 
WEDNESDAY: US wholesale 
trade (January)- Inaugural 
meeting of the European 
Union's Committee of the 


Regions in Brussels (until 
March 10). Mr Warren Christo- 
pher. US secretary of state, vis- 
its Tokyo. Results from BAT 
Industries, RTZ Corporation 
and Standard Chartered. 
THURSDAY: Details of employ- 
ment, unemployment, earn- 
ings, prices and other indica- 
tors. US retail sales (February). 
Meeting of Anglo-Irish inter- 
governmental Ulster confer- 
ence to assess progress of con- 
sultations over framework for 
new inter-party talks on the 
future of Northern Ireland. 
National People's Congress 
begins its annual session in 
Beijing. European Unions min- 
isters responsible for the single 
market meet in Brussels. Infor- 
mal meeting of the European 
Union social affairs ministers 
in Greece. Results from Smith 
& Nephew and TI Group. 
FRIDAY: Usable steel produc- 
tion (February). Balance of vis- 
ible trade (December). Con- 
struction output (fourth 
quarter). Capital issues and 
redemptions (February). Mr 
Warren Christopher. US secre- 
tary of state, arrives in Bering 
on an official visit (until March 
U>. 



Tho. cxstniul iinl |.»f ihc imcaior 

Market-Eye 

London stock exchange 


Equity and 
Options Prices 

■ -.v.-.tch tl:.- 

071 329 8282 

Erit 07 i 39S 1001 


Signal 


Q 130+ ooflwore oppfcaflone O 
O RTDATA FROM $10 A DAY O 
O Signal SOFTWARE GUIDE G 
Call London W 44 + (0) 71 231 3558 
to your guide and Signal prica tost. 


US INTEREST RATES 


■ LONG GILT FUTURES OPTIONS (UFFE) E5O0WJ 84ttM oMOOtt 


Umchfima rates 


Mae rate. 


Mtetonk. 

FMJuKh . 


FetUnbaHmodnL- 


OmaiaaOi— 
6 Two monte _ 
5 Ttraenantu 
3A Skexteii — 
- (kwjar — 


Treasury Ote and Bond YMdi 

3.14 TVnTcar- 


346 Itnejoar- 
383 Rw JW_ 
385 10-fO* 

429 30-yeor 



Sort to 


CALLS 


Price 

Jun 

Sep 

529 

111 

2-28 

3-00 

504 

112 

1-58 

2-38 

6 M 

113 

1-30 

2-11 


PUTS 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRBICH BOND FUTURES [MATIF] 


Jite Sap 

1- 68 3-22 

2- 24 3-88 

2-60 4-33 

BL voL tetri. Cali 5330 na 4642. toriouo riWa open hit, Oob 00QZ3 Put* 42976 


Ecu 

■ ECU BOND FUTURES (MATIF) 


us 

B US TREASURY BOND RITUWE8 (CS1) $100800 32nrta of 10DW 



Open 

Lrieet 

Change 

Ugh 

LOW 

EOL voL 

Open InL 

Mar 

110-15 

110-17 

+0-03 

111-06 

1104)2 

2B.153 

125012 

JUn 

109-14 

109-13 

+4M71 

109-31 

108-26 

422,007 

272;f69 

Sep 

108-18 

108-19 

+0-03 

109-00 

108-10 

814 

34.708 



Open 

Sen price 

Change 

Mgh 

Low 

EbL voL 

Open ferL 


Open 

Sad price 

Change 


Low 

Eat voL 

Open InL 

Mar 

12408 

12522 

+008 

12524 

12400 

281080 

161.480 

Mar 

11800 

117.10 

+000 

117.10 

11824 

4,153 

14080 

Jun 

Sep 

12420 
123. BO 

124.74 

12308 

+0.30 

+020 

124.74 

12302 

124.16 

123.48 

70041 

317 

80097 

10088 

Jun 

9040 

9000 

+020 

9008 

90.40 

313 

211 


B NOTIONAL LONQ TERM JAPANESE GOVT. BOND FUTURES 

flJFFg YlOOm IQOtta of 100M 

Open CkMa Change /4gh Low Eet not Open Inc. 
Mar 11185 11180 111^5 366 0 

Jin 110.15 11043 11009 2908 0 

* UFFE o uu bb u w radeel an AFT. M Open tana flge. am tor praMam Ob/. 


■ LONQ TERMFRENCH BOND OPTIONS (MATT) 


Strike 

Price 

Apr 

- CALLS - 
Jun 

Sep 

Apr 

— pure 
Jw 

127 

004 

0.74 

ass 

- 

3.03 

128 

0.13 

0.48 

050 

- 

3.75 

129 

- 

029 

0.35 

- 

- 


Sop 


489 


130 - 015 .... 

131 - 009 

Em. wX. nxri. Crib 29578 Puts 20JH . Pteriaue (teV* open W, (to 318278 Puts 243^12. 


Germany 

B NOTIONAL GERMAN BUND FUTURES ffJFFQ* TO42SQ.000 IDOttla of 100% 



Open 

tot price 

Change 

Mgh 

low 

Est vol 

Open InL 

Mar 

96.00 

9722 

+003 

97.70 

9501 

100488 

102418 

Jun 

9505 

96.42 

+006 

9600 

9524 

162840 

194279 

Sep 

9520 

9628 

+005 

9600 

9620 

253 

4137 


a BUND FUTURES OPTIONS (UFF9 DM2S0.0Q0 polnte Of 100% 
SWfc* 


CALLS 


Price 

Jw 

Sep 

Jun 

Sep 

9600 

100 

1.77 

107 

1.49 

9650 

123 

102 

101 

1.74 

9700 

1.00 

100 

1.58 

2.02 


EM VOL total. Ceos 12+01 PUIS 1SW7. Pranwua dsy^ Opwi R. Crita 214088 Ruts 180211 


■ NOTIONAL MEDIUM TERM GBMAN GOVT. BOND 
(BOGLXLFFe* DM2GOOOO lOOtfra of 100H 



Open 

tot price 

Change 

Wgh 

Law 

EsL *d 

Open ta. 

Mar 

100.70 

10100 

+035 

101.10 

10005 

1277 

4644 

Jill 

100.55 

10 a 73 

40.13 

100.72 

10035 

771 

2044 

Hady 









m NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
fUFFET Lha 200m IQOttvi of 10096 



Open 

Sen price 

Change 

mgti 

Low 

EsL vol 

Open InL 

Mar 

111.45 

11200 

+0.40 

112.90 

111.45 

12511 

9287 

Jun 

11000 

112.10 

+005 

11208 

11000 

54688 

111489 

Sep 

110.90 

111.60 

+000 

11006 

11000 

2 

1 


te ITALIAN GOVT. BOND (BTP) HJTTUHSB OPTIOWS ftJFFE) Lka200m lOOBaoMOOW 


Strike 

Price 

Jun 

Sep 

Jill 

- PUTS 

Sep 

11200 

207 

3.15 

2MT 

305 

11290 

2.31 

jib 

2.71 

3.62 

11300 

2.09 

2.70 


4.10 


Eel voL iiitri. CaBs 3043 Pun 1433. Pitma tlafo open tnL, Grib 50100 Pule 48iB8 

Spain 

m NOTIONAL SPANISH BOND FUTURES (Mgq 

rtgh I#* Eat vol Open kit 

10180 10a40 85.740 02804 

101.70 10a01 22^46 GS£91 


M at 
JUi 


Open Sett pnee Change 
101.83 101 AO +03B 
10150 160.40 +0.45 


UK 

■ NOTIONAL UK CttT FUTURES (UFFQ* ESQ.QQQ 3Bnda of 10096 



Open 

Sett price 

Change 

High 

Low 

EbL vol 

Open InL 

Mar 

111-27 

112-14 

*0-22 

112-18 

111-15 

10069 

19809 

Jun 

110-28 

111-17 

+0-26 

111-31 

10940 

108196 

159420 

Sep 


110-21 

+0-28 



0 

0 


FT-ACTUARfES FIXED INTEREST HM DICES 


1 Up to 5 yearn 

2 5-15 yet 

3 Owl). 

4 tnedaemoblM 

5 Al stocks (51) 


Fri 

Mw 4 

Doya 
change K 

Thur 

Mar 3 

Accrued 

tatamt 

ad a4 
yfc*i 

Index-talked 

Fri 

Mar 4 

Day’s 
dungs % 

ThM 

Mw 3 

Accrued 

Interest 

xd ad| 
yMd 

12707 

*025 

128JE 

1J9 

207 

6 Up to 5 yeeraO 

187.73 

*013 

187.49 

073 

101 

15304 

*071 

1S2JB 

2U7 

2.75 

7 Over 5 yrars (11J 

16208 

*038 

18100 

008 

079 

17408 

*082 

17204 

087 

303 

B Al Stocta (13) 

182.19 

*034 

18108 

0l88 

Qffl 

203.71 

*017 

20338 

208 

1-47 







14901 

*059 

14804 

1JB 

202 

9 Dabs and loses (73) 

1480B 

*082 

145.79 

208 

207 


Ylekte 


Mar 4 


■ Low coupon yMd - 
Mar 3 Yf ago n&i 


Mar 4 Mar 


U-jl— f^eifi m ri --*-*-* . 

MviMan coqxm iwa 

3 Yr ago 1*gb 


Low 


Ti i rr 


Low 


ELS 

Inttex-Onhod 


804 

607 

052 

809 

ay 

7.1/ 

705 

700 

/0O 

2A 

700 

705 

708 

7AQ 


7M1 

7.42 

038 

/.48 

2/i 





&80 &89 0.94 

7JS0 1ST 8J1 

7-51 7.58 6.40 


Inflation rate 1096 • 


Up to 5 yre ZJB2 
over 5 yre 3^8 

Deba Aloata 


2.64 

330 


2.00 264 1 

3.46 330 1 

— Syaara- 


2M 1 

ZM 1 


1.74 

3,10 


1.7B 1.17 1.75 ' 
3.12 328 3.12 1 

15j 


i.ie fia nr\ 

2 68 (31/12) 


1 25 years ■ 


820 a 32 ».4§ 6.97 (4/1) 7.03 pi/12) 834 842 931 934 (19/1) 739 (20/1*) 840 845 9.45 

Average gross redemption yields era shown above. Coupon Bands: Low: 0%-73«%-. Madfcm: 8%-10%96; High; 1194 and over, t Fist yield, ytd Year 

GILT EDGED ACTWIY INDICES 

Mar 3 Mar 2 Mar 1 


FT FDCED INTEREST INDICES 

Mar 4 Mar 3 Mar 2 Marl Feb 28 Yr apo HjgtY 


Low* 


10.10 119/1) 
to data. 


Feb 28 


7.48 (20 7H 


Feb 25 


Oort. Boca. (UK) 10039 10040 10012 101.11 10131 97.71 10730 9338 
Fixed interact 121.41 121.19 121.47 12336 12237 11814 13337 10867 


OB Edged bargains 1363 1387 1673 1893 

B-to evaraoe 1589 157.1 1500 1404 

tor 189S«C Qownm Seotoa htoh rinm ewteririto 12740 Dri/3% to 4815 (SrtmL tetoiMt higlt rinca oarqpteflQR: 13387 pi/lto . tow 6063 (Vt/7R . Basle lOk Qovm 
10/20 end Acad Herat taza SE actMy Mcae rabeaeri 1B74 


1623 

1281 


UK GJLTS PRICES 


_«aM_ 

H Red McaC+or- 


1883/M — 


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{Q a Meat +ra- Hgg Law 


BMite" Olm sp IB Rn Yomt 

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EMh3pcfite«HE. 
KHtpc 1995 


I4pe1999 

15>«5C 199Btt- 


EMhia>apei99r_ 

TfBWWtflC 19778 812 

fin* 1505 1987— 

94teC<99B 

Trass 7Vrt* 19988- 
Tim 64iOC 199M58- 

HBCVS-l 

Trass lEltfX-Setf. 

E)B» 12pc 1999 

Ttete9>a« 19998 950 


RntoRHsenTewt 

Exdl IS’+pc I9B9 

Trees I0*apc 1989 

Tran fia 19998 

Cmentoa iM*uc 1999. 


1304 

404 

101£ 

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1094 

907 

400 

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1247 

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103 A 



110 A 

8J5 

403 

HBH 



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JI01 

409 

108*1 

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mg 

347 

400 

B7L 

- 

99 

900 

5.16 

100 a 


109% 

1100 

941 

111C 

- 

118% 

12.18 

548 

I14& 



120% 

12J9 

908 

11BA 

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125% 

11.48 

549 

lift 


1204 

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509 

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$79 

123 

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12ft 

949 

874 

118 


121% 

8.12 

804 



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804 

641 

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121% 

$.11 

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lisp 


lift 

947 

BOB 

130% 


1383 

802 

741 

118 


122ft 

638 

609 

lOOii 


105ft 

846 

844 

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3Jft 

841 

7.16 

118ft 


123ft 

743 

748 

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USD 

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105ft 

501 

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744 

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12SB 

940 

701 

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7.42 

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708 

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111% 

$19 

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+B 

138ft 

749 

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lift 

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702 

7.16 

41 

*« 

48ft 

740 

745 

lift 

+a 

12 ® 

787 

74S 

117% 


127(1 

857 

743 

83BU 

tB 

64 

7.43 

744 

107% 

+fl 

117% 

708 

741 

1 MH 

+% 

114% 

706 

743 

im 

+fl 

128% 

$19 

70S 

M 8 B 

♦lft 

16ft 


St 

100*2 

too, 1 , 

7M, 


874 

125B 


SSSM i 

topecthra real redwiiption ra 


end » 5%. « RgurM h 
teuton 9" 8 months prior to , 
iqovi 

3345. FVI hr Jim 1883: 1413 



to on pro tected Marion cT{ 1 ) 1 
p««neooa show Wl bsae 
tow) and hove boon aGustac 
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“d Mr Jwury 1994: 1413. 


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109 


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490 »w Sri* w«-. 


. _ 974 aatabaiiM- 
1274 109% Traas.3*zie. 


706 

- 523 

+A 

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+% 

54U 

$48 

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+% 

71 

7.7B 

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708 

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-% 

3ft 

743 

- 32fld 

-i 

37% 


Other Fixed Interest 


MtonOav llUatnn 

WF= 

mo OBteae tBpcawT 
LeMs 13*jfC 20 QB 

BSSHci- 

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$31 

131% 

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142 

113% 

108*1 

114 

~ 

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_ 

120 

95 

- 

101 

, 

118 

97% 


112% 

_ . 

130 

110 

$57 

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*& 

170ft 

139ft 

— 

140 


148% 

128 

— 

41 



44% 

34 

- 

36% 


40% 

30% 

$47 

126% 

, 

136*. 

114 

7.10 

7ft 



78 

63% 

440 

1*0% 



160% 

117% 

443 

135% 



145% 

115% 

” 

140 

— 

199% 

132% 








FINANCIAL times WEEKEND MARCH 5/MARCH 6 1994 


CURRENCIES AND MONEY 


MARKETS report 

Dollar firmer 


Dollar 


Sterling 


French franc 


The US Federal Reserve 
yesterday kept interest rates 
unchanged after the release of 
a mixed set of employment 
data, writes Philip Gawith. 

Foreign exchanges had eyes 
for little else beyond the fig- 
ures which last month 
prompted the Fed to increase 
its Federal Funds rate by 25 
basis points, subsequently 
throwing financial markets 
into turmoil. 

Ever since markets have 
been obsessional in their focus 
on US inflation prospects and 
the prospect of a further tight- 
ening of policy. Although the 
217,000 increase in February 
Jobs was well above expecta- 
tions, it was offset by other 
inflation indicators such as 
average hourly earnings. 

Continuing speculation 
about another credit ti ghtonipg 
helped the dollar close higher 
in London at DH1.719S from 
DM1.7088 on Thursday. 

■ The D-Mark was mixed in 


Europe yesterday, finishing 
lower against the Belgian 
franc, the Italian lira and the 
French franc, and stronger 
compared to the Irish punt «nri 
the Spanish peseta. It closed 
just over a pfennig weaker 
against the dollar at DM1.7198. 

Attention was focused on the 
industrial dispute in the engi- 
neering sector. Employers and 
unionists met last night in a 
late attempt to stave off indus- 
trial action next week, 

■ Pound hi Now Ytarfc 



tow 4 

ESP 
1 BA 
Soda 


1.4886 

1.4868 

1.4839 

1.4788 


“Pw. dan - 
1.4960 
1.4847 
14811 
14850 


Going into the talks Mr 
Klaus Z wicket, head of the IG 
Metall union, told Reuters: 
“The probability of a strike is 
very large. This is the last 
chance to avert it" 

The Portuguese escudo fin- 
ished unchanged in London at 
Esl(&3 to the D-Mark after the 


1.71 


F ft 1994 

Some*: FT Graphite 


central bank cut its emergency 
lending rate, for up to EslQObn 
of one-day funds to resident 
banks, by */« point to U.00 per 
cent from LL5 per cent. Ihe 
little used rate was previously 
cut by a similar margin on 
January 19. 

■ The dollar started the day 
strongly after President Clin- 
ton’s resurrection on Thursday 
evening of Super 301 - the pro- 
vision in US trade law allowing 
it to impose sanctions on coun- 
tries with trade barriers. 

Part of the reason for dollar 


strength was support from the 
Bank of Japan, assisted appar- 
ently by buying Gram US funds 
and Japanese life insurers. 
Analysts said Japanese insur- 
ers sold yen to shift some of 
their yen-denominated assets 
to other higher yielding over- 
seas assets. 

Traders »hh inh>rh»mir short- 
covering also helped the US 
currency, while the market 
appeared to be modifying its 
view that any intensification of 
the trade dispute was bad for 
the dollar. 

In terms of yesterday’s fig- 


ures. the headline increase in 
the non-farm payroll was par- 
tially offset by the downward 
revision of the January figure 
from a 82,000 rise to a 2,000 
decline. Hourly earnings rose 
by only 0.2 cents and the work- 
ing week fell to 3-L3 hours from 
34.8 hours. 

■ The Bank of England pro- 
vided the UK money market 
with around £400m of late, 
unspecified assistance, bring- 
ing total help for the day to 
£1.369bn. This compared with 
its latest forecast of a £l-5bn 


liquidity shortage, revised 
down from £i.7bn earlier. 

With the D-Mark under pres- 
sure, sterling gained against 
the German currency to finish 
in London at DM2.5629 from 
DM2.5546. It finished slightly 
lower against the dollar, clos- 
ing at $1.4903 from $L495. 


pvm 

■testa 

UAE 


e s 

154S® - 154.490 1 01560 - 110650 
SS&OO - 260460 174860 - 175000 
04427 - 04436 02971 - 02976 

327166 - 327796 21 5500 - 219686 
25 12J0 - 252760 168B60 - 159000 
5.4648 - 54758 36710 • 36730 


POUND SPOT- FORWARD AGAffj'ST THE POUN 


Europe 

Austria 

Belgium 

Denmark 

Finland 

France 

Germany 

Greece 

Ireland 

Italy 

Luxembourg 

Netherlands 

Norway 

Portugal 

Span 

Sweden 

Switzerland 

UK 

Ecu 

SDR 

Americ a * 

Argerttaa 

Brazil 

Canada 





COLLAR 


Closing Change 
mld-polnt on day 


Mar 4 


Europe 


daring 

mid-point 


52918 +0.0109 829 - 000 
8.7113 +04245 061 - 164 
2.5629 +0.0083 621 - 637 


(FM) 

(FFr) 

(DM) 

(Or) 371.967 
Ori 1.0421 
(U 2616.36 
(LFr) 52.7680 +0.1177 311 - 084 
2.8762 +0.0072 750 - 774 
+0.025 012 - 080 
+0609 703 - 328 


-0.001 B 412 - 430 


P) 

(MO) 11.1046 
(&) 262.061 
(Pta) 210.178 


(SFr) 2.1488 +04073 478 -487 

- 1 .3242 +0.0021 236 - 247 

- 0.838371 


18.0342 172384 

18.0104 

03 

18.0048 

02 

- 

. 

113.4 

Austria 

Pch) 

120880 

+OOB35 

522088 52.5113 

528298 

-1.4 

525198 

-1.1 

535548 

-09 

1145 

Belgium 

IBft) 

35.4100 

+019 

100208 02703 

10.0267 

-1.4 

100457 

-15 

105816 

-07 

114.4 

Denmark 

<DK0 

6.7205 

+004 

82006 82610 

- 

- 

- 

- 

- 

- 

815 

Finland 

(PM) 

55640 

+00248 

07184 8.6771 

8.721 

-15 

8.7354 

-1.1 

07889 

-07 

1085 


(Flit) 

55455 

+05347 

22884 2.6435 

25652 

-1.1 

2.5681 

-OB 

25723 

-0.4 

1225 

Gerrany 

(P) 

1.7138 

♦0.011 

372227 389260 

- 

- 

ra 

ra 

- 

- 

_ 

Greece 

0>) 

249.600 

+1.15 

1.0463 12380 

1.0431 

-15 

1.0*61 

-15 

15527 

-15 

1028 

Ireland 

m 

15300 

-00024 

252022 250a01 

252351 

-3.6 

253751 

-3.4 

269038 

-3.1 

755 

Italy 

(U 

168856 

+852 

52.8089 522113 

525298 

-1.4 

525198 

-1.1 

532548 

-09 

1145 

Luxembourg 

(LFr) 

35.4100 

+019 

22787 22851 

25771 

-04 

25775 

-05 

2-8715 

05 

1175 

Nemertanda 

(FI) 

15300 

+05109 

11.1355 11.0532 

11.099 

06 

11.1115 

-02 

11.1037 

OO 

845 

Norway 

(NKf) 

74515 

+00402 

282228 260227 

OfCKVCA 

-45 

264581 

-45 

- 

- 

— 

Portugal 

ffs) 

175550 

+1 

210.031 208.777 

210503 

-3.6 

211573 

-35 

21B2TB 

—29 

845 


Pta) 

141.035 

+1585 

11.9718 11.8BB7 

115871 

-25 

125011 

-15 

12.1166 

-1.4 

785 

Sweden 

(SKr) 

85152 

+00198 

2.1524 2.1389 

2.1473 

05 

2.1438 

15 

2. 1245 

1.1 

1185 

Switzerland 

(SFi) 

1.4419 

+00094 

- 

- 

- 

- 

- 

- 

- 

815 

UK 

B 

14903 

-05047 


1.3252 13188 1.3258 -US 13285 -13 13353 -03 


Ecu 

SDR 


1.125b 

1.40079 


(Peso) 1.4899 -0.0043 896 - 902 1.4958 1.4874 

(Cr) 1010.17 +15281 998 - 035 101430 993300 


(cs) 

Mexico (New Peso) 43285 

USA {$) 1.4903 

PacMc/MdMe Eeet/Africa 
Australia (AS) 2.0885 

Hong Kong 
tadta 
Japan 
Malaysia 
NmvZeolaid 
PHSppirws 

Sand Arabia (SR) 

Singapore (SS) 

S Africa (Com.) (H) 

S Africa pn.) (R) 

South Korea (Won) 120233 

Tahnsi 
Thefland 


-05002 

245 - 2S9 

2.0261 

25155 

20231 

15 

25197 

1.1 

20177 

24 

885 

-00152 

202 - 367 

4.8367 

4.8202 

. 

- 

- 

- 

- 

ra 

- 

-00047 

900 - 905 

14969 

14880 

1.4885 

1.4 

1.4855 

15 

14793 

0.7 

66.8 

-OQ299 

054 - 675 

21185 

9-0833 

2085 

05 

20826 

0.7 

25807 

05 

_ 

-0.0360 

132 - 196 

115684 114833 

115020 

14 

114975 

as 

114434 

05 

- 

-01981 

7B6-017 

475330 48.7230 

- 

. 

- 

- 

- 

- 

- 

+1572 

165 - 322 

157.322 154500 

150574 

25 

160.104 

25 

152589 

20 

185.7 

-05116 

573 - 616 

45759 

4.0533 

- 

- 

- 

- 

- 

- 

- 

-00224 

894 - 035 

26192 

25S76 

26044 

-13 

26087 

-1.1 

26173 

-05 

- 


Argentina 
Brad 
Canada 

Mexico (New Peso) 

USA (ft 

PacfltaOSddto EostMMca 


(Peso) 03896 
(Cl) 677.850 
(Cft 13590 
33400 


Change Brd/ofler 
on day spread 

855 - 905 
900 - 300 
180 - 230 
6B0 - 690 
430 - 480 
185-200 
400 - 800 
290 - 310 
7B0 - 830 
900 - 300 
285 - 305 
505 - 526 
700 - 000 
000 - 070 
114 - 169 
415 - 423 
900 - 90S 
-03053 252 - 257 


+0.0003 997 - 998 
+1033 840-880 
+0.0042 587 - 592 
- 350 - 450 


Dey'i mid 
high low 


One month Three months One year JP Morgen 
Rato KRA Rate MPA Rato MPA index 


12.0905 123250 12.1087 
35.4300 353340 35496 

6.7230 6.67S3 
5.5690 5.5381 
5.8480 53122 
1.7200 1.7015 
249300 247380 
1.4408 1.42S2 
168830 168330 
354300 353300 
13306 13201 
7.4525 74103 
178300 174300 
141370 140330 
8.0189 73902 
1.4427 1.4345 
1.4969 14880 
1.1302 1.1252 


-13 
-23 
6.7387 -2.9 
53892 -1.1 
53S94 -23 
1.7238 -23 
253.2 -173 
14286 2.9 

1685.7 -5.1 
35.495 -23 
1.933 -13 
7.4612 -13 
170.77 -63 
141.63 -5.1 
8.0407 -33 
14426 -33 
14885 1.4 

1.1226 33 


12138 

-1.7 

121655 

-05 

1027 

35.63 

-25 

36.01 

-1.7 

1089 

6.7632 

-25 

65995 

-27 

1023 

85772 

-15 

5594 

-05 

784 

5581 

-24 

5.9295 

-14 

1D4.4 

1.729 

-21 

1.7395 

-1.1 

104.1 

26a 1 

-185 

289.6 

-180 

705 

1421 

25 

14033 

15 

_ 

170855 

-4.7 

175355 

-35 

763 

3553 

-25 

3801 

-1.7 

1089 

1.9373 

-15 

1.944 

-0.7 

1083 

74802 

-15 

7.4905 

-05 

94.5 

178.44 

-55 

184.15 

-4.7 

982 

14254 

-45 

146235 

-3.7 

881 

80797 

-22 

81937 

-22 

81.2 

1.4432 

-04 

14367 

84 

104.9 

1.4855 

15 

14793 

87 

980 

1.1181 

25 

1.1074 

15 

- 


03838 03994 
877375 677340 
13592 13512 
33450 33350 


13593 -03 
33418 -US 


13596 -03 
33444 -03 


13845 -04 
3355 -03 


853 

1003 


(Ra) 48.7902 

(V) 157344 

(MS) 4.0595 
gilZft 2.6016 
(Peso) 413055 -03047 750 • 359 413180 40.9750 
-00175 869-892 53123 53807 

-0.003 802-624 23886 23655 

5.1788 -03058 778-817 5.1989 5.1704 

63887 -00404 801 - 973 6.9157 8.8597 

-338 183 - 283 120740 120082 

(T^ 383799 -01815 658 - 939 393900 303300 

(Bt) 37.7183 -0088 070 - 385 373510 373760 


5.5881 

33613 


Austrafla 

(A*) 

1.4001 

-801 56 

996 - 006 

14156 

15966 

1.4011 

-89 

1404 

-1.1 

1.41 IS 

-05 

865 

Hong Kong 

(HKS) 

7.7275 

-80004 

270 - 230 

7.7289 

7.7255 

7.7282 

-81 

7.7322 

-02 

7.751 

-83 


India 

F8) 

315875 

-0.0325 

950 - 000 

314300 315850 

314625 

-25 

315075 

-25 

- 

- 

- 

Japan 

(Y> 

105515 

+1.45 

480 - 550 

105550 100520 

1084 

15 

1081 

15 

10835 

21 

I486 

Malaysia 

(MS) 

27240 

+80007 

230 - 250 

27260 

2.7230 

2718 

26 

27015 

83 

2774 

-15 

_ 

Nbw Zankaid 

(HZS) 

1.7457 

-800% 

446 - 487 

1.7522 

1.7446 

1.7473 

-1.1 

1.7518 

-1.4 

1.768 

-12 

- 

Rtfpptaes 

(PtteO) 

275500 

-055 

000 - 000 

275500 275000 

. 

- 

- 

- 

- 

- 

_ 

Saudi Arabia 

(SR) 

87488 

+0.0001 

496 - 499 

87502 

87496 

87522 

-88 

87568 

-87 

87753 

-87 

- 

Singapore 

(S$) 

15845 

+0.003 

840 - 850 

15850 

15811 

15845 

80 

15845 

0.0 

1.608 

-15 

•fa 

S Africa (Cam) 

(R) 

84758 

+0007 

750 - 785 

34775 

34606 

84901 

-44 

85191 

-55 

3.6163 

-45 

- 

S Africa (Fin.) 

(R) 

45225 

-80125 

175 - 275 

4.6275 

4.6000 

4.6535 

-85 

4.7175 

-82 

. 

. 

- 

South Korea 

(Won) 

60S. BOO 

-005 

600 - 000 

807.400 808600 

809-8 

-45 

8135 

-82 

8315 

-81 

- 

Taiwan 

fTS) 

284250 

-8025 

200 - 300 

264400 264200 

265275 

-4.7 

20.675 

-88 

- 

- 

- 

Thotand 

(Bt) 

265100 

+802 

000 - 200 

283200 282900 

2558 

-83 

2552 

-35 

2556 

-14 

- 


f SDR nan tar Mcr-3. BkftAgr spreads b (he PdwkT Spri labia enow cs% Ora fate Uses deefari clean. Ifaed rater ee not dkedly qumsd to tfie new 
IM am knpsad by onset Merari rotas. mono Mn cafcritted by the Bank of England. Bate omega 1005 ■ lOtLBId, OOW md kid+eraai ki boh Ml ted 
ttw Dolor Spot tabtn denned from THE WMTEU1ER8 CL08M8 SPOT RATES. Some atones am ranted by me F.T. 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar4 BFr PKr TTr 

DM 

K 

V. 

n 

NKr 

Ea 

Pte 

SKr 

SFr 

X 

CS 

S 

Y 

Ecu 

Brigham 

(BFr) 

100 

1659 

1651 

4557 

1.975 

4798 

5480 

2153 

4987 

3985 

2253 

4.072 

1595 

3537 

2524 

2975 

2509 

Denmark 

(PKt) 

5266 

10 

8694 

2558 

1.040 

2511 

2570 

1158 

2615 

2095 

11.92 

2145 

8996 

2521 

1487 

1589 

1521 

France 

(FFr) 

8058 

1150 

10 • 

2542 

1.106 

2888 

3502 

12.74 

3005 

2415 

1871 

2467 

1.148 

2325 

1.710 

1885 

1520 

Qcrmeny 

(DM) 

2059 

8909 

8399 

1 

8407 

081.7 

1.122 

4.331 

1025 

8201 

4599 

8838 

8390 

0.790 

0561 

8153 

0517 

trotand 

(IQ 

5864 

9.616 

8560 

2460 

1 

2415 

2760 

1865 

2515 

201.7 

1146 

2062 

8960 

1543 

1.430 

1505 

1571 

Italy 

(U 

2597 

8398 

0546 

8102 

8041 

108 

8114 

8441 

1042 

8355 

0475 

8085 

8040 

0580 

8(69 

8248 

8053 

Nattwrlands 

W 

18.35 

3.484 

8029 

8891 

0562 

8745 

1 

3560 

91.13 

7809 

4152 

8747 

8348 

8704 

0518 

5456 

8460 

Norway 

(NKi) 

4754 

aOB7 

7548 

2309 

8939 

2287 

2591 

10 

2381 

1984 

1878 

1.936 

8901 

1524 

1542 

1415 

1.193 

Portugal 

m 

2813 

3523 

8324 

0578 

8398 

9585 

1597 

4235 

100. 

9020 

4556 

8820 

8382 

8773 

8568 

5958 

8505 

Spain 

(Pte) 

25.10 

4.7B7 

4.144 

1219 

8496 

1197 

1568 

5281 

124.7 

108 

5560 

1.022 

047B 

8963 

8709 

74.79 

8630 

Swfaden 

(SKI) 

4420 

8592 

7296 

2147 

8973 

2107 

2409 

9296 

2195 

1785 

10 

1500 

0538 

1.896 

1548 

131.7 

1.109 

Surttzerfand 

(SR) 

2456 

4563 

4554 

1.193 

0.406 

1171 

1538 

5.165 

1220 

97.81 

5556 

1 

8485 

8942 

8693 

73.15 

0516 

UK 

(Q 

6277 

1052 

8711 

2563 

1542 

2516 

2876 

11.10 

2621 

2102 

11.94 

2149 

1 

2025 

1480 

1575 

1.324 

Canada 

(CS) 

2656 

4.948 

4502 

1266 

0515 

1242 

1.420 

5481 

1294 

ma 

5598 

1561 

8494 

1 

8736 

7753 

0654 

US 

(B 

35.42 

6.725 

5948 

1.720 

ppra 

1889 

1530 

7.450 

1755 

141.1 

8013 

1.442 

0571 

1-359 

1 

105.5 

8889 

Japan 

m 

335.7 

6874 

5541 

1650 

8828 

16005 

1830 

7881 

1667 

1337 

7555 

1357 

8361 

1298 

9478 

1008 

8422 

Ecu 


3956 

7568 

6579 

1538 

a 787 

1900 

2172 

8584 

1980 

1585 

8018 

1523 

a755 

1529 

1.125 

1187 

1 


TSDR ms tor I4sr3. BdMtor spreads n the Dolor Spot table thorn arty me Mot Una dactori pfaoee. Foment rates are nor draedy quoted lo toe market 
but n knplad by cum morsel rates. UK. Mend « ECU we quoted in US cuieney. JJ>. Morgan trices shown far Mar .3. Base average 1990-100 


EMS EUROPEAN CURRENCY UNIT RATES 

liar * Ecu can. Rato Change HJ-tan M spread Dh. 

rates apnlna Ecu on day can. me v weakest Ind. 


Ireland 

Netherlands 

Briglum 

Germany 

France 

Danmark 

Portugal 

Spain 


0.806628 

2.19872 

402123 

1.S4964 

633883 

7.43879 

192364 

154350 


8790434 

-800037 

-255 

812 

15 

217435 

+800186 

-152 

351 

- 

395780 

+05332 

-053 

261 

6 

153842 

+0.0012 

-0.68 

345 

- 

b 88203 

-800076 

0.66 

206 

-0 

7.56549 

-80033 

1.73 

150 

-12 

197.935 

+8066 

263 

0.11 

-IB 

158485 

-8081 

275 

800 

-19 

281.109 

+8115 

657 

-351 

_ 

190355 

-3.88 

817 

-352 

_ 

8757979 

-8000911 

-358 

865 

- 


Yen pw 1,000, Dusm Kicrar, French Franc. Wonre tfa n Kroner md O wsd ri i Km® par 10; Brighai Franc, Eecudo. Urn end Pesos per 100. 
■ D-MARK FUTURES 0MM) DM 125,000 per DM 


(U4M) Yen 123 per Yen 100 


Open 

Latest 

Change 

tfgh 

Low 

Est val 

Open tnt 


Open 

IntfMd 

Change 

High 

Low 

EsL vri 

Open InL 

0.5842 

0.5823 

-80026 

05845 

85813 

63500 

107537 

Mar 

89640 


-80126 

89657 

89480 

24589 

88593 

□5816 

85795 

-80022 

85816 

85785 

22594 

34,428 

Jun 

89672 

05560 

-80129 

89680 

0-9526 

8057 

12510 

05795 

05780 

-80004 

05795 

05780 

26 

2417 

Sep 

89605 

05605 

-80136 

05605 

09582 

74 

1.168 


NON EfM MEMBERS 
Greece 284313 

Holy 1793.19 

UK 0788748 

Ecu certral istBs sm ter He Euopesn Cbnneadui. Cuimdee an in deeCEnWig isMtira eaengai. 
Paul owe changes era tor Ecu; • potefcra chmoe denot e e a merit curency. Dhcngsnce ehoen the 
redo bet w een two spreads: Be pa w em s ge dBlerance Between me scsal mnrtar and Ecu cewral rates 
far e currency. and On mretfawn permuted patcsn te fls dm a teVi n of the cursncyfa mortar we Iran Re 
Ecu central rate 

(17AMB) Stwkng and Mten Lira erapendid Iran ERM Arfantmanr calculated by tea Financial Three. 
■ PHOADBJREA SC CTSOPTIOIIS £31350 (cents par pound) 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


Ben M CM wa 

CAF Mann MsaaoBaml Co tU 

MFmWyfiraa. Jrn&WpcTMUO 0732770114 

UwDWntFmL.1 IM -I 4«|3-WB 

Datum Ora. UnOfae +.99 - in Hit 

Dcvcfa Ora 17 crin I 5-IIV -I UWl 

Tha COIF GftarttfH Dapoatt Accoait 

2 Foe SbeK Unrin IC2Y9M 071-5801)15 

Dtpwi IU0 -J 

Con. Bd. ol Fin. of Beach of Badandft 

2FareSBeaMsndrnEC3TW0 07I-SMI8I& 

lue -I snais-tm 


ftm 

CM WO 


cants & Co 
M8aaB.uwuaCAD0S 


IS Ue*n Seed uwn car bmi 

turn Mgmera vp 1 tea 


-I 


Gartraml 


ta-18 Wmimmfii. UMnl 

TESSA nw 


t Ltd 


IBOQ 071-93(11428 
071 Ml MR 


451 1U (M 

nr u ur 

Ur in a 04 

l » i.ra un 

«a - us 


Money Market 
Bank Accounts 


Dao Haag Bank (London) Fl£ PreraJor Aee 
10 Aoed Court. lonfaxECSftJW Oll-tM, n,n. 

CVJJOO* — I SJJO ITS I SI71 

[10jni-C3UB0 l«» 119 AU .-I 

CXOU L I D.lXJl lire Jail Sxn ,> 

SnfaBjtaomr I 2 .rs zjx I ; rs u? 

DMentaom 1st FTc-tkmnbaai 9D0 Acc 
astemM.iriKbc=tKia«iu ai-i'Mitu 

cioeoa+am 1 r.cs i«ire| — lo-oun 

criunetiiM I /so seal r.-ilioi, 

■W<MHa:nlua owl rrl 

FMellly Honey Market AccouM 

FHWr Ma 1 ^ Soracra ud. Uvma roco. 
iMaeiSmn,Kmeae 

f l-tro.943 I ITS sal [ 3 On I cr 

csoeoo-cMaen us nor I re.- i.v 

«asae-»9Bjraa— I obtb iomz I aeol u> 
nm/m. Unrr**fei**auiraiaa 
Gaitamra Money Hsnagemnd Lid 
lo-io ria wm a Lsedon fcsiBoa on-.i; io 
lecxno.oro- — lira sail ualj-.w 

KaKn Bids Sec Asset Reserve Cheque Arc 
Tiny Hood. rSatu nn as fcv 


LTI 


AAkot Hama Bank pic 
10 CBr fried. LtWan EC1 f Sir. 


CKU»OaMalN»e..._ 

esuxn fa rrsies 

cioeoofacusi 

tSflOO fa G9.U9B 

ifaWfan 

Esoewi 

ceuuofa rra,BUB I 

EiaOOOtoE-4.909 

njoootaoew I 

JuBan 


160 UOl 5.72 

U5 U4 SJsl 

4.90 1 ta 4 99 1 

119 1 r.-ct 

125 3 04 | 5X| 

475 ISO I 414 

420 3 38 I 4(1 

43 119 1 4J-; I 





110000-04.089.. 

C 2 inoa - i«e.eso - 
aumannte 


125 2.4375 130 

t.og too 4 07 tan 

4H 1375 4(0 

4.75 15625 488 


i Lid 

ICFIHK 0527223041 

lUkRaaRriDoastai 500 4Jn I owl 

3MknWRrataMftr| 175 411 I tn 

■ MIMMRreriABl 5 75 011 tool 

Hambarctyde H« 

1 s 4 .rariBf.tMak. r 

taum+ 


wa Groan 

■am* aneTMui 

-I 524 334 I 5Xl CUT 


Leopold Joseph & Sons United 
nOweSMilU 


■ SnsLUdlDnlCVTU 


071-184 :vj 


ilBrrl Trrrt flank m 

■7-101 Cnwra. LMon. EC4H MD 071- 

wrawgrjMi.i • 

raBmiceoi-H I 

lotoiA map i-i . 

OkOta (I2.0UT 

HKAB2JM1 r|_ 

MBCA(E2D0I.|„ 

TU5KA 


ut 

440 

054 

sms 

4M 

555 

9M 


MS 

soa 

IB 

553 

400 

SOD 

• w 


MO 

<0T 

BSI 

5)9 

0-87 


SS 


ISO krafafa Imi M. Lonooa IW5 28T 
HJU.eOAOOrl I 4.12 


hCM 

LOD 

075 

1.00 

3.90 


1U 

3. re 

2*1 

a 87 

4 00 

a oo 

4JI7 

4.25 

4 73 

a ib 

3 SB 

453 

4*5 


AmsricaB Exmn Bank Ud 

tom Mam. faraen ia mra bad 

■pmanow 

K4XMB99W 

tieeo-cienw 

liMO-tsijuaaa 

II 0 <HO-C2«.to999 — 

DMMMW.Wiai _ 

CSojlOD- 

Bank ol Itetand Wah teterest Cheque Ace 
36-40 Mfan a youon Si 111 0753510818 

£10400+ 1500 sen I 35481 W 

C 2 .<x»-ra.«M 1 iso lerslzeal ae 

Barit afScodrasl 

3etimoa<wia«54.Bca«2Di on 

■ufakrcjnvcura. I 3 so is 3ea 

C21000-C74SU7M 375 Jell 3JHl Ufa 

£250.000, 1 500 ITS I 1121 Mb 


XMnaort Benson Ltd 

imewnrar ori-TATio* 
I 4.123 1093 | 4.1091 [rvf 

Ktefanmrl Beaton Pitvsto Bank 
rirtramd n— otB— nrae— ieimoDwWLM 
19 inrt* tarn Mat lemon isrsai u;i -ui '^a 

HICA (L1J0S+) I 4J7S 329 ) r ml rti,, 

Uoyds Bank - lavestneat teconot 
71 UmSM 5L Undin FC3F IBS 0272<rJil.? 

nOOJOOO ACM Woes _ I 5 25 304 isll'.. 

wen.... Ins ub 

125000+ | 4 95 171 

£101800+ 1 4.75 350 1 


■Hand Bank pic 

PO Bo> 2. SWtaL 
EWm fcf CS4HO+. 
£iojno+ 


in sol 
410 337 

500 175 

550 4.12 

in 


375 

410 

500 

1» 

525 


.eo, 6448 H aBo ne ildo BMg Soe - B ari o sBikw ador 










r-1i 1 



1 ll ll 


1 1 . s 








c%ooo-£4en un z.4a 

dooa-caeeo 3 so go 

£nuno-E24jwo tea 323 

csepo-£4me ie ate 

cum* no a ee 


mracTiVU 
334 L " 
sib r.* 

4 37 LU 
4 09 U> 
541 u. 


Partoon Bktg Soe Pretoge Ctoow /kcoaol 
memsMToiuiiMMriABeetP wooeux 
CS0JW+ 


Barttaya Pittas Acomb! HJLCJL 
roasiaa w— laMi 

njno-raesB 1 200 ieo I un 

OMO-OSKO 225 leo 227 

n<MMMZ4e09 225 208 I 278 

£25,000 ► I US 251 I 310 

Brawn Sktahf ft Co Lid 
Forndne ttwt littixn. Lemon EC ora 

I I 400 ISO I 407 

DriBMM I 400 100 I 407 

CotedBrion Bote; Pic 

13<H>»iS»a« ■ Cri nlusi Bg 2PP 031558a 
HOI 1 475 uazsl -It, 


550 411 

500 375 

450 3 38 

150 203 

250 tea 



590 

SOD 

450 

1M 

250 


lung 
Toll , 
Pi!| 

r+*.» 

le+7 


wn m-eraiiss 
475 35H I 4«| no< 

450 230 1 4W ISN 

«nraafa«t- 1 425 210 1 43fl uv 

Praratem tec 

SVL CJl-1'1 saw 
at 
w 


1 Lid 

25 Bbirin IBM. Lmke ECM BOJ 071-823 2070 

WCX — _.l 175 2J1 111 

CDmoi O lOOO rain I 450 137 450 

1 125 -I U7l Mil 


£50*00+ 





3*0 

370 


hTr ,* 

300 

LS 

303 





om-cun 

1*0 

1.13 

1.51 


Ctortniaam Bode Umtiad 

torooriar Row. EO«M 

Beoo-Eitem 

aaOOO-£ 48 .M 9 

csun-wN — 

£ 100000 + 

IM 0 O-I 4 S. 08 O 

nunteiMn — _ 

5100000-81 B 29 » 

8300000 + 


xonnauL 0000202101 
ITS set 3 02 ocm 

405 - 4 125 Ufa 

405 - 47 S Ufa 


TDK. 

1» 201 
400 'tra il 
425 115 

400 130 

15W 1.13 

2 in iea 
22 s iea 
250 tea 




. B«e* Hmfljle SofciSoQ Acc 

3Q SI Wic+M Ffacn. QABoaw 61 2H. 041-2407070 

eilUnO-C29LB» I 270 270 I 3.73 1 Ob 

cxuno-EMeM lira 201 I aeo or 

noaooo-£fmeM_l 100 20 s 1 aesl qo 

The Co-ooeraHm Bank 

TO Bar 300. 3rinm iBfat 
I 525 


4J0 

fin- toner spscale 

raacoo... J 125 

EZiow-cnoen 1 too 

n<UK»-C249m 1 400 

H0D0-E1M 1 275 

Tfar-I 

000+ 

£ia0W-C49JH9.. 
runmen — 


seal soil mn 

"iM I SXlO-MB 
13S I 455le-MB 
300) 4 D4 IB-tan 
225 I UBllMSa 

201 I 279|b-Mi 
244 ira hu 
iea I 22fllB-4se 


ULC Trust UmHod 

dFLlBriutWINTAL 071-2580004 
CIDOOMOiMyaolce. 075 008 I ejcls-iwi 
ruuno-itodfaeraa_l750 seal t-mIo-mo 
£ 20000— I Yw I 775 5 44 1 -I Ynog 

IMtod DonUottlMUl 

roan 02 118 Ooddadm lid. BrilfaL Htm BH 007 

C— ritol O fa — A crauri 

£UOOb+ 1 475 250 I 4Ml Qv 

J-Rsory Schrader Wagg& Co LU 

Ite Cnacarfa. Lemo* rafllms 071-3820000 

EpeCWte 1 5750 3040 [ 5-350 Ufa 

nojWOmdriiDH I 5500 4130 I 5000 1 MX 

Western Tnat Ugh brtorost Cheque Acc 

TUB MoP tCW Me. Ffa5««gi H.I 1SE 075222414) 

nwwo. ) 475 158 1 4M| or 

£5AOO-C14BW 450 130 450 <W 

Eie00-C4BM .1425 XIB I 4J2l 01) 


E2SDJB0+ 

•M 

130 

4*5 


US 

330 

3*8 



2*8 

2.77 



1*0 

238 


•Bits- Come QranaW dm H ttmOt iwA at* 
Han emu* ri *• oedeette «f Unfa rafa heme cn 
tot nm ri fa ra e n l pi w bii i riter Wi ii mi far Bednaer 0 ) 
Mem bates ml Bees Ute Oraninfa ■m iWujJ fa 
Hu meirt ri Peai a fai ri kOeil pud one eon 
■efae ■ )■>. 'C Ufaiuunlal And RW. far Or FmowT 
ri riecu row fa oedtefl « n ■ccewL 


■Td 001 -09959 


Mar 

Jun 

Sep 


■ SWISS FRANC FUTUIIBS (KAQ SFr 125,000 par SFr 


■ 8TCHUMG FUTURES QMMJ BB2JOQ per E 


Mar 

Jun 

Sop 


0.6966 

0.6942 


0.6944 

0.6941 


-a 0012 
-awn 


vWo'RLb INTEREST RATES 


MONEY RATES 

Msrcti 4 Over 

right 


One 


Tlwoo 

ruths 


0.8972 

10967 


She 

mins 


06830 

0.6925 


17,739 

2.057 

3 


Ona 

>W 


Lamb. 

inter. 


Dte. 

rate 


43.749 

8,038 

91 


Ropo 

rate 


Jun 

Sep 

Dbg 


1.4048 1.4884 

1.4874 1^4850 

1.4810 
1.4800 


-00072 

-00062 


1 >948 
1.4874 


1.4884 

1-4802 

1.4800 

1.4800 


14,629 30^18 

1J871 13A88 

14 460 

10 18 


Strike 

Price 

Mar 

- CALLS - 
Apr 

May 

Mar 

— PUTS — 

Apr 

May 

1400 

8.77 

»M 

877 

042 

804 

823 

1425 

832 

6.41 

866 

802 

821 

855 

1.450 

358 

451 

4.74 

804 

860 

1.11 

1475 

1.70 

258 

814 

028 

155 

1.99 

1500 

836 

159 

158 

142 

256 

a 9? 

152S 

a03 

868 

1.14 

849 

450 

458 


(UFFET DMIm pakiteri 100% 


Brigtem 
weak ago 
Franco 
week ago 
Germany 
week ago 
hriand 
woek ego 
Italy 

weak ago 

Netherlands 

week ago 
Switzerland 
week ago 
US 

week ago 
Japan 
week ago 


■ $ UBOR FT London 
Interbank FUng 
week ago 
US DoSor CDs 
week ago 
SOU Linked Ds 
woek 


_ 

6» 

6H 

8% 

04 

7.40 

800 

- 

_ 


04 

6% 

814 

7.40 

800 

- 

6% 

m 

614 

eft 

6 

6.10 

- 

7.75 

&*. 

SVc 

614 

614 

5)4 

810 

- 

7.75 

6.00 

6.07 

558 

5.72 

852 

6.75 

825 

557 

846 

807 

555 

865 

557 

875 

825 

6.00 

6i 

0W 

6U 

eft 

6ft 

- 

- 

875 

53 

ea 

5!b 

23 

5B 

- 

- 

875 

6ft 

8H 

8H 

84 

04 

- 

800 


8!S 

8% 

84 

Oft 

BM 

- 

800 

852 

5.59 

5.46 

551 

824 

5.1B 

- 

825 

— 

561 

5.46 

5.36 

825 

811 

- 

825 

- 

4fi 

41'. 

44 

44 

4 

6525 

4.00 

- 

4 Vi 

4U 

44 

4)4 

44 

8626 

4.00 


3J 

3J 

3B 

44 

4ft 

- 

3.00 

- 

3J 

34 

3fl 

30 

4ft 

- 

350 

- 

2% 

2 Vi 

2 Vi 

2)4 

2ft 

" 


- 

2£ 

2U 

2 Vi 

2)4 

294 

- 

1.73 

" 


3H 

3te 

3.48 

3J8 

3‘.4 

3"» 


3Q 

3* 

3.68 

3.59 

3=4 

314 


44 

4 

3.95 

1B2 

394 

3n 


414 

<1 

4.34 

4.20 

4 

4 



Open 

Sett price 

Change 

Hgh 

Low 

EsL vol 

Open tat 

Mar 

94.15 

94.15 

-002 

9418 

94.15 

16704 

168856 

Jun 

94J51 

9450 

-052 

9454 

94.48 

36399 

238281 


94.70 

94.74 

+052 

9475 

9469 

22168 

182668 

Dec 

94.00 

94.85 

+053 

9487 

94.78 

25118 

165384 

■ THREE ROOKTH EURDURA HTJULTB FUTURES (UFFE) LlOOOm potato <rf 100ft 


Open 

Sett price 

Change 

Mgh 

Law 

E at. vri 

Open tnt. 

Mar 

91.64 

01.71 

+059 

01.73 

9154 

3205 

30380 

Jun 

91.92 

6252 

+aio 

9254 

91.90 

8486 

54810 

Sep 

02.12 


+0.06 

92-24 

92.12 

2653 

21490 

Dec 

922S 

9253 

+0.06 

9254 

9255 

1377 

37942 

■ THREE 

MONTH 

EURO S«W 

8 FRAMC FUTURES (LITE) SFrlm points of 100ft 


Open 

Sett price 

Change 

High 

Low 

EsL vri 

Open InL 

Mtr 

9883 

9896 

+803 

9896 

9552 

2135 

24829 

Jun 

9810 

9814 

+054 

9816 

9810 

4651 

2S751 

Sep 

9813 

0817 

+804 

9817 

9812 

655 

6964 

Dec 

9810 

9808 

- 

9812 

9810 

139 

4053 

■ THREE HOffTH ECU FUTURES (UFFE) Eculm poirtts of 100ft 



Open 

Sett price 

Change 

Hgh 

Law 

Est. mol 

Open btt. 

Mar 

9356 

93.85 

-801 

93.67 


588 

11601 

Jun 

94.01 

9400 

-801 

9404 

3355 

1008 

11643 

Sep 

94-21 

9*50 

-051 

9422 

9418 

624 

9580 

Dec 

9450 

9451 

+801 

9451 

9450 

503 

6787 


ECU LrtMd Da add raM l max OH 3 irate: Bfa; 0 itraw: tt fcl yr ■ ■ » “ntxiWh tdng 
™ ram W SIM gsMlr Js raMBM 

+w« banio on. Trust Book of Tokyo, DuiUiys and MStenol WB0irrins*ar. 

— — M riKwn tri OW domiwoe Money US S CO* end son LkMd Deporilm P* 


- LITE Murat traded on APT 


■ TM&E BMMTH IIIRODOILMt 0MM) Slni potato Ol 10096 


IRQ CURRENCY INTEREST RATES 


Shut 

lerm 


7 days 

notice 


One 

month 


Three 

months 


Sx 

months 


One 

year 


ytn Franc 
■sh Krone 

lari 

eft Gtdder 
left Franc 
tugurae Eec. 
rsk Peseta 
rting 

ss Franc 
l. DoSar 
□odor 
an ura 

in SSkig 

n hem rdoi m 


6r* - tel 

e’x ■ y* 
6>a- 8 
Sfio ■ 5«2 
8.1 -Oil 

10 -9b 

8*2 -8ft 
5^-514 

4»2 - 4* 
3b-3lj 
3>4 -3»t 
9-712 
2lj - 2A 
3 1 ; - r'j 

end kr tee 


te’< - 

6A 

8A- 

te*. 

ft 

81* 

ft- 

•U 

•ft 

■tel 

6*J 

-8 

6>Z 

-8 

tel 

teV 

•ft “ 

53 

ft 

■ss. 

6*s 

•6 

ft 

-8 

5% 

ft 


ft 

5ft 

-tel 

Si*. - 

5,'. 

ft - 

ft 

SA 

5A 

ft - 

ft 

5A 

■ tel 

6,1- 

6& 

ft- 

ft 

te 5 . 

tel 

•A - 

6ft 

6ft 

.53 

1Q’+ ■ 

■ ft 

1ft ■ 

■ft 

oa 

ft 

ft - 

9ft 

ft 

-ft 

8>2 • 

ter 

BI 2 - 

tel 

te< 

8*4 

tei- 

ft 


■tel 

sVt - 

5*8 

5(4 - 

ft 

SA 

te< 

sft— 

5ft 

5ft • 

■5ft 

4>2 - 

ft 

ft- 

4V 

4^4 

4>0 

4ft- 

35? 

33 

-3(2 

3% - 

3% 

3ji - 

3ft 

4i‘< 

33 

ft- 

4*4 

<h ■ 

■4% 

3>* - 

ft 

ft ■ 

ft 

3% 

ft 

4>a 

-4 

4ft 

•4,1 

ft - 

7% 


-8 

a 1 * 

-8 

ft 

-8 

8^1 1 

■ B’b 

2,1 - 

2*i 

2B- 

2 Z 

2A- 

2 i 

2ft- 

2ft 

2fl- 

•2ft 

3*2 - 

& 

3*2 - 

2*8 

4 - 

3 

4 - 

3 

4 I 4 . 

■ft 



Open 

IntMt 

Change 

High 

Low 

EsL vri 

Open InL 

Mar 

96.15 

98.12 

-0.03 

9516 

9511 

61.540 

3DTJ512 

Jun 

95.72 

9566 

-0.05 

9572 

9554 

130^98 

450585 

Sep 

95^4 

95.31 

-004 

9540 

9530 

106307 

363356 

R USTHRASUpYBt 

LL RTTURES (1MM) $1m par 100% 



Mar 

. 

9653 

+002 

_ 

_ 

4^12 

425 

Jun 

9514 

9510 

-004 

9514 

9509 

2.411 

27509 

S«P 

MWI 

95l31 

-a 01 

9580 

9575 

280 

5.715 


AB Open bxeraat fcjo. am ter pwwln u* day 

( QPTTOMS (UFFE) DMIm potato Ol 100% 


us [War ond ¥«., mac two trim' nodee- 


Stake 

Price 

Mar 

- CALLS - 
Jun 

Sep 

Mar 

— PUTS ~ 
Jin 

Sep 

9400 

518 

552 

57S 

501 

502 

004 

0425 

503 

032 

057 

513 

507 

ojoe 

9450 

501 

0.16 

nan 


516 

515 


■ twe KtOteTH P1SOR F VTURSS fMATTF) ParW tawbank offered rate 
Open Sen price Change Mtfi Lw * EsL vri 

83.83 93*3 9MS 9S67 

94 jo 94J23 +0.01 9454 

04.42 94.44 +003 W.47 

w!51 94 56 +004 9i£8 


Mar 

Jui 

Sop 

Dec 


94.19 13003 

94.40 5329 

9430 7370 


■ THHEC MOWT7I IfftOPQt-LiU* (UFFB~ Sim potata ri KXWt 


Mar 

Jlsi 

S«p 

Doc 


Open Sett price Change WB" 

90.14 96.10 -005 98.M 

95.70 95.64 -O- 00 

95.34 95 27 -0-10 9S.35 

0-1.91 94.82 -0-» 94 - 91 


Low 

8638 

9534 

9538 

91.88 


EsL vri 
814 
626 
375 
40 


Open InL 
82310 
76/04 
44976 
29,111 


Open bn 
5800 
4887 
2441 
1493 


Era. wL Mat 
■ EURO 


Stake — 

Price 

0575 

9800 

9625 

GSL HL Mai CM 


4114 Puts 2220 - Pwwtaus Oafs open ML Cate 303922 Pots 133090 
nUMC ORTONS mFFEJ SFr im potato of 10086 


Mto 

- CALLS - 
Jun 

Sap 

Mar 

— PUTS - 
Jun 

Sep 

022 

0.43 

047 

021 

504 

n ns 

0.04 

021 

non 

n na 

507 

511 

501 

506 

514 

530 

519 

022 

0 Puts te 

Pievoui day's open tnL Ctoa 2110 Pus 3843 



FievkxB tey 1 * ml. Crib 1&506 Puri 16918 . Piw. day's open InL. Crib 6i4jB54 Pub 561.745 


UK INTEREST RATES 


LONDON MONEY RATES 

Mar 4 Ow- 

nfcM 


7 days 
notice 


Ono 


Three 

months 


Six 


One 

year 


Interbank Storing 
Suing COs 
Treesuy Bto 
BriiBta 


8-4H 


DUCount itbM depi 7 - 4 s * 


• ’ ft 

ft -5 

5 . 1 -5 

5 ft - 5 ft 

ft - ft 

5 ft ■ 5 ft 

5 ft- 5 ft 

5 ft - 5 

5 ft -5 

tel -ft 


43 -ft 

ft - ft 



- 

4 *J-ft 

43 - 4 % 

4 B- ft 

- 

5 ft -43 

5 ft -43 

5 ft -43 

ft-S 

5 ft - 5 ft 

ft - 5 

- 

' 

- 

- 

1 5 I 4 par cert born February 5 1984 


Up to 1 

1-3 

3-6 

6-0 

9-12 

month 

month 

months 

months 

months 

ft 

4 

ft 

ft 

3>2 


Crite of Tax ctep. £100000) 

Cede of Tax d^i under Cl DOjnorai'ope. Depoate wriekawn torcoeft \pc- 

Aue. tender raBe of rflecouil 4-77B1pc. EGQD Seed rafa S 1 I& Export Feumca. Merit 143 dey Febniary 26. 
1S94. Agreed rate lor period Mar 2 B, 1994 to Af» 2 S. IBM. Schama I A ■ 051*0. Hattrenca rets lor 
period Feb 1, 109* Hi Feb 28, IBB*. Echemeo IV A V ILZBSpe. Finance House Boa Rria S’apc from 
Mari. ISO* 

(UFFE) ESOO.OOO potato dll 00* 


Open 

Sen price 

Change 


L£W 

EsL Vri 

Open InL 

9424 

94.08 

+502 

94-93 

9484 

16446 

62396 

9425 

94.90 

+503 

9496 

9496 

24960 

109619 

94 72 

94.70 

+505 

9491 

9472 

7387 

70647 

94.52 

9450 

+506 

9481 

9492 

8231 

102921 


Mar 
Jun 
Sep 

Deo 

Traded an APT. At Open Inaeari (pe. ere Im preiAoue dey. 


I OPTIOWS [UFFE) eSOOJMO potato ol 100% 


Strike 

Price 

9476 

9500 


CALLS - 
Jun 

Sep 

Mar 

— PUTS - 
Jun 

Sep 

n;>3 

525 

502 

507 

nw 

nrw 

513 

518 

519 

535 

502 

506 

539 

037 

553 


Mar 

0.13 
082 

9529 0 

EsL Vri. tetri. Crib 4647 Puts ma PnwiMB days Open ML, Crib 202674 Put* 18210* 


BASE LENDING RATES 

% % ~ 

AriamA Company — 925 cucanLmrto — S3 "nadugbeGkiBmtod 

/toed Trust Bra* £25 Baler Bank Limtod— 625 C«por»«i Umtad Is no 

WBBorfc — — 525 Ftaandri & Gen Barit « 6 longer euteorisod as 

•Horsy /Vnbacher ...» 525 •Robert Ftomlng& Co -525 a banking MButtan. 8 

Barit alBaroda S25 Gtabar* 52S Royal Bh at SeoBand- 525 

Banco BBaoVtacaya- 525 •Gutaness Mahon 525 Krrite&WBmsnSecs. £25 

Bank of Cyprus 525 ttebb Barit AG 2Wch. 525 Starsterd Chartared _ 525 

Bartcodroiand S2S •HBntnsBank 525 TSB 52S 

Boric of bidri. S2S Ha**fe&GenlnvSk.525 *Uratad Bk of Kuwait— S25 

BanktHScofcnd 525 ttaStmuri. 525 LWyTiwI Bar* Pfc_ 525 

BadsysBerit — 525 C-ttne&Co 525 WastemTiusI 525 

Bri Bk ofMkJ East ..„ 525 Hongkong A Shanghai 525 YiMoenByLatiae — 52S 

•Brown Sh^loy 525 Jufai Ho^a Barit ..... S25 YoriatoeBark „52B 

CLB3i*N0dortand_. 525 •LaopridJcdnpft&SaniS2S 

■ &2S UtedsBarii„.. 525 ■ Members ol British 

C*fe»fetoBart< 525 Msgtoai Barit Lid 525 Merchant Banking & 

The Co-opotore Barit. 525 MdbndBai* 525 Securities Houses 

Corite&Go._ 525 ‘MoudBanldng 6 A wo c utf on 

Credd Lyomats 525 NriWbEtrrttaEter 52S « InadmiriBiraflon 

Cyprus Poputar Barit _525 WtoaBahcis 525 



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FINANCIAL TIMES WEEKEND MARCH 5/MARCH 6 1994_ 


LONDON STOCK EXCHANGE: Dealings 


DstaAs of business done shown below have been taken with consent 
from last Thursday's Stock Exchange Official List and should not be 
reproduced without permission. 

Detate relate to those securities not included In the FT Share Information 
Services. 

Unless otherwise Intflcated prices are to pence. The prices ere those st 
which the business was done in the 24 hours up to 5 pro on Thursday and 
settled through the Stock Exchange Talisman system, they ere not in order of 
execution but in ascenctog order which denotes the day's highest and lowest 


For those seasides in which na business was recorded In Thursday's 
Official List the latest recorded business in the tour previous days is given 
with the relevant date. 

Rule 535(2) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the RepubSc of Ireland Ltd. 

t Bargains at special prices. 4> Bargains done the previous day. 


British Funds, etc 

Treasury 13%% Stir 200003 - E132 0*9* 
Exchequer 10*214 Stk 2005 - E125& 

(2SFeSM) 

Corporation and County 
Stoc ks 

OU iii H/un Corp 3%%l»i 1&46<or 
£40(>M«* 

Bbnttngham Dtetricc Council 11%% Red Stic 
2012 - C 130*2 PSfflMt 
Dudley MetfopoHun Borough Caund7% Ln 
Six 2013 (Reg hit Certsj0PI - £3lfi H 
(11*9* 

MwcreutarfCiiy ofl 11.5V, Red Stk 2007 - 
E129 C0F«9* 

RtaxSng Carp 3' : % Stk 1878(cr after) - £41 
(IMA* 

saferd (CUV Oil 7* Ui Stk 20[9(Rag « 
CoraXP^I - C32>* CSPuM) 

UK Public Boards 

Metropolitan Water Metropolitan Water 316 A 
5* 83/2003 £73(261=09* 

Port of London Authority 3* Port of London 
A Stk 29/89 - £83 

Foreign Stocks, Bonds, etc- 
(coupons payable in London) 

Greece , (Kingdom at) 5% tSSUtead with 
Acceptance Cert) • CIS (25F%8* 

Hungary JRopuUk: ol) 7%* tWg BdStAaed 
Lon 1988 Sett) - £45 (2SFe94) 

Abbey National Treasury Serve PLC 7%% 

GW Hb 1998 (Br £ Va) - CUBA JJ 
Abbey Nation* Traasury Servo PLC 816 Gtd 
Bds 2003 (BrEY*)- £101%* 

Acer Incorpora te d 416 Brio 2001(BtS10000l - 
SI 50*2 151 152 1524* (2BF«94) 

AMod-Lyons PLC lO^iV. Beta 
1999(Br£SaOO&10000q - £113*4 
Aeda Finance Ld 1t>%% Cnv Cop 
Bdo20O5(Br £500081000001 - £118 (166*4) 
Ataan Deve l opment Bare in Bds 2001 (ft 
ciaoosnxnoi - Ctt8% 

BAT Capital Corpora tion 614 GW Ntx 1998 
(Br S Vflfl - $893)4 
BP Amcnca Inc 9*216 GM Nts 
!9S4(BrC 1000810000) - Cl 09 325 (1M94) 
BwcUys Bank PLC 9% Ftarrn m Bearing 
Capital Bds(Br£ Vafl - £89% B8FaB* 
Bwday* Bonk PLC 9375% Undated Stand 
NB-ei04<w 

Barclays Bank PLC 10%K San Sub Bds 
1BS7fBiC1 0004 10000) - £110*4 (16*94) 
Baday) Bank Rnance Cailaaay)ld10%% 
Sec Dap Nte H»5(9rSi0O0* - 8108% 

108% (2Mi94) 

Bartags PLC 9*4 16 Pup Sutxad Nts (BtEVari- 
ous) - £91 % 0*94) 

BkM Cede Industries Capltd Ld 10*2* Cnv 
Gap Bda 2005(ftfi5000610000q) - El 32 

B, R^teNtaMS9teg^CiaB? l ^SM d 
Bradford 8 Bkigley Btadtog SocfcxyCOlucd 
Rtg Rte Nts 2003 (Br £ Var) - £103*2 103% 
P8F094) 

Bristol 8 West Btridng Society lift* 

Subard Bda 2000(ft£10a00&100000) - 
El 09 *4 pMriM) 

British Ahwayi PLC Kft% Bds 
2006|8rei 000810000) - £117*4 (23=694) 
British Gas Wf Rntmca BV Zero Cdn QW 
Bds 2021 0SVU)-$12%£8FM* 

British Gas PIC 10% 16 Bda 2001 (Br 
£1000.100008100000) - £116% 

Britten Gas PLC &%% Bds 2003 {ft C Var) - 
£103% 

British Gas PLC B%% Bds 2009 (Br £ Vai) - 
£109*2 (16*94) 

Bnttsh Land Co PIC 12*2% Bda 2018 
|Bi£1 000081 00000) - £130% (2SFe9* 

British Takctxnmurticatiara PIC 7%% Bda 
2003 (Br £ Vai) - £97% (21*94) 

Hurrah Castret Capftal(4areByl Ld 8%% Cnv 
Cap Bds 2006 (Reg £1000) - £154 
Bum* Castral CaptettfJusay) Ld 9*j16 Cnv 
Cap Bds 20O3fa£500O8S0000) • £164 
C5FeW) 

□Wiy Mar 8 Genenri Trust PLC 8%% Btch 
Bds 2005 (BrCIOOO&SOOai - £170 
Dawson Finance NV B%% GMRedCnvfM 
2004(CartoTaft £1119 - £99% (IIM4) 
DwnnsrKKhndam at) 8%% Nte 1998 (Br £ 
Vart-t99% 

OennvrttKlngdoniofl 11%% Bda 1994 - 
£103 (28FeB4) 

Dapta Rnance N.V. 7%!6 G« Bds 2003 (Br £ 
Vafl - £95% % *2 

eaportflrwna AS Bubord Rta Rte Nta 

2oaaprsv»j - sioo% ioo% (it*a* 

01 Enterprise Finance PLC B%% Gtd Each 
Bds 2008 (Reg £5000) - £107% 

Bt Entvprim Finance PLC B%% Gtd &ch 
Bds 200601300011000001 - £100%* 

Far Easton Textile Ld 4* Bds 
2006(8iS 10000) - £112* 113* 114%* 
FhwnatReptaifc of) 10%% Bda 
2008(Bi£ltXU81000q - £115 
FtrttantKRopubflc at) 10%% Bda 1998 -£113 
C8F094) 

Faw (Albert) Flnence N.V. fi%% 
GtdRedCrMM aXWBtCIOOO) - £128 
(IMAM) 

Guaranteed Export Ftoance Corp PLC 9%% 
Old Bde 2008 (Or £ Vori • Cl 13 % (2SFeS* 
Gurmess PLC 1 0*i% Nts 1997 (Br El 000 8 
100001 -£H0% (21*941 
Gutanoss France BV 12H GM NtS 
(99«8rC»M(M1000(a - £f 10,S (25FeW) 
HSBC HokSngs PLC 9%% Staxad Bds 2018 
(Br £ Var) - £109% % 

Mattox Bidding SocloCy 7%% Nts 1998 (Br £ 
War) - £103% (36MM 

HoBtax BuhOng Society CoDarad Fttg Rte Nte 
2003 (Br £ var) - £104% 104% 105 
PBF«94] 

Hansen PLC 9%% On* Subont 2008 (Br 
CVix) - £117% 8% PMrM) 

Hanson PLC 10%% Bds 1997 (Br CVai) • 
£109*2 % (2Mr«) 

Hanson Trust PLC 10% Bds 2006 (BrESOOO) 

. Cl 09*2 pMrtW 

Hytso-Qucocc 6JS0% Dabs Sara IK 
199S(Reg £ Vvel - £97* 

Imperial Chenacal tnausbtos PLC 9%H Bds 
2OO5(Br£10OO8T0OOq - £109% (21*94) 
bnpertV Clwiixcal Industries PLC 10% Bdi 
roo3(BrCiaoosioooo) . a ts% 

Mar- American Oavetopmant Bank 1 1%% 

Bds 1995tBr £5000) - £108% (lMr94| 
MamatlarHl Bank far Hoc 8 Dev 9%% Bds 
2007 (BrfSaOOl - £112% 3% 

Intaint end Bank tor Rec8 Dov m%% Nts 
1099 (Br£5O00J - £113% % 

Memobond Bank tor Rec & Dev 11%% Nte 
200 l(Bd; 1 0008 10000) - C1ZI (2BFKM) 
tLryTHowWc ol) 5%H Nte 1998 (Br S Var) - 
S98.05* 

J.IPJT Development Bart, Tit Gtd Bda 2000 

(Br £ Vji) - £99% 100% 

Konsd Electric Power Co he 7%H Nte 1998 
[Br C Vix) - £100% 

Ladbroke Group Flnanoeparee^Ld 9% Cm 
Cap Bds 2005 {BrtSQOOaiOOOOO) • £102 
K»*«) 

Land Sectrtna PLC 9> 2 % Bds 
MQTIBrCI 00081 0000) - £109% % (3JFa94) 
Land SeewtMS n£ 9%« Cnv Bds 20M 
(BdSOOOlEOOOO) - C12I 
L aarno PLC 7%% Cnv B da 
2O05(Br£100a&1(n00) - £92% RBR94) 
Leeds Permanent BuWtog Soctaty 7%K Nte 
t997(Br£Var) - £102JI(lMr94) 

Leeds Permctwit Buftano SocMy 10%% 
Subont Bda 1999 (BrtSOOq- £110% 1% 
(1U9* 

Leeds Pormanom Bubang Society 10%% 
Suhord Bds MI8 (Br CVir) - CTffl (2SAaS4) 
Locds fVnnflnont Btdtaig Soctaty Ctdored 
Frig Rte Nte 2003 IBrCVad- £104% 105 
105% 108 108% 108% (2SFeB4) 

Lews (John) R.C 10%% Bds 2014 
(&C100008100000) -C121 (2aFeB4) 

Uoyds Bonk PLC 9%% Subont Bds 2D23 (Br 
£Vor| - Cl 10.7625 

London Bectrtcity RJC 8% Bds 2003 (Br C 
Vb) - £103*3 f»Fa94) 

MnW 8 Spencer Fhunre PLC 7%% Ght Ntt 
1998 (Br £ Vat) - £103*2 P8F094) 

Ukrotdt Hamauand Inc 32% Bds 
2001(BrS1000ai - S1 13 (28F994) 

Naoond Gnd Co PLC 7%% Bda 1898 (& £ 
Var) • £101% 


Natkrat Power PLC 10%% Bda 2W1 (Br 
£1000081000001 - £114% S% f25Fw9* 
Natfond Wuaa id ufc ri Bank PLC f 1%% 
Sutxxd Na 2001 pro*) - eiaojj 

NaBond W ent n r n ette Bar* PLC 11%% W- 
SubNte CIOOOpDnv to RrflRag - £116 
rattand W uu lliJn ii m aanfc PIC 11%% uno- 
SUbNte £1000(0rw tofVQSr- £115% % 8 
Nattomrids Bufclng Society 6%% Nte 
1999(Br£ Van) ■ ESSi P5F«94) 

Nattomride 8ukfcg Boctoty 8%% 8ubond 
Ms 301 8 (Br £ VWj - £BS% d*94) 

Nippon Tefagraph and Tdaphore Carp6% 
Nte 1998 (Sr 8 VM) - Si 00% (2M94) 
NarthumCXUn Water omup PLC 8%% Bds 

2002 PrEltor) - £108% (2SFsB4) 

Norway (Kingdom Ol) 8475% MS 2003 (Br 

SC Va) - SCI 06% (t Mr94) 

Osfta Gas Co Ld &12B% Bda 2003 (ft C 
Var) - £101% (2MrS4) 

Padte Beotric WtraSCObte Co id 3%% Bda 
2001<BrS10000) - 5120 
Peoraon PLC io%% Bds 
2006(Br£1000810000)- £118% (28Fe94) 
pteWoUar 8 Ortantel Stem Nor Co 4%% 
Cnv Bds 2002(Br£1 00081 OOOQ - C134 4 % 
RMC CapM Ld 8%% Cnv Gap Bds 2008 (Br 
£5000850009) - £133% 4% (1M(S4) 

RTZ Canada he 7%% Gtd Bds 
iggecBtcsaooaiooaoa) - ciot paFeOd) 
Robert RenWig Ml Roonca Ld 8%* Perp 
Subard Gtd Nte »r £ Va) - £93% % 
Rottechkte Condnuattan Rn(CJ)Ld9% Rarp 
SiBxxd Gtd Nte (BrClMous) - £90% 

Royd Bank of Scotland PLC B%% IhdsBsd 
Subard Bds (Br C vai - nos^i % (iMM) 
Royal Batk af Scotend PLC 10 l 5% Subatl 
Bds 2013 (Br C Var) - £115% 7 (25fe84) 
Royd Bonk of Scotland PLC 10%% Subard 
Bda 1998 pr£5QOOa25DOO) - £111% 

Royaf tnawonce *Mgs PLCS%% Skdiard 
Bda 2003 (Br Etta) - £103% (ZB644) 

Safnsbuy (i-KCtxamel tatoidsJLd 

8*2%CnvCapBdS 2005(Br C5000810000Q) - 
£126*2(21*94) 

Scotland Internation a l iVtanoa BV 14%% 
FtxedlFRN 1998(BrS100a) - $99 
Severn Trarri PLC 11%% Bds 1998 (Br 
£80008100000) - £118% (2Mt94) 

Sheers Navtgadan Corpotabte i 3.75% Bda 

2003 (BrSIOOOOS 100000) -5110 
Southern BeeMe PLC 10%% Bds 2002 (Br 

CVM) - Ct14% CZSFoB* 
aMdanfOiadam of) 8*2% NB 2003 (Rag 
Si OCX) . S9&8 002 esf%9* 
SnedendOngdom of) 8%% Bda 
1996(845000) - 510885 (16W* 
OwedteiOOngdotn Of) 9%% Bda 
1897(Br£1 0005 10000) - £100% (28Fe84) 
Tamae Rnance (taraey) Ld 8%% Cnv Cap 
Beta 2006 (Reg £1000) - £120% 1 2 
Tarmac Rnance (Jerssy) Ld 9%% Cnv Cep 
Bda 2O08(Br C8000850000) - £119 
BBFe04) 

Tota8Lyle htFh PLC7Talo8I«to nC 5%% 
TSUtfhGdBda 2001(Bt) W/WtaTBLPLC - 
£90% (IM9* 

Tosco Ceottal Ld S% Cnv Cap Bds 2005(Bag 
£1) • £122% 3 % 

Tharma Wtur PLC 0%% CnvS^xxdBda 
200aca£S000850000) - £146% (IMS* 

31 International BV 7%% Gtd Bds 2003 £3r E 
Vs] - £97 % P**94) 

Ttonuy Corporation of Vtesorta 8%% Gtd 
Bda 2003 (Br £ V*) - Cl 07,% (1MS4) 

Ting Ho Steel Enterprise Cop 4% Bds 
2001 (BrS10000)-Sm% 114% 115 

CZMS4) 

U-Mhg Marine Transport Corporation! %% 
Bds 2001 peg In 6Ut 51000) - £103% 

103% 104% 

IMever PLC 7%* Nts 1008 £r E Vsi) - 
£103 (2SF09* 

United Kingdom 7%% Bds 
1907O43fhn0008l000q - DM10345* 
1039* 

United Kingdom 7%% Bite 200^rJVar) - 
$104 (20=004) 

Victorian Ptito ABn Rn Agency 9%% GM 
Bds 1999(RrtVBa) - £109%* 

Waaterich BuNWig Society 1 1%% Subad 
Nte 2001 -£118% (IMriM) 
wdotvrtori Buldng Society 10%% Subcxd 
PBs 2017 pr £ Var) - £110% % 

Sony Capital Corporation 5250m 5% Nte 227 
7/96 - 588% 98% 

SwedenQQngdom at) (BOttn 7%% Nte 3/12/ 
97 -£103 

Samdan(Khgdam at) £260m 7% Iratnxnen ts 
23/I21B8 - £101985 p8Fe8* 
SwedenOGngdom at) £35Qn 7%% Bda 28/7/ 
2000- £10298 

S vwdenyhgdom at) ECUIOOm 7%% Mb 
2000 - EC10395 103% (1M44) 

Toyota Molar Cradh Corporation 5100m Frig 
Rte Ms October 2000 (BrSVar) - 587 97% 
h 6*8* 

Corporation Stocks - Foreign 

Hto Oe JanehvState of Quxatoara 
4%%oonsOn12how 1*1%) - £15(2SFe94) 
Rto De Jeneku^tste of Quanabera 5% Gold 
BdstRan A M-1%%) • £16 (25Fe94) 

Storting Issues by Overseas 
Borrowers 

Austr d l u(O c n ii nn nwa irill i of) 11 %% In Stk 
2015(Re* - £131 (ZM84) 

Barbados (Government o0 13%% Ln Stk 
2O150te0 - £124% P5MJ94) 
DenmarkfKjngdon ol) 13% Ln Stk 300S - 
£138% 

Bocbfcita da Aanea 1 1 %% GW Sw In Sr 
2009M2(ReBl - Cl 37 (25Fa94) 

Eurapaan h ve jinw i a Bank 9% Ln Stk 2001 
(Rea) - £110% 

Europeim hvestment Bank 8%% In Ste 
2009 - £117% 

European hvestment BaA I0%% Ln Stk 
2004(Rag) . £121% (1M94) 

Etaapean Inveat ma it Bank 11% Ln SR 
2Q02(Rotf -£120% CMT94) 
toa U ridfftopJJc ol) M%% in Stk 201S - 
£15S(2SFe94) 

hcoLd 15%% Urw Ln Stk 2006 S Rap Opt - 
£150 [11*94) 

baland 12%% Ln Stk 20G8(Rog| - £135% 
(2Mr84) 

Matayski 10%% Ln Stk ?008(HegO - Cl 16 
pflFrriM) 

Motayda tO%% Ln Stk 2009(B>) - £1 *7 
(2SFe84) 

New Zealand ir%% Stk 2008fffegt - £128 

C»FeB4) 

New Zeeland 11%% SR 2014fleg| - £137% 
ff8f»4) 

Petroteo* Matdcanu 14%% Ln Stk 2006 - 
£129 

Partugaipep of) 9% Ln Stk 2016<Rng) - 
£111% (29FeS4) 

Pravhoo de Quebec 12%% Ln Stk 2020 - 
C143% (28Fe8R 

SvmderKKhgdom ol) 9%% Ln ftk 2m4(a) - 

£117%* 

SwedengOngdom ofl 1X5% Ln Stk 
20100%!$ - £140* 

Transcenoda Ptpdhes Ld 16%% lot Mlg 
Pipe Lha Bds 2007 - £164% R5Fa»4) 
Unbed Maodcan Shews 18%% Ln Stk 
2006(Br) - £148% (2Mr84) 

Listed Cornpanies(sxc(uding 
Investment Trusts) 

AAHPLC42%CumPrf£1 -S6(28Ffl94) 
A9I CopOal Ftranca(Jersey)Ld 9%% Cnv 
Cop Bda 2008 (Reg Unbs iQOtf - £94 
Aberdeen Trust PLC A Ms la Sub for t>d - 
S5{2M84) 

Abterri Atha Fund She of NPV(S»et*ig P<*t- 
k*ri - £1.112 

Aaha Mrioytian Growth FvrxSpayittanJLd 
Od HUH - $12*2 (25F*«4) 

Akken htome kitwnotlonal PLC 7% (Net) Cnv 
Cum Red (MO - 95pj*94) 

AttertMter Group PLC MM IfOEl)- $102 
Alexander* Hdgs plc *A*(ReLV)Ord top - 
20 

Atexon Oraup PLC 896p (MoQ Cnv Cun Red 
M IOp-71 

ASed London Praowdas PLC 10% Cun M 
£1 - 116 

AlHd-Lyons PLC ADR (1:1) - 5893 993 
AhedH-ycra PLC 5%% Cun Prf Cl -64 

AOed-uona PLC i i %% Deb 8R 2009 - 
£132*2 


FT-SE ACTUARIES INDICES 

The FT-SE 100, FT-SE Md 250 and FT-SE Actuaries 350 Mess and the 
FT-SE Actuaries Industry Boskets as calculated by The Interna t ional 
Stock Exchange of the United Kingdom and ReptAftc of Ireland United. 
© The International Stock Exchange of the United Kingdom and Republic 
of Ireland Limited 1993. AS rights reserved. 

The FPAduaries Ad-Share index is calcula te d by The Financial limes 
Limited In conjunction with the Institute of Actuaries and the Faculty of 
Actuaries. © The Financial Times Limited 1983. Al rights reserved. 

The FT-SE 100. FT-SE Mid 250 and FT-SE Actuates 350 inefleas. the 
FT-SE Actuaries Industry Baskets and the FT-Actuariee Al-Share Index 
are members of the FT-SE Actuaries Share Imfices series which are 
calculate d In accordance with a standard set of poted rules established 
by The RnandaJ Tones Limited and London Stock Exchange In conjunc- 
tion with the Institute of Actuaries and the Faculty of Actuaries. 

"FT-SE' and “Footsie" are Joint bade marks and sanrice marks of the 
London Stock Exchange and The Financial Times limited. 


ABad-Lyons PLC S%% Uns Ln Stk - £02 
AftxU.yons PLC 5%% Uns Ln Stk - £07 
(16694) 

Atiaf-Lyons PLC 7%% Ute Li Stk SX*» . 
£99% (1»»34) 

AJtoH-Lyora R nandte Services PLC8%% 
GWCnva4mraBds200e RO^USEKKIO - 
£116% 

Aded-Lyona HnsteU Sarrtooa PLC8%% Gtd 
Cnv SiAiatd Bda 2008{Br £ VW) - £118 

o»*»e 

Akita PLC 6-5% Cnv Cum Non-VIg Rad Prf 
ei -88(11*84) 

Amorican Braxft kw site of Com Stk $3,125 
-S32%* 

Airarttecti Ootp Sfa of Com Stk 51 - VO% 
Anglaa Watw PtC 5%% Indn-Utacl LnS& 

2008(8.1024%) . £137% % 8 
Angto-eaatom rw tiona PLC 12%% Una 
Ln SBt BS/99 - £103 63*94) 

Anconal Ld N art RXQ001 - £15% (1M9« 
ApoBo ktattis PlC 8p(Nafl Cum Cnv Rad ftf 
lOp - 1ST (2SFo94) 

Aimav Trost PLC io%% Uns Ln Stk 81/90 - 
£98(1Mr94) 

Aaaoctatad ftte* Engtoeevlng PUC ««% 
Cum Pit £1 -47 (25Fe94) 

Associated fttash Foods PLC 5%% Una Ln 
Stk 87/2002 SQp - 40 1 (2i*94) 

Aa sod nt nrl Srt Bab Foods PLC 7%% Uns Ln 
SBt 87/2002 SOp - 47 
Attwooda PLC ADR |SiV- S12% 

Ameeods tpnancaf NV B^p QU Red Cm Prf 
5p- 116(21*94) 

Auatei Read Group PLC 8% Cum m £1 -83 
(1M/94) 

Automated Sso*ty(Mdg4 PLC 5% Cnv CUBi 
Red Prf £1 - 85 [IMS* 

Automated Secuty*4dga) PLC 6% Cnv CUn 
Rad Prf £1 - 74 (21*8* 

HAT industries PLC ADR (1:1) - 57% 22 
BBT PLC ADR (4:1) - 57% (2Mr94) 

SM Group PLC 4.8p (Niri) Cm Cum Rod Prf 
SOp - 48 

BOC Grate PLC 24% Cum 2nd Prt £l -45 
BOC Ckcup PLC 12%% Uns Ln SSt 2012717 

- £137%* 

BTP PLC 75p(NaQ Cnv Cum Rod Pil i£* - 
225(2SFs84) 

BTR PLC ADR (4:1) - 521.38 (8*94) 

Bank of (rotondjaovomor & Co ofl l/nrts NCP 
Stk Sta A£1 5 £9 UqukMtkm - £13% 
(2ltW4) 

Bonk at InetandCGovemor & Co ofl Untta NCP 
Stk SraA lr£I5fc£9 Uqtedatlon - C1i54 
(2SFB84) 

Barmor Hamas Group PLC Ord IDp - 155 
Barteays PLC ADR (4:1) - 5315199 
Barctaya Bank PLC 12% Uns Cap Ln Stk 
2010 - £128% 

Barclays Bank PLC 18% Una Cop Ln Stk 
2002A77 - £146 (2M/94) 

Badon Group PLC 7^6p (Nat) Cnv Red Prf 
25p - 104 5 5 6% 

Banian ftoup PIC &85% Cum Prf £1 - 48 
(25Fe!M) 

Bontan OoupPLC 11J6p Crni Rod Prf 
2006 tQp- 111% 2 

Barings PLC 8% Cum 2nd Prt £l - 108* 
Batons FLC 9%% Non-Cun P»f £1 - 128% 
9% 

Bar 8 Wefocs Arnold Trust HC Ord 25p - 
560C2SFe8* 

Boss PLC ADR (2:1 J- $15.749475 .874471 6 
.1 (11*94) 

Baas PLC 10%% Dab Stic 2018 - £125 
Ban PLC 4%% Uns In Stk 92/97 - £94 
(26*94) 

Bagman c^y AS V Non Vlg Shs NX25 - 
NK144 % .71 5% 

B w ntngtwm Mhtet*os Bufctng Soc 9%% 
Perm tot BaertngSfia £1000- £33% % 
Btedcwaad Hodga PLC 9% Cun Rad Prf £1 
-31 t2SFo84) 

Btockbussar Entartetomant Carp Shs Cam 
SK 50.10 -$28225* 
aue Cbcte tndutrtas PLC ADR (1:1) - 552 
(2Mi84) 

Btua Cfecfa Industries PLC 6%% Uns Ln 
Stk(l975 or aft) - £74 |Z8F«84) 

Boots CD PLC ADR |£1) - SI 6.92 (2Mr94) 
Bradford 4 Bngtoy Bulking Soctaty11%% 
Pam tor Soaring Sta £10000 - £120% 1 
Bradford & Btogloy Sufcfng Soctaty 13% 

Perm tot Bearing Sis £10000 - £132% 3 % 
4 

BrtmafTJAJJHJCUdgs) PLC *A* NotlV Od 
25p - 170 CZU94) 

ftont totonadonal HC 8% Cun Red Prf £1 
-88(21*9* 

Brent Walker Group PLC Wts to Sub kr Old 
• 1 

Brant Watar Group PLC 8£% 3rd rton-Cun 
Cm Rad 2007/10 Cl -3% 

Brtdon PLC 7%% Uns Ui Stk 20Q2AJ7 - £96 
(11*9* 

Bristol Water PLC 8%% Cun tod Pit £1 - 
121% 

Bristol Water HUgs PLC OTO £1 -£11.05 
11.1 IlillJ (25694) 

Bristol Water Hdgs PLC 6 l 75% Cun Cm 
Red Pi* 1998 Shs £1 - 215 (2Mi94) 

Brisk/ 5 West BuBdtog Soctaty 13%% Penn 
tot Beatig Shs £1000 - C127 7 % % 8 % 
Britanrta BuWng Soctaty 13% Parm tot 
Bearing Sha £1000 - £128 % % 7 % % % 
British Atovnyx PLC ADR (Iftl) - $65.12283 
-35%£65£7S8S% 

Brtttah Alcan AlunMun PLC 10%% Deb Sta 
2011 -£111 (11*94) 

BriOshnAmerican Tobacco Co Ld 6% Cum M 
Stk £1 -56 

British Petroleum Co PLC 8% Cun 1st FW £1 

- 92 (1Mr94) 

fttttah Pattdeum Co PLC 9% Cum 2nd Prt 
£1 - 100 (1MiS4) 

add) Steal PLC AOR (10:1) - $20,248 % 
.37432 374321 % % 

Brtdon Estate PLC 930% lat Mlg Dob SBi 
2020 - £111% 

Brbtron Estate PLC 11.75% 1st Mtg Deb Stk 
2018 -£133 

ftwn(Jahn) PLC 4%% Sec Ln Stk 2003 - 
£75 (2Mr94) 

Browrikton) PLC 5%% Sec Ln Stk 2003 - 
£79(25894) 

Budgans PLC 5% Cm Um Ln Stk 2003 ■ 

£90 

BUgtnfAjy A Co PLC Ord Shs 5p - 48 
eumartRPJHdga PLC 8%% 2nd Cum Prf 
£1-120 

Bt*nei(MJ»JrtdflaPLC8%%CunPrf£i - 
127(21*94) 

Bund PLC 7% Cm Una Ui Stk RV97 - £107 
{2J*94) 

Bumah Castral PLC 7%% Cun Red Prf £1 - 
72 

Bumdt Costrot PLC 8% Cum Prf El - 83 
Butan Group PLC 8% Cnv Una Ln Sat 1996/ 
2001 -£967 

Bunorwood Brewery PLC 7% Cum Prf £1 - 
77%{1»*»4) 

Butte Mntog PUC Wts to Sub tor Ord - 0% 
(25Fefl4) 

Butte tAntog PLC 10% (Nefl Cm Cun Red 
Pit 1994 1<*> - 3% 

Crfttamta Enemy Co me Shs al Com Stk 
$00875 - £1 137QS28* 5 17%* 

C«Ma Group PLC 438% (Nat) Red Cm Prf 
1998 £1-76 (2Mr94) 

Cotton CommunteaBora PLC ADR (2:1) - 
528% % 31 

Ctettan Comnwnkattara PLC 53p Cun Cnv 
Prt - 122 3 

Coritan CammunteaUans PLC 7%% Cm 
Sutxad Bds 200 /(Rag £5000) - £148% 
Carlton Communications PLC 7%% Qnv 
SubcnJ Bets 2007(& £30001 - £748% 748% 
(2ST«3<) 

CaterpSjr Inc Shs of Com Stk $1 - 5109 
(2»*9N 

Cemanktoa PLC Wts to Sub tar Od - 39 
Chaltertoa m 5 Gtoucastar ftdd Soc 11%% 
Pom W Bearing Sts £50000 • £121 % 
ChB An g to n Corpor ati on PLC 9%% Cum Red 
Prf d - 90 5 (2A&94) 

Cay Stas Estates PLC 535% Cm Cun Rod 
Pli Cl ■ 70(1M r94) 

Ctonland Place Hototom PLC 12*a% Rad 
Deb 36(2008 -£132% 

Coastal Corporation Sha of Com Stk 5033 1/ 
3 - $31% (1Mr94) 

Coats Patera PLC 8%% Uns Ln Stk 2002/07 

- £82 

Coate Vtyeh PLC 43% Cun Prt £1 - 75 
Colne Vatiay Water Ld 10% Red Deb Stk 96/ 
98 - £107% {2SFe94) 

OomrrareM Union PLC 8%% Cun tod Prf 
£1 ■ 113* 

Co m mer cia l Lkvon PLC 8%% Cun tod Prf 
£1 -121% 

Co-OperaKra Bonk PLC 935% Non4km tod 
WEI -122% 

Cooper (Fraoeriofl PLC &£p (Nat) Cnv Red 
Cun Ptg Prf lop - 107 fik*W) 

CouftaRJB PLC 5%% Uns In Stk 8*96 - 
£06% 

Oawtwkte PLC 7%% Ctos Ln SSk 84/98 - 
£99% 

CaurteUds PLC 7%% Uns Ln Stic 2000/05 - 
ElQOpSFeM) 

(^mi*y 8u8dng Bodety 12%% Ptirm Inter- 
est Beartog Shs £1000 - £117% 8 % % % 

9 

Crane Europe UJ 5%% Cun Prf Stk £1 - 
S2% BM r94) 

Croda Intemartond PLC 83% Cum Prf £1 - 
88 [IMriM) 

Daly Matf S Genwd Trust PLC OTO SOp - 
£16 

Dotty Fam International Hdgs Ld Old 
S£L05(Barnuttii Regi s ter) ■ SH12381S22 
(lMr9Jl 

Otegsty PLC 435% Cum Prt £1 - 75 
Da Baon ConsoHaled Mtoos Ld 4M Cun 
Prf RSpflfCpn 17C)-337%* 

OrtaMrtfwrns PLC 7%H 2nd Deb Stk 91,96 - 
£g9%e»%04) 

Daben ha ms PLC 7%% Uns Ln Sflc 2002AI7 - 
£92(27*94] 

Debertnms PLC 7%9b Uns Ln Stk 2002A17 - 
£94% P5Fofrlj 

Delta PLC «3% Cun itf Prf Ci -64 
Delta PLC 3.15% Cum 2nd Prf £l - 47 52 
G8Fa«) 

Ddte n£ 18%% (tab SBt 96/99 - £104 
Dswrtrst Groraj PLC 97Wi Cum W £1 - 
117p»94) 

Dawtart Qrt lOp - 65 (11*9* 

Dover Corp Com Stic 51 - SSI % (11*94) 

B Pro iftWigE Bc tata n c n Co PtC Ord lOp - 
6408 

Brass PLC 835p(Nei| Cm Cum Red Prf 5p 
-80% 

Bitftah Preparty Cop 0%% 1st Mlg 
Dab Stk 87/2007 - £99 (2M9* 

E flte ro rts e 04 PUC 11%% Uns Ln 19k 2016 - 
£123*» e6Fa04) 

BwMtJ|j|M ri a d toMi«»a 
B(Ro^SK10 - £29.713 SK349% SO SO % 

% .7 1 1 % 34 % 2 2 jOS % % .06 3 3 7 


Essex VMS PLC 1 1«% Rad Oeb Stk 9SB7 
-£108(2SF«94) 

BBOK Mater PLC 4% Ptirp M> «k - £48% 
Etiates4A0ency/*&ftC1I-25% 1st 
Mtg Dab Stk 2020 - £115 7 {28=694} 
Esturo Property tovestAent Co U 10% let 
Iteg Dab Stic 2011 -£104 
Euro Otaiey &CA. Shs FRIO (Depositary 
Recototat - 380 2 90 5 8 400 
BtoToStay aCA as FR1D Ofl - FR3331 

European Colour PLC 8%% Cum Ptg W £1 
-78(25Fo»4) 

Euroftnwl PLC/Euotuitel 3A IMts 
(SkMvten tottM teetfl - BR47XM 35 2 3 38 
A Al 

Ex-Lands PLC Warrants to sub for Shs -25 
Bgttoration Co PLC Old Sdt 5p - 340 p*04) 
Patron Hotdtt«a PLC Ord 5p - 140 (2M94) 
Ftod Chtcago Corp Com S8t $S - $48% 
(IMriM) 

FM National Butdng Sectary 1 1 %% Pam 

tot Soaring She C10000 - £107% pstr&s) 
FVst Naflond Rnance Corp PLC 7% Cm 
Cum Red Prf £1 - 181 
Ftaons PLC ADR (4:1) - 57.73* 

Fteons PLC 5%% uns Ln Stit 2004/08 - £80 
(2M94I 

five Oc*a kwdstmonta PLC 7% 2nd CUn Prf 
£1 -82(25FaM) 

Potas Group PLC Ord Sp - 48 (1IM* 

Forte PLC Sl 1% Uns Ln 90t 05/2000 - 
£103% (11*94) 

Frtancfy HoWs PLC 7% Cnv Cum Rad Prf Cl 
- 102 C8Fa04) 

ON Great Notdto Ld Shs nClOO > 

0KS8832* 

G.T. CMa Growth Fund Ld Old S0J01 - £29 
29% 

General Accident PLC 7^% Cum tod W£1 
- 108 % % _ 

Genual Accident PLC 8%% Cum tod W £1 
- 119 % ff 20 % 

Genual hoe RroALJto Assc Cup PLC7%% 
Uns Ln Stk 92/97 - £99*2 (21*94) 

General Bodric Co HjC AOR (1:1) - SL45 

Gfcbs & Dandy PLC Ord 1 0p - 83 ((1*94) 
Glaxo Group Ld 6%% Um Ln SOt 85/95 SOp 
-48%P5f=e94) 

Gtanwed ttnamdto ra i PLC 10%% Uns Ln Stii 
84/99 • £107% 

Goottoead Group PLC 7% Cm Cun Rad M 
£1 - 78 (1M94) 

Oand MotrupuBnn PLC 5% Cum Prf £1 - 
58% (11*9* 

Grand Matropotoan PLC 8%% Cun M £1 - 
70pSFe94) 

Groal Portend Estates PLC 83% 1st Mlg 
Dab Stk 2016 -£115% (u*84) 

Groat Untvererf Stereo PLC ADR (in) - S8% 
(7Mr9* 

Grata Urtoamal Stores PLC 5%% Rad Una 
Ln Stk- £80 (11*94) 

Groat LMveraU Stores AC 8%% Rad Um 
Ln Slit - £75 |1Mr9* 

Qraenato Group n.C 8% Cun Prf ei - 100 
Groanais Group PLC 11%% Dab Stit 2014 - 
£132 0*94) 

GraanMs Group PLC 8% bid Uns Ln Stk - 
£95 (25Fa94) 

Grsandb Group PLC S%% tod Um Ln Stit - 
£104% (IMrfM) 

Groendts Ooup PLC 7% Cm SUtoid Bds 
2003 (Peg)- £118.44% 

Qneenafa Grotto PLC 7% Cm Subord Bd» 
2003 (Bi) - £117%* 

Ck*inesx PLC ADR (£1) - S38% 

Gutonsss FBght Gtabal Strategy Fd Ptg Rod 
PriSOOigutan CuvarwyeOand Fd) - 
320.09 135(28/00* 

Gdrness HUil Gtabtti Strategy Fd Pm Rad 
Prf S03l(UJUnind) - £3021 flk*9* 

HfflC Hktgs PLC Od SH10 (Hong Kong 
Ratf - 5H45% » 3 % 3 J .7 .73 % 9 
100 I0Q .17 % 3 3 .85 373841 1 .1524 
32951 3718 3955 .82680 
HSBC KfckJS PLC 1139% Subcrd Bda 2002 
(Reg) - £120% 

HSBC Hktoa PLC 1139% Subont ftk 2002 
(Br EV») - £118% 0*94) 

Hritei &*sng Soctaty 8%% Pam Ini Bou- 
tog Sha 550000 - £96 7% (!Mr94) 

Hefter Bttidtog Sodety 12% Parm tot Bear- 
tog Shs £1 (Reg £50000) - £128% % 
0*9* 

Htikta Makings PLC Ord Sp - 87 

Hril Engtoeering(1-8dgH)PLC 53894 Cum IVf 

£1-77 0*94) 

H emmua un Prop kmtDmr Cap fLC Onf 
25p - 415 7 8 80 21% % 3 5 
Hardy* & Karaora PLC Ont 5p - 251% 
Hasbro toe Shs of Com Stk $030 - 535% 
(11*94) 

I taa tam e m Estates PLC 10%% 1st Mtg Ddi 
Stic 98*2003 - £107 (11*9* 

Hadsmero «=<■*"»— PLC 10%% 1st Mtg Dd> 
Stic 201 6 -£117(257004) 

Hickson totern a ttona) PLC 8%% Ltos Ln Stk 
89(94 - £99 

HSsdotvn Ktdgs PLC ADR(4.-1) . S1034 
Hottnes Protection Group Inc Sha of Cora Stic 
$035 - 31 t1l*9* 

Houatog Fkranca C o rporaticn Ld (1%14 Dab 
Stic 2018- £124% (2SFU9* 

IM PLC S%% Um Ul Stir 2001/09 - £72 
PSFrfM) 

B Htoetayon Fund NV Ord FL031 -$17% 18 
terkanrt Grotto PLC Cnv Com Rud Prt 20p - 
127 

Inoo C ntfnauod PWducte Ld H% Dab SBt 
96/2001 -£95(2SFe94) 
toduttM Conau Santoes Grp PLCOid lOp - 
168 72 4% 

M Stock Exchange ol UKSRap of bLd 7%% 
M|g Deb Stk 90(95 • £99 0*9* 

Biah Lite PLC Onl bOLIO - 233 234 2% p 
313% 5 

Judtoe Ma t heeon Wdgi Ld Ord $035 (Hong 
Kong Re^atafl - SH633887 3014 5 
Jardtoa Strategic Htdgs Uf Od 00 (Hong 
Kong RagMar) - 5H30 30 % 356038 
Johnson 8 Rrtit Brown PLC 1135% Cun Prf 
Cl -112 (1Mr9* 

Johnson Gram Cta ant nt PLC 73p *tafl Caw 
Cun Red Prf IDp - 185 0*94) 
JoiraorvMatihoy PLC B% Cnv Cum Prf £1 - 
880 (11*9* 

Korea E uopo Fund Ld 8ha(IDF to Br) 50.10 
(Cpn Q - $4500 

Kvaamar AA Free A Shs MCI230 - 
M438737* 

Ladtxoka Group PLC AOR (1:1) - £239 $ 3% 
337 

Lomont Ffldgs PLC 8% Cum Prf SOp - 32 
C25F«9* 

Lament Hugo PtC 10% 3rd CUn Prf £1 - 
117 0*94) 

Land Secutitas PLC 9% 1st Mtg Dab Stk 96/ 
2001 - £104% 6% 

Land Saturates PLC 8%% Um Ln Stic 92/97 
-£99%{1M6* 

Labours Rattnun Mtoss Ld Ont ROOl - 16 
Leeds & Hotback BUtotog Soctaty 13%% 
Pwm tot Bearing Shs £1000 - £129% 
Leeds Pe nna nent Bmdtog Soetety 13%% 
Parm fnf Booing £50000 - £143% (IMrS* 
LoaiMkJMPartnaraNp PLC 5% Cun Prf Stic 
£1 -58 

LewtagotaflPutnenHp PLC 7%% Cun Prf 
Stk £1 -82 0FO9* 

Uateri Co PLC S% Prf(Cum)£1 - S2 7 
0*9* 

London Secutttes PLC Old Ip . 6% 0*9* 
Lonrtio PLC ADR (1:1) - $237 0*9* 

Lonrho PLC 10%% 1st Mtg Dab Stk 97/2002 
-£108 

UMkere n<C 8% Cnv Cum Rad m El - 
134% 

LoarfWnfl & Co n.C 6.78% Cum Cnv Rad Prt 
£1 - 97 7 % 9 

Lucas industries PLC B%% 1st Prt Cl - 75 
kCPC PLC 9%% 1st Mlg DU> Stic 97/2002 - 
£100% papas* 

MEPC PLC 8% Um Ln Stk 2000IDS - £102 3 
McCarthy L Stone PLC 8.75% Cun Rad Prf 
2003 £1 -99% 

McCarthy a stone PLC 7% Cnv Um Ln Stic 
oaw -£83 

Mctownsy Properties PLC *A* Ord K01.1Q - 
K0L13 (23Fa94) 

M a n c h aatar Step Canal Co lat 3*2% Perp 
Mtg Dabs(Rag) - £40% 1% (2SFs9* 
Mandarin Oriental tt ta a m atio re ti Ld Ord 50L05 
(Bermuda Reg) - SHI 035 0Fe9* 
Mandarin Oriantal Mamatiorul Ld Orti 5006 
(Hong Kong Retf - 5H1I3 (11*9* 

Marta & Spencer PLC ADR (8:1) . S3&48 
Marks & Spartcu nr 7% Cun Prf £1 -80 
4%(26Fe9* 

Itaiieh PLC 10% Cum Prt £1 - 113 
(2SFe9* 

Maraton.Thompeon & Evarahed PLC 7% Uns 
in Stic 93(98 - £95 
Modem PLC AOR (4:1) - (8%* .65* 
Merchant Re** One PLC 8%9t Cnv Ltos 
Ln Stk 99/04 - CB1 

M ar cu y Intom a tional hw Trust Ld Pig Rad 
Prf Ip (Reserve Fund) - £503433 CZSFaO* 

Manoy Docks & Hartxiu Co 3%% Irrd Deb 

Stk -£38 0*94) 

MM Kant WMer PLC 6% Pup Dab Stit - E56 
0*9* 

MM-Southem Watar PLC 3%% Perp Deb Stk 
-£39 0*94) 

Midland Bar* PLC f 0%% Subont Um Ln 
Stk 93/98 - £100 1 

ttMand Bonk PLC 1446 Suboro Una Ln Stit 
2002/07 - £133 

MM Cupraotion Com Shs of WV - $C8% 
C5H0* 

NEC Fteonos PLC 13%% Dsb Stk 2016 - 
£157% (2SFo8* 

NFC PLC 7%% Cm Bds 2007000 - £1 18 
%%9 

NMC Group PLC WUraits to sub tor Sh> - 
106 (11*94) 

NMC Group PLC 7.7Bp 0tafl Cum Red Cnv 
WlOp-185 5 

Natan* Metfc* Enterprises toe Sha el Can 
Stit SUE - $1432054 
Nation* W es tm i nster Bat* PLC 7% Cum Prf 
£1-73*4%* 

WBB Waatmtorter Berk PIC 12%% 
SUkM Uns LnSIk 2004 -£126% 0*9* 
Newc aatiu BtAdng Soctaty l2%% Penn 
Maost Bearing She CIOOO - £122 
Nmt PLC 10K*B* Cun Prf SOp- 50 
CGRB* 

Norm of England BttiUhto Soteaty 12%% 
Paw tot Bearing {£1000) -£120% 1 % % 
Nnrti ftarey water Ld 5% Dab Stk - £56* 
CM Coui u w amaa o nte n eaan ra s Ug^tq Red 
ftf SOLfiKDauHchomark Sha) - £3534 
0*9* 

CM Court troph tatanta n aearvaa Ltgrig Rad 
Prf S131 (ECU 9H| - E20358 0*9* 

OM Court Uhs fln a nre a n ra * UfM Had 
Prf 5031 (Surfing 9n) - £38.000 0*9* 


Od Cowl totemaflonrf Reserves utPrg Rad 
Pit 5001 (US$ Managed She) - 033371* 
P 5 0 Property HckWigs Ld B% Uns Ln Stit 
W7W-£»%{M*9* 

RseOe G« & Bactric Cs Site or Coro sac 0 
-S303«F*e* 

Paridand Group RjC Ord Z5p - 250 14 6 
Pataraon Zochorta PLC 10% Cun Prf £1 - 
129 31 0*9* 

PM KHga PLC9%% 1st MJg Oeb S& 201 1 
-£1093 (IMrS* 

PmI Hdga PLC &2S% (Nefl Cnv Cun Non- 
Vlg Pit Ci - 188 

Pool Soun East 13 8%% Uns Ln Stit 67/37 • 
£9188*894) 

Poet Souot East Ld 10% 1st Htg Oeb Stic 
2026 - £109% 

Porttoatte « OrtanU Steam Nov Co 8% Cun 
Pfd Stic - £64 (14*9* 

Paridne Foods PLC 8p(Nto) Cun Cnv Rad Prf 

iop- 100 

PltinSmSA Ord Shs NPV (Brin Danom 1,5 
6 1(8 - BFIOOIO 190 

F l a na uuUK Group PLC &7S% Cm Prf SU 
2001 1Qp-07psPe9* 

Portals Group PLC 6% Cum Prf d - 67 
B8F«* 

Pottf taraai iHt Watinum Ld Ord B0/B5 - 250 
GO 

PovreiCten PLC AOR (1«£T) - ES7JS2 S 66% 
Promkr Hstadi Group PLC Ord lp - 3 
PrasaacHdkftigsnXiaS%CumPrf£1 - 
124 0*94] 

Ouarto Group toe a.73p(Nst) CmCundtedSha 
o/Ptd StkSaiO - 193 3 
REAMdgs PLC 9% CuaW £1-88 
(1M9* 

RPH Ld 4*2% Um Ui Stic 2004(09 - £38 
0*9* 

RPH Ld 8% Um Ui Stk 9W2004 - £105%* 
RTZ Corporation HjC 3l32S% ‘A* Cun Prf 
£1 - 68% 7 (28Fe9* 

RTZ Corporation PLC 35% TT Cum Prf 
£T6tatf - 60 CZ 8 F 094 ) 

Recta Bacffonka PLC ADR 01) - $835 
Rank Organtstoton PLC ADR (1:1) - 516 
0*9* 

Read totwnattonta PLC 335* fmfy 5%%) 
Cum Rad Prf £1 -S0(25F«9* 

Renokf PLC 6% Cum ftf Stic £1 - 60 
CZSFea* 

ROM Corporation n£ 436% (Frriy 6%%) 
Cun Prf Cl -TO (IMrfM) 

Ratal Corporation PLC 43S% (Fatty 6%%) 
Cum 3M Prt £1-70 0*9* 

RofafcB o n ftps (Rydara Green) Id 11% Cun 
Prf Cl - 134 S 

Rodhta PLC ADS - 30.4425 0*9* 

Rotork PLC 9%H Cum Prt £1 - 118 
Royal Bank of Sootiaod&oup PLC tt% 
CUn Prf £1 - 123 (25Fe&* 

Royal Insuma HokSngs PLC 7%% Cm 
Subard Bds 2007 (BrCVa)- £120 (11*9* 
Rt^r^GrottoPLC 7%% Uns Ln S(k 88/98 - 

SaatcH & SaalcM Co RX ADR (3M) - 56.81 

SroocM & Smtehl Co PLC 8% Cnv Um Ln 
Stit 201 5 -£80 0*9* 

Staratuy(J) PLC ADR (1:1) - £388 (!Mi9* 
StarteburyU PLC 8% tod Um Ln Stit - £98 
BW aBi ) 

Scantrorric Wdgs PLC 735p (Net) Cm Cun 
Red Prt 20p- 117 0*9* 

Sca ra roitic t«dgs PLC S.75% Cnv Cura Rod 
PrfC1-127^Fe5M) 

Seta* PLC 5%% Cnv Cun Rad Prf 2008/11 
£1-98% 0*9* 

Scottish Hydro-Beck* A£ Onl 50p - 308*j 
7 8 % J 9 8 *2 %.7% 400 400 J % 1 % 
-82%34580-28 

Scottish llaUupo—n P roperty PLC 10%% 
lat Mlg Dab Sdt 2016 - £1 14% 0fia9* 
Scottish 6 Nawcastie PLC 8-425% Cum Prf 
£1 - 99% 101% (11*9* 

Scobtah 8 Nawcatate PLC 7% Cm Cum Prf 
£1-2410*9* 

Scottish 6 Nowcast* PLC 73% taiMtgDeta 
Stic 8W94- £100 (11*9* 

Sootun nmar PLC CM SOp - 408 to 10% 
11%22i139%%.7133%39%»2 
4.79 335.78 8 7 7 6% 20 
Sears PLC 43% (Fatty 7%) *A* Cum Prf ei - 
73 

Seora AC 7%% Um Ln Stk 92/97 - £09% 

pares* 

Security Services PLC 4%% Cum Prf Stit Cl 
•48fZ8f=e9* 

Severn RNar Crostang PLC 0% todm-LWted 
Deb Stk 2012 (3344%)- £121 
ShOI TransportSTracfirtgCo PLC Ord Sta (ft) 
2Sp (Cpn 191) - 7D7 (28Fe9* 

Sha* TransportiTradtogCo PLC 5*2% lat 
PrfJCumjn -83(11*9* 

Shield Grotto PLC Ord 5p - 13 
Shocrito Rnance (UK) PLC 7375p(NaQ Cun 
Rad Prf Shs 2008 - 99 

Sktitw ftotto PLC 7%% Uns Ui Stk 2003(00 
-CBSC MT a O* 

Stgnqt Group PLC ADR 01) - $1.73 
Skntsi Cngaiaaring PLC 7.75% Cun Rod Prf 
93J07 £1 - 85 0*9* 

Stolon C ngfc— ta g PLC 9%% Dab Stk 92/97 
-£SG% P8FOB* 

Stodm (Wtofl PLC 6326% Cnv Cun Rad 
PH £1-47 

800 ftoup PLC 11% Um Ui Slk 92(97 - 
£101 C3F89* 

SUpton Bulktng Soctaty 1Z%% Parm H 
Bearing Shs £1000- £123% 

SmJtti New Coui PLC 12% Subotd Urn Ln 
Stk 2001 • £116% P8F09* 

Smith (WKJ Grotto PLC TJ' Ord lOp - 121 
Sntttii (WJ4) ftUto RJC 5*s% Red Um Ui 
Stk - £00 (11*9* 


SattWdne Beattam PLC ADR «K1) - 
$30.1139 ft M94) 

SnttltiXBna Beednm PLOSeODtitteto ADR 
(5.-17-3283741 7% 

Soum Staftodshtos Water PLC 4% Parm Dab 
S& - £47(11*9* 

Standard Oiarlared PLC 12%% Subotd Uns 
Ln Stic 2002/07 - £123% % 

Svrirepohn) & Sons 1363% Cun Prf £1 - 
KHjpSFeS* 

Symonda Engtoa m to g PLC Ord Sp - 32 

r?fTrttll] 

TIN PLC 10.1% Mtg Dab Stir 9QS5 - £8B 


T6 N n£ 11%% Mlg Ota) Stk 95/9000 - 
cioepareB* 

THFC ftodtata* Uf 585% imtax-LMted SBt 
2020(83482%) • £127 
TSB G* ftsatur P|g Red Prf tp(C1— rn* 

Ptg Rad ftfl- 110.1 

TS8 Group PLC 10%* Subard Ln Stk 2008 

- £115% 6 0*9* 

TT Group PLC 10375% Chv Cura Rad Prf 
Shs £1 1097 - 287 (2SFa9* 

Tate 6 Lyta PLC ADR (4.1) - *25% 0*9* 
Tate A Lyte PUS 6%%(43S% pirn tax ond- 
*Cub Prf £1 - 77% 

Tata 8 Lyte PLC 8% Uns Ui Stk 2003/08 - 
El OO 

Taytor Woodrow PLC 9%« lot Mlg Dab Stic 
2014 -£108% 

Tasea PLC AOR (J:« - 83% (IMS* 

Tosco PLC 4% Uns Deep Otto Ln Stic 2008 - 
£71% (1M94) 

Thai tovatamant Firod Ld Ptg Red PM 304M - 
519 

Tops Estates PLC 10%% tat Mtg Dob Stk 
2011/18 - £118* 

Trafalgar House PLC 5375% Cum Prf £1 • 
82(11*9* 

Trafalgar Hauat PLC 8% Um Ln Stk 94/99 - 
£96 0*9* 

Tctatagv House PLC 8%% Um Ui 9Bt 2000/ 
05-£KM|25Fe9* 

TrnUgv House PLC 10%% Urn Ln Stk 
2001/06 - £103 0*9* 

Traraattantic Makings PLC B 6% Cnv M £1 

- 114 6% 

Transport Devtao p rrarot Group PLC 4.7% 

Cum Prf £1 -08 

Tisnapat Dmetopnwnt Group PLC 8%% 

Una Ui Stk 89/94 - £9S 0*9* 

Treksest SB( Printers Ld 8% Non-Cum Prf 
ei -65{2SFe9* 

Tronoh Mtorn Mtaaytaa Berhad SMI -£545 

S3 

Twoalontaln Utttted Consrtes Ld OM ROL50 - 
300 0*9* 

Urttgats PLC 435% Cun Prf Cl -83 (IMrS* 
Uittgate PLC 5% Um Ln 8ti( 91/96 - C98% 
C28FW* 

Urtgate PLC 6%% Una Ul Stit 9W96 - £99% 
OVUM) 

Untgata PLC 8%% Um Ln Stic 98/87 - £97% 
(IkM* 

Untiaver PLC AOR f«1) - 366.7377$ 

Union International Co PLC 6% Cun Prf Stk 
£1-61 0*9* 

Union tottmtatonta Co PLC 7% Oun Prf 8Bc 
£1 -89% 70 0*9* 

UtiKy Cable PLC Warrants id ub far Ord - 
23 

Vatoo 6 tarotne TTOsI PLC Warrants 88/94 to 
sub far Ord - 52 (2Mi9* 

Vaux Group PLC 9376H Dtar Stk 2016 - 
ei19(28F09* 

Vickers PLC 5% Cun£Tan Free ToSOpJPrf 
Stk £1 -70 0*9* 

Vbdafona Group PLC AOR(TOn) - £59.15 
0J2 8038 S 88J2 372038 9 %%% % 
Wtigon Indmtitta Hdgs PLC 7 J5p (NaQ Cnv 
Ptg Prf iop - ISO 0*9* 

WtakarfThomaa) PLC Ord 5p - 28 31 PSFaO* 
WirtJury (S.GJ Group PIC 7%% Cum Prf £1 
. ios <5 

Watmou^jsCHtdga) PIC 8%% CUn Red Pit 

2006 ei - in 0*9* 

Watioome PLC AOR (l:tl - $9% 

Wrf^Far^o S. Company Shs of Oom Stk IS - 

wentotey PLC 8p(NeQCnv Cum Rad Prf 1999 
Cl - 50% 1 (11*9* 

Westiratd Groip PLC WwTtoits to sub lor Ord 
-242 

Westland Grotto PLC 7%% Cnv Cun Prt £1 - 
400 0*9* 

Wesdtoid Group PLC f2%% Deb SOt 2006 - 
£129%(28Fo»* 

Whitbread PLC 5%% tod Um Ui Stk - £85 
7O0A9* 

WMfaread PIC 7%% Um Ln Stk 9S/B9 • 
C100 

Whitbread PLC 7%% Una Ln Stk 9672000 ■ 
£100% 0*9* 

Wtdnoy PLC a 78% Cm Cun Red 2nd Prf 
2000 £1 • 81% 138%* (28Fe9* 

WMams HJdga PLC 10%% Cun FM £1 - 130 
WHs Ocrroon Group FttjC ADR (5:1) - 
$16.74047 153156 163185 
Wrrcham A Beta Oenb Watw Co 43% PtPg 
Ord Stk - £5700 

Wradiam & East Oanb Wfatw Co 35% PtPg 
Prf Stit- E5800 (28Fa9* 

Xerox Corp Com Stk $1 -587(11*9* 

York W atenwrta PLC Non-VIg -A' Ord 10p- 
304 0*9* 

Yorktataa-iyna Taaa TV Wdgs PLC Wte to 
sub ter Ord - 1734 5 7 
Young 6 Cote Brewery PLC 43% Cum M 
Stk - 67 (23=094) 

YJa Catto A Co PLC 11%% Cun Rad FM 
1998/2003 £l - 117 


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Investment Trusts 

ABanco Trust AjG 4% /M8dc (CimJ - £46 
g BTttO* 

AMtoica Tnrat PLC 4%% Dab Stk Rfld 
18/siH-asPBnM 

BtaOe Gtifonl Jopen Tiua PLC Wt> k> ft* 

Ord Sha -22a 

Baste OHtard flhkt Mppon PLC Warrmls to 
BUb tar Gnl - 129 

Baring TMune tmetimnt IVuta PLC8%% 

Dab Stic 2012 - £1 10 (26Fe8* 

BMtai Amato TTOta PLC *A* 9% Prf 
3640*4- SB (1M04) 
fttotat Amato This* PLC GqtaUm Indm IAS 
2005 ICp - 188 0*9* 

British Empire Sao & General Trust 10%% 

Oeb 80c 2011 -£121%{1 Mrs* 

Copttta Gearing THiatf’LC Ord 25p- 490 
0*9* 

China ttweetmert A DavatepmonM Ldftad 
«Ph PriTVPtWmn* in una* «» - S1D% 
10% 0*9* _ 

Ctanianto Kvon Emer^ig ftototti FUtaShs 
810 Stag Lufl-812 12% 

Danaa tevaetmant True PLC Wta to SU>- 
acriba tor 1 toe A 1 Cap - 84 (IMA* 
Drayton EngMi A Int That PLC 10%% Dab 
Stic 2014 -£123 

Ouwcfai toeama Growth tm Tta PUS 3%% 
Cun FM Stic - CSS 61 0Fa9* 

OUisctai hooma Growtii 6w Tat PUS 113% 
Dab 80c 2016- £1320*8* 

Durcfai WorhMda kw TTOat PLC 3%% Cum 
Prf 3& - £89 0*9* 

naatey Euxaiara Vtauas PLC Eqtaly Linked 
Um in Stic 2001 - 145 0Pa9* 

Rnabuy Smotter Cote Hue! PLC Zara Wv ftt 
25p-T80% 

Gtotinore Shared Equity ThttM PLC Gafatid 
Ord Inc lOp - 122 3 % 

HTR .hpramm amtfter Cote Treat PLCOro 
2Sp - 103 4 .45 % % 6 % 35 
tnvotttore Capctta That PLC T%% Dab Stic 
BUST - £89% (1Mr8* 

tOtanvrort Chrater tm That PLC 4% Cum Prf 
Stk- £84^ 

Larad Sateot tnvaatniaiti Treat Ld Pig Rad 
FM&lp ULK. Active Fund - E1433 
(2SFo9* 

Larad Uta a rt toweaanani Thai Let Pip Rad 
Prf aip UJC Uptal Amato FUkf - £10^ 
London 8 St Laananm tiiwanmant PLCOnt 
Sp- 1S79%80(38Fe9* 

Marta hvatamarttHuta PLC 11% Dab Stic 
2012 - £125 0*9* 

New Ouamaay Sac u rttim That Ld Od 28p - 
1164 

Paribas French tmotament Truoc PLCSaro 'A* 
Warranto to adb tar Onl - 48 0*9* 
fimtom French ttiyectiiiBfif 7hrat PLCSwa 
*8* wan an te toaubterOrd -36 
Schroder Korea PM PLC CM 50310) - 
$18% 

Soottitai Eastern tm Thai PUC 4% Dab 
Sti$to* - £48 (28Fa84) 

Sootifah Martgaga & That PLC 8-12% 
Stopped Int Dab Stic 2028 - £143% 

Scottish Mortgage & That PLC 8%-14% 
Stopped Interest Oob Stk 2020 - £183 
C28R0* 

Scottish Fatatonta That PLC 6% Cura FM £1 - 
69 (11*9* 

Scottish Nationta Trust PLC 10% Dab Stk 
2011 - £110% (28Fa9* 

Stfasa Htfv-YWdtog ftnfa Cote TaSNto to 
Sub tar Old - 75 (1<*9* 

Sahara tovootmant Trust PLC Revised War- 
rants to aub tar Onl - 8 (lk*9* 
rn Ctiy of London Trust PLC 6% CUn Tar 
Prf Stic- £85 

Updovm krvestmanl Co F*LC Ord 2Sp • 01% 
pSFtaM) 

Wtarporo Property tnvoslment TsC PLCWta to 
Sub tar CM - 65 

Wtar hwostinani Co PLC 8%% Exch Bds 
2008PaflWWh e £1000) - £122% 4 

USM Appendix 

BIP Ooup PLC (Nafl Cnv Cum Rad PH 

10p-1M(1Mr9* 

Dakota Grotto RjC Old MXL2S - KA21 
(2SFo9* 

FBO Hototoga PLC Old K030 - S2J35 
GtatM Maw nfi Old 25p - 370 
Great Southern Croito PLC BJSp Cum Cm 
Red Prf 6p - 1 74 0*9* 

MMmd & Scottish Raaoucoa PLC Old Ittp - 
4 % % % 

ToCta Sytanm s PLC Old Op - 35 
Untied Energy PLC Wto to aub tar Ord - 8 
0*9* 

Rule 535(2) 

7Vrg(o American Agriculture FLC Ord 25p- 
CODS 

Amoa VBtwo Ld Ord ItJp - £03 0305 

a»*«* 

Amenta Foatbsl Ctab PLCOid £1 - £335 
(11*9* 

AsktoVfti Footed Ctab PLC Ord £5(1 vote) 
-£B7%* 

□mdte ia kwa a ti na rtt Rrodpil Slating Bd Fd 
- OL483072 0463073 (1»*9* 
ftocura Huldtogs nC Ord tp - tBA7 
(11*94) 

BntaptttofWJI A Sons PLC Old 2Sp - £23 
Cavonham PUC Onllp - tail (2SFe9* 
Chmri tabnda Cams (TV) Ul Ont Sp - £037 
(11*9* 

C htotaoU Cherttateia Chralnoo Dtstr - £132 

(11*9* 


Corttster Trust PLC <W 
CaapvCtari* Group *£ ' * 

e^fflcktbCoLdOntstec,. 

ft^fa^'FritnaEtaJMeyJLd *08' * 

ora ci • 0% 0*«' 
Gender Hoktings PLC ftuip - M-078/5 

CMRsar Mtota PLC Ont lOp - 
SKpu onl iop-aa 
honor PLC 11% Ln Nte 91/96 - £102* UK 

iMromTUunto Ld Old £< - Cl .4 |ifi*9* 

I E S Group PLC Onl 10p6*lly4>d 

ITSOdito Sc Od £1 - <3-1 PSFafrt ) 
WMsSSo MIM fc lt a iM ti on ti Ld JUteh tocura 

A Growth -C2-163 flMrfl* 

Mekwort BaftsarOnO Fund Man Continarota 

miWiwml BanoonflnQ Fund Man Int EqUy 
W S^toTS7ai28a05 1143821 

uESu oro iop- Mpw 

Lrarta Gitxto PLC Old Cl - £17% »7% 

L» BrtSte Btaroe Ld Ord Cl - C8 0W* 

Manchaatar Ctiy Foottxta Club PLC Old £1 - 
£140*9* 

Itorira & Maroancfla Sacutitaa PLC wd 
bCO20 - £236 0*9* 

kid A^fa Ractio PLC Old Cl - epWW* 
lyftoutech PLCOrd lOp - CaOS 0FeB* 

Mottik totarrutaanta Gimp PT-C On Ip - 
£035 

N.W.F. Ld Did Cl - £8% (ttt*9* 

N ational Pti ridng Corp Ld Ord iflp-£43 4% 

N^^^%ttacounu PLC Ord C100 - £2060 

Hainan?*- IMbtiahtog PLC OTO lp - C3.55 
NortoBMrt Watte PLC Ord Cl - £5% 0*9* 

North West Eaptototion PLC Ord 20p - 4 
(2SRM) 

Pan Andean Resouoes PLC Onl lp - £0.08 
(11*9* 

Pwpstutapareay) Offshore Emorglng CrYa - 
$7.0383 (23F«9* , . _ „ 

Ftt«p0teta(J*aay) OBtthoro F« Eatasm Onvlh 

Fd - G3A95889 (1M(9* 

Puptauriparray) Otfshoro Japan Growth Fd 
-£1028234(11*9* 

PerpetualUoraey) OITshare UK Growth - 
52385944* 

Rangers Footed Club PLC Ord TOp- £1.1 
Scdttth Rugby Union W Osba £2200 - 
£2200 

Saltan HaCta Ld Onl £1 -£3.9* , 

Staect todustitam PU2 Now Old 7%p (5p Prfl 
-8004 0355 

Shepherd Nonna Ld "A* Onl d ■ £8% 

South QnaonMdga PLC 0(d lp -COOIS 
Southern Nawop a pere FttjQ Od Cl -£4 403 
4050*9* 

Gut Oa&iWnLdOtt Royalty Stk UMto lp • 
25 0*8* 

Ttirahur PLC Onl Sp - £0.12125 0.14 
Totta ReproLdOrd lOp - £0.63 (28Fa94) 
Trnckar Nanvork PLC Onl £1 - £12% 13% 
13% 

UAPT-InkMi PLC CM2SQ - £03 
WtotMB Aatirt Managamant Jnt Mncuv 
Inti Gtad & Generta Fd - $138 (11*9* 
WaoCabtx Ld 'A' Non-V Onl 25p - £16% 
(11*9* 

Witttahuch Grotto PLC Ord 10p - £037 
0*9* 

Yatea Brae Wine Lodges KC Ord 25p - 
£236(11*9* 

RULE 535 (4) (a) 

Bargains markad In securities 
whore prfncipd markot Is outsldo 
the UK and RepuhBc of trtaand. 
Quotation has not boon gran te d In 
London and dealngs are not 
recorded In the OfOcim LtsL 

AIM Corp 8fi5%« (33) 

Bank Eut Asia HK$3 1.8866.33 359 159 

Balu Kowan RM830 

Buktt BenttMHang 875 

Capa Range 01*50381 

Centra# Mhttng & Expkxation AS038B93 (249 

Canbta Ktagoorto Odd 5 (2&2) 

Ctiy Dovtaopmonto 356.8333 
Cotr u nurrty P a ych la Crt o Contras 517% |13) 
Datatopon Screen Maratiadutog 
Y71S35w718J7.733.00 
Dove* 28 (2 J) 

Equity Slvar lanes Qaas A 45 
Forest Ltaxxatortes £33% 

Oanarta Seoafttes k w o s k n ant SS3.7B8489 
P82) 

Hoama North won 8 (253) 

Hunter Raaoucaa A503S 
Kiim Mtaaytaa 100(283) 

Ltatftfon Md0- AS2388 (13) 

Mtaayw Cement RM4333B4 (263) 

Moray S Roberta « dgs. FL8I^H30PSJ5 
Ftiugtol Uhkrg 270 
North Rlndea Mkna 510 
Ofl Search 50 

TfateK RoBQueea AS0.1107 (13) 

Urttod Overseas lend 892235029 

Sy n a afa ita u iio/teaStedtP u e hrop aCa— ro* 


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FINANCIAL TIMES WEEKE ND MARCH SfMARCH 6 1994 


17 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Stocks brush off fear of Federal Reserve move 


FT-SB~A ADLShare Index 


Equity Starts Traded 

Turnover by velum* fmBfofl}. Bwtaftne: 


By Tany Byland, 

UK Stock Market Editor 

The UK stock market rounded off a 
nervous week in good form as bond 
prices moved higher in Europe In 
spite of renewed weakness in US 
Treasuries, Pears that the US Fed- 
eral Reserve might tighten policy 
again In the wake of yesterday's 
employment and economic indica- 
tors were brushed off in European 
markets, and sentiment strength- 
ened at the close when Wall street, 
too. turned higher. 

Share prices opened nervously 
but began to advance as bond mar- 
kets strengthened across Europe. 
The FT-SE Index was ahead by 
about 14 points when the US eco- 
nomic statistics flashed across the 
screens in London , trading rooms. 

The increase in US payroll nnm- 


TRADING VOLUME 


■ Major Stocko yesterday 

V& Cteakig Da/* 

OOP. gtaT dSU 


bens was only slightly above market 
tolerance levels, while modest 
increases in earnings levels were 
received without strain. US bonds 
began to ease but UK government 
securities, taking their .lead from 
German bonds, moved higher. 
Gains In share prices were 
extended, although dealers stressed 
that trading volumes were unim- 
pressive. 

The pace quickened towards the 
close as Wall Street responded 
favourably to benign money market 
moves by the Federal Reserve and 
by the close of business in London, 
the FT-SE Index stood at 3,278.0. 
plus 3L5 on the day. The Dow 
Industrial Average was then about 
20 points up. 

The FT-SE 100 Index ended the 
week only a few points down as 
bond markets, including UK gilts, 


Aenuat Oentlnq Mm 

ftaDooRnac 

Feb i* 

Feb 28 

Mar 1* 

dpta necteHwiL 
Feb 2* 

M*r 10 

Liar 2* 

Lear OmOngn 

ftb 2a 

tali 

ta 23 

taoMDar. 

Mr 7 

Uar 7i ' 

ripr* 

*Nan lime rt— lings 
teilMM «ta aarifar. 

mar taka 

place from me 


have recovered confidence after the 
heavy falls suffered last weak. Sen- 
timent is still nervous, but traders 
hope that Europe may have disen- 
gaged itself from US factors for the 
time being, and that the expected 
tightening of credit policy by the US 
Federal Reserve will not prevent 
cuts in European rates. Reductions 
in UK base rates are still thought 
likely, perhaps when the April tax 
increases hit UK consumers. 


The UK government bond market 
responded vigorously to the 
improvement in Frankfurt By the 
close, long-dated gilts were a full 
' point higher, with the short dates, 
which reflect base rate hopes, ahead 
by Vt or so. UK traders were 
impressed yesterday to see Euro- 
pean bond markets apparently 
decouple from US Treasuries, 
although Mr Nick Knight waned 
that Friday afternoon was not the 
best time to make such judgments. 
He continues to advise selling into 
strength in UK equities, and sees 
little immediate improvement in 
bond markets in Europe. 

Mr Sushil Wadhwani, at Goldman 
Sachs, the US investment hank, 
tears a farther 5 to 10 per cent cor- 
rection In global markets in the 
-near term although he still predicts 
10 to IS per cent returns on global 


equities from currant levels over 
the next year. 

Interest also returned to the 
FT-SE Mid 250 stocks yesterday, 
faking this Index ahead by 203 to 
3,927.3, a gain of 7.4 on the week. 
But a Seaq trading total of only 
58lm shares, against 676.1m on 
Thursday, indicated a good deal of 
caution among the institutions. 
Retail, or customer, business in 
equities was worth £1.4lbn on 
Thursday, a comfortable bnt not 
excessive level by comparison with 
thin year’s daily averages. 

The stock market has seen only 
moderate selling pressure during 
the latest setback and this week has 
brought dear indications that the 
institutions were wilting to buy 
stock at what several broking 
houses have identified as a rfitgip 
market for equities. 



Dec am 

‘ -rmt 

Mar ' 

ta > ' Jm ‘ 

Fab ‘ 

Stuck FT Sap/** S3 -- 

1894 

- ’• 

1083 1994 


■ Key hndfeatoni 





lmflces and ratios 



FT-Sfi 100 Index 


FT-SE MW 250 

39273 

+20 JJ 

Closing Index for Mar 4 

-....3278 A 

FT-SE-A 350 

1662,1 

! 

Change over week 

-&2 

FT-SE-A All-Share 

1653.28 

+13 A 

Mar 3 _ 

3246.5 

FT-SE-A Afi-Sbaro yteW 

3.48 

P-50) 

Mar 2 ™. 

3248.1 

FT OnSnary index 

2563.9 

+23.7 

Mar 1 

3270.6 

FT-SE-A Nor Fins p/e 

22^0 

(22.183 

Fab 28 

— 3328.1 

FT-SE 100 R/t Mar. 

3272.0 

(+39.0) 

High’ 

,« h .3328A 


lOyrGMyMd 
Long gltt/equfty yfd ratio: 


7.28 

2.16 


{7-14 ) 
(2-1® 


Low 

tntm-dty high and lowtorwaak 


-3195.7 


EQUITY FUTURES AND OPTIONS TRADING 


VoL 


ASOAOraurf 

AMwrUondt 

MMrtFWwr 

Angtan Wmart 

A**oo. BM. Ports 

BMt 

BAT Mat 

BET 

BIIX 

BOCt - - 
BPf 

BPBMdl. 

Hit 

BTRf 

Bonk «f Scodandt 

ssr* 

BhM Octet 
Booker 
Boost 


BriL AOTMpocot 
BrtMi Abwsyat ' 

BfflMl Goat 
Mutt Land 
BdlWiSMt 
Bum 

Bunmfi Cntaotf 
Butrai 

CrttoAMnrt 
CMuay Scuweppesf 
CalorOnwp 
Cundont 
Caton Commit 
Cau* V*y*Mat 
Comm. Unkxrf 
Coofcaon 

Goutsfcfet ' 


Do La On 
D baona 


Eng China 


Bnbmd 
FW 


X 


Foreign S CoL LT. 
Fbrtaj 

Omni Beat! 
Gtorof 
Gtynwed 
QnnadSt 
Grand Mott 

ss 

QXN 

GufnrwMt 

Haec (np shut 


Cnw 


lanoo aw, 
2400 ego 
474 67 

>400 827 

mu nt 
. 1400 369 

O.7D0. 291 

974 200 

413 553 

110 869 

852 1002 

2400 *88** ' 

1.400 

1.700 461 

. TOO 710 
8.100 383 

801 348 

5400 ■Ot 

3.700 310*2 

2400 384 

843 SOB 
5400 512 

2400 633 

097 348 

108 420 

877 534 

504 305 

840 502 

8.400 4341; 

4400 310 

234 434 

8400 1«1*i 
478 ITS 
908 822 

3400 64 

1400 484 

2400 408 

108 331 

1400 407 

2J000 845 

1400 258 

an aos 
8400 288 
1400 331 

240 480 

302 808 

286 214 

889 847 

889 635 

208 487 

398 438 

248 555 

1400 108 

814 128 


< 5sr> 


MB>Ct 

MR 


+7 

♦7 

t4 

-1 

Ml 


47 

« 

M 

*4>2 

42 

-1 

-« 


48 

46 

46 

-eh 

43 
-1 

44 

44 

♦1 

45 

-I 

-1 

46 
44 
-2 

+w 

416 

46 

420 

-1 

43 

4l 

41 

413 

4b 


Marks 8 Spanowf 
MdsndeBecL 

Morrison fttorg 

NFOf 

NamtaBanfcf 
NaBonal Poarart 
NM 

Honh Viera VMsrt 
NontwnaacL 
Northern Fbodst 


paot 


PtMWGertt 

PnabMaWt 

flMCt 

RITt 

Race! 

RmfcOg.t 
RwMt 6 Cnbnant 


W-t 


RjH Bkt 
Royal In 

sssa, 

ScottWi & Naar.t 
Scot Hjr*o-Boct. 
SoouWi POMrt 


Sevan TVaort 

Shot Baraportt 

swwt 


■ WJLJ A 
Smith SNuMit 
SnM DMchant 
SnM BeKhran <ALt 
SraMntndL 
Southam BeoLf 
South Wdaa BacL 
South Waal WUMr 
SouOt Waat Etoct 


3400 

1400 

71 

1400 

-478 

4400 

228 

1.700 

1400 

3.100 
1.700 
2400 

»1 

383 

1400 

973 

2400 

1400 

4400 

MOO 

3400 

643 

1400 

479 

720 

473 

1400 

403 

1.700 

1.100 

5400 

772 

836 

8400 

166 

1400 

880 

1400 

2,100 

2400 

2400 

1.100 

2400 

aann 

588 

648 

4400 

2400 


874 

413 

121 

77 


Pnyl 

deny 


tb 
+2 
<4 
ra 
ie 
*7 
42 
48 
-2 
• -J 
-0 


16 

♦1 

•a 

428 

-a 

+1 

-4 

46 

485 

48 

-2 

MS 

-3 

-2 

43 

44 
444 

46 

-2 


3TB M2 

1113 48 

838b «7b 

396b -3b 

408 -4 

120 M 

187 *1 

380 48 

568 42 

702 ft 

816 +9 

278 42 

613 46 

^ 43 

384 46 

481 A 

633 46 

727 4fl 

' 887 46 

848 -1 


903 
167 
748 
426 
651 
116 
266 
462 
4 n 
218 
327 
603 
225 
691 


189 
868 
823 
963 
847 
222 
1100 
(03 
373 
80S 
25 4 
2078 
174 
432 


A squeeze together with 
continued ulr un gU i in bonds 
helped stock Index futures roily 
from early weakness, as a 
volatile week in derivatives 
came to a dose, writes Joe/ 
Kibazo. 

At the official dose, the 
March Uffe contract on the 
FT-SE 100 stood at 3,272, 


having fallen as low as 3^225 
on selling from US houses. 
Volume was 11,801 lots. The 
mid-250 contract for the same 
month traded 289 lots. 

Volume fn traded options 
was 38,539 contracts, with 
18,139 dealt in the FT-SE 
index option and 2^324 in 
Glaxo. 


■ FT-SE 100 INDEX RJTOBES (UFFEJ ESS per Ml Max point 



Open 

Sett price 

Change 

«ah 

Law 

Eat wo 1 

Open hit 

Mar 

32400 

32700 

+30-0 

32800 

aaonn 

18468 

81739 

Jun 

32425 


*305 

3287X1 

3241.0 

843 

17313 

Sap 

32800 

33000 

*300 

3281X1 

3288X) 

80 

480 


■ FT-SE MB) 280 INDEX FUTURES tUFFE} El Q par HXUndax point 


Mar 


3910.0 39300 


+23.0 39300 391 OjO 


289 


468 


K3t 


Ktogtavt 

KMiSawa 


2*3 

288 

+2 

Sorborn Water 

231 

939 

*5 

£800 

280 


Santa ChrauLt 

IriOO 

1118 

-14 

£800 

848 


Storafmaa 

2X00 

228 

-3 

Brian 

30BH 

*9 

GuiMuost 

iritn 

342 

+7 

13,000 

707 

+25 

T8N 

1.000 

2*3 

44 

287 

snh 

*KPa 

Tl Groopt 

838 

430 

*13 

1,900 

5*0 

rant 

£700 

moh 

4 «7 

7,700 

400 

*12 

Tamnc 

£300 

300 

+1 

883 

582 

-2 

tette 

848 

427 


£800 

1*7 

-3 

. Toswr Woodraw 

913 

172 


TJOO 

557 

+10 

Toooat 

£900 

230*| 

*4*2 

■MOO 

623 

+3 

Thsmo* Wnart 

1XX» 

533 

3,700 

880 

+24 - 

ItaBSt 

944 

1006 

- «a 

318 

421 

+1 

TtmMwt. 

9,mn 

288 

■M 

10000 

■3871 1 m 

-S’* X, 

TlaMgar Houh 

£100 

1M - 

** 

. 832 

8+0 

90* 

■■ 308 

.*7 - 

Un/qm . . - 

9 

053 

378 

1108 

' -r 

802 

177 

+2 

IMM Btamst 

LToo 

364 . 

48 

1^00 

340 

-a 

Utd. NeaMCpMB 
VexMomt 

IB! 


+1 

IriOO 

748 

-i 

£000 

801 

+14 

UOOO 

. 550 

+6 

Vtat-rgPWJt 



-0 

w 

583 

* 

OWtamat 

£40 

857 

44 

1X100 

604 

48 

WoWiWMbt 

154 

665 


329 

812 

*8 

WN— altar 

an 

635 

-1 


■ FT-SE UK) 250 WPEX H/TURes IQMUg CIO per fu8 fndux pokV 

Mar 391 BJ) 39255 +9.5 39210. 3918.0 3 2.669 

Jun 3937.0 5 

M Span Mmm Agues mm far prsvious iky. t Bract Hfcnra OMan. 

■ FT-SE 100 INDEX OPTION QJFFQ f3g77) E10 par fu8 Index point 

3100 31 SO 3200 3290 3300 3300 3400 3450 

CPCPC.PGPCP CPCPCP 
Itar ISZb 6b 137b 10*2 *• zib * 38 3Z 82b « 98 7 137b 3b 185 
Apr 186b 25 188 37 mb 51b K 70b 06 04 eb 124b 30b 158 «b 188 

Itay 223 44 18Bb 57 16tb 73 tO 94 05 118b 74 145 63 175 39b211b 

Jm 238 Kb 189b 69 187b 88b 139 107 1f1b129b *1 158b mbWb SB 222b 

Decf 310b 108 246b 143 1«b W* 148 238b 

CM 91808 Ml 8279 

■ EUBO STYLE FT-SE 100 WDeX OPTION (UFFtj £10 par Iu8 Index pofcit 

3075 31 as 327B jH Jrt S375 3428 S67B 9623 

Mm 2Kb 6 157b 10 T13b 16 74b 28b «Jb 4?b 23b 78b 11 115b S 159b 

Hr 218 20b 175b 29b Wb <2b 109 80 71 81b ®b 103b 37b 140 24 178b 

Wy am 48 136b 80b 82b 126b 45b 188 

Jbi 218 50b lS2b 84 Wb 142 ©b 202b 

Sapf 2SSb 84 107 118b 143b182b 100 217 

C* 40W Mi 4*75 • iMaMm Mm aka, main riwn m 3MM ag Mtamti frion. 
t Long Mad nj*y «a«a. 

■ BWO 8TYLE FT-SE MP 2CO OCCX OPTION (PMLX) glO per lul Indan point 


SOSO 4000 4060 4100 4150 4200 

Mm 36 57 22 88 11b ISO 25 -175 1 223 b 272 

Apr 75b SO 53 118 37 151 28 188 17 11 

CMS 10 Mi 10 SMtaaf pricai ini Htmi mm Man m oqn. 


4260 

b 


4900 

b 


FT-SE-A INDICES - LEADERS & LAGGARDS 


P na ntafl* eftangaa 
MAO, P*p»r 3 He 


Engtetttao. VflMcka. 
MMlHM — 


LandSaorttaf 

Upon* 

Lo0ri & Gmralt 
UoydsMtMy 

UoydaSankt 
LASMO 
Lonoon SkL 


3.700 mob 
773 713 


717 

806 

1.000 

1JO0 

6»0 

360 


614 

406 

404 

378 

131 

828 


WNBaraadf 
WHMMWdgB.t 
WBaComxn 
Wfenpar 
Wl ffl 

VMMraBKl 

VoMtnWMr 

Tmmmt 


FKE smew kit. 
EmSatiB . .. — 
FT-SE a n c« p. 


3.700 

824 

&000 

134 

32 

310 

161 

1400 


862 *14 

283 +4 

806 -4 

225 *1 

880 «6 

847 +8 

333 *1 

782 -1 


tad u kMkq w*m lr i mMSbi al RWr mmHm M Iknei Da S£M ipMn |*daav (M 420P6 SMh 
« f mm ata* m a* iraM dwi tfcdcta m FMS 100 Wk entad. 


(■eKknOMARaa. 
TMta&Ananl — 
6 m I 

Obtribflfcxi - 

Ertracdn Mv*rtN 

fT-SE IS4 2® K IT _ 
&VBl SfnfcM — . 

I6IU1 


■feica Oaomta St J983 baaed on Wday Mad) 4 _1994 

HtaCml — ■ +062 iwilaiiit HaaM — -2JB 

+-1408 FT-SE ild 290 _____ +359 nmiMrnMfW 101 

*13.16 S(*fli.«ta8adM +at9 BMktgi. -4J» 

♦4104 UwdtM KWiMi *2M- FT-® ISO -4.11 

*MkH Santa *071 BmtaFadd -425 

*1832 Itagort— — +618 UNiwuaad -448 

. *827 ■ IbllhKBI - - 4L12 GH BKtaBI ----- -831 

. *838 taOKfri -ai7 II— II IS 

- *702 awrorlc & 0»c EiHxal -tUl T nkmaataiO a a -705 

.+679 BrtanJn -842 MdMoi tanl -652 

,*6.70 HudRHSNdi 
, +631 ftepatr 


_ +6.10 08 tart 

— *438 FT-CUMOn 

— +404 CaniinarSaad*. 

— *333 FT-SE-A 33) 

_ +301 Food 



I ; T - SE Actuaries Share Indices 


.-1841 
, -VV9B 
. -11.74 

-240 FT Cold Mon Mh -12.18 

-243 Ba8a : -1217 


The UK Seri 


Uar 4 d«sK Ur I . Mr 2 Ur T 


W 


Ok. ta. WE Mail, ToM 
|MI jWt Bh 1 M tarn 


mi 


m 


FT-SE 100 

FT-SE IM 288 

FT-SE Ml m k In Dab 

FT-SE-A 358 

FT-SE SnaKjp 

FT-SE SMBCw K Mr Huts 

FT-SE-A Ml-SHAHE 


32780 *10 
38273 +05 
29430 *05 
18821 +03 
202305 +0.1 
2005.10 *01 
185328 +28 


32465 

39070 

•J0ZL8 

16473 

202833 

300331 

163893 


3248.1 
30013 
39175 
18479 
2021 32 
200434 
1840.13 


32703 

38449 

388B3 

10803 

203678 

201253 

1658.13 


2922.1 

31070 

31213 

14423 

155408 

155890 

143413 


335 £85 2135 KM8 
213 492 2497 1U7 
323 538 2336 1138 
333 548 2228 £19 
2.73 545 3605 537 

230 279 3431 £23 
£48 534 2290 513 


720518 SSHU 2084 
142825 41521 3®94 
142874 41887 

1251.31 17783 21284 

153038 288438 4/284 
152725 298872 4/284 
128571 HHH 2094 


2737019/183 35283 2094 

2M313/I83 41529 3084 

2*748 1/183 41857 W184 

wajuruBs maa asm 

117738 4/183 2*6438 4KSM 

VMM WB 288022 4084 

nmwwuu ttb4.ii tum 


9869 23/784 
18754 21/188 
13763 21/188 
(645 M/186 
08579 31/1282 
non 31/1282 
8102 13/12/74 


FT-SE Actuaries All-Share 
W 

Mar 4 digrikMara Ur 2 


YKr Oh. Earn. M Me* ToM 
ago yM% 3M* Wa >W 


m 


■ 1983/94 


NBh 


Low 


10 MBERWL EJCnWCTOStta) 
12 EtfacUN WuaWaaW 
15 01. WagtatS) 

10 U BvtaaUod A Pmdpi) 


256513 *08 2S3933 253151 258548 214510 303 407 2542 

380548 +C-4 388575 389175 307507 322800 £18 407 2532 

247209 +0.8 2451.10 2443J7I 247704 200700 £85 502 24B2 

189807 +57 188804 188508 188101 208120 £14 £78 3307 


400 100007 
OOO 106099 418705 
638 98624 281SJ6 
000 107588 214110 


9W94 18850B 1*0/33 
2/2/B4 288108 TfiAS 4M706 
9/2/94 171800 1WUB3 28HWB 
vam VMM 13/MB 3M4-10 


BWM 8BUB IB/2/86 
2/2/94 100808 31/12/85 
9/2/94 98230 20/208 

80/90 68030 28TO88 


20 GEN IIAkUFACroRERS(284) 213633 +56 212408 

21 BuMns 5 OmOucOonpl) 150202 -51 150C40 

22 BtMno Mtf* 5 UmOttOH 228573 *54 226055 

23 ClM«TtaS(201 2*1578 +5* 2409.71 

24 OtHOOBd kutaklaane) 207521 *52 2071.08 

25 Bacawic & Bed Eqofp/34} 2097.40 *58 2085L35 

26 En^naartngPT) 185809 +1.1 189804 

27 OgtoalnB, MlUMfT] 3408.(9 *59 2384.87 

2B PlWmo. Paper & PttkgCT) 300538 *1.1 297409 

29 TbuKbi & HomtKB} 1GB53Q *56 190668 


211804 

150107 

224707 

238209 

206102 


192578 

237100 

290402 

101278 


213548 

1514.08 

226702 

240907 

208201 

210403 

1851.48 

2397^0 

298878 

192808 


175000 

91430 

1531.10 

2197.40 

190570 

190100 

148430 

183630 

234540 

187330 


£48 £80 
238 130 
£10 267 
£83 470 
429 429 
£51 500 
279 2.83 
433 £08 
2.70 411 
£40 £12 


3400 

BOOOt 

5306 

2178 

3027 

2590 

4526 

4330 

2548 

24.45 


430 105579 223208 
£18 1151.12 188510 
1.14 103097 238122 
002 1030152 291009 
1004 183104 333457 
238 90738 229338 
408 10BSOB 2011.17 
029 1131.15 251071 
100 115507 382597 
132 1058.14 202498 


79408 


2/2/M 
8/2/M 
24/IA4 
4/2/M II 

Vim 138036 

4/2/M 188110 

2/25)4 128738 

2/2M 180700 
23/2/M 2948.18 
4/2/94 178108 


130TO 
20/1/83 212500 
12/UB8 238302 
U/IA3 251906 
19/1/93 
13/1/93 
1/1/83 20HT7 
1*5/83 2M871 
19/UB3 302007 
14/7/B3 


2 ttM 
18/7/87 
24/1/M 
4ffl m 
2«M 

*om 

2/2/94 

2 am 

23/2AH 

2/1*87 


.10 14/1/88 
B/fl/92 
as/92 

97550 14/1/86 
98480 21/1/88 
89BJ0 29808 
1*11/87 
14/108 
97130 14/1/86 
24/9/90 


so cowaw eooosisfl 2M54i 

31 Brs»nrt»t17) 228404 

32 Spuaa, Mm & CkfefKlO) 317494 

33 Rud Mamriadu«n(29 238905 

34 HoutahoU *»0a(12) 283201 

38 HeMh CarafO} 183543 

£7 PMnacadietttlOl 3180J3 

38 TobMWOJ «MJn 


*19 290206 289903 
*09 228X72 2239.19 
+10 313290 314511 
— 239518 239502 
-01 2841-40 288527 
-09 183502 183899 
+2JZ 309395 306428 
+Z3 400579 403096 


299678 

224506 

310444 

240794 


184490 

3117JB 


2B9SOO 

211300 

234990 

249540 

242140 

131250 


£90 590 
£99 703 
£34 577 
391 702 
303 548 
295 590 
406 798 
491 7.77 


17.05 1147 
1699 904 
2093 1593 
1608 £95 
1708 OOO 
2297 J«48 
1808 2470 
1501 OOO 


08308 

100X15 

104535 

07708 

<8530 

103793 

9755? 

88207 


4/1/98 259510 21/7/S3 390000 22/12*2 

19/1/M 191580 «MQ 24B452 UTUM 

322593 24/UM 2S754I 1Q/1UB3 346700 1D5« 

280584 U/1M 213709 21/7/93 298004 19/UM 

289514 18/2/M ZIB89B 2M/B8 2BM.14 18/2/M 

180513 la/lM 1857 JO 12/JMJ3 204700 28/9/37 

379580 4/1/33 28BU9 21/7/33 418698 14/1/92 

473583 29/12/33 307(00 1*5/93 473083 29/12/93 


99200 

98700 

M519 

■Z7.10 

97200 


14/1/88 
WV 86 
14/1/88 
14/1/85 
21/1/88 
21/1/88 
13/1/06 
*1/88 


40 SBMCESPK) 

41 OUWwBrspI) 

42 Latpn & MU(22) 

43 MadhPSI 

44 Heuaan, Foodri7] 

45 Rabta 

48 Sopport SertaHlO 
40 Uaapart(l6) 


210203 *59 206300 207568 209194 181500 2.79 £99 2501 412 101029 2297.77 1BH/M 173580 775/93 2297J7 19/1/94 

311703 *54 310410 309461 309923 283800 £73 404 2407 1.48 105178 331633 2/2/94 234589 2W1A3 3U533 2/2/94 

230701 +54 229701 229605 229005 178470 £09 441 2793 1108 111510 238002 .17/2/94 W9£38 1*6/93 23658? 17/2S4 

-pw>iw +1 2 321558 319909 322557 222580 102 £99 2908 406 111003 33(511 17/2/94 214530 25/1/93 334511 17/2/M 

1881.06 +50 1 BOB. 66 160177 160196 213570 £74 568 1203 108 96574 223520 26/1/93 148596 11/11/93 223690 26/1/83 

175177 +59 173707 1737.74 175596 148500 £71 528 2X7* 418 917.48 133424 29/1203 142799 H/2AS W9424 29/12/93 

174502 *56 173502 173571 175517 156100 £26 603 17.48 1.16 104198 189540 2/2/M 142540 1/1/93 188543 2/2/94 

261X44 -53 202299 262517 263000 207510 £21 £46 3X48 £18 100X11 280598 3/2/84 MOJO 13/1/93 290598 3/2/94 

131118 131302 131290 131586 134540 301 £30 4204 572 110509 140080 6/2/B3 112001 73/12/03 948536 16CTB7 


97548 

*7520 

817-40 

870.10 


118 


23/556 

21/1/86 

21/1/00 

WWW 

21/058 

9/12/88 

1/2/81 

Wl/88 

14/1/88 


60 ommEspB) 

G2 Bectrkdts07) 

64 Gas DUrMtod 

68 Htatiai 

2807.14 

+06 2*92.63 2500.51 2519.40 2152.40 

199 

625 

1725 

580 

937.67 

270138 

2/2/M 

UKflO 

21/1/93 

230233 

anm 

60250 

3/108S 

2396X11 

2+00.02 240205 242SJ6 171170 

£45 1033 

1129 

1185 

96171 

281BM 

■tom 

192930 

sons 

281112 

anm 

88030 

7/1/91 

2122.65 

+U8 210X46 2107,40 21209* 202080 

5.04 

t 

t 

am 

93785 

233197 18/12033 

1827X0 

i3/um 

237030 16/1393 

90480 

Gram 


+1.1 221048 221 £67 221663 20O1AO 

£53 

142 


0X39 

92686 

M6L29 2BH2/B3 

mil 

21/1/93 

24B1XB 28/12/93 

88258 

3A cm 

186189 

+02 188220 189525 184048 1796.00 

425 1162 

063 

148 

89773 

ZKB79 

3094 

ww 

21/1/93 

2Q17S 

van* 

92430 

1/5/90 

69 MNhHMMCUUfOaO) 

178067 

+08 178177 178224 1 774.13 158203 

149 

5J1 

7720 

487 

122161 

187038 

2/2/M 

147432 

19/1/93 

163038 

anm 

8349 13/12/74 

70 nUIHMt£(104 

71 BaMd(iq 

73 msuwWflB} 

74 LBt teMNM® 

75 ihatanl Backs® 

77 Cflwr RaanmpS) 

78 ProperWtD 


+07 236174 238422 2*180)5 18S7A0 

167 

520 


13J34 

01041 

2737.TJ 

*nm 

188930 

13/1/B3 

2737.13 

4/2/M 

97228 

23/1/86 


+08 301066 3038.14 303725 

144 

425 

2131 

22X38 

88184 

3B0I4S 

4/2/M 

204840 

13/1/93 

38DL95 

4/2*8* 

09860 

23/1/00 


138129 139626 140X78 133320 

4JB1 

7J9 

15X15 

9X34 

91114 

169X01 

2 *nm 

12BU0 

ian/93 

162420 29/12)88 

87O30 

250/92 


+12 256042 280X41 260229 256X10 

4.40 

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R-SSS^SuTna 31/12/92 1363.79 FT-SE 100 81/T2/8S 100500 FT-S&A AU-®»« 

FT-SE Mkl 250 31/12/85 141200 ElecWdty 


31/12/90 100500 A! Other 


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£115,000,000 

Subordinated Floating Rare 
Notes Due 199$ 


Foe tha *i* months 8rh March, 
1994 to &h Stvtaubct. 1994 (be 
Notts win cany u Interest nte 
of 9.8379% per sanum with a. 
coopoa amomu of 08P 14,71X70 
pet GBP 900.000 Note, parable 
on 0* Septa* I9M. 

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Apasgiek 

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CUVEMBFORP 

Tab 0279583888 Fk 0272-238074 
Miirttaa I la oia, Waiphc Band, 
MeMB8L4IW 

•8— e1Biar.IWMiWa4nmasmr.1Pa>. 

FT Surveys 


NEW HIGHS AND 
LOWS FOR 1993/94 


The pharmaceuticals sector 
was led by Glaxo, which also 
took the accolade as the FT-SE 
100's best Individual performer 
and the market’s heaviest 
traded stock as the shares 
raced higher on news that the 
G erman authorities are to ban 
the use of the intravenous-type 
anti-ulcer drug Losec, manu- 
factured by Astra, the Swedish 
pharmaceuticals company. It 
was emphasised by analysts, 
however, that the intravenous 
form of Losec is only a small 
part of overall sales of Losec. 
The German, ban on the intra- 
venous form of Losec came 
amid concerns about possible 
damage to patients hearing 
and sight. 

Losec has long been viewed 
as the biggest market threat to 
Glaxo’s anti-ulcer drug, Zantac. 
The Losec news came during 
an afternoon global conference 
can organised by Astra. 

Mr Andrew Porter, pharma- 
ceuticals specialist at UBS, the 
securities house, said the latest 
developments regarding Losec 
would be seen as good news 
only in the near-term nntfT the 
Losec details are clarified. He 
did emphasise however, 
Glaxo's "exceptionally attrac- 
tive” yield. Mr Peter Cart- 
wright, pharmaceuticals spe- 
cialist and head of research at 
Williams de Broe, The stockbro- 
ker, described Glaxo as The 
most attractive stock in the UK 
pharmaceuticals sector.” . 

Glaxo shares raced up to 
7l2p, before closing a net 25, or 
3.7 per cent, higher at 707p. 
Turnover of ism was the high- 
est single day's activity in the 
stock since the group revealed 
sharply better than expected 
interim figures on February 17. 
SmlfliKBne Beecham put on 5 
to 396p. 

British Steel firm 

Turnover in British Steel 
rose to 9 -5m as the shares put 
on 4 to 141'Ap, after Thursday's 
positive meeting with a select 
group of analysts. Engineering 
group Siebe closed 9 ahead at 
6i6p, following a bullish pre- 
sentation at SG Warburg. TI 
Group improved 13 to 430p, in 


MUJHO 8 GN3THN (I) OntfM A 
/unraaong.BUXXMMlAAMCHlSEQtaMn. 
taW. CI P 8CAM ft) ftata. 

otanoaimm m Atanta. Hta. Nertta. 

ELECTMC a BIBOT GQUP *8 CMrtda, 
Eucttbram. NoM> Pt, Pita. Vtaeti. 
BWMEEHNO PI A*W Oopco 5 UonfaAahtfe. 
Record, 8W», SptaK-aorco, Sunond*. Wigon 
ten. EXnUCTKE NM 0) N8M, WOta BW*. 
HEALTH CARE |Q laoMin, HtaRAMCB fl) 
OrW. MUESnoBfT CQMPANSS (1) 4F 
Rta*>0 tan. un ASSURANCE roubarty 
Un Amoe. Ata. MSXA n Abbott M«od 
Ucfcn, PhonaH. SmMck, 00. 
EXPLORATION 8 PROD (I) Ohio Rmoucm, 
OTHER 8IBWB 8 BUSHS fl| OnmX taONOI 
PRINQ, PAPBI A PACXe (q Brlc Pdythene 
7Hpc Pt. 8NSA PROPSRTY » BoHorv Conrad 
FMOH; ENatOB A Agency. SUPPORT 3CIVS{4/ 
Ccnpuctr RMptob CmpoMN SnnrtB**, 

Manpomr he. Smoot 
HEW LOWS H. 

OiLTSft) tai. ISMpc 1984, DtSmaurORS 
(H Weta OtSURAMCe (1] Ptttttvn Tut. 
MVKSTM0IT TRUSTS ft) Brag. Bra, 

Johnsm Fiy Stoand UN. Zmd PL. OL 
■XPLORATION Ml PflOO P) AtaN RhMMd, 
RETAILERS, OBtaAL (1} EbaMi & JacMOn, 
TEXTUEB « APPAREL (1) BbfcrfXfe 

sympathy with Siebe. 

Motor dealer HSnlys Group, 
cheered the market with a 
turnaround in Ml year figures. 
The shares hardened 7 to 352p, 
after it reported profits of 
£7 .3m, against last year’s loss 
of 2.1m. The company also 
announced a one-for-four 
rights issue at 280p, to raise 
£25Am for expansion. 

Among transport stocks, 
news of a writ for British Air- 
ways dampened enthusiasm 
for the stock, leaving it to 
move against the . market 
trend. The shares gave up 
5% to 434V&P, after trade of 
5.4m. 

The spectre of big losses fol- 
lowing the heavy losses and 
wild swings In bonds and gilts 
over the past few weeks contin- 
ued to cast a shadow over the 
financial areas of the market 

In the high street banks Bar- 
clays, due to report prelimi- 
nary figures next Wednesday, 
suffered from intermittent 
bouts of selling pressure, the 
shares eventually closing a net 
6 off at 512p after good turn- 
over of 5m. The bank is expec- 
ted to report pre-tax profits of 
upwards of £800m compared 
with last year's £242m loss. 

Standard Chartered, report- 
ing on Tuesday, and heavily 
sold throughout the week fol- 
lowing HSBC’s preliminary fig- 
ures last Monday, fell a further 
17 to 1112p with turnover 
reaching L2m shares. Analysts 
expect Standard to achieve pre- 
tax profits of £4Q0m-plus. 

HSBC, given, a rough ride by 
the market despite its excellent 


figures, staged a good recov- 
ery, the shares bouncing 20 to 
856p. Lloyds manag ed a minor 
gain at 578p while TSB were 
also chased up and settled 6 
higher at 249p. 

Hambros was the outstand- 
ing performer in the merchant 
banks, the stock price racing 
up to 385p before closing a net 
9 higher at 379p tn the wake of 
the optimism on the UK hous- 
ing market expressed by asso- 
ciate Hambro Countrywide. 

SG Warburg dropped to 820p 
early in the session before 
stabilising and closing only 
marginally easier at 826p. 
Smith New Court, the securi- 
ties house and one of the Lon- 
don market’s biggest market- 
making houses, rallied to end 
the day a net 10 higher at 4Mp. 

Union, the discount house, 
dropped 6 to 176p following 
news of the proposed £llm 
rights issue. 

Pearson was one of the best 
performers in the media sector 
closing 25 up at 693p, after 
news of £33m investment in. a 
thwHA park in m»r Bar celona, 
Spain. BZW also reiterated 
their buy stance on the shares 
saying that in a fully-valued 
sector Pearson was one of the 
few with scope to surprise 
when it reports on March 28. 
while a conference earlier in 
the week in Paris was said to 
have offered good news on 
BSkyB. 

Reuters continued to gain 
ground adding 44 more at 
2078p, with analysts divided 
over whether it was buying 
ahead of the four for one share 
split scheduled for April 18 or a 
follow through from good fig- 
ures and the recent buy recom- 
mendation from Smith New 
Court 

But the general feeling was 
the sector is due for a period of 
quiet consolidation and profit- 
taking "It’s tune to let some of 
the hot air out,” said one. 

Shares in Goldaborough 
Healthcare, the nursing home, 
hospital and homecare group, 
struggled on their market 
debut opening around the 160p 
level and making heavy 
weather before picking up to 
close at their issue price of 
170p. Goldsborough was hived 
off from Kunick, the leisure 
group. 

Calmer views on interest 
rate prospects kept the retail- 
ing and stores sector quiet, 
although in line with the 
firmer trend across the market 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Pence) 

(Uses 


Alexanders A 

25 

+ 

4 

Avesco 

115 

+ 

7 

Bensons Crisps 

70 

+ 

4 

Campbell & Armst 

63 

+ 

3 

Cookson 

266 

+ 

13 

Cosalt 

138 

+ 

5 

Glaxo 

707 

+ 

25 

Giynwed 

378K + 

1014 

Goktemittra 

97 

+ 

6 

Jerome (S) 

70 

+ 

10 

Minor Group 

173 

+ 

6 

Morrison (Wm) 

119 

+ 

5 

Oriel 

126 

+ 

9 

Pearson 

683 

+ 

25 

Rhino 

46 

+ 

3 

Rofle-Royce 

174 

+ 

6 

Rothmans Uts 

445 

+ 

17 

Sainsbury (J) 

379 

+ 

12 

Telspec 

258 

+ 

11 

Watts Stake 

491 

+ 

IB 

Fade 

British Data 

212 

- 

7 

Bbkrf 

16M 

- 

3V4 

Life Sciences 

135 

- 

5 

Union 

176 

- 

6 


Food retailers were particu- 
larly strong, with Sainsbury up 

12 to 379p and Kwfk Save up 8 
to 6l2p as nervousness else- 
where turned buyers towards 
consumer stocks. WH Smith 
rose 8 to 513p, with Morgan 
Stanley putting the stock bade 
on its buy list Analyst Nicho- 
las Bubb said that the com- 
pany looked like solving its 
two problems of Our Price and 
Do-It-All, with the former 
being merged with Virgin 
Retail and a package being 
assembled to dispose of the lat- 
ter. He revised his 1994/5 fore- 
casts up from £l42m to £l48m. 
Kingfisher rose 8 to 604p and 
Marks & Spencer was up 7 to 
426p. 

Leisure stocks had a quiet 
day, with Rank Organisation 
rising 19 to llOOp ahead of its 
share split an March 14. Turn- 
over in Ladbrake, the casino 
and hotels group, down % at 
I98%p, was slightly higher 
than average at 5.7m, as the 
market further absorbed 
Wednesday’s results. 

Good results and a positive 
post-results meeting with ana- 
lysts saw Cookson Group jump 

13 to 266p. Volume rose to 
5.6m. 

MARKET REPORTERS; 

Joel Kibazo, 

Steve Thompson. 

Clare Gascoigne. 

■ Other statistics. Page 14+ 




INDEXIA Chart Books 

FT -SE 100 & Traded Options Securities 
opdofed ai Friday c/on, on roar desk Monday morning 
Bar Churl. Rgt, Relative strength, OB V, RaaKIne ta tries 
INDEXIA Roseaich. 121 High St. BoUumutcd. IIP4 2DJ 
Tel (0442)876015 Fas (0442)876834 


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7 b7,j;.ovv sliiyi, LonJtri V, if? ,HQ. UK • p aK . 971.^19 iff-e, 

comrr.odily s»c'. cu'itls lor cvvr 22 yi.-.:ir*; a j., 


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INDEX! ^ 

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4.1 14 Empad 

Ji 1.7 7S hnmffl 

17V 1S21X Xmoek 

17? 18 116 KetAd 

i7 i un a 

V» 1.7 ITS 

104 — 18.1 

44b 18 24S 

104 2X 185 


+4 174 10V 19 IDS 
+4 214 4V 0X67.4 
_ 74 2V - 18 
_ 23? 154 IS 15X 
+4 18V >44 19 111 
+4 33? 21? 0S*6J 
-V *0? 174 02 33-7 AMP A 
+4 =84 =0 4X14J Bfcttn 

+14 504 40V 13 20X CartA 
3UV 21 4 10 10 3 Conan 
-4 334 21? 

+? 224 9? 

_. 164 04 -. — 

+4 1 B 4 B 17 i7x EAatal 
+ 4 =54 18V 5.0 72-5 R-o 0 
+4 74 4^ 16 1.7 GINard 


+2S2X00TXB5 
mm - 1790 1X00 4J 

.-15X001900 4.U 

+18 TSOOl-TST! 7.0 
+1001*^X0010776 OX 
+17511X08 7.750 4S 
-7528200 2&.I2S 23 
+90 2X001,950 4X 


-JO 187 145. IQ 1.7 
-6 630 390 IS 
_ 1.455727X0 1.1 
+25 3X801.9*5 OX 
BZ5 -1 675 4H 11 

1S10 +5 I J75 570 — 

902 +17 1,120 360 _ 

BASF 299.40 +2X03G3-S8 207 3J 
Bdnark 462 -3 465 273 1J 

OnkBea 410 +3 485301X0 1.7 

Baier 359JO +JM 37*3110 II 

BayerH 436JO -50535X0 3B* ID 
BMWr 054 +14 O5O44U0 IX 

BaynV 481X0 +8X0 fMimM 17 

BVdOT 850 +10 900 835 IX 

Barter 29950 —340X011459 T.7 

432 +10 635 383 14 

914 +8 1X25 797 IJ 

. TJ40 -ID ljOBO 802 0.7 

CaKnP 050 +10 1,100 425 12 

r mtwmtik 337 -xo 398 229 3S 

comm z7*sa+ioso zao ino ix 

DLW 486 -a 511 392 11 

78a20 +SJ0 183153050 IS 
501X0 +5X0514503M20 1.4 
24BX0 +5.30 26714020 — 

790 tSucnsoKaso 11 

~ OMWIIl 16160 -0X0 1709*20 14 
~~ Donats S44 +4 635*050 13 

Ofgnk 270 +3 298 311 IS 


<Ms4/K0 


- 3317 - 

-4 237* 10V 
-? 204 12V 
_. 29? 17 

-4 384 fA 
+ 4 33V 


24V 1 
18? 1 
27 2 




685 +5 730 389 12 

231 +1 281 187 2S 

318 +3 333 238 0-9 

* ----- 6.550 +7S7.BOT1MM 0.7 

19 10.1 CW12 ISZJM+SJWWJTOTV® 13 
1.0 21? Dnteco 970 +18 1.140 610 12 

_ DeiDak 3M +1 427 235 3 1 

173 
535 
605 
251 
393 
1X60 
312 
992 
850 


DndBc 385X0 +150 
845 -ID 
Orthm 279 — 

tnnHi 523 -27 

HeittB 220 +5 

HafefZm 1J4S 

007 


41 15.6 CSB 

07 513 Jyttafl 

12 32S UteS 

7.9 118 MOWS 

19 11 J NVNnB 

1.4 _ RadoB ... 

— . 1.4 38.1 GoplaA 574X0 -1X0 

II? 12 I3S SaptaB 573 +3 

204 SX 114 Satis 482 +2 


-. 48 25V 1.1 34 B TopOan 

-JO 4,05 1.40 _. 47S UrttklA 
+4 224 13? IX 14.0 
_ 140 0X5 19J 5.4 

+S5 180 0.45 — 0.4 FHLAMD tUflTd / Mk3) 
- 17b 4? 2.4 Sao rWW > W,, " W l 
+4 2BV 9b 14 17.4 
7b 


♦1 - . 
+4 198 80 SJ 
+3 615 379 12 
-15 858 SMS) 10 
+5 27B 162 _ 
-3 42S 717 IS 
+40 1SB0IX50 03 
... 363 195 12 
+2783X1 524 OS 
+ 10 73732*2B 0.8 

Bis 400 as 

811 385 OX 
586 320 IS 



472 338 11 
55595X8 1-3 
30* 185 IS 
876 520 12 
_ 245 185 10 
+13IJ80 786 OS 
808 502 IS 


-4 11? 7b 17 117 AmwA 

- 0V 4? lao 9J otter 

- SSI* .f* ^s 25-4 

. .. K H : jSSP» 

l|5 104 OSwiS kSSb 

‘ -^3 SS? 

9S12S j® 
4 J 510 
_ &129.1 

- w „ 6*U 4J3 3G.G otXfimA 

*5 si !ig ns sas 



K 

*5 

*2 "Mi - .os 

+ 4 344 23? f>2 19S 

ztt j % n -i 

% 28? =1V 17 ill 
♦ 4 13? 5? 0X202 

7 J g IS « 

% 


Zb 11.7 


157 

157 

4240 

213 

1140 

51X0 

849 

123 

235 

234 

220 

210 

388 

80X0 

97 

88 


—3 162 8S IJ 
_ 17B 81 1.1 

-.10 48X0 19.09 OX 
-2 228 168 IX 
18 8 — 
563158 19 
705 432 1 5 
1325110 _ 
247 IIS 0.9 
=50 97 09 

258 108 — 
28002X0 IS 
4108110 as 
+J0 8850*2-50 
-0 110 48 

_ 102 33 . 

+1 IW 45 at 
+3 299 130 IS 
+1 35X0 15 

-.10 21 4 JO 


421 -8 452 254 II 

1,090 _ 1.2U2 839 IJ 

302 +*S0 32022110 10 
930 +181.099 TOD IJ 

225 _ 259 140 12 

206 +5324X0 227 14 

379X0 +1 395 250 11 

148 _ 1609570 _ 

549 +16 6.10 478 12 

480 -4 990 369 IS 

14180 +ajo wa- 
rn +4X013180 39 18 

878 -3 835 582 IS 

780 -15 820 355 IS 

BBS +20 flSBBBIM 1.7 
388 +1 519 304 12 

174 +4X0192X0 97 — 

108X0 +5 181 81 IX 

17.80 +9X0437X0 251 IS 

— MAN PI 347X0 +10 349 219 14 

Hamm 41150 +4X0438X0 225 IX 
Maildiv 765 ._ B30 581 — 

Mncrtat 783 +9 S575D&SS IS 

Mtdig 194 +3X0 4351753 4.1 

3270 -604.1001585 03 


MoAl 94 _ 108 K IS 

BranA 142 -2 1627BS0 17 

□Sm ID -S5 19-9013X0 — 

Dtndn 140X0 -1X0 185 80 IS 

Outfr 105 — 114 S — 

KUNAI 142 -1.80 1ST 100 IX 
Hwrl 380 _ 380 160 I J 

Lad H 103 —121X0 BB IS 

takHyri 264 -2X0 2C5IS2M IJ 

SfflRaM 133 +4 210 B7 IX 

aw* 276 -15 305 183 1 4 

mm 270 -S 28S 141 IX 

SnoM 80 -1 93 87 12 

Sagaer so -1 rowxn 12 

s3£S 420 — 430 183 _ 

sum 200 -12 217 70 ox 

lento 133 -1145X0 BO IX 

Van) m -18850 15 — 

VMA 81 — 98 85 SS 


~ snuN(Ma4/PH) 

= ft* %m ^8^3SS “ 
- W is H 

4J05 +2O4J853X00 60 

18.480 +3SOI7J00te£20 13 
BJHO +200 7,480 4J60 27 
7B9 +8 3.000 700 200 

+45 12762000 13 
+50 4X703-290 29 
+90124903X00 1.0 
+20 2JI6IJO0 18 
+30 1,775 940 72 

♦00 siinows IS 
-101S85 030 — 

-10 885 3B616J 

+80 s.i*>;isoo 18 

-15 1 Jio 8*0 _. 


- K3S 


Bfiapt 


” CEPSA 
” CntjMt 
~ Cutess 
~ orgdaa 
~ BaoAfl 
— SWM 


rfdCei 

Bwrdr 

WAP? 



“ Mmm 
~ PortV 

— Hangi 

■” sima 
~ Sarto 
~ Sa*Q 

— TatocA 

— T«k 
-• Tutor 
“■ UnFan 

— UnFart 


3X05 
4180 
11X00 
2350 
1J70 
2000 
7.300 

‘■SIS 

sao 
4X711 
1X40 
5JS0 
&««» 

5.800 +130 l. 

11,180 +23011.7508,400 .. 

4X90 +110 4X802605 13 
174 +2 20* 34 _ 

+1 583 298 9J 

+18 *16 381 BX 
+46 4/46O3J80 8.1 
+4811851.135 U 


538 

718 

4.045 

1X50 

1.105 

80S 

1X00 

ijSH 

1780 

3X40 


+8 1.419 388 IS 
-29 738 300 8.8 
— 18301X15 112 
+40 1.425 563 3.0 
+40 1120 1X53 IX 
+401180 901 IS 


“ S8iBBl(Mar4nCroneT) 


1X70 
1580 

37* 

Kaneka 684 
KnmtJu 477 
KMH 1920 
KaaPn 488 
Kao 1J00 
Kawltwy mt 


+20 4,7001050 OX 
+ 12 730 457 IS 

+8 879 3U — 
*50 1X201.100 — 
+80 2.0B01J80 — 

♦M *X+02X50 — 

-S 799 448 OS 

- ^S^g'SS = 
a 

385 -10 4S 238 — 

*92 +17 836 328 — 

858 +8 iseo 473 — 

1J3D +T0 1 J70 780 ._ 

2.300 -40 14901X30 - 

1X20 +21 1.110 502 ... 

Tit +11 782 370 — 

821 -4 1.180 620 — 

1J20 -101.440 «l — 

SOB -2 740 394 IS 

1.130 -20 1X00 801 — 

530 -9 759 300 — 

688 -It 703 591 I.I 

B2S +5 739 497 — 

909 +3 805 392 — 

755 +19 070 523 — 

088 +8 1.450 705 — 

499 +11 012 3S0 18 

880 +24 1X30 005 — 

900 +15 915 570 — 

0X00 -10 1270 1880 — 

673 -2 790 570 — 

ess -2 8*1 B70 — 

810 +3 878 549 — 

1X70 +40 1200 1.210 — 

895 -IS 090 780 — 

HOT +100 2J60 1.370 ... 

083 +101.170 720 ._ 

711 -9 734 389 — 

580 +10 848 441 ... 

2X40 +70 13401140 — 

445 +10 735 419 — 

701 +1 819 870 — 

1750 +80 11GO1W0 - 

1.750 — 1,7901X30 — 

641 +1 879 MO _ 

1500 +4017601010 OX 

1.780 +10 1X90 1,*80 — 

457 +8 570 352 — 

830 — 1X80 410 O.B 

831 — MOT 677 .._ 

1.100 +10 1J80 70S — 

1310 +50 3X602220 — 

370 +10 470 219 ... 

1X40 +M1500IJ50 — 

3» +3 4BS 270 

430 +4 659 24S — 

TOO +0 713 370 — 

857 +1 1X30 715 IJ 

1770 +20 11 50 3J 40 — 

070 +7 741 310 — 

1X30 -W2X001J70 ._ 

sos +is rea *93 

1,770 -30 1330 1X20 OX 

343 -3 333 210 ... 

842 +2 904 545 OX 

428 +7 588 358 .... 

*18 *1 *37 385 — 

1X90 +6011191.150 — 

339 +9 949 Ml — 

765 +10 950 518 _ 

008 +8 709 413 __ 

942 +361 JOT 780 0.7 

1400 — 2X001J80 09 

11500 I3.M0 74*0 

1 jin +10 axio oeo aa 

+221X30 699 — 
♦ I0 1X001J19 ... 
+40 3J001X1S — 

+7 4*7 312 — 
+19 732 401 


__ suoiMjr 

— SuMM 
_ SumMW 

— SumMt 


478 269 - a 

-4 IX*0 TBS 0* 
-2 371 740 - 

_ 1,180 Ml ■ ■ 
+5 82* 520 1 3 
+ 28 990 800 ... 
+80 1X711 740 ... 

+10 i.S5 £w> z 

■ara z 

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♦ IS 830 M5 a* 

— nnw 1 J90 -ID 1.J50 M6 

— KSS 2ao +30 - 

~ TflSd «4 +W 1JI0 790 .... 

Twin *72 +22 510 372 . 

-• rSfe ?o5 +8 958 952 1.0 

Td+km DOT +23 1 2 70 612 OB 

” ToflZai 702 +31 Bit 4*1 0.7 

“ so® +8 838 319 IS 

— t3ur5 TOO +4 064 560 ... 

-- TES* ™ .?«•»« - 


sumna 
sumwra 
... SuxOd 


._ Tiimpti 

TatCto 

__ nraSh 


660 

280 

877 

883 

000 

UBS 

770 


20.000 - 100 Z 1 xoaiuaa 
3X10 +40 3.400 255 


Toner 

_ TpumPr 

= 1S3& 

TMEC 


_ T oaaii 

Z T °h> 

_ r>s;sCn 
raW. 
~ Tayaki 
” TayaKn 

— to53< 

— TyrnaM 

— TnoTK 

— ToyaTB 

— Twolia 

— TsOMl 

= ^ 

— Urrtk 


474 

'■2JSS 

505 

1X80 

1XOT 

10M 

1*20 

644 

1930 

ISOT 

537 

781 

683 

1X00 

1.370 

680 

781 

TJOO 

561 

825 

34# 

1.910 

617 

1X20 

603 

700 

3.160 
2.040 

402 

1.160 
413 
EOT 
485 
384 
322 

IJ40 

tJOO 

1.12C 


IX .... 
.... 47.3 


+4 

♦ 10 


+2 
♦ Tl 


F«AacEVA)(M3r</Fr5.) 






Moore 


2SV 4X — 

+? 44b 304 15 21.6 
..! 364 21V 3.5 10.0 
-b 25? 19V 2J 17. 8 

ft *'& S a = - 

— 18b 5.7 ft* NaaiNC 
30? 6X47.1 KATLS 
_ 1*V 0.1 32-0 ttmlkto 
47 344 3S 184 Korea A 
“• 11 117 NmdaM 

18 25J Storene 
_ _ m — 1.0 kfiii cr 

«? 3*V 25V 1.7 IBS Non 
— V 47? 37? 13 2DJ “ 

+1 43 18 ... 13.2 

+V 41V 20V — 38X 
Jfi 22 V 9.2 13.1 



+tiJ 

2 _ , 




— 735 4*6 — 
♦24 7H 560 3J 
+19 888 092 2-5 
+9 913 001 18 
+10 1.049 087 14 
+8 1.3*7 028 I.I 
+15 1.010 *23 14 
299 240 _ 
883 392 16 
♦21 3,7302.380 17 
-1 707 530 14 

-21 1,480 851 3S 
+33 1.389 942 3X 


NumaOE 

Mm* 


i 27V 1.1 111 


8K 
8SN 
UP 
Boat 
Sonpn 

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20V 224 17 9.B 
— 3 Q 24 X Canto* 

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fl_9 8.9 
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IS .. 

18617 

4 1 504 

05 03 CO=_, 258 S 10528830 13 

18 117 Ofanf 1J82 -17IJ65 030 4X 

IS 119 CWL»a 720 -6 866 4SB 11 

__3QX ClUXF 430X0 -8S0 501 3211 __ 

P40 -fl 737 528 0.5 

9.700 +50 0X503312 17 



193X0 -1.1 023940 17*30 _ 
4.015 -7 4J9M2250 IJ 

. 1*3.10 -1.40 205 131 VI 

cwyrn 1 J72 +1= 1X36 980 XI 

CUnUd 3tELOO +BJ90 481 308 13 




S -V 48? 35 17 17.4 

V +1? 48 V 21V 16J 

12 +.13 3X2 0X4 _. 

>■ +** 40? 41 ? 19 113 


_ 25V 204 11 IBS OHM 
♦ JO 4XS 1 . 1 S 8X 10X Dnra 
+? 40? 33? 11 20 J DodoF 



PiwCp Z 

Pnwifn 5 

S JOb 15 IX/ Oustmc 72* 

13? 7.1 7.8 RngOfl 
22 V IJ24S RosdSI 
... 3«V 244 U ITS HenEn 
♦ 1 V 77? 624 2X21S Repap 
— V *5 394 3SZ13 Hoe r 

♦ V imi 84 .... 32 HtoSLg 
' 50V 24? 1.5 16.7 RogCnri 

284 20V 


1BV 

S w s 


.734 

wso 

940 

ISM 


* 204 2J 1SJ BojiSC 
.5 12S ... 18X BayO*k 
V 184 3X 15.0 SOmtA 
78 44? IS MO Scoptfl 
54V 37V 10 41X ScobH 
58 V 30V 18 21B ^ 

11V 3 .-* 1.1 


— flfl-3 Oifua 
0X5X4 EflP 

_ „ . - 3 J 24S Eauxfin 

— 353* 19,4 10 IBS too 

as m 

— 47 9J Bison 

— 44 J Erffiiay 
&6 IS ErBCls 
„ 77 J Estor 
163X2 aa* 

... IIS Euree 
4S51.1 BASCC 
_ 40.2 EiaOto 
IS 54* FftMD 


330 380 _ 

439 240 IS 
960 500 17 


— B Canon 0208 +96 02993.910 12 

— SMcAfl 4X81 +29 4X302X10 1.4 

— BRoam 1.9+5 -6 2J20IX38 IJ 

Bmtoa 80X0 +2X0 98 6+ 

“ - 25X50 *1802X400 0821 1.4 

! 0.320 +32011X00*832 _ 

2,170 — 2,451 970 13 

1000 *41 11451.115 4S 

1X70 +1G1X201JS5 _ 

1X02 +71X05 *70 _ 

2J09 +35 3J35H30 XI 

10X00 -50124107X75 1.4 

1,790 +1016X541 J52 _ 

4,778 +83 5X002X98 H 

2X40 +54 3.8701,375 X3 

4.770 +140 4.770 1738 SS 

— FanSpi 12,630 -20515X759X30 4.0 

— Gttittto 1X05 -13 1X37 1,030 4.1 

_ GenAn 30X00 +20041*95 

— GMH 3,019 +119X440 





4*5 318 II 
485 315 11 
817 348 IX 
615 340 IX 
700 177 — 
194 12450 — 
*90 285 IX 
4*7 290 1.7 
417 193 IX 
477 1/2 IS 
134 83 2X 

134 82 IS 

440 310 1.1 
3IS 13S 1.4 
89 29 IS 
208 182 12 
208 182 12 
212 106 18 
214 103 28 
... 380 17B 22 

+.10 30X0 12 _ 

+.10 30X01150 

235 125 2X 
238 123 2X 
IG5IM2B 12 
1SB10B50 12 
155 BO „ 
1808650 19 
1437X75 _ 
142 73 _ 

-60 86.73 5.70 ._ 
210 05 14 
♦9 233 76 07 

476 261 IX 
400 248 IX 
1442173 42 
160 100 11 
150 87 12 

-4 86X0 32 7J 
-T4 70S 345 12 
-13 70S 41 12 


“ Kiraa 


E 55 


M . 4 a 

+2 3M 

-5 809 

+14 710 461 — 

+37 1.110 700 OX 
+20 2X401X38 04 

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ail. 

" J ii 


- - NKTKAUACMart/AUStS) 


_ swnauun(u*4/Rx.) 


H Pi 18JQ0 +16019 


SM02T 



-V Br« 

+V 12? 

+? 164 _ . 


+4X0 489 320 4.7 

+140 410213.10 _ 

1J47 +14 1.144 883 14 

067 -71.008 571 _ 

828 _ B86 455 _ 

.739 +8 *30 3*1 1.7 

3236 +110X2351.725 2S 
2.310 +30 15WI280 XI 

.613 -2 eaa«4up ig 

3* JO +.70 992X70 10 

10 a +3 18211290 SX 

.*76 +21 876 550 10 

8X90 -100 8X20X325 09 

+14 S76H7.10 2X 

+1*17841X70 X7 


12X90 +17814 

Ucb 0.770 -80 m 

_ Men 11X60 -1201X3407^10 IS 



230 +1 282*450 — 

660 *15 668 383 1 9 

063 +13 007 377 IS 

2X00 +100 X0031X50 1.1 
1X74 +38 1.1*4 88* _ 

197 +7 2OT 136 — 

*47 +11 785 372 _ 

000 +36 970 *12 IS 

*48 +38 942 661 IS 



1,540 MO 

+4 866 288 - — 

+11 368 346 ... .. 

+30 1.430 1.030 OS - 
+10 830 383 ... ... 
+20 1.8901.170 — .... 

_ 1000 926 — - 

+60 2X70 1 JOT .._ ... 
+OT4.4S0 2.440 — .._ 

•80 1*801X00 — -. 

+ 14 618 380 — — 

+fl *70 4*4 — 

.. .1920I.9W ... — 

-1U 2.070 1280 17 ... 
+ 7 795 305 _ ._. 

+*1.0*0 SSU 

+8 769 350 — ... 

+40 IX® 1200 _ ... 

+20 1,4101.000 ._ — 

+9 173 S55 

»i: too sss ... — 

— 1,430 834 .._ 

+ 18 777 3®} -. _ 

*0 1X30 750 .. ... 

-5 432 271 ... ... 

+40 12501X00 
+0 064 40= 

+20 IX» IA10 
+9 B52 *10 

+0 8«2 520 

+100 3.3001000 
+30 10801X10 
+3 500 297 

+8 078 » 

... *01 =81 
-S 475 204 

+4 4J8 2=3 
+5012*0 700 
+30 1JQ0 030 

+40 1 JOT mi 

-IS 975 71S ... — 
+11 031 407 OS — 

+60 2X801X50 

•saaiNS z z 

+10 I JIO 865 -. ._. 
+OT2J801S7D OS -- 
-10 1.7=0 1.OSO .. ._ 
-3 8*3 X»5 IJ — 
-IB 910 *50 OS 622 

j i'«u 

+5 1.220 570 
+24 701 301 

-13 1J80 820 

-9 7J2 425 


1.0 


~ Boss 521Q -10 GSaaiBOfi IS _ E+ttHr 3JOT +2OT42502SU 19 _ 

_ LHMr I3JM -4017OT»E« _ — EMa 1XE0 +63 10401X00 _ 

_ Madbnc 19.1OT +21918X00 IMJ1 IJ __ FteSfi 1JI3 +40 1 JOT 619 10 _ 


_ wpanr Oia 

HN 613 




_ SASBs 

SIP 

.. SIFT 
_ GtotaA 
— SHren 


1,166 

1351 

4230 

2.120 

29200 

ISS 

iSS 


+13 1250 332 _ _ 
+11 16251.170 — _ 
_ 4X902X65 _ — 

+61 14501X70 _ _ 

+5awx£)i£a» 12 — 


SM 


-7610X004X00 
-10 V4401JI8 

+34X481235 

5X74 +249 6X80XB30 _ 

3X80 -64 4.4651219 _ 

10230 -40112508X50 18 

9X60 -010X907250 14 


XttnHg 

fl - & 

2J 


Z/M 

930 

4=3 

796 

150 

940 


+7O2SS0IS76 17 
+12 1X00 514 IJ 
+10 537 370 2S 
-10 990 533 _ 
... 176 100 _ 
+6 090 485 IJ 
1X70 +1201X00 486 2X 
1J37 +22 1^437 JjU5 IS 


_ MPUt 


— Oat8AQ 15X30 +7X8 102X0 8723 _ _ 

— PomBi 1X«» +10 1.7201.130 4J _ 

— PNM* 6.4=0 +170 X 7TB 7J30 _ _ 

— PlBH 22* +4 230 191 5.4 — 


US INDICES 


Mar 

4 


Ua 

3 


MS 

2 


-193314- 


MQh 


Lon 


Ms 

3 


Ma 

2 


■ 199374- 


M 20054.4 3J63Q.1 =5470X0 I6CV94 121B7X8 8093 


H# 


LOW 


CmnS {29027771 


M 2581 S3 256168 2881.17 0094 1604.16 25093 


ROtar 197Q 


AH <**0*3(1 11/801 

MUwgtUI/80) 


Qua AhactoOTlSW 
Traded hdoG/lflli 


2116B 

960.7 


44022 

114323 


=151.4 

9949 


2154.0 2340X0 3004 
994.0 113018 372/94 


43864 43/66 46066 2094 

1(3760 1131.46 122225 1094 


1495X0 1371/93 
904.70 13/1/93 


30028 mm 

712S8 150/93 


CBS TMMieniGnd 831 
C8S Al Stv (End B3) 


4312 

279.4 


4304 

2709 


4204 

2703 


464X0 3I/U94 
294X0 31iV94 


Cap. 40 41/7/BG) 


(MoSBh0OI/B5 


2181X0 221005 2227X0 2430X4 3/2/94 


1174,41 1181X0 117913 1211.10 28094 


29070 W93 

ma 13/1/93 


22X0 32094 


27/1/93 


Boueva C97128 


1-W03 147949 1479X0 1542X5 3/2/94 11SL46 SI/93 

M IM30O 102(50 IX73IS0 1094 71X7 4/1)93 

tut 3675.76 3G54J2 3824S3 1/3/94 Z743J1 21/1/93 

W 4370 JO 436221 4591 JO IOV 32 70X0 21/ 1/93 

Oil 3079X6 200075 218180 1/3 AM 1720*7 21/1733 

M 43907 43372 4867X0 41219* 2612X9 ICHSJ 


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(31/1AH9 PB/4S3) 

(3UU94) 

(31/10/72) 

■ RATIOS 








Dow Jonas kid. Dni. YMd 

Fab 2S 

1 2-62 

Feb 16 
2.50 

Feb 11 Yaar ago 
2.58 002 


AOero SEpi/IS/BOl 
Hong Kang 
Haig SniQ(3i/7/G4) 

tab 

BSE Sens! 19791 


1080=4 107818 107768 119*58 ian/34 6672= 57U93 
Mliig 980203 8877.43 1=01X9 4/1*4 8437X0 4/1/93 
38015 3981.7 40K2 4287X0 »2M 2100X7 2W/93 


3*am Conuiatasa wijs 53037 5 * 0 . 4 / hub stom zrui wi/bs 


Wey*aPr430WBV 5871X7 5457.74 542037 B4S4X2 8/1/94 306043 9/1/93 


818*4 US/K 


S & P Ino. Dhr. yield 
S 4 P Ina P/E ratio 


Z39 

24.3* 


2J8 

28.09 


2J4 

26.18 


Ymr ago 
2^3 
26X8 


■ STANbAflD AMO MOM BOO MDEX PUTURBS SSOO flmes IndeK 


Open 

46320 


Latest 

463X0 


Change 

+0.70 


EB3 OvaSM0/881 190445 1895.47 188358 WB2.1E 201/94 1W1.19 1U1/B3 

Mf 

eana Comm RS |197J) 65155 649 60 53935 MBIW 180/M 
WB Gerem (4/1/94) HM3D 10300 1022.Q 110200 18/2/M 


Btmghdt SET (30W75) 13SS2S 134038 1339.12 179073 4/1/94 

Ittorey Mar 

tsattU GngMJan 1986) 153924 I5408X 156406 28303X0 13/1/M 3969X3 1/1/33 J,„ 

w«U Sep . . . 

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JCapApn (31/12/88) M 3=331 325X7 38519 5/1/M 

Barings Biw»(7/ua2) 16335 162*7 16416 1823= 14/2/M 


High 

460X0 


Low 

*62.16 


EsLiML OpenlnL 
104,190 159.703 


10*3X2 13/1 <33 
B8273 13/1/93 
188X2 *1/93 
99*1 4/2*3 


■ NEW YORK ACTIVE STOCKS 


M3M 225 (israi 
NWto 300(1/1082) 
Tapa (4/1*8) 

2na Sedan (4/UGq 


19966*0 10605*8 1974*772114011 13/M3 

3030 295JC 2986 7 308X4 10/11/33 

162223 1BQ233 1615M 1886X7 3«93 

219*62 21B7J2 219557 Z»*B7 716193 


KUSECompH/vaa IOB4J4 1070*8 lOfcLS 1314X6 S/UM 


44033 671® 

M4S0 10/l/M 

1607071 Sani/33 
240X4 29/11/93 
125668 25/1/93 
1691.72 260^3 

81*2* 13/1/93 


■ CAC-40 STOCK INDEX FUTURES (MATIF) 


Open Sen Puce Change 
Mar 2168.0 21B3.0 +21.0 

Apr 217UQ 2103* +21.5 

May 2192J 2138.0 ^1.0 

Ctoon moral agura lor prevtoui <aqr- 


High. 

2187.0 

21910 

2192.5 


Low 

2160.0 

2177.0 

2192.5 


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19,929 51^33 

87 1.790 

625 


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Mertfc 

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Gan Uatare 
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5.467,500 

4*28X00 

3X29.400 

3.396X00 

3X01.600 

3X51*00 

3.017*00 

2,950800 

2,552200 

2.622,100 


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6644 

31« 

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Dm*t 070 +.10 1129 1*0 IX 
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AMERICA 

Dow climbs 
after mixed 
jobs report 

Wall Street 


New threat to turbulent US financial markets 

Renewed volatility after two years of relative calm is making matters worse, writes Patrick Harverson 


After an indecisive start, US 
share Prices rose across the 
board yesterday morning in 
the wake of a mixed February 
employment report that was 
seen as mostly positive for 
equities, writes Patrick 
Harverson in New York. 

By 1 pm, the Dow Jones 
Industrial Average was up 
12.38 at 3,836.80. The more 
broadly based Standard & 
Poor's 500 was also firmer at 
the halfway stage, up ZJ32 at 
465.33, while the American 
Stock Exchange composite was 
0.11 higher at 465.76 and the 
Nasdaq composite up 4^9 at 
789.47. Trading volume was 
190m shares by l pm. anrf rises 
outpaced de cline by 1,220 to 
722. 

For an increasingly nervous 
stock market, yesterday's keen- 
ly-awaited February jobs data 
ultimately proved to be good 
news. At first, however, it 
looked anything but, with bond 
prices tumbling after the tabor 
department announced a 
217,000 increase in monthly 
nan-farm payrolls, and a drop 
in the civilian unemployment 
rate from 6.7 per cent to 6.5 per 
cent. 

The rise in payrolls was 
much bigger than expected, 
and the decline in the jobless 
rate came as a surprise, 
prompting the bond market to 
worry that the strong numbers 
would persuade the Federal 
Reserve to raise interest rates 
again to stop the rapidly-grow- 
ing economy from pushing up 

infla tion. 

A second glance at the data, 
however, proved mare reward- 
ing. Among the positive 
aspects were a sharp down- 
ward revision in the January 
payrolls number, and a weak 
er-than-expected worker earn- 
ings figure. Consequently, the 
bond market bounced back 
from impressively from its 
early losses, with the yield on 
the benchmark 30-year govern- 
ment bond dropping from 
above &9 per cent to 6.85 per 
cent 


Stocks also benefited. After a 
mixed start, share prices 
turned decisively higher 
around mid -morning, and just 
before midday the Dow was sit- 
ting on a gam of more than 20 
points. The stock market was 
ultimately pleased with the 
February jobs report because 
while it showed continued 
strength in the labour market, 
it was not so strong that it 
badly spooked the bond mar - 
ket Stocks were aim dueered 
yesterday by news of a 03 per 
cent rise in leading economic 
indicators. 

Among individual sectors, 
car stocks continued to out- 
shine the wider market Chrys- 
ler put on $1% to *59%, Gen- 
eral Motors added *1% at S62K, 
and Ford climbed *1% to *65. 

Financial stocks, which have 
been hit hard recently by con- 
cern about the impact of rising 
interest rates on bank and bro- 
kerage company profits, 
rebounded. Citicorp rose $1 to 
$39%, Chemical added $% at 
$36%, Chase Manhattan finned 
$% to $31%. and NationsBank 
rose $% to $47%. 

On the Nasdaq market, tech- 
nology sector leaders were 
mostly higgler, with Apple up 
$1 at $38% and Intel up $1% at 
*69%. 


Canada 


Toronto traded higher at mid- 
day as precious metals 
recouped earlier losses and 
mining issues posted further 
gains. 

The TSE 300 composite index 
rase I860 points to 4J380.80 in 
volume of 34.68m shares. 

Gold and silver climbed 25.44 
to 10,007.35 with Lac Minerals, 
C$% higher at C$n%, leading 
the most active list 


SOUTH AFRICA 

Steady local demand, and a 
more positive political mood 
boosted the overall index to a 
strong finish, but golds drifted 
lower on a weaker gold price. 
The gold index lost 20 to 1,894, 
industrials rose 80 to 5,759 
and the overall 71 to 5,002. 


A fter enjoying mostly 
plain sailing through- 
out 1992 and 1993, 
investors in US stocks have 
encountered some rough seas 
in the past month. 

The turbulence of the past 
few weeks has been particu- 
larly unsettling because the 
year started so weft. In Janu- 
ary, the Dow Jones Industrial 
Average cl im bed more than 200 
points, or almost 6 per cent, to 
a record high of S£7&36. The 
Standard & Poor’s 500, a 
broader measure of market 
performance, advanced by 8.5 
per cent to a peak of 481.SL 
The end of January, how- 
ever, proved to be the lull 
before the storm. In February, 
share prices struggled to keep 
their footing. The Dow ten 150 
points, or 3.7 per cent, during 
the month, and the S&P 500 
declined by 3 per cent 
The sudden change in cli- 
mate was prompted by the Fed- 
eral Reserve’s decision on Feb- 
ruary 4 to raise short-term 
interest rates by pushing the 
Federal funds rate up from 3 
per cent to 325 per emit It was 
the first tightening of mone- 
tary policy in five years and, 
although a rate increase had 
been expected on Wall Street, 


EUROPE 


Bourses continued their 
recovery yesterday, but strate- 
gists took a dim view of imme- 
diate prospects, writes Our 
Markets Staff. Nomura said 
“sell Europe"; and while Gold- 
man Sachs stayed positive 
about global equities on a 12-18 
month view, it reckoned that a 
Anther correction of 5 to 10 per 
cent could be on the cards ter 
the con tinent 

FRANKFURT looked good, 
with the Dax up another 2219 
to dose the week only 0-7 per 
cent lower at 2,060.09, and 
bridging the rest of the gap in 
the post-bourse where the Ibis- 
indicated dose was 2,076.76. 

However, this was not a con- 
vincing rally, said Mr Jens 
Wrecking of Merck Finck in 
Dfisseldort equities moved on 
fiztures trades rather than fun- 
damentals. 

Turnover fell from DM9J>bn 
to DM6.8bn. Sobering fall 


the timing caught investors -oft 
guard. 

The move was seen as an 
attempt by the Fed to keep 
long-term interest rates low by 
displaying its readiness to take 
pre-emptive action against the 
threat of inflation. It was also 
partly a technical manoeuvre, 
designed to bring real Interest 
rates (nominal interest rates 
minus the rate of inflation) 
back up from near zero to more 
historical levels. 

The rate increase, however, 
fr«q had a disastrous impact on 
bond and stock market senti- 
ment Bond prices have tum- 
bled, and yields have jumped 
amid growing concern that the 
heady pace of recent growth Is 
stoking inflationary fires 
within the economy. 

Some analysts on Wall Street 
are appalled at thin mess. Ms 
Nancy wimwiman ffhiflf econo- 
mist with Technical Data, says; 
“There ghr^ nd be no question 
in anyone’s mind that the 
move in thg funds rate from 3 
per cent to 3.25 per cent, 
intended to reduce inflationary 
expectations, failed miserably. 
Not only has the bond market 
responded to the rise in 
stunt-term rates by jacking up 
the yield on the long bond by 


another DM12£0 to DM995.50 
ter a 5 per cent drop an the 
week, reflecting worries about 
capacity and competition for 
its Betaseron multiple sclerosis 
drug. 

PARES reacted to the US jobs 
data with a late kick higher, 
pushing the CAC-40 up 
2428 to 2J.7&69, a 1 per cent 
rise an the week. Turnover was 
FFrL2hn. 

A number of stocks which 
had been battered in mid-week 
were pulled higher an bargain 
hunting: Elf Aquitaine turfing 
FFr150 to FFr41250 and UAP 
FFr4.40 to FFr184. 7a 

Canal Plus put on FFr35 or 
nearly 4 per cent to FFr968 as 
the media group announced 
that it had termed a strategic 
aHianee with Bertelsmann of 
Germany. 

AMSTERDAM ended the 
week almost where it 
started, the AEX Index 


75 basis points, fant markets 
around the world, winch have 
bean rather complacent about 
inflation, are now focused 
almost entirely on the prospect 
of renewed inflation. The ques- 
tion is; will the Fed try this 
again. 7 " 

To make matters worse, 
financial markets also now 
have to contend with the 
threat of a trade war between 
the US and Japan. On Thurs- 
day, President Clinton rein- 
stated the “Super SOI” provi- 
sion to US trade law that 
allows the government to 
impose trade sanctions against 
any country which employs 
unfair trade restrictions on US 
goods and services. The bond 
market is particularly fearful 
of a trade war because it could 
lead to a sharp rise in the price 
of imported Japanese goods, 
Which WOUld Only fuel mflatinn 

further. 

If declining prices have not 
been bad enough for investors, 
the return of volatility is also 
making their lives miserable. 
While 1992 and 1993 will be 
most remembered for the stock 
market's impressive perfor- 
mance, and the nriprecedented 
flows of investor cash Into the 
equity market, those two years 


rising L84 to 414J25. 

The improvement in senti- 
ment was largely the result of 
good results on Thursday from 
DSM and P hilips , which con- 
tinued to rise yesterday. The 
chemical group added FI 430 to 
FI 116.00, while Philips put on 
FI 1.60 to FI 51.60, but off a ses- 
sion high of FI 5350. as some 
profits were taken. 

KBB, the department store 
group, firmed FI 4.10 to 
FI 11&10 on a 17 per cent gain 
in 1693 operating profit 


US 


IntSces rabased 
ISO 



Sourer* FT Graphite 


also marked an extraordinary 
period of stability in share 
prices. 

Mr David Shwimnn the chief 
stock market strategist at Salo- 
mon Brothes in New York, 
hi g hl igh ted the unusual lack of 
volatility in the last few years 
in a recent report He found 
that share price volatility, as 
measured by the percentage 
difference between the S & P 
500‘s peak and trough of each 
year, was remarkably low in 
1992 and 1993, measuring IL8 
per cent and 9.8 per cent, 
respectively. Both were record 
lows for volatility, and com- 


ZUR1CH recovered another 
2.2 per cent as results from 
Credit Suisse proved above 
most expectations. The SMI 
index added 6L8 to 2£6&2 leav- 
ing the market 5.6 per cent 
low er after the first three days, 
only 22 per cent down over the 
week. 

CS Holding put on SFrll to 
SFT647 as analysts began revis- 
ing upwards their estimates for 
its preliminary results due on 
Tuesday. Banks are seen as the 
key to the market's direction 


pared with an average volatil- 
ity in the S&P 500 since 1934 
of 28.4 per cent 

Mr Sh iftman explains the 
sharp drop in volatility 
between 1992 and 1993 by 
pointing to a decrease In corre- 
lation between the S&P 500 
and its constituent industry 
groups. While traditionally, the 
index's industry groups have 
tended to move as one (when 
auto stocks do well, so do drug 
stocks, when transportation 
stocks are weak, so are finan- 
cials), in 1992 group correlation 
began to fall sharply as the dif- 
ferent sectors started dancing 
to different beats. 

The main reason for this, 
says the Salomon analyst was 
high share valuations, which 
forced money managers to 
rotate holdings rapidly in a 
continual search for sectors 
that were either cheap or had 
price and/or earning s momen- 
tum. The end result was less 
correlation between industry 
groups, so less volatility, 
because when one sector did 
well, another performed badly. 
The two cancelled each other 
out, leaving the S & P 500 little 
changed. 

In the past month or so, how- 
ever, volatility has begun to 


next week heavy US selling of 
the sector was responsible for 
the market's weakness early in 
the week. 

Motor-Golumbus rose SFrl20 
or 8.7 per cent to SFT1570 an 
the sale of its Swiss cable tele- 
vision subsidiary. 

MILAN r emaine d in positive 
territory, the Comit index 
adding 2.87 to 65255, little 
changed on the week. 

The market took heart from 
news that net inflows for Ital- 
ian mutual funds remained at 
a record level in February. But 
the mood was bruised by a 
later armn n nnpiritni t: that Ital- 
ian car deliveries fell 15 per 
cent in February from the year 
earlier. Fiat retreated from a 
day's high Of L4.785 to finish 
155 ahead at L4.77L 

MADRID was led higher by 
construction stocks on govern- 
ment approval of an infrastruc- 
ture plan. The general index 


return, with the S&P 500 
groups moving in tandem once 
again. This helps explain why. 
since the February rate 
increase, the market has been 
up sharply one minute, and 
down just as sharply the next - 
a consequence of many sectors 
moving in the samp direction. 

Why is this happ ening ? Mr 
Shiftman ventures that it is 
both a statistical regression to 
the mean, and the result of an 
economic recovery that is 
finally beginning to look more 
normal. And when the econ- 
omy returns to normal, so does 
the pattern of share price 
movements. 

T he message in all this is 
that investors should 
expect more volatility in 
coming months. This is a wor- 
rying prospect, because in the 
past, when periods of unusu- 
ally low volatility have come to 
a dose, they have more often 
than not been followed by a 
decisive movement in the stock 
market. 

With share prices so high. 
Mr Shulman warns that the 
decisive movement this time is 
likely to be downward. For 
investors, more stormy seas 
may lie ahead. 


closed up 555 at 335.16, a frac- 
tion l ower on the week. 

STOCKHOLM fell behind the 
pack, the Afftrsv&rlden Gen- 
eral index rising only 550 to 
1513.10, 1.4 per cent lower on 
the week. Astra A fell SKr5 to 
SKrl71. after an intraday low 
of SErl60, after the German 
authorities proposed to with- 
draw approval for intravenous 
use of the company's anti-ulcer 
drug, Losec. 

BRUSSELS featured a 13 per 
cent gain in the steelmaker, 
Clabecq, as the Bel-20 index 
rose 951 to 1,489.30, 05 per 
cent lower on the week. Cla- 
becq advanced BFrl46 to 
BFrl,24B on its late Thursday 
forecast that it would return to 
a positive cash flow by mid- 
1694, following losses last year. 


Written and edited by William 
Cochrane, John Pitt and Mchael 
Morgan 


Continental bourses continue an uncertain recovery 


1 FT-SE Ac 

iuaris 

iS.Shs 

if. 9 Indices 



Mar 4 

Hauly dtangee 

Open 

1030 

THE EUROPEAN SERIES 
11X0 12X0 13X0 14X0 16X0 One 

FT-SE Bnmacfc ton 
FT-SE Euratiadt 200 

142429 

148422 

1423.89 

148355 

142533 1424X0 1425X1 
148423 1485X6 1488X7 

1427X4 

1485X8 

1429X3 1428.41 
1480X1 148148 



Mar 3 

liar 2 Me l 

ft* 28 

ft* 25 

FT-SE Bntisdc 100 
FT-SE Earatiacfc 200 


14I4JS 

147340 

1383X0 1431.18 

1462X8 1480X7 

1456.43 

1512.74 

1448X1 

1499XS 


bm mod pB/iowt too - «3U* aw - MfMjn iMtttr uo - i«mb an - mstxl 


ASIA PACIFIC 

Nikkei rises 1.8% in volatile region 


Tokyo 

Investors failed to react to the 
decision by the US government 
to reinstate the Super 301 trade 
provision, and share prices 
gained ground on active buy- 
ing by arbitrageurs and invest- 
ment trust funds, writes Etrtiko 
Terazono in Tokyo. 

The Nikkei 225 average rose 
360.14. or 1.8 per cent, to 
19,966.00, up 05 per cent on the 
week, having fallen to a low of 
19,62756 in the morning and 
peaking at 20,052.11 in the 
afternoon. 

Investors, who had expected 
the yen to rise on the 
announcement of the revival of 
Super 301, were relieved after 
the Bank of Japan's heavy yen 
selling intervention kept the 
currency from rising against 
the dollar. 

The Topix index of all first 
section stocks rose 19.96 to 
1,62259, while the Nikkei 300 
rose 3.98 to 299.30. Volume 
totalled 294m shares against 
410m. 

In London, the ISE/Nlkkei 50 
index rose 259 to 1,341.11. 

Nippon Telegraph and Tele- 
phone rose Y30.000 to Y958.000. 
along with other multi-media 


related stocks. NEC rose Y24 to 
Y1.020 and Sony gained Y120 to 
76,180. 

Arbitrage buying supported 
banks with Industrial Bank of 
Japan rising Y50 to Y3510 and 
Fuji Bank gaining Y30 to 
Y2.290. Brokerages were also 
firm, with Nomura Securities 
up Y20 to Y2J290 and Daiwa 
Securities advancing Y50 to 
Y1.730. 

Hitachi, the day’s most 
active issue, lost Y2 to Y925, 
posting its third consecutive 
fall on profit-t aking, 

hi Osaka, the OSE average 
rose 260.63 to 22,069.16 in vol- 
ume of 104.7m shares. 


Roundup 


There were a spread of perfor- 
mances among the region's 
markets yesterday. 

HONG KONG remained vola- 
tile with the market again 
moving upwards, helped by 
steadier activity overseas. The 
Hang Seng index gained 116.16 
to 9518-19. down 15 per cent 
over the week. 

Turnover fell to HK$4.7hn 
from Thursday’s HK$55bn. 

Domestic investors concen- 
trated on property stocks, with 
the sub-index improving 389.64 


or 2.13 per cent, to 18,64857. 
Investors are anticipating 
strong results from property 
companies later this month. 

SEOUL fell for the fourth 
consecutive session, the com- 
posite index shedding 5fil to 
89655, a week's loss of 25 per 
cent. Turnover rose to 
Won459.4bn against Thursday's 
Won429.4hn. 

Export-oriented companies 
went against the tr end: Sam- 
sung Electronic rose WonlOO to 
Won71,100 and Hyundai Motor 
Won600 to Won42500. 

TAIWAN firmed 3.9 per cent 
on reports that the central 
bank would raise the $5bn ceil- 
ing on combined foreign 
investment in the market 

The weighted index rose 
215.13 to 5,67257, only margin- 
ally higher across the week. 
Turnover was impressive at 
T$73.1bn from Thursday's 
T$38.7bn. The financial sector 
climbed 65 per cent, while 
electronics were favoured by 
foreign investors. 

MANILA fell across the 
board, the composite index dip- 
ping 9L23 to 2,60652 as turn- 
over rose to 823.6m pesos from 
Thursday’s 8175m. The market 
has fallen nearly 12 per cent 
since last Thursday - the mar- 


ket was closed on Friday - 
with foreign institutional 
investors remaining absent 
and domestic retail investors 
selling heavily. 

PLOT lost 25 pesos to 1,8(5. 
after a drop of 50 cents to 
$66.75 on overnight trading in 
New York. 

AUSTRALIA retreated 
sharply on worries over a pos- 
sible rise in US interest rates. 
The All Ordinaries index dived 
34.6 to 24165, a week’s loss of 
15 per cent The market is now 
at its lowest level since Decem- 
ber 24 1993. 

BOMBAY lost 4.4 per cent 
partly in continued reaction to 
Monday’s budget and worries 
over telling prices of Indian 
global depositary receipts on 
international markets. Brokers 
co mmen ted that this might 
stop foreign institutional inves- 
tors from buying in the Indian 
bourses. The BSE index shed 
175.07 to 350655, bringing its 
tell since Monday, when bud- 
get proposals wore presented, 
to 11 per cent 

BANGKOK rose on strong 
buying of financra! stocks. The 
SET index put on 1857 to 
155955, off 45 per cent across 
the week. Turnover was 
Btt.Tbn. 


FT-ACTUARIES WORLD INDICES 


my complied by The nmd runes Lid, Goldman, Sachs & Co. and NatWast Securitise Ltd. In con |unu Boii wkh the Institute of Actuaries and the Faculty of Actuaries 


nONAL AND 
BONAL MARKETS 
ns In parentheses 
w number of lues 
nock 


WEDNESDAY MARCH 2 1084 


• DOLLAR smex- 


US 

Dofcr 

Index. 


tratio {60) 171.48 

me f17) 1 86-01 

(ken (42) 

jdaflOT) >34" 

rrert(32) -Ml- 6 ® 

and (22) 148 Q S 

«*>(!»» ..173.10 

TiaiyCS) 

« Ko"fl *5® “ 

nd|H) — ’A 7 - 2 ® 

169) 73038 

an (480) ....154.35 

ayes (69) - .504.70 

SKT - 

wrteid Cfi) 

. Zealand (14) 

* ty£3) - 

WX*M4S> -332-30 

Ik AJnca (00) - 4a ?2 

n (42) 

dan PS 

2e«iand(4S0 — 1S®^3 

sd Kingdom <2l5) - 199.28 

i pi 188.38 

I0P€ (745) •—^52? 

He Basin (7221 ...163.70 

i-Patfc (1467) 

h America (62 £4 - 1PS -°* 

ipe Ex UK (530) . ..146.35 

fte Ex Japan pS3i .... -.254.94 

Id Ex US (1650 

Id Ex. UK I1S5S) 17001 

Id Ex. So. Al.CIIO — 

Id Ex. Japan (1701) 16435 

World Indw (2170 172-60 


□ay's 




Local 

Local 

Gross 

US 

Pound 



Local 



Year 



Yen 

OM 

Currency 

K dig 

Dt». 

Dollar 

Stertng 

Yen 

OM Currency 1993/94 

1983/94 

ana 

% 

Index 

tedsx 

Index 

Index 

on day 

YMd 

Index 

index 

Index 

Index 

Max 


Low 

fspprax) 


170.05 

112.79 

152X3 

161.45 

-0.1 

330 

171X0 

169X6 

112X6 

151.47 

161X5 

189.15 

130.19 

134.70 



122X6 

165X4 

185.18 

QX 

0X7 

IBS. 48 

163X9 

121X3 

1B4X7 

1B3X2 

19541 

139X3 

160X6 

-0.4 

132X8 

106X4 

145X0 

142.65 

ax 

4X3 

164X0 

16350 

108X6 

140X8 

142X7 

109X8 

141X2 

141X2 



88X6 

119X0 

131X3 

04 

2X8 

13350 

132X8 

87.40 

118X4 

131X6 

145X1 

120X7 

120X7 


259.53 

172.14 

232.48 

237.77 

02 

0X7 

261.18 

258X6 

171.15 

231X3 

Z37X1 

275.79 

19SX8 

202148 



97X9 

131X3 

172.11 

2.0 

068 

144X1 

142X9 

94X0 

127.73 

168.71 

156-72 

70X2 

73X7 



113X0 

153.78 

157.78 

OX 

2X6 

172X9 

170X3 

112X1 

132X1 

196X2 

185X7 

143X0 

158X4 


128.19 

85.02 

114.83 

114X3 

05 

1X5 

128X4 

127X5 

84X0 

114X0 

114X0 

142X8 

107X9 

11343 



261.48 

353.12 

3B4X6 

-09 

2X6 

400X2 

397X3 

262-73 

358.12 

397.78 

506X6 

233X4 

259X2 



123X0 

168X8 

184X3 

08 

320 

185.77 

184X0 

121.74 

164X5 

182X1 

209X3 

137X1 

141.72 



48X7 

B4.92 

91X0 

IX 

1.84 

71X1 

71X0 

47.13 

63.70 

90X9 

70X3 

55,21 

63X1 


153.07 

101X3 

137.13 

101X3 

-as 

QXQ 

15328 

154X6 

KBL41 

138.43 

102.41 

165X1 

107X8 

10391 


WtlAI 

332X0 

440.38 

529X4 

-2X 

1X9 

51305 

51367 

339,49 

458X7 

542X0 

621.63 

274^0 

27301 



1485X2 

200&36 

8000.41 

IX 

0X3 

ggQflfiS 

2190X3 

1448X1 

1B57.1G 

7851.74 

2647.08 

1431.17 

1499X2 



13029 

175.98 

173.48 

IX 

308 

19378 

195X6 

12394 

174X8 

171.75 

207.43 

161.40 

161.40 


68X7 

45,6a 

61.70 

84.72 

-ax 

3X8 

88.77 

69.18 

45.72 

61X0 

55.13 

77X9 

45X2 

46X4 



132.30 

178X7 

202X1 

07 

1X8 

200X1 

198X1 

131X7 

177.15 

200.06 

20&42 

139.73 

138.73 



218X9 

295X2 

242.18 

-1.7 

1X8 

33848 

33S JS& 

221X1 

290X1 

248X0 

378B2 

213X7 

22341 



163.75 

221.16 

2S2.19 

IX 

2X0 

243X8 

241X1 

159.62 

215.74 

248X9 

280X6 

100.78 

162.18 



93.73 

12&XB 

151.08 

1.8 

3X7 

140X7 


91.79 

124X6 

148. B9 

155.79 

116X3 

126X9 



140X3 

19020 

253.41 

-0.7 

1.47 

214X6 

213.06 

140X2 

190X3 

255X0 

230X2 

154.79 

16379 



104.74 

141.46 

141.41 

1.1 

1X8 

157.72 

158X9 

103X8 

13370 

139X8 

176X6 

111X1 

112X4 



131.09 

177X5 

197.04 

0.0 

M7 

199J29 

197.80 

130X0 

17652 

197X0 

214X6 

168.48 

170X3 

-0.4 

iee.83 

123.92 

167.36 

188X9 

-04 

2X0 

189.12 

187X2 

123X3 

167X1 

189.12 

108.04 

17091 

18360 



109X1 

14829 

15078 

OX 

2X8 

16329 

164X8 

106X7 

147X9 

169X4 

178X8 

138X8 

140.73 



137.03 

185.06 

214,48 

OX 

1X5 

207.78 

206X0 

136.15 

184X2 

214X2 

220X0 

145X5 

151.18 




148.43 

112X7 

-ax 

1.07 

165X6 

184X6 

108X8 

14374 

113X8 

168X0 

113X0 

114.78 



108.47 

146.48 

130.90 

-ox 

1X2 

18377 

104X7 

108X3 

14383 

131X8 

170.78 

12048 

126X8 



121,71 

164X7 

184.47 

-OX 

2.79 

18387 

184.10 

121X7 

164.45 

185.12 

192.73 

17070 

179X1 



98X7 

13001 

137.48 

07 

2X5 

145X4 

144X0 

96X1 

128X2 

138.48 

155J3 

120X2 

122.15 



167.70 

220.49 

234X3 

-ox 

257 

257X7 

255.10 

188X0 

227X8 

238X9 

298X1 

164X4 

172X7 



109X6 

147.70 

134X0 

-ox 

1X3 

186X0 

185X5 

109 At 

147X0 

134X3 

172X1 

125X8 

126X5 



111.86 

151X6 

148X4 

-ox 

2X2 

170X2 

168X7 

111X4 

151X0 

147.13 

175X8 

141X1 

14Z17 



113X5 

152X5 

150X3 

-ox 

2.18 

172X2 

171X8 

11332 

153.16 

moo 

178X6 

143J1 

144X3 

-0.1 

182.73 

121X0 

163X9 

180.18 

-0.1 

2.78 

184X7 

182X1 

12082 

16330 

18028 

195X0 

168X2 

184X7 

-0.4 

171.18 

113X4 

163X4 

161.13 

-ox 

2M 

17132 

171X5 

113X8 

153X1 

151X0 

178X7 

143J4 

144.64 


— — — ; _ . „ .. and Co. and NOfUmt SaamWo United. 1987 

M, TK) BmrtMl Timas LmWKl. 
i wra urwretBCto lor lire 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 




- — 

Cads 

— 

— 

Pita 

— 

Option 



M 

ore 

Apr 

M 

Oct 

4WUygn 

BOO 

411* 

82 

BOM 

8W 

a 

31)4 

(U2B) 

650 

14 

2814 

36ft 

32)4 

53 

SB 


240 

19 

27 

32ft 

B 

18 

22ft 

P2M1 

280 

9 

17 

23ft 

19 

30 

33)4 

ASOA 

GO 

5 

8 

10 

4 

6ft 

8ft 

f«) • 

70 

2 

4V4 

0 

lift 

13)4 

15 

BANretayz 

42B 

29 

S 

48 

11 

23 

» 

T434 ) 

460 

7n 

19 

2B» 

3314 47ft 

52ft 

SriDBtbnA 

390 

22 

35 

44 

16ft 

29 

35ft 

(-383) 

420 

9 

23 

31 

38ft 

47 

54 

Boot* 

E00 

44K 

54 

81 

5ft 

17 

21V* 

rsM) 

550 

1414 

2814 

34ft 

Z7ft 

42)4 

46)4 

BP 

360 

181* 

27 

33ft 

10)4 

19 

24ft 

P383 ) 

3M 

514 

14 

2014 

31 

STM 

41)4 

Brttidt Start 

140 

0 

MIS 

M 

7 

12 

14)4 

n 4i ) 

160 

2 

81* 

TO 

20)4 : 

24)4 

Z7 

Bess 

500 

44 

581* 

n 

7 

17 

23 

f533) 

590 

14 

29 

42 

29 

42. 

47ft 

OttSMe 

450 

28 

44 

_ 

12 

a 

_ 

r«n) 

475 

14 

30 

- 

22 

a 

- 

Cautedds 

500 

41 

S3 

Sift 

7 

21 : 

26K 

PS29) 

550 

13: 

271* 371* 

31 - 

<8» 

53 

Canal Udan 

600 

2ZH 

42 

4814 

17ft 

a : 

36)4 

CB02) 

850 

8 

19ft: 

24ft 

S3HI 

SBfti 

B7M 

ra 

700 

52 

84 

72 

10)4 24 J* 

a 

f745) 

7S0 

IB 

37 

47 

38 

50 

01 

KtagStiier 

600 

20 

421 

52ft 

TIM 

39 

48 

rate) 

050 

914! 

lift; 

32ft 

58 

71 : 

78)4 

Land Sucre 

700 

29 . 

Oft 

48 

12 

29 

33 

{"712 ) 

750 

m 

1B» 

25 

42 

81 

84 

Meta £ S 

420 

18 

27 

34 

10ft 

a: 

23ft 

r«6) 

460 

4 

lift 

17 

37ft. 

IBM 

48 

KrtWaai 

460 

38 I 

38ft 1 

58ft 

BH ' 

ib»: 

25ft 

T«3 ) 

500 

18 

29 

39 

29ft 

a 

48 

Sten&rey 

380 

31 

38 i 

CSV* 

9 2i»: 

?4H 

rws) 

390 

15 : 

Mft 

31 

24 

37 riOft 

SMI Tram 

700 

14 

31 3814 

25 

a 4514 

r»n ) 

750 

3 

14 

19V* 

68)4 71)4 

78 


220 

14 2114 

28 

5ft 

15 

15 

(*226) 

240 

5 

12 

17 

18ft 

a 

a 

TOMB* 

IDS 

11 ’ 

IBft 

_ 

5ft 

10ft 

_ 

nte) 

115 

814 

12ft 

- 

11 

16 

- 

IMm 

1100 

30 

52 

88 : 

33H 

44 57ft 

ni“» 

1150 

1014 301* 

4B 

72)4 

77 B8M 

Zetwca 

750 

2SK4EH 

GO : 

30H43H56H 

C7W ) 

BOO 

m 

2* 38KI 

57ft 

a 

87 

Option 


Hbv 

Mg 

Ha* l 

Way . 


Hw 

Grand net 

460- 

MV* 55V* 84Vi 

8ft 15S4 21M 

C4BZ) 

500 

21 

32 

43 ; 

25ft 

33 3BH 

Laurnte 

180 

a silt 

35 

4 

9 

14 

P99J 

200 

12ft 1914 MM ■ 

I2H 

IB 24)4 

UU 080*2 

330 

2B 

36 

41 

BM Mft 21)4 

P3S3) 

360 

11)4 

22 26ft 

a 

32 

37 

□tflon 


Bar 

Job 

Sep 

Mr 

Jui 

Sag 

Ftaons 

120 

t3 IBM 

a 

3 

9 1314 

n») 

130 

BH 1414 am 

7 14ft TBft 

Option 

Man 

MB : 

be 1 

Mr . 

Mb i 

Hw 


Bril AfflD 500 41U 60M 7BH 33H 4SM 62 

(-500 ) 550 24 40 56W 72 80 01 

BKTkub 450 36461*531* 13 22ft 30H 
(-488 ) 500 17 27 34H 36 46 53 

BID 360 IBM 251* 31 181* 24 31 

(-383 ) 360 BW ISM 19 *» 44V* 50 

BtlUnm 420 20 38 431* 717M22M 

(M37 ) 460 9 T7M M 29 38M 44 

Camay Stt 498 19 - - 20H - - 

(-486 ) 542 5 - - 59)4 - - 

Eten Bac 500 60 72 771* 7 20 27 

(-B46) 650271* 42 481* 2B 43M 50M 

GtMa 500 38 5THGZK 1B2K4 3W 
1*523 ) 550 14 28 38 48 5B 631* 

(SBC 300 2DH 27 30 7ft Ifi 1BH 

r 300 ) 330 61* 11)4 16 23 33H 361* 




Cafe 



— 

FU> 


Option 

urn 

*■9 

lav 

Uw 

ABB 

MV 

Henson 

280 Wft 

20ft 

Mft 

BH 

11 

14ft 

P267 J 

280 7 

lift 

15ft 

17)4 

22 

25)4 

Lumo 

130 MM 

21 

25ft 

12 

17 

21 

(*151 ) 

140 10 

18ft 

21 

18 

23 : 

27ft 

Lu cas Ma 

200 25ft 

32 

X 

5ft 

10)4 

15ft 

f-219) 

220 12M: 

20ft 

a 

Mft 

ibh: 

Z5M 

P&O 

850 SIM 

70 

81 

16 

31 

40 

row v 

700 MM 

45 

36 

« 

57)4 

74 

PMtfngtan 

180 » 

29ft 

34 

4 

8ft 

10)4 

H38) 

200 12 

is : 

ZZft 

12 

17ft 

19ft 

Prudential 

300 ZTM 

33: 

37ft 

7ft 

12 

17 

1*322 > 

330 9 

17m: 

23ft 

M 

a 

33 

RTZ 

800 63V* 

88)41 

BBK 

18 

30 . 

<2» 

(Wl 

850 33M! 

sn* 

72 ; 

3814: 

53)41 

58ft 

Redan 

550 3714 48)41 

58ft 

a : 

33ft 

48 

rS73) 

BOO 13H 

28 

38 1 

56H 

04 

75 

Hoyd knee 

280 22M 

32 

37 

13)4 

1B23M 

("205 > 

300 13M 

21 27M: 

2SM 

2B 

34 

Team 

220 IB 

M 

39 

aw 

14 

18 

rz» ) 

240 0 

Mft 

21 

22 : 

25w: 

29H 

Vte&tiona 

600 34ft 54)4 72H 

a 

<6)4 

57 

row) 

950 15V* 

X3H51HI 

Sift 

76 8554 

Wtaflms 

380 1814 

»32H 

IBM 

25 

31 

(-393 ) 

420 8H 

14 

» 

40 

44 48H 

Option 

AF 

JM 

Oct 

Apr 

Jd 

Qg 


BM 1000 S 54 74K2BM4M 55 

H001) 1050 141* 311* 52 561* 75 831* 

Itemes Wlr 500 40 49 S3H 5M 1B» 23 

1*531) 550 0W 2D 27 28 47 51 

Opdofl Hn Jn Sap Ha Jui Sqi 


Mbay Mm 460 3ZM a 481* S 15 73 
r<89 ) 500 5»17»30H27K 38 43K 

Auntnd 36 4 8 8 11* 3H 41* 

C37 ) 40 1H 464G7H 

Bardqe 500 ZZfe 37 471* 16 a 37 

PS11 | 550 4 15 25 52 5BH 07H 

Ska Ckda 330 221* 32 44 4 14H 23 

(T46 ) 380 81* 171* 3014 T8H 32 38 

BrilU 6» 300 22H a 31H 2 8 12M 

1*319 ) 330 4 11 IB 14H 25H 29 

Kara 200 181* a 301* 31* B 15 

(•213 ) 220 B 161* 20 1214 17V* 25 


WHOM) 180 191* 22 25 11* BW 8» 

(*177 ) 180 5)4 9 MM 8 17H IBM 

Loreto 140 18 2514 SOM 2 8 1314 

[155 ) 160 5 15» 281* 10 1714 23H 

Ml Pwnr 460 20* a 44 5 18H 27 

(M7B ) 500 3?4 IB 27 271* 42 481* 

Scot Power 380 23 SS 44 4 12H 22H 

(-407 ) 420 61* 20 28V* IBS* 27 38 

Bess 120 41* 7H 11 4 8 101* 

[*1» ) 130 11* 4» Bit 11M 1514 17 

IMb 260 14 21 29 4 14H 19)4 

(-259 ) 280 4 11M 191* 15 2BH 31 

Tannac 200 7179 2 7 18M 21H 

ran i 220 i» skisi* 2 zh 29 » 34 
Hum BM 1050 54 82 191 -8K 26H 49 

(-1093) 1100 1814 51H fc8K 2BM 481* 74)4 

1SS 240 19 Ml* a 4 1014 IS 

(-249 ) 260 B14 «1S 2ZK 14 2DH 2BH 


TanttS 240 80V* 27 S 2 8 13M 

(-257 ) 260 G 1414 & 8H 18 2314 

Manama 650 22 a 71 17H41W 55 

(-656 ) 700 71* 29 50 51 72 85 

Option Opr Oct /g M Pet 

Bam 700 » 84 7714 27 4614 63 

(■707 ) 750 16V* «H 651* 571* 74h 92 

HRCTSpftt 850 47 62 100 58H 6814 101 

(*857 ) BOO 33 6214 BOW 91)4 11? 130 

Ratals 2D50 851* 145 187 68 112 138 

(*2077) 2100 S6W 118 in 96 143 162 

OpOon May Anp Saif Hay Auq Hw 

RoBfrflqm 160 UT4 24 271* 5 OK 131* 
1*174 ) 180 8 13)4 17)4 15 1W23K 


■ llndeny**! security prtca Preraums Mmi are 

te — ■ - at are — r — - r - - Jfu julaajk 
mi mm 7 on uusiu uui lAnram. 

March «. Tow cmract* 38.7S7 CM; 22JHM 
Pus: 15841 


FT GOLD MINES INDEX 



Um 

a 

% cfag 
h day 

lire lire Tore 

2 1 ago 

Gran db 
yWd« 

52 week 

M# Lore 

6oU Ntoea tadn (34) 

198063 

-02 

UB4X3 20222B 114980 

1X0 

2387X0 1130X3 

■ Rqtinal tafflew 






MHcetlSi 

2671 M 

♦08 

2065.68 2731.12 1258X3 

5l10 

344080 124ZXS 

JtmMtetK 

238004 

-2L2 

2439X8 2527X1 11KL80 

1X1 

3013X8 1164J2 

Horti fltwsrea (il) 

1893X1 

-0.1 

1894.71 1744X2 1100X0 

0X8 

naan* 1095X0 


umv* rnana nan unwaa i»h. 

npwM <n brackets show nurnbw of wart * Bob U9 Mm Bma VMnk 10004)0 31/42AA 
Pradpcsaoer Gala MHm Mac Mar 4: 8063 jdayfrchaiQa -i.» paina; Year spa 826 T Rasa 
men price wars irawriafaia tor this adtfon. 


RISES AND FALLS YESTERDAY 

— — — — On fridey » — — On the week 



Mm 

FaRs 

Same 

Rises 

FaBs 

Same 

British Funds 

58 

3 

13 

172 

151 

47 

Other Fixed Interest 

3 

0 

12 

18 

38 

19 

Mineral Extraction 

87 

40 

80 

320 

320 

395 

General Manufactures 

IBS 

81 

432 

696 

768 

1,943 

Consuner Goods 

50 

24 

117 

212 

222 

531 

Services 

117 

59 

344 

509 

562 

1.533 

UlOtias 

22 

10 

14 

88 

97 

47 

ftancUs 

111 

70 

201 

445 

654 

852 

tevastrreint Trusts 

156 

32 

274 

535 

715 

1,000 

Others 

56 

38 

34 

206 

285 

ISO 

Totals 

830 

388 

TXZ1 

3X01 

3.732 

6,577 


Daa baaed on thorn Q 0ni ^M * w aeted on the London Shm Sendee. 


TRADITIONAL OPTIONS 

FhWDaallnH S March 4 Last Decorations June 2 

LaaJDMBigs Mach 21 For settlement June 13 

Calls: Avbbco, C arti e la Grp, Cons Much, Stanrdn, Redwood, Utd Energy, World 
FUds. Puts: Anonce Hm Puts & Cals: Affiance Res, Certisto Grp, World FWde. 


LONDON RECENT ISSUESs EQUITIES 


Ibsub Amt 
price paid 

P up 

MkL 

«p 

(Emj 

1083794 

HJgti Low Sock 

Close 

price 

P 

V- 

Nat 

dfr. 

Dhr. 

COY. 

Gro 

yw 

P/E 

net 

140 

FP. 

2660 

178 

183 Alpha Akports 

170 

*2 

RN4.03 

22 

3.0 

10.4 

- 

FP. 

1X3 

#>2 

1 iJCree UK Mfrts 

6*2 


- 

- 

- 

- 

150 

FP. 

1010 

149 

148 CMratdenoe 

149 

+1 

- 

- 

- 

- 

124 

FP. 

25.1 

186 

148 CMcsi Computing 

15S 


- 

- 

- 

24.7 

590 

FP. 

8X9 

173 

108 Comp Fbi Sol 

138 


H- 

- 

- 

215 

» 

FP. 

1330 

60 

47 Mew Tiger 

47>a 


- 

- 

- 

- 

50 

PP. 

10X 

58 

65 Energy Cental 

66 


- 

- 

- 

- 

— 

— 

1X1 

28 

4 Do Wrerants 

28 


- 

- 

- 

- 

130 

FP. 

32X 

155 

130 Flnefist 

MB 


R3L3 

23 

2-8 

19.2 

- 

FP. 

2X0 

102 

9B Renting Japan C 

100 

■a 

*■ 

- 

- 

- 

170 

FP. 

74X 

170 

159 Gddeboreugh HBh 

170 


WH13 

2-6 

Z4 

1 B.6 

- 

FP. 

61X 

74 

BBb Gusngdong Dvfpt 

57^ 


- 

- 

- 

- 

- 

FP. 

4.70 

2B 1 ! 

18*2 Do Warrants 

25% 

+i 

- 

- 

- 

- 

100 

FP. 

8&0 

102 

94 HaraM InvTit 

100 

*h 

- 

- 

re 

- 

- 

FP. 

6X4 

51 

46 Do Warrants 

48 


- 

- 

- 

• 

50 

PP. 

457X 

40 

4<Jl * KWnwort Euro Pvt 

41*2 

*h 

- 

- 

- 

- 

- 

FP. 

38.0 

49 

37 Do Wmants 

38 


- 

- 

- 

- 

50 

FP. 

20X 

52 

48 MHras Inv Tst 

5th 


- 

- 

re 

- 

- 

FP. 

2JX 

2B 

25 Do Warrants 

28 


- 

- 

- 

- 

110 

FP. 

352 

126 

117 Paricaide kill 

118 


RN3.0 

1.5 

32 

23-2 

125 

FP. 

1BX 

133 

125 Redstone Tech 

129 

*1 

R3-0 

2 A 

23 

1&3 

100 

FP. 

41.0 

08 

89 Taiwan liw 

91 

42 

• 

- 

- 

- 

— 

FP. 

3.78 

82 

40 Do Wtinants 

42 

42 

- 

- 

- 

- 

200 

FP. 

33X 

216 

211 Tribal 

211 


RSi 

22 

35 

174 

118 

FP. 

68.1 

140 

131 Tring M 

132 

-1 

RNXB 

Zl 

ae 

15.7 

153 

FP. 

S2X 

180 

153 United Carriers 

160 

♦1 

- 

- 

- 

- 


t karcdueSao. 5 Hrtg price. F JP. Fidy-peid security. For an myMia U on at other nmas, ptaeea rater 
» ne GUde tt> dm London Shore Sonrice. 


RIGHTS OFFERS 


issue 

price 

P 

Amount 

paid 

Latest 

Renun. 

date 

1898/84 
High Low 

Stock 

Closing 

price 

P 

4CT- 

20 

Ml 

11/3 

36pm 

3pm 

Bsauftad 

4pm 

4>2 

B2 

M 

11/4 

12pm 

11pm 

Butted 

11pm 

-1 

4U 

n 

14/4 

Gpm 

3pm 

Cbb UK 

5*2 pm 


42 

M 

14/4 

18pm 

9%xn 

Conrad Htatai 

9*21*11 


15 

Ni 

2643 

4JSJ1 


Cmston Land 

3pm 


12 

W 

13/4 

12*1 pm 

10pm 

FMh (BMI 

12pm 


120 

ra 

21/3 

45pm 

33pm 

fQroavenar Inna 

43pm 



ptn Price a a gramium. 


FINANCIAL TIMES EQUITY INDICES 



Mar 4 

Mar 3 

Mar 2 

Marl 

Fab 28 

Yr ago 

nigh 

-Lew 

Ordhuwy Share 

26084 

25402 

2531 X 

2S3B.0 

2564.1 

226SX 

Z713X 

2124.7 

Ord. ttv. yletd 

3.62 

3.65 

axa 

3.67 

3 fM 

4X0 

4X2 

143 

Earn. ytiLKtd 

4.81 

4X8 

4X1 

4X0 

4X4 

5X7 

138 

382 

P/E ratio net 

22.45 

22X4 

22.10 

22.14 

22.40 

20X6 

33X3 

19.40 

Pl/E ratio id 

23.53 

23.18 

23.04 

2108 

2135 

1137 

30X0 

1114 


-nr 19Q3AM. Ordinary Shm Indat aMce cefnpietwn: Ngh TOI 24&M: kw 26BMC 
FT OnSnary Shm 4ndm Deoa dree 1/7/35. 


Ordinary Shan hourly ch a ng aa 

Open OlOO 1000 IIJO 12J0 13J0 14jDO IMP 1BJM High Law 
2S4&3 254SJ 25409 26403 2551/4 2654.4 2654.0 2558.4 2561.7 2S64.4 2543.6 


Mar 4 Mar 3 Mar2 Marl Feb2 BYr^o 


SEAQ hagaim 25,882 27,428 32£67 28,740 

Ecpdty turnover (Enftt - 14115 18454 1723.7 

Equty bargatint - 30923 35297 332*2 

Snares traded (m0f - 5712 6592 6532 

t EMbdhg eibe-tnwM buotoeas and oversee* turnover. 


332*4 
1332.1 
38,61 B 
585.9 


36,055 

1415.3 

42.775 

800.9 






LONDON SHARE SERVICE 


FINANCIAL TIMES WEEKEND MARCH S/m A RC _ 




YU 


Grt 

RE 

40 

122 

30 

106 

16 

16.1 

4.7 

4* 

72 

11.D 

07 

_ 

5J 

1A 

39 

112 

52 

4.7 

193 

ZB 

204 

BB 


BA 

- 

11 

- 

0.4 

695 

10 

— 

14 

16 

13 

_ 

92 

— 

5.4 

- 

04 


U 

* 

15 

? 

4 JO 

112 

03 

— 

05 

153 

07 

9ft n 

43 

115 

40 

112 

10 

08 

32 

195 

06 

592 

04 

- 

13 

_ 

95 

— 

04 

204 

02 

743 

10 

172 

07 

511 

07 

655 

14 

* 

06 

617 


12 

- 1 
19.1 1 
- 1 

43 

- 1 
192 1 

33 

27.4 1 

22 

- 1 
- 1 

B2 

6.1 ! 

_ I 

29 

1 

* 1 

l.t 

- 1 

OO 

- 1 

13 

- 1 

62 

57.3 1 

— 

- 1 


374 5263 
196 1640 

196 1772 
103 eoo 

55 1 U 
100 57.1 
122 822 
96 178-5 
23 505 

44 11.1 

82 205.1 

197 3410 

124 108 

00 1419 
754 1009 
23 077 

02 2BjO 
66 342 
50 541 
196 2U 
266 62.7 

TOO 
7194 
250.1 
5.41 
143 


igguu 

MCI 

YU 


% 

bw 

case* 

GTE 

HE 

150 

MO 

14 

183 

379 

166 

2SU 

81 

174 

20 

21 

251 

1.4 

- 

79 

11*2 

ISO 

- 

- 

4S 

25 

1JJ7 

— 

_ 

*1B 

7G 

4400 

1.1 

38.4 

B3 

17 

392 

12 

302 


533 

12 

383 


« 

YU 


Wgh 

to* 

CaoOn 

ov 

PVE 

!* 

BBS, 

TWO 

21 

202 

£76B 

MTV 

VO 

32 

14.1 

280 

210 

70ZJ 

22 

312 

746 

345 

282 

32 

17.1 

£119*2 

£B3V 

8887 

54 

- 

770 

580 

2S 

4.0 

283 

•373 

199 

15 

17.1 

E144AC10TV 

8401 

17 

— 

165 

S3 

880 

72 

102 

tt 

215 

0B2L5 

13 

IBS 

94 

21 

187 

— 

— 


126 

611 

81 

203 

s 

05 

Z12 

IS 

447 

48 

28 

028 

— 

— 

COB 

421 

2.1*4 

32 

113 

TP 

220 

4016 

12 

212 

140 

ICO 

13J 

44 

WJ 

42*1 

IS*: 

112 

10 

189 

1S4 

at 

183 

45 

162 

11** 

3*2 

MB 

- 

— 

27 

13 

124 

_ 

_ 

50 

17 

844 

12 

_ 

an 

ISO 

3472 

52 

185 

a7 % 

£88*2 

7202 

32 

— 

167 

179L6 

12 

103 

019 

608 

8380 

4.7 

647 

107*. 

73 

2372 

U 

22 ! 

SC 

578 

1258 

11 

B7*z 

36 

102 

- 

- 

405 

240 

1381 

12 

222 

1Z7 

65 

002 

87 

162 

1S4 

112 

200 

13 

172 

E3Z.1 

216 

WX7 

14 

385 

96 

63 

322 

42 

62 

304 

173 

402 

17 

4> 

400 

412 

1283 

45 

223 

66S 

395 

481 

13 

212 

MB 

330 

1903 

13 

215 

■312 

233 

2882 

15 

102 

1993704 

nt 

YU 


% 

ka> Canon 

S*» 

WE 

56 

032 

10 

172 

Z7E 

223 

385 

32 

181 

428 

180 

183 

10 

72 

62 

37 

320 

41 

- 

31 

14 

112 

12 

262 

ns 

73 

005 

40 

— 

6 

2*4 

122 

1J 

611 

578 

353 

1432 

19 

30.7 

20V 

14 

721 

4.1 

142 

9 

2 

132 

_ 

- 

405 

203 

182 

22 

205 

40 

23 

MD 

15 

132 

28 

15 

132 

42 

- 

333 

204 

1472 

42 

242 

31 

12 

834 

- 

- 

90 

46 

222 

14 


73 

36 

17 2 

- 

- 

96 

10*2 

507 

42 

119 

4GS 

303 

145 

13 

232 

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BARR 


CONSTRUCTION 


Expanding by Contracting 


Telephone Ayr (0292) 2S1311 


FINANCIAL TIMES 

Weekend March 5/March 6 1994 


ORR& BOSS 


International Consultants 
help vou profit from 
WASTE MINIMISATION 


Brussels faces rejection of emissions legislation 

MEPs may vote for even 
stricter car exhaust rules 


By G9lian Tett m Brussels 

European Commission officials 
have given a warning that legis- 
lation setting new car emission 
standards may be abandoned 
because of opposition in the 
European parliament. 

The parliament will vote on 
Wednesday on the Commission's 
package - already accepted by 
ministers - which would cut pet- 
rol and diesel car exhaust emis- 
sions substantially In 1996 com- 
pared with 1992 levels. 

But after the parliament's envi- 
ronment committee demanded 
stricter e miss ion standards last 
month, Commission officials fear 
the parliament will reject the leg- 
islation in its present form. 

Mr Reinhard Buscher, a mem- 
ber of the European Commis- 
sion's industry cabinet, says if 
the measure is rejected, it will 
“mean more delay which will 
make it very hard for industry to 
comply with the 1996 standards". 
He believes the parliament is 
attempting to use the Issue to 

Malaysian 
ban stays 

Continued from Page 1 

not got off the hook on which he 
impaled himself.’’ 

Mr Neil said he had written to 
Hie Times to make clear that 
The Sunday Times had never 
accused Dr Mahathir of taking a 
bribe, in the hope that it would 
allow the Malaysians to “depart 
from the field with honour”. He 
added that his paper would con- 
tinue to investigate stories in 
Malaysia. 

Dr Mahathir said Mr Neil’s let- 
ter had only added insnlt to 
injury. 

British companies are likely to 
lose many millions of pounds’ 
worth of contracts. The Malay- 
sians have already said that Brit- 
ish companies will be excluded 
from a MS12bn (£2.95bn) airport 
project outside Kuala Lumpur. 
Trafalgar House. Balfour Beatty, 
Gammon and G-Mats (part of 
GECL in partnership with Maru- 
beni of Japan, had been assured 
of much of the work on the air- 
port. The Malaysians say that 
they will now consider a new 
“last track” tender. 

Some Malaysian business- 
people have privately expressed 
concern that the government's 
move might afreet the inward 
flow of foreign investment and 
invite retaliatory action. 


illustrate its new post-Maastricht 
political muscle. 

The parliament’s committee 
resolutions are being roundly 
condemned as ill-judged and 
unrealistic by Europe's motor 
industry, nsspinhihng in Switzer- 
land for next week’s Geneva 
motor show. 

Leading industry figures say 
the tighter standards proposed 
could not be achieved technically 
within the 1996 deadline. 

MEPs yesterday denied deliber- 
ately seeking to challenge the 
Commission over the affair, and 
maintained that the new propos- 
als were based on genuine envi- 
ronmental concerns. 

But with most of the majority 
socialist and Christian Democrat 
parliamentary groups expected to 
vote against the current package, 
along with the green parties, 
they agreed that there was a very 
good chance of a vote in support 
of the amendments. 

The amendments include 
rigmanris that- 

• Emission levels for 1996 are 


By WBtiam Dawkins and 
Mlchiyo Nakamoto in Tokyo 
and Lionel Barber in Brussels 

The US decision to reactivate its 
Super 301 trade law provision, 
opening the way for sanctions 
against Japan, was greeted with 
concern yesterday in Europe and 
Asia. 

Sir Leon Brittan, European 
Union chief trade negotiator, was 
disappointed at President Bill 
Clinton's renewal of the provi- 
sion allowing the US to single out 
countries for sanctions. “The 
European Union wOl be examin- 
ing the import of these measures 
very carefully," he saicL 

One senior European Commis- 
sion official said the renewal of 
Super 301 could signal a new, 
tougher US trade stance, based 
on bilateral muscle. 

The US move sparked anxiety 
from South Korea and Australia, 
-which feared a setback to free 
trade. The revival of Super 301 
was “regrettable at a time when 
countries are expected to engage 
in more liberal trade”, said a 
Seoul government spokesman. 

He said trade disputes should 
be settled under the World Trade 
Organisation, to be set up as the 
successor to the General Agree- 


made more stringent, with spe- 
cific new levels set for 1999 of 
half the 1996 levels and a commit- 
ment to establish tougher levels 
after 2000. 

• Member states should be free 
to use fiscal incentives to encour- 
age their own car manufacturers 
to meet the target levels at a fas- 
ter rate than the EU guidelines. 

• Legal limits should be set for 
CO, emissions. 

To block the current package, 
at least 260 out of the total 518 
deputies serving in the parlia- 
ment need to support the 
demands for further amend- 
ments. The socialist group has 
198 deputies and the Christian 
Democrats 162. 

If the parliament rejects the 
measure, the only solution to the 
stalemate will be to use the new 
conciliation procedure estab- 
lished under Maastricht treaty - 
the first such environmental case 
taken to the procedure. 

But that is unlikely to produce 
results before autumn at the ear- 
liest. 


meat on Tariffs and Trade, not 
by the “domestic legal proce- 
dures of o n e nation". 

Mr Bob McMuEan, the Austra- 
lian trade minister, warned: “We 
don’t support the US opening up 
the Japanese market in a unilat- 
eral and retaliatory way.” 

In Japan, Mr Masayoshi Take- 
in ura, chief cabinet secretary, 
said unilateral trade action 
against another country would be 
contrary to WTO rules. But 
Tokyo recognised “the need for a 
restrained response", he said. 
Japan would continue to work on 
plans to open markets. Mr Mori- 
hiro Hosokawa, prime minister, 
promised to redouble efforts to 
cut regulatory trade barriers. 

Asian leaders were assured by 
Mr Jeffrey Garten, US under- 
secretary of commerce for inter- 
national trade, that US problems 
with Japan “were quite unique”. 

Frances Williams adds from 
Geneva: Mr David Woods, spokes- 
man for Gatt, said the reinstate- 
ment of Super 301 should be 
viewed with "a sense of propor- 
tion". It should not be assumed a 
trade war would follow, and 
there was no evidence the US 
intended to violate Gatt rules. 


Japan surpluses rise. Page 3 


Post chief 
stresses 
rewards 
of sell-off 
for staff 

! By Roland Rudd 

Mr Bill Cockbum, Post Office 
chief executive, has promised his 
workforce shares and dividends if 
the government privatises the 
corporation. 

Writing in Courier, the staff 
newspaper sent yesterday to all 
180,000 employees, Mr Cockbum 
said the sale of the Post Office 
would give it the freedom to com- 
pete internationally. 

“It would allow us to give 
shares and dividends to all 
employees, thus sharing the 
rewards of success,” he writes. 
“Make no that would be 

a lot better than staying in the 
public sector without the free- 
dom we need." 

Mr Cockbum 's message to staff 

marks thp first tima he ramp 

out publicly tn favour of privati- 
sation. 

He believes the alternative of 
remaining in the public sector 
without commercial freedom in 
its business activities is the 
worst possible option. His com- 
ments follow a Treasury decision 
to continue to refuse the Post 
Office the commercial freedom it 
is seeking to compete with pri- 
vate-sector mail and parcel carri- 
ers. 

Mr Peter Ham, the Labour MP 
sponsored by the Union of Com- 
munication Workers - which rep- 
resents Post Office employees - 
said: “There appears to be a pin- 
cer movement between the Post 
Office management and Michael 
Heseltine to soften up the work- 
force and the public for privatisa- 
tion. 

“They know that privatisation 
is bitterly opposed by the work- 
force. This is an all too transpar- 
ent attempt to bribe them; I don't 
think it will work." 

Mr Heseltine. the trade and 
industry secretary, recently told 
the trade and industry committee 
he favoured privatisation of the 
Royal Mail, but had been pre- 
vented from changing its owner- 
ship because of “political consid- 
erations”. 

Since the government first 
announced its review of the Post 
Office's future in 1992, the man- 
agement. advised by the UK mer- 
chant hank Schroders, has been 
working on its favoured option of 
a management buy-out 

It favours giving employees a 
big stake in a privatised Royal 
Mail along the lines of the former 
National Freight Consortium, 
which was bought by its employ- 
ees in 1982. 


US trade move on 
Japan sparks fears 


THE LEX COLUMN 

Sound and fury 


For all the hoo-ha in the markets this 
week, the FT-SE 100 index finished a 
mere 3.2 points down. Even long gilts, 
the proximate villain of the piece, only 
fell by around three-quarters of a 
point This is hardly the stuff of sav- 
age bear markets, but the volatility in 
bonds and equities is enough to make 
many investors nervous. From a char- 
tist perspective, the last week's price 
movements could mark the bind of 
chu rning which occurs around a mar , 
ket peak. There has been international 
cpTh'n g- and it is a brave fund manager 
who steps in and buys now. 

Yet while the low point of UK and 
US bond yields hag almost certainly 
passed, inflation is unlikely to force 
bond yields up substantially. As the 
UK recovery is ticking along and there 
is plenty of slack still in the syst e m , 
growth should feed through to strong 
earnings increases without much 
extra price pressure. The corporate 
reporting season now well under way 
shows earnings rising in line with 
expectations and dividends, if any- 
thing, rising faster. There are thus 
strong counter-weights which may 
support equity valuations. 

Still, given the uncertainty, there Is 
likely to be something of a hiatus in 
the market Stock selection will also 
be important. Interest-rate sensitive 
yield stocks, such as utilities and even 
food retailers, have lagged behind 
since the bond market turned. Early- 
cycle growth stocks like media, which 
should see the best of the nearterm 
earnings rises, may continue to attract 
attention. Investors will, however, 
have to overcome an aversion to what 
already look Hkp sky- high ratings. 

Cookson 

Cookson's managpmpnt has done a 
fine job pulling the company back 
from the brink. The business has been 
slimmed down from the sprawling 
conglomerate or the 1980s and the bal- 
ance sheet repaired, albeit courtesy of 
two rights issues. Gearing is below 30 
per cent and Cookson is generating 
net cash before disposals, so the finan- 
cial position looks secure. Full-year 
growth in operating profits of 18 per 
cent, excluding the favourable impact 
of currencies, also testifies to success 
in eliminating losses while keeping 
the lid an costs. 

But with thp, trading marg in already 
up to 8.4 per cent by the year-end, 
Cookson will find that rate of progress 
difficult to sustain. The final stages of 
loss elimination should push the mar- 
gin up towards 9 per cent, not for 


FT-SE index: 3278.0 (+31.5) 


Cookson 


Shore price relative to the 
FT-SE-A All-Share Index 
120 



short of the company’s stated 
double-digit target The focus thereaf- 
ter will have to shift towards expand- 
ing sales. An underlying 5 per cent 
turnover increase last year was more 
than respectable given difficult mar- 
ket conditions. More will be required 
to maintain forward momentum. 

With around half its turnover in the 
US. Cookson should be an early bene- 
ficiary of recovery. Other acts of good 
housekeeping - such as Increasing the 
proportion of UK profits to avoid writ- 
ing off additional advance corporate 
tax - WOUld also help warnings- With 

the shares at a 20 per cent price- 
earnings premium to the market aver- 
age, though, Cookson will have to live 
up to a growth-stock billing. 

Abbey National 

Amid the market upheavals it is dif- 
ficult to tell whether Abbey National's 
22 per cent dividend increase will be 
sufficient to reverse its 30 per cent 
under-performance against the bank- 
ing sector over the last two years. 
That happened partly because other 
banks, with a worse bad debt record, 
were perceived as having greater 
recovery prospects. But Abbey also 
needs to grow as well as pay large 
dividends. Sensibly, it has now turned 
its back on rasher forms of diversifica- 
tion. such as estate agency and French 
commercial property lending. It could 
go back to basics and buy a building 
society. 

The stock objection is that the 
mutual structure of societies makes 
them difficult to acquire. Yet. pro- 
vided members are given sufficient 
incentive, they can probably be per- 
suaded to de-mutualise. A predator 


could offer members of most societies 
several hundred pounds apieco and 
still acquire the business at book. The 
amount needed to swing Vive vote pahs 
into insig nificance with the goodwill 
that could accrue if the same predator 
were trying to buy another bank. 

pontes like Lloyds and TSB are also 
occasionally mentioned in connection 
with building societies, but it makes 
particular sense for Abbey. The trend 
towards more liberal rules on whole- 
sale funding by societies means others 
may soon enjoy the same Eurobond 
funding opportunities which it 
acquired with conversion to pic status. 
If Abbey waits for societies to 
de-mutualise voluntarily before buy- 
ing. ft might miss the boat altogether. 
Depending how it is carried out, de- 
mutualisation can confer protection 
against takeover for the five ensuing 
years, a privilege which Abbey itself is 
still, just enjoying- 

Scottish Power 

A price tag of £17m for 50 out of 
town stores hardly looks excessive, 
given that they would cost more than 
foa* to build. On that basis it is diffi- 
cult to accuse Scottish Power of over- 
paying for Clydesdale. On the other 
hand, this is electrical retailing, which 
has cost the Regional Electricity Com- 
panies an estimated ElOOm in the past 
five years. The fact that not even the 
specialists such as Dixons and Comet 
are earning a decent living ought to 
cause a chill around Scottish Power's 
kilt. Electricity companies may be 
stuck with their high street chains, 
but that is hardly a reason to propa- 
gate the problem. 

Electrical retailing suffers because 
individual purchases are large and 
goods are identical in each store. 
Price-checking is thus worthwhile, 
and price competition becomes the pri- 
mary selling weapon. Only when a 
new technology is temporarily in short 
supply, or economic conditions are 
booming, do retailers make much 
money. 

Given the poor characteristics of the 
business, and Scottish Power's 
declared caution about diversification, 
it is thus surprising that it is expand- 
ing. The company has persuaded 
investors that its management has 
been upgraded and is well trained'for 
new challenges. It has bought sensibly 
in gas and is looking rationally at tele- 
coms. But since this form of retailing 
has been a graveyard of many ambi- 
tions, investors may be forgiven for 
feeling a little queasy. 



Rothschil.d 


ASSLT MANAGE ME Vi 


Markets rally on improved US employment data 


Continued from Page 1 

The leading index has risen 
steadily for six months, but some 
of its components, such as con- 
sumer expectations and the aver- 
age length of the working week, 
fell in February. 


The strong US growth in the 
fourth quarter of last year has 
aroused inflation fears. Revised 
figures this week showed annual- 
ised growth of 7.5 per cent 
But Ms Laura Tyson, the chief 
White House economist, said yes- 
terday: “Not only is current infla- 


tion extremely modest, but the 
fundamentals, the things that 
explain future inflation - wage 
patterns, productivity growth, 
import prices, energy prices, for 
example - all remain well-be- 
haved." 

On jobs, the Bureau of Labor 


Statistics said non-farm payroll 
employment had rebounded from 
January’s weather-related weak- 
ness with the addition of 217,000 
new jobs, far stronger than most 
forecasters had expected. The 
biggest gains came in services 
and retailing. 






FT WEATHER GUIDE 


Europe today 

France, the Benelux countries and southern 
Scandinavia will have sunny periods as a low- 
pressure front between Iceland and Lapland 
brings mild air from south-western Europe. 
Temperatures in southern France will be above 
20C. Germany, the Alps, south-eastern Spain 
and [he Baleares will be sunny. A cold front 
over the British Isles and Portugal will bring 
cloud and frequent showers. Heavy rain is 
expected in south-western Norway. Lapland 
and Finland will stay wintry. High pressure 
over eastern Europe will bring calm and dry 
conditions with sunny Intervals and fog 
patches in Poland and the Balkans. Low 
pressure over south-western Turkey will cause 
changeable weather with thunder and showers 
In south-eastern Europe. 

Five-day forecast 

A strong westerly air current will cause very 
unsettled conditions in western and northern 
Europe, with wintry showers in Scandinavia. 
Central and eastern Europe will also have a 
few scattered showers. South-eastern Europe 
will become more settled and dry. South- 
western Europe will remain sunny and dry. 


TOO AY’S TEMPERATURES 



Situation a! IS GMT. Temperatures maximum hr day. Forecast s by Mateo Consult of the Netherlands 



Maxmum 

Belfast 

shower 

8 

Ganfiff 

ran 

11 

Frankfurt 

sun 

15 

Malta 


Cefous 

Befoade 

doudy 

7 

Chicago 

GUI 

9 

Geneva 

for 

12 

Mandwster 

Abu Dhabi 

sun 

26 

Berim 

sun 

11 

Coloyw 

31 m 

15 

Gibraltar 

for 

18 

Manila 

Accra 

fair 

32 

Bermuda 

doudy 

21 

D* Salaam 

thund 

31 

Gtesgow 

shower 

8 

MbOjoiktw 

Algiers 

sun 

22 

Bogota 

far 

22 

Dakar 

sun 

23 

Hamburg 

sun 

12 

Mexico City 

Amsterdam 

for 

11 

Bombay 

sun 

34 

Pallas 

doudy 

23 

Helsinki 

doudy 

■A 

Miami 

Atrium 

shower 

13 

Brussels 

fair 

13 

Delhi 

fair 

29 

Hong Kong 

for 

20 

Milan 

B. Aims 

sun 

31 

Budapest 

Cloudy 

11 

Dubai 

sun 

26 

Honohiu 

Ml 

28 

Montreal 

Brian 

ram 

12 

CJfojen 

for 

7 

Dublin 

doudy 

9 

pawrd»il 

thund 

11 

Moscow 

Bangkok 

for 

36 

Cara 

for 

25 

Du&rovnfc 

for 

14 

Jersey 

doudy 

12 

Munich 

Barcelona 

for 

17 

Cope Town 

for 

26 

Edinburgh 

drawer 

e 

Karachi 

sun 

32 

Nairobi 

Beijing 

fas 

11 

Caracas 

doudy 

25 

Fare 

cloudy 

19 

Kuwait 

fak 

27 

Naples 


Lufthansa, Your Airline. 

© Lufthansa 

” German Airlines 


LasPafcnas 

Lima 

Lisbon 

London 

Luxixurg 

Lyon 

Madeira 

Madrid 

Majorca 


lair 

Cloudy 

doudy 

cloudy 

sun 

for 

fair 

fair 

sun 


21 New York 
26 Nice 

14 Nicosia 
13 Oslo 

15 Parts 
IS Perth 
17 Prague 
17 Rangoon 
19 Reykjavik 


sun 

tain 

cloudy 

cloudy 

cloudy 

sun 

hazy 

snow 

cloudy 

fair 

doudy 

tat 

shower 

for 

far 

Mr 

rain 

for 

for 

sun 

sun 

3now 


17 Rio 

11 Riyadh 
31 Rome 
21 S. Fraco 

24 Seoul 

25 Singapore 

14 Stockholm 
-6 Strasbourg 
-2 Sydney 

12 Tangier 
28 Tel Am 

15 Tokyo 

26 Toronto 

7 Tunis 

14 Vancouver 

18 Venice 

8 Vienna 

15 Warsaw 

35 Washington 
10 Wellington 
34 WinnipBg 
0 Zurich 


fair 

BUI 

sun 

lair 

for 

doudy 

cloudy 

sun 

fab- 

sun 

for 

fair 

for 

sun 

sun 

fair 

fair 

1st 

for 

for 

sun 

sun 


28 

23 

17 

18 
10 
31 

5 
16 

24 
18 
22 

9 

0 

19 
9 

12 

11 

3 

9 

20 

6 
14 


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RcvBtnd at He pou office. Pi mud b* Sl Cfcnwis Pien for and pahfaiwJ by Tbc F raimnil Trraa Ud./ionln One Soithwfc Bndcc «, ..... 

“ROTOdueSon of Ibc m o ult o f ito BLelpipnr u any win a Mt pauultul <n&ool >mr mu m <* Ihe pubfal*,'. -FINANCIAL TIMES* ttmWil Tim L 

“FT ACTUARIES SHAKE INDICES-. -PTACUIAJtnX WORLD INDICES', ml -PINSTAT- irr mfl Trade Mflrtj and sero MifUolTbe Knumi Ttara’ 01 l ' UR Y SHA8E 















Hanoi Sykes 

iner and lad outside Shirebroak Coffiery: It's a Wgh-tech Industry that’s bean butchered,* says one union official 


The British miner’s 
broken home 


I t was at a National Coal 
Board function in Yorkshire 
in the late 1970s that 1 heard 
an old miner, a union official 
at Bentley Colliery, disputing 
vigorously with one of the board's 
engineers. When the engineer left 1 
commented on the robustness of the 
old man's attack. 

“I'm not bothered,’' he said. “Any- 
way, HI be retiring soon.” 

“What will you do then?” 

“Oh, ni read some philosophy," 
he replied. “Kant, mostly.” 

It emerged that after years work- 
ing down the pit he had gone to 
Oxford University as a mature stu- 
dent to read philosophy, politics 
and economics, I assumed he had 
attended Bushin, the trade uninn 
college. 

“No." he said, “BallioL" 

“May I ask what degree you got?” 
“Well, it were a First" 

More startling than this admis- 
sion was the fact that this man sim- 
ply could not adjust to the prospect 
that had been opened up to him in 
the south; he went home to his own 
community and back down the pit 
It could not happen today. For 
one thing. Bentley Colliery, which 
was then proudly displaying the lat- 
est in hydraulic pit prop technol- 
ogy, closed last December. No pri- 
vate operator has shown an interest 
in it. 

Ten years ago this week, it was 
the announced closure of another 
South Yorkshire pit, Cortonwood, 
that set off the longest and most 
bitter strike in the miners’ history. 
They fought for a year in defence of 
their jobs and communities but 
were divided and finall y crushed. 

Even when the strike ended, a 
year later almost to the day, neither 
the coal board (now British Coal) 
nor the National Union of Mine- 
workers foresaw just how savage 
the contraction of their industry 
would be- From 170 deep mines 
employing 175,000 men in 1985 the 
state industry has shrivelled to 17 
working pits employing fewer than 
11,000 men. Of the 28 other mines 
which British Coal has offered to 
lease to the private sector, one has 
started producing and up to seven 
others may be reopened. 

At its peak, just before the first 
world war, coal provided employ- 
ment for lm men, a tenth of the 
male working population. Britain 
was the world's biggest coal 
exporter. Its 3,000 mines produced 
half the coal in Europe, a fifth of 
world output The long retreat was 
inevitable as the steam age passed, 
American and other coal competi- 
tors emerged and Britain’s manu- 
facturing dominance faded; but it 
was partly arrested by two world 


wars and. in the early 1970s, by the 
Opec cartel’s quadrupling of oil 
prices. The promised reprieve has 
been scotched by the government's 
decision to privatise the electricity 
generators, to permit the "dash for 
gas” as an alternative fuel, to sub- 
sidise nuclear power and - finally - 
prepare the pitiful remnants of the 
coal industry for privatisation next 
year. 

But it is not only coal that has 
been lost. A whole culture is disap- 
pearing with it and it is a loss that 
many non-miners nostalgically 
regret The public may have been 
outraged by the sight of picket line 
violence and fearful of the revolu- 
tionary rhetoric of union leaders, 
but has shown remarkable toler- 
ance of the miners’ demands and 
sympathy for their decline. 

It was a public outcry in the Tory 
shires which forced Michael 


Heseltine. president of the Board of 
Trade, to retract his announcement 
in October 1992, that 31 pits must 
close. (The number of pits closed 
since then is more than 31, but the 
rundown has attracted much less 
attention.) When during the 1974 
miners’ strike, Edward Heath called 
his “who rules?” general election, 
the voters, in spite of their fear of 
“political strikes”, rejected him. 
Even alter suffering power cuts in 
the 1972 strike the public seemed to 
agree with Lord Wilberforce that 
the miners deserved to be moved to 
the head of the manual earnings 
league- 

Some of this support is based on 
romantic sentiment, owing more to 
the books of DH Lawrence and 
George Orwell than to familiarity 
with modern mining. As Alan 
Mardghum, branch secretary of 
Wearmouth colliery (closed before 
Christmas), said: “In the south of 
England they still view coalmining 
as a little lad of 12 gettin’ down the 
pit with his pony and pushing tubs 
of coal around. People need to be 
aware that it’s a high-tech, highly- 
competitive industry that's been 
butchered." (The last pit ponies sur- 
faced last month when Ellington 
colliery, the remaining pit in the 
north-east, was closed.) 

The popular image, says Professor 


Vic Allen, one-time amanuensis of 
the NUM left, in his book The Mili- 
tancy of British Miners , is of “hard, 
unrefined men, distinct and sepa- 
rate from other workers, hewing in 
mysterious dungeons of coal: of 
dirty, strange men. in some ways 
frightening and for this reason 
repellent, yet attractive because 
they are masculine and sensuous.” 

Such romantic stereotyping has 
often worked to the miners' advan- 
tage. of course. During the 1972 
strike. Lawrence Daly, the NUM 
general secretary, was heard 
shouting down the phone to the 
leader of a group of pickets who 
were refusing to give up the social 
delights of being billeted with Essex 
University students. 

Yet the monochrome image of 
taciturn, blackened musclemen is 
often resented. Olive Fowler, a for- 
mer secretary of miners' leader 


Arthur Scargill, who now works at 
Yorkshire Art Circus, a local 
authority-sponsored workshop in 
Castleford, said the group had pub- 
lished three miners' autobiogra- 
phies which had only one feature in 
common: all three men knew Latin 
(one had Greek and Hebrew, too). 
Another miner had exhibited his 
charcoal sketches of underground 
scenes at the Royal Festival Hall in 
London, and had sold every one. 

If the public has relished the cul- 
tural pyrotechnics of mining com- 
munities, miners themselves have 
always been ambivalent about the 
job. No doubt, it was the difficulty, 
danger - and formerly poverty - of 
the work that created the impres- 
sive structure of self-help, charity 
and solidarity in pit villages. There 
were Christinas parties for the pen- 
sioners, trips to the seaside and 
cheap booze at the welfare club. 
There were bands and parades and 
festivals, such as the Durham Min- 
ers’ Gala now struggling to survive 
into its 110th year, where Labour 
politicians were permitted to 
address the rank-and-file of the 
movement 

The miners' union was a social 
institution, recorded Will Paynter, 
the Welsh miners' leader, in his 
autobiography: “Harassed wives 
who had fallen behind in hire- 


purchase instalments on some 
household goods, or had accumu- 
lated arrears of rent . . . would 
require letters to be sent. Many 
times have I appeared in the local 
court to testify as to the character 
of a man or child who had fallen 
foul or the law.” 

But if there was a choice or other 
work, miners often looked for it. A 
boy who tamely followed his father 
down the pit was not necessarily 
seen as a recruit to the praetorian 
guard of the proletariat, says Robert 
Houston, former editor of The 
Miner, the NUM journal - he might 
just be too thick to get a job any- 
where else. The youth in the work- 
ing men's club with his hand round 
a pint of bitter is not necessarily a 
miner, he is just as likely to be a 
hairdresser. But escaping was never 
easy. 

Neil Greatrex, leader of the 
Nottinghamshire-based Union of 
Democratic Mine workers, wanted to 
join the army as an engineering 
cadet. His mother was keen but his 
father refused to sign the paper, 
saying; “What's good enough for me 
is good for you.” Because of the 
union split, Greatrex's rather 
stopped talking to his son at the 
start of the strike, and died five 
years later without relenting - an 
example of how the 1984-85 strike 
tested solidarity to destruction. 

Some, like Houston, escaped into 
journalism. Others found an exit 
via the colliery brass band into pro- 
fessional music. Football has prof- 
ited enormously from Scottish min- 
ing: the same coalfield delivered up 
Sir Matt Busby, Bill Shank] y, Jock 
Stein and George Graham, the pres- 
ent Arsenal manager. From the 
north-east coalfield came, among 
others, the Charlton brothers and 
Bobby Robson. They say in the 
north that if you wanted a good 
team all you had to do was go and 
shout down the nearest pit-shaft. 

The same austere climate pro- 
duced some remarkable political 
leaders - who did not in most cases 
seek to enter the House of Com- 
mons; indeed, parliament was often 
seen by ambitious union men as a 
place to which rivals could safely be 
dispatched. Sometimes, as in the 
case of Lawrence Daly, this extra- 
parliamentary skill was combined 
with extraordinary intellectual flair 
and gift of oratory. The passion for 
self-education, especially in Scot- 
land and South Wales, was most 
marked on tire political left. Profes- 
sor Allen observes haughtily that 
“there are no books by any of the 
right-wing leaders of the National 
Union of Mineworkers." 

Continued on Page XTV 


It is 10 years since the last miners' 
strike. Since then , nine out of every 
10 pits have stopped producing. 

It is not only coal that has been 
lost. A whole culture is disappearing 
with it , writes Christian Tyler 


CONTENTS 



jod & Drtnfc Tacky tipples to 


XV 


: What to wear on the 
hes of the world XVI 


Reefing: A took forward to the 
itricht antique fair XVIII 

: Judy Dempsey 
ntera plates the Balkan tragedy XXI 


mrb On the fast track to rugby 
ccess XXIV 

•spa tches : Does democracy 
ike you decadent? XXVI 



v to find your way through the maze 
notor Insurance Page W 


JO. CtvMO, Crocaword 

ton 

too* ttwFamfly 
I & Drink 
lentog 
To Spond ft 
Me Lawson 
tots 

m Morgen 
tog Yow Own 
•ring 

' as! Thompron-Nooi 
V 

Ratflo 


XIX. XX 
XXI 

XXV 
XVI 

Ut'XI 

XV 

xxm 

XVB 

XXVI 

xw 

xn 

xxiv 

XXIV 

XXM 

xn 

xxv 


The Long View/Barry Riley 

Optional extras 


a*. It seems that Kenneth 

\ Clarke, the sharp-eyed 

it . - ,-typ- & chancellor of the exche- 
quer, has noticed that 
one or two top British 
businessmen appear to 
be paying themselves 
too much. The same 
conclusion has been 
reached, at last, by 
some of the institutional shareholders 
who have tolerated the amazing escala- 
tion of boardroom pay over the years. 

The case of John Cahill, the retiring 
British Aerospace chairman, who has 
taken a £3 2m profit on share options 
after failing to complete the term of his 
contract, is just the latest of many. The 
newspapers are full of stories of escalat- 
ing salaries, backed by profits on share 
options which have often been enjoyed 
not just by brave and skilful risk-takers 
but by the bureaucratic bosses of priva- 
tised monopoly utilities. 

To the politicians there is the extra 
niggle of the constantly widening differ- 
ential between their pay and that of the 
private sector elite. Every attempt to 
raise the salaries of MPs and ministers 
arouses public fury. But the implied 
reduction in the incentive to take up a 
political career, and the progressive 
reduction in quality of those in politics, 
is rarely discussed, however obvious it 
is becoming. 

Institutional investors are especially 
concerned because it happens that 
man y companies wQl be replacing their 
executive share option schemes in the 
coming months. This is because many 
10-year plans were implemented in 1984. 
after changes in the tax legislation, and 
are due for renewal. 

The option scheme replacement sea- 
son got off to a bad start with an argu- 
ment over the proposal last month by 
the big unit trust group M&G. This was 
declared in breach of the official institu- 
tional guidelines. But M&G went ahead 
anyway, which was especially signifi- 
cant because until a few years ago, 
when led by David Hopkinson, it was a 
leader in promoting the principles of 
good corporate governance. 

M&G’s alleged sin was in linking its 


options simply to the share price. But 
because the share price of an invest- 
ment management company effectively 
represents a geared-up play on the 
stock market, the options will become 
very valuable in a bull market regard- 
less of whether tire company is doing 
well. The big shareholders insist that 
options should only become valuable 
when the performance of the company 
can be shown to have improved against 
a clearly defined benchmark. 

Another fund management company, 
Gartmore, which was recently floated, 
is seeking to devise a more complicated 
plan. Probably its formula will provide 
that the options will not become exer- 
cisable unless the share price has per- 
formed at least in line with the average 
All-Share Index constituent, and will 
not reach full value unless the shares 
are among the top 25 per cent for per- 
formance. 

Institutional investors are seeking to 
organise themselves in order to block 
nonconforming executive share option 
schemes. With many companies they 
will be able to do so (although they 
were powerless at M&G where the 
scheme was voted through by a big 
shareholder, a charitable trust). The 
proxy battle is a messy and undignified 
way of imposing shareholders' wishes, 
however. The institutions’ preferred 
method of gaining control over the 
explosion of top executives’ pay and 
bonuses was set out in the report of the 
Cadbury committee, in the shape of a 
remuneration committee made up of 
non-executive directors. 

I n theory the paragons on such a 
committee are raised above the 
normal pressures of greed and 
envy and can lay down objective 
judgments. The practice is different. 
Sometimes these non-executive direc- 
tors are executive directors of other 
companies. They are simply approving 
each others’ pay increases. Even when 
not personally slotted into the spiral, 
they are under pressure to go along 
with what is happening elsewhere. 

Institutional shareholders are subject 
to conflicts of interest. Many of the big 


ones are listed, and have highly- 
remunerated chief executives who are 
not particularly keen to make low-paid 
examples of themselves. 

The idea behind option schemes is 
that they should reinforce the common 
interests of shareholders and execu- 
tives. When companies are no longer 
run by proprietors but by their poorly- 
supervised. hirelings there is a need to 
design rewards that reflect sharehold- 
ers’ objectives. Otherwise, managers 
will, for instance, go on empire-building 
sprees that do nothing for the share 
price or earnings per share. 

T he institutions cannot agree 
on exactly how option 
schemes should be designed. 
Those based on earnings tar- 
gets are criticised (by M &-G. for 
instance) on the grounds that the fig- 
ures can be cynically manipulated. 
Alternative approaches based upon 
beating market indices or sector aver- 
age performances are also flawed, 
because they may encourage sbort- 
termism and may simply reward good 
fortune, as with the monopoly priva- 
tised utilities. Declining industries may 
need good management too, but will 
not readily get it if remuneration 
depends on beating the share price 
trends in growth sectors. 

Consequently the pension funds are 
hedging their bets by requiring that 
companies devise their own customised 
performance objectives and obtain 
shareholders’ approval But this does 
not exactly sound like decisive leader- 
ship, and could leave managers strug- 
gling to understand what their evasive 
proprietors really want: the uncertainty 
looks like providing something of a 
bonanza for expensive consultants. 

As for those schemes devised a 
decade ago, they appear to have encour- 
aged a relatively good UK stock market 
performance by international stan- 
dards. but they expire in circumstances 
in which UK companies are arguably 
overdistributing and underinvesting. 
Doubtless, the well-paid managers have 
been correctly respecting the priorities 
of their institutional shareholders. 



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FINANCIAL TIMES WEEKEND MARCH S/MARCH 6 1994 


MARKETS 


London 


Falling prices better value? 


Donner and 
blitzen scatter 
investors 


FT-SE 100 index 
Rffefl historic earnings ratio 


FT-SS 100 index 
Dividend ytekJ 


Roderick Oram 



T he Germans unveiled 
on Wednesday a 
whispering arrow and 
a roaring thunder- 
bolt, each with distinctly dif- 
ferent effects on their respec- 
tive target markets. 

The former, a magnetic levi- 
tation train under spasmodic 
development since the 1930s, 
will make 'less noise than a 
Volkswagen minibus" as its 
whisks passengers from Berlin 
to Hamburg at 250 mph. 

The latter, the M3 measure 
of money supply under Intense 
pressure since German unifica- 
tion in 1990. scattered investors 
in its wake as news of its 20.6 
per cent rise in January roared 
through global markets. 

What with US growth, price 
and employment figures also 
giving investors further oppor- 
tunity to worry, it was another 
highly volatile week for equi- 
ties and bonds around the 
world. Buffeted by these forces, 
London stocks rose on the first 
and last days of the week but 
had a couple of sharply down 
days in between. The FT-SE 
100 index swung some 80 


points during the week but 
ended only a net 3.2 points 
down at 3JS7S. 

The Footsie has now 
retreated 242 points, or 6.9 per 
cent, since its record high of 
3,520.3 on February 2, two days 
before the Federal Reserve 
unleashed an interest rate rise 
in the US and resulting market 
mayhem around the world. 

For all the earnest efforts of 
analysts to decouple UK and 
European bonds from US 
bonds by arguing tha t inflation 
and growth trends over here 
argue for falling interest rates, 
European bonds have taken a 
hammering. UK gilts have 
fared worst. They notched a 
negative 3.47 per cent total 
return In February, the sharp- 
est drop among the 13 biggest 
bond markets around the 
world. 

The clear consensus is that 
the bond market sell-off has 
been greatly over-done. Fears 
of infla tion and sharp tighten- 
ing of policy by the Fed are 
excessive; worries about the 
Bundesbank’s inability to cut 
German interest rates soon 


20 ?- 


juh 1993 

SoutK FT Graphke 


94 


3J3 1 


Sep 1992 


93 


94 


because of the runaway money 
supply are unfounded. Once 
the Fed raises rates slightly 
and European central banks 
resume lowering their own, 
stability will return to bond 
and thus stock markets. 

Into this soothing b alm 
dropped this week a challeng- 
ing report on commodities, 
inflatio n and the markets by 
Klein wort Benson. “We regard 
the sharp rise in global band 
yields as warranted by the fun- 
damentals,” says Albert 
Edwards, Kleinwort’s global 
strategist who had accurately 
forecast the markets' recent 
turmoil. 

For the first time all 15 
prices in Kleinwort's commod- 
ity Index are rising. A year 
ago, only seven were rising. 
The index, which boasts a 
higher correlation to OECD 
GDP growth and world indus- 
trial production than compet- 
ing Indices, has shown a dra- 


matic rise over the past year. 
When the index has reacted 
this level in the past, the 
growth rate of OECD industrial 
production has accelerated to 5 
per cent or better within a 
year. 

“Rarely has (the index) 
reached its current level with- 
out inflation turning decisively 
upwards in the next year to 18 
months,” the report concludes. 
“We also suspect that non-US 
bond markets will continue to 
be adversely effected by the 
global inflation threat.” 

Kleinwort is gloomy enough 
to advise investors to bold sub- 
stantial cash. To satisfy the 
remaining equity component 
in its assets allocation, it is 
steering Investors towards 
markets likely to spring posi- 
tive earnings surprises: only 
Japan and the UK qualify on 
that score for a hefty over- 
weight position. 


HIGHLIGHTS OF THE WEEK 


Price 

y'day 

Change 
on week 

1903/94 

High 

1993/94 

LOW 


FT-SE 100 Index 

3278.0 

-3.2 

3520.3 

2737.6 

Bond market uncertainty 

FT-SE Mid 250 Index 

3927.3 

<-7.4 

41528 

28763 

Focus remains on bkm chips 

BET 

133% 

-8V5 

162 

84 

Brokers downgradings 

Barclays 

512 

-29 

652 

382 

Bond market turbulence 

Clayton San 

127 

+14 

150 

55 

Agreed bid 

Close Bros. 

445 

-54 

569 

250 

Market turbulence upsets bank stocks 

Cowie (T) 

328 

+11 

348 

156 

Simper flguras 

Forte 

269 

+10 

285 

170 

Savoy takeover speculation 

Grenade 

549 

-13 

598 

341 

Stock seifing after LWT bid 

HSBC (rap eta) 

860 

-78 

1113 

490 

Profit- taking/Hong Kong market weak 

La«ng (J) A 

400 

+15 

428 

196 

BZW buy recommendation 

Schraders HV 

1100 

-73 

1360 

387% 

FT-SE 100 status under threat 

Smiths tads. 

491 

+12 

52734 

320 

Warburg recommendation 

Standard Chartered 

1115 

-112 

1437 

576 

HK markets weak/with HSBC 

Warburg (SG) 

824 

-60 

1012 

529 

Banda/gRts weakness 


T he steep fall in UK 
share prices over the 
past month certainly 
makes stocks look 
superficially better value in 
terms of price /earnings ratio 
ami dividend yield. Both yard- 
sticks have retreated from the 
uncomfortable levels they 
clocked at the market's peak. 
The rare, fervently bullish ana- 
lysts such as James Capel, 
have been joined recently by 
many others. 

In spite of all the mayhem in 
the markets, trading vol umes 
have been relatively light on 
down days while up days have 
encouraged quite wide buying 
from investors. Some erf them, 
of course, will be trying to ride 
every twist and turn of the 
market, so exacting nan be the 
measures to which fund man - 
agers have to perform. 

The point was driven home 


this week by the news that last 
year pension fond managers 
achieved, on average, a 27.9 per 
cent rise in their equity portfo- 
lios against a rise of 28.4 per 
cent in the FT-SE-A All-Share 
Index. For many, the cause 
was being underweight in 
shares of HSBC, parent of 
Hongkong and Shanghai Bank 
and Midland Bank 

HSBC was the star results 
reporter of this week. Pre-tax 
profits rose 51 per cent to 
£L58bn within which Midland 
quadrupled its profits to 
£844m. The group’s full-year 
dividend rose 24 per cent to 
23.5p. Rather disturbingly, 
though, rubn of the profits 
came from foreign exchange 
and capital market trading. It 
admitted this was a perfor- 
mance it was unlikely to 
repeat this year, even with a 
£26bn bond portfolio. 

In the home-grown UK cor- 
porate sector, the news was 
positive almost without excep- 
tion. In the engineering sector. 
Vickers said it had “turned the 
corner" althou gh OK N T is still 
being dragged down by the 
slump in continental European 
vehicle production. Cookson 
(industrial materials), Zeneca 
(drugs). Associated British 
Ports (port operations and 
property), Serco (business ser- 
vices), General Accident (com- 
posite insurance) and T. Cowie 
and Henlys (car dealers) 
reported sharply higher 1993 
profits. 

Ladbroke, the hotel, casino 
and betting group, cut its divi- 
dend for the first time in Us 
27-year pubic history and took 
hefty writedowns on its proper- 
ties. But investors had long 
ago priced in these reforms of 
new management and the 
shares have been one of the 
best p erfo rmer s this year. 


Serious Money 


When it pays to 
be suspicious 


GiUian O’Connor, personal finance editor 


S ome 35 years ago, 
American investment 
guru Benjamin Gra- 
ham* wrote: “An ele- 
mentary requirement for the 
Intelligent investor is an abil- 
ity to resist the blandishments 
of salesmen offering new com- 
mon-stock issues during bull 
markets.” Unfortunately, for 
too many private investors 
have failed to take heed. 

New issues flooded on to the 
London market in 1993 and 
have continued this year; 
March alone will see newcom- 
ers worth more than £3bn. Hie 
list is eclectic enough to fit 
most fancies - department 
stores, housebuilders, drug 
developers, even a Ghanaian 
gold miner - and some of the 
prices asked pay scant regard 
to the market's recent qneasi- 
ness. But, as usual, many pri- 
vate investors are patting 
more effort into tractate: down 
the newcomers than searching 
for good value among compa- 
nies quoted already. 

It would be unfair to suggest 
that all the newcomers will be 
bad investments, but it is sen- 
sible to be even more selective 
than normal when buying new 
issues. In the first place, these 
tend generally to come in 
waves near the top of a bull 
market So, even If they are 
good companies, you are likely 
to be buying into the stock 
market at a bad time. 

Second, all too many compa- 
nies arrive with the best of 
their growth behind them, or 
when stock market expecta- 
tions for their type of business 
are unrealistically high. Some- 
times, the major shareholders 
are looking for a profitable 
time to offload a lot of then- 
shares, perhaps to repay debts 
incurred in an earlier buyout 
To quote Graham again: “Most 
new issues are sold under 
‘favourable’ market conditions 
- which means favourable for 
the seller and, consequently, 
less favourable for the buyer." 

Anyone doubting that issues 
flow fastest in a boll market 
needs only to remember the 


mid-1980s or look around him 
now. But is there any evidence 
that new Issues are generally 
expensive relative to other 
companies quoted already on 
the market? 

Academic research suggests 
that, on average, they outper- 
form on the first day after the 
issue but do substantially 
worse than the market over 
the next few years. Over a 
three-year period, US issues 
lagged by 30 per cent and those 
in the UK by a comparatively 
modest 11 per cent**. Compa- 
nies that started best tended to 
finish furthest behind. 


A couple of surveys 
conducted by the 
Investors Chronicle 
in the mid-1980s 
added s ome detail to this pat- 
tern. They showed that share 
prices of many of the most 
fashionable Issues performed a 
parabola - they went up like a 
rocket for a few months but 
then burned out But the sur- 
veys also showed very large 
variations in performance 
between different companies. 
The general message seemed to 
be that, provided you were 
selective, buying new issues 
need not be disastrous. 

That conclusion still begs an 
important question, though. 
Can private investors actually 
buy shares during the launch 
period and at the issue price? 

Doing so has become increas- 
ingly difficult Popular issues 
which are open to the public 
tend to be heavily over-sub- 
scribed. All too often, private 
investors either receive no 
shares or a derisory number. 

Then, too, many Issues seem 
to have become “shares for the 
boys.” Smaller companies sell 
all their shares through plac- 
ings with large institutional 
investors - which means that 
private investors’ first opportu- 
nity to buy them is in the sec- 
ondary market after the price 
has risen. This week, even 
House of Fraser, hardly a min- 
now, announced that it is mak- 
ing only a quarter of its issue 


available to private Individu- 
als. The odds ore becoming 
weighted ever more heavily 
against the private buyer. 

But several of the latest crop 
of launches arc investment 
trusts. Indeed, the three largest 
have raised a remarkable 
EL.5bn between them. Perhaps 
investors who buy new funds 
have a better chance of success 
than those taking a direct 
stake in individual companies. 
After all, the interests of fund 
managers, unlike those or the 
promoters of individual compa- 
nies, ought to be identical with 
those of investors. 

A recent study by the Lon- 
don Business School*** sug- 
gests that new investment 
trusts behave very much like 
other new companies. Rather 
Magically, their share prices 
tend also to go to a (small) 
initial premium over the 
launch price. Over the longer 
term they tend, on average, to 
underperform both the UK 
market as a whole and their 
chosen sector. 

The study shows no correla- 
tion between early strength 
and subsequent weakness. But 
a g ain , there is a marked varia- 
tion between the records of 
individual trusts. 

The flaw in all such research 
is that there is no guarantee 
that past price patterns will be 
repeated. This Is particularly 
relevant with investment 
trusts, where discounts were 
still common when the LBS 
study was started. 

Overall, though, the evidence 
still suggests that if you want 
to try your band at new issues, 
it pays to be suspicious, if not 
paranoid. Or, as Graham puts 
it: “New issues have special 
salesmanship behind them, 
which calls for a special degree 
of sales resistance." 

*The Intelligent Investor, by 
Benjamin Graham, Harper & 
Roto $30; ** Sundry papers by J 
Bitter and M Levis; *** Invest- 
ment trust IPOs : Issuing behav- 
iour and price performance, by 
Mario Levis and Dylan 
Thomas. 


AT A GLANCE 


UK house prices 


UK new issues 


Index. aoasonaSy adjusted 
1983 a 100 

230 - - 



190 1 


1989 90 91 92 S3 94 
Soiree: HaHta 


0 


196082 64 86 S8 90 92 
Sauce: Stock Exchange 


Conflicting information 
on house prices 


House prices Increased by 2JL per cent last month, the biggest 
monthly gain since September 1988, according to Halifax, the 
largest mortgage lender. The figures conflict with Nationwide, the 
country's second largest building society, which said that UK 
house prices on average fell by 0.6 per cent in February 
compared with January. Prices are still well below their 1989 
peak. 

The societies are in closer agreement on the annual rate of 
increase, with Nationwide reporting 3.2 per cent and Halifax 3.8 
per cent Both are forecasting an increase in house prices of 5 
per cent by the end of the year. 


New issues keep on rolling 


The stream ot new Issues keeps on coming. Mercury European 
Privatisation became the largest investment trust ever launched. 
House of Fraser confirmed that the Fayeds are selling the whale 
of the equity, although only a quarter will be available to the 
public. And Birmingham Post publisher. Midland Independent 
Newspapers, named its price. Page IV 


A reprieve from the Revenue 


Enterprise Zones have earned a reprieve from the Revenue: 

These are 2S-year investments but sponsors of enterprise zone 
trusts have been able to provide an exit to private Investors 
much sooner through the sale of a lesser Interest, in Janu&y. the 
government threatened to disallow this but last week relaxed the 
rule, so that investors would be able to leave after seven years. 
Johnson Fry. Matrix Securities and Capital Ventures have 
announced new EZT launches in the wake of the Inland 
Revenue's new measure. 


More bonus rates announced 


Two more insurance companies have announced this year's 
bonus rates for with-profits policies. Axa Equity & Law has 
Increased terminal bonus rates for policies of 20 years or more, 
but cut them for terms of less than 15 years. 

This means that the maturity value of a with-profits endowment 
policy taken out by a man aged 29 paying £30 a month would be 
£62,660 after 25 years, up 3.1 per cent from last year, but £6.478 
after 10 years, down 3.8 per cent 

Scottish Amicable is one of the few insurers to improve payouts 
on 10-year policies. Reversionary bonuses on most of the 
company’s polities are lower, but maturity values have mostly 
increased. 

A 25-year policy on the above basis would be worth £59,678. up 
0.1 per cent, while a 10-year policy would pay £6,244, up 1.1 per 
cent 


Smaller company shares decline 


Smaller company shares fed back again this week. The Hoarg 
Govett Smaller Companies Index (capital gains version) fell 3 per 
cent to 1823.19 over the week to March 3. The FT-SE-A 
All-Share Index fed 0.6 per cent over the same period. 


Wall Street 


Job figures trigger a sigh of relief 


A fter an anxious 
wait. Wall Street 
breathed a sigh of 
relief when the Feb- 
ruary employment report was 
released yesterday. 

In the financial markets, the 
monthly jobs report is always 
the most keenly awaited of 
economic indicators, bnt this 
latest set of figures was 
deemed especially important 
because of what had preceded 
its release: four days of frantic 
trading in which stock and 
bond prices fluctuated wildly 
amid growing investor con- 
cent about inflation, rising 
interest rates, and a possible 
US-Japan trade war. 

Thus, as the Labor Depart- 
ment was preparing to 
announce the February jobs 
figures yesterday morning. 
Wall Street was holding its 
breath. A bigger than expected 
rise in non-farm payrolls and 
the Federal Reserve might 
decide to put op interest rates 
again. (The last monetary 
tightening came on February 
4). A smaller than expected 
rise and the threat of a rate 
increase would recede, at least 
for another month. 

Yet, as often happens, the 
report served initially only to 


confuse, rather than clarify, 
the atuation for financial mar- 
kets. Tbe headline number 
was a 217,000 increase In non- 
farm payrolls, which was well 
above analysts* forecasts. 
Also, the decline in the 
national unemployment rate - 
from 6.7 to 6J> per cent - sur- 
prised Wan Street, which had 
been expecting no movement 

First reaction came from the 
Treasury market, where the 
price of the benchmark 30-year 
government bond quickly 
dropped three-quarters of a 
point, pushing the yield above 
6.9 per cent The initial 
assumption was that because 
the figures were strong, the 
Fed would tighten monetary 
policy again, and soon. 

The sell-off in the bond mar- 
ket, however, did not last 
long. When analysts took a 
second look at the employment 
numbers, they noticed that the 
January payroll figure had 
been revised downwards. Orig- 
inally, payrolls were estimated 
to have risen 62.000 in the 
first month of the year. Now, 
tbe Labor Department says 
payrolls actually declined In 
January, by 2,000. 

The new figure means that, 
in the first two months of this 


Dow Jones Industrial Average 



O0C 
1999 

Souca: FT Graphite 


year, growth in payrolls has 
averaged little more than 
100,000, which is below the 
two-month average recorded 
in the second half of 1993. For 
investors worried that acceler- 
ating economic growth and a 
rapidly-growing labour market 
would prompt another interest 
rate Increase, this was good 
news. 

There was more good news 
when the Bureau of Labor Sta- 


tistics (the office which com- 
piles tiie monthly jobs data) 
said it might have to revise 
the February payroll number 
downward as well. Tbe BLS 
said that, because of recent 
severe winter weaiber, a 
smaller than normal number 
of companies had responded to 
its January and February sur- 
veys. When those companies 
which were unable to respond 
In February Finally report 


their employment numbers, 
said the BLS, it is likely that 
the increase in payrolls win be 
revised downward - as hap- 
pened in January. 

This was all positive for the 

Treasury market and, in turn, 

pleased stock market investors 
who have been watching with 
growing dismay the steady 
rise in long-term bond yields. 
Consequently, share prices 
more than held their own on 
Friday morning, with the Dow 
Jones Industrial Average sit- 
ting on a 20-point gain by mid- 
day. 

Yet, the threat of another 
rate Increase has not receded 
entirely. One of tbe reasons 
the Fed tightened policy in 
February was that it wanted to 
curb investors' inflationary 
expectations. By putting up 
interest rates earlier than 
most observers had expected, 
the Fed hoped it could ease the 
market's inflation fears and 
see a decline soon in long-term 
Interest rates. 

This theory, however, has 
proved Invalid so for. Since 
the Fed’s tightening, long-term 
rates have climbed sharply. At 
the start of February, the 30- 
year bond yield stood at 6.3 
per cent Today, it stands at 


well over 6.8 per cent If the 
Fed still believes it can lower 
long-term interest rates by 
raising short-term interest 
rates, then logic dictates that 
the central bank will try once 
again to dampen inflationary 
expectations with a rate 
increase. Stock and bond mar- 
ket investors - yesterday's 
encouraging employment 
report notwithstanding - must 
know this. 

Then there is the little prob- 
lem of a possible trade war 
with Japan. On Thursday, 
President Clinton revived a 
provision that allows the US to 
Impose sanctions against coun- 
tries with unacceptable trade 
barriers. Although this was 
interpreted as a warning shot, 
the financial markets tremble 
at the prospect of a trade war 
because sanctions would put 
up the price of Japanese goods 
sold in the tfS. Given inves- 
tors’ obsession about Inflation, 
this is an unwelcome prospect 


Patrick Harverson 


Monday 3832.02 - 6.76 

Tuesday 3809.23 - 22.79 

Wednesday 383L74 + 22.51' 

Thursday 3824.42 - 7.32 

Friday 


I f the bank sector were a 
group of children. Abbey 
National would be the 
one playing quietly on its 
own. while the others rushed 
around getting into scrapes 
together. 

Now almost five years old as 
a banking group - after a pre- 
vious existence going back 150 
years as a building society - 
Abbey still has many of its for- 
mer characteristics. These help 
to explain why its performance 
has been steadier than those of 
its competitors. 

The disadvantage of such 
steadiness, however, is that It 
lacks the opportunities for 
rapid growth In bouncing back 
from disastrous mistakes. 
Abbey's 25 per cent increase in 
pre-tax profits in 1993 
announced this week, is rela- 
tively small compared with the 
recovery of other banks such 
as TSB, Midland and National 
Westminster. 

Over 1991 and 1992. Abbey’s 
share price outperformed the 
FT-SE-A Banks Index as the 
other bank stocks were more 
dragged down by tbe recession. 
Their exposure to bad corpo- 
rate loans, for example, had a 
greater impact on them than 


The Bottom Line 


The Abbey: safe as houses 


did Abbey’s to bad mortgages. 
As the other shares fell, their 
dividend yields rose relative to 
Abbey's. But over the last cou- 
ple of years, the major clearers 
have recovered more rapidly 
than Abbey, reversing the rela- 
tive trends on share prices and 
dividends. 

This Is not to say that Abbey 
has made no mistakes: the 1993 
results gave two clear exam- 
ples of making up for lost 
ground, in the £30m excep- 
tional charge for the disposal 
of the Cornerstone estate 
agency, and the fell in provi- 
sions for bad debts in the UK 
to £U9m (£227m). 

The benefits from these 
recoveries will not recur on the 
same scale, but the £99m provi- 
sions on the European side for 
1993 will fen this year, boost- 
ing pre-tax profits for the cur- 
rent year. 

With only limited further 
gains to be reaped for felling 


Abbey National 


Share price relative to the 
FT-SE-A Banks Index 
180 — 


Dtvktena yisH divided toy the 
FT-SEA Banks dividend yteW 
i.i 



1890 81 

Soiree; Datesream 


1990 


provisions, however, the ques- 
tion is where Abbey’s future 
growth will come from. 

Hugh Pye, of BZW research, 
believes that Abbey is one of 
the few In the banking sector 
which will achieve underlying 
growth in the coming years, 
from increases in profits for 


the life insurance business and 
tbe treasury operation. 

Scottish Mutual, a wholly- 
owned life-insurance subsid- 
iary, contributed £40m to pre- 
tax profits in 1993, while Abbey 
National Life contributed 
£2im. Pre-tax profits from the 
treasury operation rose 


sharply to £145m, from £100m 
in 1992. 

Peter Toeman, banking ana- 
lyst at Hoare Govett, Is more 
sceptical about the future con- 
tribution these two elements of 
the group can mak e, and 
emphasises the competition for 
the core UK retail banking 
operation which is putting 
pressure on tbe group’s net 
interest Income. UK retail 
banking accounted for £618m 
of the £704m pre-tax profits. 

Toeman says that even if 
Scottish Mutual and Abbey 
National Life provided an extra 
£20m-£30m in pre-tax profits 
this year, a 10-basis-point fell 
in the lending margin would 
cut £60m from Abbey's profits. 

John Aitken, analyst at UBS, 
questions how sustainable the 
treasury profits are. Even 
those who believe they will 
continue to grow believe that 
they will not grow as rapidly 
as they did in 1993. 


Alison Smith 



♦ ^ 
,’:0 ■ 
Su 1 j 

M t 


* . t 


f ? 


M! i 

|l * 

t 


. I Y 4 

,M i : 

vi; i * i ' 


11 * 

i M 


s 


^ * i 1 ■ 


Whatever doubts analysts 
may have about Abbey's future 
growth prospects, however, 
they are agreed on one matter: 
Abbey pays good dividends. 

Each year since its conver- 
sion, Abbey has raised its full- 
year net dividend per share. 

Hie 1989 dividend of 5.7p per 
share compared with the 14.0p 
dividend for 1993, shows com- 
pound growth beyond that <rf 
Lloyds bank, the best perform- 
ing of the major clearers, 
where the 1389 dividend was 
13 Jp per share compared with 
22.1p in 1993. 

it has, however, been able to 
maintain that consistency only 
by changing Its policy that div- 
idends should be covered by 
earnings three times.The 1993 
dividend is covered by earn- 
ings just 2.1 times. 4 

This emphasis on income 
may suggest that Abbey’s rela- 
tionship with its shareholders 
is still reminiscent of that cf a 
building society and Its mem- 
bers. If it is to produce livelier 
prospects, both Abbey and its 
shareholders may have to 
accept that greater rewards 
come only with greater risks. 




FINANCE AND THE FAMILY 


t 0 Shop around 
■’°us for the best 
car insurance 

Bethan Hutton finds a few telephone 
calls can result in serious savings 


S hopping around for motor 
insurance really pays. 
You might find a quote 
for half your present pre- 
mium if you just took 
time to make a few telephone calls. 

Research by Telesure, one of the 
new telephone-based insurance bro- 
kers, found differences in premiums 
of more than 100 pear cent in some 
cases, and 30 or 40 per cent in 
many. That can easily mean a sav- 
ing of £100 or more. “I think that 
rating, overall, is very random,'’ 
says Simon Ward, Telesure’s chief 
executive. 

insurers set their rates in line 
with their own claims’ experience. 
So, if your insurer has had a lot of 
these from drivers with your model 
of car. or living in your area, your 
premiums could rise. Another 
insurer with far fewer claims would 
offer you a much better rate. 

But if your renewal is due next 
month, and you start to shop 
around now. you cannot rely on get- 
ting the same rate in a few weeks. 
Premiums can change significantly 
from month to month, let alone 
year to year or between companies . 

There are many loyal (or lazy) 
customers who renew every year 
with the same company assuming 
that, if their premiums are rising; 
other companies will be raising 
rates in the same way. 

Unfortunately that is not neces- 
sarily the case: your insurer will 
have no compunction about bump- 
ing up rates for existing customers, 
while a rival might be keen to 
attract new business and would 
make you a much better offer. Most 
insurers wfl] accept transferred no- 
claims bonuses, so you do not have 
to feel tied. 

The motor insurance market is 
just emerging from a period of steep 
price rises - more than 20 per cent 
a year - to compensate for horren- 
dous claim rates due to crime and 
the recession. The industry is also 
chang in g shape as the arrival of 
Direct Line, die cost-cutting, tele- 
phone-based direct insurer, and Its 
imitators force the old giants of the 


DIRECT INSURERS 


Admiral 0800 BOOBOO 

ChurehK 0600 200300 

Drat Lina 081 686 2468 

GA 1-2-1 0800 121000 

Guardian Direct 0206 222200 

The insurance Service 0272 242222 
P r efe rred Direct 0800 850750 

TELEPHONE BROKERS 
AA Autoquote 0800 444777 

OneQuota* 0881 515515 

SafectOinact 0345 335335 

Tetesure 081 6® 8988 

Insurance Selection' 071 404 2800 

* Qagi math far quaa. 


0881 515515 
0345 335335 
081 665 9988 
071 404 2800 


insurance world to re-think their 
strategies. 

Some sections of the motor insur- 
ance industry are now murmuring 
about a price war. That could be 
exaggerated, but companies moving 
into the direct insurance market 
need to grab a big-enough share of 
the market to justify the huge 
investment in computer systems, 
staff training and so on. 

The easiest way to buOd up mar- 
ket share is to otter low premiums, 
even if that means making a loss 
for the first few years. And if direct 
writers are lowering p remiums , the 
rest of the industry will fight track. 

So, consumers could benefit, at 
least in the short term. Indeed, 
things are looking better for car 
owners than they have for some 
time. 

If insurers want to avoid a price 
war, they may start trying to com- 
pete on other factors, such as ser- 
vice - pr omising to offer smoother 
claims procedures, for example. 
This appears to be the direction 
being taken by the latest entrant to 
the direct market. Guardian Direct. 

It is, however, far less easy for 
consumers to shop around for good 
service than for low prices. The 
proof of good service really comes 
when yon claim - which, with any 
luck, will be long after you have 
made your choice. 

There can be some confusion 
between direct insurers and tele- 
phone lookers, especially as both 



tend to advertise widely with cheap 
insurance offers. 

Direct insurers are those which 
sell only their own policies, and 
only directly to the consumer over 
the telephone. They cut out third 
parties, which reduces administra- 
tive costs, and should allow them to 
charge less. 

Telephone brokers have access to 
quotes from many different insur- 
ers. and use a computer to find the 
lowest for you. Some of them dad 
with a select panel of a dozen insur- 
ers. while others quote for more 
than 100. 

It might appear that telephoning 


a broker Is always a better move 
than calling a direct insurer - why 
get one quote when you can get a 
dozen or more? But there is a catch. 

The direct insurers - which can 
offer highly competitive rates for 
average motorists - do not allow 
their policies to be sold through 
brokers. Some ins ure rs will not sell 
direct, while others offer different 
policies and rates depending on 
whether they are sold direct or 
through a favoured broker. There is 
no single number you can call to 
get access to every policy from 
every insurer. 

So. shopping around is still a 


T here was a time when 
insmance brokers knew 
most of their customers 
personally, bad habits 
and all, and could size up their 
risk level in a moment. 

That has been lost with the 
arrival of the computer age where 
the link between broker or 
insurer and client is a slender 
telephone line and risk 
assessments are based on bare 
details from a form. 

Do not be surprised in future, 
tfrongh. if your insurance 
■salesman starts suddenly to get 
personal, asking if you are 
married or liring with someone, 
whether yon have children, if 
yon smoke, where you work, what 
exactly your job involves, and 
whether you drive to work or 
leave your car at the station. You 
might even be asked about its 
colour. 

This is not idle curiosity - be 
could be trying to form a clearer 
picture of precisely who the 
company is insuring and what 
1 factors are linked to high or low 
claim rates. 

Peter Friend, managing director 
of broker SelectDirect, says the 
correlation between lifestyles 
and claim records is being 
examined very closely by many 
companies. Information 
technology gives insurers the 
power to analyse their own claims 
experience in more sophisticated 
ways, and carry out more 
research into what questions they 
should be asking on their 
proposal forms. 

Norwich Union is one company 
which has been investigating how 
different lifestyle factors might 
relate to future claim rates. The 
results of this research have not 
yet worked through into new 
policies or new questions on the 
proposal form, but Norwich is 
studying the data carefully and 


How lifestyles are likely 
to affect your premium 


time-consuming process, even 
though you can now do most of it 
sitting in an ar mchair by the tele- 
phone. You might have to resign 
yourself to an hour or two on the 
line to half a dozen direct insurers 
or telephone brokers (to make it 
easier, many of them use freephone 
or local rate numbers and operate 
extended office hours). You could 
then spend the next morning or 
lunch break, checking how conven- 
tional highetreet brokers measure 
Up, before making up your mind. 

In the end, the time factor could 
give telephone brokers the edge. 
Giving such details as your car's 


make and model, your address, 
occu pation and accident record over 
the telephone can take several min- 
utes. 

Unless your patience - or eager- 
ness to save money - is boundless, 
you will soon, tire of repeating the 
same information over and over 
again. 

A broker gives access to dozens of 
insurers in the time it would take to 
get a single quote from a direct 
insurer; and as direct insurers pro- 
liferate, you will not want to call 

them all 

Most of the telephone brokers do 
not charge directly for the service - 


product developments could 
follow in the future. 

Some things may seem obvious: 
surely someone who does 30,000 
miles a year is a bigger risk than 
someone who does 3.000? But 
tf the 3,000 is made up of lots 
of short commuting journeys Into 
central London, and the 30,000 
is notched up cruising the empty 
highways of rural Scotland, the 
picture changes. 

Things are not always what 
they seem, or what long-standing 
conventional wisdom would 
indicate. Take journalists, who 
traditionally have bad to bear 
heavy loadings for car insurance. 

When this is analysed, it 
becomes clear that many insurers 
view newspaper and television 
journalists (and. by association, 
anyone in media-related 
professions) as hard drinkers who 
chase ambulances for stories or 
act as unofficial chauffeurs to 
famous interviewees, who then 
sue for vast damages when they 
are involved in an accident- 

The mismatch between this 
image and the actual habits of 
the majority of modem, 
desk-bound, rail-commuting 
journalists is so huge that you 
have to wonder if underwriters 
base their ratings on the exploits 
of fictional journalists from films 
and novels rather than direct 
experience. 

No donbt there are other 
professions, or classes of driver, 
which have less opportunity to 
protest in print bnt could also 
benefit from premiums linked 
more closely to real lifestyles. 
Technology-aided rating 
refinements may yet mean that 
insurers no longer have to take 
the broad-brush approach and 
tar a whole profession with a 
small portion’s bad record. 

B.H. 


they take a commission if you buy 
insurance through them. But a con- 
pie of new telephone-based compa- 
nies are charging consumers more 
directly. 

Insurance Selection charges £15 
to find you the lowest quote from 
its panel of 100 insurers. If the 
quote is not at least £30 less than 
the renewal from your present 
insurer, the £15 is refunded. 

OneQuote takes your details on a 
premium-rate telephone line (36p or 
48p a minute) and finds the lowest 
quote on its system before putting 
you in touch with a local broker 
who is agent for that insurer. 


i i ! » * ! 
. 1 : V. ! 


UK RE 
+ 

mm 





4 






Growth PEP 

35% growth since launch* 




These excellent performance figures were calculated on 3 March 
and take account of the UK stockmarket's falls earlier this week. 
Furthermore, we believe that recent stockmarket weakness makes 
UK equity invested PEPs better value now. 

For further information about any of our UK equity unit trusts and 

, GUINNESS FLIGHT 

PEPs, return the coupon or 




General PEP 

No. I International 
PEP since launch* 


PEP PERFORMANCE OF 
A HIGHER MAGNITUDE. 


Distributor PEP ! 

Launched January 1994 


call 071-522 2111. 


UK EQUITY UNIT TRUSTS AND PEPS 


Return to: Investor Services Department, Guinness Flight Globa! Asset Management Limned, 5 Gainsford Street, London SE1 ZNE. 
Telephone* 071-522 2111. he 071-522 3001. 

Please send me details of your UK equity unit trusts and UK equity PEP*. 


Newton is an independent investment house with a Newton Income and General PEPs is evidence of our 

single, simple purpose in life: to increase the real wealth achievement- For more details of our PEP performance, call 

of our clients. The no. 1 performance since launch of the us, free, on U5fH.I 550 OHO at any rime. Or clip the coupon. 

To: Newton Fund Managers Limited. 71 Queen Victoria Street. London EC4V 4DR. Please send me details of the Newton PEP range 


Postcode 


1m, Cl mrmir 'r nrftTI r~rt* ", vi<a twy**' ! * ■ " ,tim 

Wl^.Soum*fcmatOff»tBoflir.«»wg»ia n —i r H.lnSaifciBWimA«p»<—wiwi»ewt««<rigd*t8*ihw'IfewlMdao nunWf JWIw 
aMn me *niur Wi as mb M rfH Hd i* M gunMnd Mta datfKiai d cfevi BUBS TM B^r net «H bad ■» (BOBS m imM ts^r terani* 

H. 1 8* 1— 4fe 8— U i et h ai fiM i t l ■ ^J .i —fa. alWD aaila— iwu 


Performance above and beyond 

‘Source. Micropal/Daily Telegraph PEPCu.de. figures to 1 st March iW-t from launch (income Fund. 1 / 5 / 85 : General Fund. 2 /*V 9 Qt Growth Fund. I/I 2 /TO on ar, 
offer-io-twd basK inducing gross mcotne reinvested- Growth figures for Income PEP over five years 12 b% Prevailing la* lewis and reliefs are liable tu c lunge and their 
value will depend on your mdr/itAial circumstances. The value of units and the income from them can go down as well as up and investors mav not get bad- the full 
amount invested Past performance is not necessanSy a guide to ihe future Issued br Newton Fund Managers Limited, a membei of If* IPO. LAUTRO and AUTIF 






IV WEEKEND FT 



Central Europe - 
A New Investment 
Opportunity 


Thu Central European Growth Fund PLC will be the first London Stock 
Exchange listed investment trust targeted specifically at investment in the stock 
markets of Central Europe. 

Managed bv CS First Boston Investment Management Limited' and offered by 
CS First Boston Limited* and Cazcnove & Co", the Fund aims tor long term growth 
through investment principally in the securities of companies listed or traded on 
the Prague, Budapest and Warsaw Stock Exchanges or which are expected to be 
listed or traded within two years. 

The economies of Central Europe are beginning to enjoy positive growth and, after 
previous decline, stock markets are now showing exceptional increases. Continued 
privatisation of the companies within these regions should provide a continuing 
source of attractive opportunities for investment. 

The investment manager believes that the economic outlook for Central Europe is 
favourable and that now is the right time to invest. 

Register now for your Mini-Prospectus - by phoning 
081-247 9010 or returning the coupon below. 


CS First Boston 


CAZENOVE 

&CO 


[? The Cenini! European Grvulh Fund PLC. Mitre House, CcuUntry Farit Road, K i rigs ton ■ upon- Thames. "I 
Surrey KT? oLZ. Please register me for a Mini-Prospectus. ft-i j 


Surname: 


Funiuwufsl. 
Addrc»: 


Fosicvde.. 


.Tel No.:. 


1 

1 

I 

Illicit l<\ CS First Boston Limited and Caienave & Co Please note that the pact ami value of an ini'uhnem in the Fund I 
mid the income frvm it ojn go Joien as well os up and ton lo aJtvrsely affected by exchange rale movements. Post ■ 

I performance is nut necessarily a guide to future performance. You may wh gel hack the amount you imeii I 
.-to nuvstmnu tu the Fund may nut be suitable lor eivryoite; you should consult your investment adviser. | 
. This advertisement ts not on offer. Applications should only be mode an the fouis of listing particulars relating to , 
1 The Central hitrapcan Grtvvth Fund PIC. t Member at IMRO "Member of SFA I 

j^H^ENTreA^UROPEA^GROWT^UN^PL^j 


A.*"" 



Appear in the 

Financial Times on Tuesdays, Fridays and Saturdays. 

For further information or to advertise in this section please 

contact 

Karl Loynton on 071 873 4780 


HNANCIALT1MES 

IWfi lUllftllt WWIMC 


FINANCIAL TIMES WEEKEND MARCH S/MARCH 6 1994 

FINANCE AND THE FAMILY 


New issues 

Good 
news 
at last 


Midland Independent 
Newspapers pitched in this 
week with what appears to 
be a significant opportunity 
for investors to take advantage 
of recovery in a severely 
depressed advertising market 
The group announced a 
flotation price of 140p, valuing 
the regional newspaper 
publisher at £193m. 

The historic price to 
earnings ratio of 19.5, based 
on a full tax rate of 33 per cent, 
compares favourably with both 
the sector average of 29.9 times 
and multiples of comparable 
groups such as Trinity 
International and Johnston 
Press. 

MIN has won praise for its 
performance during recession. 
Since the f-iasm management 
buy-out in 1991, margins have 
more than doubled from 9 per 
cent to 21 per cent But the 
improvements may leave 
potential investors wondering 
if most of the benefits of 
revitalising the group and 
improving margins have been 
absorbed already. 

Indeed, this is likely to be 
the case, except with 
newly-acquired titles which 
offer scope for improvement 
in the short term. 

MIN'S main appeal lies in 
its exposure to classified and, 
in particular, recruitment 
advertising. Even small 
increases in volumes are 
expected to fall straight 
through to profit. 

Longer-term questions centre 
On MIN'S underlying potential 
in a historically declining 
market Regional newspapers 
are losing ground steadily to 
other media in terms of both 
audience and their share of 
the advertising market. 

Much will depend on MIN 
developing new opportunities. 
Meanwhile, the price 
announced this week leaves 
many convinced the shares 
will trade on. a premium for 
the short to medium term. 

Peggy JffoIIinger 


HOW ARE YOUR 
INVESTMENTS 
REALLY DOING? 


TRY THIS SIMPLE TEST 


It can be difficult for private investors to assess accurately the performance of their 
portfolios. Bur with the new “Canrrade Calculator”, you can quickly and easily rest 
performance for yourself. 

Developed by Cantrade Investment Management Limited, the Cantrade Calculator 
provides a quarterly indication of the sort of investment returns a representative private 
client portfolio could have achieved, giving you a benchmark against which to assess your 
own performance. 

To order your complimentary copy of the brochure “Introducing the Cantrade Calculator”, 
and to put your name on the mailing list for free quarterly updates, call 071-202 2777 or 
complete and return the coupon below. 


& 


CANTRADE 

INVESTMENT 

MANAGEMENT 

LIMITED 

A NAME TO KNOW. 


125 HIGH HOLBORN, LONDON WCIV 6PY. 
(A Member of Che Union Bank 
of Switzerland Group) 

A Member of IMRO. 


To: Canrrade Calculator Offer 

Cantrade Investment Management Limited, 

125 High Holbom, London WCIV 6PY. 

Please send me a complimentary copy of “Introducing 
the Cantrade Calculator” and put me on the mailing 
list for free quarterly updates. 


Name:.. 

Address: 


Post Code: Telephone: 


The week ahead 


Copper tarnishes RTZ 


IMI, the diversified 
engineering group, is expected 
to announce a small increase 
In annual profits on Monday, 
probably around £70m for 1993 
against £68m for 1992. It has 
been coping with rationalisa- 
tion of its fluid power 
operations and losses an com- 
puter activities. 

More vigorous profits growth 
is held back by the state of 
continental European econo- 
mies, but there should be ris- 
ing revenue from the UK and 
US. 

little better than break-even 
is expected from Fisons, the 
troubled pharmaceuticals and 
scientific equipment group, 
when it reports full-year fig- 
ures on Tuesday. Profits of 
between. £50m and £70m will be 
wiped out by re-structuring 
provisions, particularly at the 
loss-making scientific equip- 
ment division. 

RTZ, the world's biggest min- 
ing company, is expected to 
report net attributable earn- 
ings for 1993 of around £300m 
on Wednesday, up from £249m 
previously. The results will be 
hampered by weak copper 
prices but helped by a strong 
performance from CRA, its 
Australian, associate. 

During the year the group 
has sharpened its focus on 
mining, buying Nerco's US 
coal interests and disposing of 
P illar , its industrial division, 
which is expected to result in a 
£l65m loss after writing back 
goodwill. 

Full-year figures from Cad- 
bury Schweppes, also due on 
Wednesday, will be affected 
heavily by the group's recent 
acquisition programme, includ- 


ing Agues Minerals of Mexico 
and A&W Brands of the US, 
together with last September's 
rights issue. The net result 
could be a rise in pre-tax prof- 
its from £333m to £4Q0m, with 
perhaps £25m of the rise due to 
the weakness of sterling. 

Standard Chartered is expec- 
ted to deliver its first strong 
and unflawed set of results for 
several years on Wednesday, 
with analysts expecting pre-tax 
profits to double from £l97m in 

1992 to about E400m for last 
year. 

Last year’s 20p net dividend 
is expected to be covered up to 
four times by earnings. The 
bank could feel the need to 
underpin its recently volatile 
share price with a strong 
increase in the final dividend. 

The City expects 
Rolls-Royce, the UK aero-en- 
gine and industrial power 
group, to report improved pre- 
tax profits of £60m-£75m for 

1993 on Thursday. In 1992, 
losses were £184m pre-tax. Hav- 
ing launched a £307 m rights 
issue last year, it reported pre- 
tax profits of £31m for the first 
half of 1993. At the interim 
stage, it forecast an unchanged 
dividend of 5p a share for the 
full year. 

Shares in BTR, the UK 
industrial conglomerate, have 
underperformed the market by 
about 20 per cent since last 
August This is likely to be 
exercising its executives before 
the group’s 1993 results on 
Thursday. 

The company first unsettled 
the market by warning in Sep- 
tember that the outlook 
remained uncertain for any 
economic recovery in the 




RESULTS DUE 





OMctemf (pT* 


Company 


Amcmut 

Last year THte year 


Sector 

due 

bit 

Final 

bit 

mUL MMMNM 






Abbott Mead Vfckera 

-Med 

Friday 

10 

63 

32 

Ahtrust Ltayda ins Trust — 

_tnTr 

Friday 

- 

- 

- 

Alliance Treat 

—InTr 

Friday 

ua 

313 

14.0 

BAT Industrial 

— Tob 

Wednesday 


223 

73 

BBA 

— EngV 

Monday 

225 

536 

225 

BTOC 

.FUFF 

Wednesday 

6.0 

1335 

63 

BIT) 

— Dvtn 

Thursday 

7.7S 

HUB 

4.95 

Bodgartim 

_Tran 

Monday 

- 

- 

- 

Barclays. 

_ EmjTK 

Thursday 

6J3 

- 

65 

BtuebM Toys .... 

-L5H 

Wednesday 

- 

43 

- 

Brent International 

_Chem 

Tuesday 

1.0 

53 

1.6 

British Polythene Industries 

-P&PP 

Monday 

3^ 

6.5 

3.75 

British Vtts 

„Chern 

Monday 

3-5 

335 

3.65 

Buntieid 

— Eng 

Tuesday 

1£5 

4.1 

1.65 

Cadbuy Schweppes ... — 

_FUMa 

Wednesday 

13 

33 

as 

Ctmdmr bnestmenta 

-InTr 

Monday 

6.6 

- 

195 

Christies International 

_ReG*i 

Ihursday 

03 

1.0 

03 

Ctarita (1) 

— B&C 

Thursday 


23T 

1-265 

Cusskn Property 

— BSC 

Thureday 

- 

- 

13 

Oe Been Consotitiatsd Mhes 

—Erin 

Tuesday 

- 

- 

- 

Enterprise Oil 

-OSE 

Thursday 

63 

93 

93 

Barter PM Capital hm Trust inTr 

Wednesday 

- 

0339 

- 

Expgmst International 

-Eng 

Tuesday 

ZJ» 

1.16 

1-25 

Ferry Pickering 

_ PP&P 

Thursday 

14 

ao 

2.1 

Flo faidmar 

-Hat 

Thursday 

OS 

- 

0.75 

Ftaons 

_Phm 

Tuesday 

33 

5.4 

33 

Feralgn A CokmU to* Trust _ 

-InTr 

Wednesday 

1.12 

2-23 

1.15 

Forward Technology - 

..FSEE 

Friday 

- 

- 

- 

Qhrtnrote 

,lnTr 

Tuesday 

- 

- 

- 

OftrtMA Dandy 

_BdMd 

Tuesday 

- 

- 

13 

Gtynwwd International 

-Eng 

Wednesday 

4.15 

73 

4.15 

Harrington KKvtde 

-Mod 

Wediesdsy 

13 

33 

1.7 

Hortons 

-Chem 

Monday 

- 

- 

- 

HBwto-nBoMngs 

FflMfl 

Thursday 

22 

63 

22 

Hofkfey Chanties/ 

-Ctam 

WedMfidsy 

- 

- 

13 

M 

-Eng 

Monday 

43 

53 

4 2 

Independent Newspapers . 

-Mod 

Wednesday 

- 

- 

- 


-SpSv 

Tuesday 

13 

13 

13 

Wnn Justitia 

—OtFn 

Monday 

. 

. 

- 

Jacobs (JQ 

-Tran 

Thtasday 

OS 

1.4 

03 

Jessren 

-Obi 

Wednesday 

1.5 

33 

13 

Kerry Groqp 

— FdMa 

Tuesday 

- 

- 

- 

IQuinwort SrnoAar Co'a hnr — 

-InTr 

Wednesday 

2.0 

- 

13 

Kode International 

-ESff 

Thursday 

13 

43 

23 

Laporte 

Own 

Tuesday 

73 

123 

7 A 

H a 0 Income investinam TtetinTr 

Wednesday 

- 

- 

- 

MSG Recovery bivumuiem TstlnTr 

Wednesday 

- 

. 

- 

MU. ktsSrartsrato 


Thursday 

13 

23 

1.7 

Mandere — — 

-Chem 

Thiasdoy 

23 

6.4 

23 

Matte Burnt*) 

-Med 

Wednesday 

2.7 

53 

23 

Mfenwttec — - ... 

-ESEE 

Wedrweday 

- 

« 

w 

Paricdean Leisure 

LAH 

Monday 

- 

- 

- 

Pegasus 

.SpSv 

Tuesday 

33 

23 

23 

PmrUand 

..Text 

Ttxjrsdny 

134 

1.46 

1.16 

Peridns Foods 

_F<ata 

Monday 

1.7 

2.7 

1.75 


-OtSv 

Tuesday 

13 

23 

13 

Portals — — 

-PP&P 

Wednesday 

S3 

95 

535 

RTZ . 

JExhi 

Wadneeday 

63 

133 

133 

Rattius 

-SpSv 

Friday 

03 

13 

045 

Relyon — __ — — 

-Hsa 

Wednesday 

1.75 

115 

1.9 


-Ufa 

Tuesday 

- 

- 

* 

Roto Royce 

-Eng 

Thursday 

235 

2.45 

23 

Select Appointments 

-SpSv 

Wednesday 

- 


- 

Shee-sW6«uls3o«s 

_BdMa 

Thursday 

13 

33 

1.6 

Singapore Para Rubber Estates. OtSv 

TlMSdoy 

- 

1.7 


Stager A FMerttander — 

.Mr» 

Wednesdoy 

13 

13 

135 

Smith a Kapirew 

_Hnh 

Thursday 

13 

23S 

139 

Spear (JW) ... 

-LSH 

Thursday 

23 

115 

33 

Standard Chartered 

-Bank 

Wednesday 

7.0 

133 

73 

Scarrft 

-InTr 

Tuesday 

1j4 


a? 

SwMgh 

-LSH 

Tuesday 

. 



8utar 

_Ov(n 

Tuesday 

3 2 

5.6 

14 

TIN 

.EngV 

Wedneidoy 

16 

735 

1035 

TI Group 

-Eng 

Thureday 

3.7 

73 

335 

Tatars ^ 

_Hth 

Friday 

03 

1 2 

0.7 

Telemstrbr — 


Thursday 

- 

03 


Transport Dwntopmarl — 

..Fran 

Wednesday 

33 

65 

33 

USDC bweatment Tkital 

.InTr 

Monday 

1-25 

325 

1-25 

Vicasfflc 

.Eng 

Thursday 

23 

53 

23 

Vtvat 

.Text 

rTKjay 

- 

13 


WPP.. 

-Mad 

Tuesday 


. 

035 

Watos C*y of London Prop — 

-Prop 

Tuesday 

0.77 

- 

- 

BfTBtHI IHWDBIOS 






BM _ 

-Eng 

Thursday 

03 

_ 


BZW Brtaaiwnl Raid 

-InTr 

Thursday 

- 

- 


Brtttoh BicvOocfinology 

„Rvm» 

Wednesday 

- 

- 


CfassBratfiara 


fifcnday 

is 

73 


ComweA Parlor 

.Hae 

Monday 

1.7 

40 


Dartmoor hneotewnt ThM 

-InTrtJ 

Wednesday 

2.5 

_ 


Domestic a General 

-Ins 

Monday 

73 

15.0 


HTR Jepeneee SmeBer Co’a TstlnTr 

Tuesday 

. 



Neys 

SpSv 

Monday 

tJ 

33 


. ... 

Chwn 

Friday 

- 

0.7 


Lloyds Chemists 

RoGn 

Monday 

20 

SJS 


Loglca — ... — 

SpSv 

Wednesday 

136 

275 


MR Data Manaffsownt 

SpSv 

Tuasdny 

1.73 

3.46 


MwMowJAM 

Prop 

Thusdny 

2363 

3 14 


tot Sir -? Aust Co’s Trust 

InTr 

Wednesday 

. 

_ 


PwpsJyal Japanese Inv Treat —InTr 

Monday 

- 

. 


pfct Petroieien 

-OBE 

Monday 

- 



Paindpe 

.BdMa 

Tuesday 

036 

1.44 


UwmtKia 

.ReFd 

Tuesday 

135 

24 


Wtekar fRfsanas) . 

.Eng 

Friday 

0.18 

0.4 


WirinuladB bixantsdonai . 

Prop 

Monday 

- 




"OMdenda are shown DM pence par share and are adjusted far any intervening scrip Issue. 
Reports and accounts are ngl npimaiy avaisbte unta about 6 weeks after the board meeting to 
approve prafimlnary reads, fl 3rd Quarter fibres. * is t Quarter figures. 


TAKE-OVER BIDS AND MERGERS 



IMm of 


ftca 

Vain 


Cmnpsny 

Ud pc? 

Marini 

below 

ortxi 


bid tor 

diasr 

pries- 

tdd 

Cmsr 

Bidder 


Price* m p*noa untaea otowM Indicated 


Anglia Ttaerieanf 

M7&§ 

935 

484 

292.0 

MAI 

Europe Mm 

523 

52 

- 

153 

BunflaU 

Freeman 

221 

229 

220 

16.05 

Shsffieidlna. 

bi Shops 

116 

113 

63 

5836 

Birktiy 

LWT ? 

7B6§§ 

723 

585 

aian 

Granada 

Mteynx 

2335 

23 V? 

23 

5.01 

StivarmimB 

Re}ect Shop 

22.4 

30 

59 

25 

Upton & Soumam 

Westland 

2 W 

329 

305 

4963 

GKN 

vgre* otter. gFer opM rm tewtey hM 1 MM 
HSharts md oat 

"B teed an 230 pm pus J^Wr. 


Rsobs 

Share price (pence) 
400 - - 



group's second half. Analysts 
duly trimmed their forecasts 
and the present expectation is 
for pre-tax profits of about 
£1.3Sbn, compared with £1.09bn 
last time. 

Full-year figures from Hills- 
down on Thursday will show a 
rebound from the depressed 
£63. 7m post-exceptional figure 
for 1992. However, the gain 


against the reported pre-tax 
profit of £154.lm will be 
smaller - the range of fore- 
casts extends from £155m to 
ElS4m. 

Profits on the disposal of 
non-core activities are likely to 
fuel a sharp Improvement at 
TI, the specialist engineering 
group, which is expected to 
post pre-tax profits of up to 
£l30m on Thursday, against a 
re-stated £87.4m last tune. 

Interest in the Barclays 
results' announcement on 
Thursday is heightened 
because It will be the first time 
that Martin Taylor, the new 
chief executive, will have the 
chance to give his views after 
examining the banking group 
thoroughly. 

Because the Hank cut its div- 
idend last year as a result of 
making a £242m loss, analysts 
do not expect any increase. But 
the reduced dividend is likely 
to be well covered, with ana- 
lysts predicting pre-tax profits 
of about £750m. 






PRELIMINARY RESULTS 



Pretax Earteogs* 

QMdomte* 


Year pram par share 

par than 

Company 

Sector to £000} 04 

W 


ASW 

Eng 

Dsc 

100 

(10800 U 

- 

H 

63 

69 

Attoey National 

Baft 

Doc 

704300 

(564300) 

39.7 

(2*3) 

143 

(115) 

Admiral 

SpSv 

Dsc 

4410 

am 

273 

(242) 

63 

(54) 

Aroon tatunetiottal 

OK 

AugB 

3340 L 

H310 LJ 

- 

H 

- 

H 

Anne British Porto 

Tran 

Dec 

62,100 

(38300 L) 

253 

H 

93 

69 

BWD SecurUsa 

Otfri 

Nov 

3,080 

(1.741? 

11.1 

69 

43 

63 

BtakOfaadSNn 

hit 

Jarrt 

179.6 

D201) 

- 

H 

• 

H 

BbMe 

OtFn 

Dob 

4380 

am 

83 

» 

13 

DA 

Bensons Crisps 

FdMa 

No v 

302 

pool 

4.1 

69 

235 

[2351 

BBam(j| 

Eng 

Dec 

385 

(479) 

163 

(20.1) 

53 

69 

Boddngtan 

Brew 

Jut 

41J200 

(22300) 

173 

(163 

830 

(731 

Brabna (TF & JH} 

Big 

Dec 

544 

(582) 2330 

(2839 

are 

67S) 

CCS Group 

n/a 

Oct 

1330 

(10 L) 

831 

(-) 

- 

H 

CRH 

BdMa 

Deep 

76300 

P7300) 

193 

(153) 

723 

679 

CtetadanPtaza 

FdMa 

Dec 

3300 

(2.700) 

123 

H 

33 

H 

Cantab Phaimosuticota 

Phrm 

Dec 

2380 L 

(1,400 l) 

- 

(■) 

- 

» 

Cnpha 

SpSv 

Doc 

5*460 

(4.40(9 

73 

6*) 

235 

6D 

Clayton, 6m 

Eng 

Dee 

1388 L 

(1-396 U 

- 

M 

- 

H 

Comae 

SpSv 

Dec 

228 L 

(389 

- 

6?) 

13 

D3» 

Computer Paopte 

SpSv 

Doc 

1,100 

(M9 

437 

H 

13 

639 

Corporate SrxrAces 

SpSv 

Dsc 

877 

(1550 U 

2.73 

« 

025 

H 

Cowta(T] 

dw 

Dec 

38300 

(24300» 

203 

(119 

735 

629 

Dtxon Motors 

□tat 

Dec 

1J330 

(5719 

9L1 

tio.4) 

225 

H 

Epnte 

BdMa 

Doc 

4380 

0,10(9 15.17 

D13fl 

75 

69 

FUMly Bao Uteues 

bill 

Dec 

167.48 

□0334 

032 

6*9 

03 

63) 

naming MarcantSo 

InTr 

Juif 

mi 

12913) 

638 

6*3) 

87 

67) 

Freeman 

BdMa 

Dec 

1300 

(489 

10.4 

67) 

83 

69 

GKN 

EngV 

Dae 

87300 

021309 

18.7 

609 

203 

(205) 

Genual Aoddent 

Ins 

Dsc 

294300 

B8300 1) 

50.0 

H 

275 

(2875) 

HSBC 

HSBC 

Dac 

23Ban 

f174ta> 

71.7 

Ha9 

285 

paq 

Intehtedi 

nib 

Dectf 

8.100 

P389 

393 

(37.1) 

80 

609 

towwk 

PPM* 

Dsc 

9360 

6799 

163 

(113) 

35 

H 

Kteon 

Chem 

Dsc 

18300 

(10309 

938 

617) 

42 

69 

Ladbreks 

LSH 

Dec 

62.100 

6209 

232 

M 

63 

Hi.® 

Leeds A Hotoeck BUg 

n/B 

Dsc 

7.720 

(R849 413* 

P9SA) 

- 

H 

UfeSdancaa 

Hun 

Dec 

23300 

(20.699 

9.4 

6D' 

83 

(839 

LINM 

BdMa 

Dec 

3900 

6129 

103 

69 

455 

625) 

London Foitrtttig 

Otfri 

Dec 

21300 

(10389 mis 

(13.75) 

93 

64) 

IMMt 

ReOn 

Dae 

1340 

619 

537 

(2 33 

33 

69 

RAeMagtee 

Prop 

Apr 

1310 

t».759 

. 

H 

- 

H 

Micro Focus 

SpSv 

Jan 

21300 

(22309 1013 

(1089 

- 

H 

MdtandBank 

Botev 

Dec 

844300 

(2D4309 

- 

B 

- 

B 

Mixray Incani Trust 

InTr 

Dec 

3673 

12933) 

5.47 

69 

113 

(109 

Newtnsrlcte torture Cap 

InTr 

Dost 

623 

1929 

- 

H 

- 

H 

North of BtotadBUg 

nfo 

Dec 

13300 

tl 6.709 

- 

H 

- 

B 

North MraandCmsm 

BSC 

Dec 

14 L 

(159 

• 

69 

04 

(09 

Pegasus 

SpSv 

Dec§ 

6330 

(829 

7B.1 

(7.3) 

50 

69 

PhBpa Oselrarfos 

ESS 

Dec# 

856300 £900300 L) 

6.15 

H 

03 

« 

Record Hokteiga 

Big 

Dec 

2/410 

(1399 

43 

(1.7) 

33 

69 

nano 

SpSv 

Dec 

2330 

(154) 

248 

(039 

03 

B 

Scottish Fmtera tav 

InTr 

Jant 

105.4 

(793 

136 

039 

138 

D-59 

Suns 

$£? 

Dsc 

24J30D 

(14509 

IBS 

P33 

81 

69 

Soros 

SpSv 

Dec 

9420 

(7219 

403 

P7 3) 

173 

(143) 

SteMto 

SpSv 

dec 

3320 

6819 

107 

(119 

93 

69 

Thomson Pu^Goro Inv 

InTr 

Doct 

4979 

(3239 

032 

pm) 

(13) 

(13) 

Trans World Comma 

Med 

Dec 

1744 

(1,120 

11 

6D 

13 

69 

UBS 

nta 

Dec 

4ft100 L 

(10300 L) 

• 

H 

- 

H 

Upton A Sorsilhem 

RoGn 

Jan 

321 L 

P36D 

* 

H 

- 

B 

Vickers 

Eng 

Oac 

32300 

PM09 

83 

H 

33 

(15) 

Woodehoster hue 

08=n 

DecR 

33400 

(17.109 

B25 

(151) 

5.17 

69 

tVyevsie Garden CanOe* RaOn 

Dec 

43SD 

6549 

9.7 

(73) 

4.4 

69 

YortataeBtogSoc 

n fa 

Dec 

66300 

(55.709 38.74 

(3834) 

- 

B 

YorhafalroFOod 

FAIa 

Dec 

5.100 


833 

63U 

82 

B 

Zensce 

Plmt 

Dec 

042300 

(102.009 

51.7 

(103) 

273 

675) 


INTERIM STATEMENTS 


Crerewiy 

Sector 

HteFyev 

to 

Beta profit 
(E 009 

tatartm 

-Mt-J j ■-» 

owoffioa 
per rtm (p) 

Antegh 

n/a 

DecB 

2240 

P99 

078 

(0725) 

Bolton Grata) 

Prop 

Oct 

183 

PI) 


B 

Cmssroads CM 

CHE 

Dec 

158 

(298 L) 


B 

DCS Group 

Sp& 

Dec 

41 

(121) 


B 

Emtassy Property 

Prop 

Sep 

454 L 

(4309 


H 

European Smtetar Ctfs 

WTr 

Dect 

1353 

(1043) 


B 

F & C Special UWtas 

hTr 

Decf 

5434 

B 

1.1 

B 

GtiHord 

BSC 

Dsc 

207 

(327) 

05 

69 

Gertonro Soatbm tav 

hiTr 

JtaTf 

8145 

P«3) 

2 A 

64) 

Gent (SR) 

Test 

Dec 

1.120 

m 

03 

675) 

Goodwin 

Eng 

Oct 

180 

pij 

- 

B 

Ugh- Point 

Prop 

Nov 

93 

(189 

. 

H 

Honeysudda 

Text 

Nov 

834 

(601) 

15 

675) 

etc tadustriee 

LSH 

Oct 

1® 

P02) 

• 

B 

tndufitrta Control Sea 

E&EE 

Nov 

2320 

(2370) 

15 

(139 

Fortran 

HBh 

Ok 

1510 

am 

1.66 

(151) 

Joe 

Mr 

*tait 

2773 

(2173) 

2375 

0375) 

Kamnare Renounce, 

Esin 

Octff 

21 

P9 

_ 

B 

Unx Printing Tech 

Eng 

Dec 

391 L 

(789 

025 

am 

Midland 8 Scottish Res 

cue 

Jui 

18,400 L 

(1300 L) 

_ 

H 

Paramount 

Brew 

Nov 

273 

(261) 

_ 

H 

PtemBgmas 

L&H 

Dec 

MOO 

P9 

05 

B 

Primadww 

Mr 

Decf 

31433 

007.14) 

23 

69 

Ouayio MwsO 

OtFn 

Dec 

323 

H 

35 

B 

Patna 

BSC 

Dk 

3,440 

6789 

15 

69 

Ratnhuw 

Eng 

Dec 

2310 

am 

25 

65 

8WP 


Ctac 

105 

(49 

_ 

H 

Save 8 Praeper United 

hTr 

Dect 

21432 

»ci2.i§a 

195 

6029 

Scottish Inv Trust 

Mr 

Ja4 

305 3 

0809 


B 

Select industries 

EngV 

Dec 

1330 L 

p47 L) 


B 

Stnatbenk Property Tat 

Prop 

Dec 

280 L 

POO L) 


H 

Stadair(Wm) 

OtSr 

Dec 

1250 

<1399 

1.7 

(IJ) 

TO European Growth ThthTr 

Dect 

1543 

0^3 


B 

Tteghur 

rVa 

Sep 

2.140 L 

(428 U 

w 

B 

Tomonom Lsiawa 

LSH 

Sep 

204 L 

(110 u 


H 

Tor investment Trust 

hTr 

Jenf 

C1871 

E12JQ 

too 

B 

Utererfrotat 

Taxi 

Nov 

S24 

643) 

25 

M 


tar bm ootre sp o mj nfl period) 


* ■** 


RIGHTS ISSUES 


Oran (tend is to rasa HBZAri via a 35 lor IDO at 2BSp lights issue rf 11.4m tarn. 

Hobs is te raise £i 73m via a S Sr 4 « 2Sp rights bars ol Tan rtm. 

OFFBIS FOR SALE, PLACtNQS & INTRODUCTIONS 

CedarttatoiswrmigtottarTtaritf ‘ ~ 

Oral bnesfanents is to raise QSm via a km bars, r*a fflm via a pbdm of than* mi a 1 far B 
rights ®s» at 66p. 

Domtek Hunter « to raw PCm va a ptaMu, 

Emtasv PmpBljf fa n raise fl53m via ptoang aid oft* of toon shims a In 
Bantings B to rates abcul ElOOm via a ptadng and otter 
oreupp ChazGsfwtf Is te raise men via a [feting. 

i b to nfee OJintaa placing am odcr ol TSm dins ai 33p. 

■team Newspapers ib to rates £96m « a ptadng «*j oflw gf 773m stares a 

lap b to raise a bort £v5m via a pteeng and after. 

teteow is an** to ms mntati vta ths issue of about 50m share. 

Swtereen Sremal Is to rata E 2 via the issued im shau. 

Shaaftaok R roptety Trutat ia te raiaa cairn irto a tfadno of 35«n etoasat gg»p. 

"ttwomw b Id rase EEm via a liaiy aid offer. 

wste B » nan ESm vb an teus erf l&am shares am E235m wa a ptadng a I 74Tm dams X 

ip. 


140p. 





FINANCIAL TIMES WEEKEND MARCH 5/MARCH 6 1994 


FINANCE AND THE FAMILY 


WEEKEND FT 


V 






Next stop 
the world 


Scheherazade Daneshkhu on two 
new privatisation unit trusts 


L ast year, fund man- 
agement groups met 
growing retail 
demand for emerging 
markets funds with, weekly 
launches; now, it is the turn of 
privatisation issues. Pond 
memories of the UK govern- 
ment's privatisations in the 
mid-1980s - many of which 
proved excellent for generous 
returns, even after a short 
period - have led to private 
investor interest in funds with 
the privatisation labeL 
The large privatisation pro- 
gramme under way in several 
European countries, particu- 
larly France, spawned two 
recent investment trusts from 
Kleinwort Benson and Mercury 
Asset Management, both of 
them over-subscribed. The next 
step beyond Europe is the 
world and two fund manage- 
ment groups, Guinness Flight 
and Fidelity, have now 
launched Global Privatisation 
unit trusts. But investors 
should ask themselves if these 
correspond to their needs. 

Both emphasise the wider 
geographical area and stock 
selection opportunities 
afforded by a global, rather 
than a European, fund. But 
since the two also want to 
qualify for the full £6,000 
annual general personal equity 
plan allowance, they are 
restricted to holding a mini- 
mum of 50 per cent in the UK 
and Europe. 

Fidelity will invest an initial 
75 per cent of its fund In 
Europe <35 percent in the UK), 
although it will increase its 
holding outside in due course, 
while the European weighting 
for G uinness Flight is 65 per 
cent. The exposure outside 
Europe is, therefore, not much 
greater than you can get by 
investing in non-qualifying 
funds through a self-select Pep. 

The attraction of the new 
funds will lie in an ability to 
produce returns higher than 
those found in other European 
or international growth unit 
trusts. But by focusing solely 
on privatisations, the choice of 
companies in which to invest 
will be less than a more gen- 
eral fund. 


Fidelity finds this too much 
of a restriction and will include 
companies that benefit from 
privatisations. In the UK, this 

would mean a holding in Mer- 
cury as well as British Tele- 
communications, since It was 
the privatisation of BT which 
allowed Mercury to become a 
viable presence in the UK tele- 
communications mar ket 

“We are more comfortable 
r unning a portfolio with stocks 
other than privatisation issues 
because it will give us a 
greater opportunity to give bet- 
ter performance and a wider 
range of stocks to choose 
from,” says Fidelity executive 
Mary Biair. 

Guinness Flight is sticking 
to the pure definition of priva- 
tisation. Tim Thomas, manager 
of the new trust, says: It does 
offer a bit of a restriction; it 
probably means you buy half 
of all companies privatised in 
Europe. But that will rapidly 
become less important as more 
issues come through." 

These are not funds for 
income-seekers. The Guinness 
Flight trust will have a yield of 
about 2 per cent and Fidelity 
says its yield will be between 
1.5 and 2 per cent. Richard 
Boyton, of Boyton Financial 
Services, adds: “They have a 
place in a portfolio as a 
long-term hold and, on bal- 
ance, I prefer Fidelity because 
of the wider investment brief.” 

Charges on the Guinness 
Flight fond are an initial 2 per 
cent if you invest through the 
Pep. There are withdrawal 
charges of 3 per cent in the 
first year, 2 per cent in the 
second and 1 per cent in the 
third. The initial charge on a 
direct Investment in the unit 
trust is 5 per cent, with a 1 
percentage point discount until 
the end of March. The annual 
fee is 155 per cent but the Pep 
carries a L5 per cent annual 
charge. The minimum invest- 
ment in the Pep is £3400 or 
£1.000 into the unit trust 
Fidelity's Pep charges are 
the same. The initial charge 
outside the Pep is 5.25 per cent 
with an annual charge of 1.5 
per cent The minimum invest- 
ment is £1,000. 


Latins make 
the running 


L atin America is the 
place for private 
Investors to put their 
money this month, if 
the UK investment bust indus- 
try is to be believed: the public 
offers for three new Latin 
American funds open later 
this month (see details at end 
or story). 

UK fund managers are only 
following global investment 
fashions. The big money man- 
agers who poured funds into 
Hong Kong and the rest of 
south-east Asia last year are 
now finding those markets too 
expensive. Their new target is 
Latin America. 

Arnab Banerji. chief invest- 
ment officer of Foreign & Colo- 
nial Emerging Markets, is one 
soch manager. He has been 
transferring money in his gen- 
eral portfolio from southeast 
Asia to Latin America for the 
past four months. F&C also 
has a specialist Latin Ameri- 
can trust. 

The basic argument for 
investing in Latin America is 
that most economies in the 
region are coming under con- 
trol, and implementing sensi- 
ble policies. Political situa- 
tions are stabilising and the 
North American Free Trade 
Agreement brings the prospect 
of improved trade links. 

Projected economic growth 
rates arc not as high as south- 
east Asia - perhaps 5 per cent 
a year on average, compared 
with 6 or 7 per cent - bat they 
are far higher than most of the 
developed world. The stock 
markets of the region have 
even greater potential as many 
companies remain under- val- 
ued by world standards. 

Many people may still th ink 
of Latin America as the basket 
case of the past decade or two 
and are reluctant to entrust 
their money to the region. But 
Banerji says: “In 1930, Argen- 
tina had the fourth highest per 
capita income in the world. 
The country grew at rates 
which made the Germans envi- 
ous.” It has done it once so it 
can do it again. 

Mark Mobius, the highly-re- 
garded strategist behind the 
Templeton Emerging Markets 
trust, is also involved in Tem- 
pleton's new Latin America 
trust His approach is to look 
for value. 

Global weight of money 
tends to eliminate value from 
the markets it hits, but Mob- 


ins remains happy to launch 
the new fond now. 

He believes the flow of 
money will entice more com- 
panies into seeking a listing, 
and governments will acceler- 
ate their privatisation pro- 
grammes. But Moblns is 
unlikely to be in there fighting 
for a share of the initial offers. 

“We want to buy when oth- 
ers are despondently selling,” 
he says. He bays stocks 
cheaply on their way down, 
then sits on them as they rise 
again. Templeton’s strategy Is 
for tbe long term, so Mobius is 
not afraid to stay in cash until 
the moment is right to boy. 

One question investors may 
want to ask Is: why pick a 
specialist Latin American 
trust rather than a general 
emerging markets trust? 

The general rule Is that the 
more diversified a fond, the 
less risky it should be: the per- 
formance of a fond with 
investments in 20 countries 
will be hit less bard if one 
market crashes than a fond 
which concentrates on this 
market alone. So, a regional 
fund carries a heavier risk 
than a global fond which can 
invest In Latin America when 
the time looks right but can 
shift money around the world 
if needs be. 

People more averse to risk 
may find a small investment 
in a general emerging markets 
fond is exciting enough for 
their tastes. Bat If all yonr 
risky money is in the Far East, 
yon might want to shift a bit 
to the other side of the Pacific. 
And. for gambling types with 
a little money to spare, now 
could be the time to catch the 
Latin American wave. 

■ Edinburgh Fund Managers: 
Inca trust Offer opens March 
II closes March 25. Minimum 
investment £1.000. One warrant 
for every five shares. 

■ Morgan Grenfell : Latin 
American Companies trust. 
Offer opens March 9, closes 
March 23. Minimum applica- 
tion £2.000. One warrant 
attacked to five shares. 

■ Templeton: Latin America 
investment trust Offer dates not 
fixed but likely to open March 
31, close April 22. Full details 
are not get available . An offer 
Of new shares in the gerund 
Templeton Emerging Markets 
trust also is imminent. 

Bethan Hutton 


A ny independent 
financial adviser 
who has served 
on Fimbra, the 
industry’s regula- 
tor, is likely to be battle-hard- 
ened. The experience could 
stand Ron Gee in good stead. 

Gee, who was deputy chair- 
man of Fimbra from 1987-1990, 
is the founder of RJ3. Gee. a 
Shrewsbury-based firm of 
advisers established in 1972. 
Five staff - including daughter 
Philippa, who Joined four years 
ago - look after 1,800 personal 
clients. 

Gee has just made a radical 
change in rammerniai s trate gy: 
he derided, after more than 20 
years as a conventional, com- 
mission-paid financial adviser, 
to charge fees only. Reaction 
from clients has, so for, been 
very favourable but he does 
expect to lose a few. “There 
will be some for whom fees are 
not appropriate," he concedes. 

The firm is not a total 
'stranger to fees: it has been 
arranging one-off, fee-based 
deals since the mid-1970s and 
has also operated some pilot 
exercises with fees in recent 
years. These were charged on a 
time basis, though, and Gee 
has decided against doing this 
again. Instead, he has opted for 
a scale of fixed monthly 
retainer fees for clients whose 
affairs are being monitored 
constantly. 

Clearly, such fees depend on 
the complexity of a client's 
affair s but minimum charges 
range from £25-£85, depending 
on what percentage of initial 
commissions the client wishes 


Ready for any battle 


RE. Gee: sixth in a series by Joanna Slaughter on fee-based advisers 


the firm to retain. Gee decided 
to offer this particular arrange- 
ment to existing clients 
because, as he puts it “Fee- 

based advice is still relatively 

new in this area at least, and 
we are trying to make the tab- 
let a little easier to swallow.” 

The firm also provides finan- 
cial advice on a one-off basis - 
for example, a client might 
want a pension transfer analy- 
sis or advice on residential or 
commercial mortgages - and 
minimum fees here range from 
£125-£500. No execution-only 
work is undertaken. 

Clients are drawn mostly 
from the West Midlands area, 
and 90 per cent contact the 
firm because of recommenda- 
tions from existing customers 
or other professional advisers; 
indeed, prospective clients 
often are asked if they want to 
bring their accountant or solic- 
itor to the initial meeting. 

“Many new clients have 
existing investment plans, and 
our first step is to review 
them," Gee says. “You would 
be surprised what this turns 
up." 

Among recent horrors were 
“life policies worth more than 
£lm supposedly written under 
trust but with no trust regis- 
tered. And a client who had 
been sold a personal pension 
life policy with a major com- 



flame of financial advtaen 
Addras* of.hwd offte*: 

Date arm was estobOshed: 
ftagutatoift 1 

Funds under management: 


R E Gee & Co 

Forester's Hal la Wyte Cop, " 
Shrewsbury. 

Shropshire SY1 1 OT 

1972 

Rmbra 

£30m (monitored) 


.-Number at efforts 


1.8O0 


Number of offices: 1 

None 



IlC" ■■ 


r c 


Services offered: 
’Rees: ;■■■'■ 

r~ f r 


Corporate end personal financial 
planning and Investment management 

Minimum monthly natainw £25 to £86 

f ~ /— — f 


pany, even though he was a 
member of his company 
scheme.” 

Gee adds: “We like to look at 
all a client's affairs. We ask if 
they have made a will, what 
National Savings they have, 
what sort of a person they are. 
We are not just investment 
managers. We are financial 
planners across the board." 


There is no hard and fast 
rule about acceptable mini- 
mum investment and income 
levels, but Gee reckons: "You 
are probably talking about 
£40,000 at least for pure Invest- 
ment. On Income, £20,000- 
£25,000 a year would be the bot- 
tom end of the scale.” 

No one at the firm handles 
client money. "We stress peace 


of mind and there is no discre- 
tionary management,” says 
Gee, “but we have about £30m 
under our stewardship.” 

This stewardship includes 
liaising with stockbrokers (for 
those with equity invest- 
ments), asset allocation, and 
safeguarding clients from what 
the firm considers to be inap- 
propriate investments. Gee 


says: "We do not, for example, 
use single premium bonds 
apart from certain very speci- 
alised circumstances, and we 
haven't done so for several 
yean. Very often, these bonds 
rue just sold because of com- 
missions.” 

The firm belongs to the Soci- 
ety of Pension Consultants and 
does a lot of work on planning 
and re-structuring pension 
schemes. “Not too many people 
in the provinces do that kind 
of thing,' 1 says Gee, “but, 
again, it is a matter of struc- 
tural rather than investment 
management." 

Gee probably is placed as 
well as anyone to discuss the 
development of the IF A mar- 
ket thanks to his stint on Fim- 
bra. He concedes that this posi- 
tion often was uncomfortable 
but believes Fimbra 's accom- 
plishments have been consider- 
able. 

“What it did was take a 
totally unregulated sector of 
15.000 firms and whip it into 
something that had a fair 
degree of organisation," he 
says. "I would say the quality 
of independent advice is far 
better than it used to be. Cer- 
tainly, it is totally different 
from what it was in 1972.” 

Gee argues that a further 
reduction in the number of 
IF As is inevitable, however. "1 
don’t think the one and two- 
man business will survive. One 
of the basic problems is that 
many IF As arc not business- 
men. and 1 think IFAs wilt 
have to go down the fee route 
to move forward, i think cli- 
ents are going to demand it" 


jr FIRST Option Bonds offer a 

v OPTION > gross rate of 6% guaranteed 
for the first 12 months. Wie pay 
the tax on your hehalf at the basic rate. 

Assuming basic rate tax stays at 25%, 
you'll get 4.5% net. 

You can invest any amount from £1,000 
to £250,000. 

On individual bonds of £20,QQ0 or over 
held for a full 12 months, you get a bonus 
which pushes the net rate up to 4.8%. 

At each anniversary of the purchase of 
your bond we write and tell you the rate for 
the next year. 

Then you have the option of taking your 
money, or sticking for another year. 

Use the form below to buy FIRST Option 
Bonds by post ' we pay the postage. 

Your cheque should be crossed “A/C 
Payee”, and made payable to ‘NATIONAL 
SAVINGS (FIRST OPTION BONDS)' ✓ using 
CAPITAL letters for this part of the cheque. 

Please write your name and address on 
the back of your cheque. 

Post to National Savings (FIRST Option 
Bonds), Freepost GW3276, Glasgow G58 1BR. 
Or, to ensure rapid delivery, attach a 
first class stamp. 

If, before applying, you would like a leaflet, 
prospectus and application form, pick them 
up at your post office or call us free, 24 hours 
a day, seven days a week on 0500 500 000. 

FIRST Option Bonds an sold subject to due terms of tht prospectus. 
They may emly be purchased by postal application- When we receive 
your newspaper application and cheque we will send you your FIRST 
Option Bond together with a prospectus, normally within two weeks. 
If an receiving (he band and prospectus you wish u cancel your 
purchase, tdl us in writing within 28 days and we will refund your 
money. No interest is payable on a cancelled purchase. Please note that 
the 28 days option to cancel applies only to purchases made by 
newspaper applications. 

At each anniversary of purchase we will write and tell you the 
guaranteed rate for the following 12 months and also the bonus rate if 
applicable. You then have the option of leaving your money invested for 
a further 12 months, in which case you need take no action. Or. if you. 
prefer, you can cash in your bond. There is no penalty for a repayment, 
or part repayment, at an anniversary date. If you cash m between 
anniversary dates you wiD be repaid tbe most recent anniversary value 
of your bond plus net interest at half die fixed rate for the period from 
the last anniversary. No interest is tamed on repayments before the 
first anniversary. We pay the tax on your behalf ar the basic rate. 
Higher rate taxpayers will need to pay whatever additional tax is due. If 
you are a noivnucpayer or pay tax at a lower rate dun the bask rate you 
can apply to your tax office for a refund. FIRST Option Bonds with 
these terms can be withdrawn from sale without notice. We can only 
accept your application if the above terms are still on offer at the time 
we receive your application and cheque. 



First Option Bonds turn £20,000 
into £20,960 tax^paid m one year. 
Then you can twist or stick. 


r Please send this form to : National Savings, FIRST Option 
i 1 Bonds, FREEPOST GW 3276, 


For N jiioiul Sniogi me only 


~! 


Glasgow, G58 IBR 
Or to ensure rapid d elivery, attach a first class sta mp- 

1 I/We apply for a bond to the value of £ I ~ ' I CMmmumparckur ciooo) 

2 Do you already hold FIRST Option Bonds? (Pbuctkfc) Yes I | No | | 

If you do. please quote your Holder's Number | G [ 

3 Surname ! 

AH forenames : 


.M. 


.(Mr Mrs Miss Ms) 


Permanent address 


. Postcode . 


. Date of birth r-5a 1- 25 ^ 


19 


If the bond is to be held jointly with one other person complete section 4. I 1 — 

4 Surname M (Mr Mrs Miss Ms) | 

AH forenames — . — 

Permanent address 


D» 


Postcode. 


. Date of Birth 


19 


5 I understand the purchase will be subject to the 
terms of the Prospectus 


Signature(s) 


Date 




NATIONAL 

SAVINGS I 


L 


SECURITY HAS 1 
NEVER BEEN SO I 

Daytime telephone number iHrf4iihn«<wquBr) 

Tim (bra ummbc lurdu open J mm holding PIub wriv t» FI RST OfHjsa Boodk Natural Sjviap. Gluf». INTERESTING. | 




VI WEEKEND FT 




The benefits of privatisations are well known. Large, well-established and often cash rich companies 
with strong market positions are brought to market by their government owners on attractive terms. 
Subsequently new, commercially driven management delivers further benefit to both profitability and 
share prices. 

The experience of outstanding long term returns in the UK. where the privatisation concept has 
been pioneered, reflects the unique lower risk/higher return profile of privatisation stocks. 

Now, as the UK privatisation era draws to a close, a new one opens with exciting opportunities not 
only in Europe, but around the world. 

To help you capitalise on this, Guinness 
Flight offers the Global Privatisation PEP which 
invests in the new Guinness Flight Global 
Privatisation Trust. 

GLOBAL PRIVATISATIONS - 
A WORLD OF OPPORTUNITY 

Our new Global Privatisation Trust invests in 
leading industries such as Telecommunications, 

Oil and Gas, Utilities and Financials. Privatisation 
opportunities are arising in these industries 
in Europe, the Asia Pacific region and Latin 
America. 

QUALITY COMPANIES, BETTER TUAN 
AVERAGE RETURNS 

Experience tells us that privatised companies 
usually have strong balance sheets, high dividend 
cover and above average dividend growth. 

To ensure successful flotations, governments tend 
to price privatisations attractively and launch 
them into rising markets. 

LOW COST PEP 

The initial charge on the Global Privatisation 
PEP is only 2%*. The annual management fee 
is 1.5%. 

So don't miss this worldwide opportunity. 

Return the coupon or call 071-522 2111. 

Mm mm msa mm ases i 



GUINNESS FLIGHT 


GLOBAL PRIVATISATION PEP 


she: 

Investor Services Department. Guinness Flight Globa/ Asset Management Limited, 5 Gains ford Street, London SEI 2NE. 
Tel: 071-522 21 1 1. Fax: 071-522 3001 . 

Please send me further details about die Guinness Flight Global Privatisation PEP 


TW*_ 


Address. 


[Code - 




ritaM 


MMiefaipira *f*v*rt JS Ida WnMimhk !*(*■ mriiaadpvMl « ftaHUm Mm tmmtmlm rfetnqt. fat petnim is an ■noviyi 
vn* * Bn tare.!* nfa rfta emmat aid ta bcana Iraa a wm/Ut mw 4 a nt m4* m grant Mm MbcAb d rtepi mi apm msm mi m ge tick Be mu pa 
■wmd Tnl m id ta * < *<»»» ten owMlif ari wt wt h» «■* ■wtiorwarfMr «aif d—l* la lilt—. farad krEriinmHg»MUNM|aiLiaiziLimUrglRHL 


FINANCIAL TIMES_WEEKENP_MARCK^/M ARQ^^^9j^ 

FINANCE AND THE FAMILY 


Fixed rates edge up 


I nterest rates on most 
fixed-rate mortgages are 
edging upwards, writes 
Scheherazade Daneshkhu. 
The largest Increase in the new 
fixed rates from Abbey 
National is 0.4 of a percentage 
point 

The first-time buyer fixed 
rate of 639 per cent (7.3 APR) 
until January 31 1937 replaces 
a three-year, 6.69 per cent fix. 
Hie one-year, 5JJS per cent (5.4 
APR) and two-year, 6.25 per 
cent (6.5 APR) fixes are 
unchanged. Booking fee is £90 
and early redemption penalties 
axe 30-90 days' interest. 

Other customers are being 
offered 7J4 per cent (7.5 APR) 
to the end of January 1997; 7J59 
per cent (8.0 APR) until Janu- 
ary 31 1998; and 8.6 per cent 
(9.1 APR) until March 31 2003. 
The 539 per cent (6.7 APR) fix 
until April 30 1996 is being con- 
tinued. 

Booking fee is £250 for the 
two shorter-term mortgages 


and £300 for the others. Early 

redemption penalties are 60-300 

days’ interest The mortgages 
are not tied to insurance prod- 
ucts. 

Barclays bank is offering 
first-time buyers 6.45 per cent 
(6.7 APR) fixed until January 
31 1997; the bank’s life insur- 
ance policy is mandatory if the 
mortgage is endowment or pen- 
sion. Booking fee is £200 and 
the early redemption penalty is 
four months’ interest. 

Fixed rates for other borrow- 
ers are 6.75 per cent (7.0 APR) 
until January 31 1997; 7.45 per 
cent (7.8 APR) to the mid of 
January 1999; and 8J25 per cent 
(8.7 APR) until January 31 
2004. Booking fee is £300 for the 
10-year fix and £200 for the 
other two. 

There is an additional £100 
arrangement fee on all three 
fixes, which is waived if you 
taka out an endowment/ pen- 
sion or life insurance policy 
through the bank. Early 


redemption penalties are 
between 4-7 months’ interest 
Woolwich has launched a 
five-year fixed rate of 7.65 per 
cent (84 APR). The application 
fee is £295. The society has 
dropped the rate on its 7.25 per 
cent three-year fix, introduced 
on February 25, to 7.10 per cent 
(7.4 APR). Application fee is 
£250. Insurance is not compul- 
sory and the mortgages are 
repayment, endowment, pen- 
sion or Pep. Early redemption 
costs 3-6 months’ interest 
TSB has a 10-year, 7.99 per 
cent fixed (8-5 APR) up to 75 
per cent of the value of the 
property. Arrangement fee is 
£295 and the mortgage is tied 
to the bank's buildings and 
contents insurance. 

Broker John Charcol’s 6.99 
per «»nt, five-year fix is avail- 
able until the end of March. 
For a £250 fee, costs for re- 
mortgage customers will be 
covered, but borrowers must 
have a 25 per cent deposit 


Directors’ 

transactions 


The markets may be having a 
shake-down but directors have 
begun to deal again. 

□ Goode Durrant, the trans- 
port group, cropped up over 
the past mouth when directors 
started to buy. The shares 
have held their value despite 
the ups and downs of the mar- 
ket; nevertheless, chairman 
DJL Kingsbury has bought 
now at these higher levels. 

□ Siebe, in the engineering 
sector, has done well over the 
past three years. Directors 
have been buying since the 
beginning of 1993 when the 
managing director acquired 
stock at 490p. The most recent 
purchase was made at 608p, 

□ The sale in Syltone was 
made following a period of 
out^performance of the stock. 
JA. Clegg, the chairman, sold 
600,000 shares at 175p bat 
retains more than L8m. 

□ Deep discount selling is 
seen as the future face of food 
retailing and Shop rite has 
been at the forefront of the 
new style. The share price has 
done well recently and CA. 
Good, a non-executive direc- 
tor, has sold some stock while 
retaining a sizeable holding. 

Colin Rogers 
The Inside Track 



DIRECTORS’ SHARE TRANSACTIONS IN THEIR 

OWN COMPANIES (LISTED & USM) 





No of 

Company 

Sector 

Shares 

Value directors | 

SALES 





Ahunaac 


5.000 

16 

1 | 

BMSS . .... 

„..BM&M 

50,000 

91 

1 

Bradstock 

tnsu 

100.000 

148 

1 1 

Crrtri Indep TV . 

Mdta 

146,540 

4.352 

S* 1 

Coda Group 

n/a 

55,000 

145 

1 

Eve Group .. 

BCon 

4,832 

22 

1 

Fanefl Electronics 

Dfat 

2.400 

15 

1 

Fortune Ofl — ... 

oa= 

1,000.000 

70 

1 

Grainger Trust .... 

Prop 

12,000 

38 

1 

Jacques Vert 

Text 

1,000.000 

1,900 

2 

Klernwort Benson 

_...MBnk 

133.827 

794 

2* 

LesSeWtee 

Text 

350,000 

291 

1 

Lon&Ctydeside Hldgs ..BCon 

90,000 

131 

2 

London Industrial 

Prop 

2.808 

10 

1 ! 

Owners Abroad Gp — 

L&H 

830.840 

1,486 

l« i 

Rank Organisation 

L&rt 

155.717 

1,674 

2' 

Royal Bank of Soot — 

Bate 

&50O 

16 

f 

Sears 

RetG 

35,600 

43 

1 

Shoprite Group 

RetF 

75,000 

173 

1 

Smith New Court - 

OthF 

12,000 

56 

1 

Syltone 

EngV 

600,000 

1,050 

1 

Tadpole Technology — 

pfjh= 

250.000 

700 

1 

Telegraph — _ 

Mdta 

13,333 

78 

1 

Wartavg SG .. 

MBnk 

25.000 

231 

1 

PURCHASES 





Alliance Resources 

OWE 

300.000 

20 

3 i 

Brit Borneo Petrotm 

CHE 

4,500 

10 

1 1 

Conrad 

Ted 

200,000 

13 

3 

Goode Durrant 

Tran 

50,000 

92 

1 

Hopkinsons 

Eng 

55,265 

31 

3 

Photo-Me-Intl 

OS&B 

3,500 

11 

1 

Siebe — 

Eng 

20,000 

122 

1 

SmfthWIoa Beecham .... 

Phrm 

1,000 

S31 

14 

Windsor .. 

lrtsu 

130,000 

30 

4 

Value expressed in £000e. This Bat contains sd transactions, inducing the axondse of 

options O if 100% subsequently sold, with a value over El 0.000, Mnct CCRP: 4 A 

ADRs. Information released by the Stock Exchange 21-25 February 1904. 


Source: Directus Ltd. The maide Track. Edrough 



I 


Age 

trap 

A ge has an important 
bearing on your 
income and tax. 

The most well 
known of these effects is the 
age allowance. For people 
between 65-74. this is an 
addition of £755 (93/94 figures) 
to the £3,445 personal 
allowance (which everybody 
gets against any tax liability), 
and brings it up to £4.200, 

The personal allowance for 
single people aged 75 or over 
is higher at £4,370, and 
married couples get an extra 
£2.465 (65-74) or £&505 (75 
or over). 

But what the Inland 
Revenue gives in one hand, 
it tends to t ake back with the 
other. An income limit for the 
age allowance starts operating 
at E1-L200. 

When that figure is reached, 
every £2 of taxable income 
thereafter reduces the age 
allowance by £1 until it gets 
down to the basic personal 
allowance to which everybody, 
from birth upwards, is 
entitled. 

For purposes of calculating 
the age allowance, all income 
is grossed up. And it is on this 
gross amount that your tax 
liability (after allowances) is 
assessed. Adding np your total 
Income - on much of which 
yon have paid tax at source 
- can, therefore, give you a 
false idea of your tax liability. 

Few payments are tax-free, 
even when received gross. It 
is easy to fall into the age 
allowance trap, therefore, as 
tiie following example shows. 

John and his wife Ann, both 
aged 66, have annual incomes 
of £15.000 and £10,000 
respectively. She gets the 
£4,200 allowance but John's 
income exceeds the age limit 
of £14,200 by £800. 

Thus, he loses £400 (£800/ 

2) from his £4^00 allowance, 
mid it goes down to £&800. 

His taxable income is, 
therefore. £15,000 less 
allowances of £6,265 - made 
tip of £3£00 (personal) plus 
£2,465 (married). 

Assuming be has no other 
offsetting allowances, John 
most pay tax on £15,000 less 
£6^65: that is. £8,730. instead 
of tax on £8,330. 

. Jennie Hawthorne 


* *. * • * * 





An expanded edition of the FT survey of the Top 500 companies is now available 
for £22. 

The “FT European Top 500" is a permanent reference of Europe's biggest, most 
powerful companies, showing how they are positioned for 1993 and beyond. 

Companies are ranked by turnover and sector (including separate UK Top 500 
lists), by capitalisation showing profit increases and decreases, and by number of 
employees. A comprehensive address list, with key executives, is also included. 

If you would like a copy of the omnibus FT500 complete the coupon below. 


-2* 


To: John White, Financial Times. Number One Southwark Bridge, London SEI 9HL. Fax number 071 873 3072. 

I would like n copies of the FT Top 500, £22.00 per copy. 

(postage and packing included) 

Please charge to my: American Express I I Mastercard I 1 Access □ Visa cm 

Card expiry date : Card Number I I 

Name Title 


Only UK cheques accepted 


n 


i i i i i i i i i i 


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Address 


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. Country , 
Date 


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Signature 

i No order accepted without a signature) 

The information you provide wW be held by the Financial Times and may be used to keep you Informed or FT products and by other selected companies for mailing 
list purposes, me Financial Times is registered under the Data Protection Act 1984. The financial Tones. Number One Southwark Bridge, London SEI 9HL 
Please uek this box if you aa not wtsfi to raceme any further information form tfw FT Group or companies approved by the financial Times. 


CAZENOVE 

SCO 


OUR UTILITY .& BOND FUND PEP 


ANNOUNCES A MODEST GAIN. 


19.72% TOTAL RETURN 


IN THE LAST 12 MONTHS. 


£6,000 invested in our Utility & Bond Fund PEP 
a year ago is now worth £7,183*. 

Investors have enjoyed a total return of both gross Income 
and capital growth of 19.72%,*. 

Our current gross yield is in excess of 6% + after an initial charge of 
0.2% and an annual management charge of 0.5%. 

A PEP is available for an additional initial fee of £35 and 
£20 plus VAT per annum in subsequent years. 

For full details, please telephone Ann Baldock 
or return the coupon below. 

■Sew*: Mkrepal - offer uNdfeshK ol 2UE3t.CraBdnridi-nd of □H.ntUnAl Wawduw difatop^.^ a .a,. , -f vt TflJBiH 


TELEPHONE ENQUIRIES: 071 606 0708 

i« HOUR HJSWEHINQ SERVICE 

TO ANN BALDOCK. CAZENOVE A CO. J COPTHALL AVENUE. LONDON EC2R 7 AN. 


PLEASE SEND ME FULL DETAILS OF THE CAZENOVE UTILITY & BOND FUND PEP. 


NAME 


ADDRESS 


POSTCODE 


FAX: 071 606 9205 TELEX: 886758 


FT S/a/94 


ISSUED JOINTLY %Y CAZENOVE UNIT TRUST MANAGEMENT LIMITED IS MEMBER OF luflo. LAUIRn .in 
THE AUTIFl AND CAZENOVE A CO I* MEMBER OF THE 3FA SNO THE LONDON STOC« EXCHANGE, 

UNIT HOLDERS SHOULD REMEMBER THAT THE REALISABLE VALUE OF THEIR UNITS IS DITEDvi.in 
BY REFERENCE TO THE RULinO BID PRICE OF VNUJ and that THE PhiCE OF UNITS AND T HP 
INCOME DERIVED FROM THEM CAN FALL AS WELL AS RUf. CONSEQUENTLY. UNIT HOLOERS UAv umt 
OEI BACK THE AMOUNT IHVE9TED- INVESTORS SHOULD BE AWARE THAI past PERFORMANCE is ZSr 
NECESSARILY A GUIDE TO FUTURE PERFORMANCE. OT 


□ 


FI Because business is never black and white. 












FINANCIAL TIMES WEEKEND MARCH 5/MARCH 6 1994 


FINANCE AND THE FAMILY 


The challenge that paid off 


fact file 5 


Name: ftrjthscbUd Asset 
Management 

Status: Investment management 
company 

Founded: 1803 
Market position: Onty entered 
pensions market in 1388 
but active In institutional parsjon 
funds market since 1980s 
Financial strength: No Stmdard 
4 Poor's eating on company but 

AAA (superior) rating on money 

finds 

Funds under management: - 
£10bn (at 31/12AM) 

.Premium Income 1983: £&5m 
iregiiv annual personal pension 
contributions) 

Number of personal pension 
plan clients: 7,500 
Number of transfer plans sold: 
1,600 

Sales outlets: MaMy tfeough 
independent finoidal advisers; smafl 
amouit of buatnesa <Sreci from the 
pobSc as a reauftof advertising or 
recommendation 

Coramfsshm paid: 4 percent on 
all esmfcftiUSotwlhcougkvaut the 
SWw of the plan. Transfers of 
£15£Q0 aid above, 5 per cam 
COmmisaon. - ■ 

NU commission terms 
available? Yea. AS or part of’ ■ 

commission can be revested In the 

plan in the form of a discount against 
the unit price 

Recurring single premium ~ " 
contracts? Yea AS contracts 
based bn RSP, te no contractual - 
BabUty to mete regular payments 
Expanse ratio: Wot applicable 
Reduction In yteW (agulyatent . 
aims* percent charge over the fife of . 
the contract): 1.3 per cert on a 25 
year remitter premium personal 
pension findusbyaverage i.fi pa- 


Debbie Harrison on Rothschild Asset Management 



Nathan Mayar Rotitsctod, founder 
of N M Rotted** 4 Sons Urf 

■ tttustrations of whtf your investment 
may produce use a standard basis 
fiar charges set by lautro {the Lte 
Assurance and (Mf Trust Regulatory 
Organisation). To raweoHtoanpsct 
of red charges oflBw Anal fund otf 
Ftath sd&J Asset Management's 

managed una-traslptev *» asked 

far fflustrations usiog actual charges 
tor a man age '45 who aspects to 
retire at age 65 (jo. a 20yeer 
contora a ) , paring feiQOD per marsh 
and (b) a stand None singie prerrium 
of £10,0011 ffiusfrations using laubo 


rrwch tower than dirges used by 
most pnnfcfera, era shown in 
.bractets- The teat Sustration gives a 
theoretical vafoe B no charges were 
made. Tba fourth assumptions are 
Lautro's standard B per cent and 12 
percent. 

Full commission paid 


Penalties onaariy retirement 
or termination: None 
Performance*; Personal pension . 
fonds launched 19B8L Unti recently 
performance excellent- but rmsmged 
^ndUKmaior companies funds . 
dropped in 1892 to bdow weraqe - 
and to tattoo 25 par centto 1981- * 
UK smaiarcomfxtfites fund gotxi. 
European and North America ksxte 
voMRstaut good for 1891 Japan 
eteo vdatfe - top 25 par dent 1981 
and 1933 but down to bottom 25 per 
cental 1983. 

iwctr FrPenenrff>mim 1S94 
tmdbook end Pamtus Management "’ 

Ctracges: At present 8fe office 


Monthly prsnitfii 
£200 

£77,417 £154965 
53.0001 

angle panurS 
CIOOOO 

TSWHT 05538- 
•ff282ttfr £85205. 

NJ1 coramhotoo 

Monthly prttfiun . 
£200 

CSOB77. £161,490 

(ewsasfEwsftao 

SHgtepraelunF- 

£1fW»' . 

aw® Bflwr* 

fEffiZK* $35620* 

Theoretical nil charges 

Mcnthtypataatn-. 

BOB-.' 

£97.129 £103*71 

StaepraRion 

£10000 

£32417! £96,463 


JJmchaigasmBaltitctiVaplan oner Ae 
AMZBymr period aasMtmtgaUr 
t ftetataSy. Hw w p uMemottm ' 
office pim Otmli no natty m&tfrgot 
charges tn Ota mtf yeas at 9m plan and 
so (beware no pern Mat tmtoowuiig or 
atqpphpp ra ri to s s aw y sara s e ar " 
radamen. 


R othschild Asset 
Management is 
the main Invest- 
ment manage- 
ment company 
within the Rothschild Group, 
one of the world’s leading inde- 
pendent merchant banking and 
asset management organisa- 
tions. Although the company 
has not been rated by Standard 
& Poor's, several of its hinds 
have achieved S& P’s top AAA 
award. 

As a unit trust personal pen- 
sion provider, Rothschild is 
one of the most successful 
financial institutions to Chal- 
lenge the virtual monopoly 
held by the life assurance 
offices in this multi-million 
pound market Its combination 
of dear charges, flexibility amd 
good performance pushed the 
Rothschild managed personal 
pension plan rapidly to the top 
of the league tables. 

Apart from Rothschild, the 
only other unit trust personal 
pension provider now is Gart- 
xn ore. while Murray Johnstone 
offers company unit trust pen- 
sions. Fidelity, which withdrew 
from the individual personal 
pensions market recently, is to 
enter the company market 
soon. 

To the consumer, there 
might seem little to choose 
between a unit trust personal 
pension and a life office umt- 
linked plan since, in both 
cases, premiums buy units in a 
chosen fund and the price of 
these units goes up and down 
depending on the performance 
of the underlying assets. 

The charging structure of 
the two products is quite differ- 
ent, though. As a unit trust 
group, Rothschild pay only 
single premium couunissioo of 
43 per cent to advisers selling 
its products. This is financed 
out of the bid/offer spread, 
which is levied on all contribu- 
tions throughout the term. On 
top of thig there is an amnwi 
Tnanagpment fee of 1 per cent. 

Unit-linked plans also have 
these charges. But there are 
extra “initial* 1 or “capital” unit 
charges in the early years 
which are used to pay the 
adviser the commission that 
would be earned over the 


LATEST ANNUITY RATES 


COMPULSORY PURCHASE LEVEL ANNUITY 


Male age 55 

RNPFN 

Royal Life 

Genera# 

Annuity 

£8.84328 

£8,800.90 

£8.727.04 

Female age 50 

Royal Life 

RNPFN 

Prudential 

Annuity 

£7,826.21 

£7.625.40 

£7.507.68 

Male 60 

RNPFN 

Royal Life 

Generali 

Annuity 

£9.858.96 

£9,676.69 

£9,814.40 

Female 60 

RNPFN 

Royal Life 

Generali 

Annuity 

£8.877.84 

E8JJ72.07 

£8.487.43 

Male age 70 

RNPFN 

RoyaJ Life 

Canada Life 

Annuity 

£13.392.24 

£12,836.85 

£12.57228 

Female age 70 
RNPFN 

Royal Life 

Canada Ufe 

Annuity 

£11,461.32 

£11,170.72 

£10.742.76 

Joint Life - 100% spouse's benefit 

Mala 60/Femata 57 

Royal Life 

RNPFN 

FVudential 

Annuity 

£7,982.88 

£7,763.40 

£7.048.56 

Female 63/Mato 55 
Royal Life 

RNPFN 

Prudential 

Annuity 

£8.632.68 

£8.536.08 

£8^40.88 


_ i ,, ■■ ■ — r - rn nrim r-*~- ivnflmi-r — * — 

s r ■ i r ■ - - — -- la mo— », ia«a» i i | i i * » mum 

IKM M* Oa NBUW JMS tWw Onm looflBT SF> 9 FO r«c 0 TI 4 3 VOTB 


Annuity rates 


With gilt yields on a continued 
upwards move, at least half a 
dozen companies have 
increased their annuity rates 
since last month. Some, such 
as Norwich Union, have also 
reduced their rates and have 
disappeared from the table 
along with Equitable Life. 

Unfortunately, the Inland 
Revenue has provisionally 
stopped the launch of Provi- 
dent Life’s flexible annuity. 
There should, however, be 
interesting annuity products 
available in the second half of 
the year. 

Peter Quinton 
The Annuity Bureau 



We gather Company 
Information. 

You ENJOY THE FRUITS. 


TTii, h ihc Jgc ,»T Infoimjlii'ii. The UnuhU- i» 
ihrrr lias ncsi-r Im-v n 10 much d il alnsul 
vsliuh nulis it harrfiT than errr l« Tinil U» 

.on I pan V iulurmalmn ihal’n mil 

ihi- [HUM. 

MaViht Informal inn Is sour sltal 
nel*vnrk pnnirinig iumpfsAniwlii- »n$ of motion 
Oil thr 1 -umpaiiK-s ami thal inn n-M 

tou. I : nrt Jjv, «v harscsl ami mw ihtf into- 
ttvilion fro... the ssol-W* top 70 biuim-ox 
puhlH aiu-ns. You can acciais jiul v,hjl »r«J null 
. hs i-i im pant, imluatn, country or marks! 
Hart! fart ami mtfarUrt rumuur. 

Whrlhrr toil at-ftss it nn Cl) RUM, 
■mlinr or fiont hanl copy, mw "ill li™> H *wy 


to reap the butcflta from McCarthy’s comprc- 
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the coupon below. 

Don't be a don't know... 
fTTI contact McCarthy 

I OflfMc Ikto o-r— «a — t « » Mtw »*g— J. Mr&rtfcj „ 
I InfxrMltaB, PO Bn It Stators. MiMhcre TW16 7Ub g 
1 r.lrrh.m 0*31 7614 * 4 . Ffc— e arnd me of MrC— tfcj - 

i WonMIroi Smns r 

CO 

Nsir 


C«J»T 


SI 

McCarthy i 
Information 
Services | 

COMPAQ iNfOftMATON | 

TO ACTON 


I TIOH | 


entire term of the plan. On top 
of these extra deductions, there 
are policy fees and administra- 
tion charges. 

The point to note about unit 
trust personal pensions is that 
the charges are explicit and 
there are no penalties if the 
contract stops early. This does 
not necessarily mean they are 
cheaper than unit - linked plans 
over the long term but unit 
trust pensions do offer genuine 
portability without penalty. 

The Rothschild managed per- 
sonal pension fund, which 
invests in a portfolio of equi- 
ties, bonds, gilts and deposits, 
came llth out of 83 managed 
funds tn the latest Money Man- 



agement survey*. Looking at 
results on a year-by-year basis, 
however, the performance is 
rather volatile. The fund was a 
top performer between 1988 
and 1992, then took a dive. By 
1993, it had slipped into the 
bottom 25 per cent of funds. 
The UK major companies 
equity fund had a similar 
downturn. 

According to marketing 
director Peter Rees, the invest 
ment philosophy of the per- 
sonal plans mirrors that of the 
institutional pension funds. 
“This leads us to invest pre- 
dominantly in high-quality 
equities which, over the long 
term, should provide a consist- 
ent, above-average return 
while the fund benefits from 
the enhanced marketability 
and security afforded by this 
significant bias in favour of 


blue chip stocks.** he says. 

"A side effect, however, has 
been that the fund did not par- 
ticipate In the strong g ains 
shown by second- line stocks 
(smaller companies) over the 
past 12 months and so has 
tended to underperform in the 
short term. Nevertheless, we 
remain convinced that the 
basic strategy is correct.** 

The group offers a range of 
funds investing in American, 
European and Japanese mar- 
kets. But, for investors 
approaching retirement, it sug- 
gests using the managed, gilt 
and deposit funds to consoli- 
date gains. A phased switching 
to these funds over the seven 
years leading up to retirement 
can be arranged. But the gilt 
fund, which achieved a top 
quartile (top 25 per cent) posi- 
tion in 1989. has performed 
below average ever since, 
while the deposit fund has per- 
formed consistently below 
average since its launch in 
1988. 

Although s mall in numerical 
terms, the 1,600 Rothschild 
transfer plans account for 
more than 20 per cent of Its 
total personal pension busi- 
ness. Rees points out that most 
of the transfers came through 
independent advisers who were 
responsible for assessing each 
case. He adds: “We now issue 
warning letters to all custom- 
ers who come to us directly 
and who are considering trans- 
ferring their pension. These 
letters outline the main points 
to consider in a transfer and 
recommend that clients seek 
full advice from their em ployer 
and/or an independent 
adviser." 

* Personal pensions survey by 
Money Management, FT Busi- 
ness Enterprises Ltd, Grey stoke 
Place. Fetter Lane, London 
EC4AIND. 


WEEKEND FT Vtl 


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select PEP specialists. Find out how we make it easy to invest in the stock market. 

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To: Kiibk A Co. FREEPOST (SW5030). London SW6 4YY 

Please read details of your Self-Select PEP service. I *m a PEP invesKxi | ImuncvunicJral | iacase not isos 

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The Emerging Markets Fund from Fidelity offers 
you the chance to capitalise on the strong growth in the 
young, developing economies of the world. However, 
such is the volatility of these dynamic new markets, 
we recommend that you take along an experienced 
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The key to real success in Emerging Markets is 
research and resources - two of Fidelity’s foremost 
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extensive network of offices covering developing 
economies across Asia, Latin America and Europe. 

Our local presence means we can apply a hands-on 
approach, searching out and capitalising on investment 
opportunities in these rapidly expanding economies. 


Why Emerging Markets? 

77% of the world’s population live in these areas 

IS of the world’s 30 largest economies are Emer gin g Markets 

They are enjoying rapid economic growth and some 
spectacular stockmarket returns 

For example, Mexico up 1 ,227% and the Philippines up 481% 
over the past five years' 


Fidelity’s Strength in Emerging Markets 

Asia - 14 fond managers and analysts 
Latin America - 7 fond managers and analysis 
Europe - 16 fund managers and analysts 

As a result, the Fidelity organisation has become 
one of the world’s leading names in emerging 
stockmarkets: where we currently manage US$5 billion. 

So act now to find out more about the 
Fidelity Emerging Markets Fund - 
and get the potential of these dynamic 
markets teamed with the strength of the Fidelity 
organisation. 

For more information, call us, free of charge, from 
any of the countries below. If you live elsewhere please 
use the UK number or post or fax the coupon. 



Bahrain 800574 

France 05908213 

Netherlands 06 0226443 
Spain 900 964476 


Belgium 078117586 

Germany 0130819206 
Norway 05011063 

Hong Kong 848 1000 


UK (for other countries) 44 732 777377 


To Fidelity investments, PO Box 88. Tonbridge, Kent TN1 1 9DZ, United Kingdom. Please send me details of the Fidelity Emerging Markets Fund. 
Name (Mr/Mrs/Miss):. — — 


IFE3 


Address: 


_Tel No:. 



Fidelity 
investments ' 


■ Source; Dalastream storing afl^sied price reruns to 31 .12.94. All hdices from MS Capital tranmaliona! Series. The Hdolty HrOs Emerging Ma/kate Fund fe pan of Bdeflty Funds OCAV). which is an open 
ended Luxertourg invesTirem company wan 25 ctesses d share punas’). ^ v8 * ue shares mey iise or fa* due to changaa 1r the rate o< exchange ol the ourancy in utffch ihe iuncSs are irwasd. Rorttv 
Finds Emerging Markets Find wifi Invest in markets which may be volalla ard the uxtertying Investments may prove efiffiodt to ssl The rek of significant Dictations n the price of shares and of the 
suspension of redemption In the fund may therefore be higher than average. Investment in Fidelity Funds should be made on the basis of the current brochure, a copy of which can be 
obtained from the Distributors, UK investors shaJd aSso note that Bdefity Funds are recoyissd under Section 86 of the Financial Services Act 1988. The holding of Shares in the Funds wfl not be 
j covered by the p romstans of the S® investors CorrperesUcrt Scheme, nor by toy am&r scheme in Luxembourg. The UK Distrtoutnr oi the Finds ts Fidewy kwstmtras knemg6cnsfi. a member ol WRO. 








VIII WEEKEND FT 



High IntereS Business Cheque Account 


Who said 
your business 
can't have free 
banking and earn 

4.00% gross p.a.? 


At Allied Trust Bank you can 
have free banking and earn 
a high interest rate on your 
balance 

We offer your business the first 60 transactions 
of the month absolutely free, with no monthly 
charges. 

A 4.00% gross p.a. interest rate is paid 
monthly on the entire balance, providing your 
minimum balance is no less than £2 001 . 

You have instant access to your money by 
cheque book, standing onier and direct debit 

For more information either telephone our 
24 hour answcrphone: 071-626 0879 or 
Jayne Stuaiton 071-283 9111 between 
9 am and 5 pm Monday to Friday. 

Alternatively complete the coupon and 
FREEPOST H to us. 

ALLIED TRUST 
BANK 


Iruerai is paid gross K> companies, net of basic rale ux to sole traders and partnerships. 
Interest rales mav vary. 

To: Allied Trust Bank. FREEPOST, London EC4B 4RN. 

Please send me details of the High Interest Business Cheque Account 


Name. 


Name of Business- 
Address 


FINANCIAL TIMES WEEKEN D MARCH S/MARCH6jW 

FINANCE AND THE FAMILY 


All you ever wanted to . . . 


.Post code 


Allied Trust Bank Limited, 97-101 Cannon Street. London EC4N 5AD. 

| Fry sim*] 


C GT Is charged on 
your capita] gain 
when disposing of 
an asset, and capi- 
tal losses can be 
set off against capital gains. 

They are known as charge- 
able gains and allowable losses 
and are the difference between 
the net proceeds from disposal 
(or open market value if the 
asset is given away) and the 
attributable gross cost of the 
asset when it was bought (or 
the open market value if 
acquired otherwise). 

The actual gross cost (or the 
value at March 31 1982) is 
indexed to allow for the 
increase in the retail price 
index (RPI) - that is, inflation 
while yon have held the asset 
- to give the attributable 
indexed cost, but only by the 
amount of inflation since 
March 31 1982. 

A warning, though: Any cal- 
culations you maifp after read- 
ing this article will need to be 
adjusted next week to take 
account of indexation. 

■ Calculation of 
chargeable gains 
CGT payable on disposals in 
any tax year (April 6 to the 
following April 5) is calculated 
in steps: 

1. Work out the gam or loss 
on asset disposed of dur- 
ing the year. Where the asset 
is a security that has been 
bought and sold in the market, 
use gross cost (cost plus 
expenses) and net proceeds 
(gross proceeds less expenses). 

Note that the date of the con- 
tract is the date of purchase or 
sale, not the settlement date. 

2. Subtract total allowable 
losses from total chargeable 
gains. This will produce either 
a net allowable loss, which 
ptiHk the calculation. — such a 
loss can be carried forward 
indefinitely to offset future net 
chargeable gains; or a net 
chargeable gain- 

3. Earh person has an annual 
exemption, including children. 
Deduct file annual exemption 
<£5£Q0 in 1992/88 and 1983/94) 
from the net chargeable gain 
If this produces a negative 
figure or zero, there is no CGT 
to pay. If the figure is still posi- 
tive then; 

4. Deduct capital losses 
brought forward (see below). 
This will produce either a neg- 
ative figure, which is the 
amount of losses that can be 


This is the first in a series by Richard Chant and Alan Sugden on 
all aspects of capital gains tax. The four articles are intended to 
help private investors in stock market securities work out their 
cumulative capital gains during each tax year, and to describe the 
steps needed to minimise CGT liability. 

These articles are written specifically for the serious stock 
market investor although capital gains on other assets, such as 
second homes, may also trigger CGT liabilities. Today, we set out 
the basic rules, including chargeable gains and allowable losses. 


carried forward to future years 
(there is no CGT to pay), or a 
positive figure, which is the 
amount of chargeable ga in on 
w hich CGT will be assessed. 

The calculation must be 
do n e in the sequence shown. If, 
for instance, you maiyp a total 
of £5.000 chargeable gains and 
£2,000 oT allowable losses, you 
are not allowed to set the 
£5,000 off against your annual 
exemption and carry forward 



the £2,000 losses to future 
years. 

Net gains would be £3D0O, 
less than the annual exemp- 
tion, so there would be no CGT 
charge and no losses to cany 
forward. 

Note that none of this 
includes tha process of indexa- 
tion, and that no unused 
anmial exemption ean be car- 
ried forward. The list of invest- 
ments exempt from CGT is 
shown below. 

■ Calculating CGT payable 
The tax liability on net charge- 
able gains (less the annual 
exemption) is normally calcu- 
lated by adding then) to tax- 
able income in the tax year 
and working out tbe additional 
tax due (see box 1). 

■ Investments that are 
exempt from CGT 

Gains (and losses) on the fol- 


ftbte'fe COT PAYABLE 

in 1998*4" wltewho steysHt heiue *> iooMftw'J^ ottttw 
e s gawte s that tier total fecome,lnclu(ftng tax rotates on bar * 
f&dimd Income, 'w»t*S2^0Q. In 1993flK1be personal . 
aSowauce fe £3^45. 

. Her hosUandpays taxat the inwg&wrf rate at*) per cenghe 
ctaimsand autompdoaSy receives the benefit of (he married-' 
cotipta*s aSawancecf £1,720, aa they have not elected to do 
otherwise (seas footnote). - • ; 

wjs be ftxp&n'xtntoxt week) ar»£M£qn -r'jsn aunt left her same 
money ahd sbo fiut£l7£0OJoto ©Bfeh Atoiwo» shares at tbe . 
tj ow nf tt» Gu» War, t^cfrig her prom ja^ mohtorghe.haa no . : 
Cwitod forward losses. ' 

ifow tourfi CGT Vrfi ahe tawe to pay. ussumtoff she mates rw 
forffts rdfcpwefe?.;*/ # 

• ' •SkSSsStSS SSJ^ ~---i . • 


'Gapteftairi' * - 

SjS.aEsri oo 

Taxabtoq^n ' 


mao' 


Unused person* eRowxinoea can't be usad to oftairt a&tost 
riyvtof jnftr, soatostotraf fletaotetar ■ - 

>r>cfc.". ■ 7'- ”> 1 ** v -..•<£ . ••./ 

Ttfrband'fi . •' Tex rata-% } .TBXj»wabia£ 


:SOO. 
: &30Q 


■ 0-2^00 ■; "-'.f ; • • 20.'. ■ r.: 

••• 2^01-29,780:' ; •• r 2 *"".- *' ' / 

■ 2s t m<z8 { <oa-y - .v. ■■■ ;• . 

. \ fXTF peyattoln'lfleyat • f- , ■ . . -V 

to rue*** h&ite agowana* or tftm* cMo ***' rfrlhe w » . ; 
to receive » rfL # Mtner-vt these rpm&sitt are made, tit* . - - 
hmbomtbmef^aoaMtkpMa^ea^ra^^agli^aBbmnba: ■' 


lowing investments are 
excluded from CGT assess- 
ments: 

□ Saye (save as you earn) con- 
tracts. but not the shares 
acquired if linked to a share 
option scheme, as is often the 
case. 

□ Premium Po n d winnings. 

□ Government stock (gilts). 

□ Personal equity plans. 

□ Bonuses from tax-exempt 
special savings accounts (Tes- 
sas). 

□ Qualifying corporate bonds 
(QCBs). These are any deben- 
tures, loan stock or bonds 
where the debt attaching to 


t-hpm is a normal commercial 
loan in sterling and cannot be 
converted to any other cur- 
rency. 

The rules are not straightfor- 
ward. though. Gains on QCBs 
acquired on or before March 13 
1884 are subject to CGT. 

Losses on disposal of QCBs 
held on or issued after March 
15 1989 are allowable for CGT, 
but the original cost cannot be 
indexed to calculate losses. 

■ Offsetting t rading losses 
against capital gains 
Since 1991/92, you have been 
allowed to set trading losses 


not covered by all other 
Income against chargeable 
gpi ns in either the same or the 
following tax year. 

If. for example, you are 
self-employed and making 
losses over and above all your 
other income, the excess losses 
in any tax year can be set off 
against chargeable gains In 
that year and/or the following 
year. 

■ Carrying losses forward 

If capital losses are more than 
capital gains made in the same 
year, the excess losses in that 
year can be carried forward 
indefinitely and offset against 
gains in later years. For an 
example of how this works, see 
box 2. 

■ Negligible value 

The Inland Revenue keeps a 
list of securities which it 
deems to be of negligible value. 
But the investor does not have 
to wait until the security 
appears on that list before 
riniming for an allowable loss: 
he can do that as soon os he 
considers that a holding in his 
portfolio is worthless. 

When he does, and the secu- 
rity is not on the Revenue's 
list it will Investigate. 

If satisfied that the security 
is worthless, file Revenue will 
allow the claim and add the 
security to its list This allows 
later claims from other holders 
to be agreed without further 
investigation. 

Each quarter, the Revenue 
sends out lists of “deemed" 
securities to its local offices, 
various tax journals and spe- 
cialist tax services (although 
not the press in general) which 
then pa«« on this information 
to their subscribers. 

Twice a year, Extel Financial 
publishes a slim A4 size book 
called CGT Capital Losses. It 
contains the Revenue's quar- 
terly information plus a fist of 
companies that have gone into 
receivership but have not yet 
had their shares deemed of 
negligible value. 

The annual subscription is 
£53 (Extel Financial, tel: 
071-251-3333). 

If you want to know if a 
security is on the Revenue's 
list, but do not want to sub- 
scribe to a specialist service, 
ask your local Inspector of 
taxes (who will have the latest 

■ Continued page IX 



....... • .. ; v .. 

2- . - v . T 7-?-. i--. ■ 




Information atone wwrtehsate^.^ tothe ’ 

that you mate the right cross-border * \ ijwtn^gHhp ^ af yam worldwide 
real estate decisions. You need property portfolio- 

insight and interpretation. WithT^iJffices, Qvesierton 

Each of our offices in Nqrth . . ; BinswangerlntCTnational infers '• 

AiiKric^SoijtbAmericaj Eure^e, reallestata 

. • Australia and the Far East offostte > ergaaizafiwtcan matetu - 
; range of sendees and profesaitourf - ... . To team more ^outthe 





rangeofsenricesandprofesaimial' Thfeammore amutthe ’ « 

expert to turainfoiBiattoafiite Ixmkm^i^abiBtres of Chesterton , . ‘ ;.r!~ .-M 

gffifytfvp real iKhite i dB t a Aa Ufa " r ^ RW^wim«>r Inlwifltlflnar nipjuv T^(to:n) 629^64 


effective real estate strategies. We 
then eooriiiiatfr these strategies to 


P E i t V I R 1 N -6 



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FINANCIAL TIMES WEEKEND MARCH 5/MARCH 6 1994 


FINANCE AND THE FAMILY 


. . . know about CGT 


■ From page vm 

quarterly list), or your accoun- 
tant or stockbroker (most of 
whom take a specialist ser- 
vice). 

In the past, some investors 
have been slow to make claims 
on securities of negligible 
value. There are two possible 
reasons: 

L They may think, mistak- 
enly. that a security has to 
appear on the Revenue's list 
before they can claim; this, as 
we have described, is not so. 

In fact, if no shareholders 
ever claimed until a security 
appeared on the list, it would 
never contain any securities: 
definitely a chicken and egg 
situation. 

2. They may have wanted to 
allow the indexed cost of the 
security to continue growing 
with the RP1 until they needed 
to claim the Voss to offset 

a gains t gains 

This was quite a crafty 
move, hut indexing holdings of 
negligible value was ruled out 
by January 1994's Finance Bill 
for negligible-value claims 
made after November 29 1993 
(Budget day). In our view, this 
is a bit tough. 

■ No CGT on death 

When a person dies there is no 
charge on the net unrealised 
gains in their portfolio 
although their estate is. of 
course, subject to Inheri tance 
tax. 

■ Valuing a dead 
person's estate 

Securities in the estate are val- 
ued using the open-market 
value of each on the date of 
death or. if that was not a 
working day, on the last day 
for which the price was pub- 
lished before death. 

The open-market value of a 
security listed on the London 
stock exchange, including the 
USM. is the lower of: 

1. The bid price of the secu- 
rity plus one-quarter of the 
spread (the difference between 
the bid price and the offer 
price}. This is known colloqui- 
ally as "quarter up.” 

2. The figure halfway 
between the highest and the 
lowest prices of bargains 
recorded that day in the stock 
exchange’s Daily Official List 

For foreign securities listed 
on a recognised stock 
exchange, the basis for calcu- 


Tabie 2: CARRYING LOSSES FORWARD (£) 


(a) 

Tax 

year 

w 

Capital 

gams* 

ft 

Capital 

losses* 

(d) 

Net 

gains 

M 

Net 

losses 

» 

Annual 

exemption 

(9) 

Losses 

W 

w 

Losses 

offset 

8) 

Losses 

cn 

<D 

CGT payable 
on gain at 

68/88 

9.240 

2,000 

7,240 

- 

5,000 

- 

. 

. 

2JZA0 

89/90 

5,276 

6,476 

- 

1200 

5flotr 

- 

- 

1,200 

. 

90/91 

8,600 

3,600 

5.000 

- 

5,000 

1.200 

. 

1200 

. 

91/92 

7.240 

15.100 

- 

7.880 

5.500“ 

1,200 

- 

9.060 

- 

92/93 

10,750 

2.245 

8JS05 

- 

5,800 

9.060 

2.705 

6.355 

- 

93/94 

15,020 

- 

15,020 

- 

5,800 

6,355 

6,355 

- 

2,365 


'Mar i ndmai n on. ■Mcft w* bo tn/Mimd rmxt wMl ~Amual atempoon vwmd leant be carted to rm nS. 

C«p» gn an wMen COT a chavs* $ - (ty - ft ■ f) - ftk. C loom cwrtaf tanvwtt f) » |B> - f» *■ - (M 


lating the value of a disposal is 
very similar to that for a UK 
listed security; the value Is 
converted into sterling at the 
rate of exchange at the date of 
death. 

■ Selling assets from an estate 
If securities are sold from an 
estate within 12 months of 
death, the executors can elect 
that, for the purpose of EHT. 
the proceeds of the sale can be 
substituted for the open mar- 
ket value at the date of death. 
But the election has to be for 
all disposals during that 12 
months. 

This can be a very important 
concession if money has to be 
raised by the executors and the 
market is failing 

■ Filling in your tax return 
If your chargeable gains do not 
exceed the exempt amount for 
the year (£5300 in 1993/94), and 
the aggregate value of (or the 
net consideration received for) 
fiie assets disposed of does not 
exceed twice the exempt 
amount for the year (£11,600 in 
1993/94), there is no need to 
provide details of your capital 
gains and losses in the year 
(which include gains and 
losses on assets other than 


Table 3: SHARES OF NEGLIGIBLE VALUE (since 1990) 


Alpha Estates 
Alky Holdings 
Associated- Hanriques 
Astra Hokftig& 

AT Trust 
Audtt & General 
Authority Investments 
Babcock Presen 
Barbican Holdings 
British Commonwealth 
Broadwefl Land 
Burad Holdings 
International 
Centreway Trust 
CH tnduB&tab 
Cteaprlrrt Holdings 
Cttygrave 

City & W est m inster 
Group 

Clarke Hooper 
Colored Group 
Company of Designers 
Condor Group 
Corton Beech 
Davies & Newman 
Holdings 
Doctus 
Egarton Trust 


England (J) Group 
Equity & General 
Erostin Group 
Ferrari Holdings 
FKB Group 
FOBS. Internationa! 

Ford SsSar Morris 
Properties 

Qrovewood Securities 
Guidehouse Group 
Hanover Dmca 
Hantenger Properties 
Hartley Baod 
Headland Group 
Honorbat Group 
Hughes Food Group 
Keatway inte rna ti on al 
London United 
Investments 
Lowndes Oueensway 
Maxwell Communication 
Corporation 
Mountieigh Group 
Mowai Group 
Noble Raredon 
Norfolk House Group 
Paricfietd Group 
Pavfllor Leisure 


Povton in tbs national 
Pennant Properties 


Polly Peck international 
Principal Hotels Group 
Ramar Textiea 
Reliant Group 
Renaissance Holdings 
RKF Groiro 
Rockfbrt Group 
RodWOOd Holding.! 
Rush & Tomkins Group 
Sempamova 
Sheraton Securities 
International 
Sock Shop 
In te rna ti onal 
Stormgard 

Summer International 
Tern 

Tranwood 
Tunttt C o rporation 
Video Store Group 
Ward Grou p 
Warringtans 
Westerly 
WBiaire Group 
Yaflowhammer 


stock market securities). You 
just tick the box provided. 

If either of these figures is 
exceeded, you must give 
details of each chargeable asset 
disposed of, and the amount of 
chargeable gain. You might 
also, if you wish, provide your 
tax inspector with your compu- 
tations. The new version of file 


In coming weeks 


The publication schedule for 
the rest of this sales on capi- 
tal gains tax is: 

Saturday M»rr»h 12: Indexa- 
tion. Use of factors or the 
retail price index to calculate 
indexed gains and losses. 
Share pooling post-March 
1982. Payment for shares by 
instalment Tables of Indexa- 
tion factors and RP1. Worked 
examples. 

Saturday March 19: Share 
pooling pre-April 1982. Elec-, 
turn for treatment Matching' 


disposals with shares 
acquired. Capital changes: 
Scrip and rights issues; take- 
overs; demergers; scrip and 
enhanced scrip dividends. 
Worked examples. 

Saturday March 26: Minim- 
ising your tax liability. Bed 
and breakfast. Transfers 
between husband and wife. 
Taking advantage of separate 
annual CGT exemptions and 
partner's lower marginal tax 
rate. Buying shares for your 
children. 


annual tax return, form UP, 
introduced in 1992/93, gives a 
useful pro forma for doing each 
computation. 

■ Date of payment of CGT 
Your return should be sent to 
your tax office by October 31 
following the end of each tax 
year. CGT should then be paid 
by December 1 (or, if later, by 
30 days after the issue of the 
assessment). 

Richard Chant is a tax partner 
at Bristol chartered accountant 
Solomon Hare. Alan Sugden is 
the co-author of Interpreting 
Company Reports & Accounts 
( Woodhead-Faulkner , 4th 
(revised) edition, p/b £19.95). 

Answers to the most popular 
general questions arising from 
this series will be published 
after the final article. Please 
mark your envelope U CGT 
Series Question. ” But toe cannot 
provide detailed advice about 
personal CGT returns. 

■ Next week: Indexation 


MV 



O ver the last two years Save & Prosper’s 
Japan Growth Fund’s performance has 
been truly outstanding. It is the NUMBER ONE 
Japanese equity unit trust over 12 and 
24 months.* 

The Fund invests in a broad range of 
companies like Hitachi, East Japan Railway and 
Nippon Telegraph and Telephone - in targeted 
sectors of the economy that we expect to 
experience strong profits recovery when demand 
increases. 

The Japanese stock market has already 
shown some good gains this year which were 
inspired mainly by overseas buyers. But there is 
potential for further substantial gains when 
Japanese investors return to the market. In 
addition the Tar-reaching political reforms 
agreed at the end of January have been well 
received by the market. 

We believe that the Nikkei Dow could rise 


sharply, possibly by up to 20% in the next 
12 months. 

FAR EAST EXPERTISE 

Save & Prosper is part of Flemings, one of the 
UK’s leading merchant banks, which currently 
manages over £45 billion for investors 
worldwide. Flemings’ sister company, Jar dine 
Fleming, is currently the largest foreign 
investment company in the Far East. 

ACT NOW 

The Japanese Government remains committed 
to stimulating the economy and this should 
lead to increased demand. We are confident 
that Japan Growth Fund is well placed to 
continue its recent outperformance of the Index. 
You can invest from as little as £1,000 or from 
£35 per month. To find out more ring our free 
Moneyline, post the coupon or talk to your 
financial adviser. 

•Source: Micro pal, as at 1st February 1994. 


CALL FREE 0800 282 101 

9J» u - 6J» pM. • 7 MTS A WOK 


Tk Save & Prosper Securities Limited. FREEPOST, Romford EMI IBR. 
Plca« send mu details of Save & Prospers Japan Growth Fund. 

Surname Forenamen 


Mr/MrWMiss 


Aiidn-ss 


Postcode 


Home Tell STD i 


No 


Work Tel(STD) 


No 


Ai i hut wt itmy call nnd offer further information. 


IHE PRICE Of UNITS AND ANY INCOMf FROM THEM CAN 
C-O DOWN AS W£U. AS UP AND YOU MAY NOT GET BACK 
THE FULL AMOUNT YOU If NESTED. EXCHANGE RATES AISO 
MAY CAUSE THE VAIUE OF UNDERIYING OVER5FA5 

Investments to go down or up. past performance 

IS mot A GUIDE to FUTURE RETURNS. SAVE & PROSPER 
GROUP IIP IS A MEMBER Of IMSO AND lAUTRO. 



THE INVESTMENT HOUSE 


WEEKEND FT fX 


Wi 



HILST OTHER 
PEP ADS SAY 

HURRY! HURRY! HURRY! 

MAY WE SUGGEST A 
LITTLE CONCENTRATION? 


you're looking Ter high income growth, n't graphi- 
cally obvious that now is perhaps not the beat lime to invest in a 
building society. So. with the current financial year nearing iln 
end, a la* free High Income PEP don moke for a very allrarlivr 
alternative. 

Bui before jdo null into anything, auudn this: the 
Pro! ifir High Income Unit Treat haa achieved on unbroken 
record of increasing income growth over the lost 19 yearn. Tor 
cample, to pat itial into control, out of the 57 unit trusu in the 
UK Equil j Income sector, since WSt. only ire other tresis 
m a na g e d to maintain consistent income growth along with our 
High Income Unit Trust t. 

At Prolific we adopt what we call an active earnings driven 
strategy, Id plain EngLiak. that means wr concert! rale on 
maintaining the right balance between income and capital 
growth - vital for producing healthy levels of both over the 
years. That's why, as well as generating high income, the 
capital of ihelmsl boa now grown 20-fold in the last 20 years*. 

If this is what you’re looking for in a PER why not get an 
objective view? Talk to your independent financial adviser or, if 
you don't have one. call the: 

IFA Proatntioa Lime on Frvephoae 0800 J87 946 
for a liat of independent financial a dv i a eia in war area. 
Alternatively comple te I be coupon. 

And take note: as our initial charges are down to 3% of the 
amount you invest until 1st June I9W, with no exit charges, 
now is a very good time to act. Not that we're hurrying you. 

•Owt IwsnMl KU SnfBlm^iUaiiunnwui rnhfrt hjk hwMUk 

CJJ»5.sulMbfsa>daW * '* J - j -i* — 

I Swn: farm hU laMu. 



HHHnooac/d 


RiOLIFIC I 

| Co ncentrating on investme nt | 


Fln>imRifftW|MptffernaEiditC(airlftfMfelolfetUue.Tbepn(fnbail{feiKowfmnttnn?PiRMiK«lisia bd*paM ret jfeouiiw Iterate of 
nMm oww anstnxsts to pi tan ortp Ite In tratmi d PEPs ny he dtisgte by funnel lejoMw 

Kurt* FiiMc IM fan! ampn LIS « mrtvvl M0. Ltimoiwtll 


PENSIONS: 

DON'T Be SET UP 

By The 

SET-UP CHARGES. 


Caveat investor; life assurance companies have ways of charging you a great deni 
for personal pension plans. 

Like “capital'' or “initial* units, where the management charges, are much higher 
than for normal accumulation units. Or reduced allocation to units - often a> little 

as 50% - for The first year or two. Not to mention the penalties Gartmone 

that frequently exist Tor altering your contributions, retiring personal »*nsio*s 
early, or switching elsewhere for better performance. And, under with-profits policies, 
the company's actuary even decides what your policy is worth. 

At Garrmore, we have nothing to hide. In our unit trusr personal pension scheme 
we charge an initial fee and an annual management fee. And all charges are fully 
disclosed in the annual accounts. 

For full details, you can call free of charge on Oh 00 2X9 33i>. For equally full disclosure 
From a life company, we're afraid that, under current legislation, you'll have to whistle. 


fiitr ihjf pa-tf ixHiRRuncv a l»i guJijmcr nJ lullin' prrfinura r. HlbaihviTNnKtH n»hnmiwucd jnd yppriacil tiv lianmmc ImiNiwii Um vi.il j iimuIxi •! UIH- ■.,« Ix-tuH i4 it. jiqmniiiil 
icprtwnuiiiT Itanmmr P*wlnl h-mWnrr. LnaJird lijnnnnr lb«iv.. PO Bin i>V In l*»>niii'irW Wi»ti inn-fam M' <1 .xj,.. 










X WEEKJEND FT 


FINANCE AND THE FAMILY 



ii mk in|\i ii|i vfii'tnii U'liHi'K*. • i' t« ji- lk r'i*«i 

i«« :•< fwl ii* mnniH •■mi wnr»/ Vjj (ViJimnu 

■■Iluka ml i< ||i« Hl%- J'« W* ’'i* 


> j»< 1 Jon. Jitil iIk hi* i-hp.* imn 
W* J I'W^ 1 l»» 

1 l1i.ll IJS lr|?'Jjll*«il MU' «|unfl«* 


The Temple Bar 



FORMULA 


A top of the range investment trust PEP 
or savings scheme 


■ PERFORMANCE ■ 

+577% since 1 March 1984* 

+26% over one year* 

■ ATTRACTIVE YIELD ■ 

More than 34% above 
FTA All Share Yield 1- 

■ LOW COST PEP ■ 

Initial charge only £50 

■ FREE SAVINGS 
SCHEME ■ 

Temple Bar is managed by Guinness Right Investment Trust Managers Limited 
To find out more complete the coupon or call Joanne Wright on 071 522 21 1 1 

"Micropaf. Otter ta offer with na incoma mimoaed to W.84. financial Tun» Gross y» afcfa as at 133*. 


TEMPLE BAR INVESTMENT TRUST PEP AND SAVINGS SCHEME 


Please send me details of the Temple Bar Investment Trust PEP I I 

and/or Savings Plan I I 

Title Initials Surname 

Address - — 

Postcode 

To: Joanne Wright. Guinness Flight Investment Trust Managers Limited. 

5 Gainsford Street. London SE1 2NE 

Ptwi partoni mikv n not nocnnzjniv j guide ip rt* faftirn. The rotue of this mnwmml and ttio Income anamg /torn it may laH 
os mV os nsa and 11 v>il guaranteed. Alto, deduction at (Vngn and arpanssa nKuni you may opr get baa the amount you 
met ted. hauod by Gurwn FUgfa Global Aaaet Xlanagommt umOrd. ammOmatUMTOmdUU/TfiO 


Incorporated in 1926 Temple 
Bar (total assets £2 55m) aims 
to secure for shareholders a 
growing income and capital 
growth mainly from leading 
UK equities. 



Temple Bar 

Investment Trust 
PLC 


Many happy returns . . . 



Know your 
enemy : a 
user’s guide 
to what makes 
the tax man’s 
nose twitch 

Q. Is he an ogre? 

Quite the reverse. Like a 
dentist, the tax man is very 
aware of an image problem gnrf 
is keen to inflict as little pain 
as possible. 

Q. What’s he like, then? 

Well, he’s actually a very 
decent man. Honesty, common 
sense and fairness - the«» are 
his watchwords. No one enters 
the Revenue burning with 
ambition or craving wealth. He 
strives to apply the law consis- 
tently and even-handedly. 
Things irresponsible or unpro- 
fessional appal him. 

Q. So, is he desperately dull? 

Who wants a flamboyant tax 
inspector? Bear in mind he has 
to have a working knowledge 
of the Taxes Act (some 5,000 
pages of it) and case law dating 
back to 1875. These are not 
tomes which provoke excite- 
ment or laughter. 

Q. Why on earth would anyone 
join the Inland Revenue in the 
first place? 

Because it’s there. Besides, 
the advertisement for graduate 
recruits used to say “No partic- 
ular discipline preferred," so 
every history graduate for 
mil pc around applied. 

Q. Is he a social pariah? 

He doesn’t yell about his job 
from the rooftops. On the other 
hand, people chatting to a tax 
man over the Twiglets often 
find themselves wondering if 
something-or-other is allowable 
against tax, the way a doctor is 
asked for advice out of surgery 
hours. As such, it’s almost a 
social asset 

Bear in mfnri . too, that the 
tax inspector is a left-leaning, 
fair-minded Guardian or Inde- 
pendent reader who buys his 
clothes from Marks and Spen- 
cer and has far more in com- 


mon with Alan Bennett than 
Alan Sugar. This is not the 
stuff of social leprosy. 

Q. How helpful is he? 

Very. If you're a Paye 
employee, your tax district is 
determined by your employer 
and is likely to be processed by 
a large office in the provinces. 
If you're self-employed, your 
tav man is usually locaL Either 
way, there’s an individual - a 
living, breathing human being 
who spills coffee and burns 
toast - directly responsible for 
dealing with your affairs. 

You can find out who he is 
without gettin g embroiled in 
some Kafka-esque nightmare, 
and you can actually talk to 
him . You’ll be amazed how 
pleasant he is. But as in all big 
organisations, things can go 
dreadfully wrong - there have 
been a number of recorded 
instances where people have 
visited their local tax office 
and been offered a leaflet 
Q. What are the advantages of 
a career in the Inland Reve- 
nue? 

Job security. As one tax 
inspector put it "One cannot 
readily foresee the end of 
inland Revenue.” It is big 
enough to ensure that merit is 
rewarded, so dog isn't obliged 


to eat dog. Colleagues are help- 
ful, confrontation is a known 
quantity, and few inspectors 
suffer from stress. 

Q. And disadvantages? 

After years of service, you 
run the risk of going round the 


Your inspector is 
really a caring , 
sensitive human 
being, says 

David Chafer 


bend in a quiet and subtle kind 
of way. Nothing is what it 
seems. Nothing can be taken 
for granted. Nothing has a 
straightforward explanation. 

The tax man doesn't glance 
at things, he peers at them 
inquisitively. Cynicism comes 
by the lorry load. He becomes 
the ultimate lateral thinker, 
which is useful for dealing 
with obdurate teenagers but 
not much else. 

Q. How effective is he? 

FTighteningly so. In 1992/3, 
the Revenue raised £4.6bn 
pounds from “action taken 


against non-compliance. " That 
is the equivalent to the yield 
from 3p on the basic rate of 
income tax. In the same year, 
it collected £982m of capital 
gains tax at a cost of just 
£3S.4m In administrative fees. 
Q. What does he aspire to? 

Tax men aren't driven by 
desperate longings; otherwise, 
they wouldn’t have entered the 
Revenue in the first place. 
When the tax man dreams, he 
dreams of early retirement. Of 
converting his garage into a 
wood-working shop and produ- 
cing reproduction antique fur- 
niture. 

Q.Is he ever tempted to join 
the opposition? 

During the 1980s, there was a 
massive exodus of inspectors 
throwing down their felt-tip 
pens and joining accountancy 
firms or corporate tax deport- 
ments. The recession stemmed 
the flood and the Revenue 
itself has now said: “That’s it. 
chum. If you leave, you can’t 
come back.” 

But a large number of tax 
men ease themselves into 
retirement with some sort of 
part-time consultancy work. 

Q. How does he catch people? 

The tax man's nose. This 
refined and valuable proboscis 


- an almost mystical organ ' 
starts to twitch frantically 
when It gets within half a mile 
of something dodgy on the tax 
return. 

Q. Do the rich deal with a 
nicer class of tax man? 

Yes. but only because wealth 
is relatively complex and you 
need more senior (better 
trained, more intelligent etc) 
people to deal with it. But it s 
nothing to do with class war: 
figures on a tax return are as 
meaningless as Monopoly 
money. 

Q. What makes the tax man 
angry? 

Nothing. Almost nothing. 
Like the priest in the confes- 
sional. they’ve heard it all 
before. But the tax man has a 
highly cultivated spirit of fair 
play. 

If a large company or a 
wealthy individual is clearly 
getting up to artificial sbenon- 
agins purely to avoid paying 
The Right Amount of Tax. 
well, you're likely to puL the 
taxman 's proboscis out of joint. 
Q. What turns him on? 

Winning- a disputed claim, 
especially if you’re at inspector 
level where the claim tends to 
be over a million quid. It's the 
intellectual challenge, the piec- 
ing together of the jigsaw. 

Q. What makes him miserable? 

Routine paperwork and 
form-filling. A vast number of 
bureaucrats abhor bureau- 
cracy, yet still manage to lead 
happy and fulfilled lives in the 
Revenue. 

Q. And how do you make the 
inspector happy? 

By speaking to him. He loves 
to be spoken to. And should 
you ever get the urge to Jot 
down a quick note of thanks, 
his cup would overflow. (See 
above: “Tax men ns toast-burn- 
ing fellow humans"). 

Q. What does a tax man do 
when he's not being a tax 
man? 

He spends much of his time 
commuting: the Inland Reve- 
nue is the backbone of British 
Rail. But. for a bit of innocent 
enjoyment on the side, the tax 
man will often settle down to a 
detective novel or study mili- 
tary history to the Dark Ages. 


Offshore explorations 


S ometimes, it is difficult 
to digtinguiah between 
clarifying subject mat- 
ter and simplifying it 
Robert Cooke’s Offshore Invest- 
ment Simplified is a case in 
point, sometimes assuming 
enormous knowledge from the 
layman, at other times treating 
him with kid gloves. It is, in 
total, an informative and read- 
able look at an industry’s 
attractions and pitfalls. Cooke 
is a well -qualified financial 
adviser and is not frightened of 
imparting heartfelt convictions 
on disparate sectors and the 
methods of the professionals 
working within them. 

Where it falls down is in the 
positioning. Is Cooke advising 
the knowledgeable and critical 
reader on how to extend his 
portfolio to investments In 
lower tax jurisdictions? Or is 
he speaking to the beginner 
who is likely to consider “off- 
shore” a dirty word? 

Cooke is capable of alter- 
nately exciting and stupefying. 
For instan ce, how would the 
discerning reader respond to 
his remarks on economic 
liquidity: “The supply of 


money is important. Even if 
you are firmly convinced that 
a certain company has out- 
standing prospects and you 
wish to buy its shares, if you 
do not have the money to do 
so, then you are not creating 
demand for its shares by 
merely wishing." 

Cooke is happy to comment 
widely, often in anecdotal 
form. Readers are told of his 
personal portfolio diversifica- 
tion, his currency hedging 
techniques, and his ability to 
sort risk and proof assets from 
the depredations of inflation. 

He enjoys playing the detec- 
tive, with mixed results. He 
has. for instance, a sneaking 
suspicion that “one or two" 
managers may be using their 
international managed funds 
as a “dustbin" for redemptions 
from other funds to avoid deal- 
ing charges. 

Later, he comes up with a 
questionable statement on off- 
shore fund performance, based 


on simplistic bull and bear 
market theories: “. . . instead of 
it being regarded as a strange 
phenomenon that such a very 
high proportion of funds which 
are top of the ratings in one 
year end the following year 
near the bottom, it should 


OFFSHORE INVESTMENT 
SIMPLIFIED 
by Robert H.V. Cooke 

Robert Hale £14.99 


rather be expected as a normal 
occurrence." Both comments 
may have some credence, but 
are improperly and thinly 
argued. 

Chapters are also discon- 
nected. with no thematic 
thread. In chapter four, Cooke 
tabulates the structural differ- 
ences between unit and invest- 
ment trusts. 

He then informs us that the 
table shows “that investment 
trusts on average have the 


edge by quite a wide margin 
over unit trusts when it comes 
to performance." If this is true, 
then why does he not furnish 
statistics to support it? 

But where Cooke takes the 
time to present his theories 
with evidence, he is a credible 
sleuth - his thoughts on off- 
shore banking, separate taxa- 
tion and inflation are original 
and ref reshing . For instance, 
his personal experience with 
the punitive charges of an off- 
shore bank lending on an over- 
draft facility is a real 
eye-opener. 

Cooke would be the first to 
agree that one moment’s good 
advice is another's financial 
min. He is at pains to av plain 
the importance of timing, and 
devotes a chapter to it 

No one can blame the writer 
for chronological problems 
between writing (early 1993) 
and publication. But Cooke 
mistakenly enters into market 
predictions, which should be 


left to the newspapers. 
Entrenched firmly in the 
trends of a year or two ago. his 
predictions for some markets, 
especially the emerging ones, 
have become redundant. This 
is hardly edifying for the criti- 
cal investor and hardly infor- 
mative for the uninformed. 

Adam Courtenay 

U Adam Courtenay is editor of 
Offshore Financial Review. 




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WEEKEND FT \l 



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FlNANCfAL TIMES WEEKEND MARCH 5/MARCH 6 1994 


finance and the family 

Warranties under fire 


T he high street can be a danger- 
ous place for consumers who 
do not read the small print 
and ash the right questions. 
Two Forms of insurance sold 
commonly by high street retailers were 
criticised by the Office of Pair Trading and 
the Consumers’ Association this week. 

The OFT is to investigate the sale of 
extended warranties - insurance policies 
sold with electrical goods which cover 
breakdowns after the app lianc e initial 
guarantee has expired. This follows com- 
plaints by a Labour MP, Nigel Griffiths, 
that shops were hard-selling their own 
warranties to customers without telling 
them about much cheaper warranties from 
manufacturers. Some shops’ warranties 
were said to be three times as expensive as 
the manufacturer's version. 

The OFT also will be looking at whether 
stores make clear what is excluded by the 
warranties, suds as accidental damage and 
cosmetic faults which do not affect func- 
tion. 

Retailers argue that their policies are 
often more comprehensive: for example, 
allowing replacement in some cases while 
the maker's warranty would cover only 


repair. This, however, does not explain 
why consumers are not given all the infor- 
mation and allowed to make a free choice. 

Shoppers often are put under pressure 
from sales staff - who can earn hefty 
commissions - to take out a warranty at 
the point of sale but, in fact, you have a 
month after buying the product during 
which you can still take out a warranty. 


OFT to start inquiry , 
reports Bethan Hutton 


The Consumers' Association says that 
warranties are poor value in many cases. 
The increasing reliability of electrical 
appliances means that many never need 
repairs and, even when they do, paying for 
these as and when necessary could work 
out cheaper. 

Another sharp practice under threat is 
the inertia selling of credit insurance - 
also known as payment protection' insur- 
ance - tied to loan or credit card agree- 
ments. This is supposed to cover repay- 
ments if the borrower becomes 


unemployed or cannot work through ill- 
health. 

A report this month in the Consumers 
Association magazine Which? attacks 
credit insurance as over-priced and full of 
exclusions. It has often been sold by iner- 
tia - borrowers have to tick a box or 
delete a paragraph at small print If they do 
not want it. Naturally, many fail to spot 
this. Which? says the premiums add an 
average 65 per cent to the cost of credit 

The OFT asked lenders to mid inertia 
selling by the beginning of this year, but 
not everyone has complied. Now. the office 
is threatening to review the credit licence 
of any lender found still to be using inertia 
selling after the end Of this month. 

As the practice is not actually illegal, 
however, consumers can do little if they 
discover too late that they have had credit 
insurance foisted on them. The contract is 
binding. The only exception is if, on check- 
ing the small print, you discover that your 
situation is excluded: for example, if you 
are unemployed, retired, or on a 
short-term contract. 

If you come across inertia selling of this 
type of insurance, contact your local trad- 
ing standards office or the OFT. 


^^^Morgan Grenfell 
European Growth Trust 
No.l in Europe. 




I have a protected tenancy of a 
property which is my main 
residence. The landlord is 
offering me a substantial mm 
of money to surrender the ten- 
ancy. Would I be liable to 
income or capital gains tax? 

■ The answer probably is no, 
but you have not given us 
much to go on. If you are 
employing a solicitor in the 
negotiations for the surrender 
of your tenancy, then he is 
best placed to advise you on 
the tax aspects. 

Setting losses 
against gains 

My wife and I have a portfolio 
of shares in unit trusts. Most 
are in my name but some are 
in joint names and some in 
hers. 

“Capital gains'* losses are of 
no value to her tax position 
because the level of gains so 
far has been minima]. But the 
sale of some joint holdings 
this tax year constitute losses 
on the indexed basis prior to 
last December, and I would 
like to maximise use of these 
against gains made in my 
name. The securities were pur- 
chased before the separate tax 
arrangements for wives were 
introduced. 

Is it possible for me to use 
the whole of these losses in my 
tax return, or shall 1 be 
restricted to 50 per cent 

■ In the absence of clear evi- 
dence to the contrary (which 
presumably does not exist in 
your case), it will be assumed 
that spouses have equal benefi- 
cial interests in investments 


My landlord 
wants me out 


registered in their joint names. 
The answer, therefore, is that 
only half the losses cm the joint 
holdings are yours. 

Tenants in 
common 

My wife and I are joint owners 
of a house worth aboat £90,000 
and share investments worth 
about £220,000. When the first 
of us dies, I understand the 
house wfD go automatically to 
the s urvi vor. We have willed 
most of our share of the 
investments to the surviving 
spouse in trust, then to our 
grown-up children. 

In order to reduce the liabil- 
ity of our estate to inheritance 
tax when the second spouse 
dies, we are thinking of mak- 
ing ourselves tenants in com- 
mon of the house and leaving 
our share of it to a discretion- 
ary trust for the benefit of the 
surviving spouse and our chil- 
dren. Would this work by 
actually saving IHT? 

Also, would it enable the 
surviving spouse to he sure of 
being able to either remain in 
the house or sell ft and buy a 
new one with the proceeds, 
without the children claiming 
half as their share? 

■ If the house is held as ten- 
ants in common, you each 



No te&t nsponaUB/ on to arenotod ty the 
AencH Dnn tor to ar u w e n prion In An 
counts. At doqubtE u# to ramtf bf pool 


have a half share of the prop- 
erty, now worth £45,000. By 
leaving that share to a discre- 
tionary trust for the children, 
the gift would fall within the 
nil rate band and be tax-effi- 
cient. The result would be that 
the house would be owned by 
the trust and your wife. 

By mutual agreement the 
house would be sold; one half 
of the proceeds would remain 
in trust, the other half would 
go to your wife. It is within the 
discretion of the trustees 
whether they distribute the 
cash to your children or your 
wife (who would also be a dis- 
cretionary beneficiary of the 
trust). 

It is always possible in the- 
ory for the trustee who has an 
interest in a property to force a 
sale of that asset, but that 
would require court action and 


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BiSTAMT ACCeSS A/cm 

Coventry BS 
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NOTICE A/c* and BONDS~ 


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Bradford & Btngley BS 
BSW Asset 

Chelsea BS 

HOtm*-Y INTEREST 

Coventry BS 
Bradford & Bingtoy BS 
B&W Asset 

Chelsea BS 

TESSAa (Tax Ffrowj 

Hfoddey & Rugby BS 
Dunfermline BS 
Progressrw BS 
Ipswich B3 

HH3H W l tH E S T CHBt 

Catadonfon Bank 
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Extra Interest 
2 rtgh Street 
Ciassfo 
Extra Merest 


Telephone 


0203 252277 
Local Branch 
0800 717515 
0203 252277 


MMonum 

dapoak 


Index Linked 0538 391748 

Direct Notice 0345 248248 

90 Day 0800 303330 

Base Rata Phalli 0800 272505 


Extra Interest 0203 252277 

Direct Notice 0345 248248 

Monthly Income 0800 303330 

BaseRatePha 111 0800 272505 


90 Day 
30 Day P 
00 Day P 
1.3.96 


Instant 
30 Day P 
90 Day P 
14.96 


A/ cs (Grows) 


OFFSHORE ACCOUNTS (Prows) 

Woolwich Guernsey 
Bhtanrea International 
Confederation Bank (J*rsy) 

Derbyshire (IOM) Ltd 

MMHAMTEED WCOME BOWS Wet) 

Consolidated Ute FN 
Consofidated Lite FN 
General Portfobo FN 
Genera) Pwttoio FN 

Eurntife FN 

MATWMAL SAVINGS A/Cm 8 BOMS (thoss) 


H1CA 
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International 
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Ffextta tnv 
90 Day 


0455 251234 
0383 721621 
0232 244826 
0473 211021 


031 556 8235 
0800 717515 


0481 715735 
0624 628512 
0534 608060 
0624 663432 


061 940 8343 
08f 840 8348 
0279 482839 
0279 462838 
071 454 0105 


Rate bit 
% paid 


(L80%B Yly 
650% Yly 
6J30% Yly 
7.10KB Yly 


7.00% Qly 
7.1094 Yly 
7.15% Yly 
750%C Yly 


850%B My 
655% My 
883% My 
725% My 


7.60% Yly 

735% Yly 

7.50% Yly 

7.40% Yly 


4.75% Yly 

a 00% Yly 

825% Yly 

6.60% Yly 


NAT SAVINGS CtHIfflCATHS (fax free) 


Investment A/C 
Income Bonds 
Capital Bonds H 
First Option Bond 
Pensioners OB 


41st Issue 
7di Index Linked 


1 Month 
3 Month 
5 Year 
12 Month 
5 Yeor 


5 Year £l00 5.40%F OM 

5 Yew £100 100%F OM 

*Wh 

5 Year £25 7.3596F OM 


ChWrens Bond F 5 Year £25 7.35%F OM 

■mfe. table - covers mrfoTbanka and BuBdfatg Societies only. All rates (except Guaranteed Income Bonds) are 
Ik™*. Gm^FlMdTnxed Rate (AH other rates are variable) OM = Interest paid on maturity. 14= Nat Rate. P= 
B » 10 day* loss of Interest on afl withdrawals. C = Rato guaranteed to be £25 per cent above 
ZnrtTwtU 1.9.94 (min 7.50 per cent) and then 1 per cent above until maturity. 


Source: MONEYFAGTS. Tlw Monthly Guide to Investment and Mortgage 
R^SSi , Sn 8 cSi a comp*nentaiy copy by phoning 0632 500677. 


Lauvfey Loke. North Walsham, 


Free banking and a 
high rate of interest on a 
Business Cheque Account 

Ml free cninsaciions per month. 

■I IK, crows p.a. when the minimum mitral deposit 
‘ of £2,001 is maintained. 

Available n< wle iradwv partnu-nhip.. rntfcwnsl firm* md asnpanici. 


Call 071-626 0879 

(24-hour answerphone) 
or Jayne Stuart on 
071-283 9111 
9am to 5pm Mon-Fri 

ALL1 E D TRUST 
=== BAN K 

A met Thivi Bank 

97-101 Cannon Sttwi, London RC4N JAD 


It Is unlikely a court would 
sanction a rale if your wife 
were to be made homeless. I 
suggest you consult a solicitor. 
He will be able also to draw up 
the necessary documents 
should you go ahead with your 
plan. 

Reply by Barry StUIerman of 
accountant Stay Hayward 

Allocation 
of shares 

With reference to the alloca- 
tion of one Zeneca share for 
each ICI share held; would I, 
for capital gains purposes, be 
correct in reducing the capital 
cost of ray ICI shares by half 
and treating the resulting sum 
as the cost of the Zeneca allo- 
cation? 

■ No. The split has to be made 
on the basis of the market val- 
ues (on the quarter-up basis! 
on the first day of dealing in 
the Zeneca shares, June 1 1993. 
viz 63iy,p for ICI and 625% p for 
Zeneca. 

The cost of the Zeneca 
shares is, therefore, 49.76143 
per cent of the CGT base cost 
of the ICI stock. Ask your tax 
office for the free pamphlet 
CGT13 (the indexation allow- 
ance for quoted shares). Any 
apportionment factors which 
you may need also can be 
obtained from your tax office. 


Morgan G r enfel l Europoem Growth 

;) . • \ 

CONSISTENT EXCELLENT 
PERFORMANCE 

The Morgan Grenfell European Growth Trust 
is the top performing European Growth Trust in 
its sector since its Launch on 11th April 1988. 

An investment of £1.000 invested at launch 
would now be worth £5.744* representing a 
compound annual return of 25.6%*, significantly 
outperforming the average European Fund os 
can be seen from the above table. 

SIGNIFICANT EUROPEAN 
INVESTMENT OPPORTUNITIES 

We believe that interest rates will fall 
substantially across Europe over the next 
12 to 18 months, boosting recovery prospects, 
justifying higher overall valuations and 
stimulating demand far equities. Morgan 
Grenfells European Growth Trust is actively 
managed, and benefits from its emphasis on 
stock selection which is based on an extensive 
programme of company visits Europe-wide. 


• — „ to 

wPUi jWfi»v 

Cpcnotthd 

£3,744 

25.6% 

.*35^07. • 

; 14*% 


INVEST NOW 

Wc expect European stocks to generate 
substantial growth in the medium term and the 
Morgan Grenfell European Growth Trust and 
European HEP are ideal to rake advantage of the 
wealth of European investment opportunities. 

For farther details please contact your 
Financial Advisor. Altemaiivclv call us free todav 
on 0800 282465 or complete the coupon hcluu. 

To: Morgan Grenfell Investment Funds Ltd- 
20 Finsbury Circus. London EC2M 1UT. 
Please send me further details of the 
Morgan GrenlcII European Growth Trust d 
Morgan Grenfell European Growth PEP □ 

iFbur lick ki><(l 

Full Name 

Address 


Postcode. 


MO R 61-1 \ 
GREXFELL 


'Sours Mianpal offer la bid, not mama ranvutad 1 1 .4.88 to 27.1.94, 

Moose rBmornfew that fa vcAie at unit! ad income Iran fam may Ul CM we! at rue (Ml im parity bfl 4 m ramk of (Mchanoa nolo fluctuations], 
and dw investor may not get badt to original (mount inwalEcL fax rotes and raMs ixe inoso explicable at time ot printing 
aid may bo subject to change- Their voius wil depond upon individual dicunitaiHOS. 

Ptolparfoimuncaii wot neqainrily a guide to ruluiw performance. 

bmed by Morgan Gronfefl Inveumenl Fundi Lid, 30 Rreixuy Gran, london EC2M 1 UT. Member of IMHO. Morgan Grenfell Hweflmcnl Fundi Lid 
■ on appointed repreentafiv of Morgan G r et & fl Unit Brat Mcmo gw i Lid which is a member of IMHO LAUTHO and to AUTfl 1 . 



A 



GOLD PLUS ACCOUNT 


Best Offshore variable rate from a building 
society subsidiary for investments of £20,000. 

Penalty free withdrawals with 
only 90 days' notice. 

Limited Offer. Apply now. 

TO OPEN AN ACCOUNT SIMPLY COMPLETE THE COUPON 
BELOW OR TELEPHONE ALDERNEY (0481) 822747/8. 

FAX ALDERNEY (0481) 822160. FOR FURTHER DETAILS. 

rri PORTMAN 

r ■! CHANNEL ISLANDS LTD 

WHAT’S IMPORTANT TO YOU. IS IMPORTANT TO US. 


Pbnrnan Channel Island* Ltd has its principal place of business ai Ollivier Court. CHlivier Sneer 
Sr. Anne. Alderney. Channel Islands. Liabilities of Port man Channel islands Ud are guaranteed 
by Ponman Building Society under the terms ol die Building Sooecres Au 1986. Deposits nude 
with Penman Channel islands Ltd are not covered by the Deposit Protection Scheme under she 
UK Banking Act 1987. However, the Company is registered under ihe Protection of Depositors 
[Bailiwick of Guernsey) Ordinance 1971 as amended. Portman Channel Islands Ltd, registered 
office PO Box 20 Sl Osier Poa Guernsey: Channel Islands, registered in Guernsey Number 25871, 
is a whoDy owned subsidiary of Ponman Building Society. The most recenr audited accounts of 
Ponman Building Society arc available on demand. The maximum holding In iMs account is 
Hmiled io£ 100.000. The imeresi raw is variable and paldannuallyOn sterling proceeds, inreresr 
b calculated on a doily basis excluding the date of deposit and the date ol withdrawal. 
Rate cornea at urrte of going to press. 


Please send me full derails of ihe Portman Channel Islands 'Gold Plus' Account \T\ Please tick. 

I enclose a cheque payable to Ponman Channel Islands Ud for £ 


. (Minimum £20,000, Maximum £100,000.) 


Postcode. 


Post ro: Portman Channel Islands ltd, OJlivier Court, Ollivier Street St-Anne, Alderney, Channel Islands. 





TRAVEL 


The view from 


the porch 

James Henderson tours South Carolina and finds the 
cool balconies are the best place to relax 


T he porch has always 
been central to life in 
the American south. It 
is a fine place to take 
the cool evening air. to 
watch what goes by an the road 
(standard entertainment before 
cable TV and air-conditioning began 
to take people inside), or to relax 
after surveying the plantation. And 
some porches are beautiful features 
in themselves - an expanse of 
wooden floorboards with carved bal- 
ustrades wrapped around entire 
houses. 

In South Carolina the drawl is not 
as deep as in parts of Georgia or 
Alabama, but there is plenty of 
“y'air and girls with sculpted hair 
and fearsome finger-nails. There is 
also gracious hospitality and pater- 
nalistic gentility. 

South Carolina considers itself 
something of an aristocrat in the 
south because it was the first state 
to secede from the Union. I touched 

down in Columbia, the state capital, 
which lies about 100 miles inland. It 
is a quiet town, hot and humid in 
summer. The centre has a mix of 
neo-classical monumental buildings, 
brick-built commercial warehouses 
and a clutch of sky-scrapers. 


It is set out on a leisurely grid: in 
the 1770s it was thought that 
malaria (as the name hints) was 
borne by pockets of stagnant air 
clinging in narrow streets. More 
accustomed to close and busy Euro- 
pean towns, I found Columbia curi- 
ously agoraphobic. 

With the buildings so sparse, the 
grand old town houses were set in 
magnificent gardens. Many of the 
houses were burned when General 
Sherman swept through the coun- 
try firing revenge after the civil 
war, but some survive. 

There is a nice story about the 
First Baptist Church. Sherman par- 
ticularly wanted it torched because 
the ordinance of secession was pre- 
pared there. But it was saved by a 
quick-thinking retainer. When the 
troops arrived he assured them that 
they had the wrong budding and 
promptly sent them round the cor- 
ner to the Methodist Church, which 
they burned instead. 

A very personal view of the civil 
war was left by Mary Chesnut, the 
wife of a confederalist general, in 
her Diary firm Dixie. She tells of 
the war, of politics and of the 
goings-on around her house, partic- 
ularly of the day when the presi- 


dent of the confederacy, Jefferson 
Davis, came to visit. 

He was spotted by some local men 
and was persuaded to address the 
people of Columbia from the front 
porch of their house. The Chesnut 
Cottage, a pretty pink clapboard 
house with a triangular gable, also 
escaped the revenge torchings and 
now offers bed-and- breakfast. It has 
been restored to Its condition of 
October 1864, the date of Jefferson 
Davis's speech. 

There are a few concessions to 
the 20th century, among them air- 
conditioning, but what you find in 
the Chesnut Cottage is typical of 
many of the guest houses in the 
area and it is a pleasure to visit. It 
has high ceilings and wide corridors 
to encourage a through-flow of air; 
the polished floors are covered with 
rugs and the rooms are furnished 
with antiques. Often you sleep in a 
Victorian four-poster bed. And there 
is the personal service of a bed and 
breakfast establishment, which 
allows southern hospitality to 
extend its enveloping welcome. 

Columbia seemed to be full of 
cars, but then driving is part of the 
American experience. I hired one 
and headed off at a stately pace on 



cruise control, hermetically sealed 
and air-conditioned, with a rum- 
bling stereo that made the rear-view 
mirror shudder. I scanned radio 
channels, skipping from the easy- 
listening love-rock stations to hard 
rap. The most entertaining, though, 
was FM With Loot from Jesus, with 
details of church meetings, personal 
messages and songs. 

If the town seemed agoraphobic, I 
soon discovered why. Most of the 
activity has found its way on to the 
suburban roadside. The main 
arteries out of town were a relent- 
less line of strip-malls, muffler-stalls 
and cheery restaurants, all set in 
spacious plots and advertised with 
vast billboards. 

Through forests of long-needled 


pine I finally reached the neat lines 
of plantations - peach and kiwi- 
fruit mainly, now that the cotton 
industry has died in these parts. 
With the plantations comes the 
occasional grand house, standing in 
a grove of trees to keep it shaded. 
Hammocks and chairs on chains 
hung on the verandas. 

I arrived in the town of Edgefield, 
discemable by a steadily denser line 
of houses and businesses among the 
trees, leading ultimately to a quiet 
central square and court-house. 

I stayed at C-amoosie, a forbid- 
ding-looking house completely out 
of style with the region - covered in 
Victorian conceits and with a steep- 
ly-sloping roof in French style. It 
was formerly the home of a gover- 


nor of the state. But it was a wel- 
coming house, with an acreage of 
wooden floor inside and out. In 
spite of its ghostly appearance, it is 
not haunted, or so I was told. 

Camoosie is run by a lady opti- 
cian who owns two huge black poo- 
dles. Betty Jean Wood spent most of 
her life in New Orleans, but she has 
returned to Edgefield for her sexai- 
retirement. With a little encourage- 
ment she told stories of life, jazz 
and March Gras. When I left she 
bade me return: “You come back 
any time and rock on the porch 
some more," she said. 

For such a small town, there are 
some pretty fancy houses in Edge- 
field. Some are completely wrapped 
in two stories of wooden balcony. 


supported by slender columns. But 
the most typical feature, as seen in 
Gone with the Wind, is the grand 
classical facade, with a triangular 
pediment supported by four col- 
umns. This is supposed to have 
originated up north, but was readily 
adopted in the south because it pro- 
vided extra shade and lent an air of 
grandeur. I was surprised to dis- 
cover that the pillars are mostly 
made of wood and are hollow. They 
make a fine noise when you thump 
them. 

■ South Carolina Tourism in Lon- 
don offers a full visitor pack, includ- 
ing a map and a guide to the state's 
B&Bs: 121 Gloucester Place, W1H 
3PJ, tel: 07 1-221- 1780 . fax: 
071-22*5164. 


A walk through a Swiss valley 

John Westbrooke treks from the source of the Rhone and enjoys some madly picturesque scenery 


T he beginnings of the 

Rhone are inaospiclons. 
Far from the broad river 
sweeping past the Roman 
remains of Provence, it starts life 
as a glacier in the Swiss Alps, and 
a dirty one too. 

Up near the point where the 
glacier melts and trickles down 
a cliff, you can walk inside it 
Locals have carved a passage about 
100 yards long with a chamber 
at the end, lit by the hazy blue 
light filtering through the ice 
above. From the outside, though, 
the ice is a grubby grey from the 
earth it rolls over, seemingly out 
of place in a country where every 
cow looks as if It is polished twice 
a day. 

Down below, however, is pure 
Switzerland, madly picturesque. 
The Rhone makes its way along 
the Obergoms valley, through lush 
green fields between high 


mountains, augmented constantly 
by other streams, gradually 
building up from babbling brook 
to respectable river. Yon can even 
go rafting on it, though yon will 
see little resembling white water. 

Not a lot of tourists visit the 
Obergoms. Villages are scattered 
down the valley a mile or so apart, 
mostly farming comm unities with 
a Baroque church and a few hotels. 
The average building is four 
storeys tall, with flowers spilling 
over the balconies, and built of 
larch, wood which starts out 
honey-coloured and after 20 years 
turns black. Some of the buildings 


are very black - 500 years old and 
not a nail among them. Apart from 
agriculture, the valley's main 
business is reputed to be providing 
the men of the Vatican's Swiss 
Guard. 

Life is not always tranquil: there 
can be a great deal of weather in 
Alpine valleys. Take Obergesteln, 
second town down the Obergoms, 
which in three centuries saw so 
much fire, flood and avalanche 
that a quarter of its population 
moved to San Francisco, where 
they were presumably introduced 
to earthquakes as well. We spent 
three fine days afoot, a little 


overcast in the morning but 
nothing uncomfortable; a week 
later, the region was awash in 
rainstorms. 

But - bearing in mind that in 
the words of one hotelier, there 
is no bad weather, only bad 
clothing - it is exhilarating 
walking country, and flexible: you 
can take the high road, the low 
road or the railroad. 

A variety of paths lead down 
the valley, well marked and well 
maintained, the distances given 
in hours. Plenty of sub-tracks lead 
off to the villages. The highest ones 
take enthusiastic walkers up above 


the treeline. Lower ones are mostly 
easy climbs through the woods, 
with frequent chocolate-box 
glimpses of steeples and snowy 
mountains and the constant 
clanking of cow-bells. The views 
are always pretty, and once in a 
while sublime. No walking 
experience is necessary and. 
thongh a modest degree of physical 
fitness would be useful. I managed 
without. 

If you don’t feel up to this, you 
can stroll through the almost fiat 
fields along the valley floor, and 
if even that is too much, bright 
red trains glide along between the 


villages every hour or so. 

Nor do yon have to retrace your 
steps in the evenings. I walked 
with Inn travel, which arranges 
for your luggage to be ferried on 
ahead to whichever village yon 
plan to stop at for the night 
Instead of a full-scale rucksack, 
you need carry only a bag big 
enough to hold a packed lunch. 
(And a raincoat. Just in case.) 
Detailed written notes on the paths 
are provided, sealed in plastic. 
Dress in layers. 

The hotels are mainly family-run 
establishments, small and snug 
enough for the skiing season. Food 


is mostly nourishing rather than 
elaborate, but you can usually get 
a fondue substantial enough to 
keep you awake all night. Swiss 
wines, little seen abroad, turn out 
to be an unexpected bonus. 

One of the villages, MGnster, 
is large enough to have proper 
hotels, and even its own guidebook. 
Local teacher Plus Werlen prints 
it at home and pastes in his own 
photos by hand, so each one is 
different The Obergoms: where 
even tourism is a handicraft 
■ hmtmvel (tel 0139-71111) offers 
walks, cycling and horse rides m 
Austria. Prance. Norway and Italy 
os well as Switzerland; there is even 
a beekeeping weekend in the 
Pyrenees. A six-night walking 
holiday in the Obergoms starts at 
£476 including flights, less if you 
drive there. Activities available 
locally include village and wildlife 
tours. 


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a 


4 












FINAJjClAL TIMES WEEK-END MARCH 5/MARCH 6 1994 


WEEKEND FT 


XIII 


PERSPECTIVES 




Caught in a Russian labyrinth 

Colin Walsh and his Georgian wife took a romantic trip to St Petersburg. All went well until they tried to leave. This is his account. 


I t began as a romantic idea. W< 
would travel to St Petersburg, mi 
wife and I. on a second visit to tb« 
city where we spent our honey 
moon in the summer of 1992 
mwurist the RuCTian state travel agency 
told us that Marina, who is Georgian anc 
holds a Soviet passport issued by the for 
mer Soviet Union, would not ^ a viss 
for the trip. We left on December 17 
mtendmg to return home for Christmas 
We were ill-prepared for the ordeal thai 
followed. 


When we landed in the afternoon It was 
already dark, with a light covering of 

snow. 


A young woman in passport control 
seemed about to wave us through when a 
heavy man in the green uniform erf the 
immigration service studied my wife's 
passport, becoming hostile when she was 
unable to show a currency declaration. In 
spite of his loud lecturing and a threat not 
to allow Marina into the country, we 
passed through. 1 assumed this was typical 
of Russian officials. 

We spent a pleasant few days at the St 
Petersburg hotel, where our room over- 
looked the frozen Neva. On our first visit 
to St Petersburg the fresh summer days 
had seemed endless as we walked through 
the city or took boat trips, planning our 
future together. 

A year and a half later, St Petersburg 
wore an altogether sadder look. Night 
came early and the poor street fi gh^ng 
made little impression on the rfurimoM in 
the evenings we took a taxi along pot 
holed streets to visit Marina's mother. 
Time passed quickly. Marina bade an emo- 
tional farewell to her mother and we left 
for the airport. 

Our bags were checked in and we pro- 
ceeded to passport control, A severe- 
Iooking man in green uniform examined 
Marina's passport at length, his expression 
becoming increasingly serious. "Big prob- 
lem," he said loudly, and disappeared. 

He returned with the senior immigration 
officer, a large, pale young woman with 
glittering brown eyes. These she fixed on 
my wife, lecturing her at length, loudly 
and scornfully, and gesticulating with the 
passport 

I could not understand her. but my 
wife's sinking expression confirmed that 
we were in trouble. 

In panic, I demanded to know what the 
problem was. "No English," I was told in 
reply. Marina was mesmerised fay this hec- 
toring official, who was telling her that 
she "didn't have the right to cross the 
border" and "would never go back to 
England". 

These terrible words induced such fear 
that Marina panicked and grabbed at her 
passport (containing her precious British 
Home Office visas designating her as my 
wife and giving her the right to UK resi- 
dence). After a determined tug-of-war, she 
won it back. 

We still had no idea what was wrong. I 
could scarcely believe what was happen- 
ing. I tucked Marina's passport into my 
coat pocket, determined not to let it go. 
Then an airline official explained why 
Marina was not going to be allowed on the 
aircraft. 


Her passport lacked an exit visa. Appar- 
ently she needed permission from someone 
before she could leave Russia, but no-one 
would say who this was. Our bags were 
unloaded. The time was approaching for 
take-off - without us. 

1 could not accept that anyone could 
block my wife’s freedom to return home 
with me. I telephoned the British consul- 
ate in St Petersburg and asked for help. 
We still had a little time before the aircraft 
departed, and it was vital that we were on 



it Our money was almost all spent, and I 
did not fancy spending Christmas in a 
Russian hotel. 

TO add to the tension, I discovered the 
consulate had moved to another building. 
But eventually I heard a calm, thoroughly 
English voice breaking through the insan- 
ity. After hearing my story, however, the 
consular official was not encouraging. 
"What do you think i can do about ft?" he 
asked. 

"We need some sort of diplomatic help," 
I said. "We're in a desperate situation.” 

After questioning me about the specific 
reasons why Marina was not being 
allowed to go home, he told me that he 
believed it was sometimes possible to buy 
an exit visa at the airport if one could find 
the right official. Meanwhile, he would see 
what he could do. 

I found Marina standing alone in the 
departure area, looking down at the Door. 
I put my arm round her shoulder and we 
were led off in search of the official who, 
we hoped, would be able to mark her pass- 
port with the missing stamp. I assumed 
that It was merely a question of paying 
some money. 

W e entered a small room 
and met a thin young 
man dressed in a 
worn-out suit His man- 
ner was quiet and rea- 
sonable and he spoke English- What he 
said to us, though, was far from reason- 
able. He would charge $110 to grant me an 
extension to my visa and we would have 
to travel to Georgia to sort out my wife's 
passport 

Prevented from leaving the country 
because of the obstacles placed in front of 
my wife, I was to be made to pay to stay. 
They were also telling us to go thousands 
of miles to a country we knew to be riven 
by internal conflict 

Experiencing fear and rage, but trying 
not to show it I asked: “Who has made 
this decision?” 

He replied: “The senior immigration offi- 
cer." He suggested that we go and see the 


ooir. a regional official and told us that 
this important official might be able to 
grant my wife an exit visa. 

We found the senior immigration officer 
standing with a couple of other officials , 
dressed in green, apparently with little to 
do. 

I confronted her, getting Marina to 
translate. I demanded that the officer put 
in writing her reasons for preventing my 
wife leaving the country. 

She refused, saying they never wrote 
anything down. However. I noticed that 
s omething had chang ed They now seemed 
to be engaging in a two-way conversation 
with my wife, and the decibel level was 
lower. I realised later that this might have 
had something to do with a call from the 
British official . 

Even so. they remained intransigent 
Marina would not be allowed to leave 
without an exit visa. Our bags had been 
unloaded from the aircraft Dispirited, we 
picked them up and found a taxi back to 
our hotel in the early darkopas- 

We rose early next day and I put an a 
shirt and tie, which I hoped would maka a 
good impression on the ooir. even if 1 froze 
in the icy weather. Fortified with a good 
breakfast we took a taxi to the British 
consulate. 

Comforted by the sight of the British 
Dag han gin g limply in toe still cold air, we 
entered the consulate through toe security 
door and 1 gave our names to the young 
woman at reception. 

It was dear that we were expected. She 
indicated a door through which we passed 
to a waiting-room. After a long delay toe 
consular official whose manner was capa- 
ble and friendly, arrived. He looked at 
Marina's passport commenting that it was 
probably a good thing that Marina's citi- 
zenship was recorded as Soviet rather 
than Georgian. 

He said he would speak to the ooir on 
our behalf, putting forward the argument 
that if Marina was regarded as Georgian, 
she did not need the Georgian govern- 
ment’s permission to leave as she had 
already left her country, and if she were 


regarded as Soviet, then, as the Russians 
were insisting on an exit visa, they them- 
selves would have to provide one. 

He left the room to make the call, 
returning to tell us that Nina Vasilievna, 
at the coir's office, had agreed to see us on 
any Tuesday - it was Wednesday - but if 
we went there immediately she would see 
us straight away. 

Certain that our difficulties were almost 
over, we took a taxi to Ulitsa Saltikova 
Shedrina and climbed the stairs to a huge 
room, bare of all furniture except for a 
large desk at which was seated a grand- 
motherly looking woman. 

We assumed that she was the reception- 
ist, told her that we had an appointment 
to see Nina Vasihevna, and were surprised 
when she indicated that that was her 
name. Marina began to explain the prob- 
lem while Vasilievna examined her pass- 


port. "Aha! So you’re Georgian!" she 
exclaimed. "They told me different. Go to 
Georgia and they will help you.” 

1 did not need Marina to translate, as the 
official's voice was laden with sarcasm 
and her look unmistakably hostile. She 
stalked into another room, presumably to 
show Marina’s passport to someone else. 
Marina broke down in tears, saying to me 
between sobs: “Why did you bring me 
here, why, why?" 

Vasilievna returned with the passport, 
indicated that the business was finished, 
and began dealing with someone else. It 
was terrible to see the effect on my wife. 
Almost in tears myself. I began shouting 
but my voice sounded feeble in the gigan- 
tic room. 

We arrived back at the British consulate 
downcast We met the same official. I said 
that I could not understand the logic of 


the Russian position. Their requirement 
for an exit visa made sense only if the 
Soviet Union had somehow been brought 
back to life. Georgia had broken away 
from the Soviet Union before it was offi- 
cially dissolved in December 1991. 

Now. the Russian authorities were 
claiming authority over my wife by Insist- 
ing on an exit visa, while maintaining that 
they had no authority to grant an exit visa 
because Marina was not Russian. 

I noticed that the British official did not 
explicitly criticise the Russians' behav- 
iour. 1 asked if my wife could accompany 
me home under the protection of the Brit- 
ish government. He told me this was not 
possible os Marina was not British. 

I pointed out that according to her 
papers she was not a citizen of any exist- 
ing state. However, as she was married to 
a British citizen, and as there was nobody 
else in St Petersburg to whom she could 
turn for help, she was entitled to British 
assistance. 

He left the room and returned a short 
time later to say that the Russians had 
told him to “back off”. He said again that 
as Marina was not British, be could not 
apply any more pressure. 

When she expressed her surprise and 
disappointment, he told her that it was her 
problem, and that I was technically free to 
leave. 

I was crushed by this interpretation of 
the rules of the game, which seemed to 
leave the Russians free to do as they 
pleased with my wife, because she was on 
Russian soil and not British. I tried to get 
across the idea that my wife was my vital 
Interest, and that toe British consulate 
had a responsibility to protect my inter- 
ests as much as possible. But I was too 
upset to state my case clearly. 

Our ordeal was at last ended in Moscow, 
where we sought the assistance of the 
Georgian embassy. They gave my wife 
everything she needed to escape - which 
amounted to an extra couple of stamps on 
her passport 

We took a British Airways flight out of 
Moscow the same day. 

I tried to understand what had gone 
wrong. I had met Marina in 11)11151 
in 1992. and decided to bring her 
back to Britain for a holiday. I 
wanted to marry her, but first I 
w anted to maka sure that «he knew what 
life was like in Bri tain. 

Marina had obtained a permit from an 
official in Tbilisi allowing a "personal 
visit" abroad. We were married on my 
second visit to Tbilisi and Marina joined 
me in Britain some weeks later, her docu- 
ments having been vetted by the home 
office. 

She had no problem leaving Georgia via 
Moscow in 1992, but she had inadvertently 
failed to get a "permanent emigration" 
permit in her passport to replace the “per- 
sonal visit" stamp which would soon 
expire. 

This had been the cause of our difficul- 
ties in St Petersburg, but the question 
remained - why were the Russians so 
keen to enforce Georgian emigration regu- 
lations? 

in spite of all toe political changes, the 
reality for ordinary former Soviet citizens 
is that travel abroad remains a distant 
dr eam. 

Even if the cost is somehow met, the 
obstacles created by governments are for- 
midable. In a couple of years, Marina will 
be eligible for a British passport 
Inside the front cover of a UK passport 
are inscribed noble and optimistic words, 
redolent of a time when all you needed for 
world travel was a passport and enough 
money. Times are chang in g . 




,;s tr: 





The Nature of Things 

Mysteries of 
the death cells 


mr urder? Suicide? Plain 
/i old age? The way cells 
’ I die - regarded for 
M decades as an obscure 
of biology - has become a 
of burning scientific inter- 

rcbers are stampeding into 
iy of cell death and Ameri- 
Uure capitalists are racing 
» m eager to pour millions of 
into biotechnology compa- 
iloiting their work. They see 
new route to treatments for 
ble diseases including can- 
be inier's and Aids, 
lists have known for many 
lot billions of cells die every 
;n in the healthiest people, 
s room for new cells. But 
ive only recently realised 
cells are programmed to 
y the same process in every 
die body, from blood to 
ind in all creatures from 
e worms to humans, 
rocess - which has the evoc- 
ime or apoptosis, from the 
word for the shedding of 
is reallv cell suicide. Once 
is has been triggered, a cell 
: itself within a few btmrs. 
libranes break down and 
i split up the genetic mate- 
the nucleus. At the same 
ie main body or the cell 
and breaks up into small 
which are eventually con- 
iy neighbouring cells, 
ugh three Edinbui^h Um- 
cancer researchers - 
Wvllie. John Kerr and the 
stair Currie - had disjov- 
aptosis in toe early 197tts, 
ologists regarded it as no 
an an interesting curiosity 
■ late 1SNK. They were more 
M in the wav cells divide 


and grow and how they respond to 
germs and drugs than in their sui- 
cidal behaviour. 

The reason for all the excitement 
now is that research over the past 
five years has shown apoptosis to 
be a far more widespread phenome- 
non with much wider implications 
than anyone had suspected. Indeed, 
it turns out that all cells are pro- 
grammed to die in a clean and 
orderly way through apoptosis 
when their time comes. 

The other way a cell can die is 
through "necrosis” - a much cruder 
process of sudden and unprogram- 
med destruction following acciden- 
tal injury, burns, poisoning, asphyx- 
iation or virulent infection. 

Apoptosis plays a particularly 
important role at the very earliest 
stage of life. It shapes the develop- 
ing embryo in the womb, removing 
cells where they are not needed. To 



blood cells available to defend toe 
body against invading germs. Some- 
one infected with a new virus 
makes huge numbers of special 
cells to recognise mid kill the invad- 
ers: when the threat is over, almost 
all the defenders commit suicide, 
leaving just a few to remember the 
virus in case it invades again. 

So apoptosis is essential for main- 
taining a healthy baiaw-a between 
the growth of new cells and elimi- 
nation of old ones. If the balance is 


Millions of dollars are pouring into the 
study of apoptosis. Clive Cookson explains 


take a simple example, it leaves 

dear spaces between the growing 

toes of most animals; but in water 
birds the level of apoptosis is 
reduced and webbing remains 
between the toes. 

Another vital function of apopto- 
sis-in embryonic development and 
then throughout life - is apparently 
to maintain a natural selection pro- 
cess in toe body. "What seems to be 
emerging from research is that toe 
best cells are selected for develop- 
ment and unwanted cells are 
removed," Wyllie says. 

The immune system depends on 
apoptosis to regulate the number of 


lost, disease results. 

One of the first scientists to popu- 
larise the role of apoptosis in dis- 
ease was Luc Montagnier, the 
French discoverer of HIV. He has 
been promoting for several years 
the idea that toe virus causes Aids 
by forcing too many T-cells in the 
immune system to commit suicide. 

Too much apoptosis may also be a 
cause of degenerative brain diseases 
such as Alzheimer's; indeed, any 
apoptosis at all is bad news for the 
brain, as its cells are the only ones 
in toe body that do not renew them- 
selves routinely in adult life. Too 
little apoptosis, on the other hand. 


results in the cell proliferation char- 
acteristic of cancer and the abnor- 
mal immune reactions responsible 
for rheumatoid arthritis. 

Hopes of intervening in the pro- 
. cess - and shrinking tumours, for 
example, by persuading their cancer 
cells to commit suicide - rest on 
finding the genes that control apop- 
tosis. In the humble nematode 
worm Caenorhabitts elegtms, a 
favourite subject for genetic 
research because of its simple struc- 
ture, Robert Horvitz and colleagues 
at Massachusetts Institute of Tech- 
nology have already identified 16 
genes involved in apoptosis; some of 
these are apparently related to 
human genes that may trigger or 
suppress cancer. 

Horvitz chairs the scientific advi- 
sory board of Idun Pharmaceuticals 
(named after a Nordic goddess who 
keeps apples bright and shining). It 
is one of several biotechnology com- 
panies started recently in toe US to 
commercialise apoptosis research. 
Others Include Apoptosis Technol- 
ogy and LXR Biotechnology. 

The prospect of manipulating cell 
death to cure cancer or prevent 
degenerative brain disease may yet 
turn out to be an illusion. But the 
existence of apoptosis companies 
shows that investors expect some- 
thing to come of it within a decade 
or so. 


As They Say in Europe 

Lost in translation 


A new Paris tabloid, 
InfoMatin, wrote the 
other day: "All proposals 
designed to legislate on 
the use of language give off a stale 
smell. And a regressive one, 
because words have a capacity to 
fly in the face of those who persist 
In acting as customs officers of the 
language." 

This was a response to the new 
bffl to enforce the use of French on 
public signs and in private confer- 
ences. The defence of the French 
language is an item of recurring 
interest; there Is, of course, only 
one real enemy of the purity of the 
Gallic tongue: American English. 

But elsewhere things are differ- 
ent Unremarked by everyone out- 
side Germany, the Society for the 
German Language (GfdS) has 
admitted another bunch of words. 
These are new German words 
rather than imparts but the Ger- 
mans do not have "donaniers" like 
the French - any old import can 
make itself at home in Germany in 
about 10 minutes. One can write 
articles consisting almost entirely 

Of Wnglish- 

German has a gift for fabricating 
new words in a way Americans 
might envy. Each January the GfdS 
picks a “Word of the Year”. Hie 
one for 1993 was Sodalabbau which 
"stands as a generic term for a 
series of euphemisms for the diffi- 
cult changes that have been felt in 
the lives of millions of people in 
east and west Germany". 

This flexibility is something lack- 
ing in French. Mind yon, there are 
words that leave me stunned at the 
richness of French life: perhaps a 
reader can help with one I came 
across years ago but have now for- 
gotten. It means someone who 
makes a living out of taking shoes 
apart and selling toe bits as spare 
parts. Then there is ramaiUage. or 
"the treatment of skins in prepara- 
tion for the manufacture of cham- 


ois leather”. Maybe this reflects the 
infinite linguistic variety French 
reserves for such matters as food 
and women's clothes. 

Each language has characteris- 
tics which govern toe way people 
think and behave. It is widely 
believed that It is the people who 
create the Language but the oppo- 
site is true. Now, you may ask: if 
French is so good at sensuality, 
which would seem to be toe case, 
why is it identified with clarity, 
precision and analytical brilliance? 
The answer is that the French have 
to struggle against the grain of 


James Morgan 
attempts to cross the 
language barriers 


their language to obtain these 
skills. They labour to make abso- 
lutely precise in 46 words what 
English makes clear in four. 
Unless, of course, they are treating 
animal skins or tearing up shoes. 

(The same phenomenon can be 
seen in Japanese, whose structure 
is so at odds with its script that its 
speakers have to develop fantastic 
brains to make any sense of it.) 

The besetting English sin is si op- 
press. The language is so good at 
conveying meanings and ideas with 
a minimum of effort (yon get my 
drift?) that nobody tries very hard. 
New ideas and words are drawn to 
it like whores to a victorious army. 
From French, with its emphasis on 
eloquence and elegance, one often 
makes a desperate effort to retrieve 
any sense at all. It is hard to detect 
the difference between brilliant 
observation and the charlatan, 
between the icon of postmodern 
obscurantism, Jacques Derrida, and 
the dead doyen of modern Marx- 
ism, Louis Althusser. Only when 


translated into English is it possi- 
ble to estimate toe true value of 
their works. 

The Germans have a different 
problem. Their language imposes 
lunatic rules of syntax and gram- 
mar. This strait-jacket has to con- 
tain a language whose greatest gift 
is an astonishing capacity for meta- 
physical and abstract expression. It 
is no accident that there is a cer- 
tain kind of German which pro- 
duces words and phrases that 
re mind one of madmen in uniform. 
Today's language avoids such traps 
by accepting a new informality and 
offering open house to foreigners in 
a manner that parallels the recent 
asylum laws. Those foreigners, of 
course, never quite become German. 

What the French and the Ger- 
mans have in common is a certain 
distaste for English. The poet and 
novelist Kurt Tucholsky, wrote 60 

years ago: "English is a simple but 
difficult language. It consists of 
loud foreign words which are badly 
pronounced." One uses it without 
loving it. Not so with French. The 
journalist, Karl Gfinter Simon 
writes, "When two non-Frenchmen 
speak French between themselves 
they are immediately mutually 
sympatisch. Whole peoples love 
French even if they hardly like toe 
French." 

There was a radio programme a 
few nights ago about English peo- 
ple living in France and how they 
spoke French. They confirmed that 
they reserved French for endear- 
ments and English for irony and 
sarcasm. 

The emperor Charles Y famously 
said: "I speak Spanish to God, 
Latin to my confessor, Italian to 
my mistress, French to my men and 
German to my horse” If he had 
known English he would have spo- 
ken it to his research assistant and 
Us PR girl 

■ James Morgan is economics corre- 
spondent of the BBC World Service. 








MINDING YOUR OWN BUSINESS 


Computing 

A little rival 
for the giants 


C onnect Software, a 
UK software devel- 
oper, has taken a 
careful look at the 
needs of the small office and 
produced a package. Office 
Manager, aimed squarely at 
the 'Soho' (small office /home 
office) market 
Connect is pleased with its 
product but it has to compete 
with giants such as Microsoft 
which markets Microsoft 
Office, a suite of packages with 
many more features, many of 
which are of little use in a 
very small office and cost 
nearly 10 times as much. 

Office Manager combines 
contact management, letter 
writing, invoicing, elementary 
stock control and document 
storage. Yon can use Office 
Manager on its own or link it 
to Money Manager , with data 
moving between the two in 
both directions. 

The core of Office Manager Is 
its database. Each database 
file holds only 500 records hot 
this should prove no restric- 
tion for its potential users. 

Two possible problem areas 
are in compiling customer lists 
and parts lists. Organising the 
customer list into separate 
files for geographic areas over- 
comes the restriction. Simi- 
larly, the parts list, taking 
motor spares as an example, 
could differentiate between 
engine and electrical items. 

Moving from one database to 
another is easy: Office Man- 
ager automatically saves a file 
before loading a new ooe, thus 
eradicating the main danger 
when dashing between files. 

When creating invoices yon 
can have your stock list on 
screen. As yon add the quanti- 
ties to the invoice the stock 
list is updated automatically. 
Yon can post the invoice 
directly to your Money Man- 
ager data file with just two or 
three keystrokes. 

Designing templates for 
invoices Is simple. You can 
prepare them with plain paper 
or for your own pre-printed 
letterheads. 

Producing letters can be 
very quick using the text edi- 
tor and all standard letters 


can be individual templates, ft 
then becomes a matter of 
choosing the person yon wish 
to send it to and telling the 
program which letter yon 
want to send - almost no typ- 
ing required. As there is no 
typing, it leaves little room for 
typographical errors. The mail 
merge facility is also much 
easier to use than in the more 
sophisticated programs such 
as Microsoft Word for Win- 
dows. The word processing 
facilities seem a little basic 
compared to the larger pro- 
grams and there is no sped 
checker, no thesaurus nor 
grammar checker. 

My one apprehension about 


Robin Brooker 

looks at a 
no-frills office 
package 


the program is that it works 
under MS-Dos. This has its 
benefits: the program will ran 
on a basic PC with a hard 
disk. It ran happily on an old 
Amstrad 1512, which is consid- 
ered something from Die age 
of the dinosaur by many com- 
puter freaks. 

Recent computer purchasers 
have been sold the idea that 
Windows is the standard com- 
puter interface and that pro- 
grams running under Ms-Dos 
are difficult to use. The menu 
system of Office Manager Is 
very easy to use. Any user of 
Windows would have no prob- 
lem using the program and the 
manual describes bow to 
Install and operate the soft- 
ware from Windows' Program 
Manager. 

Office Manager's unique 
combination of facilities 
makes it suitable for a wide 
variety of uses where larger 
programs can be both expen- 
sive and cumbersome. 

■ Office Manager costs £43.95 
and is available from Connect 
Software, 3. Flanchford Road. 
London W12 9ND. Tel 081 743 
9792 Fax: 081 743 8073 


F rom his prefabricated 
wooden office, with a glo- 
rious view of the top of 
Danby Dale. John Dur- 
ham presides over a £2m 
business - yet he draws no salary. He 
does not own anything: no house, no 
car, no personal bank account - not 
even money for retirement tucked 
away in a pension fond 
Durham runs Camphill Products, 
the trading arm of the Camphill Vil- 
lage Trust. There are 35 Camphill 
communities, four of which produce a 
range of goods in sheltered workshops 
that realise a profit - (hey prefer to 
call it a surplus - of £217,000 a year. 

The money is ploughed back into 
the work of the trust, which assists 
people with social and mental handi- 
caps to work and play a full part in 
the communities it runs. 

Durham's product range comprises 
100 lines from 13 craft workshops, half 
of them based at Botton village, at the 
head of Danby Dale. 18 miles from 
Whitby in North Yorkshire. 

Durham's two assistants pack, dis- 
tribute and handle all the marketing 
for the goods, which range from 
wooden toys, cradles and bricks made 
from timber grown at Botton. to can- 
dles. soft toys, engraved glass, pottery 
and copperware. 

Sales of these goods, half of which 
are exported, total £320,000, a signifi- 
cant part of the total £2.lm sales 
achieved by the workshops, food cen- 
tre, gift shop and bookshop at Botton. 

Botton opened in 1955 and, in com- 
mon with 80 other Camphill centres 
in 19 countries, it is ran on principles 
laid down by the Austrian philoso- 
pher Dr Rudolf Steiner (1861-1925). 
Steiner’s view was that therapeutic 
communities should be run with, and 
not for, handicapped people. This is 
the case, it is the world’s largest vil- 
lage working with adults with a men- 
tal handicap. 

Apart from housing the headquar- 
ters of Camphill Products. Botton pro- 
duces an award-winning cheese, nine 
organic breads, and 44 food lines. 
Many are on sale in shops and other 
outlets as for away as Scotland and 
the south coast of England. 

Sixty per cent of the bread, cakes 
and biscuits produced in the bakery is 
sold in shops in nearby villages and 
towns, and 90 per cent of the cheese, 
yoghurt and curd cheese produced in 
the creamery goes to the outside mar- 
ket On a good cheese counter you 
will find the unpasteurised Botton 
hard cheese on sale alo n gside the best 
Cheddars and Stiltons. 

“The surplus from our trading 
operations goes towards our 
day-today running costs,” said Dur- 
ham. 52, who read geography and 
anthropology at Durham University 
and worked in marketing at ICI before 
coming to Botton 17 years ago. 

The key to the commercial success 
or Camphill products is quality. 
“When I go out with my catalogue or 



John Durban of Canqrfrt Prod u ct s with residents of Botton VBage in one of the Catnphffl workshops 

Where profits come second 

Clive Fewins visits a village run on businesslike lines for unbusinesslike purposes 


attend craft fairs 1 do not make a 
point of saying we are a sheltered 
workshop.” Du rham said. “I say: we 
have got these products - buy ’em! 
Fortunately, people do. Ninety-five 
per cent of them are sold outside 
Camphill communities.” 

At Botton there are 155 mentally 
handicapped “villagers” and 69 "co- 
workers" or staff, who. like Durham, 
are unpaid but whose personal 
expenses are met from common 
funds. There are 27 local staff who 
commute daily to the village and 
draw a salary for performing tasks 
such as maintenance work, secre- 
tarial duties, and working in the saw- 
mill alongside villagers. 

Another key to the Botton economy 
is tourism. Drive up the dale to the 
village centre and you will find a 
large car and coach park. Weather- 
proof dispensers give out literature 
which explains the work of the com- 
munity and guides visitors to the gift 
shop, bookshop, coffee bar and gro- 
cery. At the latter they can buy meat. 


reared on Botton's five forms, as well 
as cheese, vegetables and Botton- 
packaged food ranging from jams and 
perserves to ice cream, muesli, cor- 
dials, juices and sugar-free drinks. 

Enter the coffee bar and you ming le 
with residents and co-workers, who 
live communall y in 30 bouses in the 
750-acre settlement 

The visitor pack lays a strong 
emphasis on the growing importance 
of fund raising for building and 
long-term development 

Botton was founded in 1955, based 
on Botton Halt a shooting lodge with 
350 acres, and two farms acquired by 
the trust at nominal cost The most 
recent building is a strikingly modem 
£400.000, 150-seat chapel built largely 
of timb er. It replaced an annex to the 
community centre that had served as 
a chapel for 18 years. 

One of the other new buildings is 
the £250.000 print shop. Buildings 
such as these come out of the commu- 
nity's capital fund, which is fed 
largely by fund raising and donations. 


and which currently totals El ,2m. 

The print shop is the home of a 
sophisticated mailing operation which 
comprises nearly 50,000 “warm” 
donors and is the envy of many other 
charity operations. It is handled by a 
£100,000 computer donated by Digital 
Equipment Corporation. The print 
shop is increasingly undertaking out- 
side contract work. 

“It costs about £200 to keep one of 
our villagers here for a week, ft is 
interesting that the Department of 
Social Security works on a figure 
nearer £280 a week for someone with 
a similar handicap.” said Jeff Balls, 
deputy chairman of the Camphill Vil- 
lage Trust who has been at Botton for 
22 years. 

“Our villagers are largely supported 
by local authority grants. Together 
with grants from the Department of 
Employment they comprise 65 per 
cent of our total income. In a year 
Botton needs £l.7m to keep it going. 
We reckon about 15 per cent of that 
comes from workshop sales, which 


Includes Camphill products, and 10 
per cent from donations and fund 
raising. The rest comes from other 
assorted sources. 

“Fundraising keeps our capital pro- 
jects account going. Currently this is 
£i.2m. Without this we could not 
expand,” said Durham, who is also 
chairman of the fundraising group. 

“The important thing is that these 
figures should be set within the over- 
all context of our philosophy. Work 
here and at other Camphill communi- 
ties is carried out for the sake of the 
work itself and for the needs of the 
community. We are working with peo- 
ple of limited talents and we aim to 
give them an opportunity to contrib- 
ute and to achieve some sort of fulfil- 
ment through their daily work. Their 
fulfilment is probably greater than 
most of us achieve on a day-to-day 
basis. We work not to generate cash 
but to meet people’s needs.” 

■ Camphill Products, Botton Village, 
Danby. Whitby. North Yorks. Y021 
ZNJ. Tel 0287-660424. 




q>: ; 



MINDING YOUR OWN BUSINESS 


REAOBS ARE RECOMIBIIB) TO SS3< APPROPRIATE PROFESSWNAL ADVICE BEFORE BKTBflNG WTO COfrBfCTMBnS 


JOINERY 

MANUFACTURERS 

A long established, modem 
and well equipped joinery 
organisation with 
considerable assets and 
capabilities of a turnover of 
£3 million is seeking a 
merger or trading partnership 
with a suitable company or 
housing association. 
Enquiries from overseas and 
European companies would 
he considered. 

Wiiii; i>, [fan 82 MU, Rruuvul 7 iim, 
rWk.-s.ftiu Bnfcw.L>«hkraSEI HD. 


GUARANTOR 

REQUIRED. 

Syzran builder and developer based 
Suncy/Middlcacs seeks Performance 
Bond Guarantor to support expansion. 
Bonded amounts op £501X000 any 
one contract for periods of Icaa than 

12 months. 

Pradfuls only write CO Bor B2S2I, 
Fhuorial Tones, One Sonibwarfc Bridge. 
London SEI 9HL. 

Large Outlets Wanted 
For Very High Quality 

Irish mineral water in all sizes. 
Brand name or own label 
"principles* only apply to 

Box B2505, financial Times. 

One Southwark Bridge. 

London SEI 9HL 



INVESTORS 

REQUIRED 

For Disabled Holiday Centre 
Project Very good return on 
capital Equity/Asset security. 

Tel 0405 -861282 

ir^Ajtrendent record company 
bos permission ter release of new 
version ol Bernstein classic and 
soela luncfine for commercial 

P*C'|OCt. 

V*+> 6*>i 8 J 1 W. hnanctal frnei. Ona 
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BUSINESSES WANTED 

CERAMIC TILES 
SANITARYWARE 
INTERNATIONAL GROUP 

Seeks iu purchase substantial 
ilisinbuu.tr uud/nr manufacturer. 
Wiiulii retain tnanaucmctu and 
finance enpanstun in UK and EC. 

H’rfre f.i Box HJSI7. Financial 
Times.Onr Southwark Bridge, 
London SEI 9HL 


SMALL 

NEWSLETTER 

PUBLICATIONS 

or similar wanted with 
current subscriber base. 

Write to Box B2513. Financial Times. 
One Southwark Bridge. 

London SEI 9HL 

BUSINESS SERVICES 

BAD DEBTS? 

Inadequate Credit Control? 

For a rut nonsense, professional 
and comnuTciaifv rnioded approach 
lu ilww problems contact: 
Acthc Business Support Limited 
Td:8739 4WS9l Fax-. 0789 498788 


SOUTH AFRICAN 

Financial Executive 
Available for long or short 
term Assignments. 

FAX 071 916 5350 


FINANCE DIRECTOR. 
FCA 

wiH help you mortage, 
control & develop your 
business and provide 
corporate finance advice. 

Tel: 071-255 2337. Fax: 071-537 0168 


Appear in the Financial Times 
on Tuesdays. Fridays and 
Saturdays. 

For further information or to 
advertise in this section 
please contact 

Karl Loynton on 071 873 4780 
or Melanie Miles 071 8733308 

The 

Minding Your 
Own Business 

section also appears 
on page 8 today. 


1 FINANCIAL 1 IME5 j 


BUSINESSES FOR SALE 


LNG CARRIER 
TIMECHARTER 

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Continued from Page I 

The emphasis on miners' 
education was a feature of 
Scargill's rise to power In 
Yorkshire: young men, chosen, 
one suspects, as much for their 
socialist militancy as for their 
intelligence, would attend lec- 
tures in Sheffield and Leeds to 
debate the distinction between 
delegatory and representative 
democracy. 

Naturally, the Communist 
Party took particular interest 
in the miners. Yet. despite the 
emergence of men such as Abe 
and Alex Moffat in Scotland, 
followed by Michael McGahey 
(whose father was a founder 
member of the British party) or 
of Arthur Horner, Will Paynter 
and Dai Francis in Wales, 
there was always the feeling in 
party circles that these men 
were miners first, revolution- 
aries second. 

When the Welsh commu- 
nists. according to a party vet- 
eran recently, warned the Kin g 
Street comrades that coalmin- 
ing was in terminal decline 
they were simply contradicted. 

McGahey. a fine orator who 
was on his first soap-box at the 
age of 13, liked to intone the 
dogmas - "as Lenin said, once 
the line is clear, organisation is 
everything” - but showed a 
certain lack of attention to 
deep doctrinal matters. During 
one lunch-break when he waa 
presiding over the Communist 
Party congress in London - it 
was the year the British party 
chose the Eurocomm unis t road 
and the Kremlin had sent a full 
member of the politburo to 
observe - McGahey seemed to 
be more interested in press 
coverage of a local pit dis- 
pute. 

His own annual conference 
was a model of democratic cen- 
tralism, or what he called a 
“unanimity conference”, leav. 
ing plenty of time for discus, 
sion of other matters - history, 
people, world affairs. On one 
evening, discovering the corre- 
spondents of the Financial 
Times and Morning Star 
playing snooker in an upstairs 
room, he growled: “Ye’re dissi- 
pa tin 1 yer youth. Come doon 
and have a drink wi’ me.” 

For all the media attention 
men like McGahey had 
received during the 1960s and 
1970s, the left was always in a 
minority an the NUM national 
executive until after Scargill s 
rise to power. Historically, too 
the miners were slow to move 


towards socialism, according to 
the historian Michael Jackson, 
being the last big union to 
leave the Liberal Party for the 
Labour Party (which Keir Har- 
die. another Scottish miner, 
was instrumental in creating). 
The union, he says, was always 
pragmatic and ready to 
co-operate - even in the con- 
traction of the industry - in 
order to show that the much- 
desired nationalisation of 1947 
had “worked”. 

The last NUM president, Joe 
Gormley, epitomised this strat- 
egy of managed decline. Gorm- 
ley was the last person to pro- 
mote national strikes - 
although he put himself 
adroitly at the head of his men 
when, as in 1972 and 1974. the 
dam was about to burst - and 
the first to promote market- 
related schemes such as the 
incentive bonus payments that 
put money into miners' pock- 
ets. His close relationship with 
Lord Ezra, former chairman of 
the coal board, was seen by the 
Thatcher government as more 
like connivance and was one of 
the factors which prompted its 
decision to confront and 
destroy the power of the union. 

I t has been a long ascent 
and a long decline for the 
miners. At the beginning 
of the 17th century they 
lived no better than slaves, 
says the historian of the Scot- 
tish miners, Robin Page Amot 
They lived in hovels of 
unspeakable squalor, were 
denied the right of habeas cor- 
pus and were buried in sepa- 
rate ground. Nearly 400 years 
later. 0Q the eve of the 1984 
strike, they were among the 
best-paid manual workers in 
the country, with access to 
mortgages, cars and foreign 
holidays, the rewards of 
advances in technology and 
productivity. 

But the rales of the game 
had changed, decades of uncer- 
tain government intervention 
had come to an end and, with 
the militant, uncompromising 
Scargill at their head - to this 
day he will not acknowledge 
what happened as a defeet - 
tiie NUM was confronted and 
its power destroyed. This polit* 
ical drubbing was followed by 
commercial retribution, leav- 
ing today a swathe of ghostly 
pit yards and derelict villages 
round the country lor fresh- 
faced sociology students to 
pick over. Perhaps some of 
them will win Firsts at Oxford. 


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* 



0 







RNANCfAL TIMES WEEKEND MARCH 5/MARCH 6 1994 




\r 
: i. 1 ' . 


FOOD AND DRINK 


How to pick 
west coast 
hotshots 

Jancis Robinson reports on assorted 
developments in California wine 


W hen I heard that 
Australia’s most 
prolific and forth- 
right wine writer 
was to write a Calif- 
ornia wine atlas on the basis of a 
single visit, I thought it was a joke - 
especially since James Halliday has 
been a voluble critic of some Calif- 
ornia winemaking practices. 

This lawyer, vigneron, columnist 
and author of 25 boobs on Australian 
wine had his own misgivings, accord- 
ing to an interview he gave the news- 
letter The New York Wine Cellar. "I 
quite frankly went to California with 
considerable apprehension because 1 
had had some personal difficulties 
with many of the California styles. I 
wondered, first, how I was going to do 
justice to the wines and, second , how 
/ could write a book that people were 
going to buy.” 

In fact, Halliday's Wine Atlas of Cal- 
ifornia (Angus & Robertson) is a tri- 
umph - a lively portrait of an indus- 
try in transition peppered with praise 
and judiciously spiked with cynicism. 
It is full of up-to-date information and 
has some stunning photographs by 
Oliver Strewe. It is overpriced in 
Britain at £40, however, and this is 
not the first wine atlas with cartogra- 
phy as its weakest point 
Bob Thompson's The Wine Atlas of 
California with Oregon and Washing- 
ton (Mitchell Beazley) may be £15 
cheaper and have clearer maps, but it 
proves that the closer you are to a 
wine region, the more difficult it can 
be to pick out its distinguishing 
marks. Emboldened by this observa- 
tion. [ am daring to make the follow- 
ing generalisations: 

FASHION: California is nothing if 
not fashion conscious. And, for the 
moment at least fine wine is varietal, 
named after the grape from which at 
least 75 per cent of it was made. 

The hottest variety of the moment 
is Merlot. the Pomerol grape, per- 
ceived as Cabernet Sauvlgnon (the 
Medoc grape) without the pain. Only 
Merlot managed an increase in aver- 
age California grape prices last har- 
vest. and one market analyst - they 
have such things in the Napa Valley - 
predicts that between 1987 and 1998, 
total sales of Merlot will have 
increased almost tenfold. 

Duckhom of Napa Valley was many 


years ahead of the pack on this one. 
and Lay & Wheeler, of Colchester. 
Essex, sells the 1991 version which is 
well-balanced with a nice, dry finish 
for about £15 a bottle (fashion has 
done nothing to depress Merlot 
prices). A California Merlot aiming 
more exhibitionistically at a lash 
Pomerol style is Havens Reserve Mer- 
lot Its 1991 is £16.74 at Bibendum. the 
wine merchant of London NW1 (tel: 
071-722-5577). It hosted the Cheval- 
Blanc tasting described, incidentally, 
by Edmund Penning-RowseU last 
week - not toe synonymous restau- 
rant 

ODDBALLS: Rhdne varieties such 
as Syrah. Mourvedre and Marsanne 
have been on a roll in Calif ornia for 
some time now (see Les Jumeaux 1991 
Cabemet/Monrviklre blend from Jade 
Mountain, £11-50 from Morris & Ver- 
din, London SWl, 071-630-8888, for 
sumptuous velvety intrigue). 

The prototype Rhtine Ranger is 
Randall Grahm, of Bonny Doon, who 
has moved on in search of varietal 
thrills anew. He is heavily into Italian 
and Hungarian varieties this season, 
and was heard muting his enthusiasm 
for the Friuli variety Schioppettino 
with a wistful “but the cardinal rule 
of selling wine is that if you can’t 
pronounce it. you can’t sell it”. 

Morris & Verdin also has his 
delightful dry, characterful white Mal- 
vaaia Bianca Ca del Solo at £7.50. Why 
can’t Italians put this much flavour 
into white wine? 

THE PEST: No mention of Calif- 
ornia is complete without the P word, 
or is it a Ph word - phylloxera. The 
dreaded vine louse is destroying vines 
by the thousand in Napa, Sonoma and 
other north coast areas, and Pierce’s 
disease is wreaking its own havoc. 

Or. you can look at it toe quintes- 
sentially California way as “the 
chance of a lifetime” to get the root- 
stock right at last, to plant the right 
variety in the right place, with the 
right spacing and trellis system. 

BIG BOY: Ernest Gallo dominates 
the American wine scene. It is a 
reflection of his power that, while 
every other producer is trying to 
move discreetly downmarket in 
search of turnover (typically with a 
second label or two), Gallo is striding 



A vineyard crew working an bush-pruned vines in the Pagani Vineyards: one of the many fine Bustrations in 
Janies Hafflday's new Wine Allas of CaHomia 


to the top of an already overloaded 
ladder of ambition, notably in terms 
of pricing, but also in production tech- 
niques. “Ah, Gallo!”, whisper Calif- 
ornia barrel salesmen in their dreams. 

THE SURPRISE: Who would have 
thought that California would have 
had such success with the capricious 
muse of red burgundy, Pinot Noil? 
Yet California is one of the few 
sources of viable alternatives to C6te 


de Beaune wines, If not (yet) toe best 
of Cdte de Nuits. Kistler’s first Pinot, 
a 1991 from the McCrea vineyard, is a 
rich, sensual treat at £17.59 from The 
Wine Treasury of London SWB 
(071-371-7131). Even better value is 
Pellegrini’s 1991 Olivet Lane bottling 
at £8.89 from the same source. 

Morris & Verdin has the British 
allocation of Au Bon Climafs defini- 
tive Pinots, while Raeburn Fine 
Wines of Edinburgh. (031-332-5166) still 


ships tiny quantities of some even 
rarer California Pinots. 

Wine maker Saintsbury continues 
to turn out Pinots Noire, with its ligh- 
ter bottlings of Garnet, regular Car- 
nero, or the new Reserve label - from 
Bibendum of London NWL, Adnams of 
Southwold, Suffolk, Bottoms Up and 
many others. 

For value, Fleur de Carneros. at 
about £6 from Weavers of Nottingham 
and Majestic, is hard to beat. 


Appetisers 

Good value, fruity reds 


I n search of good petit chateau 
red bordeaux? Then look to 
the Languedoc where you can 
find a raft of good-value, 
hand-crafted red wines, with the same 
sort of structure and fruit right 
through the middle. 

The 1991 vintage was, unusually, 
a real success there. 

Domaine Comte de Margon 1991 
is a classily labelled Via de Pays des 
Cotes de Thongues: £4.67 from John 
Arrait Wines of London Wll (071-727 
68 * 6 ). 

This firm also has the more serious 
Cl os I’Angely Minervois 1991 (from 
Piccinini) at E5.67. This deep, brambly 
wine has the structure to develop 
over several years but the softness 
to appeal now. 

Other merchants which have 
cherry-picked the Languedoc include: 
La Vigneroune of London SW7; the 
Wine Society, of Stevenage, 
Hertfordshire; Adnams of Southwold, 
Suffolk; Lay & Wheeler, of Colchester, 


Essex; and Tanners, of Shrewsbury, 
Shropshire. Jancis Robinson 

■ A book which will be well-received 
by travellers is Charles MacLean's 
Pocket Whisky Book (Mitchell 
Beazley. £7.99, 192 pages). With a 
growing number of malt whisky 
distilleries open to the public, this 
book will fit into a glove 
compartment, a handbag or a jacket 
pocket. It is rare today in that it gives 
almost as much space to blended 
whisky as it does to malts. In both 
cases MacLean gives us rather more 
pithy history than other guides 
currently on the market 
The tasting notes appended to the 


malts are rarely punchy and It is 
occasionally hard to say what the 
author actually thinks of the whisky 
in his glass. This is doubtless tactful 
to toe distillers but may prove less 
than helpful to the drinker who wants 
to know what to take home on a 
Friday night. Giles MacDonogh 

■ Few exciting Bulgarian wines 
have come my way in the past year 
or so - something to do with 
over-enthusiastic application of oak 
chips, in some cases - but Safeway, 
as so often in eastern Europe, has 
something exceptional. A 1992 
Cabernet Sauvignon from the Krazen 
vineyard, made at the Russe winery. 


has outshone C-abemets from some 
very famous wine-makers at twice 
the price. It costs just £359 a bottle 
and is delightfully concentrated and 
well balanced. At least, the bottle 
I tried was, but consignments from 
the east can be inconsistent JR 

■ As one might expect from the 
Good Beer Guide, edited by Jeff Evans 
(Camra, £8.99, 502 pages), there is 

a good deal of real ale propaganda 
squashed into the introduction, but 
for the most part Camra’s obsessions 
are wise ones: opening hours, Sunday 
licensing and children. GM 

■ There will be a celebration of 


British cuisine at the May Fair 
Inter-Continental hotel, in west 
London, next month at which Michael 
Coaker, the hotel's executive chef, 
will be conking. 

The event will run from April 11 
to 23 and a British menu of four 
courses and coffee will be available 
in the Chateau restaurant for lunch 
and dinner at £30 a bead, including 
a glass of house port. For further 
details and reservations ring 
071-629-7777. 

Jill James 

■ Hampshire country house hotel 
Cbewton Glen is staging a series of 
Sunday night dinners at which 
personalities as diverse as the jazz 
musician Ronnie Scott and Helen 
Shannon. Britain’s first astronaut, 
will be tal kin g or performing. For 
costs and details ring 0425-275341. 
There is a special overnight room 
rate of £100 per double room for these 
events. JJ 


Cookery /Philippa Davenport 

England’s 

favourite 


pasta 


M anufacturing tag- 
liatcile in the pri- 
vacy of your very 
own Smallbone 
kitchen might be a late-20th 
century phenomenon. So. too, 
might be nipping out to a 
supermarket for the latest liue 
in multi-layered seafood lasa- 
gne. But it struck me the other 
day that there is nothing new 
about the English passion for 
pasta. 

Macaroni, in particular, has 
been popular for centuries: 
indeed, macaroni cheese is a 
national dish. It has been a 
nursery comforter for genera- 
tions of children and a tradi- 
tional choice for Friday lunch 
in households where meat was 
forbidden on Fridays. Until the 
1980s, it was the only alterna- 
tive to an omelette that vege- 
tarians were offered outside 
their own homes. 

Macaroni is said to have 
come to Britain from medieval 
Italy, where it was dressed 
commonly with soft cheese, 
sugar and cinnamon and 
served as a first course. Gradu- 
ally. the sweet elements gave 
way to more elaborate savoury 
additions. By the 18th century, 
macaroni was the height of 
fashion in Britain. Indeed, so 
smart was it that dandies were 
nicknamed ■’macaroni". 

At that time, a favoured dish 
for balls and theatre suppers 
was Roman pie (the word 
Roman in the title indicated 
the inclusion of macaroni, just 
as Florentine implied spinach). 
This pie was a mixture of 
sliced chicken, game birds, 
ham, tongue and intensely- 
flavoured gravy, layered in a 
dish with macaroni bathed in a 
creamy bechamel sauce, and 
sealed under a lid of puff paste 
to keep everything moist and 
succulent 

It is a recipe to remember for 
Christmas - one of the best 
ways I know to use up turkey 
and other festive meats. 

Here are two of my macaroni 
favourites - recipes in which 
the pasta plays an equal role 
with the other ingredients. 
Take your pick from chicken 
livers or mussels, both luxuri- 
ous but inexpensive. 

MUSSELS WITH 
MACARONI. SCORCHED 
PEPPERS & FENNEL 

(serves 4) 

Ingredients: 6oz macaroni; 
r/Jb mussels; 84 tablespoons 
dry white wine (or water); 1 
large red pepper, seeded and 
chopped; l 1 /* plump heads of 
fennel, trimmed and cut into 
chunks: ‘A teaspoon fennel 
seed and a few strands of saf- 
fron, pounded together with 
pestle and mortar, then soaked 
in 3-4 tablespoons boiling 
water; 1-1% teaspoons corn- 
flour mixed to a paste with 2 
tablespoons cold water; l 
tablespoon or so of olive oik 2-3 
tablespoons each snipped 
chives and flat leaf parsley. 

Method: Clean the mussels 
and prepare the other ingredi- 
ents as described. Cook the 
macaroni in boiling, salted 
water. Meanwhile, heat a little 
oil in a large, heavy-based pan 


and scorch the pepper and fen- 
nel. Ijower the flame and cook 
gently for a feiv minutes more 
until the vegetables are nearly 
tender. Add the saffron and 
fennel liquid and the chopped 
herbs, and set aside. 

Towards the end of this time, 
bring the wine to the boil in a 
separate large pan. Add the 
mussels, cover, and cook for 
around three minutes until 
they have opened. Strain the 
liquor and measure. There 
should be '. ipt or so - top up 
with water if necessary. Dis- 
card any mussels that hue not 
opened and shell the rest. 

Pour tlie mussel liquor and 
the cornflour mixture into the 
vegetable pan and bring to the 
boil, stirring. Boil for a minute 
or so luilit the sauce is stickily 
thick. Away from the heat, add 



the cooked and drained pasta 
and the mussels. Toss to mix. 
season to taste, and serve 
straight away. 

CHICKEN LIVERS WITH 
MACARONI, HONEY & LIME 
(serves 3-4) 

Ingredients: 6oz macaroni; '.-lb 
chicken livers, cleaned, 
trimmed and cut into chunks; 
%lb main crop carrots, peeled 
and cut into small batons; 1 
small onion, chopped finely; 1 
teaspoon or so finely-chopped 
ginger root; l generous tea- 
spoon runny honey; l teaspoon 
cornflour mixed to a paste with 
1 generous tablespoon freshly- 
squeezed lime juice; a dribble 
of olive oil; the finely-grated 
zest of a lime; 2 or more tables- 
poons freshly-chopped corian- 
der leaves. 

Method: When all the ingre- 
dients have been prepared as 
described, start cooking the 
macaroni in plenty of well- 
salted boiling water. Warm the 
oil with the ginger; add the 
carrots, honey and 6-7F1 oz 
water; and cook until the car- 
rots are tender. Drain, reserv- 
ing the liquor. Meanwhile, 
saute toe chicken livers in a 
little oiL Put the carrots and 
livers into a low oven to rest. 

Add a little more oil to the 
saute pan and fry the onion. 
Pour on 'ipt or so of the carrot 
liquor and the lime and corn- 
flour mixture. Cook, while stir- 
ring, for one minute or so let- 
ting the sauce bubble and 
thicken. Add a tablespoon or 
more of coriander and the 
drained and cooked macaroni. 
Then tip the contents of the 
pan on to the chicken livers 
and carrots. Toss to mix, check 
seasoning and scatter extra 
coriander over the top. 



\ 


Beware if 


offered 
a taste of 


paradise 

Experience has taught Giles 
MacDonogh which drinks to avoid 


W e had eaten in a 
pub. Now. the 
meal was over 
and my host 
went to the bar to buy me 
"something rather special" . He 
returned with a broad grin on. 
his face and a glass filled with 
a mile liquid. It must have 
been n quadruple measure. 

It had a synthetic smell of 
coconuts and a coarse, rum- 
like taste, not unlike bad 
rhum-babas. He went to get the 
bill. While he was gone, I 
tossed the drink into uiy coffee 
cup. I was foolish enough to 
believe that the alleged 
"espresso” would hide some of 
Us more unpleasant character- 
istics. I was wrong. It made the 
coffee undrinkable, too. 

I had not forgotten my first 
taste of Malibu when, a few 
months later. I met the brand 


manager. An adolescence spent 
reading Raymond Chandler 
made me think the drink 
would originate in California, 
but I thought I should check. 

“Where does It come from, 
your Malibu?” I asked. “Malibu 
comes from paradise and tastes 
like heaven,” said the brand 
manager. Then he smiled and 
added that, id this instance, 
paradise was Harlow, in Essex, 
where the drinks giant IDV 
had its headquarters. 

I have seen a bit of Harlow 
in my time. If that was para- 
dise, I thought, then we had all 
better start looking into the 
other place before we shuffle 
off our mortal colls. I. for one , 
was not going to put up with 
an eternity of Malibu as nectar. 

Malibu has been a big suc- 
cess but, for every drink like it. 
there have been handfuls of 



bold conceptions consigned to 
the kitchen sink of history. 
What happened to Bezique? 
Mirage? Midori? Where are 
Greensleeves and Topaz? 

When I rooted around at the 
bottom of a cupboard the other 
day, I came up with a minia- 
ture of something called Mon- 
tezuma, which I do not recall 
having seen on the shelves of 
any dingy bars these past few 
years. Amanda looked even 
more peculiar. I opened the lit- 
tle bottle. Out came an 
unlovely brown liquid which 
did not exactly recommend 
itself for drinking: over the 
years it had curdled, and now 
looked like a cup of coffee left 
out in the sun too long. 

An ever-hopeful bad penny is 
the drink known as a wine 
cooler. Some of these were 
launched one miserable, liquid 


summer when everyone was 
shivering under their raincoats 
and the drinks "sensation" 
proved a flop. There are still 
plenty of them about however, 
and Taboo has been hewn from 
the same rock. 

Flavoured wines really suc- 
ceeded only in their sparkling 
versions. There was one named 
after a television station (or 
vice versa;, and another called 
“Peachy" which someone once 
described as "smelling like the 
urine of a fruit bat". Wines 
such as Thunderbird and Con- 
corde are rather more down- 
market; almost at the level of 
meths. "Thimderbirds are go," 
says ay local off-licence man- 
ager, "but Concorde gets you 
there rather faster." 

One of the most successful 
sections of the novelty drinks 
market has been cream 


liqueurs. International Distill- 
ers and Vintners laughed all 
the way to the bank with Bai- 
ley’s, a concoction which has 
sired a mass of illegitimate 
children. 

In a shop recently, I encoun- 
tered Irish Velvet and Caro- 
lans. The latter came complete 
with a comforting inscription 
in Irish - a tongue used also to 
recommend a complicated 
looking bottle called Sheridans. 
Sheridans is actually two bot- 
tles welded together. One con- 
tains a white liquid, the other 
black. You pour the black in 
first then top up with the 
white, like an Irish coffee. 

“It’s actually rather good," 
says the off-licence manager, 
but he doesn't see it selling. 
"They don't seem to have 
advertised it on television." If 
they are not careful. Sheridans 


could join Bezique and Monte- 
zuma. 

One category of new drinks 
which excites my middle-aged 
rage is ’’schnapps". These 
sweet, fruit-flavoured drinks 
bear no relation to the divine 
distillates of central Europe. In 
Louisville, Kentucky, I was 
offered a glass of schnapps as a 
nightcap and, thinking it a 
German spirit, I accepted. It 
turned out to taste like a mix- 
ture of liquid sugar and tooth- 
paste. 

Big companies such as IDV 
manufacture these brews in a 
desperate attempt to capture 
the young drinker who haunts 
louche bars and nightclubs. 
The more sensible of these 
probably drinks bourbon whis- 
key (with cola) or a fashionable 
vodka, such as Absolut from 
Sweden. 


In this world, fashion is 
everything; and if you fail 
then a lot of sticky liquid has 
to be poured away . Beer is one 
of the most fickle fashions of 
all but, as I have had cause to 
say. It is generally the worst 
which tends to catch on. 

Perhaps I should make a 
rash prophecy for the rest of 
this year? More awful Ameri- 


FOR SALE 
VINTAGE PORT 
CRU CLAS SE CLARET 
BURGUNDY 
AND RHONE ETC. 
AT TRADE PRICES 

SECKFORD WINES 

Teh 0473 626072 Foe 0473628004 
Ptoase phono tor price BsL 


can beers will hit the market 
Someone will dig up Texas 
Lone Star or Dixie. Worse, a 
brewer will begin to make 
America's most lacklustre beer 
- Old Milwaukee - under 
licence. 

in the meantime, you can bet 
your life that Cadbury's Cream 
Liqueur will not take up even 
a millimetre of my shelf space. 








XVI WEEKEND FT 


financial times weekend march s/march * iyw 


FASHION 


Art of wearing very little 





In our series on dress codes around the world, FT 
writers go to the beach and find beautiful 
Americans, freezing Germans and lumpy Brits 



1 



TOKYO 


On the beach, young Japanese 
feel they have a freer hand in 
creating their own image than 
they do elsewhere. 

On Japanese beaches, and in 
Hawaii, young Japanese men 
and women can be seen in 
swimwear of all styles and col- 
ours. Anything goes, from 
tight, black, macho-man trunks 
to loose-fitting cut-offs in 
bright colours, for the men. 

But Increasingly, younger 
Japanese men are developing a 
clear taste for loose-fitting 
clothes in bright colours that 
are the trademark of Califor- 
nian skateboarders. Surfer cul- 
ture is also a strong influence 
on young Japanese who can 
often be seen In mid-winter 
bobbing up and down on the 
miserable waves like penguins 
trying to reach the shore. 

The style favoured by many 
attached to the beach consists 
of a T-shirt about five times 
too large, and very baggy cut- 
off sborts, often in a loud, psy- 
chedelic design. Socks must 
also be longish, loose and, 
more often than not, in shock- 
ing pink or fluorescent orange. 


A capital offer 
from Burberrys 


A hectic and successful 
business life leaves little 
room for shopping, 
so kt the Burberrys 
Visiting Tailor Service 
Ukc care ><f your wardrobe. 
For as liule is 1495, 
choose from a wide range 
of styles and cloths 
to create your own 
stylish business look. 
Appointments can be 
in the comfort 
of your home 
or at the office at a 
time to suit you. 
Included in 
this excellent 
price is your 
complimentary blazer. 
For further information, 
or if you want to 
nuke an appointment, 
please telephone us on: 

071-839 2434 (24 hours) 
071-839 2418 (fax) 

Burberrys IE* 


U>5 Regent Street, London Wl 
64 Buchanan Street, OLasgcw 



Cl 



Michiyo Nakamoto 

Footwear tends towards the 
heavy-duty trainer or moun- 
tain-climbing shoe. 

Bangles, earrings and other 
accessories reminiscent of the 
hippy style in the 1960s are 
also in vogue. 

The popularity of Brazilian 
footballers playing in Japanese 
professional teams has started 
a fad for colourfully woven 
wristbands called “missanga" 
or promise rings. 

fashion on the beach is just 
as varied and adventurous for 
the women, who wear every- 
thing from leotards, cut to mid- 
hip, to swimsuits complete 
with frilly skirt and bathing 
cap. G-strings and nudity, how- 
ever. are definitely out 

Japanese women do not 
seem to feel the same need to 
advertise designers on the 
beach as they do in town. 

The only names that speak 
loudly on the beach are EUe, 
after the French fashion maga- 
zine. which can be seen on 
everything from bathing suits 
to towels to thongs, and. usu- 
ally much more discreetly, 
Moschino. 


FRANKFURT 


The pictures on German 
fashion pages suggest that a 
slender young man Nureyev- 
ing through the surf in an 
up-to-the-minute version of a 
Betty Grable swimming cos- 
tume is the apogee of unisexi- 
ness. The reality on the wind- 
swept beaches of the Baltic, 
where the sea is very cold, is 
less impressive. As a conse- 
quence, high-fashion swimwear 
is not at all common. 

In spite of their well- 
deserved international reputa- 
tion as beachwear fashion 
snobs, this is a place where 
many Germans go and leave 
their peacock tendencies at 
home with the cat. The 
beaches are fine and spacious, 
dotted with clumps of wind- 
breaks, and populated in the 
main by people intent on hav- 
ing a bracing, healthy time. 

They are places for extrem- 
ists. For many, a Baltic holiday 
Is preferably spent bundled up 
in woollies, contemplating sup- 
per while patrolling the sh*Q- 


Christopher Parkes 


lows in bare legs and knobbly 
rubber bathroom shoes. 

In spite of the chill breezes 
others eschew any bodily cov- 
ering apart from neatly 
trimmed hairy bits. They warm 
up by burrowing into shared 
foxholes where they lie low, 
out of the wind, tanning parts 
other holidays cannot reach. 
The observer or the voyeur can 
often detect their hidey-holes 
from afar by the presence of a 
plume of smoke from a fire or 
barbecue. 

Otherwise look out for the 
most extravagant of beach 
accessories: an all-terrain 
buggy or Jeep. It will be 
draped with garish wet suits 
and sailboards, and parked 
next to a makeshift rig of two 
poles set 20ft apart and joined 
at the tops by string. 

This is a clear warning for 
the squeamish to keep at a safe 
distance. Beach volleyball 
played by teams dressed only 
in dabs of thick white sun- 
screen is not a pretty sight 




PARIS 


Anyone who wants to know 
how the French dress on the 
beach need look no further 
than the fun-filled pages of 
Parls-Match magazine and the 
inevitable pictures of the 
Monaco princesses, the elegant 
(faroline and her wayward lit- 
tle sister, Stephanie. 

Caroline, the uncrowned 
queen of the bon due bon genre 
set embodies the chic side of 
Gallic beach style- Her trade- 
marks are a series of sporty 
but stylish swimsuits in black 
or white, a light tan, a hint of 
discreet gold jewellery and lit- 
tle gold-rimmed shades, the 
1990s successors to the Ray- 
Ban Wayfarers she sported in 
the 1980s. 

Then there is her entourage 
- her three exceptionally cute 
children, plus assorted, but 
equally decorative, hangers-on, 
and Vincent Lindon. the attrac- 
tive actor she usually has in 
tow. 

The children are as nattily 
dressed as their mother. The 
two boys race around in bright 
bermuda shorts. Charlotte, the 
little girl, favours a series of 
pastel pink swimsuits with 


Alice Rawsthom 


co-ordinating water-wings. Lin- 
don completes the scene in an 
adult version of the boys’ her- 
mudas and little gold-rimmed 
glasses, just like Caroline's. 

Stephanie paints a very dif- 
ferent picture - on and off the 
beach. She typifies the other 
side of C6te d'Azur style, as 
the epitome of the Eurotrash 
look. 

If Stephanie wears anything 
at all on the beach, it will be a 
brightly-coloured, badly cut 
swimsuit that shows too much 
flesh, or a little bikini embla- 
zoned with fluorescent swirls. 
Daniel, her former bodyguard 
and now the father of her baby 
son, struts around in tight- 
fitting trunks of a similarly 
lurid hue. 

He and his girlfriend even 
share the same taste in beach 
accessories. Excess is the name 
of their game. 

They like lots of jewellery - 
gold chains for Stephanie, a 
medallion for her man - 
together with deep-fried tans 
and his 'n' her's Ray-Ban Way- 
farers: the sort of shades that 
Stephanie's elegant elder sister 
discarded years ago. 



NEW YORK 

New Yorkers love the nearby 
beaches of Long Island. New 
Jersey and Connecticut, but 
not just because they offer a 
welcome respite from car 
fumes, crowded streets and 
humid summer days of 90- 
degrees heat 

Beaches are also popular 
because they offer a rare 
opportunity to disrobe and dis- 
play. Off come shirts, blouses, 
skirts and trousers and out 
come fiat stomachs, trim 
thighs, firm pecs and tight 
bums. AH that time spent on 
the stairmaster at the Health & 


Quite justifiably, most Britons 
do not believe in beachwear. 
They may have moved on from 
the picture postcard clidte of 
rolled up trouser legs and 
corner-knotted hanky, skirt 
bunched into knickers and 
blouse untucked, bat not by 
much. 

Even the smartest and most 
hedonistic of young Britons are- 
as puritanical as their prag- 
matic elders in this respect. 
For an annual holiday or two 
weeks, special clothes are 
hardly a sound investment 

Certainly, should it ever be 
made, it is not an investment 
which can be repeated too 
often. Thus a British couple is 
instantly identifiable on any of 
the beaches of the world. She 
is the one who has managed to 
defeat DuPont Victim of salt 
water, sun, detergent and age. 
the Lycra in her 10-year-old 

bikini has long since given up 


Racquet or the Atrium, or 
under a Park Avenue plastic 
surgeon's knife, has to pay off 
somewhere. Where better than 
on the beach. 

Thus, when it comes to 
beach wear, body-conscious 
New Yorkers prefer fashions 
that show off their gorgeous 
physiques to best effect Less, 
however, is not necessarily 
best in this respect. The shoe- 
lace-thin thong so beloved of 
Californian or Mediterranean 
beaches is definitely not for 
New Yorkers. 

For women, swimsuits are 


its claim to elasticity. 

Unlike the I talians under the 
next umbrella whose brightly 
coloured, ever-changing ward- 
robe of matching pareos, 
shorts, shirts, robes, leggings 
and sculpted swimsuits, she 
deems flashy and ridiculous, 
she arrives at the beach each 
morning in the same faded 
denim skirt or wrinkled leg- 
gings, the same baggy, once- 
glittery T-shirt or limp singlet 
She wants to be sure her nice 
new clothes, the ones she is 




preferable to two-pieces, unless 
it is something retro such as a 
bronze bandeau-topped Calvin 
Klein bikini or a ruffie white 
bikini by Norma Rains li - you 
know, the Hollywood starlet 
look. For swimsuits, anything 
by Ralph Lauren is popular, as 
are the more eccentric designs 
by the likes of Gottex and 
Ttu1d. 

Life is less complicated for 
men who want to flash their 
flesh, and thankfully New 
Yorkers are extremely unfussy 
in this department - monotone 
white, black and blue trunks 


going to wear to do the market 
or hit the disco, do not smell of 
sun tan oiL 

Her consort is even warier. 
He is wearing his favourite 
baggy chinos, the ones in 
which he gets under the car 
every Sunday morning, topped 
by his favourite shapeless, col- 
ourless T-shirt, the one with 
the grease stain which won’t 
quite came out. 

When he strips, he reveals 
saggy knee-length swimmers 
luridly patterned in shades of 


Patrick Harverson 

look best with the Johnny 
Weismuller body. For the truly 
cool, however, the idea is to 
look as active and sporty _as 
possible, which is why so 
many men prance about on the 
beach in bike pants worn 
under basketball shorts. 

For those of us less Adonis- 
like in form, there is refuge to 
be found in the perennially 
popular baggy shorts and 
T-shirt. It doesn’t matter who 
designed it, it just has to be 
wide, long and very, very loose 
- perfect cover for the imper- 
fect form. 


purple, lime green and orange 
and secured perilously low on 
his hips by a washing-machine- 
abused whitish cord. He is 
proud of the figure he cuts in 
these low-crotched drawers. He 
actually gave up his ancient 
posing pouch back in 1989 
when everyone in Marbella 
was wearing long shorts and a 
Swedish girl be met remarked 
on how sexy the holidaying 
Frenchmen looked in them. 

Both wear cheap, witty straw 
hats from the local market 
above their Ray Bans. They will 
take them home to join the 
dozens already cluttering the 
hall cupboard but they won't 
pack them for their next holi- 
day. They like buying new 
ones too mueb. 

The same goes for footwear. 
He, of course, would be quite 
happy to wear his trainers but 
tbe plastic jelly sandals in the 
market were too silly and too 
cheap to resist. She, of course, 
always brings an extra carry- 
all to accommodate her Inevi- 
table street-market purchase of 
18 or so pairs of brightly col- 
oured shoes which look such 
fun in the sun and so tatty 
by grey northern light. 

■ Drawings: 

\ Lucinda Rogers 













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* * 


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All white 
on the 


night 

Lucia van der Post has been 
thinking pure thoughts as 
she samples some fine linen 


A s Ralph Lauren once 
memorably put it: 
“White in design has 
no competition. White 
in design owns its 
own world. For expressing purity - 
whether in a beautiful linen suit, a 
cotton T-shirt, or a towel - white is 
simple, elegant, and fresh." Yes, yes 
and yes again. 

Clearly Christian Rucker, lately 
of Harpers & Queen's beauty 
department, thinks likewise. Next 
week she launches a mail order 
business given over to nothing but 
the delights of white. 

The business, you will not be sur- 
prised to learn. Is called The White 
Company and it strikes me that she 
has hit on a small, exclusive and 
desirable niche. 

She offers a small range of house- 
hold goods, mainly bed and table 
linen and also some china, but the 
main criterion for selecting the 
products has been quality and price. 


There is about the company a 
sweet old-fashioned air. There are 
pure white cotton hand- 
embroidered sheets based on an 
antique design owned by a collector 
of fine linens. 

A set of double sheets is £107.50, 
king-sized is £115.50. matching pil- 
lowcases are £21.50 for the standard 
Oxford and £28.50 for the continen- 
tal size. 

Plain linen sheets, which are usu- 
ally hard to track down and cost a 
small fortune when one does, are 
available at £20550 for a double set 
king size is £30550. Hemstitched, 
they are nlaasiraiTty plain an d luxu- 
rious. 

Thick white cotton bedspreads 
from Portugal cost £55.50 for the 
single size. £7550 for the standard 
double and £8550 for the king size. 

T.fnan damask hand towels, a 
splendid wedding present are £1555 
and £19.95 while the crunchy white 
cotton towels are £1550 for the bath 



sheet £950 for the standard bath 
size. 

A set of four, hemstitched, pure 
Irish linen na pkins is £42JJ5 and 
there is a range of white bane china 
to go with them. Anyone who has 
tried to buy linen recently will see 
at once what good value is offered. 


The brochure will not be ready 
until March 15 but requests can be 
made now by post to The White 
Company, 166 Bishops Road, Lon- 
don SW6 7JG or by telephone on 
071-384 1388. 

Descamps household linens are 
always ravishing! y pretty and Prim- 


rose Bordier, its chief designer, orig- 
inally sprang to decorative fame 
with exquisitely pale and ethereal 
florals. 

These days she, too. offers a 
purer, more streamlined aesthetic 
vision and B16 (the name is French 
for wheat) is a subtle exercise in 



Pteeted and (ace-trimmed cotton bed Bnon by The White Company 



Fine goose leather and down pfflowa and cotton pfflowcases from KHIer & SchOttz 


shades of cream and white. 

Prices are £98 for a double duvet 
cover, £55.90 for a double flat sheet, 
£3750 for a pillowcase, and from 
£18.90 for embroidered band- 
towels. 

The full range can be seen at: The 
Boutique Descamps. 197 Sloane 
Street. London SW1X 9QX (and by 
mail order); Liberty of Regent 
Street, London Wl; and Harrods of 
Knigbtsbridge. London SWL 

Those who sleep on the large 
feather pillows that are so prevalent 
in continental Europe usually 
become fond of them and might like 
to know of a reliable source. 

Miller and ScbQltz imports high 
quality German pillows and bed 
linen. The pillows are huge - 31 Vi in 
by 31’/* in (80cm by 80cm) and are 
filled with feather and down. 

Large pure cotton pillow-cases to 
St them have piped edges and but- 
ton fastenings. A goose-feather pil- 


low and scalloped white cotton pil- 
lowcase together cost £27.50. Duvet 
covers are also available at £19.95 
while goose feather and down pil- 
lows (the same size) are £2950. 

All from Miller & SchOltz, South 
Kenwood, near Kenton. Exeter. 
Devon EX6 SEX. Tel: 0626*91672. 

Anyone interested in the full aes- 
thetic possibilities of white might 
Uke White By Design a book by Bo 
Niles. Available in paperback 
(£14.99, published by Stewart. 
Tabori & Change), it is a visual and 
verbal exploration of the many 
moods of white - from clean, 
streamlined and modern, to soft, 
gentle and romantic. 

There are rational, hard-edged 
buildings, exquisitely sophisticated 
interiors, and soft romantic rooms. 
Those longing to create tranquil, 
graceful interiors to replace the 
frills and chintz will find it a great 
source of visual inspiration. 



Streamlined bone china from The Whits Company Tabtockrttw and napkins from The White Company 


Storing for the future 

Lucia van der Post looks at exciting plans for House of Fraser 


T o all those who have 
predicted that the end 
of the department 
store is nigh, Brian 
McGowan, chairman of House 
of Fraser, wishes to send a 
message: not only are the obit- 
uaries premature, he says, but 
House of Fraser is so confident 
of its survival that It is plan- 
ning to invest £80m over the 
next three years in its future. 

In case no-one bas noticed, 
the Fayed brothers, who so 
offended Tiny Rowland by pay- 
ing £5 15m for House of Fraser 
in 1985. have already spent 
£120m on refurbishing House 
of Fraser stores. No-one. least 
of all the Fayeds. does that if 
Ibey do not think there will be 
a return. 

To most city-watchers, Brian 
McGowan is best known as 
hall' of the duo that built up 
Williams Holdings. The Fayed 
brothers managed to lure him 
away from his fishing, tennis 
and skiing- filled retirement to 
nurture the House of Fraser 
group - minus Harrods - to its 
refiotation next month. 

“When I agreed to become 
non-executive chairman I 
expected to find a group that 

b 3 d been milked, neglected 

and underinvested in, and 
found it was simply not true. 
Cuts hud been made. The 
group had been trimmed, more 
than 30 stores closed and the 
number of employees dropped- 


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But all over the country the 
big. old names were being pol- 
ished, revitalised, new life 
breathed into them." 

We all know that the depart- 
ment store is not what it was. 
Many grand old names have 
bitten the dust - Marshall & 
Snel grove. Debenham & Free- 
body, Derry & Toms and Pont- 
ings. Once upon a time a visit 
to one was a high point in a 
fashionable lady's week and 
Lady Jeune, a fashionable 
woman-about-town at the turn 
of the century, wailed about 
the overwhelming temptations 
of the department stores. 

Brian McGowan admits that 
it is probably a long time since 
most of us have been over- 
taken by temptation in a 
department store and the top 
priority of the new team at 
House of Fraser is to make the 
shops seductive once again. 

Says McGowan: “For years, 
department stores had the 
business to themselves. Then 
came the rise of the boutique 
and the life-style merchandi- 
sers, such as Nest, which took 
business away from them 
because they hadn't got their 
act together. 

“To survive, they have to 
change, like everything else. 
We've got to make them attrac- 
tive places to go to, offer 
decent loos, somewhere for the 
kids, a special feeling of 
belonging to a dub that they 
like to drop in on.” 

McGowan adds: “We have to 
concentrate on service. Not 
just people being pleasant but 
staff that know the products 
and care about them. 

“But we have lots of things 
going for us. To begin with the 
group has some wonderful 
names sod buildings. Kendais 
of Manchester, Rackhams of 



McGowan: a chaZenging role 


Bi rmingham, Frasers of Glas- 
gow, Howells of Cardiff - these 
are marvellous buildings, some 
a bit faded and in need of a 
facelift, but they are part of the 
history of their cities. 

“Then, demographics are on 
our side. Traditionally our cus- 
tomers come from the more 
affluent members of the older 
age-groups - our ‘core’ cus- 
tomer being between 35 and 54 
- and as more of the popula- 
tion becomes affluent and 
older our customer base is 
growing.” 

Recent retailing history 
would seem to bear this out. 
Through the recession the prof- 
its of the top 20 high street 
names - Next, Laura Ashley, 
The Body Shop and the like - 
have tumbled while the top 
three store groups. John Lewis 
Partnership, Debenhams and 
Fenwicks have been relatively 
stable. 

In the years when House of 
Fraser was privately owned, 
profits were a well-kept secret 
As it prepares for reflotation at 
the end of the month it has 
bad to disclose its figures and 
most store-watchers were sur- 
prised to find that operating 


profits at House of Fraser had 
risen in the last year by 21.7 
per cent to £45m. 

“It is true,” says Andrew 
Jennings, House of Fraser's 
managing director, “that our 
return per square foot is rela- 
tively low but that gives us a 
great opportunity to do better 
in future.” 

For House of Fraser custom- 
ers who long for more individ- 
uality and personality in their 
stores the strategy devised by 
Andrew Jennings looks prom- 
ising. 

He wants to restore local 
character to the stores. The 
days when central buying 
decided what customers from 
Inverness to Plymouth would 
be offered are over. 

“Our stores range in size 
from 12£00 sq ft to 340,000 sq 
ft. They serve country farmers, 
old ladies, young men, city 
dwellers, affluent and not-so- 
affluent. Clearly they cannot 
and should not all be the 
same." He is fond of emphasis- 
ing that “House of Fraser is an 
umbrella not .a mould”. 

Andrew Jennings sees 
department stores now as “a 
collection of speciality busi- 
nesses under one roof". In 
other words, what they can 
offer the customer is a sense of 
amafiness of scale, of h uman 
proportion, of proper focus - 
all qualities that attracted the 
department store customer to 
the better boutiques. In addi- 
tion. of course, the department 
store can offer diversity. 

Between them McGowan and 
Jennings make a formidable 
team. Their ambitions are 
immense. Quite simply they 
want House of Fraser to be the 
leading upmarket store group 
in the UK by the end of the 
century. 



Four hundred of the 
world’s most prominent families 
call Fisher Island home. 


Fisher Island is one of a few 
places in the world where 
people can truly enjoy a 
remarkable lifestyle. 

It is a 216-acre sanctuary 
of lovely homes, beaches and 
recreational pleasures, provid- 
ing the finest in a serene, 
pampered environment. 

Its seaside residences arc as 


William ,1. and Margaret T. Marquard of 
Fisher Island and Carlisle, Kmucbi. Oaner 
of Eagfrstone Farm, Mr. Marqaard a 
Chairman Emeritus of Amervan Standard 
/or., Chairman afArhaasas Best Corporation 
and Via Ciaimun of Kelso & Company. 


I urge as 9.000 square feet, wirh 
5,000 square-foot terraces 
overlooking the Gulf Stream, 
Biscaync Bay and the skylines 
of Miami and Miami Beach. 

Created by William K. 
Vanderbilt II, great grandson 
of Commodore \ underbill, 
Fisher Island has been a 
favorire of the world's impor- 
tant people for 70 years. 

The family's spectacular 
winter estate included a dra- 
matic home by the ocean and 
charming corugcs and guest 
villas amid resplendent gardens 
and fountains. The mansion 
and surrounding structures 


have been restored to their 
former grandeur as ccnrcrpicccs 
of The Fisher Island Club. 

In recent years, impressive 
recreational facilities have 
been added. There is a P.B. 
Dye championship golf course; 
an inicmaiiunal spa lauded as 
one of the finest of the 19y0s; 
a racquet club with clay, 
grass and hard courts; two 
deepwater marinas; a mile of 
Atlantic beach; and a variety’ 
of rcsuurants. 

There also are manicured 
parks; an island shopping 
plaza with a bank, post office, 
trattoria and dockmustcr’s 
office; and an atmosphere of 
security that allows- residents 
to lead a life of privacy and 
pleasure. 

Little wonder, 400 of the 
world's most distinguished 
families, hailing from 39 coun- 
tries, call Fisher Island home. 

We invite your inquiry. 

Residences $800,000 - 

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iill-'lv C»W S’" - /nfljj 



A MILLION BRUSHSTROKES 
An Exhibition of 800 Miniatures 
1st April - 7th May 1994 





X 

S 


LLEWELLYN ALEXANDER 

124 - 126 The Cat. Waterloo. London SE1 SLN 
(Opposite the Old Vic Theatre) 

Telephone 071420 1322/ L3 24 Fex: 071 928 9469 
Iflnstnled Catalogue available 
Open Monday lo Saturday 10 am to 7 JO pm ind Easter 


MARLBOROUGH 

at the European Fine Art Fair Maastricht 
Stand 62 

Stand Tel: (31-43)838 733 



F. Bacon: Study for Portrait of John Edwards, 1986 
Marlborough Fine Art (London) Ltd 
6, Albemarle Street, London W1X 4BY 
Tel: (44-71) 629 5 161 Fax: (44-71) 629 6338 


LESLIE SMITH 


/ 


Important 19th Century Dutch Masters 


\ 


w 


#, nil- I rrKOPI AN RNh ART I AIK 1*1 

■ Mill NnV.II* IIIM L'NUONIInm P* 



ADuOkBmrLMtacn» UJowUnrioi VirrarllHIl WT8I PaMt-Hillloa 

ttpinluri data! IMS 

Leslie Smith Gallery 

(by appointment) 

WoBKiumr. Thr Netherlands • Telephone 131) 1751 7907a79075 ■ Pox 131) 1751 ■ 40439 


COLLECTING 


Maastricht turns up Trumps 


D rastic changes 
were anticipated 
at this year's 
European Fine 
Art Fair at 
Maastricht. The fair, which cel- 
ebrates its 10th anniversary in 
its present form, was to have 
Implemented its long discussed 
"rationalisation'’. Unsurpris- 
ingly, two improvements have 
proved too difficult to imple- 
ment: the re-organisation of 
the vast and labyrinthine floor- 
plan at the Maastricht Exhibi- 
tion and Congress Centre 
(MECC), and a corresponding 
cut in the number of stands. 

“There were something Like 
16 proposals for different floor- 
plans," explains board member 
Ben Janssens of London's Ori- 
ental Art Gallery. "None met 
with the exhibitors' universal 
approval." So, the "Union 
Jack” layout Is still with us - 
an ironic if unwitting motif for 
the town of the much maligned 
treaty. As for the [air’s reduc- 
tion in size. It is a measure of 
its commercial success that 
hardly any exhibitors could be 
persuaded to pull out. 

Happily, the reformers have 
made some progress in tack- 
ling the fair's one weak line: 
contemporary art. No longer 
will one have to run the gaunt- 
let through a hotch-potch of 
dismal stands of un edifying, 
predominantly Dutch contem- 
porary art to enter the fair 
proper. Great effort has gone 
into improving the quality of 
the exhibitors and the appear- 
ance of this area and, crucially, 
the emphasis has moved away 
from contemporary art to the 
established modem masters. 

This year a number of trad- 
ing International dealers have 
been lured to the fair, largely 
thanks to the good offices of 
Leslie Waddington, who was 
invited to join the Maastricht 
board last year. The Mayor 
Gallery, for inKtanre from Lon- 
don has come with Roy Lich- 
tenstein and Paul Delvaux; 
Galerie Kqj Fonnsblom of Zur- 
ich has brought late Picasso 
and MiTO and to mark the 50th 
anniversary of Mondrian’s 
death. Borzo of ’s-Hertogen- 
bosch presents no less than 50 
paintings by the Dutch master. 
The Marlborough stand shows 
Bacon and Kokoschka; and 
Waddington, who was aston- 
ished by the amount of busi- 
ness he did last year, offers a 
brutalist Appel and Dubuffet. 

The improvements bode well 
for the fair, but Waddington 
believes it will take two or 
three years to make Maastricht 
the pre-eminent modern art 
fair. It is vastly to the organis- 
ers’ credit - and a major factor 


Susan Moore looks forward to this international fair which opens next week 

“Treasures from th«’ Hermit- 
age" presents « 



‘Ulysses Threatening Circe 1 by Wfiflem Van Miens on the Coinaghi stand 


of Maastricht's continuing suc- 
cess - that it is genuinely and 
relentlessly selfcritical. 

Maastricht can also claim to 
be the one truly international 
art and antiques fair - quite 
different from a national fair 
with a few distinguished for- 
eign guests to add extra 
cachet. The 1994 event com- 
prises some 149 major dealers 
from 10 countries. Almost half 
of last year’s 40,000 visitors 
came from outside The Nether- 
lands. 


H 


ere, the emphasis is 
on content rather 
than presentation. 
The advantage 
gained by low exhibiting costs 
is the profusion of large-scale 
glorious tapestries, carpets and 
textiles in the Texture section 
Antwerp-based Bernard Blon- 
deel Is indeed coming well 
armed with tapestries this 
year, among them a Gobelins 
representing the month of 
August from the series Les 
Moms a Arabesque, woven for 
Louis XIV’s daughter Marie- 
Anne de Bourbon, Princesse de 
Conti 

Maastricht's great appeal is 


that one never knowns what 
one will End there - although 
the exhibits do have a mark- 
edly Northern character, most 
notably in the picture section 
which always presents an unri- 
valled selection of Dutch and 
Flemish Old Masters. Here it is 
possible to have too much of a 
good thing, for exhibitors and 
visitors alike. One dealer last 
year claimed he counted no 
less than 25 landscapes by Jan 
Van Goyen. 

True to form, this year's 
highlights range from new 
exhibitor Matthiesen's Jacob 
jordaens to Agnew’s Rubens 
oil sketch. More unusual is 
Milan-based Rob Smeets' 


"Venus at the Forge of Vul- 
can" by the 18th century Vene- 
tian Francesco Fontebasso. 
Johnny Van Haeften's offering 
of Isaack Koedijck's "Barber 
Surgeon tending a Peasant's 
Foot" must rank as the least 
enticing prospect of the fair. 

Alongside the specialist 
paintings and drawings, Tex- 
ture and modem art sections, 
are Oriental and Western 
works of art. Antiquities, 
books and manuscripts and Le 
Haute JoaiUerie du Monde. 

Dealers of jewellery and 
objet d'arts like London’s 
Ermitage tend to show in the 
works of art section. This year 
they present no less than 100 


Faberge objects for sale. 

Le Haute JoaiUerie du 
Monde is altogether more 
glitzy. Harry Winston of Paris 
and New York, master of the 
HolLywood-Helio! school of 
kitsch who has given us real 
Judy Garland ruby slippers 
and the world's largest green 
diamond, this year presents 
the tiara he created for the 
marriage or Marla Marples and 
Donald Trump. Incorporated 
into the tiara are some 325 
white diamonds, 10488 in carat 
weight. At £L5m. it is costly 
memorabilia. 

Even these baubles are in 
danger of being outshone by 
the loan exhibits this year. 


wide-ranging selection at 
works of art from t!h‘ , i*Ceiul 
ary collections ainassiti i»y tm- 
tsars. Some are leaving 6. 
Petersburg for the first tune. 

From the Siberian antiqui- 
ties collected by PeUT tilt* 
Great comes a gold griffon, its 
claws sunk into the back of a 
goat, dating to the fitit-Uli *'eti- 
tury BC. Boucher's "Flight into 
Egypt", as delightful a confec- 
tion as any mythology, is here 
via Madame de Pompadour ami 
Catherine the Great. The Lit 
ter’s spectacular Old Master 
collection is also represented 
by a grand van Dyck sell -por- 
trait and Ruisdael's "Tito 
Swamp". 

here are desks by 
David Roentgen, and 
a harlequin games 

table by Abraham 

and David Roentgen at Galerie 
Neuse. The other exhibits 
range from, a Russian Leon and 
a Byzantine pyxis to the 
entwined soapy limbs of 
Rodin's Romeo and Juliet. 

Maastricht also offers lecture 
and music programmes. Thu 
latter also has a Russian fla- 
vour. On March 18, tiu* Kiev 
State Opera presents Mus- 
sorgsky's Khooanshchina. Also 
running concurrently with the 
art fair is a new international 
trade fair at MECC, Art Col- 
lecting and Protecting, present- 
ing equipment relating to res 
to rat Ion, storage, climate 
control, transportation and the 
security of works of art 


T 


The European Fine Art Fair 
runs at the Maastricht Exhibi- 
tion and Congress Centre, 
March 12-20. Opening hours 
Uam-8pm. llam-6pm week- 
ends. Tickets for the private 
view, the fair and the hand- 
book are available from the 
TEFAF secretariat. Tel (073) 
145165. Sabena World Airlines 
again offers all fair ticket 
holders a 50 per cent discount 
on first and business class 
flights to Brussels, and a cour- 
tesy shuttle service between 
airport and fair. 


106G PIANOS 



Capture and preserve the magic of the 
Golden Age of pianos. Beauty — with 
stability, reliability, durability. Unique 
selection of very special grands & uprights, 
including all tbe famous names. 

fflfihOLjBJAMIY 

BESJO RATION 
Delivery all areas & export. 
COLOUR BROCHURE 
Cambridge: (CC23) 88lo9l 






Maioliea'Iiasin, French 



EDWARD R. LUBIN 

Medieval, Renaissance 
and Baroque Works of Art 

3 East 75th Street, 

New York, NY 10021 

Tel: 12 12 1 288-4145 - Fax: (212) 28S-3041 

Stand 204 
Stand telephone: 
f 3 1-43) 83.86.74 . 


■ 


Konna^jffi&amsf 

8-10 Ham Road. Knightsbridge, Loudon SW3 (opp. West Side Hotrods) 
Tel: 071-589 5266 Fta: 071-589 1968. 



8 St 



An attractive set of 10 Sheraton period i 
1994 colour catalogue of recent ; 


Circa 1790 
£5. (Quote FT) 


i 


ADRIANO RIBOLZX 

ANTIQUAIRE 

MONTE CARLO 

teL (33) 93 30 06 25 fits (33) 93 15 91 02 


A pair of 

Louis XVI ormolu and 
white marble 
four light 
candelabra. 

(one shown) 

H. cm. 75.5 


Stand N* 203 

teL 13 830-72Q 6» (31H43J 838. 


[ THE EUROPEAN FINE ARTS FAIR 
MOCMMSmcUTM. 1340 MATCH I9M 



RICHARD GREEN 



Jan Davidsz. de Heem (1606-1683/4) 

Still life of fruit with oysters, cobnuts and a pewter plate on a table. 
Signed. Panel: 9 1/2 x 13 1/4 in /24 x 33 J cm 

THE EUROPEAN FINE ART FAIR, MAASTRICHT, 
THE NETHERLANDS 
12th - 20th March 1994. Stand number: 1 15 

33 New Bond Street, London WIY 9HD 
■ Telephone: 071-499 5553. Fax: 071-499 8509 
New York: 5 18-583 2060 

M KM BUR OFTIIE SOCTIvTY OF LONDON ART DEALERS, BADA ANU C1NOA 



LONDON -MUNICH 

Chinese Works of Art, Continental Furniture 
Old Master Paintings 

Exhibiting hi 

The European Fine Art Fair, Maastricht 
12-20 March 1994 
Stand 206 

Bcmherima - Fine Am Uni 
J2 Si. George Street 
London WIR >H-A 
Tel: (T7I-W U2*»3 
Rue 071 404 1814 



KunradO Derntaenncr 
KunstlvuHlel 
Hnuru-tuikplals i.l 
IWW.W Mtlm.-lK-n 
T«H: 4t-8 , i -22 !»■ 72 
Faa. 40-84-22 mi .17 


THE EUROPEAN FINE ART FAIR 

12-20 MARCH 1994 • MECC • MAASTRICHT • THE NETHERLANDS 


The most important international Fair 
for paintings, antiques, textile arts and 
modem painting and sculpture 

With a full Programme of’ Concerts and Lectures 

Openmg times: 
Monday *■ Friday 1 1.00 - 20.00 
Saturdav & Sundae I t .00 - IS. 00 



Organised bv 

THE EUROPEAN FINE 
ART FOUNDATION 


1 n to Tel: ( 3 I - 7 3 ) 145165. 

P.O. Box 1035, 5200 BA 's-Hertogcnbosch. 
The Netherlands 
















Video/Nigel Andrews 

Fun with 
fish out 
of water 


F ifteen-odd years ago, 
in the dawn of "high’ 
concept” thinking. 
Hollywood suddenly 
had a brainwave. “Pish out of 
water!" it cried, smiting its 
brow at a power breakfast 
somewhere on Sunset Boule- 
vard. It had had the idea for a 
surefire plot device. This was 
to throw the main characters 
of movies into alien environ- 
ments or predicaments to see 
what happened. 

Passing for an orig inal 
notion, this caused 1980s cin- 
ema to be plagued with wacky 
whimsies like Three Men And 
A Baby and Good Morning 
Vietnam. But the well-schooled 
movie bnff, unlike the rulers of 
Tinseltown, knows that every 
good story is basically a fish- 
out-of-water one anyway. 

Look at March's video 
releases. Old movies and new 
draw their panache from the 
spectacle of characters out of 
their depth or element. For cin- 
ema has atways used its magic 
carpet facility - geographical 
or geo-spiritual - to catalyse 
characters into a new aware- 
ness. 

Some thrash for sexual sur- 
vival, like Glenn Ford thrown 
on the cruel mercies of now- 
married ex-girlfriend Rita Hay- 
worth in ' the incomparable 
“noir” thriller Gilda (Columbia 
TriStar). This sizzles all the 
way up to and beyond Miss H*s 
famous glove-striptease as she 
sings “Put the blame on 
Marne”: a sequence which 
seems to get into every histo- 
ry -of-Hollywood documentary. 

Other heroes and heroines 
gulp more comically for air, 
like Cary Grant and Irene 
Dunne as the married squab- 
blers thrown from yesterday's 
bliss into today's divorce pro- 
ceedings in the 1937 screwball 
classic The Awful Truth 
(Columbia TriStar); or like the 
all-star guests of Grand Hotel 
(Warner), who include" John - 
and Lionel Barrymore and a 
Greta Garbo who actually says 
here her famous tag-line about 
“vaunting to be a-lawn.” 

Other characters in tllm his- 
tory show there can be a grim- 
mer tragedy in displacement: 
like the homesick soldiers of 
Renoir's La Grande Illusion 
lArthouse). the greatest of anti- 
war films; or like the aristo- 


crat’s daughter (Louise Brooks) 
thrown into brothel, then 
reform school, in G.W. Pabsfs 
powerful, Luiu-esque caution- 
ary tale Emm 1929 Diary Of A 
Lost Girt (Tartan)- 
But Hollywood was right in 
one sense. The flsh-outof-wa- 
ter idea fa at its best' in com- 
edy. This mon th four i«»p to 
your attention. Much Ado 
About Nothing (Entortahimgn*) 
is erne of those typical Bardic 
comedies where a gaggle of 
English-sounding wits is found 
wandering for no good reason 
around Italy. But how witty 
they are in Kenneth Branagh's 
film. Master Ken and Miss Em 
speak the verse with, relish; the 
improbably cast Americans 
excel (Denzel Washington, 
Michael Keaton, Keanu 
Reeves); and the scenery (Tus- 
cany for. Shakespeare's Sicily) 
offers the kind of burnished, 
beautiful terra firma where few 
fish could resist jumping out of 
their native element 

F or an American pair- 
ing of f-out-of-w come- 
dies, what better than 
In The Soap (Tartan) 
and El Mariactd (20: 20)? The 
first is about an aspiring film - 
maker (Steve Buscemi) pushed 
by funding needs into the arms 
of a Mafia, boss (Seymour Gas- I 
sel) with his own dahajapi of 
movie-making genius. (A mod- 
em screwball comedy and a 
good one). The second film is a 
high-style parody Western 
directed by Robert Rodriguez 
as if he had overdosed on the 
movies of Sergio Leone. Its 
hero stumbles into a mistaken- 
identity imtimg Kn as InHwilw 
as, and funnier than , Shake- 
speare’s Comedy Of Errors. 

But to conclude, what is 
comedy of disorientation with- 
out Tony Hancock? Fans 
should rejoice that his 1963 
film The Hebei (Lumiere) has 
at last come to video. In which 
-our “East Cheam cultural 
climber goes to Paris to 
become an artist. In short 
order he meets Salvador Dali 
lookalike Dennis Price, is cor- 
rupted by dealer George Sand- 
ers, has a series of cherishably 
daft Hancockian monologues, 
and finally returns home to his 
muse, inspiration and land- 
lady, the lovely Irene HandL 
Vintage. 



A Puckish, exhiarating, tearaway force: Michael Sheen as Peer Gynt, whose sensational performance is the hurt of the production 

A flawed but fabulous Peer 


M esmerising, preten- 
tious, bold, gim- 
micky, revelatory, 
exasperating 
Yukio Nlnagawa's 
staging of Ibsen’s Peer Gynt has 
arrived at the Barbican, fresh from its 
world premiere at the Winter Olym- 
pics, mid ready to visit Manchester 
and Tokyo. 

It is, at every level full of contradic- 
tions. It uses both sophisticated video 
effects 'and old-fashioned 
two-dimensional scenery. The text 
used is an audacious new translation 
by Frank McGuinness, but some 
important roles (the Troll King, the 
Buttonmoulder) are played by foreign 
actors whose diction blurs important 
linos; there are some beautiful perfor- 
mances - yet the constant air-condi- 
tioning whirr renders their softer 
lines inaudible. But the main perfor- 
mances carry the show. 


Nlnagawa’s overruling gimmick is 
to begin and end Peer Gynt in a mod- 
ern-day cityscape, with street noise 
and rode music and neon signs. Peer 
Gynt is a lone dreamer «nrid all this 
BabeL Rolling video fantasias - his 
fantasies — appear on a scrim: the 
planet turning in space, an onion 
revolving. Masterly stuff; but what 
follows is simp ler and finer Through 
the scrim, we see Peer, now hero of 
his .own daydreams; and his day- 
dreams are the wild, psycho-spiritual 
folk tale of Ibsen’s play, into which 
Ninagawa plunges us so keenly (most 
of the time) that it becomes a bore 
whenever the production returns to 
its video effects accompanied by tepid 
Jap-pop muzak by Ryudo UzakL 
Peer himself is 25-year-old Michael 
Sheen, whose four de force perfor- 
mance is the heart of the whole pro- 
duction. The entry he makes in the 
thir d scene - zooming on through the 


crowd, leaping up onto a table and 
vaulting right off tt a g ain. legs wide 
apart, curly-maned - sums up his 
exhilarating, tearaway. Puckish force. 
In Acts l II and HI, he is a light- 
voiced, Welsh country hoy. his eyes 
alight with youth and fancy; in Act IV 


Alastair Macaulay on 
Yukio Ninagawa s 
staging of Ibsens 
classic play 


he plays at hpfng a mature En glish 
toff, a debonair poseur abroad; and in 
Act V he is a weary old man, bis voice 
heavy, dark, his eyes anguished and 
lost This is sensational, heart-catch- 
ing acting. 

The wedding scene into which he 


comes over that fahto is the most mar . 
veDous of all Long before the bride- 
groom speaks, he is brilliantly 
impinged on our minds - feckless, 
knock-kneed, drunken and forlorn, 
unable to find his bride, path etically 
copying Peer. (He tries to vault the 
table, and fails.) When Solveig (Cath- 
erine White) arrives, quiet and 
soft-spoken with haunting Meryl 
Streep cheekbones, she is shyly lumi- 
nous. Then Ase, Peer’s mother (excel- 
lent Paola Dionisotti) enters, angry, 
loyal and defensive, leaning on a stick 
yet furiously kicking her heels in the 
air. Wonderful, every bit of it 
By making the Nordic scenes Irish, 
McGuinness ’s translation catches the 
resemblance of the first three acts to 
the naive ebullience of Playboy of the 
Western World. There are a few need- 
less liberties; but this version conveys 
the play's wonderful mixture of collo- 
quialism and metaphysical poetry. 


Too bad that the trolls are crummy 
Kabuki gonks; and that the rake's 
progress scares of Act IV are (Ibsen's 
fault) too long; and that there is no 
great tension to the Buttonmoulder 
scenes in Act V. All Pear's human 
relationships are vividly achieved. 
Glorious to see how both Peer and his 
mother have the same way of hitting 
out at the air; how, after Peer has 
knocked himself out by charging into 
a wall, the Green Woman comes 
jumping on, over his supine body; and 
how old Solveig rests the aged Peer's 
head on her breast as she sings him a 
lullaby - the mother to this prodigal 
son. the Gretchen to this Faust. 
Flawed; and fabulous. 


At the Barbican until March 12; at 
the Palace Theatre, Manchester, 
Mart* 17-19; and at the Ginza Saison 
Theatre, Tokyo, April 20, for 10 per- 
formances. 


Lisbon 
takes up 
the laurels 

Antony Thorncroft on plans for a 
populist capital of culture 



People's art detail from one of the many old ceramic tSes which adorn the bondings of Ubeon 


The birth of 
American song 

Richard Fairman enjoys Thomas 
Hampson s recital 


E uropean Capital or 
Culture is a pass-the- 
parcel game in which 
each year a different 
tity gets the title, and a little 
European Union cash, and 
?ncourages the world to come 
wd unwrap it 

Some years the world yawns 
- it was pointless giving the 
lccolade to Paris and Madrid, 
jsho largely ignored the event 
tome years it has a real 
mpact. Glasgow, the UK's 
rhoice in 1991. has retained its 
inlikely reputation as an artis- 
ic power-house, and in 1993 
Vn twerp attracted 10m visitors 
o its vigorous programme of 
rulture as a global band-aid. 
This year Lisbon gets the 
aurels. although, as always, 
ome poison ivy has crept in. 
’hese events have a ritual: 
Teat local pride and excite- 
ment. ambitious plans, and 
hen a nasty wrangle about 
/ho picks up the bill for the 
-arty, which in this case is 
stimated at over £30m. 

In i.ichnn the socialist mayor 
as come up with his contribu- 
lon but the conservative gov- 
rnment is still blustering. The 
clays have caused cancella- 
ons - of a production of Car* 
ten and a planned exhibition 
y Portugal’s most celebrated 

antemporary artist, the Lon- 
on based Paula Rego. But 
ncc this inevitable wra ngling 
y politicians is accepted Lis* 


ART GALLERIES 

( ‘ARLBOROUGH FINE ARf SASwnarto 
Si. Wl. 071-629 5MJ1. OtETEH HACtiBl ■ 
Fakiun$, and OiaWRfls. Unta 31 Morel*. 
Uoft« 10-630; sm 10-1230. 

P 


bon has much going for it 

It is the right size; it has 
enough, but not excessive, cul- 
tural heritage to promote; it is 
an individualistic, friendly, 
place. Also, being European 
Capital of Culture will help 
Lisbon, stuck on the Western 
extremity of the continent and 
historically looking out to the 
ocean, shift temporarily to the 
centre of the action. For almost 
500 years the mainstream has 
passed it by. Being Cultural 
Capital will not change that, 
but at least it makes the locals 
think it might 

Naturally Lisbon is exploit- 
ing the title to undertake some 
necessary renovation. Surprise, 
surprise, the docks area needs 
regeneration; the picturesque 
Seventh Efill sector of crumb- 
ling 18th and 19th century 
mans ions is being converted 
into a cultural ghetto; muse- 
ums are being spruced up; and 
the main concert hall, the Coli- 
seu, has been transformed into 
a cross between the Albert Hall 
and a circus ring. 

it was in the Coliseu that the 
year was officially launched 
last Saturday. The event set 

the mood for Lisbon 94. As the 

grandees, all fur coats and 
small cigars, jammed the tiny 
street, scores of clowns from 
theatre group a O Bando” 
hurled abuse at them from bal- 
conies and windows. Lisbon’s 
culture will have a vigorous 
populist ring, with massive 
coverage given to fado (an 
exhibition, scholarly books, 
definitive recordings) and to 
cinema, including the best IK) 
European films ever, shown 
over 100 days. 

But if the opening concert 
was the signal for the locals to 
Sock to the all night bars and 
firework displays, it also 


showed that Lisbon looks to 
other Europeans for cultural 
back up. The soloist on Satur- 
day was Portuguese, the pia- 
nist Pedro Bunnester with a 
sensitive performance of 
Beethoven’s’ Emperor con- 
certo, but the orchestra was 
the LSO under Solti. 

During the year the LPO, the 
Concertgebouw, the Munich 
Philharmonic and the Czech 
Philharmonic will be among 
the visiting musicians, and 
Merce Cunningham and Pina 

Bausch among the imported 
dance troupes. Even the Portu- 
guese admit that their operatic 
tradition is diminuendo. This 
can have a positive side, as 
they will see for the first time 
productions of Peter Grimes, 
Medie. and The Makropoulos 
Case, among other operas. 

If the performing arts offer 
curiosities rather than mega 
events, visually Lisbon is on a 
high. This is the city of ornate 
Manuelist architecture, and 
the domestic tile, the azulejo. 


which glorifies so many build- 
ings. Lisbon intends the city to 
be an artifact in its own right, 
the setting in which the 
restored museums present 
shows to attract the globally 
curious. The idea is to start 
with the traditional and end 
with the contemporary, fusing 
them in May with what looks 
like a stunning idea , an exhibi- 
tion built around a major work 
by Hieronymus Bosch “The 
Temptations of St Anthony”, 
and revealing how it influ- 
enced the surrealist movement 
This week the programme 

got off to a significant start 

with an exhibition of Angolan 
art Here sculpture marries 
mythology through the rarest 
objects brought back in the 
19th century by missionaries 
and merchants from the for- 
mer Portuguese colony. It is 
the most spectacular gathering 
of the heritage from this part 
of Africa assembled The reli- 
gious power of the masks and 
carvings, which hardly dis- 


guise their sacrificial force, is 
as great as their artistic imagi- 
nation. They are more mysteri- 
ous and foreign than the pas- 
sive images from further north 
in Africa which inspired Pic- 
asso. 

In September comes “The 
Day After Tomorrow", where 
the leading Portuguese artists 
will hang alongside their inter- 
national contemporaries. It 
offers an excellent opportunity 
to distinguish the particular 
Portuguese character, more 
serious, more reserved, than 
their Mediterranean neigh- 
bours. 

In the 16th century the 
avant-garde came to Lisbon to 
be on hand when the ships bat 
tied back with the first trawl of 
the wealth of Africa, Brazil. 
India, China and Japan. The 
hope Is that they will return in 
1994. European Capitals of Cul- 
ture Ideally fulfil two ambi- 
tions. They should draw in the 
culturally inclined from over- 
seas, who like their travel to 


contain some spiritual discov- 
ery. The; should also help the 
locals to find oat more about 
their community, past and 
present 

In most cases tt leads to a 
great deal of noise signifying 
very little. Lisbon has the 
advantage that any investment 
in the arts will make up for 
years of indifference. It also 
has clear ideas about Us 
domestic ambitions. It wants 
the people to rediscover the 
Tagus, the river which was the 
source of its prosperity and its 
pride, and it wants its idiosyn- 
cratic heritage to be better 
known at home. The discrimi- 
nating foreigner will make the 
trip this year, hut the real gain 
will be the laying of founda- 
tions which offer tiie chance of 
a national renaissance. This 
wifi be built not only around 
the restored buildings, but also 
in the comprehensive record- 
ings of its music from the 13th 
century onwards onwards, and 
in its literature. 


E ven France can see 
no threat from Amer- 
ican classical music. 
While legislation 
keeps a limit on American 
films in the cinema and tele vi- 
rion programmes over the air- 
waves, there is little sign that 
the amount of serious music 
from the US is likely to stake a 
significant place for itself any- 
where In Europe. 

The Wigmore HaD bag called 
its month’s recital series “Dis- 
cover American Song", which 
presupposes (no doubt rightly) 
that most people have heard 
very little of tt Throughout 
March a group of top Ameri- 
can singers looks set to draw 
good andiences on the 
strength of their names, if not 
that of the music. On Wednes- 
day Thomas Hampson proved 
the ideal exponent for a series 
like tills - not just a fine reci- 
talist but adventurous and 
imaginative. 

The history of American 
song tells of a slow severing of 
the umbilical cord that formed 
the link to the country's cul- 
tural forebears in Europe. In 
the early days some American 
composers thought that writ- 
ing art-songs meant trying to 
sound German, even some- 
times setting German poetry. 
It took a generation or two to 
develop a distinctive style, 
which conld he popnlarist 
jazzy, bluesy, multi-cultural in 
the best American sense. 

The programme devised by 
Hampson foDowed the birth of 
the all-American song. As 
befits a ringer who has become 
virtually an honorary German 
when it comes to performing 
Lieder. he started with an 
American composer who wrote 
German songs. Among Charles 
Griffes’s early songs are set- 
tings of Heine and Lenau, 
music from the Ugh noon of 
romanticism for which Hamp- 
son’s big and beautiful bari- 
tone voice is perfectly suited. 

Unlike some opera-singers, 
Hampson never misjudged the 


Wigmore’s friendly acoustics. 
A group of songs to poems by 
Walt Whitman gathered 
together varied musical per- 
sonalities, who showed what 
this luxurious voice can do. 
Bridge’s “The last Invocation” 
was tenderly wafted, as the 
poem demands; Neldiinger’s 
“Memories of Lincoln” 
spanned the sentimental and 
the heroic with equal success. 
In Bernstein and Ives, compos- 
ers who are American to the 
core, he made every word 
count 

Is Hampson the all-Ameri- 
can singer? Relaxed, open- 
hearted, supremely self-confi- 
dent he stands on the recital 
platform prond and tall as the 
Empire State Building. It is 
difficult to imagine many 
other singers who would dare 
try to bring off Paul Bowles's 
Blue Mountain Ballads, a quar- 
tet of Tennessee Williams' 
poems which blaze with the 
beat of the deep South, but 
Hampson has no inhibitions. 
With Craig Rutenberg's help 
at the piano, he made them a 
tour de force. An impressive 
evening. 


Further recitals in the series 
on March 6, 15, 25 and 29 



ST. JOSEPHS 
HOSPICE 


MARE ST. LONDON E8 -ISA 
(Charity Ret No. 231321) 

Dear Anonymous Friends, 
You (fid not wish your gifts 
to be spoiled by human 
words oi thanks. Their 
value gleams in the untold 
Telle! you silently provide. 

We have honoured your 
trust, and always will. 

Sister Superior. 

\ —f 




XX WEEKEND FT 


ES WE 


ARTS 


Great painters 
of patronage 


C ontrasts in Royal 
Patronage may be 
its sub-title, but 
the contrasts pres- 
ented in this lat- 
est exhibition from the Royal 
Collections are of more than 
the one sort. Thomas Gainsbor- 
ough and Joshua Reynolds 
were the two pre-eminent 
English artists of the 18th cen- 
tury. more or less contempo- 
raries, both of them successful 
in their careers, and patronised 
alike at Court. Yet together 
they were as chalk and cheese, 
not enemies exactly but cer- 
tainly rivals. One was equable 
in temperament and of steady 
application to his work, the 
other more volatile and incon- 
sistent Reynolds was the first 
President and pillar of the 
Academy, Gainsborough the 
quarrelsome founder member 
who at last would have noth- 
ing to do with it. 

How nice the irony that it 
should have been the urbane 
and reliable Reynolds whom 
the conventional and proper- 
minded George m and his 
Queen, Charlotte, could hardly 
stand, the more raffish Gains- 
borough whom they adored. 
But personal preference never 
got in the way of the business 
of collecting, for the King 
bought and commissioned from 
both artists regardless. The 
infinitely more rakish George 
IV. as Prince of Wales, got on 
equally well with both of them 
and continued to collect their 
works long after their deaths. 

It was Prinny indeed who 
acquired from Reynolds’ niece. 
Lady Thomond. the two impor- 
tant mythological pieces, the 
“Death of Dido" and “Cymon 
and Iphigenia", each with its 
central, voluptuous reclining 
female nude. He had long had 
the small e nam el copies of 
them, by Henry Bone, hanging 
in his private bedroom at Carl- 
ton House. These are late and 
unusual works in the oeuvre, 
representing as they do the 
ambition common to so many 
artists of the time, to succeed 


as a painter of history, which 
was to be considered a painter 
of the highest sort. They had 
been banging obscurely within 
the Royal collection for many 
years and their reappearance 
now. newly cleaned, is the 
chief surprise of the show. 

“Damn him. how various he 
is K . said Gainsborough of 
Reynolds, and it Is clear that 
the two men had a real if some- 
times somewhat puzzled admi- 
ration for each other. “He often 
wondered at Reynolds' equal 
application", said one of Gains- 
borough’s daughters, having 
remarked how her father 
“often exceeded the bounds of 
temperance and his Health suf- 


Williant Packer 
reviews 

Gainsboroughs 
and Reynolds in 
the Royal 
Collections 


fered from it, being occasion- 
ally unable to work for a week 
afterwards.” Reynolds, for bis 
part, thought Gainsborough 
“had a painter’s eye but not a 
painter’s mind.” yet had finally 
to concede that the painter was 
there nonetheless. “It is certain 
that all those odd scribbles and 
marks ... so observable in 
Gainsborough . . . appear rather 
the effect or accident than 
design”, yet “this chaos... by 
a kind of magic, at a certain 
distance assumes form ... so 
that we can hardly refuse 
acknowledging the full effect of 
diligence, under the appear- 
ance of chance and hasty negli- 
gence." 

Such contrast, as demon- 
strated in the work itselfr is 
the true subject of this exhibi- 
tion. There is Reynolds, him- 
self ma gnific ently diligent, the 
master of the full-length and 
theatrical machine - “The 
Marquess of Granby”, the bald 


and booted C-in-C, off at the 
wars; “The Duke of York" 
resplendent in bis Garter 
robes. He is no less impressive 
on a smaller, more intimate 
scale. He was, as some artists 
are - Rembrandt. Van Gogh, 
David - a constant self-por- 
traitist. and the late image of 
himself, grey-haired, red- 
cheeked and bespectacled, Is 
the most delicate and touching 
painting in the show. 

A nd there is Gains- 
borough, all light 
and air, the brush 
flicking and dusting 
across the surface of the can- 
vas, conjuring form and tex- 
ture, flesh and blood out of 
nothing in just the way that 
Reynolds found so bemusing. 
According to James Northoote, 
a pupil or Reynolds, the lovely 
state portrait of Queen Char- 
lotte was “actual motion, and 
done with such light, airy facil- 
ity". Even more spectacular in 
this respect is the 
three-quarter length of the 
Duchess of Cumberland, the 
head and hair perfectly real- 
ised and the rest, sleeves, dress 
and bodice, a calligraphic tour- 
de-force, at once unfinis hed 
and as effectively descriptive 
as could be. 

Gainsborough in 1783, dying 
of a tumour in the neck, sent 
word to Reynolds, begging “a 
last favour, which is to come 
under my Roof and look at my 
things ... if what I ask now is 
not disagreeable to your feel- 
ing . . Reynolds came and the 
two were reconciled, “any little 
jealousies . . . forgotten in those 
moments of sincerity." It is a 
nice story. 


Gainsborough & Reynolds: 
Contrasts in Royal Patronage, 
at the Queen’s Gallery, Buck- 
ingham Palace SW1, until 
December 22. 

The Zorbardn exhibition 
previewed in Friday’s Arts 
page opens at the National 
Gallery on March 9 



All Dght and air: Gainsborough's portrait of Queen Charlotte 


Off the Wall/ Antony Thorncroft 

Curtain up 


on Newcastle 


T he Royal Shake- 
speare Company is 
playing away this 
month, enjoying its 
onnnal visit to Newcastle. Fol- 
lowing it north is Peter Brook, 
with his new play The Man 
Who. In May comes the Maly 
Drama Theatre of St Peters- 
burg, and the premifere of a 
Mi c hael Clark dance work. AJ1 
this in Newcastle? 

The city fathers may not 
have digested the message 
from Birmingham. Glasgow 
and Manchester that the arts 
can be an economic stimulant. 
But the Arts Council and its 
satrap on the spot, Northern 
Arts, are filling the breach, 
providing frinding for the 
high-calibre visiting compa- 
nies and a htfag the revitalisa- 
tion of Northern Stage. 

Two years ago, the company 
was in a parlous state. Alan 
Lyddiard was brought in from 
Glasgow as artistic director 
and his first task was to take 
control of the Playhouse Thea- 
tre. Now he has created the 
first Newcastle International 
Festival of Theatre. He thinks 
in terms of consortia and pack- 
ages. and plans a Nordic Arts 
festival, uniting theatres in 
Derry, Newcastle, across Scan- 
dinavia and St Petersburg, 
where Northern Stage plans to 
perform Animal Farm next 


■k 

The one established cultural 
beacon in Newcastle occupies 
an inaccessible prefab under 
one of tiie Tyne bridges. From 
this suitably modest spot Neil 
Astley runs Bloodaxe, which 
over the last two years has 
doubled its sales to become the 
leading publisher of contempo- 
rary poetry in the UK. 

About 50 books are pub- 
lished a year. Half make 
money; half do not, bnt with 
poetry now appearing on 
Radio One and public readings 
by poets assuming the appeal 
of pop concerts, Bloodaxe is on 
a high. 

With established poets ILS. 
Thomas and Tony Harrison, 


ap poet Benjamin Zephanlah 
jnd pop poet Juolz on Its list. 
Iloodaxe looks like the first 
pedal 1st poetry publisher In 
he land to flourish for genera- 
ions. It still needs £66,000 
ram Northern Arts to cover 
he cost of the poets that take 
ears to move into the Mack, 
‘he hundred unsolicited 
lanuscripts that arrive each 
reek on Astley’s desk cannot 


Across the Tyne, Gateshead 
has always felt itself the poor 
relation to Newcastle. But it 
has plans to show Its innate 
superiority with two ambi- 
tions p lans Tor the visual arts. 

At the entrance to the town, 
on the Al, Gateshead is pro- 
posing to erect a mammoth 
metal sculpture of an angel, 
designed by Anthony Gormley 
and cast by British Steel. It 
will be ISOft high with a wing 
span of 60rt. It should be ready 
by in two years time, when the 
northern region becomes the 
Arts Council’s key venue for 
the Year of the Visual Arte. 
The work will cost at least 
£150,000 but Gateshead is con- 
fident that trusts, sponsors 
and British Steel will contrib- 
ute to make the project possi- 
ble. 

By 1996 Gateshead also 
hopes to have opened part of 
the region’s largest art gal- 
lery, the converted Baltic 
Flour Mill on the banks of the 
Tyne. This is the north east’s 
main candidate Tor Millen- 
nium Fund money from the 
Lottery. It will cost around 
£10m to convert the mill into a 
gallery, which will be used for 
visiting exhibitions. Lord Pal- 
umbo, outgoing chairman of 
the Arts Council, and Nick 
Serota of the Tate are enthusi- 
astic about the project The 
only problem is that the ledges 
beneath the roof provide pro- 
tected perches for kittlhawks 
which apparently are pro- 
tected and take priority over 
art 


T 


he cynics who main- 
tain that Edinburgh 
is only committed to 
the performing arts 
during its annual festival 
would receive a shock if they 
ventured up to Nicolson Street, 
not far from the city's Royal 
Mile. About 200 construction 
workers are putting the finish- 
ing touches to a new opera 
house. The Edinburgh Festival 
Theatre, as it will be called, 
will open to the public on June 
25 with a performance of Wag- 
ner’s Tristan and Isolde by 
Scottish and Welsh Operas. 

People have been campaign- 
ing for the creation of an opera 
house in Edinburgh since the 
late 1940s. Now Scotland's capi- 
tal is to get an opera house 


Edinburgh’s new opera house 

The stage will be larger than Covent Garden’s, says James Buxton 


seating up to 1,900 people with 
a stage that will be slightly 
larger than that or Covent Gar- 
den. It will meet all the mod- 
ern requirements of comfort, 
space and convenience for both 
audience and performers. 

Although it wifi fulfill the 
technical needs of an opera 
house, its promoters prefer to 
call it a lyric theatre. Despite 
its name it is not under the 
wing of the Edinburgh Interna- 
tional Festival though it will 
be used by the Festival to stage 


productions by international 
opera companies, which Edin- 
burgh's existing theatres have 
been unable to accommodate. 

With the Festival Theatre 
open, Scottish Opera and Scot- 
tish Ballet are to double the 
number of weeks they spend in 
Edinburgh each year, and 
other British opera and ballet 
companies will visit, along 
with drama companies such as 
the Royal National Theatre 
and the Royal Shakespeare 
Company. But there will also 



CITY OF BIRMINGHAM SYMPHONY ORCHESTRA 


'Inevitably, the London visitor to Symphony 
Hall spends much of his listening time 
rewlling in its acoustics, and in the freedom 
they allow the CBSO to make real music ’ 

Max Loppcrt, FT, 3 April 1992. 

The Financial Times invites its readers to 
'revel' and join us for two concerts 
performed by the City of Birmingham 
Orchestra, in March and April. 

Wc have reserved top priced scats at 
Symphony Hall in Birmingham for FT 
readers at (he special price of £23 per ticket 

Begin the Easter break with a performance 
of Britten's Serenade for Tenor with Philip 
Langridge and Claire Briggs, horn and 
roused by Liszt's A Faust Symphony , 
conducted by Simon Rattle. 

At the second concert hear the CBSO's 
showpiece programme, at its best in a ball of 
this calibre, conducted by Mario Venzago. 

For (he bcoclii of FT rcotkis who would hare to navel some 
distance, cooents iub for approximately rwo (wura. 


Thursday 21st March 730pm 
Britten Serenade for Tenor. Horn & String 
Lisa A Faust Symphony 
Conductor Simon Hattie 

Soloists Philip Langridge. tenor; Claire Briggs, horn 
Canoldir Male Choir 
Wednesday 13th April 730pm 
Beethoven Piano Concerto No 5 (Emperor) 
Strauss Em Hridetdeben 
Conductor Mario Vetcago 
Soloist Jean Louis Staterman 

Tkfccta mi Jcfaib atuol (be cveaiRg will be pemed u you. Tictrts wo 
u mibUily. 

Addresses supplied by readers in response io ebb Inviretos will be 
eetalned by The Raanctal TTaes LI tatadi is (c gi B o e d nnta sbe Bn 
Prosetnon Aa 1984. 

f " ~ " ra : vjfcT louise'gorton-foxwell, 

! FINANCIAL TIMES, 

■ ONE SOUTHWARK BRIDGE, LONDON SEI 9HL 

1 3ist March Concert No. of sous fcns 

1 13th April Concert No. of seals wes 

j I endow a cheque Tor Total £ 

| made payable to the Financial Times 

| Title Initials Surname 

' Address 


J Town 

| Postcode . 


..County 

.—Telephone ... 


be musicals, variety evenings, 
concerts and ice shows. Paul 
Qes, the general manager, was 
previously general manager of 
the Grand Theatre in Black- 
pool 

By spending about £21m 
Edinburgh will get a theatre 
that would have cost about 
£50m or £80m to build from 
scratch, because the new thea- 
tre is an upgrading and expan- 
sion of the old Empire Theatre, 
which was first opened in 1892 
and used for bingo since 1963. 
Its greatest asset is the breadth 
of its auditorium, which puts 
the entire audience closer to 
the stage than is normally pos- 
sible in such a big theatre. The 
new project leaves the audito- 
rium largely unchanged. 

However the architects, the 
Law and D unbar- Naismith 
Partnership of Edinburgh, 
have designed a much larger 
stage. There is a rear scene 
dock which can either be sepa- 
rated from the main stage with 
an acoustic door for the 
unloading of scenery, or 
opened up for exceptionally 
deep stage vistas. The new 
stage is three times the size of 
its Edinburgh counterparts, 
the King’s Theatre or the Play- 
house. 

The upgrading has involved 
constructing a new stage house 
and a wider and higher fly 
tower, building hospitality 
rooms alongside the audito- 
rium and a new glass entrance. 
Unfinished, the building 
already gives a impression of 
spaciousness and light 

The Festival Theatre project 
became possible when the 
Empire Theatre came onto the 
market at a knockdown price 
and the public and private sec- 
tors coalesced under the prod- 
ding of Lothian and Edinburgh 
Enterprise to fund the project. 
About £l6m bas come from 
official bodies led by the local 
authorities. 

The private sector has put in 
£4m, with the Royal Rank of 
Scotland, Scottish Power and 
United Distillers big corporate 
donors. The theatre will be a 
non-profit distributing trust, 
and is raising the last £lm by 
offering individual and corpo- 
rate membership of a Founders 
Circle which will provide prior- 
ity booking for ten years in 
return For £2£00. 

lies will reveal the Edin- 
burgh Festival Theatre’s pro- 
gramme for its First six months 
on April 7. But the key ques- 
tion is whether the city can 


Chess No 1011: The GM 
planned 1 Rd7 Qxd? 2 Qxg7+ 
Rxg7 3 NfB mate - but 1 . . . QfS! 
is less clear. 


absorb the 20 per cent increase 
in theatre capacity which the 
new venue, with 68 separate 
productions in 1994. will bring. 

Edinburgh already has a 
quarter of the seats that the 
West End of London has, but 
only seven per cent of Lon- 
don's population. “We will 
have to market ourselves very 
hard," lies acknowledges. 

The Festival Theatre will 
cooperate in programming 
with the other Edinburgh ven- 
ues including the Playhouse 
and the King's in order to 
avoid obvious clashes between 


similar productions. But the 
theatres are all In competition 
with each other. “How things 
work out depends a lot on how 
they respond to us. Every thea 
tre could fail, including us,’ 
says lies. 

Some might think that 
adding more capacity at a time 
when several theatres south of 
the border have closed is 
over-ambitious. But they may 
be underestimating Edin- 
burgh's determination to prove 
the cynics wrong. 


Details of the Founders’ Circle 
are available from Marianne 
Everett, Edinburgh Festival 
Theatre, Nicolson Street, Edin- 
burgh EH8 9BE. Tei 031 662 
U 12. 


The Official London Theatre Guide 

Supplivd "I he Society of Lomioi. Thv.tirc 


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STEPHEN CLEOBURY conductor 

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S bens Hite made her money and 

880 ^ what 
she called “reports" on female and 
m^e sexuality. If they had really 
neen reports, consisting of carefully gath- 
ered and dispassionately analysed data, 
they would not have been bestsellers. But 
they were not what they pretended; far 
from being exercises in social science 
their real attraction lay in gratifying our 
voyeuristic instincts by telling uslexua! 
anecdotes, thinly tacked together on a 
string of Hite's opinions. They were not 
reports but polemics, hitching a ride on 
the back of sexy tales. 


In her new “report", this time on the 
family. Hite uses precisely the same tech- 
nique. She recounts anecdotes told by peo- 
ple unidentified as to age, occupation, 
nationality, ethnicity, and quite often sex. 
Some of the anecdotes are a line or two 
long, some occupy several paragraphs 
These disjointed slivers of autobiography 
are followed either by generalisations 
about the state of the contemporary fam- 
ily, or recommendations about how fami- 
lies ought to be- Most of the anecdotes 


A questionable theory of relativity 

This survey of family life reveals more about its author than society, argues A.C. Grayling 


and Unking remarks - and therefore the 
book’s main themes - concern sex in one 
way or another nudity, masturbation, 
spanking, incest, childhood sensuality 
and sexuality, the eroticism of mother- 
hood. sexual abuse, menstruation, 
fathers’ jealousy of daughters’ boyfriends, 
and so, interminably, on. 

According to Hite, children between the 
ages of five and 15 get too few cuddles, 
because they have to sleep alone and 
because touching between adults and chil- 
dren borders too closely on sex. Parents, 
she claims, are afraid of children’s “active 
sexuality". She deprecates the resulting 
paucity of physical comfort in children’s 
lives, and argues therefore that we should 
‘‘reconceptnaKse" sexual contact between 
adults and children so that there can be 


more of it. There should be lots of embrac- 
ing and lots of frankness about every- 
thing sexual. In particular, says Hite, the 
mother should bo acknowledged as the 
“erotic centre of the household”, and her 
childrens’ closeness to her body and 
breasts should not be curtailed immedi- 
ately after Infancy. 

The picture that emerges might best be 
described thus: Hite’s utopian family Is a 
snugglesome group consisting of a lan- 
guorously erotic mother, a gaggle of 
highly sexed children, and perhaps a 
father, an nude and fondling each other 
on a fluffy rug In front of the fire. This 
sentimentalised para-sexnality is Hite's 
recommended antidote to the “patriarchal 
family*’, described as embodying socially- 
ordained power structures which are 


THE HITE REPORT ON THE 
FAMILY 
by Shere Hite 

Bloomsbury £16.99, 424 pages 


“undemocratic” and unresponsive to chil- 
drens' needs. 

There is a Quaker saying that “all the 
world is queer except me and thee, and 
even thee’s a bit peculiar at times". Read- 
ing Hite’s contextless snippets from other 
people's reminiscences is like peering 
down on a strange planet Is it generally 
true that parents stop cuddling their chil- 
dren at the age of five? Is it really true 
that children are highly sexed? Is spank- 
hog typically an act of erotic sado-masoch- 


ism? Hite answers yes every time. The 
world she describes is barely recognisa- 
ble, not just to the average reader, but to 
serious researchers in the same sociologi- 
cal fields. 

This is where scrutiny is invited of her 
claim to be “reporting" a statistical sur- 
vey. In response to damaging criticism of 
her earlier “reports*', Hite has sand- 
wiched the main text of this book between 
“notes on research, methodology and sta- 
tistics" at the be ginnin g, and, at the end, 
half a dozen brief testimonials from 
American academics, telling ns chiefly 
that since most research in social science 
is dodgy, we should not fault Hite’s 
research for being likewise. 

We can ignore the fact that women 
undergraduates constitute the largest sin- 


gle group of respondents in Hite's survey, 
and that the whole sample Is highly 
skewed towards well-educated youth. We 
can ignore this because Hite, in the ser- 
vice of her personal agenda, quotes selec- 
tively from just those anecdotes that fit 
her case. It is no surprise that the result- 
ing picture is idiosyncratic; it is one per- 
son's view, whose aim is not to tell u$ 
how things are but how they should be. 

The raggedness of Hite's discussion is 
demonstrated by her ignorance of schol- 
arly work on the history and nature of the 
family. Barely any of the main studies in 
the field are mentioned. She seems not to 
know that what she calls the “tradi- 
tional" - the nuclear - family is a very 
recent phenomenon; her simplistic belief 
that Christianity's “Holy Family” pro- 
vides its historical paradigm is risible. 
But It is tbe shallowness and vapidity of 
her discussion of her material - itself, as 
we see, highly tendentious - which scup- 
pers the enterprise. If we wish to under- 
stand families, and find out whether they 
are failing and if so what needs to be 
done, Hite's book is the last place to look. 



Photograph of a Croat couple from the vafley of Soman, near Zagreb, Bxh&ited in the 1867 Moscow Ethnographic ExhBrftton which 
promoted pan-Shmic unity. From ‘Anthropology and Photography 1860-1920*. (Yale Univer si ty Press, price £1435 paperback, 274 pages). 

A Balkan tragedy 


S ome might see a glimmer of 
hope in developments in Wash- 
ington this week. But Ed Vullia- 
my’s accounts of the brutal k£Q- 
ig and destruction by the Croats of the 
restern Bosnian city of M os tar suggest 
tiat the prospect of peace between 
toots and Moslems is remote. 

His unremitting catalogue of evil and 
eception races through the war zones 
i eastern Croatia, where Serbs and 
roats pounded each other's villages 
ad towns, to central Bosnia, where 
ulliamy joins a crowd of dispossessed 
loslems forced to join the thousands of 
ther Moslems and Bosnian citizens 
eeing the war zones. His images hark 
ack to the second world war when 
ews. gypsies and com mu nists were 
;nt to the concentration camps. 
Vulliamy. more intent on conveying 
le horror of war than explaining why 
le former Yugoslavia collapsed into 
Uaos. blames the Serbs and the mter- 
ational community" for starting and 
rolonging the killing respectively. 

This view is shared by Noel Malcolm, 
hose book, though sometimes uneven 
i judgment, is nonetheless an excellent 
2 count oT the political culture under- 
inning Bosnia. It was. as he explains, a 
ind caught between the ambitions of 
le old Serb, Ottoman and Habsburg 
mpires. a situation which helped to 
■eate a rich and exotic range of ma- 
rts and traditions. 

Nowhere was this more obvious than 
t Sarajevo, the capital of Bosnia. For 
mturies the inhabitants of this cosmo- 
ilitan city of Moslems and Cathobcs. 

rthodox aud Jews. Turks and Bulgars. 
wasted. This apparent oasis of toler- 
Ke, as well as the economic potent™ 

' Bosnia, was quickly rewgms^ ^ 
enjdmin Killay. the enlightened Hate- 
urg minister of finance sem from 
ienna to mn the country after it was 
aced under Austro-Hungarian rul 

Kallay also recognised the emergji® 
■nsions between the P^sperou . 

rgely urban Moslem middie-classes 

id the rural Serbs, many of whom had 
ismiod from other parti* of the 


ban ft, but his adminis tration foiled to 
stem the rise of nationalist sentiment, 
it was this sentiment which sparked off 
the first world war after the assassina- 
tion of the Archduke Ferdinand by Gav- 
rilo Princip, a Serb nationalist, in 1914. 

As to tiie current war, Malcolm - like 
Vulliamy and the contributors to Writ- 
ings on the Balkan War - falls short of 
tackling its causes and the potential 
instability of Bosnia. 

All three books suggest that the disin- 
tegration of Bosnia was due largely to 
external factors. But it is Vulliamy who 


SEASONS IN HJELL: 
UNDERSTANDING BOSNIA’S 
WAR 

by Ed Vulliamy 

Simon d Schuster £ 6.99. 370 pages 


BOSNIA; A SHORT HISTORY 
by Noel Malcolm 

Macmillan £17.50, 340 pages 


WHY BOSNIA: WRITINGS ON 
THE BALKAN WAR 
edited by Rabia All and 
Lawrence JLiftschuitz 

Pamphleteer's Press 


mmes closest to showing how Croatia, 
as well as Serbia, had designs on carv- 
ing up Bosnia. Once Germany pushed 
through the recognition of Slovenia and 
Croatia in January 1992, any chance of 
a negotiated settlement for the peaceful 
disinte gration - or redefinition - of the 
Yugoslav federation collapsed. 

In the event, Bosnia not only became 
the chosen pawn of President Slobodan 
Milosevic of Serbia and President 
Franjo Tudjman of Croatia, but its legit- 
imacy was undermined since its territo- 
rial integrity had been inextricably 
linked to the existence of the Yugoslav 
federation. 

There are many reasons, not fully 
explained by these books, as to why the 
European Union did not act sooner. One 
was the persistence of historical alli- 


ances. Paris. London, and Athens were 
sympathetic to the Serbs, while Ger- 
many, in an uncomfortable echo of its 
wartime support of the Nazi-backed 
Ustasha regime in Croatia, backed 
Zagreb, capital of the Croat Republic. 
This prevented consensus on how to 
deal with the first break up of a multi- 
ethnic state in the post-communist 
world. 

The European Union and the US also 
held the misguided view that the Yugo- 
slav federation had to be kept together 
at all costs, for fear that its fragmenta- 
tion would serve as a precedent for the 
Soviet Union, then still in existence. 
But as Malcolm rightly asks; why did 
Europe, when it finally recognised the 
independence of Bosnia, do nothing to 
defend it? 

There is another, more complex 
explanation as to the ETJs failure to 
interpret the nationalist signals from 
Belgrade and Zagreb as early as 1987, 
when Milosevic was catapulted into 
power as head of the Serbian commu- 
nist party. 

Since 1945, the role of memory, under- 
pinned by guilt and shame, had helped 
to shape European culture. The coun- 
tries of western Europe slowly came to 
terms with what happened in the sec- 
ond world war and memory was gradu- 
ally merged with tbe politics of forget- 
ting. In cQmmnmft fr ^nmirta tori eastern 
Europe, however, history was re-writ- 
ten and memory became a tool of 
regimes which manipulated the past 
and destroyed the region's weak demo- 
cratic traditions. 

The war in the former Yugoslavia 
was about the revival, and selective 
exploitation of memory, juxtaposed 
with western Europe's profound need to 
forget Tbe clash of these two psycho- 
logical processes have tragically pro- 
longed the war in Bosnia. Western 
Europe, as these books rightly con- 
clude, Is paying the price for foiling to 
provide assistance to ensure that post- 
communist Europe could reclaim Its 
painful memories quietly. 

Judy Dempsey 


Keeper 
of world 
peace 

R alph Bunche was one of 
the first black Americans 
to play a prominent role 
In international affairs. At 
the height of his career he was 
distrusted by the US state department 
and the Soviet foreign ministry. British 
and French governments never liked 
him because, in the 1930s, he had 
become an early advocate of 
decolonisation, made friends with such 
people as Jomo Kenya tta and written 
a thesis, based on first hand research, 
on French policy in west Africa. In 
the 1950s he irritated Europeans again 
by his handling of crises in the Middle 
East and the Congo. 

For Bunche was an independent 
man. He was one of the architects of 
the United Nations Charter after the 
second world war and will be 
remembered as one of the UN’s most 
outstanding peacekeepers. The trouble 
is that after the Six Day War in 1967, 
his achievements went out of fashion 
and it was thought that the role of 
the UN must be limited. Only in the 
1990s, particularly with the break-up 


RALPH BUNCHE: AN 
AMERICAN LIFE 
by Brian Urquhart 

W. W. Norton £27.50. 496 pages 


of Yugoslavia, has the possibility of 
international peacekeeping on the 
grand scale come back into discussion. 

It is certainly there in the Charter 
with its provision for a military 
committee consisting of the chiefs of 
staff of the five permanent members 
of the Security Council. And even 
during the cold war, Bunche had at 
least three major successes to his name. 
He he lp ed negotiate the armistice 
between tbe Arabs and the Israelis 
in the Middle East in the late 1940s, 
winning the Nobel Peace Prize for his 
pains. He was instrumental in putting 
together the United Nations Emergency 
Force (UNEF), to keep the Egyptians 
and Israelis apart, after the Suez war 
of 1956. In the Congo in the early 1960s 
it was Bunche as much as anyone who 
ended the secession of Katanga. 

True, he was often the number two. 
He took over as mediator In Palestine 
only after the assassination his 
superior, the Swedish Count 
Bemadatte. The concept of UNEF first 
came from the Canadian foreign 
minister, Lester Pearson, and Bunche 
might have been less involved in the 
Congo had it not been for the death 
of the UN Secretary General Dag 
HammarskjOld. 

Y et in each case Bunche 
worked hard and was 
Innovative. In the Middle 
East he saw that the Israelis 
talked to the Arab States separately, 
not together, a formula which 
continues to work. A footnote at the 
end of this book claims that a former 
street gang member recently took the 
Bunche diplomacy as a model for 
successfully negotiating a truce 
between the Bloods and the Crips in 
Los Angeles. After Suez, UNEF became 
the most popular army in the world 
with its theme song “Don’t Fence Me 
In". 

The sadness was that when President 
Nasser asked the UN forces to go in 
1967, no one stood up to him. The 
Russians backed Nasser, the US did 
not press Israel to keep calm, and the 
ambassadors representing the UNEF 
participants said that the decision was 
up to the Egyptians. Worse than war 
followed; U Thant, then the UN 
Secretary General, and Bundle were 
blamed for their feebleness and 
peacekeeping was discredited. 

Bunche spent much of the rest of 
his life wondering if more could have 
been done, but concluded that without 
the support of the majority of the UN 
members, UN officials were impotent 
And as Brian Urquhart, who was to 
become Bunche's successor, remarks 
in this biography, the Six Day War 
meant that much of Bunche’s life work 
was destroyed within a few days. 

Bunche died in 1971, spending his 
last few years working on civil rights. 
This was an old cause. In 1941 he had 
successfully picketed the National 
Theatre, Washington for refusing to 
allow blacks admission to Porgy and 
Bess. Nearly 20 years later he was given 
the key to the City of Birmingham, 
Alabama, then refused a room in a 
local hoteL Yet he never campaigned 
as a demagogue, simply as a black 
American demanding equality. 

Malcolm Rutherford 


A poet illuminated 


I t is hard to think of a 
poet whose poetry finds 
its counterpart more 
exactly in the drawings of 
an artist than does Ted 
Hughes's work in that of the 
engraver Leonard Baskin. The 
only parallel case that comes 
to mind is the inter-action 
between the work of Blake the 
poet and Blake the draughts- 
man. 

It was, we learn from Winter 
Pollen (a collection of Hughes’s 
prose pieces written over the 
past 30 years), an invitation 
from Baskin to make a book 
with him about crows that 
inspired the first of the Crow 
poems. The squat visceral 
emblematic bird drawn by Bas- 
kin glared beadfly from the 
jacket of Hughes's Crow in 
1970, and has remained a numi- 
nous presence in Hughes's 
mind ever since. 

One of the pieces printed 
here, “The Hanged Man and 
the Dragonfly" is the introduc- 
tion Hughes wrote in 1964 to 
Baskin’s Collected Prints. He 
speaks there of “the rich 
inwardness of Baskin's art" 
and he relates it to the Hasidic 
tradition of Jewish mysticism 
that Rankin , son of an Ameri- 
can rabbi inherited. In a piece 
on Isaac Bashevis Singer he 
sees the key to bis work as 
being the collapse of the 
Hasidic way of life under the 
pressure in the 20th century. 

This is but one strand of a 
wider perspective on mystical 
tradition that is gained from 
this book. Hughes has an insa- 
tiable interest in all forms of 
illumination. Books like T.C. 
Lethbridge’s Ghost and Darn- 
ing Rod (1963), Mircea Eliade's 
Shamanism (1964), Turville 


Petre’s Myth and Religion of 
the North (1964), John Green- 
away's Literature Among the 
Primitives (1964), open win- 
dows for Hughes into worlds 
beyond the rational about 
which he is brilliantly articu- 
late. The choice of fellow-poets 
whose work he discusses 
admiringly is just as revealing. 
They include Wilfred Owen, 


TED HUGHES: WINTER 
POLLEN 

edited by William 
Scammell 

Faber & Faber £17.50. 465 pages 



Keith Douglas, Dylan Thomas, 
the Serbian poet Vasko Popa 
and the Hungarian poet J&nos 
PUinsky. 

There are also several 
articles about the work of his 
wife, Sylvia Plath. In trying to 
understand the controversy 
that still surrounds her death 
it is useful to have reprinted 
here Hughes’s “P ublishing Syl- 
via Plath”. More enlightening 
however in understanding her 
work are his informed com- 
ments on her method of writ- 
ing and poetic technique, espe- 
cially the article in which he 


traces the genesis of her poem 
“Sheep in Fog". 

Poets of the illustrious 
English past form yet another 
large swathe of this wide-rang- 
ing book. In a section on metre 
where Hughes locates 
instances of Manley Hopkins's 
“sprung rhythm" in English 
verse at least as early as Chau- 
cer. Hughes demonstrates how 
all the editors from Tottol to 
Tiliyard have scanned the 
poetry of the Elizabethan Sir 
Thomas Wyatt incorrectly. 
Hughes’s effort to discover a 
unifying theme throughout 
Shakespeare's work were given 
in a book published in 1992 (it 
received the thumbs down 
from most of its baffled review- 
ers). 

Hughes propounds a thesis 
of such magnitude, spanning 
Venus and Adonis and The 
Rape of Lucrece at one end and 
King Lear and The Tempest at 
the other, that initially it 
seems much too audacious, 
summary and tortuous to con- 
template. But taken here in 
small doses extracted by Wil- 
liam Scammell, it offers per- 
ceptions about Shakespeare's 
reaction to the English Refor- 
mation that are wholly new 
and surely valid. 

Some of these longer explora- 
tions are, it must be said, diffi- 
cult to follow. As a literary 
critic Hughes does not have 
the incisive expository power 
demonstrated in his prose 
work by T.S. Eliot. On the 
other hand when Hughes turns 
the focus inward to his own 
work he writes with sensitivity 
and utter clarity about the 
mysteries of the poetic process. 

Anthony Curtis 


Fiction/J.D.F. Jones 

Homage to The Devils 


J ohn Coetzee is a Cape- 
tonian academic who 
writes slim novels of 
extraordinary power. 
Dusklands, in 1974, was a 
touch experimental - two 
linked novellas announced his 
fascination with what his next 
book was to describe as “the 
barbarous frontier”. That sec- 
ond book, hi The Heart Of The 
Country, drew strength from 
its remote South African set- 
ting and even relied on a fair 
amount of Afrikaans dialogue. 

The masterpiece arrived 
soon: Waiting For The Barbar- 
ians, his 1980 tale of the sym- 
pathetic magistrate who gov- 
erns a remote district between 
“the Empire” and the 
encroaching “barbarians” Life 
And Times Of Michael K., a 
terrifying fable of a simple, 
hare-lipped gardener caught up 
in a South African civil war 
won him the Booker Prize. 
Next came Age Of Iron - an 
unforgettable story of a woman 
dying of cancer attended by an 
alcoholic vagrant who becomes 
her angel of death - and Foe. a 
break with South Africa, an 
ingenious re-telling of the story 
of “Cruso", Friday and “Daniel 
Defo". 

The Master Of Petersburg 
also proclaims its distance 
from South Africa (though its 
theme of the great novelist 
harassed by the secret police 
can hardly be accidental). It is, 

I suggest, a first faltering of a 
huge talent: a disappointment. 
The narrator Is Dostoyevsky, 
the year 1869, and the writer 
has returned from exile to St 
Petersburg in response to tbe 
death - suicide? murder? - of 
his beloved stepson. 

The narrator discovers that 
the young man has been asso- 
ciated with a group of anar- 
chists led by a certain Sergei 
Nechayev. The police confis- 
cate first the stepson's papers, 
containing a list of assassina- 
tion targets, and then his 
lather's passport. “Dostoyev- 
sky" becomes involved with 
his landla dy, and with her pre- 
cocious girl-child Matryona, “a 
conductor of souls". 

Evidently we are in the 
world of The Deoils (sometimes 
called The Possessed), which 
Dostoyevsky started to write in I 
the same 1869. Nechayev was I 


indeed a young nihilist, a disci- 
ple of Bakunin and the proba- 
ble model for Peter Verkhoven- 
sky in The Deoils. It is known 
that Dostoyevsky was aware of 
the conspiracy of the "Society 
of National Retribution” led by 
Nechayev - he used it for the 
novel. 


THE MASTER OF 
PETERSBURG 
by J M Coetzee 

Seeker & Warburg £ 14.99, 250 
pages 


At this point Coetzee’s re- 
writing of history becomes irri- 
tating, even perverse. The fact 
is that the real-life stepson, 
Pavel, was not killed either by 
the police or by his fellow con- 
spirators - he was to survive 
his real-life stepfather. Dostoy- 
evsky never met Nechayev 
(although their relationship is 
central to The Master Of 
Petersburg). He did not return 
to Russia until 1871. He was 
not a inclined to paedophilia. 

True, Coetzee gives us ele- 
ments of a portrait of Dostoy- 
evsky: references to Poor Folk 
and Crime And Punishment, 
epileptic attacks; the Siberian 


exile; the gambling obsession; 
“fathers and sons: foes: foes to 
the death”; and hints of some 
of the Russian writer's higher 
themes. There is also a sense 
of Kafka-esque menace that 
has been a frequent feature of 
Coetzee’s work. 

Above all, this is a book 
about desperate tragedy and 
distress. 

What is the point of this re- 
imagining, this re-arrange- 
ment, of Dostoyevsky's life his- 
tory? I suspect that there is a 
private sub-text which it would 
be impertinent to investigate. 
Taken as a fiction, there is a 
fascination in the portrait of a 
society in which one's fate is 
determined by bureaucrats and 
policemen, in which extreme 
poverty co-exists with autoc- 
racy and luxury, in which dedi- 
cated young political activists 
are prepared to give their lives 
to change the social order.But 
it would have seemed hard to 
imagine Coetzee writing a dull, 
inert book about Dostoyevsky. 
Perhaps The Master Of Peters- 
burg should best be seen as a 
fine writer's hommage to The 
Devils. 

J.D.F. Jones 


DOWNSIDE 

SCHOOL 

Are you undecided about the right school 
for September? 

We are a Benedictine School fbrCatbolic Boys aged 10-18. 
Downside’s partnership of Monastic and Lay Staff works 
to help each boy to become 

■ motivated - energetic • dedicated 
• confident • successful 
developing into a complete and balanced young adult ready 
to move out into, and contribute to, the wider world. 

Before making this crucial decision, why not 
come and meet us? 

For further information, please contact 
Dom Antony Sutch, Downside School, 
Stratton on tbe Fosse, Bath BA34RJ. 
Tel: 0761 232206 /232513 Fax: 0761 233575 

Downside if a Registered Quay Number I3254S 




COUNTRY PROPERTY 





INTERNATIONAL 




• tii ■ r- " "" 

•* %'&?£'?& ,• Vth.t’ S'! s . % 



SUPERB GOLF 
DEVELOPMENT SITE 

AVAILABLE FOR 
LONG LEASE OR SALE 

Nr. Tunbridge Weils, 
Kent 
200 acres 

Manor House and rotting 
wooded countryside. 
FiiBy ri<a«ilwl phwtfwwg 
consent. 

Write to Bax B22CR, 

Rnai. lJ Thmrn, 

One Sootlnriric Bridge, 
London SKI 9HL 








OXFORDSHIRE ABOUT 5.5 ACRES 

Abmgdm 2 miles, Oxford 7 miles 

Culham 

AN IMPOSING AND GRACIOUS GEORGIAN 
MANSION. 

4 reception rooms, 8 bedrooms, 4 bathrooms, conservatory, 

BoD Room. 

Annexe, Garages. Gardens, Tennis court 

Region of £550,000 

SavfHs, Henley <0491) 5799 90 Contact John Harris 


e®sir* 



Y ■ ^ b.-- !:bJ!U. 


kl II *4 rt t\A 


15.5 ACRES 

Haslemere 3 mites, Willey Station 2 miles. 

Chiddixtgford 

COUNTRY HOUSE WITH ANNEXE IN 
BEAUTIFUL COUNTRYSIDE. 

4 reception rooms, 5 bedrooms, 3 bathrooms, study & office. 
Annexe with 2 bedrooms. 3 garages. Tennis court, swimming 
pool, 3 paddocks. 

Excess of £550,000 

SavOls, Guildford (0483) 5765S1 Contact Clive Silveyra 


OLK ABOUT 18 ACRES 

Burv Si Edmunds S ntdes. 

CONVERTED SUFFOLK COUNTRY HOUSE 

Convened house, hams & buildings, with paddocks, pool, renrns, 
bowling and gym. 

Studio to 4 bedroom barm. 

£40,000 - £120,000 (+ service charge) 

Open weekend 5th / 6tb March 
SavUta, Chelmsford (0245) 269311 
Contact Brenda Cogan 


BERKSHIRE, READING 

Adjacent to farmland, icith access to River Thames. 

REDEVELOPMENT SITE 
WITH FULL PLANNING 
PERMISSION FOR MEDICAL 
REHABILITATION CENTRE WITH 
RESIDENTIAL ACCOMMODATION. 

Suitable for alternative uses including nursing home, 
hospice, resid ential care centre, conference and leisure 
or in combination with an adjacent 36 hole golf development 
site. 

Range of edstiog buildings. 

Terms Negotiable. 

Lease available for up to 99 years. 

Sa villa, Henley (0491) 579990 Elizabeth Nelson 


INTERNATIONAL PROPERTY CONSULTANTS 
OFFICES AND ASSOCIATIONS IN THE UK, EUROPE USA AND SOUTH EAST ASIA 


Auction sale at Nanterre Palais de Justice on Thursday 24 March 1994, 2.00 p.m. 

Superb prestigious three-storey apartment 

approximately 300 m 2 

High standard of decor and new interior layout 

Lobby, double reception room (private pardon), (fining-room, large stairhead, 3 bedrooms, large bathroom, 
Jacuzzi and additional bathroom, toOeL Adjoining ono-roomed flat with kitchenette and shower. 
Fitted professional kitchen and laundry room. Three parking lots In the basement Air conditioning, 
central monitoring of exits arid tap alarm system. 

NEUILLY SUR SEINE 

(Hauls da Seine) Franca 

"CHATEAU DE MADRID" 

27-31, boulevard Richard-Wallace and boulevard du Commandant Charcot 

FREEHOLD and VACANT POSSESSION 

STARTING PRICE: 7,000,000 French francs 

Inquiry: Malt ra Michef POUCKARD, Avocat au Bameau das Hauts-de-Sema 
9. rue Robert Lavergne, ASNIERES (92600) - Tel: (331) 47 98 94 14 and 49 33 40 29 
All lawyers who are registered with Nanterre Tribunal de Grande Instance 
and on the spot visits on Mondays 14 and 21 March 1994 from 10 to 12 ajn. 



For business and/or private use 

FOR SALE: 

Rial Estate in Germany 

at French- Luxembourg bonier. 2 
buildings, partly (umeJicd on 1.5 acres 
or land, in beautiful, detached site in 
little village, highway within 1.5 miles. 
One building suitable fur school, 
offices, manufacturing, elder care 
borne, dub etc. 2nd unit is a 2- family 
home with heatable pixil on large lot 
with garden and trees. 2 garages and 
scvrtal enclosed parking spaces. Price 
sin. 750.lltXi.- 

Addren enquiries to*. 

POH224.CH-M56 

Zjirkh/Swltanrlaad. 

Vm* ♦41-1-J7I.7I.0S 


CONTACT LIS NOW. DISCOVER THE 
UNIQUE VAUT Of GUERNSEY U Ft AND 
GENEROUS TAX BENEFITS FOR 
RESIDENTS. ASkKHtUUR HUE HILL 
COLOUR PHUPUHY P0RTKHJ0 

LOVELLS 

GUERNSEYS LARGEST AND MOST 
EFFECTIVE INDEPENDENT ESTATE 
AGENT. VO BOX 5U. 1 1 SMITH STREET. 
ST PETER TORT. GUERNSEY. 
TELCHN1 723106 FAX: IU8 1 713414 


GUEHNSEV- Como to llvo wheio tho 
Quality eflifo sMI counts and residential 
entry ks aheta. Price singe cmniendng 
CMO.OOO. Fuu property peck from Martel. 

Maktea and Le PoHoy Ud. 50 High Street 
TcL 0481 713483 or Ree <W81 7H6S8 

GUERNSEY - SHIELDS * COMPANY LTD 
4 Soum Esplanade. SL Peter Pen. The 
lalanrfc Inrgon mdupendoni Estate Agent. 
Tel: 0M1 714445 Fan: Wfll 713811. 

SWITZERLAND Apts (tom C60.000. 
cnatots tom Cl 80.000 m die dM banians. 
The Swiss experts, de Lera 8 Ptnrs. 
Tot- OKI 7420708 

RELOCATING TO BRUSSELS? 
EUROINVEST oflora you the largasi 
eluwo in BRUSSELS ol villas and 
Apartments Is LET. Fie* oovico. For more 
WomoBon. ra* *+300075 0 &K. 

FRENCH PROPERTY NEWS. ftto Monthly 
OH. new and ski prop- legal column etc. 
Ashtoyoui ftm copy now 081 -942 0301. 


□ SWITZERLAND 

SWbMipmMhaM 
Our apacWNy tktea W 3 

Lake Geneva & 
Mountain resorts 

Mm crei own a gwte* APARTMENT/ 
CHALET m U0NTHEUE!. VIUARS. 
LES DW8LERETS. LEYS*. GSTAAD 
MB* CHANS- MONTANA, VERBER. 
etc. Fiam SFt 200000.- Great fattens 
REVACSJL 

52. rut de MMMH-OI-KIl GSKM2 
U M4I22/734 15 40 - to 734 12 20 


COSTA DEL SOL PROPERTIES Marboia 
Offices. For Information G Price Hot ring 
081 903 3781 anytime. Fax 35S9 


BOCA RATON/PALM BEACH OuMHiSq 
orooerty available. Oce entrant 8 Gall 
Cause taston. BqsHqnMawutM-Na 
Fee: Contact Ronlyn Caresne l¥A Cotewel 
Banter Red Ernie. Fax US: 407-241-8008 
Tot UK 0800 899 837 


LANGUEDOC (TARN). TWO ADJACENT HOUSES. 

maison de mailre and farmhouse, in 1 1 acres of fields and 
woodlands. Landscaped swimming pool, kitchen garden and terrace. 
An elegant home for immediate occupation, 
with plenty of room for visitors. 

Both bouses have 5 bedrooms (4d/ls) and full CH_ 

Fr. lis. 2.6m 071 607 3217 


ENJOY 

THE PLEASURES 
OF A HOME IN 
THE ALGARVE 

VTmi nro uwn lour uvn homo ji Ru.hi Bnu. 
whjiwcr >>m'r T.-Jan.: in - ^in Ix-jdxa. 

iTLiymiu tut v men. rtv ud rrieunnn ur sport a&J 
uniiry - ii ran jJI he yrrnn 
Set high dime thr At lima . oar Cinanm. Rw In 
Brjix r, •**: ul the m« bfrjihutme ltxaiHU* in 
rlw Alpine Yt» iu «vH-jppuini?d ipirrmcnu ind 
iilU,. m rji.Jtrt. nub ^cimming fMili 

illd hivui lJii, J Tmnu tlrnrie. jnd mih gcll ,'lw 
hy. ire uirpruwgli jt<ni!4c. 

Tu rtiiin rhr pJcuutn >jt Ria lu Bnn dirnudi 
won glun.u iciwa. nag tMSJ 77 1203 ill Huunt 
lor uw bruhurr jnl unproitin >iu ik-rjih. 

Freehold prapmiri from r-iJWO 
Four-uwnm schemr from £23,100 

Pmn i ii iddtiI irdiium 


TRAFALGAR HOUSE EUROPE 
THE NEXT DEVELOPMENT IN YOUR LIFESTYLE 


TUSCANY INSIDE OUT 

Presents" • 

The bat tdcaiun uf larmhousm in sotubcm Tuscany 

• * * Contact * • • 

Di & Hill Kilpatrick. Via di Moggiann No. 9 
53047 Soiteano (SI). Italy 
Tel: (057SI 26.66J32 Td/Fax; I057U1 2b. 55.67 

• * • Look! - - - 

viewing ammgeil Uuuughou! the year 



Weekend FT 


26th March 1994 

tbe Residential Property 
Pages will focus on 

"THE HORSE 
WORLD" 

Are you interested in 

hors icul Lure? 

Have you a stud farm to 
sell? - are you looking to 
sell or rent a stable ? 

If you would like to 
advertise in Ibis Editorial 
feature and reach an 
affluent, upmarket 
audience of approximately 
one million, 
please call 

Sonya Ma Gregor on 

Tel: 071 873 4935 
Fax: 071 873 3098 


CAMBRIDGE 

HOUSEHUNT 


for company and private 
relocation to the city & 
surrounding areas. 

Felicity Pugh 
Tel: 0223 S47S47 
Fax: 0223 844884 


BRANCEPETH WOODLANDS 
Near Durham 

FOR SALE 

125.2 hectares (309 acres) 
Substantial volume 
of standing timber 
As a Whole or in 3 Lots 
0223 841841 

ancMQis naacwtONRo otteraocccagan 


Your Place in the countryside 







Is OWNING A PEACEFUL COUNTRY ESTATE IN ENGLAND OR SCOTLAND 
YOUR PIPE DREAM? 

Could you imagine having your own shoot, planting a new wood 
or watching the harvest coming off your land? 

Are you aware of the substantial tax and inheritance 
BENEFITS OF OWNING FARMLAND IN THE UK? 

UK farmland values arc much lower titan in many ocher European countries 
Average farm size is higher and there are opportunities for investors to purchase 
farms varying from 100 acres up to 2,000 acres together with large Scottish sporting 
estates of up to 20,000 acres. 

Bidwclls has been purchasing and managing such farms tor investors tor generations- 
While owners and their families enjoy the many benefits of ownership and occupation, 
we supervise the farming operations, management, maintenance and accountancy. 
Wc offer a quality of service second to none. We locate, value and negotiate the 
purchase of the form or estate of your choice; provide you with a dear, 
comprehensive appraisal of the revenue and capital potential; and our estate 
management service is tailored to your needs and was ho. 

Bidwclls manages more chan a million acres of estates and farms, sporting estates, 
woodlands, commercial forests, grouse moors and game fisheries. Our clients range 
from the largest institutions to the individual private investor. 


Cambridge If you would like to buy a farm or estate 

P R W Pemberton FRICS PLEASE CONTACT ONE OP OUR SENIOR 
Tel: U22J 841841 RURAL PARTNERS LISTED HERB. 

Fax: 0223 H45I50 


Ipswich 

J S Fletcher FRICS 
Teh 0473 611644 
Fax: 0473 61021 1 


Bidwells 


SURVEYORS 


Norwich 
P T Day FRICS 
Tel: 061*1 7*3939 
Fax: 0603 763H*W 

Scotland 
R W Balfour FRICS 
Tel: U7JK 30666 
Fax: 0738 27264 




SAVELLS 


INTERNATIONAL 



TO LET 

CAMBRIDGE 
Edwanlun 4 bed Town House 
Fully furnished. £ 1 3(1 pan. 

ESSEX - CLAVERING 
Regency 7 bed home in country 
Unfurnished. £1,500 pcm. 
Enquinn: RefPGC 
Bidwells • Cambridge 
TdL 0223 841841 fee 0223 840721 






mm 


COUNTRY 


DORSET FAfQMOUSE, S3 Recap roams, 3 
beds, 2 baths, conservatory. C/H. For S 
months - furnrshsd to a high standard, 
beautiful sertlng - £650 pan 
BantanedCaratater avatebta - Symonds 8 
Sampson - 0306-266088. 




SURREY, Ripley 

GuUdfard 8 miles, A3 - 1 mile, M2S - 2 ndks, London 25 miles. 

THE DUNSBOROUGH PARK ESTATE - HISTORIC LISTED GRADE II 
RESIDENCE WITH SOME RICHLY PANELLED ROOMS. 

Hall, 4 reception rooms, 6 bedrooms, 5 bathrooms, 4 bedroom wing. South Lodge, 7 
cottages. Indoor swimming pool, 12 stables, lake, river, paddocks, Pleasure Gardens. 
For Sale as a whole or in Iocs. 

Savills, Guildford (0483) 576551 Contact: Tommy de Mallet Morgan 


INTERNATIONAL PROPERTY CONSULTANTS 

OFFICES AND ASSOCIATIONS IN THE UK, EUROPE USA AND SOUTH EAST ASIA 






TOWN CHOICE 
17 Church Raid 
Wimbledon Village 
London SW19 5DQ 
I Tri: 081 947 7351 I 
Fax: Ml 8797057 


KINGSTON PLACE, KINGSTON HILL 

FrictnU For Sale to ImaBncat Bujm Snlticri to ExfaBng Traanqf 
PrcsenL Rental Income £26,400 pa (subject to review an 
30.04.95) from this TOWNHOUSE buill approx im ately four 
years ago. with magnificent views over Richmond Park.' 

Foot bedrooms; Two bathrooms (one en- suite n kxioae: dining 
room: kitchen: garage: private garden: gas central heating: 
communal swimming poirf, sauna and gymnasium. . 

PRICE: 5259.M8 FREEHOLD to include carpeutaiflains I 


Hamptons 


EVESHAM, WORCESTERSHIRE 
A prestigious mews property on tbe 
banks of the River Avon. Master 
bedroom, ensnhe b a t hroo m, 2 farther 
bedrooms - bathroom. Living room. 

balcony, large garage £125.000 
Tel: Evesham Office 0386 41997 


WATERING BURY 
Unique 'Scandinavian' style cedar 
bungalow - 6 beds, 3 Keeps, 

2 balm, shower no, double gge, 
mature sedmkd garden. 
£lS9jm Freehold 
OWLQUESTLTD 
Tri: 0622 817999 ipfBcr) 

S62Z 812577 tovm & wfcadO Fkc HZ1 81TNK 


COUNTRY AUCTIONS 


LONDON - HAMPSTEAD AREA 

Lovely nee lined meet. Beautifully reaowafcd 
&U with welcoming ttnoqiberc, 4 bedroom*, 
doable sized reception room, dintag room, 
kitchen fully equipped, t mhronm . hallway and 
2 sqmrte wc; pa i±; well prapmriooed ronas 
with high ceJia^s. Well wsht tsi n ed anaskui 
bnildEqg ana JKIQ. Located walking dbuncc 
lo sboppiag, mnapoiuiiaa and resuorants. 
Leasehrid/Freehoid title. Owner tale. Price 
£255.000. Will also corrida renal £550 per 
week. Efegisity famished, Eire place, baby 
trend pona. 

THL NaIMMl. IZM J9I5S1 
FmOZM 39UL6 

Im'N 44 13434IS8I Fax44ZM3SL3U 

PRIME COMMERCIAL PROPEHTY 
Wimbledon Villa go, SW19. Producing 
Ciaaoaa FVH to sale. Otters hi amass of 
ei mason sub|ea B cornacL Tat 081 947 
9833 (ftetRH/071 4080482 

CHELSEA HOMESEARCH & CO We 
represent the buyer to aavo Uma and 
money: Ctrl B37 2281 . F0* 071 937 9382. 


EXCEPTIONALLY LARGE BELGRAVIA 
MEWS HOUSE. CONSISTING OF 
3 BEDROOMS. 2 BATHS, WC. 
AND 2 CAR GARAGE 36 YEAR LEASE 
TERM DUE CONVERTIBLE TO 
90 YEAH LEASE. 

ASKING £585.000 
FOR DETAILS CALL 
DJ. LEWIS 1-212-3180027 
FAX: 1-212 -865-4894 


Ascot 

PROPenriEB 
KENSINGTON, W8 

Choke of 2 & 3 bed hrnuy tnnarind llau with 
2 fafi" and fully equip, in poi^uoB 

povlDcd Work, immuib Hnk HbL A*odibk 
Jut stHiflAoag la from £450 pw. 

Ascot Properties 
Tet 071-486 5741/0831 116565 


General Aeeadenl 
,^5^ Property Serviem 

By Auction 30th Marc± Edinburgh 

FRESWICK CASTLE 

Freswick, Caithness. Scotland. Historic Tower House on Viking 
Foundations view over Freswick Bay, Portcullis Arch 
Vaulted Hall. 3 Reaps. 9 Beds etc. 3 Acres. 

Sea Views Guide Price £90/95.000 
Also 30 other raoramxs in Scotland 
Auctioneers General Accident Property Services 

21 Mannioo Road, Southsca, PQ3 2ATTci 0705 8723 1 2 

~ RETIREMENT 





THE CITY ON YOUR DOORSTEP 


There is now the opportunity to rent at an outstanding 
development. dose to the City - Hermitage Court. Wapping High 
Street, El. 

Well appointed 2 bedroom apartments with porterage, secure 
underground parking and courtyard gardens- 
Prices start from £240 per week. 

For farther information telephone 071-481 2457 or fax 071-232 2379 


STYLISH LIVING 


E ngl i sh Courtyard efamges and apartments arc designed far 
comfortable living, even in small details such as tbe siting of 
sockets and the height of the worktops. 

Our development at Winterbourne Earls near Salisbury, may look 
as if it’s just stepped out of the I7ih century, hut it incorporates 
everything which bos earned English Courtyard its tnauy accolades. 
Prices are from EJ55.00U. 

To find out more about these and other retirement properties 
throughout England, ring us now. 

The Eng i ia h Courtyard Association 
8 Holla nd St reet, London W8 4LT 
FREEFONE 0800 220858 


FORESTRY 


COVERT CARDER, WC2 18th Cantufy 
Ctom. Nmdy rehab. 2 bed. 2 ham house. 
Shritoad bed whh tknborlra. Lux kttrtsk. 
Doubte me. Sen dtehg im. Part air ennd. 
E735 pw. Fumlsnod. Tel: E A Shaw 
0712402255 


POHTUAN SQUARE, Wl. Lama uArrMhaO 
2/0 bed opts wM> <Hact vtews owr square. 
PMng avail, from 2420 pw. MallanUi I 
HaiOlna 0714990888- 


COVSfT GARDEN, wtfa Superb 2 <u bea 

flat fn parted bukflng. F/F let Bath with 
ahower. T«ad style tatvsh. CMaa to Ptezza. 
E3SOpw.T4tEAStWwOT1 24022S 


LONG LET IN MARBLE ARCS 
Studio. I Bed, 2 Bed and 3 Bed 
From £200.09 pw 
* 24 hr rcccp 

• C.C.T.V. Security System 


I Gofl RartmUam h 
Tri: 871 723 3888 Fax 871 7248328 

FTTZHOVIA, Wl. Sm* himtanad 1 bee apt 
in quiet mew*. £140 pw. Meilersh & 
Hairing 071 490 0886 

SW1 Luxury 1 t>M Bat 91 Jamaa'a f 1.000 
pcm. To inotude H/w * C/H. Long let 
pretemd. Tet 0929 6S4280 



WOODLAND FOR SALE 


Oban, Argyll 227,3 acres £55,000 
An investment suitable for tax free capital growth 
and Inheritance Tax mitigation 
A predominantly Sitka spruce commercial forest 
planted 1 987/89 with fine views over the West Coast. 


Forestry Investment Management 

Glebs Barn. Great Barrington, Burford. Oxon 0X18 4US 


Tel: 0451 844 655 


Fax: 0451 844 509 ; 






























FINANCIAL TIMES WEEKEND MARCH S/MARCH 6 1994 


WEEKEND FT 


XXIII 




PROPERTY / OUTDOORS 



Why Ireland may be lucky for some 



Greenstones HaB. Glendora, Co Code pink-painted Georgian for £860,000 


Old School House at Annaghdownc neo-Georgfan, from Heastfp at BB7J000, but open to offers Moyne Pari*, County Galway: a Regency house for around £250,000 


Whether you want a cottage \ a 
castle or an island ’ bargains 
abound ' says Gerald Cadogan 



Tutes Castle, Co Galway: stBI for sale at £2m 


R ural Ireland 
offers extraordi- 
nary value for 
property buyers 
and now is a 
good time to buy. 

As In the 1980s, the Irish 
market will be mirroring the 
UK market, with a lag of a 
year or two. Whether the rises 
will come later this year, or in 
1995, is hard to say. When the 
market does improve, “over- 
seas'* buyers, mainly from the 
UK, will be in the driving seat 
- Just as buyers from the Par 
Bast gave the London market a 
kick-start to recovery. 

If you buy now, you are 
almost certain to look back 
with a smile in the year 2000. 
Castles, large Georgian houses, 
bungalows and cottages are on 
offer at remarkably low prices. 
Hie bigger they are. the less 
they cost in square footage - 
but restoration and mainte- 
nance charges escalate. 

Within commuting range of 
Dublin, prices have held firm. 
In the rest of the country take 
your pick of properties at 
excellent prices in UK terms. 
Agents and vendors will be 
glad to see you. 

In the good years of 1388-90 
the “best buyers” of country, 
houses in Ireland came from 
the UK, says JBC Hamilton, of 
Jackson-Stops McCabe. 

Of late, these UK purchasers 
have been absent, unable - or 
unwilling - to sell their houses 
in Britain. That will change. 
Italians and Germans have 
been buying In the meantime, 
but lower interest rates will 
allow the Irish to re-enter their 
own market, particularly for 
substantial houses. 

To buy a house in Ireland, 
you must learn to like the Irish 
way of life. You might survive 


as a teetotaller - just - but 
you could not survive at all if 
you did not enjoy talking. 
Ireland does not have a silent 
majority. 

If you go hunting, shooting, 
fishing, betting at the races or 
are a gardener, life will be 
richer. Leisure and tourism are 
vital for the rural economy, 
where people often need sev- 
eral jobs to make ends meet A 
village carpenter may keep cat- 
tle as well - and go oyster fish- 
ing at the right Hrnp of the 
year. 

Taking advantage of the 
European Union's sheep pay- 
ment regime is an art “pro- 
vided you can get them to hob- 
ble past the inspector” my 
informant in County Mayo 
said. It leads to ferocious over- 
grazing of the mountains in 
winter. The sheep destroy the 
thin top layer of boggy turf. 
The gravel suhsoil then erodes 
and washes into the rivers, 
where it may affect the fish. 

But the economy needs out- 
side money. The trickle-down 
effect of catching one salmon 
on the fly, in terms of aircraft 
or ferry, use of car, hotel, food 
and local support services, 
runs into many hundreds of 
.pounds - a most expensive 
way to buy fish. It is a pity 
then that sea-trout are fewer, 
as they are suffering from sea 
lice, perhaps as % result of 
salmon farming. 

If you do go to Ireland, recog- 
nise the importance of the 
house you choose to buy. This 
may seem an odd remark but, 
unlike secular England, the 
concept of spirit of place is 
rampant in Ireland. At all lev- 
els, houses have their own life 
and control their owners. That 
is (partly) why impoverished 
gentry still bang on to proper- 


ties they cannot afford, and it 
is why their homes were burnt 
down in the troubles of the 
1320s. Then, their houses were 
not just a symbol of the Anglo- 
Irish ascendancy, they were 
the power behind it 

Jackson-Stops McCabe has a 
long list of such places, many 
in their third year on the mar- 
ket The recurrent phrase in 
Irish property particulars, 
“open to offers", means what it 
says. 

Prices start at about £250,000 


- the UK and Irish pounds are 
virtually at par - as with 
Moyne Park in County Gal- 
way, a Regency house built by 
the family of Lord Sligo. It has 
been reduced from £350,000. 
The particulars speak of “the 
present owner, the late George 
MacBeth, a distinguished poet 
and novelist”. Good Irish stuff. 
But the point is clear - and it 
emphasises that powerful Irish 
spirit of place. (Sotheby’s Inter- 
national Realty is also an 
agent for this property.) 


Greenstones Hall, at CHan- 
dore, in County Cork, is pink- 
painted Georgian. Overlooking 
the harbour, which in 1900 bad 
the largest fishing fleet along 
the Cork coast, the house 
comes with a private boat- 
house and slipway, and sub- 
tropical plants in the garden. 
The price for the whole is 
£850,000, from Charles P 
McCarthy. 

Also in the pink, and with 
the same asking price, is Gar- 
retstown. at Dunshaughlin, in 


County Meath. 20 miles from 
Dublin and commanding a 
Dublin premium - but it is 
Georgesque, built in 1975. 
Agents are Hamilton Osborne 
King and Knight Frank & Rut- 
ley. 

Smaller Georgian houses 
Include Carrick Lodge at Cor- 
namona in County Galway on 
the shores of Lough Corrib - 
excellent fishing - for £210,000 
(down from £300,000) from 
J-SM. Two gelebe houses - or 
old rectories of the Anglican 


Church of Ireland - are avail- 
able through McCarthy, in 
County Cork. They are at Balli- 
nadee (£359,000) and Drimolea- 
gue (£200,000). Dukes Lodge at 
A thy, in County Kildare, an 
hour from Dublin, is a hand- 
some house built by the Duke 
of I minster. It is on offer for 
£200,000 from Ganly Walters. 

Also of interest are the early 
18th century Prospect House at 
Westport, County Mayo, from 
J-SM and Brendan Tuohy for 
between £320,000 and £380,000, 


and Corran House, at Leap, in 
County Cork for £235.000 from 
McCarthy. The company is also 
selling The Old Mill at Leap for 
£165.000, completely renovated 
in 1989. 

Among castles, the 1882 
Tulira in County Galway is 
still for sale from Jacksou- 
Stops McCabe and Sotheby's 
for £2m, and Hamilton Osborne 
King has fully-furnished homes 
at Dromoland in County Clare, 
adjoining a golf course, for 
£200,000. Perhaps the pick of 
the bunch should be Strancally 
at Knockanore, County Water- 
ford. set where the Bride and 
Bbckwater rivers meet. It is 
an early 19th century house 
and with 160 acres is on offer 
from Jackson-Stops McCabe for 
£800,000-£850,000. 

At the opposite end of soci- 
ety, cottages inland in County 
Leitrim may go for as tittle as 
£5,000. On the west coast, Hess- 
lip has several cottages, old or 
ne w-in-the-ol d -style, in County 
Galway from £23,000 upwards. 

More unusual is Heaslip's 
Old School House at Armagh- 
down, a solid neo- Georgian 
building that personifies the 
importance of learning. It costs 
£87,000 “open to offers". 

On Whiddy Island In Bantry 
Bay, with 28 permanent inhab- 
itants and a pub, Ganly Wal- 
ters is selling Stonefarm House 
for £150,000. If you need a 
whole island with six smaller 
Islands around, Dominic J Daly 
and Knight Prank & Rutley 
have the answer. It is Inishan- 
boe, the “island of the cow”. 
The price is O^m. 

■ Further information: Domi- 
nic J Daly. Cork ( 021-277-399 
Ganly Walters. Dublin 
(01-660-3155); Hamilton Osborne 
King. Dublin (01-6760351); FB 
Reaslip. Galway (091-652-61); 
Jackson-Stops McCabe. Dublin 
(01-677-1177); Knight Frank & 
Rutley. London (071-6290171); 
Charles McCarthy . Skibbereen 
(028-215-33); McMahon. Ennis 
(065-283-07); Brendan Tuohy, 
Westport (098-251-11). 


Gardening 

The scent that 
says spring 


T hroughout the week 
there have been defi- 
nite signs of spring, 
but they mean differ- 
ent things in different coun- 
tries. 

In Britain, they mean the 
best of the crocuses, emergent 
Gower on brown-leaved Promts 
and lengthening beads of 
flower on my particular favoar- 
ite among yellow-flowered 
shrubs, the Stachyurus. 

Roses have started into leaf 
and if you want to ward off 
black spot, you must start to 
spray now, using Nimrod T 
once a fortnight on the young 
leaves. Delay, and you have 
lost the war. 

Who has cared about black 
spot this week on a latitude 
below Europe's fog belt? I have 
been in the right place at the 
right time. 

It has been shirt-sleeves only 
outside San Spirito; Primavera 
has stepped out of Botticelli’s 
. painting; no-one is pining by 
Lhe Arno; there have been 
ingels at large in Florence and, 
m the track ol Fra Angelicos, I 
■ 'ound something heavenly. 
Along the Borgo Pinto, the 
louses open on to courtyards, 
lust before porugiuo’s erud- 
ition, spring met me head on 
n clouds of yellow, pink and 
✓' a tin -red Gowers. 

. -r^ 1 We will soon have our pink- 
> * lowered almonds In the UK 
nd already, there are satin-red 
Uds on the japonicas. The yel- 
rw is denied to us. 

In florists throughout Lon- 
on you can buy a few sprigs 
f mimosa. In Florence, there 
- re huge trees of it Dowering 
5 thickly as those Banksian 
)ses which are next month’s 
lory in southern Spain. 
Mimosa, not tax. may yet 
rive me offshore. 

Expatriates gloat among it 
/er breakfast on the Riviera. 


Florentine flat-dwellers look on 
to trees of it beside branches of 
the almond, blossom which are 
picked and displayed on the 
counters of flower-conscious 
shops. 

In their great Italian city, we 
all complain about our fellow- 
tourists, but we ought to 
remember what we owe to 
botanical immigrants. If the 
great men of the past could 
return, they would be amazed 
by the present Mediterra- 
nean. 

Tim Greeks knew no euca- 

How can the 
sweet-smelling 
mimosa be grown 
successfully in 

Britain , asks 
Robin Lane Fox 


lyptus and the Romans knew 
no orange trees in Andahxda. 
Botticelli never saw mimosa, 
nor did the English Grand 
Tourists who visited the Uffizi 
and idealised its naked statue 
of Venus without bothering to 
look at the paintings which 
now amaze us. 

Mimosa arrived in the 1820s, 
the Antipodes' postscript to old 
European art Of course Masac- 
cio’s frescoes are memorable, 

but a full-flowering tree of 
mimosa measures up to him, 
os yellow as the robes of the 
youthful St John, 1 have never 
expected that a prime site in 
Florence would be Austra- 
lian. 

How can we grow mimosa in 
Britain? Only once have I seen 
it luxuriate, in the great Irish 
garden of Glen Veagh in 
County Donegal. Its lavish 
American owner would 


advance on the trees with his 
personalised secateurs and dip 
the branches with suitable 
throw-away comments before 
handing them to his guests. 

Derbyshire is not County 
Donegal and you cannot grow 
a mimosa outdoors in most of 
Britain's climate. In warm 
areas, it will survive by the 
Gulf Stream, in Devon or even 
in especially sheltered parts of 
London. 

It is happiest on a wall, but it 
never flowers as freely as I 
have now seen it the reason, I 
think, is not so much the risk 
of frost as its need to be thor- 
oughly ripened by sun in sum- 
mer. 

In Britain, the best place for 
the best varieties is a conserva- 
tory or cool greenhouse. 

Under cover mimosas need 
little more heat than suffices to 
keep out frost in winter: they 
will grow best in a bed with 
room for their roots, but most 
of them will try to touch the 
skies if they are happy. The 
hardiest forms have been 
recorded at heights of 100ft in 
wild Australia, 

Unless you have a glass cas- 
tle, you should confine your 
plant in a large pot and prune 
It heavily after flowering. The 
main reason why indoor mimo- 
sas flower half-heartedly is 
that they are allowed to 
become too dry at the root in 
winter. 

Stand them so that you can 
water freely from below and 
try not to choose the more bor- 
ing varieties. Mimosas are cor- 
rectly listed as Acacias nowa- 
days. 

A big selection is still offered 
by Bumcoose Nurseries, at 
Redruth, in Cornwall and their 
s mall plants will grow away 
quickly. 

lhe best is baileyana which 
comes from New South Wales 



The Gordon PfetuttUfanry 

Mimosa Is a feature of spring festivals around foe Metfiterranean 


and is rilstingii jehad by its sil- 
very-blue leaf, an exceptionally 
pretty feature. 

On a wall, the silvery pravis- 
sima arches into a good shape 
and is too little known: up a 
pillar in a conservatory, you 
would also enjoy riceana which 
is named after a chancellor of 
the exchequer but as he died 
long agio, you need not hold the 
name against it 

in Australia, these wonderful 
trees are known as Wattles: 
Silver Wattles. Oven Wattles, 
Rice's Wattle until you wonder 
wattle turn up next 

In Britain, we all know them 


as mimosa, grouping them 
with those similar sensitive 
plants which curl up their 
leaves when you touch them or 
brush against them while shel- 
tering underneath. 

Their sensitive habits mimic 
sensitive humans and so. I sup- 
pose, they began to be known 
as mimosas because of their 

mimicry. 

Personally, I love the scent 
Imitate the Florentines and, if 
you cannot join them, at least 
compete by growing your own 
mimosa in a pot for cut flowers 
and that exquisite scent of 
warm Italy. 


Country View 

An open door policy 


I f your bird table has been 
abandoned and you can- 
not remember when yon 
last saw a blackbird, a 
song thrush or a robin, try 
leaving your garden shed 
open. 

According to Chris Meades, 
or the British Trust for Orni- 
thology, all three species, 
together with wrens, will be 
quite happy to nest in there 
and, more importantly, those 
much-feared serial killers of 
smaller birds, magpies, Trill 
not dare to enter. 

“Magpies prefer to forage in 
the open. If they are after 
smaller birds they will look 
for a hedge to plunder," 
Meades says. 

Meades also advises those 
worried about the black and 
white marauders to protect 
any songbird's nest they find 
with wire netting. 

“It’s quite possible to create 
a ball of chicken mesh that 
smaller birds can get through 
bnt a magpie cannot,” he 
said. 

When a fully-grown black- 
bird is killed it is bad news for 
the species, Meades says. 

“The chances of a chick 
growing to frill maturity are 
about one in 10, so we should 
do all we can to protect adult 
blackbirds." 

One way both country and 
town dwellers worried about 
declining blackbird and other 
bird populations can help is to 
provide more habitat. “So 
often we destroy birds' habitat 
without realising it," he said. 

“In many cases gardens 
have been landscaped and 
there Is therefore far less 
cover for the small birds. 

"The answer is to plant - 
particularly shrnbs. Spiky 
hashes such as pyracantha are 
hard for the magpies to pene- 
trate. 

“A few prickles will do an 
awful lot to deter cats too. 
Basically the more cover there 
Is, the harder it is for the mag- 
pies to seek ont nests and kill 


fledglings." Meades does not 
blame magpies alone for the 
decline in Britain's biTd 
species over the past few 
years. 

"Monoculture has a great 
deal to do with it." he said. 
"Thirty years ago a field of 
barley contained about 5 per 
cent weeds. These were good 



for the birds because they pro- 
duced seeds that were winter 
fodder for a variety of species. 
Today, chemicals have made 
sure that that field is 100 per 
cent barley, and this is bad 
news for species such as the 
corn banting, the reed banting 
and the skylark." 

However, magpies have been 
multiplying as much in the 
country as in the towns, the 
reason being that there are 
fewer gamekeepers. 


There are all sorts of rea- 
sons - not least the recession 
- for the decline in the latter 
Species, hot It has meant fewer 
magpies are killed by man. 

“Magpies are therefore 
attracted to the towns because 
they do not associate humans 
with shooting any longer," 
Meades said, 

“However, magpies are not 
entirely the bad news for gar- 
den birds that so many seem 
to think. They are omnivo- 
rous: even in the breeding seat- 
son they only take a few 
chicks. 

“People who have seen and 
heard the commotion when a 
magpie attacks an exposed 
blackbird’s nest and slaugh- 
ters chicks often get unduly 
uptight over magpies and 
blame them for more deaths 
than they actually cause. 

“Magpies are beautiful and 
fascinating birds that have 
been around for thousands, if 
not minions, of years. 

“Probably becanse their 
numbers have increased three- 
fold in the past 30 years they 
have had a pretty bad press. 
Althongh magpies have no 
predator in the natural order 
of things the chances of them 
making any particular species 
extinct is niL" 

Clive Fewins 


GARDENING 


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SPORT / MOTORING 


Rugby/ Derek Wyatt 

On the 
fast 

track to 
success 


W e call them stadiums or 
pitches. Players call 
them tracks. And the 
fastest track in Europe is 
the Parc des Princes, 
Paris. The reason? The French national 
stadium, being a council -owned ground, is 
used for soccer and rugby. The soil and 
the grass is specially prepared to cope 
with the vicissitude of both games and one 
outcome Is that the grass is considerably 
shorter than at any of the other Five 
Nations venues. 

Not only does this mean that the three- 
quarters have a chance to show their pace, 
or lack of it. but the speed of the back-row 
to the break-down becomes more impor- 
tant One reason why so few away teams 
win at the Parc (Ireland and Scotland have 
never won there: Wales did it last in 1975) 
is because the game is much Easter, and 
players succumb in the final quarter of the 
game. It also explains why the scorelines 
are bigger than elsewhere. 

England's brilliant wins in 1990, 1991 
(World Cup quarter-final) and 1992 owe 
much to the way its forwards so domi- 
nated the scrums and line-outs that 
France suffocated. 

Parc des Princes has only a limited life. 
In 1999, the French Federation de Rugby 
will move to a new stadium (also council- 
owned) being planned at St Denis to house 
the World Cup soccer finals in 1998. 

This is fortuitous, for It saves them rais- 
ing the money to build or replace stands, 
something which is currently exercising 
the Irish, the Scots and the English. 

St Denis will seat 80,000, an improve- 
ment of 25,000 on current capacity. Bern- 
ard Lapasset. the French president, 
accepts that the enlarged capacity may be 
a problem: "We could have sold today's 
game out twice, but earlier in the season 
we struggled with the Australians." 

Lapasset has helped change the face of 
French rugby since he succeeded the 
anden regime of Albert Ferrasse in 1992. 



Data Rogars/Afcpcrv 


The councfl cuts the 


Ofhrier Roumat 


during France's 35-15 win over Ireland at Parc des Princes in January 


The Conner Agen second row and occa- 
sional No 8 (he won a championship medal 
in 1969 with the Under-21 side) played 
most of his rugby in Paris - for Paris 
University Club and then for the Custom 
Officials club which he helped found. 

He still works for Customs, collecting 
tax debts. It was from this unlikely rugby 
base that he made his way through the 
labyrinth of committees to become assis- 
tant sec retary, an honorary position, or 
the FFR, in the late 1960s. From there he 
challenged for (he presidency in what he 
calls "the rugby wars of 1990 and 1991". 

Unlike England, where the tenure of the 
president of the Rugby Football Union 
lasts a single year, Lapassefs term lasts 
four seasons and he is likely to stand 
again in 1995. But said Henri Bru, the 
rugby correspondent of L'Equipe : “It 
doesn't matter that for you the president 
lasts one year. Dudley Wood [secretary of 
the RFU] is your president and everyone 
knows it" 

Two projects have exercised Lapasset’s 
diplomatic skills. The first was redefining 
“amateurism" in the modem game. 


“There is no definition of the word ama- 
teur. It is not a legal statute. For us the 
word means the spirit of the game and 
that is what we must keep at aD costs,” he 
said. “We do not want to play for money 
nor create a new professional game. There 
isn’t room in France with soccer, basket- 
ball and tennis claiming so much of our 
attention and so much of the economic 
cake. The critical element of rugby is its 
manner, its style, its traditions." 

Lapasset has forged a partnership with 
the players. Two months ago. after eight 
months erf 1 negotiations involving all the 
international squad and using great play- 
ers such as Walter Spanghero and Jo Maso 
as a sounding board, France became the 
first union to contract its players. 

“Every player was asked to sign our 
player's charter. It sets out the terms 
under which they are allowed to operate. 
including any commercial spin-offs. Any 
player not willing to sign cannot be con- 
sidered for national selection." 

Other countries have allowed players to 
have agents which has led in some cases 
to national coaches and players sharing 


the same agent This can lead to conflicts 
of interest. The French have decided to 
run all the commercial activities. 

The charter enables players to earn 
money by promoting the game, a clear 
contradiction of the International Rugby 
Football Board's laws on amateurism. 

Each squad player is allocated 200 kit 
bags which contain balls. Jerseys, videos 
and equipment to give to children. Players 
have visited schools in Pau, Toulouse. 
Arras. Rennes and Paris. Targeting 
schools is new for rugby in France, where 
sport is not part of the curriculum. These 
visits have been a resounding success. 

Meanwhile, the RFU has its own prob- 
lems. It has called an emergency meeting 
of the coaching committee for next Thurs- 
day. The successor to Geoff Cooke as 
England coach should be announced at the 
executive meeting the following day. 

Over the past decade my old club Bath, 
under Jack Rowell, has managed to 
change personnel while re main ing suc- 
cessful If the RFU hesitates over choosing 
Rowell. English rugby will return to the 
hesitant years of 1970s and early 1980s. 


Golf/ Derek Lawrenson 

Charmed by the 
rudest of clubs 


I 


golf. 


t is not easy to deride which has 
produced more anguish over the 
years: the Honourable Company of 
Edinburgh Golfers or the rules of 


Words such as pig-headed, irrational 
and Incomprehensible abound when 
either is the topic of conversation. Both 
are 250 years old on Monday, which 
the former the oldest golf club In 
the world. 

To be fair to the Honourable Company, 
whose present home Is the sublime links 
course at Muirfield, when they came up 
with the original rules of golf on March 7 
1744 they made a great deal more sense 
th an the labyrinthine set of clauses and 
sub-clauses that the Royal and Ancient 
Golf Club applies to today's game. 

Alas, if only the same could be said 
about the behaviour of certain Company 
men down the years, or their representa- 
tives. When Coif Digest, the US magazine, 
ran a piece on Huirfield before the 1992 
Open there, it headlined It “The rudest 
golf club in the world." 

It is said that one 5f airfield member, a 
distinguished politician, was so appalled 
by the attitudes of his peers that he 
refused to go to his own golf dub. One 
man came up from the English Midlands 
to play and was bowled over by the recep- 
tion he received from the then secretary, 
the usually fearsome Paddy Hamner. 

Hamner was most taken by the man’s 
cravat They settled into a conversation 
about the guest's textile business and he 
revealed proudly that his cravats were 
made from the finest silk. 

Hamne r was delighted with the offer of 
a couple as gifts. The visitor made his 
way towards the lounge to order some 
lunch, wondering how Hamner had come 
to earn such an unjust reputation. As he 
stood at the threshold of the beaatiftil 
room, Hamner roared down the corridor: 
“You won’t be having lunch in there. 
You're not allowed in without a tie." 

At first glance, not much has changed. 
The notice on the entrance gate tells you 
that this dub is “strictly private". One 
door in the clubhouse has “lavatories" 
written on it, but do not think it opens to 
reveal further doors for men and women. 
There are no women members. The oldest 
golf dob has never had any. Its waiting 
list is enormously long and dosed - and 
there are no women on tt. 

Bat Huirfield has taken steps to soften 


its image. These began three years ago 
with the appointment of Group Captain 
John Pridcaux as secretary. 

Where previous holders of this office 
bad been obstructive and rude, he could 
not be more effusive or helpfuL "I just do 
the job as I see fit. I think some of the 
criticism of Mutrfield for being snobbish 
or offhand was justified, but equally a lot 
of it was people believing what they 
wanted to believe. There's also a lot of 
jealousy about the way we do things here. 
The game has changed greatly in recent 
years but Huirfield has remained free of 
rampant commercialism, and some people 
resent that" 

Contrary to myth, it is not impossible to 
play Huirfield. On Tuesdays and Thurs- 
days, 60 men and women out of the 300 or 
so who make the request each week are 
allowed to sample its pleasures, and while 
Prideaux is almost apologetic at the 
charge of £50 for the round or £70 for the 
day - “very high for the east of Scotland" 
- this is one or the great golfing bargains. 

The fact is that you cannot help but fall 
in love with Huirfield - with the course, 
for one thing, and with its innate fairness, 
which tankas \t the favourite of all the 
great players. 

There is also the fact that the dnb 
makes no tawdry effort to cash in on its 
unique place in the game's lore. The fol- 
lowing day I visited another Open cham- 
pionship course, where they have a thou- 
sand souvenirs covered in tacky 
“Tumberry, Scotland” logos and where 
they discriminate by means of a pricing 
policy which places it outside the budget 
of all but the wealthy. 

Huirfield, with plenty to flaunt is 
surely the only club in the world that 
offers no souvenirs. They have no golf 
shop. They have no pro. 

In the breakfast room a wonderful pho- 
tograph caught my eye. A letter under- 
neath tells of four golfers who decided to 
visit an optician because one of them had 
become unhappy with his putting, and 
decided it was because of his eyesight 

He was right too. But the others were 
in for a shock: they all bad poor vision, 
which is how they came to pose for the 
light-hearted photograph. The quartet 
were J H Taylor, Harry Vardon, Alex 
Herd and James Braid and. bad eyesight 
or not between them they won 17 of the 
21 Open Championships played from 1894 
to 1914. 


T his is a tale of two new 
coupes, both pretty and 
Japanese. One of them is 
unique, as it breaks Mar- 
shall's Law of Car Selection which 
says that when you buy a coupd. 
you always pay more for less. 

The new Toyota Celica GT. which 
goes on sale in Britain next week, is 
not the unique one. This two-door, 
sporting four-seater, with a hatch 
opening on to a boot of sensible 
size, costs £20,617: this makes It 
£3,000 dearer than a similarly- 
engined, although larger and room- 
ier. Carina E GTi five-door. But - 
and this is what matters - it really 
does look a million dollars. 

The surprise newcomer is Hon- 
da's Civic coupe. Priced from 
£10,450 upwards, it is cheaper and 
just a little more powerful than its 
saloon equivalent. The coup6 was 
conceived and styled in Honda's 


Motoring/Stuart Marshall 


Two pretty Japanese models 


Californian research facility and, 
like the Accord Coupd and Aero- 
deck Estate also sold in Britain, is 
built in the US. 

Profit-chasing by motor insurers, 
the activities of car criminals and 
tougher speed limit enforcement did 
nothing for sales of high-perfor- 
mance sports in Britain last year, 
they fell by 6 per cent But Toyota 
GB is confident that the latest, 
sixth-generation Celica GT - the 
first of the line appeared 21 years 
ago - will have as much showroom 
appeal as its predecessors. 

The Celica GT shares a market 


niche with a lot of rivals, including 
the Audi 2J5 and BMW 3201 coupGs, 
Ford Probe, Honda Prelude, Mazda 
MX-3 and MX-6, Rover 220 Turbo 
coupd and Vauxhall Calibra. 

Unquestionably, Toyota's string 
of world rally driver championships 
with Cehcas in the past five years 
will attract some buyers. But many 
will put more weight on its styling 
- a family resemblance to the stun- 
ning new Supra is dear to see - 
plus its top-rate build quality and 
Toyota's reputation for reliability. 

The Honda Civic coupe is aimed 
at buyers whose ambitions and 


resources are more modest. 
Mechanically, it is closely related to 
the Civic saloon and hatchback, 
which are favoured in the main by 
older motorists. Honda hopes the 
coupe will attract young buyers - it 
expects many of them to be women 
- into its dealerships. 

People who buy Hondas tend to 
get hooked on the marque and have 
one after another. Honda is banking 
on the coupe, which a cynic might 
call a sheep in wolfs clothing, to 
start the process much earlier. 

Toyota makes it plain that the 
Celica GT is a purpose-designed 


coupe, not a two-door version of a 
saloon. A re-worked engine with 10 
per cent more power makes it faster 
(a claimed 139mph/224kph maxi- 
mum) than the last modeL This is, 
of course, just for test tracks. A new 
Celica I drove in Portugal the other 
day struck me. above all, as a civi- 
lised sports car. 

On rough roads, the wide tyres 
did not thump or bang unduly: the 
engine made lovely noises when 
accelerating hard but motorway 
cruising was quiet; and the Celica 
handled and held the road well 
enough to flatter the skill of an 


averagely competent driver. 

It comes with all the usual kit: 
driver’s side air bag; anti-lock 
brakes; powered steering, sun roof, 
windows and mirrors; and a good 
security system. A five-speed gear- 
box is the only transmission avail- 
able and air-conditioning is an 
optional extra. On the Isle of Man, 
where I sampled the Civic coupe, 
there are no speed limits away from 
the urban areas. But, apart from the 
smoothly-surfaced and potentially 
very fast TT racing circuit, Manx 
roads seem to have changed little 
since the horse and cart era. 


The whole time I was there, it 
rained so. while I cannot talk from 
experience about the Civic coupe's 
performance, I can vouch for its 
sure-fbotedness. 

I thought it a charming car, easy 
to drive yet with spirited responses. 
It has power steering as standard 
and can be had with automatic 
transmission at extra cost, although 
a driver's side air bag or anti-lock 
brakes are not available. 

I could see a two-pedal Civic 
coupe captivating many women 
drivers who came to the conclusion 
long ago that gear-shifting was tire- 
some and unnecessary. At the same 
time the young will enjoy the fin- 
ger-light, five-speed gearbox of this 
affordable, occasional four-seater. 

Honda executives think the Civic 
coup6 could become a cult car of 
1994. 

I think they may be right 


Financial Times Round the World Ski Expedition /Arnie Wilson 

A dizzy fall from the heights 


Amie Wilson and Lucy Dicker 
are trying to ski every day of 
1994 on a round-the-world expe- 
dition. They spent February in 
North America. 

W e had expec- 
ted the US 
southern 
states and 
the mid-west 
to be different from Colorado, 
but we hadn't realised quite 
how different. We should have 
guessed from the enormous 
altitude change - almost 
I3,000ft at Breckenridge to 
scarcely 1,000ft above the Miss- 
issippi at Mount Lacrosse. Wis- 
consin. 

Here, ski resorts are sited in 
the most ridiculous places. 
Cioudmont in Alabama, for 
example, is tiny, pretty and 
bizarre and if there were a 
competition for really small ski 
areas, I would band it first 
prize sLraight away because it 
is kept going against all odds. 

Lucy Dicker, my companion 
on this round-the-world ski 
expedition, and I had the hon- 
our or being the last skiers this 
winter to descend the only run 
at Cioudmont with enough 
snow on it to remain open. 
And when Cioudmont closes 


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for skiing, so does Alabama. 

Cioudmont, in a peaceful 
wooded vale not far from Chat- 
tanooga. has a vertical drop of 
just 150ft and only one "pony" 
tow, with no chairlifts. And 
there are just two runs: half of 
the gently sloping fields that 
make up the skiing terrain is 
for intermediates; the other 
half is the nursery slope. 

During our visit, the begin- 
ners' slope had melted com- 
pletely, and only 90ft remained 
of the intermediate slope. 

But then you might think it 
miraculous that Alabama can 
manage a ski resort at alL let 
alone one which next winter 
will celebrate its quarter cen- 
tury as the only ski area Ala- 
bama has ever had. 

Normally Cioudmont gets 
just 12 inches of snow a year, 
an inch or two at a time. Gary 
Jones, who runs Cioudmont 
with six relations and a few 
friends, makes nearly all the 
snow himself. 

February has turned out to 
be a month of feast or famin g 
for our adventure: we caught 
Colorado at its best and the 
Mid-West at its most unpredict- 
able - a week before we 
arrived at Ski Butler in Ken- 
tucky there had been a heat- 
wave. 

During the month we have 
featured in some strange- 
sounding newspapers, such as 
the Idaho Falls Past Register, 
the Ashland Daily Tidings, and 
the Record Searchlight. 

One headline read: “Surgery 
can't stop ski writer." Our mis- 
sion to ski every day of 1994 
came under threat in Paoli 
Peaks, Indiana, when I 
required inconvenient minor 
surgery. While recovering. 
Lucy and l made a daily pil- 
grimage to Paoli and, rather 
gingerly, skied one run just to 



Amie Wilson and Lucy Dicker have been challenged to sM 5,000 mBes 
during 1994 - but taw resorts in the US have reduced theft' mHeage 


Facts and figures 

February statistics .- 


‘ 4 


Vertical Teofc 263,000 
Vertical m8ess48 (fenusy-ftr. TdM ItQ ' 

MHes driven: 4,204 (Jtmuay4#ff,Tofai WH} : 
Resorte visited so faK 40 


Resorts skied «rr February . . • 

Canada: Nakfeka; Fortress Mdwta/rt; Fahnofit Hot Springs. 

USs Montana: 1170 Big Moistfafnc E^j'Sky; Bridget* Bowt Red Lodge ■ 
Mountain- Colorado: Arapatooa Baste; BrecfwwWgef 

Copper Mountain; Ski Copper. WfoceWteMdurif taonsse; Devi's 
Haad;CBScadeMouraB&n-A4tt(teM^Y-8im0aeY^.^da;Potft - 
Lakes Village. Indiana: PaoO Peaks; SttWwfci. Kenfocky. SkJ Butter. 
Tennessee: Otoar Ctoudtliqtt, • - — ' " 


Expedition sponsors 


Air New Zealand;. Snow * ftocfcj Fogs Traad bsurance; Lte" 
Champagne Mcreiar; daft* 


keep our record intact 
Earlier in the month, at Mon- 
tana's Big Mountain, we took a 
Snow Cat tour, trav elling in an 
old gondola bolted onto the Cat 
— a Heath Robinson device. 
And at Big Sky the sun came 
out and warmed the bones 
which had been so chilled the 
previous week. It was a day of 
fast cruising mixed with some 
more adventurous and steeper 
terrain off the recently opened 


Challenger Quad chair. 

One special area I was anx- 
ious to try in Ski the Summit's 
resorts was the la