Skip to main content

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

See other formats


ItaHan elections 

Going through 
the motions 



The Domecq deal 

1 

Allied-Lyons ' eyes 

T 

on South America 

ALLIEDf LYONS 

Page 28' 



After Colosio 


What next 
for Mexico? 

Pages 





mmm 


TOMORROW'S 

Weekend FT 

Addicted to a 
computer sensation 


FINANCIAL TIMES 


'Europe-;.* SiVi'r ftvs'\h ■ 


tBM cash price {pence per az) 
"400 


. 360 



2QQ ' 

1983 

Source: D ams t rea m 




94 


Steel crisis averted 
as Brussels gives 
more time for cuts 

A crisis in the European Union steel industry 
appeared to have been averted last night after 
rhe European Commission agreed to give private 
sector steelmakers more time to finaiiw cuts 
iii capacity. The agreement, between industry 
chiefs and industry commissioner Martin Bange- 
mann, averts a collapse in relations between 
the Commission and unsubsidised EU steel produc- 
ers which have been reluctant to offer capacity 
cuts Page 18 

Silver climbs to tour-year high 

US investment funds 
that are attempting 
to force up the price 
of silver helped push 
it to 574.75 cents a 
troy ounce in London 
early yesterday, its 
highest point since 
November 1989. The 
market faded, however, 
to breach the important 
technical level of $575 
an ounce and fell back 
to close in London 
at $570.5. up 5 cants 
on the day. Hedge 
funds are believed to have spent Slbn to buy 
physical silver. Page 30 

UK seeks German aid on EU enlargement 

The UK is looking to Germany to forge a facesav- 
ing compromise in the dispute over voting rights 
which risks delaying the entry of four new coun- 
tries into the European Union next year. Page 18 

Singapore to order up to 52 airliners: 

Singapore Airlines plans to order up to 52 wide- 
body airliners worth more than $6bn, sparking 
a fierce contest between Boeing of the US and 
the European Airbus consortium. Page 5 

Yoxic waste ban agreed: European Onion 
environment ministers agreed in Brussels on 
a total ban on the export of toxic waste to Third 
World countries by the end of 1997. 

Japanese workers accept low rises: 

Japanese labour unions representing steel, ship- 
building and car workers accepted the lowest 
wage increases since 1987, but electronics and 
railway workers threatened action in pursuit 
oi tlieir claims. Page 7 

BAT Industries became the first company 
to say it would definitely use the foreign income 
dividend scheme introduced in last year's two 
budgets. Page 19; Lex, Page 18 

John using 58% ahead: Pre-tax profits at 
UK construction group John Laing rose by 58 
per cent last year to £18.3m ($26. 7m), helped by 
a 9 per -eiit iali in operating costs. Page 26 

Palestinians take to streets: Clashes erupted 
in the occupied West Bank and Gaza Strip as 
Palestinians protested against the killing of four 
leading members of the Hamas Islamic movement's 
militaiy wing. Page 8 

Somalia’s leaders agree pact: Somalia's 
oich-nvals. Gen Mohamed Farah Aideed and 
Ali Mahdi Mohamed. pledged to form a government 
of national reconciliation as the last US troops 
prepared to leave the country. Page 6 

Volkswagen, European volume carmaker, hopes 
to return to a break-even point this year after 
a first-quarter loss of around DM40Qm (5238m), 
compared with a DM125bn deficit in the same 
period of 1993. Page 19 

Earnings recover at P&O: Peninsular and 
Oriental Steam Navigation Company, shipping, 
transport and property group, reported a recovery 
in earnings, with pre-tax profits at £523. 7m 
» $764. 6m) against £270.4m in 1992. Page 19 

Intelligence costs disclosed: UK prime 
minister John Major said the government would 
spend £881. 5m <$1.29bn) this year on the domestic 
security service MIS and its foreign intelligence- 
gathering partner MIS. The cost has never before 
been disclosed. 

Cheung Kong, flagship of Li Ka-shing’s listed 
Hung Kong empire, surprised the market with 
a 56 per cent growth in net profits last year to 
HK$E9itbn OJS$l Jbn). Page 23: Hutchison Wham- 
poa more than doubles. Page 19 

Queen opens jewel house: Britain’s Queen 
Elizabeth opened a ElOm ($14. 9m) centre for the 
Crown Jewels at the Tower of London. The Queen 
□as seen the symbols of the monarchy only twice 
before - at her euro nation in 1953 and when she 
opened the uld jewel house in 1967. 


■ STOCK MARKET INDICES 


1-316) 

(-20.33 

(+7180 


H35) 


FT-SE IWJt .....3,121.7 

■field 398 

rt-SE Eurotrack l(Xl ..1.42&41 
rT-SC-A Aft-Stare .,...,.1,581.44 

NWtri 30^3790 

New Yurt imcMine 

Daw Jones bid Ate 3418.78 

S&P Composite... 46419 

K_US LUNCHTIME RAT ES 

Federal Funds 

3- mo Trees Mb; YW ...3308K 

Long Bond .91 A 

Yield JL9EK 

WLONDONMONEY 

4- mo Interbank ..~..5U% 

Line long gift tuture: Mar t08 IMarllQ) 

m NORTH SEA OIL iArg*™) 

frwt 15-day (May) .-..-$1177 (118) 

R_Qold __ 

New York Corns* [Apri ...$3919 P87.4) 

urddOO —338730 


■ STERUMfi 


New York bmertma: 

S 14975 
Union: 

$ 1J93 (1-4935) 

DM 14971 (£5165) 

fTr 85489 p.5996) 

SFr 2.1235 (2.1312} 

Y 158960 (158948) 

EM® 803 £809) 

■ DOLLAR 


New York bnetdone: 

DM 19885 

FFr S30B5 

SFr 1-4188 

Y 104875 
London: 

DM 19728 

ffr 5.728 (5.7582) 

SFr 19223 (1.427) 

Y 106275 (106.4301 

SMtax 862 

Tokyo dose Y 10653 


.asm 

tiefcpm 

Cffrns 
Condi Rp 
ifcxufc 
dm* 


•'•d.ko 

uenren* 


SaiS* 

fflniao 

BfifiS 

UlSOO 

CEI.HJ 

GKO 

Wf16 

HSU? 

PM14 

FFiAOO 

DM150 


Owes M50 

Hang Kong HKS18 
Hungwv F'l® 

cetand BM215 

hU rfcoO 

krai SW6S 0 

Bay 13000 

japan YSfci 

jerdar JJl-50 

kdJUKM FttuSS 

Ltbnon US»1i0 


Li* IFitt 

Mbbb LmOSO 

Morocco MOi16 
Nadi R L00 

Nigeria Naka50 
Nonrey KKrlT.OO 
Oman ORi-SJ 
Nwai Rs*> 

P*so 
pcaand aasjooo 

Ronugal EaffiS 


Oats GR13JM 

SAatta Sftll 
Sngapore SSU0 
Sowfclte KSL50 
South AMmRI ZOO 
Span PBC26 

Sttlfi 

Sutb EfiMO 

Sfw SCE-OJM 

TmW On 1500 

Tutor LW000 
UAE Ctrl 300 


French unveil rescue package for Credit Lyonnais 

By Alice Rawsthom and David Buchan vatisation, said the package should of its 32^61 staff outside France. Credit Lamy, chief of staff to EU president Jac- (evade citea the bank's investment 

In Pam nnoWn fkn nvAim In Kiwilr rmnn T >a a — nA 11 1..^ T7T\_/inl rv_». « _ .. i_ « ■ ■ « . ..... 


By Alice Rawsthom and David Buchan 
In Paris 

The French government yesterday 
unveiled details of its long-awaited res- 
cue package for Credit Lyonnais, the 
troubled state-controlled bank. It 
includes a FFr4 -9bn ($850m) capital 
ejection and the transfer of FFr40bn of 
bad debts Into a new company partly 
guaranteed by the state. 

Mr Jean Peyrelevade, who last 
autumn was drafted In as chan-man to 
orchestrate Credit Lyonnais' restructur- 
ing and eventually to prepare it for pri- 


vatisation, said the package should 
enable the group almost to break even 
this year after reporting a devastating 
FFr6 .9b n net loss for 1993. 

The chief cause of the bank's problems 
is the aggressive strategy on loans and 
intematiunal acquisitions pursued by 
Mr Jean- Yves Haberer, its chairman 
from 1988 to 1993, which has left it 
heavily exposed to the recession. 

Mr Peyrelevade also announced plans 
for radical cost cutting which will 
involve shedding 10 per cent of the 
group's 38, 449-strong French workforce 
over the next three years and 4 per cent 


of its 32,861 staff outside France, credit 
Lyonnais is to sell at least FFriMbn of 
assets by the end of next year and 
intends to raise additional capital by 
staging a share issue later this year. Mr 
Peyrelevade said his “central objective” 
was to improve the bank's international 
credit rating. 

Observers last night seemed confident 
that the new deal should be sufficient to 
stabilise the bank's finances. 

The state aid for Credit Lyonnais has 
to be vetted by the European Commis- 
sion in Brussels, where it was 
announced yesterday that Mr Pascal 


Lamy, chief of staff to EU president Jac- 
ques Delors. would shortly be joining 
Credit Lyonnais. 

Mr Peyrelevade said be did not think 
he was being ‘‘exaggeratedly pessimis- 
tic" about the bank's current situation. 
Over and above the FFr40bn in non-per- 
forming property loans now to be under- 
written by the state. Credit Lyonnais 
said it would continue to shoulder a 
further FFrlObn of doubtful property 
loans, mostly in France, but 43 per cent 
of these were now covered by provi- 
sions. 

Among other “weaknesses", Mr Peyre- 


levade citea the bank's investment in 
the MCM film studio. 

The group leli into the red for the 
third time in' its history with a 
FFrl.SSbn iutf.s m 1992. (t fared even 
worse in 1993 as the recession deepened 
and Mr Pevreievude decided to clean up 
its balance sheet by making FFrl7.Sbn or 
operating provisions, against FFrl4.4bn 
in 1992. with an additional FFr.7.9bn wri- 
tedown on its ill fated investment in the 
film industry . 

Bank's new action man. Page 17 
Thomson CSF warning. Page 20 


Political turmoil after assassination of ruling PRI party candidate Colosio 

Share and 
bond 
prices 
badly hit 


Mexico in crisis over shooting 


By Damian Fraser in Mexico City 
and Stephen Fkfler in London 

Mexico has been thrown into 
political turmoil by the assassina- 
tion of Mr Luis Donaldo Colosio. 
the presidential candidate of the 
ruling Institutional Revolution- 
ary party (PRI). 

Mr Colosio was shot in the 
hand and chest late on Wednes- 
day in the border city of Tijuana. 
The police have arrested at least 
one suspect, but the motive for 
the attack not known. 

The PRI, or more likely in prac- 
tice President Carlos Salinas, will 
now have to select a new presi- 
dential candidate for this 
August's election. The process of 
choosing one may exacerbate an 
already tense situation. 

Despite the closure of Mexico's 
finanrifll mar kets yesterday, the 
price of Mexican shares and 
bonds fell sharply in trading in 
London and New York, although 
they recovered from their lows. . 
New York analysts said prices of 
New York-quoted Mexican shares 
suggested a tell of 4 to 5 per cent 
in the Mexican stock market 
Under Mexico's constitution, 
officials are not allowed to run 
for the presidency if they have 
held government office in the six 
months before the elections. This 
means that unless the constitu- 
tion is changed, no member of 
the current cabinet would be able 
to run. 

This would leave Mr Manuel 
Camacho, the peace envoy to the 
troubled southern state of Chia- 
pas, and Mr Ernesto Zedillo, for- 
mer education minister and Mr 
Col osio’s campaign manager, as 
the two front-runners. But Mr 
Camacho has made serious ene- 
mies in the FRL and his candi- 
dacy might split the party. Mr 
Zedillo is considered politically 
inexperienced and may not be 
able to ta ke the lead in the cur- 
rent political climate. 

Dr Tgnacio Burgos, professor 
emeritus of law at the National 
Autonomous University of 
Mexico, says the government, 
with the support of at least one 
opposition party, could muster 



Tears for a lost leader. A woman breaks down in Tijuana, Mexico, following the shooting of Luis Donaldo Colosio, above. 


Pictures: Raid and AP 


enough support to change the 
constitution in 10 to 15 days. 
That would enable Mr Pedro 
Aspe, the finance minister, and 
other cabinet ministers to run. 

Mexico’s ruling party has been 
in power for 65 years, and Mr 
Colosio was the favourite to win 
this August’s elections. A former 
social development minister and 
president of the PRI, Mr Colosio 
represented continuity with the 
economic and political policies of 
Pr eside nt Carlos Salinas. 

Whoever replaces him will find 
a very different political land- 
scape. The new candidate will be 
weakened by being the party’s 
second choice, and will have just 
five months to set up his cam- 
paign. New democratic reforms, 
passed by congress on Wednes- 
day night, go a long way in let- 


ting the opposition compete an 
equal terms with the PRI, mak- 
ing elections potentially the most 
competitive in the nation's his- 
tory. On the other hand the 
threat of serious instability and 
the sympathy felt for the PRI 
after Mr Colosio’s assassination 
may lead to an increase in sup- 
port for the ruling party. 

Mr Salinas appealed to Mexi- 
cans for calm and unity, and 
appeared to rule out the possibil- 
ity of a state of emergency. 

However, the assassination of 
Mr Colosio comes in a period of 
unusual political instability in 
Mexico, and the possibility of a 
conservative backlash was being 
aired yesterday. 

Mexico’s economy has also 
been vulnerable in recent weeks, 
with the peso having depreciated 


sharply against the dollar as the 
government sought to boost stag- 
nant economic growth. 

According to Tijuana police, 
the suspect, Mario Aburto Marti- 
nez, 23, said he was a pacifist and 
claimed he had written several 
books on the subject. Police said 
he had fired twice using a .38 
pistol, but they have not linked 
him to any group. 


MEXICAN CRISIS 
Page 8 

■ Leader short of vision 

■ Heavy risk of instability 

■ Mexico's turbulent months 


Editorial Comment Page 17 


By Our Markets 
and Foreign Staff 

lnternatioual stock and bond 
prices fell sharply yesterday, 
shaken by the assassination of 
Mr Luis Donaldo Colosio. 
Mexico's leading presidential 
candidate and by renewed wor- 
ries over the rise in US Interest 
rates. 

The Dow Jones industrial aver- 
age was 55.57 points down at 
3,813.89 in early afternoon trad- 
ing. The falling market earlier 
triggered the New York Stock 
Exchange’s “uptick rule”, which 
restricts computerised trading in 
periods of volatility. 

Moves by some of the largest 
US banks to raise their prime 
rates on Wednesday, in response 
to the Federal Reserve's latest 
credit tightening the day before, 
contributed to the bearish mood. 

The assassination prompted a 
sharp fall In Mexican bonds in 
New York and London, pulling 
down other Latin American debt 
markets in their wake. 

Mexico's 30-year benchmark 
“Brady bond'*, issued as part of 
the country’s 1990 debt restruct- 
uring, dropped to 69V4 from 73, 
but bounced off its 66% low. said 
Mr Denis Loubignac, a trader at 
Paribas Capital Markets in Lon- 
don. The Mexican benchmark 


Continued on Page 18 
German M3. Page 2; Government 
bonds. Page 24; World stock mar- 
kets. Second section 


Allied-Lyons to pay £739m 
for control of Pedro Domecq 


By Tony Jackson 

Allied-Lyons, the UK drinks and 
food group, is to pay £739m 
($1.08 bn) for control of Pedro 
Domecq group, the Spanish 
drinks producer. 

Allied said yesterday the deal 
would make it the world's second 
largest spirits producer, with 13 
of the top 100 spirits brands. 

Allied will finance the pur- 
chase with a £65 lm rights issue. 
It forecast its pre-tax profits in 
the year to March 1994 at £604m, 
or £630m before exceptionals, 
compared to £620m before excep- 
tional the year before. 

Allied said it would change its 
name to Allied Domecq, thus 
dropping the name of J. Lyons - 
once famous in the UK for its 
teashops - which Allied acquired 
in 1978. The top management of 
the family -owned Domecq will 
stay with the company. It is 
expected that Mr Ramdn Mora-Fi- 
gueroa, Domecq ’s chief executive, 
will join Allied's board, although 


Allied refused to comment. 

Domecq, best known in the UK 
for sherry brands such as La £na, 
made 50 per cent of its profits 
last year from Mexico, where it 
owns Presidente, largest-selling 
brandy in the world. Allied will 
also take over Sauza. Mexico's 
second largest tequila brand. Mr 
Tony Hales, Allied's chief execu- 
tive, said: “The Domecq brands 


Background Page 28 

Ecfitorial Comment — Page 17 
Lex Page 18 

are a real gateway for us in Latin 
America." 

In a complex deal Allied, which 
already owns 32 per cent of 
Domecq, will buy out the 500- 
strong Domecq family, whose 
members want to realise their 
holdings. Mr Mora-Figueroa, who 
belongs to the family, will protect 
its position by retaining a 27 per 
cent holding in Domecq, with the 
Option to sell to Allied over the 


next six years. Allied said he was 
not expected to seU within the 
first year. Mr Mora-Figueroa said 
“hopefully” Allied would 
eventually own 100 per cent 

Mr Michael Jack am an. Allied's 
chairman, said the deal would 
concentrate the group’s focus on 
drinks and retailing. Allied also 
has food manufacturing interests, 
and in 1992 merged its UK brew- 
ing interests into a joint venture 
with Carlsberg of Denmark. 

Allied said its sales of spirits 
would almost double from 23m 
cases to 45m a year. Based on 
volume sales of the world's top 
100 spirits brands, this put it sec- 
ond to Grand Metropolitan, of the 
UK and ahead of Guinness. 

Allied said the purchase price 
for Domecq, which made just 
under Ptas20bn (Sl38m) before 
tax and restructuring costs last 
year, represented 152 times last 
year’s earnings. Allied’s share 
price fell 7 per cent to 56lp. Ana- 
lysts said the rights issue had 
been unexpected. 


EuopWlNMS Z-4 

warwonai News 8,7 


S 

Wodd Tiado Now _ 

5 




14 




18 





17 




12 




14 




15 

MaGukto 



CONTENTS 


Crossword . 


.30 


UK 

(rtL Cop Mkb _ 
ML Conpanss . 


Coromodba. 

FTActuanes- 


_ 25-28 

M 

_ 20-23 


-30 


FT Wortd AOuanec <2 

Foreign btflsyB . ■■■■■■ 38 

GddMatots 30 

EqpjsyOpaorB 42 

kg. Bond Service _.24 

Managed Funds 34-38 

Money Markets 38 

Recent issues 42 

Share mtain a tt n 3233 


TradTonal Opoons 42 

London SE 31 

WNSnet 39-12 

Bouses 39,42 


■ IngenuHy; FT Ftenew 
of Engtaering 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


Omega Constellation. 
Self-winding dhronnmerer 
in 1 8 k gold. 

Swiss made since 1848 . 



Q 

OMEGA 

The sign of excellence 


ij. THfc FINANCIAL TIMES LIMITED 1994 No 32,326 Week No 12 


LONDON - PARIS - FRANKFURT • NEW YORK - TOKYO 






3 

4 pm 


IRK 

«* 

i7>a 

29*8 

67*, 

72l* 

5 


& 


Sfi. 

1JJ* 

15 s ! 

35 

Kh 

ill 4 

Vfia 

15 

« 

35 

»*. 

16 
21 J, 
66 1 * 
rJj 

2 * 1 . 

SBU 

3J 


«j> 

™-8 

26 

'S 1 ! 

t»3 


25 >« 
M T J 

aw 

2 % 

3 

aw 

29W 

=S 

iow 

Z7W 

40* 

X>1* 


Z7W 

92 

«l, 

12W 

B>« 

»»!? 

J-j 

aw 

ID 1 ! 

H 

ttfia 

2iW 

31 

aW 

2i i| 

28 

w l « 

40W 

36*8 

Ml; 

9-8 


25W 

65 

2% 

100>< 

icW 

32W 

9>; 

S8J, 

6! 


3ZK 

45W 

«S»; 

1-1- 

W. 

lift 


3 

514 

Sl*t 

Vh 

so 1 . 

w ? 

*94 

iaf. 

XU. 

1 

1 

14* 

21* 

2.’l 

50 1 

ID» 

43> 

51? 

a-' 


571 

95> 

B- 1 

37 

2 at 

31 

*8 

•Sr 


•via? 


FINANCIAL TIMES FRIDAY MARCH 25 1994 


NEWS: EUROPE 


Gillette 

rejects 

rescue 

offer 


By David White in Madrid 


Gillette, the US consumer 
products group at the centre of 
a row over plans to transfer 
production from Spain, yester- 
day insisted it would go ahead 
with plans to close the Spanish 
factory. 

The Socialist regional gov- 
ernment of Andalucia. said it 
bad offered to finance the 
investment required to main- 
tain the razor-blade plant at 
Alcala de Guadaira near 
Seville, but the US company 
had refused the offer. 

Mr Francisco Oliva, chief 
regional employment official, 
said the Andalucian authori- 
ties would ask the European 
Commission to investigate Gil- 
lette's plan to move production 
to plants in Berlin and Isle- 
worth. west London. 

After separate meetings yes- 
terday with Gillette manage- 
ment and employees at the fac- 
tory. be said the company was 
under an obligation to try to 
reach an agreement with its 
workforce and if it failed to do 
so might be liable to 
penalties. 

Spanish officials claim that 
the Spanish subsidiary, which 
made a pre-tax profit of 
PtaTWm (Slum) last year, does 
not meet the legal criteria in 
Spain for justifying collective 
redundancy. 

No further meetings between 
the company and local 
authorities have been sched- 
uled. 

The Boston-based group said 
its decision to close the Span- 
ish operation, which employs 
just under 250, was part of a 
plan announced earlier this 
year to reduce excess manufac- 
turing capacity, which was the 
result of improved manufactur- 
ing facilities. The restructuring 
is due to affect 2.000 jobs 
worldwide, mostly outside the 
US. 

The UR and German plants 
bad been “integrated into facil- 
ity upgrading”, but the Span- 
ish plant had older technology 
and was still geared to making 
fixed-head blades. 

•‘Berlin and Isleworth can 
take care of western Europe 
very nicely.” a Gillette spokes- 
man said. 

The company denied it was 
engaged in “social dumping” 
by shipping production to Rus- 
sia. Poland and China, where 
wages were much lower. Its 
ventures in these countries 
were unconnected with the 
European market 


Bonn and 
Paris 
plan EU 
ostpolitik 


By Quentin Pod 


Germany and France will 
launch a joint initiative to 
develop a common European 
“ostpolitik” during their con- 
secutive presidencies of the 
European Union in 1994 and 
1995, Mr Klaus Kinkel. German 
foreign minister, said last 
night 

The two governments have 
agreed to coordinate their EU 
policies for the year from July 
l, and the strategy towards 
central and eastern Europe is 
top of the German agenda. 

Mr Kinkel spelt out details in 
an important statement of 
Bonn's European strategy to 
the French institute for inter- 
national relations in Paris. 

His five-point programme for 
an EU ostpolitik would put 
opening of the west European 
market as its highest priority, 
combined with maximum 
involvement of the associated 
states in central and eastern 
Europe in the EU’s common 
foreign and security policy. 

While he spelt out support 
for Russia as a key element of 
any policy, he stressed the 
need for a coherent EU policy 
towards Ukraine, including 
efforts to defuse tension 
between Kiev and Moscow. 

“The economic crisis [in 
Ukraine} and the tensions with 
Russia affect us directly,” he 
said. “They could have far- 
reaching consequences. . . We 
must act together to ensure 
Ukraine is brought rapidly 
within our European co-opera- 
tion system." 

He called at the same time 
for a “coherent" EU policy 
towards the Baltic republics, 
intended to “draw these coun- 
tries ever closer to the Union”. 
Russian troops most be with- 
drawn on time, he added. 

He also outlined an initiative 
with Mr Alain Juppe, the 
French foreign minister, to 
launch a “Europe-wide Mar- 
shall Plan of the mind” for 
eastern Europe, to promote all 
forms of srientlfir and univer- 
sity exchanges, bringing thou- 
sands of students and scien- 
tists into west European 
universities, and sending west- 
ern teachers to the east 

The two nations will also 
press to make the Maastricht 
treaty a reality, for more ener- 
getic promotion of a European 
security policy as a pillar of 
the Atlantic alliance; and for 
an active Mediterranean pol- 
icy, to promote development in 
the Maghreb region. 


Bundesbank discounts money supply figures 


By Quentin Peel in Bonn and 
David Waller in Frankfurt 


German money simply grew at 
17.6 per cent a year in Febru- 
ary, a slight reduction on the 
21.2 per cent rate in January, 
but still far above the Bundes- 
bank’s +6 per cent target. 

The figure, for the broad M3 
measure of money supply 
including time and savings 
deposits, was immediately dis- 
counted by the central bank as 
a continuing reflection of the 
extraordinary growth in 
December and January, exag- 
gerated when calculated on an 
annual basis. 

For the first time the bank 
published a figure for the 
growth in money supply com- 


pared with the previous quar- 
ter, which it put at 4.1 per cent 
for February, according to pre- 
liminary calculations. 

There was general confi- 
dence in the financial markets 
that the high money supply fig- 
ures, expected to remain in 
double figures for some 
months, would not divert 
the Bundesbank from its strat- 
egy of gradual interest rate 
cuts. 

Some analysts warned, how- 
ever. that the special factors 
which caused December's fig- 
ure to rise by 8.1 per cent, 
before the January record, are 
still having a big effect on M3; 
they include a surge in house 
buying and building, and the 
refusal of traditional bond 


investors to return to that mar- 
ket from short-term deposit 
accounts. 

The Bundesbank pointed out 
that bank credit to enterprises 
and individuals actually 
declined - new loans totalled 
DM9. 9bn ($5.62ba> in the 
month compared with 
DMi2.8bn a year earlier, 
although total lending rose in 
the past six months at a sea- 
sonally adjusted 10 per cent 
annualised rate. 

Bank credit to the public sec- 
tor increased rapidly, by 
DM6.7bn, and public authority 
deposits with the Bundesbank 
declined by a further DML5bn, 
showing that the deficit financ- 
ing of the public sector contin- 
ues to have a strong expan- 


sionary effect on money sup- 

piy- 

The most important actors 
distorting money supply in 
December were massive repa- 
triation of capital from outside 
Ger man y, because of the aboli- 
tion of tax benefits for accrued 
interest fluids in neighbouring 
Luxembourg; and a surge in 
borrowing for house purchases, 
with the imminent expiry of 
special tax allowances for buy- 
ing old properties. 

What happened in January 
was that the repatriated funds 
failed to return to the bond 
markets, as expected, because 
of turbulent conditions and a 
turn upwards in long-term 
interest rates. The money 
remained in relatively 


short-term deposit accounts 
and financial instruments. 

Nor has house-purchasing 
activity declined significantly, 
because the expectation that 
the steady decline in interest 
rates is coming to an end has 
encouraged more borrowers to 
take out mortgages. 

Opinion among analysts is 
divided between those who 
believe the distortions in the 
M3 figures make them largely 
irrelevant, and those who 
believe they point to long-term 
inflationary potential. 

“The number was better 
r-han some had feared,” said Mr 
Julian Jessop oF Midland 
Global Markets Research, “but 
it doesn't matter what M3 does, 
neither for German monetary 


policy, nor for the market The 
real issue is inflation, and that 
is likely to turn out at 3.1 per 
cent for this month, and could. - 
be below 3 per cent in April ! 
This means the Bundesbank 
could cut its rates when the 
policy-making council meets 
on April 28, 

• The Book of France yester% . 
day cut its key intervention 
rate by 0.1 percentage point to..-: 
6 per cent, writes Alice Raw- 
stbom. 

The reduction, following;. 
Wednesday's cut in the Ger- 
man repo rate, reflected the 
Bank or France’s eagerness to ■ 
keep pace with the Germans,' 
but its modest scale illustrated 
(he bank’s concern about the 
weakness of the franc. 


■i 

£":"i X 




;.-K 


Cash merry-go-round puts M3 in a spin 

W *v.- uoarc fko mimher whtnh Sticks to itS oositioj 




Why is Germany's money supply 
sky high? It's mostly a question of 
avoiding tax, writes David Waller 


Germany 

Selected securities transactions with Liscembotag (net purchases DMtxi) 


(25 


B uilt of glass and steel, 
the Deutsche Bank 
headquarters on the out- 
skirts of Luxembourg looks 
more like a cross between an 
art gallery and a high-security 
prison than a branch of Ger- 
many's biggest bank. 

Enter the imposing building 
and the customer is confronted 
with a 9.2 metre-high sculpture 
which would not be out of 
place on the set of Jurassic 
Park, the Spielberg dinosaur 
movie. The walls are hung 
with garish paintings and 
there is not a cash-dispenser in 
sight. 

Although lacking the facili- 
ties of a normal bank branch, 
this is the biggest credit insti- 
tute in the Grand Duchy, a 
temple of mammon built in 
tribute to the colossal sums of 
money which slosh backwards 
and forwards between Ger- 
many and its tiny neighbour. 

The sloshing has become 
more pronounced in recent 
months, generating huge prof- 
its for the German banks 
(Deutsche Bank Luxembourg 
last week announced a 51 per 
cent increase in earnings) and 
helping to trigger the explosive 
growth in German money sup- 
ply in January and February. 

Over the last three years at 
least DM300bn ($170bn) has 
been parked by Germans in off- 
shore accounts. The money has 
gone primarily to the Grand 
Duchy, says Mr Peter Pietsch, 
an economist at Commerzbank 
in Frankfurt, although Switzer- 
land. Austria and the Channel 
Islands have also benefited 
from the cash exodus. 

Much of it has found its way 


to Luxembourg in the form of 
banknotes stuffed into suit- 
cases and carrier bags, 
unloaded over the counter and 
booked into discreet numbered 
accounts at any one of the 
Grand Duchy's 218 banks. But 
there is no need to make the 
drive down the Mosei valley, 
banknotes stashed in the boot 
- simply pay a visit to any 
hank branch in Cermany and 
the customer is inundated with 
suggestions as to how money 
can be transferred at the Dick 
of a computer switch. 

Underlining the symbiotic 
links between Luxembourg 
and Germany, most of the cash 
has then flowed back into the 
German capital markets, 
invested by the b anks in Ger- 
man government securities on 
their customers’ behalf- It is 
estimated that of the DM230bn 
spent by “foreigners” buying 
bunds last year, nearly 
DM50bn came from Germans 
investing in their home market 
principally via Luxembourg 
funds. This followed an inflow 
of DM46 bn to Germany from 
Luxembourg in 1992. 


100 - 


□ 
German 
Investments In 
Luxembourg 
investment 
fund units 


75 - 



50 


Inflow ot funds 
to Luxembourg 
investment 
funds of 
German origin 


25 



1001 


1982 


Jan-Nov 1993 


Source: F«ian* Assoctetion o» German investment Companies; Bundesbank 


T he catalyst to the capi- 
tal movement is tax. For 
five years the German 
government has been strug- 
gling to find a way to tax inter- 
est earned on savings. Whilst 
the Finance Ministry has 
experimented with one form of 
tax after another, Germans 
have voted with their wallets - 
transferring their savings 
across the border to Luxem- 
bourg where there is no tax on 
interest income. 

Although there is nothing 


illegal about transferring cash 
to Luxembourg, so long as the 
income is later declared in tax 
returns, the German tax 
authorities are convinced that 
the big h anks have been help- 
ing their customers to evade 
rather than merely avoid tax 
commitments. 

Hence the spectacular raids 
on Dresdner R ank branches in 
Frankfurt and DQsseldorf in 
January, when 40 tax officials 
confiscated documents and 
opened up the postbag between 
head office in Germany and 
the bank's branch in Luxem- 
bourg. The authorities alleged 
that the bank was systemati- 
cally helping its customers 
shovel cash across to Luxem- 
bourg in order to evade tax: an 
incensed Dresdner has denied 
any impropriety and is plan- 
ning to take its case to the 
Federal Constitutional Court in 
Karlsruhe. 

Ironically enough, this court 
has already played a mqjor role 
in stimulating capital flight. 


On June 27 1991 it ruled that 
the government must re-intro- 
duce a tax on interest income, 
having dropped a previous levy 
because of its disastrous 
impact on the German capital 
market 

The government's response 
was the so-called Zmsabschlag- 
steuer (ZAST). a 30 per cent 
tax on interest income which is 
deducted at source by banks 
when they credit the interest 
to bund holders. This came 
into effect at the beginning of 
last year. 

Despite sharply increased 
thresholds for tax-free interest 
private savers reacted with 
what the Bundesbank 
described as “fairly massive 
evasive reactions and round- 
about transactions via neigh- 
bouring financial centres”. 

The natural vehicle for such 
transactions were Luxembourg 
funds. The number of such 
funds managed by German 
institutions rose from 32 to 168 
between 1991 and 1993. Over 


the past five years the number 
of German banks represented 
in the Grand Duchy rose from 
40 to 63. 

The roundabout continued in 
the latter months of last year 
when Germans repatriated at 
least DM25bn out of Luxem- 
bourg back to Germany. This 
reversal of the usual pattern 
reflected a change In the tas 
law affecting rolled-up interest 
The flow of funds back to Ger- 
many was a key reason behind 
the surge in M3 money supply 
in December to February 
which has in turn made it 
harder for the Bundesbank to 
cut interest rates despite 
sharply falling inflation. 

If the Luxembourg connec- 
tion has dealt a knock to the 
Bundesbank's credibility, the 
German government has suf- 
fered a more tangible blow: to 
its tax revenues. The ZAST has 
proved a disappointing source 
of income at a time when every 
penny of tax is helpful to plug 
a yawning budget deficit. Total 
income from the tax last year 
was DMllbn - far below the 
projected DM24bn. 


which sticks to its position ' 
that it will use the German 
presidency of the European 
Union in the second half of the 
year to try to harmonise tax ah 
interest income throughout the . 
EU. Such an agreement would 
eliminate the catalyst to capi- 
tal flows within the EU, but 
Luxembourg may be difficult 
to bring into line. 

“There is no point in reach- 
ing agreement just within the 
EU,” says a senior Luxem- 
bourg official. "The money 
would just go to Switzerland or 
Austria.” Luxembourg sticks 
to its position that it wants tax . 
harmonisation within all 
OECD countries. This laudable 
goal is unlikely to be realised 
for decades, if ever, ensuring 
that the money roundabout 
will continue to revolve. 


d » 


> a 


I 


j ., s. 


B ut Mr Thomas Mayer, 
international economist 
at Goldman Sachs in 
Frankfurt, says the ZAST was 
deliberately designed to be less 
than wholly effective. “There 
has been a silent collusion 
between the state and the 
investor,” he claims. If the tax 
had been watertight, Germans 
masquerading as foreign inves- 
tors would not have bought 
bunds in such huge quantities 
last year. Their purchases 
drove capital market interest 
rate to historic lows in 1993. 
helping the state to finance its 
deficit more cheaply than if the 
money had gone elsewhere. 

Such a suggestion elicits no 
more than a harrumph from 
the Bonn Finance Ministry, 


THE FINANCIAL TIMES 
fttbiistai by The Fioanoa! Tana { 

GmbH. Nibdaa^npbu 3 . 60 ? IS Fi . 

an Mam. Gcnrony. Tdepfawe *+49 0 15fr 
850. Fax *+** 506*451. Tefcx 416193. 

{UnKwnta! » Kraokfint by J. Wader Bond, 
Wilhelm J. BrtswO, Colin A. Kcwrd at 
GcschiR Juhrcr and in London by Darfd 
G.M. BeU and Aba C. Mdfef. PrntfET. DVM 
Druck-Vcrtrteb and Marketing GmbH. 
Admiral -Rosendah I- Siraue 3a. 63261 
Neu-lscnburE (turned by Harried 
lalcnnuoaai). 

RrtponsJWe Editor Richard Lambert, do The 
Financial Tines Limited, 
Number One Southwark Bridge. Loadon SEl 
<JKL OK. SttrcMJcn of*: Fmaadal 7*oa 
(Europe) GmbH arc: The Financial Han 


rr'm 


I Europe) Ltd. London and_F.T. (GcmjMjr 


Advertising) Ltd. London. Stedwider of 
above meutiuned twu companies te Tbm.. 
Financial Tinea Limned, Number Quo 
Southwark Bridge. London SE1 9HL The 
Company is in cor p orate! under (be fans 0 f 
England and Wales. Chairman: D.C.M. BeL . 


FRANCE . . i 

Puhfishajff Musclar D Good. 168 Hue dc 
Rm& F-7SM4 Pans Cedes 01. TdepbonetOU 
4297-U62I. Fax (01) 4374M9. Prater SA. 
Non) Eclair. IS21 Rne de Cam. F-J9M0 
Rental* Codex I. Editor Rkfaan) Lambert. 
CSSN: ISSN 1145-2753 CmmnbBou PariWr. 
No 678BD. 


DENMARK 

Financial Tone* t Scandinavia) Lid. Vmudv 
dolled HA. DK-1 161 Copenhagen VC Tde- 
phJU 33 13 44 41. Fa* 33 93 53 35. 


REPUBLIC OF LEBANON 


COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
MINISTRY OF HYDRAULIC AND ELECTRIC RESOURCES 


INVITATION TO BID 


The Lebanese Government, represented by the Ministry of Hydraulic and Electric Resources and the 
Council for Development and Reconstruction (CDR). is launching an international tender for the 
supply and the construction of the electrical line of Dbaveh pumping station from the power 
generation plant of Zouk. 

This supply will comprise two 66 KV buried electric power lines (3 x 300 ram 2 , 15 MVA each) on an 
approx i male length of 4100m and all relative works including connection equipments. 

Suppliers will have to deliver a fully fitted and ready for use supply within a maximum duration of 39 
weeks. 

Financing is available from the Italian Government for Italian contractors. Non- Italian contractors are 
also invited to participate to the tender on the condition that their offer be linked to a financing 
proposal. 

Tender Documents will be available at the CDR office at the cost of USS 500 (Five Hundred US 
Dollars) as from Thursday, 24 March 1994 at the following address: 

Council for Development & Reconstruction 
Tallet El-Seray - PO Box 116-5351 
Beirut - Lebanon 

Deadline for reluming the duly completed document with all requested justifications is 12:00 noon 
( Beirut Local Time) on Thursday. 26 May 1994. 


TAKE PRECISE AIM 


By PLACING YOUf 


RECRUITMENT 


ADVERTISEMENT J.Y THE 

Financlal Times you 



TARGET 


ARE REACHING THE 


W ORLD S H U SIXES S’ 




BEST 


COMMUNITY. 


For in formation on advertising in this section please call: 

Philip Wrigley ..on .071^873 3351 

Andrew Skarzynski .on ........ „071-873 4054 

Gareth Tones . on ' - 071-873 3779 


REPUBLIC OF LEBANON 

COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
MINISTRY OF TRANSPORTATION 

INVITATION TO BID 


The Lebanese Government, represented by the Ministry of Transportation and the Council for 
Development and Reconstruction (CDR), is launching an international tender for the supply of buses. 

The tender will comprise 140, 7.5 to 9 meter long buses, with a capacity of 40 passengers., of which 
20 seated, for the urban public transport (mainly Beirut). 

Suppliers will have to deliver the 140 buses fully fitted and ready for use in several equivalent lots 
spread on a maximum duration of 18 months. 

Financing is available from the Italian Government for Italian suppliers. Non-Italian suppliers are 
also invited to participate to the tender on the condition that their offer be linked to a financing 
proposal. 

Tender Documents will be available at the CDR office at the cost of US$ 2000 (Two Thousand 
US Dollars) as from Thursday, 24 March 1994 at the following address: 

Council for Development & Reconstruction 
Tallet El-Seray - PO Box 116-5351 
Beirut - Lebanon 


Deadline for returning the duly completed document with all requested justifications is 12:00 noon 
(Beirut Local Time) on Thursday, 26 May 1994. 


i 





The Financial Times reaches more senior 
business decision makers on Corporate Finance Services than any 
other European Publication*. 


If you wish to reach this influential audience by advertising in the 
Survey please contact: 

Hannah Pursall 

(LONDON) 

Tel: 071 8734167 
Fax: 071873-3078 


Tim Hart 

(NEW YORK) 

Tel: (212) 752 4500 
Fax: (212) 319 0704 


Sarah Pakenham-Waish 

(HONG KONG) 

Tel: (852) 868 2863 
Fax: (852) 537 1211 


FT Surveys 


-amrBBBS IW 




eu «»rT.'v 


l*rini -| r 

ti.ii' i ,iV ' ’ 1 ‘ '. > 


"mil' 5 ... . 
T!i' 


•• !•' 1 


Stilt . 

Ik.lt- 

■vg'i-' . 

c!ii|V -s - ' . 
liu--"' . 
nr: ■ V .. 
EU 


F jV H 


■j r, i. . ■■■ 

CN. 

t'lfil* 1 "' 

wiiri'-t* " 

|;ui f ' : .’’ 

rfi-' l ; - •" 
k,« •' : ! -’ 


BrJiu* 


Til.-."' 1 • 

.Mil 

i<! *•!-•-• :i • 
ijiir’i" : 

•• 

II* -r? 

list**' :< 

.l.-IlH!*! - . 
It- 


/ 


Russu 


Mr 

.■vr. '■» ■■ 
imi-: v 
-, iii | '!• : • 
I'm. ni' : 

' 

il:.ii *•>•' '■ 
'.‘Illi’V ■' • 
iMlIiU- . 

<ll l.l' ■ ' 
W-'.'n :• •• 
rijr.-.- 

Or, l . • 


I Pori;;-; 


\ ii.-i- 
■tiiif 
,• . • 

ju\ t ■■ ' . 
;i Vli'.-.i ••■■■. 
L'l-'ln. i ti ■ 


ECOliOV:.. 




Sweden: fujj GD? 

Aronj: . 





i. 


f in. 
















FINANCIAL 


FRIDAY MARCH 25 1994 




EUROPEAN NEWS DIGEST 


EU to tighten 
ship standards 

EU environment pod transport mhaisters yesterday backed in 
principle a European Commission plan to tighten up Inspec- 
tion procedures for sub-standard ships, as part of the effort to 
reduce the high rate of accidents in EU waters. Ministers also 
agreed that member states should detain in port unsafe ships 
"until all major deficiencies hare been rectified” 

The Commission underlined that the use of ships more than 
IS years old had doubled over the past four years. But the EU 
still cannot decide whether to restrict shipping from waters 
near environmentally sensitive areas, or on a civil liaMHly 
regime for owners of hazardous cargos using substandard 
shipping. Traditionally, EU states have acted individually 
through the International Mari time Organisation. But follow- 
ing a spate of ofl. tanker disasters pressure has built up for the 
EU to police European waters more vigorously. David Gard- 
ner. Brussels. 

French protesters defy warning 

Thousands of demonstrators defied government warnings of 
heavy punishment and took to the streets in France again 
yesterday to protest against legislation reducing youth wages. 
Demonstrations in Calais, Saint Etienne, Valence, Lyons, 
Grenoble, Annecy, Chambdry and Nantes took place in spite of 
warnings that individuals could be jailed for up to seven years 
and fined up to FFr7C0b00 (£80,000) each if the marches led to 
disorder. The demonstrators want the government to repeal a 
law that allows employers to pay people under 25 between 30 
and 80 per cent of the legal minimum wage provided they 
receive on-the-job training. Reuter, Lyons. 

Brandenburg faces early poll 

The east German state of Brandenburg yesterday looked set to 
call an early election in June after its g ov e rnin g coalition 
broke up In dispute over state premier Manfred Stolpe's rote 
during the communist era. The state legislature called a spe- 
cial session far April 13 to vote on putting forward the elec- 
tion, originally planned for September but now likely on June 
12, the same day as the European parliament elections. Bran- 
denburg is the fourth of the five eastern German states to see 
its government stumble since German unification in 1990, 
Renter, Potsdam. 

Russian mini ster is promoted 

Mr Alexander Shokbin. the Russian government’s longest- 
serving minister, was yesterday promoted from economy min- 
ister to deputy prime minister in charge of the economy. He 
said after a cabinet meeting yesterday that Russia’s tight 
financial policy would cause a fefi m production of 20 per cent 
this year, and that a mare "moderate” course was necessary. 
Meanwhile, the US television network NBC yesterday reported 
that Mr Boris Yel tsin, the Russian president, had "life-threat- 
ening” cirrhosis of the fiver. The report, based on a security 
source and two former Russian diplomats, is the latest in a 
spate of rumours since the 63-year-old president retired last 
week to the Black Sea resort of Sochi to recuperate from a 
three-week illness. However, his aides repeated-fhat he was in 
good health and would be back to work in a few days after 
resting well John Lloyd, Moscow. 

Portuguese strike over wages 

A wave of strikes and demonstrations disrupted production 
and public services across Portugal yesterday as workers 
called for .increased sodal security payments and pubtio-aectar 
pay. Untoa leaders said yesterday’s protest was a rehearsal for 
a threatened 24-hour general strike. Public sector pay rises axe 
being held at 25 per cent Pieter Wise, Lisbon. 

ECONOMIC WATCH 


Sweden’s GNP recovering 

-- Swedish gross national 
'-SwiKteKyrw^’GUbl^^:'^. product fell by 2.1 per cent in 

1993. This was the third sue- 
•Annual H ch«w». vjL cessive decline, making the 
.'4 — y;:- !; ■ " v recession the longest this cm- 

*7 .... .-- :■£ tury. But an export-led recov- 

3 ~ . isiv'* err- which the government 

• o . t is depentfing on to save it in 

• ■ ■ September’s general election 

V |~~ w | B lBi la y— ■**•- - got under way in the latter 

• ' I -II llllll part of the year, with GNP 

'O’- rising by 0.4 per cent in the 

• • • • •' T V ■«' last quarter. Nordbanken pro 

-•*1 . m dieted GNP would grow by 2L5 

'; 2 per cent this year and by 3^ 

I ,. . .. per cart next year. However, 

iJM the domestic economy, birr- ! 

. 19BQ82 w--£B ^ a huge budget defir 

Oouwccwammam . ‘ • cit, continues to lag, with 

household incomes falling by a record 9 l 8 per cent last year 
and emplo yment by 5.6 per emit. Nordbanken forecast a fur- 
ther fell this year in both public and household consumption, 
while unemployment was set to stand at 8 per cent Another 
5^ per cent of the workforce are on government traini ng 
schemes. Hugh Camegy. Stockholm. 

■ Foreign investment in Russia totalled $L9bn in 2993, same 
90 per iwi* of which came in the form of equity participation. 

■ Germany's trade surplus contracted to DM59bn (ftUS bn) in, 
January from DMR5bn a month earlier, while the current 
account deficit rose to DM5.7hn from DMSOOm in December. 

■ Denmark's preliminary unadjusted trade surplus rose to 
DKrt3.01bn (£43bn) in 1993 from DKr3188bn in 3992. 


SWANSEA 

best resol rc i: package for 

BUSINESS 


gf Skilled labour Force 

gf Giants and Loans 

gf Low Overhead Costs 

gf Excellent 
Communications 

gf Quality of life 
gf IBA’s and Enterprise Zone sites still available 


j Q dqqa dark O FACTORIES D Hl-TEC PREMISES I 
I nS?ncKS D WAREHOUSES O MARITIME UNITS 1 



NEWS: EUROPE 


Two cities campaign for soul of Ukraine 

Anger over the first two years of independence will be vented in Sunday’s election, writes Jill Barshay 

A generation ago western ^ v ta -,0,7 . m-, succmsfuih, Rntatwink I \ R«kh. the nationalist-demo- didn’t need to cut all our links 

Ukrainian partisans •• : " fnTA \ = ^takeover y I'] cratic movement which rallied and start all these troubles 

fought eastern Ukrai- •' ' - \ a kmr. nan** a 1 Hmina fnrm II the nation to split from the with Moscow. Now it’s hard for 


A generation ago western 
Ukrainian partisans 
fought eastern Ukrai- 
nian Soviet soldiers hi forests 
outside of Lviv (formerly the 
Soviet city of Lvov) during the 
second world war. Today they 
are a& citizens of Ukraine. But 
the historical and cultural 
divide between Ukraine’s more 
nationalist west and Russian- 
oriented east are again intensi- 
fying and threatening to sever 
the fragile social fabric of this 
two-year-old nation. 

As the final straight of inde- 
pendent Ukraine’s first parlia- 
mentary elections thin Sunday 
approaches, very different 
debates are shaping up in two 
cities, l*200km apart, of this 
geographical conflict The elec- 
tion's results are likely to 
richer new extremes the 

parliament, now dominated by 
like-minded former commu- 
nists and party bosses who 
have led the country to hyper- 
inflation, a dire energy crisis 
and poverty. 

In Lviv, an Austrian-Haps- 
burg arc hite ct ur al gem 60km 
from tiw Po lish border, nation- 
alism is exploding into radical- 
ism and fascism "Ukraine for 
Ukrainians” other xeno- 
phobic slogans are often heard 
as people, especially the youth, 
are disllhisioned with the eco- 
nomic results the moderate 
democrat-nationalists they 


f POLAND- 


t rm 


BOARDS.: 



FiUSSlA 


UKRAINE 






O Mtea tOO 
0 Km ISO 


once supported have brought 

tham 

In Donetsk, a worn-out coal- 
mining town 60km from the 

Russian border, natinnalium is 
virtually non-existent The peo- 
ple, almost entirely Russian 
speakers and nearly half of 
whom are ethnic Russians, are 
clamouring for a "Union with 
Russia”, by which they m ean 
closer economic ties, and 
autonomy from mismanaged 
Kiev. There is great dirfUmrinn. 
ment with the first two years 
of Ukrainian iud>y<m«towcfl Vn 
which personal fortunes have 
declined instead of improved. 


0,, 1917: Kiev succsssfutiy resists Bolshevik 
takeover 

4&.191& Central & western Ukraine form 
independent Ukrainian state- it becomes the 
principle battleground lor the Russian dvfl war 
Bfe> 1920: Central and eastern Ukraine under 
Soviet ride. Weston Ukraine is part of Poland 
Sk> 1332: Some 7m peasants die in artificial 
famine 

9 ^ 1938: After signing of Mokrtev-Rfcberrtrop 
pact between Nazi Germany and the USSR. 
Soviet armies march into western Ukraine 
(kt 1945: AS Ukraine becomes Soviet republic; in I 
western Ukraine fierce partisan opposition to , 
Russian rtfe is only queled h late 1950s 
1991: National-communist alliance leads 
breakaway from Moscow, contributing to 
break-up of Soviet Union. On December 1, 
more thanQO per cant of Ukrainians vote for 
independence and elect Leonid Kravchuk, a 
former communist Ideologue, president j 


For these two border cities, the 
election Is Less about throwing 
out the old Soviet legacy, but 
is more a battle for Ibe Ukrai- 
nian soul. 

Lviv wants to take over Kiev 
and create a unified nationalis t 
state where everyone speaks 
Ukrainian. Donetsk has given 
up on Kiev and is holding a 
referendum to run their Russif- 
ied region on their own and 
re-establish old ties with 
Moscow. Kiev's procurator has 
called this referendum fflegaL 

A leaked US intelligence 
report has forecast that a vio- 
lent east-west civil war could 


erupt as Ukraine's economy 
continued to collapse. In Lviv 
19 nationalist parties have 
launched such an impressively 
noisy campaign of mass poster- 
ing and television advertise- 
ments that "centrist and com- 
munist voices are barely heard 
or seen", according to an elec- 
tion observer. 

The Social-National Party of 
Ukraine, whose members sport 
blackshirt uniforms and use a 
swastika-like symbol as their 
logo, have successfully placed 
a candidate on the ballot of 
each of Lviv region's 23 elec- 
toral districts. Three years ago, 


Rukh, the nationalist-demo- 
cratic movement which rallied 
the nation to split from the 
Kremlin, was the dominant 
political force. Now Rukh has 
itself splintered into two fac- 
tions due to in-fighting. 

"Rukh has discredited itself. 
They promised that we would 
be like Sweden in two to three 
years. Now we’re worse off 
than before independence and 
people are looking for an alter- 
native,” said 22-year-old Nata- 
lya Balyuk. 

Donetsk is in toe heart of the 
coal and metal rich Don River 
basin. Less than 10 years ago, 
the prosperous Soviet coal min- 
ing and steel region attracted 
hordes of weekend shoppers 
from the neighbouring Russian 
city of Rostov. The choice cuts 
of meat and sausage are now 
gone. Today crammed busloads 
of Donetsk miners travel in the ■ 
opposite direction, working for 
cut, yet rouble, wages in the 
Rostov coal pits. 

It has been a big fell from 
grace for a region that was 
once prized as an industrial 
centrepiece of the old Soviet 
Union. While a majority voted 
for independence in 1991, most 
now regret their decision. 

“We had everything then. 
Where did it all go?” asked 
Yekaterina Solovyova, a Rus- 
sian coal miner's wife (whose 
husband is Ukrainian). "We 


didn't need to cut all our Buka 
and start all these troubles 
with Moscow. Now it's hard for 
me to visit my mother in the 
Urals (In Russia) because toe 
aircraft don’t fly there.” 
Ukraine's energy crisis has 
grounded most flights. 

Like many of her neigh- 
bours, Mis Solovyova plans to 
vote Yes to toe four questions 
on the ballot this Sunday: L 
Should Russian be an official 
language along with Ukrai- 
nian?; 2. Should Ukraine have 
a federal structure, where 
power is decentralised? a. 
Should Russian be used in offi- 
cial documents and in educa- 
tion along with Ukrainian?; 
and 4. Should Ukraine join the 
CIS charter as a frill member 
and become part of toe eco- 
nomic union? 

Language, curiously, comes 
up twice in the questions. It is 
a particularly sensitive point 
in a region where the Ukrai- 
nian lan g ua g e seems foreign. 
In Lviv, Russian may be the 
language of Soviet oppressors. 
But in Donetsk, Russian has 
been their history for the last 
350 years. Mrs Solovyova 
explains: "Why can’t Russian 
be an official language too? 
That's what we speak. You 
know, I used to feel that I 
could be part of Ukraine, but 
now 1 don't feel Ukrainian at 
alL I just feel Soviet” 


I 


Jour customer is 
overflowing with information. 


you 



it to 


power your business? 


Tb generate revenue you need customers. Tb 
generate customers you need information: What 
products and services do your customers want? 
When do your customers want them? How do your 
customers want them? Are your customers receptive 
to new offerings? Are your customers amenable 
to increased sales content? Indeed, who are your 
customers? Unisys is proud to introduce a unique 
and powerful new way to answer these vital busi- 
ness questions: CUSTOMERIZEai- 

When you CUST0MERIZE your organisation, 
you pervade it with a customer focus. Through the 
marriage of information to customer service goals, 
Unisys can help you translate that focus into real- 
world results. Experienced Unisys consultants will 
help conduct a CUST0MERIZE assessment of your 




organisation, evaluating your capacity for under- 
standing customer needs and responding rapidly 
to them. Helping you move information technology 
capabilities to the front line of customer contact, 



« -A* • . 


we’ll enable you to create a significantly more 
effective flow of information between you and your 
customer - and back again. 

The benefits are tangible: enhanced ability to 


win customers, to maximise customer relationships, 
sustain customer loyalty, and tailor market-sensitive 

UNISYS 

We make it happen. 


- /. ■; *' •• . ;$r3r -.v -r - 

-,- ... • V. . .- 

, . .-... ' : '-J. :v ' ' . 

: ;• 7: . “ 

new offerings. Competitiveness is sharpened. And 
revenue goals are brought within reach, fbx 
Graham Roberts on (44) 895 862807 and ask for a 
CUST0MER1ZE Information Pack. Discover how a 
CUST0MERIZED flow of information can yield a 
torrent of competitive advantages for your business. 


msmtEaCE » a Saw* Mart rtdr Un*i Capon!** 











sSS Mft-.tt 2HV.WBN - W-! rt .. r! r! S S 


m-T l-T FRIDAY MARCH 15 I 994_ 



NEWS: EUROPE 


Unpredictable results are likely from an electoral system with conflicting aims, writes Robert^raham 


F or the first time, this Sunday and 
Monday, a European democracy is 
electing a parliament with two 
totally different voting systems based on 
opposite principles of representation. 

Italy is introducing British-style first- 
past-the-post majority voting to elect 75 
per cent of both houses, but has retained 
proportional representation for the rest 
This curious hybrid requires consider- 
able sophistication from the electorate and 
will produce some unpredictable results 
with 15 main parties in the ring. Neverthe- 
less. neither of the two main alliances - 
the Progressives and the Freedom Alliance 
- is likely to win outright. 

On the one hand, the majority vote has 
encouraged the formation of alliances and 
the move towards a bi-polar political sys- 
tem. On the other, proportional represen- 
tation is designed to both reward and pre- 
serve the smaller parties. While the former 
system is intended to produce a clear-cut 
victory of one party or alliance, the latter 
militates against a clear result by seeking 
to create a group of balancing seats in the 
hands of small parties, who will then 
determine which alliance has a majority. 

The inclusion of this proportional bal- 
ance was a deliberate move by the Chris- 
tian Democrats, Socialists and their allies 
who held the majority in the outgoing 
parliament. They believed they would be 
in the centre orchestrating the formation 
of the next government. 

These conflicting electoral principles 
have determined aU parties' strategies. No 
one could afford to fight the election on its 
own. 

First to realise this was the former com- 
munist Party of the Democratic Left 
iPDS). which mobilised an alliance of “pro- 
gressive" parties to contest local elections 
last June and again in November. Back in 
December the PDS-led seven-party alliance 
looked a near certain winner. 

Indeed, media magnate Silvio Berlus- 


Italian election looks set to strain 


ties that bind political alliances 


Senior members of the Italian 

magistrature yesterday sought to reduce 
the political tension caused by 
Wednesday’s removal by police of 
documents on candidates from Mr Silvio 
Berlusconi's Forza Italia headquarters. 
Meeting in special session they said the 
action so close to the elections was “at 
best inopportune", writes Robert Graham. 

Mr Berlusconi was yesterday granted 
a meeting with President Oscar Lnigi 
Scaifaro during which he voiced his 
concent about the behaviour of 
magistrates. The police action had been 


prompted by a request for lists of Forza 
Italia candidates and club members in 
various ports of Italy. It came from a 
magistrate at Pahni near Reggio Calabria 
investigating the links between 
membership of secret masonic lodges 
and organised crime. 

However, It emerged yesterday that 
the request for the information had come 
from a magistrate who was shortly due 
to be posted away from Palmi. It is 
possible that disciplinary action will 
follow. 

But while saying the timing of the 


police action was inappropriate, the 
senior magistrates pointed out that there 
had been no “seizure" of documents - 
merely a normal request for information- 

Mr Berlusconi denounced the move 
as political intimidation by the 
magi stra t ur e which he claimed was 
infiltrated by the former communist 
Party of the Democratic Left (PDS). 

Yesterday there were signs the incident 
had been Itself blown oat of all proportion 
by Forza Italia to pose in the guise of 
victim. Mr Berlusconi himself played 
the victim late on Wednesday in his sole 


television debate with his main opponent, 
Mr Achflle Occhetto, PDS leader. The 
debate was largely taken up with mutual 
recrimination and neither went into 
details of bis economic programme- 
Yesterday, in an unusual move, the 
leaders of Italy's onions and 
Confindustria, the industrialists’ 
federation, appealed for last July’s 
historic wage productivity deal to be 
honoured by the next government. This 
was an implicit warning to Mr Berlusconi 
with his free market ideas on labour 
relations to keep his hands off it _ 


corn’s decision to enter politics in January 
was determined largely by other parties' 
inability to forge alliances and the conse- 
quent fear of the PDS sweeping the board. 
Ffis choice of partners was determined by 
the refusal of the centre parties to enter 
tain his political ambitions. 

This left him no option but to team up 
his Forza Italia movement with Mr 
Umberto Bossi’s populist League in the 
north and Mr Gianfranco Fini's neo-fascist 
MSI/National Alliance in the centre and 
south. Whatever was said to the contrary 
in public, both League and MSI were 
happy to benefit from the Forza Italia 
madia umbrella and the extra votes Mr 
Berlusconi promised to bring from the cen- 
tre. 

The centre was the last to agree an 
alliance strategy, this was partly the fault 
of Mr Mario Segni, the referendum leader 


and former Christian Democrat He Girted 
with the League and was courted by Mr 
Berlusconi and by the PDS. Unable to 
make up bis mind or malting unacceptable 
conditions, he was left with the Christian 
Democrats, rebaptised as the Popular 
Party (PPn, as the sole prop. 

Mr Berlusconi has made an extraordi- 
nary impact in a short time. The use of his 
media empire to launch him and the 
exploitation of his Fininvest network of 
business interests to organise Forza Italia 
have played an important role. But his 
success is arguably a direct consequence 
of the collapse of the credibility of the 
centre parties which traditionally 
accounted for over 40 per cent of the vote. 
His was the most appealing face and the 
most reassuring message for middle class 
Italy worried by political instability and 
recession. 


Yet. for a man who claims to have at 
least a quarter of the national vote, he 
explained extraordinarily little of his p lans 
to achieve his "new I talian miracle”. His 
strength, and potential weakness, lies in 
this being a post-ideological election. 
Forza Italia is not a political name but 
associated with football: it is run on the 
lines of a supporters' club backed by the 
Fininvest managerial expertise. It is built 
round the core of Publitalia, Fininvest' s 
advertising arm, and Standa, the stores 
group, and its programme looks like a 
company report. Voters are targeted tike 
potential buyers. Mr Berlusconi's post- 
ideological appeal b as attracted League 
voters in the north disenchanted with Mr 
Bossi's do gma tic stand on federalism and 
his over-confrontational style. Forza Italia 
could even claim credit for removing the 
threat of northern separatism. 


The PDS, meanwhile, is presenting itself 
as a “respectable" social democratic party, 
free of the old communist bogey label. At 
the other end of the scale, the MSI has 
changed, its name to National Alliance and 
riflims the fascist label no longer applies. 
The new respectability of the MSI champi- 
oned by Mr Fini, despite some ugly figures 
in the background, has found a large echo 
and could be one of the big surprises. 

The Christian Democrats, whose raison 
d'etre was the Catholic vote In the cold 
war against communism, have dropped 
their religious identification and have 
revived the name of the party’s forbear in 
the twenties, the Popular party. The 
church, itself, for the first time, is faced 
with a split in the Catholic vote. 

In this campaig n the principle problems 
suffered by the alliances have been related 
to the old ideological connotations. The 


PDS has been damaged by stetonente 
of its Progressive ally, Reconstruct ^5^' 
SunisimCalls for raising taxes ongwo £ 
ment bonds arouse fears of soaking the 
rich even though the party Is clearly pos- 
turing to its own electorate. 

Equally. Mr Berluscom has given a 
greater mantle of respectability to Mr Fun. 
He accordingly suffers when the old corpo* 
ratist attitudes of the MSI 
dash with the media ma^uxte s profe^ed 
free market belief. The MSI/National Alli- 
ance colours the Freedom Ata^anf 
forces Mr Berluscom more to the rigiL 
This suits Mr Fini who is less concerned 
about entering the government than 
playing for the next elections. . 

Mr Berlusconi insists in public that he 
would form a government with the MS. 
But the League says it will not be to the 
ootp government as the MSI. Thus it Is 
hard to see the Freedom Alliance in gov- 
ernment in its present form. By the same 
token, Reconstructed Communism is an 
unco mfortable partner in government for 
the PDS. The party Is unacceptable tf the 
Progressives nfeed to treat with the centre. 

As the campaign has matured, the diffi- 
culties of either main alliance forming a 
government have become more obvious. 
This has enabled the centre Pact to pres- 
ent itself as a viable counter-weight and 
may well attract voters for this reason. 
However, it can only pick up seats on the 
proportional lists. 

Opinion polls have been banned since 
March 15. But party analysts talk of the 
Progressives winning 230-270 seats, the 
Freedom Alliance 260-300 and the Pact 
40-70. These parameters envisage no out- 
right majority and many commentators 
suggest the next government will be an 
institutional one, even led by the outgoing 
premier, Mr Carlo Azeglio Ciampi. Who- 
ever governs, a first task will be electoral 
reform to ensure that Italians can vote for. 
a clearly identifiable government 


Programmes 
aplenty but 
few new ideas 










ag* The new political geography from left to right 

' Chamber of Dapmtes ( ta wr house): 630 seats. 48 . 3 m voters £13 years 

oro&ted Voter has two votes, one foe bcSviduaicancSdates and one for 
party Bsta. 475 seals In Single-Beat, plurality contests grouped into 26 
constituencies. Voters vote for inMdual candidates. 15S seats aflocatad 
by a form of proportional representation (PR). Voters vote tor psty Bsta. 


Senate 315 seats. 42.7m voters p5 years or dded Voter has ana 

vote, castable for a candidate (either finked to party fist or an . 
Wepteiden 0 teatlntfiMTie> rt teseet232glngte-sete.<imptei*jraBty 
contests, grouped fctto 20 constituencies. 10 regions have additional 
seats (83 nationwide) allocated by a form of PR. 


PROGRESSIVE ALLIANCE 


By Robert Graham in Rome 


Every party in this campaign 
has gone through the motions 
of presenting a programme. 

This in itself Is a consider- 
able novelty. Italian parties 
have never previously both- 
ered with programmes because 
it was taken for granted who 
was likely to win the elections. 

Thus people either voted for 
the five prospective govern- 
ment parties or the opposition. 
In the case of the government 
vote, the electorate knew there 
would be near complete conti- 
nuity with the policies of the 
outgoing coalition. A vote for 
the opposition was never a 
credible endorsement of a pro- 
gramme of government 

However, this time a large 
number of parties could form 
part of tbe next government 
They hare been obliged there- 
fore to prepare policy proposals 
- but what is on offer bears all 
the signs or being hastily con- 
ceived. 

At the same time no one 
party has come up with origi- 
nal ideas to tackle the prob- 
lems of Italy's huge debt stock. 


What is on 
offer bears 
signs of hasty 
conception 


rising unemployment and inef- 
ficient administration. Nor. 
despite appearances, is it a real 
battle between a free market 
right and a statist left 

The Progressive Alliance on 
the left has come to endorse 
the market economy and 
believes in the Maastricht cri- 
teria of convergence. Mean- 
while. the right's Freedom Alli- 
ance contains an odd mix of 
Forza Italia’s enterprise cul- 
ture and the neo-fascist MSl's 
long-standing ideas of the cor- 

poraiist state. 

Economic policy guidelines: 
The Progressives openly sup- 
port a continuation of the pres- 
ent government's internation- 
ally approved policy of budget 
austerity, bringing inflation 
below 4 per cent and ensuring 
the debt stock as a percentage 
of gross domestic product 
peaks in 1996. Tbe centre Ital- 
ian Pact follows the same line 
but says so more discreetly. 
Forca Italia has played down 
austerity for electoral reasons 
and placed the emphasis on 
stimulating a rapid recovery. 

Taxes; AU parties agree on 
the need to simplify' the jungle 
of direct and indirect taxes. 
The most radical approach is 
that or Forza Italia which also 
favours a 33 per cent single 
rate of income tax. The main 
disagreement between “left” 
and ■‘right" is over the role 
played by tax incentives. Mr 
Berlusconi sees tax breaks as 
an important stimulant of new 
investment. The Progressives 
are afraid to be seen lowering 
tbe tax burden on the rich. 

AU want to avoid any further 
increase in fiscal pressure (cur- 
rently at 42 per cent). The pact 
calks of imposing a constitu- 
tional limit of 40 per cent; 


Forza Italia wants to reduce 
pressure by one percentage 
point a year over the next 
decade. Both the Northern 
League and the PDS want to 
reduce the excessively central- 
ised tax system and make it 
more federal with greater 
power for the regions. 

Jobs: Employment is the 
electorate's biggest concern 
and the parties recognise they 
have to demonstrate a commit- 
ment to create jobs. This raises 
the most stark contrast in poli- 
cies. The left is placing much 
hope on the Delors plan for 
stimulating Europe-wide 
employment through grand 
infrastructure projects- The 
Progressives also emphasise 
raising standards of profes- 
sional training and channelling 
Investment (public and pri- 
vate; into areas of high-tech- 
nology. The right, especially 
Forza Italia and the League, 
believe the key lies In greater 
flexibility in the labour mar- 
ket, with easier rules on hiring 
and firing - coupled with fiscal 
incentives to hire personneL 

Social security: There is a 
contrast between the left and 
centre’s belief in tbe value of a 
revitalised and slimmer wel- 
fare state, and the right’s 
pledge to create more room for 
private initiative in healthcare 
and pensions. The growing def- 
icit in the state-operated pen- 
sions scheme has forced all 
parties to propose solutions. 

Forza Italia and the League 
want to create the conditions 
to permit a rapid shift towards 
private pension funds. The Pro- 
gressives believe existing legis- 
lation on pension funds is suffi- 
cient and would ensure that 
the state continues to guaran- 
tee a safety-net for the less for- 
tunate. Almost certainly the 
next government will be forced 
to speed up the gradualist 
move to raise the pensionable 
age to 65. 

Privatisation: Save reticence 
from the MSI and Recon- 
structed Communists at oppo- 
site ends of the spectrum, the 
parties endorse a slimming of 
state involvement through pri- 
vatisation. The existing privati- 
sation programme is likely to 
be respected. The main differ- 
ences centre on the timetable 
and the residual control of the 
state in “strategic” areas like 
telecommunications (Telecom 
Italial and energy (Eni). Forza 
Italia wants the process to 
move more quickly and the 
state to withdraw more com- 
pletely. The centre and left 
would respect the Ciampi 
guidelines but the left will be 
tempted to retain some control 
over telecoms and Eni. 

Foreign policy: Italy’s com- 
mitment to the European 
Union is supported by the 
main parties. The degree of 
commitment will be deter- 
mined by the strength and/or 
weakness of the next govern- 
ment. All parties are anxious 
to see Italy play an active rale 
in resolving the crisis in for- 
mer Yugoslavia. The right 
wants to see a more active 
overseas military role and is 
committed to raising the pro- 
file and professionalism of 
Italy’s armed forces. Ail parties 
would be forced by budgetary 
constraints to cut foreign aid. 



Democr a tic Party 
of the Loft (PDS) 



Leader Achilla Occhetto 


Leader Lao l uca Orlando 


Dominant In the affiance, with highly 
effective infrastructure. Heir to Communist 
Party, now espousing social democracy 
and hoping to demonstrate Italy is mature 
enough to have its first post-war 
g over n ment of the left. Ably lad by the Drat 
pofitJcal leader to see the importance of 
affiances under new electoral taws. 


Sicily-based dean government movement 
Leader is farmer Christian Democrat mayor 
of Palermo who was triumphantly re- 
elected on Rete ticket last December. The 
movement, left-wing Csltiofc In inspiration 
with isolated pockets of strong support 
nationwide, wfll sweep western SicSy. 



Reconstructed 

Communism 




Leader: Fausto Bertfnottr 
Runp of fanner Communist Party foal 
refused to foreewete Marxism and Join 
PDS; leader te former head of a haidSne 
faction within the main trades unton 
federation. Core of support is in industrial 
seas. Party at loggerheads with PDS on 
tax poQcy (raise taxes on government 
bonds) and foreign pofley (withdraw Italy 
from Nato). 


LeacSnq figure: Carlo Rfoa dl Means 
Despite constant Internal scraps, the 
Greens have broadened theh appeal with a 
aami-coBegiate leadership and the efistant 
stewardship of Rfce cS Meena, a fanner EU 
commissioner, important in attracting 
young voters plus support in areas wflh 
major environmental concerns. 


PACT FOR ITALY 



Leaden Mtno Martinazzoti 

Formed from the m a n s tream of the 
dissolved Christian Democrat Party. Uhder 
its leader, the farmer Christian Democrat 
head, it seeks to be the Catholic party of 
the centre, but appeal has bean weakened 
by corruption a ca n dffii and the tack of 
known new figures to promote. 


Segni Pact 



Leedar Mario Segni 


Movement gathered round referendum 
leader Segni but has suffered from his 
osefltehons. Having left the Christian 


Democrats and refused to deal with either 
the PDS or Forza tafia, he Is now 
effectively back as the leader of the 
ofo/tenewed Christian Democrats as the 
balancing force in the centre. 


Democrat i c 

Affiance 



. Two main blocs naming neeft-anef-noefc 

Last pwrateBd puttie opWcn pete. Lb ftapuUntca. March 9 


Popular Party 11 2%-j- Segri Pact 62% 


Leacffng figure: Giuseppe Ayala 
Conceived as umbrella of centre-left to 
attract politicians serose traditional party 
toes when old political system faced 
collapse. Mari Opines come from the 
Republican Party, Eke former anfc-msfla 
judge Ayala, plus a few Christian Democrats 
and some from PDS. But it has not found 
way to avoid befog swaRowed by PDS. 


Democratic Party 
of the Left 21.296 


Reconstructed 
Comraunisin 4.8% 


Democratic 
Affiance 3.4% 


La Rete a3% 
Greens 5.0% 



Fcna Itafia 20jB% 

Northern League 103% 
National Affiance 9 lS% 


ALLIANCE FOR FREEDOM 


Forza ItaRa 



Voting 
rules leave 
public 
perplexed 


By Robert Graham 


Leaden SiMo Berlusconi 


Movement created in less than tow montf® 
by media magnate Berlusconi, using the 
resources of his Fininvest empire. He - 
defines movement as liberal", endorsing 
t hag -m a r fc etpoficies.&itsuccesahaabeen 
baaed on loader's self-made-man image 
and the novelty of Forza Itsffia. 


Northern Leagw 



Leader: Umberto Boss* 

Popufet movement in northern Italy that 
gathered round BossFs charismaAnd ; 
pugnacious oratory. Movement haa since , 
graduated ftom a pratert force to q 
genrane party with fodoaBst demands.. 
Remains rooted in the noth ancf has been ', 
forced by the electoral system to seek 
uncomfortable aSes gee Forza ttafia and, ' 
National Affiance. • ' 



Others 4% 


Leader Gianfranco Rnf 

The neo-fascist MSI rabaptfeed as-Ae- 
National Al&ance. FW, the most astute young 
polfticfen in the country, has sought to 
shake-off frw party's longstanding • • 
Identification wtththeMussofini era/lfa.: 
party, vtv&haa benefited ftpm the coBspsa ' 
of thatradefonal rufing partes, fa strongest In. 
the south. 


Business ponders which runner to back 


New political system is causing concern in nation’s boardrooms, writes Andrew Hill 


T here seem to be two parallel 
election campaigns in Italy. One 
is the colourful televised specta- 
cle, a parade of new or relaunched par- 
ties inflated by rhetoric and garnished 
with new slogans and logos. The other 
is the attempt by the same protagonists 
to appear greyer than their rivals, to 
shake off or play down potentially 
embarrassing links with neo-fascism. 
Marxism and corruption scandals. 

It is this second campaign which 
Italy’s business community is watch- 
ing. According to Mr Marco Borsa, edi- 
tor of the Milan-based business maga- 
zine Espanslone, companies are fearful 
of the future. “They were used to work- 
ing under the old political system.” 

That fear is compounded by the tact 
that it is difficult for the bumness com- 
munity to interpret the signals pot out 
by the three main political groupings 
As creator of tbe Fininvest group, 
Europe's second largest media empire, 
Mr Silvio Berluscom, Forza Italia's 
founder, ought to have the edge In win- 
ning the entrepreneurial vote. Last 
Sunday he tried to highlight this 
strength in a radio debate with his 
main Progressive opponent, Mr Achflle 
Occhetto, leader of the Party of the 
Democratic Left (PDS). 

“In government it’s particularly 
important to have someone concrete. 


who knows how to organise things, get 
results and come up with ideas. This 
activity is much closer to my training 
than that of a party leader, who may 
know his party apparatus, and how to 
handle interviews, party rallies and TV 
slots, but tuwi never had to deal with 
the concrete problems of the work- 
place," he claimed. 

Bat Mr Occhetto has been working 
hard at home and abroad to offset fears 
about che Progressive Affiance, whose 
ranks include not only the PDS but the 
unabashed bard left of Reconstructed 
Communism, a party which has fright- 
ened investors by threatening to tax 
government bonds. Last month Mr 
Occhetto even spent 24 hours in the 
City of London, reassuring hankers and 
brokers that his was the party of fiscal 
prudence, continued privatisation and 
reform of the public administration. 

Mr Berlusconi may also have alien- 
ated some of the business constituency 
with a colourful attack on the Confin- 
dustria employers' federation earlier 
this monQL.Ee claimed that the federa- 
tion, of which he is a council member, 
was not a place for real entrepreneurs. 

As a result, business support could 
well be split next Sunday. Indeed, com- 
pany executives are standing for 
almost all parties. In Milan, for exam- 
ple. Mr Ernesto Gismandi, head of the 


Artemide design group, is a Progres- 
sive candidate in spite of having been a 
missile expert and ffeto consultant 

Under the circumstances, it is hardly 
surprising that few companies will 
commit themselves publicly to support- 
ing one group of parties. 

Confindustria itself eschews political 
commentary. Instead, the media has 
Speculated about the voting intentions 
Of Mr Gianni Agnelli, head of Fiat and 
a traditional reference point for the 
industrial mood of Italy. A party 
thrown by a Fiat lawyer this week for 
Mr Valerio Zanooe, candidate for Urn 
centrist alliance in Turin, was taken as 
evidence that foe Agnellis were back- 
ing the centre. Gianni himself has 
made no clear pronouncements. 

Certain small businesses, widely 
courted by prospective candid a tes, par- 
ticularly in the north, are more parti- 
san. Mr Beppe Palma co-ordinates a 
Milan-based lobby group for small and 
medium-sized enterprises which has 
pinned its hopes for the past four years 
on the federalist Northern League. He 
admits, however, that politicians can 
easily commit themselves to helping 
small am) medium -sized companies, 
then forget about them once in power. 

In any case, according to some entre- 
preneurs, tbe final choice may not 
make much difference. Mr Luciano 


Benetton, chairman of the interna- 
tional clothing group, points out that 
all parties face the same challenges as 
the outgoing technocratic government: 
reducing unemployment and the public 
debt, continuing privatisation and 
reform. 

Behind file electoral hyperbole, tbe 
manifestos of the three main groups 
are broadly similar. 

Mr Panffio Tarantelli, who beads the 
Milan office of merchant hanir Schra- 
ders, is similarly calm about the effect 
on markets. “There is really nothing lo 
tbe three programmes which is alarm- 
ing or would lead to tbe conclusion 
that Italy is becoming a risky country 
[for investment J.” 

In an opinion poll at the beginning of 
this month for the newspaper Co mere 
della Sera, institutional investors, fund 
managers and brokers suggested that 
an outright victory for the centrist affi- 
ance would probably be the best result 
for the bond and stock markets. Unfor- 
tunately for investors, a centrist vic- 
tory is the least likely outcome. Proba- 
bly no group win have a majority. 

But as more cynical observers point 
out a few weeks of post-election man- 
oeuvring wfll at least give those com- 
panies still sitting on the fence plenty 
of time to adjust their politics to the 
prevailing mood. 


The new election laws are in 
the best tradition of Italian leg- 
islation - complex and confus- 
ing. 

The Ministry of tbe Interim: 
has been obliged to run daily 
television spots explaining how 
the voting system works. It has 
also obligingly published a 544- 
page booklet an all the elec- 
toral laws since 1947... 

The impression, remains that 
many people remain perplexed. 
They certainty do not under- 
stand the finer points of the 
new system which Is split 
between majority voting (firet- 
past-the-post) and proportional 
representation. 

Although constituency 
boundaries have been redrawn 
for these elections to accommo- 
date population changes and 
create smaller electoral col- 
leges, the number of seats 
remains the same. The Chant 
her of Deputies 1ms 630 seats 
with roughly 130,000 voters per 
seat The Senate has 315 seats 
with broader regional constitu- 
encies. 

Under the new system 475 
seats in the chamber are 
elected by majority voting and 
155 by proportional representa- 
tion. The same 75/25 per cent 
split applies In the Senate. 

For tbe chamber, voters are 
given two voting slips - the 
first has candidates on the 
majority list, the second candi- 
dates on the proportional list - 
The majority vote is straight- 
forward: the candidate with 
tbe most votes wins the seat 
The complex part relates to 
the seats elected by propor- 
tional representation. Before 
the proportional votes are 
totalled at national level, a 
mechanism is introduced 
which favours the small par- 
ties and penalises those parties 
which have already seen their 
candidates win seats in the 
majority vote. This is on the 
principle that the smaller par- 
ties will win few seats in the- 
majority vote, which favours 
candidates in big parties or in 
alliances controlled by a domi- 
nant party. 

To qualify for any of the 155 
proportional seats, each party 
must have 4 per cent of the 
vote nationally. Two of the tra- 
ditional minor partners in gov- 
ernment, the Liberals and 
Social Democrats, have been 
wefl below this threshold since 
1387. 

The proportional candidates 
for parliament are selected 
from party lists, according to 
the dictates of the leaders. Can- 
didates can contest one major- 
ity seat, which they must 
accept if they win or risk los- 
ing it to the runner-up party. 
However, majority vote candi- 
dates can also stand in up to 
three proportional lists to 
hedge their bets. 

All the leading candidates in 
the parties are standing in 
both the majority and the pro- 
portional lists - often in two or 
three. For instance, Mr Gian, 
franco Fini, the MSI/National 
Alliance leader, is a majority 
candidate in Rome, and a pro- 
portional candidate in Lazio 
and a Trieste constituency. Mr 
AchiUe Occhetto is a majority 
candidate in Bologna and then 
a proportional candidate in 
Lazio. 



>a 


4 


i * 


4 


4 


4 



Sins 


set 


52 * 




By 


Si : 

{D } , IU |V 1 ' 1 • 

ii •• 

Hun ■* 

airline- 1 x = . ■ 
annual 

Hlvv:* 1 ' . •• 

The i ,r "l* ... 

'i 1 

SH‘« .' 

ri.T . •> 

worth •* u ; ; 

tlrCl l vl "' " . 

.,ii.ina" ,|U ' , 

sip.u k , * ,f •’ M . 

botiVH-U 

till* K,,,v 

Bi'ili ,!i ' ' .... 
have air; -;' 


na'«- 

pf t l| 1 ' . 

South I •i' 1 


LlUU - 

Invito* 

tlinv !• ■; . .. 

tlf:liCili‘ r ( 

and ■' 

and K‘4}' 1 ’’ 1 
have >!'■* - :l 
suppl* , k' ,w 
SIA »m ■I ,, r 
SIA b •- 
luui •' W :: ' 
in-.' 

bus Ad* 1 * ,, :i - ' ' 
for *Mi v--' 1 ■; 

and rnnr.i*' ' 
TIi.-s.-ik'- - / 
in .nMiNi« 

■kills Hid ■ ’ V.' 
•llnMilv'n -• •• 
Altli.uii.U '■ • 

at |*u>vh*. l- ; 1,: ‘ 
ill£ -Hid hrl.».- • ■’ 
liiiL-n.. a !>•' • •• 
till" bldd-'l - ‘ 
orw -nr. : w " <- 
i| sill Ii. i- a' 1 ' ' 
piv»:d IP"" - 1 ' 
utarfiip-!- 
Tin- ■’••jvi 
over t:;-- » • 

Boom:' •" ■ ■ 

also lil.--!-. ' 
on rlii- -!-r , :v 
uirfi-r N.'if . •• 
can I-- ■ »'-■ 

- 

fM.-k.tc : • 

irhain 

Tin- •• • 


Europ 


set spi 
health 


By Clive CooW. 
Science &jitor 


Ci »ribb 

° n com 


Bye, 


^0 




J >inw 


-uifl 


■•■»iil.. 


""K 


'Hj.,. 


V.|. 


have !! ' , 

or • 


"in, 


Tile 




A-,.’ 


title 




T hi- 
tils 




y;s,. 

•mute f, ' r ' ) 

■Juiv J ' :, » 


"•■l 


'hi. 















FINANCIAL TIMES FRIDAY MARCH 25 1994 


NEWS: WORLD TRADE 


5 


Singapore 
set to order 
52 airliners 


By Paul Betts, 

Aerospace Correspondent 

Singapore Airlines (SLA) is set 
io place an order for up to 52 
wide -body airliners worth more 
than SGbn (E4.1bn> to meet the 
airline's expected 8-9 per cent 
annual growth during Lhe next 
10 years. 

The proposed order, which 
( matches in size the recent deri- 
j sion of the Saudi Arabian car- 
rier Saudia to acquire SObo- 
worth ol new airliners for its 
fleet renewal and expansion 
programme, has already 
sparked a fierce contest 
\ between Boeing of the US and 
the European Airbus 
consortium. 

Both Boeing and Airbus 
have already submitted rival 
proposals to SIA after the 
South-East Asian carrier 
invited them to tender. The 
three leading aero-engine man- 
ufacturers - Pratt & Whitney 
and General Electric of the US 
and Rolls-Royce uf the UK 
- have also submitted bids to 
supply the power plants for the 
SIA order. 

SIA has told the bidders it 
had a requirement for 22 Boe- 
ing 747-400 jumbos and 30 Air- 
bus A 340 long-range airliners 
for delivery starting in 1997 
and running through to 2003. 

These new aircraft orders are 
in addition to 12 Boeing 747- 
400s and 13 A340s the airline 
already has on option. 

Although SIA is considering 
at present buying a mix of Boe- 
ing and Airbus wide-body air-' 
liners, it has also indicated to 
the bidders it could opt for just 
one aircraft type if it received 
a sufficiently attractive pro- 
posal from one of the twoman- 
ufacturers. 

The separate negotiations 
over the conversion of SIA's 
Boeing and Airbus options are 
c also likely to have an impact 
*' on the airline's proposed $fibn 
order since the manufacturers 
can be expected to use these 
negotiations to offer an overall 
package to enhance their 
chances. 

The stakes are big because 


aircraft orders of this magni- 
tude continue to be rare in the 
troubled airline industry. The 
European Airbus consortium is 
particularly anxious to clinch 
the Singapore deal after losing 
out to its US rivals, Boeing and 
McDonnell Douglas, in the Sau- 
dia contest 

SIA is also regarded as a 
prestige customer for the man- 
ufacturers because it is one of 
the few strongly profitable air- 
lines based in. the world's fast- 
est growing aviation market of 
Asia-Pacific. 

The company has never can- 
celled a firm order in its his- 
tory. 

Although SIA has also been 
hit by the world airline indus- 
try downturn during the last 
three years, it has pursued its 
strategy of maintaining a 
young fleet, averaging about 
five years, by regularly acquir- 
ing new aircraft and selling its 
older airliners. 

The new $6bn order, expec- 
ted to be placed in two to three 
months' time, reflects SIA's 
growth strategy which will see 
the airline doubling in dur- 
ing the next 10 years. 

“We are pressing ahead with 
our programme cf steady 
growth," Dr Cheong Choong 
Kong, SIA's managing director, 
confirmed In an interview in 
Singapore last month. He 
added the airline was confident 
it COUld sus tain annual growth 
rates of 8-9 per cent tOl the end 
of the decade. 

Dr Cheong stressed that SIA 
had no funding problems at 
present, with group cash 
reserves of Singapore$I.3bn 
(£553m). 

To boost its aircraft resale 
and leasing activities, SIA is 
also expanding its aircraft and 
aero-engine maintenance busi- 
ness to offer maintenance 
packages with second-hand air- 
craft rales. 

It has just formed two joint 
ventures with Pratt & Whit- 
ney. which has supplied up to 
now the power plants for SIA's 
Boeing 747 fleet, for jet engine 
repair services in the Asia-Pa- 
cific region. 


Europe urged to 
set specific 
health targets 



By Clive Cookson, 

Science Editor 

Other countries 
in Europe 
should follow 
Britain's exam- 
ple and set spe- 
cific targets mr 
the health of their citizens, the 
Financial Times World Phar- 
maceuticals Conference in Lon- 
don was told yesterday. 

Mr David Ansrice, who heads 
the European pharmaceutical 
business of Merck, the largest 
US drug company, raid govern- 
ments were obsessed with 
financial accountability and 
neglected their parallel respon- 
sibility for improving health. 
"To achieve these improve- 
ments, governments should 
identify priorities and set mea- 
surable national health tar- 
gets." The only example so far. 
he said, was the 1992 UK White 
Paper on health, which identi- 
fied five priority areas with 
targets for the year 2000. 

If such targets were taken 
seriously, they would encour- 
age governments to spend 
their drugs budgets more 
wisely, Mr Anstiee said. At 
present they waste money on 


cheap but ineffective “comfort 
medicines” without patent pro- 
tection, when they could get 
better value by encouraging 
doctors to prescribe more effec- 
tive new dings. 

The pharmaceutical industry 
has traditionally focused its 
marketing and promotional 
activity on the doctor, rather 
than the patient. 

But the message to the con- 
ference from Mr Thomas 
Moore, president of Procter & 
Gamble's US pharmaceutical 
business, was; “Don’t forget 
the consumer.” 

Mr Moore said most drug 
companies lacked the market- 
ing skills required to sustain a 
profitable long-term income 
from products which switched 
from prescription-only to over- 
the-counter status. 

The normal approach was to 
milk them for short-term prof- 
its rather than creating brand 
loyalty. 

Mr Kurt Briner. president of 
France’s Sanofi Pharma, 
agreed that “in addition to sup- 
porting a growing share of the 
expense, patients want to have 
more say In the choice of drugs 
prescribed. This attitude is rap- 
idly gaining momentum.” 



Hidden hurdles for 


Uruguay Round 


A Vietnamese technician checking an old telephone line system in Hanoi yesterday n 

VIETNAM IN FRENCH PHONE DEAL 


France Telecom, the French state 
telecommunications group, has signed a $5O0m 
(£342.4m) agreement in principle with the Viet- 
namese authorities to upgrade Vietnam's tele- 
phone network. Our Foreign Staff writes. 

It will be France's biggest project in Vietnam, 
where it is a leading foreign investor. 

Details of the agreement and of financing 


were not immediately available. But it will 
provide a big increase in the number of tele- 
phone lines in Vietnam as well as managerial 
help. 

Vietnam is upgrading its telephone network 
and international telecommunications links as 
part of efforts to build a modern economy based 
on market principles. 


By Guy do Jonqutdres, 
Bu si ness Editor 

W hen ministers from 
more than 100 coun- 
tries gather in 
Marrakesh, Morocco, next 
month to sign the Uruguay 
Round, there is bound to be 
much self-congratulation on 
having achieved the most 
far-reaching world trade liber- 
alisation package in history. 

However, their festive spirit 
will be tempered by awareness 
that the deal will not be finally 
in the bag until it has been 
ratified by their own legisla- 
tures - or at least by most of 
the economically more impor- 
tant members of the General 
Agreement on Tariffs and 
Trade. And on that score, a 
number of worrying uncertain- 
ties remain. 

Negotiators have agreed in 
principle that the process 
should be completed in time 
for the round’s provisions, 
Including establishment of the 
planned World Trade Organisa- 
tion. to take effect by July l 
next year. 

But urged on by the Gatt sec- 
retariat, several leading indus- 
trialised powers have indicated 
that they are aiming for ratifi- 
cation by the end of this year. 
Though the deadline is infor- 
mal. it has started to acquire 
considerable psychological 
importance in Geneva. How- 
ever. it also looks Increasingly 
ambitious. While all govern- 
ments say they are confident of 
mustering the necessary legis- 
lative backing, there are grow- 
ing risks that ratification could 
be sidetracked in several 
national capitals by procedural 
complications or by political 
obstacles not directly related 
to trade policy. 

Serious delays among the 


“Quad" powers - the US, the 
European Union, Japan and 
Canada- would defer realisa- 
tion of the economic benefits of 
Further trade liberalisation. 
Equally important, they could 
check the momentum by less- 
ening the pressure on other, 
smaller, countries to ensure 
speedy ratification of the 
round. 

Until recently, the main 
doubts centred on the pros- 
pects for early action by the US 
Congress. Not only have these 
deepened since the start of this 
year; but fresh uncertainties 
have emerged about the out- 
look in the EU, where an inter- 
nal wrangle has arisen over 
jurisdictional issues, and in 
Japan, where parliament is 
already late with its existing 
timetable. 

In the US, the Clinton admin- 
istration had originally aim ed 
for congressional ratification 
before the summer recess. But 
the timetable has been jolted 
by the need to compensate for 
revenue losses caused by 
planned tariff cuts. 

T he losses have been put 
at at least S13.5bn 
(£9.2bn) over five years. 
Mr Richard Gephardt, leader of 
the House Democrats, has 
suggested they could total 
S40bn in the next decade. 
Under budget rules, the short- 
fall must be made good by tax 
rises or reduced spending. 

In Europe, the fete of the 
round has been complicated by 
an arcane controversy about 
who Is entitled to ratify it on 
behalf of the EU. The Euro- 
pean Commission, backed by 
the European parliament, 
claims it has the necessary 
authority. But most member 
govemmeits disagree. The 12 
contend that while the com- 


mission was empowered to 
negotiate on their behalf. EU 
law requires that their own 
parliaments approve those 
parts of the package dealing 
with the creation of the WTO, 
liberalisation of services and 
intellectual property rights. 

I n an effort to resolve the 
row, Brussels plans next 
month to seek an opinion 
from the European Court The 
commission claims to be confi- 
dent of a decision in its favour 
which would enable it to ratify 
the entire agreement and leave 
national parliaments to give 
their assent nt their leisure. 

However, there are two pos- 
sible catches. One is that the 
court is unlikely to rule before 
autumn at the earliest. The 
other is that if its ruling goes 
against Brussels, the EU will 
be unable to ratify the round 
until it has been approved by 
every national parliament. 

The Japanese parliament 
will be unable to tackle the 
Uruguay Round during its cur- 
rent session because of block- 
ing tactics by the Liberal Dem- 
ocratic Party, which has 
refused to discuss the coming 
year's budget until prime min- 
ister Morohiro Hosokawa 
divulges more details about a 
YlOOm (£637.000) loan from a 
trucking company. 

The package will be submit- 
ted to a special parliamentary 
session in the autumn, which 
will also be asked to consider 
controversial tax reform pro- 
posals and a bill to redraw the 
country's electoral boundaries. 
“It is going to be a very tight 
schedule,” rays Mr Koro Bes- 
sho. director of the foreign 
ministry's Gatt division. 
Additional reporting by Will 
Dawkins in Tokyo, and Nancy 
Dunne in Washington. 


Japanese 
carmakers 
try to cut 
barriers 

By NHctiiyo Nakamoto in Tokyo 

The Japan Automobile 
Manufacturers' Association 
yesterday announced a volun- 
tary plan to increase access to 
the Japanese market for for- 
eign vehicles and parts. 

The plan, which follows per- 
sistent US pressure on Tokyo 
to Improve the market environ- 
ment for foreign vehicle and 
parts makers, is aimed at 
deflecting US criticism of trade 
barriers to the Japanese mar- 
ket It is being offered as an 
alternative to US requests for 
government-led action to open 
the country's vehicle market. 

The plan calls for increased 
ex chang es among vehicle and 
parts industries worldwide, 
support for foreign vehicle 
makers in Japan and better 
availability to foreign compa- 
nies of information concerning 
the Japanese market 

The issue of car and parts 
sales has been particularly 
thorny, as the sector makes up 
60 per cent of the US trade 
deficit with Japan. Japan has 
been criticised for providing 
insufficient information to for- 
eign car makers and for regula- 
tions and business practices 
which hinder sales of foreign- 
made parts to the Japanese 
after-market 

Japanese officials have 
refused to commit themselves 
to US proposals for govern- 
ment action in the industry, 
claiming that such activity in 
the private sector would con- 
stitute managed trade. 

The association's plan was 
timed to precede the govern- 
ment's launch of a programme 
to open up the country's mar- 
kets. 


Caribbean Basin nations 
on course for trade bloc 


By Canute James In Kingston 

Representatives of 22 countries 
and several dependent territo- 
ries in the Caribbean Basin 
have concluded the first round 
of talks aimed at creating a 
new regional trade group. 

The Association of Carib- 
bean States - its provisional 
title - will start as a consulta- 
tive group linking up to 25 
cuuntrics as lull nwiubeis and 
15 dependent territories as 
associate members, ii could 
eventually become the world's 
fourth largest trade bloc. 

The draft convention, dis- 
cussed in Kingston, will be 
•,-tudied furtiier at a meeting in 
the Dominican Republic in 
May. before being taken up by 
ministers in June. Members 
will sign the agreement in 
July. 


Prospective members of the 
ACS include Colombia, Mexico, 
Venezuela, Cuba. Haiti, the 
Dominican Republic, the Cen- 
tral American states, Surinam 
and members of the Caribbean 
Community. 

According to tbe draft con- 
vention, the group’s main 
objectives will be liberalising 
trade and investment co-ordin- 
ating negotiating positions on 
bilateral and multilateral 
issues; and promoting invest- 
ment opportunities in the 
Caribbean Basin. 

“We are creating an environ- 
ment and it is the beginning of 
the process," said Mr Edwin 
Carrington, secretary general 
of the Caribbean Community 
(Caricom), which is co-ordinat- 
ing the formation of the ACS. 
But the 25 countries which bad 
sent representatives to the 


meetings had tbe potential to 
create tbe world's fourth big- 
gest trade bloc. 

The likely membership of the 
ACS has a combined popula- 
tion of 200m people, an esti- 
mated gross national product 
of $500bn (£342bn), estimated 
annual merchandise exports of 
S80bn, and annual merchandise 
imports of $i00bn- 
There is already some uncer- 
tainty over how Cuba will fit 
into the group. Some delegates 
to the Kingston conference 
said they expected, but would 
not be deterred by, US irrita- 
tion at Cuba’s participation, 
although this could worry 
other potential members. Two 
US Caribbean possessions - 
Puerto Rico and the US Virgin 
Islands - are unlikely to be 
Interested in the group because 
of Cuba's participation. 



CLUB 


ANA introduces space travel. 

Space. You need a lot of it to travel in total comfort. 

So CLUB ANA, the world's preeminent business class, is increasing your 
personal travel space by 25%. That's an additional ten inches of legroom, 
creating a full 50 inches between seats. We're further expanding your degree of comfort 
by increasing seat recline from 39 to 49 degrees. 

A luxurious space in which to fully enjoy CLUB ANA's other fine amenities: 
a personal television, CD audio programs, gourmet cuisine. And of course, 
the excellent service and personal attention of our dedicated cabin attendants. 
CLUB ANA introduces space travel March 20 on daily London - Tokyo 
flights - all on spacious 747- 4(J0s - and will follow soon with 
introductions on Frankfurt -Tokyo and Paris -Tokyo flights. 

Fly CLUB ANA. 


Where you have the space to travel in total comfort. L 


ANAM 

ABNavanAmoaus 

■JAPAN’S BEST TO THE WORLD- 


49° SEAT RECUNE 


I**— 


-*nr 

50" SEAT SEPARATION 


DON'T MISS THE ANA ONE-FOR-ONE FREE TICKET OFFER! 

Fly First Class or CLUB ANA 3/29 - 3/31 and get a free CLUB ANA ticket 

CLUB ANA expanded -com fort sealing, some amenities, and free ticket offer are restricted to certain routes. 
For reservations or more information, contact Ah Nippon Airways or your travel agent 
ANA House, 6-S Old Bond Street, London W1X 3TA Telephone: (071) 355-1155 







• -Al 


FINANCIAL TIMES FRIDAY MARCH 25 1994 


NEWS: INTERNATIONAL 


Somalia’s clans tire of war 


Leslie Crawford on the prospects for a fragile peace accord 


S omalia's arch-rivals. Gen 
Mohamed Farah Aideed 
and Mr Ali Mahdi 
Mohamed. embraced yesterday 
in Nairobi amt pledged to form 
a government of national rec- 
onciliation only' hours before 
the last US troops were due to 
pull out of Somalia. 

The two warlords, promoted 
to "faction .lenders" by a more 
conciliatory United Nations, 
signed nn agreement which 
commits them to implementing 
a ceasefire, disarming their 
militias, and holding a confer- 
ence on May 15 to elect a presi- 
dent. vice-presidents and a 
prime minister for their war- 

tom country. 

Somalia has not bad a gov- 
ernment since Gen Mohamed 
Siad Burre was overthrown in 
January 1991 and rival clans 
plunged the country into civil 
war. 

Details of the new agreement 
were sketchy. The short decla- 
ration did not explain how 
power would be shared among 
the 15 clans and numerous sute 
clans who have fought so bit- 
terly for hegemony over the 
past three years. 

Somaliland, the former Brit- 
ish colony which straddles the 
north-west of the country, has 
unilaterally declared indepen- 
dence and did not take part in 
the Nairobi talks. 

Gen Aideed and Mr Ali 


Mahdi have embraced before, 
only to resume fighting across 
the green line that divides 
Mogadishu. Two previous 
peace agreements have col- 
lapsed. 

But ail sides were keen to 
put a positive gloss on yester- 
day's proceedings. Mr Ali 
Mahdi spoke of “a new deter- 
mination in Somalia. . . to deal 
with conflict peacefully and 
collectively". 

Ambassador Lansana Kouy- 
ate of Guinea, who brokered 


before the departure of US 
troops, which many feared 
would bring back anarchy and 
violence to Somalia. The agree- 
ment, however cosmetic, will 
buy the UN time In which to 
readjust its operation in Soma- 
lia in the face of Us rapidly 
crumbling military presence 
there. 

The withdrawal of the 28.000- 
strong US force and all the 
European contingents has 
turned a multinational UN 
peacekeeping force into a 


Ali sides involved are keen to put 
a positive gloss on yesterday’s pact 


the peace talks on behalf of the 
UN, said the present agree- 
ment had a greater chance of 
success because “the Somali 
people and their leaders are 
tired of war". 

The new climate of under- 
standing rests on fragile 
ground. On Wednesday night, 
Mr Kouyate announced the 
peace talks had collapsed, after 
Somali factions called off their 
reconciliation ceremony for the 
third time in a week. Yester- 
day, he cautioned the new 
agreement was "only a begin- 
ning". 

Mr Kouyate leaned heavily 
on the factions to reach some 
kind of public understanding 


Third World operation with 
uncertain aims. Pakistan, with 
the largest contingent in Soma- 
lia, is threatening to withdraw 
its 5,300 soldiers unless the UN 
provides better military hard- 
ware. "Are the lives of Pakis- 
tanis cheaper, or is our job to 
be completed less effectively?" 
asked Mr Sardar Aseef, the for- 
eign minister, during an 
inspection tour this month. 

The complaint masks the 
impotence or the peacekeepers 
who remain. Mogadishu air- 
port is looking bereft without 
the display of heavy weaponry 
that marked the 15-month stay 
of US troops. Aid agencies say 
looting and banditry are on the 


rise. On Sunday, two Italian 
journalists were shot dead in 
Mogadishu. Seven aid workers 
have been kidnapped since 
January. 

But UN soldiers have 
avoided any action that might 
bring them into conflict with 
lawless gunmen ever since a 
battle in October which killed 
18 US soldiers. “A bunker men- 
tality pervades the fortified UN 
compound in Mogadishu," says 
Mr Richard Burge of the Brit- 
ish charity Save the Children 
Fund (5CF7- "Having an inter- 
national force in Somalia has 
only given us a false sense of 
security." 

When an SCF warehouse 
came under attack from looters 
in Belet Wein last month, Ital- 
ian peacekeepers stationed in 
the town failed to come to the 
rescue. '"They just switched off 
their radio,” Mr Burge said. 

Few aid workers believe clan 
leaders can regain control of 
their gunmen. "Real disarma- 
ment will be a task for the new 
government," Gen Aideed said 
yesterday. So mil the creation 
of a police force, an indepen- 
dent judiciary, and all the civil 
institutions which Gen Aideed 
and other warlords so effec- 
tively destroyed. For the 
moment, at least, it appears 
Somalia's fractious clans have 
more to gain from ta tying than 
from fi ghting . 


Leaked 
letter 
upset 
for ANC 


Mandela calls for 
action in Natal 




By Patti WaMmeir 
In Johannesburg 


By Matthew Curtin 
in Johannesburg 


A leaked letter of intent sent 
by the South African govern- 
ment to the International Mon- 
etary Fund last year threatens 
to embarrass the African 
National Congress. 

The ANC put its name to a 
document committing a new 
government to fiscal and mon- 
etary discipline as a precondi- 
tion for securing a five-year 
5850m (£374m) loan for 
drought relief. 

Mr Alec Erwin, a leading 
ANC parliamentary candidate, 
this week argued against rigid 
deficit ceilings, in favour of 
greater flexibility. 

Bat Mr Tito Mboweni, the 
ANC’s representative on the 
Transitional Executive Conn- 
ell's finance committee, said it 
regarded the IMF letter of 
Intent as "binding". 

The letter, signed by the 
TEC, the multiparty body 
overseeing government, recog- 
nises the importance of tight 
monetary policy, and states 
that "Increases in government 
deficit would jeopardise the 
economic future of the coun- 
try-. 


Mr Nelson Mandela, president 
of the African National Con- 
gress, yesterday called for mili- 
tary action to help resolve the 
crisis in Natal province, where 
more than 80 people have died 
since the weekend In election- 
related violence. 

Mr Mandela declined to give 
details of his proposal for mili- 
tary action, which he discussed 
yesterday afternoon with Presi- 
dent F W de Klerk. Mr Mandela 
said political measures should 
be taken but added "they must 
be co-ordinated with measures 
as for as the military situation 
is concerned." It appeared last 
night that the two men had 
foiled to agree on the details of 
such action, 

Mr de Klerk said after the 
meeting that "contingency 
plans” had been prepared to 
increase the security force 
deployment in Natal But be 
said he wanted to meet Chief 
Mangosuthu Buthelezi, the 
chief minister of KwaZulu 
black homeland and leader of 
the Inkatha Freedom Party, as 
soon as possible to seek a polit- 
ical solution to the crisis. 

"The government is pre- 
pared, willing and able to 
ensure that law and order will 


If you think Airbus Industrie makes only one aircraft, maybe this will 
change your view. 


Airbus Industrie has achieved a 30% share of the international civil aviation market because its long-term business strategy, based on a clear vision of the 
world's air transport needs, has created not Just one aircraft but a family of seven: including the world's largest twin-aisle twin and the longest range jetliner in 
aviation history. Sales of all seven members of the Airbus family now total nearly 2000 aircraft worldwide. 






. A ‘ ■ : . 

:•••••>• v. .v- ' V • ■ ' V • ’“Vv : 


( 





'••v^ ' v:v 




mm. yygmmyi<: 

- ■*«*:■* ' 


lillill 




& AIRBUS INDUSTRIE 


TAKING THE WX2RLD VIEW / 




Mandela: contingency plans 


be effectively maintained. 
Natal is a very difficult prov- 
ince to police ... We will be 
here In greater numbers in the 
days and weeks to come to deal 
with the volatile and explosive 
situation here,” Mr de Klerk 
said. 

Military intervention in 
Natal could dramatically esca- 
late violence in the region, 
where several thousand Kwa- 
Zulu dvfl servants, yesterday 
marched in protest at the 
threat of military action. 
Some 6,000 civil servants 
marched through the KwaZulu 
capital Ulundi to demonstrate 


support for ChieT Buthelezi. 

They were responding to 
statements from ANC leaders 
on Wednesday calling on the 
multiparty Transitional Execu- 
tive Council to take over the 
adminis tration of KwaZulu. Mr 
de Klerk said last night that 
the TEC did not have the 
power to remove Chief Buthe- 
lezi. The ANC will today hold 
an anti-Buthelezi civil ser- 
vants' protest In the Natal 
town of Empangeni and a largB ; 
march through Durban. 

Meanwhile. ANC leader Net- 
son Mandela invited Zulu King 
Goodwill Zwelethini to meet 
him at the home of a promi- 
nent Natal businessman to dfe-.; 
cuss the future of KwaZulu. He 
said the ANC was committed - 
to the Idea that "his majesty 
takes his legitimate place & 
the new South Africa as tfts, 
rightful monarch of the Zulu 
people." 

However, Mr Mandela laid, 
down a condition for the meet- 
ing - that it be private - which 
may be rejected by the king: 
The two men were to have met 
last week in Ulundi, but Mr 
Mandela cancelled the meeting 
after Chief Buthelezi invited 
thousands of the king’s sup- 
porters to attend. ANC officials 
said they feared for Mr Mand- 
ela's safety at the meeting. 


By M'Ol ,,v ' ■* 


l ' ’ 

liiuMs-v 
trnl.i* • 

in i’ 1 *' 

:*• 

H-. rul 
•i:-< •' : 

I'lf! 

r-ij.-i- i • '■ 
-r.iii:*- ' ■ 

.irti-'i 1 ' 
ivtu— " 


& A \ 1 

•&, =*»■ * •' 


By WlIlM'* 1 ' 


iVi:*: '■ 
jvr* ‘‘ • • 

.U'. -' 
Mi-f • 
hui'L ■ 
.'•i r "> 
i-i.'l • 

J.i; .r : • 


Hamas deaths 


spark protests 
by Palestinians 


By David Horowitz 
In Jerusalem 


Clashes erupted in the 
occupied West Bank and Gaza 
Strip yesterday, as Palestinians 
took to the streets to protest 
against Wednesday’s killing of 
four leading members of the 
Hamas Islamic movement’s 
military wing. 

Palestinian sources said doz- 
ens of Palestinians were 
injured; the Israeli army said 
three soldiers and three Israeli 
civilians were hurt. In the 
Hebron area, Palestinian 
sources said Jewish settlers 
fired guns and threw stones at 
several homes. Palestinians 
responded by stoning the set- 
tlers. And when the army 
arrived, soldiers fired tear gas 
to disperse the Palestinians. 

About 120.000 Palestinians in 
the Hebron area have been 
under strict curfew for a 
month, since Jewish settler 
Baruch Goldstein massacred 30 
Arab worshippers inside the 
Cave of the Patriarchs. Only 
the 400 or so Jewish settlers in 
the town are allowed to move 
around freely. 


The Israeli army cnmmaniter 
responsible for the Hebron 
area, General Danny Yatom, 
claimed yesterday that the ; 
Hamas militants killed In 
Hebron were believed toy 
include extremists responsible, - 
for the murders of several' 
Israelis, However, since the 1 
building where they had been 
hiding out was devastated It 
was proving difficult to iden-' 
tify the bodies. 

• The PLO yesterday urged 
rich nations to give more 
money to support setting up a 
Palestinian police force in the 
self-rule areas of Gaza and Jeri- 
cho, Beater adds. 

"What has been pledged so 
far Is not enough. We need 
more,” said Mr Nabil Shaath, 
chief PLO negotiator, after 
Israeli and PLO delegations 
met representatives of 20 donor 
countries in Cairo. 

Ha quoted World Bank fig- 
ures estimating start up costs 
of 547m and annual costs of 
590m for a Palestinian police 
force in Gaza and Jericho, des- 
ignated as self-rule areas under 
an accord signed last year by 
Israel and the PLO. 


Development 
aid goals must 
be ‘rethought’ 


By Michael Nohnan 
and Jimmy Bums 




Donors and beneficiary 
countries must re think devel- 
opment goals in the light of 
radical changes in the world 
order, according to the Organi- 
sation for Economic Coopera- 
tion and Development’s devel- 
opment assistance committee. 

Events since the collapse of 
the Berlin wall in 1389. includ- 
ing the Mideast peace initiative 
and the end of apartheid in 
South Africa, and new 
d e mand s from eastern Europe 
and the former Soviet Union, 
made it "imperative” that aid 

be used more efficiently. 

This should be done "essen- 
tially through implementing 
agreed aid principles and prac- 
tices ", the committee says in 
its annual report published 
today. 

Aggregate official develop- 
ment assistance (ODA) from 
the committee's members 
increased 6.6 per cent in 1992 
in nominal terms to $60-4bn 
(£40-3ba), a 0.5 per cent rise in 
real terms. Twelve of the 21 
member countries increased 
the volume of their aid, includ- 
ing Sweden, Denmark, and 
Norway. With the Netherlands, 
these countries were at or 
above the UN target of setting 
aid spending at 0.7 per cent of 
GNP. 

The group of eight countries 
whose official ald-to-GNP ratio 
was below the average 0.33 per 
cent in 1992 includes the US, 
Japan and the UK. Between 
them, these countries provide 
almost 50 per cent of member 
countries' official aid budget 

Foreign direct investment in 
developing countries, at 8241m 
in 1992, was on par with 1991 


levels, the bulk of which went 
to large economies Including 
China, India and Indonesia. 
Net private flows to the poor- 
est countries and to sub-Saha- 
ran Africa were negative in 
1992. 

Total net resource flows to 
developing countries (mea- 
sured in terms of 1991 constant . 
prices and exchange rates) 
increased $2Sbn in 1992 to a 
record $iS9bn, mainly due to 
private flows. 

The debt situation of devel- 
oping countries as a whole cote 
tinued to improve. The stock of 
debt, which rose 4 per cent in 
current terms in 1992 to 
$l,542bn, is growing at a 
"slower, more serviceable 
pace”. The debt of some of the 
poorest developing countries, 
many in sub-Saharan Africa, 
"continues to be a major bur- 
den for development efforts". 
The ratio of debt stock to GNP 
for developing countries as a 
whole was about 37 per cent in 
1992 (109 per cent for sub-Saha- 
ran Africa). 

• The OECD annual aid and 
development review is to be 
followed within the next 
month by a country report 
focused on the UK. 

Publication is likely to refuel 
the controversy within the UK 
oyer the funding of the Malay- 
sian Pergau dam project 

Ms Anna-LUsa Korhonen, a 
Finnish government official 
who conducted the UK review 
for the OECD, said her report 
did not intend to single out 
individual projects for criti- 
cism. But it is understood the - 
report will reflect OECD con- 
cern over aid resources when 
defence and commercial inter- 
ests may Influence government 
decisions. 







FINANCIAL TIMES FRIDAY MARCH 25 1994 


7 


Japanese workers 


agree 

By Mlchiyo Nakamoto In Tokyo 

Leading Japanese labour 
unions representing steel, ship* 
building and car workers yes- 
terday agreed to the lowest 
wage increases seen since 1987 
in one of the most fractious 
spring' wage offensives in 
recent years. 

The Japanese Electrical, 
Electronic and Information 
Union, representing workers at 
groups such as Matsushita and 
Toshiba, warned of industrial 
action after management 
refused to better a 3 per cent 
wage offer for the year begin- 
ning April. The union is seek- 
ing a 3.2 per cent rise, lower 


low 


than last year's 3.6 per cent 

Private railway workers 
were late yesterday poised to 
go on a 24-hour strike begin- 
ning this morning. The railway 
unions are sticking to their 
demand of a Y 12 ,000 (£76) a 
month increase, against an 
offer of YIO.OQO. 

The pay increases agreed 
yesterday by the steel, ship- 
building and car industries 
were among the lowest since 
the spring wage offensive, 
known as Shunto, was first 
launched 40 years ago. 

The round coincides with 
the fourth year of decline 
in the Japanese economy' and 
a call by business organisa- 


rises 


turns for a general pay freeze. 

Yesterday’s agreements will 
set the tone for wage talks in 
other sectors, giving rise to 
concerns that the low agree- 
ments will put a further dam- 
pener on consumer sentiment. 
Steel workers settled for a 1-56 
per cent increase, significantly 

lower than the 2.65 per cent 
won last year. 

In the car sector, Toyota set- 
tled for 3.06 per cent, against a 

3.2 per cent demand. Honda set 
its offer at Y300 below Toyo- 
ta's; Nissan offered Y800 below 
Toyota. Shipbuilding and 
heavy industry workers won a 
3.32 per cent increase (.4.27 per 
cent in 1993). 


Recovery ‘falling into place 


By WdJiam Dawkins in Tokyo 

Conditions for a Japanese 
recovery are falling into place, 
but considerable adjustments 
are still needed. Mr Yasushi 
Mieno, governor of the central 
bank, said yesterday. 

Mr Mieno, the latest of sev- 
eral senior officials to suggest 
Japan's worst post-war reces- 
sion has reached its trough, 
said private consumption was 


improving and industrial out- 
put was expected to recover in 
the first quarter of this year, 
breaking a 28-month decline. 

Many private-sector econo- 
mists believe the economy 
touched bottom in the final 
quarter of last year, when 
gross- domestic product fell 22 
per cent compared with the 
«»ne period in 1992. Govern- 
ment forecasters are more cau- 
tious. saying an Improvement 


early last year only proved to 
herald a double-dip recession. 

Mr Mieno warned that 
encouraging statistics, such as 
an upturn in business confi- 
dence, might be merely sea- 
sonal and heavy industrial 
overcapacity would slow 
growth for some time. Continu- 
ing labour market weakness, 
highlighted by yesterday's low 
wage offers, was another dam- 
pener on ftomand . he said. 


NEWS: INTERNATIONAL 



Kim Yonng-sam, the South Korean president (left), meets 
Emperor Akihito at the welcoming ceremony in Tokyo 


Russia yesterday proposed a conference to discuss the row over 
North Korea’s nuclear sites, Reuter reports. Deputy Foreign 
Minister Vitaly Chorkin said it could in cl ode Russia, the US, 
Japan, North and South Korea and the United Nations. 


Hosokawa 
reassures 
Kim over 
N Korea 

By John Burton m Seoul 

Japanese Prime Minister 
Morihiro Hosokawa said yes- 
terday that his country was 
ready to support UN sanctions 
against North Korea If the 
need arose. 

In a meeting with South Kor- 
ean President Kim Young-sam 
in Tokyo, Mr Hosokawa 
advised, however, that the UN 
Security Council should pro- 
ceed cautiously on the nuclear 
inspection dispute with North 
Korea and attempt to ma i ntai n 
dialogue with Pyongyang. 

If the dispute escalated to a 
point that sanctions would be 
imposed, Japan would imple- 
ment all measures that are per- 
mitted by the Japanese consti- 
tution, he said. 

But that condition left open 
the possibility that Japan 
might refuse on constitutional 
grounds to stop the flow of 
funds to North Korea from pro- 
Northem Knrean-Japanese. 

The funds, which are esti- 
mated to amount to $600m 
(£4l0m) to $i.6bn (£l.lbn) 
annuall y, are regarded as a 
vital source of foreign revenue 
for North Korea, which uses 
the money to pay for necessary 


oil and food supplies. 

Mr Kim arrived in Tokyo 
yesterday for a three-day visit 
before going to China, where 
he will ask Beijing to intervene 
with North Korea and convince 
it of the need to accept interna- 
tional inspections. 

Meanwhile, Japanese 


Emperor Akihito last night 
expressed a “sense of deep sor- 
row" about his country’s harsh 
colonial rule of Korea between 
1910 and 1945. Seoul’s resent- 
ment over Japanese rule has 
been an obstacle in relations 
between the two countries. 
Watching weapons, Page 14 


Keating set to 
name Lawrence 
health minister 


By NOdd Taft In Sydney 

Australia's prime minister, Mr 
Paul Keating, was yesterday 
expected to appoint Ms Car- 
men Lawrence, the former 
West Australian premier, to 
the post of health minister as 
part of the fourth ministerial 
reshuffle in as man y months . 

The portfolio was vacated 
yesterday by Senator Graham 
Richardson, one of the Labor 
Party's most influential power- 
brokers. wbo resigned from the 
cabinet with a view to leaving 
politics. 

- Senator Richardson claimed 
he had already decided to quit 
after Labor's win in the 1993 
election, although be had origi- 
nally planned to step down in 
August 1994. 

After spending half his adult 
life in parliament, the senator 
said he wanted to pursue other 
interests, beginning with his 
memoirs. Speculation suggests 
he is planning to work for Mr 
Kerry' Packer, or he would seek 
to become chief executive of 
the Sydney Olympics Games 
Organising Committee. 

For much of the past 10 
years, he has been viewed as 


the key “n umb ers man" in the 
federal Labor Party, effectively 
making and breaking prime 
ministers. Mr Keating’s ascen- 
dancy tended to undermine 
Senator Richardson’s power 
base, and the two men recently 
clashed in public over possible 
changes to the Medicare levy. 
But the prime minister and the 
senator insisted they were on 
friendly terms. 

Senator Richardson is the 
fourth senior minister to 
depart in as many months, and 
the 15th since Mr Keating took 
over from Mr Hawke in 1991. 
There has been no pattern to 
the departures: Mr John Daw- 
kins left the treasurer’s posi- 
tion for personal reasons, Ms 
Ros Kelly and Mr Alan Grif- 
fiths left after differing contro- 
versies. 

To an extent, the impact of 
the latest departure has been 
offeet by the publicity sur- 
rounding Ms Lawrence’s 
arrival in Canberra. Labor 
Party members agreed last 
night she should be given one 
of the three minis terial posi- 
tions now vacant, the others 
going to Mr Gary Punch and 
Mr Con Sciacca. 


Algeria’s ‘too 
much blood, 
too many tears’ 


T he Algerian government 
began a new round of 
talks with opposition 
leaders this week to seek an 
end to Islamic fundamentalist 
violence that has killed nearly 
4,000 people in two years. 

A day after two more 
Frenchmen were killed, bring- 
ing the number of foreigners 
murdered to 31. Spain joined 
France in urging its nationals 
to flee the country. 

Violence against foreigners 
is aimed at scaring away inter- 
national capital and know-how 
vital to Algeria’s economy, but 
Algerians themselves are dying 
daily in this two-year-old fight 
by Islamic militants to topple 
the army-backed government 
that cancelled elections in Jan- 
uary 1992. 

President Liamine Zeroual, 
who railed last week for talks 
“without exclusion", met mem- 
bers of the Movement for 
Democracy in Algeria led by 
former president Ahmed Ben 
Bella on Wednesday night, offi- 
cials said, speaking on condi- 
tion of anonymity. 

The discussion was described 
as “positive", but there was no 
elaboration- 

president Zeroual’s call, how- 
ever, is yet to be heeded by any 
leading fundamentalist groups. 
The Islamic Salvation Front, 
which seemed set to win the 
elections because of voter 
anger with high unemploy- 
ment, corruption and govern- 
ment mismanagement, has 
been banned and its leaders 
imprisoned. 

eanwhile President 
Zeroual, who also 

holds the defence 

rtfolio, has bolstered the 
thority of the chief of staff, 
neral Mohamed Lamari, 
10 is a believer in “eradicat- 
f the supporters of radical 
litical Islam and has been at 
? forefront of the repression 
linst such groups since last 
mmer. 

After a campaign of assassi- 
tions of servants or the state 
mlicemen. soldiers, judges 
d mayors - militants have 
■ned to killing doctors, writ- 
i, sociologists and journalists 
their struggle to turn 
geria into a country ruled by 
ict Islamic Sharia law. They 
ve also taken to killing 
imen who refuse to wear the 
iL 

Anger at the government s 
ability to stem the terrorism 
d opposition to “any form of 
ilogue with the fundamental- 
s' - brought 50,000 demons! ra- 
■s out on to the streets of 
giers, and thousands more in 
e other centres around the 
untry on Tuesday this week, 
rhe march was led by the 
dow of the director of the 
tie Arts School of Algiers. Mr 
jdellah Asselah, who was 
ot In the head by members 
the most radical Islamic 
cup, the Islamic Armed 
oup (GIA). two weeks ago in 
giers. His son. Rabah, 22, a 
udent at the school was 
junded and died shortly 


exile, submission and compro- 
mise". 

The marchers threatened to 
organise themselves into self- 
defence groups and demanded 
that the army give them weap- 
ons to defend themselves. 
Marches also took place in 
Oran, Annaba, Constantine, 
Bejala and Tizi Ouzou. 

Intellectuals have been 
caught up in the confrontation 
between a nomenklatura which 
has held power and privilege 
for -30 years and the radical 
Islamists who say in their 
tracts that “those who criticise 
us with their pen wiH die by 
the sword". 


VI 


Francis Ghiles and 
agencies report on 
the escalating 
violence that has 
claimed nearly 
4,000 lives 


oo much blood, too many 
s, together we save 
ria." protesters chanted 
men have dignity and 
t accept shame." 
an “open letter" to Presi- 
Zerouai. the women’s 
ps said that they “reject 


Mr Said Allah Djaafar (the 
sword of God), one of the lead- 
ers of the GIA, recently told a 
magazine, that intellectuals 
were “apostates" who deserve 
the s ame fate as “Jews, Chris- 
tians and foreigners who are 
part of a colonial plot to com- 
mit profanities on our country. 
If they are liquidated, that will 
destabilise the impious Alge- 
rian regime and help return 
■the country to the reign of 
Islam as defined by the prophet 
Mohamed”. 

The GIA’s most prominent 
victim in recent weeks was Mr 
Mohamed Alloula, the 53-year- 
old playwright and theatre 
director. He enjoyed popular 
success with one recent play, 
Lafijouad (the Veil). In 1969, at 
the height of Colonel Boume- 
diene’s dictatorship, El Aleq 
(The Bloodsuckers), was a pow- 
erful satire of the country’s all- 
pervasive bureaucracy. 

Last year a psychiatrist. Pro- 
fessor Mahfoud Boucebci, was 
warned against interpreting 
people's dreams by m i l it an ts 
who claimed the Koran was 
the only source of truth. He 
spoke out against those whose 
aim was “to destroy science in 
the name of Islam". He was 
murdered last June. 

The knives used in these 
murders are redolent of sacrifi- 
cial acts: “honour" can only be 
washed with blood, “wit- 
nesses" must be present at the 
“sacrifice". 

F riends of the w rit e r Mr 
Tahar Djaout, who was 
murdered last June, and 
of Mr Alloula believe that in 
both instances a contract was 
put out to kill them. Contract 
jobs of this kind are increas- 
ingly frequent, usually carried 
out by young people. In sane 
instances, they have been 
drugged before. 

Recently, women have been 
targeted in acts of apparently 
random violence - usually 
raped, often murdered. Last 
month, a school girl of 17 was 
murdered as she was leaving 
school at Mefta, near Blida. 
south of Algiers. She had 
refused to wear a veil 
Two foreign wives of Alge- 
rian citizens have been mur- 
dered recently - that they had 
converted to Islam was deemed 
of little consequence. 


readers in Emerging Markets 
Banking and Trade Finance. 



Internationale 

Nederlanden 

Bank 


The shape of ING Bank’s international network is 
distinctive. 

From Dutch roots, we have developed a truly 
international network, with over 60 offices in more 
than 40 countries. Our growing presence in the world’s 
fastest- developing regions - Asia, Central and Eastern 
Europe and Latin America — reflects our strength 
as a world leader in Emerging Markets Banking and 
Trade Finance. 

We are also showing significant growth in both 
International Corporate Banking and International 
Private Banking. As part of ING Group, one of Europe’s 
major financial institutions, we are continuing to build 

upon these strengths for the future. 

For more information, please contact our head 

office in Amsterdam; fax 31.20.5635673. 


ING 








BANK 


I 

I 

1 

f 

f 

a 

ft 

ft 

If 

tl 


er 

th 

te 

to 

se 

*y 

vil 

ini 

to 

ha 

de> 

'1 

an« 

CiOi 

Wli 

par 
in 
of t 
T 
hav 
one 

OttT 

Fi 

mui 

<pa 

$res 

last 

Oect 

look 

In- 


I 


a 

ft 


3y Ro 


3 very 
ias gx 
'f pr* 
This 
ble i 
iave i 
red w 
t was 
■ '3s lib 
Thus 
tie fix 
lentp 
i the 
ate, th 
ould 1 
uity v 
Jtgoin 
ie opi 
•edible 
rammc 
Howe 
umber 
art of 
hey he 
ire top 
but w| 
if sign 
lived. 

A i th- 
any ha 
al idea 

ms of I 


Vha 

»fFer 

igns 

ono 

*«nt: iin.t 

:i'-m a 
spite ap 
tile W-; 
:hl and 
The Ptx 
a' lflt h 
v in.tr i 
■> 

!.l O! i 
th.e 
o* c.'ii:: 
r-M ital 
e and i 
ig-srandi 

SL. 

’conomii 

Progn 

: a .-ont: 

govern 

approv 

deriiy. 

•xv 4 per 
debt sti 
< 

k> in i«> 
Fact ,*',)! 
Says s. 

iulia 
uswy fo: 

Placed 
mlnin; 
OK All 1 
flewi t:< : 
i:re«.t nr 
isw: r. 
o; Fans 
'••r> a * 
si man 
droccjen 

"rssrhf 

e.-i by 
Gsconi >t 
BpnR&m 
'stnont. ■ 
afraid tu 
sax kurdv 
■ want to 
-a.*? m fis 
!> J t pt 

; «?i iiujk 
*1 -am 



Murder raises spectre of political instability 

Death of presidential front-runner conies on heels of Chiapas uprising, says Damian Fraser 



FORMIDABLE DUO: Luis Colosio (right) with his mentor President Carlos Salinas 


T he assassination of Mr 

Luis Donaldo Coiosto. 
the presidential candi- 
date of Mexico’s ruling Institu- 
tional Revolutionary Party, is 
certain to have a traumatic 
impact on the country's politi- 
cal system. 

Mr Colosio is the first major 
Mexican politician to be assas- 
sinated in more than 50 years. 
Coming after the New Year 
peasant uprising in the 
southern state of Chiapas, the 
killing is set to heighten 
national instability, jeopardis- 
ing the already fragile eco- 
nomic recovery-. 

The replacement of Mr Colo- 
sio by another candidate will 
not be easy. Mexico's constitu- 
tion prevents any official who 
has held senior government 
office within six months of the 
election from running for 
office. Unless the opposition 
parties agree to change the 
constitution, the list of credible 
can didates is small 
“The situation is extremely 
worrying." said Mr Sergio 
Aguayo, a political scientist at 
the Colegio de Mexico. “The 
crisis has shown up the weak- 
ness of Mexican institutions.” 

The effect on this August's 
presidential election is hard to 
predict. A weak candidate or a 
financial crisis could enable 
the opposition to mount a seri- 
ous electoral challenge, putting 
at risk the PRI's 65-year hold 
on power. But the party’s dom- 
ination is entrenched and its 
popularity is higher than in 
1988. making a defeat unlikely. 

Mr Colosio. bom in 1960 in 
the modest town of Magdalana 
de Kino, near the US border, 
was chosen by Mr Salinas as 
the ruling party's candidate 


last November. While not con- 
sidered to be as articulate and 
forceful as other contenders, 
he had long been favourite for 
the nomination and he 
appeared to have the right mix 
of political and technocratic 
skills for the job. 

He had recently begun the 
difficult task of rijgfc»nning him - 
self from Mr Salinas, calling 
for a decentralisation or federal 
powers, reform of the legal sys- 
tem. and a more active indus- 
trial policy. He had also made 
public safety a central theme 
of his campaign. 

Two days ago his route to 
the presidency seemed secure 
after the charismatic Mr Man- 
uel Camach o, the peace envoy 
to Chiapas, indicated he would 
not run for the presidency. Mr 
Camacho, a former foreign 
minister and mayor of Mexico 
City, had been passed over for 
the PRI's nomination in favour 
of Mr Colosio, but subse- 
quently hinted he might seek 
the presidential nomination, of 
an opposition party. 

If the government is unable 
or unwilling to change the law 
on who can run for the presi- 
dency, Mr Camacho will be one 
of a handful of contenders in 
the ruling party to replace Mr 
Colosio. While he is by far the 
best known and the most expe- 
rienced politically, be antagon- 
ised much of the party when 
he looked as if he was going to 
challenge Mr Colosio. Asked on 
Tuesday whether he was a 
member of the PRI, Mr 
Camacho enigmatically replied 
he belonged to the party of 
peace. 

Mr Salinas - who. it is 
assumed will choose the new 
candidate as he chose Mr Colo- 


sio - may look for a less contro- 
versial candidate. Potential 
wmrfMgtei I pduite Mr Ernesto 
Zedillo, former education min- 
ister and Mr Colosio’s cam- 
paign manager, and Mr Fern- 
ando Ortiz Arana, president of 
the PRL 

If the opposition agrees to 
change the law Mr Pedro Aspe. 
finance minister. Mr Emilio 
Gamboa, transport minister, 
and Mr Emili o Lozoya, energy 
minister, might be considered. 


All have disadvantages. 

Mr Zedillo, a Yale University 
economist, is known for his 
political inexperience. Mr Aspe 
has been widely blamed for the 
economic recession and is not 
popular. Mr Gamboa and Mr 
Lozoya are junior ministers, 
with little experience in eco- 
nomic policy, and are politi 
rally unknown outside a small 
circle in Mexico City. 

Mr Zedillo is perhaps the 
narrow front-runner from this 


group. A former central bank 
official and budget minister. 
Mr Salinas could entrust him 
with economic policy. He is 
close to Mr Josd Cordoba, Mr 
Salinas’s powerful chief of 
staff, and having worked as Mr 
Colosio's campaign manager, 
has learnt to work within the 
PRL 

But Mr Zedillo has been 
widely criticised for his poor 
management of the Colosio 
campaign, and for political 


errors made when education 
minister. With the possibility 
of further political turmoU 
ahead, his nomination would 
Involve risks. 

Mexico's accession to the 
North American Free Agree- 
ment and the creation of an 
independent central bank this 
year have reduced the presi- 
dent's room for manoeuvre in 
economic policy. But whoever 
is e l ec ted will still yield enor- 
mous power. The president 
dominates the executive 
branch, the judiciary, the Con- 
gress and has broad power to 
set government policy in 
almost all fields. 

The return of uncertainty 
over who will take office next 
year could not have come at a 
worse time for the governing 
party. Mexico’s economy has 
been stagnant for the past 
year, posting negative growth 
for the last two quarters. The 
gover nment has been been try- 
ing to revive the economy 
before the August elections by 
inrrpgsrng spending and lower- 
ing interest rates. 

Such a policy has already led 
to a substantial weakening of 
the peso against the dollar and 
recent outflows of foreign 
money. Mr Colosio’s assaagma- 
tion and accompanying ner- 
vousness in Arum trial mar kets 
may force the government to 
choose between further devalu- 
ation or higher interest rates 
that could choke economic 
recovery. 

The economic woes are 
accompanied by a highly vola- 
tile political mix. The uprising 
in Chiapas is proving harder to 
resolve than the government 
had hoped. It reached a provi- 
sional agreement with rebels 


last month, but landlords and 
rebel sympathisers have been 
caught in a bitter straggle over 
land and political power in the 
state. 

On Wednesday the congress 
approved an historic political 
reform, which for the first time 
in so years would put the elec- 
toral institute, which judges 
the legitimacy of elections, in 
the hands of non-partisan citi- 
zens. However, Mr Cuauht- 
emoc Cardenas, the presiden- 
tial candidate of the leftist 
opposition Democratic Revolu- 
tionary Party, derided the 
reforms as insufficient. 

In theory the reforms will 
make it difficult for the PRI to 
revert to fraud to win the elec- 
tion. Apart from giving the 
non-partisan officials control 
over electoral tribunals, it 
makes the parties' access to 
the media more equal, puts 
tight limits on campaign 
spending, and establishes a 
prosecutor for electoral fraud. 

Mr CSrdenas’s dissent raises 
the prospect of post-election 
protests if be claims there has 
been fraud. “Cuauhtemoc Car- 
denas is distancing himself 
from the reform because he 
does not trust the govern- 
ment,” said Mr Ricardo Pascoe, 
a close adviser. “He will not 
give up his right to veto the 
ri»cM< )p 5 if they are not fair.” 

The PRI’s replacement for 
Mr Colosio will have to grapple 
with a potentially aggressive 
Mr Cardenas, the implementa- 
tion of the political reforms, 
and at the same time reassure 
Rwanpiai markets of his ability 
to run the economy for six 
years. It will not be an easy 
task. 


Affable leader 
short of 
political vision 


Mr Luis Donaldo Colosio was 
an affable, courteous pro- 
marketeer who rose to promi- 
nence under the patronage of 
Mr Carlos Salinas. Mexico’s 
current president. 

Former congressman, sena- 
tor, head of the ruling Institu- 
tional Revolutionary Party, 
social development minister 
and finally his party’s presi- 
dential candidate, Mr Colosio 
began his rise through the 
ranks of the Mexican bureau- 
cracy in 1979, when he first 
met Mr Salinas, then deputy 
budget minister. Mr Salinas 
took him under his wing and, 
after working together for 
many years, picked him to run 
his presidential campaign in 
19SS. From then Mr Salinas 
seemed to groom his quiet and 
affable colleague to succeed 
him. 

Mr Colosio was put in charge 
of the PRI, masterminding the 
party's comfortable victory in 
the 1991 legislative elections. 
However, he failed to push 
through promised democratic 
reforms that would have 
required candidates to be 
selected in open primaries. 

When made social develop- 
ment minister in 1992. Mr Colo- 
sio bad become clear favourite 
for the presidential nomina- 
tion. He shared Mr Salinas's 
commitment to pro-market eco- 
nomic policy, was popular 
within the rilling party, and 
became closely identified with 
the government's sho%vcase 
anti-poverty programme. 

It was thought his easy-going 


manner and modest northern 
roots would go down well with 
the electorate. 

Nevertheless. Mr Colosio was 
criticised by rivals for having 
no clear vision independent of 
Mr Salinas, and for being 
unwilling or unable to defend a 
point of view in cabinet meet- 
ings. They said he had been 
chosen as presidential candi- 
date because of blind loyalty to 
Mr Salinas, rather than any 
special leadership qualities of 
his own. 

Such doubts grew after Mr 
Colosio was nominated presi- 
dential candidate. His cam- 
paign was quickly overshad- 
owed by the peasant uprising 
in Chiapas, and the prominent 
role played in it by Mr Manuel 
Camacho, the peace envoy to 
the southern state. 

In the past few weeks Mr 
Colosio began the difficult task 
of distancing himself from Mr 
Salinas, even criticising the 
excessive concentration of 
presidential power. 

Mr Colosio, still young at 44, 
was unfailingly polite and 
courteous in public, and 
inspired tremendous loyalty 
from bis advisers and friends. 

By the standards of Mexican 
politicians, he was modest, 
driving his own car the city, 
and occasionally a Harley- 
Davidson motorcycle. But In 
unfamiliar situations he often 
appeared unsure of himself, 
and seemed happier listening 
rather than tailing to people. 

Damian Fraser 


An economy vulnerable to unrest 


The size of Mexico's current 
account deficit, put last year at 
more than $20bn (£13.6bn), has 
left it highly dependent on cap- 
ital inflows from foreign Inves- 
tors. 

Thus the assassination of Mr 
Luis Donaldo Colosio presages 
a period of uncertainty for 
Mexico’s financial markets 
whicb could have important 
consequences for the country’s 
economy. 

With the passage in Novem- 
ber of the North American 
Free Trade Agreement with 
the US and Canada and its 
coming into force at the start 
of this year, many foreign 
investors had expected to avoid 
the financial uncertainty 
which is usual in Mexico dur- 
ing an election year. 

However, this optimistic out- 
look was shaken by the unex- 
pected peasant uprising in the 
southern state of Chiapas, 
which started on New Year’s 
Day, and by the uncertainty 
that it generated in the Mexi- 
can political system. 

Mr Colosio's murder has 
dealt a further blow to this 
confidence, and though 
Mexico’s own markets were 
closed yesterday - in an 
attempt to reduce financial 
market volatility - the prices 
of Mexican assets dropped 
sharply in New York. 

The Mexican economic pro- 
gramme sponsored by Mr 
Carlos Salinas and Mr Pedro 
Aspe. his finance minister, was 
built on fiscal rectitude, a dra- 
matic privatisation programme 
and a guarantee of economic 
stability ostensibly offered by 
Nafta. 

Critics have seen its weak- 
ness in its dependence on for- 
eign capital - to support big 
current account deficits - and 
the policy of a strong exchange 


Mexico: an economy under strain 



Smote. BKJ. SWornon Btathmn. O aiia tim 


rate to try to squeeze inflation 
out of the system. Further- 
more, while inflation was 
brought down to single digits 
by the end of last year, growth 
also sunk to zero. 

“They have tried to force a 
doublodigit economy to have 
single-digit inflation.'' argued 
Mr Patti Luke, chief emerging 
markets researcher at Morgan 
Grenfell in London. 

Joining Nafta this year was 
widely expected to allow the 
country to become a member 
of the Organisation of Eco- 
nomic Co-operation and Devel- 
opment, the so-called rich 
man's club of industrialised 
nations. It was also expected to 
presage its upgrading by the 
main US rating agencies as an 
investment grade credit, signif- 
icantly widening the potential 
investor base for Mexican 
bonds. 

“A country that appeared on 
the verge of investment grade 
and joining the OECD suffers 
its first political assassination 


since the ruling party took 
over in 1929. It's clear that the 
political agenda is longer than 
the markets thought,” said Mr 
Luke. 

The only US rating agency to 
assign an investment grade 
rating to Mexico’s sovereign 
debt - Duff & Phelps - said 
yesterday that while volatility 
In Mexican financial markets 
could be expected in the after- 
math of the assassination, 
Mexico’s stable political 
institutions and fundamental 
good economic management 
justified the retention of its 
rating. 

Financial markets were 
indeed volatile. The price of 
Mexican shares trading in 
international markets was 
marked down by 10 per cent in 
London trading, while the 
price of the country's Brady 
bonds - issued as part of its 
last restructuring - also fell 
sharply. 

But there was some recovery 
of shares in later New York 


trading. According to Mr Geoff- 
rey Dennis of Bear Steams in 
New York. Mexican issues 
traded in the US were 2-7 per 
cent down at mid-session yes- 
terday. 

Mr John Purcell, head of 
emerging market research at 
Salomon Brothers, said the 
market In New York appeared 
to be calming as the day prog- 
ressed, helped by statements 
from President Bill Clinton a nd 
widespread confidence in the 
ability of the Mexican adminis- 
tration to deal with the crisis, 
he said. There would be some 
nervousness today as the mar- 
kets reopened in Mexico, how- 
ever. 

The Mexican peso also weak- 
ened but. in the absence of the 
Mexico City market, trading 
was thin and quotes hard to 
get Mr Dennis said be believed 
the peso would trade close to 
its floor of 3.36 to the dollar 
today, making some interven- 
tion by the Mexican central 
bank necessary to keep it 


within its permitted band. T 
think the peso may test its 
floor, but l expect it will stay 
within the band,” said Mr Law- 
rence Brainard of Goldman 
Sachs in New York. 

Mexican reserves were last 
reported at $29bn, giving some 
confidence that even a sus- 
tained attack on the. peso could 
be withstood. The US has 
pledged to provide support for 
the peso if necessary. 

Mexican interest rates were 
also expected to rise to defend 
the currency, although if they 
stayed too high too long, 
this would conflict with 
the government’s other imper- 
ative of trying to revive the 
weak economy. 

A quick announcement of 
the replacement candidate - 
most financial market observ- 
ers appeared to favour the 
nomination of former budget 
minister. Mr Ernesto Zedillo - 
would also benefit stability. 

Stephen Fidler 


Mexico’s violence claims a rare victim from politics 


Mr Luis Donaldo Colosio was 
shot as he was leaving a cam- 
paign rally in the sprawling 
city or Tijuana, tile fourth larg- 
est in Mexico, just over the 
border from San Diego. 

He was Mexico's first presi- 
dential candidate to be assassi- 
nated since President-elect 
AJvara Obregon was murdered 
in I92S. Since then Mexico had 
enjoyed remarkable political 
stability, with every' president 


having lived out his term, 
peacefully handing power over 
to his successor. 

Inevitably there was specula- 
tion that the assassination, 
coining so soon after the New 
Year's peasant uprising in the 
state of Chiapas, had been 
planned by groups that were 
set on damaging the Mexican 
government, or seeking to 
replace Mr Colosio with a pres- 
idential candidate more 


favourable to their interests. 

As of yesterday morning 
there was no evidence of any 
conspiracy. Police in Tijuana 
arrested Mario Aburto Marti- 
nez on suspicion of the killing. 
Mr Aburto, 23, said he was a 
pacifist, claimed he had writ- 
ten several books, and would 
not talk even if he was tor- 
tured. 

Police said he had shot twice 
from a .38 pistol but have not 


linked him to any group. 

The police also detained a 
second man, Vicente Mayoral 
although it was not clear 
whether he was a suspect or 
simply a witness to the shoot- 
ing. Mr Mayoral is a former 
police officer. 

Given the widespread vio- 
lence in Mexico, and the few 
security precautions politicians 
take, it was remarkable that so 
long had passed without such a 


political assassination. In 1990 
Mexico suffered 30.7 murders 
per 100,000 people, more than 
Brazil and compared with 13.3 
in the US. 

Last year drug traffickers 
accidentally killed Cardinal 
Juan Jesus Posadas of Gua- 
dalajara tn a shoot-out with a 
rival gang, according to the 
official explanation. Last week 
an unknown group of men kid- 
napped Mr Alfredo Harp Helu, 


co-head of Banamex, Mexico’s 
largest bank. 

Tijuana, a city whose popula- 
tion thanks to migration and 
economic integration with the 
US has nearly tripled in 20 
years to an official figure of 
nearly 900,000, is one of 
Mexico's most violent cities. 
Long known for its sleazy bars 
and nightclubs, it has more 
recently become a centre for 
drug traffickers, and home to 


thousands of factories, and the 
shanty towns that surround 
thorn 

Mr Colosio was on the edge 
of one of the shanty town 
when giving his last speech. 
Like all Mexican politicians he 
though nothing of mingling 
with the crowd after giving 
his speech. That will now 
change. 

Damian Fraser 


Clinton 
offers 
help to 
stabilise 
currency 

The US yesterday offered to 
help Mexico stabilise its cur- 
rency should it prove neces- 
sary foHoivingihe assassination 
of Mr Luis Donaldo Colosio, 
which President Bill Clinton 
deplored as “a senseless act of 
violence." 

Mr Clinton telephoned Presi- 
dent Carlos Salinas shortly 
after the news reached Wash- 
ington. In a statement 
yesterday, he emphasised his 
convictions that Mexican insti- 
tutions were ’‘fundamentally 
sound." 

He said he had asked Mr 
Lloyd Bentsen, the treasury 
secretary, to “make sure that if 
there was serious trading in 
the Mexican currency we could 
try to help stabilise that." The 
US Federal Reserve and the 
Mexican central bank have 
arrangements to combat wild 
swings tn the exchange rate. 

In a further gesture of soli- 
darity, Ms Janet Reno, the 
attorney general, offered "any 
support that we can give" to 
Mexican authorities investiga- 
ting the assassination. 

Mr Arturo Valenzuela, Mexi- 
can desk officer at the state 
department, reflected the sense 
of shock in Washington by say- 
ing the assassination was "a 
significant tragedy." 

“It is not something we 
should think in any way 
affects the stability of the Mex- 
ican political system, the Mexi- 
can government or tbe deepen- 
ing relationship of the US and 
Mexico." be said. 

Officials found it hard to see 
how tbe tragedy could affect 
the North American Free 
Trade Agreement that come 
into force at the start of the 
year. US opponents of Nafta, 
ratified by Congress after 
heated debate last November, 
had been critical of the demo- 
cratic credentials and stability 
of fixe Mexican government. 

But unless it emerges that 
Mr Colosio's assassin or assas- 
sins were agents of elements in 
the Mexican ruling party, tbe 
re-opening of Nafta seems 
highly improbable. 

There was no immediate 
word in Washington of any US 
preference for a presidential 
candidate to succeed Mr Colo- 
sio. Most of the senior mem- 
bers of the PRI hierarchy are 
well known and respected in 
the US and Mr Colosio had 
been seen in the US as the logi- 
cal successor to Mr Salinas. 

Jurek Martin 


MEXICO’S 

TURBULENT 

MONTHS 

November 17 . 1993: US 
Congress approves Nafta. 
November 28: President 
Salinas appoints Lois Don- 
aldo Colosio as party candi- 
date for August elections. 
January 1 1994: Mexico 
accedes to Nafta. A rebel : 
Indian group seizes towns 
in the southern state of I 
Chiapas, Mexico's southern- j 
most state. The rebels say I 
they want democracy ami 
better conditions for poor 
Indians. 

January 3: The army claims 
to recapture four cities 
taken by rebels. 

January 10: President Sali- 
nas appoints Manuel 
Camacho as Chiapas peace 
envoy. 

January 10-16: Thousands 
march In anti-war protests 
in Mexico City. 

January 12: Safinas declares 
unilateral ceasefire with 
rebels. 

February 21: Negotiations 
begin with Chiapas rebels. 
February 24: Rebels and 
Camacho announce tenta- 
tive agreements on health, 
education, housing and 
respect for indigenous com* 
inanities. 

March 22: Camacho, though 
urged to run for the presi- 
dent, says he will not 
oppose Colosio, 

March 23: Colosio is killed. 


Party maverick has won popularity, and many enemies 



Camacho: party might split 


Mr Manuel Camacho has never made any 
secret of his desire to be president of 
Mexico. When mayor of Mexico City he 
openly campaigned for the job. After being 
passed over for his party's nomination Iasi 
year, he appeared to be on Che point of 
challenging for the presidency from an 
opposition party before bowing to heavy 
pressure and finally withdrawing on Tues- 
day. 

The assassination of Mr Luis Donaldo 
Colosio appears to give him another 
chance. Mr Camacho is the most experi- 
enced politician in the running, having 
held three cabinet positions over eight 
years. As peace envoy in the southern 


state of Chiapas, he successfully negoti- 
ated a preliminary agreement with rebels 
that won him national popularity. 

However, Mr Camacho has made many 
enemies over bis career, and his recent 
flirtation with an independent candidacy 
has alienated him from the mainstream of 
the ruling Institutional Revolutionary 
party. President Carlos Salinas would 
have to choose him over the PRI's objec- 
tions, and risk a split in the party. 

Mr Camacho is also, perhaps unfairly, 
mistrusted by many foreign and domestic 
investors. Critics in the government say 
he opposed some of the economic reforms 
proposed by Mr Salinas. He was against 


scrapping rent controls in Mexico City, 
predicting (correctly as it turned out) that 
opposition to the reforms would be too 
great to overcome. 

In an effort to counter such criticisms, 
Mr Camacho told the Wall Street Journal 
last week that Mr Pedro Aspe, the finance 
minister, and his “excellent team” slymM 
take part in a future government in 
Mexico. He committed himself to responsi- 
ble fiscal and monetary policy, saying that 
without this Mexico's economy could not 
grow faster. 

He Is fond of reminding businessmen 
that he balanced Mexico City's budget 
while he was mayor, and presided aver a 


boom in property and services that his 
pro-business policies helped foment 

However, Mr Camacho offers a more 
interventionist economic policy than that 
followed by Mr Salinas, although not 
unlike that proposed by Mr Colosio. Mr 
Camacho advocates an activist industrial 
policy that would promote economic 
growth and employment, and enable the 
poorer south eg the country to compete 
under the North American Free Trade 
Agreement 

Mr Camacho's central interest is in 
brin g i n g about what be calls a democratic 
transition in Mexico. He takes credit for 
the recent agreement between political 


parties for democratic reforms. He says 
the peace agreement in Chiapas - which 
will lead to important political economic 
and legal reforms there - should be a 
model for the rest of the country. 

While mayor of Mexico City, Mr 
Camacho enjoyed good relations with the 
leftist opposition - better, some say. than 
tiie relations he had with his own party, ff 
selected as the PRTs presidential candi- 
date, he would probably aim to gain the 
trust of the opposition by seeking to create 
conditions tor a fair and trouble-free elec- 
tion. 

Damian Fraser 



r 




gNANQAL TIMES FRIDAY MARCH 25 1994 

Philip Morris 
sues over TV 
tobacco claim 


NEWS: THE AMERICAS 


By Patrick Harverson 
to Now York 

Philip Morris yesterday fil ed a 
$lObn (£6.7bz0 libel lawsuit 
against the US television net- 
work ABC alleging an ABC 
current affair s programme 
broadcast liaise and defamatory 
statements last month when it 
claimed the tobacco wiawnfaft . 
turer was adding extra nico- 
tine to its cigarettes to make. 
them more addictive. 

The lawsuit is the latest 
offensive by Philip Morn s and 
the US tobacco industry, which 
is facing increasingly intense 
opposition to its cigarette prod- 
ucts fr om politicians and anti- 
smoking groups. In the past 
year, Philip Morris has sued 
the city of San Francisco aver 
its strict anti-smoking laws 
and the Environmental Protec- 
tion Agency for its claims that 
second-hand cigarette smoke 
causes cancer in non-smokers. 

The industry also faces a 
tough fight in Congress over 
President Clinton's plan to 
help pay for healthcare reform 
by sharp rise in cigarette tax. 

In its lawsuit against ABC. 
Philip Morris says that on Feb- 
ruary 28 the network's Day 
One current affairs programme 
claimed the company was 
“spiking" its cigarettes with 
extra nicotine in order to keep 
smokers “hooked". Philip Mor- 
ris says ABC made the allega- 
tions even though It knew 


them to be untrue, 
the network subsequently 
repeated the claims fn later 
programmes. 

There was no immediate 
reaction from ABC yesterday, 
but Wall Street was unnerved 
and shares in the network’s 
parent company, Capital 
CMes/ABC, fell 915 % to 9703. 

Philip Morris said it was 
se eking S5bn in. punitive dam- 
ages. and another 9Sbn as com- 
pensation for the Impact the 
allegations had on the compa- 
ny's share . price, which 
dropped 92 to 956 in heavy 
trading the day after the ABC 
broadcast. Philip Morris also 
noted that after ABC made its 
allegations, members of Con- 
gress called for investigations 
into cigarette manufacturing 
processes, and both President 
Clinton and Mr David Kessler, 
head of the Food and Drug 
Administration, expressed con- 
can about the story. 

One reasons why the share 
prices of Philip Morris and 
other tobacco makers fell 
sharply following (he Day One 
item was that the programme 
prompted a suggestion by the 
FDA that if the allegations of 
“spiking” were true there 
might be a legal basis for regu- ■ 
lathag cigarettes as a drug. 

Philip Morris insists that 
while nicotine occurs naturally 
in a tobacco leaf; it does not 
add extra rH/yrtfna to cigarettes 
during production. 


If Cardoso runs, Brazil may pay 

Angus Foster reports on inflation’s foe tempted by the presidency 

M r Fernando Henrique 
Cardoso was 
recently asked what 


M r Fernando Henrique 
Cardoso was 
recently asked what 
it was like to be Brazil's 
f\nzmr*> minister, a tough job in 
a country plagued by near 
hyperinflation ant? dt sc re dft***! 
governments; “It’s not the 
worst job in Brazil, it’s the 

worst in the world,’* he said. 

After lasting nearly a year in 
the post - something of a 
record for a Brazilian finance 
minister these days -Mr Car- 
doso appears to be preparing to 
quit- Under Brazilian law he 
must do so by April 2 if; as 
widely expected, he wants to 
run for president in elections 
in October. 

But it is a difficult decision. 
Mr Cardoso's patiently negoti- 
ated plan to bring down annual 
inflation of 2^500 per cent is not 
yet frilly in force. Economists 
say the plan is the most prom- 
ising in recent years. But key 
alamwits, such as A haTaniwfl 
budget, remain vulnerable to 
election-year calls for higher 
spending. 

In an otherwise weak gov- 
ernment, Mr Cardoso is seen as 
the only politician able to 
resist those calls. Even if he 
chooses his successor as 
finance minister , the plan may 
stm be in doubt 
ffig Brazilian Social Demo- 
crats party (PSDB) is small and 
Tw« so far fail*** to an 

aTHanfta with a larger group- 
ing: This is partly because of 
uncertainty about the plan, 
which is seen as crucial to Mr 
Cardoso’s election chances. 

But inflnHnw jg wnTflroly to 

fall until the plan’s final phagg 
and the' launch of a new cur- 



Finance minister Cardoso; The worst job in the world’ 


rency, probably in May. Mr 
Cardoso must therefore decide 
whether to run without know- 
ing if he has done enough to 
hope for victory. 

“He is under tremendous 
pressure from all sides,” 
according to a member of Mr 
Cardoso's economic team. “Bis 
party wants him to run. But it 
could seriously damage the 
plan and ottT first real 
for ages to bring down infla- 
tion.” 

Mr Cardoso, 63 this June, is 
nriH of the outstanding Brazil- 
ians of his generation. Bom 
into a military family, he 
trained as a sociologist and 
later taught at the U niv ers i ty 


of California at Berkeley and 
Cambridge. His best known 
weeks explored “dependency”, 
a theory which sought to 
explain Tjirin America’s under- 
development as a consequence 
of the continent's dependence 
on capital and technology from 
the US and Europe. 

His Units With the left 
incurred the ire of Brazil’s mil- 
itary rulers in the mid-1970s 
and he was banned from teach- 
ing at the University of Sfio 
Paulo. 

When democracy returned in 
1984, Mr Cardoso switched 
from academia to politics. 
After losing the race for mayor 
of Sfio Paulo, he was elected a 


senator in 1986. Two years 
later he helped found a new 
political party, the PSDB. 

Unusually in Brazil, the 
party and Mr Cardoso have a 
reputation for dean govern- 
ment. Their policies are 
slightly left of centre and 
include social welfare reform 
and income redistribution. But 
personality rather than ideol- 
ogy .wins Brazilian elections. 
Mr Cardoso's supporters claim 
he alone can attract popular 
support from both the left and 
right 

Observers believe Mr Car- 
doso's broad appeal would pro- 
vide a strong challenge to 
either the current presidential 
favourite. Mr Luiz Inficio 
“Lula" da Silva of the left-wing 
Workers’ party (FI), or a right- 
wing candidate such as Mr 
Paulo Maluf, mayor of Sfio 
Paulo. 

His political strength stems 
from his experience and pres- 
tige In Congress. As finance 
minister he has persuaded 
Congress to back bis economic 
policies, even though the gov- 
ernment relies on a weak coali- 
tion for support He has also 
managed, at least so far, to per- 
suade Congress of the need for 
a balanced budget to fight 
inflation. 

“Fernando has a great capac- 
ity of persuasion. He is the 
first person to persuade the 
Brazilian public that the deficit 
is Impo rtant, " says Mr Antonio 
Deffim Netto, a former plan- 
ning minister whose views 
have often not coincided with 
Mr Cardoso's. 

His other advantage is that, 
as a member of the country's 


£11 te, he has a natural appeal 
among Brazil's middle classes 
and the media. Both groups are 
wary of Mr da Silva's strong 
Showing: Mr Cardoso has also 
won support from some Sfio 
Paulo businessmen, who would 
normally be wary of his soft- 
left views and intellectual 
background. 

There are still large question 
marks over Mr Cardoso's can- 
didacy. The mnat im p o r tant |ij 
whether, as an intellectual and 
member of the filite, he can 
attract anangh support among 
workers. Although good on 
television, he is not a natural 
orator and is uncomfortable 
with crowds. Last month he 
appeared on a down-market TV 
game show. He looked awk- 
ward and out of touch with the 
studio audience of housewives. 

This drawback may be espe- 
cially acute in the country’s 
economically backward north 
and north-east regions, where 
more than a third of the coun- 
try’s 90m electors live. Accord- 
ing to the latest opinion polls, 
Mr Cardoso would lose badly | 
to the more populist Mr da 
Silva hi all states in that area. 
Nationally, Mr Cardoso trails 
Mr da Silva by 31 per cent to 47 
per cent But in big north-east- 
ern states such as Bahia Mr 
Cardoso’s support falls to 21 
par cent 

Mr Francisco Weffort, a polit- 
ical scientist and PT supporter, 
describes Mr Cardoso as “a 
first rate politician with a 
vision of modernisation". “But 
he just doesn’t know how to 
link emotionally with the 
masses and in this country 
that's important” he says. 


Healthcare reform manages a few steps through Congress 


By George Graham in Washington 

After weeks in which the 
Whitewater affair has seemed to 
drain all vitality from Presidfflit Bill 
Clinton’s legislative agenda, Wash- 
ington looked up this week to dis- 
cover that several steps had been 
taken towards the president's num- 
ber one goal of healthcare reform. 

Late on Wednesday night, the first 
complete healthcare reform hill was 
voted through by the health Ways' 
and Means subcommittee^ chaired by. 
Congressman Petfe St^xk of Calif- 
ornia, which has primary rights 


over the tax aspects of the plan. 

That draft is likely to be substan- 
tially rewritten by the full Ways and 
Means ' committee, and then ham- 
mered some more to fit with the 
drafts of other House of Representa- 
tives committees. The same process 
Is under way in the Senate, and the 
final shape of the bill, will be deter- . 
mtn«t when the two chambers get, 
together to reconcile their different 
versions. 

: The Stark committee's vote, by 
-only a 86 mar gin, offers, neverttae- ... 
less, a first symbolic 'victory for 
some central elements of foe GUntan 


plan: universal health coverage 
ensured by requiring employers to 
offer insurance to their employees 
and pay for 80 per cent of its cost 
That requirement would begin in 
1996 for businesses with 100 or more 
: employees, and two years later for 
smaller employers.' ■ 

To finance the bill's broader 
health coverage, however, the sub- 
committee voted to raise the dga- 
rette tax from 24 cents a pack, to 
91.49, much more than the 75 cents 
increase proposed by-Mr Clinton. - 
: Congressman Dan Bostenkowski 
of Ufinois, chairman of the fall Ways 


and Means committee, warned that 
he was likely to pass out a much 
more conservative bill than Mr 
Stark’s subcommittee. 

Another important version of the 
bill is circulating in the House 
Energy and Commerce committee, 
chaired by Congressman John Din- 
geH of Michigan. That version would 
preserve universal health, insurance, 
bat eliminate two controversial ele- 
ments of the Clinton plan; manda- 
tory government-run health Insur- 
ance purchasing 1 alliances, and for 
businesses wflh fewer than 10 
employees, the requirement that 


employers provide insurance for 
their workers. 

White House officials are now 
stepping back to leave most of the 
detailed work on healthcare reform 
to such congressional heavyweights 
as Mr Dingefl. and Mr RostenkowskL 
Republican members of the Ways 
and Means subcommittee engineered 
a symbolic defeat for the White 
House by forcing a vote on the un- 
altered Clinton plan: with Demo- 
cratic members abstaining, it lost 
But this procedural manoeuvre 
seems unlikely to have done very 
much to clarify the Republican 


strategy on healthcare reform. 

As Congressman Bill Thomas of 
California, senior Republican on the 
subcommittee, lucidly explained: 
“Please listen to me, because I don't 
want anyone to think that what 
we’re doing is what we’re doing.” 

Beneath their continued hostility 
to the Clinton plan, most Republi- 
cans have now accepted the goal of 
universal coverage. Many acknowl- 
edge privately that it will be very 
difficult to achieve that goal without 
also adopting large portions of Mr 
Clinton's bill, or something even less 
palatable. 


Whitewater 
hearings 
‘to begin 
by May’ 

By Jurek Martin to Washington 

< Senator Bob Dole, the 
Republican leader, yesterday 
predicted the US Congress 
could begin its Investigation 
into the Whitewater affair by 
May l. He foresaw separate 
hearings by both House and 
Senate. 

The prospect of congressio- 
nal hearings was certain to be 
raised at last night’s prime 
time televised press confer- 
ence, which President Bill Clin- 
ton called to lay before a 
national au d ie nc e his 
tion of his past investments In 
Arkansas and the many off- 
shoots from it. 

Polls yesterday indicated the 
Whitewater affair is eating Into 
Mr Clinton's popularity rating. 
The Washington Post-ABC poll 
recorded a drop in approval to 
47 per cent, li points below 
last month's levels. Other sur- 
veys have also shown an ero- 
sion in support to around 50 
per emit 

According to the poll, which 
surveyed 1,004 adults between 
last Friday and Tuesday, 47 per 
cent of Americans approve of 
Mr Clinton’s handling of the 
presidency while 45 per cent 
disapprove and 7 per rant have 
no opinion. 

Most polls show a public gen- 
erally unpersuaded that White- 
water entails serious wrong- 
doing on the part of the 
president or his wife. But each 
day seems to bring some new 
reported allegation or distract- 
ing event Yesterday, for exam- 
ple, two senior White House- 
aides, Mr George Stephanopou- 
los and Mr Bruce Lindsey, told 
a federal grand jury what they 
knew about mppHng s at which 
the state of regulatory investi- 
gations Into a failed Arkansas 
savings and loan company 
were discussed. 

The White House has also 
been obliged to reassign inter- 
nally one of its top lawyers, Mr 
WTTh'am Kennedy, after it was 
revealed be had failed to pay 
social security taxes for a 
household employee. Mr Kenn- 
edy used to work 'for the Rose 
Law Firm in. Arkansas, where 
Mrs Hilary Clinton was a part- 
ner. Some Republicans have 
demanded his rttemiasai. 




; t. '/ '-V 

- . -.-i • V/-:-: 

m» * '. . * i .. • ■ ; ■ . , r- ‘i 



ogether we’ll improve your powers of communication. 


Today's cleverest technology gives mankind greater scope 
communicate- This is the goal we reach for at NEC. 
By constantly breaking through old barriers 
^m communication, we are cresting new freedoms. So, 
whichever examples of NEC technology you own - 
they range from mobile phones to super computers - 

they’ll help you develop your individual abilities.. 
And let you ex p re ss your ideas across countries, 
across continents. Or simply across the office. 








t 


¥ 



10 



TAGHeuer 

,'V'SS MAOE Sl'-MCE !S6C 


*/*#* 

NOTICE UNDER SECTION 11(2) OF THE ELECTRICITY ACT 1989 


The Director General of Electricity Supply 
(hereafter referred to as "the Director”) 
pursuant to Section 11 (2) of the Electricity 
Act 1989 (c29) (hereafter referred to as 
"the Act") hereby gives notice as follows: 

(1) He proposes to make a modification 
by the insertion of two additional 
Conditions (13 and 14) into the Licence 
granted under Section 6(2)(a) of the 
Act to Yorkshire Electricity Group pic 
(hereafter referred to as “the Licensee") 
on 8 June 1990. This modification will 
insert into the licence conditions in 
the same form as conditions 13 and 
14 in the licence granted to Eastern 
Generation Services Limited on 17 
May 1993 under Section 6(1 Ka) of 
the Act except that in both conditions 
“20 May 1996" will be replaced by 
"1 May 1997? 

(2) The effect of the modifications will be 
to grant to the licensee the powers 
and rights conferred by or under the 
provisions of Schedule 3 (compulsory 
acquisition of land etc) and 4 (street 
works, wayleaves and other powers) 


of the Act subject to limitations similar to 
those imposed in other licences including 
such powers issued by the Director under 
Section 6(2) of the AcL 

(3) The Director proposes to make the 
modification in response to a request 
for them from the licensee. It Is his 
policy normally to grant such powers if 
asked. 

(4) Copies of Condition 13 and Mas they 
appear in Eastern Generation Services 
Limited Licence are available free of 
charge from the Office of Electricity 
Regulation at the address given below. 

(5) Any representations or objections to 
the proposed modifications may be 
made on or before 25 April 1994 to 
the Director at the Office of Electricity 
Regulation, Hagley House. Hagley 
Road, Edgbaston, Birmingham B16 
8QG 

Dr E C Marshall 

duly authorised on behalf of 

the Director Genera) of Electricity Supply 

25 March 1994 


EUROPEAN 

ASSET MANAGEMENT CONFERENCE 

TWO DAY CONFERENCE AT THE PALAIS FERSTEL 
VIENNA 14 & 15 APRIL 


TOPICS INCLUDE: 

• What are the barriers to 
international fund management? * 
Regional or Globally branded products 

• The pensions explosion: 
opportunities for asset managers • 
Developments in retail and 
institutional markets * Tax driven 
fund structures • Managing an asset 
management business profitably * 
Pension pooling vehicles for 
multinationals * The use of derivatives 

• Trends in securitisation • The 
impact of privatisation in Europe • 
Opportunities for asset managers in 
Poland. Hungary, Czech, Slovak 
Republics and Russia, 


WITH SPEAKERS FROM: 

• Banquelndosuez • INSEAD • 
Paribas • FEFSI • G.T. ■ Gartmore • 
Price Waterhouse • AUTIF • German 
Pensions Federation • Prime S.pJA • 
Guiness Flight • Invesco * CDC 
Gestion * Frank Russell • The FOA * 
Citibank • Cadogan Financial • F&V 
GMBH • Chase Manhattan • 
Creditanstalt’Bankverein • CS First 
Boston • JP Morgan • Lehman 
Brothers International. 

Sponsored by: 

CHASE MANHATTAN BANK NA 
Arranged by: 

CADOGAN FINANCIAL 


If you would like further mformnlion on thin amfanaiK. plmw fax or post the form below to: 

Cadogan Financial, 14 Buc kin g h a m Street, London WC2N SDF Tel: +44(0)71 826 1000 Fax: +44(0)71 980 7403 


Please send me details 

Mc’Mr-.M. 

of the 

EUROPEAN 

CuapMjr_ 

ASSET 

Address 

MANAGEMENT 


CONFERENCES 

ftekohm, 


..TWo. 


raw 


NEWS: UK 


Cellnet MD finds 2,000 new customers a day 

Mobile market to 
reach ‘3m users’ 



By Andrew Adonis 

Cellnet, the second largest 
mobile phone operator in the 
UK, has passed die raiiiinn sub- 
scriber mark, with net new 
connections growing at twice 
the rate of a year ago. 

After record growth in the 
run-up to Christmas, Cellnet 
had expected a sharp slow- 
down in new connections. But 
it is projecting 70,000 gross new 
subscribers for this month, 
only a small decline from 
84.000 in December. 

By the end of this month 
Cellnet, a Joint venture 
between British Telecommuni- 
cations and Securicor, will 
have added a net 110,000 sub- 
scribers to its network since 
the beginning of January, com- 
pared with 56,000 In the fust 
three months of last year. 

Vodafone - the largest cellu- 
lar mobile operator, with more 
than i.im subscribers - is 
reporting s imilar growth. Last 
month it said that it made 


56,000 gross new connections. 

Mr Bob Warner. Cellnet man- 
aging director, predicted that 
total UK cellular subscriber 
numbers would reach 3m by 
the end of the year - up from 
2m at the end of 1993. 

“Two years ago we were 
adding cellular customers at 
the rate of 2,000 a month; now 
It is 2JJ00 a day,” he said. 

Most analysts attributed the 
rapid growth in cellular sub- 
scribers at rite tail end of last 
year to sharp tariff cuts, a Gall 
hi the price of handsets, a pre- 
Christmas rush, and the 
launch in September of Mer- 
cury One-Z-One, a third cellu- 
lar operator offering free calls 
at evenings and week-ends 
inside the M25 area. 

However, the continued 
boom points to strong underly- 
ing growth, in particular the 
entry of the mobile phone into 
the consume r market 

The UK’s cellular market is 
growing in line with that in 
the US and on the Continent 


According to the FT’S mobile 
communications newsletter, 
the number of western Euro- 
pean subscribers grew 53 per 
cent in the year to February 1, 
with new networks exposing 
former monopolies to competi- 
tion in most of the European 
Union's larger countries. 

The UK now has about 3J5 
cellular subscribers per 100 
people, ahead of Germany (23) 
and France (one), but behind 
the Scandinavian countries, 
which have between seven and 
10 subscribers per 100 people. 

The launch next month of 
Orange, the UK’s fourth cellu- 
lar network, is expected to give 
a further boost Orange, a Joint 
venture between Hutchison 
Whampoa and British Aero- 
space, will cover more than 
half Britain’s population at 
launch. 

Orange handsets are likely to 
be more expensive than those 
for the analogue networks but 
are likely to compensate with 
cheaper operating costs. 


EU court 
backs ban 
on outside 
lotteries 

By Raymond Snoddy 

A potential threat to the 
planned National Lottery was 
lifted yesterday by the Euro- 
pean Court of Justice. 

The court decided that the 
government’s ban on the 
advertising and sale of tickets 
in the UK for large foreign lot- 
teries was legal The decision 
has implications for state lot- 
teries throughout the Euro- 
pean Union. 

The Office of the National 
Lottery is currently studying 
eight applications for licences 
to run the lottery in the UK. It 
is due to start late this year or 
early next 

Had the European Court 
forced a lifting of the ban, it 
could have caused confusion in 
the market, with operators 
from other EU countries 
including Ireland being free to 
sell tickets in the UK with the 
prospects of minions of pounds 
in prizes. 

The case arose in 1990 when 
British Customs & Excise offi- 
cers seized lottery tickets sent 
to the UK by Mr Jorg Schin- 
dler, a sales agent for the 
German state-supervised 
Suddeuttschen Klasseniotterie. 
Mr Schindler claimed that 
the seizure contravened the 
Treaty of Rome on the free 
movement of goods throughout 
theEU. 

The UK. backed by at least 
eight other EU members, 
argued that lotteries intended 
to raise money for good causes 
were issues for individual 
national social policy. 

The European Court ruled 
that EU laws did not preclude 
legislation such as that which 
has been introduced by Britain 
“in view of the concerns 
of social policy and of the pre- 
vention of fraud which justify 
it”. 


More foreign 
banks choose UK 


By ABson Smith 

The number of foreign banks 
in London topped 500 for the 
first time last year, enhancing 
the city’s status as Europe’s 
most significant financial cen- 
tre. 

According to a survey by 
Noel Alexander Associates, a 
consultancy which specialises 
in financial statistics, the 
15 foreign hanks which disap- 
peared from London either 
through leaving or through 
mergers and takeovers, were 
more than offset by the 
35 which arrived. The n umb er 
of foreign banks in London is 
514. 

The survey, which is 
published each year, reflects 
the changes to international 
hanking in London, with much 
of the activity coming 
from eastern Europe and from 
Asia. 

Two of the new banks that 
opened were from Russia; two 
were from the Czech republic; 
one from Yugoslavia, one from 
Slovenia. Two were from 
China, three were from Hong 
Kong and one was from Thai- 
land. 


Six of the 15 banks which 
disappeared did so as a result 
of mergers and takeovers. 
Western European banks 
accounted for five of these, 
with the r emaining one being 
the takeover of the Canadian 
bank Royal Trust Bank by 
Royal Bank of Canada. 

Seven of the nine banks 
which moved out of London 
were from western Europe. 

Last year also saw the first 
increase in the number of US 
banks in London since 1982, 
as four US hanks opened in 
the city. Even. so. that takes 
the total back only to its 1991 
level of 49, which itself was 
lower than every year since 
197L 

The number of Japanese 
banks also rose again slightly, 
after a drop of two in 1992, to 
reach 54 in total. 

Noel Alexander says that 
London has a higher number 
of foreign banks than any 
other city, including New York 
and Tbkyo. 

New foreign bank offices m 
London is published by Noel 
Alexander, 6 Broad Street 
Place, Blamfield Street, London 
EC2M7JU. 


Britain in brief 



Private rail 
project one 
step nearer 

The £500m modernisation of 
British Rail’s west coast 
maiwMwp moved a stage closer 
yesterday with the 
announcement of the award 
of a £3m to £4m feasibility 
study to a consortium of four 
engineeri ng; consultancy and 
finance companies. 

pail track, which takes over 
BR’s track and signalling, said 
the seven-year project to 
upgrade the 480-mile west 
coast line, would set the 
pattern for the private-sector 
management and financing 
of Jorge railway contracts. It 
will also be an important test 
of RaQtrack's ability to 
manage a project of this scale. 

The nine-month study will 
be carried out by West Coast 
Main line Development 
Company, comprising Brown 
and Root, a project 
management company; Sr 
Alexander Gibbs, a civil 
engineering consultancy; 

Booz, Allen and Hamilton, 
an International consultancy; 
and Babcock and Brown, a 
specialist in transport finance. 

The consortium, selected 
from a shortlist of six, will 
look at how best to improve 
the track, power supply and 
signalling on the line and how 
to raise private sector finance 
in a way which is acceptable 
to the Treasury. 

‘Gizmos’ cut 
car values 

Used car buyers are coming 
to fear expensive new 
technology to the point where 
standard models are starting 
to have a higher resale value 
than top-specification vehicles 
of the same type loaded with 
’gizmos’, a senior executive 
of Glass’s Guide, the used car 
values directory, said. 

Mr Leslie Allen, director and 
manag in g editor of the guide, 
also predicted that the current 
highpT resale value of diesel 
cars compared' with their 
petrol counterparts will have 
been eliminated by the mMHie 
of next year, as supply and 
demand for diesel cars came 
Into balance. 

The candusians being 
reached by Glass’s about 
developing technophobia in 
the used car market are 
potentially very bad news both 
for volume car makers, who 


cam high margins on vehicles 

£ with electronic systems, 

and special* 8 * executive and 

luxun' car makers. 

The volume producers 

already face having to make 
less well-equipped new cars 
arising from new company car 

tax legislation which linte 
employees' personal tax bUJs 
directly With cars list prices. 


Farmworkers 
get 4.9% rise 

The Agricultural Wages Board 
has awarded farm workers 
a 4.9 per cent pay rise from 
June - double the average rate 
for manual workers’ pay 

settlements this year. 

Some farmworkers said they 
believe the large Increase in 
pay comes as the board 
believes Its days are 
numbered. The board's most 
recent awards have been more 
modest - between 2 per cent 
and 3 per cent Mrs GUUan 
Shephard, agriculture 
minister, said she hoped 
statements on the future of 
the English and Scottish 
agricultural wages boards 
would be made next week. 

The pay settlement which 
will cost the fanning industry 
£54 ,5m this year, was resisted 
by employers’ representatives 
on the board. 


‘Polluter pays’ 
code begins 

The cost of monitoring and 
inspecting landfills - licensed 
rubbish dumps - will be 
transfered from the taxpayer 
to waste management 
companies on May 1. Mr 
Robert A tkins, environment 
minister, said. 

The new charging rules are 
part of the government's 
much-postponed waste 
management Licensing 
regulation. Mr Atkins said that 
the imposition of charges on 
the companies operating 
landfills was “an important 
extension of the *poUuter pays' 
principle". 

New guidelines 
for salesmen 

Tough guidelines designed 
to stop personal pensions 
salesmen evading their 
responsibility to give proper 
advice to clients are to be 
published shortly. 

The guidelines are part of 
a wider effort to restore public 
confidence In fixe selling of 
personal pensions to people 
transferring out of 
occupational schemes. A 
report published by the 
Securities and Investments 
Board, the City’s chief 
watchdog, will impose stricter 
rales on sales agents. 


ABB unit says 1,300 jobs in danger 


By Charies Batchelor, 
Transport Correspondent 

ABB Transportation, the 
manufacturer of railway 
rolling stock which is part of 
the Swiss-Swedish Asea Brown 
Boveri Group, announced 
plans to make nearly 700 
employees redundant and 
warned that a further GOO job 
cuts may also be necessary. 

The first round of Job losses 
follows completion of a con- 
tract to modify diesel trains for 
BE Regional Railways and the 
tailing off an order for London 
Underground's Central Line. A 


second round will be necessary 
if ABB fails to win an order to 
supply 100 trains for the under- 
ground’s Northern Line. 

London Underground, along 
with Conservative and Labour 
MPs and a consortium of Lon- 
don businesses have urged the 
Treasury to allow the £740m 
Northern Line contract to go 
ahead as part of the govern- 
ment’s private finance initia- 
tive. The Treasury has said 
that the project does not meet 
its requirements for the trans- 
fer of risk to the private sector. 

Mr Bo Sodersten, ABB chief 
executive, said: “It is desper- 


ately disappointing for the 
company to be in this position. 
We are doing everything we 
can to secure orders.” 

ABB, formerly British Rail 
Engineering, employs 5,400 
people in Derby in the mid- 
lands, Crewe, in the 
north-west, and York, in the 
north. A total of 2,500 work at 
the Derby Carriage Works, 
which will be hit by the redun- 
dancies. 

ABB announced a pre-tax 
loss of £9 An on turnover of 
£5l8m from its UK businesses 
in 1993. The losses include 
£ 12.4m to meet redundancy 


and other restructuring costs. 

Mr Wilf ProudfooL assistant 
general secretary of the Rail 
Maritime and Transport Union, 
said: “It takes a special kind of 
incompetence to e limina te 
skilled manufacturing jobs 
when years of work rebuilding 
our railways is available." 

Mr Frank Dobson, opposition 
Labour party transport spokes- 
man, said the redundancies 
were “a direct result of rail pri- 
vatisation which has dried up 
train orders and the govern- 
ment's dithering over London 
Underground’s train leasing 
deal”. 



Mill vina Dean, 82, who survived The Titanic as a baby, with Admiral of the British Fleet Lord Lewin. Right The Titanic as it left Southampton on April 10 

Small barge may continue Titanic story 


1912 


By Christine BucMey 

Hariand & Wolff, builders of 
the Titanic, look the favourites 
to to build a f loa ti ng home for 
artefacts raised from the 
wreck. 

But the Belfast company, 
which made the original liner 
that sank on its maiden voyage 
in 1912, would be working to a 
slightly reduced scale if the 
deal is struck. 

The Northern Ireland ship- 
builder has been approached 
by US company RMS Titanic to 
make a barge for a world tour 


of exhibits from the Ship. 

The New York company, 
which funded a recovery opera- 
tion on the wreckage of the 
Titanic wants the barge to fea- 
ture replicas of parts of the 
ill-fated ship which claimed 
1,503 lives when it struck an 
iceberg. 

Mr Arnle Geller, president of 
the RMS Titanic, said yester- 
day that an announcement 
would be made shortly but 
would not say if the Belfast 
shipbuilder will win the con- 
tract. Hariand & Wolff, which 
retains original plans far the 


liner, would be well-placed for 
such a task. 

Mr Peter Harbinson of 
Hariand & Wolff said that if a 
deal were agreed "it would be 
just another barge". He was 
unable to comment on the 
progress of the talks. 

The Titanic world tour is 
scheduled to set sail in May 
next year after the exhibits 
have finished a six-month spell 
at the National Maritime 
Museum in Greenwich, south 
London. The museum is close 
to the Royal Observatory, 
through which runs the Green- 


whlch Meridian, from which is 
measured Greenwhich Mean 
Time. 

Ms Gillian Hutchinson, cura- 
tor of the museum, said the 
scale oT the exhibition, which 
starts in October, would proba- 
bly equal that for the Mary 
Rose - Henry Vnrs flagship - 
which also sank on its maiden 
voyage. "It is not the largest 
exhibition of a ship's contents 
ever staged but it will certainly 
attract a lot erf interest because 
ctf which ship it was.” 

After Greenwich the Titanic 
exhibition embarks on a world 


tour which could last up to 10 
years. “It will last at least five 
years and maybe up to 10 since 
the interest has been phenome- 
nal,’’ said Mr Geller. 

Organisers are preparing an 
i finery that will take in at least 
30 major cities worldwide. 

The recovery programme 
from the wreckage of the 
Titanic, which cost $l2m, 
yielded more than 200 exhibits 
frying from the telephone 
that was on the ship's bridge to 
funnels and personal belong- 
mgs including letters written 
by the passengers. 


/ 








r 


FINANCIALTIM^^P^JP^Y MARCH 25 1994 


* '* i s 


•i . ,i . i 




& iJ- 


UK 


Elf Enterprise gets £15m aid from Orkney 


By James Buxton, 

Scottish Correspondent 

Orkney Islands Council has 
agreed to make an interest free 
loan of £i5m to help the oil 
company Elf Enterprise win 
new business in the North Sea 
for its Flotta oil ter minal on 
Orkney. 

A loan from a British local 
authority to an oil company is 
believed to be unprecedented 
and the Issue generated some 


criticism in Orkney yesterday. 

The loan tO Elf Bn ta r pr i ya 

would go towards funding a 
proje ct to br ing gas condenna fr 
and natural gas liquids from 
the Britannia, ftefa about 130 
miles north east of Aberdeen. 
Chevron and Conoco which, 
will operate the field, have yet 
to decide how and where to 

transport its output 
The £l5m will come from. 
Orkney council's Harbour 
Equalisation Fund, which was 


Wider trade 
gap exceeds 
Budget estimate 


By Emma Tucker, 

Economica Staff 

Britain is sliding further into 
deficit with the rest of the 
world as overseas earnings 
from services and financial 
transactions prove insufficient 
to plug the gap in merchandise 
trade, official figures showed 
yesterday. 

Fourth quarter balance of 
payments figures showed that 
the deficit on the current 
account widened to a season- 
ally adjusted £2.6bn from 
£L8bn in the third quarter. 

Wi thin this, the visible trade 
deficit increased to £3iihn from 
£3bn while the surplus on 
invisibles - services, invest- 
ment income and government 
transfers - shrank to £l.2bn 
from a revised fil^bn. 

The fourth quarter figures 
meant that the balance of 
payments deficit for the whole 
of last year was £10.7bn com- 
pared with £L0bn in 1992. Mr 
Kenneth Clarice, the chancellor 
of the exhcequer, forecast a 
deficit of £9J5bn in November’s 
Budget. The invisible trade 
surplus for 1993 was £2.75bn. 

The news came as criticism 
of the government’s official 
trade figures showed no signs 
of abating. Economists at UBS, 
the Swiss Bank, Bald substan- 
tial under-recording of Euro- 
pean Union imports - qs. a 
result of the sWfocfrlnr avAT 
based system for gathering 


intra-EC trade data - and an 
overstatement of the invisibles 
surplus pointed to a much 
larger current-account deficit 
for last year. 

Meanwhile, the British 
Clothing Industry Association, 
the trade body, said ED figures 
on clothing and knitwear trade 
were so unreliable that it was 
refusing to show than to its 
members. 

Research into the trade 
figures by UBS suggests that 
Britain's balance of payments 
deficit could be twice as big 
as the official figures suggest 

• Manufacturers’ export order 
books are dose to their best 
level for almost four years, 
but low total orders point 
to weakening domestic 
demand, the CB1, the employ- 
er's group, says in Its March 
survey of industrial trends. 
But manufacturers expect out- 
put to maintain a firmly 
upward trend over the next 
four month* and inflationary i 
pressures to remain subdued. 

# The UK economy grew 

more slowly than was previ- 
ously thought last year. Gross 
domestic product at constant 
prices grew by 0.7 per cent in 
the fourth quarter of last year 
compared with its earlier esti- 
mate of ft8 per cent* Overall, 
the economy grew L9 per cent 
between 1992 and 1968, down 
from the Bgejyjqus estijnate of 2 
per cen^'iacbqrdmg' to govern* 
ment figures. - . • l 


set up in the late 1970s to accu- 
mulate revenues from the 
Flotta terminal and to prolong 
the terminal's life. The fund 
currently stands at about £60m 
and Is Jointly operated by the 
council and Elf Enterprise. 

The Flotta terminal on an 
island in Scapa Flow receives 
03 from Elf Enterprise’s Piper 
and Claymore fields, as well as 
soma smaller fields. Although 
it is currently handling 
between. 310,000 and 315,000 

Red letter day 
for capital buses 

By Charles Batchelor, 
Transport Correspondent 

The traditional red London 
bus will remain a familiar 
sight, even after the privatisa- 
tion of the capitals’ 10 bos 
companies, according to Mr 
Steven Norris, transport min- 
ister for London, pictured left 
yesterday at the Wellington 
Arch, Hyde Park. 

Private tendering of many 
London bos routes has already 
led to a prol if eration of liv- 
eries which threatened to dis- 
place the familiar red bus 
from file streets of the capitaL 

Launching the sale of the 
bus companies, Mr Norris said 
the traditional livery was “a 
source of pride for Londoners 
and a distinctive part of the 
London scene”. 

How many of the red buses 
wffl be double-deckers is less 
certain however, glngle-deck- 
ers and mint-bases, which are 
nippier and cheaper to oper- 
ate, have been replacing thwn 
in recent years. 


barrels of oil a day the flow of 
oil is expected to decline early 
in file next decade. 

The fund was set up to help 
keep the terminal running 
after the Bow of oil has fallen 
to a level which makes it 
uneconomic for the operator to 

carry on mang th e te rminal. 

The terminal and oil port 
employ about 450 people mak- 
ing it one of the biggest 
employers on the island , which 
has about 20,000 people. 


Chevron and Conoco expect 
the Britannia field to come into 
production by the end of 1998. 
They have the choice of piping 
the condensate, of which Bri- 
tannia has reserves of 200m 
barrels, either to Flotta or, via 
BP’s Forties pipeline, to 
Crudeu Bay, Aberdeenshire. 

An alternative is to order a 
concrete instead of a steel pro- 
duction platform. This would 
enable the condensate to be 
stored under the platform and 


shipped out in tankers, a solu- 
tion unlikely to Involve Flotta. 

Negotiations are tinder way 
with prospective buyers of Bri- 
tannia’s 2J> trillion cubic 
metres Olgas. 

Orkney council said the loan 
would be used to build a spur 
pipeline from Britannia to the 
Flotta pipeline. The loan, 
which it said is being made at 
Elf Enterprise's request, is 
guaranteed by a consortium of 
Hank* and is dependent on the 


success of the bid to bring Bri- 
tannia's output to Flotta. 

Mr fain Macdonald, a mem- 
ber of the council, accused 
other councillors of agreeing to 
the loan after minimal consul- 
tation. “We were railroaded, 
we were dancing to their 
tune.” 

Elf Enterprise refused to 
comment officially but indi- 
cated that both it and the 
comma had an interest in pro- 
longing the life Of the te rminal 





■ssegnea&m ** 






Arms judge clashes with attorney-general 


By Jfauny Bums, John Mason 
and Kerin Brown 

Sir Nicholas LyeQ's p osition as 
UK attorney-general came 
under renewed pressure yester- 
day when Lord Justice Scott 
challenged the government's 
conduct of the Matrix Chur- 
chill case at the heart of the 
arms-ferfraq inquiry. 

In his most sustained 
cross-examination since the 
inquiry began, the; judge 
repeatedly clashed with Sir 
Nicholas over his interpreta- 


tion of the law on the use of 
public interest immunity (PH) 
and its application in the 
Matrix Chu rchill case. 

Sir Nicholas read a state- 
ment in which he defended his 
role as the gover nment’s legal 
adviser in a case that saw min- 
isters attempting to withhold 
documents winch the defence 
considered vital. 

Sir Nicholas said that sug- 
gestions that ministers sup- 
pressed documents : to save 
themselves while risking that 
the defendants be sent to jafl 


was “utterly untrue”. Ministers 
had acted “consistently and in 
accordance with the duty 
placed on th em by the courts". ' 

The exchanges focused on 
the advice given by Sir Nicho- 
las to the four minis ters who 
signed PH certificates that they 
were unde r a duty to do so end 
could not use their discretion 
in the matter. 

This was repeatedly chal- 
lenged by Lord Scott At one 
point fife judge described the 
attorney’s argument that min- 
isters could not disclose sensi- 


tive documents without being 
advised to do so by counsel as 
a “proposition which has no 
Legitimacy or authority”. 

Sir Nicholas’s attempts to 
present a coherent defence 
appeared to weaken as he was 
forced to qualify a statement 
made earlier in the day. He 
also conceded that the judge’s 
proposal that the in system 
required reform “deserved very 
serious consideration”. 

The statement had seemed to 
suggest that Sir Nicholas did 
accept after all that m i nis ter s 


did have some discretion in 
tiw» matters. 

Sir Nicholas told the inquiry 
that a minister with “an 
instinct for justice ” and who 
disagreed with the advice he 
received could “in conscience” 
refuse to sign if he thought 
ttmt t he “dear" in th e 

interest of justice fay with dis- 
closure of doc uments. 

But he said later that this 
was not intended as a com- 
ment on the Matrix Churchill 
case where it was not clear 
where the balance lay. 


Renault, 
Ford and 
Volvo in 
price move 

By Kevin Done, 

Motor Industry Correspondent 


Some carmakers are cutting or 
eliminating dealer margin s on 
selected models to reduce list 
prices and intensify competi- 
tion. 

There are still only a handful 
of examples of such moves, 
which have been led by Volvo, 
Renault and Ford, but car- 
makers and dealers believe the 
new pricing initiatives could 
eventually have a fundamental 
Impact on the relationship 
between the manufacturers 
and the retail motor trade. 

They could also affect the 
tax revenue take from com- 
pany car tax, as the new com- 
pany car tax scheme to be 
introduced next month is 
based on the list price, rather 
than the transaction price, 
which normally would include 
a significant discount 

One of tiie first moves has 
been made by Volvo, the Swed- 
ish carmaker, which has elimi- 
nated the previous 10 per cent 
dealer margin on the 1.6 litre 
Volvo 440/460, the cheapest In 
cars its range. 

Before the move these mod- 
els had an on-the-road price 
(including delivery charge) of 
£10,865. This has been cut to 
£9,970, allowing dealers to 
advertise a new Volvo at under 
£10,000. Instead of the margin, 
Volvo dealers are now bring 
given a handling charge of £130 
per car for these models, which 
still count in a dealer’s total 
sales and qualify for the 
monthly volume bonuses given 
if the dealer reaches sales tar- 
gets set by the manufacturer. 

Renault, the French car- 
maker, has taken similar 
action on some of its cheapest 
Renault and Clio models, but 
offering a higher handling 
charge to dealers. 

Perhaps most significantly 
Ford, the market leader, has 
taken similar pricing action for 
the launch of its new Ford 
Probe coupd. The cheapest 
model is priced at £15,995 and 
dealers are being given a han- 
dling chm-ge of around £1,000. 
Ford insisted last night that it 
had no plans to spread this 
practice across its range. 


FINANCIAL TIMES 

tUHOPfS BUSINESS NIWSWES 

Awards — 

FOR EUROPE'S MOST 
RESPECTED COMPANIES 


PRICE WATERHOUSE I 

* • 4 

The Financial Times and Price 
Waterhouse wish to thank the 
many executives across Europe 
who have replied to our survey 
seeking to identify the most 
respected European companies. 

If you have received the 
questionnaire but have yet to 
reply, we would be very grateful 
if you would do so promptly. 

Those who reply will receive the 
full results of the survey, an 
invaluable guide to the opinions 
of Europe’s business leaders. 

Please let us have your views. 


The survey wffl examine tfm present status of the 

World Hotel Market and take an to depth took at the 
Increasing demands placed on the hotels by 
dbeemlnS travelfers. 

For mi editorial synopsis and information on 
advertising opportunities please ' ®" 1 **'* 
Stephanie Cox-Frteman on 071 873 3580 

FT Surveys 



COMMERCIAL PROPERTY 

w BRUSSELS 

r (MDERGHEM AND WQLNWE-SAMT-MERRE) 



AUCTION Of All EXTRAORDINARY 
> PROPERTY Of THREE HIGH STANDING WILDINGS 

Fine Location (opposite of vaiouchesse Parti 

lot 1. Boaiavanl da Soavarahi, 400 
OmCE BOUDIKG 

ground: i8S5m2 - fronoge; 64.19m - a (toon for office purpose na»ra - 
ear parks - free 01.07.9* 

► ■mfc wanna of 2 M 00 .W 8 SEF w be oroUucaa at the suntan. 
s&rflroprtcftaxoOOflDOBff. 

lot 2. Boulevard do Souverflia, 402 
. BLOCK Of 14 HATS 

ground: STMrO - (Tentage 29 An - U fM& 8 wtii Deonn comer > 6 wtii 
Mpar** WOrnt area: 37 to 7ano / flat -36 or park pace 1 3 douWe» • 9 

aars-ftet-eran safe or tales 

Bank warranty Of is/xxuao BV to be produou 

at the auction ( in ease of emk* su. soaks price: isjocofiOOBEF. 

lot 3. Boulevard da Saaverulu* 404 
r MODERN VILLA 

groom* 0»n2 - frontage isjod • garage a ars • 4 Odrm* 1 2 wftfl bttnn) 
-senncerrowtth«nrm-»ving21eveiii.af.i-equip«lUtaien-0tnrm- 
drcsdng -doa*rni- 2tol- rads -car parts -(Tot 
Starttig prte 9JMOOW ». 

VJSJTSe Lot tj tuKdsy I ft1dav2 - 4 pro. - UX2 1 S tMdnm&y & satunlay2 • 
a pn^TO WWPWBatttUxradroWgr a d W pwpoM-focaa^iaMtaaon 

AUCTION SALE: MONDAY APM.T1.19MAT3PM. 
ualson ties Notates, rue oe (a Montacne 32 - Brussels 

► FOR ■fORMIHNb Notary Bam* KROON, AJIm da 
CJmfve 7, S-1050 BRUSSELS. Pboaa: (02) MA62.00 - 
Taxi (02) 440.07.49 



Newly on the marker 

WEST END 
HEADQUARTERS 
OFFICES 

31,450 SQ FT (Part sublet) 

(immediate possession of 21,000 sq ft) 

10 year lease to be assigned. 

Substantial premium to an assignee of first class 
financial standing. 

AU enquiries to: 

Mellersh 
& Harding 


071 -< 


AUCTION THURSDAY 
11TH APRIL 1994 

73 kgs on offer (unless sold prior) 

Including commerc ial ■ 
Investments with refcvra 
of 15-18%. 

Afl enquiries 

SaSmarvi Harman HeaJy 
• *' 0714053581 


COMMERCIAL 

PROPERTY 

THIS SECTION 
ALSO APPEARS 
TODAY ON 
PAGE15 


it Analysts 


Progressive career development opportunities 
in International Banking 


The new Chemical Bank is a major financial force in 
Europe with a powerful network of corporate finance, 
trading, capital markets and banking professionals backed 
by a strong capital position. This commitment, and our 
ability to provide creative and wide-ranging financial 
solutions, is why the Bank enjoys top tier relationships 
with major companies and financial institutions and 
dominates many league tables. 

Chemical's success and growth has created two vacancies 
for credit analysts in our London-based Banking Group. 
Their main responsibilities will be the credit assessment of 
companies and non-bank financial institutions, written 
and verbal presentation of the recommendations, 
preparation of information memoranda, and the 
provision of credit related support to transaction teams. 
For both positions, the ideal candidate will be a graduate 
with formal credit training from a major financial 
institution or rating agency. An ability to analyse 
information in Sweetish or German would be helpful but is 
not essepdal- We are looking for first class people and 
candidates should have a 2:1 or better degree from a 
leading university. 

A person with at least 3 years’ experience after training is 
required to fill a senior position. In addition to 


undertaking the most complex analyses, this person will 
keep the Group fully updated on accounting and other 
relevant developments, and play a key role in maintaining 
standards of technical excellence. The other position 
•requires arleasc 1 years’ relevant experience after training. 

Major contributions to our business will be rewarded with 
performance related compensation and continued scope 
for advancement within the otganisation, including the 
possibility of moving into revenue functions. Chemical 
Bank cakes career progression seriously and appropriate 
job-related and developmental training will be provided. 

If you have die ability to perform to the highest standards 
and can respond to the challenge of working in a 
dynamic team-orientated environment please write in 
confidence enclosing your CV and details of current 
remuneration package to Peter Brooker, Senior 
Consultant, Gordon Brown &. Associates Ltd., 
Recruitment Consultants, 5th Floor, 2 London Wall 
Buildings, London EC2M 5PP. Tel: 071-628 7601. 
Fax: 071-638 2738. 

0% Chemical 


Head of Documentation 

Foreign Exchange and Money Markets 

London £Excellent 


Our client, a major British bank, is a lending player in 
the global financial markets. Sustained growth, 
coupled with a new business strategy, has led to the 
establishment of a dedicated Foreign Exchange and 
Money Markets documentation team. 

This is a new position where responsibilities 
will includes 

• managing and running the documentation team 
on a day to day basis 

• liaising with sales and trading staff and with the 
' Legal and Credit Divisions as necessary . 

• negotiating with counterparties and finalising 
documentation to support global trading 
activities 

• establishing an efficient administration __ 
system. 

The successful applicant will have extensive 


experience in the operations and trading area of 
money madccts with a sound knowledge of all 
standard form FX/MM documents. A self starter, you 
should have the capability to set up and lead a new 
team Consisting of documentation specialists from 
differing professional backgrounds. 

This important and challenging role provides a race 
opportunity to work with a market leader- For the 
right candidate an attractive package, based on a 
generous salary, will be awarded- 
Far further information please contact Tim Smith on 
071 831 2000 or write to him, enclosing a detailed 
Curriculum Vitae, at Michael Page City, Page House, 
39-41 Parker Street, London WC2B 5LH- 
firx 071 405 9649. 

P AH applications will be treated in the 
strictest confidence. 


Michael Page City 

IniRfKKkmi RccnrirBKfK Cnmutoiu* 

Antrim PnwM a rf Sydney 


I &SB7fay 5& B&& RS-BUKA* Rfi 










T elecommunications used to 
be about plain old tele* 
phones - providing enough 
of them, making sure they 
worked, and installing the latest 
network gadgets to upgrade the 
connections. Only one organisation 
did the jab in the UK: British Tele- 
communications - the Post Office 
as was. 

Little has changed, surprising as 
it may seem given all the current 
hype. Most people still use the tele- 
phone line to speak to someone, not 
to indulge in multimedia wizardry. 
And after 10 years of supposed com- 
petition. the overwhelming: majority 
of people in the UK still subscribe 
to BT for the service. 

So what has the competition been 
up to? A decade ago Mercury, BTs 
main rival, set out to be "BT Mark 
IT. It built a national network from 
scratch: it boasts a powerful brand 
name, courtesy of Harry Enfield: 
and it has had considerable success 
creaming off business from BT in 
the City of London. 

Beyond the City, however, its 
impact has been patchy. Mercury 
has only 780,000 residential custom- 
ers to match BTs 20m. And its abil- 
ity to continue guaranteeing per- 
centage price savings over BT is 
bound to come into question as 
BTs costs and prices tumble. 

Time for a strategy rethink, per- 
haps? Mercury itself thlnto so, but 
Mike Harris, the company's youth- 
ful chief executive, is going about it 
in a highly unconventional way. His 
rethink is engaging all 10,500 Mer- 
cury employees in a giant reorienta- 
tion exercise called "Imagine 1997". 

The idea is simple: Mercury needs 
to banish the BT Mark D spectre, 
create a new vision of where it 
wants to be in three years time, and 
get there. The key to the exercise is 
that it should be everyone’s vision, 
not just Mike Harris’s. As Peter 
Roche, head of the independent San 
Francisco-based consultancy mas- 
terminding "Imagine", puts it: 
"Everyone needs to be able to cre- 
ate the vision for themselves if it is 
to succeed.” 

“The" vision, note - not “their 
vision". No one pretends that Mer- 
cury can afford 10,500 different 
visions, or that "the” vision would 
have sprung like a genie from their 
collective imaginations. Harris and 
his executive team had the vision 
last year, " imagine 1997" is to make 
everyone else think it was their 
idea too. The French philosopher 
Jean Jacques Rousseau talked, 
chillingly, of “forcing people to be 
free”; “Imagine" is a more benign 
version of freedom forcing. 

Roche has plenty more slick 
phrases to describe “Imagine". Mer- 
cury needs a new “strategic intent" 
to replace BT Mark II; now that it 
has got one, it is in a "moment of 
discontinuity" requiring “continu- 
ous change”; that means “working 
backwards from the future", engag- 


r 




jr § 

if :.ls 

r 




CHRISTOPHER LORENZ 


Dissent in the 
measurement ranks 






^ '■'if**" ■ -JN 

Mike Harris: the perfect bedside manner as well as vast amounts of enthusiasm and time 

Imagine all 
the people 

Mercury's strategic rethink has become a rallying point 
for its 10,500 employees, writes Andrew Adonis 


ing employees in a “network of con- 
versations”, of which “Imagine sem- 
inars" are the most important. 

The status quo is not an option: 
“If they work more, longer, harder, 
better at what they are doing now, 
they won’t realise their objectives.’’ 

None of which is particularly 
new: W. Edwards Deming’s cele- 
brated “14 points for Management" 
long ago paraded the proposition 
“that everyone in a company must 
be put to work to accomplish a 
firm’s transformation”. 

Whatever Mercury's employees 
think of all that, they find the 
“Imagine" seminars rewarding. 
Senior staff attend a three-day 
“Imagine 1997" s eminar , the rest a 
one-day seminar. The purpose of the 
seminars is partly to “imagine” the 
Mercury of the future, partly to 
present its leaders as more 
approachable and open to sugges- 
tions than employees had previ- 
ously imaginpri- 

This last aspect appeals particu- 
larly strongly. The average age of 
the company’s employees is only 33: 
Harris is 45, looks younger, and has 


the perfect bedside manner. He has 
thrown vast amnnnta of his own 
time into the process: about a fifth 
of his diary has been blocked out 
for “Imagine” activities over the 
past year, much of it leading semi- 
nars. Every six weeks he calls 
together his most senior 150 manag- 
ers to review progress. 


H arris’s attitude is a refresh- 
ing change for an industry 
mostly led by lifelong engi- 
neers or telecoms bureaucrats 
reared in the monopolistic culture. 
He made his name setting up First 
Direct, the telephone bank, and 
views telecoms like any other con- 
sumer industry. “1 can’t see a single 
difference between marketing a 
bank and marketing a telecoms 
company." he says. 

“This is an extraordinarily lively 
place anyway.” he is quick to add. 
“Unlike banks, which have tradi- 
tions going back a hundred years, 
we are still young and flexible.” 

But what does Harris imagine 
will set Mercury apart from BT by 
1997? Distilled, the new vision 


amounts to a series of slogans: “tak- 
ing a leadership position in the 
industry as it emerges in 1997"; 
"multimedia”, “open networks”, 
“intelligent services” - “differentia- 
tion on services not just price". 

As Mercury put it to the House of 
Commons trade and industry com- 
mittee earlier this week: “Our strat- 
egy is to lead the UK development 
of the multimedia industry." 

Since BT mouths identical slo- 
gans and objectives, “Imagine” Is 
hardly an escape from BT Mark H 
Harris insists, however, that the 
process has generated a fierce deter- 
mination to be free of BTs shack- 
les, one result of which is an ambi- 
tious project to build radio local 
networks for fixed phones. If they 
work at the required quality - a big 
“if’ - Mercury will be able to 
deliver its calls by-passing BT 
entirely. 

BT Mark II or not. it does not 
undercut the value of “Imagine" as 
a tool for employee motivation. For 
remember Roche’s definition of 
power the velocity with which you 
realise your intentions. 


Peter Dmcker 
believes the next 
big wave in man- 
agement after pro- 
cess re-engineer- 
ing, will be 
measurement For 
once the great 
prophet seems to 
be behind the 
times. Evidence that the boom has 
already arrived is eve ry w here: in 
the fashion for “benchmarking” 
and other total-q ualit y measures 
that have been grow in g for almost 
a decade; in the more recent take- 
off of activity-based costing (ABC); 
in the search for balanced score 
cards of physical as well as finan- 
cial measures; and in the growing 
popularity of performance mea- 
surement - the translation of 
. business objectives into detailed 
measures of departments, teams 
and individuals. 

’ The twin reasons for all this 
activity are self-evident First 
I organisations of all kinds are 
under enormous pressure to 
, improve performance and that of 
their constituent parts: busi- 
nesses, processes, departments, 
teams and individuals. Second, the 
falling cost of information tech- 
nology allows a range of measure- 
ments to be made relatively 
, cheaply. 

This all creates a rich hunting 
ground for accountants and other 
consultants. But Is it altogether 
healthy for their dient organisa- 
tions? What should organisations 
measure? How often, and in bow 
much detail? Is Harvard’s Robert 
Kaplan, the great evangelist for 
ABC and balanced score cards, 
right that “what you measure is 
what you get"? 

Both sides of the argument have 
been put persuasively in the past 
few weeks. Peter Chadwick, a con- 
tinuous improvement consultancy 
operating in Britain, France and 
Germany, published a study of 300 
companies in those countries 
which concluded that 75 per cent 
have management systems that do 
not monitor and control produc- 
tivity accurately. Only six out of 
10 companies set performance tar- 
gets for all or most of their depart- 
ments, with a much lower rate (40 
per cent) in France than in Britain 
and Germany (75 per cent). 

While 80 per cent of companies 


claimed to monitor customer satis- 
faction, barely 20 per cent made 
this information available below 
middle management 

Moreover, the quality perfor- 
mance measures used by most 
respondents focused too late in the 
cycle: on customer complaints and 
returns, rather than on measures 
within the workplace, snch as 
•first-time yield” and product or 
service lead times. These would 
avoid such problems arising In the 
first place. 

The consultancy also com- 
plained that only 20 per cent of 
companies measured performance 
using “short-interval (hourly] con- 
trols, which in ma ny ca ses provide 
the frequency required to measure 
performance targets effectively”. 
The consultancy concluded that: 
“If it matters, measure ft” 

A similar line of argument was 
expressed last mouth by one of 


Toil shouldn’t 
evaluate every aspect 
of every team’s 
performance In 
every process’ 


Britain’s most experienced senior 
personnel managers, Mike Haffen- 
den, who has just left Hewlett- 
Packard. 

Speaking at a conference on 
change management, Haffenden 
said organisations should measure 
regularly the performance of all 
their key processes, from on-time 
delivery to change management 
itself. His only evident scepticism 
towards measurement - what HP 
and other American companies 
call “metrics” - was in the 
appraisal of individuals’ perfor- 
mance, where he claimed never to 
have seen a job evaluation or per- 
formance appraisal scheme that 
was really worth the effort 

A much stronger dissenting 
voice was heard at the same con- 
ference from a surprising quarter 
David Pas call, head of British 
Petroleum’s “culture change” 
review team in 1989-90 and until a 
year ago rturtrman of the National 
Curriculum Council, the predeces- 
sor body for the authority that is 
now responsible for testing school- 


children in England and Wales. He 
is now finance director of part of 
MAL a financial, media and infop 
ma tinn conglomerate. 

Organisations should be wary of 
joining the “if it moves, measure 
it" bandwagon, Pascal! warned. If. 
daring a change process, people 
fee) their behaviour is being mea- 
sured at every opportunity, he 
said, “they’ll feel inhibited. You 
shouldn’t evaluate every aspect of 
every team's performance in every 
process”. Instead, he advised 
organisations to follow BP’S lead 
in removing all sorts of checks 
and balances, and then “seeing if 
people deliver”. 

As chairman of the NCC, Pascal! 
complained that the UK govern- 
ment in its enthusiasm for school- 
room measures of all lands, had 
made them too complicated. It was 
unnecessary to test every child iu 
every subject in the same way at 
the same stage, he argned. His 
advocacy has helped simplify the 
methods, frequency and intensity 
with which schoolchildren will be 
t^ted from now on. 

A similar drive is needed in the 
business world if it is to avoid 
drowning in a sea of quantitative 
and qualitative measurements. 
This point was made eloquently 
last week by, of all people, a part- 
ner from a big accounting firm. 

Speaking at a Royal Society of 
Arts conference on “Tomorrow's 
Company” - a campaign which 
advocates, among other things, 
the introduction of much broader 
business measures - Peter Ward 
of Coopers & Ly brand warned 
against making the already com- 
plex subject of corporate measure- 
ment even more complicated by 
“seeking spurious accuracy 
through too many measures”. 

What is needed, he suggested, Is 
a modi broader but more flexible 
range of indicators to measure the 
corporate equivalent of body tem- 
perature and blood pressure. 

Ward did not confront the 
thorny question of whether and 
how to amend the old accountancy 
maxim that all relevant measures 
should be compressed on to a sin- 
gle sheet of A4 paper. As in 
schools, every effort must be made 
to avoid measnring the perfor- 
mance of every limb and artery so 
often that the body hardly has the 
time or motivation to function. 


BUSINESSES FOR SALE 


CONTRACTS & TENDERS 



Caunce Brothers Limited 

The Joml Administrative Receivers offer tor sale the business and assets of 
Caunce Brothers Limited. 

The Company operates from Horwtch. Lancashire and has a head office in 
Mawdesley, Lancashire and its principal activity is steel fabrication and erection. 

Principal features include: 

■ Manufacturing facility, incorporating heavy cranage 

■ Experienced and skilled workforce 

■ Current contracts 

■ Forward order book 

■ Annual turnover of approximately ElOm 

For further details, contact the Joml Administrative Receiver, Mike Seery at 
KPMG Peat Marwick, Edward VII Quay. Navigation Way. Ashton-on-Ribble, 
Preston. Lancashire PR2 2YF. 

Tel: 0772 722822. Fax' 0772 736777. 


Corporate Recovery 



TM Agricom Limited 

The Joint Administrative Receivers otter lor sale, as a going concern, 
the business and assets of TM Agricom Limited. 

The company is based in Higher Walton. Preston. Lancashire and 
its pnncipal activity is the compounding of I arm animai and pet feeds. 

Principal features include: 

■ Freehold premises, including fully computerised teed mill and 
blending facility, which meets modem regulations. 

■ Plant and equipment 

■ Stock in trade 

■ Experienced and skilled management and workforce 

■ Annual turnover of approximately £3.5m. 

For further details, contact the Joint Administrative Receiver. Mike Seery at 
KPMG Peat Marwick, Edward Vff Guay. Navigation Way. Ashton -on-Ribbfe, 
Preston. Lancashire PR2 2YF. Tel; 0772 722822. Fax: 0772 736777. 


orporate Recovery 


Well established A 
profitable 

Business incorporating 

3 SANDWICH BARS 
CAFE/ & BAKERY 

with own production unit. 
Large scope for expansion 
Net t/o £500k+ 
Situated in the 
North London area. 
Offers in the region of 
£245.000 leasehold. 
Freeholds also available. 

WrllC Box B261 1. Financial Tunes. 
One Swnbwurii Bridge. 
London S£ I 9HL 


OBITUARY 


JOHN FRANCIS DOOGSON. BSC 
(ECON); F.C.A. Lately a partner In 
Coonan A Lybrand ManaSon*. Zambia. 
Bom AprB 7lh 1935 In London. Died 
suddenly el home March 19th 79 94 In 
Li/saLa. Ho b deeply mourned by Me wile 
ItaQvat. dou^eers Jenny end Clara and 
sonJn-taw PauL WD ail monos overseas 
deete accept thn as <*flc*aJ noMcafcn. PO 
Sox 32027, Lusaka. Zambia. Tel. No. 
291227 FfflC 0028 1 22S123. 


LEGAL 

NOTICES 


Texsa S.A., Barcelona, 
subsidiary of Lafarge 
Copp£e, France, was 

sentenced by the 
. International Court of 
1 Arbitration (ICC) in Paris on 
the 3rd of November, 1992 to 
pay forthwith 3 sum of 2 
million Swedish Crowns to 
Duonova AB of Sweden. The 
sura still remains unpaid. 

Anyone who can given such 
information on assets of 
Texsa in Europe, which will 
lead to a successful 
enforcement of the award 
sentence, will be rewarded. 

Debtors of Texsa are invited 
to contact us before payment 

Duonova AB 
Tel. +46 8 98 50 18 
Fax: +46 8 98 5008 


Jjm Treuhandanstalt 

Halle Branch Office 

The Treuhandanstalt, Halle Branch Office, tenders for sale, and invites your bids and concepts at short notice: 

DRAKENA, BT Kette 
TA-No.: 5348 
in D-06667 WeiBenfels 

Location: South of Halle-Merseburg. 

Mixed residential and industrial area, 
production she about 22,000 m 2 , of which 
about 50% is buitt-up. Rail connection can 
be reinstated. 

Products: Specialized in the manufacture 
of marine chains in the range 19-70 mm, 
categories K2 and K3, suspension rings 
13-52 mm and circular mining chains 13-26 mm. 

The production plant is primarily state-of-the-art 

Staff: 19 skilled and experienced employees. 

Turnover: about DM 1.2m. 

This factory will be sold in accordance with the 
conditions laid down by an auditing company. 

Armaturenwerk Halle GmbH 
TA-No.: 719 

in D-06110 Haile 

Registered office and size of property: in the centre of Halle, in a very convenient location, about 1 1 ,600 m 8 , 
buildings in good condition. 

Business segments: Manufacture and sale of condensate drains and pilot drains, servicing of industrial fittings 
and valves, mechanical production and manufacture of components on a sub-contractual basis. 

Staff: 69 + 4 apprentices. 

Technical equipment Economic production is ensured due to major investments in technologically high-grade 
CNC automatic lathes and a horizontal machining centre. 

Economic situation: Positive development of trade in 1993/94, working to full capacity, acceptance in the West 
German market, sound references available. 

Marketing/Sales: The company has built up its own sales force, with representatives in East and West Germany, 
Poland, Romania and Slovakia, which has provided a positive employment situation and a full order book 


Closing deadline for offers: No later than April 15, 1994. 
Please send your bids and concepts to: 





r 



1*. ' ' sy m 


f m 


-f- 



irv jteTsk 


Appear every Tuesday. Friday and Saturday. 

For further information or to advertise in this section please contact 
kart Laynton on 07! 873 47SO or Melanie Miles on 071 873 3308 or Fta: 071 873 3064 


FINANCIAL riMCS 


A.O.C.O.P. (HOLDINGS) LIMITED 
Uniium hum 

V N BAKriOW mi M H COOTS 

I— fco i- n 

talk, trtj* ao» OiKilodtf Wjnvai] * 

(OHON nOHS IMG* bMd ladaitCI* 3 *j 

teaiMMtaltniiim 

<t m li i I t 1% 

Drier*— i« 

XMrfeunscz ffan!«d Hum Chert 


Treuhandanstalt 
Halle Branch Office 
Postfach 155, D-06054 Halle 


Phone: +49 345 5584 808 
+49 345 5584 809 
Fax: +49 345 5584809 


Offers without engagement Subject to prior sale- 




FINANCIAL TIMES FRIDAY MARCH 25 1994 


13 


THE PROPERTY MARKET 


Developers risk dabbling 


Vanessa Houlder reports on reasons for the recent 
increase in speculative development activity 


T he return of speculative 
developers to the property 
market is possibly the most 
remarkable factor in the 
turnaround in sentiment towards 
property over the past year. 

Their emergence, albeit in am*n 
numbers, is happening at a faster 
pace than seemed possible a year 
ago. when the market was 
preoccupied by falling rents, a glut 
of surplus properties mid a dearth 
of development finance. 

But how robust are the prospects 
for this development cycle? Will it 
be enfeebled by weak tenant 
demand and the reluctance of the 
banks to lend to developers? Or is 
there a possibility that the upturn 
in development activity will be 
sufficiently marked to depress the 
recovery in rental values on which 
it is founded? 

The foundations for recovery are 
beginning to foil into place. Sites 
are readily available, often with 
p lanning permission. Construction 
costs are low, financing costs have 
fallen and funds are available from 
a small but growing number of 
property companies and investment 
institutions. 

And although tenant ifomand is 
still patchy, rents are in many cases 
stabilising. 

It is no wonder that developers 
are dusting off the pla nning 
permissions that they shelved 
during the downturn. There is a 
strong incentive to be the first into 
the market - limited competition on 
the completion of property. 

“We are going to be there with 


the first wave of development and 
then let others fight it out,'’ says Mr 
Michael Slade of Helical Bar, a 
property company which has a 
£10Om programme of speculative 
developments in Cardiff, Theale, 
Edinburgh, Leeds, Guildford and 
Cambridge. 

Helical Bar is not alone. Argent, a 
property company. Is starting a 
speculative office scheme in June at 
Brindley Place in Bir mingham , 
which is a 17-acre site with consent 
for more than lm sq ft of offlw*. 
retail and leisure space. 

In central London, Great Portland 
Estates has started work on a 
100,000 sq ft office scheme in Great 
Portland Street. British Land h as 
started work on 180,000 sq ft in the 
City, and AMP and Arcona are 
refurbishing in Pall Mali 

In the City. Lord Palumbo has 
teamed up with Dieter Bock to 
develop Number One, Poultry, 
Situated by the Bank of Rn glflnrl- 

In the retail sector, the 
development of retail warehouses is 
proceeding at a cracking pace. 
Demand is strong for warehouses 
and because they are traditionally 
pre-let to tenants the supply of 
available space is restricted. About 
4m sq ft of floorspace is currently 
under construction. 

In the shopping centre market. 
Prud ential, the insurance company, 
and JT Baylis, a Bristol developer. 


are due to begin work later this 
year on the 650,000 sq ft regional 
shopping centre at Cribbs 
Causeway, near Bristol Tmry Group 
plans to begin work on the early 
phases of its Esplanade shopping 
centre in Southampton later this 
year. 

Admittedly, these are the 
exceptions, rather than the rule. 
And the increase in development 
activity is taking place from an 
extremely low base. 

In the office market, for example. 


Caution about the 
strength of 
economic recovery 
is holding 

back many would-be 
developers 


completions In 1993 totalled A2m sq 
ft, less than half of the 9.1m sq ft 
completed in 1992. 

According to Hillier Parker, 
shopping centre development lias 
dipped to its lowest level since 1965. 
The amount of floorspace which is 
at present under construction fell 
from 19.32m sq ft to 1.89m sq ft 
between March 1990 and December 
1993. 

Caution about the strength of 


economic recovery is holding back 
many would-be developers unless 
they can secure a letting from a 
tenant before construction begins. 

Mr Stuart Robinson of Hillier 

Parker, chartered surveyors, says: 

“There is still a question mark over 
tenant demand in many areas. 
Rents have not got to the point 
where people are confident about 
development" 

The difficulty of raising bank 
finance also accounts for developers 
putting projects on hold. Almost all 
the banks involved in financing the 
large upturn in construction 
activities in the late 1980s are now 
absent from the market “It is still 
almost impossible to fluid a 
speculative transaction with a 
bank," says Mr Slade. 

That said, other sources of funds 
have increasingly become available. 
Large property companies are flush 
with funds after a spate of rights 
issues. 

The institutions, which have 
increased their allocations to the 
property sector, have found it 
difficult to secure sufficiently well 
built properties which meet then- 
specific needs. 

Most institutions prefer to limi t 
their risk by funding pre-let 
developments. But there are about 
20 institutions prepared to discuss 
the flinding of speculative 
developments. In such cases. 


however, the risk of construction 
cost overruns and guaranteeing the 
rent would be typically left to the 
developer. 

The question remains whether 
developers are right to risk 
embarking on development while 
tenant demand is so low, economic 
prospects are uncertain mid there 
still exists a surplus of available 
buildings. 

The case for starting on 
development before tenant demand 
is evident is based on the length of 
the gestation period for building 
projects, that is planning and 
design to constructing, fitting out, 
completion and occupation, which 
typically takes three years. “You 
have to be there in advance of 
tenant demand," says Mr Slade. 

At present, development activity 
is sufficiently low to limit the 
degree of oversupply building up 
again. But if the market continues 
to heat up, there is some concern 
that too many buildings ma y come 
on stream. 

“There is a danger that 
institutions which are anxious to 
get funds into the property market 
will create overcapacity and 
develop rather sooner than we 
would like," says Mr David Hunter 
of Scottish Amicable. 

The institutions have reason to be 
cautious; they have made mistakes 
before. At the end of the 1970s. they 
financed a surge in construction 
which came on stream as the 
economy plunged into recession, 
setting back real rental growth far 
another five years. 


IPD monthly Index for February 


Total return (quarterly movement} % 



4 - -, - 1 1 , . 

- Fab 1992 1993 FflbW 


Returns improved in all comm- 
ercial pro p ert y sectors in February, 
poshing the All Property Return up 
by more than half a point to 2.6 per 
cent, according to the Investment 
Property Databank, a research 
group, writes Vanessa Houlder. 

Capital growth increased to 1.9 
per cent and was notable in the 
industrial sector where the rate of 
growth nearly doubled to IL3 per 
emit Yields shortened in all sectors 
bringing the All Property Initial 
yield to &2 per cent and the equiva- 
lent yield to 8.7 per cent 

The rate of cumulative net invest- 
ment in the IPD Index Ponds in the 
month rose to its highest recorded 
level of nearly £100m. Over the 
past five months, more than £400m 
has been Invested in the funds, 
providing what IPD describes as 
“hard evidence of the most dra- 


matic shift in strategy on record”. 

Retail rental growth stabilised in 
February, turning positive for the 
first time since September 1991. 
The All Property rental growth 
rate was unchanged from the previ- 
ous month at -0.3 per cent, as office 
rental growth slowed to -0.7 per 
cent from -0.6 per cent in January. 

The All Property growth rate 
over 12 months to February was 
-Ah per cent, against -7.4 per cent 
for the year to January. Industrial 
property performed best in Febru- 
ary with a return of 3.1 per cent 
Retail property fell to second place 
with a total return of 2.5 per cent, 
followed by offices with 2.3 per 
cent Retail property recorded a 
total return of 22.3 per cent for the 
year to February, followed by 
industrials with a 20.6 per cent and 
offices with a 20.3 per cent 



Caribbean Riviera| 
Hutch St. M aarten 


Magnificent 140+/- acres on 
Caribbean w/4100 ft. Beach 
Frontage & Shoreline. 
Purchase ail or pan of 
property. Ail licenses and 
permits in place to develop and 
operate Hotel & Casino, 
Commercial or Residential 
Development and/or Golf 
Course. Master Plan & studies 
available. 

Inquiries iweekday) 

[ n jlgfl/linHa Husky 
Tel: 305-652-4663 
Fax: 305-651-4406 

| n a. Maarten 
Tel: 5995-22963 1 in English) 
Tel; 5995-45383 (in German I 


50,000 SQ. FT. 
Offices with Vacant 
Possession 

LEASE FOR SALE 


% 


Write to Box B2385, 
Financial Time*, 
One Southwark Bridge, 
London SE1 8RL 


MOSCOW EXECUTIVE OFFICE SUITES 


occupancy in the heart of Moscow. Folly famished & equipped. 
Safe, secure setting within tte four-star Radzssoa hoieL 
CiD today. Amcricom Business Center: 

Tel: 17995) 941-8815 or Fax (75021 224-1107. 

Info in US: Tel (714) 752-6577 Fax (714) 752^564. 


INDUSTRIAL 

For all your industrial 
requirements throughout 
London and the 
Home Counties and a 
professional and efficient service. 
Contact 

GkeenBlatt & Partners 
Td 071-403-0558 


SACKVILLE, W1 

2,400 sq ft Refurbished Office Floor 
Low Rent 

LV & Co 071-636-6933 


COMMERCIAL PROPERTY 

This section also appears today 
on page 14 




The Hortonwood Area, pictured above shows 
examples of well landscaped, fully serviced sites 
available from the CNT in Telford. World famous 
companies such as ABB, Nestle and Epson have 
established successful operations on such sites. Why 
don't you join them as a neighbour? 


Plot No. 

Acres 

Plot No. 

Acres 

1 

80.0 

7 

7.0 

2 

14.0 

8 

10.0 

3 

1.0 

9 

12.0 

4 

0.5 

10 

1 .5 (on offer) 

5 

8.0 

11 

2.0 

6 

5.0 

12 

_ 2.5 


For further details on sites between 0.5 and 80 acres and other opportunities available :- 
CNT, Jordan House West, Hall Park Way, Telford TF3 4NN. 



Land and premises with added value. 




Stockholm, 

Sweden 

22,000 sq. m. 


Functional floorspace is now 
available in one of Stockholm's 
best located facilities, 

5 minutes from 
Stockholm City. 


A splendid opportunity for 
investors looking for large 
space for storage, 
industrial, wholesale 
or retail purpose. 


Excellent accessibility by road, rail and sea. 
For further information contact: 



t rrmmu * j— cp-* *P Hakan Luitz, NIAB PARTNER AB 

Tel: *46 8 80 62 20 Fie *46 8 25 42 “75 Tel: +46 8 30 07 W P«e +46 8 30 28 70 














14 


TECHNOLOGY 


FINANCIAL TIMES FRIDAY MARCH 1994 


Making 

light 

work 


T o enthusiasts of the latest 
technology, it is an 
exciting portent To those 
dismayed by the prospect of 
homes swamped by myriad 
television programmes, it is a 
nightmare. 

Either way. information 
superhighways promise dramatic 
changes in work and leisure 
habits. Using fibre amplifiers 
con taining erbium (a rare earth), 
laboratory demonstrations have 
shown that as many as 400 TV 
channels from one studio could 
be transmitted to 40m 
subscribers in a 500km radius. 

Now. a consortium involving 
the UK's Southampton 
University, whose 
Optoelectronics Research Centre 
invented the erbium fibre 
amplifier, has been set up to 
develop “loss-less splitters” on 
optical chips intended to make 
such huge distribution networks 
much more commercially 
attractive by reducing tbe need 
for transmission power. 

A loss-less splitter takes an 
incoming signal from an optical 
fibre and divides it between 
multiple output fibres, but 
maintains signal strength by 
boosting the power with an 
optical amplifier. The 
consortium, funded by the 
European Union's RACE 
programme (research and 
development of advanced 
communications in Europe) aims 
to produce optical amplifiers 
not in optical fibres but using 
specially cut glass slices in 
which optical circuits are 
embedded, rather like silicon 
chips for electronics. 

Optical glass slices measure 
a few centimetres and contain 
optical waveguide circuits (finer 
than human hair) and 
components instead of 
transistors. They are hard to 
construct but are likely to play 
an essential part in the new 
information infrastructures that 
a number of countries are 
planning'. 

Other members of the 
consortium are Corning Prance, 
AT&T Network Systems 
Netherlands, and the R&D centre 
of the German postal and 
telecommunications network. 

Andrew Fisher 


A s international arms con- 
trol negotiators continue a 
frustrating diplomatic 
struggle with North Korea 
over access to facilities that they 
suspect may be part of a secret 
nuclear weapons programme, US 
intelligence agencies are focusing 
on a military satellite orbiting Ear 
above tbe Korean peninsula. 

The satellite is keeping tabs on a 
5MW nuclear reactor near the 
North Korean capital of Pyongyang. 
As long as the satellite continues to 
detect heat from the reactor. US 
officials can be relatively confident 
that North Korea is not in the pro- 
cess of building a bomb: it would 
need to shut down the reactor 
before it could extract waste fuel 
and process it to make plutonium 
for a nuclear weapon. 

But if the satellite detects any 
significant cooling - the first sign 
of a shutdown - all bets are off. 
Korea could have a working weapon 
within months, and the time for 
diplomacy will have passed. 

If a major US research pro- 
gramme quietly launched over the 
past two years is successful, this 
satellite may be joined by many 
others keeping similar vigils - an 
entirely new generation of remote- 
sensing orbiters, all watching for 
signs of some nation trying to 

assemble a nuclear arsenaL 
Scientists in the programmes say 
such satellites will never totally 
replace ground inspections and tra- 
ditional intelligence for spotting 
nuclear outlaws In the making. But 
the Lessons of the 1991 face-off with 
Iraq are still fresh in the minds of 
non-proliferation specialists: Iraq 
kept international monitors at bay 
for months, and when the inspec- 
tors did get in they found Iraq’s 
nuclear programme was far more 
advanced than they had suspected. 

The appeal of satellite monitoring 
is that it provide a means of detect- 
ing the signs of nuclear prolifera- 
tion without the diplomatic brink- 
manship and face-offs that plague 
traditional inspections. 

At US government laboratories in 
New Mexico and Livermore, Calif- 
ornia, researchers who were once 
designing Star Wars satellites to 
shoot down nuclear-tipped enemy 
missiles are now working to see 
that these nuclear warheads are 
never built at alL Their new project 
is a space shield of a different sort 
a nuclear proliferation-sensing net- 
work of surveillance satellites. 

The early warning technologies 
they will cany go far beyond the 
cameras and simple sensors of most 
current remote-sensing orbiters. In 
one part of the programme, which 
is expected to cost $100m (£68m) a 
year by 1995, researchers are devel- 
oping multi-spectral sensors that 
could spot anything from rhpmirai 
residue released during plutonium 
reprocessing to the distinctive heat 
signature of a nuclear reactor in a 


Christopher Anderson on a satellite designed to watch 
for signs of nations assembling nuclear weapons 



Lightning strike: the planned Forte satellite should Stop electrical storms triggering alarms as if they were nuclear explosions 

A spy looks down 


weapons material production cycle 
- even before the nuclear material 
is removed. 

Meanwhile, other researchers are 
looking at the possibility of detect- 
ing even more subtle warning signs, 
such as the electromagnetic signals 
emitted by isotope-separating cen- 
trifuges and the characteristic vege- 
tation damage near Links storing 
waste from weapons production. 

The details of which signatures 
the researchers are focusing on and 
how they will achieve the needed 
sensitivity are secret “The real con- 
cern is that if you show your hand, 
there may be counter-measures that 
make your job harder,” says Robert 
Scarlett, who manages the prolifera- 
tion detection programme at the 
Los Alamos National Laboratory, 
New Mexico. 

First in operation will be a tech- 
nology that has its roots in sensors 
carried aboard secret satellites used 
since the 1970s to spot nuclear tests. 
In 1995, the US Department of 
Energy plans to launch a satellite 
known as Forte, for Fast On-board 
Recording of Transients Experi- 
ment. The satellite is designed to 
use on-board electronics to distin- 
guish between the electromagnetic 
signature of lightning and that of a 
nuclear explosion. Lightning has 
been the source of false alarms in 
the past, says Max Koontz, the 


department's programme manager. 

A year later, the US plans to 
launch the first of a new generation 
of proliferation-sensing satellites 
that may be able to spot nuclear 
signs even earlier. The $70m Multi- 
Spectral Thermal Imager should be 
able to detect heat fluctuations 
from reactor cooling towers and 
waste water, even through clouds. 

In an initial test, researchers on 
the ground will directly measure 
heat output at the Savannah River 
weapons production facility in Ten- 
nessee. which has several nuclear 
reactors that can produce weapons 
materials; at the same time, the sat- 
ellite will measure the same ther- 
mal emissions from space. Compar- 
ing the “ground truth" with the 
space readings will allow the 
researchers to gauge the sensitivity 
of space detection and calibrate the 
sensors. 

Later, the Los Alamos group 
hopes to design and Qy other multi- 
spectral sensors which will attempt 
to use techniques similar to those of 
their brethren in environmental 
remote sensing to detect vegetation 
changes around nuclear processing 
plants. Uranium enrichment and 
plutonium reprocessing yield large 
amounts of chemical waste, includ- 
ing organic compounds, acids and 
fluorine. 

Laboratory scientists say satel- 


lites could spot characteristic “kill 
zones” around waste holding tanks, 
where chemicals associated with 
nuclear processing have contami- 
nated the soil or ground water and 
killed vegetation. 

Other tAams are hoping to use 
laser beams to probe gaseous emis- 
sions from suspected bomb facto- 
ries. looking for unique reflections 
and absorptions that might jndtaate 
the presence of tell-tale weapons 
production by-products. 

Even the optimists in the pro- 
gramme expect that it will be more 
than a decade before any of the new 
proliferation-sensing technologies 
are actually in use. “The further we 
get into this, the harder we realise 
it is," says David Dye, leader of the 
Lawrence Livermore laboratory’s 
intelligence and national security 
technologies programme. 

But with half a dozen nations 
threatening to join the nuclear fra- 
ternity, there are plenty of reasons 
to find better ways to spot the early 
signs of proliferation. No one 
expects satellites entirely to replace 
ground-based sensing and actual 
inspections. But while North Korea 
continues to play cat-and-mouse 
over on-site inspections, Washing- 
ton policymakers are finding the 
prospect of space detection - in 
spite of its technical complexity - 
hard to resist 


Worth Watching • Della Bradshaw 



Earprint could help 
beat credit card fraud 

Tbe human ear Is at the centre 
of the latest system designed to 
combat credit card fraud, writes 
Anna Kachan. 

The shape, size and contours 
of the ear are as individual as 
tbe fingerprint, says Rouen-based 
inventor Patrick Macron. Hie 
persona) identity system he has 
developed is based on a smart 
card (which stores data about 
the shape of the ear on a bnilt-in 
chip) and a telephone with a 
miniature video camera, sensors 
and electronics built into the 
earpiece. 

Macron envisages cash 
dispensers of the future being 
equipped with these telephones. 
Customers will put their smart 
card into the dispenser while 
holding the telephone to their 
ear. The dispenser will compare 
the telephone “image" to the 
details stored on the card, and 
customers will be cleared to 
proceed - or not - within about 
four seconds. 

Macron: France, 35 73 0199. 

Nematode worm 
about to turn 

A microscopic parasitic worm 
known as the nematode has been 
plaguing crops all over the world. 
But a Central American tree is 
providing a new way to fight it 

Nematodes attack many crops. 
In some cases they can be 
combated with existing synthetic 
solutions. However, these are 
too toxic for plantation crops, 
such as bananas. 

The new treatment, DMDP, 
has been developed by the Royal 
Botanical Gardens at £ew and 
the Scottish Crop Research 
institute, from the seeds and 
leaves of a Costa Rican tree. It 
is potentially far less toxic than 
synthetic treatments. 

DMDP is being further 
developed by Inbio, a Costa Rican 
conservation organisation, based 


in Heredia, which is using aerial 
photographs from Nasa to 
identify donor trees. 

Inbio: Costa Rica. 36 toSA 


A step ahead 
of the customers 

A neural network, artificial 
intelligence software which 
“learns" how to analyse data 
from past examples, is helping 
retail chain Radio Rentals to 
retain customers. 

In trials, the neural network, 
from Thorn EMI's Central 
Research Laboratories, has made 

Radio Rentals 30 per cent more 
accurate in predicting which 
customers will terminate rental 
contracts. This helps the company 
target its marketing more 
effectively. 

CRL: UK. 0S1 848 9779. 


Information at the 
tip of your fingers 

Touch screen technology, which 
can detect pressure through two 
inches of glass, could open up 
new applications for shop window- 
computer terminals. 

Manufactured by MicroTouch 
Systems, in Methuen, 
Massachusetts, the screens could 
provide after-boors information 
to bank customers, for example. 

Developed in the UK by 
Moonstone Designs, tbe screens 
have an electrostatic charge 
behind the glass. By measuring 
disturbance in the field the 
computer can calculate where 
the pressure was applied and then 
provide the information required. 

MicroTouch Systems: US, 50S 
659 9000: UK 0844 260123. 


Inside track 
on getting fit 

The latest fitness machine to hit 
Europe from the US Is Walkfit, 
a non-motorised treadmill with 
a bnilt-in upper body exerciser. 

It has been developed by 
NordicTrack, the Chaska, 
Minneapolis-based company 
famous for its indoor skiing 
machines. NordicTrack claims 
that Walkfit burns up 70 per cent 
more calories than a motorised 
treadmill because the user 
provides all tbe required energy. 
The Walkfit incorporates two 
free-moving bars to be grasped 
while walking or running, so 
exercising the npper body. 

NordicTrack : US. 6123682500: 
UK 0926431515. 


FINANCIAL TIMES 


FT EXPORTER 



FT EXPORTER: Spring Issue - April 19 


The next issue of Europe's premier export review, the FT 
Exporter wUl appear with the financial Times throughout the UK 
and Europe on the I9ih April 1994. Written by Financial Times 
joumafcts based in leafing business centre s across Europe, the 
FT Exporter wiH show, through case histories, how orders are 
being won and what practical problems are bang overcome. 

An essential guide to current trade issues. Mending news, 
analysis and market opportunities for companies of eH sizes, the 
Spring Issue will Include martlet proftes or Brazil; Southern AMca 
and Vietnam, payment problems experienced by uixontractors. 
report on the usr of naittt-cunwicy acco u nts by small and merflum 
size exporters and assess when It is cost effective to employ just- 
in-timo delivery. 


As recognition has grown that exporting is a core business 
activity so the FT Exporter has developed into one of the most 
cost effective means of readwig both UK and European business 
decision mates. 


To book into the next issue contact 

Derek van Tienen [display] 

Tel: 44 (0) 71 8734802 Fax: 44 (0) 71 407 5700 

Janet Kellock [classified] 

Tel: 44 (0) 71 873 3503 Fax: 44 (0) 71 873 3098 


PEOPLE 


Sir Michael Angus 
to chair Boots 


Sir Michael Angus, chairman 
of Whitbread and president of 
the CBT, is to take over as 
Chairman or re tailing and phar- 
maceuticals group Boots from 
July, in what analysts see as a 
highly significant appoint- 
ment. There was speculation 
yesterday that he was being 
appointed to take some tough 
decisions at Boots - especially 
regarding the future of its 
pharmaceuticals business. 

Sir James Blyth, chief execu- 
tive since 1987 and architect of 
tbe acquisition of Ward White 
and reorganisation of Boots 
group into separate business 
units, is being given tbe addi- 
tional, and new. role, of deputy 
chairman. The announcement 
prompted speculation that he 
is being groomed eventually to 
succeed Sir Michael (right) as 
chairman. 

Sir Michael, 63, is appointed 
a non-executive director with 
immediate effect and will 
replace present chairman Sir 
Christopher Benson after the 


annual meeting on July 24. Sir 
Christopher, chairman of Sun 
Alliance and Costain as well as 
The Housing Corporation and. 
The Funding Agency for 
Schools, has been chairman 
since 1990 but has taken a low 
profile during tbe past year. He 
was criticised for his handling 
of the group's annual meeting- 
last year, which was disrupted 
by animal rights protesters. 

The more pugnacious Sir 
Michael, described by a former 
colleague as a "tough, blunt 
businessman”, spent much of 
his career with Unilever, after 
service with the RAF and a 
degree at Bristol University. 

After a spell as chairman 
and chief executive of Unilever 
US. during which he restruc- 
tured the US business, he was 
group chairman from 1986 to 
1992. He was credited with 
waking up a sleepy company, 
shedding some businesses and 
refocusing the group on its 
core activities. 

He has performed a similar 



task at Whitbread since 1992. 
He has also served as CBI pres- 
ident since 1992, forming an 
effective partnership with 
director-general Howard 
Davies. 

In addition to his capacity 
for taking tough decisions. Sir 
Michael's political influence 
and international experience 
are seen as assets to Boots, 
particularly as it seeks to 
expand its over-the-counter 
drugs business. Boots Health- 
care International, overseas. 

“The appointment of Sir 
Michael is quite a coup for us," 
admits Boots. “He is highly- 
regarded and wields consider- 
able influence.” 


Mr London 



The government's first 
regional director for London is 
to be Robin Young, the civil 
servant who has beaded the 
Local Government directorate 
in the Department of the Envi- 
ronment since 1992. 

Young, 45, will spearhead 
the government's attempts to 
improve the administration of 
London in the absence of an 
elected body for the capital 
From April 11, he will bead 
the new single London office 
which brings together the 
regional offices of the depart- 
ments of Trade & Industry, 
Transport Employment and 
Environment 

like the other nine regional 
directors, Young will be 
responsible for funnelling 
funds from these departments 


to the London region. He will 
also control London's share of 
the single regional budget a 
pot of £1.4bn provided by the 
four departments which local 
authorities, Training and 
Enterprise Councils and other 
local partnerships will be 
invited to bid for. 

The London directorship 
win be at grade 2 (deputy sec- 
retary) level, in recognition of 
the importance of the post in 
implementing the Conserva- 
tives’ election pledge to 
improve the coordination of 
government policy in London. 

Young joined the civil ser- 
vice in 1973 after education at 
Fettes College, Edinburgh, and 
University College, Oxford. 

He served as principal pri- 
vate secretary to three Envi- 
ronment secretaries between 
1985 and 1988. In 1988, he was 
promoted to grade 3 (under 
secretary) with responsibility 
for policy on private sector 
bousing and housing associa- 
tions. He beaded the environ- 
mental policy directorate 
1989-91 and was responsible 
for preparing Chris Patten’s 
white paper This Common 
Inheritance. 

He can be expected to pro- 
vide forthright leadership for 
the new London Office: minis- 
ters have not always been 
happy with the high profile he 
has taken at the DoE. 


Non-executive 

directors 

Watson & Philip, the 
Scottish-based retail and 
wholesale food group, has 
appointed a new chairman, 
James Watson, who replaces 
tbe late lan Macpberson. 

Watson & Philip's chief exec- 
utive, David Bremner. says 
that he prefers to describe Wat- 
son's role as part-time rather 
than non-executive, “as he will 
be spending 50-ish days a year 
with the company, far more 
than one would expect from a 
non -executive chairman. Wat- 
son wQl be much more than a 
figurehead, which a non-execu- 
tive title might imply.” 

Watson re mains c hairman of 
NFC; he is also chairman of 
the Institute of Management 
Bremner says that Watson has 
no family ties with the busi- 
ness - the shared name “is 
purely comodental”. 

■ Tim Congdon, md of 
Lombard Street Research and 
one of the Treasury’s “wise 
men" who has recently become 
a Lloyd’s name , as c hair man at 
SBW INSURANCE 
RESEARCH, the Lloyd's 
research company jointly 
owned by Stace Bair 
Underwriting Agencies and 
Wellington Members Agency. 


■ Devising a railway 
timetable is the art of slotting 
trains into routes with min- 
utes to spare. Railtrack, the 
company which takes over 
responsibility for British Rail 
timetabling on April 1, 
appears to have been honing 
its skills in the field of board 
appointments. 

With less than two weeks to 
go before Railtrack goes 
“live”, the company has 
finally announced that it has 
found a finance director. Nor- 
man Broadhorst, at present 
deputy chief executive and 
finance director of shipbuild- 
ing and engineering group 
VSEL. has been appointed. 

Broadhurst, 52, (below) will 
join Railtrack full-time on 
July 1. He has already started 
reading himself into his new 
job but is required at VSEL for 
some time yet to complete 
their annnnl accounts. 

After spending part of his 
early career with accountants 
Price Waterhouse, Broadhurst 
devoted the next 13 years to 
Platt Saco Lowell, a manufac- 
turer of textile machinery and 
part of the ill-fated Stone Platt 
Industries. 

He subsequently moved to 
China Light and Power, a 
Hong Kong public utility, and 
then, in 1986 became financial 
director of United Engineering 
Steels, In 1990 he went to 
VSEL which had been priva- 
tised from British Shipbuilders 
four years earlier. Broadhurst 
says that the common feature 
of his two most recent jobs 
was that they involved newly 
formed companies attempting 
to establish themselves in 
their respective markets: “I 
am used to getting in at the 
grass roots.” he says. 

Railtrack, which will take 
over BR track, signalling and 
stations valued at £6^bn. win 
provide an opportunity to nut 
those skills to the test. 

■ Melvin Pointer is moving 
from NFC to become group 
treasurer of Railtrack, and at 
VSEL, Rob Holden, currently 
poop financial controller, will 
become acting finance director 
when Broadhurst moves. 




FINANCIAL TIMES FRIDAY MARCH 25 1994 


IS 


ARTS 



The Crown Jewels in their new home. The White Tower ijTnexSfon the list to be made cnstomer friendly 

Whisked through the Jewel 


Croon Copyright 


Concert /Richard Fairman 

Maxwell Davies 
and the RPO 


T he Crown Jewels 
have been locked 
away in the Tower 
of London for over 
®)0 years. Not the 
same jewels, of course: Oliver 
Cromwell melted down the 
medieval regalia in 1649. with 
just one 12th century Corona- 
tion spoon escaping the flan\ps 
But from Charles II onwards, 
there has been a steady accu- 
mulation of crowns and plate, 
of orbs and sceptres and rings 
and swords. The jewels on dis- 
play today record the triumph 
of the British Imperial adven- 
ture. What was lost of medi- 
eval craftsmanship has been 
made good by t he tribute, and 
loot, of Empire. 

For decades the Crown Jew- 
els have been the pride and 
despair of the Tower. They are 
its principal attraction and few 
of the 2 .25m visitors a year 
have given them a miss, even 
though it has meant queueing 
in the exposed wastes of the 
Tower courtyards. Every few 
years the jewels have been 
moved, but never with any 
lasting satisfaction. From 
today, however, they have a 
splendid new home, built at a 
cost of £lOm, which should see 
oat our generation, and more. 

From one perspective the 
new Jewel House marks the 
second, and most important, 
stage in the long term market- 
ing strategy of that new com- 
mercial enterprise, the Historic 
Royal Palaces; from another it 
is an impressive, and most wel- 
come. shrine for what could be 
regarded as the soul of the 
nation made manifest in the 
most costly, rare, and abiding 
of earthly treasures. 

The millions have been spent 
unobtrusively, mainly on secu- 
rity. You enter the stem door- 
way of the Waterloo Block, a 
19th century barracks. Immedi- 
ately you realise you are in the 
grip of a system, a carefully 
programmed 25 minute experi- 
ence as you edge along the pro- 
cession towards the climax of 
the jewels. There are diver- 
sions on the way, most notably 
three giant screens showing 
scenes from the Queen's Coro- 
nation. They are surprisingly 
moving, especially as you real- 
ise that, despite the furore at 
the time about an “int^uslve ,, 
televised Coronation, the 
actual moment of crowning 
re mains a mystery, the Arch- 
bishop's robes forming a pro- 
tective veil. 

Historic Royal Palaces, an 
organisation created by the 
government to take over 
responsibility for the upkeep of 
Britain's finest ancient build- 
ings, is in the business of pain- 
less education, and its justifica- 
tion for the new Jewel House is 
to explain the purpose of the 
regalia, the ritual of Corona- 
tion. So other rooms show film 
of the objects In use before 
they finally come into view; 


audiences; why it should still 
be worth watching on the most 
rigorous critical terms; why it 
should not be referred to the 
nearest Trading Standards 
office - has to do with a pre- 
cious balance between style 
and spontaneity. Casts must 
Teel at ease with the intentions 
of the choreography (however 
remote in time) and with their 
own powers to interpret them. 

Because Frederick Ashton’s 
creations lie at the heart of the 
Royal Ballet's identity, and 
because he was notoriously not 
interested in second or third 
tor 33rd) casts, his works are 
particularly subject to perfor- 
mance by rote, and all that 
implies of "This is what Sir 
Fred wanted, and this is the 
way you must dance it". There 


first the maces, trumpets and 
swords, which would head the 
traditional procession, then the 
anointing vessels and finally 
the Crown Jewels themselves. 

At peak times a moving 
pavement will be switched on, 
which allows an over-brisk 
assessment, although there is 
nothing to stop you repeating 
the ride, or examining the jew- 
els from a raised gallery. 

They are reassuringly awe- 
some. Even those most scepti- 
cal about "jewel fever” and the 
lure of gold and precious 
stones would find it bard to be 
indifferent to the largest dia- 
mond in the world, set atop the 
sceptre. Even the most super- 
cilious will speculate on the 
variety of the crowns - the 
tiny crown of Mary of Modena: 
the miniscule diamond crown 
of Queen Victoria; the large 
crown of the Queen Mother, 
which contains the Kohri-Nor 
diamond, a token of bad luck 
when worn by mm, but harm- 
less to women. 

Then there is silver gilt plate 


has resulted a paralysis in Ash- 
tonlan interpretation, doctrin- 
ally rigid - the letter killing, 
the spirit absent So Cinderel- 
la's Ugly Sisters, still played as 
debased copies of Ashton's and 
Helpmann's originals, are now 
a serious deterrent to watching 
tiie piece. So, a revival of Sym- 
phonic Variations In Birming- 
ham looked as if its cast wore 
strait-jackets rather than Fedo- 
rovich's tunics, and were terri- 
fied to be themselves. So, on 
Wednesday night, A Month in 
the Country and The Dream as 
part of a triple bill, were, 
respectively, how and how not 
to dance Ashton. 

The Dream lacked any light- 


by the van load, the Imperial 
Crown of India and various 
curiosities before you reach 
the inevitable journey's end: 
the shop. It is all rather breath- 
less and claustrophobic, and 
anyone wanting to make the 
most of the experience should 
repeat the journey. To keep the 
flow moving, the jewels are not 


lavishly ex plained? for example 

there is no attempt to point out 
the Koh-l-Nor, and unless you 
grab a Yeomen Warder, or mug 
up well before hand, you are 
certain to topple out with ques- 
tions unanswered. 

David Beeton, who runs His- 
toric Royal Palaces, expects 
the new Jewel House to attract 
an extra 250,000 visitors. The 
figure is bound to be higher, 
despite an admission charge 
for the Tower raised from 


ness or clarity and, especially, 
that sexual pungency which 
must make the last pas de 
deux so real an image of Tita- 
nia and Oberon's love. The 
Puck was leaden; the quartet 
of lovers were as time-worn, as 
their predictable antics; the 
midsummer magin was autum- 
nal, the wit doughy. William 
Trevitt was an Oberon of prom- 
ise, and deserved a better set- 
ting; so did Luke Heydon as a 
gleefully simple Bottom. It Is 
time for The Dream to be 
reconsidered; the lustre has 
gone. 

Though I had little sympathy 
for some of the subsidiary cast- 
ing in A Month in the Country 


today to £7.95, which Includes 
access to everything. 

With the Jewel House behind 
him, Beeton is turning his 
attention to the Big One, the 
White Tower, the ori ginal Keep 
of London. He is using £20m 
from the profits be has already 
harvested, mainl y from the 
spruced up Hamp ton Court, to 


sweeten the move of the Royal 
Amouries out of the Tower mid 
into a new museum in Leeds. 
He will then turn his attention 
to making the White Tower 
customer friendly. He will 
want to hold on to some of its 
greatest treasures, such as 
Henry VfiTs jousting armour, 
but the wide open spaces of the 
Tower offer wonderful opportu- 
nities for populist exploitation. 

Some historical and cultural 
purists are horrified. They 


- performances showed the 
spontaneity of a "speak your 
weight” machine - the ballet 
was admirably Ashton's. That 
it was so I attribute to develop- 
ments in both Sylvie Guillem’s 
and Bruce Sansom’s interpreta- 
tions. Mile Guillem now looks 
at ease as Natalya. The 
caprices of a bored woman 
trapped in her summer dacha; 
the last flare of romantic feel- 
ing as she yields to Belyayev; 
the sense of affection, of guilt 
and of ungovernable jealousy 
that mark her relationship 
with Vera, were sensitively 
shown, and the dance gleamed. 

Mr Sansom, who has seemed 
too perennially boyish for 


accept that Beeton has done a 
good Job with the jewels but 
they have taken against his 
first enterprise at the Tower, 
the creation a year ago of a 
"Medieval Palace” in the i3th 
century buildings. They object 
to the replica furniture, to the 
presence of attendants, medi- 
evally dressed, who attempt to 


explain life in the 1270s. 

But Beeton argues that no 
furniture of the period has sur- 
vived and the attendants are 
qualified historians. For the 
vast majority of the public, the 
presence of a throne, of an 
adjacent oratory, of tables and 
fireplaces, however conjec- 
tural, are preferable to the 
empty rooms and lifeless 
stones of the recent past The 
Tower has been knocked about 
for centuries and hardly any- 


Belyayev, has gained in emo- 
tional weight and technical 
authority. The role is beauti- 
fully danced - line, dynamics 
impeccable - and sure In its 
sensitivity to Vera’s calf-love 
and its boldness when con- 
fronted with Natalya's passion. 

The other pleasure of the 
evening was Sarah Wildor’s 
debut as Vera. The dancing, as 
we have come to expect from 
this gifted young artist, was 
lovely In its bright, true 
accents, its sweetness of out- 
line. It was essentially Ash to n- 
ian. Her reading of the charac- 
ter - a first infatuation that 
tells of troubling depths - was 
ideal. The ballet was alive. 


House 


thing remains untouched by 
18th and 19th century improv- 
ers. Few visitors can imagine, 
unaided, the court life of 
Edward L 

Historic Royal Palaces' mis- 
sion to explain might be in 
pursuit of profit but it meets a 
genuine demand. The Tower of 
London has always been a 
place of diversion, at least 
since it stopped being the last 
protective bolt hole for the 
monarch in the 15th century. It 
was where Londoners ramp to 
marvel at the long's weird ani- 
mals, to gaze at his jewels, to 
consult the national archives, 
to gaze at the planets from the 
first royal telescope, to drink 
in the pubs that littered the 
Tower until the 19th century 
and, on high days, to watch the 
executions. 

Today’s public may be more 
restrained - it is also predomi- 
nantly foreign and ill-informed 
- but there is no reason why it 
should not gain some enjoy- 
ment from the hefty admission 
charge. 


The bill was completed by 
David Bintley’s recent Tom- 
beaux. It offers excellent cos- 
tumes for the women (Jasper 
Conran's black and amethyst 
tutus are a joy) and men in 
black long-johns that make 
them look like gymnasts in a 
frenzy of mourning. 

The dance chatters viva- 
ciously and keeps a mixed bag 
of Royal Ballet girls on the 
hop. Viviana Durante appears 
as an elegant creature in 
dtvori velvet and makes a 
great deal of the duets that are 
the best things in the piece; 
Bruce Sansom whips about the 
stage, expending quantities of 
classic style on some arduous 
evolutions. It is too garrulous 
for my taste - party chat as 
art 


The programme is repeated 
tomorrow, matinee and 
evening. 


T he desire to be seen to 
support new music 
has prompted various 
British orchestras to 
offer house room to com posers - 
in-residence. How far this will 
work to the composers' advan- 
tage is not yet clear, but the 
Royal Philharmonic Orchestra 
is showing signs of taking its 
responsibility seriously. 

As from last season, it has 
had Peter Maxwell Davies as 
its Associate Conductor/Com- 
poscr. With an eye to the 
future the orchestra has 
already commissioned from 
him a Sixth Symphony (even 
though he has not yet finished 
his Fifth) and has started to 
schedule existing works in its 
concerts. Usually 20th-century 
pieces are sprinkled among the 
popular classics, but on 
Wednesday the RPO was more 
ambitious and presented an 
entire concert of Maxwell 
Davies. 

Later this year he will be 60. 
which could be the occasion to 
look back over his changing 
interests. From being a com- 
poser impelled to write by the 
creative urge within, he has 
matured into one whose music 
seems guided as much by 
external factors, such as the 
specific requirements of com- 
missions. 

In Wednesday's programme 
there were two main works, 
one early, one late. Although 
the Second Fantasia on John 


N onsensical, faulty in 
construction and 
ungrammatical is 
the sniffy verdict of 
Chambers Biographical Dictio- 
nary on the writing of Elinor 
Glyn. Despite these ideal quali- 
fications for journalism, she 
poured her talents into novels 
and, briefly in the 1920s, writ- 
ing and directing films. 

Ken Hoare's new play 
focuses on her meeting with 
Clara Bow, whom Glyn 
famously dubbed “the It' girl" 
- “it” and “oomph” being a 
more reticent age's identifica- 
tion of sex-appeal. Glyn and 
“It ” rings imaginary wisecrack- 
ing variations on the theme of 
patrician Englishness meeting 
American crudeness and liking 
it It is principally a vehicle for 
Penelope Keith’s Elinor Glyn. 

As the curtain rises, she is 
revealed reclining on the inevi- 
table tiger-skin. Tim Good- 
child’s fantasy set combines 
Syrie Maugham’s all-white 
decor with a dash of Kiplinges- 
que exoticism. Fantasy is the 
operative word: Ken Hoare’s 
previous work includes mate- 
rial for the comic Stanley Bax- 
ter, and award-winning sit- 
coms. His first stage work 
emerges as a cross between 
Kaufman and Hart’s Holly- 
wood satire Once in a Lifetime 
and a putative Carry On Key- 
stone, with more emphasis on 
the passing gag than dramatic 
construction. 

The undeveloped plot hinges 
on Clara Bow’s flight from 
unwelcome publicity after a 
spumed boyfriend shoots him- 
self. The young man’s father is 
a hellfire evangelist ready to 
denounce the whore of Baby- 
lon unless bought off. Mean- 
while the British author and 


on a Tudor foundation, it is n 
wholly 20th-century piece of 
musical architecture with its 
angular themes, its complex 
structure, its abstract form of 
expression. The orchestra is 
large, but used sparingly in the 
Mahlerian manner. At 40 min- 
utes the work tests an audi- 
ence's concentration, for as the 
composer remarked, it 
demands much of players and 
listeners alike. The RPO 
sounded tentative in it. 

The Strathclyde Concerto No 
4 for clarinet (1990) is one of 
ten in an ongoing project. Insti- 
gated by Strathclyde Regional 
Council, it shows us a different 
Maxwell Davies, working in a 
relatively approachable neo- 
classical style. The Clarinet 
Concerto is a very polished 
example of concerto writing. It 
has plenty of virtuoso passages 
for the soloist and makes good 
use of traditional features such 
as the cadenza, but is always 
music of substance, not empty 
note-spinning. Dimitri Ashken- 
azy caught its sensitive, som- 
bre mood nicely. 

To end Maxwell Davies con- 
ducted An Orkney Wedding, 
with Sunrise, a Boston Pops 
commission. The vigorous 
Highland flings, a tipsy violin 
solo, raucous brass guests and 
bagpipes at dawn, all make 
this a vivid showpiece, which 
the RPO might consider using 
more widely. Responsibility 
and fun can usefully be com- 
bined there. 


the American sexpot collabo- 
rate on a film-script, a relation- 
ship that ripens into mutual 
respect and affection, almost 
sabotaged by Madam Glyn's 
stuffy English butler. 

This might fill a bright 
weekly half-hour slot in the 
s umm er schedules. Taken in 
one insubstantial helping, the 
writing betrays its sitcom pedi- 
gree. Some lines somewhat 
laboriously hit the target, as 
“Sin in Hollywood is the equiv- 
alent of education in England: 
it's there for the few who want 
it" Some fall thuddingly short 
as in the exchange, “Couldn’t I 
interest you with a little cinna- 
mon toast?" “You couldn't 
Interest me with the dance of 
the seven veils." 

More importantly, the author 
vacillates in his portrayal oF 
Glyn, alternating between the 
gushingly precious, lost In 
self-love, and the shrewdly 
warm-hearted worldly-wise. 
Miss Keith confines herself to 
the upper-class cooing and 
whooping that she has amus- 
ingly deployed for 20-odd years, 
prunes and prisms all over the 
stage; but, as with riding a 
bicycle, when she starts to 
think about how she does it, 
uncertainty results. In Act 2, 
the accent is strained and frac- 
tured, for a terrible moment 
evoking the awesome sound of 
genteel Australian. 

In the supporting cast of 
Richard Cottrell's production, 
Michael Cochrane struggles 
with a stereotype butler, and 
Samantha Spyro effectively 
turns Clara Bow into a chirpy 
transatlantic Barbara Windsor. 


At Richmond Theatre until 
tomorrow; then on tour. 


T 


he continued life of a 
ballet in repertory - 
the reasons why it 
should still appeal to 


Ballet/ Clement Crisp 


Interpreting Ashton’s works 


The Historic Royal Palaces' mission to explain may be driven by 
profit but it does meet a demand, says Antony Thorncroft 


Taverner's “In nomine " is built 


Theatre/Martin Hoyle 

Glyn and ‘It’ 


II International^ 

ii * 

• . -■ 

A 

R n i 

LS 

Gl 


7F 

u_ 



■ EXHIBITIONS 

AMSTERDAM 
Rijksmuseum Dutch Figure 
Drawings 1700-1850. Ends May 
1. Closed Mon 

Van Gogh Museum Pierre Puvis 
de Chavannes: 150 portraits, still 
llfes, genre pieces arid sketches 
the 19th century artist whose 
murals grace many public buildings 
In France. Ends May 29. Daily 
BARCELONA 

Museu Picasso The Avant-Garde 
in Russia 1905-25. Closed Mon 
(earner de Montcada 15-19) 
Fundacto la Caixa Willem de 
Kooning: 50 paintings, sculptures 
and works on paper by the key 
abstract expressionist painter. Ends 
AprH 3. Closed Mon (Centre 
Cultural, Passeig de Sant Joan) 
BASLE 

Antikenmuseum Rediscovering 
Pom pel: an 

internatkinalty-acdalmed touring 
exhibition of 200 objects, including 
jewellery, ceramics, household 
Implements and statues, providing 
insight into dally life Ih the Roman 
town. Highlights are the 


reconstructed garden with mosaics, 
a room complete with original 
frescoes and a selection of video 
guides. Ends June 26. Closed Mon 

BERLIN 

Hsus der Kuttunen der Welt The 
Gardens of Islam: paintings, carpets 
and ceramics evoking the exotic 
grandeur of traditional Islamic art. 
Ends April 4. Closed Mon 
Neue Nationatgalerie Rebecca 
Horn (01944): retrospective of the 
German artist renowned for her 
mechanical sculptures and 
provocative drawings. Ends May 
1. Closed Mon 
Brticfce Museum Fritz Bieyi 

(1886-1976): more than 100 

drawings, watercolours and prints 
by one of the founders of the 
BrOeke. Ends May 16. Ernst Ludwig 
Wrchner: street scenes 1913-15, 
the high point of Kkchneris 
Expressionism. Ends May 16. 
Closed Tubs 
BONN 

Kunst- und AuastsHungsbaOe 
Bunuef, Eye of the Century: a 
comprehensive retrospective of 
the Spanish film director (1900-83), 
showing the common ground 
between his films and Surrealist 
art Ends Aprfl 24. Closed Mon 
FRANKFURT 

Deutsches Archttekturmuseum 
Modem Architecture in Germany 
1900-1950: Expressionism and 
the Neue SachUchkeiL Bids July 
3. Closed Mon 

Schim KunsthaUe Archaeological 
Treasures from Romania. Ends 
April 17. Daily 
LEIPZIG 

Museum der bikfenden KQnste 
From Cranach to Caspar David 
Friedrich: 62 paintings and 104 
drawings from the rich but 


little-known Leipzig collection, 
ranging from Lucas Cranach’s 1521 
painting of Luther through Frans 
Hals, Holbein and Bernini to the 
German Romantics. Ends April 17. 
Closed Mon 
LONDON 

Royal Academy of Arts Goya: 

100 smaH-scaie paintings covering 
his entire career. Ends June 12. 
Daily (advance booking 071-396 
4555) 

Hayward Gallery Salvador DalL‘ 
The Early Years. Ends May 30. 
Daily (advance booking 071-928 
8800) 

Tate Gallery Picasso: 200 works 
focusing on the relationship 
between sculpture aid painting. 
Ends May 3. Daily 
National Gallery Claude: The 
Poetic Landscape. Ends April 10. 
Daily 

Victoria aid Albert Museum 
Fabergfr 350 treasures from 
Imperial St Petersburg. Ends April 
.10. Dally 

British Museum The Study of 
Italian Drawings: a tribute to the 
late Philip Pouncey. Ends AprH 24. 
Daily 

National Portrait Gallery Holbein 
and the Court of Henry VIII. Ends 
AprH 17. Daily 

Whitechapel Art Gaflery Medardo 
Rosso (1858-1928): retrospective 
of the Italian Impressionist sculptor. 
Ends April 24. dosed Mm 
LUGANO 

Vina Favorite Europe and America: 
19th and 20th century oil paintings 
and watercolours. The 
Thyssen-Bomemiaza Foundation’s 
museum on Lake Lugano re-opens 
on April 1 with an exhibition of 150 
works ranging from the Hudson 
River School to examples of 


Cubism, German Expressionism, 
the Russian avant-garde, Dada, 
Surrealism and Pop Art Among 
the artists represented are 
Biarstadt. Ernst Munch, Hopper, 
Malevich and Pollock. Ends Oct 
30. Closed Mon. No parking 
facilities: take Bus no 1 (tel 
091-516152) 

MADRID 

Centro de Arte Ralna Sofia 
Joseph Beuys (1921-36): 10 
Installations, 25 sculptures and 
456 drawings by one of the most 
controversial figures In postwar 
German art Ends June 6. Closed 
TudS 
MANTUA 

Palazzo Te Aksel Waldemar 
Johannessen (1880-1922): this 
distinguished pupil of Munch died 
prematurely and was forgotten until 
a couple of years ago. This Is only 
the second exhibition of his works 
ever held, and the first outside 
Scandinavia. Ends June 19 
MUNICH 
KunsthaUe der 
Hypo-Kteturstffiung Pierre 
Bonnard: 130 paintings and seven 
sculptures by the NaWs artist Ends 
April 24. Daily 

Lenbachhaus Between me BrOcke 
and the Blaue Reiter Expressionist 
paintings from the Abler Collection, 
Including works by Kandinsky. 
Klrchner and Beckmann. Ends May 
23. Closed Mon 
NAPLES 

Castal St Brno On the Wings of 
the Imperial Eagle: Naples under 
the Austrian Viceroy (1707-34). A 
splendid itinerant show, dominated 
by the baroque works of Francesco 
Softmena. Ends July 24 
NEW YORK 

Museum of Modem Art Frank 


Lloyd Wright architectural 
fragments, full-scale constructions, 
scale models and 350 original 
drawings. Ends May 10. Closed 
Wed 

Metropo titan Museum of Art The 
Decorative Arts of Frank Uoyd 
Wright Ends Sep 4. Degas 
Landscapes. Ends AprH 3. 19th 
century paintings and drawings 
from Germany and Switzerland. 
Ends April 24. Closed Mon 
Guggenheim Museum Frank Uoyd 
Wright’s Designs tor the 
Guggenheim Museum. Ends May 
20. Robert Morris (b1931): 170 
works by the American minimalist 
Ends April 17. The main museum - 
is closed on Thurs, the SoHo site 
on Tugs 
PARIS 

Louvre Egypt's Role in Western 
Art 1730-1930. Ends April 18. 
Closed Tues 

Mona Bismarck Foundation Early 
Italian Peoples: pottery, jewellery, 
bronze statuettes and arms from 
central and southern Italy 3000-300 
BC. Ends May 17. Closed Sun and 
Mon 

Petit Palais Art of the Tainos 
Sculptors. Ends May 29. Closed 
Mon 

Centre Georges Pompidou The 
City, Art and Architecture In Europe 
1870-1993. Bids May 9- Closed 
Tues 
PRAGUE 

Prague Castle Rating School 
Czech Modernist Art 1890-1918: 
a survey of the evolution of Czech 
art from the tun of the century 
to Cubism. Ends May 23. Georg 
Regel (1566-1638): retrospective 
of one of Europe's earnest 
specialised stiU-We painters. Bids 
May 8. Closed Mon 


Kinsky Palace Achilla Perflli 
(bl 927): retrospective of one of 
the foremost representatives of 
postwar Italian art. Ends April 10. 
Closed Mon 
ROME 

Villa Medici Tamara de Lempicka: 
50 works from the years 1920-41 
by the Polish artist famous for her 
addiction to the hrie boh&me', and 
for seducing all her (adult) models, 
except Gabriele d'Annunzio. Mainly 
nudes, her works are painted In 
vaguely Cubist style, tempered 
by Art Deco. Most are from New 
York private collections. Ends May 
1. Dally 

Villa Famesma The Chlnea and 
18th century Architectural Firework 
Machines: an unusual show offering 
18th century drawings and 
engravings depleting the annual 
ceremony in Rome when the 
Neapolitan ambassador offered 
a tribute to the Pope in return for 
the sovereignty of the Kingdom 
of the Two Sicilies. This was always 
accompanied by a white horse, 
known as the Chlnea. Ends May 
31. Closed Sun 
VENICE 

Chiesa San Bartolomeo Tintoretto: 
15 religious paintings from Venetian 
churches. Ends May 1. Daily 
Museo Correr Pietro Longhi: an 
exhibition of paintings, comprising 
mainly elegant genre scenes, by 
the Venetian rococo artist Ends 
April 4. Daily 
VIENNA 

Kunstforum From Chagall to 
Picasso, Masterworks from the 
Guggenheim Museum. Ends June 
5. Daily 

JOdtsches Museum Chagall's 
Russian Years: 50 oil paintings, 
watercolours and drawings from 


the period 1908-20. Ends June 
12. Closed Sat 

Museum des 20. Jahrhunderts 
Picasso: 180 paintings, drawings, 
collages, bronzes and ceramics 
from the Ludwig collection. Ends 
June 1 9. Closed Mon 
Albertina The Young Kokoschka: 
200 watercolours and sketches 
from the years 1898-1917. Ends 
May 23. Daily 
KunstHaus Le Corbusier 
(1887-1965): retrospective of the 
Swiss architect Ends May 1. Daily 
WASHINGTON 
National Gallery of Art Egon 
Schiele: 70 works by the leading 
figure of Austrian Expressionism. 
Ends April 24. The Age of the 
Baroque in Portugal. Ends April 
3. Ruth Benedict Collection: 78 
prints and drawings from the 16th 
to 20th centuries, including works 
by Rembrandt, Canaletto, Tiepolo, 
Daumier and Moore. Ends June 
12. Daily 

Arthur M. SaekJer Gallery Korean 
Arts of the 18th Century. Ends May 
15. Daily 

National Museum of American 
Art Thomas Cole: 70 works by the 
father of the Hudson River school 
of painting. Ends Aug 7. Daily 
Walters Art Gallery A Bouquet 
of French Manuscripts: rare works 
from the late Middle Ages and 
Renaissance. Ends April 10. Closed 
Mon 

Phillips Collection Brancusi: 
photographs and sculpture by the 
Romanian modernist Ends April 
17. Daily 

Textile Museum From Kuba to 
Kara: flat-woven textiles from the 
Caucasus. Ends Sep 4. Daily 




FINANCIAL TIMES FRIDAY MARCH 25 1994 


THE FT INTERVIEW: Nursultan Nazarbayev 


Joe Rogaly 


Kazakhs like to 
point out, with 
a combination 
of pride and 
servility, that 
Mr Nursultan 
Nazarbayev, 
their president, wears suits 
without pockets. Mr Nazar- 
bayev has no need £or pockets: 
when he wants to smoke, an 
aide scurries forward with a 
cigarette and a lighter; when it 
rains, another produces an 
umbrella; and if be sneezes, a 
third is ready to produce a 
handkerchief. The president, 
with a complete lack of self- 
consciousness, has a tendency 
to begin sentences with the 
phrase “I always tell my 

Kazakhs . , 

The strong hand with which 
Mr Nazarbayev rules Kazakh- 
stan - a country the size of 
western Europe stretched 
between Russia and China - 
disturbs many western politi- 
cal observers. He sees politi- 
cally authoritarian and eco- 
nomically free-market 
south-east Asia, rather than 
western Europe, os a model for 
development. Western inves- 
tors, weary of the anarchy in 
Russia's economic and political 
life, do not object They are 
delighted to have found a des- 
pot with whom they can do 
business. Kazakhstan has 
already finalised an oil and a 
gas deal with two consortia of 
western multinationals. Rus- 
sia, which has Car greater oil 
and gas production, has been 
much less successful In attract- 
ing western investment 
This contrast gives Mr Naz- 
arbayev the opportunity to 
observe that “whereas Kazakh- 
stan Is a unitary state, in Rus- 
sia all political power has col- 
lapsed. so perhaps it is harder 
to do business there”. 

He believes that “based on 
our oil and gas reserves, we 
can say that in the 21st cen- 
tury Kazakhstan will be the 
world's main hydrocarbon pro- 
ducer". The businessmen 
patiently awaiting an audience 
in the plush lobby of the Hyde 
Park Hotel during his visit to 
London this week might not go 
so far. but they tend to agree 
that Kazakhstan is a good com- 
mercial prospect 
While Mr Nazarbayev 
dreams of his country becom- 
ing a central Asian Saudi 
Arabia - with a South Korea- 
style government - he knows 
Kazakhstan must first over- 
come formidable hurdles. Chief 
among them, as for all the for- 
mer Soviet republics, is the 
development of a workable 
relationship with Russia. 



Prospects in 
the pipeline 



KaTBikhotan ia bound to its 
northern neighbour by ties of 
blood and miles of pipeline. 
The blood runs in the veins of 
the ethnic Russians, who make 
up more than 35 per cent of 
Kazakhstan's population. 
Aware of the potential threat 
from this Russian population. 
Mr Nazarbayev is careful on 
questions of language and cul- 
ture: both Russian and Kazakh 
are the official languages of 
the republic and both Russian 
and KanVh holidays are offi- 
cially celebrated. 

Despite this sensitivity, 
unrest amnng the Russians in 
Kazakhstan is growing, and is 
finding encouragement from 
some quarters in Russia. Rus- 
sian nationalists - ranging 
from Mr Vladimir Zhirinovsky, 
the neo-fascist leader born in 
Alma Ata, the Kazakh capital, 
to Alexander Solzhenitsyn, the 
Russian author - believe the 
north-eastern comer of Kaz- 
akhstan, where Russians form 
a majority, should be incorpo- 
rated into the motherland. 
Some local Russians agree. Mr 
Zhirinovsky's land claims so 
riled the normally diplomatic 
Mr Nazarbayev that he des- 
cribed him as '*a little Hitler”. 

Economic bonds with Russia 
pose a more immediate prob- 


lem for Mr Nazarbayev. Soviet 
centralisation means Kazakh- 
stan has no oil refineries, and 
all its pipelines lead into Rus- 
sia rather than to the western 
markets Mr Nazarbayev is 
wooing. Over the winter, this 
infrastructure created the par- 
adox of oil-rich Kazakhstan 
shivering in an energy crisis. 

As a member of Mr Nazar- 
bayev's delegation bitterly put 
it “We walked over billions of 
barrels of oil and gas. but we 
nearly froze to death.” 

T he shortage was cre- 
ated by the failure of 
Siberian refineries to 
stick to an agreement 
to return refined oil to Kazakh- 
stan. Through control of the 
pipelines, Russia is also 
demanding an equity share in 
the two big ventures Kazakh- 
stan is undertaking to exploit 
its oil and gas fields. 

“There are certainly some 
political overtones here,” said 
Mr Nazarbayev. “These are our 
growing pains. We are all just 
beginning to learn to treat one 
another as frilly independent 
states." 

These overtones, and Kaz- 
akhstan’s realisation that Rus- 
sia has the economic muscle to 
drive a hard bargain, have pro- 


voked an important shift in Mr 
Nazarbayev's relationship with 
the Kremlin. 

In contrast with the leaders 
of more stridently independent 
nations, such as Ukraine or the 
Baltic states, Mr Nazarbayev 
wanted to preserve the connec- 
tions between the former 
Soviet republics when the 
Union disintegrated in 1991. 
But his dream of a partnership 
between equals has been dis- 
placed by the reality of Rus- 
sia's increasingly overt eSorts 
to dominate its neighbours-, so 
the Kazakh leader has begun 
taking a different tack. 

The best example is the rou- 
ble rone. Last year, Mr Nazar- 
bayev fiercely objected to 
being forced to drop the rouble 
by Moscow reformers, who 
argued the impoverished cen- 
tral Asian republics were drag- 
ging Russia into hyperinfla- 
tion. Having been forced into 
the cold and survived. Mr Naz- 
arbayev is now scornful of pro- 
posals by Moscow's new leader- 
ship to recreate the rouble 
rone. 

“Having a common currency 
now that each republic has its 
own economy, its own budget, 
its own central bank and its 
own legislature is just wishful 
thin king ," Mr Nazarbayev said. 
“What is happening now is 
that each state is finding its 
own niche." 

For Kazakhstan, this an tails 

breaking its dependence on 
Russia’s oil and gas infrastruc- 
ture. Mr Nazarbayev said he 
would reject the Russian bid 
for equity in Kazakhstan’s oil 
and gas fields. But so long as 
Russia controls the pipelines 
and the refineries, his words 
may prove empty. 

That is why he spoke pub- 
licly this week about a hitherto 
secret project - Kazakhstan's 
plan to build a pipeline from 
Karachaganak, its largest gas 
field in the north, direct to the 
west via Turkey. “The pipeline 
through Turkey is a long-term 
project but it is definitely one 
to which we will give the high- 
est priority,” Mr Nazarbayev 
said. 

The dilemma he and his 
Kazakhs face is that, bright 
though their prospects may be, 
today they must rely on Rus- 
sia. It will be years before Kaz- 
akhstan reaps the benefits of 
developing its oilfields and 
building pipelines direct to the 
west In the meantime, Mr Naz- 
arbayev, the unchallenged 
ruler of his own land, will have 
to bend in his dealings with 
Russia. 

Chrystia Freeland 


FI NAN C I AL TUVI E S* 1 

MAQAZ.nea § 


BUY YOUR 
OWN 

GOLDMINE. 

£ 84 - 00 . 


As any investor knows, there’s nothing more valu- 
able than information. 

Thai's wiiat makes a subscription to INVESTORS 
CHRONICLE such a goldmine. 

As Britain's leading investment mag-.uinc, wc 
know how to provide you with exactly the information 
you need to make the right investment decisions. 

We do this not just because 
we have unrivalled access to all the 
world's major databases; we do it 
because we have a skill in knowing 
the relevant from the irrelevant; and in presenting it in a 
clear and structured manner. 

Every week wc cover all aspects of stockmarket 
investment, beginning with a general overview and mov- 
ing to in-depth coverage of market sectors. 

We give you news sector by sector and stock by 
stock. We track a basket of your most popular shares, and 
subject the new and the fashionable to particular scrutiny. 

Wc print a weekly roundup of leading brokers' 
views and tips, and invite the occasional column front the 
gurus. In short its an investor you'll be kept up to date 
with everything from rhe performance of your PERt to 
the pitfalls of the Options market. 

Not surprisingly. INVESTORS CHRONICLE is 
consulted and relied on by investment professionals. But 
though you'll value an investment opinion that is heavy- 
weight - it’s never, ever, a heavy read. 


RECEIVE 

YOUR FIRST 

4Ifre e I 






% 


r 


We'd like you to subscribe to INVESTORS 
CHRONICLE and see for yourself how its lucid coverage will 
help you make better investment decisions. 

But because we know no-one A 
can make a decision better than you 
can yourself we're making a 
generous introductory offer of 4 
FOUR FREE ISSUES -so you 
can judge for yourself the value of 
Britain's leading investment mag- 
azine. And in addition, accept with 
our compliments a copy of the new 
edition of the Beginners' Guide 
to Investment, the investment 
guide which Lord Hanson " highly 
recommended . . . informative, 
comprehensive and readable ..."and of which Cosmopolitan 
urns moved to write “ This book is packed with wisdom ". 


Tht uitMj aerialmed flejjin- 
nm'Gaid* to lmatmtdt ... 
tht tttoad edition of tht 
UK'i bettttUlag comprtkto- 
tiot iwolMil companion it 
fret to retry new iiitnrikr 
... worth £12.99 la the shops. 


Moot tick appropriate boxes: All price* include PkP. 

I I Ves... please enrol me as a Inal subscriber. I will rec «** mv first Poor 
rnuci of Investors Chronicle FREE. Thereafter my first year's whscrip. 
lion of 51 issues at the normal rate. 

I I Please also send me mv FREE copy of the new, fully revised second 
edition of Investors Chronicle Beginners' Guide 10 Investment, normally 
[nailing at £12.99. IT at any lime during my subscription I decide to 
cancel. I am covered by a Money Back Guarantee. Should I decide 10 
cancel. I just mitt and (ell sou and sou'll refund my subscription for all 
unnuuted issues. 


- 1 C v.vr « lfcr laul , tm aui be nldnl k. ifar 
|vv* rf the MbrniMM units, -IS-T VAT 
Nn — yuuttst .tnv duiUI Ml poiocai 
hr htnacrcL Nm.pmncni mB irsoli ia j 

irdincd uihfiip n as Iw^pk Furopraa sum- 
pMahsoalt El' VAT Hq( No 


BLOCK CAPITALS PLEASE. 

Q ZH L'K tor. ,V IretamV 

□ £100" Europe nr Ireland/ • 
f~l tlSl Rest nr World (airmail) 

PI Mease invoice tne/rnv company i v.vr.n v. vBTVt/MO tew MWI 71 v.vn-M 
I I Cheque enclosed payable <u FT Businas Enter pnst U 

n Please debit my credit card account 

□ AMEX O Diners Q Visa Q Access 

Caid number | I L I I~1 I I I I I I I I I 1 I I 
Expiry ‘Lit- - 

SiKtUiurt: - Dale 


Mr/.MrVMs 

IniMucss 

hkllctM|MH .Kill Ion. 


, Job Title. 


Unicode. 


I I I du nuts. nil to receive promotional mailings from other companies. 
Please rcium in; FT Maga/ines, Subscription} Depart mem FREEPOST 
53W. Bromley BR2 9BR nr simply telephone oar subsen pi ion HOT- 
LINE 081 -102 8485 giving us vnur credit cud details and quote 
reference number 

rl BlsISL-Af.NTTKPWMilJMtTFn. Btu Hn nl Mir stumhrrOnr. swiniit Under. 
tuodouSF.IWU. fc-flnwwd No. WfflWu . V,\| KcrNo CB778SVI 31. the jakwnaim UMI 

(ansclr tr\jx hr w«1 u.tcxp hiftn urd ml nrtn f. r.H.I_ pradm, m-l 

■u, be Mini In l had panes (Dan n-aecUaa M lyW Hr* Na POJ6S 
tfZbC TV I a. r -ifsat nmln iasesi mi — rM h cefl a iy. Vt 

pc.inanome » at j pjr.li- tu lunar prll T. 


INVESTORS 

CHRONICLE 


THE CITY INSIDE OUT 


Devil is in the dealmaking 


E The rale is 
well-known. It 
never changes. 
Make a deal 
with the forces 
of darkness 
and you pay 
with your souL 
Mr John Major 
entered into such an agree- 
ment last September. In a cele- 
brated article in The Econo- 
mist, he sealed a bargain with 
the nationalists and little 
Englanders who have since 
held sway in his Conservative 
coalition. 

Its import was dear. The rat- 
ification of the Maastricht 
treaty, which he had forced 
through parliament by risking 
his government's life on a sin- 
gle no-confidence vote, was an 
experience not to be repea te d. 
Britain would remain within 
the European Union, but would 
seek to remould it as a Gaullist 
congeries of nation states. In 
return the prime minister 
would be granted a respite 
from internecine strife. The 
arrangement must have 
sounded harmless at the time. 
After alL the EU, like the EC 
before it, always has been a 
permanent conference of Inde- 
pendent governments, perpetu- 
ally negotiating with one 
another. In essence, it still is. 

The language of Mr Major’s 
carefully-constructed concor- 
dat was ostensibly designed to 
unite the Tories. Drafts were 
shown to influe ntial individu- 
als, left and right, Eurosceptic 
and Europhobe. “I want to see 
the community become a wide 
union", he wrote, “embracing 
the whole of democratic 
Europe, In a single market and 
with common security arrange- 
ments firmly linked to Nato.” 
That sounded noble enough, 
but there was a pay-off. The 
community he wanted would 
cease to “nibble at national 
freedoms''. There would be no 
farther encroachments on Brit- 
ish sovereignty. Maastricht, it 
was implied, was the last 


treaty he would ask his party 
to swallow. 

It seemed like a fair bargain 
at the time, in retrospect, it 
was lethal- Three years after 
he had presented himself as 
the prime minister who would 
put Britain at the heart of 
Europe, Mr Major had placed 
his government in thrall to 
activists who will not rest until 
the European Union Is remade 
in the image of the soon-to-be- 
defunct European Free Trade 
Association. That is why an 
argument over whether Britain 
shall be able to block future 
business in the council of min- 
istars by mustering 23 votes cm 1 
27 has become a touchstone of 
his intentions. It is little won- 
der that on Tuesday, when his 
impotence was revealed, the 
prime minister stood up in the 
house of com- 
mons and 
snarled like 
a cornered 
mouse. 

The leader of 
the opposition, 
said Mr Major, 
consulting his 
notes, was the 
man who liked 
to say yes - 
"monsieur Oui, 
the poodle of 
Brussels”. This chauvinists' 
clicite was intended to consti- 
tute an attack on a socialist 
Europe. It came out as an 
assault on the institutions of 
the European Union. The 
prime minister was on better 
form yesterday. He spoke rea- 
sonably, and managed to focus 
on socialism. Who knows how 
he will play, or to which audi- 
ence, next week? Nothing 
about this affair has proceeded 
smoothly. The foreign secre- 
tary, searching anxiously for 
allies in the cabinet, has 
looked increasingly unhappy 
as he speaks the language of 
diplomacy while Mr Major, 
constantly nudged and jostled 
by his new-found Euro- 

llAI* ftfT 


Changing prime 
ministers won't 
help. No UK 
politician of 
stature has come 
out fighting for a 
European 
perspective 


one option after another. 

Changing prime ministers 
would not help. No politician 
of stature, on either side of the 
House, has come out fighting 
for a European perspective. 
The Liberal Democrats have 
gone quiet Labour has epjoyed 
witnessing the government’s 
discomfiture, but It has offered 
nothing, not a syllable, in the 
way of letting us know what it 
would do in the same situation. 
Two aspirants for Mr Major's 
job. Mr Michael Headline and 
Mr Kenneth Clarice, have com- 
promised their known pro-Eu- 
ropean principles by humming 
Eurosceptieal tunes. 

That eternal weathervane, 
Mr David Howell, has written 
learned articles defending the 
existing size of the blocking 
minority. The Conservative 
chairman of the 

House of Com- 
mons select 
committee on 
foreign affairs 
argues that 
what is at stake 
is “yet more 
integrationist 
acceleration”. 
Unless the rules 
are changed, he 
correctly points 
out, groups of 
countries with up to 40 per 
cent of the union’s population 
could be outvoted. Yes, but the 
best time to change the 
rules is at the next inter- 
governmental conference, due 
in 1996. 

Against that stands Mr 
Major’s argument that it is his 
job to protect British interests. 
Quite so. To “stand up for 
Britain" is not in itself anti- 
European. The prime minister 
repeated yesterday that the 
government strongly favours 
enlargement of the EU. Agreed. 
Where his case foils down is in 
the evident motivation behind 
his stance. It is unmistakably 
political, designed to save the 
Conservative party by appeal- 




be tested at this week-end’s 
conference of party workers, 
and again in the series of by- 
elections. local contests and 
Europolls due between now 
and June. Those of us who 
recall Mr Major’s successful 
soapbox defence of the United 
Kingdom against Scottish sepa- 
ratism in April 1392 would be 
prudent to suspend judgement 
on the domestic political effect 
of this week's events. 

ft has to be said, however, 
that the omens are discourag- 
ing. Middle-of-the-road back- 
bench Tory MPs who would 
normally not allow the number 
of blocking votes in the EU to 
enter their heads have been 
expressing support for the 
Eurosceptic position this wed. 
Their single desire is a unified 
party, under whichever wing 
can keep the peace. Their con- 
cern is for their own seats at 
the next general election. Some 
of them are very nervous 
indeed. Tales abound of con- 
stituency parties that have run 
out of money, selection com- 
mittees that cannot be both- 
ered to field candidates in the 
local elections, usually well-at- 
tended annual meetings that 
have been abandoned for lack 
of an audience, and simple dis- 
illusion and demoralisation of 
the rank and file. 

These clouds might be at 
least temporarily dispelled if 
there is a “ British triumph" 
on the voting mechanism. 
What is required is a stitch-up 
that, at least in appearance, 
maintains the 23-vote blocking 
minority on issues, such as 
social legislation, that Britain 
considers important Such on 
understanding might be negoti- 
ated by Mr Douglas Hurd when 
he meets his fellow foreign 
ministers in loannina, in west- 
ern Greece, this weekend, or al 
another venue later an. that 
would give the prime minister 
and the Conservative govern- 
ment a breathing space, with 
no guarantees as to its dura- 
tion. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearty typed and not hand written. Please set fox for finest resolution 


Economics essential 
part of education 


Standards in insurance 
industry rising as result 
of self-regulation 


From Mrs S Copperwaite. 

Sir, Michael Prowse made 
several valid points in his dis- 
cussion about the state of the 
education system in Britain 
and America (“Let’s think 
boldly about education", 
March 21). 

He pointed out the absurdity 
of the foot that, under current 
educational guidelines, “school 
children are required to study 
natural sciences but not eco- 
nomics, which... is for more 
relevant for dally life". 

I totally agree, but how can 
we in Britain expect such a 
radical rethink of priorities 
when our secretary oE state for 
education is someone who has 
publicly stated that religious 
knowledge should be compul- 
sory for all secondary school 
students? The word “econom- 
ics” never passed his lips, prob- 
ably because it never even 
crossed Us mind. 

Unfortunately, the people 
with the power to update and 
improve our education system 
are still stuck in the 19th cen- 
tury. This is also demonstrated 


From Mr J Lett. 

Sir. It serves neither the Lon- 
don boroughs’ nor businesses' 
purpose to have central Lon- 
don planned on the basis of a 
35-year-old statistical conven- 
tion, the Central Statistical 
Area, as your report, “London 
role as world city threatened" 
(March 17), appears to suggest 
It also does the boroughs ill 
justice to claim that “there is 
no agreement between them on 
what constitutes the Central 
Activities Zone". 

In the London Planning 
Advisory Committee's new 
Strategic Planning Advice for 
London, all 33 London bor- 
oughs have unanimously 
agreed a body of policies for 
the capital as a whole. This 
includes a much more sophisti- 
cated and sensitive structure 
for central London than the old 
Central Statistical Area. It 
incorporates a Central Activi- 
ties Zone and the Isle of Dogs 
Special Business Zone to 


in the thinking behind the 
vocational courses being pro- 
posed by Sir Ron Dealing, the 
UK government’s chief adviser 
on the curriculum and tests. 
According to your article 
"Business offered role in 
schools" (March 21), “the aim 
is to encourage children who 
are less interested in academic 
subjects to gain skills and stay 
In full-time education". 

In fact, if these courses are 
well thought out, they will 
attract a lot of interest from a 
broad range of students and 
not just those who are “less 
interested in academic sub- 
jects”. 

Most young people want to 
learn the skills they need to be 
employable. These courses 
should at least provide some 
direction for them. At the 
moment they are groping in 
the dark. 

Mrs S Copperwaite, 
director, 

Merrill Lynch International, 
Ropemaker Place, 

25 Ropemaker Street. 

London EC2Y9LY 


accommodate the needs of met- 
ropolitan level activities, 
including offices. Where appro- 
priate it also outlines the 
Wider Central Area to sustain 
the surrounding vital, but 
more vulnerable land uses 
which lend London so much 
character. In Its Office Review 
Panel, it also proposes a forum 
for those involved in office 
development to ensure office 
supply and demand do not 
again get so badly out of kflter. 

The boroughs strongly 
advise government to support 
these proposals in its Strategic 
Planning Guidance for London. 
The capital must have the stra- 
tegic planning framework it 
needs to enhance its role as a 
world city. 

John Lett, 

assistant chief planner, 

London Planning Advisory 
Committee, 

Eastern House, 

8-10 Eastern Road, 

Romford RM1 3PN 


From Mr C F Jebens. 

Sir, I am sure your readers 
would be pleased to know that 
the experiences related in 
Peter Marsh’s article. “Short 
Lautro test that ‘a monkey 
could pass’" (March 24), are 
virtually things of the past 
This is just the sort of practice 
which Lautro has put enor- 
mous resources Into stopping. 

In April 1993 Lautro was the 
first “retail" self-regulating 
organisations to put into force 
a new an d demanding training 
scheme, beating the others by 
nearly a year. 

In June 1991 we had consid- 
erably tightened up recruiting 
procedures and the result 
today is that firms now have to 
take particular care to recruit 
only suitable sales staff and to 
train them thoroughly. One 
result of these measures is that 
the total number of sales peo- 
ple employed by the firms we 
regulate has dropped from 
200,000 in 1990 to 105,000 today, 
and is still foiling at a rate of 
about 2.500 per month. 

The new training require- 
ments demand a minimum of 

6-8 weeks training for new 
recruits and require a recog- 
nised test of knowledge (Finan- 
cial Planning Certificate Part 
1) and a tough and objective 
assessment of the skills 
required to give sound finan- 
cial advice by trained and 
assessed supervisors. 

By April 1993 Lautro bad vet- 
ted the plans of all firms 
intending to recruit sales peo- 
ple. Since then no salesperson 
should have been appointed 
without satisfactorily complet- 
ing a Lautroaccredlted train- 
ing course, and all existing 
sales people were required to 
be assessed against the new 
standards by January 1994. 

The penalties for failing to 
meet these requirements are 
that sales people trained or 
assessed under unsatisfactory 
schemes must be suspended 
from business until they have 
satisfactorily completed an 
accredited training course. 

For nearly a year now Lau- 
tro has been carrying out 
detailed inspections of the 
schemes which its member 


firms have put in place follow- 
ing approval of their plans. So 
far we have completed 53 
Inspections. Of these, few 
escaped some minor criticism 
and changes necessary to com- 
ply with the high standards we 
have set 

Three firms have been 
required to retrain and re as- 
sess some sales people as a 
result of defects; and three 
firms have had their accredita- 
tion withdrawn and have been 
required to suspend all those 
trained under their schemes 
and to submit new proposals 
for an acceptable scheme. 

Until satisfactory proposals 
have been put into effect these 
firms will be unable to appoint 
any more sales people, and 
until those trained and 
assessed under the defective 
scheme have been through a 
Lautroapproved process they 
will have been suspended too. 

The assertions made about 
the standards in 1991 being 
those laid down by Lautro are 
totally misleading. As 
explained, our scheme became 
effective in 1993. The sort of 
experience recounted by Ms 
Hurley, Ms Trimmer, Mr But- 
ler and Mir Evans was precisely 
that which led us to initiate 
work on a radical shake up In 
the industry’s selection and 
training practices back in 1990 
and it should not surprise your 
readers to know that not one of 
the Lautro regulated firms 
mentioned in the article has 
escaped our attention. 

All of them have had to 
undertake expensive corrective 
measures to deal with sub- 
standard practices of one sort 
or another and one of them 
was recently publicly repri- 
manded and fined. 

You and your readers will no 
doubt be comforted to know 
that there is rapid change 
under way and the experiences 
of employees and customers of 
the industry of even a year ago 
are probably anachronistic. 

C F Jebens, 
chief executive, 

Lautro, 

Centre Point, 

103 New Oxford Street 
London WCiA tQH 


Framework for London 


Threat that arises from complexity of new electricity meters 


From MrBobLiuey. 

Sir, David Lascelies'. article 
on future electricity metering 
(Technology: “Counting the 
cost", March 18) perpetuates 
the popular misconception that 
new electricity meters bring 
benefits to the end customer. 

That this is not so has 
already been demonstrated in 
the new lOOkW market where, 
despite the installation of 
sophisticated electronic meters 


and communication Channels, 
tariffs have been simplified. 
The mass of data generated by 
the new meters is ignored 
when charging the customer 
and is only required to calcu- 
late what the supplier should 
pay the generator. 

To replace existing reliable 
meters with high technology 
complex devices, purely to sat- 
isfy the accounting systems of 
the wholesale market, cannot 


be the way forward for the 
smaller industrial and domes- 
tic customer. The additional 
cost will in fact kill the com- 
petitive market and effectively 
maintain the present monopoly 
situation cloaked in pseudo 
competition. Who would bene- 
fit from this? Possibly those 
arguing For the complex solu- 
tion. 

The proposals being 
suggested are equivalent to 


Kelloggs charging Salnsbuurys, 
not on the number of cases of 
cereal supplied to the ware- 
house, but on a count of the 
number of cornflakes con- 
sumed at the breakfast table- 
Bob Lilley, • ■ 

R A alley Associates. _ . 
management and engineering 
consultancy. 

15 Glenaaon Park, 

Stoke Bishop, 

Bristol BSV IRS 









FINANCIAL. TIMES FRIDAY MARCH 25 1994 


FINANCIAL TIMES 

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

Friday March 25 1994 

Mexico after 
Mr Colosio 


The shocking murder or Luis 
Donaldo Colosio, the man most 
likely to be Mexico's next presi- 
dent, heralds a period of deep 
uncertainty in a country still reel- 
ing from the peasant uprising in 
the southern state of Chiapas. 
Taken together, these two events 
show that Mexico's current eco- 
nomic and political transition - 
while necessary and inevitable - 
is causing strains which may hith- 
erto have been underestimated, 
both within the country and else- 
where. They need not, however, 
signal protracted or deep-seated 
instability. Mexico will emerge for- 
midably strengthened if its politi- 
cians learn how to manage the 
transition better. 

The attempt by President Carlos 
Satinas to transform his country 
into an open, modern economy 
has had severe costs. Economic 
growth has ground to a halt - in 
part because too milch Mexican 
industry was unable to compete in 
the international market; in part 
perhaps because the government 
has sacrificed growth to a sin- 
gle-minded fight against inflation. 

The difficulties have been exac- 
erbated, however, by Mr Salinas’s 
ambivalent approach to political 
reform. The president underlined 
the power of his office by regu- 
larly sacking state governors in a 
supposedly federal system. The 
electoral system severely handi- 
caps opposition parties, and Mr 
Salinas’s moves to Improve it have 
been piecemeal. His recipe of mov- 
ing faster with economic than 
with political reform now looks 
questionable, since pressures for 
political change are breeding eco- 
nomic uncertainty and slowing 
growth and investment 

Rich potential 

It is not clear that the president 
has fully come to terms with the 
transition he set in train. Mr Safi- 
nas was right to break with the 
past, but the weakening of its 
highly-centralised executive - an 
Inevitable consequence of eco- 
nomic reform - has enhanced the 
need for a strong and legitimate 
institutional structure. The prob- 
lem is that this is precisely what" 
the country lacks. 

There are exceptions. The new- 
ly-constituted central bank - 
autonomous except with respect 
to exchange rate policy - is a 
durable strength. The North 
American Free Trade Agreement 

The Pru 
hardball 

Mr Mick Newmarch, group chief 
executive of Britain's Prudential 
Corporation, bas never made any 
secret of his disagreements with 
Mr Andrew Large, the head of the 
Securities and Investments Board 
(SIB). Yet his decision to shun the 
new Personal Investment Author- 
ity (PIA.) and to request direct reg- 
ulation for the Prudent i a l 's sales 
and marketing activities by the 
SIB is a snub on a gigantic scale. 
It comes with the full backing of 
the Prudential's board. 

It had been Mr Large’s intention 
to run down the direct regulatory 
function of the SIB and to h a n d 
over the task to the PIA. He has 
also indicated clearly that an 
approach from the Pru or anyone 
else for direct regulation would 
not be welcome. Mr Newmarch’s 
challenge is thus intentionally 
confrontational. It is also excep- 
tionally blunt, since yesterday’s 
press release from the Prudential 
concludes that “direct regulation 
by the SIB will give us an 
enhanced opportunity to influence 
our regulatory environment”, fa 
short, this is a hostile act of regu- 
latory arbitrage, one of whose 
objects is to capture the regulator. 

fa one sense, it is all posturing. 
There Is nothing to stop the SIB 
borrowing the PIA's rule book and 
delegating most of its regulatory 
functions to the subordinate body. 
Only the STB's disciplinary proce- 
dures cannot be passed down. Nor, 
after such a public challenge, can 
Mr Large be expected to do other 
than ensure that the SIB is no 
regulatory pushover for the Pru. If 
he does give the task of monitor- 
ing Britain’s biggest life company 
to the subordinate body, the SIB 
will still be legally obliged to oper- 
ate a double check. 


Majority support 
That said, the PIA, whose gene- 
sis has been troubled from the 
outset, cannot operate without 
overwhelming majority support 
from the retail financial services 
industry. If others follow the Pru 
in preferring to exercise their stat- 
utory right to register with the 
SIB, Mr Large's plans for 
improved Investor protection 
through a single retail watchdog 
will be scuppered. The wider ques- 
tion is whether the abrasive man- 
ner fa which the Pru has put its 
case will damage its plea for a 
different, statutorily based 


also brings rich potential and 
some certainty about the future 
rules of the game. But the legal 
system and the judiciary remain 
arbitrary and inefficient, the 
police corrupt Mexico's people are 
denied the rule of law, its busi- 
nesses hindered by their inability 
to enforce contracts. 

Recent events thus emphatically 
do not call for a reversal of 
Mexico's reform programme. 
Rather, a new government a 
new presidential candidate should 
look for ways to advance it In the 
meantime, some fiscal relaxation 
- to provide targeted help to ease 
social pressures - may well be jus- 
tified, though the government will 
be aware that an excessively lax 
policy would prompt capital flight 
and an economic crisis. 

Crisis avoidable 

Even with Mexico's dependence 
on foreign capital to cover a cur- 
rent account deficit of over $ 20 bn. 
a financial crisis is eminently 
avoidable. Some $29bn at last 
count, Mexico’s reserves are high 
compared to its monetary base; 

the country aim hag flnamHa 1 and 

political support from the DS. 

Similarly, while a period of 
political uncertainty is inevitable, 
it need not run out of control The 
probable replacements for Mr 
Colosio as presidential candidate 
of the Institutional Revolutionary , 
Party (PRI) all represent continu- 
ity to some degree - though each 
has his drawbacks. Manuel 
Camacho, the Chiapas peace- 
maker, is unpopular within the 
ruling party after his unwilling- 
ness to rule himself out as a possi- 
ble opponent to Colosio. Finance 
minister Pedro Aspe is harmed by 
his association with Mexico's cur- 
rent recession. Ernesto Zedillo, 
like Mr Safinas a farmer budget 
minister, is politically inexperi- 
enced. Whoever stands for the 
PRI, it is unlikely that the 
left-wing opposition led by 
Cuauhtemoc Cfinjanas will benefit 
greatly from the uncertainty. 

fa spite of yesterday's tragedy, 
the PRI remains the clear favour- 
ite to win the August election. Mr 
Salinas's ediftribution to the mod- 
ernisation of Mexico has been con- 
siderable. His final task as presi- 
dent is to ensure that progress 
towards a more pluralistic politi- 
cal system, which means ending 
the PRTs monopoly of power, is 

maintain pd . 

plays 


approach to regulation. 

If it does. It would be a pity, for 
the Pru has been on the side of 
common sense through much of 
tin debate. It broke ranks with the 
Association of British Insurers by 
supporting the Office of Fair Trad- 
ing’s arguments for greater disclo- 
sure. And the theoretical case for 
statutory regulation, which the 
Pru claims to want, has arguably 
been strengthened by the carping 
that has accompanied the attempt 
to launch the PIA There has to be 
a more effective way of resolving 
conflicts between the different 
industry interests. 

Public confidence 

Yet the regulatory debate can- 
not be divorced from its context. 
Public confidence in the life com- 
panies and banks has been 
severely shaken by the personal 
pensions fiasco. It is fa both the 
public interest and the interest of 
the insurers that urgent action is 
taken to restore order to the 
industry’s sales activities. This 
cannot wait for legislation, not 
least because ministers are clearly 
wary of the political pitfalls in tak- 
ing on responsibility for monitor- 
ing those who are busy mis-selfing 
endowment polities and personal 
pensions. 

The short-term priorities must 
therefore be to make the best of 
the PIA and to ensure that the 
new disclosure regime which 
becomes compulsory next year 
provides information in a form 
that allows the consumer to make 
worthwhile choices. If the indus- 
try is forced to compete on the 
basis of price and quality, instead 
of the means of distribution, much 
of its act will be forcibly cleaned 
up as co nsumer s penalise the fa ef- 
ficient producers. 

In the longer run full statutory 
support for the system is probably 
desirable and may well be inescap- 
able. The Prudential could play a 
more constructive role by articu- 
lating precisely what form it 
should fake, instead of doing bat- 
tle with the SEB. This might also 
have the merit of helping dispel 
widespread suspicions about its 
motivation in calling for a statu- 
tory approach. Clearly there can 
be no return to the Ineffectual 
monitoring exercised by the 
Department of Trade and Industry 
of old. Let us hear the Pro’s more 
detailed alternative. 


M ost chairmen 
would adopt a som- 
bre tone when 
announcing their 
company's worst- 
ever results. Yet Mr Jean Peyrele- 
vade yesterday seemed remarkably 
cheerful when he announc ed that 
Credit Lyonnais made a net loss of 
FFr6.9bn (£800m) in 1993, the big- 
gest in its history. 

The reason for his cheer was that, 
immediately after seeing the 
results. Mr Edmond AlphandOry, 
the French economy minister, 
signed a rescue package to recapi- 
talise the bank and clean up its 
balance sheet 


The critical question for Credit 
Lyonnais is whether the rescue, 
which includes a FFr4.9bn capital 
injection and the transfer for five 
years of FFriOtra of non-performing 
loans to a new company with the 
state guaranteeing FFr18. 4bn, will 
be enough to stabilise the bank 
after years of uncertainty. 'Hie gov- 
ernment Is hoping that Mr Peyrele- 
vade will bring the restructured 
Credit Lyonnais back into the 
black, with the aim of eventual pri- 
vatisation. 

The crux of Credit Lyonnais’ 
problems is the aggressive lending 
and international expansion strat- 
egy of Mr Peyrelevade’s predeces- 
sor, Mr Jean- Yves Haberer, who 
chaired the hank from 1968 until 
last autumn. The group acquired a 
network of European retail banks 
but was left heavily exposed to the 
economic recession. 

Credit Lyonnais has been forced 
to write off many of Mr Haberer’s 
loans because of the steep increase 
in French business failures and the 
fall in property prices. Both these 
problems were aggravated by its 
exposure to a series of corporate 
setbacks; from Olympia & York, the 
Canadian property group that col- 
lapsed owing it $35Qm; to MGM, the 
ailing Hollywood film studio that it 
owns and into which into which it 
has ploughed about ffUfon. 

When Mr Peyrelevade, previously 
chairman of the Union des Assur- 
ances de Paris (UAP) insurance 
group, was brought in by the gov- 
ernment last November, Cridit 
Lyonnais had just reported a net 
Loss of FFri.OSbn fix- the first half of 
1993 and its capital ratio had slipped 
dose to the internationally-agreed 
minimum of 8 per cent He realise d 
the h ank was in danger of breach- 
fag its capital ratio requirements 
and asked the government for sup- 
port. 

The government, afraid that 
Crfedit Lyonnais might collapse, 
agreed, even though it was already 
under fire from the European Com- 
mission over a FFriL5bn aid pack- 
age for Bull the computer com- 
pany. It pressed ahead with the 
rescue despite complaints from 
other French banks about state sup- 
port for a competitor. 

Ranking analysts appear satisfied 
that the details of yesterday's pack- . . 
age - combined with the plan for 
another capital injection later this 


Alice Rawsthom on challenges facing 
Credit Lyonnais after yesterday's rescue 


A fillip for 
its fortunes 


a wlmlow of 'oppwl^n^/ ; ; \ 

l - fli ■■ ^ ^ , 


ii :yr. ~r? ■ f > •. : * : ^ . 


,-,v : - k , .. 

••-i Net banking Income ; Provisions 

J6Q 

■% 

;7 so ■ — 

:** 

■;* 

^40 

■(' 


J Net profft/loss 


•') 4 FFrhn 


:>i30 

;* 

*•20 


=ll0 


t.j 

*5 o 

$ 


120 


S 15 — 


'■ io 

'•< 


1883 88 90 91 82 


■1 S 

•1 

•■I 0. 

‘t 1868 

,w 


2 

** 0 


. • -2 

t 

- ’■'» 
x 

■t-4 


90 81 . 92 93 


-6 

* -8 

■i' 


1888 88 80 81 82 83 


year and Mr Peyrelevade’s decision 
to make hefty provisions of 
FFr21.7bn against the remaining 
bad debts in Credit Lyonnais' bal- 
ance sheet - will stabilise the 
bank's finanwa in the short term. 
“Peyrelevade has devoted his first 
few months to the finan cial rescue,” 
says Mr Stephane Arrouays, who 
follows the French banking sector 
at BZW Securities. “Now he’s got to 
tackle Its strategic problems.” 

These include rationalising the 
group's FFr55bn portfolio of indus- 
trial investments to enable manage- 
ment to concentrate on the core 
banking business. Mr Peyrelevade 
has drafted in Mr Dominique Bazy, 
his number two at UAP, to handle 
the disposals. Mr Bazy intends to 
sell FFr20bn of assets over the next 
two years and will orchestrate the 
sale of MGM. 

Proceeds from these disposals will 
help repair credit Lyonnais' bal- 
ance sheet and protect it in case it 
has to make substantial provisions 
in the future. Farther writedowns 


on its commercial Hanking business 
are expected this year as the French 
economy is still fragile and the 
rate of business failures is 
high. 

Observers are also concerned 
about the bank's exposure on old 


Mr Peyrelevade 
unveiled a cost 
cutting plan involving 
a 10 per cent cut in 
the French workforce 
of 38,449 


loans to Sasea, the collapsed Swiss 
holding company that is now the 
subject of an acrimonious court 
case, and to Mr Bernard Taple, the 
controversial French politician 
embroiled in legal suits over fraud 
and bribery allegations. 

“If you’d asked me last year 
whether credit Lyonnais was going 


to fake any more big hits, Td have 
said ‘no’," says Mr Sasha Serafimov- 
ski, banking analyst at Merrill 
Lynch, the securities house. “But 
it’s disappointed us so often that 
now I’m not so sure. AH we can 
hope is that, if the economy picks 
up, the cracks won't show.” 

The timing of the recovery win 
also determine the progress of Mr 
Peyrelevade’s efforts, in the wake of 
yesterday's financial rescue, to 
improve the performance of Credit 
Lyonnais' domestic banking net- 
work. A serious problem for 
France’s h anks during the recession 
has been the weakness of the credit 
market. The amount of credit 
advanced fell by 415 per cent last 
year, according to the French Bank- 
ing Association. 

“There's no prospect of a real 
recovery in credit demand or of pro- 
visions returning to normal levels 
until 1996," says Ms Sheila Garrard, 
who monitors the banking sector at 
securities house Lehman Brothers. 
“That moans mar gins will remain 


Action man reputation 

David Buchan and Lionel Barber on a bank newcomer 


P erhaps the most striking 
evidence of Mr Jean Peyre- 
levade’s determination to 
give CrMlt Lyonnais a 
fresh start is his decision to bring 
in Mr Pascal Lamy, who has been 
chief of staff to Mr Jacques Defers, 
the European Commission presi- 
dent, for the past nine years. 

A cryptic communique, issued 
yesterday in Paris and Brussels, 
merely said Mr Lamy would “join 
the management” of the bank. But 
it seems likely that the 47-year-old 
Eurocrat may end up number two 
to Mr Peyrelevade, although Mr 
Lamy’s precise relation to the 
bank's two general directors may 
be of less import. The Credit Lyon- 
nais president is said to want to 
run the bank more collegially and 
to get away from the monarchical 
style for which his predecessor, Mr 
Jean-Yves Haberer, and indeed 
many French bosses are often crit- 
icised. 

Bringing a man with no commer- 
cial banking experience Into an 
institution that self-evidently needs 
just that, may seem odd. Yet Mr 
Lamy is an old bawl fa multina- 
tional institutions, and credit 
Lyonnais - thanks indeed to Mr 


Haberer’s over-ambitious expan- 
sion of recent years - has become 
one. The bank may not operate fa 
aH 12 European Union countries. 
But it has more than double the 
Commission's 15,000 staff, and is 
now the most trans-European of 
banks. 

At all events, Mr Peyrelevade had 
no hesitation in starting to head- 
hunt Mr Lamy last October, when 
he took over credit Lyonnais. Hie 
two men were socialist comrades- 
in-arms in the early 1980s. Mr 
Lamy moved in 1983 from being Mr 
Defers’ chief aide in the finance 
ministry to succeed Mr Peyrelevade 
as deputy chief of staff to Prime 
Minister Pierre Mauroy. 

As such, they were architects of 
the nationalisations that Prime 
Minister Edouard BaHadur is now 
busy undoing. But evolving out- 
side the hot bouse of French social- 
ist politicking, both now see them- 
selves - and are evidently seen by 


Mr Ballad or, who has the last Word 
on top jobs fa state-owned bodies 
like Credit Lyonnais - as non-ideo- 
Iogical managers. 

Acknowledging his inexperience, 
Mr Lamy said yesterday: “1 will 
have to take six to eight months to 
learn the banking business.” 
Though he becomes a banker on 
May 1, his last Euro-job will be as 
Mr Delors’ “sberpa", preparing for 
the Group of Seven summit fa July, 
“because this is something I’ve 
done for 10 years”. More to the 
point, however, he says he has 
steered, and will steer, well clear of 
any Commission consideration of 
yesterday’s state aid plan for Credit 
Lyonnais. “I won't be involved 
with this fa Brussels, or fa Paris, 
from near or from far." 

If confirmation were needed that 
Mr Defers, whose mandate ends 
this December and whose successor 
will be named this June, has no 
more big Euro-projects in mind, Mr 


Lamy’s departure is it For if Mr 
Delors bas been Europe's “ideas 
man”, Mr Lamy has been its 
“action man” - not in routine run- 
ning of tiie Brussels bureaucracy, 
but in getting all the special pro- 
jects through: the treaty revisions 
of 1986 and 1992, the single market 
white paper, the Euro-dimension of 
Germany’s reunification, monetary 
union, and most recently the 
Delors white paper on growth and 
jobs. 

He freely owns up to his Brussels 
reputation as Mr Defers' “hatchet 
man" or “Exocet" [a French missile 
used to effect by Argentina against 
UK ships In 1982]. “But those who 
know me know this is not a trait of 
my character, but has been a conse- 
quence of my function,” he says. 
The moody Mr Delors has never 
Uked to fake tough personnel deci- 
sions himself. From May 1, Mr 
Lamy will have a boss who is less 
squeamish than his old one. 


Observer 


Kopper’s 

cop-out? 

■ When the mighty Deutsche Bank 
first invited bank analysts for a 
debriefing after its results a couple 
of years ago, the Anglo-Saxon 
scribblers marked the event with 
a barrage of tricky questions. Their 
more biddable German colleagues 
merely proposed a vote of thanks. 

Deutsche executives readily 
admit they do not fully comprehend 
what international investors expect 
of them in terms of information 
disclosure. Hence great excitement 
at the promise, months ago, that 
this year's briefing would be 
handled by Hi! mar Eopper, 
Deutsche Bank’s boss, and not an 
investor relations flunky. Might 
Kopper lift the veil just a little bit 
on those Impenetrable accounts? 

Imagine the let-down when faxes 
arrived e xpl aining that “unforeseen 
circumstances’ 1 would prevent 
Kopper from turning up. “As far 
as I can ascertain, that consists 
of a board discussion and a credit 
meeting," scoffed one crest-fallen 
analyst Clearly the Germans still 
think one buys Deutsche Bank 
shares because they are there. 


Abandoning ship 

■ Robin Young, head of the local 
government directorate to. the 
Environment department, has made 
a miraculous escape from the 


shambles surrounding the 
reorganisation of local government 
in England. 

He's been a keen supporter of 
the move towards smaller unitary 
authorities ever since be headed 
Michael Heseltme’s 1991 rethink 
on local government. This spawned 
the Local Government Review 
which, under Sir John Banham, 
has threatened to abolish 
much-loved counties such as 
Somerset and North Yorkshire. 
Local business interests are up in 
arms while county and district 
councils are locked in a debilitating 
battle for survival Tory 
backbenchers want the whole 
farrago called off. 

Despite this, Young has been 
promoted to become Mr London, 
the capital's first regional director. 
What sort of organisation promotes 
the key manager in the middle of 
radical changes that have run Into 
choppy water? 


Spaghetti spiral 

■ False alarm. Earlier speculation 
that Birmingham, the biggest 
authority in En gland , mi ght make 
a bit of history by appointing a 
woman as chief executive was wide 
of the mark. At the end of the day 
it has done the orthodox thing: 
Michael Lyons, now chief executive 
of Nottinghamshire, will be its next 
chief executive. 

He knows his way around 
already. One resting place on his 
path of upward mobility was none 



today 1 

other thpn the Birmingham City 
CounciL He was a Labour member, 
but before Labour won control in 
2984. The background knowledge 
could help when the going gets 
tough, as it no doubt wUL 


Own goal 

■ Brian Laudrup, the Danish 
national soccer star, probably bad 
a wonderful future with Italian 
club, AC Milan. 

Note the past tense; in his first 
season with the dob, Laudrup 
seems more intent on scoring points 
against Milan's chairman and 
owner - Silvio Berlusconi, rising 


force of Forza Italia, the Italian 
political party aiming to attract 
middle-class voters in Sunday’s 
election. 

The Danish striker says 
Berlusconi wrongly mixes sport 
with politics: “In other countries 
the presidents of football clubs are 
elected. Here in Italy they are more 
or less dictators. They do exactly 
what they want and fake decisions 
over the heads of their trainers 
and managers." 

But let’s not be too beastly to 
Berlusconi, aka sua amttema, or 
his transmittance. Based on 
Laudrup's description, the media 
tycoon doesn't sound any worse 
than many chairmen of British 
premier league sides. 


Counting on you 

■ A paper at yesterday’s British 
Accounting Association conference 
concluded - 36 pages or densely 
packed detail later - that 
experienced auditors are more 
adept at picking up errors and 
irregularities than new recruits. 
Wow. 


Still hunting 

■ Tut tilt Geography’s obviously 
not the strong suit of the tweed 
set. 

CGA Services, a 

Glasgow-registered company that 
owns Country, the magazine of 
the Country Gentlemen's 


17 


under pressure - unless it cuts 
costs." 

In theory Credit Lyonnais has sig 
nificant scope for cost-cutting. Oper- 
ating costs absorbed 75 per cent of 
its net banking income in the first 
half of 1993: significantly higher 
than Banque Nationale de Paris's 63 
per cent or Sociote Gen§r ale's 67 
per cent. 

Mr Peyrelevade yesterday 
unveiled a cost cutting plan which 
will involve reducing Credit Lyon- 
nais' 38, 449-strong French work- 
force by 10 per cent over the next 
three years - although he may face 
opposition from the banking 
unions. Past attempts by French 
banks, including Credit Lyonnais, 
to make more modest cuts triggered 
a wave of strikes across the indus- 
try. 

Mr Peyrelevade faces an equally 
difficult task in restructuring the 
group's European interests. Mr 
Haberer bought banks in Spain, 
Italy, the Benelux and Germany 
with the aim of building the first 
pan-European retail banking net- 
work to offer a cross-border service 
to corporate customers and a conti- 
nental payment system for private 
clients. 

The hitch is that, so far. Credit 
Lyonnais' management has been so 
distracted by its financial problems 
that it has had no time to fulfil Mr 
Haberer's original ambition of 
moulding the acquisitions Into an 
integrated network. Moreover, as it 
is the first bank to have attempted 
to create such a network, no one 
really knows whether the grand 
design will work. 

S ome observers argue that 
the European bunking 
market is too fragmented 
for a cross-border network 
to operate efficiently and 
that Credit Lyonnais would be bet- 
ter off pouring its resources into 
France, the one area where it has 
enough critical mass to be a market 
leader. Others believe that banking, 
like other industries, will become 
more international. Mr Arrouays of 
BZW is convinced that, if Mr 
Peyrelevade can transform the 
European acquisitions into an 
homogenous network, it could 
become “a real strength" over the 
long term as economic conditions 
improve. 

But fa the short term, like others, 
he is resigned to the prospect of 
another, albeit smaller, loss for 
Credit Lyonnais in 1994, with a 
return to profit pencilled in for 1995. 
As soon as the group is in the black 
the French government is expected 
to activate its plans to sell it off to 
the private sector. 

"Is Credit Lyonnais sellable? of 
course it is,” says Merrill Lynch's 
Mr SeraflmovskL “It’s a bigger bank 
than BNP [which was privatised 
last autumn] and it’s riskier. But 
it's also more exciting. All Credit 
Lyonnais needs is to give us some 
hard facts to prove that it will 
return to profit It might even stop 
being the bank we all love to hate.” 



Association, has caught its leg in 
its stirrup. Rural pursuits may be 
its strong point but figures 
obviously are not Although its 
accounts for the year to April 1993 
were due by the end of February, 
Companies House in Edinburgh 
is still waiting. 

So what is CGA - on whose board 
sit, for some reason, Sunday Times 
editor Andrew Neil as well as his 
old Glasgow chum Gerald Malone, 
a deputy chairman of the 
Conservative Party - thinking of? 

Malone's office had a ready 
explanation. The company's 
accountants apparently sent the 
figures to Companies House in 
Cardiff rather than its equivalent 
north of the border. 


Tank battle 

■ Heard the one about the fish 
which drowned? 

It happened the other day at 
Grimsby's National Fishing 
Heritage Centre fa Grimsby when 
a 78-year-old lobster, called Claws, 
fell out with the Codfather, the 
museum's prize cod. 

Although the cod lost half its 
fall, the official autopsy showed 
that the cod turned up its fins 
because it had been drowned by 
Claws. 

The council-owned fish tank, 
visited by over 160,000 people a 
year, intends to keep the 
Godfather’s replacement fa a 
separate tank from Claws in a bid 
to maintain a durable cod peace... 


IS 


Brossette _B7~I 

Sanitaire ■ ChauFfage ■ Canalisation 


ttcemcio-ccK 

CX.'pVtKGC 



FINANCIAL TIMES 

Friday March 25 1994 



Munitxuucrot 

Generating sets, ^ 
aerospace ground 
power equipment & 

f battery based systems 

Dale Power Systems pic 

Rjeculaty Buddings Filev NdrtO Yortrflue VOW9PJ 
■fi=?C723 514141 Tetox 5Zlb3 Fox 0723 515723 



Brussels extension of deadline averts crisis 

Europe’s steelmakers 
win more time for cuts 


By Gillian Tett in Brussels, 
Andrew Baxter in London and 
John Simkins in Milan 

An end to the crisis in the 
European Union steel industry 
was in sight last night after the 
European Commission agreed to 
give private sector steelmakers 
more time to finalise cuts in 
capacity. 

The agreement, between indus- 
try chiefs and Mr Martin Bauge- 
rnann, industry commissioner, 
averts a collapse in relations 
between the Commission and 
unsubsidised EU steel producers. 

These companies have been 
reluctant to offer capacity cuts, 
which are vital to the future of 
the industry, because they do not 
believe the Commission has 
taken a tough enough tine on 
curbing subsidies to some pro- 
ducers, mainly in Germany, Italy 
and Spain. 

The plan, agreed on Wednesday 
night, is expected to result in 
total cuts of about 19m tonnes of 
hot-rolled product capacity in the 
industry. Last month the indus- 
try indicated the maximum cuts 


it could offer would be 17 m 
tonnes, compared with cuts of 
between 19m and 25m tonnes 
demanded by the Commission. 

But offers of reductions in the 
Italian private sector, including 
the Bresciani steel mills, and pro- 
posed mergers would increase 
these cuts by several million 
tonnes, the Co mmis sion said. 

In exchange. Mr Bangemann 
has backed down from a threat to 
halt an Ecu240m ($264m) aid 
package offered to the industry, 
to help with the restructuring 
and capacity cuts being 
demanded. Last month he threat- 
ened to block this aid along with 
monitoring of imports from east- 
ern Europe, if the industry did 
not provide a viable restructur- 
ing plan before a meeting of the 
EU industry council on April 22. 

The industry has now per- 
suaded the Commission to delay 
a decision on the proposed aid 
package until November, to give 
the industry more time to 
develop a restructuring plan and 
allow the Italian government to 
introduce the legislation needed 
to carry out cuts. 


At the same time, it was 
unlikely that the German govern- 
ment would be able to approve 
proposed mergers in the German 
industry before the autumn, the 
Commission said. 

The Commission refused to 
specify the precise level of the 
proposed cuts in the different 
product sectors. 

But “even if 70 per cent of the 
cuts occurred" this would result 
in a reduction of more than 19m 
tonnes, it said. Steelmakers had 
also offered to forego any further 
demands for state aid until 
November. 

The new reductions on offer 
appear to be little more than a 
cosmetic juggling of previous 
commitments. Eurofer, tire Euro- 
pean steel confederation, insisted 
that the final figure for reduc- 
tions was still likely to be 
“slightly less than 19m tonnes". 

“We are no longer in a dead- 
lock with the Commission,'’ it 
said. “The figures are not that 
different, but the big difference is 
that it is accepted that the pro- 
cess cannot occur in a short 
time." 


Britain looking to Bonn for 
way to resolve votes dispute 


By Lionel Barber in Brussels and 
Philip Stephens in London 

The UK is looking to Germany to 
forge a facesaving compromise 
in the dispute over voting rights 
which risks delaying the entry of 
four new countries into the Euro- 
pean Union next year. 

After Mr John Major dropped 
hints of flexibility in the UK 
negotiating position yesterday, 
senior British officials expressed 
hope that Germany might be able 
to coax EU partners into recipro- 
cal movement at this weekend's 
meeting of European foreign min- 
isters in Greece. 

Germany has opposed British 
and Spanish demands to preserve 
voting rules allowing two large 
member states and one small 
country to block decisions In the 
Council of Ministers. 

The UK. however, appears to 
be gambling that Chancellor Hel- 
mut Kohl's desire to bring Fin- 
land, Sweden, Austria and Nor- 
way into the EU by January 1 
1995 may spur new flexibility. 


Even if the deadlock is not bro- 
ken in Greece, one well-placed 
UK official said it might be possi- 
ble to reach a deal before Easter. 

Mr Klaus Kinkel, German for- 
eign minister, said after a meet- 
ing with Mr Alain Juppe, his 
French counterpart, that any 
deal on voting rights must not 
come at the price of weakened 
decision-making in an expanded 
Union. 

Hopes of a compromise revolve 
around a tradeoff in which the 
UK and Spain concede that the 
“blocking minority” must rise 
from 23 to 27 votes to take 
account of the four new mem- 
bers. 

In return, Britain and Spain 
would win a legally binding pro- 
tocol giving countries mustering 
between 23 and 27 votes an auto- 
matic right to delay decisions. 
The UK is holding out for a delay 
until the 1996 intergovernmental 
conference to review the Maas- 
tricht treaty. Mr Major's absolute 
“bottom line” was described by 
senior Whitehall insiders as an 


agreement which in no way 
eroded the ability of minorities to 
block contentious legislation on 
employment and social issues. 

The difficulty is codifying such 
a compromise without arousing 
the opposition of the European 
Parliament, which must give its 
assent to the accession treaty. 

Legal experts in Brussels dis- 
missed the notion of putting a 
legal ring-fence around social leg- 
islation, or creating a two-tier 
voting system to deal with such 
contentious issues. 

Mr Major told the House of 
Commons that an agreement 
would be possible “within a mat- 
ter of days" if other Euro- 
pean governments had the pol- 
itical will to reach a settle- 
ment. 

David Gardner in Brussels adds: 
Mr Theodoros Pangalos, the 
Greek European affairs minister, 
who will be chairing this week- 
end’s meeting in Greece, last 
night described the British 
stance as “the blackmail of a tiny 
minority". 


Hotline set 
up as EU 
fights 50% 
increase 
in fraud 

By Lionel Barber in Brussels 

Organised crime is to blame for a 
50 per cent increase to Ecu394m 
($433m) in reported Eraud against 
the European Union budget last 
year, the Commission said yester- 
day. 

Criminals were exploiting the 
dismantling of internal borders 
in the single European market to 
carry out ever more sophisticated 
fraud, said Mr Peter Schmid- 
huber, budget commissioner. 

The German commissioner 
responded yesterday with a fresh 
anti-fraud offensive, including a 
freephone service aimed at 
encouraging informers to tip off 
Brussels. 

Most cases of fraud occurred in 
the Ecu35bn a year Common 
Agricultural Policy budget, 
which offers generous price sup- 
ports. export subsidies and 
refunds to Europe's formers. 

In one typical instance, French 
and Italian criminals bought 
refined sugar in Rotterdam, 
claiming it was bound for Croatia 
and Slovenia. But the cargo was 
diverted secretly to Italy, via 
Belgium, Luxembourg and 
France, possibly for sweetening 
wine. 

The estimated fraud was 
Ecul.6m, the net effect of the 
effort to circumvent the manda- 
tory compensatory levy for plac- 
ing sugar on the EU market 

Mr Schmidhuber said it was 
impossible to calculate precisely 
how much money was being lost 
as a result of fraud because the 
Commission relied on cases being 
reported by member states. But 
he admitted: “The amount of 
fraud is obviously far higher than 
we have detected L” 

The Commission's new fraud 
action plan includes more use of 
computers, remote sensing to 
track phantom olive groves and a 
plan for a freephone service in 
each EU country so that the pub- 
lic can report frauds to the Com- 
mission fraud taskforce. 

**T know we won’t only get seri- 
ous calls. There is the risk of 
crank calls and pranksters, but 
we still think it is worthwhile 
taking that risk," he said. Mr 
Schmidhuber added the Commis- 
sion was also examining whether 
to set up an informers’ fund and 
a blacklist of companies and indi- 
viduals caught engaging in fraud 
But both were fraught with legal 
difficulties. 


International share and bond prices badly hit 


Continued from Page l 

Eurobond, a 10-year dollar-de- 
nominated bond for Banromeset, 
fell from 90 to 86 W, but rose 
from Its intraday low of 04. 

Tbe fall in Latin American 
debt had a domino effect on US 
treasuries and European govern- 
ment bonds, with UK govern- 
munt bonds suffering most. In 


the US prices fell across the 
maturity range. 

Mr George Magnus, chief inter- 
national economist at S.G. War- 
burg in London, said there were 
fears that international investors 
would have to tighten their hold- 
ings of US and European govern- 
ment bonds in order to offset 
losses on their investments in 
latin American debt. 


Long-dated gilts fell by more 
than 2 points yesterday and the 
sheer pace of the fall prompted 
the Bank of England to attempt 
to stabilise the market by offer- 
ing to buy back cash gilts from 
marketmakers. However, the 
support operation only had a 
fleeting Impact. 

The bearish sentiment aiso 
weighed on the UK stock market. 


pushing the FT-SE 100 index 
down by 33.6 to 3,121.7 at tbe 
close. 

On foreign exchange markets 
the D-Mark strengthened across 
the board, with sterling and the 
dollar both trading at four- 
month lows against the German 
currency. Yesterday evening the 
dollar was trading at DM1.6650 
.against iheJUMatk 


Europe today 

A =one of low pressure over south-east 
Finland will bring snow showers and cloud 
and rain to much of Russia and Ihe 
northern Balkans. England, the Benelux 
and Germany will have doud and rain. 
Southern Scandinavia and northern Poland 
will have broken doud and scattered 
showers. 

Scotland will have showers, and 
conditions will be wintry in the highlands. 
The Alps will have morning sunshine, but 
doud will increase in the afternoon. 
Southern Europe will remain sunny and 
quite warm. 


Five-day forecast 

A zone ol high pressure will flow from the 
Atlantic lo the continent during the 
weekend. 

Rain will die out and the sun will return, 
but central France and the Alps will be 
cloudy and rainy on Saturday. 

Southern Europe will remain sunny, but 
showers are forecast next week for most 
ol the UK, western France, Portugal and 
ports of Spain. Sunday morning will be 
generally frosty. 

TODAY'S TEMPERATURES 


Abu Dhabi 

Accra 

AJg*ra 

A/mlerOai n 

Athens 

B, Arcs 

B.fum 

Bangkok 

Barcofcrta 

Seqtfig 



Wind snood In KPH 1020 
• t 


Sihnbon at 12 GMT Temperatures maximum tor day. Forecasts by Mereo Consult of the Netfwtmcte 


Maximum 

Belfast 

far 

10 

Cardiff 

rain 

11 

Celsius 

Belgrade 

fair 

19 

Chicago 

fair 

6 

ter 


Berlin 

OOtKly 

12 

Cologne 

min 

14 

far 

31 

Bermuda 

fair 

K 

O' Si*am 

fair 

33 

fair 

25 

Bogota 

cloudy 

19 

Dakar 

atm 

25 

rain 

10 

SomfJoy 

sun 

34 

Dallas 

far 

24 

lair 

22 

Brussels 

rain 

13 

Delhi 

sun 

32 

lair 

23 

Budapest 

lair 

17 

Dubai 

far 

3 2 

ram 

It 

C.hagen 

shower 

9 

Dublin 

shower 

12 

fair 

32 

Cano 

sui 

23 

OUbrovrak 

sun 

20 

sun 

21 

Cape Town 

lair 

25 

Edinburgh 

far 

IQ 

fair 

12 

Caracas 

shower 

25 

Fao 

sun 

22 



Your bonus program. 
Lufthansa Miles & More. 

Lufthansa 

German Airlines 


Frankfurt 

ram 

15 

Malta 

sun 

22 

Rio 

far 

26 

Geneva 

far 

19 

Manchester 

cloudy 

11 

Riyadh 

fab- 

28 

Gibraltar 

sun 

20 

Manila 

cloudy 

32 

Rome 

sun 

19 

Glasgow 

hail*- 

10 

Matoaume 

fair 

27 

S. Freco 

cloudy 

15 

Hamburg 

daudy 

a 

Mexico City 

fair 

26 

Seoul 

cloudy 

1 

Hdsmk] 

snow 

-2 

Miami 

fair 

30 

Singapore 

cloudy 

30 

Hong Kong 

cloudy 

20 

Mian 

eun 

23 

Stockholm 

fab- 

1 

Honolulu 

shower 

25 

Montreal 

cloudy 

4 

Strasbourg 

shower 

19 

IstanbtJ 

tab 

IB 

Moscow 

shower 

8 

Sydney 

far 

23 

Jersey 

ram 

12 

Munich 

far 

18 

Tangier 

tab- 

22 

Karachi 

sin 

34 

Nairobi 

shower 

17 

Tel Aviv 

fair 

21 

Kuwait 

far 

29 

Naples 

sun 

21 

Tokyo 

shower 

10 

L Angeles 

cfeudy 

IS 

Nassau 

fair 

30 

Toronto 

aun 

5 

Las Palmas 

aurr 

23 

New Yorfi 

fat 

13 

Tunis 

aun 

25 

Lima 

cloudy 

27 

Nice 

sun 

19 

Vancouver 

sun 

12 

Usbon 

sun 

25 

Nicosia 

fair 

21 

Venice 

sun 

19 

London 

ram 

1? 

Oslo 

shower 

5 

Vienna 

tat 

IB 

l.mbourg 

min 

13 

Pans 

shower 

17 

Warsaw 

fair 

12 

Lyon 

fair- 

20 

Perth 

fair 

24 

Washington 

sun 

18 

Madeira 

far 

21 

Prague 

rain 

15 

Wellington 

fab- 

15 

Madrid 

aun 

25 

Rangoon 

fair 

33 

Winnipeg 

sun 

3 

Majorca 

sun 

23 

fleytyhn* 

fair 

2 

Zurich 

Ur 

17 


THE LEX COLUMN 


Allied’s Latin adventure 


It is odd that Allied- Lyons’ shares 
should have fallen by 7 per cent if its 
deal with Domecq really is a strategic 
breakthrough. A significant part of the 
foil reflected disappointment with the 
1993-94 profits estimate included in the 
rights issue document It does not help 
that the issue was announced on a day 
when the market was fretting about 
the future course of interest rates. Nor 
was yesterday the best time to 
announce the purchase of a business 
which derives half its profits from 
Mexico. Still, the strategic benefit 
must also be qualified. 

On the plus side. Allied appears to 
be paying a reasonable price for a pur- 
chase which sharpens its focus on 
drinks. The multiple of 152 times is 
substantially below the that Guinness 
paid for Most Hennessy, and while the 
latter’s brands are stronger. Allied is 
buying a controlling stake. The opera- 
tional advantages may be limited, 
since Allied already distributes its 
products through the Domecq net- 
work. But it may now be easier to use 
Domecq as a springboard to develop 
its regional presence. Allied will also 
be able to consolidate an earnings 
stream from the fast-growing Latin 
American drinks market 

T^ss certain is the benefit in terms 
of cash. Allied has hitherto received 
only small dividends from its invest- 
ment in Domecq. Now it will have 
control over Domecq's entire cash 
flow, but that will not necessarily help 
reduce group debt. Domecq's small 
dividends evidently reflected the rein- 
vestment of cash in its business. After 
the deal Allied will still foce the con- 
straint of a 72 per cent gearing ratio. 
And it will have to wait before playing 
the rights issue card again. 

Wellcome 

The 8 per cent drop in Welcome's 
shares seems a particularly virulent 
response to a company which has had 
the good grace to raise its interim 
dividend 79 par cent But Wellcome's 
results confirmed many of the mar- 
ket's worst fears about its earnings 
prospects. Volume growth fell to 3.5 
per cent. The 2.4 percentage point 
growth in margins to 32J3 per cent was 
striking but may quickly be reversed. 
The withdrawal of an anti-herpes com- 
pound fuelled further worries about 
Wellcome's drugs pipeline, while the 
looming expiry of Zovirax's patents 
causes great uncertainty. 

By valuing it on H times historic 
earnings, the market clearly views 
Wellcome as a dud investment story. 


FT-SE lode* 3721.7 (-33.6) 


Wellcome 

Share price relative to the 
FT-SE-A All-Share Index 
120 - 



ZTJti mz 
Source: FT Graphite 

That may prove Justified in the imme- 
diate future. But from a long-term per- 
spective it seems fointiy absurd. Well- 
come boasts a solid balance sheet and 
strong cash generation. Zt retains 
impressive expertise In anti-viral med- 
icines. Health is the most certain 
growth business in the world. 

Given the low penetration levels of 
its main drugs and the substantial 
under-utitisation of its manufacturing 
capacity, Wellcome could yet grow its 
markets by driving volume and drop- 
ping price as theory would suggest. 
The sums are hugely complicated by 
the regulatory restrictions affecting 
the marketing and distribution of 
drugs. Even so, Wellcome's experience 
reinforces the view that pharmaceuti- 
cals companies should rethink the 
basic economics of their business. 

Sun Alliance 

The practice of laying down reserves 
against future claims makes insurance 
companies' figures extremely difficult 
to judge. Releasing reserves against 
mortgage indemnity and subsidence 
yesterday helped Sun Alliance 
deliver full year results well above tbe 
stock market's expectations. That is 
not to belittle the underlying improve- 
ment in underwriting performance. 
Premium income in- the UK actually 
fell last year as the company surren- 
dered market share in the interest of 
profit. 

But Sun Alliance cannot watch its 
UK business shrink indefinitely. The 
company needs to show it can com- 
pete with low-cost insurers such as 
Direct line, which are turning their 
attention to household as well as 
motor insurance. True, lm policy- 


holders buy directly from Sun Alli- 
ance, mainly through newspaper 
advertisements. But it Is doubtful 
whether that business has the technol- 
ogy or low enough costs to compete on 
price with telephone-based sellers. The 
700 loss-making insurance broking 
offices operated under the Swinton 
banner might help defend UK market 
share. But since Swinton lost around 
200,000 customers last year, time Is 
running out 

Having underperformed the market 
by 30 per cent since last summer, 
though, the shares stand on a yield of 
5.5 per cent and a multiple of only 
nine times this year’s forecast earn- 
ings. On all but the most pessimistic 
view of tbe insurance cycle, Sun Alli- 
ance - in common with the rest of the 
sector - is starting to look cheap. 

Dividends 

It is hard to accuse BAT of befog 
stuck in the mud. The company pio- 
neered the controversial enhanced 
scrip dividend last year, and is leading 
the pack with the foreign income divi- 
dend now. Both have the express pur- 
pose or saving unrelieved advance cor- 
poration tax. but BAT may find that 
fewer others will copy its latest Inno- 
vation. In part that is because the FID 
regulations are onerous. Despite earn- 
ing almost three-quarters of its income 
abroad. BAT only decided that it 
should issue a FID after extensive 
work. Other companies may not pay 
enough overseas tax on their earnings 
to qualify. Nor do FIDs have the same 
cash-flow advantages as enhanced 
scrips, which were often used by com- 
panies with as much of a cash Dow as 
a tax problem. 

Institutional reaction may also be 
mixed. BAT has structured its FED so 
that tax-exempt funds do not suffer, 
but the main gain goes to tax paying 
shareholders. There may be some 
resentment of this, despite the fact 
that FIDs put taxpaying and tax-ex- 
empt shareholders on an equivalent 
footing. Equally, however, taxpayers 
will have to accept that if the com- 
pany does not pay a FID in future 
years, their payment may fall. 

Unless companies are allowed to 
stream foreign income to taxpaying 
and UK income to tax-exempt share- 
holders. FIDs will have limited appeal. 
Permitting that would, however, make 
it difficult for the Treasury to distin- 
guish between the sheep, who earn 
substantial sums abroad, and the 
goats, who pay excessive dividends 
from inadequate UK profits. 


HOW TO BE UP 
WHEN THE 
MARKET IS DOWN 


Most speculators invest in the 
market on the expectation of a rise. But 
more money can often be made when 
it falls. 

IG Index is Britain’s leading 
financial bookmaker. We take bets on the 
Footsie, Wall Street, Nikkei and Hang 
Seng, plus over eighty futures and options. 

With us you can speculate on rises 
or falls. You place *up bets’ and ‘down 
bets’. The more the market moves your 
way, the more you win. And by making 
a ‘controlled risk bet’ you can put a 
guaranteed limit on any losses, even 
overnight. More good news, profits are 
absolutely tax free.* 

All bets are welcome, large or 
small. So whether you’re a bull or a bear, 
discover a more exciting and easier way of 
speculating. Being up when the market is 
down can be a whole new experience. 


For more information and a copy 
of our guide to ‘Betting on the world’s 
financial markets’, call Michael Murray 
or Ian Jenkins on 07 1 828 7233. 
Alternatively, complete and return the 
coupon. 

NB: Prices of futures and options move up and down very 
rapidly indeed. Never speculate with money you cannot at ford 
to lose. 

* Tax law can. of course, be changed. 



FIRST IN FINANCIAL BOOKMAKING 


IG index Pic, 9-1 1 Grosvenor Gardens, 

London SWIW OBD Telephone: 071 828 7233 



To IG Index Pic. 

Phase send me more information on IG ttxkx and call me with details 
of the service. 



Name. 


Address. 


Telephone: Day 

I 


— PiMcode . _ 

. Evening 




19 


BROOK 
Hansen 

POWERFUL 
C O N N EC T ? O N S 

Controllers, Electric Motors, 
Gearboxes 


FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Friday March 25 1994 


SHEERFMME 

Specified 

Worldwide 

ifcgLaPiastIcsLimRed 

“ Tel: 0773 852311 


IN BRIEF 


Nestle stronger 
than expected 

Nestl6, the world's largest foods and mineral 
waters group, has reported a stronger-than-expected 
7 per cent rise in 1993 net Income. It has also 
damped recall speculation that the arrangements 
between it and L'Orfeal, the French cosmetics 
group, would change soon. Page 20 

Swedish builders return profit 

Skanska and NCC, Sweden's top two construction 
and property groups, returned to profit in 1993 
after severe losses. Page 20 

Loral heads satellite move 

Loral, the US defence electronics and aerospace 
group, has assembled a group of “strategic part- 
ners' and secondary investors to provide initial 
financing for a proposed $LBbn satellite communi- 
cations system, known as Globalstar. Page 22 

Tougher going for US banks 

US banks are preparing to cope without failing 
interest rates and steep US yield curve of the 
1990s which created an ideal h anking environment. 
Page 22 

Digital Improves In PCs 

Hopes of recovery at Digital Equipment, the trou- 
bled US computer maker, were boosted recently 
by indications that the company is reversing 
its previously disastrous performance in the key 
personal computer (PC) sector. Page 21 

FT-Actuarfes World Indices changes 

The FT-Actuaries World Indices Policy Committee 
has agreed quarterly changes to the constituent 
stocks of the Indices, to take effect on April l, 

1994. Page 23 

Sun Alliance back into the black 

Sun Alliance, one of the UK's largest insurers, 
returned to profit in 1993. after three consecutive 
years of losses. Page 25 

Dollar helps Reeldtt & Colman 

A sharp rise in the dollar helped Redritt & Colman, 
the UK consumer goods group, to increase pre-tax 
profits. The 17 per cent appreciation in the dollar 
against the pound, and other exchange rate moves, 
added around £l6m to pre-tax profits. Page 25 

United Newspapers ahead 

United Newspapers. UK newspaper publishers, 
yesterday reported a 25-3 per cent rise in pre-tax 
profits with all divisions contributing despite 
difficult trading conditions. Page 27 

Geest hit by disease 

Political uncertainty over bananas, coupled with 
disease on its Costa Rican plantations, pushed 
Geest into into the red for the year ended January 
1. “Our problem is all about bananas,” said Mr 
David Sugden, chief executive of the fresh produce 
and prepared food group. Page 28 

Williams expands In US ... . 

Williams Holdings, the UK industrial conglomerate, 
yesterday announced its second US acquisition 
in three months with the $50m purchase of Forney 
International, a provider of burner management 
systems for power stations. Page 29 


Results at Seat will decide if group will move out of the red M Piech cautious 


Companies in this issue 


AMP 

APV 

Abbey crest 
Affled- Lyons 
BAT 

Ballast Nedam 

BancOne 

Bane&lo 

Booker 

Boots 

CCF 

CIA Group 

Campbell & Armstrong 
Cattle's (Holdings) 
CaverdaJe Group 
Cheung Kong 
Cray Electronics 
Digital Equipment 
Dowdinq & Mills 
Geest 
Gillette 

Hutchison Whampoa 
J.P. Morgan 
Jordlne Strategic 
John Lalng 
John Mowlem 
Loral 

L'Air Uquide 


M J Gteeson 29 

Manganese Bronze 2B 

Monument OH & Gas 28 

Mowlens 20 

NCC 20 

Nestle 20 

NorWeat 22 

Orient 0*8683 Holdgs 23 

P40 28, 19 

Pancont. Mining 23 

PhUlp Morris 9 

Poseidon Gold 23 

R H Lowe 29 

R.H. Macy 21 

ftafttrack 14 

Ruberoid 29 

Sandoz 20 

Seat 19 

Skanska 20 

Thomson-CSF 20 

Thornton Asian 29 

VW 19 

Veba 21 

Volvo 20 

Watson & Phinp 14 

West Hampshire Water 26 
Westpac 21 

Williams Holdings 29 

Wm Morrison 28 


VW hopes to 
return to 
break-even 





By Christopher Parikes 
in Wolfsburg 

Volkswagen, Europe's leading 
volume carmaker, hopes to 
return to break-even this year 
after a first-quarter loss of 
around DM400m (5238m}. com- 
pared with a DMikSbn deficit in 
the same period of 1993. 

Mr Ferdinand Pi£ch, chairman, 
advocated caution in the light of 
last year’s “surprises", when his 
spring forecast of a break-even 
result became a crash into a 
DM134bn loss. 

Results at Seat, the Spanish 
subsidiary whose near-collapse 
was blamed for the 1993 warnings 
slump, would be the deciding fac- 
tor, he said. According to Mr Jose 
Ignacio Ldpez de ArriortUa, 
group production director, the 
aim was for Seat to turn the cor- 
ner in mid-1995. 

The VW brand was likely to 
improve its earnings. The Audi 


quality car division was budget- 
ing to break even, as were the 
North American businesses. 

However, Mr PiSch forecast 
heavy losses at Seat and deficits 
in Latin America. Skoda, the 
Czech subsidiary, would have a 
tough time to break even, he 
warned. 

HinHng at a brighter medium- 
term future, the chairman said 
the group had in one year carried 
through 20 per cent of the cost- 
cutting measures so far identi- 
fied. The remaining potential for 
economies was “the stuff of 
dreams”. 

Manufacturing costs in Ger- 
many had been reduced by 
DM1,000 a car. be claimed. 
Domestic factories had reached 
the point last year when they 
could break even working at 79 
per emit of capacity, compared 
with 102 per cent in 1992. 

The level would fell to 74 per 
cent in the current year, and be 



r^';k 





Ferdinand PiSch: VW was out-performing competitors and the market, but he remained cautious 


reduced progressively to 65 per 
cent, Mr Piech said. 

Further job cuts this year - 
mostly in Spain and Latin Amer- 
ica - would cut the global work- 
force by 25,000 to some 226,000. 

Group-wide productivity would 
be lifted by 25 per cent by the end 
of 1995, he said. Meanwhile, the 
introduction of the four-day week 
in six German factories making 
VW vehicles would reduce labour 
costs by DM1. 6bm this year, 


according to Mr Peter Hartz. per- 
sonnel director. 

According to Mr Piech, VW 
was out-performing its competi- 
tors and the market, helped by 
price-cuts. European orders for 
VW models had risen 11.8 per 
cent in the first quarter, and Ger- 
man demand was up 54 per cent 
Audi orders were down 14 per 
cent. Total group deliveries to 
customers were up 4.7 per cent at 
838,000 vehicles. 


According to a breakdown of 
last year's results, published yes- 
terday, the VW AG parent com- 
pany earned a net DM71m - just 
enough to cover a DM2 dividend. 
Seat lost DMl.84bn, while the 
North American businesses lost 
more than DM460m. 

Skoda results, affected by new 
company legislation, showed a 
loss alter tax of DM247m against 
net earnings of DM233m in 1992. 
Costs of executive pay, Page 20 


South Africa prepares for bond market entry 


By Matthew Curtin bi Johannesburg and 
Antonia Sharpe In London 

South Africa has interviewed a number of 
international, banks with a view to 
appointing an adviser to help the new gov- 
ernment's entry into the international 
bond market 

Mr Etienne Calitz, director-general of 
the department of finance, said yesterday 
that the multi-party Transitional Execu- 
tive Council (TEC), which is In charge of 
government policy in the period leading 
up to next month's elections, had compiled 
a shortlist of candidates. He declined to 


nam e the banks involved. 

However, they are thought to include 
First Boston. Goldman Sachs. Lehman 
Brothers, Merrill Lynch, JP Morgan and 
Salomon Brothers. 

The first task of the successful applicant 
will be to guide the new government 
through the delicate process of obtaining a 
credit rating from the two leading interna- 
tional rating agencies, Moody’s and Stan- 
dard & Poor's. 

South Africa is thought to be keen to 
obtain an investment grade rating as this 
would facilitate its access to the interna- 
tional bond market and to the Yankee 


market, the US domestic bond market for 
foreign borrowers. In addition, an invest- 
ment grade rating would reduce South 
Africa's funding costs and allow a broader 
range of investors to buy its bonds. 

The adviser will be selected by the tech- 
nical enmmittPP of the TEC'S finance sub- 
council which has been given the responsi- 
bility of drawing up a foreign loan finance 
strat e g y for the new government. Mr Tito 
Mboweni, the African National Congress's 
(ANQ representative on the sub-council, 
said that the technical committee was in 
the early stages of its work. 

The first foreign debt issue of a new 


government will be an important test of 
international confidence in South Africa's 
new administration and the ANC's eco- 
nomic policy In particular, given the 
organisation's likely victory in the April 
elections. 

The government has launched two inter- 
national bond issues since 1990 and the 
lifting of economic sanctions, raising 
Ecu250m in January 1992. The government 
did not raise any new foreign loans 
between 1985 and 1991 although South 
Africa's isolation from foreign debt capital 
between 1985 and 1987 came to an end in 
the late 1980s. 


Wellcome reports slowing sales growth 

By David wighton i„ London Drugs group to drop development of herpes treatment exceptiona 


By David Wighton hi London 

Shares in Wellcome tumbled 8 
per cent yesterday after the drug 
company reported slower than 
expected first-half sales growth 
and revealed that it was dropping 
the development of an important 
new anti-herpes compound. 

The company also plans to cut 
its UK staff of 5,400 by around 350 
over the next 12 months. Similar 
cuts In the US workforce of 4,000 
are thought likely. 

Interim pre-tax profits, which 
rose 10 per cent to £358. lm. 


(8523m) were above market 
expectations, but the shares fell 
52p to a three-year low of 549p. 

Sales rose 5 per cent to £1.08bn, 
against analysts’ forecasts of 
around 8 per cent, with volume 
growth of only 3 & per cent Oper- 
ating margins rose from 30.5 per 
cent to 32J per cent 

Mr John Robb, chairman and 
nTrkrf executive, admitted that the 
dropping of the new herpes drug, 
netivudine, was a disappointment 


but was surprised at the market's 
reaction to the sales figures. 
“Given the three factors which 
depressed our sales, two of which 
will be non-recurring, the growth 
was respectable.” 

The biggest impact on sales 
was caused by preliminary con- 
clusions of a study which cast 
doubt on the efficacy of Well- 
come’s Aids drug Retrovir in 
treating patients who have yet to 
develop the symptoms. Retrovir 


sales fell 16 per cent to £110m in 
the six months to February. 

However, sales of Zovirax, the 
herpes treatment, rose from 
£369m to £418m. 

Zovirax feces competition from 
SmithKKne's Famvir which has 
recently been introduced into the 
UK. Mr Robb said it was too early 
to assess the impact of a generic 
version launched in Germany, 
the first large market where Zovi- 
rax’s patent has expired. 


Earnings per share gynlpdfog 
exceptional items rose 11 per cent 
to 25.7p but the interim dividend 
jumped from 4£p to 8.6p. 

Mr Robb said that this 
stemmed partly from a decision 
to reduce dividend cover, which 
has been higher than the sector 
average, and to compensate 
shareholders for the plan to 
change its financial year-end to 
December. 

A second interim dividend of 
5.8p will be paid in October and a 
final in May/June 1995. 

Lex, Page 18 


Hutchison 
Whampoa 
more than 
doubles 

By Louise Lucas In Hong Kong 

Hutchison Whampoa, the Hong 
Kong conglomerate controlled by 
Mr LI Ka-shing, yesterday 
marked an end to its troubled 
start to tbe decade with the 
announcement or a 107 per cent 
surge in net profits to HK$&3bn 
(US8546.4m) for 1993, up from 
HK$3.05bn. 

The profits were achieved in 
the face of a HK$1.4bn provi- 
sions bill related to the write-off 
of the loss-making Rabbit CT2 
telepoint business in the UK. 
This was offset by the $1.6bn 
profit made on the sale to News 
Corporation of its stake in 
Hntchrision, the programme 
supplier to Star TV. Both items 
were taken above the line. 

Taken on a per share basis, 
earnings rose 86 per cent to 
HKfl.79. from 96 cents in 1992. 
Turnover improved a more mod- 
est 18 per cent to HK$24.7bn. 

Earnings, which were broadly 
in line with market forecasts, 
were driven by increased rental 
income as the group built up its 
portfolio of investment proper- 
ties in the colony’s buoyant mar- 
ket. The group's container termi- 
nal investments, and a positive 
contribution from tbe 49 per cent 
owned Husky Oil, also helped lift 
profits. 

Mr Li, chairman, said that the 
group's land bank in Hong Kong 
was now being depleted through 
redevelopment but progress was 
being made in the search for 
suitable property development 
projects in China. Joint ventures 
in in fr a st ruc tur e and retail pro- 
jects, including power plants, 
have already been established. 

Hong kong International Ter- 
minals (HIT), the container ter- 
minal operator, handl ed a record 
throughput of 3.49m TEUs (20ft 
equivalent units). In the latter 
part of the year, Hntchison 
increased its shareholding in 
HIT to 77.5 per cent 

Mr Alex Ho, head of research 
at Jardine Fleming, assessed that 
property development contrib- 
uted around HKfl.Sbn to net 
profits with in excess of a fur- 
ther HKSlbn coming from the 
container terminal operations. 

On the retail and manufactur- 
ing side, losses incurred by 
Park’N Shop, the Taiwan super- 
markets, were partially compen- 
sated for by improved profits at 
Watsons, the drugstores. 

Directors are recommending a 
final dividend of 49 cents which, 
together with the interim of 19 
cents, Is a 24 per cent increase 
on last year’s 55 emits. 

Cheung Kong; Page 27 


BAT moves to pass tax 
savings on to shareholders 


1 I 1 B i B 


BBBBBBIBB 


ThHamomucemLul uppranaxatojurrofreranlcmfy 




By Maggie Urry and 
Norma Cohen hi London 

BAT Industries yesterday became 
the first company to say it would 
definitely use the foreign income 
dividend (FID) scheme intro- 
duced In last year’s two budgets. 

The move will put pressure on 
other companies to make similar 
moves. One finance director said 
he was glad to see another com- 
pany move first, so that market 
reaction could be judged. BAT 
shares fell 5p to 454p, in line with 
the fell in the stock market 

BAT, which has worldwide 
in t e r es ts ranging from tobacco to 
insurance, said it would lift its 
Aral dividend for 1993 by 25 per 
rent . from the 12L2p it announced 
earlier this month, to 15u25p, so 
that non-taxpaying shareholders 
would not be disadvantaged by 
the payment of a FID. It will 


delay paying the dividend from 
Jana until July as the scheme 
comes into effect on July L 
The payment of a FID will save 
BAT around £90m (8131m) in 
advance corporation tax (ACTT. 
which will be passed to share- 
holders through the payout 
The FID scheme was intro- 
duced to help companies with a 
structural surplus ACT problem. 
Companies such as BAT, which 
earns around 70 per cent of its 
profits outside the UK, suffer 
imdar the UK tax regime when 
their mainstream corporation tax 
liability is insuffi cient to offset 
their ACT liability on dividends. 

Under the scheme, first pro- 
posed in the March budget and 
detailed in the November budget, 
companies can opt to pay a divi- 
dend out of foreign income, 
which they must remit to 
the UK, and in effect avoid 


paying ACT on the dividend. 

Tbe idea has met some opposi- 
tion. Companies say the scheme 
is complex, and the requirement 
to remit foreign income could 
make them liable for withholding 
tax in other territories. 

Non-taxpaying shareholders, 
such as pension funds, have also 
expressed concern about FIDs as 
they can reclaim ACT paid on 
ordinary dividends. As ACT 
would not be payable on FIDs 
non-taxpayers could not reclaim 
it, HTid their total income would 
be cut BAT said the extra 25 per 
cent would compensate non-tax- 
payers, who hold about 40 per 
cent of its shares. Tax-paying 
investors would be better off 
under the FID scheme as they are 
deemed to have paid tax at 20 per 
c en t on the dividend even though 
no ACT would have been paid. 
Lex, Page 18 


Chief price changes yesterday 


NUWCFURTpa) 


Ado i 

(Mania tan 1 

ftndw 

Falls 

AtanaM 

Merutarf 

fcASSat 

NEW YORK 

Falla 

Cateptt 

Qwy*r 

Du Pun 

RM 

San Motes 
WPnotr 

PIHtm 


row «■ 39 
1270 + «0 


6205 - 12 

880 - W 
143 - "i 


116* - 4h 

55* - Zfc 

5fi1> - 

6QV> - 2to 

58 - » 

G3rt - 


Falls 

Accor 709 

AlrLIqUXto 633 

BSN B70 

Doda franca 720 

LVW M3 

Sapn 2712 

TOKYO PfataJ 


P&O shares rise on recovery 


Now Yorfc prices at 1130pm. 
LONDON (FancS) 


Ante 

AmsWre Metal 


95 ♦ 17 


Big Resources 163 ■» 21 

Barter 429 ♦ >6 

COM I 57 * S 

Gtanctwwttn «S + 3 

.bams (J) 52 * 4 

P&ODBM 88 * 77 

Soutanes 328 * 


ftj&tantng 3M + 34 

kntan 1760 + SO 

jeaane Sawtag eo» * 

ham«Mw 788 « 44 

ftffliM Motor 1320 * BO 

Falla 

Yamaha Motor 900 - 30 


AbDNcma 109 

AHhHjWS 561 

Automated Sec 1(M 

Kffl Erg 290 

Hepwodt) 416 

14A0I4A 350 

MtwAon U) US 

Rfflrirt 395 


By Simon Davies in London 

The share price of The Penin- 
sular and Oriental Steam Navi- 
gation Company rose 2Tp to 695p 
yesterday, as the UK shipping, 
transport and property group 
revealed a recovery in earnings, 
and an optimistic outlook. 

Pre-tax profit was £523.7m 
(8765), against £2 70 Am, boosted 
by £27&5m profits from invest- 
ment sales. 

Lord Sterling, chairman, said 
the businesses had performed 
well across the board since the 
start of the year. “For the first 
time, it may be that we will find 
ourselves firing on all cylinders 
at the same time." 

Turnover rose 4 per cent to 
£5.75bn, but excluding discontin- 
ued operations, such as the sale 
of Sutcliffe Catering, the figure 


increased 12 per emit to £5.59bn. 
Operating profit after interest, 
bat before a £1 5m provision, rose 
25 per cent to £260 Jim, outlining 
the improvement in underlying 
businesses. 

Boris Homes, the UK house- 
builder, rebounded into a £&2m 
profit, from a £26. 6m loss, on 
higher sales. Boris Construction 
Group also returned to profit It 
has received the management 
contract for Expo '98 in Lisbon. 

Investment properties contrib- 
uted £10L9m (£90. 9m), but the 
development business lost 
£17.Bm from writedowns. 

P&O announced a £15ra provi- 
sion for rest r ucturing its ferries 
business before the Channel tun- 
nel opening. However, the cruise 
and ferries operations saw prof- 
its rise 10 per cent to £168J5m. 

The container division 


increased profits marginally, 
because of rising cargo volumes 
and stable costs, but bulk ship- 
ping continued to suffer from 
recession. The combined division 
fell slightly to £31.1m. 

P&O Australia had a 20 per 
cent rise in profits to £30.4m, 
helping to push the contribution 
from Asia Pacific to 17 per cent 
of group sales. 

Gearing has been cut from 84 
per cent to 53 per cent, due to 
asset sales, and the company is 
dose to its aim of covering inter- 
est costs - £l25m (£l30m) in 
1993 - with investment property 
income. The dividend is main- 
tained at 3&5p, with a final divi- 
dend of 6.5p. This was not quite 
covered by recurrent net profits, 
and analysts do not expect an 
increase in 1994. Earnings per 
share were 88JJp (32J3P). 


PRINCIPAL 

HOTELS 


£65,000,000 

Management Buy-In / Buy-Out 

Led, negotiated and arranged by 

NatWest Ventures 

Equity underwritten by 

NatWest Ventures Granville Private Equity Managers 

Prudential Venture Managers Royal Bank Development Capital 
Bankers Trust International 

Senior debt underwritten by 

Morgan Grenfell & Co. Limited Bank of Scotland 

Transaction initiated by 

Blenheim Capital Ventures 


NnKfa KaOotiij* lied, A member ef IMHO, apart of Xatllat Morins, corporate mdiotatmeai htolnng. 






FINANCIAL TIMES FRIDAY MARCH 25 1994 


INTERNATIONAL COMPANIES AND FINANCE 


French bank defies trend 
to lift earnings by 10% 


By Alice fiawsthom In Paris 

Credit Commercial de France 
last year withstood the pres- 
sures on the French b ank i n g 
sector to lift net profits 10.2 per 
cent, to FFrl.08bn (8189m) from 
FFr978m in 1992. The gain 
came in spite of losses at the 
recently-acquired Banque de 
Savoie. 

Mr Charles de Croisset, who 
last summer replaced Mr 
Michel P6bereau as c hair man 
when he left to head Banque 
Nationale de Paris, said he 
expected the group to continue 
improving this year, and 
record its "11th consecutive 
year of profits growth". 


The principal problem for 
CCF during 1993 was Banque 
de Savoie, the regional banking 
group in which it has raised Its 
stake from 24 per cent to 96 per 
cent. The bank, which has 
been badly affected by the eco- 
nomic recession in its area of 
southern France, saw net 
losses deepen to FFrilQm from 
FFr39.4m in 1992. 

Mr de Croisset said he 
planned a capital increase to 
refinance Banque de Savoie. "It 
ought to help Banque de 
Savoie to find Its feet ag ain ," 
he said. 

In spite of Banque de 
Savoie's difficulties, CCF mus- 
tered a 12.7 per cent increase in 


net banking Income, to 
FFr9.2bn last year from 
FFrtL2bn (restated). 

CCF also lifted gross operat- 
ing profits by 23.5 per cent, to 
FFr3.21 bn from FFr2.fibn 
(restated), over the same 
period. 

However, the group was also 
forced to raise net new provi- 
sions by 15,7 per cent, to 
FFrl54bn from FFrl.33bn. Con- 
sequently, it trimmed the 
growth in net attributable 
earnings per share to 
5 per cent, with an increase to 
FFr18.03 from FFr17.18. 

The board has decided to 
increase the dividend to 
FFPL3Q from FFr4. 


Partial float for Dutch group 


By Ronald van da Krol 
in Amsterdam 

Ballast Nedam, the Dutch 
construction group which was 
formerly owned by British 
Aerospace, is to be partially 
floated on the Amsterdam 
stock exchange in an offering 
scheduled to take place before 
the end of April. 

A minimum of 2m cumula- 
tive preference shares are to be 
offered for sale by ING Group 
of the Netherlands, which 
bought Ballast Nedam for 


FI 500m (8263m) in December 
as part of a consortium that 
also included Hochtief, the 
German construction group, 
and the Ballast Nedam pension 
fund. The price of the shares 
will be announced later. 

The consortium had said ear- 
lier that a flotation in the 
spring was expected, but had 
given no details. 

Ballast Nedam has a share 
capital of 10m shares, divided 
between 5.3m ordinary and 
4,7m cumulative preference 
shares. 


The company plans to apply 
for a listing for all of its prefer- 
ence shares, of which at least 
2m will be offered by sale out 
of ING Group's stake of 49.9 9 
per cent 

ING's banking subsidiary 
ING Rank will lead manage the 
issue. 

Hochtief's stake will be 
unchanged at 48 per cent as 
will the pension fund's 2J per 
cent holding. 

Ballast Nedam was listed on 
the Amsterdam bourse before 
its takeover by BAe in 1987. 


VW turmoil pushes up wages bill 


By Christopher Parkes 
in WolfSburg 

Sackings and resignations 
among the Volkswagen leader- 
ship contributed to a sharp rise 
in the loss-making group's 
boardroom wages bill last year. 

Payments to members of the 
management board rose by 
around 25 per cent, while 
remuneration and pensions for 
former directors more than 
doubled, according to the 
group’s annual report, pub- 
lished yesterday. 

Although there were only 
seven directors at the end of 
1993, compared with nine a 
year earlier, total boardroom 
remuneration rose to DMl2.9m 
($7.7bn) from DMIO-Sm. 

Mr Werner Schmidt, finance 
director, said he was not able 


to explain the increase. 

However, a spokesman later 
attributed the difference to the 
overlap effects of incoming and 
outgoing directors, which had 
markedly increased the num- 
ber of monthly salary pay- 
ments last year. 

He also noted that board 
members' pay had been cut 20 
per cent this year, following 
the recent introduction of a 
four-day working week for the 
German workforce, accompan- 
ied by substantial pay cuts. 

According to the report, the 
group's supervisory board 
appeared to have taken its pay 
cuts last year, when its total 
remuneration fell from more 
than DMlm to DM190,000. Mr 
Schmidt said the numbers 
were too small to concern him. 

Golden handshakes for three 


departing main board directors 
are understood to have contrib- 
uted to the lump, to DM16m, in 
payments to “retiring” 
members, which are covered 
from provisions for current 
pensions. These provisions 
also rose, from DM78m to 
DM1 07m. 

Last year was marked by a 
bout of boardroom turmoil fol- 
lowing the arrival in January 
of the new chairman. Mr Ferd- 
inand PiSch and his hiring of 
the controversial Mr Jos6 
Ignacio L6pez de Arriortua, 
General Motors' former 
global purchasing chief, in 
March. 

At the time, the company 
repeatedly denied reports of an 
excessive salary for the new- 
comer, insisting he was to be 
paid at normal rates, 


Net profits 
stabilise 
at L’Air 
Liquide 

By Alice Bowsthom 

L’Air Liquide, the world’s 
largest industrial gases group, 
saw net profits stabilise last 
year at FFr2. 22 5 bn ($370m) 
against FFr2J221bn in 1992. 

Mr Edouard de Roy fere, 
chairman, said the static 
result bad been achieved 
"despite the difficult economic 
situation”. 

He declined to comment on 
the group’s prospects for the 
current year but noted the 
improvement in conditions in 
both the US and Europe. 

L’Air Liquide mustered a 1.5 
per cent increase in turnover 
to FFr30.37bn last year from 
FFr29.92bn in 1992. 

The group, which last year 
implemented a wide-ranging 
internal reorganisation pro- 
gramme, maintained its level 
of investment during 1993, but 
managed to reduce gearing by 
two percentage points, to 18 
per cent. 

Thomson-CSF 
warns of loss 

Thomson-CSF, the state- 
controlled French defence elec- 
tronics company, yesterday 
warned that it would report 
a loss for 1993 because of its 
21.6 per cent stake in Credit 
Lyonnais, the troubled bank- 
ing group, writes Alice Raw- 
sthom . 

The company, which made 
net profits of FFrl.52bn 
(3250m) in 1992, said that it 
made a "very good” operating 
profit in 1993. However, it has 
been tipped into the red by its 
share of the FFrfLflbn net loss 
sustained last year by Credit 
Lyonnais. 

The bank has unveiled 
details of a rescue package, 
including a FFrl.2bn capital 
increase. Thomson-CSF will be 
expected to participate in the 
Credit Lyonnais Tescue. The 
capital for the package wifi be 
provided by the Thomson 
group, which is Thomson- 
CSFs parent company. 

Thomson is considering 
financing the capital increase 
by selling up to 8^ per cent 
of its 58.3 per cent holding 
in the defence electronics 
concern. 


\\M 



Jardines 


Highlights 1993 


Jardine Strategic 


Further Steady Growth 


Net assets per share 
Earnings per share 
Dividends per ordinary share 


+ 79% 
+ 6 % 
+■ 9% 


“The financial strength of each of the Company’s strategic investments, the diversity of their 
businesses and the quality of their management provide good reason for confidence that Jardine 
Strategic wilt continue to benefit from the above average economic growth of the Asia-Pacific 
Region, where the preponderance of our business interests lies . " 

Henry Keswick, Chairman 
24th March 1994 




Year ended 31st December 1 


1993 

1992 


USSm 

USSm 

Turnover 

5,144.5 

4,891.1 

Operating profit 

206.7 

196.4 

Share of profits less losses of associates 

385.9 

322.3 

Net interest expense 

(26-9) 

(35.6) 

Profit before taxation 

565.7 

483.1 

Taxation 



— Company and subsidiary undertakings 

(34.1) 

(24.9) 

— associates 

(76-3) 

(64.4) 

Profit after taxation 

455.3 

393.8 

Outside interests 

(1493) 

(131.5) 

Profit after taxation and outside interests 

306.0 

262.3 

Extraordinary items 

882 

58.9 

Profit attributable to Shareholders 

374.2 

321 2. 

Preference dividends 

(31-0) 

(11.6) 

Profit attributable to ordinary Shareholders 

343.2 

309.6 

Ordinary Dividends 

(90.4) 

(83.5) 

Retained profit for the year 

252.8 

226.1 

Net assets (note) 

7,5084 

3,803.1 


use 

USe 

Earnings per share 



— basic 

3801 

34.53 

— fully-diluted 

3535 

33.68 

Dividends per ordinary share 

1850 

11.50 


U$$ 

USS 

Net assets per share (note) 



— basic 

847 

4.29 

— fully-diluted 

7.51 

4.19 

Note: Based on the market price of the Company's hokSngs. FtiBy-tButed mt assets par share 

assume ha coamsian Wtfw outstanang commtSHe preference stoest 



JanllMSIratSflki KdAtgi Unkad FM AiMmUii of tha JMbwUMbMoaGnMv 

incorporated !n Bermuda with ftmitsd liability 

nw Mi»miond(*USc&50p#ar*w*^^tePV^™* t 'b™ ’&*• *Wb#0MuihaAmMGmKitiuaeHigmtHtiMtnSnaJm 1994, to 
StwftKkkin on ifh> ragtstor at monUws af no etas of dusMu on zsMAtri WW. Tha tnSm*y thti* ng&n wa bo dost*) (ran 2Stfi uaftfi I9W 
Indus*?.. V)Ocriinwav*ttribow*>labu>nUns<rfSa™c&isr5.Horr9fongO<^^SiortJy t>dtaiyatambeUmantnlmnmoadbaacnra^ 
■Jmcflfw UnM Status Mtos mhBo vrtnuy Snmtueas on m Hong Kong match vghter mV item Hong Kong Ooflus. unfeffl they afcct fa am of the 

Owa»oiySti^hS^MpqnrrOTP5iitfMe*i»*Hon9Kaga»nsi«i»»mw(*«aifrD^ 



Nestle surprises with 7% climb 


By Ian Rodger hi Vienna 

Nestle, the world's largest 
foods and mineral waters 
group, has reported a stronger 
than-expected 7 per cent rise in 
1S93 net Income, to SFH&ba 
«2bn). 

It has also dampened recent 
speculation that the arrange- 
ments between it and L'OrfaL, 
the French cosmetics group, 
would change soon. 

A 20-year contract, under 
which NestlS and Ms Lil i an s 
Bettencourt, daughter of the 
L’Ortal founder, share owner- 
ship of the 51 per cent control- 
ling stake in the cosmetics 


group, expires tomorrow. 

Nestle said yesterday the 
contract provided for the con- 
tinuation of the right of first 
refusal for both sides, "I can- 
not see why anything should 
happen,” the group said. 

It said the gain in its trading 
profits last year was greatest 
in countries outside of Europe 
and the Americas, giving sup- 
port to the recent view in 
investor circles that its com- 
mitment to developing 
countries is beginning to pay 
off. 

Total trading profits were up 
&9 per cent, to SFrt J4bn, with 
those in North and South 


America advancing 53 per cent 
to SFr2-29bn. In Europe, they 
gained 9.6 per cent, to 
SFtfLSSbn, and in the rest of 
the world they jumped 13 
per cent to SFrL27bn. 

Total sales advanced 5.5 per 
cent to SFr 57.5bzu in spite of a 
t per cent decline in Europe to 
SFr26^7bn. Sales in North and 
South America were up 10.5 
per cent to SFr21.24ba. while 
those in the rest of the world 
increased 14.2 per cent to 
SFr9-B9bn. 

Nestld said cashflow 
improved 6.3 per cent, to 
SFr4.97bn. This helped the 
group reduce its net debt at 


year-end to SFrtbn, compared 
with SFrSJSbn a year earlier, 
following the SFr2^bn Source 
Perrier acquisition. 

Net financing costs last year 
jumped 15.2 per cent to 
SFrSS5m. 

The group accelerated Its 
cost-cutting efforts, charging 
SFr6llm to exceptional ration- 
alisation costs, 51 per cent 
more than in 1992. That left 
pre-tax profits of SFr4.64bn, 4 
per cent higher than in the pre- 
vious year. The directors are 
proposing a 6.4 per cent rise in 
dividends, to SFr25 per share, 
on capital enlarged by last 
year’s rights issue. 


Skanska, NCC return to black 


By Hugh Camegy 
in Stockholm 

Skanska and NCC. Sweden's 
top two construction and prop- 
erty groups, yesterday reported 
a return to profit in 1393 after 
severe losses in 1392. 

However, both companies 
continued to be hit by the 
slump in the Swedish market, 
relying on lower write-downs 
and income from divestments 
to see them back into the 
black. 

Revenues were down for 
both groups, reflecting another 
tough year - especially in Swe- 
den, where the property and 
construction sectors have been 
hit hard by recession. 

Mr Jan Sjoqvist, president of 


NCC, said property prices and 
rent levels were stabilising, 
although there were variations 
between geographical areas 
and market segments. Infra- 
structure investment was also 
regaining momentum. 

However, he warned: 
“Investments In the construc- 
tion sector will remain low in 
1994 and 1995, but should begin 
to show growth again in 1396." 

Skanska showed the biggest 
improvement in 1993, swinging 
to a profit after financial items 
of SKrl.lbn (5149m) from a loss 
in 1992 of SKr3.98bn. NCC 
reported a profit after financial 
items of SKrlTSm following a 
deficit in 1992 of SKrl.63bn. 

Skanska increased its divi- 
dend to SKr3.25 per share from 


SKrl.50, but NCC suspended its 
dividend, as it did for 1992. 

Total revenues at Skanska 
were down 9 per cent at 
SKr28.9bn, with the share of 
revenues taken outside Sweden 
rising from 14 to 23 per cent. 
Revenues from Swedish con- 
struction slumped to SKrl4.8tm 
from SKrl7.4bn. Property 
write-downs Of SKr2bn were 
less than half the SKr4.3bn 
incurred in 1992. 

NCC’s total revenues slipped 
to SKrl7.6bn from SKr20bn. 
But non-recurring income or 
SKr463m, against a loss of 
SKr324m in 1992, and write- 
down costs cut to SKr371m 
from SKrl.4bn, resulted in an 
operating profit of SKr96lm 
after a loss in 1392 of SKr649m. 


Volvo sells 4.6% stake 
in Norwegian oil group 


By Hugh Camegy 

Volvo of Sweden yesterday 
took another step to concen- 
trate on its core motor indus- 
try operations when it 
announced the sale to 
unnamed international institu- 
tions of its 4.6 per cent share- 
holding in Norway's Saga 
Petroleum for NKr458m (562m). 

The sale, which brought 
Volvo a capital gain of 
SKr350m, follows the disposal 
last month of the company’s 30 
per cent voting stake in the 
investment group Custos for 
SKrL74bn. 

The Custos sale was the first 
divestment made by Volvo 
after it polled out of a plan to 


NEW ISSUE 


merge its car and truck 
operations with state-owned 
Renault of France. 

Since then. Volvo has made 
clear that it intends to concen- 
trate on strengthening its car 
and truck divisions, where it 
will have to bear the heavy 
costs of new model develop- 
ment alone - at least until it 
establishes a new partnership 
with another motor group. 

But so Ear Volvo has looked 
to peripheral holdings to divest 
and has given no indication 
that it Intends to cut its 
commitment to its main non- 
core holdings in BCP, the con- 
sumer products group, and 
Pharmacia, the pharmaceuti- 
cals group. 


John Mowlem 
launches £63 m 
rights issue 

By Andrew Taylor hi London 

John Mowlem, the UK 
contractor and construction, 
equipment group which owns 
London City Airport, yesterday 
launched a £63.1m ($92m) 
rights issue after the company 
revealed it would breach loan 
covenants. 

Mowlem, which last year 
made a pre-tax loss of £l24£m 
after provisions and property 
writedowns, also Intends to sell 
its UK housebuilding business. 

The group has previously 
raised £100m from disposals. If 
has already announced it 
wants to sell London City 
Airport. 


This announcement appears as a matter of record only. 


Sandoz 
posts 14% 
advance 

By Ian Rodger 

Sandoz, the Swiss pharma- 
ceuticals and chemicals group, 
said its consolidated net 
income jumped 14 per cent last 
year to SFrl.7bn (SlJton), due 
to increases In drug sales vol- 
ume, Improved margins in its 
chemicals and environment 
sector and higher financial 
income. 

This news, plus the proposal 
by directors to split the shares 
flve-for-one and convert the 
participation certificates Into 
registered shares, was well 
received in the markets. The 
registered shares gained SFr20 
to SFr3370 and the certificates 
put on SFr50 to SFr3,97Q. 

Sandoz also announced that 
Mr Marc Moret, the chairman, 
would pass on the function of 
chief executive to Mr Rolf 
Schweizer. the vice-chairman. 
Sandoz said the move should 
not be read as a slight to Mr 
Daniel Wagni&re, appointed 
chief operating officer a year 
ago. It was part of a plan to 
ensure a step-by-step succes- 
sion process. 

Group sales rose 5 per cent 
to SFriS.lbn and operating 
income was up 9 per cent to 
SFr2.2bn. Sandoz said its oper- 
ating margin in the life sci- 
ences sector, comprising phar- 
maceuticals, nutrition products 
and seeds, advanced from 163 
per cent to 16.7 per emit in 
spite of the unfavourable busi- 
ness climate. .The directors 
proposed a 23 per cent rise In 
dividends. 


March 1994 



TOBU RAILWAY CO., LTD 

U.s.$400,000,000 


lVs per cent Notes 1998 


with 


Warrants 


to subscribe for shares of common stock of Tobu Railway Co., Ltd . 


Issue Price 100 per cent. 


Yamaicbi In temadonal (Europe) Limited 

Asahi Finance (U.K.) Ltd. 

Bating Brothers & Co., Limited 
CS First Boston 

Dresdner Bank AktiengeseUscbaft 
Fuji International Finance PLC 
WJ International pic 
Merrill Lynch International Limited 
Mitsubishi Trust International Limited 
Morgan Stanle y Sr Co. 

N M Rothschild and Smith New Court 
Soddte Gendrale 
Swiss Bank Corporation 
S.G. Warburg Securities 


Mitsui Trust International Limited 

Barclays de Zoete Wedd Limited 
Cresvale Limited 
Daewoo Securities (Europe) limited 
Robert Fleming & Co. Limited 
Goldman Sachs International 
Klein wort Benson Limited 
Mitsubishi Finance International pic 
J.P. Morgan Securities Ltd. 
Paribas Capital Markets 
Salomon Brothers International limited 
Sumitomo Trust International pic 
Thiheiyo Europe limi ted 
Yasuda Trust Europe Limited 





"\ 


1 


JF1NANCUL TIMES FRIDAY MARCH 25 1994 


INTERNATIONAL COMPANIES AND FINANCE 


R H Macy 
in bid to 
exit from 
Chapter 11 


Digital pins its recovery hopes on PCs 

Success in personal computers is critical to the US group, reports Alan Cane 


I OIL & NATURAL GAS CORPN. LTD. || 


Notice for invitation of Tenders under 
International Competitive Bidding 


ONGC mutes sealed tenders in the proscribed tender form (or supply of the 
fallowing items and Tender Number - 


By Frank McGurty in New York 


R.H. Macy, the US department 
store group, has revealed 
details of a plan designed to 
lead it oat of Chapter 11 bank* 
ruptey protection by January. 

The package, agreed by 
Macy’s board a day earlier and 
submitted for review by Mr 
Cyrus Vance, the court- 
appointed mediator, is a com- 
promise between secured and 
unsecured creditors, who 
clashed over the terms of the 
proposal. 

However, the future of the 
New York-based retailer 
remains uncertain. Federated 
Department Stores, a long- 
time rival of Macy's and one of 
its biggest secured creditors, 
has proposed a merger 
between the two groups. 

Fidelity Investments, which 
bolds $490m in Macy's debt, 
suggested that it was dissatisf- 
ied with the proposed reorgan- 
isation plan, which may lead it 
to abandon its support for 
Macy's independence. 

Under the proposals, Macy's 
creditors would Initially 
receive a total return of $3.6bn 
on their claims, including 
$2.1 bn in cash and debt, and 
31.5bn in equity in the re- 
organised company. 

However, the plan also calls 
for an additional $500m to be 
distributed in July 1997 if the 
value of Macy's stock appreci- 
ates to at least £L2bn, or by 
about 47 per cent, before that 
date. 

The two-stage valuation was 
a concession by Macy chair- 
man, Mr Myron CUman, to a 
dissenting faction on its 
ll-member board. Mr Ullman, 
supported by two of Macy's 
biggest secured creditors, 
Fidelity Investments and GE 
Capital, had originally pro- 
posed a $&£im value on the 
company. 

A second board group, led 
by Mr Laurence Tlsch, chair- 
man of Loews and CBS and 
one of Macy’s biggest bond 
holders, had backed a plan 
which suggested a valuation of 
at least $3.8bn. 

The higher valuation would 
provide a greater return on 
the claims of unsecured credi- 
tors. including public bond- 
holders and trade suppliers. . 


H opes or recovery at 
Digital Equipment, the 
troubled US computer 
maker, were boosted recently 
by indications that the com- 
pany is reversing its previously 
disastrous performance in the 
key personal computer (PC) 
sector. 

Mr Enrico Pesatori, general 
manager of Digital Equip- 
ment’s PC business unit, said 
that IT the improvement were 
maintained. Digital could 
become one of the world's lead- 
ing PC suppliers within two 


It sold some 500,000 units in 
1993, up from 200,000 the year 
before, with revenues of Slbn. 
At that level, he said, the »™h 
was not profitable. “We lost 
quite a bit of money." 

For 1994, however, he 
expects to sell more than im 
units, generating revenues of 
and t rading profitably. 

To become one of the world’s 
top seven PC vendors, how- 
ever, It will have to sell 
between 2An and 3m PCs a 


year, worth S4bn to $5bn. 

Success in PCs is critical to 
Digital, struggling back from 
two years of losses. It (ailed to 
appreciate the importance of 
the PC revolution in the 1980s, 
and lost ground to competitors. 
The PC is a key factor in net- 
worked or client-server com- 
puting, where Digitalis betting 
its future; Compaq, for exam- 
ple, recorded PC revenues of 
$7.2bn last year. 

Mr Pesatori sees no hope of 
overtaking the industry lead- 
ers - IBM, Compaq and Apple 
— but ptaws tO be arawnfi Rw 
best of the second-tier compa- 
nies, such as Hewlett Packard, 
Dell and Packard. Bell of the 
US, and NEC and Toshiba of 
Japan. 

Mr Pesatori was brought in 
to head Digital’s worldwide PC 
operations a year ago. An 
industry veteran, he had 21 
years with Olivetti of Italy 
before moving to G troupe Bull 
of France to revitalise its ailing 
Zenith PC arm. 

At Digital bis strategy has 



Enrico Pesatori: expects to sell 
more than im units year 


three objectives. First, to build 
from scratch a PC organisa- 
tion. hi this he was helped to 
some extent by Digital’s lack of 
interest in PCs. He started 
with 40 people and now has 800 
worldwide; new links with dis- 
tributors and value-added 
resellers had to be forged, and 


new managers hired. 

Mr Pesatori scoured the 
industry for talent employing 
“slightly over-qualified peo- 
ple". Mr Bernard Auer, for- 
merly with Compaq, was hired 
to run the European territory. 
Other top names included 
Harry Copperman from JWP 
Businessland, Carl Gustin from 
Apple, Winnie Briney from 
IBM and Ray Wedock from 
Epson. 

Second, the product line had 
to be rationalised. Digital had 
been selling Olivetti PCs in 
Europe and Intel machines in 
the US; now, it is selling its 
own range of computers and 
network servers. Only about 20 
per cent of machines sold in 
1993 were not of Digital's 
design and manufacture. 

It intends to move into the 
SoHo (small office (home office) 
market “How and when we 
enter this market is something- 
we are discussing now,” Mr 
Pesatori says. 

The link with Olivetti will 
not be abandoned, but con- 


verted to a desi g n partnership 
whereby the two companies 
will develop computers with 
Digital's “look and feel”. 

The third part of the strategy 
is tn build a company with the 
cost structure of a PC maker 

rather th a n a mainframe man . 

ufacturer. Digital as a whole 
spends more than 25 per cent 
of revenues on overhead costs, 
compared with a typical PC 
company's spend of only 13 per 
cent; Compaq, for example, 
spends 12 per cent of revenues 
on overheads. 

Bringing down overheads 
involves pushing up product 
volumes (theoretically, if vol- 
umes double, overhead costs 
fall by four points). 

One test of Digital’s PC 
ambitions is the proportion of 
personal computers it can sell 
to customers who do not 
already use Digital equipment 
In 1993. 20 per emit of its total 
PC sales went to new custom- 
ers, but Mr Pesatori is confi- 
dent the proportion will show a 
si gnificant rise this year. 


Tender No. 
Description ol items 


HAT/IMP/E -JVS{& I519J.-94-95 
COMPUTERISED OPEN HOLE 
DIGITAL LOGGING UNITS ALONG 
WITH DOWN HOLE TOOLS - 5 Nos 


Tender IMS In USS 


USS 1<x»'- or FIs 30.00a'- 


CtosIngfcpenJng date ol lender 


I -1.00 HfS/IS.QO HIS on 31.05.94 


AveUabBity of tender documents 
tar sale end Inspection from 


14.30 Hre to 16.00 Hre on 
02.04.94 


Piecing of Inviting submission and 
Tender can also tie tied from 

Bombay 


Office of Add. Diracax (MM) < 
E3G.. Stied No. 2. ONGC. 


Tel Bftavon. Dobra Dun. 


1. Tender can also be had from Bombay. Calcutta, Madras, Delhi officos. 

2. Non-translera&te tender documents, in addition to place mentioned In 
Column 8 above can also be purchased on any working day on payment 
of requisite fee through Cross ed/iPO/Ban* Draft drawn in favour of 
ONGC from the toflowlng places. The Bank Draft horn the foreign partes 
should be payable In India: 

L AdcS. Director (MM), ONGC, 50 Chowroigheo Road. Calcutta ■ 700 001. 

b. Otticer-tn-Chaige. T & S Office, ONGC, Asia Pubkshmg House. Calicut 
Street. Ballard Estate. Bombay - 400 03a. 

«L Dy. Director (MM). ONGC. Tth Floor. MMDA Budding, 8 Gandhi Irwin 
Road, Egmore. Madras • GOO 008. 


w. Dy. Director (MM), ONGC. 7th floor, Jeevon BRortl Budding, Connaught 
Circus. New Delhi 110 001. 


Westpac, AMP reshape link 


By NZkkf Taft In Sydney 


Westpac. the laige Australian 
hankin g group, awrf Australian 
Mutual Provident, which owns 
the Pearl and London Life 
groups in the UK, yesterday 
annnn-nrprf significant changes 
to their troubled 1991 “strate- 
gic alliance". These will in 
effect return certain distribu- 
tion and fund management 
activities to the respective 
partners. 

Under the new arrange- 
ments, the bank will take foil 
control of Westpac Financial 
Consultants, formed as a joint 
venture between the two and 


which distributed retail life 
insurance anil miparannnatinn 
products designed by AMP 
through the Westpac network. 

WFCL’s Bales force, which 
was largely drawn from West- 
pac ranks, will be “fully inte- 
grated” back into the Westpac 
network. The partners ciainiari 
this would “streamline 
operations and improve team- 
work”. The bank stressed it 
would continue to sell AMPAC 
products, and receive a distri- 
bution fee from AMPAC Life. 

AMP wifi also resume man- 
agement of the AMP Approved 
Deposit Fund. Under the origi- 
nal agreement, Westpac pur- 


chased Approved Deposit Fund 
business,. but then provided 
products to be sold under the 
AMP nairift by AMP a ganfg 

The new agreement removes 
the requirement that AMP 
hold 13-15 per cent of Westpac 
- although the insurance 
group said It had no “present 
intention" of reducing its 
stake. This stood at 1333 per 
cent at end-November. 

Mr Philip Twyman, AMP’s 
chie f operating officer, said the 
new arrangement meant that 
“AMP will wholly focus on the 
product and Westpac will 
wholly focus on the distribu- 
tion channel”. 


Veba slips 9% but 
increases dividend 


3. The Agems/flepre&enlatrvei ol the foreign principals tn India are 
permitted to purchase tender documonts on boh all ol thocr prin c ip als an 
payment of tender lee m Indian currency at tno conversion rate motod In 
para 4 below, wfteCh will be refunded if (he Oiler Irom their principal Is 
recewad along with presented tender fee n USS. However, tet mode by 
Agent/Raptesentalive MO not be considered. 



By MchaN Undemamt 
in DOssefcfoj-f 


J P Morgan head paid $6.6m in 1993 


By Richard Waters 
in New York 


Mr Dennis Weatherstone, 
chiiinnan of JJ>. Morgan, the 
US bank, was paid $6.6m last 
year, a rise of 45 per cent on 
1992 and an echo of other big 
pay rises in the US financial 
sector qniymnnrv) recently. 
.Morgan said. Mr Weather- 


stone’s remuneration, in the 
form of $3-lm cash and $3Jjm 
of restricted shares, reflected 
the bank’s “very strong earn- 
ings" during 1993. The New 
York-based institution, one of 
the most profitable commercial 
hanks in the US, made after- 
tax earnings of J1.73bn. up 
from $1.13bn the year before. 

. The British-born. Mr 


Weatherstone, who has headed 
the bank since 1990, was paid a 
base salary of $700,000. with 
the rest of his income linked to 
performance. 

Among other high-paid bank 
chairmen, Mr John Reed of 
Citicorp received $&2m, while 
Mr Dan Tully, chairman of 
Merrill Lynch, received $9.Gm, 
a rise, of 30 per cent. 


Veba, the German energy 
conglomerate, saw profits slip 
by 9 per cent in 1998, but the 
dividend will nonetheless rise 
DM1 to DM13, Mr Ulrich 
Hartmann, chief executive, 
said yesterday. 

Net profits foil to DM825m 
($439m) from DM906m, while 
group turnover was marginally 
higher, up 1.4 per cent at 
DMS&Stm. 

Preussenelektra, Veba’s 
electricity arm and strongest 
performer, increased profits by 
6 per cent to DM833m. 

Mr Hartmann noted that 
Veba had spent DMSOOm 
buying stakes in six east 
German regional electricity 
suppliers, and looked forward 
to completing negotiations for 
a tr.tr per cent stoke in VEAG, 
tiie east German electricity 
network. 

However, turnover in the 
transport and trading division 
fell 2 per cent, slightly worse 
than at HQls, the group’s 


chemicals company, where 
sales dipped LI per cent to 
DMlO.lm. 

A further 3,000 jobs will be 
shed in the chemicals sector, 
but Veba said it does not 
expect to see any profit until 
1995. 

A new company, Veba 
Telecom, will bring together 
the group's interests in 
corporate networks and the 
mobile phone and cable 
sectors, and continued 
investments in tele- 
communications would see the 
DQsseldorf-hased group expand 
j fltn a fifth division alnnggiite 
its electricity, oil, chemicals 
and trading arms, Mr 

TTartanann null) 

However, Mr Hartmann was 
non-committal on the 
timetable for Veha’s listing on 
the New York Stock Exchange. 
Hie group is widely tipped to 
become the second German 
company to seek a listing, 
following Daimler-Benz last 
October. Feasibility studies on 
the listing have yet to be 
completed. 


☆ PROPERTY FINANCE * 

Now •ourcu lor commercial propertlos: up to 90?» loan to valuation: moat 
compertttvo and ftoxfcto terms: Mnttnum £500,000. Contact: Richard von Gfltzsa 
Ul c ha ri Laurie P a rt n ership Ltd (Member of the SPA) 

Tab 071 483 7050 Fax: 071 489 6279 


pm 

The cucniul tool (>■> ihc irniu mini.. 

Equity and 

|M 

Market-Eye 

Options Prices 

-..itch '.he o.it-i;!'. 

l&ndon stock excmanqk 

071 329 8282 

. f.w 071 He too-- 


© 130+ software appBcadons © 
G RT OATA FROM 810 A DAY Q 
O Signal SOFTWARE GUIDE O 
Cal London *3 44 ♦ (0) 71 231 3558 
for your gtite and Ski>al price laL 


Argus Fundamentals 

■Understand what is driving cii prices' 

. " Petroleum Argus 


Stockholm Ring Road 

- Motorway Tunnel System 


PREQUALIFICATION 

Sections: The Northern Link and The Southern Link. 


The Swedish National Road Administration, Stockholm Region, 
hereby invites interested companies to prequalify to tender for 
one or more contracts, covering the design and construction as 
well as general contracting work on the Northern and Southern 
Links of the Stockholm Ring Road. 


The total investment cost for all Southern Link contracts is esti- 
mated at SEK 4 475 million, (1992 price level). 


The candidates are free to apply for a single contract, several or 
all contracts. 


The award procedure chosen is the restricted procedure and 
the work will be executed under the following nutfor cont- 
racts: 


The work mentioned above for Norra Lanken is expected to 
commence in November 1994 and for Sodra Lanken January 
1995. 


Norra LSnkcn (“The Northern Link”) is the name of the northern 
part of the Stockholm Ring Road. The contracts Nos. NL 01-NL 05 
are the main civil works contracts for the Northern Link system. 


The entire Norra Lanken shall be completed in the autumn 
1997 and Sddra Lanken by mid-1999. 


Norra Lanken includes an approximately 4 km long, six-lane 
motorway and 4 intersections. Most parts of the Link, including 
3 intersections, will be located underground. Service installations 
will also be underground. 


The first five (5) contracts are: 


Any company or group of companies wishing to prequalify as a 
selected tenderer for one or more of the above contracts shall 
notify the Swedish National Road Administration, Stockholm 
Region (Vagverket, Region Stockholm) to that effect and apply 
for the prequalification documents at die address given below as 
soon as possible. 


Contract No. NL 02 


Contract No. NL 03 


Contract No, NL 04 


• Contract No. NL 01 "Norrtull” rock and concrete runnel 

system with some soil tunnel (mainly 
concrete tunnels) 

■ Contract No. NL 02 "Roslagstull” rock and concrete 

tunnel system (mainly rock tunnels) 

• Contract No. NL 03 “Bellevue” rock and concrete tunnel 

system with deep excavation 

• Contract No, NL 04 “TPL Vartan” toad system with an 

intesection 

• Contract No. NL 05 “Lill-Jansskogen” rock and concrete 

tunnel system (mainly rock tunnels) 

The total investment cost for all the Northern Link contracts is 
estimated at SEK 2 880 million, (1992 price level). 

S5dra Unken (“The Southern Link”) includes an approximately 
4.7 km long, six-lane motorway and five intersections. Most 
parts of the Link, including four intersections, will be located 
underground in rock and concrete tunnels. Service installations 
will al&> be underground. 


Upon receipt of such a notice of interest, the Swedish National 
Road Administration will dispatch the prequalification docu- 
ments) to the address and liaison person stated in the notice. 


The applying company shall complete, sign and return the pre- 
qualification documents to the contracting authority given the 
address stated below. 


The closing date for receipt of completed prequalification 
docuraeolfs) is April 17, 1994. 


Contract No. NL 05 


Invitations to tender for the first contracts are expected to be 

issued in June 1994. 


Ail documentation and correspondence shall be in Swedish or 
English. 


Notice of Interest should be addressed tot VSgverfcet, Region 
Stockholm, Box 4202, S-I71 04 SOLNA, Sweden, as soon as 
posable, marked “BY 20 24:751”. Telefax No: +4*8627 0923. 















P. T. INTI INDORAYON UTAMA 

(Incorporated in the Republic of Indonesia) 

Notice of Payment of 
Interim Dividend to the Shareholders 

Pursuant to Condition l? of the terms and conditions of the 
US$60,000,000. ??? Convertible Bonds 2006, the bondholders are 
hereby informed that, at the Meeting of the Board of Directors of P. T. 
INTI INDORAYON UTAMA held on the Sih day of March 1994. the 
Board resolved the payment of an interim dividend of Rp. 80.- (Rupiah 
eighty only) per-share for the financial year ending 31st December 
1993. 

Notes; 

I. The Dividend shall be distribute! to the shareholders whose names 
are registered in the Company's Register of Shareholders (oon- 
assignablc to any Third Party) on 1 1th April 1994. at 04.00 pm 
West Indonesia Time. 

— The trade of shares at the Jakarta Stock Exchange and Surabaya 
Stock Exchange till 30(h March 1994, shall be executed by Cum- 
Dividend and on 4th April 1994 by Ex-Dividend. Both Stock 
Exchances arc closed for business on 31st March and 1st April 
1994. 

3. Dividend shall be paid on 21st April 1994 to the shareholders. The 
dividend cheque shall be delivered by moil to the address of the 
shareholder, which can be cashed at UNIBANK branches 
through out Indonesia. 

4. The shareholders who prefer to receive such dividends via transfer 
into the shareholders' own names shall give notice and provide the 
original identities not later ihon llth April 1994 to onr Stack 
Administration Bureau. 

5. In case of change of address, the shareholders shall notify us in 
writing by mail, and upon showing the original identities not later 
than llth April 1994 addressed to the Stock Administration Bureau 
whose address is: 

P. T. SI RCA DATAPRO PERDANA 
Stock Administration Bureau 
Jalan Johar No. IS Menteng 
Jakarta 10340, Indonesia 

By order of the Board 
P. T. INTI INDORAYON UTAMA 
16th March 1994 


Daily Gold Fax - free sample 

O'j* An no Whitby 

Iron-, Cliait Analysis Ltd To| . 071 7 , 7ll 

7 Swallow Street. London '.V 1 R 7HD, UK • 7ax . (577.435. 494^ 

commodity specialists lor over 22 yvjro. fl f lf/s8A f .„, rtfl . 


FirtureSource 


• * : :? • 

Cc "V. e$;v:‘Tr' 57: -f*T =.H~ Ci.'l 


Over 2QC.0CC Gfott.'tf SyiltlJuIr. uuiil|»rr.in'; Fi|'i itnrs * Bam!:. 
r.rv.|iinadrtM:r. • Fiilnics i'< 0[nio:n; - ir.iliciv-s * t/X .tot! Hfi'.r, 
iVri.'i non.- •l;:>n SS £««h.-i»/|cs ntef :«)(.->£ VS. A;i.i and ,'ii- 
ittaior European Ertt':|ini:ri«:: Slurm.'ilnn,;. LA‘L Wi:n!(>ivs. 

WHY PAY MOR€ FOR LESS? p 

Cull Griiltoitt Ckirlt. PC Cl LI 0 T f (Loi:»lo;0 071 G2 -3 - •! 2 C 3 . t>-4 


O UbOTB 

pc QUOTE 

S4KB HYPEFtFEEO 



INDEXIA H Plus 

The ultimate Technical Analysis system 

tndodes INDEXIA FUtara. Gaan & Fibonacci Analysts, 
Japanese Candlesticks; Wave Charts, Beta Analysis 
INDEXIA Research. 121 High St. Berkfaanmed. HW 2DJ 
Tel (04421 878015 Fax 10442)876834 


CITY 

INDEX 


.We C.l.T'PSB OOK 


The Muko Loadcnm «prc*d baling - PtnmcUl mid Spota F*r» 
trorture and Ml nxouM jppfiCMion fimrt all 07 1 It} J66? 

Anxunts are normcll} opened wntun 72 Imuhl 
Sec mi up-Hy-OvB pnt*% Urn to ■’pot «* Tclmexx fmyc W» 


t 


REl 


:* 


SnrK’r- 


If 


24 hours a day - only SI 00 a 

LIVE FINANCIAL DATA DIRECT TO YOUR PC 


uuu rri 

a month! I / V / 1 

ivntiflpc 


For more Information 


Fax *45 4587 8773 



Loral heads 
$1.8bn 
satellite 
consortium 

By Frank McGurty in New York 

Loral, the US defence 
electronics and aerospace 
group, said yesterday it had 
assembled a group of “strate- 
gic partners” and secondary 
investors which would provide 
initial financing for a pro- 
posed $1.8bn satellite commu- 
nications system, known as 
Globalstar. 

The group, including leading 
telecommunications concerns, 
agreed to invest 1275m to 
begin the construction and 
launch of 48 satellites to pro- 
vide voice and data communi- 
cations services to customers 
in at least 33 countries. 

The announcement comes as 
high-technology companies 
seek to secure their positions 
in the market for wireless 
communications. 

Globalstar is expected to 
begin frill operations in 1999. 
Initially it would provide ser- 
vices in 83 countries. Later, 
local telecom providers are to 
be granted licences to extend 
Globalstar's reach. 

Loral, which will design and 
build the satellites and control 
centre, projected a customer 
base of 2.7m and revenues of 
$1.6bn within three years. By 
2012, subscribers are expected 
to number 16m. 

Globalstar would offer “sub- 
stantially’' lower rates than 
existing satellite-based 
systems, according to the lead 
contractor, and its cost to cus- 
tomers would be only a little 
higher than that offered by 
cellular providers. 

Loral said the key to Global- 
star’s cost competitiveness 
was the advanced digital 
transmission technology, 
developed by Qualcomm, a 
California high-technology 
supplier. The system is 
entirely compatible with exist- 
ing wireless communications 
systems, allowing it to route 
calls through cellular and 
fixed telephone networks. 

Alcatel, the French commu- 
nications systems supplier, 
will play a principal role in 
the system’s development as a 
Globalstar partner. 

Other leading investors 
include Dacom of Korea. Deut- 
sche Aerospace of Germany, 
and Vodafone of the UK. 


Shareholders keep Banesto guessing 


By David White m Madrid 

Rarely in Spain has a 
shareholders’ meeting been so 
anxiously awaited as the one 
being staged in Madrid tomor- 
row by Banco E&pafiol de Cre- 
dito (Banesto). 

Three months offer the Bank 
of Spain sacked the board and 
took tbs bank under its wing, 
the extraordinary meeting is 
being asked to approve a res- 
cue plan designed to recapital- 
ise Banesto and restore its bal- 
ance sheet in readiness for 
handing over control in May. 

Three other leading Spanish 
banks - Banco Bilbao Vizcaya, 

Banco Santanriar and the fitate- 
controlled Argentaria - are 
preparing to compete for the 
controlling stake in Banesto 
which, with 2,500 branches, 
has one of the biggest net- 
works in the country. 

The Bank of Spain wants to 
move quickly to avoid further 
damage to Banesto, one of the 


traditional pillars of the Span- 
ish financial establishment 

However, any group among 
the bank's 300,000 shareholders 
with a 5 per cent interest 
between them Is entitled to 
challenge the plan, which 
Includes writing down the 
nominal value of current 
shareholdings by 43 per cent 

Even if such a challenge 
were overruled, the legal pro- 
cess would take up to 45 days, 
threatening to hold up the res- 
cue scheme. Bank of Spain offi- 
cials say they would try to try 
to press ahead with the injec- 
tion of new capital regardless. 

A majority in favour of the 
scheme is assured, with suffi- 
cient votes delegated to the 
current Banesto board, includ- 
ing most of the 10 per cent held 
by Banesto employees. 

Crucially. J. F. Morgan of the 
US, whose Corsair fund has the 
biggest single shareholding of 
8 per cent, has finally con- 
sented to the plan. The mirin 



Mario Conde: owns about Sit 
per cent of Banesto stock 

figures on the dismissed board 
are also understood to have 
agreed not to oppose the 
scheme. These include the con- 
troversial former chairman Mr 
Mario Conde, who owns about 
SB per cent of the stock 


The new board may take up 
legal proceedings against Mr 
Conde and his former col- 
leagues if asked to do so by 
shareholders representing at 
least 5 per cent of the capital. 

Official intervention followed 
a Bank of Spain inspection 
which found Banesto had 
grossly overvalued its assets. 
An audit subsequently esti- 
mated this "hole” in the bal- 
ance sheet to be 20 per cent 
bigger than the Bank of 
Spain's earlier reckoning, at 
Pta6Q5bn (*L3bn). This com- 
pared with capital and reserves 
of just under Pta360bn. 

Spain’s Deposit Guarantee 
Fund, to which private banks 
and the Bank of Spain contrib- 
ute in equal proportions, is to 
rink Pta285bn into Banesto 
w aiter the plan. It will also con- 
tribute Pta30bn in the form of 
a five-year interest-free loan to 
offset current losses. 

The Deposit Guarantee Fund 
will also, in the first instance. 


subscribe to a PtaiSObn capital 
increase, making up 73 per 
cent of Banesto's restructured 

capital 

Other banks will have four 
weeks to put bids together, 
either individually or in con- 
sortia. for this entire holding. 
Among the conditions is that 
the winner will then offer a 13 
per cent slice at the new par 
value of Pta400 to existing 
shareholders, on the basis of 
one share for two held. 

The bid process is intended 
to bring a profit for the Deposit 
Guarantee Fund, reducing its 
costs in the Banesto rescue. Mr 
jos£ Luis Leal chairman of the 
Spanish Private Banking Asso- 
ciation said yesterday the res- 
cue plan would cost the banks 
Fta44bn a year for the next 
four years, or between 7 and 8 
per cent of combined pre-tax 
profit. 

He added emphatically; 
“There is no other problem 
bank in Spain.” 


US banks move to protect their margins 

Richard Waters reports on the industry’s response to the climb in bond yields 


U S banks had seldom 
bad it so good. The 
falling interest rates 
and steep US yield curve of the 
1990s had created an Ideal 
banking environment. How, 
though, will they cope with 
a reversal of these benign 
factors? 

The question has bedevilled 
bank stocks since last October, 
when the rally in long-term 
Treasury bonds first hit a 
block and yields began to 
climb. 

Now, with long-term bond 
yields a full percentage point 
higher, and seven weeks after 
the Federal Reserve first 
moved to push up short-term 
rates, the banks have made 
their most visible response. 

Led by Nor West and Ban- 
cOne, a raft at money centre 
anti re gional banks pushed up 
their prime lending rates by a 
quarter of a percentage point 
lata on Wednesday and yester- 
day, to &/* per cent It was the 
first general rise in prime rates 
- used as the basis for pricing 
mainly small business, credit 
card and some other consumer 
loans - since 1989. 

By the banks' calculation, 
the move will help to protect 
lending margins, which remain 


at historically high levels. 
Bank net Interest margins last 
year were around half a per 
centage point higher than they 
had been at the start of the 
decade - some 3.75 per cent at 
money centre banks, and 4.5 
per cent at the big regional 
banks. 

Strong consumer loan 
demand has made It easier to 
raise rates. According to Ban- 
cOne, the Ohio-based bank 
with one of the country's big- 
gest regional groups, demand 
from consumers was up 20 per 
cent in the final months of 
1993, compared with a year 
before. 

Al thoug h dented slightly by 
the bad weather of January 
and February, that demand 
continues strong, it says. 

Even commercial lending is 
looking up, after three years of 
d eclines . Commercial loans are 
up 3 per cent, BancOne 
reports. 

The fact that the prime rate 
rise was restricted to a quarter 
of a point, though, indicates 
Ipnriing margins will inevitably 
narrow as market interest 
rates rise. 

The rise fells short of the 
half point increase which the 
Fed has engineered in market 


rates since the beginning of 
February. 

As a result, the spread 
between the Federal Funds 
rate and banks’ prime rate - a 
key determinant of lending 
marg ins - has fallen to 2% per- 
centage points, from 3 percent- 
age points. 

But the prime move only one 
of several factors affecting 
bank margins. For a start, the 
interest rates charged on resi- 
dential mortgages - the fast- 
est-growing lending category 
for banks last year - are tied 
directly to bond yields, and 
have raichetted up in recent 
months. 

C ompetition for some 
types of asset, such as 
credit card loans, has 
also already forced margins 
down. Chase Manhattan, for 
instance, saw its average credit 
card loans fall slightly last 
year, to $5Bbn, as a result of 
"aggressive offers made fay 
new entrants in an already 
competitive marketplace”. Its 
response: to cut the average 
interest rate on its cards dur- 
ing the year to 16.68 per cent, 
from 17.48 per cent in 1992. 

As interest rates rise, it will 
be difficult for credit card com- 


panies to increase their bor- 
rowing rates, putting pressure 
on what are still substantial 
leading margins. 

While these factors suggest 
bank margins win fell, a secu- 
lar shift in their business sug- 
gests they also have ways to 

mitig ate the damag p, 

With big companies turning 
to the capital markets for 
finance, ha^ka have lent more 
of their money to the smaller 
businesses mid consumers who 
pay higher interest rates. Four 
years ago, some 47 per cent of 
Chase’s Smiting in toe US was 
to consumers: by last year, 
that proportion had risen to 65 
per emit 

While hanks wrestle with the 
question of how Ear to push up 
toe pricing of their loans, bank 
treasurers face a different 

dilemma . 

For toe past three years, 
their treasury departments 
have boosted bank profits, 
partly by investing their float- 
ing rate money in the fixed- 
income markets. Hie opportu- 
nities have diminished: the 
spread between three-month 
and 10-year Treasury notes, at 
355 basis points at toe start of 
1993, had fallen to 265 basis 
points by the start of this year. 


(Rattled by the Fed’s February 
increase, it has since edged 
back up to 300 basis points.) 

Bank treasurers have also 
used the swaps market to 
enhance their margins, agree- 
ing to make floating rate pay- 
ments in return for receiving 
fixed rate payments. 

H ow far have swaps 
boosted margins - and 
to what extent will ris- 
ing rates affect the position? 
Given the lack of published 
information about how banks 
use the swaps markets, those 
questions bemuse analysts and 
have added to the uncertainty 
surrounding bank margins, 
helping to destabilise stock 
prices. 

Even serious attempts at 
keeping the markets informed 
seem destined to fail Mr John 
McCoy, chairman of BancOne, 
whose big swaps book had long 
been an object of investor con- 
cern, made an unprecedented 
attempt to educate analysts 
end investors last year about 
bow it used these derivative 
financial instruments. His 
reward; the bank’s stock fell 
even further, undermining at 
least one all-stock takeover it 
had planned. 


The shareholders of Repola Lid are Invited to the Annual General Meeting, which will he held at the 
Marina Congress Center, Katajanokaniaiturl 6, 00160 Helsinki on 6 April 1994 at 14.00 hrs. 
The registration of those attending and the distribution of voting slips will begin at 13.00 hrs. 

THE FOLLOWING MATTERS WILL BE DEALT WITH AT THE MEETING: 

1 . Matters to be dealt with at the Annual General Meeting as specified in 16 § of the Articles of Association. 

2. The Board of Director’s proposal to amend the Articles ot Association as follows: 

- the company having gone over to the book entry system for securities, the redundant reference to the 
registration dale shall be deleted from 3 §; 

- the presort 18 § of the Articles of Association, which requires a majority ot 3/4 when voting on certain 
important matters. e.g. an amendment to the Articles o! Association, a merger or a directed issue of shares, 
shall be deleted. As a consequence of the amendment, the 2/3 majority required by the Companies Act would 
be sufficient for these decisions; 

- the deleted 18 § described above shall be replaced by a new 18 §, according to which a shareholder whose 
share of all the company's shares or their associated voting rights reaches or exceeds 33Vj per cent or 50 

per cent shall be obliged, upon demand, to redeem the shares ot the other shareholders at a price calculated in 
the manner specified in greater detail in the proposal; 

- a new subheading "TREDEMPTION OF SHARES' applying to the subject matter ot 17 § and IB § shall be 
added to the Articles of Association. 


NOTICE OF ANNUAL GENERAL MEETING 


INFORMATION 

Copies of the proposal concerning the amendment of the Articles of Association and documents relating to the company's 
financial statements may be examined by shareholders from 28 March 1994 at the offices of Repola 0/s Corporate 
Administration (address given below). Copies of ihese documents will, upon request, be sent to shareholders. The printed 
Annual Report will be available from the above date and will be mailed to alt those who are recorded as shareholders on 
the company's share register kept by the Central Share Register of Finland Cooperative. 

RIGHT OF PARTICIPATION 

Any shareholder recorded as being such on the company's share register fcepl by the Central Share Register of Finland 
Cooperative not later than ten days before the Annual General Meeting shall be entitled to participate in the meeting. 
Furthermore, any shareholder whose shares have not been transferred to the book entry system tor securities shall also be 
entitled to participate in the Annual General meeting, provided that such a shareholder was recorded on the company's 
share register before 28 February 1994 or has informed the company and established his/her title. In these circumstances, 
a shareholder must present his share certificate or some other evidence that the share ownership right has not been 
transferred to a book entry account 

A shareholder who wishes to participate in the Annual General Meeting shall notify (he company of his intended 
participation by not later than 12.00 hrs on Tuesday, 5 April 1994 by writing to Repola Ltd, Share Register, 
Snellmaninkatu 13. P.O.Box 203, 00171 Helsinki, or by telephoning +358-0-1828314 or +358-0-1828347, or by 
facsimile transmission to +358-0-1828380. In the case of written notification, the letter must be received before the 
deadline given above. Any proxies are requested to be sent in connection with Ifte above-described notification procedure. 

PAYMENT OF DIVIDEND 

The Board of Directors will propose to the Annua! General meeting that a dividend of one (1) Finnish markka per share be 
paid lor 1993. As a consequence of being connected to the book entry system for securities, the dividend will be paid to 
any shareholder who, on the record dale, is recorded as being sucfi on the share register kept by the Central Share 
Register of Finland Cooperative. The Board of Directors has decided that the record date tor dividend distribution shall be 
12 April 1994. The Board of Directors proposes to the Annual General Meeting that the dividend be paid on 15 April 
1994. 

Dividend payable to shareholders who are permanently resident abroad will be taxed at source. 

Shareholders whose shares have not yet been transferred to the book entry system for securities are urged to send their 
share certificates to the book entry register of their choice for recording on a book entry account 

Helsinki. 17 March 1994 


SUPERVISORY BOARD 




® REPOLA 


(This announcement appears as a matter of reoonl only) 


@ 



BANK OF CHINA 

U.S. $ 321.800.000.- 

EXPORT LOAN 

YA HE KOU Electric Power Plant 

PEOPLE’S REPUBLIC OF CHINA 

Built and Engineered by: 


♦ iihtic 

E3 


Endesa 

Arrangers: 


i ABN- AMRO Bank N.V.. 
K Spanish Branch 


Central Hfspano 


BARCLAYS 


BZW Structured Finance 

Participants: 

MIDL AND B ANK Madrid Branch 
SOCIETE GENE RALE, Paris 
Agent: 



Central Hispano 


can. $125,000,000 



Credit Local de Franca 
Subordinated Cotisred 
Floating Rate Nates due 2002 

For itw Warns! period from Match 25, 
1994 to September 26. 1994 tha rata 
has baan datermtoed at 6.125% per 
annum. The amounr payaate on Sap- 
fombor 26. 1994 par Can. Si 0000 and 
Can. S1WXXJ principal annum ot 
Notes wfH ba Con. S310.45 and Can. 
S3, 104.46 mcpeetMly. 

ByiiteCteaimmBnLiUi ^ 
IwfctAgatBn* ft 

March 25.19M c2se 


Muatrln UnkJas, SLA.de CLV. 
Up to U.S.S 45,000,000 
Floating Rate Notes due 
1996 to 1998 

The rate of interest far (he period 
25th March. 1994 to 27th March, 
1995 has been fixed at 9.125 peri 
com. par annum. Interest pay a ble 
27th March. 1995 wifi amount to 
USS9.302.43 per Note. 


the Leeds 


l£BM rBB4*«ew«AiWa SO&eiY 

(incorporated In England under the Su Kttng Soctotfes Ac* 1985) 

Issue of up to an aggregate of 

£200,000,000 

Subordinated Variable Rate Notes 
wifi) a maturity of 12 years 

Notice is hereby given that for the three months interest period 
from March 23, 1994 to June 23. 1994 (92 days) the 
Subordinated Notes will cany an interest rata of 5.8875*,. The 
interest payable on June 23. 1994 lor the Subordinated Notes will be 
2148.40. 

By: The Chase Manhattan Bank, NJL CHASE 

London, Principal Paying Agent 
March 25. 1984 


LOW COST 

SHARE DEALING SERVICE 08 1 '944 0 111 


o\!Mivsio\ i till _>hm\h m 

W -.IAM. II -.1 IT, \N Y IK ..Id- 


F °f® x or Futures prices from £49 per month 

For 30 second updates, on your Windows PC ScrflOn « 
Pocket Financial Monitor call 0494 444415 


QuoteLink from S PR INTEL 






FINANCIAL TIMES FRIDAY MARCH 25 1994 


INTERNATIONAL COMPANIES AND FINANCE 

Cheung Kong profits surge 56% 


By Louise Lucas in Hong Kong 

Cheung Kong, the flagship of Mr Li 
Ka-shing's listed Hong Kong empire, yes- 
terday surprised the market with a 56 per 
cent growth in net profits last year. Earn- 
ings came in at HKS9Jbn (USfl-3bn). com- 
pared with HK$6.3bn In 1992. 

Cheung Kong derives some 85 per cent 
of net profits Grom property development - 
broadly i-aguna City, South Horizons and 
Kingswood Villas - and its 43 per cent 
stake in Hutchison. Analysts say its per- 
formance was lifted by investments and 
share dealing, such as the sale of 100m 
Hopewell shares. 


The pre-tax contribution from associated 
t-nm paniPK last year stood at HK$7.64bn, 
compared with HK$4.2bn the previous 
year. Turnover was fiat at HKSlO.Tbn. 
compared with S10-3bn. 

The cement operation. Green Island 
Cement, showed an increase over 1992, but 
conversely competition in the concrete 
and quarrying products market hit Ander- 
son Asia. 

fri g s per share rose 56 per cent to 
HKS4.45. up from HKKL85 In 1992. 

Mr Li. chairman, said the group had 
been actively expanding its land bank, and 
had already signed deals to purchase or 
jointly develop several projects with large 


land areas. This will build a good founda- 
tion for the group’s business developments 
after 1997.” he said. 

Further contracts have been secured 
with mainland companies in infrastruc- 
ture, power, property and hotel busi- 
nesses, and ftmds have already been 
directed into these projects. These main- 
land investments would likewise provide a 
stable source of income for the group in 
the future, Mr Li said. 

The directors are proposing a final divi- 
dend of 76 cents a share, giving a total 
payout of HK$1 a share for the full year, 
an increase of 25 per cent over the 60 cents 
paid in 1992. 


OOIL steams ahead to 
bolster balance sheet 

Simon Holberton examines the shipping group’s 
tumround as a full set of results is announced 


T he shipping crisis of the 
mid-1980s claimed two 
of the industry's biggest 
names In Asia: Sanko of Japan, 
and Orient Overseas Holdings 
of Hong Kong. 

In Japan, Sanko was placed 
in receivership and was even- 
tually dismembered. The col- 
lapse of the company ruined 
Mr Toshio Komoto, its founder 
and senior Liberal Democratic 
Party politician. 

Today, the other casualty of 
the shipping crisis, now known 
as Orient Overseas Interna- 
tional Limited (OOIL), reports 
its first set of full results since 
a series of corporate reorgani- 
sations which were occasioned 
by its near insolvency in 1985. 

OOIL is expected to report 
much improved profitability on 
the US$8m it made in 1992. But 
the aspect of the company's 
operations which executives 
are keen to highlight is the 
strength of OOIL's balance 
sheet - at the end of 1993 it 
had US$480m in cash and 
investments - and the coher- 
ence of its business strategy 
for container shipping. 

OOIL was a classic example 
of John Maynard Keynes's dic- 
tum that if you owe a bank 
£10,000 you had a problem but 
if you owe it £lm then it has 
the problem. At the time of cri- 
sis in 1985 OOIL's predecessor 
and the Tung family, its con- 
trolling shareholders, owed the 
banks nearly USS2.5bn. 

To save the company Mr 
C. H. Tung, scion of the family 
fortune and OOIL's chairman, 
called in debts and wrote some 
lOUs. Hongkong and Shanghai 
Bank advanced the company 
HKSlbn in credit; the Chinese 
government advanced It 
USSlOOm, an enormous sum for 
a developing country and an 
Indication of just how valuable 
an asset Beijing perceived the 
Tung family to be. 

The price of reorganisation 
was high. The Tung family - 
much as Hong Kong entrepre- 
neurs still do - had run their 
private interests and public 
obligations in tandem. In 1985 
the interlocking structure that 
bankers encountered was 
extremely complicated. Only 
recently has the company reor- 
ganised itself in such a way 
that bankers and investors 
understand who owned what. 

Today the overlap between 
OOIL and the Tung family - 
which owns more than 50 per 
cent of the company - is lim- 
ited to sharing the same offices 
in Wan Chai and the use of a 


container te rminal at the port 
of Kaoshiung in Taiwan. 

On the issue of conflicts of 
interest Mr Simon Brough, the 
company’s chief financial offi- 
cer. is firm. “There are no 
inter-company loans and nor 
would the board permit It" he 
says. Tm not aware of what 
the private side does and nor 
am I interested." 

His pride and joy is the state 
of OOIL's finances, about 
which he enthuses: “We have 
one the strongest balance 
sheets in the industry and one 



CJELTung: the chairman called 
In debts and wrote some IOUs 

of the most liquid," he says. 
For a company which was 
nearly undone because of the 
state of Its finances, this is 
clearly an achievement. Mr 
Brough says OOIL has a policy 
of maintaining at least 
US$200m in liquid assets. 

But the health of the compa- 
ny’s finances is just one aspect 
of the pitch OOIL wants to 
make to investors. It believes It 
has a good management story 
to tell as well 

At the beginning of the 1990s 
OOIL embraced the concept of 
total quality management and, 
according to Mr Tung, it has 
enabled OOIL to climb into the 
first division of container oper- 
ators in the world. 

"We are very quality con- 
scious," says Mr Tung. “In our 
business if yon make a mistake 
in documentation it reverber- 
ates around the world. So If 
you do things right the first 
time, you save a lot of 
money." 

He speaks in the language of 
the modern manager. He talks 
of “critical success factors'’ in 
business, of being “customer 
focused", and of doing things 
“right the first time". 

His embrace of western man- 


agement technique has been 
well received among knowl- 
edgeable managers in Hong 
Kong. 

According to one senior 
Hong Kong businessman who 
knows the company well: “C.H. 
runs OOIL in a modem demo- 
cratic western style.” 

Says Mr Tung: “I try to 
emphasise the importance of 
taam play. AH sorts of nation- 
alities work for us and work 
very well together. We con- 
sider ourselves a Hong Kong- 
based multinational" 

People are one of the “criti- 
cal success factors" Mr Tung 
likes to talk about. Another is 
“quality" in the delivery of the 
services OOIL provides. This 
has become particularly impor- 
tant as the company has 
sought to lift its game in the 
intBrnaHnnai cargo transporta- 
tion business. 

This has involved providing 
what Mr Stanley Shen, general 
manager of quality assurance, 
rails “third-party logistics sup- 
port" to customers, such as 
support for just-in-time inven- 
tory control, better informa- 
tion and distribution. 

In this context the company 
Is particularly pleased 
with its American President 
Lines (APL) alliance. It has 
joined with APL to provide 
“shuttle” services across the 
Pacific. This has enabled the 
two to pool resources 
and target higher value 
cargoes. 

T o bolster its position in 
container cargo trans- 
port, OOIL earlier this 
month said it had placed a 
OSSSOOm order for six con- 
tainer vessels, each with the 
capacity to carry 4,950 20ft con- 
tainers. 

The ships - to be delivered 
from the second half of next 
year until the first quarter of 
1996 - will be funded 20 per 
cent from internal resources 
and 80 per cent by borrowings. 

The new ships will replace 
older vessels in OOIL's 25-ship 
fleet, a fleet which currently 
has an average age of 13 years. 

Mr Tung believes his com- 
pany is on the verge of a new 
beginning. Tt seems to he a 
business permanently incapa- 
ble of doing well," he says. 
“But there are some shippers 
which make a 15 per cent 
return on shareholders' funds 
even in difficult years. It all 
comes down to how you organ- 
ise yourself to do it I think we 
can.” 


Court clears Pancontinental claim 


By Nikki Tart in Sydney 

Pancontinental Mining, the 
thwarted suitor for Australia's 
Aztec Mining , has been given 
leave to go ahead with a legal 
action against Poseidon Gold, 
which outbid Pancon and 
seized control of Aztec via a 
A£287m (US$2Q3m) cash offer 
earlier this month. 

A Sydney court has ruled 
that some elements of the Pan- 


con p-iatm have no foundation 
and should be struck out, but 
that other sections are legiti- 
mate. 

The mining group has 
alleged conspiracy to injure 
and a breach of the corpora- 
tions law. It is seeking punitive 
damages for PosGold and other 
parties, as a result of the way 
in which PosGold gained con- 
trol of Aztec. This was 
achieved when the bidder 


upped its cash terms and. the 
following day, quickly snapped 
up more than half its target’s 
shares. Alumax, the US com- 
pany which held a critical 37 
per cent interest in Aztec and 
is also named in the action, led 
the selling wave. 

The mine, which contributed 
a loss of AS700.000 to Renison’s 
results in the first half of 
1993-94, has bean earmarked 
for closure for some time. 


Jar dine 
Strategic to 
delist in 
Hong Kong 
at year-end 

By Simon HoBwrton 
in Hang Kong 

Jardfne Strategic, the holding 
company for many of the Jar- 
dine group assets in Hong 
Kong, yesterday followed Jar- 
dine Ma the son and said It 
would cease the trading of its 
shares at the end of this year. 

JardUne Strategic, which is 
52 per cent owned by Jardine 
Matheson, holds controlling 
interests in Dairy Farm, Hong- 
kong Land and Mandarin 
OrientaL 

Mr Henry Keswick, chair- 
man, said that wi th “change 
impending in Hong Kong”, the 
company attached great 
importance to remaining sub- 
ject “to a British-based system 
of securities regulation". 

It believes it has achieved 
this by having the Bermudan 
government enact laws to 
bring the company and its sub- 
sidiaries under a statutory 
version of the London take- 
over code. Jardine does not 
believe that a level regulatory 
playing field will prevail in 
Hong Kong after China 
resumes sovereignty in 1997. 

In spite of plans to cease 
share trading of the group’s 
constituents, the Securities 
and Futures Commission (SFQ 
still claims jurisdiction over 
the company. 

The Hong Kong takeovers 
code is broadly drafted and 
covers public companies, 
whether listed or not, which 
have a large proportion of its 
shareholders, assets, 
operations and management in 
Hong Kong. 

Jardine has many sharehold- 
ers in Hong Kong and it is one 
of the largest non-government 
employers in the colony. More- 
over It derives more than half 
of its profits from Hong Kong 
and Is operationally controlled 
from the colony. 

The SFCs ultimate sanction 
in Hong Kong is to “cold 
shoulder" an individual or 
company. This means that no 
financial company would be 
allowed to act for the com- 
pany; in addition, the 
full facilities of Hong 
Kong’s market would be with- 
drawn. 

The Jardine group was the 
object of furious criticism in 
Hong Kong yesterday for its 
decision on Wednesday to 
delist. The “Princely Hong” 
was described in the pro- 
Beijing media as having deliv- 
ered an “irresponsible" blow 
to Hong Kong’s status as a 
fi nancial centre. 

Many newspapers said that 
the company had received Its 
rame-uppanoe because the SFC 
bad refused to give it 
special treatment. As one 
English-language newspaper 
noted: “The bottom line Is that 
Jardines needs Hong Kong 
more than Hong Kong needs 
Jardines”. 

Jardine Blatheson's share 
price fell by HK$1 to SHK48.25 
and Hongkong Land's by 
8HK0.40 to SHK21.40. Overall, 
the Hang Seng Index declined 
by 1.5 per cent to 9,320. 


FT- Actuaries World Indices 


Changes to constituent stocks 


The FT-Actuaries World Indices 
Policy Committee has agreed 
quarterly changes to the constit- 
uent stocks of the Indices, to 
take effect on April 1 1994. 

1 . A full review of the Italian 
market resulted in the following 
changes: Additions: Alleanza 
(savings shares); Editoriale l'Ex- 
presso; Marzotto; Tecnost 

Deletions: Banc a Nazionale 
Agro Indus triale (ord. & pref.); 
Banca Toscana; Cerneutir. Cof- 
ide; Danieli (ord. & sav.): Fer- 
ruszt Fmanz. (ord. & sav.): Ital- 
mobiliara: Milano di 

Assicurazioni (sav.); Pirelli & C.; 
Kaffa 

2. A frill review of the Malaysian 
market resulted in the following 
changes: 

Additions: Advanced Synergy; 
AMMB Hdgs; Aofcaxn Perdana; 
Berjaya Sports Toto; Commerce 
Asset Hdgs; Datuk Keramat; 
Dunlop Estates: Diversified 
Resources; E It ran; Golden Pins 
Hdgs; Gopeng; Idris Hydraulic; 
IJM Corp; Kamunting Corp; 
irodaii Cement Hdgs; Kamayan 
Oil Palma; Kim Hia Industry ; 
Lien Hoe Corp-: Llngui Dev.; 
Malaysian Helicopter Services; 


Malaysian Oxygen; Malaysian 
Resources Corp; Malaysian 
Pacific Inds.; MBF Capital; M al- 
pha International; Pan Malaysian 
Inds; Pacific Chemical; Pernsa- 
haan Sadnr Timur (Perstlma); 
Pllecon Engineering; Proton; 
Selangor Coconuts; Ta Enter- 
prise; Time Engineering. 

Deletions: Antah Hdgs.; Malay- 
sian Tobacco; Nylex (Malaysia); 
UMW Hdgs. Sector changes: 
Bandar Raya Devs, from Home- 
building to Real Estate; Land & 
General from Forestry Products 
to Real Estate; Malayan Utd. 
Inds. from Diversified Industrials 
to Financial institutions: Perlis 
Plantations from Agriculture & 
Fishing to Food Processors: Pet. 
aling Garden from Diversified 
Holding Companies to Agricul- 
ture & Fishing and Renong from 
Diversified Holding Companies to 
Construction. 

Changes to lnvestfble weight- 
ings; Rothmans of Pall Mall at 
100 per cent (23.8); Tfelefcom Mal- 
aysia at 25 per cent (233); Tenaga 
Nasional at 2S per cent <22 A). 

3. A full review of the UK market 
resulted in the following 
changes: 


Additions: Caradon; Eastern 
Electricity; Foreign & Colonial 
Investment Trust: Lloyds Abbey 
Life; Schraders (non vtg.); Scot- 
tish Hydro-Electric; Southern 
Electric; Standard Chartered. 

Deletions: AMEC; Antonia tad 
Security Hdgs.; Berdon; B ram- 
mer; Bui lough; Daejan Hdgs.: 
First National Finance; FR 
Group; Garrard & National 
Hdgs.; Henderson Administration 
Group; Ibstock Johnson; LA5MO; 
Ocean Group; Simon Engineer- 
ing; Spring Ram: Temple Bar 
Investment Trust: Throgmorton 
Trust; Onitach. 

Sector changes.- BATS Inds. 
from Diversified Holding Compa- 
nies to Tobacco Manufacturers: 
De la Rue from Publishing to 
Printing; Inchcape from Diversi- 
fied Holding Companies to 
Wholesale-Durables; Rank 
Organisation from Diversified 
Industries to Entertainment & 
Leisure Time; Reuters Hdgs. 
from Broadcasting Media to Pub- 
lishing and Smiths Indsfrom 
Machinery-Industrial & Special- 
ity to Aircraft Manufacturers. 

4. A partial renew of the Singa- 
pore market resulted In the fol- 


lowing changes: Addition: Marco 
Polo Developments. Deletions: 
Hwa Hong; In trace. 

The FT-AWI Policy Committee 
has reviewed its policy on 
announcing changes to the rules 
and working practices of the 
World Index, with a view to 
ensuring that all users and read- 
ers of the FT should have equal 
access to Information, in future, 
decisions regarding addition of 
new eligible constituents which 
are unrelated to existing index 
constituents, or lnvestlble 
we ightin g changes to existing 
constituents, will be annanwil 
in the FT at least four working 
days before they are imple- 
mented in the Indices which are 
published in the dally table. 

• Preliminary lists of change 
to the FT-AWI Large Cap and 
FT-AWI Medium -Small nnp indi- 
ces will be available from Nat- 
West Securities Ltd and Gold- 
man, Sachs & Co. on Monday 
March 28. Confirmed changes 
will be available from NatWest 
Securities Ltd and Goldman, 
Sachs & Co. on April 4. 



THE SCOTTISH LIFE 
ASSURANCE COMPANY 

Notice is hereby green that the 
113th Anmud General Meeting of 
the Company mil be hetd mtkin the 
Haul Office. 19 St Andrew Sqnart. 
Edinburgh on Tuesday 
19th April 1994 at 10.30am. 

A member entitled to attend and 
note at the meeting may appoint a 
proxy to attend and sots mhu stead. 
The proxy need not be a member tf 
the Company. There are no c on tracts 
of service between the Company 
and any Director. 

DC Drum 

Acmy 

k* to tay pofccjtafcfcw nsfmi or be 
obuiarvlfrwxiMy office of dir emapwiyi 

Scottish Life 


NOTICe TO HOLDERS OF 
EUROPEAN DEPOSITARY RECHP73 
(EDfT8)N 

NIPPON SHINPAN & CO, LTD 

NOTICE K3 HEREBY GIVEN Cnza casti 
dmdsnd wD be poW to atnrahaktam 
Of record (tala Man* 31, 1904, 
ftrtMnnxB, I has bean dadaxed tnt 

tie ahanra be ceded extividand on 

Dm Jwmraas Stock Excha ngee 

aftas from March 28, 19W. 

Subject to appmwi o) 9» (Mdend. a 

hxtfier notice w* be (Mtflftad, aflar 

receipt o» ha (Mdend by the Depoe&aiy, 

adding the amount and actual data at 

popnercof au* Mdend toflatoar with 

Dw procadune to be Mkwred tor otrisMng 


Coupon No. 34 util be usad lor co*ecdcn 
at ma Mdend. 


OT1BANK.HA, London, 
Much 25, 1994 Depository 



IlMasddBatopNngt* jure 
w fnl— Ihf a ImhwmttstNi 


Alaa KHroefl to Attana 
Tafc arums heMMtn 
Carole Davta ki London 

Tab on *73 am* 

ho on are am 


FT Surveys 


This armounesmant Is neither an offer to sod nor a soiidtadan to buy those Notes. 
Thts announcement appears as a matter of noortt only. 


$500,000,000 

x 

PTA Bank Funding Corporation 


U.S. Commercial Paper Program 
Fully Supported by a Cash Collateral Account 


Banque de la ZEP 

Banque da rAMqua da fEst « da r AMqua Auatrale 
pour Id Commotes at la D6veloppement 



PTA Bank 

Eastern and Southern African Trade 
and Dauetapmm Bank 


Financial Advisor to The Eastern and Southern African Trade and Development Bank 

Aidoo Group Capital Markets, Inc. 


Dostora 

Goldman Sachs Money Markets, 1_P. Merrill Lynch Money Markets Inc. 

December 23, 1999 


7Ws announcement appears as a matter of ncord only 

U.S. $13,500,000 

NATIONAL MERCHANT BANK OF ZIMBABWE 

to finance grain exports by 

GRAIN MARKETING BOARD OF ZIMBABWE 

under the 

PTA BANK FUNDING CORPORATION 
COMMERCIAL PAPER PROGRAM 


Banque de la ZEP 

Banqua da rAMqua de fEat at da rAMqua Auatrala 
potr la Commerce at la Ddvaiappamwit 



PTA Bank 

Eawom and Southern AMcan Thrie 
and Dauatopmant Bank 


Arranger and Servicer 

PTA BANK 

Eastern and Southern African Trade end Development Bank 


Issuing and Paying Agent 

BANKERS TRUST COMPANY, New York 


February 18, 1994 













FINANCIAL TIMES FRIDAY MARCH 2S_]99± 


INTERNATIONAL CAPITAL MARKETS 


US Treasuries fall sharply on Colosio assassination 


By Frank McGurty In Maw York 
and Antonia Sharpe bi London 

US Treasury hoods fell steeply 
yesterday as a jittery market 
reacted to new of the assassi- 
nation of the leading Mexican 
presidential candidate 
By midday, the benchmark 
30-year government bond was 
down g at 9l'/», with the yield 
rising to R957 per cent 
At the short end, the two- 
year note was A lower at 100A, 


GOVERNMENT 

BONDS 


to yield 5.092 per cent 
The sharp downturn came in 
the wake of the turmoil which 
hit the Brady bond market fol- 
lowing the shooting of Mr Luis 
Donaldo Colosio Murrieta at a 
campaign stop in Tijuana the 
previous evening. Dealers, 
already carrying heavy inven- 
tories of emerging market debt, 
were selling Treasury bonds as 


a hedge against further 
declines hi Brady bonds. 

It also became apparent that 
nervousness over the upward 
direction of interest rates had 
not subsided with the Federal 
Reserve's lifting of the Fed 
Funds target two days earlier. 
The market was already specu- 
lating over the tuning of the 
central bank’s next move, 
which depressed sentiment 

Early on, prices showed only 
minor weakness, but as the 
morning progressed, the losses 
mounted. Surging gold prices, 
the decision by some US com- 
mercial banfcs to increase their 
prime lending rate and a lack 
of follow-through buying after 
Wednesday's $11 bn five-year 
note auction were among the 
contributing factors. 

Amid the whirlwind of devel- 
opments competing for the 
market's attention, the day’s 
economic news passed with lit- 
tle notice. The Labor Depart- 
ment said that claims for 
unemployment benefit last 


week dipped by 5,000, against 
expectations of a 2,000 decline. 

■ A sharp fall in US Trea- 
suries at the opening and 
deteriorating expectations of a 
further cut in UK interest rates 
sent long-dated UK govern- 
ment bonds tumbling by more 
than two points yesterday 
afternoon. Fears that interna- 
tional investors would further 
lighten their holdings of Euro- 
pean government bonds to off- 
set losses on their investments 
in Latin American debt also 
contributed to the sell-off, ana- 
lysts said. 

Traders said the sheer pace 
of the fall prompted the Bank 
of England to try to stabilise 
prices by offering to buy back 
cash gilts from a number of 
gilt-edged market-makers. 
They said the Bank was seen 
intervening between the levels 
of 107ft and 107£ on the June 
contract of the long gilt future 
on Liffe. The amount of the 
intervention was thought to be 


less than E50m. There was no 
comment from the Bank 

Some analysts said the gflfcs 
market appeared to have lost 
touch with its fundamentals 
but they Seared that the mar- 
ket still had further to fall. 
“The market has been 
spooked. . . but the fall is not 
justified by the UK's inflation 
prospects," said Ms Ruth Lea, 
chief UK economist at Lehman 
Brothers. 

Mr George Magnus, chief 
international economist at 
S.G. Warburg, agreed that 
Wednesday’s inflation data did 
not warrant such a severe drop 
In prices. But he said there had 
been some significant selling of 
short-dated maturities which 
indicated that hopes of further 
rate cuts were fading fast 

“If the economic recovery is 
as solid as it appears to 
be ... we are going to experi- 
ence upward pressures on 
inflation in 1995," he said. He 
also noted that the December 
1995 short sterling contract 


reflected market expectations 
of a base rate of 7 per cent by 
the end of 2995. 

Mr Iffy Islam, fixed-income 
strategist at Merrill Lynch, 
said the fail in the June con- 
tract below 1084 the low for 
the year, unleashed a rush of 
stop-loss selling in the futures 
market This in turn dragged 
down the cash market where 
the yields on short-dated paper 
rose by 17 basis points and by 
as much as 24 basis points on 
10 -year gilts. 

By the late afternoon, the 
June contract traded at 1063. 
down 2ft points, in active vol- 
ume of 134,626 contracts. 

■ German government bonds 
initially held firm, supported 
by better-than-expected M3 
data for February. But by mid- 
afternoon. bunds succumbed to 
the uncertainty which was 
dragging down other markets. 
Tbe June contract of bund 
future on Liffe stood 0.77 point 
lower at 95.47 in the late after- 


noon, below the day’s high of 

96.55. 

Nevertheless, analysts said 
fop MS results, combined with 
the strength of the D-Mark, 
held out some promise for 
bunds since those factors 
shmiiri enable tbe Bundesbank 
to mnHmiP to ppse monetary 
policy. The Bundesbank said 
February M3 rose 17.6 per cent, 
which was broadly in line with 
market expectations and well 
below Wednesday’s rumours of 
30 per cent 

■ Yesterday’s 10 basis point 
cut in the Bank of France's 
intervention rate to. 6 per cent 
was in line with market expec- 
tations and failed to protect 
French government bonds 
completely from the weakness 
in other markets. But they fell 
Iks foan their European coun- 
terparts, with the June con- 
tract of the IG-year notional 
French government bond on 
tbe Matif giving up 0.42 point 
to 122.60 in the late afternoon. 


EIB DMlbn offering starts 
firmly in nervous trading 


By Conner Mkfdebnarm 

Eurobond dealers had another 
frustrating day, with only a 
handful of issues' dribbling into 
the market amid volatile trad- 


INTERNATIONAL 

BONDS 


ing in European and US gov- 
ernment bonds. 

After the recent heavy flow 
of floating-rate notes, a hand- 
ful of borrowers brave enough 
to issue fixed-rate bonds saw 
their efforts thwarted by a fur- 
ther tumble in underlying 
bond markets. 

Amid current nervousness, 
traders expect issuer and 


investor-activity to remain thin 
ahead of the Easter break. 
“We’re seeing zippo client 
flows of real consequence or 
depth in this environment," 
said a London syndicate man- 
ager. 

The European Investment 
Bank issued DMlbn of 6.5 per 
cent 10 -year bonds which 
started out on a strong footing, 
supported by early strength in 
the German government bond 
market. 

“We launched it 10 minutes 
after the M3 [money supply] 
numbers - which were slightly 
better than expected - and 
placed a lot of paper quickly," 
said an official at lead managpr 
Deutsche Bank. 

However, when government 


bonds feO in tbe afternoon, tbe 
EIB bonds slipped in line with 
bunds. 

Their spread over the bench- 
mark lb-year Treuhand bond, 
however, tightened by one 
basis point to 14 basis points, 
the lead manager said. 

“This shows the is in 
good shape,” said a dealer at 
another bouse. 

Meanwhile, Germany’s tri- 
ple-A rated reconstruction 
agency, Kreditanstalt ffir 
Wlederanfbau, issued L200bn 
of 8% per cent five-year bonds 
via Deutsche Rank in London. 
Despite the Ttaiian government 
bond market's turbulence, the 
lead manager reported a solid 
syndicate and investor 
response. Tbe bonds closed at 


NEW HTTERNATiONAL BOND ISSUES 


Amount 

Coupon 

Price 

Maturity 

Fees 

Spread 

Book runner 

Boffowor 

118 DOLLARS 

BL 

» 



9* 

bp 


Conat Finance UenseyXaJt 

SO 

(h) 

99J75 

MarJ2004 

undteQL 

- 

Banca Commenaale tttaiena 

D-MARKS 

Qeopean investment Barfc 

ibn 

660 

101^5 

APT2004 

1.7S 

. 

Deutsche Bor* 

YEN 

Panasonic finance Naths^c) 

lObn 

M 

T 00-00 

All 997 

31875 

- 

(BJ International 

ITALIAN LB6E 

KJW International finance 

200bn 

6376 

100m 

Apr. 1999 

1.875 

- 

Deutsche Bank London 

ecus 

General Electric Captal Carp. 

100 

6125 

9smR 

Apr. 1999 

025R 

- 

OCftMerrfl Lynch tntL 

PM terms and norx^taUe irten stated. The yield spread (over ratovant goaettmen bond) at bunch to Sfftol by die lead 
ratogar. 5F)oaiing rate note, ft fixed re-otter pace; fees «e shown as the re- offer tevoL a) Fu%Ue with SlQOnt launched 22/2/94. 
Plus accrued bj fl-mtfi Libor -5*9*. rrmt 59*. cj CNtabls on PSVWB as par, d) 3.169* until 247/96 and 369* thereafter. 


around 9&90 bid, just outside 
fees. 

At the initial offer price of 
98.95, where they yield 8.64 per 
cent, the bonds pay a juicy 
yield pick-up over comparable 
lira paper; Bayerische Landes- 
bank’s 7.5 per cent bonds due 
1999 yield 8.42 per cent, while 
the EIB's 7.45 per cent hoods 
due 1999 yield 8.01 per cent, the 
Deutsche Bank official said. 


In the Ecu market. General 
Electric Capital Corporation 
launched Rail 00m of 6ft per 
cent five-year bonds. The deal, 
jointly led by Credit Commer- 
cial de France and Merrill 
Lynch, was targetted mainly at 
Swiss and Benelux retail inves- 
tors. 

• Standard & Poor’s ratings 
agency affirmed its triple-A 
ratings on the long-term senior 


debt of France Telecom and 
British Telecommunications 
(BT). It also affirmed its A-l 
ratings on both of these issu- 
ers' short-term debt 
However, it said the 
long-term rating outlooks for 
both are changed to negative 
from stable as momentum 
builds to foster competition in 
the European telecommunica- 
tions market 


Latin American 
issues tumble 


By Conner Midde&nann 

Mexican bonds slumped 
following the assassination of 
Luis Donaldo Colosio, the 
country’s leading presidential 
candidate. In early trade they 
fell by more than five points, 
though they later bounced off 
their lows in thin volume. 

Other Mtin American debt 
markets suffered in sympathy. 
Mexico is considered a bench- 
mark in the LDC market, and 
weakness there often spills 
over into neighbouring 
markets. 

However, losses in neigh- 
bouring markets were not as 
dramatic as in the Mexican 
market. 

In general, the more liquid 
and volatile Brady bonds fell 
more sharply than Eurobonds, 
said Mr Denis Loubignac, a 
trader at Paribas Capital Mar- 
kets in London. 

Mexico's benchmark Brady 
bond, the 30-year par bond, fell 
by more than s points in hectic 
New York trading, hitting a 


low of 66ft before bouncing 
back to close at 69ft. down 
from 73 on Wednesday. The 
Mexican benchmark Eurobond, 
a 10 -year dollar -denominated 
bond for Bancomext, fell from 
90 to 86ft. but rose from its 
intra-day low of 81, he said. 

Argentina's benchmark par 
bond fell one point to 57ft, 
while its global Eurobond due 
2003 fell by about a point to 
90ft. Venezuela's par bond 
slipped by two points to Kfli. 

Market participants now 
hope the ruling Institutional 
Revolutionary Party will 
quickly name a new presiden- 
tial candidate to reduce politi- 
cal uncertainty and calm the 
markets. 

Although the fundamentals 
of Latin American haven’t 
changed dramatically, the 
events served as a reminder 
that “we are dealing with very 
volatile emerging markets; 
there are large risks and large 
returns." said Ms Ingrid Iver- 
seo, senior economist at Mor- 
gan Grenfell in London. 


EOE to launch 
Flex options 

Amsterdam’s European 
Options Exchange will launch 
a new series of puts and 
calls on Dutch state bonds 
today, designed to enable 
investors to tailor the options 
to their individual require- 
ments, Reuter reports from 
Amsterdam. 

Hie options - to be known 
as Flex for flexibility - will 
allow customers to choose the 
expiry date, exercise price and 
tiie exact underlying security 
the option may be delivered 
against 

Tbe new options, to be 
traded via a specialised EOE 
floor broker, will be guaran- 
teed by the clearing institution 
of tbe exchange, tbe EOE said. 


Austrian group 
in global issue 

Mayr Melnhof Kart on. the 
Austrian packaging group, 
expects to raise Sch3bn when it 
issues equity next month as 
part of its initial flotation, Reu- 
ter reports from Vienna. 

The group, Europe's number 
two cardboard packaging 
maker, is to offer 4m shares 
from April 19. One third of the 
proceeds is to be used to 
increase capacity, with the bat 
ance used for funding acquisi- 
tions, the company said. 

Morgan Stanley Interna- 
tional, which is placing the 
international tranche, expects 
turnover of Sch&lbn this year. 
Pre-tax profits are expected to 
total SchSlOm, rising to 
Scb436m next year. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day's 

Coupon Date Price change 

Yield 

Week 

ago 

Month 

ago 

Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTR FUTURES 
(LB=Fq- Ura 200m lOOthe of 10096 




ArtotraOe 

9J50Q 

08/04 

114.4600 

41X060 

7.17 

722 

621 

1 Open Sett price Change 

rtgh 

Low 

EsL vd 

Open bit 

Belgksn 

72SO 

04/04 

99.0500 

-0.580 

728 

7JS 

6-95 

Jut 11 aoo 109.70 -020 

11028 

109.15 

532S2 

102542 

Canada * 

6.500 

064)4 

91.9500 

-0210 

7JBS 

727 

6.88 

Sep - 10920 -0.60 





DenmaiX 

7.000 

12/D4 

1002700 

-0.700 

6.94 

6 63 

655 





France BTAN 

aooo 

05/98 

1072900 

+0.040 

5.78 

5.78 

5.42 






OAT 

5^00 

04/04 

92.1000 

-1.050 

0-60 

628 

6.16 

U ITALIAN GOVT. BOND 03TT9 FUTURES OPTIONS (UFFB Ura2O0m lOOttw Of 10096 

Germany 

6-000 

as/03 

87.9600 


626 

6.12 

6.08 






Italy 

£500 

01/04 

94.4900 

-1X580 

927T 

9.14 

8.73 






Japan Nolle 

4.800 

OB9S 

105.6680 

-0.100 

3.82 

352 

321 

Price Jut Sep 




Sep 

No 157 

4.500 

08/03 

102.4050 

+0.136 

4.14 

3-96 

355 

10950 2.50 325 


220 


3.4S 

Netherlands 

5.7SO 

01/04 

94-3800 

-0.880 

054 

623 

6.0B 

11000 224 322 


254 


£72 

Spain 

11X500 

10/03 

109.0500 

-0.700 

8.94 

8.74 

851 

11050 220 2.80 


220 


4.00 

UK Gita 

aooo 

08/99 

95-12 

-41/32 

7.05 

6.87 

658 

Eta «aL data Cate 3803 Puts 4011. Preutatt day's opan ta, Cate 70822 Pun 624B4 



£750 

11/04 

93-14 

-62/32 

7.7B 

723 

7.12 







9.000 

10/08 

110-05 

-6S/32 

722 

7.46 

722 






OS Treasury- 

S.S75 

00/04 

94-28 

-39/32 

6,60 

620 

6.17 







6250 

06/23 

90-09 

-52/32 

638 

6.81 

629 






ECU (French Goal) 

6.000 

04/04 

83.3500 

-0510 

6-94 

6.64 

6.48 

Spain 





London Ctoetag. -New Ydik nad-day 
t Oxma emual yWd Jnctafloo wfirtinWkiB Ore at liS per 

YMdK Urcri mntat ataKtaRL 
cem payable by naweerdniW 

■ NOTIONAL SPANISH BOND FUTURES (UB=F) 




Men: UB. UK M XMs, ottera In dwtata 



Sbuw MMS Mvrtttanar 

Open Sen price Change 

ft* 

LOU 

Est voL 

Open «. 

US INTEREST RATES 






Jut 99-90 9928 -083 

10028 

9920 

68.404 

102.499 

4pm 



Treasury BSa and Bout YWds 


Sep - 9928 

- 

_ 

■ 

“ 


On north „ 


143 Tno year 


— 507 






Pitas IBB ... 

6 Twomortn _ 


148 Ttieaya*— 

- 

_ 545 






Attar hen KM 

S TUma nmlTL 


3J3 Rwsea-_ 


_ 5.99 






tolftmta 

3% Sh undi ._ 


193 10-W 


651 

UK 





Ftrttwta at HanMkn.. 

■ Onaysar — 

— 

422 SH«ar 


663 

■ NOTIONAL UK GR.T FUTURES (LJFF^* £50000 32nds ct 100% 



FT-ACTU ARIES FIXED INTEREST INDICES 


Price Indices 

Thu 

Day's 

Wed 

Accrued 

«d«L 


— Low coupon yield— 

-MetSun coupon yWd- 

— Hgh cotvon yield- 

UK OKs 

Mar 24 

change % 

Mar 23 

interest 

yttl 


Mar 24 Mar 23 Yr. ago 

Mar 24 

Mar 23 Yr. ago 

Mar 24 Mu 23 

YT..VS 

1 

Up to 5 years £3) 

12S25 

-053 

12621 

2.05 

228 

5 yra 

7.02 576 572 

725 

599 627 

7-33 7.13 

7.1$ 

2 


14823 

-126 

15028 

1.68 

3.75 

15 yre 

728 7.46 724 

7.77 

759 526 

506 7.88 

549 

3 

Over 15 yean pj 

16656 

-156 

16920 

125 

353 

20 yre 

7.77 7.59 511 

7.77 

7.60 546 

728 726 

559 


fcmJiWTwhics (6) 




3.1 1 

1.A7 







5 

AH stocks (82) 

14501 

-MS 

14570 

1.76 

324 







Index-Meed 







Mar 24 Mar 23 Vb. ago 

Mar 24 Me 23 Yr. ago 


6 

Up to S yaars0 

18573 

-0.4C 

18547 

-0.13 

253 

Up to 5 yts 

597 252 221 

222 128 Ml 


7 

Over 5 yews (11) 

178.70 

-0.78 

iaaii 

055 

129 

Over 5 yra 

545 540 543 

526 321 524 


a 

Al stocks (15 

17825 

-0.74 

17B28 

0.66 

1.41 















B year yWd 

13 jfbw yWd 

28 year yMd — — 

Debentures and Loan* 







Mar 24 Mar 23 Yr. ago 

Mar 24 

Mu 23 Yr. ago 

Mar 24 Mu 23 

Yr. ago 

9 

Debs £ Loans (73) 

13521 

-124 

13828 

a28 

228 


575 540 556 

587 

582 927 

829 589 

958 


attains tpxns redemption yto*M era M n JboM. Coupon Bant s \mr. 0%-nHfc Meduic Ntfe ll» and over. f Pat »MtL yu YMr » dam 


FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Mar 2* Mar 23 Mar 22 Mar 21 Mu 16 Yr 930 Ugh' Low Mara Mar 22 Mar 21 Mar 18 Mar 17 

Govt. Sacs. (UK) 97.63 3&B2 99.05 9582 98.72 96.50 107.80 96.85 GSt Edgar] ber gahu 958 97-5 01-5 96.7 09-6 

Raad Merest 119J51 11994 118.79 119.45 120.14 112.14 13107 112S4 Ms* average 94.4 35-0 95.8 984 97.0 

■ tar 1BBM4. GiMonM Sacuttu Ntfr arxm o x hU O ul WM (Bn/m trm «8.va (371/79. Ffc«i tam Mgh ataca c oip lM ton: 133*7 , tow 5043 0/1/7BJ . ante Htt Qovwnmart Shmm 15 1 

1003 mat fined knveot 192& SE acdul «r *Oom mbaaaA 1074 


, I ' * % 

t K" 




/ \ 



BOND FUTURES AND OPTIONS 


Franco 

■ NOTIONAL FRENCH BOND FUTURES (MATIF) 


Open Sen price Change HJgO 
Mar 109-20 108-00 -2-00 109-29 

Jun 108-28 107-00 -2-02 108-30 

Sep - 106-04 -2-01 

■ UNO C8.T FUTURES OPTIONS (UFFE) £50,000 64ths oS 10054 


LOW 

106-30 

109-17 


Eat Vd Open M. 

51 10707 

135833 151721 

0 107 


Open Sett price Change 
Mar 124.64 123.48 -1,12 

Jun 12058 123.02 -1.10 

Sep 122.88 12232 -1.08 


Hgh 

12*50 

124.04 

12X24 


■ LONG TERM FRENCH BOND OPTIONS (MATIF) 


Low 

12352 

EsL voL 

15828 

Open Ira. 
35442 

Strike 

Price 

Jun 

■ CALLS 

Sop 

Jun 

• PUTS 

Sep 

122.78 

335184 

145.688 

107 

2-01 

2-14 

2-01 

3-06 

12540 

1X32 

12,389 

108 

1-38 

1-SO 

2-36 

3-42 



108 

1-12 

1-27 

3-12 

4-19 


Strike 

Price 

Apr 

- CALLS - 
Jui 

Sep 

Apr 

— PUTS — 
Jui 

Sep 

123 

- 

1.50 

1.70 

676 

1.70 

. 

124 

023 

1.04 

1-30 

1.35 

515 

- 

12S 

506 

0.75 

- 

Z21 

2.03 

550 

125 

602 

643 

670 

- 

534 

•420 

127 

601 

625 

648 

- 

4.13 



£*- act, tom. Ota 4207 10251. Aettrus days open tit. Cota 90Z2a Pita essia 


Ecu 

■ ECU BOND FUTURES (MATIF) 


E«L VOL tout Can 34.WB Pun 47,434 . Prertou* day*! opal W, Ctaa 375,667 Pula 205,731. 

Germany 

■ NOTIONAL GERMAN 8040 FUTURES (UFFE}* PM2SO.OQ0 tOWmoMOOS 



Open 9ett price 

Change 

ft* 

Low 

EsL vol 

Open W. 

Jun 

9500 9573 

-651 

9555 

B53B 

FTTH 


See 

8544 9548 

-649 

9544 

0544 

28 

5295 




Strike 

Plica 




■■■ 



Jun 

Sep 


Jui 


Sep 

9690 

1-29 

1.55 


1.06 


157 

aooo 

1.03 

1J2 


1.30 


1.84 

8880 

(LSI 

1.12 


1.66 


514 



Open 

Sett price 

Change 

Hgh 

Low 

Mar 

11588 

110.2D 

■588 

11590 

11540 

Jui 

8612 

89.83 

-682 

0040 

89.50 

US 








Open 

Latest 

Change 

High 

Low 

Msr 

- 

108-11 

. 

- 

. 

Jun 

109-29 

108-18 

JUT 

108-01 

108-11 

Sep 

108-03 

107-20 

•0-28 

10543 

107-14 


Eat voL Open bit. 
BOO 4J303 

3587 6,258 


EsL voL Open bn. 
14.458 1X301 

288,806 370868 
ZS03 42,322 


CM. n4 mm cafe wane An mar prevtout dnfa ooan m. Ctai sum Puts 22320a 


■ NOTIONAL MEDIUM TERM GERMAN GOVT. BONO 
(BOamUFFET DM2BM00 1000a Of 100% 


Japan 

■ NOTIONAL LONS TBW4 JAPANESE GOVT. 
OJFFE) YlOOm 1000a 01 100% 


BOND FUTURES 


Am 


Open 

100.56 


Sen price Chengs 

10035 -020 


Mgh 

100.61 


10CLSZ 


Eat vert Open bit. 

29 2460 


Open One Chengs Hgh Low Ebl vt* Open bit 
Am ll&eo - - 110.61 118.10 1555 0 

• LIFFE earmeta nM on APT. M Open ttaraat flge. re far txmfaw day. 


UK GILTS PRICES 


rid — _ 1BBM4 _ 

M PMaC-V- HOI IM 


_flrtfl._ 

be Has Nat - 


•tanrpiM'vftRMiNml 


Mnstew* 

Uml (QpetA. fflMg— 

EnftizitKWi 

make IBM# 

13 k ion 

fiKPXKflnfiO-M — 

10%9C19BS — 

HMii34pctgaftt*-... 

INK IBM 

lt%get9K&. 


MlUtelMBtt 

lOOClW — 


COnantaa 1 QK 1 
touiate IW7»- 

OwilMapciBSf 153 

Tina Mac IBBTtt. 924 

GW 15*1947 MM 

Mac IBM ...... £03 

ton 7<uc 19898 7.16 

totaOVgsIBIO-Wfi-. m 

M 00 VB -1 1130 

IWHwtl&t* 11.78 

Mi (4 k IBM 10.12 

toH»%pe*8B8tt .... 8.71 



Rm la MUM WM 

Mi IftM IBOB 

toNTftstlO* 

TMlQOc <BB8 ft . 

tom won UF4jn ibm.- 

Ok Moot! 

torn** 3000 

1 or ran 





ThwHteOTM — 
lODU PmdngJteVV-ft™ 
w A o*wrdan9teWH_. 

IBM Pan Mpc 2004** 

JEA ate 20044— 

IDS’; Cs»9%flc20QB 

* Tim* I2te 2003-6 —. 

W 7A,pea»ttt 

hi BR 2003-8** 

2? Trr*»1lte2MW— ■ 

55 Tim. Bte 2007 ** 

malt »te W I w . ... .. 

TteMBMMtt 

110 A 

in'a 

iaf. 

OMrntuniMia 

B7« TroQa8sc20a. — 

Tltaa81«*e»W 

cwacuansL.. 

lCSlV TrawBteWBB-W- 

Hwiaaiatt 

7te»J3-isa — 
too Ite 20 im. 
iBA to»»B.-l^7 


w1B8VB*_ 
t- Mgh loir 


til 


_ 186394— 
amoe tv- nt im 


Ml 754 ii9l| 

mi u« m 

8% 7 J1 usual 
720 794 93U 

7a 1JB 83U 

&43 742 mua 
80 BAT 12SU 
7.78 7.78 I00i 
7.8* 70 10M 
BBS M7 123U 
802 7.81 108 

Ml 808137*6 
613 751 110UU 


-1& 12011 
-ill BBA 
-iH 12&U 
-m ns* 
-in 10 *^ 
-18 U3H 
-iU 1*8B 
-Iff 112» 

-a 

-IH JMA 
-H 119U 
-1«B 1W 

-m n 



- - 137*1 1J7>a 131*1 

1.78 25S 1BBU -fl 204U 1048 



2te'n — 
zteis- _ . 

Ote'IB hU8 35* Ml 1 

2te9 0 
2 



-U 16 
-I to 

S - 

158 SJBIVte -lS 1EU 1«fi 

. zjj ui us -iX liu iSs 

1) 340 353 IMA -is 128a 7t»\ 


7.7* 750 103Ad 
754 7.73 MU 

BOB 7J3 111A 
BOB 755 111U 
BJO 751 B0% 

75 * mna/pd 

788 7.71 IGHt 

782 752 11QIj 

488 482 150U 


-A IIBfl 
-2U ^ 

-m itS 

-A •« 
-111 117U 
-l& (I4*| 
-Itt 12BU 

-es imU 



149.1. 


Other Ffarati I n f i w t 


MB* W M 


Mattar- Tia' tan 


I i*S 
too 

123U ORtaM 

toon Oamliiaa 

vh torltaDSteb -. — 

omote^iNL 

ton 

CawMite 

Tim ite 


NdaaDKiiUaifl..«. 

UhdmioUbbMN.- 

fftmilteatt 

bEKdCMBte'ia. 

•a can 


345 Ml 
670 41S 



®u -1 ia 

Id** -U 1W B7U 

-1 ia 110 
-til 17U ISA 
i*BU ia 
— 4*u a 

ia im** uS 
72U — 78 B3U 


141 — TMT* Ifg 


IX _ 145U 
148 — 1BBU ISU 


FT/tSMA INTERNATIONAL BOND SERVICE 


Ltatadm the test 


bK Wtt anNOortafariii>rtdiBiawhanednuataaacondatynta1at l aiw »price ea7iflOpnienMMtfia* 
bUBd BM Otor Chg. YWd bnd BU Otor Chg. 


tawed BU Otar Oft. 


US DQUAR STRNQH18 

MbryMiTMtaiyUUte 1000 95% 96 

M»Wte*n>9UfiG 600 m KBU 

■ BUOO 40D KB% 


Btak <t Tdqo BU BB . 

Begun 0% SB 

BFCE7U 97 


aftrtiOB 02 l. 

CanataflBG 


Cheng Kong Ri 9B 

CMb«1}04. 


CoundEunpeBBB _ 
CtaSt Fonder S >2 89. 

Demote 5*t 08 

HSCBU98 

SCtfiE 

BB 7U SB — 

BB9V07 


Sac da Renos BOB. 

GuroBmaBUOS — 


Bt*n Bar* Japan B 02 . 

egmDerCQrpB^SB. 

17^97. 


Rrmirfi Spot 9Ta 95 


FordMetarQedtBUBa. 

Qen Bae Cmd 9% SB _ 
GMrtC9>t8B. 


too BH Jbpan Ri 7) B7 . 

HarAnwDw7*BB_ 


Jft»DwB(8U01 

Kn4 Bac fW 10 SB . 


Koca Bee Rmbt BU 03 . 

LTC8 FVi B 87 


VcanKa Bee 7 1 * QZ _ 
NppanOedBkH)(|B5. 

Namta7U97 

OrsotazU 03 


CereKoraotaBdifl^W . 

PatoCgnUT^OS — 
RxugdAas. 


UtajacHyrboBUBB. 

qjN»ePiwafl8__ 

Statauyfi^SB 

SA310BB 


204*1 1! .. 

113A 105& 


SffiFohn. 

SpNiBbS. 


iBkN8WB>a«. 
feed* 02 96. 


Smdta Sport 5J*Be_ 

toqoBKFom-eliH. 
iHOeMWopBli^i « . 
ToyaBiMDlarS^a^. 

World Bartow 


ueUWCMB IMRK SlMMHn 

am 


Ort Fondo T 3 * 03 . 

Ooimfcfli| 0 l , 


as* 


tepbRnmalaOB. 
iTbaa. 


DbtaeMBkRn 
EC8CA60 
SC 64 00 


.2000 10*^ 


700 1CM 

.2900 itnH 




asAoo 1600 

maa Tig 00 ~ 33 oq iq 4 

BdyTk bb sooo 1034 


Onto 6*4 0* 
S(Un 7^4 U3. 
8nan8B7. 


,1600 100b 
,1800 B9b 
4000 108*9 
.2900 107% 


XW 4 


- TOO 104*» 105*i 

_ 250 nr nSr 
. 150 104% 

, 19M 1U 
WOO 106*2 106*. 

.SB 93*4 SSfs 


105 *1 
12*4 


1000 

. 100 l(6*e 105l| 
- 300 112*. 

ran 9B*i 


1&» 105% 


,100 105*5 
260 I04*| 


ran 109 % 
. an 103 % 


,100 106% 
an ioB*< 


iso mb 

, 200 1(E*| 10B>« 


lift 

8ft 

106J, 

10ft 

10ft 

lift 

lift 

107*i 

10ft 

112 


. 200 10ft left 
1500 Oft 10ft 


300 HVfe 100 


aoo raft raft 
, aoo im raft 


.an W4*2 raft 

5809 aft 89 


500 raft 


-am raft 
1 350 B1*| 
.2m 


.1000 100*1 
- is raft 
.ran raft 
sooo toft 


an 10ft 


- 200 lOft 
,1000 91 


.1» lift 
200 10B>2 


10ft 

raft 

raft 

10ft 

raft 

104 

raft 

10ft 

vrPa 

9ft 

lift 

10B>| 


ISO 

an ii<D| 11ft 


SC Wft 1CB** 


150 lift lift 
1600 Oft 9ft 
, an 10ft 


. zno ra>% io 


ioft 


,«o raft 
.900 10ft 
-200 W 
,1600 Sft 
,3000 102 raft 

. 1000 10ft 19ft 


ft 

ft 

ft 

ft 

ft 

ft 


raft 

*26 

aft 


isn 10 ft iflft 


ft 

ft 

ft 

ft 

ft 


2000 102*1 raft 


.2003 100*1 100*2 
,100 Bft Bft 



LMed Nngdvn ft 97 _ 
7.17 UgBwegeiMnn7Q3 . 

350 Wnddaa*015 

481 RWdBa*5%03 


MB WWdBrttftQO. 
642 


■ 6500 1IB*| 
.1000 tOft 
.2000 2ft 
66*2 


1250 lift 


raft 

101*1 

27*, 

,a 


490 8MBS8 HWNC SIRNOHIS 


ft 

ft 

ft 

ft 

ft 

ft 

ft 


&16 

481 

561 


ri'i 

r ~ “ ‘JT , 'P^*b*8* 

100 















KbtH8%8t 

— 2« 


110*2 


112 

114 

111 


416 OrtBrtoft 03 


ft 

ft 

ft 


119 Ctaattoc Hjrbo S 0B . 
446 SNCF704 


198 VMoBd Bel 6 08 . 
656 'NoddGarkTOI . 
47B 


160 

.BCD 


422 YEN ST7MJGK1S 

442 Bdan6M 

464 Bd&iBO 

401 Bbc de Franca ft 9B . 


.75000 10ft 
raooeo 111 % 


BJB FHandftBB . 


20000 10ft 


ft 

I 

I 


150 kOrMtaDtaftOO. 
403 Mr ft 01. 

651 JapeiDerSkSW. 


65B Japan Oern ft 01 . 
750 MpconTe Td ft 96 

476 Nowwftge 

725 SNCFftOO 


448 SeadeiftBS 

491 Htadd Bar* ft 00 . 
726 


30000 lift 


.20000 raft 


655 077CR STTWOHIS 
£05 MW 7*2 05 Iff. 


.909 100*1 

7.19 GarAnancaLih ft 981ft- 1000 105 

668 Vkbrid Ehrtc B 9B Lft 1000 10ft 

653 Bare Voor NW Qam 7*, 02 R _ 1000 raft 


D l8fl B EW»ft9BH, 


740 MtatewbKB 1ft BSCS. 
446 M carte 1ft 96 C5_ 
42B Erttrti Cduttta 10 98 CS _ 

457 BB 1ft 89 OS 

471 aaorMAmaftSBCS- 


GOO lift 
BOO 107 


62* Qan Bn C*M 10 BBCS. 

£91 MW HA 19 01CI 

656 IfcptRTfllTallftttCt. 
620 OrabBOaCS. 


ISO lift lift 
-SCO 10ft 1D7 
- 130 lift lift 
-STS MS raft 

.300 10ft 
.400 lift 
.200 111 
m ran 


107 

lift 

lift 

raft 


GOD lift lift 
- ‘ lift 


424 OmtoH0ntftO9CS 

603 OarfMoktelftoaCt^lflO lift 

648 Quabao Piw 10*2 OB C 8 200 lift lift 

£78 MtfwiftHEcu 1260 Iflft Mft 

Cbuid&HDB0V>&*> urn 11 ft 

Cw*Uan*s88BEai-»^-129 10ft 
7.13 GB 10 97 Ecu “ ‘ 


659 Fans dD Sts ift 86 Geu .. 
4ffl fcrtylftOO&u 


4M febiDBEu. 


112 

. 10ft 
us iaft raft 
-500 lift 
.1000 116*2 


ins 10 ft 


DM lb«d Ktytam 9*| 01 Eau 2790 112*2 

555 MX 70 ft A{ (ft 10ft 

£19 VMHM12*|9BU 100 10ft 

410 OurmBiAijefttftnAt-rao 12 ft 
946 B«ortari12l|®«— -75 107 


BA Md^rtadiCma 15 05 AS 109 

499 NSW tosewZbm 02045 1000 

4B6 fl 1 ! BirM TV 03 AS 123 

£66 SJiiteftMAOOAl-, 160 

£67 IMMvAn*a1SnAI__1GQ 


lift 
lift 
109*2 

lift 
10ft 
10ft 
128 
107*6 
1W 110*» 


1ft 


tft 
[0ft 10ft 
116 lift 


ft 

ft 

ft 


lift 

US 

lift 

103 

fW 

113 


.400 10B*» 107 

100 9ft 10ft 
.450 116 


116*2 
102 10 ft 
113 lift 


rat 

11 ft 

raft 

10ft 

lift 

9ft 


100000 10ft 10ft 
120000 112% lift 

.50000 10ft 
.50000 1(2% 


106% 

102 % 

112*2 

raft 


raft 

110 

raft 

108% 

112 % 

M>7% 


I 


552 ABBEY NAJL TREASURE 8 CG£ 

656 

623 Atace Idee 11% 97 £ 

651 fWWi Land 8% 23 E — 

607 BB1097£ 


where. 


ft 
ft 
MB ft 


Haraen 10% 97 £ . 


5.13 HSBC Hobftgi 1159 02 £ . 
4.16 14 2. 


454 Japat Dw EBt 7 00 £ . 
5M land Sacs 9% 07 £_ 
459 Ortato 11% 01 £ . 


452 PomgmBh 032 . 


ft 455 Swan Tort 11 % 99 E . 


ft 

ft 

ft 


540 TrtjoBWftjewiltn £ , 
421 Wjrid Bvik 11% OS E 


456 AbOwABanNOMNa. 
627 TCNZHift 02NZS 


506 CEPMEIOBSFFr. 

550 Bac db tana 8 % 22 FY. 
•4.73 8NCF9%B7fFr 

4JB 


pTrl 





1 23 




WPl 

* LJ 






ri 




■yl 










tj 
















Pgi 




□ 




B * r l 






J 


II rj 



J 




Cj 

j 

IT' j 
















|KVI 







I 

pj 

ca 

C2j 




RJQAI9I0 RATE NOTES 


ft 

ft 

ft 


429 

455 

345 


OK (Mar 09* 


s 

ft 


426 

456 

407 

451 


i 


3X00 112% 112% ft 


274 

436 

254 

451 


654 


ft 

I 


5,77 

&BB 

851 

M8 


759 


4 

I 

1 

A 


Abbey NU Dewy ft W 

1000 

BUS 

8956 

em 


- 200 

9985 

89.79 

saw 

Bdra«ri87EM 

-500 

saw 

H2X09 

fisreo 

BTCE-OJBO0 

-350 

tug 

8MB 

6*175 

auwsaiowe 

_ 150 

9983 

10003 

$6371 

+ r /» 1 ' ■ | r 

2000 

-an 

9958 

BUB 

BUB 

9900 

&3126 

62S00 



BBSS 

10030 

£0000 


.1000 

99GB 

90S 

37500 


.1000 

9988 

10002 

SJBBB8 


-420 

10007 

HU22 

3B0C0 


1000 

BBSS 

loon 

34141 


-360 

8BM 

100/03 

uom 

MsndOtt 

- 300 

8987 

■M 

344(0 

rfi’*! n.'Ti \m 

2000 

1000 

10050 

MS 

10Q85 

Bare 

£025 

14375 


-BOO 

BUD 

BUD 

4.1000 


- BSD 

10902 

10027 

92GB0 

r.jK 1 "1?|- ihh 

- 260 

moo 

10610 

34SB0 

Ontario 099 

2000 

9952 

9£BD 

3BBS 

RmteOBB 

- SCO 

B937 

9958 

93760 

•It 1 , : I I .PHHI 

-aoo 

0556 

BM 

44012 


9000 

MI 

fOUB 

4S125 


.128 

9987 

MB 

38344 

SrwtanQBB 

1500 

mu 

1002* 

57803 

UteKfagdoniftM 

4000 

9986 

9991 

91230 


comamuBONOB 

7J4 

7.70 — 


Cm. 


bud Frioa ad Ottr Rw*- 


BMrtw*K*8%C8. 
H QittCwuen 


« eatmfaUkthW 
QsUKi 

M* tear ft 068 
55 hbnvmbb 


52 mm Bara 2 % 03 



67% oft «?£» 
103% 10ft 
106% 107% -4« 


HI Lm8nfl%K£ 

ui tens 7 % me 


H? Mart he Rn 6% 97 
w IWFmftHC 
™ Qoan602 


5« Pnagi4%ia , 


9HiflBiMBMft04 

a>iMm7%Me. 
55 toco Cecu sue 


900 4t« ... . . 

» 15664 121% 122% 4»10 

600 25616 116% 120% 

135% 139% 

101% 102% tl* 
08% 80 
88% 06 % «« 
104% 103% <348 

120 % 121 Mae 

98% 88% /OX 
100 % 101 % 

300 anas ao% «% «3i 

IB 95 W4% 106% <30* 

800 UI 181% U3% fl£83 


.69 36077 


.600 <17% 


ttoinmiMntarigM 


SJH2ET !S5522Jf , !S^*5J^¥ J? ***** ** ■«»« “»* >■ " na*s N sunanay rrtta. Ota. dawCMn n <tw. 

PL041MI Mil HuTl£ Derarbeiad M i t bw tatata mean >a> m ar l Oapon n«i la irMmm, Op mu abwe taiii M B* dlmd rata 


caw roa BOWa n aunw to imw ate aBfta a W a mA Cny. pfa a IM * mm of bard on «h»a 
MM ptai af BBOAng Pont an Bit band gw <twM m« pfci or m trtwee. 


Whaena* Ben* iihi M0 Mr VIB aim (UpmlW 
bl ouninr N Me ■* ommsi taH bad ■ mie. ItoMteete 8>*min M ** 


-ft , 
Tlv-V 




1 


a *- rH 


/T 






*u 

















i 


fc_ \ FINANCIAL. TIMES FRIDAY MARCH 25 1994 

- ' "cOMPi 

\H\\^ £350m tumround achieved by emphasis on sound underwriting 

Sun Alliance returns to black 


COMPANY NEWS: UK 


By Alteon Smith 

Sun Affiance, one of the UK’s 
largest insurers, returned to 
profit In 1998, alter three con- 
secutive years of losses, with 
£221 ,7m pre-tax, against losses 

3f £L29.6m. 

The group said the tum- 
rotrnd was achieved by an 
anpbasis on sound underwrit- 
•ng and generating sufficient 
' profits on the general 
nsurance business to absorb 
xmttnuing losses cm its domes- 
ic mortgage indemnity bust- 
; mss. 

The year also saw a strength- 
ening of the b alance sheet, 
vith shareholders funds rising 
.iy £465m to £2.01hn and sot 


vency - net assets as a per- 
centage of non-life premium 
income - returning to 64 per 
cent, compared with the 54 per 
cent oflast year. 

Earnings per share were 
22^p, against losses of lg.lp 
and the board is recommend- 
ing a final dividend of 9-5p, far 
a total of 14.75P (I445p). The 
shares closed the day 12p up at 


Premium income from gen- 
eral insurance in Son Alliance 
UK fell slightly to £996m 
(SLQlbn), but was accompanied 
by a return to underwriting 
profit of £3m against losses of 
£l90m. 

General insurance business 
in Sun Affiance International 


generated premium income of 
9859m, up from £825. Losses on 
underwriting ware lower at 
£136m (2248m). 

Though underwiithig of the 
general business in Sun Alli- 
ance Overseas once again 
Twa/te a loss of tufai, premium' 
income was up sharply, to 
21.541m (£L3bu). Urn life side 
premium income rose to 2394m 
(2260m). 

This increase came partly 
from -the acquisition of Hafafa 
in Denmark during the year. 

On the life side Sun Affiance 
suffered a drop i n it s premium 
income in the UK to £74Qm 
(£LMbn) as a result of a toll in 
its single premium business, 
although its owwrmi premium 


income rase. 

The group said that it had 
bean prepared to sacrifice some 
market share rather than write 
business at a loss. 

Ur Roger Taylor, who win be 
group chief executive from 
July, warned that the favoura- 
ble recent period of mild 
weather would not last, and 
«>id that in many classes of 
insurance premium rates were 
too low for the risks being 
underwritten. 

Sun Alliance is not wwMnp 
any special provision for poten- 
tial compensation to be paid to 
any of its 18,000 chants who 
had transferred out of occupa- 
tional pension schemes. 

See Lex 


Slough Estates advances 14% 


.. Iy Vanessa Houlder, 

- Toparty Correspondent 

lough Estates, the UK's 
. irgest Industrial property 
kUsfc'-ampany, yesterday announced 
• * 14 2 per emit increase in pre- 

tt| profits from 246.4m to £53m 
N ‘hr 1993 and a rise in net assets 
ar share from 285p to 269p. 
The group posted a valuation 
_ irplus on its investment prop- 
■ty portfolio of £115.6m ar 74 
sr cent A 13J. per cent sar- 
.... e '.tis an its UK properties was 
. ' vESet by a 64 per cent deficit 
/erseas. 

Tor Slough, toe immarffat* 
ood is cautious optimism, ” 
dd Sir Nigel Mobbs, chair- 
an. "The outlook for 1$94 is 

- uch improved as a result erf 
ranger business confidence 
id the prospect of sustainable 
anomic recovery.” 

Rental values were likely to 
7. art Chdr recovery lata- in the 
ar for good properties in 
. ime locations, he added. 

The company said it was 
. neasing its development pro- 

amme , particularly on the 
|l|||jMbiigh trading estates. Its cur- 
construction programme 
.cunts to 139,000 sq ft in the 
_ C and Canada. By toe year 
- ^i, it expects to have another 

- - ,000 sq ft of new industrial 

1 retail warehouse space in 
UK under construction. 





S&., \ 





increased share capital. 


CTsssasa*l 


Timor hkmphrto* 

fflr Nigel Hobbs; flie immediate mood is canttous optimism 


Slough add it would place 

wnphflgifl nn dpvftln pTTumt nf ffa 

existing partfoBo rather fl»m 
acquisitions. Sir Nigel critic- 
ised toe "e xtra vagant" prices 
currently befog asked by ven- 
dors. . 

provisions against the carry- 
ing value .of trading stock fell 
from £UUhn to 27.8m. 

Operating profit of utilities 
fell to £2.8m (24.1m), as a 
remit of continuing commis- 


sioning problems. 

Last March's rights issue 
raised £147m, which pushed 
year-end gearing down to 56 
per cent (83 per cent). Cash bal- 
ances stood at 280m. 

Earnings per share was 7p, 
compared with a restated fig- 
ure of 7Sp fin 1992. An ffrtal 
dividend of 5p per share was 
recommended, which together 
with the 3-lp interim, repre- 
sents an unchanged 8.1p on 


NEWS DIGEST 


ra •PO R'Tftl from 0,46 to lJSlp apd again no 
dividend is being, paid for the 

i loss and 

l pc Ayrshire Metal 

JCKS Xj« 2ID surges to £135m 




i Group, the specialist 
ailing and distribution 
up. yesterday announced a 
2m cash call and a scrip 
re in tteu of preference divt 
ids, after repenting a Elm 
- ersal into a pre-tax loss of 
6,000 for 1993. 

dr Anthony Fay, chairman, 
med the loss - which was 

C r a £280,000 provision for 
rganisation and closure 
its - on a continuing 
^ k of consumer confidence, 
erosion of grass margins 
d increases in occupancy 
its. 

: fhe l-for-1 rights issue of 
12m new ordinary shares Is 
9p per share. Convertible 
rference holders can partid- 
. te on the same terms as ordl- 
ry holders, on the basis of 
o new ordinary for every 
' ,-ee preference stores, 
n addition, the entitlements 
convertible preference hoM- 

3 to accrued and certain 
tore preference dividends, 
. counting to EL 05m, wDl be 
ocelled and replaced by the 
me of 547m scrip shares 
th a value at the rights price 
£474,475. 

^ Turnover in 1993 was mar- 
tially higher at 274.3m 
1860)). The group - whose 
tan operations include Beat- 
is, Tecno Fox Talbot - 
i not open any new shops In 
93. 

Losses per share increased 


also been helped by manage- 
ment changes and the imple- 
mentation of ti ghter cost con- 
trols. 

A OTcU-n Mofol - Turnover rose to 283.5m 

AjfMmc • ffMQm) wi t h comptetkms ris- 

SUTgeS to £i«35m tog to 489 units C363) at an 

average selling price of £68,500 
Stores in Ayrshire Metal Prod- (£65,900). Operating margins 
vets Jumped I7pjt6v95p jester- Improved to 1065 per cent, 
day after the protfooer erf cold compared with 864 per cent in 
rotted atari profiles maintained fee second half of the previous 
its first half progress with a year, 
surge in pretax profits from The pre-tax figure was 
220&000 to £L35m ip the year struck after net interest 
to end-Decanber. charges of £406,000 (£834,000) 

After a two year absence, the and gearing at toe period end 
dividend has been restored was 34 per cent 
with a final payment of L5p. Earnings per share came out 
TTie company attributed the at K18p (3.79p) and the interim 
sharp recovery tothe impact of dividend Is being raised to 
cost reductions implemented 2.45p (26p). 
over the past three years, 

ftrmrteliffe 

mam m u&om^ conuittons. n ^ iTn 

Cost cutting had continued at £835,000 
In areas where there had been 

no sign of impr ov e d trading Xu its first set of preliminary 
conditions - this resulted in results since obtaining a fall 
farther redundancy costs of listing in May 1993, Bnmtdiffe 
£133,000 being foccoxed. Aggregates returned pre-tax 

Turnover an continuing profits af £835400. 
operations grew from 228.4m to Turnover totalled 24.77m and 

£824m in fhe year. Earnings basic earnings per share 
per share mum to 84p (2Jp). emerged at 24p. A single divi- 
dend of 05p is proposed. 

Maunders rises on to^SSiS^p^toS 

more normal tradxng from acquisitions during the 

y®^r« 

A return to more normal trad- Wtto order books remaining 
ing conditions enabled John buoyant the directors looked 
Maunders Group, the Manches- for a satisfoctory year ahead. 
t«r>based housebuilder, to They said acquisitions would 
report pretax profits far the be the primary engine for 
six wmwthH to December 31 growth but that they would 
more than doubled at 23.03m,. only consider opportunities 


against a restated ELfin. 

Mr John Maunders, chair- 
man, said that the result had 


that were cash generative, 
pr n fitftUe and had strong mar- 
ket positions. 


The value placed on Slough 
Estates’ assets was above most 
analysts' expectations, giving a 
small fillip to the store pri ce , 
which rose 2p to 255p. But 
enthusiasm was tempered by 
fhe lacklustre rise in earnings, 
which left its dividend barely 
covered. Analysts were also 
critical of the further provi- 
sions against trading stock, the 
high level of interest capital- 
ised and toe continued weak- 
ness of Slough’s ntiHria* busi- 
ness. Nor hag the Tnan»|p»innTi+ 
been forgiven far past errors of 
strategy and riming . Nonethe- 
less, a strong performance 
from the company’s core port- 
folio encourages confidence in 
the quality of its assets and the 
decision to invest money in 
developing its own portfolio 
Ttudrpg clear «**»«»- Estimates 
for this year’s pretax profits 
range around 265m; the con- 
tinuing mediocre prospects for 
future revalue growth and the 
weak dividend cover are likely 
to restrict the scope for any 
dividend increase. But the 
sharps look reasonably valued 
an Hie assu m ption that the net 
asset value increases to £3 per 
share Aim year, i » i tfin g them 
cm a discount to net ass et s of 
15 per cent 


Bllston Enamels 
orders growing 

Pretax losses at Bflstan & Bat- 
tersea Enamels, the USM- 
traded rnalrar of hand painted 
enamel boxes, widened margin- 
ally from £222400 to £233,000 
for toe year to end-December 
on turnover 14 per cent ahead 
at 2448m. 

Sales showed a 25 per cent 
increase in the second half, 
mostly in the UK The direc- 
tors raid that sales and orders 
in fhe first quarter of 1994 indi- 
cate that this growth rate 
ahraiM continue. 

The lOSS hirhiripd a prm rionn 
of £150400 far fhe closure of 
Hi« London operation. Tiowses 
per store emerged at was 35p 
(4Jp). 

Enlarged TLS 

£209,000 m profit 

TLS Range, the USM-traded 
vehicle rental group, contained 
to progress through the second 
toff mad for the full 1998 year 
swung from losses of £190400 
to profits of £209,000 pretax. 

Turnover Improved from 
29.79m to 21L63m with acquisi- 
tions during toe year lifting 
the hire fieri by 14& vehicles 
to 3,05a 

EannngB per share worked 
through at 04p (losses 098p) 
and the recommended single 
dividend is bring doubled to 
Q4p. 

Mr Peter Busby is joining the 
group as finance director 
ef f ecti ve from April L He was 
formerly with the Scapa 
Cheap. 


Slimline 
Baird 
improves 
to £19.6m 

By Davtd BfacfcweS 

William Baird, the textile 
group, reported virtually 
static operating profits of 
224.7m for the year to .end 
December. 

At the pre-tax level they 
rose from 214J2m to 219.6m, 
reflecting lower interest 

c ha rges nf E2J8m (tgJaj) «mri a 

smaller exceptional charge of 
£24m on the iHepeml of the 
group’s Darchem Rw gteperhig 
businesses, compared with 
£7m of exceptional in 1902. 

Mr Donald Parr, rhah-mari , 
described trading conditions 
during the year as erratic, 
with mark*** con tinuing to be 
extremely co mpetiti ve. But he 
was confident that the group’s 
strategy of focusing on the 
care clothing and textiles busi- 
ness would show increasing 
returns. 

Turnov e r from the textiles 
businesses rose from 24394m 
to £472J2m, including a contri- 
bution of £20m from Richard I 
Racke, a maker of women's 
wear and casual clothing 

acquired last August. Operat- 
ing profits were flat at 221.1m, 
Including from acquisi- 

tions. 

Operating profits from the 
engineering of the g r r m i | 

were £L3m (£lm). The divi- , 
sion's turnover fell from 
£101. 7m to £50.4m, leaving 
total turnover at £522.6m, 
down from 25414m. T-ant July 
the main Darchem Engineer- 
ing businesses were sold to the 
Weir Group far 216m. 

- The acquisition of Racke, 
which turned Baird into the 
third largest supplier to Marks 
and Spencer, helped Baird’s 
contract division to 

lift t u rn ove r by 17.6 per cent 
to 2230m. Like for like turn- 
over grew by 7 per cent, and 
margins improved from 8.7 per 
cat to 4.1 per cent 
Mr Parr said toe integration 

nf i||^ ltefa 

under a stogie management 
team was almost complete, 
with the c on segnent o pe r at ing 
econo mies coming on stream- 
The branded clothing divi- 
sion, which includes Wtods- 
moarand Damrimac, increased 
turnover by just L9 per cent to 
2213m. Operating profits were 
down from 232.2m to £lL3m 
as marg ins were squeezed to 
54 per cent (54 per cent). 

Basic earnings per share 
rose from 8.4p to 10.9p. An 
unchanged final dividend of 
545p b proposed, giving an 
unchanged total of 84p. 


i i j ii 


The disposal of the engineer- 
ing side has absorbed a lot of 
management rime that could 
have been devoted to making 
the textile assets sweat The 
virtual completion of the dis- 
posal programme and manage- 
ment changes to toe textile 
dMrions snggest that the com- 
pany is ready to do just that - 
the question is how long will 
it t ake to turn round. Margins 
on textiles were around 44 per 
cent last year, well down on 
the company's past achieve- 
ments. Profits this year are 
Kkriy to be arou nd 227m, giv- 
ing a prospective multiple of 
around 15. The shares have 
been su ppo r ted by the yield of 
4.6 per cent, but otherwise 
look duff. 


McDonnell Info 

Shares to McDonnell Infor- 
mation Systems, the comput- 
ing services company which 
came to the market via a plac- 
ing and a poorly subscribed 
public offer at 280p, dipped to 
250p when trading in the 
shares began yesterday. They 
later recovered to close at 
257p. Trading volume was 
646m shares. 


Stronger dollar helps 
Reckitt rise to £260m 


By Maggie Uny 

A sharp rise to the dollar 
helped Reckitt & Colman, toe 
consumer goods group, to 
increase pre-tax profits from 
2165m to 2260m cm an FRS4 
basis. The 17 per cent appre- 
ciation in the dollar against 
tiie pound, other «nwharig w 
rate moves, added some £f6m 
to 217m to pretax profits. 

Excluding the 219m coupon 
on the group's <annm of con- 
vertible capital bends, profits 
rose 51.4 per cent to £279m 
up from 2184m, restated fbr 
the Indian activities’ move 
from associate to subsidiary 
status. 

A proposed final dividend of 
U_lp (1045p) gives a total of 
17.55p «64p) a rise of 8.3 
per cent Mr Vernon Sankey, 
chief executive, «rirt the divi- 
dend increase reflected Reck- 
itt’s policy of progressive 
increases above toe rate of 
inflation. 

Group sales rose &4 per cent 
to 22.11m, and operating profits 
were up from £275m to 
Interest charges, excluding 


the bond coupon, rose from 
£33.7m to £85-6m as sterling 
deposits fell and attracted 
lower returns. Strong cash 
flow cut net debt by £97m to 

£ 2i a5m, excluding the capital 
bonds, compared with share- 
holders’ funds of £704m 
C£618m). 

Mr Sankey said that one 
objective to 1093 had been to 
increase the proportion of prof- 
its from North America, which 
tnr- hiripg Mexico, this bad 
gone up from 16 pm- cent to 21 
per cent Another was to raise 
the proportion from faster 
growing economies such as 
South America and South East 
Asia, and these had risen from 
16 per cent to 20 per cent to 
spite of hyper-inflation in 
Brazil 

Operating profits from 
household and toiletry rose 
from 2188m to 2206m. helped 
by new product development 
Pharmaceutical profits rose 
from £42m to £45.5m, with 
extensions of products such as 
Dettol and Lemsip. Food prof- 
its were up from £45m to 
2513m. in s pit e of the effect of 


a soft drinks price war on Rob- 
insons and poor summer 
weather. 

Stated earnings per share 
were 45.02p (25.16p), but the 
underlying earnings growth 
was 10.1 per cant to 43.64p 
(39.62p). 


Although the shares fell lOKp 
to 605p yesterday, this proba- 
bly had more to do with the 
market than any real disap- 
pointment with the numbers. 
Reckitt's merits lie in its 
strong cash generation, high 
Tnargtea strong brand posi- 
tions and geographical spread, 
all of which contribute to the 
regular progression in divi- 
dends. However, unlike Its 
mustard, Reckitt never lights 
the fire of the mass of inves- 
tors. Hence a low prospective 
p/e, of around 12V» an pre-tax 
forecasts of £3l0m-plus, and a 
historic yield of 34 per cent 
which Should ermrinno rising 
faster than inflation. For inves- 
tors seeking reliability rather 
than fireworks, Reckitt is a 
good bet 


Hepworth shares fall 8% in 
spite of 30% rise to £58m 


By Andrew Taylor, 

Construction Correspondent 

Shares in Hepworth, the 

b uilding materials gnri hn ilar 

group, fell 8 per cent, or 3Sp, 
yesterday to 418p in spite of its 

annfirmrgmprtt of a 30 per nml 

rise in pretax profits in 1983 
from a restated £444m to 

The ma r ket was more con- 
cerned at the company's warn- 
ings about the slow pace of the 
UK construction recovery an d 
worries that Hepworth’s price 
increases were unlikely to 
stick to what remain very com- 
petitive markets. 

Turnover increased from 
£627-5m to 2654.7m. The rise to 
earnings per share fr om l&6p 
to I9.2p was to line with mar- 
ket forecasts. The ffnal divi- 
dend was hrid at 945p kpgpfap 
tiie year’s total at 1445p. 

Many of the group’s markets 
remained flat with the riaribw 
to construction activity reach- 
ing bottom to the UK but kHU 
falling in many continental 
European markets. 


Nonetheless, margins 
improved in a number of areas 
as a result of previous cost-cut- 
ting. rising exports and prod- 
uct development The group’s 
range of products ranges from 
day pipes to central hearing 
boflerr. tills gives it a wider 
exposure to the construction 
industry than most b uilding 
materials groups. 

Mr John Carter, managing 
director, said that European 
construction markets were 
likely to remain demanding in 
the short term but ultimately 
would benefit from lows- inter- 
est rates. 

Gearing fell from 136 to 12 
per cent following last year’s 
conversion to equity of £100m 
of convertible bonds. 

profits in the buflding prod- 
ucts division rose from £144m 
to hai ppfl by exp or ts of 

clay pipes to the busy German 
bnniring marke t Profits in the 
home products division rose 10 
per cent to £11. 7m (210.6m) 
helped by an 8 per cent rise to 
the UK boiler market 
Profits of Saunter Duval 


proved very resilient - they 
fell by £lm to 2254m - given 
the problems feeing contmen- 
tal European construction mar- 
kets. Hepworth Refractories’ 
profits rose from £3.6m to 
264m, while profits from the 

mlrwrak and fthawnnalfi divi- 
sion dipped to Cft-lTn (£84m). 

• COMMENT 

C omm ents by Hepworth and 
John T-afng that foe UK con- 
struction revival may not be 
proceeding as fast as had been 
previously thought may 
increase concern ahead of next 
month’s tax rises, which may 
yet undermine confidence to 
the housing market. That, and 
fears about the effect of public 
spending cuts on the UK road 
programme were enough to 
send Hepworth’s shares falling 
The company, like Laing in 
contracting, is a qualify per- 
former but its .strengths are 
well known. Pre-tax profits of 
£75m hi 1994 put the group on 
a prospective p/e of 20 - high 
enough given uncertainty 
about the pace of recovery. 


Frost increases 33% and 
plans further expansion 


By David Btecfcwafi 

Frost Group, fhe UK’s largest 
independent petrol retailer, 
boosted profits by 33 per cent 
for the year ended December 31 
on the back of a 43 per cent 
rise to turnover. 

Pre-tax profits were up from 
£5 .75m to 2745m an turnover 
Of 2177.2m (2124m). 

Earnings per share rose from 
7.7p to 94p. A final dividend of 
2.7p (5L2p) is proposed, giving a 
total af 44p (34p). 

Mr John M u rg at royd, 
director, said yesterday that 
the company had opened 
another 50 sites during the 


year, taking the group total to 
181. The group now accounted 
fbr 145 per cent of UK petrol 


Frost, which trades as Save 
Service Stations, increased its 
marke t share against a back- 
ground of a 14 per cent fell in 
UK volume, and a fen of 3.1 per 
cent in fhe number of petrol 
stations to just under 18,000. 

Last October Frost made a 
5-for-l rights issue to raise 
£21 4m in order to repay bank 
debt and clear the way for fur- 
ther acquisitions. It ended the 
year with cash erf nearly £7m 
and nnn gpd gristing facil iti es 
of S21m. Net assets rose from 


£27m to £504m. 

Mr Murgatroyd said the 
group planned a further 45 to 
50 sites this year. 

Frost sites its shops in towns 
and local communities, believ- 
ing that motorists tend to fid 
up at the beginning or end of 
their journeys. Each site has a 
SmiHes corner shop, selling 
goods ranging from coal and 
grow-bags to milk and bread. 
The shops are open 16 hours a 
day, seven days a week. 

The group has also intro- 
duced a smart card which 
effectively knocks 2p a gallon 
off the price of petrol to loyal 
customers. 


Wolstenholme tops £4m 


Shares in Wolstenholme Rink 
put on 37p to 695p yesterday as 
fhe company reported pr e-tax 
profits up by 52 per cent from 
£2 89m to £4. tot for tiie year to 
end-December. 

The improvement was 
achieved on turnover up by 


ThkamouMemtBttpptaraatamamr^recordonfy. 


Stanley JLebrne &cyanbatkm pic 

£45,000,000 

Revolving Credit Facility 


DIVIDENDS ANNOUNCED 


Abbeycrest 
apv 


CIA Group § 


Arrtmgedby 

Hambros Bank Limited 


Provided by 


National Wes tmins ter Bank PLC 
Barclays Bank PLC 
Bank of Ireland 
Kredietbank N.V. 


Northern Bank Ltd 
Bank Hapoalim B.M. 
Hambros Bank Limited 
Hie Royal Bank of Scotland pic 


Agent 


HAMBROS BANK LIMITED 


Member of tbe SFA 


March 1994 


Currant 

Date of 
payment 

Corres - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

2 

3 A 

4 C 

May 27 

ft rfir 1 

2 

3.4 

34 

5 A 

4 ft 

34 

04 

rjl 

i-5 

«JUfy i 

mi 

1 Je 

nu 

545 

July 7 

545 

8.9 

84 

14 

Apr 22 

1.1 

14 

1.1 

34 

- 

34 

44 

44 

1445 

July 1 

1445 

21.75 

21.75 

91 

May 20 

86 

120 

86 

2.75 

Juty 4 

2.75 

. 4 

4 

04 

May 27 

- 

05 

- 

3.1 

May 27 

2.8 

5 

44* 

015 

- 

nB 

015 

nB 

3.68T 

- 

3.03 

5.14 

445 

0.14 

Apr 29 

0.1 

045 

04 

094 

May 12 

092 

- 

24 

2-7t 

Ju^ 1 

02 

44 

34 

44 

July 1 

44 

8.1 

Ol 

345 

June 30 

346 

- 

12.75 

945t 

July 4 

945 

1445 

1445 

6 

June 10 

6 

9 

9 

14 

Apr 29 

04 


24 

245 

Apr 29 

24 

- 

5.15 

08 

M«y 27 

064 

1 

08 

nil 

- 

2 

2 

4 

14 

Apr 22 

14 

14 

14 

64 

Jum 13 

17 

305 

305 

11.1 

July 6 

1025 

1745 

164 

14 

May 31 

- 

14 

- 

Sf 

- 

' 5 

8.1 

8.1 

1.15 

- 

085 

3.4 

31 

94 

July 1 

9 

14.75 

1445 

05 

June 1 

025 

04 

045 

144t 

July 1 

14 

22 

214 

84 

June 1 

44 

- 

174 

6Q 

May 20 

38 

78 

36 

114t 

May 13 

104 

18 

17 


£7m to £57X0. Earnings per 
share came out at 394p (23.4p) 
and a proposed final dividend 
of IL2p (iQAp) raises the total 
for tiie year to lap (17p). 

Based in Lancashire, Wol- 
stenholme Rink has reorgan- 
ised its activities into three 
sections: supplies to the print- 
ing ink industry; supplies to 
the printing industry; and 
other b usinesses. 

Mr Tony Rink, joint chair- 
man, «aM tint business climate 
to the group’s more developed 
markets, particularly Europe 


and America, remained some- 
what dteap p oi^i L,ng . 

However, the wide geo- 
graphic spread of its sales had 
assisted* in offsetting those 
markets suffering from reces- 
sion. 

Mr Rink said fhe last quarter 
of 1993 had shown signs of 
recovery in the UK printing 
industry and added that this 
trend bad continued Into the 
the current year. 

International bnsiness 
remained at encouraging 
levels. 


Dowtflng A MBs fnt 094 May 12 092 24 

FTost Group iln 2.7f July 1 02 44 34 


OW s tOn tMJ) Jit 345 June 30 335 - 12.75 


Latofl (John) Ita 6 June 10 5 9 9 

Man g i n— s Brora~Jnt 14 Apr 29 04 24 

Mauidsre (John) frit 2.45 Apr 29 24 - 5.15 

Morrison {W m) fin 08 May 27 044 1 08 

Mowlsa (John) Jh nil - 2 2 4 

An 12 Apr 22 1-2 12 12. 

MO fln 64 June 13 17 305 305 

Rsckftt & Cofcnan~~~fin 11.1 July 6 1025 1745 102 

RteMroid ft! 14 May 31 - 14 


Sphars fairest bit 1.15 - 085 04 3.1 

Sin AlHanco .fin 94 July 1 9 14.75 1445 

TLS Rings § fo 05 June 1 025 04 025 

Utd Nsvnpapsrs fin 144t -July 1 14 22 214 

Wsfcomo — -m* 84 June 1 44 - 174 

W«et Heats VMfaAre — fin 60 May 20 38 75 36 

Wobtsnhoims Rnfc — fin 11 -2t May 13 104 18 17 


Dividends shown pence per sheie net except where otherwise stated. fOn 
increased capital. §USM stock. fExsfcxfing speciri payment. 


talked to CNT 


Gafl °BOO , Freefax 0800 

. 721:721 221177 . 

Land and premises with added value. 






COMPANY NEWS: UK 


Reduced operating costs and housing provisions behind 58% jump 

John Laing climbs to £18.3m 



Martin Laing: declining to chase work at expense of profitability 


Disease provisions put 
Geest £3.8m in the red 


By Andrew Taylor, 

Construction Correspondent 

Pre-tax profits at John Laing, 
the construction group, rose by 
58 per cent last year from 
£ll.6m to £18 An, helped by a 9 
per cent fall in operating costs 
and reduced provisions in the 
group's UK and US housing 
operations. 

Group turnover fell by just 
£6m to £l-2Sbn, while earnings 
per share by almost 60 per cent 
to I5p (9.4p). The group is pay- 
ing a maintained final dividend 
of 6p making a same- again 
total for the year or Sp. 

Mr Martin Laing, chairman, 
said that construction profits 
in difficult markets in the UK 
had Fallen from £15.4m to 
£9.9m on turnover reduced 
from £l.08bn to £l.02bn, with 
the group “declining to chase 
work at the expense of profit- 
ability.” 

Given low profits available 
on traditional UK contracts 
won in open tender - construc- 
tion profits last year repre- 
sented just 1.8 per cent of turn- 
over (including interest earned 
on advance cash payments) - 
Laing intends to seek a greater 
proportion of its work abroad. 

This currently accounts for 
about ten per cent of the com- 


W Hampshire 
Water rises 
to £ 1.58m 

West Hampshire Water, owned 
by Biwater, the water engi- 
neering group, reported pre-tax 
profits of £l.58m for the year to 
end-December, against £1.29m. 

The outcome was struck on 
turnover up from £8 .83m to 
£9.57m and the advance was 
achieved, the company said, in 
spite of the absorption of 
increased compliance costs. 

The net interest charge for 
the year fell Erom £780,000 to 
£580.000. Tax took £129,000 
(£79,000) and earnings per 
share came out at I82p (I52p) 
fully diluted. A final dividend 
of 60p is proposed, making 7Sp 
(3Sp) for the year. 

The company said it 
intended to put a resolution to 
the AGM for a 1-for-l scrip 
issue and would apply to the 
Stock Exchange to delist the 
share and loan capital 


party's order book of about 
£900m, but could rise to a fifth 
over the next few years. 

The company also intends to 
increase its involvement in pri- 
vately financed infrastructure 
projects. The company has 
already indicated that it will 
acquire small equity stakes 
and has made Investments 
worth £27m at Birmingham 


By Diane Summers, 

Marketing Correspondent 

CIA Group, the UK's largest 
independent media buyer, 
announced pre-tax profits up 
by 17 per cent from £3.65m to 
£4 .28m for the year to Decem- 
ber 31 1593, following a strong 
upturn in business during the 
second half. 

The group is recommending 
a 2-for-l scrip Issue “in order to 
improve share marketability”. 
CIA’s share price has increased 
about fivefold since it came to 
the market in 1989. 

Yesterday the shares closed 
unchanged at 390p. 

Turnover increased by 21 per 
cent from £235m to £285m, 
although new business gains 
were down from £76m to £69m. 
The group said there had been 
strong growth of business from 
existing clients and client 


Airport (£5m); the Severn road 
bridge (£3An); a hospital at 
Clydebank; two Spanish motor- 
way companies (£2m) and 
Malaysian power stations 
f£l2.2m). 

The company last year 
raised £389m through, a plac- 
ing and offer for sale of con- 
vertible preference shares to 
help fund private infrastruc- 


losses were lower than for 
many years. 

Mr Chris Ing ram , chairman 

and chief executive, said he 
expected growth of between 5 
and 6 per cent in clients' media 
budgets in 1994. 

This year would see faltering 
recovery in the UK and con- 
tinuing recession in mainland 
Europe, he said. 

The group expects to con- 
tinue building its European 
network and increasing the 
number of joint ventures dur- 
ing the year. 

The fall in interest rates 
meant a drop in investment 
income - down from £l-5m to 
£916,000. 

Earnings per share increased 
by 18 per cent from 15.7% to 
1854p. 

A proposed final dividend of 
3.68p makes a total of 5.14p, 
also up 18 per cent. 


ture Initiatives. This has left 
the group with net cash of 
£45Bm at the end of December 
compared with £7J2m at the 
end of 1992. 

The UK housing division 
helped by an absence of pro vi- 
sions and with sales up from 
2,175 to 2,430 homes moved 
from a £900,000 loss in 1992 to a 
£4&n profit last year. 

US housing losses, in spite 
.of a further £2.7m provision, 
were reduced from £3.5m to 

£L7m. 

• COMMENT 

Laing Is a class contractor 
carving out respectable mar- 
gins where other construction 
companies might struggle. Its 
performance during the reces- 
sion has been impressive. Its 
weakness is its housing 
operations which still hold a 
high proportion of more expen- 
sive land acquired during the 
late 1980s. Southern California, 
although improving, also, 
remains a difficult housing 
market. With housebuilding 
leading the industry out of 
recession and UK contracting 
margin s li ke ly to remain low, 
Laing’s rating looks hill on a 
prospective p/e in the mid 
twenties on pretax profits of 
£20m this year. 


Enlarged 
Caverdale 
£1.5m in black 

Caverdale Group, the motor 
retailing and industrial prod- 
ucts group, continued the 
recovery seen in the first half 
and achieved pre-tax profits of 
£L5m for the year to December 
31 compared with losses of 
£950,000. 

Turnover jumped to £50 An 
(£l2.9m) with £32 An from 
acquisitions, and there ware 
operating profits of £l.86m 
against losses of £203,000. 

The improvement in the 
motor retailing division was 
foelled by an increase in used 
car sales, the company said. 

The industrial products divi- 
sion also continued to improve; 
the directors added. 

Earnings per share 
amounted to l.Q2p (0.94p 
losses) and the company has 
returned to the dividend list 
with a final of 0.l5p. 


Consumer 
credit 
side boosts 
Cattle’s 

By Simon Davies 

A strong performance from its 
consumer credit division 
enabled Cattle's (Holdings) to 
achieve a 28 per cent increase 
in 1993 pre-tax profits to 
£15^m. 

The £13.7m comparative fig- 
ure was adjusted to take in a 
£l.4m exceptional gain from 
the flotation of Bosebys, previ- 
ously treated as extraordinary. 

The 1993 figure was in line 
with expectations, with profit 
strode on turnover from con- 
tinuing operations of £217m 
(£2i0m). 

Consumer credit, the main 
contributor, made profits of 
£14An, a 21 per cent increase 
on 1992 ’s £ 12.29m. The divi- 
sion's bad debt charges 
remained unchanged despite a 
3.5 per cent increase in its cus- 
tomer base. 

The group’s corporate 
finance operations, which 
Include hire purchase and 
asset leasing to businesses, 
turned round from a El.lm 
deficit to a £280,0000 profit fol- 
lowing restruct u r i ng in 1992. 

Outstanding balances on 
customer accounts were 
reduced from £42m two years 
ago to £20m. Mr Eddie Cran, 
chief executive, expected a fur- 
ther improvement In the cur- 
rent year. 

Insurance services, through 
the Swinton CIB franchise, 
made a profit of £493,000 
(£769,000) in an increasingly 
competitive market. It is cur- 
rently reviewing its market 
strategy. 

Cattle’s chains of video 
libraries and travel agencies, 
however, incurred small 
lasses. 

Unless there is a marked 
recovery, these businesses will 
be wound down. 

Net assets amounted to 
£444*m (£38 -83m) at year-end, 
but the company's 43 per cent 
stake in Rosebys, fire textile 
retailing company, is carrying 
a book value of £5. 6m, against 
its current market value of 
H6m. 

Basic earnings per share 
emerged at 93p (7.8p r or 9p 
adjusted to include the £1.4m 
exceptional gain) A recom- 
mend final dividend of 3.lp 
makes a 5p (4J2p) total 


By David foackwon 

Political uncertainty over 
bananas, coupled with disease 
on its Costa Rican plantations, 
pushed Geest SU3m into into 
the ted for the year ended Jan- 
uary 1. 

“Our problem is all about 
bananas,” said Mr David Sug- 
den, chief executive of the 
fresh produce and prepared 
food group, describing the year 
as “a bit of an aberration". 

The pretax loss, compared 
with profits of £S.lm, was 
struck on turnover of £63Sm, 
against £658.9m, which 
included £53.lm from discon- 
tinued operations. 

Geest warned in January 
that It would incur an excep- 
tional charge of £&9m to cover 
the cost of an attack of fungal 
^icoaya on its frgnana planta- 
tions in Costa Rica. It also 
incurred an exceptional charge 
of £4.6m on restructuring its 
produce sector. 

Profits before tax and excep- 
tional items ware £8. 2m, down 
from (gsuhn. 

Mr Sugden said the group 


By Rebecca Rea 
Manganese Bronze Holdings, 

tile Of black T.nr|dnn 

cabs, returned interim pre-tax 
profits of 21.27m, more than 
double last time’s £577,000, 
helped by a reduction in inter- 
est charges from £223,000 to 
£35,000. 

Mr Jamie Borwick, chief 
executive, said: "Our busi- 
nesses have maintained a good 
stream of profits throughout 
the recession and we are feel- 
ing positive that things win get 
even better over the next half 
year.” 


bad suffered great difficulties 
with the transition of the Euro- 
pean banana regime. Latin 
American countries were yes- 
terday in Brussels for further 
negotiations on the dollar-ba- 
sazia quota. Geest remained 
concerned that the regulations 
were still subject to political 
changes. 

However, the first quarter 
thin year had seen a substan- 
tial improvement in the Euro- 
pean fra r wa market 

The food preparation divi- 
sion. which supplies chilled 
salads and other products, 
reported operating profits of 
£5 .2m on turnover of £107 3m. 
Profits were similar to 1992 in 
spite of start-up losses of £l-2m 
from a new pasta facility. Mr 
Sugden gg pec ta the division’s 
profits to double next year. 

Capital expenditure for the 
year totalled £39m, including 
217.4m on the food preparation 
division, which is expected to 
account for most of the £2Gm to 
be spent tiifg year. 

Net debt rose from £7-2m to 
£43.5m, giving gearing of 60 per 
cent. This is expected to fall 


In the six months to January 
31, overall turnover was down 
by 3 per cent from £37-8m to 
£36.6m. Operating profit was 
up by 63 per cent to £131m. 

Steep competition and weak 
markets continued to mean 
disappointing results for the 
components division, LTI 
Homer, the fuel tank business, 
and Fairway Nissan, the car 
dealership- 

However, this was offset by a 
strong performance from the 
vehicles division which contin- 
ued to produce 36 taxis a week. 
Pre-tax profits here were 
£L34m (£30,000) on turnover of 


below 40 per cent this year. 

Losses per share were 7.6p. 
(3.8p). An unchanged final divi- 
dend of 4.4p is proposed, mak- 
ing a maintained total for the 
year of &lp- 

• COMMENT 

In spite of the diversification 
into food preparation, the 
swing factor for Geest remains 
bananas. The market has 
started well this year, bat 
political crosswinds could eas- 
ily blow it off course again. 
While the world supply and 
demand equation is Improving; 
it is well to remember that 
only four years ago profits 
were £20m when the group was 
importing banaim for the UK 
alone. So the foray into Costa 
Rica could be seen as an expen- 
sive detour, although Geest 
would argue that it now has 12 
per cent of the European mar- 
ket. Forecasts for this year 
range from £16m to as high as 
£25m, giving prospective multi- 
ples of 10 and 15 respectively. 
Those who view it as a recov- 
ery stock should be prepared 
for a bumpy ride. 


£2sm (mam). 

It was a poor half year for 
the precision castings business 
due to unexpected cuts in 
demand; also a «f gnif?<*awt fail 
in the price of cobalt was 
partly responsible for a 
reduced turnover from the 
metal powders business. 

Mr Borwick said that more 
than £2m would be invested la 
the Ipswich plant, which man- 
ufactures sintered automotive 
components. 

An interim dividend of L5p 
(0.5p) was declared, payable 
from earnings per share of 
5.01p (2.19P). 


Campbell & Armstrong cuts loss 


Campbell & Armstrong, the shop and office 
fitting group, reported losses before tax of 
£294,000 for the nine months to end-December, a 
significant improvement on the S3Mm deficit 
for 1992-93. 

The company has changed its financial year 
end from March to December to balance the 
seasonal influences of activities over the two 
halves. Comparisons, therefore, are for the 12 
months to March 31. 


Turnover for the nine months amounted to 
£3&9m (£50.6m). 

Losses per share came out at 1.7p (24.6pX No 
dividend is proposed, although the directors 
said they intended to seek the necessary approv- 
als to eliminate the deficit cm the profit and loss 
account by a reduction of the share premium 
account 

The company last paid a dividend in 1992, 
when the distribution totalled 2p. 


Strong second half 
helps lift CIA to £4.3m 


Manganese Bronze leaps to £1.3m 



Sun Alliance 

GROUP pic 


PRELIMINARY RESULTS 
19 9 3 


“The return to profit has largely been 
achieved by a strong emphasis on sound 
underwriting, assisted by mild weather 
conditions. The substantial advance in 
lile profits reinforces the core 
contribution that our life and pensions 
activity in the UK and overseas makes 
tu our business results. 

In the light of the satisfactory results 
and the strengthened balance sheet, and 
given the opportunities for further 
profit improvement, the Board have 
decided to recommend an increase in 
the final dividend.'” 

Kir Roger Neville, CROUP CHEV EXECUTIVE 


Profit before taxation £.221. 7m, 
(1992 loss: £129. 6m) 

Shareholders' net assets at 3 1st 

December, 1993 £2,01 2m 

(3 1st December, 1992 : il ,548m) 

Solvency margin including 
minority interests 649b 
(31st December. 1992 : 54fi) 

Final dividend for year increased 
to 9.5p (1992 : 9. Op), making a 
total dividend for the year of 
14.75p (1992 I4.25p), an 
increase of 3.S°o. 


Full financial statements for the year ended 31/1 2/93 will be delivered to the 
Registrar of Companies and carry an unqualified audit report. 

The 1993 Annual Report is being posted to shareholders on 22nd April 1994, 



W» to afccafcay ruimurl to m 
pugNlllliMIMVfOMBM 



■ SigHaMWa 
nfowMa* (WfOUa 


UwhpwJWBS* 

mJMUH 


Fool 

PW4 

Pool 

vz mw 

ruiiww 

puwaa. 

r.iHQ 

petal 








0030 

10-88 

1665 

1665 

li—m 

1Sj62 

1005 

1085 


16.64 

1070 

1070 

L.JH 

1684 

1070 

1070 

OOO 

10-07 

1066 

1685 


1087 

1088 

1685 


1187 

16-61 

1669 


1035 

1682 

1082 

0430 

1083 

16S2 

1062 

osoo 

1083 

1038 

1038 

0930 

1084 

1054 

16S4 

0000 

1088 

1065 

lose 

0630 

1091 

1080 


0200 

1072 

■ I ' 

1690 


16,74 

■iU 

33.13 


1032 

1BJS 

2013 


18-35 

1027 

25. IS 

O0OO 

1932 

1683 

2083 

0830 

18-33 

fjl’t jl 


1000 

1033 



1030 

1932 



1100 

1032 

B ■ »'L- B 


1130 

1032 


2X96 

12» 

1932 

B- ■MIj'' u 

Z*4 a 

1230 

1032 

1999 

2091 

1300 

1832 


2344 

1330 

1064 

1088 

2078 

leoo 

1054 

■ 1 1 ]■ 


1430 

1078 

■rcl 

1688 

1600 

107b 

1898 

1688 

1630 

1074 

1668 

1098 

1600 

1073 

1687 

1667 

1030 

1674 

1688 

1668 

1700 

1083 



1730 

1664 


18LS2 

1B00 

1064 



1830 

1177 

■ 1 

2598 

1MQ 

ia«a 

2&06 


lino 

1032 

3194 


2000 

1032 

2197 


• ■* 

1032 

1043 



1064 

1043 

2291 


1083 

10*3 

2231 


1072 

18.43 

2231 

2230 

1065 

1680 

1890 

2300 

1002 

166* 

1033 


1097 

1640 



1088 

1030 

WJO 











L a^Jvl, jJ 


no wa —i at w» wum i pod n expand mu am 

mnnn>nwpn»BaiMiaMnntrtf 

i nnwa impi* 

ntfbwIinmi’.aUiudgidpu. 

»■ Mht V M W m pnMud «f much a 

«A*KI M MM w anwn M unMmint* 

‘ anm M poa tana an aita ua n u 

- my-wur day. afw *w day ctf 

MBk of nr 

nw 


• ■AaMMHMta 


dW H H mi W Of PW Pun-fa Pf. Piatf 
M uf ft n bb poet ptiem Is pnmtow an Mag d fra 


VIED 


Noteholders are hereby 
informed that the rale 
applicable for the coupon 
N*5 has been 
fixed at 5,05 %. 

The coupon N“5 wifi be 
payable at the price of 
USD 13.045.83 per 
USD 500,000 Npteoo 
September 26th. 1994, 
covering thejperiod from 
March 24th, 1994 to 
September 25th, 1994 
inclusive, and representing 
186 days of interest ' 

The Aeeut B ank and 





To find out what will be In vogue this spring summer and autumn, look In the 
Financial Times tomorrow. 

In It you will find a unique guide to fashion for both women and men. 

K will examine how exclusive creations are being Interpreted on the high street and 
look at some super styles you don't need a figure like a super-model to - r-ti r. 

Plus, a special review of the world's top designers reveals who they admire and who 
they choose to wear. 


Weekend FT 


e 



>ut 

fed 




’ • j • l ■ 


>fu 


Sslov 



FINANCIAL TIMES FRIDAY MARCH 25 I&94 


27 


COMPANY NEWS: UK 


All-round growth and £19.6m exceptional gains behind advance 

United Newspapers rises 25% 


By Raymond Snoddy 

United Newspapers, publishers 
cC the Daily Express, yesterday 
reported a 25^ per cent rise in 
pre-tax profits from £109 An to 
£l37.7m, with all divisions con- 
tributing despite diffic ult trad- 
ing conditions, ' 

The outcome was flattered 
by exceptional gains of £L9.&n 
mostly the sale of Extel Finan- 
cial to Pearson, owner of the 
Financial Times, against gains 
of £K).4m a year earlier. Before 
exceptional*, pre-tax profits 
rose by 18.7 per cent to £Ll8m 
in the year to December 31. 

Lord Stevens, the lihah-nnwi 
of the group, whose interests, 
range from regional newspa- 
pers and business magazines to 
exhibitions, warned that the 
pace of economic recovery in 
the and the US “is not con- 
sistent." United expected, how- 
ever, its "recent major invest- 
ments to perform well," 

Turnover for the year rose 
•M per cent to £908.4m and 
earnings per-share rose IS per 
cent to &L9p a share; or before 
exceptionals by 8 per cent to 
35.6p. A final di vidend of 143p 
is proposed for a total of 22p 
(2L5p). 

Mr Derek Terrington, media 
analyst at stockbrokers Elein- 



Tmcr Hunphrias 

Lord Stevens: expected recent major i n vestme n t s to perform well 


wort Benson said yesterday: “ 
This is quite a good set of 
results and for aU the right 
reasons." There had been 
impr o vements SCWVW the group 
and the second half recovery 
was being sustained in the first 
half of the current year. 

United said that particularly 
strong results had been 
achieved in the US by its 


advertising periodicals and the 
PB newswire. The US contrib- 
uted operating profits of 
£4&9m on turnover of £243.Bm- 
The group’s UK national 
newspapers increased operat- 
ing profits by 2 per cent to 
£33.7in on turnover of £900.4m 
although “turbulent market 
conditions'', price reductions 
by competing titles and extra 


spending on new supplements 
held back profits. The UK and 
Europe contributed operating 
profits of £&5m on £664 Azl 
T he sale of Extel Financial 
for £73.5m and the £190m 
rights issue left the group with 
net cash of £45m at year end 
compared with net debt 
£308.6m at the start of last 
year. This year, however, net 
debt has risen to £100m 
because of the acquisition of 
Harmon Homes and th e Hong 

gVwig TrrfPrmrH rmnl Trade Fair. 

• COMMENT 

United - wiaWg little fuss anf i 
avoids headline catching sto- 
ries such as the battle for the 
future of The Independent or 
big takeovers. It has, however, 
got on with quietly managing 
its businesses with solid 
results across a wide front. 
With so many of its businesses 
sensitive to advertising, it 
should be poised to take advan- 
tage of cyclical recovery. In 
meetings with City analysts 
yesterday th e atmosphere was 

a little less Cautious than in 
fl*> fo rmal sfst Hr m mts Pre-tax 

profits should rise to about 
£140m this year for a prospec- 
tive p/e ratio of 16, a moderate 
rating for such a broadly based 
publisher. 


Lower palm oil prices 
hit plantation results 


Lower palm oil prices, offset by 
higher Investment income 
were factors in the annual 
results of two plantation com- 
panies in which Rowe Evans 
Investment has substantial 
holdings. 

Beradin Holdings reported 
marginally hi gher pre-tax prof- 
its of £485,000 (£476,000) for the 
year to December 81 on turn- 
over of £931,000 (£l.Q2m). It 
said that the palm oil price was 
an average 10 per cart lower, 
but It had received increased 
dividends from other planta- 
tion companies of £112,000 
(£6*000). 

Earnings per share, helped 
by a lower tax chwrge of 
£186,000 (£226,000) were 2-0lp 
(L69p) and It is proposed to 
increase the single farf pay- 
mod to L2p (Up). 

Padang Sensing 'Holdings 
showed profit* . down from* - 


£183,000 to £161,000 pretax on 
turnover of £524,000 (£597,000). 
It said palm oil prices had 
fallen 12 per cent while rubber 
prices continued at a IcnfrleveL 
Investment income was dou- 
bled at £85,000 (£42,000). 

Earnings per share helped by 
a lower tar charge of £8*000 
(£90,000) were 2.05p (L8 8p) and 
the proposed single final pay- 
ment is unchanged at L2p. 


BNB Resources 

Turnover of BNB Resources, 
Am recr uitment and consulting 
concern, rose from £6k95m to 
£KH2m.for 1998, wbQe pre-tax 
profits surged to £2.59m, 
against £712,000. 

Earnings per share were 8.7p 
(3p), but the dividend is 
unchanged at 4Jp with a same- 
agafa SJpfibaL 


Expanded Malaya cuts 
losses to £378,000 


By Pat* Tayfor 

Malaya Group, the fast 
expanding USM-quoted motor 
retailer, reported a reduced 
pretax loss of £87*000 for 1998, 
down from £98*000. 

During the first full year of a 
piarmpri w panann in the Lon- 
don and the hmrifl counties, the 
group grew from two fran- 
chises at the start of 1993 to 10 
by the end of the year, with 
eight new and used car outlets. 
The group has also been 
appointed the concessionaire 
for Bugatti in the UK. 

The board said the restruct- 
uring and development, initi- 
ated by its new management in. 
tiie latter part of 1992, “prog- 
ressed wholly in line' with its 

Reflecting the expansion, 
turnover increased sharply to 
£49.7m (£8.35m), -including 


£38-5x0. from acquisitions. At 
tiie operating level losses Ml 
from £892,000 to £331,000. 

The reduced pre-tax loss was 
struck after a £43,000 profit on 
a property disposal and 
reduced net interest costs of 
£90,000 (£290,000). 

Losses per share were cut to 

OMg (4A3p). 

In view of the loss, which the 
company said was in line with 
expectations, no dividend is 
recommended. 

In June Malaya raised £9.7m 
net of gg pgnses through a plac- 
ing and open offer . The group 
said the remaining planned 
acquisitions in London and the 
home counties would be 
funded from existing 
resources. It added that it had 
experienced improved trading 
conditions since the start of 
1994 and “looks forward to a 
return to profitable trading.” 


Chez Gerard 
gets £21m 
valuation 

By David Blackwefl 

Chti Girard, the London 
restaurant group, finalised its 
flotation yesterday, pricing 
the shares at U2£p to produce 
a market capitalisation of 
£21m. 

After the flotation there will 
be 18.67m shares in issue of 
which 70 per cent are being 
placed with Institutions. It 
will raise £4m of new money, 
of which £lm will be us ed to 
dear the company over draf t. 


leaving £3m for further acqui- 
sitions. 

The company forecasts in 
the pr ospect us a 69 pa cent 
increase in pre-tax profits to 
£1.62m for tiie year ending 
June 28. 

Gronpe Chez Gftrard owns 
BertoreflTs in Covent Garden, 
Caf8 Fish off Haymarket, Soho 
Soho in Frith S t re et and three 
Chez Gerard r est a ur a nts. It 
also operates and has a 25JS 
per cent stake in Chutney 
Haiy in Chelsea. 

Mr Neville Abraham, chair- 
man and chief executive, 
tiie company would be invest- 
ing up to £5m in further res- 
taurants over the next two to 
three years. For the foresee- 
able future they would be shed 
in c e n tral Te n do n - “That’s our 
patch, and we have demon- 
strated our success.” 

Mr Abraham sod Mr Laur- 
ence Isaacson, deputy chair- 
man, entered the restaurant 
business in 1980, converting a 
banana warehouse next door 
to the Royal Opera House into 
Cafo des Anris da Yin, which 
they sold in 1984 for £2.2m. 
The two men and their man- 
agement team will retain 30 
per cent of the enlarged share 
capital. 


Holliday in talks 
for acquisition 

Holliday Chemicals, the 
industrial dye and speciality 
chemicals group, said it was in 


an “advanced stage of negotia- 
tions" for the purchase of a 
E uro pean chem i ail business. 

The statement, put oat in 
response to wntat rumours, 
said tiie t ai get business had a 
turnover of £30m in 1993. 

If concluded, the buy would 
be tended by arights issue of 
c mivaU ble pr efere nce shares. 


Exceptional costs leave 
Bridon £23m in the red 


By Paid Taylor 

Bridon. the Doncaster-based 
wire rope and engineering 
products manufacturer which 
announced a substantial 
restructuring last month, yes- 
terday reported a £22.7m pre- 
tax loss for 1993 after £22.4m of 
exceptional charges. 

The expected deficit, which 
compares with a previous 
profit Of VI 9m wrftar & tl ltyj of 
wi r flpp t lnnflla wnw qq flat tUX'Xl - 

over of £31fi.7m. 

Losses per share of 39Jp 
compare with earnings of L9p 
the previous year. However, 
reflecting the board's increas- 
ing confidence in the fixture, 
the ffTiat dividend is main- 
tained at 2.75p making an 
unchanged 4p totaL Britton’s 
shares closed down 3P at 
149P- . 

Commenting on the results 
Mr Brian Clayton, ehnirmaw. 
said 1993 saw a continuation of 
recessionary pressures in 
many of Bridon's markets. 
Demand in tiie UK stabilised 
but conditions deteriorated in 
(■im tiiimtiii Europe — particu- 


larly Germany and Italy. 

Tfte group’s wire and wire 

rope manufacturing operations 
had to contend with increases 
in raw material costs in the 
second halt while market con- 
ditions prevented the full 
recovery of these higher 
costs. 

Group operating profits 
before exceptional items fed to 
£6 -3m (£7.6m). Mr Ronald 
Petersen, chief executive who 
joined the group in September, 
said higher raw material prices 
in the second half reduced 
operating profits by around 
£400,000 in the UK and by 
about 61m (£600,000) in the US. 

The bulk of the exceptional 
charges - which will cover the 
costs of a new s tr a tegy aimed 
at improving the group's mar- 
ket focus and manufacturing 
cost base - relates to the 
planned restructuring of the 
wire and wire rope operations. 

Last year these activities 
recorded reduced operating 
profits of £2.5m (£4m) before 
£16m (£im) of exceptional 
costs, on sales of £2I6.1xn 
(£Zia7m.) 


In contrast, operating profits 
improved slightly in the fibre 
products and industrial textiles 
operations, but engineering 
profits slipped to £800,000 
(£1.9m) before exceptional 
costs of £6Jm (£100,000) on flat 
sales of £45.4m (£45.Sm.) 

The 1993 pre-tax deficit also 
took account of a £2.6m loss on 
the sale and termination of 
operations and reduced net 
interest costs of CUm (&L2m). 


Bridon faces fierce competition 
from east Asia in its core wire 
and wire rope business and its 
strategy for the future - code 
named Project 380 - which was 
also unveflled yesterday, is in 
essence a survival plan. Imple- 
mentation will take time and 
will probably involve farther 
disposals. In the meantime, the 
group Is fortunate in haring a 
strong balance sheet No bene- 
fits are expected before 1995 at 
the earliest, so results are par- 
ticularly difficult to predict 
For the moment the 3.3 per 
cent dividend yield is support- 
ing the share price. 


Anglian Water expands in US 


By Peggy HofBnger 

Anglian Water, the privatised UK utility, 
yesterday stepped up its presence in the US, 
with tiie 627m (£i8.4m) ftaah purchase of a Calif- 
ornia-based wmwthranB technology company. 

Fluid Systems, sold by US conglomerate 
Allied Signal, will have net assets of 6&n after 
pmnrilfltinn It 18 Aw gtiam* ft gpffwid purchase hi 
the US. ft follows last year's acquisition of a 
small Massachusetts-based Mwnpawy through 
the purchase of Nordic Water, the Swedish pro- 
cess engineering group. 

Hr Andy Nield, fniance director of Anglian 


Water Process engineering, said the group had 
sought access to the technology in the UK, but 
this had proved difficult 
The process, which uses a doth membrane to 
separate impurities from water, was more 
advanced and in greater demand in the US, he 
said. "We see the technology will be 
increasingly important in the future,” he 
said. 

Anglian intended to expand Fhrid Systems’ 
base through its operations in Scandina- 
via, France, Germany and Australia. 

fluid Systems last year hi ^Hp a pre-tax profit 
of jgflm on sales of yift flm. 


National Grid in Indian link 


By Mfctiael Smith 

National Grid, operator of tire 
England and Wales power 
transmission system, is in 
talk* with Power (hid Of India 
to art up a joint venture to 
undertake transmission pro- 
jects in tha sub-continent. 

A deal is thought to be dose 
for a venture which would 
build, operate and maintain 
sys tems . National Grid, which 


is owned by the 12 regional 
electricity companies in 
En gland and Wales, is believed 
to be considering an invest- 
ment of up to £2Sm_ 

Thp Indian venture would be 
the second significant equity 
deal overseas. The first was in 

Ar ge ntina 

Last year National Grid 
it planned to invest £370m 
overseas over the next five 
years. 


The expansion abroad 
reflects the limited opportuni- 
ties UK electrictiy camapneis 
have in the relatively mature 
UK power market 
Power Grid is mramhring sev- 
eral projects in India which 
will require aigniffoant invest- 
ment including the linking of 
separate zones of the country. 

National Grid could not con- 
firm yesterday the details of its 
nego tiations . 


It takes just 60 seconds to read this advertisement 

25 minutes to watch an FT Business Toolkit Video 
- the career benefits can last a lifetime 


Your time has never bee 
development has never bee 
bu$^ moves fast you n 

yodr t 


files in the series concentrate on the importance 
us: , 

for Success 

SUr competitors'. 
’Business SchooL 



.(nxa9 Add 17.596 VAT 


Old number. 


BVKTMTE 


SIGNATURE. 


Financial Times Reader Offer - save10% on each Toolkit if you order NOW! 

Pfease complete & return ta Longman ProfosJonai, FREEPOST WC 5806, LONDON, WC2E 9BIC hto Stamp reqdre* ^ 2406576. 

Tdephom enquiries: 071 240 6646 Please charge my AcessAlswMasterard^ Oub/ American Express 

QUANTITY 

p~| Know your Enemy ■ fuS version • £355.50 (usual price £395) 

| | KA^yocrEnenv-biKfget^r^WCI^ fcs«lprtc«£19» 

Bentemating lo Wh - MH wrskm • £355.50 <wu>» price 095) 

Benchmarking to Win - budget vtBton *175 JO (wualpr1ce(£195) 
fcKmontheC^wrar-Irfvt^e 

Focus on IheCuitrewr - budgatve** B£17SS0 &m* price £195) 

Building Customer MariwuMpi - M version • £355.50 (usual price £395) ***». 
guiding Customer tabtSonsHpi - budget venftm • £175.50 (uwai price £1 95) 

| ~^j VHSwWeo catalogue • £5 (postage tree) 


COMPANY 

NAME 


□ 

□ 

□ 

□ 

□ 

□ 

TtLEPHOPX 


Please invoice me at the address betow for £ — (Total) Add 17.5* W 

I endure a cheque payable to Longman Croup for £ OouQ Add 17.596 VAT 


posmoN 





fr-Ufr- 


MM 

POST coot 

mmm 

MX 


: 

Longman 


Hot 


appear* at a matter of record only. 


ASIMCO 


(ASIAN STRATEGIC INVESTMENTS CORPORATION) 


has raised 


US$160,000,000 


to fund 

Automotive Components Joint Ventures 
supplying 

China’s Motor Vehicle Industry 


Donald St. Pierre has been appointed President and 
Chief Operating Officer 


ASIMCO Is a joint venture between 

The Pacific Alliance Group Limited 
Dean Witter Capital Corporation 
TCW Capital Investment Corporation 


rf 

to 

’s 

Ig 

ss 

■s- 

13 

B, 

as 

at 

u) 

li- 

nt 

»6 

th 

IT- 

*d 

sd 

os 

id 

D) 

a 

Df 

p- 

in 

in 

n- 

m 

11 

id 


t 

1 

u 

£ 

of 




r»r’S ***•***>'*•'■ 





















FINANCIAL TIMES FRIDAY MARCH 2S 1994 


COMPANY NEWS; UK 


Booker at £87m 
and debt cut 


By Maggie Uny 

The first fruits of the new 
management regime at Booker, 
the food group, were shown in 
a 1993 rise in profits from 
S67.9m to E86.9 hl The figures 
were struck after Losses on dis- 
posals Of £2^m, against £2. 5m. 

Underlying earnings per 
share rose by 16.8 per cent to 
28.5p, covering a maintained 
total dividend of 21.75p by 1.3 
times. 

Mr Charles Bowen, the chief 
executive who joined the group 
last summer, said the group 
had begun to meet its three 
prime objectives of generating 
more cash, increasing the 
focus of the group, and improv- 
ing head office control of the 
business. 

Investors wore surprised by 
the reduction In net debt the 
group had achieved, with bor- 
rowings down from £l55m to 
£125. 7m. cutting gearing from 
95 to 71 per cent. The shares 
rose 18p to 429p, against the 
market trend. 

Mr Bowen said further sales 
of small, non-core activities 
could be expected this year, 
with some likely soon. Booker 
would concentrate on three 
areas, food distribution, pro- 
cessed food and fish, and agri- 
culture. 

He said after cutting debt by 
£29.3tn in 1993, there were 
aggressive targets to cut work- 
ing capital further in 1994. Cap- 
ital expenditure would not be 
cut, indeed investment hurdle 
rates had been reduced from 25 
to 15 per cent 

Group sales were 3.7 per cent 
up at £3.57bn. and operating 
profits rose 5.6 per cent to 


£103m. Profits from continuing 
operations were 10.4 per cent 
up at i00-2m. Interest took 
£17. lm (£20 .6m). 

Food distribution profits rose 
13.7 per cent to JMS.lm despite 
flat sales in the UK Costs were 
cut and there was strong 
growth in Portugal. Profits 
from the food service division, 
which suffered severe prob- 
lems at Booker Fitch in 1992, 
recovered to £15.lm (£9.6m). 

Fish processing profits were 
flat at £8.4m, while prepared 
foods profits fell from £l4-3m to 
£13m as margins were 
squeezed by supermarkets. 

Changes in demand patterns 
for chicken meat hit profits 
from US agribusiness, down 
from E 13.1m to £6 8m. But in 
the UK a recovery in salmon 
farming and the devaluation of 
the green pound lifted profits 
from £2 .2m to £9.3m. 

• COMMENT 

Mr Bowen appears to be work- 
ing wonders already at Booker, 
if only by giving investors 
pleasant rather than nasty sur- 
prises. These figures showed a 
new clarity and also demon- 
strated how getting basic 
things right could transform 
cash flow. That said, the trad- 
ing environment is still poor 
and profits are unlikely to rise 
much this year, perhaps to 
about £92m pre-tax. However, 
the quality of earnings is 
improving more rapidly than 
the quantity, and though the 
prospective p/e of around 15 Is 
not particularly attractive, a 
yield of 68 per cent - which 
looks increasingly secure - is 
and the shares should rise with 
Booker’s credibility. 


Cray £10.3m disposal 


Cray Electronics announced 
yesterday the sale of its 
defence businesses for ElOJm 
to QVS Industries which will 
trade as Basys Holdings. 

The cash consideration 
includes the repayment of 
intra group borrowings of 


£7.35m. 

The sale of Cray Technology 
(Gosport). Cray Marine and 
Cray Computer Graphics previ- 
ously contributed pre-tax prof- 
its of £18m. 

Cray shares closed 3p down 
at 171p. 


This nolicc is issued in compliance with the requirements of the 
International Stock Exchange of the United Kingdom and the 
Republic of Ireland Ltd ("London Stock Exchange"). Application 
has been made to the London Stock Exchange for all of the ordinary 
shares of 5p of Secure Retirement PLC to be issued to be admitted 
to the Official List It is emphasised that this advertisement does not 
constitute an offer to any person to subscribe for, or to purchase 
securities. 

ft is expected that dealings in the Ordinary Shares 
of Secure Retirement PLC will commence on 
Friday 22nd April 1994. 

SECURE RETIREMENT PLC 

(incorporated and registered in England and Wales under 
the Companies Act 1985 with registered No. 2072250) 


Introduction 

by 

Neilson Cobbold Ltd 


■Share Capital 


Auth'.Hvwxl 


Issued and fully paid 
Amuuni Number 
£SiiZ,^7JO I0.0S.M30 


Am-nim Number Ordinary Sham 

£3.44*1 Jill? JO wown.lftl of Sp 

-Tw -Jure ,i|«Ed n iKh *hkii «ill he in hw lulljwiaa rttc janing of the lesutotkiu a the EGM 

Mh twUI .Hi .\jmiI IW. 


i'i'F'C' iU ihe IrtWUi pskuUi. he uMUol during normal Inttlocn hoars oa my «srUby 
i VXuptay ml inJwltiit Friday INUi Afrd IW (ram: 

Mcifea.il L\<Nii44 LiJ Scvurc ftdlrcmcfU PLC Sttut fteUNimm PtC 

Mwluii Ihiithog I lljrwet Square ’1 Orton Me»ri 

lUaKiSurn Lu*4w w dl* 

L»uy»<ul U »UP WlA -MR Somcncl BAS ISO 

and duiing nontijl lucuac-a huur. ip u> and tmiuJing Muab, ZPb March 1444. h* coUcolon 
»ah . Ixu The C-wnpioi .VenovfKroKM, Ou'ivr. Luntaa Stark Eutup Twer. ClpcJ Coon 
cr.lran.v, i'll Bardnrknui* Lane, Lnndun ECi 

IS ib March «*•» 


International Trade Finance is Ihe essential 
rohfremre source for pro bu*v tfnecut rvo. Published 
bv Financial Times Newsletters, it provides both 
timely reporting and authanutive analysis far the 
discerning financial professional every (wo woofca. 

International 
Trade Finance 

PHONE-IN INFORMATION SERVICE 

A special phone-in information service b provided 
for subscribers, supplying spooific information to 
subscribers who seeft furthor details beyond those 
immediarciv 10 l»nd. The most up-fO-dalo 

information n. thus, available to subscribers the 
moment it is needed. 

INTERNATIONAL COVERAGE 

ITF Is designed so that information is readily 
accessible, providing you with (he latest an: 

• Credit Insurance 

■ Project Finance 

• Forfaiting 

> Aid Finance 

■ Countertrade Sr Offset 

■ Short-term, non-recourse finance 
Keep on top of the world of international trade 
and project finance with: 

FINANCIAL I tMES~] 

NEWSLETTERS 

International Tradn Finanna 


please send or Fox di'.s gdvc:iscrv.-»m v.-ii!-. yc.:: :i:r.-.-a v. 

(nterrntionel Trade Finance cnau.n'-:n 
PC Box :-i5Sl Loixon SVV12 £?ri, F;ix -4.; ;Co si -;>7S i3i 
Alternatively* rr.i-.y He'-C-pisO'-er c>;-r.t:r,q-.jir'. i:r.C cn 
Te; -MU :0i a:. 673 ‘jCi'C. -Madrsc. vcjr im.sros: in 


Raising a glass to prospects of growth 

Tony Jackson considers the logic of Allied-Lyons’ £739m purchase of Pedro Domecq 


O n the face of it, 
Allied-Lyons 1 proposed 
£739m purchase of 
Pedro Domecq is a splendid 
proposition. 

Allied becomes, on Its own 
reckoning, the world's second 
biggest spirits producer after 
Grand Metropolitan, over- 
taking Guinness. It gains some 
powerful brands with which to 
attack the fast-growing South 
American market. 

It also recruits some able 
managers, mostly members of 
the Domecq family, who thor- 
oughly understand the His- 
panic world of drinks. 

On closer Inspection, the 
sceptic might ask just what 
Allied is getting for its 
money. 

The overwhelming bulk of 
Domecq's profits - 97 per cent 
- come from two countries, 
Mexico and Spain. Allied’s 
products in those countries are 
already distributed by Domecq. 
Domecq's own brands mostly 
have limited appeal outside 
those two countries, so there is 
little scope for Allied to push 
them through its own distribu- 
tion system. 

And Allied already has a 
blocking vote in the shape of a 
32 per cent holding in Domecq. 

Outright control of the busi- 
ness. Allied argues, means a 
great deal. This is a little 
at odds, however, with the 
praise it lavished on Domecq's 
management yesterday, and 
the fact that the same 
management will remain in 
place. 

So what does Allied think it 
is getting? The answer, above 
all, is the prospect of growth. 

“The logic of this is not 
about bringing together two 
big companies to take out a lot 
of cost." Mr Tony Hales. 
Allied’s chief executive said 
yesterday. "It’s getting faster 
growth in fast-growing parts of 
the world." 

Mr Michael Jackaman. Allied 
chairman, develops the point. 
Take Mexico, for instance, 
which contributes half of 
Domecq’s trading profits, and 


Aitfed-Lyans: from regional brewer to global drinks group In 33 years 


Sales (£bn) 
Total £S.8bn 


Trading profit (Em) 

Total E793m 




FspWaanJtirfrw Fflrwrlng anti wtotesaing 
PnoMw pFoodfl mifecufag 


Year to Maneti 1993 
Seurat Company report 

Share price 
Relative to the 
FT-SE-A A#-Share Index 
140 - 


Earnings 

Per ordinary share 

(pence) 



Santa FT Graphite 

where Domecq has more than 
40 per cent of the spirits mar- 
ket and an 80 per cent share in 
brandy. "The fact is that the 
Mexican business has to 
develop and change", he said. 
“It probably has to change its 
focus from the domestic 
brandy business to imported 
products. That's a 10 or 15 year 
job, and it will be much easier 
to do when you call the shots 
than when you have to per- 
suade your partners." 

E qually, be added, there 
were a number of mar- 
kets, especially In 
Europe, where Domecq still 
has its own distributors. In 
most of them Allied will take 
over the distribution. 



1980 90 91 92 93 

Souck Company report 

In the really long run, Mr 
Jackaman was hopeful that 
Domecq’s brandies could be 
sold in that fabulous goal of all 
consumer marketers, China. 
“Long term, that's going to be 
a strong cognac market" he 
said. “Spanish and Mexican 
brandies are good-tasting prod- 
ucts, and I don't see any rea- 
son why there shouldn’t be 
some space for them ultimately 
and we have a sales and distri- 
bution operation in China 
already.” 

Mr Hale was more prag- 
matic. “The biggest opportu- 
nity”, he said, "is for us to sell 
more Scotch through their net- 
work, and more tequila 
through ours." As part of the 
deal Allied will buy control of 


Chronology" 

Affied-Lyoris ’ 

1981 Company created by morgar of 

M Coope, Tetley water and 
Anuta 

198a Becomes Affiad Breweries 
1968 BoegmShawerthga 
1976 Bought Teacher's ‘ 

1978 Bought *1 Lyons far E80m 
1961 Name changed fa ANed-Lyons 
1968 Bttors Wds SLBSbn tor ARad- 
Lyona, flnaSy rescinded In 1986 
1886 Sought 5196 of Hfcwn.Wtfter, 
acquiring balance In 1987 
1988 Equity fok With Suntory 
1983 Bought 68% of Chateau 
Lstour, bought DunKfri Donuts for 
E207m; bought James Burrough 
1991 Bought 2496 of Lanson 
1888 Leased over 700 pubs to Brant 
Walker Sbowarings soW to . 
management for f14#n; Lyons AteJd 
aott breweries merged with UK arm 
otcarisbarg 

Pedro Domecq Group 

1730 Founded In Jerez, Spain [ 

iaw Attuned by Comoro tawny > 

1941 Established Mexican operation. 
Becomes one of the targaatdrWw - 
(jjsfltoutcra ta Lath America 
1994 The woriefs eighth largest 
spirits producer and dstribufar. it Is 
sold to ABsd-Lyone far £738m 
Mata activities: production, 
distribution sod maricadng of bandy, 
whisky, wine and other tirinka, 
maWy In Mexico and Spain 
Brands owns or controls six of the 
world's top 100 spirits brands (lnd 
Presidents and Don Pecfro, largest 
end thferi largest satfog whfefctos} j 


Tequila Sauza, the second bzg- 
gest-selling tequila In the 
world, with 35 per cent of the 
Mexican market. 

For Mr Jackaman. the deal 
has a further attraction: cash. 
Domecq was a very strong 
cash producer, he said. In the 
past, as a minority share- 
holder, Allied had profits but 
not cash. “Profit is all very 
well but it’s cash that pays the 
bills." 

This was slightly at odds 
with a paint made yesterday 
by Mr Ram6n Mora-Figueroa, 
Domecq’s chief executive. 
Explaining the Domecq fami- 
ly's motive in selling, he said: 
•When you have 500 members 
of the family who have seen 
Domecq grow so rapidly, espe- 


cially over the past six years, 
while (the Domecq-AUied part- 
nership] has been more Inter- 
ested in growth than in paying 
big dividends, some of them 
wanted to realise the value of 
their shares." 

In other words, it sounds as 
if Domecq has been absorbing 
cash to grow, rather than 
throwing cash ofi. Mr Jacka- 
man disputed this, saying the 
family had been brought up to 
expect "really sexy" dividends, 
jar more Qian an institutional 
shareholder would require. 

Nor did he accept that the 
family 's desire to sell obliged 
Allied to buy. “This is some- 
thing I’ve been hoping for for a 
long time. It was just a ques- 
tion of when the shareholders 
got restive." 

Meanwhile, the deal carries 
Allied further in Its stated pol- 
icy of concentrating on drinks 
anri retailing, which includes 
pubs, Baskin-Robbins Ice 
cream and Dunkin' Donuts. By 
implication, this leaves two 
unwanted divisions: food man- 
ufacture, and the Carlsberg 
Tetley joint venture in brew- 
ing. 

Y esterday, Mr Jackaman 
said Allied was not 
engaged in any active 
fakirs about selling its food 
Interests. On brewing, he was 
non-committal. Allied was 
happy with the current 
arrangement, despite the tough 
limns facing UK brewers. Then 
again, he said: “We are not nat- 
ural developers of a worldwide 
beer business as Carlsberg is.” 

The deal also confirms 
Britain’s remarkable domi- 
nance of the world drinks 
industry. Allied is now lodged 
at the top of the tree with two 
other British groups, Guinness 
and GrandMet The only other 
company in the same league is 
Seagram of Canada. 

Perhaps, in the end, this is 
as persuasive an argument as 
any for the deal that if the 
British have found something 
they are good at, they should 
make the most of it 


The end of 
life with 
the Lyons 

By Diana Summers, 

Marketing Correspondent 

Allied-Lyons’ proposal to 
change its title to Allied- 
Domecq will mean the loss of a 
name that has played a signifi- 
cant part in British social 
history. 

Lyons Corner House tea 
shops and restaurants were 
common meeting places from 
the turn of the century until 
the 1950s when they began to 
be supplanted by test-food out- 
lets. 

The first Corner House 
opened in London's Coventry 
Street, between Piccadilly Cir- 
cus and Leicester Square (n 
1909: a second opened in the 
Strand in 1915: a third at the 
junction of Oxford Street and 
Tottenham Court Road in 
1926; and the fourth, at Marble 
Arch, was completed In 1933, 
enabling J Lyons to boast that 
"the four Corners of London" 
were serving 50m customers a 
year. 

Most of the tea shops, 
Including the Comer Houses, 
had disappeared by the time 
Allied Breweries bought J 
Lyons - formed as a public 
company in 1894 - for £60m 
In 1978. 

One of the last tea shops, in 
the Strand, closed in 1981, 
although there was later a 
short-lived attempt to resur- 
rect it as a Comer House. 

Lyons,' the second largest tea 
company in the world, is also 
the proud Inventor of the 
round tea bag. which has 
helped to give its Tetley brand 
a leading position In the UK, 
Ireland and Canada. Other 
produce bearing the Lyons 
name includes biscuits and 
ice-cream. 

The Lyons name was also 
attached to one of the oldest 
and best-known British coffee 
brands. However, Allied-Lyons 
sold its coffee interests In 
February: instant coffee went 
to Kraft Jacobs Suchard, while 
real coffee went to PauUg, the 
Finnish food group. 


Takeover of a famous and independent family business 


By David White in Madrid 

The words “British sherry" are 
anathema to the proud businesses of 
Jerez de la Frontera - the name of an 
inferior product they do not even 
recognise as wine. How poignant it 
is, then, that the most famous of all 
sherry names should become a Brit- 
ish company through takeover by 
Allied-Lyons. 

Domecq is a resonant name in 
Spain, associated not only with wine 
and spirits but equally with bulls, 
jet-setting, conservatism and a many- 
tentacled family. 

Although many of the best-known 
sherry businesses have British - or 


in Domecq’s case French - names, 
they have a strong tradition as inde- 
pendent Spanish family concerns. But 
in the last few years foreign multina- 
tionals have broken Into this pre- 
serve, the absorption of the Pedro 
Domecq group being only the latest 
In the series. 

Grand Metropolitan, through Inter- 
national Distillers and Vintners, has 
the Croft sherry and port concern 
and an important stake in Gonzalez- 
Byass. Sandeman, also combining 
sherry and port, is controlled by Sea- 
gram, and the Williams and Humbert 
bodega In Jerez by Bols of the Nether- 
lands. Allied-Lyons already has Har- 
veys in its stable as well as its inter- 


est in Domecq. 

Independent companies such as 
Osborne, among the sherry houses, 
and the Lari os spirits group are now 
the exception. 

Rapid change of this kind goes 
against the grain in the sherry estab- 
lishment, bat it Is accepted with res- 
ignation as companies face the need 
to diversify. Domecq, with its core 
business as a brandy producer teeing 
declining consumption, has already 
diversified with the acquisition of 
new spirits brands, which have 
helped it to boost profits. 

It also became a multinational in 
Us own right, especially through its 
strong presence in Mexico. 


However, it faced another problem 
of its own - long-standing discord 
among different branches of the fam- 
ily over the company’s future. 
Because of its many ramifications 
nobody appears to be able to deter- 
mine exactly how much of die com- 
pany is still owned by the Domecqs. 
Names are misleading. For instance, 
Mr RamAn Mora-Flgeroa, chief execu- 
tive, is a Domecq through his mother. 

Sir Mora-Figueroa was instrumen- 
tal in establishing the first links with 
Allied-Lyons in the 1970s. In 1982 a 
bid was fought off from Rnmasa, the 
holding company headed by Mr JosA 
Maria Ruiz Mateos, who had built an 
empire from a small-time sherry busi- 


ness and was later expropriated by 
the Spanish government 
i-pfiman Brothers has been working 
towards a deal on behalf of minority 
shareholders, including members of 
the Domecq and Bonjumea families, 
for more than a year. Last July the 
company sought an evaluation from 
Goldman Sachs, which then worked 
with Allied-Lyons’ advisers, Barings, 
to formulate an agreement. 

Family pride has not been dis- 
carded, though. The Spanish compa- 
ny’s board was insistent yesterday 
that the deal would leave Intact “the 
structure and personality, the style 
and tradition" that bad been behind 
its success so far. 


APV falls to £13m but 
upbeat about prospects 


By Andrew Botger 

APV, which supplies 
processing equipment to the 
food and drink Industries, 
reported another drop in 
annual profits but was upbeat 
over the progress of its 
extensive restructuring pro- 
gramme. 

Pre-tax profits fell from 
£20. 2m to £13. 4m in the year to 
December 31. Sales from con- 
tinuing operations rose by 3 
per cent to £834m, although 
exchange rate changes inflated 
the figure by E70«. 

Sir Peter Cazalet, chairman , 
said: “Significant progress has 
been made diving 1993 in posi- 
tioning the group for growth 
and a return to acceptable lev- 
els of profitability." 

Despite the difficult eco- 
nomic environment, the chair- 
man said APV was achieving 
good orders in a number of its 
chosen markets and overall, 
the order book was 10 per cent 
ahead of lest year. 

He added: "Our trading and 
financial position is stronger 
and I feel more confident about 
the group's prospects now than 


at any time in the past four 
years." 

APV said it had responded to 
difficult conditions by continu- 
ing to rationalise capacity, 
improve efficiency, divest non- 
core businesses and focus on 
identified target markets. 

Mr Clive Strowger, chief 
executive, said 10 plants had 
been closed or were closing 
and the workforce had been 
reduced by 2,500 to below 
10,000 since 1992. the year he 
was appointed. 

Economic conditions in the 
US improved during the year 
and there were some signs of 
recovery in the UK. 

Recessionary conditions pre- 
vailed throughout continental 
Europe, although Asian 
economies continued to 
grow strongly, apart from 
Japan. 

APV expected no significant 
improvement in the economic 
environment in continental 
Europe, which accounts for 
approximately 40 per cent of 
the group's orders and sales, 
during 1994. 

Gearing fell from 31 per cent 
to 7.5 per cent. 


Earnings per share fell to 
0.9p (3p) but the final dividend 
is being held at 3.4p giving a 
maintained 5.4p total. 

• COMMENT 

Analysts found the results a 
mixed bag. with further ration- 
alisation costs partly offset by 
an unexpected gain on an 
Interest swap deaL However, 
the management has taken a 
cautious Une on accounting 
standards. Most interest 
focused on the positive note 
struck concerning orders and 
future prospects, given the 
scale of recent surgery on the 
sprawling portfolio which Mr 
Strowger inherited. The scale 
of the cost-cutting should make 
APV highly geared to any vol- 
ume Increase. Forecast profits 
of up to £26m put the shares, 
down 7p at I2lftp, on a pro- 
spective multiple of 25, which 
clearly puts them in the recov- 
ery bracket. But few such 
stocks are underpinned by a 
prospective yield of 5.4 per cent 
and can already point to a 10 
per cent in rise In orders - 
even although its main market 
Is still flat on its back. 


P&O ferries weather the storm 


By Simon Davies 

The Peninsular and Oriental 
Steam Navigation Company’s 
ferries business put in a strong 
performance In the second 
half, and Lord Sterling, chair- 
man, said bookings were 30 per 
cent higher than a year ago. 

The ferry operations, sepa- 
rated for the first time in the 
group's accounts, made profits 
of £81.7m for the year to 
December 31. up from £72-9m. 
The Channel Tunnel will 
undoubtedly affect revenue, 
but Its late opening should at 
least secure flat 1994 earnings. 

Lord Sterling said excess 
capacity on the cross-Channel 
business could be moved to 


profitable European routes. 

• COMMENT 

The market was pleased with 
the group's results and the evi- 
dence that dividends will 
finally be covered by recurrent 
earnings in 1994. Brokers have 
upgraded forecasts, but assum- 
ing £320 m. profits in 1994, the 
shares are on a p/e of 1&5 and 
a defensive yield of 4.4 per 
cent, assuming no increase In 
dividend. P&O has weathered 
the recession without Jettison- 
ing capacity, and now offers 
exceptional operational gear- 
ing, particularly on the con- 
tainer shipping side. The Chan- 
nel Tunnel may haunt senti- 
ment, but recent investment 


sales hinted at P&O's underly- 
ing asset value and earnings 
are on a strong cyclical 
upswing, even without expec- 
ted property sales. The shares 
look attractive, even after yes- 
terday's 4 per cent rise. 

Ex-Lands lower 

Lower profits from sales of 
stakes in subsidiaries left Ex- 
Lands' pre-tax profits for the 
six months to December 31 
lower at £484,000, against 
£822.000. 

Turnover was higher at 
£lJ23m (£731,000). 

Earnings per share came out 
at 0.68p (1.19P). 


Win Morrison forecasts 
upgraded after 17% rise 


By P«ggy HoBInger 

William Morrison's shares rose 
3p to I20p in a telling market 
yesterday as the market moved 
to upgrade forecasts for the 
Northern supermarket c h ain, 
on the back of stronger than 
expected results. 

The group announced a 17 
per cent increase in pre-tax 
profits to £97. 8m, against a 
market consensus of about 
£90m. Sales also rose by 17 per 
cent to £1.54bn for the year to 
January 30. 

The City revised 1995 fore- 
casts from about £l00m to 
between £105m and £110m. 

The better than expected per- 
formance was based on a 
strong margin recovery in the 
second half and contributions 
from new stores. Excluding 
new stores, like for like sales 
were 3.5 per cent higher. 

Mr Martin Ackroyd, finance 
director, said sales had 
increased above expectations 
partly due to the decision to 
abandon opposition, to Sunday 
trading. 

“If there are five major 
groups opening on a Sunday 


and one doesn’t, he will suf- 
fer." Mr Ackroyd said. He had 
not changed his mind about 
the essential lack of benefits in 
Sunday opening, however. "I 
do not think we have earned 
anything. We have just recov- 
ered the losses." 

Margins benefited from pass- 
ing on price pressures to sup- 
pliers. The decline experienced 
in the 12 months between July 
1992 and July 1993 - when Mor- 
rison sought to woo back cus- 
tomers tempted by discounters 
- had more than been recov- 
ered by the second half, he 
said. 

Mr Ackroyd warned, how- 
ever, that there was cause for 
caution. “The current year will 
no doubt continue to be 
extremely tough," he said. “If 
it becomes an all-out price war, 
then we will join the skir- 
mishes with everyone else.” 

Morrison racked up capital 
expenditure of £l20m in 
1993-94, including the costs of 
opening eight stores. The 
group was currently trading 
from 67 stores and planned to 
have 73 by the end of the year. 
Capital expenditure of about 


£l70m was budgeted in 199495- 

Gearing is expected to 
increase to about 25 per cent 
this year, against 13 per call 
previously. 

The dividend was increased 
from 0.64p to OJBp, for a total 
25 per cent higher at lp (08pX 
Fully diluted earnings were 
ahead 11 per cent at 8.05p 
(7.23p). 

• COMMENT 

William Morrison has recap- 
tured its shine with these 
results after the Interim disap- 
pointment it has managed to 
get its payroll costs under con- 
trol in the second half and 
begun to squeeze suppliers. 
However, this does not go aH 
the way towards explaining 
the dramatic Improvement In 
gross margins of l per cad, 
with promises of more to come. 
This is a well managed and 
traditionally conservative com- 
pany, so such questions may 
be dismissed by some as 
nit-picking. The shares, on a 
prospective p/e of 12,7 times, 
are trading at a 15 per cad 
discount to the market and 
look cheap for the moment 


Monument rises 65% in spite 
of weakening oil prices 


By David tascelles, 

Resources Editor 

Monument Oil and Gas, the 
independent exploration and 
production company, raised 
pre-tax profits by 65 per cent 
last year despite the steady 
weakening of the tel price. 

The company earned £7 36m 
in the year ending December 
31. up from £4.79m the year 
before. The profit attributable 
to shareholders nearly doubled 
from £4. 12m (equivalent to 
earnings of (L62p per share) to 
28.11m (l22p). As in previous 
years, the directors are propos- 


ing to reinvest profits rather 
than pay a dividend. 

Monument said the result 
showed the benefit of its policy 
of realising the value of 
mature properties, mainly in 
the North Sea, and replacing 
these reserves with new, lower 
cost developments. A major 
factor in the Improved result 
was a reduction of the deple- 
tion charge from £i6m to 
£W.Im as a result of the transi- 
tion to lower cost fields. 

The main challenge during 
the year was securing the 
£300m financing for its major 
Liverpool Bay gas develop- 


ment, which received the 
go-ahead after some concern 
that it might be stopped by®- 
government to avoid damap® 
the coal market „„ 

Overall production In 
averaged 7,300 barrels ofojj 
equivalent per day, down fr°® 
the previous year. But outpjj 
should rise to 30,0 00 banes w 
raid-1996 when the Liveipo® 
Bay. Johnston and Siena 
Chata Reids come fully 
stream. Monument said its P®£ 
icy of active asset raanaSj 
ment, exploration and cost op- 
ting placed It well rer 
continued growth. 


r 


FINANCIAL TIMES FRIDAY MARCH 25 1994 


COMPANY NEWS: UK 


Ruberoid beats flotation 
forecast with £7.1m 


Further City Airport losses coincided with problems in other activities 


By Peggy HoEngor 

Ruberoid, . the roofing 
subsidiary spun off by Tarmac, 
yesterday ma rginally beat the 
forecast -made when it floated 
in November with pro form* 
pre-tax profits of £7.Un for the 
year to December 3L 
Mr lan MpPherson, chief 
executive; offered cautious 
encouragement to Ruberoid’s 
new shareholders by saying 
confidence appeared to be 
returning to some sectors. The 
leisure and health markets, in 
particular, had begun to show 
tentative sign? of life. 

Turnover was expected to 
rise this year,' Hr McPherson 
said, although “it will be 1996 
before there is a noticeable 
upturn in commercial and 
industrial new build activity” 
Contracting orders were 
about 20 per cent ahead of last 


year, excluding the effects of 
wet weather which hinders 
construction activity. 

Mr McPherson said the 
group intended to focus this 
year on Improving margins 
through, cost reductions and 
getting synergies from busi- 
nesses previously run as sepa- 
rate entities. So far, Ruberoid 
bad made cost savings of about 
£i0m year on year, and a fur- 
ther £3m was expected to be 
squeezed out this year. 

Ruberoid was created in 
November to hold businesses 
spun off by Tarmac. As a 
result, the accounts cover only 
the trading period to December 
3L These showed pre-tax prof- 
its of £86,000 on sales of 
£42.85m. 

On a pro forma basis, winch 
assumes all the businesses had 
been trading together for 12 
months, profits were £100,000 


ahead of expectations at £7.lm. 
on sales of £282.6m. 

Two of the three divisions 
showed operating profit 
increases. Cost reductions 
helped the building materials 
business return operating prof- 
its of £4.7m, against £23m last 
time. Sales were £400.000 ahead 
at B442m. 

A rationalised building ser- 
vices reversed losses of 
£800,000 into profits Of £500,000. 
Sales fell from £117m to £8fen. 

The European division was 
hit by margin pressure in 
France and the Netherlands. 
Profits fell from £8 .5m to 
£23m. Sales were £L6m higher 
at £104u4m. 

The dividend was 1.8p per 
share. Pro forma earnings were 
10.6p. The group’s shares, 
issued at 150p, closed in a 
declining market yesterday 2p 
down at ISSp. 


Dowding doubles to £ 3.34m 


By Andrew BoJger 

Dowding & Mills , the electrical and manhamV-al 
repair company, nearly doubled pre-tax profits 
from £L77m to £&34m in the six nwntha to 
December 31. 

Mr Peter Hollings, chairman, said the 
improved first-half results woe mainly because 
of increased productivity and cost control rafter 
than an overall' increase In activity. Sales rose 
from £41 2m to £45 ul 

'-.Earnings per share increased to L37p (0-6lp). 
The interim dividend increased to 0-94p (092pX 
The group said that trading at the start of the 
second half had continued at a similar level to 


the first, and if this trend continued then profits 
far the full year would be ahead of last year’s 
£544m. 

Mr Bollings said: “Die decline in activity in 
the DK over each of the last three years has 
finally ceased and production has levelled out, 
whilst elsewhere In Europe business remains 
difficult with no gig™* of immediat e improve- 
ment.” 

He added that the level of activity in Ameri- 
can operations continued to be satisfactory. 

Following a reduction last year, expenditure 
on plant and equipment had increased to £L24m 
(£655,000), while gearing was maintained at 192 
percent 


Abbeycrest jumps 32% to £1.8m 


By Reg Vaughan . 

Abbeycrest, the designer and 
manufacturer of gold and sil- 
ver jewellery, yesterday 
announced pre-tax profits 32 
per cent ahead to £L78m for 
the year ended December 81 on 
turnover which rose by 17 per 
cent to £5L9m. 

At this level the profit is still 
way below the record of £6jm 
achieved in 1989. 

The shares closed at 109p, 
down 6p. 

Mr Michael Lever, chairman, 
said that progress was encour- 
aging during'* 'the jpedr 'ajar. 


despite flat conditions the 
group had increased its market 
share, with maintained operat- 
ing margins. 

He added that he was cau- 
tious about projecting current 
levels of business forward, but 
reported that turnover and 
older books were ahead of 
1993 and that he expected 
further progress in the current 
yBar. 

The chairman said that sa fes 
to the - catalogue shops and 
home shopping sector 
increased significantly. The 
group now exports to 20 coun- 
tries, and tjunwyer in overseas 


markets grew to 
£5.lm. 

Earnings per share rose by 
37 per cent from 3.8p to 52p 
while the dividend fa main- 
tained at &2p with a final of 

2p. 

Year end gearing went up 
from 7 per cart to 40 per cent 
This reflected higher levels of 
activity in November and 
December and increased pro- 
jections for the early part of 
1994. 

The group’s year end is to be 
changed to February the 
next accounting period will be 
for if months. * 


expansion 
in US for 
Williams 

By Peggy HoUfrigar 

Williams Holdings, the 
industrial conglomerate, yes- 
terday announced its second 
US acquisition in three months 
with the 950m (£34m) purchase 
of Forney International, a pro- 
vider of burner m a na g em e n t 
systems for power stations. 

Wflfiams fa paying $4lm hi 
cash for Texas-based Forney, 
ami is taking on debt of $8m. 
Forney’s net assets after com- 
pletion are estimated at gUm. 

Mr Nigel Rudd, Williams 
dual-man - sa id ftp acquisition 
would reinforce the group’s 
presence in the rapidly-grow- 
ing third world market. "It is 
a real gro wt h business,” Mr 
Rudd said. 

The acquisition was expee- 
ted to be nefthar earnings dilu- 
tive, nor to be significantly 
enhancing In the current year. 

Analysts said the purchase 
was slightly pricey, but made 
strategic sense. It follows hard 
on the heels of the acquisition 
of the Corbin A Rnsswtn locks 
business in January for 180m. 
There was substantial scope to 
increase margins, analysts 
said, which would bring sub- 
stantial returns in 1995. 

However, “the problem fa 
ftat it fa doing to the 

balance sheet,” said Mr Rich- 
ard Bae, conglomerates ana- 
lyst at Hoare Govett. 

The broker estimates that 
after the goodwill write-off, 
w illiams ’ gearing will rise 
from 60 per cent to more than 
70. 

The group is forecast to gen- 
erate cash of £35m this year, 
which leaves year-end fore- 
casts for gearing about 12 
points higher than previously 
at 56 per cert. 

Net assets rise at 
Thornton Asian 

Net asset value per share at 
Thornton Asian Emerging 
Markets Investment Trust 
im proved from 87.1p to 187Jp 
over the year to December 
3L 

Net earnings for the year 
was £886,000 (£322,000) for 
earnings per share of OMp 
(<L32p). A tingle final dividend 
of 0.5p (03p) fa proposed. 


Mowlem to repair balance sheet 


By Andrew Taylor, 

Construction Correspondent 

John Mowlem's problems with 
London City Airport empha- 
sises the serious risks under- 
taken by construction compa- 
nies investing large sums in 
expensive high profile pri- 
vately financed infrastructure 
projects. 

These can cause Intense bal- 
ance sheet problems for inves- 
tors like Mowlem - which 
owns 90 per cent of London 
City Airport - if traffic fails to 
live up to expectations and 
they are faced with repaying 
large borrowings apd funding 
operational costs from reduced 

Government, bankers and 
i construction industry execu- 
lives examining ways of 
! attracting more private money 
to pay for large scale roads and 
railway investments such as 
the Channel tunnel rail link, 
might do well to heed Mow- 
lem's experience. 

The company’s ad v entu re in 
east London would have 
caused serious problems even 
if its main businesses of con- 
tracting and supply woaffhVIfng ' 
and construction equipment 
had not gone into recession. 

A £33m provision imposed in 
1992 to cover losses at the air- 
port ran out two years ago and 

last year the airport lost a fur- 
ther £4.8m. Sir Philip Beck, 
rhnirmflTi, is convinced the 
investment will eventually 
mrne right. Passenger figures 
in the last few weeks, he sayB, 
have been close to levels 
needed for break-even. 



Sir Philip Beek: the airport 

investment will come right 

The airport estimates it 
needs 500,000 passengers a year 
to break even compared with 
945,000 last year, well below 
levels expected when it opened. 

Mowlem has previously 
announced ft at it pfang to 
the airport and says the rights 
issue will enable it to achieve a 
better price without bring 
forced to make a “distressed 
sale.” 

Disposals during the past 18 
months have raised about 
£100m. Even so Mowlem's net 
debt at end-Febroary was £76m 
and fa heading for a peak of 
about £100m this year com- 
pared with shareholders’ 
funds, before the rights, of 
£9im. 

Its difficulties have been 
compounded by problems else- 
where in its business as UK 
construction output has fallen. 
The scaffold and access equip- 


ment contracting hire and sale 
companies, in hindsight, 
entered the recession carrying 
too much excess fat 

This is evidenced by the sur- 
gery which Mr John Ma rshall, 
chief executive designate, has 
carried out in the last 18 
months, reducing the division’s 
workforce by more than a fifth 
and 'cutting overheads in the 
UK and continental Europe by 
more than rahm 

The division made a £600,000 
pre-tax loss last year but in 
better times was capable of 
achieving pre-tax margins of 10 
per cent on annual sales of 
more than £300m_ With costs 
under control it should be able 
to achieve that again as con- 
struction markets improved, 
Mr Marshall said. 

Capital expenditure, how- 
ever, will need to increase. 
This h«-< fallen from £4Qm in 
1990 (perhaps not the best time 
to have been spending large 
sums with the UK construction 
industry in recession) to just 
£l4m last year. 

Nonetheless, the group is 
starting to reap the benefit of 
previous cost reductions. Prof- 
its at SGB Youngman, the UK 
hire and sale business, have 
risen sharply recently. 

UK building and civil engi- 
neering has generally been 
resilient, achieving profits of 
£LL9m on a turnover off £7D3m 
last year — an operating mar- 
gin of L7 per cent, which com- 
pares favourably with other 
large UK contractors. 

The division's performance, 
however, has been soured by 
difficulties over a couple of UK 


MJ Gleeson flat at £4.1m 


By Paul Taylor 

MJ Gleeson Group, the 
Surrey-based construction, 
housebuilding and property 
concern, yesterday reported 
flat pre-tax profits of £4.1m for 
the six mouths to December 31, 
compared with £4.06m. 

Turnover slipped to £79.6m 
(£802m), but operating profits 
increased by 8.6 per cent to 
£3.78m (£L55m). 

| This improvement was 
partly offset by a decline in 
Interest receipts to £336,000 
(£564jQQ0) wfaflg interest costs 
fall ftpm £48.000 to E2ZJOOO. 


Earnings per share were 
very slightly lower at 27.06p 
(27.09p) partly reflecting a mar- 
ginally higher £Uffm (£1 3Sm) 
fa>T charge, end the interim 
dividend fa maintained at 
335p. 

Despite a small increase in 
UK contracting turnover, the 
directors said the profits con- 
tribution from the construction 
operations was very modest 
and added that, “t rading condi- 
tions in this sector seem likely 
to remain difficult for some 
time." 

However, the group said the 
upturn, in the housebuilding 


maricwt which became appar- 
ent last year, has been sus- 
tained and the turnover of 
Gleeson Homes was signifi- 
cantly highar during the latest 
period than a year earlier. 

Provided that house buyers’ 
confidence fa not adversely 
affected by the forthcoming 
increases in personal taxation 
or other factors, the directors 
said they expected to sell a 
record number of hamas this 
year. 

As a result they were “cau- 
tiously optimistic’’ that overall 
trading profits for the year 
would be satisfactory. 


power station and chemical 
plant contracts as well as 
minor problems in Germany 
and the US which means that 
after provisions the division 
made a £4m trading loss. 

Mr Marshall said a stronger 
balance sheet would make 
potential large customers feel 
more comfortable and enable 
the company to tender for a 
wider and more profitable 
range of wort: - particularly if 
it was not having to inces- 
santly chase cash - with the 
aim of restoring margins to at 
least 2 per cent on a turnover 
of £Lbn. 

On this basis the group, with 
better management controls 
and property targeted capital 
expenditure should be capable 
of returning pre-tax profits of 
£40m, said Mr Marshall. He did 
not expect this target to be 
achieved, however, before 1996. 

The extent to which some of 
Mowlem's wounds may have 
been self-inflicted may be 
gauged by the sweeping senior 
management changes which 
have occurred both at board 
and divisional level over the 
past 18 months. 

The company had little 
choice but to refinance with a 
rights chosen as the best solu- 
tion after consultation with its 
institutional shareholders and 
bankers. The institutional 
shareholders are supporting 
the group by sub-underwriting 
the issue. Yesterday they 
seemed likely to get left with a 
sizeable tranche of shares. 
Their hope must be that the 
bottom has now been reached 
and things can only get better. 

R H Lowe loss 
rises to £11.9m 

Including £7A3m of goodwill 
from discontinued operations 
previously written off, Robert 
H Lowe, tiie sportswear, print- 
ing and p ackag in g concern, 
showed pre-tax losses of 
£ll.88m for the year ended 
November 5 1993, compared 
with £L98m. 

Turnover totalled £2&47tn 
against £32. 24m, which 
included £10.46m (£12.4m) 
from ongoing businesses. 
Operating profit was £l.l9m 
(£L3m). Shareholders’ funds 
were £402,000 (£4.49m). 

Losses per share were 28.45P 
<527 p). 


fly 7-V\ 


The Shareholders of 


SKANDIA INSURANCE COMPANY LTD. 


MM 9X92 
UJ38.1 4 as* 


OpOMfagI»0f - 
ftqft on oAwy Ktivttfat 
Nctpraflt. 


HZ* +ns* 

917 +20oir 
(l)4S3 ' +1W* 
+ium 


(1) EcdmBag Ac m p ftW Mt <4 TOP 203 m30mjbr 

tht«vfy . 

RESULTS 

The net consolidated contribution of the 
subsidiaries amounted to FRF 7.5 million 
compared to FRF 3.8 minion in 1992. This was 
due to theparticolady strong growth in lady. 

The net equity of the Group is FRF 3243 nuffiou 
fflyl Wf finan/4fll ririif fa FRF 66.9 mflKnn 

The accounts of the parent company have a 
turnover of FRF 970.6 million, an increase of 
8.5* due to exports (37* growth), and a net 
profit of FRF 403 million, similar to the previous 
year exclusive of exceptional capital gains. 


Tbe Board of Directors proposes a ifividend of 
FRF 9.00 per share (FRF 13.50 per share 
including tax credit) payable on 1 July 1994. 

In addition, tbe Board of Directors has decided to 
capitalise reserves and to increase the capital with 
a bonus issue of one new share for every four 
stares held as of 2 Jnly 1994. These new shares to 
be effective from 1 January 1994. 

Tbe rights of the bondholders wfll be mai nt a i n ed 
by chan g ing the basis of conversion from 1 to 
125 with effect from 2 July 1994. 

^nOKFORlgg* 

The international development fa con tinuin g, 
however the slowdown of growth of its activities 

m France leads the Group to be cautions in its 

forecast for tbe year. 


FcrircrcB^ifJtiCn^lM 

i RASSrWorG 63 


r.\ rUL- A- U LWMlWn 


BOIRON 

JO 6 TE FOY US LVON. FfiANCE 


are herd)/ invited to attend the Annual General Meeting to 
be held on Thursday 14th April. 1994 at 3 p.m. (Swedish 
rime) in the Stockholm Concert Hall, HStorget. Stockholm, 
Sweden. 

1. The Agenda will, amongst other matters, include the 
following ordinary items of business: 

Election of a Chairman to preside over the Meeting 

Verification of die voting list 

Election of a person to check and sign the Minutes together 
with the Chairman 

Decision as to whether the Meeting has been properly called 

Presentation of the Annual Accounts and the Auditors’ 
Report, as well as of the Consolidated Accounts and the 
Consolidated Auditors’ Report 

Adoption of the Profit and Loss Statement and the Balance 
Sheet, as wdi as the Consolidated Profit and Loss Statement 
and the Consolidated Balance Sheet 

Appropriations of the Company’s profit according to the 
adopted Balance Sheet 

Discharge from liability of die Directors and the Managing 
Director 

Determination of die number of Directors and their Alter- 
nates who shall be elected at the Meeting 

Election of the Directocs and their Alternates 

D eterm ination of die number of Audicors and their Alter- 


Eiection of die Auditors and their Alternates 

Determination of the emoluments of the Directors and 
Auditors 

2. Two special items ofburiness concerning the Voting Rights 
limitations Clause (§ 18) in die Company's Articles of 
Association will be dealt with: 

a) A proposal put forward by the Board of Directors 

That the present voting tights limitations ruling be replaced 
by a ruling whereby no one may voce in respect of own 
holdings, for more than 5 per cent of the total number of 
shares in the Company, 

b) A proposal put forward by the Board of Directors 

that the Meeting appoint a Committee to analyse and 
evaluate the question concerning the voting rights limi- 
tations, inter alia, in die light of on-going EU regulatory 
work. Recommendations concerning the composition of 
such a Comm i nee are as follows: Sven SGdexbexg, SlcantCas 
Chairman; Fukfco Alicalo, representative for Skandiai largest 
shareholder, Pbhjola group; Tor Marthin, AMF Pension, 
representative for die Swedish institutional owners; Nils 


A Skandia 


Erik WirsSll, representative for Skanflias shareholder asso- participation in the EEA Agreement. 

dacion; and Clas ReuterskiSld, representative for Skandias , . __ . , c - , _ c . . 

life policyholders. b) Cb “e e “ ^ ofSccurrt.es CUose « 12). 

3. Furthermore, rhe Annuel Gcuend Meedug will del with ^P^po^'^consrinrresan srijusm.arr rorhanges m 

, . C -tt- , f . die provisions of the Insurance Business Act concerning 

another item or special business concerning approval or the r S f ° 

decision passed by the Board of Directors on 23rd March, seeping o securities. 

15194, in respect of increasing the Company’s share capital by Closing. 

a maximum of SEK 127.942,815, by way of an issue of a R . . M I; 

maximum of 25,588,563 new shares, each with a nominal ™ ^ 

value of SEK 5, principally on die basis of the following TO BE ENTITLED to participate in rhe Annual General 
conditions: Meeting, shareholders must: 

, , I ■ j .tiL r -i-lI* recorded as shareholders in the Shareholders’ Register 

The Company* rbmeholden stall hove s prefercotal nghr ^ (Vi^psp. 

? S t?? b ? e ° r 1*"?™** wrrf. p™™™ perroentralen VPC AB> ss ». Thorwfay 31sr March, 1994, 

detailed below, whereby each unit or three old shares shall 

grant entidement to subscription of one new share. Share- ^jui 

holders who are so entitled, may exercise their preferential 

right to subscribe for new shares during the period 26tb April notify the Company of their intent to participate at die 
to 1 6 tb May, 1994. Subscription shall be implemented through Annual General Meeting not later than 4 pjn. on Monday 
simultaneous cash payment of SEK 11 0 for each new share. 1 lift April, 1 9 94. 

The pmfocmal right ro ndsmbe for new star, shjl hr Norifia , do „ of i aKnIro p lrt idpaicatd,cMccriogd.r»ddbe 
granted to those shareholders whose country or residence „ 

does not apply regulations which pose legal impediments to 

such subscription. This means, inter alia, that shareholders Skandia insurance Company Ltd, Corporate Law, 
residenc in those countries which are included under the EEA S-103 50 Stockholm, Sweden 
Agreement, are permitted to participate in the issue. More- or > r e j e _|, ooe 
over, such shareholders in the USA who hold tbe status of 

Qualified Institutional Buyers, as defined under die US fot +46-8-788 32 62 or 446-8-788 30 98 
Securities Act 1 933. may be invited to subscribe for shares in SHAREHOLDERS WHOSE SHARES are held in trust by 
accordance wirt the exceptions from obligation to register, abankorpr ^ te broker must register their shares in their own 
Section 4X of the same Act. Those shareholders "bo may ^ ^le to participate at the Annual General Meeting, 

not, for reasons stated above, participate in the issue, shaH, Such must be completed not later than Thursday 

after the sale of the subscription rights corresponding to their 3lst Macch> l994 Shareholders are advised to notify the 
respective holdings, receive compensation in cash amounting CUIStee delay ofdidr intent to register their shares, 

to the purchase price of said subscription rights. Such dis- 
posal will be bandied by an entity especially appointed by the A SHAREHOLDER MAY vote at the Annual General 
Board of Directors, which entity shall be granted subscrip- Meeting in person or by proxy. Such proxies shall be in 
non rights in respect of the issue corresponding to the writing, and shall be dated, and may not be older than one 
holdings of such other shareholders. year. Shareholders wishing to vote by proxy should submit 

• their forms of proxy ro die Company. Forms of proxy may be 

Tbe Record Date for determination of subscription rights or ohalncd Ae Company. 

cash compensation for disposal ofsuch rights, shall be Tuesday 

19th April, 1994. THE BOARD OF DIRECTORS proposes thata dividend of 

_ , .... • - , iii SEK 2dK) per share be paid to the shareholders. Hie Board 

The Board of Directors decision regarding the issue shall be ^ ^ M propose chat che Dare for Ae 

available as of, and including. Thursday 7th April; 1994, ar ^ 0 f dividends be Tuesday 1 9th April, 1 994. Should 

the Corporate law Depamnent. at the Companys head proposals be approved by the Annual General Meeting, 

office located at Sveavageo 44. Stockholm. Sweden. it h that the dividend will be distributed by the 

4. Finally, the proposal put forward by the Board of Directors Swedish Securities Register Centre on Tuesday 26th April, 
to amend the Company’s Articles of Association, as follows, 1 99 4. 
shall also be dealt with: 

a) Change in the Scope of Activities Clause (5 2). Stockholm, Sweden, March 1994 

The proposed change constitutes an adjustment to the new ft, Boardof 
regulations governing insurance classes as denned m the 

Insurance Business Act (1 982:7 1 3), resulting from Sweden’s SKANDIA' INSURANCE COMPANY LTD. 


DO YOU WMi, ^ wo*. T*. 

» MJ.S. own EJendary w.O. earn tncreasa ywr 

Art* tredng ****&" sacretRtaflWtWooeOte 

oflw and wnwn your kuna. H®*' 

pk your FREE Pfeca- 








30 


Silver climbs to 
4V4-year high 


By Kenneth Gooding, 

Mining Correspondent 

The US investment funds that 
are attempting to force up the 
silver price helped push it to 
574.75 cents a troy ounce in 
London early yesterday, Its 
highest point since November, 
19®. The market failed, how- 
ever, to breach the important 
technical level of S575 an ounce 
and tell back to close in Lon- 
don at $570.5, up 5 cents on the 
day. 

Hedge funds, including the 
Quantum Fund operated by Mr 
George Soros, the high-profile 
financier and currency specu- 
lator who started the run-up in 
the gold price about this time 
last year, are rumoured to 
have spent USglbn to buy 
physical silver. 

'There certainly does seem 
to be an investment pro- 
gramme under way in silver by 
some of the big US hedge 
funds," said Mr Ted Arnold, 
metals specialist at the Merrill 
Lynch financial services group, 
in his latest analysis of the 
market. "They are prepared, 
my Informants say, to put in 


another $lbn. Their spot price 
objective, it is generally 
agreed, seems to be $8 an 
ounce." 

Mr Tony Warwick-Ching. 
analyst at the CEU Interna- 
tional consultancy group, said 
the outlook for silver was cer- 
tainly better than for some 
time following three years of 
supply deficits. But be esti- 
mated there was still between 
10.000 and 15,000 tonnes of sil- 
ver in stocks world-wide, 
enough to satisfy demand for 
at least a year. 

The US funds were attracted 
to silver partly by a big buying 
spree in India following liberal- 
isation of import restrictions 
there last year - CRU esti- 
mates India imported 2,800 
tonnes in 1993 compared with 
800 tonnes the previous year. 
Mr Warwick-Ching pointed out 
that Indian demand had 
dropped dramatically when the 
silver price reached $5 an 
ounce, showing how price sen- 
sitive it was. “And India could 
start selling again," he warned. 
“India exported a great deal of 
silver when the price boomed 
in the early 1960s.” 


MARKET REPORT 

Coffee ignores retention cut 


The London Commodity 
Exchange COFFEE futures 
market shrugged off confirma- 
tion yesterday morning that 
the recent rise in prices had 
triggered the halving to L0 per 
cent of the amount of exports 
producing countries are 
obliged under their retention 
scheme to withhold from the 
market. And in the afternoon it 
kept its head in the face of a 
decidedly shaky New York 
market 

At the close the May position 
stood at S 1,360 a tonne. $8 
below the peak reached earlier 
but still $13 up on the day. 

At the London Metal 
Exchange an expected break 
below support levels in the 
COPPER and ALUMINIUM 
markets did not materialise as 
late bouts of short-covering in 


the afternoon mingled with 
trade and commission bouse 
buying to stem early tosses. 

Dealers said both metals 
were under pressure from the 
outset, although solid underly- 
ing chart patterns remained 
supportive. 

Three months delivery cop- 
per spent most of the day prob- 
ing below the $1,940 support 
level but as the selling pres- 
sure lifted slightly prices 
moved higher. 

LME stocks and deteriorat- 
ing charts continued to erode 
ZINC'S recent gains, while 
LEAD prices eased further, 
with traders suggesting that a 
test of underlying support at 
$450 a tonne was likely to be 
made soon. 

Compiled from Renter 


COMMODITIES AND AGRICULTURE 

I Opec expected to maintain output 


impress the markets, however. 
“What is the point of a sym : 
botic cut," asks Mr Mehdi 
Varzl, director of energy 
research at London brokers 
Klelnwort Benson. “If they cut, 
they have to make it convinc- 


exploration 

licences 


Private 
finance 
planned for 
Codelco 

By David Pining m Santiago 

Non-core divisions of Codelco, 
Chile's state copper company, 
will be allowed to raise private 
finance and to form joint ven- 
tures if proposals put forward 
yesterday by Mr Juan Villarzu, 
CodeLco’s new president, are 
accepted. 

Mr Villarzu said non-copper 
divisions, such as the 530MW 
Tocopilla power station, would 
be able to raise finance 
through flotation of shares or 
the issue of bonds. This would 
allow Codelco to concentrate 
on exploiting, refining and sell- 
ing copper, he said. 

To recovery efficiency, lost 
largely during the military 
regime, Codelco would need to 
increase its annual investment 
budget to $400m-$150m, to be 
spent primarily on the expan- 
sion of Andina and the start-up 
of Radomiro Tomic. 

Mr Villarzu set targets for 
the year 2000, which he said 
were “tremendously demand- 
ing" but “achievable". These 
were: to cut output costs to 50 
cents a pound from 69 cents; to 
raise productivity by 8 per cent 
a year to 80 tonnes of copper 
annually per worker; to halve 
the accident rate; and to spend 
15 per cent of the annual bud- 
get on improving Codelco’s 
patchy environmental record. 

To sharpen Codelco’s man- 
agement structure, Mr Villarzh 
confirmed his intention to 
allow divisions to operate 
autonomously under the 
umbrella of a holding com- 
pany. He also said he wanted 
to change the “anomalous” 
role of the board of directors 
which currently has little con- 
trol over the day-to-day run- 
ning of the company. 

Codelco would no longer 
speculate on metals futures. 
Mr VillarzCi said, but would 
continue to use the market do 
cover risk. Mr Juan Pablo Dav- 
ila, the former trader accused 
of losing Codelco $206m, was 
charged earlier this week with 
defrauding the state. 


By Robert Corcine in Genova 

The Organisation of Petroleum 
Exporting Countries meets tax 
Geneva today to debate 
whether to cut production in 
the hope that it will lift prices. 

Market expectations are that 
the 12 oil ministers are most 
likely to simply roll over the 
24.52m-barrels-a-day produc- 
tion ceiling agreed last Septem- 
ber. This has been generally 
adhered to since it was set as 
part of an effort to curb Opec 
over-production, which drove 
down prices for much of last 
year. 

The ceiling, however, proved 
to be too high in light of a 
surge in oil production from 
non-Opec countries, in particu- 
lar from British and Norwe- 
gian fields in the North Sea. 
The added pressure sent prices 


M r Saeed Ahmed, a 
tractor dealer, points 
to a brand new Mas- 
sey Ferguson tractor parked in 
his showroom, just outside 
Lahore-Pakistan's second larg- 
est city, and offers to sell it for 
10 per cent less than the fac- 
tory price. The only catch is 
that the tractor cannot be 
legally transferred to its new 
owner for another 8 years. 

We are at Shadab Tractors, 

where a cnn.HTgtimp.nt has just 
been released from the facto- 
ries after payment of loan 
money. Many buyers, however, 
have no intention of taking 
delivery. They prefer to sell on 
at a discount, knowing they 
can repay the loans at interest 
rates up to 10 per cent below 
commercial bank rates, or even 
default without worrying too 
much about banks calling in 
collateral. 

Farmers wbo own at least 
five hectares of land are eligi- 
ble for Agricultural Develop- 
ment Bank of Pakistan loans. 
But banks in general have few 
successes in recovering bad 
debts, largely because of a lax 
legal system which so metimes 
allows civil cases to drag on for 


tumbling to five-year lows ear- 
lier this year. 

In recent weeks severe win- 
ter weather in the US boosted 
demand and helped to under- 
pin oil markets. But prices 
have struggled to rise above 
the $13 to $14 a barrel range for 
the benchmark Brent Blend 
North Sea crude. 

The consequent financial 
pressure has caused even the 
wealthiest Opec states, such as 
Saudi Arabia and Kuwait, to 
rein in budgets. The impact on 
the poor and populous Opec 
members such as Iran and 
Nigeria has been such that 
some observers predict that 
their fragile political stability 
may be undermined unless oil 
revenues can be increased. 

The roU-over option is 
unlikely to bring about any 
short-term relief for producers. 


several years. Almost 30 per 
cent of the USSlOOm Pakistani 
farmers spend each year on 
tractors comes from on loans 
that eventually turn bad, 
senior ADBP officials acknowl- 
edge. 

“There is almost a tractor 
Mafia out there,'* says a senior 
executive at Al-Ghazi, the 
Pakistani affiliate of Fiat. Mr 
S.A. Khan, General Manger of 
Fecto, which assembles Bela- 
rus tractors, imported from 
Russia, explains: “Certain peo- 
ple buy the tractors and sell 
them in the open marke t to 
make money. Recovery [of 
loans] is a difficult exercise". 

Such concerns have been 
getting wider attention since 
last summer, when the govern- 
ment of Mr Moeen Qureshi, the 
former prime minister, began a 
campaign to recover loans. 
That campaign began because 
the credit system, set up ini- 
tially to help poor and middle 
income farmers to mechanise 
their forms and increase pro- 
ductivity, was in danger of col- 
lapsing. But the five-month old 
government of Ms Benazir 
Bhutto has shown little enthu- 
siasm for following up Mr Qur- 


But it is supported by analysts 
who predict that demand for 
Opec oil is likely to grow later 
in the year. “They don't need 
to make any grand gestures," 
according to Dr Leonidas Drol- 
las, economist at the London- 
based Centro for Global Energy 
Studies. 

"Stocks are not that high 
and the call on Opec oil is 
roughly at current [production] 
levels." 

An Iranian delegate yester- 
day ind ic a ted t hat a roll-over 
was not the favoured option. 
But analysts say Iran may be 
struggling to maintain current 
output It might therefore wel- 
come a cut in the ceiling rather 
than fi g h t off claims by other 
members to any unused por- 
tion of its quota. 

A small cot of 500,000 b/d or 
so would be unlikely to 


eshi’s initiative. 

Some ADBP officials warn 
against aggressive measures to 
recover loans. “We know that 
we are only able to recover up 
to 70 per cent loans. But then, 
taking tough action against 
farmers is also politically sen- 
sitive. There would eventually 
be an uproar in the parlia- 
ment,” says one. Others com- 
plain that the tractor business 
has increasingly become a 
form of patronage by politi- 
cians in successive Pakistani 
governments, who have tried 
to appease constituents 
through supporting the sanc- 
tion of such loans. 

Mr Nawaz Sharif, the fanner 
Prime Minister, who stepped 
down in July, last year, 
announced a "yellow tractor 
scheme”, designed to charge a 
10 per cent down-payment up 
front while recovering the rest 
in easy inKtailmpnts from form- 
ers. The scheme, which could 
have created another financial 
nightmare, was abandoned by 
the new government, when 
officials argued that U was 
only meant to attract voters 
during the election campaign 
rather than becoming the basis 


Lilg, 

But Saudi Arabia. Opec’s 
do minan t producer, is known 
to object to any strategy that 
would result in non-Opec pro- 
ducers winning additional mar- 
ket share. It is also worried 
that a large cut would trigger 
renewed over-production by 
some members. 

Opec efforts to Involve inde- 
pendent producers in a co-ordi- 
nated cut have so far not borne 
fruit. But the possibility of 
some form of non-Opec cooper- 
ation could be “the joker In the 
pack" at today's meeting, 
according to Mr Varzl. 


for improving crop output 

Some other businessmen 
acknowledge that the proce- 
dures involving the disburse- 
ment and recovery of tractor 
loans ought to be tightened, 
but also argue that farmers 
must be encouraged to use 
their tractors more efficiently 
as a step towards improving 
agricultural output 

"People who have got trac- 
tors are not fully utilising 
t he m. They are not using the 
right kinds of implements," 
says Mr Sikandar Khan, Chair- 
man of Millat Tractors, refer- 
ring to the argument by many 
experts teat Pakistani formers 
have yet frilly to appreciate the 
possibilities of tractors, rather 
than using them only for till- 
age and towing trolleys. 

“The yield per acre in Pakis- 
tan is one of the lowest in the 
world, it is form mechanisation 
that is going to pick us out of 
that." 

Tractor loans could well be 
central to political concerns in 
rural constituencies, but it 
remains unclear whether the 
government can continue to 
subsidise sales through this 
discredited system. 


Ireland 

awards 


By Tim Coone in OuWin 

Ten companies, grouped Jute 
five consortia, have been 
awarded petroleum exploration 
licences under Ireland s 1993 
“frontier” licensing round. 

The id-year licences cover 28 
of the 129 blocks in the Slyne 
and Erris Troughs lying some 
70kra off the west and 
north-west Ireland, and repre- 
sent the first major offshore 
exploration effort in the Repub- 
lic since the early 1950s. 

The licence terms require 
some 5,000km of seismic and 
other geophysical testing to be 
carried out, followed by the 
drilling of exploration wells. 

Eleven of the 23 blocks have 
been licenced to a consortium 
headed by Statoll (UK), a whol- 
ly-owned subsidiary of Statoll, 
the Norwegian state oil com- 
pany. 

In announcing the licence 
awards this week, Mr Noel 
Treucy the Irish energy minis- 
ter, said the response to the 
round had been “very encour- 
aging and vindicates our 
recent efforts to promote off- 
shore exploration, particularly 
the 1992 licensing terms and 
taxation measures". 

These measures include a 
concessionary corporation tax 
rate of 25 per cent for compa- 
nies producing oil and gas 
under licence. 

The Slyne and Erris Troughs 
tie in water depths ranging 
from 200m to over 1,000m, and 
is a relatively unexplored area, 
having had only three explor- 
atory wells drilled to date, 
although seismic surveys car- 
ried out in 1991 and 1992 
suggested a “significant poten- 
tial" for both oil and gas. 

The current licensing round, 
covering 178 blocks in the Por- 
cupine Basin off the west of 
Ireland, closes in December 
this year. 

Existing gas reserves In 
Ireland, at the shallower Kin- 
sale and Ballycotton fields, are 
expected to be exhausted 
shortly after the year 2#X). 


Ploughing up profits in Pakistan 

Farhan Bokhan on the financial shenanigans of the 'tractor Mafia 5 


COMMODITIES PRICES 


BASH METALS 


Precious Metals continued GRAINS AND OIL SEEDS SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Pnom tram Amalgamated Metal Tracing) 

■ MJUmiHM. «L7 POWTYff par tonne) 


Cash 3 mtfn 

CJo» 1301-2 132S-7 

Previous 1313-4 1338-85 

tfgMaw 133671318 

AM Official 1294-6 13165-9.0 

Kerb dose 1324-4.5 

Open M. 289.049 

Total daily turnover 45.786 

■ ALUMINIUM ALLOY (5 pet lonna) 

Otno 

1270-80 

1285-7 

Previous 

1265-70 

1285-90 

HkjhAow 


1265/1285 

AM Official 

1254-5 

1285-70 

Kerb close 


1280-85 

Open int 

4.593 


Total daBy turnover 

623 


■ LEAD (S per fennel 


Chao 

451-2 

465-8 

Prcvwus 

460-1 

474-4,6 

HigWkM* 


474/482 

AM Official 

450-0.6 

464.5-5.0 

Kerb dose 


464-5 

Open ml. 

35.587 


foul riafly lumow 

4.170 


■ NICKEL fS per tonnol 


CKnc 

5885-95 

5750-60 

Prevoos 

5660-70 

5725-30 



5771V5700 

AM Oflictal 

5005-70 

6730-32 

Kerb close 


ST40-S 

Open mL 

51/104 


Total tLiJy Turnover 

10.001 


■ TW <S per tomoi 



CTor.e 

5450-60 

5500-10 

Provide; 

5470 -ao 

5520-30 

HnJtvIOd. 

5420 

5520/5480 

AM O/UctM 

5420-25 

5475-80 

Kno cjowj 


5490-500 

Open int. 

19.542 


Toni Q.viy turnover 

4,327 


■ ZINC, apodal high woeta IS per torme* 

Close 

942-3 

962-3 

Prevwua 

951-2 

971-2 

HiytvVw 


983/957 

AM Olftmil 

938-9 

959.5-60 

Hnrfe dose 


960-1 

Open int. 

105.838 


Twtl daily tumovur 

20555 


» COPPEH. grotto A IS par lomrv) 


Ctoew 

ia?&5-as 

1941-ff 

Prcwua 

194&S-9.5 

1*358-9 

HKyikw. 

1927 

1948/1936 

AM OKtoal 

1926.5-7.5 

1939-40 

kero oow 


1938-7 

Open M 



Total daily turnover 

57.897 



■ LME AM Official C/S rata: 1.4934 
LME dosing OS rate; 1.4855 


Spett 4JKJ Jtnnttf 4837 fimttt .1 <sn flmfl*1.48Sf 
■ HIGH GRAPE COPPER (COMEX) 




Wi 



Ofien 



Bom 


Wgb 

low 

W 

Vtd 

Mar 

WWW 

-1.15 

9080 

8980 

1.754 

283 

IW 

KL9D 

■1.15 

80.19 

90-10 

1,128 

6 

May 

WBO 

■MO 

90.75 

6SLG0 

42,2» 

7.0B9 

Jin 

£9.75 

43 95 

W.B5 

was 

921 

2 

jm 

89.70 

■0 85 

00 60 

89.50 

13.810 

1.170 

MB 

89.6S 

•UR5 



ISB 

4 

iota 





71,528 

8,758 


PRECIOUS METALS 

■ LONDON BULLION MARKET 

l Prices auppbod by N M RomscMdl 


Odd (Troy oil 
Cft»e 
Opening 
Morning fe 
Aftcmaoii h» 
Day's Htgh 
Day V Low 
Pnyixa ckno 


S price C equh 

38r.oo-3fir.40 
388 60-38900 

390.30 Ml. 307 

390.40 281224 

Ml. 50- Wi 90 

3aa.6o-oSQ.20 
388. <0-359. 10 


■ GOLD COM EX QO0 Troy eg.; Sflroy ozQ 



Sen 

»nr» 



Open 



Price 

dense 

w* 

taw 

tat 

Yd 

A** 

3915 

>4S 

392.7 

3902 48.159 29.6(2 

Mat 

mi 


3816 

392-6 

2 

2 

Jue 

394.4 

*4.6 

3852 

3928 40370 114305 

<teu 

»L9 

*4£ 

387.2 

395.7 

7570 

52 

Oct 

399J5 

+47 

399.5 

3884 

4,371 

- 

Dec 

403-4 

+4J 

4035 

40ft8 18375 

730 

Tool 




148683 434)47 

■ PLATINUM NYMEX (60 Troy oz.; S/lroy <Wj 

AW 

408.1 

+443 

40941 

4040 

8917 

2440 

Jtf 

409.6 

+85 

*iao 

4080 

12402 

3005 

Oct 

410.1 

♦45 

4105 

4090 

1.381 

150 

Ju 

41 as 

+45 

412-0 

♦120 

587 

4 

AW 

41243 

+45 

- 


820 

9 

Total 





22,197 

5018 

■ PALLADIUM NYMEX (100 Troy at; S/lroy oz.) 

fear 

136.15 

+020 

, 

. 

1 

1 

Jue 

13890 

+ 0-20 

136.75 

13550 

3079 

125 

3m 

136.90 

+0.50 

135-75 

13650 

400 

1 

Dec 

133.65 

♦0.75 

13850 

13650 

183 

- 

Total 





4>583 

IZ7 

■ SILVER COMEX (100 Troy ot; CerMAroy 02 .) 

Mar 

572.5 

+9.4 

5780 

5880 

760 

2Z7 

AW 

5716 

♦9.3 



5 

5 

May 

5745 

+43 

579.0 

578 0 72230 25066 

jm 

5786 

+9.4 

58343 

5740 

18.484 

1504 

sw 

5810 

+9,5 

5660 

5785 

5. 165 

445 

Dec 

589.5 

♦9.6 

594.0 

5880 

9583 

429 

Total 




118*3 26,848 


ENERGY 

■ COUPE OB. NYMEX {43,000 US gaffe S/barrefi 

LMnf Day 1 * Open 

Plica change Mgk Low M Vot 
Mar *4.07 *0.01 IS.Q7 t4.82 109.186 5,571 
Jua 15.02 +0« (510 1440 $6297 35,814 

Joi 15 (0 *004 15.19 1505 33432 18,760 

Aug 1521 *0.05 1528 IMS 18558 6.727 

Sap 15.33 *0.07 1536 15.28 70.555 2.499 

0a 1547 ♦009 1547 15.44 11.920 2.729 

ram sstfim «,m 

■ CRUDE OIL IPE g/tunal? 



Lam 

Day 1 ! 



OPM 



pria 

dong* 

«gh 

IM 

lot 

Vai 

Hey 

12.76 

-004 

13.62 

1262 

56.250 22031 

Jen 

1172 

-aoi 

1186 

1184 32012 

12507 

Ad 

13.79 

-aoj 

lies 

1178 

16.533 

1.550 

Any 

1353 

♦aoi 

1138 

ties 

10/175 

tjora 

S«P 

1406 

5-0? 

144)7 

144)0 

3.676 

310 

Oct 

14.15 

-ao? 

14.13 

14.15 

2018 

54 

ToU 





122149 38(528 

ta HEATING OIL NYMEX (42000 (IS gate.; crtlS gafe) 


UMri 

0 w*» 



Open 



prtee 

queue 

Wflll 

Low 

W 

IM 

Apr 

45.10 

♦008 

4835 

44.90 29.164 12526 

May 

4150 

♦0.06 

4175 

4335 

50.B80 

1117 

Am 

4140 

- 0.12 

4356 

4U5 

37.588 

6J897 

Jul 

44JSS 

-002 

44.15 

4190 24*3 

1,744 

Are 

44.70 

•007 

44.75 

44.70 

1777 

376 

S«P 

45.70 

■ 

- 


2425 

89 

ratal 





I88J2D 3ftM3 

■ QAS OH. FE Stone? 





Sort 

owr» 



Otmt 



price 

change 

** 

LOW 

M 

IM 

AW 

140.75 

-100 

141.75 

MttTS 25210 

4213 

m 

140.00 

-0.75 

141 00 

138.75 

17.304 

2398 

Job 

12825 

- 1.00 

14050 13125 19551 

1.371 

M 

14050 

-14)0 

14150 14050 12,453 

42 

Aug 

14200 

■too 

l<L?5 

14200 

ISM 

324 

Sap 

144 JS 

- 1.00 

14450 

14425 

2344 

195 

Total 




10288? 10201 

■ NATURAL QAS NYMEX (10500 imfita; SfevnBnj J 


lanst 

Dey-i 



Open 



(Use dmpv 

Wgb 

Otar 

tat 

fof 

Apr 

?rm 

-ft OK 

2080 

2 0 » 

9S13 

J4.3JB 


20 « 

■0075 

2110 

20% 15,353 

4.706 

Jwi 

2050 

-0057 

2110 

1055 

3.790 

289 

<M 

2080 

-0.040 

2115 

2070 

9J59 

3*2 

Alta 

2095 

-04)40 

2130 

2090 

9.959 

275 

Sep 

1125 

-a ms 

21 SO 

21?5 

10.410 

156 


T«ta* 118(330 21.787 


Locv Ldn Mean 

1 roonlh ...... 

3 months 

3 men ins .... 
SBvor Fix 
Spot 

3 martffts 

6 months 
i year 
GoM Certs 
Kiugarr.irtd 
Maple Leal 

New Sov won 


Odd Lending Hates {Vs US8) 


■ UNLEADED GASOLINE 
NVUex HZOQO US jitj.; dUS gate.) 


..231 12 norths 2A4 

.338 


latest 

price 


Mbp 

Open 
LOW tat 

VW 

p/troy oz. 

US on equrv, 

Apr 

H25 

-034 

46. SS 

4610 24221 

10657 


574.75 

Hay 

4685 

-022 

47 JO 

4680 47.613 

11.904 


579.90 

J 88 

472S 

■ 0.10 

47.45 

47,15 32R2 

4,142 

39425 

586J90 

M 

47 JO 

-005 

47.40 

47.25 9JD8 

97S 

404.50 

599A1 

Aug 

46.90 

-0.15 

47.10 

4690 8.056 

628 

S price 
390-393 
401. 80-404 JO 
93-96 

£ W|Uiv. 
281-264 

62-65 

sap 

Tew 

4455 

TLOS 

46:60 

4650 5.076 316 

122«72 26621 


■ WHEAT LCE (E per tome} ■ COCOA LCE (ETtarvw) ■ UVE CATTLE Off (dO.QMbs: cental 



SOP 

Oey-a 



Opm 


' 

Sett 

0*7* 


Open 


sett 

Cay's Open 



price 

daepe 

Hgh 

LOW 

M 

Vot 


price < 

Aaege 

w* 

Low hd IM 


price 

etange W In M 

vel 

Ah 1 

107.45 

♦ 1.10 

107.45 10675 

1,803 

253 

Mar 

920 

+6 

920 

910 47 524 

Apr 

76250 

-0-22S 76-525 76.125 32.612 

5,411 

ton 

10640 

+1^5 10640 

10750 

522 

80 

Wfe 

945 

-2 

953 

942 23.265 1882 

Jen 

74250 

- 74.475 74.125 23^79 

2J84 

Sop 

8115 

+650 

9110 

9250 

326 

43 

M 

958 

-4 

987 

957 15.769 1.503 

ACS 

72550 

-0075 71800 71575 12.660 

449 

Hot 

94.10 

+OSO 

94 00 

93 JS 

1.1B4 

40 

Sep 

971 

•3 

979 

972 10^16 1,058 

Od 

71625 

- 71775 71525 10064 

196 

Jw 

96 00 

+0.70 

9655 

9655 

633 

10 

Dec 

967 

-3 

995 

966 16,959 323 

Dec 

71875 

-OQZ5 71950 71725 2,710 

203 

Mar 

97 55 

- 

97.50 

97.20 

33 

55 

Mar 

1006 

-3 

1015 

1007 21983 284 

Ft* 

71625 

-0025 71700 71550 1,219 

19 

Total 





6468 

471 

Total 




1069® 5.776 

Tom 


<1079 

1976 

■ WHEAT CBT (5,000bu nan; oanttaflOlb bushel) 

■ COCOA CSCE (10 tonnes; S/tonnea) 

■ uve HOGS CM£ (40.a00tos: oenta/tos) 


Mey 

333/2 


334ft 

332ft 83555 

14.706 

Msy 

1225 

-14 

1232 

1217 38^77 B.413 

Apr 

47.125 

-0150 47.250 46J50 0114 

1*23 

M 

3Zn 

♦ 2 ft 

32»2 

324ft UJZ2B0 21050 

JBJ 

1253 

-13 

1259 

7248 21^40 2J14 

Jmt 

545® 

-0175 56550 SL275 12.427 

1428 

Sap 

327ft 

+ 2 ft 

320ft 

220* 16170 

1600 

Sap 

1272 

-10 

1282 

1265 9.732 786 

Jd 

51775 

- 51825 51*50 1558 

591 

Occ 

336ft 

♦ 1/2 

336/4 

334ft 21100 

1.750 

Dec 

1304 

-10 

1312 

1233 6390 383 

Wfl 

52nso 

- 52-075 51 TOO 2.752 

187 

Mr 

337ft 

+TW 

338ft 

337ft 

650 

105 

Mr 

1341 

-10 

1340 

1335 6389 129 

Oct 

47.025 ♦6050 47.700 *7.400 1^15 

87 

Hay 

337ft 

♦ 2 ft 


. 

5 

S 

■ey 

1381 

-10 

1387 

1358 6354 10 

OR 

46625 +0.025 4a650 46050 2196 

IBS 

Total 




2323710 41318 

Total 




94S<2 VLJ3K 

Total 


81.613 

0*08 


■ MARE CBT (5,000 toil tnkr, canta/SOb bvahaQ ■ COCOA fCCOI (SOfTsAonnej ■ PORK BELUE3 CME {aftOOQfcs; can&ttM? 


MW 

M 

Sap 


•*»r 

Total 


28&4 +1/8 seen 

288/2 + 1 /D 299/0 

274/4 ■ Z7S4 

281/4 - WOK 

287/4 - 2888) 

271/8 - 271/8 


3840586.415 95486 
OTA) 586,735 51,835 
271ft 134,910 5J85 
260/2304,480 28,365 
266/4 21.020 930 

27045 1/585 U0 

1JB28M 101/MS 


■ BARLEY LCE (C per tome) 



108.75 

+ 0.10 

10690 

10690 

174 

e 

sap 

3185 

- 


- 

IM 

- 

N» 

8186 

+0J5 

85.75 

0675 

84 

2 D 

Jen 

87.70 

- 

97.70 

97.70 

21 

10 

Star 

98.40 

- 

- 


7 

. 

Total 425 30 

■ SOYABEANS CBT (SOOdtai Mi; cantaftO* bushel) 


MW 

692M 

• 1 ft 

EBSft 

090/6291480148,170 

JU 

891/4 

- 1 ft 

696ft 

682/0 24a, 77D 6J.565 

AUH 

688/4 

- 1 ft 

689/4 

985/4 31530 Z.S95 

Sep 

667ft 

-(ft 

609/4 

686 ft 21^90 2.190 

Noe 

653/4 

• 1 ft 

656/4 

651/0167,458 26,750 

ton 

Tata 

666/2 

- 1/6 

661/4 

657ft 13J985 USD 
MOSJS 20,740 

» SOYABEAN 00. CST ffiOnoORta: crartsOb) 


Hey 

2928 

-an 

29.42 

29.16 

32448 

0*21 

Jri 

2424 

•4L0B 

2948 

29.13 

20467 

0562 

Aep 

7B Bp 

•aoe 

28 JO 

2073 

8,714 

1.727 

Sep 

2825 

4L10 

2035 

20 IJ 

8.471 

781 

oa 

2752 

*un 

7740 

2748 

6,664 

396 

itec 

2186 

4L01 

7740 

26.78 

12416 

1452 

Total 




100138 20923 

■ SOYABEAN MEAL CBT OOa torn; S/toft 


«te» 

1952 

♦04 

195.7 

1954 28473 

7.708 

Jut 

1919 

+02 

1915 

196.7 

26403 

4,714 

*ta 

1949 

♦02 

1964 

194.0 

7418 

473 

Mp 

1911 

♦06 

1917 

1924 

542) 

254 

Od 

191.0 

♦03 

1914 

1910 

3488 

197 

Dec 

190.1 

♦04 

1906 

1894 

8431 

(.04 

Tatai 





79411 

14419 

■ POTATOES LCE (E/tomo) 




*W 

2016 

*14 

2074 

2010 

625 

S 

Msy 


■2J5 

2210 

2200 

<87 

24 

Jaa 

1300 

. 

. 

. 

2 

. 

Ne« 

mo 


. 

. 

- 

- 

Apr 

IZSL8 

+74 

1300 

>200 

. 

32 

■w 

1«0ft 

. 

. 

. 

« 

. 

Tdd 





1478 

91 

■ PRSOKT (BlfPQO LCE (STOMex potafl 


•tar 

f2« 

+fi 

. 


2B4 


AW 

1272 

-6 

1281 

1278 

971 

IS 

May 

1364 

-13 

1276 

1271 

619 

22 

M 

1149 

■9 


. 

565 

- 

Od 

1280 

+1 

1290 

1285 

216 

10 

Jan 

1320 

-15 

1320 

1329 

119 

20 

Total 

Qcaa 

Prev 



MB 

71 

on 

1190 

11T9 






WOOL 

AustroBan wool prices showed a vary sight 
overall rise this weak takmg the market Mat- 
ter 4 cams up to 556 cents a kg., having 
touched S 60 cants an an h fl ei w n Aiu day, R 
anything (ha week ended a Uttte softness 
among finer merinos but not enough to deturb 
market sentiment unduly. Some stockpile 
wools sold qiite was In Meteouna. the Aral to 
be sod by auction, wdh huger offerings noM 
season a ptwsfcWty. Australia Is now dosed for 
auction pupates unfi alter Earner. Business In 
wool textile produces ganerdy is not as active 
as strength in wool ma ifcata indicates. Rices 
mo intensely competitor taxi stacks of tops 
are heavy enoutfi to prevent buyers from get- 
ting too concerned about rising piece. Only in 
the carpet sector have developments tad io 
pressures further dram the trading fine- 


Mr 23 Price Pm. day 

My 05554 95058 

■tar 24 

ID fey oarage 96450 951J4 


■ COFFEE LCC ft/tonna) 


**» 

1352 

+13 

1358 

1358 

190 19 

Key 

1380 

♦13 

1368 

1357 

14,104 1.441 

M 

1366 

♦12 

137) 

1361 

14,971 1^98 

ssp 

1364 

+14 

1368 

1357 

0229 647 

Bov 

1381 

♦14 

1364 

1356 

3,735 279 

J*n 

1380 

+17 

1362 

1355 

4479 239 

Total 





48487 1990 

W COFFEE *C CSCE p7,SO0Bjs: csrrta/lbaj 


8340 

+43S 

83.90 

8165 

3348Z 5412 

Jri 

8648 

+040 

6020 

6420 

12489 1467 

S«P 

8010 

+035 

96.15 

8545 

6,107 388 

DM 

87.15 

+040 

87.40 

88.45 

3409 271 

Mir 

8740 

+015 

98.10 

87.45 

1473 292 

•ter 

8090 

+035 

8840 

8640 

172 24 

Total 





57435 8434 

■ COCTEE SCO) (US oente/pound) 


Mar 23 



Price 


Pie*, day 

Owl dab 



- 75.18 


7848 

ISdevararapi — 



-.7545 


75.55 


■ H07 PHBBUM RAW SUGAR LCE (oefflartbs) 


Hey 

1144 

♦Oil 

\2M 


1419 

102 

Jd 

1243 

+015 

. 

- 

2,725 

. 

Oct 

1243 

*006 

1100 

12J0 

146 

3 

in 

12.15 

+000 

- 

• 


- 

ToM 





4090 

1» 

■ WHITE SUGAR LCE (S/tcrata 



Me* 

3*2.30 

♦440 34240 

33740 

6490 

1.964 

Are 

337,00 

♦340 33740 33120 

6400 

965 

Oct 

31440 

+2.90 

31540 

31240 

4,764 

482 

Dec 

. 30940 

♦2.10 30940 

30840 

107 

46 

Star 

309.10 

+240 

309100 

30840 

<91 

21 

Her 

31000 

+240 

- 

- 

202 

. 

Total 





19,799 3477 

■ SUGAR 11’ CSCE 0 120001 jk cants/tes) 


May 

1129 

+013 

1224 

1118 81437 8JS97 

Jd 

1144 

*007 

1240 

1139 36.189 3.488 

Oct 

1143 

+010 

1149 

11.89 30964 

1400 

Mar 

11.47 

+002 

11.52 

11.44 

11209 

1498 

MW 

11.85 

+002 

11.49 

11.43 

1.748 

12 

id 

11.40 

♦042 

11.40 

It ft) 

14® 

30 

Total 




14027713430 

■ COTTON NYCE (504001k centeAbs) 


nr 

77.25 

-042 

7120 

77.17 2I.BM1IU18 

JU 

7742 

■033 

7070 

77 £0 14.479 1468 

Oct 

74.40 

♦a 10 

7448 

74.25 

1771 

311 

Dec 

71.84 

+044 

7249 

71.67 14413 2457 

Mar 

7240 

+046 

72.90 

72.70 

719 

340 

my 

71*5 

♦020 

73.15 

73,15 

225 

11 


Total HBUNlOl 


■ ORANGE jUOE NYCE (iSjOOMas: certs/lba) 


H°T 

110*5 

-045 11095 nais 

7,589 

553 

M 

1 1140 

+OIO 11175 11110 

5.703 

3® 

Sep 

116.00 

+025 115.25 11540 

ai96 

77 

Hoi 

114,50 

-036 11 4-90 114J0 

1438 

46 

Jaa 

11449 

♦Ota 11540 114.® 

1.782 

56 

Mw 

116.40 

♦0.10 110® 116.40 

218 

« 

Tore 



19,104 

1,188 


VOLUME DATA 

Open merest and Volume data shown tor 
c onhjets traded on COMEX, NYMEX, CBT. 
NYCE. CME. CSCE and PE Crude Of are one 
day In arrears. 


INDICES 

■ RgUTgtS (Bfcw: 18/9/3 1-100) 

Mar 24 Mar 23 month ego yw ago 
184&9 1843.7 17912 1758.2 

■ CUB Rriuree (Bare: ■WSS^IQO) 

Mar 23 Mv 22 month ago year ego 
230.10 229.41 227.47 211.81 


Mar 

57475 +0075 67.300 50500 

w 

SS 

May 

50400 +0®0 5000 508® 

1*1 

3418 

M 

50175 +0626 58.600 6BJ9® 

118* 

977 

Are 

500® +01425 504® 64.7® 

572 

73 

M 

+04® 90690 SOB® 

70 

34 

atar 

Total 

samo ♦osso ssuo o 

3 

08* 

1 

44« 


LONDON TRADED OPTIONS 

Strike price 8 tonne — Cofia — — Puts — 


■ ALUMINIUM 


(99.756) LME 

May 

Aug 

May 

Aug 

1900 

43 

78 

25 

41 

1325 . ... 

30 

64 

37 

53 

1350 _ _. 

20 

S3 

SB 

89 

N COPPER 





(Grabs A) LME 

May 

Aug 

May 

Aug 

1900 _ 

53 

89 

20 

54 

I960 .. .„ 

28 

65 

51 

78 

2000. 

13 

46 

96 

106 

■ COFFEE LCE 

May 

Jo) 

May 

JO 

1250 _ _ 

114 

138 

4 

22 

1300 

72 

104 

12 

38 

1350 _ 

40 

75 

30 

58 

■ COCOA LCE 

May 

Jul 

May 

Jtll 

825 

35 

64 

15 

31 

850 

21 

61 

26 

43 

975 

7 

40 

42 

67 

M BRENT CRUDE IPE 

May 

Jun 

May 

Jltfl 

1300 

- 

. 

16 

32 

1350 

- 

. 

34 

. 

1400 

26 

48 


- 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per barrel/May) tot 


Oubffl 

S12.47-2J7W 

+0 046 

Brent EUmd (dated) 

S14J6-4i2 

-0.03 

Brent Blond (May) 

*1076-178 

-003 

W.T.L (1 pm e=t) 

S14.97-4.98w 

-0.03 

■ OIL PRODUCTS NWE prompt dofcrery CtF (tonne) 

Premium Gasolne 

S157-1S9 

+3.0 

Gas Oi 

*142-143 

-1 

Heavy Fuel CM 

*70-72 


NopMfta 

*133-136 

-06 

Jet Fuel 

Siao-ist 

-1 

fttaotaun Atga Egakman 



B CTTWSl 



Gold (per troy az)4 

*38750 

•1.7 

SBtver (per tray arj* 

S7O50c 

+oo 

PlAHnum Ipv iroy czj 

*404.75 

+oo 

PsUkSuti [per troy at) 

*134ftS 

♦096 

Capper (US prod.) 

96.00c 


Lead OSS prod.) 

3500C 


Tin (Kuala Lunpu) 

14.98r 

*033- 

Tin (New Yoctg 

25600c 

•IS 

Zinc (US Prfcne WJ 

Ung. 


Cattle (Sre we^Mjf 

12934? 

-1.0F 

Sheep (thro +rot9ht)t4 

134 B3p 

-5.91* 

Pigs (Ova weigIK) 

0051 p 

♦3-«r 

Lon. day sugar (raw) 

$38110 

-0J0 

Lon. day sugar fwTe) 

3344.00 

+1.7 

Tala & Lyte tatport 

£30900 

■1-0 

Bariay (Eng. feed) 

Unq 


Make {US No3 Yetowj 

Unq 


Wheal (US Dwk North) 

£186.0 

+6 

ft«w(Apt)V 

70.7SP 


Rubbw (May)V 

71-25P 


RttaburpO. RS3 Not Aprt 

2S3ft0m 

+1.0 

Coconut 08 fFh*J§ 

*59001 


Paten 03 (Malay 

S402^w 

-2 A 

Copra |Ph/9§ 

S355J7 

*18 

Soyabeans (US) 

E1S9i)w 


Cotton Oudooh a tedex 

82.40c 

*1.1 

WooCops (S4s Super) 

3B2p 

+2 


C m ann wtan oriwMM tarirt. p panoeAg. c oettath 
r rtnggttflrg. m Matayrioi cens/kg v Apr w Why. t Moy/Jin. 
a A fxJUBi. f Cordon PTryvtad. § CP FMMRtan. 4 Mil 
marker duet ♦ She* (Uve wrigm ptteta- ■ Chong* on 
Mat. prcetafanri prises. 


CROSSWORD 

No,8,413 Set by GRIFFIN 



ACROSS 

l Strolling after midnight is 
taking a risk! (8) 

5 Still cold on leaving rail ter- 
minal earlier (6) 

10 To be paid nothing to fly (5) 

11 Catholic girt I’ve run off 
before (9) 

12 Way to pay for child's play 
periods (4,5) 

13 Father leaves the pair of them 
(5) 

14 Endlessly question govern- 
ment representative (6) 

15 Settling a feud lieutenant 
reveals failure to pay (7) 

18 Irritable father replaced flute 
[7) 

20 Dirty food gets through (6) 

22 Some day Bill will go back 
here (6) 

24 Also chat about man’s pain 
<91 

25 Cans are better with rings <9) 

26 At sea until dark (5) 

27 The Tory leader's superfluous 
supposition (6) 

28 Campaigner's back as cap- 
tured by vulgar ringleader (8) 

DOWN 

1 Screw Into large screwed hole 
© 

2 Misses Eton badly (it’s in 
Kent) (S) 

8 Here is a flag that could be or 
infinitesimal weight ( 5 &\,T) 


i Not the gear you’d be in if 
going places? (7) 

8 Further towns you must go 
round one day (6-4,5) 

7 Lawrence was sitting up 
before getting smack (5) 

6 Star bowled without speed (8) 

9 Girl and boy failed to make 
contact (6) 

16 Unfastened and repaired after 
being distorted? (9) 

17 Find starting easy after 
article's loaded (8) 

19 Hidden talent is developed (6) 

20 George goes round to wake 
the one who complained! (7) 

21 Are the switches for the Ore? 
(6) 

23 Grab back end of huge boat 


Solution 8,412 



HCHang □□□□□E 3 UQI 3 
n Q n Q D 
□aanaaoB oapiarcri 



* 





e 




3 


* - i.CV'.V. -*-=S ■. \ 


'H 

'.JN 


FINANCIAL TIMES FRIDAY MARCH 25 1994 


i OK 


$ 

* "fti 

a* A 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Bond weakness returns and hits share prices 


Ft-St-LAS-fflutf* Index ' 


By Terry Byland, 

UK Stock Market Ekfltnr 

UK stocks suffered a further 
setback yesterday as European and 
US se curities markets continued to 
grapple with the uncertain interest 
rate outlook. British government 
bonds fell heavily after sterling 
weakened against the German 
mark, and although. London stocks 
bounced back from the day’s lows, 
the closing picture was -darkened by 
a 50 point fall in early denifw« ; irn 
Wall Street as more US banks 
raised prime rates. 

The session opened fairly calmly 
with European markets at first tak- 
ing a favourable view of a sharp 
rise in February M3 money supply 
in Germany. Later, however, opin- 
ions on the German money data 
changed and doubts were cast over 


the Bundesbank's cham^o of cut- 
ting its discount rate. 

Equities were overshadowed from 
the opening by news of a £65 lm 
rights issue from Allied Lyons to 
help fund its purchase of Pedro - 
Domecq, the Spanish drinks group. 
Shares in Allied fell heavily, and 
the Footsie Index was also hit by a 
sharp setback in Wellcome after the 
interim trading statement was 
received badly by City analysts. 

Interest rate optimism continued 
to recede in London as investors 
digested the implications of the 
Retail Price Index news of the previ- 
ous day. However, not all analysts 
were bearish; several lwntfag bro- 
kers remained confident that base 
rates will be cut month and 
urged fund managers to see the 
present shakeout in equities as a 
buying opportunity. 


Account Hading Dates 


Mar 14~ 

M W3B 

tern 

SB OaiSrialhas 
Mr M 

Apr 7 

• Apr 21 

nnteiss; 

Mar 29 

ter a 

Apr 22 

rent Dan 

AprB 

Apr 18 

Mra a 


*Mm ttn Mw may taka plana tram two 


The ten in the Footsie was held to 
around 20 points until the second 
half of the session when losses in 
government bonds were extended to 
nearly two frill points at the longer 
end. ’Hie Footsie dropped to 3,111-8, 
a net loss of 43.5, as pressure from 
stock index futures cut into fixe 
(due chip stocks. 

Although bonds remained 
depressed, the stock market rallied, 
helped by encouraging post-results 


meetings with analysts at Sun Alli- 
ance and P & 0. Once a ggln, the 
stock market escaped heavy selling, 
and it was the futures markets 
which took the brunt 
The final reading showed the 
ST-SE Index at 3,121.7, with the 
day's fall reduced to 33.6 points. 
Traders again pointed out that the 
Footsie lacks a support level above 
the 3,080 area and is vulnerable to 
any selling pressure. Some institu- 
tional selling was reported yester- 
day but the day's Seaq total of 
703.5m shares compared with 
714J5m in the previous session. On 
Wednesday, retail, or customer 
business was worth £L79bn, well up 
to the best daily average levels of 
the past twelve months. Institutions 
tend to make their immediate move 
in the futures markets, <md trade 
the individual stocks when market 


prices are suitable. 

Some comfort was taken from the 
market's ability to rally, and also to 
show some resistance to the slide in 
the UK bond market. Analysts 
pointed to the steady flow of 
Increased dividend payments from 
British companies, which was 
described as tbe more positive side 
to the pressures from economic 
recovery which are upsetting fixed 
interest markets. 

The clear signs of dividend and 
earnings recovery now coming 
through in UK company results was 
put forward as the arguemant for 
buying equities at a time when the 
bond market has become a high 
risk arena. 

However, the markets this morn- 
ing faces tbe March report on busi- 
ness trends from the Confederation 
of British Industries. 



Equity Shares Traded 

' Turnover fly vokana JmWon). ExcUx*^; 
htrs-matial bmnan and ovsrsass t ur na w 
1,200' 


rm 


r 1 * 550 ^ . u sr- u . 

sum FTGHfWa ^ 1894 
■ Key Indicators 

liKflces and mUorn 

FT-SE 100 3121.7 

FT-SE Mid 250 3795.7 

FT-SE-A 350 158&3 

FT-S6-A AB-Stara 1581.44 
FT-SE-A AS-Shara yttd 3.66 

Best p erf or m! »g nntan 

1 Insurance — 

2 Breweries 

3 Extractive tnds - 

4 Transport 

5 Distributors 


-33.6 FT Ordlnaiy index 2488.5 -2S.4 

-29J FT-SE-A Non Fins p/9 21.07 (21.27) 

-16.0 FT-SE 1 00 Fut Jun 3125.0 -25 JO 

-15.76 10 yr Gilt yield 7.88 7.41 

(852) Long oflt/eoutty yld ratio: 2.18 2.17 

Worst performing sec tors 

..-40.7 1 Spirts. Wines ACktara -3.4 

— +0.5 2 Building & Cons -2,8 

... +0.3 3 Banks — -2.1 

— +0.1 4 Health Care - 1.8 

nc 5 Leisure & Hotels -1.9 


Wellcome 
hit by 
R&D fears 


Shock news over its research 
and development programme, 
took any potential shinn off 
WeUcome’s interim figures and 
saw the shares slide 51 to 550p 
the biggest drop in the Footsie, 
on turnover of i2m 
The ten continues a depress- 
ing trend for the hard hit phar- 
maceuticals group - last year’s 
interim figures were accompa- 


nied by a 72-point tumble from 
lust under 900p. It also rein- 
forces the gloom for investors 
who paid around 800p-a-share 
for the 29Qm share stake sold 
by Wellcome Trust more than 
18 mouths ago. 

Wellcome's profits were 
within the range of analysts' 
estimates, but sales growth 
was significantly lower than 
most had anticipated. This was 
accompanied by news that the 
company had withdrawn a new 
anti-shingles treatment at a 
time when Zovirax, its head- 
line anti viral treatment, is 
coining under increasing com- 
petitive pressure. 

The results may have been 
honey for tbe bears but sup- 


porters such as Lehman 
Brothers were clearly disap- 
pointed. Analyst Ms Jo Walton 
of the US house argued that 
Wellcome still offered the best 
value in tbe sector, hut con- 
ceded that; “The risks through- 
out the whole pharmaceutical 
sector are extremely high.” She 
shaved her full-year forecast 
by £2Qm to £700m after eaccep- 

tiimak 

Allied tumbles 

The surprise £739m takeover 
by Allied Lyons of Spanish 
spirits group Pedro Domecq 
won plaudits from across the 

market, althnng h the awmwpa- 

nying profits forecast proved 


EQUITY FUTURES AND OPTIONS TRADING 


disappointing. Allied suggested 
its profits for this year will 
come in at £604m, whereas 
drinks analysts had been 
expecting in the region of 
HBsm This was the phipf fac- 
tor in pulling down th e shares, 
which tumbled 44 to 561p. 
There was also some concern 
at the deep discount of the 
2-for-13 2651m rights issue 
priced at490p. 

The deal will catapult Allied 
from fifth to second in the 
spirits league table and give it 
critical mass in the lucrative 
Spanish and Latin American 
spirits markets. Mr David 
Thompson at Kleinwort Ben- 
son said: “This gives Allied a 

stron g pmriHnn in some Of the 


TRADING VOLUME 


Stock index futures were led 
tower by the sharp retreat 
In gifts, and fears of another 
fall today were heightened 


contract tn after hours 
trading, writes Joel Ktoazo. 

The Uffe June contract on 
the FT-SE 100 dosed at 


by a slide In the June futures 3,125, down 30 on Its 

■ FT-SE 100 ND 6 X RJTURES (UFFI3 E2S pat ftJ Wb point (AFT) 

Open Sett pries Chang* Hgh Low at vol Opanfatt. 
Jun 31534) 31285 -26.0 31643 309*0 22068 57093 

8«p - 3142.0 -28 JO - 0 706 

Dae - 31510 -250 - - 0-0 


■ FT-SC iflD 230 MPEX FUTURES (UFF 
Jun 3810.0 37700 -320 


eiOparMhdwpoW 

38100 37680 832 


B FT-3E MB) 250 WOEX FVTURES (QMLX) CIO par AjI Index point 

Jt« 38100 37800 JOO 3810.0 37855 T 

Sap 37900 

Al open Wmi flgma n lor pterions day. T Exact nfem* damn. 

■ FT-SE 100 feBBC OPTION JJFFE) (*3124) £10 par *6 Index point 


Apr 1B*I 2 12>lWb « 10Ua 32b 87b Sfc 44 75* M 1B7b 147*2 8 192*2 

My 28312 32 16Bh44^ IN S3 101 78% 78 181 IWj IXF 2 38>2 IBS^ »2 300 

Jin 182 59*2 148b n 118b 93b B lift 71b W 1 # 81 177b N 213 

M 239 5ft 1831a 68 16ft 87 15ft 108 Wife IM 18 15ft 6ft 18ft 2*ft 33 

Dacf 29ft 12S Ws 161 IIP] 208 IN 261 

cm uowpmrjm 

■ euno smt ft-sc 100 wosx option (uffej sio paUi mow poas 


2925 9978 3025 3078 3125 3175 2225 2 27S 

Nr 201‘j 8 15ft 19 lift 25 8ft 2ft «ft 80b » Bft W »ft IN Uft 
My 2224 2ft 18ft 37 W 5ft lift Bft N 8ft N 114 4ft 144 N 179 
jun 23th 34*2 ttftBft 18ft t£B, Oft 18ft 

Sap 278 E5 2N 98% IlftISft . lift IN • . ' 

Dact *13 9812 2 * 6)2 128 . IN 184b Wft 212 

CM 2247 Pm IJM • IMMtag MK wtex RMM4 *m ara basal oa in n pitas. 

j (jig dnd ORpfcy mwtfH 

■ EURO STYLE FT-SE MD MO BBIBX OFTXTtMOMUQ CW par MHndw point 

3880 3900 UN 4000 4000 4100 ' 4180 4900 

Mr 30 107 18 13S ft 17ft ft 220. ft 270 1b 320 
Apr 

CM 0 FM 0 SiOanrt pricn ari MhnH Man « 430IM, 


previous dose and around 
8 points below its fair value 
premium to cash of about 
10 points. Volume at the 
offiefal dose was 18,246 
contracts. 

Buying mostly by 
Independent traders (locals) 
helped the contract record 
a high of 3,164 tn the first 
half of the session, before 
setters gained the upper 
hand. 

June suffered firther In 
after hours trading following 
a slide in the S&P futures 
tn the US which were down 
7.7 points at the worst It fel 
to 3,105 prompting fears of 
another sell off in the UK 
market today. • 

In the Liffe mkf-250, June 
dosed at 3,770 on favourable 
volume of 632 contracts. 

In liffe traded options, total 
volume slipped back to 
41,170. The FT-SE 100 
option saw business of 
18,067 contracts and the 
Euro FT-SE 3,415 lots. 

Among stock options, 
British Gas was the most 
active with a total of 2,382 
lots and was followed by 
Kingfisher at 1,439. BT. 
Wellcome and ARied-Lyons 
were also busy. 


Airap. Brit ftate 

BET 

BBC 


VtaL Ctatag nyv 
OCQa prta* dro 

ASOA Oraupt 10000 ST +1 

'28 IS 

9J00 661 -44 


1.100 990 

BJOO 494 

12JXM 139 
1JOO « 
977 70S 

4JOO 372 

4.100 342 
ajoo 396 
3JOO SOT 

«s ^ 

SACO 625 

1.100 SSI 

2.700 327 


421 
293 

sir «7 

« 

MOO M 
4.800 <3* 

4JBOO «n 


F-T - SE Actuaries Share Indices 


The UK Series 


■ 0*/* ■ Y**r nv. Eva 

My 84 chgtft M3r 88 Mw 22 Mar al . 305 yjjMWMMW 


FT-SC 100 3121 

FT-SC MM 250 3795 

FT-SE Md 250 m Inv Thnta 3811 

FT- 88 -A 350 1388 

FT-SC SoMtlCap 19SW 

FT-SE 8m*9C*p w low Tran* 18303 

FT-SE-A ALL -SHARK 1581.4 

■ FT-SE Actuaries All-Share 


3121.7 -1.1 81553 88013 319&0 26523 338 

3795.7 -03 .38253 3883.1 38843 31133 331 

38113 -03 38423 88723 88754 3137.0 333 

<8883 -13 ■ 160*3, 1825.0 18233 1418.1 3.72 

199BA4 -03 19RS30 198332 199430 155535 237 

193828 -03 185434196839 187738 156538 3.02 

1581.44 -13 159730 181736 181635 139934 336 


10 MNERAL EXTRACT10N(iq 
12 ExOTcttv* Muatitasfq 
IS OS, fntosraMdP) 

IB OO BatowUaiV 3 Prodflll 

20 OEN MANUFACTURERS(284 

21 BuSting & Consttucttonpi) 

22 BuRdre Malta 8 Mwchadti 

23 OwntolspO) 

24 OvoratfM lwJuaWota(iq 

25 EtoMMte 4 Etect Eqtipf349 

26 EnoinMrino(72) 

27 EnOMMrtno. V*htetea(12) 

28 PrW/na P«pw 8 Pc 

29 XBflg * aeBsaea 

30 COfteUMEn 00008(94) 

31 Brauwrt*a(17) 

32 Spirt* VWvB* A CU«n(1<q 

33 Food M*nutoctur*re(23) 

34 HoiMhold 6ooda(12) 

38 HmMi CarataO) 

37 Pf»nnoc«4HJcM(1 1) 

38 Tobaceofl] 

40 SBnnCE8(221) 

41 daoeutoraPO 

42 Laiaura A Ko(M(22) 

*3 M*dta09) 

44 (Mtfn, Food(l7} 

45 na a— ra . 09nyaH44) 

48 Support SwvfcM<40) 

49 Tranaport(i<) 

81 Qfty Sywieo* A Bmina wha.- 

6o vnunesM 

62 Butricnyon 
84 On DMrtwttonea 

U TMcorrHnun>c*ttofm(4) 


70 RNANCIALS(104) 

71 BankshOJ 

73 Beumnctiie 

74 Lft AnunncaN 
78 Manham BanMQ 
77 OPwr Fh w nti i pe) 

. »,Pwpyty@aL. 

80 INVAgTim tT 7WU3T3f121 
BO FT-SfeA AU.-SHARC066I 


D^« Y*ar Ov. 

MW 24 My 23 My 22 My 21 ago yWriW 

252437 -03 254831 2881.47 253834 214830 330 

38S&76 *03 304835 400338 388234 3188.00 837 

243030 -13 2488.102467.76344230202830 3.71 

181738 -03 1827.18 184*30 184833 203030 339 

2105.14 -032113752138342144^171530 156 

134838 -2.8 13M.45 141638 142833 93030 2.80 

2195.71 -1.4 222058 294838 226438 150430 338 

2473.65 -03 248430 248234 2481 31 211230 8.74 

211943 -03 2122.7S 214433214831 186130 434 

2039.07 -03 204434 2058.77 2044.71 1888.40 3JBC 

193238 -03 1943.60 1959.15 198038 143330 234 

2274.73 -a7 2280.73 230534 234131 179630 438 

2901.94 -0.1 200438 294837 302638 2338.80 2 38 

HWAM -13 1838.04 188338 187331 1884.10 3.73 

7732.14 -1.4 2770.78 283733 284330 281030 432 

2182.98 403 2173.07220834 220236209830 4.17 

288133 -3.4 29S337 304534 302839 285530 3.73 

2298.75 -1.0 232136 234837233331244530 4.12 

2550.12 -1.4 2588.18 2638.72 283834 2335.60 3^0 

174735 -13 178133 178433 177138 1788J0 3.10 

288820 -13 282834 3047 A2 3096.88 2BT23Q *33 

MQ4.45 -1 3 aa5aS9 393*38 391331 414730 534 

202435 -0.7 203832 206430 208334 1788.70 232 
307837 — 307937 308334 306338258S30 230 

219732 -13 223934 2290.77 228S18 1747.10 337 

309733 -03 311434 314230 315730 2238.70 23S 

1688.49 -13 1608.72 1635.02 164439 201930 330 

1705.14 -04 171233 1731.71 1718.47 1482.40 233 

1688.85 -AS 1884.75 188432 168835 152830 2.43 

Z5«39 +0.1 253832 257738 2582.11 2088.00 330 

118131 -03 1200.08 120532 1205.78 1301.10 338 

2348.10 -13 237838 240891 288936214230 438 

KB2.70 -13232738234142231031174330 3.81 

(873.54 -13 2005.77 204735 2037.75 188830 SCO 

Jo373S -03 206434 20713B 2078.79 197830 337 

IH.T7.B5 -1.7 188938 1885 .79 186438 181630 5.W 

1707.42 -0. 0 l73a.7T 174839 174530 159680 336 

*24130 -13 227048 229848 229639 1860.70 839 

SiSe -2.1 288734 290642 268B32 224040 331 

EStItO +0.7 1328.08 1354.83 135438 131830 AJ7 

K934 -03 264342 2618.00 281837 2579L80 <87 

-0,7282349294343287748235630 339 

Imifl -03 200036 201346 2018.78 136730 338 

1«mb'q7 TnwZr 1667.72 167<18 120030 3.77 

-0,8 3877.48 2884 36 2873.48 2210.T0 £14 

iu 4 44 -13 153730 161735 181838 138934 3.68 


P/E Xd BdJ. Total 
rate yld Batum 

1931 23.12 115346 
2338 1430 138239 

21.77 1440 138332 
2032 1046 120037 
3236 8.11 1483.03 
3033 735 14774$ 

21.18 iai3 121638 

P/E Xdati. Ton 
rate ytd fttran 

25.18 27.83 098.18 

28.77 2838 107<13 
2429 3130 98236 
3231 030 109037 
31.44 11. -18 10(8.10 
3534 231 103236 
4731 132 100832 
2747 2030 107338 
3024 2430 106131 
1830 2.30 98838 
44.15 8.73 108288 
4034 2031 108131 

28.19 130 111434 
1948 138 99633 
1530 18.06 916J2 
1838 1131 857.15 
1X42 1838 84739 
1&73 H.13 94038 

15.70 137 99132 

21.11 238 90137 

1830 3538 00131 
1333 030 81833 
22.13 838 97338 
2<75 537 104240 
2834 1X25 106537 
2838 1430 106848 
1233 133 92130 
2832 434 88X16 
1631 136 98538 
3255 532 97832 
3835 037 100233 
1834 530 87830 

1138 1535 82538 

* OOO 87138 
2038 008 B4756 

630 349 <8431 
2137 837 117886 

1833 2830 57068 

17.70 6S38 83559 

1436 1332 88136 
2837 231 83438 

1439 1144 864.76 
2239 1237 103630 
3839 230 90X91 


21.18 1013 121X38 


HTt 

BTPW 

BTHT 

Ugo^MnUt 

BuTc^ctet 

fiooMr 

ISSSU • 

BrtyiOyt 

BMhLMd 

BrkWiBIMit 

amfiMrit 

Burton 

UUIMit 
Cadtay Mfiiraprat 
atottoup 

2i«on2ottra.t 

Sffit 

CUOTU d«t 

SEW 

□bun* 

bMnBM. 

EwMMBM 

EngOHnaCtor* 

EnarjxteOtf 

a<eamiUM* 

PW 

faSy*Col.VT. 

Q«n. Acddartt 
Sonsral B+o_f 
Gbnof 

. 

OrandUoLt 
oust 
onef 
ta w . , 

^cp^a rart 
I tmnn«*»r>n 
Hanaortf 

Hanhon* CroaMl 

HSdo«i 

Of 

SSfS^ 

uS'SjrtJwf 

lenode 

LagElQmEt 

E® 

London Beet 

iflwta 


MwfnnfMn) 

M*SL(8Mikt 


MorOiWaal Wdvf 


7tn saa 
<000 297 


zn sfrh 

<200 MS 
<000 « 
2300 574 

2500 137 

739 999 

<200 487 

<000 794 

ajoo snS 

2300 207 

6*5 2B4 

2,100 171 

382 348 

6500 9171* 
1,700 397 

117 886 

<700 646 

SB 888 
<200 197 

1300 OJ 
786 
•482 
307 

<100 548 

*700 184 

2500 1B4 

1500 ISO 


714 
<700 413 

USB B18 
7300 1» 

1^00 232 

4.700 49B 

2500 4941a 
1500 21* 


RTZf 


%i8k&aranrt 

sS&zzr** 

aa«oOari 
SoeOWl * Nw.t 
Scot. HyOn-Saa. 
SuMbRnwr 

Sraraf 

cevUCrau 

BaaamDaoit . 
3hal Dmperit 


<900 403 

2500 299 

*500 362 

78 1163 

519 


■ Hourly movwne'rtfl ^ <tiM > taco ixoo i*j» ixoo ixio mghfrnfUmrny 

umo 31543 31483 3132.4 31213 31243 31233 31553 31113 

FT-SE 100 3 14$. 6 9144.S 3154.0 38063 378X3 382*2 379X3 

FT-SE MU 38225 WJJ 1584.4 16694 159W 1«»X2 160X9 1S8<5 

FT-SE-A 3S0 160X3 1588 45 1BU *‘ 

■ftn ti rr« 1« ixiten uw 

■ VT 4 B Actual.* 9*0 ,«0 1 U 0 m. a— Pgjgj. a-g 

°** n 8 — — rz., .VOBA (-XU* 19Q1 J I2flas 1280X 1317.1 -3X5 


°p*" - 1908.4 12915 1201 J 1280-8 12808 1317.1 -3X5 

SqTp»BW 130TJ2 1302-8 26506 284X0 286X7 286X2 286X8 289X1 -2X3 

2+J70 2870.8 2880.1 2«i i633j4 1S28>1 133 X 6 183X2 18663 -32.1 

ST'*** 3SS ^ ^ 28823 28800 282X7 -6X7 

Bril 286X1 2805-7 "*" w 

, 

UHMn.On8ne*rafcteO n : M^j £jj^ T .tift*aarM*Bwn_ 380 id «a FT-SE PmmtmhMs 

n mMtoinaaaaiXef*. Swlteja*? 1 ! .... n. wnm Mu. IHa ff- 38 rrf tdid anllM IT” 7 -i- 

B Bfc * AO ° rf ^Ho«»nflS(MlCaaC. 


SnWtOUHJA 

8nM Beetfran 1/n.t 


8ou9t Vm VMar 217 998 -11 

SouarwattBaet 2 W ra -i 

SauMaiMtev . 319 084 -8 

SamradOttrt&t 1500 1054 -20 

■unaami w 213 

tenws n ca t <100 318 ttt 

HH 899 239 -1 

H aren’t 
T88f ^ 


tea Alai* 

IMarVne^nar 

meat 

Tbanaa Mdwt 
Ibwn&irt 
IWMt 

Houaa 

unto«B 4o an 

UniMrt 1,100 10*3 

IMadteont <900 382 

5^ 

W*tM8(k»t <400 738 

VW ta raat 12500 590 

ll^-- 

nwn True 


150a 39a 

<700 212 -8 

<700 iaa «3 

1A0D 431 49 

<200 149 -h 

<300 214 -9 

1.100 an -10 

1500 KM -SB 

1,450 290 *8 

4.100 100 -1 


W nbaiart 

wipwi EW- 

IWoMnW* 

Zmaf 
tendon Udng aedna tar a ad* 
*•«•«•• dm angp «• 8EN3 1 
yOMftdaywn 450pm. Ttadw ofe 
mm tn nM down, t IbBM 
KOtateaMlBH 


best markets.” Mr Geoff Col- 
Iyer at NatWest Securities said; 
“This is an outstanding ripni 
Domecq has been one of the 
best performing spirits busi- 
nesses of the last five years." 

Allied’s lower than expected 
profit forecast hit other spirits 
groups, with Grand Metropoli- 
tan sliding 10‘A to 455p and 
Guinness IS to 467p. 

Better-than-expected prelimi- 
nary results and a highly suc- 
cessful post-results meeting 
with insurance analysts saw 
Son Alliance shares record: the 
best individual performance in 
the FT-SE 100 index. 

Sun Alliance shares cl n eed a 
net 12 higher at 32 6p, after 
touching a session-best of 337p 
on exceptionally heavy turn- 
over of 8.4m, the highest sin- 
gteday's activity in the shares 
since December 1992. 

Mr Youssef Mai, insu rance 
analyst at Morgan Stanley, 
said he was preparing to 
upgrade his current year, fore- 
cast for Sun Alliance and reit- 
erated his buy recommenda- 
tion on the shares. 

Shares in tobacco and insur- 
ance conglomerate BAT Indus- 
tries failed to respond to a 25 
per cent dividend hike and 
closed 5 lower at 454p. The con- 
glomerate is the first UK com- 
pany to take advantage of leg- 
islation going through 
parliament and declare that its 
final dividend Is the result of 
foreign income and so not lia- 
ble to advance corporation tax 
(ACT). The hike means that 
fimds oirii as pension funds 
which are allowed to reclaim 
ACT .will not lose out while 
straightforward investment 


NEW HIGHS AND 
LOWS FOR 1993/94 

MBWIttOH8(2X 

BULDM « CM8TRN «J Etfmtd. BLDQ 
IM118 A MCHTS W IMH, CH8MCAL8 fl 
BAtf. Byar. Heaaw, ict, Wcl w « *»n * M*. 
W8TW8UTOW 0 OmcfeMbn 8EP ML 
f9JBBTRNC * SL2CT BQUP P) NOW* Pit. 
THttpa Oft VB8CUH 0) D*M* 
VataMOMt BXniACIWB aoa (1) fteoreo. 
FOOD MANUP (I) OotdM V*W, MM.1M CAM 
to Amwtam IrTL INVESTMBNT^ TRUSTS » 
r *l» 0 Nni Eure. Sn* H London Amor. Qto*G\ 
MEOU M Hoddv HMdh*. TaWgraplL PHTNO, 
PAP« * PACKS Cl> wynMam Pim. 
FOOFranV (fj EMrt. Mire 1MN» A 
oomtt to srayn. auppoRT aEma m 
B7S, AMB8CANB Dm. EWon, VMV- 

NEW LOWS (94*. 

OMa tel oranwnoRB m ntm. 

BfemNO * ELECT COUP (1) FMoa, 

mn a — i a tUFwiure.raio.y p a ct— w 
etnoon, FOOD MANUF n Cmdm Pfad*. 
YotaMa, HEALTH CARE (| CWals tnfL, 


meat tmet kwo* Fd. BMB3TMBff TRUBTS 
M Bwtis Bt¥b- bra, Da WAtt, Qo*Mt En*B. 
UB*. ww, JaNwen Ay 8*oond Uto. ZM Pt. 
UHUM * H0TH5 OJ Horatodt. HHXA N 
CentreQaM. Odd OrrartM* Thia. OB. 
EWtONAIION 8 MOO (Q Oaptara OUNR 
80VS * BU3N8 (8| PtC&piun, Stank* 3 
MOBRn, PtUlOUCainCALB (8 HundnadM 

ir * — ~i im frr*Q vnmrwr 

pmNX mfbi a pmcko n cm PMtering. 
p«Md* mn. Fnoponv n owwtakt uk 
EM* RETAXen, FOOD (1J BnBm, 
support asm oi MAd aw. bm+ om 
MnoanM, TTOUS 8 APMREL (Q CMpU, 
PandMd, AMB8CAN8 (1) NYNEX 


ftmds will benefit BAT 
• Due to a technical fault, 
Thursday's edition carried a 
table of New Highs and Lows 
for 1993/94 unchanged from 
the previous edition. 

believes about 40 per cent of its 
shareholding is with non-tax 
paying funds. Mr Nyren Scott 
Maiden from BZW, the com- 
pany broker aafri; “The market 
has given a grudging response 
to a company which is trying 
extremely hard to do right by 
its shareholders." 


The shock of a £63m rights 
issue, the pag^ g of the fina l 
dividend and heavy losses for 
the year triggered a massive 
mark-down in shares of John 
Mowlem, the construction 
group. 

Marketmakers chopped their 
opening price for the stock to 
I20p, attempting to stave off 
any avalanche of selling but 
nevertheless encountered a 
flurry o£ sellers who drove the 
price close 40 lower at 112p. 

There was talk that Great 
Universal Stores (GUS) had 
settled a problem with the 
Inland revenue over a plan to 
buy some of its shares back. 
The story, unconfirmed by the 
company, was first heard fol- 
lowing its share restructuring 
late last year. GUS, which has 
over £lbn in cash, saw its 
shares climb 7 to 574p. 

Anticipated good results 
from Morrison (Wm), the 
northern supermarket group, 
saw the shares edge up 3 to 
120p. Results from Booker, 
which saw better fimn expec- 
ted cash generation, helped the 
shares gain 18 to 429p. Allied 
Lyons' rights issue reminded 
the market of one c£ its peren- 
niel favourites Cadbury 
Schweppes and the shares sHd 
back 14 to 473p. 

A buy note from Credit 
Lyonaise Turing helped Gran- 
ada gain 3 to 545p. 

Transport and c onstru ction 
group PAD was one of the best 
FT-SE 100 performing stocks 
after analysts upgraded profit 
forecasts following better than 
expected full-year figures. The 
shares jumped 27 to 695p. UBS 
turned buyer and raised its 


current year estimate by £4Qm 
to £320m_ 

Equipment and services 
group AFV slipped 7 to 121%p, 
after reporting a tell in profits. 

A two-way pull in business 
services group BET brought 
volume of 12m by the close, 
making it the day’s most 
actively traded stock. The 
shares eased a penny to 128p. 
The company has been seeing 
analysts this week before going 
Into closed season. 

United Newspapers rose 5 to 
641p after arnmmidiig figures 
at the top end of the range of 
analysts' forecasts. 

The day’s two new issues 
both made respectable debuts, 
considering the big losses 
across the market and the big 
tumble, around 6 per cent, the 
market has suffered since the 
stocks were priced. 

Computer service solution 
group MD1S opened a couple of 
pennies below the issue price, 
but held up wall, eventually 
flfnritng the session at 257p after 
turnover of 5.5m shares. 

Brightstone Properties, 
placed in the market at I25p, 
ended the day at 136p, albeit in 
thin t r adin g of 223^)00 shares 

There were, however, wide- 
spread fears that the flotation 
of Beazer Homes, hived off by 
the Hanson group, could see 
the shares open at a discount 
to the 165p issue price. 

MARKET REPORTERS: 

Christopher Price, 

Joel Kbazo, Peter John, 

Steve Thompson 

■ Other stati stics. Page 24 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


CM Pun 

Option »r 54 Oct Hr Jd Oct 

AaMLrara 550 3* 34 4ZM 10H 2SK 35 
r»i 800 5 14)1 22 44 62H 67 

Mo* ana i7V4an4 an 4 * 15 * 20 * 

rzs 2 ) an m ibiih m 2731 * 

ASOA SO *14 111412* 1 3 4* 

CS7 ) 60 2* B 7 5 7* 10 

BrtAkwwi 42014HZ7* S 13* 29 34* 
C42D) 480 3 13* 19 44* 56* 60* 

MB fete A 360 *1 43 82 515*22* 

1*364 ) 3 SO « 33* 36* 17* 29* 37* 

Bose soo 40 n aa 3 is* 20 * 

ran ) 580 7* 22 33* 24 41 46* 


BP 360 20 30* 33 8 * 14* 16 

C373 J 3808* 16 34313036* 
BlIMStel 140 8 * 13 17 5* 12*15* 
041 ) 160 1* > 9 31*25* 26 

BMI 500 38*43* 38 6 * 18* 25* 
(-521 ) 550 6 16* 33* 35 48 53* 

OMANI 425 32 36* - 9 24 - 

f434 ) 450 11 33 - 23 37 - 

Court*** SOO 31* 48 SB* 5* 23 30 

(■SS) 550 7 20*31* 31 m 58* 

Cocoa [Hon 550 S3* 98* B7 4* 15* 24 

C575 ) 000 • 23 80* 30* 41 51 

a BOO » 60 72 14 32 47* 

(-818 ) 850 9 34* 47* 41*58* 73* 

KtagMar 500 KZ OB « 2 * 16 24 

(-5*5) 55015* 27 « 13 33 47* 

UndSamr 650 17* 30* 36 11 29* 33 

(■858) 700 2 8 * 18 46 64* 67 

Iritis AS 390 27* 38 41* 2* 11* 14 

r«13] <20 6 18 25* 14 26 28 

mum 420 40 66 80* 2* 10* 18 

r«SB) 460 12 30* 37* 16* 27 36 


SriMliy 360 13* 24 33 11 27* 31 
C382 ) 380 312*20*32*47* GO 

SwM Taos. 660 23 41* 81 8 19 29 

(862 ) TOO 3* 18* 26 41 47* 58* 
Stetenura 200 17 22* 27* 2* 9 11 

("213 ) 220 4* m 17 11*21* 22 

TMMBV 07 813* - 4* 9 - 
(TOO) 106 4 11 — 9 14 

Utfevcr 1000 49* 66 64* 12* 24 35 

(104Q 105012* » 56* 37 48* 60 

Zanaca 700 SI* 74 60 4* 16*30* 
(743 ) 750 17* 44 57 22* 38 53 

Qp6an ihy ** M* **r Aug Ww 

GondlM 420 42* 33* 91 4* 12* 17* 

(■MS ) 460 16 2BM 38*18*20*36* 

lea rate 160 22 2B 34 4 8 13* 

(-197 ) 200 6* 17 23* 12 17 23* 

UR) OBBtil 330 24 32 42 B 13* 21 
C3S2) 360 6* 16*27* 21 30* 37* 

Opflon J9B ara Ote Jm Sep Ora 

Ran 130 14 21*21* B 15* IS 

(-132) 140 0 17*10*16*21*25* 


Opto My tea *» Me Aug ay 

BrtAtel 500 42* 61*77* 27* 44* SB* 

rS07 ) 390 22* 40 08* 57 72* 85 

SAT Mi 420 38 44* « 8 15* 25 

P*53 ) 480 13tf 23* 32* 20* 37 47 

m 360 30 40 «* 7H 12* 16 

(*381 ) 380 1222H2B 19 25* 32* 

atTMon 380 17 27* 33 8 2D* 25 

(786) <20 3 181** 28 39404 

dflwySds 433 29 — — 7 — — 

r< 73 ] 483 9 — — 28 - - 

EranBra SOO «Z* 86* 83 B 25 32 

(NO) 650 IS 28* 3632* 52 96 

atensra 400 19 33* 44* 17 27 35* 

(*468 ) 500 4* 1727*45*53* 60 

GEC 300 14* 28* 25 8 17 21 

(-305) 860 4 7*12* 29 37* 40 


(643) 
Bote tan 

(280) 

Tarao 

[*214 ) 


r»i ) 

opto 

BAA 
f*B7) 
Dana Mr 

mo > 
opto 
/way m 

rm) 


(526 ) 

Bt» one 

(326*) 


(456) 
Scot temr 
(403 ) 


CMS Puts 

Mra Ate Km Slay Aug Mm 

290 21 26* 80 3 7* 11 

260 8* 14 IB 11 16 20* 
120 12* IBM* 7 13 16* 
130 614*16* 13 16 22* 

180 17* 25 20 4* 8* 14* 
200 6* 14 18* 11* 10 25* 
650 32*71* 84 10* 25 41* 
700 2344* 36 34 48* 68 
180 17 23 27* 4* BM J2* 
200 612* 17 14* 21 23 

300 21 27 33* 3* 12 13* 
330 4 1316* 26 30 35 

350 37 84 77 26* 44 56* 
900 17 41 MK 53 71* 83 
500 WA 68 64* 11 18* 30* 
550 14 2S8BK 37 48 68 
260 14* 23* 38 12* 17 25* 
250 7* 15 21 2420* 34 
200 18*23* 28 8 10* IS 

220 7 TSK 19 17 21* 25* 

SOO 67* 73 17 6* 19*27* 
550 mi 44* 60* 25* 38 51 

390 n 23 * aa ia 24 * so* 

420 8 12 16 40*44*48* 

ter M Oct Apr JUT Ort 

950 60 71* N 0 29 37* 
1000 21* 44 81*20* 64 61 
500 a 38* 37 BM 27 81 
550 2* 0* 18* 43 92 94* 
J— Era Ora Jm Sap Ora 
460 31 43* 32 15 24 29 
500 12 S 33 37* 45* 48* 
35 8 7 f SK 5 6 

40 3 3 6 6 7* 8* 

500 44* ■ 68* 14 a 31 
550 18*32*42* 38*51* 57 
300 32* 41* Ct* 9* 18 18* 
330 M a 2/ 25 34 34 
280 23 26* a SM 14 18 
300 10 16* 18* a a 30* 
200 18 23*27*10*16*21* 
220 9 18 10* S 30* 33* 

in u* io a o ii 12 * 
180 6* 10* 13 21*23*24* 
140 a 20* 33 7* 13 16 
160 12* Iff* 24 17 24 27 
4a 47* 63* OMS 1016*20* 
460 20* 30* 37* 29* 34* 39* 
30029* 30 44* 12 21 S 
4a 16 24* 20* 27* 37* 41 
110 013*15* 5 7 6* 

120 5 7 IT 11* 13* 14* 

240 aa»3M 9 14*17* 
260 12 10 33 19* 24 28 


Mass 

FaBs 

Sams 

1 

68 

5 

0 

6 

0 

38 

100 

67 

66 

338 

277 

21 

82 

80 

56 

. 231 

220 

2 

34 

10 

38 

213 

140 

20 

231 

209 

85 

60 

42 

278 

1.363 

1077 


RISES AND FALLS YESTERDAY 


Brittsh Funds 

Other Rxad Intrant _ 
Mineral Extraction 
General Manufactures . 

Comumra Goods 

Sarteea — .. . 

mattes 

Hnsnctate- 

kmaotmant That* 

Other* 


LONDON RECENT ISSUES: EQUITIES 

iaouo Amt Md. Ctoss 

pries paid cap 1903/04 pries Net Dhr. Gm P/E 

p K> (Em) Htpi LP* Stock p W- tiv. cw. ytd net 


MMX 6 24 <3 


1&SJ 4 3 X4 


R3£ 23 28 


M 

FJ*. 

31 8 

246 

241 AMust N Dawn C 

246 

135 

FP. 

412 

142 

134 Appflad Dtstbn 

136 

— 

FP. 

8£2 

137 

133 BrieMstorw 

136 

105 

F.P. 

3X1 

118 

101 Cadardata 

106 

as 

F.P. 

126u0 

BS 

82 Cuntral Em Owth 

83 

- 

FP. 

X40 

23 

21 Do Wlraarts 

21 

— 

FP. 

9X2 £87 1 j 

£87 Cheater Water 

687 

- 

FP. 

3X9 

125 

125 County SmBr C 

125 

- 

F.P. 

1204 

44 

43 Edte New Host 

43 

- 

FP. 

14 8 

27 

28 Do Warrants 

28 

- 

PP. 

1X2 

50 

49 FAC Prfcste Eq 

48 

in 

FP. 

1412 

89 

03 Hdetty jpn VWuaa 

94b 

130 

FP. 

3XS 

155 

130 FteaOst 

140 

- 

FP. 

2SA 

105 

96 Bamteo Japan C 

imb 

- 

FP. X601C 231 2211* Franfcfin Res 

£31 b 


103 100 Gartmore Brftfnc 


- 

FP. 

5X2 113*2 

112 Do Zara PI 

112>* -1 

- 

- 

- 

_ 


FP. 

10X5 

213 

206 Do Unite 

213 

ra 

ra 

- 

ra 

170 

FP. 

6X6 

171 

162 Gddsboroutii HMi 

1B2 -4 

WTCL3 

28 

X7 

1X8 

183 

FP. 

2372 

218 

105 &ahsm Group 

207 +3 

LW4J3 

23 

2-8 

106 

- 

FP. 

642 

74 

661* Guangdong Dript 

71 -3* 

— 

- 

ra 

ra 

61 

FP. 

834 

62 

54^ tarsal Fund 

26A| Do Warrants 

St 

- 

- 

ra 

ra 

- 

FP. 

X19 

2*? 

- 

ra 

- 

ra 

260 

FP. 

2672 

2b» 

254 McDomril brio 

257 

WX25 

28 

98 

1X0 

- 

FP. 

53X2 

485 

450 Mracury Boo Prvtn 

466 

- 

- 

ra 

ra 

140 

FP. 

228.1 

172 

153 Mdtend in(Jp Nws 

164 -lb 

WNX8 

23 

XI 

224 

56 

FP. 

204 

S3 

49 kMuaa Inv Tot 

61 

ra 

- 

- 

ra 

- 

FP. 

828 

106 

103 Newport 

103 

ra 

ra 

ra 

ra 

— 

FP. 

66JS 

226 

221 Psrtco 

222 +1 

LGt3S 

22 

3.0 

19.1 

ra 

FP. 

024 

200 

186 Ptarmigan trtl C 

100 

ra 

- 

- 

- 

125 

FP. 

17.7 

133 

113 Radstons Tech 

116 

R3-0 

24 

33 

14.8 

100 

FP. 

564 

06 

94 Saracan Vriue 

04 

ra 

- 

- 

ra 

- 

FP. 

1162 

SOS 

401 Sctesdra UK Gwih 

485 

ra 

ra 

ra 

— 

118 

FP. 

512 

140 

122 Trfng HI 

122 -2 

RN3J 

XI 

3-9 

145 

153 

FP. 

512 

ISO 

163 United OntriS 

153 -2 

ra 

ra 

ra 

ra 

50 

FP. 

104 

72 

64 waste Boracing 

64 -2 

114 

04 2X3 

2X1 

206 

FP. 

61.1 

218 

203 WaBngton 

216 -1 

W6.17 

2-0 

33 

20.9 

PP FuSy-patd sacuity. PP f’Srisrid noity. For an eapisnanon of oirra ootea, ptea» rater to tea 
Orida tc tea London Sras Sanris 


naa) 
Hum aa 

(10*4) 

TS8 

( 212 ) 

DOOMS 

(246) 


174 2t* - - 

183 12 - - 

1000 77 07* 110 
1050 47* 72 K 
200 21 27* 31 
2a 0* 17 21* 
2 <a is* a a 

230 10* IB 21 
500 81* 7* 89 
550 33*51* N 
Apr Jri Oct 

600 41* m 7TO 
650 IS* 41* a* 
730 41* 61* IB 
80018*67*73* 
2000 63 140 160 
2050 37* 114 164 
m Asp ter 
160 22 20* 30* 
180 7* U 16 


(827 ) 650 IS* 41* SI* 35* 54 75* 

INC /fete 730 41*61* in 25 34* 72 
("784 ) 800 18* 67* 73* M* 8197* 
RSUM 2000 63 140 in 44* 97 1» 
(2018) 2050 37* 114 1ff4 71 122 150 
Opto , era ASB arany tep ter 

ma s iw w in n 20 * 30 * 3 * 7 * 11 * 
(180) 180 7* 16 18 1216* V 

4 Unto teQ rara rie p to P renAsns town — 
based oh qomhq Odra prices, 
irireh 2*. Tbw camera 41,397 Cite 23A03 
Puts 1M54 


7 - - 
16 - - 
20* 4664* 

42 70 78 
6 11* 14 
16* 22* 24* 
9 15 16 
21 27 a 

15* » 34* 
37* S5B* 
ter Ai Oct 

11 26*48* 
35* 5* 75* 
a 34* 72 
M* 81 97* 
44* 97 126 
71 122 150 
MW tea to 
3* 7*11* 
1216* 21 


RIGHTS OFFERS 

Issue Amount Latest 
pries paid Rsnun. 198 
p up date Htfi 

02 NS 11/4 16pm 

173 Ml SM 27pm 

153 AB - 28pm 

02 Ifl 28/4 lOhpm 

280 M 4/5 43pm 

85 M 2513 12pm 

150 M 5/S 15pm 

30 Ni 5/5 11pm 

315 NX 303 84pm 

pn Mae ■ a pmSan. 


7pm Buribrd 
item fttep. 6 RegtonM 
24%xn Daoraftam Mire 
2pm Hedan MacLMsn 
34pm Herfya 
74 pm Hototteoi West 
12pm Union 
4pm Upton A SOm 
45pm Wfl Owrapoon JP 


OoaJng -tor- 
pries 

P 

B*2pm 

14pm 

2S 1 jpni 

2pm 

34pm -1 

7^pm 

12pm -1 
4pm -3 
45pm 


FINANCIAL TIMES EQUITY INDICES 

Mar 24 Mar 23 Mir 28 Piter 21 Mar Ifl Yr ago High law 

Ortinray Share 248X5 248X9 2027.7 252X2 204X7 2221^ 271X6 21247 


OnL tiv. yMd 

X73 

X70 

336 

337 

335 

442 

432 

3.43 

Earn. ytLNU 

X10 

X04 

438 

439 

4.97 

X19 

638 

3.82 

Rrij too rat 

2131 

21.57 

2132 

21.78 

2137 

2034 

8848 

1X40 

Pit too nB 

2X25 

2X52 

2X70 

2X75 

2235 

1X82 

8030 

1X14 


FT GOLD MINES INDEX 



23 

* to 
w to 

nr Mr tor 

a 2 i age 

tom M 
pWi* 

Bteto 

Hgb tor 

GaM arias lata (tq 

212X27 

+13 

2DBOJ7 20594B 126934 

US 

236746 124672 

■ WsitnMl IsSfcsa 






AWcsM 

296X24 

-02 

290730 283X04162538 

433 

344000 MBA27 

AtosMan 

260X79 

+43 

2537.14 256536 125X61 

138 

301X66 125037 

Nartt Atesto (11) 

180147 

+13 

177174 172734 110531 

052 

203X65 118227 


SgSa^n teBdram tow turaar ra eomratSaa. Bate ua Dttem Jteaa usmk iOOCLOO 3Vt2tt< 
Fratecaarar Oak! Mnas Mac »4ra 2C 23U ; iters otraips: patera Yrar ago; 110L6 1 MU 

latete price* w i n « ste ti i lor to adtean. 


Tte 1893/94. Oaferay arras Wax stocs compterim Htfi 27K8 IflB/m; tow «A 20KM 
FT (May Site* bsaa dte 1/7/36. 

OrNwy 8hm hourly eHangaa 

Open OuOO 1X00 lino IXOO 13u00 1X00 1X00 1X00 Wgh Low 
2487.1 2484.1 248X8 249X4 248X6 247X4 24715 247X8 24 N5 24875 2461.1 
, pAra 24 Mar 23 Mar Z2 Mar 21 Mra 16 Yr ago 

SEAQ baigatea 41^21 39,106 37^02 34^57 33,756 40J»2 

Equty tuirarar mt - 178X1 1584J 11MJ 1430J 1964.1 

Equtty boroatest - 44^05 44563 40580 3X243 4X37 S 

Shares traded jrr^T 80X7 58X0 4602 48X6 80X2 

T echxrap mc KnUri tmtra ant oten ea a unewar. 




' L -ay - - t ' 








financial — AYMMCH^ 



LONDON SHARE SERVICE 



BANKS 


BUILDPIQ MATS. & HEBCHAHTS- Coflt 


Nam 


PitoR 
EMI 
348 
<7M 

MfedktahK *0 351 ^ 

AngbimtiE_J0d 58 

AsNY BBS'* 

taco BB Viz Pta — H3£ -A 


AM Aon*. 

AFC AS 

Atterfe*n#-#n 



. 


Banco tea Pa 
tefe Leant 

BKlnMBS _ 

Bat Seated _4tC UB 

OVpcP! 

_9VpcP t. Wi 

tatiap- -i#C S3*® 

MkWKaiY na 


19W84 MB 
M CWBn 
E1&V 0JH2 
130 WJJ 

3*5 via 
178 105* 

SB 1*18 
411 HUBS 

E38 £2*A 
4S0 325 3S3 

177 1.10 
IIS 1 ! 2.185 
inJt iaf 
123*4 1950 
30 M* 

mvm 

15000 

CIS 1 ! 2289 
45 IMS 

55 878 

108 7U 


JJ 


Price 

« 



OeuMMDM. EJ«B 

EnHaSamo — -- sab 
RratMaRn fd 

HSBC (750 SW1 5 "** 

Utytia -JO 


YU 

GM M 

48 * Urirav. . 

17 19.5 Waertww ^ 

17 IS* 

so 4 

73 100 ***7— 

17 - 

« “ CHEMICALS 

58 * 

S.9 18.7 TiKnii PrU 

a « 3 

S *i S£c5SS-fC m 

s sr™ 


-2 

-1 

-13 


1993S* 

M CepCm 
lib MO 
as i.iz 
78 *08 
17 3 S» 

533 2/98 


fi 

128 

S3 

6JS 


Price 

Ml 


♦ oi 

>8 

-2 


:SK^3S t 1 

E «4 J 


16 02S 

44 AM 
395 TZL6 
« 1BU 
9*4 



saw 
no 

HsTB&OY Wl 

MWWiMl- - 

NattadAS ■ ** 

KbNNbi #D «“■ 

OUaKBrtfff 

SjiB!sSOfflte»l 1 *® 

Satan Y. *»>• 

tawsY — - ~1 “V* 

SnnoardOnftt oHO MSW 

73/BecPil MfjU 

annum Y 

SumBomoTM Y 

158 to. 

TiMY._ 

TojolS SBfcY 

ufeSpacAS - 

■ftSSiaBhY..-* 


-i* 

-e 


ms 


*74 13,71* 
490 0/03 

402 7,010 

+ A El 9*< E1i*a01M5 
+4? 1BZ7V 4ffi412£tt 
♦tit asz 
-41. 620V 


T 

“^=Z=$B S 


= fi®=5» 

t8SK±£ * 

iii Conem -** 5 

- warns 


yam 

Z\ 200 210 71M 

-10 Tffl MS W 
-11 1333 

- 1D ^ ?S 2g2 


374 BM> 
322 7/12 
398 7.570 


05 1S4 CoulauWa JJ*3 


-a 

-A 

3 

-Hi 

-A 

-7*1 

-5 


CIS,’. 

on 
212U 

ox 

712V *13V 
242 -3 

BS7V *IOb 


0.7 2«e Omria— 

4 2 117 TT|S 

s B'sassss^l 

* s"S.g B Sj"Sfcr=± 

0.4 - FWdMY 

28 10J 

g» s=^a-« 

45 145 Aston 


-2 298 

__ » 

♦3 «# 

109 

_ 48 

-10 BOB 
-Ml 


S3 778 

!15 0118 

287 


awn**** 

Mi m OsEm 
3 b 73*2 0.7 
BOQ 414 m3 

1.1 P.6 ga5s— si -S _ 7S 

15 288 

11 “ SSIfc.3 ,c -20 
gssciSijo 

YU Eries^nW^Vip. 

a 

SS ffi 

188 fonraio- 

77 .PMN»- 1 
51 - grmwt- 4“ 



«n? _J 5 “£ 'Iffi 'S 


eii 

E1B 

1437 

UB>2 

El 8^ 
990'. 
291 
OPs 
840 
2B0 


EV, 27877 
£7 A. 41/97 
STB 2829 
0* 945 

£87, 42JH8 
437>! 12.180 
145 1 ! 3M3 

411 5597 
171 4J42 
343 0,152 



breweries 

NOUS 

MM HUES ■& 

Bass 

EffUncton — & C 
BurtomwaJ— — 
awmewiA--4« 

Raws « 

Fuser ST* TV 

GBAsUeo — . 43 

Gn*««» 1“3 

OWWWno — r 1*J 

IhBimiHiTtTg 

HSMO 2 

HdtUI 1 

KWlY 

HaMMri. . — = g 

MarattiThoBO-tlC 

fSmSSuol- 

UMedftwww^g 
wwamjfl- — 1*4 

noniDutaY— Jd 

Yam * — 1 

T 


1903/94 « 

: mi t» CapEm 

7$, 4b 288 



s SS^^iE 
°° 417 SS; S5B?dS 

PeistorpSW 
Rasmac — 

WW* . — 

vu WrteStowp 

ft "SBC 

4 8 119 YlrisCm ' 

3.7 117 
15 14.1 

2.8 212 

1.0 BB.1 

2.1 18J 
14 SlO 



fcl 

139 

504 

82 

88 

21.1 

30 

28 

007 

- 

421 

1110 

3/ 

226 

4903 

2.7 

103 

187 

*0 

15b 

120 

17 

69 

132 

40 

3b 

403 

— 

13 

108 

219 

17 

628 

23 

ISO 

3710 

4.7 

£88b 

7044 

17 

157 

1790 

24 

806 

89“ 

43 

71 

29*3 

10 

S7S 

150 

30 

35 

180 

- 


4 a 

l3 J0W»B*®~v/ 
_ Kwtmf- 


iq a LPfttoOa — 

1M UeBUri* 

- MTLW0— r-rsji 

_ |10BriK_ r -*a 

198 WMuO SsctY 


B * fi Ew 

W4 -3 10* 

W ■? ™ 

*n> 

in — mo 
w — 
m — 19 

sn — 

75BU . — 

128 _ 

47 — j* 

273 ® 


EHGINEBWOi VHflCtK - Coot 

^ iggj/94 MM 

JS nc Woo Wee 

« 310 MBW- ^ 

ss .5 a 

“S JS 

13 iu Lituhtt— ---"i 
15 26.7 WWnB rvfi ^3 

a .issl-=3S s 

10 1L0 Mott i-Q **52 

« isa ia»- 


tow csoO# 
50 18U 
14 183 
120 3B8 

£210b 765® 
15b 325 

__ 101 47.1 

■Wilt 420>* 1^03 

•MB 


- Tiwy 

tSSSSf. 




w —_ 

set w w 

g^SE£=^B 

_ - cm ut 

IS 2W Coat COTQ gri -*3 
*8 383 Coraott-— — = 
® WJ 55 175 
& CU M 175 IhwBtaMri-g 


2E6 087 
128 1/51 

11V 314 
29 1074 
29 530 
257 4M 

V* 633 
120 204 
164 1,170 
163 WA 
ES8V 6M5 

saov a m 


HEALTH CARE -Cent ^ 

P*a *- l**l 1* 

5 rs “9 *S « 

iS -e m 
10 
H7 

-i w 

W7 -1 PJ 
48V — 2 

BB 48 

£ 153 

■W MO 

« — . tw 


nmsWBir masts 


WE 


_ p^ay Euro Yds -HQ 

14 tanata-^ 


pw 

in 

100 


-j 


EXTRACTIVE INDUSTRIES 




:SeSB^^ 

- - J*Orl- 1 IBS 

12 181 FWWTT» * IBS — 

14 167 n 10* — 

24 ‘l ••• 
7M — 

1* 154 — 

» M -1 £S«5TS pij — 
34 114 Or 10 16P-tr«n JUU "* 


“ ‘ - riM< u 


MM 





052 


33 
snv 

SSBA *i§ 

72 la 98 55 

310 171b 314 

' 330 151b 

-1 121 78 

-I SO 


494 14 * 

«S 22 1*5 l g a *g£ f cz: 1 


w« i-ssiSS5fc?S 



warn* 
to? 

2 Ob - 
27 9 213 

t 4 205 

as 

CB5A 5.5 1g 


YU 

Gris 

80 


WE 


tsa 

.grsr§ » 

--%SZ=£ 

- T smarts 


DISTRIBUTORS 


Ham 


li 149 PALMS. ™fg 

3.1 142 pm 


BUILDING & CONSTRUCTION 

♦ a- 1993/9* »M 

■— « - * "^5 

Sffirrs 

AMEC ° 

ebpOiw 

AncoCao 

MtTwaSvv^^JC 

Awrisjimri — 

“ — Jfi 



Bnw Homos- 
Bwccm. — 


Barra! Devs — 

^E?§ 

Bert Bras -J* 

Bn HD 



41*j 

17 *io PtanstaY^r — yt 

- S1J Wean LAM 

1.7 205 Ptaanfcra « 

v 29/ AWWMri. ^ 

15 14 4 AJOBrEm 

IB 15.1 5SS r~^r— TiS 
2.4 175 Baartrg 
IJ 174 Bo2»«F“ n -vS 
10 25.1 BieKM ? -411* 

61 16> g^j in 

4.1 115 B*™™*- "jjQ 

24 274 8ri dOBU-- «LJ 

4J 115 BraWn p i — - —t 

3.1 142 B rawn 8 T owso gd 

35 SLB ttsoriene -**d 

4.n 187 CaRins -4 

arf 

YU Coiria (T) — — ■■ — JJQ 

Grt HE CJmr,- 1?_ 

1/ X4 P aflg* 8 ” ^ -— 

35 41.0 OoWtWA 
St 25J Damans ■* 

7 ! :rfc-.:-5T 

to - Bedtocanvs -TjJd 

_ _ aeeWnHoa*s*]Jd 

i4 27 * 3® G Ew nnL— ltd 

s tsssrarf 
“ •i&SCg 

4 7 is Farad — t*d 


- **•** " IB 2Sb5 



13 A 7\pc O PI — ;Yrn 

21/ «S 


al| ■ n 

a ” 

»# ,7 - 5 

U 25.1 Wna amss- Jd 

15 

44 302 TS9"®- 

i; 14.3 TDKY 

_ - TetoORW 

11 185 

14 11* WU-^ 

44 - I h0 ?^ ( 7' 


5 4 I [WBtnT- ttid 

. _ 0«Y«w# a 


42 144 9"#*— v+ 

15 214 2S' _ 

t i win men. 

*4 27.7 
19 14/ 

11 20 / 

H lu ENGINEERING 

44 ♦ 

60 12.9 

1.4 185 ««5 «5& 



20\ 

2£1 

70 

35 

29* 

27 

89 

212 

£310 


274 
18 612 
S3 2.10 
81 914 

147 0-1 
33 748 

15 MB 
229 882 

23 112 
49 294 
117 787 

£2* WHO 

26 1U 



i [ "S ’* *- 


22 S3 Smra? — 

17 27.1 WDWfsjag 



8 « 



ur» NAY Pmt-l 

as in r 1,5 


-2b 


■a 


85 - HOUSEHOLD goods 


so -i “ 
“ I S “i 3» 

M -'4aa.a:g s ”1 
g Hi esedss «« - ■ « 
«~S£si3JS 

uwBgSa* 55 
: : SSSrr-- ,7B 

2.7 « Rt taigiy * 

ij as Fi^|iicut.*a 

SraMiPt.J-— = 




U ZT4 

1.7 27.1 7 

U 23.7 toor 

11 - SS 8 

is/ _ °r . - — ~ a 
i/ oi# gjsxr 1 * — a 

" SSi^i — = «u 
« m l S’SStTwSZ- cS 

64 324 ^cH — - j 
11 21.1 PW Off ~T 


124 

ISO 3480 *4 »4 

18 147 14 334 

33 314 

4b 84* 

18 422 29 A 

33 2 1/ 14 

233 70.1 94 

26 229 

1 B23 - 

5*8 4070 24 V4 Gastal 


Nam H» 


- e^gara ^ 

4 nMaiF -d 


+ » 1993/94 _MM 

- Mtfi M °?®? 
-o m 

-a '« 


1.9 

24 


- Db 
_ Dersx- 


1 i« » a; m 64_ "xEtra ™ 


- 6*4 SSf 0 ** 

- EBCD 

a "{.ss-s — . 

io sn m"j/2 5 f 

12 314 
14 221 

13 702 tam-; 

14 214 gSO** 

4B in 5.9*5 
04 



I ^ 1 

t BBttaw — — * “ “ m 

303 -a » 

38* -1 #S 


- mpina 

i 1 


- - MOT 


IB 140 feddB&C 

- fta&oo 

7 - 


94 

* TanaUM- — 

- - TonWnsoos N 

54 304 YkwttCHta 

- - WdfcerGTra* — ^ 

- WMatodE 

u IS *^ w 


'&e3 | = 




1 - aas? — V J BM. ®l! OT/ 20 284 INSURANCE 

: ™ S - % a M 16-1 _ 

'ffl 


26 283 G rtW 
i; 223 Hsta 

_ Gowrmgs — 



3 -S HI « !* ^ - 


SsspS € a n l 

5179c CyM nnra -b » 


Cutsets 

OoaWiTV" 1 — rS 

OOrtOD. -T 4 ; 

£=^ 
EM _~*1" 

F/Wtr 


Ho*w»-5iu«11»d 
«0BS»» *° 


6.4pcC»Pl 

untoidas -N 

LmeH(YA... 

MwienU*-- hK 
McPIp*™ W--#*d 
MeCaW Y * SI.-4BP 

SsSSnfiT --jD 

p m bman..-497P 
Pousns — - 

How«»0 

lWn»- 

Si !??■---& 

Shan . t* 

SnmKWTil - — . 

anmm - - - ^ 

So anaek-- — — -Q 
Tat Homes -61^ 

TjfWWoaL .3 

TeMYtaotfoa. 

loretWrci -52 

TlY - ijL-. 
WE . - - *^=1 

tferoobrt - - - “ 
YimuKUs* 

JSHSMY - • ft 
Kd Stands 
nftsoort — 4*d 
WlOiiCrxO — 
*ejniCan - <- 
tmaaBcaOPt 
*'cnvct ita o/d 



IS 

-V 34 
♦3 « 

- 1 J® 

*731 

u . '“-SSSisrS s - I 

- - BAM — kt +4 037 

aKBBtoSS ” 

55 - Jacta CAW) 

' :S! S=S 

05 l£oSU|II 1 #«— Bg 

ftllSSesKZ 

to * sS J, 

64 540 


12 


127*1 


156 4«M 
4 7/3 

81 424 
102b 3*4 
205 28.1 

391 316/ 

li B 

18 143 
92 #34 
208 in/ 

378 40/ 

3*0 7724 

** 34 11/ S5»«Siprtr-' 

- - Baines (Q-— 

13 - 54DBWW. 

14 614 

30 + 

- - Mom (8. 

40 A BUMC — 

14 *BU*8B 
32 182 
124 - 

24 * W***SS“ 

34 o 7VpC*Pl- 
3.1 194 n 
12 247 
74 - AMta 

- - Bdoug 


1933/9* 

ton Cactm 
123 284 
88 04 
81 1270 
10 8M 
17 380 
73 WB 
143 46.7 
488 674 

Mb nil eab *»/ 


ao 104 rct ^z — -fl 

^ l7 ^ CT--=g 

■I 


15 _ Qutetei Gra- 

il 17.5 BE*- 



laSSfcrrsa » 

_ _ lonwcsrtda— -- “ 

_ a* Trfla*— ■ — — _51 

M t ar— »w “*5 

2.7 23.5 Y/YW 79 

2.7 39 J VWoW ^ 

0.9 - 

23 8 - DIVERSinED INDUSTRIALS 

17 36.4 1933Q* 

1° ^ nm 

22 19.7 fW— 

D4 - AmerRW ARI 

10 24.1 AWri^Ma— 

60 244 .SocH— ^ 

0? - AnwTnm — t/d 

4.7 184 BH Prop AS— 

15 A B16 

» “ SSSrrS 

fi a ! 

44 ♦ 

38 " 



IK I 20 

144 *3V flab 

B 23 

92*1 *1 

1ft -b 

*» ^b 
I 32B -3b 

* ranura + aib +«b 

Kendo Gold CS — - ■*» 


GiMR 

Com FMs Prop 

Gold isnos *m -— 
Greennicti Has -JO 



YU 

6rs P/E 
54 204 

M ♦ 

3 BBSS"* 

44 170 : 823 

a 13 S Emfe-na U 
“ * ww— 1 

u J, a jor pumConsR — t 
69 167 - 

a «e ite 

66 Hnssoeanlta 
_ KJnrwa 

- «« KS 

m ♦ 





>I->BCB=( 1 = 

.r MddeYKR 1 1® — 


U^SSS#™: 

30 l CtamUB- 

g^isros^ 

' SgSffi ; - | 

17S Cooper f ) 1^ 

« CnMrao -4» 

- DaridBrowo — Jfi 

t OeMo« 

DobmiiPmk — t" ' 


14 
24 

" Mbsevn 

W USE,"* 

r j -£E-., 

4J 70.9 »-< 
67 511 
*2 1M 


MmMK »C 


"5 12 w *2 iM "gffi t i s rii- mm -#b 

^ tn «bu 40 20 2 ii 190U - 223 

S IS QO 20 172 SSSurtiBlI-f Mb S ^ 

toimntfrPw*.— 9 

: 5bS5m » 

. OPSHysR .1 



20 

*A 114 
15 185 


B 


285V - -j-,. 

'E :1 

174V -V »rtV 

SS.TS1 

S =: * 

76 ^ 101 

97 +2V mb 
SB 1 : ♦/V ■# 


-lid 4JbM 

-JO «# 


- - E«a*U— 

4i fti Braaritt— —2b ziz 

14 186 no SS zl W 

- - ? *54 ^0 m 

-b » 


« ”S ’li y s SSas =» 

«3 327 12 27- 1 SSeO-T ¥ 

£ “M* a«at=«= « Ta & 

m s iS 50 » aaaa 

affiSt=5 * 1 1 
a ss « :S,2r^ s - * 

ProroUrLsna — _g 


2JD 

82 RrtWOd- 


isE-S* 1 ! 


IS 52 “ “ m*s £ 



04 


. XI 

_ MRS 1908 — — □ 

.. 127 BIRKY*»« yv 

13 310 BjjlOK. ^ 

«»SSgfcrfi 
=b «3 : :8K*I^3iB 

- Cooiocr—-— 

;8 320 RoWWOlQ* 


a3 4. Haoton 

34 518 WSs""-S 

|^ 3&Cn *V 4J g Z,^ 

BUILDING MATS. & MERCHANTS rt*rtW1UWlHKS_.V aw* 

- -7 a. 

330 307b #04 



aissfcn* 
15 taas^ 

30 124 Ba taa— 

22 370 HBBnomntogto — *tCl 

60 211 ^P**" u 

- FWrtsm- 


-. _ RamSorttil 

I RotaramReriLsfc- 

42 “ Qfln AH ilwum.v W 

afl 27.1 £12^1 

m 2“ SSSSSirzs av 

- * SlBartm- ? ■“ 

60 * StHMO -J 

10 - SURctOBCOS ▼ EV 

40 * iS/SX * ns 

12 282 “Mi 

g “1239 

63 80 E ® rtBI " 


: :Ms s: 


__ 320 

(MB 5040 
182 1/70 
73 10» 
322 13482 

ji £lSj £l^| ^ 

4 a id i/n 


P 1 ft-*r5!ias 

io "i &i.#22^ 



78 W1J 
87 4180 
Ob 0804 

123 1180 
31 22.1 
13 #84 
EBV 14« 

S 124 

8 10J 
60 2200 

9 *57 
E3A 

319 10® 

25 1*2 

13 384 
BO 1118 
U 3984 

12 1M 
87 6164 

14 149 
IV 807 
820 3005 

2 200 
66 1164 
6b M3 

13 420 
SI *1.1 
25 38/ 

25 204 
95 5*2 
79 233.1 
SO 4950 
8* 710 
91 1.138 

EBb 6^0 

26 785 

27 

3b 1 /# 
36 1884 
43 9980 

6 83-1 
16 702 

bo 

SB 1PB2 
45 2M 
65 8160 

7 187 
2V 165 
226 171/ 
BUT 8,116 

39 ?07 

4 109 
106V MM 

150 442 A 

5 320 
115 447/ 

16 201-1 

14 

191 
*b 
in 

B4V 
1b 
IB 
59 


Aloe A Atari 

~ 11PCC»S 

83 ABWZlW--- O«011 

- :SSSSB£= % 

1# 33.1 aEsT-HI-— E3^ 


- BndMDtfi — 14&2 
' CLM 


□ 


- — - ConmlMoo — i#Q 
11 a 7 DdmUqris— — g 
* DooBGon — -*1* 

u 564 Ka 

i4 224 ramsikm — a 

*■ ^ HcQQ — 

10 4*3 uxjnrtBBhm-O 

- imIMhi— * 5 
24 1B4 ijudopaBc MU .— n 

- - LoMdnUn— 4 tQ 

- " Mash me* 5— ~= 

- - itxXnnd— D 

- -!KSnL- r no 

- - New Iporion Cap. -O 

- - Oriel -4« 

- PWS -*P 

54 


192 

57Sd 

102 

1959 

SB 

175 

MB 

MM 

921 

19* 

319 

221V 

S3 

138 


+1 

4-1 

"i* 

+SV 

-2 


199*9* « 

low Cwsm 

1 s 

cTreWTj 
£17V 6062 
E4BV 17.™ 
91 904 

46 33 890 

mi E30b l«# 
06 30 294 

MB 11B 820 

98 870 
556 8197 
SB 820 
1225 1324 
16 1382 
__ IBB 61/ 

11* «nb W# 

247 160 10O 


YU 

B*» WE n- 
20 17.1 5?S 

*4 214 

14 ,a I 5&c^iano- 

“ 14* FarjWtenwa^a l» _ 

24 300 — in 24 

6B 671 SSSffijMS 33* -3 

14 18L1 Fta#W 237 -1 

•* mu tmi* *\ 

is % 

inS 20 181 For 8M“S s «*'^ 

jj Jan Fr widiProp — 

s 

S 174 

40 188 Ton W' H 

87 175 
44 Z7.1 
17 189 
30 &L5 

“ * srs«s3£ ««p- = 

BamnEranc 4Q 

Wan*#*- — 

VU MtetoraEura_4<d 
Grti HE man* -31= 

- - emnMta.fMO 


24 12*2 
IJ I960 


U 90S 114 
it 11 93.5 181 


04 3TJ.1 I-# 

2* 

- 914 -71 

34 7186 -*2 
58 3400 24 
-1M6 100 

U 2380 08 
(U 1084 -1# 


50 

6,3 tiE.il 


«4 505 194 

02 2586 -21 

24 3589 1M 
87 3514 l» i 
14 2975 14 
04 >285 114 


14 10*4 >10 


in 

■711 

IK 

IBM 

64 

144 


797 

* 

*57 


202 
296 
101b — 
*37 __ 


548 2400 
M «74 
293 2*80 
209 ro* 
SI Z74 
122 974 
256 1282 
163 2589 
2S3 2981 
99 29*2 
321 1281 


190 — ; 
104 +1 

120 -4 

7SU -a 

182 hrtinTMl — id • — ‘ 

uMBsisrgg a i 
*8 188 


■■.sal 


8* 


- Si wacMQ oM-3 

- Wi anB-. n 

- Topta*M*OW— - 
• Trade Man «■ 

- USP SG I _ 

- wail en nooo —ra d 


11 * 

229 
-1 323 

♦1 -£5 

— 336 
._ 121 

*72 - — _ 

■a 

in 139 91/ 
109 
131 

n 

99 
124 
*350 
- *222 
-Jj E17V 
J_ 291 
_ 80 
+12 «£ 

-a 107 

40 


- MnUlltaJC 12W 

- - 2*0 ON PIT - 

- - GModUtranw— -JP 

34 - Gen CM* He « 

^•*2 _ Q p i 1 

44 154 SMPOdfT — 

- - tamkit. 40 

5.4 110 .,1— * r— »n 

- - OwnonSo* — 

14 25.7 nm — r-= 

89 - ShbowIic — 4*y 

81 154 GoMBAmSoWOna 

- - S5Bw9*“-a 

81 24 WBramta 

87 13/ Gantt Ho# MC — ° 

- - uanaoB- --— g 

83 - BoYrtOriwta-— □ 

*1 « GomtsuHBkvJd 


74 120 Wanana— 

87 * B wraw iHBMO 

44 4 GlOYWW^ri ^ 

24 18/ Gnwiwrttw— 44 

40 187 KmCoMHtaOg 
12 - Wan** 


92 

78 

SOb 


wn 

38 

CBE 

64 

576V 

Tpmm 

27 


62 A 
MJ 
2U 
17/ 
107 180 

248 ’ffl 

150 10#B 
C7V U>31 
100 969 
48 374 
307 2JBM 
92 K6 
23 140 


- - uratawtmm m g , 

34 160 IWU__ — RO 

- - ZoraW - m m - -— 

52 - Honda* Hohtari — 

87 134 ItaiMtt—r-ga 
M - : 

30 H4 yu«-fci ~g 

37 227 Hnonam-itai^ 

10 . * Hong Km P d 
124 84 Wsrorfs _ 

50 68T 2tara DM Ft 
54 * 



-b 1318 9*5b “4 7 
-T 1*6 171 
28 13b 


9924 

312 


2.7 494 


34 187 
30 350 


INVESTMENT TRUSTS 

+ * 1993/64 

Horn Prim - No# to 

zZtfsZZS*'*”-; SI 


644 

Z14 

0*6 


*2 100 "5S£i 

87 70 WHtafllSpBhC-H 
20 283 
V “.7 

si 250 
*1 3*4 


114 


+111 


027b -29b 


MO 

M"fim 

Kumasc . - 1" 

terse iii - -vjs 
inaiKi era - - * j 
WHY - -t*- 1 
eVrMelCuPl - 
An km - --*- 

BVSS- 
BH) - - 
Bage*«ie - ■ 
BanJyi-.- 


*4. 


AM- 




BcrrtrtlrO 
B«OW 
Baf iT/Oe 

rSwCuPi 
BMC3MI - 
ErtDrodm 
WHS - ... 

C5R A3. ----- - 7 
CakcarcadlWA- 
C*».- 

Cuadm . tW- 
.•^aCwSI.- - 
Cdeftdn- - ■“ 

B*3v .. Wd 
McmJ84.-- -8 

'Z::M 


21 ... 

3210 -* 

B2 *1 
287 - - 
9 ._ 

BW - 
17 - 
1GB -.- 
143 -> 

119 —. 
50 *1 

228 -I 
71 

327 -II 
178b -*b 
W1 


378 

25 

101 

20 

in 

30 

127 

■GO 

2*3 

BS 

301 

207 

in 

154 


A MO 
2*5 2588 

a 12.7 
73 110 

l* b 613 
8B 182 
ISO 1.702 
57 487 

32b 2788 
90 3*0 * 
36 180 

in 20c 
129b 3164 
70 287 

C 250 



414 

(y. p/E JaidwiDT __ 3 P 

:I 5 Sr ,BW, MQ Sm — 

Si ESffisrJ JZ T, ’S 
'U.iSSBSJ..^ 

n - R** 

28 *09 > rr'u’JL, 

50 w t> Jo* OartiY Its -~ 


£ -4 

-3 
-3 


- SUWOIMS- -BC 

_ Suter ^d 

- CYamdo. — 


i4 - now. — 

57 248 larUna — —/fid 
*5 32.0 GVoeOnPI.- ; -- 


«4 185 WossH #0 


234 

S3 

273 


EoewraLV - 

FWRian-- ■ - V 

GKalDanffi * j 
Graftm K — — # 
tUBXOdUl 11 

HraBita - - -- - 

Htdnn E. - - £ 

Hwwsm. 5 

Hewssai K 

C?Pt - 

CSaai Jsimsr" = 

mm® 

jomsan 

KhaaraK --.i 
Ldaup-Cwe Pr - 
uritso (0- - ---= 
L&ste/l . 
*CVP!.„ 

WartfY. - 
l-vruM .... HJ 
cbpOrPI- - — 
ISefP. -V*i 
tWdiCr - - - -4 

jKsravTjnM-rijd 

Krcrua 

Piwcnh.- - - - 
Rijncw WD 
Utamras. -5 
Pavtiis - - TNG 

Qllitjcni. TW 

KMC *d 

Raraus. 52 

Resapc t 4 — 

fcnwi — * 

Bosmcnt .t- 

ft*erad- — LC 

iSmM — Wt 


70 
273 

_ -5 *«S8 

1671, -lb -71 »b 
S7 — “ 

93 97 

11W — 1M 

14 — n 8 

333 340 

68 “ 

“ - £ 
234 . - 2« 

mm n 

337V *h 337>l 
340 -SI 
11K -- 1« 

02b -IV ? 
*1# “3 s *11 
51 a — ^ 

ITS -1 
418 -6 

18015 


IB 8TB 
SB 147.7 
25* 2008 
120 3370 
45 408 


IK 

149 

50 

159 

227 

MTU 

64 

335 

29M 

Wi 

taw 

129 

4K 

297 


121 


-1 


5 — 
1*8 .- 
120b -J* 

04.'. -V 
203 . — 
15*61 -4 

152 
IBS 
issra 

12901 
XS 

31 

1T1 
IS 
19 
192 
6B 

154)3 -I 
2 — 
ass -a 

30 

MS -12 


*473 

2G5 1 ! 

IK 
9 
117 
125V 
E55i? 
283 
-4 *170 
„ MO 

-2 2«b 

-2 155 

- 131 

»3 "EBB 
S3 

-I IK 
-8 "212b 
-1 *26 
-2 294 

-I K 


185 
6b 
1876 
40 
MO 

K 

12 -3 
183 -I 212 

310 -* an 

‘K 5; 

ir^T--.:S “ -1 3 
i-3t 

S" .3 Jt- 


TiMtaPwuna-. 

to®r —V 


149 
181 
200 
650 
320 
*70 
170 
817 
S24 
239 1014 
73 338 

29 170 

101 1011 
28 *7* 

154 861 

173 3908 
9* 390 
39 2200 

1b 14* 

104 117 
48V 31 A 
.£38 4057 

105 102 

103 41/ 
103 110 

V K9.1 
61 168* 

74b 787 

372 6584 
36 876 
108 2084 
122b 2880 
9 508 
97b 141# 
28V #84 
iS 3414 
IV *73 
555 1077 
18 749 
*02 2491 
64 134 
10V 203 
159 911 
207 9080 
*3 164 
ESS SJ2S 
5 814 

Sfl 32.4 
38 0/0 

85b 2D40 

*1V 2940 
1 11* 
IK 1025 
150 M4 
169 3B24 
71 244 


150bld 

170 


18 31* -jq 

*4 - Htoto/i 

n; _ Bg OrPt-— 

85 208 fibDCCYPI 

7,a 155 

is 21 B electricity 

05 


♦2 


-6 

-IV 


70S 

195 

IK 

8b 

161 

270 

220 

79 


4J 187 WM 
52 25.7 Ja«19*»nan- 


12 750 UBW —7^5” 

07 * Mancamo Bob -+7* 

- Maw** — ssS 

is as Merapo +tid 

2.1 no uaanx- 

*3 21 4 SS* A 

60 210 tuta- —. — --j* 

4 „ 

UE 30 182 HOMS Am y — *t 

1ST Ss?E U 12.B NeaaoU 1y 

88 17.4 


11V — 


201 2585 
97 2185 
25 886 

211 3834 

283 212b 2J» 
305 152 1*84 

1Z« S) b«* 
ISBt* 127b <“4 
•440 775b 784 

304 201 497/ 

388 176 3/17 

13*! *V 194 
421 I95b 1^ 

177,4 !S ^ 

178 127 20.1 


20 • 

3J 18* Opwanto 

40 - OntoMWt- 

41 _ Pcwcnnen— .ttd 

89 - Pit*** 

26 220 Ptcspae llnm — W*J 

14 * HoSSsr'iSn 

i s - (bodFanaK— fLM-i 
. - RttartMeU - 

4.1 220 Ram*. 1 ° 

04 - 8 Vo Pi 

4.1 - Ream 


25 

-15 398 


3" 4, m 

I? J a*aUflW«» * 

h Igs^ iEig 

2i 188 Emam. * MJ 

81 132 LwdWr S 

4.1 173 U*W# v S=i 

vj <> Mtfanda---* ^ 
2i 377 HatamolPowo* |d 
23 117 « orngn . - r -. * l7d 
4 0 27.3 NaWmW»d-«a 

4 7 - ton*# -.i2S 

iV - HwwQm. — *|*J 

- - Scan Hjdra _.»pd 

_ - seonBtiPowiTjd 

^ 87 Si ra * — — 

19 306 SoB#iW4o — +JD 
09 - Soanwaara-ttC 

J7 18B SooBtan }££ 

7.4 _ YaWYio *THJ 

2.9 280 
J7 
89 


Price 

382 

902 

630 

660 

T14 

818 


-W 

Hi * 

-6 717 

tI 725b 
-15 733b 
-9 650 

-12 767 

«G*b -'3b #1# 

#M -M “| 

272MI -2 MJ 

043 -ID 
545 -12 « 

983 4.1 iaab 

403 #97 

327 -5 *435 

am ^ 825 

629 -a 70 
631 -2 Tttb 

mid -M “»* 2 


1993/9* Md 
M Cn£m 
227 5439 
389 1019 

389 IS 

404 1 078 
458 Bd&Z 
424b 1005 
273 8813 
440 9974 
100 M&2 
<39 1.119 


n . .. , 1 . H sown -» w 

SSTz^g w _j * 
jk ^* i 2S 

tJB -0 I* 


s 


Brio WE “ 32 ^-- 

2_7 - Bmaa — -. 

40 10.7 g gCT 

40 120 Serranw- 
44 114 

4A BQ WWWJt- 

" Mggg?»" 

an 110 SKFSKr — 

*0 83 Sl£2.5£»r“i4n 

U U1 Sl*»-3mo— **d 

4D 92 

ZB M3 


-«ND 


339b 


*03 


190 
-l 184V 
275 

+a ■6* 

tSV #91 
»1 « 
*& «2i 

-A 327V 
-1 «11 

M2 

78 


IP 31 7 YW6W1R, 

VS Warn Rani--. - 
J 8 fr\ Waste" Araas. 

19 IS/ n wtoto y — — 

H vtomfemim — W 
12 " WkMaier* ■ 

u *«E£i5S=iril 
M 1M 

g^SSS^-t «- - 

40 32.9 

M “ FOOD MANUFACTURERS 

50 369 ♦« J® a94 

29 249 HaW PriCO - 1®, 

*aSSmS^ £ -« ® 

■ 1 AdorworaS 

a Jb."Sq=3f " 

30 160 IS 

14 490 SS- 

V 2tt9 gw*— ! 
j 40 "-B-tandw— J<S 

I 14 220 12rsTffl' 

1 3.1 14/ UBUBtek 

I “ " fbnfl LB UM C 

: aSBK=rf 
I “ : 

8 17 ® 1 ftramted ^ 

5 30 sat 

1 S 

s isJasss?^^ 

12 il — 40 

BS 20 266 vuairitCb 

10 10 KttTffeNilA 

g 2 , J 

“ 34 Mow. 

10 2.9 2S0 HgcBa* 

S S1!ss£ 

S SaJ 


380 W ftStShC-W 
£18 8038 13 { Zara OH PI —-7- 

2b S3 S 

WO 10S 30 51.7 J2SS?ret_43 

Vs* 2219 a.* 144 iSsssssms 

« ** - « 



“SSSiSSS^S 
4 bSq 



s t 

*B|2l 
t-Bjp 1 ! ^°iii 

«3 : S 

-mini zmtaw «* -1 im 

0/ 91.1 d x ^ J5 

M 2381 6"* XU. “ — 

10 1579 250 oSSon^---;" » 

iaT 1281-1*0 ^ 

’S = 

88 - u ton - ta PI 83 — 

1/2986 17 anjDWPlf »“ ^ 

2il425-7.0g£S£jgsB “SS ^ 

M 48U 100 ISrSSiSUFa. B«V -4* 

M 1I74-1M ISdSSwtaJj 1M _ 

10 - - lewmoidOpp— «} — 

" “ Uoyds&WlB* — ♦ 1»S — 


69 10*5 -9 

12 1159 5.7 

49 1*00 I# 
- Ill* 17.9 


2*3 ISBb 


1/ 


- 2500 620 

117 - - 

187 - 

- 589 360 
2.1 107.4 120 


- 1079 -U 


83 959-150 
1 J 2913 19.1^ 
27 1681 14 


BjrtnaBi»o Eua/D 

BWhj^» b " MKs . 


nV 


_ 07 ., UewUS 

- 7317 — 1-* n , w 

- 1630 -*0 iJ2htanrt 
20 1890 -40 


(0 1890 -40 LaalSMB-^-lN 
- LonP«rBraMi-JJ 


33m 


SS™S_-4 ®®g :l 

184 -t 

A it 



STaMhc — N 3K 
1.1 2314 "?? OK 

M S G weerae Inc _□ 40bm 


- I860 2.1 


82 HJ60 20 pumiHUu 
10 w*a «u 

vwl n/““£r^S 

10 123J* -09 bSSoiWs Fa 

29 2720 .1# ZmDbPrf 


lUnto-UQ 


14 1230 17.1 pa*wuJQ 
- 1M7 7.7 AH XV 

7 il63i 1/B "“^ — 

130 39.1-219 gtcrtlEuo IK — . 


ft SS SwmtoitoWW 



134 - - 

- 811 610 
89 649 205 


81 15*4 


995 6*5 


.?-=S58asfl S Jf 


111 


11 - 74/ 489 "% 3 * , '$ MU *n 

mm« HfiO -JoA 11 ‘ ‘ 

11J 1184 -M — 1| 


^ AMD 37 ■ ZWH » . 1 

si 11 huw- 


39 152.1 


92 703 210 
80 121.* 60 


- m 

a JJnfi “Hs SSr - 


12 1088 
99 1560 134 
99 1*11 -0 



30 HO „ 
30 *00 To* 


_ Dwtteil*- — Jj 

I . DnnodUtacGa — □ 

■jg a Donodn Jspwi Lj 


3 184 TlwsteMI 
42 83 *” 

4,4 119 T rtpIra Lta Yd— tO 

ELECTRONIC & ELECTRICAL EQPT — -tg 

ft “ssa- 1 -*® 

is * 22^- 

14 2*4 I/™": 


ezia ^ 3 £ 


2.4 516 
5.0 1&B 

40 215 ----- 

83 34.1 ASEABSXr — » 

- PDOOB —JDd — 

>■! : lS7 a n ~' B «S 

'l 

24 359 Prion —- - 

- - AsKfBSft Jd 

88 3i 8 AzUn. 4jn 

84 124 BKC-— __ — MO 

- - CopftolOVpe-— 

15 * BeMsHmw- rJ* 

29 $ BMKom. 1C 

89 - BKt — — #* 

J 2 11.6 fiomtiorae.— — □ 

12 28.7 - ' • 

12 77.3 
9.9 
Z.S 
10 



13 -b 


-JO 


IT 

2* 

20 

10 


SamUdi-JO 
CUL WOT -* 

tSSSr;z4 

- Caownora — 

183 Cm — --Mid 

« WBrieySrp — Jd 


1<0 629 
38 459 
10* *18 
22 2120 
M 206 
Ob 219 
35V 274/ 
Z30 549 
319 1030 
112V 2480 
22* 28* 
14 114 

4K 1625 
270 932.1 
5*i *» 
11b 993 
22S “9 
24 111 
11V 790 
ZB 1083 
38 11/ 

202 1 08b 37*0 
*47 2*3 50.1 

116 72 100 


_ ms VtrtabtRmSu 

M =0# SEiS n, -1 


.Jd 


rrisS 


319 


- ‘ PlrtWw — 

« « sssa^g 

*5 119 ^ «NQ 

jmjcrnaz 

M NiaEfcaB 

20 120 i£EdBfeows-«C 
i« ♦ ummlZ-iSc 
« * SSSdAE--l± 
wmriwi — two 

J* at iSSwiJO 

u *at QAS DISTRIBUTION 

lj HWC Pto# 

*0 120 Briteh 
- <71 Cote 



8 178 
31 505 
S8 Wfl 

s s a — 40 

13 f? r u -«« 5 ^ 

24 170 
50 11/ 



uumEni— 4M 
itenm- 
ZirepcCYLnW- 



59 

19 13 
31 106 

60 - 
3/ 1* 

“ ,,J 

EntnouMJan-Md 


"It 


ENGINEERING, VEHICLES 



81 1370 


00 711 
- 1070 


85 659 -98 y^Mn.yjc 

o5 10*3 <a uSsjsiS'SIiwi 
: low-*.* Sass'ff” 

- 1,s * ■“ Humtortim^/N 
84 3410 ai 

- 90 110 

29 367/ 1*6 

20 mi 11.1 „ 

20 17.1 NBtaelerOeri — □ 

10 130.1 Hi Wt Spate fe*—0 



— 174 12* 
-Z BB 26 

-1 156 118 

71 33 

158 135 

64 23 

148 58 

58 39 

EBB E117b 

-b « M 

-b 23b *b 

*-1 3d 292 

__ 370 276 

-2 » 265 

381 260 

-a 346 263 

-5b BIT 236 

IK 02 

144 -3 174 73 

1S3b -b HO 142b 

S34B1 O* E27b 

337 3K 233 


10 1369 *1 


60 6*8 V 
40 3499 “S' 1 
*1 3620 W 

li«M 

HLO - ‘ 

-221/ 359 

80310*2 JLj 
40 974 3 «L0 


144 

117 


121 

76 

131 

80 

142 

73 


« 

72 

20 

78 

16 


2.2 199 

“^-AAFW.— 35 - 
1/ 280 AOW*- SS 

4 g m ArawSanm 

13 169 AHotattr. 

14 24 9 KA — _ 

6,4 - 6Vta»w., 


Price ^ 



19* M* HH 

km Ora£« 
19 110 
233 146 

95 902 
43* 1GU 
•324 1*7 9210 


HEALTH care 


WE 

IT 


Mow Price 


I46b -* I6ib 18 5b 1213 




I9B3IB4 1« 

X s® 
« * « 
% w 


juy*ra y«*JP 

Brt «E EratePrttgP-Ja 
w *6 150 ,Zaott*zn»~— - 
Sv 19 327 Era wB/ltal-Hg 


94 - - NMNISiKrCMft 119 — 

49 2B0.3 81 W ie i iete — 40 

43 - - New Oja dram ,4Z 1H -4 

4511755 *7 YAnote 48 -3 

10 1380 *0 RP1M>2000 9117b £118 El 00b 

_ Newniagtae Q n -2 B ~ 

99 177/ 200 C3P K -J 1M 

. - - NswZeetoU «N w -7 W 

70 770 570 UswowtetY _£l 59 — 91 

145 - W Ate* Stef COV/6 2d — J©6 


n.4 170 FterihE 


- UosLn. 2913 
> 1080 10 NortmhM 1 


39 
116 

40 
IK 

m 

185 


19 1587 « 
- 1117 •*# 

5 / 1210 12 

1/ 127 0 W 


tfljB - Z 

- 1B1.7 SM 

uaw i? 

- 6*7 *# 
03 2587 1# 

Sama « 


FINANCIAL TIMES FRIDAY MARCH 25 1994 


LONDON SHARE SERVICE 


a SO U 0192 

•*h A3 81.7 

®V 1J» 1985 

129 U - 

128 13 - 

104 A3 155.1 

231 10 287 3 

97 IB 2G69 

78 2.1 1413 


14.1 

~ 7 WU 
- 1013 
21 141 J 

24 B 8.7 
120 - 
051490.7 
40 1417 
10 1884 
U - 
*0 1710 



ra 


an 

M 

40 

103 

20 

4 

01 


50 

* 

20 

201 

39 

- 

5.7 

120 

49 

304 

50 

* 

49 

* 

17 

370 

60 

— 

11 

282 



W‘, 







m 


Mgn low 

810 485 

1120 175 
488 185 
473 180 
413 270 
•m 244 

811 Oil, 
781 547 
845 439 
WS 1225 
875 485 
aaa 454 

454 
506 
MB 
210 


20 

302 

19 

180 

18 

338 

29 

115 

20 

342 

30 

7311 

17 

107 

_ 

00 

li 

149 

10 

189 

10 

75.8 

(0 

103 

12 

— 

17 

17.11 

30 

* 

11 


92 

4.1 


,1 

«1V -V 

53 ^ 

OKI -V 

zsv — 



119 


1008 

20 

4+W 

23 

ion 

14 

18,118 

17 

1471 

50 

0413 

29 

110H 

40 B 

10081 

08 | 

non 

1771 

SO 

nu 

I 1 


m 


is 


*2 3840 
OO 222 
UO - 
- 4380 


<r*W 




X 

X 

u 

253 

m 

— 

18V 

414 

- 

423 

32 

- 

838 

215 

- 

ESI 

XI 

— 

146 

15 

— 

13li 

8413 

- 

XV 

16 

— 

XV 

405 

— 

147 

X 

— 

XV 

4V 

— 

36V 

315 

a 

B3U 

304V 

— 

XV 

14 

— 

201 

92 

- 

XV 

47 

— 

S23 

571 

1BJ 

11V 

£8,1 

1-9 

1411 

£541 

— 

317 

IX 

&7 

74 

30 

- 

E8|jr 

ruu 

U 

128 

144 

M 

IX 

4U 

xV 

21 

210 

OS 

U 

485 

350 

2J 


-V l 1 
-IV 137*1 
*1 671 

+9 473 

101 

40 

-3 883 

70 

-27 1460 
-22 1388 

-3 114 

-2 1012 
-2 VO 


307 
181 

•JW S 3 5 0 “ 

a 

tsa 

258 
1180 
3 S 0 


♦or 

Pits - 

% 3 

2812 

42 

987*2 

St 

648V -4V 

35 

225 

2V -V 


X *2 

MV +V 


885*2 -50*3 

72 *2 

EX — 
24 -r 

% 5 

EB2 -V 

87 

X -1 

«V + 1 V 
in — 

87 V -2*a 
X — 
124 -2 

ttl“ ^ 

4 -V 
82*4 -V 
SV — 
39 — . 

in -a 

7 V 

■4V -8 

7*2 

IX -1 
400 -5 

XV -V 


W — 
GO — 
1 » ~ 

a 

iv -v 
a -1 
78 b — 

s 3 


7 SBW 4 MM W 

Mod Im Cuca car's PE 

*9 5V U> - 

98 S 212 - - 

37 i 7 aaa - 219 

61 33 *42 - - 

■a “^"£5 M - = 

821 488 3482 - - 

X 19 1848 17 7.7 

238 14 S m 2 40 4 

S*2 I ttJ - ■ 

X 32 490 - 90 

87 31 - - - 

OBV 32 V M 3 J - - 

X 7V ®5 - - 

18 V IV 488 - - 

44 21 BO — 

22*i BV 807 - - 

S 3 2 i 422 17 8.3 

11 1 104 - 05 

3 V 1 \ XI - - 

Z 7 V 10 V 408 - 25.4 

17 1 MJ - - 

821 397 1022 49 212 

772 4 ® 290 — - 

X X 1300 - - 

fttV OH 180 105 - 

XV MV 6 U 50 <p 

18 V 4 682 - 

na «S “ : : **"”***—' **- ^ 

00 X BO 28 120 

48 IS 430 

a i7V - - 

"MT 1 Q 4 V OM DO 147 

X 18 V 770 - 

tas 97 8007 10 ft 

183 X 481 105 - 

111 V W* 405 11.9 - 

24 2 031 - - 

64 V 34 4130 - - 

BV 4 044 

X a 1*3 49 * 

in lw no 44 f 

18 V S 10 * - - 


W 0*a - - 

283 1120 20 329 
II 1380 - IS 

30 320 02 - 

77 270 0 .8 SOB 
290 3089 4.1 - 

2V 4.12 - - 

£38 0039 2.1 - 

X 0» 10 108 
4? aaa - ♦ 
13 820 - - 

29V 799 - - 

135 186 - - 

15 270 - - 

S 31.1 - - 

012 - - 


OV 901 
8 180 


48 

149 

4.1 

SBJ 

12 

* 

12 


49 

129 

47 

- 

24 


04 

i 

— 

— 

59 

149 

12 

— 



39 

159 

34 

14.1 

49 

119 

48 

114 

a 


yu 


Jrs 

WE 

49 

15.0 

24 

244 

29 

* 

14 


12 

204 

59 

117 

38 

* 

59 


1.7 

* 

12 


4.1 


49 

139 

14 

* 

11 


?./ 

181 

20 

* 

21 


42 

102 

39 

159 

04 

41.7 

29 

228 

19 

151 

49 

304 

27 

15.7 

10 

- 

4.1 

209 

18 

118 

40 

+ 

10 

214 

— 

— 

29 

$ 

10 


21 

ZSO 

- 

241 



ID 

— 

11 

* 

27 

150 

14 

X 4 



J.fl 

117 

82 

- 

14 

219 

37 

212 

32 

111 

23 

211 

— 

m- 

1.1 

f 

2.7 

* 

10 

214 

S 7 

110 

*m 

— 

39 

117 

29 

339 

10 

70 

20 

419 

1.6 

* 

— 

- 

_ 

_ 

19 

♦ 

11 


49 

17 

* 


YU 


on 

PS 

18 


7.1 

111 

57 

11 

17 

197 

44 

112 

40 

379 

. 49 

♦ 

19 

241 

102 


19 

17.1 

39 

* 

10 

i 

32 

i 

19 

107 

18 

i« 

23 

760 

89 

28.7 

10 

4 

32 


37 

no 

23 

272 

1 G 

127 

1.4 

370 

111 


43 

97 

74 


29 

- 

40 

114 

YU 


6 rt 

RE 

89 

— 

14 

118 

20 

* 

47 


ai 

— 

24 

21.4 

17 


49 

158 

1.7 

_ 

21 

Ill 

89 


14 

280 

32 

21.1 

24 

27.1 

49 


29 

Z 7.4 

10 

XO 

12 

A 

40 

A 

39 

X 

39 

172 

94 

140 

11 

152 

08 

114 

28 

213 

10 


79 

- 

14 

422 

30 

214 

12 

189 


Pits 

_ 

4^ 

loir Capo* 

Grtl 

PE 

*98 

-4V 

STB MOB 

5.1 

lit 

<34 


545 

334V 

By482 

22 

227 

£207]* 

r - 

068*1 

B165 

B4M 

34 

— 

ES1A 

-A 

GX 

OlV 

2080 

1.7 

- 

1198* 

-2 

1201 

917 

417 

CL3 

35.4 

flEm 

-J 

ion 

867 

tout 

BA 

259 

Ttort 

-1 

an 

4GS 

0419 

09 

299 

840V 

-«V 

837 

367 

1478 

19 

235 

fc APPAREL 






♦ 01 

19B0/M 

o 

VM 


Price 

in 

-8 

r n 

tas 

X 

m 

GTs 

17 

WE 

4 

117 

-I 

M4 

71 

499 

49 

50 

2DB 

-2 

211 

113 

70.1 

29 

320 

6840 

-5 

617 

4K 

1822 

29 

199 

IX 

a 

IK 

107 

453 

74 

MO 

239 

-S 

288 

228 

2703 

18 

13! 

n 

-2 

71 

54 

7JD 

7.1 

2020 

-1 

2B3 

IX 

1411 

19 

209 

77 



00 

53 

7J2 

11 

— 

2 W 

-1 

220 

141 

27.1 

54 

♦ 

11V 

A 

TO 

11*4 

523 



570 

♦5 

« 

21 

598 

22 

149 

54 

-1 

232 

44 

wa 

209 


BM 

-1 

104 

X 

498 

14 

210 

£a 

. ,— 

14V 

2V 

1.18 


- 

383 

< 

385 

298 

1X9 

27 

* 

2X 

-i 

287 

212 

1085 

13 

177 

sv 

-V 

a 

3V 

127 


- 

5X 

-« 

an 

449 

8X5 

13 

* 

13 

IB 

-2 

-a 

3E 

13 

1M 

293 

242.1 

8.1 

110 

1 M 

-i 

MV 

51V 

1319 

1 J> 

314 

41 

. 

c 

10 

502 

14 

328 

X 

. 

47 

22 

101 

— 

— 

zz 



a 

15 

2.79 

— 

- 

n 



X 

65 

lit 

79 

121 

287*1 

-2 

XO 

2 G0 

420 

0.4 

120 

res 


713 

498 

U4 

29 

129 

27 

. 

3 4 

15 

*04 



IX 


128 

X 

M2 

30 

257 

70 



74 

X 

259 

4.1 

219 

asm 



ra 

95V 

ZfA 

30 

119 

IS 

-4 

178 

IX 

46 3 

47 

134 

83 

-4 

277 

X 

BS9 

— 

- 

27V 

-V 

XV 

X 

315 

B.1 

130 

230 


249 

IX 

3U 

22 

117 

xvm 

.-11—- 

X 

14V 

T79 

39 

559 

770 

-4 

91 

35 

898 

11 

119 

87 



93 

X 

309 

BO 

11 

Uftd 

____ 

211 

83 

180 

23 

149 

X 

-4 

X 

a 

IS 

0.4 

— 

MOO 


389 

320 

XO 

39 

13.7 

as 

__ 

EDO 

as 

224 

4.7 

♦ 

449 

-8 

XO 

2*9 

1329 

14 

29.1 

390 

«— *»43 V 

235V 

644 

21 

17^ 

7Bri 

-1 

X 

62V 

284 

BlB 

mo 

X 

-4 

X 

15 

821 

Ol2 

— 

8*2 

-IV 

5V 

3 

194 


- 

X 

-1 

12 

73 

8.0 

19 

— 

UO 

. 

as 

X 

XI 

19 

- 

a 


W* 

19V 

372 

51 

— 

a 

A 

07 

X 

808 

11 

4 3 

14 

-V 

21 

12V 

298 


s- 

231 

-1 

2 B8 

77V 

204 

09 

- 

88 



IX 

a 

817.1 

40 

16$ 

85 

-1 

IX 

44 

111 

29 

106V 

-1 

112 

82 

2105 

10 

204 

B1V 

-4V 

K 

MV 

VtA 

11 

- 

X 


X 

X 

ma 

14 

— 

X 



n 

X 

246 

— 

— 

in 



tx 

114 

K7 

18 

110 

IX 

-A 

w 

IX 

1507 

23 

129 

151 


IK 

K 

148 

29 

113 

132 


147 

72 

700 

12 

99 

IX 

. 

MS 

122 

117 

12 

113 

61 


72 

<4 

XI 

18 

174 

24 


X 

20 

409 

14 

68 $ 

4«V +10V 

442 

311 

8,184 

19 

120 

, _ 

«5 

100 

270 

— 

— 

84 

-1 

87 

X 

MO 

59 

• 

122 * 

. 

IX 

X 

ax 

11 

112 

X 

, m 

X 

27 

ZZfi 

19 

4 

<2 


X 

34 

114 

IS 


X 


•JSV 

29V 

1*5 

30 

25.7 

2E7 



280 

IX 

2*7 

20 

180 


V‘.V\ 


11 V 4936 4.1 

2 BVp 7230 - 

711 3977 39 
s 9 lose 14 

HU 

YU 


Cao£» 

Grt 

WE 

1944 

*3 

♦ 

8713 

74 

11 

I 960 

27 

244 

182 

19 

379 

10 *M 

49 


SJM 

23 

216 

1,120 

22 

150 

4911 

26 

111 




ES9E 


BSEs 


? rr rr. iT 


Ui: 


XE 


E3S 


+ or 
Pika - 

s£ *5 


■a a 

as 

144 

398 -7 

828 -3 

W* -*2 


rot 


ITT 



270 -2 

IBS — 

292 -8 

n 

883 +27 
100 +-1 



m 

r 


\r 















































































FINANCIAL TIMES FRIDAY MARCH 25 1994 


FT MANAGED FUNDS SERVICE 


• FT Otyfirw Urtt Trust Prices are avrfable over the telephone. Can me FT Oleine Help Desk on (071 >8734378 far more derate. 

lllTIIAniAPK Ml CW W OBp *«r IHi H B* n Ih <■«« W CM H M» .««M 1* CM H BNr *w VW WteWMW 

All I HUmScD 5mi>m n im • n ckg§nk>naiMi-src nu mn ■ »i h*w mb» m> nta ■ an it»m nu m 

■ llllT TAIIAVA Cad-Core MR OT Host LU -Catffl. ROamyknss&ieBlSfimUd -CwM. 6gJmBSsF»gM UnRTrt Ijhn Luore^ Ugal& Gmeral (U.T. Han) L h n2D0}F IfatropommUBfiTnist 


PraUc UoftTatMBgraLM(tlO»y 


SdM(hrUanTiiist>LU -Contt 

sjyj«i juaf-amii.ia 




































































































































































































































iassK&m 














































































































£ = B ? 5 a? ®(S5 Hl 6ia 8*8*3 











































































































3S 


MARKETS REPORT 


CURRENCIES AND MONEY 


FI NANCIAL TIMES FRIDAY MARCH 25 

MONEY MARKET FUNDS 


Sterling and dollar suffer 


Sterling and the dollar 
yesterday fell to four month 
lows on the foreign exchanges 
against a resurgent D-Mark, 
writes Philip Gawith. 

Both currencies Tell below 
key support levels. Yesterday 
evening the dollar was trading 
below DM1.67 and sterling was 
just above DM2.-19 having ear- 
lier breached the key DM250 
level. 

Their decline, which came 
amid a general climate of inter- 
est rate pessimism in Europe, 
was sparked off by an annual- 
ised 17.6 per cent growth in 
German M3 in February. 
Although this poor figure - way 
above the Bundesbank's 4-6 per 
cent target range - was widely 
discounted, it introduced a cau- 
tionary note into the market’s 
view about how quickly Ger- 
man interest rates might fall. 

This feeling was accentuated 
by the perception that Europe 
will find it difficult to decouple 
its interest rates from the US 
which has started a process of 
credit tightening. 

These views were reflected 
in the D-Mark which finished 
the day higher across the 
board. It closed in London 
more than a pfennig stronger 
against the dollar, finishing at 
DM1.6736 from DM1.685 on 
Wednesday. 

In Europe it closed higher 
against the French franc, clos- 
ing at FFr3.424 from FFr3.418. 
Against sterling It was nearly 
two pfennigs higher at 
DM2.4971 from DM2.5165. 

■ Mr Jeremy Hawkins, senior 
economic adviser at the Bank 
of America, said sterling's 
weakness could be explained 
by the Tact that it seemed to 
suffer disproportionately at a 
time of general D-Mark 
strength. He said this reflected 
the market view that the UK 
remained vulnerable to a polit- 
ically inspired rate cut 
Personally unpopular, and 
facing potentially large losses 
in local elections in May, and 
European elections In June, 
some observers believe prime 
minister John Major is under 
pressure to cut rates. 

This view was not shared by 
either the gilts or short ster- 
ling futures market where 
prices fell. Futures contracts 
were lower across the board. 
The June contract settled at 


Ura 

Against the DM (Ike per DM} 

950 



Jan 1994 
Source: Dotastream 


Mar 


■ Pond hi Hw York 


liar 24 

Cam 

1 mfli 
3 mift 
1 »r 


— Latest-— 
t.495ti 
1.4930 
1.4099 
1. 4828 


- Prw. dose — 
1.4975 
14955 
1.4927 
1.4998 


94.73, ten basis points down on 
the day. The December con- 
tract fell 14 basis points to 
94.25, while the June 95 con- 
tract was 29 points lower at 
93.44. 

Contrary to those who are 
looking for a further cut in UK 
rates, the market is signalling 
that three month interest rates 
will be 5.75 per cent at the end 
of the year - 50 basis points 
above the current level of 5.25 
per cent. 

In the discount market the 
Bank of England provided late 
assistance of £535m. Earlier it 
had put £34 lm liquidity into 
the system after forecasting a 
£85 0 m shortage. Overnight 
rates moved between 5 per cent 
and 6 per cent 

■ Analysts yesterday 
expressed some surprise at the 
D-Mark strength given the 
backdrop of falling interest 
rates in Germany. It appeared 
to provide yet further confir- 
mation of the unravelling of 
“consensus trades” in foreign 
exchange markets. 

At the beginning of the year 
the market built in long dollar 
and short D-Mark positions. 
Now there is evidence these 
positions are being reversed. 

Although the February M3 
figure lent support to the 
D-Mark, the money supply fig- 
ures are so anomalous at the 
moment that the Bundesbank 
seems unlikely to use them as 
an excuse for not lowering 
rates. 


The fact that the Bundes- 
bank allowed the repo rate to 
fall by eight basis points the 
day before the M3 figure was 
released lends support to this 
view. 

This sentiment was reflected 
in the cash markets where, 

helped by adequate liquidity, 

German call money rates eased 
to 5.70/80 per cent from 5.75/85 
per cent on Wednesday. 

The futures markets sent a 
different message, with Euro- 
mark contracts softening 
slightly. The June contract was 
unchanged at 94.50, but the 
longer contracts lost ground. 

■ Elsewhere in Europe the 
Bank of France said it would 
cut its intervention rate to 6.00 
per cent from 6.10 per cent at a 
securities repurchase tender 
held to allocate funds for injec- 
tion into the money market 

The intervention rate at 
which the central bank allo- 
cates repo funds was last cut, 
from 6.20 per cent, on February 
24. 

- The tardy pace of interest 
rate cuts has not helped the 
franc which has weakened 
steadily over the past two 
weeks. Indeed, some commen- 
tators cite the franc as evi- 
dence of a return to the ERM 
log-jam of old, where markets 
believe interest rates need to 
fail Easter than the pace set by 
the Bundesbank, to forestall 
domestic political pressures. 

The Italian lira continued its 
recent weakness ahead of Sun- 
day's election. Tt closed in Lon- 
don at L993.2 from L9S8.9. 
Investors are expected to stay 
on the sideline until the result 
becomes known on Tuesday. 

The dominant view among 
analysts is that a centre-left 
government will be lira posi- 
tive. It would be able to intro- 
duce the sorts of fiscal and 
institutional reforms which 
markets would welcome. 

Under this scenario, Mr Ste- 
ven Yorke, chief European ana- 
lyst at Chase Manhattan, 
believes the lira could reach 
L950 by the year end. 

■ OTHER CURRENCIES 


1 POUND SPOT FORV’/ 1 ARO A : 

Mar 24 


Closing 

Change 


mld-polflt 

on day 

Bnpa 

Austria 

(Sch) 

170951 

“0-1329 

B^epjm 

©ft} 

510907 

-0.3299 

Denmarfi 

(DK»1 

•0382 

-0.0062 

Ftrtmd 

<FM) 

82902 

-0.0079 

Fr 


80488 

-00607 

Germany 

(OM) 

2.4071 

-a 01 94 

Greece 

w 

366.412 

-3248 

Ireland 

on 

1.037S 

-0.0017 

holy 

« 

2479.54 

-8.18 

Luxembourg 

CLFrt 

510807 

-02299 

Natharianda 

(R) 

20110 

-0.0199 

Noway 

(MO) 

108871 

-00787 

Portugal 

(Eb) 

258251 

-1252 

Spate 

(Pta) 

205288 

-0046 

Sweden 

(SKi) 

11.7834 

+0.0245 

Swttaitend 

(SFr) 

2.1235 

-0.0077 

UK 

(Q 

- 

- 

Ecu 


12383 

-00082 

SORT 

- 

0940334 

- 

Americas 

Argentina 

(Peso) 

1.4928 

-00005 

Brazh 

(CrJ 

1287.61 

+21.74 

Canada 

(C« 

2.0502 

+00148 

Mexico [New Peso) 

40717 

+nnrm 

USA 


1.4930 

-0.0009 

Padflc/Mddto East! Africa 


Australia 

(AS) 

2-1033 

+00012 

Hang Kong 

(HKS) 

110334 

-00039 

Mi 

PeJ 

48.8336 

-0016 

Japan 

CO 

158.689 

-0279 

Matoyda 

(MS) 

4.0662 

-00012 

New Zealand 

<NZ$> 

20362 

♦0.0177 

PhSipptees 

(Peao) 

41.1696 

-0.0124 

Saudi Arabia 

(SR) 

50989 

-00016 

Singapore 

(SS) 

20853 

-0-0033 

S Africa (Com-! 

1 CT 

5.1344 

-00162 

S Africa (FteJ 

(B) 

00425 

+0.0129 

South Korea 

(Won) 

1206.42 

-022 

Trtmn 

(T*> 

38.41 S3 

-0.0133 

Thafldnd 

CBt) 

37.7804 

-00039 


GAINST THE POUND 


Day's MkJ 

high I ow 


Om month Three months Ons year Bank of 
Ram %PA Rate %PA Rote %PA Eng. index 


410 9-8975 9.8305 

004 60540 80630 

539 aeoeo ases 

983 202SO 2.4945 

-3.246 068 - 768 366682 385.000 

386 1.0410 1.0300 


722 


Z036O 2.8090 


2.1379 2.1215 


10084 10970 


512 


1.4972 1.4910 
1271.00 1245.00 
2.0570 24372 

4.8813 49525 
1.4972 1.492S 

2.1101 00980 


4.0773 4.0590 
2.6395 2-6267 
416095 40.6800 
5.0142 5.6890 
23735 23800 
5.1623 5.1265 
63648 63238 


172913 

02 

172857 

02 

. 

■ 

114.1 

510357 

-10 

51.7107 

-00 

510107 

-0.6 

116.0 

90451 

-1.1 

9.8598 

-1.0 

90946 

-00 

1140 

re 

- 

- 

- 

- 

- 

800 

82582 

-12 

B2737 

-12 

82966 

-as 

1082 

2.4988 

-OB 

22014 

-0.7 

2202 2 

-02 

124.1 

10384 

-10 

1.0399 

-00 

1.0482 

-00 

102.8 

248804 

-32 

2499.64 

-32 

255029 

-20 

75.7 

51.6357 

-10 

51.7107 

-a.9 

510107 

-00 

1150 

22117 

-02 

20125 

-02 

20089 

ai 

118.8 

10061 S 

00 

10074 

-02 

10.0652 

00 

85.2 

259038 

-42 

280071 

-4.5 

- 

- 

- 

205068 

-14 

208073 

-3.1 

210.688 

-2.6 

ffi-4 

11.7834 

-2.0 

110189 

-10 

110279 

-1.4 

780 

2.122 

00 

2.1184 

10 

2.0882 

10 

iiai 

- 

- 

- 

- 

- 

- 

802 

12998 

-1 A 

1.3022 

-12 

12066 

-0.6 

- 

2.0487 

0.9 

20478 

02 

20532 

-0.1 

87.7 

1.4811 

12 

1.4883 

12 

1+1826 

0.7 

662 

2.1018 

00 

2.0994 

0.7 

20975 

02 

_ 

112204 

1.4 

11.515 

00 

11.4659 

00 

- 

158209 

Z7 

157079 

2.7 

154.404 

2.7 

182.8 

2.6391 

-12 

2.8434 

-1.1 

2.852 

-as 


- 

- 

. 

. 

- 

- 

- 


tsoa rate tor Mar 33. attalar rprarala in tea Po ired Spot tebto tw toy aw law flaw « 
buf mt hqplad by cum Merer rata. 8Mtog Mm etocutetod by as Be* of Bntfmd. Bm ■ 
As Dole Spot Mateo towed tan lie WMma/TERS CLOSNG SPOT HATES. Soroo taues i 


o m not lAucty quoted eo On tnorttet 
. 1 1885 - lOQSht Odor and Md-rane ta bodi Mo and 
i (runted by As F.T. 


DOLLAR 


Mar 24 


Closing Change BWofler 
nSg-pcfrj on day spread 


Day's mM 
high low 


One month Three months One yser JJ* Morgan 
Rate MPA Rato MPA Rata MPA index 


Brept 


MV 24 


Ian 

Kum* 

PM 

ReM 

OAf. 


CROSS HATES AND. DERIVATIVES;. 


EXCHANGE CROSS RATES 

Mar 34 BFr DXr Ffr 


DM 


NKr 


E $ 

153907 - 154084 10X120 - 103.170 
2597 JD • 290100 174100 • 1730JX) 
0.4442 - 0.4455 02978 - 02963 

329728 - 330019 220970 - 22097 0 
259930 - 261128 174190 - 174900 
14816 - 54545 30715 - 30735 


Es 


Austria 

<8ch) 

Belgium 

(BFil 

Denmark 

(DKD 

Finland 

(FM) 

France 

(FFr) 

Germany 

<0) 

Greece 

PO 

Intend 

OB 

Italy 

(U 

Luxembourg 

(LFO 

Nathertando 

P) 

Noway 

(NKr) 

Portugal 

(Es) 

Spate 

(Pta) 

Sweden 

(SKr) 

Switzerland 

(SFr) 

UK 

(U 

Ecu 

- 

SORT 

— 

Americas 

Argentine 

IPeeo) 

Brazf 

(CO 

Canada 

(CS) 

Mexico (New Peso) 

USA 

n 

Padflc/Mddla 

EaotM 

Austratta 

(AS) 

Kong Kong 

9**S) 

bxSo 

(R9) 

Japan 

(Y> 

Maiaysa 

(MS) 

New Zealand 

(NZS) 

mfipphies 

(Peso) 

Saucfi Arabia 

CSR) 

Stegapare 

m 

S Africa (Com. 

(R) 

S Africa (Fin) 

P) 

South Korea 

(Won) 


Taiwan 
ThaSand 
TSOR rate tor Me 23. BOItsOa 
but ai ImpSad by current Merest 


C$ 


11.7850 

-0.0855 

800 • 900 

110420 11.7780 

34.5650 

-02106 

400 - 700 

34.7500 340220 

02882 

-00423 

872 - 892 

66210 

6.5353 

S0527 

-nnrtm 

477 - 577 

5.5890 

60160 

5.7260 

-00322 

245 - 274 

5.7600 

5.7220 

1.6728 

-0.0124 

723 - 728 

1.6871 

10715 

244.750 

-2.1 

600 - 900 

246.610 244000 

1.4391 

+0002 

381 - 401 

14420 

1.4357 

1860.78 

-407 

030 - 125 

16B90O 166000 

34.5660 

-02105 

400 - 700 

34.7500 345220 

10828 

-0.0127 

823 - 833 

1.8950 

10820 

72787 

-0.0505 

777 - 797 

70325 

70753 

172040 

-006 

740 - 940 

173.800 172080 

137.500 

-0025 

450 - SO 

138.110 137.400 

70790 

+00187 

743 - 837 

70200 

70246 

1.4223 

-00047 

218 • 228 

1.4300 

1.4210 

10930 

-00005 

835 - S35 

1.4972 

10925 

1.1500 

+0.0089 

497 - 502 

1.1506 

1.1447 

128837 

- 

- 

- 

• 

09998 

_ 

998 - 999 

10002 

00998 

849.033 

+1401 

025 - 040 

849.050 849000 

12732 

+00103 

729 - 734 

10752 

10825 

32300 

+0.0025 

250 - 350 

30350 

3022S 

Mca 





1.4088 

+00012 

063 - 092 

10110 

1.4033 

7.7250 

-00003 

245 - 255 

7.7260 

7.7235 

312688 

-a 0012 

650 - 725 

310725 310825 

108275 

-a 155 

250 - 300 

106090 108090 

2.7235 

- 

230 - 240 

2.7250 

27220 

1.7857 

+00124 

648 - 868 

1.7870 

1.7580 

270750 

. 

000 - 500 

27.7500 27.4000 

3.7501 

+0.0001 

499 - 503 

0.7610 

3J490 

10843 

-0.0017 

840- 845 

10855 

10840 

3^4380 

-a 0096 

380 - 400 

30440 

30300 

4.6500 

+001 

450 - 550 

4.6570 

46450 

808.050 

♦0.1 

000 - 100 

808000 807000 

26.4000 

-0005 

600 - 500 

26.4700 260300 

252050 

+0205 

000- 100 

250200 250800 


11006 

-2.1 

110325 

-1.8 

11036 

-04 

1030 

34035 

-20 

3475 

-20 

35015 

-10 

1043 

6.6054 

-3.1 

B.6Z74 

-24 

B-0 hii 

-1.3 

103.4 

50564 

-10 

56629 

-0.7 

5. 5707 

-00 

750 

5.7397 

-20 

5.7598 

-24 

6.7935 

-12 

104.7 

10750 

-20 

10805 

-10 

1086 

-08 

105.0 

24805 

-19.1 

2550 

-17.4 

2840 

-180 

70.9 

1.4359 

2-7 

1.4315 

21 

1.4178 

10 

- 

166808 

-5.4 

1679.78 

-40 

172053 

-38 

78.4 

34835 

-20 

34.75 

-20 

35015 

-10 

10«3 

1086 

-2-1 

1.8898 

-10 

10948 

-OB 

1038 

70887 

-1.8 

70024 

-1.3 

70177 

-00 

950 

17308 

-12. 

17504 

-5.8 

180065 

-10 

931 

138.1 

-50 

139.02 

-40 

14213 

-34 

807 

7.908 

-41 

70437 

-30 

8.049 

-20 

821 

1.4231 

-0.7 

1.4233 

-00 

10144 

08 

1047 

1.4811 

1.S 

1.4883 

10 

1.4826 

07 

89.4 

1.147 

3.1 

1.143 

24 

1.135 

1.3 

- 

10739 

-0.6 

1.376 

-00 

1.3848 

-00 

84.7 

3.331 

-00 

30328 

-00 

30402 

-00 

_ 

- 

- 

- 

- 

- 

- 

1010 

10101 

-1.1 

10147 

-1.7 

1.4254 

-10 

870 

7.728 

-as 

7.734 

-00 

7.7587 

-04 

ta 

31.4338 

-25 

310688 

-28 

. 

- 

_ 

108.17 

10 

105.86 

1.6 

104025 

21 

1440 

2.7165 

3.1 

2701 

30 

27635 

-1.5 

- 

1.7669 

-as 

1.7714 

-1.3 

1.7933 

-1.6 

- 

3.7508 

-00 

3.7331 

-00 

3.7646 

-04 

_ 

10838 

00 

10831 

0.3 

10617 

02 

_ 

3.4555 

-5.B 

30815 

-43 

3.5745 

-3.9 

_ 

4684 

-80 

4.744 

-8.1 

- 

- 

- 

81105 

-40 

81405 

-30 

833.05 

-31 

. 

260656 

-3.0 

26068 

-25 

- 

- 

- 


nte 

L 1*. 


Ecu 


Spotted 
4 ECU i 


i them oray A* lost mree (Mortal 
if quoted In US eureney. JP. 


-30 25-51 

place*. Hqruaid rat 


-32 26.03 -29 

a ore not areedy quoted to An rata 
Mr lie ZX Brea re ra raQ a 1990*100 


Belgium 


CBFr) 100 1907 1657 4.840 2012 4807 5.449 21.07 500.3 397.9 22.80 4.117 1338 1974 2894 307.6 2518 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 24 Ecu can. Rote Change M W-from % 

rates agtoostEcu on day 


can. rate v weakest 


Dhr. 

bid. 


Denmark 

(DKr) 

5245 

10 

8.692 

2539 

1.055 

2521 

2058 

1105 

2824 

208.7 

1106 

2159 

1.017 

2084 

1018 

1810 

1.320 

Inland 

0008628 

0797291 

+0000616 

-1.40 

408 

France 

iFFr) 

6035 

11.51 

10 

2021 

1014 

2901 

3088 

1271 

3010 

2401 

1376 

2485 

1.170 

2098 

1.748 

1860 

1018 

Netherlands 

219672 

216721 

-000183 

-104 

452 

Germany 

PM) 

20.66 

3939 

3024 

1 

0018 

9930 

1.128 

4.353 

1034 

8202 

4.710 

0051 

0400 

0.821 

0098 

6356 

0520 

Germany 

104964 

102622 

-000281 

-100 

407 

Ireland 

OO 

49.70 

9.476 

8036 

2.406 

1 

2389 

2708 

10.47 

248.7 

1970 

1103 

2048 

0083 

1.975 

1*438 

1529 

1060 

Betgkon 

400123 

39.7930 

-00088 

-1.04 

400 

K*y 

(U 

2.080 

0.397 

0045 

0.101 

0042 

100. 

0113 

0438 

1041 

8078 

0474 

0088 

0040 

0083 

0060 

6099 

0062 

Franc* 

603883 

659435 

+0.00649 

005 

224 

Netherlands 

<Pi 

18.35 

3.499 

3041 

0888 

0069 

8820 

1 

3067 

91.82 

73.03 

4184 

0.766 

0368 

0.729 

0531 

58*48 

0462 

Danmark 

7.43879 

708272 

♦001002 

1.90 

1.13 

Norway 

INKri 

47.48 

9.049 

7.865 

2297 

0055 

2282 

2088 

10 

237.4 

1880 

1002 

1054 

0020 

1.888 

1074 

1480 

1.194 

Spain * 

154250 

156152 

♦0281 

253 

057 

Portugal 

(Es) 

19.99 

3811 

3312 

0967 

0.402 

9600 

1.089 

4.212 

100 

79.54 

4056 

0023 

0.387 

0794 

0678 

81.49 

0503 

Portugal 

192054 

198066 

♦0198 

3.11 

OOQ 

Spain 

(Pta) 

25.13 

4791 

4.164 

1016 

0506 

1208 

1089 

5.295 

125.7 

100. 

5.728 

1.005 

0487 

0999 

0727 

7700 

0832 







Sweden 

(SKr) 

4387 

8064 

7.270 

2123 

0.883 

2109 

2390 

9043 

2190 

1740 

10 

1.806 

0050 

1.743 

1070 

1340 

1.104 

NON ERM MEMBERS 





Switzerland 

(SFr) 

24.29 

4.631 

4025 

1.178 

0489 

1168 

1023 

5.118 

1210 

96.66 

5.537 

1 

0.471 

0.966 

0.703 

74.72 

0811 

Qrntece 

264513 

282361 

+0168 

6.75 

-041 

UK 

(Q 

5109 

9.836 

6.549 

2497 

1038 

2480 

2011 

1087 

258.1 

2060 

11.78 

2.124 

1 

2060 

1.493 

1507 

1098 

Maly 

1783.19 

1911.30 

+482 

809 

-308 

Canada 

(CS) 

25.17 

4798 

4.170 

1018 

0006 

1210 

1071 

5302 

1250 

1001 

5.737 

1.038 

0488 

1 

0728 

7701 

0033 

UK 

0.788749 

0767392 

+0000283 

-246 

6.71 


8 

-7 

-13 

-18 

-21 


Money Market 
Trust Funds 

Sna M W 

CAP Horn 

« rearer 

Cd U* PuteigE>aa-| 

S^teSorerB Stall 12 

I 100 -I M9l3-» 


Courts 4 Co 
no Bant IfiSOA bCJB (US 


Hmaw eiiun t teta eeivMi 
Itaj a g teteteupw-I 4.-M 


M CM MB 


071-47} wn 

-I -I - 




■TteTo5*teftW2» . 0712 770114 

DaMBFuM 4* -I 80* W® P**5™ 

QvwCi ream SOI - I 3>i1 MB I RJta 

OwRudta 612 -I 122 H« K\am* 


CnL BO if fta. of Ctarcb of Bigbiid* t ,,, 
2 Fun area. Loan BSMAO on-sat 14U 

1 100 - I 10*l3-» 


Money Market 
Bank Accounts 


t2aooo». — ■ 

cuuai-oeooo. — 

Q.WW10 000 . -~ 

Sarto* 


100 

*23 

1.1 

173 



SB 


+ 32 



zuo 

.VO 


n^gm TMPIo-q iwgMa 500 to 

■ njairtnaMUMlw i uSI 

riojxWf vwia ... » VJ2 

on nan. i w I 730 3133 I {■* T * an » 

aaoYnreMBMiiJ sob <*oo I r., I 


I Staton ULWwitartHte". 
IMM* Surer- 

SiS5SSa*_ :U3 j| 

SmowSwso-Usts im02l 4* 

OOOAN- tantautuaainaaa 


Altlten Hume Bade | 

T ways reiite - 

CH0OO-C4O0OB— — . 
esumemore 

sas 

ciQj»o-a<9Be — 
mxno-tiSLBBS — 
CSOOMareare 


AOted That Bank Ltd 
97-101 CanraaSt LuMoa. BC4H SM 

npeififTTOm i 

IIBIHItUtH 

roaauceLWi+l 

0MMf£2jtti+) 

KAS2JM1 ft 

«CA (BOOTH 

Plata 1CSSA- 


M CM 90 


4JS 13823 I 4 8S| Mb 
wn in I sir I ten 


tao^oojMxnta... 
123000 B (48.788 - 
C 10.000 lo C4909 _ 

EUMOtofftSM 

tefte u ai -braw l 
tauwo red i*ta~ 
C290OODC48.919 — 
LUUU0 to C24.9M — 
tajmotocssn - — 


400 

513 

490 

423 


S3 

473 

450 

419 


41V I 3771 

J 94 US 

in 489 
3.19 1 021 

194 I 

3.34 4S4 

338 4» 

J.19 I 4 57 



ISO I SOB 
4_ll I SM 
4-11 I 3.90 


pern 


ime 

394 I US 


780800 
I Ok 



S A* 
333 
4 M 
407 

ear 


100 

an 

1.00 

JJO 

283 

ISO 

a n 

2SI 

an 

440 

TOO 

407 

423 

3.19 

■in 

47S 

3J0 

ut 


Jnflaa Rodgs Bank Ltd 

■WMnltoMM on 
ItaftataOreatwt 9JS 
ItoMH Beal ««cl 373 

HMbctdydn Fina nce 6ra up 
S Qatar aw. Hare. aretanta 
rwim » I Itl 


T i l l - ~| '“IT 

S3 Eats ?-. US ISSSlKSli £ 

0/.-CS7 1990 

* ** H1CA BiSdOfl 1 4.126 3099 I 4 i»l Ml 

reefy 

Ktetaow lBeapo d Prt wfla Banfc_ 

XM44 nitatealMtaiWIIBI , MWpa* 
HLCAVUOOf) I 4.125 3093 I <190 1 Do* 

Mb Uawh Bank - to aot o te rt Account . , 

ion n icooirt St uudm snf xe> 02724333/7 


tscooo* 

Saokoflratsad f 

38-40 1M fit. SteMl ft 1 l& , 0753914616 

CIOjOMf- | 3900 2023 1 1948 Ob 

1 7-574 1 


003000 red tare _ 

130.000. 

CSOOOf 

£10,000* 


329 194 
313 399 
4 SS A7I 
4.73 366 


I 260 1079 I 


38 nreanadb St EC7P 2BJ 071 

HV6tete.t2JSIK-UB- 1 360 202 300 

£23000- £249000 375 261 

£230600* 960 ITS 912 


£25.000. 

£30000.- 

ns»— 

RatfomiMt BMg Son - 


in 

Ul 


4» 

3J7 

400 

500 

in 

sjd 

&£0 

412 

150 

423 

.. 

309 


375 Ytaf 
S 19 Nab 
491 tarty 
479 bulf 


0747929234 

Vrerty 


ra 

£3 

CM600-C24600 


n 00600*. 


telKCBreay 
460 100 

479 166 

300 173 

325 394 

560 4.13 


0000400100 
1 Y»ai 1 y 


4JS 

360 

323 

350 


Vrerty 


Baictas Pitas Accaont KLCA 
P08tef2S.Ha— H W 

C1600424M 200 150 

E2600 CUBA 255 163 

£10600-mSM 275 200 

129600*. I 139 251 

Brmn Shipley & Co Ltd 

Paatas Coat umay. 



CMonlM Bank Rc 

asttetaaSoreata— piaa2PP Ml 550 
MCA I 479 35025 I -1 1 


Cater Afteo Ltd 

20 BtCMn Lore. LB*dre£CN90i 071-9232070 

MCA [378 261 I 161 


£2000- £4990 

£3600- £9590 

£10600-724900 

T7360l>-£44990 

£50.000. 


MWWHI. 

£50.000* 

EM600-S49.B9 - - 

£70600-£29699 

£70600-00609 

□.3m-co.goo 

Ikalnknl ’ Iot on-ennss 

[47$ J5d I 405 1 fas 

] 400 338 I 490 ta 

raitoi — lillilteUb. I 429 119 I 43:1 » 

PrmdumAcc 

2VF. MI-6738302 



£29600 -£40609 

£10600-124908 

£5600 - £9503 I 

QttO-HM. 



400 

100 

400 

Ob 

380 

2.70 

300 

Ob 

300 

?25 

303 

Ob 

300 

ISO 

202 

Ob 

130 

1.13 

101 

or 


SIMM 


1)272 

1B3 

2.719 

3075 

1730 

2013 

3 SOT 

SLOTS 

2MM 

UB 

imi 

1000 

4090 

4JT3 

- 

4.447 


mnte.no> 
[HoodWoStdotaAcc 

I Cl 29. Ml -2*8 7070 
I 370 27* I 175 1 Or 

375 261 360 Or 

ISM 260 I 969 1 a* 



HLC Trust United 
1 itat caobateM fl Lomh wm 7«L 
(1069060 day ntoteo . I 879 169 ! 

naaOB-lMteyatecu- 1 7.30 
£23600 - 1 5*— I 7-79 Mil 

UnOad DomWons Tnat LM 
POBte92.Hate.0Haor 


MI-4472439 
.1475 156 I 464 1 Ob 


00.000 

£23,C»-£*06M 

EI06W-K460B 

£3000-£9609_J 


(1600.- 

J. item? Sebnrtsrl 

wniibiQ 

SteMMC.. 

£10600 n 

Hostm Thai Ugh latant Cbsqm An 

TlaMatelC— 4 Hitadb PL1 ME 0752 3 

(19600* | 471 358 I 4 84 0* 

SSO0Q-CI4990, 1 4B0 330 458 Ob 

(16OO-C40M 1 429 310 I 4321 Or 


qSdjObrft^l 

ACC.—. — |4J9 

law tern— -I 960 


tata-" 1 

pr 

3—3 

13 

mooo-ca.ee9 — 
anHiM — ^ 

0BSfeWi(Hpo«-MR 

feCM 

4J0 

300 

ITS 

12S 




US 

Japan 

Ecu 


IS) 34.55 
(Y) 32S1 
39.75 


8.588 

61.98 

7.578 


5.720 1.672 0.685 1861 1083 7JZ81 172.9 13(7.5 7.877 

53.87 15.73 8.541 15827 17.71 68.49 1628 1294 74.10 

6088 1.924 0.800 1911 Z.188 BJ74 198.8 1585 9.000 

leo prr I.O». DaneA Krone*. French Frjnc. Nonregun Krona and Swctati Kroner po- il): BotgKn Franc. Escudo, Ura and Peseta par 10ft 

■ (MURK FUTURES (IMM) DM 125.000 per DM 


1623 

1308 

1.838 


0-970 

0301 

0.770 


1.373 

1202 

1079 


1 

9.406 

1.150 


1060 

iooa 

1220 


0069 

8.179 

1 


(IMM) Yen 120 par Yen 100 



Open 

Lateal 

Change 

High 

Low 

Eto. vol 

Open InL 


Open 

Latest 

Change 

High 

Low 

EsL vd 

Open InL 

Jun 

05923 

05338 

*0.0018 

05947 

0.5915 

41015 

94092 

Jun 

0.9429 

00430 

-0.0004 

0.9441 

0.9410 

16096 


Sep 

0 5910 

0 5921 

+00020 

05931 

0.5910 

43 

2,654 

Sep 

00468 

0.9483 

♦00002 

09486 

00471 

22 

1088 

Dec 


0.5910 

’ 

00910 


22 

116 

Dec 

- 

00538 

- 

- 

* 

2 

384 

■ SWISS FRANC FUTURES (IMM) SFr 125,000 per SFr 



■ STERLING FUTURES (IMM) 862000 per £ 




Jun 

oroex: 

0.701 1 

+0.0010 

0.7026 

08992 

16059 

33011 

Jun 

1.4916 

1.4904 

-0.0024 

1.4944 

1.4880 

10028 

28004 

Sep 

- 

07025 


0.7038 

07008 

22 

259 

Sep 

- 

1 4890 


. 

1.4850 

18 

627 

D..c 


0 7045 

T-' 

9 




42 






1.4850 

15 

33 


Ecu oaiQW reteb ate by Dig Q aopre n Corwrta lot Owia xtea — bidrecsnd l ng isludre 
Pwontape ctenjM sre far Bax a poattre charts oaiotes a am* currency. Dmurquncu 
tedp b tew ai tee ro* tal i As pureag t tglsrence b aa e ai As octal ata and Ecu 
tor agown cy. andUamaitas ■ pawned pacadane ds u l toi g n c* As osrancy'sTOta 
Ecu coed I4U. 

(17/9/K) SOaSng and Relari LM aepaidsd tan B«4 Attustmoe ctaitad by die 
■ PMLAOaFMA SE C/S OPnOKS £31,250 (Cterts per potm« 


rate bom ito 
Timas. 


Strike 

Price 

Apr 

- CALLS - 
May 

.ten 

Apr 

— PUTS — 
May 

Jui 

1*400 

902 

9.11 

9.12 

• 

002 

018 

1*428 

079 

082 

607 

• 

0.17 

046 

1*400 

408 

408 

409 

006 

002 

007 

1*478 

204 

208 

303 

045 

100 

1.78 

1000 

088 

100 

2.10 

108 

206 

203 

10BS 

022 

077 

102 

307 

307 

403 


MONEY RATES 


■ TTOgg MONTH OiUROSIARKFUTURgSpJFFE)' DM1 mpoMa 0(1 00% 


March 24 

OlB 

One 

ITirw 

Six 

One 

Lcmh. 

Dte. 

Pepo 


■buhl 

month 

filths 

mtha 

yw 

Inter. 

rate 

rate 

Belgium 

- 

6'. 

04 

6’ + 

61* 

7.40 

5.00 

- 

wrvfc .1 go 

- 

6'. 

6'+ 

64 

64 

7.40 

5.00 

- 

Franca 

6' + 


d'< 

G'-t 

53 

6.oa 

- 

7.7S 

KMk Jl^ 

05 

di 

64 

6 

sr> 

6.10 

_ 

7.75 

Garmaev 

5 75 

585 

5 75 

5.63 

5.43 

6.75 

5 25 

580 

nee*, ago 

5 75 

5.65 

5.75 

5.58 

5.38 

6.75 

505 

5.88 

Ireland 

65 

6i 

85 « 

6's 

6't 

- 

- 

6.75 

mirk vgc 

65 

64 

8'« 

6'k 

61 • 

_ 

- 

675 

Italy 

&■-« 

84 

84 

64 

6H 

- 

800 

8.92 

«l«k .VJG 

85 

84 

84 

8'* 

B'l 

- 

9.00 

192 

Netherlands 

553 

502 

5.39 

5.34 

5.34 

- 

505 

_ 

•reefc ago 

553 

502 

527 

5.17 

5.13 

- 

5 25 

_ 

Switzerland 

4 1 , 

J'< 

4% 

J A 

4 

6.625 

4.00 

- 

ncok iJ-J 

4 

4*i 

44 

4 

33 

6.625 

4.00 

- 

US 

■J't 

J'T 

3!) 

4'a 

JTi 

- 

3.00 

- 

neck age 

3'+ 

3"ti 

sa 

44 

41* 

- 

3.00 

_ 

Japan 

2’+ 

J 1 ! 

21* 

2»a 

24 

- 

1.75 

- 

meek J'jo 

2’» 

2'.i 

2'i 

2'.« 

24 

- 

1.75 

- 

■ S UBOR FT London 








Interbank Fixing 

- 

34 

3"» 

45 

43 

- 

- 

_ 

iV'Mk *J3 

“ 

3a 

3 It 

4'.* 

42 

- 

- 

- 

US Dollar CDs 

- 

J43 

3.87 

307 

4.40 

_ 

_ 

_ 

tseck jr» 


343 

3.64 

3 91 

4.31 

_ 

- 

_ 

SDR Unkod Da 

- 

37* 

3-b 

3"i 

4 

_ 

- 


week ago 

- 

3 r » 

3\ 

3It 

4 

- 

- 

- 

ECU Unkod Da mid rates: ' non. oj; J irah* nj: 

0 mtna: 6'v; 1 yea 

: e . S UBOR ktattta femg 



Open 

Sotlpnce 

Change 

ugh 

Low 

Eat vd 

Open tet 

Jun 

94.48 

94.50 

- 

9403 

84.46 

29645 

260998 

Sep 

94.73 

94 73 

0.01 

94.76 

94.71 

31871 

109004 

Dec 

94.68 

9403 

0.05 

94.90 

9401 

50485 

155006 

Mar 

94.90 

94.90 

■002 

8407 

9407 

36828 

133636 

■ THREE MONTH EUROURA MTJU1E FUTURES (UFFE) 

LI 000m poteta of 100% 


Open 

Sett pnee 

Change 

High 

Low 

Est vd 

Open InL 

Jun 

91.71 

91 ta 

-006 

91.71 

9103 

11043 

59143 

Sep 

91.88 

91.86 

-0.06 

9190 

9103 

6342 

26540 

Dec 

3205 

92.02 

-0.06 

92.07 

92.00 

5105 

38376 

Mar 

92.04 

92.02 

-0.06 

92.08 

92.01 

441 

5050 

■ THREE MONTH EURO SWISS FRANC FUTURES (UFFE) SFrlm points of 10096 


Open 

Sett pnee 

Change 

High 

LOW 

Est Vd 

Open InL 

Jun 

96.07 

96.01 

-005 

96 08 

96.00 

4067 

34102 

Sep 

96.13 

96.08 

•005 

96.15 

96.07 

549 

6973 

Dec 

9005 

96.99 

-0.06 

96.06 

95.99 

77 

4805 

Mar 

95 95 

95.87 

-008 

95.99 

•5.88 

28 

186 

■ THREE MONTH ECU FUTURES (UFFE) Ecu 1m poteta of 100% 



Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open InL 

Jun 

94.02 

93.99 

-008 

9406 

9309 

1076 

11181 

Sep 

94.22 

94.19 

-0.07 

9406 

94.19 

598 

11256 

Dec 

9404 

3408 

-009 

94.36 

9408 

486 

6615 

Mar 

94.34 

94.28 

-a io 

9404 

9408 

272 

770 


■sr ae cawed raws Ur SlOm quc*iw la 3w nurtuo by teur reterence tenter at Horn each wrong 

d-b The bjn*a an- nanfm Trust. Ban*, of Tokyo. Bructeye aid Nabonal Weetnfrator. 

r.M racn am uwom let bm dornnne Monoy Hotel US $ CDs and 30ft Unkod Deposits iDtf. 

EURO CURRENCY INTEREST RATES 

Mar 34 Short T doyc One Three Six 

notice month months months 


' IfTE futures traced on APT 


■ THREE MOHTW BUBOPOUAB 11 MM) Sim points of 10056 


tc«m 


One 

year 


Btogun Franc 

6,1 

6,1 

6,1 

6 A 

6^4 - 

ait 

6.1- 

8,1 

6*8 

• 6 

84 

i - a 

Danish krone 

6>; 

G'+ 

fil; 

9'4 

6^0 

-8 

6% 

-6 

S'* 

-6 

6 - 

51 

D-Mark 

5-a 

Ski 

51 

6-\ 


51, 

61 

5*8 

&!i 

5,1 

5,1 

- 5,1 

Dutch U ulcer 

5tl 

5,; 

5,1 

5,4 

5<a 

5Ja 


5*4 

5,1 

5.1 

5.1 

5,1 

Freud Frjnc 

6,*, 

6.; 

6,1 

6A 

6,1 

*A 

6,1 

6,1 

«A 

■8.1 

6.1 

512 

Portuguese Esc. 

10(* 

- 10 

10^ 

- 10 

104 

•9% 

31 

8>2 

ah 

9'4 


9,1 

Spinsh Peseta 

0‘4 

6u 

6*4 

9,1 

9*4 

0,1 

a>4 

9,1 

8*0 

■AI 

8»s 

71* 

Steii Jig 

5»; 

5(4 

5,1 

5A 

Sli 

S4 

S»4 

5»1 

S'* 

51* 

S«2 

5* 

Suss Franc 

J'4 

- J 

4,1 

4A 

il* 

4‘a 


4.1 

4lj 

- 4 

J - 

37, 

Car. Dc-ijr 

V+ 


4% 

Jl a 

4>2 

41* 

4 7 0 

4*3 

5'« 

-5 

51 

S>2 

US DdW 

3,1 

3ia 

3ii 

8.1 

3tl 

3,1 

ft 

31 

4A- 

4,1 


4,1 

iLUugi Lira 

fllj 

- a 

8*2 

-a 

81; 

- 8 

a«2 

■ 9 

8*4 - 


s'z 

a*a 

Yen 

2* 

2A 

3 l * - 


2»I 

2.1 

2,1 - 

2,1 

2,1- 

2.1 

Zh 

2.1 

Ison $5tng 

3 1+ 

2'J 

3>2 - 

2h 

3>2 

2k 

4 . 

3 

4 - 

3 

4>* 

3'4 



Open 

Latest 

Change 

High 

Lew 

EsL vd 

Open tet 

Jun 

83.70 

95.® 

-004 

85.70 

95.64 

122.669 

4820S5 

Sep 

95.28 

9503 

-005 

9508 

9608 

99087 

359030 

Dee 

9404 

94.80 

-0.05 

9404 

9404 

80,110 

281.403 

■ US TMASUKT BILL FUTURES (IMM) Simper 100% 



Jun 

96.09 

98.09 

-002 

98.09 

96.07 

4.689 

37.664 

Sep 

- 

35.74 

• 

- 

94.73 

662 

8037 

Dec 

95.41 

95.41 

-003 

96 41 

85.40 

18 

2074 


All Open Intsraa arc ter prema cay 
■ EUROMARK OPTTOMS (UFFE) DM1 m points of 1D0H 


Sion mm irm are can hr me US Outer and Yen. oDare: iwi rirys' nonce. 

■ TtWEB MONTH PBOR PimmES IMATIF) Parts Interbank offered rale 


Jun 

Sop 

cw 

Mar 


■ TIWEB MOHTW EUBOOPILAR HJFFET Sim pdnts of 100% 


Strike 
Price 

9450 
9475 
9900 

*=*• *'■ ** *■ C* 5SH Puts 16S9 Pwrtoua dart opwi mu Cdto 203370 nos 145818 
■ EURO 8WW3 FRANC OPTTOW8 (UPFE) Sfr lm points of 10096 


Jun 

- CALLS - 
Sep 

Dec 

Jun 

— PUTS 
Sep 

Oil 

0.32 

0.46 

Oil 

009 

0.04 

0.18 

0.30 

000 

000 

0.02 

0.09 

019 

002 

006 


Doe 

ai3 

022 

a» 


Open 

Sen price 

Change 

Htflh 

Low 

Est vd 

Open InL 

Strike 


— CALLS - 



— PUTS 

94 08 

94.02 

•0.08 

94 09 

94.02 

38.350 

87,474 

Price 

Jun 

Sep 

Doc 

Juri 

Sep 

94.39 

94.33 

*0.09 

94.41 

9401 

16043 

45,668 

9600 

0.12 

0.21 

026 

Oil 

O.ig 

94 56 

94.47 

-013 

94.59 

94*45 

15.382 

33,890 

9629 

004 

0.10 

015 

008 

007 

94.63 

34.55 

-0.13 

94,65 

94.54 

7.929 

39016 

9650 

0.01 

005 

0.07 

000 

047 


Doc 

057 

041 

008 


Ete ncL CaOs 0 PUB 300. Premous OOf-s opai tel.. COM 488 Put* 3054 



Open 

S«1 price 

Change 

High 

Low 

EsL vd 

Open teL 

Jun 

9507 

95.65 

0.03 

95.67 

95.65 

711 

4684 

Sen 

9525 

9524 

-0.02 

95.25 

9504 

231 

2181 

Dec 

94 00 

94.79 

-0.05 

94.80 

94.80 

50 

1460 

Mar 

94 58 

94 5J 

-0.08 

94 59 

94.58 

61 

730 


Previcua day 1 , *eU Cta 3801 Pus ULZ73 . Pre». tier's opai art, CsOs SD9582 Puts 433873 


UK INTEREST RATES 


LONDON MONEY RATES 

Mar 24 Orer- 

njS« 


7 days 
natlca 


Ons 


Three Six 
months montfis 


One 


imartenk Stertng 8-5 Sti-MiS^-sisS^-BiaS^t-SigSia-Si 

Stsrilnocajs - - 5A-6i 5A-5la 5/,-S* 5A-51« 

Treasury 8fte - 4% 4\ - 4ft 

Book 0*8 - 4iJ- 4« 4iJ-4il 4S - 4JI 

UCM tedtartty daps. 5A - 4}J Sft - 5J, 6^-5 5£ - 5^ 5d - 5A 6ft - 5A 

Dtecaunt martet deps. 6A t-S 6i - 6A - 


UK deering bonk base (endng rate 5*4 pur cent from Ftfcruary 8. 1994 

Up te l 1-3 3-6 84 

month month months months 


9-12 

momhe 


Ceils of Tax dap. £100.000) 1*j 4 3% 3T, 3*2 

Cra of Tax dm- *«to tt 00603 to 1 too. Depute wfthttawifer cash Vpc. 

Am MndsrreM ct taooum 460S^c- BXSO toted rate SSg. E*pon Hnonca. Mtore up day Fudnuvy 2B, 

"S lBr P* 100 *• 11 894 » 8pr 25- « 994. Schama* I A w 650pc. (Waencenta tar 

^1. Ita 28. taw. aettano* W S V 9286PC. finance MouairSSa Hta S«2PC tan 

■ THBaa MOUTH STXWUHO HITW— QJFFQ C5OO0OO points of 10096 



Open 

Sort price 

Change 

Wflh 

Low 

Est vd 

Jun 

9402 

84.73 

-0.10 

94.83 

94.70 

3616S 

Sap 

9405 

9404 

-0.13 

9407 

9400 

28617 

Dec 

94.37 

9405 

-014 

909 

9401 

23669 

Mar 

9404 

93.88 

-002 

9406 

93.83 

11187 


Traded on APT. AI Open Hereto Igs. era to previous day. 

■ BHOBT StftoiH IWQ ORHOI8S (L1FFE) E50Q.000 points ot 10696 


118978 

77248 

100815 

35490 


Sbto 

Price 

•450 

9478 

9600 


Jlte 

- CALLS - 
Sep 

□sc 

Jun 

— • PUTS 

Sep 

007 

O0S 

000 

004 

001 

Oil 

014 

012 

0.13 

035 

004 

007 

006 

001 

053 

5681 Puts 7270 Ptatona ttyl opai 

InLCtas 

1 38848 Asa I3Q2S8 


Deo 

0.45 

062 

0.81 


BASE LENDING RATES 


Aden & Company — 526 

AOeO Trust Sank 525 

AS Dart 525 

•HmyAnstarter! — 525 

BsAolBSRxta 525 

8anoo BKtao Vbcays- 525 

Bart Of Cyprus 525 

Bart of Ireland 525 

BankoflndB 52 

BsrtafScodwxl 523 

Barclays Bare 525 

Brit Bk of MU East ... 525 

•erwnSrtfcy 525 

CLBankNededand... 525 

CSfatekNA _....02S 

OydrednUBtek 525 

fhi Cofiportfre BbIl 525 

Cauta&CD 52B 

CFortLyanntos 52S 

Cypnw FhmiarBart _£25 


96 

Dt**anLanrte..M. 525 

Exeter Bank Lirtad_. 525 
Financial * Qon Bart „ 8 
•Robert Homing & CO _ 525 

Gbobank _S25 

•Grtreas Mahon 525 

Habib Bank AC Zuridi .525 

• Ham broe Bank - 625 

Rtotatte A Gen he Bk. 525 

Ml Santa. 626 

C.Hoae&CO 626 

Honrtong&Shantfta. 525 
•UtaiHodgaBart..^. 625 
•Leopold Jo9ech& Sens 525 

UoydsBrnk 325 

Metf*a|Ba«Ud 525 

Mound Bank 525 

■MoaSBwtoteg 6 

NaWea e TOrto ta r 526 

■neaBrtms..- 525 


• Rredxrgho QuoMso 
CtvpcrsSan LMbO is no 
MgertoMao 

a baSdng MEdion, 8 
Fkqta Bk d ScoBond _ 526 
U&rth ft Wkiwi Sacs . 525 

Saxtad Chartered 525 

T3B 325 

•UritadBkafKXinaS.- 625 

UrtoyTruatenkPlc-ia 

Western Trust — 525 

WtaMaytrtfear 525 

Yorkshire Bart 525 

• Members ol British 
Merchant Banking & 
Securities Houses 


61 adnWsWBon 



Are you dealing in over $lra? 
Fast, Competitive Quotes 24 Hours 
on 071 815 0400 or fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your angle service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON >71 3293377 NEW YORK +212 2696636 FRANKFURT 4- 49» 440071 


fwq 

1 

1 HaiteataSalia.iriDMte'hiiiil »1 

38 DOVER STREET, LONDON W1XSRB 
1EL.-071 629 1133 FAX; 071 49S 0022 

3 


FOR TRADERS ON THE MOVE 

Watch the markets move with the screen In your pocket that receives 
Currency. Futures, Indices and News updates 24 hours a day. For your 7 day 
tree trial, call Futures Pager Ltd on 071-895 9400 now. 

! FUTURES PAGER! 



XVX-FREE SPECULATION 
IN FUTURES 


To total your free (talc t> bow your OtandtoOuufatata cm beta 
you.cto*adndB4rayarbaJadtoou07t«ZS72U orwibc 
lmtoSyiWOHD. 


Duff Forecasts and Market Myths for 1994 

'• v - U5 asWo' w:i soar, detidien v.-ili conlir.u©. gold i mod conmodifioi 
v.on ; il'.o, Japcr. s cccr.omy & Mock mcikci -,vli: bo weak." Ycu d-d 
'JOT tecd'hal in FvUcr'S.cney - the iccncclasflc ir.vctlrr.cni letter, 

Cs:: -’ert? 'C'cj^c’so’ f or a fC-.aio -isuo c.-.iy) c> Anoiy*.; :-d ' 

• 7 owe o.v ^ ec-'. iOidoi ,';15 7»!3. L'< 'n' Le«^.}.-. ?t-4j?<?6l 

tf.f. " ., . 


FOREXiAFAX $ £ Dm 

A 9 VEMIPUBUC RECORD Of ACOHUTC SHORTTERM PORBGN EXCHANGE FQHECASTI 
^S^ FORHGN “CHANGE COmSSv^ 
CHARTS, FORECASTSAND RECOMMENDATION! 

f 48 , 83 ' 18 Fvs^moi Pax: +44 81 948 846 














FTNANCIAI. TIMES FRiruv MAR CH 25 ,994 


WORLD STOCK MARKETS 


EUROPE 

A»TIU(Mv24/Scftl 


CredPf 717 

EA Sm 4, ms 

SW 1384 
unma 1.370 
(MW 087 

pwtzm me 
toto KB 

SMiO 232 

VMMq 304 
VMM 717 
vawr 530 
«M| 3300 


7.0*0 -20 UO0 1 xn jt 

1J55 -IS 1370 BM 03 


« - SS 

gj __ “5? 


_£§§ *§» 17 NEnEMJUDS (Mr 24 / R&.) 

-« 61838010 £S “ 

26a.ro 131.50 03 _ 

, 137 -6X0 1B7 7035 4.4 _ 

1^07 -13 1,340 732 S3 Mold 

IK -2.10 IB8J0 12540 4.7 MQQH 21020 4 
_ «9 __ss TOO 08 — _ UmOpn 7430 - 


ABNAmr 09.40 -2.10 73.B0 
_ AEGON 83 —1JSD 111 
_ Mold 


83 -USD 
40.00 -2.10 
21SJS0 -&60 


REM» 12JB50 -5011*50 5380 OJ 

Mata 7M0 -ZS 7,270 3 ,830 U 
SBSBr 2,160 +45 £9001 ,307 Z1 

8MHBT OH +1Z179S S30 _ 
fflWHfl ISO — 288 148 
SmBW 3.080 -10 4.440 1*50 1.5 


834 400 M Z E* 1 ® 3 45£BOw -aOLTD 580 to aft — 

—1 1,/tS BQQ 15 JJflplf 189 -323950 ifti ?a 

*5 404 15 JjWC 386.00 -&9044UO 340 5,7 

■- 1.105 TSffl 2 n ™0 t _ 040 -* 10™ SSI 


— 1.105 780 2.0 PWT 

*2 513 290 2.0 “ fram'd 

*3 231 log 2JB " 

-2 40G 211 1« ~ 

-1 791 3*0 2 j _ 

-10 800 4*; r ) li " «*« 

-aoASAoxarooS Z 5f£_ 


8 * 5 * 5 S *3 Si* s »53 z P*?* i^? -aoi^ ns £7 

■ go •« 873 21950 ._. 

. «« 030 13.4 

14 %S im ’2S xs 

22 -a 7» 419 u 

2.51-^3.35,.®^ 
o a W Wni W H W ^( Hg2</R8 ,, 13 ^ifg« 

SsOSfl S48 -8 SOO 310 71 

uftv 2,740 +30 3,009 111, 2J 5aamg 530 BIO 405 51 

•4WW14 4.145 4JV> ■> -Mai ijj Stooo BOB -2 700 430 5.1 

M" - * 7.040 *40 8.800 5.000 a 1 — 55J* a J t » “30 1470 7H7 _ 

*MI 4.540 -130 4,030 1.760 _ ““ jw*". -640 -10 702 570 3J5 

"L_ linSS -66*370 3.100 4 J __ g glff* 2.33S -4fl 2J 24 1.160 U 

“iJi JWOO _ iftMO 11,238 £2 1*25 i? -16 529 273 „ 

»Jog -lnajoioiaSin zj ~ guma m -bjo 377 244 341 

Homo 40.k* -soo 42*75 3iS» 5.4 wo X006 -5 a.100 1 Joo i* 

6** 3W00 +450 23J00 tsSo Z EHE? Ifi- 50 -*- 60 n * 137 4JI 

*”**=1 13,175 -1U 11*75 8.000 XO _ , T ®?® 378.40-1248 3S4Z1A1D 3J 

CMB 7,360 -80 2j600 l Jn? fj (**£. .IBS -a 227 153 fi* 

6.120 -60 B*00 u Z iHS 6 * B - S ® 484 *66 3j 

CrcJdP 108 _2 in "*? fS — MM BBS au 

COW 8,100 +10 GflSo li Z SEP 

SS5 J-2S2 i. 5 ® “Sm ,5 ;S£ 


011 -5 875 625 _ 

-6 773 5Z3 

780 +13 MO 547 ._ _ 

063 1-4 708 524 

407 -10 SK SM,i _ 

. iS5 -15 £S 273 * Z SMMl 

1. 133 + 3gi^ 000 _. 3 mQW 

366 _ ._ 9i»san 

2520 +60 2.730 1*00 _ __ ” 
ffbn 5*60 +30 7*30 3,770 _ _ 

436 -15 0i4 to 1.1 _ 

825 SO 1,320 788 _ 

w _ _ ... BOS -2 1.150 8W _ _ 

120 14 _ Sufleflg 614 +16 775 464 _ — IftOPw 2460 +80 3.BI02JBO — _ 

25 8.10 fi* _ S'akR yss -15 805 420 _ _ UdfflSB 747 +7 7BO 540 __ 

L» 71 JO 4.0 _ UnOHBr 1J20 -..1*17 B45 14 __ LOTnaCt ' 

a* _. WBvftg 886 -IS 035 522 — — Mwdi 

— — Zurtrfi 1*S0 -61*151*00 — — HMH . __ 

Manna 2*50 -30 2.100 1*00 _ ... 


ao - SrffiPC 3*70 +60 4480 2.780 14 . 

44 — EnnHfl 3*70 +50 4*50 1780 14 .. 

37.7S _ — sennre 1*00 +10 1.725 B20 1* - 

S5J0 14 — Sub to 1*18 —12 1,100 S8I 1* - 

— — BwBfir 424 +1 531 304 38 - 

14 — SMflMtg 212 +2 25014U8 _ _ Kytom 

I32JD 2.7 - SMRBBr 866 +10 815 4B5 — — )§0MH 


4* „ SWIRO 180 — 

_ Snttft 3*®B +10 

1-3 - 3*70 

. »» MJV.'H, zS :iS 

88 -1.10 77 

— QKWB 181.ro Ilf am SO I3ZJD 2.7 _ MtBr B66 +10 

= SSr i*!S :ig _ 

— 100 t;«»S71J0 4* _ UnBHBr 1^0 

Z W ,43§ iSSSaoS^ z SS2> 1® -^1 

_ HMD 231 -<L90 23740 H&89 14 — 

= KS®R z 

Smf 41*0 -n^SlinHU Z PAQRC 

_ WSDpfi BOM -140 04.70 64*0 4 J _ « , 

_ HMh 8340 _ 8040 4940 14 ._ JAIWI PUT 24 / Y80) 


601 -71,160 8K _. - WUng 7*2 +*1 840 444 14 _ 

1.190 _ 1.5S0 1 .110 _ — WKtHB 840 — 0*2 44S 14 _ 

t*» -10 1*701*50 - ... VMTT7 ZM +42 247 220 34 — 

?E +1 *13 0-9 -- VWpK 319 -*2 545 2J5 2* _ 

J8S — 600 ?66 — — WODOPt 4.12 -** 4.72 109 1* _ 

g*2” 341 -7 415 230 _ — VMi 3*3 -45 345 180 14 „ 

StaQW 631 +7 740 456 — — 

. _ KtoOan 570 *2 880 480 — _. 

2*00 _ __ ShMSnS 1A30 +20 1*10 757 _ _ HWB HUM ffftf M / HJU1 

®S*r 2.720 tCO 2*201,170 „ _ 


744 -1 BB4 807 04 _ 

0,100 +10 9*00 3*50 _ _ u»pr 

746 -7 B24 521 - ffiSta 


-18 1,130 740 


810 +14 038 378 _ — 

_. SunBflk 2.100 — 2*801*00 — 


-50 1440 700 04 — SunQni 400 +22 518 383 



1*80 +10 1*30 1,100 — - 


ateB, 6*20 -30 B*20 fi*To U 

M30 -« 0.900 5*50 K* 

3435 -5 3.000 ?,Q30 Jj 

4.£2 -5S 4*90 iaos ij 

5®-!^ 4 - 570 — 4,400 2*00 4* 

OTOp 1*10 —6 1.080 lino 24 


663 -10 060 317 4.7 

HSO -SO 800 «31 5.1 

1JBO -64 1435 832 OJ 


2S3 -140 300137.10 3* (MOD 
313 —7 353 220 3* Z ST 


r (Mar 24 /Dir} 


UllOOpR 
VHOOpR 11 


-40 B7 38 2.8 I 

: 

4 bI 9 e 

K" : 


585 —4 675 422 — — 

1*30 -101*80 ,i.« 04 _ 

1*00 -101450 786 — _ 

1.180 -101*50 830 — .„ 

1.05D +101.7701*00 — _ 

883 +10 784 501 1* _ 

1-260 +?0 1410 no _ IIM 47B 

477 -14 833 334 U _ JMI 1*00 


735 -3 840 47S 

Kama 2*50 -302.100 1480 _ _ 

' — +5 545 337 

-* fiaa 742 14 _ 

SOS +1 52B 203 _ _ 

1,720 +40 1*00 1*30 1* „ 

ItStMf 1J0O +20 2,150 1*40 _ _ 

HWQ 1.740 +201*60 BBS __ 

*+— - 1.1B0 +20 1*40 888 1* — SWIM* 
MUaKO 3*00 +00 3*90 1*80 _ „ 

-21 9B9 485 

-5 825 310 _ _ 

§13 -2 1,1 to B40 _ _ 

634 +4 798 601 ,m m. 

718 +7 830 550 0 / „ 

-10 2*ao l*oo 0.7 _ 


_ EumHH 
SumHT 


1*20 — 1*00 800 _. _ ckc 

1420 +20 1*80 783 - _ eESt 

406 +4 517 321 _ gJS,, 

348 -3 47B ZOU S25? 

BIB -4 1*40 785 (U _ K 

^ 2 « - - oS« 


2600 CrtOp 
15900 Cn»T» 


60175 Cameo 
339938 CMMp« 
465070 CMOCd 
600 CinPae 
100 Cwilfe 
107154 Cnira 
11548 ConUM 
700 OhUS 
3577 CMer 
45100 MW 
12915 canTng 
2768 CanBon 


448 -« 460 446 
Vk +Vrin 75, 


8700 ScoOP 

+V ?>, 44 sm 

£32 230 86850 Sanra 

+HS71\211, 11150 SHTK 

+H nrt 10*J 3804 SLwA 

+isWVMW 230806 Seepin 


-7 7E0 J71 ThiaSb 800 

-9 03 Jll 


278 -8 371 248 _ _ 

ElimWH 014 +131.160 631 _ _ 

w "t,B8S S® 1 - 3 “ HLuM 

eas -8i*io boo — 

SunTifl 1*60 -101*00 740 _ _ 

SunWha 788 +34 888 SOB _ _ 

1*20 +80 1*00 BOO _ _ 

4*60 +60 4*00 2*80 _ _ „ 

068 -3 618 650 _ J*g£ 

TShoPn 1100 +102*501*91 1* _ 

880 -6 834 430 «. — ES 

era +s bm bob 0.7 — 


SlfEHS.-S ” W80 +108.190 2*00 _ „ TruCM 

0,8 “ aKCup 1,130 -201*10 813 _ _ Tlttl 
+8 03+ 443 _ T5kn 


944 +19 1*70 612 08 

680 +4 811 401 0.7 

403 +fi 6SB 316 1* 

GfflB -7 8B4 GEO _ 

751 -4 831 500 _ 


CmBne 8|470 -00 0*10 7:070 “Z 

J6J0 -70 70.000 8. 210 1J 
OMM 4.700 -20 Riwn 2.300 2.J 

V™™** 3*00 +40 3*H 2,480 4* 

KRBS*i 7.270 -10 eSoO 5 7BO 1* 

***** 7*M ^tSobSS,* 


1«J0 +1*0 187145.10 1* _ H “ WAT ^ 24 1 Krone ^ 

ABnw fiei*o +i*o Bao ago i* 

!S* n B + 1S24§SP?5 K- 1 — AtelAI 107*0 -4*0 112 35 2.4 

Jgl* -22 3*80 1*45 0* _ Eagan* 167*0 _ 102 7850 0* 

820*0 -12 879 471 2.1 dund 1B.1D -.in lOdft ia*S 


8.1 50 -70 6.380 R.000 „ _ 


"^50 -12 . 879 471 2.1 _ OoSkt 
1,079 +30 1*75 570 _ _ Dwubi 


16.10 -ID 10*0 13*5 


1.B+0 1*12 6.1 _ 

W8m 10*66 -100 10*75 7*00 ZJ z 
XXO -603.0602*46 4* Z 

« 5*00 ^S8®4^i4 " 

ByflAfl/ 6.400 -10 5*80 3^0 3* Z 

2.MO -2SZ*M1*K« Z 

z 5 ^ 

Sony 14*50 -TSi 1 iSai 1 d^ SI Z 

556 10*25 —129 11*00 7J50 4.1 __ CMKhP OIU 

23.475 -125 20200 20.125 2.4 CpnnU<353J0 -3.10 

2*10 -36 2*30 1*60 4* _ 


328*0 +4*0 3».50 207 2.4 
_.408 -2 472 273 1.7 

BMqm 417*0 -1 4B5J015O 1.7 

Boot 388.70 -i*o mm zsiio 2* 

403 -7S3550 384 3.1 

832*0 -8*0 885 44550 1* 
— 598 40530 2* 

-19 ago B35 1* 

Baftr 284*0 -220348*0114*0 1.7 
431 —2 535 383 3* 

BOB +1 1*25 797 1* 
1i70 +40 1*80 002 07 

070 ._ 1,100 425 1.1 



35 K 

14G 


1G3 

80 1.4 

... 




11* 

22 _ 

— 









-4 



_ 

LrilH 

103 


121*0 

00 ZB 


MriMyri 

MBHBH 

B4XJ0 

-1 

285152*0 SA 


173 

-1 

210 

87 1* 


Orfta 

252*0 -340 

305 

163 1* 

— 

ITbriA 


S 

2S5 

141 1* 

— 

snoaAl 


+.30 

m 

87 2* 

z 


420 

+J0 

-1 

436 183 _. 


+8 83* 443 _ _ TaSbl 800 +9 950 352 

— 1*90 895 — — TUdon 

-12 542 323 _ - TcaGM 

-a 740 490 _ — ium 

_ 553 370 _ _ TobuRw 

+< 53B 366 TOdnCD ... 

+8 905 021 — — Tool 835 +14 C07 480 

-* 1.1DO 785 — — Tom 20.700 — 21*00 1U00 

-14 717 450 — — TonkB* 2*30 — 3*00 35« 

-12 882 525 — _ H<rtSk 1.180 -101*40 030 

-2 814 sns _ — TtaBCb 

— 470 299 — — Tokico 

— 821 368 _ — TflUoM 1*80 — 1.430 1,050 

— 1*20 830 — — THSodn 530 -15 036 389 


207*0 — 217 

148*0 -*0147*0 
48*0 -isaso 
78-98 


DBBIMK (Mar 24 / Ki) 


MPA 930 - 730 389 ZA 

■»*« 231 -1 281 197 2* 

Caw* 312 -2 333 238 1* 

Codon 6700 -83 7.800 3*00 07 

OW12 181*00 Z&KitBwSS 

DiMeo 946 +5 1.140 610 1* 

DwOBk 351 -B 427 235 3* 

£«■ 187 -1 2D32E SO 4* 

RSB SIB -0 615 376 2* 

GWM 813 -2 870258*0 2* 

ISS B 23S -4 278 182 

JnkM 375*4 -*fl 425 217 27 

i£S}B 1*00 -100 1*50 1*50 03 
JKTM 287 -8*5 388 199 3* 

WMnB 701 -478181 524 0* 

MoB BOO -1.15 73732129 0* 

£PMA 570 -10 015 400 0* 

SophdB 504 -8 675 385 06 

408 -3 586 320 1* 

TinOan 880 -10 1*72 048 1.1 

IMdi* 232 -0 287 110 4* 


FHLAJB (Mar 24 1 Mka) 


. 277 -570388*014028 — 

DlWhBk TOO JO -1*0906*083830 2.1 
— 730 389 2* _ DWWftk 1BB*0 +1.50 170M70 2.4 

_i Ml ansa Douafa 507 +3 63940150 2.1 


+0 290 188 1* — 

-*0 825 302 1* _ 

+7 071*0 930LS1 1* Humwai /dui 

+3GM*D3t420 1* _ SMK (Mr 24 / PtSj 



-7 295 211 1.7 
-« 471 330 10 

— 581 285*0 1* 

— 304 IBS 17 

— 878 620 2* 
-* 245 166 3.0 

-’sl IB 


komnw 5*50 —8*005*43 — - 

AfanOJ 4*60 -60 S*20 3*00 0* - 

MM 1,110 +101*30 789 — _ 

AnhBr 1.190 — i*oo oss — 

730 +3 730 533 12 — 

1,160 -101*40 965 — - 

925 +3 660 295 0* - 

417 -fl EBO 955 12 . 

MbM 624 +0 720 482 — - 

BiRtMl 92fi — 1.170 741 — _ 

Brum 1*90 +201*10 1,120 09 - 

J5SO -10 823 350 — _ 

2*80 +30 3*70 2.070 — - 

980 -10 1*40 709 4.1 _ 

683 +21 83S 414 __ - 

1.700 +301,7301*70 MBITS 1*20 _ 

as? ?ss «® T S«“ “»•" *■» = ~ 

- ~ Boa +3 830 2B0 — — 

+03 -a 6ia aiG i* - 

901 -a 1*10 832 _. - 

1*20 —30 1*70 981 0l5 _ 

OSS -1 740 480 1.1 _ 

2*10 +10 3,490 2*80 — _ 

C mftmrt 1*10 -101*00 1.140 — — 

cm 2*80 +80 3.140 2,190 — _ 

OuoTB 1*60 -90 2*10 1,100 — - 

908 +21,170 780 0* _ 

880 - 048 598 - - 

5 S3 +B 640 307 — _ 

447 -8 827 330 — _ 

1.700 +701*70 790 _ 

1*40 —17901*30 1* _ 

MTO 1*00 -50 2.440 1.8: 5 — — Mmw*l 

9?* 1 1- 22 — • — Mans 4« —ou ii^+iu ijkju im 

5E1 ,519 -J® 3-2“ S +io4*40 2.ieo _.. tom* 

Mqc 1*m +101*00 MB — — NEC 1,110 +20 1.120 001 — — Tott 

rnni 780 - mo m Norm i*so -aoi*so aso _ _ T190Q 

518 -3 575 347 — — NGKSp 1*80 " 

l.iaa +201*80 919 — - MK^ 

Mfl 1*50 —20 1*40 1*40 „ - ^ 


■o 03 311 — — Rm 1.480 +11CT.4W0 058 — — 
— 1*70 790 07 Ttatafal 1*70 +20 1*30 1*BD — — 


-.1*10 790 — 

+2 610 372 — 


T 

5? 


2700 Crion 

05 

10279 cmcap 

30 




21 

77638 Cams 

28>l 

7300 COacan 

100 

08250 COB 

364, 

387204 Crowd 



32 

12700 Dadril 

Bk, 

112068 Dnfaa 

Mk. 


HUM 1*40 +sa 1*90 1.1M _ __ Ti^f 

— 823 S» I Z“-“ 
-a 404 201 — — TKBPW 
MfU 1*00 -10 1*80 042 0* — TkBcn 


3>,7oa — zuraiuoo — 

TOftEP 2*20 — 3*00 2*40 — 

TtariBk 1.190 -101*40 030 — 

421 +10 338 208 — 

488 +2 668 348 — 

TflUoM 1*80 —1.4301,050 0* 

TKSodB 530 -15 838 389 — 

T!m30 1*80 +10 1*901,170 — 

_ flaro 1.770 —40 2*20 B2B .. 

— TMMm 1*70 -10 2*701*20 — 


Ntqtt 10*0 -.10 15*0 0.15 U 0J 
OEMs 33.75 +*fi 50 22*S 2.1 23.1 
11*0 +*0 1SJ0 8*0 3J — 

39 -1.75 52 18*0 OJi 

4078 _ 57 2S.76 2* 38.1 1^15 CMlTn 

+1 71 31 3*51* 

emeu 10.10 — i< 320 _ _ 

C«cP 22.70 -*0 27*019.10 1* — 

MM 17 —19.1015*5 2*13* 

Dfimn 11*0 — 10*0 ID 0* — 

5*5 +.05 SOS 2*2 2* — 

37*9 +*D 45 14.70 1* _ 

91 -*131 94*0 I* _ - , , 

HLungD 10 -.10 21*0 8*0 3*43.7 ^ 

~ “ 63*0 -2*0 80*0 40 2.1 1R7 

10*0 -*01X30 axs u 2* n-mfin 11,4. „ 

0*0 *15 P0ft S ni ff IB 113089 

45 -1*5 80*0 14*0 4.7 _ 

Hffcna 16*0 +*o2o*oix40i*2&* 
hKSftHI 12 - 15*0 5.4S i* 7.7 

HCJUr 44*0 +3 54 20 1*21* 

KBl 22.18 —33*0 19 2* — nssn KdiaB 

NKLand 21.40 -M 91 JB 51.70 05 — 

22.40 +.40 30*6 0*6 3.1 24* 

1X10 -.40 18 B 3* — 

7*0 +.08 10*0 4*6 4* _ 

32*0 -*S 42*0 14*0 1* — 

20*0 -.40 3X29 12.10 X8 — fK 

9*5 -.701X30 8*0 0.7 — 500 ™™ 

4X29 -184*0 4176 0* — 

25*0 -M 30 60 10*0 0* — 

KM Bun 15*0 — 25 B.7S 4* 23* 

MmH)! 1040 —.40 12*0 8.75 0* — 

NMMd 28*0 +.10 43 IB 3* — 

RUM 32 *8 +1 39 10*0 _ 59.7 

SWCPr 54*0 - 50 77 24*5 XI B4* 

BhpuSr 12.10 +.10 18*0 5*5 2*4X2 

124772 SK 


3* -fa OU, 33* B*1Z ScotUI 

3777,3 ^ 

47 ->2 47 173Z0 

22k. 96, 22 483285 

223 -0 U230 22S 13730 TraM 

36>» -kissa. 35 373864 TM 
83 +1 S®5 S5 #MM TK* b 
3a -is 301, 30 9930 Teue 

470 480 400 225B2B TMUS I 

21 -*4 ST 1 , 7t}\ 1000 Tons 

Z8», 528 SSu rm&6 ThMlMn 

IBO 1B0 190 715474 TaCgm 


1S»* -V»»Via^ 

“ 520 20 

20 22 
12** +A. HA 12U 
11*3 -HStniiS 
131, nvi 131, 
Bk, -k.881] O'a 
41 lg -15W. 41k. 

aif +mHi a 

JM. -I*. JWt 

12% — •* rim iz i 

10 ->4 tKP. 9$ 
201| -4 EF, 2CUi 

172, 518 17h 

“■ 




14101 Doramr 
15388 DoraM 
BuftEft 
DindBA 
1100 Enpka 
113078 EcftaB 
inoo Emeu 

15110 Euflav 
11400 rpi 
27842 Hffikl 
200 FMMA 
500 Fans 
00377 FrNM 
3810 FMnV 
FsriM 
11120 4SMMI 


65^ +>2H^ S4* 

171, +4 517h 17^ 
18> +1,WN 18 


77900 TnrncA 
0600 IMP A 
3483 UCnpx 
4950 UMDam 
1300 IMuax 
139720 Vkara 
2050 WCB 
40548 VMUCt 
530 MM 


49 » 

+S 04 80 

=*** 

■ 301. 


500 * »3 MONTREAL (Mar 24 ZCsnS) 

231b - J «gH.23k. £30 pm 


80+l^t» 

”\ sr"! 


t«0 -+OZCT 1*00X7 - 
GOO +6 795 389 — — 


TfcDPw 3*40 —20 4.450 2.440 

— ‘ n ® en 3 * 170 +10 3w46D 1*00 

801 -21 054 720 0* — Tk8u 530 -1 018 380 

-3 983 324 — — TWMm 860 +0 BTO 484 

^ -9 4!0 331 Oflll 2*00 -20 2.im SJPO 

090 —30 889 mo — — 

+31*30 571 0.7 — 

♦5 448 205 — 60* HaOv 

— 1*50 710 — — Dadna 

-101,010 885 — — Tran 

+802*301*80 0* — 

HS 860 439 — — . 

1*50 +30 1.180 783 _. — 

2*00 +10 3*001*90 0* — TBflbEC 1,170 -20 1*30 834 

573 -2 734 445 OO — TOM 

2*50 -50 2.410 1*00 — — TtMU 


12*0 +*016.40 7*011*30* 
4*3 — 6*6 3*7 8* — 

440 +.18 7*0 2*8 0* — 
— *0 71 2870 1* 2D* 

.. . -.1511*0 4*0 1*1X4 
33*5 +226 35.75 11.40 2* — 

■32*6 +1*0 41 1G 3.1 _ 

18 +*0 23*0 6*0 — — 

IMngpn 1240 +20 IBjBO 7.G0 2* _ 

— mnaar 11*0 — 1740 1X10 7.1 — 


+01*82 860 12 — OgdOB 2/nO -30 2.715 1*00 
+33fi9BQ81BXl — E&mAg 1.045 -101,775 940 
780 1* — EMBg 


0*10 -120 0*50 3*00 ZD — - — — — — _ _ 

5*40 -00 67004,180 _ _ ™PgJ 

3*13 —15 3*85 2*00 5* BbWRi 

2*10 -6 4^WX®0 tl IWR 1.8M -TO '*« 1*40 „ - 

0104) -is 42X9X000 XI — DMfTIlor to +8 647 308 — 

6*70 -480 1»U 14*9 2* Z Om*P 1J0D +102.150 to „ - 

BJBCD -50 7.400 iSj 4* DTofcFM 785 -12 070 BOB XB — 

806 —46 3*00 ro02&6 — MImS 1*00 -10 1*10 849 — — 

2*10 -40 3*75 2.000 X4 — 0(*WH 1*00 -101*101*80 — 73* 

3*20 ?8 4*70 sSo 11 Z 1*20 +901*20 012 X0 _ 

aims 11*00 -240 ifcso 3.6B0 1* _ ' 


>201*30 890 _ — TdjoCh 

— 1*70 835 _ _. TnAuL 

+3 840 375 — — TojoSn 

■4 360 218 — — TojoWi 


760 -14 1*40 to Z Z HAUV8U(llar24/MyR) 

637 +4 7OT 350 — — 

1*B0 —2D 1*00 12M — 

iSm +10 lliTo |MQ _ _ Bcurid 4*0 — 8*0 240 1* 

080 — 723 to Z Z BaSW 28*0 +*0 30 19*0 1* 

773 — 011 to — — MLDM 21.10 +.10 23 0*0 04 

1,170 -Sfl 1,430 834 _ Z MriBflk 14*0 -*0 19*0 5.70 1* 

070 +2 777 388 Z Z MriUh 37BM1 -s10 0*0 240 1* 

848 +3 1.BH0 Tm — — MtaPUP 4*2 -42 8*0 1*5 03 

388 — 432 271 Z Z ™ 4.10M -*0 8*9 140 2* 

1*00 — 2*601 *80 BknriJ 848 +.10 840 4.10 3.1 

903 -2 084 402 1* — 

’r» Z 0 i nuiw^M/S) 

883 -a 002 020 


Eunc 
800 HmSMX 
“ Ha+BSCi 


78300 Mrigr 
20201 Hm 08 
HcnMn 
210221 HriBay 

llBKO 

78148 MpOa 
2X04X9 kim 


s^as 

4 *fa 

G^SE 

ot? ICpHaSc 

47k, -k,tWi47H 
36J, to 34? 
7h -4j tn_i 71, 


asss? 


10000 OOCZKA 
1D1O0 umhb 
11170 VUWn 


4 mi 




!w£ AFRICA 

evZ iSiShaoS 80BiHAH«»(Mar24/Baiii1) 

« ummwrn 

7*0 -.101X50 7*0 5* — 

20*0 -*0 20 5*0 2* — 

04 — 140 86 3* — 

105 +11 .108 B6 «ngAra 223*9+3*0 236 68.75 1* Z 

32 -V !?v* 32 AmOOH 424 +14 425 138 24 — 

10 -1 817 18 ArnriH 117 — 117 74.79 X0 — 

ZV -+ +'* ?1ki BMM 31 +1.15 57*5 2X50 — — 


-1 802 EM — — TOioat 3*SO +10 aSM 2*00 — _. 

-3 7S4 488 1.1 _ TVnfcM 2*20 -10 2.120 1*10 — — DBS 11*0 

-0 705 443 — — TDyoTR 418 +12 SSO 207 _ FJMhl 1740 


mm 

iHe 

si -unmai s — 


Amor A 131 iS -1 


Br I 3 USE 

LJnd, 8» +4 BSattfl;.Si 1* _ 

+4^2^ Z 


147 170 01 17 

4X20 -*0 46.60 1X80 1* 

200 +2 228 108 1* 

12*0 — 18 8 — 

90 -*0 5033*0 2* 


640 


70S 

432 1* 


172 


132 55.10 


210 


247 

115 1* 


TUB 

+1 

2S0 

07 1* 


706 

—2 

250 

100 


707 

-2 

260 02*0 IjO 


410 

+6 

420 82.10 07 



OtKftffM 85*0 +1.40 8X50 42*0 — — 

MBA 88*0 -1*0 110 40 1.1 — 

Pai’IS 82 -1 102 31 12 - 

BWOK 05 -1 120 45 07 — . 

SWanfl 281 -4 200 130 XI — 

Tmprt 2B.2D +.70 36*0 16 — — 

Unfa* 18*0 — 21 470 — — 


HWKE(Mar24/Ra.) 



. 940 XI 

EMM 2.710 -00 37801*05 X0 

Endritr 7.480 -SO 3.100 8*75 2* 
1*25 -45 1.1 DO 630 — 

500 -22 806 385 1X1 

HkJOUl 4700 -20 X140 1*00 ZS 

092 -23 1710 640 _ 

, 6790 — 5700 3*00 2-7 

Maptm 6*60 -00 7*30 3410 2* 

MMM 5600 -00 6400 2.740 1* 

PnrtV 10*80 -10011750 6.400 7* 
4*30 -155 4*00 2.603 2J 


3*60 1* _ DenoJp 4*00 +» 4,700 2*60 0* 

17M 3* — DaiiS, 030 +2 730 467 1* 

OmnMa serf +1B 670 388 _ 

i*aa +io i*60 i.ioa — 

1,740 +20 2*80 1.303 — 

EMMS 1.140 - 1780 883 - 

ffiSn 


-133 4*00 2*09 27 
-18 217 3* — 

-0 583 298 9* 
-17 813 381 X3 


-4 GIB 304 2* — Santa 

+4*0 mm 87 — — So* 8 , 

„ +7204*0 81 17 — TOmcA 3.740 -180 4400 3780 6* 

■SO +70 469 SSI 1* TMetn 1*40 -15X1851,139 14 

+1 382 219 24 — Tutor 1,110 -10 1413 388 1* 

+1*0436*8 225 14 _ Un Fen 840 -18 739 398 7* 

+8 630 8X1 — — UnFflni 

+8 00038880 17 - IM 

-270 to 17680 4* — VMN1 

:M“z^ 

—1*0671*6 495 3* — 

*3 49633610 £* Z ««• •*»»/»«■» 


4700 +170 4*40 2*60 — — 

640 +10 758 448 X* — 

2710 -00 2*901*50 _ — 

2720 -40 2® 2.170 Z Z 

045 +15 788 K* 1.1 _ 

413 *12 422 238 _ — 

584 +84 636 320 — — 

941 +18 1*60 475 — — 

1.160 — 1770 780 — — 

2*00 —2*001*30 _ _ 


+1 531 290 _ _ 

780 +44 1.1B0 640 

059 +18 1720 B70 0* _ 

+1 6X8 444 — __ 

+10 2*00 1*00 — — 
-201.7401,130 — — 

+5 DCO 643 
-6 860 C06 — — 

-0 5S7 354 0.7 

— ODD 579 — — 
+1 SOS 377 _ _ 


_ _ Tatums 
_ _ Tonbo 
9* — ncum 

::r 


1,140 +301*70 749 _ _ ©SHRb 

400 *1 « 29G _ — HM*«f 

505 -12 876 400 _ „ heftep 

•TOO -4. 001 281 — — SfiPfl 
STB -0 475 204 — — OOfe 

328 -7 438 223 — a® 

1^40 +20 1*00 700 — BAtf 

1*50 +10 1*00 BSD 1.1 — SWCM 
1700 +401*20 881 — — £pmT 

600 -30 ore TIG _ _ S£3« 

880 —I 931 407 0* — WLw 


1*10 +18 1.10 
H430 ^gn litar 

5400 


1*30 -10 2XQO1.S Z 
1.740 -101*10 071 — 

1*80 -301,100 7m _ 


003 X7 _ TtancM 2*40 -10 2*801*56 

650 YBHHon 1*90 —1*101,100 „ _ 

0*00 — TOrtCog S3® -101*10 785 — — 

4*70 — _ IniTfMl 1*80 —1*40 885 __ _ 

268 „ „ YmHfc 2,100 +50 2*00 1*70 0* _ 

1400 — __ YaotMl 1*60 +1017231*60 _ _ 

071 - _ ru*H 448 -4 583 335 17 _ 

— — 707 -17 910 BGB 09 51* 


1170 - 12.7D XBO X7 — 

1740 +.70 1X80 10 X7 _ 

256 -*1 3.SB 2.48 3* _ 

X14 -J>4 4 2*0 XE _ 

4*8 -.12 7.15 4*8 2* _ 

SL90 +.1812*0 840 17 — 

13 — 1X70 945 ®JJ 

7*0 -*9 0*5 4*6 0* — 

1X70 -vO0 14.10 X4S 21 — 

13*0 -.10 10 X40 27 __ 

sm -*4 6 X14 _ 

X48 +*6 4*4 2*8 37 _ 

4.14 -.12 6*0 248 1* _ 6*1775 
X7G — 12.10 5*5 1* — 


*17 1? 

^ «w, B>+ 

SiSfi S5S? 




“ z NORTH AMERICA 


1,110 -10 1*19 388 1* — 

640 -18 730 308 7* — — 

1*80 +40 3*30 1,415 07 — 

1700 -70 1*25 563 5.9 — 

2*25 _ 3,120 1.033 1* — 

2*50 -70 3,160 001 1* _ 


1*30 -10 1.110 


1790 +101*40 


331! _ _ 

tfi» — — 


740 S84 0* — 


- 818 540 1* - YMIYB BBS +27 1*£© 640 - — TnWWTn ffllnr M / 13m B 

12 879 420 _ _ WowH 040 +81*20 084 — — TUffl*l 0 ‘.“V 24 / COT f) 


-* 636 384 2* _ 

—7 424 303 3-4 __ ao» x 

-151.470 750 0* — EJb 
-S3SG 230 2B.- 
4*0 282 170 3* ~ 

-1 87 MU - 


575 -8 735 488 — 
709 -20 768 660 34 


833 -20 BOB 802 2* Z SSm 

eao sb 913 boi xo Vim 
1.312 -17 1*40 007 2* _ VVT 
1,409 -1 1*35 fflfi 1.1 — VWI 

aS-fS’SS 3 “= 5 £ “ 

584 -22 683 892 2* _ 

” rent (Mar 24 /lire) 


^ m 27 B z 

JVIH = 

J IiJk E 

•a i>le - 

*2«TBJ» 300 2* _ 
-1 513 314 1* _> 

-s' a E 

+2 270 101 17 


307 -6 46G 318 2* 

304 -a 465 319 2* 
GOT -7 835 348 1* 
60S -7 631 340 1* 

183 +1 700 127 _ 

150 _ 104124*0 — 

492 -13 310 296 1* 

490 -IS 516 290 1* 
375 -9 417 193 1.7 

363 -7 477 172 1.0 


1*30 -31 1,480 

*« T9 

183 -XBO 7*. 40 
4*00 -46 4*00 


130 5* _ BOomnfl*90BS +20X405 3*10 3* _ 

174*3 _ - BMuAg 4456 -49 4*30 2.910 1* g£JJ 


2730 1* — B Roma 1*17 -13 2720 1*38 1* 


-X70 205 131 4* 
-301*70 WO 2.9 


Z SndvkA 

Z SnOAH 


-1 4*0 310 1* 
+1 390 135 1.1 
*1 GS 25 XO 
-a 300 162 22 
-6 301 102 2* 
-1 212 105 10 
-1 214 103 3* 
-J 360 17 2* 

— 235 116 3* 
+2 238 117 2* 
+2 IBS 11020 Z4 
+2 1 5810050 Z4 
-1 155 B9 __ 
100 66*0 11 
-3 143 7175 _ 
-3 1*2 73 


■« S:z 

720 +8 738 591 1* — 

623 +1 739 497 _ _ 

615 +18 805 382 _ _ 

886 . 070 wry? 

960 -0M4B 795 _ _ 

488 +0 612 369 1* _ 

an -0i*3o 605 _ _ 

870 +16 040 370 _ _ 

9 z z 

952 +2 079 670 __ _ 


S - 3 1 ® 3 :: 

848 +2 048 44T _ _ 

2710 +10 9*40 2,140 _ _ 

462 +18T5E 410 _ „ 

roa +0 mo mo — — 

%£ z z 

770 +10 850 300 — — Nadu* 

m =gar 


:i'I( . 


+12 679 420 — — Vt™a 

1*00 -10 2*40 1*00 0* — VmnBk 

-1 B33 MO VMnRb 

— BOO 484 _ — jtantjri 

+101.780 1,463 X8 „ VMI#n 

-3 to Ire VtaM 

-2 70S *53 _ — tori 

♦1 676 450 _ _ 

~ 1*50 080 XS _ 

-W, to STO _ - AUSTRALIA (lAr 24 /AuatS} 
+70 1*00 990 07 
+7 60S 412 _ _ 

z z J 2 S 
z’fliB: z W 


aa. 

ear 

MmdaF 

118252 HmdeM 
261028 HomC 

nnw 


fcimnrr 
vumcn 

too om 


at lag 

101208 M£ 
31800 ABWB 
268742 AfcnklM 


— 871 440 

-1 708 329 
+201*70 000 


X4 

I I W 

_ _ BIH Njr 


“ Striae 

=SF 


$ 

+8 0 

1*30 -201* 

1,170 -10 1* 

ago +51.1! 
417 -4 5 

1.120 +40 1.T 
484 +2 S 


31BEE 

3*9 SI? z z 

-6 1*20 772 — _ 


4 BO -.13 B 3*8 07 _ 

10*401 -.02 11.12 7*8 XI 37* 90850 BCD 

A31 -*T 8*0 378 17 — 720017 BCE 
9*0 +*61X62 8*0 2*3X1 25190 BCTUO 

3*2 +*2 3*5 1*4 1* _ 16275 BGR A 

5*4 -.10 572 2.95 3* „ 13700 BtaMk 

4*0 _ 4*0 2*0 3* _ 488773 BMImt 

X15 -* 2 SMS IMG 4* 8* 844083 BMM 

17*4 -.06 18*0 12*8 2 4 27.1 00302 BwEx 

3*3 -.02 3*8 242 X3 XB 118842 ttnOM 

4.11 W — *7 4*2 2*0 44 _ 10860 BowVri 

0lS 8 -*3 1*8 9*8 _ _ >182910 BrmkM 

14*0 +*217*411*0 42 3X8 aSa BnmA 
0*2 -*t 0*0 0.44 XB — 11202 ftfsjjr 

1*5al — *4 1.18 0*7 8* _. 7720Q CAE* 

480 — *5 5*3 3*5 X5 22* 360200 CDmUb 

4*3 -*l 546 3*2 4* 2X5 _Z_Z_Z^Z 


Tirana mum 
20630 granM 

1 77200 CAE* I 


23300 Drib 

A ^sSpSVS 1 

“}f ^*7 2 QpS Bings gncop 
J7 +S JSl M 40600 PavnA 
Si* S 8060 PmCnP 

3SJ* ® 200750 Pcm, 

f & -** *E*l 1 ®£p 46368 PriCan 

J?S . t!P J5 23791 PtriEn 


™}i “h SS W7B1 30 PSMna 
62*, -V risk SIX 839084 Parity 


38k« -IV OSfc 3W» 
17 +k» rirf 15X 

281, -k« STS*, 26*, 


841, SO BnntST 

.a sss 

wcjSSjm as 

« SSHa 

ioj, -j, «n tm, sABnw 

KX SAKnAn 

is -*, ral is TOtai 

^ SSffl 

ssa 

BSi 1 


2X25 +*3 34*0 X7S 3* 
40 „ 60 18 04 

X8S -.32.78 X2G _ 
ill +2*0 118 57*0 X6 
8 +*011*6 2*0 17 
SO. BE +1*0 64*0 20.25 2* 
9*0 +*S 1X60 3*0 3J 
26 -*0 3X50 8*0 3* 
3X75 +*0 S3 30 4.6 
95*0 +*0 BX50 84.50 XB 
72 +4 80 22 3* 

10 +*6 12*5 5*5 4* 

103 +3 110 83 1* 

Itamm 2B7G +.75 27*0 675 _ 
Mtal 2B+17G2XS0 590 17 
24*0 +*0 24*0 X2G 2* 
3*5 -02 XBO 0*2 1* 
7X60 -*0 72 3X75 2* 

03al +2 94 48 1.4 

77 +6 61 24*5 3* 

60.78 +2*5 GS 24 2* 

LBXJa 67 -. 92 56*0 1* 

Mribril 10 +*0 20*0 12*5 — 
Mdnr 28*6 -*S 29*0 1XBB 2* 
MriM 02 +1 82 61 X4 

ft ritrip 078 _ 740 470 — 

Aandltl 50*0+3*0 53*0 112* 

32*0 +*& 3X75 2X20 1.1 
21*0 —2X50 16*0 1* 

84 +*0 0X75 57.75 2* 
103 -*0 108 07 2* 

18 _ 1011*0 7.7 

87 -2*0 97*0 54 2* 

smsbaiti am — sa 17 14 

163 40 184 84*0 1.7 

40 60 37 14 

40 —4X25 17*9 1* 

, 401 +11 400138*0 28 

WAraa 41*0 +70 42*0 1*0 — 
WDMD 212 +0 2154X60 2* 

WkMi 55 +J50 BO 24X6 


352700 FteyrkY 
33200 RnrnnS 
*830 HHtnm 
302000 HngOO 
GOO ne<Kl3t 


NOTES - hlc,, m VM pm ■> M OririS on Cic 

?* tRMowl mmoohmS m MMy M MOM 
341, DrtML KWriUm«a 190344, mat TOriU 8 
I7S WDWril Qto. « nWkJ l ai M Iriri. Al & 
ifl MtxX n: E, ks* lano. v EmVpn. a Ex riL 

FT FREE ANNUAL REPORTS 
«£* ItXIMINMlMBIiaNaarilimllS 

■iimI+mI unri ■ lh,l)n 77H D7m wt 


221, -kg 523 221, 182641 NrilBl 

18k, — k, SIBkt 10 275152 

2®, S2si Z®, 403020 

64t -k, XT 6i 1188400 ItoiekC 

00 06 00 347010 RoyOriC 


FT ms ANNUAL REPORTS 8BMCE 
ito mi riMi M onaO anri acam ri cgngwri, 
mMri rift $ . Dkg OBt 710 MW v IB 001 T1D 
3B2. mono FTJNpMf CtohriHriMIK. Sri 

+M 01 770 0770 or M +M 01 770K22. FT 

Ml On Nwan b, an an m mb Mnap aw 

~T • ur — *~i 1 — l — 

PMESSA. 


850 -10 1.18 

1,100 +10 1*0 


^ z z 


403 -4 461 308 2* — BU0D 

243.60 +*0 30520X50 2* — OB 
CrfonF 1730 -381,305 930 4* — CBSpu 

CiLyO 714 -5 856 *58 tl — Omsk 

CJlOef 422 -7*0 301 320 — — ««n 

HNUI 600 -11 737 320 0* — Crlta 

zSS 

_ 9M Ifl to 590 2* -. BriFI 

EnraSn 2*50 -30 2*94 2. D1 4 2* _ 

Bxo 676 -4 703 392 2* — 


rimttn 26,800 -3202X4001X050 1* SEBWi 5X50 -*0 8X75 X70 — _ 


1X610 +11 11*00 4,632 — 


D1AUI 40X70 -X10 400 320 4* 
E8JW 33X20 +*0 410218.10 — 
[ *>" 1*60 -371.1*4 883 X4 

930 -81*66 571 — 

810 -10 665 465 — 

719 -7 830 381 1* 

1100 .... X31B 1.725 3.0 


E1M 

Etna* 2.112 -38 

EiSISCC 032 +7 

baW 35.60 -Jfi 

Hre* 15# -4 

A-irt. 1515 


C« 2*25 to 2,470 970 2* — 

CHS|« 2.496 -5 2*001.115 X0 — SW6A 

CnaSfc 1*75 +161*201765 _ — 

CMTo 1*00 -1 1.738 BTO _ — 

Orta Z4T0 -2D 3*95 2.130 3* ._ 

Dertri 1X060 +0012310 7*75 1.4 _. 

FnrHn 1790 -2916*54 1752 -. „. 

Flri 4*98 +22 5.140 2*98 2.0 — 

3*50 +m 3*58 1*75 X0 — 

+.639 -21 6*15 2.730 5J) — 

11.400 -060 IW 0*30 X3 - _____ 

3710 -5 3440 2700 — — 

2X47D —1020*00X410 1* — Ariritr 

17380 +60 14,400 1U11 — — AUA 

10*30 -17D 11400 <310 — AlULRB 
HMCflt 1X100 —310 11*49 7*10 1.7 — 


-4 210 S3 2* 

-7 233 78 0.S 

-A 475 261 1* 
-10 480 248 1* 
-1 14* 2X75 47 
+2 ISO 100 2.1 
+2 156 97 XI 

8X50 32 7.1 

-0 705 345 17 
-11 705 41 17 


200 +10 3*60 2720 ~ — 

395 +2 470 219 .... _.. 

,780 +80 2*00 1*50 — — 

380 +0 485 270 _ _ 

467 +19 !69 245 — — 

658 -3 714 370 — _ 

820 _ 1*30 715 1 J — 


NrioW 2700 — 37102*20 0* — 

1*00 +401.710 500 — _ 
310 +8 469 236 — — 

Ij 00 1*40 960 — 

Masai SL290 +202.4101.410 X7 — 

778 T9 S;: 

-3 773 475 _ _ 
+141,100 800 _ — 
-3 680 316 _. 

860 +25 1.110 516 — — 

-01.110 691 1.1 _ 

1,740 -401*20 964 Z Z 

550 -IB 094 *58 __ 


-3 680 316 

. _ _ .... ^ BED +251.110 516 _ 

5*20 -70X150 3*40 — — OKimBlTt 900 -01.110 691 1.1 — 

to +3 741 310 — _ Otynp 1*70 —1*10 895 _ _ 

1*50 +10 2*00 1770 _ _ Oraron 1,740 -401*20 904 — _ 

731 +10 7X2 453 _ — DnoariS 550 —IB 00* 450 — — 

1*00 +40 2*90 1*20 XB .. Ota Pit 5,140 +50X150 4*50 0* _ 

404 +44 535 210 — DftnffM 1.180 -20 1*20 1*20 1* _ 

676 -5 904 6*9 07 _ Onont 676 +1 930 600 _ _ 

. — - 3*00 *190 4*00 2,180 0* 5X7 


to 2.680 1*80 X4 _ Han X41D +15 5*60 2*05 1* — 
+7 08840X20 2* ... UdArir 13.150 -MT7*0tX« _ _ 


SWI7KUUDWar24/Rx) 


341 -11 292 64*0 _ 

651 -1 608 385 1* 

052 —3 970 377 1* 

2,4* -10 3*03 1*50 1* 

1.190 -22 1 Sa 088 _ 


438 -2 588 356 _ — Ota 

623 -9 637 385 — — OssKnS 

1*70 -20 2.110 1,130 _ _ Priori] 

358 +1 940 281 — _ Ptan* 

770 +10 050 518 „ _ "• 

57G -IB 709 413 — — 

069 -21*20 780 X7 _ 

2*20 — 2*001780 0* — 

11*00 -100l3.afflT.440 — _ . 

1*10 -40 1*10 to XB — KyoM 
86 o +7 1*30 ess — Satan 

Pit 1*90 +201*80 1*10 — — So ndtn 


X30 -.10 3J5B zm — _ — — — 

2-60 -.15 3*5 1*8 X0 — 

10*6 —30 12*0 X70 1* — 

4*1 -ia X70 4.42 4* — _ _ . . ^ , 

s.iond +*s X7S _ 3 12 __ Fufl Hflavy Inds „ 



1.410 X7 _ DomMng X«5 -*3 072 0*3 4*4 — Nippon Stool 

— X17 +02 X02 3412 X8 2X8 ToJWU Corp — — 

1.50 -.05 1*2 1.10 — — Tnurmt Mnhw 

1.16 -J01 1.40 X30 — 1.4 Toyota Motor — 

307 -.03 X46 1*0 1* _| 

2JSS -SB. 2*6 2*0 _ — 

1-23 -*1 1*0 1,11 4* _ 

265 US Z06 7* 1X2 

ZB2 -.08 3*0 Z03 XI _ 

1*1 -23 1.76 0*3 Z1 Z6 

1*0 _. 1 78 1^0 6* __ 

2*1 -M Z85 2*5 42 XI I 

1-40 -JD3 2i>2 068 XO — 

Z06 +*6 2.62 -70 __ _ 

11*8 ~ 11*0 570 2-4 4X7 


Stocks 

Ctoning 

Change 


Stocks 

Closing 

Change 

Traded 

Prices 

on day 


Traded 

Prices 

on day 

8.3m 

413 

+12 

tauzu Motora 

4*m 

467 

+19 

7.0m 

sea 

+14 

MttsuttaWMatl 

4.1m 

503 

+4 

5.7m 

342 


Honshu Paper 

■4.1m 

770 

+19 

5.7m 

750 

-14 

Sanyo Boctric 

3.8m 

510 

+2 

5.0m 

. 2,020 

-10 

Chbn Corp 

3.7m 

1,180 

+70 


-a 594 '410 _ _ KUrin X7B +67 X91 1.42 X4 _. 
—3 823 540 1.1 — LritdLa 17*2x0 +*6 1X20 1X88 4* 3X8 


2*60 -10 3*401*10 — _ UonN 

532 +18 563 SSO 0.9 „ 

+4 B99 403 1* _ 


2*8 -*6 340 2.45 4* 

118 -M X28 1*1 1* 7X5 
0*7 _ 1X04 X15 X3 25* 


B37 527 _ _ ME0IM X85AJ +JQ5 471 1*5 Z3 _ 


*G 09 2X70 1* 
-4 182 112*0 X9 

.... 838 to 1* 


StrdW 5.«00 -50 X020 3*28 0.9 

GTMEltl 48X50 -9.50 _ 578 307.10 27 
QriUf 2*95 -15 1754 1.470 0* 

Gannnt 934 -16 1JE0 306 0* 

PphW 593 +2 600 493 20 

Haras 4AR.40 -9*04MM__402 28 
010 -3 BED 334.10 2* 

602 -4 738 380 

935 -151*78 617 84 

107 -1 166 103 20 

522 -3 GOB 410 X3 

661 -4 688 to X3 

843 -30 BW K« 11 

461 -6.40 401.10 274 ZB 


m « -isr^nss a = & «a 


5*50 -0018*06 39*011* — 

9 +101*86 532 _ wwa 

1 +10 2*30 1.170 .. — OlBRO 

<450 -40 4.850 2*65 _ .„ BMBr 

1436 +33 14841*78 _ _ Bta 

-250 3B.SW tXBOO 1* _ FMHlg 

-60 10625 7.1B6 — __ FnmBr 

ft 420 +16010*00 4*90 1* _ Hto* 

4*35 to 4.668 1*10 1.7 ... HM* 

X0S7 +92 5.126 1,735 2* _ JriiaSr 

-45 X450 3*30 _ — 

+13 4,465 1210 -• _ 

0*73 +7011260X850 2* - 

■s - 1 iS ,D SS 7 -^^ z 

SIS - - 


-4 237 1» _ _ Krirto 2*00 +0 3*001*18 — _ 




to +7 7b9 372 „ „ 

910 _ 970 612 1* ._ 

874 +3 042 581 1* — 

3*55 -04*60 1060 10 _ 

I.70G _2*W1*00 „ „ 

1*60 -451*00 619 12 _ 

zeao _ 2*60 i*7s 17 _ 

086 -4 1*00 514 1* _ 

440 _ 537 370 2J _ 

867 -0 990 E35 _ __ 

IM _ 175 1KJ _ _ 

955 __ 996 465 1* _ 

1*00 +201*00 405 Z5 — 

1*13 —16 1*37 1*18 1* — 

102 -3 175 87.76 _ _ 

1*50 -10 1720 1.160 4* _ 

i.460xr _X70S2*30 — - _ 

227 +1 260 191 5* _ K*So 

1*15 -181*401.110 -. B*uyc 


... .. _ Sonhyn 

381 +17 467 312 _ Sriwto 

S93 -8 732 401 1* _ SnwaBK 

477 +11 G8D 357 _ 

1710 -20 3.480 2*00 _ _ 

460 -2 St5 380 _ _ 

1*60 +101*301.100 — _ 

408 -6 401 302 — _ 

347 -1 446 261 _ _ 

366 _ 399 273 _ _ SrinoT 

656 -S KB SB SriyoF 

S80 +10 710 481 _ „ 

890 -i i.iio rani - 

2*40 +10 1540 1*38 0.4 _ SokWo 

833 -0 096 640 Smau 

1*30 -10 1,490 1.1 ID ._ _ SUSW 
276 -S 37* 240 _ ' 

BBS +51*30 540 _ _ 


Hokuyo 2*00 


2.080 +70 2*501.490 _ _ 


4*00 +70 4*30 1.780 - _ 
1.400 —1*50 B60 „ „ 

605 690 422 _ _ 

1*10 -4017501.no — _ 

601 _ 732 421 _ _ 

2*20 +20 3*60 2*10 04 

1*10 +10 2*70 912 _ _ 

-10 2/801*90 _ _ 

+81.120 755 „ 

+2 628 342 _ — 

+5) 7*30 5® X6 Z 

:<TO +1011*00 7.01 □ _ _ 
3*40 -G0 4*£OZl(n _ _ 

1790 +20 1*6Q 1*40 0* _ 

1*00 +401*10 800 _ __ 

1,410 -201*101*00 _ _ 

1*50 -001,130 875 — — 

330 -1*00 928 M — 

447 +9 568 300 1.1 _ 

8*50 -10 9*00 6*54 _ — 

1*00 -201*80 92B _ _ 

■“ asre z z 


„ Sham 2*60 +10 2*101*00 — _ 


11*8 — *6 1X14 7*5 4* 1XB 

X52 -.00 7*0 6*6 1* _ 

9.72 — 12 X75 03 XI 

5*0 -.10 6*8 2*3 27 _ 

Z.13XS — *4 5L7B 1.16 ZB — 

3*7 _. 4.15 2JJ6 3* 24* 

537 -*3 5*2 4*3 4JJ _ 

1*0 —Z16 0*6„_ 

2*4 +*1 243 X96 _ _ 

XII -*3 142 Z19 4* 1X0 

XSG +.10 XBO 1*5 1* — 

7*0 -.10 9*5 2*5 - - 

X56xd +*2 510 1.47 2* — 

6*1 +*1 X96 X73 X9 _ 

1*1 -*1 1*1 1*5 7* — 

4*0 + X25 2*6 05 — 

6-96 --0G 7.70 5.15 5* 7* 

4*3 -m 4*2 2*0 5* X4 

XB7 +* 2 7.10 6*6 4* _ 

0*0 — *4 9*0 4.15 XI — 

XBO 2*4 „ „ 

170 ZB3 7* 2X8 
2*2 0*0 _ _ 
+» 450 1.83 X4 _ 

9*0xS -.10 9*8 5*0 XO _ 


IlNDICES 

1 

| US INDICES 


Mr *r Mi 1BBCW Ita Ita Mar - 

24 23 22 M# lw 2*232! 

Htfl LW 

Don Jenea Ita tar ita 

23 22 21 

1083/4 anceranatom 

HM Um Hgb Lev 


Gawd (20/12/771 

Manta 

Al Onananasp/UBO} 
as mvxuiifloi 

c«b NoiKtmaM) 
TiaAri kion(21/9ll 


NH*M*4tl079 
CDnVKtat (1879 
pwwtoSiwra 

Ota 

PGA Gen pin 2/TO 


M 2087824 1970X46 2547*40 1812/04 12187*8 B/3IB3 


M 2S4XG7V 2511*2 2801.17 8®B4 1884.15 25/M3 


2159* 21809 2M0* 23«UD 3®94 

1044* 10483 101X2 113X10 3QM 

444*7 44X17 444*4 460*8 2/2/94 

115569 1160*9 115535 122225 10/94 

1494.49 150XS2 1502*2 1542*8 9094 

(u) 14157* 13535* 141B7J0 23W94 

U 387068 3850.70 3679*9 18094 

M 460990 4551*0 400U0 23/3 AM 

w 215X12 213X48 2182*9 1/2/04 

M 42785 426X4 4887*0 4/2/94 


1495*0 13/1/93 
5BV7D 13/1/93 


30020 14/1/93 
712*8 15/1/93 


2743*1 21/1/93 
327880 21/lAB 
172007 21/1/93 


CBS imnGalEro 83) 

CBS M Ghr (End 83) 

taw Zoriand 

Cip 40 (i/7/TO 


4285 464*0 31/1/M 
277.7 294*0 3V1S4 


2174*1 220X72 220X93 2436L84 3HB4 


2057V 4/1/93 

roan wvn 


to SBM(»1«) 1151.10 115X44 1182.11 1211.10 2S/2S4 

PtotoM 

/un com p/1/85) 2501*7 2603*6 2563*0 3308*7 4/1/94 


31547 3154* 316X1 322X50 10004 160020 14/1/93 


Capcrtn0MtSK&*lAQ) 35824 392*1 33327 41X78 2/2/M 
StonCHnaWB 16380 1841* 1840* 1817200 4/294 


SKA*-Spore(2/V75) 
Srita Mka 
JSE Grid p8W78) 
JSEM.es/ft78) 
SoufeKomc 

fawanpEri4/l/Wr 


543*4 54X18 527*1 841*1 4/1/94 

22DX0V 2124* 2121* 2331*0 4/1/M 

S97S*V 5MX0 6067* 0140*0 18/3/94 

87X72 87X78 877*5 H42B 2/2/M 


77X00 5/1/B3 
<33800 19WB3 


01/UM) (201 /ra (31/1/04) 

Han Boris 101*2 101*0 101*6 10077 101*0 KBJ7 

(18/1093) (22094 (10/10/93) 
Trammt 1725*1 1714*2 1714*2 UB229 KSL84 160229 

(2/294) (4/193) (2/204} 

im» 20X50 2*7*5 205*7 256*0 205*7 250*8 

(31/893) (21/394) 01/6031 

OJ tad. CMy** Mon 3001*1 0898*3 ) Low 3B3aflO PXWLOO ) (ThnaritCriA) 
Dby> Mgll 3881*6 (380X11 j Low 3057*0 (3801.11 ) (Acaalft 
Stpadml nd JPoon 

Cantobt 46X54 46X60 46X54 482*0 42X05 482*0 

(Z/294) (Brora (2®ra 

MsutaV 54X57 54X76 55X27 55059 49X48 500*9 


47X38 471.78 47X77 


S8f 250 (31/129(0 
CAC 40(31/1291) 


1452*6 147X41 147X50 150X20 2(294 
215X56 220X17 2200*8 2366*3 2/2/M 


FA2 AMM01/12fiA 627*7 52X72 » 13 

Oonmramriqi/1293) DGMO 36110 JJJ 

QU CW12/67)t 2181*8 2161.13 2141-34 aB7Se 


Anns SE(3b12/89 
»«M0 tog 
HoP9 SmqOI/7/M) 


Mata Can® iiM/83 

brimri 

EB) OwbMIiBB) 

tor 


2181*8 2161.13 2141*4 2267*8 3/194 

106X15 106X25 107X71 11MB 1B/UM 

0320.75 9466*3 901117 12X11*0 4TOM 

3951.4 372ft* 3791.7 <207*0 28/2/94 

49116 48X90 48X47 81X88 5TOM 

188X31 191X88 >91X30 SD6Z18 20/1/M 


Bases Oran U (1972) 66725 07130 6Wn J®® ]inm 
m GtaM (4/1.94) 106X0 1085* 1051* 1HW» 1»™» 


1114.19 2X193 
177271 29/1/93 

6BBB2 14/193 
1694*0 14/193 
1518*0 13/193 


210X67 23/493 


1W1.TO 11/193 


44831 6193 
M4UD 10/l/W 


HtaSdSE(30n2/a9 33X56 33X36 334*2 36X31 31/1/M 

tttrsairiQen p/2/37) 146X80 148260 148430 M03L90 31 /1/M 

SwtaBkkxl (31/12/56) 1337.70 134ZS6 133X71 1*3*4 31/1/04 
SBC flaaral P/W7) 999*3 100221 B9X24 100320 3WM 

TMmb 

VUtftotPl&VBnBr 532X90 633127 5261*4 8464*2 6/I/M 

BimgkricSET pOM/TS) 128XB1 126X44 1237.12 175373 4/194 
TWrif 

KBrtM DnHtat 1906) 

12S807Z 13667.1 1483X625063*0 13/1/94 

won* 

MS ram M (1/1/706 61 AT 6172 61X1 64100 1004 

Bs^TOO^IOira VSS*1 14«.73 1 43S*S «4XW svi/m 
B ao Tcp-100 pB/BIBO) 1224*8 123XM 123656 1311*1 2fflM 
JCwringra (31/TJ9S) M 30B*0 29X26 36X10 5/194 
tow Enrao47/1/ra 160*6 15X08 15378 18272 14/294 
■ CAC-40 STOCK INDEX FUTURES (MATIF) 


asm (aw*®? 

4840 3XJH 
08993) (0TOra 

(20W) 

4X40 

BB/B/ra 

25771 

Z3X21 

2B7J1 

(2/29*1 

erora 

(299*1 

*87*8 

395*4 

487*0 

(2/2/MI 

Brora 

oara 


B4XB7 

00U3 

(UQ94) (Z6WB3) 

(IBTOBfl 


To conquer the EC 
information mountain, 
you need 
an expert guide. 


Get the information advantage by reading the 
Financial Times every day. We cover the latest European. 
US and International news and analyse the implications 
from a truly European perspective to help you understand 
what it means for you and your business. 

It is no surprise then that the Financial Times is 
read by more top business executives in Europe than any 
other publication * Make sure you are one of them by 
gening your own copy of the FT delivered daily to your 
home or office. 

To order simply complete the attached coupon 
and return it to: Gillian Hart, Financial Tunes (.Europe) 
GmbH, Nibelungenplatz 3, 60318 Frankfurt/Main. 
Germany. TeL +49 69 156 850. Or bener still fax your 
order back to us on +49 69 596 4483 and enjoy the first 12 
issues of the subscription completely free. •sowctebrs imj 


FT 


■DUO 11/UB3 
67X70 11/1/93 


79X34 767*6 


Dow Jones kid. Ov. Yield Z62 Z61 2*2 2*6 

Mar 16 Mar 0 Mar 2 Yaw a 
S X P bid. Ow. yWd 2^7 2*7 2*9 2*4 

S X P but P/E ratio 24*8 24*3 24*4 28*1 

■ STAKOAfCD AMD POORS «W H0IX FUTUKKS 1500 Mm*? (ntiax 


SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

To: Gillian Han, Financial Times (Europe/ GmbH. Nibclunpcnplaa 3, 603 18 Frankfurt/Main. Germany. 
Tel. + 49 60 156 850. Tie. 416193. Pax. + «W 5964483. 

YES. I would like m sub s c rib e to the Financial Times, and enjoy my lint 13 iuues ft*. I will allow up id 21 days 
before delivery of my ftnu ccpy, Please emer my subscription for 12 monitem the following raw*. 


Auana OES5500 
Belgium BFR 13*00 
Denmark DKK3JOO 
Finland FMK2*00 


Fiance 

FFR 2.040 

Nahertamb DFL875 l 

Germany 

DM750 

Norway 

NOK 3*20 

Italy 

UT 600000 

Famigal 

ESC 60.000 

Luxembourg LFR 13+500 

Spain 

PTS 63*00 


Sweden 

Switzerland 


SEK 3*20 
SFR 710 


M63JB 13TO93 

86273 13/193 
186*2 4/193 
00*1 4993 


Ooen i flteet Chonafl 
Jun 470*0 46X00 -1.70 

Sep 471.00 470*5 -1.55 

Dee • 473*0 

Oprii bMraa Bguni «w tar pnwtadS day. 
■ MM YORK ACTIVa STOCKS 


Low EaLvoL Opanbtt. 

460*5 41,718 179*86 

470*5 182 4,748 

473*0 205 4,428 


FurmbBcriptioftsinTiafcey. Cyprus. Gtecee. Malta. pleaKContaa +32 2 S13 28 IX 

□ BUI I — j Ouujc my American E*prcss/Dinei» Clnh/ 

me I — I Eurocmd/Visa Account. Expity Date _ 


Expiry Date . 


■ tradum activttt 


NMW22S 

Hwwnnow 

Tax (4/196) 
ariSacta(4nX9 


,s SL oa S 7, 2SJ "SS mZ 

sssss sa 



Open 

Sett Price Change 

High 

Low 

EsL vdL Opan M. 

Mar 

2187.0 

2165* -48* 

2207* 

218X0 

3X588 

31467 

Apr 

2208.0 

2176* -4X0 

2216* 

2173* 

■inw 

8*71 

May 

2208* 

21 79.0 -46.0 

220X0 

2200* 

1 

8.706 

Opan Harem IQUM tor pmrioui day- 






ixstcamxHrora 

” 3a Mw 10 Tmowi 
and Mnno - SOX Au 
Moionk md DAK - •> 
Ugnmri + Twonm 1 


as m« w*tsu*snffl ««■ 

„ M iw. unfa+q fli ritmacM aw IPO axtape fliatrria ai Oraap 

W, Wk/ w*a Pto SJaniL.^raxSSc4X Eao Tto-na. SB3 tywalt Torero CcnaWMamri X 

Aurita Tradaa Common - M and Standard and IWi - IX K 


Wednesday 

Stacks 

Cto» 

Qonge 

• VotaM (mated) 


traded 

prtea 

on day 


wr a 

to 

X414J900 

29» 

-» 

ton York SE 

17X483 

Tristan 

X *90*00 

54* 

-» 

fuses 

20J41 

Grin 

3^69,700 

IBM 

-i 

MSOM 


Chryriv 

9093380 

sm 

+IH 

nvse 


mupuonta 

2*77.500 

53U 

+1Hi 

lamas Traded 

£747 

mhtbd 

2*71.400 

271* 

+» 

Hsaa 

1,161 

CM 

2661.100 

57 

-IM 

J=afc 

96* 

Lamas Rn 

2*3X900 

9M 

+1A 

tobanoed 

642 

Susan* Mb 

£216.400 

2M 


NewMBB 

as 

RJH Naabeo 

2.16XHD 

BW 

4.16 

New Lows 

41 


t Coaautan. - ftriafcwd at 16*0 OMT, • Btaudtao bend*, t tndurinai, p ta. UtSto Bn aoe a and Ttantaenauan. 

4 The DJ In* btctac Bworeflcri d^-a Mgta and low* am dm aramoM «f ttw Nghari and latari pnaa iwctad dtoottia div by Mrt 
otaric Mnhmim mu do/a M0M to towa (ootoad by TririMB) ntaaBMU me Mgbeat said ttanri MkiM itat tta tadoc to naatiad 
tong me day. (Ilia 0pm in Melon wa ptevtoua triyV V SUbjog to oaori racriatoaL 


"Currency nan art on/jr valid fir the counny in w/urt rtey art quoted. Subscription Prices are corner as rime cf 
KOhlR 10 press. Prices are exclusive of VAT IB alt EC countries except Germany and France. FT VAT No. 
DEI 14220192. 

To nbaafix la the FT la North America contact New York Tri 7524580. Fax 30KLW7. Far East contact Tokyo 
Td (0951711, Fax 329S171 2. 

□ Please tki htxe (nr man inforanita abna 6 Md 2* momh wtaenpaca ■«*, or rues tor 
a eonany aw Dried oppo»ir. 
iPletssrspcrlfil — — ■ 


Company 

AddNH ID +Wrfi I womM uw «y FwaMdl Time, deGwnd: 




'4 


•+ >ni 


S/6B«Mt_ ■ — ... 

Nit order mrepudnldmin a shtamat. 






Financial Times. Europe’s Business Newspaper. 




40 

3*SpmUanh24 


FINANCIAL TIMES FRIDAY MARCH 25 H>94_ 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


M0t> U*9DCk 

T7% lljs MR 

29% i2%ALLdwA 
67%S4%ANP 

72% Kj a MB 
5 1%A« 

a 29% ASA 
22%MHL 
13% 8VAMHR- 
15% 8%AqdncW 
38 Sis ACE LAI 
12% 10% ACM QHki 
IB% 8% ACM MB 030 12 
10% »%ACMM5p OSB 10.4 
12% 10*2 ADI Art Si 1.0910.1 
12% 8% ACM Han 1XS10B 


W. If B> 

DM S E IBM ID* 

MB 19554 272 15% 
0.18 1.1 38 374 18% 
138 27 22 1EZ7 63% 
3 8357 61% 
18 80 4% 

100 44 X 1000 46% 
078 18 1811151 28% 
050 IB 8 - 

21 

040 1.5 4 
1X8 03 



13 

42 11% 1|3 . _ 

438 27 28% 28% 

380 11% 11% 11% 


9% 8% ACM Managd QJ2 OB 
12% 7%Acn*Qv 044 40 11 


. _ 7% AcmeCkr 
11% B%AQ»Ba 
28% (8% Aorta 
0% 6% Aetna i 
18 10% Abbot 


47 
310 
545 
524 
234 
8 

34 6 8% 

060 21 14 207 28% 

038 5X1 2 154 7% 

97 31 12% 

21% 17% AdSHS&qr 036 21 0 277 17% 

88% 45%MMcn 333 4.9 207 61% 

■ 3100100 13 BHB 30% 

018 25 10 88 8% 

OIO 05123 155 18% 

113 25 11 «4 50 

ZJB 51 ID 2163 56% 

040 IX 13 1532 31% 

088 10 11 1245 ' 

3 

092 IX 26 B78 
030 08 21 

40 572 23% 22% 23 

18411.4 12 78 Dl8% 15% 16% 

8.18 74 3 104 104 104 

020 14 a 342 18% TB% 18% 

035 14 36 117 21 20% 21 

040 14 3295 15% 15% 15% 

048 14 15 112 22% 22% 22% 

028 1 A T5 169 20% 20 

044 14 24 8131 30% 29% 


82% 16%MMc 
8% S^AdwaOp 
24% 14% Adn kc 
58% 41% Abbot ADR 
68% 43% AatnL. 

34 24% Ate 
22% 18%ANHBI 
7% i%A8aanhG 
49% 37% ABflC 
38% 18% ATrtnRt 

26 9AA8B3SIBC 
18% 10%AMnsa 
108% lOIAfcMLIG 
18% 12% AMBAfr 
21% 14% AIxaiyH 
15% 13% AM 
28% 2»%AftCUB 
25% 17 AKUirA 

30% 23% AUn 
25% 18% AKnAI 
58% 35% AkoSI 
30% 19% AknBroMl 
an 17 % noai x 
94% 17Alegh Lul 
2B% 23% AleQP 
29% ISAM On 
26% 20% Ad*** 
4% 2% Anon 
27% 16% Aim Cap 
10% 8% Africa B 
27% 18% AM Ml 
40% Z8%AH9g 
32% 23 AM Op 

7% 3% Aflwria 
27% 17% Afemx 
82 SB Akoa 
47% 19% Aba Cp A 
12% 9% 



3 a 

47% 46 

X 38% 



AA 



030 14 45 204 

i.oo i.ann t*i? k% 

060 21 S 152 29 

1® U 34 723 II 
048 24 18 787 IS 
144 74 12 389 
OIB 14 13 1053 16 
040 14 14 674 

10 169 . _ 

1.64 06 26 231 25% 

018 14 41 10 

144 54 14 2 23% 

048 14 8 S3S4 39% 

048 34 19 1085 
21 338 
7 1905 25% 

140 20391 1470 78 77% 78% 

42 2833 23% 22% ' 

096 07 295 10 8% 

8% 5% AffPnXfa* 024 34 25 59 7% 7% 

10% GAnaxfidx 008 14 8 3138 8 7% 

048 14 17 I7B 25% 25% 

040 14 16 2021 48% 48% 

046 44 69 9% 9% 

048 03 3413245 
147 04 8 2640 314 

...... 042 24 12 B 17% 17% 

31 21% Am BUM 080 13 15 143 24% 23% 

8% 7 An Cap toe x 045 01 Z33 7% 7% 

21% 18% An Op Bd 144 5.1 33 TV 19% 16% 

~ 148 4.7 0 fl 23% a 

1.75 17 25 3560 47 46% 

140 74 16 1450 32% 431% 

140 11 13 68D4 30% 28% 

1.16 4.1 24 2751 2B% 27% 

077 05 272 8% % 

248 84 S 50 26% 25% 

060 34 11 12 10 18% 

242 54 12 2857 59 

2% 2Ara Hat* 075 274 8 85 2% ... .. 

W8% 73% An** 040 05 14 3184 64% 83% 83% 
140100 717 10% 10 10 

040 14 11 413 a 

■% 6% Am IM Eh 044 58 6 72 8 

54% 36% AnSOr 006 1.B 15 4786 

1 142 25 1817257 53% 52% 53 

23 18% Are «Mr 9ft 1X5 IB 8 21 20% 21 

32% 24% AfrBMr 1.08 34 12 45 29% 29% 29% 

142 45 14 4538 40% 40 40% 

1-29 11 6 
024 14 74 1506 
220 44 15 4118 

OIO 1.1 7 24 9% 9 6 

012 11 17 8B 
140 44 ID 574 32 

M 185 4% 4 4 

030 05 661481 48% 48% 48% 

281628 30% 29% 29% 
044 17 a S 25% 25% 25% 

144 17 24 3460 53% 52% S3 

247101 4 26% 28% 26% 

20 82 31 30% 33% 

044 17 16 24 16% 16 18% 

142 IB 11 282 50% 48% 50% 

_ . 028 1.1 38 1174 25% 25% 25% 

II 9% AjmHOnF 073 74 190 10 9% 9% 

S11® 15% 15% 15% 

2 349 7 0% 7 

0.12 05 36 404022% 22% 22% 

OIO 04 18108 25% 25% 25% 

19 51® 79 47% 46% 40% 
OS 19 27 2439 7% d7 7% 

100 74 S 38% 

7 49% 

2 2272 5% 


10% 0%AfllA4R 
31 14% AnSamck 
40% 28% Aafflnd 
21% 14%AfflMdN 


24 S%AmCuCV 
50% 42% AreCyan 
40% 31% /MM 
36% 22%AmBpr 
36%25%AmGd* 
9% 7% Am South 
S 18% Am HU Pr 
26% 17% Am Hertlgs 
® 55% Aodtaree 
i 2 An Hoe* 
...J 73*2 An** 

12% 0% AnOpphe 
32% 18% AnPradt 
8% Am RrtBi 
j 36% AiaStar 
65 50% ATM 


45% SAnrtdi 
43% 30% Anannhc 
17% 10% Amtokx 
99% 48% Amoco 
10% 6% AnpeoPB 
7% 2%Afrmhc 

35% Z7% AnKOotl 
4% 2%Ananm 
51% 25% Anadaria 
31% i5%r 


2 % 


ffl 40 >b 40 40% 

8 41% 41 41% 

a 12% 12% 12% 
a 55% 54% a 


A A 


29% 2Z%Ai v*h 
60% «3%Aittdi 
27% 2S%AK(PpeP* 

49% SAflOm 
18% 11% AdUtnyto 
®% 45ABICP 
33% 17% ApachaOp 
11 9%Apa 
18 8%APH 
14% 4% An* Mao 
22% 14% API* PH A 
27% 20 ARdDl 
50% 39% AnpOan* 

10% 7% Aiwa 
43% 38% At* PI 
51% 42% Anas 4J 450 00 
4% Araco 

21 AnanllP 110 03 


57%ffl%i 
45% 28% Arm Bee 
8% 3ArtraHp 
37% 25% An* tad 
S% 18% Aon 
31% 22Ari*dCod 
44% 24% AMi 
25% 12% Aria IhcF 
7% 1%AMthNT 
41 25% AkMGbs 
302% 229 Ad RWi 2 
42% 34MHB6M 
10% 5%AMaSaa 


2 2S? 


AA 


25% 

58 


1® 11 42 829 

16 2177 41% 41% 

0 S 5% 5% 

0l 78 15 18 438 31% 30% 30^ 
Offl IX (5 738 26% 

040 1.4 11 » 

150 15 1816a 

027 M 
020 OB 1 a 

012 03 a 10 
an 12 zioo 

2® 10 15 95 

028 II 8 4 



S% 19% An Eva 154 75 11 114 20% 
127% 95% ASfcU 550 55 60 2806 105% 


5%1 
0% 9 . . 

9% 2%A8» 

31% 22%Ataa .. 

12% 7%AtMAM Offl 5.1 13 1087 


jl1%Au|* 

12% G%*jslbFd 
56% 48% AlAda 
25% 14% Awnraa 
19 14 AMx 
45 ZBAmt 
W% <7%AeanPr 
16% 11% AyffliOxu 
9% BAltr 


i 136 «9% 

MmEogri 088 11 13 56 28jfe 28% 


237 237 237 -3% 
35 34% 34% -% 

8 9 9 

20 % 20 % 

99 1® 

9% 


040 1.7 a 546 a 22% 
OIO 00 202 11% 11% 

052 15 24 1984 55% 53% 
044 18 12 65 16 16 

004 02 2 2130 16% II 
050 M a 1294 a 41 
150 32 16 3177 57% 58 

13 77 13% 1! 

24 024 7 



38% a BCE 
8% 5% BET MM 
8% 3% Bunco 
19% 16% Briw Fani 
28% 17% BaUH 
Z7% 15%BaUHEK 
37% 24% BTOCp 
18% 11% BKMd 
11% 68*7 

27% 22% BoaOE 
19% 6% BaRButqj 
44% 31% DneOne 
27 ii%Bnflraa 
27% 7®%Dsnco»¥ 
15% 9% BaneoQMK 
36% 28% Bopimal 
2% 1% Bandana 
63% 44% Saratoga 
55% 40% BarikAm 
86 71 BsnkBM 

S% S% Man 
49% 40% flk flush P 
62% 50% RjUHV 
50% 43%fta*Are4 
85 mBanWWB 
84% 65% Midi 
33 Bchn« 
35% 20*2 BadfCR) 
34% 29 1 ! Bamaafrp 
30% 37%BamBi 
12% 4% — 


57% 431 

a% TOBaoar 
32 24% Bn SI Gas 
3 S% 84 Tr 1838 
X ISBW&ns 
ffl% 45%Ba*9PW 
35% 20%Baafenp 
3% 19% Bodmon In 


- B - 

1® 7.1253 1237 38 
015 22 31 72 71 

0 U S 6 

144 117 68 1 

048 14 45 B»2 T . 
040 1.7 22 65 23% 

0® 13 S 249 H 
005 04 19 328 14% 

20 4254 8% 
1.46 04 12 832 a% 
020 10 S 4379 19% 
124 36 11 3297 34% 
9 49 1127 

1® 40 8 207 23% 
079 7.7 4 51 10% 

1.04 13 7 356 31% 
50 1048 1% 

070 IJ 16 I® 53% 
1® 18 8 575* 42% 
544 58 22 64% 

O® 18 10 2014 2«% 
1® 60 » 49% 

1® 14 9 2124 53% 
325 05 ® 50% 

OW 63 ® 94% 

1® 53) 5 2472 72 

ITS TDM S 32 
O® 21 a 572 26% 
MO 4.7 42 4 30 

1.44 12 11 14® 46 

OK 04120 6268 12% 
0® 10 IB 2310 50% 
U» A2 24 6235 24% 

1 42 53 16 58 26% 

1.72 02 29 21% 

060 18 5 3050 21% 
275 55 S 49% 
054 1.7 S 379x36% 
040 1 J a 1878 28 



26% 28% 

21 21 -% 
21% 21% -% 
49% 49% -% 
35% 36% *1% 
27% Z7% -% 


TEDMUXTnUriMIBSHMUH 



Dual 1 Bit 4 Times Oversampling 
Digital Filter 





4JP 


68% 21% Baa Buy 
28% 25% 880)812 

57% 50% Ban® pi 

24% 12% BHISt 
62% 40B6OL 
16% 0% assent 
37% 14% BOOTS 
32% 20% Bhidnffn S 
22% 16% BDa* x 
iHPL 





10>_ 
a 31' 

34% 1! _ 

8% 7%6naO*p 
28% 9% BMCH 
48% 33% M® 

27% IB%BaMC 
21% 4% BoAB&N 
17% 8%BaR»Ql11 

21% 18% BMnCefl 

37% 13%B3MFnd 
39% 32%BflEPnh 
90% 45% Br%Et 
®% 67® Brtrtwlnt 
B7% 58% BrtWfSq 
74% 40 » Air 

54% 40% amen 

n 42% ® 

32 BP Prufme 
21% 8%BEM 
74% 57% BT 
28% 21%BMjnU 

37% 2S%BrwiGk> 

9% 6%BhmSn 
89% 73BmF»06 

30% 20% Brf«T 
4% 3% BBT 
23% 12%Bmw*( 

17% II BnaftMIx 
41% 28% BudmaPt 
IB% 74% Bunker® 
17% 13%BOBarK1 
S% 13 Bui Coat 
E6% 42 Bun 

54 36% Burin flesc 
20% l5%BDiftnPC4 


W. H ' 

rnr % E U 

074 \a 13 842 30* 

032 4J 3 ® 

176 5JM5 5B64 
04Q 15 14 127 16% 

2.76 5.0 26 2971 
0® 1.1 24 X 

054 13 24 675 

430 09 19 82% 52% 

1® 40 12 228 38% 37% 

042 U 19 82 31% 31 

004 18 14 301 1% I 

048 18 23 400 17% 1?% 

040 4.6 61 24 8% 

44 2847 b70% 

2® 13 a 27% 

500 9J 23 

0« M 6 2174 22* 

1.40 ZJ Z5 Z77 Si? 

32 2065 14? 

OIO 07 a 756 15 . 

0® 1J 69 1401 31% 

040 1J 22 *249 l£Z% 21% 

112 6.1 12 20 21% »% 

073 7J 291 8% 

075100 8® 7% 

070 70 552 9 

M2 14 Z7 1054 47? 

OIO 04 a 104® 

0® 9.7 38 6% . _ 

14 187 25% 24? 

UM 12 12 S248 46% « 

On 2J 8 616 26% 26% 

0® 03 28 1023 20% 10% 

072 58312 5® 12% 12% 

OX 11 57 20® 14% 014% 

IX 03 6 B 19% 10% 

a® 16 12 8® 23% 23% 

027 UJ 684 26 25% 

1® 7.3 7 85 33 

114 11 15 13S 89% 88% 

® 578 «4 48% 

2 SB 05 1311011 53% S3 

1.18 IB 14 333 63% 67% 

144 55 11 280 46 44% 

1J84 18 22 3453 66% ©rtl 

170 8.6 8 172 25 24% 

010 0.9 21 390 21 20% 

101 54) 15 11® 59% 9% 

115 13 14 BE 25% 25% 

150 47 06 1® 1137% 37% 
032 47 15 16 6% 6% 

184 31 14 82 88% 85% 

Q® 14 24 3861 29 28% 

6 6 4 4 

044 15 38 1067 23% 22% 
020 17 40 214 16% 16% 
2JU 75 10 65 36% 37% 

170 74 0 28 16% 18% 

1.® 01 18 21 16% 16% 

19 430 27% 25% 
170 17 20 3602 64% 62% 
055 17 22 1214 45% 44% 
140 74 23 2785 18% 16% 


t£ 





A 

i 

is 

1 

-% 

1 

-T 

-1 


-2 

A 


- c- 


35% 21% CM 
138% 106% CBS 
a %cainc 

% ji CF He LIB 
27% ia%OCEn 
101 670HR) 

51% ®%CPC 
20% 13% CPI Cop 
92% 66% CSX 
24 17 Old Con 

25% isonww m 
132% 74% CattMnn 
58% 37% CBboC 
27 1St2 Cds* QIC 
24% B% CadncaOnpi 
S3 37%CBwnm 
3 2 CallM E 

18% 9% Cohan Cbn 
20% 17 QCngy 
23% 9% Cal Fed 
25% 16% CBM® 

45% 35% CmpMS 

1% ACanq**® 

18% 12% Cadhc* 

719477% Cap® 

53% 31% QtpM 
15 12% CpsM ITfix 1X100 
1% 2H% CwMI.6* 1.® 6 lO 



0* U 29 606 33% 31% 31% -1% 
2® OB 15 432 322 316% 320 +1% 
0 14 

016 427 0 ® 

072 3J 11 7061 22 
15 2® 67% 

IX 18 16 1425 48% ... 

0® 14 17 164 16% 18% 1i 
1.76 20 25 1313 87% 88 66% 

0® 17 18 35 U24 23% Z3% 

070 17 171122 19% 19% 19% 

2B 2654 122% 116116% 

JJJ4 IJ 27 2® 55 54% 64% 

016 OB210 1® 21% 21 21 

725 2373 14% 14% 14% 

12 24® 50% * 49 

033 157 1 
018 17 28 7® 

17 


29%apadiigax 13211.6 
_ . 11% Csuwvk 
38% ZSCadCo 
20% 12% CamMaQ 
1% % Can*»Pc 

18 9% CuohaFr 
34% 3%canu. 

‘ 47% CprbT 
®%tataVM 
19% 15%Ca»hN6 


» 2 % 2 % 2 % 

7® 13% 12% 13% -% 
« IS 17% 17% -% 

1 2439 Wh 9% 9% -% 
0® 10 62 187 23% 22% 22% -% 
1.12 29 16 2674 39% 38% 38% -% 
34 2176 % % S 

032 17242 2446 17% 17 17 -% 

070 00 24 539710% 6® 703-15% 
O® 15 102430 32% 31% 32 -% 

616 13 12% 12% -% 

18 Z7%d2B% 


71046 29%d2S% 


11 6%CBriTfrmr 

121%®% Q*|* 

14% 6% CD) Cop 
36% Z7 Cedar ft* 

20 11%CenEp 
46% 26% Caefrx x 
35% 27% CarfrHdan 
27% ZlwCWIfr* 

24% 12%Car*lUo 
29 20% Cm* Hum 0« 1.7 23 
25% 18%C»**W 
34% 24%CMSW 
CenanyH 
24% 13 earth 

X Z7%Omphx 

12% 7%a®Hi* 

14% 5%QartHn 


, - 1 % 

17 5578 19% 16% 18% -% 
072 11 18 453 34 33% 34 +^2 

12 IS 18% 18% 18% +% 
0 33S % d% % -% 

020 1.7 16 112 11% 11% 11% -% 
170 6J 12 9H 27% 26% 26% -% 
2® 17 16 S 65% 65% 

033 17 35 169 22% 21% 

M6 17 15 47 17 16% 


OK 06 17 77 8% 8% 8% 

0® 05 17 70® 119% 116% 117% 

31 36 12% 12% 12% 

2X0 5J 12 128 34% 34% 34% 

HU 7.0 1 3883 11% 11% 11% 

020 06 14 1044 35% 34% 35% 

1® 09 11 97 28% 28% 29% 

1.® 19 13 164 24% 24% 24% 

on 7X 7 771 13% 12% 12% 

90 28% 27% 27% 

1.C 7.4 11 76 19% 19% 19% 

170 18 15 2173 25% ©4% 24% 

032 U 17 433 24% 24% 24% 

44 386 24 Z3% Z3% 

020 07 20 1232 30% 29% 29% 

020 121® 144 11% 11% 11% 

28 629 14% 13% 14% 

PIF 3® 10 8 50% 50% 50% 

1-32 42 17 3312 33% 32% 33% 
B 1 121 2% 2 2% 

82 114 13% 19% 13% 

OS 14 0 223u12% 12% 12% 


7% 1%OfrMB 
14% 9%QckS)r 
12% ia%awB®c 

“ 2S%OiaHd 104 10 10 s 34% 

SOtantt m 40 6 61® 38% 

21% 7Qrafr«tata 020 24 5 3726 6% 

27% l7%Qnapaafea 072 10 54 131 — 

1D0% 67% Omm 170 41 23 3770 
»% 270* Fad 145 13 194 

----- on 1.1 1214 

91 241 
B 338 
® 16 

080 14 815537 56% 

154 IS 18 3473 74 73: 

104 48 10 631 63% 62' 


•S 

! 

I 

$ 


10% 10D*Br 
10% 6% Back Ft* 
43% 30% C&Crfl 
36 22%CMtt*h 
63% 29%analr 
96% 72% OHM x 
D% 56%agna 
9% 7% OomHlx 
43% SOaxph 
15% 0® Bel 
. 23% Cksfiaa 
29% 16% OH 
3% 1% Onepte 0 
33% aopam 
33% lB%Cha*Q 

«% 27% Oran Ck 
44% ®% QDap 
27% 29% aacp012 
96 72% CKpPGAd 
1M% MCfcpPOAd 
>9% 13%Ctzn®A 
19% ISC&nUlB 
11% e%CBrNaH 
23% 12 0*83 Cl 

05% 19% CbrfdEd 
26% 16% damn I* 
11% 7% CtonrtaG 
97% ®Chn7.® 

45% 28% OseCS 
95% 81% QmU B 
55% 44CUrax 
29% 21%CU)IM 


0® 107 4® 6% 8% 

146 7J 12 41 34 33% 

0® 49 17 326 16% 18 18% 

1.72 7.1 62 5026 24% 24 24% 

036 IS 16 123 24 23% 23% 

3® 1384 3% 3% 3% 

196 69 II 58 28% 28% 28% 

0® 04 15 3082 21 20% 20% 

28 8132 36% 35% 35% 

190 16 9179® 33% 37% 38% 




290 89 7 25% . 

O® 64 113 93% 03% ®% 

790 79 4 99% ffl% 

21 308 15% 15% 1! 

192 99 7 315 15% 15% 1! 

064 72 14 509 9 8% 

012 09 18 341 22 21% 21 

26 7® 64% 82% O' 

20 822 2Z% 21% 22 

097 15 44 16% 10% 10% 

7.56 08 2 66% 88 86 

190 2 7 9 131 44% 43% 44% +% 

7 40 18 3 83% S3 83 •% 

in 15 16 457 51% 51 51 -% 

. r on 1.1 12 a 27% 27% 27% •% 

J.3 10% CMA heme I®9J 54 ti% 11% 11% *% 
20% 1 (% Craefroen 0X4 19 10 G3 18% 18 18 -% 

0.® 29 14 53G 14% 13% 13% -% 

0.® IX 32 976 33% 33 33% 

078 19 2411103 42% 41% 41% 

OK 0 3171 447 18% 18% 

OIS 07 25 1154 23 22% 

a * 27 " 

1.44 24 1711361 
070 05 113 10% 10L 

0® 75 187 8% 8% 

070 99 245 7% 7 

OK 69 4® 7m 7% 


18% 9% ComlSM 
33% 23% Cobs* 

45 37% Coca C 
19% 11% CDcaEn 
24% 9% CBw Da* 

38% 25% Oalinan 
67% 48% CdsFa 
12% 10% Cotaihir 
9% 8% Cdsdal H 
7% B% CUoidril 
8% 7% OslonWH 
29% 16% CoKfln 
«% 38%C*CA 
24% 13% CanfixcD 
35% 25%Camo1ca 
24 l8Den*Me 
30 10% Caranl IM 

7% 2% Cn mu tw 
3l%2S%amn£tfi.42 143 53 
26% 22% ConmEdlX in 79 
27 23% ChmSdl® 1® 79 3 2 25% 

31% SSCommEd in 891® 3754 26% 
19 8% Cdmui Psy 038 11 29 930 17% 



XK 00 W 71 ft IM 

132 01 8 5® 29% 28% 28% 

012 03 52 8427 43% ®% <3% +% 

036 19 10 1 26 22% 22% 22% -% 

1.12 4.1 9 2023 27% 27 27% 

O® 19 17 5 23% 23% 23% 

0® 19 15 418 25% 24% 24% -I 

0 96 3 3 3 

2 27% 27% 27% 

«- X 24% 24% 24% -% 

27 23% CMnGdUO 1® 79 3 2 25% K% 25% <% 

SSCmmEd in 891® 3754 28% 26% 

17 17% -% 


41% Canpaq 


16 84G8 104% 101% 1®% -1% 

t 565 % % li I 1 * 

19 4999 39% 38% 38% -1% 


% Cnmprthws 

44% 20% CRUM* 014 04 
41% 33% CtapSd ® 030 39% 36% 39% 

0 6 CnaptrTGp OIO 19 3 294 8% 9 0 

35% 24% Comal 074 2.7 14 534 27% 27 27 

33% 22% (Mpa 072 18 16 7704 23% 27% 

32% 23% Canned BE 1.® U 14 52 25% 25 

S'i 20 Connect &) * 1X8 10 15 92 21% 21% £1 

25% 9QWWP* 1 5974 18% 17% 17% 

re62%CwsE4JS IS 79 2 to EB BB 

37% 3B% Qma 290 17 (1 1727 ®% 21% 29% J, 

590 7.1 12 70% *% 70% 

33 351Bu29% 27% 29 +1% 

194 4.6 20 516 43 42% 

190 11 22 2732 61% 60% 

20 1018 10 18% 

®% 



o® 09 Sion GS% 


4.18 7 A 
7.® 7.6 
7® 7.9 


175 75 
2X5 13 

on 15 
190 42 
004 04 
1.33129 


79% 67% Cora Ed PI 

28% 13%C«Frt 
55% 41 CMMC 

EB% 49Cnffiri 
22% 14% CaMSbM 
75% 44%CanuHk 
61 50% CRar 4.16 
181% BflCfter 7.15 
102% B7ConP758 
18% 7% cent Male 
50% 44% ContBk PI 
26% 28Ctrt8tf« 

35% 19% CDrdSk 
34%£2%CDQCD 
11% S%CowtM 
11% 10% Com H PI 
8% 3%CamnCm 
1% ACdowCb 
54% J7COO(*n 
39% 3 Coma- T&fl 022 08 221419 2i 
18% 7%C*8hd 
27%24%Crfflt 
3! 24Qrtn 
J6% l3%CaundrTln 
35 22% Comoy cr 
11% SixOaaninllr 
16% 14% Cantnpr 
13% 7%Cn*o 
38% 22% Crane 
24% l5(M*ord 
33%®% Cm®, 

46% 37% CUM 
12% 10% Ml 


A 

X 
« 97% 
97 97 

11 % 11 % 

50% S0% 


n 


zlO ® 

2 97% 

2 97 

S 49B 11% 

11 50I4 

S 27% 27% 27% 
8 784 34% 33% 33% 
91644 23% 23% 23% 
<7 10% 10% 10% 

95 11% 11 11% 

2 473 6% 6% 6% 

0 836 1% 11% 

1.32 14 14 1844 39% 38% 39% 

- 

024 15 12 272 12% 12% 12% 
1X0 45102009 26% 20% 26% 
O® 113582230 32% 32% 32% 
OT2 09 90 13% 13% 13% 

a® 20 8 3016 24% J3% 24% 
0® 4.8 69 4® 10% 10% 10% 
0® 5.4 35 201 17 16% 15% 

8 II 12% 12% 12% 

0.76 ZJ 17 202 28% 28 28% 

090 11 IS 4 16% 16% 16% 
13 667 B% 31% 31% 
192 29 13 338 45% « 46% 

1.18105 13 1488 10% W% 10% 


10% 7% CRUqRa 
27% TT^CmamhnU 
41% 33% CnmCS 
13% 7%CRSSkr 
4% %Qy®dBr 

30% 16% CUC M 
19% 13%DdBn> 

74% 53QimUBn35 
97% 37% Cumnfil 
13% 11% Dnenth 
40% 31%Crts*r 
11% 7%CVMx 
11% ^=feisn:Sn 
19% B%Qpi3Pi 
33% 21% CjpAot 
17% 13 CUBE 


k % e nm 
1142S5 9 84 
0® 1.7 23 183 
19 10S 
012 19 33 292 
096 125 Q 39 
<2 2480 

an MW x 
390 SX 18 
090 19 10 1854 

an 8.1 a 62 

190 25 62 2 

198 09 B 31 
7 ® 
BS 6306 
050 29 172046 
710 


ss 

" 5 ! 

31% 30% 
M% 14% 
a 67% 
Sl% 51% 
12%d11% 
36 X 
10 % 10 % 
10 % 10 % 
IB% 17% 

as 


8 % -% 

S% -% 

Si 

& 4 

0% 

n< * 

I A 
KS 
i 3 

5% -% 


21% 10% DR. Kama 1.18 
a) 12 Mm Sea 
01% 44 Dan 1.® 
«% 24% Dane* co 1 012 
irf 10% Dadd lad 0.18 
13% 7%0rtuGn 
8% 3%DdmoW 
8% 5%Da*mW BL20 
85 B2% Da|HI 1.S 
tWlj MDytnPL7.7 7 JO 
2 1 DOLE) 

10% 6%De3«D an 

33% 23% Dean Foods 094 
46% 30% DuulHD 090 
9% 6%De*MQr 072 
80% 42% Deera 290 
2% %M1MFn 
25% 20%EMaPL 194 
68% 45% OttaAl- 020 
18% 0% Ddh HU* 0.40 
3% % Oefrxv 

47% 30% Defend tM 
102 93 0abGd7AS a 7M 

1® 96%DeeEd79da 796 
37% 27% (Max ZK 
28% 20% DaxhrDp 088 

30% 17% Diao Prods a® 
45% 35% DUN 1.12 

13% 9%ouwi an 

30 170tamandSh 052 

is% anaadCDm 

«% notabrid 

49% 27% OWE 

52% 32% mu an 
0% 4% Dins Sv NY 
98 38 0haey 030 

37% 25% OdeFd 0« 
48% 38% Danflei 294 
6% 3% Dsartarhe 0X5 
50% 33% Donaldson 056 
32% 28%0on*r 056 

68% 45 Dow 0 lS2 

66% ® DbhOi 1® 

41% 26% Dmrins 054 
14% DanueySSL a® 
DFL7975 


-D- 

59 14 1» 20% 20% 

IS 834 W 1 ‘ 

25 71 1838 

09 21 139 

15 X 32 

3 1608 
5 74 

29 80 35 

29 18 1377 

7.7 



§ 8% 6% 
8 8 
74% 74% 
230108% 100% 100% 
88 1% 1% 1% 



098 


JIT 


1® 06DPL7. 

37 30% DOE 
28% 14% Drfhp JJJp 
13% 8% Oram 
25% 17% Draw 
50 35% DrcyftB 


798 
198 

092 
066 

. 076 

11 9% Orta Fd S OBB 
12% » s a Drdis St 6 OM 
11% 16*1 DrfuaaM 173 
®B3%DaFtH49 490 
44% 35% DiAdPM 198 

28% 15% Duka ffiy in 

R% 55% Dnenl 144 
50% 44% Dim 1.78 
30% 25% Quit 4.1 105 

29 23% Dnmisl75 198 
30% 2S%Duome490 250 
31% 27 DU*. 45 2.10 

i % 2S% DlxpLM.15 298 
1® 82% DuqL 75 7X0 

44% 27% Draaosl 
12% 4% DVD* St 
17% 12% Dynasdoi 


an 


0X0 


15 31 14 7% 

2.1 18 1454 31% 

1.4 91880 36% 

89 3® S' 

29 21 45® - . 

0 43 1% 

79 12 1® 21% 

04 71638 
14 17 ® 

0 25 

49 16 3073 32% 31% 31% 
76 HO 07% 97% 87% 
7.7 130 90% 99% M% 

7.6 8 25)4 27% dZ7 Z7% 
17 16 3® 23% 23% 23% 

12 17 S7 18% 18% 18% 

17 18 434 42% 42 42% 

69 38 615 10% W 10% 
19 27 4® 28% 28% 28% 

21 73 12% «% 12% 

29 23 227 38% 37% 37% 
<7 6367 32% 31% 31^ 
02 1525® 33% ‘ 

62 802 9 . . , 

07 32 7S® «% 45% 45> 
IX 28 235 34% 34% 34% 
BX 13 10® 41% W% 
49 8 B 5% S% 5% 

1.1 21 93 49% 48% 48% 

19 2S 2673 30% 29% 29% 

14 23 730 65% ®% 65% 
40 » 6534 65% 65% 65% 

11 Z7 1199 40% 40% 

17 IB 11 18% 18 18 

74 7 IM 1® 1® 

13 11 423 32% 31% 31% 
17 1434 26% 25% 25% 

12 5 36 12% 11% 12 

29 12 4314 24% 24 24% 

19 IB 519 4B% 40% 49% 

7.1 4® 9% dj% 9% 

92 2® 9% 9% 9% 

7.1 2® 10% |M% 10% 

BLO 12 75% 73 75 

55 13 1141 38 37% 37% 

75 27 701 25% 25% 25% 

45 251885 61% 61 61% 

11 B8T6320 57% 56% 56% 
79 7 27% 27% 27% 

79 2 25% 25% 25% 

7.1 7 28% 28% 28% 

79 3 28 27% X 

79 H® 26% 28% 28% 

7.4 8 96% 96% 96% 

11 37 711 42 41% 41% 

29 ® 10% 10 ia% 

19 18 204 13% 13% 13% 


14% 2ECCH 
24% 15% E&8G 
4A| 36%ESysbn 
20% 23% EM Ms 
30 23% E B* 

46% 3B%&rifli 
84% 41K0&C 

62% 38% Eaten 
35% 22% Edrin 
23% 1&%EGDtUhc 
®% 2B Eason Bra 
25% HEdnnk 
12% 6%0Bn8nni 
36% 17 Bear CHp 
» 1 BsetAm 

9% 5%qer 
8% SBsdnt 
23 5ABCCnni 
0% 6%EmavGaam 
65% S2%EmsnB 
8% 6%BnpriKJ5 
24% 18% Bcpte DM 
1 7% Employ Bm 
l 32 Endesa AOH 
1 18% Bmgsi Cn 
31% 19%B0hd 
17% 12 Ends Bose 
500% 306% Erne 109 
37 2% Enron 
54 28% Emu CBB 
52 47% ErkMJ E 
1® aSEnsCMJFE 
22% 13% Bun* 

12% B% ErarehEx 
37% 31% Entrm 
29 17EMDB® 
12% 6% BK Green 
3% 2% HK Redly 
22% 17% Eqidfax 
2% 1%EqdHE 
44% 33Bpdfed* 

13 7% ESBtda 
<37% 10% Oqtfx 

14% B% BnxnFd 

19 18% Bnxlriar 
W 57% Bum 


- E - 

020 15113 202 12% 12% 12% 
095 3X 12 471 17% 17% 17% 
1X0 17 12 887 45% 44% 45 

I.® 18 10 1® 25% 25% 25% 
1.® 5.1 10 8® 27% 28% 27% 
in IB 16® 41% 48% 41 

150 39 3t 4488 45% 44% «% 
1X0 15 23 2108 61% 81% 81% 
070 ZX 1923® 31% 30% 31% 
0® 29 18 420 22% 22% 22% 
1X4 49 13 75 31 30% 30% 

OSS 29 7 600 20 13% 10% 

62 102 7% 6% 8% 
022 15 13 384 22% 22% 22% 

1 55 3% 3% 3% 

137 ® 8% 8% 8% 

10 277 3% 3% 3% 
092 14 446007 22% 21% 21% 
012 1.4 188 8% 8% 8% 

190 19 18 2D® 63% 62% 63 

047 85 J® 7% 7% 7% 
1X8 69 17 40 20 10% 19% 

BS 4M 10% 9% 9% 
054 TJ 18 1782 54% 33% 54% 
198 45 12 » 22% 22 2% 

044 19177 785 31 30% 30% 

058 18 12 82 19 14% 14% 

H9 24 10431% <31% 431% 

075 13 24 4112 33% 31% 32% 
024 05 » 744 45% 44% 45% 
178 79 Z1« 50% 50% 50% 

790 85 H® 100% 101% 

0X0 19 92 8® 15% 14% 14% 
030 4.4171 0 8% d6% 6% 

in 5.7 12 3729 32 d31% 31% 

3 80 20% 28% 20% 
1.10 106 74 a 10% 10% 10% 
1.10445 3 72 2% 2% 2% 
098 11 31 14® 27 2B% »% 

OXB 114 3 229 
1.14 12 15 3® 

2 « 

090 45 10 1337 12> 

075 59 2S5 13‘ 

a U 15” 

1X0 74 17 II 

298 44 15 8467 



4% IfeFAIInw 
18% 14% FTDmrtai 
10% 12%FaMCM 
‘ 29% FrefWh 1 

_ 6%FmsMx 
21% 6%F«hkK 
7% 6%l%dDnigx 
69% 45%F4dthiLi 
53% 47Fedrei875 
■ 23 Fod (By 1 
*%Fed*a 
44% FsdEap 
. IBFaOUV 
«% 73 FedNW 

27% 19% Fend 

21% 15% Federal So 
73 i7%FsdOmea 
% 26% Ferm Corp 
1% 18%HdCan 
PS 8% IBM 
33% 12%FhB*M 
43% 35% Hot Am B 
34% Z>% RsffikS 
“ 7%FWBo* 
B%FBHnsa 
37% 27 s * Ral Ond < 
06 74% FUChACn 
51% 47% FflCDACPC 
100% 88% FriCHatpC 

52% 33% F*CMfl 

52% 40%F9Hd 
33 Far Fd 11 
11% FfealFi* 
®% KRAFnll 
76% 44% FaW 
~ 8% FsO* 
10FSFMF 
37% FdIMn 
.. . 51% FM UP! 
12% 7% FsfeWI 
41 31% FtstVfeg 
37% 29% FtehrCa 
3B 23% Heeff 

27 16%RMfia 

34% 23% FtanOk 
44% 31%FI|*Bdlr 
36% 23% FtePlfl 
2Cx 18% mm 
54 nneri 
54 41%H*CC0 
7% 4 W6d 

«a%FBUBCM 

TO ® Feed 

11% lORsOss 

v£*\SL 

^1 32% 

14% 9%Fiaka0a 
S 7%Fra*PF 
51% XFmNRs 
41% 27%FradHeier 
8% 

5 4%R1MB 

5SS 


- F- 

0X9 7X 57 2 4 4 4 

1.12 75 67 15% 16% 15% 

012 07 31 71 17% 17% 17% 

390 09 dOO 36% 39% 3S% 
040 12 26 5 7% 7% 7% 

HK 36B 20% 19% 20% 
10 14 96 5% 6% 6% 
19 13 42® 56 55 5S% 

59 10 51% 51% 51% 


0X0 

154 

188 

196 


£3 


0® 

240 

150 

0® 

054 

OXB 

016 

190 

1.16 

072 

091 
032 
890 
ISO 
050 

in 

198 

115 

OK 

010 

290 

an 

OJB 

in 

393 

040 

1X4 

154 

1X0 

050 

1X0 

a® 

198 

are 

092 

aos 

1x0 

oxo 

in 


5.7 43 44 27% 28% 

59141 857 0% 8% 

24 1582 71% 69% 

M 30 371 35% 34% 

19 10 8424 82% 81% 

35 74 224 26% 23% 

11 17 457 21 20% 

10 1837 24% 23% 

1.7 17 258 32% 31% 32% 

27 1012 34% ®% 34 

10 30 8 8% 9% 8% 

09 21 1759 32% 32 32% 

42 10 707 38% 38 36% 

18 13 1243 32% 32% 32% 
97 2® 8% 9% 8% 

89 231 9% 9% 9% 

09 14 97 36% 35% 36% 
91 “ 

7.0 
8.4 

12 
17 

90 
04 



3 

-a 



32% 21% FtLewn 
02% 67F0MED 
15% 11% Future Gmr 


56% 48% SAW 1073 
44% 3i%enx 
67% 47% G0CO 
11 5%GRCM 
1% 31%GIE 
% 78% GTE 2475 
1% 16% STEF 1X5 
12% OTDBrirtEq 
37% 25% GaUgCr 
17 B%edOi*lM 
5% 3%GrirHsta 
SS 46% Gancdt 
48%a%G**c 
30%a%eco® 

13 11%fisnHll 
20% w%Geret*l 
17% ii%aotnp 
30 21 (MM 
120 HA GocDyn 
®0%8o%0e«*c 


18 86 94 94% 

13 60% ®% 56% 

10*101% 101% 1®% +1% 
5 40® S1% 50% 50t 2 -1 

91090 49% 45% 45% -% 

9 36% 39 36 

2® 12% 12% 12% 

OX a 787 57% 56% 58% -1% 
29 11 4684 U79% 77 77% -1% 

1.8 63 1608 u17 16% 

4 A «3 17% 17% 1 

18 9aiB 42% 42% 

89 13 32% 5C% 

M 9 218 7% 7% 

IS 10 541 38% 37% 

11 10 &® 34% ® .. 

12 13 1895 37% 37% 37 

2.1 IB 508 24 23” 

49 24 697 25 24% 28 

19 18 1152 39% 38% 38% 

17 13 342 29%d29% 20% 

4.4 17 184 18 T7% 17% 

15 S 3195 51% 53% 

43 20T7 48% 

17 9 833 7 

18 18 M 42 

1X 14 227 
29 4420704 . . 

la a 10% 

19 a 2334 44% 

2.0 17 219 14% 

75 14 1875 31% 33% : 

04 701 11% 11% 11 

83 1D3S _ 

17 19 C7B 48% 47% 47% -1% 

17 GO 40*2 « 40% -% 

18 5 8 8 8 

15 10 10 5% 5% 5% -% 
45 8 43 42% 43 

11 24 18® 2D% 20% 20% 

11 7 182 23% 22% X 
11 3220 31% 30% 31% 

15 S « E7% m 87% 

05 IK 14% 14% 14% 



£ 


- G- 


188 7.1 
ISO 14 

in 15 

198 10 
1® 85 
1X5 79 

in 94 

an 10 

1 JO 133 
004 as 
1X2 u 
040 OB 

in os 
on 15 
on 40 
aiz as 
1.® 15 
29B 29 


80S 
14 T95 

13 ffl 
17 933 
30 8788 

51 

2 

373 

14 37 
107 

211 3287 

® 84 
61 

8 74 
IT 1030 
1® 
10 «S 
a 8015 


S 54% 54% 
44% 

64% 53% 
oil 18% 10 
31% 31% 31 . 
28% <08% 2B% 
17% 17% 17% 

11% 11% ir 
20% 28% 2 
13 12% i: 
4% 4% 

?ss?a 

19% 19% 19% 
15% 15 15 

22% 21% 22% 
00% 89% 89% 
104 103% 103% 




10% 543 Hob (US 
21% i£% Gen Haase* 032 

aa 

38% 26 

42% 22% SUM 
34% 25%flenPlR 1.70 
i33%nn%Gnflex 152 

a afeeSfl on 
51% 31% Ssw* tfe 

. . 9% Geneva a 
7% 2% Gera* he 
39%32%G*tft 1.15 

20% I^Q^O 
77% S&0ri> in 
1D3>2 07% Q0M75 790 

105 940*17.72 7.72 


a' 


1S% silcBOrSel 0 a 
13% 10% GfrimnyFd 058 
18% 9% Gar® 

is% lOGeByrn an 

1*% 7% SwGip 
13% 5%9mthdl on 
67%47%GB8 054 

l% BKmfrD 

091 



1§ 11% Ghasn Ca 

?0&SSSr 

67% 5l%GmsrW 

^as?« » 

84 64% Gt Lakes C 038 
6^7 38%StlBih» 1X0 
20% 15% GSIVHi 032 
36% 27% Green MPa 2.12 
62% a% BeeD Tree 0X8 
18% 12% GretaoEna OXB 
1E% 12% Grow 0X8 
12% 7% GnnXhSDa 015 
d8%H%Gmm 1X0 

40% i5%amw» 

18% 10%B ndT 032 
a 18% GaUftedU 080 


on 


044 


TIL n Bl 

% E 10* M® 

65 10 162 6% 
23 15 6 14% 

W (7 38® 55% 
1.4 2725E80 50% 
15 9 6994 35% 
23 21210 35% 
59 11 1268 29% 
15 13 1691 107 
25 24 885 35% 
82 SOBS 47% 

1 1» 4% 
34 230 18% 

2 200 6 

32 <7 8S7 37% 

32481 27% 
21431019a 87% 
79 *201®% 
7.7 2M0% 

25 18 61® U33% 
ua 58 (4% 

44 181 11 

12 

0617 - 

27 ffl 14 

13 6 154 0% 

14 33 37S 05 

0 1206 2 

45 1318270 18% 
118 ( ” 

18 578 
ai in 

23 29T9 
11 <® 

08 9 004 
11159 2® 

7.1 301 
MIS 4142 

* 2® 1-_ 
12 » 517 43% 

1.1 O 7S3 DOB 
10 60 5® 

1 J 174 1 . . 
05 10 106* IS 
90 9 16 30% 

54 ez aa i - 

19 13 17 

OJ 13 776 40 

1518 23 M% 

14 M IT 17% 

15 385 11% 

15 32 43® 

5759 

25 21 MO 1 
25 15 52 


A A 

a% aS 3 

MS 

is!-* 

18% 18% 

5% JS 


28% 28% 

68% 67 

100% 100% 

109% 100% 

32% 33% +% 

is a a 

10 10 

a 

. o -% 

04 64% -1% 

S 18% «% 



-H- 

20% 15% HSQHcae 000 14 151 17% 

07% atfCTri ADR 152 16 172470 SI 
16% 11% HOE Props 158 74 17 U 14% 
3% 2% Hadrih 1 13 2% 

44 25% Kdbto in 3.1 22 1615 32% 
8% 3% HdteOOd 14 95 3% 

14% SHnckAb 042 13 37 4® 9% 

18% 1S% rrcaekhci IX6 11 a 37 18 

25% 2l%HUeU*nx1BB 74 29 20 22% 

16 9%Hdidiamna 044 35 n i® n% 
17% 11% Hm* Ihnii 0X0 14 a UT 15% 
38 25% Hanna 075 25 « 010 u3S 
26% aHsmstoni U8 15 10 291 2S% 

4?2 1% Hansai W1 756 2% 

22% 16% KShanMni 1.04 ID 19 38® 20% 
46% 31% ttR&l 0® 14 16 774 35% 
2B%20%HSffelOd 096 4.4 14 284 22% 
— - - - 024 05 89 392 49 

19 64 31% 
0® U 30 123 23% 

1.12 24 16 573 50% 
1.® 10 14 718 48% 

2.12 42 SO SO 50% 

an 17 34 43 6% 
1.44 14 B T7% C 
242 75 14 « 33% 

152 11 IB 1B7 41% 
OBB 101 16 111 9% 
OBB 15 17 3® 5% 
142 82 14 341 16% 

25 2B35 32 

171082 33% 
005 04 30ITS11 19 

0X0 0532 3® X 
142 45 14S67H 33% 
0X4 09 17 41 27% 
0® U 27 939 28% 
2X4 15 24 764110% 1 
1X0 25 14 034 47% 
t® IX 16 7534 88% 
044115 0 12* 4 

13 H® 5% 
aifi 25 13 3115 8% 
050 SB 171 6% 
063 as 142 6% 
OBB 11.1 ia 8% 
087104 542 


50% 31% Holey Obi 
33% 14% Hamm tod 
25% 17%Hanrigx 
52% 33% Haris 
46% 35 Kama 
59% 40% KaOdSba 
6% 5% Karima 
19% 17% I 
®% 311 
33% MHemCa 
10% 8% HcriUrEqj 
10% <% HBn ktaga 

16% 11% than Mi 

32% 12%Hertaai 
34% 12% Waasa 
15% 7% Hsefe* 

39 17% HefrgMey 
45% SAMii 
47% 24% Hem Cor 
37% 22^4 HetaaP 
121% 63% Bette 
55% 43%Hnhey 
33% 64%HenPacx 
11% 2% Hemal &» 

B% 3%HSw 
a 5% HSmraA 
8% S%MBbhe 
7 5%n^kid 

S 7%«TWte 

7% HiyidPto 

16% !1%«mglHx 048 10 20 1® 12% 
48% 36%HMoban 057 1.4 22 «7 42% 
22% 17% WW 10 317 21% 

7* SBHttnH 1X0 15 31 15® 60% 

02% 55%MBdd 154 1X 47 121 89% 

7% 2%n*watm ssi 67 7% 

91 35>tMDap 012 03 4211821 44 

15% 4%rhreeS»p 71 273* T2% 

3 th«9* 010 04 591409 22% 

Hanfcim mu 0 88 1% 

HateHAUx 0X8 08 72 5® 32% 

»% 31 Hnynal 006 28 14 1623 34% 

32% 22% HrcttnnEd 0X6 1.1 0 228 2S% 
! »% man mu 28 aar 25% 

I 2DHmri on 15 14 1* 20% 
I 8% Horriam OK OJ 35 422) 15% 
13% 8%H9M* 0X8 25 21 6229 11% 

3% 1 Hotel hi I 544 2% 

53 38% Kojghtoi U 088 15 19 109 45 

14% 5% HOOH FatJ 0® 7.4 3 170 6% 

! 27H*M 1X0 37 122738 33% 

I 26% HAd I Dp 2X8 IB 19 27% 

I 10% Howl 018 IX a 3 12 

J 10% rtadsanFfcx 112 08 14 4J9 ifl 
20% 14%>fed>yceni 0X4 15 G2 160 18% 
32% 13% HauhesSUp 0X0 07 75 884 38% 
2% B% Lfemna MBS 613 37 *721 22% 
18% 13 tine log c an 25 19 ® 18 

10 6% Huadngdaa 0X9 15 11 » 6% 
12 0% HjprriBT 152 102 735 10% 


% 


27% 27% 
11 % 12 
15 15% 

S 30% 
21 21 % 
17% 18 

8 % 6 % 

10 10 


17% BP toe 
15% 5%KNn»h 
31%20%PTIn 
15% w^BTpnp* 

5% 3%lCFKa 

33 2G% khUa Peer 

30% 21% hex carp 

32 28% D*aM2 
100% 44%BWn 
31 25%IPi45B 
S3 25%lPr4X 
53 47%frPH» 
38% 23% tedtCna 
47% 36%BPMHM 
53 47BMIVB 
5% 19% BnPx 
i% 3snx 
49% 24% MC Fan 
38% ahostrax 
9% 4%kao0ri 
18% nUAheat 
28% 17% km 
90% SSbdWTCa 
30% 12% kxfcfirtJr 
24% 18% kid Emmy 
23% 8%tadaaFnnd 
19% ilndmco 
41% 28%hBflDd 
37% ana 
9% 6% kKkrS)it 
23% 18% IrdSHdi 
aA 40% Mega Hi 
15% ShhdU 
4% Jakridogie 

34 17% knar Reg 
73 18% Ms* 

4% 2%hBeta 
60 4Q%BM 
x i3%ma=rie 
)% 33HFFX 
27% 1Bl2kdlUx 



12 % 

3ll| 

11% 4% UTAH 
41% 23%hDBmdT 
10% 0% tat Reel 
7% 2%kMTedn 
(% 38%kaika 
1% 19kmlG8£ 
40 31%lpekxiEnlz 
11% 6%kWitan 
" tdyFund 
MCap 


«%jnmPF 
41 JRmtLz 
lZJfedqniEa 
aJaretsEng 
- - 6%Jriana» 
Si JfeJwnm* 
” 7%te£flc 
_ 9% JOT 
lOB 68% JoqP758 
81% 43 JranCn 
50% 3S% Jnn&J 
13% 8% Jamsar 
28% 1B%Jeshnh 


-I- 

0X0 18 18 355 
2 412 
258 WX 4 187 
054 7.7 13 SO 
1B8 24 11 1538 
40 40 

150 17 13 141 
IB 7 
2X1 10 71® 

178 85 2 

254 75 71® 

2.10 75 Z1® 

4.12 IX 14 

054 2X 18 885 
3® 15 0 

in 63 71® 

080 35 TO 1161 
2® 12 13 5892 
in 25 5 5580 
050 1.4 27 2058 
ISO 14 3 8® 
1X2 75 10 

040 151T7 015 
7® 7J 71® 
in 17 139 

152 45 16 ® 

OK 04 133 

14 67 

on <5 a ion 

050 15 17 2192 

on 2.7 a 

020 09 17 2 

in 34 9 89 
« 38 

5 K 
0X2 1.1 5 119 

153 85 32 

2 139 
in 15 M970 

a i® 

in 25 22 706 
on 45 8 2EB 
158 24 S 3547 
050 1.7 17 678 
s 4a 
US 74 17 34 

0 307 
012 04 325494 
59 097 
112 1® 
24 903 
1X3 75 12 71 

2.12 OB 18 2® 

007 07 21 

057 07 5® 

EB 1® 




% 


A 


$ 


- j- 



11% 10% 10% -% 
27% 27% 27% -% 


U% U% 

44 44% +% 
!% 12% -% 
- a 
o% -% 

jjta 

57% 58% -1% 

A A * 

17% 17% -% 


-K- 


27% I»%ttJinOlrii os 
30 1&%KMEnfr|y 050 
71 OKkoaiB 4X0 


4% 

2G% 20% KtoiCyP 1. 
16% 13% Haneys 4« 150 
52% 30% KaraasS h oxo 
w% 7Kaatar aw 
28%20%Kd|M an 

B% 2B% Keraper 032 
io% bkhothi on 

9% 7%KdmwB* aw 
13% 11% Klap*Un 087 
13% 12r 



UOM 

m* la* Stock 
S0% 28 Kenan* 
22% 18% Kan 6 1 J x 
58 41%KenHC 
33 30% KeyCp 
(2% 7% KaysBiCne 
26% ZJ Reran H 
82 4»% Media 
3% ZOnkEBi 
43% 31% KnuWU 
2S% 17% Kmart 
65 i KnflkM 
13% amuoocnii 

0 5%KeB0dWM 
a% 12% Boras M 
25% 14%RiD0fer 
32% 25% KU to? 

19 13%RMM)CP 
134% 64% RyowsCP 
21% l4%Kjraerlndu 


wr h 

m % t w* mu u* 

T IB 2.0833 2B2 57% 58% 

1.70 15 5 20% » 

142 3J M 639 48% 45% 
iX8 45 3351 32% 32% 

78 90 11% 11 

074 25 a 341 20% 20% 

1.70 11 17 1651 50% 50 

05 IX II 13 2% 

141334 39% 

an 55 ana* w% 

140 13 a 486 W% 

010 09 18 8 10% 

006 09 53 54 8% 

an 01496 1303 20 

15 8481 025% 

154 6.1 T2 61 27% 

060 11 88 70X16% .. 
004 08 55 9 123% 123 

0® 25 10 38 17% 17 



13% 6% LA Gw 
43% 33% LB HE Ea 
3 10% LSI Ifl 
31% 9La<Mn 
40 25% Lnffioj 
10% 4%LecHkd) 

25% aUdOTBl 

27% I4%im*ge 
7% 4% Lamm 1 5 
64 23% lends End 
15% 11% Land* kit 
17% 14% Una® 
38% 27Lae Entep 
25% W%Le0Olteaia 
50 32% LeggPl 
37% Z7UaawCkp 
12% 2%LarieyFqr 

z% %LH*Kh 

11% 10% LtoertyAS 
34% 23% lAany Q> 

62 43% l«y 
n 16%Un*U 
«% 34% UbcbN 
21% 15% LtnNH 
74 63Ln0lPS 

S u%uux> 

IBLizCB) 

5% 3%u8£mr 
72% 54% LackM 
45% 34% LOCdto® 
120% 88% LasM 
30% 17%lP0tan 
aff% 6% UcsssmCp 
3% 1% latest 

S 21% Lakdl 

31% LufflDr 

15% LaV**Fx 
42 22% Urt 
34 27% Laublie 
ffl Slladri. 
«28%la*sP 

69% 24% Lawn 
18% 19 LTV 

8% 3% LTVWh 
33% 26% LldaO 
35% T9% LidqnCafei 
52% 31%U*QBBShC 
34% i9%Ura*flea 
27% 18% LytMtac 
28% 18%lyoaMP 


10% 4% MA Cora 
81% 55% MM tea 
ffl 2SUCM 
7% 3% MDCWoa 
33 25% HOURas 
' 9%MF50*» 


-L- 

4 474 7% 
259 IS 15 11® 39% 
20 2838 22% 
OIO 02 33 344 31% 
068 25 18 143 33% 
012 IX ® 9064 9% 

1X2 40 B 47 a 
OBO 1X242 582 24% 

15 ire b% 

020 04 a 030 B54 
on 3.205 391 T2% 
052 14 14 19 15% 

084 14 18 1® 35% 
040 1.9 7 77 2t% 
000 IX 22 553 <7% 
012 04 15 1142 34% 

0 58 3% 

1 1 ® 2 % 

1JJ4 Ifi 350 11 

0uB2 2J 12 118 27% 
2X0 4wB 31 4055 53% 
036 1.6 20«?W 22% 
1 jB4 10 10 1063 42% 
096 40 34 19% 

S® 7.8 2 64 

>2392 32% 
045 IX 15 4819 
048 94 32 297 

2.12 12 W SB6 

080 IX 22 02 

in i.i 9 

026 IX 10 
1 
a 

1.78 11 W 1662 

1.12 12 14 121 
052 27 a 3® 10% 
056 IX 14 3354 U«% 
3.10 103 a 30% 
in 15 91 418 40% 
044 1.1 17 62® 40% 
016 02 38 3161 68% 

33 41® 17% 
94 4% 
088 2J n 1205 37% 
0® 2X 17 365 23% 
in ZB 45 1BZ 34% 
040 1.4 22 67 29% 

23 »eZ7% 

090 193® 231 23% 


- M - 

8 M7 7% 7% 7% 

1X1 IX 9 1423 59 57 57? 

1.72 4X IS 1® 38% 

13 175 8 

1® IB 18 a 32? 
an 7.7 1039 



it£ ^ 

a 35% -% 

19 19 % 

si A * ■ 
5 



i G^WSGwl* U Tin n 

i6% ii%uaPrapx ox* 14 a ffl 


10 HOI (Mad 




8%MageBCpr 
25% l2%Mignett 
29% 13%U*rataF 
33% 28%lbMc 
29% 17%HBaaC 
19% 1^ 

10% 8% 

25% 20%llHHPf 
®%48%H®oe 
a lG%Mn*«erx 
5% 3% mm 
25% 15% Mark AT x 
32% 22% Klfflt 
07% 77IMHICL 
a% 17 MwdaB 
<7% 35% Ufctfcr 
30% 2S%MsseeC 
2B% 18% MaacoTcdi 
8% 7%HHsaniPl 
33% 25% tempt 
26%21%MMSd 
T7B Nklfrumi 1X7 0X101 
■% 16% HHWx 
S% 39MtoMn« 

10% 4%HBWE 
48% 33% UayOSt 

a fflMqm 
25% 14% IBHCnp 
18% McOdcUy 
29% NG0uia2X 220 7.1 
28% HeDenOB 2X0 1* 
IllfcOuhv 030 IX 6 
45% Hritofed 
. 48%HdfeiOg 
75%5S%MQGHd( 

88% 99% kkkesi 
<8%37%MBadCp 
21 15% 

27 13% 



12 705 __ 

19 1290 17% 17% 
* 1233 18% 16% 


12 932 15% 15% 15% 


20 % 20 % 
30% 30% 

A A 

8% 8% 

a a 


0X2 11 291 

in ax a sr 
an ox a sio 20% 

a 370 19% 

040 11 a 1® 4% 

1® 21-5 27 21 8% 

in 7x 32 a _ __ 

in IX 14 434 B1% 59% 61% 

in 10 12 lia 16% 10% 10% i 

1.16218 5 3S 5% 4% 4% 

Oil DX IS 841 18% 19% 19% - 

0X8 0L9 a 2343 30% 20% 29% - 

170 12 18 1232 86% 84% 84% 

8 267 a% 28% a% +' 

090 10 W 1533 45% 44% 45% J 

066 10 232687 34% 34% 34% - 

on 04 a 187 23% 22% 22% ~ 

0® 14 W 8% 8% 8% +1 

1B0 18 9 08 32 31% 32 

72 250 24% 23% 23% +J 

_ ... 01 51 IM 163% 164 +1j 

0X4 09 a 2163 28% 25% a J 

4® 17 W 42 41% 41% -5 

040 12 8 272* 5 4% 4% 

0X2 11 15 2948 44% 43% 43% A 

050 18 39 3481 19% T6% 19 -1 

072 14 16 S»0 21% 20% 21% +1 

QX2 1X 21 2 24 M 34 

0 31 30% 31 +? 

5 31% 31% 31% 

« 18% 15% 15% J 

043 07 a 4713 8ffl% 50 SO -1* 

1.40 IX 12 11® 116% 114% 115% -1? 

2X2 13303 625 70% 69% 89% - 1 

1X8 16 18 8B1 84% 83% 54% -? 

in 23 a 940 43% 43% 43% +1 

"" " - w% *i 


044 13 42 142 18% 19% 

8 235 23% 23 23% 

1» 7.4 17 2® 34% 34% 34% 

088 OB 21 742 83% 82% B3 

12% UattBaOp 0X0 IX 27 301 31% 31% 31% 


27% 

51% Hetn8k 
. 35% KM 
11% lOtbfrto 

ffl% 


ii%uereuyRi 
.2s%mau 
51% aimp 

21% l^MaqOM 


3% Mesa 
1% lAeseM Tkt 
0% 


n 48HME3X0X 3® 7X 


in ax in a 

224 33 12 Tore 58% 

1X2 4.1 12 17® 37% 

OXB 10 15 10% 

1X2 18 17 1187 39% 

1.12 17 1629905 30% 

0X8 T J 32 540 W% 

0J2 1.8 a 89045% 

on IX 8 8378 41% 

OK U 8 281 3% 

2 249 8% 

0.40 113 15 157 3% 

16 21 1fflJ 0 


. 27% 

58 58% -% 
38% W% +% 
10 % 10 % 

38% 39% +1% 
30 30% +% 
16% 18% ' 


ao 




18% 13% MeUfU aw 4X 8 Ml 16% W% 18% -% 

fiS'% 18 State Fd 040 IX d 7851 31% 29% 30% -1% 

8%6%HH 1 21! I? It? 

3% 2%lfrMbBTX on im» 40 3% 3 3 

HUAKlWaWe 002 03 52 23® 6% 7% 

0X6 IX 43 2® 47% 48% 

3X2 X5 174250101% 1® 

33 2029 23% 

048 18 a 21 18% 1 

0X3 ZB IK 19% II 

19 47® S 

0® 0X1® TO Z7% 27 

140 4X 13 5874 78% 77% 

14 101 18% 17% 1 _ 

020 1X43 IE 11% 11% 11% 

aiO IX 12 85 18 17% 17% 

132 2X 19 3803 00% 79% 80 

.. 079107 1 7« 7% 

28% a% Montana Po in 14 12 1303 25% 

22% 18% UanhODI SI 144 7.7 9 14 18% 

21% IE Haora Q*p 0X4 4.7 a 232 20% 

70% 89% TirpaJPx 272 43 7 5814 84% 

12% T0% fetaBattan 1.18105 117 ft 10% 

® 71%IT0«J>PtaSn 57 a 87% 88% 

19 10% Mkgre tai a 028 12 5 63 13% 12% 

" Bl IK 7 0% 

1X0 1.7 71721 00% ®S% 

on is a Bl? a a% 


0%S74 
27 131 

2S% 16UUUBM 
27% 14% IMcMEr* 

9 1% MU Carp 
29% 17% Stan Ik a 
84% 5B%MaH 
27% 16% UdacUar 
9%MkxMcti 
12%lta*iAuBa 
ajrtafei 
9% 3%itadEdtn 



7% 7 % 
X 28% 

10jS 18% 

19% 20% 


8% S% HORjaoPr 
80% 54 tagaSt 
29% 19%HenNi 
ni% 57% Mm* 
in% *s%Mnsa 
2% UltaSFM 
8% 7%Sb*0p 
11% 9% ItfMT 



I 11%l 

31%UrjtaO 
6%MysraLE 
18% Mykn Lte 


1.12 1.1 ® 824 107% 103% 104% -3% 
0X8 OX 2912230 1D8% 103% IB -1% 
0 910 A A A 

0.63 78 74 8% a a 

072 72 163 10% 10 10 

0® 7.1 11* S% ffl 9% +% 

179 7X 3® T1%r ^ 

1X0 11 21 2® 43% 

0X2 IX 18 X 
016 09 18 SB® 18% 


1 011% 11% -1, 

Pi 42% 42% -% 

12 11 % 11 % 
I%tf18% 18% -% 


43% 25% N88BBKP 
73 52%NCHCtop 
58% ■ 42 Nam 
37% 30%8akxai 
31% 25%itarim 
19% 12RHBUII 
. 44%kfrft 
42% 31%N-M!M01 
48% 25% Bd Aosta 
20% 21% MOB 
a 14% NON* 

!% S%NKGdua 
A anM&ftr 
1% 28% MAref 
*4 12% HOG 

17% efenau 

60% 44 Nat Presto 

82 47% MB Seal PI 

m 

D% 34%NrafetaG 
36% a% HD Be 


1X0 2X 13 220 43% 

in u M a n 
0X6 1 3 a S3 52% 
190 ZX IB 3556 34% 
072 2X 10 41 28% 
0X2 2J 10 2351 13% 
1X4 19 10 22a 47% 
10 11 II IK 42 
1J2 4.1 14 41 42% 
1.18 42 11 4CTB ■28% 
144 11 24 1® 20% 
10 277 8% 
5 2S0 % 

1X4 5.0 13 454 30% 
120 91 17% 
046 £9158 566 17% 
1X0 42 17 a 45 
4® SX 264 78% 
WHOM 23% 
1X8 40 17 140 27% 
5 7 6% 

2 258 2E% 
100 11.0 5 54% 

1X0 4X 11 06 a 
020 IX 29 10 18% 
7 688 8% 
1X0 7.1 12 223 22% 
054 105 19 9% 

124 11 12 444 37% 
012 IX 291 12% 
1X2 11 14 0 25% 
1X2 18 24 152 22% 

ixo ii i3 tea wh 

072 IX 10 574 ffl»i 
fiffl 13 48 191 17% 

017 04 43 4® 48% 
072 1X90 9934 58% 

018 03 16 061 55% 
3X0 32 n® 93 
3X0 72 zSO 48 
1® 5X1030® 16% 
a® 1.4 12 IE® art, 

144 17 13 575 30% 
a® 2X 61081 8% 

aw ox 97 aa a 
9 198 8% 
1X2 £8 T? 1505 67% 
0X2 1 J 24 434 33% 
OIO 1.1 0 104 0% 
7%NtoF0rtt OB 2X 16 844 16% 


«% 43% +1% 
50% BO +% 
SI % 51% -% 
34 34% -% 
»% 3% •% 
U% 13% -% 

a 3 

AA i 


nk Eq 

21%Nrafflgf%r 
4 Ms* Are Hr 
*J 0»*3 
9% New trnany 
24n*Jt*Rs 
21% SkMFIaiHx 


. _ ai 

17% 13%lhraM 
51% 27%NmadG 
00 37H*8nBl 
63% ® Nona Cup 

WO GIKemCayPI 
S3 43M|(KBX 
25% 161*01 
® 43%H£8 

3A a%l0tekid 

9% 3% NLtod 
31 15% MUrtl 
7% 4NontRss 
74% 50% florlS 
35% 21%flaeicHydr 
13% 4% flankfes 


1000(9* _ 

n* vwsxx* 

7% 3%NEF*d 
28% 22% NEW 
47%«%flaP* 

2 J3Nsr»g*i 

4S%a%W3W^ 

33% anrtwR* 
29 20%>tawct 

ft 8% Nod Corp 
23% 11% WWW" 
ng>4 73 HDVBMfl 
18% 14% m Ca MW. 
18^ 18% r* kr Jd" 
86 38 knew Cora 
28% £3% HUt Cnrp 
17% is raw to 
13% iaj| IfcWfrteCi 
14 12% NuuenMl 
17% 15% diteRO 
12% 10% BweenNU 
16% 15%lta«n»7 
T7 14% tana) P P 
18% 15% mwiPI 

32 18% flimaBtC 

aa% 351-Nnw. 


tod. 
BM * 

176 74 
2.53 fit 

188 IS 
1X8 6X 
074 30 
034 3 2 

054 05 
1X8 IB 
1 13 67 
0.18 0 3 
in is 
in fifl 

0 77 6 2 
082 6* 
112 72 
067 65 
1.10 68 
1® 72 
1.13 7 3 
Offl 2.1 
2X8 IS 


! m HD w 

0 70 1 7% ?!p 

14 081 2*% 

13 1491 41% 

4 2308 1% 1% 


2? 7013 ■45% <3% 
13 3 26% w? 

W 25 24 % 

i: Ti'\ ib 4 

: |06% lisa 


11 4450 K 24% 
a 290 Ii7% 7J 
18 3112 

a 2 

261 15% 15** 
5 W% W% 
44 3402 54% d% 
18 S3 K% M% 
53 15% 15% 
S5 12% 12% 
M 12% >2% 
318 15% « % 

ire imw's 

127 18% 16% 

339 15% 13 

519 15% 15*1 

12 3 18% Wra 

K% 


toe* 


7 S> > 

‘:is A 
A A 

a +% 

71. . % 

-% 

tOB% 


15% 

18% 


63% -1% 

n% -% 


15% 

si 

A 

18% 

15 

15% 

Up 

38% 


- o - 


125 


17% 7 OHM OP 

S 10% 0* torts 
29% 17% tooted Hat 0® 
23% 16% Decks’ I® 
39% 17% otteeoopor 
27 21% Ogdea 
24% 14% OpCen Pn* 

25% 19% OtdeEd 
SS 54% OW0E54.4 4 ffl 

66% S50hroHX6 4Xd 
101 SS 0UBE7X4 724 
101% B8% 0l*eE7J8 7X8 

a%a%oueueE£ aa 

51% 39% OdnCp an 
1% 13% Omnfeara 018 
1% 37 Oimcn* 124 

17 11 OnsfcB LB 1« 
26% 17% Oneok I >2 
30 22% DpoenD Cap 200 

11% 10% Oppah MS 1X0 

9% T%QpportiMu1 062 

8% <% Oram Co 
47% 35% Orange"* 252 
27% 17% Dragon St) 0X8 
3% 1% OneMEAP 
37% 27% Orion Cap 
'« 18%DnA*t 
, 15% OutxSI 
„ 4 15% OrtSh 
27% 12% (Brans A M 021 
49% 34%OwmC 
3?% 15 (Word kid 072 


48 1*46 17% K% 16% 

12 279 19 «% 

OX 17 173 14 23% Z>% 

18143 2061 17% 17% t7% 
® 3171 »?j 37% M 

SX 16 I1U 24% 23% 24% 

M 236 17% 16% 17 

7.8 ns 9K ia%di9% 19% 
7.9 iO 56 56 SI 

60 Zffl 57% 57% 57% 

80 8 W » 90 

13 2 90 19 Ba 

75 11 614 36% 3S% J5% 

4.5 10 245 40% ffl 49% 

OS 38 77 34 % 34 34 

2.5 W 1352 49% ffl % 49% 

29 18 152 18% 18% 16% 

IS 11 430 17% d17% 17% 

7.4 13 a a% S% M% 

92 113 SO -a 10-’+ 10% 

7 8 59 8 % 7% 5 

15 58 8% 8 6% 

7.0 tl 172 a% 35% 35% 

ax 32 96 24% 24% 24% 


072 

Offl 

affl 

a® 


a 2% 2% 2% 

23 8 788 32 31% 31% 

24 16 2464 17% 16% 16% 

I B 21547 23% 22 32 

2.7 45 328 23 22% 22% 

OX 27 373 ® % 35 25 

161116 38% 38% 38% 

33 16 250u33% 32 32 


35%FHT 
a% PNC Fn 
80% 50% PPG ki 
18 9 PS Group 
27 10% PS 
18% 14% PK Are he 
26% 12% PX SO* 
20% 18% Rdhp 
27% 18*z HM3EB 
36% WPacGE 
58% 43% Plates 
23% 14% ftdmtfs 
21% 15% PB* 

27% 16% PantaO 
30% n%P»kSekt 
7% 4% partDr 
39% 28 Partita 

3% 1% RfrlCkPI 
11% 9MMIV 
5 2% Pawn Cm 
29% 25%Peco£ri 
39% a% Frame 
81 ss^z PhhPl 4X 
59 35% Pauiey 
31 23% Paudfl. 
70% <s%n&a 

35 37% PeopEnx 
28% 19% Pep Bondi 
43% 34% Pepsin 
39% 28%noaa 
23% 17% P»Wr«F« 
8% 3%Psnota>ta 
0% 5% PcnyOng 
19% 14% Pal Inc X 
30% 24% Fames 
30% 22%PW4l 
75% 52%Har 
59% 39%PMtoD 
65 54FME4XX 
87 55%PH®4.4X 


35 38% 
37% 27% 


-P-Q- 

120 33 10 1804 ®% 

128 4.8 8 3224 27% 37<z 27% 

216 2X 3 594 78% 77% 77% 

OU SX 1 182 12% 12 12 

124 5J 13 571 23% 23 23% 

1X8 7X 51 15% 15 15% 

112 05 18 229 28% 24% 25% 

1.08 59 13 2706 18% 18% 18% 

1X0 55 10 864 22% 21% 22 

1.96 15 13 3028 30% 30% %% 

ZlO 4.0118 4320 54% 54% 84% 

048 Z5 4 665 19% 18% 19% 

0X7 2 3 23 3223 16% 16% 16% 

0X4 18 10 8273 21% 21% Z1% 

0X2 1.1 22 I® 30% 29% 29% 

SI 062 8% 6 6% 


1.® 26 28 669 
1 3139 
0® 19 112 

W 173 
152 5X 11 1730 

an is 

4X0 7X 


38 37% 

2 % 2 % 

9% d9 
4 3% 

28 27% 

5 575 26% 25% 25% 
no 62% 62% 62% 


38 

2% 

9 

A 



5 


1X8 10 18 3367 S7% 55% 58% 
1X7 7.1 11 818 23% 23% 23% 
3X0 5X 14 785 54% 53% 53% 
1® 11 12 192 30% 29% 29% 
015 05 27 29*7 28% 27% 27? 
0X4 > 7 1910878 37- r 
OXB IX 08 458 37l 
1X0 19 15 34 1B‘_ 

0X418X11 2 5%.. 

4 127 8% 8% 8% 
032 1.7 16 1472 18% 18% 18% 
1® 2.3 42 74 29% 29% 29% 
0X0 08 SO 406 26% 25% ‘ 

1X8 34 2710284 56% 

1X5 2B 21 3352 57% 

4X0 7.7 2 57 X X 

440 7X *100 55% lB5% 55% 

«2% 96%R*775» 7JS 7X :l® M » BB 
20% l5%PHSr*«n l® SX 1* 16 18% 18% 18% 

77% fflPtdUar 2J8 SX 12189® 53% 52% 62% 
37% 24%PIOTt 1 12 19 28 6353 28% 26% 28% 
»25%mNH 115 04 25 343 M% 38 38% 

26% f6%nedsn*N6xi04 4.7 15 ffl 2% 21% 22 

13% B% Phrl HP aiO 1.1 15 4610 9% 8% 9 

14 WfenpHnU 0X3 IX 163 IT 10% II 
9% 6%RtakHP a® 17 W 32 9% 9% 8% 

- on SB to 242 21 20% 20% 

Z12 7.6 11 UZ7% 27% 27% 

ZW1B4 6 2® 13% 13 13 

1.12 7.9 12 14% 14% 14% 

386 3MRmeyZ12x 2.12 08 ll® 3® 3® 3® 
48% 36% Ptneie 1X4 2X 20 1310 44% «% 44% 
31% 13%PU* 0X0 OX 20 I4M 27% 25% 

36% 11% Piter Doit 0X6 1.0 5520695 25% 25% 25% 
30% 1B% Ratal Pfi 024 1X584 162 Zfij 23 23% 
IB 308 7% 7% 7% 

1X2 5X 14 1074 M 25% 20% 

24 471 15% 10% 18% 
On IX 22 326 33% 38% ” 

14 812 38% 34% 

0X7 OX 43 218 40% 48% 

078 2B 14 619 27% 28% 

11 75 13% 13% 

008 04 113 14 13% 

072 2.7 22 1570 37 26% 

1X6 3X 32 383 43% 42% 

1X8 7J 11 1027 23% d22% 22% 
028 IX 17 29B2 19 18% 18% 

QX4 07 (9 270 34% 34% — 
1.1Z 1.4 15 965 79 77% 77i 

040 1.7 23 438 24% 23% 23% 

25 377 14% 13% 13% 


4 


-% 


A 


i 

■i% 

-i 

♦% 

4 


4 

i 


-% 

l 

i 

♦% 


25% l9fsFWflCp 
27% 1B% Ron 2.153 
14% 4%FkHMwFn 
' 13% 1 


15% 


i ns* 


! 


13 5% PtaytwyB 
32% 14% Hua Creak 
21% 9% Pogs Hod 
38% 25%P0W 
07% 21%Fk|MB 
42% 23%M)fflDto 

32% wrepaira 

13% 8 Portae « 

15% 7%Put«dF 

S 18%PotoriiSB 
38% Pfrdi 
22% MBP 
l»% 14% ” 

17% 


35 

88% 38%ftaaark* 

30% 33% Proa* x 

16% 10%nhak 

1% %Prkael*tP 
60 45%Pracffi 
8% 27% Prgrc&rCti 
4% 6% Rata tat 
55% 17% Prows 
21% )4 Proji Tr «o 

3% PUBpStX 

«%prau 

31%2S%FuUB 
£ Oil HudHRyC 
14% 52'2P0Eer«4Xe 
tM 93%nssiv7.4a 
101 UFUSmto 
104 97 PDSctt7.8 

B% »POa€G 

3% 9% 

1% 1 Pldrick 

26% 22 Pugeffi 

38% 28%nnp 
41% 25% Ptfrex ... 

IB%PUHBDMrxOXO 18 
ii% wPHidiKirx ore 7.4 
l% 7%Pianta8vxOXB 7J 
16 12% RriamfenOr x OXB 7.3 
11% 10% PTOmm I* x 0J8 72 
8% 7%H*nHariax 0® 8X 
S% 8%Pu®aiaM*tx 0J5 11 
8% 7% RAnHearz 072 OX 
77 00% Quriafl x 
16 11% [Jus**- St 
22% 14QeBHxx 
28% 22QMVMD 
3% 12% ftoodVri P 
44 25%Untar 
37% 22% kacktata 


2X6 2 D6J 9 3 1 

1X4 23 7010011 54% 

020 07 0 2424 31> 

OBB ZJ 18 14 11? 

40 4350 

1® 4.7 31 581 21% 

04811.6 807 4% 

IX* 13 12 48 45% 

1X4 3.7 6 1382 ?S 

0 318 A 110 A 
Z1® SB 56 5 G 

Z30 96% 00% 96% 



an 93% 93^ ^93% 


aiB85X 
4® 7X 
740 7.7 
7.15 7X 

7X0 7.7 ISO 10t% IDT . 

Z18 7.4 11 1149 28% 28% 

8 2® 13% 12% 

S 16 1% 1% 

1.84 10 11 388 22% 22% 

1® IX 19 12 37% 37% 

124 OX 11 542 31% 31% . 

96 10% 010% 10% 

2 ® 10 % 10 % 10 % 

15® 7% d7% 7% 

171 13% 13 13% 

3i* 10% mb io% 

417 8 7% 7f 

444 Uh d8% 8% 

1444 8 d7% 7% 

Z12 14 14 1523 82% B1% 61% 

Offl ZB 28 227 14% 14 14 

OXB Z6120 a 21% 2i% 2!% 

1.12 4B 1® 23% 23% 23% 

1X0 9X 63 12% 12% 13% 

1 10 3X 16 317 34% 34 34% 

148 IX 7 M 27% 27% 27% 



1741 

3 



s% 4%njnn 
28% 23% HU corp 
2% i%RMrream 
15 7%R0CTahte 
5% 3%flPSte*(r 
45%33%FianP 
48«34%lhjctar 
M% i3l 2 R3Man«f 

a 4 

23 

OllftaBriH 
- . 5%Rs*nee 
35»%RapenlADB 
51% 44% fkpfeNT 

24 15%ReaSV 
4% 2%RnaneCD 

25 iZAeyrfULx 
58% 41%ReyrM 

27 iBmstfU 
54 32% FBumd 1 Her 
Z1% 13%flBBAU 

S iz%flotMind 

K» Z3%floaCE 
58 34% men IK 

,0 > ii? 

an 

-47% 

13% 6% Rohr 
13 4% HakuEm 
30% 21% Refras 
Z1% MUbTiL 

,w% 6 %Rfr«n 

2k% 25%/tafBScaix Ml 
>18% 78%RDukh 
14% iZRoyeelM 
27% ROOnnd 
i8%ftauck 
W% (2%rtaaacmt 
38% MttaasCp 
24% 16 AW 
33% 24% RydsrS 
25% 15% flared ap 


- R - 

312 0711 
0X6 2X 10 6 

OIO 13 2 Bl 
015 1.5 205 

0X2 10 57 105 
1X0 Z7 13 870 
0X2 0X108 563 
032 20 6 670 
1.40 21 12 1306 
Iffl 13 18 814 
TZ7 l® 
1X3 7.4 IS 92 
25 IW 
0X0 09 13 788 
15 zWO 
0X2 14 BUM 
073 2J IB 1715 
1X2 2X 9 470 
22 292 



0X4 IS 

1X0 IX 01036 
1 2X3 IIX a 

1.12 ax II 109 

060 02 13 3037 
34 06 
1.78 7X 12 IM 
1X2 18 17 101 
07011.7 5 ms 
1X0 24 15 1601 
10 ® 
1 40 Z5 32 473 
12 207 
010 2X 51 676 
0X0 I J 23 133 
0J0 1.1 17 286 
42*283 



33% S% 33 . 
61% 51 Si 

20 % ” 

45 

S2 50% 51% 
18 d18 18 

34% 34% 34% 
10% W% IB 
32% 32 32% 

25% 24% 28 

43 42% 42% 
t H 6 
42% 40% 41% 

7l a ' 

57% 56 _ 

10% 10% 10. 
5% 5 5% 

29% 30% 29% 
18% 18% 16% 
7% 7% 7% 

27 28% 20 
103% 101% 101 
13 12% I 

»% 28% 2-j. 

19% 18% 10% 
14% 14% 14% 
29% 28% 20% 
2S% 20 20% 
27% 27 Z7 

22% 22% 22% 





-s- 


JS 5 1J “ &7 14 IX 20% 20% ao% 

2?* 13 7 23 11% 11 « 

1J8 14 3 6 33% 23% 23% 

’UggfflW 7-13 02 6 17 14 13% W% 

— 3!**? 1 * U0 1.1 183052 18% U » 

30 18%Safrgrase 13 44 29% 28% 29% 


A 


Continued on next pas® 



FINANCIAL TIMES FRIDAY MARC H 25 1994 

3 45 pm Marti NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


145 pm Matil 24 


m. n 

m * t 


Offli 

Bon Pm. 


Continued tram previous page 

Mil 13%5Rf»x DM 2.6 ? ess 
57 10% Gateway 26 356 


13% EftyHx 036 2.6 7 6S51 13% 13% 13% 

10% Gateway 26350 36% 26 26% -% 

25atontme R 6% 6% 6% % 

37>;SU*P*atD.20 0.4906 IDG 57% 96ft 57 -% 


37% 26 SUDJtflP 1.80 60 16 10 30 20% 30 +% 

08 75 9PS4 3 00 3 9 7 1686 76% 76% 77% -1% 

11% 8%5atamDp 10 221 8% 6 8 -ft 

75% 30% Si** Hat 140 32 91196 44% 44 44% ■% 
14% 12% SetononBr 034 2D 520 13% 13% 13% -% 

57% 3* Stem 064 12 6 1767 52 51% 51% -% 

77% 77%SCofi£ 1.52 66 12 260 23 22% 22% ■% 


JWfW tb. ft Sb dam 

■86 Uwibrt Mi * E urn h» in ora i 

19% 14%H0>Btep 1.63 64 17 B1 17% 17 17% 

77% 52% im 1.B6 2.5 22 769 74% 73% 74% 

S% T2 Medd i 610 ID 81457 10% 10% 10% 

39% 17% Trim Fd 281 26% 25% 25% 

* 3% Tsdeyted 0.42 7.1 7 24? 6% 5% 6 

14% 6% Tafipf Pt IDO 69 21 11% n 11% 

65 38% TUMI 1D8 4.1 Zl 1967 40% 40% 40% 

16% 8%Tan6*n 3 MSB 15% 16% 15% 

50% 24% Tandy 6E0 1 4 17 3127 43% 42% 43 


520 TRW 

25% 5% T2 Medd i 
39% 17% Taiwan Fd 
9 3% TMeyted 
14% 6% TsBeyPt 
65 30% Trrty® 
16% 8% Tandem 
50% 24% Tandy 


11% 6% SeaMA 616 1.7 10 730 10 9% 8% ■% 

40% 35% GartaiWK 210 12 IB 28 39% 38% 38% -% 

26% 12% SrfeP 0 10 64 13 2808 25 24% 25 *% 

31% 21 Strata 064 3D 14 7661 21% 21% 21% 

57% 40% Scan Cup 2D2 6D 12 47 47% 46% 47 ■% 

25% 16% Scrap 143 8.3 11 7050 1?%dl6% 17% -% 

40% 23% SdmwflP 28 41 39% 30% 38% -% 

71 Sift SdaPI 1 80 32 13 67BS 57% K% 57% ♦% 


50% 24% Tandy 6E0 1 4 17 3127 4 

13% 10% Tama Hoi 670 04 32 1 

25% 19% TeCDEfWB 096 4D 15 347 2 


32% 70% TWnu QJO 2D 
5 1% Teton 

27% 17% Trtdyn aoo 4.4 
48% 29% TdeEEBSA IDS £7 
76 44% Team 1D3 2D 
54% 37% Tmph* 1.00 2.1 
30% 14% TeaqaEnMc 617 67 
9% 7% TanMBeb 060 8.0 


IDO 69 21 11% 11 11% 

1-68 61 Zl 19B7 40% 40% 40% 

3 MSB 15% 15% 15% 

6E0 1 4 17 3127 43% 42% 43 

670 04 32 10% 10% 10% 

696 4D 13 347 20% 19% 20 

660 2.0 20 1477 30% 30% 30% 

19 ID 3% 3% 3% 

660 4.4 13 2871 16% 17% 18 

1D5 £7 7 3104 40% 39% »ft 

1D3 2D 1258767 61 58% 80% 

1.00 2.1 39 1744 46 47% 47% 

617 67 260 25% 24% M% 

680 60 33S 7% 7% 7% 


35 25% UpfBn 
» 15 LE3X0 

11% lOUSIHtac 
20% 16% USX M 
46 27% USX U5 
24% ISUSXDetU 
32% «% Wtii1.77S 
34 27%Ulfcoii 


m w 

n* % t 

1.48 5.1 12 ! 
624 1.4 G 
0D4 8.0 0 
086 3D431 : 
1 00 £5 13 1 
620 12 17 

1.78 5.1 
1.88 52 15 


586G 28% 
45 17% 
28 10% 
3059 17% 
1961 40% 
300 15% 
Z7 H% 
221 30% 


iSchoMQ 028 69 14 1726 


10% 5%ScfMfc* 

38% 17% SOM 612 64 
10% 9% Scotman 610 67 
46% 3lScoUP 68D ID 
Tfi% 14% ScattNArf 621 69 
12% 7%ScudMEuF 61G 1.4 


29 182 10% 10% 

612 64 62 1463 31% 30% 

610 67 14 32 15% 1S% 

ODD ID 11 1991 4S% 44% 

621 68 IU 23% 22% 

61G 1.4 175 11% 11% 


31 30% 30% -% 

1 % 10 % 10 % ♦% 


12ft t '2 bCUTOWU* 616 1.4 175 11' 

3l%lG%SNQfl 670 4.1 8 7100 17 
17 15SOG1.482S 1.46 62 >100 If 


11 24% Sea*™ 
32% 15SM0U En 
32 21 SMtodHr 

60% 42% Saadi 


65G 1.0 36 5613 
35 1306 
22 100 
180 3.5 713756 


30% 31% -1% 
15% 15% -% 
44% 44% -1 

17% 17% 

15% 15% ♦% 


131) 12% Storm Sd 6B4 67 36 11 

36% ZOSensormrt 622 66 38 1388 3 


39% lBSeqoaA 060 ID 7 42 34% 34% 34% 

40% 17% S «ysfi 050 1.4 16 St 34% 34% 34% 

38 17% SeraCp 642 ID 21 IBM 27% 28% 28% 

31 17% SUM 032 3D 13 267 2S% 25% 25*2 

2S% 14% Show hd 0 22 ID M 8807 21% 20% 21% 

17% Stamm* HI 660 3D 1811072 21% 207, 20% 
ro%ShefcyM 628 £3 26 5 12% 12% 12% 

46 StaOTr * 107 52 18 889 59% 58% 59% 

SftSWrtV 656 1.7 17 1377 32% 32% 32% 

16% Stxrap 18 196 23% 23% 23% 

15% Stairtnrt 0.10 65 21 142 13% 18% 10% 

18% Senate 1.12 SJ li 174 19% 18% 18% 

5% SJgroUH) 1 IS 6% 8% B* 2 


W 29% 29% -% 

1% 45 45% ‘1% 

!%d12% 12% 

1% 35% 35% -% 
% 34% 34% -% 

1% 34% 34% 


25% 14ft Sim M 
26% 17%SMMM 
14% io%5hefcyM 
66% 48 5MTr<. 

37% 26%&MrtV 
25% 16% Smn)i 
24% 1S% Stanton 


24% )S% awn 0.10 65 Zl 142 
27ft 18% State Pac 1.12 sin 174 
9% S% SIpnaiApp 1 15 

33% 21% SUpelBt* IDO £5 12 2171 
26% 11% SflfcmGr 32 4326 

15% 10% Sinter IDS 7D 37 073 

10% 7 Stezter 616 £1 55 64 

24% 1B%8Xy*wx 048 £0 22 371 
4% 3SLM8 606 ID 13 71 
7% 3% SmtCorax 620 IS 71 100 
11% 7% SfrtBun 82 516 


3 

20 % 20 % -% 


32% 32% 
23% 23% 


9 7ft TmtoSWic 0.80 61 3253 7% 7% 7% 

58% 39%TknecQ IDO 2D 21 1754 66% 55% 56 

30 21% TeppooPb 228 7.9 11 106 29ft 29 29 

31% ISTemyne 27 1470 27% 26% Z7% 

11% 6% Tara 0D6 67 1 118 9 8% 8% 

8% 3% Tern Me 608 1.1 21 1576 7% 7 7 

12% 3 Terns 20 1020 11% 10% 11% 

®% 57% Taaeo 620 45 14 4337 BB% 66%' 65% 

53%50%1te*oC 300 56 1100 50% 50% 50% 

39% 21% Toasted 620 65 46 622 39% 38% 38% 

69% 45% Ilian 072 0.9 1812284 85% 81% 63% 

Z1% 16% Ten te 640 £0 24 22 T6% 19% 18% 

4B% 36% TAM 3D6 63 22 1815 37% 86% 37% 

9 3% Ted Me 1.1031.4 2 60 3% 3% 3% 

60% 40% Tefflfl 1.40 2j 13 1674 56% 55% 56% 
4% 3% ThKkerqr 66 zlOO 4 4 4 

24% 10% Hal Cep 635 £1 138 18% 16% 16% 

37% 18% IM Find 628 1.1 391 26% 26% 26% 

44% 31% ThwmoBac 612 63 24 378 42% 42 42% 

29 15% lUrtol 656 £4 8 423 28% Z7% 28% 

72 571®*! 124 15 22 288 65% B4% 64% 

16% 9ft moraes tad 040 £5 42 87 16 15% 16 

41% 17% Hunan M £00 5.0 16 M 41 40% 40% 

27 16ft TVMtr 640 ID 36 1533 23 22% 22% 

38 24% TBbeyx 026 08 51 81 33% 83% 33% 

46% 38% TmWarn 632 OD 5511186 41% 40% 41% 

37% 28% TtntWr 1.06 32 28 SOB 34% 33% 33% 

37% 20% token l.OD 2D to 323 36% 36% 36% 

8 2 TXmCrp 7 1335 7% 6% 6% 

13% 10% ton PI IDO 7D 5 13% 13% 13% 
6 4 Todd Sip 6 58 4% 4% 4% 


77 16% TUMI 
38 24% man, a 
46% 28% Tirtfem 
37% 28% TtntWr 
37% 26% total 
6 zimop 

13% 10% ton PI 
8 4 Todd 5%) 


56% 39% W Cp 
2B 19% HeroE I 
12 7% Yriendta I 
7 3% VaNtacz 1 
8% 7%ttnXarpHl 1 

10% 9VMeo|Mer 
12% 10% VeefettpiteU I 

8% 4% lterea hS 
39 l9Venea l 

50% 25VMy 
15% M%tteW 
00 % TOMrEBF&OO l 

39% 2S%VktByM 
27% 15% ft&Hss 
28% 14*2 itere Inc 
94% 54%9W**te I 

14 6%*%ftter 
26% 15% WhCdb 
41% 31%1*IBdD i 

56% 40% VUodl 1 


i 13 1167 50% 
J 2149 22% 
l 16 5 11% 

I 10 22 5% 
) 123 8% 

r 27 10% 
I 148 11% 
20 504 6% 
r 12 631 37 

34 1038 4812 
i 1 48 IS 

I Z100 71% 

19 318 033% 

ID ZT 23 
22 43 26% 

I 2S176S B3% 

20 34 12% 
18 314 17% 

i 42 79 35% 

I 21 255 51 


2B 26% 4% 
17% 17% -% 
10% 10% , 
17% 17% -% 
40% 40% -% 

<ns is -% 

a 29 -% 

30 30% -% 


50 50% »% 

2% 22% 

11 % 11 % 

5% 5% 

8% B>4 ♦% 

10 % 10 % -% 
«% 11% ■% 
S% G% -% 

35% 35% -1% 
48% 47% -2% 
14% 15 +% 

71% 71% 

38% 38% •»% 
22 % 22 % -% 
36% 26% -% 
81% 82 -1% 
12% 12% -% 
17% 17% 

£& «£ 3 


33% 17% IMS tad 
36% 27% WPLHotd 


36% 27% WVLHddk 
19% 11% Wadentac 
40% 30% Wdira 


UMStad 24 585 38% 28% 281 

WPLHddb 1DB 64 M 88 30 29% 29^ 


34 2685 019% 
IDO 3.7 11 1418 32% 


11%Mtadantad 086 2D4S6 


19% 10% 
*% 32% 
14 14 


57 1369 a5% 5% 5% 


SSi 2 

36% 30% 

6% 6% 


44% 30% WBUpn as ID 20 1736 42 

36% DWtaMS 684 ID 18 117 tC8% 
34 23WW*te at7 OD 2S13652 27% 
11% Mttmtai 004 69 10 206 4% 

75% a% HMDffl £44 19 20 3519 62% 


32 4326 2S% 24% 25% 
1D6 7D 37 873 13% 13% 13% 

619 £1 55 64 7% 7% 7% 

048 £0 22 371 H24% 23>i 23% 

606 ID 13 71 3% 3% 3% 

020 IS 71 100 5% 5% 5% 

82 SIB 10% 10% 10% 


15% 6% Totmtae Co 65G <2 36 27 lW 
28 25% UkdEZDI 2DI107 4 2H 

19% 8%TolBnB 16 4512 144 


45% 35% Weeds. 
28 21% WetfMei 
284 212Uta)dra 
26% 129MJn 


27 27% 
4 % 4% 
61% 62% 
17% 17% 


£16 5D 14 215 40% 39% . 

UK 15 9 72 M% 84% 24 

420 ID 18 29 240 239% 230 
048 ID 16 887 26% 27 27 


39% 27% SNBQtlA 1.22 42 14 10 29% 26% 28% -h 

34% 25% SQE(|U 122 47 1753 26% 25% 2B -% 

37% ISSmdtaFd 652 £3 14 308 22% 22% 22% -% 

32% 20% Enudtar J 0.46 ID m 25 25*2 25% 25% -% 

44% 30% SrpOnT 1.08 £6 20 331 <2 41% 41% -% 

23 10 Snyder 01 024 1.1 2G Til 21% 3% 21% -% 

34 16%SBtaBran 33 9(7 32 31% 31% -% 

36% 21% Sene) IDS 3D 10 1341 31% 30% 30% -% 

61% 32 Sony x a47 66131 38 57% 57% 57% *« 

19% 10% Sandy) 024 1.3 90 1371 18% 18 16% -% 


83%64%TmMeM 
64% 41%Tdnvk 
30% 16% Toro Carp 
35 i8%Toec»x 
33 14%TDttS|ef 
42% 32% TysflUa 


018 6 5 20 23 70 

1.12 £7 12 482 42% 
648 1.7 19 338 22*2 
ODD ID 13 637 31% 
614 65 41 7100 25% 
23 6275 38 


g l% MametiM 006 3D 1 10 2* 
11%WBM>(M 620 ID 17 104 164 


24% Ttansamtac 1D2 7D 10 43 24% |Q4% 
45% Timm £00 3D fl 773 53% 52% 


62% 45% Tmseai 
81% 45% Tirana 
IB l3Hrea 
17% 6% TrractX R 
17% 8%Traneteai 
43 34% Tin* 


£00 3D 0 773 S3% 52% 53 
03G 67 12 7 48% 48% 41 

660 17 10 481 10% 18% 16 
3 7100 14% 14% 14 
624 1.4 14 176 17% 16% 17 
650 ID 8 7126 38% 37% 37 


49% 42% Sauce CM> 160 63 3 43% 41% 43% 

51% 35% SounCsiS* £50 66 2 37% 37% 37% 


18 12% IradBgvx 024 1.7 14 45 14% 
’% 34%TitC0m£5i £50 6D 10 36% 


51% 35%SW*lC»Stt £50 &D 
27% 21% StUmftd 1.44 O 14 

30 9% Slum ODD ID 88 

24% 17% SCaND IDO 61 10 

23% 15% SIMCd 655 65 B 

23% 18*2 SfnCo 1.16 60 G 

35^2 28% SouSnKE IDG 54 12 
38% 29% SNEIef x I.7B 5D 44 
39 1B% SWMr 604 61 31 


£50 6B 2 37% 37% 37% 

1.44 63 14 21 23 22% 22% 

050 ID 88 225 26% 26% 26% 

1.20 61 10 25 20 19% (9% 

668 35 B 257 19% 18% 1B% 

1.16 60 6 4178 20 16% 19% 

IDG 54 12 28 30% 30% 30% 

I.7B 5D 44 451 30% 30 30% 

604 61 31 3332 M% 33% 33% 


37% 34%TitC0m25i £50 6D 10 36% 36% 30% 
28% 18%TMarc 7 128 20% 19% 19% 

61% 48 Triune 1D4 1.7 23 2147 81% 60% 61% 

20’s 23TnC® i a76 13 363 23% (C3 23% 

47% 14% Trtndy 666 1.7 23 ZB 41% 40% 41 

40 Zl TmOH 0188 ID 96 2134 35% 35% 35% 

43% 2E% Trken 610 63 21 BB2 23% 29 29% 

4% 1% Tucson B 26 3806 3% 3% 3% 

lO^z .5% TidnCrp 620 12 39 503 6% 8 6% 

14% 5%TutO(liD 612 ID 386 6 7% 7% 

34 19% TtatlCteltX 0G4 11 9 825 21% 20% 20% 

21% 16% TtehOkc 670 14 19 5 20% 20% 20% 

56% 37%TjceL 040 60 30 634 S3% 52% 53% 

14 7% Tyo T aiO 1.1 4 772 8% 8% 8% 

6% 4%iykf 65 GO 6% 6 B 


19% 13% SdUNVEis a78 4 5 20 402 1^2 17% 17% 
21% 12 SouUMEngy 624 ID 15 161 16% 16% 10% 


33% 27%5euffMWSv 220 7.7 11 127 29 2B% 28% . -% 

12% 7% Soft) fan 648 43 273 11% 10% 10% -% 

7% 5 SpvkxtCp 12 11 6% 6% 6% -% 

21% 14% SphenO 612 67 114 17% 17% 17% +% 

49 33% SsrMo 120 3J 13 193 37% 3G% 36% -% 

40% 25% SpU IDO £9 25 4027 35% 34% 35 •% 

18% 15 Stt 640 £5 20 52 18% 15% 15% -% 

r% 13 9d Comm 640 £4 B 69 17% 16% 16% 

26% 13% Sid Motor 032 17 13 210 16% 18% 16% 

12% 6% SbndteUI 612 1.2172 818 10% 10% 10% 

38% 25% SUM 064 ID 16 101 34% 34% 34% 

29% 18% Sendee 692 ID 17 106 26% 28% 28% 

37 25% SMxmax IDO £8 21 91 36% 35% 35% 

47% 37% SOW* 136 14 19 SBI 40% 38% 39% 

28% 22% StameUx 668 2D 22 5 25% 24% 24% 

l2%10%SUe«U 088 61 35 11 10% 10% 

32% 18%SUMDh 660 £2 7 403 28 27% 27% 

9% 6% SterigBop 020 29 6 134 71 a 7 7 


80% 61% 
tC3 23% 


20 29% 
3% 3% 
6 6% 

Jk & 

20 % »% 

6 B 


1 45% 39% WeteOeMr 228 68 28 706 39% SB% 33% 

11 3%«*nna 064 60 6 115 10% 10% 10% 

29% MWebtfc a72 2D 15 26 28% ZB 28% 

15% 8%«Mcm 632 19 11 5005 B% d8 6% 

24% 16% Wetenen 020 ID 16 268 21% 20% 2D% 

146% 74% WefaF 4D0 £7 IB 130£ri4B% 144% 146% 
18% 12%wendys 024 ID 23 3787 18% 17% 17% 

25% 19% WeetCD 044 1.8 17 78 24% 24% 24% 

18% 12% wastes! E 088 52 11 322 17% 16% 18% 

42% 41% roan 4153 1*3 <2% 43 

19% 5%MMb 12 308 11% 11% 11% 

20% 3%«MOb 23 4031 19% 19 19% 

45% 24WeeUGM 020 67 23 44 29% 29 29% 
23% 10%WednMno 677 1.8130 295 Zl 20% 20% 
37%29%M*lRee IDS 66 10 394 2fi% tB9% 20% 

17%12%«M)B 020 ID 20 4881 13% 13 13 

11% 4% wanvCoU 632 6D 0 1SS 4% 4% 4% 

22% B-% Wttl WttM 22 107 18% 15 15% 

20% 9% UfasQac 639 £2 5 122 16 17% 17% 

38 30%8Meco 1.10 14 41 760 32% 32% 32% 

51% 38% Wyrtter 120 £7 173K2 44% 44 44 

23% 14% Mnetadn 606 63 24 1327 20% 20% 20% 

73% 43% VMM 122 ID 20 875 67% 65% BB% 

18 12% Medal 23 4 13 13 13 

17 12% WAen 630 ID 15 533 16% 15% 15% 

17% 11% MMtakzr 19 63 15% 15% 15% 

32% 25% Wortac 1.56 64 15 172 28% 3% 28% 


16 17 174| 

40% 39% 40 

24% 01% 24% 
240 239% 230% 
26% 27 27% 

2% 2% 2% 

18% W% 16% 

ass 

28% 26 29% 

8% 08 8% 


38% 28% SUM 084 ID 16 101 

29% <8% Sendee 652 ID 17 106 

37 25% SMnoax IDO £8 21 91 

47% 37% 5dm 136 14 19 SBI 

26% 22% Starred X 668 2D 22 5 

12% 10% Stale MM 088 61 35 

32% 18%SUJedDh 0.60 22 7 <03 


6% 3%5aipaiBn 008 12 42 613 <0% 8% 6% +% 


35% 17%SMB9nre 
10*1 GftSMRn 
31% 21% StanMhb 


SmtgSme 221071 34* 

5tMRn ai2 1.4 4 31 88 
StaneMVed 060 20WD 32 30% 


16% 6% SOW CM 071 52 2 4617 13% 13% 13% 


3 3 

30% 


38% 16% SM Shop 21 268 25% S 2b ■% 

16 8 7 o StrEqu 084 83 17 246 15% 15% 15% -% 
43 IBSBTch 12 7191 38% 35% 36% +% 

41% 20% SCRUB 3M 108 26% 2S% 26% -% 

33% 13% SHdeflU 038 23 13 324 16% 1G% 16% -% 

32 19% SO® fifltr 1 2D 4.0 16 133 30% 30 30% *% 

155 2%5wiBSh» 030104 1 4 2% 62% 2% 

11% 9% SuiDfcA 1.10 10 4 7 135 10% 10% 10% +% 

4% 3 Sat ns B 024 13 4 120 4% 4% 4% ♦% 


15% 15% 15% -% 
38% 35% 36> 2 *% 


48% 27% Sixum 
46% 3SM* 
9% l%Sure#« 
3% ISwsHI 
4«% 41% Sums 


GStalEnany 032 5.9 42 39 6% 6% 


StxcHMPI 119125 
SurcbM 


0.40 ID 13 <62 30% 38% 

120 £5 18 184 47% 47% 

119125 133 U)% 9% 

I90K 2% 2% 

128 £6 12 841 48% 45% 


tt S;% 

38% 30 .% 

47% 47% -% 

a a ... 

45% 45% 


14% 0% Super Food 038 £6 15 94 14% 13% 13% -% 
49% 18% SupeM 612 03 25 495 38% 37% 37% -% 


49% 16% Superior . .. , . . 

40% 29% Sapcd 088 2X 13 795 34% 34% 34% -% 

3% 14 5wgC» DIB ID 19 10*4 17% 16% 16% •% 

23% 13% Swee Hrt* 008 04 273 20% 20% 20% +% 

20% U%Sm*anee 40 716 20% 20% 20% -% 

11% 8% SytnsCerp 12 12 9% 9% »% 4% 

20% l5 5ynonaFft 045 26 15 471 17% 16% 17% +% 

33%13%Syme» 1.04 6B 7 3261 15 14% 15 *% 

31 22% Sysco 038 1.4 22 3781 26% M 26% -% 


612 03 25 495 38% 37% 37* 
668 £0 13 795 34% 34% 34* 
DIB ID 19 10*4 17% 16% 16* 


33% 13%Spw. 
31 22% Sysco 


9% 5% ICBY Enter 620 3D 23 249 5 5% 5% -* 

40 27% TGF Ftaenc 1.00 3D 10 167 31% 33 33 -1 

T0% TCWCntvS 084 67 393 9% 9% 9% 4 > 

44 25% TW CVP A *D4T I.I 42 Zl 41% 41% 41% 

3% 1% TISMUer 020113 0 52 1% dl% 1% 

34% 24% TJX 050 ID 17 1602 26% 27% 28-1 


155% 110% (ML 
33*4 21%UIB Ha 
10% 4%URS 
52% 45% USIBE 4.1 
30 9% USG 
32% 24%UST 
52% 38% USX Oxen 
10% 4% UCC Hms 
25% 21% UB Cm 
11% 5%UNChe 
38% 20UtfflhC 
34% 15%ltaBnt4 
74% SGUnhr 
120% 85%UeM7 
50% 38% UlCMp 
26% 16IKM 
16 9% Lteten Cap 
58% 48 LdBlSO 

72 60% U0B4DO 
44% 35% UnHac 
67% 56% IMUcx 
30 22%LWonPtxd 
27% 17% UetaaTBOi 
16% 1%Unfcfn 
16% 9% ttarqe 
4% 1% IM Cap 
47% 26% UMset 
16% IZIMXmfity 
22% BUUDoaM 
47% iOWMhcm 
45% 35%lMhxm 
10% 4UUtadud 
13% 8%UiKg*nFnd 

!2 %uf>amai 

24% 8USM 
19% 11%UGFfiG 

26 % I8%usmer 
29% l»%USHam 
45% 35% USUCp 
17% I%U9Shm 
78% 15% US&Xfl 
50% 37% USWest 
72 43% IHTec 
16% 13% UdVbder 
15% 0% itaknde 
37% 30% IW» Food* 
18% 14%Urt»WB 
1% AltMMl 
14% 9% IMWQD 
33% 18% UM Op 
32% 23% Unocal 
80% 47%lNWC0rp 


48 1694 125% <23% 123% 
084 3D 19 1944 28% 27% 28 

41 161 7% 7% 7% 

4.10 60 20 51% 51 51 

If 1133 34% 33% 34 

1.12 42 15 1319 26% 28% 2B% 

175 7.4 3 50% 50% 50% 

1.BB2Z0 5 4Z3 8% 7% 7% 

134 19 24 166 23% 22% 22% 

16 405 11% 11 11 

056 £6 13 1683 22% 21% 21% 

an as 17 3 is% ts% »% 

690 1.4 S 5 63% 63% 63% 

IDS ID 15 741 107% 106% 106% 
1D6 14 64 441 48% 45*2 48% 
075 £6 25 3557 25% 25% 25% 

17 68 11% 11% 11% 

150 GD 7100 51 51 61 

4DD 73 5 O 62 82 

£38 67 12 1071 35% 35*2 35% 

1 JO £8 16 3142 59% 57% 56% 
664 14 9 221 25 34% 25 

020 1.1 SO 167 !8(ff7% 17% 

0 37 1% 1% 1% 

£77 ISO 1014186 15% 15% 15% 
25 72 3% 3% 3% 
OBB £5 20 73 38% 38% 38% 

078 53 75 513 15% 14% 15% 
020 0 9 20 21 22% 22% 22% 
DD3 61 16 5876 48% 46 46% 

£76 7.5 11 GO 37% 36% 36% 
028 43 6 159 6% 6% 6*2 
615 13 73 11% 11% 11% 

15 3 53 Q p 

612 1.4 1 1435 8% 8% 9% 
620 14 15 2233 14% T4% 14% 
40 163 22% 22 22% 

3 168 24% 23% 23% 
124 11 9 62 41 40% <0% 

032 1 9 47 330 16% 16% 16% 


032 1 9 47 330 16% 16! 
006 0.4 31 2942 19% 18 
£14 53 35 5857 40% 3tf 
IDO £6 19 2170 68% 67 
692 GD 13 60 14% 


32 173 Wne 
7» BJOWBsMn 
9% 5%WMnvn 
79% 46% MnSta 

S 5% Hlmebego 
24W)ee£n 


610 14 15 88 7% 7% 

084 3D 11 1385 25% 2S% 

005 00 14 11 6% 6% 

12 161 7% 7% 

1.44 2D 17 267 56% 56% 

28 642 13% 13% 

135 54 13 291 25% 25 

1.79 60 11 366 29% 29% 

640 £3160 14 17% 17% 


35 MWkoCHp 1.00 11 70 352 32% 32% 32% 


40% 23% WMXT 
37 13% WUCoU) 
32% 19%HMMd 


ODD £4 2614043 25% 24% 
0.16 a< 22 390 36% 36 

1.16 6D 5 2663 19% d19% 


32% 19% WMMti 1.16 6D 5 2663 19% dl 9% 19% 

18% 11% Wild Ml 120 7.4 44 16% 15% 16% 

7 2% WorUcwp 3 146 6 B 6 

53 29% UOtgley 646 OD 34 261 52% 52% 52% 

21 14 Wyto Lenar 028 14 21 279 20% 20 20 

23% 18%W*mH 644 £1 12 46 20% 20% 20% 


-X-Y-Z- 


103% 68% Xerat 
55% 51 % XerteM.lZ 
53 31% XfeaCaip 
28% 19* 2 T«MEpy 
41% 31%VMM 
1% % Zepate 

i3% 5% awe 
29% 1B%2Mdim 
8 8% Zeohtae* 
16% 12% Zero 
40*j 23% Zumtadx 
13% iz% ZWg Firt 
10% 9% ZwMg ToO 


69*2 97 
S3 S3 

3,% 


“S* 

13% 13% 
24% d22% 

as 


37% -2% 
S3 


^ * 


M 152 15% 14 




092 27 IS 67 34 33% 33% 

1.96 98 11 19T 17% 17 17 

a30 2.7 K 7100 IT?* 1ll< 111 

096 4D 11 453 16% 19% 18% 

060 10 £1 5264 27*2 26% 27 

680 1.5 13 170 56 54% 55 


«s» an ae«M tr m atm 

Maly No> nkMlx BTSf Maa am pm On ten l im 
Mm ■ aw « seek «m eang u 25 aomu gr vero Ot tea 
pted. n ners tapMrtO ranpe ad MM m aton to SB pm act aSy. 
Item m i »te» MM. tan a MteteW te» eewa idtami n U M pa 
n ten onweBOL SM egn n naan. 

■4M0n) Wo mm teemtafl nee af Mane m mfc emamA 
tfcttad ctxated <Hm y«My *m. frUMdwd dacterae a aw 
■ praadtag 12 mte gMte r d ta Crate MO. adpcl ta 154 
HWte—te e do. MtaMste deCM MW «CHp m Ml MM H»*- 
on) pate «li ysr. com. ante, at no ran ran d Mea mam 
miter MMM na n e pH n tar. ■ rante te rat hb 
Mm ta m ihm* ten te tie pW Smta The Mgdten am 

Kgn^^OI H trap- HHM df teWy. f« pIcnraM ^ 

r«M te n d a pad te araWp 12 mate, pte site bmom 
M ra oentete bte> wn an <e ra etente imm pad n 
ate ta rnadtap 12 nrtte e te i n d ate «tee on w M M a 
■Mteteutn dte iHrainter MV *tetep Mat «ta tete p tey m 
m teste « tadeg renpadM netr te Brawn* Art. or tecnett 
rand dy ted aarate nMMM. Hte tete — Mi te- 
rete wdNrt ■ e n*te teXOte n te i ante 
HKtte M ten k tel phte rataa te U 


AMEX COMPOSITE PRICES 


3:45 pm March 24 


an* tew 
AT Eapr 
Altai n* 
Aten a) 
Amfcr Pa 
Anrttfa A 
Arooart 
Am fxpl 
Aropal AmA 
ASRIms 
Aslralodi 
Anri 

AftaCMB 

AuponA 

B&HOcem 

DaflovMi 

BrtdwnTA 

Retry RG 

BA1M 

Been) 

eukaltoi ' 

BWtadA 

Blount A ' 

BmVtBey 

Brnnm 

Bonne x 

OaecunA 


ft SM 
Dir. E 100s 
IBS 187 
630 IS 329 
: i: 
12 55 
104 11 7100 
664 UU 84 
605 I I0M 
I 268 
i 52 7 

072 0 112 
32 39 

6 400 
0 50 

12 79 


HW Uw( 

15% 14% 
23 23 

Vt I A 

&£ 


One Dug 

14% -% 


09 St 

Stack Me. E rail Mtfr MwCtmOng 
Commot) 630 14 20 15% 15% 15% ■% 
Corapusac 5 GO ifi lA \\ 

Coned R»A 6 221010% 9% 10% * 

CnnsATA 964533 47 IS 15% 16 

crown C A 640 49 52 £1% 21% 21% 
QwnCB 0.40 17 77 20 19% T9% 

QOta 0D3 96 14 22% 22 22% 

QBknaOi 13 2 2,4 2,5 z,i 

nan 14 so i% i% i% 

OknmV. 30 131 18% 16% 16% 
Duaarnun B 70 4 1 4 4 

Oupta 646 56 17 10% 10*2 10*2 


33 


¥ 

6 % -% 

» % -h 


lit 

16 +% 


96 14 22% 22 22% *% 

13 2 2,5 2,5 Z.5 -A 

14 SO 1% 1% 1% -A 

30 131 18% 16% 16% +% 

B 70 4 A 4 4 -A 

56 17 10% 10*2 10*2 ■% 


W Sb 
Mr. E 100) 
6 11 
3 313 
615 48 2 

17 243 

1 1206 
612 26 16 
31127 
851452 
0D4 283001 


20 3% 

1 20 23% 
23 5% 
158 17% 
314 7% 

2G 1% 
J100 22% 
26 13% 
49 30 

5 9% 
66 3% 
902826*2 
33 13% 


Cap Men 028 22 12 
ChmtmA a 01 7 753 


12 Ml 1% V 

2 23% 23*2 23 J; 


Qradcra 

OmpqUan 

CMw 

Qrtflt D04 
CnBlFdA 601 


22*4 

A A 

M 
& a 

13% 13% 

23*5 23^2 
12 % 12 % 


0.46 15 3 15% 16% 15% -% 

1J2«2 114 19% 19% *9% -% 
607441 8350 13% 13% 13% *% 
026 11 43 13% 13% 13% 

7 B 9% 9% 9% 

.18 1203 37% 38% 38% -1% 
491387 4 3% 3S -% 

9 190 16% 16% 16% -% 

064 12 7 35% 35% 35% , 

120 15 S2i71% 71 71 -% 

020 14 2100 11% 11% 11% . 

ODE 68 B4 27% 27 27% -% 

2G 4186 46% 43% 44 -3% 

2 3 4% H4% 4% 

660 9 19 29 26% 28% -% 

670 16 1273 2G% 25% 26% +% 
670 37 73 17% 16% 17% +% 

10 121 A d% % 

34 30 A 6% 6% -% 

034 11 104 3,4 3ft 3ft +,l 

44 883 B7% 7% 7% -% 
626 16 1445 38% 35% 36 -% 


601 7 753 3% 3% 3% 

7 10 3i2 3% 3% 

39 86 27 26*j 26% 

281 645 5% 5% 5% 

004 31 1027 12% 12 12 

5% 5% 5% 


P 

13% 12% 

17% iffi 
29% 28% 

6 % 6 % 
12 % 12 % 
4% 4 

22 % 21 % 
7% 7% 


28% 28% -% 
25% 26% +% 
16% 17% +% 
4*2 % 

a a 3 


2 25 
644 25 38 
620 3 6 

5 

14 11 
14 45 

ID 241 
0553961112 
620 9 17 
IIS 7100 
12 57 


slSiS 

23% 23*4 

37% 37% 
25% 25 

4% 4% 
u7 7 


Cten Png 
3% 4% 
3*4 

>1% -% 

12% -% 

& t 
'3 A 
28*2 '*2 
9% -% 
12 % 

3 

S3 

13^ j® 

23% -% 
37% -% 


Ragtaftad 

RBSWCg 

RedeEm 


TIM 

Tad Prods 

TelSOMBX 

Thcrmsdes 

TtemoUa 

TdPHA 

TomCnlry 

Tflon 

Tubas Max 

llITTtM 

Tumrflrfl 


A $ 
»% 

g * 


OdedCSA 34 135 9% 9% 9% 

Olsten 024115 349u34% 34% 34% , 

Pugajuc 6 6401132086 20% 20* 4 20% +% 
Pend 660 55 30 13% 13% 13% ■*% 


P / Sta 
Db. E UOt 

1D4 50 3 

023 16 950 
650 18 5 

ai2 32 677 
090 17 62 
aiO 1 406 
SO 27 
3 64 

3 13 

£10 10 12 
21 85 
604 15 650 

0 130 

26 149 
620 60 1 1B 
636 61 BZ6 
83 ISO 
33 65 
020 24 628 

1 301 
11 150 
19 683 

0D7 80 236 
6077181 779 

4 10 

629 87 2 

18 226 
69 201 

28 217 
3562 
25 725 
0D0 23 19 
t» 19 23 
a» 9 138 


Ugh Low 

26% 26% 


26% 

ST -2% 

34% +% 


Iggjj 

4A 4% 
II 10% 
41% 40*2 
14% 14 

32 31% 
18% 17% 


39% 

23% *% 


34% 33% 
29% 29% 
10 % 10 % 
28 27% 
13% 13% 
22% 21% 

8 5% 


3 | 

i: 

-% 

Zl% -% 


26 ♦% 

13% 

21% '% 

S% -% 


GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN ATHENS. 

A subscription hand delivery is available in Athens. 

We will deliver your daily copy of the FT to your home or to your office at no extra chaigc to you. 
ir you would like more information about subscribing please call our local importer. 
Hellenic Distribution Agency, on tOI > 991 932S or fax your requirement to 01/9 9 36 043. * 


0C&- 


times 1 

•*■ * t nun uA*a>v of t *■ 7""*’’ ■■ — - • - 

v.--i . . "* * *r»*rrs mi™, JTT^. 

’^TflMMIIir ifirTYiniX -~-y Ti--- -- .... «rhn4 


. ^asy»w * *y 


Start Ml E 100s Mpk 1— Late o«( 
AHStads 020 21 15u15% 15 15% t% 
ACC Cap 612105 2962 25% 25 25% 
AcdainE 2720502 22% 20% 71 -1% 

Acme Mb Zl 383 25% 24 24% -% 

«e*»Cp 31 844 22 21% 22 +% 

Attebdi 194232 21% 19% 20% -I 
ADCTet 31 807 38*2 38% 37% -% 

Atstagnm 97 7 77 16% 16% -% 

Add Sen 616 202512 ilE 33% 34% *1 

Adobe Sya 020 Zl 8708 28 25% 2B% -1% 

AdrauC 0 B4B 13*2 13% 13% 
Adrlagle 10 20G9 u7> 2 8% 7% +% 
AdvPWyn 101459 7% 7 7%+% 

AdvTcdLad 33 18) 10815% 15% -% 

Atlanta 62D 17 63 34% 33% 34% •% 
Aftymn 12 320 18% 16% 15% -% 
Agency He 23 803 14% 13% 13% -% ■ 
AOitaflEa 610140 3026 12% 12% 12% +% 
AtaoADfl £60 20 723 56% 57% 57% -1*2 
AUueCp 41 3038 30% 29% 29% -1% 
AtaBd 686 18 236 26% 26% 2G% -*4 
Afegh&M 16 M B*2 8% S* 2 
AOoitbg QD2 12 7100 31% 31% 31% -1% 
*B»Wl 5 4B2 9% 9% 9% 

AldCBplx IDO 12 73 14% 14 74% 

AH Cap x 680 11 62 13% 13 13 -% 

AtoetbC 032 53 151 4% 4% 4% 

Ada Gold 006 2 250 1,’ f 1% 1% -i 

AderaCp 31 5653 33% 32% 32% -2 

Ara Banker 688 9 384 25 23% 23% -1% 
Am cry Ba Z7 H00 28% 26% 28% 
AmMawg 19 581 20 19% 20 

Am Med B 24 843 17% 16% 16% -% 
AraSoftw Q322041094 6% 5% G% 
AmFrtaya 31 45 19% 18*2 18% 

AmfiriA aa 16 2081 28% 26 28% -% 

I A«*dP 2 1667 1U li J tjj -i 

I Anmn 220 7 194 52% SD 50 -1% 

1 Amftefinr S4 6889 30% 29% 28% -1% 

AmTtar 10 276 13% 1Z% 13% 

Amgen be 1426268 36% 37% 36% +1 

AotecdCp QDB 29 5355 21% 20 20% -% 

ArmfU 4 222 10* 4 9% 10% +% 

Aredogfc 16 187 17% 16% 16% -% 

Anefyte 046 14 11 17 16 17 +% 

AnengeMmxTDO IS 300 17% 17% 17% 

Ate— Cp 16 153 33 32 32% -% 

AtabmAfl 101143 20*2 <9% 20 -% 

Apogee En 030 29 72 15 14% 14% -% 

APPBta 10 428 6% 6% 6% 

AppM Met 3210597 50 47% 48% -1% 

AppteC 048 9016304 35% 34 34% -% 

Amledaa) 0D4 64 1060 n2S 23% 25 +% 

Artur Dr x 034 41 121 18% 18 18% +% 

Ante 028 IS 20 25 % 25 25% +% 

bgmrt 1D0 6 326 30% 29% 2B% 4) 

ArrarAJ 0D4 20 S3 21 20% 20% 

AmcAdln 640 19 SOI 22 21% 22 

ASKOp 10 815 8 7% 7% •% 

AepedTlf 32 1225 37*4 34% 35% -1% 

AaaocCorarn 616 116 25% 24% 24% -t 

ASTRsttl 14 3366 23% 22 227* -% 

AOdroan 21 60 9% 8% 6% -% 

MSE» 032 25 233 34 33% 34 -% 

Auto* 648 23 5227 60 59% 59% -% 

AutoWo 13 2334 4% 3% 3% 

Aratode 092 12 72 7% 7% 7% 


SEI B ODO 20 139 6% 6% 6% +% 

BlPbeqw 10 IBB 13 12 12% -% 

BaterHIM 33 % d% % 

Baker J 608 13 457 21% 21 21 -% 

BUmbLB 020 34841 14% 13% 14% 

Banda 16 310 23% 23 23 -% 

BnkSotfl) 044 11 1431 16 17% 17% 

BanfeaCp 040 10 138u1B% 16% 19% +% 
BadanOi 060 10 3 18% 18% 18% 

BerfdStra 020 28 1S4 33% 33% 33% 
BsrcaGeo 652 16 467 37% 36% 37 
SaaseiF 090 15 64 28% Z7% 20% +% 
Bay View 060 11 155 20% 19% 20% +% 
Bajbafe 140 12 266 bS 7% 56% 50% -% 
B8Ktte 1.08 9 S10 29% 29% 29% -% 

BE Aero 23 412 10 9% 9% -% 

BeauSJCBs 028 31 274 13% 13% 13% +% 

Bwi&Jeny 17 90 18 17% 17% -% 

BerideyWR riL«4 14 737 37% 37% 37% 

BHAGip 612 18 227 10% B% 10% +1% 

BMnc 105 112 5% 5% 5% 

»gB 012 16 968 11% 11% 11% 
BMAtyW 008 15 65 13% 13% 13% 

Bergen 36 7028 37% 35 35% ■!% 

Bcanet 19 6223 11% 11 11% +% 

BtaCfcOrg IDE 12 79 33% 32% 33% •% 

BMC Sate 21 4002 66% 63% 66% +% 

BramenS l£4 91291 30% 30 30% ♦% 

Bod Evans 027 19 <04 22% 21% -% 

BaoblB 12 10G M% 23% 23% 

GobRd 2<3595 13*2 12% 13% 

BoconBk 076 6 <3 37% 36% 37% +% 

Boston Tc 592939 13% 12% 13% -% 

Brady* A 0£8 IB 52 46 45% 45% +% 

taencox 020 24 200 11 10% 10% -% 

BrunoS 024 18 1216 8 7% 7% 

BSSBnto 676 7 83 23% 23 23% +% 

BTSHpgg 648 0 123 3% 3% 3*2 +% 

BuBrts 34 1595 22% 21% 22% +% 

BuSderaT 28 614 17% 15% 16 -% 

Bun— AS 8 2384 u9% 8% 9ft 

BtorBwn 24 260 7% 7 7 -ft 

Bustaesdl 62 173 33% 33 33% -1% 

ButoUg 6 73 26 25% 26 


CTec 85 34 2B% 

Cabot Med 9 396 9> 4 
CadSB—aXIDI 16 GO 2B% 
CadneisCaM020 17 36 14% 
CaeroCg 88 806 9% 
CUgene £25 61920 12% 
Cal Mem 21 271 23% 
CepdxBto 3 670 3ft 
CaxtotaL 1 96 3% 
Codes 0 112 2% 

Cwuntoc 059110 61 TS% 
Canons 1 9 3% 

Cantata 012 25 i«4 46% 
CaritooCn 064 22 20 27% 
Cascade 060 1 6 20 18% 
Casay S 006 19 410 13% 
Ceigana 7 4ii 8% 

Cebtar 8 334 19% 

cat eg 19 132(112% 
Ceraexlel 3501810 10% 
GBflBcor 6 1273 12% 
Qwffidx 1.12 11 56S 29% 
CotdSpr 25 7 13% 

dander 11 30 6% 

Chapter 1 048 71431 19% 
DimSii QD9 18 2415 13% 
dwad—i 42 563 8ft 
Qanrbb 16 225 11% 
Ownfix 1 290 % 

O — 16 15 4% 

CUps&Te 7 2790 6% 

CnroaQ) 64 9006 70% 
CwiPn 126 12 216 54% 
QnbsCp 017 29 187 30% 
CmtsLgc 38 8625 37% 
CSTedl 156 459 3% 
CteaSjS 162405 37% 

CbBaacp 1D6 16 44 30 

Ctenttr 27 286 8 

CSHsOr 39 11 11% 

(Mtoa 12 664 7% 
CocaCctaS IDO 19 504 31 

Coda Engy 97 160 S 
CoWtam 26 68 10*2 
CcgneiCp 39 997 25 

CDgnos 106 156 (1% 
Coherer! 15 549 12% 
CUtagen 94 629 23% 
CoWGee 134 14 69 22 

Cotrf&p ODO 10 211 27 

Comad 024 16 1971 24% 
CbkszA 009 421663 20% 
CnslASp QDB 4116797 19% 
COORSkrtsODO 11 103 32% 
Gommd 070 94 19 16% 
CBrqiira 43 649 13% 
Ctoonate 53 49 12% 
Comsmekfl 49 1602 4% 
CnrPap 128 a 242 42% 
Csnstnn IS 325 TO 
Cftrttel 144 1BS02S 11% 
CtnUCd 21 213 1G% 

canuaa is isa 9% 
CBotoA ODD 24 160 19*6 
CepyteSe 81 460 10% 
CortlSs Cp £02875 48% 
Cop Of A 45 343 18% 
Crater B Q02 331421 2B% 
OsyCcsrp 1 353 2% 
Groan Rea 6 2553 06% 
Cytagm 2 429 4% 


28% 28% -I 
6% 8% -% 
28% 26% -1 
14% 14% 

6% 6% -% 
11 % 12 % -% 
22 % 22 % -% 
2% 2H -ft 

3% 3% -% 
2% 2% 

79 79% *1% 
3% 3% 

46% 48% 

27% 27% -% 
16 16 -% 
13 13% -% 
7% 8 ■% 

18% 19% 

12 % 12 % 

10% 10% -% 
11 % 11 % -% 
29% 29% 

12 % 12 % 

6 % 6 % +% 
19 19 •% 

13% 13% 

8ft 8,1 +ft 
11 11% -% 
tf% % 

4% 4% 

5% 6% •% 
06% 66% -3% 
53% 54% -% 
30 30% -% 
35% 38% -1% 
3% 3% -% 
32% 34% -3' 

29% 29% -% 
7% 7% J 2 
11 % 11 % -% 
7% 7% -% 
30 30% ♦% 
4% 4% -ft 
10% 10^4 -4 
24 25 +% 
11% 11% 

11% 12% -% 
23 23% -% 
21 22 +% 
25% 27 -% 

23% 23% -% 
19% 19% -% 
18% 19% -% 
32 32 

17% 17% -% 
12% 13 -% 

11 % 11 % 

4ft 4,1 -A 
41% 41*2 *% 
9% ID -% 
10% 11 
16 16 -% 
9% 9% *% 
16% 19 +% 

9% 9% -% 
44 45% -1 

15% 16% -% 
27% 28% -% 
2*4 2% 

6ft 6% 

d3% 4 


OcdShqa 
Defoti En 
Defeat) Ce 
Detetwrus 
Dei Comp 
DetoQSn 
DTOjay 
Dap Or* 
□emi 
DHTail 
WWUB 
OigfM 
Dig Hero 
Og Sound 
Dig Sya 
DkxwtCp 
ttafaYm 
DMA PM 
Doaer (ki 
DorrtiHR 

DrecoEogy 
Dratfwn 
Drey GD 
Drug Empo 
DS Bancor 
Dudon 
DutRO 
Dyneocti 


ta. Ma egi iw 

020 19 12 6* 2 6% 

032 23 202 15% 15 

060 53 119 35% 35% 
044 11 9 22% 23% 

2616156 77% 25% 
0.16 20 129 16% 15% 
37 133 43% 42% 
IDO 7 72 28% 37% 

020 4 2 7% 7 

14 432 1 7% 17% 
072 10 404 20% d£0 

16 228 19*4 16% 

8 1318 15% 14 

7 369 2% 2ft 
3 172 2% 2% 
18 50 37% 36% 
020 22 178 9*2 9% 
21148 5% 4% 
020 32 1563 32% 30% 
0D8 17 63 16% 15% 
6 29 9% 8% 
13 765 12% 12 
024 201B3S 23% 22% 
ODB60 121 6% 5% 

1DB 15 90 26% 26 

0D3 22 131 U29% 29 

030 24 8 1133% 32% 

13 89 19%tflB% 


Urt Bag 

6 % 

15% +% 
35% 

23% -% 
Z7% -% 
10% +% 
<3% -% 
27% -% 
7 

17% 

20 

18% -% 
14% -*2 

2% 

2% -% 
37% +% 

9% -% 

5 

32% +% 
15% 


23% +% 
6 +* 4 


Ml E not M0 LM la* Qxv 


- D - 

DSCCa 3312223 52% 30% 31% -% 
DuTGrbi 013109 31 BB% 64% 66 +3 

DatxSatti M 116 2% 2% 2% -% 

Datstar 30 55 7% 7% 7% -% 

DatBcnpa 14 555 15% 14% 15% +% 

DasianDa )A82 10 470 24 23% £3% -* 2 


EmcsnAss 

Emdort^r 

EngyVnts 

Enrt Sw 

Enron toe 

EroDyOi 

Erteson 

ElMcl 

Earn Sta 

Ewdyta 


- E - 

10 16 5% 

3 712 6% 

4 322 1% 

OI6 31 2401 26 

79 743 8% 
2 3S5 2il 

13 874 13% 
075 47 26 47% 

336Z7D 26% 
£7 832 7% 
27 1442 5% 
51 14 15 

66 12 2 
41202 5 

O10 21 83 4% 

0461248225 48% 
4180 9% 
68 B23 20 

28 3128 21% 

14 25 12 

13 386 19% 

O10 21 281 19 

261040 16% 


Flirt An 
FsScOtto 

FOCeBk 

FrtSecty 

FriTan 

FrtWasto 

FsKedHc 

Rader 

Fkrtmlw 

Ream 

Row kt 

FoodLA 

FOOdLB 

FtawxKl 

Rncdner 

FYnSaE 

Foster A 

Frthfti 

FrtEastn 

FrtRrt 

FaHanf 

Flier hB 

F ufttnf ta 

Furor 


GHApp 

GSR Serve 

GMH 

Garnet Re 

GertCo 

GedBM 

Gortyte 

GensbR) 

GectexCp 

Gtexstac 

Genzyrae 

GtaaonB 

autag rt 

SQwiA 

Qsh Bom 

Good6uys 

Gortdtfnp 

Grodcosya 

(Mb 

EtoenAP 

dirndl Ri 

Gruseroans 

dadWtr 

GT1 Ccrp 

GkNTSug 


- F - 

11 210 5 5 5 -% 

024 IS 10 6% 5% 6 +% 

004 591334 38% 37 37% •% 

162664 27% 25% 25% -1% 
3 171 3% d2% 3 -% 

IDS 14 719 47% 47% 47% 

10 182 5% 5% 5% -% 
024 02318 9% 8% 9% +% 
38 2019 28% 27% 28% -% 
a 120 10 1700 32% 31% 31% -% 
084 7 1318 30% 28% 30% -% 
OB4 10 255 2A 23 23% -% 
080 18 3851(21% 21% 21% +> 4 
1D4 11 1208 28% 2B% 28% -% 
188 9 718 38% 38% 38% +% 
QJB 6 169 7% 7% 7% -% 
052 10 430 24% 23% 23% -% 
IDS 11 14 47% 48% 47 

38 51 7% 6% 6% -% 
28 1755 23% 22 22% •% 
172635 6% 5% 6ft -ft 
0DB 18 1058 6% 5% 6ft -ft 
009625 13*1 8% 6% 6% +% 
IDS 11 310 33% 33% 33% 

14 20 16 15% 15% -% 

030 52 158 1132 31% 31% 
331034 3% d2% 3 

1D4 M 105 27% 26% 27 -% 

1.12520 39 28% 28 26 

040 3 266 16% 15% 15% -% 
1.18 10 32 27% 26% 26% -% 
056 24 369 36 37% 38% -% 

068 13 51 24% 24 24% -% 

034 20 165 16% 18% 16% -% 


10 ISO 
0D7 22 427 

0 82 
14 10 
018153 24 
040 18 3 

17 104 
7 616 
4D0 42 4767 
92102 
112 1930 
040 13 280 
012 20 4143 
060 IB 115 

11 60 
24 711 

080 21 172 
37 43 
020 75 187 
034 11 15 

1 1604 
1 2472 
750 307 
12 531 
4 597 


5% 5% 
15% 14 


4% 4% 
18% 18 
26 23% 
nS% 5% 
26% 27% 
22 % 22 % 
27% 2B% 
16% 17% 
5% 5% 
19% 18% 
24% 24% 
2 % 2 % 
23% 22% 
19% 18% 

1ft 1% 

*% 4% 
15% IS 
16%tf14% 
8 7% 


mm 

Hetafllroy 
(total 
Hogan Sys 
Hotogic 
Home Beta 
tone bur 
Home Ota 
Honlnd) 
Humbert 


05 486 
064 8 12 
030 15 238 
032 42 683 

206813 
006 17 148 
11 229 
11 850 
016 24 4122 
381 
6 912 
072 20 4189 
015 29 1085 
10 34 
038 8 48 
256 373 
072 25 251 
044 23 42 
18 3165 
044 18 43 

020 23 280 
060 101380 
0108 0 32 
431 942 
20 324 


- H - 
466 7% dB% 
12 24% 24% 
238 17% 16% 
883 51% 50% 
6813 22% 21% 
148 10% 10% 
229 8% 7% 
850 7 8% 

4122 14% 13% 
381 11% 11 
912 14 13% 

4169 30% 29% 
1085 10% 9% 
34 7% 6% 
48 21% 20% 
373 7% 7ft 
251 U21 20 

42 104 33% 

3165 16 16% 

43 4% 4% 
260 23% 23 
1380 24% 23% 

32 2% 2% 
942 36% 33% 
324 5* 2 5*4 


5% 

14% +% 


4% ♦% 
16% J 2 
25% -% 
5% -% 
28% +% 
22% -% 
27 +% 
17% -% 


24% -% 

2 % 


4ft 4ft 
15 -% 
16% +% 

8 


7% 

24% +% 
17% 

50% -% 

22 -i, 
10% +% 
7% -% 
0% -% 
14% +% 

It •% 

11 % 

30*2 +% 
®% 

6% -% 
20% 

7ft 

20 % 

33% -% 
18% -1% 
4% 

23% +% 
23% -% 
2% 

34% -2 

5ft -ft 


fflSys 
OB COmm 

IS Into 

tamnor 

krtmxngen 

Imparl Be 

MBancp 

Mbs 

HRs 


- I - 

51 40 9 8% 8% -% 

54 3682 19% 18% 18% -% 

7 266 8% 7% 8 -% 

38 319 6% 6 6% 

5 376 6% 6 6%-% 

040 26 75 15 14% 15 +% 

1.16 16 682 37% 37% 37% -% 
024228 12 18% 15% 16% 

24 842 20%d19% 20*4 4% 

25 9230 22% 21 21% -1 

066 17 116 12% 11% 12% -% 

38161® 33% 30% 31% -1% 
27 98 11% 11 11% -% 

31 203 5% 4% 5 -% 

020 13172® 71% 69% 70% -1% 

8 171 4% 3% 3% -% 
032 442672 28% 25% 25% -% 

25 625 11% 11% 11% •% 

024 IB 249 14% 14 14 -% 

3 225 9% 9% 9% -% 
112419 8 7% 7% 

290 876 nl 6% 14% 14% -1 

23 1538 13% 12% 13 

15 2S2 18 17% 18 +% 

008 21 4 3ft 3ft 3ft 

593 580 12% 11% 11% -% 
001 19 733 29% 28% 28% +% 
2 640 Z% 2% 2% 

16 218 18*2 17% 17% -% 

1.30 38 S208%20B%208% -3% 


KSata 0® 12 494 
IsmCp 044 5 243 
KarcbvC 006 38 1040 
tayta Cp *040 14 369 
KeBayM 712 1734 

KelySe 0B4 21 311 
Kerdurty 011 13 89 
KkrtQOt 084 18 48 

XMur 13 70 
OAtartr 54 6274 

Knowtodge 71079 

KOI A 1 1054 

Kranagtoc 554036 

KirtrteS 8 2756 


- K - 

494 24% 23% 
243 10% 9% 
1040 13% 13% 
369 Z3% £3% 
1734 7*4 6*2 

311 25% 2S 
89 7% 7*2 
48 30 29% 

70 B% 6% 
5274 41% 38*2 
1079 15% 14% 
1054 y Oil 
1038 26 24% 

7756 13% 12% 


23% -1% 
9% -% 
U% -% 
23% -% 


7% 

29% -% 

I* -% 
40% -1% 
14% -% 

H -ft 

25 -% 
13% -% 


5% 5% 

5% 5% -% 

1% 1% +ft 

23% 24 -% 

9% 9% -% 

2ft 2% 

13% 13% -% 
47% 47% -1% 
3 28% -% 
7 7 -* 4 

6 6 % 

14% 14% 

2 2 

4% 4% -% 
4% 4% -% 
44% 44% -2% 
8 % 8 % 

18% 19% -% 
2121% -% 
11 % 11 % 

18% 16% -% 
17% 18% -% 
15% 15% +% 


JSJSrtrt 
Jason tac 
JLGDd 
JotaanW 
Jones u 
Jones Med 
JDdynCP 
JSBFta 
job ire 
JUS® 


- J - 

421 16% 16% 
41 u15 14 
113 31% 30 

208 25 24 

110 14% 14% 
90 13% 13 
12 23 23 

1® 23% 2Z% 
574 19 18% 

260 15*4 14% 


19% -% 
15 

30% -% 
24% 

14% J 4 
13% % 
23 -% 
22% •% 
*8% -1% 
15% +% 


Ladd Fan aizsi 556 
Lam (fed) 39 6Z74 
Lancaster ODO 19 SSB 
Lancs lac 0® 19 626 
Landertfitai 36 122 
Lanopda 13 10 
Lraracpe 75 6® 
latoceS 152712 
itawonPr 048 19 67 
LDOS 36646® 

UM Cp 016 8 76 
Lnrttas 151057 
lagentCp 164934 
UHyWSC 078 14 Ml 
UteTechx 020 14 110 
Ufeftv 23 48 
UByMA 040 23 499 
Unar 9b 59 

UncdnTx 052 151896 
untayui 15 US 
Unmrfee 024 X2665 
Uroifin 040 18 21 
LOPMnGp 006 31 225 
LiiaSbr 11 307 
Irtuaf) B14513 

LTXCp 311® 

LVW 035 3 217 


MQ CTO 005 21370® 25 24% 24% •% 

MS Cart 23 47 26% 36 26* 2 

Mac Ml O® 51 71 18% 16* 2 16% -% 

MadbonGE 1® 14 125 32% 32% 32% -% 
MagnaPwr 15 330 34% 33% 33% 
tegoaGrp 076 13 390u20% 20 20% -% 
tel Bat 132734 8% d8 B% -% 
ItaKMiCp 37 1® 13% 13 13% +% 

Marine Dr 16 962 5% 6 6%-% 

Martel Cp 10 7 43*4 <3% 43% +% 

torques 0 15 2% 2 2 

terrietb 18 23 8% 6% 6% •% 

fertoSrr*ACL44 11 10 11% 11% 11% 

tenM 056 11 178 22 21% 22 +% 

tertaU 371173 50% 40 49% -1% 
Maxtor Cp 010162 8% 7% 8% 
McOrthR 040 13 16 17% 16% 16% -% 
teCcmt 046 173033 22 21% 21% -% 

UcCumC 4514781 61% 50*2 50% -% 
Medbneg 0 161 % % % -ft 

Medal he 016 21 65 17% 16% 16% 

tedetaes 0« 13 m 23% 22% 22% +% 

Hbbmfne 024 5 11 6 5* 2 S* 2 -% 

tenbrCp OIOS 706 16 15% IE +% 

lAentrG 024 22 £16 10% 15% 15% -% 

MenMBxO® 10 836 19% 16% 19% -% 

UotuyG 070 8 115 28% 28% 28% +% 

Mertdao 128 11 2Z78 30% 29% 29% -% 

Merisel 224076102% 22 22% +% 

Methods A 006 18 534 16% 18% 16% -% 

UctBrtF 020 11 787 9% 8% 9*4 -% 

MOlNaS £00288 991 63% 62% S3 

UcrrttBi 14 29 6% 5% B +% 

Manage 24 1753 31% 30% 31 -% 

Mkrocero 42152 7% 6% B% -% 
Ucrgmbi 15 857 9% 8% 8% -% 

Maputo 51662 6% 7% 7% -% 
Mesft 2515525 87% 85 B7 +% 

Md ASM ' 363290 42% 41% 41% -% 

Hdandc IDO 11 4003 29% 29* 2 29% 

MUMWato 050 26 52 32 31% 32 

totarH 052 21 2265 30% 29% 29% -1 

Macro 1329 24% 23% 23% -% 

Mhntadl 15 57 12% 11% 11% -% 
Mattel* £019548 20% 17% 20 +4% 

Modern CO 020 19 269 B 7% 7% -% 
MteneMI 046 20 97 28% 27% 28 -% 

Mote 004 IBS 34 33*2 33% -% 
Mofextoc 004 27 156 36% 35% 36% -% 
Mnscom 004 182938 U12 11% 11% -% 
Maaneep 036 23 55 31% 30% 31% +1% 
to Codes 1811361115% 15% 15% -% 
MTS Sya 056 13 67 31% 30% 31% +% 
Mncd 13 2663 29% (28% 29% -% 

Mycngen 3 439 11 10% 10% -% 


rUCRax 016 11 127 28%d26% 26% -% 
Hart fix* 07211 274 17d1B% 17 

Hrtftza 14 54 6% 6% 6% 
toecomptxO® 78 356 12% 12% 12% -% 
tors Sal 020 26 177 ulB 17% 17% -% 
Narigator 11 145 20% 19% 20% 

NECx 046 97 39 51% 51 51% +& 
Malar 17 339 28*4 27% 27% -1 

NebrtGen 286795 2)% 18% 19% -% 

HrtrtS 1121112 6% 7% 7% -% 

Neaogen 25 3 7% 7% 7% 

taps 027 16 161 18 17% 16 

Hea£Bt ts Q® 23 19 20% 19% 20% +% 

Hew (mage 71052 10%®% 0% -% 

MrtgeNM 467405 61 % sb 61% +% 
Newpri Cp 004 11 12 5% 5% 5% +% 

KrttaOri 2217344 7% 7 7%-% 

todaor 068 28 10 e63 62% 62% 
Ndsfaro 034 26 8772u<4* 2 42 44* 2 +2 
MteUml 19 61 17% 16% 17% 

NStarUn 4 21 5% 4% 5% +% 

NorifrtTta OW 14 1243 42% 42 42 -% 

Novel 20667163 19% 18% 18% -*g 

ftadta 31 50B3 36 32% 35 -1 

NSC Cap 11 151 4% 4% 4ft 


OCParieya 
Octal Com 
WlatiaLg 
OgkterN 0® 
ONOCS £92 
OdKen 1.16 
QdNrtB 092 
Onttaico p xlDC 
On Price 
Optical n 
OracteS 
OrtSoce 
Orbotedi 0® 
(kcMSini 
Oregoteet 031 
Oebap 

OeWA on 
OrttertT 050 
OCoTaS 1J2 


-o- 

26 1231010% 
21 1577 28% 

14 352 14 

6 40 24> 2 

13 242 84% 
10 254 32% 
16 2 36* 2 

7 328 32% 

19 042 25% 
18 382 20% 
S01GB3B 35% 
60 7068 24 

27 2B5 9% 
10 30 14% 

15 207 6% 
5 137 4% 

51 225 16 

10 113 10% 
15 29 33% 


15 16% -% 
27 27% -1% 
13% 13% -% 
24 24 

83*2 64 -% 

31% 31% -% 
36% 36% +% 
31 31% -% 
24% 24% 

19% 19*2 -% 
33% 34% -% 
22% 23% -% 
9 9% +% 
14% 14% -% 
6 B -% 
*% 4% -% 
15% IB 
8% 9% 

33 33% 


POBSSU 

DLktAuUj d 

H nn e wa 
ton Fed 
Rwnl 
Pres Lie 


-P-Q- 

1® 15 909 56 55% 

062 14 264 15% 15% 
132 17 2 26 25% 

23 68 57 65% 

374388 31% 29% 

024 46 1215 37% 38 

24 536 9% 9 

050 53 52it12% 11% 

8 5 13% 13 

IDO 23 31 35 33 

2JD 17 89 30% 30 

072 16 238 37 38% 

15 373 5% 5% 
020 23 38 20% 19% 
IDS 14 143 48 47% 

11 560 11% 10% 
1.12 2D 25 36% 34% 

25 78 8% B 

30 858 6 5% 

048 B 5 15% 15% 
292286 14%d13% 
S3 114 21% 20% 
046 » 1548 <1 40% 

056 24 2523 35% 34% 
014 14 605 2B% 25% 
5 31 B% 8% 
20 70 7% 7 

006 4 165 7% 7% 
13411® 30*4 35% 
2831607 19% 18% 
40 61 5% 5% 
14 16 8% 8 

024 25 ®0 28% 28% 
012 71703 21% 21 


55% -2% 
15% -% 

26 -% 
56 -1 

31% +% 
36% -% 
3% 4% 
12*4 -ft 
13% +% 
33 -% 
30% +% 
36% -% 
5% +% 
20*4 +*B 
47% -% 
II -% 
36% -% 
8% ♦% 
5 +% 
15% 

13% 

20% -% 
41 +% 
35% -% 
25% -% 
8% -*4 

7% 

7h 

36% ■*% 
19% -% 
5% ft. 
8 -% 
20% -*8 



PI tb 



Sadi 

Ob. E rtOa Mgb 

uw Lea tag 

Pyramid 

182339 13% 12% 12% 

-% 

tanrirMng 

11 14 7 

Oft 7 


Quakerism 062 « 201 19% 18% 18% 

*% 

dual Food 

020 17 71 22ft 

22 22ft 


(kortum 

855960 19% 15% 18% 

-% 

Odrtslv 

21 940 15% 14% 14% 

-% 

OVCHawk 

262057 40ft 39ft 39ft 

-1 


- R - 



RaMxwr 

171042 18% 17% 18% 


nip 

131821 10% 

9% 9% 

-% 

Rastenva 

3 3S5 6ft 

6% 6* 2 


Raymond 

24. 2 IQ 

16 16 


Reran 

27 1*6 29ft 

29 2S* 2 

•% 

MJHA 

19 1 39 20ft 

20 Mi 

■*■% 

Replgen 

4 G09 6*4 

6ft 6 

-% 

Rep Waste 

4 476 3 

2% 3 

♦ft 

ItaretHial 

16 231 10*4 

Oft 9ft 

JU 


9% 6% 0% 

37 33% 34% -3 

45 44% 44% -% 

20 19 19% •% 

28% 27% 28% 
«%«%»% 

7 6% B% 

16% 17% 18% -% 
27% 26% 26% 

27% 26% 27 +% 

6% 5% 5% -% 
13% 12% 12% -% 
31 » 30*4 -1 

u31 30% 30% -% 
16% 16 16 -% 
4% 4ft 4% +ft 
25% 34% 25 -% 

113t11%112% +% 
16% 15% 15% ft 
36% 35% 35% ♦% 
46*4 43% 44% -2% 
37 35% 36% 4% 
27% 26% 28% -% 

8 77« 7% ft 

83% 60% 61 -2% 

3% 3% 3% -% 
29% 28% 29% -1% 


tons £17 31 5050 82% 89% 66% -2% 
Hewn Uc 1 40 6% 6% 6*4 -% 
KmHi HI* ID 324 34 033 33% ft 

RnteS 140 232495 71% 70*4 70% 4% 
RUNgm 012 16 8 7% 7% 7% 

RocdSuat 056 3 1247 17% 16% 16% -% 
Rnt m ell 1JS B 103 45 44% 44% ft 
RofiStr 020 1224® 15% 15% 15% 4% 
HotEctdbd 25 251 20% 19% 20% *% 
Route* O® ® 678 16% 16 16% 

RPMUc 052 21 153 16% 16% 18% 

RSfin 046 11 10 19% 19 19 +% 

RyatFitay 157722 8% 8 6% 


44% ft 
15% 4% 
20 % +% 
16% 

18% 

19 4% 
8 % 


- s - 

Safeco 1® 83G00 55% 55 55% 

Sandmen 0® 12 8 17 17 17 

ScttmbpA 036 24 440 32% 32% 32% 

SO Med L 96358 34 33 33% 

SOSysba 141797 18% 17% 16 

Seta 7 797 8% 8 8 

Seta Cp OS 11 B91 24% 24 24% 

Score Brd 13 1685 12% 12 12% 

Saafleld 120 49 20Su41% 38% 40% 
S-gafe 1222731 27% 25% 25% 

58 Cp 012 30 273 £4 23% 23% 

SetadsB 038 1 56 2% 1% 2ft 

Srtectaa 1.12 16 16 28 27% ZT% 

Sapient 51 2301 13% 13% 13% 

Sequob 40 538 6ft 6ft 6% 

Sen Tart 16 124 12 11% 11% 

ServRact ® 2 1® 4% 4% 4% 

Setcnson 15 138 17% 16% 18% 
Stalled 084 20 929 28% 27% 27% 

SHLSyan 99 1® 7% 7% 7% 

SuEWIIlI 25 527 16 15% 15% 

StaMtibP 121466 14 13% 13% 

State Dn 171305 23% 22% 22% 

SJfflraTix: 3 5 3% 3% 3% 

SS^nAJ 033 243095 53 52*4 52% 

SfenaDes 23836 12% 11 11% 

SHbiVBc 0® 51 454 10% 10 10% 

SOciM^ 35 1637 12% 11% 12 

SffltaOn 056 26 229u23% 22% 22% 
SortM 30 409 23% 22% 22% 

SnappleB* 60 3945 23% 22% 23 

SrttamP 21048 7% 7% 7% 

StabrteT S3 4478 11% 11% 11% 
Sonoco 054 17 475 23% 23 23% 

sauna a® 92778 19% 18% 19 

Spfegef A* 020 533060u2S% 24% 25% 
StJudelH 040 121083 28% 27ft 27% 
SIPBdBC OX 91406 19% 16% 10% 
SfcyBf 2 7BB 3% 3% 3% 

Staples 452832 Xft 26ft 29ft 
Star Bac IDO 10 120 37 36% 36ft 

State Sir 056 151520 38 37% 37% 

SUItaro 122391 19% 10 18% 

SURegs 088 14 T79 22% 21% 22 

Steal Tk 006 23 54 21% 20ft 21% 
SHdyUSA 020 2 360 Bft 8% 8% 
StottN 1® 129 £2% 22 22% 

SrawtaCl 1.10 14 202 23% 22% 22% 
SduclDy X 10® 14% 14% 14% 
Shikar 028 252883 31 ft 3131% 
SrtfcnD 27 48 18ft 18% 18*4 
SutataiK# (L® 74 5 £2 21 21 

SuuantBc 084 13 94 20ft 20*4 20% 
SramtTa 5724® 33% 31% 32ft 
SwiSpwt 15 15 6ft 6% 6% 
SuriMc 1517061 30 28% 28% 

SwfflTn 26 216 26% 25% 25 
Sybase he 54 8097 48ft 46 46ft 
Symantec 32 5600 18% 17% 17% 
Synafloy 036 19 40 20 19 19 

Synertam 75 1® 3% 3% 3ft 
Synagan 3 766 11% 11% 11% 
Syndic 41 222 10% 10 10 
Synopdcs ifiZlSffi 23 20ft Z1% - 
SystmScft 012 1823® 17 16 15% 

Systamaco 36 417 23% 22 22% 
Syrtaned 2D2134 S% 5% 5ft 


T-CelSc 8 621 
T-rowePrx 032 212901 
TBCCp 17 1 K 

TEA Cable 044 27 120 
TachDab 261035 
Tacunart OU 15 18 
Trtefec 1 3 

TdeoSya 7 407 
TetaCanmA 28527297 


Taboon Cpx QOT 151187 
TtoaTdc B0 5re 
TevrthADR 027 26 7135 
Time Com 42161T7 
TJW* 022 40 657 
ToftaMad 2 818 
TekyoMar 037 ® 23 
Tom Broad 65 1 23 
TmsCa 0283® 6014 
TR Biter 4 383 
Tranrad 13 96 
Trenwtt IDO 9 128 
Tricar* 23 GO 

TlblMa 50 422 

TrustcoBAC IDO 9 253 
Taang lab 020 162347 
TysFdA 006 1583® 


- T - 

621 4% 4% 
2901 34*2 33% 
158 13% 13% 
120 23 22% 

(035 41ft 40*2 
18 59% 57% 
3 6% 6% 
407 13 12*4 

7297 23ft 22% 
>670 15 13% 

1100 55% 53% 
1187 18% IS 
575 7% 7% 
n35 26% 25*4 
5117 60ft 58% 
657 27 26% 

818 4% 3% 
23 81 61 

123 12% 12% 
814 7% 7% 
383 7% U7% 
» 13ft 13 
128 34% 33ft 
60 2% 2ft 
422 Oft 9% 
253 19ft 19 
347 9% 9% 
13® 30% 19ft 


4% -% 
34 -% 
13% -% 
£3 

41 -1% 
50% -% 
8 % 

12 % -% 
22 % -% 
13% -1% 
54% -1% 
16% -% 
7% -% 
25ft •% 
00% -ft 
26ft 4% 
4 -% 
81 
12% 

7% 

7% •% 
13ft +% 
34% +% 


19ft -% 


- u - 

a® 2390® 68% 
21072 5% 
IDO 13 155 17 

2DQ 12 2® 52ft 
040 122793 14ft 
020 20 33 25% 
IDO 22 903 40ft 
0® 10 5330 26*4 
31 30 4ft 

1.12 6 1® 13% 
12 3® 7% 
9 2 42% 

IB 13 G 


VaHnont* 030 37 30 


54 65% -ft 
S% 5% 4% 
dIB 16 -1 

52% 52% -% 
14% 14% -% 
25% 25% -% 
40*4 40*2 +% 
24% 26 

4ft 4ft 
12% 12% -% 
7% 7% +% 
42% 42% 

5ft 6 


49 891 30*2 20% 20ft -% 

202013 19 18ft 18ft 

42 14® 27ft 35% 27 -1 

101117 17% 15% 16% -% 

37 709 29% 28ft 29*4 -*4 

355*77 19% 15% 16ft -% 

1D4 14 112 81 79ft 79ft -2ft 


tamer En 012 25 749 

warned) m lie 

WtaMASBOfi* 76705 

WfeKUSLIUa 0 2® 

WattstadA 022 10 1092 
tausauPM 024 20 218 
WD-40 £00 16 73 

tatadi 45 316 

Wert One 072 10 7® 
to*U) 10 423 

WjjpStA 1 649 

WdSertA £2 2DB 
Minna 096 24 2049 
tonsSaXBB 821283 
WoMtolL 02B 14 94 
WHO 03625 396 
Offftnq) 003 20 833 
wymavGftilMO 6 39S 


33% 32% 
54 5ft 
20% 16% 
Zlft Z1% 

20 25 

32ft 3lft 
43% 042% 
8% 6% 
27% 27% 
15% 14% 
10 18ft 
4% 4 

52 «8% 
38% 35% 
16% 16% 
20 19% 
3ft 3% 
6% 5% 


32*2 -ft 

5ft -1*. 
19% -% 
21% -% 
25% -% 
32 -ft 


27% 

15 -% 
18% -% 
4% ♦% 
50*4 -1% 
38% -ft 
16% +% 
19% 

3ft +% 
5% 


-X-Y-Z- 

xma 353507 56% 53% 54ft >lft 

XamaCoro 2 720 4% 64 4% 
YaBow 194 39 3738 £8ft £5% 26ft +% 

York RtCh S3 292 Sil 5% 5{i +ft 
ZtancUrt) 1.12 9 Ml 39% 38% 38% .% 



FINANCIAL TIMES 



WORLD STOCK MARKETS 


Friday March 25 1994 


AMERICA 


EUROPE 


Dow sharply lower on 
weakness in bonds 


Wall Street 


US stocks went into a tailspin 
as political turmoil in Mexico, 
and renewed uneasiness over 
interest rates rattled investors, 
writes Frank McGurty in New 

York. 

By 1 pm. the Dow Jones 
Industrial Average was 55.28 
lower at 3.814.18. The move 
beyond the 50-point decline 
mark during the morning trig- 
gered the NYSE's "uptick" 
rule, which places restrictions 
on program selling. 

The more broadly based 
Standard & Poor's 500 was 
down 4.89 at 483.65. Volume on 
the NYSE was moderate, with 
183m shares traded by 1 pm, 
but declining issues over- 
whelmed advances by 1.780 to 
382. 

In the secondary markets, 
the American SE composite 
dropped 3.98 to 469.40, while 
the Nasdaq composite lost 
13.59, or 1.7 per cent, to 78352. 

Bond prices fell sharply as 
dealers sold off their Treasury 
holdings as a hedge against 
further declines in the Brady 
bond market for emerging mar- 
ket debt The action came in 
the wake of the assassination 
of the leading candidate Tor the 
Mexican presidency the previ- 
ous evening. By midday, yields 
on the benchmark 30-year gov- 
ernment bond were again 
approaching the 7.00 per cent 


HVSE volume 


Daily (mllBon) 



11 14 15 16 17 18 21 22 23 24 ' 

March 1994 


barrier, rattling investors in 
both markets. 

The lingering rate worries 
were brought into sharp focus 
with the decision late on 
Wednesday by leading US com- 
mercial banks to lift their 
prime lending rates a quarter 
of a percentage point to 655 
per cent The higher rate will 
only modestly increase the cost 
of borrowing for businesses, 
but more importantly, the 
move reinforced the impres- 
sion that a period of easy 
money, which has fuelled the 
economy's recent recovery, 
would sooner or later come to 
an end. 

As result, cyclical stocks, 
which generally benefit from 
glad economic tidings, suffered 
severe setbacks. Caterpillar 
plunged $4% to $116%, Interna- 


tional Paper shed $1% to $69% 
and DuPont was marked down 
$1% to $56%. 

Automobile and oil issues 
showed marked .weakness. 
General Motors lost $2% to $58, 
Ford backtracked $2% to $60% 
and Chrysler $2% to $55%. 

Banks, which sought to pro- 
tect their profit margins by lift- 
ing their prime rates, held up 
relatively weU amid the gen- 
eral downturn. Citibank dipped 
$% to $37% and Chase Manhat- 
tan $% to $32%. 

Not surprisingly, American 
depositary receipts of Mexican 
companies were hammered. 
Telefonos de Mexico was $3% 
lower at $60% in heavy volume 
of nearly 6.6m shares. 

Investors had little enthusi- 
asm for International Business 
Machines ahead of an after- 
noon briefing, during which its 
chairman was expected to 
unveil his tumround strategy 
for the company. The stock 
sagged $1% to $56. 


Canada 


Toronto stocks foil on profit- 
taking and the Wall Street 
tumble after Wednesday’s 
record high, the TSE 300 com- 
posite index losing 44.23 to 
4565.70 at midday. 

Turnover was C$661.3m. 
Only precious metals bucked 
the downtrend, with the sub- 
index up 230.80, or 2.15 per 
cent, to 10,957.66. 


LATIN AMERICA 

Uncertain prospects for Mexico 


With the country's financial 
markets closed yesterday fol- 
lowing the assassination of 
thepresidential candidate, Mr 
Luis Donaldo Colosio on 
Wednesday, active tr ading in 
Mexican equities was seen in 
New York and Europe. 

A rush of sell orders initially 
led to the suspension of Tel- 
mex ADRs in New York. They 
were later requoted and were 
trading at midsession down 
$3% at $60%. 

Ms Sarah Lavers of Latinvest 
in London commented that 
European investors had taken 
a measured view of events so 


far, with expectations of a pos- 
sible correction in the market 
of between 5-10 per cent 

A more important test would 
come from US investors, she 
added, while the key determi- 
nant of the market’s future 
direction would come from the 
currency markets. If the local 
currency weakened apprecia- 
bly. then this would clearly put 
a certain amount of pressure 
on companies with dollar debt, 
she said. 

Investors were waiting to see 
whether Mr Manual Camacho 
Solis, who had announced ear- 
lier in the week that he would 


not put his nam e forward as a 
presidential candidate, would 
change his mind. 

Kleinwort Benson's Latin 
American team commented 
that the central bank was 
likely to allow the peso to 
break out of its trading band in 
the short-term, while interest 
rates were also expected to 
rise. 

Elsewhere, equities opened 
sharply lower in BUENOS 
AIRES where the Merval index 
dropped 22 per cent to 589.16. 

This followed a gain of 4.7 
per cent on Wednesday, and a 
rise of 2J& per cant on Tuesday. 


Paris worried by new issue procession 


FT-SE : Actuaries Share -Indices 


Mar 24 
Hourly deeps 


Open 1030 ff-DO 1X00 


THE EUROPEAN SERIES 
tarn HDD tSJH Com 


FT-SE Eurocrat* 100 1438J7 143084 1441.29 143888 143744 143154 143050 M28« 

FT-SE EnuO** 200 1471.61 1471.93 1473JK 1472.17 1487m 1462.74 146148 145446 


Bar 23 


Mar 17 


FT-SE Eurocrat* 100 
FT-SE Euroback 200 


(445,73 

1470.00 


1433.46 

1477.01 


1436.71 

147054 


144051 

1405.49 


1461X8 

150136 


A weak dollar and lower US 
treasuries undermined Euro- 
pean debt and equity markets, 
writes Our Markets Staff. 

PARIS was buffeted both by 
Alcatel Alsthom’s FFr5bn con- 
vertible bond announced after 
the close on Wednesday, and 
rumours that Total might be 
planning a FFrTbn Issue on 
Monday. 

Combining this with weak- 
ness elsewhere on the conti- 
nent, the CAC-40 index lost 
47.61 or 2.1 per cent to 2.15JL56. 
The market had already dis- 
counted a cut in the interven- 
tion rate, a 10 basis point cut 
coming at lunchtime. Turnover 
was FFr€bn on the last day of 
the account. 

Mr Michael Woodcock of 
Nlkko Europe said that inves- 
tors were becoming worried by 
the number of companies tap- 
ping the market, either 
through convertibles or rights 
issues. 

Total lost FFr12.20 to 
FFr319.40, while Alcatel was 
off FFr26 at FFr680. 

Credit Lyonnais came out 
with a 1993 loss of FFr6£bn 
after the close, worse than 
most analysts’ forecasts, the 


CTs ending the session down 

FFr6 at FFr714 . 

FRANKFURT did a double 
take, rising first on February's 
M3 growth rate of 17.6 per cent, 
not as high as some flights of 
fancy suggested on Wednes- 
day, then failing as profession- 
als decided that the Bundes- 
bank, which still had obvious 
money supply problems, would 
not be accelerating its interest 
rate reductions in the near 
future. 

The Dax index closed the ses- 
sion 0.55 higher at 2,161-68, but 
dropped to an Ibis-indicated 
2,144.36 in the post-bourse. 
Turnover rose again, from 
DM9. lbn to DMl0.6hn, but Mr 
Thomas Nolten, of B Me taler in 
Frankfurt, said that this 
seemed to reflect trading, 


rather than investment deci- 
sions. 

On the afternoon slide Mr 
Nolten said that the bond mar- 
ket went sour, the dollar down, 
and th at us equities were also 
a weakening influence. Even 
the recent strength in cycll- 
cals, he said, had come into 
question by the end of the day. 

AMSTERDAM weakened 
sharply as the market came to 
terms with the rise in US inter- 
est rates earlier in the week. 
The AEX index fell back by 
7J29, or LS per cent to 408.09. 

Financial issues were among 
the heaviest losers; cyclicals, 
such as the chemical groups 
DSM and Akzo Nobel, which 
have been notable performers 
in recent days, also dipped. 
DSM fell FI 1.60 to FI 12050 and 


Akzo Nobel by FI 5.60, or 2Ji 
per cent to FI 219J9}. 

Philips and its associate 
Polygram fared better than the 
norm, with respective falls of 
50 cents and 80 cents to FI 52 
and F17R20: Polygram yester- 
day announced the purchase of 
a Russian record company. 

ZURICH turned back after an 
early rally, unable to maintain 
the firmer trend of of the previ- 
ous two sessions. The SMI 
index finished $2 lower at 
2,850.8. 

Nestle fell SFT16 to SFrl.213 
with Its 7 per cent profits rise 
coming at the bottom end of 
expectations: analysts com- 
mented that restructuring 
costs had been higher than 
expected. Sandoz registered 
shares and certificates rose 
SFr20 and SFrSO respectively to 
SFr3,970 after the pharmaceuti- 
cals group announced a higher 
dividend and plans simplify its 
share structure. 

MILAN was becalmed for 
much of the day by the fraught 
political situation ahead of the 
general election, although a 
selling flurry enlivened the end 
of the session. The Comit index 
fell 4.05 to 667.25. 


Stet put on L1Q4 to L5.107 on 
heightened expectations that it 
was about to sell Italtel, Us 
telecommunications equipment 
maker subsidiary, to Siemens, 

Fondiaria, the insurance 
group, lost L617 or 5.1 per cent 
to L11.401 after the French 
Insurer, Groupama, raid that it 
would exercise an option to 
sell its 20 per cent stake in the 
Fondiaria Assicuraztoni sub- 
sidiary. Toro, Fiat's insurance 
subsidiary, fell L195 to L28.QC0 
in spite of its announcement of 
higher premium income. 

MADRID’S genera! index (ell 
4.78, or 1.4 per emit to 33058. 
Banes to dropped Pta45 to 
Pta805 although it secured 
union support for its restruct- 
uring plan ahead of Saturday's 
shareholders’ vote. 

ISTANBUL dropped another 
5 per cent, although selective 
buying interest emerged 
towards the close. The compos- 
ite index foil 686.45 to I2£80.72. 
• Changes to FT-Actuaries 
World Indices, International 
Companies and Finance page. 


Written and edited by WRHam 
Cochrane, John Pftt and Mchaol 
Morgan 


ASIA PACIFIC 


Nikkei turns positive as region falls 


Tokyo 


Index-linked buying by invest- 
ment trusts lifted share prices 
and the Nikkei index closed 
higher for the first time in five 
days, writes Emiko Terazono in 
Tokyo. 

The Nikkei 225 average 
ended 75.80 to 20,037.90 after a 
low of 19.870.09 in the morning 
and a high of 20,075.81 in the 
afternoon. Selling by institu- 
tions and arbitrageurs 
depressed prices following an 
overnight fall in the Chicago 
futures market. Investment 
trust buying and small-lot pur- 
chases by foreign investors 
later absorbed the sales. 

The Topix index rose 0.49 to 
1,61491 but the Nikkei 300 fell 
0.18 to 296.34. Gainers led los- 
ers by 553 to 467 With 163 
issues unchanged. 

In London, Die iSE/Nikkei 50 
index rose 436 to 1,333.63. 

Volume was 360m shares, 
down from Wednesday's 425m, 
as most investors remained 


inactive ahead of today’s end 
of the March account 

Volatility on the bond mar- 
ket also kept investors away 
from stock investments. Sir 
Rod Smyth, strategist at Bar- 
ing Securities, said that the sit- 
uation now was similar to 1987, 
when Japanese bonds followed 
global bond markets down. 
Since cyclical shares outper- 
formed the interest rate sensi- 
tive shares in 1987, he advised 
a move Into cyclicals from 
financials. 

A rise In commodity prices, 
such as cotton and copper, sup- 
ported textile and non-ferrous 
metal stocks. Nisshinbo Indus- 
tries, a textile company, rose 
Y40 to Y1.120 and Fuji Spin- 
ning gained Y34 to Y564 Dowa 
Mining advanced Y16 to Y560 
and Sumitomo Metal Mining 
Y13 to Y914. 

Fuji Heavy Industries, a 
financially troubled car manu- 
facturer. was the day’s most 
active issue rising Y12 to Y413. 
Mounting expectations of bet- 


ter earnings attracted inves- 
tors, although some car mak- 
ers lost ground on profit-tak- 
ing. with Toyota Motor down 
Y10 to Y2.020 and Honda Motor 
losing Y10 to Yl.740. 

In Osaka, the OSE average 
rose 2.32 to 22,173.10 in volume 
of 194.6m shares. 

Roundup 

The pendulum swung back, 
mostly reflecting interest rate 
worries, bond market declines 
and profit-taking. 

HONG KONG took profits 
ahead of an expected rise in 
domestic interest rates today, 
the Hang Seng Index ending 
144.78, or 1.5 per cent lower at 
9,320.75. Brokers said that 
many positions were futures- 
linked. 

Turnover shrank from 
HK8.15bn to HK$7.01bn. The 
jardine group stayed under 
pressure on Its decision to 
delist from Hong Kong, the 
parent easing HK$1 to 


HKS48.25 while its affiliate, HK 
Land, lost 40 cents at HKS21.40. 

Cheung Kong dropped 
HK$1.75 to HK$39; it showeda 
56 per cent jump in 1993 net 
profit after toe.close. 

KUALA LUMPUR fell 1.6 per 
cent, giving back a good part of 
Wednesday's gains on renewed 
selling which reflected a new 
ELSE rule covering stockbrok- 
ing firms, and the length of 
their clients' purchase posi- 
tions. The KLSE composite 
index closed 16.43 lower at 
983.52. 

KARACHI took a technical 
correction after rises for six 
consecutive sessions, and the 
KSE 100 index foil 38.74, or 1.5 
per cent to 2.622A7. 

BOMBAY fell in low volume, 
still reeling under the impact 
of a ban on carry forward trade 
and a broker default, and wor- 
ried further by the prospect 
that tainted shares involved in 
a two-year old securities scan- 
dal might be attached by the 
income tax authorities. The 


back 

BSE index dropped another 
45.35 to 3,681.47. 


NEW ZEALAND dropped 
mainly on a weaker domestic 
bond market, the NZSE-40 
index closing 33.91 lower at 
2,174.81. Telecom was the big- 
gest loser on the day, down 19 
cents to NZ$5.31, and brokers 
suggested profit-taking. Turn- 
over was NZ$66m. 


AUSTRALIA, similarly, 
blamed the bond market, and 
subdued overseas equities os 
the All Ordinaries index closed 
1U lowerat 2,169.3. Turnover 
was A$627m. 


SOUTH AFRICA 

Bunion’s rally above $390 an 
ounce helped golds post mafor 
gains. The JSE*s overall Index 
rose 58 to 5,241, with gold 
shares up 85 at 2,209 and 
industrials 28 better at 5,975. 
Near-term index futures also 
rose to a premium. 


fi I ? 



Fed move hits European turnover 


EUROPEAN EQUITIES TURNOVER 
Monthly total In local cummctes (bn) 


Bourse 

Nov 

1893 

Dec 

1993 

Jan 

1994 

Feb 

1994 

US 

Sbn 

Belgium 

78.39 

91.60 

107.56 

95.78 

2.73 

Prance 

191.05 

218. 65 

251.90 

244.82 

42.18 

Germany 

177.99 

211.05 

219.29 

176.59 

103*5 

Italy 

35,092.8 

41,385.6 

53,824.0 

79,109.6 

4640 

Netherlands 

27.20 

25.40 

35.00 

3240 

16.60 

Spain 

1,384.8 

1.267.5 

1,521.82 

1,400.80 

1047 

Switzerland 

29.60 

31.30 

39.70 

33.90 

23.78 

UK 

52.61 

55.79 

65.31 

59.60 

88.92 


Itobmss nvrasant antf aata. 

total don afbMd to taduda o*martnr Sons Sguns nay (M mM 

Source: NofMtatf SaawMaa 


By Michael Morgan 

E quity trading in the 
leading European mar- 
kets declined in Febru- 
ary after the strong growth of 
the previous two months. 
Turnover declined by 8.2 per 
cent last month after rising by 
15.3 per cent in January and 
12.2 per cent in December. 

February’s foil accompanied 
a 4.4 per cent decline in the 
FT-A Europe index, following 
the decision by the Federal 
Reserve to raise US short-term 
interest rates on February 4. 
The move took toe markets by 
surprise: they had not been 
expecting any tightening until 
mid-year. It also triggered 
panic selling by hedge funds 
in toe bond markets and the 
Instability quickly spilled over 
into equities. 

Mr James Cornish at Nat- 
West Securities notes, how- 
ever, that in contrast to the 
declining activity in domestic 
markets toe volume of Euro- 
pean stocks traded on Seaq 
International, the London 
screen-based system, managed 
a 0.2 per cent rise on the 
month. This took London's 
share of trading in continental 
European equities to 16.1 per 


cent of the total activity in the 
domestic markets in February, 
up from 15.2 per cent in Janu- 
ary and 14.8 per cent in 
December. 

“This continuing faster vol- 
ume growth in International 
trading, compared with domes- 
tic market activity, confirms 
continued involvement of 
international investors in the 
European markets, including 
sales by US Institutional inves- 
tors as the going became 
tougher, ” says Mr Cornish. 

February’s turnover down- 
turn accompanied falls in toe 
market indices for all eight 
countries. The Italian market, 
down only 0.6 per cent, suf- 
fered less than the others 


while its turnover, against the 
trend, rose by a massive 46.7 
per cent to a record level. This 
represented an 82 per cent rise 
on the average for the previ- 
ous three months and took 
Italian turnover, for the first 
time, above that seen in 
France over the month. 

Italy saw record inflows into 
mutual funds in February 
while strong US demand for 
Italian equities has also 
emerged this year, with the 
investors tending to overlook 
immediate political uncertain- 
ties ahead of the general elec- 
tion on Sunday and Monday. 
Instead they are concentrating 
on the longer term corporate 
and economic outlook. 


The privatisation pro- 
gramme held tiie key to Italian 
trading with February seeing 
the successful sell-off of the 
HO financial services group 
and the run up to toe sale of 
BCL 

In addition, the telecommu- 
nications sector returned to 
favour as plans went ahead to 
bring together five separate 
companies under one 
umbrella, in preparation for 
privatisation later in the year. 

Germany was the month’s 
biggest loser with turnover 
down 19.5 per cent, and 12.9 
per cent on toe average for toe 
previous three months, as the 
motor sector, and particularly 
BMW put in a strong perfor- 
mance bnt financials were 
neglected. 

Bnt with share prices down 
3.7 per cent overall, the large 
fall in turnover was regarded 
as a return to more normal, 
but still good, levels after the 
records seen in December and 
January. 

Switzerland was another 
loser, with turnover down 14.6 
per cent from January’s 
record, as investors judged 
that the time was ripe to take 
profits in the banks after the 
sector’s strong run-up to its 
reporting season. 


FT-ACTUATHES WORLD INDICES 


Jointly complied by The Financial Tlmee Lid.. Goldman. Sachs & Ca and KfelWest Securities Ltd. In conjunction wtih the Institute of Actuaries and the Faculty at Actuates 
NATIONAL AND 

REGIONAL MARKETS WEDNESDAY MARCH 23 1894 TUESDAY MARCH 22 1994 DOLLAR MOEX 


Rpns In parentheses 

US 

Day's 

Pound 



Local 

Local 

dross 

US 

Pound 



Local 



Y ear 

show number of Bnas 

Dollar 

Change 

Staring 

Yen 

DM 

Suraicy 

% chg 

Dtv. 

Dollar 

Storing 

Yrxi 

DM Qxrancy 1993794 

1993194 

OQO 

of stock 

Index 

% 

Index 

Index 

Index 

index 

on day 

Yield 

Index 

Index 

Index 

Index 

Index 

Wgh 

Lew 

to**™) 

AustraSn (68) 

175.59 

2.0 

17421 

11813 

153.82 

18428 

14 

340 

172.13 

171.71 

11544 

151.10 

16148 

18015 

13018 

13748 

Austria (17) 

189.46 

02 

188.08 

127.40 

165.96 

160.06 

cu 

094 

188.98 

18842 

12643 

16649 

16546 

185.41 

13943 

14141 

Bulgx*! 142) . 

188.84 

04 

107.61 

113.58 

14741 

144.76 

04 

347 

168.11 

187.70 

11244 

14747 

144.44 

17149 

14142 

14059 

Canada (107) .. 

141.01 

14 

139.99 

94.07 

12323 

139 16 

1.4 

2.41 

138-87 

13843 

8345 

12140 

13741 

14541 

121-40 

12547 

Denmark (3S) 

-202.56 

-0.7 

260.65 

170.04 

230.01 

230. 70 

-04 

0.99 

204, BZ 

263.07 

17745 

232.19 

pan ns 

278.78 

19000 

19095 

Ffe»Us-.a ( 22 ) 

-145 35 

-0.4 

14429 

97.79 

12723 

109.48 

-OJ 

040 

145.08 

14644 

97.78 

13S47 

1084M 

100.72 

73.12 

73.12 

Franco (98) — . — 

176.85 

02 

175.56 

118.98 

154.92 

15874 

a.o 

2.90 

178.46 

17803 

11024 

16449 

1S9.74 

16547 

148.00 

15061 

Germany (W) 

137.74 

1.1 

136.74 

82.66 

12046 

120.06 

0.8 

1.71 

13841 

13548 

9144 

11945 

11945 

142.38 

107.69 

111.14 

Hong Kong (56) 

38829 

4.9 

385.47 

281.23 

340.15 

385.11 

4.9 

078 

97013 

36944 

24842 

324.91 

387.11 

60648 

245.14 

24814 

Ireland (141 

190.79 

02 

189.40 

12825 

187.13 

187.08 

-at 

940 

10041 

IBS 48 

127.52 

18746 

1S741 

20943 

148.15 

14815 

Italy (69) 

76.15 

0.1 

75.60 

5123 

00.71 

94.73 

-04 

1.70 

7040 

7548 

60.07 

68.77 

94-90 

70.93 

5541 

5741 

Jopen (468) 

151.07 

-1.2 

T 50.70 

102.17 

133.04 

102.17 

-08 

079 

153.70 

153.38 

103.03 

134.37 

103.03 

160.91 

119.90 

12148 

Malayan (09) ....... ._ 

469.34 

4.1 

46643 

315.75 

411.10 

49229 

4.1 

1.54 

460.77 

448.68 

302.00 

305.70 

473.03 

62143 

277.11 

27742 

Mexico (18) 

...2163.11 

5.1 

2147.37 

1486.25 

1BS4.90 

7869.84 

13 

0.84 

205741 

206240 

137844 

1800.44 

747005 

2847.08 

1431.17 

153444 

Methertand (261 „ 

- 199.12 

0.4 

19747 

133.90 

174.43 

17228 

04 

345 

19644 

197.78 

13244 

17442 

171.84 

207.43 

18340 

16541 

Now Zealand (14) 

4843 

0.1 

87.83 

45.97 

50.86 

6341 

ai 

3.68 

6047 

68.10 

45.74 

59.93 

6346 

7749 

4546 

45.71 

Norway (23) 

199.92 

-0.1 

188.47 

13440 

175.13 

19848 

-04 

1.87 

20041 

199.72 

134.16 

175.75 

10944 

9TW AO 

15081 

161.12 

1*5) 

300.81 

at 

307.66 

200.43 

271.41 

226.43 

3.1 

1.73 

90045 

29942 

20149 

26343 

21948 

37092 

21740 

21047 

South Africa (CO) ........... 

.-..260.76 

-1.0 

250.05 

175.42 

22042 

20444 

-1.0 

242 

264.85 

28440 

177.47 

232.40 

207.01 

28020 

181.98 

171.31 

Soon |42) 

148.00 

04 

144.94 

9823 

127.90 

15247 

04 

3.79 

14541 

14440 

9740 

127.47 

152.30 

155.78 

11033 

126.55 

Sweden (36) 

21544 

0.1 

214.07 

145.08 

108.91 

250.92 

-0-1 

1.62 

21544 

21442 

14448 

18843 

25146 

23002 

164.78 

156.04 

Sestwiarei (A9| 

16324 

1.1 

162.05 

10942 

14340 

144.42 

09 

158 

161.48 

161.07 

108.19 

141.73 

143.13 

17848 

11244 

115.08 

United Kingdom (215) 

193.75 

-as 

19224 

13025 

169.73 

18244 

-1.4 

341 

19543 

19545 

13142 

17144 

18545 

214.96 

17041 

171.05 

USA (5JSH 

19042 

0.0 

188.43 

128.38 

167.18 

19042 

ao 

2.77 

19085 

18039 

12748 

16743 

19045 

196.04 

17841 

18801 

EUROPE (744) 

188.18 

04 

166.96 

113.14 

14723 

19948 

-04 

2.87 

160.19 

107.78 

112.70 

147.64 

18040 

17848 

138.56 

14032 

Nordic (1131 

— 20845 

-02 

207.13 

14027 

182.78 

21248 

-04 

141 

208.98 

208.47 

14043 

183.44 

21245 

22000 

14545 

14041 

P«WC Basin (722) 


-as 

159.78 

10827 

14048 

112.57 

-04 

148 

181.79 

181.40 

108.41 

14243 

112.79 

16080 

124.58 

12540 

Eixo-Paaflc (I486) 

163.80 

-0.3 

met 

11020 

143.49 

131.17 

-02 

1.84 

164.30 

16340 

110.09 

14443 

131.50 

17078 

130.91 

13142 

Norm America (626) 

-187.72 

0.1 

18828 

12629 

104.46 

18741 

0.1 

2.73 

187-82 

187.18 

125.72 

164.69 

187.12 

192.73 

173.70 

17043 

Europe Ex. UK (529) 

160.73 

0.8 

148.93 

101.40 

132.04 

140.12 

03 

240 

14941 

14054 

10040 

131.59 

139.88 

155.73 



Pacific Ex. Japan (253) . 

.-...-249.51 

3.6 

247.09 

18746 

21848 

22941 

34 

067 

24140 

24041 

161.48 

211.55 

22147 

29021 

109.40 


World Ex US (1851) 

106.47 

-02 

10427 

111.32 

14425 

134.87 

-at 

1.85 

18542 

185.41 

111,11 

14646 

13447 

172.51 

132.02 

13248 

World Ex. UK (1855) 

_..1 70.87 

-0.1 

16942 

11445 

149.68 

14841 

aa 

242 

17090 

17045 

11440 

150.07 

148.16 

17548 



World Ex 8a At (21101 

172J7 

-0.1 

171.12 

115-96 

151.00 

151.31 

-O.l 

2.19 

172.58 

172.16 

115.64 

151.48 

151.44 

17848 

14S43 


world Ex Japan (1701) 

185.83 

02 

184.58 

125.09 

18248 

181.48 

04 

2.78 

18545 

184.90 

12440 

162.70 

181.11 

18540 

164.42 

164.60 

TIM World Index (2170) 

-—17248 

-0.1 

17143 

11821 

161.45 

152.19 

-0,1 

2.19 

173.13 

172.71 

liOOi 

15147 

15244 

17847 

148.14 

14885 


CoeyHGhl. Hw ftandri Umaa JUmHa* OoUmn. Sad* one Ca. and Narrow Sacnrtwt) Lowed. 1887 
Lamepncee ■mumitw Mr Ma atMen. 





The Commerzbank report 
on German business and finance 3/94 


Will Germany’s private households 

do it again? 


Contrary to widespread belief West 
Germany’s recovery from the 1981/82 
recession was not triggered by the 
beginning Reagan boom, but rather by 
domestic private households. Although 
unemployment was increasing sharply, 
the private savings ratio fell by almost 
2 percentage points in 1983. Can private 
households be relied an to fuel the 
recovery this time? 

Private consumption proved to be 
surprisingly resilient last year. Shrinking 
by only 0.2 % in real terms, it held overall 
demand stable, while business fixed 
investment contracted by 11.9% and 
exports by 73%. 

Since the early 1990s, the growth of 
German households' incomes has slack- 
ened significantly. The increase in dis- 
posable income has been curbed by hefty 
rises in taxes and social security contri- 
butions, some of which have had a nega- 
tive impact on purchasing power. At the 
same time, recession has caused a sub- 
stantial decline in employment and has 
restrained pay increases. Whereas in 
1990 - when inflation stood at 2.7% - dis- 
posable income grew by practically 10%, 
in 1993 - with the price climb now at 33% 
(private consumption deflator) - nominal 
incomes expanded by only 23%. 

Experience of past recessions 

If private households were to behave 
this year like they did in 1983 - or in 
1976, for that matter, after the economy 
had recovered from recession - western 
Germany’s GDP would probably grow 
by 1% or more. Unfortunately, however, 
this is unlikely to happen. For one 
thing, the savings ratio has already 


“Most of the adjustment 
in private consumption 
is still to come." 


receded by 2 percentage points from 
its 1990 peak. A further fall of l Vi per- 
centage points in 1994 would bring it 
down to levels last seen in the early 
1960s. For another, not only are the 
normal cyclical forces at work; there has 
also been an unprecedented series of 
increases in taxes and social security 
contributions each year since 1991. 

In 1994, higher contributions to the 
pension insurance scheme 
and the raising of the tax 
on petroleum products - 
with the next increase 
scheduled for 1996 - will 
total DM 30 billion for the 
private sector. In 1995, the 
so-called solidarity sur- 
charge on income and cor- 
poration taxes will add 
another DM 28 billion. On 
top of this, a compulsory 
insurance scheme to cover 
nursing care for the elderly 
is to be introduced. 

As this additional tax 
burden mainly reflects the 
huge financing needs of unification, 
households will tend to see it as per- 
manent rather than temporary. The 
rational response, therefore, would be for 
consumers to “tighten their belts” instead 
of tapping their savings. What is more, 
rising unemployment and the uncertainty 
possibly created by Germany’s bumper 
election year in 1994 suggest that the 


private savings ratio is unlikely to con- 
tinue to recede significantly. Therefore, 
we expect a decline of no more than Ms-1 
percentage point in 1994. This is also 
suggested by low interest rates and the 
feet that the taxation of interest income 
has become more noticeable due to the 
withholding tax. Under these circum- 
stances, real private consumption win 
fall by roughly \Vi% in 1993-94 com- 
pared with almost 2 % in 1981 - 82, when 
real disposable income was declining by 
less than the current rate. 

While this forecast implies that most 
of the adjustment in private consumption 
is still to come, it does not point to a 


forther decline in western Germany's 
GDP in 1994. At the moment, the most 
likely prediction is that the expected 
stabilization of business investment and 
a modest recovery of exports - solidly 
underpinned by the rising trend fix 
foreign orders over the past twdve 
months or so - will produce a small 
increase in real GDP this year. 


Private consumption during recessions 


percentaga change* an year [savings ratio: percentage points) 



BO SI 82 83 90 SI 82 93 94** 


*1 estimate 


COMMERZBANK 


German know-how in global finance 


VIEWPOIN T ■« praw ned HI Kn>M 10 the leicnuiknal busiacoi oed financial comimirUiy b, C«mmlart biMOle Onaurii D-MJ4) PranUbrr. Oonean*. 

A ! L ? UL Wt- *Hinpe«. Ohio. Al,«. Cairo. Cocoa. Chicago. Copceri***. DuMle. 

Wbrall«. Grand CijrmJn. Hang Ron*. liunbuL Jafcvu. JatuuBMlMi>g. London, Loi Angalc*. Luxembourg. Madrid. Manama (Bahrain). Mexico CJl*. Milan, Mln.k, >« i - 

Oulu, Pan*. Prague. Rio da linelre. Sdo Paulo, SoooL Shanghai, Singapore St. tSilenbuig. Sydney, Tehran. Tqk ye. Toronto. Warsaw. Enrich. 









9 i'K 

5 EC-' 


$ e 

tj> o 

a § 

g o 

S £ 

r? 'E 

CO 
o 
-Q 


GO | 

©! 

□ iS 

05 V. 

£ o 

.E Q> 

6 J 

I £ 

■— K 

□ co 


^ CD 
CD CD 

O S 

2 =3 
c= CO 


o CO 
^ CD 
O) >“ 

•i - 

.E CD 

fi £ 


CD 

IM 

If 

t Q 

CD 

■*= / j 

5 

CD CD 
C CB 


g 3 
.§ S' 

CD 

f £ 

-Q o 
O CO 

“= E 


v 




■s ’5- s aSS|52^ 

8 3|sl 

■s .1 si 

« 3 B ’2 2 § - 2 S ^ 

2 s9So“> aj ^ 5> _ 
8 . ,*3“5>ic§ , a3 

!|llli|isi|| 

.al « £ gl 2.1* § « S I 

:1V," 51 S I||li 

■S a u ?1 2^ S T3 S|«| 

■o U ® 3-S5 .“5 2 OR 

! « a - 11 ^ 

i G 8 «^“-2 S 23 !. 

1 *3^^ 2 "S © § cs Jj 

ill Mflaa^asl' 


go-Sa 

E AO 

a -I 5 

asll 

s£ a 

1*11 

1|I| 

8 S5 I 

iq 

^■a 5 * 




*aa “tia S£‘atqgs?£‘ B £5? 

1 1 

Is s s E^ejrili si! - 

Ill's o&l&„a“I|g|s 
!Sl Q a2|£S|sSi„|g 

^-•Ei^SssIa-S-s. ©S 

ii-gsisiiLgsoaS &„ 


tSS£! 


— 5<53 S g a 

Pl2ll- g f|i!gi5 I 

^ I -! si’s 1 § Sj^l S^ljo 

UO«3S3o> Es « B > • o 2 


I w m w a« 

Ilia 


§S£g 

sa-s-a “ 

tny 

-Mt 

lllfi 

^iiis 

ilSsi 


</} OJ 
3 -C 


~ ~ c 


a,' * 




«■ 






r. 


D) 

(0 




s a ° 

gif* 

? U -°o 

isr 
§•0 ■3-2 

liii 

f So 
O-S fe-s 

- n O 

J3— »4£ 

j;p 

& 2 5 00 

,3 a 3 

■¥ 2 ” o 
3SL 
i s « 
& te _- 

■85 s s 

3 0 


!“ -5 £*3 
> feo §£'« 
5£||p ,< 3 

111 ; si 


8*3 S-s 

p.| u e 


! 8 ls 

’e°i 

i =*<8 « 


ft’s g J 

c S_-J 
« S ® ««* 

CJ — " 05 O 

««S 2 § 


I 3 !! 


o 

a 

a 

3 

co 


O) 

§>£ 
c ® 

Se- 

O Q- 


5= U 

S g 

= s 

a. © 
E E 
© o 

<x> § 

© 0 
•O 03 

If 

X3 © 

E 8 
E | 


: >.— *o o 

l5-a 

■•S-SS . * o 


pi i m 

li Z 

Jq .-3^3 


i jss li , sf^€i a - 9 fell 
Lfl£l3a'g:S55t| D 'l 


ajj 

&aS, 


1 3 

| 1 ! 8.13! . 

|**-Sa 5 a 

o| 5 S**si -2 

-■*-3 « ^O^JS 


Ills 

=cl§2 

8il« 


si! ® 

lias £ 

’ 2 i«i . 5 

- ."“^-2 «D 

l'S a 3|» 
Hf I fig 

■O O c ^ 

o B o P 5 5 

1 - O a> 5 2 

addnS 


5 &g-33-f 

)|| IS! 

»s 5 ss; 


0. 

3 

O 




essaagaa b »'aS”„'iga 

S l§l“jaall!|-g s lJs 

|Is|S?.-slsal|l„-«il 

£ E « "55SPE a » "-e« 


•2 « S-g 

lX1 <2§ a s 9 
1 S-H?2 3 a3 

-IKifla 

J tlsg »B* 

fs & fe.fl § p - 

UPiilii 

i. § £ JS w 3 


1 g£3‘cS 
ifslsgi-sf- 


11 3 £&! 2 I trails 


Kiti Illlilll §1111 
«■** iiii^ 


iiiiii 

&^S b il 

p SSs- 3 ? 

Ho© 25 

ialigg 

Mur*? 


Splas-l | 

"o.. oa®sc 0 a 


1 5 !H| 

i ss^li 

m O M’S $ 0 


1^3 ®J3 W 
I 5 X3 

I is S 

I ja ^ OB £f 

mt 

3tM; 

ili-sf 

;5 8 « 8 

111! 

l-s i g 


1511111 

S 3 S 3 So « a> 

■lailll 

S&lfils 

ifll ;i! 

n^gsz^p 

§ 2^8 i~JL i 


- E 

a “ 

— iu 

z 2 

tfl — 

E O 

HI z 

o u 

< Q 
III iu 
J « 

= i 

o o 
3 U 
a 

(A 


a. cs 
3 C 

2 B 
1:35 1 
p g. 

■C °_ 

S 8 

C tn 
°> 8 ^ 

® ■§ ® 

■a S £ 

c X3 ea 

^ c* O 
C "= 09 

CD CD ** 

■see 

— O) 0 

g g 8 

n| 

O ^ c 

^ 8. 8 

© to CD 




CD © 
_ u 


CO ss 

O 5 

« X» t; 

0 ffl ® 

3= Q. c 

1 1 | 

111 

2 O <D 

E — to 

E S -o 
8 ^ © 
fi 5 & 

® x ■g 

■g & i 

S E B 
£ E 5 

2 ® .c 

i -s ^ 

c u £ 


2 — 
6 8 


® Q 

<0 c 
w 2* ^4. 

I § 1 

S 32 -S 

1^2 
= & Q. 

g ^ 8 

1 - I 

f f 1 

|!| 

1 O □ 

O ~ T3 
® 1 C 

Q. 03 CD 
“ CD 

m 10 

2 © 

« g 

-£ c 

S’ 

2 ©. 

© 


■s 

cs 

5 i i 

a S* "5 

Sol 

1 p S 

■2E © © 
« -2 © 
| 8 E 

u o O 

S I I 

8 « « 

g> * ? 

o a r: 
c y £ 

-C © CT 
O D- 

© °* m 

— 2 
nJ a) 03 
» ;C 1 

2 © c 

o £ ® 

•5 & f 

a ff 1 
© 


mum ^P s l 

^ 3^7 n 3 ® ^ »■§ 9 S a 

rlsillilPifBl 


2 ^o# S 

biH;. 


s-s^" 13 

CD ? >» 


F3 a ^ 

o 


§ e £ 
5^ S 


I . 1 . 

1 |,g 
® S 

'u CO 


iS'SSg 

i- s €«>£ 

i s a c2 

pii-si 


J a fe— is 9 

||1®K I 

® s >;= g5 
"«2 © © u B £ 

a 

3 o _ 3"i 3* . 3 
a— 5 “ Sr. e ■» 

Sta-iS^flo 

* c^^'- |jg | 

3 "5:ii IS® 
o Ss teg 85 _ 
s £ c; - ® 

■2 c Is-? 11 & 
gS “■g S >*g g 
s 5 1 «5 S 
® s I ^ “i e. 


- •• ■■ . ■ J T . .T 


I® 




® C 2 m t, a 0.-5 a £ 

Ssi P 2i^ilf 


1 ^ . 















£l 



O O 5 

asS 


© < a 
© 


O- ZD -p 
<P (D Q 

■S ®- n* 

3 m SI 

I? 


8^2 
I a g 

fljQ.ni 

3. o — 

ffi r+ ® 

co zr 


§ s 3 
o g > 

|?8 

§■ 


.l®< 

■s ~J£L 


a&o a 


3 s’ 2 3 ^g 3 sss s- a*“ s s’ 

o a -* e 5S “* , tr jr _ .zr 

_« w* u 3 « k-^ 2«5c?a|a , o 

SAsSS2?g?«oS3E £■< § 


.a-sa 


m 

s 

TJ 

> 

o 

m 

w 


-!i«i 

3 "r3 £ 

5 cd ja 

- d 3* 




Bnj-g 


§Oftg« 

sH-s 

TO 3 £?•» ~* 
*1 6 S ~a 
vi n s Oi CL, 

0. V) ffl r* S 


as « so 
« =:*< 


§■ g-g 

-• 2 3 




2 ' 
Z W 
S 3 


sal's. 

o""B® 

a So » 

ft“6 O £ 

2 ”3- <5 

5 a.p-3 -. 

2 vq 3 3 O 

ill “1 


ill; 

g*< -3' 

'zf\ 

5.0 SB | 

■fffai 

s *2 ^ ' 

fcr 

IV 


si# 


Iff* 

"£« er 


ZzZ\ 


(=. w q- 

fl? 


sill 




I S 


Hi 


S«S.og 

;2,-S^2 


S3 ra ? 5“s 


g n 

|is. 

d!I 


■SfS, 

® 5 1 

;=r® a 

o 5T^ 

So 5 

. C— m O 

° c 

_1« r- 


ft “ 3 ^ S-, 

lliflf! 

iSiffgc! 

H- Izs' 


2oa* a> 

^ga ?" 1 

H-a «y ® S 
E &S-® 
«n 


S> g ., TO 'c " ® 

O S -i 2? ET-S p 

Hr fct.P *T* a* 3 


oIrsI ^S- 

§ d- 2 2 ! |cf 3 -o 
M a v, * a ^ 


W TS 
W 03 03 
£ 13 13 
© *-»< 

a" O 

Z° J 

Q® 


0 ) 


3 |slaS-i 


a>3 E § 0-3 £"“8 3 

■g**! fgag-aa 

?5 Og g. ft! ^.g ft o s: 


as-j^sr 


9tf 


»: S- “ wo S' 

>75^3 ”>2.03 

“«• « S gtrg 

v> P* 5? !? ^ ^ S 

«t r* O W 1 * 


ill 3-3 

bow 

-J® w 

> rri 


;?i y - i — v ' 




X 5 S T> 
o o 5 > 

« »•< s 


£0 < «o 

o; o ” 

<D =3 

SJ S’ 

“ a 

€ ® 

I f 

3 

O CD 


O O V 

m o j» 

E i ™ 

j o j 

® » _b 

■O o' 


I 32 

& 3 o 




e to n 
O m . 

m 3 O 

a v. 

25 


3 ® S 
o. g- 2 
^ (O' TO 

a- 3 ® 

M % 


<n *-* 

f a 

I ? 

I | 

-o S 

CO 

ST 



d ■a ss <ti 
si &“W H 
m 5 S 1 
2 | £3 

-3* 
S'S | 01 
SS2? 
c-S-< 2 
B a s 

o*^ § a 
|S & E 
IScoS 
« w 3= 2 
2- _ ft 3 

m 5 Q«P. 

q n 2 & 


«pS-|, 


— to 

li-§s 


IlSfaw! g6 i 


.rS|P 

3 3 sd 
a. w ^3 

§32? 




o <d S’-lsrS.E B — 

Brgg. 

S' §" § ™ 1 1 ^ S, b 

9. 0 ‘|- S, B'§.c : 


5 B S ^ 

“sJM ! § 2 

V> s 8 *-® S a 

2 UK «T§ 5 B 
S 3.n a * iS P 
tn & a 2 a n £ 

.“' ra o .?■ S rf B 


iSS 

3 cm' 

eI: 

rr „Q 


ag Z.w 3- 

sfiE&aa-isg 


«!.«S 

'ff? 

srg ft* 
*3* 

• | = S 


o C5* o b 

■ft* 


i.|3? 
i-ii §■ 


ai s §-g‘ H 

iE & i 2 5" 

Igaeil 

« s S « -< 

S ^Bo„ 


»S 2 g° * »• 


S^So„ 

i 8**2 s ffi B 


1 - 1 i.® < 

= 3*S-S 5*5 


2 t= w S' 
aftB ° 

9 cr ? 2 - 


S 2 .s« 

ffl ffig-® m W<W 

?!' fSs| 


§ V 1 (O 

4n 

as: 


s5 B 
a , g 

gl 

%c 

3«:sr 

g5R 

S|i‘ 

BS" 

Eb« 


lasss-g- 

1 '< «g 3.«> v, 

2-3.5 


^ 0 ) © 
© =3 _ 
X Q.^ 
“nO 

3 B a 

=5* © c 

/n ? o 


<n -h 3 'ST 
S’ 3.00 _3g 
3 SHI S’S. 
c. ^> o „ 


<r.. p ra , 
ji“®Sa 


? S s- 


m f"_B 


jj _ 

iS'SgSs 

r* Oi r* in c 

B Bo 

s § § ^ 

S gg-S-g 

&--B.5S 

sS'gga 

?«n an 3 

g a | 
-a§S6 
gg-g-s e 


u 

w ^ 5 

O CD ^ 
=T £- CT 

© ©. CD 

«g ^ © 

© 3 “* 
W O © 

s - 1 a 


JO q 

© 3 g 

c§3 

A ao 

© < o 

3 5 q 
r~* j 


® ft n s b ta 

=■5. =?.::« -s' 




m; 




mm- 

2S»3Sff 


M _ — O ‘ C “‘ 

5® g. 3 


M M 

•cS^ 3 
° 5 o _4 

S!?s 

2 — i ® 







C^I • 53 



S O TJ 

5 O > 

^ S O 

? in 


os 

® n ■* 


®a: 

S- o ® 

O 3 

R\ O 

s I 

© £. 

Q. *t> 


^5 2 

© Q > 

3 3 0 

3?; 

•s « 


> 3 2 n 

o ? ffl > 

off S 

alls 

id u 3 

co rr 


< 0-0 

2 2 > 


i 2 -l 

© a » 

o §• 


la?t§l 
®-2s=»-?. 
SES^a f 

° 2 o w a 

C§S® S 5? 

« t 1 ? M S 


®3c 


2 .S “ o Mg' 

— O O- o _ 
o-'*S s Ts P° 

■< B 7 r B a 


S r m 
3 n 

Si! 

S-3 3 

8&i 

D- rt ^ 

►5 S’ o* 
a bi K 

3’ € ^ 
S' 2-3 

o- CD 


a :rc:5fc 

sag! 

slaff 

Iff- 

Sa?! 

5 2° 

I 




5»* ?**£ 


a x° Zb 
§.!3£| 
IIS^* 


•a rr < » * 


■PS :2b 

• co Ei^ B 
« sf ® 

«•■< B 3 

tr* Qj 

as if 

m 2 
o a o 




s§3- 
g g*B 

2 <0 _ 


B g S 

3 3 2 'A 

a o 2 . oi 

S’ 2 ? w 


^0-0 

O © 


*110 3 

SB * rr 


II! 

|ii 

& Cl 


« ElW) &§ 


1 


' < 

3 J 2 a-.® 


3E tr 

o P 3 

S'S 


goEP 
3 < cr 3 


3 T 3 * cx era 

«< ra 


■5-38 

gnoB 


8 g*9 
2 ,S^ 


■< E*^ 

a® s 


5 S li-gES 

.®i ?I 15 b - 


*< 35 « r+ 

BO»° 
er~’v> g 

Ig- 5 - 

^ 5 -.£> 


c g s 3 
3-5 

SCSI 

81 g 
* 3 * 2 . | 

3 i® 6 


S5 5. 
cz 113 ft 


O ^f-* 

® a < 

JZ © 

co i. x. 
_ cro 

9 ,g® 

n d O 


o 

X3 

S 2 


S.7^5 


go w 

B3 ^ 

D 3 

0 J P g 

" m 3 

CO VI 

? 5~ a 


8 


-rj —. U 

* a S 


Z o 

© o 

2 Z 

c 


= © 

co <5 


iSgs^gs‘% 

n?* B 2 <a 3 
a* 5 1/1 ST-S ȣ 
« § 5-,5atT^ 

misim 

a vi o q 3 - G 

p3--f<gisS 

=- s iSl^gg- 

^ w 


|3 B OI 01 H 2 

t§ ’a f tr S 

ffl 3-fD a. 

1 a® §. 0 .^ 
la2-£3- 

crg "2 "pin 

2 S £§ 


f cE 5* O 
7B"8 r+° ® 


■^-O K o m 

S-itfaW 


g"S^ 

g-ffa.S ® 

Ig-aS a 

"11/13- _ 

£ 5^31 
sr-^ 22 ^ 
Jf^ S 3 g 

“1 U 

3 10 O 5 

p) (A iS a 

? 8 BLi 

D 2 n S < 

01 3 OI 1 o 


lifpi 


3 ® P'o. 
w» a ® ® 


— ^ 25h« 
= srSSSs. 


i5*S«al 5 

. 5 * 2 ^ 5 ’ cr 

i|°”=-il 

IT® * 


b ® sR® 
■5.B ?R*g 


® d * S 2 

iSgss 

ilaff 

B|||| 

%hH 

aft|§ 



: f I?” 


i : \ 0 : * 

■ r- V- y.-> 


^ a 3 g. 

2 CLg H 
0.3= m 3- 
■T TO O rjj (T3 

3 58 “ 

S s 

VI “> in <D 
3 * S' _ 2 

w g 3 31 

0 o> ^ o 


fl? 3 p " 1 £ 

S .» 5, ft p = 


in * . Cl 


•O » s O “ 

2 o •-* 2 B 


05 SS 5% 

. 3 » Q^ffl 
< <d 3 o: F 2 -* 

« w w-apqo 

ill'll 

3 “•« oN 
~'S £5 5 o 
3 1 g-S g*5? 
•sssrs^B* 


81-S 1 

ff-a 

w in C3 P 


w 33 a. 

ft' p < 


B a 

2 — IB'S, 

3 » 5 p 

a ^ p- 

3 « in 


S .8 

ft-Sgw 

TO S }? 


EES? 


S-H 3 2 


to sB 

S-w 5^0 


o 2 .C s £, 

^ PI 1 « M 


g a. 2 ->a to 

° 03“2 

-S " 19 -3 c 

Q (rq 
o 

«- 2 .a 

w o 

as 5« s; 

5 s o 5 ,. 


*a B aa^ 

TJO 5 3J&S? 

(A 5C ►*» 


2 - O 0*00 n TO 3 oq 

= octoB SsJ 

iM B 2 M tt P 1 " M 


I Z3 w w 5T w w 


1 o a. 

rj ^ cr 
1 ^ •? R* 


a. in' a o » 


• 5 ® c-S S 

TO TO Vl 3 IS. VI 


sg J 3 
gBSS 

So-ga 

O "J.S! d 
a a to < 
p»3 ”• n> 
B-TO o- ' 1 
TO in g 

w R 

E« 3 
» D- cn 


go-a 

| 3 '&- 
„ 2 to 

0 B '8 


n ? 3 S “ 

lll|8 

8 « 3»6 

3 ^-s S-a 

a 2 , 1 a« 


a c & 
saf 

*&2 

§ ® a 

n 3 

5 sr® 

o “ R 


arij; 


o’ a. < a - 4 . o 

0 2 -1 « s: 




” 2 M “ s 

dw D 2 *" 

a a.coa 
° & Sc 


SKg 

ag® 


1 ST B ra 

. n 


mn 


?< s« 

to S 

£§■ 


'SBb <=” 

SSniS 1 
to ^ 5 S'o § 


g 2,5 


S Str^'g 

Vt O V M,rt 
P CO O^s 

Sb - bs ! 

-=.5 « m 


lf™-§ 

I s "® i 
3?® ^ 

S3. ^ 3 SI 

m* 

S-« IT 2, 


TO •-> 

lb 


T1 

O 

0) 

0) 


■g-^sSSi 


■18 « W a s: ^ ia 

to >a sB m o>< 

Irlifil 


p 2 ^ , 


o n x ►* 

c s * 3 ” 

5 S R*. n 


■ 

cr "» ►, & o m 


8 * B p-r 

2 oi 5 


TO O 

“Bo 

Q.TO a 

$ STS 


il s B Er !'§ 

®-8 5 -g.wg § 
3 ; o. ^ 3 ; a. — o 
§ srg 

jiipfi 

S B a .2 5.89 

ll^ol'ag 


S o S 


>t B 3 




■ £■? 2 | 


3 5 25 

*P < •— 

- i O 0> 

ol^ 

.t> toJ. c/l 
tJ “ s 
r^jq rf-i 

g‘« Er 

3 O' TO 

O vi 

C/1 c 
TO 2 TO 
R R'M. 


£5 B ff 2,0 ^ §2 2^8 

a ^ "O 5* T> « p 

5*3 5 Q S 5 cr a < b" ?13 

^ 3 i!g.ai.= “ 2®5 

<a, a' 1 -j Jt3 3 

° 3 J ?§3 <« ^ 

a 2 S' S 

® ® ft'g TO "i.3 

to S*^ 3 B S'S to 8 B 5| 

a; aq — J__ TO S v. g fT 


BS|b 

| S I| 

Iff?. 




TO 


’ — O' 

5 -I® 


,yi S’O 

■ a ° 3 

1 li 

S' Cr 

-S3 v> S3 


B 5" “ 

b TO 3 
TO — TO 

TO 4 TO 


0 2 a* « 


^ tr 73 E) 

"= 28 8a 


S 8 

Sa|p.TO 3 

^■a p a< § 

« 3 S, o s 2 


rjx _ __ 

sKi«^*Sl£ 

O - H 05 ?TTO “ 7T 

s- 3 ^->,="sa 

= 2,0 2 . ^-o mtcZ 

M '|,TOS-|.“f S^TOO 
3 <53 Sn* 5 5 ® to =r : T 3 2 


ai 3 & o ?g 5 

"> c TO S 3 S’ 


“3 33 =i 

=-'_2,S si 

lif a - 

3 s ® * ° ' 

TO ™ O 2 Q ! 

£2. «J3 •o £, 0 

“ fi 

■ — rr o r? « 


5 5’| 
3 =r 
22.<ci’ ^ 
=3 =r Cp 
O < CD 

§ § 3 

3 CQ CD 

T3 O ^ 

SO" 

i; © fr 

< 3 
CD d ^ 


s sa? s 
g-sss-i 
s ^c.to g 

2- S' Si «n 

“n §,c^ 

3- 2 S S3* 

1^0® TO 

TO TO 3 Q TO 

B 3.® 2 a 

§.Fg I to 

© ™ Q. v» ig 

55j5 , 2 

j_TO ft 2^ 

to 8 o 8 to 

llll-i 

B a« to ~ 


o a?!? aas-o's'ss.a p* 1 * 3 . = 2 2 . sa =■ rr»e ® s 

^:irf!wif?I^ilibii!:i 

5P“5§"S : Bmg5-§^8J i *‘3 , ogsS^B r TO57‘ni3.B'‘ ,> ~2 

a g -gS|^sg?eI'S2.-|TO||- £ 5'<gS|“a|aR 

fali-siSsagSiffl-g S-gs 


to - gsri.5- toSRII § ie R 9 s ga K >b|'gs:^S 

;?‘ftf|iffi|il|[frlj|f||;l| 

c o°e§ ct °s&-as'«I= ! os : E g ; RSjn.TOg fi , 
?o.2® ® H o 5 p 3 & &S © s S'B 2 affd. ?? 


_ o u 4i 

~ 7 S| 

s?«S 

i;il 


l s S«i. 

a - a 




s-s i 

;!hi 

I gs 


&8 

g £.3 3 o 

o--c *30 
Dg-^ffc 3? 25 
gSeotj 2 

Sff®»3 Sg 

■’•e to §=0 g b 

<d ^ iC a 3 of 
“g < § 3 

S* ^ r* o- to. S 

„ B-al 2 ■= 

S ® C Bb e 

^1.3 33» 


■■ ® COW 

lists I ^ 


fD co w 
^-30 

^ 5 CD 
CD ® 

© 3 co 

T M C 

5' zr^ 

CQ jd T3 
CQ W "<. 

0 ^cg 

1 




►t P, ’-> S, ® SZl 

& *TO TO ^ S' 


3?E 


5 . ^ • s 2 . a 

TO^ cSS 3 - 
-» <0 “i arj cn 


a® cr 

-n ~ ® 


; 2 gs 


« s-“a=” 2 4a a 

mm g Bsc n << p 

9 o -S SSb^Sg'S 

to o ^ t 5 a S-: £ ^ 

2 ‘TO§’|oi'^Pg^ 


,E b'* g & 

;*? 3 ^ 2 ?' 

1 ® 3*0 "ESI 

0 3 R « ® a 

TO g* S' W jj l 

'iSHilSa 

*- TO P S’S PJg 

TO 5.^ TO TO § 

■S 3 g® s-S-i 
i’s a ii«i 
^E.s|s I" a 


Jl!l»i 


a “ 3 

-n -I m 


‘ -f § | 

^§■3 — - 

o a s. <n 3 


d? -a? ^aff. 

Sg3l-8TO.il: 

: ^ _ .a o -1 ■ -1 


i ^ Cu 9 < ™ 

^ c C- .tj c E'C 
m 52. J <0 5 ^ 3 


‘SJSSgSSE 


SSffrSS^, 

a::asa ? 

>1 O gr 3 3 « CT c 

§ 5 xl 10 a g s 

■asSlstla 


i&|>f 

i s-a=g 

. c 3 .<n 
o q a _ 

o TO 3. r» 
’3 — 

! 3 

i SI pr o' 3 : 
to g =-5T 

: S.'"’ a 3 

. 

3 - 3 ■— O 

■ to ■''- 


II s 

|c S’ 

on u 


iill|si-| s |&? 

, »T “ c:5f= r 3 '“^«d.ra2 


3«< ® 

§ 

« 

CD O S. 

IP' 

w" c 


<D 

"D 

(D 


10 wS - ^ ” O ® ga S’S hi BD 

|'aia||B*-if«IJl 

S Zsh 5 '* § § 5 ap B i ills 
|'<E?s : |i'§'a : Els-5rS"-l 
aifs^ass-S-S 


srE &, 

a.3|g5asg.i.| J 

|i!sl" p l I 

3Sf ?¥5'>? oq 


ls i I.f»illillls.l?la #5 


F-S §45 %g g a>5.« g g coa 

r llf?i||I S |jlli!!i| 

p a s. o' o m a & ® 3« 31 ^, p •§ s 

fi C«»m sr ® $ O i S-J 3 o o 


■O o ® 
05 

* ® X 


gSfgS 

S C O 2 P 

a m *“* c 5 

PT *~s c 


3 S . 5 §f 

oagriSg 
3 g g-ES-o g 
»a as s e*© 


■sfll 


IlSlPl 

s -i!|i 


I §8 « 


& sai 

spiff! 

- «2o^s5ls^ 


- cr 3 

sff"8 


o H SSSsgSBgSg 

& S a 13 = &■ "-« 5 Sa S8«^ 
elsH? S*avrP 11? 3 g 


®«3b3 

111 f« 


§^?- 




tf& 


' 8 „ 6, g s ® « S 

f a S s&g- 0 “1 

S-l-B 

|i ll^&f 3 

o 3 S’2.3 ? 5 g. 

I 

ggi“ yl 
8 5 TO O o. 

vb B ^ It S TO 

3 e ® B-S 8 ©. 

S-| B i82- 5* 

•o » 2 . m" TO & a 

3?^ b, & to 
P* a m 2.a oq 5. 


119 

5 © cn 

ilg 


5 ® 5 * 

if. I. 
sl| 

‘&<Z 

fSf 


O JS ® 

7T O - 1 ' 
CD 5- =• 
CD Q. = 

^ cog 

5T mg- 

Q.CQ =< 

o CD ~- 

la 3 


3 q OJ 

® © s 

O 9:-^ 

® s 


TJ 

O 




“ ■ — ® o- o- 

“>3 B 


,13 U b 
’Joq O 

! S p?3 


B ^ Sr 
gw o 
ft * to 

SIS’® 

g.” in 
S TO ^ 


SSgSatS^^ai-iSsSffa&fflffaSSSflg^f 

-» O a g ,T 3 S £8 agla 8 iaBT?® §1 3 “Sa 

3 32o3.ba53Sp.Si = S^3|^gS”2 5 a ? w 




01 v o’S.Q.S.b: wim 
B h S 3 ® 9 P TO £ 3C 

o3-^3 5 c toto>5 


- 5\r * i p * : 

=S2 3 Bl ?r .lB 


r+ QJ "O 

z!i O q 

< -h *+ 

Q ca q 
S -r9- 


o 


^TO^ B 0 “ ® g-iK « ' s-a-g. 

CT laifgins.5‘3|s‘i : 
agaH-" s 09 

* al sris-TO&a 


w Biff e f < ? 


HU 




rr TO B m 

&b-£? £ “ 5 


=7-5 ^ to c. £: to a 1 

■ O < a 7> e P pi 

~t _ C /■ PI . - , 


=32 la'jSfl 
S aS 2 a 5 ^ 2 ? 

1 C C n * w g-"3 


4?-,' o £ 2 , 
<4 3 o =5- 

_,n w ~ O _ 


O 2 o 5 
3 K a &' 


58 c c 0 ,® « 2.^3 

_ n « J 3-3 TO3-^ 

TO M o ^ O' g 
3 > ^ 2 % tr *n 3 

& -Ip - 2 £ « 


c =7 q 
O Q. j 
® © 2 


! ~lik!^; 

sis I ft£» 

1 till Is 


= < SK.B*TO^3a 

S?5|^9S^to^1§ 

a pd © o.'-S © r* cn © zr 55. 3 . 


j: cr o 
■ 5! TO P 
. = 33 
1 cr o 
- ~ as 
‘<32. 

u * - 
- 

. 35 '® 


Sf TJ > C Q O" ' 

a 3:;. w 2 


to K, TO - 3 S3- P ■* 
m * TO X. Li 
3 - a “ -1 _ ez ■ht 
“'E m; »* a £ TO 
p*. O b O. — C TO 


■d -d -r 

o o o 

si 2 , 
to c? a- 

3 2 TO 


w 


iE, g* 

!. w 

: o 2 o 
! »■ 5 “ 
"gw© 


S'ag-ws.sjz 

to < =: * 

p _ 3 TO s £• „ -■ 

VJ 2 . 55 !: 3. w 2 , 

5 Ito ^ rt « I rt" 


w S c a 3 to 

SS3.^|2 

fS^TO 2*g 


Eli 

§!:s 


32So o5c 

2 J5 2 O S . . *-f ja 


K 5*5 ^ 

n o n> 


J" S aSg. s =n 
igp® 

?& & wagi» 

5 to wi^o-g^c; 


S. - ^-2 - 

- = s i-s 

3 a, © 

to o-c-a 


"£§■8-. 

=?52-2.^ E 




.83 S' « 

. £5 5 g- s g. 

ft T3 ft. on -<®E- 

B S 

. TO 5Sg 3 m- V 1 


= " 2 ? a 
£«£.*■§ 
TO .««».» 

|§^§s 

^ ^ jo sr 

0 . 5TS p S, 


=Lc-° 

p ® B 

bl 

g ’-.a.tr 

c w 

3®o 

=r c 
TO p» g 
VI O Oi 

^ 3 

i/i aim 

B a 

O y 
3 TO 

qiS 
S w 




E 5- TO 


ft TO W 
TO “ ' 

i«g 

rf -a Q 

e 2 <-*• 

b op 

a-“*o 

§"55 

in TO 5 

.. O-f* 


3 5'»'1 S 

l!la|g 

. a. 3-5 So 

■as f- 

iffalgsf* 
! § »2^=-| 


2 B *. =■ s 

SlSg-Bsl 


2 -S. = 5'Sg 

‘- o .rrTO 0 p 


5 M 2 ft -5 

„33 ■* 

S *> to n: M -a 


■2 3 q _ 3 S 
, 0 q □.-< 3 B o 

f 3 ^|° | 

Ih ’ SeI 

J O ft “ TO © 

-.CLS-o a> p 


X 0 ■< 09 s & 
■H^eaSR 

S W) 3 - r: ££ 
» ©' — - ■“ *3L 

fia= 2 . Q B 
5-2 -5 “ -S. 
=r® h 5-ftS- 
® 5-0 * “ w 
IsSFoS- 

£ to K 2 n 
^fS^TO 2 
^|S-2,«5 

B 173 '<* m ts-§ 

O Ci 5*S TO 

g-=TO^ 8 

| ft gif S' 

O D in 7 , ■< 


*D 

0 

1 

CD 


1 ® •a a . 
_ 2 - 2 .W ■ 

“ a-iii _ . 
g ™ a 3 

o* — o 


- b^p’9?® 

?iirft 3 *l*lFl 




I 5 ||i 

£S l s ? 


SgoSB 

3-5 3 O w 


I 3 


l!|Il 

Kl ll ! 


i s- r • 

3 *7!" lt=. ./>W V .*^*B 

■ i&MSm 



J3 

O: 

D 


TO S'C'^ 

|S5s 

Sf§- 
S o 3 B 


g.a.w"' 

?lfj 

3 5-L3 


5 2 Ssr j 

S|l§|Si 

| , "!l*5i 

3 ®b&»3! 

jiiieii 

•a C w aq g 1 

■4 a 5- w 3 § 


Ss fti.® 

« TO 5-o.p 

cq?o 2 


S'S"* 

.ft 1 - cr 
",B ® 


^"-i p — in B 

*" 5 *a:§ 

TO „ 3 = 3(E 


§ =3 ™ < a “ 
fl> Q. 5 £j 'l* 

a lt?g- 

ffjrf?! 

sSliSi 


tiSla 


•-< 1 1 w 
5 «T CD g S 
■ O • *< 3 ® 


^- 8 tr 

S.g’So” 

p- 

tr a mi 

il g *l 

Pbi 


l&gj 
l&Scrl 
g i. 2 . 

“ 1 w ’s k 

Q« g 8 q 
Sobril 


! d3 3 


ssr gagr&s-gg bd 

s&ds.sai oq 5 

* It M 


Iff' 

3 n, g- 


& gf ip S B" 

* £3 8 g. 

■5» « —4 


|i- g !»?p 

3 M O 00 

iHfSffBrt 

Rc«R“°-8-5: 


FX£3 & ”* 

a o P-iSid 

m o-P.fi 2 3 


“s 5-: 


s S’S BT to 

R |Ie.S 

i 3 n o 2 

0 "F» ft 
gs«S 2 

°-g EB a. 

W 8 g, TO p 

liss-l" 


s "-jo’Es 
-" s.’b 3 to 
_ S’S to 

S p . 3 VI _^ 

So c ^.5 

■ • fJOM 


i * |l"i“ 

gl" 2 ft ft Q I 

I * |og § o 

Sg-src* »b 

. . m Oi Oi . 


O M ■’I'B 5 

(» o reft, to , 

3 ft cr . a** 


B g-S-B 0 CD | 

S?9S HnS 


S|g5: 
3 S-3.® : 


sflff I 

* g sr a n " 
BEg-i 3* 
3.& p g 

w " T3 ft 3* t3 
O P 3 w TO -» 
3 5.S.J- 33 

Eft^ 

® SawS X 

^ 5 TO B TO c 

g TO m 3 ^ ^3 

- S pw S* 

<r+ O Q 

« rr"o 


S-° O- 
?3lS 

sr® wE 




CQ 

(D 

3 


ilia 


8 ffji 

§ 3 TO TO 


"Stf-B- M-*S SB 3 -' 
3 ® | '"HESS w i 
0 w TO ® c" S’' 

B W a | - 
3 2 .m t s S 5 e-K- 1 
® "3 "ftp S I SB’S 

g'gfffiSS-f" 2 

ft 0.5 ® ? tr<5 P m-3 5 


3 TO P-p oq *? 


5 ?® 5 S O 

° VI TO 3; *■ 


TO^ "g 

6 " ^ c- 


Q t 2 E3 * 

I S3 


» I « | 
S v 


S O « TO 

4*=l£ *" 

o £. 

V ^ VI & 


1=5 5 
CTQ 8 
CD 
t3 



?■■ a ■*' 


iV. s/J§ 
y t-wJF-,.: 



MM 






P : 










t 



lu 


S 

QC 

CD 


CD 


a 

a> 

a 



isflff! 

■g J! 2 ^ B ^ 
^ «2 *■» 
5 O.S g Q n a 

P|||i| 

gs oS£ §>B 



I 


?ra 

Sp- 

ins 

or. 

an 

ys. 

□d 

or 

ne 

iv- 

to 

■es 

ri- 

je- 

lic 

>ls 

ke 

ut 

of 

.er 

iet 

ve 

a 

be 

a 

n- 

ic- 

ge 

is 

u- 


n 


i! 2 ! ^Il 

^ *si ® aCS 

_S 5 f.fr 

n a> -*"* S? y 3 *“ >. ui*h 

_g o .-SO,— Co 

■ago & m Tg ,s‘ a *s 

_ 3 -g QpS 

mmkmn 




a- 

a SSar?i 

1 Hi is hi n4hlh Itiilisl 5 a 
i4l|if ! ill ||i|S|||Il HI §1 H 

| s t^ Ills! -iia gf ! i 8 if !|S J ?sl*a la " 6 

on3«HS,5a«.s-Sae'C5PS-tti 0, Sp^|, 

ms in immmm ii 

if •If *|l -h 

.-go - > S sgj 

§ e i 2 « 

5 !f a i § 

S O OtlS 

a jo S 2 

sa-gs^xi »o 

3 p g §.§|? 



I isiiaii l|!l! 
*sSMI 8 l 

Sa Q .'atJ0g 2 5fi I-S-PJS 

g Q..O ® m 

1*3 

oEs® I'Sa 

85 3 s*. 

■p.y 5 >.ca*a^i 5*3 

jtl^ill&Iil -Ml 



■ 35 ® 

■ CfcH - 

Ife §1 

iSs tJ e 
■* 9^5 "3 o 

* 5 * 1*121 

Iga * 2 

i-iiiir 

sS ts 2 as- - 


f 

0 

s 

R 

$ 

3 


s 

it 

It 

1 * 

Q 


K 

h 


d 

d 

IS 

d 

i> 

x 

if 

»- 

n 

□ 

i* 

n 

II 

d 


v 

U 

b 

n 














K 

«Q 

171 

283 

67*1 

724 


SB> 

303 

133 

153 

3 

12! 

10> 

10 ! 

12 > 

12 ' 

9^ 

12: 

1i; 

28' 

$ 



0 B E 0.9 

.SaHISm 

= o =r si o. c 

Lf |l-|| 

fmosSS 



. t_ = § ^ S o 

og|if§ 

“ < i" CD O 




as § 

9S flaf*3 


c o ® 

-? 10 3-0 O «ft C =T 

- o-»2 3 ^>® 



© o c_ 

ppO 

<0^ ^ 
3 f— 

© 3. y 

3 g a. 

3 3g 

g-?3 

© ” - 


0 


Tl 

■■■■V fll 

0 


□ 




“ 3 




1 a. m 



o^|S§a3|3S^ ??5l?25 

o a ® =“ o = 5*3? o • QS.SS a- o ,? ® 8 

oxJnea-g-Sr. =T.nF 8 = 3®^-,^* 


2. ro 

?»s. 

o >8 

_ 3 W 

© a. o 
fi|o 

=a Do d 

3 P? <Q 


o 

0 


(O 

0 


p (a n o _ ss 


Is ste^scs®-® 

e§ gs ^ S 
S 3 5 a a 


a 


(DU iwi 

ffl 58 ® ft £ ® 
S * 5j^!l 




s£ ?wS^E- , n?lQ # 
°ajgq§|’g (x ^^ jg-i? 


&I1II 

^ *3 g s| 

££§>§•3* 


© 

=3 

o 

© 


* 3 


© © 
T © 


§ 


0 2 . ® a ® ® 

o o g " ® ® 


B ID 

3*£ 



03 — 

?■ 5.3 

ScS 

3 co © 
§ ° 3 

S 3 2 

£ ® © 
O 2T 3- 

=3 3 
w to 


0 

s 

O 


0 


~ CQ 


5 


O 





11111- 

- S-|l= 

2 a.® » ® 
cd ~ - cS o £ ® ^ 

ggfsi 



: 5; 



S 5.5 2 S? ffSS owe 

s ® s-£si.°S S I 

5-3-° o 3 S- S o 3 § ® 8 

S’# ■§■ s 

sawSfl^?*!? 5 

udJ gS*2 E S §® 



ffl g3 JSJg 

“SoP* S9w|-«- 

_ (D 



mg g| | 

gffHB?.!* 

^ £. ^ts ® _ n, < 

=fl B " I* 

irlSlil gS 


K 


i^fL 4 s il|li 

OffS Ef — p. r* Sf C" «[ £ £■ 
5 ® o ci cd o-s g’s-r* 

§ ^5T 3 i-I^^S I® 

S §.0 ■?![ B ^ 5 

P-P-rm o it 1 o n ^ ' p ffi 



•■a a * 

= ss- I| S £sI° 

o 1§ 0 2. 

®i- s P»ib§L„ 

ff a g £»d*93 

git i lifts 


m *u 

3S s s 
filing 
*8;»5 

« 2 o w S 

ig-S-s 
® S JT& 

s^ffsr 
FSg“g 

lilt 


o £^g"S og . 
g> 58 SflocH 

ww ® ffi a ^ 


gg 3 g-o®5-<-5 

ro dq S ^ 2. 2 „ - 
01 

^ f^g S3^RS'| , q3,'’^ , 3 

B I a e s* J ' 



§S P £ |P°|i' s ‘s 

■p Q o S ° 


«5°: ro ?.;5® 

"gagas 

ilMift^i 9 

5-affs g;s s, 
o a - 


ib cr w 

S S © g g g 2.© 


O W □”" fi A 8 1 M 

-'tasff i.e « fI 

g 2,1^0 1;°:? £■ go 

* gg.cS § S’? & 2 O B O W 

as 00 m B. n n CD 5 ii p. S, S 




isfi siilHild 

Ss|-„i ; »g3.||a S|| 
B—3*_ e.o«&SS»£® 


C‘ o 2.ZLE : 2"a.<S'“ ’■* i 



2 Ids’ll. S-s-g.E 

s*<d «-^cd 0*0 u n ^ o 



S' S-2 5- 


_ - . _ wer o. a s 

Sc!a®mfflO,3,_ 

- a s ® ™ p 3 g 


wSos; dSffg* 

SSfflBcggl'rt.gg.C ^ 

ap, »r: rmSjstals 

E-S-l 


o f” -*■ o < 

§ w g^2 

© O 01 S - m 


JKI" 


Q 2©3 g 




< 

S 

m 


** O* J3 B 1 B " 

soSa" £ 

8 3 goja 3 g., 

gf s|a|Sli 
l| sl|E|^ 

Ec 


^TgS 3 z 
5 £-3 3i S ?* 


m 

3 

m 

£0 


m 

s 


CD 


fc* 5 

qq Is 

CD 


* 

#'■ 

r 

.r 


; ,r 


; 




#* 

j 

r 

* 


w 

•r^ 

W-# 


•• > : 


Q 



w 


0 


5 ) 

* 

s 



v *« 


0 


«k 




■i - 

:. s: i 
i. V- 'Si 
.• - ..i 

-v 


S * 


*:-3 


[A 

■5 


. :£ *a 


0 




■ i 


i 



I 


ljc^S> 











I 


s 

cc 

CD 


CD 

LLt 


& 

a 

<D 

too 

5=3 



1 

hlK 

iiiilll S| • 

'* 8 Sl5 e * -a * 



-53 “g 05 

® I a §«^:-2 

Ssif* 


xj >»■£ c 
sgs'C 

:l® s a s 

s -saSg| 
■o£ .Sag 


13 n 5 c 3 'h — 

o _-0 -gj* 

c « |1 

S ;S S’ <D 
§j5^«|a 


otj c a^»^ = 

®I s ^ 2 Se-|^o 

£ ® c= ® oiE- - 

raU^“^®(»Q 

l^gS | ^Ǥq g 
i^l i S.o'gl « c E 

ra5E®2 a 3 -9o- ® 

“°^O a «3clp » 
E riS-i-s ® a-i £ § 3 



L U J 

• <D U_ XI 



C §■*" ® 

. ii si. 

-fit! M a 

§ I s?-o c— § 

“SSiiiS 

If •-§ 

§&£ if II 

S-g® e- ?e 

-f SS 8 - =a 

«q?T]C 2 fic 

! 5 » 88 ii=| 
E » 0 X 1 £ 8 £ 



[fill ii 

^Ijii 

c ra-g .>»-£ 3 
□>£ 8 -e 

Sl2i!1 I 


2 tn 

ge- 

ias 

or. 

an 

ys. 

nd 

of 

ne 

.«•- 

to 

'PS 

sri- 

oe- 

lic 

)ls 

he 

•ut 

or 

ier 

ict 

VO 

a 

he 

a 

al- 

le- 

ge 

is 

■u- 


s 

cc 

CD 

5= 


CD 

u3 

£ 

LU 

=C 

I— 

*“H 

5=3 

CD 

toO 

5=3 




• iios? 


°sf 

s *3S&fS 
g|£3if s 

fif-aSag* 

2a2>.9 io a _ 

— a 




'2r S'S xa’g 2* _ 

nfiiyi 

hs|L-- 

£ g^.aS’S © 

S ?2 sla 5§ ; c 

i;i«* 
i!!5* 


. — — ax: a_ 

- 

8 » o g-'gif 
g 23 l> a ® - 


di5 
Ittlgr 

geo 5*3 so 
3 5)t=> E-< JD & CJ 


*§-§ »Sal ® 

It: if .§£?* 

c §5 S-f^tg g 

oS w 55 S , a x w aj j= 

uC3 sxxooac Op’S 




Q £> Jj ® 9 w a x> 


cd 

ii 

siSlIilp 4 

s s lls?l-a P 

q5 s J-2S^ s &5a 
■g-iti 3 8 S »««3 

S’sS-.S® ? 35 a^ 

•.-.a.gg.RSs&iiS 

s §§!•§§ gif 3 " 3 

®.2 d s- ® cP 

X9 -H *3 a> R 83 tS ® 

« .§ 2 |^-«gss 

|!|3fP|l 

S ® £ >* SS-er c 

® a>.o 3 m 

= i g |i:s| s 

,s A's § p*~* _ & ® 
™ g 1 *^3“ a 

§5 a g 

_. B °*n-i e - a) as co > 
— ^ Q a a 0 x 3 rS a 

■a J a&3flB P- 
§i3 > m> §«'a 

5- i *r=g'£g=gS 





0.2 _ 

r ja § £ 

jllfi 

Illl|f||1 

35llw o3 

s*iy 
isli 

s a s 

|as"-& 

l§a ll 

«! 

■3 s s a* 

£f l! ig>§sz 

aacallfl? 


-i|i 41 l|j 

1 li-fl !sj 3 - 

■Pood is ra : 

<D GO pQ 4 

IHk Pa 

2 m a Oj cf ”3 ^ 

o^ffsa 

5 S 8 3 a! > al 




g£g*|£s£ 

|gl|ge:S! 

m -a -a? r p, ® ® o-g 
2 S £ a-P'P 
— m a a b g 3;3 




"S'S 
of 

5^0 5.0 a 5 








X* 



££233 S 3 
3 g> 8 s ? Eg. 
oaS , gg. 5 §< 5 'P s- o' 

o w 9 _ ^ row _ 2 

asefFlfJ& R s ff 

l^s-rs-ifs.Bst 6 


as 5 


“ o c a n _n 2 3 - 
£5 55 a "*§ s'B'S S.F 
5 p;B B H ® crETa ft 

S' a 


irfTs ft 

“ICPCBMC 1 - - 

* aas^s-g-s *- 5 

go a _ 

is.§s ff 



IlillfL 

“w S- B * & 

Sg|!*§:§ 

fg s< 

O&LJ^IO O 

Eftaw-s 




*■§ ® W = 


lf||i 

U« S-g:v 4 


do o 5*3 & 
*^ 8 ? 8 - 9 * 5 


B rtfcpQ “ 

“ggg-s.a 

J^n.sfS’g 

sssagri 

tf ai oa J“ to V 



.in 


S |g^SS : '3 

® 5 « ? ® B s 9 


__ B-fS'fg® 

o ^ ® 3 _ - g£» 

'-*■£•- So 2 is*" c 
5 « n g|E® q eg 
3 £* 2 "* • •< 2,8 a B 

5 *S o Cd i_a 7 T n 10 
n w+ *i e Hog sas-eiB 
2 o& 7 q S-fflf &OQJ*- 


“ «*S B “ SS 'C? 5 ^ » 

IflltHif#! 


e 

CTQ 

CD 

g 


CD 


m 

33 


CD 

33 

s 


& t 


Oi 



4: r*~* 








* 


J»T 

.? -• 


w 


0*H 

w 

y 

y* 


BS'Sas’S.B' 

s® oS 

« K ® ,® £■ p a 


giilfil 

fs-gg. 

i I|^I b I 













^ I 



I- 



r- 


CJ 

5 

2 


< 

0 

y-* 

Pi 


Uh 








P '3 cs! ™ St „ 3 j2 


i:i 

^ q a 

§ilsiisisi&i 5 

qgs? a a 


of jo S-»* A o 2 

SalgrSsr 


Q. 

I i 3 §■-“ _ _ 

a 3 si Sq|s i s 1 

S2 ® Itt'SS’S “a a 

-Ifali 

i a s If 1 sal “fe = 

i s s> i !|i! 5 !l||| 

Lillis! 11 


ipii 




H rfl-3 

2 Sp Swa 

6 £„S 8 a 

w gJ S I 

2 S-ss'H 03 “> 

p Hiss 

ffiE-s S-§ 


3 « P £3 5 > 

>‘ 3 j 5 3 i a£.tiSa ^3 a 
d °' 3 'aa o ? P-a 
S «>Sffl BEg g -g > 

°~ZV- 

a o-c59 3m n o 5- u — 

lfi|i|||!|a!l 

ii | iil!“Hi 

ogi« |I Q -S a 2 “ 

Q.S i S . dfl »l 

ooa. uScol®® 

s -§l 1 £ Sl|s|s 

Ip” I 255 


P^SSl S "-3 



m ^ ol e 3 (D ^ n x 

_ _ o“S«a!; g° 

■ki a GS Pi r*l r*t HM» C M 





iS|55| 


lillls; 

« £ B &’Z 2 & 
§ 1 a 1 1 


1 1 a !| « 5 f ItJsls .3 

I T3 
£2 

ii 

cr 


igifcjtfi 12 * 

5ii|f s Sii 

■3 05Q? „ ® g S 

-1 3 « *- sSjt S £ 

l- a StSlsS 

■§| , g a i' a S 3 i 

® e3 Jd tj -x 

— >,3255 = , ° 3- 

rrt | Q tS Q P t CJ 

■nt^ SgjSSiS a 

dj o S S)S ^ 


?§e 

.wSS^li^Ss- 

flsSsf aa^ 







mm 

■c -g 5 a -g 

^ S 5 -2 § 

= § ss t s 

Sl s 5 

kj«2 « 

® ►, - 
sfi-gB 
o a 

o 0.2 a® s 

ga|jisS § 
a -a g-g ^ 
pi - ® £ 

„ ^cn a* 

SE ® “ 

■a #£*§ „ 

|3 

"lies! 



_j d « to 

Sinn 

Sol?** 

’'•BSa g'g 
I w 9-S * 

•a ® s e| oa 

a iiiii 

^ S3 >i 

« mrC 5 t 50 T 3 

ee-slli 


3 O 3 43 
a u oi a 



1 


era 

ge- 

MS 

or. 

an 


ys. 

nid 

or 

me 


»w- 

to 

;es 

.‘ri- 

pe- 

lie 

ols 

ke 

nit 

of 

ler 

let 

ve 


a 
he 
i a 


ic- 

Yfi 

is 

:u- 


in 


a 

DC 

cd 

H: 

LU 

LLJ 

3 


1=3 

a> 

toJQ 

f=j 


CO 

o 

z 

a 

-i 

0 

1 

ES 

cc 

a 

s 

CO 

111 

1 


a 


fl-s a-sw s 

ISsS" 5 

S’O P J. ® 


® Os 
3 


□ T 3 £ X g o 

.gf^grt 

“ tri CTl.S m o) 
n T 3 *J ® u 3 C 


XI 

35 2 


4-1 •** W w ^ C 4J 

a S ° a 

“ g h Qj Vh gj QJ 

si'll - " 

E- o-i 


U.U, 

C»- o 

■a H 


o 

£ « 
ja 


■e 3 


HbiiUji 
PafSihg 
l- 3 " s jsisia 



w ra t: 

*e^«1 

<.-s-§£5< 


S M ■= c 

a 5 fe-S’S 

a-s §12 2 

sla-Sg 

ptap 
-J tui? 

i^Elfs 

i e* o> K g a 
Rt^PXi 



S c S2 2.; a 2 

Si§® ei=a“ 

fip— — TS 2 3 01 ® 

.5 « ®w5-2 w g 
Eao § 

s ii' s !l-i 

U.-Jjonc. 

= a rt s — 

q hB* 1 c 


n «n “2 2 S 0 'S 
w -ti " " ■*■* ° 



. _ g-g sis s « a «-g a 11 ' as 

ilis miff Pi* 

§3 1 £ £ g 3 § i-Sl D * 

a a® 58 a 3 fl 1 S 



SSiitn oJ 2 x fto 


■ s i w §“-§ 

O ^ £s^n n 
K*" - ■§ « ^ ® 

?■£ B 



“2 ”*1 
sis* s| 

S 1 . 3 ! | S - 


li |s | 

q 3 -£• ^ a/ ^ . 

_ ->J£m a2iB s t; 
Is - 5 s® 1 .® 
5^3=3 I §3 p. 


£22252 

■g ® g-g 3 g & 5 -C 

■g-S^S « |S >?S 

s. « s btS >,5^3 

Sg’g-et'o 

ill g 2! s 

^2£ J “ S g 



Si il sg | 

o3 Q °0?S 

S 2 ° i 8 ^ g 
|| 

SS a ® "3 

1 1 § iKi 

r^tS-K 0^=3 


S u o ® 
85 o i a 

■-H9 gtJu »-g 
SiSs SS 8 



S S^fl 

“ s 2-3 
g o*3 “J! 

|!|IS 

OSS' 3 - 

2 2<C •- » 

&&« « s 
■sis 5 ! 

Sffll 

1 = a o 
§- ol- 



^2 


II 


Slji 

‘cS-^'O n-SdH ; 
8 * -* ° £ - 
a a t- 


§s e SiJg ®f 

Si'S 2. S o 

^ s s fc - , si 

S u 32 5: q w 0 3 

_ 3 e S-S-S| si 

^ -a 5 C fe"fl 1 §1 
S a o °Sa |y ® 

■B u>° S 1 -* -I 

«l>s^95§ s 
S-S 2 0aS2 


mos-S £s 

■ili 




co ffl 

Il-»l3ii 

^ C 3 Oi 


SllS^Sv 

•2 3 -b 9 |^£ S 
2 * 

ns|o2q '^*■2 


a sle eS ' 3 §■? 

Mifinst 
»«*iii5i 

_ ® O S p* 

2-Sgg 


g bo m *“ S '"35 “ 
o ro 'S J2 O >® 2 J 
~ , F!-5ao> a .S. 



o 

> 

0) 


I i?-s 

& 8-1 

<0 O "O o 
♦- <S -D 

£5S*, 

.EP ® S '= 

v. c 1 o 

® c 5 ^ 

i° 3 -S 

t? to T§ S 

3 3 -| & 


.^J- s il 

!t 

"IS .as §5 
? £« asl . B ® 

! Islll|lll 

;s|g§ 

O p — 

> 3 O 3 “> -2 fi 
! T3 *• a> _ 

ISal- 8 ! 

45 S 

«. rt ■O 

;g|B| 

;}al| 



i 

i 


1 

> 

c 

f 

I 

l 

1 

1 

i 


} 

< 

\ 

1 









FINANCIAL TIMES FRIDAY MARCH 25 1994 




0 t 
3 1 
„ S 


O ue of the most visible conse- 
quences of the Cadbury report on 
corporate governance has been 
the impact on the recruitment of non-exec- 
utive directors. 

The number of UK directorships within 
UK listed companies has grown markedly 
in the last year. Some estimates put the 
total at between 7.000 and 8,000. I have 
been unable to obtain a breakdown that 
shows how many individ uals are sharing 
those posts but the ratio of Jobs to people 
appears to be decreasing as it becomes less 
and less acceptable to collect them like 
scout badges. 

Cadbury has opened a seam of lucrative 
business that the recruitment industry has 
not been slow to exploit But the tees have 
to be earned and the Cadbury recommen- 
dations suggest there is room for new 
players to extend the range of suitable 
candidates. 

If Cadbury's Insistence that a nonexecu- 
tive director should add value to a com- 
pany is to be taken seriously, it should 
spell the end for traditional methods of 
recruitment The telephone call to a chum 
and a measure of gin and geniality over 
lunch at the club are becoming the excep- 
tion rather than the rule. 

“It is no longer acceptable for a com- 
pany to approach its merchant hank for a 
recommendation. This is a serious 
appointment and should be treated seri- 
ously," says Sir Adrian Cadbury. “What 
com p a ni es need to to do is to look at the 
board they have, set out the kind of back- 


RECRUITMENT 

Jobs: Companies are exploring new ways of using non-executive directorships to develop talent 

SSS Nursing time for boardroom babes s s 

nbn^vdo. ^ DtlBl 0 Q0H^X6CUftV( 


ground, experience and age of the person 
required, and ask themselves what is 
going to add value to the board. That 
focuses the search so they are looking for 
a particular kind of candidate.” 

The unfocused approach whereby a non- 
executive c hairman might be recruited in 
the image of the chief executive can prove 
a dangerously comforting accompaniment 
to potentially disastrous decisions. How 
many times have non-executive directors 
failed to spot the dang er signals? Delay or 
inaction was apparent in cases such as 
BCCI, Maxwell. Polly Peck. Tiphook, 
Queens Moat and Spring Ram. 

A more questioning approach In these 
cases may have stopped the rot at an ear- 
lier stage. The job can no longer be a free 
lunch in the diary taken in the spirit of 
acquiescence- hi the US, the non-executive 
is termed an independent, and deservedly 
so, as he or she has helped to influence a 
series of celebrated boardroom oustings. 

What makes a good non-executive direc- 
tor? Sir Adrian says: “You want people 
committed to the company but you want 
them to be questioning. It is knowing 
what question to ask and knowing how to 
engineer the answer that is important" 

Where you should look may depend on 
how much you want to pay. Sir Adrian, 
chairman of ProNed, the former Bank of 
England non-executive selection operation 


now joined with Egon Zender, the interna- 
tional headhunting firm, says that typi- 
cally ProNed would supply five or six 
names that fitted the specification. Since 
they are drawn from a list of people will- 
ing to serve on boards, the company can 
make an initial choice without causing 

embarrassment. 

Avoiding embarrassment, a peculiarly 
British disease, is still an important sell- 
ing point for services such as ProNed. 
Headhunting companies are aim aware of 
the pitfalls, but the desire for complete 
discretion, like the old boys’ network, may 

be farting. 

The Institute of Directors maintains a 
register of 3,000 names, mainly of people in 
executive or executive chairman posts. 
Guided by the client's specifications, 
names are sifted from a database. “This 
method means that most of these people 
will have no connection with the com- 
pany." says Alex Lamb, head of board 
development at loD. 

True independence, prized by Sir 
Adrian, is an ideal that still has some way 
to go to overtake reality but changes 
appear to be accelerating. Colin St John- 
ston. the managing director of ProNed. 
says that 93 per cent of all listed compa- 
nies had non-executive directors at his 
count last June and he believes that pro- 
portion may have increased. 








pfe 

. 

&,$■ 


Credit Analysts 
To £40,000 + benefits 

Due to their continuing success, our client, a major US 
investment bank, is looking for talented individuals for 
their dynamic team. 

The successful candidates will bring initiative and 
innovation to a challenging role which will include: 

• The ability to Identify credit risks and business 
opportunities through analysis of a wide range of 
financial institutions and corporates throughout Europe 

■ Liaison with Client executives and product specialists 
regarding assigned customeo. 

To fulfil these demanding roles, we are looking for: 

• Graduates aged 24-28. 

■ At least two years experience, ideally with a US bank. 

• Fluency in Spanish. German and French preferred. 

• Excellent PC modelling skills and report writing 
abilities. 

Derivative Products 
Fast Tracker 
To £35,000 

Our client is a lop American bank working at the forefront 
of derivative product development. They currently have an 
urgent need for a talented all rounder to join a small global 
group working on complex cross bonier transactions. 

Your role will indude the valuation/hedging of various 
instrument, in conjunction with the cMCUtion of market 
sensitive trades. 

The right candidate will have at least a years banking 
experience preferably with exposure to derivative products. 
Also essential is a fust class technical/ mathematical 
education and superb computer literacy. Interested? Please 
call us today. 

Please contact Zee Idc or Angela Fargnoll on 
(071) 583 007J (d^y) or 081 749 6450 imno and weekends) 
or write to ns at 1611 New Bridge Street, London EC4V MU 
Fax No: 0T1 353 3908. 


BADENOCH 8^ CLARK 

recruitment specialists 


MATHS GRADS 

Two MATHS graduates sought 
(Isfs, MsCs) for positions in quants/ 
structured finance. 

CVs to: OBSB (Rec Cons), 

65 London Wall, London EC2M 5TU 
Fax: 071 588 9012 


Head of 

Agricultural Services 
Department 

Barclays Bank PLC invites applications for the post 
of Head of Agricultural Services Department to fill 
the vacancy that wDl occur in September 1994. The 
main responsibilities are: 

1. Advising the Back on its agricultural lending 
policies and the management of its fanning business. 

2. Assisting the Bank to maintain and develop its 
share of agricultural and allied businesses in the UK 
and overseas. 

3- Promoting the Backs image to the agricultural 
industry. 

The successful applicant must have wide experience 
of UK Agriculture, be well known wi thin it, and be 
familiar with domestic and ELI poEcy matters. A 
practical knowledge of farm business management is 
essentuL The post is located in London and will 
be supported by a team of experienced agriculturalists 
and bankers based both in London and eight regional 
centres. 

This is a challenging post for someone with 
energy; initiative and a positive attitude to marketing. 
The person selected will be expected to meet with 
the media and travel extensively in the UK and to a 
lesser extent abroad. 

A salary and associated benefits which fully 
reflect the responsibility of the post will be offered 
to the right candidate. 

Applications, which will be treated in stria 
confidence, should be made in the first ^ 
instance in writing and enclosing a o 


K » £ 


MR RICHARD E WEBB. DEPUTY DIRECTOR PERSONNEL 
BARCLAYS BANK PIC FLEETWAY HOUSE 
25 FARR INC DON STREET. LONDON EC« 4LP. 


BARCLAYS 


BARCLAYS IS AN EQUAL OPPOBTUNrTUS EMPLOYEE 


1 


Venture Capital 

Manchester - Circa £40,000 
plus bonus incentives 


NalWcM Ventures a one of the largest and most successful providers of private equity across Europe, offering all forms of unquoted 
equilv investment and mezzanine finance, from management buy-outs, buy-fats and restructurings to expansion finance for growing 
bubiiu-MVs. In Manchester, its regional team provides profcfeftunai and comprehensive expertise to a wide range of corporate clients 
across the North West. 

This is an exceptional opportunity to Join a leading venture capital provider, and as part of the team lake on a major role in initiating, 
evaluating and concluding quality investment proposals in the private unquoted sector. Suitably qualified candidates, most probably 
graduates m their laic 2fTs to early 30’s, will preferably have existing venture capital experience, or else corporate financiaf knowledge 
and skills gained in industry, commerce or professional practice. 

As part of NatWcst Markets, the corporate and investment banking arm of the National Westminster Bank group, there 
arc genaiue carver development prospects offered, in return Tor entrepreneurial ITair and sharply focused commercial and 
communication skills. The attractive remuneration package Indicated is backed by company car. relocation auLnancc. together with 
the usual range of financial sector benefits. 

Wickland Wvxicuit Sit Partncra haw been retained an tins appointment, and so interested applicants should send a detailed CV to them 
at Eimiwn Court. Alderlcy Road. Wihnriow, Cheshire. SK9 l NX. Alternatively ring for an application form on 0625 533364 (24 hours], 
fai either ease quoting reference 2208/FT. 


NatWest Ventures 

Sat Hv.vf Market- 


Sat West reunites Limited. A member of IMRO, it part of NatWest Markets, corporate and inrestmtnt banking. 

— pm MM rm m rant rare tmn rno rtf'.- CT» -W pro — — cm, 


V*- ~ 

<M& %£& -in Ub 


E D U 


A N C Y ? 


Don't waste time worrying when yon could be prepering for your next move. 

if t-oti'ra not wsfMflfl al the moment or have professionals improve lheir career prospects, matting in your area. It couWOe the turning 

II you ra not wtwwiy « in ,n nnnirinn thorn tn Inin anma nf the Iwcl Mini Of WHir GaiBflf. 


Oeen nude redundant fimWifl a new career is an 
important priority. J „ . _ 

Bui It you haven't job hunted tor a while you 
may well be out ot touch with whai It Bites to 
inafce the right move. And today's market is a 
competitive one. , , , . 

We're helped thousands ot KHen«ed 


preparing them to Join some ot the best point ot your career. 

mmntn Call 061 929 7227 0,071 631 44(1 

arass - MCWN-qxxmiN-K£RBY 

JSSSSSSSStSST CAREER D.VUOIM.*T 


While 12 years ago, when ProNed was 
formed, some SO per cent of non-executives 
would have had some previous connection 
with the company, the figure Is now 
nearer 20 per cent 

“There is still a long way to go to ensure 
the selection process is thorough and pro- 
fessional and does not use various net- 
works," says St Johnston. “But the biggest 
companies are now being much more thor- 
ough and it is no longer good enough for 
the board to write down names of people 
considered appropriate." 

Inevitably, many lists begin to look 
familia r, but there are new Initiatives that 
may help break up the non-executive 
merry-go-round by. applying more imag ina- 
tion to the selection process. 

Hanson Green, a headhunter specialis- 
ing in the non-executive market, has set 
up the Annexe Scheme; a sort of kinder- 
garten for independent directors, drawing 
promising young executives from leading 
companies and placing them in non-execu- 
tive boardroom positions. 

The client in this case is not the com- 
pany that receives the appointment, but 
the provider company which pays a 
£10,000 fee. ‘Tor this and the sacrifice of 
perhaps 12 days a year, they are able to 
provide the sort of practical boardroom 
experience for their most promising people 
in a completely different corporate cul- 


ture." says John Brill, of Hanson Green. 

While the hiring company will not have 
the experience of an old head, it will gain 
enthusiasm and a fresh approach from a 
talented individual who will typically be a 
managing director of a subsidiary. 

The Annexe scheme is breaking the 
mould, claims Brill, providing access to 
relatively unknown people who are not 
quite ready to move up from subsidiaries 
but who have sufficient experience to 
attract attention wi thin a large group. 

The suppliers can be enthusiastic 
recruiters too. Shortly after Hanson Green 
placed Harry Richardson, a director of 
EDS Scicon, part of Electronic Data 
Systems the information technology com- 
pany. at Fletcher King, the publicly 
quoted firm of chartered surveyors, Mark 
Sketchley - the corporate fiance director at 
Robert Fleming - was given a non-execu- 
tive directorship at EDS Scicon. Annexe 
has about 50 candidates on its books and 
has placed about 20. 

If Annexe is a nursery, then an even 
newer organisation called Prowess is per- 
haps offering something nearer a baby- 
walking service in terms of status and 
youth (some of its candidates are barely 
30). although that fails to reflect the qual- 
ity of learning experience it provides. 

Prowess works on a subscription basis. 
For about £10,000 a year, companies join 


something like a club which enables them 
to farm out those with fast track manage- 
ment potential to non-executive positions 
in other companies or in the public sector. 
National Health Service Trusts are an 
enthusiastic supporter of the service. 

Organisations such as British Airways. 
Cable and Wireless, Kingfisher, Ernst and 
Young, the NHS and the Department of 
Employment are sponsoring the scheme 
and others have expressed interest. 

Mark Scott, financial director of Prow- 
ess. sees the organisation as helping to 
extend the pool of potential non-executives 
of the future while broadening the experi- 
ence of young executives. It has also spe- 
cifically looked at women and ethnic 
minorities which Scott believes are pools 
of under-utilised talent. 

Prowess emphasises that, unlike 
Annexe, it does not place individuals, but 
handles the recruitment requirements of 
sponsors by tapping the talent of other 
sponsors. If specifications cannot be met 
by that method, it employs executive 
search. 

The importing company then pays a 
recruiting fee of 20 per cent of the 
intended director's salary. Prowess is in a 
different market from the top search com- 
panies who might charge £30,000 for plac- 
ing a non-executive director - a very large 
proportion of salary. ProNed 's service is 
cheaper, about £15.000 for each non-execu- 
tive. 

Richard Donkin 


TT"n 


IBJ International pic 


Japanese Equity Warrant 

Sales 


Competitive Package 

Exceptional opportunity for talented sales professional to join successful 
Japanese equities team of prestigious global investment house. 


City 


THE COMPANY 

♦ Principal merchant banking subsidiary of the 
Industrial Bank of Japan. 

♦ Major force in world capital markets since 
establishment in London in 1975. 

♦ Committed global strategy based on innovation 
and quality of service. 

THE POSITION 

♦ Distribute primary market Japanese equity 
warrants/ convertible bonds. 

♦ Market and sell equity warrams/convertible bonds 
on secondary market. 


QUALIFICATIONS 

to Preferably a graduate, aged 25-30. Minimum two 
years experience of Japanese equity warrant sales 
with leading investment home, 
to Demonstrable record of success. Established client base, 
to Excellent numerical and commercial skills. Fluent, 
confident communicator. 

to Highly motivated, decisive and strong team player. 


^ A 

N B SELECTION LTD w 

r 

a BNB Resources pic <1 


company J 


■> 


Please send full cv, stating salary. Ref N1 267 
NBS, 54 Jermyn Street, London SW1Y 6 LX 

BggmBnBBBM53MgBigBZSnHgC5SZSgS 
London 071 493 6392 
Aberdeen • Rii nmiyim • • Ed rnb nr^h 

Glasgow • Leeds • Manchester • Slough 


A senior role with a leading London Financial Group 

Compliance Officer 

c. £50,000 Plus Benefits 


Our client is one of London's foremost investment 
houses with a high profile in equity sales & 
research, corporate finance, fixed interest 
securities and portfolio manag ement. The Group 
enjoys a first rate reputation for providing high 
quality professional advice, a comprehensive 
distribution service and an all-round research 
capability. 

An opportunity has arisen for a senior compliance 
specialist to handle all aspects of regulation with an 
emphasis on SFA rules. 

The role will involve advising senior management 
and staff on comp fiance and regulatory issues, the 
interpretation and application of the ratebooks, 
linking with the regulators, reviewing compliance 
procedures and conduct of business, mon i tori n g 
jwwf naming- 


You will be a senior compliance professional 
with a comprehensive understanding of SFA 
regulatory requirements. A knowledge of IMRO 
and Stock Exchange roles will also be 
advantageous as will a familiarity with die relevant 
stsCutcs* 

In addition to s trong technical ■mfa {c is imperative 
that you have an of the commercial 

implications of compliance issues and possess 
the interpersonal skills, credibility and maturity 
to succeed in a demanding and pressurised 
environment. Given the seniority of the post 
it is unlikely that you will be under 35 years did. 

This is a high profile role within an organisation 
that offers an attract ive re mun eration package and 
excellent prospects for career advancement in the 
sbortfooedimn term fa rare. 


Interested candidates should contact Paul Mentis at BBM Associates Ltd 
on 071 248 3653 or unite, sending a detailed Curriculum Vitae, to the address below. 
AS applications %viU be treated in the strictest confidence. 


76, Wading Stre e t, 
London EC4M9BJ 


Tel: 071*248 3653 
Fax:071-248 2814 


SENIOR DERIVATIVES TRADER 

London c&75,000 + Bonus 


outstanding career opportunity for 
ambitious derivative product trading specialist 


Our client is a leading Institution with a significant 
presence In all major financial markets. A key growth 
area is derivatives risk management- As part of their 
strategy, they require a Senior Trader to manage their 
uss Swaps and Options Book and to play a major role 
in the expansion, development and trading of exotic 
products. 

The successful candidate will be a graduate in their 
late 2Q's/early 30*5 with around four years derivatives 
trading experience in a high quality capital markets 


organisation. Demonstrable mathematical skills, a 
deep understanding of derivatives and detailed 
knowledge of bond structuring are essential. As the 
position Is In effect No. 2 to Head of Derivatives 
Trading, the ideal candidate will possess excellent 
interpersonal skills and be a strong team player. 

We believe this is a rare opportunity for an ambitious 
derivatives specialist seeking greater responsibility 
and trading flexibility to make a considerable career 
progression. 


For an initial discussion in complete confidence please contact Michael Brennan a t ou r London office on 
071-236 7307 or write to him at Stephens Selection. 20 Consul Lane. London EC4R 3TE. Fax 071-489 1 130. 

STEPHENS 

SELECTION 


: A STEPHENS GROUP CONSULTANCY 
H LoKtss Einulm a b Sew York Hoax Kane 










New Business and Client Documentation 


New position for graduate with legal experience to join a small, dedicated team and lead negotiations 
with new and existing UK and international dienes on the formalisation of business relationships. 
Morgan Grenfell Asset Management Is a leading International fimd management house In London 
with approximately £30 billion under management Exceflenf future career prospects in MGAM or 

the Morgan Grenfell Group. 



THE ROLE 

■ Advise Directors or MGAM, fund managers, the 
marketing teams and other Group resources on 
negotiating strategies and contractual aspects of 
new business. 

■ As part of the Secretariat Ifeam, act as the focal 
point for the conduct of negotiations on client 
agreements, working closely with the Morgan 
Grenfell Group legal department. Report to the 
Director of Compliance and Secretariat 

■ Maintain detailed up-to-date legal records on all 
forms of client activity and oversee the 
administrative support systems. 


THE QUALIFICATIONS 

■ High calibre graduate, preferably qualified as a 
Solicitor, Barrister or Company secretary, with a 
minimum of three years' post-qualification 
experience. 

■ Proven negotiation and documentation skills. 
Competent at project management. Familiar with 
trust and corporate structures. 

■ Sound diplomatic, yet assertive, communication 
skills. Stature and credibility to deal directly 
with senior management Mature commercial 
approach to solving business problems. 


Leeds 0532 307774 
ondon 071 493 1239 
better 06 1 499 1700 


|{ Select or I ’tin > jye 

spviK f r Miian 



LwA&ilN 


Excellent salarv. bonus 




London 


«m a r i a w timm 


H R Management - Global Derivatives 


Operating in a complex global market S.G.Warbmrg is one of the 

providing flexible and sophisticated financial solutions to diems with International "<<**■ 
employs seme SJOO staff in 36 dries and has a respected and growing global *M»«**2 ro 
A high calibre OR professional with previous experience of supporting derivatives *»«■* Jf hma ^Hg 
co-mdintne the world-wide resourcing requirements in this sector, its addition to provi ng 

support to the business. 


THE ROLE 

■ Responsible to an HR Director for responding 
successfully to the needs of the derivatives business 
world-wide. 

■ cover full spectrum of resourcing, employee 
relations, training, management and organisational 
development issues. 

■ Provide significant input to policy development and 
the implementation of major group projects as a key 
member of the head office HR team. 


the qualifications . . 

■ Professionally trained graduate, lUceiy to be taw 
twenties to mid thirties with generalist HR 
background gained In an International financial 
services organisation. 

■ Proven track record of providing innovative and 
workable solutions to resourcing and HR 
management issues within the derivatives or related 
sectors. 

■ Maturity and personal credibility to work effectively 
at this level, with the ambition and desire to succeed 
in a leading Investment bank. 


Leeds 0632 307774 
London 071 493 1238 
Manchester 061 499 1700 




II Selector Euro pe 

Spencer Stuart 


V-; 


Head of Performance 


J.P Morgan Investment Management Inc. (JPMIM) in London is the international investment arm of 
J.PMorgan & Co. Incorporated. With $45 billion under management, it is one of the premie r investment 
management houses in the world. 

The performance group's functions include the production of reports and analysis for all funds undo’ management 
and the provision of essential marketing Information in compliance with international reporting standards, it is 
a high profile group and performance measurement and analysis are seen as an integral part of the investment 
management process. 

The role involves responsibility for all aspects of performance analysis within a multi-currency environment. It 
requires an understanding of attribution analysis for a diverse product base including equities, fixed income, 
currency overlay and deriva tives. The position will involve the management of a team of five analysts. There will 
be high level contacts internally and with clients, and the individual will also be responsible for overseeing the 
preparation of client presentations, as well as the provision of JPMIM house analysis to a diverse group of 
recipients. 

The ideal candidate, a numerate graduate; must be self-motivated, resourceful, able to work well underpressure 
and demonstrate highly-developed interpersonal skills. Previous experience of performance measurement 
within a dynamic environment is a must, and management experience will be required. 

The position offers a generous salary and benefits package and excellent career prospects. 

JJPMorgan Investment Management Inc. is an equal opportunity employer. 

Interested applicants should write with their c v, in confidence, to Helen Highetat 

Jonathan Wren & Co. Ltd., No/1 New Street, London EC2M 4TP Tel. 071-623 1266 Fax 071-626 5259 


Senior Money Market 
Sales Executives 


JPMorgan 


TRADE FINANCE 

Swedish speaker London based 

£Negotiabie + Bonus and Benefits 


Leading UK Investment Bank 

Our client, a leading Investment Bank, with a global 
presence, is committed go the expansion of its Money 
Markets Sales capability in the UK and Europe. It is in 
the process of developing a new team which will focus 
on providing pro-active sales and distribution of money 
market products to the UK Corporate Market, Central 
Banks and professional counterparties. 

These new positions have been created in response to 
the Bank's strategic approach to developing their 
Money Market presence. Already a pre-eminent and 
highly profitable business, the brief for the new 
professionals will be to facilitate long term business 
growth and develop a highly competitive sales business. 
With a customer list the envy of competitors, these 
roles arc excellent opportunities for skilled soles 
professionals to extend relationships with existing 
clients, add new ones and bring an investment bank 
focus to a traditional money market desk. 

The profile demanded for these key positions is an 
exacting one. Candidates, who arc unlikely to 
have less than 5 years experience, will display a 
sound knowledge of the cash and derivatives 


£ Excellent 

market, including FRA's and Forward FX. You will 
have a proven track record in Money Market Sales, 
combined with first rate distribution capabilities in 
CDs, BAs and TBiUs. Finally, the ability to implement 
strategics, develop a customer base and facilitate long 
term business growth is also pro-requisite. 

Of equal importance to our client, is the personal 
profile of the individuals. For both roles, candidates 
must be excellent communicators, with a proven record 
of developing key relationship contacts. For such 
individuals, few positions currently exist which afford 
such genuine business and career opportunities- 

Remuneration, based around a first rate salary is highly 
attractive and is indicative of the high calibre 
candidates wc wish to attract. 

In the first instance, interested candidates should 
contact Karen Gay ac Michael Page City, Page House, 
39-41 Parker Street, London, WC2B 5LH, quoting 
reference 183693- Telephone: 071831 2000- 
Fax: 07 i 405 9649. All replies will be treated 
in complete confidence. 


Michael Page City 

International Recruitment Camuhana 
Lo n do n Pari* AostenUtn Dm«cUocf Sydney 


f • /fa/' • / Z i*% 'I/:':/;/!/ i ri .•/ 


Our client, a prestigious European financial 
institution, is an established and respected 
force in the provision of a wide range of banking 
services and products to corporate, institutional 
and sovereign entities in the UK and Nordic 
Regions. 

As part of an ongoing development programme 
within its trade finance function, the bank now 
seeks a Swedish speaking Trade Financier. The 
main focus of this role will be to assist in 
the continuing development and penetration of 
the Scandinavian Marketplace, with the 
provision of both traditional and structured 
solutions to clients' trade finance needs and 
requirements. 


The Successful candidate wilt ideally have the 
following profile:- 

• Fluent Swedish 

• Graduate level education, aged 30-40 

• Extensive experience in marketing 
Trade Finance products 

• Comprehensive structured Trade 
Finance knowledge 

If you have the necessary skills and experience 
and are willing to meet the challenges of this 
role please call or write to Richard Lyons 
or Sean Cam All applications will be treated in 
the strictest confidence. 


Astral House 
125-129 Middlesex Street 
London El 7JF 


W illiams Wmaiiekl 

o 

fivecutire 


Tel: 071-623 9493 
Fax: 071-626 1263 


Carr-Lyons Search & Selection Limited trading as Williams Wingfield Executive 


U.S. Equity Fund Manager 

London Based - Sal. Neg. + Bonus + Benefits 






|M[D|Al 

Capital Markets and Treasury Training 

to £40,000 + Car + Bonus 


Management Development Associates Limited are a 
leading provider of tailored in-company training and 
development progra m me s . Their client base comprises 
the UK's leading companies with particular emphasis 
on the financial services sector- They have a built a 
reputation of excellence through the recruitment of 
successful experienced professionals who have the 
ability and credibility ro train at the highest levels. 

They now wish to appoint an additional Training 
Consultant to teach capital markets and treasury 
courses and related subjects to banking professionals 
and senior management. 

You should have direct experience of capital markets 
products in a front office role, a knowledge of 
derivatives products and familiarity with modelling 
techniques. You should have the ability to 
teach, encompassing the development and 


design of new training programmes and teaching 
material. 

You are likely to be a graduate with experience in. 
an investment bank/sccuritics house; a trainer or 
teacher within a banking/capital markets training 
organisation; working within an accountancy/ 
management consultancy with a reputation for 
treasury/ risk management expertise, or a leading 
business schooL You will have a genuine interest in 
developing your skills in craining and wish tn work 
with a highly skilled and motivated team of 
professionals. Opportunities for progression are 
excellent for individuals capable of making a 
contribution to the development of MDA. 

Applications should be made in writing to 

Charles Ferguson, Michael Page City, 
39-41 Parker Street, London WC2B 5LH. 


Michael Page City 

ImmaUuiul fLxruirrocm Cortsultnna 

London Park Asttodao Dmddorf Sydney 


" •''-V.X - 


Sanwa International pic, 
which is the flagship investment 
banking subsidiary of one of the 
wor ^’ s latest banks, is 
seeking a top flight U.S. Equity 
F un d Manager ro join the 
<5S> ' investment management team. 

You will have responsibility for the 
development and implementation of strategy 
for both our U.S. equity unit trusrs 
and the North American portion of our 
international portfolios. 

You will be a graduate with a successful 
and demonstrable track record that includes 
first-class experience gained with a leading 
investment house. You will also have an 


extensive knowledge of the U.S. equity markets. 

This is an excellent career opportunity 
to work in a global organisation with a 
reputation for excellence. In return you will be 
able to command an excellent salary, bonus and 
a full range of benefits. 

Please send your full CV together with 
derails of your current remuneration package 
to Emma Rymer, Sanwa International pic, 
City Place House, P.O. Box 245, 
55 Basinghall Srreet, London EC2V 5DJ. 


Sanwa 

International pic 


Manager - International 
Securities Settlements 

TO £45,000 + BENEFITS 

This US Investment Banking Group has been active in Stocks, Bonds, Commodities, Options, Money Market Funrk 
and the full range of investment and financial vehicles for over 2 century. It maintains one of the lantest 

Ir n (iMnolh 4rwf mhillrv rhar friv finm nn marrh Thf- Innmmrlw awl^M u . . ■ pOStQOOS, 


. research cipabSity and their continued growth and success has been as a direct result of the quality of service 
given to their diems la a constantly changing market environment 

Reporting to the Head of European Operations, you will be a key member of the core Operational management 
and have specific responsibility for International Securities settlement. Managing a ream of right individuals 
covering settlement, custody, and trading support of both International securities at Eurodexr and European rouiri 
you will also be involved In the provision of setdemcni support to sales branches 'and to the Group's p ri vareOientR^ t- 
and be expected to bring added value to the whole process of management and business support^™ tJa °* c 

Candidates will be aged 26-36, Ideally degree levri educated, with at lease five years’ experience of Euiodcar senk-nMfir 
custody. International securities markets and UK Equities, settlement and nominee. They will have a proven tractr^™?f 
success and dedication combined with the ability to Input to all operational issues. Strong supervisory excenaitmmnT i « 
and interpersonal skills will be essential criteria, whilst the ability to work under pressure to tight deadlines comhj r i«| l, ^!ih 0n 
Innovative and proactive approach, will be needed in order to benefit from the continuing challenge this role presents 

/k>rfiather trtfOrmatktn, please write in strictest confidence endostng full curriculum vitae to Giles Simons. 



SELECTION 

FIRTH- R 6~S S - MARTIN ASSOCIATES L 't n~ 

Bell Court Houie -II BlomfieU Street - London EC2M 1 AY - Telephone Otl-filt 244! * Fa* 0?l_3g2 

A MEMOCII OF TUB BLOMFIILD OROITF 1 


















FINANCIAL TIMES FRIDAY MARCH 25 1994 


III 


COMPLIANCE 

MANAGEMENT 

Following ■’ ,n miemarionjl career development move, N M Rothschild &. Sons is 
looking lor ;in experienced compliance professional to strengthen its group 
compliance function. 

This in .1 challenging oppormnilv fur someone with a thorough knowledge of 
IMRO/LAUTRO regulations lo assume diy-ioday responsibility’ for compliance issues 
relating to the Rothschild Group's assoc management activities throughout the UK and 
CTuinncI Islands. 

The rule will entail vnde- ranging interpretation and advice across the lull range of 
IMRO and LAUTRO/PJA compliance issues, as well as the development and 
implementation ol compliance procedures and ongoing liaison with the relevant 
regulatory bodies. 

Candidates, probably aged around 30, should have at least three years' experience in 
a progressive City compliance function - ideally in investment rruirtagemenr or merchant 
Kinking - together with proven numerate anil analytical skills and h strong commercial 
orientation. .An outgoing personality and excellent communication skills are essential 
requirements, while a professional background (including a legal or accounting 
qualification) would K: a distinct advantage. 

Tins manager- level post qualifier for an excellent salary plus com pv Olive Kinking 
benefits including bonus, mortgage subsidy, company car and private health care. 

In the first instance, please send your detailed curriculum vitae. in the strictest 
confidence, to: Andrew May, Director of Personnel Services. N M Rothschild Si Sons 
Limircd, New Court, St Swithm's Lane, London EC4P 4DU. 



N M ROTHSCHILD & SONS LIMITED 


HEAD OF STRUCTURED 
MARKETING 

Global product development with a 
major investment bank 

Excellent package ■ City 


Our dient is die global corporate and investment banking arm of a major 
financial institution, with some 5,000 staff across 14 countries. 

This senior role carries a brief to structure and market complex assets and 
liabilities usng derivatives and cash instruments in all market classes 
(especially foreign exchange and interest rate) to financial institutions and 
corporates in the UK and Europe. 

The ideal candidate will have at least a Ph.D or preferably a professorship 
in Financial Theory, specialist knowledge of options and derivatives, and a 
strong grasp of accounting and tax treatments on derivative products. 

The ability lo train marketing staff in the usage of complex derivatives and 
structuring techniques will be a vital asset, as will the confidence and 
communication skills to present to large audiences. 

The package on offer, is designed to attract and retain a professional of the 
very highest calibre. 

If the description fits you and the proposition matches your ambitions, 
please write, dearly stating any organisations to which your application 
should not be sent to: Alastair Lyon, Confidential Reply Handling Service, 
Ref 852, Associates in Advertising, 5 St John's Lane, London ECIM 4BH. 



FIXED INCOME QUANTITATIVE ANALYSIS to £50,000 

A major European bank with a strong presence in International Bond Markets wants to xecanii an 
analyst lo weak in their quantitative fixed income research department The group provides the analytics 
to support the market making, proprietary trading and corporate finance activities of the bank. 

Ideally you will have a good degree and postgraduate qualification in a maths r e l ated subject and 
at least four years experience in a fixed income environment. You should have a good knowledge of term 
structure, relative pricing and finandnl mode l l ing . 

As a personality you should enjoy accountability as you will work closely with the end-users of 

your research. Yon must also have a good feel far markets, the atsHty to think laterally and be able to present 

yoor ideas in a clear and persuasive mannerto peopleof vary ing tec h nical expertise. CaUTonySheppeard 

MARKETING OFFICER - Major UK Corporates to £35,000+ 

A leading International bank wants to recruit an experienced marketing officer to work within 
its marketing team. The team is composed of young professionals (early 30's) and concentrates on 
marketing the bank's products and services to the top 400 UK corporates. 

The successful applicant will immediately assume responsibility for managing existing 
accounts but will be expected to develop new re l a ti o nsh ips to significantly expand the banks corporate 
ciieul base. As inch yon will need to be sufficiently experienced in relationship management, have an 
in-depth knowledge of major UK companies and be able to demonstrate (he ability and motivation 
to develop new business. Yon must have a brood knowledge of banking products, be edwaaed to degree 
or ACIB standard and be currently employed within the maiketing department of a large bank. As a 
personality you should be ambitious, articulate, persuasive and be ahle to work both within a team and 
under your own intiative. CaD Tessa 

AUSTEN SMYTHE SEARCH and SELECTION 

127 Cbeapdde. London EC2V6DH. Tel: 071 660 2862 Fax: 071 7264290 


OFF-BALANCE SHEET £70,000 

llirii tirufili- Euro) “■an bank hikIkv to an*''"* ■ ~“ or , ™ drr wUh “ 

Fit .ml Future-. l.t-aH? :!5 to 33. ramibW. -ill to»-r at ira«t 4 

jrar. csprrirnrr drotine in CHI'. MU «r DEM. and *hm.ld bin -u»d 
«be « ** Snap* & Opliwand Wnif^ t^htoque.. 

SPOT F.X. , £60.000 

Mal»r inlrrtiiuanal bank -itb an arrive pnmmrr in Ihr F-nifin taeMngr 
ai.rkrl Krkg .Ira Im In ijunlr interbank in S/DEM or S/JPY. A mfaumnni of 4 
year* r M »nrDR’ -id. a «rcc«r»t rarorr to dal* - ««ntW. 1h»d- 

krrn la -prul I- «•»!«■ *1"* inwVr. -ho an- mIIuk to rvhxah- to Ihc Middle 
KbM. 

cot PO BATE F.X. C45 '®°® 

l*„.iii..a .* a.a.lablr »n ihr. Trr-ury Srrv.ee- de.k of a h.^faly regarded 
mrreban. I.™* f«r ■ ruritowr dealer -ilh a oununna. -f 3 year- «pan™re of 
aiarkr.mp a.nl wr-trin* 'b««* * i ‘ h 

I,r.-I.irto C-U.li.lnle. -iU In- «*,«•** Ktorato paduatr. oped bet-ten -4 A 31. 
Fiurnr.y m.n.ul--r Euni|-run bnpiap- »«ubi he nd*anto*fii«. 


ICT OPTIONS 


£55,000 


b-—k 


PTION5 ."7 

i* ,-rkiap a ..rlf-wirtnatr.1 ludindual lo develop i|» 

irudiiu; hlralem i« Currency Option.. AppliroBi* «b«ild be tradualre 
,. „t if lo 35 — >th art.nnd 3 year, dealing c&perirare in 


rang*- 



Treasury li rrriiiljucii I 


Please coil Jano Hampron oi 
wrilo in confidonce quoting 
rot: JH1 893. 

Tel; 071-369 0369. 


London, IC3V 3PQ. 

uu.o 



Lombard Odier & Cie 

Bankers since 1798 


To enhance our Emerging Markets capability, we 
are seeking an 

ANALYST / MANAGER 

familiar with diverse financial environments, able to 
originate new investment ideas and prepared 10 take 
a wholehearted interest in a demanding job. 

We require: 

• At least 3 years’ experience in fund and/or institu- 
tional asset management. 

■ Training in financial analysis. 

• Fluent French and English, and a working know- 
ledge of another language. 

- A university edneation or equivalent. 

• An ability to work independently. 

• A person aged 28-35. 

We offer: 

• An excellent opportunity far carper development in 
a department with a future. 

• A job based in Geneva but requiring frequent 
travel. 

• A first-rate benefits package. 

Starting date: whenever convenient. 

Please send your handwritten application, accom- 
panied with your resume, photocopies of your 
diplomas and your photograph, to the Head of 
Personnel, who will treat it in the strictest confiden- 
tiality. 

ll,niedelaConaterie- 1211 GENEVA 11 
Switzerland 

Geneva - Zurich - Vevey - Lugano - London - Amsterdam 
Gibraltar - New-York - Montreal - Hamilton - Tokyo 


European 

Analyst 

Competitive Package 

Kie inwort Benson one of Europe's leading integrated 
houses, is looking for a European Analyst lo join its number 
one rated convertibles team. 

The successful candidate will already have 1-2 years 
experience of research analysis across a broad range of 
European markets, coupled with a strong academic 
background with evidence of numeracy and computer skills. 
Attainment of relevant professional qualifications, such as the 
Securities Institute Diploma or the Institute of Investment 
Analysts, would tie an advantage. 

Strong interpersonal skiQs and the ability to communicate 
effectively both through written research and personal 
presentation, are essential. 

Please write enclosing a comprehensive CV to: 

Ms Carol Rutington ftrsonne! Department, 

Klein wort Benson Limited PO. Box 560. 20 Fenchurch Street. 
London EOP 3 DB. 


Kleinwort Benson 
Securities Limited 



Godsell, Astley & Pearce Limited 
Capital Markets Division 

EXPERIENCED BROKER 


Bond and Derivative Brokers required to work in an exciting and 
challenging environment. Applicants should have a minimum of one 
year's experience and fluency in a European language would be 
advantageous- 

Please send a full typed CV and covering letter to: Ret CMB. Senior 
Personnel Officer. Exco International pic, Sherborne House. 119 
Cannon Street. London EC4N 5AX. 

NO AGENCIES 

EXCO 


ACCOUNT EXECUTIVES - EUROPE 

£18 - £25k Basic 

25-35 yrs & Perforrmmce related Bonus 4 Benefits 


TerhainKlrics is a diversified Informal ion service company specialising in tbe 
creation of global databases to facilitate businesses in ibeir comiminicaiion and 
nut Leuiq; efforts. 

Over 1,000 corporations and approximately 130 brokerage bouses as well as 
namcTMts stock exchanges around the world rely on Teduumetrics research to reach 
Ibeir targe! audiences. 

As a result of planned expansion we wish to recruit several self-motivated and 
energetic professionals lo work from London to cover the European markets. 
Appttamu arc likely to be graduates wiih as understanding of tbe financial markets. 
They should have a record of success in developing existing and new business ai 
senior executive IcveL Pr efer red candidates -HU be team players eager to join a 
group of indtvktuals ptoad of their collective efforts. 

Excellent European Lin gunge skill*, are a prerojuishe for all positions with mother 
tongue German required for the German market. Some computer literacy b required. 
1/ you relish the chafleagr of an opportunity b a growth sector, please send your 

iNifrifwhm vidC UK 

Ms. Cara SeaDou on fax: 071 580 6176. 

Techa lm ctr lca . bus, 84 Newman Screes, Loudon WIP3LO 
TB3WIMETHJCS.INC 
AKHKSHT-tHDDER COMPANY 


MERIDIAN 


DIRECTOR - SECUHTIISAIION 

A leading international bank requires a Director of Securitisation 
to be a senior member of its European Asset Backed Finance 
Group, responsible for ini! taxing, managing and implementing 
asset harked transactions fa the UK and the test of Europe. The 
individual will also be responsible for assisting ocher Group 
members with risk and flow analysis, computer modelling and 

a mimiring of rr atvtarri r»n< 

The successful candidate w>H have at least 5 years experience in 
the asset backed field currently at Vice President or Director level 
and ideally have efieaed transactions and be technically qualified 
In die residential mortgage, credit card, auto and trade receivable 
areas. He/she will be a graduate, probably mid-30's, creative 
and able to wods as pan of a team. A very attractive package is 
offensd to the right individual 

Please forward your c.v. to Akar Bnmenronh 
OnriTig due for appliemons: 5th April 1994 

25 Museum Street. London WC1A 1JT 

■■■I RECRUITMENT CONSULTANTS 


Tax Manager 


Applying your tax expertise to investment 
banking opportunities 


City 

Swiss Bank Corporation is one of the world's premier investment banks. An 
integral part of our strategy is to deliver value-enhanced solutions to our 
clients’ business needs. Increasingly this involves more complex 
transactions and products with a significant element of tax structuring, both 
in the UK and overseas. 

We intend to expand our existing tax group by appointing a 
Tax Manager to assist in the development and promotion of new ideas, as 
well as supporting ongoing initiatives across the full range of our business. 
The Tax Manager will also, with support from the Tax Assistant, be 
responsible Tor the preparation of corporation tax returns. 

The position will appeal to an experienced Tax Manager with a 
minimum of 3 years* post-qualifying experience. We are looking for a sound 
knowledge of the commercial and technical aspects of banking products 
and markets, supported by excellent contacts with appropriate tax 
specialists in the legal and accounting professions. First-class 
communication skills will enable this Manager to work interactively with all 
business areas and establish credibility with our clients. 

Our rewards are geared to achievement and offer outstanding 
personal prospects. Please send your cv to Mike Davies at Swiss Bank 
Corporation, Swiss Bank House, 1 High Timber Street, London EC4V 3SB. 




Swiss Bank ' 
Corporation 



Investment 
Manager Research 

William M Mercer is one of die country's leading remuneration, actuarial and employee 
benefits consultancies. 

Our Asset Planning Department is operating at die leading edge of investment manager 
research in die L>K. producing qualitative research which wc regard is second to none. 

Now we want to push the boundaries out yet further. Weare looking for an articulate, 
imaginative and disciplined self-sraner with proven statistical and analytical skills. 

The succesrful candidate will probably come from the fund management or broking environ- 
ment and will be interested in the quantification of what makes markets and managers tick. 
Responsibilities wOl include: 

- The production of quantitative research to support qualitative judgements. 

■ The development of models for investment manager structures. 

■ The effective communication and dissemination of research. 

■ Responding to dient and consultant needs. 

He or she will be joining a lively team with access to global resources working in an 
exciting research fidd still in its infancy fa the UK. 

Remuneration will reflect experience. 

Apply in confidence and in your own handwriting to Kim Pazerson at the address bdow. 


WILLIAM M. 

MERCER 

imttd A Member of IMRO 

Telford House, 14 Tothill Street. London SW1H 9NB 
Tel: 071-222 9121 


Salomon Brothers International Limited 

Repo/Money Market Trader 

Salomon Brothers, one of the world's leading international investment 
businesses, wishes to recruit a Repo/Money Maikei Trader to join its 
existing team. 

Responsibilities will include managing continental collateral books, 
developing customer relationships and providing back-up for other 
collateral trading activities. 

The successful applicant will be educated to degree level, ideally with 
a finance/economics bias, and must be able to show well-developed 
interpersonal and analytical skills. In addition he/she must be fluent in 
at leasi one European language other than English - ideally German. 
Previous experience is not necessary as full training will be given. 

Interested applicants should write, enclosing a complete cv and 
covering letter, to Isabel Doverty, Salomon Brothers International 
Limited. Victoria Plaza, 111 Buckingham Palace Road, London 
SW1W 0SB. 


Salomon Brothers 


JUNIOR UK & EUROPE 

FUND MANAGERS 

Develop a career in UK or European smaller and 
medium-sized companies fund management with 
a major international house. 

John Govcrt & Co., an innovative City of London and 
international investment bouse is searching for two new junior fund 
managers to assist its UK and European investment teams. 

At least dure yeais prior experience of fund management or 
stockbroking is essential as are a good academic record, a personable 
nature and communication skills. A professional qualification is preferred. 

We manage around £1.3 billion in smaller and medium-sized 
company portfolios worldwide. If you have the experience and 
expertise wc require, coupled with a strongly analytical mind, please 
write to me at rhe address given. 


jO H N 
G OVETT 


• FflttrTljUK*Uii 
Qirflntivninil Officer 
John Gmmt ft Ql Umittcl 
Shadclnua House, 

4 Baade Bodge Lane, 

~ LONDON SE1SH&. 

















17 

25 

03 

72 

5 * 

X 

1! 

1! 

i: 

K 

II 

u 

u 

i 

t: 

v 

a 


2 

0 

3 

2 

5 

S 

2 

4 

a 




to 


% 










rv 


FINANCIAL TIMES FRIDAY MARCH 25 1994 



4 

Wassail plc 

Financial Analyst 

Wassail PLC is an industrial holding company with subsidiaries world-wide 
in the fields of building materials, packaging and consumer products. 
It specialises in the acquisition of businesses which have potential for 
improvement under its management 

The company is recruiting an anal yst to join its small London head office 
to assist in identifying and appraising new acquisition opportunities which 
will contribute to its future growth. 

You will probably be between 30 and 35 years old and though you need not 
be an accountant you must have analytical experience which could have 
been gained within a corporate environment or in financial services such 
as banking, stockbroking or venture capital. A commercial and practical 
understanding of the way businesses function is essential. 

You will be ambitious, energetic and a self-starter but you must be 
disciplined and able to work within a team structure. 

If yon are interested, in participating in this exciting and 
g row in g company’s activities please write in c onfi de n ce, 
e nclosing a full CY, including current salary (quoting ref 2221) 
to AAD Executive Selection, 7 Curzon Street, London WIT 7FL. 


Well established full-service inter- bank based in 
Madrid Is looking to recruit the following: 

FIXED INCOME BROKER 
GOVT BROKER 

OFF BALANCE SHEET BROKER 
OPTIONS BROKER 

Salary negotiable and dependent on previous 
experience. 

Fluency In English essential, other languages a 
bonus. 

These positions are offered to people able to 
relocate, and able to service existing and extend 
non-resident business. 

Please send Curriculum Vitae to: 

Box No. 1. Financial Times. Serrano. 58 
28001 Madrid, SPAIN. 


AAD 


The Executive Selection Division of Odgen and Co. lud 


INTEREST RATE SWAP TRADER 

European Bank/Derivatives Team 

Established successful team requires an additional . 
experienced IRS Trader with a proven track record 
and an appetite for risk. 

Experience of all other derivative products and 
an education to degree standard are essential. 
Benefits commensurate with experience. 
Curriculum Vitae to: 

Box B2312, Financial Times, 

Southwark Bridge, London SE1 9HL 



CORPORATE 

STRATEGY 

EXECUTIVE 


London - c£5Qk + car & benefits 

NFC pk: is the leading international supply chain logistics and moving services 
company. Operating in the UK through the BUS, Exri Logistics and Pfckfoids brands. 
NFC also has extensive and expanding overseas interests notably in North America and 
Europe, f^nhal revenue is around £2 talon. 

Following a fundamental review of business objectives, a Director of Corporate 
Strategy has been appointed to lead the development of detailed plans and policies; 
we are now seeking a Corporate Strategy Executive to join Hs small team 
The key dements of die brief wffl indude: 


□ Assisting in the formulation, 
evaluation and testing of business 
unit and group corporate plans. 

□ Identifying and evaluating potential 
acquisition candidates and planning 
the integration of acquired companies. 

□ Supporting other business 
development initiatives such as joint 


ventures, partnerships and major 
new contracts. 

□ Analysing current business unit 
cortribuBon. hduding the development 
of appropriate performance measures 
sd the ewkadon of tfisposah where 
appropriate. 

□ Competitor analysis. 




i stiffs 



Responsibility 


IKSXZTTTOONAZ. IirVESTMETT 

Apwbok gpwcMuwitB nr 

DBJdVATTVE aitD ARBITRAGE 
STSATZGZES 19 OFEXCfC XU 

Lomxn Aim is sg gKP TO 


nt the roixowmo areas: 

> Convertible Bond Trader 

> Warrant Traders 

> QuanUUve Analysts 

>- Operations and Back office 

> Securities Lending 

PDSTTIOMS OFTCR A (TOQUE 

orranuNTR to bk involved n a 

START UP OPERATION. COMFEKSRnOM 
IS BASED ON A COMPnTTIVE SALAKT 
PLUS BONUS AND PROFIT SHAKING. 
Wrts Box B2382. FbuneMLUtaS. 
On Soummm Bwdoe. 

Lcwocrs SEL QKL 


~ ghij* 4 ** 


A good honours degree is essential, ideally complemented by an MBA or 
accounting qualification. Strong financial knowledge, including financial modelling, 
will be critical, along with well developed comm e rcial awareness and good 
communication skills, both orally and in writing. We will be looking lor 5-10 years' 
experience in a comparable functional role in industry, strategy consulting or 
corporate finance, plus a proven ability to work with top management on a broad 
range of commercial issues. 

Commencing salary wiD be c£50k together with executive car. bonus scheme 
and the usual large company benefits. 

Please write giving personal and career details to: 

David NichoOs. NFC plc. 66 Chiltem Street London W1M 1PR- 


AFC 


fe :\r : . ' . ..T 







*?V' fef ; V- -M 


Edinbuigh 

FUND MANAGERS PLC 


m 


Major US Financial Institution 
A unique opportunity for analysts or qualified ACAs 
with languages to join a European investment team 
London £30-35,000 



UK Equities 


Edinburgh 


Our client is one of the largest financial institutions 
in North America. With over $ 1 50 billion of assets 
under management, they are a major investor in the 
world financial markets. 

In 1992 they established a specialist team in London 
to invest specifically in European public bonj issues 
and private placements. Last year the team invested 
over $1 billion in fixed income securities and due to 
their continued commitment to developing business 
in Europe, they are now looking for another analyse. 
The successful candidate will investigate and analyse 
potential and existing investments with UK and 
mainland European corporations. This will include: 

* Liaising with investment hanks and major 
corporations to source investment opportunities; 

• Analysis of the underlying financial status of the 
borrowers as well as the structures, 
documentation and relative values of 
proposed transactions; 


• Monitoring rhe performance of existing 
investments. 

Applicants should be graduates with strong financial 
and analytical skills, gained either in accountancy 
or an analytical role within a bank. Fluency in a 
European language is essential; French and German 
are of particular interest. The successful candidate 
will also have strong written and oral 
communication skills. 

Working as a member of a small professional ream 
in an attractive environment, this is a superb 
opportunity for individuals interested in 
investment management. 

For further information, please contact Karina 
Pietschon071 831 2000, or write to her at 
Michael Page City. Page House. 

39-41 Parker Street. London WC2B 5LH. 
Please quote reference 15 1 595. 


§ 

m 


Edinburgh Fund Managers plc is one of Scotland's leading investment management groups, with total funds under 
management exceeding £4bn. Due to continued growth, opportunities exist for 2 exceptional individuals to join the 
highly successful investment team in Edinburgh. 


Michael Page City 

Inremuinnai Recruitment Coosu luma 

London Pari* Amsterdam DtmeUorf Sydney 


Investment Manager-UK Larger Companies 
Applications are invited from graduates who have at 
(east 5 years' experience of analysing major UK 
Companies and managing associated portfolios. The 
successful candidate will bo technically competent and 
be able to communicate easily with clients and senior 
company management 


Investment Analyst-UK Smaller Companies 
Applications for this post are invited Grom graduates 
with two to three years* experience in UK Companies 
analysis. The ideal candidate will be numerate with 
proven technical skills. An accountancy qualification 
would be an advantage. 


The successful candidates will be offered attractive remuneration packages, including the- usual financial sector 
benefits, reflecting their experience and ability to work well in a team orientated environment 


For a confidential discussion, telephone or write with full CV to: 
Gavin Brydon. ASA International Ltd, 63 George Street, 
Edinburgh EH2 2JG. TVsfc 031 226 6222. 

Interviews will be held in London and 
Edinburgh. All CVa sent to our client will 
be forwarded to ASA IntemationaL 



ASA 

NTKNAJ10NAL 


COUTTS & CO (PORTFOLIO MANAGERS) LIMITED 
PORTFOLIO MANAGER - BONDS 

An immediate vacancy exists for a Portfolio Manager to join a small professional investment management team responsible 
for the effective management of client portfolios. 

The successful candidate will ideally: 

• be in mid-late 20s 

• have gained a degree qualification, preferably in a finance related subject or have significant relevant experience 

• either possess Stock Exchange Examinations or show proven progress in achieving these 

• be experienced in the investment of internationally diversified client portfolios 

• possess investigative and analytical abilities preferably having spreadsheet software skills 

• be expected to participate in the development of investment policy. 

Courts & Co Portfolio Managers Limited is the premier investment firm on the Isle of Man directly managing over £li 
billion of offshore client portfolios. 

The position offers an attractive salary and benefits package lo the successful ranriid ?lg 
Send detailed Curriculum Vttae. in strictest confidence to: 

The Personnel Office 

Reference INV4, Coutts & Co (Services) Limited 
Courts House, Summerhill Road, Onchan Isle of Man 1M3 1RB 
TeL- (0624) 632222 


Devonshire Executive 


VICE PRESIDENT 

EUROPEAN CASH MANAGEMENT 

On behalf of a prime US bank we have been retained to identify an experienced professional banker to spearhead the 
development of its European Cash Management business. ^ 

The prime responsibilities are to direct all product management and development efforts, develop strategies for 
increasing fee income, deliver new products and enhancements and obtain new cash management relationships 
through direct marketing to European Corporate Treasurers. You will ideally be aged 35 to 45, educated to deere level 
° r h ?ill p F of 5 SSI ?; naI t i u 4 fication ^ able to demonstrate at least 5 years’ record of success in a cash maraSrrant 
or electronic banking environment Previous experience with a major US bank would be particularly desirable PC 
literacy in add ibon to an understanding of the underlying integrated systems is also required. 7 

Personal qualities of drive, energy and enthusiasm are required for this challenging role. You will need to be an 
^^m^nTl^i 10340 ' WitK S ° Und P resentatk>n interpersonal skills together With the ability tonego^ieTt senioJ 

The rewards are substantial to reflect the impotence of this key position. If you are ready to accept this challenge 
please send a curriculum vttae in confidence to ROY WEBB, Managing Director, or telephone for a^nit^di^srion 



7 BtRCHIN LANE 
LONDON EC3V 9 BY 


Tel; 071*395 3050 
Fax: 071-626 2092 




REPO SALES 


I We are a leading US investment bank with a significant 
presence in the securities lending markets. We are seeking an 
experienced repo specialist with a minimum of one years 
experience and a demonstrated record of success in the 
European markets* 

The ideal candidate for this challenging role is probably a 
graduate and should have excellent technical skills, be highly 
numerate and have the ability to work in a dynamic team 
environment Fluency in at least one European language is 
desired. 

Please forward your CV to: 

Box B2309, Financial Times, 

One South waik Bridge. London S£I 9HL 


— ^ * Moabw oTThB ObvwwIiIib QfBMp Plc 


TOP OPPORTUNI TY'S 

S fQ £iqqK 

Bants scat experienced cffldidalt* 

~ pridne “ d — * * *■ — 

ARBITRAGE/PROPRIETARY TRADING TOfJfflK 

Top Investment Bank requires a trader, ideally from a mulSproducl 

environment involving fixed inennw uu 

derivative markets. g C ° mC ’ MM and ,or ««t rate 

DEBT ORIGINATION _ n „ 

A* 

For further details please call on 071*377 6488 or 
send/f» your CV to Andrew Stone 
All appheaucMs are treated in the strictest confidence. 

CAMBRIDGE APPOINTMENTS 
— 23£Sboredi tch Kgb SlTOt , Lwdon _ B1 6PJ ^ „„„ „ 











FINANCIAL TIMES FRIDAY MARCH 25 1994 


V 


A 

CHALLENGING 
CAREER 
IN CHINA 

fA _ 

Concord Telecom 

Concord Telecom is a subsidiary of 
Pacific Concord Holding Limited, 
a listed company of Hong Kong. The Company 
is aggressively involved in the manufacturing, 
marketing and development of pagers, mobile 
phones and other telecom products in the 
People s Republic of China. 

If you are a university graduate major in Electronic 
Engineering Industrial Engineering, telecom-subjects or 
equivalent and with at least 8 years proven experience, 
please forward your resume, including references, salary 
history and contact numbeKlax number to: 

Concord Telecommunications Limited. Room 101, Wing on Plaza. 
62 Mody Road, Tsimshatsui, Kowloon. Hong Kong. 


• GENERAL MANAGER 
(Ref: CTL/GM) 

The candidate will be fully responsible for the strategic 
planning and development of the business from the early 
stage. He/She will have overall responsibility in the areas of 
production, financial, sales and marketing. Previous 
relevant experience in Asia will bs a definite asset The 
candidate should possess a technical and/or professional 
qualification in marketing or finance. The applicant should 
have leadership quality and also be prepared to adapt to 
the cultural and environmental difference. Extensive travel 
in China is expected. 

• PROJECT ENGINEER - MOBILE PHONE 
(ReftCTUMP) 

Responsible for E-Tacs/D.Amps celtularphone 
development and product's transferring program. Proven 
experience on Amps/E-Tacs, D_Amps, GSM or DECT 
including firm/hardware. Sound knowledge in detail 
operations of stations for radio network and to fulfil the 
scheduled development planning. 

• PROJECT ENGINEER - FAX 
(Ref: CTL/FX) 

Responsible for FAX (G3-G4) machine development and 
products transferring program. Required to handle 
Image/Data Communication products development, 
including Hierarchy firm ware/hardware development to 
accomplish the new fax machine development 


LLOYDS PRIVATE BANKING LTD 

HAYWARDS HEATH 

HAVE A VACANCY FOR AN ANAI.YST. I IK KOMTIFS 

Lloyds Private Bonking Ltd is a leading provider of private client asset management services. Funds under 
management, including holdings of over £3 billion in tfK equities have increased rapidly in recent years. 

We now require an additional Equity Analyst to join the Research Department in Haywards Heath. Reporting 
to the Senior Manager (Investment Services) the successful candidate will be responsible for coverage of a 
significant part of the UK equity market and will be expected to make a contribution to the determination of 
overall policy. 

The position is a demanding one and wc are looking for the following characteristics: 

♦ A minimum of 5 years experience in an equity research background together with an appropriate 
professional qualification. 

♦ Capable of working as part of a tightly focused team. 

♦ An effective and persuasive communicator with good presentation skills. 

♦ Experience in technical analysis and computer literacy would be an advantage. 

The position will carry a competitive salary, related to experience, plus a full package of valuable benefits. 
Candidates with relevant experience, who arc unlikely to be less than 25 years of age, are invited to apply by 
11th April 1994 to: 

Mrs Sharon Ault, Personnel Manager, 

Private Banking & Financial Services, 

Capital House, 1/5 Penymount Road, 

Haywards Heath, West Sussex RH16 3SP. 




Equity Market Data Specialist 


Excellent package + banking benefits 


City 


Our client is one of the loading global investment banks. A Data 
Research function has been formed in the Firm as part of a 
global initiative to emphasise the importance of information 
management to the firm's business operations. It has been 
tasked to look at new database development, logical database 
design, data collection, quality control and general data 
management As part of its continued expansion, it now seeks 
an outstanding professional as Equity Market Data Specialist to 
be a key member of the team. 

Reporting to the Hoad of Data Research Croup in Europe 
responsibilities will include: 

• Analysis of data requirements and data management 
needs of the equity business areas. 

• Making recommendations on database development 
strategy for data systems. 

• Help develop and give direction to a high profile team of 
market data specialists. 


Candidates will ideally be from a qualitative, research or 
technical background. They must have a thorough 
understanding of all front and back office operations, from 
origination to settlements procedures, particularly with regard 
to equity and equity derivative securities. Experience of trading 
analytic systems, logical database design and market data 
systems are all essential. You will also have some systems 
development experience and exposure to distributed systems 
management. He/she must be able to communicate effectively 
with senior management across many business areas. 

For the suitable candidate the rewards are substantial, including 
a competitive base salary, performance related bonus, car 
scheme and banking benefits. If you believe you have the 
required skills and experience lor this significant role, then 
please send your CV to the advising consultant, Jonathan Kidd, 
at Harvey Nash Pic, Dragon Court, 27-29 Macklin Street. 
London WC2B SIX (Telephone 071-333 0033). Please quote 
reference HNF107. 


HARVEY NASH PLC 


JAPANESE 
EQUITY SALES 

City 

c. £60,000 

+ Performance Related 
Bonus 


0 


| GENERAL INSURANCE 

J 

A 

CTI 

JAI 

Rl 

ES 


WITH A EUROPEAN ROLE 

Our general insurance consulting business 
throughout Europe continues to grow and we 
need additional experienced people to join 
our non-fife consulting practice. 

The practice operates throughout the whole of 
Europe and an enthusiasm for travel is essential. 

We are looking for people who are fluent in English 
and either French, Italian or Spanish. Your base 
could be London or Madrid, Milan or Paris. 


You will have a minimum of 3 years' experience of 
general insurance business and a recognised 
actuarial qualification. 

Our clients include most of Europe's leading 
insurers and related financial institutions, and you 
must be capable of operating at senior level in 
those companies: our reputation for outstanding 
actuarial work is second to none but it is our ability 
to analyse, interpret and present its consequences 
that continues to win us new clients. 

Tillinghast rewards achievement and the 
opportunities for successful consultants are 
generous; a first class remuneration package is 
available - including a substantial performance - 
related element. 

To discuss informally, please contact Caroline 
Baker or Dare Desmond on 44 71 379 4411 during 
working hours, or 44 71 201 9119 evenings and 
weekends. Alternatively, send a copy of your CV to 
us at Castiewood House, 77/91 New Oxford Street, 
London, WC1 A IPX. 


Tillinghast 

A Towers PBrnn Company 


| Credit Analyst- 

; fluent German £25k + Bkg Pkg 
| Marvellous career opp la Jain top Euro 
i Bank for graduate with min 3 yra craft 
| cep to work on UK Corps and Banks. 

! Compliance Officer - 

1 Fluent French, Italian, Spanish 
or German £25k 

! Knowledge of SJvVUFFE regs rajd. 

! Eurobond Settlements - 

I Fluent Italian £!7k + Bkg Pkg 
I Min ISrmlKcxp. 

Cal Eure London Appointments on 
Tcb 071 583 8180 Fax: f71 353 9849 


FIYLES ECHOS 

The FT can help you reach 
additional business readers in 
France. Our link with the French 
business newspaper, Lcs Echos, 
gives you a unique rccnutmcnl 
advertising opportunity to 
capitalise on the FTs European 
readership and to further target 
Ihc French business world. For 
information on rates and further 
details please telephone: 

Philip Wriglcy on 
071873 3351 


aHOLDERBANK* financtere Glaris SA is a Swiss-based international 
group of companies specialized in the manufacture of cement and allied 
products. 

«Holderbank» is setting up operations in the Middle East and Arabic 
countries. These ventures will bring new positions in the company for: 

GENERAL MANAGERS 
SITE MANAGERS 
PRODUCTION MANAGERS 
and 

MAINTENANCE MANAGERS 

The ideal candidates should have a sound knowledge of the cement, 
concrete or related industries or have sound experience from the heavy or 
mining industry. Working experience in the Middle East countries or 
related to these countries will be a great advantage. 

An Engineering and/or Business degree will be a prerequisite. Relocating 
and adapting to the Middle Eastern countries is a given and therefore is 
fluency in French and/or English' necessary, with Arabic as an advantage. 

Please send your application to the following address: 


"HOLDERBANK" 


«Holderbanka Management & Consulting Ltd. 
Management Services 
CH - 5113 Holderbank/Switzerlond 
AH; Mr. Otto Jaggy 

Director of Corporate Management Development 


University of SL Gal ten 

The University of St. Gallon for Business Administration, 
Economics, Law and Social Sciences in Switzerland has an 
opening starting October 1, 1994 for a 

Professorship in Internal Auditing 
and Management Accounting 

As a leading business school in Europe we are looking for an 
established male or female personality for a professorship in 
the field of internal auditing and management accounting. The 
professorship may be split In two part time assignments, 

Candidates holding a PhD and a CPA, CMA or equivalent 
degree wfth a significant international experience are invited to 
apply by April 30, 1994 to the President of the University of SL 
Gal ten, Prof. Dr Georges Fischer, Dufburstrasse 50, CH-9000 
SLGaflen. 


Development Position 
to £25k Oxfordshire 

Very strong 7+ years Windows Development skills 
including SDK, DDK, MDK; 3-5 years experience 
Wang Imaging development skills including Wang 
VS and OPEN/lmage; Visual Basic skills an 
advantage: 2+ years experience GUI design and 
usability analysis including walk-through testing 
skills; strong communication skills; must be fluent 
in English. 

Apply in writing to ref. AKU/1 01 Papirus Limited, 
16b Ambrose Rise, Wheatley, 

Oxon 0X33 1YF, England. 

(no agencies) 


The London office of a specialist international financial 
institution is looking to expand its Japanese Equity Sales 
desk. An urgent need has arisen for two highly 
motivated salesmen to join the team. 

Reporting to the Managing Director, you will be 
responsible for marketing a full product range to 
institutional investors in the UK and Europe. 

The ideal candidate will have a minimum 3-5 years 
relevant selling experience, covering a range of 
products. Excellent communication and presentation 
skills are essential to be successful in this highly 
competitive market, as is the ability to demonstrate an 
excellent track record of developing profitable client 
relationships. 

The package on offer is negotiable and will fully reflect 
the importance attached by the company to these 
appointments. 

Candidates who feel they have the right background and 
would like to Find out more about this interesting 
opportunity should contact Jonathan Cohen or Stuart 
Norburyon 071-629 4463, or write enclosing a 
detailed CV to the address Mow. (Fax: 071-629 3954). 

HARRISON ^ WILLIS 
CITY 

Cardinal House, 30-40 Albemarle Street, London W1X 3FD. Tel: 071-629 4463 


GLOBAL FIXED INCOME 

Exceptional opportunity within fund management 

Our client is a ma/or Internationally known US name whose London based 
asset management team has an excellent record In managing fixed income 
funds tor institutional clients and mutual hinds. With sophisticated 
techniques and supported by the resources of a major financial services 
organisation they are poised for substantial growth in funds under 
management and seek two additional fund managers. 

Candidates should be graduates, in their mid 20s to 30s, with a 
demonstrable track record In the global fixed income markets. Experience 
could have been gained within research, proprietary trading or fund 
management but essential criteria include strong analytical skills, strategic 
thinking ability and team orientation. 

It is likely that these roles will appeal to higldy motivated individuals who 
seek the opportunity to make a notable contribution in a professional team. 
Base salaries and bonuses will be highly competitive and the scope will be 
considerable in this fast growing dynamic business. 

For an Initial discussion in confidence please contact us quoting reference 
4795 at 20 Cousin Lane, I .on don EC4R 3TFL Telephone 071-236 7307 or Fax 
071-489 1130. 


\ 


STEPHENS 

SELECTION 


•.-■arfyt.-.tTc a STEPHENS CROUP CONSULTANCY ; ~J --- 

■■■I Undo* EiUnWih No Yorti Hoof Koa« ■■■■ 


HIIGINC MUSTS 


NVESTMENT ECONO 



SEARCH & SELECTION 


LONDON 


Our Client wishes to appoint an Economist, ideally with broad experience of the 
Emerging Markets, to join a successful, growing team within the Bank. 

The appointee will be responsible for 
• Investment analysis of debt instruments. 

Macro economic analysis of fundamentals. 

• Delecting arbitrage opportunities and anomalies in debt instruments. 

• Producing research material and providing investment 
recommendations for distribution to investors. 

■ Presenting investment advice to the Bank's clients. 

Candidates must be innovative, have at least three 
years relevant working experience, first rate written 
and oral communication skills, and a strong 
grounding in international economics. Knowledge 
of Brady and pre-Brady countries, whilst 
advantageous, is not essential. 

Please send your CV in complete confidence to: 



David William 1 -. Director 



Fiiuryin^ Market? Search 

and Svkt'liiiji 


2 j : ‘> Au'imc l,rm<h> 

it IX 2\ 5HT 

wi 

A Di'Kion o