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FINANCIAL TIMES 


i n ess N.e ws p ap e r ' 


British soldiers 
rescued from 
Malaysian jungle 

Five soldiers, two from the UK and three from 
Hong Kong, were found alive after being lost 
for four weeks in jungle on Mount Kinabal u in 
Malaysia. Two were airlifted to hospital in Kota 
Kinabalu and the others will be brought out today. 
All were described as weak, but unharmed. 

The rescue prompted hopes of a thaw in Britain's 
frosty relations with Kuala Lumpur as CJK prime 
minister John Major wrote to Malaysian premier 
Mahathir Mohamad expressing "warm personal 
t h ank s” for the rescue, which involved more 
than 300 Malaysian trocips and rangers as well 
as RAF mountain rescue specialists. Page 6 

French students protest at wages move: 

Thousands of French students demonstrated 
against the government's decision to allow employ- 
ers to pay less than the minimum wage to young 
workers in return for on-the-job training. Page 2; 
Work, protest and affray. Page 9 

Last US troops leave Somalia: US troops 
completed their withdrawal from Somalia, leaving 
an emasculated UN force in charge of the country. 
Page 3 

Synagogue firebombeds Unidentified arsonists 
hurled two Molotov cocktails into a synagogue 
in the north German port of Lfibeck. destroying 
a meeting room. City officials said it was the 
first arson attack against a German synagogue 
since 1938. 

IIS to send more weapons to S Korea: 

The US plans to place more weapons in South 
Korea as a precaution against an attack by North 
Korea, defence secretary William Perry said. 
Rationed and restless, Page 9 

Socl6t6 G6n6rale bucked the downturn in 
the French banking industry and reported annual 
net profits up 10.5 per cent to FFr3 £1 bn ($812m) 
from FFr3.28bn. Page 11 

Broken Hill Propriet ar y, Australia's largest 
industrial company, reported third-quarter after-tax 
profits of A$284.2m (US$20&n), lifted from A$2253m 
by on improvement In the company's steel division 
and a record result from mineral interests. 

Page 11 

Ivory Coast's debt cut: The Paris Club of 
ufficia! creditor nations agreed a debt reduction 
and rescheduling package to cut Ivory Coast's 
$15.4bn external debt by at least $2.5bn. 

Pages 

BA offers fare cuts: British Airways announced 
.1 package of bargain fares hi an attempt to attract 
mure leisure travellers. Page 5 

Police seek buyers of Queen's bowl: Police 
are seeking a couple who bought a silver filigree 
rose bowl from an antique denier in the south 
of England for £3.000. ($4,400) unaware that it 
had been stolen from Buckingham Palace. 

Poverty af f e c t s 20% of rural families: 

An influx of wealthy people has cast a “cloak 
of prosperity” over the English countryside which 
hides poverty, inequality and isolation faced by 
at least a fifth or rural households, a study shows. 
Pageti 

Braer captain escapes action: The master 
of the Braer oil tanker, which was wrecked off 
Shetland in January last year, is not to be prose- 
cuted. He was criticised in a report by the Depart- 
ment of Transport marine accident investigation 
branch. Page 5 

Landseer fetches £793,500: Auctioneers 
Christie’s sold a painting of a Scottish stag by 
Sir Edwin Landseer for more than £793^00 
($1,158,000) in London, a record price for the artist 

Spring forward to summer time: Clocks 
m the British Isles and continental Europe go 
forward by one hour at 2am tomorrow. Below 
is a guide to summer time in Europe and daylight 
saving time, where it is observed, in North Amer- 
ica. Picture, Page 5 


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WEEKEND MARCH 26/MARCH 27 1994 


Foreign secretary signals Britain may compromise over votes crisis Clinton 

Hurd hits out at Eurosceptics attack! 


up 
t on 


By PhSp Stephens, 

Political Edftor 

Mr Douglas Hurd, the foreign 
secretary, last night acted to roll 
back the recent tide of Euroscep- 
ticism in the Conservative party 
by strongly reaffirming the gov- 
ernment’s fundamental commit- 
ment to the European Union. 

. In a speech reasserting his own 
political authority in the cabinet, 
Mr Hurd publicly derided those 
who thought Britain could turn 
its back on Europe. 

The comments contrasted 
sharply with the anti-Brussels 
remarks earner this week of Mr 
John Major, the prime minister. 
Mr Hurd's speech to Tory activ- 
ists at the party’s spring confer- 
ence in Plymouth, left the 
impression he was delivering an 
Implicit warning to the prime 
minister not to cede ground to 


the party's right-wing Euroscep- 
tics. Later in the day, the foreign 
secretary coupled his strong 
words with a clear signal that 
Britain is ready to compromise 
on the vo t in g rights issue as long 
as its European partners give 
ground. 

As he dew to a meeting of EU 
foreign ministers in Greece last 
night, he said the dispute would 
sooner or later be resolved: “At 
the end of the day there is agree- 
ment That's the way the Com- 
munity works. That’s the way it 
will work this time". 

Mr Hurd's Plymouth speech 
appeared to deliver a thinly 
veiled rebuke to those in the cab- 
inet who have turned the present 
votes row between Britain and its 
partners into a broader onslaught 
against the European Union. 

The traditionally sceptical tone 
of right-wing cabinet ministers 


OECD boost as 
Mexico edges 
toward stability 


like Mr Michael Portillo and Mr 
Peter Lilley has more recently 
been echoed by similar senti- 
ments from Mr Kenneth Clarke 
and Mr Michael Heseltme - both 

Ashdown warns on EU 
reforms Page 4 

self-avowed pro-Europeans but 
also potential successors to Mr 
Major in any leadership contest 

But the foreign secretary told 
Conservative workers to call a 
halt to the “lunatic" discussion of 
whether they were pro- or anti- 
European. Instead they had to 
understand the central message: 
"The future of Britain rests in 
Europe". 

Mr Hurd’s on typically tough 
language in Plymouth appeared 
to reflect his growin g frustration 
at the way in which the dispute 


Brady bonds 
Salomon Brothcro index 
150 • ■= — : 


120 -A 


over majority voting once the 
Union is enlarged next year has 
shifted the centre of gravity 
among Tory MPs towards the 

Eurosceptics. 

He insisted he was as deter- 
mined as anyone to fight for 
Britain's interests in Europe but 
the Conservatives must reject a 
“sour, defensive attitude which 
concentrates exclusively on the 
negative thing s about the Euro- 
pean Union". 

Speaking after his address, Mr 
Hurd said the cabinet bad agreed 
on Thursday that it must fight a 
positive, pro-European campaign 
In the critical elections to the 
Strasbourg parliament on June 9. 

Mr Major, who is to address the 
closing session of the Plymouth 
conference later today, is now 
expected to tone down attacks 
on Brussels. He will be joined 
on the platform by both Mr 


UK gBs ' 

Ufito Jong gStfiihve price, March 
12Z — 

■■SSSZSSZ: 


Heseltine and Mr Clarke. 

It also emerged yesterday that 
the cabinet agreed this week that 
ail future ministerial pronounce- 
ments on Europe must in future 
be cleared through 10 Downing 
Street in order to minimise the 
appearance of divisions. Mr Hurd 
told his colleagues mi Thursday 
of the need to maintain a positive 
and consistent line if the 
Conservatives are not to suffer 
heavy losses in the June Euro- 
elections. 

The foreign secretary offered a 
detailed assessment of the eco- 
nomic and security realities 
which meant that Britain could 
not detach itself from Europe. He 
concluded: "Unless we can lift 
our sights we shall put at risk 
Britain's position." 

Mr Hard stressed that this did 
not mean that Britain could not 
argue its case strongly in Europe. 


no n 


By Damian Fraser In Mexico City 

Mexico was recovering yesterday 
from the initial financial turbu- 
lence caused by the assassination 
of Luis Donaldo Colosio, as a 
likely successor emerged to be 
the presidential candidate of the 
ruling Institutional Revolution- 
ary party (PRI). 

Markets were reassured by the 
emergence of Mr Ernesto Zedillo, 
a former budget minister, as the 
strong favourite to become the 
party’s presidential candidate 
and the likely successor to Presi- 
dent Carlos Salinas. 

Investor confidence was also 
boosted by the government's 
announcement that Mexico will 
be formally accepted on April 14 
as a member of the Organisation 
for Economic Co-operation and 
Development, the first new entry 
since 1973. The US Treasury had 
helped to restore calm by agree- 
ing to lend up to $6bn (£4bn) to 
Mexico in the event of a run on 
the currency. In the morning, 
financial markets were relatively 
stable. The exchange rate weak- 
ened a little to 3.35 pesos to the 
dollar, after opening at 3.33. 

The principal stockmarket 
index was down 1 per cent just 
after noon on the first day of 
trading since the assassi na tion, 
but this was mainly in response 
to sharp falls in New York on 
Thursday. 

Traders also reported a recov- 
ery in Mexican "Brady bonds”, 


issued in 1990 as part of the coun- 
try's debt restructuring. 

A PRI official familiar with 
deliberations over the candidacy 
said a decision would probably be 
taken the week after next 

Mr Zedillo, who was Mr Colo- 
sio’s campaign manager, is not 
admired for his political skills, 
but has a doctorate in economics 
from Yale University and has 
worked at the central bank. He if 
expected to carry on the eco- 
nomic reforms of Mr Salmas. 

Mexico's constitution says pres- 
idential candidates cannot have 
held a senior government posi- 
tion for 180 days before the elec- 
tion. Unless the constitution was 
changed, which would be diffi- 
cult, there are few serious con- 
tendere other than Mr Zedillo. 

One other candidate mentioned 
is Mr Fernando Ortiz Arana, the 
PRI president, but he has little 
experience in government. 
Another possible contender, Mr 
Manuel Camacho, the peace 
envoy in the troubled southern 
state of Chiapas, has ruled him- 
self out of contention. 

Mr Colosio was buried yester- 
day in his home town of Magda- 
lena de Kino, in the northern 
state of Sonora. The man who 
has confessed to killing him, Mr 
Mario Aburto Martinez, was yes- 
terday taken to the capital from 
the border city of Tijuana, where 
the assassination took place. 

Emerging markets. Weekend in 


DoBar FT-SE 1QO 

Against the D-Mark (DM per $) Index 

1.70 — 3,000 - 

1.69 A 3 ' 500 - 


3.30O — 


3,200 



Source. FT Gfujjttta'SaloiTwn Bnra/Ttouien 


Falling gilts point to higher rates 


UK government bonds continued 
their steep decline yesterday as 
fears of rising interest rates 
intensified. Mr George Magnus, 
chief international economist at 
SG Warburg, said the gilt mar- 
ket was discounting base rates of 
6 per cent by the end of 1994 and 
Tk per cent by the end of 1995. 
The rate is now 5% per cent 

Most of the activity was in the 
fixtures market where the June 
contract of the long gfit future 
fell as low as 105%, but it recov- 
ered in late trading to stand just 
under I point down at 106&. 

The yield on long-dated gilts 
came close to 8 per cent at one 
point yesterday. 

The FT-SE 100 index, mean- 
while, recouped an early loss of 


33 points to close 7.3 points 
higher at 3,129. Continental 
bourses also recovered part of 
their early losses. 

The dollar and sterling came 
under heavy selling pressure in 
London, but finished above their 
worst The US currency dosed at 
DMI.668, off a low of DM1.6595, 
but down from Thursday's close 


of DM 1.6728. The pound recov- 
ered from a low of DM2.4380 to 
finish the day at DM2.4978, 
slightly above Thursday’s close 
of DM2.4971. 

Currencies, Page 13 
London shares. Page 15 
World stock markets. Page 21 
Lex, Page 24 


cigarette 

industry 

By George Graham 
in Washington 

The Clinton administration 
yesterday launched a ferocious 
two-pronged assault on the ciga- 
rette industry, already reeling 
from a wave of anti-smoking 
measures. 

As the labour department 
announced plans to ban smoking 
from the workplace, federal 
health officials launched an 
attempt to regulate nicotine as 
an addictive drug. 

Regulations proposed yester- 
day by Mr Robert Reich, the 
labour secretary, would in effect 
ban smoking from all work- 
places, including rest areas, 
except in enclosed areas with 
direct ventilation to the outside. 

The proposed rules, which 
could come into force in months, 
would stop gnwiring in bars and 
restaurants because no-one could 
be required to work In an area 
where smoking was permitted. 

Complying with the proposed 
rules could cost businesses $8.1bn 
(£5.5bn) in the first year and 
$6.6bn a year thereafter. But Mr 
Reich said this would be out- 
weighed by a $15bn a year 
improvement in worker produc- 
tivity. The move follows new evi- 
dence of the damage caused by 
passive smoking. 

Dr David Kessler, head of the 
government Food and Drug 
Administration, yesterday pres- 
ented a strong case to the House 
of Representatives health com- 
mittee for regulating nicotine as 
an addictive drug - a move that 
could lead to the withdrawal of 
ni cotine-con tainiog cigarettes. 

Dr Kessler said he was seeking 
guidance from Congress because 
of the potential consequences of 
banning nicotine in cigarettes, 
including the possible develop- 
ment of a black market 

Nicotine "meets all the criteria 
of an addictive substance". Dr 
Kessler told a House of Represen- 
tatives health committee yester- 
day, citing studies showing that 
laboratory rats would administer 
doses of nicotine to themselves. 

He also contested cigarette 
manufacturers’ claims that the 
level of nicotine in their products 
was simply a by-product of their 

Continued on Page 24 


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; Nm Yak bmcMkne: 

S 

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S 

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DM 

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S Index 618 

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Tokyo dose Y 105.17 


By Michael SkapMcer, Lefeave 
Industries Correspondent 

Win a free holiday in the US! Hie 
promise of that prize in competi- 
tions promoted at travel fairs and 
on railway platforms found many 
willing takers across the UK in 
recent years. 

Entrants were later delighted 
to receive telephone calls saying 
that while they had not won the 
US holiday, they were runners-up 
and had won a Caribbean, cruise. 

The problem was. everyone who 

entered a competition - apart 
from the winner - was declared a 
runner-up. and going on the 
cruise involved paying for a vari- 
ety of additional services, accord- 
ing to Mr Christopher Roan, 
Cambridgeshire's assistant chief 
trading standar ds officer. 

Yesterday, Sir Bryan Carsberg. 
director-general of fair trading, 
said he had started legal proceed- 
ings against the company con- 


cerned - Inter-Club Travel of 
Cambridge. 

Sir Bryan said 46 county court 
judgments against Inter-Club had 
been brought to his attention. 
The judgments resulted in dam- 
ages of more than £16,000 being 
paid to consumers. 

He said the company had told 
him the judgments woe awarded 
because it did not defend itself. 
He said, however, that the judg- 
ments indicated the company 
acted in a way that was detri- 
mental to consumers' interests. 

Sir Bryan said: "We have used 
our best endeavours, without 
success, to get assurances from 
Inter-Club Travel and its officers 
about their future behaviour. 
Legal action has become neces- 
sary." 

Inter-Club had also been con- 
victed on four occasions in 1992 
and 1993 of offences under the 
Consumer Protection Act, relat- 
ing to misleading price inforraa- 


CONTENTS 


tion. It had been fined a total of 
£8J!00. 

Legal proceedings are to be 
taken ag ains t the company and 
two of its officers, Mr Theodor 
Thomson and Mr William Wood, 
and Mr AJit Kumar Patel a for- 
mer officer. 

The Association of British 
Travel Agents said it had 
received repeated complaints 
about Inter-Club, even though it 
was not an Abta member. The 
complaints concerned press 
advertisements offering holidays 
in Florida and the Bahamas for 
£99.50. 

Consumers who tried to take 
up the offer were asked for extra 
payments which brought the 
total cost of the holiday to £1000 
or more, Abta said. 

Mr Roan said Inter-Chib had 
gone into liquidation earlier this 
month hut was now trading 
under another name. Inter-Club 
could not be contacted. 


Stockmarket Growth since 1990" 

'Chile 

up 464% 

Argentina 

up 3445% 

Mexico 

up 416% 

Venezuela 

up 602% 

Colombia 

up 1017% 

Brazil 

up 170% 


These staggering figures Illustrate ihe surge In confidence 
that’s powering Latin America's economic renaissance. 
Falling; inflation and a new spirit of political maturity suggest 
the boa t outlook in Bring m em ory. Harness this, spectacular 
growth potential with tfae new Aztec Fund - managed by our 
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FT Wodd Adumss 31 


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UK Nows 

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Gold Martois 

12 


WmMm, 

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.10 

Eryity Optore 

71 







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Wortd CommodMs 12 







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the amount ortgmuily Invested. Past performance Is not necessarily a guide to ttm future. Changes 
in exchange retea may also affect tno value. 




<0 THE FINANCIAL TIMES LIMITED 1994 No 32.327 Week No 12 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 










FINANCIAL TIMES WEEK-END MARCH 26/MARCH 27 1994 


NEWS: INTERNATIONAL 


Elf and Treuhand 
agree refinery deal 


By Judy Dempsey nt Bertitr 

Eastern Germany's largest 
investment project was yester- 
day saved from collapse when 
the Treuhand privatisation 
agency and. Elf Aquitaine, the 
French oil company, forged a 
compromise on the construc- 
tion of the region's most mod- 
ern refinery. 

The compromise paves the 
way for a potentially viable 
chemical sector in eastern Ger- 
many. 

Had the Leuna oil refinery 
project collapsed. Buna, the 
nearby chemical and olefin 
complex and a big buyer of 
refinery products, would have 
been denied local supplies. 

In 1992, Elf agreed with the 
Treuhand that it would rebuild 
the Leuna refinery in a joint 
project with Thyssen Handel- 
sunion, a subsidiary of the Ger- 
man steel group. It agreed to 
take a 67 per cent stake in the 
DM4.5bn (£l.75bn) project 
known as Leuna 2000. 

In January this year. Elf said 


it wanted to cut its stake to 35 
per cent as part of a general 
cost-cutting strategy. However, 
under the terms of yesterday's 
compromise. Elf will reduce its 
stake by a third. 

The company’s board is 
expected to endorse the deal 
when its meets in Paris on 
Monday. 

Rosneft, the state-owned 
Russian oil company, will join 
the Leuna consortium by tak- 
ing up Elf s surrendered 24 per 
cent share. The stake will be 
paid for with crude oil deliv- 
eries. 

As part of the price for cut- 
ting its stake. Elf will give up a 
third of its 500 petrol stations 
in eastern Germany. 

Access to the region's petrol 
stations was the driving force 
behind Elf s decision to invest 
in eastern Germany in the first 
place. 

French President Francois 
Mitterrand had interceded on 
Elfs behalf, while the Treu- 
hand linked the company’s 
entree into eastern Germany 


with investment in the Le una 
oil refinery, which is in the 
state of Saxony Anhalt 

The Treuhand said yesterday 
that it would “definitely not" 
be selling off the lucrative pet- 
rol stations, in spite of enor- 
mous interest by Shell, and 
Aral, the petrol distribution 
arm of Veba, Germany’s large 
electricity conglomerate. 

Instead, the agency will allo- 
cate the stations to Buna, still 
under the Treuhand, in a move 
designed to make the chemical 
complex an attractive privati- 
sation project. Thyssen Han- 
delsunion and RAO Gazprom, 
the state-owned Russian gas 
company, earlier this week 
signed a letter of intent to 
negotiate a stake exceeding 25 
per cent hut less than 50 per 
cent in Buna. 

Buna's privatisation pros- 
pects will be further boosted if 
Thyssen derides to shed its 33 
per cent stake in Leuna after 
construction. The stake, which 
would have passed to Elf, win 
be passed on to Buna. 


Exports 
of toxic 
waste to 
be banned 

By Frances Williams in Geneva 

Ail exports of hazardous 
wastes from rich countries to 
poor ones will be ontlawed 
from the end of 1997. the 64 
members of the United Nations 
toxic waste convention decided 
yesterday. Exports of toxic 
waste destined for final dis- 
posal rather than recycling 
will be prohibited immedi- 
ately. 

The ban was greeted with 
jubilation by environmental 
groups and developing conn- 
tries which have waged a vig- 
orous campaign to halt toxic 
waste dumping in the third 
world and, increasingly, in 
eastern Europe. 

Greenpeace bailed the deci- 
sion, which was taken by con- 
sensus, as “a striking victory 
for global environmental jus- 
tice’*. Mr Chris Lamb, who 
chaired the week-long confer- 
ence of the parties to the Basle 
convention on transbonndary 
movement of hazardous 
wastes, said the Internationa] 
community had taken “an his- 
toric step". 

The turning point came on 
Thursday when European 
Union ministers in Brussels 
decided to support the ban 
from end-1997. This brought 
into line two strong opponents 
of an outright prohibition, 
Britain and Germany, the 
world's biggest toxic waste 
exporter. 

Other dissenters, Australia, 
Canada and Japan, were then 
isolated. The United States, 
which also opposes a ban. is 
not a member of the conven- 
tion and is not bound by yes- 
terday’s decision. 

According to the UN Envi- 
ronment Programme, over 
400m tonnes of hazardous 
wastes are produced each year, 
98 per cent of this by the 
industrialised countries. OECD 
nations export 10-12m tonnes 
of toxic waste each year to the 
third world. 

The Basle convention, which 
came into force in May 1992, 
regulates transboundary 
movement and disposal of 
toxic wastes. 

• A committee of the 1975 
UN convention on interna- 
tional trade in endangered spe- 
cies (Cites) has decided not to 
recommend trade sanctions 
against China. Taiwan, Hong 
Kong and South Korea, despite 
evidence that continued use of 
tiger bone and rhino horn for 
traditional medicines is bring- 
ing the protected species close 
to extinction. 


EU steel deal 
a camouflage, 
say officials 


By Gillian Tett in Brussels, 
Michael Undemann in Bonn, 
and Andrew Baxter in London 


They are too polite to use the 
fudge word. But as officials in 
Brussels yesterday digested 
this week’s surprise agreement 
forged between steelmakers 
and Mr Martin Bangemann. EU 
industry commissioner, the 
mood in some quarters was bit- 
ter. 

Although Mr Bangemann’s 
entourage insists it is delighted 
that the industry has appar- 
ently met the European Com- 
mission’s demands for further 
steel reductions, in private offi- 
cials admit the deal may have 
been little more than a 
face-saving camouflage. 

“All that has happened is 
that the problem has been put 
off for another year or two - 
nothing has really been agreed 
at all," commented one Com- 
mission officiaL 

From the perspective of 
some member states, at least, 
such an analysis may seem too 
harsh. 

Mr Bangemann’s aides point 
out that his meeting on 
Wednesday with chiefs of the 
big steel producers marked a 
significant shift in the negotia- 
ting climate. In place of the 
political posturing which has 
dogged recent negotiations, 
both sides are proclaiming a 
new climate of ‘‘understand- 
ing". This involves agreement 
to aim for cuts totalling some 
19m tonnes in capacity, in 
exchange for extending the 
deadline for a restructuring 
plan until November. 

Furthermore, the steel indus- 
try’s offer of a moratorium on 
state aid until November has 
been welcomed by the Commis- 
sion and member states, partic- 
ularly in the UK which has 
recently stepped up its 
demands that the Commission 
take a tougher line on state 
aid. But with the details of the 


plan remaining to be decided, 
some Commission officials fear 
that the extension of the dead- 
line will give the industry 
more scope to evade the cuts. 

The steel market is expected 
to pick up in the summer, 
partly on the back of a recov- 
ery in the motor industry, so 
further cuts are likely to be 
even less palatable to the steel 
sector. These fears have been 
fuelled by continuing ambigu- 
ities in the new “understand- 
ing”. Including the source of 
the extra reductions. 

Although the Commission 
says the final figure has been 
boosted by 6m tonnes-worth of 
cuts in the Italian private sec- 
tor and 2m tonnes-worth 
through private sector merg- 
ers, most probably In Ger- 
many, in practice these figures 
appear to involve little more 
than a juggling of earlier 
offers. 

There is also a question over 
the degree of Industry support 
for the deaL 

British Steel one of the most 
hawkish or the private sector 
producers, reacted cautiously 
to the deal as it did not attend 
Wednesday's meeting. But it 
said anything which led to sub- 
sidies being ended perma- 
nently would be welcomed. 

The German steel federation 
was pleased that talks about 
capacity cuts had been 
extended and that an Ecu240m 
f£181.4m) aid package to help 
pay for redundancies had not 
been cancelled. 

“The industry needs this. It 
is not over the worst yet." it 
said. But German producers 
were not likely to make any 
extra capacity cuts. 

But Dr Rod Beddows, a Lon- 
don-based steel consultant, 
said that, following the contro- 
versial rescue of the Klocker- 
Werke mill in Bremen, the 
KrupP Hoesch plant at Dort- 
mund looked to be the most 
vulnerable among German flat 
product plants. 


Bundesbank warning on derivatives 


By Christopher Parkes 
In Frankfurt 

The Bundesbank yesterday 
issued a forceful public warn- 
ing on the mounting risks pres- 
ented by the proliferation of 
financial derivatives t rading in 
global markets. 

Financial Institutions’ 
should take care to install con- 
trols to ensure they had a real- 
istic picture of the dangers 
faced, Mr Edgar Metster, a cen- 
tral bank director told a Frank- 
furt conference. 

The difficulties of some man- 
agers in understanding the 
activities of the analysts and 
mathematicians, “today’s sor- 
cerer’s apprentices", in their 
trading departments was a 
serious problem, he said. 

Mr Me is ter warned that no 


The Bundesbank cannot amply ignore recent 
explosive growth in its M3 money supply 
measure, nor can it count on continuing falls 
In import prices to reduce inflation, Mr Hans 
Tfetemeyer, Bundesbank president, said 
yesterday, writes Christopher Parkes. Ruling 
out “hasty” redactions in interest rates, he 
told a meeting in Frankfort the central bank 
had to keep a close watch on price 
developments. Basic trends suggested further 


iwwng in price pressure in the coming months, 
and February’s M3 data, released earlier this 
week, showed a slight slowing in monetary 
growth compared with January. Bat growth 
at an annual rate of 17.6 per cent, compared 
with the bank’s 4-6 per cent target range, 
could signal inflation, Mr Tletmeyer said. 

A February inflation rate of 3.4 per cent, which 
he compared with France’s 1.8 per cent, was 
still dearly too high. 


institution should consider 
entering the derivatives busi- 
ness unless it was staffed by 
people with the necessary 
know-how , competent supervi- 
sors and high-performance 
computer and software 
systems. 

The trend towards ever more 
complex “hybrid” products, 
l inking different derivative 
instruments, made risk assess- 


ment ever more difficult, he 
said. 

Non-bank newcomers to the 
business, operating outside the 
scope of banking supervision, 
presented a special problem, 
and more information was 
needed on them and their 
activities, he said. 

"Statements to the effect 
that nothing has happened yet 
or that there is no need for 


additional regulation are just 
as unhelpful as horror scenar- 
ios such as the often-used pic- 
ture of young people using 
their computers to construct a 
hydrogen bomb Cor the finan- 
cial world.” he said. 

Mr Meister suggested that 
the dangers were often played 
down with claims that only the 
big banks were active and they 
had the risks firmly under con- 


trol: “I cannot accept this atti- 
tude and behave as though 
only good guys were involved." 
In Germany itself, where regu- 
lation was relatively tight, 
derivatives trading had 
reached a scale where It almost 
equalled the banking sector’s 
entire business volume, he 
said. 

In response, the Bundesbank 
is discussing In detail the 
extent to which its statutory 
obligation to maintain mone- 
tary stability was being ham- 
pered by this business. 

Together with the federal 
supervisory authorities it was 
reviewing the effectiveness of 
current minimum require- 
ments for derivatives trading 
and how the maintenance of 
these standards could be super- 
vised, he added. 



Russian metal workers demand changes in tax laws and stable electricity prices outside Moscow’s White House yesterday 

A tractor driver from Harvard 


By Layla Boulton in Vlacflnit 

The success of a Harvard 
Business School graduate in 
seizing control of an ailing 
Russian tractor plant this week 
provides a cautionary tale to 
communist-era managers who 
are trying to rescue plants 
with old-style methods doomed 
to rail ore. 

Mr Iosif Bakaleinnik, 42, was 
elected chief executive officer 
of the Vladimir Tractor Plant 
on Thursday, just nine months 
after Mr Anatoly Grishin, the 
plant's manager for 16 years, 
blocked his first takeover 
attempt. The 60-year-old Mr 
Grishin convinced the majority 
of shareholders that his rival 
had "neither the moral right 
nor the qualifications” to run 
the plant 

But Mr Grishin was forced to 
quit in January after he tried 
to keep the plant going by tak- 
ing out expensive bank loans 
to pay wages while delivering 


goods free of charge to his con- 
nections - insolvent enter- 
prises that promised to pay 
him later but never did. 

Mr Bakaleinnik, who is still 
officially employed by the 
International Finance Corpora- 
tion, the World Bank's private 
development arm, was at pains 
to explain to a suspicious 
workforce why he was embrac- 
ing a $300-a-month salary to 
try to turn round a company 
which has been standing idle 
for the best part of four 
months. "It's like climbing the 
Himalayas. You go up and if 
you're lucky you come down." 
But he has already asked the 
IFC to keep a job open for him 
in Washington should he faiL 

The plight of the Vladimir 
Tractor Plant Is typical of 
many Russian plants whose 
problems in a depressed econ- 
omy have been compounded by 
gross mismanflgamp.nt . 

With his western know-how 
and connections, as well as his 


plans for overhauling the com- 
pany's financial and marketing 
strategy, Mr Bakaleinnik is 
seen, in the words of the 
plant’s acting chief engineer, 
as a last chance to “save the 
company and the workers who 
survive in it”. 

Mr Grishin's deputy until he 
went off to Harvard on a gov- 
ernment scholarship. Mr Bak- 
ale innik ensured his board- 
room victory by marshalling 
the support of the Russian gov- 
ernment and Institutional 
investors, who now hold 54 per 
cent of the company. 

His main backer is Renova, a 
(JS-Russian joint venture 
which spent $lm acquiring a 17 
per cent stake and has given 
Mr Bakaleinnik an option on a 
significant stake in the plant If 
he manages to bring it back to 
health. 

Mr RakaTmmrilr will now try 
to raise the Rbs20bn-Rbs25bn 
($Um-$l4m) which he says the 
company needs this year to 


complete a long-delayed mod- 
ernisation and restructuring 
programme, which has begun 
with efforts to cut the work- 
force from 14,500 to 10,500. 

He will also look for a strate- 
gic partner abroad, but first 
wants to build a whofiy-con 
trolled dealer network for the 
plant so that when “John 
Deere [the US agricultural 
equipment company] conies to 
the Russian market they have 
to come to us". 

The company’s bright spot is 
its hard-currency export mar- 
ket, which accounts for 14 per 
cent of its output 

But Mr Bakaleinnik says 
that the flourishing of a domes- 
tic market will paradoxically 
depend on the ability of the 
country's conservative agrar- 
ian lobby -which opposes the 
radical reforms that made the 
plant’s privatisation possible in 
the first place - to extract 
extra farming subsidies for 
peasants to buy his tractors. 


Crimea in time with Moscow 


By JU Barshay In Kiev 

Ukraine’s Crimea peninsula is 
marking this weekend’s elec- 
tions for Ukraine’s first post- 
Independence parliament by 
moving its clocks an hour 
ahead: to Moscow time. 

It will also be holding an 
opinion poll, banned by Presi- 
dent Leonid Kravchuk last 
week as a referendum in dis- 


guise, asking citizens IT they 
want dual-citizenship with 
Russia, equal status with Kiev 
and enhanced decree powers 
for the region’s president 
Crimea is one of three Ukrai- 
nian regions holding outlawed 
plebiscites this weekend. 
Donetsk and Lugansk, in east- 
ern Ukraine, will also be ask- 
ing their citizens if they sup- 
port regional autonomy and 


making Russian an official 
language. The polls wjD have 
immediate results and pose 
immediate problems for Kiev, 
since they could arm all three 
regions with a popular man- 
date to seek independence 
from Ukraine. 

Hie outcome of the Ukrai- 
nian parliamentary election is 
likely to be for less clear and 
far less immediate. 


At stake Is whether the old 
Soviet establishment of red 
barons and bureaucrats Is 
going to be removed. 

Election rules require the 
winner to poll at least 51 per 
cent in each district, but with 
as many as 25 candidates in 
some districts, most races will 
go to a second round of voting 
on April 10 and results win 
not be known until mid-April. 


Clashes in Paris as students protest over wage law 


By David Buchan in Paris 

Tens of thousands of students 
marched through Paris yesterday in a 
display of opposition to a youth wage 
law. which has become a thorn in the 
government’s side. 

More than 30.000 students were 
watched by some 2^500 police in riot 
gear and another 800 in plain clothes. 


after Mr Charles Pasqua, tbe interior 
minister, warned that any repetition 
of the looting on recent marches 
would be heavily punished. 

"Looters must know that, given the 
cowardice it takes to hide behind 
kids, the police and judiciary will be 
merciless," he said. 

However, several hundred demon- 
strators started throwing stones at 


police, who responded with a baton 
charge and tear gas. The march fol- 
lowed a night of clashes in Nantes, 
where a protest turned vicious when 
protesters hurled petrol bombs at 
police. 

Several thousand students also 
demonstrated in Bordeaux and St 
Etienne yesterday against the govern- 
ment’s move to allow employers the 


freedom to pay young workers less 
than the minimum wage provided 
they provide some training. 

Students, backed by trade unions 
and left-wing politicians, have been 
calling for Prime Minister Edouard 
Balladur to withdraw completely his 
youth wage law. ever since it was 
published in decree form last month. 
Mr Balladur has modified it slightly 


to take account of complaints by grad- 
uates that their qualifications were 
being ignored in tbe pay provirions 
and also to tighten the definition of 
training under the law. 

The prime minister now appeals to 
be standing firm, with his interior 
and education ministers warning stu- 
dents to stay off the streets. 

Work protest and affray. Page 9 


Ministers 
to renew 
battle on 
EU votes 


By Lionel Barber in loamtoa 
and Pftfflp Stephens 
in Plymouth 

European foreign ministers 
will today try to break the 
stalemate over voting rights In 
the European Union, but there 
seems little prospect of a deal 

Hopes rest on Britain and 
Spain offering “a goodwill ges- 
ture" which would avoid a 
breakdown in negotiations and 
coax their 10 EU partners into 
reciprocal movement at the 
two-day meeting at loannioa, 
Greece. 

“I don’t think people are 
ready psychologically for a 
deal,” a senior EU official said 
yesterday. The best outcome 
was likely to be an InfoimaL 
understanding offering the 
prospect of a settlement before 
Easter, possibly at a fifth meet- 
ing of the EU foreign ministers 
in Brussels on Tuesday. 

Britain and Spain are insist- 
ing on maintaining voting 
rules allowing two large Union 
member states and one small 
country to block decisions in 
the Council of Ministers. The 
impasse risks delaying the 
admission of Finland. Sweden. 
Austria and Norway into the 
Union next year. 

The rotating Greek presi- 
dency of the EU. backed by 
Germany, remains adamant 
that the Anglo-Spanlsh axis 
must accept an increase in the 
socalled blocking minority to 
take account of tbe four new 
members. Hopes of a compro- 
mise rest on a trade-off In 
which the UK and Spain con- 
cede that the blocking minor- 
ity must rise from 23 to 27 
votes. In return, countries 
mustering between 23 and 27 
votes would obtain an auto- 
matic right to delay decisions 
for at least two months. 

Britain is pressing for a 
legally binding protocol allow- 
ing it to delay decisions on 
contentious matters such as 
social policy. But senior EU 
officials said a commitment 
was "out of the question” 
because it would be rejected by 
the European Parliament, 
which must ratify the acces- 
sion treaties. 

Mr Douglas Hurd, UK foreign 
secretary, raised hopes of an 
eventual deal with an explicit 
declaration yesterday that be 
was prepared to reach a com- 
promise on the issue. “We are 
flexible. We are willing to 
accommodate. But others have 
to be so also.” he said. - - 
Mr Hurd said the UK cabinet 
had allowed him “some flexi- 
bility’' to 8 trike a deal, but he 
was uncertain whether an 
agreement would be reached at 
tbe weekend talks. 

The voting rights row will 
dominate the two days of infor- 
mal talks, with little time to 
address pressing matters such 
as instability in the Ukraine 
and Algeria and prospects for a 
peace settlement in former 
Yugoslavia. 


An upstart in the heart of Bossi country 

John Simkins on a Forza Italia candidate for the right in a Northern League stronghold 


; \ 

ir 


\i Lombardy : __ , 

• Monza ; 


Venice' 



Mr Raf facie 
Della Valle is 
,ii|a careful not to 

say so. but as 
Mill 111!! candidate in 
‘illltl 1 IB| Monza for a 
ITALIAN *.«>, «r- party 

ELECTIONS nyhUvinff a "'' 
ance in this 
*1arch 27 _ wce [( en( i' g Ital- 
ian elections he Is a cuckoo in 
the nest. 

He belongs to Forza Italia 
which had a tough job convinc- 
ing the populist Northern 
League to accept him as joint 
candidate. Monza, a town of 
125.000 inhabitants on the 
northern edge of Milan prov- 
ince. has a League-dominated 
council and the party, led bv 
Mr 1 mberto Bossi, has grown 


accustomed tn its eight-year 
life to regarding it as home 
ground. 

But an election victory’ for 
Mr Delia Valle In this first- 
past- the post lower house seat 
matters greatly to Forza Italia, 
both within I .am bard y. where 
Monza is the third largest 
town, and further afield. He 
would bring Mr Silvio Berlus- 
coni's new party considerable 
prestige as a lawyer famous for 
the successful defence of the 
TV personality Enzo Tortara, 
who became Italy's Dreyfus of 
the I98fls when accused of 
involvement with drugs and 
the Camnrra. 

Mr Della Valle’s chances are 
said to be strong but his candi- 
dature has thrown up prob- 


lems for the right wing typical 
of much of the north. Mr Bos- 
si’s wild attacks on Forza 
Italia, which he regards as an 
upstart stealing League sup- 
port, have created tension and 
Mr Della Valle cannot neces- 
sarily count on votes from the 
more radical League support- 
ers. Moreover, the chairman of 
the local industrial association 
has come out in favour of the 
candidate of the centrist Fact 
for Italy. 

Right-wing voters also have 
the option of the National Alli- 
ance, the former neo-fascists, 
which has a pact with Forza 
Italia in the south but not in 
the north where it is anathema 
to the League 

As both the League and 


Forza Italia have headquarters 
in Milan, they and the two 
smaller parties fighting along- 
side them expect widespread 
northern success. Indeed, in 
Milan and province Mr Roberto 
Cipriani, the Forza Italia coor- 
dinator, claims the alliance can 
take 29 of the 31 first-past-the 
post seats for the lower house. 

For Prof Guido Martinottz of 
Milan university’s political sci- 
ence faculty the big question is 
whether Forza Italia backers 
will vote for League candi- 
dates. “That is what the other 
parties are capitalising on,” he 
says. 

As the senior partner in the 
all La nee. League nominees 
make up the lion's share of 
candidates in Milan and prov- 


ince. But the knowledge that 
they are shored up by reluc- 
tant Forza Italia support would 
weaken the right II it entered 
government. The measure of 
support for each party will 
become apparent in the seats 
reserved for proportional repre- 
sentation, which parties fight 
under their own banners. 
These represent a quarter of all 
seats and, in Milan and prov- 
ince, total 10, on top of the 31 
first-past-the-post seats. 

Prof Giuseppe Maria Lon- 
goni. a historian who lives in 
Monza, detects falling support 
there for the League “People 
thought problems would be 
sorted out but there has proved 
to be no magic potion.” he 
says. Among these is the argu- 


ment over bow best to make 
use of the huge Villa Reale 
park, inside which is the For- 
mula One racing car circuit 
The League says the track is a 
vital Monza asset but the 
greens have opposed it 
Mr Della Valle’s programme, 
based on making Monza and 
the neighbouring Brianza an 
autonomous province, and set- 
ting up a university at Monza, 
is certainly not one with which 
the Northern League would 
disagree. "I want to avoid the 
risk of Monza becoming 
absorbed as an outlying dis- 
trict of Mian," he says. 

fly other Forza Italia candi- 
dates, his is not a new face as 
he used to be a councillor for 
the now defunct Liberal party. 



What Forza Italia is counting 
on is that the owners of the 
small textiles and furniture 
businesses at Monza will find 
that his face inspires confi- 
dence in the party as a credible 
national force. 


Tllfi HNANC1AL TIMES 
PublMfai by The Finqiefcd Times (Ettfopi 
timbH, NiWunpaipfas 3. 60] IE Frank hi 
am Main. Germany Telephone *+•« $9 13 
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Represented in Frankfort by J. W»lw 8mm 
Wilhelm J. BrQatel, Colin A. tusaunl a 
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Druck-ycrtiicti und Marketing GmbH 
Admiral-RoxndaU- Strasse Jj, 6326 
Ncn-Iicnburg (owned by Hnrrlw 
iDlcn&liooal). 

Responsible Editor Richard Limbed, do 71 
Financ ial Time* Limited 
Bridge. London St 
UK. Shareholder; of the Ktrancu] Timt 
Ihuropel GmbH arc The Financial rra* 
l E «ropeJ Lid. Loud on and F.T. (Germur 
AthettiMg] Lid. London. Starctakfcr of th 
■hove mentioned two companies is; Th 
Financial Times Limited, Number O* 
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Company is incorporated under the bws o 
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FRANCE 

Publishing Director D. Good, 168 Roe d 
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No 678081). 

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N 


TIMES WEEKEND MARCH 26/MARCH 27 1994 


Y. 

U» 

* 


UVi.- 

• \ 


Wlft 

iittf 


nr. 


INTERNATIONAL 


Bill Clinton stays cool under press barrage 

Media ? s teeth stick 
to Whitewater bit 




1 ! . ■ -r •■if*;" " ■ 

• ™:s* fc-L‘ • ■■T/.'l -if- 


By Jurek Martin In Washington 

It was not as if it bad been a 
quiet week. The likely next 
president of neighbouring 
Mexico had been assassinated; 
there had been coup rumours 
in Moscow; North Korea had 
threatened war on the South; 
the last US troops were leaving 
Somalia; the Fed had raised 
interest rates again; and bud- 
get and health bills had made 
progress in Congress. Worthy 
subjects all for a presidential 
press conference. 

Not on Thursday night, 
though, and not to the White 
House press corps. It took a 
journalist - from Honduras of 
all places - asking the 16th 
question (about Mexico) of 
President Bill Clinton, to break 
the Whitewater litany. 

It sometimes seems the capi- 
tal's press - plus attendant pol- 
iticians with their own motives 
- is alone in driving the White- 
water story. Polls show a pub- 
lic growing more concerned 
about it but hardly surprising 
since that is what they are 
being fed. One survey found 
the evening TV news shows 
over the last two months had 
devoted three times as much 
airtime to Whitewater as crime 
and healthcare, which polls 
suggest the public does care 
about 

In many respects, Mr Clinton 
was at his resilient and ratio- 
nal best on Thursday night, 
ducking no questions, volun- 
teering more information on 
his taxes and Whitewater 
losses and stoutly denying any 


wrongdoing. He displayed no 
animus - not to the media nor 
even to Jim Leach, the Repub- 
lican Congressman from Iowa, 
whose afternoon onslaught on 
the House floor had set an 
uncomfortable stage. 

He showed again that be is 
not to be messed with in one- 
on-one verbal jousting. One 
reporter tiled to trap him with 
questions on his responsibili- 
ties towards, and relationship 
with, the federal agency in 
charge of cleaning up the 
savings and loan debacle of the 
1980s. *T think the last thing in 
the world I should do is to talk 
to the Treasury Department 
about the RTC [Resolution 
Trust Corporation],'’ Mr Clin- 
ton cracked back. “You all 
have told me that that creates 
the appearance of impropriety 
... you can’t have it both 
ways.” He got his only laugh of 
the evening. 

Even his heaviest critics con- 
ceded that be had rendered an 
impressive performance. “Cool 
and confident,” said the Los 
Angeles Times, “magnificent," 
said Jim Wooten of ABC News, 
“well armed,” said the Wash- 
ington Post, more grudgingly. 
Tbose who bad half-expected a 
Nixonian “Checkers” speech 
were disappointed. 

But far more serious was the 
sight of the White House press 
corps with the Whitewater hit 
between its collective teeth - 
Tory Hunt, AP bureau chief, 
Helen Thomas, UPI doyenne, 
Brit Hume from ABC. Andrea 
Mitchell of NBC. 

They cannot let go now - 


and nor their journalistic 
masters. For some there are 
Pulitzer prizes to he won, along 
with the recognition of their 
peers. Many of the younger 
breed, influenced by Watergate 
20 years ago, seem persuaded 
that all public servants are 
only in it for the power and the 
money. Older hacks have their 
reservations, and write them 
up, but cannot stem the tide. 

Some publications have 
motivations of their own. Hie 
leader writers of the Wall 
Street Journal see in Mr Clin- 
ton a counter-revolutionary 
force capable of wrecking Ron- 
ald Reagan’s legacy. 

They have allowed only 
three days this month to pass 
without savage editorial com- 
ment on the Clintons and their 
friends. Comparable assaults 
last year on Mr Vincent Foster, 
the deputy legal counsel in the 
White House, appear to have 
been a contributory factor to 
his suicide. 

The New York Times, the 
best newspaper in the country 
by a city mfle, has always had 
problems with smart southern- 
ers, Presidents Johnson and 
Carter, for example. Though 
much of its reporting has been 
careful and judicious, some of 
its Whitewater stories give the 

rm pneacirm that A rkansas is a 

smelly object that has crawled 
out from under a prehistoric 
rock. A vast article last week, 
leading off with Mrs Clinton's 
profits as a commodities trader 
in the late 1970s and suggest- 
ing, without hard evidence, 
that the Clintons had been 



Bill Clinton: at his resilient and rational best 


bought wholesale by the state's 
chicken industry, was a classic 
case in point 

The Washington Post has 
been spurred by suggestions 
that it has been out-reported 
on Whitewater by the Wash- 
ington Tunes, the arch-conser- 
vative daily owned by a Kor- 
ean evangelist, Rev Sim Myung 
Moon. But even one of the 
Post’s most famous products, 


Carl Bernstein, of Watergate 
fame, confessed this week he 
was unimpressed by the qual- 
ity of much Whitewater report- 
ing. Some opinion polls point 
to public concern with the 
media’s Whitewater obsession. 

In this climate. Mr Clinton 
can only plug away, as he did 
on Thursday night Even the 
upcoming Easter recess is 
unlikely to offer much relief. 


□ NEWS IN BRIEF 

HK banks 
follow US 
and raise 
rates 


Hong Kong yesterday 
succumbed to the recent rises 
iu US interest rates and 
announced a 0.25 percentage 
point increase in bank base 
rates to 6.75 per cent writes 
Simon Holberton in Hong 
Kong. The decision by Hong- 
kong Bank and Standard Char- 
tered Bank to raise rates ends 
tiie decline in borrowing costs 
which began in May 1991, 
when rates were cut to 9.5 per 
cent from 10.5 per cent. 

The rise, effective from Mon- 
day, had been expected. Hong 
Kong's currency is fixed to the 
US dollar at a rate of HE$7.8 
to the US unit; to maintain the 
link the colony needed to raise 
rates. 

Walesa blocks 
finance posting 

Poland's two-month search for 
a finance minister hit further 
delays yesterday when Presi- 
dent Lech Walesa refused to 
accept Sir Darinsz Rosati for 
the post, writes Christopher 
Bobinski in Warsaw. Mr 
Rosati, an economist working 
for tbe UN in Geneva, had 
been proposed by the social 
democratic SLD, the larger of 
the two governing coalition 
parties. His name was grudg- 
ingly put to Mr Walesa for for- 
mal approval by Mr Waldemar 
Pawlak, the prime minister 
and the PSL farmers' party 
leader, yesterday after heavy 
pressure from the SLD, which 
was handed the finance portfo- 
lio in tbe coalition deal agreed 
between the two parties last 
autumn. 

By blocking the candidature 
President Walesa is In effect 
backing Mr Pawlak, who is 
fighting to win more control 
over financial policies and has 
been unhappy with Mr Rosati. 

Lawrence wins 
cabinet seat 

Ms Carmen Lawrence, the for- 
mer West Australian premier 
and a newcomer to Canberra 
politics, was yesterday given 
the health and human services 
portfolio and a seat in cabinet 
in tbe fourth reshuffle under- 
taken by Mr Paul Keating, 
Australia's prime minister, in 
as many months, writes Nikki 
Toil in Sydney. 

The decision to combine 
buman services with the 
health job means that Mr 
Brian Howe, the deputy prime 
minis ter, loses these responsi- 
bilities but becomes minister 
for housing and regional 
development - picking up tbe 
regional job from industry 
minister Peter Cook. 

Mr Cook, hi turn, takes on 
responsibilities for science. Mr 
John Faulkner becomes minis- 
ter for the environment, sport 
and territories. 


Opec uncertain of output-cut support 


By Robert Contine in Geneva 

The Organisation of Petroleum 
Exporting Countries yesterday 
foiled to deride whether there 
was sufficient support from 
sympathetic independent pro- 
ducers to orchestrate a co-ordi- 
nated worldwide cut In output 
They are to resume talks 
today. 

Hie 12 Opec ministers were 


told that eight countries - Rus- 
sia, Oman, Yemen. Syria, 
Egypt, Brunei, Malaysia and 
Colombia - have agreed to 
make cumulative cuts of 
200,000-250,000 barrels a day to 
bolster weak oil prices. 

Opec has been reluctant uni- 
laterally to reduce its 24.52m 
b/d output «dHwg far fear that 
rising production from non- 
Opec states would make up for 


any shortfall. 

But it is divided over the 
wisdom of making any cuts at 
all. given forecasts that 
demand for Opec oil will rise to 
current production later in the 
year. Yesterday's debate was 
“lively," accenting to Mr His- 
ham Nazer, Saudi oil minis ter'. 

Delegates expressed concern 
that commitments made by 
non-Opec producers might 


prove hard to monitor. They 
were also worried about appar- 
ently contradictory Russian 
statements, which signalled 
support for Opec while indicat- 
ing a desire to increase oil 
exports. 

Analysts maintain that a cut 
of at least lm b/d is needed 
to have any significant or 
lasting Impression on oil 
prices. 


US turns 
its back 
on Somali 
troubles 


By Leslie Crawford, Africa 
Correspondent, and Reuter 

US troops completed their 
withdrawal from Somalia yes- 
terday, leaving an emascu- 
lated UN force in charge of a 
country blighted by cholera, 
hunger and banditry. 

Virtually all that remains of 
Operation Restore Hope, 
launched 15 months ago and 
aimed at feeding starving 
Somalis, is an orphanage in 
north Mogadishu which bears 
Its name. 

“We are pleased with what 
we have done,” said Gen 
Thomas Montgomery, the US 
force commander, shortly 
before boarding a helicopter 
that would take him to a flo- 
tilla of warships waiting off- 
shore. “We know there are 
hundreds of thousands of 
Somalis alive because of what 
we did." 

Ironically, the marine officer 
organising the departure was 
Colonel Matthew Broderick, 
whose company was the last to 
evacuate the US embassy in 
Saigon towards the end of the 
Vietnam war in 1975. 

“This is an orderly with- 
drawal ordered by the State 
Department Saigon was any- 
thing but an orderly with- 
drawal,” he said. 

US officials have been recall- 
ing the h umanitarian success 
of the early days in Somalia, 
when US foreign policy had 
been elevated to philanthropy, 
to justify their disengagement 
from a troublesome country 
where no strategic interests 
are at stake. 

A vefl has been drawn over 
the failure of the US-led multi- 
national peacekeeping force to 
disarm Somalia's waning 

dam. 

The remaining UN peace- 
keepers, from African, Arab 
and Asian countries, have a 
limited mandate to protect 
food convoys and guard key 
installations, such as the port, 
airport and the heavily-forti- 
fied UN compound in Moga- 
dishu. But the UN soldiers 
have not intervened to halt the 
growing number at skirmishes 
around these installations and 
looting is increasing. 


Paris deal cuts 
Ivory Coast 
debt by $2.5bn 


By Our Foreign Slafl 

The Paris Club of official 
creditor nations has agreed to 
a big debt reduction and 
rescheduling package that will 
reduce Ivory Coast's $15.4bn 
(£l0.5bn) external debt by at 
least $2L5bn. 

The agreement is seen as a 
significant step in long-run- 
ning efforts to resolve Africa’s 
crippling external debt crisis. 
Sub-Saharan African debt has 
almost doubled over the past 
decade and now stands at 
nearly $i80bn. 

Debt service payments are 
well beyond the capacity of the 
region and development agen- 
cies and African governments 
have been calling for a 
radical approach to the prob- 
lem. 

A potential beneficiary of the 
breakthrough in Paris is 
Nigeria, whose $34bn external 
debt could be reduced by sev- 
eral billion dollars if the same 
terms were applied. However, 
the Nigerian government ha«= 
foiled to renew a lapsed policy 
agreement with the Interna- 
tional Monetary Fund. 

The first stage of the agree- 
ment for the Ivory Coast 
applies only to the non-conces- 
sional official debt totalling 
$5bn, and the eventual benefit 
will be about half this amount. 
But it also provides for further 
bi-lateral agreements which, 
when concluded, will lead to 
further substantial debt reduc- 
tion. 

Ivory Coast is one of the 
world's most indebted coun- 
tries in per capita terms. 

The move, one of the most 
substantial debt deals offered 
by the Paris Chib, follows an 
agreement on economic policy 
between the West African 

natio n and the IMF. 

The agreement, based cm the 
so-called Trinidad terms of 
debt relief, is better than Ivory 
Coast might have expected. It 
is ranked as a middle-income 
country, while Trinidad terms 
are usually offered only to the 
poorest countries. 

France, however, had prom- 
ised at the time of the 50 per 
cent devaluation of the West 


African CFA franc in January 
to press for the best possible 
terms of debt relief for CFA 
zone countries, particularly 
middle-income countries. 

Less than half the external 
debt is owed to official credi- 
tors represented by the Paris 
Club, according to the latest 
World Bank figures. 

The French Economy Minis- 
try said the Paris Club met on 
March 23 to discuss Ivory 
Coast’s debt Tbe French Trea- 
sury acts as secretary to the 
club. 

“[Paris Club members] wel- 
comed the implementation, 
with the support of the Inter- 
national Monetary Fund, of an 
economic adjustment pro- 

Nigeria, with 
external debts 
of $34bn, is a 
potential 
beneficiary 

gramme and took note of the 
very weak per capita income In 
Ivory Coast and the very big 
cost of its debt, justifying, in 
this case, exceptional treat- 
ment in terms of debt restruct- 
uring," the ministry said. 

The terms offer two options: 
a write-off of 50 per cent of the 
debt service obligations due on 
non-concessional loans and 
credits and consolidation of the 
rest of the debt at market rates 
over a 23-year period, with six 
years’ grace. 

Alternatively the creditors 
can consolidate the total debt 
owed at concessional interest 
rates over 23 years so as to 
reduce by 50 per cent the net 
present value of the payments 
due on non-concessional loans 
and credits. 

The Trinidad terms were 
first proposed in September 
1990 by Mr John Major, tbe 
British prime minister, but 
implementation has been slow, 
with the Japanese government 
having reservations about the 
terms offered. 


Israeli-PLO negotiators 
inch towards full talks 


By David Horovitz 
in Jamsaiein 

A month after the Hebron 
mosque massacre forced the 
suspension of Israeli-PLO 
peace talks, officials on both 
sides indicated yesterday that 
most of the terms for resump- 
tion of negotiations had beat 


Israeli and PLO officials 
Intend to meet again in Cairo 
on Tuesday to finalise arrange- 
ments for the temporary 
deployment of about 100 tight- 
ly-armed Norwegian observers 
in the West Bank town of 
Hebron, in accordance with a 
UN Security Council resolution 
passed last week, and for the 
recruitment of several dozen 


Palestinian policemen to serve 
in the town. 

Provided these details can be 
swiftly agreed, the two delega- 
tions will broaden their discus- 
sions and focus on the “Gaza 
and Jericho first” autonomy 
deal - effectively resuming full 
peace talks. 

Before Jewish settler Baruch 
Goldstein massacred 30 Pales- 
tinians in Hebron's Cave of the 
Patriarchs on February 25, the 
autonomy deal was close to 
completion. 

Mr Shimon Peres, Israeli for- 
eign minister, estimated yes- 
terday that it could be 
ready for signing within three 
wcgJcs. 

It is believed that once the 
agreement is signed the 


deployment of a first contin- 
gent of Palestinian policemen 
in Gaza and Jericho would go 
ahead. The Israelis have also 
committed themselves to an 
accelerated withdrawal of most 
of their forces from Gaza and 
Jericho. 

Signs of a diplomatic break- 
through have done little to 
ease the tension in the occu- 
pied territories. 

Pales tinians in the West 
Bank and Gaza yesterday 
observed a general strike in 
honour of the massacre victims 
and Hebron remains under cur- 
few. 

The Israeli army yesterday 
extended the curfew to the 
neighbouring West Bank towns 
of Ramallah and al-Birah- 


ANC supporters 
march in Durban 


By Patti Waldmetr 
In Johannesburg 

About 100,000 supporters of the 
African National Congress 
marched yesterday through 
the streets of Durban, in Natal 
province, to demand the free- 
dom to vote in South Africa's 
April elections. 

The march was the first 
event in the ANC's planned 
mass action campaign aimed at 
inrrpftjdng popular pressure an 
KwaZulu homeland leader 
Chief Mangosuthu Buthelezi, 
who is boycotting the polL 

Political moves are also afoot 
to try to avert a threatened 
confrontation between the 
multi-party Transitional Exec- 
utive Council and Chief Buthe- 
lezi. President F.W. de Klerk is 


expected to meet Chief Buthe- 
lezi at the weekend to seek a 
political solution to the Natal 
crisis. He is expected to warn 
the KwaZulu leader that if he 
does not ensure free political 
campaigning in the homeland, 
and perhaps accept that his 
Inkatha Freedom party partici- 
pates at least in provincial 
elections, the president will 
have to allow the TEC to inter- 
vene in the homeland's admin- 
istration. 

ANC officials said they did 
not believe Chief Buthelezi 
could be legally removed from 
power, but that his control 
over areas such as h o meland 
policing could be withdrawn. 
This would be tantamount to 
toppling him, while leaving 
him no minally in control. 



Buthelezi: feces intervention 


They did not believe his gov- 
ernment would be overturned 
by popular protest, as hap- 
pened in the Bophuthatswana 
homeland a fortnight ago. 

About a quarter of South 
Africa's voters are in Natal, 
raising the risk that a spoilt 
poll in the province could cast 
doubt on the national result 


Japan’s property prices fall 


Japanese land prices dropped for the third 
consecutive year in 1993, writes Paul Abrahams 
in Tokyo. The fall, the aftermath of property 
speculation during the late 1980s "bubble econ- 
omy”, is a serious problem for Japan's banks 
which hold about Y14,000bn (£89.7bn) in bad 
loans, cm which most of the collateral is prop- 
erty. 

The National Land Agency said residential 
property prices fell -L8 per cent last year and 
would fell further this year. That co mp ared with 
an 8.7 per cent fall in 1992. Commercial property 
prices dropped 113 per cent on average, against 
11.4 per cent the previous year. 


Tokyo has been hit by the collapse in prices 
for more than other cities. In many regional 
cities prices were unchanged or fell only 
slightly, according to the agency. However, com- 
mercial prices in the capital fell 19 per cent last 
year, while in central Tokyo they plunged 23.7 
per cent Residential prices in central districts 
fell 24 per cent in 1993. 

The continuing strength of the recession in 
Japan was underlined yesterday when depart- 
ment stores reported sales down 42 per cent in 
February, against tbe same raonfh last year. 
Cold weather and consumers buying cheaper 
goods were partly to blame. 


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 Dbayeh pumping station from the power 
generation plant of Zouk. 

This supply will comprise two 66 KV buried electric power lines (3 x 300 mm 2 , 15 MVA each) on an 
approximate 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 US$ 500 (Five Hundred US 
Dollars) as from Thursday, 24 March 1994 at the following address: 

Council for Development & Reconstruction 
Toilet 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. 


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: 

Coondl for Development & Reconstruction 
Tbllet 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. 








NEWS: UK 


Lyell blames officials over PH certificates 


Cinema 
use falls 


By John Mason, 

Law Courts Correspondent 

Sir Nicholas Lyell QC, the 
attorney-general, yesterday blamed 
civil servants under his supervision 
for errors over the handling of 
claims for public interest immunity 
certificates (PH) during the Matrix 
Churchill trial 

In his final day giving evidence to 
the Scott inquiry. Sir Nicholas 
admitted that both the trial judge 
and prosecuting counsel should have 


been told by government lawyers 
from the Treasury Solicitor's Depart- 
ment that Mr Michael Heseltine, the 
trade and industry secretary, had 
objected to signing a PH certificate. 

Although insisting he was not try- 
ing to evade his responsibilities as 
the minister responsible for supervi- 
sing Treasury Solicitor's Department 
lawyers. Sir Nicholas said he could 
not be expected to “second-guess" 
the way they carried out their work, 

Mr Heseltine had been concerned 
that the PU certificate, which 


attempted to prevent official docu- 
ments being disclosed to the defence, 
would endanger the chances of a fair 
triaL He consulted Sir Nicholas who 
then instructed him that he was 
under a duty to claim PH and had no 
discretion in the matter. 

Sir Nicholas said he had trusted 
lawyers in the Treasury Solicitor's 
Department to pass on the corre- 
spondence between himself and Mr 
Heseltine on the issue to Mr Alan 
Moses QC, the chief prosecutor. 

This had not been done and the 


failure meant the case for cl aim i n g 
PH was wrongly argued by Mr Moses 
to the judge. Sir Nicholas admitted. 

“There were a number of things 
that did not happen as they should," 
Sir Nicholas told Lord Justice Scott 
He agreed that instructions given 
by the government solicitors to Mr 
Moses were too brief and misrepre- 
sented the position in stating that all 
ministers concerned were seeking 
the disclosure of the documents. 

The attorney-general agreed with 
Lord Justice Scott that it would have 


been both possible and preferable for 
Mr Moses to have told the judge of 
Mr Heseltine’s concern for the docu- 
ments to be disclosed. 

Sir Nicholas said: “I am a minister 
of the Crown. The Treasury Solici- 
tor’s [Department] flails under my 
responsibility and 1 accept that" 

However, distancing himself from 
his staff, he said his job did not 
include “day to day” supervision of 
tbeir activities. 

It was impractical for the small 
team of people in the attorney- 


general’s office to monitor all the 
activities of the Treasury Solicitor’s 
Department, he said. 

Sir Nicholas also stated that Mr 
Moses had given him a firm assur- 
ance that the documents the govern- 
ment wanted withheld would not 
endanger the prospects of a fair trial 

Not having seen the documents 
himself , Sir Nicholas said he had 
personally checked this with Mr 
Moses shortly before the trial 
started. “Mr Moses did indeed con- 
firm It." he said. 


Tecs fear 


M Tories in Plymouth issue blunt attacks M .Alternative leaders 


discussed M Voting rights motions defeated 


cuts to 

start-up 

scheme 

By Lisa Wood, 

Labour Staff 

The business start-up scheme, 
which last year assisted more 
than 30.000 unemployed people 
into self-employment, may be 
severely curtailed in the next 
few years, local development 
bodies have warned. 

The warning about the 
scheme comes from tr aining 
and enterprise councils, which 
administer government train- 
ing schemes in England and 
Wales; and from enterprise 
agencies, small business advice 
centres backed by funds from 
the private and public sectors. 

In 1993-94 the scheme, which 
offers subsidies of about £50 a 
week for six months to unem- 
ployed people who want to set 
up their own businesses, cost 
the Department of Employ* 
meat some £62m. 

From next month the 
scheme will transfer into the 
new single regeneration bud- 
get. which brings together pro- 
grammes from several depart- 
ments. 

Budgets for programmes will 
no longer be ring-fenced and 
Tecs, along with local authori- 
ties and other organisations 
seeking money for economic 
development and regeneration, 
will have to compete for the 
funds. 

Tecs and enterprise agencies 
fear that the business start-up 
scheme could suffer because of 
a new government emphasis 
on helping existing businesses, 
which offer more prospect for 
creating jobs. 

Their -fears have been pro- 
voked by a cut of up to 50 per 
cent in budgets for business 
start-ups in 1994-95, which is 
being treated as a transitional 
period. 

Mr Malcolm Allen, chief 
executive of Sussex Tec, said: 
“There is concern among Tecs 
that the senior regional direc- 
tors will choose not to re- 
finance the scheme because of 
demands from other areas.” 

Mr Peter Brown, general 
manager of the London Enter- 
prise Agency, said: “Although 
concentration on job creation 
through existing businesses is 
laudable 1 worry about the 
transfer of resources away 
from start-ups which are also a 
potential job creator." 

• The Workstart programme, 
aimed nt getting the long-term 
unemployed back to work, is to 
be extended by six months, Mr 
David Hunt, employment sec- 
retary, said yesterday. 

The pilot schemes will now 
run at least until the end of 
September, be said in a Com- 
mons written reply. 

The schemes began last sum- 
mer, offering financial incen- 
tives to employers to take on 
the long-term jobless. 


Senior 


ministers combine fire on opposition 



Haatsr 

Douglas Hard (second from left), the foreign secretary, acknowledges the applause for his address at Plymouth yesterday in which he called for party unity on Europe 


By James Blitz 
and David Owen 

Leading government figures 
issued blunt attacks on Labour 
and the Liberal Democrats yes- 
terday as the Conservative 
party kicked off its campaign 
for the forthcoming local and 
European elections. 

In a series of speeches at the 
Conservative Central Council 
in Plymouth, cabinet ministers 
gave detailed appraisals of the 
policies being carried out by 
their departments. 

However, most of their effort 
was concentrated on attacking 
the opposition parties, with as 
much time spent deriding the 
Liberal Democrats as the main 
opposition. 

Sir Norman Fowler, the 
party chairman, promised dele- 
gates that the party was fully 
committed to fighting both 
election campaigns, and had 
organised “the biggest series of 
ministerial tours outside a gen- 
eral election". 

But amid several swipes at 
the Labour leadership. Sir Nor- 
man underlined the impression 
given in recent days that Tory 
party managers see the Liberal 
Democrats as the biggest 
threat “In May and June, we 
must take the attack to the 
Liberals,” he said. “They have 
had a free ride for too long." 

Mr David Hunt the employ- 
ment secretary, issued a 
detailed attack on Labour’s 
economic policies, arguing that 
its commitment to a statutory 
minimum wage and full 
employment was “socialist 
nonsense". 

He added: “If the trade 
unions want to end their years 
of decline, they must sever 


their links with this sort 
dogma. They must get back to 
the workplace, selling their 
services to their members.” 

Mr Michael Howard, home 
secretary, emphasised that his 
tough stance on p unishing and 
preventing crime would not be 
undermined by recent reverses 
in the House of Lords. 

Mr Peter Lilley, social secu- 
rity secretary, also hinted that 


reductions in his department's 
£80bn expenditure on welfare 
benefits were still essential if 
the government was to get a 
firm grip on public expendi- 
ture. 

However, he underlined that 
there was no question of min- 
isters mak i ng any changes to 
the universal state pension. 
“We Conservatives won't 
means-test your pension, " Mr 


Lilley told his audience. “We 
have no intention of punishing 
the prudent, and the basic pen- 
sion is a platform people can 
build on." 

Speaking in Bath, the chan- 
cellor, Mr Kenneth Clarke, said 
Liberal Democrat proposals for 
a carbon tax along with value 
added tax on domestic fuel at 5 
per cent would cost the aver- 
age household £160 a year. 


He said the effect on the less 
well-off would be proportion- 
ately greater. 

Mr Clarke added that Liberal 
Democrat proposals to raise 
income tax, to limit the per 
sonal allowance and to 
increase National Insurance 
contributions for. the self- 
employed added up. to a “dev- 
astating tax demand". 

Accusing the Liberal Demo- 


crats of saying one thing and 
doing another, Mr Clarke said 
the party was “as usual ■ . . 
hying to have It both ways". 
The chancellor added that 
while claiming to be "green" 
with Friends of the Earth, the 
Liberal Democrats simulta- 
neously condemned VAT on 
fuel as a "death tax"- even 
though they had once advo- 
cated it 


Major supporters who harbour private despair 


Campaigners for greater democracy in 
the Tory party yesterday said they had 
given the leadership "a bloody nose" in 
the annual battle over voting rights at 
the central council. 

The Charter Movement, a Tory splin- 
ter group that seeks greater party 
accountability, defeated three motions 
by the national union executive that 
would have deprived rank-and-file 
members of some voting rights. 

The first sought to change the rules 
over the election of members to the 


Conservatives' main executive body, 
the board of management At present 
the national union executive - which 
brings together a cross-section of party 
organisations - nominates three offi- 
cials to the board of management 
These nominations most be ratified by 
the central council the only body on 
which junior members of constituency 
party organisations are represented. 

The motion, which would in effect 
have deprived the council of Its right 
to vet the nominations, was passed by 


273 votes to 178, but failed to achieve 
the two-thirds majority required for 
inclusion in the rules. 

Two other motions, including one 
which some delegates said would have 
created “oppressive burdens” on the 
right to convene an emergency meeting 
of the central council were defeated. 

The charter group succeeded two 
years ago in passing a motion to con- 
vene an emergency meeting of the cen- 
tral council to discuss party democ- 
racy. Sir Basil Feldman, the chairman 


of the national union, has since 
claimed that some of the votes in 
favour of calling the meeting were 
invalid, and It has not been convened. 

Ms Sharon Spiers, a leading activist 
in the Charter Movement, said yester- 
day: "Every time delegates come to the 
central council they leave more and 
more angry." She said 43 per cent of 
the rank and file favoured more democ- 
racy for the party's affairs, and in 
fixture years the movement would be 
able to make far-reaching changes. 


By James BHtz 

Standing in one of the bars in 
the Plymouth Pavilion, the 
young delegate from the Mid- 
lands drew on her cigarette 
and chose her words carefully. 

“Talking on the record, I 
think John Major Is the best 
leader we could possibly have,” 
she said. “Off the record, I 
think we need a change of 
leader as soon as possible. The 
situation is desperate.” 

Public satisfaction and pri- 
vate despair with the prime 
minister were much in evi- 
dence in the bars and tea 
rooms at the Conservative cen- 
tral council yesterday. Pub- 
licly, the 400 delegates who 
make up the party's most loyal 
activists were full of praise for 
Mr Major for his negotiating 
skills, his h uman qualities, and 
a tough stance on Europe. 

But cajole the delegate, and 
ask who they would like to see 
as party leader by the end of 
the year, and it is clear they 


have thought the issue 
through very carefully. 

“Heseltine has all the cha- 
risma and the punch to give us 
the impetus we need," said a 
prospective parliamentary can- 
didate, carefully turning over 
his conference pass so his 
name could not be seen. “He 
has the leadership qualities, 
the oratorical skills, the judg- 
ment to bring us victory.” 

Another prospective candi- 
date agreed. “Looking back." 
he said, “1 think we made a 


mistake not to choose Michael 
in the last leadership contest" 
Six months ago. Mr Heseltine, 
the trade and industry secre- 
tary, might have been dis- 
counted by many for his role in 
bringing down the last leader. 
But as one delegate said: “All 
that was aeons ago." 

Mr Kenneth Clarke, the 
chancellor, also had support- 
ers. “He is a class act" said a 
woman from the west country, 
“and the Budget was a techni- 
cal triumph". 


There is no doubt that Mr- 
Major retains strong support 
“I have met him personally 
and he is stronger than any 
other candidate," said Ms 
Gleoys Hurl e-Hobbs, a council- 
lor. 

But the praise yesterday was 
often lukewarm, apologetic. 
"He will stay as long as he 
wants to stay,” said Mrs Dene 
Thomas from Brecon and Rad- 
nor. “He took over at a time oT 
huge difficulty for the coun- 
try,” said one delegate. “He has 


done nothing wrong, it’s just 
that people don't trust him any 
more." 

By chance, Mr Major, Mr 
Heseltine and Mr Clarke will 
address the conference today 
in what Conservative Central 
Office is calling a beauty con- 
test 

Yet some delegates are trou- 
bled by deeper issues than who 
will be their leader. After six 
months of revelations about 
Tory politicians' personal lives, 
the Scott inquiry and questions 


over the accountability of gov- 
ernment, they are voicing fears 
that the party and its MPs are 
losing touch with ordinary peo- 
ple. 

"1 don't care who is leader,” 
said a woman who runs one of 
the largest constituency associ- 
ations in the south of England. 
“But if there is a contest, I 
hope the candidates start it by 
putting on false moustaches 
and glasses, getting out of 
Westminster and speaking to 
people." 


25.7% in 
quarter 

Cinema admissions in the last 
quarter of 1993 were 25.7 per 
cent below the figure in the 
third quarter, say Central Sta- 
tistical Office figures, Ray- 
mond Snoddy writes. 

The fall comes against a 
background of. rising cinema 
admissions in the UK. 

There were an estimated 
22.6m admissions in the period 
and 1,625 screens were operat- 
ing at 511 sites with average 
revenue per screen of £38,600. 
Estimates of cinema activity in 
the UK are calculated from the 
returns made by a small volun- 
tary panel of contributors. 

Teachers’ 2.9% 4 

rise confirmed 

A 2.9 per cent increase in 
teachers' pay in England and 
Wales will apply from next 
week, education secretary Mr - 
John Patten said yesterday. 

The government had insisted 
there would be no extra money 
for public-sector pay rises this 
year and the cash would have 
to be found by increased efS- - 
dency or cost cuts. 

HSE to examine 
radiation leak 

The Health and Safety Execu- 
tive is to investigate an inci- 
dent in which two workers at 
the Aldermaston atomic weap- 
ons estab lishm ent were con- 
taminated by radiation. 

The Ministry of Defence said 
the dose involved was “very 
small" but still above strictly 
applied safety levels. The leak 
happened during routine work 
in a laboratory at the plant in 
Berkshire. 

Yorkshire miners 
move union assets 

The Yorkshire area of the 
National Union of Minework- w 
ers has voted overwhelmingly 
to transfer its assets to the 
national union in Sheffield. 

The 88 per cent vote in- 
favour of the transfer of under- 
takings secures the union’s 
immediate future and under- 
lines the strength of Mr Arthur 
Scaxgill's presidency. 

Yorkshire has about three- 
quarters of the union's mem- 
bership of about 8 , 000 . 

Northern Electric 
regains contract 

Northern Electric has recap- 
tured the electricity supply 
contract for Fujitsu Microelec- 
tronics’ microchip plant in 
Newton Aydiffe, County Dur- 
ham, from PowerGen, Fujitsu 
confirmed yesterday. 

The £2.5m contract for a 
year's supply from April 1 will 
be signed on Monday. 

Judgment reserved 
on company director 

The Court of Appeal yesterday . 
reserved judgment on the 
appeal of Mr Michael Hunt, the 
managing director of Nissan 
UK, the former car importers. 

Mr Hunt was jailed for eight A 
years last July after being con- w '■ 
victed of defrauding the inland 
Revenue of more than £5Qm in 
unpaid corporation tax. He is 
appealing against both convic- 
tion and sentence. The result is 
expected late next month. 


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Ashdown warns on EU reforms 


By Kevin Brown, 

Political Correspondent 

Mr Paddy Ashdown, the 
Liberal Democrat leader, yes- 
terday warned the European 
Union that the next round of 
institutional reforms will fail 
unless national parliaments 
are involved in negotiations. 

Mr Ashdown told the Euro- 
pean Movement in Brussels 
that the Commons “will not 
put up with another Maas- 
tricht In terms of being asked 
to ratify something that 
appears to be a fait accompli”. 

He said the next inter- 
governmental conference on 


EU constitutional reform, due 
in 1996, should include both 
the European parliament and 
the parliaments of member 
states. 

He also called for the addi- 
tion of employment trends to 
the economic convergence cri- 
teria for European monetary 
union, from which Britain has 
been granted an opt-out 

He said this would mean that 
“before the EU could deliver a 
common currency - something 
which its people suspect - it 
would first have to deliver 
something they welcome - 
jobs.” 

Mr Ashdown's comments 


reflect the cautious approach 
being adopted by the Liberal 
Democrats in the run-up to the 
European par liamen t elections 
on June 9, when the party 
expects to win seats for the 
first time. 

Liberal Democrat leaders 
have played down the party's 
long-standing commitment to 
European integration since last 
year's tortuous parliamentary 
debate on the Maastricht 
treaty, when the party helped 
the government to secure rati- 
fication. 

However, Mr Ashdown 
attacked the government's 
“negative" opposition to EU 


proposals to change the 
union's qualified majority vot- 
ing system after the accession 
of Austria and three Scandina- 
vian countries. 

Accusing the government of 
“playing the nationalist card,” 
he said it was in Britain’s 
interests to have a workable 
qualified majority voting sys- 
tem to promote agricultural 
reform, rather than allowing 
“stubborn minorities" to 
defend vested interests. 

“M aintainin g the unity of 
the Conservative party by 
appeasing the nihilists on the 
right is not a vital national 
interest," he said. 


Lib Dems play down fresh race row 


By Kevin Brown 

Embarrassed Liberal Democrat 
leaders were yesterday playing 
down the second race-relations 
controversy Involving the par- 
ty’s controversial Tower Ham- 
lets branch in three months. 

Mr Paddy Ashdown, port; 
leader, said attempts by Tower 
Hamlets activists to achieve an 
“ethnically balanced” election 
ticket were “well-intentioned, 
but misguided”. 

Mr Ashdown was responding 


to disclosures that a ballot of 
members In two wards in the 
Liberal-Democrat controlled 
east London borough had been 
used to produce a mix of white. 
Asian and Afro-Caribbean can- 
didates for the local elections 
in May. The disclosures were 
doubly embarrassing for Mr 
Ashdown, who warned last 
month that the politics of race 
must not be allowed to get a 
grip tn London's east end. 

The issue is sensitive for the 
Liberal Democrats after the 


internal party inquiry last 
year, which ruled that some of 
the party’s activists in Tower 
Hamlets had pandered to racist 
sentiment during the Isle of 
Dogs by-election campaign. 
The poll was won by the 
extremist British National 
Party (BNP), which threatens 
to win further east London 
seats in May. 

Mr Graham Tope, president 
of the Liberal Democrat's Lon- 
don region, said the Tower 
Hamlets party was trying to 


fight racism by fielding a slate 
of candidates reflecting the 
borough’s complex ethnic mix. 

“There was no attempt to be 
racist by anyone,” he said. 
“Their view was that a bal- 
anced ticket reflecting the 
makeup of the area was the 
best way of defeating the 
BNP." 

Tower Hamlets party leaders 
are expected to meet tomorrow 
to recount the ballot results 
without regard to ethnic back- 
ground. 


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FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


Lloyds raps BA fare 

^ IT Anfc cnf 

investment to spark 

watchdog price wa 

” * British Airways yesten 

C. J announced a package of I 


NEWS: UK 


OFT chief attacks music charts 


By Alison Smith 

Another cloud was cast over 
the Personal Investment 
Authority, the new regulator 
to protect private investors, 
yesterday when Lloyds Bank 
described the PIA proposals as 
"seriously flawed”. 

The comment came a day 
after Prudential, the UK’s larg- 
est life insurer, said it would 
not apply to join the PIA bat 
would insist on its right to be 
regulated directly by the Secu- 
rities and Investments Board, 
the chief financial watchdog. 

Lloyds, the high street bank 
which sells life insurance 
through its Lloyds Abbey Life 
arm, said the new regulator 
offered “neither the merits of 
genuine self-regulation nor the 
settled framework and clear 
accountability of regulation by 
a statutory body”. 

The bank has so far stopped 
short of refusing to join the 
new regulator, but the feet 
that it is prepared to make 
public its reservations at this 
late stage will be a blow to the 
PIA, which is due to taka over 
as the regulator for retail 
financial services in July. 

Its formation has been the 
subject of fierce controversy 
within the financial services 
sector, and many organisations 
which have said they will join 
have done so without enthusi- 
asm. 

Now the PIA's supporters are 
lobbying to ensure that Impor- 
tant groups in the sector. 

Loophole 
in data 
protection 
to be shut 

By Motoko Rich 

The Home Office fs to dose a 
legal loophole that could allow 
people to gain unauthorised 
access to personal data held on 
computers. 

Mr Eric Howe, the data pro- 
tection registrar, welcomed 
the move, announced in Par- 
liament on Thursday. 

It follows his call last year 
for a tightening of the law to 
cover third parties who obtain 
electronic personal data by 
deceit from organisations such 
as banks and health 
authorities. 

The British Bankers' Associ- 
ation said it was delighted by 
the Home Office’s plans and 
echoed the registrar's concern 
that individuals and agents 
specialising in supplying 
private information have been 
using deception to get at infor- 
mation such as bank balances 
and account numbers, pension 
arrangements and salary 
details. 

Although the Data Protec- 
tion Act, the Theft Act and the 
Computer Misuse Act are 
designed to guard such infor- 
mation, it is still difficult for 
conrts to prosecute individuals 
and agencies who gain unau- 
thorised access by deception. 
The amendment would make 
such procurement a criminal 
offence. 

Earl Ferrers made the 
announcement in response to a 
question by Baroness Nicol, 
who expressed concerns that 
“several members of this 
House received an offer of ser- 
vices from ACT Investigations 
Group offering. . .to snpply 
for payment details of per- 
sonal telephone calls, of mort- 
gage repayments, of bank bal- 
ances and of arrears on 
electricity and other bills". 

ACT said It “does not obtain 
information by deception, but 
we could not be responsible 
for all the third parties we 
deal with". 


which have not yet declared 
their hand, will sign up for the 
new watchdog. Earlier this 
week, Halifax, the UK's largest 
building society, said it had 
“serious reservations” about 
the PIA. 

TSB, National Westminster 
and Barclays banks have 
either applied or made clear 
that they will do so. Midland 
has yet to make an announce- 
ment 

While the position of some 
banks and building societies is 
still in the hahmr*. there is 
growing confidence at the PIA 
that even life insurers which 
do not like the proposals - 
such as Friends Provident - 
will apply. 

The government has made 
clear its determination to see 
that the PIA goes ahead on 
schedule. But the political con- 
troversy over the plans will 
intensify next Wednesday, 
when ministers will come 
under renewed pressure to 
defend their preferred regula- 
tory system in a Commons 
debate. 

Labour, which has called the 
debate on personal pensions 
and regulation, will use the 
occasion to press the govern- 
ment to respond to Pruden- 
tial's refusal to join the PIA. 

Mr Alistair Darling, the par- 
ty's City spokesman, said he 
saw the decision as symptom- 
atic Of si gnificant- dissatisfac- 
tion among many smaTipr com- 
panies and independent 
financial advisers. 


price war 

British Airways yesterday 
announced a package of bar- 
gain feres for customers book- 
ing within the next three 
weeks. 

The cuts, ranging from a 
third to a half, have been made 
In an attempt to attract more 
leisure travellers. 

Virgin Atlantic immediately 
pledged to file new feres in the 
next few days to counter the 
BA move. Mr Richard Branson, 
Virgin chief, said; “We will 
never let BA undercut us." 

BA said savings of more 
than £300 could be made on 
trips to the Far East or Mexico, 
£200 to the Caribbean and £100 
to the US, South Africa and 
Europe. Trips to Europe or 
North America must include a 
Saturday night and those else- i 
where must be for at least a 
week. 

Backed by a £3m advertising 
campaign, tickets go on sale 
today and include return 
flights from London to New 
York for £239 - saving £110 on 
the lowest BA fare. 

Under the World Offers 
scheme, which lasts until April 
15, a ticket to Mexico win cost 
£349 (saving £887); and Jamaica 
will cost £539 (saving £250). 

Mr Robert Ayltng, BA group 
managing director, said yester- 
day: “We want to be the leisure 
traveller's favourite airline as 
well as the business travel- 
ler’s." 

BA added that these dis- 
counted feres are not eligible 
for air miles on their Executive 
Club frequent flyer pro- 
gramme. Only Mt-fere tickets 
are eligible for air mile credits. 


By Michael Skapnfcer, Leisure 
Industries Correspondent 

Sir Bryan Carsberg, director- 
general of fair trading, said 
yesterday that the way in 
which the Top 40 music chart 
was compiled was “signifi- 
cantly anti-competitive”. 

Sir Bryan confirmed state- 
ments by the Office of Fair 
Trading last month that the 
matter would be referred to 


the Restrictive Practices Court. 

He said he was concerned 
about agreements under which 
the British Association of 
Record Dealers undertakes not 
to supply sales information for 
the compilation of the charts 
to anyone other the Chart 
Information Network and its 
research contractor. 

The network earlier this year 
awarded the contract to com- 
pile the charts to Millward 


Brown, a research company. 
The contract had previously 
been held by Gallup, the poll- 
ing organisation. Sir Bryan Is 
asking the court to examine 
both contracts. 

The network is jointly owned 
by the British Phonographic 
industry, the music companies' 
trade body, and Spotlight Pub- 
lications. publishers of Music 
Week. Spotlight is owned by 
United Newspapers, 


After Millward Brown won 
the contract, Gallup com- 
plained to the OFT that it 
should continue to have access 
to sales data so that it could 
compile an alternative to the 
official charts. Gallup yester- 
day welcomed Sir Bryan's 
announcement. 

Ms Catharine Pusey, the net- 
work's charts director, said: 
“We will be vigorously defend- 
ing our agreements before the 








* 3 



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yesterday for winding the time forward an horn* for summertime. AH docks in Britain should be put forward by one hour tonight 


Branson fails to win M & S lottery endorsement 


By Raymond Snoddy 

Mr Richard Branson’s Lottery 
Foundation has failed to win a formal 
endorsement from Marks and Spencer 
before the winner of the race to run 
the National Lottery Is announc ed. 

Mr Branson, who has launched the 
lottery bid with Lord Young, the for- 
mer trade and industry secretary, 


hoped the retail group would back the 
bid because, unlika the other seven 
bidders, the foundation plans to hand 
all the profits to charity. 

When the bids were submitted in 
February, Mr Branson said M&S was 
“inclined to support” his bid and 
would decide in March whether to put 
foundation computer terminals in its 
stores. This would have been a coup 


for the foundation. The impression 
was given that M&S might refuse to 
get involved with other bidders. 

In fact M&S has decided not to 
endorse any bidder and will wait until 
the Office of the National Lottery has 
chosen the winner in May. The store 
chain - which is interested in the 
Branson/Young approach to running 
the National Lottery' - will then have 


talks with the winner. 

Meanwhile Rainbow, the consor- 
tium put together by Sir Patrick 
Sheehy, chairman of BAT Industries, 
has submitted a detailed contract to 
the lottery office on how its proposal 
would work. 

Although Rainbow has bid for the 
main operator's licence, it intends to 
subcontract the main part of the lot- 


tery - the on-line network of com- 
puter terminals - to one of its rivals. 
Rainbow would concentrate on the 
instant part of the lottery, the scratch 
cards. Sir Patrick claims more money 
would be raised for good causes if 
there were competition between two 
lottery operators with one specialising 
in terminals and the other on scratch 
cards. 


Restrictive Practices Court. 
The only complaint to date 
about the arrangements has 
been from Gallup, which was 
content to participate In and 
benefit from them for a num- 
ber of years." 

Mr John Plnder. Gallup's 
charts director, said that his 
company had never asked for 
the exclusive right to record 
dealer information that it had 
under the previous agreement. 


Braer 

captain 

escapes 

action 


The master of the Braer oil 
tanker, which was wrecked in 
high seas off Shetland in Janu- 
ary last year, is not to be pros- 
ecuted. 

Law officials in Edinburgh 
confirmed yesterday that no 
criminal proceedings are to be 
launched against anyone over 
the incident, in which more 
than 85.000 tonnes of oil spilled 
into the sea. 

No reason for the decision 
was given by the Crown Office 
in Edinburgh. Mr Jim Wallace, 
Liberal Democrat MP for Ork- 
ney and Shetland, said he 
would seek an explanation 
from Lord Rodger of Earls- 
ferry, the lord advocate. 

The master of the Braer, 
Captain Alexandres Cells, was 
criticised In a report last Janu- 
ary by the Department of 
Transport marine accident 
investigation branch. 

It blamed him for failing to 
deal with steel tubes that 
broke loose on the deck of the 
Braer and smashed into fuel 
tank vents, leading to fuel con- 
tamination and en gmt> failure. 

Mr Wallace said that if yes- 
terday's decision was taken on 
“policy” grounds, it would be a 
matter for concern. However, if 
it was felt there was insuffi- 
cient evidence to make a case 
beyond reasonable doubt, that 
decision was for the Crown 
lawyers. 

The decision not to prosecute 
does not prevent civil proceed- 
ings, but Shetland Islands 
Council said yesterday it 
would not pursue that course. 


Howard backs new body 
to review criminal cases 


By Robert Rice, 

Legal Correspondent 

Government proposals for a 
new independent body to take 
over investigating alleged mis- 
carriages of justice from the 
Home Office were presented 
yesterday by Mr Michael 
Howard, home secretary. 

The Criminal Cases Review 
Authority was recommended 
by last year's report of the 
Royal Commission on Criminal 
Justice. It would act as a body 
of last resort after normal ave- 
nues of appeal had been 
exhausted, and would have the 
power to refer cases back to 
the Court of AppeaL 

The Home Office reviews 
about 700 cases a year, with 


the home secretary referring 
about 10 to the appeal court 
Between October 1988 and 
March 1993 the government 
paid £3.4m in compensation 
and ex gratia payments to 70 
people who had been wrong- 
fully convicted. 

Mr Howard, launching a dis- 
cussion document, said that 
Home Office thinking differed 
from the recommendations of 
the Royal Commission in two 
respects. 

The government proposes 
that the authority should have 
the power to refer cases to the 
courts on grounds of sentence 
as well as conviction. The gov- 
ernment also wants the author- 
fry to take on responsibility for 
investigating wrongful convic- 


tions in magistrates' court 
cases. 

At the moment once appeal 
procedures have been 
exhausted in summary cases, 
errors can be corrected only by 
exercise of the royal preroga- 
tive. 

Mr Howard said he hoped to 
introduce legislation as soon as 
possible but could not guaran- 
tee space in the parliamentary 
programme next year. 

Asked why he had delayed 
nine months before issuing a 
discussion paper based almost 
exactly on the recommenda- 
tions of the Royal Commission, 
Mr Howard said it was impor- 
tant not to rush matters which 
involved such "major constitu- 
tional change”. 


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Rail crash probe begins 


Our offshore account means 
you don't have to be rich to get ri 


By Charles Batchelor, 
Transport Correspondent 

Crash investigators were last 
night trying to discover why 
two trains carrying more than 
150 passengers collided yester- 
day injuring 35 people, two of 
them seriously. 

The accident happened at 
Newton Abbot station in 
Devon just before 10am when a 
Paignton-Cardiff train ran at 
low speed into the back of a 
stationery Intercity train. 

Some passengers were 
trapped in the crash and had to 
be freed by firemen, but most 


needed only minor treatment 
in hospital for “whiplash" inju- 
ries, cuts and bruises. 

Rail services were disrupted, 
but resumed later. British Rail 
said it was looking at all possi- 
ble causes of the crash includ- 
ing brakes, signals and equip- 
ment. Officials from the Health 
and Safety Executive and the 
Railway Inspectorate were 
examining both trains. 

British Rail has been testing 
a computerised train safety 
programme. Automatic Train 
Protection, which is intended 
to take over if a driver takes a 
wrong decision or a train foils 


to respond to signals. Trials 
have been in progress on two 
routes, London to Bristol and 
London to Aylesbury, for two 
'years but have been delayed by 
pash shortages and the com- 
plexity of the rail network. 

• The cost to the taxpayer of 
rail privatisation is expected to 
rearii about £92m by the end of 
this month, transport minister 
Mr Roger Freeman said In 
a Commons written reply 
yesterday. 

He said the costs were small 
in relation to the size of the 
business and the benefits of 
reform. 


French group could face shipyard redundancy bill of £ 1.5m for 490 jobs 

Swans costs may fall on buyer 


By Chris Tighe 

The cost of another round of 
redundancies during the next 
two months at Swan Hunter, 
the Tyneside shipbuilder in 
receivership, may fall on the 
French company negotiating to 
buy the yard, even if it does 
not complete the purchase 
until the summer, it emerged 
yesterday. 

Receivers Price Waterhouse 
this week warned the unions 
that -590 jobs are at risk when 
Swans hands over the Type 23 
frigate HMS Northumberland 
nil May 12. leaving insufficient 
remaining work for the present 
1,0.18 employees. 


Constructions M£caniques de 
Normandie is hoping to reach 
agreement within three weeks 
on the purchase of Swan 
Hunter, conditional on the 
yard winning from the Minis- 
try of Defence the refit of the 
Sir Bedivere landing ship - a 
decision not due to be 
announced until July 20. 

But because CMN is now in 
negotiation with the receivers 
to buy Swans, it could face a 
redundancy bill, likely to be 
about £l.5m, if the gap in 
workload forces the 490 redun- 
dancies prior to its takeover of 
the yard. 

"We are feeing the possibil- 
ity of having to pay for these 


redundancy costs, then re- 
employ these people,” said Mr 
Fred Henderson, leader of the 
CMN team, yesterday. 

This consideration is likely 
to influence the price CMN 
offers for Swan Hunter. “It's 
something we have to take into 
account in our bid," he said. 

The liability is enshrined in 
the T ransf er of Undertakings 
legislation set out in the 1978 
Employment Protection Act, 
and subsequent amendments. 
A purchaser would also have 
to make redundancy payments 
in tine with Swans’ own 
scheme. The 1,450 employees 
already made redundant 
received the state minimum. 


The receivers said yesterday 
the cost of paying the 490 for 
two months while waiting for 
the refit derision would be at 
least £ 1.25m. They said they 
were studying job sharing, lay- 
offs and the possibility of find- 
ing other work to avert the 
redundancies. 

Following confusion on 
Thursday over whether the 490 
job losses were definite, the 
receivers and unions yesterday 
discussed the issue. "There’s 
no longer the confusion,” said 
Price Waterhouse afterwards. 

The receivers have asked the 
Ministry of Defence to bring 
forward a decision on the Sir 
Bedivere refit. 


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■] 


FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


NEWS: UK 


Poverty ‘hits 20% 
of rural families’ 


By Alison Maitland 

An influx of wealthy people 
has cast a “cloak of prosperity” 
over the English countryside 
which hides the poverty, 
inequality and isolation faced 
by at least a Gfth of rural 
households, says a study to be 
published next week. 

The report by the Rural 
Development Commission, a 
government agency, also finds 
evidence of a significant "black 
economy" in rural areas. 

At least 20 per cent of house* 
holds were living on or below 
the^ poverty line in nine of the 
12 bounties surveyed, the 
report says. Even in 
well-heeled West Sussex. War- 
wickshire and Northampton- 
shire, between 20 per cent and 
30 per cent of wage-earners in 
households bad gross salaries 
below £8,000. 

"The juxtaposition of wealth 
and poverty merely heightens 
the relative impact of low- 
income lifestyles In these 
areas r says the report by 
Bristol University researchers. 

During the 1980s, many 
well-off, mobile people moved 
into villages to retire or com- 
mute to jobs in towns and 
cities, creating an image of 
affluence, it says. 

"The increasingly common 
assumption of countryside peo- 
ple as two-car owning merito- 
cracies can only serve to hide 
the plight of the non-mobile 
minority in gaining access to 
basic and necessary lifestyle 
opportunities.” 

The report was funded 
jointly by the Rural 
Development Commission, the 
Department of the Environ- 
ment and the Economic and 
Social Research Council, a 
government agency. It was 
based on questionnaires from 
more than 3,000 households in 
12 study areas across England 
in 1990. 

It argues for more govern- 
ment action to create jobs. Gil 
the “vacuum of affordable 
property for rent” and improve 
public transport and other 
services. 

Migration to the countryside 
is not confined to the better- 
off. the study says. “The 
incidence of low-income house- 
holds appeared to be being 


:..;V«oak of prosperity 
‘ in English shires 

# f * ConnWon 

.. . . 

.s’. .-. * ^ ‘ 4'. ..s 


Nortrtumberland 
North Yorkshire . 
Nottinghamshire 


Shropshire 

Waiwfckshira 

Northamptonshire 





fr.v 


■ ■■■ ' • p.''*' 1 


West Sussex. 


v£ r 




reproduced in most areas 
through the 'in-migration' 
of a significant number of 
lower-income households.” 
This runs counter to sugges- 
tions that rural deprivation 
will disappear as disadvan- 
taged groups "move out or die 
ofl”. it says. 

More than 60 per cent of 
respondents in most counties 
surveyed - 90 per cent in 
North Yorkshire - believed 
local people, especially young 
married couples, faced diffi- 
culty gaining access to accom- 
modation. 

Between 54 per cent and 74 
per cent considered that there 
were “significant employment 
disadv antag es". But there was 
also evidence of a vigorous 
black economy in many areas. 
"Second jobs [done byj ‘for- 
eigners’ or ‘moonlighting' - or 
casual work done by those who 
would otherwise be unem- 


ployed - appeared to be signifi- 
cant if hidden aspects of eco- 
nomic life." 

More than 90 per cent of peo- 
ple in six counties believed 
public transport had declined 
while 16 per cent of households 
had no car and 23 per cent of 
women had no access to a car. 

For many country-dwellers, 
there is the compensation of a 
close-knit community, proxim- 
ity to nature, and being happy 
and healthy, says the report 

"However, our surveys also 
emphasised that the experi- 
ences of these characteristics 
can be highly differentiated. 
One person’s splendid isolation 
was another's loneliness; the 
close-knit community for many 
can be prying, gossiping intru- 
sion for others.” 

Lifestyles in Rural England. 
Rural Development Commis- 
sion . 141 Castle Street. Salis- 
bury, Wiltshire. SP1 3TP. £25. 


Nissan to 
expand 
dealer 
network 


By Kevin Done, 

Motor Industry Correspondent 

Nissan, the Japanese car- 
maker. plans to expand its UK 
dealer network from 294 to 330 
by the end of the year. 

Mr Andy Green, sales direc- 
tor of Nissan Motor (GB). said 
the company aimed to increase 
its sales of new cars and light 
commercial vehicles this year 
by 18 per cent to 110,000 from 
93,650 in 1993. 

It is forecasting growth of 
about 7 per cent in the overall 
market for new cars to 15m 
from 1.78m last year. With an 
expanded dealer network it is 
seeking to raise its share of the 
UK new car market to 5.5 per 
cent from 5 per cent last year. 

Nissan is seeking to rebuild 
its share of the UK market fol- 
lowing the setbacks it suffered 
during Its legal battle with Nis- 
san (JK. its former independent 
importer/distributor. It took 
direct control of its UK sales 
and marketing operations in 
1992. 

Nissan also plans to change 
its vehicle distribution system 
with the creation of a central 
vehicle storage centre in 
Sunderland. 

• Sunderland Football Club’s 
plans for a £75m superstadium 
and entertainment centre on 
land beside Nissan's £900m car 
plant have been called in for a 
decision by the Mr John Cum- 
mer, environment secretary. 

A public inquiry into the 
club’s proposals, which have 
been strongly opposed by Nis- 
san. is now virtually certain. 

Earlier this month Sunder- 
land CUy Council’s environ- 
ment committee deckled not to 
refuse outline p lanning permis- 
sion. 

But the environment depart- 
ment said yesterday Mr 
Cummer believed he should 
decide on the application 
because of its conflict with the 
council’s approved develop- 
ment plan and Us likely impli- 
cations for the green belt, high- 
way safety and neighbouring 
land uses. 

Nissan fears the develop- 
ment will block future expan- , 
sion and jeopardise production i 
methods. ! 


Major sees Malaysia hope 


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By Kevin Brown, 

Political Correspondent 

The successful Malaysian 
search for five British soldiers 
missing in Borneo prompted 
renewed hopes yesterday of a 
thaw In Britain's frosty rela- 
tions with Kuala Lumpur. 

After weeks of sharp 
exchanges over Malaysia's Per- 
gau dam project the search 
provided a rare opportunity for 
non-controversiai contacts 
between the two governments. 

Mr John Major used the 
opportunity to write to Dr 
Mahathir Mohamad, the Malay- 
sian prime minister, express- 
ing “warm personal thanks". 


Mr Major's aides refused to 
release the text of the letter, 
which was said to be a per- 
sonal communication between 
the two prime ministers. How- 
ever. officials said it was 
intended to leave Dr Mahathir 
in no doubt that Britain was 
highly impressed by the "tre- 
mendous" performance of the 
[Malaysian armed forces. 

The five missing soldiers 
were located on Isolated Mount 
Kinabalu in the Malaysian 
province of Sabah after a two- 
week search. Malaysia used 
helicopters, troops, park rang- 
ers and local residents in the 
search for the men. who had 
been on a climbing expedition. 


Senior officials said Mr 
Major’s letter of thanks did not 
refer directly to the contro- 
versy over British press 
reports of the controversial 
Pergau dam project 
Malaysia decided four weeks 
ago to withhold future govern- 
ment contracts from UK com- 
panies because of press reports 
of alleged bribes offered to 
Malaysian politicians. 

The Commons foreign affairs 
committee, which is investiga- 
ting the project, has also heard 
alleg ations of a link between 
£234m in loans to Malaysia and 
a £lbn arms contract 
Dr Mahathir insisted In a let- 
ter to the Financial Times last 


week that there would be no 
change of policy. "The die is 
cast." ho wrote. 

However, the impression 
that Downing Street remains 
hopeful of a diplomatic thaw 
was increased by the disclo- 
sure that Britain has not pur- 
sued suggestions that the 
European Union is prepared to 
retaliate against Malaysia. 

The EU. which has sole com- 
petence in trade matters under 
the Treaty of Rome, is under- 
stood to be willing to consider 
reciprocal action If Malaysia 
refuses to back down 

Downing Street said the dis- 
pute had not been discussed 
with the EU. 


Dublin fishes for peace catch 


Viewed from London or 
Belfast, the Dublin govern- 
ment’s recent efforts to bring 
i Sinn F6in, the political wing of 
the IRA, to the Northern 
Ireland negotiating table have 
on occasion appeared contra- 
dictory, confusing and - to 
unionist eyes at least - full of 
menace and duplicity. 

At one moment Irish minis- 
ters stood shoulder-to-shoulder 
with their British counter- 
parts, insisting tha t there will 
be no concessions to Sinn F6in 
without a permanent IRA 
ceasefire. But Irish ministers 
then appeared to change tack. 

Having signed the Downing 
Street declaration in Decem- 
ber, the Irish republic lifted its 
broadcasting ban on Sinn F6in 
in January, then made various 
direct and indirect communica- 
tions to Sinn F6in to spell oat 
its inteipretation of the joint 
declaration. 

Dublin has insisted that no 
deadlines will be put on Sinn 
F6m's acceptance or rejection 
of the declaration. Last week- 
end, Mr Dick Spring, the Irish 
foreign minister, said a tempo- 
rary ceasefire by the IRA 
would be “welcome". 

So is Dublin unde rminin g 
the joint declaration? Or is it 
that the Irish government’s 
recent man oeuvring?; are sim- 
ply a translation into politics 
of two of the country's favour- 
ite pastimes - horse-racing and 
fly-fishing? Mr Albert Reyn- 
olds, the prime minister, is a 
keen racegoer and has a repu- 
tation as a man prepared to 
take a gamble in politics. 

With the joint declaration he 
has in effect studied the form, 
checked the going, and placed 
bis bet that Sinn F6in and the 
IRA will eventually renounce 
violence and enter the negotia- 
ting process. 

Meanwhile, with the skills 
and patience of a fly-fisher- 
man, he has repeatedly cast his 
vision of Ireland's future past 
the suspicious eyes of the 
North's republicans. He 
changes the "fly" to suit the 
latest shifts in wind or 
weather, but always with the 
same intention - to catch the 
biggest fish in the history of 
the Irish state, an end to the 
IRA's military campaign and 
the prize of peace in Northern 
Ireland. 

As one prominent Northern 
Ireland politician said recently: 
"Sinn F6in is Uke a salmon on 
a hook. It darts this way and 
that and puts up a tremendous 
struggle to escape. But if you 
play it in gently, you will even- 
tually land it”. 

Dublin has made no secret of 
its view that any efforts to 
renew political talks in North- 
ern Ireland are likely to 
founder without an end to the 
IRA military campaign. It has 
therefore spared no effort to 
explain to Sinn Fain’s leaders 
both Dublin's and London's 
understanding of the joint dec- 






Irish president Mary Robinson visited Ulster yesterday despite unionist opposition and said: "It is 
important to establish finks" Photograph : Associated Press 


The tactics of Irish ministers may be a 
reminder of the nation’s favourite 
pastimes, but they have caused 
confusion elsewhere, Tim Coone reports 


laration. and of the steps that 
will follow an end to violence. 
According to government offi- 
cials. those contacts continue 
through intermediaries. One 
said: “The Taoiseach [prime 
minister] speaks to someone 
who then speaks to someone'’. 

Senior Irish government offi- 
cials say in private that Mr 
Reynolds believes the British 
government could take similar 
steps to bring about an IRA 
ceasefire without entering into 
negotiations or making conces- 
sions. 

Dublin’s latest cast is to 
emphasise that Sinn Fein does 
not have to accept the Down- 
ing Street declaration as such, 
but that a permanent end to 
the IRA military campaign 
would be sufficient to admit 
Sinn F6in to what is seen as 


the next phase of the peace 
process - the establishment of 
a Forum of Peace and Reconcil- 
iation in the republic. 

The forum was referred to in 
the joint declaration as a 
specifically Dublin initiative, 
brin g in g together the national- 
ist parties north and south to 
work out a common platform 
from which to negotiate with 
the unionists and the British 
government. Other parties 
would subsequently be invited 
to attend. 

fi Is unrealistic in Dublin’s 
view to impose a precondition 
on Sinn F6in to accept the dec- 
laration (other than the essen- 
tial condition that the IRA 
abandons its military cam- 
paign) when it has already 
been declared moribund by the 
Ulster Unionist party and 


Smith urges Europe-wide 
rate cut to boost demand 


By David Owen 

Mr John Smith yesterday 
called for an immediate co- 
ordinated cut in European 
Interest rates to stimulate 
demand as tax rises begin to 
bite. 

The Labour leader used a 
speech to the Federation of 
Small Businesses in Edinburgh 
to portray Labour as the natu- 
ral ally of the small-companies 
sector. 

It was a priority for Labour 
to ensure that the proportion 
of small businesses which 
made the transition into 
medium-sized enterprises was 
increased from just one in 50 at 
present, he said. The latest 
retail sales figures indicated 
that a cut in interest rates was 
needed, he added. They showed 
that consumer demand had 
fallen even before the new 
batch of tax increases took 
effect 

In a speech which focused on 
the problems encountered by 
small businesses in raising 
finance, Mr Smith called for 
legislation to “make sure that 
those who use late payment [of 


debts] as a matter of normal 
practice pay the costs of that 
credit" 

He said companies should be 
required to publish statements 
on payment practice and pay- 
ment records in their annual 
accounts. A 30-day period for 
payment of debt should be a 
standard in both the public 
and the private sectors. 

Commenting last night on 
the Labour leader’s remarks. 
Lord Strathclyde, minister for 
small businesses, said the gov- 
ernment was taking the idea of 
legislating on late payment 
“fairly seriously”, but there 
was “no point In doing it 
unless it will make a differ- 
ence". 

He said the Federation of 
Small Businesses had told the 
government it did not regard 
legislation as the top priority. 

Welcoming recent moves to 
reduce the sector’s dependence 
on overdraft finance. Mr Smith 
nevertheless described the 
number of companies which 
took advantage of the govern- 
ment’s loan guarantee scheme 
for small firms as "derisory". 

The scheme - whose costs 


were reduced and scope broad- 
ened in the Budget a year ago - 
would have to be changed and 
improved if it was to have any 
real impact on access to 
finance, he said. 

Lord Strathclyde said the 
Budget changes had been "a 
great success”, with applica- 
tions rising and defaults 
falling. 

Mr Smith gave a nod in the 
direction of the subsidised 
small business loan fond that 
small firm lobbyists have long 
called for. saying Labour might 
set up a private-sector man- 
aged investment fund to chan- 
nel investment from elsewhere 
in the private sector. 

He said there was no reason 
why mutual guarantee 
schemes of the type used to 
raise capital by companies in 
some European countries could 
not be made to work in Bri tain 

The Labour leader also stole 
some of the government's 
clothes, calling for a crack- 
down on unnecessary red tape 
and a network of “one-stop 
shops" for business registra- 
tion to help cut down on j 
form-filling. j 


rejected out of hand by the 
Democratic Unionist Party. In 
Northern Ireland it has been 
welcomed only by the national- 
ist Social Democratic and 
Labour party and the moderate 
Alliance party. 

In a recent interview with a 
Belfast newspaper Mr Reyn- 
olds said: “Let [the declaration] 
be a vehicle for a cessation of 
violence. If some people in the 
republican movement have 
problems with some of the 
words in it that's fine. That 
should not be a reason for stay- 
ing away." 

Mr Reynolds and Mr Spring 
have since insisted that a tem- 
porary ceasefire will not be suf- 
ficient to admit Sinn Fdin to 
the talks process, especially as 
the IRA does not seem to be 
considering one. 

That particular “fly" has 
been put away for the moment, 
it seems, but it should not 
come as a surprise if Dublin 
casts a few new ones across 
Northern Ireland’s troubled 
waters in the weeks ahead, as 
it waits patiently for Sinn F6in 
to bite. 

£40m grant 
for London 
housing 

By Kevin Brown, 

Political Correspondent 

The government yesterday 
announced the allocation of 
£40m from its Estate Actios 
programme to refurbish four 
council housing estates in 
London. 

Mr Tony Baldry, junior hous- 
ing minister, told the Com- 
mons during a debate on inner 
cities that the hinds would 
refurbish 3,500 houses and 
build 500 new ones. 

The estates are at White City 
in the borough of Hammer- 
smith and Fulham, North- 
umberland Park in Haringey, 
Harvist in Islington and Phipps 
Bridge in Merton. 

Mr Baldry also told MPs the 
vitality of urban life would be 
restored by revised planning 
guidelines sent to councils Ibis 
week by Mr John Gummer, 
environment secretary, which 
come close to banning retail 
developments on greenfield 


Labour said the government 
had no strategy to deal with 
urban decay, which had spread 
across the country since 1979. 






l % 


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FINANCIAL TIMES 

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

Saturday March 26 1994 

More fear 
than greed 


It is part of the perversity of stock 
markets that they frequently Call 
on good news and rise on bad. But 
where political shocks are con- 
cerned. behaviour is more predict- 
able. The murder of Mexican pres- 
idential candidate Mr Luis 
Donaldo Colosio on Thursday 
deflated global markets that were 
already nervous after the US Fed- 
eral Reserve had signalled a fur- 
ther quarter-point rise in short- 
term Interest rates on Tuesday. It 
has been a dismal week for bond 
and equity investors, who have 
been swept along by a strongly 
bearish tide since early February. 

There is a growing political fac- 
tor at work in markets. Putative 
plots in Moscow and the threat of 
civil war in the Crimea are a nag- 
ging worry for bond markets In 
Europe. In Japan, the unpredict- 
able behaviour of North Korea 
over a nuclear capability that may 
or may not be real has played a 
similar role in unnerving yen 
bonds. Whitewater continues to 
undermine the political authority 
of the Clinton administration, 
while giving rise to fears that the 
president will try to extract him- 
self from political trouble by pur- 
suing a more populist, and thus 
destructive, trade policy. 

A more predictable influence is 
the electoral timetable, notably in 
Europe. Apart from the Italian 
elections this weekend, there is a 
federal election in Germany in 
October, while France has a presi- 
dential election in 1995. Here the 
impact on markets is more subtly 
corrosive, because of the longer- 
run political pressures on fiscal 
policy. Since the Amato govern- 
ment’s savage attack on the over- 
size budget deficit last year, the 
government under Mr Clampl has 
been blown off fiscal course. 

Whatever coalition ultimately 
emerges from the present electoral 
process in Italy, it would be ill 
advised to pursue anything other 
than an orthodox budgetary path, 
given that public sector debt will 
exceed 120 per cent of GDP by 
mid-decade. Yet media magnate 
Mr Silvio Berlusconi has been 
wooing voters with promises of 
tax cuts. 


Substantial subsidy 

Perhaps more surprising has 
been the French government's 
backsliding on the fiscal virtue so 
painfully acquired in the 1980s. 
This week’s huge injection of capi- 
tal into the state-owned loss-mak- 
ing bank. Credit Lyonnais, comes 
close on the heels of the substan- 
tial subsidy for Air France. Mr 
Edouard Balladur, a potential 
presidential candidate whose poll 
rating is sinking, appears ready to 
incur heavy economic costs in an 
attempt to restrain the rise in the 
political temperature. 

This is worrying for those who 


hope that the European markets 
will ultimately uncouple from the 
US, leaving room for a recovery in 
European bond prices. Apparently 
high real (iuflatf on-adjusted) rates 
of interest may be lower than they 
look if people are over-sanguine 
about the durability of disinfla- 
tion. Also worrying is the fact that 
the general trend in short-term 
interest rates outside the US is 
either static or falling too slowly 
to offer much of a gravitational 
pull for bond yields. In the UK, 
where recovery is well estab- 
lished, a less benign than expected 
set of inflation figures this week 
hftg made it harder for tha chan- 
cellor to push for a rate cut In 
Germany and France, the begin- 
nings of recovery are clearly per- 
ceptible, implying that the scope 
for further cuts is limited. 

Even in Japan, which has 
lagged the rest of the world on its 
way to the upturn, the central 
hank governor Mr Yasushi Mleno 
has been suggesting that the 
recession is past its trough. That, 
too, carries a hint that further 
monetary easing is not on. 


Subdued recovery 

Paradoxically, the good news for 
markets may be precisely that 
recovery outside the -US looks like 
being subdued. Labour market 
weakness in parts of continental 
Europe and Japan is a dampening 
influence on demand. Another 
dampener is the recent rise in 
bond yields, since long-term inter- 
est rates in continental Europe 
have a greater influence on real 
activity than in the English-speak- 
ing economies where short rates 
are more important. That suggests 
that neither inflationary pressure, 
nor the pressure of demand on the 
global pool of capital, will prove 
unmanageable and that the the 
panic in bonds is overdone. 

The trouble with forecasting an 
end to a correction of this kind is 
that markets overshoot As Profes- 
sor Gordon Pepper points out in 
his new book. Money, Credit and 
Asset Prices, there are times when 
a degree in crowd psychology 
might provide greater understand- 
ing of financial market behaviour 
than a degree in economics. 
Expectations of a change In finan- 
cial forces can. he argues, cause a 
bunching of speculative transac- 
tions, leading to volatile and disor- 
derly markets. 

At present, neurosis prevails 
and the central bankers lack the 
appropriate bedside manner. Just 
as the Fed's earlier policy of small 
and repeated rate cuts encouraged 
investors constantly to hope for 
more, gradual increases are now 
causing fear to become self-feed- 
ing. The correction may have gone 
too far. Yet It requires boldness to 
act on the assumption that it will 
not go even further next week. 


T he world's computer 
industry, still reeling 
from three years of 
recession, seems set to 
enter a new, dramatic- 
ally different, phase. That at any 
rate seems to be Urn conviction of 
Mr Bill Gates, the restless and 
relentlessly ambitious chairman of 
Microsoft, the world’s largest and 
best known software house. 

In the past few months he has 
struck a series of deals with cable 
companies, telecommunications 
companies and satellite organisa- 
tions, which suggest he wants his 
software applied in areas far 
removed from the personal com- 
puter operating systems for which 
it is best known. 

He has also instituted a company- 
wide reorganisation of Microsoft's 
rains and marbating methods. And 
in what seems a spectacularly spec- 
ulative move, he is putting his own 
money into a venture with Mr Craig 
McCaw, developer of the US's larg- 
est cellular telephone company, 
aimed at creating a global satellite 
system for data communication. 

Meanwhile, Novell, a smaller, less 
charismatic software house, has 
this week struck a number of deals 
intended to transform it from the 
industry's leading network special- 
ist to a broad-based software house. 

Novell's moves are fuelling specu- 
lation that Microsoft feces its first 
serious challenger In a decade. 
Another view, however, is that Nov- 
ell has made its move too late. 

Novell paid $l.4bn of its own 
stock for WordPerfect, another 
Utah-based company which was 
once market leader in word process- 
ing software. It also paid Borland 
International, another large US soft- 
ware developer, $145m for its “Qua? 
tro Pro" word processing software 
and the rights to sell to Borland's 
database programs. The acquisition 
of WordPerfect gives Novell com- 
bined revenues of about fL9bn com- 
pared with Microsoft's 53.75bn. 

Novell’s moves appear. In turn, to 
have acted as a spur to Microsoft 
Apparently driven by fears that the 
fwnpgny was falling behind Novell 
and other competitors in the soft- 
ware Industry, including Lotus 
Development Corporation and Elec- 
tronic Arts, in marketing, sales and 
support strategies, Mr Gates 
demanded more aggression and 
competitiveness from his employ- 
ees. The company needed to take 
decisions and act on them fester, he 
wrote: “It is better to take action, 
make mistakes and be forgiven 
than to waft and ask for permis- 
sion”. (Microsoft’s competitors may 
feel this is rich from a company 
currently under investigation by 
the US Justice Department for 
alleged anti-competitive practices.) 


Giants jostle for 
a place to grow 

Alan Cane on trends shaping strategic 
thinking in the computer industry 



Mr Rosen, a 

ing spreadsheet 1-2-3. says. 
ented software designers dosot like 
working for big companies. 

Second, "pwja ccmmon 
standards and sophisticate sort 
ware has allowed the tevetopawaj 
of programs 

other manufacturers^ systems. Here 
Novell is in a strong .positojg^ 
tnating the market in 
software. It also owns the rights to 
Unix, networking software origi- 
naBy developed for n^con^uters 
which many believe ideal for 
SdS?s mm^powmfol PCs to run 
company-wide networks. 

Microsoft has until recenfiyhad 
only a token presence in networK- 
ing software. A new oper^ng sys- 
tem it has developed called En- 
dows NT, may redress the balance. 

Third, and possibly the most sig- 
nificant development, has been tbe 
em ergence of small and medium- 
sized companies and individuals as 
prime consumers of personal com- 
puters and tfaetr software. 


Within days of Mr Gates’ com- 
ments, Mr LOU GeTStner, chairman 
of international Business Machines, 
the world’s largest computer maker, 
set out IBM’s plans to fight horren- 
dous losses and reestablish a role, 
(see below). 

The impression created is of com- 
puter Industry giants jostling for 
postion in an increasingly competi- 
tive business. The problem each 
feces is that it is unclear what strat- 
egy will prove most effective in the 
face of three broad trends. 

First, industry leaders expect 


hardware and software manufactur- 
ing to be concentrated increasingly 
in the hands of a few large players. 

Mr Benjamin Rosen, chairman of 
Compaq Computer, which makes 
personal computers, sees conven- 
tional iflaimhmws minicompu- 
ters being replaced by networks of 
personal computers and powerful 
network “servers” based on increas- 
ingly sophisticated PC technology. 
IBM, Apple and Compaq represent 
today's premier division; others will 
be bard put to displace thpm 

In the software market, Novell 


has this week reinforced its position 
among a handf ul rt \bsu coanpanlea 
- Microsoft, Computer Associates, 
Oracle and Lotus Development Cor- 
poration - intent an carving up the 
cake between them. At file same 
time, consolidation is creating spe- 
cialist powerhouses; the leaders in 
desktop publishing Aldus Corpora- 
tion and Adobe Systems have 
agreed to merge, as have Electronic 
Arts and Broderbund Software, 
experts in educational software. 

There will be room, however, for 
small software homes, because as 


F or the past 40 years the 
computer industry has 
supplied the data process- 
ing business - the admin- 
istrative systems of big 
Now as hardware and 
software prices fell rapidly, Individ- 
uals and small organisations are 
buying personal computers fester 
than big businesses. 

This provides a powerful logic to 
Microsoft's recent acquisitions and 
flibftnrBB. ft is developing multime- 
dia products with Tele-Communica- 
tions, the US cable operato r; it 
bought Soft Image, creators of com- 
puter generated scenes in the film 
Jurassic Park; this week it Invested 
$30m in an advanced wireless data 
network bong built by Mobile Tele- 
communications Technologies. 

These acquisitions signify a deter- 
mined move to provide and control 
the software that will manage infor- 
mations flows - business data, edu- 
cation, news and entertainment - 
into the home and office. Micro- 
soft’s software would become ubiq- 
uitous: ‘ CQpt Jpj hTng radio w wiiHimi- 
cations, cable and satellite links as 
well as telecommunications lines 
and compact disks. 

Mr Gates says there is usually an 
eight-year gap between him spot- 
ting an opportunity and the profits 
flowing: “For some reason, I thtnk 
thfa will happen fester than that”. 

Novell's strategy Is different. It is 
taking Microsoft on in the tradi- 
- ti nmfti business of data processing. 
The rewards seem likely to be rear 
sonable but the possibilities are lim- 
ited. If Mr Gates Is right about the 
future of the industry, Novell will 
have invested in tbs wrong market. 


Louise Kehoe on IBM’s attempts to find a new role 

Late for the dance 


dies that build the “highways*, ft 


T hough still the largest 
computer company in the 
world by far, IBM knows it 
win no longer set the pace 
for its rivals. “I don’t think we 
should plan an owning huge seg- 
ments of the economic value of this 
industry fin the future], ” Mr Lou 
Gerstner, IBM chairman and chief 
executive, said on Thursday. “We 
are not going to set our mental 
attitude or our economic structure 
on that assumption.” 

Unveiling plans to revive IBM, 
after three years of heavy losses, 
Mr Gerstner acknowledged that the 
company has foiled to respond to 
changes In the computer market. 
The company’s biggest mistake, he 
said, was to Ignore the shift away 
from mainframe-based centralised 
data processing to networks of per- 
sonal computers. 

IBM is now fighting to catch up. 
“We’re arriving late to the dance, 


bat not too late,” Mr Gerstner said. 

For many companies, . he 
said, computer systems based on 
networked personal computers 
“have turned out to be rife with 
problems, and those problems open 
a very wide door of opportunity for 
IBM”. 

He cited the case of an unnamed 
but “very large financial Institu- 
tion with tens of thousands of per- 
sonal computers” which faced con- 
siderable difficulties managing a 
network of computers acquired by 
different departments at different 
times and running various software 
applications. Mr Gerstner said the 
institution’s chief information offi- 


cer went to bed at night never quite 
sure where tire company’s data on 
c u stomers was stored. 

“There is a very critical need to 
create information management 
tools for distributed [networked] 
computing;” Mr Gerstner said. 

IBM also hopes to become a lead- 
ing supplier of technology for 
“information superhighways”. IBM 
will have a two-pronged approach 
to what Mr Gerstner said would 
become an increasingly “network- 
centric world”. 

First, the company aims to 
become a big supplier of equipment 
and services to the telecommunica- 
tions and cable television compa- 


also wants to build on its tradi- 
tional strength fn supplying com- 
plex computer systems and offer 
company-wide networks. 

As IBM searches for its new role 
In the rapidly changing world of 
information technology, it is mak- 
ing painful adjustments; down- 


ist and industry focused groups. 

“We have to make size pay for 
IBM, rather than size being a detri- 
ment,” said Mr Gerstner. “This is a 
major challenge. If we are ever 
going to succeed we have to change 
IBM’s culture." 

IBM hopes that the new phase 
the industry is entering will 
weaken the hand of specialist sup- 
pliers. “Customers have become 
very sceptical of the constant flood 
of new information technology,” 
said Mr Gerstner. “A customer said 
to me: *maybe yon guys should 
slow down the pace of technology 
innovation’.” 


sizing its workforce and operations, 
cutting back research and develop- 
me ntspe nding and reorganising its 
salesforce. 

Faced with Intense competition 
from specialist companies - the 
“piece-part players” as Mr Gerstner 
calls them - IBM is retraining its 
salesforoe to create product special- 


No longer able to set the pace of 
innovation, IBM is questioning the 
value of its co mp etit or s’ technol- 
ogy. “How powerful a computer do 
yon really need on your desk,” 
asked Mr Gerstner, raising a ques- 
tion that his predecessors at IBM 
would never have voiced. 


A s US interest rates rose 
another notch this week, 
traders in London and 
other European financial 
centres were reminded that the Ger- 
man Bundesbank is not the only 
star in the monetary firmament. 
The US Federal Reserve is still the 
world’s most powerful centra] bank 
and its decision to start tightening 
monetary policy while many of 
America's trading partners are still 
economically depressed has sent 
shivers through bond markets from 
New York to Tokyo. 

It has also irritated the White 
House, which believes the Fed may 
be overreacting to what are still 
only tentative signs of mild upward 
pressure on inflation. Last week. 
President Bill Clinton summoned 
Mr Alan Greenspan, the Fed chair- 
man. to the White House for talks 
on economic policy. In financial 
markets the ill-timed meeting was 
seen (perhaps unfairly) as a blatant 
attempt to put pressure on Mr 
Greenspan. The Fed would probably 
have increased rates anyway this 
week, but the 
administration's 
clumsy interven- 
tion settled mat- 
ters since inac- 
tion would have 
raised doubts 
about the Fed’s 
independence. 

Critics fear 
that a tighter US 
monetary policy 
will slow the pace of economic 
recovery which, on Main Street, is 
seen as having only Just got going. 
US hanks are already raising their 
prime lending rates and mortgage 
rates are up sharply, reflecting the 
steep increase in bond yields. The 
Fed’s action need not have much 
impact on growth overseas, but 
probably will because European 
central hanks are reluctant to see 
their currencies depreciate against 
the dollar. To prevent depreciation, 
they may postpone or abandon 
planned rate cuts. 

Although the White House and 
the Fed disagree on policy, there is 
little sign of personal animosity. As 
policymakers Mr Clinton and Mr 
Greenspan share a love of detail; 
there is every sign that the White 
Hnu-^e appreciates the quality of Mr 


Greenspan’s economic advice, 
which many regard as the best 
available In Washington. The Fed 
chief, a Reagan appointee in a city 
run by Democrats, has also deliber- 
ately courted the Clintons. He sat 
next to Hillary Rodham Clinton 
during the presentation of the 
White House economic plan to Con- 
gress last year and subsequently 
pronounced the deficit-cut ting mea- 
sures “credible". 

Since the plan included the big- 
gest tax increase on the wealthy in 
decades, conservatives were infuri- 
ated. It seemed a strange lapse for a 
former disciple of Ayn Rand, the 
ultra- libertarian author. But it 
stood Mr Greenspan, a canny politi- 
cal operator, in good stead. So far, 
Mr -Clinton has refused to support 
congressional calls for legislation to 
reduce the Fed’s independence. And 
he has offered only lukewarm sup- 
port for a Treasury plan to strip the 
Fed of its powers as a bank regula- 
tor. Even on interest rates, Mr Clin- 
ton is showing more restraint than 
George Bush, so for expressing only 


There is every sign 
that the White House 
appreciates the 
quality of Mr 
Greenspan’s 
economic advice 


mild misgivings 
in public about 
Fed policy. 

Mr Greenspan 
has thus played 
his cards 
shrewdly. Admin- 
istration officials 
doubtless also 
appreciate the 

fact that the Fed 

chief, the most 
powerful figure in international 
finance, is so willing to keep out of 
the public eye. A fixture on the 
Washington media and political 
cocktail circuit (his girlfriend Ms 
Andrea Mitchell is a reporter for 
NBC television), he often meets pri- 
vately with journalists. But he 
refuses to give on-the-record inter- 
views and unlike other top eco- 
nomic officials he never appears on 
TV shows. The public knows him 
mainly through ids dry, rather tech- 
nical testimony before congressio- 
nal committees. The image he culti- 
vates Is of a courteous, 
knowledgeable and pragmatic civil 
servant 

Occasionally, however. Mr Green- 
span lets slip his private views and 
these suggest a more radical tem- 
perament. For example, he advo- 


MAN IN THE News A lan Greenspan 

Canny operator 
draws world's eye 


Michael Prowse says the political skills of the US 
Federal Reserve chairman are being tested 



cates the abolition of capital gains 
tax - not a view shared by many 
moderate Republicans. And he 
recently shocked Democrats by 
admitting he was a bit of a gold 
bug. He claimed that the gold price 
was a good indicator of inflation 
pressures and even expressed nos- 
talgia for the financial rigour 
induced by the 19th century Gold 
Standard. 

Efts views on the role of central 
banks are sometimes misunder- 


stood. When Mr Gordon Brown, the 
UK shadow chancellor, passed 
through Washington recently, he 
naturally called on Mr Greenspan. 
Mr Brown’s aides came out of the 
meeting deeply impressed - Mr 
Greenspan apparently said the task 
of a central banks was to promote 
economic growth as well as to con- 
trol inflation, thus distancing him- 
self from the sterner rhetoric of his 
European colleagues. 

Sensitive to his audience, Mr 


Greenspan probably failed to add 
that his recipe for stimulating 
growth Is to push for zero Inflation 
or “price stability" - not a policy 
that the British Labour party is 
likely to endorse. Mr Greenspan 
defines price stability as inflation so 
low that it can be ignored because It 
no longer interferes with the micro- 
economic role of relative prices In 
guiding resource allocation. He does 
not think the US has yet reached 
this goal even though many econo- 


mists believe the true rate of infla- 
tion is lower than the 2J> per cent to 
3 per cent shown by the consumer 
price Index. 

If Mr Greenspan fears anything 
more than inflation, ft is financial 
instability. He reacted to the 1987 
stock market crash in textbook 
fashion by making unlimited liquid- 
ity available to endangered finan- 
cial institutions. He cut interest 
rates more rapidly in the early 1990s 
than most central banks thought 
prudent because he feared the com- 
bination of excessive borrowing in 
the 1980s and falling real estate 
prices might threaten the stability 
of the US banking system. With 
hindsight the Fed’s policy looks 
finely judged: the US has emerged- 
strongly from recession and infla- 
tion, so far, has stayed subdued. 

Cutting interest rates is easy. But 
Mr Greenspan has now embarked 
on what may prove a long' upward 
path. During the recession his 
“gradualist" approach - lots of 
small quarter or, occasionally, half 
point interest rate cuts - worked 
well. If the financial markets dis- 
counted future 


cuts all well and 
good: share and 
bond prices sim- 
ply surged, pro- 
viding an addi- 
tional economic 
stimulus. But 
Mr Greenspan is 
now discovering 

that gradualism 

on the way up is 
a little more problematic. 

The Fed hoped that by raising 
short-term rates promptly ft would 
convince markets that it was seri- 
ous about preventing a resurgence 
of Inflation as the recovery 
matures. In theory greater confi- 
dence that inflati on would remain 
low ought to have countered 
upward pressure on long bond 
yields caused by higher borrowing 
needs as companies expand capac- 
ity to meet increased demand. But 
this has not happened mainly 
because markets are betting that 
Mr Greenspan’s gradualist strategy 
will involve many future rate rises. 

Some Wall Street analysts are 
urging the Fed to act more boldly. 

If, InateaH of nudg ing rates hi gher , 
Mr Greenspan quickly raised rates 


to a “neutral” level consistent with 
sustainable non-inflationary 
growth, say 4-5 per cent, markets 
might regain their composure. On 
this view, nothing is more destabi- 
lising than the present “drip drip” 
approach which critics dub Chinese 
water torture. 

While occasionally quibbling with 
his judgments. Wall Street never- 
theless regards Mr Greenspan as a 
class act. He has more than ffliarf 
the shoes of his admired predeces- 
sor Paul Volcker, partly because he 
brought diverse qualities to the top 
Fed job: intimate knowledge of 
financial markets gleaned from 
decades as a Wall Street consultant, 
mastery of economic theory, and 
prior experience in public service - 
during the mid-1970s he was chair- 
man of Gerald Ford’s council of eco- 
nomic advisers. 

None of the people mentioned by 
Clinton aides as- possible successors 
can match this experience - 
another reason why nerves are on 
edge In financial markets. For 
example, Mr Robert Rubin, the 
director of the National Economic 
Council, is a 


^ , respected former 
On this View, nothing co-chairman of 


is more destabilising 
tha n the present drip Greenspan’s eco- 
drip’ approach wind 
critics dub Chinese 
water torture 


nomic expertise. 
Mr Larry Sum- 
mers, the Trea- 
sury under- 
secretary, is 
another potential 
candid a te, but he lacks practical 
experience of financial markets. 
And although he was an economics 
professor he has a reputation as an 
inflation dove. ' 

Mr Greenspan's critics should 
perhaps realise that the financial 
outlook would be darker if he were 
less eager to nip inflation in the 
bud. US interest rates might not be 
rising now, but if the economy was 
allowed to hurtle into capacity con- 
straints, they would eventually be 
forced into the stratosphere. Unless 
Mr Clinton makes an inspired 
choice (which could involve reach- 
tog out to a Republican), the exptra- 
tion in 1996 of Mr Greenspan’s sec- 
ond term as Fed chairman could 
speQ the end of a long period of US 
monetary stability. 




FINANCIAL times WEEKEND MARCH 26/MARCH 27 1994 



■'t 

-4 


P yongyang has “a distinct 
and native life of its own 
and is known [in Korea] as 
one of the wickedest cities 
of ancient and modern times", 
wrote US diplomat W illiam Frank- 
lin Sands a century ago. 

That description could apply 
today. The city retains its "wicked" 
image as the capital of North Korea, 
which appears to be heading for an 
international showdown over its 
suspected nuclear weapons pro- 
gramme. Next week the UN will 
consider imposing economic sanc- 
tions, if North Korea does not open 
up its naclear facilities to inspec- 
tion, while the US agreed week 
to the deployment of Patriot mis- 
siles in South Korea. 

The “distinct and native life" in 
North Korea consists of a political 
culture that has transformed its 
"Great Leader", Mr Kim Il-sung, 
into a demi-god and has cowed a 
frightened population. 

Life there is difficult and is 
becoming more so. The collapse of 
the Soviet bloc cut off previous sup- 
plies of food and energy, while the 
high level of defence spending 
restricted investment in industrial 
and infrastructure development 
Conditions are particularly tough 
in the countryside, where food 
shortages are reportedly wide- 
spread. Growing food has never 
been easy in mountainous North 
Korea. In the 1980s, it was able to 
feed its population of 2lm through 
intensive agricultural measures, 
which depended on heavy use of 


FT writers ask if the state’s grip on people in North Korea is weakening 

Rationed and restless 


chemical fertilisers. But since then, 
energy shortages have reduced fer- 
tiliser production. 

Fa lling oil imports awl dwindling 
supplies of domestic brown coal, as 
mines have become exhausted, have 
forced factories to operate at about 
a third of capacity. Electricity 
power blackouts are becoming com- 
mon. The government has encour- 
aged people to use bicycles - some 
sent by charities in Japan - instead 
of trolley buses, to save fuel Elec- 
trical appliances have to be regis- 
tered with local authorities, which 
stipulate the times they can be 
used. 

The picture is not uniform, how- 
ever. In Pyongyang, supplies of food 
and goods are more plentiful The 
city's 2m residents are members of 
the country's elite, and are fre- 
quently vetted for their political 
loyalty. Those who do not make the 
grade must leave. 

"There is a big gap between life in 
Pyongyang and life in the rural 
areas. Pyongyang is a shop window 
for the rest of the world," sa i d Mr 
Masao Okonogi, a professor of law 
at Tokyo's Kelo University, who hw 
visited North Korea. 

In the country as a whole, the 
state has needed a "carrot and 


stick" policy to retain public loy- 
alty. 

The carrot comprises a compre- 
hensive welfare system that 
Includes free housing, medical aid 
and education. The stick consists of 
intrusive political controls, includ- _ 
mg the rationing of food and cloth- 
ing, and mandatory indoctrination 
in classes on the country’s juche, or 
self-reliance ideology. 

There is also an extensive net- 
work of informers. “There is an 
atmosphere of fear in North Korea, 
because everyone knows someone 
who has been packed off to a labour 
camp for a political crime." said Mr 
Mfcbaei Breen of Merit Consulting, 
an investment consultancy in 
Seoul, who has travelled in North 
Korea. 

But there are signs that the gov- 
ernment’s controls are disinteg ra- 
ting as the economic situation wors- 
ens. "Corruption has become 
widespread among bureaucrats 
since the mid-1980s and people 
resort to bribes to avoid punish- 
ment," said Mr Bradley Martin, a 
Fulbright scholar who is writing a 
hook on North Korea. "The society 
is not as regimented as we once 
thought" 

Mr Toshio Mlyazuka. a North 


Korean specialist at Japan's Yaman- 
ashi Gakuin University, said the 
government had not been able to 
prevent the spread of criminal 
gangs. Thefts and rapes are rising. 

Black markets in food and other 
goods have emerged. The lack of 
food has forced factories, which are 
responsible for feeding their work- 
ers, to rely on them to supplement 
rations. "A factory official travels 
the country to find new supplies. 
These officials could eventually 
become the country’s first genera- 
tion of businessmen, since they 
have acquired an expertise in trad- 
ing^" Mr 

T he black markets have 

helped to pierce the infor- 
mation vacuum imposed 
by the government. "Peso- 
pie know what’s going on in the 
outside world by listening to radios 
bought on black markets run by 
Korean Chinese", who smuggle 
them in, said Mr Miyazuka. 

In spite of such knowledge, older 
people who grew up during the Kor- 
ean war in the 19S0s appear rela- 
tively committed to the govern- 
ment. They recall the sacrifices 
they made to reconstruct the econ- 
omy after the war. 


"North Koreans now realise that 
South Korea is richer, but they pos- 
sess a moral rectitude because they 
believe that the South has sold its 
soul to the US,” explained Mr 
Anthony MicheU, president of Euro- 
Asian Business Consultancy in 
Seoul and a frequent visitor to 
North Korea. 

The younger generation, however, 
tended to «nmpi«iTi more about the 
lads of consumer goods and bureau- 
cratic restrictions, said Mr Michpii 

Few dare criticise Kim Q-sung, 
who appears to have the genuine 
respect of the public for his armed 
resistance to Japanese colonial rule 
in the 1930s and 1940s - a period 
emphasised in school textbooks. 
"Even North Korean defectors I’ve 
interviewed have expressed admira- 
tion for Kim,” said Mr Martin. 

Instead, domestic opposition 
appears directed at his son and heir 
apparent, Mr Kim Jong-O, the "Dear 
Leader" and the bead of the armed 
forces. He is blamed for most of the 
country's problems, because he 
came to prominence just as the 
economy was starting to deteriorate 
in the mid-1980s. There is also 
resentment within the North Kor- 
ean government that the Kims have 
reserved most of the top adminlstra- 



Distmctive life; North Koreans surround a poster of their Great Leader 


tive positions for their relatives. 

"The situation is getting desper- 
ate In North Korea and it is highly 
plausible that there is growing dis- 
content against the Kim dynasty at 
both the grassroots and top levels of 
government,” said Mr Adi an Foster- 
Carter, director of Korean studies at 
the University of Leeds. 


Given that the foundations of 
North Korea’s system appear so 
shaky, the US may prefer to wait 
and see whether the government 
survives, rather than invite a con- 
frontation that could lead to war. 

Report by John Burton, Michiyo 
Nakamoto and Emiko Terazono 


\ 


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Work, protest 
and affray 


David Buchan and John Ridding examine 
the causes of French youth unrest 



Roar 

Ann of the law: a protestor is subdued by riot police at yesterday's demonstration 


More irritating for the Matignon is 
the public silence on the part of the 


O f course, 1 am angry,” says 
Martin, a student at Toul- 
ouse university. "This is the 
first time I have been on 
demonstrations. X am going to go on 
protesting until the government lis- 
tens." 

Yesterday it was Martin’s Parisian 
colleagues' turn to show their anger at 
the Balladur government’s new law 
which allows young apprentices to be 
paid less than the national minimimi 
wage. The march, by more than 30,000 
young people in the capital, passed off 
without serious incident, because of - 
or despite - the presence of 2,500 police 
in riot gear and another 800 in plain 
clothes. 

But in contrast to the largely Paris- 
based student uprising in May 1968 - a 
possible parallel in everyone's mind - 
the protest marches over the past four 
weeks against the youth wages law 
have been nationwide, touching small 
towns as well as provincial cities such 
as Lyons and Nantes, where violent 
clashes have continued all week. 

When clashes erupted on March 17, 
for instance, the eyes of the France's 
Paris-centric media were cm the 30,000 
students and assorted union members 
who demonstrated in the capital; not 
surprisingly, because some shop win- 
dows were smashed, cars burnt and 
youths arrested. But the final tally for 
the day showed that no fewer than 
200,000 protestors had turned out in the 
provinces. This week, in the south-west- 
ern town of St Gaudens, about 100 sec- 
ondary school pupils skipped class to 
demonstrate behind a banner reading 
"Oppression of Schools = Explosion”. 

French students and their govern- 
ment may be listening to one another, 
but each is certainly not understanding 
what the other is saying. For his port, 
Prime Minister Edouard Balladur seems 
baffled by what is going on. He insists 
that his wage reform is "for the young, 
not against them". He says it is aimed 
at making the 25 per cent without jobs 
more employable. 

It is true that he has somewhat 
watered down the February 24 decree. 
This lumped all youth - those with and 
without higher education diplomas - 
together as eligible for "contrats d’in- 
sertion professionelle" tCIP), under 
which they would be paid 80 per cent of 
the minimum wage, known by the acro- 
nym Smic, in return for training pro- 
vided by employers. On March 3, Mr 
Balladur agreed that diploma-holders 
should get at least the Smic or 80 per 
cent of any wage pact agreed within an 
industry sector. But three weeks later, 
students still do not believe his 
repeated assurances that he is not try- 
ing to “devalue" their diplomas. “I 
believe in your good faith,” he said in 
an open letter in the nation's youth in 
the Liberation newspaper last week, 
“please believe in mine." They don't 
So, Mr Balladur is now doing what he 
has rarely done over his first prime 
ministerial year - st andin g firm. One 
reason is precisely that he knows he 
must correct his reputation for caving 
in to pressure, particularly when, as so 
often in France, the challenge comes 
from the streets. But a further motiva- 
tion is his belief that French youth can- 


not reasonably ask him to make any 
further concessions. 

Unless the students protests soon 
peter out with the advent of the Easter 
holidays and spring sunshine, the ingre- 
dients are in place for a crisis that 
could knock foreign confidence in the 
French economy and currency. Mr Bal- 
ladur himself seems almost fatalistic 
about this prospect, if his recent com- 
ments about his political mentor, 
Georges Pompidou, are a guide. Mr Bal- 
ladur said he learnt from Mr Pompidou, 


tests. This may merely be paranoia. But 
the Socialist and Communist opposition 
parties, as well as the unions, have 
made clear that they want the repeal of 
the CLP. This has disappointed any 
hopes Mr Balladur may have had that 
his public show of consulting 
the unions over the past year would 
pay dividends in his hour of 
need. 


Patronat employers federation, whose 
only private comment has been to say 
that few of its members will actually 
use the CIP. Even the few individual 
employers, such as Mr Claude B£b6ar of 
the AKA insurance group, who back 
the broad principles behind the CIP 
measure, also deplore its clumsy pre- 
sentation. 

This thpmg of government cl umsiness 
hag been taken up, to still more damag- 
ing effect, by virtually 
all the party and parlia- 
mentary leaders of the 
ruling conservative 
majority who do not 
actually hold ministerial 
office. They inclu de Mr 
Valdry Giscard d’Es- 
taing, leader of the cen- 
tre-right UDF, and - 
ever with an eye on his forthcoming 
battle with Mr Bahadur for the presi- 
dential nomination - Mr Jacques Chi- 
rac, leader of the RPR gaullists. 

Yet, the more convincing explanation 
for the crisis lies not in conspiracy, but 
in a variant of Mr Bahadur's favourite 
theme that France is a "socfete bloqu6”. 
The most obvious blockage is the 
inability of so many young to advance 
from school or university into gainful 
employment. 


for whom he worked in 
1968, that "sometimes it 
is necessary to let things 
go to boiling point [par- 
oxysme] before they can 
get back to normal”. 

But Mr Bahadur's 
minis ters and those in 
bis private office in the 
Matignon have claimed 
publicly that they detect “political 
manipulation" behind the student pro- 


The students and 
government are 
listening to, but 
don’t understand, 
eadi other 


Most economists agreed with Mr Bal- 
ladur’ s diagnosis that the Smic has 
helped price lesser-skilled, and inevita- 
bly younger, workers out of the job 
market But where he is widely judged 
to have gone wrong is in discouraging 
students from advancing themselves 
through higher education. “Why should 
young people be paid less to do the 
same job as others with the same 
qualifications?” asks Mr Cyril 
Wane at Paul Sabatier university in 
Toulouse. 

Such sentiments are widespread. 
"People of our generation are finding it 
harder than ever to find a job, whatever 
their level of qualification.” says a stu- 
dent at the Sorbonne. “There is a 
growing feeling that the future is 
bleak." 

Paradoxically, the main organisers of 
the student protest come from a section 
that has felt its future was not so bleak, 
at least not until Mr Balladur stepped 
in. 

This segment comes from the msdtuts 
umoersftares de technologic (IUTsX set 
up in the 1960s inside universities, and 
the sections de technidens supMeurs 
(STSs), set up to prepare secondary 
school students for technical baccalan- 
rfets. These practical institutions, as 
their names suggest, have bad far more 
success in placing their diploma-holders 
in the job market than older universi- 
ties like the Sorbonne, with more gener- 
alist courses. 

E is this tAchnirai "aristocracy" that 
is most angry at Mr Ballad Ur's attempt 
to level youth wages downwards. It was 
the IUT in Paris* wealthy 161h arron- 
dissement that or ganis ed the first Feb- 
ruary demo a gains t the CIP, but the 
rapid recent spread of IUTs and STSs 
around the country accounts for the 
widespread nature of the student 
revolt 

Perhaps the most general blockage 
lies in France's political institutions, 
which tend to thwart the sort of open 
debate that might have settled the 
youth wage row in parliament and not 
in the street Because France has a 
weak parliament - and inside it a 
left-wing opposition that is numerically 
small - the real debate about the CIP 
took place, not when the enabling law 
passed the National Assembly last 
October, but months later with the pub- 
lication of the implementing decree. 
Moroever, what real opposition Mr Bal- 
ladur feces is to be found within his 
own massive conservative majority. But 
in order to maintain the pretence of 
conservative unity, internal debate - of 

the kind that might have thranhad OU± 

problems with, the CIP - is often 
hushed up. 

To compensate for this lack of politi- 
cal debate, Mr Balladur has reached 
back to the habit of consulting, at least 
formally, with the trades unions - a 
tactic he learnt nrutar Pompidou. But 
time has moved on. Union presidents 
are no longer the power, except in the 
state sector, that they were 25 years 
ago. Today, more than before they are 
following, rather than leading, the stu- 
dents. Among the latter steam has built 
up. And when that happens in a socfete 
bloqui, there is always the danger of 
explosion. 


S outhborough School in 
south London is swim- 
ming against the tide. 
Its 14-year-old pupils 
are offered vocational courses 
on top of their academic cur- 
riculum. But in the three years 
since tt introduced this radical 
measure, the school has found 
It awkward to fit vocational 
training into the strict aca- 
demic requirements of the 
national curriculum. 

The school is determined to 
persist. As one teacher 
remarked, "it is improving 
standards because it means a 
more relevant and coherent 
curriculum for youngsters.” 

For the moment, Southbor- 
ough’s scheme is very much 
the exception to the rule. But 
this may be about to change. 

Government curriculum 
advisers plan rihaiinng m g new 
vocational courses for 14-year- 
olds. They aim to create a new 
system of vocational qualifica- 
tions that pupils and employ- 
ers would find as attractive as 
the academic path towards 
A-levels needed for entry into 
higher education. 

Few dispute that Britain’s 
vocational education system 
needs an overhauL UK univer- 
sities are internationally 
renowned for the quality of 
education they give the top 30 
per emit of academic achiev- 
ers. But vocational education 
has long been the poor rela- 
tion. 

The absence of high-quality 
vocational education is 
reflected in Britain’s shortage 
of qualified skilled workers, 
according to Professor Sig 
Praia of the National Institute 
of Economic and Social 
Research. Only 36 per cent of 
the British workforce has a 
vocational qualification, 
against Germany's 74 per cent 
Professor Prais believes the 
lack of skilled tedmirimn has 
harmed UK industry. Work 
practices are inefficient, and 
qualified graduates are some- 
times "wasted” doing jobs bet- 
ter left to trained 
The latest attempt to fill the 
vocational gap in the UK 
comes from Sr Ron Dealing, 
who chairs the School Curricu- 
lum Agwann>nt Autho r. 

ity, the quango advising on 
the content of school educa- 
tion in England and Wales. 

Sir Ron believes many teen- 
agers have lost interest to aca- 
demic study and gain little 
from their final years of com- 
pulsory education. This week, 
he suggested pupils aged 14 to 
16 should he able to devote up 
to 20 per cent of their time at 
school to vocational courses. 
The aim would be to provide 
"pathways” into vocational 
education and training after 
leaving school at 16. 


Tools to 
secure a 
future 

John Authers 

on plans for 
vocational 
training at UK 
schools 


HE'S REVISING RjR j 
A VOc/m&HflL. 
quAUF/omoM 
IN LEISURE AND 
TOUWsm, SIR 

\ 





Sir Ron added the vocational 
courses should initially be in 
me of five subjects: manufac- 
turing; art and design; health 
and social care; leisure and 
tourism; and business and 
finance. This list might later 
be extended. 

The courses would lead to an 
as-yet unnamed qualification 
that would complement, not 
replace, the General Certifi- 
cate of Secondary Education 
now taken at age 16. Candi- 
dates could still take as many 
as seven GCSEs alongside the 
new qualification to a typical 
school timetable. 

Sir Ron is considering mak- 
ing passes in vocational sub- 
jects dependant on passing 
appropriate GCSE subjects. A 
pass in manufacturing, for 
example, might require a pass 
in GCSE science. 

The qualifications awarded 
for the new courses would 
count towards the General 
National Vocational Qualifica- 
tion (GNVQ). This “vocational 
A-level” is being introduced 
for 18-year-olds, amid contro- 
versy over whether it is rigor- 
ous enough to carry the same 
esteem as A-Ievels. 

Sir Ron plans to consult 
widely and run pilots for two 
years. But he already has con- 
siderable support among 
employers and teachers. He 


also seems to have the backing 
of the government which is 
keen to see an improvement in 
vocational education post-16. 

But the consensus in favour 
is not total. A leading critic is 
Professor Eric Bolton of Lon- 
don university's Institute of 
Education, a former chief 
inspector of schools. He warns 
the proposals risk recreating a 
stratified education system In 
which able pupils take aca- 
demic subjects and the rest are 
fobbed off with vocational 
courses which would be per- 
ceived as inferior. 

“Historically, whenever 
we’ve made these divisions in 
the past, they’ve become hier- 
archical," be says. The 1944 
Education Act promised a tri- 
partite system of grammar 
schools, technical schools and 
secondary moderns with each 
enjoying parity of esteem. But 
grammar schools were soon 
perceived as offering a supe- 
rior education, says Prof Bol- 
ton. 

Sir Bon responds to the dan- 
ger that this could happen by 
declaring his determination to 
challenge the idea that voca- 
tional qualifications are infe- 
rior. “I am all too conscious of 
the common tendency to con- 
sider the academic as first-rate 
and the practical applications 
of knowledge and understand- 
ing as second-rate. It is a trag- 
edy that we have the value 
structures we do, and I rail 
against them." 

A key to changing these val- 
ues lies in persuading employ- 
ers that the new vocational 
qualification will meet their 
needs, so that students betieve 
it is worth working for. As 
Prof Bolton says: “What 
makes German youngsters so 
interested in vocational quali- 
fications is that they cant get 
into employment without 
them. If British employers 
made vocational education 
pay, youngsters would do it” 

The portents are good; the 
Confederation of British 
Industry backs Sir Ron's pro- 
posals, saying they have “the 
potential to transform young 
people’s learning”. The CBI 
wants more employer involve- 
ment in the courses, as "chil- 
dren do not learn about manu- 
facturing by sitting for two 
years in a classroom". And it 
believes there most be oppor- 
tunities to “mix and match” 
vocational training with aca- 
demic study. 

Thus if Sir Ron can intro- 
duce a vocational qualification 
that employers are wilting to 
pay for, the British education 
system may at last start turn- 
ing out the skilled workers 
that continental education 
systems produce with appar- 
ent ease. 


Working hours in decline 


From Dr John Wells. 

Sir, Samuel Britten wonders 
(Economic Viewpoint, March 
17) what has happened to the 
total n umb er of hours ot work 
being performed during the 
output recovery - when the 
continuing reduction in 
full-time employment is set 
against the rise in part-time 
and self-employment. 

The answer can be obtained 
from the household Labour 
Force Survey, the results of 
whose autumn 1993 enquiry 
have just been published in a 
volume which also contains for 
the first time estimates of aver- 
age actual weekly hours of 
work by sector of activity, for 
men and women - a continua- 
tion of nn established series on 
hours worked by employment 


In autumn 1993. a total of 
830.lm hours of work were per- 
formed weekly - a slight 
reduction on autumn 1992 (the 
best period for comparison 
using these seasonally-unad- 
j listed data). In fact, hours 
worked w'ere down in each 
quarter of 1993 relative to 1992 
- though by an amount that is 
well within sampling error. 

Total hours worked are now 


some 15 per cent below the 
spring 1990 peak - one possible 
measure of the “output gap" 
fai ways bearing in mind that 
unemployment was unaccept- 
ably high even at the peak of 
the previous upswing). 

The Labour Force Survey 
also contains the Information 
that the total of International 
Labour Organisation unem- 
ployed non-claimants, 1.037m, 
is 59,000 up on a year earlier; 
ILO unemployed 16- and 17- 
year-olds (mostly ineligible to 
claim benefit) stands at 146,000 
- 7,000 higher than a year ear- 
lier; while the number of "dis- 
couraged” workers (those who 
would like to work but have 
not looked as they behove no 
jobs are available) stands at 
184,000 - 8,000 more than a 
year ago. ILO unemployment 
among ethnic minority men 
stands at 24 per cent Afro-Ca- 
ribbeans (33 per cent), Indians 
(16 per cent) and Paki- 
stani/Bangladeshis (30 per 
cent). 

John Wells, 

faculty of economics and 
politics, 

University of Cambridge, 

Austin Robinson Building, 
Sedgwick Avenue, Cambridge 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SEI 9HL 

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


Roads programme view faulty 


Statutory interest is no 
answer to late payments 


From Ms Lilli Matson. 

Sir, In “Quarries bead for the 
coast” (MarCh 23), Andrew Tay- 
lor succinctly sums up the 
options put forward in the 
environment department's con- 
sultation paper on minerals 
extraction (MPG6). However, 
the conclusion that forecast 
demands for minerals will 
have to be met - other from 
Scottish super-quarries or by 
increased dredging of marine 


From Reverend Roy D Bennett. 

Sir, Hie portrayal of the 
devil in your article "Dodge 
that VAT” (March 19) was not 
without deeper significance. 
Surely there is something evil 
about a society that allows the 
wealthier members to escape 
taxation, by means of 
advanced payment for fuel to 
this case, yet insists that those 
poorer members must pay the 


aggregates - misses a key 
issue: whether this is environ- 
mentally sustainable. 

CPRE believes it is not and 
that we should be looking at 
ways to reduce our demand for 
aggregates. We have to find 
ways of meeting our needs and 
aspirations for goods and ser- 
vices in ways that use less 
building material. A good place 
for the government to start 
would be by cutting its road- 


tax in fun. The call by John 
Major, the prime minister, to 
return to basic values has a 
hollow ring if it does not begin 
by of us flfty ptf wg our 
responsibility as citizens to pay 
our taxes. 

I wonder what would be the 
response of the Inland Revenue 
if I offered to pay my mortgage 
in advance for five years to 
ensure continuing relief at 25 


building programme. New 
roads and road maintenance 
are major consumers of aggre- 
gates. A shift in transport pol- 
icy away from road construc- 
tion would help to reduce the 
number of botes threatening to 
appear in our coastline. 

Lilli Matson. 

Council for the Protection of 
Rural England. 

25 Buckingham Palace Road, 
London SWlW 0PP 


per cent? One law tor the rich 
and another for the poor is no 
April fool's joke - despite 
the date on the cartoon calen- 
der. 

Roy D Bennett, 

(chaplain, University Hospital 

NottinghamX 

The Yews. 

225 Edwards Lane, 

Sherwood, 

Nottingham NG5 BEQ 


Sad story 

From Mr Peter Parkinson. 

Sir, Buyers of books who 
hope to bequeath their 
libraries in useable condition 
to their ntrilrfrpn will be sad- 
dened by your report (Com- 
modities, March 16) that “buy- 
ers are reluctant to pay 
adequate premiums for the 
chlorine-free product [paperT- 
Five per cent extra on the price 
of a book or periodical would 
cover the cost of paper des- 
tined to last a century or more, 
and I would be more than will- 
ing to pay for It Too many of 
my books and periodicals 
bought 20 to 50 years ago are 
already beginning to turn 
brown, to disintegrate. 

Perhaps there is a case for 
pressure by governments, such 
as has worked so well for 
“green" petroL 
Peter Parkinson. 

2 Rue de la Croix. 

11200 Cruscades, 
LeagnofrCOrbieres, 

France 


From Mr Roger De B HoveU. 

Sir, In the November budget 
the chancellor announced the 
publication of a paper discuss- 
ing the merits of statutory 
interest on the late payment of 
accounts. Replies are requested 
by March 31 1994. 

Late payment of accounts is 
a serious handicap to the speed 
of the recovery. In particular it 
hits at the viability of small 
businesses. 

At first sight the idea might 
appear to have merits. How- 
ever, on closer examination 
legislation would perform a 
disservice to small enterprises. 

Hie reasoning behind this is 
as follows. 

• All businesses already have 
the ability to charge for late 
payment through their terms 
and conditions. 

• Any statutory rate is likely 
to be at 8 per cent (the rate of 
interest used by the courts) 
whereas businesses are free to 
charge a far higher figure. 

• Enforcement of a statutory 
charge would have to be 
through the courts which is 
the present position. 

• A statutory rate is likely to 


lead to demands from larger 
customers for extended credit 
terms. 

• SMEs would be caught 
between pressures for earlier 
payment by suppliers and later 
payment from customers. 

• Many SMEs are reluctant to 
press for payment and are 
unlikely to change their ways. 

• Statutory interest might be 
seen to sanction late payment 

• Statutory interest could pro- 
vide a further excuse for inade- 
quate credit control. 

• Legislation would erode free- 
dom of contract 

• There is already far too 
much government interference 
in commerce without inviting 
further regulation. 

• Despite the apparently 
harsh economic climate few 
SMEs admit to. or suffer from, 
slow payment amaring as this 
may sound. 

It is in the interest of all 
companies to say no to statu- 
tory interest. 

Roger De B Hove! I, 

Debtco pic. 

Guardian House, 

404 High Road, 

Ilford. Essex IGUTW 


Avoidance of VAT on fuel bills is no joke 








Airport contributes £2.2m with further acquisitions being considered 

Nat Express rises to £9. 3m 


By Tim But 

National Express Group, the 
coach operator, reported a 36 
per cent increase In pre-tax 
profits for the 1993 yea 1 follow- 
ing a maiden contribution from 
East Midlands Airport, its new 
subsidiary. 

The Leicestershire airport, 
acquired for £27. Lm last July, 
contributed E2J2m to pre-tax 
profits of £9 .3m (£6 .8m). Turn- 
over rose from £l20.6m to 
£139m. 

Increased revenue from 
airline passengers helped 
to offset falling demand among 
travellers for long-distance 
coach services, where turnover 
fell from £95.1m to £92m 
in the face of strong comp- 


etition from British Rail 

Mr Ray McEnhill, chief exec- 
utive. admitted the figures had 
been weakened by uncompeti- 
tive pricing which led to a 6.6 
per cent decline passenger 
journeys. 

He claimed, however, that 
ticket sales were now picking 
up following fare cuts on 
cross-country routes, service 
improvements and a manage- 
ment shake-up. 

The shake-up was dominated 
by the departure of Mr Keith 
Taylor, who resigned as man- 
aging director of the coach 
business last November after 
only a year in the job. 

Mr McEnhill said the prob- 
lems bad largely been solved 
and the company had commit- 


ted £3m to upgrade services, 
improve coach stations and 
introduce mechanised ticket- 
ing. 

Despite the difficulties, the 
express coach division bene- 
fited from contributions by 
new acquisitions, including 
Scottish Citylink and Euro- 
lines, the Dutch coach opera- 
tor. and improved results from 
both European Coach Travel 
and Airport Coach Services. 

The group also emphasised 
its determination to develop its 
airport business, and Mr McEn- 
hill said it was hoping to buy 
other regional hubs. 

Earnings per share were 
16.7p (16.Bp). The group is pro- 
posing its first final dividend 
since its December 1992 flota- 


tion with a 5p payment, taking 
the total for the year to 7.5p. 

• COMMENT 

A recent valuation of its East 
M i dlands offshoot, which val- 
ued the site at £55. lm, whetted 
the group's appetite for the air- 
port business. With its balance 
sheet thus strengthened, the 
group has looked at five other 
airports and is expected to end 
1994 with another one in its 
portfolio. With coach services 
likely to recover following fare 
reductions and a full year con- 
tribution from airport 
operations, this year's profits 
should reach £llm. On a for- 
ward multiple of 14.5, that 
TTiaices the shares an attractive 
long-term prospect. 


Capital Industries disappoints 


Halstead 
rises 14% 
to £4.54m 

By David Blackwell 

A strong performance from 
the core flooring business was 
be hind a 14 per cent rise in 
interim profits at James Hal- 
stead, the Manchester-based 
floor-coverings, weather-proof 
clothing and trailers group. 

Pre-tax figures for the six 
months to end December were 
up from £3.97m to £4.54m on 
turnover of £31m (£27.5m). 
The interim dividend has been 
raised from 2.5p to 2.75p. 

Mr Stephen Knight, finance 
director, said flooring sales 
were slightly up in the UK, 
where the company has about 
60 per cent of the sheet vinyl 
market. 

European sales rose, includ- 
ing German business, while 
those in Australia and south 
east Asia also improved. The 
directors said that the group 
has opened a Hong Kong office 
as a bridge for sales into 
China. 

Group capita] expenditure of 
£4.9m for the half-year was 
concentrated on the flooring 
division, which accounts for 
about two- thirds of turnover. 

In July a £7m production 
line will be opened in Man- 
chester, giving the group some 
extra capacity and a great deal 
more flexibility, said Mr 

Knig ht. 

Both sales and profits were 
ahead at Driza-Bone, the Aus- 
tralian stockman’s coat com- 
pany. However, margins at 
Phoenix, the motorcycle acces- 
sories distributor, were under 
pressure from the absorption 
of another business and cur- 
rency factors. 

Conway Products, the frailer 
tents, trailers and security 
cabins business, reduced the 
usual first-half loss. The 
group, which is hoping to 
develop further sales away 
from the seasonal camping 
market, lifted sales of the steel 
security cabins used on civil 
engineering projects. 

Net cash at the end of the 
half stood at £4m. Earnings 
per share were I0.l6p (8.94p). 

Gladiators 
give boost 
to Hornby 

By David Blackwell 

The Gladiators swung into 
action last year to help 
Hornby, tbe games, model 
trains and boat maker, to 
report a small rise in 1993 pre- 
tax profits from £1.4 6m to 
E1.5m. 

However, turnover was 10 
per cent down from £31 .3m to 
£28. 2m. with a corresponding 
fall in operating profits from 
£l.S2m to £1.64m. 

Mr Alan Cox. finance direc- 
tor, said the UK market bad 
been very difficult However, 
sales of the Gladiator range, 
based on the television series 
and launched in August, had 
been very good, and were 
expected to continue success- 
fully this year. 

Hornby model railway sales 
were ahead, while Scalextric 
model racing car sales had 
held steady. The two account 
for over half the group’s sales. 

Net interest payable fell 
from £364.000 to £134.000. 
reflecting a fall in capital 
expenditure and lower sea- 
sonal borrowings. About two 
thirds of sales are made in tbe 
second half, so the group pays 
no interim dividend. Tbe final 
dividend is maintained at 9p 
from earnings of 10.9p {11.5 p). 

The group, which ended tbe 
year with net cash of £4 .3m 
(£3.1m), reduced its operating 
costs from £8.8m to £7.3m. But 
the savings were offset by 
weaker sterling, which took 
about £900,000 off the profits 
compared with 1992. Many of 
its toys are imported from the 
East Asia and paid for in dol- 
lars. 

The Fletcher speed-boat 
business broke even on turn- 
over of around £3m. 


By Tim Burt 

Shares in Capital Industries 
fell 15p to 154p yesterday after 
the specialist packaging and 
financial services group 
announced a smaller than 
expected increase in profits 
from £2. 45m to £4£m pre-tax in 
1993. 

Mr Peter Underhill, chief 
executive, blamed the share 
price foil on the group's failure 
to meet profit forecasts of 
£5.4m. 

“We made a profit but noth- 
ing like what we expected,” be 
said yesterday. 


By David BfackweH 

Pittencrieff. which in January 
announced plans to split its oil 
and gas interests from the rap- 
idly growing US mobile com- 
munications operation, is plan- 
ning to raise £25m. net of 
expenses, through a placing 
and open offer. 

The proceeds will be used to 
help fond the cash purchase of 
a 50 per cent working interest 
in three oil and gas fields in 
south Texas for 238m (£26m). 

After the demerger, Pltten- 
crieffs oil and gas business 
will be renamed Pittencrieff 
Resources and will apply for a 


By Tony Jackson 

Profits at Macallan-Gle olivet , 
the once high-flying Scottish 
malt whisky distiller, fell last 
year for the second time run- 
ning. However, the company 
predicted a profits recovery 
this year and raised the divi- 
dend by 20 per cent 

Pre-tax profits for 1993 were 
down 19 per cent from £7.04m 
to £5.7m, on sales 7 per cent 
lower at £15.5m. Sales of new 
whisky fillings to the trade 
were down by over 20 per cent 
by volume for the second year 
running, though prices were 
marginally ah e ad . 

Earnings per share were 
down from 4.45p to 3.62p. The 
final dividend is 0.74p (0.6 15p) 
making a l.lp (0.915p) total. 

Though the company's net 
cash position was broadly 
unchanged, interest receivable 


By Simon Davies 

Frogmore Estates, the property 
investment company, 
announced a 74 per cent 
increase in pre-tax profits from 
£4. 17m to £7 -28m for the six 
months to December, aided by 
increased rental income from 
acquisitions. 

Tbe company has built up its 
portfolio and has invested 
more than £70m on properties 
since June 1993, when it 
announced a £42m rights issue. 
Some £45m of this has been 
invested in trading properties, 
the directors stated. 

Activity has also picked up 
in Frogmore’s joint venture 
housebuilding business, which 
is expected to sell 700 units in 
the current year, compared 
with 443 last time. 


Profits were held back by 
manufacturing problems at 
Samuel Jonas, the group's lam- 
inated packaging business 
where anticipated production 
improvements did not materi- 
alise despite a £500,000 invest- 
ment in new machinery. 

Mr Underhill admitted sec- 
ond-half profits had been hit 
but said the subsidiary, 
acquired in late 1992, had 
increased group turnover to 
£74. 8m (£243m). 

Output had improved in 
recent months, he added. 

A full year's contribution 
from Samuel Jones also lifted 


London listing. The Texan 
acquisition, which is condi- 
tional on the demerger, will be 
made by Pittencrieff America, 
which will he a subsidiary of 
Pittencrieff Resources. 

Pittencrieff Communications, 
PittencriefTa 54 per cent owned 
subsidiary, which is traded on 
Nasdaq, win also apply for a 
London listing. 

Mr Terry Heneaghan, chief 
executive, said the proposals 
should maximise value for 
shareholders of both Pitten- 
crieff and Pittencrieff Commu- 
nications. “The group reorgani- 
sation should produce 
significant commercial benefits 


feH from £852,000 to £555.000 as 
a result of lower rates. 

Bottled sales of Macallan 
malt whisky, which make up 
most of the company’s turn- 
over. showed little change on 
the year, said managing direc- 
tor Mr William Phillips- This 
was because of high stocks in 
the trade at the start of the 
year. “We should see some 
movement this year”, he said. 

Prices were up slightly last 
year, but margins had been 
affected by higher promotional 
costs. 

The company expects a fur- 
ther decline in new fillings this 
year, but said the Macallan 
brand is moving into a new 
phase of development. Mr 
Phillips said higher levels of 
stocks previously laid down 
were now maturing, leadin g to 
much greater availability of 
the product 


Turnover increased by 34 per 
cent from £22 -2m to £29.7m 
while operating profits rose 
51 per cent to £9.62m 
(£6 35m). 

The 1992 figure was held 
back by a £1.53m charge, 
related to litigation. Without 
this distortion, operating prof- 
its would have risen 22 per 
cent directors pointed out. 

The interim dividend is 33p. 
compared with 3.6p. 

Earnings per share were 
i3.4p (6.7p), helped by a 
reduced tax charge from the 
release of earlier provisions. 

Borrowings were £74.3m at 
December 31, representing 
gearing of 37 per cent Debt 
servicing cost £2.74m for the 
half year, compared with an 
annual rent role that has 
grown to £24.4m. 


the industrial division’s operat- 
ing profits to £3.84m (£2 2m) 
Group operating profits of 
£5.3m (£3m) were further 
boosted by £1.44m (£lm) from 
the financial services division 
- dominated by its Capital 
Ventures subsidiary. 

Profits generated by tbe com- 
pany - which manages gwpm 
for enterprise zones - is expec- 
ted to offset funds lost by the 
end of the Business Expansion 
Scheme, a main source of prof- 
its in the past 
Earnings rose to 12 (9.8p) 
and the final divid end is held 
at 2.4p for a total of 4.4p (4p). 


for the two business groups, 
which have distinct operating, 
financial and investment char- 
acteristics.” 

An extraordinary meeting to 
approve both the demerger 
proposals and the acquisition 
is scheduled for May 16. A sec- 
ond EGM on May 23 would 
complete the demerger. 

Pittencrieff shareholders will 
be offered 1 share in Pitten- 
crieff Resources for every Pit- 
tencrieff share held and 5 
shares in Pittencrieff Commu- 
nications for every 24 Pitten- 
crieff shares held. They will 
also be offered a cash alterna- 
tive to the Resources shares. 


Portmeirion 
14% ahead 
to £4. 18m 

Portmeirion Potteries, the 
pottery maker, achieved a 
record £4. 18m in pre-tax profits 
for the year to December 31. a 
14 per cent rise on the £3. 67m 
for 1992. 

I Turnover improved by 9.6 
j per cent to £24.6m (£22.5m) 
with sales in the UK 17.2 per 
cent ahead and in continental 
Europe 21.4 per cent better. 
Production difficulties in the 
glazing department of the 
Stoke factory, however, led to 
low stocks in the US and sales 
there grew by just 2.7 per cent. 

Operating profits on continu- 
ing activities improved to 
£4.12m (£3.7m) and the pre-tax 
result was after a £109,000 
(£189,000) contribution from 
associates and reduced net 
interest charges of £54,000 
(£224,000). 

Earnings per share emerged 
at 2&42p (22.67p) and the divi- 
dend is lifted to 9p (7.75p) 
with a proposed final 6.75p 
<5.5p>. 

Mr George Hesp, managing 
director, said 1994 had started 
well, with orders being taken 
for the group's new china, mar , 
keted in five patterns, which 
would be in the shops in 
May. 

Garton £0.2m 
in the black 
after land sale 

A profit of £275,455 from the 
sale of land stocks enabled 
Garton Engineering to show a 
pre-tax profit for 1993 of 
£210,000 against £254,000. 

Turnover for this manufac- 
turer of engineering compo- 
nents and fasteners was little 
changed at £20 22m (£20.19m). 

Mr Aubrey Garton, chair- 
man, said that the markets had 
been severely depressed result- 
ing in reduced demand and 
severe competition. 

He said there had been a 
Jmarked increase In orders 
intake in the present this year, 
although some was at lower 
margins 

Operating profits were 
unchanged at £432,000. How- 
ever, there was a higher inter- 
est charge of £222,000 (£178,000) 
despite a 13 per cent fall in 
borrowings over the year. 
Year-end gearing was 36 per 
cent, against 41 per cent 

Earnings per share came out 
at 3.7p (4.83p) and a proposed 
final dividend of 3-375 makes a 
total for the year of 4.5P <4p). 


[DIVIDENDS ANNOUNCED 

• ' :i: : 

•ii'.;: ..T 




Current 

payment 

Dais of 
payment 

Genres - 
poneSng 
dividend 

Total 

for 

year 

Total 

to 

year 

Atlas Converting.. 

_~fin 

15t 

June 6 

15 

22 

22 


fin 

2.85 

Mar 27 

2.85 

4.5 

4.6 








Frogmore - 

int 

3.87 

Apr 29 

3.6 


18 

Garton Eng 

— fin 

3.375 

Jul 1 

3 

4.5 

4 

Halstead (James). 

— Int 

2.75 

June 1 

2Ji 


8.5 

Homby - - 

—Jin 

9 

May 16 

9 

9 

g 

Lon StLawrence , 

— int 

3.12 

May 23 

. 


4.12 

MacaRan-Glen _ 

— fin 

0.74 

May IS 

0.615 

1.1 

0.915 

National Express. 

— fin 

5t 

May 12 

. 

7.5 


Newman Tonks — 

fin 

3.87 

May 27 

5.5 

62 

9.3 

Portmeirion — - 

_ fln 

6.75 

June 2 

5.5 

9 

7.75 


Dividends shown pence per share net except where otherwise stated. tOn 
Increased capital. §USM stock. 


Pittencrieff to raise £25 


MacaUan-Glenlivet 
down but confident 


Frogmore jumps 74% 
to £7.3m in first half 



TmwOc ttnvhhn 

Tiny Rowland (left) with Dieter Bock: smaller shareholders revealed anger at the cost of their battle 

Dissent at Lonrho’s AGM 


Newman 
Tonks sees 
benefits of 
changes 

By Paul Cbeeseright, 

Midlands Correspondent 

Newman Tonks, the archit- 
ectural hardware group, 
emerged from a spell of exten- 
sive reorganisation with a 
sharp increase in pre-tax prof- 
its for the year to December 
31. 

Profits were £15iJm, against 
£4.36 m, restated for FRS 3, for 
the 14 months to December 
1992 as the group changed its 
year-end. 

The comparable figure was 
depressed by provisions of 
£6 ,81m for the sale or closure 
of unwanted subsidiaries. 
There was an exceptional 
credit this time of £266,000, 
being the losses on disposals 
offset by the release of provi- 
sions. 

Earnings per share were 
7.6p, compared with losses of 
0.65p. With the exceptional 
items stripped out, earnings 
were 7.38p, against 5-22p. 

In line with the intention, 
announced last September, of 
bringing dividends more 
closely into line with earning s , 
the proposed final is 8.67p, for 
a total of &2p, against 9.3p. 
The previous total was a factor 
in lifting gearing to 39 per 
cent at the year end, against 
29 per cent 12 months earlier. 

Turnover was £257.6m 
(£266. 5m), including £730,000 
(£7.55m) from discontinued 
activities and £6.95m from 
acquisitions. Operating profits 
were £17m (£l2.lm), with con- 
tinuing activities showing a 17 
per cent advance. 

The rise reflected the revival 
of demand in the US and the 
continued strength of the 
locks and security businesses. 

• COMMENT 

Newman Tonks has been 
through a bridging year. Hie 
main costs of reorganisation 
were taken in 1992 but recov- 
ery of demand in its main mar- 
kets, the US excepted, is for 
this year or perhaps 1995. 
Once that recovery does come, 
then lower costs and the 
results of investment, which 
continues at £8m a year, 
should have a quick effect on 
the bottom line. In other 
words, the group is ready to 
ride up the cycle to pre-tax 
profits of, perhaps, about 
£19m this year. This would 
give earnings per share of 
10.5p which, at yesterday’s 
price of 169p, puts the shares 
on a prospective multiple of 16 
and suggests that, general 
market conditions permitting, 
they have a distance yet to 
run. 


By Simon Davies 

Mr Tiny Rowland and Mr 
Dieter Bock madn great show 
of their “renewed friendship” 
at Lonrho’s annual meeting 
yesterday, but smaller share- 
holders expressed anger at the 
exist of the joint chief execu- 
tives’ battle for controL 

The focus of resentment was 
a £2.4m payment to four sup- 
porters of Mr Rowland, as com- 
pensation for their retirement 
from the board. It is a move 
which shifts the balance of 
power in favour of Mr Bock. 

The fairly cordial tone of yes- 
terday's meeting took a sharp 
turn when this compensation 
was put to the vote. A barrage 
of criticism was followed by 
only mar ginal approval, of 134 
votes to 117, in the first round. 

The subsequent three rounds 


By Maggie Uny 

The break-up of Clydesdale 
Group, the Scottish-based elec- 
trical retailer which went into 
receivership in January, con- 
tinued yesterday with the pur- 
chase by Next, the fashion 
retailer, of Clydesdale’s con- 
sumer credit business. 

Next’s Club 24 subsidiary 
provides consumer credit and 
services for Next and other 
businesses such as Kingfisher, 
British Telecom, Yorkshire 
Water and Yorkshire Electric- 
ity. The Next credit card now 
accounts for less than a fifth of 
Club 24’s business. 

Next is paying some 23£m 
for the business. The assets are 
mainly consumer credit receiv- 


of voting seemed to sway fur- 
ther against the proposals, to 
the visible discomfort of the 
four directors. 

The chairman demanded a 
poll, which included the proxy 
votes of institutions, and 
achieved overwhelming sup- 
port The company had already 
held 260m proxies in favour 
and only 25m against 

Bitter shareholders ques- 
tioned the purpose of having a 
vote, but they did succeed in 
tarnishing what was meant to 
be a celebration of "a year of 
rationalisation and major prog- 
ress”. 

Mr Rene Leclezio. the outgo- 
ing chairman, also dented tbe 
image of unity put forward by 
the joint chief executives. 

In the chairman's speech, 
prior to the vote, Mr Lecidzio 
called upon colleagues “not to 


ables resulting from sales 
made in Clydesdale stores. 
Next is buying the receivables 
on a discounted cash flow 
basis, with most expected to be 
collected over the next 18 
months. It said It expected to 
develop additional business fol- 
lowing the purchase. 

Grant Thornton, the receiv- 
ers. have now made sales total- 
ling about £65m, compared 
with claims of creditors esti- 
mated at about £80m. There 
are three businesses left - 
about 70 high street shops, the 
servicing business and a cap- 
tive reinsurance company. 

However. Grant Thornton 
was not optimistic that sales of 
these activities would add sig- 
nificantly to the total proceeds. 


destroy the unique character of 
Lonrho by trying to turn it 
into a faceless company". 

This refers to Mr Bock’s 
attempts to introduce a more 
conventional corporate and 
management structure in an 
attempt to regain the support 
of the City. 

Mr Rowland seemed to get 
the popular vote yesterday - 
one shareholder suggested that 
political donations should be 
used to earn him a "well-de- 
served" place on the honours 
list - but Mr Bock can feel 
satisfied with events. 

Despite vocal opposition and 
large expense, four supporters 
of Mr Rowland will be removed 
from the board. This enables 
Mr Bock to consolidate his 
position of power in a company 
tha t 12 months earlier was con- 
sidered a one-man concern. 


Beazer and Maid 
sink below their 
flotation prices 

Two newly-floated groups saw 
their shares fall to a discount 
in first day's trading yesterday. 

Maid, the business informa- 
tion supplier, closed at 102p, an 
8p discount to the offer price. 
Beazer Homes, the house- 
builder sold by Hanson, closed 
at 162p, 3p short of its price. 

Maid, set-up nine years ago. 
came to market earlier this 
month via a placing of lL5m 
shares representing 14 per cent 
of the share capital. 

Beazer saw 53.7m shares 
traded. Since the issue was 
priced the FT-SE 100 index has 
fallen 3.6 per cent A total of 
280.8m shares were sold, of 
which a quarter were offered 
to tbe public. This part of the 
issue was only times sub- 
scribed. 


Next buys Clydesdale 
consumer credit side 


House of 
Fraser float 
successful 

House of Fraser, the depart- 
ment store group, is expected 
to announce on Monday that 
the public element of its flota- 
tion has been “comfortably 
oversubscribed". 

Applications for the offer, 
which closed yesterday were 
still being counted last night 
But it is thought that at least 
70,000 private investors 
applied, most of them subscrib- 
ing for between 200 and 500 
shares, priced at 180p. 

House of Fraser’s directors 
are meeting with brokers SG 
Warburg today to decide the 
basis of allocation, also to be 
announced on Monday. 
Smaller investors are expected 
to be favoured. 

The flotation comprises 
229.6m shares, valuing the 
group at £413 .3m, of which 75 
per cent are being placed with 
institutions. Dealings begin on 
April 6. 

Breedon slips 
to £1.62m 

For the year ended January 31 
1994 pre-tax profits of Breedon, 
the limestone quarrying and 
housebuilding concern, slipped 
from £i-82m to £1.62m despite a 
rise in turnover to £9.69m. 
against £8, 73m. 

Earnings per share were 
!L86p (4.41p) but the dividend is 
maintained at 4.6p with an 
unchanged final of 2B5p. 

The directors stated that in 
quarrying, continued low 
demand pressurised margins, 
while latterly a wet winter 
restricted sales. 

Delaney back 
in tbe black 

Delaney, the shopfitter and 
joiner, returned to the black in 
1993 with pre-tax profits of 
£210,000. compared with 
restated losses of £5 .23m last 
time. 

Turnover from continuing 
operations Increased by 15.8 
per cent to £l5.7m (£l3.6m). 
The turnround followed a 
£187.000 loss in the first half. 


NEWS 


Earnings per share at the 
year end were 0.5p (9.9p 
losses). There is no dividend. 

Atlas Converting 
falls to £4.07m 

Atlas Converting Equipment, 
the manufacturer of slitting 
and rewinding machines, yes- 
terday announced a fall in pre- 
tax profits from £5.03m to 
£4. 07m for 1993 on turnover 
down slightly at £44.6m against 
£46.4m. 

Earnings per share were 
28.3p, compared with 41p, but 
the dividend is held at 22p with 
a same-again final of 15p. 

F&C US Smaller 
Cos assets rise 

Net asset value per ordinary 
share of the Foreign & Colonial 
US Smaller Companies 
improved from 98.6p to 109^p 
over the six month period to 
December 31. By end-February 
the figure had increased to 
U4.4p. 

Available revenue for the 
period from incorporation in 
January 1993 to the end of 
December was £223,000 equal 
to earnings of 0.45p. In the 
period to June 30 revenue was 
£244,000. 

Premium Trust net 
asset value at 97.5p 

Premium Trust, the Lloyd’s 
insurance investment trust 
which came to the market in 
December, reported net asset 
value per share of 97Jjp at Feb- 
ruary 28- 

Net revenue for the interim 
period from December 10 to the 
end of February was £26^95 for 
earnings per share of 0-39p. 
The interim dividend is OJ25p. 

Piper European 
Smaller for market 

Piper European Smaller Com- 
panies Trust is coming to the 
stock market via a placing and 
offer for subscription. 

It is offering up to 30m ordi- 
nary shares - with warrants 
attached on a l-for-5 basis - at 

loop each. The minimum 
Investment is £1,000. 

Piper will invest mainly in 
quoted European s mall er com- 


DIGEST 


parties with market capitalisa- 
tions of up to £250m and its 
objective will be long-term cap- 
ital growth. 

Charterhouse Tilney has 
underwritten 10m ordinary 
shares, of which 9.7m have 
been placed with institutional 
and other investors. 

Dealings are expected to 
start on April 1L 

Culver expands 
67% to £544,000 

Pre-tax profits of Culver Hold- 
ings, the retail motor dealer, 
expanded by 67 per cent from 
£326.000 to £544.000 for 1993 
from turnover well ahead at 
£32.6m, compared with £21. 4m. 

The directors stated that Ini- 
tial indications for the current 
year were such that they 
believed the acquisitions made 
during last year, “will make an 
unproved and important con- 
tribution to the group’s 1994 
results”. Earnings per share 
were 0.9p (0.56p) while the divi- 
dend is lifted from 0.2p to 0_25p 
with a final of 0.14p. 

Ticketing £614,000 
in the black 

Ticketing Group, which pro- 
vides ticket sales and event 
management services and com- 
puterised ticketing systems, 
announced pretax profits of 
£614,000 for the year to Decem- 
ber 31. In 1992 there were 
losses of £13.3m after excep- 
tional charges of £ll.&n. 

The USM-quoted company 
had operated as a joint venture 
between Expedier and Wem- 
bley and was only constituted 
in its present form in February 
1993 when its refinancing and 
reorganisation was completed. 

Turnover amounted to 
£47.9m (£7.1m) with £44. 7m 
from acquisitions. Earnings 
per share came through at 
0.09p against losses of I4.57p. 

Sphere Investment 
net assets ahead 

Sphere Investment Trust 
raised net assets in 1893 from 
75_57p to 85.58p per zero divi- 
dend share, and from 24.4lp to 
54J35p per income and residual 
capital share. 

Net revenue increased from 
£4. 79m to £5JSm for the year 


and earnings per income and 
capital share came to 4.33p 
(3.92p). A fourth interim divi- 
dend of l.l5p (0.85p) makes a 
total for the year of 3.4p (3.1p). 

Sphere said it was consider- 
ing proposals to be put to 
shareholders for the continua- 
tion of the trust after October 
1995. Options included an 
extension of the trust in its 
present form, and the estab- 
lishment of a newly created 
vehicle with similar objectives 
to the present trust 

Advisers to power 
sale appointed 

The Government has 
announced that Barclays de 
Zoete Wedd and Klelnwort 
Benson have been appinted 
joint advisers on the sale of the 
Government's 40 pc stake in 
National Power and PowerGen, 
expected next Feb. 

Kieinwort is broker to 
PowerGen. PowerGen said yes- 
terday that Kieinwort would 
step down temporarily during 
the sale and a replacement 
appointed. 

Inspec offer 
oversubscribed 

The intermediaries offer for 
shares in Inspec, the speciality 
chemicals company, was over 
eight times subscribed with 
applications received for more 
than £141 m of shares. Interme- 
diaries have been allocated 
about 12 per cent of the num- 
ber of shares for which they 
made applications on a pro 
rata basis. Monies in respect of 
excess applications were 
returned to intermediaries yes- 
terday. 

Inspec is coming to the mar- 
ket with a valuation of £136.4m 
following a £49Jm share sale. 
Of these, £32.3m were placed 
by stockbrokers Cazenove with 
its clients. Morgan Grenfell 
was sponsor to the issue. 

London & St 
Lawrence 

Net revenue of London and St, 
Lawrence Investment, 
amounted to £L69m for the six 
months ended February 2R 
1994, against £513,323 and not 
for 12 months as stated in the 
edition of March 23. 


i 




V 





■■■< « t : 


BHP earnings advance to 
A$284.2m in third period 


By Nikki Talt in Sydney 

Broken Hill Proprietary, 
Australia's largest industrial 
company, posted an after-tax 
profit of A$2&L2m fUS$203m) 
for its third quarter. The group 
was lifted by a continuing 
improvement in its steel divi- 
sion and a record result from 
mineral interests. 

The figure compares with 
A$225j9m in the samp- period of 
1992-93, and is scored on reve- 
nues of A$4.08bn, against 
AS4.Q9bn. 

It means that BHP has 
earned A$924J2m after tax in 
the nine months ended Febru- 
ary, compared with A*727.7m 
at the same stage a year ago. 

Undiluted earnings per 
share, for the first three quar- 


ters. stood at 69.1 cents, up 
from 56.6 cents last timp 
In operating profit terms, 
after tax but before finance 
charges, the minerals division 
saw a 10.9 per cent advance, to 
A$209.2m. BHP said tha record 
figure was due to the consoli- 
dation of results from the Ok 
Tecfi mine in Papau New 
Guin ea - which performed 
strongly after shipments were 
resumed in December follow- 
ing the local drought - and to 
higher shipments of copper, 
manganese, Indonesian and 
western US coal 
The exchange rate with the 
US dollar, after hedging, was 
helpful although lower real- 
ised prices for most commodi- 
ties partially offset this bene- 
fit. 


A rise in the domestic mar- 
ket helped profits in the steel 
division, as did lower unit 
costs resulting from' higher 
production levels and cost-cut- 
ting programmes. 

The division made A$103J5m. 
compared with A$39-3m last 

fjTTlp 

The petroleum business, hit 
by failing oil prices but benefit- 
ing from a lower Australian 
tax rate, contributed AS1 14.7m, 
an 8.1 per cent increase - 
although results for last year 
were affected by losses on the 
disposal of US gas properties. 
The service companies made 
AfUUm against ASlO.lm. 

For the group overall, inter- 
est charges fell to A 360. 7m, 
compared with A$77.2m in the 
third quarter of 1992-93. 


HK property group rises 31% 


By Louise Lucas in Hong Kong 

Sun Hung Kai Properties, one 
of Hong Hong’s leading prop- 
erty developers controlled by 
the Kwok family, yesterday 
posted a strong rise in first-half 
profits and announced a higher 
dividend. 

Net profits rose to HK$4J2bn 
(US$545m) for the six months 
ended December, an increase 
of 31 per cent over the 
HK$3^bn of a year ago. 

The company, which derives 
about 65 per cent of operating 
profit from property sales, gen- 
erated HK$8.2bn in sales dur- 


ing the first half. Sales for the 
first three months of the sec- 
ond half were “very encourag- 
ing;” the group said. 

Since July the group has 
acquired four sites with an 
aggregate developable gross 
floor area of about L4m sq ft. It 
owns 12.6m sq ft of investment 
properties throughout the col- 
ony. The rental portfolio was 
almost fully let, the company 
said. Its total land bank in 
H ong K ong is 40m sq ft 

SHE Properties received 
about HKS4bn cash from the 
conversion of 1993 warrants in 
the fourth quarter of that year. 


Mr Walter Kwok, chief exec- 
utive, said: “The outlook for 
the property market in Hong 
Hong rem ains optimistic. 
Because of continuing strong 
demand for housing, residen- 
tial property prices will stay 
firm. While local interest rates 
are handing upwards, moderate 
increase in the primp rate is 
expected to have only a mini- 
mal impact on prices." 

Eaming g per shar p for the 

ax months rose 25 per cent to 
HES1A4. The directors are rec- 
ommending a dividend of 53 
cents against 45 cents in the 
first half of last year. 


Orient Overseas renews payout 


By Louise Lucas 

Orient Overseas (OOEL). the 
Hong Kong shipping group, 
yesterday underscored its turn- 
round in fortunes - brought 
about largely by non-recurring 
factors - by awarding share- 
holders its first ordinary divi- 
dend since 1985. 

Net profits rose to US$13K5m 
in 1993, compared with $1.5m 
the previous year, and the 
directors recommended a divi- 
dend of 1.3 cents. 

Results were buoyed by the 
the sale of the group’s 
remaining interest In the 
Hongkong International Termi- 


nals group for 3120.1m, which 
was taken above the line. 

While the core shipping 
activities still suffered from 
competition and over-supply, 
investments performed well. 
Mr C. H. Tung, chairman, 
warned: “The group's invest- 
ment portfolio benefited from 
increased bond values and 
buoyant equity markets, par- 
ticularly in Hong Kong and 
south-east Asia. Substantial 
returns on the portfolio were 
achieved. However, the group 
believes it is unlikely that 
these returns will be repeated 
in 1994." 

OOIL held cosh balances and 


portfolio investments of 
$47?.7m at December 31 1993, 
compared with $200. lm a year 
earlier. 

The group has ordered six 
new container vessels costing 
3484m, and expects further 
Improvement in container 
transport business as a result 
of higher load factors. Strategic 
investment in China began last 
year with a property develop- 
ment project 

Operating profit after financ- 
ing last year rose to 317.4m, 
which compares with a loss erf 
328.2m in 1992. Earnings per 
share rose to 27.7 cents against 
a 1.6 cent loss. 


Losses at 
INI widen 
as Iberia 
slumps 

By David White in Madrid 

Losses at Spain’s state holding 
group Institute Na clonal de 
Indus tria soared by 69 per 
cent last year to Ptaizsbn 
(3893m), reflecting deteriorat- 
ing results In steel and ship- 
building and a sharply 
increased deficit at Iberia, the 
national ai rline group. 

However, Mr Javier Salas, 
chairman, expressed cautions 
optimism for an improvement 
this year and said the group 
had to become "smaller and 
much stronger” in the next 
few years. 

Group borrowing at the end 
of last year was Ptai^OObn, 
roughly the amp as animal 
turnover. 

INTs shareholdings in steel 
production accounted for half 
the tidal loss. 

Losses at Iberia and its sub- 
sidiaries doubled to Pta69bn, 
weighed down by the compa- 
ny’s interests in Latin Amer- 
ica. 

These include Aerollneas 
Argentinas, where Iberia has 
just reached agreement on 
increasing its stake from 30 
per cent to 95 per cent through 
conversion of debt 
Other heavy losers were the 
Inespal aluminium company 
and arms manufacturer Santa 
Barbara. 

The latter is due to shed 
two-thirds of its 3,000-strang 
workforce with the closure of 
five of its nine manufacturing 
sites. 

The group's more successful 
interests, brought together 
under Grupo Teneo and exclu- 
ding INTs HnliHnp )n mining, 

defence, steel and shipbuild- 
ing, remained In profit but 
with net earnings sharply 
reduced to PtaSbn from 
Pta2Ibn, mainly reflecting the 
losses at Iberia. 

Capital goods subsidiaries 
and the aerospace company 
CASA moved into profit 
However, the group contai- 
ned to rely heavily on earn- 
ings from Endesa, the partly- 
privatised electrical utility, 
which rose about 10 per cent 
to PtallTbn. 

A further 10 per emit of End- 
esa, in which Grupo Teneo 
now holds 75 per cent is due 
to be sold off shortly. 


Strong growth at Societe Generale 


By ABce Rawsthom In Paris 

Societe G&teraJe last year 
bucked the downturn in the 
French banking industry to 
increase net profits by 10.5 per 
cent to FFr3.6lbn ($6i2m) from 
FFr3 -28bn in 1992. 

The bank is stepping up its 
dividend by 6.7 per cent to 
FFr16 a share. 

Mr Marc Vifenot, phairman , 
said a strong performance from 
market trading activities had 
helped to counter the negative 
effect of the sluggish hariWng 
market 

He said the group was on 
course for another increase in 
profits during 1994. 

The news of Societe Gener- 
ated profits growth came only 
a day after Credit Lyonnais, 
one of its chief competitors, 
announced a FFZ&9bn net loss 
for 1998. 


Credit Lyonnais disclosed 
details of a FFr44.9bn rescue 
package it has negotiate d with 
the French government. 

Societe Glneiale, like Credit 
Lyonnais, has been adversely 
affected by the impact of the 
economic recession on the 
French banking market 

However, it has been less 
vulnerable to the downturn, 
having adopted a more prudent 
approach to lending, acquisi- 
tions and provisioning 
in the approach to the reces- 
sion. 

The group saw its net bank- 
ing income increase by 10.4 per 
cent to FFr4Q-3Sbn in 1993 from 
FFri&55tm in 1992. 

However, it managed to 
restrict the increase in its costs 
to 85 per cent at FFr2&04bn in 
1993 from FFr25 .85bn in the 
previous year thereby fuelling 
a 15.1 per cent increase in oper- 





Biarc Viftnot sees another 
profits increase during 1994 

a ting profits to FFrl2.31bn 
from FFriO.Tbn over the same 
period. 

Mr Vtenot said most of the 


SAS cuts deficit to SKr492m 


By Hugh Caroegy 
bi Stockholm 

Scandinavian Airlines System 
(SAS) yesterday reported a 35 
- per emit reduction in losses for 
1993 and predicted it would 
return to profit this year. 

The airline, in the midst of a 
tough cost-cutting operation 
following the failure last year 
of Alcazar, the planned four- 
way pan-European airline 
merger, said pre-tax losses 
reached SKr492m ($62 ^m) in 
1993, compared with a loss iff 
SKr760m in 1992. 

In spite of a more positive 
outlook for 1994, Mr Jan Rei- 
nas, the outgoing chief execu- 
tive, strongly criticised the 


UAL close to 
buy-oat deal 

UAL, the parent company of 
United Airlines, is close to 
fi nal agreement with its unions 
on a sate of 53 per cent of the 
company's stock to employees, 
writes Martin Dickson in New 
Toil. 

The $5bn buy-out, which 
would make UAL the largest 
employee-owned company in 
the US, was agreed in principle 
last December, but hit a prob- 
lem when the company and 
onions failed to meet a dead- 
line of March 15 for employee 
work rule concessions. 


commission of the European 
Union for a recent report 
which proposed that big loss- 
making airlines in the EU 
should be allowed a further 
round of state subsidies. 

Mr Reinas, to be succeeded 
on April 1 by Mr Jan Stenberg, 
called the proposal unethical 
and complained that SAS was 
not competing on "a level 
playing field”. 

SAS turnover rose to 
SKr39.1bn from SKr34.4bn as 
heavier International traffic 
lifted traffic volumes by 6 per 
cent. But operating costs grew 
more sharply than sales to 
SKz37bn from SKr3L5bn. 

Operating profit fell as a 
result to SKr249m from 


SKrlAbn. The improvement in 
the pre-tax deficit was due 
mainly to a profit of SKrSlOm 
from the sale and leaseback of 
six Boeing 767-300 aircraft. 
Other sales, including two 
catering subsidiaries, raised a 
further SKr556m. 

SAS, jointly owned by Dan- 
ish, Norwegian and Swedish 
companies in which each gov- 
ernment has a share, fipces fur- 
ther deregulation this year in 
the internal Nordic market 

However, it said it should 
return to profit partly through 
the effects of a SKr3bn cost- 
cutting p ro gramme of dispos- 
als and 2£00 job cuts intro- 
duced since the collapse of 
Alcazar. 


Deutsche Bank wins 
auction for Veba stake 


By Christopher Parties 
In Frankfurt 

Deutsche Bank is to pay 
Frankfurt, Germany's most 
indebted city, about DM650m 
($382m) for its 2.88 per cent 
stake in Veba, the energy- 
based conglomerate. 

The hank emerged yesterday 
as the winner in a GS-style 
auction handled by private 
bankers B. Metzler seel Sohn. 

Mr Andreas von Schoeler, 


the Social Democrat mayor, 
said the shareholding had been 
sold to cut the city's ° Tinlia1 
Interest payments on net debts 
of about DMTbn. 

The sale had been timed in 
the light of the relatively mod- 
est 4 per cent dividend yield on 
the holding and the strength of 
Veba’s share price. Deutsche is 
to buy the 1.33m shares for 
DM470 to DM495, compared 
with yesterday’s closing price 
of DM485JS0. 


increase in operating profits 
came from market trading. 
Soctete Generale. like other 
Gallic banks, last summer 
made large profits from its 
dealings In the French franc 
during the European currency 
crisis. 

However, the group was 
forced to make new provisions 
of FFr7.2ibn. a 152 per cent 
increase over FFr6.26bn in 
1992. 

Mr Vienot said the bulk of 
these provisions were write- 
downs on commercial loans 
and property holdings. 

• M6, the French television 
station due to be floated this 
year, reported a 60 per cent 
increase in net profits to 
FFr169 .2m for 1993. 

The company is owned by a 
group of institutional investors 

including Lyonnaise des Eaux- 
Dumez. 


Vard plans 
to spin off 
ferry division 

By Karen Fossil In Oslo 

Vard, the troubled Norwegian 
cruise and ferry group, plans 
to spin off its ferry division 
into a separate company with 
an Oslo bourse listing and put 
the company up for sale. 

Vard said the reason behind 
the move was to help run down 
the interest-bearing debt of the 
holding company, estimated at 
about 3185m. 

In 1993, the holding com- 
pany, which owns the ferry 
division, spent NKrTSm ($9.9m) 
on debt servicing, down from 
NKrlOTm in 1992. It received 
bareboat hire payments from 
the ferry division of NKrll&n, 
against NKrlI4m in 1992. 

The company said it did not 
intend to retain any sharehold- 
ing in the new company - in 
contrast to an earlier plan in 
which it plannpd to maintain a 
stake of up to 30 per cent in 
the ferry business. 

Vard has appointed Eicon 
Securities and Sundal Collier, 
two Norwegian stockbrokers, 
to find buyers for the ferry 
division. Vard reckons it could 
take up to three months to 
complete a disposal 

In 1993, the ferry division 
saw pre-tax profits, after bare- 
boat hire payments, decline to 
NKr78£m from NKrl23.4m in 


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Dated: 26th March, 1994 











COMMODITIES AND BOND PRICES 


WEEK IN THE MARKETS 

Coffee 
market hits 
4-year high 

Coffee producers had the 
Satisfaction this week of seeing 
the initial target of their export 
retention scheme achieved. On 
Thursday the retention indica- 
tor price Cor arabica varieties 
(grown mostly in Latin Amer- 
ica) exceeded 75 US cents a 
pound, triggering the reduction 
of the amount of beans they 
are committed to put into stor- 
age from 20 per cent of export 
shipments to 10 per cent. 

Further encouragement was 
given by the fact that the news 
appeared to do no damage to 
market sentiment on either 
side of the Atlantic. On the day 
of the cut the July futures 
price on the New York futures 
market - which trades araJ>- 
icas - rose by 0.40 to 85.05 
cents a pound, while at the 
London Commodity exchange 
- which trades the coarser 
robusta type, grown chiefly in 
Africa - the May futures price 
ended up $13 at $1,360 a tonne. 
During the day the London 
price had touched $1,368 a 
tonne, the highest since the 
abandonment of the Interna- 
tional Coffee Organisation's 
export quota system in 1989 
triggered a market collapse. 

Some traders suggested the 
market had become “over- 
bought" as the May price rose 
$26 to $1,358 a tonne over the 
week, but they suggested any 
retracement would be rela- 
tively brief. With consumer 
stocks continuing to decline, 
most saw the market extend- 
ing the 48 per cent advance it 
has registered since the reten- 
tion scheme was agreed last 
July. 

The silver market also 
reached the highest level for 
more than four years this 
week, as US investment funds 
continued to buy and specula- 
tors were thought to be target- 
ting the $6 a troy ounce barrier 
for spot metal But the techni- 
cal chart barrier at $5.75 an 
ounce must be overcome first, 
and this week's upsurge 
stopped just a quarter of a cent 

WEEKLY PRICE CHANGES 

Lataet 

prices 


short of that before edging 
back to $5.7014, up 39 cents 
overall 

Gold fed off silver's strength, 
and as Korean tensions were 
added to concern about the 
pre-election situation in South 
Africa its price pushed above 
$490 an ounce to two-month 
peaks on both Thursday and 
Friday. But having failed to 
hold its gains on either occa- 
sion it closed relatively tamely 
yesterday at $389.40 an ounce, 
up $3J30 on the week. 

Platinum was also sensitive 
to situation in South Africa, 
and particularly in the home- 
land of Bophuthatswana. 
where around 20 per cent of 
the white metal is produced. 
After putting on (4 in each of 
the past two days the London 
price was fixed yesterday at 
$408.75 an ounce, up J&35 on 
the week. 

At the London Metal 
Exchange copper and alumin- 
ium prices surrendered some 
of last week's gains, the former 
ending $11.75 down at $1,956.75 
a tonne and the latter $14 
down at $1,332.50 a tonne, both 


LM lUUBHOUte STOCKS 

(As at IhndY* dtaa ) 
tonnes 

Afiankrium 

+500 

loZ53a650 

AlutMum May 

-360 

*0 45,460 

Copper 

-4.000 

to 514.976 

Lead 

+550 

to 332.100 

Nkdkel 

+138 

to 136338 

Dnc 

+5.775 

U 1.09/^26 

Tin 

+335 

to 26915 


prices being for three months 
delivery. 

But copper had ended the 
week with its tail up. After 
finding firm support below 
$1,930 yesterday morning it 
climbed strongly, helped by 
another fall in LME warehouse 
stocks. Aluminium also found 
support below Thursday's clos- 
ing level which enabled it to 
put on $6. 

Copper's rally helped to 
steady other LME base metals 
contracts yesterday, notably 
lead, which early on had been 
moving closer to a widely- 
predicted test of support at 
$450 a tonne for three months 
metal After dipping to $460.25 
at one stage the price recov- 
ered to $465.75, up 25 cents on 
the day but down $14 on the 
week. 

Richard Mooney 


Change Year 1983/1894- 

on week ago Mgh Low 


Gold per tray is. 

S399.40 

+3^0 

$332.46 

$405.75 

S326.CK 

Silver per troy uz 

381 .50p 

+18.00 

249J50p 

301 .60p 

236. OOp 

Akxnhikjm 99.7% (cash) 

SI 309.0 

-145 

S1 140.0 

$1323 JO 

Si 02650 

Copper Grade A (cash) 

S19465 

-10.5 

SI 442,0 

$237500 

$1108.50 

Lead (cash) 

S4525 

-115 

S269.75 

551650 

$361 JO 

Nickel (cash) 

*5685.0 

-30.0 

56095.0 

$8340 

$4043.5 

One SHG (cas14 

$946.0 

-10.0 

*991.5 

$1112 

sseao 

Tin (cash) 

S5455.0 

-90.0 

S5680.0 

$8047.5 

S4340.0 

Cocoa Futures May 

£933 

-21 

£887.0 

£1061 

£663 

Coffee Futures May 

$1358 

+28 

$890.0 

$1360 

$838 

Sugar (LDP Raw) 

3296^0 

+2J20 

S287.3 

$317.4 

S204J5 

Barioy Futures Sep 

£9420 

+0.30 

El 06.75 

£11630 

£93.85 

Wheat Futures Jun 

£108-90 

+1.76 

£143.50 

£149.45 

£97.20 

Cotton Outlook A Index 

82.30 c 

+1.10 

U0-85C 

82.60c 

54.15c 

Wool (64a Supei) 

392p 

+2 

370p 

402p 

31 9p 

04 (Brent Bland} 

S1331X 

+0.84 

$1675 

S19J3 

$1325 


Par lame iriM elharw b a Hated, p RenceAg. c Orta ft. x May. 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal TidUng) 

■ AlUMtttUM. 99.7 PURITY (S per tonne) 



Cash 

3 mths 

Ctoaa 

1308^-0.5 

1332-3 

Previous 

1301-2 

1336-7 

h&ghriow 


13365/1326 

AM oradal 

1303-4 

1327-75 

Kadi dose 


1328-7 

Open hL 

271,103 


Total dally turnover 

44,672 


m ALIANNHM ALLOY (S per tonne) 


Cto» 

1285-90 

1308-10 

Previous 

1270-80 

1285- 7 

Hghflow 


1315/1298 

AM Official 

1280-2 

1299-300 

Kab dose 


1308-10 

Open kit 

4,558 


Total daky turnover 

431 



■ LEAD (S par tonne) 


Ctosa 

452-3 

465.5-6 

Previous 

451-2 

4B5-6 

WghAow 

445 

460/459 

am Omari 

445-5^ 

400 OJ5 

Kerb dose 

Open kiL 

Total daBy turnover 

35.669 

6052 

469-70 


■ NICKEL (S per tonne} 


Close 

5608-00 

5750-5 

Prevkxis 

5685-95 

5750-80 

rtgh/tow 


5760/5720 

AM Official 

5660-5 

5726-30 

Kerb dose 


5740-60 

Open irrL 

49.761 


Total drily turnover 

16027 


■ TIN ($ per tonne) 



Cioae 

5450-60 

5510-20 

Prevtaua 

5450-60 

5500-10 

HSgMow 


5510/5475 

AM Offlctol 

5430-5 

5400-5 

Kerb dose 


5510-20 

Open ktt. 

19,611 


Total dafly turnover 

4,003 


■ ZINC, special Mgh grade {$ per tonne) 

does 

S45.5-65 

9665-6 

Previous 

942-3 

862-3 

HlgMow 


967/958 

AM Offloal 

938-8^ 

957-6 

Kerb dose 


068-7 

Open biL 

104^88 


Total daty turnover 

14J62 


■ COPPER, grade A ($ per tonno) 


Close 

1946-7 

19565-7 

Previous 

1028.5-9.5 

1941-2 

Wfighflow 

1926 

1956571930 

AM OfflcU 

1927.5-8 

1941-1.5 

Kerb dosa 


1952-3 

Open InL 

313,621 


Total defy turnover 

46092 


■ LME AM Official E/S rate: 1.4871 


LME Closing OS rate 1-4970 


Spot 1.4979 3 rotted ^831 0 mtte 1.4901 BMhSl.4878 


■ HMH GRADE COPPER (COMEX) 



□ore 

Dafi 

ebregt 

MBk 

lew 

Opre 

lot 

1M 

Mw 

91.40 

+1.40 

9155 

9085 

1,820 

519 

Apr 

9135 

+1.45 

91.45 

9055 

1,127 

44 

mm 

91 JO 

+1.50 

9145 

9045 

41777 

6327 

JM 

91-20 

+145 

91.00 

9070 

87G 

191 

Jol 

91.10 

+140 

9120 

90-30 

11878 

1,074 

Aug 

9195 

+140 

- 

. 

488 

4 

Totri 





KM 

1043J 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prioas auppBod by N M Rothschid) 


Odd (Troy o cl) $ price £ equlv. 

Close 389.20-389.60 

Opening 381.50-391.90 

Morning lb 391.80 261.409 

Afternoon fix 391.30 260.887 

Day's Mgh 38X40-392.80 

Day's Low 38920-388.60 

Previous dose 387.00-387.40 

Loco Ldn Mean Gold LemBng Retee (Va USS) 

1 month __™304 8 months ____._3.51 

2 months ______003 12 months —— ....006 

3 months ~008 

SSver Rx p/boy m. US eta oqutv. 

Spot 382.15 573.00 

3 months 386.00 578.10 

8 months 391.95 68430 

1 year 40X50 688.00 

Qold Cohn $ price £ eqUv. 

Krugerrand 393-396 263-286 

Maple Leaf 399.75-40205 

New Sovereign 94-97 63-66 


Precious Metals continued 


GRAINS AND OIL SEEDS 


SOFTS 


■ QOLD DOMEX (100 Troy to.; $/tnoy pg.) 


■ WHEAT LCE {C per tonne) 


■ COCOA LCE (E/taTO) 



SMI 

n*n 


Open 


Sett 

Dan 



Opto 



Sea 

orn 


4m 

Vol 


Mice 

cbnga 

a* 

tar M VoL 


prta 

dungs 


law 

tat 

M 


prta 1 

Ebanga 

m 

law tat 

RUT 

391.0 

•06 

- 

. 

May 

107 JO 

+<us 10010 

107 JO 

1206 

112 

Mw 

905 

-15 

918 

894 48 

so 

Apr 

391J 

•07 

3322 

3900 40.957 30097 

JM 

10090 

+050 

I09JQ 

10050 

5(5 

<3 

Stay 

933 

-12 

945 

927 22,505 1482 

** 

3924 

■07 

- 

8 

Sre 

813S 

+020 

9140 

9325 

341 

18 

Jri 

9*8 

-10 

959 

943 15J69 1172 

te 

3917 

-07 

39L7 

3900 60984 113*2 

Nov 

94J5 

+025 

3*50 

9425 

1,180 

114 

Sap 

953 

-a 

372 

m 10,751 

aea 

flag 

3982 

-07 

3908 

3900 9J37 816 

Jre 

9030 

+030 

9050 

9010 

893 

30 

Use 

902 

•5 

987 

979 10888 

756 

Oct 

3909 

-0.7 

9900 

3950 4,481 131 

Mw 

97 JO 

+625 

9/65 

9766 

157 

10 

Mw 

1002 

6 

1009 

998 34JSI 

367 

Total 




104,805 32J96 

tetri 





4J22 

3Z7 

Tetri 




1B9L539 oeeo 


■ PLATINUM NYM5X (50 Troy ozj Vtray oaj ■ WHEAT CHT (S.COObu min; oantsTBOB) bugiseQ ■ COCOA CSCE (10 tonnes SftonnwQ 


AM 

4115 

+5.4 

4I6JJ 

4100 

3J65 

1,461 

Jri 

4153 

+5.7 

4ITJD 

4105 13318 

1J82 

Oct 

41 an 

+09 

4100 

414J0 

1380 

164 

Jb 

41EJB 

+62 

417J 

4140 

592 

5 

Apr 

4103 

+03 

4106 

4105 

820 

9 

Totri 





WA 

WA 


■ PALLADIUM NYkffiX (100 Troy oz^ 3/tray ozJ 


Mar 

13835 

+020 

1 

. 

Jin 

13010 

+020 13050 13530 

4.156 

158 

Sap 

136.10 

+420 13050 13125 

<04 

10 

Dm 

Total 

13535 

+020 

184 

4J47 

1 

189 


■ SILVER COMBI (100 Troy «j Cantn/troy oej 


Mr 

5701 

+53 

5793 

587.0 

830 

376 

Apr 

5702 

+5.8 

- 

- 

10 

5 

Hay 

500.0 

+53 

5812 

0683 73307 21,489 

Jri 

5841 

+53 

5853 

5700 

18342 

2.135 

sre 

5805 

+53 

5800 

5783 

1309 

250 

Dm 

505.0 

+53 

S9G3 

5803 

9356 

290 

Trial 




iiosn 24797 


ENERGY 


■ CBUQg 08- NYMgX (42,000 US Qrita. I/txim_-q 


brim Dan 
price etaaga Mgk 

Hay 15.10 +032 1534 

Job 15.12 -032 1537 

Jd 15.19 -404 1532 

Aag 1537 -005 19.40 

S«p 1539 -034 1542 

Od 1531 -0.M 1533 

Total 

■ CRUOE OIL IPE CS/barre4 

Open 

law tt vol 

1497107239 28,108 
1535 67J57 14397 
1515 34373 4743 
1525 10705 872 

1339 20.72* 1251 
1048 11J04 1387 

389318 83339 


latest 

Oaf* 


Open 



prica 

dwags 

USD 

law tat 

Vol 

May 

1X88 

-631 

1402 

1332 58391 

22316 

Jaa 

1335 

+033 

13J6 

1282 32173 

3,665 

■fed 

1X90 

-031 

1431 

1338 17397 

5343 

Abb 

1432 

+008 

1406 

1X99 10438 

1,177 

Sre 

1411 

+008 

1416 

1410 <222 

855 

Oct 

1431 

+031 

1428 

1421 2048 

98 

Total 




130,787 40433 

M HEATMG OH. NYliGf (42300 IE gala,- CMS flrib) 


Latest 

Oafs 


OpH 



pries 

ctoaga 

H* 

law tat 

Vri 

Apr 

4530 

+039 

4530 

45.15 zrjos 

12321 

May 

4X90 

*0.19 

4X95 

4180 52318 

9381 

Jtn 

4X70 

+017 

4X90 

4X45 38.979 

5311 

Jri 

4425 

+0-22 

4435 

4435 23318 

2907 

Aag 

44JS 

+0.17 

4435 

4475 9367 

389 

Sep 

48.05 

+017 

4835 

4005 0317 

371 

Total 




191314 34048 

M GAS OILIPE (SAomri 




S«l! 

Day's 


Opre 



prica 

dungs 


law tat 

Vri 

Apr 

14135 

+050 

1422S 

14135 23.142 

2184 

May 

14025 

+425 

141 JS 

14025 17710 

1J10 

Jun 

14025 

+130 14075 13079 20307 

718 

Jri 

14130 

+130 

14130 

14130 12427 

158 

Aug 

'14X00 

+130 

14X00 

14275 5305 

111 

Sap 

144.75 

+050 

145.00 

144.75 2438 

78 

Totri 




106377 

9,118 

M NATURAL GAS NYM&C (10300 nnfflto; StanStoJ 


lulMl 

Day* 


OpM 



pries 

dungs 

M* 

law kit 

U 

May 

2395 +0045 

2120 

2im 872 23,787 

Jin 

2390 +4322 

2110 

2085 17.874 

18329 

Jri 

2100 +0014 

2120 

2095 10370 

5317 

Aug 

2111 

+0004 

2140 

2111 10027 

2107 

Sap 

2150 +0005 

2165 

2140 9385 

1361 

Oct 

2190 +0002 

2205 

2190 10336 

B58 

Totri 




1H411 54348 


■ UNLEADED QASOUNE 
HTMBH4XMIHI5 gete: clU8 nadsj 



trim Days 
prica dnaga 

tOgh 

Open 
law tat 

Vri 

Apr 

46.40 

-038 

4635 

4025 22732 

9314 

May 

48J5 

-020 

4730 

4080 47365 

8.012 

Jn 

4735 

■013 

4730 

4735 24304 

2654 

Jri 

47.40 

■012 

4730 

4730 9384 

942 

Aog 

47.10 

■012 

47.18 

47.10 8304 

738 

sop 

Total 

46.70 

■0.10 

48JD 

48.70 5336 178 

122511 23301 


Bay 

330/B 

-2ft 

33310 

32987 85300 14J00 

ju 

324ft 

-1/2 

325A 

321 it 111.460 207*0 

Sap 

326/4 

■1/2 

32718 

3246 18305 

2390 

Dec 

33M 


336/D 

333/2 23.75$ 

1.730 

Mar 

338/4 

-0/4 

338/4 

333/G 190 

85 

May 

336M 

-Oft 

- 

6 

- 

Tool 




MHOQ 39J33 


■ MAIZE CRT (5.000 bu mm cenfa/5«b bushel} 


May 233/2 -2/2 285/4 

Jri 2S6>0 -2/2 28812 

Sre Z73IQ -1« 274/4 

Dm 2600 -1ft 262/0 

MW 2W4 -I/O 26S/2 

Stay 27MJ -0/4 271/4 

Total 

M BARLEY LjC£ (£ per tonne) 

232/8584,655 79,940 
?Sft 588.460 48J10 
272/4 134JS5 7005 
259/9310^90 29.600 
2SE/4 21,110 64S 

271/0 1365 70 

1332M 164079 

May 

107^ 

+050 

107,25 

107.25 

160 

11 

sre 

9420 

+4135 

- 

- 

139 

- 

Nov 

9X20 

+035 

- 

- 

104 

- 

JM 

37 JD 

• 

- 

. 

11 

- 

mt 

96.40 

- 

- 


7 

- 

total 





423 

Tl 

M SOYABEANS C8T PXMatn awe ecats/eata taatwQ 

My 

688ft 

-4/0 

692/2 

688/4280. 10S 89,075 

Jut 

689/6 

-3/6 

633/2 

60BH2S4.S20 40070 

Aug 

684/0 

-2ft 

686 « 

882/0 39395 

X430 

S«P 

664/0 

-an 

667/0 

663/4 2X910 

1270 

Nov 

650ft 

-3/0 

653/4 

643/415X270 21,160 

Jan 

656/2 

-2/0 

B5S/4 

655/4 

14.185 

685 

Totri 




788330198088 

M SOYABEAN OIL C8T (BtUXObs: centaAb) 

MW 

29JB 

-0.18 

592? 

2500 3X973 

5092 

Jri 

2804 

-020 

29.18 

2833 29.303 

4532 

Ang 

28.60 

-020 

28.75 

28.45 

8571 

780 

sre 

28. IB 

-007 

ww 

2706 

0534 

601 

Oct 

27.47 

-005 

2750 

27.30 

6,631 

117 

Ore 

28J2 

+006 

2695 

2835 12000 

851 

TOM 




100300 12J27 

M SOYABEAN NEAL CBT (100 tons: SAoM 


May 

194.7 

-05 

19X7 

1942 27,747 

4535 

jri 

19X3 

-00 

1904 

1940 28.066 

VU5 

Aug 

1940 

-09 

195.4 

1930 

7.23 

874 

sre 

1S2J 

-00 

1930 

19X2 

5061 

624 

Od 

190.4 

-06 

1910 

1900 

3,102 

157 

DM 

189-5 

-06 

190.1 

1892 

8075 

441 

Total 





80371 

10084 

M POTATOES LCE [C/tonno} 




Apr 

201 J 

•1.1 

201 D 

an.o 

622 

15 

May 

21 U 

-17 

2150 

2150 

505 

10 

Jun 

1300 

- 


- 

2 

• 

Kov 

800 

- 

- 


- 

- 

Mar 

10X0 

- 

- 

- 


- 

Apr 

129.1 

+03 

1300 

129.0 

- 

23 

Trial 





1398 

48 

M FREIGHT (BIFFEX) LCE (SKMndex prinQ 


Mur 

1203 

-10 

. 

• 

26* 

. 

Apr 

1279 

+7 

12E0 

1277 

977 

31 

Hay 

12m 

+0 

1270 

1270 

626 

15 

-U 

1148 

+5 

1145 

1145 

565 

3 

Oct 

1285 

+5 

* 

- 

215 

- 

Jaa 

1318 

-2 

- 

- 

139 

a 

Total 





2096 

49 


QOM 






OR 

1194 

1190 






Spices 

Black pepper prices were again firmer because 
of the Dratted avaSabiliiy. repons Man Produc- 
ten. The halved is almost over in India and 
BrazS and Indonesia have not been eagv sell- 
ers. White pepper prioas also remained saeady. 
although demand for nearby positions was 
dow. Buying interest far new crap pos tt iens 
was picking up in Europe, howev er. MirtoW 
Sarawak tag was quoted at USSX8O0 a tonne 
for spot suppBes. with March- April shipment at 
S2075 and JutysAugust at S2J00. Nutmeg 
prices were firniar an the local market in Indon- 
esia. where carryover stocks are smoker than 
usual and estimates of the new production low. 
Grenada ceruMy wffl not spoil the market, so 
there Is room for firmer prices again. Casata 
waa sta weak, as were pimentos and doves. 


May 1207 >18 1214 1190 37533 3548 

JM 1237 -16 1243 1228 21.597 1071 

Sre 1284 -8 1265 1251 9594 602 

Hoc 1296 -8 1295 1299 8.481 294 

Mar 1333 -8 1330 1318 9078 98 

May 1363 -8 1360 1348 5,448 ISO 

TOW 930*9 6083 

M COCOA OCCO) (SORVtonna) 

Mar 24 



Prica 


Pm. dpy 

Daly - 



95308 


95X94 

Mr 29 







lOttayawnga — 


957.43 


95400 

M COFFEE LCE (S/tunne) 




Mar 

1351 

-1 

1348 

13*8 

194 

l 

May 

1358 

-2 

1368 

1348 1X686 

778 

Jri 

1330 

-8 

1370 

13*9 15504 

1.183 

Sop 

1354 

-10 

1307 

1348 

6596 

224 

Nov 

1353 

-a 

1357 

1350 

3046 

27 

Jn 

1332 

-8 

1357 

1357 

5.102 

10 

Total 





48035 1221 

■ COFFEE ‘C’ CSCE (3750CWM: centariba) 


Bay 

8200 

-0.70 

8X40 

8200 33588 5,461 

Jri 

84.40 


8400 

04.10 

12062 2534 

sre 


-005 

8000 

8525 

0166 

619 

Ok 

mss 

-0.60 

8000 


X772 

258 

Mr 

8750 

•020 

8700 

8750 

1500 

65 

tor 

88.75 

-0.15 

88.40 

88.40 

173 

1 

Total 





87063 0738 

■ COFFEE OCO) (US corua/pouncO 



Mr 24 



Prica 


hw. day 

core- 


_ 78.6* 


78.18 

15 day moot — 


_ 7654 


7505 

M No7 PREMUM RAW SUGAR LCE (conbldbs) 

May 

1205 

009 

1148 

1140 

1.122 

15 

Jri 

1176 

-0.08 

- 

- 

1726 

• 

Oct 

1120 

•003 

1133 

1116 

145 

55 

Jan 

1115 

- 

- 


- 

- 

Totri 



- 

- 

3093 

70 

H WHITE SUGAR LCE (S/tanne) 



May 

34180 

+050 

34X00 341.70 

7044 

817 

Ang 

+m m 

+100 33700 33700 

6001 

539 

Od 

31550 

+090 31400 31400 

4042 

416 

Oac 

31000 

+040 

30900 30900 

101 

40 

■tar 

31000 

+000 30900 30900 

BOB 

SI 

May 

31000 

+090 

- 

- 

202 

- 

total 





18003 1083- 

M SUGAR *11’ CSCE (1 12.000RM; centafflw) 


May 

1119 

-010 

1226 

I11S 61023 9,781 

Jri 

1208 

-006 

1146 

1135 36001 

3,737 

Od 

1103 

•006 

1105 

1106 31227 1867 

Mr 

1150 

+003 

1151 

11.45 13030 1.476 

M re 

11.48 

+003 

11.48 

11.45 

1.749 

11 

Jri 

11. *3 

+003 

11.43 

1157 

1055 

5 

Trial 




14031817082 

M COTTON NYCE (SODOOttW cantsflbs) 


Hay 

7707 

-018 

7725 

7800 21047 0150 

Jri 

7709 

-003 

77.79 

7705 

14053 2094 

Od 

7400 

-020 

7426 

7300 

2015 

346 

OK 

71.73 

-011 

71. BO 

7157 14,419 1567 

Hr 

7183 

-027 

7275 

7140 

739 

a 

May 

7308 

■007 

7X50 

7X50 

227 

2 

Total 





5404310581 

M ORANGE JUICE NYCE (IGJXXMte; cents/toa) 

May 

110.35 

■010 1KL70 110-25 

7,909 

232 

Jri 

11X15 

-025 

11350 

11110 

5.696 

101 

sre 

115.75 

-025 11600 

115.75 

1213 

28 

tar 

114.4S 

-005 114.70 11450 

1043 

19 

Jan 

114.05 

+0OS 115.00 1U JO 

1.826 

89 

Mr 

118l75 

+035 

11725 1172S 

218 

8 

Total 





11129 

4S3 


VOLUME DATA 

Open interest and Volume data shown for 
contracts traded on COMEX. NYMEX, CRT. 
NYCE. CME. CSCE and tPE Crude OS are one 
day in arrears. 


INDICES 

■ REUTB18 (Base: 18/9731=100) 


Mar 25 Mar 24 month ago year ago 
18405 18433! 1783.4 1744.4 

■ CRB Figures (Base: 4/9/56=1001 


Mar 24 Mr 23 month ago year ago 
230.84 230.10 22838 21135 


MEAT AND LIVESTOCK 

, , rw bat tle cue l 4Q.ooatg_g g^L 


Open 

M 


s«o __ 

price c*wo> *9" 

78475 *0.X 5 75575 76275 Jl.ttS 

7-» 575 -0.100 72.750 71 SS) !+.<- 

Sms aioo 7 xtso nsoo iM* 

SS -flora »* fS 

71825 • ra.750 MS >.225 


, ^ H «ne riff f40.000to: centertW. 


Vfli 

5.3*4 

2.803 

388 

182 

210 

21 

w* 


473S0 +OZ5 «« A7iS 

5L5TS *(M2S 5L850 54 3W l- 6 ® 

am rOMO 54000 51658 

S2S S HH5 SI.9S0 in; 

48.100 *0.475 482U0 47 750 1.«> 

48.573 +9150 43.800 «S50 

PORK BELLIES CME 14ftB00>a; cerg fW 
_ ct 725 4L675 58.450 57.400 >7 27 

* 5S . SBSM SMOO 5,148 ^ 

rrxif SR 000 J.M2 1.019 


1.81? 

2,619 

m 

311 

151 

163 

8.488 


LONDON TRADED OPTIONS 

Strike price S tonne — Cells — Puts — 


■ ALUMINIUM 

(99.7%) LME 


May 

44 

Jl 

Aug 

77 

S3 

May 

20 

38 

Aug 

40 

52 


21 

52 

53 

65 

M COPPER 
(Grade A) LME 

May 

59 

Aug 

102 

May 

20 

Aug 

45 


40 

74 

40 

67 


20 

52 

70 

94 

M COFFEE LCE 

May 

TO 

Jul 

99 

May 

12 

JU 

39 


38 

71 

30 

61 


10 

50 

BO 

90 

M COCOA LCE 

Mny 

27 

JtJ 

50 

May 

19 

JU 

35 


10 

45 

33 

47 

975 

9 

35 

51 

62 

M BRENT CRUDE IPE 

May 

70 

Jun 

May 

32 

Jun 

40 


43 


S3 

- 

1450 - 

24 

34 

87 

- 


LONDON SPOT MARKETS 

M CRUDE OIL FOB (per barnoi/May) *er 



$1209-2. 69w 

+0.12 

Brent Bland (dated) 

$14.66-4 .08 

+0.10 

Brant Blend (May) 

$13.90*192 

+0.14 

W.TJ. (1pm ast) 

S15.06-5.00w 

+009 

M OIL PRODUCTS NWE prompt dalvery OF (tonne) 

Premkxn Gasolne 

$157-159 


Gas 08 

$142-143 


Homy Fuji OB 

$70-72 


Naphtha 

$133-135 


Jot Fuel 

$70-72 


Artotum Aaju* Eremren 



M OTHER 



Gold (per troy oerf 

$389.40 

+120 

Silver [per troy 

670.50c 


Ptmnum (per tray az) 

$40075 

+4.00 

PaOndum (pec troy oi) 

$134.75 

-0.10 

Copper (US prod) 

95.00c 

-1.00 

Lead (US prod) 

35.00c 


Tin (Kuala Lumpu) 

14.46T 

-002 

Tot (Now York} 

253.50c 

-100 

Zinc (US Prime W) 

Unq. 


Cattta (Bv« wstfdjt 

126.9^3 

-2.18- 

Shaep (Bva weight) f* 

129.12p 

-1104* 

Pigs Qve wtftfa) 

75.75p 

+028- 

Lon. day sugw (row) 

$296.20 

+3.10 

Lon. day sugar (WtQ) 

$34700 

+300 

Tala 0 Lyle export 

£310.00 

+100 

Barley (Eng. feed) 

Unq 


Maun (US Na3 Yrflow) 

Unq 


Wheat (US Dark North} 

£1 30.0k 

■60 

Rubber (ApiJV 

N/A 


Rubber (Mayft 

N/A 


njbbar(KL R&S Not Apr) 

25300m 

+050 

Coconut Ok (PW0§ 

$54001 

-Z0.0 

Palm OH (Malay 4§ 

$4oao» 

-2.50 

Copra (ptig§ 

una 


Soyabeans (US) 

£199.0w 


Cotton Outlook A todooc 

82J0C 

-0.10 

Wookopa (S4s Super) 

392p 



C pw tonw lannt cttMrwioa «3Md a panotiha. c catmAL 
r rtngga/kg. m Malaysian cents/kg. v Apr w May. t May/Jun. 
x ApoMny. V ImOoo PhyPrat § OF Hanriam. J Man 
msricri dam. ♦ Snoop fJka wattfe priced. * Chang* on 
wash. proralonsJ priest- 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day’s Weak Month 

Coupon Date Price change YWd ago ago 


Austrrila 


9-500 

08/04 

114.4500 

_ 

7.17 

705 

a 95 

Belgium 


7050 

04AM 

88.9900 

-0060 

7.39 

702 

702 

Canada * 


6.500 

06AM 

92.0000 

+0.050 

7.64 

7.44 

7.01 

Denmark 


7000 

12/04 

99.5500 

-0020 

7.08 

600 

6.89 

Franca 

STAN 

8.000 

05/98 

1060750 

-0420 

5.78 

5.76 

5.42 


OAT 

5.500 

04AM 

92.0000 

-0.100 

6.61 

0.37 

604 

Germany 


8.000 

09V03 

97.3000 

-0.680 

608 

607 

6-13 

Ha* 


8.500 

01AM 

94.4030 

-0.030 

SJ38T 

904 

804 

Japan 

No 119 

4.800 

06/99 

105.9920 

+0.330 

3.45 

152 

305 


No 167 

4.600 

06/03 

102.6100 

+0010 

4.11 

4.10 

309 

Natnerfanda 


8.750 

01/04 

940600 

-0.020 

6.54 

0.36 

6.18 

Spain 


10.500 

10/03 

1090000 

-0050 

9.04 

0-87 

8.71 

UKGilte 


0.000 

08/99 

94-24 

-20/32 

700 

6.76 

6.43 



a 750 

11AM 

92-17 

-29/32 

701 

701 

7.02 



9.000 

itvoa 

108-27 

-42/32 

7.96 

7.58 

703 

US TnsKuy 

- 

5.875 

02AM 

94-27 

+1/32 

609 

6.46 

6.18 



6050 

06/23 

90-29 

_ 

6-98 

60S 

6.70 

ECU (French Govf) 

6.000 

04/04 

92.7000 

-0050 

703 

6.82 

6.69 


LwxJon mag. "Ham York md-dsv 

T Onno nrrual pc Ml pncftjcHng wttMKMng tux at 12-5 per 
Pnoto.' US. UK m JZnds. other* in da&nai 


YoM* Load nwfcst standart. 
COM payaoia Or nameHomd 

Source. MMS Mwnaaarui 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: European Union 
informal general affairs coun- 
cil meeting in Greece (until 
March 27). Ukraine parliamen- 
tary elections. Conservative 
Party Central Council meeting 
continues in Plymouth. 
TOMORROW: European Sum- 
mertime begins - clacks go for- 
ward one hour. Italian general 
elections. Municipal elections 
in Turkey. Mr Douglas Hurd, 
foreign secretary, starts 
two-day visit to tbe Czech 
Republic. 

MONDAY: Central Statistical 
Office publishes figures For 
overseas direct investment 
(1992). BBA announces details 
of the major British banking 
groups' monthly mortgage 
lending (February). European 
Union-Central America minis- 
terial meeting in Greece (until 
March 29). European Union 
agriculture council meets in 
Brussels. Start of new BBC 
radio news and sport network 
Radio 5 Live. Results from 
Pearson and Inchcape. 
TUESDAY: US consumer confi- 
dence (March): new home soles 
(February). Corruption trial of 
Mr Betti no Craxi, former Ital- 
ian socialist leader and prime 



The. rjv nil*] u**| fur I he lCiiuiu Invciior 

Market-Eye 

f/tndOll STOCK EXCHANGE 


Equity and 
Options Pricos 


071 329 8282 

F;l.i 071 M# .1501 


Argus Fundamentals 

'Understand -.Ynat is dsivina oi! or! 


CALL for a FREE TP) AL l 


Pefro/eum Argus 

■ Monthly ouol'oyiOoo i'4'- ) o5i 


US INTEREST RATES 


■ LONG (ULT HTTUHEB OPTIONS (LIFFEJ £50.000 64tha of 100% 


Lmchttmo 


Oh monk _ 
Tod nooti — 
5 Urea noaBL. 


BRMr tan nda ___ 

Ftidfmdi 3>j Shane 

FedJonda it tofemnOvu. - Oneytw 


Traaawy BSs and Bond 'Mte 

L57 IWayaar 

141 lint imt 

158 Ac jar 

IK nMHr 

4J5 30-yw 


Suite 


CALLS 


PUTS 


US 

■ US TREASURY BOND FUTURES FBI) SIOHOOO 32fld» of 100% 


509 

Price 

ilUl 

Sep 

Jun 

Sap 

$46 

105 

2-45 

2-51 

2-00 

2-81 

6.06 

857 

$98 

108 

2-11 

2-22 

2*29 

3-32 

107 

1-48 

1-81 

3-00 

4-07 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND FUTURES fMATtf) 


Eat wL tatri. Cate 11278 Pita 130*9. P rwoua da/a opm in*. Cote 78834 Pus 64002 


Ecu 

■ ECU BOND FUTURES (MAT1FJ 



Open 

| ptMt 

Change 

H01 

Law 

EsL vdL 

Open irrt. 

Jun 

108-01 

107-24 

-003 

108-13 

107-24 

829.704 

354014 

Sap 

107-03 

106-28 

-a 02 

107-15 

108-28 

3029 

42018 

Dec 

- 

105-28 

- 

- 

- 

17 

1.177 



Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open ML 


Open 

Salt price 

Change 

High 

Low 

EsL voL 

Mar 

12X36 

12X88 

-000 

12302 

12X66 

- 

29,645 

Mr 

11600 

11500 

-000 

11600 

11500 

_ 

Jun 

12192 

12X44 

008 

12302 

12X08 

35206S 

149084 

Jun 

88A6 

8800 

-0.72 

8900 

68.60 

X778 


12204 

121.74 

-008 

12200 

12102 

3072 

12040 








4^52 

5398 


■ NOTIONAL LONG TBtM JAPA7ESG GOVT. BOND FUTURES 

(un=g YlOOm IQOtha of UX)N 

Open _ Ctasa Change High Low Eat voi Open Inc 
Jim 110.72 - - 110.72 110.45 1068 □ 

" UFFE comracta trmJsd on APT. M Cpoa InHrMt Ops. are tor pmtoua day. 


■ LONGTERM FWH4CH BOND OPTIONS (MATTF) 


minister, opens in Rome. 
Results from Taylor Woodrow. 
WEDNESDAY: US factory 
orders (February). European 
Union and Lithuania hold sec- 
ond round of talks on free 
trade agreement in Brussels. 
Results from Harrisons & Cros- 
Cield, Cooperative Bank and 
Caradon. 

THURSDAY: The Department 
of Trade and Industry issues 
energy trends (January). The 
Central Statistical Office 
releases economic trends 
(March) and monthly digest of 
statistics (March). US gross 
domestic product (fourth quar- 
ter 1993 final). Commonwealth 
of Independent Sates holds 
summit meeting in Moscow. 
House of Commons breaks for 
Easter recess. Results from 
RedlancL 

FRIDAY: US employment data 
(March); personal income (Feb- 
ruary) and personal spending 
(February). VAT imposed on 
domestic fiiel bills in tbe UK; 
50p rise in prescription charges 
from £455 to £475. Structure of 
Britain's railway split between 
Railtrack and 25 train operat- 
ing units from today. UK stock 
market closed. 


Apr 

CALLS 

Jun 

Sep 

Apr 

— PUIS 
Jl*i 

Sep 

004 

1.68 

1.62 

1.02 

208 

. 

000 

1.15 

1.15 

102 

175 

. 

a.io 

0.78 


201 

nan 


0.02 

000 

0.65 

- 

4.02 

4.73 

- 

0.30 

0.40 

- 

400 

r 


PUS 8B.17B . 

Pimtoua doj/a open H_ Cab 37X1*0 

Puri ZrtL*4a 


Strike 

Price 

123 

124 
128 
128 
127 


G e r man y 

■ NOTIONAL GERMAN BUMP FUTURES flLIFFE)* DM2S0.00P IttMwof 100% 

Open Sen price Change High Low EaL vd Open InL 
JUn 95.67 95.79 0.06 98.04 9532 192689 187689 

Sep 96.65 9533 a 05 95.06 9530 667 5280 


■ BOND FUTURES OPTIONS (UFFE) DMaSO.OOO points ot 1QCH6 
Seiko ■ 


CAULS 


Price 

Jui 

Sep 

Jui 

sre 

9580 

1.42 

1.72 

1.13 

109 

9600 

1.16 

1.48 

108 

105 

9650 

0.92 

107 

103 

204 


EaL voL total Cate 39778 Puts 23790. Pntvkam o pm W, Cum 288990 Pin 228874 


■ NOTIONAL kSMUM TERM GERMAN GOVT. BONO 
(BOBUfrlffEy DM2SO.OOO IQCWb of 10094 


Open 

10035 


Sett price Change 
100.47 0.12 


High 

10031 


Jun 

Italy 

■ NOTIONAL ITALIAN GOVT. BOND (OTP) FUTURES 
(UFF^‘ Lira 20&T1 lOfflhs of 100% 


Law 

100-25 


€3L vol Open kit 
4 2332 


Open Sett price Change Wgh Unr 63L vd Open W. 
JW1 109 65 109.89 0.19 109.90 10630 72654 10S727 

Sep 10630 109.49 019 109.00 10630 62 Si 


■ ITALIAN OOVT. BONO (STP1 RITURES OPTIONS (LIFFE) Um200m IQOtha of 100% 

8*» CALLS PUTS 

PnCe Jun Sep Jun Sep 

10960 2.64 333 g.as 3.34 

11000 238 339 350 3.60 

HOBO 2.1 4 237 2.75 339 


E* «L tew, Crito 2188 Puti S759, Ptwrinta day’s open W_ Grib 73028 Pure 64881 


Spain 

■ NOTIONAL SPANISH BOND FUT URES (MEff) 
open 

Jun 99.5099 

Sep 


Sett price Charge 
98.80 ^.83 

99.se 


High 

K.50 


Low 

9830 


£st voL Open kit. 
57,123 10W 79 


UK 

■ NOTIONAL UK GILT RJTURES (UFFE)' E50J0Q 32nds of 100W 



Open 

Sett price 

Change 

«gn 

LOW 

EaL vol 

Open int 

Mar 

10802 

106-23 

-1-09 

10805 

10819 

526 

10717 

Jun 

107-03 

105-23 

-1-09 

107-12 

106-04 

162697 

157073 

Sep 

- 

104-27 

-1-09 

- 

- 

0 

107 


FT- ACTUARIES FIXED INTEREST INDICES 


UK ffltta PHoa kidote 

1 Up to 5 years (23) 

2 5-15 yw«r 

3 0 war 15 > 

4 bredaenufetes [ 

0 All stacks (82) 


Fri 

Mr 25 

□ay's 
ebanga % 

Thur 

Mr 24 

Accrued 

Interest 

wf ad J 
ykSd 

125.05 

-040 

12506 

205 

X48 

147.12 

-002 

14803 

1.78 

X75 

10407 

-102 

18008 

100 

303 

188.12 

-303 

19400 

303 

1.47 

14301 

-000 

14601 

103 

XZ7 


tadm-Hteri 


Rrf 

Ww 25 


Day’s 
ctianga W 


Thur 
Mar 24 


Accrued 

Harael 


xdad 


— — 1 — 11 Low coupon yield - 
Mar 24 Yr age High 


6 Up to 5 years G) 

7 Over 5 years (11) 

8 Al Stacks 03) 

18404 

17805 

17707 

-048 

-007 

-008 

185.73 

178.70 

17805 

-00 

0.69 

001 

X53 

109 

1.41 

9 Dabs and loan* [73) 

13401 

-008 

13501 

204 

208 


Mediu m coupon 


Mar 25 Mar 2S4 Yr ago 


asr 


5 yre 

7.17 

7.02 

0.73 7,17 (25/3*1 

607 

16 yre 

7.81 

708 

708 701 (25731 

606 

20 yra 

703 

7.77 

8.14 703 (28/3*) 

607 

lrrod.f 

808 

70Z 

803 808 fe&CT) 

802 

Index-ikiked 



- Inftadon rata 5K — 



Low 

Mr 26 

Mr 24 

Htohcat 
rr ago 


Ixw 

6.78 (31/12 
808 (3171Q 
042 (20/1) 

701 

801 

8.15 

703 

809 

708 

700 

803 

603 

7.51 05/31 
801 fesran 
ai5 (25/31 

508 | 
609 1 
6.61 | 



Up to 5 yre 
over 5 yre 


InflaUon rate 1094 


3.17 

3.48 


2.97 

3.45 


239 

145 


3.17 

14B 


2.04 1 
2JM 


11/12 

11/12 


330 


2.02 

328 


139 

328 


223 

330 


■Syeam- 


1.19 
368 1 


IS yean 


2S yaara ■ 


8JO 375 357 397 flrt-) 7.03 (31/123 307 387 925 9-84 pan) 7.39 {20/11 9JM W S.BO 10 1 0(19^1 7.49(20711 

A«rego redamptlon yteWa wo *h own above. Coupon Banda: Low: ON-7^94; Medhaic 896-10^96; High: 11% and over, t Flat yield, yu Yew to date. 1M4 hJJlw 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Mar_25 Mar 24 Mar 23 Mar 22 Mw 21 Yr ago tfgh* Low- Mar 24 Mar 23 Mar 22 Mar 2\ mw 18 


QovL Sees. (UK] 
Rxad interest 


9330 

117.53 


9733 

11921 


9382 

11924 


9306 

119.79 


9382 

11345 


9334 10720 
11302 13387 


9328 

11394 


Qkt Edged bargakta 
5-day averaga 


1633 

1073 


938 

9M 


87.5 

953 


913 

938 


037 

038 


■SL. 198 ^ ^ 'W.40 8VU3SL km 4a.ia CWrsL Ftadirnwr^ian compereon: 133 jsr atnm tom 5053 o/i/na inn. - . f „ 

1CV26 and Rnd ktereri 1923 SE aeteky WSoh Nba»4 1974 - «■ aiaa pn/75) . Bore 103 GwenmeM aeortlm IS/ 


UK GILTS PRICES 


Mas 


~Hdd_ 

M Red PrtcaE +»- 


— 1383/94 _ 

Mgn Low 


Mas 


U Art Meat- 


_ 1903/94 _ 
Mgii Law 


Shafa/ 1 0kna w to Rre tlean) 

E*h Ulan 10M 

Tra» lOpeLiL l9Wtt_ 

Exdi12 , zpc 1994 

Tnre0pc19S4$t 

I2pc 1963 

Esbapc Gas 90-99 

lOLpc 1995 

TiwUlMtolMStt— 

14m 19M 

t«dic199B8i 

6**13<*mW96S 

Oomentan lOgc 1996 — 

Treat 13 W1S07« — 

Ekdi W'aie 1997 

Tim Mac 1997# 

Bali ISfW 1097 

94«iei9» 

TIM17LM !<*»# 

Traa* SLpe I93G-astt- 
Mkffl-1. 


Mote 


Tna&lEltfc'Mtt 

ExdllZBC 1938 

r(Pw»*jpciB0att — 


Thais ROrei tan 


1340 

uo 

12.13 

378 

1138 

107 

BLOB 

1151 

12.31 

1230 

1134 
US 

1125 

939 

Ud 

1104 

698 

721 

&72 

1135 
1131 
1030 
4.74 


5.18 !00\ 

5.03 101 

437 103A 
507 10313 
428 MfflH 
409 mid 

USD TOrt 
674 I IDS 
531 113L 

621 1171* 
US \VPt 
659 

678 117L 
684 idSi't 
691 1(6, < 
7.10 TSiiqri 

7.19 10812 
7,11 100JM 
BMWW’ 
7.40 123\ 
72713124 

TM 117** 
738 108U 


W, 

10GU 

TIM 

106JI 

11113 

99 

IW% 

(Hft 

ISOS* 

125 s * 

WWh 

HZ 9 * 

I22A 

II4U 

3 


im I lljpe 3001-4 

10 K ftjndhfl3'aM - W-4__ 
101 CH>eaton9iapc»04-_ 
Dm 6VPC 20040 

avjic2iB44 

'“as Com 9 >2 pcTQQS 

£ Unas I2«a* ZOOM 

”■ T\pcxxm 

v apeawNW 

INtel I IdK 2003-7 — 
fteas Vae 2007 « — 

131*|* IK-8 

Traai 9oe 2008 

1Q9U 
I85U 
124« 

% 


105^ 

11 “ 


908 

707 

nee 


1SBB 

LOB 

7JB 

7U 

-H 

Wi 

804 

708111 ■tod 

-1 

issa 

70B 

7JfS 

S3 


ifoA 

70S 

7.78 

aw, 


104% 

802 

70/1 

ll&d 

-Hi 

■2SH 

$72 

122 

I28B 

-i£ 

I43Q 

701 

79B 

B9A 


lisa 

801 

705 

guild 

-U. 

HU 

801 

801 

122A 

-fi> 

13M 

$12 

748 


-i» 

110H 

894 

8041»|id 

-IB 

151H 

803 

706IOOUW 

-ii 

tug 


c) cafikat »»- 


krireriMad 

"SB - - '3^4 

£ £ !SS 

129 1041, 

SftcrzJB 


M» I®, 

127 1*7 |6|U 

Utt 150 mjj 
138 153 ItQi, 


Ea±12UpclK9 

HUB 

70811UU1 

-B 

12BL 

Trias lo^pc 1999 

928 

7.45 

113A 

-U 

mi 

Traas ape 1909 ft 

S41 

7.19 

KJ*S 


101U 

Coewroan IDLipc 1999- 

810 

703 

112% 


121% 

txzxm 

MO 

702 

IOTA 

-% 

1181* 

Fro* lapcZOOD 

1002 

7.7G 

12SU 

■^l 

1388 

10* 2001 

994 

700 

ins 

-L 

122A 

TpcDUt 

71* 

703 

98% 


IDS* 

TpsWA 

70S 

786 


-B 

GlA 


ITS 

701 

111% 

-IA 

123A 

reeaoostt — 

708 

703 

ioi a 

-V 

T13U 

10pc2t»3 

980 

706 

113)3 

-*A 

I37A 


Tins spe 2009 

708 

705100/id 


iisg 

IraasS IftpcZOlO 

709 

708 

85)i 

-Si 

DBA 

cmspcuani tt — 

917 

708 

11D>« 

-iS 

125Q 

ThM 9pe 201Zft 

0IS 

707 

11 Oil 

-IJi 

IO tt 

Tires 5>jpc2009-l2tt- 

702 

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TMl 

■014 

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702 

70B1OreiH 

-iA 

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7kpc2012-TS» 

707 

7.92 

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1I4J, 

Tires Bteczoim 

603 

708 

lOSfi 

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12M, 

Bek 12pc , 13- f 17 

908 

918 

13U 

-ifl 

1581; 


2‘«JC , '3 

g|==g3 S3! 3 

3 g ||ff 

w»45ES,“2S!JS,'j 

Ottwr Fixed Interest 


Note 


-VWd_. 

M FW 


11BJI 
112S 
84fl 
1«& 

106 

?~~y . 

loan Oma9*4ac — 

BBA WarUaaSbDGti 

48A Cm3S*0C‘9IM- 

108k Tmapc'flBM 

sr& wmzhac 

iQtri* mw.z'ai* 


925 

- 454 

-14 

60 

707 

- 43U 

-14 

54U 

ua 

- 58Ad 

-4 A 

71 

us 

- Slid 

-1A 

44S, 

915 

- aoud 

-jl 


942 

- 29fid 

-1{J 

37H 


5BA 


• TV dock, tt Tax-tea u nanreridenu an m ftrian E Audton HMH. «S E* dMctonri. CWteB nte-pne** an ahoMt In pounde 


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JTjMiltoZOlZ 

■"ESfiPjftte '10 

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HlJWKjKlnBl 

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2*™iapcT._ 

«^PCIIS«4L!“ ■ 


_ _ 109304. 

™»e *» r- waa um 


694 131 
681 Ul 
685 432 
421 
891 
11X7 

1610 92a 

661 
864 
833 

613 430 
4-14 7.1Q 

- 199 

- 349 
11.15 


124,*4 

116% 

130 

IttJlj 

101 

IDS'* 

1444 

140*4 

<0>* 

38 

128 

7Z»i 

141 

136 

144 


->U 1424 

«B 1WA| 


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115% 

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95 


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-it* t 

.... 1 


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& !% 
128 
34 


44k 









Dollar wobbles 


Dollar 

DM per' S' ' 


Sterling 


. Yen per $ 


Dollar and sterling woes 
continued on the foreign 
exchanges yesterday, but the 
two currencies managed to 
recover from earlier lows 
wnies Philip CauriU i. 

Both were victim to the bear- 
ish sentiment sweeping 
through financial markets 
Analysts said there was no 
cogent explanation, for the cur- 
rent malaise where markets 
seemed determined to squeeze 
a bearish message out of unre- 
lated events. 

Perhaps the worst ease of jit- 
ters was in the sterling futures 
market where there was a very 
heavy sell-off in the morning. 
The June contract fell to a low 
of 94.55. effectively discounting 
a 20 basis points increase in 
three month money by mid- 
year. 

Prices later recovered and 
the June contract settled seven 
points lower at 94.66. The 
December contract was also 
seven points down at 94.18 
after touching a low of 9337, 


implying base rates of over 6 

percent 

■ The performance of sterling 
provided a good measure of the 
confhsion. While futures were 
plunging, disco unting a signifi- 
cant tightening of rates, ster- 
ling was falling at an equally 
impressive rate. 

The UK currency touched a 
low of DM2.4880 against the 
D-Mark before recovering to 
finish in London at DM2.4978, 

■ Pound In mam Yort 

tea* — umt — -Prw. dow- 

Csctt 1.4875 1.4975 

1 nOi 1.4954 I.4955 

3 rath 1-4920 1.4824 

1 r 1-4830 1.4852 

slightly above Thursday’s close 
of DM2.497L It finished sli ghtly 
higher against the dollar at 
$1.4975 from $1,493. 

Mr Gerald Holtham, chief 
international economist at Leh- 
man Brothers, said sterling's 
weakness related to the gen- 
eral weakness of UK asset mar- 



*per£ 

1.51 • - 


DM ox Z 

2.57 • 


French franc 

FFrper DM 




Feb 


IBM 


Feb 


1994 


Fab 



1994 


Fab 


1994- 


Mar 


Fab 


1994 


Mar 


Source: FT Graphite 

kets. He said the UK had a 
much poorer inflation record 
f-hnn countries like the US and 
Germany, so “it is natural that 
there would be a bigger risk 
premium on UK assets at this 
point" 

Mr Avinash Fersaud. head of 
currency research at JP Mor- 
gan (Europe), said sterling was 
weak because the market was 
drawing an analogy between 
the UK and the US. saying UK 
rates would also have to move 
up- 

Most observers believe the 
market is too pessimistic about 


UK rates, with a further 25 
basis points cut a possibility, 
though it may have to wait for 
the summe r. 

hi the discount market the 
Bank of En gland offered late 
assistance of £24Qm after fore- 
casting a £1.05bn shortage. Ear- 
lier it had put £71 8m liquidity 
intp ttip market. 

■ The dollar recovered from a 
five month low of DM1.6595 to 
finish in London at DM1.668. 
down from Thursday's 
DML6726. 

Mr Holtham argued that 


with higher US rates already 
discounted, the only thing that 
can help the dollar Is people 
changing their mind about 
Germany - believing that Ger- 
man rates will go lower. 

Mr Persaud the market 
needed a more decisive signal 
about the future outlook for 
rates than the weekly trim- 
mings of the repo rate. 

■ The D-Mark was firm in 
Europe yesterday, continuing 
to benefit from dollar weak- 
ness, and selling In the bond 
markets. It was up against the 


French franc at FFr3.426 from 
FFr3.424 on Thursday. 

It was weaker against the 
lira which recovered from a 
low of L997.05 to end at L9883, 
compared to L99&2 on Thurs- 
day. Trading was nervous 
ahead of this weekend’s elec- 
tion. 


e s 

153.153 - 151374 102.300 - 102.400 

2597.00 - 20040 174800 - 175000 

0 4452 - 0.4469 02974 - 029B4 

330185 - •""wa ■ 22DS.O 

260155 - 2811.64 174000 - 174400 

54981 • WOlt 3S715 • 30735 


Ktnmt 


POUND SPOT FORWARD. AGAiNSTTH 


Mar 23 

Europe 

Austria 

Belgium 

Denmark 

Ftetend 

Franc e 

Germany 

Greece 

behind 

Italy 

Luxembourg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SOfif 

Americas 

Argentina 

Brad 

Canada 


DOLLAR SPOT FORWARD AGAINST THE DvLlAF 


Ckwtng Change BMtoffer 
mid- port on day apread 


Day's Md 
Ngh low 


One month Thro* months One year Barit ol 
Rate XPA Rate *PA Rata XPA Bnn. index 


Owing Change BU/btfer 
rrtd-potet on day spread 


Day's mid 
high low 


One month Three months One yam J.P Morgan 
Rato 96PA Rate %PA Rata %PA Index 


(Sch) 17.5299 -00662 221 - 377 170762 170021 17.5201 03 17.5205 02 

PFt) 51.4846 -0.1061 608- 183 51.0200 51.3687 51.6298 -in 61.0048 -Oil 518048 -06 

8.8525 07988 08556 -1.1 

03860 02580 

05652 05170 06891 -16 

26020 2.4865 


Europe 


PM 
(FM) 

(Fft) 
mam 
(Or) 365603 
1.0395 


08485 -KI0103 404 - 525 

03388 >00488 281 - 495 

86588 +0.0100 544 - 852 

2.4978 +0.0007 984 - 991 


P9 

(L) 247016 


-0109 843 - 763 367.608 361889 
+0X02 385 - 404 1.0410 1X374 


1X404 -IX 1X419 -09 


(LFO 61.4848 -01081 506- 183 81.6200 51X887 51X298 -1.0 61X048 -09 51X048 -0.8 

(FI) 2.8085 -00025 071 - 099 2.8131 2.7985 2X092 -03 „. 

(M«r) 108737 +00068 680 - 786 109088 10X315 10X881 06 108806 -OX 10X718 

O) 250086 +0X35 801 - 371 258X71 256X66 258.061 -4X 281X08 -4X 

(Pta) 205X88 _ _ 

tSKi) 11X202 +0X568 118 - 288 11X084 11.7138 11X402 -2X 11X757 -1.9 11X847 -1.4 

(SFf) 2.1239 +0X004 229 - 249 2.1268 2.1183 2.1221 IX 2.1178 

» - - - 

- 1X979 -0.0004 971 - 908 12909 12939 12994 -1.4 1X018 -12 1X082 -OX 

- 0X37839 - - 

(Paw) 1-4977 +0X049 972 - 981 1X022 1.4929 

(CO 1283.89 +2628 358 - 420 1298.00 1268X0 

(CS) 2.1 


OX 

- 

. 

114X 

Austria 

(Sch) 

11.7065 

-OX7B5 

-ox 

51X046 

-OX 

1194 

Belgium 

(BFl) 

34X816 

-0.1736 

-1.0 

9X05 

-0,6 

114X 

Danmark 

(DKr) 

6X755 

-0.0127 

- 

- 

- 

803 

FWand 

(PM) 

95687 

+0X16 

-IX 

8X095 

-OX 

1093 

France 

(FFi) 

97163 

-0.0097 

-05 

25029 

-ox 

124X 

Gamany 

(0) 

1X660 

-0X046 

- 

- 

- 

_ 

Greece 

Oh) 

249960 

-0.8 

-OX 

1X482 

-ox 

102.6 

Mend 

(ff) 

1.4406 

+0X015 

-93 

2541.01 

-2X 

76X 

My 

U 

1649X8 

-11X 

-OX 

51X046 

-0.6 

1154 

Luremboug 

(u=d 

34X815 

-0.1735 

-OX 

2.8064 

0.1 

1199 

Netherlands 

(FT) 

1X756 

-0X078 

-OX 

10X718 

ox 

693 

Norway 

(NKr) 

7X615 

-0.0172 

-49 

- 

- 

- 

Portugal 

(E») 

172X50 

-0.49 

-ai 

210X88 

-2.6 

86X 

Spate 

(Pta) 

137X25 

-0X76 

-1.9 

11X647 

-1.4 

7SX 

Sweden 

(SKi) 

7X936 

+0.0146 

1.1 

?IWM 

IX 

1191 

Bwftseriend 

(SFi) 

1-4164 

-0.0039 

- 

- 

■ 

BOX 

UK 

R 

1.4975 

+0X045 


Ecu 

SOftt 


USA (J) 1X1 

Pacffic/Mdcfle East/ Africa 


Australia 
Hong Kong 
tndb 
Japan 
Mttayria 
New Zealand 
Ptnupptaaa 
Saudi Arabia 
Singapore 


+0.0085 

578 - 596 

2.0694 

2.0603 

2X572 

OX 

2X563 

OX 

2.0617 

-0.1 

67X 

+0.0512 

153 - 305 

srewo 

4X792 

. 

. 

- 

. 

. 

_ 


+0X045 

971 - 978 

1X035 

1X930 

1.4964 

1.7 

1.492 

IX 

1.4835 

OX 

BRA 

+0.003 

050 - 075 

2.1257 

2.1060 

2.1048 

OX 

2.1024 

0.7 

21005 

ox 

„ 

+0.0355 

054 - 723 

11X145 11X345 

11X559 

IX 

11X604 

as 

11.5014 

ax 

_ 

+0.1358 

528 - 880 

47.1540 46X380 

. 

. 

. 

. 


. 

_ 

-1X33 

746 - 925 

158X20 159480 

156.478 

2X 

155.740 

2.8 

152X71 

27 

1852 

-0X008 

831 -680 

4.0797 

4.0527 

. 

- 

- 

. 

. 

. 

_ 

+0X093 

432 - 477 

2.6521 

2X338 

2X464 

-IX 

2.6527 

-1.1 

2X613 

-ax 

- 


(AS) 2.1063 


(MS) 

(NZS) 

(Paso) 412823 +0.1227 205 - 640 41.5640 41.0205 

(SR) 5.6157 +0.0188 140 - 173 

(SS) 2.3827 -00028 814 - 640 


S Africa (Com.) (R) 5.1561 +00217 638 - S84 


S Africa (Flo) (R) 

South Korea (Won) 1211.B1 
Taiwan 
Thailand 


5X380 5X892 
2.3825 2X808 
5.1758 5.1188 
7.0702 09723 


7.0493 +01068 401 -564 

+5.39 115 - 247 1218.33 120049 
(IS) 38X477 +01324 384-569 307100 304400 
(Bt) 37X181 +00377 018-344 37X630 37.7880 


1.1538 

1.40019 


Aigandna (Peso) 1X002 

Brad <C<) 884.065 

Canada ICS) 1X748 

Mexico (New Paso) 3X543 
USA (S) 

raUlkVawuifi taroATiTca 

Ausbfftai (AS) 1.4086 

Hong Kong (HKS) 7.7257 
(Rs) 31X663 
M 104.735 
(MS) 2.7150 
New Zealand (NZS) 1.7668 
PWpptees (Peso) 27X750 

Saudi Arabia (SR) 3.7502 
Singapore (SS) 1X779 
S Africa (Corn) P) 3X433 

S Africa (Bn J (RJ 4.7073 
South Korea (Won) 609250 

Taiwan (IS) 28.4100 

ThaSand (Bt) 26^80 


973 
187 
978 

+0X038 534 - 542 


090 11.7600 
980 34X030 
6X817 
6X603 
5.7190 
1X713 
200 244.650 
418 1.4482 

000 16B2.75 
960 34X030 
1X802 
72900 
600 172X50 
250 137.320 
7X543 
1.4225 
1X035 
1.1583 


780 

745 

185 

686 


780 

630 


11.6860 

342750 

6X428 

6X110 

5.8875 

1.6596 

243X00 

1.4384 

164626 

342750 

1X676 

72335 

171.100 

136.750 

7.8193 

1.4130 

1.4930 

1.1509 


+0.0003 002 - 001 1X002 1.0000 

+15X32 060 - 070 864.070 884.060 
+0.0018 745 - 750 1X77S 1.3720 


f60ft nM tar Mar 34. Bkt+oriw iprarato to the Pound Spot table ahow arty the Inet Baeo dackrel placet. Fbrawd rataa raw no t OfrecSy quoted to i 
Out era nwfcd by cumnt kawea was. SMM bdaa cakutoed by Bank of Bvlmri. Btoa amage 18(3 > itnon OOw and UkMSM h tec 
trio Dotar Spot ut*n Med tarn THE WMREU1ERS CLOSMO SPOT RATES. Soma estate raa mndod by tha F.T. 


CROSS RATES AND DERIVATIVES 


1X206 
7.7282 
31X700 
105.470 
Z7217 
1.7883 
27.7500 
3.7504 
1X815 
3.4473 
4.7150 
809X00 
26.4100 
252700 

fSOR law (nr Mar g+. BUM M apreare to toe Dfftor Spot taffc shew only 
bat am imptad by bum Waul raxes. UK. Mond 6 ECU am 


tnda 
Japan 
Malaysia 


-0X022 061 - 071 
+0.0007 252 - 262 
-0X025 625 - 700 
-1X4 700 - 770 
-0X085 140 - 160 
+0.0009 655 - 677 
- 000 - 500 
+0X001 489 - 504 
-0.0065 773 -7B3 
+0.0043 425 - 440 
+0.0575 025 - 125 
+12 000- 500 
+0X1 100 - 100 
-005 500 • 600 


1.4055 

7.7250 

31X625 

104X10 

2.7090 

1.7821 

27.4000 
3.7499 
1.5773 
3.4227 
46726 

808.400 

26.4000 
252600 
are tan 


11.7275 

-22 

11.754 

-1.6 

11.7575 

-0.4 

103X 

34-4615 

-28 

34.5786 

-23 

34.8415 

-1.3 

104X 

6X827 

-3.1 

96147 

-24 

96596 

-1.3 

103X 

95745 

-12 

9579 

-a/ 

95667 

-03 

75X 

97297 

-26 

5.7522 

-25 

5.7B21 

-IX 

104.9 

1.6711 

-22 

1X76 

-1.9 

1X824 

-09 

105X 

247X5 

-192 

254.6 

-17.5 

2897 

-163 

71.1 

1X374 

27 

1.433 

21 

1X191 

1.5 

_ 

1657.08 

-95 

1669SB 

-4.6 

1709.33 

-26 

782 

34X615 

-28 

34.5765 

-2.3 

348415 

-IX 

104.4 

1X787 

-21 

1X825 

-1.5 

1X875 

-06 

104.1 

7X715 

-1.7 

72652 

-IX 

7X005 

-06 

994 

173X9 

-72 

174X5 

-98 

180.075 

-4.5 

932 

137X26 

-52 

139746 

-4.4 

141X55 

-24 

807 

7.8206 

-4.1 

7.9664 

-39 

90636 

-22 

SIX 

1X193 

-a? 

1.4194 

-OX 

1X104 

06 

104X 

1X864 

1.7 

1.492 

IX 

1X635 

09 

898 

1.1509 

3.1 

1.1468 

24 

1.1389 

IX 

- 

1X755 

-0.6 

1XT76 

-OX 

1X864 

-0.6 

84.0 

3X553 

-OX 

3X571 

-ax 

23645 

-03 

- 

- 

• 

• 

- 

- 

- 

1009 

1.4078 

-1.1 

1X125 

-1.7 

1X231 

-12 

899 

7.7267 

-ax 

7.7347 

-ax 

7.7594 

-04 

_ 

31.4313 

-2X 

31X663 

-2.6 

- 

. 

_ 

104X3 

12 

104X2 

1.6 

102465 

21 

145.1 

2706 

3.1 

26925 

23 

2.755 

-IX 

_ 

1.767B 

-OX 

1.7723 

-IX 

1.7942 

-IX 

- 

3.7500 

-02 

97532 

-OX 

27647 

-04 


1X772 

OX 

1X767 

OX 

1X753 

02 

- 

3X5S8 

-96 

34858 

— 4X 

3X786 

-3.9 

- 

4.7415 

-97 

4.8015 

-90 

- 

. 

- 

61225 

-4.4 

815.75 

-32 

83425 

-3.1 

- 

2947S5 

-32 

26X76 

-25 

- 

. 

- 

9^ TK 

-3.8 

25.46 

-32 

25X6 

-29 

- 


13 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


CAP Money Management Co Lid 
aprawibt rofitdbe ma 2J0 . am mu* 


Coutts&Co 


\6 laaeansactt. inanfo, va 
■tali agatata le^ i 


ruad_ I 4SI 

_. , SBl 

Dreaeta D» a iwm I an 


The CfflF Charities Deceit Accra* 


0732 7701 

- &01 3-H 

- 

- uiImi 


SftmSewt, London ECp: 


071-588 1815 
I USl5-MDi 


CenL Bd. df Be. of Cbareh of EngMatf 

tfmtwo, LORkn [«r MO 07I-5M 1819 

Dta— i soo - I ubIs-ms 


Money Market 
Bank Accounts 


tot CM 

ori-n. 

Om Heng Sank (Loodof) PLC Premier Acx 

IDAajdCoal. LorKWifCrR7W on-Sc 

ioo in I i« 

muni-croon) J us a. 19 +j- 

EiMo-craDoo . — . us ;n iai 

MMtea t 1 275 208 I j. M 

Dawataa Tri FloHJaKflhaai 500 Acc 

IStaaW MWI WW 081-KP, 

ruuro+ean, rjs ware I _ u 

Eio.noot r»n» ( 7 jo sen 75I,. 

CAM >FMaltaH(tti I bjjo gaol ■' ? I 

fitth Minay Martel Neared 
furey Bratmae Shwcm Ut UgtaM Rea. 
man oner, ai M m 

(1(41999 I art 281 I J80I 

aojm-anjm — «s liar 
SMuno-c+aaere I <ars xasei I +eul 

Mduboo- M mi i ww i wi a war. 


Aftfcen Hama Bask 

30 Coy Road. Lonocrt EC 
Tmui acota - hr p 
cAaoo-MAte- 
csaoooaasn — 
IHbhcto-kr. 
up in cam. 

no.aar-Ejj.sao — 
gsjoo-r+aaw — 



muar 

czsjmwc+aoeo 

EKLOOOtoD+JH 

rejpcnr& BOB — „ 

00.000 «a gene _ 

csxn«gC40.wa 

DtlMD tB E24939 

Esjubtasee. — 


5X0 420 I 5721 

iJS AM I US 

480 368 495 

4J6 are I 42121 

sX aw ( auJ 

4.ts us cat 

4 JO 131 | 458 

425 119 I 4J?| 


175 2U» UO 

4X0 3 00 407 

4X0 aare +xe 

*.75 axcao 4 as 


Alfred Thai Bank Ltd 

ar-101 C3oaeaSs.tBiam.EC4N SAD 

ram* (RATIO 

IRUSHA (I2X01.I 


OHM E2X0I *) 

WCAS2AII .1 

KBCA 07001+} 

nnr TESSA 


nx°o-ux»09 — 

oxoo-CB.99999 

Cl 0000- 124X0999.. 
(25.000^49X8909 — 
£50X00+ 


091-6280079 
U4 rtartj 

&as rnrt> 

SX4 Italy 


JuBa Hodge Bank Ud 

10 IMw tan CanOf cn 3BX ampti* 

•■Mtohaua too 4xo | ax9 1 

SUaRMtwBcMttal 5JS 451 588 

1 nwwenii i us 4xi I sjrol 

Huaberdyde Hnaoce Greup 

StaBev Way. Hook. BtaigngM anenoo 

(50X00+ I 325 304 I 5J5l , 

Leopold Joseph 6 Bens UraiM 

99 Ossham SPnC UwlDn CCV TEA OTr-ssgrr 
itatay rapib tata total a rt— a 

(25.001 -Cl 00X00 I 450 4 8000 3J/M L 

riDOXOIMn I 4.75 4X400fcuiml ( 

XWHMfl Braan Ltd 

1588— tain aanyamiuftan 071-297151 
rucApaxooo 1 4.125 anol4i99lo« 


KMnwon Benson Private Bank 

(BdBMDBDdr 


tea 

on 

100 

JSO 

ZS3 

ISO 

in 

2.01 

342 

*M 

100 

407 

4J0 

119 

*33 

*Ji 

ISO 

*45 


l(wnRgM,UataMM3T 

HJXAK2X0D.) I 4 125 3091 I 


S Lloyds Baak-I 


Bat* of trettnd HMi tatorest Cheque Ace 

IB-40 Mpi 9. Staff) ana dtsssigsis 

£10X00. |3800 2828 38461 Ok 

Z50 tare I 28241 Ob 


quoted Mi US cwroncy. JP. Moipan 


s are not droedy quoted to me mortal 
inched Urown tor Mar 24 Base anwage 1990=100 


EXCHANGE CROSS RATES 

Mar 28 BFr DKr FPr 


MCr 


5Kr 


SFr 


CS 


£cu 


Belgium 

Danmark 

France 

Germany 

Ireland 

loriy 

Nethertencta 

Nonway 

Portugal 

Spain 

Sweden 

Swhzertund 

UK 

Canada 

US 


(BB) 100 19.13 18X3 4852 2X20 4798 8.458 21.11 601.4 3892 22X8 4128 1X43 4X00 2-910 304.6 2X21 


5228 

10 

9882 

2X37 

1.056 

2808 

2XS3 

11.04 

2821 

2097 

1200 

2157 

1.018 

2091 

1X21 

1592 

1218 

Netherlands 

219672 

216348 

-0X0373 

-1X1 

4.72 

8015 

11X0 

10 

2.619 

1215 

iwm 

■Sw 

3262 

1270 

301 X 

2401 

13X1 

2X82 

1.168 

2406 

1.750 

1832 

1X17 

Germany 

1.94964 

1X2288 

-0X0336 

-1X7 

4X7 

20.61 

2942 

2426 

1 

0416 

9898 

1.124 

4X51 

103X 

8227 

4.732 

0X60 

0400 

0X24 

0600 

6277 

0520 

Belgium 

402123 

39.7118 

-0.0812 

-124 

4.43 

49X0 

9.468 

8230 

2402 

1 

2375 

2701 

1045 

2482 

197X 

11X7 

2X42 

0982 

1X80 

1.440 

150.B 

1248 

Ireland 

0X08628 

0.801345 

+0X04054 

-090 

4X7 

2084 

0399 

0347 

0101 

0X42 

100. 

0114 

0440 

1045 

9320 

0X79 

0.088 

0040 

0083 

0061 

6X48 

0053 

France 

6X3883 

958357 

-000078 

0X4 

g-2fl 

1933 

3X06 

3X47 

0X80 

0370 

8793 

1 

3X70 

91X8 

73.16 

4208 

0.758 

0XS8 

0733 

0X33 

55 82 

0482 

Denmark 

7.43679 

7X6854 

+000582 

2X4 

1X7 

47X8 

9X59 

7X74 

2298 

0957 

2272 

2X84 

10 

237.4 

1891 

10.87 

1.9S4 

0820 

1X94 

1X78 

144X 

1.194 

Spate 

154250 

158X42 

+029 

272 

0X1 

19X5 

2815 

3X16 

0X68 

0X03 

957X 

1.088 

4212 

100. 

79X2 

4X80 

0X23 

0387 

0798 

0.580 

60.75 

0503 

Portugal 

102854 

198X00 

+0X44 

214 

0.00 

2905 

4.7B2 

4.166 

1216 

naw 

1202 

1X87 

9290 

125X 

109 

9762 

1X34 

0487 

1.002 

0.729 

76X0 

0632 







43X5 

8X31 

7241 

2113 

0X80 

2090 

2X78 

9196 

2194 

173X 

10 

1.797 

0846 

1.742 

1267 

1327 

1X98 

NON 0RM MEMBERS 





2424 

4X38 

4.030 

1.176 

0490 

1183 

1X23 

9118 

121.5 

9975 

5X85 

1 

0X71 

0X89 

9705 

73X2 

0611 

Greece 

264513 

282197 

-0.164 

969 

-3X3 

51.48 

8X47 

9559 

2498 

1X40 

2470 

2X09 

10X7 

268.1 

2095 

11.82 

2124 

1 

2059 

1.498 

1598 

1298 

Italy 

1793.19 

1911X5 

+025 

960 

-325 

2900 

4.782 

4.157 

1213 

0X05 

1200 

1.384 

5279 

125X 

99X1 

9741 

1.032 

0488 

1 

0728 

7915 

0.630 

UK 

0786749 

0772843 

+0.005251 

-1.79 

5.02 


ECU 

YOU III* 1.000, 


ffl 34X7 
(Y) 328X 
39X6 


6X73 

62.80 

7X88 


8.714 

64X9 

6X94 


.668 9884 1649 


7X56 
0932 
8X74 

Dotai Krono. Ranch Franc. Ncrta c ta i Kmnar raid Swtah Kronor pa tft Boigtat Frano. 


1J 
15X3 
1X24 


6X33 1S7S3 

9801 1903 


1X7B 

17X1 

2.164 


172X 

1646 

1998 

Lba 1 


137X 

1311 

1S&3 


7.891 
75X8 
9.106 
per 10a 


1X18 

13X5 

1X38 


aere 

8X78 

a770 


1X74 

1313 

1.588 


1 

9X54 

1.154 


1047 

1009 

1208 


0X66 

8X78 

1 


■ D-MAWC FIIWIHM QMM) DM 126.000 per DM 


YEN FUTUHES JMM) Yen 135 per Yen 100 


Jun 

Sop 

Dec 

Open 

0.5979 

0.5873 

Latest 

0.5999 

0X980 

0X963 

Change 

+0.0030 

+00015 

Mgh 

06000 

+0X960 

+0X963 

Low 

0X956 

0X968 

EsL vri 
64X03 
326 

6 

Open tet 
101.728 
2X77 

116 

Jun 

Sep 

Dec 

Open 

0.9690 

0X632 

Latest 

0X587 

0X838 

0X698 

Change 

-0X003 

-00003 

-00160 

HV, 

0X599 

0X648 

Low 

0X518 

09630 

EsL voi 
37X84 
300 

76 

Open iro. 
48,643 
1X07 

368 

■ SWISS FRANC FUTURES (MM) SFf 125X00 per SFr 



■ STHUta FUTURES (IMM) £82X00 per £ 




Jut 

sop 

Dec 

0.7041 

0.7060 

PPP 

ill 

+0.0024 

♦0X014 

07071 

07080 

07080 

ii 

27X83 

■18 

3 

38X60 

268 

46 

Jun 

Sep 

Dec 

1.4832 

1X868 

1.4850 

1.4820 

+00084 

1.4990 

1.4960 

1X820 

1.4894 

14X15 

15 

16 

25,927 

626 

33 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 25 Ecu een. Rale Change % ♦/- from % spread Dtv. 

rates jgdirtsl Ecu on day cen. rata * weakest ind. 


9 

6 

-7 

-14 

-19 

-21 


Ecu cental rates sal ty Hie European Cornmltaon. Currencies ae h deecendtog ratatta suengOh 
P er c entage fftonqai ran tor Ecu: » poetaa fftage dsnotaa « tata cutrancy. OratgenCB aho— a the 
oho h e h iB nen hup epraada the pe w- pa tflftaenca bffwoen ma actod mertat and Ecu cenba) rtoee 
lor a cwrancy. and ttM maaiun pormoad parewaego dewaban of the oarancy'e imtat non bom no 
Ecu central rata. 

fi 7m 2J Storting aid Itetan Lira Mpendad from EDM. ttjotwen ratatated by the FtoonoW Tims. 
■ PMA08FW SC t/S OPTIOIIS C31X50 (cents per pound) 


firebndHJghl 
a. staff 5.1 

saelTTl! 

Scotland 

38Tm>tamitoSLEin’Sr 071-0018448 

MKtoteczse+xm. I iso ae? I xaal wa 

E25flOM24ieoe I 3.7* 281 382) MB 

£250800. I B80 US I M2 1 US 



talR.Ctaei*y 0000400100 
380 480 Many 

*.75 058 4.75 YOafy 

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384 US tatty 
550 4.13 530 Tta* 


ILLCJL 

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npoo-o^oi 1 280 150 | 402 

Cisco rasse ( 225 159 I 

£10X»^2*J» 205 288 2.73 

C2SJU0+ I 353 251 

& Co Lid 

lentai(C2 071 -eu 
480 180 I 487 

480 380 I 487 1 


0 9 Anaen Gqutoa. Gtataffi B42 2fP ,0318988236 
HEA 1 4.78 55825 I -I Italy 

Caber MhaUd 

reOtottnUtatantaEtaVODJ 071-0232070 

MCA 3.75 281 I 381 MB 

Rtod 00800+ 481 -I 482 M8l 

OwntartSOODO. _ I 450 -I 4851 Ml 


ChortortrauK Bank LkaBed 
1 mnatta nre. EC4N TDK 

(2500-05501 

caum-Mjaa 

(SODOCMBB899 

(100.000+ 

55800-648888— 

WUKW 080808 

sioajno-steareo— 


Meadah Bart Hradbie Solndn Bee 

303 Mnceranece. Saner 61 2W. .041-0437070 


hum a, unhn top jes 
noanoMtoow — I &k im 

CM. 000. (sis 3H 

C5JM* 495 071 

euuno. I 4 ts 353 

Midland Sark pte 

Etataar Acs 0000+ . 

(10800+ 

KS800+.— 

(50000+ 

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Nsdmrido&idgSoc-i 


Rjtata-StataLSMi 

E28O0-C48Be__ 

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tnuno-c7<.m 

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130000+ 


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0272 4333; 
539) tail 
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485 tar* 
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3 IS 

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3J7 

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4.12 

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US 

- 

,25 




RfcfWKfW 

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aoLflO0-r4Bteta 

nioatHtiMta 
C2.sa>-i3 r ttM raj 




IM 

J 470 350 

rnetiAwta 1 430 aoa 

UBUtatt- I 435 110 

Rognl Bank of Scettaed pic Preadun Aec 

4Z8tfc<diMS4&aMisffiBCZYE. 031-57 

£50800+—. 


(25800 -C4B500 — 
(10800 -E4999 

t&jao-tajz&Z 


Saw 6 Pronorfflotaert Hentag 
IB-32 tatamlto. 8a alp n 8M1 XJL 



179 

2JI 

342 

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100 


m 



US 

m 

450 



MB 

UO 


U1 

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ICO 


in 

MB 

126 

tea 

127 

MB 

250 

140 


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0000 282101 

zi^rs 


Mto 0773 744720 

3825 2.718 36751 

3750 2813 3803 

3875 2506 3832 

4000 3000 4060 

4375 - 4.447 

(U That Umflad 

■ Great Ciwtarlaad R. Landea WIU 7AL 071-9! 
naooo-eoiBraffto-l its sjk! ub 
noooo-wadraaffea- 1 750 583 1 704 
£25800 — 1 Year I 7J5 144 | 


ciooao-czaisoo 1 in 2.79 xn 

£34000-00560 375 281 380 

‘310 285 385 


The Co-operative Bank 
no 0a> aaa. anunreoM. lem 

TESSA —I S2S 



LSOjOOO. 
E25800-UOLMI— 
El 0800-04880 — 
0800-0889. 

Wp Ita - tatoto Ootoi 

noinu^. 

siwoc-E«see — 
0800-0850 


0080^40808 

no8ao-«4B8W 

ore imp 

30-90 dffeffra 


388 I 581 1 un 


525 304 5321 

480 330 485 

400 100 404 B-Mtl 

275 225 I 302 lO-MSl 

281 j 279 IB-MB 

335 IM | Ut H« 

235 189 1 23B i 6-4491 

hue 

450 338 460 8-tan 

SJK 230 3JK6-U91 

275 280 f 27716-4481 

235 188 I 226lB-4efe 

ffbbauost-iam 


(10800 toff AM 1 4375 


Western Tibet Ugh interest Cheque hot 
TheMODcyanaa. Pijraonff! pt) ISE 0752224141 

£15800+ _] 479 358 I 484 1 air 

£5800-04090 [430 338 I 458 Or 

(1800-C4800 1 425 119 1 43?) Or 


caret- toK Osacut rue tt Herat taffh ad 
wtaimffrtae aata ffra (jut* keen m. 
tat im elfetaal imam ate Stanag fer dnucam ff 
east: utt acma tax. 6mm CWt Ones on mtaad » 
a*e atatat tfeetawatag ff um pan mi iw 
once a tow. Itaa pa ta eJ Aota tatr. ta Cc Rtaiency 
iMffitaMknMbHatoH 


strfce 

Price 

Apr 

- CALLS ~ 
May 

Jun 

Apr 

— PUTS — 
May 

Jun 

1X00 

9X1 

9.76 

9.72 

- 

- 

0.13 

1X25 

7.48 

7X3 

7X2 

- 

Oil 

036 

1X50 

904 

522 

5X8 

002 

0X9 

oao 

1X75 

2X1 

9X2 

3.73 

029 

Q.S7 

153 

1X00 

1.17 

1X8 

2X9 

1X8 

1.98 

Z57 

1X25 

0X3 

094 

1X1 

2X9 

3X7 

4.07 


Pretaua days wt Cota 148*3 Put* 9,481 . Prav. d»y a open toU Cata S208S2 Put* 436.154 


est rates 


MONEY RATES 

March 25 Over One Three She 

night month nrtha mtha 

Belgium 
week ago 
Franco 
week ago 
Germany 
woets ago 
Ireland 
wook ago 
Holy 

week ago 
Netherlands 
week ago 
Switz e rl a nd 
wook ago 
US 

week ago 
Japan 
week ago 


■ TWMMtMWM B U WriM k M KWiniMBMTErOMliTipolntaollOOM 


One Lamb. Ofe. 
year Inter. rule 


Repo 


Interbank Fbdng 
week ago 
US Dollar CDs 
week ego 
SDR United Da 
. ago 



64k 

6% 

B& 

6* 

7X0 

5X0 


6M 

6Vk 

6i 

81 

7.40 

5X0 

6*fr 

6V, 

0* 

51 

6 

6.00 

- 

6a 

6» 

0V. 

81 

5V< 

6.10 

- 

5.70 

5.60 

5.75 

5X0 

5.43 

6.75 

5.25 

5.75 

5.60 

5.75 

5.68 

5X8 

075 

5X6 

64 

6 

6 

6 

0 

“ 


fl* 

6 


61* 

81* 

“ 

— 

811 

81* 

015 

8V4 

8V* 

- 

6X0 

81 

9V> 

0i 

81 

81 

- 

ooo 

S.S3 

5X4 

5X1 

5X6 

5X6 

“ 

6X5 


5X4 

529 

5.18 

5.16 

- 

SJ25 


4K 

*i 

41k 

41 

0625 



4W 

44 

4 

33 

0825 



311 

3E 

4 Vi 

4% 


3.00 

3*-+ 

3*k 

33 

41 

41 

- 


2h 

2*i 

21 

21 

21 

“ 

1-75 

2W 

2V* 

2% 

2% 

21 

“ 


don 

35 

3% 

44 

43 

_ 

- 

- 

35 

3% 

4Vi 

4*i 


“ 


7.78 

7.75 

5X0 

5X8 

975 

975 

992 

8X2 


941 

3.41 

3’-a 

3 : » 


3X6 

3.54 

3Vt 

3W 


3X9 

3X2 

3«i 

35k 


4.44 

4X1 

4 

4 



Open 

Sett price 

Change 

Hflh 

Low 

Est voi 

Open Im. 

Jun 

94X0 

94.54 

0X4 

94X4 

94.49 

27930 

260372 

Sep 

94.73 

94.75 

002 

94.76 

94.71 

25372 

167586 

Doc 

94.83 

94X7 

0X4 

94X8 

94.77 

30057 

164581 

Mar 

94,89 

94X6 

0X6 

94X5 

94X4 

23672 

145295 

■ YKRBB MONTH KUROURO IKTJtOTfl WIURHO (UFFEJ LlOQOm points at lOQIk 


Open 

Sett price 

Change 

Wgh 

Low 

Est. voi 

Open tet 

Jun 

91.66 

91.70 

0X4 

91.71 

91X7 

6648 

58617 

Sep 

91X3 

91.90 

004 

91X0 

91.75 

3022 

23340 

Doc 

92X0 

S2X3 

0X1 

g? ng 

91X3 

3342 

37914 

Mar 

91.98 

92.04 

0X2 

92X3 

91X4 

660 

5205 

■ 1WSB HOWTH EUltO SWIS 

8 FRANC FUTUmS (LiFFQ SFirim points aMOOW 


Open 

Sett price 

Change 

Mflh 

Low 

Est. voi 

Open bit 

Jun 

9001 

9001 

. 

96X4 

95X6 

3642 

33950 

Sep 

9012 

9008 

- 

9012 

9004 

956 

6296 

Dec 

98X0 

96X2 

0X3 

9003 

95X8 

697 

4830 

Mar 

SSX2 

95.88 

-0.01 

05X2 

a* co 

46 

212 

« TMWK MONTH BCU FUTURES (UFF^Eculm points of 10t»i 



Open 

Sett price 

Change 

High 

LOW 

ESL voi 

Open tet 

Jun 

93X6 

93.06 

-0X3 

93X9 

93X8 

1382 

10926 

Sep 

94.19 

94.17 

■rt ro 

94X0 

94.09 

1077 

11455 

Deo 

94X8 

94X8 

B 

94X9 

94.16 

796 

6S52 

Mar 

94X8 

94X9 

0X1 

94X0 

94X0 

298 

892 


■ UFFC luttota tredeo On APT 


ECU Itaad Da «kl at Mem eaffi «SSe 

11M0 era aflowi >« Ml SKwl Wamntater. 

ffw. TTw burke are Truetftataff To^^wya^ LWtod DepOOtt M- 

Md tffoe «e alroum tor -tomaeOe Money ua * w- "‘ 

EURO CURRENCY INTEREST RATES 

-* flm Thfl 


QMM) Sim points of 100* 


Mar 25 

Bdgran Franc 
Dannh Krone 
D-Moik 
Dutch Gutter 
French Franc 
PortUffn»> tK. 
Spuw+rt Pesnra 
SteriWfl 
Swea Ff»tc 
Can- Ooftr 
US Dollar 
RXai Lro 
Von 

Asian SSrag 
Snort term utoa cm 


Short 
(con 

6,\ - 6.** 
6>2 - «'4 
5^ -SA. 

s,; ■ s.i 

Sia - 6,1 
B4i ■ 9‘; 
a** • a. 1 . 
S«2 ■ 6V, 

4\.i 

41+ -4 
JI* - 3*0 
8*1 ■ B 

2^8 ‘ 2A 

3>I - 2‘l 
off tar Hie 


days 
noiiee 

6,\-BA 

6*2 - 6*4 
5% - 6* 

5A - 5»; 
6A - 6A 
10^ ■ 10*8 
8ie -a»o 

6%-5l4 

- *A 

J^i-4ie 

a(i - 3A 
8lj - 8 
B’a * 3% 

3 >2 • Z l i 

us Po5u and 


One 
morilii 

6*4 -«»a 
6%-6 
Sh-SU 
54 -53a 
B,*. - &A 
104 -9j; 

8A -8 
54-54 
■»** - 4 1 ! 

- 4.5 
3(i - BA 
B 1 * - 8 

- 2.5 

3>2 ' 2>2 
Yfft. odwra: 


Three 

months 


Sx 

months 


One 

year 


Jun 

Sep 

Dec 


Open 

S5XS 

85X3 

94.76 


Latest Change Ugh 


95.65 

9922 

94.75 


-901 

4X01 


95X7 

96X6 

94X0 


Low 

8984 

95X1 

94.74 


EaL voi Open art. 
117X02 489X63 

134,438 358.777 

74,110 287X22 


6 A-«r 
6^-6 
sir - 6H 
SJ»-5l« 
sA-6,5 
9^-9% 

8*5-8 

5ft - 5V, 

4ft - 4ft 

5-4% 
3^-3% 
8*2-6 
2ft - 2ft 

4-3 


6 * 8-6 
6V, -6 
5)1 - 5ft 
6ft -5ft 
6V, -81. 
9*# -9*2 
6 * 8-8 
5*0- 5V, 
4*, -4 
5A-5A 
4ft - 4ft 
8V, -7^ 

2ft -2ft 

4-3 


6 * 5-6 
6-W, 
5ft-5ft 
5ft ■ 6ft 
6ft-5S 
rt * 9*5 

6*5-6 

6^-S*Z 
4 -3ft 
54,-5% 
4U - 4ft 
B»2-B% 
2*J - 2ft 
4*4-3*, 


■ M TRBASURY BCi. FUTtWgS (IMM) $1m per 100% 


Jim 9912 9909 - 9913 9910 

Sop 95.75 0910 -0.02 0975 9972 

Dec - 9973 - - 85X7 

05X7 

A| Open Hereto age. ue tor pre+toge day 
■ EUnOMMBC. OPTIONS (LIFFQ DMIm pc*nts Oi 100% 


5X62 36,865 

773 7X27 

11 2X84 


rare aura* nobco. 


Stfee 

Price 

Jun 

— CALLS - 

Sop 

OOP 

Jun 

— PUTS - 
Sep 

Dec 

Adam S Conpany . 

% 

5X5 

% 

DwcanLaMfe 525 

9460 

0.14 

038 

061 

010 

Oil 

014 

Afiad Tnst Bank ... 

5X5 

Eaetar Bank United - 6X5 

9476 

006 

021 

035 

026 

0X1 

023 

ABB**..- 

..... 5X6 

Fteanriai & Gen Bonb _ 6 

9500 

002 

Oil 

023 

048 

038 

0X8 

•HereyAnsbachor.. 

525 

•Robed Fleming 6 Q> - 6X5 


EAroL toot. 
■ EURO 


0057 W 4359 lYUou dBy^ Open taL, Ota 206220 Me 1«7S3 

mkwc opnows PX=FH) SFr im ports Of 100% 


jun 


Sop 


94 33 

DM 94.46 

Mai 94*5 


Open Script* 130 Change 
93.94 -0.08 

94 17 -0.15 

44.32 -0-15 

94.38 -0.17 


94X5 


High 

LOW 

EsL Wi 

Open tet 

SHre 

Jun 

- CALLS - 

Dec 

Jun 

— PUTS - 

Dec 

Ba* at Cyprus 

ks 

sxa 

hu sank ag am . as 

•HaitroBff* 5X5 

94.06 

93.92 

30612 

aoi26 

Price 

Sep 

Sep 

Bark of teA 

— 5X5 

Hertrifre a Gen taw Bk. 5X5 

94X5 

94.15 

28,764 

45X90 

9600 

0.1? 

021 

030 

0.11 

013 

02S 

Baric of ScoBand .. 

US 

•HflSrarweL — 525 

94.49 

94.31 

12,993 

34,844 

9625 

004 

0.11 

018 

1128 

0X8 

041 

! Barclays Bank..... 

5X5 

C.Hoae&Co -.6X5 

94X7 

94X8 

0445 

38,774 

9650 

0X1 

0X5 

aio 

0X0 

047 

0X8 

Brt&dUkJEaS 

... 526 

Ffcrgtang a Shanghai 6X5 


wai 


EeL roL tool. Cta 0 Pub 8 Aarima dry* open *8, Ota 489 Fin 335+ 


Open Soil price Change 


Jun »«* 

Sep 05X3 

DM 0*7? 

Mar 04 Si 


85X8 

05X5 

94.78 

04X3 


0.01 

0.01 

-aoi 

-0.01 


rtgft 

95X5 

9923 

93.77 

04.51 


LOW 

EsL ral 

Open bit 

95.64 

327 

4580 

95X2 

65 

2191 

94.74 

113 

1460 

94.51 

20 

760 


LONDON MONEY RATES 

Mar 26 Over- 

right 


7 days 
notice 


One 

month 


Three 

months 


Sx 

months 


One 


Meibank Stertng 

5}J - 4V, 

5ft - 6fti 

5ft -5ft 

5ft - 5ft 

Sft - 5ft 

5ft - Sft 

Storing CDs 


- 

Sft - 5ft 

5ft -5ft 

5ii-5A 

5ft -5*j 

Treasury BAs 

- 

- 

5 -4ft 

4tt-4ft 

- 

- 

Baric B8a 

. 

a 

5- 4ft 

5,',-4a 


- 

Local authority deps. 

5ft - 5ft 

5*2 -5ft 

« -sa 

Sft -5ft 

5ft - Sft 

5*2 -5ft 

Dtocount market depc. 

5ft • Sft 

5ft - 5 



* 

• 

UK clearing bank base tendng rale 5V, par cent from Febnisy 8, 1994 




Up to 1 

1-3 

3-6 

6-9 

9-12 



month 

month 

months 

months 

month# 

Certs oi Tax dep. (CIOOXOCR 

1*2 

4 

3ft 

3ft 

3*2 


Certs or Tta cep. mdur (1004X0 to r*jpa Oepoeas wxhdr ta ta tor esan kpc. 

Ave tender rata oTrBecoini 4805800. BCOO Raad ran Edp. E^rert Rnance. Mffe up day Fetmary 28. 
1004 /Heed rato tar period Mto 20. 1904 to Apr 2& I9e*. Sffmnae 0 6 ■ flJOpc. Hotareneereto tar 
partad ftb 1, 1004 to Feb 28 100*. Sctierna tl 6 V UOSpc. finance House Baw Rate 5*2po bom 
Mar 1. 1094 

■ THREE MONTH STTOLH8Q FUTUHBB (UFFH) 2509000 polrrta Of 1009a 



Open 

Sett price 

Change 

High 

Lew 

Brt. voi 

Open W. 

Jun 

94.71 

94X6 

-0X7 

94.76 

9455 

53341 

117664 

Sep 

94X4 

84.48 

-008 

94XB 

94X8 

40783 

82648 

Dec 

91X5 

94.18 

-007 

94X9 

93X7 

39326 

107838 

Mb- 

93.84 

93.78 

-009 

93X8 

8350 

13739 

39295 


hadad on ART. AO Open Worctr floe, are tor prevtoua (toy- 

re SHORT 3TBRUMQ OPTUMM (UFFE) £500X00 ports of 100% 


Strike 

Price 

Jun 

- CALLS - 
Sep 

Dec 

Jun 

— PUTS - 
Sep 

Dec 

9450 

0X4 

0X6 

0X1 

0X8 

0X0 

0X3 

0476 

010 

0.15 

0.14 

0.19 

0.44 

071 

9500 

003 

0X8 

0X7 

037 

0X2 

0X8 


Ea woi tort. Cota 0074 Puts tesea ftmtaua (tort open Inu Cota T40243 Pul* 134072 


BASE LENDING RATES 


Bank of Spittle 925 

Banco BataoViesaya™ 525 


Crthaok - 5X5 

SCkdmeaa Mahon 925 


•Brown Shipley — 625 

CL Bank Nederland ... 925 

CSawkNA 225 

OydrodateBar* 925 

The Coopffath* Ba*. 5X5 

Coue&Co — 5X5 

Credt Lyonnais 925 

Cyprus Raptfcr Bank _5X5 


Jubi Hodge Bark .... 2S 
•Leopold Joseph & fin 926 

Ucyde Bartt.._ 325 

Maghraj Bank Lid 925 

MdkHWBer* 5X5 

•MotrtBailffig 8 

N — Wk reninsBr 5X5 

• n ea n na MH -- 925 


■Rcpfcughe Guarantee 
Ctaponon Lkiflod b no 
longer authorised a 
a banking instbrin. 6 
Royal BkaJ Scotland- 925 
•Snth & V»nsi Secs . 525 

Standad Chartered 5X5 

TS8 — 5X5 

•UrikxfBKOfNMQk-. 925 
Irtty Tiust Boric Pie _ 5X5 

Wieswn Trt«» .,.,-5X6 

vwuoamy LoKIbw .... 925 

YoriottoBark „5X6 

• Members or BriUan 
Merchant Bonking & 
Securitleo Howes 
Awowtiffr 
■ maartWgre i o n 



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BraBbfaHcWi re aB w CreiiiinkeJHwm S 


Duff Forecasts and Market Myths for 1994 

The US ool'or v.Ki sect; aoTlc'.'cn v.iil cchlinuc. go. : d 4 mosl ccrr.rcod.ilos 
wctVJ rise; Jcpcn s economy 4 s*ccV markc! will be wco^.' Ycu did 
MOT recdihcl in fa.Vo.Y.fc’wy • me iconcclcslic invoitmenl Idler. 
Co-.Jc+o fo.-c to: o <r:-n?:ri to-co S'.'y; a- Cs^ri a.-c:v» 5 ;i<3 


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14 


FINANCIAL TIMES WEEKEND MARCH 26/MARCH 17 IW 


LONDON STOCK EXCHANGE: Dealings 


tataUa Of business done shown below have been taken with concent 
71 last Thursday's Stock Exchange Official List and should not be 
Wtoced without perm i ssion. 

Dttala relate to those securities not included in the FT Share Information 
ivicas. 

Unlees otherwise indicated prices are In pence. The prices am those at 
fch the business was done In the 24 hours up to 5 pm on Thursday and 
fled through the Stock Exchange Tefiaman system, they are not In order of 
*Utlon but in ascending order which denotes the day's highest and lowest 


rttish Funds, etc 


For those securities In which no business was recorded in Thursday's 
ficial List the latest recorded business in the four previous days is given 
* the relevant date. 

Rtis 536(2) stocks are not regulated by the International Stock Exchange 
the United Kingdom and the Republic of Ireland Ltd. 
t Bargains at specie! prices. $ Bargains done the previous day. 

MicroMt fcitwnatlgnal Inc (L5% Bda 
2001 {BrSI 0000) - $109 110*2 
MurtOWKv finance Ld 9%% Gtd Ms 1947 
(Br War) -£107% 

NatUnd Grid Co PLC 7%% Bds 1998 (8r £ 
V*1 - EM 01,1 % £9649$ 

Nsttpvtf Power PLC 10%% Bds 2001 (Br 
ClOOOO&IOOOOCt - Cl 13 (21669$ 

National W Hi nt ma Bar* PLC 1 14.% 
SiAord Nts 2001 <Br CVtar) - ClISU# 
National Wasbnnstar Bank ft£ 11*3% Und- 
&ANteC100Q(CnutoPrfKteg-ei11%4l« 
National Wasanratar Bank PLC 1 1 Unb- 
SubNts £1000(Cnv to PrfiSr - trnatg 
Nntfcmwlda BukSng Soctaty 6%% Nts 
1099(Br£ VafU - £33 £5 -8 1216*94) 

Nortec Hydro AS 9%% Ms 2003 (Br 
ClQQO&lQOm - 007% (23**9*) • 

Norway (Kingdom of) 8£?5^ Nta 2003 (Br 

SC van - 4ciC2% p«*9$ 

Paaflc Electric WMtCabta Co Ld 3%% Bda 
2001 (Br£1 0000) - $ 110*2 (2 26*94) 

Ponknior a Oriontal Stum Now Co 4%% 

Cmr Beta 2OO2lBriMaoaai0000) - £133% 
PowaKtan PLC Bds 2003 (Br 

n ooooai ooooo) - cum 
Prudonttal Finance BV B%W Gtd Bda 2007 
(BrCSOOO&IOOOOOl - £107% (22Mr9$ 

BMC Capital Ld 8%% Cnv Cop Bds 2000 (Br 
£9000X50000) - tn3fl*j (21MA4) 

HTZ Canada Inc 7%% Gtd Bda 
1998(8r£900t»1 00000) - £99 fa 
RerSand Capital PLC 7%« Cmr BA 
2OO2|Br£1OO0&1OOOO) - CIOS-'. f>16*94) 


•asury 134*% Slk 20004)3 - £132% 132% 
132% (23M(941 

ctwquor 10%% Stk 2005 - £125# 

P1M94) 

orporation and County 
locks 

mdon County 2%% Cons 30. iBSftor atari 
-£291236*9$ 

jtfcy MetrepaBtan Btirougn Counai7% Ln 
8th 2019 (Beg I rtf C^tsKP/P) - £27% 
B3Mr9$ 

nds(C»y at) 13%% Red Stk 2006 - £133% 
ticastar C«y Could 7S Ln Slk 2019(Reg 
tat CertsHP'P) - £27% (22M r9$ 
reroh ugl ar Corp 3% Red Cons Slk 1826for 
after) - 03 

lancheeMr Corp 1801 3% Rad Stk 1341KJT 
often - £34 (226*9$ 
tanaweur Cop 4% Corn Irto SB. - £44 
adord (Cfty of) 7% Ln Slk 2019/Reg kit 
CerUXP/P) -£» 

JK Public Boards 

aydeport La 3% tm} SB. - £34 (226*9$ 
fctropobtan Water MatrapoMan Wafer 3% A 
Stk KM2003 - £70 IE2M94) 

-oreign Stocks, Bonds, etc- 
jcoupons payable in London) 

*W GeraeaOQU oflBraai S%% 30yr Ext 
StJg Ln 28(A-?%H) - £96 (211*94) 

Ibbey National Traoauy Sena PLC 7%% 

Gtd Nta 1999 (Br £ Vte) - £101 (10*69$ 
“tabay Notional Treasury Sans PLC 6% Gtd 
Bds 2003 (Br C Van - £100% (22669$ 

Acer Incorporated 4% Bds 2OO1(Br$10OOO) - 
$107% £2M94) 

Air Products & CharrBcaB Inc 9% W Ms 
1997(BrfM 0008 10000) - £106 (23*694) 
ABod-Lyona PLC 10%% Bds 
1989{BrC300061 000001 - Cl 1 1 (211*94) 
Anglian water PLC 12% Bds 2014 (Br 
£100006100000) - £133% (101*9$ 

ASDA Group PLC 9%% Bdo 
2X>2(Br£1 000610000) - £103% (184*34) 
AuteraUoi IMuteiy Dm. Carpn. 10%% Bds 
1999(BrC1 00061 0000) - £112% (211*94) 

BAA PLC 11*% Bda 2016 (Br 
£10000610000(9 - £132% (186*9$ 

Barclays Bank PLC 65% Ms 2004(BrfVad- 
«W3) - £90% % 1% * (234*94) 

Barfaya Bank PLC 9575% Undated Subcn) 
Ms- £102* 

Bsdays Bank PLC 10'«% Gan Sub Bds 
1997(Br£1 000610000) - £109% (22*694) 
Barings PLC 9%% P*p Suborn Nts (BrCVart- 
oue- £90% 

Blue Ckcto induatrtas Capita Ld 10%% Cnv 
Cap Bds 2OO5(Br£S00Oa 100000) - Cl30 
£234*34) 

Bradford* Btagtay Bulking SodalyCoMrad 
RtljRtaNta 2003/Ftog MuUEMOOO) - £1(M 
British Airways PLC 10% SdB 
lB9S(Br£l 00061 0000) - £108% (216*9$ 
British Gas PLC 12*% Bds 1995 
(Br£1 00061 OOOIB - £10659 
British Gas PLC 7%% Nts 1D97 (Br £ VM - 

£ 102 % * (22Mr9«) 

British Gas PLC 7%% Bds 2000 (Br E Var) - 
£99.85 

Attlah Gas PLC 10%% Bds 2001(Br 
£1000,100006100000) - £114% 

British Gas PLC B%% BA 2003 (Br £ VW) - 
£101* 

&MA Land Co PLC 6575% BA 2023 (Pr £ 
van - £94* (IBMiBO 
British Telecom finance BV9%% Old BA 

1998 0*5000650000) -3111% 111% 

111% 111* (189*94) 

British TWec u mmunlc a tioA PLC Zsro Cpn 
BA 2000(B<£1000S 10000) - £85% 

(226*94) 

British TetacommunkaitiaA PLC 7%% BA 

2003 (Br £ Var) - £05% 6% 

Bumah Cased CapttaKJorsay) Ld 9%K Cnv 
Cop BA 2006 (Rag £1000) -£151% 2* % 
3%4 

Cable A WMesa PLC 6%N BA 2003 (E* 5 
Var) -$94J4l 

CAataraUsed Mtg Sacs QVqIO) PLC 11 *W 
Sec BA 1986 (BrE V*) - £110% G2Mrft4) 
Commercial Unkm PLC 10*% Old BA 2002 
(Br £ Van • £113% (21Mr94) 

Cookaon finance NV 5%% GW Red Cm Prf 

2004 (BrSha 165) - £133% (21Mr94) 

Oaly Mai & General Trust PLC 8*« Each 

BA 2005 (BrCl 00065000) - £1 73% 

031*94) 

Daptii finance N.V. 7%% Gtd BA 2003 (Hr E 
Via) -£83% 

BoparWnans AS fitg Rta Nta 2003 (Br S Van 

- 908% (Z2Mr94) 

Bf EnterpAe finance PLC 8*% GW Exch 
BA 2006 (Reg £5000) - £106% % % 

Far Eastern Textile Ld 4% BA 
2006(BrS10000) - $109% C3f*94) 
FMsnd(Repi*4c ol) 10%% BA 
2006fflr£1 000610000) - £113% 

Farunana Kraftgrupp AB 9%% GM Nts 
1BS6(Br ECU) 0006 100001 - EC105.7 
Quavieu PLC 7%% Nts 1997 (Br £ V«i - 
£101% (181*94) 

Guonese PLC 10%% Nts 1997 (Br Cl 000 6 
1000Q) ■ £110 (166*94) 

HSBC fUSngs PLC 9%% Subod BA 2018 
[Br C Var} - £106% % 5 (£11*94) 

HdHax BuStflng Sooaty 7*% Ms 1098 (Br E 
Var) - £103% % % % (226*94) 

HOMax BurhSng Society 11% Subard BA 
201 4(Bc£1 0000610000(8 ■ £119,« 

HoKk BuOdkig SacMty Htg Rale Nta 
19B50BrCl0000650000) - £100 |1BMrS4) 
Halifax Bulking Society CoOarad RlgRnNH 
2003 IBr C Var) - £102* (221*34) 

Honmerson Property inv 6 Dm Corp 10*% 

BA 2013 (Br£l 000061 000001 - Cl 10 
(18MI94) 

Hanson PLC 9%% Cnv Suborn 3006 (Br 
Wart - £121% % (2TMr941 
Hanson PLC 10%% BA 1997 (Br EVar] - 
C 109% (181*941 

Homan Trust PLC 10% BA 2006 (BrESOOO) 

- £108* i18Mr94j 

H*Ason Cap«N LO 7% Cnv Ctp BA 2004 
(Reg) - 131% I21M»94) 

Hvoio-Ouebec !!%DASei«CW2/ 

»BrSC 1000.1000061 000001 - SC1 12% 

112% (221*94) 

vnparss Chemical mcuetnax PLC IDS BA 
200Jfl2r£i 00061 0000) - C11T% (186WJ) 
ntemaoonai Bark for Roc 6 Dm 9*% Boo 
2007 tBr£50001 - £109,*, 
imemaocnai Bant, (or Rec 6 Dev 1Q7,S, Nta 
1834(BrC100O6lC000) - £101% (23M94I 
naMRopuUlc Oft 9%S> BA 1996 
(Brssonaioooo) • sioe% 

ItahARotMChc on 10%% BA 2014 
■Bifl 0000650000) - £117% 

Japan Development Bank 6 7 6% Gtd BA 

1999 IBr 3 Van ■ S101.4 C2M>94) 

Japan Oevekwment Bark 7% Gtd Ba 2000 

Bf t Vli) - £96*4 (21Mt94) 

Jukfis Deveioc Puotic Co Ld 435% Cnv BA 
rOC3iR*6 CVrixyn SI 0001 - 581%$ 

Kansai Etoctnc Power Co Inc » %% Nts 1099 
iBr C Van - £93% 

Kyushu Bectnc Power Co tnc 6%*t BA 
20CKMBiS VarJ - SS*5iS^ «.7$ 

Kyushu Eoctne Power Co me 8% Ms 1997 
Br E Va) ■ CT03% 1211*94) 

UUSrcke Graua RjC 8%% BA 2003 (Br £ 

Van - £99* 100 (236*94) 

Land Securities PLC 9%% Eds 
xsTiBr£iaoa&ioooa ■ nos% iib** 94) 
urc Secure*s PLC 9%«t Cm BA 2004 
(Br£SOCOX5O0«n - £116% 7 (231*94) 

Lasmo PLC 7%% Cnv BA 
20C5(BrCl 00061 000(8 - C8SGlMr94) 

LMCS PmnTnctfU Buvdmg Sk*) CaB*wj 
fitgRiBMs 20fXK»eg MGt£lD00) - C1CCL 
(2HI>94| 

Umns wohnl PLC 10**b BA 
rCC6iBr£M 00061 OOOIB - £111 
Lwra (Jch-.i PLC IOIjS BA 2014 
iBr£lOOOCdlCOOOO> ■ EM 1 7 E3Mi94J 
Loves Barm PLC 7%«* Subort BA 
raUta-CVarcwsi - «2% * 3 * 

Lcycs Barm PLC 9%% SAord BA 2023 [Br 
£ Van - Cl 07 

Lufas tnCLOTWs Inc S l .% Cm BA 
MMfitSlODOl ■ SI 20 


FT-SE ACTUARIES INDICES 

The FT-SE 100. FT-SE Mm 250 and FT-sg Actuaries 35Q ndioes wd the 
FT-SE Actuaries Industry Baskets ae calculated by The International 
Stock Exchange of the United Kingdom and Republic of Ireland Limited. 
9 The International Slock Exchange of the United Kingdom end Republic 
of Ireland Limited 1S9-J. AB rights reserved. 

The FT-SE Actuaries AB-Share Index Is calculated Oy The Financial 
Times Limited in conjunction with the Institute of Actuaries and the 
Faculty of Actuaries, © The Financial Times Limited 1994. AB rights 
reserved. 

The FT-SE 100. Fr-SE Mid 250 and FT-SE Actuaries 350 indicts, the 
FT-se Actuaries Industry Baskets and the FT-SE Actuaries All-Share 
Index are members of the FT-SE Actuaries Share Indkres series which 
are catauialed in accordance with a standard set of ground rules 
estabUshed by The Financial Tunes Limited and London Stock Exchange 
m conjunction with the institute of Actuaries and the Faculty of Actuaries. 

"FT-SE" and ’Footsie" are joint trade marks and service marits of the 
London Stock Exchange and The Financial Tones Limited. 


Hobart Renting Inti finanoa Uf 9%«h Rerp 
Subord GW Nta pr £ Var) - £91 % (33Mi94) 
RofhacMA Cortfinustton Ri4GJ)Ld9% Rerp 
Suborn gm Nta (BrfVartouri - £89* 
(22Mr34) 

Royal Bonk of Scotland PLC 1051* Suborn 
BA 2013 (Br £ VW) - £113 
SJknburyvQ PLC 9%Hi no 1996 
©r$50006 100000) - SI 07 (21 Mr94) 
SakHbury (J.KCnannel btfanAjLd 
a%%OrvCnp&l3 200S(& £50006100009 - 
£126 (231 WSg 

Severn Tram PLC 11%U BA 1909 (Br 
ES0006100000I - £1 16% (22Mr»9 
Sooste Genoralti 7575SS Perp Subard Ms 
(Br C Var) - £95 2 £11*34) 

Tarmac nu ance (Jaraey) Ld B%% Cnv Cop 
BA 2006 (Reg £100(9- £110% 1% 2% 3 
Tarmac finance (Jersey) Ld 9%H Cnv Cap 
BA 2OO0(a- £5000150000) - £115 
|!SMr34) 

TateSLyfa fntRn PLC7Ta(a6Lyfe PLC 5*H 
T6LDFnGdBA 3001 (Br) W/WtsTILPLC - 
£66* 7* 

Tosco PLC fl*% BA 2003(Br£Var3KPyPd) - 
£104* C2364r»q 

Tosco PLC 1D%* BA 2002 (Br EVari - 
dll* 2% (221*94) 

Tosco Capoaf Ld 9H Cnv Cop BA 2005(Req 
£1) - £121^4 % * 2 * % * 3 3 * % * 4 

Teaoa Caprtd Ld 9% Cnv Cop BA 
MO5<Brf500Oai0000) - £121* 1231*84) 
Thames Water PLC 9%K CnvSubonSA 
2006(Br£5000&50000) - £137* (21MiS4) 
Thames Water UtWas finance PLC 10%% 
GW BA 2001 - £113% 4% (726*84) 

31 MBrattiaral BV 7*% Gtd BA 2003 (Br £ 
VSf) - £96 (i * (236*34) 

Tokyo Beane Pawr Co he 6.125% Me 
ZOCOTBrS Vara) - 304.15$ 84*$ 

Toyota Motor Corporation 6%% BA l897(Br 
SVor) - S101% (226*34) 

Tung Ho Steal Enarpnaa Corp 4% BA 
2001 (BrSI 0000) - $115 ^36*04) 

IWWng Marina Transport Corporatio n l %% 
Bds 2001 [Reg in Miil SKWfl - 380 90% 81 
105(226*94) 

UnBovar PLC 7%% Ms 1996 (Br £ Var)- 
£101% (Z3M34J 

Victorian Pbic Attn Rn Agency 9%% Gtd 
BA IBSKBrEYars) - £108* .7 (22W34) 
WWxifBpJl) Graira PLC 9% Perp SOrard 
NtD (RepNoarQ - £90* (216*94) 

Welsh Wafer PLC 10*% BA 2002 (Br 
£5000610000) -£115A (226*04) 

Welsh Walar UttMos FWance PLC 7%% Gtd 
BA 2004 (BrfVOftOua) - £93% (216*94) 
Woolwich Burning Society n% Nts 
1996(Brtn0006100aO) - £108% * 

WtoaMch aufldng Soctaty 11%% Subord 
Nos 2001 • £11512 

Woolwich Bulking Saclaty 10%% Subord 
MS 201 7 (Br £ Vto) - £1 07 
Abbey Natron* Treasury Servs PIC £100m 
1125% Ms 26W2003 (& E10000G - 
£100*$ 

Naaonwioa Bulking Soctety YT500m 151% 
Nts 20/3795 - YB9 (226*94) 
S*raAf$Qngdom of) E600m 7%» Nta 3/12/ 
87- £101 

Sterling Issues by Overseas 
Borrowers 

Asian Development Ba* 10 *» Ln Stic 
2O08(Rag) - £121/. (236*8* 
AiaWAtCoramo ne ia wm A 9*i% Lr Btit 
2012{Reg) - £100% (18Mr»4) 

Berti al Greece 10*% Ln Stk ZOlOpog) - 
£118% {2lMr94} 

BonkoTGraeA 10*« Ln SB. 201«Br) - 
C107 (22Mr94) 

Cates* NAonate Des Mtoroutes 18% GU 
Ln Slk 2006 - £164* % (236*84) 

CreA Fancier Da Ranee 
10*%G«dSartJiStfc201 1,12.13,14 (Rbs» - 
£122-45 % I23«4ifl4} 

DanmraVgQngdom of) 13% In S» 2005 - 
£137* (236*94) 

Eucpaon tnvaatinenl Bonk 9% Ln Stic 2001 
Peg) -£106% 

Eu rop ean kensonera Bra* 9% Ln SB. 2001 
(BrfSOOO) ■ £107% (236*94) 

European Investment Bank 9%% Ln Stk 
2009- £114* 

European trrvestment Bank 10%% Ln Stic 
ZtXWfftog) ■ E 116 * (236*34) 

European Inwaanratf Bonk 11% Ln Stk 
2002tReg) - E120J2 (23*34) 
fintoraftRapAlc of) 11%% Ln Stic 2009 (Rad) 

- £126.9 (236*94) 

hco Ld 15*% Una Ln Stk 9008 6 Rep Opt - 

£145 026*94) 

Wand 12%% Ln Slk 2006(Rog) - E134J1 
pn 6*941 

New Zealand 1 1 *% Stk 2008£fiefl) - £125% 

% 6% 33fl (236*84) 

NM Zealand 1 1%% Stk 201-HReffl - D33 
(236*94) 

PetroreM Medcanas 14%% Ln Sdi 2006 - 
£127 

Listed Companies(excluding 
investment Trusts) 

AAH PLC 4.2% Cum Prf £1 - <33% 6 
(226*94) 

AH Group PLC 3^5% Cum Prf £1 - 55 
(211*94) 

ASH Cratftal Rnanco(Jaraey)Ld 9%% Cnv 
Cep BA 2006 (Reg Urats (OOp) - £87 90% 
Aberdeen Trua PLC Wte tu eub for Old - 52 
(236*94) 

Aberdeen tium PLC A wte » Sub (or Ore - 
54 (226*94) 

Abtrust Atioe Fund Shs al NPVtUrWad States 
Portfaflo) - S3.627 (236*9«) 

Aetna Malaysian Growth FundtCaymraULd 
OrdSOOl - Sll% 

Albert fisher Group PLC ADR (10:1) - SS% A 
AteennAr & Ataunder Services (nc Sha of 
Cteas C Com SO. Si ■ £12% ££64r94) 
Atexanden HkJffs PLC -A‘(RsLV)CM - 
26 

Aloxon Growi PLC 6JSp (Neq Cnv Cum Red 

Prf lOp - 71 

AVer) London Propones PLC 10% Cum FW 
Ci ■ 117$ 

Ateed-Lyora PLC 5%*i Cum Prf £1 - 96 
Alted-Lyons PLC 7%% Cum M £1 - 88 
(2364>94) 

Aned-Lyom PLC 11 *% Dab SOc 2009 - 
Cl 27% 

A*ad4.yona PLC S*H Uns Ln SO. - £80% 
(316*84) 

ABod -Lyons PLC 6*% Uns Ln Stk - £05$ 
A6«xH_yons pj. c 7 I 2 ^ uns Ln Sa - £94$ 
ABod-Lyona PLC 7*% Uns Ln Stk 83AM - 
£90 

Alfcd-Lyons financial Soralcas PL08*% 
GMCnnfltWuitlDuiaooa BagMUBEiOOO - 
£110% Jl % 1.44% 

■VBodLwno Financial Services PLC8*% GM 
Cm Sitod BA 2006(Br £ Vra) ■ £109 


AMa PLC &5% Cnv Cum Ncn-VTH Rad HI 
£1 - 8386 4 (2SMr04) 

Amoricrai Bate Ino Shs of Com SUc $3,125 
- *31% (231*34) 

Andrews Sykes Gnxp PLC Cnv Prf 50p - 58 
60 

AngBwi Water PLC 5%H ridra«-LM«ed LnStk 
2006(6.105494) - £137* S (236*84) 
Angld-Baatem HinMtena PLC Vtorams *i 
«ub ter CM - 27 (226*94) 

A ng l d - Eas tem PtantsBona PLC 12%% Uns 
Ln Stk 96/89 - £103% £26*94) 

Apoto Mattes HjC «XM4 Cun Cnv Rad Prf 
IQp - 130%$ 

ARXMC*fc$«d(M PLC Odd Gp - 115 e3Mr84) 
Armotr Trust PLC Uns Ln Stk 01/96 - 
£98% (106*8$ 

AtaoeteM British food* PLC 5%% Una Ln 
Stk 87/2002 50p - 40 (23MiM 
Associated Bhteh Foods PLC 7%% Una In 
Slk 37/2002 50p- 47 ( 
AWroodtPLCAWUSri}-! . . 

ABModa (Rnanoe) 61V 8%p Gtd Bad Chv Hf 
5p- 106 6 

AiHtraUan Afftauttual Co UJ *A 050 ■ 480 
Automated fiecurtfyMdga) RC 5% OwCum 
Red Prf £1 -373 

Automated SecutlypUgsl PLC 6% Cnv Cum 
Red Prf £1 -6568* 

BAT hdiratifas PLC ADR (2:1) - $13% 4JB 
£226*94) 

BET PLC /US) (4:1) - S7%$ 

BCC PLC 4i%(Fmty 6%) lar Cum Prf Sdt 
£1 -90(231*94] 

BM Group AjC 4.6o (Nat) Cnv Cun Rad Prf 
20p - 44 

BOC Group PLC Cun 2nd fif£1 -48 
BOC Group PLC 15% Cun and Prf £1 -57 
BOC Group PLC iz%% Urra Ln Stk 2012/17 
- £134* (236*94) 

SIP PLC 7-StfNsl) Cnv Cum Red PrMOp - 
204 6 

BTR PLC ADR (4:1) - *23^6 
Bompton Hiogs Ld 8%% Uns Ln She 2002/07 
-£93(211*941 

Baik erf fratandIGavamor 6 Co of) LMte NCP 
Stk Sra A £1 & £9 liquidation - £13* 
(211*90 

Banner Homes Group PLC Ord IQp - 165 7% 
9 

Bandaya PLC AQR (4:1) - $288027 
31996033 29088 

Barclaya Bra* PLC 12% Uns Cap Ln Stic 
2010 - £126% (226*94) 

Barclays Braik PLC 16% Uns Cep Ln SUt 
2002/07 - £145% (22Mr94) 

Berdan Group PLC 72Sp (NeQ Cnv Rod Prf 
25p - 100 

Bardan Group PLC 11 25p Cum Red ftf 
2005 lOp - 111% 5% (216*9$ 

Baring Chrystes Fund Ld Wte to 5k* far Ord 
-S3* (236*8$ 

Braings PLC 7%% Cun 1st Prf £1 - 06 
(226*84) 

Barings PLC 9*% Non-Cun PH £1 - 127 * 
Bamato Ekplorateon Ld CM R0471 • 15 
(216*84) 

Barr a WBIaee Arnold Trust PLC Ord 2Sp - 
60006*94) 

Baaa PLC ia%% Dab Stk 2016 - £121% 
C22JW94) 

Bass PLC 4%% Uns Ln Sfc 82/97 - £93* 
(181*84 

Boas PLC 7*% Uns Ln Stk 82(97 - £100 
Boss Investments PLC 7%% Uns Ln SM92/ 
97- £96% 

Besttiepranaa) PLC 4J2% (Fntiy 6%) Cum Prf 
£1-57 

Bergeaan d-yAS ’B* Non Vtg Shs 6K2S - 
NK1 55% -66 631 

Bfertengham lOdtetem Buldng Soc 9%% 

Perm M Bearing Shs £1000 - £81 2 % 
Blackwood Hodge PLC 4.7% Cun fit Cl - 
28% (226*94) 

Bbckarood Hodge PLC 5.75% Cun Prf £1 - 
28% % 931*84) 

Btackwood Hodgs PLC 9% Cbm Red ftf £1 
-378^16*94) 

Blockbuster Bntorttfnmsnt Carp Shs Cam 
Stic 50.10 - 526 

Bub Ctete bkfcraMes PLC ADR (1:1) - S£2 
Blue OrtJe Induteres PLC &*% 2nd 0«b Stic 
1984/2009 - £85 (231*94) 

Blue Ode Industries PLC 6%M Una In 
StiqiB75 Or sfQ - £74% (231*94) 

BooqHvtfri * Sons PLC Cum Prf (S^5%) £1 

- 78 

Boras Co PLC ADR (2rt) - $16.17 
Bradford & Bhi^ay BcteAig Sodatyll%% 
norm fat Barafag S)u £10000 - £1 17% 
(236*94) 

Bradford A Bfatfey Btteteng 3odety13% 

Perm fat Sewing Sna £10000 - £129% * 
Bfflhne(TFAJJiK)6dg4 PLC Ord 25p - 
232* (186*94) 

BrtemefTJAJ KXHUgs) PLC "A" NttfkV Ord 
2Sp - 178 (186*8$ 

Sranf fatamationte PLC 9% Cum Red ftf £1 
-07(226*84) 

Brant VKafcw Grou> PLC Wte to Sub far Ord 
-1 % 

Brent Walter Group PLC 8£% 3rd Non-Cun 
Cnv Red 2007/10 £1 - 3% 

Brtdon PLC 9%% Una Ln Stic 20024)7 - 
eS4%(23MMf) 

BrWol Wafer PLC 8*% Cum lird fif £1 - 
120 % 

Bristol Watw PLC 1040% Rad Dab Slk 
200002 - £111* 036*94) 

Briafte water Mdgs PLC Onl £1 - £11 
Brkdct Watw Mdgs PLC 6.75% Cun Qnv 
Red Prf 1998 Shi £1 -211 7(236*04) 

Bristol 6 West Bitecteig Saclaty 13*% Perm 
M Bearing Sha £1000 -£124% *5* % 
Britannia SuMfag Society 13% Perm fat 
Bewaig Sha £1000 - £124 % % 5 5 % % 

% 

British Akanys PLC ADR (10:1) - 
581997868$ 

British Alcan AfanMum PLC 10%% Deb Stic 
2011 -£108 

aeteh-Americrai Tobacco Co Ld 5% Cun Prf 
Stic £1 -56(216*9$ 

Bntteb-Amarican Tobacco Co Ld 8% aid 
Cum Prf Stic £1 - 87 CS»*9fl 
British PMTOieun CO PLC 8% Cum laf Prf £1 
-95$ 

British Petrdaun Co PUS 9% Cun Bid Prf 
£1-100(10*94) 

Brtfhh Steal F\C ADR (10:1) - $20% 1JH5 
Brtxton Estate PLC 9^0% 1st Mtg Deb Stk 
2026- £108* 

Brtdon Estate PLC 10%% let Mlg Da* Stic 
2012 - Cl 20 C3MriJ4) 

ButgirKAJ j 6 Co PLC Ord She Gp • 48 
(2261 rB4) 

ft*narfKPJHklos PLC 8*% 2nd Cun Prf 
Cl - 122 * (231*84) 

BUmarfKPJrtdga PLC 9%% Cun Prf £1 - 
128(161*94) 

Bund PLC 7% Cnv Uns Ln Stic 9097 - 
Cl 08$ 

Bumah Caatioi PLC 6% Cum 2nd Prf Cl - 
83%t 

Burman Castrol PLC 7%% Cun Rod Prf £1 - 
74* 

Burmah Castrol PLC 8% Cum Prim - 82 
Bumdone U ve a t m e n t a PLC 15 % urn Ln 8tk 
2007/12 • £129 (216*88 
Burton Group PLC 8% Cnv Una Ln 80c 1B9W 
2001 - £94 S 6 

BUIta MMng PLC 10% (ftad Cm Cum Rad 
Prf 1994 IQp - 3* (226*94) 

CRH PLC 7% -A' Cum Prf *C1 - (£0.84 
CoOfomta Energy Co tnc She of Com Stk 
SO .0675 . D 12581 95 (216*94) 

Cambridge Water Co Cana CM Stk - £7800 
(186*941 

Cambridge Water Go 10% fted DM 8B.S6/ 

98 - £106 (186*94) 

Cambridge Water Co 13% Red Deb Stic 2004 

- £130 (216*90 

Carclo Engineering (Mup PLC 10%% Cun 
Red Pit £1 - 115 (226*94) 

Cartoon Commutfcobons PLC ADR pui) - 
$28% 

Canton Corerrxjmc j corn ti PLC 7%% Cmr 
Subord Bda 2007 (Reg ESOOtQ - £147.18 % 
036*9^ 

Canton Commurtfcoao m PLC 7%% Cnv 

Sctoord Bda 2007|Br ESOOCI - £14&96 

(226*94) 

Cater Atari Equky Growth Fd Ld Ptg Red Prf 
ip - 560 (226*94) 

Caterptear Inc Sra of Com Stic $1 • 

$118.73803 £26*84) 

Cemantune PLC Wte to Sub tar Ord - 42 

Centex Corporation Shs of Com SK S(L25 • 
$36% 

Chortnood Ailanoa Hdpa Ld 8*% lat 6ftg 
Deb Stk 95*98 - £102% (216*94) 

Chdtentnm ft ancestor BtAJ Sac 1i*% 

Penn fat Beratag9fts £30000- £116% % * 
(226*94) 

Omfagton corpontiui PLC 9% Chv Uns Ln 
&k 1999 • £83 pi 6*94) 

CMy SBo Estates PLC 125% Cnv Cun Red 
Prf Cl - 71 Z h 86*94) 

Coastal Cm taxation Shs of Com Stk 8033 1/ 

3 - raw rawo (23Mr9-g 

Coras PSton* PLC 4%% uns Ui ax 20Q»07 

- £70 (236*94) 

Coats Pam PLC B*K Uns Ln Stk 200^07 

- G90* (256*941 

Coaa viyetja PLC 4£% Com Prf £1 -70 
CohraW & CO PLC NoaV "A" Ord 20p - 
373 4155 

Coiman(£Atec)(nytf3tnwtfB Ld 8% Uns Ln 
Slk 91fl6 - £90% pi 6*94) 

Crarmarcw Urton PLC B%% Cun tad Ptf 
El - in % %2% 77 B $ 

Commarott Union PLC B*K Cum tad Prf 
CT- 119*9%% *»% 

Cooperative Bank PLC 925% Non-Cun tad 
PrtEI - 118*20% I 

Cooper (ftacwlck) PLC &5p (Nat) CTnr Red 


Cum Ptg Prf 1 0p -98 

Coubuds PUC 5%% Uns Ln Stk 84/08 - 
£95% 

Oourtwtids PLC 7*M Uns Ln Stk 20004)5 - 
£95 100 * 

GoutaJda CUthteg Brands Ld 7%H Cum 
Prf Stic £1 - 78% (226*94) 

Coventry Bufcfrig Soctaty 12 %% Perm fajra- 
est Beeifag She £1000 - £H4* 5* flij 

Croda [ nta m oti onte PLC 06 % Cun Prf Cl - 
BB(22Mi84) 

DaBy 64el & Genwte Thw PLC Ord 50p - 
£14.72 15J 

Debenhame PLC 7%H 2nd Deb Stk 91/96 - 
09% 

DAenhama PLC 7%% Une Ui Stk 2002/07 - 
£92(226*84) 

Dabenhrans PLC 7*« Uns Ln Stic 2002A7 - 
£92(211*94 

Draanust PLC Ord top - 65 % % 7% 
(186*84) 

Dover Com Com Stk $1 - £43% 

E-Systems Ino Com Sha $1 - $46 


B Oro UteunggEaptoraBon Co PLC Ord lap - 
642 

SyUWkitaiadon) PLC g*% Uns Ln Stic 85/98 
- £1 CO £221*94) 

Emess PLC 623p(Nat) Ow Cun Red Prf Sg 
-78 

&ta3son(l-MJ( Tat raorMl it ta hrt bBa0 ita r 

BfftegJSKIO - 3*6% SSO0O 60 1 1 3 3 4.16 
56 6 7% BJ57 9 J093 70 % * 1 * 2% * 
3 % B 

Esarat Wraor PLC A Ord £1 ■ £117 0116*94) 

Ease* Wafar PLC 101a* Deb Stic 9496- 

£103 

Eun Dtrawy 3.CA. Sna PRiO (Depositary 
Reedpta) - 400 1 2 S 7$ 10 1 5 20 4 5 
Evo Disney 8-CA. Shs FftIO (a) - $6% 
FR3SJ2».33% % £5 56 A .66.1 .15 
Eraotumei PLC/Eurotunnol SA (MB fl £PLC 
Ord 40p 6 1 KA FRIO) (Br) • FWeXQ 
(Sa*84) 

Euobmnte n£/EuoturmN SA Urtte 
(Scoram faa cr txx j - FR4&2* A % J65 .7 
.72.77 J6 4B4S 
Eurofumei PLC/Eu m tu nr iBi SAFndr 
Wtsg BnJ3 A 1ESA WrtlnSU) taunts) - 

EurotusKi PLC/Euratutnte SAFnckWta 
(Staovam tas en oad) • FRZ^7 (216*84) 
Ex-Lands PLC Wtarartfs to sub for Shs - 28 
Exploration Co PLC Ord Stk Bp • 340 2 
036*94) 

R! Group PLC 7.7% Cnv Cum Rad Prf 95/99 
Cl - 125(23*94) 

Fakxm HoMtags PLC Ord Gp - 130 (236*84) 
FaUxatowe Dock a FMray Co Prf l/mta - 
£119 (186*94) 

FbtfayLfameNfi-C 5% Cun 2nd Prf Stic £1 - 
79(236*94) 

first Ctecapo Carp Com Stic 85 - US51% 
£36*94) 

Fbst toertan Ftmd tnc Sha of Com SO. SO .01 - 
$8% 647971 846471 En«r94) 
f« Nstiarat Btottno Soctaty il*K Pram 
tat Bearing Sha £10000 - £106% (226*34) 
Rrat National finance Corp PLC 7% Ol* 

Cun Hed PrtEI - 1556(23MrtM) 
fiahguard A Rosaiara Rye 6 HbrsCo3%% 
Gtd Prf Stic - 0*4 

fisons PLC ADR (4:1) - ES36 (716*9$ 
n tzwe t on PLC 6>2% Cum Prf IRC1 - t£0% 
FoOcsa aoup PLC CM Sp - 47% 8 (221*94) 
Forte PLC 9.1% Uns Ln Slk 95/2000 - £99 
100(236*94) 

fttanrty Hotels PLC 4*% Cnv Cum Red Prf 
£1 -83* (22MT94) 

filertate Hotels PLC 7% Cnv Cum Rad Prf £1 
-98% (216*94) 

GXN PLC ADR (1:1) - S84fl (22Mr94) 

GN Greet Nordic Ld Sha OKI DO - DKB26.799 
(226*94) 

aT4aka(StrafiniFuno Ld Pig Rod Prf Ip - 
£24.72(226*84) 

G.T. CNv Growth Fund Ld Ord S0.CT1 - 
£17983 $ 25* 

General Accident PLC 7*% Cun tad Prf £1 

- 103*5 

General Accident PLC 8%* Cum tad Prf £1 

- 120% 1 

Ganeral Acc firellite Aesc Carp PLC7*% 
Urn Ln Stk 32/97 - £100% (221*9$ 

General Boctrlc Co PLC ADR (1:1) - 5*% 
Gfabs A Dendy PLC Ord 10P - 108 
Gtan&ou) Ld 7*% Urn Ln Stk 85m SOp 
- 48% (181*94) 

Gtynwed bdrarationte PLC 10*% Uns Ln Stic 
94/99 - £10! (236*84) 

Goode Durant fiJC 3£% Cum fit 50p - 25 
(221*84) 

Grand Meftapcaten PLC SN Cum Prf £1 - 
59% (236*94) 

Grand Metro p ottan PLC 6%% Cum Prf £1 - 
72 5(236*94) 

Great Portland Estates PLC 9^% 1st Urn 
Deb Stic 2016 - £110* 096*84) 

Grera Unhreraal Stores PLC 5%% Rad Uns 
Lnstk-esa$ 

aorauAs Group PLC 8% Cun Prf Cl - 113 
Greenes Grouo nc 1 1 %% Deb Stic 2014 - 
£126 

Green** Group PLC 9%% tad Uns Ln Stic - 
£101% 

&«ena6& Group PLC 7% Ci» Boat Bds 
2003 (Reg) • £114 * 

GUnnecs PLC ADR (5:1} - S35.15 A 
Guinness Ftigftf Gtobol Strategy Fd Pig Red 
PrfSOOl (Asian CurancyBBand Fd) - 
£1443895(238*94) 

HSBC Hdgs PLC Ord SH10 (Hang Kraig 
Rog) - SHB9 4 A 90 90 .11815 J A 
-K5562 * 1.28849 .4 St * 2.1115 3^7 
HSBC Hags PLC 11.89% Subord Bds 2002 
(Reg) - £117% 22 

Htehtec BuMng Soctaty 6*% Perm lm Bear- 
tag Shs £50000 - £93% £21*94) 
l i ra f a n BUfatag Soctaty 12% Framrra Banr- 
tag Shs £1 (Rog £50000) - £l 26 (236*94) 
Htel*i Htedtags PLC Ord 5p - 65 6 
Haima PLC 11% Cum Prf £1 - 138 
Horrmeraon PLC Ord 2Sp - 363 7 S 0 Tt% 2 

Hardys A Hrauena PLC OW 5p - 251 
(226*94) 

Hardys a H a nra mn PLC tad 4% 1st Mlg Deb 
Stic • £42% (186*34) 

Hasbro tac She of Com Stic 9LG0 • $384887 
(221*9$ 

HrawttaPLC4^5%CunPM£l -65(216*94) 
Harctiea tac Shs of Com Stic of NPV - 
*120%$ 

Mchaoct tatermtionra PLC 8%% Una Ln Stt 
8B/94 - £99 (236*94) 

Holmes Protection Groitfj Inc Sha of Com Stic 
$025-31 2 

Housing Ftaanoa CapadBon Ld 5% Dab Stk 
2027 - £55* (236*94) 

041 PLC 5%% ttas Ln Stic 2001/06 - £80 
(16*894) 

IS hfrneteyan Fund NV Ord FLOC1 - £17$ 
17%$ 

Iceland Gtouj PLC Cnv Cum Rad Prf 20p - 
124 JH S 

taduoMal Control Senrtcea Op PLCOrd lOp - 
162(231*94 ) 

fad Sto* Exchange of UKSRsp of bLd 7%% 
Mtg Dab Stk 90/96 - E90% (296*94) 

M Stock Exchraige of UKaftep of h10%% 

Mtg Oab Stic 2018 • £115 (211*94) 
fash Ute PLC Ord lrOB.10 - (£2.145 2.15 
2.155 p 205 % 6* 

Jantew llattneon Hdgs Ld Ort $025 (Hong 
Kong Ragtarf - £42 4^1 A2A 4* 4J6 
4i7 4J& 43 SH4&2173 % .739904 A 9 
Jan*ie Strate^c fidga Ld Ord SOJK 


Kong Rrgtater) - £2% i26 $H25J S928 

69134 6% 

Johnson Grocer Ctanera PLC 7 £p (NeQ Cnv 
CUm Rod Prf lOp - 185 (236*94) 
JotmsonAiraihey PLC 8% Cnv Cum Prf CT - 
870(238*94) 

Kateey taduamaa PLC 11 %% Cum Prf ti - 
118 

Kanntag Motor Group PLC 49% pmiy 7%) 
Cun Prf El - 75& 

KoreteEurepo Fund Ld 8hsOOR te Br) $aiO 

(Con 6) - $3750$ 

Krtrimw AS. Free A Sha NK1SLSO - NK37B 
Lacbehe Group PLC ADR fl:t1 • $2^6 3 
SdB 3% 

Land Securtttaa PLC 9% lot 6ltg Deb Stic 96/ 
2001 -£104* 

Land Securities PLC 6*% Uni Ln Stic 8&97 
-G99 C22M8* 

IASMQ PLC 10%% Dob 39c 2009 - £111% 
Laoowa Ptattium Mias Ld Ord ROdl -28 
|23Mr»q 

Leeds & Hofbeck BuBctirtg Soctaty 13*% 
Pram tat Beonng Shs £1000 - £126% * 

7% % £26*94) 

Leeds Pamanera Btrtdtag Soctaty 13*% 
Penn tat Baratag £50000 - £138% % 
L»aM(l n l MP an n a ra l »i WC 9% Cun Pri Stic 
£1-56 

Lewta(John)Partn 0 itatfa PLC 7%% Cum Prf 
Stic £1 -84(236*94) 

London International Group PLC ADR (5:1) - 
$10%6?3M>94) 

London Secumtaa PLC Ord ip - 6% (236*94) 
Lonrtio PLC ADR 0:1) - S2J1 
Lookers PLC 8% Cnv Cun Rad ftf Cl - 12S 
8 7% 

Lowflfltafl 8 Co PLC 8.75% Cun Cnv Rad Prf 
£1 -88 9%* 

LowePfabatTH)8CoPLC8%% 1st Cun Prf 
£1 -35 

Lowe(Rob#rt HJ & Co PLC 875% (Nat) Ow 
Cum Rad rtf Ufa - 25 
MEPC PLC 065% Cun fit Stic Cl - 51 
MEPC PLC 8% Uns Ln Stit 200005 - £100 
%1% 

MEPC PLC 10%% Una Ln Stk 2032 - £114* 
(221*94) 

McCarthy a Slone PLC 8.75% Cum Red Prf 
2003 El -iog 

McCarthy & Slone PLC 7% Cnv Una Ln Stk 
98/04 - £80 

Mdnereey Properties PLC "A* Ord K01.10 - 
Efl.11 (236*94) 

Mandarin Oriental ta t uira t lu ial Ld Ord $0JP5 
(Hang Kong Ratf - 36610604355$ 35$ 
Mandars PLCS% Cun Prf £1 -52 
Mmganeea ftorua Hdga PIC fl%K Cun 
Prf £1 - 76 (226*94) 

Maries ft Spencer PLC ADR (B:1) - $36% 
(Z3M»0 

Marts & Spencer PLC 7% Cun (Vf £1 - 33 6 

(236*94) 

Majrfufc PLC 10% Cun ftf £1 - 113 
Marstan.Thompaon S Eventaed PLC 10%K 
Dab Stk 2012 - £1 16 016*94) 

MtidMi PIC AER 14:1) - E&0G97 £ 8* 
Merchant RetaB Group PLC 8*% Cnv Una 
Ln Stic 9B/04 - £90 (236*94) 

Moony fa ten a tiwu i Inv Truat Ld Ptg Red 
Prf Ip (Raawve FuxS - £504477$ 

Mart/ale Moore PLC 10%% 1st Mlg Odi Sft 
2020 - £103 4 (2lMr94] 

Maw Docks 6 HarbOLf Co 8*% Rad Deb 
Stic 96^9- £94 

Karti HoMtags nJS Warrants » Bit for 
Old - 12 C3Mr945 

MW Kura Water PLC 5% Pup Oob Stic - £S6 
P 86*94) 

uicfand Bra* Pic 10*K Subord Una In 
Stk 93/38 - £100 

Mttand Bare PLC 14% Subord Una Ln Stic 
2002/07-031% 

MIM Craporation Com Stas 0) NPV - £3% 
Mteax tac She ol Oaaa A Com Stic «L05 - 
S34J)065$ 

Moriend A Co pic 5% cun Prf O - Q 
MucMovitAdi JJGroup H.C 7% Cun fif £1 - 
78(236419^ 

tfC PLC 7*% Cnv Bds 2OO7gRe0 - £110% 

NMC Group PLC 7.7Sp (Neg Gum Bed Cm 
fMIOp-118 

National MsdtaM G i t w ixla a e Ino She of Cam 
Stic $0.05 - ms $ 17* (336*94) 

National Power nc ADR (10:1) - S70 71 


Nadonte Wasbitinsnr Bank PlC 7% Cun Prf 
£1-96 

Natiorm Waalmfatfar Bank PUS 12%% 
Stiboid Um Ui Stir 2004 - £126% 
NtaHMi aukting Soteety 12%* Perm 
tateraat Bearing Sha £1900- £118 % 
NamLCnantesra 5 Co Ld 33% (Fmfy SK) 
laf Cun Prf Cl - 50 P2MT94) 

North of Engtand Bulcftag Soctaty 12%% 
Perm tat Bearing pi 000) - £117%$ 

Ontraio & Ouebee Ftetiway Co 5% Perm Dab 
Sti4tt Gtd by CP J ■ £55 p**94) 

P & O Property HtMngs Ld 8% Uns Ln Stit 
97/99 - £99 (Z2Mr94) 

Padflc GBa & Beetitc Co Shs of Com Stit $S 
-$30*$ 

PUktraxf Qixjp PLC Old 23p - 228 9 
Rate HUBS PLC 10% Cum Prf 50p - 64 

pa*«) 

Pate Hdn PLC 9%K isi Mtg Deb Stk 2011 
.£107$ 

Peal HMga PLC &2S% (NeQ Cm Cum Non- 
Vie Pri Cl -127 ^ 21 * 94 ) 

Pate South Esta U> 10% tat Mtg Dob Stic 
2026- £106% (21 kW4) 

Pentmtaar & ortancal Steam Nav Co 6% Cuffi 
Pld Stic ■ £53 6 

PaiHne Foods PtC Bp(NaQ Cun Cm Red Prf 
IOp-97%8 

Patioana SA OW Sha NPV IBr <n D*r%m 1 fi 
6 10) - BF10291 4 340 70 
Rawabreek Group PLC 6.75% Cm Prf 91/ 
2001 10p-92(23l*94) 

Portugal Fund Ld Pig Red Prf SL01 -W 2 
(186*»9 

fintfatwanjot RaHruns Ld Ord R O P ES - 305 

pSMrat] 

PoworGan PLC ADR (10:1) • S84S8 8&8 


Pramtar Health Group R-COrdlp-2% 
Pressac Hokttags PLC 105% Cum Prf El - 
125 

Qutaiac Central RaJway Co 1st Mlg Oeb 
StraOW by CJ»J - £38$ 

RPH Ld 53% Fmfy 9%) Cum PM £1 - 89% 
RPH Ld 4%K Ur* Ln Stic 2004/09 - £38 
081*94) 

RPH Id B% Una Lit Stic 99/2004 - £99 104 
(10*34) 

Recta Electronics PLC ADR (£1) - $6% 

Rat* Orgmsation PLC ADR (fcl) ■ £844 
C22»4r04) 

ITeorlnit ktia mnn onte PLC 5*% 2nd Cun 
Pri n -57 

Recks: 6 German PLC 5% Cum Prf £1 • 57* 
9 

Reed tatamotionta PLC 4J% [Fmfy 7 %) Cum 
ftfEI -77p2**94) 

Regent Corporation PLC 6% Cun Prf £1 - 10 
(SS**94) 

Rented PLC 7%% 2nd Deb Stk 9297 - £96 
(226*94) 

Ropner PLC 11%% Cun Prf £1 - 130 
Royta Bank of ScoOand Group PLC 5%% 
Cum Pit £1 - 80 (22M941 
Rugby Group PLC 6K Uns Ln Stic 93/96 - 
£94(231*94) 

Rugoy Group PLC 7*% Uns Ln Stic 9398 - 
£98(186*94) 

SCEcorp Sha af Com Stic of NW - Si 7%$ 
Satated & Saatcte Co PLC ADR (3:1) - $6% 
Saatehl & Satechl Co n£ 8% Cnv Uns Ln 
Stic201S-C80 (216*94) 

SatmbuyUI PLC B% tad Una Ln Stk - CBS 
B3M*4) 

SUUtehven fioparttas PLC 8^% Cum 2r>o 
Prf £1 - 100 (161*94) 

Savoy Hotel RjC *S' OrdSp -£100 (?1Mr94) 
SchoB PLC 5%% Gm Cun Rea Prf 2006/11 
£1-95 £36*94] 

Scottish Hydro-Searic PLC Ora SOp - 377% 
B99J1 % .89 .81 80 80 .19 % 1 1 31 % 
Al 2 2 .139 M h % .89 81 3 3 % 4 4 5 $ 
6 

Scottish & Nmvcatia PLC 4J% Cun Prf £1 
-76 

Scottish A Newcastle PLC B425N Cun Prf 
£1 • 94%$ 100 016*941 
Scottish S ftevnalf PLC 7.6% f« hffg Deb 
Stk aa/94 - £99* (236*94) 

Scottish Power PLC Ord 50p - 399 % 400 S 
11%22*3*%%6 33%%.7 44 
JM%55667 %$ 

Sews PLC 48% (Fmfy 7%) ‘A* Cum Prf £1 - 
77 9 ^36*94) 

Seam PLC 7*% Una in Stk 82/97 - £100 
Seculcor Group PLC A5S% Cun Pig Prf £| 

- £185 B1 6*94) 

Severn Ffarer Crossing PLC 6% fadax-Lmkad 
Dab Stir 2072 iaj«4K) - £ 120 % (236*94) 
Shea TrraaporUTrndngCo PLC OW She (BO 
2Sp (Cpn 192) - 680 (186*94) 

She! Tramport&TradingCo PLC S%% 1st 
Prf[Cum)C1 -63(236*94) 

Shield Group PLC Old 5p - 17% 

SMakf Group PLC 584% (NeQ Cm Cum Red 
Prf £1 -32 

Sioprfte fi nance (UK) PLC 7£75p<Nrt) Cum 
Red fif Sha 2009 - 9S% % (221*94) 

Signal Odup PLC ADR 0:1) - R.I3 (226*94) 
StarJet (WUarrO PLC 5.925% Cm Cun Red 
Prf £1 -45 

600 Group PLC 115% Cum Prf £1 - 43 
821*94) 

600 Group PLC 11% Una Lh Stit 9UVJ - S9» 
Pi 1*94) 

SMptoo BuMng Soctafy 12%% Penn fat 
Baatag 9ta £1000 - £110% 
SlngsbytfLC.pLC Ord 25p ■ 265 
SfflMi (Wit) Group PLC "B - Ora lOp - 120 1 
P36*94) 

Smith (WJL) Group PLC 5%% Rad Una Ln 
Stk - £55 

SmthMna Beecham RjC ADR (Sri) - £20.1 S 
29% P36*94) 

SmtihWna Beecfum PLOSmomcine ADR 
(Sil) • *36.12412 % 84812 J6 % % % 
Standard Ourterad PLC 12!%% Subord Urn 
Ln Stk 20Q2AJ7 - £123 P2Mr9J) 
SutcttfeSpeatonan PLC 9%% Rad Cum Prf 
£1 -103(211*94) 

Symonds Engtneenrva PLC Qtd 5p - 30 
(23UT94) 

T 8 N PLC 11%% 6410 Deb Stk 95/2000 - 
£103 

THFC (indexed) Ld 585% tadex-Uikad Stic 
2020(98482%) - £125% (221*94) 

TSB Group PLC 10%% Subord Ln Stic 3008 
■C11S% 


TSB Oltshora lm Find Ld Pig Rad Prf 
IpfPut Amrakun CUsa] • 512.1795 .1797 
60*94) 

TSB Ofttim kw fmi Ld Pig Rao Prf ipUK 
&5UtyCt8toj-3SSJ7CZZMr94) 

IT Group PLC 10673% Or Cum Rad Prf 

Shs £1 1997-288 

T«e 8 Lyi# PLC AOR (4:1) -$Z5J (211*94) 
I’M* 8 PIC 6 ] 2%{4-85% pin tax Otid- 
$CWI Prf £T- 75^31*94) 

Ttam PU5 ADR art) -$335$ 4$ 

Thai kMUm find Id Pig Rad P(d $0.01 - 
Si 6$ 

Thafiand W ma B onta Fund Ld Pig Sna $0.01 
pm lo fir) -£27030$ 

THORN ©41 PLC ADR (1.1) - S1&S £21*94) 
Trafalgar Hotae PLC 5^75% Cum Prf £i ■ 

77 8%(H9*8$ 

TteMste- Hooe nc 9 %% una Ln Stit 2000/ 

05 - £99 

TraWgra Houaa PLC 10V* Urn Li 3tk 

2001 AW - £102 £22MrS^ 

TYtafara Parfc Estates PLC 9% tat Mfo Dao 
Stic 91/96 -£100% (211*9$ 

Trwnrtrtr Henanga PLC B 6% Cm Prf £1 

- Ill (23Mr3$ 

Transport Devdopmant Grain PLC 9%% 

Una Lri Stii BSQDOO - £103 (236*94) 
UnoatD PLC *35% Cum Prf Cl - 83 
(161*94) 

Umgate PLC 6%% Una Ln Stk 81/96 - CH7$ 
Lfte^dup PLC 7%% Cum Cm Red fif Ct - 
82 

untew PLC ADR (4:1) - $63.7587 (211*9$ 
Union International Co PLC 6% Cum Prf Stk 
£1 - 61$ 

Unisys crap Com Stit 5001 • US1S%$ 

UtBty Ctatee PLC Wraranta to tub lar OW - 
IB 20 2Qf 3 

Vttfua £ income Trust PLC Warrants 89/9* to 
avb far Ord - 45 (2164r9$ 

Vaux Gnu* PLC B07SH Oeb SSc 2015 - 
£114(216*9$ 

Vldrars PLC 5% PrWorvCumJStk Cl - 45$ 
Victors PLC 5% Curtfax Free To 30p)Prt 
Stic £1 - 71 (236*9$ 

Vodafone Gm? PLC ADRCiai) - $82^4725 
%.% % t %J i^-M3 % -247225 % % .265 A 

wav Group PLC T0%% Cun Rad Prf 89/ 

2002 £1 - 113 916*9$ 

Wadtensanyravt) PLC A2% Cum Prf Cl - 

70(211*9$ 

Wagon industrial Hogs PLC 7J2Sp (Nte) Cnv 
Pig Prf lOp - 1S3 

WtftorOhranaa] PLC OTO 5p • 27 30 

(231*94) 

UtMU^(S£j Group PLC 7%% Cun Prf Cl 

Warbug (S.G.) (keep PLC Cnv Dfd 2Sp - 
481 1 (221*94) 

WaBaxnaPLCAORa.1l -88.04 .15222 
-24972 % -35 

Wtats Frago A Cwranny She ol Com Stk SS - 
$145% 

Warabtay PLC 6p(NaQCm Cum Red Pit IBM 
£1 -48(226*9$ 

Wesura Group PUC Wxnti to sub tor Ord 
-232 3 5 5 

Westiend Group PlC 7%% Cm Cum Prf Cl ■ 
333 006*9$ 

Wfatbread PLC 6% 3W Cun Prf Stit £1 - 70 
(226*9$ 

Wfaaxnad PUS 7>«% Uns Ui Sat 95fi« - C99 
(23)*S$ 

Whitraead'PLC 7%% LAIS Ln Slk 99/2000 • 
£99 

Whitbread PLC 10%% Uns Lit Stk 200005 - 
£110 

VAdney PLC 8.78% Cm Cun Rao 2nd fit 
2000 £1-90 

wasma'radgs PLC 10%% Cun Pri £1 - 127 
Wffia Corroan Group PLC ADR (5:1) - 
$15999433 17 17 (23Mi9*) 

Wtatrost PLC 10>2% Cun Prf Cl - 125 
086*9$ 

Wtavstertiano Nig« Id OW ROJS - KL3S$ 
Wredren 9 East Cenb Water Co 4*% PtPg 
Od Stir • £5670 (221*9$ 

Xerox Crap Com Stit SI - £85.1 1 
York Wetsworka PLC Ord 10p-337 
(211*94) 

Yorictfsre-tyre Teas TV Ffdgs PLC Wla id 
sua lor 0>d - IBS 5 6 7 
Yule Cooo & Co PLC 1 1 %% Cum Rad fif 
198*2003 £1 - 118 (336*9$ 

Zambia Cansoktiaed Coppra Minas LtTB" 
ora K10 • 240 GO (221*9$ 

investment Trusts 

fn&o & Overseas Trust PLC 4%% Cum fif 
Stk - £52 R2J*9$ 

BaiBe Gfftrt Japan Trust fiC Wts to Sub 
Ord Shs - 230 (236*9$ 

Baffle G3ord 9i«i Nippon PLC Warrants to 
sub far OW -121 

Bankers Investment Trust PLC 3 jS% Gun Prf 
Stit - CSB B2U9$ 

British Asseu Tnot PLC EquKlei kKtaK ULS 
2005 109- 160 

Srihsh Empn Sac & Ganeral Tru« 10%% 

Deb SO. 3011 -£115% 
fitted I nvetemare TiusL PLC 11.125% 

Seared Deb Stic 2012 - £128% (236*94) 
GSCJmeetinerR Trust PlC OW 2Sp - 108 
(181*9$ 

Cfatata Gearing Treat PUC Ord 2Sp - 480 
Camaraa Koraa Ema roluj Grewtit FimdSha 
$10 (Rag Uf$ - S10% 10% (71**$$ 
Edinbui^i t i v treu a tti Treat HjC 3*5% Cun 
PU Slk - £59% (226*0$ 

Edtatxngfi Irvaatm u it Trust PLC 7%% Dab 
Stit 1995 -E101 (211*9$ 
fidaity Eunnwrai VflkMa PLC Equky Linked 
Una Ln9R 2001 - 1456(186*9$ 

Ftaatxcy finxlar Co'a Trute PLC Zm o Dlv fit 
2Sp - 179 80 % (236*94) 

Fleming Morcarsse Inv That PLC 2Ji% Cun 
Prf 8tk £1 - 48 (236*9$ 

Rarwto Mercamse tor Treat RjC X5% Cun 
Prf Slk £1 -64 (236*9$ 
n emng Overseas tav Treat PLC 5% Cun fif 
£1-55 (106*9$ 

Forte(p * Oteotete Brotnul PLC 5%% Cm 
Una Ln Stk 1996 - £380 081*9$ 

Foreign & Oat invert Treat PLC 7%% Oeb 
Stit 89194 -£99% 031*9$ 


Garawrae Shared Equity Trua PLC O aa rari 
Ora fae iop - 126 % 7 
HTR Jarenas* Smtatar Cora Thiat PLCOrd 
2Sp -106% 7 % 8 S % % 5599 % 10 
Hai apu tavastoiem PLC Ord £1 - 410 

n8MS$> 

Kraanen mvesfineni Co Ld Wannma is ba 
tor Orl -$18(221*9$ 

Hrenaat Cnutar tav Trust PLC 4% Cun fit 
Stk • £87 8 (221*9$ 

Ln Debnua Cop PLC 3^5% Cum fit £1 
-83% (221*9$ 

Lezard Stead fawatmant Trust Ld Pig Rad 
Prf 0.1p Gfatate Active Fund - £14.18 id 2 
(161*9$ 

Laand Select Ime st martf True! Ld Pip Red 
fif Up UJC Active Fund • £1466 I486 
14.72 (18*69$ 

Lazaid Steaa in i mstiiuu 16B Ld Ptg Hod 
fif (Lip UK UqUd Assets Fund • £10$ 
Lmccagod Opport u nity Tnssl PLC Zar Cpn 
Cm Uns Ln Slk 96/99 • £128 (186*9$ 
London ti St Lrevwnca bivedm ant PLCOrd 
5p- 1M2 (236*9$ 

New Throgmorton Tiurf(1983) PLC Zara Cpn 
Oeb Stk 1998 - £72 (226*9$ 

Nontum fadUt knprtw Trust PLC On) El ■ 
475(226*9$ 

Portias French tavastmant Trust PLCSam 
*B* Wanants to sA lor Old - 34 
fights and issues fay Treat PLC 5%% Cun 
Prf £1 - 91 p26*9$ 

RMar 8 Martantsa Trust PlC 8%% D® Stir 
89/84 • £09% 03*69$ 

Scraodw Korea Fund PLC Ord 5001 (Br) - 
S13 (186*9$ 

Seottitai investment TVute PLC 459% Cum 
'A' fif Stk -£74(226*9$ 

Seaman Investment Treat fijC 4% Perp Oeb 
Stit -£46(221*9$ 

Scottish Nanonte Trust PLC 10% Data Slk 
2011 - £108% (211*94) 

Second ABenoo Trust PLC 4%% Cum fif 
Slk - £55 (186*9$ 

Securities Treat of Scotland PLC 4%% Cun 
fif Stic - £48 £26*9$ 

SecuMes Treat of Seotisnd RjC 12% Dab 
38s 2013 - £133 (226*9$ 

Sphwa inre tame ttf Treat PLC R ev laa d VWw 
ranta to sub tor Onf - 7 (221MM) 

TR Chy te London Trust PLC 10%% Deb Stk 
2020 -Cl 18% 

TR Ctiy of London Trust Pic 11 %% Deb Stk 

2014 - £129% 016*9$ 

TR Smtetar Companies lm Treat PLC 4i 2 % 
Cun fif Stk -055 (181*9$ 

Tempta Bar kwuamu tf Trust PLD 42% Cum 
fif Stir £1 -70(226*9$ 

Upaown Inveatmant Co PLC Ort 25p - 595 
615 

HMgmore Property Inrastmwtf Tat PtCWts « 
SuO tor Old - 55 

Wrian tavesatteM Co PLD 8% Dsb Stic 90/68 
- £102% 031*9$ 

Wttan tavastmant Go PLC 8%% Oeb Stk 
3016 - £105 

USM Appandtx 

BLP Group PLC Ora SOp - 1 1S (16*69$ 
O acki ham Group PLC Wananw to aub for 
Ord - 0% 

Crossroads Oi Group PLC ADR (l£Q|) • 

$488 

FBD Htedangs PLC OW 6CO50 - IC29S 
Gtobs Mow PLC Ord 25p • 415 7 8 
IMtand S Scottish Resources PLC Ora lOp ■ 
3% % h 4% %$ % 

total Systems PLC Old 5p - 32 (21*69$ 
Untied Energy PLC Wts in sUD tar Ord - 4 

Rule 535(2) 

d Mrangera | 
fltad - S23J0Q5 £3M9$ 

Adams & MevSe Fund Management Woridtm- 
eot Bond FuA Inc - £1.63 (21669$ 

AgloaltiA Genetics PLC Ora Cl -£6 10 
C21*9$ 

Ann Street Brewery Co LdOrd £1 - £3.45 
1231*9$ 

Aisvue Focetxa OUb PLC Old £1 -E385 
Assoastsd finish taoustries dC OW Cl - 
£33 (216*9$ 

Barclays I n v aj tmaro Pund(C.g Staring Bd Fd 
• CO. *56832$ 

Bunn Transport PLC DM 10Op • £2% 
C26*9$ 

Btocum Hoktinga PLC Ord Ip - 00.42 (U5 
Buttress European Band Fund P(8 Rad fil 
1p-E9392<i 

Cavertaam PLC Ord Ip - £0-15(226*9$ 
Chancery PLC AQnfSSp - £00075 (226*9$ 
Oannte ttesnds Came (TV) Id OW 5p - 
0632^ 

Chartnoo/Chailteraie Charmed Ob* • £181 
(186*9$ 

ChuntfuCharieeJOevtaopfitams PLC 8 Ord 
0.001 p - £0.015 (23*694) 
Chuch(Qdries)DavteapnMn(B PLC 9%% 8 
Pod Prf SOp - CO .01 5 (236*9$ 

Connor Treat PlC OW 2Sp • £0% (236*9$ 
Co n pra Ctaito Groia> PLC Ord SOp - 70 
Courtly Gardaite nc Onl 2Sp - C£LS8 
CrewtitertJahn Edward) Hdgs 5^2% Cun Prf 
£1 - £086 (221*9$ 

(XS&Managunam RJC Old lOp - £1% 135 
(Z1Mr9$ 

Dawson Hdga PUC OW 10a - C8.05 
Dfarai Moms PLC Rad fif l»4p - £ 1 % 
Ertlghtod Tobacco Co PLC OW lOp - Cl. lb 
(186*9$ 

Fracas Broadcast Craporatlon PLC Ord Sp - 
qisa 

GPA Grom PLC OW $1 - $0% C71*69$ 
Oandor Hoktingi PLC OW Ip - £908 QJ» 
C31*9$ 

Ctaaenatar Hotels PLC Ort lOp - £038 
(22*69$ 

«Wf Antiques PLC Ort £1 - £0230625 
(23*69$ 

Hampshire Company PLC Ort 15p - £0% 
(236*9$ 

Hutfy Cooke Gup PLC Ort lOp • CQjB 
060125 

I ESGrom PLCOrd lOptPttyTW l/fiS$w(Kt 
WI1-B495 

9NCS00 ta testteti uuta Ld . 

A Growth - E2J368 


jermntp Bros Id CM »P ■ « *' Kb **, 
Kielrttaari BansoniinD Fund Man tmafgA.) 
fLUKsts Fund - C'U^I 

Mtewrcrt BansonOnli FUW Man tat Inu Unto 
B^ndPO CTJ»r C36WJ1 
Malnasw BensoniinB Fund Man Japanese 

Furtr.eDfiGU(>3S*»l] 

KWn^itt Fu*J Man KS u<r Fu'-d 

- £15.154 

Ktonvrort BenwtetaO Faw3 ^ w 

Gwth Inc - C2.9103 
L^urth Group PtC OW !(fa - C7U 

Lj^SplC Od 10 p - £1 55 1231*04) 
lawne Group PlC Cvj Cl - Cl’ 

LB Rjcfta-a Staros UJ Old CI - » 5’“^’ 
Uvnpote FC * Amtabc Ground* PLCOW tu ■ 
£650,16*694) 

London FxtoCUfy 1>u* PLC Ctal ICO - 
£9003125 ^ ^ 

Item 4 Owvw PLC OW Sp - «.« 

UmtiHldgi PLCOrd lOp - CO » \22hW 4 ) 

MumnOoaeHeaihcaraPLCL'ka iOp- 
£032(22*694) 

Mptriw MtomsMnte Gnw PLC Od tp • 
£048 

Mutoscm Ld ora «*> • ® 1b (TlWM 

N.WF. Ld Ort Cl ■ £6.76 
Nati^urt Panutg Cup Ld CVd lOP - £4.2$ 
Newbury Raoscaurw PLC Old Cl 00 - 
C2oso4« aaof 

Newspaper Pubtishtag PLC Ord 'P - £3% J% 
(186*9$ 

North East water PlC Ora Cl - C5*i 
(236*94) 

Norm Warn Exotoiawm PLC Otd 2Cp 4% 
C23MrfM) ^ 

Northumbrian RoakWHstf PiapcrtwaPlL. Ord 
lOp - C0.7 (186*9$ _ „ 

Pan Andean Resources PLC OW Iti - COOS 
(23*4*94) 

Pwpamrtdarwvl OiWwro Auan smo»u 

Markets - £1.143863 

PerpecuteCJareovt Onshore Enwnjina Go's - 
56.703478(22*69$ 

Pwpntuolparseyl Oflshore UK Growth - 
£1.959879$ 

Parton inter rational PLC Onl £1 - £7 % 
(226*9$ 

Rar«era FcoriBal ChA PLC Ord lOp ■ £1 05 
Saxon Hawk Group PLC Ora £1 - £1 % 
Schrodar Managemmt Su%n.t»G«im1Scnra- 
oar European Bond - £7.21 1 1 S) 

Screaons PLC Ora H - £2 JC0938* 

Select tadustaes PLC Now Ort 7%p (Sp Pte 

- £0.0* 0.045 

Severn Vstiey RartwayifidgsiPLC Ora £1 - 
£0.47 pTMrfMJ 

South Green Hdgs PLC Ord Ip • £0.010025 
0.01 125 0.011675 0 0125 
Southern Newspapers PLC Onl Ct - £4.23 
4% 428 

Suoon Harbour Hags Ld Ora 2Sp - C32 
(23*694) 

ThwomteDarwtfl* Co PLC Ora 25p - C? 7 
(22*69$ 

Trtaghu PLC OrdSp -£0.12 0.14 0.1450.16 
Tracker Neman. PLC Ora £1 - £U% 13 
UAPTxrtfotertc PLC Ort 25p - £0.77 0 B 
V eteri n ary Dreg Co PLC era Cl - C3.tr 
Vista Entomtarnena PLC Ord 5p - £0005 
Wtebug Asset Management Jnv Mwoury 
inti Gold & General Fd - 51.632$ 

Weettett Ld ‘A* Non. V Ord 25p - Clc 10 01 
16.02 16.03 

WNtchUen Group PLC Od too • CO 565 
Wlncnetear MUD Motes PLC CM Sp - 10.53 
Yates fins Wine Lodges PLC Ord 25p - £21 
2.157S 

Young Group PLC Od 10p - £00025 00125 

RULE 535 M) (a) 

Sargalna marked in securittes 
where principal market is outside 
the UK and Ropubfic at Ireland. 
Quotation has not been granted in 
London snd dealings are not 
recorded In the Official List. 


1 Explorations 50iJ> (1843) 

Ausl Foundation tav. 4SSA7 
Aust Hyaocaro u w a (22 3i 
Bank of Edai Asia HKS30.16B1 (22 3) 

Beach Petroleum 9%# (23.3) 

Boise Cascade S2S 71914* (23.3) 

Bolton Properties RM3.H39564 (23JI 
BUat Senihu wun u 750(2X3) 

Capa Range OS 38$ (2223) 

Churchill Rao. 15.5 
Ctiy Deretopmonts SS&55 
Communay Psychtalrtc Cetfres Sl73fru$ 
P3J) 

Cons. Sasources 44 (233) 

Deverc 30 (21 3) 

Far East Hotoia FRl 81* (23 3) 

Forest Laboratories S47^ 

Goktan VOOey Mines ASO096 (23.3) 
Graemtea Mtafag (ASO20) 10 (21 J) 

Do. (ASCL05) 2»(i p3J) 

Hartond <Joh$ $22% (Z3J| 

Keystone krtl. $26875 
KOtnghtel (Mateytea) MS4ii44 
Molaytean Pfcmtabons 54« 

Muray & Rooarts Hdgs. FLSSJ»88%.90 
(163} 

Nampsk FL1J2JJ5l4»142.10* p&3) 
McCarthy fip. 125 C13) 

Mugatf hteitag $4i 2 (23^ 

OB Search AS(L»4 

MbmMMgQU 

Pabolaun Secutiies Ausl 51 (183) 

Selangor Properties RM2^87433 (23 ^ 
Bom Comma. SK413 .0 
Strategic *8narateA8ai6 (1831 
Vatart ConscOdated AS03931 11 a 3) 

Wooitru Cfasa A FL12S.85 (2231 

ByPambstao of Ota SWc* Evcftoage Conner/ 


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LONDON STOCK EXCHANGE 


MARKET REPORT 

Late rally 

By Steve Thompson 

Dealers were happy to see the hack 
of a week of unrelenting pressure 
and big losses on the London stock 
market that culminated in a sur- 
prising but powerful end of account 
rally. 

The FT-SE 100 Index, down more 
than 33 points in mid-morning 
responding to another worrying 
slide in bonds and equities in the 
US overnight, rallied with sufficient 
power shortly after American mar- 
kets opened yesterday afternoon to 
close a net 7.3 up on the session at 
3,129. The FT-SE Mid 250 index 
however, ended 204 off at 3,775.2 as 
Institutions concentrated their 
attentions on the market leaders. 
Over the week the 100 index showed 
a fall of 89.1. 

The late recovery was triggered 


pushes Footsie into positive territory 


by a solid opening by Wall Street, 
which moved into positive territory 
shortly after it opened, and a reso- 
lute showing by US bonds which 
were only marginally at the 
outset of trading in the US after a 
similar performance on Ear eastern 
markets. Rumours of Federal 
Reserve support for US bonds and 
Bank of England buying of gilts 
accompanied the steadier trend in 
bonds In mid-aftemoon. 

Traders were rightly nervous at 
the outset of trading, lowering 
share prices modestly to head off 
any attempted selling caused by the 
turbulence in US markets following 
the assassination of Mr Luis Don- 
aldo Colosio, a candidate for the 
Mexican presidency. 

The news from Mexico produced a 
series of tremors across interna- 
tional bond mnr^ pfo where south 


Account DnaBog Dates 

fMOtagge 
nte i« 

Mw 28 

Aer 11 

Option PealtoMlona: 
Mp 24 

Apr» 

Apt * 

Last Oatotoga: 

Mto 28 

Apr B 

Apr 22 

Aecert Day: 

Apr 18 

Mays 

1 

li 

nay take 

place fnxn tno 


American issues were heavily sold. 
“The worry was that some of the 
hedge funds, which are only just 
recovering from the recent spate of 
bond market sell-offs, would have to 
sell more US and European bonds 
to cover their south American 
losses,” said one dealer. 

UK gats, already weakened this 
week by worries about inflation and 
pressure on sterling, dropped over 
two points at the long end of the 


market, unnerving the equity mar- 
ket In the process. 

The slide In gilts proved too much 
to bear for equities where a number 
of the leading marketmakers, 
already suffering big losses on their 
trading books after the violent 
swings in the markets recently, 
began to unload big lines of stock. 

This move resulted in the FT-SE 
100 dropping to the day's low of 
3,0884, a fall of 33J2. Thereafter the 
market began to creep better, as 
cheap buyers moved in to buy top 
quality defensive stocks. 

The market's big recovery began 
just after Wall Street opened and 
was first seen In the FT-SE future, 
which, having lingered just above 
its 3,080 support level, suddenly 
bounded ahead amid talk of big US 
buying and short covering from a 
number of UK institutions. Market. 


makers in the cash market also 
reported a sudden burst of buying 
In the financial sectors around the 
same time. 

Resulting gains drove the 100 
index up to a session -high of 3,1334. 
a gain of 114, before profit-taking 
took the shine of the index at the 
close. The financial sectors, which 
have underperformed substantially 
in recent months, were in the van- 
guard of the rally. 

Turnover of 6504m shares was 
easily the week's highest, while the 
value of customer business trans- 
acted on Thursday was revealed as 
topping the £2bn-mark, the highest 
for some weeks. Senior dealers said 
there was a widespread feeling that 
the new account may see a techni- 
cal bounce in the market but 
warned of further violent swings 
until bond markets settle down. 


FT-SE-A All-Share Index 



Sour* FT Graph** 1994 


■ Key Indicators 


Indices aid ratios 


FT-SE Mid 250 

3775^ 

-20.5 

FT-SE-A 350 

1589.1 

+aa 

FT-SE-A AB-Shara 

1581.24 

-020 

FT-SE-A AB-Share yield 

3.67 

(3.66) 

FT Ordinary Index 

2473.1 

+4.6 

FT-SE-A Non Fins p/e 

21XG 

(21.07) 

FT-SE 100 Flit Jun 

3136.0 

+13.0 

10 yrGBt yield 

7.83 

(7 -88) 

Long gilt/equity yid ratio: 

222 

(2.18) 


Equity Shares Traded 


Turnover by vofejme (mWBon^ Excluding, 
hba-martwt ouaineos and ovoranas turnover 
1^00 - - ------ - - 



1994 


FT-fifi lOO Index 

Closing Index for Mar 25 

3129.0 

Change over week 

..-130.1 

Mar 24 

.3121.7 


Mar 22 

.3201.5 

Mar 21 

.319&-Q 

Htah’ ... 322.15 

Low* - 

.3088-5 

intra-day high and low tor week 


TRADING VOLUME 


■ Major Stocks yesterday 



VoL 

Closing Day's 



pries 


ASOAOroupt 

9.600 

36*2 


AWp«y Ntotoonit 

4.400 



AHktI FWwr 




AtotoM+ronst 

5JQ0 




465 




MD 



Argvf Qoupt 

AooVWogmT 

S.DOO 

838 

230 

-4*2 

Assoc. Bm. Fcndst 

541 



Ahboc. BrtL Ports 

292 



BAAt 

609 



BATlrKto.t 

5^00 



BET 

2500 



BlCC 

5/2 



BOCf 

3300 

717 


apt 

7300 



BPBInds. 

031 



an 

8.300 



BTpJPaU) 

s. ran 

277 


BTRt 

1000 

377 


Bsnk ol ScoOsntft 

2.800 

188 


Baretoyst 

6.900 

537 

H2 

Bmtot 

3,000 



BiuoCrctot 

1600 

331 


BooLsi 

03 



Booot 

4.000 

630 


Bomtoct 

1.900 

448 


BitL Arapaoot 

1.100 



Bntsh Atrwsyst 

iaoa 

4171, 

-ah 

Brian Oast 

18/300 

304 

49 

Botch Land 

w 



atari Start 

8,000 

140 It 

-*2 

Bird 

804 



Bunrnh Casbott 

778 

817 

-16 

Birton 

3.400 

68 


CatosLWrat 

4400 

438 


Cadtxsy Sriwqgpest 

1^00 

474 

tl 

Cater Gr.*^ 

81 

317 

-8 

Ouodiiit 

883 

381 

-6 

Caauxi Conim.t 

1.100 



Coots Viyctot 

2,100 

234 

-1*2 

Comm. UrKat 

1000 

582 

+7 

Coohscm 

378 



CoutoiMt 

2000 

518 

-41 

UikjtoY 

270 

445 

-1 

do La Rurt 

ora 

945 

~3 

Diums 

2.400 

207 


E-rttrm EJrct. 

1000 

633 

«3 

East Mdtond Dscl 

409 

532 

-10 

Eng China Claya 

2000 

615 


Errtorprew OTf 

2000 

419 

40 

Euotuvwl Units 

171 

523 


Fhl 

1.400 

203 

-1 

Focra 

woo 

131 

~s 

ForeWi & Col. LT. 
FuftoT 

753 

11.000 

278 

257*2 

-7 

♦*Z 

Om. Accident 
Gerarri Etoucf 

1700 

823 

<2 

9.100 

300 

-4 

Gtmot 

woo 

825 

-1 

GTynwod 

613 

378 

*h 

Gonodat 

2J0O 

£42 

-3 

Grand Meif 

6.600 

455 


GUS-t 

4J00 

584 

410 

GRE| 

3.700 

IB 

♦1 

GKN 

889 

684 

~4 

uulmesst 

3.400 

470 

*3 

HSBC(T5p*B|t 

4.200 

756 

-8 

H^rimiwsOfl 


384 

-3 

Honsoof 

12.000 

ZTS 


Hontarnw CrcafloM 

259 

209 

*1 

Hnvm 

183 

293 

-1 

Htotoknm 

1^00 

17 1 



915 

348 


or 

2»0 

815 

-2«a 


1J00 

552 

-5 

Jarrxn MuJth*} 

107 

805*2 

J 2 

hlujltohort 

8,100 

550 

45 


22 

5*1 

-1 

LadOroLst 

4.1O0 

197 


Laid Socurtnast 

3.100 

652 

4 

Loporto 

987 

788 

-8 

Lege 6 Go<«*irt 

2.10Q 

438 

46 

Uopfc Abdov 
UcyihBatot 

448 

MW 

406 

588 

10 

*22 

LAEMO 

1800 

125 

+1 

Union EtocL 

471 

871 

-15 


Lentio 

3ri*00 

T54 


Lids 

2fl00 

195 



888 

470 



30 



M i: 4-0 

231 

838 

-10 

MortsaSpsnosrf 

&B00 

418 

MrtkndsSecL 

269 

eoe 


Morrison (WtnJ 

1JO0 

117 


rffCt 


234 


NMWe* Sor*7 

8.400 

458 


NMcnsi Powert 

1.600 

48o *a 

-4 


2700 

222 

t3 

North wast won't 

480 

530 


Northern BstX 

1,100 

es? 

-a 

Nonhom FbcxJrt 

1/400 

208 

-a 

Norwttj 

IBS 

831 

-12 

Pssraont 

1^00 

835 

•15 


ajoo 

709 

*44 

Pe*mton 

1J00 

101 

^1 

rcnrerOtoit 

PrudertMt 

3,000 

8/00 

621 

320 

-15 

+7 

RMCf 

433 

943 

-10 

HTZt 

2.100 

BS4 

-2 

RbcM 

ijBaa 

as 

-7 


2.700 

309 

*18 

FtocWt & Cohneut 

Z300 

002 

-0 

nedtondt 

13300 

550 

*7 

RwdhB.f 

971 

831 

♦1 

SS5 

1400 

1J00 

an 

2013 

+2 

-1 

FtoHittoycst 

7,700 

1300 

9300 

194*2 

+4 

HylBkScoOMt 
Royal hsusnesT 

414 

271 

+11 

+12 

S^nrtxryt 

4300 

303 

+i 

Sdirodsta 

402 

1180 

-3 

Sctxtton 0 Nen-t 

tea 

522 

+3 

Scdl HyOo^hcL 

? non 

S7S*2 

-10*1 

Sooettoft fttowr/ 

1.700 

390 

-a 

Etourt 

7X00 

117*21 

tf>2 

8to«wck 

888 

208 

+1 

SasbQtod 

500 

323 

-4 

So*am Traorf 

1300 

H® h 

+1*2 

Transport 

8300 

668 

-fl 

Sough E«i 

SOB 

9900 

570 

254 

•A 

-1 

SmHn (WJ+) A 

943 

522 

+3 

SmOh 0 Nspdatot 

3300 

138 


SrnlQ Bsschtonf 

4,100 

385 


Sn« Basown Uto-f 

2300 

347*2 

-1*S 

SrirtelndB. 

1.700 

481 

-7 

Soutfsn Bact-f 

5S7 

623 

-0 

South Wriss Etoct 

22 

070 

-10 

SotlOl West Wtoor 

118 

550 

-2 

South Wo«t. Etoct 

652 

«23 

-8 

Southwn Wntsr 

83 

588 

+* 

Standmi ctemf 

713 

1067 

♦13 

SttnAuu 

3300 

222 

*0 

Sun ABtneat 

6300 

343 

+17 

TIN 

519 

232 

-1 

TIQnxMt 

1.700 

3S0 

-a 

T£«t 

8.700 

218*2 

*6*3 

Tmntact 

3300 

185 

-3 

TotsSLyto 

1J00 

434 

♦a 

Tsykx Wtoodraw 

1J00 

144 

-a 

Tosoot 

11.000 

212*2 

-1*2 

Tharnss wuarf 

828 

513 

*2 

Thom EMtf 

810 

1050 

«S 

Tonkkist 

2.000 

247 

-a 

TtotriB* Moiito. 

8300 

100 


Urrigtoa 

508 

332 

•a 

UntoTOt 

3JOO 

1047 

+2 

UnSsO BJacutarf 

3.400 

351 • 

-i 

UaL Nwapspers 

2300 

649 

*« 

VorioJcrtot 

2300 

531 

-9*1 

WsrtMgBQt 

1300 

745 

+17 

W«4™»t 

4300 

572 

+22 

VNHiWMar 

818 

837 

-7 

WoBWte Witor 

130 

665 

+2 

WWtbnnJt 

833 

524 

♦4 

WMams radgs-t 

1J00 

361 

-1 

WUaConm 

1.700 

228 


VOrpsy 

1300 

185 

-0 

WDlselsri 

#70 

919 

-0 

YcrtMtos OocL 

188 

507 

-14 


287 

614 


Zsnacat 

1,100 

744 

-1 


Basal on nan w*n hr a i*nw d nfrr ww— — aw» M 88W jiimnij art um» ttrtw 

at not amocn a m a j» isonM <kwc I hWlI an FHB WO W» aa*W 


FT - SE Actuaries Share indices 


EQUITY FUTURES AND OPTIONS TRADING 


The end of the account and 
Merest rats worries created 
a day of turmoil in stock Index 
futures, with an early Ian to 
3,081 turned mound by US 
buying. 

The June contract on the 
FT-SE 100 dosed at 3,138, 
about a point ahead of its fair 
value premium of around 10 


points, with exceptionally high 
turnover. US institutions took 
It up to 3,147 in the afternoon 
before bond weakness pushed 
it back down. 

Meanwhile, traded options 
turnover was 40,000. Volume 
in FT-SE options was 18,577, 
and Land Securities was the 
busiest stock option at 3,079. 


■ FT-SE 100 INDEX FUTURES QIFFE} E2S per full Indent point (APT) 



Open 

Sett price 

Ctarve 

►*Bh 

Low 

Eat. uq| 

Open (nL 

Jun 

311&0 

3138.0 

13J) 

3147.0 

3061,0 

23597 

57238 

Sop 

- 

31 53.0 

13-0 

_ 

to 

0 

70S 

Dec 

- 

3166.0 

14D 

- 

- 

0 

0 


■ FT-SE MP 250 WDBt FUTURES (UFFEj £10 par 50 Index point 

Jun 3780.0 377SX SXt 37BS.0 3738.0 289 2020 


■ FT-SE MP 250 MP8X FUTURES (OMUQ £10 par 1UI tide* paint 

Jun 37700 3787.5 -7.fi 3775.0 3760.0 4 772 

S«p 377&0 

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■ FT-SE 100 WOEX QPTIOW (UFFQ (-3436) £10 par (id index po to 


2850 3000 3050 3100 3150 3200 3250 3300 

CPCPCPCPCPCPCPCP 
Apr 197*j 9*2 151*2 18 111 >2 29 33*2 4* 49*j 65*2 29*2 88*2 15*2 135b 6 179 

M* 2M 29 in 41 139*2 54*2 108*2 74 n 86 60*2 124 42 155*2 28*2 133 

JM 191 55*2 155*2 59^ 128*2 90*2 169*2 112 78H 140 56 T9 43 203*2 

JhJf 238*2 51 203*2 05 171*2 81^ 143*2102*2 US 124 94 152*2 72*2 161*2 57 215 

DKt 276 120*2 214*2156*2 162 202 11 5*2 254 

Ota 12067 Pi* 70Z7 

■ EURO STYLE FT-SE 100 INDEX OPTION frJFpq glO p trftrt todex point 


2975 3025 3075 3129 3178 322S 3275 3325 

Apr 167*2 14*2 128*2 22*2 91*a 34*2 81*2 54*2 »*2 61*2 29*a114*2 12 154*2 5 197*2 
May 197*237*2 161 50*Z 120*2 85*2 60*2 85 71 108*2 50 138 34*2171*2 22*2 221 


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3850 3800 3850 4000 4050 

4100 4150 4200 

JW M 108 13*2 152*2 7 

170 38 240 2 287*2 

337*2 *2 




| FT-SE-A INDICES 

- LEADERS & LAGGARDS j 


Pac car t a g* change® since Dacambar 31 1983 basad on Friday March 25 1994 
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575 

21.18 

1513 

121522 

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2094 

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179411 

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13/12/74 


■ FT-SE Actuaries All-Share 

Day's Y»r 

Me 25 chga* Her 24 Ita 23 Itor 22 ago 


Dto Earn. WE Xdaq. Tot* 
riW rate i*a ftoaa 


180OT4 

w 


low 



Windfall 
prospects 
boost Gas 

Anticipation of a big boost to 
revenues at British Gas saw 
heavy turnover and a rally in 
the shares, which closed 6 up 
at 304p yesterday. Investors 
were buying ahead of the 
expected windfall to the com- 
pany from customers paying 
early and beating the imposi- 
tion of value added tax on gas 
bills. 

Turnover rose to 18m, mak- 
ing it the most heavily traded 
Footsie stock In the market. 
Volume was boosted by a block 
of 5m shares taken at 295p and 
placed at 296p. 

Dealers said the company 
bad already received more 
than £100m in advance pay- 
ments and was expected to net 
around £50 Om ahead of the 
VAT deadline at the end of the 
month. The effect will be to 
boost earnings by about £3Qm. 
according to some analysts. 

Stakis deal mooted 

Suggestions that Stakis is 
close to f^TTirhmg a deal to buy 
a clutch of four star hotels 
worth in the region of £80m 
were being heard in the mar- 
ket yesterday. The Scottish 
hotel group is said to have 
been visiting its big institu- 
tional investors in recent 
weeks in readiness for an 

nnnnunppmpn lL 

With the hotel industry pres- 
ently awash with unwanted 
chains, leisure specialists had 
little trouble naming possible 
contenders. Favourite is the 
Copthorae chain owned by Aer 
Lingus, which is known to 
have interested both Stakis 
and Forte in the past, although 
the price being asked by the 
Irish group is believed to have 
been discouraging. Queens 
Moat Houses, the troubled 
hotel group, was another name 
being mentioned. It may be 
tempted into selling some 
hotels to reduce Its debts. 

Any deal of such a size 
would involve Stakis in a cash 
raising exercise. Yesterday 
Stakis shares were steady at 
85p. Forte survived a James 
Capel downgrade to close a 
half-penny up at 257‘Ap. 


NEW HIGHS AND 
LOWS FOR 1993/94 

«W HUMS fT7). 

BANKS 01 aurora Tnel A fe. BfCTRNC & 
ELECT EOUP (Q Forward Tactratogy. Tttorpa 
JW}, BtQMCBHNa (1) Morgan &ictHe 7-&0C 
PI. ENO, VBKLES (1) UofcsMvan. 
exnUCTtVB INDS » Ndnon Qrtd. Pradoua 
IfcaSb HEALTH CARE (3) Aimftam. Farrart*. 
HOUSEHOLD goods tn Ponmwton Potto. 
LEISURE A HOTELS fl) Absntoan Stock 
Mouse* M£DM tl) Tetegnph. reTABJERS, 
8EMBML (2) Qddsrnflfe. OSvcr, SUPPORT 
SHUTS (1) BNB, TRANSPORT (1| loM Steam, 
CANADUNB p) TVX GokL 
MB* LOWS Pa. 

cults (zn onn fixed smsuxr m fn. 

T3pc 97AB. BANKS (t) Standard CMS. T*pc 
PC BULDS4B a CUSTOM (T) VUE, 
UHHJllU'm BtPLS (11 Tiitapa lliu. 8p Pt. 
toKHNEEHMO 44 Feman, Hants ENQ, 
VEHCLES (t) tom FOOO MANUS (R 
Cnta Ptaa No nhwn, Usbvna, Yerkahtfe. 
HEALTH CARE (B| Borneo, Cato*. ImercmiUto 
SetonCM, Shield DCf naUa, M8URANCE (3) 
Atonrt Lk>|dB. Macro Meet PitmUn. 
MVSTHefT 7RUSIS IB Svtog Emg. Euo, 
Do TOta, Qonca Httfi lit, Jortnaon Fry Second 
(Ob, Do Zeo PC Than** Pm Bmo Zoo PC 
LBSURE S HOTELS » Hcatadi. Trtng. MEDIA 
tq CcrcrMMd, Gold awriMB TVaa, OS. 
EXPLORATION a PROD (1) Copfax Rnouaa, 
OTHER BBIVS a BUSMB (1) StonNI 
McEucn, PHARMACEUTICALS (S9 Fkctonodan. 
PratoM, PRTNQ, PAPER a PACKS (I) Os* 
PtodooTO. PHOPBTTY M OtoUMd. Prtor. 
RETABJBRSL FOOO flj Goo®. RETAILBtS, 
OBNERAL (Q BoMnavK CDtotvWon. 

SUPPORT SBM M BertnL BuataMf Pom. 
GRse* Compwro, bmm K*t 7Boas» a 
APPAREL (tl Shmood. AMBDCANS (1J 
Houston M. 


Shares in Wellcome recov- 
ered from the three-year low 
achieved on Thursday follow- 
ing disappointing figures and 
rose 22 to 572p with supportive 
brokers reiterating their posi- 
tive stances. 

UBS repeated its buy recom- 
mendation arguing that the 
shares, at a 34 per cent dis- 
count to the market but with 
growing earnings and a rising 
yield premium, were very over- 
sold. Wellcome also benefited 
hum positive newspaper com- 
ment. However, some securi- 
ties houses are becoming 
increasingly cautious. Smith 
New Court backed away from 
its ‘mild buy* and Goldman 
Sachs cut profit forecasts for 
Welcome's figures over the 
next four years. Goldman 
moved to £71 Om from £725m for 
this year, £750m from £790 m 
for next year and to £800m and 
£855m for 1996 and 1997. 

Oil stocks hung fire as the 
first day of the Op ec meeting 
provided no indications on the 
direction of a a decision on 
quotas. Many analysts expect 
the quota of 24.5m barrels a 
day to be maintained which 
might well send oil prices 
lower. Shell Transport fell 8 to 
656p but BP slipped down 1 to 
373p. 


Exploration and telecoms 
group Pittencrieff lifted 11 to 
41 lp after the company 
announced further details of 
the proposed demerger of its 
PCI telecoms arm, which it 
hopes to list on the London 
market 

Banks and insurances led 
the way forward as a rush of 
US interest in the oversold sec- 
tors forced marketmakers who 
had cut back their trading 
books on the last day of the 
trading account to struggle for 
stock. The short covering sent 
Lloyds up 22 to 56Sp, Barclays 
up 12 to 537p, Royal Insurance 
12 to 271p Sun Alliance up 17 
at 343p. 

One advance in an otherwise 
weak electricity sector came as 
Eastern again went into the 
market, buying 550.000 shares 
at between 627 and 630p. The 
stock added 3 to 633p. 

Beazer Homes made a fair 
market debut, but talk prior to 
trading that it would be 
marked down proved right as 
the shares came nndpr immedi- 
ate pressure. After opening at 
165p, they tell 10, before recov- 
ering to dose a net 3 off at 
162p. Turnover was a massive 
53m. 

It was a less auspicious start 
for MAID, the computer ser- 
vices group, which came to the 
market at llOp and slipped 
down to dose at 102p. Turn- 
over was TOSJXXL 

D rinks giant Allied Lyons 
basked in positive comment 
following the £739m takeover 
of Domecq. the Spanish spirits 
group. Rod the shares gained 7 
to 568p. Merrydown. the cider 
group, announced the loss of 
its finance director. The shares 
slid 16 to I33p. 

Geest retreated 17 to 245p 
after unveiling poor results on 
Thursday, pulling down Fyffes 
6 to 94p. 

There was heavy volume in 
Kingfisher as buyers returned 
following recent underperform- 
ance prompted mainly by stra- 
tegic concerns prior to and 
after its results this week. The 
shares rose 5 to 550p, with 
turnover touching 8m. There 
was ftnther support for Great 
Univeral Stores, buoyed by 
continued talk of an imminent 
share buy-back, and the shares 
finished 10 up at 584p with 
turnover at 4.2m. 

Rolls-Royce was one of the 
few engineering stocks to hold 
up well in the depressed morn- 
ing trading, bouncing back 


■ CHIEF PRICE CHANGES 
YESTERDAY 


London (Pence) 
Rises 


Aiitours 

485 

+ 

13 

Chrysalis 

161 

+ 

8 

Forward Tech 

33fe + 

3 

Isle of Man Sttn 

310 

+ 

22 

Uoyds Bank 

568 

+ 

22 

PittencrleR 

411 

+ 

11 

Royal Ins 

271 

+ 

12 

Sun AIBance 

343 

+ 

17 

WeJlcome 

572 

+ 

22 

Falls 

Atlas Conv Equip 

533 

- 

20 

Ayrshire Metal 

83 

- 

12 

Baldwin 

95 

- 

8 

Capital Irtds 

154 

- 

15 

Dale Elect 

74 

_ 

8 

Fisher (James) 

55 

- 

30 

Fyffes 

94 

- 

6 

Geest 

245 

- 

17 

Merrydown 

133 

- 

16 

Norbatn 

318 

— 

32 

Phone! ink 

371 

- 

24 

Proteus 

292 

- 

24 

Reflex 

43 

- 

3 

Stavefey 

212 

- 

15 


from heavy selling in the past 
couple of weeks. It dosed 4 up 
at 184%p. 

Other engineering stocks 
doing well included B1CC up 4 
to 438p and Delta up 6 to 542p 
amid bid speculation. 

BTR was hit by profit-taking 
late in the session, closing 
down 4% at 377p after dropping 
to 374p during the day. 

Garton Engineering fell back 
2 to 124p despite good results. 

Vehicle distributors had 
a dull day with T Cowie closing 
down 10 at 804p and Evans 
Halshaw dropping 9 to 534. 

Among transport stocks, 
P&O continued its good run 
after Thursday's figures, rising 
another 14 to 709p. after push- 
ing ahead 27 at one stage yes- 
terday. National Express was 
also in demand early on after 
posting a 36 per cent profit 
rise, but ticked back to close 
unchanged at 270p. 

IOMS Packet rose 22 to 31 Op 
ahead of Monday’s results. 

Among leading companies 
reporting full-year figures on 
Monday, Pearson bounced 15 
to 635p and Inchcape slipped 5 
to 552p. 

Shipping company James 
Fisher fell 30 to 55p after 
revealing a £5.6m annual loss. 

MARKET REPORTERS: 

Christopher Price, 

Peter John, 

Clare Gascoigne. 

■ Other statistics. Page 11 


in mesial Exnucnmps) 
12 tdraefts MU3*les(4) 

75 W. totoaraWPI 

16 01 Exptaranon & PnxHii) 


-0.3 25K07 8546X1 2561.47 216L7D 

-42 3956.75 39*605 40(025 316670 

-44 240000 245016 2467-75 204640 

4-1.1 1617.06 1827.18 164440 306610 



25.11 27-63 66660 266630 
2670 8631 107135 <10736 
24,10 31.60 07617 *15.73 
32.87 600 10(174 *43.18 


9(2/04 166060 1671/63 300330 0/204 

2/2/94 2801.90 7/5193 <107.65 2/2/94 

9/2/94 171690 1871/93 2B16H 6/8/94 

8/3/93 188640 15/1/93 3944.10 MAO 


19/2/86 
100600 31/12/85 
BR30 20/2/66 
65630 28/7/86 


20 GEN MANBFAClUKERSQeO 

21 Budfng & ConstmcOonOD 

22 Bc*)wa ltaOs 4 Meretapd 

23 ChwntotoCJO) 

24 Ownsfed *KMtraiSi6) 

25 Deem**: & Bed 

26 b>ffnaettrqp?\ 

27 Engbwmg. WV0eaU3 

28 Pining, Pao* 6 PriflCT] 

29 1 amts & flptmdCa 

30 CONSUMER GOODRM) 

11 ftwreriesdO 

12 Spirits. Wrcs 6 QdefsflO) 

33 Food ManatKHire>s(23) 

34 toMtftou Gcodai2) 

36 Hraffli CaretTO) 

37 Pnannxcunamil) 

38 TutecnxH 

SERVICES(221) 

JstnbUta 9(311 

fWilllfrs, Food 1 71 
WnHere. GennofiMl 
Support SwwraAO} 
[raiswnnO) 

KJio Senteea 6 BuflnesKIZl 




I027S5 

304678 

221601 

310446 

157621 

1TII87 

166603 

2551.53 

1183.06 


+02 2024.45 
-1JJ 307687 
+08 Z1 67-32 
+62 3097^3 
-05 1S8646 
+0.4 1705.14 
-02 166685 
+04 2542J» 
-0.7 1191 m 


203662 

307327 

223644 

311-L54 

160672 

1712JS 

1684.75 

253652 

1200KQ 


206440 

306164 

229077 

314050 

163602 

173171 

imx 

2677.39 

120662 


177650 

2011.70 

175640 

2224.40 
200650 
147090 
152670 
2D7640 

1287.40 


192 5.49 
252 602 
524 450 
255 4X3 
3571012 
292 &43 
244 658 
350 055 
451 695 


2214 695 
2694 657 
sus 1625 
2610 1490 
1227 153 
2671 4L94 
1657 158 
3297 662 
3669 057 


975.41 
103221 
1074.14 
1061 X 
91650 
89657 
90661 
87995 
9BS94 


3B7290 471/93 

1971794 
322683 2471/94 
1VU9t 
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190613 1971/04 
mm 471/83 
473663 2anaB3 

220277 187004 
331633 2004 

2306(2 17/2194 
334611 17/2/94 
223620 2871/33 
1934LM 29*1293 
2®B4 
36M4 
146050 6/2/33 


255619 21/7/93 386090 22712A2 
191690 4/6/93 240452 1971/94 

257640 10711/93 348750 T1/5/92 
213750 2117KO 2—154 19094 
*9620 21/5/03 200614 18/2794 
W750 12711/93 204740 2VM7 
2—471 21/7/03 41SB50 1471/B2 
*7150 16693 473683 29712/93 


173950 7Ki 93 
231690 2QTU93 
100250 13/5/93 
214630 2571/83 
149550 11711/93 
142750 11/2/83 
142640 1/1 (S3 

191600 1371/50 
112601 13712/93 


2287J7 f B/1/94 
231933 2/2/94 

236052 17/2/94 
334611 17/2/94 
223620 2871/33 
193454 2002/93 
272)94 
3/2/34 
16/7/87 


96750 14/1/66 
98250 14/1/98 
96750 1471/96 
94610 14*1/66 
927.10 21/1/68 
67250 21/1/68 
6S3L7D 1371/96 
9/1/88 
23*1786 
90660 21/1«6 
975.40 21/1AS 
97520 971/86 

01750 21/1/88 
87610 902138 
i/zm 
14/1 /B6 
Llfl 1471/66 


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64 OtsnifiuDtncT) 

66 Ti*«wnniurtic«ionsi4| 

bB W3«w13t 

69 imnW5CMlS(63» 
» rauHCULSpoq 
71 fcrtBfim 

73 toaaancain 

74 U« AsswanceW 

75 IMcnard 

77 flaw Fnanoa/Cttl 
» ftwcrtKM) 


2344.64 

2254.64 
207135 
203422 
164136 


-02 2349.10 
-1.7 2292.70 
+15 1973.54 
-0.2 2037.66 
+63 *837-95 


237859 240051 
2327 J8 2341.42 
2005,77 204755 
205454 207158 
196866 1885J9 


214850 
1751 50 
166450 
197620 
182550 


458 753 
357(098 
591 * 

358 195 
5521179 


1650 160 
17.19 1165 
t 050 
2053 IMS 
153 xa 


87650 EOS 2/2/94 
01057 2019.12 3094 132070 

89357 237157 19712/93 1BZ75B 
B4655 248150 29712/93 187250 
88851 2126J9 3/2/94 


21/1/93 27SZJ3 2W94 
3003 267112 2094 

1371/93 2379J6 16/1293 
27/1/93 248750 29*12783 
2171/93 212129 3004 


80250 371000 
S95J0 7/1/91 

99450 9/12706 
60250 371008 
99430 1/S/90 


170459 

2260.44 

285134 

1360.48 

2570.74 

<93191 

1873.47 

162116 


"Ifl.1 1707.42 1723J7 174&38 158357 168 552 *53 157 117181 187138 2/2/94 W7432 1971*3 187138 2/2/94 KAO 13h2ff4 


+5.8 224150 
+1.0 7825.48 
+1.7 1337.70 
+1J2 2S3954 
+09 2904.23 
-5.4 1982.16 
-5.4 1628-37 


227046 

268754 

132856 

2543.42 

292148 

200096 

1642.17 


22954B 186840 356 827 1816 2950 67800 2737.13 

290842 226150 177 864 1758 5556 84154 3801 50 

135453 131150 4.72 951 1450 1132 007.18 198U1 

261950 259750 451 4.73 2850 291 94555 2BZ1J7 

2043.43 233250 356 856 15.13 11.44 86251 376159 

201148 1364.10 351 654 2159 1237 103)56 22JB3S 

1657.72 119880 178 145 3844 260 90845 


4/2/94 1880.70 
4/1/94 204040 
24/1/04 12*50 
19/1/84 *9150 
2/2/94 100810 
4/2/94 113080 
4/2/94 


13/1/93 2737.13 4/2/94 

13/1/93 380155 4/2/94 

1B7U93 102450 20/12/88 
13/1/93 29*57 19*1/94 
1/1/93 370150 2/Z/B4 
1371/93 227835 V2M 
571/93 *3240 S/B/89 


07250 23/1/86 
65050 2371/88 
87090 ZS/8/B2 
987 JO Z3/1/B8 

27/1/88 
ITTOiOJ 
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2840.68 


87 287746 288*60 220350 815 153 5756 1450 94357 316*31 2/2/94 20(150 1VU93 *801 


158124 


1581.44 159750 161755 136813 167 5.75 21.13 1818 1*822 17BW 2«94 13»19 1071/03 17*811 


2/2/94 

2/2/94 


97730 1471/86 
6152 13712/74 


movements 


050 


1050 


1150 


1250 


1350 


1450 


1800 


1810 


Mgh/dBy Losm/day 


31181 
37S0.7 
1588S 

H«h 45.DB. L o*: lOJSsm 


3117.3 

37BS5 

1586.0 


31075 

37S5.4 

15815 


3097.6 

37087 

15783 


30086 

37875 

15775 


30075 

37655 

1S765 


3104.0 

3797.8 

15787 


1QIL R-/IK" " - 

350 lod^tr, ba^eto 


1150 


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1350 1450 


1550 


3006.6 

3783.1 

15754 


1810 


31325 

37782 

1590.6 


31335 

37015 

15605 



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12719 

12846 1263.1 

1250.9 

12570 

12530 

12500 

12570 

1280.6 

-203 

28622 

2658.4 2851.1 

ZB47.9 

2849A 

28404 

28705 

28720 

28830 

♦08 

183Q.4 

1820.4 18200 

18200 

18240 

18190 

1839.1 

18380 

1B330 

+08 

2BT88 

28200 2838.4 

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26301 

28407 

283Z0 

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28905 

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28870 

28800 

+270 

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250 S to» TWO 31/12/85 141860 Waffir 29712/88 100050 UK GKa Mw 


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. n pn .no FT-SE HU 230 « Iw 1W* 31/12,85 *412.80 Water 

■**- FT-SE-A 350 31/12/85 68254 Nan-Hnsnchto 

FtSiW 31/12/83 100050 FT-SC^ M-STian. 

SSlSS 3VIZ790 1000.00 « Othtr 



tvMCa-eor’r { 5+C*or ^ 


1074/62 mw inctec-LHad 
1074/62 10800 Oafaaand Loans 
31/12/85 1 (XXL 00 


31/12/75 10050 
3074/82 10050 
31/12/77 10050 


! other 31/12/85 KXXLOO 

Kim* and Bib FT-6E Amtoa A/hShn NVJ ft* FT-8E BnnC* lnfl» mm cunplkd o» 1 »n 

i Mad Ml M tJm. e Uia ManMMol Stock Eadnos or 8» uneed Khvtom nd 

to* ** loM nada oarti and omtaa nata tf toa Umkn Otodi Bdanaa sid It* Rnaic4( Tmw 

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For mote Information about 
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FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27J9M 

























































































































scSesgsEmgEce 






FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 




































































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ABMAmr 6400 
AEOOM 0320 
Atefl 49JD 

AKGON 21480 
Armopfl 7&40 
BcBM 3080 
BteOR C30 
CSM 07 
□» 129 

omtPa 170 
Bsnr 168.40 

PtoQpfl is 

Gamma 0® 
Okflyfl SI .7 

Kaapyr 
Hanoi 


— (teopfi 


1*S 

223 

as? 

IWBJpfl 0080 
WXjs 8170 

KIM 44.10 
mPBT *780 
KPMJpR SI 80 
Nadya 6580 


S3. 10 
7580 
12280 
81.80 
12580 

ifiS 

7$% 

17380 

iSfi 



-80 7180 6080 48 
>80 111 74.40 48 
♦80 5140 4130 _ 
-480 726501X38 39 
♦28880 50.80 48 

- 50 4720 37.76 — 

-1 52 2130 19 

-1 7780 5080 -■ 

*480 12980 00.40 1.2 
-170 201JB 13230 28 
-4019570 120 1 4 
♦80 S3 110 69 
-1 10630 71.70 44 
-130 5480 33 28 

-.50157 SC B0J5 ™ 
-3 3781 IS! 90 18 
-1 31750 17B H 
-70 © 2080 7.7 

♦80 8150 3580 l4 
-.40 45 21.75 181 

♦80 94.70 5480 49 
-80 8150 4040 \Z 
-.90 64 2110 23 

-.90 62 2735 03 

- SO 5730 3420 23 
-180 8150 2280 59 

♦201003J «L50 13 
_ 16680 109 ZO 
-280 87 38 17 

♦ 1.10 S3 SO 1980 0.9 
-.40 6480 43 10 

-80 131 96.70 IS 
♦80 6B4B80 BO 

-1 m40n.30 26 
-2010QW 80 4.7 

—3.3021549 14280 45 
—80 492650 17 

-t 2381MI0 19 
-1.40 20660 67.70 2.1 
*80 5330 3120 28 
- 1.70 mao 81 13 



£3 


snout 

_ GhwAiu 
SfcwOen 

„ smew 

StawSrat 
._ smew 
__ scyur 
_ SnwOrtl 


_ SunBM 
_. SwnBnk 
— CumCem 
_ Sumtam 


— NORWAY 25 / Krooerl 


Hartaru 

Hnwei 


-10 1.730 1 JTO 

♦701972 1.® - J7.7 gWte 
-10 1390 885 0 0 — g«»i 

830 aw .. . - ■ ^«te* 

*S 610 315 1* 

-1 >810 8S >= 

-30 1.670 B81 09 

*10 740 460 1.1 

3,490 1M0 - 
♦1013801.140 .... 

-.3.1401160 — 

♦SO 1010 1.190 .~ 

... 1.170 760 03 
-18 W W - 
*3 640 307 ~ 

*21 627 TO ._ 

♦S0 1870 790 — 

„ 1,790 1,030 18 
*401440 1® _ 

-101310 U20 ._ 

•61800 623 — 

*201,363 693 — 

*60 SID 48S ... 

-11 S75 347 — 

-30 1.480 915 - 

q'S’ia - 

, *101130 886 _ 

766 -17 670 M6 08 

♦301820 812 08 — SutnMW 
-20 4,700 1050 0.6 

♦4 733 457 10 

*10 679 388 — 

-so 1800 1,100 — - . ^ 

*301080 i jaa .... geuw 

- 1J60 003 — JOK 

4.T9U -110 4840 2850 ^ — !«■* 

S3* -a 750 448 as .. teem 

1280 -30 28*11850 — — TggA 

505 -5 8BB 330 — — JtaCn 

2.320 - 2.900 2,170 — — rmag 

4 ^ ii s = w 

S 2ig s- ~ a 

ys ^gjsSi^ = _ « 

1M) ._ 1.110 SU2 — roatma 

715 -S 182 370 - .... TofluRf 

810 -17 1.180 K70 _ TndtaUP 

’S +To * 740 Sa = |S p 

'« Ja*« *’ - - I0W ^ 

1 jl . _ 

323 *8 BIB 3SC — — 


_ issas 

SuntMur 


SwniBt 
_ SURTC* 
SunTie 


1,090 

1840 

445 

8J0U 

i8*> 

1880 

840 

2860 

822 

1.180 

1. n» 
563 
470 
3SO 
629 
501 

1.410 

1750 

7SAI 

0.1UD 

675 

2. t» 


091 

1800 

•UiS 

345 

90S 

278 

470 

685 

am 

’■747 

1.340 

$350 

660 

7.100 

865 

791 

1.420 

'-3 

482 

“2 

925 

tan 

480 

C80 


305 

OOP - 
761 .. 
321 
269 

785 OS 
— 
631 

VO 1 J 
DW ... 
740 - 

va . 
BOO 


372 - 
562 1.0 

612 no 

401 0.7 
315 l.S 
5T4J 

5KO ... 


♦** 204 

2 34 
ft 



30$ 30 B.4 13.1 

28$ 21 5.1 17S HUUn 

58$ 43$ 4.0 WeUlli 
23$ 14$ 2.8 4 0 Heaon 
IS! 13 23.7 W6HF 

*8 “SB M 

20 25 288 WSPut) 

25$ 55 1)3 ItenQ 
23! 3 A 5.1 VMvca 
35! 3J) 16 1 WYrtBT 
23$ 70 IIS wfep 
49$ 58 14S Winn 
Z7! 81 12.7 YWim 
34! 1.7 IBS warn 
20! IS 882 WkHCx 

22$ OS 500 Vtectn 

♦).’ 75$ S2' Z 38 27 A WixWri 

30$ !□ 21S Altingl 

*S 83 118 tlrttfa 

24! IB 268 Xhto 
... _ 2S$ 04 2S8 veflow 

_ 25$ 19$ IB 10.7 Zrtma 
-$ 40! 24$ 1.6 238 Zero 
-$ 48 1 38$ 2.4 198 
-$31$ 13$ 08 208 

IS ft ft ’.fSS CANADA (Mar 25 /CaaS) 

-$ 91$ 36$ 38316 (3^1) 

*$ 26V H! 7.311.7 

— 14$ 15 178 A«l*) 


76$ S6V 3S2S.B C8H9m 1 
4SV 36$ 6 A 14 7 CMB 
212 IS 165 C c 

12 is ia« Ci 

24 27 IBS COM 
8 64 118 Dirac 
. . 74$ 17 112 BectO 

16$ 12$ 18 23.4 EtalAfV 

-$19$ 5$ — 128 BtnAC 

*$ 21 12$ —102 COL 

-$ 17$ 12V 15 205 EELafr 

— 30$ 3 4 415 OS Gp 

+$ 51$ 36$ 2.7 175 &rtnq 
-»* 73! 43$ 18 207 Gyaert 

— 17 12$ IS 157 OiM 
34 18 248 tonte 

17$ 38 118 Krtbnk 
48$ 28 17S KMAF 
24 5.4 148 Mower 
18$ &1 S.1 tern 
IS (8 268 Pnrlux 
29! 09 348 POkn 
3 1 387 Pulkl 
38 403 Read 


i 12575 I 

> 2800 1892 3.4 


1 6800 28 



*7517 

♦30 68D0 $220 38 
188 — 192 81 68 

H -90 8 800 5820 18 
-10 1550 I860 IS 
-50 6820 5810 68 
-40 6800 5*50 6.4 
-20 3^0 2830 37 
-10 4890 2.805 48 
•jru +5 4.400 2800 48 
1505 -IB 1,600 1.110 28 
8/490 +20 9810 7870 — 

9810 —200 105C0 6—10 18 
$750 +50 5850 2800 2-4 

3810 -70 3850 2.480 4.4 

7J40 -30 6800 5.750 1.7 

7.100 -SO 7S50 5.630 IS 

ss jBjpfiSo 

17850 ...TfjKOlSoO 0.1 
10800 —100 10S75 7700 2.7 
$100 -40 16602546 42 

481 -a S88 273 — 


— 13! rt — 37 RyBdo S8S0 -1A0 £800 4JE3 38 — 

— 16$ 12! ZS IBS RyBAW 5.480 -30 5580 3510 3S — 


— GBtMAHY(U3ra/Dra.] 

~ AES 16280 -4 167 10.10 1.7 — 

— AEnOV SO.SO -1 630 390 1.9 — 

— AMArflg 1850 -80 I.4S5 72750 1.1 _ 

— AttS 2.478 -41 3880 1845 08 — 

— AE3TO 619 -150 575 471 2.1 — 

— Mb Y870 -9 1275 570 — — 

tea +1S 1.12Q 360 03 _ 

323 -5503250 207 26 — 
466 - 472 273 1.7 — 

411 -080 465 70150 1.7 „ 

J81-2D —550 390502$! 10 28 — 

BmM 4SB50 -680 53550 364 82 — 

BMVYBr fllfl-1450 8854*550 15 — 

BaynV 483 -3 53340550 27 — 

ff*»X a75 -5 300 B3S 18 — 

Baser 295 *.70 3435011430 1.7 — 

BHF Bk 420 -S 535 323 14 _ 

BiUBg 885 -11 1825 797 1 A 

Cdfcc 1800 -30 I860 802 0.7 

Cramp bts + 5 1.100 <25 1.1 

343 -370 288 229 3-4 


AkerAI 108 -180 112 35 28 — Hn n ^ TT 

OQ3nA YSS -280 182 7650 08 — t SSu 

— ,= - 1485 -75 19.90 13.35 _. _ 

140 -6 153 60 1.4 ~ K??3h 

9480 -780 114 22 — — 

1X80 -.50 181 108 33 

375 -3 399 ISO IS IJKS 

100 -512150 M ii) _. KfrS 

243 ->80 265 15250 1 4 _ SM 

173 — 210 87 IS _ S3gg 

246 -480 305 T83 T.7 — 

265 _ 28S 141 15 __ SS" 

76 -80 93 67 2.0 _ j gg 

78 -t 93 6450 2.6 „ {SfjL 

423 -1 435 133 _. __ Kofi 

20250 -5 217 70 0.7 _ JfSS, 

UMOr 147 +80 14750 bQ 1.4 _ 

vara 4450 -2 06.50 16 

WQIA 78 98 65 al — mT 


870 
*8 1/450 
-13 612 
-3 1500 
-15 940 


691 10 .... Ttam 
497 __ _. Tokico 

3SC __ — TuMoM 

922 _ TKScto 

SS i!f = fiSS 


ass 

HaSMAI 

tetri 

UNH 

ssse 

HTwA 


2.420 


- SHUN (Mar 25 / Pis.) 



23$ 1.7 228 (tan Era 
16$ — 208 AuCda 
10** ...26.7 HM 
45$ 2.3 722 ABMG 
17** — 405 UaM 
25$ 38 08 A*n6arr 
29 7/4 118 BCTM 
23 &1 11.4 BCE 


k$ 77 60$ 3.4 14.4 BkMofll 

“ ii ^2“ zBssss 



□om 


ft a 
Sgv A 



13$ _26S FMtt 
33 2S33.8 (fete 
16! 48 61 R rase 
. 2.4 298 Rowan 

35$ 23t 18 183 ROutai 
11$ 4$ — 08 Rbormd 

23$ 16$ 38 467 (feXMC 
43$ 36118 HuseCf 
MM 


| 

35$ 2.7 148 RyrarP 

. 47$ 2.7 178 ^STe 

SO** 28 2.1 — SK 

SB 41$ 38 298 Safeco 

33 30$ 48 _ " - 

62 44$ 38 178 


.. «$ __ , 

49! 33! £7 13.9 SoartM 
13! 7$ 70.1 19.0 BrycnA 

46$ 34$ 08 ... ancor 
88$ 50*; 2.1 110 CAE 
36$ 23 Ot 118 CTBn 

25 12 1 5 0.0 Cmbtar 

68$ 41$ 2 0 9.4 CamnSh 
21! 15$ 3 ■ 13.3 Camera 
74$ 51V 28 238 Cjitaip X 
29$ 23$ 78 128 CanOcc 
44$ 277, 2.4 15 8 CanPac 
0? 47$ 28 328 CanTrA 
13$ 6** ... 13.3 CUUA 

30$ 2T! 1.7 235 Carter 
21$ 1& 17 68.1 OneOd 

10$ 8$ ..Ml Cdmco 

(10$ 78$ 48 18.1 

— 27$ 18 22.1 


17$ 

33 

30 

20 

275, 

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25$ 

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-2D 2800 1.035 *8 

S&IMFV 2800 -65 2.790 1S00 45 

lira) -100 1S500 9800 48 
1850 -25 1500 1860 6.7 

14.800 -601550010775 08 

1QSZS -60011500 7.750 44 
23850 -125 26200 20.13 28 
2885 -IS 2S30 1SS0 *B 


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*$ 18$ 10$ £8 104 UCQ 
— 21 $ 4$ 08 755 UrMn 

♦t; a$ 2 $ — is 

_ 23$ IS! 1-7 178 

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29$ M 4 6 144 
E$ 40$ S2 21.1 
30$ 21$ $1 108 

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ft ^ 58 .78 ^ » ” '•'« » 10 » 


840 +10 730 389 £3 

229 -5 281 107 2.7 

311 -1 333 238 1.0 

6.400 -300 7 000 3800 08 


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-$ 43! 30$ ... 68 
-1*r 63! 29$ 18 6.1 
-t 36$ 72$ 28 16.7 

♦ $ 70! 56! 4.8 194 

♦ $ *S! 28$ 2.7 9S 

*$ 55$ 44 38 103 

— 33$ 23! 18 325 
+ $ 45 37! 18 248 

-ii 19$ 11$ 08 ... 

- 67$ 4(»$ 24 17.5 

Wjs 
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-$ 35! 10! 1.8 8.1 te"«l- 

Danrup a*] -$ M$ 22$ 48 9.9 

coopm 39$ *$ 54$ 37 3 4 14 3 “2S2L , 

COW3A 18! -$ 23$ 14$ £7 23.7 “DM* 1 

Craw 26! 27$ 24$ 48 10.1 ?*??... 

Comm 33 +$ 30 24 £1 _ ™™*d. 

Clara 28 -$ 30$ 22$ £7 178 

CroyH* 31$ -$33$ 20$ _ 1J5 "“«*• 

CranCS »$ ♦$ 41$ 33$ -.19.1 5^2“ 

CpmmEn 52! - E$ 37! 18 108 

SSSn n bi W 

S& ft *i« %'b ft 57$ 31! ~ 458 

SSL ft :$ ail 7 M & U'Ai sssr ft 5 ft szz, 

SStat 7$ 12 137 J 7V „ 3.1 Mconog 115$ -$ 122$ 4a! 18 128 Sniamr 

SS3I 74*5 4 K$ 28 188 M? ♦$ W. M$ 38 

OKBIWO 35 '• -I] 406; 30$ 1 4 9.7 S? <7 KI 2 Si* 3* iS"2 

Owe 84 ,tfl -$ 9Ut 42$ 24 20 0 MmdCp 42$ -$ 46*] 37! 23 208 

"^■S" ?t$ *3 S3 »3 72 17. 1 tetanc fik. *V» 96*| 51$ 08 218 SuM 

48 +$ 08$ 45$ 0.4 78 MMnB 

47Y« 30$ 48 168 MMS . 

*!• 37$ 265 7.5 88 »*« 

45$ 35$ £7 16.5 WoreSt 


DamPL 

DRaM 

DoArai 

OolrEd 

CUO« 

OttP 


44$ 38 178 
17$ 58 282 

10$ —20.1 
E$ 18 2£1 
38 08 8.1 

iss> 

. 3S 108 ! SSb 
1B ft isil? ISSSn 

S4$ 38 1O0 Smrsfl 
21! S2 10.1 SyMsta 

ft gar 

19 —838 SherW 
31 25 _ Showy 
29$ 1.1 178 SlgmAI 
34$ 08 388 Skyta 
28$ £330.1 STOW 
4$ __ 8.0 SKBcflA 

18$ 08 21.7 SKBfflU 

13$ — 16.7 SnpOnT 

17! 03 238 Seta 

6! 21 ■ 268 Sonora 

48$ 18 148 Sdiy 

16$ 60 128 SOtdvai 

22$ OS 287 SBvtCa 19$ 

.... 77 38 18.7 SMETal 30$d 

♦$ 47$ 38$ 28 10 6 SWA» 33$ 

$ -$ 39$ 25! £0 238 SWartl 40$ 

s h 





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51$ 38 ... 

13$ 28 BS 

^li,L s S 

0.4 13.9 GktSta 
£3 143 OWC_ 



♦$ 26$ 18$ 5 0 738 pT^? 
7$ 4$ 28 2.0 

— 20! 18 4.1 168 rarju, . 

— 23$ 10$ 0.6 60.1 
-$ 20*] 12$ 3 4 30.6 

-$ 29$ 17 £0 178 ASS’ 

-5 U ,0 - 8 mSs 
s ** »* 1:5 388 "Eg 

3.4 118 SSS 

S5 1£8 


350 

1B7 

465 

613 

238 


. 427 235 3.4 

— a&2S 60 48 
44 615 375 28 

— 670 25950 £0 
♦1 776 IE — 




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8.4 

3.1 

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0.4 628 
_. 18 11.1 
44 18 98 

rasa* 

1 17$ 38 13.4 Jtnedc 
17! 38 206 KarAd 


13$ <8 140 £££? 

08U198 58 Ura * A 

th £8178 n»A»<Mar25/«ka) 
7$ 38 133 

_ 4 4 ,<U zI?*-wa 

&SJ = SSSi 

♦ $ 5$ 3 — 86 t*S?t 

♦$ 19$ 10$ 08 520 MF 
♦$ 22$ 16*7 ZS 178 

>01 323 08ij«S 08 jtowB 
— 1 1«$91 11.0 *225 


368 -784 425 £17 £7 
1830 +30 1,650 1050 08 

ESS -2 385 195 18 

683 — 6783£1 S24 06 

BOO — 73732420 08 

570 _ 615 400 06 

565 *1 675 

468 — 505 

080 — 1872 

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385 O.fi 
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6$ 34 3QS MeaSO 
8! £4 538 «*“* 
- 08 388 *JJ» A 

FTTftA 

IVikO 

nno 
RaooM 



‘80 525 392 1.9 

052 —1480 871.5053050 1 8 

Doran SIS -352*50 31*20 1 A 
DfBX) 275 -2 288801*020 „ 

-128096680 62650 £1 

-180 170 9480 2.4 

_ .. _ -B 635 40150 28 

Drowk 291 *4 235 211 1.7 

DrjdBi 392 -080 <72 339 XI 

OEKE 530 _ 581 2S550 13 

Grate) 295 _ 304 185 1.7 

Basra 820 875 520 28 

ttaracS 221 +3 245 IBS 23 

Hemzm 1805 -2 1880 7B5 08 

HrtraP sdOO -580 688 502 1.0 

ram 405 -6 4S2 254 22 

hoc M 1.002 -3 1882 859 18 

►f*M SI f’ 

934 -6 1.059 780 13 

227 -1 258 140 28 

ISO -£5032450 222 14 
380 -66040450 250 £0 
143 _ tfasiTQ — 

nsa 580 - 580 630 47B £1 

K-mcf 507 -9 500 36SK 

(OtD 15*370 -JO 15X80 5 — 

BockW 14780 -180 150 39 X4 

Larxnw 716 *3 835 582 1 7 

LaW 770 *5 820 3S5 10 

Unde 867 -0 95609150 18 

IM* 301 -S 519 304 ZJ] 

*80 208 97 — 

_ *50 806 HI 18 

$33 -480 459 SSI 2.0 

MAH PI 34S -3 362 219 28 

41X20 -a.60 C650 225 1.4 

77S *5 630 901 — 

6*050-1050 680 79650 1.0 

MBOg 179 *80 43517550 48 

*£*«0 11W -100 $100 2805 04 
PWA 22880 + 280 257 145 .. 

PMConro SlZ -380 9120 495 X0 
PMlBBOSOir —450 070 305 03 
pnao 46050111 +£50 <9833010 28 

Witt 44* -980 535 384 £7 

HIKE* 360 -480 <24 

“ ” 1850 _ 1.470 

325 -5 3S5 

24*50 -80 


— CEPSA 


Strata 

BVlea 


atxrf 

radCan 

Mr 

rate 


SMACE 
Santo 
Soy 0 


Totem 

ToOor 

Un Fen 

UrFM 

ItaaK 

var/n 

Vfcctai 


0840 

5^70 

3810 

2S10 

4JBM 

13870 

6850 

813 

HS 

£700 

7.400 
1830 

640 

4.630 

1.010 

5800 

BJJTO 

5. 400 
11.0C0 

4,499 

19* 

SOS 

684 

3880 

1.790 

1.120 

650 

1800 

t-30 

Sflqn 


♦30 6JSD £660 £0 
-70 6.700-1,190 ... 
—6 £585 £300 58 

4.190 2830 7 2 

-5 4865 3800 XI 
-20017700 10520 28 
♦SO 7.480 4.260 4 3 
+6 3,000 700 252 
-10 1275 2800 £4 
-5 4B7D £290 3.1 
♦ ISO tlOO 3800 16 
-IS £715 1800 38 
-20 1.775 9*0 £1 
-10 38801885 3.0 
-50 6.100 3815 £8 
♦S 1.100 630 — 
-II 895 385 16* 
—TO 3.740 1800 XO 
♦IB 1810 640 - 
♦50 5800 3.800 £8 
♦10 7.630 3,410 ZG 
-200 6.490 £740 18 
♦40 11 J50 6,400 18 
-35 4,900 £605 £3 
*4 217 34 _ 

—2 5S3 =96 S B 

-2 015 381 68 
+20 4,460 9860 S.5 
-60 £185 1.135 1.4 
♦ 101.415 300 18 
*10 739 338 7.1 
♦10 3830 1.415 98 
— 1,425 563 6S 
•10X1201853 10 
♦50X190 HOT 1.0 


— BOTOk 5J00 

MuE 0B3 

— taumty 1850 


TkDone 

570 — — TM3PW 

-80 6.150 3880 ... — TVElra 

^^790 560 _ _ TJ»jw 

+8 079 870 ... — TVrtopo 
-a are &aa __ _ Tva 
-102800 1810 — — TkSW 

♦20 990 780 — IkuUr 

♦50 £=BO 1.370 — TkuQa 

*18 1.170 7SS -. Ttautne 

-14 7M OT Tonen 

-19 048 441 _ TuprrfT 

-10 3840 £140 — — Tony* 

-2 735 410 ..- 
-6 919 670 — 

♦20 3.150 2880 — 

-40 1800 1830 _ 

-15 SSO 396 
-20 £750 £010 07 
♦80 1SBO 1.480 — 

-8 570 352 — 

-11 I860 410 09 
♦30 1.180 677 _ 

-40 1860 786 _ 

♦50 3800 2820 _ 

-10 470 219 

-20 £500 1850 — 

♦11 485 770 .— — TojoOO 

*3 SSO *43 — TaOWtal 

-17 71* 370 .. 

>5 1830 715 13 

-20 6150 3840 ._ UniM 
♦5 741 310 _ — Wdor 

£000 1870 

48 792 453 _ ... 

+70 2J90 1,520 0 5 .. 

-13 535 210 _ _ 

*4 904 545 07 - 

-I S80 35B . 

—5 837 385 ... - vranKag 

— £110 1.130 ... — YmTran i860 

-8 549 281 — — YmzBMt £140 

-7 050 518 - — VMUn 1850 

*22 709 413 ... Vans 

-34 1820 780 07 .... YajHr 

-»^jaoa9 — twriiii 

*30 1810 '960 00 — 

11830 



... Maim 1.570 -20 1860 1810 - — vomLnd 

... KPOtka £500 3800 1818 — - V0B1«I 

- Ktate 375 -.0 487 3,2 „ = 


SWB8 (Mar 25/ Krona) 


AEAA 
ASA B 
Ana A 


— tamtai 477 

z'gS, ^ 

— Kao 1850 
... Kmttvy 408 

— KwKm 330 

ss s? 

Kent 590 

RMam 871 
RnOen £060 
_ KMON 635 


491 1.0 
680 357 — 

-20 £490 £200 .. 

-10 815 380 
— 1830 1.100 — 

-2 48t X02 ... — 

-8 445 281 — ... 

f s i = = 

-191.110 7G0 08 ... 
*20 2.540 1,696 0.4 — 
- 895 640 - - 


*40 1.1X1 675 
*10 1.5*10 K» H 
-? «JI ItW 11 
-90X2IO6U54 ... 

♦ 10 1.700 928 — 

•20 1720 £150 — 

-a i,o3Q ns . 

-an 2810 1.(80 — 

LO 1.1$) 90S 
-10 T.3MI 1.1J0 ■ 

*30 ijn i/tan . 

—4 745 413 08 
♦15 BOO 305 — 

♦9 4TG 230 . 

*7 7*0 *M ... 

-O 830 480 - 
-CO 1.510 757 .• 

*30 £820 1.170 .. 

*8 004 0U7 00 
.... 0/400 iBW — 

-19 024 521 . . 

+6 AS8 370 
-30 2.430 1.601 — 

-II I4C 400 
*G 319 
-29 1.080 
-20 1.000 
-I 517 
-1 *70 

-13 1.040 
. J.’t 

•A 1.180 

8=4 

♦3 1.010 
*20 1,600 
-11 S35 

♦3)1.480 
... 4.800 £080 - 

♦I BIB 500 .- 
. . 2890 1.891 1 8 
-3 6» *30 _ 

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— 7U 1.491] 886 

-WO 1.430 1.080 — 

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-3 5IU 
-1 954 

-11) 1870 

*1= AH 
-3 6 JR 
... U&4 
-2 ATI 

-17 907 

20.00) *200 21.50) 12J0Q — 

£ RGO *40 3.400 2840 

-101.5*0 030 ... 

.0 558 285 - 

-C SOB 3*8 
. 1.43U n.iSSO 06 
*20 636 JH5 ... 

1 .0911 1,170 — 

-20 £020 020 
-TO 2J7H 1.320 .. 

-30 4,450 2.44U .* 

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-5 616 7*1 . - 

-4 87U 484 .... 

*30 2820 1.920 .. 

.10 £070 I860 0.7 
♦5 793 3B3 « 

-5 1.0*0 600 
-12 780 330 - 

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-2D 1.41U 1JHW _. 

*4 723 565 — - 

*10 011 555 .. 

♦30 1.430 8.34 » 

-10 777 388 ... 

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♦ JO 1,3711 
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32$ 28$ 19 25.4 MnrS) 
66 V 45 I 4 2J e MMM 
66! 41 48 27 7 MoH 





87$ 61$ 13 128 SugU 

5*$ 39$ $1 1£5 Synte 

17$ 7$ 1.9 228 StaCO 

♦$ 41$ 29$ 28 176 TJX 

♦$ 44$ 26$ X7 103 IRW 

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51 $ 28 £0 6.7 Intern 

8! 3$ — 2A randy 

» 70$ —MS TVtaro 

48$ 25$ 1.2 428 Telecm 

-J. 48 39$ 28 24.1 TeMyn 

-$ 132$ 97$ 38 178 Tefcnn 



58448 NaffikC 
16$ 0.1 324) NATL S 
♦$ 47 34*] 17 17.1 Itertxta 

-$ 49 33! X3 138 Nam A 

-$ 40$ 25$ 28 34.9 NmOBM 
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23$ 13$ 7.1 78 Ouecrac 
31 22$ 18 33.1 ttagH 
34$ 24! 18 178 ReacBl 
77$ E! £6 21.7 RraEn 
85 38$ $1 218 Aepao 
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12$ £0 148 0GN 
16$ 48 1X7 BIT 

95 Bncalr 

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7$ S3 98 Canaf* 
1 6.7 18 " 

24$ — 47.7 

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58$ 27$ OS .98 Chjfiw 
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BS JO *80 8880 4280 — 

90 *190 110 46 1.1 

00 S 102 
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283 *2 299 

24.70 -.50 3580 
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170 19 
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27! 09 98 CkJbi 
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6$ 5$ OS 318 BIArai 

38 22! XI 09 BW& 
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1$ XS 28 BOSay 
15 V — 328 EfBCts 
17 2 A 34.1 Eeatfr 
14! —128 Bn 
22 41 468 Em» 

1 $ _ 349 EuRSOT 
6 1.7 901 EUOM 
5$ —30.2 Ffesfe 



673 -2 735 551 — 

712 +3 76G 560 34 

821 -12 896 SO 28 

678 -2 913 601 113 

ljtt» -91949 997 28 

I860 -69 1.435 32B 1.1 

055 -15 1.010 823 29 

248.40 -190 299 240 — 
578 -12 OBJ 392 £8 

3J99 *14 1750 £380 28 

694 -13 7157 538 £4 

1821 -9 1/480 B51 XB 

18*1 +11899 942 18 

CepGero 194 -3 237 130 3.4 

CrJratnt 100.00 +380233*017430 — 
4868 +33 4890 28S0 19 

17X20 -3 205 131 48 

1,444 -11 1970 980 £9 

418 *13 461 308 28 

244 *190 3C5 2D650 £3 
TJ5Q *11 1865 930 49 
693 -21 8S6 456 £2 

42000 -180 501 320 — 

605 -4 737 S2fi 1CL0 

5.420 -40 6850 3812 0.7 

711 -O 830 380 — 

405 -3 439 240 1 9 

891 -14 960 500 £9 

2941 -0 £094 2914 £4 

573 -3 703 302 28 

400 -5.70 *89 320 49 
33a_20 _ 4)0 21010 — 

1947 -31,144 B83 14 

«1 -8 1^0 571 — 

802 -8 885 455 — 

725 *6 830 381 19 

3810 +20 3818 1.725 3.0 

£106 -0=969 1880 X* 

884 +32 688 4065 ZA 
34 -1.60 99 23.70 £0 

160 +2 IE 11190 59 


—13 1=5)5) 

-2 417 297 £1 

-’=.8080680 508 IS 
— »10 TOO 485 18 

110 -5 S36 395 19 

-ISO 282 15890 £2 

48990 -8J0 S32 358 £7 

370 *590 370 21X50 £0 

... 330 -S *1831 300 £3 

MB 45990 -4LSO 513 314 £0 

YW* 48380 -390 SOUD 341 04 

VYYPt 40690 -£50«a5a £10 OS 

WdtaP 378 -2 B9B BOO I.I 

Znfjrap 232 *1 270 161 1.7 


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SCAA 

SCAB 

SXFA 

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♦12 £220 1939 T J 
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+*0023.*am950 1.3 
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+41 1.745 870 — 

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+30 12870 7,975 J.4 
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♦61 1801 532 — 

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-270 ID90D 4990 £0 
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186 1O9Q0 
199 69 — 

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-2 00.76 6.70 
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♦2 480 248 IS 
-8 144 2X75 48 
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-3 158 97 £1 

-1 98.60 32 7.1 

-10 705 345 18 
-6 71*5 41 18 


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-.19 11 12 7 40 3 1 389 
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+.10 1292 OSd 2.0 3X5 
+.19 381 184 18 .- 

-.08 5.72 £85 £0 .- 
♦05 490 2X0 IS 
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. 1980 12.58 £4 37.1 
-07 398 £42 3 4 04 
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092 *04 186 038 ._ 
14.06 -72 1704 1190 4.3 3S2 
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Id -SS 1.18 0S7 9 0 .. 
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$90 -03 5.46 382 49204 
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494 -07 5.70 4.4? 4.0 _. 
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145 *.04 1.70 003 £1 £7 
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191 +S2 2.02 0 68 £0 — 
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1180 -SB 11 90 9.70 £4 439 


-0 545 
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-30 £150 1,640 _ ~ 

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♦14 __ __ 

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— smTZERLAW) (Mar 2S / Frx) 


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Z MNICC 1.740 —10 2890 I, AM 0 7 — SSgte 


US INDICES 


liar mm 

24 23 


Mtf 

22 


I903M 


Lora 


lited i2V(X77l 

Id 198 Kx3C 2067624 2547040 I&3J4 

AostraBa 

A3 i>aroner-1 i 

215)0 

21690 

2100 9 234000 3/2/94 

y UMt^l 1HJ) 

10490 

1044.0 

1040.3 113X10 32/94 

Hama 

Grew AAIrw Ju 11341 

43&12 

44467 

446.17 40000 2CM 

Todnl tdCU=/1SH 

1132.96 

1155.69 

11G003 12222 1/2(94 

5d3UH 

ERTO |MVli 

148180 

1494 4? 

1505E 1SCLGS 9094 

BrcS 

f.vcjk! ( =?12OT 

M 

IjTBdU 

141E0 1415780 23094 

Canada 

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300281 

38706a 30ISJ9 18^94 

taW-M (197S 

fill 

4563.70 

460990 460090 23/3/94 

|4'1 B3. 

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215A.17 21B2S0 1/2(94 

Ofle 

SPt»a»01 12.301 

M 

42102 

42795 4867 SO «2/94 

Dciumra 

CjpcrtVdcnSEJ.T.'Xfl 

38539 

38884 

39=61 41X79 2/294 

Roland 

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1805.7 

183X0 

18410 18724)0 4/X94 

011SW 

1447.55 

t«236 

1478.41 158SJD 2? I9i 

CAC-ttsi.usn 

21360: 

215256 

2200.17 235X93 2.2SJ 

Gentrany 

Ta: 4*»n(jn2'Ml 

517.06 

82707 

02672 06607 4fl.<W 

Uirimeficjifi 1 (1 2 i 

2J34 70 

23&90 

236210 245X00 4/1.94 

DAv (Xl'2 vU 

2)3X06 

216168 

2161.13 22S790 3/1*4 

Erwor 

A=tnj SE(31'=60 

KI 

105015 

106045 119456 180,94 

Hocq Koob 

M3VJ JtrfliJl .7 £4) 

K3V21 

832075 

9«&S3 ESDI SB 4/1,94 

Ms 

SSE Sou 09731 

36781 

38614 

3709 420790 3C.94 

bKtoaab 

JJcstl CdrppU333 

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4‘W 78 

40650 81280 S/I/94 

taeUnd 

15EQ OvnaW/i'flS) 

137150 

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1910JS 3B8£16 207X94 

Italy 

am Cjtot fa) iiy;8 

66>1 73 

GE72S 

67130 EfflUH IfttfM 

•JSCawidTilVl 

1063-0 

105X0 

10650 110=00 1EU2/94 

fi*Wl Za iU»i'$6 

1ffl3648 2003730 1^962102114.11 I3/S.V3 

tttato ^0 ii IdSD 

29518 

296 J4 

296 52 30X04 10/1XW 

T»l .4.T.{>6 

161015 

1EU51 

1614 42 160097 1993 

auSaaunatSGi 

2166.74 

219031 

2174=1 Z38V3T 7«3 3 

USajsla 

KUE COdlBJiAW) 

97010 

95X52 

99995 !314« 5/104 


148X00 130(93 
584.70 131(93 


3002B 1471793 
71 £06 1511/93 


112X46 Vl«3 
7TS7 471(93 


T720S7 21/1/03 


28190 471783 
84X10 22/1/93 


111419 28/1/93 
T77281 2S/1A3 


14/1*3 
180X30 14/1/53 
151X50 13/1/93 

0S7J2 M/93 

5437 SO VKS3 

210097 £W93 

27131 yi«3 

1191.10 11/1/93 


fC Bto 1970 

M 

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2681.17 tM/94 

1504.16 2S/2S3 

Net) ki toad 

CBS TYSnGencEnd 831 

4138 

<210 

42X0 

45690 31/1/94 

29X70 4rri«3 

CBS M 9v (End 83) 

272.1 

274.1 

27X4 

29600 31/1/94 

19X00 13/1/93 

Mm Ibatml 

Cto 40 (1/7/80 

215081 

217401 

20X72 

243X64 3/SW 

2200 22/294 

Nanay 

fetoSEWC/S/KQ 

113X44 

1151.19 

115X44 

1211.10 28/2(94 

0G£93 Z7/U93 

rwoppkw 

Mania Comp CR/BS) 

203107 

30187 

260308 

330887 4n/}4 

177088 4/1/93 

Pretogai 

6TA 11977) 

31531 

31S4.7 

3154 JJ 

322E00 18094 

160020 14/1/93 

S"WW 

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5=194 

5*184 

54X18 

641 £1 4/1/94 

39110 13/1 (93 

9o« Afeka 

JS6 Goto OSW781 

221500) 

220X0 

21240 

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77X00 M/93 

BEtoXl28Wa 

58910* 

501740 

mo 

314000 18094 

433X00 19/4(93 

Santa Kara 

KmaOraCKAl.'BOr 

86003 

87X72 

87378 

37486 2/2/94 

60X93 6/3093 

MartjsEcmass 

3=a m 

33050 

33X36 

35X31 31/1/94 

21500 4/1/93 

/WarnnhGon (1/337) 

1430 GO 

146X80 

148200 

160190 31/1/94 

87X10 28/1/33 

SHbartM 

SMIss Bk tod <31/12/58! 

133=68 

133770 

134=55 

10X34 31/194 

90400 11/1/93 

58C Graerl |i(*fl7) 

993.78 

90903 

100221 

103X29 31/1/94 

67X70 11/1/03 

Tatoraa 

WaW««430WB6r 

5352.87 

532X98 

533127 

846402 S/I/94 

308X43 9/1/93 

Ibalmd 

Bansk* SET (30,4/731 

120007 

126X81 

128X44 

175033 4/K34 

6HLBI 1«93 

itotanr 

IffirtU CtatoliU 1396) 

1353X1 

129507 

13667.1 2808160 T3/UM 

3856LGS 1/W3 

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6140- 

013.7 

6172 

64100 1.7/94 

485(68 13/1/93 

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14124H 

143.41 

144X73 

150X19 31/1/94 

106302 13/ifl3 

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121782 

12Z4S8 

123X04 

131101 2.(294 

80X73 13/W3 

JCopsOngia (31/12/M 

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30704 

30390 

386.19 5/1(94 

19X92 4/103 

Barags EneiDP/xg? 

15X13 

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15X96 

16232 14,2/94 

9901 *2/93 



382189 300X48 30ES5 207X38 3241S5 

&nm CO/t/83} pUl/94) 

101.74 10192 10190 18X77 101J4 10077 

(1B/1QI03} ewxw ptntm 
170X03 172X01 (71X42 100229 145X04 188X20 

(2/2/94) (4/1 /S3) (2/2/94) 

20X06 20X50 20795 25040 204.00 25X40 

(31/8*8 C24/3/M (310/93) 

388X42 pan 41 ) Urn 379298 P839S0 ) {nacrettcHM 
(388196 ) Low 3 80X53 PS57S8 I (A dud# 



1835 

AFRICA 


-1 292 0*90 _ 
-2 668 385 IS 

♦ S 670 377 IS 
-30 3S95 1950 12 
-£2 1855 60S _ 

-B 237 136 ... 
—13 765 372 _ 
-8 970 612 IS 
—4 *42 561 19 
-45 4,260 £060 £0 
+ 5 £040 1 900 _ 
+10 1880 BIB XI 
-20 £930 1975 £7 
-10 1800 574 18 
— 537 370 £3 

—17 090 535 — 
-14 175 100 _ 

-S 006 469 18 
_ 1.800 485 £5 
-3 1.437 ISIS £1 
-7 175 0>.75 _ 
1.720 1,150 48 
-10 X706 X530 -. 
*8,250 1*1 £1 

-6 1940 1.110 _ 
12950 £880 08 

♦ 5 7£70 £830 08 
-80 £300 1867 ££ 

-2 1895 830 _ 

268 148 

+50 4,440 2950 1-4 
-40 4880 £700 1 9 
-m 4830 £780 19 
-60 1,725 620 1.6 
-10 1.100 681 IS 
-7 SSI 304 £8 
—* 253 14X60 _ 
-6 815 48S _ 
-a 775 *a« _ 
-12 885 420 _ 
-18 1917 *45 £4 
-2 635 5ZZ _ 

-15 1916 1.000 „ 



-03 3.40 2.45 4 6 _ 

♦ S3 £28 1S1 IS — 
-85 10S4 X15 £6 249 

♦ 10 4.SI 1.95 28 — 

-.10 1X14 789 4= 1£7 
♦.13 790 595 1.9 
-20 12 £73 08 BS 

-80 6 ZB £63 £0 
♦.12 £70 1.16 £7 
-kll 4.(5 £06 £7 2X0 

- SB 426 4.0 — 

-•02 £16 0 BS 

-.01 £43 0*5 _ — 

— -07 £42 £19 4.9 1X7 

+.10 £90 185 IS _ 

-.1= 985 £05 _ _ 

♦.TO £10 187 £7 _ 

-88 8.96 £75 XT 
— 1D1 1S5 7S — 

+ m 685 £63 09 — 

-.15 7.70 5.15 59 7.7 

-.13 49? £60 5.6 XI 

-84 7.10 688 4.0 _. 

♦ S3 990 4.15 ii — 

-.02 390 £94 _ 

-81 £70 £83 72 2X7 

-SB ZK 0 89 ._ 72 

4.M 193 14 — 
~ *S9 590 3.0 _ 
-S2 8.50 4.U4 1 4 — 
982 . 499 1.4 _ 
-04 Z97 £28 £7 — 
-S5 5 56 £75 £« BS 
-IB 4.72 £09 18 
-SO 392 £80 1.9 — 


3o3'8ooi,bS6j Z "W#lCDH0(Mar25/HX$> 

734 445 09 



4^ +1M 4940 ilSo _ Z BESS' 

1.100 -101.120 601 _ _ K2*P 


Congo*! f 

bOootafeV 

RnanttM 

4B4JS 

54480 

43J5 

<8X54 

549J7 

4439 

46X90 

54X78 

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40=00 42935 

C«9A (8n/B3) 
ranra 49040 
(2/2*0 (&WS3) 
48M 3988 

(28*193) (8/1/93) 

48200 

(2 nm 

50059 

mm 

KAO 

(2S**3) 

£40 

(W35 

162 

(TWWJ 

834 

0/10/74) 

HYSE Ccrra- 

5736 

2605 

26024 

207.71 

23X21 

2SJ1 

4.46 





(2/2*4) 

(M*3) 

mm 

(25/4/42) 

tea HU v* 

48X06 

47388 

47173 

48789 

38X84 

48739 

2X31 





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(B/1/S3 

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72) 

MSQW env 

78X08 

797JI 

78884 

0BL93 

B4SJ7 

00333 

5437 




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(1X3*4) 

(31/1W73 

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SOUTH ATOM (Ntar 25 /Rand) 


ABBA 

AB3 

AAlod 

AmraH 

taota t 

AfflgoM 


Dow Jonas bid. Dtv. YlaM 

5 & P Iral Dh/. yteid 
S & P hd. P/E ratio 


Mar IB 
£02 
Mar 23 
£39 
2$83 


Mar VI 
£61 
Mar 16 

£37 

24.50 


Mar 4 Veer ago 
£0? £06 

Mar 9 Year ago 
£37 £40 

24.53 25.13 


M STAMMRO AND POOftS BOO I 


: FUTURES S500 ttana In0« 


Brtld 

«A£al 

OeBCwt 

Deetac 

Drtefn 

goo 

eaoos 


fttnvny 

iu$n 

rump 

53“ 

kkm 

I 0 oa«j 


Open Latest Chanda 
Jun 464,70 46520 *0.10 

Sep 467.70 467JS +OJ35 

Doc 469.80 469.70 +0.36 

Open htsMt (yras sre hr previous day. 


High Low EslvoL Open hit 

46X90 484/05 87,650 180.737 

46770 467.16 1,009 6204 

40560 40920 50 4.408 


NMtsr 


■ HEW VOHtt ACTIVE 5TOCH3 ■ TRADWQ ACTTVT7Y 


PrcmBp 

ftmam 

IfentarGp 

RmuCn 

Run 

SHMn 


6/1(93 

94X0) ian/94 

1607X71 33/11/33 
24094 JtflL93 
125006 2Sn/S3 
HB1J2 

61X28 13/143 


■ CAC-40 STOCK BUJES FUTURES (MAT1F) 


Open Sot* Price Change High Law FsL voL Open HIL 
21690 2112.0 38.163 30.049 

2179.0 2124.0 4,905 9.105 

217£0 3139 0 41 6.795 


Mw 2160.0 2137.0 -26 l0 

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WORLD STOCK MARKETS 


AMERICA 

Dow subdued after Thursday’s 


Wall Street 


US stocks fluctuated within a 
narrow range of their opening 
levels yesterday morning, as 
investors struggled to put the 
previous day's sell-off in per- 
spective. mites Frank AicGurty 
in New York. 


■164.58. In the secondary mar- 
kets, the American SE compos- 
ite slipped 0.71 to 468.95. and 
the Nasdaq composite edged 
0.65 higher to 787.44. 

By comparison with Thurs- 
day's heated session, which 
brought a 48 point plunge in 
the bellwether bluechip index, 
yesterday's activity was sub- 
dued. Investors had only one 


shred of economic news to 
guide sentiment - a 9.9 per 
cent decline in February sales 
of existing homes - but the 
distorting effect of last month's 
bad weather mitigated any 
n ega tive implications 
suggested by the steep down- 
turn. 


tainty in the debt markets gen- 
erated by the assassination of 
Mr Luis Donaldo Colosio, the 
Mexican presidential candi- 
date. Although the bonds 
showed little change, equity 
investors were hardly pleased 
to see the yield bid on the 
benchmark 30-year govern- 
ment issue creep dangerously 
close to the 7.00 per cent level, 
an important psychological 
barrier. By midday, the long 


bond was yielding 6.957 per 
cent 

However, at least one stock 
benefited from the upward 
shift in interest rates. Chrysler 
put on $l‘/ 4 to $54% after a com- 
pany official said higher rates 
would likely have a favourable 
impact on the economy and the 
company’s performance. 

Elsewhere, the most note- 
worthy activity was influenced 
by company-specific develop- 
ments. 

UAL, the parent of United Air- 
lines, jumped $6'4 to $130% 
after the company said it was 
in the final stages of negotia- 
ting the sale of 53 per cent of 
its equity to the carrier’s 
employees. 

But International Business 
Machines was marked down 
$1% to $55 after a tumround 
strategy presented the previ- 
ous afternoon by its chairman. 


Mr Louis Gerstner, drew mixed 
reviews from Investors. 

It was busy day for Wall 
Street's brokerage houses, 
which released plenty of mar- 
ket-moving investment advice. 

Procter & Gamble gained $1% 
to $54% after Ms Constance 
Maneaty, an analyst at Bear 
Stearns, lifted her rating on 
thp issue. 

Bankers Trust, however, fell 
$1% to $70% on a downgrading 
by Mr George Salem of Pruden- 
tial Securities. The analyst cut 
his its earnings estimate on the 
group, citing a more difficult 
business climate. 


Canada 


Toronto stocks blamed interest 
rate rises as the TSE-300 index 
tumbled 38.98 to 4.530.75 at 
midday. Canada's major hanks 
raised their prime rates in the 


plunge 

morning, the Brat prime rate 
rise since late August. 199 3. 

Mexico 


Equities fell more than 100 
points in early trading as the 
market reopened after Thurs- 
day's closure following the 
assassination of presidential 
candidate Mr Luis Donaldo 
Colosio.The IPC index was 
down 104.06, or 4.1 per cent, at 
2,439.51 at midday. Volume was 
some 24m shares. 


Brazil 


SSo Paulo climbed 5.4 per cent 
in moderate midsession trade 
as investors returned to the 
market in a technical rebound. 
The Bovespa index was 751 
higher at 14,517 at 1300 local 
time. 


By 1 pm. the Dow Jones 
Industrial Average was 6 62 
lower at 3,811.47, while the 
more broadly based Standard 
& Poor’s 500 was 0.23 easier at 


More importantly for stocks, 
the report failed to stir the US 
Treasury market, which drifted 
lower amid continued uncer- 


EUROPE 

German 


Bourses pulled back some of 
their losses In the afternoon, 
seeing a measure or recovery 
in bond markets, and In the 
dollar, writes Our Markets 
Staff. 

FRANKFURT incorporated 
Thursday's post-bourse losses 
and dropped further by the end 
of the session when the Dax 
index was 2,130.06. down 
nearly 14 points from the previ- 
ous afternoon's close and off 
1.2 per cent on the week. 

However, bund futures rose 
late, there was a slight gain in 
the dollar, and the Ibis-indi- 
cated Dax recovered to end just 
0.36 down at 2,144.00. 

The Federation of German 
Banks said yesterday that Ger- 
man interest rates could con- 
tinue to fall in spite of 
increases in US rates. In Milan, 
Deutsche Bank said that the 
Bundesbank is likely to cut 
official lending rates half a per- 
centage point in April, with a 
further half a point cut before 
the end of the year. 

Turnover fell DM3bn to 
DM7.6bn. Volkswagen fell 
DM3.50 to DM499.30 but it con- 
tinued its upward career in rel- 
ative terms, just overtaking 
BMW - down DM14.50 to 
DMSIS - in the performance 
stakes with a gain of 13.5 per 
cent since January I. 


banks offer hope on interest rates 


PARIS dipped sharply in the 
last moments of trading as the 
matif continued to exert its 
influence over equities. 

In a volatile start to the new 
account the CAC-40 index 
moved from a day’s high of 
2.171 to a low of 2,113, before 
settling down 15.94 at 2436.62. 
The market has lost 3.8 per 
cent over the week. 

Turnover was moderate at 
FFr4.4bn. Disappointing results 
from Credit Lyonnais after the 
close on Thursday upset senti- 
ment, and particularly Thom- 
son-CSF, which holds a 20 per 
cent stake and slipped FFrl3J» 
or 7 per cent to FFr175.20. 
Credit Lyonnais said that it 
was omitting the dividend. 

Sori£t£ G&nfirale was expec- 
ted to benefit on Monday from 
better than expected results 
announced after the dose on 
Friday. It closed FFr3 lower at 
FFr637, before a 10 per cent 
rise in 1993 profit and an 
incre ased d ividend. 

AMSTERDAM closed the ses- 
sion and the week on a nega- 
tive note. The AEX index 
slipped L28 or 406.83, bringing 
the week's decline to £8 per 
cent 

There were some heavy foils 
among the major blue chips, 
although DSM resisted the 
trend with a rise on the day of 




Share indices 


Mar 25 THE EUROPEAN SERIES 

Herat* chanoio Open 1DL30 Hitt 12JM 1100 14.00 1580 Oote 

FT-SE Euotratfi 100 T41B20 141400 1414.19 141240 140687 1409.17 140988 1412.49 

FT-56 EanKncfc 200 145081 144403 144SJ0 144152 1439.68 144117 144388 1440.55 

Urn 34 Ifar 23 Mar 22 IT 21 HarIB 

FT-SE Enrofaatfc 100 142&41 144&73 1439.48 1438.71 144551 

FT-SE BlDtofft 200 14S4JS6 1478.00 1477 .91 147054 1485.49 

Bn «** mo (anoiMK ugm*-. 100 - i«ujo; mo - icon mm*- no ■ wvs zoo • mu 


FI 4J50 to FI 129. as Investors 
were seen switching out of 
Akzo Nobel, down FI 4.60 at 
FI 214.60. DSM is seen as bene- 
fltting from the possible turn- 
round in the European chemi- 
cal sector. 

MILAN saw an unexpected 
round of buying on the last 
trading day before the general 
election on Sunday and Mon- 
day; the Comit index added 
2.48 to 669.73, 0.7 per cent lower 
on the week. 

Domestic retail investors 
emerged as buyers, adding to 
short-covering activity by insti- 
tutional investors expecting a 
flat market on Monday. 

NatWest Securities expected 
that the outcome of the poll 
would be inconclusive, and fol- 
lowed by a tense period of 
negotiation to form a new 
coalition government: “Vol- 
umes will be lower and market 
conditions more volatile after 


the poll. Longer term, however, 
we expect that a technocratic' 
government will be formed 
which will be able to continue 
the economic policies of the 
last administration." 

Industrials were at the cen- 
tre of attention with Fiat rising 
L129 or 2.6 per cent to L5.124; 
Montedison was L58 or 4.7 per 
cent higher at LI ,298 in heavy 
volume of 55m shares. 

Olivetti added L28 to 14584 
with the decision on the 
awarding of Italy’s second 
mobile telephone licence expec- 
ted imminently. Pirelli rose 
Li20 or 49 per cent to L2£43, 
largely on short covering and 
optimism over the 1993 results. 

MADRID featured the requo- 
tation of Hidroelectrica de 
Cataliwa, down Pta59 to Pta611 
as the market absorbed details 
of the sale of the company's 
non-nuclear assets in a 
restructuring of the industry. 


Turnover was high at 
Pta45.4bn as the general index 
closed 1.19 lower at 329.39, 
down 2^ pe r cent on the week. 

STOCKHOLM continued to 
weaken in thin trading. The 
Aff&rsv&rlden index dropped 
28J2 to L438.6, for a 2 per cent 
foil on the week. 

Turnover eased to SKrl.90bn 
from SKrl^6bn. The banking 
sector was one of the day’s 
steepest tellers, while Ericsson 
B lost SKrl6 to SKr347. 

ISTANBUL rose 43 per cent 
ahead of Sunday’s local elec- 
tions. The composite index 
added 555.40 to 13,536.12, with 
many investors discounting 
the rise in overnight rates to 
some 900 per cent as the cen- 
tral bank attempted to check 
an anticipated rush on the US 
dollar. 


Written and edited by wnriam 
Cochrane, John Pitt and RAchael 
Morgan 


SOUTH AFRICA 

Gold shares fell back from ear- 
lier gains towards the close, 
while industrials were badly 
affected by negative sentiment 
both home and abroad. Indus- 
trials lost 105 to 5,869, golds 
made 6 to Z£15 and the over- 
all index fell 70 to 5,171. 


Hard-hit bank sector 
leads Zurich lower 


US rate rises have hit confidence 


Ian Rodger says 

T he correction is over in 
the Swiss stock market • 
at least for now. That is 
the consensus among analysts 
who watched the market lose 
10 per cent of its value last 
month before rebounding 
slightly early in March. 

But there is not much confi- 
dence in an early or strong 
rally, which is hardly surpris- 
ing considering the scale of the 
recent damage to some the 
leading shares. 

The three big banks have 
been particularly hard hit Fol- 
lowing the old maxim that 
wise investors buy on specula- 
tion and sell on the news, 
shares of all three responded to 
the publication In the past few 
weeks of spectacular 1993 
profit rises by heading deci- 
sively downwards. 

Union Bank of Switzerland 
bearers were stuck at SFrl.204 
yesterday, some 20 per cent 
below their 1994 high. CS Hold- 
ing bearers at SFt 647, have 
shed 15 per cent since their 
January peak. 

This week, the main indices 
have been making only tenta- 
tive moves in both directions. 
Yesterday, the SMI index of 18 
leading shares ended at 2 ,831 A 
little changed from the 2JU3.5 
point at the previous week's 
close. The all-share SPI at 
1,823.1 was likewise not far 
from last week’s 1,831.5 close. 

Analysts take some comfort 
from the observation that both 
the correction and the current 
nervous mood derive largely 
from the recent US interest 
rate hikes, whereas the inter- 
est rate trend in Europe 
remains downward. Inflation 
in Switzerland, for example, is 
widely expected to sink under 
1 per cent later this year. 

For some, the correction 
brings a welcome change from 
the frenzied mood of two 
months ago. “We are back to 
the long term trend," says Mi- 
Beat Philipp, head of equity 
research at Bank J. Vontobel 
in Zurich, although he and oth- 
ers do not rule out the possibil- 
ity of further tests of the resil- 
ience or the market in the next 
couple of months. 

Then they see the market 
advancing well in the second 
half, especially if US interest 
rate rises do not encourage US 


investors to repatriate funds. 

The problem for the Swiss 
market at the moment is that 
it is primarily composed of 
financial and defensive stocks, 
such as pharmaceuticals and 
food issues. During the past 
two years, when interest rates 
and economic performance 
were declining in most indus- 
trialised countries, this compo- 
sition served very welL 

But with both the interest 
rate and economic cycles at or 
near their turning points, 
investors’ attention has turned 
decisively to cyclical sbares, 
and there the Swiss market is 
rather thinly represented. 

Most international portfolio 
managers have already 

Switzerland 


IncBcea rebased 
110 



Jan 1994 Mar 


Source: FT Graphite 


reduced their Swiss weighting 
and others have helped bid up 
the few truly liquid Swiss 
cyclical shares to impressive 
levels. 

Bearer shares of Brown 
Boveri, the Swiss share repre- 
senting the ABB Asea Brown 
Boveri power engineering 
group, are up 10 per cent since 
tiie beginning of the year and 
trading at around 20 times esti- 
mated 1994 earnings. 

Bearers of Sulzer, the engi- 
neering and medical equip- 
ment group, are up 20 per cent 
this year and trading at about 
16 times estimated 1994 earn- 
ings. 

Alusulsse-Lonza, the alumin- 
ium and packaging group js a 
current favourite with many 
analysts. Its shares are up frac- 
tionally this year after a good 
run late last year, and are trad- 
ing at perhaps 22 times current 
year namings. 


Still, these are the shares 
that many Swiss analysts have 
on their recommendation lists. 
“Every correction is a splendid 
opportunity to buy,” says Mr 
Bernhard Tschanz of Credit 
Suisse in Zurich. He believes 
that overall corporate earnings 
will be up a sparkling 19 per 
cent this year alter 24 per cent 
last year, with another 16J> per 
cent gain expected next year. 

So far, 1993 profit reports 
have tended to bolster the 
cyclical recovery story. This 
week, Holderbank, the cement 
group, reported 1993 net 
income up 12.3 per cent to 
SFr438m. well ahead of its 4.9 
per cent forecast in November. 

Even the report on Tuesday 
from Georg Fischer, the trou- 
bled foundries and engineering 
group, of a SFr34m loss on 
restructuring costs could not 
undermine the sentiment. 
Investors bid up Fischer bear- 
ers SFrSO to SFrl.260 following 
the chief executive’s forecast of 
returning to profit this year. 

Interest in secondary stocks 
is also rising, with issues such 
as vehicle maker Btlcher, com- 
puter mouse maker Logitech 
and travel agents Kuoni being 
mentioned frequently. 

But if the market is to 
resume its growth pattern 
again - and most analysts 
believe it will advance 10 per 
cent to 15 per cent this year - 
the focus will have to shift 
back to the banks and possibly 
the pharmaceuticals. 

A nalysts agree that the 
big bank shares have 
been oversold on direc- 
tors' warnings of flat profits 
this year. Mr Philipp acknowl- 
edges that profits from securi- 
ties and currency trading are 
most unlikely to match last 
year’s extraordinary levels. 
But he argues that the banks' 
overall earning power has been 
transformed in recent years 
through ti ghter managRTnp.nL 

Still, many investors are 
inclined to focus their atten- 
tion elsewhere. “It is not that 
we think the Swiss market will 
do badly this year. But we 
t hink other European markets, 
that have more cyclical poten- 
tial, will do a lot better," says 
an analyst at brokers James 
Capel in London. 







ASIA PACIFIC 

Nikkei ends the week with 1% fall 


Tokyo 

Declines in US stock and bond 
markets triggered by the assas- 
sination of Mexican presiden- 
tial candidate Mr Luis Donaldo 
Colosio affected investor confi- 
dence, and the Nikkei index 
fell 1 per cent, writes Emiko 
Tcrazano in Tokyo. 

The Nikkei 225 average 
declined 201.42 to 19,836.48 
after a high of 19,973.40 and a 
low of 19,771.63. The market 
lias fallen some 3 per cent on 
the week. 

Share prices also gave way 
to profit-taking as continued 
concern over the North Korean 
situation also depressed senti- 
ment. Dealers were absent on 
the last trading day for March 
settlement. 

Volume was 340m shares 
against 309m. The Topix index 
of all first section stocks fell 
4.56 to 1.610.35 and the Nikkei 
300 lost 1.16 to 259.18. Declines 
led advances by 632 to 349, 
with 149 issues unchanged. 

In London, the ISE/Nikkei 50 
index fell 0.41 to 1.320.19. 

Profit-taking by companies 
depressed Nippon Telegraph 
and Telephone Y6.000 to 
Y 920,000 and East Japan Rail- 


way down Y7.000 to Y507.00C. 

Car shares were lower with 
Nissan Motor falling Y19 to 
Y859 and Toyota Motor declin- 
ing Y30 to Y1.990. 

Isetan, the retailer, fell Y20 
to YL74Q on reports that it will 
report extraordinary losses 
linked to investments on the 
currency markets. 

Banking stocks were higher 
on foreign buying of Topix 
index futures. Industrial Bank 
of Japan gained Y50 to Y3.250 
and Dai-Ichi Kangyo Bank 
added Y40 to Y1.940. 

Mining shares were higher 
on higher gold and sliver 
prices. Sumitomo Metal Mining 
rose Y6 to Y920 and Dowa Min- 
ing gained Y10 to Y570. 

In Osaka, the OSE average 
fell 201.42 to 19,836.48 in vol- 
ume of 108.7m shares. 


Roundup 


A volatile week for the region 
ended mostly lower on the day. 

HONG KONG fell 0.9 per 
cent ahead of an interest rate 
rise which came after hours. 
The Hang Seng index ended 
88.54 lower at 9,234.21, 1.1 per 
cent higher on the week. 

HSBC, the banking heavy- 
weight which has been under 


selling pressure, fell HKS1.50 to 
HKJ89.5Q, HK$3 down on the 
week. Jardine Matheson, 
which has said it will delist its 
shares from the local market, 
topped the active list and fell 
HK$1.50 to HKJ47.50. 

KUALA LUMFUR's tighter 
settlement rule, effective from 
Monday, and Wall Street’s 
sharp tell overnight left the 
ELSE index 13.42, or 1.4 per 
cent lower at 970.10, 3.7 per 
cent lower on the week. 

SINGAPORE was weighed 
down by bearishness in global 
equity markets, the Straits 
Tfines Industrial index falling 
26.23, or 1.2 percent to 2,083.42. 
a tell of 1 per cent on the week. 

MANILA rose on a late rally 
in blue-chips on the first day of 
the merger of the Manila and 
Makati exchanges. The unified 
Philippine stock exchange 
index finished up 29.7 at 
2,63L07, a 1 per cent tell on the 
week. 

San Miguel B shares nUmhed 
9 pesos to 205 pesos. Turnover 
slipped to 727.74m pesos from 
754.7m. 

AUSTRALIA was dragged 
lower by weakness in the 
futures market, although 
strength in the resource sector 
helped to offset losses else- 


where. 

The All Ordinaries index 
shed 18.2 to 2,151.6, a week's 
loss of (LB per cent 

Turnover, boosted by options 
expiries, was A$1.16bo- 

The resource sector was 
lifted by BHP, which saw a ses- 
sion high of A$17.60, before 
dosing steady at A&L7.34 after 
announcing a rise in third 
quarter net profit of 25.8 per 
cent 

The shares added 3 cents to 
A$L26. 

NEW ZEALAND finished a 
depressing week still on the 
downgrade, the NZSE 40 index 
closing 24.7 lower at 2,150.1, 
down LI per cent on the day 
and 62 per cent on since the 
previous Friday. Volume was a 
relatively light NZ$42.7m. 

Market leader Telecom con- 
tinued to bear the brunt of the 
pressure, falling seven cents to 
NZ$5.24 alter telling 19 cents 
on Thursday. 

COLOMBO fell sharply fol- 
lowing the ruling party’s unex- 
pected defeat at a key regional 
election. The All share index 
shed 20.38 to L239.0I. 

The win by the opposition 
People's Alliance at reversed 
earlier indications that the 
government would win. 


-jA^GTCI ARIES WORLD INDICES 


t conipta-1 by Tho Financial Times Ltd.. QoUman. Sachs a Co. and NatWest Securities Lid. to conjunction wAh the Institute o< Actuaries and the Faculty c4 Actuaries 

3NAL ANO 
□NAL MARKETS 

is, tn parortiwsai! 
number o 7 Unua 


THURSDAY MARCH 24 1994 


US Days Round 
Dollar Chans* Stertns 
Index % 


do 169) . ... 

atITl 

in ( 42) .... 
MOOT) . 

era 

dira 

• oei 

my iWl — • 
Honn 156) .. , 

1(14) 

»l - - 

M09i . . . 
*3 K50) . .. 
o tim 
rtjr»lC6). 
UraJanO . 

t» U'3t 

fW»u (45J .. . 
AMc.1 IBd) .. 



i?n (36) .. . 
xLsxl (-191 


174.27 

199.93 

168.71 

. .138.60 

. — 261.17 

145.92 

174.26 

138.81 

.385.75 

.188.53 

76.19 

........ 152.05 

.... 467 98 

. -2108.23 

197.13 

66.38 

198.83 

308.81 

. . ...263.42 

144.21 

.....^13.14 
163.45 


KtogdomCISt ..... 191 <8 


-O.B 

OS 

- 0.1 

-1.7 

-0.5 

0.4 

-1.5 

OS 

-0.7 

-12 

0.1 

0.1 

-2.4 


173.06 

188.60 

167.53 

137.64 

259.34 

144.90 

173.05 

137.B4 


Yen 

Index 

117.07 
127.58 
113.33 
93.11 
175.44 
98.02 
117.07 
S3 .25 


Local Local 
DM Currency % chg 
Index Index on day 


Dlv. 

Yield 


WEDNESDAY MARCH 23 1994 DOLLAR MDEX 

US Pound Local Year 

Data Storing Yen DM Cwimcy 1983/94 1933/94 ago 

Mom Index index Max Index High Law (approx) 


15134 163.23 

165.15 165.20 

146.70 143.77 

12052 137.82 

22739 234.02 

126.88 170.04 

161.53 15052 

12O.T0 120.70 


383.07 258.14 335.44 382.69 

187.22 126.68 16094 164.60 

75.66 51.19 68.26 94-61 

150.99 102.15 132.22 102.15 

454.79 307.87 33024 480.38 
IS 2172.98 1470.00 1902.75 7907.03 
-1.0 195.78 132.43 171.42 169.40 

fi fty 44.60 57.72 82.24 

198.54 134.31 17185 197.52 

300.86 207.45 2WL53 225.45 
261.58 176.96 229-05 287.73 
143.20 96.88 125.39 15022 

211.65 143.18 18134 248.60 
162.30 109.80 142-12 144.12 

190.44 126.83 186.76 190.44 

in7M 127.11 164.53 18921 


-28 

on 

-OS 

It) 

-IS 

-IS 

0.1 

- 1.0 


-0.7 

-OS 

-0.7 

- 1.0 

-IS 

as 

so 

0.0 

-0.7 

-1J 

-as 

ao 

-2.4 

1-2 

-1.7 

-22 

-0.7 

-0.4 

IS 

- 1.6 

-08 

-OS 

- 1.0 

- 0.8 


3-32 

0.94 

sag 

2.44 

1.01 

0.87 

246 

1.71 

2.78 

3-24 

1.76 

0.79 

1.58 

0.63 

3S0 

174 

1.88 

1.74 

229 

3.85 

1.54 

1.56 

188 

2.70 


175.59 

189.46 

168-84 

141.01 

262-56 

145.36 

176.85 

137.74 


190.79 

76.15 

151.87 

468.34 

2163.11 

199.12 


180.32 
309.81 
280.75 
148.00 
216-64 
18324 
19a 78 
19082 


174.31 

188.08 

187.61 

13090 

26085 

14428 

17558 

138.74 

385.47 
189.40 

75,60 

150.75 

466.93 
2147.37 

197.87 

87-83 

198.47 
807.68 
23&6S 

144.94 
2144)7 
162.05 
18234 
189.43 


118.13 

127.48 

113.69 

04.87 
176.64 
97.79 

118-98 

82.88 
281-23 
128415 

51.23 

102.17 

315.75 

146&2B 

133.96 

454)7 

134.50 

20&43 

175.42 

88J23 

1454)8 

109.82 

13035 

12BJ38 


1534)2 

16096 

147.91 

12053 

2304)1 

127413 

154412 

120.66 

340.15 
187.13 

68.71 

1334)4 

411.16 
1894.90 

174 A3 
5988 
17&13 

271.41 

228.42 

127.00 

188431 

14300 

169.73 

187.18 


18408 
166.06 
144.76 
138.18 
238. 78 
169.49 
159.74 
12008 
385.11 
1874)8 
94.73 
102.17 
48229 
788904 
172.26 
63.01 
19808 
226.43 
264 M 
15207 
25(192 
144.42 
19204 
19002 


189.15 

195.41 
17108 
14501 

275.79 
156.72 
185.37 
14208 
50606 
209.33 

7803 

16501 

821.63 

2647.08 

207.43 

7709 

206.42 
37B.92 
280.26 

165.79 
23a 02 
176.56 
21446 
196.04 


mis 

139.63 

141.92 

121.46 

iB5.es 

73.73 

149.00 

10708 

24945 

16094 

5521 

11900 

277.11 

1431.17 

163.30 

45.45 

i5a6i 

217.80 

161.99 

11033 

154.79 

112.94 

17001 

17091 


137.69 
140.66 
14057 

125.70 
197.09 

73.73 
157 m 
112.06 
249.45 
161.06 
56.90 
11980 
277.32 
1544.12 
165-27 
45.45 
153.34 
217.80 
171.87 
12075 
155.42 
114.48 
171.84 
182.77 


167.13 

-ae 

-0.7 

-at 

-03 

-0.9 

-0.4 

-1.0 

-0.3 

-au 

-0.5 

-0^ 

165.97 

205.72 

11228 

I45J3 

18014 

15851 

21071 

-09 

-08 

390 

103 

168.18 

208.66 

16996 

207.13 

11314 

140J37 

147 JO 
18378 

15988 

31338 

17958 

22060 

13956 

14625 

14034 

14948 

-...160.88 

163.32 

166.06 

150.15 

106.06 

139-87 

11338 

-02 

1.06 

16083 

159.78 

10927 

14098 

11357 

16980 

12430 

124,58 

182.18 


14201 

130JS3 

-05 

135 

163.80 

16301 

11020 

14349 

131.17 

170.78 

13091 

130.91 


181.79 

IBS. 62 

-08 

378 

187.72 

18936 

12629 

164.46 

18721 

19373 

17370 

17Q33 

149.10 

24SL27 

163.84 

168.83 


130.56 

13088 

-0.9 

333 

150.73 

14&63 

101.40 

13304 

140.12 

15373 

12070 

181.04 



227 JW 

-1.0 

370 

249l£1 

247.06 

187^8 

21966 

22931 

26921 

17U56 

170.50 

104.09 


143.46 

134.07 

-0.5 

1.86 

185.47 

16427 

111J2 

144.95 

134.67 

17221 

13302 

13302 


14702 

147.38 

-08 

2.03 

17087 

16982 

114P5 

14968 

14621 

17538 

145J8 

14988 



149.12 

15038 

-06 

2.20 

17337 

171.12 

115J8 

151.00 

15121 

17958 

14908 

148.09 


18326 

12397 

16047 

179.98 

-OS 

2.7B 

10553 

184^8 

125J39 

16388 

181-48 

19620 

164.42 

16456 

173.04 

-05 

17084 

115.57 

14969 

151J9 

-08 

320 

17389 

171.63 

116S1 

151.45 

15319 

17997 

14914 

14914 


u-m «>**• iVUKfttiefc to tab Mduton. 


LONDON EQUITIES 


ueFE^EQUTOvOPrroNS. 




__ 

Cafe 

___ 


PIUS 

___ 

Option 


Apr 

Jd 

Oct 

ta 

jm 

Oct 

AH&Hyna 

550 

29ft 

41 ! 

52ft 

7 : 

24ft 

31 

r56a» 

EDO 

BVi 

19 : 

30ft 

33 

56 

61 

Atffifl 

240 

16ft 

26 

29 

4ft 

V> 

21 

r25i j 

260 

6 

15ft 

19 

14ft 

27 ft 

32 

ASDA 

50 

8ft 

lift 

12ft 

1 

3 

4ft 

rs7i 

60 

2ft 

5ft 

6ft 

5ft 

7ft 

10ft 

BnlMntera 

390 

35ft 

45 

51ft 

3 

14ft 

19ft 

(■4191 

420 

14ft 

28 

35 

13 

28ft 

34ft 

SraSfttnfl 

3S0 

33 

44ft 

5314 

3ft 

14ft 

22ft 

r»5 j 

390 

13 

28 

38 

14ft 

28 

38 

Boots 

500 

37ft 

49 

57 

3ft 

16 

21 

r»i i 

550 

6 

21 

32 

2SK 

42 

47 

BP 

360 

19ft 

30ft 

38 

6W 

14ft 

19ft 

ra/3) 

390 

G 

16 

24 

22 

30 

35ft 

BntittiSfcd 

140 

6ft 

13 

17 

4 

12ft 

15ft 

n-w) 

160 

1ft 

Sft 

8ft 

21ft 

25ft 

28 

Baa 

500 

33 

48ft 

57ft 

6 

17 

23ft 

r®4» 

550 

7 

20ft 

32ft 

31 

48 

50 

CaUlMn 

4Z5 

22ft 

38ft 

_ 

8ft 

23ft 

_ 

r<38)- 

450 

11 

2SW 

- 

22 

38ft 

- 

CourtattUi 

500 

26 

38 

49ft 

7ft 

25 

34 

(*516) 

550 

5 

17 

27 

39 

58 

64 

Carol Unfcni 

550 

38ft 

54ft 

61 

3ft 

13ft : 

21ft 

rS82) 

600 

7ft 

20ft: 

33ft 

26 

36ft 

47ft 

ra 

BOO 

31 

50 

70 

14ft. 

33ft 

48ft 

rei7 1 

89) 

8 

33 

46ft 

435* i 

BO!* 

75 

Hoflftsher 

550 

18ft 

31 

42 

17 

37 

4fi 

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600 

3ft 

141 

23ft 

55 

71ft 

79 

Land Sens 

650 

14ft 

28 

35ft 

13 

32 : 

35ft 

(*853 ) 

700 

1ft 

8ft 

16ft 

48ft 

67 

69 

tote a s 

390 

2Bft 

34 

42 

2ft 

12 

14 

rxia ) 

420 

7ft 

17ft 

25 

14 : 

26ft 

2BW 

IttWtS 

420 

45 

58ft 

68 

2 

9 

15ft 

r«9) 

460 

14ft 

33ft 1 

41ft 

13ft : 

24ft : 

33ft 

Sabatuy 

360 

15 

26ft 

35 

9ft 

26 

30 

r3M ) 

390 

4 

15 

22 

30ft 

45ft 

4814 

She! Tram. 

650 

19 

37ft 

47 

9ft 

Zt 

31 

(■656 1 

700 

3 

15 : 

23ft 

45 

51fti 

soft 


220 

8ft 

17 

22 

6ft 

16ft 

17ft 

azn 

240 

2 

a 

13ft 

20 

27 : 

29ft 

TraMEV 

97 

7ft 

13ft 


5 

9ft 

_ 

non) 

106 

4 

10 

— 

10ft 

14 

- 

Unlever 

1000 

39 

64; 

Wft 

12ft : 

z*ft : 

35h 

newel 

1050 

11 , 

37ft! 

5BK 

37ft 

52 

61 

Zeneca 

700 

53 

75 

87 

4 

17ft 

30 

r745 j 

750 

18 

45 

58 

21ft . 

38ft 

53 

Option 


May 

Aug 

Hm 

MW 

Aug 

Nor 

Grand IM 

420 

42 

62ft 

GO 

S 

13 

17ft 

T454) 

460 

18 , 

28ft : 

17ft 

20ft: 

30h ; 

35ft 

Ladbmhe 

ISO 

22 

28 : 

33ft 

4 

8 

13ft 

(“197 ) 

200 

8 

17 : 

23ft 

12 

if : 

23)4 

Ukt Bjsaais 

330 

21 

31 

40H 

8ft 

14 

22 

(-351 1 

380 

7ft 

T7»: 

28!* 

27ft 

32 ; 

38 ft 

Option 


Jun 

Sep 

Dec 

Jut 

SW 

Dec 

Psora 

130 

12ft 

19ft 

23 

10ft 

18ft ; 

28ft 

rnoi 

140 

8 

18ft 

18ft 

IS 

23 

27 

Optun 


May 

Ang 

Mm 

«»r 

Aue 

Mra 


Brtt Aero 50042K 62 77V, TTY, 44V, 

(■508 ) 550 22 38U SG 56ft 72 MM 

BAT tads 420 38ft 45 6D I0H 16 241* 

(-<53 ) 460 12ft 23 33 30ft 39» 47 

BID 360 2B» 36ft 42V, Sft 14 IBM 

P77 ) 390 9M 20ft 261* 22ft 26 35 

Brtt Tdtnm 390 17 27ft 3S!t S 19H 24*4 

f396 ) 420 5 13 19M 27ft 36ft 42ft 

CtauySdi 453 30 - - SI* - - 

r<74 ) 493 9ft — - 28 - - 

EMton Bee 600 43ft 3B» 64 fl M 31 U 

{•632 ) 650 15ft 3014 3D 31 51 58 

quotes 460 21ft 33K 44ft 19 20 25* 

r«8 9 ) 500 7 17 Z7 46» 54E0K 

GEC SWltft 17 22 10l*19t1 23 

r301 ) 330 3 6 11 32i* 40ft 43 




__ 

Cate 



Pub 

_ 

Option 


"a? 

Am 

Nov 

May 

tag 

NM 

How 

260 

IBM 

24ft 

29 

3ft 

a 

ns* 

C27G1 

280 

7ft 

13ft 

1>ft 

lift 

17 

21 

Lflsmo 

120 

12ft 

19 

26 

7 

12ft 

16ft 

n»> 

IX 

B 

16 

20 

12ft 

18 

22ft 

Lies tmtt 

180 

18 

25ft 

28 

4ft 

9ft 

14M 

nw> 

200 

6ft 

14 

1BH 

14 

10 

25ft 

P 6 0 

700 

29 

B2 

67 

27 

41ft 

56 

mi i 

750 

11 

30 

46ft 

BOM 

71 

85H 

Pddngtofi 

160 

17 

23 

27ft 

4M 

9ft 

12ft 

n»> 

200 

6 

12ft 

17 

14M 

21 

23 

Prudential 

300 

23 

33 

38ft 

4ft 

9 

15ft 

C3Z7 ) 

330 

8 

16ft 

23ft 

10ft 

25 

31 

BIZ 

650 

35ft 

60ft 

75 

Z7M 

44 

58 

r«53 1 

900 

14 

38 

55 

59 

70 

86 

Remand 

550 

18 

31 

43ft 

32ft 

41 

54 

t-5S0> 

600 

4 

15 

26M 

72ft 

76 

88 

Royal hxa 

260 

23 

31 

37ft 

7 

12ft 

20ft 

on J 

280 

13 

21 

27ft 

17 

22ft 

30ft 

Tesco 

200 

17 

22ft 

28 

Bft 

1 

1S» 

(■212 ) 

220 

6 

13 

18 

18 

22ft 

Mft 

VOMn 

500 

44ft 

60 

73ft 

10H 

23 

32 

(■532 1 

550 

17 

34 

49 

33 

49 

58ft 

(Mams 

390 

10 

23 

29ft 

18 

24ft 

30ft 

OM) 

420 

4ft 

13 

17ft 

40 

45 

SO 

Option 


ta 

Jd 

Ota 

H* 

Jri 

o a 

BAA 

950 

60ft 

79ft 

06 

7 

Z7 

33ft 

037) 

1000 

28ft 

48ft 

88 

24ft 

48ft 

5ti 

mamea w* 

600 

22ft 

32 

39 

7ft 

25ft 

29ft 

rsia » 

550 

2ft 

10 

17ft 

» 

58ft 

61 

OPODO 


Jun 

s»p 

Dec 

Jun 

Sep 

Dac 

Abbey RaU 

480 

38 

47ft 

E8 

13 

21 

25ft 

(•478) 

500 

15 

28 : 

38M 

33 

41ft 

4SM 

Amstrad 

35 

4ft 

Bft 

7ft 

3ft 

5 

6 

ns ) 

40 

2ft 

4ft 

Sft 

7 

8 

0 

Barclays 

500 

53 i 

58ft 

75 

10ft 

21ft 

27 

(-538 ) 

550 

23ft 

38 

48: 

31ft 

44ft 

50ft 

Buie Ctrde 

300 

27ft; 

38ft 

39 

12 

21 

21ft 

C320 ) 

330 

12ft; 

22ft; 

28ft 

26ft: 

a/ft 

3/ft 

BtBMl GftS 

300 

14ft 

20 

23 

15ft: 

20ft 

28 

ntM ) 

330 

♦ft 

Bft 

12 

36 : 

38ft 

45 


200 

»; 

z4h: 

28ft 

9 

18 

20ft 

(-*» ) 

220 

Sft 

15ft 

20 

21 : 

2»H 

32ft 

HrisdCNfli 

160 

15 

18ft ; 

21ft 

Oft 

lift 

13 

(171 ) 

180 

5 

Sft 

12ft 

22ft 

24 

2S» 

Lorottt 

140 

23 ; 

28M; 

33ft 

6ft 

12ft 

155* 

H54) 

160 

12 

19 

29 

16 

23 

26ft 

NM Poms 

420 

43 < 

49ft 1 

SBft 

12 

17V* 

22ft 

(*451 ) 

460 

17ft 

20 

38 ; 

32ft; 

37» 

43 

Sot rawer 

390 

25 

34 : 

38ft 

W ; 

24ft 

28 

nee i 

420 

12 : 

10ft; 

Mft : 

31ft 1 

41ft 

45ft 

Seam 

110 

12ft 

16 

16 

4 

6 

7ft 

(*11B) 

120 

Sft 

8ft 

11 

9 

lift 

13 

Forte . 

240 

24 

31 

34 

8 

13ft 

IBM 

1*259 ) 

260 

12ft; 

20ft 

34 

ia : 

22ft 

261* 

Tarmac 

174 

281* 

- 

- 

8 

- 

- 

(*185 1 

193 

11 

- 

— 

18 

- 

- 

Than eh 

1050 

51 ' 

74ft l 

BEft 

38 

66 

74ft 

{*10511 

1100 

28ft 

«ft 

641 

57ft 1 

97ft 

106 

TS8 

200 

28ft 3ZM ! 

35ft 

4 

9ft 

lift 

(*218 1 

220 

« 21ft 

28 

12 ' 

18ft 

21 

TnmUM 

240 

17ft 24ft 28ft ' 

10ft 

15 

10 

CZ47 1 

280 

8 

IS 

19 22ft 28ft 1 

fflft 

WeUcama 

550 i 

4Bft 

09 77ft 

27 41ft 

47 

1*573 > 

GOO 

as 

43 

55 56ft 

69 ; 

75ft 

Octal 


ta 

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Od 

Apr 

JU3 

Oct 

Ann 

no ; 

38ft 64ft ran ■ 

lift 

29 ‘ 

48ft 

real 

850 

16 

39 

52 

36 5555 ! 

Wft 

KKTSpda 

750 

34ft 

18 

100 

32 62ft 

77 

P756 ] 

800 

IBM 

S 

7B 53ft 90ft 

105 

Rsutan 

20001 

BOH 

m 

180 

44 

97 

128 

(■=0141 

2050 

35ft 

112 

154 

71 

122 

151 

Option 


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Her 1 

May , 

Pug 

NO* 

RDfc-fieica 

188 

9ft 

17 

22 

0ft 14ft 

19 

riB4> 

200 

Sft 

9 13ft 

23 

27 ; 

lift 


' Underlying securty price. Piunkm almn am 
based on cfeMng oner pnsto. 

March 25, Tata) ofirttraeue <2,007 CMS 23.887 
Puts: ifiWOO 


ft gold MlHES Index 


Star 

24 

%cbs 
on day 

Star Bar Year 

23 22 ago 

Grata 4n 
ytaH S 

Bwik 

Hrft Lad 

21 BUM 

4 22 

212227 209087 1286.15 

1.73 

238740 124822 

3064.43 

+3.5 

286024 2967.00 1502.91 

4.48 

344060 146027 

2566.16 

+0J 

2658.79 2537.14 1250.67 

1.38 

301169 125087 

1B3UG 

+2.1 

1601.47 177324 1202J6 

061 

2039-65 116227 


Gold Mom faidnx p< 
■ Mgtaoai tadkat 

MU (15) 


Haiti America (11) 


CoppHM. nia Rr&SKUiTlTHtt unud 1994 

(Via n Brackets Bfto« nuinr at companies Bam US Wart. Bto) Valuaa: 100000 31/12WL 
Piedeco tw r O old Mn*g indam Mar 25: 2313 : day's danga: «?Apotats: Yaaragtx 10M T Partial 
Ltaest paces were rrorSUfite for Bus edition. 


RISES Aim FALLS YESTERDAY 

On Friday On Mia we e k 

rases Fails Some rases Fails Seme 


British Funds 

0 

72 

2 

62 

237 

51 

Other Fixed Internet 

0 

6 

9 

B 

20 

47 

Mineral Extraction 

42 

90 

73 

236 

422 

385 

General Manufactures 

48 

38T 

270 

389 

1.431 

1.570 

Consumer Goods 

21 

94 

77 

123 

382 

455 

Services 

50 

237 

231 

302 

1,007 

1282 

Ufloea 

12 

28 

0 

60 

122 

48 

FktancfcSs 

54 

202 

134 

308 

877 

789 

Investment Trusts 

21 

202 

177 

2B4 

785 

1,231 

Others 

25 

64 

28 

192 

316 

143 

TaMs 

274 

1,438 

1,005 

1,996 

5,599 

5.981 

Data based on those compatras feted an the London Shore Sendee. 




TRADITIONAL OPTIONS 






First Deo2ngs 

March 21 

Last Dsdarattons 


June 30 

Lest Dosings 

April 1 

For settlement 



J»Jy 11 


Cato: Bolton, Cone Mun*. Dares Est. Huntor print. Loyds Chem. Mlcrovltec. Mid- 
states. Newan Roe, Petit Foods, Regent Carp, Reparian, Rodme, Utd Energy, World 
FUds. Put® Renarian, World FMd>L Puto « Cote: Bettarware. 

LONDON RECENT ISSUES: EQUITIES 


Issue Amt 
price paid 

P *4> 

MkL 

cap 

(Em.) 

1993794 

Hgh Low Stuck 

doss 

price 

P 

*/- 

Net 

dv. 

OfY. 

cov. 

GfS 

_y«_ 

P/E 

net 

- 

F.P. 

309 

Z40 

241 ADfcuat N Dawn C 

245 

-1 

- 

- 

_ 

- 

135 

FP. 

412 

142 

134 Applied DUtxi 

138 


WNX8 

2.4 

3e3 

18.1 

165 

FP. 

455.0 

165 

158 Beazer Homes 

162 


L5.0 

22 

3JJ 

145 

- 

FP. 

9£S 

137 

133 Brightstona 

136 


L3.75 

1-2 

2A 

308 

105 

FP. 

322 

118 

101 Cedradota 

105 

■3 


2 J 

23 

1 72 

- 

F.P. 

124 J] 

B6 

82 Central Etna Gwth 

82 

-1 

- 

- 

- 

- 


FP. 

840 

23 

21 Do Wtsrams 

21 


- 

- 

- 

- 

- 

FP. 

986 £87*2 

£87 Chester Water 

£87*2 

* 

t235.0 

4.3 

3-4 

9-0 

- 

FP. 

362 

125 

125 County SrnOr C 

125 


re 

- 

- 

- 

- 

FP. 

1182 

44 

4l«a Etfln New Tiger 

41*2- 

-1*2 

“ 

- 

- 

- 


FP. 

14.6 

27 

28 Do Warrants 

26 


- 

- 

- 

- 

re 

PP. 

12S 

50 

49 F 8 C Private Eq 

48 


- 

- 

- 

- 

100 

FP. 

141 jO 

99 

93 Fdefity Jpn Vriues 

B4 

->2 

- 

- 

- 

- 

130 

FP. 

322 

155 

130 Finalist 

148 

-1 

R3J 

2-3 

2.8 

102 

- 

FP. 2.5910 £31*2 £21*8 FrankAn Res 

£31*2 


02 Be 

- 


- 

- 

FP. 

51-5 

103 

100 Gartmore Brit Inc 

103 


- 

- 

- 

- 

- 

FP. 

55Ji 113*> 

ill Do Zara PI 

111 ■ 

■1*2 

- 

- 

- 

- 

- 

FP. 

106-5 

213 

203 Do Unfls 

213 


- 

- 

- 

- 

170 

F.P. 

65.3 

171 

149 Oddnborougli HHh 

149 

-3 

YVN3.3 

2.6 

28 

103 

183 

F.P. 

235.0 

218 

195 Qwham Gretas 

205 

-2 

L MJB 

2-3 

ZB 

19-8 

- 

FP. 

844 

74 

684t Guangdong Dftpt 

TtA 

->4 

- 

- 

- 

- 

SI 

F.P. 

81.7 

62 

63*z Ita Fund 

53*2 

-1 

- 

- 

- 

• 

- 

FP. 

827 

26*2 

28*4 Do Warrants 

26*2 

-4 

- 

- 

- 

- 

- 

F.P. 

82J6 

110 

100 MAC 

102 


- 

- 

- 

- 

200 

FP. 

254 J) 

2S8 

254 MeDormel Into 

254 

■0 

wa25 

Z3 

3.1 

173 

- 

F.P. 

533.6 

485 

456 Mercury Eure Prvtn 

484 

-4 

- 

- 

- 

- 

140 

FP. 

220.1 

172 

163 Mdend Indp Nns 

184 


WISCL8 

22 

2.1 

22.4 

- 

FP. 

5.B8 

105 

98 Newport 

98 

-5 

- 

- 

- 

- 

re 

FP. 

649 

228 

220 Partco 

220 

-2 

ISM 

22 

2D 

10-0 

- 

FP. 

SS4 

200 

198 Ptannigan W1 C 

199 


- 

- 

- 

- 

126 

FP. 

1B.B 

133 

110 Radstona Tech 

110 

-5 

R3H 

2 A 

3A 

133 

100 

FP. 

55 S 

96 

92 Saracen value 

92 

-2 

- 

- 

- 

- 

- 

FP. 

115J 

508 

«9i Schrader UK GMti 

403 

-8 

- 

re 

- 

- 

60 

FP. 

104 

72 

64 Waste Hecydng 

64 


11j4 

0-4 22J 

28-1 

206 

FP. 

51.1 

218 

203 Wellington 

216 


WG.17 

SJ) 

30 

203 


FJ> ftriypold setaatty. PP Parr pnW saoMy. For an eaptanawn of ottar rows, phase m ) a to m 
OlUb to Uw London Share Swvtca 


RKaHTS OFFERS 


Issue 

price 

P 

Amocnt 

paid 

up 

Latest 

Renun. 

date 

1969/94 
K()h LOW 

Stock 

Closing 

price 

P 

+cr- 

92 

Ml 

11/4 

15pm 

7pm 

Burton! 

9bpm 


173 

Nfl 

5/4 

27pm 

12pm 

{Cap. A Regional 

I2*zpm 

-1*2 

153 

Ni 

- 

26pm 

24pm 

Degonhan Uba 

24pm 

-I’b 

62 

M 

28/4 

I0*2pm 

2pm 

Haden MacLMan 

2pm 


280 

ia 

4/5 

43pm 

33pm 

Hamya 

33pm 

-1 

8S 

w 

25/5 

12pm 

Spm 

Rtchanbon West 

6pm 

-S>2 

150 

M 

5ffi 

15pm 

11pm 

Union 

11pm 

-1 

30 

M 

5/5 

11pm 

3pm 

Upton 6 Strin 

tan 

-1 

315 

Ni 

30/3 

64pm 

35pm 

Wethwspoon JD 

35pm 

-10 


pm Prtca m a premium. 


FINANCIAL TIMES EQUITY INDICES 


Mar 25 Mar 24 lie 23 Mar 22 Mar 21 Yr ago High low 


Onflnary Shane 

2473.1 

2468.5 

2493.0 

2527.7 

25282 

2214.0 

zTiae 

2124.7 

Ord. dlv. yield 

3.74 

3.7S 

170 

3.66 

3.67 

4.44 

4JH 

043 

Earn. yUKM 

6.00 

5.10 

5.04 

4.98 

4.99 

6J21 

8J8 

a® 

P/E ratio net 

21.35 

21 ai 

31^7 

21^2 

21.78 

19.98 

3043 

1940 

P/E ralid ni 

2240 

22J2S 

22^2 

22.79 

22.75 

18^8 

3080 

iau 


for 1983184. Ordrury Snan ndax shea cu mpl u tt u i L high E71M SARTW. 48^ SUM) 
FT Ordntry Shsra Index taro data 1/7/35. 


Ordinary Share hourly changes 

Open &00 1000 11-00 12-00 13JW 140QO 15-00 i6jOO Wgh Low 

2464.6 2465 J) 2458.5 2450.0 2463 7 24515 2457.6 2463.9 2477.1 2478.7 2445.0 


Mw 25 Mar 24 Mtr 23 Ma-22 Mar 21 Yrago 


SEAQ bargains 45JB9 41.821 39.100 37.802 

Equity turnover (Em(f - 2007.5 1788.1 1684.9 

Eqrty bargalnst - 45.173 44^05 44,553 

Shares traded (nflt - 624.1 800.7 5880 

1 E u dutino Mra-rmriuii twdnas and ownw tonanr. 


34.657 

1181.5 

40590 

4602 


44.856 

1570.0 

50^68 

7309 




















































FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


LONDON SHARE SERVICE 


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545 

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30 

278 

30 

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8.9 

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+ 

58 


12 

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2.J 

05 

245 

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1B.1 


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799 466 9082 

627 348 1067 

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*6*5 249 3082 

230 12B*2 8240 
132 77 £736 

118 Sfi 215 
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466 135 H60 

BOS 332 1009 
42*2 II 1362 
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BOB 232 1515 
E2BU CO* 6610 
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310 147 405 

SS 24 110 

111 41 7W 

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*291 218 1021 

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24 


M FERGUSON 
V9 ENTERPRISES 

Number 1 In piurabtafl supply - ULSA- 


FINANCIAL TIMES 

Weekend March 26/March 27 1994 


CEETEX 94 


Mm uvrr 1000 jV* «?**£<"» 

European *nm|Mni« M *. fee rh.V*»4. 


Outgoing parliament 
on trial in Italian poll 


By Robert Graham in Rome 

It is rare to see a prime minister 
as a silent protagonist during a 
noisy election campaign. 

Mr Carlo Azeglio Ciampi, the 
Italian prime minister, has 
stayed aloof almost until the end. 
As the campaign for tomorrow's 
parliamentary poll winds up 
today, he can look back on only 
one occasion when he broke his 
self-imposed silence. 

This was to defend his govern- 
ment's record of economic man- 
agement against accusations by 
the media magnate Mr Silvio Ber- 
lusconi of falsifying the public 
accounts. Though said during the 
heat or a television debate on 
Wednesday and directed by Mr 
Berlusconi, leader of the Farza 
Italia party, against his arch-rival 
Mr Achille Occhetto, the leader 
of the Party of the Democratic 
Left (PDS), the accusation 
touched a raw nerve. 

Since being called in last April 
to run the government alter 14 
years at the helm of the Bank of 
Italy, the 73-year-old Mr Ciampi 
has concentrated on the public 
accounts. The curt note from his 
office on Thursday revealed 
extreme irritation. 

Without naming Mr Berlus- 
coni, the statement said: “As a 
result of this serious accusation. 


Prime minister Ciampi remains 
silent despite his popularity 


I am obliged to drop the reserve I 
imposed on myself during the 
election campaign." 

Faced with his ire and a bar- 
rage of economic data. Mr Berlus- 
coni yesterday was doing his best 
to beat an elegant retreat to 
avoid any fall-out from the man 
judged by the polls to be the 
most popular public figure. 

The incident highlighted the 
curious nature of these elections 
for Italy’s 12th post-war legisla- 
ture. The elections involve no 
challenge to an incumbent gov- 
ernment which in this case is 
essentially technocratic with a 
non-politician premier. 

Mr Ciampi. widely praised for 
his firm managerial style and for 
recoupuig Italy's international 
credibility, has refused to stand 
because he be does not see him- 
self as a politician linked to a 
particular party. 

It is parliament, elected in 
April 1992, that has lost the confi- 
dence of the electorate as a result 
of the corruption scandals and 
collapse of the ruling parties. The 
outgoing parliament is on trial; 
and the electorate is being asked 
to decide which of the old parties 


have been recycled convincingly 
and which of the new show prom- 
ise. 

Perversely. Mr Berlusconi, 
whose Fininvest business empire 
was built up on the back of close 
ties with the discredited Social- 
ists, has succeeded in portraying 
himself as the new with his Forza 
Italia movement. Mr Occhetto, 
though representing a party his- 
torically opposed to the old order, 
has failed to present the PDS as 
the new. 

Rather. In seeking credibility 
for the PDS-led Progressive Alli- 
ance, he has leant heavily on Mr 
Ciampi. Several times he has said 
Mr Ciampi would be the PDS’s 
choice to head the next govern- 
ment. 

The PDS’s identification with 
the Ciampi administration lay 
behind Mr Berlusconi’s outburst 
about the public accounts. 

But in attacking the govern- 
ment. Mr Berlusconi re mind ed 
Italians that for the first time 
during an election the country 
has a fully functioning govern- 
ment. 

Upstart in Boss! country. Page 2 


Boost for building societies 
from fuel payment windfall 


By David Lascefles, 

Resources Editor 

Windfall funds received by some 
regional electricity companies 
from customers seeking to avoid 
value added tax are to be depos- 
ited in building societies. 

The utilities hope the move 
will deflect criticism that mort- 
gage rates could be driven up as 
householders draw heavily from 
their societies to pay power bills 
In advance. Bills paid before next 
Thursday will not be liable to 
VAT. 

Seeboard. based in Hove, which 
has received £51m in the last few 
days, said yesterday it was aware 
of a heavy outflow from the soci- 
eties as householders sought to 
beat the VAT deadline. 

Southern Electric, which has 
taken in £48m from 77,000 cus- 
tomers, will also be redepositing 
a portion of these funds, as will 
Midlands Electricity, according 


to Mr Peter Chapman, its finance 
director. 

The Building Societies Associa- 
tion lias reported heavy with- 
drawals from members this 
month. It attributed this largely 
to householders trying to avoid 
VAT. From April 1 home fuel 
bills will be subject to 8 per cent 
VAT. Next year, the rate will be 
17.5 per cent. 

By last night, householders bad 
paid in more than £400 m, depriv- 
ing the Treasury of about £40m 
in tax revenues. But the money is 
still flowing in. and most electric- 
ity companies said they would 
accept last-minute payments, pro- 
vided they were made at their 
shops and offices. 

However, it emerged yesterday 
that British Gas passed over an 
opportunity to save its 18.5m 
domestic customers part of the 
new tax. 

Earlier this year Customs and 
Excise allowed British Gas to 


assume, when next billing its 
customers, that they used 2.5 
units of gas each day before April 
1 for every one after that date, 
reflecting the fact that the earlier 
part of the billing period was 
colder. But British Gas will count 
all days the same. 

The Gas Consumers Council 
estimated this would cost cus- 
tomers £23m in extra tax in the 
two-year transition to full VAT. 
and it accused the company of 
“meanly taking the easy way 
out". 

British Gas confirmed that 
Customs had allowed the more 
generous weighting, but said it 
bad come too late to be included 
in its preparations for the 
changeover to VAT. 

The GCC advised householders 
to read their meters on March 31 
to ensure that VAT would not be 
charged on gas used before then. 

Briefcase. Weekend, Page X 


Attack on cigarette industry stepped up 


Continued from Page l 

tar levels. He suggested that ciga- 
rette manufacturers were 
manipulating nicotine levels in 
their products. 

He added that he was aware of 
no evidence that manufacturers 
left nicotine in their cigarettes 
for any reason other than addic- 
tion. 




Dr Kessler's comments implic- 
itly contradicted Philip Morris, 
maker of Marlboro cigarettes, 
which on Thursday Bled a SlObn 
libel suit against ABC, the US 
television network, over allega- 
tions of “spiking" its cigarettes 
with nicotine. Philip Morris 
acknowledges that it removes 
nicotine during the manufactur- 
ing process and adds it back 


later, but says it puts back less 
than it takes out 
Tobacco companies also face a 
stiff increase in tayes on their 
products as part of the healthcare 
reform legislation now being con- 
sidered by Congress. To pay for 
the cost of the reform. President 
Clinton has proposed Increasing 
the cigarette tax from 24 cents a 
pack to 99 cents. 


Capel to 
break 
with past 
and make 
markets 


By Norma Cohan, 

Inve stmen t s Correspondent 

James Capel, the UK 
stockbroker, is to make its first 
foray into equities market- 
making, specialising in the 
shares of Its own smaller corpo- 
rate clients which complain that 
| their stock cannot be easily 
i traded. 

The move is a sharp reversal of 
I policy for Capel. wfaich said at 
the time of the Big Bang deregu- 
lation in the City in 1986 that it 
would not both make markets 
and also act as a broker for 
investors because of the poten- 
tial conflict of interest that this 
would involve. 

Its latest decision follows the 
withdrawal by many UK stock- 
brokers from marketmaking dar- 
ing the recession after they 
incurred heavy losses. 

Marketmakers are profession- 
als who offer to bay and sell 
companies’ shares, even in vola- 
tile market conditions. 

Mr Bob Benton, Capel’s man- 
aging director, said the firm, a 
division or Hongkong and Shang- 
hai Banking Corporation, was 
responding to the needs of its 
clients who had seen liquidity in 
their shares dry up. 

“There have been instances 
where we have had to ask a 
favour from another marketma- 
ker on behalf of one of our corpo- 
rate clients," Mr Benton said. 

Following the liquidity prob- 
lems, the London Stock 
Exchang e announced plans last 
year to dose its Unlisted Securi- 
ties Market where many 
small company shares are 
traded. 

James Capel will only make 
markets in the shares of compa- 
nies that are not included in the 
FT-SE 100 index of largest com- 
panies. 

Moreover, all but about 10 of 
its 69 corporate clients are too 
small to be included among the 
350 biggest companies traded on 
the London Stock Exchange, 
wfaich account for 90 per cent of 
the total value of all listed com- 
panies. 

Mr Benton said that, for now, 
James Capel had decided not to 
extend its marketmaking capac- 
ity beyond its own smaller cli- 
ents. 

However, the advent of Crest 
in early 1996, the proposed sys- I 
tern for paperless share settle- 
ment which is being developed 
by the Bank of England, could 
prompt the firm to reconsider its 
stance. 

Under Crest, any deals struck 
that are struck in the market 
will be settled within five days. 
This may make it necessary for 
securities firms to borrow shares 
to deliver to investors if sellers 
are unable to deliver them on 
time. 

Under the present settlement 
system, stockbrokers and their 
clients have up to two weeks to 
settle a bargain. 


FT^WEATHER 


Europe today 

Low pressure will bring cloud and rain to 
western Russia. The northern Balkans. Alps 
and southern France will be overcast with 
some rain. Strong north- westerly breezes 
will push wintry showers Into northern 
Germany. Belgium and northern France will 
remain mostly dry with sunny periods. 

High pressure over Ireland will bring settled 
conditions to most of (he UK. Eastern 
Scotland and north-eastern England will 
have isolated wintry showers. 

Showers will develop along the coast of 
northern Spain but southern areas wiO be 
sunny. Italy writ have a lot of sun while the 
southern Balkans will remain partly cloudy. 
Northern Scandinavia and Finland will be 
wintry with snow showers. 

Five-day forecast 

A high pressure front moving east from the 
UK and high pressure over southern France 
will combine to bring fair conditions to most 
of central and southern Europe. Ireland will 
have rain on Sunday, and later In the week 
this will spread east to England, Benelux 
and northern Germany. 


TODAY’S TEMPERATURES 


v f “ V 




Higri i w 




b 12 ;<£ ^L 


" /«£> 19 f~- ^ 

t 2e ^ u 


y-T . ■ - 'SasOO ' ' - ; C 

a (AOW p\ ^ ‘ ' 




HIGH / 1 

1020 


T*V 21 








Wtnd speed In KPH .. .' . .” 'VT- - ■ j 


| Warn front Cold front -A_A- Wind spaed In KPH .r ' 

Situation at is GMT. Tempcramm. mamtum tor day. Forecasts by Mateo Consult of the Netherlands 



Maximum 

Belfast 

fair 

3 

Cardiff 


Celsius 

Belgrade 

far 

24 

Chicago 

Abu Dhabi 

tun 

30 

Berlin 

shower 

9 

Cologne 

Accra 

fair 

30 

Bermuda 

far 

24 

□' Salaam 

Algiers 

shower 

22 

Bogota 

fair 

22 

Dakar 

Amsterdam 

fair 

9 

Bombay 

fair 

33 

Dallas 

Aifteos 

far 

22 

Brussels 

lair 

10 

Deftit 

0. Ajrea 

fair 

20 

Budapest 

fair 

15 

Dubai 

BJurn 

far 

9 

C.hogcn 

hai 

8 

Dublm 

Bangkok 

doudy 

31 

Cairo 

sun 

23 

Dubrovnik 

Barcelona 

f»r 

1 9 

Capa Town 

sun 

22 

Bfinbuuh 

Baying 

Sin 

12 

Caracas 

fair 

27 

Faro 


far 10 
sun 26 
sun 36 
doudy 22 
sun 34 
sun 30 
fair 9 

fair 20 
ha3 8 



Your bonus program. 
Lufthansa Miles & More. 

Lufthansa 

German Airlines 


Frankfurt 

Geneva 

Gfcnaur 

Glasgow 

Hamburg 

Helsinki 

Hong Kong 

Hanoi irfu 

Istanbul 

Jersey 

Karachi 

Kuwait 

L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

LiKboung 

Lyon 

Madeira 

Madrid 

Majorca 


11 

Mafia 

fa* 

S3 

Rio 

sun 

30 

14 

Manchester 

fair 

9 

Riyadh 

an 

30 

21 

Maria 

doudy 

31 

Rome 

sun 

19 

8 

Melbourne 

SKI 

29 

S. Fraco 

sun 

19 

7 

Madco City 

fair 

28 

Seod 

(dr 

2 

-2 

McttH 

fair 

31 

Singapore 

cloudy 

28 

20 

MBan 

shower 

21 

Stockholm 

fair 

0 

23 

Montreal 

sun 

2 

Strasbourg 

shower 

13 

18 

Moscow 

rain 

7 

Sydney 

fair 

20 

10 

Munich 

rain 

10 

Tangier 

Ur 

19 

36 

Nairobi 

doudy 

28 

Tel Aviv 

sun 

22 

27 

Naples 

sun 

21 

Tokyo 

ran 

6 

17 

Nassau 

Ur 

29 

Toronto 

sin 

8 

23 

New York 

sun 

10 

Tin la 

far 

20 

28 

Nice 

tair 

18 

Vancouver 

sun 

18 

21 

Nicosia 

sun 

22 

Venice 

fair 

18 

10 

Oslo 

sun 

4 

Vienna 

fair 

15 

10 

Paris 

ter 

13 

Warsaw 

shower 

9 

15 

Penh 

shower 

28 

Washington 

sun 

11 

19 

Prague 

shower 

10 

WeSingron 

fair 

18 

24 

Rangoon 

doudy 

30 

Winnipeg 

snow 

3 

23 

Reykjavik 

doudy 

S 

Zurich 

rain 

12 


THE LEX COLUMN 

Return to value 


With the FT-SE LOO index now 11 per 
cent below the peak reached in early 
February, equities no longer look over- 
valued judged on their own merits. A 
market multiple of around 14 times 
this year’s forecast earnings, and a 
prospective yield comfortably above 4 
per cent, might start to tempt fund 
managers with an eye to value. Many 
UR institutions certainly remained 
aloof as equities scaled dizzy heights 
through the winter. Thus pension 
funds sold equities to the tune of 
El.Tba in the fourth quarter of last 
year, reinvesting the proceeds in 
short-term bonds and cash. 

Since there is little joy in holding 
cash at current interest rates, some of 
that might now seep back into shares. 
The market's steady slide in February 
did nothing to halt the flight of private 
investors from the dwindling returns 
on cash. Unit trust sales of £722m were 
notably higher than the previous 
month. If that pattern continues, and 
the flow of new funds into institu- 
tional coffers this year does not disap- 
point, UK equities should be able to 
count on a solid base of support 

Yet the punishment meted out this 
week to companies which disap- 
pointed on earnings - the 8 per cent 
fall in Wellcome’s shares on Thursday 
was a case in point - suggests institu- 
tions are still reluctant to commit 
themselves. The nervous state of 
world bond markets might be to 
blame. While the fundamentals point 
to some upside for equities, it is hard 
to see how the market can flourish 
until equilibrium is restored in bonds. 

Glaxo 

Keeping track of the challenges to 
Zantac, Glaxo's big-selling ulcer drug, 
is turning Into a full-time job. Judging 
by the 10 per cent fell of the shares 
this week, the market is taking the 
latest threat - from Geneva Pharma- 
ceuticals of the US - seriously. Gene- 
va's claim to be able to manufacture 
the active ingredient of Zantac with- 
out felling foul of Glaxo’s patents has 
some credibility. Whether it can also 
convince the US regulators to approve 
its new product without years of clini- 
cal trials is impossible to judge. 

Since Zantac's US sales amounted to 
$2bn last year, though, there must be 
a slim chance of a serious sethack for 
Glaxo. The more imminent danger is 
posed by the expiry in May of the US 
patent covering Tagamet, SmithKline 
Beecham’s rival ulcer treatment, 
generic versions of Tagamet will 
tempt the new breed of cost-conscious 


FT-SE Index: 3129.0 (+7.3) 


Glaxo 

Dividend yield relative to the 
FT-SE-A All-Share Index dividend yield 



0.4 


1974 80 86 80 94 

Scarce: Dntastraam 

US healthcare providers either to 
switch from Zantac altogether or to 
de mand a lower price. There must be a 
fair chance that Glaxo’s rate of growth 
is about to slow. 

Until the outlook is clearer, it is 
hard to see the shares forging ahead. 
Glaxo has already underperformed the 
UK market by SO per cent since its 
peak early in 1992. But that is par for 
the course among drugs companies. 
Merck has underperformed Wall Street 
by almost exactly the same percentage 
over that time. The wider squeeze on 
margins Is the underlying cause of 
this malaise. How much Glaxo's cus- 
tomers are prepared to pay for Zantac 
will be an acid test 

US bonds 

The slow Chinese burn being 
applied by the Federal Reserve to the 
American economy is causing plenty 
of pain hi the US Treasury bond mar- 
ket Yields are now touching 7 per 
cent, almost 1.5 percentage points 
above their autumn lows. Some blame 
the gradualist quarter point interest 
rate rises inflicted by the Fed for 
drawing out the agony. Yet what has 
caused the retreat is perceptions of 
future short term interest rates. For- 
ward markets imply that US rates will 
have doubled to around 6 per cent by 
the end of next year. 

If that happened, bond yields could 
not remain as low as 7 per cent. But 
then, it could be that it is expectations 
which have got out of kilter. The Fed 
may have good reasons for operating 
on the economy with a scalpel rather 
than a mallet. The surge in growth in 
the second half of last year came 
partly because consumers ran down 


savings. Unless those savings are 
replaced by rapidly rising incomes, 
that growth will be a one-off effect 
The surge in housing construction and 
business investment may also end if 
growth starts to slow. 

Since the objective is to restrain 
growth to a sustainable rate, the Fed 
will also have an eye to the political 
risks of dumping the economy Into 
recession in the run up to the om 
presidential election. Slow rises in 
interest rates may thus continue. They 
may even be enough. The bond mar- . 
ket will remain sensitive to the infla- 
tion threat, but if growth moderates, 
those interest rate expectations look 
overdone. 

UK electricity I 

Including purchases made this 
week. Eastern Electricity has now 
bought back around 3 per cent of its i 
own shares. That shows a certain con- 
fidence In the future, despite the 
recent nerves of the market It also i 
shrugs off the uncertainty surround- 1 
ing the review of regional electricity 
companies currently being conducted | 
by Offer, the industry regulator. ‘ 

Eastern’s confidence looks well , 
placed. The Rees’ shares have fallen in j 
response to weakness in the gilt mar- 1 
ket, yet valuing Rees as quasi-fixed 
interest stocks is a mistake. Real divi- 
dend growth will be at least 15 per 
cent over the next two years. And as 
Offer’s review seems to be running 
along pragmatic lines, a deal may 
emerge which inflicts sufficient finan- 
cial pain on the Rees to appease the 
critics, yet is insufficient to tempt any 
of the companies to appeal to the 
Monopolies and Mergers Commission. 
That would still leave real dividend 
growth of 7 to 8 per cent until the end 
of the decade. 

There is also plenty of hidden value ; 
waiting to be unearthed. Demerger of | 
the National Grid is only a matter of 
time. Many of the Rees are now com- 
pletely ungeared, yet the review may | 
well leave the companies generating , 
cash. Predators, particularly those | 
with an advance corporation tax prob- j 
Ion, may well be tempted to buy a Rec ' 
once the review is over. Much of the 
purchase price could be funded by 
injecting debt into the Rec or issuing 
long term bonds, secured on the Rees 
cash flows or assets. Some Rees will 
substantially reform their own capital 
structures to avoid such a fate. But 
either way, shareholders can only ben- 
efit A canny bidder would act now, 
before prices rise. 


UP TO 
THE PACE 









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UK specialist managers of gilt-edged securities, 
with over £1,700 million entrusted 
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WH1TTINGDALE 


GILT-EDGED EXPERTS 


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Whiffingjale Umiled ri a Member of IMRO 


Rtyincreil at Ika pml offics. Phnlal by 
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-FT^CTIMRIES SHARE INDICES*. * 


by St C i l ia ■ i n hoi far ud p ct W Mi l by The Fnoudal Tines LM, Niuutxr Oar SonOiwu* , 










SECTION II Weekend March 26/March 27 1994 


Yes, it’s true. I was a Cybervirgin 

Christina Lamb lost her computer virginity to an addictive system that may well be the electronic sensation of the 1990 s 



O n washing days, when I was 
young, a favourite game was 
to burrow inside the sheets 
blowing on the line, close 
my eyes and spirit myself to 
some faraway land of exotic foreign play- 
mates. 

Nowadays neither imagination nor 
wind-billowing sheets are necessary. 
Instead, late at night when real- world 
friends are sleeping. 1 make a coffee and 
sit at my desktop computer in Boston, US, 
to begin travels in the virtual world which 
may take me anywhere from an aid organ- 
isation in Bombay to a research station 
atop a volcano in Hawaii. 

Across the globe, millions are engaged 
in heated on-line discussion of everything 
Cram politics to Givis sightings, swopping 
travel or business tips, or even conducting 
love affairs with people they have never 
met We are users of Internet, the world- 
wide web of computer networks and elec- 
tronic message (E-mail) systems. Its prolif- 
eration looks set to be as impor tant to the 
1990s as the spread of personal computers 
was to the 1980s and has enormous social 
and political implications. 

Since access opened to the public two 
years ago, an estimated 20m people from 
60 countries have subscribed to this pecu- 
liar world with its own language, culture 
and rules of behaviour or “netiquette". 
According to figures released in December, 
at the Internet World '93 conference. 
150,000 or more log on each month. In the 
US no business card is complete without 
an E-mail address. 

In general users are not computer nerds 
or social misfits who prefer communicat- 
ing with a screen rather than a person. 
They are ordinary people seeking elec- 
tronic soul mates to meet on-line without 
barriers of racism, sexism or age, without 
facing crime on the streets, and with 
whom they can form a community to com- 
pensate for the fragmentation of family 
and society. In The Virtual Community. 
Howard Rheingold writes of the phenome- 
non: “Perhaps cyberspace is one of the 
informal public places where people can 
rebuild aspects of the community lost 
when the small shop became an out-of- 
town mall." 

While taking part in the world's largest 
ongoing conversation may make people 
fee! good and enable them to learn about 
other cultures and gamer information, the 
implications are far larger. A system that 
gives direct access to an educated popula- 
tion equivalent to more than twice that of 
Portugal and multiplying, dearly has tre- 
mendous political and commercial poten- 
tial. 

Internet advocates believe its spread will 
boost grassroots participation in public 
policy. Rheingold describes it as an elec- 
tronic Agora, One marketplace in Athenian 
democracy where citizens met to dehate. 
President Bill Clinton, the first head of 
state to gn on-line, says increasing elec- 
tronic access between the public and the 
administration will revitalise citizen-based 
democracy. 

All White House press releases and pro- 
posals are fed into the system and the 
administration aims to provide computers 


in libraries, town Hails and shopping malls 
from which people can vent their views. 
Vice-president A1 Gore has even held an 
Internet press conference. 

Sitting at the keyboard and messaging 
the US President gives a sense of empow- 
erment which some find overwhelming. At 
the Computer Museum in Boston, where 
an exhibit allows visitors to send E-mail to 
Bill, I watched one voluble character ren- 
dered wordless at the keyboard, typing 
only "Dear Mr President, How are You? 
Geoffrey". Of course, Clinton is not sitting 
at his screen personally replying to the 
1,000 E-mail messages he receives each day 
but White House officials insist that every- 
one gets a reply "after appropriate consid- 
eration”. 

Democrats are not the only ones to spot 
Internet's potential. The Republican Party 
executive went on-line last month with an 
electronic newsletter and instant rebuttals 
and counterproposals to Clinton speeches. 


Marty Connors, director of the Exchange 
Foundation, a Republican think tank, has 
elaborated a plan called Govem-Net to 
improve governance by enabling mayors 
in different cities to swap ideas and giving 
people direct access to party bosses. 

H e envisages Internet becoming 
an essential part of election 
strategy. "I see it as perhaps 
the political tool of the future 
- at least as important as mailshots and 
'phone campaigning. The idea of reaching 
households directly with my message 
unfiltered is very attractive.'* A council 
officer in Sunnyvale California was elected 
after campaigning almost entirely on 
Internet 

Others are less convinced of the bene- 
fits. Samuel Huntington, director of the 
Olin Institute, at Harvard University, 
warns: “We are in danger of creating a 
two-class society - those who are part of 


the information technology revolution and 
those who are not Can you train a whole 
society to be computer literate?" 

For those with access to a computer and 
modem getting on to Internet is fairly 
cheap - less than $20 (£13) a month for an 
hour a day in Europe and North America. 
But it is about as user-friendly as the 
roads in Birmingham's Spaghetti Junction 
and first steps in cyberspace can be daunt- 
ing. In his book The Whole Internet, Ed 
Kroll compares it to "grabbing a handful 
of Jefio - the firmer your grasp the more 
oozes down your arm". 

Internet has three main uses. The first is 
El-mail - electronic messages that are far 
cheaper than long-distance telephone calls 
and faster than the post (or snail-mail as 
Net users call it). Second, it functions as a 
public bulletin board on which one can 
read and post messages in 2£00 discussion 
groups on everything from out-of-body 
experiences to the best way to clean an 


aquarium- There are groups of subjects 
under eight main headings such as “alt” 
for alternative, “biz” for business, “comp" 
for computer-related matters and “rec" tor 
recreational activities. It is like being able 
to wander into a series of pubs in which 
conversations are underway - except this 
one never closes. Finally, Internet can be 
used to retrieve information from distant 
locations. That day’s Supreme Court rut 
lugs, the Encyclopaedia Britannica and the 
complete works of Shakespeare are all 
on-line; satellite weather maps or entire 
books can be downloaded in minutes. 

The only way to start is to dig in. A 
cybervirgin, I bad been impressed by a 
cocktail encounter with a graduate stu- 
dent of economics at the Massachusetts 
Institute of Technology. He told me that 
he had posted questions from a tough tak- 
e-home on the Net and soon Had 
economists the world over working on the 
solutions, earning him top marks. So when 


my mother told me she would like a CD 
for Christmas of Bach's Concerto tor 2 
Violins, I hit the “m” button late one night 
to mail a message into “Tecmusic. classi- 
cal”, asking for suggestions of the best 
recording. When 1 signed on the next 
morning 1 bad 40 suggestions - unfortu- 
nately all different 

Inspired by this success, I trailed 
through and found I could get all the lat- 
est news from Latin America - where I 
lived until recently - follow scandals in 
the beleaguered Conservative government 
back home in the UK or read about the 
hottest jazz clubs In New York. For a 
while I was a passive wanderer, enjoying 
other people's exchanges such as those in 
"altJan.british accent” where British 
users tried to explain to a man from Illin- 
ois how his ancestors from Bedford would 
have pronounced words such as “mirror'’. 
Another favourite is “alt. good -rooming" 
which tries to brighten the day. Wednes- 
day's mailings included a poem, a warning 
from a Finnish user not to walk on the ice 
to catch fish, some lyrics from rock band 
Hie Cure and a riddle about the number of 
people with more than two arms. 

G rowing more cyberhappy, I 
began posting, particularly 
after discovering the intriguing 
"alt. history. what if” group 
which discusses issues such as what 
would have happened if the south had won 
the Civil War in the US. To compensate for 
the absence of body language various con- 
ventions have developed. Laughter is rep- 
resented by :-) while :-( means the author 
got out of bed the wrong side. Writing in 
capitals is the Net equivalent or shouting. 

Soon I was experiencing my first elec- 
tronic pick-up line from an "aspiring actor 
in California wishing to discuss Arthurian 
legends”. It began: “I am 6ft with curly 
golden hair and drive a red Corvette.” The 
Internet is full of people hoping to dis- 
cover E-mail love. 

David Weinstein, a 32-vear-old software 
designer from Boston, was using the Net 
to keep up with developments in his busi- 
ness when he came across “alt personals" 
- the electronic equivalent of pasting love- 
letters on a public notice board. 

He says: “I was lonely and having diffi- 
culty meeting Jewish girls so I placed 
some ads. It seemed very public so I made 
them anonymous. That didn’t work so I 
sent some stories about dating." 

His stories attracted the attention of 
Michele Schneiderman, a 29-year-old 
teacher from Columbus. Ohio and, four 
months later, they were sharing a cabin 
on a Caribbean cruise. 

Not all E-mail love stories have happy 
endings. A notorious Frenchman posed as 
a woman on-screen, carrying on a series of 
Net-romances before being exposed. 

For many their desktop screen has 
become a shoulder to cry on. Forums have 
evolved for Aids and cancer sufferers, for 
those undergoing divorce and vic tims of 
rape or abuse. One user told me: "Internet 
saved my marriage by being able to talk to 
others in the same situation". 

Continued on Page XI 


CONTENTS 


Finance & Family : Investing in 
emerging markets U1 

Details in At a Glance 11 


Food : Kieran Cooke with a tale of 
giant lobsters from Sri Lanka XVIII 

Sport : Is Max Mosley the saviour of 
grand prix? XXVI 


Perspectives : Changes afoot at a 
very English inslitution XIII 

Small business : Hi-tech tomatoes 
to the rescue XI 


Gardenings Farewell to a gardener 
of a vision XXV 



choi as Woodsworth visits some 
mint and colourful pubs in County 


XX 


p. Cftesa. Crossword 
«£• X !hn Famfly 
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MlUfl 

To Spend It 
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Radio 


xw-xvi 

XVTf 

XXVII 

IllOt 

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XIX 

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XXVI 
XX, XX® 

xxvn 


The Long View / Barry Riley 

Doomsters’ delight 


When the stock market 
r ” X tumbles a long way on a 

a marginally disappoint- 

mg economic statistic, 
fa* as it did on Wednesday 

'ejppSyi afternoon following the 

inflation figures, there 
must be a serious 
Wm v underlying malaise. 

Last August, a fictitious guest con- 
tributor to this column called Dr Mort 
Duhm set out a scenario in which the 
global bull market, based upon unlim- 
ited and cheap (3 per cent) credit from 
the US Federal Reserve, would unraveL 
“Within the next tow months, I antici- 
pate a meltdown in which the Fed will 
turn down the tap, hot money will 
panic out of bonds, and stock prices will 
become value-based and not liquidity- 
driven,” he said. 

Since the end of January, this 
sequence of events has indeed been 
unfolding. This week, the Fed added the 
second quarter-point to short-term dol- 
lar rates and there is no logical stop- 
ping place until we get to the 4‘A-5 per 
cent range, at least Long-dated bond 
yields have surged everywhere and, in 
the US, Japan and the UK, are more 
than a percentage point above last 
year's lows. We have seen repeated 
waves of so-called stop-loss selling as 
bonds have been dumped at ever-lower 
prices. We may soon have to call this a 
bond market crash. 

The vulnerability of the equity mar- 
kets has varied, however. We can 
deduce that the speculative hedge funds 
took aggressive positions in emerging 
markets and in certain European mar- 
kets (especially the UK, 12 per cent off 
its peak) but not In the US or Japan. 

There are real Dr Duhms that I know 
about in the US, Germany and Hong 
Kong. His closest equivalent in London 
is Stephen Wheeler, of broker Greig 
Middleton. He says financial markets 
have seemed to have huge liquidity but 
actually will be shown to be hugely 

i flif j fitrf 

New figures tor the UK investment 
institutions shed some light on how the 
global surge in liquidity affected the 
domestic markets in 1993. At the begin- 


ning of the year, there were worries 
about bow investors would be able to 
cope with the demands being made 
upon them, especially by the govern- 
ment - which, in the event, sold £52bn 
of gilts, net of redemptions, in 1993 com- 
pared with £28bn the year before. 

Yet, the huge volume of paper was 
actually absorbed very easily in 1993. 
First, there was a surge of money into 
unit trusts, investment trusts and the 
roughly equivalent lump sum products 
of life assurance companies. This hap- 
pened largely because the fall in 
short-term interest rates made savings 
deposits less a ttrac t ive. In the fourth 
quarter, the inflows into these institu- 
tions, at £ii.6bn, were 86 per cent 
higher than in the same period of 1992. 

Second, overseas investors were 
active on an unprecedented scale in the 
gilt market, baying £14bn worth in 1993 
compared with just £2.3bn in 1392. 
Domestic institutions actually slightly 
reduced their gilt purchases and, 
instead, went on a spending spree in 
equities, buying £17bn of shares in the 
UK and £iObn overseas. 

Y ou do not have to be a Dr 
Duhm to ask what will hap- 
pen now if the distressed for- 
eigners stop buying - or, 
worse, turn sellers (they sold Eton of 
gilts in 1990, for instance) and create a 
black hole of. say, £20bn in the flow of 
funds equations. Fortunately, the Brit- 
ish government might not need to sell 
more than about £35bn of gilts this 
year. And the Bank of England is pre- 
paring already for the change of condi- 
tions by switching its attention to the 
banks, which next week will be offered 
£2J5bn of floating rate gilts. 

But patching over the new-issue gap 
will not be a complete answer. This 
year, the long-term sterling interest 
rate will be set primarily by domestic 
investors, not by foreign hedge funds. 
There will also be consequences for the 
short-term rates. Britain's balance Of 
payments' deficit of £10.7bn was. in 
effect, financed in 1993 by foreign bond- 
buyers, but it is likely that short-term 
hot money will need to be attracted 


instead this year, perhaps by higher 
money market interest rates. 

The international background could 
turn difficult. Warburg Securities has 
calculated that American banks and 
individuals have invested $650bn in dol- 
lar bonds since 199ft They look Fully 
committed now. There have also been 
substantial investments in European 
bonds. Although UK government bor- 
rowing is beginning to fall, this is not 
true for European countries generally. 

Wheeler argues that the 1993 band 
market boom was a bank-financed bub- 
ble, much on the lines of the late 1980s 
property boom. Commercial property 
yields in the UK toll to about 5.5 per 
cent in 1989, but soared to 8 per cent by 
1992 as the market crashed. More 
recently, yields have declined again as 
the overhang of unsold and bankrupt 
property has been mopped up gradually 
by long-term investors. 

In the bond market, events could be 
expected to move much foster because 
paper can be shuffled much more 
quickly than office blocks. In both 
cases, the transition would be from a 
situation in which the market was dom- 
inated by buyers seeking short-term 
capital gains, to one in which long-term 
income-seekers set the leveL They 
would find the money by selling other 
assets, such as equities. 

What might long-term UK interest 
rates rise to? Pension funds are the 
largest group of UK institutions. Out of 
their roughly £450bn of assets, only 
about £13bn at present are fixed-inter- 
est gilts. Pension schemes need a rate 
of return of 4 or 5 per cent over prices 
to meet their long-term objectives. At 
present, the inflation rate implied by 
the gap between index-linked and fixed- 
interest yields is more than 4 per cent. 
So, fund managers might be looking for 
8‘A to 9 per cent yields. But other buy- 
ers, such as insurance companies, may 
settle for a bit less, depending on the 
inflation outlook. Already, long gilt 
yields are close to 8 per cent They are 
likely to overshoot, then bounce lack. 

In these conditions, the market can 
become hazardous. Dr Duhm could be 
quietly enjoying himself, though. 




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MARKETS 


FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


London 


I/tanetay medHdne: London rejects it., .New York accepts It 


Serious Money 


Why tea and 
sympathy 
won’t do 


K ing Edward VII 
said of the man 
who gave Lon- 
don four Comer 
Houses serving 
50m teas a yean “I like Joseph 
Lyons because he feeds people 
welL" 

Allied- Lyons, the caterer's 
heir but more interested in 
booze than tea, said on Thurs- 
day it was changing its name 
to Allied Domecq once it com- 
pletes its £73 9m purchase of 
Pedro Domecq Group, the 
Spanish drinks business. 

Dropping the evocative 
Lyons name merits only a foot- 
note in history yet it coincided 
with a significant shift in per- 
ceptions about London mar- 
kets. Many investors who 
thought a little tea and sympa- 
thy would nurse the markets 
through their six-week malaise 
now subscribe to a gloomier 
prognosis. 

A sharper rise in inflation 
and a bigger current account 
deficit than forecast in the UK 
coupled with a further hike in 
interest rates in the US ham- 
mered UK equities, gilts and 


Roderick Oram 


FT-SE-AAS-Shami 
Index ” . tf 

1*800 -r-' ' 


1,750 — 


>10 yr be nchm ark SSPCampoafte 

bond yield, K. indent U 


10 yr benc hma rk 
bond yield, 96 
— 714 



: .1,700 


1,650 — ./ 


1,600 — . . 


— 7 J3 '■ 


- 518 .«ff 


sterling this week. Any resid- 
ual hope of an imminent UK 
interest rate cut now hinges on 
political expediency; the eco- 
nomic rationale has largely 
evaporated 

In fact, the next move in 
interest rates might well be up, 
a growing number of analysts 
believe, reversing the swooping 
decline from 15 per cent in 
October, 1990, to 5.25 per cent 
today which had driven the 
stock market rally. 

Apart from feeble fillips on 
Tuesday and yesterday, equi- 
ties retreated rapidly. The 
FT-SE 100 index closed down a 
net S9.1 points, or 2-8 per cent, 
on the week at 3.129.0. Gilts, 
ridden by interest rate worries, 
were the main culprit. 

The price of the long gifts 
future contract lost a further 
four points to 105, taking its 
decline since the beginning erf 
the year to about 12 per cent. 
The 10-year benchmark gilt 
price foil three points to 92. 
Sterling weakened as well, tak- 
ing its decline against the 
D-Mark to some 5 per cent 
since January 1. 



Scarce: FT Qrap»*» • 

The disturbing inflation fig- 
ure was the 0.6 per cent rise in 
the retail price index during 
February, against forecasts of 
0.4 per cent. The underlying 
annual rise, minus mortgages, 
was 2A per cent, against fore- 
casts of 2J6 per cent 

The trade figures were, how- 
ever, more damaging because 
of the export and import trends 
they imply. The current 
account deficit grew to fiJJShn. 
in the fourth quarter of last 
year from £lAbn in the third. 
Looking at non-EU trade, 
imports grew by more than Z 
per cent a month in the three 
months to February to a record 
level while exports showed no 
growth over the period. 

Among the more trenchant 
analysts, UBS claimed its 
research showed that the defi- 
cit could be double the official 
figure. “If our suspicions about 
the true external position are 
correct, Britain's recovery is 


HIGHLIGHTS OF THE WEEK 


Change 
an week 


FT-SE 100 Index 
FT-SE Md 250 Index 
ABed-Lyons 


Cadbury Schweppes 
Carlton Comma 


Kingfisher 


Mountain (John) 
NatWest Bank 
P& O Defd 
Rank Ojg 


Wembley 


1983/94 1983/94 

High Low 

352tL3 2737.6 Bam rate uncertainty 

4152A 2876L3 Overshadowed by blue chip activity 

697 517 Domecq acquisition 

524 402 Margin Prussians 

545 407 Rights issue fears 

1047 520 Noimuna downgrade 

801 509 Zantac concerns 

783 496 Strategic worries 

239 120 Profit dawntpadings 

1901* 62 Q63ni rights Issue 

634 Acquires Citizens F¥st 

728 504 Figures ahead o( expectations 

44714 25416 Consumer spending fears 

993 548 Dtaappototing sales growth 

22 816 Pr o perty write-down fears 


built on sand more friable and 
shifting than we had ever 
imagined.” 

The UK's recovery, although 
the best in Europe, is lagging 
about a year behind the US’s. 
Yet, UK markets have fared far 
worse than New York markets 
since the Federal Reserve 
Board first raised US interest 
rates seven weeks ago and 
gave them another midge up 
an Tuesday. 

The US economy is growing 
rapidly with no signs of pricing 
pressures. The Fed, has tight- 
ened, however, as a pre-emp- 
tive move against Inflation. 
The US markets have accepted 
this As the chart shows, bonds 
are stabilising and equities 
have recovered from their post- 
tightening low in early March. 

With UK markets deeply 
unsettled by the Fed and other 
factors, bond yields have con- 
tinued to rise and stocks to 
falL Two factors at least are 
likely to prolong this agony. 
First, the increasing doubts 
over inflation and growth in 
the UK. Second, the Fed wQl be 
tightening more. It says it is 
moving from an easy to a neu- 
tral monetary stance. If US 
inflation is jogging along at 
about 2J> to 3 per cent, that 
implies short term US interest 
rates could rise to around 4 or 
5 per cent from 3.5 per cent 
currently. Given London equi- 
ties’ reaction so for to that reg- 
imen, it is hard to imagine 
them staging a rally. 

While the equity markets 
had enough broad-based con- 
cerns as it was fids past week, 
five leading stocks added some 
specific headaches. Shares in 
Glaxo foil 8.7 per cent Well- 
come 8.8 per cent, Alfied-Lyons 
7.8 per cent. Bo water 8-6 per 
cent, and Kingfish er 6-6 per 
cent 


Fixed rates: hurry 
while stocks last 

Gillian O’Connor, personal finance editor 


Glaxo was hit by news of a 
competitive threat to its mon- 
ey-spinning Zantac ulcer drag. 
A Ciba-Geigy subsidiary has 
applied for US approval for a 
variant which would evade 
Glaxo 's patent protection as 
early as next year. 

Wellcome’s interim results 
showed a marked slowdown in 
growth of sales volume and a 
16 per cent drop in the sales 
value or Retrovir, its Aids 
drag This was coupled with 
news of a drag withdrawal A 
79 per cent increase in interim 
dividend to 8.6p failed to halt 
the slide. 

Bowater reported a 44 per 
cent increase in 1993 pre-tax 
profits to £212m and a 13 per 
cent increase in annual divi- 
dend to H55p. But it talked of 
difficulties in European pack- 
aging and printing markets, 
leaving investors feeling Its 
defensive virtues in a recession 
were a liability in a recovery. 

Kingfisher turned in a 51 per 
cent increase in annual pre-tax 
profits to £309m but a lot of 
that growth came from Darty, 
its French acquisition. Operat- 
ing profits from its UK retail- 
ing operations such as Comet. 
Woolworths, B&Q and Super- 
drag fell 3 per cent Its new 
policy of Every Day Low Pric- 
ing has yet to show through in 
profits. 

As for Alhed-Lyons, the com- 
bination of a £851m rights 
issue, the £733m purchase of 
Domecq and the forecast of 
only a £10m increase to £630m 
in preexceptional pre-tax prof- 
its for the year ending this 
month left investors cool 

But perhaps they will swarm 
to Domecq ’s virtues. After all, 
ft has the first and third larg- 
est brandy brands in the world, 
a for more potent product than 
Mr Lyons' tea. 


Short- tennism is one of the 
corses of the investing classes. 
So, it is doubly satisfactory to 
fin d a financial decision which 
PiaVix; sense an both a short 
and a longer term argument - 
and trebly satisfactory when it 
is one open to millions of ordi- 
nary people. For all we are 
talking about fs an ordinary 
fixed-rate mortgage. 

Let us start with _ the 
short-term arguments. Fixed- 
rate mortgages became popular 
more than a year ago as home- 
owners cam e up for air after 
several years of sky-high loan 
rates. 

Estimates are that half to 
three-quarters of all new mort- 
gage business is at fixed rates. 
And while interest rates hit 
the floor at the beginning of 
February, even after their 
recent rise you can still get a 
mortgage fixed for five years at 
around 7.5 to 8 per cent 

But hurry while stocks last 
Prices of gilt-edged securities 
have been tumbling rapidly In 
the past few days. Fixed-inter- 
est mortgage rates are linked 
to gilt yields. Thus, some of the 
present mortgage offers could 
be withdrawn soon. 

Indeed, it is happening 
already. The Woolwich has 
altered its rates for five-year 
fixed-rate mortgages twice in 
the past 10 days; from 6.95 to 
7.45 per cent, and on up to 7.99 
yesterday. (See page IV for 
more details of exiting offers). 

While rates remain as low as 
8 per cent, you have the pleas- 
ant anomaly that you are pay- 
ing much the same as you 
would for a variable-rate mort- 
gage. Fixed money normally 
costs more. 

That is an argument that 
will appeal even to the deeply 
myopic. Far more important is 
the outlook for interest rates 
over the next tew years. 

UBS Phillips and Drew, for 
instance, is expecting base 
rates virtually to double to 10 
per cent by the end of next 
year, which suggests that even 
variable-rate mortgages could 
be back over the U per cent 


mark. So much for the brave 
new Don-inflationary world of 
the 1990s. 

Of course, not everybody 
agrees with that estimate. But 
it is hard to find anyone who 
thinks that interest rates can 
go significantly lower even this 
year, and most agree that any 
further dip will be very 
short-lived. So, that leaves very 
little to go for an the downside 
and lots of risk on the upside. 

Far new borrowers, the argu- 
ments in favour of a fixed rate 
are pretty conclusive. They 
appear to be balanced more 
finely when it comes to trading 
in your existing mortgage for 
one with a fixed rate. 

Re-financing normally costs 
around £1,000 by the time you 
have paid the clutch of differ- 
ent charges that keep the 
financial services salesmen so 
sleek. Thus, rates need to rise 
to make the switch worth- 
while. The higher they rise, the 
sooner you will cover the 
switching costs. 

But there is another deter- 
rent to consider. Most fixed- 
rate mortgage lenders have 
substantial penalties for bor- 
rowers who want to pay off 
their loans early. So. fixing 
your mortgage too for into the 
future could move almost as 
expensive as foiling to fix it at 
all 

The long-term arguments are 
more debatable and will not 
appeal to those who enjoy the 
thrill of o u t wi tting the mar- 
kets. They come down to the 
old truism that to finance a 
long-term asset with variable- 
rate money leaves you vulnera- 
ble to the whims of the market 

Assuming your income is rel- 
atively stable, why not fix this 
major chunk of your outgoings 
as well? After all, around 
250,000 people whose homes 
have been repossessed can tes- 
tify that the whims of the mar- 
ket can prove extremely pain- 
ful 


At this time of the year, the 
most unlikely people start ask- 


ing for financial advice. Even 
journalists. FT readers, being 
less feckless, undoubtedly have 
done aU their year-end tax 
planning already. 

Our detailed advice was pub- 
fished on March 12. But for 
those of you who have spent 
the past few weeks on Mars, 
here is a brief recap of some of 
the main points to check 
before April 5. 

□ Pre-paying fuel bills before 
VAT comes in cm April 1. This 
is levied at 8 per cent initially, 
rising to 17.5 per cent In a 
year's time. 

If you can afford the outlay, 
it makes sense to pay now for 
some of the fuel you expect to 
use. Electricity, gas and oil 
companies all have arrange- 
ments helping you to do so. 
(See Briefcase on page X and 
Weekend FT March 19X 

□ Capital gains tar planning. 
This (s going to be relevant to 
an unusually large number of 
people this year, thanks to the 
strong rise in stock markets 
over the past 12 months. The 
basic aim is to ensure you 
make full use erf your £5336 
tax-free allowance, since it can- 
not be carried forward. (See 
CGT, page VTZD- 

□ Personal equity plans (Peps). 
You can shield up to £9,000 of 
investments from both income 
and gains tax each tax year. 
Administration costs some- 
times cancel out the income, 
tax savings in the early years 
of a Pep, and they are less use 
to people paying only the basic 
rate of tax. But, longer term, 
the protection from CGT Is 
well worth having. And if you 
have investments already, a 
Pep is well worth considering. 
(Our survey was published on 
February 26). 

□ Making additional voluntary 
contributions to pension 
schemes. You need to get your 
contributions in by April 5 if 
you want tax relief against 
your income for 1993-94. If, 
however, you expect a pay rise 
which would take you into a 
higher tax bracket next year, it 
could make sense to hold fire. 


AT A GLANCE 


Finance and the Family Index 

Entering Markets 

Fee-based advisers: Cavendish Financial Management . 

Floating gifts: are they here to stay? 

Diary of a Private Investor: warrant with a future.™ 

Capital Gains Tax: fast of a series..-.. 

Insurance tor Bfe: Pru goes It alone — 

New Investment Trust and Unit Trust launches — . — 


Wall Street 


01 

V 

V 

VI 

Vil 

. — vni 
x 


Unit trust safes 

Nat Investment (Ebn) 

1.0 - 



ABIed-Lyona 

Share price (pence) 
70Q 



Source FT Graphfts 


Savers abandon building 
societies for unit trusts 

| Money continued to pour Into unit trusts as savers deserted the 
building societies last month. Net sales of unit trusts nose to 
£7 22 ,4m last month, £530m of which was private Investors’ 
money, according to the Association of Unit Trusts and 
Investment Funds. Meanwhile, the Building Societies Association 
reported a net outflow of £404m in February. 

Among the most popular unit trust sectors were the five 
F>ep-qualHyfng UK equity sectors, which attracted £335m 
between them, illustrating the rush to use up Pep allowances 
before the tax year ends. International growth funds ware also 
popular. The unit trust industry had £98.9bn under management 
at the end of February. 

The marketing drive is set to continue as more funds are stiil 
looking to pud in new money - see table on page X. 

Allied-Lyons to change name 

One of the biggest deals of this year was announoed by drinks 
and foods group AlUed-Lyons, which Is paying E740m for control 
of Pedro Domecq group, the Spanish drinks producer. Allied is to 
finance the purchase with a £65lm rights Issue, and plans to 
Change its name to AJHed Domecq, dropping the name of J 
Lyons. 

GM card offers new option 

Vaux haTs GM Card holders, who can earn points towards a 
rebate on a new Vauxhafl car or van, can also take pal in a new 
scheme to benefit company car drivers. 

Any user/chooser who drives a Vauxhall, or is planning to switch 
to one, win be able to swap points earned with spending on the 
card far vouchers useable in some high-street shops. Points 
worth up to £500 can be built up each year, for a total of up to 
£ 2 .Soo over five years. There is a redemption fee of £15 every 
time points are swapped for vouchers. 

However, this option is only available tor company cor drivers, 
unlike the rival Ford Barclaycard, which gives all card holders the 
choice between a rebate on a car or consumer goods and leisure 
breaks from a catalogue. 

Smaller companies suffer further 

The Hoars Govett Smaller Companies Index (capital gains 
vereion) was down again last week, by 2.3 per cent to 1770.29 
Over the week to Moth 24. Over the same period the FT-SE A 
Afl-aiare index fen 3.6 per cent Since the beginning of the year 
tiw Smaller Companies index has dropped by SJZ percent the 
*®^hare by 5.3 per cant and the FT-SE 100 Index by 7.9 per 
cent r 


R ising interest rates, 
fresh revelations in 
the Whitewater 
affair, an assassina- 
tion in Mexico and the threat 
of war between the two 
Koreas: this week's news was 
bad enough to satisfy the 
gloomiest pessimist No won- 
der shares on Wall Street took 
a tumble. 

Yet the surprise was not 
that the Dow Jones industrial 
average fell 75 points in four 
days of trading. It was that 
share prices did not EaU far- 
ther. After all, this is a bull 
market that has looked vulner- 
able ever since the Federal 
Reserve reversed five years of 
policy in early February by 
raising short-term interest 
rates from 3 per cent to 3L25 
per cent 

Just before the Fed acted, 
the Dow was flirting with 
4,000 and the Standard & 
Poor’s appeared headed inexo- 
rably for 500. Since then, toe 
two indices have not looked 
like getting near those land- 
marks again. Every time toe 
market has taken a step for 
ward, something has sent it 
two steps back. 

More often than not, that 
something has been another 


A week to satisfy the gloomiest Jonahs 


R etail lore has it that 
Sir Geoffrey Mul- 
cahy, chairman of 
the Kingfisher retail 
group, even Das a yacht called 
No Comment A shy, diffident 
man, he is an unlikely-seeming 
retail guru. 

That role was thrust upon 
him, however, after his skilful 
piloting through the 1980s’ 
boom erf what was then called 
Woolworth Holdings. And peo- 
ple listened when he began 
talking about the need for a 
new retailing approach in the 
low-growth 1990s, involving 
lowering margins to drive sales 
volumes and increase market 
share. 

Mulcahy’s most recent coup 
was the £lbn takeover last 
year of Darty, France's largest 
electrical retailer and one of 
Europe's best 

Unfortunately, the reluctant 
guru’s -halo has slipped,” as 
one retail analyst put it By the 
time Kingfisher announced its 
results this week, its shares - 
long star performers of the 
stores sector - had dropped 22 
per cent since a disappointing 
trading statement in January 
raised tears that Kingfisher's 
Everyday Low Pricing (EDLP) 


rise in bond yields. These have 
been rising because, in spite of 
statistics and analysis which 
suggest the contrary, investors 
in Treasury bonds are con- 
vinced that the recent rapid 
pace of economic growth will 
eventually feed through into a 
rate of higher inflation later 
this year. While stock market 
investors are more sanguine 
about the inflationary threat, 
they have been unable to 
ignore the depth of bond mar- 
ket concern, or the potential 
impact cm equities. 

Consequently, share prices 
have been stuck in limbo over 
the last two months. Almost 
everyone agrees that since the 
Fed raised rates, stocks were 
unlikely to be be heading 
much higher in the near 
future. 

At toe same time, there has 
been a growing apprehension 
on Wall Street that toe market 
was becoming increasingly 
susceptible to a big seH-eff, the 
sort that might be triggered by 
a nasty and unforeseen exter- 
nal shock. 

Sorely this week provided 
an ample supply of those? Yet 
there are good reasons why 
the markets ultimately han- 
dled them so weU. 


Dow Jones Industrial Average 


3A80 

3.080 

3^40 

3AZ0 —• 
3J30Q 

3.880. 

3.880. * 

3,840 

3,820 

$800 

3,788 

3,760 

3,740 — * 
3.720 H 
3,700 

3,660 *— 


ScuemFtGnpMto 


Taking take them one by 
one, the rise in interest rates 
was hardly unexpected, 
although once again the exact 
timing of the move caught the 
markets by surprise. On Tues- 
day, the Fed's Open Market 
Committee was in session. 
But, contrary to the expecta- 
tion that the FOMC would 
sanction a rate increase, the 
Fed intervened in the bank 
lending market just before 


midday to keep short-term 
interest rates at their old tar- 
get of &25 per cent. Analysts 
immediately said the action 
signalled no change in policy. 

Yet, minutes later, tire Fed 
announced it was. Indeed, rais- 
ing short-term rates, from 3.25 
per cent to 3J> per cent. The 
market reaction was instanta- 
neous - bond and stocks prices 
surged, it seemed a puzzling 
response, but a second mone- 


tary policy tightening from 
the Fed had already been 
priced into stocks and bonds, 
so the rash of buying was 
mostly an expression of inves- 
tors’ relief that toe dirty deed 
was done. 

If toe markets took toe Fed 
rate increase in their stride, 
they were less assured tn their 
reaction to the latest develop- 
ments in the Whitewater 
affair. On Thursday, President 
Cite ton announced he would 
hold an evening press confer- 
ence to counter some of toe 
more serious allegations. But 
nerves were further shaken 
when a leading Republican in 
Congress claimed he had new 
evidence on Whitewater dam- 
aging to the president. 

Ultimately, however, neither 
the president’s briefing, nor 
toe congressman's supposedly 
damaging revelations, 
appeared to advance the story 
much farther and, by Friday 
morning, the markets had 
moved on. 

As for the two international 
shocks of the week - the 
assassination Of TjiIs Donaldo 
Colosio Murrieta, leading can- 
didate in the upcoming Mexi- 
can presidential election, and 
growing tensions on the Kor- 


The Bottom Line 


Kingfisher’s muted song 


strategy was not working. And 
since the results on Wednes- 
day. Its shares have dropped a 
further xxp, closing at xxxp 
yesterday. 

That must be irksome for a 
company which produced a 51 
per cent rise in pre-tax profits 
for the year to January 29 from 
£204.8m to £309. 3m. But the 
profits increase largely was 
down to a £T9J2m contribution 
from Darty, a rise in the contri- 
bution from the group's prop- 
erty arm from £&.lm to £43m, 
and a smaller than expected 
interest charge of £7.6m. 

Profits from UK retailing 
actually fell, with three of 
Kingfisher's four main chains 
reporting a decline. Only B&Q, 
the D-I-Y chain, showed a nar- 
row increase. That is disap- 
pointing given that B&Q, 
Superdrag and Woolworth all 
enjoyed increases tn like-for- 
Iihft sales, which exclude new 
stores. The point Is that as 


Kingfisher . ■ . 

Share price relative to foe FT-SEA RetaBers, Seneca index 



SUCK FT 

m a rg i n s have been trimmed as 
part of the everyday low pric- 
ing strategy, sales have 
increased - but not enough to 
compensate for the gross mar- 
gin sacrifice. 

Sir Geoff insists EDLP is a 
long-term process and the sales 
volumes will come through 


eventually. But, with KingfisH- 
er’s EDLP campaign now a 
year old, CSty analysts are ask- 
ing how long that might take 
and whether the group has got 
the strategy right 
There were Other reasons for 
the UK retail businesses' poor 
performance. Woolworth was 


hit by an unexpected collapse 
in tire video games and con- 
soles market Superdrag was in 
the process of shifting its focus 
to personal care products, mov- 
ing away from household and 
grocery ranges. 

Moreover, some retail 
experts say toe City Is being 
characteristically short-sighted 
in expecting profits to shoot 
ahead as a result of Kingfish- 
er’s new strategy. They say it 
takes time for consumers to 
get the low-price message on 
the kind of infrequent pur- 
chases in which some of its 
chains, particularly Comet, 
specialise. 

Analysts counter that in 
high-street chains, such as 
Woolworth and Superdrug. the 
benefits of EDLP should have 
come through more quickly. 

There are reasons to retain 
faith In Kingfisher. Darty has 
been hit by toe downturn In 
the French economy, with 


ean peninsula - were disturb- 
ing, bat were not enough to 
undermine investor sentiment 
seriously. 

Of the two, Korea has tire 
greater potential to disrupt 
sentiment in the future, partic- 
ularly if extra US military 
forces have to be sent to tire 
region. The situation in 
Mexico, however, created mare 
initial problems fin* US mar- 
kets. Yet, while the death of 
Murrieta, coining so soon after 
the peasant uprising in Chia- 
pas, reinforced the image that 
Mexico was mired in a phase 
of political instability, it did 
nothing to alter toe economic 
and investment fundamentals 
of the country. 

Once the initial shock of tire 
assassination passes, US mar- 
kets should be able to concen- 
trate on more pressing con- 
emus at home: inflation, rising 
interest rates, and an economy 
that may be growing too fast 
for its own good. 

Patrick Harverson 


Monday S864JB5 - 80A0 

Tuesday 3862.55 - 0230 

Wednesday 3889.46-4- 06.91 

Thursday 3821.09 - 48A7 

Friday 


sales and operating profits 
down, but it increased its share 
of a declining market When 
the French recovery begins, 
the company should reap the 
benefits. 

There is also more progress 
to be made in exploiting the 
synergies between Darty and 
Comet, and bringing the latter 
chain up the standards of tire 
former. 

Looking further ahead, some 
analysts are enthusiastic about 
the prospects for B&Q Ware- 
houses (previously called The 
Depot), the 100.000 sq ft D-I-Y 
giants Kingfisher is develop- 
ing. 

The benefits of these devel- 
opments, like those of EDLP, 
will take time to come 
through. Al though Kingfisher’s 
shares now look cheap, anyone 
contemplating buying them 
may need large reserves of 
patience. 

But, concluded one analyst 
yesterday: “Kingfisher still has 
an excellent track record of 
both earnings and share price 
growth. Shareholders might be 
foolish to sell them at this 
level,” 


Neil Buckley 




FINANCE AND THE FAMILY 


Risks - but 
rewards, too 

Avoid emerging markets and you will 
lose out, says Gillian O y Connor 



Foreign money-* boosts new boys— up the league table 


Emerging markets 
Net equity flows (Sbn) 


Pacific ram-* 

) Latin America 


20 


15 


10 


5 - 



DeterMlees World market value 

1/1/92 = 100 {Stm} 

PSn ~ - ■ - 6,000 




89 fl A 




Source- Baring Socuitas *£sCmata 


“tncftnSng Hong Kong and Sognpom 


Trusts offer the 


way in 


T he new Aztec ftind is 
using shots of a nappy 
factory in Mexico City 
to ping the solid merits 
of Latin American 
investment Indeed, Mexico is seen 
widely as one of the safest and most 
stable of the e mer ging stock mar- 
kets. But even Wall Street was 
shaken by the assassination on 
Wednesday of the country's presi- 
dential candidate. Safety is a rela- 
tive concept. 

This year has been proving tough 
already for investors in emerging 
markets. Most have jerked into 
reverse, with some spine-chilling 
individual movements. Turkey, for 
instance, is less than half its level 
at the beginning of the year. But 
while emerging markets are differ- 
ent and dangerous, they are likely 
to be a permanent feature on the 
investment scene. Anyone who 
avoids them entirely will lose out in 
the long term. 

■ What are emerging markets? 

No definitive list exists although 
there is a hard core of countries 
which most investors would agree 
warrants the labeL Some people 
include all countries with econo- 
mies that are relatively undevel- 
oped but starting to sprint Others 
allow only those with markets 
mature enoug h to ahsorb - end wel- 
come - foreign investment 
Most of the hard-core countries 
are in south-east Asia (the Pacific 
rim) and Latin America. India has 
just joined the list because political 
and economic change has opened it 
recently to direct and indirect 
investment Hong Kong and Singa- 
pore, both relatively mature, are 
honorary members because interna- 
tional investors have been using 
them as a proxy for China. 

■ What is die background? 
Economic growth in the developed 
countries was slowing, even before 
they were pole-axed by the reces- 
sion. and economists reckon the 
rapid expansion in the other parts 
of the world is more than a tempo- 
rary phenomenon. The collapse of 
communism in eastern Europe, and 
China's lumbering re-birth, have 
altered dramatically the balance of 
the world economy. Both the econo- 
mies ami the stock markets of the 
developing countries are expected 


to have a much larger chunk of the 
world total by the end of this cen- 
tury. 

Investment managers in the 
developed countries, notably the 
US, are trying to ensure that the 
funds they run share in the explo- 
sive growth of some of these 
nascent economies. Stock markets 
in most of the countries are rela- 
tively immature, but western inves- 
tors have been pouring in money as 
fast as the markets could absorb it. 

Our chart shows how the Sow 
accelerated in 1993. Many of the 
markets rose almost vertically, and 
companies which had seemed bar- 
gains to western investors began to 
look much pricier. So, the investing 
institutions ranged ever wider. 

When many of the Pacific rim 
stock markets had doubled, the 
institutions switched their atten- 
tions to Latin America, long 
regarded as an also-ran in the eco- 
nomic stakes. Last year, it hardly 
mattered which market you bought 
or what individual stocks. This 
year, after a sharp setback in most 
markets, investors need to be more 
selective. 

Anxiety that fThtnw is overheat- 
ing, despite endeavours to damp it 
down, overshadow the Pacific mar- 
kets that depend on it And coun- 
tries linked to the dollar may have 
to pull in their own belts as US 
rates rise. But investors need also 
to weigh up factors as disparate as 
stock market liquidity and political 
stability. Emerging markets are not 
all equal. Buying the right stocks 
will be important. 

■ Is this a good time to buy? 
Probably not Securities firm BZW 
suggested last year that its clients 
should have a relatively high 
investment in emerging markets. 
BZW is now “neutral”. 

One worry is that the tide of US 
money could ebb as rapidly as it 
flowed if US interest rates become 
more attractive - or even in sheer 
funk. If this were to happen, the 
impact on some markets could be 
dramatic. Prices would tumble as 
rapidly as they rose, and investors 
mi ght in many cases find it hard to 
get their money out 
But that does not mean that any- 
one with money already in should 
get out. The higher risk/reward pro- 


file of emerging markets makes 
them an even longer-term invest- 
ment than elsewhere. 

■ How to invest 

Your long-term strategy should 
depend on who you are. If you are 
an affluent, footloose expatriate 
with no local loyalties, you might 
have as much as 20 per cent of your 
equity portfolio in emerging mar- 
kets. If yon live in the UK, around 3 
to 8 per cent is probably the most 
you should consider. Indeed, any- 
one nearing retirement and who 
cannot afford high risk should shun 
them altogether. 


Direct investment in shares in 
emerging markets is not for the 
amateur. It is, however, possible to 
boy shares in companies which do 
business with emerging countries 
and should benefit from their 
growth. Infrastructure, telecoms 
and power generation are a priority. 
So, buying shares in companies 
such as GEC or Cable & Wireless is 
an indirect way of joining the boom 
without taking on the risks associ- 
ated with the local stock market 
If you are investing through unit 
or investment trusts, the vehicle 
you choose will affect the overall 


riskiness of your portfolio. Gener- 
ally speaking, global funds, which 
can invest anywhere in the world, 
should be less risky than regional 
hinds, and much less risky than sin- 
gle country funds. 

But what if you want to increase 
your risk/reward profile? A more 
closely-targeted fund is one way. 
Another is to choose an investment 
trust which uses borrowed money 
or to buy investment trust war- 
rants. In both cases, the market 
price of the security exaggerates 
movements in the asset value of the 
underlying shares. 


F or most investors, the only 
practical way of investing 
in emerging markets will 
be through a unit or 
investment trust, write 
Scheherazade Daneshkhu and 
Bethan Hutton. 

Arguably, unit trusts have a 
potential disadvantage compared 
with investment trusts. Since a 
unit trust is an open-ended fund, 
the manager may fimi himself 
having to sell holdings quickly 
to meet redemptions if performance 
falters and investors want to 
liquidate their holdings. But this 
could be tricky in emerging 
markets which are relatively 
illiquid. 

Investment trusts do not have 
this problem. Instead, the trust 
might Hall to a deep discount if 
the fund or the countries in which 
it invests become unpopular. 

Unit trusts for the global 
emerging markets are to be found 
in the crowded international equity 
growth sector. The top performer 
over three and five years to March 
1 is an emerging markets fund: 
Prosperity Emerging Markets. This 
has returned growth of 293 per 
cent over die five-year period. City 
of London Emerging Markets is 
another in the top four funds for 
the same periods (HSW: offer to 
bid, net income re-invested). 

Investors preferr in g an 
investment trust have seven 
general emerging market funds 
to choose from: Abtrust, Beta, 
Fleming, Foreign & Colonial, 
Govett, Kleinwort, and Templeton. 
A few months ago, most were 
looking very expensive, with 
shares standing at substantial 
premiums to net asset value. But 
the reversals in many emerg in g 
markets, and a change in sentiment 
in the UK, have made them more 
affordable. 


Willing risk-takers may be 
interested in the handful of single 
country funds, and regional funds 
for the Pacific rim and Latin 
America. But for anyone preferring 
a more cautious approach, many 
emerging markets investment and 
unit trusts have savings schemes 
which allow you to put in a fixed 
monthly amount. 

Nigel Sklebottom, a private client 
fund manager who specialises in 
investment trusts with stockbroker 
Gerrard Vivian Gray, picks Foreign 
& Colonial Emerging Markets as 
his favoured buy at the moment. 
This week's assassination of tbe 
Mexican presidential candidate 
hit F&Cs share price, like other 
hinds with large exposures to that 
country, but Shtebottom says this 
could be viewed as a buying 
opportunity for anybody prepared 
to sit out short-term volatility. 

The F&C fond does not have a 
long record under its present name 
and management Formerly tbe 
New Frontiers Development trust 
it started life as a US venture 
capital fund before mutating into 
an emerging markets fund under 
the management of Ivory & Sime. 
F&C took over the management 
only last September bnt SI debottom 
says he has confidence in tbe team, 
which has wide experience in the 
various markets. 

Templeton, a longer-established 
and extremely popular trust in 
file sector, is raising new capital 
with a conversion share issue at 
present Investments in the 
Templeton fund grew by more than 
270 per cent over the three years 
to March 1 (source: HSW). 

While such spectacular returns 
cannot be guaranteed for the 
future, the fund's main manager, 
Mark MobVus, has a good track 
record. 




'St. 

l.'ll 


^^^Morgan Grenfell 
European Growth Trust 


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No.l in Europe. 


CONSISTENT EXCELLENT 
PERFORMANCE 

The Morgan Grenfell European Growth Trust 
is the top performing European Growth Trust in 
its sector since its launch on 1 Ith April 1988. 

An investment of £ 1 .000 invested at launch 
would now be worth £4,006* representing a 
compound annual return of 2d.7%* significantly 
outperforming the average European Fund as 
can be seen from the above table- 

INVEST NOW 

Against a background of foiling interest rales 
and economic recovery, wc expert European 
stock* to generate substantial growth in the 
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For further details please contact your 
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on 0800 282465 or complete the coupon below. 


To: Morgan Grenfell Investment Funds Ltd., 

20 Finsbury Circus, London EC2M 1UT. 
Please send me further details of the 
Morgan Grenfell European Growth Trust □ 

Morgan Grenfell European Growth PEP D 

(Pine licit boa) 


Full Name. 
.Address 


REF: FT 26^3(04 


Postcode. 



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Income PEP 

No. I since launch* 



General PEP 

No. I International 
PEP since launch* 


PEP PERFORMANCE OF 
A HIGHER MAGNITUDE. 



Newton is an independent investment house with .1 
single, simple purpose in life: to increase the real wealth 
of our clients. The no. I performance since launch of the 


Newton Income and General PEPs is evidence of our 
achievement. For more details of our PEP performance, call 
us. free, on 05UU 550 UOO at any time. Or clip the coupon. 


To: Newton Fund Managers limited. 71 Queen Victoria Street. London ECffV 4DR. PJease send me details of the Newton PEP range. 


Name 


Address 


FT 940326 


Postcode 


Performance above and beyond 

•Source. Moopfll/Datfy Telegraph PEPGuide. figures 10 1st March 1994 from launch (Income Find. 1/5/85: General Fund. 27-1/90: Growth Fund. 1/12792} on an 
offer -» btd basis including gross income retweaed Growth figures for Income PER over fas /ears: 126ft Prevailing tax levels and refiefc are liable to change and their 
value will depend on /our odKidml circumstances The value of units and the income from them can go down as wdl as up and investors may not got bacF the full 
amount invested Past performance is not necessarily a guide to the future. Issued by f ierwtcm Fund Managers Limited, a merrber of \MRO. LAUTRO and AVJTIF 




IV WEEKEND FT 


FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


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Corooi^l 'mance 

fcsT ‘ -^v***^ 

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

If you wish to reach this Influential audience by 
advertising bi the Survey please contact: 

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FT Surveys 


‘tonnsiin 


FINANCE AND THE FAMILY 


The week ahead 


Inchcape inches ahead after setback 


T he fashion for updat- 
ing analysts on trad- 
ing could have taken 
something of a dent 

after Inchcape’s experience in 

January. When the interna- 
tional trading group - which 
announces 1993 results on 
Monday - met stock broking 

analysts, some thought it had 
said nothing new or any great 
significance. But others came 
away from the meeting bear- 
ish and cut their forecasts. In 
the fallowing days, the shares 
slumped nearly 70p from a 
high of 606p. Only recently 
have they begun to recover. 

All will be revealed in Mon- 
day’s numbers. There is a wide 
range of forecasts, although 
most close Inchcape watchers 
range from £265m to £275m 
(up from £250.1m in 1992), 
excluding a £16m profit on the 
sale of a minority stake in 
Toyota GB to Toyota. Inchcape 
told analysts at the briefing 


Inchcape 

Share price reteflvB to the 
FT-SE-A Alt-Share Index 
180 



1990 91 

Souco: FT Graphite 

that the second half had been 
simil ar to the first, when prof- 
its rose from £H7.1m to 
£130.9m in spite of a £12m 
higher interest charge. 

□ Caradon, the building prod- 
nets group which last year 
bought RTZ*s Pillar business 
for £800m, is expected to show 


a slight rise in pro-tax profits 
for 1993 - from £ 125.7m, to 
around £l28m to £l30m - 
when it reports full year 
resalts on Wednesday. But 
there also will be an excep- 
tional profit of £l00m on the 
sale last year of the group's 25 
per cent stake in Carnand 
Hetalbox. the packaging 
group. 

□ On Tuesday, it is the tom of 
Taylor Woodrow, and analysts 
expect pre-tax pr o fi ts to have 
been between £20m and £25m 
compared with a re-stated loss 
of £94.5m for 1992, which 
included £51 .5m of property 
provisions. 

□ Redland, Europe’s biggest 
roof tile producer, reports on 
Thursday and is expected to 
have increased pre-tax profits 
from £199m in 1992 to £270m 
last year on a strong perfor- 
mance in Germany. 

□ City analysts are looking 
for Pearson's pre-tax pr ofi t s to 


increase from £l5lm last year 
to between £20 Im and £215m 
for 1993 when the media 
group’s results for the year to 
December are announced on 
Monday. 

The results could take some 
of the pressure off file share 
price, which has dropped from 
a high this year of 735p to 
615p, with a particularly sharp 
drop is the past week. The 
share price fell does not seem 
to have been caused by any 
event and trading volumes 
have been low. 

G Blenheim Group, the exhibi- 
tion organiser whose shares 
have alm ost halved over the 
past year, is expected to report 
profits of between £ 4 2m and 
£45m for 1993 on Tuesday. 
That compares with profits of 
£49.7m for the 16 months to 
December 1992. 

□ Next, the UK fashion chain 
which has recovered strongly 
since running into difficulties 


Society axes fixed-rate offer 

But plenty remain to tempt home-buyers, reports Bethan Hutton 


Market upheavals mean that 
fixed-rate mortgage offers do 
not have a long shelf life at the 
moment. The Yorkshire build- 
ing society withdrew a planned 
range of six this week before it 
had even been launched But 
there are still a number 
around. 

New rates from the Wool- 
wich are 7.99 per cent fixed for 
five years, or 6.99 for two 
years. Arrangement fees are 
£295 and £225 respectively, and 
the penalty for early redemp- 
tion during the fixed period is 
six months’ interest on the for- 
mer und three months' on the 
latter. 

Loans are available as repay- 
ment, endowment, pension. 
Pep and re-mortgages, up to 95 
per cent of valuation (except 
for re-mortgages). Insurance is 
not compulsory. 

The Nationwide has fixed- 
rate offers for periods of two to 
10 years, with rates varying 
from 6.39 per cent over two 
years (639 for first-time buy- 
ers), 6.99 fixed for three years, 
and &89 over 10 years for buy- 


ers with a 15 per cent deposit; 
otherwise, for loans up to the 
usual limit of 95 per cent of 
valuation, it is 839 per cent 

Early redemption penalties 
are between three and 10 
months’ interest Arrangement 
fees range from £200 to £300 
(£95 for first-time buyers). 

Barclays is offering fixes 
over two, four and 10 years for 
existing home-owners, with 
versions over two and four 
years for first-time buyers. 
Rates are 635. 7.45 and 8.65 per 
cent or 535 and 635 per cent 
for first-timers. Purchase of a 
Barclays’ life assurance policy 
is compulsory for first-timers. 

Booking and arrangement 
fees are from £200 to £400; £100 
will be refunded to existing 
homeowners if they take out a 
life policy or pension. Redemp- 
tion fees are three to seven 
months’ interest. 

ffaliftT has five fixed rates 
over two to six years. They go 
from 635 per cent over two 
years to 8.49 over six. There 
are cash incentives of £300 to 
£500 on completion, and 


Fidelity International Investor Service 

Trade at 
a discount 
in markets 
worldwide 






* 4 ■ ■ / ’ ’ 

ji* 4 V ■ <]*’ '■ 




If you moke your own investment decisions, Fidelity’s International Investor Service offers a 
simple and inexpensive way to access world markets. The service is specially designed to meet 
the needs of expatriate and international investors and offers substantial discounts over 
traditional hill cost stockbrokers. 

Currency conversions are done at no extra charge when associated with a managed fund or 
securities trade, and our linked, multi-currency offshore Money Market Account pays interest on 
ail uninvested cash balances. 

What’s more, you have the reassurance of the Fidelity name — one of the leading and most 
respected stockbroking and fund management groups in the world. 

Call or write for details and an application. 


* Trading in UK, US, Continental Europe and 
other major markets 

* Unit trusts & mutual funds 

* Discount commissions over hill cost 
stockbrokers 

* Multi-currency Money Market Account 

* Callfree dealing numbers from Europe 

Thi» adirnJtvmeai I* iisuisl by Fidelity Brokerage Services Limited, member of 
Tlw London block Esdunje and The SF.L 


Call (44) 737 838317 

UK Callfree 0800 222190 
9am - 9pm IK time ( 7 days ) 
Fax (44) 737 830360 anytime 


To: Fidelity Brokerage Services limited, 

ffirtgssrood Place. TADW0RTH, Surrey KT20 6RB. United Kingdom. 

Please send me more information and an application for Fidelity 
International Investor Service. 


Mc/MrAliss (Please prim) . 
Address 


.Poacodc 


TdXo. 

i siihattonarcil] you roansucr any quotas you may have) 

Nalionalitv 


.DawEve (please aide) 



Fidelity 
Brokerage 

IFe cut commission — not senice. 


arrangement fees are between 
£150 arid £250. 

National & Provincial is 
holding its one and two-year 
fixed rates until early next 
week, but has raised rates for 
fixes over three, four and five 
year. The new rates for loans 
of up to 95 per cent of value 
are: 735 per cent until Febru- 
ary 1997. 730 until February 

1998. and 735 until February 

1999. For loans of up to 75 per 
cent of value, the rates are 
6.95. 735 and 7.75 per cent 
respectively. 

The maximum re-mortgage 
is 90 per cent of value. 
Arrangement fees are £250 and 
a free valuation Is included, 
but buildings and contents 
insurance has to be arranged 
through N&P. Early redemp- 


tion penalties range from 90 to 
120 days. N&P's one-year fix is 
at 33S per cent, or 335 per cent 
depe nding on what proportion 
of the property's value is bor- 
rowed; the two-year rates are 
5.64 or 534 per cent, with the 
same conditions as above. 
There are special offers for 
first-time buyers, too. 

Mortgage broker John Char- 
col continues to offer a three- 
year fix at 639 per cent for 
anyone wishing to borrow 
between 75 and 90 per cent of 
the value of their hnnrae Re- 
mortgaging costs a fixed fee of 
£250. and Charcol will pay all 
the costs for this except for 
early redemption penalties on 
earlier fixed-rate mortgages. 
But the firm warns that the 
offer will be withdrawn soon. 


RESULTS DUE 


W 


Company 


Amount 
Sector due 


PMAL DfWDBtOS 


Ash A Lacy 

Eng 















BrifahAlcwiAlumMum — 

rtfa 


<WT 

Caradon __ 

BM&M 


Thursday 

Monday 

Tuesday 

Tuesday 

Monday 

Tuesday 

Wednesday 

Thursday 

Tuesday 

Wedne sd ay 


HftMday 


Ctartooo ptoracet - 

Ctomentane 

Crude Irrtamattonal 
rac 


-Tran 

-tV» 


Cham 

HIT 

EcHwr^l Fmd Managers OtFn 

Estates & General Prop 

FBD nfa 


Thursday 

Thursday 

TUaaday 


Fortfe Ports 


-Tran 

-DM 


Gtobtf. 


Monday 

Tueadw 

Tuesday 

Monday 

Tuesday 


On m te il h tdhm 

(heat Southern 

Harrisons A Croasfleid . 


-fdMa Monday 
-Phwn W edne e dw 

-OSSB Wednesday 
Wedneattoy 


-Oat 


Ha u aaraon Vfighiaod Trust - InTr 

Hcfcson I nte rnational Cham 

MggaSMI BSC 

Hoddar HeadBne Mad 

Hogg. 


In ch ca pe 

KJW Steam Packet . 


.ore 


Jountan (Thomas) _ 
LECReMdgoratfon. 


. Trwi 
-KseQ 
-Med 
.DM 


Tuesday 

Tuesday 

Wo d m ac ta y 

Tuesday 

Wednesday 

Monday 


Tuesday 


Mata Curie 


NB&tfflerCo’a Trust. 

Nelson Hwst 

Nestor BNA 

Neat. 


Ocean Group. 


-BEE 

-PP&P 

-InTr 

-TexA 

-EntfK 

-Eng 

-Eng 

-InTr 

-iVa 

. HthC 

.HetQ 


Tuesday 

Wateadey 

Wednesday 

Wednesday 

Thursday 


Wednesday 

Tuesday 

Tuesday 


Monday 
Tuesday 
-Trw» Wednesday 


RJBMMng. 


.SEE 


— End 
BMAM 


Royal Doidton . 


-RetG 

-Eng 

.BBS 


Tuesday 

Monday 

Thursday 


Ruatefl (Alexander) . 

Rutland Tkust 

Schoi 


Tuesday 

Monday 

Monday 


Sduoder 8pK Fund . 


.OtFn 

.HHC 

.InTr 

-Eng 

-Eng 


Monday 

Monday 

Monday 


SharpeS Reher 8M&M 

Sherwood Ooup T«A 

Sptrax Sen engineering __ »_ Eng 

Steel Buna Jones - lets 

T & S Stores RetG 

Tanjong LAH 


Taylor Nelson AGB _ 

Taylor Woodrow 

Thomson CPve btva . 

TOMtl&Bittton 

TBmry Dough* 

TmTec 

Ubter TV 

Vtrtutofcy 


-Men 

-BSC 

-InTr 

-Tran 

-B&C 


Watts Blake Bcsme . 
wieon (Cormoly) — 


-SupS 


■ Ext! 


but. 


Qrou> _ 

Brkfeori Gmcfcy . 

Grayslone 

Lloyd Thompson . 
(fenny Ventrne . 
MYHoMnga 


ffaueeUk !«■« - ■ rri _ 

scomsn Metropoetaa , 

Thorpe (FW) — 


.DM 

-TAA 

.Eng 

.ha 

-WTr 

-PPSP 

.BEE 


-Prop 


r-EfiEE 


Tuesday 

Monday 

Mcnday 

Wednesday 

Monday 

Monday 

Thursday 

Monday 

Tuesday 

Monday 

Tuesday 

Wednesday 

Tuesday 

Tuesday 

Wedne sda y 

Tuesday 

Wednesday 


Tuesday 

Wednesday 

Monday 

Tuesday 

Thursday 

Monday 

Wednesday 

Monday 

Tuesday 


Last 


Thte ymm 

frit 

brt. 

M 

2J 

09 

25 

225 

005 

005 

as 

12 

08 

AJ3 

745 

45 

63 

00 

04 

1.18 

253 

2.73 

4J5 

- 

2S 

05 

IS 

075 

to 

OO 

OO 

2-75 

53 

083 

05 

IS 

075 

2.75 

5S 

2fl5 

1.75 

225 

1.75 

55 

05 

OO 

ZD 

425 

225 

02 

03 

02 

35 

- 

1.7 

06 

7A 

42 

06 

54 

06 

075 

1SS 

085 

1 A 

1.4 

1 A 

255 

5.15 

255 

15 

13 

IS 

15 

OO 

156 

015 

6S 

015 

54 

035 

55 

OO 

7S 

05 

Ol 

45 

03 

225 

IS 

IS 

OS 

025 

05 

AJ) 

5S 

42 

158 

280 

1.44 

* 

04 

- 

U 

27 

OA 

040 

085 

045 

125 

253 

15 

OS4 

251 

054 

1.15 

2S 

1.16 

05 

20 

15 

4.71 

OK 

4.71 

SO 75 

0025 

5J7B 

15 

IS 

IS 

- 

- 

52 

825 

1075 

02S 

1 3 

OO 

15 

465 

050 

1.75 

15 

: 

05 

027 

053 

027 

25 

07 

25 

12 

155 

128 

13 

4S 

IS 

15 

25 

15 

05 

1.7 

IS 

2.7 

06 

85 

426 

9S 

32 

24 

35 

25 

0417 

1S27 

128 

010 

03) 

0.13 

05 

05 

05 

- 

08 


08 

8.1 

4.5 

105 

225 

105 

025 

9.75 

05 

425 

6.75 

625 

2.7 

oa 

35 

127 

256 

127 

IS 

IS 

- 

20 

4.7 


04 

75 

. 

2.1 

025 

_ 

0.75 

152 

_ 

04 

1.1 


05 

IS 

• 


■Dividends ere shnwi net pence per share and ae Mfuated tar m kireimfeg scrip issue. 
Reports and accouits are not nomreiy amahs mtJ okwt 6 teeife dhr the baud meeting to 
approue pralimnay raeiAa. * 


TAKE-OVER BIDS AND MERGERS 


Company 
bid tar 

VUmoI 
Ud pw 
w 

MaM 

prtoa- 

nfca 

baton 

tod 

vtous 
tf tod 
Ora- 

BUdsr 

AngKa Tatortaonf 

Worn ai paw mar wwnrisa Mtaaed 
637f§ SSI 464 282.0 

MAI 

Clayton, Bon 

128* 

127 

11T 

040 

MolharwuB 

Europe Mina 

622 

52 

. 

152 


Froemai f 

242 

234 

220 

1757 


In Shops t 

116 

116 

83 

5028 

Bktaby 

LWT l 

7S6IS 

714 

586 

61011 

Grenada 

m iiyuofai i H»ca 

183 

180 

173 

4082 


Mdiynn 

2065 

24 

23 

021 


Nawapepar Pita. 

355- 

350 

350 

7BS0 


Rated Shop 

204 

30 

99 

25 



299* 

31714 

305 

496.0 

QKN 


at the end of the 1980s, Is 
expected on Tuesday to pro- 
vide further evidence of its 
resurgence with pre-tax profits 
of about £70m for the year to 
January 31. up from £3&9m 
last time. 

Next reported a very strong 
Christmas performance in Jan- 
nary. with high street sales np 


a total of 18 per emit In the 
second half-year, and mail 
order sales through Next 
Directory np 9 per cent. Ana- 
lysts are keen to hear If that 
Improving performance has 
been sustained since the year- 
end. 

The dividend Is expected to 
double from 2£p to 5p. 



PRELUHIHARY RESULTS 



Pro-ta* 

Emtmr* 

DMdanda- 


Year 

prom 

PK 

share 

par 

7*1 

Company 

Sector to 

ffSOQ 


W 

ft* 

Atoboycraat 

T&A Ok 

1,780 


52 

M 

82 

cut 

Aeiadcan Trust 

InTr Jan 

6200 

ROOT 

549 

(LOT 

84 

(49) 

Antotogaata 

DM Dk 

23. WO 

C35OT 

735 

(boq 

212 

(204 

App layrd 

DM Dk 

5,120 

POT 

62 

(04 

58 

M 

APV 

Eng Dk 

13.400 

BOOT? 

OLB 

(3.4 

S4 

M 

Arcotoctdo 

QBE Dk 

4D3 


527 

p.14 1215 

O.il) 

Artngton SeorBsa 

nfe Dk 

5. WO 

(12500) 

- 

H 


H 

Aigoa 

RhQ Jan 

83500 

POTOT 

186 

(11-7) 

80 

(7fl 

Aapan Communicadon 

PPSP Dk 

157 

(12OT 

- 

H 

42 

(44 

Aatac {BSR) 

ESS Dk 

U900 

F2OT 

A18 

B-14 

675 

H 

Avonmow Foods 

Ufa DM# 

29200 

PSflOQ 1435 

(tt.il) 

385 

W) 

Aaorreda 

BSC Dk 

55W 

»2OT 

854 

028) 

42 

(44 

Ajcridra Mstais 

lYti Dk 

1J60 

cm 

83 

(2.1) 

18 

H 

Baird (WBtom) 

TSA Dk 

19500 


103 

(04) 

89 

44 

Bsr& Wldtoca 

UH Dk 

4.400 

P.7OT 

3U 

nan 

112 

(HUS 

BNBReaourcas 

sups Dk 

2590 

PIT) 

87 

04 

42 

(44 

Banadto HoMtaga 

rVa Dk 

485 


221 

POT 

12 

OU 

Blaton 8 BML Enam. 

►fceQ Dk 

233 L 

(222 U 

- 

H 

- 

H 

Bookar 

FAta Dk 

85900 

P72OT 

282 

(193) 21.75 (T1JH 

Booms Bad Propardra 

Prop Dk 

55 L 

P.170 U 

- 

H 

12 

04 


Amar Dk 

212000 

P4720C9 

282 

Q*A) 1255 

01.11 

Bowteipi 

ESS Dk 

51.100 

(12.700) 18.18 

0538) 

891 

(834 

BPP 

SupS Ok 

6200 

PL7WS 

132 

044 

88 

*4 

Bridon 

Eng Dk 

22,700 L 

P2OT 

- 

H 

42 

(<4 

Bdttonfo Asamnca 

UAs Dk 

27S00 

(E3.7OT 

142 

025« 

122 

012) 

B9Q bfemndorel 

EngV Dk 

1D200 

P5OT 

CAS 

057) 

32 

BU ) 

Bund 

PPSP Dk 

55500 

I40.4OT 

82 

(54 

23 

P4 

Bupa 

rV8 Dk 

41200 

(36504 

- 

H 

- 

H 

CtofeW 

Cham Ok 

2210 

gyaO) 

73 

(72) 

729 

(724 

CaMa^ HoWtogs 

Offri Dk 

15,900 

(13,700) 

08 

(04 

52 

H4 

CmnWi 

EnflV Dk 

1500 

(950 l) 

122 

H 

(Ll5 

H 

CM 

Mad DK 

4260 

(3.660) 7854 

05.72) 

5.14 

(US) 

Ctottan Cards 

RmG ‘Jan 

3220 

£314 1121 

(B-OT 

ATI 

HOT 

Qyda Patrotoun 

COP Dk 

22400 L 

paaoou 

- 

H 

- 

H 

CMS 

nto Dk 

11.100 

H 

35.4 

(353) 

- 

H 

Cnataca* 

HhC Ok 

341 

(1560 q 

- 

H 

075 

(05) 

CtogsnhajB Motan 

DM Dk 

22» 

P.484 

87 

P4 

625 

POT 

Darwant Valoy 

Prop Dk 

2540 

(BOT 

202 

002) 

9.1 

(84 

Dam tataroabonal 

FAta Dk 

18200 

paw4 

142 

005) 

A17 

H 

Doadax 

Cham Dk 

1220 

P504 

833 

0228) 

42 

f*4 

EngBab A Scot to*. 

ton Jan 

4220 

(4314 

138 

0 OT 

ITS 

OOT 

Era Group 

R«G Ok 

626 L 

054 

- 

H 

- 

H 

BM Fact 

SupS Ok 

1250 

POT 1119 

(7.44) 

A74 

021) 

Flrad Earth 

RatO Dk 

423 L 

<OT 

- 

H 

- 

H 

Frost 

HatG Dk 

7250 

(5.754 

92 

P2) 

42 

04 

Qaaat 

RUF Jan 

3200 L 

(3.104 

• 

H 

81 

(81) 

Goto Patrotoun) 

06SP Dk 

5.100 

(6504 

3.79 

POT 

1.45 

04 

> ■ »i_ 

rnfManu 

BMSM DK 

56200 

(M204 

192 

054 1425 0429 

Htoandan 

hs DacK 

47,400 

55264 

262 

POT) 

72 

(62) 

HoidMTach. 

DM Nov 

446 

im 

923 

(927) 

80 

04 

Icatood Groim 

Retf Jan 

65200 

(55304 15.68 

(14.11 

32 

OOT 

KtotfUer 

MG Ok 

mxo 

(204JB04 

389 

(S3 

142 

Oil) 

LatogpoM 

B8C Dk 

18200 

(11204 

152 

(04) 

92 

04 

i WIW. 

0E8P Dk 

9200 L 

(282 U 

• 

H 

13 

(34 

Law Dabanftjm 

Inly Dk 

BJOD 

(8304 2121 

P027) 192S (1825) 

Lax Sandoa 

DM Dw 

101 500 

(107,004 

885 

(987) 

125 

OOT 

UHput 

FtoW Dk 

3.080 

(2214 

95 

(87) 

08 

H 

Lowa fftobart ffl 

TSA Nov 

11280 L 

02R» q 

> 

H 

- 

H 

Matoya 

Oat Dk 

378 L 

(882 q 

- 

H 

- 

H 

Matflaras Pomard) 

Rata Jan 

11200 

(3244 

627 

(4.63) 

\A 

OOT 

Mayborn 

HaGd Dk 

4240 

as» 

142 

024) 

87 

04 

MatoAm 

■ Eng Dk 

■ 8220 

P274 

836 

P27) 

42 

(3LOT 

Motns 

Eng Dk ' 

20,400 

08204 

417 

(«14 

104 

044 

MoraatamtOI AOaa 

OESP Dk 

7280 

(U94 

122 

(8OT 

- 

(-) 

MoroOTwraf 

Med Dk 

7200 

POT 

165 

H 

132 

032) 

Morrison {W 14 

FMF Jan 

97200 

P0JJ04 

825 

POT 

02 

POT 

MowtamWoM 

BSC Ok 

124,203 L 

P8500L) 

- 

H 

22 

M 

Nor* San Asaeta 

OESP Dm 

1250 

0234 

226 

P.0B) 

1.1 

04 

PAD 

Tran Dk 

523.700 

CZ70.404 

685 

P23) 

308 

004 

tatangSnreg 

nto Dk 

161 

POT 

225 

HOT 

12 

04 

PanaAScbaag 

SreS Dk 

3240 

0284 

4J)1 

P24) 

21 

04 

Parxtaagon 

DM Dk 

7270 

P234 

14.1 

014 

72 

(89 

Pany 

DM Dk 

6.160 

(3220 U 

182 

H 

72 

04 

PnatoTOM 

tin Dk 

569200 

(406204 

212 

054 

132 

OOT 

Ctoatoy Software 

SMS Dk 

553 

0204 

73 

PD4 

125 

H 

ore*» 

DM Dk 

3240 

P264 

05 

(74 

52 

(45) 

Rarest 5 Coknan 

HasG Dk 

260200 

065204 4822 

(25.16) 1725 

(163 

Radas 

SioS DacR 

619 

(4230U 

425 

H 

- 

H 


Eng Dk 

2520 

02OT 

42 

(4-6) 

32 

04 

RPS 

Prop Dk 

825 

(727) 

427 

(4OT 

24 

B4 

RubaroM 

BMBM Dk 

7.100 

H 

108 

H 

18 

H 

SacuroTtast 

OtFn Dk 

7210 

P224 

a nsf 

P44 

152 

034 

Stoogf* Estates 

Pep Dk 

53200 

(46.404 

72 

P4 

81 

p.1) 

Sen /gain 

ka Dk 

221.700 

(12B.604 

223 

H 14J5 (1425) 

TLS Range 

OUt Dec 

209 

0B4 

09 

H 

08 

POT 

TVfcdty totomattorre 

Med Dk 

19260 

05294 

202 

044 

97 

07) 

T* 

BSC Dk 

2.170 L 

pioq 

- 

H 

08 

04 

TT Groufi 

DM DK 

23200 

06204 

103 

062) 

68 

04 

UKSatoly 

T&A Dk 

1200 


5 J 

142) 

28 

H 

Unkhaaa 

HhC Dm 

37200 

(jZBAdd 

178 

087) 

85 

POT 

Untad Newspaper* 

Med Ok 

137,700 

009204 

355 

P24 

222 

P14 

Vtoton 

Eng Dk 

4210 

(10204 

81 

(217) 

78 

(74 

Macs 

PP8P Ok 

15200 

(29.404 

113 

H 

38 

POT 

W* 

Eng Dm 

37500 

(30204 

173 

07J) 

68 

04 

Wmml HwgroMm Vfrtaf 

Wat Dk 

12B0 

0384 182J0 

0524 

TOO 

C*4 

Whatown 

Big Dk 

10700 

(0714 30.76 

(27.70) 

K12 

|L6) 

reboo Bonded 

BSC Dk 

31200 

06204 (22AI 

043) 

93 

07) 

Wntotonhninia nkfc 

Cham Dk 

4200 

P204 

392 

(244) 

180 

074 

Wood (ArllBr & Sons) 

HsoG Dm 

119 

(77) 

42 

POT 

32 

04 

Wcrfd of Laadiar 

RbG Dk 

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FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


FINANCE AND THE FAMILY 


A woman of account 

Cavendish Financial Management: 9th in a series on fee-based advisers 


J ulie Lord, the manag- 
ing director or Cardiff- 
based Cavendish 
Financial Management, 
is the only Associate of 
the Institute of Financial Plan- 
ning in Wales, but the distinc- 
tion has not encouraged tor to 
rest on her professional lau- 
rels. 

She is now working for some 
tax qualifications and says: “I 
believe you have to keep study- 
ing to keep your brain alive in 
this business. There are IP As 
[independent financial advis- 
ers] who are doing the same 
sort of product-based business 
they were doing 20 years ago. 
Their approach is positively 
Jurassic.” 

Lord claims that Cavendish 
is one of the few companies in 
south Wales that is pioneering 
the idea of fee-based advice, 
and she argues that its success 
shows people win pay for qual- 
ity advice and service if they 
can see they are getting value 
for money. “It is the Marks and 
Spencer principle," she says. 
“We consider that we give an 
extremely good service that is 
not necessarily unique but is 
unusual." 

Lord founded Cavendish 
with her husband Andrew in 
1991 after six years' experience 
with a commission-only IFA 
firm. “I saw things were chang- 
ing and that the sophisticated 
clients wanted more than a 
commission organisation could 
give them," she says. “I began 
to think that we could offer 
something more professional." 

While there is now a small 
branch office In Blackpool. 
Lord says there is unlikely to 
be any further expansion. “We 
have made a policy decision 
that we don’t want to build up 
another financial services 
empire based on sand.” 

She insists that all clients 
make a will (she retains a local 
solicitor to help, if necessary) 
and the firm's terms of busi- 
ness stipulate that clients must 
inform it if their circumstances 
change. “We can’t possibly 
give proper advice If clients 
don't tell us what is going on,” 
she argues. 

Most of Cavendish's clients 
live in south Wales, over the 
English border in Bristol, or 
along the M4 corridor. Half are 
business owners and company 
directors, and many approach 



JuDeLqn* 


Nam of friend* acMfear; Cavendish Poland* Management Lid 

•Vi -n, Wsi* 



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ftincfr laidarinehafl M n on t: 


£4-5m 



IT. r r - r. 


the firm after attending one of 
its regular investment semi- 
nars. “We thought these 
seemed a very sensible way to 
attract people who were seri- 
ous about their financial 
future," Lord explains. “Our 
clients all have one thing in 
common: they recognise the 
value of structured financial 
planning to help them achieve 
their goals.” 

The seminar audiences 
Invariably include a number of 
single, divorced and widowed 
women. Lord thinks women 
are “notoriously bad at organ- 
ising their PmamHai affairs," 
adding: “They prefer to rely on 
their partners or on large Insti- 
tutions. I try to persuade them 
they must do their own plan- 
ning, because no one else will." 

I n to experience, how- 
ever, financial incompe- 
tence is by no means 
confined to women. 
“There is a surprising 
number of totally naive profes- 
sional people," she says. “Some 
accountants are in a terrible 
mess with their finances and 
some of our medical clients are 
hopeless." 

“Then there are people who 
say they want to retire at 55 
and they haven’t started mak- 
ing pension contributions. It is 
almost like not being on the 
right planet" 


' 

' Nim*ef of branch offices:" Two-'- 

f y : . V ^v; V 

Sanrftms'otfnwfc; . Comprehensive financial planning end 

' trowsmert acMoa 

c-:-r Vr- ; r.-r- r 'r r r err v 


The four advisers at CavBU- 
dish aim to provide compre- 
hensive financial and invest- 
ment planning for private 
clients but the services are not 
confined to the asset-rich. Lord 
says: "Providing clients have 
income, they can have abso- 
lutely no money whatsoever. 
We have clients who are liter- 
ally just starting off, while our 
wealthiest client probably has 
something lffc« £2J3m. n 

Fees are time-based. “We 
have a timp sheet and it is all 
logged into the computer.” 
says Lord. “The client has a 
notional account and we debit 
tins with the time we spend on 
them." Hourly rates range 
£rt>m £20 to £125, and annual 
retainer fees for financial plan- 
ning and investment clients 
are £100 to £500. 

Clients choose how to deal 
with any commission that 
arises. It can be rebated to 
them, added to their invest- 
ment, or offset against fees. 

Lord describes most of the 
investment clients as loss- 
averse rather than risk-averse; 
thus, any portfolio recommen- 
dations tend to err on the side 
of caution. But while many cli- 
ents like a modest flutter, she 
stresses: 

“I will Invest their money in 
riskier things only if I have 
done it myself. If we feel we 
have made a mistake, I would 


rather cut out than expose cli- 
ents to ftutber loss.” 

The firm is equally robust In 
its dealings with financial 
institutions that fan to deliver 
a proper service. “Since we 
started, we have sacked two 
insurance companies because 
of their atrocious administra- 
tion.” she says. 

Cavendish does not under- 
take discretionary manage- 
ment “Clients have to agree to 
absolutely everything we do," 
Lord says. “It Is far better for 
them; then, they can keep con- 
trol of things." Clients are seen 
at least once a year and the 
firm likes to meet their accoun- 
tants and other professional 
advisers, too. 

Lord expects the disclosure 
of commission and new sol- 
vency requirements will do 
much to change the face of the 
IFA market “I can’t think of 
anything more bizarre than an 
IFA who can’t stay in business 
because of solvency," she adds. 
"It is quite alarming; the 
requirement is only £10,000. 

“I do think the IFA sector Is 
going to get smaller. Unfortu- 
nately, this will give clients 
less choice. But at least those 
advisers who are left will be 
the genuine article - qualified, 
client-orientated, professional 
financial planners." 

Joanna Slaughter 


Now it’s a floating gilt 


A government bond 
which pays a float- 
ing rate of interest 
might sound like a 
contradiction in terms, but tbe 
Bank of England is to sell 
£2.5bn of variable-rate, five- 
year gilts on Wednesday. 

UK government bonds (gilts) 
are regarded as the best fixed- 
interest instrument, allowing 
nervous investors to Ox their 
income. So, how should they 
regard a gilt paying a variable 


rate, reviewed every three 
months, and with a yield 
which is fiendishly difficult to 
calculate? 

The Bank says the issue is 
being aimed more at the whole- 
sale markets than private 
investors and, if tbe minimum 
bid is anything to go by, this 
certainly seems tbe case; it has 
been raised from the usual 
£1,000 to £50,000. Investors can, 
however, wait on til after tbe 
auction and buy In much 


smaller denominations from a 
broker. 

The stock will pay Interest 
gross, which will appeal to 
non-taxpayers, and will be sold 
at auction for a discount at a 
minimum of £99.50 for every 
£100 of stock. The interest rate 
will be set at % per cent below 
the London Interbank bid rate. 
For the first period, this works 
out at an annualised interest 
rate of 4.98 per cent gross to be 
paid on June 9. 


GROWTH 

CHARTFIELD 

Investment Management Limited 

A FIMBRA MEMBER 


The Chartfidd Growth Fund has risen 
by 130 % in the 3 years to 1 st March 
1994 . The fund is administered by 
Scottish Provident Assurance Ltd; 
a member of Lautro. 



i YEAR 

3 YEAR 

POSITION IN SECTOR 

2nd 

xst 

FUNDS IN SECTOR 

642 

464 

CHANGE OVER PERIOD 

4-72% 

4-130% 


Source Micropal Broker Managed Fund Sector 

Pmpafornunceis not necatwily s guile to future performance. 
11 k value of the investments can jp down aa wrll J3 op, 


m 071-499 1245 

FAX: O7I-495 6164 


Far details on the Chartfidd Growth Fund send to. 
FREEPOST 2, (WD 4994), London WiE iBZ 


Name 

Address 


Postcode 


Telephone - 


FV2WJ 


The most competitive build- 
ing society rates are paying 
well above this on £50,000 and 
above (see Highest Rates table, 
page X) but the rate is competi- 
tive for less than £5,000, 
although dealing costs will 
reduce the real return. 

There are no plans to make 
tbe stock available through the 
National Savings Stock Regis- 
ter. 

James Higgins, of the inde- 
pendent adviser Chamberlain 
de Broe, says: "For the private 
investor, the simple answer is 
that the bond offers nothing 
that a straightforward deposit 

- other than absolute security 

- does not There is no chance 
of an appreciable capital move- 
ment and the yield is, frankly, 
not competitive." 

Jeremy Alford, investment 
director at gilts fund manager 
Whittingdale, has a similar 
view. He says one concern for 
private investors mil be the 
liquidity of tbe stock; the last 
time the Bank issued a float- 
ing-rate bond in 1979, demand 
was poor. “If you think interest 
rates will foil further, as we do, 
you are better off buying a con- 
ventional gilt,” adds Alford. 

Attractive gilts he cites 
include the 6 per cent Treasury 
stock of August 1999 with a 
yield of about 6-6 per cent, and 
the 7 per cent of 2001 yielding 
7.1 per cent 

Meanwhile, another instru- 
ment that usually operates 
only on a fixed rate has made a 
variable-rate issue - perma- 
nent interest-bearing shares 
(Pibs). These are issued by 
building societies and normally 
pay a fixed rate on interest 
indefinitely, since they are 
Irredeemable. 

Last week, Cheshire building 
society became the first in the 
UK to issue Pibs with a float- 
ing rate, although First 
National, the Irish building 
society, launched a similar 
venture earlier in the month. 
The yield on the Cheshire Pibs 
is set at 2.4 percentage points 
above the six-month London 
Interbank offer rate, now yield- 
ing about 7.6 per cent Mini- 
mum denomination Is £L000. 

Simon Mozley, assistant 
director at Hoare Govett, bro- 
ker to tbe issue, says “We have 
seen huge capital growth in 
Fibs until February this year 
but prices have fallen since. A 
floating-rate Pibs will not vary 
in price as much as one with a 
fixed rate, and so it offers 
greater capital security.” 

Scheherazade 

Daneskkhu 


WEEKEND FT V 


LAST 2 
CHANCES 

FOR 1993/94'S LOW-COST SELF-SELECT PEP 

1 

M POST YOUR CHEQUE and application forms (see below) to 
arrive by Wednesday 30 March 1994. Or 

2 

Ami PERSONAL APPLICATIONS ONLY: we will be accepting 
applications until Tuesday 5 April at all Killik & Co shop-offices 
(addresses below). Application forms available at all our offices. Please bring your 
cheque book and NI number. 

You don't need to make investment decisions immediately, so long as we have your sub- 
scription - up to £6,000 (General PEP), up to £3,000 (Single Company PEP) before the end 
of the tax year. 

Key benefits of Self-Select PLUS : NO management charges, NO initial charges, NO 
charge when you transfer your existing plan to us - PLUS investment advice whether 
or not you invest. You pay only for the work we actually do; for your deals (1.65% - min 
£40) and reclaiming tax on your behalf (£7. 50 on each dividend). 

Pax for any of the following today: Just dial tbe relevant number from a telephone 
linked to a fax machine and on answer press the start button on your fax machine. 
071-649 1061 General PEP Application form (5 pages) 

071-649 1062 Single Company PEP Application form (5 pages) 

071-649 1063 Rate Card (2 pages) 

071-649 1064 How to make the most of yonr PEPS (4 pages) 

Or phone us on 071-371 0900 




and tell us what you need. 


45 Cadogau Street 
London SW32QJ 


24/25 Manchester Square 
London W1M5AP 


2a Downshire Hill 
London NW3 l NR 


35 Harwood Road 
London SW6 4QP 


KILLIK & Co 

STOCKBROKERS 

This advertisement has been issued cod approved by Killik & Co Members of the London Slock Exchange & SFA Regd. address: 45 Cadogan St SW3 2QJ 





Beyond a certain point, 
Coutts is the 

soundest investment of all. 

The gruircr your .users, the more ch.il lending the 
cask of looking utter them. Especially if they exceed the 
£250,000 mark. 

Are you getting the onc-tu-une service 
you deserve! Can you depend on your manager to make 
the right Jeel»lons.' Above nil, are you getting the returns 
ywi’re looking fur? 

Count Investment Management Services aim to 
provide nil the! and more. 

Ar the outset, we'll establish a clear understanding 
of your particular needs and financial goals. Then we'll 
fine- tune your portfolio accordingly, monitoring and 
adapting it as your needs change. You can. of cmine, he .is 
little or as much involved in dec won- making as v**«i wish. 

It goes withiMi: saying that yiHi’ll get exceptional 
levels of individual attention. And because the Coutts 
group operates from 15 financial ceniro around the 
world, you'll get a truly global perspective. 

Pot the serious investor, it really adds up. 

For details, call Richard Schroder on 07 1.753 1 524, 
(fax: 071.753 1061), or write to him at Coutts & Co, 
440 Strand, London WC2R OQS. 



Established 1692 

A HISTORY OF FORWARD THINKING 


The value uf investments and the income /him them may fall .is well as rise and the investor may not recover the full amount of capital inverted. 
Courts & Cti n a Member oflMRO Regd. office, 1 5 Lwnhwd Sr. Luo. Ion EC IV 9AU. 




VI WEEKEND FT 


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FINANCIAL TIMES WEEKEND MARCH 56/MARCH 27 1994 


Maximising your 
investment income 
is a priority 
for you. 

It’s a profession 
for us. 


Low interest rates; foiling equity yields as share prices rise; 
continuing uncertainly in the markets: these are not easy times 
if you need income from your investments. 

We can help. At Clerical Medical, we have introduced 
a new financial planning service called Provision - designed 
for professionals, and delivered by professional, salaried 
Financial Planners. There is no charge, no obligation or 
sales pressure: instead, we take a comprehensive look at your 
financial position and report our findings to you in writing, in 
a personal Financial Plan. 

And naturally it will cover opportunities to maximise your 
income - without unacceptable changes in the balance between 
risk and reward. 

if you do not currently have reliable, expert advice (for 
example, from an independent financial adviser), call us now on 
0800 806060 quoting ref. P25/6 - lines are open 8am to 8pm 
Monday- Friday, 9am to Spm Saturday and Sunday. 


PRO 


: A 


Financial Planning for the Professional 

Call Free - 0800 806060 

Clerical Medical 


INVESTMENT GROUP 


The re hie of laves Itochu maj Tall u wall U rise. Inoed bp: Ckrieai. Mcdlul and 
General life Auurance Soaer*. Incorporated ia England hy An of PaiHaonn »ltti 
Limited LiaMliiy No. ZI9J. Principal Office: IS 5t lamest Square, London SWJY 4LQ. 
Enquiries to: Bristol Head Office, Sairow Plain. Bristol BS2QIK A member of LAUTRO. 
Clerical Medial cmnpriaef Clerical, Medical and General Life Asa nance Soaefy and ita 
suhildurici "ho together market a ride range of savings loveatmeni and pcoskja prodocia. 


FINANCE AND THE FAMILY 


Diary of a Private Investor / Kevin Goldstein-Jackson 

Warrants with a future 


D o you have a piece 
of paper that has, 
perhaps, been over- 
looked but which 
might now be worth a signifi- 
cant sum? Warrants are easy 
to forget and are misunder- 
stood by a number of people - 
yet, their value can sometimes 
be surprising. 

My personal pension scheme 
has had a shareholding in a 
small investment company, 
London Finance & Investment, 
for some time. Last October, 
the company gave its share' 
holders one warrant for every 
five shares held. 

£ach gave its holder the 
right to subscribe in cash for 
one share in London Finance 
at 25p apiece within a certain 
specified period in any of the 
years 19% to 2005 Inclusive. 

As the warrants were free, I 
simply made a note of their 
acquisition, and did not bother 
to track their progress. I 
assumed they would not be 
worth much until London 
Finance's share price rose con- 
siderably. 

Earlier this year, though. 1 
was browsing through the 
share price pages on the screen 
of the Market Eye financial 
information service. I noticed 
that while London Finance 
shares were quoted at 29-31p, 
the warrants were 17-I9p. 

I was surprised they were 
worth so much because it 
meant people were prepared to 
pay 17-I9p just for the right to 
buy London Finance shares at 
some time in the future for 25p 
each. 

As I saw it, there were were 
two obvious explanations. The 
first was that the warrant-hold- 
ers hoped public expectations 
of the company's prospects 
would enable them eventually 
to sell the warrants at a profit 



as their price rose. The second 
was that they expected the 
shares to rise to more than 42- 
44p (the 17-I9p warrant price 
plus 25p a share purchase 
price) in order to make it 
attractive financially to exer- 
cise their warrant rights and 
take up the new shares. 

Issuing warrants has become 
increasingly popular, espe- 
cially by companies using 
them almost like a future-dated 
rights issue. They have proved 
especially popular with invest- 
ment trust companies; many 
new trusts include warrants 
with their share capital when 
they are launched. 

There are now more than 100 
quoted trusts which have war- 
rants, although each trust dif- 
fers in the terms for them. 
And, with trust warrants. 
Investors can keep track of 
their progress fairly easily as 
many are listed on the FTs 
share price pages immediate ly 


under the trust’s share price 
(which was not the case with 
London Finance). 

Although warrants confer 
the right to buy shares at a 
fixed price within a set time 
period, there is no obligation 
on the holder to do so. Indeed, 
I suspect a number of people 
simply consign their warrants 
to the attic. 

T hey should, however, 
look again at their 
terms because they 
may have a valuable 
asset This is because warrants 
usually can be traded in their 
own right; thus, an investor 
can keep his existing share- 
holding in a company and sell 
all or some of his warrants. 

Trading in warrants also has 
attracted investors who are 
interested in the possibilities of 
matring spectacular g ains from 
being able to take an interest 
in a company's shares for a 


Schroder UK Equity 

1st since launch in 1972* 


1st since launch in 1981 

Schroder Japanese Sm. Cos. 

1st since launch in 1984 

^hr^oder UK Euterprise 

1st since launch in 1988 

Schroder US Smaller Cos. , J 

1st since launch in 199(L 




Little wonder that 
Schroders have a 
world-class reputation 


Such performance will raise few eyebrows 
in some circles. 

After all, a reputation such as Schroders" 
cannot be built by merely providing 
impressive short term results. The truth is, 
Schroders have consistently delivered 
outstanding performance for many years, 

Nor is it an achievement that has gone 
unnoticed. We now have over £5.4 billion 
under management from those who 
already know about our track record. 

Of course, you may wonder how such an 
accomplished performance is maintained 
so consistently. 

The reality is that Schroders have resources 
above and beyond those of most 
organisations. The Group has over 3000 
staff in 20 countries. Through them we 
obtain the in-depth research and local 
knowledge which has produced a series of 
top performing funds. 

So our results over the last three, five and 
ten years will come as little surprise. 

Sourec: Micropjl Offer (0 Bui with net income reinvested to 
14.3.94. “Schroder UK liquity in the UK Equity General Sector 
(3-1-72 first date recorded on Mkropal) +1515% 1st of 15. 
Schroder Japanese Smaller Companies in Japan Sector since 
launch (16. 1.84) +908"/. 1st of 26. Schroder US Smaller 
Companies in North America Sector since launch (20.2.90) 
+208"-d 1st of 10R. Schroder Tokyo in Japan Sector since launch 
127.2,811 1st of II. Schroder UK Enterprise in the UK 

Equity Growth Scclor since launch (6.7.88) -M 84 M, 1st oi l 1 3. 


All of which begs one question. Wouldn’t 
you be better off with Schroders?' 

For more information on our world-class 
performance, return the coupon below or 
call Schroder ClientLine on 0800 526 535. 


nii 


CALL SCHRODER C LIEN I LINE ON 

0800 526 535 


To; Schroder Unit. Trusts Limited, 
00519 FREEPOST, London 
EC4B4AX 

Please send me a free copy of 
“How to Invest in a Schroder 
Unit Trust" 


Name. 



Address. 


Postcode, 


TcL No — 


Past performance is not necessarily a guide to future 
performance. The value of investments and the income 
from them can go down as iw-ll as up and the investor may 
not get back the amount originally invested. 

Schroder Unit Trusts Limited is a member of IMRO, 

I LA UTRQ and AUTIF. | 


Schroders 

Schroder Investment Management 


relatively modest outlay - 
much less than actually buy- 
ing them. 

Suppose a person bought 
1,000 shares when these cost 
£L If they rose to £2, his £1.000 
Investment would be worth 
£2,000. But if the company's 
warrants cost only lOp, an 
investor could acquire 10,000 
for the same initial outlay. 

Suppose, then, that the war- 
rant exercise price to buy fur- 
ther shares in the company 
was 130 p. When the shares 
reached £2, the warrant-holder 
would not have to pay for more 
shares - he could sell his war- 
rant rights via a broker on the 
stock market, perhaps to some- 
one prepared to pay 65p a war- 
rant. 

The buyer could then either 
keep the warrants in the hope 
that the underlying shares 
would rise still further, or exer- 
cise the rights and acquire 
shares for less than the market 
price - that Is, for 196p instead 
of £2 because he had paid 65p 
for the warrants plus 130p to 
exercise the rights. (It is worth 
noting that the price spreads 
between buying and selling 
warrants often is greater than 
those between the buying and 
selling prices of shares). 

Meanwhile, the person who 
sold the warrants to him would 
have seen his £1,000 invest- 
ment in 10,000 warrants turn 
into £6,500 cash. 

On the other hand, if the per- 
son who bought 1,000 shares 
for £1 saw them plummet sud- 
denly to, say. 70p, he could still 
sell them and get £700 of his 
£1X)00 back Cess dealing costs). 
In such circumstances, the 
warrant-holder might find lit- 
tle interest in them - espe- 
cially if their expiry date was 
imminent - and could lose his 
entire £1,000 warrant invest- 
ment 

So, if you have been given 
warrants free, do not Ignore 
them: they could be valuable, 
either to keep so that you can 
eventually exercise their rights 
yourself; or to sell, either now 
or at some time before they 
expire. 

And if you want a specula- 
tive investment, then warrants 
are certainly worth consider- 
ing. 


DIRECTORS* SHARE TRANSACTIONS W THEIR 
OWN COMPANIES (LISTE D & USMQ 

No of 

Company Sector Shura Value 


Atolon — .. 

..Text 

10,000 

13 

1 

API Group _ 

PP&P 

18,500 

77 

1. 

Bearing Power inti — 

Ofet 

250,000 

56 

1 

Casket 

DM 

100.000 

54 

1 

Castings 

Eng 

5,920 

15 

1 

Ensor Holdings 

— BM&M 

735,000 

20 

1 

Eve Group — ...... 

BCon 

2.618 

12 

1 

Fuller, Smth & Turn 

Brew 

3.000 

14 

1 » 

Hambro Countrywide 

„_„Prop 

25,000 

18 

1 

Haywood Wfflioma 

BM&M 

614,107 

2.702 

a* 

Lapcrte 

Cham 

10,532 

84 

i ■ 

Lonrho — — 

DM 

210,149 

322 

i ■ 

Meyer International..-^ 

BM&M 

26.038 

142 

V 

mrz „ 

Extn 

116,709 

992 

i * 

Salisbury (J) 

RetF 

75£S3 

276 

2* 

SelecTV _ _ 

Mdia 

130.000 

44 

1 

Tinsley Robor 

PP&P 

60400 

18 

1 

Un Haver 

FdM 

124,480 

1.347 

2* 

WWa Corroon 

Iran 

0,945 

IS 

1 

PURCHASES 




• 

Barclays — 

Bnks 

4.600 

24 

1 

Brunner Jnv Trust 

InvT 

4,811 

12 

2 

Court Cavendish 

Hlth 

6.000 

14 

2 

Independent Insur ...... 

Insu 

8,000 

23 

1 

Lowndes Lambert 

— Insu 

10,000 

44 

1 

MacOonafd Martin — 

SW&C 

4,950 

22 

1* 

Parfcdean Leisure 

... ..Lam 

20.000 

33 

1 


BCon 

43.SB5 

77 

1 

QuHdramatic 

Eng 

10,000 

19 

1 

Sanderson Busman M. 

DM 

5.000 

12 

1 

Spedatayes 

urn i). 

mm 

500,000 

50 

1 

Tl Group 

Eng 

5.000 

20 

3 

Transatlantic 

UiA 

19,353 

87 

1§ 

Union 

OttiF 

12.000 

21 

2 


Value expressed <n EOOOa. Thfcs Hat cortafara aft transactions. tndwftig tf» exwetee of 
options H H 100% attaequendy said, with a value ow £10000. fA' Ortfnwy; 4 "A" U 
V; § -A- Com Prat Mormrton rate used by Die Stock Exchange March 14-18 1994. 
Soucs Dbechis Ud. The fcwld* Tn**, BMHsqh 


Directors’ transactions 


Directors In Tinsley Robor 
finally have succumbed to the 
temptation to take some very 
handsome profits. Three of 
them have been dripping stock 
on to the market consistently 
over the past three months 
and, overall, they have dis- 
posed of 365,000 shares at 
prices ranging from 20p to 
29.5P- 

Board members of the small 
printing and packaging group 
were heavy buyers of their 
own stock in September 1992 
and six months later, at which 
time the shares remained near 
their low point of around 6p. 
Results for the year to end- 
March are due in June, but the 
market clearly is confident 
that the company will return 
to the black. 

□ SelecTV is known best for 
such television programmes as 
Lovejoy and Birds of a Feather 
but has had a high-profile 


boardroom dispute which kept 
the shares under a cloud. 
Looking at their relative per- 
formance over the past year, 
though, that period dearly. te : 
behind the company. Non-exec- 
utive director Peter Loister has 
sold 130,000 shares at 33Xip. 
leaving him with just under 
25.000. Brokers expect profits 
in the year to March 1994 : to 
surpass film, producing earn- 
ings of about 0-5p. r ' ' " 

□ The estate agency business 
finally is responding to 
improved conditions to tha 
housing market. Bambro 
Countrywide, one of the mar- 
ket leaders, has enjoyed: a 
strong share price over the 
past year. Gerald Fibgohn add 
25,000 at 73p, which still boros 
him as the second largest 
shareholder on the board with 
more than 400,000. 

Vivien MacDonald, 
The Inside Track 


Your CGT 


The table shows CGT 
indexation allowances for 
assets sold in February. Multi- 
ply the original cost of the 
asset by the figure for the 
month you bought it Subtract 
the result from the proceeds of 
your sale; the balance is your 
taxable gain or loss. Say you 
bought shares for £6,000 in Sep- 
tember 1985 and sold them In 
February 1994 for E13JJ00. Mul- 
tiplying the original cost by 
the September 1985 figure of 
L481 gives a total of £8,886. 
Subtracting that from £13,000 
gives a capital gain of &L066, 
which is within the 1993-94 
CGT allowance of £5,800. If sell- 
ing shares bought before April 
6 1382, use the March 1382 fig- 
ure. The RPI in February was 
142.1. It has not been possible 
to use indexation to create, or 
increase, a loss for shares sold 
after November 29 1993. 


COT INDEXATION ALLOWANCES: February 


Month 

1982 

1983 

1984 

1985 

1988 

1987 

1988 

January 

- 

1.720 

1.636 

1.558 

1.476 

1.421 

1,3*6 

February 

- 

1.713 

1.630 

1546 

1.471 

1-415 

1.370 

March 

1.789 

1.710 

1.624 

1-531 

1.469 

1.413 

1.385 

April 

1.753 

1.686 

1.803 

1.439 

1.456 

1-396 

1.343 

May 

1.741 

1.679 

1-597 

1.493 

1.452 

1-395 

1.338 

June 

1.736 

1.675 

1.593 

1.489 

1.453 

1-385 

1.333 

Jtiy 

1.736 

1.666 

1.585 

1.492 

1.457 

1.396 

1,332 

August 

1.735 

1.650 

1.580 

1.488 

1.453 

1.392 

1.317 

September 

1.736 

1.651 

1.577 

1.489 

1.446 

1.388 

1.311 

October 

1.728 

1.645 

1-567 

1.487 

1.443 

1.381 

1.298 

November 

1.719 

1.640 

1.562 

1A81 

1.431 

1.374 

1292 

December 

1.722 

1.836 

1.584 

1.480 

1.428 

1578 

1-288 


Month 

1989 

1990 

1991 

1902 

1993 

1994 

January 

1.280 

1.189 

1.091 

1.048 

1J03Q 

1X»B 

February 

1-271 

1.182 

1.086 

1.043 

1.024 


March 

1.265 

1.171 

1.081 

1.040 

1.020 


Apr! 

1.243 

1.136 

1.068 

1.Q24 

1-011 


May 

1.236 

1.126 

1.064 

1.020 

1.007 


June 

1.231 

1.122 

1.060 

1.020 

1.008 


July 

1-230 

1.121 

1.062 

1.024 

1X110 


August 

1227 

1.100 

1.060 

1.023 

1.006 


September 

1-219 

1.099 

1.058 

1.019 

ix»i 

. " “ 

October 

1-209 

1.091 

1.052 

1.018 

1-002 


November 

1.199 

1.093 

1.048 

1X117 

1XXW 


December 

1.196 

1.Q94 

1.047 

1.021 

1.001 



Source: Inland Ffevaoua 











FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 







N 




LAST CHANCE TO INVEST FOR 1993/94 PEP 










r~~ ■ 

' . 1 • * - V 








The benefits of privatisations are well known in the UK, with 
experience demonstrating that outstanding long-term returns can be 
gained from privatisation stocks - reflecting their distinctive lower 
risk/higher return profile. 

Now as the UK privatisation era draws to a close, a new one opens 
with exciting opportunities not only in Europe, but around the world. 
Investing in quality companies within leading industries such as 
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To help you capitalise on this, Guinness Flight offers the Global 



■ ••• ■ i 

I 




- y/ 






| 

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Privatisation PEP which provides a tax-free route to privatisations and a 
low initial charge of only 2% T . 

Remember: to make the most of your 1993/94 tax allowance we 
must receive your application by 12 noon on Tuesday 5th April. So 
complete and return the application form now with a cheque for the 
amount you wish to invest. 

GUINNESS FLIGHT 


GLOBAL PRIVATISATION PEP 





5fl 





M 




The following withdrawal charges are also applied: 3% plus VAT wrthln one year, 2% plus VAT in second year and 1 % plus VAT In third year, thereafter free of charge. Past 
performance is not necessarily a guide to the future. The value of this Investment and the income from It may fall as well as rise and is not guaranteed. Also, deduction of 
charges and expenses means you may not get back the amount you invested. Tax benefits detailed are those currently applicable and will vary from one investor to another 
and may change in the future. Issued by Guinness Flight Fund Managers Limited, a member of IMRO. 


— — toms amo esiumon — — — ■ — - — ■ — 

I. Definition. 

fa there Tonm sod C hm tlinm an i soy sppfrraitog [ana netutag to . Plan: 

'Aaoaare' row an naocUtc of the Plan Mmmyr as defined fa the I m -tatntcni Mji m / . i m i t Ketulaaoty 
Oipuiutten Umhwd rtMRCTJ Rufat 

"Defata* Efay‘ nocrinJJy menu WddiKailojr on if HVdnanliiy It pot a tnoiorsa day. die nntf fenmeu day 
'fUn' atom < Guiana* Fhjthc Alfa Mmugeo Loaned CM Pnranutm Crarral fWnfa Equity 

nm a npljfacd m dm ufiertisrmcm which a taken out by a Plan Holder on these lernn 
•nJCcndnim 

'Min HoUrr 1 mn® an todtacfaal who fan taken on 1 Plan 

Tfan Manages' mean* Gmukih Fljht Fund Mnuccn Umtttsl. a number of IMRO 

"Hm Yeas' an® fall Ajvtl in Ac Mfawtnc Mi Apnl 

’Scptattu' <nr«n the Pmotul Enuttj Bn RcEohriatu: fpra Our- to tmt 

TfafcThut' mesru the GuOmesi FL*hi Globa] Pitratisaban Tritfl 
Reference! la grader laply cither Jffart 

t l uuut fr aihan 

>) The Man Manager to regulated by MHO n tbr raudoci of id mmatn Vnntoav tndnding mins a 
mnupr of prttoaa] rqtmy plain. and n approved by the tnlarkl Revenue as a Plan Manager under the 

b] The Han Holder la rcquoed by lie Regulations to be a qualift-aig indnidasl (beini: an nuhvidual who fulfil, 
the [OHfMMsn act out In the dedanlton cmuloed Ml the ,tp plication (omi|. Hr mwt complete and api 
an appucaxvon farm, uufndmf the declaration. in wrier to open a Plan, and comply with the coadnmm 
Imposed by the Regulatsom. 

4 The Pina Mmaprapma In act at plan m anage / of the Plan 

d) Theft Tcnu and C wt dith — fora an agreeme nt between the Plan Holder and Plan Manager winch wU 
be c ome 1 0uUis* on dir date of acceptance by the Pbm Manager ot a com id ord appbeanon form Ugned hj 
tbe Han Holder 
3. fafafMi) 

The Unit TVu« towj t i to primMumn taauo Worldwide A priviuaauon ntor » defined as a puhfid* quoted 
m a np a n y In which a poveroment haa. or haa fafa. a slpilflcaot share bobbin w BiOomce Tanur ihainnhsm 
dfa UoAlhnt remain qnahfyfare PEP invcrtnKua. at lean SSfa (or above any mmlrnnm level irqurrrd by 
apphnUe legbiaciea) erf the vohie erf the aaaeta of ibis Urol Trust wiB be Invested m tecunua of i wnp u mrc 
Incorporated in tbr Europoo, Unkm 

a) A Plan Holder stay only subscribe to one general personal equity [dan in any year beptnmnjt thh April. A* 
penfanrd by the Reguhtfana, amstmmts mun be made by cash pud direct in the Pin Managrr sad must 


b) Payment may be nude In one cr more lump norn aa nay hr agreed by the Han Manages 
e) Under the Plan, a Han Holder can currently haw a fassqs nun of onfaer OJ*30, ta.300 or I5jm, 
d) The Plan Manager'* tatoal cfaarpr ahaB be paid at the conunencemciu of die Plan as part of the Initial 
tarcatmem. The mnfal charge (ball be addfamal to the comnboettsis pmoltted by the Regulations 


a) Sobegiptutn moor* coorsry pendma rriavcstmcni. bmrett and nenorr pendac dntrtbuUoo. if jpplkaide. 
wil be held taidcr the RescdaUan and in auofdaaor wnb The Hnanoal Serrkes (Cbem Money] lenulaUooi 
In • bank see oust fTbr PEP CBtnt Accotmt'] with Narlooat Westminster flank pic lor another halt bane 
an authorised li u gm Hi un under the Batddni Act 1987, nomnuud by dir Plan Manager, which may be an 
Associate] In the named GMancn FU^u Fond Managers Limited, tateresl earned on Plan mooses held In 
the account wjf be crolaed m the Plan. 

bj Mantes bdd In dir Plan srtD Iw mvested in acrordwe witi tbr Regulahoas, in units m the Unit Ihm. New 
modes tnrened Ut the PVmwfl be aanqaud aad usmted on die fast MM Dav Mfavrlng the acorance 
of the Plan bribe Flan Manure 

e) Unas e< the Urtt That wtB he pwebased net of the Uiw That nuauser 1 . imiLd char*t 

d] InratCOMott in die Pbo rfwfl be benefiaijly owned by die Flu HoMer and (full be bdd in sale cuttndy by 
the PM Mananer wbo omy hold anvnmcnts Restated la the name of the Pirn Manager or otber tkooslnee 
asranfaerof the Plan Manama Certificrfet md adier rfannsean of tide id imainKau dwD beheld by die 
Phot Minegrror a* It may direct. Stub nominee or hebfar erf tendscans and ntba doetmtena of ntfa may be 

e] bnannani may be cooroflifaled vittb tbiiae of other penooal eodty plam wfarcb the Pbn Manaemnmages 
fae the Ptan HnUee Monea held In dve PEP CQetX Acoocnit ma be agpepunl 

Q The Ltatt^ That nman^td by imAssooale of ihe Flan Mssiiper the Plan Manager or anAnodate nr other 
person connected with u may, subject in the overr id ing prtooplei of udtabdny and best executsod. effect 
trvnsartinnt In vrbidi the Han Manager oc Asaucisie has, ibrecdy or indirectly, ao mteresc. refatkvtship or 
arzangemait tbsf Is mxrenfa M refatioo tci ml m e s tmcnl or a traaMCTtoa In an faveronritt under the Pian 

f] The Ham Manager may not caxnmhihe Plao VUder to tuppirsnem die meexy In ihc Han by honoanng no 


U The Pun Manager may not coaesmi Use rlan Itoua to supplon 
tbr Plan Holdert behatt 

b) AH Utcom and falenst eanuvl will be itmwsted M llw Pfao i 
bsemne wd be distriboted tcml-uMually (as at 3«b June- u 

0 brveHmttUajbcHKdd ma reaaltiif partial vrfdidnwsticr tesinlj 
cnrJed «t on die fat Deafiof Day after women ooeke of such i 


; rrquevud, m winch . 


i am wanuBv aflpetared and wiD hr 
I a received by the Flan Mansfer. 


a) The Plan Holder wO: 

(I) renter tuple* cf the lacot Manapn's Rrpwt of tbelfait That snib the semMoauu] sumrnt, 

(0) rccav* any other fnibnastianlanied romlrboidm of the Uati Trait 
(111) be enatlrd »o Wood und hedder oneUngi aad ram 

b) Crroflcatq and otba ikimii ii etm of tale May net be lent nsa chad party asfa no money may be bor ro wed no 
behalf rftbe Plan Holder agdmi the aeevOtty of the Mwatments 

el The PUn Holder sfeaB oos £se«ne of or otherwise porpoct 10 trsnsfc sny imrresx m lse««ninns as Lbe PUa 
or cash nans betn« bekd m tbe PIm through either a legd or equitable moajMe The Plan HoUrr ussy seek 
to use lbe Hao ai sreonrv fori load thmu efa cresting a mere cquitsbfa ebarff on die Plan In i unm ents and 


the cad> wm bold In tfatHan. 


g) T he P l an Ho M krwali 

b) Tv’lSrHfacfar'rtfl 
pospcMM of the Ptms 
s) The Pbn Holder wdl 


i the Plan Manager on hb behalf to male ill necessary dahm In respect of u> 
respect of hnMBnetas and tnrasne therefrom tn KViadsuvr wah the RetpAaUcm. 

sly lbe Han Manager with oO brfnraiaiion U may iramsUv irqnm Cm die 


the PUn Manager m armrog If be « 


i to be a quabfymg 


8. 9wohu 

a) The Plan Manyaer w*B send m the PUn HfaMrr an Initial deal advice oner ibr Plan e lovencd and a Plan 
report iw law than ZO veorbng dsyi after each 30th June aad 31n December [bring mord data for the 

{fr^dvomnber of unm of ihrUastTVnst bdd <a tbr Plan, their ctw. the tail pnee on lbe record date and 
snvcmhbelsKtrWd; 

(si) eD mnaacnons a die Plan during the ha months radtnG with such lenmJ date mslndtuts 


— (empqidik id tvmnwd by the PIb Manager dunDg tbe pretod: 

(Id] a BM r nrt u that die Plao exovsna ire or have been vnhfact l ie> antral sucCl by jsi jadiios qudtftcd ru n 
act; 

(tv) a ■ssemna fa the basis oc which lbe values of tovaamoin haw been cakvfaud and irf an) cb««rbf<n 

the bads fa the ptwtooa Rn report 

tO The Plan Manager vrlS on reqnoi and reefapi of neb fcn as may apply pertnU the PUn Holder rounpect 
lbe entries in Its ivconh idstfac m the Pfao and io tmfvr copfas 

c) Sumoepts aad repent owyicblc in comolaUtetl Plans of the Plan Holder 

d) CastiKt notes w{E not be imrd hi respect of meatmcTU tnrnactwcii 


t) The Pin Manager will be ratUfad to charge and br paid fees lor lo wmers a Han Manager at set out below 
The PUn IHini|» nay ehaape the smonni or raw of ita lector dmKhn!HniouaT on pang obi fate than 14 
days' writun MUce W the Haa Holder 

SoWm id fa) above the (bUnwing fees me pijjUr to the PUn Mwssprr 
(1) u Sfarial ebaepe of A, phw VAT, nl the WMrf aadstdweqnaniinoiaiia oivrncd. 

(uj in aontsal management fee of 1 fi\, pfar VAT pet armoeii, chsrgrd In two eisubaoia of aTn, phn 
VAT. of tie PUb value m afawn <* the half^evr vsbiatsens. OKlmbiif; cash, as it 30lb hne and 31a 
Deeerofae; aad pm ms for the muul Mid Etna] pertah oT dir Hm; 

(Hi) ■ wlthdmal dutfe will apply lo id or partial wuhiaeata of the Plan nr tno&Cen of the Han lo 
another pin manager which are made before the third annnerary of die date on winch whatrjpitons 


Han Holder Tbr antbdrml charge wlD be based on tbe vndne of the withdraws! or tmfee The 
wqbdaaal dsoga wiB be calculated on the hata <rf the penod of now far which Han mvestmracs have 
been held trhlcb v,tD comntnice on tbr day on which snfawnifaoa woe received. Rfarrentn m dir Am 
year will men the twelve nooth peifad canmencmg an that uhaulptwn lUy and cndmi on dw day 
ptecedmg the enonenaty of that udMaiption day tn the nest encodes yesr and actonUi^ly far the 
aromd and third yens Esrbrsc suhtenpaoos wifi be used first to meet un partial wvthdimaU Oner 
uierf. dle> canon be appbesf ro mbsequru v fiEhdfinik 
Tbr sede erfeharprs far wilhdiawfa or Bamfer n as ffafawy 
-in lira srarja- pins VAT 
• jiirnmd year ^^vn VAT 
- m Lhsil year •% plus VAT. 

!"1 ■ diaegr of Uh jdm VAT far esh&inmj) tnnuuons; 

1*1 tecs eppmnnag tn parapaph fl(bj arc netpmabfa 

Hr Plan Managrr may reemer Sum the PUn all cbjtync dutaet and tna mewnd In tranucuom in the 
mvescams of rise Plan. The PW Manager may aeO investments in the Plan and apply the proceed! m 
paysmi erf feet and apeua due hemfaer 

Tbr manager of *r Una TruB (art Asaocwie of the Han Manago] wEl receive a mugemoit fte and fees ha 
caber artsvtues mdartaben as tbr manier of the Utta^ Thos Tbear fees on rcficctcri m the Unn Trust's uot 
pnee 

The rln Manager moves a idsne a respivt of the fail Ufat IhaR m a o ag m» ent lee Bid tbr Plan anmul 
mana g e pse oi far will br reduced bj at lean (bat rebate nine. 


so Manages on wyiuen notice to the Han HoUrr rfui Its opsoson k a 
mynant lo the Rrgubtaons and wdl lermnuie aincmutKaUy with 
dir the Rrgnlanoai 

s nqufae the PUn Managw. 

and othq to nansfcr whan die miannmvn Bid aah oonqoticd H the 
achmg to them or to rsnltae tbe mretuum and pay the praceech lo 


III IO teraonarc dr Pbn kmm 
Plan and the mcoror and r 


(u) ip usnfa within meb penod is may be agreed between ibe Pbn Manner and tfar Plan Holder, the 
Han and rite investment! and cash wnbM tl to somber plan manger who b dqphlr to so act nmfcr the 
Regubtuun and appraivd by the blind Revenue *s a pfao masuger aad wim agrees te, accvpl the 

if the Flat Manager tbaB auaj to cease to act as pim Bomagrr of the PUn It ihaD gi*r a lemt dnee nurubs' 
witncn tvmcv to Or PUn KnUec vnd the flan Haldts may require » umln pmsuam to above. 

Fading sach an faftrusUo the Has shall cennbate 

Os lenmftarum cf dir Han under 10fa| or IDfcJ above, unless the Han Holder otherwne rrquoes In writing 
wafam nab penod as the Plan Manager may ipmfy that the meatmans aid cash be tren afa svd tn htan, and 
under I0pt)(“) if the Pb° Haider h» ao reqtdrad. the Hm MBtagrr dull reafae the tovotmean can p riaed 
m die Han on tbe bnvDndmg Day GAnriag receipt of the Pfao Holder's wrmeo naticf ml dull pay to tbr 
Pbn HoMer tbe net proceeds of tale and any cash held m the PUn 

Tcsmmsiaon of die Han will hr aubfact to conpfataon of trsraactmns then mnaUang lasiaaiptetrd 
On leraunauon of the PUn or omufar of the Plan to another plan mtnager the Plan Holder ihaD pay to tbe 
PUn Manager, if appUabfe. tbe vrithdmwnl dump ml the «murf nawncm lev by -rfartnee n> dw vahse 
of tbr mfouornts and cash ao t ermbrnm or traufar pm au fisr tbr partod to sneb lerrmnatson or inndcc. 
tognber wnb any a dmirmni fami « drabng erpenan tacmred m tmntnaUog the Plan or ut rraUdog or 
tmnrfeiuua dir meatmans and any fare payable under pm*£apfa 9(b). Tbe Han Manager may deduce frian 
or retain wst of sty cash or proceeds or transfer mats amowns m rtspm of ooBtmdisig tea er espensa md 
other Hints due to tbr Hen Manager under die PUn nr strfEdem to cover any Habilrtlrv, indudiiig tax, 


uacnnrdor poyabteby the PUn Maaiga m reaped cf tbe Plan. 
These Terra and CoodHsons shall amnnur to apply as necessary 


z lerainatfaa of the PUn. 


Tbe Ptm Holder dull cease to br a qualifying ■ 


I under dw Regulations on death and the Plan shall 


Tbe Flan Manager ahaB oh br levied by the death of the Pbn Holder and dial] coadnne to act until n haa 
received die death cettAcm: and meb other mfaraatlwnc may re as o n ih fa resprirg when m aariwrgy lo ded 
shaS be suspended pending the (nscractfans of the Plan Holder's kgal penonst tvynaenuuves isodei 
patapaph The ctetBuimt of pangopfa 10 dull apply hereto as jppDcrfble or nyj a upn i ie and these 

Toms aad Ccndiusus rfuJl br bandog on rise kgd persona! rr pre aim drives. 


The Flan Holder v 


An appltcatmn us open i Han wiH got remh m iht apphesm. n c etwog DMadtcned evik bom the Pbn 

The lla Manager wtH noerfr dir Pian Holtfar ui wmtag rfby reason of any Cnhuv u> vainly the Regufamocn 
tbe PUb fan or will becomr nad under (he Rcgulaueva. 

The Plan Holder warrants to the Plan Man-igrr that doling the oonUnnaner of the Plan hr will remain the 
.ole bcafaklri owner of the in resnneng wfa cash, five frnen tacumbmac* 

An tpfaicsnt murine Into a Plan shall not bare the tight lc- cancel wicb appIscatSoii or the Plan or my 
•cqumuon of tmotmeans under tbe Pbn under the FmancSal Soma* (Cmre&jnosi) Aula I9» (as from 
tone in time eromrirvf) if the appbmtinn has been made on the Plso Holder's own account rather than 
dmmjji « fin an c ial whtwr 

If tbe PUn HcJdrs wishes to make a partial withdraws! from the PUn be may do to mbfrci to a minim am 
widabawaZ of 1500. wtlbdrawal ebargre wtU be debited if appropriate 

Settlement of amounts doe on ter ranra an or partial wiriadsavrel wdl be made within 7 day! of receipt of 
proceed! by thr Pin Manager where rralisallotl of gna nm enes comprrad a rite Plan U requited. 

The Plan M ana ge r may varr these Terms id Conditions from time to tone by gnmg not lot than 14 day.' 
wnora nonce to the Hoi Holder 

Tbe Pbn Is governed by Enghsh Taw rad the EnglfahCwu ire to have ronsdlctaai to tetlic sey daputa 




Tbe PUn Manager shall oat be lubfa Tor any favus so 
utresemc np beU w^r Ptm or fot any ore or dd^h ■ 


tgb a depredation m the value of the 
tog die Plan Manager'! wilful default, 
i Act 1986 or of any regulation! made 


t the Securities and I 


r the Investor Compensation Scheme, details of which 


If the Pbn Holder « 


a voopfam ab o u t the operation of the PUn or the conduct or the Plan Manager, br 
I to the Han Managers Contphancr Offices, who wiB investigate sod like such action 
priau Tbe Pbn Holder bat die nghf to cmt^Jaln direct m IMBO. 


if the PLu Holder ukn out a Plan tfanogh an mdetwtufant Dnanetal ad van, tbe Pbn Manager may pay to die 
adviser raaimiBiou as the am of 3% of each cash nrfo e npoon rothe Pim Bid OJfaper annum of riw Haa value 


Scree r, London SE1 2NE, or Hack other addmn at K may 
a d toowiedgedbyiire PUn Manager Notices Bid nthn docunnu 
sent IS* ha Ion regmnrd address far the Plan and at bb risk. 
March 1994 


add be lent to Lighterman'! Court, S Gansfosd 
notify to Plan Holder! lnstnsetMM sluU be 
u to be pvro or sent la the Plan Hnldes shall he 


taetc received, lbe wnbdnna] charge will im ippft m dv c 


* lollwatng the death of tbe 


]. Pleaie give your daytmte teUphcee number sn ease of ■ quay arising fa rebtiao le> your application. 
This is solely ibr the purpose of processing your application, no nlemian will call. If your 
applroKkon hat been UHrodncedcu a financial adviser. CuinncM Flight will contact this financial 
lrinao. 

2 Your MatSona! Is n e irauc e Number con be obuosed fiom voor emptdyvx. tax return or local m office 
Your Nsucmal human Number nwy he found an the fawn cover of your Pension Book. 

If you have other a N.'atksiul Insurance Number or Naooiul fl-roaJii Ntmibec. faihirrio pmusde it, 
along with a valid UK address (mduding postal code) and your date of birth, will preclude 
xccpuner of jotu appheaboa. 

3. A cn year nun from fithApnlmSth April of the Following year A Plan opened daring the period 
6th April 1993 tofiih Aprd 1994 would be lurUw tax year ending Sth April 1994 

4 If yvw require inermr wnhin the Plan to bedbtrtbmrd and pard lo you this can be doce by bank 
Mandate lo a UK bank account. If vx please complete the Bank Mandate at Section 3 of the 
application (win 

S. Under the Roanctal Seftnos (CjactUrttop) Bulec 19S9. in Itvt-Htig n ieIh certain ■Jrai ttiuutm ct 
mmled to cancel a Plan which he has opened and have returned u> Mm the yum Invcaud The 
■rimnosunaa are yet out on the appbcstMl farm. When an invertor webes w caerdie the right us 
caned he mtss do to untlun fcuneen days ofrer rite date « wfafab he received a NoUrc of the ftight 
to Cxacd from CulmeS! Fh^tL 

6 Ap p UriCiorn frw the tag year coded 5th Apnl 1994 must be received on or before 12 noon on Sth 
April (994. Appimbna recQvrd after 5th Apnl 1994 will not be valid aid tucb application! led 

cheques will be reamed to «pphcantx 


mb aamt mn*® 



For office use only. 
I Agency No. 


APPLICATION FORM 

Please complete this application form in block capitals and return it, together 
with your cheque nude payable to Guinness Flight Fund Managers Limited, to 
Guinness Bight Fund Managers Limited. Lighterman's Court, 5 Gainsfond Street, 
London SEt 2NE before 12 noon on 5th April 1994. TeL 071-522 211 1. 

1. NAME AND ADDRESS DETAILS 

See Nous fi>r Investors: 1JI & 3 

Tide ______ Surname 


.twa-mmum 


Permanent Residential Address . 


Postcode Telephone (Daytime) 

Do you have a National Insurance or National Pension Number? 

□ Yes □ No [Please tick) If Yes what Is it? 

National Insurance Number or I 1 I "H ] 1 1 | ] I 

National Pennon Number I ' 1 1 1— — I 1 I L I 

i hereby apply For a Guinness Flight Fund Managers Limited Global Privatisation 
General Personal Equity Plan far the tax year ended 5th April. 1994 on the Terms 
and Conditions applicable to the Plan. 

Z. INVESTMENT AMOUNT 

I enclose my cheque; payable to Guinness Flight Fund Managers Limited for 
bi vestment £3,000.00 £4,500.00 £t>, 000.00 

Charges at 2% + VAT E 70.50 . — ■ £ 105.75 . — ■ E 141 00 i — i 

[please tick one box) £3.070.50 I — I £4,605.75 LJ £6,141.00 I — I 

a. INCOME 

See Nous for Investors: 4 

I wookl like my income to be rein vested I— I distributed D (please tick one box] 

If you would like your income paid to your bank, please complete the Bank 
Mandate below. 

BANK MANDATE: If no box Ss ticked, and the Bank Mandate is not completed, 
income wiD be automatically reinvested, 


Bank Name 

Bank Address , 


Account Name. 
Signature 


. Sort Code 


. Account Number, 


4. AUTHORISATIONS AND DECLARATIONS 

I authorise the Plan Manager 

(a) to bold my cash subscription, Plan investments, interest, dividends and any 
other rights or proceeds in respect or those investments and any other cash 
in the Plan; 

(b) to moke on my behalf any claims to relief from tax in respect of Plan 
investments and to provide the Inland Revenue with information as lo my 
Plan and Plan investments; 

(c) on my written request to transfer or pay to me. as the -sue may be. Plan 
investments, interest, dividends, righ&> and ocher proceeds in respect of such 
investments or any cash. 

1 declare that: 

(a) 1 am aged ] S years or over, 1 am resident and ordinarily resident in the 

United Kingdom for tax purposes or, though non-resident, perform duties 
which by virtue of Section 1 32(4 )(») of the Taxes Act arc treated as being 
performed in tbe United Kingdom and will inform the Plan Manager if I 
cease to be so resident and ordinarily resident or to perform such duties; 

fb) 1 have not subscribed and will not subscribe to any other general plan for 
the some tax yearfs] to which this application relates; 

(c) this subscription is entirely from my own independent resources: 

(d) die information given by me in this application is true and correct te the 
best of my knowledge and belief and i will notify die Plan Manager, without 
delay, of any changes in my circumstances affecting any of the information 
on this application. 



5. CANCELLATION RIGHTS 

See Nous Ibr I n v estors: 5 
Cancellation rights as laid i , . 

down in the Financial Services Financial Adviser Stamp 
(Cancellation) Rule? 1989 do nor 
apply to an application made 
on your own account, rather than 
through an independent financial 
adviser. 
















VIII WEEK-END FT 


FINANCIAL TIMES WEEKEND MARCH 26/MARC^j^ 


FINANCE AND THE FAMILY 


CGT: how to keep those bills within bounds 


In this , the last of four articles 
on capital gains tax Richard 
Chant and Alan Sugden deal with 
the rules on gifts and describe 
various ways in which you can 
minimise what you have to pay 


Table 1 : Married 


raising the 


Casa A 

Case B 


Husband 

Wife 

£40,000 

£5,800 

£34,200 

5,800 

5,800 

5,800 

34,200 

Nil 

28/400 

13.680 




W hen gilts of 

securities are 
made, other 
than between 
husband and 
wife, any unrealised gain is 
treated as a chargeable gain of 
the donor and is included in 
the donor's assessment for 
CGT. In some circumstances, 
all or part of the gain may be 
held over until the eventual 
sale by the recipient. The 
unrealised gain is calculated 
using the market value at the 
time of the gift instead of the 
net proceeds of disposal. ' 

■ Market value 
This is the price which the 
security might reasonably be 
expected to fetch on a sale in 
the open market. The market 
value of a security listed on 
the London Stock Exchange, 
Including the USM, is the 
lower of: 

□ The bid price of the secu- 
rity plus one-quarter of the 
spread (the difference between 
the bid price and the offer 
price) which is known colloqui- 
ally as “quarter up." 

□ The figure halfway between 
the highest and the lowest 
prices of bargains recorded 
that day in the stock 
exchange's Daily Official List. 

For foreign securities listed 
on a recognised stock 
exchange, the basis for calcu- 
lating the market value is very 
similar to that for a UK-listed 
security; the value is converted 
into sterling at the exchange 
rate on the date of the gift. 

■ Connected persons 
These include: 

□ Your relatives and your bus- 
band's or wife's relatives. 

□ Your business partners and 
their relatives, including hus- 
bands and wives (except in 
relation to acquisitions or dis- 
posals of partnership assets 
pursuant to bona fide commer- 
cial arrangements). 

□ Any company you control. 

The CGT rules on gifts and 
other transfers between con- 


nected persons deem disposals 
and acquisitions between them 
to have taken place at market 
value whenever they are made, 
other than by a bargain at 
arm's length. Subject to certain 
exceptions, losses on assets 
transferred between connected 
persons can be set against 
gains on another disposal to 
the same person only while 
they are still connected. 

■ Holding over a capital gain 
When certain assets are given 
away, or transferred at lower 
than market value, the gain 
may be held over until the 
eventual sale of the asset The 
assets concerned are gifts of 
business and heritage prop- 
erty, gifts to discretionary 
trusts, and gifts to most politi- 
cal parties. The amount of the 
held-over gain depends on sev- 
eral factors: 

□ Where a gift is made, or 
where the consideration does 
not exceed the cost the held- 
over gain is (with certain 
exceptions) the gain calculated 
under normal CGT rules. 

□ Where the consideration 
exceeds the cost the held-over 
gain will be reduced by the 
amount of the excess. 

An election for a gain to be 
held over must be made within 
six years of the year in which 
the gift or transfer was made. 
It has to be made by the donor 
and recipient jointly - unless 
the recipient is a trustee, who 
can make It alone. 


MINIMISING YOUR 
TAX LIABILITY 

■ Bed and breakfast 
This is what happens when 
you sell all or part of a holding 
in your portfolio to realise a 
chargeable gain or to establish 
an allowable loss, and then 
buy it back again (because you 
do not actually want to reduce 
or dispose of the holding). 

Neither the Inland Revenue 
nor the stock exchange publish 
any rules or guidelines on 


Capital gain £40,000 £5,800 £34,200 

Lass Annual exemption 5,800 5,800 5,800 

Taxable gain 34,200 Nil 28/400 

Capital Gains Tax payable: 

Husband 34,200 © 40% 13.680 

Wife (Personal allowance of £3.445 can’t be used to offset against 

capital gains tax) 

2,500 e 20% 500 

21,200 © 25% 5,300 

4,700 © 40% 1.880 

28,400 Wife’s total CGT 7,680 

Tax saved in Case B = £13,680 - £7.680 = £6,000 


not going to be allowed to turn 
a chargeable gain into an 
allowable loss, or to increase 
an allowable loss, on disposals 
on or after November 30 1993. 

■ Married couples 

Since separate taxation for 
husband and wife was intro- 
duced from the 1990/91 tax 
year, married couples are 
taxed independently on their 
capital gfling, and each gets a 
separate annual exemption. 

■ Transfers between 
husband and wife 

Such transfers do not lead to 
an iwimpHiatP CGT charge — 
providing they are living 
together at any time in the tax 
year. They are treated as living 
together unless they are: 

□ Separated under a court 
order or separation deed. 

P Living apart in circum- 
stances which make perma- 
nent separation likely. 

Normally, the partner receiv- 
ing the asset is treated as hav- 
ing acquired it at the giving 
partner's original cost plus 
indexation to the date of the 
transfer, rather than at market 
value at the time of transfer. 

■ Taking advantage of 

separate annual exemptions 
Transferred holdings being 
assessed at original cost (plus 



B&B, so it has been something 
of a grey area. But here are 
some guidelines: 

□ A B&B should be two real 
transactions, exposed to risk. 

□ The bargain dates on the 
contract notes should not be 
the same. 

□ The price of the re-purchase 
should not be agreed in 
advance. 

□ The deals should be done 
within normal market hoars 
(that is. you should sell before 
4J0 pm and re-purchase after 
830 am the following day). 

Stamp duty of 0-5 per cent 
must be paid on the re-pur- 
chase. We would expect the 
broker to charge you. say. 05 
to 1 per cent on the sale (If yon 
are a good client) but none on 
the re-purchase. 

■ When would a B&B be 
worth considering? 

□ To make a chargeable gain 
when you have not used up all 
your annual exemption (£5500 
in 1993/94). Remember that any 
unused portion of that exemp- 
tion cannot be carried forward. 

□ To make an allowable loss 
when your chargeable gains 
have exceeded your annual 
exemption. 

While bed and breakfasting 
is a grey area, it can some- 
times help to reduce or elimi- 
nate your CGT liability. But 
remember that indexation is 


Tabh 2; Gifts to cfaBtiww 

A married couple, both paying a marginal rate of Income tax of 40%. 
have a son and a daughter, both under KL In 1990 the parents had 
£50,000 available, which they might have invested in one of three 
ways: 

L £25,000 In each of their own names, or 

2. In their joint names, or 

3. in their names as nominee for the children. 

In 1993/94 the £50.000 investment was sold tor £70,000 net of 
expenses. By the month of disposal the cost of the investment had 
risen with indexation to an indexed cost of £56,400. So the capital 
gain = £70,000 - £56.400 = £53,600. The parents had each used up 
their annual CGT exemption and had no losses carried forward. 

Let us look at the CGT payable, firstly If they had Invested the 
£50,000 in their own names or in their joint names, and secondly if 
they had invested it in their children's names. 

Own or joint names 

Husband Wife 

Capital gain £6,SX) £6,800 

CGT at 40% 2.720 2.720 

Total tax payable £5,440 
C hadr en's names 

Assuming each chad’s own income was less than the annual 
personal allowance, and remembering that CGT cannot be offset 
against any unused personal aSowance: 

Son Daughter 

Capital gain £6.800 £6,800 

Annual exemption (5,800) (5,800) 

1,000 1.000 

CGT paid at 20% rate 200 200 

Total tax paid = £400. Tax saving compared with parents investing in 
their own or In joint names = £5,040. 

There is also a potential advantage on inheritance tax, providing the 
donor survives for sufficient years after making the gift to avoid it 
being aggregated with the donor's estate. 


Table 3s Were shares of ne gHqfote u^og 

Ordinary shares of the following companies have been added to foe 
Bst m table 1 of the feat CGT article: 

Abaca (alternative name Zurich group) 

Alan Paul .. . p, 

Alan international Hairdressing (Alternative name Alan of Plccadffly 

(Holdings) Ltd) 

Bums Anderson Group 

Chancery (alternative name Chancery Securitws) 

Clarke Foods 
Cokxgraphfo 
Hartand Simon Group 
UHey 

Norton Group (alternative name Minty) 

PoUform Concrete 

Swanyard Studios — 


indexation) to the date of 
transfer can be particularly 
valuable when, in any tax 
year, a husband or wife 
expects to exceed his or her 
annual CGT exemption and the 
other partner does not. 

Take a husband whose mar- 
ginal rate of income tax is 40 
per cent and wishes to sell 
12,000 shares in, say, ICL He 
calculates that the capital gain 
on selling will, after indexation 
and selling costs, be £11,600. 


Readers’ questions 


Many readers bave sent 
questions already on various 
aspects of CGT - including 
warrants, investment trusts 
and unit trusts, which have 
not been covered in this 
series. There will be a Post- 
script to deal with these que- 
ries but, as this will not be 
published until after Easter, 
there is time for further 
points to be raised. Please 


write within the next week 
and mark your envelope 
“CGT Series Question.* 

■ The authors: Richard 
Chant is a tax partner in Sol- 
omon Hare, a Bristol accoun- 
tancy firm. Alan Sugden is 
the co-author of Interpreting 
Company Reports and 
Accounts (Woodhead-Faulk- 
ner, 4th fl leoisedj edition, p{b 
£19.35p. 


So, if he sells all of them him- 
self, he will have to pay CGT 
on £11,600 the annual 

exemption of £5,300 - a bill of 
£2320. 

But suppose that, instead of 
sailing all 12,000 shares him , 
self, he gives half his holding 
to his wife. Each then sells 
6,000 shares L malrinp a charge- 
able gain of £5,800. This uses 
up each one's annual exemp- 
tion. Thus, the transfer of the 
shares to his wife saves the 
husband paying tha t £2,320. 

An alternative way to take 
marimnm adv antag e of sepa- 
rate exemptions is for husband 
and wife to own a joint portfo- 
lio, although this is not as flex- 
ible as separate portfolios. 
Where a married couple own 
shares jointly, they are 
assumed to own them 50/50. 

■ Taking advantage of 
a partner’s lower 
marginal rate of tax 
Where a spouse has little or no 
income, it can also be of con- 
siderable advantage to arrange 
for that partner to make the 
bulk of the capital gains. 


Say a husband's marginal 
rate of tax is 40 per cent and 
his wife has no income. They 
deride they would like to buy a 
country cottage for their retire- 
ment before property prices 
start recovering. To raise the 
money, the husband will have 
to sell his portfolio of shares in 
the present tax year, 1993/94. 
Doing so will produce capital 
gains of about £40,000. 

He decides he can either sell 
all the shares himself (table 1. 
case A) or sell enough shares 
to make £5,800 of capital gains 
mid give the rest of his portfo- 
lio to his wife to sell (case B). 
The tax payable in each case is 
shown in table L In case B, 
there is £6.000 less tax to pay 
than in case A - enough, per- 
haps, to pay for most of the 
repairs and redecoration the 
cottage needs. 

■ How to transfer assets 
between husband and wife 
Write to the companies regis- 
trar. explaining that you wish 
to give your shareholding to 
your husband or wife. The reg- 
istrar will se nd y ou a stock 
transfer form (SIT), which you 
complete and return together 
with your share certificate. He 
will then issue a new share 
certificate in your partner's 
name. 

There is no transfer stamp 
payable if the shares are trans- 
ferred as a gift. Any sum pood 
by the transferee is ignored, 
and the cost to the transferee 
for CGT purposes Is the trans- 
feror's original cost plus index- 
ation to the month of the 
transfer. 

■ Gifts to children 

All UK residents, including 
children, are entitled to the 
CGT annual exemption. Capi- 
tal gaiQs on assets Im>W by a 
child are assessed on the child. 
So if , in any tax year, its capi- 


tal gains are no more than the 
annual exemption, there will 
be no tax to pay. 

If, for example, the capital 
gains on a child’s assets are 
£5.800 in the present year and 
the donor of the assets is a 40 
per cent taxpayer who has 
already used up his or her 
annual exemption, the CGT 
saved would be £5^00 s 0.4 = 
£2^20 . (See table 2 for an exam- 
ple of a husband and wife with 
two children). 

While assets may be held 
outright by the child, normally 
they are held in the name of 
the parents (or other donor), as 
nominee, for the child's bene- 
fit 

Any income is assessable on 
the parents until the child 
reaches 18 unless (a) the 
income from assets given by 
the parents is less than £100 a 
year or (b) the donor of the 
asset was not one of the par- 
ents. 

Accumulation and mainte- 
nance trusts may also be used 
to invest assets on a child’s 
behalf. Once settled, the assets 
are treated as assets of the 
trusts, and income and gains 
may be liable to tax at a rate 
higher than that of the donors. 

The tax advantages of gifts 
to children can be very useftil 
but there are possible draw- 
backs. One Is that frequent 
gifts by parents may be 
regarded by the Revenue as an 
avoidance of tax by them: the 
distinction between tax avoid- 
ance and tax planning is very 
fine. Another is that the Reve- 
nue could assess a child's tax 
liability on the person who has 
control or management of its 
assets if it is under 18. A third 
is that the assets held by, or on 
behalf of, children may become 
rather more substantial than 
the donor(s) had expected. 


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Cote, (ErihtetfCBISM 1712} 


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I yarn uibfi gate In on parti alia. DISTANT ACCESS. 90 DAY, HIC A, MONTHLY INCOME. TERM, TESSA. Attrt ii a ifi uj_ ^ 

! "* ,he * Wert RuHdlnf SncMf. 


L 









FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 



If you’re considering which PEP to take out before the tax year 
end. there's a strong case for one which taps into rhe potential of 
privatisarions worldwide. The privatisation programme in the UK 
oJ&red that rare combination - potentially good profits with relatively 
litde risk. In fact, it proved to be a successful investment for thousands 
of people, providing many with excellent long-term returns. Now 
attention is moving further afield. Not just to Europe, but to literally 
hundreds of privatisation issues all over the world — many of which, like 
those privatised here, are large, stable and asset rich. 

The huge potential of this world market is matched 


only by its diversity - from telecommunications in Mexico to 
^ *§?' airports in Europe and railways in Japan. 




airports in Europe and railways in Japan. 

And what better way to capitalise on these global 
opportunities than with Fidelity - a company with truly global resources. 
The Fidelity Global Privatisations PEP invests not just in 


companies already privatised or currently being floated, but also those 
which we think will benefit as a result of these privatisations. 

Research into the potential of all these companies is crucial to the 
success of this fund. As you can see from the table, first hand, on-the- 
ground research is one of Fidelity's key strengths. And when you 





K21 


Fidelity research activities in 1993: 

37 investment managers and analyses made over 6,000 visits in 
Europe. 

1 65 investment managers and analysts made over 24,000 visits in 
North and South America. 

35 investment managers and analysts made over 1 1,000 visits in the 
Far East. 


invest with Fidelity, you have the security of knowing you're with 
the world's largest independent investment organisation. 

Invest in the Fidelity Global Privatisations PEP ^ 
now and you'll not only catch the fixed price, but you - 
can maximise your PEP allowance by investing up to -r^ir 

,£12,000 tax-free. You can apply for either or both 
1993/94 and 1994/95 PEPs, but don't delay, applications 
for 1993/94 PEPs must be received by 5th April and the fixed 
price is only available until 11th April. 

So make your move and beat the deadline. Complete the 
application form for either the 1993/94 or 1994/95 PEP, or both, and 
return to us - no stamp is required. In order to ensure you meet the 
April 5th deadline please send your application before the Easter 
holidays. If you need any help, call us free on the number below or talk 
to your Independent Financial Adviser. 



Woddwida Opportnaitxc*. Vferldwlde Soouico. 


PEPs held lor less than three yearn are subject to a withdrawal charge of between 1 M and 3% + VAT. Past performance Is no guarantee of future 
returns. The value of Investments and the Income from them may go down as wen as up and you may not get back the amount invested. Tax 
assumptions may be subject to future statutory change and the value of tax savings will depend upon individual circumstances, issued by FldeBty 
Nantaeea Lbnftafl. a member of IMRO. *Hguraa include those ot FMR Cop, a US company and an affiliate of Fidelity Investment Services Limited. 
Fidelity Sobol Privatisations Find Is a unit trust managed by Fidelity Investment Services Limited, a member of IMRO & LAUTRO. The fund wff always 
invest at (east 5096 of Its assets in UK and EC Incorporated companies. 


CALL FREE 9am - Som OPEN 7 DAYS- 


0800 414171 





T - VOS W 


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dw .hw Bi rand <* lu vra * orarapi miJ k> Maenr mb JWi awin .uord is oaMdm er 
dwfeoUrf' Ii joo Ja or i*e eiMier wo j Irr lardibimn Bhrb b per ciwramBran «nb ,ih [4m jot 
thapr ofesbiV ntnuoi mapaif naie mpm* ra be r»L 
lfyw da BO riaorne m w*t mr euy iwonir mar nm* 

Cafe balram. mi nan! name old amen dif V ibmNtail aid BmtU' Uml PIC rallgi an <ri«i bra oe arinr 
m m iora«**Min «Vib aimra » o» orac. Mk ito om *ee*T» U*> fc* Jria* k mb b*d «t* b hoik .*b 
kw fuor flM. 

Ilr but iml bonon oa [« bekd'gr roaiMm mop* liodrt ram rf Biarar arratrai ptw 
Ik hananw PdalrlWliuai H paa riaooir aa [am X|»| m to «w mine Mfemh n Ml uamr pomp sob 
iuu ouw elni m veur -yplkjina hn n lue dc atirar ki xpni n pm psa pjal wum Hmeew, dm 
bur atwd dr Fidfn Roarcmrm Im nme SudJn A nuar mS mPobimm Jy br oramrJ. 

ImBow doodoicJ bi esii wiB rataufc admdrTxk raenn! jbJ lb iUbbJ am ram Mad tea and m* ra-Ur wav 
ew t'idl a)U* •» Mil move*. Hcureer. nr au* Dmi** Baamcr iibt rhooir or mfblkiU a d pA .i-upai* La 
ofeirii Be bebne k* at mm breomr das 

tf paa fen* rfcrrnl m in nw iBa noir. r«o • « JraBlr * ■•» **■ w * feaajsr eoar ■ feow w nriflirir dr ns MBf ib 
K aban; W Mir omj). TV, joeanoa J|^*T m hj*» k|UIM haonar Uodki wtefe JI moaorailk nrauJ 
fai mi [par x onor ii aaome at dm n a pB «. 

banc -I mudi br jamiJ mb! pad kapja umbel 14 Jrat/drimlM »fe jr .-au) pnmd Tbr nrrad pmod 
■a a> b w* or ■■ Tetnurr si t B*% h Uar to fe feantoi. k toa/jM ta fe Nntnhn jiri >> tAoradin a i Frimarf 
[fenwen. if UMtflanumtri aalrFy r" FVIrfin Hitfi htnoar Fcrari mb! pm bra raeanl ik m mimiiB *&mrh 
fur dr p* hi tamp mm mi a a on kawitnl Bmp dr pfeud aim iraij; w uup tefcr m i mttr uriB* 
Parana, (m Btrp aka aSn. da* m.puI penod wfl ni m dr Mfedn cirab nok 

In. one BOOiBaaSy paydlr b| oeitaf abnplr Ilr mil B« ouV panaeaa to Jm iVbI pan. UewiBiapMl 
rimper to in mdea ar fepe amra .udinaMaM p'ysor ora LTt skdrro 

6'pMi btobot m- B amtr yw* A*. Mvnod Imnc vdarii h* Vca meralwilbei»«nn*rJuB*#JA irpan 
KwmiBa AnnaJ axwc ancnrJjAcrihMJBeiBdl aonaalv bcpwlMna obtai darnBiI jgaratjceorJ 
bthcemaeiiBlfei m 

U Thmlrr IK-ird rndr dr nrenun ctMBM. nmVt rpped jrd Jgrrt on you MutflLnifcsn fee ml rrirl uaai 
on M oapertM pm plan 

llrml rake daari lam wtra i-rcoaiaJn a japespnae 

TV bdoail Roeemie Bapira rcBrinkaoi cm rafedandi bi ui-Aee BVMraBrdoa aMbdrpuiacktiaaipUi U 
not plar a mraakrd. mr wil drUon bps ur maane Bm baai *p oa a cei ra ooB i aa urn [4m ufenk cured dae 
hind Rrimi aeBTkwn 

14. TaraCra Som roaar pla* Voa but Sander yn* ptw ■> aualbn pirn ojeuger aha n JJTWiwJ mke dr 
Rrpdmq Tba our oofe onocr dm wtaole (dm. 

Ifira Bid to UMBki root flan 

Tfem non pur lb am umiathac ib nWb parpdm 

fitaS domni nt'ibc wwo Jra. 

Win mr iicnw tow raranaai b* adl nmwei dc draonra at [aa/ pfw to r*k Uidr rmb but V tniunml k) 
*M eraapn 

15 . ted 


n KB mb n wafer i ubhdimd. 

Vn rmn mac m iian mrwnani 

TV macrami ariabrad b^I.hbi 

Tbe dram meiM| m am pin racf do raWrard ram bar j bibwbwi ador od /Ulil [raaep ■ 
be dordoccl v UWJ. Urn*, rrnuy ar* jour Mon* * * a mob one id mm* tamrplm 
Ckraara p«*dfc adnamMvrd or Mbsed - See CVi>|*<aa setkkaWa 

ITlua iW. pm may do Miami a Bdwdi aiirami to uS » ernph «■«* |u ^ ' 
m- aS riBMm idbaril ananaraia ml ral m «h* pawnM aVr vU V mU. 
fife wS BammaOjr pa. yoade aoaoaioB Jor ao pm rain ’Jane* irionM d* pruenk 
To unili lalnd law pa ma ooa. mu amora caned ca mb Jrpowi mi cuai pirn ad Banda br mutaUr a 
pml lo pan «a J pjnxad onbefcwj 


a. BboobI IV aoarasMCT* ..tw.uw ,4 inur IrarW Pt"P u * .beam b» W m paw ^pbradsi In or eni 
. urfp.-veiJ Bob ran ttnar at ran 

IV usrinneia obtntnr ot'iuoe "m*b I ump—l PfP Bill V » • hum bi uu n ynn jpflaataa knl YoBnuy 
ak*>il Cat Is Mate a X 

J4. Goomiaf Law TUr* Lrm Jw/uaeiatJlB Im 

.feppi. non Iw !■*>(. I<ni [dm, rmnluBM 40 >M*k ('"M ml braird widm.air>MdBU Bid dr mbs 
I t arx sni r_, jpjl. k, j l'«l :"‘U fim wJ a l»M I'WfUlV"- doulJ nocr do Oo ^pkoum far lY'VIYal 
ptr* nr.eJ Jn »i ttui 5 .tpoi Hru nd V Ja'.ipm] Mamgti apple** a i pv dr I VU. L'lfe [nr adl V MVrpuiL 

{ Oi«ntL*,fn<l r*awtfii»t «n -.ikcnt ubnme s 10 jdunr upati ,pO*Sa fee JfcMiPt m .wopmoOia hair 
Cor^ rs-oml *e pMiaJi o»m*xi vasral. it mall feearba Bum ibe pnv*a*Mi or udan .onpoan h a 
■mtibVJ ■'"'I iW terra m3 V nBrard on jara V a qmkhwp em-wrli' tur a peraaaJd npm pin rain dir 
l'av’a.1 E^urn Han Uj-.a-Lumr, .<un low NlavrniUI « unrolh. tV »M*I BBTIH * (ra* felf-aj 4C MacK IB 

CL * EC t-uuma.m 

tn.« a! Bunaejcimi* alurpc «Ba,ckuiaui Ijl.iT^ 

TV-han! hm bm !*» bed -4 Jliiidprirr Jlipprow TV orin p e rmj ml nan Bran ouw. SI Mot* ip boob 
ll.lprJivu TV Bruwul feeiaiarc IRrpjMol feriarmni Hry»l »a on a I til mpar: dr M «i lo tomatBc iV 
LwJ pm r ei*T o' dir Mjnjpr t*>. ion ntjer ufia h* wjnan n brfaeer di* dr *md pm of bbw hai r»inl be 
i-^lrdvr? vrndrBBnluderinr Ib ibrtr .mnnmuncea jHoarj.noniiaiIIbra*Ti«ilui* j darpeler n*Bp 
V-. •at .(oe .4 tV UMU.IW louse of dm dad mfl br aeonubted m Jar 1) Mm <M.h pea. TV it* rati 
..wibMb* .dbede IJMj. fW 

4 iftrei left ret brnimi dr tml and refer prvn Blab auv WThomdirUaJia. TVpn'ri ra pidddial did* <B 
'jB.fetaM.iii Tina AH nna noa 1 opriMr JI a dorninl pnrra. hw. Copaei ■* dc fwija' feeferme pjroridMi Jar 

jar^ifek ‘rtf ' Ion hdV, DC lupeM. Tbc muoeut'iV Firal ndedoldr Hod PIC. a nanadxi at IMHO fmHn 
Gufed buurn Fund n *a jodumeJ ia ora m u i ep d h Aifedoy hBtvcacai fervcai LbbwiL j member od 
EMROMAL-BO MnfeW 


CANCSUATtON pdOTICB 

Il'poa mh ao canevl your ipplimiiin to inrerr io the fidrbty Ctobal Prnemtmora PEP. [dew 
nmiptae md muro lira imarr to Fokhcv Nonunn Luuool m, the Jjaknc Mew 
neoir note that xaae n^n » veoMraw the opTbeonn con br ewcirard nd* aknng ihr penoat and 
m iher rruainrr JevribeJ in the Tarrrm owl Conditiaoi m thrt bractnine. 

I hnrby unriKt FnlcDty th-a I urall to eekhdaiH ray oppdcaaoa tm the fWfcSiy Gbibd Prnwautiaa 
PER t klnoednlp, h orami . due if tZan ioirnk*ai»n a imi i ul b[ Webty din tbe etpoy ol'dw 
‘Conlliqt-Olf' period (hm ttin imcnBrion ihsO br oTiki rlfra. 

Homanir (ptemc orfenO 

Tatk 

Hut NomcW Mcdr prra) 


A Jalren 


Antnalc 


Sapocuir 


Hue 


ndafllp NomoBCWB Lbnftnl 

Oabun Ho on HfldBabanra^a TbubeMv KENT TNI l «DZ 

A nMenbnr oTIMRO 

Rt tfUBi ed ia EBstand No. Iflflpl 


n: 


FIDELITY GLOBAL PRIVATISATIONS PEP APPLICATION 


a n di lun ol nliaCm Od* IBn 


hmliri Cbp 

Uk*wl PtP b «i .l*r«r o> iraa an » 

rar narnnpttar.eiVrari UBaaaiiVi 

TSi'Zar tn .. lM oi, inaMa ,aua P n -a «ul .bra* ui ^ feboVATjld. ramribaOraH 4m 

a.M ^m. aufer a BftkWil w nraSi w amadn bimubtiV Moromw* m raorpdm 
hfiffllrf l*EP B 11 •• I**" ■ j Li Lif ran. cUcrara ■ -wkltiiiil 1 hsra Ttf 

oara. I iro, u. JIT ji< .i r ^^ PtP TViSkrad 


Tbray 


BMtkbort ah»ir [VI *dr S ■ drpnU fe* k ** r * 
hd r l« emW it ibe naiMi W ■*‘*" lt **^f l^ir 

(TPoideO-Ji-de. 

fftfU «*; r-.H ^ life** *4 .W -xraw bewp -il - dr MiVe ■Vd*. ul tJro.de. 

[ferW 

Akr. '^n "* W _J, , mairiu- J •» trxJrf Hi uudvr aawvr d» axrartW • ,ra 

^ ”jTj“ dlr.4 rarfeiTT* dr Ml ram bj m bb ran briiafe. «u Juju* I n«feJrj*JaAyy TV 

^b^jl^pA^tldJrp^IwUrelVBomrarahiwfeenVidrawwibitlM^rar/lP.TV 

„ Mkboajt .Ua a * Ulibr Jra of Mate d'd* —V""* 7 a.rflferrdM 0 .lhr nram fen« 

■nr^r^- |iit V y f 

tort -Mcr*. oJ a l ^ ih^ns*i.Bi.« rw m mnuro hur fcwa hAlvMto ukuMhM ibe 

Tu,* rist.dr -H-***; tEZ£2Z!Z „ morale a-* hr -AbraJ A* a* 


Jor.ipraV* rarBtirapmrai mihferaJ da^ ra bnl 

hTjirbrjlBiik '4 da *, **, * *»" «B hriVrti rstmedur R-Wdldt * mti Ik. 

-IWi* M Ik .** -f aauJ.rum|.'-J n Id Jurtira raid orf, m TTWT 


t a^d^-xXlttni^fe^ .■^raJaW.-t-upraarnder 

„.« Jmb * « in-vanb— fan JraampBi* '.*t*TOtni»napw Juarablufi.Lv 

kodddac ■ .■"* , M . , ... uus. H loo ra-arti nm dm m n rnirmncm >on. p*. map* 

li -V Ud» ra •*- . »feu6 h.»l»id*«rwo:*r*.w« 

■rJsr iV'* e* b*iii: •j** n e— 

•irapdr tiwo-y TO W '^-T-r «'• rb-oJprmiJIM*«Bl.fe» 
liTTfeW r k- -4 l‘i P" »** Ztr .uT-Mbh- u*Vi l*rt d»r. * m .kora IVk.- 

u, MB fe r* -k! r. po.e* " mr-* u. U-~ l-ra I* 



ft* Kmc on iBbn a MB-efdiBO n[f» noiyr 4^10 b»e ikorn JB meaBBre Btb II i 
dann d» L*1 J*i rflV JTM abro eoednp od r»« 4>pfe[ rinnoy Jna pmuj > 

raj laare m ram *n mw llBoem. B uni I orrand jaKxr ran mr rf our 
I irfcmniuiT i<bi oil nl ' 


pnfearani irfcmnEar i<bi oil ml feme d* rM* w i4«ri [our tfftxnen. b dm a i V a nr mr ar & lural pu t 
.wvOaodA rt)l*r *fe*t p«i mb U ^ lo .kwgr v «r obbJ II yn Jo Jeaalr u* .raH am jpideraia dc 
aapcil ■ raelram imdr oral be Knaoed to m mh* UdairfBumoje fe* jbu k, hr cUntrar buxk jurn tuu 
at mow ndrr dr ill mom pwl ra d do adr in m* Vaclen. jo mum hwad an ibe rfln pro r at Air ran 

IliraMrrf'MBelMlonwImfciiriiidK'iBlJt r OBB li r* 

II TUB *nde bn a f Iwid PEP mi jn Mfuiyi w >pi dm a mi rnJjg riTperoJ &a i»b* .uariVum 

IT RriMeli- Yr~ r'~ - ■* 1 j- 1 ~ — — ‘ — —a. a — i... ||r ml orialy wn 4 dor a - LnVr is 

udwCR5^iSwpira.-b^«M».i«b-»-l^B.«Wfdrp««.BBrfdr*rpCma.. W 



rtMeelBU lad* ph*A*i virticMmri b am t 
VomIi.iIbu riiBB. 

nrw.rn ibi nr^iaraiitry fee raw yimur feurfeakb nrairTtnl hi j Hdtrypdm ustil iV»id ** rarml m tlml 

■iaank Ilr *rrj4 ou rapraublM* hr n, fen w drijy ttmtei m dc tUDUn « piaeam uaorftomk Ton EaoM 
araor Ik* dK Bw*trm^[dm mkU(pi cenpbn vab hm nunt hum pan b. a la nob" 

SI, «-lg— — u IITiuy jnokBandrrrrmmra oi be *r pirn awuecr nd an pirn Wklrr lb™ inn b -r Jn 
B.l p*, | m*si i^^wa nhpi mb iaoapae[ « Ae flkir, po«* mliHU ifpuedb.l s a 
| 4 m maupn rabi Bo ft(ddo 

2 k chiacjoc dart* Sara III ■Uf*orddlbnr*mb*icrBBKieaMi Aomafemndrucipfe neb iV 

|?,,,Ibm mb! dar infra ul Mid I 


To: fidelity Nomiatri Limiicd (CDlif, PREEPOST TTdUI4. Tonbridga, 
Kent TN It 9BR. 

Tu help iuu eumpleiD riih application fonn, please me I he AppLiaMlian Cheeklis. 
Ili-aie us* mi AJC CAPirALh liiroupbout It nuy tw iiLX-ct«r> lo id uni your application 
io you unproecutTL unlra *11 reqwrrj infofiiuuon a provided You anil have the 
opportunity io wuhdiaiv or cat u el the plan wicJnn 7 tLiyi of in receipt by Fidelity, in 
ici’onLnb'c ailh rhe unm alcienbcd in ih'n adwirknncnt. 

Appticidoo OkcUik 

I. Ilcasc complete all pmoiuj aJecaih. including Njnoiul IitniraiK* number or if 
rrunrd. your KcriiEmunc FVituon n timber Ihnaa leypil requireniem, and your 
applinnon caiiuoc be pracectnl without it. union you are a nurned ivuuun who 
Itafe not vioiLcd far the p*n 20 yeirc uiho don not luwe a Nadonil liuunncc 
number. In (fab cue. pirate sijul box C. 

i Please etilBT ihe amount you wbhrounext. 


3. Your ctictfue thmld be nude payable tt> FuWoy Ncoinnra Lituned. 

4. IT you and your partner are both investing, you will each need to compJeu a 
separate application form and forward separate chetpm. 

5. Ilcasc sign and date I he PEP declaration. 

Data Protection Act 

Information provided by you will be held in tonfidencr by Fidelity aud will not be 
passed oo by Fidelity lo ocher product or service companies. Unless you were 
introduced io FideKty by an aprut, your druib may be used by FtdelUy and other 
members of the Fidelity Imuuneiiu group to send you information on other products 
and services which they offer. If you prefer not to rev cut such infomtadon please 
contact Fidelity's Customer Service IVpartment. These use* o*' your pmoiul 
inioniunon aiu comal by the repMzauoiu of die EHddcey (twatmena Group under 
the Data Protection Act. IW4. Under the An you haw the ri*{hi io obtain a copy of 
tbe mfcimudon held about yoo, lor which you may be vhoipjcd a lice. 


1993/94 PEP 


Personal Deosili 


Surname 


Fuse Namefe) 


TWcMi/Mn/MaslDr 


Pcmtancm UK AtUicw 


IVULode 


Telcplwne No. 


Yon ttrait provide either A, B ot C bdtra 

a| 


Naiioxul Insurance No. 
Retimncnr Pension No. 


si -1— 1 


□J 


U 


I 1 i r rri~i 


Vi^iunur 


i_j ) L-.i — i am 


r i~i~r 


i am a .named woman and have no t wnrfecJ ior die past 20 yean. 
I therefore do not have a | 

National Insurance Nu C I 

Date or'Uinh 
[Apfirajun mu* be IViarucwl 

FxleUty Accuuni Number 

dl loBawBa 

Investment Options 

1 ivtsh io imect in a fidelity General PEP is follows:- 
The niiiiiniu.il uivratnient is £ 1 .000; mascmiutn ii 

Amount to Ib: imvued ill ■ — ; 

FtdcHrtv Global Privatisations True Li 

Irrrcstmem Type 


iznzm 


Ik. TfeiiikBirirn af *ub**I*b Wu bui ifemnw *tm b* ranwig b> ra [V BJmf aa a WB fee rfkam: otaai »r I 
iremm I 

lie but vnnoiJr fail* *4* brsriWt to [DuraJpta^naamrdBirsi'i mom 1 . II w J**lf ib* * n *Bpu«J4f *. I 

i h iii. n i |m F~i ^ r ~r~* L °T J ~ r ~ ^ — c.-c. lira BTBiuld car 

IMwnn BflfBc. _ 

Y*m Am mdlKinraar nfenuorjl* Vabniran Bad cola die RqMbw ® 

H raw Am n wno’m'M A maurooB aloirf* DBtutnl ail 1* imobwl life .id) raja iV JnfeBnnn ix or I 

niBJralwryuOwliuiBaLc raid die R< i: ri«MB i CT fans* Jura *ra* a ray mMbsmbJ reports wninrJutuvn I 

pjyjUg w. irf—ulxy ihr ytn I 

Yea. ytoiiMtc to be . « w< ifera LJ ad bJI icnniBMC ona d* Ja* rf law JrMh SVcaimm. are(« Mifet 
■kofe Utiior. mm ait w* Ihr a wB - B bi raw |4 m> obI huU iV paucreJi un Jcpvw as onV( IcaBSkiaua ■ 
rtjvTUrt tud Sr Jsfektnl |BJ or ail be twaU in hmidbw to ilrJoct dn ufeann Jli- » J cuftnii the breufeun ta I 
V\aoi*lci*ai»vrar*ra«»*lor*mwtil»BV Wi*iiJMra*t*BMJBrtira<fe»iol. * BrVltrralinik. Iudawe«<ifc« I 
call nua joor A" 0> |ou pmooi npmno*iuv TT»V fe-raar IradiasaBrraipmuoal upcnotaiin | 

17 . GampboaU IlfekMynredBnurcnodcDeaoalnnplaoai lw uo yn dci*L M riiow [•xwhw Ml ■> 

aod jlka rfyOM. HAbc aa ct aTtm aarai o’ ao- jw b h til to raw ow SAitsin n me C ra a*4. ira c .IB V ouJc k 
l a lrphoB i -. bf fctut U(f*tw*> fenabkaao. y«B hardv nd« McoBydiBi Janth w the Inrusirc Rnrire be 
ucuMcIMM 
IS. r« Alt nfl~ p 


I 


Inisud lovttUmrut & \ \ 

or lop- up to an costing Fuielav IW3/4 PEP D I I 

1993/94 Declaration 

I . i ileiAire tlBti l am;- 

Ul apd I S jrarc or over, and 

(bj msdein and ordinarily resukiu in tbe UK for ta* purposes or non-irsaJeut 
bail pertcrnimg duties which are mated by virtue of section 1_32(4>|a> or ibe 
fucuine and Corporate Takes Ail 198U [Crown employers serving overseas) as 
being pernsrmed nt the UK ami will inform Fidelity if I cease to be so resident 
and onfaiuniy resuient ot to peri bn n such dunes. 

II. I undersunJ that I may only subscribe to one General PEP in anv one ox year. ! 
declare that I haw not subscribed uor will I subscribe lo any other general PEP 
for the 19 , /3' -, »4 u\ sear. 

(tl. [ wish to open a Rdelitv General FfcP for die lw year I'/WW and confirm that 
I have read and a^tev to be bound by the Iblelity HUP Icrtns and Condiiiom 
which lfull apply to anv Plan opened pursuant to din application and subject 
[hereto. [ hereby authorise FhleHrv- 

<a'. to hold mv cash subwripsion. plan mvesunena. interest. iltviJcrvls and any 
other nghu or proceed* iu respect of those investments and any odser cash; 
and 

[b) la make on my bchall aiiy ciaai.i lo idle) limit tax m rrspecr <£ my fiau; and 
[cj on my uriticii request, intolar as is pcninucd under the Terms and 
Condinons. to transfer or pay to me as the cose may be. plan investments. 

miensr. disulniib. riphfc or other pnscrnk ui respect of such investments or 

im' i.a>h. 

IV. I declare that 1 am (Ik jbxdute beneficial owner of die niouici subscribed 
pursuant to this appJicanuu. 

rhe iu formation given by me n correct tiki I will inform Faddity imuieduicty of 
jny changes to the iiiloi iivmcn contained herein. 

Agent Stomp Kdvliiy U»4> Only 


CuimiHfestOM Irniis available fiwn fideluy 

•ni request 


FTAA 


Stpiaruic 


Date 


1994/95 PEP 


PnrBonal Deto3a 


Surmiiae 


first Nanicfi) 


TM* Mr/Mrs/Misa/llr 


Permanent UK Address 


Postcode 


Telephone No. 


n=r 


i i i i i -i aama 


^Signature 


'Yon mint provide either A, 8 or C below. 

National insurance No. A l l 1 
Kcnrcmcnt Ffemsuni No. 

I ant a married woman and hav e not worked for the past 2>i ym*. 
I therefore do not have a 
National Iitninnce No. 

Uatr of Uurfa 
dAsAfliB now be I* wc*t *1 

Fulehiy Account Number 

(tikocml 

Investment Options 

I wish to invest in a fidelity General PEP as IbllouRe- 
The minimum investment b ituxnmnii b £f>,WQ. 

Amount to be invested in 

fidelity Global Privarisaaom Trust Li 

Investment Type 


1 .! 1 


am i : z i_i am 

r~i i i i ~ i i~r \an 


Imtd Invcnmcrtt A 

at Top-up to an existing fidchtv l'JW/5 HEP U Q 


1994/93 Dedaratioa 

I. I declare that I an Il- 
ia) aged 18 years or over, and 

(b) roedeni and ordinarily resident in the UK for tax purpores or non-ressdent 
but performing dunes which are . reared by virtue of secrion 132l4)(a) or die 
Income and Corporate Taxes Aei IW (Crown employees Serving overseas) as 
being performed in rbc UK and will inform Fidelity if I cease lo br so resaJcm 
and ordinarily resident or tu perform such duties. 

II. I understand that I may only stdxcnbr to one Genera) PEP in any one a* year. 1 
declare that I haw not subscribed nor will I subscribe to any other general PEP 
for rhe l'W4/ , .»5 ta* year. 

III. I wish ro open a fidelity Genera] PEP for the List year IWl/'JS and confirm that 
I haw read and agree to be bound by the fidelity PEP Tcruis and Condiiiom 

which shall apply lo any Plan opened pursuant 10 this application and subject 

thereto. 1 hereby authorise fidelity:^ 

[at to hold my cash subscription, plan uivcsn Irenes, interns, dividends and any 
other rights of proceeds iu respect of thoie investments and my ocher cosh; 
and 

[bj ro moke on my behalf any chants u> relief frwn tax in respect of my Plan; and 

(c) on my wrirreit request, insofar as is permitted under ihi- Terms and 
CouJniou, to transfer or pay to me as Hie case may be, plan mvtmnnniu. 
iniiTtat. ilreidends. ngbts or cither proceeds m respect of such inurements ur 
any cash. 

IV. I JecLirc ibor l ain the absolute bencfiuaJ owner of the monies subscribed 
puruunt ro tius appbeanon. 

The inlormadni givm by me h correct and I uni] Inform Fidelity inimetfiarely of 
any dutigra ro the information contained herein. 

Agnu Stamp fidelity U» Only 


Cognmniioii icnus available Irotu Fide) try 
on nrquen 


FTAA 


Signature 


l>ace 








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The Pru goes it alone 


Debbie Harrison looks at a giant 


T he Prudential, the 
largest life assur- 
ance company in 
Britain and the 
biggest provider of 
personal pensions, this week 
opted for splendid isolation; it 
declined to join the Personal 
Investment Authority, the new 
regulator protecting private 
investors. The Pru has £73.5bn 
in assets under management. It 
has sold 870,000 personal pen- 
sions since 1988; this repre- 
sents about one-sixth of the 
entire market 

The company's representa- 
tives used to collect premiums 
in cash from the homes of poli- 
cy-holders. But the “Man from 



the Pru” has become more 
sophisticated and no contribu- 
tions are collected in cash now, 
although the direct sales force 
of 9,000 still visits clients' 
homes to do business. 

More than 97 per cent of the 
Pro's personal pension clients 
invest in the company's uni- 
tised with-profits contract, sold 
through the direct sales force. 
This product offers good value 
for risk-averse clients who pay 
low contributions. The with- 
profits fund invests in UK and 
international equities, fixed-in- 
terest securities, and property. 
The value of units held 
increases by the addition of 
annual bonuses, plus a final 
bonus when the contract ends. 

The performance of the uni- 
tised with-profits personal pen- 
sion is particularly good on 
single-premium contracts 
where the fund is in the top 
quartile [top 25 per cent] over 
five and 15 years. On the regu- 
lar premium with-profits con- 
tract. the fund is either just 
above or just below average for 
all terms. 

The charges on the unitised 
with-profits contract include a 
5 per cent bid/offer spread (ini- 
tial charge) on all contribu- 
tions and a policy fee of £3 a 
month on regular premium 
contracts, or £20 on each single 
premium contribution. To 


recoup sales and marketing 
costs and to pay commission, 
the company imposes an extra 
annual charge of 5 per cent of 
the value of the units bought 
during the first year. This is 
levied for up to 25 years. 

Steve Bee. the pensions man- 
ager, says: "This is designed as 
a long-term savings product, 
but it is flexible if people's cir- 
cumstances change.” If, for 
example, a client changes jobs 
and joins a company pension 
scheme, he is no longer 
allowed legally to pay contri- 
butions to tbe personal pen- 
sion. Nevertheless, there would 
be an early termination pen- 
alty under most regular pre- 
mium plans. 

Several providers waive the 
penalty if the client contrib- 
utes instead to free-standing 
additional voluntary contribu- 
tions CFSAVCs). which are 
used to top up the company 
scheme. The Pru offers this 
option but also allows the cli- 
ent to take a break of up to five 
years - longer, in some cases - 
before FSAVC- premiums have 
to start. 

Sven without this flexibility, 
the Pro's direct sales with-prof- 
its contract charges are low 
compared with the industry 
average. The reduction in yield 
figures, which show the equiv- 
alent annual percentage charge 
over the term of the contract, 
are among the best available, 
particularly over 20 and 25 
years. 

The unit-linked personal pen- 
sion plan, which is sold 
through independent advisers, 
is not so attractive. Charges 
are higher and performance 
has been poor over all terms 
and contracts, apart from the 
five-year regular premium 
plan. Bee says; “Taking a 
long-term view, the investment 
performance or our unit-linked 
pension funds has not been as 
good as we would have liked. 
However, over the past five 
years, there has been a marked 
improvement" 

The Pru has been quick to 
distance itself from the recent 
survey on personal pensions by 
accountant KPMG Peat Mar- 
wick which suggested that 
nine out of 10 sales of personal 
pensions used to transfer bene- 
fits out of an occupational 
scheme did not comply with 
regulatory requirements. The 


FACT FILE S 


Name: Prudential 
Status: Proprietary 
Founded: 1848 

Market position: Longest UK 61a 
company, biggest provider of 
personal pensions 
Financial strength: Standards 
Poor's assessment b "good” 

Funds under management: 

£7%5bn(ar3Vi283r * 

Premium income 1993: £7_0tor> 
workhwfe, £4.1 bn UK (broaefly 8*9 
and pensions] 

Number of personal pension 
plan clients: 870,000 
Number of transfer plans sold: 
80.000 

Sales outlets: Over 97 pe cent 
poraoraJ pensions Sam through 
drect sabs fores, under 3 per cent 
through Independent advisers 
Commission paid: Fcradvtsera. 
up to industry average, eg approx 60 
per cent of value of firat years' 
premiums on long-term regiiar 
premium plan; less for saJesforce 

Nil commission -terms 
available? Orty through 
independent advisers 
Expense ratio: (management 
expenses divided by total premium 
income) 38.66 per cent In 1992. 

21.61 percent In Id91. (industry 
average in 1991 was 19J3 par coni) 
Reduction in yield": (equivalent 
remud percent charge over the Bfa of 
the confiract) Good on efiect safes 
product -0.7 par cent on 25-year 
regular premium unttsed with profits 
plan Industry average 15 per cent} 
Penalties on early retirement 
or termination: Yes. based on 
outstandng charges for rest of 
contract (is? to 25 years), levied at 5 
per cent of first year's premiums on 
with-profits plan 

Performance": Wtth-prafita plan 
Just below average far regular 
premium contract over five and 10 
years, above average over longer 
terms BOdexcdent tor most angle 
pramaim investment periods. 
Managed untt-finked fond just above 
average over flvs years but very poor 
over longer terms 
"Snutx FTPeaanJthvUm 1SB4 Imadb o cK 
FtoskmttaoBgmmvmKtMonafthBgenm 


Pro’s transfer business repre- 
sents about 9 per cent of total 
personal pension sales, and the 
company's transfer assessment 
system checks the adequacy of 
the transfer value against the 
level of benefits being given up 
in a company scheme. 

If this is reasonable, the sys- 
tem produces a like-for-like 
illustration which can be used 
to compare directly the per- 



Founder t)f the ftudentfet, 

Henry Harben 

Charges: At present fife office 
i&istrations of what your Investment 
may produce use a standard bads 
for charges set by Lartio (the Life 
Assurance aid Unit Trust Regulatory 
Organisation}- To reveal (he impact 
of real charges on the final fond of 
Prudential's unttised with-profits plan 
(sold by drect sates), we asked for 

iflustrations ustog actual charges for 
a man age 45 who e xp ec ts to retire 
at age 65 fie, a 20-year contract), 
paying (a) £200 pa month and (b) a 
aland alone single premium of 
£30,000. Illustrations using Launo 
standard charges, which to feet are 
lower that those used by most Bfe 
offices, are shown in brackets. Tbe 
last Dwtiadon gives a theoretical 
value if no charges ware deducted 

Fufi commiswon paid 


Monthly premium 
£200 

£78^00 £152/300 
m9OOHB584O0} 

Single premium 
£10,000 

£26,800 £81,900 
£2&2Q»ffi8&2m 

ND-commitaion: Not tfedased because 
not avafabto through died safes fares, 
the main outlet tor pasonal pennons. 

Theoretical no charges 

Monthly premium 
£200 

£91.129 Q83571 

Single premium 

oaooo 

£32.071 £96.463 


sonal pension benefits with the 
company scheme benefits 
being surrendered. 

Bee adds: “We always advise 
against opting out of employ- 
ers' schemes and we do not 
recommend transfers to cus- 
tomers . . . However, we will 
accept transfers if customers 
wish to make them and have 
no intention of withdrawing 
from the market.” 




«URf 


Amoonf 

Grcit ?crd Anngci!:'/* ‘Jif Amou'ii J 

£1 - £4.999 

1-15% 

0.86% 

£5,000 - £9,999 

2.00% 

1.50% 

CIO.OOO -£24,999 

3.75% 

2.81% 

£25,000 or more 


3.00% 


Now you gal the best of both worlds with the 
Woolwich Current Account. You get excellent rales 
ol interest with in slant access to your money via a 
cheque book or Cashbose card. 

With our new top Her for amounts over 
£25,000 you get even better interest ond still gel 
instant access. 

So, develop more interest in yogr Current Account 
by sending (his coupon to: Woolwich Building 
Society, FREEPOST (DT98J, Bexleyheoth, Kent DA6 7BR. 

Alternatively, call in at your local Woolwich 
branch or phone us free at any time an 
0800 400 900 quoting ref: FT3 

r„ 


It's good to be with the 

WOOLWICH 

BUILDING society — 


Ptmo lend me KiU derails of Wfoalwidi Current Account. 

Nome (Mr/Mra/Miss/Ms) 

Address 


No stamp required. 


n 


Postcode 


L. 


. fetephone, 


Signed. 


FTC30 


I 

J 

•Intarcsl V..II be payable rwl of the basic rate of income ki» or, subject to the required ccrtif.caHon, grass. Where to- deducted 
cscecdi (he mwsiors tan liability (if ony|. a dgtrri may be made to ihc Inland Revenue for repayment ol tcu Roles may *ary. 

, vniy : boied on cu " enl ba,ic ro,e of *"»■»» w of 25%. Full terms ond conditions available on request 

»r<jm an> Woolwich branch Wool-rich Building Society, Corporate HO. Walling Street. Bcdoyhoolh. Kent DA6 7 P.R. 


■ NEW INVESTMENT TRUST LAUNCHES 


— Targets 


Manager (Tdeptane) Brew 




9b 

wattana £m 


Ykfcl 

% 


- Outado PEP In »a ra \ 1 ■ 

taut uwmimHswMti tew 4 uireuBB Am* 
WWW* N» tar* CW ™ 

Oust Schama P p * 


Cnrr raw 


■ Gavett Global Smaller Companies 

John Gowtt . , 

(071 378 79791 Craf Lyre Ixing IS 20-50 n/a No Yes lOOp 952p 

This fund will chase economic conditions H«ty to promote smaller company out performance around the world 


1 % 


n/a n'j Closes IJW/SW 


■ Piper European Smaller Companies 

Piper International „ , ___ 

[071 248 4000) Chouse Tilney Euupe IS 20-30 n/a Yes No 1(Bp 95P 1.000 

Plans to take advantage of expected boom Tor smaller companies as European economies recover 

■ Templeton Emerging Markets JC* share Issue) 

Tempteton 

(0800 272728) Smith Hew Court Emerging MMs 1:5 140 n/a No Yes lOOp 

A new chance to participate in a highly-successfLd bust with a very wide geographic spread 




n/a 


n/a t.000 1.25% m'-i 


n/a Closes 6/04/34 


a-a Closes 14/04/9* 


■ Templeton Latin American Investment Trust 

PMD0^77728} Cazenove Emerging Wets 1.-S 50+ n/a No Yes lOOp 96.5p 2,000 1-25% n/a 

The third new Latin American fund this year, this one is led by Mark M obi us, the force behind Templet ext Emerging Markets 


tea 31/03/94-22/04/94 


■ Undervalued Assets Trust 

Scottish Value Mgt 

(031 229 1100) James Cape! IK Growth no 40-50 n/a Yes Yes lOOp 

Based on detailed research to find UK companies whose worth is underestimated by the market 


92p 24)00 i% n/J n/a 6/W/94-20/04/94 


■ NEW UNIT TRUST LAUNCHES 


liaugar Udeohone) 


Sector 


Tegs 

neld 

V. 


Siring - Ongta outaUe re> - Mnenom - cnxges mw* rfpj- Itamw j" S ** CU! 


PEP SctUMB tnOal 
Dual AtaL <* 


Amuai 

% 


Otter 

% 


Iom 

£ 


(rural Annul 
% * 


one 

% 


mvst Dtsrou* 
% 


M Global Pr iva t isa tions Fund 

fidetity (0800-414161) lot Equity Growth 1.5-2 j 0 Yes Yes 5.25 1.5 No 1.000* 2 1.5 1-3** 1.000* Fn pr 21.194-&'4/94, 

Another fund on the privatisation band wagon but one of only two global fields. Includes companies bene fitting from privatisation 


■ Extra Income Trust 

Abbey Life (0202 292373) UK Balanced 7.25 Yes No 6 1-5 No 3,000 6 1-5 No 3.000 1 

A high income fund using derivatives to boost income to 2% above base rates, capped at 1396 : do not expect capital growth 


21/2/94-29/4/94 


■ Managed Income Trust 

Abbey Life (0202 2923731 Fund of funds 4.6-48 Yes No 6 1.5 No 3.000 6 1.5 No 

Pays income monthly and invests in up to 7 unit trusts. About half the investment is in fixed interest funds. 


3.000 


1 


21/2/94-29/4/94 


■ Distribution Trust 

Prudential (0800 0000001 


UK Balanced 


Yes Yes 


1.5 


No 1,000# 6 


1.5 No 1.000# 


14/3/94-31/3/94 


Aimed at income seekers who are given a multitude of choices including quarterly payouts of 5% pa or ‘income" of up to 10% pa. 


‘or £50 a month; “Withdrawal charges of 3 per cent in first year. 2 per cent in second year and 1 per cent in third year, (tor C25 a month. 



Pre-paying fuel VAT 


No Mg a! rexporc ±*y can oe a octcu a oy iha 
Rronoat rmm tar ns $> ver r tese 

cohms A3 tftqutm w 3 os Cy oca 

as soon as paste 


Yoa said last week that utility 
customers will hare a “second 
chance” before April 1 1995 to 
avoid paying the foil 17.5 per 
cent VAT rate on household 
fuel. Could yon explain how 
this works? 

■ VAT is applied at the rate 
prevailing when payment is 
made. Before April 1 this year, 
each £100 paid to a utility buys 
£100 of fuel regardless of when 
it is actually used. Between 
April 1 1994 and March 31 1995. 
it wfll take £108 to buy £100 
worth of fuel. From April 1 
1995. it will take £117.50 to buy 
£100 of fuel. So. it could be 
worthwhile to top up your 


“stock" of pro-paid fuel at the 8 
per cent VAT rate just before 
that date. 

Mortgage 

relief 

I was surprised to see In the 
article “Plan to slash your tax 
bill” (Weekend. March 12/13). 
that mortgage interest can get 
tax relief at a taxpayer's top 
rate. J thought that relief was 
restricted to 25 per cent for 
1993/94, followed by 20 per 
cent for 1994/95 and 15 per 
cent thereafter. 

■ You can you still get tax 
relief at your top rate for inter- 
est paid on a loan taken out to 
purchase a property which you 
let out at a commercial rent 
The property must be actually 
let for more than 26 weeks in 
any 52 week period. When the 
property is not let, it must 
either be available for letting 
at a commercial rent or 


unavailable because of con- 
struction or repair work on the 
property. There is no restric- 
tion on the size of the loan. 
Generally, the interest can be 
set off against your rental 
income. 

Confidence 

trick? 

The local tax office says that 
any non-capital withdrawals 
from Tessas or Peps, although 
non- taxable, will count as 
income for age-allowance 
reduction purposes. If so. this 


more than negates tbe value 
and purpose of these Invest- 
ments for many people over 
60. What happens on the matu- 
rity of a Tessa, for example? 1$ 
this yet another government 
confidence trick? 

■ Anything which does not 
form part of your “total 
income" for tax purposes (as 
defined in section 835(5) of the 
Income and Corporation Taxes 
Act 1988. as amended) is 
ignored for age-allowance claw- 
back purposes. Thus, it is not a 
case of a government confi- 
dence trick - merely of Inland 
Revenue incompetence. 


Personal pensions 


The FT would like to hear 
from readers who think they 
have been sold inappropriate 
personal pensions, and from 
former pensions sales staff 


prepared to talk about their 
experiences. Please contact 
Peter Marsh. FT, l South- 
wark Bridge Rd, London SE1 
9HL, tcL 071-873 8136. 


Granny bonds 
stir societies 
to hit back 

C ompetition from 
National Savings 
granny bonds has 
forced building societies to 
respond with competitive 
products. In recent weeks the 
number of fixed-term, fixed- 
rate accounts has increased. 
These are intended to at com- 
bat savers' worries of contin- 
ued base rate cuts and lower 
interest rates. 

Last week, the National & 
Provincial introduced a five- 
year term account with 7.3 per 
cent guaranteed until Septem- 
ber 30 1999, paid yearly from 
£500 with a monthly option of 
7.10 per cent And Northern 
Rock this week launched a 
postal bond paying 7.50 per 
cent monthly from £5,000 nntU 
April 1 1999. 

Other societies have intro- 
duced escalator bonds in 
response to savers’ fears of 
tying into an investment at 
the bottom of the interest rate 
cycle. Although these are still 
five-year term accounts, the 
rates are guaranteed to rise 
annually. 

The Halifax introduced its 
bond last month and tbe Bri- 
tannia and Yorkshire were 
quick to follow. Tbe Halifax 
responded by increasing its 
rates. This week has seen the 
launch of similar bonds from 
the Newcastle and the Leeds & 
Holbeck. The latter starts with 
rates at 6 per cent, rising by 1 
per cent a year to 10 per cent 
from £1,000. All offer a 
monthly interest option. 

Rates on other building soci- 
ety accounts tend to have been 
tweaked down lately, although 
often by very small amounts 
such as 0.1 per cent. But tbe 
Progressive dropped a bit 
more and its Tessa (featured 
recently In the Savers Selec- 
tion) is now down to 7 per 
cent 

Postal accounts still bave 
the edge over branch-based 
accounts. Britannia has with- 
drawn its market-leading 
index-linked account, which 
was tied to Inflation rates. 

Christine Bayiiss , 
Moneyfacts 


HIGHEST RATES FOR YOUR MONEY 


Account 


Notice/ 

tom 


Mnbnum 

deposit 


Rota 

K 


tnL 

prid 


INSTANT ACCESS A/C3 


Teaches BS 
Leeds & Holbeck BS 

Norwich & Peterborough 


Btifon Share 
Aibton 


Postmaster 


0800 378869 
0532 438292 


0733 391497 


Instant 

Postal 


Postal 


C500 0.00% V*Y1y 

C10.000 6.45% Yfr 

E25.000 6.60% Yly 

C60.000 7.00% Yly 


NOTICE A/cs and BONDS 


Greenwich BS 
City & Metropolitan BS 
BSW Asset 
Chafeea BS 


Capital Shares 
Sifter 60 
90 Day 
Base Rata Ptuslll 


MONTHLY INTEREST 

Britannia BS 
SAW Asset 

Scarborough BS 

Northern Rock 


081 658 8212 30 Day Cl 0,000 6.60% Yly 

081 464 0814 00 Day Cl 0.000 6.80% Yly 

0800 303330 90 Day P £25.000 7.15% Yly 
0800 272505 1.3.96 E10, 000 7.50%C Yly 


Capital Trust 
Monthly Income 
Mnefy 4 
Postal Inc Bond 


0538 391741 
OflOO 303330 
0800 590578 
0500 505000 


Postal 
90 Day P 
90 Day 
1.4J99 P 


25.000 

CIO.OOO 

£25.000 

£5.000 


TESSAa (Tax Rree) 


5.80% My 
8.64% My 
7.10%A Mty 
7.50%F My 


Hinckley & Rugby BS 
Dunferrnfcne BS 
TS8 

Cheshire BS 


0455 251234 
0383 721621 
local branch 
0800 243278 


5 Year 
5 Year 
5 Year 
5 Year 


HIGH MTEBEST CHEQUE A/ca (Gross) 


£3.000 

C3.000 

£250 

£3,000 


7.00% Yly 
7.30% Yly 
7.25% Yly 
725% Yly 


Griedonian Bank 

uerr 

Chelsea BS 


MCA 
Capital Plus 
Classic Postal 


031 556 8235 
081 447 2438 
0800 717515 


Instant 

Instant 

Instant 


OFFSHORE ACCOUNTS (Ctom> 


El 

£1,000 

EL500 

C2S.00Q 


4.75% Yly 
4.75% Qty 
6.00% Yly 
625% Yly 


Woolwich Guernsey Ltd 
Portmai Cl Ltd 
Confederation Bank (J'rsy) 
Derbyshire (IOM) Lid 


(ntanatfartal 
Fad Int Bond 
Ffexibla Inv 
BO Day 


0481 715735 
0481 822747 
0534 608060 
0624 663432 


GUARANTBEP PICOWE BOHPS (Mol) 


tostant CS00 5.75% Yly 

1 Yr Bd £500 6J»%F 0M 
«J Day £10.000 6-30% 'AYly 

BO Day £50.000 7 30% Yly 


Consolidated Lite FN 
NSlWest Life FN 
NafWesl Life FN 
NatWesl Lite FN 
NatWest Life FN 


081 940 6343 

0272 404090 
0272 40409Q 
0272 404090 
0272 404090 


HATIOHAI. SAYINGS hi Ca 8 BONDS fQnml 


towstmenl M2 
Income Bands 

Capital Bonds H 
FtaK Option Bond 
Pensioners GIB 


HAT SAVINGS CERTIFICATES f to Free} 


Jlst issue 
7th Index Linked 

Childrens Bond F 


1 Year 

£2,000 

4.30% 

viy 

2 Year 

£5.000 

4.95% 


3 Year 

£5,000 

5.50% 

Yiy 

4 Yea- 

£5,000 

5-95% 

YV 

S Yea 

£5.000 

635% 

YJy 


1 Month 

£20 

525% 

Yly 

3 Month 

£2X00 

6.50% 

Wy 

5 Year 

C100 

7^5%F 

CM 

12 Month 

Cl .000 

&QQ%F 

YJy 

5 Year 

£500 

7.00%F 

wy 

5 Year 

£100 

5.40 %f 

OM 

5 Year 

£100 

3.00%F 

0M 



vtnfti 


5 Year 

£25 

7.35%F 

0M 


r-t/fei uiuy. m « i uup iwra wt 

rate until 1JL94 (rain 7.50 per cent) and then 1 per cent above 

Source: MONEYFACTS, The Monthly Quids to Investment , 

Norfolk, NR28 060. Readers can obtain a compfimentary North w a*s ham - 


Free banking and a 
high rate of interest on a 
Business Cheque Account 

60 free tramaciions per month. 

4.0# gross p.a. when the minimum initial deposu 
of £ 2,001 is main mined. 

Available m vote iraUeri, paimaxhipv, pmfcxionnl fintu wk! aanpamc*. 


Can 071-6M 0879 
t --t-iKMir an.s» crphnne) 

*w Jayne Sniarl on 
071-283 91 11 
an * 9pm Mon-Kri 

A L U ED TRUS 

,17. m, r AII 'onru,i n*ik 

Catling ginrot, i p,,^^ kcjn v 


J 





















FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


MINDING YOUR OWN BUSINESS 




* 



You say tomato; John Drw wffli the crop fh*t put hto business back Into profit 


Hi-tech tomatoes 
come to the rescue 


I n the last days of the second 
world, war 15-year-old John 
Drew drove a team of shire 
horses on the fertile slopes 
above the village of Little 
Witley near Worcester. 

Today the same land produces 
some of the most hi-tech tomatoes 
In the country - but the tomatoes 
never actually see soil. 

They are grown in glasshouses in 
liquid using a system called hydro- 
ponics, and computers control the 
watering. 

In the past 50 years. Drew has 
grown a variety of vegetables, salad 
crops and flowers oo the now 
redundant soil beneath his glass- 
houses. 

But two years ago the outlook 
turned bleak: a net profit of £702 on 
a turnover of £336,000 meant some- 
thing to change. What changed 
was the crop: Drew decided to pro- 
duce only cherry tomatoes and 
thing s started to look up. 

“Last year was the first time for 
10 years that our bank account 
actually entered the black - for a 
short period." said Drew. It soon 
entered the red again when Drew, 
G5, and his partners - wife Mavis 
and son Paul, 36 - installed a 
£53,000 half-acre glasshouse and a 
£5,000 watering plant to expand 
their output for one of their three 
customers. J. Sainsbury, the super- 
market chain. Safeways and Wil- 
liam Low, the northern supermar- 
ket are file others. 

The crop is picked and packaged 
by a staff that varies from seven at 
this time of the year, when the 
tomatoes are just ripening, to 16 in 
the summer. 

The business - still known by its 
original name of Haven Nurseries - 
is barely recognisable from the one 
that produced fruit, vegetable and 
salad crops on two acres at the bot- 
tom of the hill in the early 1950s. 

“In those days we worked 
extremely hard taking produce to 
the Birmingham market at 5am, 
three days a week," said Drew. “But 
hfe was straightforward then. If you 
worked hard, and produced good 
crops, you made a good profit As a 
plain country bloke who left school 
at 15 it seemed simple to me. How 
things have changed.” 

John and Mavis built glasshouses 
and increased the n umb er of crops 
they grew. The business expanded 
naturally from profits. 


“It seems amazing nowadays but 
we managed without borrowing 
untQ 1374," he continued. In that 
year, they borrowed £2J00 to buy 
the four acres on the hillside site 
where their house and main glass- 
houses now stand. 

"We then used our newly-ac- 
quired overdraft to add our biggest 
glasshouse yet. The price was 
£3,900. All seemed well, so we kept 
on putting in glass and growing 
mainly lettuce and tomatoes. In 
1375, when we added another big 
glasshouse, things were still rosy, 
and we were sometimes able to get 
up to 50 per cent of the glasshouse 
cost back using government grants. 

“It was when these grants ended, 
plus the crucial decision to put in 
heat, which immediately added to 


Clive Fewins on a 
business that is 
enjoying its 
own green shoots 
of recovery 


our overdraft by £30,000. that things 
began to get tight. However, we still 
managed to add another half acre of 
glass. 

"But it was the end of the 1970s 
and interest rates had begun to 
rocket. We were caught repaying 
borrowed money at rates of up to 17 
per cent To try and counter this we 
added chry santhemums to OUT list 
of crops and decided to grow them 
in a big way. We planted up to 
20,000 cuttings a week. We saw 
r»hr y sa nthumnmg as OUT salvation 

as they gave us an alternative crop 
48 weeks of the year. There was 
healthy demand and a good good 
wholesale market We increased our 
staff and took on five foil-timers, 
which added to the overdraft." 

By i960 the Drews had 3% acres 
under and half an acre under 
a polythene tunnel, but things 
remained far from healthy. 

"The Dutch were benefiting from 
much cheaper fuel, which gave 
them a big price advantage, and we 
found increasingly that imports 
from Spain, the Canary islands. 
Israel and even Colombia were hit- 
ting prices.'* Drew said. “Other 
flower producers - particularly 


those growing roses and carnations 
- were going out of business." 

The Drews first grew a few cherry 
tomatoes in 1965. John had heard 
about other growers* successes, and 
also of the plant’s profitability. 
However, a poor 1986 season plus a 
mounting overdraft stopped his 
plans to expand. He was able to 
stabilise his cash flow when he 
changed from oil to coal and negoti- 
ated fixed price contracts with Brit- 
ish CoaL 

Drew went on: “By 1990 Chrysan- 
themum prices on the wholesale 
market were lower than 10 years 
previously." 

The decision to switch entirely to 
cherry tomatoes was made in 1991. 
They already devoted ll* acres to 
cherry tomatoes and they were 
showing a profit. But the overdraft 
was up to £120,000 and the bank was 
not happy. 

“The only way was forward." said 
Drew. “We had been here all our 
lives, and nobody would have 
wanted to buy the business at that 
time as so many others were in the 
same boat. 

“However, we urgently needed 
another £30,000 to replace a glass- 
house and to computerise all our 
cherry tomato production processes. 

“We got the money. Fortunately 
we had a few savings, and our main 
suppliers agreed to extend their 
period of credit from 30 to 60 days. 
We honoured the new agreements 
but the upshot was that once all the 
new equipment was in place we had 
to re-establish ourselves as custom- 
ers. In future we knew we had to 
pay up front, which meant another 
massive cash flow crisis." 

The Drews put their case to the 
Agricultural Mortgage Corporation 
which agreed to advance £35,000 
over 10 years at a fixed rate of &5 
per cent 

“We are now hack to our agreed 
£90,000 bank overdraft, and profit at 
the end of 1993 was £75,000 on a 
turnover of £508.000, " said Drew. “I 
don’t think it is marvellous as it 
merely reflects the higher value 
crop. But it is a great improvement 
on the last few years and I am 
pleased we had the confidence to 
invest in the new half-acre glass- 
house.” 

■ Haven Nurseries. Bank Road. Ut- 
ile Willey. Wares. WR6 6LS. 
08S&88S674. 


Yes, I was a 
Cybervirgin 


Continued from Page I 

Another said: “Internet is a 
drug. You can pour your heart 
out to people you’ll never 
meet . . . it’s like a practice 
zone for real-life.” 

The Net has tremendous 
practical uses. Teachers in 
remote areas can compare les- 
son plans and academics can 
swap research findings. Diane 
Williams, of the Technology In 
Education project at Harvard 
Graduate School, says: 
"Through Internet I have been 
able to discuss ideas with col- 
leagues in Milan, Tasmania 
and London and get existing 
models which 1 can then 
adapt.” She believes Internet 
will soon offer virtual class- 
rooms for rural or homebound 
students. Businessmen find it 
Invaluable for comparing con- 
ditions in China, exploring 
investment partners, swapping 
tips on office management and 
even marketing products. 

Describing Internet as the 
“world's largest adhocracy", 
Oliver Strimpel. executive 
director of the Computer 
Museum, says: “We are seeing 
a fundamental change in the 
nature and control of informa- 
tion." Ironically, for something 
so anarchic, its origins lie in 
military thinking. It was devel- 
oped as a communications net- 
work for the Pentagon able to 
withstand nuclear attack. It 
has no central command and 
messages are chopped into 
small packets of data, routed 
by the network then reassem- 
bled at their destination. 

If any part of tbe system is 
wiped out the message simply 
takes another route. During 
the attempted putsch against 
Gorbachev in 1991 Its Russian 
counterpart Glasnet kept feed- 
ing information to the west 
and proved impossible for the 
coup's perpetrators to block. 

While this lack of any cen- 
tral hierarchy - there is no 
‘Internet Inc* - is in some 
sense Us glory, it also means 
there is no one to take respon- 
sibility for abuses or the prolif- 
eration of pornography. This 
month a Boston man was 
charged with abducting a 
young boy be is alleged to have 
lured through Internet. 

There is another concern. 
Cables which bring informa- 
tion into tbe home can aisj 
take it out. Marc Rotenberg. oi 

Washington-based Computer 
Professionals Tor Socml 
Responsibility, says: While 


Internet is a great opportunity 
we are worried about the 
potential loss of privacy and 
the Orwellian spectre that gov- 
ernment could monitor all 
co mmu nication-" His organisa- 
tion is fighting US government 
proposals which would enable , 
federal agencies to wiretap the 
information infrastructure 
without needing court orders. 

As the precursor of the inter- 
active world of the much- 
heralded Information Super- 
highway, it is not clear what 
the final shape of Internet will 
he. As federal funding is 
phased out it will probably be 
privatised. But, with the price 
of hardware tumbling and gov- 
ernments expected to force 
cable companies to provide 
cheap access, the most lucra- 
tive profits are likely to accrue 
to those feeding in material. A 
plethora of on-line services are 
springing' up involving publish- 
ers such as Rupert Murdoch, 
stores such as Sears Roebuck, 
which see great potential for 
advertising' their products, and 
telecommunication giants and 
computer companies such as 
IBM and Apple. Many newspa- 
pers are going on-line too - the 
San Jose Mercury, USA Today 
and the Washi n g t on Post. 

One warning before you go 
electronic globetrotting — it is 
highly addictive. An advisable 
first reading is an E M Forster 
story The Machine Stops. 
which paints a chilling picture 
of a world without human 
interaction, all communica- 
tions taking place through 
screens... 


ACCESS TO 
INTERNET 

Access to Internet through 
on-line services is becoming 
increasingly competitive in 
north America and Europe. 
Prices vary depending on the 
amount erf usage and 
services offered. Some 
charge per hour on- fine - 
others give unlimited time. 
For an individual wanting 
haste services for about 20 
hours per month, expect to 
pay about El 5 per month. 
Software is provided free but 
signing on does require a 
modem which costs about 
£100- Ccmpusen/e. one of 
the largest services, offers a 
one-month free trial. 
Comments toe 

lambOhuscB harvard.edu 


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London SE1 BHL 


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FINANCIAL TIMES 

EUtOH't BUMMElt NIHHWil 



I 

1 


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1 

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{ 

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1 

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PERSPECTIVES 


Skiing/ Arnie Wilson 

Head for 
the hills in 
a helicopter 

Affordable flights offer fresh 
views of the dramatic Dolomites 


H igh in the mighty 
Dolomites, Danilo 
aimed the helicop- 
ter at a yawning 
cavity in the rockfece of Sasso- 
lungo, the 10, 433ft peak which 
towers above Val Gardena. 
Below us was a narrow, fear- 
some-looking snow-filled gui- 
le y, known to locals as the 
Jaws of Death. 

At any moment I expected 
Danilo to climb steeply but 
instead he kept going, squeez- 
ing the helicopter through the 
gap. Before we had caught our 
breath we were swooping low 
over another snow-filled eyrie 
- and another couloir where 
only Intrepid skiers dare to 
tread. 

We continued to weave our 
way through the impossibly 
sheer giant walls and pinnacles 
of the rest of the Gruppo Sella 
range, swooping up the steep 
gully we were ourselves about 
to ski: the Val di Mesdi 
The unusual shape of the 
Dolomites - gigantic, often ver- 
tical slabs of granite - pro- 
duces a dramatic contrast in 
the ski terrain. The off-piste 
chutes and gullies are chal- 
lenging, some seriously so. 

They are also pretty inacces- 
sible. If, like the majority of 
skiers you ski round the Dolo- 
mites, rather than down them, 
the pistes are, by and large, 
fairly gentle. In good weather, 
the Sella Ronda tour, a day- 
long circuit from resort to 
resort of 20 miles or so. 
depending on your route, is a 
delight. 

Little mountain villages and 
towns such as Cblfosco, Cor- 
vara, Canazei. and Arabba drift 
past you all day as you sld 
from button lift to chair and 
gondola to cable car (there are 
more than 200 lifts to choose 
from), pausing at one of scores 


of mountain restaurants and 
huts for lunch or refresh- 
ment 

What makes the tour so 
enjoyable are the ever-chang- 
ing mountain vistas. The tow- 
ering massifs create an almost 
prehistoric arena. Yet skiers on 
this whistle-stop tour between 
the Sella, Pordoi, Campolongo 
and Gardena passes probably 
give little thought to what 
might lurk above them in the 
craggy heights. 

Those who like their runs a 
little tougher hike up on skins 
to finds out Now you can do tt 
the easy way: hitch a ride on a 
helicopter. 

The Val di Mesdi run is cer- 
tainly not as challenging as the 
Jaws of Death but still daunt- 
ing for the average recre- 
ational skier. 

It starts at 9,280ft on the rim 
of a craggy inverted archway 
near the summit of Sas Pordoi, 
another of the towering peaks 
in the Gruppo Sella, which 
dominate the Selva skyline. 

Technically the run is no 
more serious than Verbier's 
Mont Fort or the Swiss Wall at 
Avoriaz. 

What makes it challenging 
psychologically is its compara- 
tive narrowness and the colos- 
sal impact of the sheer walls of 
dolomite which enclose you in 
their mighty embrace. 

Fear grabs in the tew sec- 
onds before you take the 
plunge, and then you are lost 
in the exhilaration, wonder 
and sweet shock of the descent. 
One turn at a time you thread 
your way down, a tiny speck of 
humanity in an impossibly 
huge landscape. 

The scenery was so over- 
whelming that at one stage. 
Amin, our Bladon Lines 
minder, lay on the snow and 
gazed trance-like into the sky. 



, . • -W - , 

4 ’ — f , * 

«-• -t-n*— 

j -' s - 

above Canazei 


. -Cv . '7 -/V. . W; 
t “* f. . * v? • •. ’_v • • I - ,.. 

^ '••A,..*..# .» > 

« / * * A \ v* • , ..** 

*• y r, V ,%•/ ? • • 

**'/*•• /wy’,.1 

•V •> 



Arnie Wilson and Lucy Dicker 
are trying to ski every day of 
1994 on a round-the-world 
expedition. Arnie writes: 

■ Although Lucy prefers 
Hargaritas and soul to 
giOhwein and yodelling, 
Austria feels like home after 
2 Yz months in the US. 

Apart from some wintry 
weather In SdU and 
Westendorf , where we skied 

In a couple of bfizzards, the 
siding has been blissfully 
warm and the scenery 
superb. The hills and 
mountains of the Tyrol are 
alive with the sounds and 

smells of spring. 

Skiing in low resorts such 
as Kolsass, Weer and lgls is 
all but over, but the snow is 
still good In Obergurgl 
Mayrhofen and Axamer 
rJrom. 

And in Alpbach we enjoyed 
a nearperfect day. 


From where I was perched 
hundreds of feet above I 
thought he had fallen. 

“Are you OK?" I yelled. My 
words came back at me in a 
giant echo, punctuated by the 
sounds of small stones falling 
from the battlements some- 
where in the heavens above us. 


When we finally reached Col- 
fosoo, we had descended well 
over 4,000 vertical feet for a 
mere 140,000 (£35) each. 

Heliskiing - at least a single 
drop - need no longer be 
expensive. 

Previously, if you wanted to 
try this hitherto elitist sport. 





SAVONLINNA FESTIVAL 

AN OPERA AND BALLET WEEKEND IN JULY 


East Finland in summer, when the sun is warm and 
the chains of lakes and forested islands glitter, is one 
of earth’s wonderful places and opera there, in the 
courtyard of Olauinlinna castle at Savonlinna, with 
its stony grandeur of facade and excellent accoustics, 
seems to become an entirely natural pursuit — 

SavonHnna, 

described by Max Loppert in the FT some years ago. 
The Financial Times invites our readers to join us for 
a weekend of opera and ballet at Olavinlinna Castle 
in July. The Castle, one of the best preserved fortress 
in the Nordic countries, is a magical setting for the 
Hungarian State Opera & Ballet productions of 
Spartacus and Salome. 

la the gripping Strauss opera, Salome, see the 
timeless themes of power, innocence and decline of 
morality run their bitter course. Watch the 
predominantly male ballet, Spartacus, with its 
dramatic battles scenes, solos and duets - the castle 
an apt setting. 

We have arranged flights with Finnair. You will be 
driven from the airport to the first class Hotel Tbtt for 
a three night stay. Our suggested itinerary can be 
ajusted to fit in with your plans, and required 
departure airport. 

RSVP by completing the coupon opposite. We hope 
you cun join us in Savonlinna. 


SUGGESTED ITINERARY 
Thursday 28th July 

Fly London/H eathrow to Savtmlinna via Helsinki on Finnair departing at 
10.30am, arriving 6.25pm. Transfer to tho Hotel Tott. 

Friday 29th July 

Morning sightseeing tour with a local guide. Afternoon at leisure. 
Evening Opera performance of Salome. 

Saturday 30th July 

Day at leirare to explore the town of Savonlinna. Evening ballet 
performance of Spartacus. 

Sunday 31st July 

Transfer to SavooHnna Airport for Finnair flight via Hehbrid deporting LfiGpu, 
arriving London Heathrow 5.10pm. 

Hotiday cost £729 Snperooo supplement £78 Inumaa cc p i en tUm PS 

i twin roan with bath and we, on a bed and 
Invef by Ftmtair, ennelletit grade opera and 


brafctac fmafeocb 


«1 air 


Ahcraah wffigbtefdata* or departiari airport) can be qaoted on request AS 
dements of this mritatian are ootdect to avaitabity. 

77u» toar it mu n nke d an behalf of the Financial fn JUR Tmn*l 

Ltd, sptaaiiitM in opera hum. 

AddnHe* supplied by raaden tai mpoma tt umLaUtm wiB be retained by the 
KMarid Timas, wttdi m ragtftcnd under Uw Data Pratetioa Act 1984. 


SAVONLINNA FESTIVAL 

TVs Louise Gontoo-VaxiroO, financial Tfaneo, Number One Sootbwarli Bridge 


London SEl 9HL. TW: 0905 4256M Fmc 071-OT3 3072. 

Ptoaae md me fall dctaOs of the FT Invitation to ths SmoaUana Festival 



[aiUtom _ „ 

1 

1 




-Daytime Tel. 


you had to sign up for a week, 
or at the very least a day, of 
flights. In Italy's Dolomites, 
more and more snail outfits 
are offering single drops at 
realistic prices. 

An inexpensive helicopter 
ride means that skiers whose 
only concern used to be 
whether to ski the Sella Ronda 
in a clockwise or an anti-dock- 
wise direction can now get a 
breathtaking new perspective 
on the mountains they know 
so well from below. 

They do not have to ski the 
Jaws or Death or even the Val 
di Mesdi - or even ski at all 
They can just stay in the heli- 
copter and gaze down at the 
circuit from the air. 

A single helicopter lift can 
have all the joy of a single 
glass of champagne: while the 
rest of the bottle would be 
wonderful the first glass is the 
one that really hits the spot 

■ Arnie Wilson's visit to Selva 
was organised by Bladon Lines, 
56158 Putney High Street, Lon- 
don SW15 ISF. Tel: 081-7853131 


This is 




O nce they were 
the big guns in 
the front line of 
the cold war, 
hurling salvoes 
of propaganda into the air- 
waves across the east-west 
divide. 

Now, 4 Yt yea re after the tell 
of the Berlin waH broadcasters 
from the two big radio sta- 
tions, which fought for the 
hearts and minds of Germans 
across the divided city, are 
supposed to be on the same 


But the old antagonism dies 
hard, and their recent strug- 
gles show some of the difficul- 
ties of integrating the forma: 
East and West Gerznanys. 

. During the cold war, Berlin 
was at file centre of the battle 
of the airwaves between the 
two great powers. The US 
established Radio Free Europe 
and Radio Liberty, with bead- 
quarters in in Munich, Bav- 
aria, to beam news, current 
affairs and music across the 
Iron Curtain. The Soviet Union 
retaliated with dozens of pro- 
paganda language services. 

After years of heated debate 
about the future of these relics 
of the cold war, a national 
radio station has been created 
in Cologne, the first in Ger- 
many since the second world 
war. Tt began broadcasting on 
new year's day. 

But even if the new Deutsch- 
land Radio, is national it cer- 
tainly has not achieved unity 
among the broadcasting staff 
of formerly warring stations. 

Deutschland Radio was 
intended to combine three 
radio stations with extremely 
different histories: Bias (Radio 
in the American Sector), based 
in west Berlin; DS Kultiir, set 
up in east Beilin after the dis- 
mantling of the Wall; and 
Deotschlandfimk, set up by the 
Bonn government in Cologne 
during the years of a divided 
Germany. 

hi cold-war Berlin there were 
two radio stations: Rias in the 
west and Stimme der DDR, 
Voice of the German Demo- 
cratic Republic. They broad- 
casted every minute of the day 
from opposite sides of the Wall. 

Stimme der DDR tried to 
monopolise the airwaves 
throughout eastern Germany, 
while across Berlin the US- 
backed Rias station kept alive 
the hopes of reunification with 
powerful transmitters, among 
west and east Berliners. 

But the night in November 
1989, when at last the Wall 
came down, was not Just a glo- 
rious victory fbr the Ideology 
of Rias, it also removed the 
main reason fbr the station’s 
existence. 

Siegfried Buschschiater, 
director of programmes at Rias 
since 1988, said his station was 
delugBd with letters from lis- 
teners in eastern Germany, 
able at last to communicate 
without fear of Interception by 
the Stasl the East German 


secret police. 

A few miles away the same 
event brought a bewildering 
sense of disorientation for staff 
in the East German station. 
Stimme der DDR was losing its 
voice. 

“The events were over- 
whelming: What could we do?” 
said Monika Kflnzl who fbr 
five years had worked at 
Stimme's radio drama depart- 
ment She said that between 
November and mid- 1990, 
Stimme’s headquarters under- 
went its own revolution: the 
long, wide corridors echoed to 
the sound of people rushing “to 
create a new, democratic radio 
station for the people of east- 
ern Germany". 

Scores of producers, techni- 
cians mid staff left, aware that 
their Stasi past would catch up 
with them. Those who 
remained broke up the old 
broadcasting structure and set 
up four new stations. Only one 


Judy Dempsey on 
how former rival 
radio stations 
are struggling to 
work together in 
unified Germany 


survived: DentschUmdsender 
Kultur, or DS Kultur. 

“It was a time of traumatic 
change, but also a time of gen- 
uine democracy for us when 
we formally set up DS Kultur 
in June 1990,” a ntolmd Kflnzl 
who was elected by the staff as 
the station's first director. 

“We had to adapt to so 
much. Finding money. Coping 
with a new system. Getting the 
right to broadcast Understand- 
ing new laws, and above all 
the impact-. of unifi- 
cation on our lives. We wanted 
DS Kultur to be the new voice 
for the eastern Germans, to 
reflect this sense of incredible 
change." 

The station, with its staff of 
169, organised the network in 
such a way that its audience of 
60,000 - mostly east Berliners 
- would have classical music 
24 hours a day interspersed 
with documentaries and dis- 
cussions focusing on the prob- 
lems thrown up by unification. 

But its days were numbered. 
Buschschiater said: “There 
was little chance that DS Kol- 
tur would survive as a separate 
station because of the Staats- 
vertrag, or state treaty, which 
said the forma 1 east German 
radio stations and televisions 
would have to be dissolved. 

“However, the prime minis- 
ters from all 16 states decided 
to set up a new radio station 
which would replace Rias and 
DS Kultur. After all both sta- 
tions had lost their raison 
d‘&re, a he said. 

Deutschlandftmk and Rias, 


on the other hand, tod much 
in common. They shared toe 
gam* aim of keeping alwe the 
possibility of unification of the 
Germany®; both stations were 
financed by the state - with 
Rias receiving some support 
from the US; but each had a 
diffiarent audience. Rias homed 
in on Berlin and other parts of 
eastern Germany, Deutsch- 
T andf Hnfr captured parts of 
w est e rn southern eastern 
Germany. 

And so, on new year’s day, 
Deutschland Radio, an amal- 
gam of Rias, DS Kultnr and 
De utechlandfrinb; began broad- 
casting with a DM300m (£ll.7m) 
annual budget financed 
through a public licence fee of 
75 (35p) a month. 


os In Cologne's Deutschlaud- 
funk are unhappy. They say 
they can work with Rias, but 
not with the DS Kultur pro- 
gramme, which they accuse of 
elitism. The Cologne station 
has also refused to use 
Deu tschland Radio as its new 
signature title and has 
declined to take staff from Ber- 
lin to ease the integration of 
westerners and easterners and 
to promote a genuine national 
broadcasting service. 

Dettmar Cramer, programme 
director of Deutschlandfmik, 
says the Berliners do not want 
to move: “ft’s that typical atti- 
tude of the Berliners, com- 
plaining that Cologne is too 
ter. Only three of the DS Sui- 
tor people have joined us.” 

Buschschiater hits back by 
saying: “Cologne has not 
opened It doors to Rias or to 
the people from DS Kultur. 
Cologne has made no compro- 
mises. They act as if nothing 
has changed since unification. 

“It reflects the attitude from 
Bonn/Cologne about moving 
the government to Berlin. 
These people do not want any 
change. It wants to presave 
the status quo ante-1989.** 

The listeners are disorien- 
tated too: in the mornings, 
they hear Rias’s old pro- 
gramme ~ news and current 
affai rs, along with easy-listen- 
ing music - and in the early 
afternoon, DS Kultnr, a classi- 
cal s fei inn, takes over. 

Despite the bickering, which 
barely conceals the tensions of 
unification, Buschschiater and 
KQnzl recognise that the real 
issue is listeners. “We have to 
integrate the two Berlin sta- 
tions and hold on to our listen- 
er," said Buschschiater. “We 
have to make this new station 
work on a truly national 
baste," he added. 

“Here is a chance to make 
something new, and truly 
united with easterners and 
westerners pulling together to 
make this national network 
succeed” said Kflnzl. 

“It means we win aD have to 
integrate, even though the 
easterners might feel they 
have lost their voice in the pro- 


Despatches/Will Dawkins 


Tokyo village is fun city 


A part from being the 
size of a small 
house, it looked like 
a white-mantled 
sumo wrestler, round 
haunches hunkered down on 
tbe pavement It was a gigan- 
tic snowman with neon lights 
flashing around its head as 
children tumbled over Its 
ample lap. A fine mist slid 
from the shoulders, for the air 
was not only humid but 
unbearably hot 
For this was no Alpine mid- 
winter festival but a late sum- 
mer street party in central 
Tokyo to celebrate o-bon, when 
the Japanese are supposed to 
worship their ancestors - and 
have a good knees-up at the 
same time. The snowman had 
spent the past few months pre- 
served, doubtless at huge cost, 
in an underground freezer to 
the mountains. 

That morning, it had made 
the journey to Tokyo in the 
back of a van to advertise the 
ski resort where ft had been 
made the previous winter. 

A few hours later, it had 
melted, the only trace a 
muddy puddle reflecting glim- 
mers of neon. 

What does this tell you 
about Tokyo? It told me, a new 
arrival after four years in 
Paris, that certain French poli- 
ticians have got it all wrong 
about the Japanese - or, at 
least, about the Tokyo-ites. 

On first meeting, the people 
of Tokyo do not resemble an 
army of worker ants, as one 
former French prime minister 
maintained. On the contrary, 
this is a capital that knows 
how to have fun, even In the 
middle of recession. 

A look at Tokyo’s ever- 
changing skyline, only slightly 
more enduring than summer 


snowmen, proves that this city 
has a finely developed sense of 
the eccentric. 

Here, for example, are some 
landmarks on the drive from 
my flat into central Tokyo: a 
mock Tuscan palace (which 
does double duty as a wine bar 
and coffee centre; a two storey 
advertisement hoarding of a 
silhouetted face with electric 
flashing eyes; and a galleon 
stranded on top of an office 
block. If I continue to the 
flesh-coloured, condom-shaped 
building that advertises a 
brand iff robber, then I have 


are routinely sent foxes show- 
ing the route. Rich Tokyoites 
take a mobile telephone in the 
car, head in the general direc- 
tion of their meeting and ring 
for directions once In the area. 
The telecom companies most 
make a fortune. 

Whatever the explanation, 
why change? Tokyo-ites 
appear to Kke their village life 
- and with reason, because 
Tokyo's village qualities make 
it what must be one of the 
least threatening cities in the 
world. The local newspapers 
carry little few stories about 


A look at Tokyo* s ever-changing 
skyline proves that this city has a 
finely developed sense of the eccentric. 


gone too far. Quite a change 
from the Champs Elystes. 

This is no ant heap; ter from 
it. In foci, Tokyo Is not even a 
city. It is more like an agglom- 
eration of thmiaiwfa of small 
villages, bound together 
loosely by expressways. In 
between these, there is a hope- 
less maze of tiny, one-way 
lanes. It makes for pleasant 
res i dential living - so long as 
you can find the way to your 
flat 

Some critics that the 
road system is a hidden trade 
barrier to keep foreigners at 
bay. The problem with that 
theory te that many of tbe 
road signs are in English foot 
much help), and even Tokyo 
taxi drivers Sad it seriously 
difficult to get around. 

My own guess is that the 
road system is an industrial 
policy in favour of telecommu- 
nication companies. Visitors 


traditional big city problems 
such as Aids, drags and vio- 
lent crime. 

I am told this is because 
they hardly exist in Tokyo, 
despite the fraud and corrup- 
tion surrounding national pol- 
itics. In tact, some people are 
worried that the new govern- 
ment's dampdown on corrup- 
tion could break up the cosy 
friendship between the yokuza 
gangster clans ami the police, 
so tempting the yokuza to torn 
to drug peddling. 

For now, though, the yokuza 
stay off the front pages. 
Instead, an endearing debate 
on waste disposal has been a 
big running story lately. 

It began with a fumbled 
attempt by the cHy council to 
force people to pot out rubbish 
in personally-named transpar- 
ent plastic bags. The aim was 
to ensure that residents 
bagged burnable and non- 


bumable rubbish separately, a 
laudable but little-obeyed rule. 

This provoked an outcry on 
two fronts. Residents did not 
want to be identified individu- 
ally with their empty take- 
away tempura boxes, while 
bag-makers complained that 
they conld not switch produc- 
tion from black to transparent 
sacks in time. 

The city council climbed 
down and gave residents three 
mouths before they had to buy 
new sacks, shewing that con- 
sensus, that vital ingredient of 
village life. Is still alive in 
modern Tokyo. 

Of course. Tokyo has a fair 
sprinkling of its own brand iff 
urban vices. An example is a 
distressing recent develop- 
ment in the Japanese fondness 
for vending machines (from 
which most necessities and 
some non-necessities, ranging 
from compact discs to fresh 
flowers, can be obtained). Used 
female underwear, sold at 
Y3.000 (£19) apiece, is the lat- 
est marketing trick devised by 
a voiding machine owner in 
Shibuya, apparently with 
great initial success. 

That is, until the local 
authority clamped down after 
complaints from residents. 
Nothing in Japanese laws on 
public morality outlaws such 
trade. But that did not deter 
the local council. It turned, 
successfully, to a law which 
outlaws the sale of used goods 
without a permit. 

The vending ma»Hiif scas- 
dal t ells you another useful 
tenth about Tokyo and, per- 
haps, Japan. The often critic- 
ised Japanese way of tackling 
problems from oblique angles 
ran be effective, ft could even 
be an ingredient in Japan’s 
success. 




PERSPECTIVES 


A "Titer in the Spectator 
magazine the other day 
told of what happened 
when he entertained 
Enoch Powell, the former Conserva- 
tive cabinet minister, at a meeting 
of a local Tory party association, 
(Readers outside Britain should 
know that Powell nsed to be a Tory 
but fell out with them and went on 
to represent the Ulster Unionists in 
parliament. He is renowned for his 
penetrating intellect.) 

To quote the article: “Each time 
Mr Powell made a remark critical 
of the government, he was 
applauded incontinently. When a 
man stood np to announce he 
would be standing as an antt-feder* 
alist, against a Tory candidate. In 
June’s Euro-elections, the ovation 
from his fellow Conservatives 
verged on the hysterical. There are 
pockets of Toryism flourishing and 
vibrant in Britain today. Sadly for 
Mr Major [the Prime Minister], 
they are unrelated to the govern- 
ment." 


As They Say in Europe / James Morgan 


Traditions’ that mean nothing 


The writer added: "Given the 
attitude of those who run the party 
now, I bad better not say which 
Conservative association played 
host” This Is understandable: faced 
with the prospect of a confronta- 
tion with that Himmler of the Tory 
party, chairman Sir Norman 
Fowler, the most vibrant right- 
wing blood runs cold. 

Fortunately, I have uncovered 
details of the meeting. It was held 
just outside Ewell, Surrey, in the 
function room of Ye Olde Cocke 
House Inne, which stands between 
the Wok-ou-By Chinese restaurant 
and a kitchenware shop called Hdte 
Cuisine. There was a delicious meal 
(breaded scampi on a bed of lettuce 


"garnished with all the trim- 
ming's”). 

The debate on the European 
Union was followed by a heated dis- 
cussion led by Powell on another 
subject dear to his heart: the men- 
ace of coloured immigration. It 
included his famous expose of how 
Shakespeare’s works had been writ- 
ten by a group of Elizabethan 
courtiers. 

I have spent much time burrow- 
ing through Europe's newspapers 
to see if lesser nations can produce 
anything to match this very 
English occasion. But their accep- 
tance of the integration of Europe, 
and the suffocation of their own 
traditions, remains remarkable, 


partly because they do not believe 
that Is what is occurring. 

Instead, they share a belief in a 
need for an authority to make rules 
to create that "level playing field” 
so beloved of British politicians 
and which can make a single mar- 
ket work. That those employed in 
that authority are sometimes 
incompetent, corrupt, arrogant and 
stupid In no way distinguishes 
them from officials in the various 
national capitals. 

There is also a belief that the 
process of enlargement makes the 
system harder to operate, and a 
conclusion that the present British 
a tte m pt to lower the proportion of 
votes needed for a veto is meant to 


ensure no decisions are taken at 
alL But, even then, there is not that 
moral outrage which characterises 
the British debate. 

There is certainly no equivalent 
of the Eurosceptic fury over the 
destruction wrought on a thnnsand 
years of constitutional perfection. 
Perhaps it is because these nations 
enjoy no such tradition. No chaps 
in tights opening their parliaments. 
No national leaders giving clear 
answers during the remorseless 
probing of prime minister’s ques- 
tion time. There is no hysterical 
concern with the sexual inconti- 
nence of gentlemen in leading posi- 
tions, either. 

Britain, the land that was once 


known for its phlegm and sang- 
froid is now in the grip of inexpli- 
cable obsessions. And those UK 
newspapers which make most of 
the trifling peccadillos of public 
figures are also those in which 
Europhobia is most pronounced. 

I must thank Fernando Vallespin, 
a writer in El Pais of Madrid, for 
explaining why. He was struck by 
the difference in attitudes towards 
sexual misdeeds in Britain and the 
US, on the one hand, and Brazil 
and Austria, on the other. (The 
president of the former behaved in 
an unseemly manner during the 
carnival in Rio; the activities of 
Austria's president were docu- 
mented here last month.) 


There is, says Vallespin, "a con- 
nection which almost always exists 
between repressive societies and 
liberal states". Economic liberal- 
ism, he argues, is connected with 
capitalism in such a way that it 
pre-snpposes the promotion of 
self-interest 

As a result a liberal state has to 
impose artificial rules to replace 
the glue that exists in traditional 
systems. There roles are broken 
easily without society falling to 
bits. Britain is no more a tradi- 
tional society than Ye Olde Cocke 
House is a traditional inn. Its rules 
bind private and public morality in 
a seamless, brittle whole. 

So it is, I deduce, that European 
integration generates moral explo- 
sions in Britain: European integra- 
tion is penetration by Europe. As 
Vallespin noted: "One most not for- 
get that Adam Smith was as much 
a moral philosopher as an econo- 
mist" 

■ James Morgan is economics corre- 
spondent of the BBC World Service. 



The changing lace of The Lady, gentlewoman of the world of women's magazines. It feitands to give fto readers no cause to frown 


That’s no way to treat a Lady - or is it? 

Alerted by the rattle of teacups in the home counties , Rachel Johnson hears about changes to a very English institution 


I t is a story to which only 
Barbara Pym, or perhaps 
Joanna Trollope, could do 
full justice. No Aga saga, it 
concerns The Lady, that gen- 
tlewoman of the racy world of 
female magazines, and the fluster 
that is attending her belated arrival 
into the 20th century. 

While other women's magazines 
compete ever more vigorously to 
reveal the secrets of sexual attrac- 
tiveness or style and acoutrements 
of the modern woman, The Lady's 
imagined reader sits, needlepoint 
forgotten on her lap. dog at her feet, 
curtains drawn tightly against the 
mild home counties night. Gripped 
by the latest instalment of The Rec- 
tor's Wife, she barely feels tired 
alter a hectic day. Church flower 
rota. Help the Aged lunch and the 
health club have all lent a glow to 
cheeks already weatherbeaten by 
daily gardening. 

At first glance. The Lady has 
barely changed direction since the 
I9th century. 

“The Lady will be essentially 
English, and the subjects will be 
treated from an English point of 
view,” the first issue declared in 
1S85. Its aim. "to provide informa- 
tion without dulness (sic), and 


entertainment without vulgarity; 
and to be at once useful and neces- 
sary without ceasing to be bright 
and lively." 

But appearances can be deceptive. 
Although the ma gazine is En glish 

and genteel as ever - its mix of 
household tips, recipes, fashion, 
gardening and acres of classified 
nanny- to-cottage advertisements 
remain intact - changes are afoot. 

The first edition of The Lady was 
launched in 1885 by Thomas Gibson 
Bowles, the proprietor and editor or 
Vanity Fair. His elder daughter, 
Sydney, became Lady Redesdale 
and mother of the Mitford sisters, 
and ber governess became editor for 
30 years. 

The magazine remains in the 
bands of the Bowles family, and 
there have been only eight editors 
in its history. Since 1891, when 
Bowles sold its unlikely stablemate 
Vanity Fair, The Lady has occupied 
the same comer offices at 39 and 40 
Bedford Street, London. Decked out 
in a livery of mahogany panelling 
and eau-d e-nil paint trim, the build- 
ing sticks out like a Merchant Ivory 
film set among the diners and ham- 
burger joints of Covent Garden. 

But when the wind is blowing a 
certain way. the 20th century 


intrudes and The Lady’s fragrant 
flower-filled offices reek of fat from 
the kitchens of neighbouring Fat- 
Boy’s Diner. 

The wind is blowing that way 
today. Three years ago a new editor 
arrived, Arline Usden, from the 
racy world of Woman magazine, 
where she was beauty editor, and 
Successful SHntming, where she was 
editor. Joan Grahame, the seventh 
editor, was due for retirement after 


being in the job since 1971 but died 
during the crossover fortnight that 
followed Usden's appointment 
“It didn’t have a layout It didn't 
have an art department It didn't 
have an editorial structure. It had 
girls, not necessarily trained, throw- 
ing things on pages,” said Usden, 
throwing a nervous glance towards 
her open office door. 

Her bosses are Ron Bulloch, the 
white-haired general manager of 20 
years - an average stint on The 
Lady, where the head of the classi- 
fied ads has been in the same job 


for 30 years - and his assistant. 
David Richards. 

In a cautious interview, at which 
a secretary takes notes, Bulloch 
makes one thing clean the changes 
Usden has introduced will be quite 
sufficient for the time being. 

She appointed an arts editor, staff 
writers, a home economist, intro- 
duced spots of colour in food and 
fashion spreads, and changed the 
covers. Although The Lady is still 


the only magazine on the rack to 
feature a vase of daffodils on its 
front, the covers are brighter and 
better photographed than they used 
to be. 

She made the pagination more 
suitable for a weekly than an 
annual. The ma gazine used to start 
in Roman numerals, for the classi- 
fied ads, until the contents page, 
when it would lurch to page 353 (if 
it was August). Current editions 
start at page one and proceed from 
there until the inside cover at 
around page 80: always the reader 


special offer - from Wellington 
boots to a three-tier steamer. 

Her innovations include more fea- 
tures and a “Favourite Things" col- 
umn at the back, for celebrities 
with granny-appeal, such as Nigel 
Havers, to reveal their fondness for 
roast fthiplren and gar dening 

All very innocuous, one might 
think. But Usden wants to go far- 
ther. The magazine opens, and 
always has, with more than 20 


pages of small advertisements. 
Usden wants to banish the classi- 
fied adverts to the back, institute a 
proper contents on page 3, and 
introduce full colour. But the old 
guard wants the advertisements to 
remain to the fore and wants to 
keep The Lady's editorial content as 
traditional as possible, and ensure 
that Poison's cornflour. Sunlight 
Soap and Cash's nametapes adver- 
tise in 1995 as they did in 1885. 

“We are very schizophrenic. Our 
readers divide into those who buy it 
for the ads and who don’t read the 


magazine and those who buy it for 
the magazine but don't read the 
ads," says Usden 

For it is undoubtedly to The Lady 
that those seeking nannies, house- 
keepers, companions - and even 
housemen and butlers - turn. 
According to a Reading University 
survey, more than a third of high- 
earning families in some areas 
employed either a cleaner or a 
nanny. 

Usden does not undervalue the 
advertisements; but she wants to 
make The Lady competitive with 
other magazines in appearance and 
content. “We are the only magazine 
without full colour.” she sighs. 

So it will be The Lady readers 
who decide. The doughty gentle- 
women of the home counties, who 
subscribe and write Letters, the 
magazine’s most famous feature. 

Amanda Dukes h as been editing 
these gems - around 100 of them a 
week - for several years. A typical 
spread will kick off with a letter 
asking for a recipe for Iamb stew (to 
which a Meat Marketing Board rec- 
ipe will be offered); and continue 
with household tips (how to remove 
can die wax from velvet curtains) 
and “where can I gets”. 

“Where can I get directoire knick- 


ers - an item of long acetate under- 
wear - is reasonably common," 
says Amanda Dukes. Every letter is 
answered, the gardening ones by 
Classic EM’S Clay Jones. 

And these readers, one darkly 
suspects, are the type that value 
continuity, however dull, above 
stylishness. As one wrote to Arline 
Usden in February, “your magazine 
is clean and wholesome ... an oasis 
of good taste in an ocean of taL 
Thank you." 

Jan Waddell, the special offers 
editor, thinks The Lady's old-fash- 
ioned formula serves its readership 
exactly what they want 

“We don't have a female bias like 
most other magazines. We have gar- 
dening, travel, wine, finance. We 
don't do things on sex and women's 
insides. Our readers aren't inter- 
ested in how many orgasms you've 
had this week.” 

For readers who prefer Middle- 
march to the Camomile Lam. the 
genteely impoverished do-gooders, 
there can be no contest The Lady 
has changed enough, and even 
Arline Usden knows it. She will 
move gently, if at all, from here, so 
that The Lady will give its readers 
□o cause to tut-tut fiercely over 
their Rich Tea and morning coffee. 


‘We don't do things on sex and womens insides. Our readers 
aren't interested in how many orgasms you've had this week ’ 


Motoring/Stuart Marshall 

When only shire horses will do 


A n on, 'off-road. 

four-wheel drive 
turned into an exec- 
utive express 
sounds improbable. But no 
more so. 1 suppose, than the 
transformation of a redundant 
barn, oast house or stable 
block into a desirable resident 
- and south-east England is 
now dotted with them. 

If you fancy using such a 
vehicle as n business car. go 
for a Range Rover converted 
by a small company colled 
Over finch. One I used for a 
wintry week recently was by 
far the best Range Rover I 
have driven. 

The Overfinch version had 
been given an engine trans- 
plant. Out went the 4.2-litre 
Hover V8: in went a General 
Motors’ 5.7-litre V8. These days 
it is politically (for which read 
environmentally) incorrect to 
say so - but. if you are after 
truly relaxed high perfor- 
mance, there is no substitute 
for litres. 

The GM V8 delivers 234 
horsepower and 344lb/ft of 
torque, a measure of pulling 


power at a given engine speed. 
For sheer brawn, it makes the 
largest-engined standard 
Range Rover, the 4,278cc LSE 
(200hp and 2501 b/ft of torque), 
feel almost a weakling. 

At 80mph (I28kph) and 
3 , 000 rpm. the cabin was quiet 
enough for enjoyable Classic 
FM listening. On non-motor- 


way journeys, overtaking was 
instant and. therefore, safe. 

A prod with the right toe 
slipped the automatic trans- 
mission into third. With a bull- 
like bellow, the two-ton 
machine hurtled forward, all- 
wheel drive keeping the Avon 
Turbospeed tyres gripping on 
wet surfaces. 

Handling and ride comfort 
stood comparison with that of 
a normal executive saloon. 


But, realistically, no tweaks 
(however clever) can make two 
heavy beam axles behave like 
fully independent suspension. 

So, although it did not wal- 
low on corners, the Overfinch 
Range Rover's lofty body 
leaned a bit If a roundabout 
was taken quickly. Potholes 
did not pass unnoticed, either. 


As I sat straight-backed on fra- 
grant Connolly hide, enjoying 
a horseman's view of the coun- 
tryside, I felt as though I were 
driving a very short wheelbase 
Bentley Turbo R or a high-off- 
the-ground Aston Martin Vg. 

High speed, road-pattern 
tyres, and reduced ground 
clearance and axle articulation 
mak e an Overflnch Range 
Rover unsuitable for rough and 
muddy terrain - where few of 


its kind venture, anyway. It 
would, though, do nkely for 
getting out of slithery car 
parks at race meetings. 

A full conversion - engine 
transplant, modified running 
gear and steering, Recaro 
sports seats and some nicely 
understated cosmetic changes 
- costs a little over £18,000. A 
brand-new Overfinch Range 
Rover Vogue SE will leave lit- 
tle change out of £55,000, which 
is barely more than half the 
price of the cheapest Bentley 
and less than a third of an 
Aston Martin Virage shooting 
brake. 

Overfinch, however, will do 
the same work on the cheaper 
Land Rover Discovery, 
mechanically the Range 
Rover's twin brother. Nor need 
you start with a new host 
vehicle. One up to six years old 
can be tackled if in generally 
good fettle. 

1 have said often that I could 
not see much point in using a 
beefy on/off-road 4x4 exclu- 
sively on tarmac, and the logic 
still escapes me. But the choice 
of road-going, four-wheel 


driven automatic estate cars 
with really high performance 
is tiny. 

There is an Audi 100 2AE 
quattro and BMW 5251 X Tour- 
ing at list prices of £28,655 and 
E3L330 respectively, or a less 
prestigious but worthy Subaru 
Legacy 2J2 GX 4WD at a mere 
£1&399. But when nothing less 
than four-wheel drive, two ped- 
als. shire horse muscle and a 
high seating position will do. it 
has to be the Overfinch. 

If you can countenance a 
fuel consumption of I5-I7mpg 
(18.8-16.6 1/I00km) of super 
unleaded, call Overfinch on 
0420-542 877. Not a word, 
please, to Friends of the Earth, 
but 1 promise you will find a 
120mph (193kmh), 0-60mph 
(0-96kmh) in well under eight 
seconds Overflnch Range 
Rover one of today's really 
great drives. 

A possible large-engined 
alternative, with smooth auto- 
matic transmission and unim- 
paired off-roadability, is the 
Chrysler Jeep Grand Cherokee. 
Its 5.2-lltre V8 produces 2i2hp 
and 285 Ibs/ft torque (more 


* With a bull-like bellow , the two-ton 
machine hurtled forward \ all-wheel 
drive keeping the Avon Turbospeed 
tyres gripping on wet surfaces’ 



Ford raises the coupe stakes 


At £19,850, the Ford Probe 
24v, 2.5-litre VS raises the 
sports coap£ stakes. This ele- 
gant, Mazda-inspired and US- 
made three-door went on sale 
this week at prices undercut- 
ting those of most rivals. A 
lfiv, two-litre version is 


cheaper still at £15.995. 

The Probe, Ford’s first 
sports coupe since the Capri, 
has gone too far up-market to 
be called a Capri replace- 
ment The 24v 1 drove last 
week was a swift although 
silky performer quiet on the 


motorway, flexible in traffic, 
eagerly responsive when 
required. Young (or just 
young in heart) business 
motorists nsed to driving 
mainly on their own would 
find one a nice change after 
several Granadas or Scorpios. 


than a standard *L2-litre Range 
Rover, less than the Overfinch 
with the GM engine). 

Now on sale in Britain at 
£27,995, it is a bargain. The 
price includes air-conditioning, 
anti-lock brakes, leather seats 
and power operation for almost 
everything. The snag is that, at 


present, it comes only in 
left-hand drive. 

Another possibility is Mitsu- 
bishi's latest Shogun 3.5-litre 
V6 (£35,889), which is in the 
same prestige, performance 
and price class as an off-the- 
peg Range Rover Vogue SE 
(£36,130). 


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ARTS 


New lease of life 
for Waddesdon 



addesdon 
Manor, a 

bizarre fan- 
tasy of 

French 
chateau architecture in the 
midst of the Buckinghamshire 
countryside, was the stately 
pleasure dame of Baron 
Ferdinand de Rothschild. Com- 
missioned in 1874 from the 
architect Hippolyte Destail- 
leurs, it took 15 years to com- 
plete. 

The situation, atop a pointed 
hill, was unpromising but the 
peak was sliced off and a huge 
artificial platform was erected 
to accommodate the house. A 
temporary railway was 
installed to bring the building 
materials from the nearest sta- 
tion at Quainton, four miles 
away, and was carried across 
viaducts in the the garden 
known as “Tay Bridge". An 
entire “model" farm and daily 
was also created. When the 
estate was completed, it 
appeared as if it had been there 
for centuries. The instant 
effect of permanence was 
achieved by the wholesale 
importation of thousands of 
already-mature trees and the 
bedding-out of plants in tens of 
thousands. 

After a century, Waddesdon 
was in need of a face-lift, but 
what started out as a standard 
restoration by the National 
Trust, which owns the house 
and gardens, swiftly turned 
into the greatest revitalisation 
of a country-house estate in 
modem times. Six years ago, 
when he inherited neighbour- 
ing Eythrope and the family 
interest in Waddesdon. which 
includes land and buildings on 
the estate, Lord Jacob Roths- 
child decided to direct his con- 
siderable energy and taste - 
and money - into transforming 
both house and grounds. The 


ground floor and wine cellars 
can be seen from next Thurs- 
day when they open to the 
public. 

The first floor, which opens 
next year, is being returned to 
two grand rooms, fitted out 
with 18th-century French pan- 
elling found in the Waddesdon 
stables and originally bought 
by Baron Ferdinand in Paris. 
The panels have been restored 
and fitted by French craftsmen 
brought in from Angers and 
Bordeaux, while the whole 
operation has been under the 


Lord Rothschild 
invites the public 
to a permanent 
party, reports 
Robin Simon 


architectural direction of Peter 
Inskip, assisted by Alain 
Gruber, the expert on French 
decorative arts. 

Three new rooms have been 
formed to display the sensa- 
tional Waddesdon collection of 
Sevres porcelain. That collec- 
tion now includes the remark- 
able 1766 Starhemberg service 
which has never been seen in 
public before. Lord Rothschild 
is attempting to complete it by 
seeking out examples of the 
biscuit figures that would orig- 
inally have formed the centre- 
piece of the service. 

A separate exhibition space 
will be devoted to displays 
about the Rothschild family, 
featuring a specially commis- 
sioned painting of the family 
tree by Jean-Marc Winkler. 
This work traces the rise of the 
family from its origins in the 
ghetto of F rankf ort to the con- 
struction of 60 great houses 


across Europe by the five 
b ranches of the fainily in the 
19th century. Miriam Roths- 
child, adviser to Prince Charles 
on his wild-flower meadow at 
Highgrove, author of the sev- 
en-volume definitive catalogue 
of fleas, and writer of over 300 
scientific papers, calls the fam- 
ily "the original EC". She adds, 
with characteristic pungency, 
that all the gigantic Rothschild 
houses had one thing in com- 
mon; “Not a single member of 
my family had any taste what- 
soever". 

So much for the fame d “go tit 
Rothschild", which was, after 
ab, a taste that defied taste. 
And, let's be frank, Waddesdon 
is anything but a model of 
good taste. It is packed with 
sensational treasures, furni- 
ture, tapestries, pictures and 
panelling, purchased promiscu- 
ously throughout Europe, with 
a special predell ction for any- 
thing French, the more elabo- 
rately carved and gilded the 
better. 

But Miriam Rothschild con- 
cedes that her nephew, Jacob, 
is an exception so for as the 
family's lack of taste is con- 
cerned arid under his influence 
Waddesdon is assuming a more 
coherent shape. When the 
ground floor, which contains 
most of the pictures and 
furniture, opens next week 
there will be some surprises. 
For the first time visitors will 
see one of the largest master- 
pieces of French 18th-century 
furniture, an “armoire" by 
Bernard van Risamburgh, per- 
haps the most inspired of all 
cabinet-makers. 

Waddesdon was always 
something of a display-case 
on a huge scale, but the house 
is now being brought back to 
life. The decision has been 
made to provide an impression 
of readiness for a house 


party in Baron Ferdinand’s 
time, by reference to photo- 
graphs in Baron Ferdinand’s 
"Red Book" for 1897. Merci- 
fully. for those who distrust 
the “faction" approach to the 
presentation of historic interi- 
ors, the additions necessary to 
achieve this effect were few; 
the laying of a dining table; the 


recreation of some floral cen- 
trepieces. 

Lord Rothschild has put the 
vast wine cellars back to use. 
adding facilities for tastings 
and entertainment, and featur- 
ing the Rothschild family's 
great wines. In a similar initia- 
tive, Baron Ferdinand’s origi- 
nal dairy at the foot of the hill 


has been transformed under 
Julian Bannerman into estate 
offices, a conference and enter- 
tainment centre, the exteriors 
scrupulously restored. 

Waddesdon’s perilous simi- 
larity to s easid e hotel architec- 
ture had not been helped by a 
diminished garden next to the 
house which had an uncom- 


fortable air of a dock-golf cir- 
cuit With a scholarship from 
the Royal Botanical Gardens at 
Kew, Lord Rothschild's daugh- 
ter Beth has supervised the 
recreation of the extraordinary 
"ribbon planting" that pro- 
duced massive raised flower- 
beds. These wiD be in keeping 
with the overweening facade 


which survives as the out- 
standing monument to the 
Rothschild mania for building 
and collecting: a crazily roman- 
tic fiction of a French chateau 
of a type that never was. 

■ Robin Simon is Editor of 
Apollo Magazine. The April 
issue of Apollo is dedicated to 
Waddesdon Manor. 



I had thought that the 
definitive staging of Act 
V of The Merchant of 
Venice - the tricky gar- 
den scene in which lovers’ 
problems are resolved and no 
one even mentions Shylock - 
was achieved by Peter Hall in 
his 1989 staging. 

But I watched Act V of the 
current West Yorkshire Play- 
house Merchant with even 
more emotion and astonish- 
ment. Jude Kelly's staging 
keeps taking you by surprise, 
pushing hard against precon- 
ceptions. sending you back to 
re-examine the text In this Act 
V, Shylock is by no means for- 
gotten. This garden scene - the 
play is set circa 1920 - starts to 
come close to the garden of the 
Finzi-Continis, a temporary 
idyll which will soon be 
invaded. For Portia, remember, 
has married a man who, like 
his friends, is blatantly anti-Se- 
mitic. She has learnt to prac- 
tise the quality of mercy of 
which she spoke, as has Lor- 
enzo. It is. however, by no 
means certain that their new 
enlightenment will prevail 
over Bassanio. Antonio, Salerio 
and Solanio. But racial preju- 
dice is only one theme in this 
play, which has undercurrents 
this staging hoists into the 
light. Above all. it re-tells the 
tale of Portia. 

Portia, in a brilliantly intelli- 
gent and complex performance, 
is Nichola McAuliffe. Her first 
words are “By my troth. Ner- 
issa. my little body is aweary' 
or this great world." and for 
once she really means it. So 


Portia put into a 
new perspective 


worldweary is she, so tired and 
angry at the fetters placed 
upon, her by the conditions of 
her father’s will, that she is 
swigging wine and firing an 
unloaded gun into her own 
mouth when first we see her. 
This is Portia as Dorothy Par- 
ker. She can still be Portia the 
great lady and Portia the dan- 
gerous wit - even Portia the 
huntress - but she achieves 
that poise only on the brink of 
despair. And she learns that 
her father is not the only man, 
whose wishes will confront 
hers. 

She is for more smitten with 
Bassanio than he with her. But 
love makes makes her quick to 
realise how bound up he is 
with Antonio. Antonio. Bassa- 
nio et aL inhabit a closety, 
men-only milieu in Venice; 3 rid 
the fact that she is dressing up 
as a man acquires immense 
irony. In the trial scene she 
hears Bassanio tell Antonio 
"Life itself, my wife, and all 
tbe world Are not with me 
esteem'd above thy life". And, 
even after trumping Shylock 
with her superior command of 
the law. she still urges him 
“Prepare thee to cut off the 
flesh", not without a spasm of 
malice against Antonio. To 


Shylock she is not vindictive, 
merely precise; and the more 
she observes him, the more 
reluctant she is to use the law 
against hnn. 

The nastiest shock occurs at 
the end of this same scene. 
Antonio and her husband, 
treating her as “one of us”, 
rush upon her with instant 


Alastair 
Macaulay on 
' The Merchant of 
Venice ' and 
‘King Lear 


talk of love - as if to initiate 
her into their gay mafia. And 
so, when Bassanio finally gives 
up the ring he had from his 
wife as a present to this won- 
derboy lawyer, she is aghast - 
and teeters right back into full 
despair. Sure enough, when 
Antonio meets her (not sus- 
pecting her recent drag act) on 
her home ground in Belmont 
as his friend's wife, he is now 
chilly and perfunctory. And. 
when she confronts Bassanio, 
she does so with real rage and 


heartbreak at his perfidy 
("Even so void is your false 
heart of truth"). 

Though 1 have known this 
play for over 25 years, I fol- 
lowed all of this, and much 
else in this production, as if I 
never knew what would hap- 
pen next Several of the Vene- 
tian scenes occur in, or just 
outside, the Jewish ghetto. Not 
only Venice's Jews but also its 
black slaves (to whom Shylock 
refers at some length in the 
court scene) attend on several 
scenes. Shylock (Gary Wild- 
horn) is eloquent, as both 
oppressed and oppressor. 

Bassanio (Richard Lin tern) is 
sexually ambivalent - he exer- 
cises his charm on both 
Antonio and Portia in quite 
disturbingly similar ways - 
and Antonio (Michael Cash- 
man. a daringly unsympathetic 
reading) is a buttoned-up 
misogynist smoothie who sniv- 
els in terror of Shylock’s knife. 
But the excellence of this stag- 
ing lies not in individuals but 
in ensemble. No one delivers a 
single speech as if it were 
(mere) poetry; everything has 
its point And no one addresses 
their lines out into the audi- 
ence; everything is focused 
within the stage world. 




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Another company tackling 
Shakespeare for the second 
time has received rather more 
national attention, mainly 
because it is all-black. This is 
the Talawa Theatre Company, 
directed by Yvonne Brewster; 
but in its new King Lear it 
comes off considerably worse 
than in its 1991 Antony and 
Cleopatra. Lear and poor Tom 
do a little rap routine; a 
white plastic sheet lowers 
itself in stages on the proceed- 
ings; the play begins with, and 
returns to, amplified heavy 
breathing. Edmund. Edgar, and 
Gloucester seem to come from 
three utterly different 
backgrounds; and relaxed 
verse-speaking, despite some 
individually excellent feats of 
phrasing, is still a general 
problem. 

The 39-year-old Ben Thomas 
(replacing Norman Beaton) is a 
most likeable actor, and so 
accomplished that he is the 
first Lear I have heard to bring 
off “Never never never never 
never” as iambic rather than 
trochaic (Edmund Wilson and 
Vladimir Nabokov corre- 
sponded with some intensity 
on this matter). He is too ener- 
getic and too sane to be King 
Lear, bnt he has great dignity, 
and is often revealing. He can 
fuse poetry and meaning won- 
derfully; the imagery of “birds 
i’ the cage" and “gilded butter- 
flies", playing off each other In 
the same speech, acquired 
unusual beauty and poignancy. 

1 hope he returns to the role, in 
a production more worthy of 
his mettles; and I hope he 
plays other, younger, Shake- 
spearian roles soon. 

The Merchant of Venice is in 
repertory at the West York- 
shire Playhouse, Leeds, until 
April 23; King Lear is at the 
Cochrane Theatre, WC1, until 
April 16. 


Middle-class mockery 


T hey’re back. After 
five years of sulking 
in their sequins Dillie 
Keane has reformed 
Fascinating AMa. and sophisti- 
cated cabaret returns to our 
lives. The gap has been filled, 
almost manfully, by Kit and 
the Widow, and, with the boys 
also currently in town, Loudon 
is remarkably soign£e at the 
moment 

Sweet FA are reassuringly 
the same, with songs about the 
plight of the single girl con- 
stantly searching for the elu- 
sive network of single men, 
and on the waywardness of the 
modern world. And yet they 
are re-assuringly different. 
The maverick Keane, with her 
face like a crumpled wedding 
cake, and long time partner 
Adfele Anderson, with the 
voice that reaches down 
almost to the testosterone 
level, have been joined by lssy 
van Bandwyck, the Dutch 
treat 


It is a brave addition, for 
lssy is a skilled cabaret artist 
with the voice of a brazen 
angel and an impish smile. 
There is an awful lot of tem- 
perament on stage now but on 
first sighting this Is going to 
be the best sung, and probably 
the most adventurous, FA yet 
Dillie Keane has written 
around a dozen new songs 
which stay safely within the 
FA tradition. When three such 
independent women tear to 
pieces vociferous minorities in 
“Politically Correct" yon know 
the movement is doomed; 
“Kiss and Tell" is equally 
scathing about cheque book 
adultery. Bat more welcome in 
the first half was a trio of seri- 
ous songs, notably a tingling 
“Haunted" by lssy, which 
could become the popular hit 
that has always eluded Keane. 

After the interval Fascinat- 
ing Aida attempt slapstick, 
with the Trio Berserks from 
the East European state of 


Legovia. It is broad, funny, 
and almost poignant as the 
women, with Dillie a drunken 
granny, sell their culture for 
the Yankee dollar. 

It takes some time to get 
back into the mainstream, but 
after Keane has got her per- 
sonal life sorted out (sort of) 
with “Back with Yon" and her 
political dreams dusted down 
with “Socialist Britain", FA 
can perform their anthem for 
the forlorn female, "Sew on a 
Sequin", with the necessary 
brio. 

Throw in tbe encores, tbe 
(dodgy) costume changes, a set 
that would have charmed Lib- 
erace, tbe hackrJiat, and the 
essential shade of desperation 
behind the bold fronts, and 
yon have Fascinating Aida vig- 
orously hack on top. This is 
middle-class mockery at its 
most arch but if yon like this 
sort of thing yon will love it. 

Antony Thorncroft 


Not Weill done 


I n the long list of Kurt 
Weill works demanding 
revival, the anti-war sat- 
ire Johnny Johnson 
stands near the top. As his 
first completely American 
music- theatre piece it occupies 
a special place in his output; 
for its heartfelt conviction it 
deserves a sympathetic stag- 
ing. Alas, Thursday’s eagerly- 
anticipated production by 
Trinity College of Music’s com- 
pany A Moveable Feast fell far 
short of the mark. 


THE 

GOLDEN 

AGE 

1730-1760 

BRASS-INLAID FURNITURE 
BY JOHN CHANNON 
AND HIS 

CONTEMPORARIES 
16 February- 24 April 1994 

A major retrospective of 3 unique 
period in English cabinet- making 

Museum open Monday 12.00-17. SO. 
Tuesday w Sunday IQ.00-17.S0 
Nearest Underground: South Kensington 

The Museum wishes to acknowledge 
the public and private contribution* which 
made ihfc. cshiWtloo ptrwblc. 


Horn MrAteAh . 




Rod Code. 


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VICTORIA AND ALBERT MUSEUM 
The National Museum of Art and Design 



The naive directness of 
Johnny Johnson, premiered on 
Broadway in 1936, makes it a 
child of its time. Weill had set- 
tled in New York the year 
before as a refugee from Nazi 
Germany, and yet he found it 
in him to espouse the pacifist 
message - the soldier Johnny 
tries to halt the first world 
war by dosing its generals 
with laughing gas - of his 
librettist Paul Green. 

This performance at the 
Rudolf Steiner Theatre was 
billed as tbe "British premi- 
ere”. perhaps because previous 
airings in London have been 
less than complete. There were 
cuts here too, though they 
were not to blame for the 
evening’s lack of impart. Noth- 
ing of the score's pungency 
came across under the Ameri- 
can conductor Rhonda Kess. 
She seemed content to beat 
time listlessly, and the 12 - 
piece band responded with 
caution; all the numbers had a 
sameness about them. 


Kess was also credited with 
the stage direction, though 
there was little to be seen. Her 
production relied on slapstick 
humour and hammy accents 
rather than mad-oomic inten- 
sity. Pamela Glynn’s minimal 
designs included flags, and 
maps of Flanders and France 
in the shape of headstones. At 
least Dawn Kellogg’s costumes 
were effective. 

The student performers 
deserved better guidance than 
they got Johnny (Sean Swee- 
ney) was miscast - he may 
have little to sing, but the poi- 
gnant “Johnny’s Song" needs 
a strong voice. Lianne-Marie 
Skriniar was touching as 
Johnny's sweetheart Minnle- 
Belle, and David Watters 
turned in an effective cameo 
as the Cowboy in the trenches. 

Johnny Johnson still awaits 
a serious revival. Oddly, this 
production was funded by the 
Weill Foundation. 

John Allison 



ST, JOSEPH’S 
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Conceptual wit 
well realised 


M arkus Raetz 
is a Swiss 
artist, now in 
his 50s, who 
has exhibited 
widely abroad except in 
Britain. He is a conceptnalist, 
which is to say that the 
informing conceit or idea is 
what gives his work its imagi- 
native force. Content before 
form, as it were: except that 
without the form, the concept 
must hang unresolved in the 
artist's mind. "Oh, I see", we 
always say, as we take the 
point 

It is a matter of emphasis, 
balance, discretion. The con- 
ceptual may be in essp rav* a 
literary form, with the idea 
conceived first, and only then 
demonstrated or expressed. 
But, as with all art, even liter- 
ary art, it is still the way it is 
done that counts. And even lit- 
erary art should oh ang e anH 
grow, and turn in unforeseen 
directions in the process of the 
doing: 

The great strength of Raetz 
as an artist lies in the lightness 
and delicacy of his conceptual 
wit, and the complementary 
lightness of his touch in the 
physical resolution and presen- 
tation of his ideas. He is 
unprescriptive. un didactic, 
unpolemical, which is in 
refreshing contrast to the 
usual tedious run of 
right-minded practice within 
the genre. He spells nothing 
out, leaving the work to spring 
its gentle surprises on us, in 
our own good time. We 
approach his things quizzi- 
cally, intrigued, and often do 
not see at all until we turn to 
go away. 

His central theme is that of 
metamorphosis, of material 
and image alike transformed, 
to be taken now in this way, 
now that "Ceci” in the mirror 
becomes “Cela". He draws with 
twigs, not in the sense of using 
them as tools for making 
marks, but as the drawn line 
itself, with each set of twigs 
combined in the depiction of 
the particular image. 

First we see and read a line 
upon the wall: then we recog- 
nise it in its physical aspect as 
a twig, an object in real space, 
albeit in low relief. Only then 
does the image register. As 
often as not, it is the simple 
naked female torso, as it might 
be Daphne in the grove, and 
her breasts and thighs picked 
out by the gentlest curve and 
fork of half-a-dozen bits of 
wood. 

In one particular relief-tab- 
leau, Raetz takes the principle 
of fragmented resolution to a 
characteristic extreme. Scat- 
tered neatly along the wall, so 
it seems, is but an arbitrary 
collection of twigs, and no less 
arbitrarily curved and bent 


and forked. We look up at It 
puzzled, and at the blue oval 
painted alongside, at the plain 
glass in front of it and mir- 
ror high in the angle of the 
wall. Only as we move away to 
one side do we see, out of the 
corner of the eye. that that 
same torso now shows itself in 
the mirror, as its linear ele- 
ments Qy together in the 
oblique perspective. So, caught 
again, back we go in front of it 
for another look; and as the 
image falls apart again, so 

It all depends on 
how you look at 
Markus Raetz s 
work, says 
William Packer 


finally we catch its ghost 
reflection in the blue oval and 
its matching g ta ss . 

Not everything is on the 
wall, nor done by mirrors, and 
often to walk around the object 
is enough. So it is that a still- 
life sculpture of a large bottle 

and small glass Sudd enly hims 

itself into, well, a large glass 
and a small bottle. A man in a 
hat turns into a rabbit - or the 
other way about. Mickey 
Mouse comes and goes. A 
white pipe puffin out blue 
smoke, turns upside down and 
back again, and now puffs 
white smoke out of blue, ft all 


depends on how you look at it. 

The charm of such work, and 
the natural interest and enter- 
tainment it affords. Is undenia- 
ble. Its profundity as art is 
more questionable. For beyond 
the conceptual wit and its deli- 
cate ingenuity of expression, 
what more does it offer than 
the hoary old truism - thing s 
axe not always what they 
seem? In the very easiness of 
its attraction lies its limitation, 
which holds true of all concep- 
tualism since old Duchamp 
stuck his u rinal on the wall 
and called it Art Raetz asks ns 
to look at his tricks, at his 
sleight of eye and mind, at his 
delicatesse, which is all very 
well and honestly done, but at 
last, where there is even only 
tacit explanation, there is no 
ambiguity. The difference is 
between the mere conjuror and 

the magician Raetz s till might 

be - were he only to stand 
away a little from the median- 
ics, however lightly stated, and 
give them room to work their 
own magic. “Ah", we say as, 
amused, we turn away, “now I 
see how he does it” 

Markus Raetz: Serpentine Gal- 
lery, Kensington Gardens W2, 
until April 24. then on to 
Geneva; sponsored by (he Fon- 
dathra Nestle pour 1’Art, with 
support from the Swiss Associ- 
ation of Private Collectors, 
Banqne Bruxelles Lambert 
(Suisse), the Swiss Cultural 
Fund, and Fountains, Lancas- 
ter Terrace. 



‘Non gm ota’. 1990 by Markus Raetz 


Sleight-of-hand show 

New York is entranced by Ricky Jay 


T hose who place magic 
shows in the category 
of cheap and tawdry 
diversions are likely 
to have their minds changed 
by Ricky Jay. An 
astonishingly gifted 
sleight-of-hand artist and a 
raconteur supreme, Jay is 
currently providing a 
sophisticated evening’s 
entertainment at New York's 
Second Stage Theatre, for 
those crafty enough to locate 
a ticket. Called Ricky Jay and 
his 5T Assistants, the sold-out 
show is directed by playwright 
David Mamet and is the toast 
of the city; Madonna, Lanren 
Bacall, Barbara Bfershey. and 
Jerome Robbins were all in 
attendance at one recent 

performance. i 

Producers have tried to Imre 
Jay to a larger theatre than 
tbc tiny Second Stage, but he 
has wisely refused. The key 
to the show is its intimacy. 

Jay gives the impression that 
he* has invited friends into his 
living room (actually. Kevin 
Rigdon’s woodpanelled set) 
to show them his best tricks, 
and even those in the back 
row are close enough to be ^ 
truly flummoxed by his skills. 

A bearded bear of a man, 

Jay performs alone: the 
assistants, if yon have not 
worked it out yet are his deck 
of cards, with which be does 
the most amaz ing things-As 
he shuffles and deals, cards 
appear where they certainly 
could not be and disappear 
as quickly. Dupes from the 

audience get trounced at 
poker. “21”, and that favourite 


ART GALLERIES, 

MARLBOROUGH 

awi.oji.ea.siM.ora«®S, i 

Pamtuigs MW Drawlnoa. U™ 31 
Min, Fit isM W-l8-» 


of New York hucksters, three 
card monte. Jay constantly 
plays with the audiences’ 
minds, pretending to bobble 
the gags, and then revealing 
he was in control all along 
(whoops! dealt someone three 
aces? Good thing he saved 
hims elf a royal flushl) 

This is mindboggling, to be 
sore, but what takes the show 
a level higher is Jay’s urbane, 
self-effacing manner and his 
witty patter. He talks a blue 
streak throughout, which not 
only provides the necessary 

distraction from his hands, 
forever fidgeting with the 
deck, but gives us a 
f ascinating history of 
deception and magic. Jay is 
the author of several books 
on the subject, editor of a 
quarterly Journal of 
Anomalies, and is the darling 
of magic enthusiasts like 
Mamet, who has cast Jay in 
several of his films. 

In the second act the show 
gets proppier, and to my mind 
weaken Us deceptions are 
at their least convincing 
during the cnps-and-baBs 
tricks and the prank with an 
old-fashioned automaton. Jay 
is at his best with a deck of 
cards in his hand, even when 
be is just tossing the cards 
around, as he does at the 
show's end- But wbat tossing! 
He makes cards spin back to 

him like boomerangs; be flings 
them across the room, 
decapitating a toy duc k, _ 
getting a menagerie of stuffed 
toys to clanging their cymbals, 
and penetrating the “outer 
pacbydennal layer" (the green 


On Saturday, April 30 “ 
The Weekend FT 
will publish its annual 

CLOCKS. WATCHES & 
JEWELLERY REPORT 


bit) of a watermelon after 
nearly a dozen attempts (“the 
ricochet,” be warns, “once 
killed a man in Tierra del 
Fuego"). 

Jay's show is a playground 
for adults, sending even the 
most Jaded audience members 
into a state of childlike 
wonder. He does not so much 
require that we suspend our 
disbelief as make it disappear 
- yes, like magic. 

Karen Fricker 



Jacques TuAok Ms chief chaflenge is to define a new Auction for French arts poBcy in the 1990s after the gauche glamour of the ‘Grands Prajets 1 

A hard act to follow 


o 


n paper, he has 
one of the best 
jobs around. 
There is the 
office, one of the 
prettiest in Paris, set in the 
18th century splendour of the 
Palais RoyaL There is the ava- 
lanche of A-list invitations. 
And then there is the arts bud- 
get. one of the largest in 
Europe, with lots of charming 
Gallic artists to help to spend 
it 

Yet when Jacques Toubon 
was appointed French arts 
minis ter after the conserva- 
tives' victory in last spring’s 
elections, the problems of bis 
new portfolio almost out- 
weighed its attractions. The 
French recession was deepen- 
ing. Edouard Balladur, the new- 
premier, had told his ministers 
to trim their budgets and the 
arts, under past right-wing 
governments, had been a prime 
target for cats. 

To make matters worse the 
new minister had a very hard 
act to follow. Jack Lang, his 
predecessor, was one of the 
most popular and powerful 
members or the socialist cabi- 
net who, in nearly a decade at 
the arts minis try, had doubled 
its budget and spent it in spec- 
tacular style on the Grands 
Projets, his modern architec- 
tural monuments. His succes- 
sor faced the unenviable task 
of trying to erase the Lang leg- 
acy and stamp his own person- 
ality over the arts scene at a 
time when expenditure was 
under attack. 

It is now almost exactly 
a year since Jacques Toubon 
moved into Jack Lang’s old 
office. The new minister spent 
his first few months battling to 
save his budget from cuts: 
only to plunge headlong into 
the Gatt controversy as chef- 
de-combat of the Gallic assault 
against US “cultural imperial- 
ism”. He is now dodging the 
jokes over his lobby to protect 
the French language from the 
encroaching anglicisms of 
franglais that has earned 
him a new nickname from 


France's satirists - Mr 
Allgood. 

“It's certainly been an event- 
ful year,” he says. “We won the 
battle for the budget. It hasn't 
been cut and I'm very pleased 
about that. Fd count the Gatt 
campaign as another success. 
As for la loi Toubon, it is too 
soon to say. But when I hear 
them making those jokes about 
me on the radio at least I know 
that people are thinking about 
the issues.” 

The Gatt affray and the fran- 
glais affair have been inter- 
preted rather differently out- 


in the Balladur administration 
as an ally of Jacques Chirac, 
the Paris mayor and head of 
the RPR party who is Balla- 
dur*s arch-rival for the right- 
wing candidacy in next year’s 
presidential elections. 

Whereas Balladur, who 
comes from a privileged back- 
ground, represents the pater- 
nalistic strand of French con- 
servatism. Jacques Toubon is a 
self-made man in the Chirac 
mould. He was bom in Nice, 
the son of a casino croupier 
who worked his way up to 
become a manager. After swot- 


rattle off the titles of the latest 
rap releases as well as lines 
from Rabelais. Toubon’s inter- 
ests run from “old American 
movies” and “1960s and 1970s 
jazz", to modern drama 
“Ionesco, Beckett and Pinter”. 
He is also a keen collector of 
contemporary art, aided and 
abetted by Lise, his second 
wife who has been dubbed 
“Hillary” by the ministry's 
staff for her assiduous atten- 
dance at the A-list parties. 

Catholic taste and an affable 
manner, however, have not 
been quite enough to slay the 


It is almost exactly a year since Jacques Toubon took 
over from Jack Lang as French arts minister. 
Alice Rawsthorn reports on his progress 


side France, where they con- 
firmed the worst suspicions of 
the French as cultural chau- 
vinists. But such slights have 
been overshadowed in France 
itself by the new minister’s 
success at defending the arts 
budget, now frozen at 
FFrl3.45bn for 1994. 

Toubon ’s achievement on the 
finan cial front is ail (he more 
laudable given his precarious 
position in the cabinet Jack 
Lang had considerable clout 
among the socialists, as deputy 
prime minister and a confidant 
of President Francois Mitter- 
rand. Jacques Toubon risked 
relegation to a secondary role 


ting his way through the 
French education system, the 
young Toubon reached the 
Ecole Nationale de F Adminis- 
tration, the breeding ground 
for France’s political elite. 

Despite their differences 
Toubon has forged a rapport 
with Balladur. He has also won 
over the sceptics in the French 
arts community who, having 
dreaded the arrival of an axe- 
wielding conservative philis- 
tine at the arts ministry, have 
been impressed by his enthusi- 
asm for his brief 

His taste may not be quite as 
eclectic as that of Lang, who 
prided himself on his ability to 


ghost of Lang. Toubon ‘s chief 
challenge is to define a new 
direction for French arts policy 
in the 1990s after the gauche 
glamour of the Grands Projets. 

Toubon sees populism as bis 
main aim. “Thirty years ago 
only 10 per cent of the French 
public participated in the arts," 
he says. “The percentage is 
still the same today - despite 
all the money that’s been spent 
over the past decade. What's 
more they're the same sort of 
people. We’ve got to change 
that" 

One strand of his strategy 
has been to improve the qual- 
ity of cultural activity in the 


regions: by offering special 
grants for drama groups with 
touring companies und improv- 
ing resources for music teach- 
ing in schools. But the domi- 
nant theme in his new policies 
- and the leitmotif of the Gatt 
and franglais campaigns - is 
conservation: a concept that 
fuses neatly with the avuncu- 
lar culture of the Balladur 
regime and marks a stark con- 
trast with the uncompromising 
modernism of Lang. 

Toubon has already unveiled 
renovation plans for some of 
Paris’s dilapidated monuments: 
the opulent old Gamier opera 
house and the Pompidou arts 
centre, which was built in the 
early 1970s but is in dire need 
of repair after two decades of 
tourists trudging through it. 
The next candidates will be the 
crumbling churches and 
chateaux in the provinces fol- 
lowed by the Maisons de la 
Culture, the regional arts cen- 
tres created by Andre Mahaux, 
the French novelist who was 
De Gaulle's arts minister in the 
1960s. 

“We’ve got to get away from 
this idea of the arts being the 
preserve of the intellectual 
elite.” he says. “It might seem 
more exciting to the 
avant-garde to talk about fling- 
ing up new buildings, rather 
than preserving churches and 
chateaux. But they’re popular, 
they're accessible and they're 
part of our heritage. What’s 
wrong with that?" 


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ROYAL • . -.-'MX 
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The Official London Theatre Guide 


ADEWil. Miaul. Id 1071 -MA.OOWL 

SunaetBnulevaml >» Aprewiiiib. 

a „aj£-w Utntag Lev Apgr k-i iwoon 

Tdir.OaiBgCroM. Prkr*C15-CE50 TVSSMmU 
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A Month in tbeCotmtnr 

F»*g«IHH±JP TWOhOWW 
ALDWTCH. Alduvdi. TH W1 JW^UH. 

An InepectorCalto New iwriuDg k<hiy 
TtabeCmwCadrit PncrcCMJZl TPPfcAMMH 
AMSASSADOB&WMSLTMDTLSM^IIVIITL 
April in Paris 

ThfeLaCCTUT5i|n«m PnasCUMMUiO TDPAmwa 
ATOU0VICTO>lA.17.Wlki>BlU UOUKHC 

Starlight Express 

TtaWVKtom nttmCIIHJO TMPMJOHB 
CAMSTOGL EnfiumSl M87LS9L9m. 
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En|Mi Nufcnl OpiTt- THE rEAU flSHEKS 
FAUMB 
EUGENE ONEGIN 

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COKEDXrjnnmSL TdonJW.ior*. 

September Tide 

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Beau dlul Thing Muck 24-Ayni si 

IttrCnMUdi. Ttanaocis TOTH, own 

Damn lane, crihrmr sum. tiinnmmn. 

Miss Saigon 

TateCriwCnlai PrtrcQTM-OO najtsjWN 

DUCHESS, ill IkcftarSmrri. MnuHJML 

Do n't Dress For Dinner 
H*eCotanrCani«L IW»iimi TOMa «30Wf 

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Oleums Ntn- bauUng K> April SO 

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KHOUNtltimdlSl TriOTLSSLOT. 

The Woman in Black Backus to [■>* 

TubeC°»i-tG4o aasft&M TMJMsm? 

GLOBE, siullrtavry Aar. IH 07L4MJ0E7. 

An Absolute Turkey 
TMgPigaJIllyQwia. Pttr&tS ifrCS TOPmOSIS 

luntAUET.Hrrtariil.Tdin.nuaL Fran 

An Evening with Peter Ustinov Apr is 

1U«-l%rtafcB»Cnr».Pw«!QICS TKtodH 

HEaMAIESTY-S.Hoymirkrt.TclK 

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tulta.IVitataltTCbnta. PUm-W-Pfl TOMBAHWI 

LONDON PALLADIUM. AreyUSt.T»l07Lttl JBS7. 

Paul Merttm-Thc Palladium u«U Apr: 

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LONDON PALLADIUM. Argyll 5*. 

MurLtsuain. 

Olhreri Opm Nunaibvr 15 

Tefag OrfcriSLPntr* CIO-OO 

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XV] WEEKEND FT 


ARTS/BOOKS 


Saleroom 

Stag 
sets off 
bull 
market 

A painting of a stag, roaring 
his defiance atop a Highland 
crag, sold for £793.500 at 
Christie's yesterday. It was 
painted, of course, by Landseer and 
wowed the Summer Show at the Royal 
Academy in 1357. It is reckoned to be 
only exceeded in majesty by his “Mon- 
arch of the Glen", painted six years 
earlier. The price was lower than expec- 
ted but it was a record for Landseer and 
demand for such very British pictures 
is basically confined to the UK. 

With only a small leap of the imagi- 
nation Landseer’s stag can represent 
the art market seeing off the recession. 
For things have undoubtedly unproved 
over the last few weeks. Pictures are 
luxuries rather than antique essentials, 
like tables and chairs. They suffered 
most during the art market slump of 
the last four years. Now the dam of 
frustrated demand has broken. 

In tbe sale of Victorian pictures an 
early historical work by Alma-Tadema, 
showing the children of Clovis being 
educated in murder, sold for £133,500. 
and a portrait of Lord Tennyson by 
Watts, which had previously failed to 
sell, made £45,500. This was a good 
example of the auction houses persuad- 
ing sellers to lower reserves, and then 
placing cautious estimates on the pic- 
tures to tempt back buyers. In Novem- 
ber 1992 the Watts was estimated at 
£60.00- £80. 000; yesterday it was marked 
down to a realistic £40,000-£60,OQO. 

The great breakthrough sale was on 
March 11 when Christie's sold 93 per 
cent by value of its auction of modern 
British paintings, a sector which had 
been badly battered in the early 1990s. 
A painting by Harold Gilman, a leading 
member of the Camden Town School, of 
his landlady in her bleak room, soared 
to a record £111,500, as against its 
recessionary £30.000 top estimate, while 
the ever popular wildlife artist David 
Sheppard hit a new high of £40.000 for 
"Buffalo Disturbed", as against a 
£10,000 top estimate. Throw in a M mi- 
nings "Field of Poppies" for £128,000 
(compared with the £25,000 forecast) 


r ■ . •: 

-- v/. 





FINANCIAL TIMES WEEKEND MARCH 2b/MARC» ,9V4 


A theatrical life 

Henry Livings is riveted by Joan s story 




"nr. ... 







- 


Landseer's stag, which sold for a record price at Christie's yesterday 


I have read a great deal of 
this remarkable book on 
trains to and from 
rehearsals and I have 
been constantly leaping up. 
leaving hat. coat or script hav- 
ing nearly missed my stop. But 
1 have never let go of Joan’s 
Book. It is certainly not well- 
written; there are few phrases 
where I would want to go back 
and look again for resonances 
and encapsulations. But this 
story of one of the most signifi- 
cant and exciting theatre com- 
panies ever, the Theatre Work- 
shop. is also a profoundly 
personal memoir of astound- 
ing, tragic and comic times. 

Joan Littlewood seems, like 
an actress, to re-inhabit herself 
each time. The childhood chap- 
ters read like a best-girl- m- the- 
class essay on “My Family". 
Adolescence is hoydenish, self- 
important and self-glorifying. 
The account of her first school- 
girl production (she also 
played Macbeth), in which she 
wait too far for the Mother 
Superior, is joyful. The head- 
mistress hurtled backstage to 
tell the company to calm it 
down a bit. "Which they did, to 
my chagrin." The early profes- 
sional life in Manchester is as 
rich as steak and cow-heel pie. 

She seems to meet every- 
body, from Laban (she does not 
convincingly explain how the 
great dance and movement 
annotater happens to be in 
Manchester at the time) to Nye 
Bevan, who tells her the com- 
pany should be playing to the 
miners, which she then does. 

Her account of Ewan 
McColl's marriage proposal on 
the tram, which develops into 
so violent an altercation that 
the driver stops, as vigorous 
and moving as the tender, 
muddled love she comes to 
share with Gerry Raffles. Once 


- 



J 



Joan UtUewood (second right) with cast 


JOAN'S BOOK 

by Joan Littlewood 

•Lftflfuuui £20. 79d pages 

or twice you glimpse her ruth- 
lessness, as when she lets it be 
known that the company is dis- 
banding, in order to get rid of 
an old actor for whom she has 
no further use. She may have a 
conscience, but 1 do not think 
so. Compassion, yes. Her 
description of friendships 
forged in Czechoslovakia and 
then broken as the company 
leaves the Stabilized Socialist 
Republic is almost unbearably 
moving. 

T hink about the authors who 
went through her treadmill at 
the Theatre Royal in Stratford. 
East London, and altered our 
perception of modern drama: 
Brendan Behan and Shelagh 
Delaney among them. The 
account of the creation of Oh 


what a Lovely War tells you all 
you need to know about story 
telling, and also, by implica- 
tion. why the film is so dull. 
And her "demolition -jobs on the 
Great and Good are meat and 
drink to jobbing artists. In 
Tunisia, helping to organise a 
makeshift drama festival, she 
intercepts a newly-arrived 
Peter Brook: “I warned him 
against introducing any of his 
old-hat ideas." Later. Brook 
eats a sheep's eye at a dinner, 
and she is convinced it is to gel 
back at her. 

You do not have to be even 
half way interested in theatre 
to relish this welter of a book. 
It is compulsive, elusive and 
maddening. Read it. It is an 
un-literary masterpiece. 

■ Playwright Henry Livings 
is a farmer member of the Thea- 
tre Workshop. His new transla- 
tion of Blood Wedding opened 
this week at the Boltnn Ocm- 


and you have an auction which was the 
best for years. According to specialist 
Jonathan Horwich "prices are now back 
to 1989 levels”, the peak of the market 
before the falL 

This week Sotheby’s sold almost 79 
per cent by value of its second division 
Impressionists, with Picasso pots in 
demand; 73 per cent of its modem Brit- 
ish; and almost 90 per cent of its con- 
temporary art, always a tricky area. 

Things seem set to continue to 
improve. Sotheby's is offering four 


major paintings in its key sale on June 
28, paintings which sellers would not 
willingly have put on the market In 
recent years. All have been locked away 
in collections for generations and 
should greatly appeal to museums and 
discriminating collectors. The day of 
the flashy painting is temporarily over. 

The most art historically interesting 
is Manet's only completed oil sketch for 
his masterpiece “Bar at the Folies Ber- 
gere". in the CourtauJd. Underneath 
that most famous of Impressionist 


paintings, is this composition, the origi- 
nal version. The £3m estimate seems 
modest Also on offer is a Monet paint- 
ing from his poplar series, also expected 
to make £3m. and a portrait by Frederic 
Bazille, whose promising career was cut 
short In the Franco-Prussian War when 
he was 29. Finally a Picasso pastel of 
1901. as pretty a portrait of a woman as 
you could wish for. is enticingly esti- 
mated at £600, 000- £800, 000. 

Antony Thorncroft 


Inspired by Picasso 

Brian Sewell discusses Golding on modernism 


W hat In art is mod- 
em now? It is 
unlikely that in 
the last decade of 
the Quattrocento, with the Ital- 
ian Renaissance half done, edu- 
cated Florentines still spoke in 
awe of Masaccio. Donatello and 
Fra Angelico as modem, yet in 
the last decade of this century, 
John Golding, distinguished 
art historian, curator of exhibi- 
tions and a painter of sorts, 
offers us as modern, Picasso, 
Matisse, Braque, more Picasso, 
Duchamp. Gorky, Malevitch, 
Brancusi and more Picasso 
still, all firmly rooted in the 
first decade. Readers hoping 
for a helping hand with Dam- 
ien Hirst and Rachel Whiter- 
ead will find none offered here. 

Only with Frank Stella and 
himself does Golding venture 
into the present day - but 
Stella he treats exclusively as a 
fellow lecturer and writer, and 
of Golding the painter of flac- 
cid abstracts of footnote incon- 
sequence, we must ask how it 
is that, revealing so sharp an 
eye and such honest judgment 
in his discussion of the old 
masters or this century, he can 
be so blind to the poverty of 
his own paintings, daubs that 
seem merely private therapy 
for a man far better employed 
in intellectual pursuits. 

For 40 years Golding has 
steeped himself in the study of 
Picasso. The obsession began 
with his doctoral thesis on 
Cubism, and its present incar- 
nation is the exhibition at the 
Tate Gallery; its rich fruit is a 
scholarly and intuitive know- 
ledge not only of all the artists 
involved with Picasso - 
Braque, Leger et al - or with 
whom he was in rivalry - 


.7 i ^ 





• - «.»*«■- yti&z 




•iff. -?»CZ-S*spx$ 


Matisse - but of the critics and 
apologists who offered him 
support, of Tsara, Eluard and 
Apollinaire. The first essay in 
the book is Indeed on Apolli- 
naire, the wise, witty and mis- 
guided mountebank and show- 
man of Parisian criticism until 
his death in 1918, whom Gold- 
ing accuses of inventing "the 
sort of pseudo-metaphysical 
jargon that is found all too fre- 
quently in writings about pres- 
ent day art" 

Golding cannot himself be 
accused of jargon; he writes 
with utter clarity, and only' a 
scholar of transparent honesty 

VISIONS OF THE 
MODERN 
by John Golding 

Thornes £ Hudson £28,368 pages 

could observe of Cubist pic- 
tures after a lifetime's work 
that "I have come increasingly 
to realise that I do not really 
understand them, and I am not 
sure that anyone else does 
either." which tempts the scep- 
tic to quote Sickert - "Painting 
that requires literary explana- 
tion stands self-condemned. 
Here we have the condemna- 
tion of Matisse and Picasso, 
and even of most of C&aume's 
canvases." 

Golding may protest inade- 
quacy, but his commentaries 
on the parallels between 
Braque and Picasso in their 
Cubist years, on the great 
"Demoiselles d'Avignon". on 
the flowering of Gris and 
L&ger, are passionate in their 
sympathy, and flliuninate with 
such uncanny clarity that 
ordinary mortals may well 
feel that the; at last under- 


stand. even if their mentor 
does not 

By far the longest essay is 
devoted to Duchamp, keyed to 
his mysterious, unfinished and 
shattered work on glass, “The 
Bride stripped bare by her 
Bachelors", damaged in transit 
in 1926. Amid dense argument, 
Golding admits to unanswer- 
able questions and a labyrinth 
of ideas from which no thread 
leads; "there is no solution, 
because there is no problem," 
claimed Duchamp - but there 
is a problem, and in failing 
to arrive at its solution. 
Golding surveys the whole 
work of the old mischief- 
maker. from Mr Mutt's 
upturned urinal to the almost 
posthumous tableau mart of 
the naked waxwork woman 
with her legs spread wide, see- 
ing a cerebral kinship in the 
wild diversity of style. 

Golding writes at a still 
slower pace and with emotion 
cooled when he treats of 
Gorky, Malevitch and Bran- 
cusi, as though the material 
has been prepared for tutorials 
and has adapted uneasily into 
literary prose - even the death 
of Brancusi's beloved bitch 
brings scarcely a spark of life 
to that essay, and the plodding 
art historian swamps the con- 
noisseur. Though they are not 
without merit, the inclusion of 
such lectures and reviews (if 
these are indeed what they are) 
blurs the focus of the book, 
and at the very end it is 
blurred still further by the 
vain inclusion of himself as 
painter, keeping company far 
too distinguished. Golding's 
eye is at its brightest and his 
pen most passionate when Pic- 
asso is his inspiration. 


a - * r 

i ; • . 

' • . v 

v ’ 


x i : . ^ 




HARRISON BIRTWISTLE'S EPIC ACCOUNT 
OF ONE MAN'S ODYSSEY 













J^^NCTALTIMES WEEKEND MARCH 26/MARCH 27 1994 



BOOKS 


O pen-mindedness is an intellec- 
ts virtue. History is cluttered 
with the wrecks of grand theo- 
ries which died of dogmatism. 
Unless we remain alert to the possibility 
that our beliefe are false, however well 
they seem to work, we might oppor- 
tunities to learn; for the world is stranger 
than we think, and our ignorance far out- 
strips our knowledge. 

Such reflections prompt people like 
Rupert Sheldrake to venture what might 
be called “alternative science". This con- 
sists in devising unorthodox solutions to 
problems which orthodox science cannot 
solve. It also includes taking seriously the 
beliefs of children, mystics and stone-age 
people, on the grounds that modern sci- 
ence has forced ns to shed much wisdom 
by its red actively piecemeal approach. 

Sheldrake offers ns alternative science 
as thus conceived. He suggests expert- 


Ignorance outstrips knowledge 

Alternative science is all very well but there is a limit, says A.C. Grayling 


ments on the psychic faculties of pets, the 
homing ability of pigeons, and the organi- 
sation of termite colonies, to test whether 
his favourite notion, that or a “field", will 
explain their behaviour. Sheldrake 
hypothesises that everything is sur- 
rounded by fields which transmit influ- 
ences and information, and which link 
creatures to others of their kiml and their 
homes. He experiments he proposes are 
intended to test whether such fields exist 
Sheldrake offers the same solution to 
other puzzles, like “phantom limbs" as 
sensed by amputees, and the experience of 


feeling that one is being watched. He 
plahn« that both ran be elucidated by pos- 
tulating that our mhnta are Helds “reach- 
ing out through the senses, projecting far 
beyond the surface of the body.” 

But Sheldrake does not confine himself 
to suggesting explanations for pmzles. He 
also mounts an attack on orthodox sci- 
ence for not taking alternative sugges- 
tions seriously. Scientists, he says, are 
“the servants of military and commercial 
interests". Their objectivity as enquirers 
is an illusion; some falsify their results to 
get tome. Their minds are closed against 


SEVEN EXPERIMENTS THAT 
COULD CHANGE THE WORLD 
by Rupert Sheldrake 

Fourth Estate £15.99, 269 pages 

anything unusual because orthodoxy 
blinds them. They define the speed of 
light and gravitational attraction as con- 
stant values, whereas these values in fact 
fluctuate, showing that chaos or at least 
radical changefulness is more truly char- 
acteristic of the universe. 


Such are Sheldrake’s views; and tbey 
amount to a farrago of shallowly and 
sloppily argued nonsense. The key notion 

of a “field" is left unexplained, usefully 
for Sheldrake because the vaguer a notion 
is, the more it explains; the most we are 
told is that fields “resemble elastic 
bands". His account of perception, as 
quoted, is that mind “reaches out through 
the senses", which, he approvingly notes, 
is what uneducated folk like children and 
cavemen believe. He quotes bizarre anec- 
dotes as evidence: the field explanation of 
phantom limbs is demonstrated by the 


case of a man who kept his amputated 
finger in a jar in the basement, and found 
that when bis phantom finger felt chilly it 
was because the basement was cold. 

Such stuff speaks for itself. The best 
example of Sheldrake's logic U his claim 
that the speed of light varies, based on 
the fact that investigations have yielded 
varying values. Naively assuming that 
each measurement was accurate, be takes 
this to prove his point It seems to have 
escaped him that different measuring 
techniques, equipment mistakes or other 
factors might explain the differences. 

Attacks on scientific scepticism are 
standard among alternative theorists. 
They fail to recognise this as one of sci- 
ence’s strengths. They take its disdain of 
their hypothesising as proof of a conspir- 
acy to conceal the truth. Books Ukc Shel- 
drake’s, therefore, demonstrate why sci- 
entific scepticism is absolutely necessary. 


Perfect 

poems, 

poor 

lives 

Anthony Curtis on 
Baudelaire and 
Mallarme 


Y eats said “The intellect of 
man is forced to choose, per- 
fection of the life, or of the 
work”. Never can that 
dilemma have appeared with greater 
clarity than it does in the lives of the 
two French poets, Baudelaire and Mal- 
larme, of whom new biographies have 
just appeared. Both of them sought 
ceaselessly for perfection, and in many 
of iheir poems actually achieved it. 
Between them they are largely respon- 
sible for the modem notion of formal 
perfection as a poetic ideal It was their 
disciplined response to the interminable 
flood of verse that poured out of a Vic- 
tor Hugo or a Tennyson. Ironically it 
was the last of the fluent Victorians - 
Swinburne - who was the first English 
poet to hail Baudelaire’s genius - in an 
article in The Spectator in 1362. Since 
then almost every major English poet, 
starting with Yeats, Eliot and Auden, 
has paid tribute to Baudelaire as the 
founding father of modernism. 

The Ideal of perfection helps to 
explain what we find most puzzling 
about Baudelaire and Mallarmfe, their 
veneration for the work of Edgar Allen 
Poc. Baudelaire’s admiration for Poe 
verged on idolatry; he translated much 
of Poe into French, one of the few 
things that brought Baudelaire some 
regular income. Though Baudelaire was 
by far the greater poet, it was Poe’s 
writings on poetic technique and theory 
us well as the morbidity of his subject- 
matter that fertilised the mind of Bau- 
delaire. The seeds of the Frenchman's 
notion of correspondence - involving a 
synthesis through words of all the arts, 
music, dance, painting, literature - the 
bedrock of symbolism, may be found in 
Poe. 

But, as emerges from Joanna Rich- 
ardson’s massive new life of Baudelaire, 
there were also remarkable parallels 
between his life and that of Poe. Both 
lost their natural fathers when they 
were little; both became mother-fixated; 
both had adoptive fathers of a military 
cast who despised poetry, both adored 
women but found straightforward sex 
impossible; both became chronic inval- 
ids; both were invariably in debt 
The last full biography of Baudelaire 
was by Enid Starkie in 1957. If her 
scholarship could at times be faulted, 
Starkie was always an enthusiast and 
she presented a Baudelaire redeemed by 
her admiration for his work. With much 
fresh material at her disposal, Richard- 
son gives us a remorseless march of all 
the grim facts, concentrating on the 
poet's disastrous financial situation. 
From his improvident youth to his 
death aged 46 it never improved. 

Wliat makes it so heart-rending is 



that his degradation could easily have 
been avoided. Baudelaire inherited a 
sizeable fortune at the age of 21. Pru- 
dently managed he could have lived off 
it - supplemented by his small literary 
earnings - in comfort and dignity for 
the rest of his life. Within a few years 
he had got through half of it, and had 
burdened himself with supporting a 
mulatto mistress Jeanne Duval - the 
Black Venus of his poetry - from whom 
he caught the syphilis that ultimately 
resulted in the aphasia Goss of the fac- 
ulty of speech) that caused him to 
spend his last years as a virtual mute. 

General Jacques Aupick. the epitome 
of careerist respectability in the Second 
Empire, called a family council to 
decide what to do about bis prodigal 
stepson. It was decided that Baude- 
laire’s remaining capital should he 
administered by a conseil judicaire 
allowing him a small annual income. 
Baudelaire’s stormy relations with his 
administrator, a family friend who kept 
very tight control of the pursestrings, 
provide an element of pathetic comedy 
in the sad story. 

Apart from Jeanne Duval, two other 
women captured his heart - Apollonie 
Sabatier, the white Venus who looked 


like one of Rubens models and who 
inspired many of les Fleurs; and the 
actress Marie Daub run, who was the 
inspiration behind “le Beau Navire" 
and "LTnvitation an Voyage". Baude- 
laire competed for their favours among 
many gifted men. With the former he 

BAUDELAIRE 
by Joanna Richardson 

John Murray £30. 602 pages 

MALLARME: A THROW OF 
THE DICE 
by Gordon Mil Ian 

Seeker A Warburg £30, 389 pages 


triumphed to the point where she 
finally confessed her love for him. The 
saddest episode of all is Ins inexplicable 
failure to turn this dream of a perfect 
love Into a reality. 

Mallarme was one of the earliest of 
the younger French poets to recognise 
Baudelaire’s poetic mastery. His own 
life, freshly told by Gordon Milan, pro- 
fessor of French Studies at Strathclyde 
University, was not quite such a mess, 
though he too suffered from continual 


financial constraint. He made a stable 
marriage, fathered a daughter who 
became his literary executor, and 
acquired a reputation in his lifetime. 
But his work as a provincial schoolmas- 
ter. irksome from the start, became 
intolerable as his poetic gift developed. 

Somehow he managed to get a post- 
ing to Paris where his house became a 
forum or abstruse poetic speculation. 
His regular Tuesday evening gatherings 
were attended by many artists and writ- 
ers including the young Paul Valfiry, 
his most gifted disciple. They were in 
no doubt about Baudelaire's genius and 
they developed his theory of correspon- 
dence. Some of Mallarnte’s abstruse 
poems and sonnets, always popular 
with English readers, exemplify iL 

At least one of his longer works - 
“L’Apr&s midi d’une Faune” - found a 
perfect musical correspondence in the 
mind of Debussy - and after that in the 
work of choreographers and dancers, 
Nijinsky, Lifer, Arthur Mitchell. Mil- 
Ian’s book reveals the slow evolution of 
the original poem. He demonstrates the 
contrast between the poet’s tormented, 
precarious existence and the radiant 
purity of his vision. That indeed is the 
message of both these books. 


D 


uring the decade of 
China’s Holocaust, 
the Cultural Revo- 
lution, premier 
Zhou En-lai drew up a Schin- 
dler’s list of those he wanted to 
protect from the forces of 
death and destruction. His 
main Ark was Peking’s Hospi- 
tal 301, to which he had 
healthy targets of the Red 
Guards' wrath confined. The 
numbers he protected were few 
but today he is chiefly remem- 
bered with affection in China 
because of these efforts and his 
desperate work to keep the 
nation afloat in the chaotic 
seas, in reward for which his 
master. Chairman Mao 
Zedung. Labelled him China’s 
“housekeeper." 

One would have thought 
that, after the chorus of con- 
tempt which greeted her two- 
volutne hagiography of Moo, 
The Morning Deluge and Wind 
in the Tower, an instinct for 
self-preservation if not a sense 
of shame would have inhibited 
Han Suyin from attempting a 
biography of Zhou En-lai. 
Mao’s faithful prime minister 
spent the last years of his life 
fighting cancer and vainly try- 
ing to limit the damage 
inspired by the senile monoma- 
niac Chairman, his termagant 
wife and the Gang of Four. 

The Mao volumes ludi- 
crously presented the Chair- 
man, to quote from the blurbs 


China’s housekeeper 


on their dust-jackets, as “a 
modest man and, moreover, a 
man merciful to his enemies, 
uncorrupted by power." a judg- 
ment at odds both with histori- 
cal truth and with any intellec- 
tual honesty. Mao had qualities 
as a thinker and a charismatic 
revolutionary still acknowl- 
edged in China, but as a disas- 
trous peace-time leader he was 
a monstrous egoist and a ruth- 
less tyrant. 

ELDEST SON: ZHOU 
EN-LAI AND THE 

making of modern 

CHINA 1899-1976 
by Han Suyin 

Jonathan Cape £25. 283 pages 

In writing this gushing trib- 
ute to Zhou, Han Suyin does 
her best to do justice to the 
bitter struggles of bis last 
years while avoiding flat con- 
tradictions of her own deifica- 
tion of Mao. But, despite end- 
less evasions, prettlfication 
and an insistent incantatory 
prose style, she foils by a long 
chalk to bring it off; 

The introductory paragraphs 
set the tone: “Beloved Premier 
Zhou. Automatically, so many 
of my generation spoke of him 


thus, running the words 
together. ..Somehow because 
of him we all felt life was 
worth living..." By the final 
chapters Han Suyin has trans- 
muted this dedicated Marxist 
revolutionary into a Confucian 
gentleman and ends apotheo- 
aigtng him as a Christ-like fig- 
ure. dying painfully for mil- 
lions on the cross of Mao's 
Cultural Revolution. 

Like certain other lady nov- 
elists, she reproduces the 
thoughts of others as history. 
She presumes that Zhou's reac- 
tion to his betrayal by friends 
was “grief unspoken, swal- 
lowed down, invisible," and 
records the reaction of the 
audience to one of his last 
appearances: “He is back, he is 
back,’ one could hear the 
thought from every brain, 
though not a word was said.” 
Han Suyin bids fair for the title 
of being the Barbara Cartland 
of China Watchers. 

The writer ignores or plays 
down foots which fit uneasily 
into her theme that both Mao 
and Zhou were benign, if occa- 
sionally fallible, heroic figures 
and their enemies evil. The 
death of Lhi Shaoqi, the main 
target of the Cultural Revolu- 
tion, occurs with no mention of 


the cruelty that killed him, 
medicine-less ou the floor of a 
freezing cell. 

She does record that Mao 
never bothered to visit his pre- 
mier on his deathbed but 
reports that his nurse claimed 
that she saw “tears running 
down his face" while he 
watched evening television on 
the day Zhou died - an 
unlikely tale. Better sourced is 
that a coarse poem by Mao 
(“Don’t fart or the heavens will 
be turned upside down"), was 
read to the dying Zhou, who 
wept before he died. Mao did 
not attend the funeral cere- 
mony, an absence Han Suyin 
does not note. 

Zhou was, of course, a very 
considerable leader of great 
charm which 1 have seen him 
use to enormous effect while 
manipulating a roomful of for- 
eign journalists- Evidently, he 
employed it on the author. 
Zhou used his charm and intel- 
ligence to rule, dominate, per- 
suade, cajole and, in the end, 
to survive. Back in 1328, Zhou 
had said, “For the sake of the 
Revolution, we must even 
become like a prostitute." That 
turned out to be his fate. 

hi the final analysis. Zhou 
who preached common sense. 


died a failure in the shadow of 
a chaos-sowing Monkey King 
figure. He bad given his life to 
a lost cause, but is remem- 
bered with affection because of 
the few dozens he rescued from 
the spite of the man who 
embodied that cause. Under 
the billows of Han Suyin’s 
romantic prose, Zhou’s very 
real qualities disappear. His 
portrait is painted in the liter- 
ary equivalent of China’s revo- 
lutionary art a saint-like, hero- 
ic-eyed worker gazing towards 
the rays of the sun of Mao. 

Derek Davies 


Tuned into the arts 


T his is a fascinating book, filled with 
tables of statistics and musical anec- 
dotes. If the two sound incompatible, 
that chimflR with the career and char- 
acter of the author. He describes leaving a 
cheerful lunch whilst Chief Economic Adviser 
to the DTL On hearing a two-note fanfare of 
minor thirds uttered by a passing ambulance, he 
competes with his host in identifying 12 other 
themes that begin with minor thirds - from 
“Colonel Bogey" to the Quartet from the first 
act of FideUo. A rare competition for a manda- 
rin. 

The centre-piece of the book is the Orchestral 
Resources Enquiry of 1969-70. Sir Alan Peacock, 
on the basis of his polymath knowledge of 
music and free- market economics, was commis- 
sioned by Lord Goodman, then chairman of the 
Arts Council of Great Britain, to head the 
enquiry. His committee, full of maestri, listened 
to a dialogue of the deaf orchestra managers 
who damned modem composers; composers who 
regarded the audience as necessary for acoustic 
reasons only; conductors who thought the 
orchestra was becoming a museum piece. 

The enquiry produced two particularly contro- 
versial recommendations: earnings in regional 
orchestras were to be raised to the same level as 
those for London; and direct subsidies were to 
be given to only two out of the four London 
orchestras. Peacock describes with relish how 
the main recommendations were thrown out by 
the Arts Council even in advance of publication. 

How familiar it all sounds, a generation later 
and not long after Peter Palumbo and Anthony 
Everitt bit the dust following s imilar attempts 
to reform the organisation and subsidies of the 
London orchestras! 

Peacock, though, is not a man given to falling 
on his sword. He went on to become a member 
of the Arts Council himself and chairman of the 
Scottish Arts CoundL He compiles a delicious 
fantasy of complaints from dissatisfied Scottish 
arts organisations: Take Glasgow-based clients. 
They're a funny lot Some don't make moan at 
all and seem almost trusting, and others write 


you polished letters which you know menn the 
Giasgae equivalent of ‘ATI smash yer face in’, 
Edinburgh is different; very sniffy letters with 
postscripts like ‘l would have you know that ray 
Chairman is the brother-in-law of the Secretary* 
of State’s cook’ - menacing words presaging a 
sleepless night for me.” 

He goes on to describe his vain attempts to 
design a policy that would eventually have put 
the Arts Councils out of business and helped the 
arts to become largely self-supporting: a tri- 
umph of hope over experience. 

He had a few successes - for example his 
Young Scots' Card that gave young people dis- 
counts to Art Centres all over Scotland and that 
he saw as a preliminary to vouchers entitling 

PAYING THE PIPER 

by Sir Alan Peacock 

EVP £30.50. £12.50 pb. 168 pages 

consumers to reductions in the price of cultural 
goods chosen from an Arts Council list He 
wished to see public perception of the arts trans- 
lated into the power of the consumer to choose 
which art-form to support. 

There is a gentler side to Peacock’s cultural 
economics. He quotes with approval the com- 
ment of two American professors that, “few of 
us are willing to take the responsibility of pass- 
ing on to future generations a country whose 
beauty has been destroyed”. I suspect that this 
romanticism underlies the apparent harshness 
of much of Peacock’s free-market approach. 

Peacock has a capacity for irritating experts. 
The forthrightness of his views and his natural 
iconoclasm are evident in Paying the Piper, 
which is compulsory reading for anyone enter- 
ing the field of arts sponsorship. I trust Lord 
Cowrie will buy a copy and keep it under this 
pillow when he inherits, upon April Fool's Day, 
the mantle of Lords Goodman and Palumbo at 
the Arts Council. It will help him succeed. 

Tim Renton 


T 


Thrillers/J.D.F. Jones 

Shining knights 


he great novelist of 
modern-day Florida is 
John D MacDonald; 
the word thriller is 
inadequate. He died eight years 
ago but his principal creation, 
Travis McGee, lives on. 

There were 21 Travis McGee 
stories and they have become 
classics of popular fiction 
because MacDonald had an 
idea of genius, to translate the 
Arthurian knight of medieval 
chivalry to 20th-century Amer- 
ica- Travis McGee is therefore 
much more than a bronzed and 
battered middle-aged beach 
hum; he is more, and more 
interesting, than the routine 
private eye: he is an archetypal 
Hero. 

But John D MacDonald is 
also important because he is 
the master of the Florida 
School which today promises 
to dominate American crime 
fiction. Carl Hiaasen is one of 
the newer and most successful 
members, a Miami journalist 
with a wild satirical humour. 
James Hail is another, and is 
clearly pitching to be MacDon- 
ald's heir. What they all share 
is an obsessive rage about the 
rampant commercial over-de- 
velopment which is rapidly 
destroying their Florida. But 
their books are more than 
“eco- thrillers”. 

James Hall's Mean High Tide 
is his fifth novel. like McGee, 
his reclusive drop out hero 
Thorn is bronzed, battered, 
middle-aged, etc., with a simi- 
lar taste for sea and sun and 
sex and a hatred of bureau- 
crats and businessmen. The 
same characters and locations 
crop up. Thom's girl is mur- 
dered (he has a habit of losing 
the women in his life). There is 
a maniac with a loopy daugh- 
ter and a plan to breed red 
tilapia (that’s a fish!) which 
will destroy the ecological bal- 


ance of the region. Hall's world 
is very violent, his villains are 
very villainous, and the sex is 
more explicit than MacDonald, 
the old-fashioned romantic, 
would have sa n ctio n ed, but he 
can write almost as well as his 
master and the dialogue is as 
strong as Elmore Leonard's. 
What he does not have - and 

MEAN HIGH TIDE 

by James Hail 

Heinemann £14.99, 340 pages 

THE DEVIL KNOWS 
YOU’RE DEAD 

by Lawrence Block 

Orion £15.99. 361 pages 

SACRED CLOWNS 

by Tony HiUerman 

Michael Joseph £14.99. 284 pages 

may not understand - is the 
universality of McGee, the 
knight in not-so-shining 
armour. 

Mandarin have just re-issued 
Under Cover of Daylight. SguaU 
Line and Hard Aground (not 
about Thorn) in paperback. 
Start with the first. 

* 

Far to the north, in the differ- 
ently-polluted streets of New 
York, Lawrence Block is bid- 
ding to be the eventual heir of 
Robert Parker. The American 
hero these days has to be a 
credible, fallible human being 
- a resurrected James Bond 
wouldn’t stand a chance — and. 
in these enlightened times, it 
heips If he has a long-running 
Relationship with a real live 
woman, not a succession of 
bimbos. 

Block’s triumph is Scudder, 
the ex-cop and alcoholic who 


seems to spend a lot of his 
books either in an AA meeting 
or sipping club soda in Irish 
bars. The girlfriend, Elaine, is 
an East Side call-girl Again, 
tbey are both in early middle- 
age and, despite their lurid 
background, they both turn 
out to be interesting and credi- 
ble people. 

The Scudder books have 
been slow to cross the Atlantic. 
A Ticket to the Boneyard, just 
re-issued by Orion in paper- 
back, was a terrifying and bril- 
liantly successful story of their 
being terrorised by a psychotic 
murderer. The Devil Knows 
You're Dead takes us into 
slightly quieter waters, 
starting with the motiveless 
murder of a yuppie lawyer on 
Eleventh Avenue. Block has 
the confidence to take his plot 
slowly and to build in a serious 
novelist’s consideration of 
themes that lesser crime writ- 
ers steer clear of - the justifi- 
cation of suicide, for example. 
His underworld is convincing 
and alarming; he has that vital 
page-turning compulsion; he 
deserves all the plaudits. 

★ 

Tony Hfilerman is an authority 
on the Navajos who had the 
fascinating idea of setting a 
crime series in today’s Indian 
territory. His double-act of 
Lieutenant Leaphom and Offi- 
cer Jim Chee of the Navajo 
Tribal Police is cleverly bal- 
anced: Leaphorn is widowed 
and wise, Chee wants to 
become a shaman as well as a 
good cop. which offers all sorts 
of tensions for a novelist To 
my mind Sacred Clowns, which 
has even more anthropological 
business than usual, is a bit 
flat but it will no doubt satisfy 
the devotees. 


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Israel in Palestine and the 
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Michael Rice 

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XVIII WEEKEND FT 


FOOD AND DRINK 


Cookery /Philippa Davenport 

A pork pie 
to ponder 


S treet foods In Bri tain 
are not what they 
were. Where is the gin- 
gerbread man? Where 
are the sellers of ripe cherries 
and hot warden pears? Where 
is the bell-ringing travelling 
pieman? All we hear now is the 
megaphoned tinkle of Teddy 
Bears' Picnic as Mr Whippy 
vans cruise the housing 
estates. 

In some rural areas mobile 
fish and chip kitchens splutter 
from village to village- In cities 
the stench of over-stewed 
onions belches from ham- 
burger stands. Only as Christ- 
mas approaches do things 
improve when the chestnut 
vendors take over. 

Pies were once the mast pop- 
ular of all street foods and pie- 
men were familiar figures with 
their trayloads of wares. Fill- 
ings of mutton, beef, eel, and 
fresh fruits in season were rel- 
ished. Pork pies, however, 
were always hot favourites. 



Recipes for pork pies 
abound. Strong regional tastes 
are evident and there are some 
very localised versions indeed, 
particularly in the hunting 
sbires where the wisdom of 
carrying a good pie in your 
saddlebag tand a hip flask) was 
well understood. Just the 
ticket to sustain an energetic 
sportsman all day - or to com- 
fort an unseated rider ditched 
by his steed. 

Melton Mowbray pork pies 
are still famous, spiced with 
anchovy and cayenne. Nutmeg 
and allspice were favoured 
elsewhere, and herbs such as 
thyme, parsley and sage in 
other places. In some areas the 
addition of apples, onions and/ 
or cheese was favoured. Else- 
where the inclusion of eggs, 
chicken or veal was preferred. 

Sotne of the pork pies made 
and sold in earlier centuries 
were probably as dire or worse 
than the sawdust-dreary, 
mechanically recovered meat 
pies that late 20th century pub- 
licans microwave for their cus- 
tomers. But the best must have 
been very good indeed with 
their thick and decorative 
pastry casing and their filling 
of succulent, flavoursome 
meat 

The pie crust frills that now 
flute our collars and cuffs 
began life as pastry decora- 
tions of course. And the flesh 
of large. Tree-ranging, 
long-lived pigs is unquestion- 


ably superior to that of juve- 
nile runts factory farmed by 
producers obsessed with low- 
fat meat 

PORK & PIPPIN PIES 

iserves 6-8) 

These can be served hot or cold 
and would make a good choice 
for Easter picnics. 1 have used 
lean end of belly of pork - 
partly for economy but mostly 
because of the rich texture it 
gives the gravy. Hannah 
Glasse, writing in 1747, recom- 
mended a more refined version 
of the pies using small steaks 
cut from a loin of pork, white 
wine instead of vine gar ed 
water, and no onion. Loin, 
being more tender and drier, 
needs no pre-cooking before 
baking. 

For the filling: 3 lb lean en d 
belly of pork or 2 VS lb thick 
boneless slices of belly of pork 
(in other words enough belly to 
yield l'Alb pork after bones and 
rind are removed); 6oz onion; 
9oz sharp aromatic apple (Brae- 
bum from New Zealand make 
the best choice at this time of 
year); a little butter; freshly 
grated nutmeg, I tablespoon 
tarragon or white wine vinegar 
mixed with 1 tablespoon soft 
brown sugar and 4% Q oz cold 
water. 

For the crust: 6oz whole- 
wheat flour; 6oz plain white 
household flour, 3oz butter, 3az 
lard; beaten egg to seal and 
glaze. 

Bone the pork, if not already 
done, de-rind it and cube the ! 
meat. Chop the onion finely. 
Peel, core and chop the apple. 
Put all three ingredients into a 
lightly buttered casserole. Sea- 
son with salt, pepper and 
plenty of nutmeg and pour on 
the vinegared and sweetened 
water. Lay the pork rinds on 
top and cover with a well fit- 
ting lid. Cook at 300°F (15G°C) 
gas mark 3 for 2Vk hours. 

Discard the rinds, letting the 
juices drip back into the casse- 
role. Check seasoning and set 
aside until cold. 

Make the pastry, seasoning it 
welL Use half to two-thirds of 
it to line the base and sides of 
two 6',=in-7in springclip cake 
tins or two small oval pie 
dishes. 

Divide the pie filling between 
the pastry-lined containers and 
cover with lids rolled out from 
the remaining pastry. (NB: if 
using pie dishes, do not lay the 
pastry on the rim of the dish in 
the usual way but seal the 
pastry sides and lid with an 
upward movement to make a 
frilly collar, as though making 
a raised pie.) 

Glaze the pies with beaten 
egg and make steam holes. 
Bake on a p re-heated baking 
sheet for 15 minutes at 42S°F 
(220-0 gas mark 7, then at 
325°F Q60°C) gas mark 3 far 1% 
hours. 

Let the cooked pies rest for 
at least 5 minutes between bak- 
ing and serving if they are to 
be eaten hot Better stflL serve 
them cold when they can be 
cut into jellied wedges. 


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T he 1994 wine harvest is 
almost over, in the southern 
hemisphere that is. Just 
back from a quick fix of car- 
bon dioxide and grapeskin smells in 
Australian and South American win- 
eries, I am haunted by two very differ- 
ent images of today’s wine industry. 

In the Yana Valley outside Mel- 
bourne, in the temperature-controlled 
hangar that Is Most & Chandon’s Aus- 
tralian offshoot winery, a stack of 
giant metal bins filled with Pinot Noir 
grapes wait patiently until Domaine 
Chandon’s small team of cellar rats, 
and some extremely shiny equipment, 
are ready to press them into a new 
vintage of Green Point sparkling 
wine. The 1991 is yours for £10.49. up 
50p from the 1990 because of spiralling 
demand. 

What tnafees this sight remarkable 
is that these ti gh t, healthy bunches of 
shiny black grapes were picked four 
days earlier in the for south of West- 
ern Australia and have been shipped, 
in a refrigerated truck, across the 
notoriously unforgiving Nullabor 
Plain - the distance equivalent of 
shipping grapes from southern Tur- 
key to Bordeaux. 

This is the Australian way of doing 
things - pragmatism unfettered by 
tradition, spurred on by a sophisti- 
cated market at home and abroad. 

A few days later I watched the 1994 
vintage being delivered to Penafior in 
Mendoza, Argentina's largest winery. 
Dozens of magnificently ancient lor- 
ries stood waiting their turn between 
weighbridge and continuous press, 
piled high with a jumble of indige- 
nous Criolla and Cereza grapes, oxi- 
dising almost visibly in the sunshine. 

Penafior boasts the world’s largest 
wine vat, a subterranean concrete cyi- 


ftitf to: United Cutters. FREEPOST. Sheffield S4 7i£Z. fiw stomp needed) 


I have just received the menu 
from the acclaimed London 
restaurant "Aubergine”’ (11 
Park Walk, SW1Q. Teh 
071-352-3449) and 1 am 
perplexed. It reads like a badly 
translated tourist mean from 
the backstreets of Marseille. 

Alright, I am a pedant, but 
what exactly is “vinaigrette 
crustacfe” (French genders 
are not the strong point of the 
chef, Scotsman Gordon 
Ramsay). Why Is it a roasted 
and not a roast pigeon? Is a 
“vinaigrette of vegetables 
pressd (nor are plurals) a soup, 
given that the Implication is 
that everything has been 
liquidised? “GiroUes", 
"beignetE", “pomme" (sic) 
“sauce Spices” all have English 
translations which would be 
less bewildering. Pigeon poch£ 
griI16 is presumably "podii 
et grille" or “poached and 
grilled" in English? 

The most striking thing is 
the repeated use of the trendy 
word “jus”. The standard 
French dictionary Petit Robert 
tells me that this could be 
“juice” in the accepted sense 
of the word or “meat/pan 
juices" in the form of an 
unthickened gravy which has 




FINANCIAL TIMES WEEKEND MARCH Vfi/MARCH 27 1994 


Olwyn and the 


h. 5 ? 


* 






giant lobsters 


H itler Ho used to 
be a regular cal- 
ler to the late- 
night radio 
request pro- 
gramme in Hong Kong: Wagon 
Lee, presumably a man with a 
penchant for the overnight ser- 
vices of the European railway 
system, was a columnist on a 
local paper. 

Names are peculiar things. 
The gender of my own is often 
confused - once, this led to 
hriwg c onfine d overnight in the 
women's cabin section of a 
Swedish ferry. 

So what about the name 
Olwyn? The very picture of 
Welsh womanhood. Healthy- 
cheeked, leek-eating, daffodil- 
growing: Wind from the Bea- 
cons blowing through blond 
hair. Chapel on Sunday eve- 
nings. Cardiff Arms Park with, 
the lads. Dylan Thomas. The 
Eisteddfod. 

Not this Olwyn, though. 
Olwyn Weerasekara is a man. 
A native of that magical but, 
sadly, strife-filled island of Sri 
Tanka, He is also keeper of one 
of the world’s more unusual 
restaurants. 

“I think maybe my father 
had a Welsh girlfriend once 
and decided I should commem- 
orate her," says Olwyn. The 
name has never bothered Mm. 
He gets on. with what he knows 
best - cooking and sharing 
d rinks and chat with custom- 
ers. 

Olwyn’ s - or the Beach 
Wadiya restaurant - is on the 
open-sided three-wheeler. Turn 
off the main road going south. 
Go down a dusty, pot-holed 
track towards the sea. Take a 
left. A few desultory fairy 
lights blink in the distance. 
“Olwyn’s," says the driver. 
You stop and make sure there 
are no hoots from tmanrmng 
locomotives. 

The Beech Wadiya is on the 
other side of the railway 
trades, perched on a strip of 
sand between the trains and 
the sea. Levering the flesh out 
of a crab daw might be inter- 
rupted by the very close rum- 
ble of the southern express. 

Olwyn’s speciality is lobster. 
Lots of them. Grilled, poached. 


q o: 

to 


rt 


n 





fried - with butter and garlic, 
with chilli, with curry . Colom- 
bo’s aficionados ring before- 
hand to place their orders. 
Then, they know they can be 
sure of Olwyn’s personal touch 
in the cooking. 

Later, being partial to a 
drink or two, Olwyn tends to 
be pre-occupied elsewhere, 
mainly In the cut and thrust of 
intellectual conversation at 
various tables littered round 
the sand. “What is life for but 
to enjoy a few fragile moments 
like this?" he says. The train 
goes past, making the restau- 
rant - and life - seem very 
fragile. 

“Of course, people come here 
for the food, but it’s not just 
that - it’s more for the, how 


Kieran Cooke 
risked being 
brained by a 
coconut , all in the 
cause of food 


shall I say...” His verbal 
meanderlngs are interrupted 
by a slight hubbub at one 
table; A coconut has dropped 
from a tree, nearly flattening 
the bald-headed diner under- 
neath. - 

With commendable sang- 
froid, Olwyn waves at the 
rather startled gathering and 
tells the waiter to take a jug of 
the local coconut toddy across. 
“Nothing like good, strong 
toddy for putting the world 
right," he says, with a sharp 
Bip p of the thigh «nd a beariy 
roar of laughter. 

The lobsters arrive. Two of 
them, stretching across the 
table. But 1 am not allowed to 
eat First, I have to examine 
the weighty books of custom- 
ers’ comments. 

Sample: “I am from the USA. 
I have not eaten yet But look 
forward to my praams. I hope 
on my next visit I can write in 
your guest book again and tell 
you how good the food was or 
was not. Regards, R.M. 
Schwartz." . 


Schwartz has no othwentry. 
Perhaps the prawns were not 

up to scratch. More likely, tite 
toddy froze his literary 
ties. Or he was brained by a 
stray coconut , . . 

I crack a lobster claw, but 
Olwyn wants to show me yb® 
pictures. A group of very red- 
uced diners. "The England 
cricket t eam - they all came 
here and stayed till very late. 
We even bad some bowling on 
the beach." _ _ 

Perhaps googlies go better 

with toddy. 

“Olwyn. I really must get 
back to my lobster." 

“All in good time. Life 
should not be rushed- Now 
look at these pictures.” 

Olwyn is a fan of the late 
Elvis. So. he had an Elvis look- 
alike competition at Beach 
Wadiya. It was one of the Wgh- 
prtfwfaa of the restaurant’s exis- 
tence. Lobster, toddy and rock- 
a-hula-baby. 

A frisson of excitement runs 
among the tables. Sri Lanka is 
playing host to Miss World 
Tou rism. Several of the girls 
have found their way to 
Olwyn’s. Each one of them 0ft 
tall most of it legs. 

Olwyn jumps like one of his 
crustaceans on the way to the 
griddle. “So honoured ladies. 
Of course we have room.” 

There is only one table with 
space. Mine - at present occu- 
pied only by two sadly 
neglected lobsters. 

On Poland. On. 

the other, Miss Latvia. 

“Keren? But that Is a girl’s 
name, yes?” says Miss Poland, 
in a tone that brooks no con- 
tradictory opinion. 

“Olwyn?” says Miss Latvia. 
“That is a very sweet name. It 
is a Sri Lamkan name, no?” 

Olwyn waves for more toddy. 
The train goes past The lob- 
sters do a Fred Astaire on the 
table. 

“We will eat your lobsters.” 
says the long legs from War- 
saw. 

“You are so kind,” says the 
twinkling Miss Latvia to 
Olwyn. 

■ Beach Wadiya, 2 Station 
Avenue, Wettauatte, Sri Lanka. 
Tel: Colombo 588S68. 


Wine 


Well-travelled grapes 


inder 10m high and 36m across, care- 
fully painted on the outside to look 
like wood. Dinner parties for 500 have 
been held inside it More usually it is 
filled and emptied every two months 
- with enough wine to fill almost 7m 
bottles, or 5m of the litre cardboard 
Tetrapaks that are so popular with 
South American wine drinkers. 

Intrigued, I asked to taste the wine 
blended in it, Termidor, Argentina’s 
best selling wine, after being shown 
the increasingly exciting Trapiche 
range that is groomed for export mar- 
kets in one small comer of the win- 
ery. The white, musky juice of these 
local grape varieties makes up all of 
the white and half of the red Termi- 
dor. 

I defy a European palate positively 
to enjoy the flavour of the white, but 
the red was respectably coloured and 
masked by a blend of Tempranillo, 
Barbara and Sangiovese (one of Calif- 
ornia's most sought after grapes at 
the moment). Termidor sells for just 
1.20 pesos (80p) a litre. 

Given the domestic taste for heavy, 
low-add, almost-oxidised wines that 
would be impossible to sell outside 
Latin America, and given the antique 
nature of most Argentine wine tech- 
nology, it is a miracle that a dozen or 
so winery owners in Argentina are 
now enthusiastically gearing np for 
export The wine industry is currently 
one of Argentina’s most significant 


investment sectors. 

The Argentines are several years 
behind their neighbours across the 
Andes jn this respect Stainless steel 
has become much less of a novelty in 
Chile over the past few years, and 
Chilean wine has an established mar- 
ket for Inexpensive Cabernet Sauvig- 
nan in the US, UK and other parts of 
northern Europe. But the Chileans 
are all too aware of Argentina's poten- 

Joncis Robinson finds 
striking contrasts 
between the wineries 
of the new world 

tial as the world’s fifth biggest wine 
producer. 

As Argentines are wont to observe 
somewhat smugly; “We’re not really 
interested in what the Chileans do, 
but they’re always worried about 
what we’re up to." 

Chilean wine exports slowed last 
year, but the 1994 harvest is the first 
prolific; if slightly cool, one for some 
time and grape prices have slumped 
accordingly. This, coupled with 
increasing winemaking skills, may 
help to win more customers, although 
the real difficulty is communicating 
the quality-not-quantity message 


across the wmemaker-grapegxower 
divide. (Wine producers are therefore 
investing heavily in suitable vineyard 
land and Santa Rita, for example, 
expects to buy in no more than a fifth 
of its grapes by 1997.) 

Australian wine producers, on the 
other hand, are in a frenzy of export 
activity. Many of the most lauded 
now send more than half their pro- 
duction overseas, mainly to Britain 
but increasingly to Germany and, to a 
more limited extent, the US. Sweden 
Is also an avid consumer of Austra- 
lian wines shipped there in bulk. 

Wine now represents more than 
half of Australia’s exports and ft is 
the stated goal of its wine industry 
that exports should be worth A$Um 
(£4S0m) by the year 2000. New vine- 
yards are accordingly being estab- 
lished all over the country, especially 
in the coolest, most south-eastern part 
of South Australia (a state which has 
yet to enjoy the phylloxera experi- 
ence), and in the deep south of West- 
ern Australia - no longer so isolated, 
it would seem. 

The domestic market, a highly 
sophisticated one in which connois- 
seurship is spread both deeply and 
widely, is increasingly peeved at see- 
ing so many of Australia’s finest 
wines sailing away from the country’s 
heavily unionised quays, and prices 
have bean rising as a result (Austra- 
lia’s first $10(^a-bottle release. Yarra 


Appetisers 

Jus one of 
those things 



not become a sauce. This 
would explain “Jus tarragon”, 
“jus rosemary", “thyme" 
“Madeira" etc, but not excuse 
them. Keep them wholly in 
French: “jus parfumff au 
romarin", “4 l’estragon" etc, 
and be less eclectic. As for the 
“jus Granny Smith” on the 
crime b nil fee I suppose that 

is plain old apple juice. 


Elucidations and examples 
of similar gobbledegook 
gratefully received. 

Giles MacDonogh 

■ The Guild of Food Writers, 
sponsored this year by 
restaurateur Nlco Ladenis, has 
launched the 1994 Jeremy 
Round Award, to find the best 
young food writer. 

Entrants, who must be under 
25, are invited to write a 
stimulating, mouthwatering 
or witty piece about sausages, 
in. no more than 800 wards. 

The prize of £500 will be 
presented at a luncheon at 
Nico at Ninety, Park Lane, 
London, In mld-Jtme. 

Closing date for entries is 
Friday May 13. Entries should 
be sent to The Secretary, The 
Guild of Food Writers. 27 
Lebanon Park, Twickenham. 


Middlesex TW1 3DF. 

Philippa Davenport 

■ If you plan to be in 
Cambridgeshire over Easter 
and are looking for an. outing 
that will satisfy a variety of 
tastes, you might aim for 
Elton, just off the A605, eight 
miles west of Peterborough. 

For those who cannot resist 
stately homes, Elton Hall will 
feed the mind, and a branch 
of Loch Fyne Oyster Bar, 
housed in Elton Hall's old 
dairy, will feed the body with 
west coast seafood. Prices are 
modest and opening hours 
from 9am until 9pm seven days 
a week. 

For menu details ring 
0832-280298. PD 


WANTED 

We will pay auction hammer prices. 
Papua* immediate. Please telephone 
PWicfc Wgkfagon 071-267 1945 

I WIUOhEON VWTNERS UWTBD 
Firm Witter Merchants 
Corwtortne Rd Lundoi NWS ZLN 



Yering’s Meriot 1991, is sold out) 
Grape prices for the 1994 harvest 
are at an all-time high as producers 
jockey to meet dpmand while new 
| r'l vineyards come into production. Same 
“boutique” producers with deep pock- 
' k/ ets are said to have offered more than 
AS2.000 a tome for premium grapes 
such as Cabernet Sauvignon and 
>egrower Chardonnay. 

therefore The interesting development this 
vineyard year is that Shiraz, Australia’s Syrah 
example, which has for long been the country’s 
in a fifth most planted red wine grape and has 
been despised for it, is now comma nd- 
, on the ing the same price as Cabamet in 
>f export many regions, particularly in parts of 
: lauded Victoria and the Barossa Valley 
leir pro- where it performs particularly wefi. 
Britain Earlier tbfa year Australia signed a 
and, to a bilateral trade agreement with Europe 
Sweden which formalised its wine labelling, 
Austra- prohibited the use of such terms as 
idk. Champagne, Hermitage, and Bur- 
re than gundy in the long term, and ratifed 
nd it is exact proportions of grape varieties 
industry and regions which would be allowed 
i AJlbn In blends: In theory, Australian wines 
tw vine- should henceforth become more 
l estab- “European" in constitution, but there 
jpedaBy are few signs that Australian wine- 
era part makers will abandon their hallmark 
lich has practice of blending the produce of a 
expert- paletteof wine regions which may be 
rf West- many hundreds of miles, and styles, 
Isolated, apart 

highly ■ Green Point 1991 is a forward, exu- 
wnnois- beremt, wmeJnther champagne method 
ply and wine selling for £10.49 at bigger 
[ at see- brandies of 7nost major chains. Trap- 
> finest iche 's best buys are the Malbec 1990 
mntry’s £3.49 from Morrisons supermarkets 
l prices and, a real humdinger. Medulla 1991 
Austra- Cabernet Sauvignon J&95 from Grape 
f. Yarn Ideas of Oxford, 

Loudon 
13 th April 1994 
11am 

Wines, Spirits 

Vintage Port. 

A Bordeaux Bonanza far Claret lovers. 

The outstanding chateaux or the Union des 
Grands Crus de Bordeaux have released some 
of their greatest wines for 
Sothebyls 250 ih Anniversary. 

Great Vintages, "Gnuids Formats." 

Special Pre-Sale Tasting for catalogue holders. 

For advice or more information, 
please contact Sotheby's Wine Department; 
34-SS New Bond Street. London W1A 2AA 
Telephone 071-493 8080 and speak to 
Serena Sutcliffe MW, Stephen Mould or Michael Egan 

or fax 071-499 7091. 
To order a catalogue (£7 UK Inc p+p). 

please call 0234 84)043. 
Future sales are on Uth May, 15th June and 13th July. 

Wine Courses start 6th ApriL' 


SOTHEBY’S 


POUNDED ITU 







l IkJ 

Mi 

V 




HOW TO SPEND IT 


There’s room for 
growth in the 
shaving market 


I t must be fan working 
as a marketing execu- 
tive for a fancy cosmet- 
ics company: big bud- 
gets: a chance to put the 
imagination into overdrive and 
create new fashions for the 
workaday to aspire to. Rivet- 
ing, absolutely fabulous. 

Experts at Chanel, the Paris- 
based perfumery, have enjoyed 
preparing for the May 2 UK 
relaunch of Four Monsieur, the 
range of shaving products dat- 
ing from 1955. Their aim, says 
the glossy artwork, is to revive 

“the art of shaving to a 

whisker". 

In their terribly d la mode 
minds are images of tradi- 
tional grey-flannelled English 
gents, luxuriating on chrome 
barbers’ chairs; of silken-faced 
chaps who have rejected 1980s 
designer stubble and. yet, are 
sufficiently modem to be 
happy with dabbing a little 
scented moisturiser on their 
faces. 

So journalists, including 
yours truly from the Financial 
Times, have been invited for a 
complimentary shave at Clar- 
idges, a pot of coffee after- 
wards, a spiel from fresh-faced, 
French-speaking mistresses of 
public relations on the impor- 
tance of silicon derivatives to 
the adhering properties of 
shaving cream, and a compli- 
mentary package of Pour Mon- 
sieur products. 


Such stunts are common. 
The 1990 launch of Chanel’s 
successful L'Egoiste range - 
aimed at the mysterious, amo- 
rously-inclined male 
included slap-up romantic din- 
ners for fashion writers and 
spouses (come to think of it, 
the life of a fashion writer is 
pretty fun too, once you swal- 
low the ignominy of being 
manipulated by the marketing 

Ralph Atkins 
reports from the 
cutting edge 
of cosmetics 


teams). 

Of course, not everyone is 
taken in. Shaving is, in 
essence, a chore. No amount of 
expensive perfume or imagery 
Is going to remove the drudg- 
ery. There are just three aims 
of shaving: to be rid of any 
trace of beard, to smell nice 
(particularly to the female of 
the species) and to avoid bits 
lying at the bottom of the sink 
when your partner next uses 
the bathroom. If any cosmetics 
company could make a product 
that achieved all three, and 
sold it in plain containers, I 
would buy a vat-full. . 

So, against such 
down-to-earth criteria, is the 


Pour Monsieur promotion all 
piffle? Tm not sure if I rave 
about the barber’s shop. Shav- 
ing is a practice reserved for a 
pre-breakfast scramble to look 
respectable - a thna when the 
mind has not yet downloaded 
communication skills. But it 
ma kes a change to have some- 
one else tending to all the inac- 
cessible places of the face, and 
to cleaning the sink after- 
wards. There is also an art to 
shaving, albeit quickly 
acquired: the use of hot towels 
to soften the bristle; the use of 
the cut-throat razor along the 
grain of the beard, avoiding 
major arteries. 

Chanel has its work cut out, 
however, if it believes it can 
revive the generation of Swee- 
ney Todd. So far has demand 
for a shaving service fallen 
that Ciaridges only trims about 
four people a week, at £10 a 
head. Rival luxury hotel The 
Waldorf, though offering a full 
male hairdressing salon, does 
not provide such a service at 
alL 

More obviously, the re- 
launch of Pour Monsieur is 
intended to throw off the prod- 
uct’s slightly old- man image 
and boost sales to chaps will- 
ing to pay £10.50 tor a can of 
shaving foam or £21 for a 
100ml bottle of aftershave. To 
achieve this it has been refor- 
mulated - all those extra sili- 
con derivatives - and repack- 



aged. It is now going to be sold 
In clouded, not clear, glass bot- 
tles; the grey used for the shav- 
ing foam’s container is Lighter. 
Wow. 

There is plenty of room for 
growth; so far Pour Monsieur 
is only a follicle on the face of 


the cosmetics market Chanel 
sells six times as much of its 
ladies’ perfume No 5. But the 
company must reckon it can- 
not be too long before as many 
men as women care about how 
they smeU 

And in the smell stakes, 


Pour Monsieur fares well. 1 
thought of trying a proper con- 
sumer test but a sniff along 
the shelves of Boots the Chem- 
ist proved the only challengers 
are the equally expensive prod- 
ucts from other perfume 
houses. In comparison, stan- 


dard pre-electric lotion or after- 
shaves smell like white spirit 
When it comes to the top-notch 
products, the differences are a 
matter of taste. (Incidentally, 
Ciaridges uses its own brand 
when not r unning promotions 
for Chanel) 


Pour Monsieur is described 
as combining Si cilian lemons, 
cardamom, oak moss and Vir- 
ginian cedar. It is certainly 
lemony, as in tarie cm citron 
rather than washing-up liquid. 
“Prooooor,” said my wife, but I 
think she liked it really. 



When in London say ‘Chodo ii’ 


3L 

House ot Hanover's manager Kotehi Nagashima soils UK-branded goods to , 


Timor HunphrtSB 


I t is lunchtime in Hanover 
Square in central London, 
and House of Hanover is 
crowded with tourists till- 
ing their shopping carts with 
Walkers shortbread, Wedg- 
wood china and Twinings tea. 
A saleswoman rushes over to a 
man who has wandered toward 
a rack of Burberrys raincoats. 
“Excuse me sir, those coats are 
for women,” she says, steering 
him to the men’s side of the 
department. "We have many 
stylish items.” she exclaims. 
“They’re very cheap." 

Actually, she said something 
more like: “Suimasen, sochira 
toajosei na mono desu. KakhoU 
mono arismasu yo. Yasid desu 
yo.” For House of Hanover is 
not just a run-of-the-mill souve 
nir shop. Along with several 
other such stores in London, 
many with familiar Japanese 
department store names, it 
caters almost exclusively for 
Japanese tourists. 

Many of the staff in these 
shops are Japanese, as are 70 
to 99 per cent of their custom- 
ers. The shops carry largely 
the same range of typical Brit- 
ish products, but the ethos in 
the stores is imported from 
home. At Igirisu-ya, for exam- 
ple, formal announcements 
over the shop sound system 
thank the shoppers for their 
patronage in formal Japanese, 
and bowing clerks murmuring 
“Irasshaimase " (“Welcome to 
our store”) can be seen in 
every department 
Shopping Is an essential 
component of a Japanese trip 
abroad and according to the 
British Tourist Authority, Jap- 
anese people regularly list 
good shopping as a reason for 
coming to London. Japanese 
custom dictates that travellers 


must bring back omiage - sou- 
venirs - for everyone. 

The Japanese are among the 
most generous spenders to 
visit England. According to 
British Tourist Authority fig- 
ures, the Japanese spend 16 per 
cent less time in Britain than 
all other foreign visitors, but 
part with 37 per cent more 
money. 

Although tigures have not 
been compiled for 1993, the 
BTA estimates 580,000 visitors 


Many of the goods in the 
shops, although available in 
Japan, are as much as 70 per 
cent cheaper here. But accord- 
ing to Noriko Mogami, assis- 
tant manager at T akashimay a: 
“A lot of Japanese have a busi- 
ness-orientated mind and they 
know a lot about how much 
things cost. As soon as they 
come into the shop they bring 
out their calculators and if 
they think an item is not much 
cheaper than it is in Japan, 


In London's special Japanese shops , 
there are no language barriers and 
they accept yen. Motoko Rich reports 


travelled to Britain from 
Japan, spending around £3 12m, 
up 8 per cent from 1992. The 
number of visitors has grown 
steadily since 1978. 

Three main tour companies, 
Japan Travel Bureau, Nippon 
Travel and Mtiri Travel, serve 
about 155,000 tourists a year 
between them. They deliver cli- 
ents to the Japanese shops at 
the end of half-day bus tours, 
sometimes for just 20 frenzied 
minutes. 

For those whose visits are 
brief - and a two-day stop is 
common - shopping must be 
squeezed in between sight- 
seeing, theatre-going and res- 
taurant hopping. The special 
Japanese shops make things 
easy: there are no language 
barriers, they provide VAT 
refund services (Sogo in Picca- 
dilly automatically calculates 
the refund on the sales receipt, 
and the back of the receipt is a 
customs form) and they accept 
yen for payment 


they won’t buy it" 

While she spoke a Japanese 
mother and daughter huddled 
over a pile of Ballantyne sweat- 
ers, punching the prices into 
their calculators. “So £40 
means ¥7,000 ... is that 
cheaper, do you think?" they 
murmured. 

At House of Hanover, man- 
ager Koichi Nagashima said 
customers were now more 
choosy. He said shodo-gai - 
impulse buying - was rare. 
“They used to buy things just 
because they were there. Now 
they are careful to buy what 
they want." 

In recent years, Japanese 
tourists have become less con- 
tent to jump on a bus and be 
led to House of Hanover or 
Takashimaya. 

Mogami said that although 
Japanese tourists used the spe- 
ciality shops almost exclu- 
sively 10 to 20 years ago, they 
are now more aware of other, 
more “native” shopping attrac- 


E ven in the age of fax, 
telephones and com- 
municating comput- 
ers. there is still no 
better - or more popular - way 
of communication than the 
greeting card. According to the 
Greeting Card and Calendar 
Association, 2.427m cards are 
sold each year in the UK alone. 

Greeting cards are keeping 
pace with our increasingly 
design-oriented tunes. Individ- 
ual artists, craftsmen, photog- 
raphers, illustrators and archi- 
tects an? Luming their hand to 
the art. Cards now display a 
range of design techniques and 
there is a wealth of choice. 

According to Christopher 
Corriingly, of Art Angels Pub- 
lishers: "U is a heavily popu- 
lated industry in which you 
have to carve your own niche.’ 
He looks for a distinctive style 
and ullages which have 3 uni- 
versal appeal. Lucy Clibbon Is 
one of four recent art school 
graduates lie has commis- 
sioned. 

Initially inspired by a post- 
card made to illustrate her 
degree show, she now has a 
range nr 50 cards which an? 
sold worldwide. She uses two 
techniques, monoprinting and 
gesso (primal paint). Her 
gently humorous designs a re 
full o! detail. “Hand In Mar- 
riage" features a couple m tra- 
ditional wedding dress within 
the outline of a hand. 
Surrounding them, anc in 


Old idea: new greeting 


Keeping up with the designer age 
is a challenge . Helen Lowry finds 
how the card industry is coping 


the fingers, are hearts, cham- 
pagne glasses, a wedding cake, 
and various other objects asso- 
ciated with marriage. 

Each Art Angels card is 
given a title and all are “blank 
message” cards. Improvement 
in reproduction quality has 
opened the market to numer- 
ous other professionals. 

Emma Tennant specialises in 
rag-rug malting , a traditional 
emit In the south of Scotland 
from where she comes. She 
describes the craft as “the flip 
side of patchwork". 

Using left-over bits of wool 
in particular scrap tweed, she 
pulls them with a hook 
through hessian. First trans- 
formed into wrapping paper, 
the bouncy texture and vibrant 
colours are captured equally 
well in card form. Living on a 
farm. Tennant's designs are 
inspired by looking out of the 
window. 

It is partly the simplicity of 
her designs - a cat, sheep, pig 
or flowers - which gives the 
cards their charm. 


Michael Aahpool of IMAI 
Design, also uses a traditional 
craft, the Japanese paper-fold- 
ing art of origami. He regularly 
makes trips to Japan to buy 
“washi", vast sheets of band- 
made, silk-screen paper. 

He believes that “an image 
must be simple and stand out”. 
His first, and most popular 
design. Is a miniature represen- 
tation of the kimono, one of 
the meet recognisable and col- 
ourful of oriental images. His 
range also includes a swan and 
butterfly, and can be bought at 
The Conran Shop (address 
below); The British Museum, 
Bloomsbury, London WC1; and 
The Japan Centre. Piccadilly, 
Wl. 

Individual ventures and con- 
temporary designers are only 
one aspect of the card market 
Galleries and museums, as 
well as reproducing items from 
their collections, are increas- 
ingly bringing out ranges to 
cover special exhibitions. 

The Victoria and Albert 
Museum, Cromwell Road, Lon- 



Fram the Design Museum a cut-out card of a Fate Rado 


don SW7 2RL, has a large and 
varied card selection, ranging 
from reproductions of William 
Morris prints to hand-made 
cards by young contemporary 
artists. 

They have produced a series 
of cards following the popular 
Fornasetti exhibition. Black 
and white designs feature the 
classic Fornasetti woman. Her 
smooth and expressionless face 
forms the bead of a light bulb, 
a sun, or just her eyes and 
nose are encompassed in a 
winding ribbon. 

Foraasetti's colour drawings, 
although blank inside, have 
"occasion" themes. “Paloni", 


which depicts a sky scattered 
with hot air balloons, is an 
ideal card for someone about to 
set off on a trip; “Brindisi”, the 
striking image of a man and 
woman's aim crossing in the 
air, their glasses raised in a 
celebratory gesture, could 
mark an anniversary or 
engagement 

The Design Museum, Shad 
Thames, London SE1 2 YD, has 
a small but excellent selection. 
Fold-out cards, created by Jap- 
anese architect Masahiro Cha- 
tanl depict simple shapes, 
scenes or buildings. “Dining 
Niche”, a table and chairs, cap- 
tures the intimacy of a dinner. 


There are three-dimensional 
representations of the Taj 
Mahal a multi-tiered wedding 
cake, and an abstract rfpsign 
entitled “Blocks”, in contrast 
to this understated collection, 
is a series of cards celebrating 
product-design throughout his- 
tory. 

Each card Is a bold cut-out 
There is, among others, a pop- 
inspired Valentine Typewriter, 
bright red and toy-like; a Pre- 
dicta Television, one of the 
most famous images of post- 
war industrial design; and a 
classic 1930s BMW motor- 
cycle. 

■ Art Angels cards are avail- 
able at Liberty of Regent Street. 
London Wl; The Conran Shop. 
81 Fulham Road. London SW3; 
The General Trading Company. 
144 Sloan e Street, London $W1; 
The Medici Gallery, 7 Grafton 
Street, London Wl; and The 
Royal College of Art. Kensing- 
ton Core. London SW7. 

■ Emma Tennant cards, pub- 
lished by Frederica Freer Greet- 
ing Cards, are available at: The 
General Trading Company; 
Graham & Greene, 4 Elgin 
Crescent. London Wll; The 
Royal Horticultural Society. 
Vincent Sguare, London SWI; 
The Chelsea Gardener, 125 Syd- 
ney Street, London SW3; Dar- 
lington Cider Press (Devon); 
The Village Bakery (Cumbria) 
and the National Trust 


tions. She said many people 
were repeat travellers who 
“know where to go and and do 
not go to Japanese shops any 
more. They now go to Sloane 
Square, Kings Road, Covent 
Garden and the markets. 

“Now we are asked many 
times how to get to Camden or 
Porto belio so we are becoming 
a tourist information centre." 

As more travellers break 
away from the traditional 
package tour, shoppers will 
branch out in their shopping 
habits. 

Maim Tanaka, a university 
student, was travelling for nine 
days in London with two 
friends. Although they went on 
one bus tour, they had been 
scouting through Harrods, 
Marks and Spencer, Selfridge’s, 
Laura Ashley and Liberty. 

Staff at many high street 
shops frequented by Japanese 
tourists say they considered 
them good customers. “They 
are very polite," said Miss Olga 


Gasson, a sales clerk on the 
ladies’ rainwear floor at the 
Burberrys Regent Street 
store. 

Some 42 per cent of Burber- 
rys’ sales come from Japanese 
tourists, and the company 
makes special small sizes for 
Japanese bodies. 

Liberty gives out extra bags 
to Japanese customers to use 
as gift wrap. These stores also 
cater for Japanese shoppers by 
placing Japanese speakers in 
their most popular outlets. 
Burberrys has three in its Hay- 
market store and two in the 
Regent Street store. 

Liberty on Regent Street 
employs one Japanese speaker 
and Is teaching several of its 
staff who work in the depart- 
ments where Tana Lawn 
scarves, fabrics and bags - 
very popular among Japanese 
women - are sold. 

One of the most important 
phrases that staff are taught is 
“Chodo ii’’ - "That's perfect!” 


Pack your suit: 



-H- 


Your bathing suit 



-h|- 

that is. 



THE PENINSULA 


MANILA 


lu ii t Tut f 




The Pmnul* Hang Kong ■ Mirtli • »■ Ywfc ■ Bwerty I Bill 
Rjla.ii Hold Brfjina ■ Hie Koitoon Had Mon; Kong 


t 

1 

t 


I 

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XX WEEKEND FT 



TRAVEL 


Fiddles, pipes and pubs 


M iltown Malbay is 
the kind of town 
people drive 
through to get 
somewhere else. 
Surrounded by hay field and cow 
pasture and rhubarb patch, it sits in 
tbe Irish county of Clare a mile or 
so inland from the Atlantic coast. 

Not far away are the sort of 
attractions that draw busloads of 
sight-seers: to the north, tbe bat- 
tered cMflh of Moher, to the south, 
across the mouth of the Shannon, 
the lush Ring of Kerry. But no tour- 
buses ever stop in Miltown. I only 
stopped there myself for the pubs. 

Irish pubs are remarkable. To say 
nothing, for the moment of what 
goes on inside them, they have a 
strong external visual appeal - half 
the arty postcards on Ireland's 
news-stands are of Irish pubs. It is 
not just that they are quaint and 
colourful. They demand a particular 
Irish genius, a flair for spontaneity. 

Ignore the nylon bedsheets, the 
plastic flowers, the porcelain ducks 
on the wait the framed, illuminated 
Jesus over the bed in your bed-and- 
breakfast room. The same disingen- 
uous, naive, confident and quirky 
style that produces them finds its 
true expression in the Irish pub. 
Who can decorate in forthright pink 
and mauve and get away with it? 
Only the roadside pubs and fuchsia 
hedges in the west of Ireland. 

The pubs of Miltown Malbay, 
though, failed to amaze with their 
facades. In foot, they seemed dowdy 
and deserted, in need of a window- 
washing and a coat of paint Those 
with lace curtains seemed down- 
right dusty. What was impressive 
was their number. No more than 
600 people live in Miltown. Yet, 
scattered along its little high street 
- and far outnumbering such pedes- 
trian establishments as M Lenihan’s 
Hair Salon and Casey’s General 
Drapers and Outfitters - are no few- 
erthan 19 pubs. Dowdy or not, any 
town with 19 pubs deserves. I 
thought, a looking into. 

It does not take much asking 
around. Any citizen of Miltown will 
tell you that for a large part of the 
year most of these places are mori- 
bund; open, yes, but hardly busy. I 
stuck my head in one and withdrew 
it. disconcerted by the sight of one 
lonely white-haired drinker sitting 
in front of an empty pint glass. 
O'Briens and O'Donoghue's, Hiller- 


in County Clare 


y*s and Hennessey's, Cleary’s, Clan- 
cy’s and Cogan’s, Tulty’s and Tom 
Malone’s, the Fiddler’s Inn. the 
Armada Lounge, the Malbay Bar, 
all these and a handful more pubs 
survive, but only just 
Why so many drinking establish- 
ments in the first place? Not so long 
ago Miltown was a busier, more 
prosperous and thirstier town than 
it is today, a market centre that 
served a countryside of cattle farms. 
In the age of prolonged recession 
and EU production quotas, though, 
not even the greenest grass in 
Europe can guarantee prosperity. 
As in many chronically depressed 
towns of the Irish west that have 
failed to pick up on tourism, people 
have lost jobs, lost heart, packed up 
and gone away. It is nothing new; it 
has been happening on and off here 
ever since the potato famine. 


music, tribal music, a racial recol- 
lection. 

Walk into a pub where a roomful 
of drinkers are gathered near a 
table of fiddles going full tilt, or 

round a woman singing alone in sad 
lament and your tribal brain will 
recognise it for the old call it is. It 
will raise the hairs on the back of 
your neck and set your blood pump- 
ing. 

Twenty years ago. Muiris told me, 
he was spurred to action by the 
death of bis friend Willie Clancy, 
then Clare's best known musician. 
Like other admirers of things 
Gaelic, Muiris saw that the old 
ways were slipping through then- 
fingers, that knowledge of Irish 
music was dying with the passing 
of each generation. So began the 
Willie Clancy Summer School, a 
link allowing the passing on of 


Dowdy or not , any town with 19 pubs 
deserves serious scrutiny. Nicholas 
Woodsworth was equal to the task 


Yet Miltown Malbay and its pubs 
hang on. In chatting over a large 
whiskey with Muiris CRochain, I 
learned a little about the Irish 
music that is keeping this town and 
its traditions alive. 

Muiris is a cattle farmer, a tall, 
burly man with an outdoor com- 
plexion. Yet all his life, like many 
other people in Clare, he has had a 
second activity, an occupation that 
amounts almost to a palling - 
music. 

In western Ireland, and in Clare 
particularly, traditional music - the 
setting of fiddle, flute, whistle, ufl- 
leann pipes or concertina to old 
songs and tunes - is more than a 
hobby; it is the vehicle that carries 
the memory of the past. 

Nor is there any question about 
the power of Irish music to carry 
such a ponderous emotional load In 
file high driving lilt of the fiddle or 
longing of the iriligann pipes there 
is something compelling, irratio- 
nally stirring. Like the best, simpl- 
est and strongest of arts, this is a 
music that draws on something far 
deeper than mere intellect. What 
makes it different is that it is the 
expression not of the individual but 
of the group. This is clannish 


music to younger players. 

Today it is a school of interna- 
tional repute, drawing 800 advanced 
musicians a year to intensive clas- 
ses. lectures, workshops and recit- 
als in Miltown. In their wake follow 
6.000 enthusiastic non-enrolled 
musicians and music lovers who 
night and day crowd into every pub 
in town to exchange tunes, pick up 
techniques, and enjoy “the crack” - 
the good times that flow from music 
and beer and Irish conviviality. 

When the sun shines, Miltown 
Malbay makes hay. For the short 
period the school is in session the 
town’s bars, shops, restaurants and 
bed-and-breakfasts make a hand- 
some turnover. Without the profits 
generated by the school. Miltown ’s 
economy, less resilient than its 
musical culture, would collapse. 

If money is in short supply the 
rest of the year, music is not On 
the evening I spoke to Muiris, I 
wandered down to Spanish Point, 
where in a pub overlooking the sea 
the Wolfe Tones were giving a con- 
cert 

Thirty years ago they were young 
firebrands, four hot-blooded musical 
militants from Dublin who could 
work a crowd to fever-pitch with 


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1994 Club Med. 


Mifou took the children. 


< ... 

u-’- ■ ; ■, .. . ‘ . 


FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 IW4 


republican songs of British oppres- 
sion and the glory of Irish martyr- 
dom. Today they are old firebrands, 
greying, red-faced, and tending to 
fat, but still together and still capa- 
ble, through their music, of firing 
the emotions of Irish history. 

During the evening the Wolf 
Tones missed no chance to 
denounce, musically, what between 
songs they called “200 years of the 
impoverishment of Ireland by Brit- 
ish government policies”. By the 
end of the evening, closing with A 
Nation Once Again, the; had the 
younger and more athletic section 
of the audience swinging, literally, 
from the rafters. 

But Irish music is not made by 
cabals bent on sentimentalising vio- 
lence. At its best it is poetry, and in 
Clare its inspiration comes less 
often from violence than from the 
gentle world of bog and farm. 

On the morning I met him, Junior 
Orp han told me he began composing 
songs simply by listening to the 
world as he worked around his farm 
- to file rhy thmi c sound of a mow- 
ing machine, or the huff of the West 
Clare Railway in the distance. 
Despite his name. Junior has sil- 
very hair, tobacco-stained fingers 
and blue eyes that have turned 
milky with age. At 85 he is the 
respected doyen of Clare musicians; 
his jigs and reels have sent friends 
dancing across the great stone flags 
of his farm-house since the early 
part of this century. 

Junior apologised for his sleepi- 
ness as we talked in his kitchen; the 
evening before, in the nearby vil- 
lage of Mallagh. he had played fid- 
dle in Moron ey’s Bar with a dozen 
other musicians until two in the 
morning. That was nothing, he said; 
as a young man he had often played 
at country house dances until Tam. 

“Some people thought we were 
crazy,” he said, “but they knew 
nothing about music. It was in our 
blood. For os it was a religion ” 

Perhaps too much so. In the 1930s 
the Irish clergy, citing imm oral 
behaviour among the young, 
pressed for the passage of the Dance 
Hall Act. It was a bill which 
brought the days of the great coun- 
try dances to an end and provoked 
a long decline in traditional music. 

Not everything from that period 
is lost Traditional Irish music has 
undergone a great revival and, says 
Junior, never looked better than 




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today. Best of all remain the late- 
night pub sessions that sometimes 
begin only when the blinds are 
drawn, the front door is locked, and 
the place appears dosed. 

In Friers, a Miltown pub that is 
second home to local musicians , no 
matter how tough times get, you 
are likely to hear an impromptu ses- 
sion begin any time the Guinness 
begins to flow. If you wait long 
enough you will see music, stories 


and poetry transform themselves as 
the night draws on from simple 
words and notes into some kind of 
magic. 

What I am waiting to see now is 
the week when a thousand fiddle 
and pipe players are let loose in the 
street of 19 pubs. 

■ Send inquiries about the 1994 
WiUie Clancy Summer School (July 
3-11) Uk Afiifru OHocham. director. 
Scad Samhrcddh Willie Clancy, MU- 


town Malbay. Co Clare. Ireland. ■ 

■ Irish Cycling Safaris organises 
guided tours around the toes t coast of 
Ireland. It says the tours combine 
quiet country backroads with tradi- 
tional Irish entertainment. The 
charge is £275 far a week, including 
bike hoe and seven nights’ b & b; 
add about £10-£15 per head per day 
for lunch and dinner. Inquiries: 7 
Dartry Park. Dublin 6 Ireland, tel: 
010353-1-2600749. 




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Spring Offer 


£145 per person for 2 nights - pins one night free 

Experience the fabulous Old Course Hotel and Spa at only £145 
per person during a double room. 

This rate is valid fen 1 2 nights between April 1st and May 30th 
1994. When, you stay we will give you a voucher for free 
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taken between November 1st 1994 and April 30th 1995. 

This special offer includes: 

♦ Luxury accommodation & full Scottish breakfast 

♦ Full use of the hotel's excellent Spa facilities 

♦ Every assistance provided by hotel's golf professionals and 
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♦ Fine choice of dining available both within the hotel and 
locally. 

To make your booking or for further information please 
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St Andrews 
Fife KY16 9SP 

Tel: 0334 74371 Fax: 0334 77663 X 


Twekte Ai^el '?{i[l 

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Intimate and friendly 
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Weekend breaks from £110 
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Take a Champagne Break at one 
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Fill in the coupon or telephone the hotel of your choice. 
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TOUCSTONES PftEMER HOTEL 
Elegant Rcgacy-Style cliff lop told 
80 bcdioon n cn-coitc, colour TV. 
w pkoni c Cray, telephone. Solarium. 

SPECIAL CUFTON BREAKS 
2 rights BAB £63 pp 
2 sights Dinner BAB £85 pp 
3 njehb Dinner B&B£1 1 ILSOpp 
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NON STOP-OR FULL STOP? 

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Come end decide for youreelt For Brochure contact: 

COMBE GROVE MANOR 


Mbukton Combe, Bath. TefcflttaS) 834644 FagfQMS) ggiBBI 


HIGHBULLEN 

Country House Hotel, Chittlehamholt, North Devon 

* Secluded Yet Marvellous Views. * Highly Rated Restaurant. 
• 35 Double Rooms With Bath, Colour T.Y. 

In all the impartial Hotel Guides 
£4730 - £70 per person, including dinner, breakfast, service, 
vat and UNLIMITED FREE GOLF 

Winter rates until end of March. 
Snnday-Thursday inc. 3 nights for the price of 2. 
Additional nights half price. 

Indoor & outdoor heated pools, outdoor & INDOOR tennis. 

Squash, croquet, billiards, sauna, steam room, sunbed, 
spa bath, indoor putting, nine-hole par thirty-one golf course 
(resident professional). Executive conferences max 20. 
Children over 3. 

RIVERSIDE FISHING LODGE 5 bedrooms 
self catering (services available). 85 acre ancient woodland. 

Telephone 0769 540561 13 


THEBLAKENEY 

HOTEL 

ETB • AA/RAC *** 

Blakaaey, Nr. Bok, Norfolk 

I Traditional privately owned 
friendly hotel overlooking 
National Trust Harbour. Heated 
indoor pool, spa bath, saunas, 
mini gym, billiard room. Visit 
to relax, walk, birdwaich, sad, 

• play golf, 

and view historic places 
including Sandringham . 
the Norfolk villages, countryside 
and coast. 

MIDWEEK AND 
WEEKEND BREAKS 
SPECIAL 

FOUR DAY HOLIDAYS 

Telephone 0263 740797 
fora brochure 15 


ESSENTIAL HOTELS 
BROCHURE GUIDE 

ORDER FORM 

Please enter the appropriate number for the hotel brochures you would like 
to receive, enter your own name and address and then send or fax this 
coupon to the address shown. Replies must be received no later than 26 
April 1994. 


1. 

Twelve Angel Hill 

□ 

12. 

Combe Grove Manor 

□ 

2 

The Gallery Hotel (London) 

□ 

13. 

Highbulien Hotel 

□ 

3. 

The Halkrn Hotel 

□ 

14. 

The Selsdon Park Hotel 

□ 

4. 

St Andrews Old Course Hotel 

a 

15. 

The Blakeney Hotel 

a 

5. 

Nutfield Prioiy 

a 

16. 

Willet Hotel 

a 

6. 

Budock Vean 

a 

17. 

London Elizabeth Hotel 

a 

7. 

Vital Hotel Royal 

a 

18. 

Cashel House Hotel 

a 

8. 

Danesfield House 

a 

19. 

Elizabeth Hotel 

a 

9. 

Island Hotel 

a 

19a. 

Elizabeth Hotel Apartments 

a 

10. 

Historic House Hotels 

a 

20. 

The Celtic Manor Hotel 

a 

11. 

The Clifton Hotel 

a 

21. 

The Cally Palace Hotel 

a 




22. 

The Gallery Hotel 

a 

TITLE INITIAI 

.... SURNAME. - 



EUZAECTH 

& APARTMENTS 

37ECCLESTON 
SQUARE, VICTORIA, 
LONDON SWIV IPB. 
Tel; 071-828 6812 
Friendly, private hotel in ideal, 
central, quiet location 
overlooking magnificent 
gardens of stately residential 
square, dose to Belgravia. 
Comfortable Singles 
from £36.00. 

Doubles/Twins from £58.00 and 
Family Rooms from £75.00 
including good 
ENGLISH BREAKFAST & 
VAT. 

Abo luxury 2 bedroom & 
studio apartments (min. let 
3 months) 

COLOUR BROCHURE 
AVAILABLE 
Egon Ronay/RAC 


25% 

OFF 


At This Superb Town House Hotel: 

•Overlooking Hyde Park * Private Car Park 
*55 Personalised Rooms * Restaurant & Bar 
•24 Hour Room Service * Supeib Central Location 

LONDON ELIZABETH HOTEL 
Lancaster Terrace, Hyde Park, London W2 3PF 
Tel: 071-402 6641 Fax:071-2248900 

* Your pleasure is our business ” 


In a luxury Connemara hideaway by the sea. 
An oasis of character, calm, charm, comfort and cuisine. 
Our own beach, bikes, woods, mountains, 100 year old gardens, 
fishing, tenn is, boats, riding, stables, turf fires, 
pets welcome. Library and mini-suites. Golf locally. 
CASHEL HOUSE HOTEL 
CONNEMARA Co. Galway 
"Miles From Anywhere" 

BUT ONLY 3 HOURS FROM LONDON 


If you want to promote 
your hotel to a discerning 
& affluent audience 
don't miss the next 

ESSENTIAL 
HOTEL GUIDE 

ON 

30th April 1994 

For further details or to 
reserve your space 
please telephone 

ALISON PRIN on: 
071 873 3576 
or lax details on: 
071873 3098- 


HOTEL 

Victorian Manor Hhu«e. Snt in 
300 acres ofhQlside woodland. 
Ideally located fur exploring the 
beautiful Gwent Countryeide. 
With cnigme prepared by Trefor 
Jones, Welsh Chef of the Year. 
Indoor Pool A Leisure Facilities. 
£50.00 per person per 
night Dinner, Bed 
and Breakfast. 
fFri, Sat or Sun) 

The Celtic Manor Hotel 
* Coldra Woods • Newport 
■ Gwent • NP6 2YA 

TEL: 0033 418000 20 


DAYTIME TELEPHONE: 

WEEKEND FT ESSENTIAL HOTELS 
BROCHURE SERVICE 

(Ref 7/94) Capacity House, 

2-6 Rothsay Street, London SE1 4UD. 

Fax No: 071 357 6065 

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GATEHOUSE OF FLEET, 

DUMFRIES AND GALLOWAY DG72DL 

w-wwSTOOWiToiri-Bu-n- D01« AA ****«« 

Srilntaowngrour^ 

.8 hols par 70 goU cwirea is fn m ^ ura imodatf aiws and aramJ CsSy IdK. 


Hartwell House 
Tet (029C) 7*7444. 


Historic House Hotels 


NIGHTS FOB 

SIot March to the huge of TWO. 

Monday 30m Mat Book two consecutive nights 

mt^n n i v u, Dana afidd la oflhrip g and mi fh» I-htW I night m 

a special Weekend rate of £70 will offer you complimentary 

per person per night sharing a dinner, overnight 

double room indumve of dinner accommodation and full 

and foil English breakfast. BogHfih b reakfast . 

FOR RESERVATIONS TELEPHONE: 0628 891010 

nANBBnELD BOUSE, HEMffiNHAM. MARTjOW, BUCKS SL73KY 


he Cornwall of Daphne du Marnier, 
mutp ralt, enchanting, _ _ . 

Enjoy the quiet dignity of this fine hotd on 
the banks of the Hdford Rivcr^ct in . * 
65 acres of spectacular parkland, wfcfc • -** 
Gdf Course, indoor S wimming Pboi, jh§. 
Mm Tennis and every amenity. Close to 
mSj National Trust properties and gaidens^^™ 
V* AA*** RAC*** 

BUDOCKVEAN „ 

GOLF A COUNTRY HOUSE HOTEL ^ 


WILLET HOTEL 


32 Sloane Gardens, London SW1 W 8DJ 
Telephone: 071-824 8415 
Fax: 071 -730 4830 Telex: 926678 

SMALL CHARACTER TOWN HOUSE, 
OFF SLOANE SQUARE. 

All modem facilities. 

Full English breakfast inclusive 
of very modest rates. 


£39.50 per person per night rncL of service, 
VAT & Breakfast Available on til 
30th May 1994 inclusive. 

The Gallezy Hotel 
S-10 Queensberry Place, London SW7 2EA 
Tel: 071 915 0000 Fax: 071 915 4400 

angle room rate a variable on request Please quote VTOffeT 


Although within easy reach of London and the Home Counties, 

Nutfield Priory 

is an oasis of tranquillity in 40 acres of its own ground and with 
breathtaking views of Surrey and Sussex countryside. 
Anytime Break rates include: . 

Accommodation in double/twm bedded rooms, a » . 

Traditional English breakfast, 3 course dinner and 

coffee in the award winning Cloisters Restaurant. « 

Full use of luxury leisure dub’s gym, pool , 
squash, sauna and much more, Newspapers, turn 
doom service and VAT. £B5J00 per person per day. 

2 nights minimum slay. * 3 jj j 5. 


NUTFIELD PRIOEY, NUTTEELD, REDHHI* SURREY, BHl 4EN. 
TELEPHONE: RECEPTION (0737) 822066 FAXC0737) 823321 

Deep in the Surrey countryside, readily accessible , with breathtaking views 
tend extravagant architecture and design. 


ill inti 


Italian style and 
elegance comes 
to Belgravia 

Weekend, Easter & 
Bank Holiday breaks 
from £97-“ per person 


The HaMn 
HaBrin Street 
Belgravia 
London 
SW1X7DJ 

Telephone: 071-333 1000 
Fax: 071-333 1100 


; Auv' 





















XXII WEEKEND FT 


FINANCIAL TIMES WEEKEND MARCH 2o/MARCV 




-a* 



gijp%§: ,.|5 



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The French Selection 


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Travel 


1994 


Brochure Guide 


UNICORN HOLIDAYS 



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WORLDWIDE, 

21 OF THE FINEST IN THE UK 

NEW 1994 INTERNATIONAL GUIDE 
FREE FOR PERSON AL CALLERS (£S p*pl 
FROM 7 CORK STREET. LONDON WIX ZAfl 


BRITISH MUSEUM TOURS 




Swiss Travel Service 

Visit magnificent Switzerland with the experts 
Swiss Travel Service, and choose from over 130 
hotels in 30 resorts, scenic rail tours, walking 
weeks and luxury Rhine cruises. 

Call 0235 865656 (24 hours) or complete the 
coupon. 



Join our worldwide holidays based on the 
collections in the British Museum, 
accompanied by specialists. Small groups 
will be visiting: China, South India, Egypt, 
Bulgaria and many more destinations. 

46 Bloomsbury Street, London WCLB 3QQ 
Telephone: 071-323 8895 


-, n HAMPTON HOUSE TRAVEL 

AN INVITATION' TO FRANCE 


tv * .dflkraiAikivY / 



AFRICA EXCLUSIVE specialises in 
arranging superb tailormade safaris 
throughout Africa. From the Sereogcti 


? la ins to the Skeleton Coast; from 
uxorious wildlife lodges to thrilling 
adventures on the Zambezi. 

Let us create exactly the right safari for 
you. Please call 0604 28979. 


/ fhatrv fr-SUifex 


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CHATEAUX AND COUNTRY HOUSE HOTELS 
Specialists in France A Belgium. Superb hotels of 
character and quality in unspoilt locations throughout 
France. Flexible arrangements tailor made for you. 
Travel by car ferry, schwinlrd flights, or train. 
Hampton House Travel 

ABTA D5369 071 223 0601 ATOL 2763 



LUXURY VILLA AND APARTMENT 
RENTALS IN THE WORLD'S 
PREMIER RESORTS: 

Quinta do Lago-Algarve. VUamoum-Algarvt 
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Carolina 

Tel:0S58 545781 For Brochure 


fl FAR EAST 

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Our informative, comprehensive colour 
brouchuie offers everything you expect 
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flexible and expert approach coupled 
with first hand expedience promises the 
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ALTERNATIVE TRAVEL GROUP 

Journeys: Highest quality walking holidays la Europe. 
Foodoece: I n dep en dent jottrooya on foot Tram £35, 
font TaHonnade trips on bicycle from £42. 
Win* Jmbikje Privileged view of wine areas of 
Europe. 

Brochure line: (6865) 310244 


The Irish Selection 






ExplorAsia 

V-bA&p-UuM' 

■ ctiWHWwafcniti* • • 




1 Lind -picked quality hotels and villas wltfapoul in the 
most beautiful pads of Italy. Choose from Tuscany and 
Umbria, Sicily, Sardinia, the Amalfi Coast, Liguria and 
much more. Plus City breaks, the Orient Express, 
palming aod touring holidays. 

For a brochure call 
03Q3 22667U 

ABTAV727S AT0L3P8 

An Tta<d Onnp IMkbys LU 


Adventure Travel with 

Abercrombie & Kent 
First class trekking specialists to the 
extraordinary lands of Nepal, Tibet, Bhutan 
& Pakistan. Tailor-made individual or small 
group itineraries with cultural and wlldUfe 
extensions. Prices from £1,631 for 20 days. 

Tel: 071 730 9(00/973 0482 


THE REAL FRANCE 

An unspoilt comer, as warm in its 
welcome as in its dimate. 

As rich in history as in outdoor activities. 
Where ttie Midi starts 
but not the crowds. 


Phone the Tam 
Tourist Board on 
071-287 9640 
anytime for lots 
more information 



Chez Noun >94 

The brochure dial's different! 1000 private owners 
advertise self-catering Chateaux, villas, 
farmhouse*. cottages, gites, apartments, studios, 
and mobile homes as well us hotels and BAB. You 
book direct and save money! Ail regions of France. 
For (tat 180 page colour brochure; 0484 6S2S03. 
Or write: Chez Nous. Freepost, Holmfirtb. 
Huddersfield, HD7 1BR. 


Enjoy a relaxing motoring holiday in Ireland 
staying in a selection of Irish country homes, 
hotels and castles, aQ chosen for their comfort, good 
food and warm hospitality. 

Time OB 
The Irish Selection 
Chester Close, London 
SWIX 780 071-245 0055 
ABTA AfTO ATOL 



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Smalt group exploratory holidays 
Tours, tides, safaris & expeditions In 
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Americas, Australasia. 

for superb 100 page brochure contact: 
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ATOUAJTO Bonded 


HOTEL HOLIDAYS TO FRANCE 

Frau* liiprcsriofu, offer* tailor- nude, flewblr holidays 
and short btetil* W hotel* of elunn and dwrm.tn (tfc: 
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self-drive pha motordil from 2 raghB to - weeks or 
more Weal tot gastronomic breaks teurms 
holiday*, timilv holiday* •»> dtahiy IwteU aod 
honeymoon*.' ATOL (.W70L A1 It) | 1W2) 

Phone: 071-794 148Q 





HOTEL HOLIDAYS TO ITALY 

rtafen Expressions offers holiday* to hotel-* of diameter 
and prestige (eft Spkralido. VlUa «f Kste) in Tuscany. 
Umbra, the Lakes, ibe Riviera and dries. Fly-drive, 
self-drive. Mofcmii and Venice Sinqrioa-Orictil- 
Express. Ideal for touring holiday*, two or three 
centre holiday*, short break*, honeymoons. 
ATOL (3U7t»).ATTO (1042) 

Phone 071-794 1480 


c i ioking dust as tut. v.n r.u.n m u i :■ 
v.nvt s hot m.oou in nu • tins v am 

COI.D SWfi.A'i' AS Dir I r ( Mi i> D '-si-s 
1-OR THL CHAiKIL- iillM 
WASHcD A.V- A'i' B't THi \U\[ V- Ml Us. 
THF CORAL SANDS ()l- I Hi V Mt AN 
COAST. AS AFRH A S SIT fT.Al.lsis ; || i 
\N(V! I !1!K VITT i-KOM 'IT!! 'A ONI NS VOS| 
!■ A SUIN' AT 1N( i CO NT I'M VI I- Mil: HIM; 
SOI hNRIC T!iN<i AITiU'A. „ 


mi . i ^ 

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21. Mark Warner 

22. Cornwall Tourist Board 

23. Leisure Estates 

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27. Tam Tourist Board 

28. Chez Nous 


1. 

West Country Tourist Board 

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Alternative Travel 

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French Expressions 

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Princess Cruises 

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Nicaragua: waiting 
for the boom-time 


I Q rage and terror, the bull 
tore free of its captors, flew 
past me and rampaged out of 
control down the main 
street. The creature had been 
right to struggle, yet his heroic and 
violent resistance could not alter 
the fact that the last wooden build- 
ing in the street, the slaughter- 
house, was getting nearer. 

He was not really out of control 
The three young local farmers bad 
simply loosened their grip on the 
ropes as their constant goading of 
the wretched ani^^ finally twayma 
too much for him, rt had taken 
them 40 minutes to drag hhn as 
many yards, slithearing through the 
mud and letting out groans of 
anguish. He knew where be was 
going, and yet by charging at his 
tormentors he was playing into 
their hands. 

Such violence and cruelty seemed 
incongruous amid the tranquil sur- 
roundings of El Castillo. The river 
bends at this point, and the jungle 
yields briefly to the pressures of 
20th century agriculture. This 
minor event in the stately pamaig p 
of the Rio San Juan is marked by a 
modest hill, crowned by the 
remains of a 16th century fort, a 
reminder that this part of southern 
Nicaragua was once a prize to be 
fought over by the world’s foremost 
economic powers, Spain and 
England. 


For centuries this wide, navigable 
river, which flows into the huge 
Lake Nicaragua, seemed the most 
Ukely place to build a waterway 
Unking the Atlantic to the Pacific, 
although it lost out to Panama. 

There is only one real street in El 
Castillo, the village the Spaniards 
built. It runs all the way along the 
river and round the of the bill 
and is lined with little wooden 
houses. There are no cars. The near- 


Lizards, spiders and 
the owner’s daughter 
joined Mike Bartram 
in his hotel bedroom 


est road is in San Carlos, three 
hours away by motorboat. Arid s»»n 
Carlos is hardly a transport hub - if 
you miss the bus you have to wait 
four days for the nest one. 

People do not go there much 
these days. Why should they? It is 
not on the way to anywhere, except 
the even more remote and appar- 
ently charmless Caribb ean port of 
San Juan Del Norte. So I felt privi- 
leged to be there for its biggest day 
of the year - the day when the 
minister arrived from Managua to 
hand over formally the lend titles to 
400 families. 


As the focal point of the village, 
the ruined fort was the natural 
choice for the ceremony. Much of 
its ancient stone had disappeared, 
for the time bang, beneath swathes 
of blue-and-white ribbons and flags. 
Most of the grass had disappeared, 
too, beneath the feet of hundreds of 
flag-waving, placard-bearing peas- 
ant farmers, Hirmgh gnrra gh of it 
remained to provide a brilliant con- 
trast with the searing blue sweep of 
the river below. 

The excitement had been mount- 
ing since the previous evening; with 
dozens of villagers of all ages mak- 
ing banners with upbeat 
of peace and reconciliation, or little 
flags in the colours of the UNO gov- 
ernment The sound system started 
blasting out uninhibited dance 
musi c from the top of the hill fr o m 
5am the following morning. 

The crowds gathering on the hill 
were augmented by the arrival of a 
number of overladen river 
launches. A convoy of three helicop- 
ters, one containing the minister for 
agricultural development, addAd a 
final touch of d rama 

Anyone who reads the national 
papers in Nicaragua will know how 
common events are becoming. 
The authorities are not doing any- 
thing as d ramati c as transferring 
ownership of the land to the peas- 
ant formers; rather, they are legi- 
timising their existing holdings. 



And that is important in itself. 

I enjoyed many long conversa- 
tions with the locals; everyone 
wanted to talk. None of the people 
had great expectations of riches, or 
of changes in their lives. They 
believed in God, and in the impor- 
tance Of the famil y They had Tim , 
ited ambitions — more *md healthier 
food; better clothes - but they were 
not, generally, dissatisfied. Some 
people did want more, 1 was told, 
and had gone to work in Costa Sica, 
where wages are double those in 
Nicaragua. But not them. 

I was intrigued to find that about 
half foe households owned a televi- 
sion, although a set costs about foe 
same as it does in the west - a 
king’s ransom when you are on a 
Nice wage. But as an old man said: 


"It helps to pass the time.” 

1 spent many hours watching foe 
world go by: a man heaving load 
after back-breaking load of plan- 
tains down the street; dogs and 
chictcpng scavenging; children try- 
ing to play hagphsTl with anytidwg 
that came to hand, such as a 
crushed tin can; people sprinting 
for cover as drizzle turned quickly 
to downpour; nmnmnnal gm gfng in 
the two basic wooden sheds over 
the road, which they refer to as 
churches; the flirting of teenage 
boys from the hospedaje (cheap 
guest house) with the girls in the 
house opposite. 

There are two places to stay in £3 
Castillo - the hospedaje and a new 
tourist hotel I spent most of my 
three days at the cheaper place, it 


started very promisingly: l was 
greeted by foe friendly owner and 
shown to a lovely large, clean room 
with three beds, plenty of room for 
my things and a window on to the 

ve randa 

After a couple of hours, the owner 
asked if I would mind moving to 
another room. I watched in amaze- 
ment as one of his daughters gath- 
ered up a handful of dnthas from 
her cluttered bedroom, into which I 
was ushered. 

I sat on the bed of this airless 
broom-cupboard of a room, and 
waited for her to return and remove 
the rest of her tilings: but no. Tow- 
els and dresses filled shelves and 
hung on hooks. Pop pin-ups 
adorned the walls. Perfume, piles of 
clothes and all manner of pe rsonal 


possessions Uttered the room. 

All that was missing was the 
daughter. 1 pushed aside a sheet to 
reveal a 4in spider, which darted 
around for a while in an agitated 
state before making for the ceiling 
to join the lizards. There was no 
window, the room was about a third 
of the size of the other; foe door did 
not shut if you were inside; and you 
could not switch the light on or oil. 

Such was the respect for my pri- 
vacy that the first morning I opened 
my eyes to find foe daughter, no 
more than a couple of feet away, 
rummaging through a pile of her 
clothes. When I asked the owner 
where I should put my thing s he 
said simply; “Put them on top of 
hers." 

The Albergue Turistica, built 
with the help of foe Germans, is the 
new face of tourism in Nicaragua. 
No need to pile your clothes on fop 
of someone else's here. But there is 
a catch: it costs S15 against $2£0 at 
the hospedaje. and there is no atmo- 
sphere. 

When I arrived at the Albergue, 1 
was reminded of the huge, empty 
castle in Citizen Kane. A bearded 
Spanish gentleman finally emerged 
from the veranda overlooking the 
village and shook me warmly by the 
hand He had obviously been caught 
off-guard by someone actually want- 
ing to use the hotel. 

“What have you got to drink?" I 
asked. He scratched his head and 
we went to the kitchen to have a 
look In the ’fridge. Same routine for 
lunch. He spent the afternoon in a 
business meeting, discussing ways 
of cashing in on the tourist explo- 
sion which, he felt confident, was 
just around the comer. All of the 
local farmers 1 spoke to were on his 
side, seeing tourism as the route to 
a better life. But they were not hold- 
ing their breath. 


Practical Traveller/Angela Wigglesworth 

Self-catering in stately style 


I t was a cold and windy night 
as we drove along foe country 
lanes around Bath, looking 
for our medieval moat house. 
And there it was, grey and stately, 
a fire blazing in the oak-panelled 
atting room, grand piano in the 
hall, four-poster in the bedroom 
with a decanter of sherry ami 
chocolates on a small table by foe 
fireplace. Tbe en sidle paneBed 
bathroom had a freestanding bath 
and sociable chairs. 

This was our self-catering home 
far foe weekend, the home once 
host to William UL It is now 
managed by Rural Retreats (tel: 
0386-701177), a small company 
offering ‘froses-round-the-door’’ 
co t t a ges to medieval mansions. 
Visitors are able to arrive and 
leave any day of the week, with 
a nmrimnm two-night stay for most 
properties — a rare facility in 
self-catering, where 


SatmdaytiKSatnrday bookings 
are usually required. 

The standard of self-catering 
accommodation hi Britain has shot 
np.over the past few years. It might 
still be a question of changing one 
kitchen sink for another, bat there 
are microwaves, fridge/foeexers, 
w ashing machines «wi dram h» 
well-equipped kitchens to soften 
the chores- Several companies 
provide baskets of groceries, a 
bottle of wine and pre-cooked 
meals: Rural Retreats sends menus 
in advance to choose from. 

In his English Country Cottages 
br ochure (tel 0328-851155). 


Rowland Hardwick certainly offers 
the stuff of railway enthusiasts’ 
dreams. The company's properties, 
winch are also in fr oHiiid and 
Wales, include a former railway 
carriage (£160 for three nights) 
and a parcels office (£138 for three 
nights) both with firing/dining 
room, bathroom, double bedroom 
and kitchen, at HoTsebridge Station 
in Hampshire. 

If yon fancy an inshore 
lighthouse. Gothic temp le , 

Victorian water tower, royal palace 
or converted pigsty, try the 
Landmark Trust (tel 0628-825925), 
a charity set up in 1965 to rescue 


small historic buDdin^ and open 
them to the public for short 
holidays. 

In turn, 45 of the 200 National 
Trust self-catering properties (tel 
0225-791199) are in, or dose to,' 
trust houses, and visitors are free 
to wander round their sumptuous 
gardens when day visitors have 
gone- 

Some companies stick to specific 
areas they can keep an eye on: 
Helpful Holidays (tel 0647-433593) 
covers foe west country, and its 
400 properties include a thatched 
hexagonal gingerbread house, a 
former gamekeeper's home for 


six. a Napoleonic Fort for 20. with 
an 80ft living room and an 
almost-private beach. 

Quality Cottages (tel 
0348-837873) covers the Welsh coast 
from Pembrokeshire to Anglesey 
and offers discounts for couples 
and families up to four. 

Americans specify castles rather 
than big houses, according to 
Melody Macdonald, who runs 
Castles and Country Estates (tel 
071-373-1451). The English, she 
says, are more concerned with 
swimming pods, tennis courts 
and being within easy reach of 
somewhere else. 


Her brochure is awash with 
castles packed with portraits and 
heirlooms. One, on a 500-acre 
estate with staff included, sleeps 
25. She has properties in London, 
too. 

If yon want the freedom of 
self-catering without too much 
of the catering, try Budock Vean 
Country House Hotel near 
Falmouth (tel 0826-250288) or Hell 
Bay Hotel, Isles of Stilly (tel: 
0720-22947). 

Longhands, at Cartmel in 
Cumbria (tel: 0539586475) won 
the 1993 “Self-catering holiday of 
foe year” category in tbe England 


for Excellence awards for its pretty 
courtyard cottages - the owners 
offer home-cooked meals, and free 
use of a nearby heated pool and 
spa bath. 

In London, the newly-opened 
Orion London Apartment Hotel 
(tel 071-566-8000), opposite tbe 
Barbican Centre, has studios for 
two and apartments for up to four. 

If you want to see before you 
choose, contact Brights of 
Nettlebed (tel 0803-215595), which, 
to help you decide, sends a video 
of its three and four-bedroom 
houses with gardens and views 
in Torquay. 

M Useful books: The Good Holiday 
Cottage Guide, £3.50, Swallow Press. 
PO Box 21, Hertford SG14 2DD; 
Self-catering Holiday Homes in 
England, £5.99 phis EL 60 p&p, 
English Tourist Board ; Self-catering 
in Wales, E2J15, Wales Tourist 
Board. 


HOLIDAYS & TRAVEL 


HOTELS 


flatotel international 

f TOUR EIFFEL - PARIS 


In the very centre of Paris 
A short walk from the Eiffel Tower 
Studio, 1, 2, 3 bedroom apartments, 

5 room penthouse with 
panoramic view . 

Fully furnished apartments with kitchen, 
the best famil y system for holidays 
and short breaks. 

Free shuttle to EuroDisney 
Your apartment is waiting for you. 

Call now 33. 1.45.75.62^0 
or fax 33.1.45.79.73.30 
FLATOTEL INTERNATIONAL 
14 rue du Tb6dtre75015 Paris 

also in New York - Brussels - Costa del sol - French Riveria 


PHILIPPINES 


THE PHILIPPINES 


An archipelago of 7,107 Islands blessed with a rtch history and a 
wealth of natural resources ... a nation of many moods and faces. Its 
attractions ars diverse - rustic countryside, bustling cities, white sand 
beaches, glorious sunshine and lots morel 

nil inclusive package holidays from £675 to 
BORACAT. DAKAR. PEARL FARM. 

AMANPULO. EL NTDO. CEBU 
and other Ph ilippine destinations 

1 1-12 Hanover Square, London WtR 8HD 
Tel: 071 409 7519 Fax: 071 409 7501 


Philippin 


carrnec turns Travel and Tours 


AUSTRALIA 



FLIGHTS 


TRAVELLING 

F1RST/BUSINESS? 

Cafl the sp ec ia l ists for 
competitive fares & 
refebffity. Non-stop flights 
avaflabfe. 

Mufti-sector routings our 
speciality. 

ADVANTAGE 

TRAVEL 

Tel: 0484 474800 
Fax UK 0484 452755. 
ASTAC8852 
ATOL2036 


fj frequent /iyer 

— J tuvil^iui 


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n m ■ ru «7i ns ink' 


071 493 0021 


1st a BUSINESS CLASS 


AT HARRIER REEF 


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your n aedt ona docqbL 


Trnwl fwlWj" J 11 * 

0284 7622 55 _ 


73 OwnhflOteSliwjt 
Bury St Edmunds P33 1RL 
Offices in Sydney 


MW TOM 


995 1JW 
WO 1X50 
458 IWS 
750 1195 

HHT0 925 2895 

eomKt/mm sss two 

STMCT 119$ OX 

Auauw 1I9S 3350 

SMUT0K U0 2I9S 

*** rnrinT l 1 ® 


071 4934343 


SKIING 


VILLAS 


COTE D'AZUR 

luxury villas and for sale/rent | 

mosf with pools, tennis courts 5 
maid sendee. 

i andsdown InC 
081-896-2121 


PORTUGAL 


LISBON- EUROPEAN CAPITAL OF 
CULTURE 0*. FH0MB Hum Cl 29. 0983- 

773260 A0TA 


AZORES TAUQFUMAOE bom ESMtemttd 

unspoflt 3 unerowdod. Discover them 
qdtfM 0888-773289 ABTA 


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WEEKEND 
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We are 

SPECIALISTS 
0367 252213 


WEEKEND SKMG. Franca & Swteariand 
ffepart any day. Col the Exports WNto Roc 
90 071 792 11B8 


UK HOLIDAYS 


FACLlSIYi; 
COTTAGES 
& IIOl SES iH 

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snr 2 > K totM fdn too C IS po M« 



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SPECIAL INTEREST 



MALDIVES 

\vith 

AIR LANKA 


TfieSemtttfufcoraC 
island resort of 

REETfflRAH 


£599 


front 

2*d week B/B FREE 

(pay dimer &ta* £77). 

Depart Thunder* 

7 Apr - 20 Jra 
Brochure Corridors i 


CALL 081-748 MM 

HflVEfa fl® 

! JARVIS 


— SHF R P A — 
K \ P K I > l T 1 ( > \ S 


Crete - Majorca 
Spain - Provence 
Morocco - Nepal 

H and so » 

MUCH MORE 'S® 

Call now far your 1984 

brochure 081 577 7187 


RED SEA ‘THE WATERSPORTS 
PARADISE!' Dive. wWaurf or mortal 
In tha year round warm core! waters. 
Bccopfenti rata. Expert adage FBI SEA 
HOIXAYS. 081 882 7606 or 081 882 7861 
24 hour brochure. ABTA 6BMO ATOL 1888 


— sn i ;rp .\ — 
KXP KDITIONS 


Walking Holidays In 
Tbb 


HIMALAYAS 


Nepal Sikkim 
Tibet Bhutan India 
& Pakistan ^ 

Call now for your 1994 
brochure 081 577 7187 


U.S.A. 


MAINE, USA 

To real: modern New England coastal borne in historic colonial 
village- Immaculate condition, sleeps 6 very comfortably. Ideal for 
summer, or autumn foliage. 70 miles north of Boston, within 
walking distance of beautiful tidal river, famous harbour, superior 
silver sand beaches. Two spacious double rooms, 
two single; d ec* all modem conveniences; self-catering facilities; 
dean linen. Available June thru October. 

£600 per week. Ring 0227-716370. 


UK SPECIAL INTEREST 



TAKE A BREAK 
WITH ACORN 


Coantry Lovers Weekend 
Steam Train trips 
FWttf- BaOoonlns-MicrolMrtlne 
Bear* Heritage* History 
wndafe*WaOuD£*B(rd watching 
Murder Mystery Weekends 
Cider and Wine Thstfns 

foryoettoebnxtm mfi ora lOOsakOas 

ACORN ACTtUmES 
7 East Street. Hereford HR1 4RY 

Tel: 0432 357335 


FIJI 


Turtle Island 

Spend e week luxury on tin* 
private island bordering the 


"Blue Lagoon', 
gnat* on BOO tropical 

7*xgkHfrmn £2998 met 

flights, meal*, drinks ate. 

For more details on this end 
other destinations in Fiji. 
call tin experts: 

Thtfri PartfafioUrf 

(0284) 762255 


BAVARIA 


BAVARIA an Lake Tegernsea 45 
minutm sautnoato of Uunlcfl. Fully 
litaM apartment (***» id mnt fei 
IdyOe mam-Mi « fool ot Bavarian Alps. 
TtVtac +49 8022 65853 


CRETE 


SIMPLY CP£T€ 


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mb pin fated ■M fcrtug . Ota nr 15 

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Malfcw rig tea hqfnBf- ft 

tin »g«T iprfafrrt nOdag. te 

tear tettjR. Pfcw rfaa far m / 

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081 994 4462 

L/flfo «« niB 



ITALY 


UcEnousE. FVnsr, Farmhouse, 
rilh, bH perched above the sea on 
beaatfM. ragged Monte Aigrenrio. 
lVihoua north of Rome, 
or 

Former Sitwell castle, 
part 12th C. bow apartBcat*, 
jsa oasdc F^ofcncc. 

Tel: 091 9042950 Pax: 181 7478343 



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Marlborough, 

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PROPERTY 



For around £600,000; Gralham Farm, a stud near GuMford, Surrey, with 16 boxes and 48 acres of paddocks 


The view from The Gallops, a new de v elo pmen t of apartment s overlooking the heath at Newmarket, Suffolk, aid priced between £85,000 and CIMflOO 


T be 1994 flat racing sea- 
son began on Thursday 
in a happier horse 
world than 1993. This is 
not just the perverse 
optimism that owners, trainers, 
jockeys and punters need to survive 
in a chancy business, nor the suc- 
cess of the recent Cheltenham festi- 
val. 

No. the signs are good. The 
December TattersaU sales at New- 
market were encouraging as prices 
for bloodstock beat expectations - if 
‘‘from a low base", as George Wind- 
sor Clive, of equestrian property 
specialist Christopher Stephenson 
International (CSI), remarked - and 
more horses are in training. 

Prices for horsey properties have 
stabilised, too, and breeders are 
starting to think again of buying 
stud farms although there is no 
boom in sight; prices must be rea- 
sonable to attract buyers. The Jev- 
ington Place stud farm (with 33 
loose boxes) in East Sussex is now 
under offer, soon after CSI brought 
it back to the market, and will go 
for a sum well down on the original 

E lm minimum a Airing price. 

In the south-west, estate agent 
Miilerson reports that demand has 
picked up for horsey properties. 
Families look for five to 10 acres to 
go with their house and two or 
three loose boxes. Professional rid- 
ers want indoor (or outdoor) rings 
and a yard with plenty of stabling. 

Prices are attractive. In Devon, 
West Quitter Farm near Tavistock 
(11 acres, four boxes, outdoor 
school) is on offer at £159350; and 
Mews Cottage Farm near Okehiamp- 
ton (eight acres, eight stables, graz- 
ing rights on Okebampton common 
and riding on Dartmoor) at £165300. 
On Exmoor, Tufters is for sale as a 


Back under starter’s orders 

Gerald Cadogan finds that demand is picking up for properties with an equine emphasis 



For mors than Elm: Arena UK, a palace among horse centres at Grantham, Lincolnshire. It is described as a "good commercial property” 


working business for over £300,000; 
it sends out out plenty of horses for 
hire for fox and stag hunting (the 
agent is named Stags, too). 

Stud forms have been hard to sell 
in recent times as the only buyers 
are other horse people. These must 
have deep pockets or be able to call 
on hackers - who, often in the 
horse world, fail to show at the 
moment of need. Those owners who 
are making their stud forms around 
Newmarket “quietly available” at 
£7,000^15,000 an acre (through CSI) 
are probably wise to do so. The seri- 
ous buyers will find them. 

In Surrey, a stud on public offer is 
Grafham Farm near Guildford; it 
has 16 boxes, an indoor school, and 
48 acres of paddocks plus house. 


cottage, swimming pool and tennis 
court - all for around £600,000 from 
CSL The owner is selling to move 
her operations to a larger property. 

Another that has been on the 
market for some time is Rookery 
Park near Nantwich, Cheshire (CSI. 
offers over £lm). 

New on the market is Longfield 
Stud at Middleton Tyas in York- 
shire (near Scotch Comer, where 
tbe A66 separates from the Al), for 
which Lowther Scott-Hard en asks 
£310,000. Nearby, overlooking the 
village green, is West Hall, a hand- 
some Grade n house on offer for 
more than £495,000. The vendors of 
both are the agent's chairman and 
his wife. 

Near Bury St Edmunds in Suffolk, 


West Stow Stud - in tip-top condi- 
tion with 18 boxes - is for sale from 
Bedford for £535.000. 

Equestrian centres is the modem, 
grand name for the places in which 
horses are trained in the skills of 
dressage and show jumping. Near 
Cirencester in the scenic Cotswolds. 
Crawshaw has 13 loose boxes and a 
fine outdoor school. The price is 
down from £325,000 to £295.000 
(from Butler Sherbom and CSI). 

In Scotland. John Bradbume is 
starting an equestrian property 
agency under his own name on 
April 6. An amateur rider under 
National Hunt rules (he rode at 
Cheltenham last week) and hus- 
band of trainer Sue Bradbume. he 
set up the equestrian side of Edin- 


burgh agent Langley-Taylor in 1991. 
His new firm is taking that over. 

One of his first properties is 
Myothill riding centre at Denny in 
Stirlingshire, with 24 boxes and 
eight paddocks for £225,000. Brad- 
bume also offers to let Easter Kil- 
whiss Farmhouse near Lady bank, 
with six boxes, for more than £600 a 
month. 

Arena UK at Grantham, Lincoln- 
shire, is a palace among horse cen- 
tres with frequent shows and a 
humming business: a “good com- 
mercial property,* 1 says Windsor 
Clive. Offers to CSI should be over 
£lm. 

Its French equivalent, Cristal-les- 
Rangs at Ozoir-Ia-Ferriere, 15km 
from Euro Disney and 26km from 


Paris, is available for FFrl9m 
(EL 17m). Some financing fo avail- 
able from a French bank. 

In Yorkshire, Savflls is selling 
Carr HID House at tipper Cumber- 
worth, near Huddersfield, with 17 
boxes for £325,000. But if all you 
want is a base for hunting, Haddon 
Dale in Northamptonshire looks 
ideal: it is a late^Georgian hunting 
box dose to the Warwickshire and 
Grafton hunts. It has four boxes 
and a sanded manage, six bed- 
rooms, and three bathrooms to ease 
Ifrwhs tired from a day with hounds. 
Price: £390,000 (from Jacksan-Stops 
in Northampton). 

If polo is your game, Pendell Polo 
Stables at Shurlock Row in Berk- 
shire costs £375,000 from Agnew or 


Hamptons. And if your goal is to 
own a saddlery. Savills In Cam- 
bridge is selling the Sandon Sad- 
dlery Company in two parts (at San- 
don, Hertfordshire, for £350,000 and 
Holt. Norfolk, for £250.000). Com- 
bined turnover is £490,000. The com- 
pany specialises in side saddles and 
western-type saddles. 

And what Is available for horsey 
folk who do not want to be too close 
to the muck and sweat? Across the 
road from Sandown Park racecourse 
in Surrey. Octagon is building Pem- 
berton Place, a courtyard develop- 
ment with prices ranging between 
£245.000 and £345,000. 

At Newmarket, Dencora is finish- 
ing The Gallops, 18 apartments 
where you can wake up to see the 
horses exercising an the heath from 
your bedroom window. Tbe agent is 
Jackson-Stops: prices between 
£35,000 and £138,000. 

You could, of course, choose the 
flat in the stable yard clock tower at 
Chippenham Park outside Newmar- 
ket (through Bidwells for around 
£79300). The clock mechanism is in 
the attic. 

■ Further information : Agnew 
( 071-221 - 6252); Bedford, Bury St 
Edmunds (0284-76688S); Bidwells, 
Cambridge (0223-841842); John Brad- 
bume. Cupar (8337-310325),’ Butler 
Sherbom. Burford (0993-822325). 

Hamptons, Wokingham 
(D 734-793006); Jackson-Stops. New- 
market (053346. 2S3J) and Northamp- 
ton (0604-32991); Lowther Scott- 
Harden. Darlington (0325-720 976); 
Miilerson. Tavistock (0322-617243); 
Octagon . East Molesey (081-941-4131). 

SaviUs, Cambridge (0223-322955) 
and York (090+620371); Stags. Dul- 
verton ( 0398-23174, % Christopher Stev- 
enson International, Newbury 
(0635-528585) 



COUNTRY PROPERTY 


SPEYSIDE - THE WESTER ELCEQES ESTATE 



Aberlour 1/2 mile; CraigeQachie 4 milM; Elgin 17 miles. 

A WELL KNOWN BEAT OF THE RIVER SPEY WITH 21/3 ROUES OF SINGLE BANK FISHING - 5 YEAR AVERAGE 325 FISH 
Home Farmhouse in need of improvement. Further Let Farmhouse. 2 Let Farms; Amenity and Commercial Forestry. 

IN ALL ABOUT 946 ACRES. 

For sale as a Whole. 


EAST SUSSEX - NINFIE1D 



BexhiH-on-Sea 33 miles; Battle 6 miles (Charing 
Cross/Cazmon Street 70 mins) 

A CHARM INC 17™ CENTURY FARMHOUSE, LISTED GRADE BP 
SET IN MATURE GARDENS. 

Halls Recoptiira Rums: Callur; 6 Bedroom*; 2 Bathrooms. Swimming Pool 
sel in a group of outbuilding*. 3 Bedroom td Cottage with adjoining Bam 
having potential for coom-rion. 2 Bedroomed Gate Lodge. 

IN ALL ABOUT 5 ACRES. 

For sale as a whole or in 4 Lots 


KENT - IGHTHAM 



Borough Green 3 miles, (Victoria SO mine) MS0/M2S 4 miles. 
Sevenoaks 5 miles, (Charing X/ Cannon St 30 mins) 

A FINE KENTISH H ALL H OUSE, LISTED GRADE H, MOVED 
FROM ITS ORIGINAL SITE TO FTS EXETTINC SETTING IN 1836. 
H a ll , 3 Recaptions, Kitchen, IV6 Bedrooms, 2 BaUmwms. 

Ontfauildiiiga including Garaging, 

Mature Gardens and Grounds, Haddock. About 5 acres. 

2 Bedimmed Cottage. Farmland with' rand frontage. 

IN ALL ABO in’ 37 ACRES. 

For sale as a whole or in 4 Lota 


The Total Bers*»e 


• AL- Company 


* 



I bear tx«m - ■ 


South Devon 
The South Hams 


Superb Dc wkHmiim Oppsmuaiy- 
I 3 rmfla TORQUAY Q ua dr angl e of Stone I 
Bara ebb 2x3 bed Cottagei sad OPP 
far 8 residences. (CfiFA 1 7,000 sqjk) 

2 acres, garaging, deDgbtlU country 
setting. Option on 5 acres. 

Price £415^00 
LUSGOMBEMAYE 

Td 10548)857474 Fax (0548) 857476 


POWYS 

A weS proportioned Gcoigfan s* 7 te fame 
fa nannr gardem mummi ed by apes 
co ua t ij ahle. Reception bail, drawing room. 


dbang mom. 3 bedrooms, bathroom. Cange. 

an £160800. 


Garden*. Aboat 1 acre. Based 
Td: Chrisfpber Lyot fa ewnrinHea 
wtth Savflb an (0432) 3S4343 
Jsfat Agents: BnmS, Baldwin & Bright 
10432)266663 


INVEST IN A UTTLE ESCAPISM, to tbe 
warm welcome of Hope Barton Bants • 
Group OwnoreNp of 1. 2, 3 bed hn atone 
colts on X ac seduded term by sea near 
Satcombe. Indoor pod, sauna, gym, toads 
etc. Fr n 4,950. Col braeb a (nap visit 
detats: Hope Barton, Freepost F, Hope 
Cove, Kbtgebridge, S. Devon TQ7 1BR. 
Teb 0548 G81 393 Roc 0648 560B3B 


SAVILLS 


INTERNATIONAL 


HAYS FARMS (HURSLEY) LIMITED 

A SIGNIFICANT FARMING Fl'SINFSS 
INCLUDING A COMPANY TH NANCY OF 

THE HURLEY ESTATE 
5,500 ACRES 



HAMPSHIRE 


Winchester 5 miles, 
Southampton 10 miles, 
London 70mdts. 


Fanning business over 4034 
Acres, 1489 Acres 
Woodland (including 1048 
Forestry Commission). 


4 Houses and 30 Cottages. 
1 1,000 tonnes grain storage. 


The endue issued Share 
Capital of the Company 
is to be sold by 
TENDER - closing date 
31st May 1994. 


2 Dairy Units with 1.65m 
litres MOk Quota. 


Savills London, 

(071) 499 8644 
Contact Justin Marking 


The Hursley Estate Shoot 
and Stalking. 


Savills Salisbury 
(0722) 320422 
Contact: Roger Singleton 


INTERNATIONAL PROPERTY CONSULTANTS 
OFFICES AND ASSOCIATIONS IN THE UNITED KINGDOM. EUROPE. USA AND SOUTH EAST ASIA 


Humberts 



127 MOUNT STREET LONDON W1Y5HA 


HORSEWORLD 


WISBECH, CAMBS 


GREY LADIES OAST 

CROUCH NR PLAXTOL, KENT 


b milts M2Q/M2&. 15 mins M25. 

Clow to main line station (Borough Given), S mb SevotoakVTcm bridge. 
19lh C Grade II Lilted 6 roundel Oast Hse overlooking valley with beaut. 

views to PlutoL Conversion underway to provide two 3 bed/l bath 
residences with stables, paddocks and gges (ready April) and four, 4 bed/ 
2-3 bath, completion late summer, each with gges, stable and paddock. 
Good riding thru. Huret wood, excellent riding establishment nearby, 
superb walks thru, blossom trail. Axes of outstanding natural beauty. 


Prices dTSfiOO/CStSfiOa 

KING & RUTLAND PARTNERSHIP 

Teh 0474 327827/0732 790375 Fax 0074 333391 


WD DEVON - Superb Victorian Country 
House. 6 boa. 5 recap. Roiurttehoo in 
tagbest sundanj. Feature pamOng.Lowi(y 
txsra 5- acres. uaUea. £295,000. Ptwo 
0884 3807 w 0734 MOOT at 23 1 7 


Grade II listed GcorgSaa Residence 
wtlb 3 reception rooms, bbeben. 
breakfast room, 7 bedrooms. 3 
tuifc/cbewcr rooms. 

2J& Acre oT grounds [Adodlog 2 
paddocks (fenced), 4 Stables, former 
Coach Hwiw omt i wlluiMiiip 
Wooded frontage with stream. 
£325,009 
FuD Details From: 

MAXEY & SON. ESTATE AGENTS, 
1-3 South Brink. Wisbech, 
Carabs. PEIJ II A. 


Algarvz 

Magnificent fully reatored 19th 
Ccntuiy Farmhouse. Over 7130 Sq 
m of luxury accommodation with 
frescoed ceiling. 3.7 acres of 
secluded, walled land with dive 
bees. Large swim, pool - barbecue 
area - stabling, manege 20m x 
40m. Located 3 km Vale do Lobo - 
Quinta do Lago. Private sale 
£895,000. 

Fax: 071 499 8735 


FRANCE 


HALF-ACRE BIRCHWOOD. Sullafae 
wMkand staotas. village doss to meftt 
mass, Mta LONDON 40 min. Cl 5,000 
freehold Tefc 0206 323238 dsySma. 


KENT, CRANBROOK Detached S bed. 
3 raeop property in a acres will 3 paddocks, 
menage, stabling, barn, triple, garage 
tsKh office above, heated covered 
swimming pool. Esso, OOO Fo* 8 Sorts 
Tst 0444 4908GB Fare 0444 46B203 


Dorset ShJfteebBry 4 altes. Blsaidfan) 7 miTgn 


"N 



A most impressive well appointed village 
house standing in lovely gardens 

3 reception rooms. 4 bedrooms, 3 bathrooms, kitchen/ 
breakfast room, oil central beating 

• Garaging • Heated swimming pool • Hard tennis court 

• Garden and grounds 

£333,000 freehold with about 2 acres 
Blamdfbrd office (0250) 432343 
Shaftesbury office (0747) 833492 




(0253) 452343 


S W FRANCE. Hiw GftttOny farmhouse 
* G acres. Good paddock & OBs. KO4O0 
FF. Simon Tumor tel. (33) 62 - 28 - 60 - 77 
Fax: 62 280028 


UTTLE HAYFIELD, DERBYSHIRE. 
Stone farm-stead. 3/4 bedrooms. SFCH. 
DG. plus 2 bad. cosy sc Bat OuDUttnp 
appro x . 14 sous, acerb views and ttdtag. 
Ci 48 ,000. Or P/Ek. property 2 /s aoros 
OxfeKtaftins. Tat {0288} 70147. 


BUHDLET HEATH SURREY Grade II fated 
farmhouM wm staMee paddoch menage 
tannto court garage blocks mature garden 
plus pteyraanVofflce/granny annexe in 
approx 7 acres. OiRO E4lQk. McMahon 
034283234a 


Bidwells 


[cHrtnrsseu sunv t y 0fts 



350110,31 -belchamp otten 

-HsaEtsasssk 

About 1.7 acres - offers around ,£375.000 

,(0233) 841842 


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J^TNANCIAL^IMES WEEKEND MARCH 26/MARCH 27 1994 


OUTDOORS 


Farewell to 



a gardener of 
rare vision 

Robin Lane Fox salutes a woman 
whose skills spanned two societies 


G ardens are wonder- 
fully ahead of sched- 
ule and, like those of 
you who are starting 
out on a new site, I 
find myself beginning with plants 
up walls. Unlike you, I find myself 
thrown bock on old memories. 

Climbers are needing attention in 
this early season but, first, mine 
must pay a tribute to one of then- 
great exponents. Last weekend, 
British gardening lost a special per- 
son when Alvilde Lees-Milne died in 
her 84th year. She was the wife of 
architectural historian James Lees- 
Milne; co-editor of the bestpselling 
Englishwoman's Garden: and herself 
the maker of two post-war gardens 
of rare distinction. 

Neither a climber nor a rambler, 
Alvilde had spanned two different 
societies, southern France and post- 
war Gloucestershire. Nowadays, 
expatriate English export their own 
taste to their enclaves in France, 
but Alvilde stood for a subtle and 
opposite approach. She absorbed 
French style and formality, not 
merely in gardens but also in fash- 
ion, and tempered it to her later life 
in the western Cotswolds. 

Her mental vision of a garden was 


unusually Anglo-French. I remem- 
ber our first encounter, from which 
I inferred (wrongly) that tills old 
rose was waiting to show its prick- 
les. Are you the young man who 
likes tree lupins but does not like 
herb gardens, aha asked me. You 
should leam to like herb gar dens 
and dislike tree lupins. 

Several of us were standing round 
over cocktails, having just won 
prizes for writing books, and I had 
no idea that my apt deflator was 
herself the owner of Britain’s most 
stylish herb garden and had stood 
her ground aesthetically in many 
exchanges with Vita Sackville-West, 
with whom she had been an inti- 
mate Mend. The Sissinghurst 
which you like so much, Alvilde 
told me firmly, is no longer Sissin- 
ghurst these days, it is much too 
tidy. 

This was in the mid-1970s and she 
was planning to move from her big 
garden at Alder ley Grange to some- 
thing smaller, colder and much 
more limited. She found it at Essex 
House in Badminton, Gloucester- 
shire, where she made her superb 
second garden tar more quickly 
than I, meanwhile, made my first 

Not only did she have a marvel- 



lous eye for climbing roses and ver- 
tical plants but that eye also valued 
a strong, formal framework, clipped 
in box hedg in g and topiary patterns 
long before Sir Roy Strong champi- 
oned this style from a vantage point 
even further west Only within this 
firmly-controlled framework did she 
let plants have their way, the 
English aspect to her Anglo-French 

flpgthofyv 


At Sissinghurst the ftwnaip eye 
was more Oriental and romantic, 
whereas the firm framework came 
from the male half of the partner- 
ship. In Gloucestershire, Alvilde 
was every bit a match for her archi- 
tectural partner, she did not want 
an unstructured feminine pmJw 
and, on subsequent meetings. I 
came to realise that what had first 
sounded like coldness or even 


sharpness was, instead, a shy and 

exact reflection of this formal sense 
which showed in her view of a gar- 
den. She never relented on tree 
lupins, though 

From Alvilde, I learnt to spread 
wall shrubs and young climbers on 
to a fan of long bamboo canes set 
against a wall, one for each young 
shoot. The stems will then grow 
apart without criss-crossing and 


will give you an open, well-fur- 
nished spread. Against her princi- 
ples, however, I have also learned to 
bring back untidiness by never 
planting one climber when two will 
da 

This weekend, when you buy the 
best of all climbing roses, the pale 
pink New Dawn, or agitate about 
the elusive white rose Sombre oil 
(which, Alvilde said, was neglected 


unjustly in England), remember to 
buy a later-flowering clematis and 
plant it beside each rose. 

The blue Perle D’Azur, or the 
small-flowered Viticellas or Texen- 
sis varieties - even The President, 
which comes earlier - will grow up 
through the roses and give you the 
further season which most books 
ignore. 

I have been slow to recognise the 
possibilities here, but they go 
beyond clematis and roses. [ now 
have a climbing solan um scram- 
bling through my favourite ever- 
green on walls: the cream-varie- 
gated Rhamnus, which also was a 
Lees-Milne favourite. The scarlet 
Eccremocarpus will scramble up 
through a climbing hydrangea. 

I have late-flowering clematis 
through the spring-flowering ever- 
green clematis Armandii. And I 
now mix wild sweet peas into the 
lower reaches of the yellow-flow- 
ered clematis Bill Mackenzie, a star 
turn on a sunny wall (which you 
can cut back this weekend to within 
3ft of its base). 

Double up: break the rules and 
extend the season. Even rose Som- 
breuil is an admirable host for the 
vigorous clematis Jackmandii if you 
do not prune the clematis too hard, 
so encouraging it to reach above the 
rose and flower over its head. Once 
you begin these combinations, you 
will find that you double the scope 
of your house walL 

My vision of the next 10 years is 
one of gardens in smallish spaces, 
planted in great (but selective) pro- 
fusion. which break out from a 
slight framework of green hedging 
and ed g in g ; Sissinghurst, perhaps, 
as Alvilde knew it in its owners' 
later phase. 

She might have wished for a 
clearer continental outline; but 
then, I still like those tree lupins - 
and I have to say that I have never 
liked any herb garden except for 
hers. 


Heritage /Clive Fewins 


When a chapel is made redundant 


I t is not just Britain's fine old 
parish churches that have had 
a hard time attracting congre- 
gations in recent years. Many 
nonconformist chapels find them- 
selves in the same position. 

However, to some eyes, not many 
of the 4,000 chapels that are listed 
buildings are as architecturally 
appealing as their An glican coun- 
terparts. This means plans to make 
them redundant, in the «wni» way 
as churches, have to be tempered 
with the fact that few would be 
likely to attract a steady stream of 
visitors. 

Generally, most chapels that are 
declared redundant are put to other 
use. In a small number of cases a 
building has been considered to be 
of snch architectural merit that to 
convert it into a bouse or business 


premises was deemed inappropri- 
ate. Most of these higher grade 
buildings are recognised by having 
a grade I or grade D* fisting; which 
in itself presents a problem. 

If the building is a fine one, but 
no longer in demand for its original 
purpose, what do you do with it if 
you are not allowed to conve rt it to 
another use? 

Since last summer this problem 
has been laid at the South Kensing- 
ton door of Jennifer Freeman, a for- 
mer secretary of The Victorian 


Society, and the first director of the 
Historic Chapels Trust for England. 
She has the task of finding team* of 
local "friends” wilting to take the 
finest redundant chapels under 
their wing on a care and mainte- 
nance basis and to arrange for 
groups of visitors to tour them 
when they wish. 

Occasionally, this meant formal- 
ising an already existing arrange- 
ment But in the case of buildings 
such as the Friends Meeting House, 
at Farfield near Bradford, West 


Yorkshire, it is very different The 
chapel, a grade H* stone building 
built in 1689, has not been used 
regularly for religious meetings 
since the beginning of the last cen- 
tury. In 19S7 three members of the 
congregation bought the building 
to prevent it from being converted 
into a house. 

They are now elderly and have 
agreed to hand the building over to 
the trust which will arrange for a 
new set of carers to take the build- 
ing under their wing. 


A similar case is the splendid 
Unitarian chapel at Todmorden 
near Halifax, West Yorkshire. This 
is a grade I listed building Hating 
from the 1860s capable of seating 
450. For many years services were 
held in the nearby church lodge, 
which was large enough for the 
average weekly congregation of 
between 20 and 30. 

Two years ago, however, the con- 
gregation was liithanHwi and the 
trust soon to be owners of the 
building, has the task of finding a 


group of local volunteers that will 
care for it 

The other two buildings likely to 
be acquired this year are Walpole 
Chape t Suffolk, a 19th century 
Congregational building closed 
more than 20 years ago, anil the 
Baptist Giapel at Cote, near Wit- 
ney in Oxfordshire. Both are listed 
grade n*. The Cote chapel dates 
from 1604 but has not been used for 
regular services since 1980. The 
local congregation worships at a 
newer building in a nearby village 


and ha« great difficulty maintain- 
ing the old chapel. 

As wefl as nonconformist chapels 
the trust is hoping to take on a 
handful of Roman Catholic chapels 
of architectural merit that are no 
longer used for regular worship. 
Freeman would also like to add a 
synagogue to the portfolio. 

The trust receives an annual 
grant from the Department of 
National Heritage. 

It has also launched an appeal to 
assist with its work which has 
attracted sponsorship from several 
large companies. Individual mem- 
bership of the trust costs £10, joint 
membership £15, and life member- 
ship £250. 

■ The Historic Chapels Trust. 4 
Cromwell Place, London SW7 2JJ. 
TeL 071-589 0228. 





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Fishing/Michael Wigan 

Old fish sleep, and 
man wreaks havoc 


S almon fishers are 
superstitious beings. 
The approach to a new 
fishing pool provides 
signals, salient indicators. 
When I asked in the tiny Irish 
village of Kfflavullen for river- 
keeper Frank Maher, they said: 
“He’ll be on the island; he’s 
always there." A salmon beat 
with a resident keeper holds 
promise. 

The physical approach con- 
solidated this. You drive a 
curving avenue of superbly 
lofty beeches. The track drops 
into a boreen. or rough lane, 
and from here I could detect, 
across the River Blackwater, 
through thp foliage, an aqua- 
marine parasol, high-up. 

But what could be more nat- 
ural than a parasol under 
which to eat lunch? By some 
occult premonition Frank had 
this repast just laid out. 

Lunch - lettuce and spring 
onions, grown by him on his 
island of course, plus a pork- 
hunk - was served in his hid- 
ey-house on stilts, under the 
parasol, and a bottle of whis- 
key was plonked down beside. 
His pet robin watched on the 
rail Frank, the complete ghil- 
lie, had rods, personally tied 
flies, and, in the eventuality of 
me failing to deliver, a frozen 
salmon to take away. 

As you may have guessed, 
Frank Maher is a central part 
of fishing this beat. The 
extraordinary workload he 
pots in here is, in his words, 
convalescing. For Frank is a 
retired building foreman and 
has 10 children. It says some- 
thing for him (and of Ireland) 
that nine of these have settled 
with their spreading families 
all around him in this luxuri- 
ant, mellow comer of county 
Cork. 

His voice is like a faraway 
train in a tunnel and throaty 
with cigarette-intake; his face 
brown and seamed. His 
all-round ghillieing service 
includes cooking breakfast 
while you fish the dawn-pool 
Grubbing, as Frank called 
eating, was followed, while 
resting the fishing pools in 
mid-afternoon, by pulling, 
known elsewhere as drinking 
stout 

After two days of this, 
repairing late through the 
leafy lanes to my hotel. I felt as 
if Frank and I had been on his 
island for a week. 

The fishery? I nearly forgot 
Old fish slept in pools, even 
when Frank rolled worms 
down into their murky lairs. 
Grilse showed. One kept 
splashing in a resident spot, 
slowly skipping. 

The water-surface over it 
was not only flat, but very 
slow, making all advances 
futile. Frank intended to rem- 
edy this supreme irritant by 
adjusting a dried-out channel 


which ran through his island 
and was presently blocked by 
rocks. This would quicken 
water gliding over the lie. 

There had been a silage spill 
on the Blackwater a short way 
upstream, and to this we attri- 
buted our lack of luck. By day 
three, the perpetual misty rain 
had slightly lifted the water- 
height, and by the time Frank 
had done his stuff in the fry- 
ing-pan, two grilse were on the 
bank. He was jubilant, present- 
ing me with the fishing book to 
enter them immediately, in 
case we caught so many later 
we would lose count 

It all had to end. I consumed 
my last sausage and Frank and 
I adjourned to his local in 
Doneraile to do some pulling. 
The landlord, deadened by 
tales of vanished Blackwater 
salmon, listened in amazement 
when Frank told him he had 
been frightened by runs of fish 
vaulting past him, and had 
stepped aside to let them pass. 

Frank retired to the bosom 
of his township-sized family 
and I headed west for the River 
Slaney in Wexford. 

This proved to be a river 
more talked about than fished. 
Slaney is the name mentioned 
after Blackwater in Irish fish- 
ing - or tt used to be. Once 
Ireland’s best spring river, the 
Slaney is dying. Catches have 
started to decline sharply. On 
some beats the run is only just 
detectable. Two of the best tra- 
ditional 200-fish beats only 
managed to creep into double 
figures this year. 

Aided by Lar Kenny, a ghil- 


lie of 38 years experience, and 
others, I built up a portrait of 
woe. Kenny knows fish and he 
maintains that, in retrospect, 
the signs of fish distress 
stowed long ago. The salmon 
stopped their characteristic 
dolphin-action “head-and-tail- 
Ing'*; they ran through pools 
they should have stopped in. 
Sea trout entered the river 
only just prior to spawning, 
then vamoosed again. Water 
quality continued deteriorat- 


‘It is a war which 
officialdom seems 
content to lose r 


ing. 

As sheep stocking increased 
in the hills, river bank grazing 
intensified and dear, gravelly 
beds became weed-matted and 
blackened. Young fish lacked 
vital oxygen, and a current 
study reports 14 traditional 
nursery areas devoid of fish 
life. 

As the salmon stock came 
under environmental pressure 
the awesome abstractions from 
75 bag-nets in the 14-mile long 
estuary Increased. Political 
pressure from the netsmen, 
protesting at low catches, 
resulted in an extended season. 

Meantime it became clear 
that, for a variety of political 
reasons, the heavily-mortgaged 
fishing-boats working off Done- 
gal would continue their illegal 
drill-netting for salmon with- 


out effective restraint Efforts 
to improve the marine fisheries 
protection service were met 
with an escalation of intimida- 
tion and violence. It is a fish- 
eries war which officialdom 
seems content to lose. 

The Slaney salmon, which 
has survived the obstacle 
course in salt waters, now 
ascends its home river to find, 
half-way up, an imperfectly- 
functioning fish-pass attached 
to a Jerry-built weir. Out of 
this private hydroelectric 
scheme comes only pitiful 
quantities of electricity. For 
the rare survivors which pass 
the weir in a flood there is the 
prospect of being speared 
under nightlamps while laying 
eggs in the spawning-beds 
(redds). 

The ingenuity of wickedness 
is educational. The over- 
extended bailiff-force does 
manage, in autumn, to visit 
the upstream redds. But while 
the bailiffs supervise, red and 
inedible spawners were being 
pinioned and perforated by 
pitchforks elsewhere. 

Poor Slaney, with its swans 
and kingfishers and ottos and 
beautifully-coloured riverbed; 
with its backdrop of verdant 
fields which lean into the 
bluey, faraway hills. What man 
in his furious cycle of pilfering 
has done to your natural rich- 
ness. 

■ Michael Wigan staged at 
Sprmgfort, near Hall, near Mal- 
low. in Cork, and the Slaney at 
BaUinkeele House. Ballymur- 
phy. Wexford. His flight was 
arranged by Aer .Lingus. 


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The Boat Race /Phillip Halliday 


Precision is the Cambridge 

Oxford are underdogs but do not write them off - they have achieved the improbable before 


hallmark 


A boat race poster in the 
rowers' gym on the 
Iffley Road in Oxford 
asks: Can Oxford ever 
win? Until last year's 
race the poster’s inquiry centred on 
Cambridge but after Oxford's 
defeat, a perceptive Dark Blue 
rower with a sense of humour 
changed it 

It was a gesture that marked the 
end of Oxford's dominance in the 
varsity boat race. Before last year's 
Light Blue victory, Cambridge had 
won only one race in the last 17. 
Oxford had a stranglehold on the 
Beefeater trophy that threatened 
impartial interest in the race. 

Furthermore, Cambridge seemed 
impotent in the face of such superi- 
ority. However, this year Cambridge 
are the stronger crew and will start 
the race today at 12.30pm as hot 
favourites. What changed? 

The tide began to turn before last 
year's race and the change was 
obscured as Oxford polled out a 
couple of remarkable victories 
a gains t the odds. The Dark Blue 
wins in 1991 and 1992 masked some 
frailties. The Oxford crews were big 
and strong but their technique 
looked heavy handed. Recent 
Oxford crews have struggled in the 
last mouth before the race and have 
relied on Mike Spracklen, a 
renowned international coach, to 
wave the magic wand in the final 
two weeks. However, Spracklen and 
his wand are missing this year. 

Nothing epitomises the change 
between the two camps more than 
their approach to coaching. Cam- 
bridge have had only two head 
coaches in the last five years while 
Oxford have changed head coaches 
every year for four years. The Cam- 
bridge crews have benefited from 
the consistency. 

They row with a precise and fluid 
style. It is a style often found in top 
lightweight crews that cannot sub- 
stitute size for skQL Eight blades 
come down to the water as one at 
the catch and emerge smoothly 
from the water at the finish. The 
Cambridge style was pronounced in 





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Cambridge training on the Thames eight blades come down to tha water as one 


a recent race with a potential Great 
Britain eight, rowing as Leander. 
The Light Blues left the internation- 
als wallowing four lengths adrift. 
After that encounter, Brian Arm- 
strong, director of international 
rowing in this country, described 
Cambridge as the best varsity crew 


he had seen, worthy of a world 
championship final. 

Oxford's coaching difficulties 
exploded in their faces last week- 
end. Richard Tinkler, head coach, 
and his assistant, Tim Bramfitt. 
were asked to step aside in the final 
week to allow Fred Smallbone, for 




mer Olympic oarsman, to take over. 

Tinkler and Bramfitt took this 
badly and after a public argument 
between them and the crew on the 
towpath they retreated in a huff. 
Oxford, it was argued, needed a 
fresh face and voice. Something 
new to lift their confidence in the 




last Tew days. The two coaches saw 
it differently and felt this was scant 
reward for six months very hard 
work. 

The hub of the dispute is a clash 
of personality between Tinkler and 
Jo Michaels, a former Oxford boat 
club president who is preparing for 


Mctnri Sirtw. Pram Anocinan 

his fourth boat race. Tinkler saw 
Michaels as disruptive and said he 
was becoming an anchor on the 
boat Steve Royle. director of Oxford 
rowing, called for a vote of confi- 
dence in the coaches, which went 
8-1 in the coaches' favour. The lugu- 
brious Michaels, moving to protect 


his seat, was the only dissenter. 
Strangely, the Oxford camp then 
decided to go for Smallbore. 

Some of the Oxford rowers are as 
confused as Tinkler and Bramfitt - 
who have been told they ore very 
much port of the set up and have 
done nothing wrong. On Monday, 
the pair sardonically sipped coffee 
from the boathouse as they watched 
the Dark Blues take to the water. 

Ten yards away. Cambridge 
exuded inner harmony. Their coach 
for the run-in to the race is the New 
Zealander. Harry Mahon. The 
tanned and bearded Mahon looks as 
if he has just come from on Antarc- 
tic expedition. He stresses move- 
ment and rhythm to his charges 
who reward him with a silky 
smooth style with subtle changes in 
gear and speed. 

Mahon is coy about Cambridge's 
alleged superiority'. "It might be 
more interesting than the pundits 
are saying. Oxford have moved up a 
notch." He constantly returns to 
movement as if he were a choreog- 
rapher and uses analogies from the 
dance world. "Moving like hell, 
instead of pulling like hell, using 
movement to put more power on 
the blade." 

Cambridge have trained harder 
this year with outings frequently 
lasting up to HO minutes and hour- 
long ergometer (rowing machine) 
sessions. 

Martin Haycock, last year's win- 
ning cox, is back in the driving seat 
after an earlier deselection. He will 
not be drawn on today's outcome; 
"In theory, this boat is faster than 
last year with a very fast base 
speed. We have four of last year's 
crew plus the cox, that really 
helps." 

However, Oxford have responded 
well to the recent troubles. Steve 
Royle's calming presence has influ- 
enced the crew who have improved 
markedly. Oxford are relishing the 
role of the underdog and plan to 
capitalise on any Cambridge com- 
placency. Oxford have done the 
improbable before and should not 
be written off. 






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Motor Racing /John Griffiths 

Is this grand 
prix’s saviour? 

The flag rises on the first season with a ‘technology ban 



TrawHumpMw 

Max Mosley, president of motor sport's governing body, in his London office 


M ax Mosley may have 
saved grand prlx 
from itself. When the 
cars line up for the 
start of the Brazilian grand prix at 
Interlagos tomorrow, they will no 
longer have on board highly com- 
plex electronic systems which have 
been painstakingly, and expen- 
sively, developed by the leading 
teams. 

Out go traction control, anti-lock 
brakes and "active" suspension 
systems under the "technology 
ban" which Mosley has orches- 
trated in his role as president of 
the Federation Internationale de 
l’automobile, the Paris-head- 
quartered motoring organisation 
which is also the world’s governing 
body of motor sport 
Inevitably, there have been 
grumbles from front-reaming teams 
snch as Williams and McLaren, 
which have invested so much time, 
money and effort in them. 

Bat in the small Knigbtsbrtdge 
office which serves as the FlA's 
London base, Mosley - former rac- 
ing driver and March racing team 
founder - this week painted a star- 
tling picture of just how far the 
technology had already gone in 
taking control of the car away from 
the driver, and why the authorities 
felt they had no choice but to inters 
vene. 

The logical consequence of the 
route the technology was taking, 
he maintains, was the virtual dis- 
appearance of the driver's role - 
and with it sport administrators 
feared, spectator interest In what 
would have become a life-size Nin- 
tendo game. 


"This trend is already happening 
with road cars, which are becoming 
more and more self-driving, and 
this is a good thing because it will 
reduced stress and road accidents. 

“But there was a device in use fin 
grand prix) last season in which, 
when the red lights turned to 
green, the driver would press a but- 
ton: the computer would maintain 
the engine at optimum revs; it was 
the computer which depressed the 
clutch, engaged first gear, let the 
dutch out, stopped the wheels spin- 
ning, changed up to second gear 
when necessary, then into third 
and so on. All the time, although 
spectators weren’t aware of it, the 
driver would jnst steer, thereby 
eliminating one of the great slrills 
of racing.” 

Without the ban, this year would 
have seen the introduction of a sen- 
sor to watch the start lights. 
“When they went to green it would 
have started the whole process 
automatically, without the driver 
even pressing a button." 

And that, says Mosley, was jnst 


current stuff. Coming along was 
technology which would steer all 
four wheels so that if you went into 
corner too fast and slid, the com- 
puter would sort it out. Provided 
the driver didn’t make a fundamen- 
tal misjndgment beyond the laws of 
physics, it would torn any driver 
into a Senna. 

"Endless similar things were 
coming. And we thought that If we 
allowed these things to continue, 
we would Burly quickly eliminate 
the driver. One skill after another 
would go until, in the end, almost 
anybody would be able to drive the 
car. It’s all technically fascinating 
and very relevant to road cars - 
bnt we felt it would destroy an 
essential element of grand prix rac- 
ing," said Mosley 

However, the widely-held percep- 
tion that grand prix is turning its 
back on technology per se is wrong, 
he maintains. “The car can still be 
as high-technology as you like, and 
that is the way Formula One 
should be. The only caveat is that it 
most not replace the driver." 


After lengthy discussion of the 
detailed regulations with teams 
and the Formula One Constructors 
Association - led by FLA vice-presi- 
dent Benue Ecclestone - Mosley 
insists: "No team is going to Brazil 
in any doubt about what we (the 
FLA) think on any issue.” Mosley 
and Ecclestone say there will be 
harsh penalties for any team that 
seeks to use the technology surrep- 
titiously. 

One hoped-for result from the 
ban is that: "in a given car the best 
driver wfll be able to demonstrate 
his superiority". 

Thus when the tights go green 
tomorrow drivers wffi be compet- 
ing more evenly than for years. 

With recent world champions out 
of the running with Alain Prost 
confirming his retirement and 
Nigel Mansell racing for a second 
year fn IndyCars, the questions are 
endless: will Damon Hill really not 
be intimidated by his new team- 
mate at Williams, the ruthless, 
three-time world champion Ayrton 
Senna? Will Mika Hakkinen, the 


yonng flying Finn, be able to 
mount an effective challenge in the 
McLaren-Peugeot? Is this the year 
that Jean Alesi finally brings Ferr- 
ari back from obscurity? Or wifi 
the hard-charging German 

Schumacher give Benetton its big 
break? 


But it will be what happens far- 
ther down the field which will be 
almost as important for Mosley. 
The technology ban, he hopes, will 
give a break to the smaller teams 
for whom developing such technol- 
ogy “would have bran ruinous in 
the current economic climate.” 


Grand prix trams cost what Mos- 
ley himself acknowledges as “horri- 
fying" amounts to run. "To be in 
with a chance of finishing in the 
points a team needs not less than 
£10m, and to run at the front they 
would need £30m - that's plus a 
deal with a major engine manufac- 
turer." 

Even with the technology ban it 
will cost any team £6m-£7m Just to 
get an to the back of the grid and 
keep running. “But If we’d kept on 
going the way we were they would 
have needed more than £10m." 

Another positive effect of the par- 
tial technology ban is that it is 
already encouraging new entries. 
Two new private teams, Simtek and 
Pacific, have already signed up and 
Mosley maintains that Peugeot has 
come into grand prix only because 
of its new-found stability. 

At least two more large European 
manufacturers - names circulating 
around the grand prix world are 
BMW and Audi - are expected to 
join as early as next year, and 
Hond a is also expected to return 
with its own engine and car. 

Mosley accepts that for the 
leading grand prix teams, the tech- 
nology ban has been very annoy- 
ing. 

“But we must bear tn mind that 
grand prix research is on a very 
broad front and that what we’ve 
banned is a very narrow bit All the 
rest is usable. You've only got to 
look at how much faster the cars 
are already, even without the ban- 
ned technology, because there's 
been such an enormous amount of 
research on aerodynamics, materi- 
als, chassis dynamics and engines.” 



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Cricket/Teresa McLean 

Survival when winter stops 


N ext month the English 
cricket season starts. 
Hoping to get some of 
the hard facts of life out 
of the way before that happy time. I 
set out to try and understand how 
county cricket clubs earn their 
money. 

By now. most first-class cricket 
clubs have published their accounts 
for last year, before starting the sea- 
son with new determination. Some- 
times the problems are old ones, 
such as Derbyshire’s propensity for 
financial torment. This led them to 
a record loss of £120,000 Last year 
and their chairman's departure. 

But. more often, records were on 
the profit side, even in the most 
unexpected places. Gloucestershire, 
for instance, had a year rotten with 


defeat, finishing 17th out of 18 in 
the county championship - but ripe 
with profit, to the extent of £49.050, 
as the secretary. Philip August, told 
me jovially. 

Gloucestershire, he said, had 
three main sources of income. Big- 
gest by far is a grant from the Test 
and County Cricket Board. I knew 
the TCCB subsidised the counties, 
but I thought i had better hear 
some individual survival tactics 
before hearing about the ones at 


central office. Besides, the Glou- 
cestershire officers were keen to 
describe their affairs a bit more col- 
ourfuliy. 

“We can afford to be a bit more 
cavalier now," said August, assur- 
ing me that cavalier meant enter- 
prising. Gloucestershire is still a 
sensible county. One example of 
enterprise is that its coaches want 
to give the players a first-aid course 
ready for this summer and. instead 
of dismissing the Idea out of hand, 
officials can now afford to consider 
it. Perhaps Courtney Walsh will 
learn to resuscitate his victims on 
the follow-through. 

On the sensible side, Gloucester- 
shire rents out the new pavilion at 
the Phoenix County Ground in Bris- 
tol, whenever it is not in cricket 
use, as a venue for dinners, wed- 
dings, conferences and other func- 
tions. Financially, this is a contribu- 
tor to Gloucestershire's second 
biggest source of income: commer- 
cial operations. 

Third, and smallest, is cricket 
itself. Only 12 per cent of the club’s 
income comes from membership 
fees and gate receipts. “It's sad 
that's all we get from people actu- 
ally watching cricket, but that's 
how it is," said August. 

Some 60 per cent of all Glou- 
cestershire's cricket earnings conies 
from the 10-day festival at Chelten- 
ham - consisting of two county and 
two Sunday games, attracting local 
business support and sponsorship. 


Quiet, outlying games make a nice 
change but they do not make a nice 
profit That is why most counties 
centre their cricket on fewer 
grounds with every passing year; it 
is cheaper and easier that way. 

But the complications of cricket 
finances show how strongly the 
counties have retained their distinc- 
tive characters. 

Warwickshire’s Andrew Wilkes 
told me that using Edghaston for 
county games did not just make a 
little money - it lost money. 

“By the time we've paid all the 


staff needed at a huge ground like 
that and got everything ready, it 
seldom matches up to what we take 
from a few hundred spectators,” he 
said. 

Derbyshire, by contrast, has 
always depended heavily on gate 
receipts, especially from the county 
ground. This season home matches 
will only be at Derby and two other 
venues; Ilkeston and the festival 
ground of Chesterfield. The county 
blames a lot of its money troubles 
on the four-day game reducing the 
number of fixtures. Top priority Is 
to attract people Into cricket, to 
watch and to play and, so, to make 
money for the club. It is long-term, 


hopeful planning and it delights the 
club's first woman committee mem- 
ber, an energetic Derbyshire nation- 
alist called Liz HQL One example, is 
the improvement of facilities for 
children and at matches. 

A group of players and officials 
will tour the whole county, fund- 
raising and demonstrating the joys 
of cricket Back at base, the Derby 
ground does not earn money in the 
winter so much as look after its 
core of intrepid supporters, with 
regular meetings and meais- 

Financial troubles must not be 


allowed to weaken the county’s tra- 
ditionally-strong community spirit 
Glamorgan has gone one step fur- 
ther and combined community 
spirit with patriotism, greatly to its 
advantage. 

“We cashed in on a tide of Welsh 
nationalism, after some low years. 
Oar brave committee cut the mem- 
bership fee from £45 in 1992 to £15 
last year and our membership shot 
up. So did membership income, 
from £811800 to £172^00; last year 
we made our first operating profit 
since 1977," says marketing director 
Tony Dffloway. 

The TCCB favours initiative, 
especially if it works, and rewarded 



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The counties use a variety of methods to 
raise money during the close season 


play 

Glamorgan's rise from 14 th to third 
place in the county table last year 
with a generous grant. Glamorgan 
does not own its main grounds but 
rants them for a fixed number of 
playing days each year. The staff 
spend the winter recruiting support 
all over Wales: they have no time 
for commercial operations. “We get 
our money from cricket, not hospi- 
tality boxes.” 

Just to complete the assortment 
of different approaches to cricket 
finances - Warwickshire told me 
proudly that its record profit of 
£289,024 last year owed much to the 
Edghaston hospitality boxes. They 
are sought after as prime places to 
watch cricket, do business deals 
and lap up luxury. 

The people who run Warwick- 
shire are realists. They know they 
depend on their commercial 
operations, which they see as intrin- 
sic to modern, cricket. A fair share 
of the large sum they received from . 
the TCCB last year had been paid to 
the TCCB by Warwickshire in the 
first place. Test grounds put the 
profits from test matches and one- 
day internationals into the TCCB’s 
“pool”, the central source of supply 
for all the first-class cricket dubs, 
including minor counties, according 
to their size and needs. 

It is a kind of Robin Hood system, 
designed to keep the county system 
going. Such credit was given by all 
the counties, rich and poor alike, to 
this time-honoured system, with its 


newly-increased resources, that 1 
felt almost uneasy. 

1 talked to the TCCB's chief 
accountant. Cliff Barker, who was 
amiable, happy to agree that the 
TCCB had made more money in the 
last few years, but less happy to 
give details of how it had achieved 
this. "Mainly from English home 
matches." he said, adding that last 
year test match crowds worldwide 
were falling, but in Rn gfand they 
rose 22 per cent, in state of defeat 
by Australia. 

He attributed much of this to 
Sunday play in test matches, 

"Another bonus we have now is 
in the bigger broadcasting fees 
resulting from the BBC having to 
compete with rivals Sky TV." I 
asked him if he liked Sky’s cricket 
coverage. “I like the ending of a 
monopoly," replied Barker. 

The TCCB is the sole organiser of 
all the sponsorship deals for test 
and one-day internationals, redistri- 
buting its earnings around the 
counties. Barker assured me that 
the counties were free to spend 
their "pool" money as they liked; 
only the buying of players was con- 
trolled, by a board of all the 
teams. 

County cricket is big business 
and it is run as a big business tn 
order to survive. But only honour is 
more important than money if the 
traditional nature of the game is to 
thrive. 


Chess No 1,014 

1 . . . Rxe6 2 dxe6 Sxe6 3 Bg4! wins. 
The game ended dS 4 Bxe6f Qxe6 6 
Rc$ Khfi 6 QxdS Qe7 7 Bd4 Resigns. 
Slightly better is 3 ... Kf7 but 4 
Bxe6+ Qxe6 5 Qxe6+ Kxe6 6Rc8Kd7 
7 RbS null win. 




-Jf 



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FINANCIAL TIMES WEEKEND MARCH 26/MARCH 27 1994 


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