Skip to main content

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

See other formats







Apjurist 

stu^kspnto 

^drugstrail 

ng»i 



Wicked 

whi^ 

fashions 

P»geX» 



In the - 
footsteps of 
Don Quixote 

PtVttXW 


I 



PeloFs soccessioa 

Belgian plumber who 

Wa>iinlh»r»w«.Ray6 


.»S'-«v 


t I St. 


: 


w- 


•? '.4: 







FINANCIAL TIMES 




. EiJfbpe'Sf Business -Ne^v'Spaoer 



Watchdog fines 
Norwich Union a 
record £300,000 

Norwtch Union, one <tf Britain's biggest insnrers, 
became the second company in duw days to 
receive a record £300.000 fine lautro, the 
life msurance industry watdidog. The fine was 
impo^ for breakdowns in management control 
relating perteulariy to the mplementation of 
higher training and compaence standards. The 
regulator was also concenied about recruitment 
procedures amd “fact finds” - VbB ghBcldng of 
Information gathered by sales agents. It said 
the failures "had risks for potmitial customers”. 
Page 22; PIA diief warns on disdosore. Page 4 

Mow to UMar peace hopes: Sinn Fdn 
president Gerry Adams dealt a forther blow to 
hopes of an eaiiy end to violence in Northern 
Ireland, as security forces investi^ted rep^ 
of a tenth sectarian iniiing tn the province in 
nine days. Pages 

S Africa awaits poll resu lt: South Africa 
will wait anxiously most of this we^send for the 
results (tf its flawed general electiou. Page 22; 

S Africa poll chaos casts doubt on re^t. Page 3 

Pord of file US, world's second largest vehicle 
maker, more than doubled net pro^ to $1.3bn 
in the first quartm*. excluding a one-off charge 
for the sale of First Nationwi& Benk. Page 9; 

Ford cuts dealer margins, Page 4 

Pope breaks leg in 1MI at ttatlean 

.• . cri -■Miin.rr--r- n-‘r~w — John Paul II WaS 

‘^\2S©IEf.¥? recoverii^ in a Rome 
ho^tal after surgeons 
insmted a metal replace- 
ment for the the h^ 
and neck of his fomur, 
fractured in a foil in 
his bathroom. The 
Pope. 73, will need 
to sp^ about three 
weeks in bed and pc^- 
poued a planned visit 
to ItelgiunL It was 
his second foU in ^ months, and renewed concern 
ammig his advisers about bis demanding schedule. 

Aniarlea*s Indians Mriqf White House: 

Leaders from m<N« than 500 American Indian 
tribes gathered at the White House for a rare 
chance to press their concerns at the highest 
levels of OS government Page 2 

PoU hits Tory poH hopes: Support for the 
Conservatives is ruiming at just 20 ^ emit in 
the Tun-up to next week's lo^ electrons, compared 
with 48 pur cent for Labour and 25 per cent for 
the Libeml Democrats, according to a &lari poll 
in today’s Times. Election *own goal*. Page 5 

Exportsn agree to curb brttMiy: The world’s 
loading eimorters agreed to curb bnbeory of foreign 
government officials to secure contracts, in the 
form of a voluntary code of conduct due to be 
adt^ted by the OECD. Page 2 

Bosnian So rb s In faSkss A US and Russian-led 
delation met Bosnian Smrb officials in their 
mountain headquarters for "tentative and explor- 
atory” udks aimed at salvaging the peace process. 
fas/e! Z 

Canadian Pizza shares fell 4^ to 1^. when 
the management issued a profits warning just 
five months afior the company's fiofotion. Page S 

Lancer Boss staff back Qerman takeover: 

Senior managmnent and employees at Lancer 
Boss, Bedfordshire-based lift truck producer which 
went into receivership earlier this month, are 
throwing their we^t behind a takeover by Jon^- 
einrich of Germany. 4 

LVMI^ world's largest luxmy goods grmq>, is 
expanding its perflune interests by raising its 
stahff in French fragrance bouse Guerlain In a 
FFrl.d6bn (£220m> share deal. Page 9 

Attack on proposed tobacco ad tan: 

Newspaper and magazine publishers attacked 
a private members' bill that would outlaw tobaooo 
advertising, warning that such a ban would 
"amount to censorship and set a dangerous prece- 
dent". Pa^ 4 

Mombasa ferry capsizes: Rescoers recovered 
44 bodies after a feny caro*ing nish-bour commut- 
ers capsized near the Keny.in port of Mombasa. 
State-run Kenya Broadcasting Corporation said 
tm to 300 people were feared drow^. 

Ths Rnanelal Times nil! not be published 

on Mon^', May 2 


■ STOCK UURKET INDICeS 


ri-SE Kft 0,1213 W2) 

YMd 328 

FT-SEEiniack 100 . ..1,46222 (-114) 

Fr-SE4 W4tae .......1,58044 (4)2%) 

Mkftd -..dosM 

ItoYirfclncMiiM ^ 

OawJMttkxIAe ....2,08228 (*>4.27} 

SteOatnpoto 451.16 («£06) 

■ US UWCHTlME RATES 

Fsienilfinds; 311% 

New York hnetifeDa: 

S ISIS 

UnbK 

S 15163 (1.5IF9 

DM 25126 

ITr 85126 (8.6301) 
SR Z1342 (2.144^ 
Y 1535e (153571) 
%M» 805 (80.4) 

■ DOLUUI 

Santas 8as:Vld...3A»K 

UimiBani --81^ 

„-.72S3% 

m LONPON MONEY 

tor iM bididinB: 

DU 158185 
m &6SOS 

SR 1509 

Y 1D155 
(andorc 

OH 1557 p.66») 

ffr 558 (5.72S5) 

SR 15875 (15227) 

Y 1(n585 (101.885) 
Shdn 6U B55) 

Tokyo don Y Uota 

S-WMStta 5^*% 

Ufle big ^ futue: ...Joi 106/2 pmKniU 

■ NORTH SEA OR. (AlRUSl 

lAto . ..Sli445 a S-fl 

■ OaM 



For customer senriee and 
other general enquiries call: 

k Frankfurt 

m) 15685150 



WEEKEND. APBlLrr30/MAY 2 


1 * 


Yen’s strength reflects fear of slow progress in curbing US trade deficit with Japan 

Fed steps in to check dollar’s fall 


By PhfBp Gawfth and Tracy 
Corrigan in London and WnRani 
Dawldns In Tokyo 

The DS Federal Reserve took the 
rare et^ yesterday of interven- 
ing in foreign exchange wai-tfgtg 
to the dollar as it foil 

towards its lowest level against 
the yen since last stupr f • 

The central bank'^ ^ 
helped arrest the DL d]r»^<^ 
decline, and yesterday evem:Dgit~ 
closed in Ln^on at YloiAS and 
DM1.6S7, slightly above the lows 
of the day. The last time the Fed 
iaterveoed opoily tn the market 
was in August last year when the 
(kdlar fell to Y10Q30. 

The stronger yen reflects mar- 
ket fears that Mr T^ufamm Hata, 
the new Japanese prime minister, 
will make only limited progpess 
in corhii^ the country’s large 
trade surplus wifii the US. The 
US is prising Japan to open its 
markets to US imports, and to 


stiTnniate the economy, as means 
of etirtiing Che surplus. 

However, the dollar looks 
likely to have earned ozily tempo- 
rary respite. Mr Neil MarRinnow, 
chief currency strategist at 
bank in London, commented: "It 
is round one to the Fed. but 
unless finterventionl is sustained 
.p*;d a lot heavier, I think file 
>‘kets wiU again test the previ- 
.* low of the dollar.” 
jonom farts foar that if the dol- 
lar sinks below YlOO, it could fall 
as low as Yao-YSO. Sustained yen 
strength would hit Japanese 
exports, with serious Implua- 
tv^ for the country's economy. 
Japan's Economic Planning 
Ai^cy recently released a figure 
suggesting that <m average, Jap- 
anese exporters needed an 
exchange rate of Yll? to the dol- 
lar in order to break even. 

Poor economic indicators over 
the past week, induing foils in 
car production and retail sales 


Dollar 

Against tn» Yba (V par S) 


the DM a)M per q 

i.ro 


Dew Jones 

Industrial Average 
3.720 


FT-SB 10O 



22 Apt*e« 2 S 
Snrear FT flaph i te Tl iutwa 

for March anri a rise in unem- 
ployment have emphasised that 
any teeovery in Japan's economy 
is likely to be tentative. Mr 
Hi mhI.ea PujU. ftwarwv* minister, 
warned on Thursday that a 
strong currency could damp 
recovery hopes. 

Although the dollar h ae under- 
performed market eqiectations 
all year, its renewed weakness 


ApeM 


Apr*9« 


appears to stem from Japan's 
political instability. The country 
experienced a political hiatus 
at^ the resignation of Mr Mori* 
hiro Hosokawa as prime minis- 
ter, while there are doubts about 
the anthority of his successor. 

Perversely, Japanese political 
uncertainty strengthens the yen. 
Traders fear that Mr Hata's 
minoii^ cabinet will prove too 


Aprea 29 


weak to produce a long-term 
income tax cut, needed to prime 
domestic demand and pull in 
imports. There is also general 
gloom over prospects for a per- 
suasive pa^ge of market open- 
ing measures, which made little 
progre s s under the previous gov- 
ernment 

The foreign exchange markets 
believe that if progress is not 


made in these two areas, the US 
administration will seek to fmee 
a stroller yen as a means of 
curbing the US's $50bn trade defi- 
cit with Japan. 

Yesterday Mr Lloyd Bentsen, 
the US Treasury secretary, said 
the Fed intervention was 
intended to counter "disorderly 
conditions” in the markets. "This 
is in line with our previously 
articulated policy which recog- 
nises that excessive volatility is 
counterproductive to growth.” 

The intervention helped prop 
up the bond and equity markets. 
Eiuiopean bond pric^ ended file 
day unchanged or firmer, recov- 
ering earlier losses after prices 
had foUen sharply due to concern 
about the weakening dollar. In 

Cratiflued on Pa|$ 22 
Fed takes action. Page 2 
Currencies, 11 
Editorial Comment, Page 21 
Lex, P:«e 22 


Ministers 
set to reject 
new plan 
for pension 
trustees 


ByRofondRudd 
and Norma Cohen 

The government is plannii^ to 
rqjeet the recommendatioo by 
the Goode committee on pen- 
sions regolariOB that scheme 
memben slionld be allowed to 
appoint at least a tUrd of all 
sdienie trustees. 

Ministers fear that the commit- 
tee's proposal coold serlonsly 
nndemine occopational pen- 
sions. 

The govenuoent, which is to 
publish its white paper later this 
year, favonrs a code of "best 
practice”, which would leave the 
composition of the hoard of 
trustees to the management, as 
is now the case. "Ministers are 
detenained to resist the tempfo- 
tion to over-regnlate,” said a 
Whitehall oCRciaL 

Hr Stuart James, a member of 
the Goode committee which was 
set op to conrider reform of the 
occupational pension law follow- 
tng the Maxwell pension scandaL 
srdd: "Although the committee 
felt there should he no dierry 
piddng [of its key recommenda- 
tions] Uus is what the govern- 
ment will do.” 

Mr James, speaking at the 
annual coherence of the 
National Association of Poision 
Funds In Brighton, predicted fiie 
government would "ditdi some 
of our less palataUe recommen- 
dations”. 

Goode committee members are 
understood to have recently met 
officials Cram fiie Treasury and 
the Department of Social 


Continued on Page 22 
FIA chiefs warning, Page 4 



Accord covers monetary policy, banks and tax 

Israel agrees ‘self-rule’ 
for Palestine economy 


By JuDan Ozanne in JenisBlom 

TTie inconting Palestinian govern- 
meri t in the Gaza strip and the 
West Bank enclave of Jericho 
will have wide ran g in g powers to 
decide Hs own monetary policy, 
supervise Palestinian banks azui 
set its direct taxation rates. Is^l 
and the Palestine Liberation 
OiganisatioD agreed yesterday. 

The landmark economic accord 
was signed in Paris after a break- 
thnaigh is peace talks between 
the and Israel, whidh have 
agreed to sign an agreement next 
Wednesday on Palestinian 
self-rule in the occupied Gaza 
Strip and Jericho. 

Tte economic which will 
govern economic relations 
between the Jewish state and the 
future self-governed Palestinian 
economy for five years, was 
described by Mr Avraharo Sbo- 
chat. Israeli ftTianpp minister, as 
"a historical breakthrough 
toward a sew economy of peace”. 

The compreheEisive ^ trade 
agreement covers imports and 


Foundations laid for a 
Palestinian stats...~.....-Page 3 


customs, monetary policy, taxa- 
tion, labour, agriculture, industty 
and tourism a^ was signed yes- 
terday by Hr Shochat and Mr 
Ahmed Qiirie, FLO negotiator, at 
the French foreign ministry. It 
brought to an end five months of 
often difficult negotiations. 

However, both sides had to 
exclude, until further talks, the 
controversial issue of whether 
the Palestinians will have the 
ri^t to mint their own currency 
- a key dBroand of the PLO. 

In t^ks is Cairo that precede 
next week's Gaza signing. Israel 
also agreed yesterday to grant 
other symbols of statehood to the 
nascent Palestinian state, includ- 
ing the ri^t of Palestinians to 
have their own international dial- 
ling code and to issue stamps and 
travel documents which wffi also 
carry the word T^assport”. 

Renewed progress in the Israe- 


li-Palestinian peace process has 
Aielled hopes of advancing the 
peare talks between Israel and 
Syria. Mr Warren Christopher, 
US Secretary iff State, yesterday 
held detailed talks with Mr Yit- 
zhak Babin. Israeli prime minis- 
ter, before his planned departure 
today for Damascus. 

Isi^h officials say th^ 

Mr Christopher will shuttle 
betwemi the SyticOi capital and 
Jerusalem and take fresh Istaeli 
proposals to^^President Hafez al- 
Assad of S^a in order to 
advance the sluggish talks which 
focus on an Israeli withdrawal 
from the ocenpied Golan Hei;^ts 
in return for fell peace. 

In Paris Mr Qmie said Palestin- 
ians were looking forward to a 
new era of common interest 
rather than dependency tn their 
economic relations with IsraeL 
He ui^ed intemational donors, 
who have promised $2.5bn 
(&1.6bn) of aid over five years, to 
fulfil their commitments to what 
he said would be a liberal maitet 
Palestinian economy. 


Prime minister John Major answers reporters' questions while 
campaigning in norfimrn England for next week’s conncil elections. 
Re sou^t to cover erodes in the Tory party over Enrope by strssring 
a strategy designed to unite all but the most extreme anti-Enropeans. 
Report Page 22; Tories 'score electitm own ^»1', Page 5 


Unilever takes Procter to court 
in row over ^super’ detergent 


By Tony Jnefeson 

The soap wars between Unilever 
and Prater & Gamble spilled 
into the courts yesterday as Iftii- 
lever took legal action to stop 
Procter Tzntnithfhl and 

misleadhig” statements about its 
sew generation of detergents. 

The dispute between the 
world's two biggest detergents 
makers was sparked by alleged 
dazms from a Procter executive 
in the Dutch press that Uni- 
lever's new super-concentrated 
detergents damaged clothes. The 
products, being laimdzed across 
Europe at a cost of several hun- 
dred mBiinn pimitA? , aro Claimed 


by Unilever to represent a tech- 
nolo^cal bieakthrough. They are 
also a vigorous attempt by Uni- 
lever to regain ground in the 
£6bn European detergeste mar- 
ket It has lost market share to 
Procter over the pa^ five years. 

Unilever’s subsidiary Lever 
Nederland has started proceed- 
ings In the Dutch aiurts on the 
basis that Procter's statements 
are "sowing dov^ amongst the 
general public” about Omo 
Power, the Dutch brand name of 
tite new detergent, it is also seek- 
ing an injunction to stop Procter 
iiring the term "Pemer" for its 
own products. Procter is accused 
of putting stickers with file wwd 


"Power” on its rival brand. Ariel 
in a move which a Unilever 
source described as "particularly 
grubby". 

Procter said lost night "this 
lawsuit is an attempt to siltoce 
the debate, but we see it as an 
opportunity to bring all the focts 
into the open. We think the 
diarges am unfoui^ed and we 
ore confident that we will win 
the lawsuit” 

Unilever daiazed that sales of 
the new product in the Nether- 
lands, where it first appeared 
three weeks ago, were going well 
despite wide publidty caused by 
the first appearance of Procter's 
dams on Wednesday. 


MninouNM:. 


UKNM. 

WWSwr. 

La 


ja 


.22 


UK 

MLConpaniB 


LaaWr^. 


PTAdUaras. 


n nins Asms. 

Pgra^n euAargw 

W 

11 

SQsyCsvrs — 

19 



LSEOecyngs 

12 

bleagod FunCa _ 

__U.l7 


HaiwMB<idef. 

Reetrtitaw- 


Sham bVamnen 

Worid CbrmoJte 10 

VMiSnet 1119 

Scuba 1119 


OaMnDinl.:W BriAn BAtt.CmM C$1.Wc tea tVAMOffmQei.lO, CBM H* CZK5Q; OwmnDiwiftai Sgtp: r<iwa RAM: l^ranM FTrSm OBirany WA Wt OiWvEMSO; Kang 

aA RP*.«Wfcl»MlilSMttia»LM»j^VWJflW»J01JaK8WiWB> XML iftwBBFMailAw -J iSUS-jauajrooM? If <A,KiiayAftptJftU8ALjtaja > i< e i w e e ot»iaottN^>tm 

J eau Mflitwrfcr'tt FH cfr iiL.i iiif nn'Tnn mrirmnn rwnrMc naippM ph sa Pem a azoGatewga Sks 2 b: oorOfRioo; iMBsRi'tx; SSAJR SMr. nw kslso; Seum ama mzoft sun PtS 2 ff. sc 

S«N4Kiatfl0U SweMavSSPiSJaiUMnNTSeHlwMndeNSlTuiUmJOlkTwiUrLmaiMEDmSJiaUS/LSiaSViaikgi&HaMiSl.TSi 


FINANCIAL TIMES LIMITED I9W No 32,355 Week No 17 


LONDON • PARIS - FRANKFURT - NEW YORK - TOKYO 





by sharing infornuitum 





- 





^■4.t Repiihlio ?VaUoua] Ban]v- 
Sve kiio-ss' that the ii)cU\ idaalV deei^ion is onl\' as L'^i>nrl 
the information that helped tonn that deoision. 

So '>'><' hrins tviirether a tearn ofmarke? and credit 
aiiuiv>te to share irilbrmaLioii arid assess risk beiore 
bo^ro^■^iIi^. lendinu or invt-xiino; funds. Oliam'^d \vuh 
Republle- Baiik-s most important mission — protect our 
depositors' funds, tins "safeLv ijr>t pJnlosopljv earns u~ 
tlie respeel. oi the financial coramiiniU'. Lazard FnHes 
tS; Co.. Itqnitv. Research. \sToie: "('h'er ihe laf^t 27 VHirs, 
the hunk Aa-s d>^veloped an excdh'ut reputation for private 
hankinrt rapiabililies. dt'diration to tJu' depo.dtor. and 
ri^k-uvrj^e. hanking pruct/ecs. T/ip bani: ts unrivaled 
niiwna, its peer.> In a.s<;ei quality, reserves forlwii losses, 
and i:iiuil\'~{o-risk assets. ‘ 

For more iufurination about Repuhhe National Bank, 

(rail 1 800 REPUBLIC. Outide the U.S. i 212 i 221 - 60 . 56 ., 


jjp Republic National Bank 


!««VNK-CD»««nmi|J«DKCaillUI-IXGSMl-LL\>n»OlK.PtRU'>«OMfCllllD-CIBII*LTAK-«IUN*ClFJt>Sn-n:iRtT 
De«i\ni-iiiufi-unLV.ni9-Kvui.\ \XK- •Talln^Tu•a^cuvBE•llv^ARo^c-TVlPfl•Jlk*ir^\ 

BEUivi-MDNM-nkKlli-WMi:^tDcn>n\TinixK!iit'.,iu>.'wisiiiui<-!>«%Tiv»-iii:vtcoan-c«Ku:is*Ri(iurjji\Eiiin 




I « l>FfiUI» \<IMad BMhal Wk T«M ItM 


.-•T 










NEWS: INTERNATIONAL 


FT writers in Washington, London and Tokyo examine the factors behind the dollar’s dramatic slide against the yen 


Perverse sentiment drives up the yen 


The Japanese 
seize a golden 
opportunity 

Recession-hit companies are 
giving their workers extra days 
off, reports William Dawkins 

Some pet^le will be taldzig 
life easier than others. The car. 


By Philip GawRh in London 
The dollar yesterday avoided 

ainlnng tO an hiStOlfe lOW Of 

less thaw YiQO, but few on the 
foreign exchanges believe this 
is more than a temporary 
respite. 

Sentiment towards the dollar 
is now so negative that most 
analysts believe it will fall 
thmugfa the YlOO level, and 
that this will trig^ a further 
precipitate dedine. 

“Once it breaks that, any- 
thlfig is possible, up to Y95 or 
Y90. because It is such an 
important break," says Ur 
Steve Hannah, bead of 
research at the Industrial Bank 
of Japan in London. 

Mr Paul Chertkow, head of 


By MMnd Prawse in 
Washington and WWam 
Dawkins ki Tokyo 

After months of apparent 
indifference, the US Treasury 
yesterday showed t^t it does, 
after alL care about the fete of 
the dollar. 

Hr Uoyd BentssL the trea- 
sury secretary, said sales of 
D-Marks and yen by the Fed- 
eral Reserve were needed to 
counter “disorderly condi- 
tions" in currency markets and 
to reaffirm "our previously 
articulated policy which Rc^- 
that esce^ve volatility 
is counterproductive to 
growth." 

Following the Fed's interven- 
tion, the dollar gained ground 
against both the yen and 
D-Hark but many traders 
remained sceptical that the 
official action would makp a 
lasting impression on currency 
markets. 

An immediate cause of the 
dollar's weakness against the 
yen was fear that the new Jap- 
anese government would 
unable to agree effective mea- 
sures to opra Japanese mar- 
kets to imports from the US. 

Until the Fed’s action many 


global currency research at 
UBS, says a lot of investors 
have held onto their dollar 
positions, but expects tbmn to 
sell if tto dollar fells below 
YlOO. “lliis is a market trading 
on fear in circumstances of Oli- 
quidtty." be notes. 

Mr Chertkow says a 10 per 
ge nt fell, to Y90. would “not be 
a big fen given the weight of 
hinds". He says in these ci> 
eumstanees markets can move 
inpch further ^haTl fiihdamen* 
tals would He cites the 

ease of the dollar rising from 
DM2.94 to DU3.47S0 in six 
weete from December 19B4 to 
mid-February 1985 when 
fundamentals suggested that 
DH3 should never have been 
breached In the first 


analysts assumed that the 
Clinton administration 
regarded yen appreciation as a 
us^ means ^ exerting indi- 
rect pressure on the Japanese 
political establishment. Hr 
Buitsen’s statement, however, 
confirms that YlOO is r^arded 
in Washington as floor below 
which the dollar preferably 
should not fsU. 

The dollar's weakness 
against the D-Mark and other 
leading currencies is harder to 
understand. The news this 
week that US economic growth 
in the first quarter was only 2.6 
cent at an annual rate, less 
than eapected in financial mar- 
kets. niight be interpreted as 
bad for the dollar. If US growth 
is decelerating, the pressure on 
the Fed to interest rates 
to prevent upward pressure on 
inflation is presumably 
reduced. 

The trouble with this aiga- 
ment is that few analysts 
believe the ODP figures wW 
deter the Fed from tigfatenli^ 
policy in coming weeks. 
Growth in the first quarter was 
artificially depressed by an 
erratic fall in government 
spending and severe winter 
weather; it was also a reaction 


place. 

It was not sui^Mased to be 
this way. Indeed, at the turn of 
the year, forecaisting the dollar 
was supped to be one of 
I994’s easy tasks. Both eco- 
nomic growth and interest 
rates in the US currency’s 
fevQur were seen as it 

virtually certain tiiat the dollar 
would strengthen against 
European currencies and the 

yeSL 

These were the main fectors 
wliy most investors and ana- 
lyste feU the dollar would rise 
to DML80-90 and Y115-Y120 in 
1994. from DM1.7450 and 
Y112.S0 where it started the 
year. 

Although the <mTgr fe w^k 
against both the yen and the 


to g ro wth at an unsnstaiBable 
annual rate of 7 per cent in the 
fourth quarter. The average 
rate of growth in tiie last two 
quarters was nearly 

S per cent at an annual 
rate. 

Reports on Friday of a sharp 
rebound in the houMng market 
- new home sales rose 11 per 
cent between February and 
March - and a solid increase In 
personal incomes last month 
were a reminder that the econ- 
omy is still moving ahead v^- 
orously. 

When set against US eco- 
nomic frmdamoitals, the weak- 
ness of the dollar remains puz- 
zUng. The US is growing much 
faster than other industrial 
countries. The Fbd has b%un 
to tighten monetary policy 
after a five-year phase relax- 
ation. Gemiany and Japan, by 
contrast, have yet to emerge 
decisive^ from recession. And 
there still seems to be scope for 
monet^ relaxation in both 
countries. 

However, several medium- 
term considerations weigh 
against the dollar. Mr Bruce 
Kasman. an economist at J P 
Morgan, the York Bank, 
points out that the US trade 


D-Mark, it is tbe Japanese leg 
of events that it is propelling 
the market -Tbe driving force 
continues to be the market’s 
perception that the trade dis- 
pute is going to carry on for 
some time." says Mr 
Hannah. 

Perversely, the market bolds 
ttie view that the worse 
Japan’s politics, the better tte: 
the yen. This Ic^ has its root 
in the US-Japan trade dispute, 
where tbe issue is US pressure 
for Japan to curb its $^n 
bilateral trade surplus with tiie 
US. Political instability in 
Japan is seen as i>aw>p«wiTig th p 
prospects of the government 
deliimring maiket-eecess i^^ee- 
tqgpte vfeieh. viffl improve US 
import penetration. 



Bentsem Action needed to 
counter disordeiiy markets 


and net foreign asset position 
is distinctly weak compared 
with that of Japan and Ger- 
many. Unless the Fed acts 
suve aggresavely, US mone- 
tary pofi^ is Uk^ to remain 
considezably looser than that 
in competitor countries. 

Politics is also playing a 
part The Clioion admiGdstira- 
tkm appears to piti less wei^t 
on controlling infiAtion than 
meet other govenunmits. Offi- 
too (rften give the impres- 
sion that tiiey care little ^ut 
the dollar’s external value: 
some appear to regard depred- 
ation as helpful because It 
improves the short-term out- 
look for US exporters. 

Id Japan any sustained yen 
appreciation would cast an 
unwelcome shadow over hopes 
of an economic recovery, jnst 
as the reces^m appears to be 
touching bottom. It would fiir- 


In these circumstances tbe 
market believes that tbe US 
administration will talk up tbe 
yen. to make Japanese espmis 
less com pe titive, as a way of 
closing the gap. 

Mr Brsidan Brown, head of 
reseazch at Bfitsubishi Bank, is 
sceptical of tbe trade di^mte 
as an explanation for yen 
strength. He explains it, 
iTigtanri as a frutetion of feiily 
ti^ mon^uy policy, 
tion of capital by Japanese 
investors from abroad, and for- 
^n buying of Japanese equi- 
ties. 

He asks ibetorically: How 
can tbe economy with the larg- 
est savings (and current 
account) surplus conmstently 
import long term capital? Eco- 



Pufii: strong yen hitting 
recovery bcgies 


ther hit the fragile eamings of 
Japan’s ezi^ dqiendent man- 
ufectoring industry, with con- 
sequences throughout tbe 
economy. 

Poor economic indicators 
over the past week. TuHtwting 
fells in. car. productum and 
rel^ sales for March and a 
rise In imemployment have 
that- my recovery 
Is likely to be tentative. Mr 

ISrohisa Fqjii, frnanrp wiinift - 
ter. warned on Thursday that a 
strong currency could dampen 
recovery hopes. 

Tbe fresh burst of currency 
speculation will increase the 
pressure on the Bank oi Japan. 
to push down interest rates, 
which are high in real terms 
because of Japan's low infia- 
tion. B will also test the cen- 
tral bank’s resolve to tntervmie 
to push yen down gainst 
the US currency during tiie 


nomie arithmetic and logic 
tells ns that Japan most be tiie 
princ^al supplier of capital to 
the world economy, not an 
imports d funds." 

One way of restoring eqitiUb- 
rinm win be for the yen to rise 
to the level where Japanse 
investors see no reridual risk 
in exporting funds, while a 
tumbling t^kei stoA market 
index (a yen below Yloo wUl 
pu^ Japanese exports sharply 
down) win drive fore^ners out 

Analysts aigoe that a levM 
around Y90 probably only 

laM a few After that 

the yen is expected to weaken 
to ibe Y115-120 level, depend- 
i^oni^t^fess with tim trade 
dilute. 

US nawf htiiiae 


'000 

850 — 



Golden We^ holiday period. 

Bank of Japan officials say 
they are ready to act in tbe 
markets over the next week. 
desiDte traders' belitf tixat file 
central hawk fe nnaMa to inter- 
vene on national holidays. 

Japan’s political problems - 
a reason for currency weak- 
ness in most countries - have 
perversely given the marked a 
reason for pushing the yen 
h^er. Traders might fear that 
Mr Tsutomu Hata's minority 
cabinet wiQ prove too weak to 
produce a pennanent Income 
tax cut, needed to prime 
dome^ demand and pull in 
imports, to present to tiie US at 
ihe (hoop of Seven summit in 
July. There is also general 
00^ over prospects fm a per- 
suasive package of market 
opening measures, which 
littie pn^ress under the previ- 
ous government 


Many of Japan's hard-pressed 
. industrial flftmpatiiag breathed 
a sUfe of relief yesterday and 
packed their surplus work- 
forces off for a long break. 

Golden Week, which started 
yesterday, has always been an 
elastic bdUday. But this year 
coipocate Japan has stretebed 
it extra long. 

On average, Japanese cconpa- 
nies have ^ven their workers 
6,2 days of holiday this year, 
an iofcxease of more than half a 
day on 1993, according to a sur- 
vey by the labour ministry. 
That is not bad, conslderiz^ 
that Golden Week officially 
terfpflps only four public holi- 
days. 

It is a welcome opport u nity 
to shut down production when 
stocks of unsold goods are still 
uncomfortably hi^ as Japan 
continues to febour under Its 
worst post-war recessioiL 

Just over 450,000 people have 
seized the ebanee to spend 
their strong yen abroad and 
have booted a formgn holiday 
- iqp 20 per omit on last year, 
according to tbe Japan irevel 
Bureau, the lead&g travel 
i^ency. This partly reflects a 
sharp drop In package tour 
prices, but some Japanese 
ecemennists believe the holiday 
rush is another sign of the 
recovery in consumer confi- 
dence that may herald the 
teginning of tbe end of the 
downturn. 

But the airport crowds are 
only a gmail frectlon of the 
nearly 67m Japanese who plan 
to take it easy this week. Many 
til them headed for the coun- 
tryside yesterday, creating 
motorway jams up to 70km 
long, another Important 
Golden Week rituaL Tbe sensi- 
ble ones stayed at home, to. 
eqioy the pleasant emptiness 
of their city streets. 


steel and consumm electroiucs 
indu^ries, burdened with ovep 
capacity, are asking their 
worirere to stay away for lon- 
ger than most. Mazda and 
Honda have offered 12 days off, 
to the irritation of some of 
their suppliers, which have 
had to scale back capacity 
according. Hltnehi is talmig - 
nine days Off. 

Sesniconductor makers, by 
contrast, have asked their 
workers to take the minimum 
four days, to keep up with 
strong demand for computer 
comports. 

Foreign exchange dealers 
and politicians also get a raw 
deal this year. The finance 
ministiT has suggested that 
some Japanese and foreign 

hanka anrt fifo insiTmra krep 

dealers on duty during the hol- 
idays. 

They are needed to head off 
another rise in the yen against 
the dollar, on feare that Ur 
Tsutonui ffeta's new minority 
administration proves too 
weak to make progress on the 
UBJ'apan trade dispute. J^- 
nese markets will be clo^ 
from rmt Tuesday to Thurs- 
day, but a few traders will be 
dosely watching tbe yen-dollar 
movement elsewhere in the 
world, from their lonely 
screens in Tokyo. 

Mr Hata. meanwhile, will 
also be busy next week, when 
he is due to tour Europe, his 
first foreign visit as prime min- 
ister. He will no doubt have his 
woik cut out to persuade his 
hosts in Italy. Germany, 
France and at the Etiropean 
Ifoion headquarters in Bel- 
gium that Japan's recent politi- 
cal turmoils have not harmpd 
its Teliabillty as a 
partnar. 


Fed takes action to 
stem dollar’s decline 


America’s Indians 
lobby White House 


By George Graham in 
Washington 

Leaders from more than 500 
American Indian tribes gath- 
ered at the White House yester- 
day for a rare chance to press 
their coocerns at the highest 
levels of the US government 

At a breakfast meeting vdth 
Vice-President A1 Gore, and a 
subsequent meeting with Presi- 
dent BUI Clinton, delegations 
from almost all the 545 feder- 
ally recc^nised tribes argued 
(or more freedom for native 
American religions, more 
money for Indian health 
and education services and 
more respect for tribal sover- 
eignty. 

"FOr so long, from tbe Indian 
perspective, the doors of the 
White House have been closed 
CO us. The symbolism is that 
the gates are open to us," said 
Gaiashkibos, president of the 
National Conm^ss of American 
buhans. 

AO estimated 80 per cent of 


native American voters backed 
Mr Clinton in the 1992 presi- 
dential election, but tribal lead- 
ers have been disappointed at 
the Democratic administra- 
tion's plans to cut the budget 
for the Indian Health Seni^ 
- which administration offi- 
cials have now indicated they 
are reffiinkmg - and at delays 
in naming a new chairman for 
the National Indian Gaming 
Commission. 

"lodian people always expect 
a greater understan^g and 
commitment from Democrats. 
Instead, what's hit us in the 
eye is budget cuts,'' com- 
plained Mr Peterson Zah, presi- 
dent of tbe Navajo nation, the 
largest American Indian 
nation. 

Indian nations rat^ from 
the 220.000 Navajo, feoed with 
poverty, ill health and inade- 
quate sanitation, to the 300 
Massantucket Pequot. who 
have grown rich on the pro^ 
from tbeir c^ino, which is not 
subject to Connecticut's ban on 


gambling. 

Sovereignty ri^ts, suppos- 
edly guaranteed by hnndreds 
of fed^ treaties that the US 
has honoured more in the 
breach than in the observance, 
have generated conflicts 
between Indian nations and 
states from South Carolina to 
Montana. , 

But some Indian leaders 
argue that the ^'eatest burden 
on the native American peo- 
ples is the Bureau of lotiuax 
Affairs, the federal bureau- 
cracy that oversees the tribal 
reservations and which critics 
describe as one of the 
world’s last surviving exam- 
ples of socialist central plan- 
ning. 

Congressman Bill Richard- 
son of New Mesco. who ch^rs 
tte House of Representatives 
subcommittee on native Ameri- 
can affairs, s^ it is “time to 
junk or radically transform 
the boreau." which he 
describes as “wastefiil and 
patriarchaL" 


Americans and Russians 
in talks with Bosnia Serbs 


By Laura SHber in Dolg i ad e 
and Reuter in Oslo 

A US and Rnssian-ied 
delegation yesterday met Bos- 
nian Serb officials in their 
mountain headquarters for 
“tentative and exploratory” 
taitae ahned at salvagiDg the 
peace process. 

Mr Radovan Karadzic, Bos- 
nian Serb leader, told the nine- 
man delegation, which also 
includes United Nations and 
European envoys, that UN 
sanctions on Belgrade must be 
lifted to make any progress 
towards an overall settlement 
his spokesman, Mr John 
Zametica. 

“The international commu- 
nity has to decide if it is more 
important to maintain sanc- 
tions or achieve peace," he said 
in Pale, tbe makeshift Serb 
capital near Saraiem 

The contact group, h^oeg 
hv Mr Cfoaiies Redman, the uS 
special envoy, and. Mr Aleksei 
Nikiforov, the 
sentative, held the 
fece-to-face meeting with ^ 
nian Serb leadere since weir 
forces compiled with a Nato 
Stimatum on Wednesday to 


withdraw from a 20km exclu- 
sion zone round Goraade, tbe 
embattled Moslem enclave 
which is designated a UN safe 
area. 

TTie group was due to return 
to Sarajevo for more talks with 
the Moslem-led Bosnian gov- 
enunmit. On Thursday. Mr 
Alfia Izetbegovlc, the Bosnian 
president said he would con- 
sider a two to three month 
ceased to allow the peace 
faJks to tate place. 

Bosnian Serb leaders were 
likely to reject the offer. They 
rffttm tiie Bosnian anuy is 
paring Co launcb an c^nsive 
on the norti^m Seri) corridor 
liwiriTig Belgrade with Serb- 
held territory in Bosnia and 
Croatia. 

A US offidal yester 

day sMd Bosnian Serb forces 
had moved their weapons from 
Gorazde northwards to the cor- 
ridor. This heightens fears that 
^bs will soon try to widen 
the cotTidor. 

g og pjnn and Setbisn mfidfe 
yesterday reported 
it«md Breko. at the eastern 

i^JSi^™caned®.ra 

complete cessation of hostili- 


ties in a bid to cement their 
military gains. Their forces 
control about 70 per cent of the 
war-ravaged republic. 

The attempt to revive tbe 
peace process also included 
talks in Norway between Lord 
Owen, the £U mediator. Mr 
Thtevaid Stdtenberg, the UN 
mentor and Mr Vit^ Chur- 
kiiL the Russian special envoy. 

’’The crisis has created new 
possibilities,” Mr Stoltenberg 
ssdd. “We have a stabihtf and 
calm in Bosnia for the moment 
which we have not had for a 
long time.” 

Mr Stoltenberg said the only 
chance for a fMxoal end of the 
fighting and a peace accord 
soon was agresnient between 
tbe US, Russia, France. Ger- 
many and Britain and the 
Unit^ Nations. 

The mediators discassed 
preparations for a meeting of 
foreign ministers from the five 
mtUODS along wiUi the United 
Nations. 

Meanwhile, Croatia yester- 
day accused Serb forces of vio- 
lating the international agree- 
ment to withdraw from a 20fcm 
zone along the 1,600km con- 
frontation line in Croatia. 


Sentence ends months of intense media coverage 



Sergio Casani, escorted by police, leaives a ician court after 
being sentenced to ei^ years in jail 


company. 


Russia, Latvia 
set to sign troop 
pull-out accord 


Cusani gets 
eight years 
in jail for 
corruption 

By Anckew HU in Mian 

Italy’s most gripping 
co nTtroom drama went off the 
air tUs week when a SGlan 
judge condemned Bfr Sergio 
Cureni, a finandal constotant 
to tbe Fermeti-Hontedison 
industrial gronp, to eimit 
years in pifeon for cocnmtton 
and feise accounting. 

It was the first time a 
sentence had been transmitted 
live on Italian television, 
ending six months of intense 
media covmage of the trial, 
which featured gnest 
appearances by stars of the 
discredited oU political 
regime. 

Hr Cusani helped conceal 
Montedison's illicit 
contributioas to ruling 
political parties, inctoding 
tbe LiSObn (262m) “mother 
ofaO bribes. 

This som smoothed the way 
for Ferruzzi-MoDteffisoa to 
pan out of Enimont, its 
iU-feted Joint venture wHh 
tbe state-owned Eni energy 
and chemicals gronp, at a 
huge profit in 1990. 

The judge ordered Mr 
Cusani to repay l,16?.Mm to 
Montedison, Ferrusl’s 
principal Indnstrial subsidiary 


The sentence, handed down 
on ‘niuTsday id^t, a mount s 
to a victory for the pr os e cu tor, 
Hr Antoni Di Pietro, Italy’s 
best-known and most 
charismatic investteeting 
maidstrute, iriio had asked 
for a seven-year sentence. 

Dnriitii tiie trial be b^an 
to uncover a network of 
political corruption more 
widespread tiiw most Italians 
had suspected. 

The final day of the dOOJiOQr 


trial did not disappoint 
armdiair viewers. In a 
des pe rate last stand, Mr 

Cusmii tt ^f> MUan 

m^istrates of driving Hr 
Rani Gardini, chairman <d 
FOnuzzL to suicide last year 
by not rebranding to the 
tycoon’s pleas to be questioned 
on tbe Eniiuont affair. 

Tbe crowded c ou rtroom also 
had to be cleared before tbe 
sentence could be deUvmed, 
after police officers discovered 
a small bo^. 


By John Lloyd hi Moscow 

An agreement to pull out the 
remafoing Rusrian troops from 
Latvia fe expected to be sigoed 
today in Moscow by the leaders 
of tiie two states. 

The agreement will mean 
t hat only R^tnqla, the aifiallflgt 
of the three former Soviet Bal- 
tic countries, is at odds with 
Russia over troqp withdrawal 

Negotiators the two 
sides agreed on the last issue 
betwren them - that of pay- 
ment of pensions and other 
benefits to the 22,300 Russian 
military veterans still living in 
Latvia - at a meeting yester- 
day in the resort town of Jor- 

wiala 

The agreement allows the 
officers to stay in Latvia with 
bene fi ts, but not to obtain citi- 
zenship - a clause which 
natinnaiiatfi hi the Latvian par- 
liament say gives retrospective 
justification to tbe occupation 
of Latvia by Soviet troops 
between 1940 and 199L 

The Latvians have also 
agreed to rent out the Skrunda 
radar base to the Russians for 
the next four years. 

The sudden worsening in 
reiatioaB betwee the two counr 
tries when a decree signed by 
President Boris Yeltsin 
appea^ to suggest that Rus- 
sia wished to keep troops in 


Latvia appears to have been 
patched over - with Latvian 
leaders prepared to believe tbe 
explanation that the decree 
was carelessly worded. 

Mr (Kmtis Ulmanis, Latvian 
prudent Mr Valdis Kr- 
kavs, prime minister, are due 
in Moscow today to sign the 
treaty with Mr Yeltsin - a 
treaty which should remove all 
lOAOO Rusman troops by the 
end of Ai^iust 

The deal if carried through, 
focuses ail attention on 
Estonia, where fewer thu 
3,000 troops remain but where 
talks have proved fruitless and 
both sides trade auctions of 
breach of good faith and of 
civn Ti^ts. 

Mr Hart Laar. the Estonian 
Iffonier interviewed in the US 
this week, said he received 
assurances from Mr Boutros 
Boutros Gall United Nations 
secreteiy-general that the UN 
security council would take a 
hard 1^ on Rus^ if there 
were no sign of Anther troop 
withdrawals by June. 

Mr Laar said Russian troops 
in Estonia were 
and were offering guns and 
other military equipment 
for sale. 

Estonian security forces had 
stopped the attempted sale of 
two torpedoes by Russian offi 
cers, be claimed 


OECD members agree action to 
curb bribery of foreign officials 


By Daidd Buchan In Paris 

The world’s major exporters 
yesterday agreed to curb brib- 
ery of forei^ government offi- 
cials to secure cmitracts, in the 
form of a voluntary code of 
! conduct due bo be adopted 
xnally by the OtganisaUoa for 
Economic Co-operation and 
Develf^mimit (OECS)) later this 
month. 

The OECD’s S4 member gov- 
emments have agreed on a Urt 
of recommended measures, 
such as making bribes illegal 
and removing their tax deduct- 
ibility, which they would try to 
implement, Mr Mark Pieth, a 
Swiss offidal who chairs the 
organisation’s working group 
on illicit payments, said yeste^ 


day. He said it h»i not been 
possible to agree on a legally 
binding anti-bribery conven- 
tion. as the United Nations had 
tried to do in the late 1970s. 

He described tbe OECD 
recommendation as “soft law” 
which would not oblige mem- 
ber governments to adopt the 
whole menu of anti-bribej7 
measures. But member govmn- 
ments would exercise . "peer 
pressure" on each other by 
holding periodic reviews to 
examine what measures indi- 
vidual countries bad, or had 
not. taken, he claimed. 

Tbe recommended ban on 
illicit payments is due to be 
adopted by OECD ambassadors 
onBfey24. 

“It [the OECD recmommida- 


tion] is a commitment that 
measures will be taken, which 
should be concrete and mean- 
ingful” Mr Pieth said. 

The agreement ends more 
lhan four years x£ OEXS nego- 
tiations. instigated by the US 
which is the only OECD coun- 
try to flatly outlaw bribery ia 
its Fbreign Corrupt Practices 
Act 

Mr Warren Christopher, the 
US secretaiy of state, reem^ 
complained that the US 
lost billions of dollan worth of 
business to less scrupulous 
oompetitOES. 

Other OECD partners have 
had greater reservations than 
the US about tbe "aztra-territo- 
rial” aspect of applying any 
bribery ban to business active 


ties on foreign scdl 

Mr Pieth said the OECD code 
of conduct covert illicit pay- 
ments to officials, but not to 
private businessmen, in for- 
eign countriK. He also con- 
ceded that comfotion was hard 
to define. 

Taritii^ a foreiga to 
dinner hardly constitutes cor- 
ruption, but offering him a gift 
can.” 

Afr Pieth said the new OECD 
anti-bribery code would draw ' 
on the experience of the organ- 
isation's Financial Action Task 
Force whose role bas been to 
crack down pu tbe laundering , 
of drug atiri crtminal money 
while respecting the differ- 
ences In member countries' 
banking systems and laws. 


, THE FIKANCUL TIMES 
I PabStbed I9 The fiDaaai Tina (Ennpe) 
GabH, 3, 60318 Fraakwe 

I sm Cannn. T den hOBB **4^ 69 136 
850. Fax 69 9964481. Tda 4(6193. 
RepiaHited a Fnikftin tty J. Wibo- Brand, 
Wiu^ J. BrtaeL CoBa A. Xennard u 
OaA&Tunhrer and b Loodm \>j Da^ 
CM. Bd and Alan C MDIa'. Ptima: DVM 
Dnt^Vailrieb and Maitetin GnbB. 
Adnuni-RoMndahl- Subsm 3b, 63263 
Nev-lsenlnua (ovud by Hdrrryet 
faUMalioBBt), iSSN; ISSN 0I‘M‘n63 
Re^maUe Edhor Rkh^ Lanbatt ato Tbe 
Pionncial Timea Lioited. 
Ntanber One Sanihwaxk BridK Lnodoa SEI 
9RL, UK. SbaicMdars tf tbe naandat Ton 
(Enrapd OmbH aie; Tba nnaneial Tnas 
(EuoK) Lld,LoBdoB and F.T (Gannany 
Ad w rta iitf Lid. Londan. Sh a ndwidar of ibe 
abon nentioBH two conpaniaa Ik Tbe 
FlaandnJ Unea Uiniud. Nnnber One 
Southo^ Bridge, London SEI 9HL. Tiie 
frtM M w m comnaled oodar dir bn el. 
Saghnd and Waba. CbamnaH: O.CM. BdL ' 


dog Dinann D. Good. IB Roe da 
PUB 01. TebfheM iOl) 

m. Fu m 424M)620. frmbr. SA 
Bte. imi Rne de Cibe. F-S9I00 
b CedK (. ECmc Riehud teadiaL 


KNMARX 

RnaadU Tima ffon dto e b l Lid, Jaaaa- 
ikafbd 42A. DK.ltdl CBpohawk. Tda- 
(OOK » 13 44 4), Pax 33 to S3l5. 




e* 


9 




FINANCIAL TIMES WEEKEND APRIL 3CVMAY 1 1994 


NEWS: INTERNATIONAL 




NEWS DIGEST 

New suspect in 
VW ‘spy’ case 

The darter of the prime suspect in the VW/Genoial Motors 
Industrial esirionage investigation, was the original source (£ 
some of the new potential evidence turned up recently 
Gennan state prosecutors, it emerged yesterday. A diskette 
coniaiDii^ data on c05^reducCtoa planning at GM. the exis- 
tence of which was made public the Gennan authorities 
eariier tins week, was oonviled by Ms Begounia Ldpez, dai^ 
ter of the US group’s fonner purchasmg director, Mr Jose 
Ignado L4)ez de Arriortda. Mr Lopdz told his present 
employer. Volkswagen, that hte daughter, now ^ gathered 
the inftUTiiatlon fbr a student thesis while on a work-study 
placement witii GM shortly before his abrupt dspartuie for 
VWinkferch, 1988. 

Ms liOpes is known to have beei temporarily employed in 
the Cheholet marketing department during tite relevant 
period. Officials close to the affair said that after a “com- 
plaint’’ hum GH lawyers Ms Ldpez was now being treated 
formally investigators as a suspect almg with her father 
and three of his closest associates. All former anpioyees tiie 
US group, they ficdlowed tahn to VW within days of his leaving 
the US. Mr Ldpes’s lawyers last ni^ the suspicions 

as groundless. They claimed the dlstette fou^ in Bfe Ll^ez’s 
room contahied matei^ she gathered while studying at the 
independent General Motors Institute. ChrisH^her Parkes, 
FnaUiftirt 

Seoul rejects treaty proposal 

The U8 and Soutii Korea have redected a prepoeal by North 
Korea to replace the armistice agreement euding the Korean 
War . oC I95h83 with a peace treaty between Fyongyai^ and 
WashingtoD. Washington and Seoul said the ffispute over 
North Korean nucl^ inspections most be resolved flxrt 
before a peace treaty would be considered. 

Ncnth Korea has revived the peace treaty proposal, one of its 
main diplomatic goals, as part of an attempt to win a security 
gimrantee from the US, possibly in ezchaii^ for allowing fuU 
nuclear inspections. Pycmgyang has refused to ennsMer sign, 
ing a peace treaty with Se^ by rfaiming South Korea is not a 
si^iatmy to the armistice. North Korea has threatened not to 
paiticip^ further in meetings the military aimisttce com- 
missfon if negotiations are not opened wiUi the US on a peace 
agreeroent JoAn Burum, Seoul 

Poland may en d wage controls 

The Polish government has 
told Solidarity it will consider 
removal of wage contrds if 
the trade union agrees to a 
highly controversial reform of 
the country's pension system 
which has been long 
demanded by the Interna- 
tional Monetary Fund. Yester- 
day Mr Waldemar Pawlak, 
the prime minister (left), crit- 
icised Solidarity fta organis- 
ing strike action but offered 
to talk about the union's 
riowiflndw within the frame- 
worir of a trmartite commit- 
tee bringing together repre- 
sentatives of unions, 
employes and the government which also met yesterday. 
Pensions are linked to wage levels tbrm^hout the economy 
and increase periodically as wages rise. Mr Pawlak said 
rmnoval state controls by the end of this year would 
have to be aamupemied by a change to inderii^ pensions. 
CJaistopher Wqtsoid 

C Europeans speed tariff cuts 

The four central Buropean countries agreed yesterday to 
advance tiie timetable for tariff reductions by three years and 
estabtish a free trade zone by the end of 1997. Poland, Hun- 
gary. the Czech Republic and Slovakia agreed on fresh cuts in 
customs duties on industrial goods of between a quarter and a 
third to take effect from July 1 this year. 

Un d er the terms of the 1993 (Tenb^ European Free Trade 
Agreen^ ((^FTA) about half of re^onal trade is already 
free and another lai^ class of goods he liberalised at tiie 
emi id 1996. Yesterday’s additional accord briz^ forward tcx> 
ward full liberalisation for sensitive products end-2000 to 
ead-1997, hut the tariff schedule for “most sensitive" products 
Detiton, Budtqwtf 

92 trade unionists murdered 

The extent to which trade union ri^its are denied across 
much of the developing world emerged in a report yesterday 
which found that 92 trade unionists were murdered last year 
in 14 countries. 

The awmiai suTvey of the Internatimml Confederation a£ 
Free Trade Unions, published yestert^ (FRl). listed 91 coun- 
tries with poor tta^ union records and recorded about iJlOO 
attacks on tr^ unionists in 22 countries. 

&dicird Dottk^ Labour Staff 

Russian giants form new group 

Avtovaz, Russian nudEer of Lada cars, and Kamaz, Russia's 
biggest truck-manufacturer, plan next month to form a finan- 
csBl-industrial group with a commercial bank called Avtovaz- 
hsnk. Mr v iflrtimfa- Khmlazmikov, chairman of Avtovaz, said 
tiie aiKangg would help them raise capital on more fevourable 
tenns. Leyla BouUon, Moscow 

ECONOMIC WATCH 


French jobless rate stabilises 

•FranM The French unemployment 

rate remahied stable in MarA 
Unempto y mert rate pb) for the third successive 

12A month at per cent, the 

ian employment ministry said 

/ yesterday. The number of 

ilA -/■ people out of work rose by 

-(. 8^600, OT'OiS per cent, during 

. / the month to 3.32m people, or 

iOls y*' (me in eight of the wmkfozce. 

HoTvever the number of jobs 

. lost in March, as in Janu^ 

9.5 February, was. signifi- 

• W-vmvsA- - - — ”• cantly lower than in many 

: ’ I t II months last year. The slower 

laao ff! Bz 98 94 pace of job losses and recent 

” publication a survey showhv 

SoiRw PT Improvement in buriness cod.- 



1990 91 

SoiRW PT OnpMl* 


gdeoce has encouraged economists to be positive about 
the economic outlook. Altee Rcaosthom, Para. 

■ btdustrial proiiiiction in eastern Germany rose by over 17 
per cent for the tiret two months of this compsffed with 
the period last year, the Gennan economics ministry 
said j-esterday. The strong growth sectore continue to include 
tiie (»D5tructlon industry, up 2&6 per cent and mining, which 
rose by 17 per cent in January and F^nu^ conuored with 
tiissamep&^Qtl9SS.JudyDempsey,Ber^ 

■ South Korea's economic growth forecast for 1994, as mea- 
sured by gross national product, was revised upward to 7.6 per 
cent from 7 per cent by the Korea Development Institute, a 
govenuaent think-tink. The revised forecast compares with 
the country's 5.6 per cent GNP growth in 1983. 

M Russia’s trade surplus widened 49 per cent to $5.l3bn 
(£34bn) in the first quarter from S3A4bn a year earlier, accord- 
ing to figures from ^ ministry of formgn economic relations. 

■ The Russian central ba^ yesterday lowered its discount 
Rite, the rate at which it lends money to conunercial banks, to 
-2(@ per cent from 210 per cent a yw. 


S Africa poll chaos casts dou 





suit 


By Patti WaMneirln 
Uund, KwaZulu 


South Africa’s 
first all-race 
elections may 
yet turn out to 
have beenr^ 
tively free and 
fair; butif tiiey 
do, no thanks 
wilZbeowedto 
the Indepen- 
dent Electoral 
Commlsrion, the body charged 
with condoling the polL 

Thou^ polling took place in 
an atmosEdiere of political tol- 
erance unprecedented in South 
Africa’s history -a tribute to 
the spirit of ordinary South 
Africans who put aside their 
rivalries for a time -the lEC 

hflfi managed, gm gtehgrwtefHy 

to cast doubt on tbe feiiness of 
tbe vote. 

Through incompetence com- 
pounded by deceit, tiie Com- 
mission provided coimtLess 
invitations to fraud. And tbe 
zrany is t|ie Ccanm^ 
Sion's records axe m sucih dis- 
array that no one will ever 
know -or at least be able to 
prove - just bow many illegali- 
ties actually toUk place. 

The catalogue of IRC inefil- 

rfartriftf WOUld 

be funny if its consequences 
w«e not so serious. On tiie eve 
of the poll, scores of idle lEC 
media were unable to 

provide the name of even (me 
polling station in Soweto, the 
hugest black township in the 





!: ■ ' V"** ■■ 


- . - 


Ayoong boy passes an ANC sign in the hteck township ofEaflehong, Johannesbnig, yesterday. 
Tiiwnship violence has dnoped but tensions remain between ANC supporters and local Zulus ap 


nation. When details were 
finally fUniishedi. they turned 
out to be incorrect 
But that was no more than 
annoying. According to offi- 
eiais witilhi the lEC itself, tiie 
(xnnmission hae xio jaas of 
lo(»tton of the 35m ballot 
papers despatched for the poll; 
papers were sent to central dis- 
tribution points, but what hap- 
pened to them after that, no 
one knows. 


When reports of shortages 
sterted ^^fwriVng- in, Commis- 
sion printed additional papm^. 
But these have no serial num- 

bers or nnrmtarfinila malring it 

impossible to reconcile them 
afterwards. 

Appropriately, the commis- 
sion does not know exactly 
how many extra papers were 
printed, because some were 
done locally. Estimates range 
from 8m to 12m. 


Of the additional papers, 
some 3m were sent to tbe East- 
ern Cape for the Transkei 
“homelmid,’' where shortages 
were serious. But the whole of 
the Transkei has only l.S7m 
potential voters. Some lOm bal- 
lot papers had already been 
sent for tbe Eastern Cape as a 
whole, including Tran- 
skei - three times tbe total 
number of voters in the com- 
bined areas. No one knows 


what happened to tlmse origi- 
nal baUots. 

There can be few auae t^ien 
invitations to fraud than to 
send excess ballot papers to an 
area such as Transkei, its 
administration corrupt and 
chaotic, its chief minister an 
ANC candidate. 

Eteen before the voting, Tran- 
skei head Gea Baatu Holomisa 
symbolically banded over tiie 
keys of the "homeland'' to the 
AITC. It is difficult to believe 
that he and his supporters 
could not find ways of using 
excess ballot papers to improve 
their party's performance. 

The tragedy is that no one 
win ever know whether they 
have done so - or whether the 
rival Inkatha Freedom Party 
has done the same in KwaZulu. 

In both areas, electoral offi- 
cers are almost entirely drawn 
from the “homeland’’ civil se^ 
Tice, and neither dvil smrioe 
employs many people who 
do not toe the line of the 
ruling party. 

In almost every case, agents 
from the dominant party are 
tbe only ones present at poll- 
ing stations - along with lEC 
monitors, again local people 
with predictable party sympa- 
thies, and internatiaDal observ- 
ers who mc&e flee ting visits 
wUch could never detect 
secret frauds. 

No records ate kept of the 
names of those who have 
voted, and there is no voters 
roll, so there is nothing to stop 
decitoral officers from complex 
ing a few thousand ballots and 


Foundations laid for Palestinian state 

Julian Ozanne considers the impact of the Israeh-PLO economic agreement 

Y esterday’s economic enhance the benefits from However, the Palestinians estinians can export all prodr IQOJXXX) is critical to the shoi 

agreement between association with Israel's $6ffm will be able to import a long ucts freely except five items - to medium term viability of th 

Istad and tbe Palestine economy, iuchiding continued list goods at lower custmns tomatoes, cucumbers, potatoes. Palestinian economv. Israc 


Y esterday’s economic 
agreement between 
Istad and tbe Palestine 
Liberation Organisation gives 
the Palestinians the ability to 
influence their economy for 
the first time in modem his- 
tory. 

More important for the PLO, 
the agreer^t allows for lim- 
ited independent economic 
decision makiiig. This could 
lay tbe foundation for a future 
Palestinian state the PLO 
hopes to achieve in negotia- 
tions with ferael which are due 
to start in 1995. 

"People will start seeing 
estinian ports, airports, televi- 
sion stations, economic institu- 
tions,'’ said Mr Nabil Shaath, 
senior PLO negotiator. ‘“They 
vrill see a real opportonity to 
develop their future.” 

Yet the accord, essentially a 
free trade and customs urdon. 
keeps the Palestinian economy 
lai^ly within Israel's broad 
macro-economic trade and tax- 
ation policy, recognising the 
dependence of the territories 
on their nei^bouring eco- 
nomic giant for the foreseeable 
future. 

The Palestinian economy, 
backed by $2.5bn (£1.7bn) of 
international aid over five 
years, can thus expect to 


enhance the benefits from 
association with Israel's $6ffm 
ectmomy, iTirfuriing (amthiued 
migrant labour. 

The challenge will be to 
solve massive unemployment 
overhaul n^iected infizmtmc- 
ture and reveree years of stag- 
nation which have left the 
Ldm f^estinians in the ooeu- 
laed territories with per capita 
income one seventh that of 
Israelis. 

While critics from both sides 
will atta^ the agreement the 
great achievement of the 
accord has been to balance the 
economic reality of Palestinian 
dependence on the protected 
and regulated Israeli economy, 
with the FLO’S political need 
to show its people that it Is on 
tbe way to statehood and eco- 
nomic independence. 

In all of the areas of the 
agreement - trade, taxation, 
monetary policy, s^culture 
and lab(^ - Israel and the 
PLO have demonstrated tfamr 
ability to strike this difficult 
baianea- In trade the two econ- 
omies will have a similar over- 
all import and customs poficy, 
reOecting Israel’s staggered 
trade liberalisation which 
envisages reducing all import 
duties to a uniform 13 per cent 
rate by 1998. 


However, the Palestinians 
will be able to import a long 
list (ff goods at lower custmns 
rates to be determined by the 
inrftmmg Palestinian National 
Autiiority. Most of the goods 
on this special list wQl be pti- 
orfiy materials for the con- 
struction sector. Palestinians 
will also be able to import cans 
duty free, import and price oil 
products fire^ except for pet- 
rol (for which the pump price 
may not be more that 15 per 
cent below the Israeli price) 
and import goods in limited 
quantities frmn Arab countries 
that do not currently trade 
with Israel 

A Palestinian tax author- 
ity will set its own 
direct tax policy, 
including income, corporate, 
property and municipal taxes. 
However the Palestinian econ- 
omy will largely adopt Israel 
valued added tax regime, 
althoi^ at a rate of 15-16 per 
cent rather than Israel’s 17 per 
cent 

Israel has agreed to end tbe 
ban on tbe importation of Pal- 
estinian ^ricultural produce 
which has been in force smce 
the Jewish state captured the 
West Bank and Gaza Strip in 
1967. From the day the self-rule 
agreement is implemented, Pal- 


estinians can export all prodr 
ucts frreely except five items > 
tomatoes, cucmnhers, potatoes, 
and broiler chickens. 
These five products will be 
subject to increas^ quotas 
over four years which will be 
phased out in year five. (Agri- 
culture coutributes at least 25 
per cent chT the Palestiiuan 
ecQDomy and employs a quar- 
ter of the workforce.) 

The Palestinians will estab- 
lish a monetary authority to 
Isolate and supervise bmiks, 
set liquidity ratios on deposits, 
manage foreign currency 
reserves and oversee foreign 
exchange transactions. How- 
ever, the two sides have yet to 
agree whether the Palestinians 
win be able to issue their own 
currency and until agreement 
is reached the Israeli shekel 
and Jordanian dinar will 
remain legal tendm*. 

Both sides agreed that Pales- 
tinians win need to find expan- 
ded work opportunities in 
Israel although, due to Israel’s 
security concerns, no final fig- 
ure has been agreed on the 
number of Palestinian workers 
Israel will allow. 

Increasing the number of 
Palestinians who work in 
Israel from the present figure 
of about 16,000 to at least 


IQOJiOOO is critical to the short 
to medium term viability of the 
Palestinian economy. Israel 
will transfer 75 per cent of the 
income tax it collects on Palee- 

tmian ini giraTit workers tO the 

Palestinian autii^^. 

The agreement will apply to 
tiie Gaza Sti^ and West Bank 
enclave of Jeri<^ due to come 
under Palestinian self-rule 
ato next Wednesday's signing 
of an agreement in Cairo. The 
economic accord will later 
a{^ly to the rest of the West 
Rank, with minor ez^tions. 
after Palestinian elections due 
in July but almost certain to 
be delayed. 

To strike the agreement, 
both sides have bad to risk the 
fury of domestic oppositioiu 
Israel will face stormy criti- 
cism from protected interests 
in its agriculture and nianufac- 
tujring sector who will be seri- 
ously undermined The PLO 
has already been accused by 
many PEdestinians of -gfliiitig 
out the aspiration for an inde- 
pendent ecmnomy after more 
than a quarter century of 
Israeli occiqiatioiL 

But western economists 
believe both sides have been 
wise to choose economic prag- 
matism over political national- 

jgm. 


ARAFAT VISITS GERMAN CONGLOMERATE 


Daimler mix es business and diplomacy 


By Quentin Peel in Bonn 

Whmi Mr Yassir Arafet, ehainiian of 
the Palestine Liberation Organisation, 
lands in Stuttgart on Monday, his hosts 
wiU no doubt prov^ him with the 
very latest in protection. They are well- 
eqitipped to do so. 

He is not coming to see the German 
government, nor any of bis normaZ 
counterparts in the political process, 
but that other German empire • 
Daimler-Benz, manufacturer of the 
four-tonne anaonririated limousine. 

Yet this is not, say Daimler’s senior 
officials, an ezsroise in salesmanship 
or self-promotion. Germany’s largest 


industrial conglomerate claims it is 
throwfog its commercial weight into 
the Mld^ East peace process, in sriiat 
it says Is an example of busing diplo- 
macy. 

Mr Arafet wlU be shown a splendid 
display of all the main products of the 
Stntt^rt-based empire, fitim Mercedes 
limousines to Unimog trucks, buses. 
Airbus and F<ticker aircraft, helicop- 
ters, evmi the ei^ine nnit of an ICE 
high-speed train, all set ont in the 
piazza of the company headgnartes. 
Be will visit tiie Merced jHant at Tfir- 
kheim, and the company museum, 
design^ to ajmeal to his badkgroond 
as an engineer. 


But the (xnnpaiiy says the real pnr- 
po^ promoted by Mr Edzard Renter, 
Daimler's (diief executive, is to demon- 
strate tiie sq^ort of a business mnpire 
for the political n^tiations between 
Israei and the PLO. 

The unlikely initiative has official 
blessing 6ma ChanceUar Belmut Kohl 
and Mr wian* witiireij his fortegn min- 
ister, as weQ as IsraM. 

In talks In 1992 with both Hr mt- 
riiak Rabin and Mr 23iinKni Feres, Mr 
Reuter qiett out his belief tiiat a small, 
hi^ily indnstrialised riate like brae!, 
would only have good econonde pros- 
pects if its neiglibonrs cmild be drawn 
into a common marl^ He urged an 


intiative to promote cross-border 
coKiperation in the hfiddle East 

Now Daimler-Benz intends to get 
involved with projects snpporttog 
develapmmit of tbe Palestinian tenito- 
fies, altium^ nobody Is talking of any- 
thing quite so extravagant as new car 
or bra idants. 

9^at Mr Renter is proposing is help 
with analysing the infiustnictnre {nob- 
lems, designing water supplies and 
transportation links, and assistance 
with the education and training of the 
Palestinian worfcforce.What DazmleF- 
Benz is not expeetii^ is a hugely prof- 
itable retnra fin* its fawwiciiiate invcdvo- 
meat 


st uffing them into boxes 
undetected. 

in both areas, tempo- 
rary voter cards are Issued on 
flimsiest proof of identity 
and age. In KwaZulu, tbe word 
of tbe local chief or induna 
(headman) is sufficient; but 
chiefe are paid by the KwaZulu 
government and are solidly 

liahtnd Tnfcatiia. 

Given a system with so few 
in-built controls, it will be 
Impossible to tell whether elec- 
toi^ offietals, party agents, or 
the two working logger col- 
luded to stuff baUot boxes with 
ille^ papers - though if it 
turns out that 25m or 30m 
South Africans voted, far more 
than the 22m estimated votli^ 
population, this will be a clue. 

Not to be put off by fects. 
Judge Johazm Kriegler. the 
ISC chairman, has already 
ilafflarftri tha plerHnn an "out- 
standing success.’’ One can 
only wonder how he would 
define a fefiure. 

For thoi^ violent political 
intimidation, so much a fea- 
ture of the election campaign, 
was totally absent from tbe 
pou, tbe administrative mess 
engineeFed by tbe lEC could 
still jeopardise the result. One 
could assume that fraud on 
both sides will largely haiawi-e 
out (though smaller, cleaner 
parties will suffer); or take a 
charitable view of human 
nature and assmne few irr^u- 
larities took place. 

Any deinent of doubt could 
still cause political problems In 
the new South Africa. 


Dalai Lama 
criticised 
as MFN 
date nears 

By Nancy Dunne in 
Washington 

A week of lobbyiz^ over 
China's Most favoured Nation 
status in Washington ended 
with a blast from B^'ing at the 
Dalai Lama for rising to 
abandon hope of independence 
for his Tibetan homeland. 

The lengthy statement 
issiied by Beijing may have 
been an attempt to defend 
China’s record in Tibet in the 
run-up to the US decision on 
renewing China’s low-tariff 
trade status. 

Respect for Tibet's religious 
and cultural heritage is one of 
the factors President Bill Clin- 
ton has said he will consider in 
maidng a decision on MFN by 
early June. He has pressed 
China to open talks with the 
Dalai Lama. The statement fol- 
lowed a meeting between Mr 
Clinton and his vice-president 
A1 Gore with the Dalai lAma 
on Thursday. 

Yesterday Mre Anson (Than, 
Hong Kong’s chief secretary, 
was set for talks with Afr Gore, 
in the last and most import^t 
meeting of a week spent Ibbby- 
in Washington against 
withdrawal of MFN on human 
ri^ts grounds. 

She spent the week trying to 
persuade opponents of kOTI 
renewal that hiunan rights 
advances could better be 
achieved throi^ trade than 
by isolating nhina. 

“I don’t think anybody else 
on this earth is more con- 
cerned about human rights 
than Hong Kong," she said. 
The city-state is to revert from 
British to Chinese rule in 
1997. 

vnth just five weeks left 
before Mr Clinton must decide 
on MFN, other Tibetan inte^ 
ests were lobbying this week. 
The Tibet Fumt a non-pn^ 
group which helps support 
Tibetan refrigees, this week 
smit each member of the US 
Congress a tie of Tibetan 
design, bearing ta^ with pic- 
tures wamfte of mdividual 
TTbetan cbildrerL 


Indonesian state banks come under spotlight 


F or Tndrmegians weary Ot 

convptioD and secrecy 
in government and big 
business, the recent si^t 
some of President Suharto’s 
most influential advisers being 
summoned by the attorney 
general’s office for questioning 
about a $430m (£286m) bank 
artq pjal bias been particitiariy 
inv^teating. 

The crippling bad debt prob- 
lems of the Indftneftiati state 
banks - often tbe result of col- 
lusion over loans between pow- 
erful isfficials and the etbmp 
Chinese businessmen who 
dominate the economy -have 
been a topic for private gosrip 
in Jakarta fm* the past three 
years. 

Only in the past two months, 
however, has the matt» been 
publicly aired. The authorities 
have arrested busnessman Mr 
Eddy Tan^ and five officials 
of the state-owned FT Bank 
Pembangunan Indonesia (Bap- 
indo) in connection with a 
S430m letter of credit suiqpoo- 
edly earmarked for petrotfoemi- 


Loan scandal helps private banking sector, writes Victor Mallet 


cal projects in Java. Il^th 
accrued interest the loan 
should be worth some 368Qm, 
but prosecutors allege some of 
the money was diverted to 
Hoi^ Kong and the loan is not 
being serviced. 

The Baplndo letter of credit 
is only one of more than 40 bad 
or doubtful big loans of S50m 
or more believed to be on the 
books of the seven state banks, 
W private commercial bank- 
ers have praised Mr Mar'ie 
Muhammad, the fiTiance minis- 
ter. for at least starting to 
bij]^ the bad debt crisis cmt 
into tbe open. 

Mr Muhammad announced 
that 21.2 per cent - or about 
$fon -- of the outstanding loans 
extended by the state banks 
were dasrified as bad or doubt- 
fril, compared with 17.4 per 
cent at the end of 1992, and 6 
per cent in 1990; the true sitna- 
tion may be even worse, 
according to economists and 


bankers In Jakarta, beca ns p Mr 
Muhammad’s figures are based 
ma the batiks’ own, probably 
over-optindstic, assessments 
their 

To the delight of fodopesian 
liberals preying for a more 
open and accountable govem- 
xnant, those questioned at the 
attorney gene’s office over 
the Bapindo scandal include 
Mr J.B. SumarUn, former 
finance minister and now 
chairman of the Supreme 
Audit Agency, and Ur Sudomo, 
the former senior minister in 
cha^ of political and security 
affairs who provided a refer 
ence for Mr Tansil; their testi- 
mony will be used in a forth- 
comii^ trial of kfr Tansil and 
tbe B^nndo suspects. 

The disclosure of tbe extent 
of the difficulties faced by 
TnrinnffifiaTi state banks has had 
both good and bad results fbr 
the- TrwinnAiriaw auQiozttieg. 

It may have further dented 


intemational confidence in tbe 
hflTiiriTig sector the county 
has more tiian 230 commercial 
banks, but the seven state 

hawlrg account for baW ctf hank . 

ii^ busiDess and the top 10 pri- 
vate banks for a forther 35 per 
cent 

However the scandal has 
helped the growing private 
bank sector Csome of tiie state 
banks' more reputable clients 
have moved their custom to 
the stronger private banks) 
and shown tbe seriousness of 
government efforts to curb 

"memo” lending - the inftirmal 

system whereby bankers 
approve loans on the basis of 
an instruction from an influen- 
tial nffiHai rather than on the 
economic merits of tbe scheme 
for which the money is theoret- 
ically b^ig disbur^ 

A government pit^ramme to 
reform and recapitalise the 
state banks - financed by the 
Indonesian budget, by convert- 


ing central bank loans to the 
state banks into equity, and by 
a S300m loan from tbe World 
Bank approved in 1992 - is 
already well under way, 
although tbe trotdded Bapindo 
itself is erolu^ frmn World 
Bank siqiport 

TTm authorities have hired 
Kroll Associates, tbe interna- 
tional detectives, to hunt for 
assets of Golden Key. Mr Tan- 
sil’s groDp of companies, ^ 
have raised the possfoihty of 
bringing in foreign manners 
to clean up the state banUng 
system. 

Disclosures about the activi- 
ties of tbe banks are neverthe- 
less likely to be restricted by 
the desire to protect the 
Suharto family and other tnSu- 

antifll Initenagiaiig from OVeT- 

eager iavesl^tors. 

^ Hutomo Mandate Putra, 
better known as “Tommy" 
Suiuuto, the president’s young- 
est son, had a stake in one of 


the Golden Key companies but 
it is ciflTTned that he sold it 
before the controversial loan 
was made in 1992. Tbe Bapin- 
do-Cfolden Key loan agreenmnt, 
meanwhile, seetos to have dis- 
appeared. if it ever existed. 

Members of the rulhtg Got 
kar party not only expo^ the 
scandal over Hr Tansil and 
Golden Key but also criticised 
anotiier company, tbe Kanindo 
textile group of Hr Robby 
TJabjadi, for having FTOOm of 
outstanding debts to Bapindo; 
the Kanindo issue surfaced 
briefly in the Indonesian media 
but biU now been buried, prob- 
ably on the orders of a senior 
official implicated In tbe mat- 
ter. 

“The ^uashii^ of the infor- 
mation is already going on,” 
said one Jakarta-bai^ econo- 
mist who has foBowed the Bap- 
indo saga. 

Or, as a banker put it, “They 
are stn^Ung between making 
a clean breast of thing g and 
not beiz^ able to be too open 
about what happened." 


t 







i 

V 

B 

V 
0 

A 

y 

a 

tl 

a 

E 

e 

e 

ti 

t« 

a 

n 

ii 
S 

ti 

a 

I 

r 

0 

l2 

n 

d 

y 

a 

u 

SI 

k 


] 


B 

L 

A 

at 

di 

tt 

le 

V 

SI 

d( 

fr 

al 

fo 

A 

m 

at 

m 

oi 

IK 

W 

to 

th 

G; 

Ni 

In 


] 


ar 

A 

de 

ni 

m 

“t 

ta 

pe 

ni 

m 

in 

E< 

sa 

liJ 

to 

sa 

Zt 

ni 

in 

tl> 

in 

a 

b; 

SI 

N 

St 

tc 

fc 

u 


Lancer Boss staff unite to back German bid on 


By AnfkBw Baatter 

Saidor managemuit and ^ployees 
at Lancer Boss, the Bedfordshire- 
based Ufbtruch producer which went 
into receivership this month, are 
haHrinp a takeover by Juz^beinnch 
of Genuany. 

It emei^ed yesterday, however, 
that the Hambui^-based company is 
facing a serious tAallenge for lancer 
Boss from Terex, the US industrial 
and construction machinery group, 


wbich ent e ar e d tiie lift-track business 
In 1992. 

Mr Allan Griffiths, a partnor at 
Grant Thornton and one of the 
administrative receivers at Lancer 
Boss, said there was a sbcniUst of 
three potential purdhaaers fbr the 
businesses. 

Accordii^ to a senior manager at 
Lancer Boss, two ‘'vexy smious" bi^ 
have been made by Jungheinrleh' 
and Terex. The third approach 
is understood to come from a 


South Africa-based entrepreneur. 

A management boy-oat is said to 
have been diseosaed, but acccirdiDg 
to the senior manager thm is no 
buy-out proposal at ineseBt. Potmi< 
Qal mgnag epiflTit ''boy^ins'’ have also 
been, proposed. 

Amid continuing speculation 
about the identic of potaitial pva> 
chasers of Lancer fio^ one rqiort 
suggested that l^ison, the 
Ang^US conglomerate, may also be 
interested. On Thorsday the ITV 


television programme AsgUa News 
Mid it bad received a tax, imtporb 
edly from the leeetven to depart- 
mental heads at Lancer Boss, to 
which a handwritten additiou names 
Hanson and Jtm^eisrieh. 

Hanson said yesterday that it 
never commented on rnmours or 
mark^ speeolation. The senior mao- 
ager at Laiuer Boss said staff from 
Grove, the Hanson crane company, 
had visited Lei^ton Buzzard bat 
that Hanson’s involvement was a 


‘^non'Starter’’ and probehly too late. 
He said staff were sdli^ behind 

the -Ttmghginrieh bid, WhS^ WOUld 

prodoce a '^uch better fit” than a 
takeovtt by Terex. Managers the 
UK company were even pr^iared to 
offer a ”sevenfigure sum” to top up 
the Gennan company's oflbr so that 
it could win tiie contest 
Jtmgfaeinrieb already bonght 
s tpfahnrir BOSS, the former Gennan 
subsidiary o£ Lancer Boss, from a 
Gtfman receiver, and the trading 


relationship between Steinbock and 
Tjn/w is cru^ to the Bedfordshire 
oompeny. 

Mr Simon Valente. convener for 
the GUBU ^neral union at Lancer 
Boss, said Jungheinrich had told 
him tost it wanted to ^vest money, 
secure jobs and recruit people”. 

Mr Griffiths, meanwhile, said be 
was ‘'reaso^ly confident" that he 
would be in a position to complete a 
sale of Lancer Boss by the end of 
next week. 


Last round-up for landfill cowboys 

Taxpayers may foot the bill for higher waste disposal standards, says Bronwen Maddox 


At midniglit tonight tough new 
rules aimed at driving "cow- 
boys" out of ttw waste manage- 
ment industry come into foi^ 

The effect, according to 
waste companies, will be to tre- 
ble or quadruple the cost of 
rubbish disposal by the end of 
the decade. While la^ waste 
companies have welcomed the 
rules, Qiey warn that those 
costs will eventually be passed 
on to industry and consumers. 

According to ISr Steve 
Charles of Redland, the huOd- 
ing materials group, which 
runs more than 20 of the UK’s 
landfill rubbish dumps, "the 
new r^ulations certi^ily will 
impose more monitoring 
requirements and more costs, 
but we have been foUowii^ 
many of these (practices) for 
some time**. 

Friends of the Earth, the 
environmental pressure group, 
has ai^ed that taxpayers 
could be leB with the bill for 
cleaning up landfills whose 
operators have rushed to hand 
in their licences before the new 
rules apply. 

The new rules, whose intro- 
duction has been delayed for a 
year wtule contradictions with 
European directives were 
sorted out, will makp holders 
of landfill licences: 

• Demonstrate that they are 
"fit and proper” to run the ate. 

• Monitor i«Tidfnis after they 
are closed, possibly for 5Q 
yeais, and clean up any pollu- 
tion. 

• Demonstrate that they have 
the financial resources to meet 
these bng-tenn l^l^ties. 

'Ihe rules aim to curb the 
problem of Ul-des^ed and 
poorly managed landfills leak- 
ing poisons into the sofl and 
water tables, and onitting pol- 
luting gases such as methane. 

About SfiOO UK liceaces were 
in issue in 1990. Many were 
tteld by formers or small quar- 
ries, who gained extra revenue 
by allowing rubbish to be 
t^iped on their land. 

About 90 per cent of UK 
waste now goes to landfill, a 
small amount to recycling and 



Hounting oanoern: household waste bong unloaded at Gory SnriroDmeiitBl Pofiotion Control Sevices, at Mucking, Essex, yesterday 


the rest to Inoneratkm. The 
cost of lantWiii lia<t remained 
low in the UK compared with 
continental Europe because 
the UK Is Uiassed with a large 
number of unfilled quarries 
from XbB mmavatioa of building 

Although enviroxunentaUsts 
fear that "cowboy" operators, 
anzioius to avoid ^ new haUl- 
iUes, will have rushed to hand 
back hceuces to local authori- 
ties before the May 1 dfaiTlinf, 
ttiere are no national figures 
on how many licences have 
been surrendered in the past 


two y«us, since the fonn of 
the new rules became clear. 

Howevm Mr Steve Wdb, pol- 
icy director of the National 
Asaodatiim of Waste Disposal 
Contractors, which represents 
most of the waste industry, 
said: "Hy inmression is that it 
has been more dribs and drabs 
tiran a rush, ff the pay-off for 
getting dodgy operators out of 
the Industry is that they 8u^ 
render thrir licences, so be it. 
If they were unable to meet 
tiieir fisUhties. the cost would 
come back to tte taqnyer any- 
way." 


Tl« Departmait of the Enri- 
ronznent has estimated that 
the new rales could increase 
the cost of waste disposal 
through landflU by M)p per 
tonne. Typical charges range 
from £3 to £16 a tonne. 

However, the association 
estimates that there could be a 
140 per cent rise in prices in 
the near futore, altho^ pres- 
ent overcapacity, caiued partly 
by the recession, may dday 
this for some numths. Mr 
Murpny of the Institute of 
Wastes Management, a profes- 
sional association for waste 


engineers aT>{i mxmagBs, esti- 
mates that prices co:^ rise by 
three m four thneft by 2000 as 
the cost of (giemiig new sites 
rises. 

But waste companies say the 
new roles create new prob- 
lems. No commercial oparator 
is now likely to take over a 
half-filled lafidfni anf^hpr 
private company or local 
authority because of the 
unknown pollution risik. 

The companies say it has 
also become neariy tutpossible 
to get long-term insurance to 
cover poDution risks. 


Bankers reject 
freer societies 


By Alteon SSnctti 

TiCatiitig hnnifu haw launched 
a i-^mpaigTi to s^ buildug 
societies being given a new 
range of freedom as a result of 
the goTenunent*5 review of the 
Buildzng Societies Act 1966L 
?3te Brlt^ Bankers' Associ- 
ation iw* submitted a mesnc^ 
random to the Treasury which 
aignes that tixe p-rirfng r^ula- 
regime for societies is ju^ 
tified, given their m^ue privi- 
leges. The review was 

annitunead m Janu^ 35 part 

of tte deregtdation friifia Hw. 

The assocaation argues that 
changes to societies* powers 
should be looked at on the 
merits of ftarh case, but t hat 
the legal frameworic - which 
smne societies want removed > 
should be retained so lo^ as 
they are nintnai osganisatiims. 

hi recent months competi- 
tion between banks and bond- 
ing societies to market share 
in mortga^ lentiing and fbr 

retail depnaite baa inftmiriHfld, 

The first element of the 
review's cywiri^^rinnw wfakii is 


due to be released next month, 
is expected to include an 
t ncTpqgp in tile ceiling on the 
ammmt of XDOney that societies 
ran rafoe on the wholesale 
markfttR, from 40 per cent to 50 
percent 

It is also expei^ to reduce 
the need for societies to com- 
municate individually with 
fhpir ffifWfms of members in 
smna ri murngtanges . 

Abbey National and TSB 
have l^n among the most 
vocal banks arginng foat soci- 
eties should not leceive greater 
freedoms without having to 
become more accountable to 
their members. 

While the amphagiB in the 
association’s memorandum is 
on maintaining the existing 
restrictions, some bank* would 
like to see the rules on take- 
overs relaxed. 

Mr Peter Birch, chief execu- 
tive of Abbey National, has 
propwed ending the power of 
societies* boards to block an 
offer from another organisa- 
tion by refusing to put it to 
society members for a decision. 


Tory peer criticises 
finance bill verbiage 


By Ivor Owen, 

Parliamentary Correspondent 

Lord Coekfield, the 
Conservative peer and Conner 
'nreasuiy minister, yesterday 
ctitiosed the length and com- 
plexity of the finance bill 
before it ccanpiteted its passage 
tbrougb ihe Bouse of Lords. 

Be contrasted the voUage of 
the 2SB dauses and 26 sched- 
ules in the 4Q-page bin with 
the brevity of the Iflcfslation 
that hitroduced the pay-as-yoo* 
earn income tax r^me in the 
lB4Ds. Lord Coekfield said that 
only 10 or 15 pages had been 
needed to establish PAYE, 
iriiich remained tiie bedrock of 
tile taxatim system. 


Re said the impetus provided 
by eariler Conservative admin - 
istrations to slmplifr the tax 
syston had been lost, and leg- 
islation was being introduce 
tiiat was ‘'more and more com- 
plsx more difficult and more 
immtdligibte**. 

Lord Coekfield called on min- 
isters to devote more effort to 
the style of legislation. 

Lord Boyd-Carpenter, 
another Conse^tive peer and 
former Treasury minister, said 
tile bill's tax increases bad 
been made necessary by the 
government’s failure to 
restrain expenditure. 

The bill is expected to 
receive royal assmit on Tues- 
day. 


THE BEST THINGS 
IN LIFE ARE FREE. 


FREE! 


A NO-KISK ISSUE 

YOURS 

BEFORE YOU INVEST 
IN A YEAR’S 
SUBSCRIPTION 


.\1A> hSlI OLl ^o^\ 

V. j 1 1 I I II I V 

liTci rps I [ r 



Complete the subscription order below and we 
will send you a free copy of the latest Money 
Obser\'er. As a new subscriber you can look 
forward to receiving twelve further monthly 
issues, sent direct to your home or office, for 
just £27 - a saving of £3 on the cover price. And 
in the unlikely event of you not enjoying your 
free issue, simply cancel your order and keep 
your free issue. 

Subscriptiion hottine: 

0424755755 


MoM'V 


toUK GUIDE TO WEAU1I CREATION 


I omlcr^and I oecd xml no miiii.-} im* » yoa «in Imwta oie. 




TrlM 


IV Mi«q OtMTio-SriM^dsn, FREEKBT. Kl But I IhsttW- ^ Shmi. 1M34 UI. 
INoMBiiinjBlRdtfpiBWdtaltwUX) M 


Signal 


O 130t j aRw nio appttc a itqna O 
O WrOATAPnOMSIOADAY O 
O Sj^SORWAREGUlOE O 
Cal tendon sr 44 4- ^ 7i 23i 3556 
lof ydw guldn wnd S^jngl prfen lie. 


Petroieum Argus Oil Market Guides 


'•'.■ns.'i’e OxpiCinr-liC'f’:? 




CALL r.,c 


P£;troleum Argus 


Proposed 
tobacco 
advert ban 
attacked 


^ Diane Sununow^ 

Marketing Coneepondent 

Newspaper and magazine 
pubtiriiers liiwd up yesleiday 
to appose a private members' 
MU that would outlaw tobacco 
advertiring, warning that such 
a ban would "amount to cen- 
sorship and set a dai^erous 
pceceduie'. 

The bill, proposed by Mr 
Kerin Banoo. Uhour UP to 
Bother Valley, is due to reach 
hs report stage on May 13. 'The 
government, which opposes 
the bilL was surprised by the 
scale of simport to the mea- 
sure at second readmg when 
MPs voted by 227 to 17 in 
favour of it 

In an attempt to pre-empt 
the bill it is still po^le the 
govenunent wiU announce 
before May 13 that it has 
reached agreement with 
tobacco manufacturers on 
striteer vohmtaiy controls on 
advertising. 

MPs are being urged by 
newqsqper and magazhie pub- 
liriuws to "reaffim sup- 
port for the freedom of the 
press, the freedom of speech 
and the freedom of gnmaimpr 
choice by rejectix^ any 
attempts to outlaw advertising 
of produris l^ally and freely 
available In the UK”. 

A statement circulated to 
MPs yesteiday was signed by 
industry groups indu&ig tbe 
Newspaper PifoUshers Associa- 
tion. representing national 
newspapers; tbe Newspaper 
Society, wbich represents the 
T^onal and local press: and 
the Periodical Publl^iers Asso- 
ciation, representix^ m^a- 
ziiles. 

The Advertistog Associationi 
the iwrthrpTia group Which has 
been co-orttoating opposition 
to tbe bin, calculates that the 
publisbing industry stands to 
lose about £60m a year in 
advertising revenue if a ban 
goes ahead. 


Car servicing faces ‘tough future’ 


By John Qiifflttis 

A harshly oompetittve Arture is 
being predict^ lor the car 
repair and servicing- industry. 
Several thousand outlets are 
forecast tp close as a result of 
improved car reliability and 
the projected ability of many 
vehi^ to travel 3(M)00 miles 
between torrioes by the end of 
tiie decwle - more than double 
the iraedt norm. 

This TTipnws the retail nwiket 
for servicing and repairs will 
grow in value by just 14 per 
cent between now and the year 
2000 from S6.4ba to s:i.2bn - a 
decline in real terms, says bbr- 
ket Facts & Business Informa- 
tion, the research group. 

As a result some 3,600 oC the 
nea^ 20,000 independent com- 
panies in the sector ate likely 
to disappear by the year 2000. 
according to a study of the sec- 
tor by the group. 

It says the heightened com- 
petition will mean that those 
jostling for a share of the mar- 


Seivtcaaiiil repair CQii M ia B NMg<tocejft |tfe M Be : 


E'OOO 
8 -• 


TbaussMeen 


PfintocwsrODOl 



ket ~ frandiised dealers, "fost- 
fit” rJiairui and "superstore” 
outlets such as Halfords in 
addition to tbe independents - 
will be unable to Increase 
charges to offoet tiie decrease 
invduzDes. 

They will also foce dmnands 
for higher standards of service 


from motorists, who will 
require longer opening hours, 
a wider range setrioes and 
guarantees of quality on work- 
manship, 

"Garages need to realise that 
there is a significant diflteenee 
between provid^ the various 
services motorists need, and 


the standard of service quality 
with which those services are 
delivered," the study's author, 
Mr Itoiert Macnab. said. 

Interviewing 1,000 motorists 
for the study, tbe group found 
that drivers still largely mis- 
trust the retail service and 
repair trade. 

As a result, it concludes, tbe 
successful participants in the 
market will increase their 
share of the business by aaitig 
hi ^-qn aBty service as a com- 
petitive advantage. "Tbe losers 
will be those who pay lip ser- 
vice to customer-sm-vioe qual- 
ity," it said. 

While tbe report warns that 
ixtoqieadeat garages are most 
at risk. It predicts that there 
will also be a further decline in 
the number of fiancUsed deal- 
erships which make up the 
Temainder of tbe 31,000 compa- 
nies operating in the sector. 

Theltetail Oar Servicing and 
Repair Market UFBT. Piping- 
firrd Park Manor, NuUey. 
Sussex TNS 3BW. S96. 


Ford cuts dealer margins 
on two executive models 


^John Griffiths 

Ford's Granada and Scorpio 
executive models yesterday 
joined the list of vehicles 
where manufacturers are 
slasbing or pUmmatmg dealer 
profit maigins in oMer to cut 
list prices - and the company 
car tax liability of purchasers. 

Ford's cuts in dealer mar- 
gins. which it would not di^ 
close, reduces the list price of 
the dearest model, the Scorpio 
2.9 Litre 24-valve estate, to 
£26,545 - 'mduding value added 
tax - from £29,310. Its cheapo 
model, tiie Executive 3.0L, fails 
to £15,995 from £18,100. 

The cats imply a reduction 
in margins to ahnost nothing 
in respect oE the cheaper cars 
to about s per cent on the more 
expteisive modela. 

Its Granada/Scorpio range 
has recently b«a sold on an 
official dealer maigiu of lO per 


Company ear drivers could be 
playing at least as Mg a rale 
as thieves and vandals in send- 
ing insurance rates soaring, 
according to a s ur v e y of acci- 
dent rates. 

Last year mora tiian right 
out of 10 drivers employed by 
companies mdng the Shrews- 
bury-based Fleet Management 
Services had an accident, 


according to its survey. 

The survey analysed reports 
to FMS’s insurance claims 
management department last 
year. 

Directors and senior manag- 
ers were the worst ofitenders, 
while die most gninm«wi 
of aeddent - 10 per cent of tiie 
total > was hitting obstiwo' 
tions wfaOe reve r s tu g. 


cent. This followed a dedrion 
by Ford and other lading car- 
makera last year to reduce the 
traditional marg ins of 15 per 
cent to 16 per cent 

Elarller thfg month VauxhaH 
launched its Omega model 
with a list price ba^ on a S 
per cent mar^n lor dealers. 

Ford has alT^dy gone a step 
further with its new Probe 
coupe. The cheapest model 
costs £15,995 and dealers are 
simply being given a handling 


chaige of about £1,000 with no 
formal profit maigin. 

Hover is also understood to 
be launching taro "tax-beater” 
verslODS fd tts Borer 800 execu- 
tive cars, where dealers will 
receive only a £500 bandii»g 
charge. Volvo and Renault 
have t^ejj awniiar action. 

The moves wfil save buyers 
substantial amounts on tii^ 
company car tax bills under 
the sclnme ba^ on list prices 
Introdufted ear lie r month. 


sales cash 
disclosure 


&rr Joe Palmer, chairman of 
the Personal Investment 
Authority, yostiTcfoy warned 
that new regulations requiring 
sales agents to disclose tbeir 
commission arrangeiucnts 
"will not be a panacea”, Nonna 
Cohen writes. 

Air Palmer told the cunfer- 
ence in Brighton of the 
Nation^ Association of Pen- 
sion Funds; “Many pcoidc are 
justifiably concerned about 
commission bias. But I’m not 
sure that changing the com- 
mission structure will be a 
panacea which u^ers in a new 
utopia.” 

Mr Paimer also said tiuit the 
Treasury and the Securities 
.ind Investments Boanl were 
still concerned about the abil- 
ity of a snuali life insurer to 
regulate tiie sales activities of 
a much latter tied agent, sudi 
as a buildixig society. 

Illegal video 
copies found 

Reliance Mutual Insurance 
Society j-estord.'iy agreed in the 
High Court to pay ElSOJXn in 
compensation and costs to two 
video companies after more 
than 125 illegally copied train- 
ing nims were found at the 
society's head office in Tun- 
bridge Wells, Rent, and a 
branch office in Cambridge. 

The action wiis brought by 
\1dM Arts, founded by come- 
dian John Cleese, and Melrose 
Film Friiductions. 

Tax staff show 
switch to Labour 

Substantial numbers of Inland 
Revenue staff plan to switch 
tbeir votes from the Conserva- 
tives to Labour, a survey by 
NfORL the research organisa- 
tion. for the InUmd Revenue 
Staff Federation has found. 

The poll of 1.000 federation 
memb^ found a 14.5 per cait 
swing from the Tories to 
Labour since the 1992 gefnenl 
election, with 6:! per cent sup- 
porting Labour. 12 per cent the 
Conservatives and 24 per cent 
tbe Uberal Democrats. 

B&C writ issued 

Barcla>'5 Bank yesterday s^ 
tbe administratora of British & 
Commonwealth Holdings, the 
collapsed financial services 
group, bad issued proceedings 
against BZW. Barclays securi- 
ties arm, for an unspecified 
amoimt. The action is in con- 
nection with B^'s acquisition 
of Atlantic Computers. 

Cost tracking 

A total of 13 of the largest rail- 
way stations have so to had 
their signs repainted or 
replaced in tbe colours of Rail- 
track at a cost of £87,921. Mr 
^ger Freeman, transport min , 
ister, said yesterd^. Railtrack 
took over British Rail’s infra- 
structure at the hegt nnlng of 
the month. 

Pit may reopen 

Markham Main Colliery near 
Doncaster, South Yorkshire, is 
expected to reopen under pri- 
vate management in a ^ 
to be completed thte weekend. 
Co^ Investments, head^ by 
British Coal's former conunei^ 
cial director Mr Malcolm 
Edwards, is negotiating to 
lease the colliery. 

Deal on LBC 

London News Radio yesterday 
ugraed with Arthur Andersen, 
receivers of the London Broad- 
CMtmg Company, to take over 
A needs Radio 

Authority approval 


ATLANTAS SICAV 

to, Boolerard Eaunamiel Senab 
1-2S35 Unembouig 
R.C UncailHniig B33 iss 

AVIS AUX ACnONNAlRES 
Mri.i«r»teactkmnni««*tconvoqu& par 

L’ASSEMBIEE GENERALE ORDINAIRE DES 
ACnONNAIRES 

ORDREDUJOUR 
ge^bon du Consul d'Adminbuniion; 

Rapport du Itevbeur d'Enterpriats; 

port, 

AffectaUon du r«suleit de 

au* admiiMstiaieurs Cl au Itevbnu- 
NomtaaifaadootBancasoclaux- “ 

• NwBifuBoodcsadininisttateuis; 

7. DiVQIS. * 

ptteextt&^votants. ionri simple dos aetlonn 

Chaque action a un droit de vole 
W acttoiMiro peut vrter par oundatairo. 

Pourbaodete, 

L-2g35 LUXEMBOURG 


I 





FINANCIAL. TIMES WEEKEND APRIL 30/MAY 1 1994 


NEWS: UK 


5 








‘•>s on 

“s cash 

-losu 


.• 

’> i-u,. . ‘ "I 

'■■•'‘• 1 * 1 ,. 



'' {.. rt... 

' " !l. 




IS -'“rnia 

!“i‘l in 

\sx.. j "I :ii,. 

' I, 

J I- . ' " 'L" 

'■cl,:, '•■ . 

5 

'!»• Si-'.','" 

Is..,:.;':-! 

-llujut , 

“•■‘'i 1.:- i:: • 

'■ ’-ils" -I.-: , • ■ ‘ 

"'T runs ... » 

*!l 'i.'i ,?■{•.• '• * 

'idco 

found 

. • ' llv 

S'-'*- ..M 

Tir, 

* ‘-I ' .liS ,i! 

■ ill'! 

• 'ill'll- 

itU' S\\m\ 

to t.idHUEr 


' : 1 . 







A 





V rcopvl: 







1 IH< 


\ * » ' • 



k 


i 

\isii I'S 


-i ■ ’ ' ■ 


Adams sees little 


hope of ceasefire 


ByDaMOwen 

Mr Gerry Adasis has dealt a 
further . blow to hopes of an 
early end to violence in North- 
ern Ireland by wamins that 
the IRA is unllkdy to call a 
unilat^ luilt to its 2S-year 
armed ftampaig ri 

In an intkview that coin- 
cides viHi a renewed npsui^ 
of sectarian si^Hn^ in the 
PFOvisce, the preadent <£ Sizm 
Fein, the IRA's political win& 
uiSKd all sides to lay down 
their aims, sa^sg thaf "draiili- 
tarisation” . was what was 
needed. 

Meanwhile, security forces 
were yesterday investigating 
reports that the IRA had nuu> 
dered aanspected iztfonnw and 
left the bo^. near the border 
town of Newzy. : 

Tlds would be the lOCb sec- 
tarian killing In the province 
in nine days -- the worst out- 
break of violence since the 
Downii^ Street declaration 
was signed in December. 


Mr Adams’s remarks, pub- 
lished in an Austtian new;^- 
per, came as he was urged to 
“walk away" firom tl» iBA's 
gunmen by Mr Semnus Mallon, 
deputy leader of the mainly 
Roman Catholic Sodal Demo- 
cratic and Labour party. 

&&■ MaUon's app^ followed 
the kilUi^i of a Protestant 
fhtherof-three by terrorist gun- 
men in Armagh on Thursday 
nl^L 

The Nev^ and Anoa^ MP 
said that if leadmhip ineant 
anything, it meant walkii^ 
away fttim the perpetrators of 
“this type of gross sectarian 
slau^ter". “If Vtr Adams is 
serious, he should walk avray,” 
Mr MaUon said. 

Mr James Molyneaux, leader 
of the Ulster Unionist party, 
said the security situation 
would get worse imipaa Uottdon 
recogni^ that the declaration 
had run its course. ’“There is 
no point in bargaining with the 
IRA,” be said. 

Downing Street last n^t 


reiterated that it wanted a pe^ 
manent end to IRA violence. 

Mr Adams, Interviewed by 
Der Standard, said: “We need a 
demilitarisation, 1 have com- 
mitted myself to that 

“I have called on all those 
involved to put down their 
weapons - the IRA, the Brit- 
ish, the loyslists. And I stand 
by that 

“I believe we are in a crisis 
at the moment. If tiie British 
stonewaD and refuse to move, 
everything will freeze - the 
loyalists will step up their 
murder pampaig n awfl the Brit- 
ish will intensi^ the military 
occupatUm.” 

Mr Adams said he was not 
interested in a “temporary or 
partial pe^”, and it was 
“most unlikely" that RepuW- 
can forces wooUL unilaterally 
pledge a pennanent ceas^re. 

“It is going too slowly for 
me," he said, expressing frus- 
tration that “we are hostage to 
tite ri^ wli^ of the British 
Conservative party". 


Companies hold 
back on D-day 
sponsorship 


Tories 
^score 
election 
own goal’ 

By James Hite 
and John Autheis 

Labour yesterday said that the 
Conservatives 1^ scored the 
biiSiest own goal of the local 
election campaign aftn Tory 
party managers accidentally 
conftmed they were trailing 
badly in the opinion polls. 

The flgares on voting luten- 
tiona, w H t fi rming that Labour 
has a cmnmanding lead over 
the Tories and Liberal Demo- 
crats, were revealed In a press 
release issued by Central 
Ofike on bdialf of Mr John 
Patten, education secretary. 

The docnment contained a 
Gallup poll for the Conserva- 
tive party showii^ that 77 pm* 
cent M those polled were in 
tevonr oX natiiuial sdiool tests 
and that Utae was 75 per coit 
support for the publiration of 
school deamination resnlts. 

The Gallup figures also dis- 
closed the overall votii^ inten- 
tions of people polled ^tween 
April 13 and 18. This showed 
that, two weeks before the 
local dectious. Labour had a 
47 per cent lead in tite poUs. 
with the Tmies on 28 per cent, 
the Liberal Democrats on 
24 per cent and others <m 3 per 
cent The Tories* figures are 
almost identical to the find- 
ings of a GaUnp poll for tiie 
D^ Tdegraph over the same 
week, A MORI poll for The 
Times over 18 to 25 April 
showed similar figures and 
suggested support for the 
Tories was at its lowest for 15 
years. 

Mr Jack Straw, shadow envi- 
ronment seeretmr, said the 
inclusion of the figures was 
“the most strikittg own god" 
of the campaign. “This is a 
party whieh cannot even ran 
tbdr own back office, let alone 
the country,’* he said. 

The Uberal Democrats were 
also gnick to exploit the Tory 
polL sayli^ that it showed 
they were within “striking dis- 
tance** of the Tories in the 
nm-np to polling day. 

But Ur Gerald Malone, Toiy 
deputy dufarnwiu aecnsed Mr 
Straw of responding *‘like a 
scalded eat". Be said tiie Tory 
vote was holding up when 
compared with a Gallup poll 
condneted be tw een Mairii 29 
and A;^ 4, while the Labonr 
vote bad fsden points. 


Clock starts for Major. Page 6 


By Stewart Dalby 

Companies approached for 
sponsorship for D-day events 
^ve become hesitant about 
committing themsdves in the 
foce of hostility from veterans* 
associations such as the Royal 
British Lqpon. 

GEC and Hanson are 
thought to have been 
approached by the London 
public relations agency Lowe 
Ben x acting on behalf d the 
Department of National Heri- 
ta^ X to back a programme of 
events. These would Include a 
possible conceit in Hyde Park 
involving Dame Vera Lynn, 
the singer and so-called forces 
sweetheart. 

The Royal British Legion, 
which represents 750.000 and is 
the larged ex-smvice oiganisa- 
turn in the country, has made 
known its opporition. 

It said yesterday: “We do not 
know the position on the Hyde 
Park event because it is very 
sketchy. But yes we do feel 
Chat any event should be in 
keeping witii the occarion and 
we are not sure that a conceit 
of this kind would be 
appropriate. We have nothing 


^ John Mason, 

Law Courts Correspondant 

A senior Bank of Credit and 
Commerce International offi- 
cial accused of helping to 
fraudulently boost the btmk’s 
profits acted honestly and <m 
the instructions of Mr Swaleh 
Nagvj. the bank's chief execu- 
tive, tbe Old Bailey was told 
yester^. 

Mr Aztihony Glass QC. who 
was making an opening 
dMhnce statement on behalf d 
Mr iwiraw Tmam , said many of 
the foots before the jury were 
not disputed. 

Mr Imam, a former BCCl 
accounts officer, had not dis- 
closed to tiie tank’s auditocs 
details of BCCI guarwtes to 
imderwrite mtilti-milUon doUar 
loans to wealthy ctients. The 
prosecution has claimed Mr 
Imam did this Co present a 
folse picture of BCCTs profit- 


against Dame Vera Lynn, of 
course." 

GEC said yesterday: “Noth- 
ing has been decided about 
IMay." 

Hanson, another d Britain's 
largest companies, would only 
say: “We are MamhiTTig what 
contribution we can make to 
Dsiay." 

Tbe group declined to say 
whether it had been 
approached for sponsorship. 

The Department of National 
Heritage confirmed that Lowe 
Bell had been hired to sound 
out industrial ^mpa^pg and 
other organisations, including 
media ^oups, about the 
possibilities for sponsorship, 
but said nothing had been 
decided about the Hyde Paik 
event. 

The Royal British Legion 
was at pains to point out that 
the national programme 
contemplated by the national 
heritage department was what 
was at issue. 

The programme of commem- 
oration services in Portsmouth 
and Normandy, some of which 
will be attended by tbe Queen 
and other heads of state, was 
not in contention. 


ability to the outside world. 

Mr Imam denies six charges 
including conspiring to conceal 
documents, conspiring to foi- 
sts records and furnishing 
false infonnation. 

Mr Glass Mr iT¥iam had 
been <miy a “minor frinetiazh 
ary" in the bank iiad acte d 
piiraly in an administrative 
ci 4 »city. He had caxried out 
instructions ^ven to him by 
Mr Naqvi and other superiors. 

The trial resumes on Tues- 
day. 

B The jury in the trial of Mr 
Nazmu Vlrani, tbe property 
entrepreneur, had still not 
reached verdidx j^sterday. It 
will resume its deliberations 
today and, if necessary, on 
Monday. 

Mr Vlrani, who is accused of 
helping artificially to boost the 
prefits of KCL denies charges 
of theft, folse accounting and 
furnishing folse iTiftM^sHrm 


BCCI man ‘acted 
on instractions’ 


Invesco reduces unit trust 


charge in quest for clients 


By SchMratBzada DansriMni 

Invesco, the fimd management 
group. Is to cut the initial 
charge across the range of its 
unit trusts fitne the industry 
norm of 5.25 per cent to 3 per 
cent fr^ Tuesday. 

The move sigxiifies further 
competition in the unit trust 
markeL which has so for con- 
centrated its euigies on price- 
cutting in tax-free personal 
eguitir plans. 

Mr Alan Wren, managing 
dixeetor of Invesco fund man- 
ager, said tbe decision was 
“pur^' commercial" with the 
intentimi being to grab greater 
market dune and attract lon- 
ge^ta 1 n investors. 

He said that in tta post two 
years Znvesco's funds under 
xoanagement in the UK have 
baxdy grawo commred with a 
market average growth of 
between 50 per cent and 


100 per cent The group had 
funds uudff manage- 
ment in the UE at the tad of 
last December, according to 
the Association of Unit and 
Investment Ibmds. Two years 
ago it was one of the 10 larg^ 
fund managers in tbe UK, but 
now it is just outside the 
top 20. 

Invesco, has beta d(^g^ by 
adverse publicity in Britain. 
This has undermined the 
group's ability to attract cli- 
ents and culminated last year 
in a fine of £750,000 imposed by 
Imro, the self-regulating body 
for investment management. 
Imro and the Securi^ and 
Investments Board, the City’s 
taief r^i^tor, admowled^ 
that the group had taken steps 
to change its management and 
to Impl^eat com^iance pro- 
cedures that should prevent a 
repetition of such rule 
breaches. 


Some 20 senior executives 
left the company last year, and 
tta company is still in the pro- 
c&s d administrative reorgan- 
isation and withdrawal 
areas other Hia«> the core busi- 
ness of fund management It is 
mnsniiriatiTig its range of Unit 
trusts by reducing them £n»n 
32 funds to 21 flm^ 

This month it reported 
sharply improved pre-tax 
profits for tiie year to the 
end of December of £33Am, 
£l2.6m the previous 

year. 

fovesco is not the first fluid 
managem^ groim in the OK 
to reduce its tmit trust taaiges 
- but it is by for the largesL fo 
1988 Lsetard abdiSsbed the ini- 
tial charge on all its unit trusts 
and in 199S Munay Jifinstone 
reduced its unit trust initial 
charge to i per cent. 


Wetatad, Page V 


Des res for buyer with £60m 



Prime site: Treasnxy Chambers (top centre), next to tiie FOr^m 
Office and overlook^ Paiiiament Square piKMmcoynoMM 


The potential departure of the 
Treasury manrfariiw foom their 
English Renaissance-style 
buUding overlooking Pai^- 
ment ^uare (^lens an attrac- 
tive site to the ambitioas of 
prop^ developed and those 
seeking a pirestigious London 
base. 

Tbe 646J)00 sq ft (fficta, esti- 
mated to be worth about £60m. 
are grand, well-located, loaded 
with contemporary political 
history - and foced with refa^ 
bishments which may be too 
costly fbr the Treasury to bear. 

One poesibiUty is that T^- 
suxy Chambers will follow the 
fote of Coun^ IfoU, onoe the 
home of London’s local author- 
and movlde ridi piddngs 
for the Irisure industry. 

Whether defeated to the 
great chancellors, or a cham- 
ber of horrors of the others, 
the idea of haite alive with 
soundtracks and laser on the 
theme of British government > 
and so dose to many of Lon- 
don's most popular tourist 
si^its - could prove irresist- 
ible to theme-park iwagwatBa 

Property developers suggest 
that a mixture of up-market 
apartments, a hotel g«d n ffinas 
would be its most likely future, 
witii a high level of Far East- 
ern interest in such develop- 
ments. Attemativ^ the build- 
ing could provide an elegant 
headtpiarters for an interna- 
tional institution. 

Tbe completion of the new 
Gatt trade t^ty means a 
bedtedrup World Trade Oigani- 
sation, which will need more 
space than Gate’s current 
Geneva base oEtes. The WTO 
is taUring to the Swiss about 
ftT paneinw, hut its Creation 
quickly hroo^fot (fiers (tf build- 
ings from Bonn, which is los- 
ing Germanir's seat of govern- 
ment to Berlin. 

The laoblems for any new 
tenant wonld be the aama as 
the T^tasury's in terms of the 
excessive costs of ui^rading 
the building. Commercial prop- 


erty advisers say only whole- 
sale refurbishment would 
bring It up to modern stan- 
dards. 

The buflding’s use would be 
constrained by its Grade n list- 
which covers inttanal fea- 
ture grinding a Central mar- 
ble staircase, panelled offices 
and a circular inner courtyard. 

Westminster City Council, 
the local authority, is wary of 
any use that would generate 
tr^c, particularly a stream of 
coaches, around Whitehall. 

Another scheme for which 
the Tteasury might be suited is 
the “one-stop shop” for inter- 
national investors being pro- 
moted by the City Develop- 
ment Corporation and 
Westminster council. Hooted 
as a contact point for tbe inter- 
national community and a pub- 
Ifo relations and information 
service for Lomfon, it would 
house exhibitions and confer^ 
eaoes. 

Other interested parties 
might include the media, with 
the site otferii^ clear advan- 
tages for 24-liour news stations. 

An unknown quantity, bow- 
evw, is the de^ee to which 
security considmations would 
come play. Witii Whittaall 
full of secret tunnels, commu- 
nications rooms and nuclear 
shelters, it may be that the site 
would have to be rented to an 
oraanisation on the “inside 
track". 

This might well rule out the 
chances of it becoming a “cen- 
tre of financial excellence” 
throiijfo the takeover of its cor- 
ridors by the London School of 
Economics, which tried so hard 
to get County HaD. 

TTie LSE’s director, Mr John 
Ashworth, points out that the 
prospect of 5,000 LSB students 
cam^ so close to Downing 
Sh ee t is a scheme unlikely to 
appeal to tiiose in power. “Gan 
you imagine the signs that 
would be vitible?" 

Jenny Luesby 


US group 
to set up 
plant in 
Scotland 

By James Buxton, 

Scottish Corre^xindent 

A Chicago-based company 
which manufoctures electronic 
components is to set up a idant 
in Etat Kilbride, near Glas^, 
and hopes to create 400 jobs 
during the note three years. 

The latest addition to the 
substantial number of electron- 
ics companies in what is often 
called Silicon Glen - the cen- 
tral belt of Scotland - is inter- 
oational Components Corporar 
tion, which employs 900 people 
worldwide. 

It and manufoctures 

battery chargers for mobile 
products such as laptop 
computers and mobile tele- 
phones. 

Mr Jim Gaza, president of 
1(X^ said it was setting up a 
plant in Europe to meet surg- 
ing rfMWanrf 

The SOJIOO sq ft facility in 
East Kilbride would carry out 
assembly testing. 

Mr Gaza said ICC was 
attracted to Scotland because 
it would soon have ready 
access to continental Europe 
via the Channel tunnel, and 
also because it had a flexible 
workforce with experience of 
the electnmies industry. 

The Scottish electronics 
industry includes computer 
manufacturers International 
Business Machines and Com- 
paq, while Motorola has a 
mobUe-teltahone plant 

Ihis week the Scottish Office 
said output in the eiectianlcs 
industry rose by 8 per cent in 
19^ accounting to 20 per cent 
of Scottish manufacturing. 
Employment foil 2 per cent to 
41,500. 





r: ; 



On Thursday, May 5 the Hnancial Times publishes the FT Exporter: Spring 94. This 32 page 
survey is an essential guide for anyone with an interest in overseas markets. 

There will be comprehensive and thorough company profiles as well as an examination 
of the pitfalls of, and prospects for, financing deals In Brazil, Vietnam and Southern Africa. 

It will also include an analysis of the way western governments are re-shaping export 
policies to cope with recession and the rising toll of unemployment. 

So, wherever your interests lie in world trade, the FT Exporter will have It covered. 

FT Exporter: Soring 94. 


FT. Because business is newer black and wiiit& 





FI 


I 


By PI 

Tbe 
^nld. 
less f 
foreii 
is n 
respi 

Sei 
is nr 
anal 
thro- 
that 
pred 

-0 
thini 
■yso, 
imp* 
Ste\ 
reses 
of J: 

M! 


I 


s 


Byl 

Wat 

Dav 

Aft 

indl 

yes- 

afte 

the 

h 

sux 

era 

eo\ 

tioi 

to 

art 

is 

gr^ 

i 

tto 


rei 

off 

las 

nu 

do 

ye 

an 

un 

su 

ke 


1 


1 


Bi 

W 

u 

A 

er 

(U 

ti- 

le 

V 

SI 

di 

fr 

a' 

li 

A 

□ 

a 

V 
ei 

P 

V 

t( 

tl 

0 

ll 




FESTANCIAL TIMES 

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

Saturday April 30 1994 


The high 
yen vice 


As soon as a theory of eKohange 
rate determination is generallsr 
accepted as troe, events prove it 
seems to be an iron law 
of economic Ufe. 

Once tqxm a time changes In 
trade balances were thought to 
determine movements in 

awthanaw r ates T hen moneV Stm- 

plies, prospective inflation and rel- 
ative litierest rates wmre believed 
cruciaL Thereapon, prospective 
returns on real assets seemed deci- 
sive. Now the -vreakness of the OS 
dollar and strength of tbe yen sug- 
gest that trade flows are again the 
nmiw &udor. Other explanations 
fin- why the yen has nudged ita 
all-tiim rarord high the 

US dollar are not easy to find. 

Unless investors have taken 
leave of tiirir senses, a popular 
non-eoonomie explanation - shlfls 
in political confidence -- can be 
rejected. President Clinton’s 
administration may have had its 
rocky moments, notably over the 
Wblt^ater aC&dr. ft will probably 
have such moments again. But 
Japan can hardy boast a govem- 
meot at aH Only this tbe 
Social Democratic party - angered 
I9 their coalition pertnms’ deci- 
sion to fbrm a new conservative 
grouping, led by Mr Tsutomn 
Kata's Japan Renewal party - 
walked out of the coalitioiL The 
socialists tiiereby deprived the 
government of a parliamentary 
majority Just hours after it had 
elected Ur Rata prime minister. 

rihangeri views aboizt the pros- 
pects to inflation may provide 
part of the explanation for the 
recent strer^ of the yen. Japan 
has virtually no consumer mice 
inflation, while producer prices 
have been ihUiiig since November 
isse, by 2JS per cent in the year to 
Fduimry 1091 Such price apci,iiws 
are likely to continue, partly 
because the strength of the yen, 
but also because the latest data 
belie earlier b<q)es of recovery. 

Industrial production 

Japan's industrial prodoction, 
to example, fell 3.1 per omt in the 
year toMar^ 1991 Output was im 
in Mardi itself, bat Ibe Sfizdstry cC 
Trade and huhistiT has argued ft 
win Ml once more in April and 
May. In March, bousing starts Ml 
to the first time in 22 montiis, 
while unmnployment rose to the 
hipest level in seven years. True, 
tbe rate stood at 2.6 per cent, 
vriiicb demumstrates that Jrman’s 
economic probtems axe not quite 
like those of anymie else.- 

Japan's inflation may turn out 
to be still lower ttian had earlto 
been thou^t, but US inflation Is 
unlikdy to te faftber. The 

fltniy thing likely tO fri^lteD wmr . 

kets about prospe^ to US infla- 
tion would be foolMi pressure 
from the administration on the 
Federal Reserve. The nontinatlans 
of Mr Alan Blinder and Us Janet 


Yellen, thou^ self-proclaftned 
pragmatists on inflation, are 
hardly fficely to scare the horses 
that mudL It may be revealing; 
however, that a lower tiian expec- 
ted growth rate in toe first quarter 
led to a small rise in longterm 
interest rates. 

One reasmi why US proqiiects 
to htffiatinn have hardly deterio- 
rated Imve been the increases in 
sborttorm Interest rafas imposed 
tv the Federal Reserve stnoe eariy 
tUs year. Partly because of this 
and partiy because Japanese short 
rates firil in the second half last 
year, sfaortrtetm interest rate dif- 
toeutials have moved in favour of 
toe US doDar, by almost two per- 
cmitage points, since mld-1093 and 
by almost one percentage point 
since the hA^nning cd 1994. Yet 
since mid-l9S3, the US dollar has 
failed to stre^toen against the 
yoi and has even weakmied in tbe 
comse of this year. 

Fundamental fact 

If f-h a ng ag jQ n pwrinal TStumS 

on short-term securities fail to 
eqilain tbe strength of the yen, 
those on lmigw4enn assets are 
also unpersuasive. Returns on 
long-texm bonds have been na- 
tive everywhere, including tn 
Japan. Jqmnese equities did rise 
19 per cent between eariy 1994 and 
mid-Uaidi, while the markrt 
wmft nowhere. But more recent 
news suf^ests tiM economic pros- 
pects in Japan are deterioiattog. 

The fundamental fact unde^- 
ing toe reiathm between the W 
dcdlar and the yen is the persis- 
tence and sue of the Jj^anese cm^ 
rent account surpluses, at $131lm 
in 1993 and forecast by the ftiter- 
pfltiQnaj Monetary FuM at virto- 
ally the same lev^ this year and 
in 1995. Ueanwfafle, there has been 
a praiounced dectoe in the wiU- 
ingness of Japanese investors to 
(ipchase lang-term fbreiga assets 
rinoe tbe Me ISSOs. This puts the 
burden ct o fE s ^tlt ig the current 
account surplus on more price 
sensitive short term aqrttal flows. 

ft the current account is the 
main factor driving Qie e»phang B 
rate, there is reason to worry. 

exchange rates have Uttie 
medium-tenn eflect on the Japa- 
nese snixdus. Thme is a danger td 
a vicious circle cf stagnation, hMi 
current account surpluses, a 
higher yen and then sttU more 
stagnation. 

The beet way out of the 
dBranma would be to the Bank <rf 
Japan to lower interest rates and 
biv US dollars, driving down the 
yen and expanding the economy. 
Unlike the Fed, which Intmened 
yestevday, it could do ttiis wittumt 
limit In practice, ft is too flight- 
eoed by toe ezpmlmioe of tbe bub- 
ble economy to try. So while 
bureaucrats and politicians fiddle, 
prospects to a strong Jqianese 
reoovery bum away. 


T be c on v ers a t i on is aboot 
Mr John Major’s pros- 
pects of survivaL The 
minister sitting across 
ths restaorant table 
hopes hs vrfll hold on to 10 Downing 
Street But he is Just as uncertain 
as the rest irf ns about ths prime 
minister's ebancss. 

The Tory leadershft) has distq>- 
peared. th^ past wedu frmn toe 
fhmt pages. The respite is mislead- 
ing. As w local and European deo- 
tions the talk at West- 

minster is of nefthing else. 

Scratch beoKHth the sutface 
there is something else. Some 
sento Conservatives have begun to 
ttimir the ni>«iitiifMhiA_ qihe question 
they ask is not whether tbe prime 
ministo wQl last tbe summmr but 
vrtietber the party be leads can be 
saved from self-destructtoL 
Bade in the lestmirant, the minfs- 
ter wants first to know how active 
Mr bfidael BeseUine's baaitspante 
have been. Is ttie trade secretary, 
the favonrite tor the succession, 
encouregii^ them to campaign? 
Have colleagues been promised jobs 
m a Tlnroltlno government? 

And what about Mr For- 

UHo, the Treasury chief secretary? 
Is it true that the 41yeer«1d guard- 
Ian of the Tbatcherite torch has 
dedded he will, after all. stand in 
any leadership oontest? What is the 
judgniCTt among political Journal- 
ists on how many of tiie Boro-sc^ 
tic right would choose Portillo over 
Heseltine? 

The talk turns to the fading to- 
tunes of Mr Kenneth darirn. Six 
months ago the chancellor was 
everyone’s front-runner. Now he 
has disappeared from view. It is 
Hnw^ his friends say, tor Mr Oaike 
to resurrect his pro^ 

The discusskm has a surreal qual- 
ity. Host ministers are horrified 
that the pmly wfaidi once prided 
itself <» disdpfine aiul uni^ might 
turn oat a T(^ prime minister to 
the second time in fbur years. 

bfr Migjor won the general elec- 
tion. For all his faults he h**? HiJh 
the party together over Europe. 
Economic recovery is at last a vlri- 
Ue reality. In six months or a year 
the govenunenf 8 fiatanes might be 
transbnned. 

Bnt the fatalistic speculation per- 
meates every conversation among 
tire journalists, mixdsters, and Tory 
hupfciienrjifltw who daily fin the res- 
taurants aitnmd Westminster. 

They are waiting to the explo- 
sion. 'The ordinary business of gov- 
ernment is paralysed. The fear - 
and for many the e:^ectatMm - is 
that toe local elsctit^ on Hiay S 
and the pdl to the Eurc^iean Par- 
Itament a month lato wilL oonvuLse 
the Conservative party. 

The clock on this electoral time- 


C ould concrete-dad Croy- 
don, in the sabnrbw 
heartland of London’s 
sonthern commatm- belt, 
prove Jhhn Major’s nemesiSf 
Like many onter London bor- 
on^, it is a dtadd of Twy role. 
For the past 30 years, people of tin 
borough • tiio sfztii-largest metro- 
polis in the UK - have only elected 
Toryoonnefls. 

Bfrich of the popnlation is nude 
iqi the asptriEq; ntiddle-clasp. vot- 
ers - tiie so-caBed *038” who, 
tike their counterparts in BasQdon, 
Essex, were soUd snp porters of lifrs 
Blaigaret Tbatdier in tiu 19808. In 
ttw sontii of the borongh, home- 
owners predominate. In Croydon 
town centre, with its towering 
office blocks and streets foil of 
dudn stores, the main Indnstzles 
are tiiose whldi should be iwovidr 
tor natural Tory exporters: benk- 
bag, faispraggp and retailing. 


Philip Stephens on the fault-lines that 
may threaten the prime minister’s survival 

The clock steirts 
to tick for Major 


bmnb will start Hdcfwg next Friday 
wito tbe v»idfa of the voting up 
and down toe country in about 200 
local authorities. 

If tiie outcome t^llcates national 
o pininn po^ - wbich show Labotir 
between 20 and 25 pmnts atarad of 
the Tories - tbe Consmvatives wfll 
be sw^ flmn power in rirtually 
every town ban. 

Tbe oeaftral battoround will be 
suburban London (see article 
bdoiO, which tour yeais ago stood 
aside from the national backlash 
against the then. Mrs Margaret 
Tltatclier’s govetzimenL The polls 
pdm to the possibOfty of an uopreo- 
edenfeed collapse atoond tbe 
capital 

bOnisteits think tire outcome will 
not be so catastrophic. Doorstep 
ftampaigning points to a patcfaler 
lesttft. A surge In Sie IJbmal Desno- 
crat vote would complicate the 
aritiunetic. The Tories often do bet- 
ter locally tinm nationally. But the 
local elections are jnst the b^in- 
tung: a dress rtoearsal fbr toe main, 
E u rope an , event on June 9. 

Tbe risk is the voters will treat 
the Enrcgiean PaxliameDt poll as a 
referendum on the government’s 
petfermance. Along with the East- 
lei^ by-election it vriU elSa a 
nhflTiffe to get even with Bfr Mqjor^ 
government to the economic races- 
aion, tax fn cra s s es and governmeot 
disarray ovm Bnrope. 

Even bdbre Qie start ct the cam- 
paign the Tory fault-line over 
E m ^ has ramnwged beimatii the 
carets attempts of Mr Douglas 
Hurd, the fbrel^ secretary, to leo- 
oncile the Enrophobes a^ Euro- 
phStes. 

if a semblance of nnty cannot be 
restored tire Conser vativ e vote may 
vn^ colla^. Tbe pc^ suggest the 
Uberal Democrats coold win im to 
10 Euro-seats in south-west and 
soaUieni England. Labour might 
add the same number to its present 
45. The government would thmi see 
its 32 reduced to no more than 12. 

It is that scenario that provokes 
scarcely-suppressed panic in inlnis- 



tess and backbench Tory BfPs alike. 
The dtoossessed on tte right me 
floating possible ’’stalldiig-horse’’ 
candl'd^ to unseat Afr Afajfa* to 
tite atrHmm ft he wmtwr be pw- 
suaded to go quietly in the summer. 

The TinTnea m n«rt commonly tnep - 

tioned are Mr Norman Lamont, the 
embittered tomer chancetlor, and 
Ur Kanpetb Baker, the distinctly 


Eurosceptical former home secre- 
tory. 

Ifr Hajm is aware of the risks. 
The to 10 Downing Street is 
a strata to survival during the 
summer. His planned cabinet 
reshu^ may oome sooner and be 
more extensive than we think. 
Friends are assured that tiie prime 
minister is more determined than 


The angst of Croydon Man 

j^es Blitz tests Tory support in a London borough 


And yet, the Cmiservattves may 
be on tiie verge of an historic 
cMeat. At the last local riecUon fa 
1990, Labonr made impressive 
gains on tiie coancil, condng witirin 
six seats of takiiig control. On 
Thursday, only 500 Tory voters 
have to svritdt aSeglanee in the 
rfeht wards and Labonr win talm 
power. "It we lose it would be very 
serious to CraydOD," says Sr Peter 
Bowness, who has been the eooii- 
oil’s dapper and energetic Tory 
leader to tiie past 18 yvsau “And 1 
have no donbt timt it is aometiiing 
that would have to be taken very 
eerfanuly on tbe ratioiial level too.” 

Tn an tn tenap Mmpatg n^ Labour 


ia foensiiig on local ecoaomic prob- 
lems. Several banks in tiie town 
centre have recently onnotoiced 
redundmides. Britirit Gas, with its 
large r^ional beadqnorten, is In 
the throes of restruetoring its 
n a ti ona l opawtion. which may lead 
to Job loaaes in Croydon. And, as m 
an London snbnihs, die pr op e r t y 
depression has hronght misery to 
tiiime witii large mortbiges. 

-Ihe shakeont in financial ser- 
vices and mortgage lending has 
takem tts tdl,” says Bfr Jeff IHxim, 
who is masfmnfading the Labonr 
partys campaign- "We may have 
tiie falsest stuppi^ oeiftre outside 
Oxford Street bat few have 


been gohw time receotiy.” - 

Fbr tiie Tories, Sir Peto is stiB 
‘’caakhnmty optimistic” of victory, 
fri s|dte of the ivocalyptic scenario 
printed by Labour, nnemploymeat 
to tiia bmonrii has fellmi in tbe 
last year, he says. Only one of tbe 
offlMie blocia tn the town centre is 
empty. Yesterday, time was specu- 
lation in a local tumspa^er toat a 
large US insarance company moriit 
apea a rqjonal office in tiie town. 

The Tmy vote ought also to gain 
from the ene^ of Sir Peter’s 
adminlBtration in recent years. It 
has pushed tinongh nnmerons dvic 
projects with sacoesa: a large 
libi^ in toe town centre evened 


ever to remain in oIQce. 

The todership crisis mayL^any. 
wav be a symptom rather than a 
There is the possibUHy Xb» 
the Conservatives are on the tfarsti^ 
old of seftriestructioD. Minted no 
loQger *<«*"i*» the tbourift oist a 
split over Europe might ^ to the 
Conservative party la the ISSOa 

what the divisions over economie 
poUcy did to Labour in tbe 1970 b. It 
is not lost on timm that tim ontol* 
don has spent 15 years in the poUti- 
cal wildnerness in its efforts to 
the damage. 

There has been mudi superficial 
sound and fury at Westminster this 
week: to Major does not have a 
masterplan to threaten Brikrin’s 
witii^wal ftom tbe BU if Its part- 
nms do not accept Us agenda at the 
intexgovemmental conference due 
in 1096 . Nbr has the prime minister 
tom up toe manifissto drafted by Mr 
Hurd to the riection tUs June. 

But two important t h i n g s have 
tia ppangd The EUTOSC^ltiCS €01 tile 
Isve been gaining new 
tecnifts for a more uneompeomislng 
#nnre a^tiost flutiier deepmib« d 
tbe Union at the 1996 confisrence. 

Encouraged by mie or two of their 
cabinet alfles, t^ bave also floated 
the idea that Britain might soon 
fa pp a stark choice between deeper 
entanglmnesit in a European siipei> 
and withdrawal Anm all hot 
the ED’S trading dimension. 

Fur the overwhelming majority in 
the government that is an absurd 
0{dion: in Mr Hurd's words, it is out 
oC touch with geographical reality, 
with commercial reality and wlto 
the reality of collective security. 

Try telling that to the caMuet 
m4wi«tep who bag been musing that 
his party made a hisfccnie mistake 3Q 
years ago when it embraced Europe, 
or to the Tbiy BlPs whose politic 
thinidng was Shaped by the an^ 
ihetoric rather than the more sober 
reality of Mrs Thatcheris apmoadi 
to Brussels. 

Hr Major and Mr Hurd throw 
bridges over Qie chasm in the party 
by «»mphagising faltain's deceiftrali- 
sing agenda is at making head- 
way with its partners. 

But the sceptics have grown 
bolder in their defiance, scathing 
riiwt tbe prime minister and care- 
less of the electoral consequences. 
Better to be honest in opposition 
than corrupt in government fa how 
one of them put it recently. 

So ft may be toat the Conserva- 
tive party is destined to break itself 
apart over Europe. The coming 
we^ may signal not jnst another 
'TOcy leadmsbip battle but a seismic 
shift in British politics. As the min- 
ister put ft as he left the restauranL* 
‘Tf we get rid of another prime min- 
ister, the Consairative party will 
not be worth leading." 


reemiUy, a bnlMIng im^ranmie to 
masenms and art galleries is ondm^ 
way and a l^mile ovwgrotxiid tram 
link betwem Gn^rdon and neigh- 
bomloc boronriis is pbumed. 

In the nm-np to prillng day, tiiat 
tceoid sbonld help the Tories win 
votes. But even aU tills nUriit not 
be enough to compensate to iriiat 
many local voters ^ toe 

bitsest issne in Thursday^ contest 
tiie peiformance of the Oonserva- 
tive government at the nattonal 
leveL 

WoiTies about Hr Ib^oifa leadm> 
ship credentials and Urn impact of 
fids month's income tax and valne 
adited tax increases, may - to tiie 
embarrassment of Tory Central 
Office - ovenhadow kM^ Cnm^ 
vative aridevmnents. As one ftical 
resident pots ft; "If Tories like ns 
vote out a coondl like onrs, ft can 
only be because of d in ee nte n t witii 
the nation's teadership." 


Man m the News: Jean^Luc Dehaene 


New contender 
as Mr Fixit 


J oan-Luc Dehaene is hardly a 
household name. Built like a 
sllmmed-down version of 
Chancellor Helmut aihl, the 
bespectacled Belgian prime 
minister is known at home as the 
*fixer", the ‘Tduiiaber'*, or, simply, 
the "cartbocse”. 

The idea Mr Dehaene 
succeed Mr Jacques Driors as the 
next president of the European 
Onrnmission seems hard to credit 
Many Belgians are rubbing their 
eyes in disbelief. In Britain, where 
tiie niling Conservative party risks 
splitting apart over Europe, Hr 
Dehaene is already being carica- 
tured as the Beast from Brussels. 

An editorial In The Sun newspa- 
pv summed up the nmod: Tiehaene 
is dedicated to a United States of 
Burtve. He wants mote powmr for 
Bruraels . . . Dehaene wUl decide 
what’s good for us.” 

Much (ft the flies is premature. 
The stnq^ over the saocession to 
Mr Delors is taking place in secret 
anumg the ED’S 12 tmada of govem- 
menL They will decide who gets the 
top executive job in faussris. most 
Ukely when they meri at the Euro- 
pean summit in Corfu in June. 
Since the chrice must be unani- 
mous, there is plenty of time to 
h orse- t rading; 

Yet it would be foidjsh to Ignore 
Mr Driiaene. Be Is a man of hidden 
taleats wttb powerful frimids. Tbe 
most important Is Blr K(dil, who 
encouraged him to became a candi- 
date late last year as an altanative 
to Mf 9/xaA Lubbers, tbe long-serv- 
Dutch prime mftiister. 

Hr Lubbers seemed toe natural 
ehedee to the job, desidto a hmg- 
sbot bid by Sir Lecm Brittaxw tife 
chief EU trade negotiator, sind a 
possible fu^ enl^ by MT Peter 
Sutherland, who announced tiiis 
week that he was leaving as head of 


the new Wmld Trade Organisation 
on January 1 1995 - wbich Just 
pens to coiiicide with the end of Dr 
Detors* tenure. 

The Kohl-Dehaene connection 
gelled over a dinner in Brussels last 
October. The occasion was a aiecial 
European summit called to decide 
toe location of more than a dozen 
new Euro-institutions. By far Um 
biggest prize was tbe European 
Monetary Institute, the finerunner 
of a fixture Buropeux central bank. 

Hr &)hl was despnate to secure 
the EMI to Frankfort, recognisiDg 
(■b**** tMg the wifaiwimn lyxrfaH 
to appease the German public’s 
fears about giving up the DMarfc 
to a foture singie e ur te u cy. Tbe 
Dutoh and Brftish were holdii^ out 
for Amsterdam and London. 

"Dehaene was a model of self-con- 
troL He sat pmfecriy still airi let 
the others run out of steam until 
tov refused titera was no other 
answer [to Frankfurt],” recalls a 
diplomat. "That takes a lot of 
i^ve.” 

to Dehaene's style impressed col- 
leagnes during the six-month Bel- 
gian pTMldency of the European 
Union which ended last Deomnber. 
Aside from reeoWing tbe two-year 
battle over the division of Euro- 
qxdls, the Bejglan premier presided 
over the en^ into fbree of the 
Hhastrieht treaty the reconciliation 
between France and Us EU partners 
over toe Gatt wortd trade tidks; and 
the successful adoption of Hr 
Delon' white paper on JcAs, growth 
and eompetitivenesa. "He Is the 
nmn to carry tim bfldl,” says a senior 
EU dtylmiat. "He gets tiite dmie.” 

Whai is striking is tiiat the 53- 
year^ Belgian premier contrib- 
uted to toese successes wbmx politt 
cM tanriora at hc^ caused by higb 
unemployment, labour unrest and 
last summer's currency crisis, 



which threatened to force tbe fin- 
ite Belgian eoidftioa to abandtm its 
policy of shadowing the DMariL 
Yet to Dehaene plunged ahead 
wito a pact between government 
awH «w»n5ivp rB, the most ambitious 
attempf to curb social spending 
since tbe second world war. 

to Dehaene likes to portray Bel- 
gitim as a testcase to the chal- 
Imiges facing the EU: slow growth, 
bi^ non-wage costs, high public 
dtot, awfl pOiUcal 
and separatism. He has clearly 
Hinn gh t hard about these Issues, 
des^ his cultivated image as to 
OrcUnary. 

Os vision of Eunqie rejects tbe 
notion of a new superstate ruled 
fliom Brussels. Trim, he siqiports a 
eingla European, currency. He 
would press ahead faster with a 
common saenrity and ftffMgn pot 
ley, and he favours streamlining 
dedsian-maldng at tbe 1996 Bfaas- 
trlcht reviaw eonference. at the 
expmse of tbe nationa] veto. 

But he also favours greater devo- 


lution of power to &e regions. Wxttx- 
out such a shift, there Is a risk of 
the pofttieal eftte loshig touch not 
only with public opinioa in geDeral, 

but alan wlto nfwnmitniHas dtf- 

feroot culfores, he argues. 

Here speaks Flemish man. For 
more thm 15 ye^ Mr Ddiame 
has cqierated quietty behind the 
a-dw — first as (hief <tf to 

th en prime wtniater WDflied Mar- 
tens in 1979, and lattety as prime 
minister in 1991 - to defose ten- 
siQiis between the French and Flem- 
ish «wniniiTniH«w anri mawag a (he 
devNution of power to tbe regions 
of Wallonia. Brussds and Flanders. 
"He solves problems rather than 
creating them." says a kmg-stand- 
Ing colleague. “He is not an ideo- 
logue, be is a pragmatist” 

How far could th^ skills be 
translSnted to the Eunmean levM. A 
senior EU diphnnat says that what 
tbe Union needs after to Odors Is a 
"captain, not a prophet”. People ace 
a little weary of over-arching 
visions, accordbig to this vie?^ they 
just ward someone who can make 
the Union work. 

The advantage of to riehaanp is 
that he might bave the courage to 
take cm the task uhkdi to Ddors 
ducked during bie lO yean in Bnis- 
sdK the reorgaolsaHon of the Com- 
mission, a sprawling bureaucracy of 
compteing fiefdoas in vtoich the 17 
feoon to be 21) ruftionally^appainted 
eonuniesioners have staff cdioxt- 
swho iftten duplicate and undercut 
toe work of the 10,000 internaUaiial 
civil servants. 

Yet makiTtg the Bnissds machfai- 
ety tick requires more than adntin- 
Istrative ability. It needs a rare 
combination of intelleiftiial skills 
and a persuasive peiscmallty which, 
at his best, to Detos deariy pos- 
sessed. Tbe jury is out on wbetiwr 
Mr Dehaene has these quaUties; but 
it is by no means dear that to 
Lubbera or Sir Leon ffi tba 
task either. Right now, the best 
advice from tipstm is: sell Brlttans, 
hold Lubbers, buy Detaaene, and 
just maybe Invest in Sutherland 
futures. 

liond Barber 



riw FUMiia l al Tlmea fcitemaBoiial Conpento Fto an ee Sunray wM be wiMi 

tta FT oa TlaasdaK May 5. 

K wn pravld* Important hialdita bito the flow or eapttal acraaa bordm in mi oni of 
lapMly i nw e Mli i g gtaM campetMwi. 

Amo^tiie topics It wB examhe are tha revival of rnwgan and irrwhWiTwi aetivtty, 
tile opportinllles offered far mliMtsatioin and hdurttlal ladiuetiatag aid the Mfew of* 
e^ittal Mo ttM eme^an n wi fcots. 

So H you Hava «i hWarast fe wwW wl da Invoa mam, bo am to aowfea a coat of 
tlw FT on TMnadayi May S. -m-™ <wiijroi 

FX Because bushnss b never bbek aid wMIbl 


I 









I 



mntMl..', 

Mr :v-.. 

^ »*•* iJi-^ ... 

"hcwrr: , 

ft as* ?!••• ;:• 
trtj Uv”.", 
vrt su.. „.... 

r-.. '. ".•/ 

ki^Sh.jJri . 

Wlf ?l‘i 

fciC S^r^i';.-' ‘ 'i'-. 

IfBlnj: .7' ft . ..^ 

ttfl 

la**^ !5:.7! '•'■ 

* .... 

Wfili-r.;! . 

» H;;., 

•H'-R ' ■■•• ; 

rlfcl' .r-,.-: , 
(W-nTM?:-.,-.- . 

« tU Mr 

T.!!l 

ni»ssj:<-;,. . , 

I'aritx .j 

i «• :■ , . 

*h‘r « 

*rtv 

«{»<• T.-. 

WJ- • ;•. .. '''J' . 

rtr :• ' •*'■ - 

V 

V-«.-T ;,1 ' , 

. • 

1 . 

.RK .Tfc r ■ 


c ;kj,. 

I.T 

SiH**:: .» : 
IK!.- :> 

}•. : 
Jitr' { 

rrm. v.,”., 

■ ' 

1'^!, ... 
AV A- ■ 
Sf ! . • 5 ■ 

,V ■. . . 


M nhu .'. n 

laJ^T. . ;.j;v 

» -...i , 



i/-.' • ‘ , * » ;l' 

•fti’TiiJ %. , t. 

iR - '■ •' .ii.ifijr 

|lh b-'. ■ r 

K-ai .1* 

«:;;r i- . : ■ „ . • . '.'y 

**J7Ui«n . I •U'H*' 




i l!i. . ' ' ' • 

% la& 

SifWtT.' 

|wfv li " ' ' • ‘ 

4 » ' ■' 

t?i.4iirtw ^ ■ *■ ■ 

1'< ii- 









Id WKft 


t 


t aM s* 
RRMh, 

«ff ■a 



SECTION II 


Weekend April 30/May 2 1994 


DRUGS 

Nicholas Woodsworth stumbles into the world of international 
trafficking in Bolivia and meets two people whose lives it has wrecked 



Coca leave* on sate in La Pbob the twsiness of owaine is raore profilabla than an other Bolivian export businesaas combined 


Ibny Menison 


It is not oiten in the p eregr in atiinis of a 
travel ufriter that, indeper&nt of his own 
will, eoenls shr^ walk ig? and take ooer. 
If a bag td none coaiaitting documents and 
money bad not been snatched toWdn a tbg 
of my arrwat in Botioia, J migfa haoe wan- 
dered Idithdy on my toay and ended up 
toith a d^erent tale to tell - a rural idyU, 
perhaps, td precarious and bumpy Andean 
busrit^ hndan villages and irascible Uor 
mas. 

As ilipas, eoents decided thdr am pecttr 
liar course, and Jretam with two t^cidedly 
less idylUc stories from Btdivia'i eocahw 
wars. One is intimate, and concerns the 
private of a j^uag BrdioUm woanan 
drown tmwiub^ly mfo the ^lady world of 
fntemadonal drug trafrkking and enfbree- 
menL The tdha- is pubH^ md mootoes an 
increast^iy ob^ent contest bmoeen Ameri- 
can-trained paramiKtary patrols and 
machete-swinging coca-growers m flte frm- 
gles ef lowland Bidaiia. Together, they have 
shown me more (f die temps and precari- 
ousness of ^e in Boiioki tten a doeen 
Gideon tes rides. 

E ven to the casual wanderer, 
Bolivia is an odd kind of place. 
Faring into La Paz is like tail- 
ing into the hri^ illustrated 
pagto cf a Untin stony - sud- 
denly everything becomes a gross Latin 
American caricatnre of UseK 
At least so it seemed to me. In wr^ 

around gmgiagMa and R rilUantTwad hair, 

the customs man at the airport could not 
have looked dodgier if he had tried. On the 
way into town the taxi driver’s short- 
chaoge tni^ was more blatant than ta^ 
drivers' tricks elsewhere. The city’s street 
kids looked more ragsed and snot-nosed 
than other street kids. Bolivian army offi- 
cers wore hi^tor-peaked hats, broader 
pasteboard epaulettes and more yards 
gold bt^ than officers in other third- 
world armies. 

And everywhere, under strange little 
bowler hats and ear-fUmped toques, were 
the dark, stolid feces of Bolivia’s Indians, 
as impa^ve and unriiang in g as the sur- 
rnimrttng Andean peaks. The whole dty, 
shimme ring in thin. Clear dr 12,000 feet 
above sea level, seemed to me di^xtly 
fevered and um^ a South America we 
dream. 

What would you do, in such a place, if 
you suddenly found yourself b^ft of 
pa^rs and money tte day after yon 
arrived? One moment 1 was contentedly 
eating lundx in a crowded terace restaur 
rant The next my bag snatdied ftam the 
chair beside me, 1 was a man without an 
identity. VRth no more than a dcoen words 
of Spanidi. I did what I imagine most 
people woL^ 1 panicked. 1 thiw myself 
on the mercies of the cmly Ei^isb sp^er 
1 knew • the newly-hired receptiimist at . 
the small pension where I was staying 
and pleaded £(7 bdp. 

Tb^ axe better ways, pertmps, of meet- 
ing attractive young women, in odd cor- 
ners of Latin America. But in retrospect it 
seems to me appropriate that I Aould 
have met Maria del Carmen Lopez de 
Siaw in a mmnent of hi^ onotion and 
crisis - it is the stuff of which her own life 
appears ptindpally to be made. 


Tjmiring bade, I have tried to make sense 
of Cannen’s hnnftigirig world of deception, 
intrigue and violence. 1 cannot Her life 
seems as extrav^ant and fendful as her 
ygas her swuvifhj-nnriTig husband, 
Peter Stew, tellh^ me the trutii about his 
dual life as narco-trafficker and 
imdmoover agent for the British and US 
governments? Perhaps he was; what 
absmbs me in the end is not individual 
facts but the disarray the drugs trade 


hri^ to entire lives, and ultimately, to 
entire countries. 

The wiring of emergency funds, the 
replacement of cre^ cards, the purchase 
of traveller’s the wiaWng police 

reports - such tadss are dreadful even in 
the west. In Bolivia, withont Carmen’s 
skilled intercession, t^ would have been 
a nightmare. 

In eadi office we visited she knew just 
who to brow-beat, who to sweettalk. who 


to burry along with small - 1 shall not call 
them bribes - remunerative incentives. 
She was not even daunted by the awful 
OoRmaffstea. a wairen d foul-emell^ 
hallways where queues of La Pas’s victim- 
ised poor inch forward in the dim hope of 
attainii^ justice. Watching Carmen jock- 
eying an investigating officer into taking 
my statement. 1 was full of admiration for 
this sniprising and self-confident young 
woman. 


But in the taxi on our way to place a 
newspaper reward for my passport. Car- 
men suddenly grew serious. 

’’Would you mind if we made a detour?” 
she said. *T decided this morning to leave 
my husband - I am afraid of Mm - anrf 
your little probl^ has delayed me. I must 
get my chfldren before he comes home.” 

La Fez is one (tf the few cities in the 
world iriiere the nomal preferences of the 
rich are reversed: they live snugly in la 


Paz’s valley bottom and have abandoned 
the city’s spectacular hri^ts - and its 
boDe-cUUing Andean winds - to the poor. 
Higb up the steep valleyside we wound to 
Vino Tinto, a poor area of scavenging d(^ 
and wandering dr unks and jerry-built 
houses of rough brick and adobe. 

I was perplexed. Carmen's home did not 
match the image I had of the bright, enter- 
prising, go-ab^d person who was helping 
to pull me out of a mess. There was just 
one room with four Iron-frtuned beds 
ranged along a walL Three gmaU dffidreai, 
almost as d^-skumed as Carmen, played 
on the floor at the feet of an elderly grey- 
haired woman. In one comer, under a 
naked li^t bulb, were a gmall cooking 
ring and tub of dish-water. Tliere was a 
toilet down the stairs. Tte whole place 
was pinched and poor and ht^less. 

Carmen saw my gaze. “It’s complicated,” 
she said with a tired shake of her head. 
“Tt’s been like this for years. I've had 
enough. Perhaps tomorrow I will explain.” 
We bundled Carmen’s children and mother 
into tte tart. They took a room at the 
pension. 

That evening Caimmi made a call frmn 
the lobby telephone. I could not help lis- 
tening. She was seeking advice on the 
possibility of having her husband, Peter 
Stew, airested and deported firom Bolivia 
on the grounds of illegal entry, hi the end 
she was persuaded not to call Interxwl - it 
was Friday, a day the police needed money 
for weekend entertainment, and Shaw 
might have bougfet his way out of prison. I 
did not sleep win, but lay awake wondep 
ing what it was an about, and what Car- 
men was afraid of 

□ □ □ 

Tlie fonowing day brought more Bolivian 
strangeness. There was a caH from a pris- 
oner in La Paz’s San Pedro a friend on 
the outside, he said, had brought my 
papers to him. We could meet him in the 
prison with the $100 reward announced in 
the paper. 

Carmen did not like it - she suspected 
some sort of set-up. Instead she sent a 
Bolivian firteid, more street-wise than I, to 
investigate. No sooner had he 1^ than a 
second call - a genuine one thig time, 
came in. My discarded bag > cash gone but 
an documents intact - had been found. Off 
we rushed to the ^lastiy San Pedro to 
rescue Carmen’s friend, and my money, 
from a ceitadnly unpleasant fate. 

To celebrate, we went that evening to 
Juliano’s, a smart Italian place opposite 
the offices of an mteraationkl agency 1 bad 
never heard of before, tte United Nations 
Drag Control Pn^ramme. Again 1 was 
struck by the contrast between Carmen's 
familiar ease in this sophisticated place 
and her slum life in Vino Unto. 

Carmen's manner, thongh, grew less 
easy as dinner pn^ressed and she tried to 
pTptaiTi her life. It came out tearfully, a 
ragged and dfejointed series d episodes 


Continned on Page XV 

NEXT WEEK; The fight 
against the coca growers 


CONTENTS 

Pinanews In seer^ of the best 
trackers Hi 


Per^iecthress The extremists at the 
East End ballot boxes XI 


Flashicm; A look that is pure and 
wicked XIH 


Sport: Cricketeis who stay within 
county boundaries XIV 


Traveb Siari^iai - a glitteing future 
that resembles the seedy past 30f 


Arts: Camus' last novel is published 
34 years after his death XXVI 








xxnraxXM 

Beola 

XXV 

Bridge. Claw, CiamieiU 

XIV 

fMdon 

XU 

HoaiM a Ha fMHiy 

M-IX 

PeodAOrlnk 

US 

Ganfardng 

XBC 

HetaTeSgaidK 

XH 

gontbile LaMon 

xxvn 

Janm Mgtgai 

xxvn 

Motoring 

w 

Prime woa 

xxvn 

PropMW 

XDC 


3BV 

Mahael Wampeon-Neel 

XXVB 


XV^CM 

TVAflKfio 

XXVI 


Long View/Barry Riley 

Expensive promises 


Bournemouth’s 

^ ^ renowned Golden BCile 

a of deposit-takzDg build- 
ing society branches 
may need to prepare for 

JgpOp/l Icampr Kmftg COUn- 

try may become less 
ready to support pen- 
m jflHI sioners in the style to 
which they they 
should be accustomed. 

Certainly, times are bad for the per- 
sonal penrinns indnstxy, which staggers 
imder the impact d the misselllng scan- 
^Js, and faces yet another inquiry by 
the SeenriUes and Investments Board, 
tills Hmfl into the advice given to people 
wto opted out of occupational schemes. 

Tet the oceii^tional ficbemes them- 
selves are becoming nervous about 
thrir long-tenn positioiL ’Hiis week the 
Natimial Assodation of Pensian Funds 
announced that it was sponsmii^ an 
imiqyHniarit iBmoiith inquiry into tte 
long-term adequacy of incomes in 
retirement, appsoantiy in an attempt to 
wrestle the troubled pensions agenda 
away frmn the bunding politicians. 

For many years retirmnmit incomes 
have b^ provided in the UK throui^ 
a compromise betwemi tte public and 
Iffivate sectors. But the government is 
determined that state provision' will 
dwindle: the basic state pension is 
already worth only 2i per cent d the 
average wage, and being linked to 
prices rather than earnings, it will 
steadily shrink further in importance. 
The state eamings-related scheme, 
Serps, is meanwWe threatened by 
adverse demographic trends in the 
early part of the 21st century. 

However, the govonment's strategy 
to head off tbis future crisis by divert- 
ing people into personal pensian plans, 
has run into a whii^ool of missellmg, 
excessive costs and ffisappmoted expec- 
tations. 

The occupational schemes look com- 
fortable and prosperous by cmnpaiison. 
fottened up as th^ have been by three 
years of high investment retuzns. But 
th^ membership coverage has never 
bemi man th.-*n about half the 
wmkii^ piqmlation and they may be 


about to shrink qiute significantly. 

The whole concept of a paternalistic, 
lifelong savings plan run by the 
emplo)^ is looUng increasingly out of 
date in an insecure age of hi^ mobility 
and part-time work^ Moreover the 
government is picking off the technical 
dod^ that made conqnny schemes rel- 
atively dieap and attractive to run. 

For instance, tte deferred pensions of 
leavers can no ku^er be frmen regard- 
less of infiation, a legislative change 
which has raised transfer values 
sharply. The ”cap” on qualifying sala- 
ries, now £76,800, will progressively 
reduce the ability of the highly-paid 
bosses to raid the company funds when 
a^niafding themselves big, pensionable 
salary rises late in their careers. 

Now the company fUnds are r^onis- 
ing over the approadi of a minimum 
solvency standard. Until now compa- 
nies have been able to adopt a high 
risk, high return investment strat^. 
sharply reducing their contribution 
rates, but posing the possibility that in 
a friture stwk market crisis th^ might 
not be enough in the pot to meet 
claims. A government white paper, due 
this summer, is likely to argue that in 
tte wake of tte Maxwell scandals, and 
to permit a compensation scheme to be 
introduced, companies must provide 
better backing for worst ease condi- 
tions. In order to inumve tte security 
of seteme members in this way, the 
employers must be forced to recognise 
and provide for their liabilities, which 
will be cos^. 

In the circumstances, the dominant 
type of occapationa] sche^, in which 
befits are defined in terms of pay on 
leaving or at retirement, is coming 
under threat Sudi schemes effectively 
depend upon a promise by the 
employer; this minimum solvency crisis 
is brew^ because axnpanies will at 
last be required to back up that promise 
nltlmatgly witil bard fagh ratter than 
with a pensimi frmd invested in rela- 
tively speculative and volatile ass^. 

An opinion survey published this 
week by the pensitms actuaries R Wat- 
son has suggested that half of the lead- 
ing UK companies believe that they wiU 


be offering mm-h more flprihlp penainng 
parlfgg ag in 10 years. The final salary- 
linked element will be scaled down, and 
perhaps revised to a revalued career 
average basis. More of the investment 
risks will be shifted to the employees by 

gralmg back t’ha aTtant. of tha peUSiOnS 

promise and givmg them direct stakes 
in the fimds. Old schemes wiB be closed 
to new members and replacement plans 
introduced. 

This is already ha ppanmg in the US 
where direct investment plans, origi- 
nally designed to supplement the 
defined benefit plans, are be ginning to 
rapfere them. In the UK theftitare may 
lie in e:q)anded mectenisms for addi- 
tional voluntary contributions, the 
add-(m savings plans designed to enable 
people to top op their pmisions, rather 
than with basic schemes. 

Why should employ^ be involved 
anyw^ You would think that special- 
ist savings institutions should be aUe 
to provide pensions more efficiently, 
but it is expensive for them to readi 
ordinary individuals. The traditional 
paternalist aiyunent, that people wffi 
not save for ffieir old age i^ess pres- 
surised to do so, still holte good. 

I n this area, bowevm*, the drift of 
the government towards means- 
tested benefits is worrying. This 
applies not just to the cot in the 
real value of the basic state pension but 
also to tile switch of long-term health 
care of the elderiy from the National 
Health Sendee ifree) to tte sooal secu- 
rity budget (means-tested). Universal 
handouts may seem wasteful but, if this 
switch goes too far, people earning 
aronnd average incomes, and ^rhaps 
above, may conclude that saving for 
their old age will leave them no better 
OS than those who live the fife of Riley. 

Bournemouth is under no immediate 
threat It is probably unwise to worry 
about possible future demographic 
imbalances which will generate their 
own solutions: people will work a few 
years longer, and many will be per- 
fectly happy to do so. 

But the pensions industry is getting 
ready for changes. 


Fidelity International Investor Service 

Trade at 
a discount 
in markets 
worldwide 

If you make your owd iavestment dccisioas, Hdelityk International Investor Service offers a 
simple and inc9q>enslve way to access world markets. The service is spedaDy dgggyipH to meet the 
needs of expatriate and international investors and offers substantial discounts over uuditional foU 
cost stockbrokera 

Currency conversions an? done at no extra charge vdien assnriatwi with a managed fiind or 
securities trade, and our linked, multi-currency offehore Money Market Account pays gross 
interest on all uninvested cash balances. 

Vhat's more, you have the reassurance of the Fiddity name — one of the leading and most 
respected stockbrddng and fond maiu^ement groups in the world. 

Oil or write for Hptails and an application. 



• Tteding in UK, US, Cootinenial Enrope 
and other major mariwts 

• Unit trusts & mmnal funds 

• Discount commissions over foil cost 
stodtbroken 

• Multi-currency Money Market Account 

• Callfree rifaling numbers from Europe 

Ths adiertbeoKOl b bsaed bv nddby BnkeigB Sovlas Umlial, 
iBeoibff of Ite Landn Slock bdnngraiii Tlie SFa. 


Call (^) 737 838317 

IK Callfree ffsao 2-22190 
9:un - 9pin I'K linic ( ” days ) 
Klx (+-*•) 73T .930300 ;u)ytinie 


— — , 

■ IVtRddlvBnkeriseScnkBliolkiL j 

I NH|waodFlK*llUmma&Bxern206IAljgUEk^^ i 

I itaK^imwaOanaBiarijn^vicMDbnhBf iMntfga* I 

! InrwiifTiiiiii ! 


tkttiMfi (Hew fMU , 
ildkw_ 


! Meade 1 


1 

1 

1 iaatWa^i^aS,niOM 


1 flIlfwiW 

1 

1 


I Vieeutcoiimissiwi-notserpiee. -i 

t 









(I WEEKEND PT 


MARKET 


FINANCIAL 


TIMES weekend 



n 


London 


Enterprise bid 
fails to set 
stocks aflame iS 


liW bondte dirlw UlCinaKtatS' 

YMMsikia^' ’• 


Serious Money 


FTi^E 100 Mdend yWd 
UKLoog^llWtf 
US Long Bond yWd 


T he first £lbn-plus hos- 
tile bid in London fior 
three years, Enters 
prise Oil’s offer of 
£l.4am Ibr Lasmo on Thurs- 
day, has done little to shake 
the market out of its fixation 
with US interest rates. 

This obsession is growing 
tedious. As the chart shows, 
sAlt-ed^ yields ami the yidd 
on the Footsie have been slav- 
ishly fbUowing the yield on the 
US long bond this year. 

The point was emphasised 
this week when the Footsie 
managed to rise on Wednes- 
day, ^ day Wall Street was 
elo^ for former president 
Ifizon's funeral and again <m 
Thursday morning, but 
reversed that afiwnoon when 
Wall Street reopmed weal». 

The fear that has couided the 
markets together is that the 
UK economy will follow the 
pattern of that in the US. 
There economic recovery is 
expected to lead to iru^tion 
and yet hi^ier interest rates. 

There are several aigumenis 
against this. First, the US is 
hardly suffering rampant iiifla- 


Maggie Urry 


tion or oppressive interest 
rates as And the sugges- 
tion from the US this week was 
that economic growth is set- 
Oing down, while interest rates 
have only returned to a “nor- 
mal” levd having been arOfi- 
cially low. 

In the UK the economic 
recovery is fagging hahfnri the 
IK And while thme are smne 
rigna of infiationaiy pressures 
hflgrnTiing to btuld ODce more, 
thi^ are only feint, iiie CBI 
quarterly survey said this 
week that there were no signs 
oC'ovmimaiaiig. 

SG Warburg Securities, 
which changed its base rate 
assumptions week, is 
fairly Epical in believing Qiat 
UK interest rates still have 
another H point to faU, to 5 per 
cent, thousdt probably not until 
the summer, are unfikely 
to begin rising unto 1995. 

These issues wifi, no doubt, 
be batted back and forth 
be t ween the Ch«""«nnir of the 
Exchequer and the Governor of 
the Bank of England when 
t^ meet on Wednesday to 
discuss interest rate policy. 


The local elections on TTiurs- 
day may figure in the talks too, 
alfliough evoL the Chancellor 

i^nnnt tMwV thwt an interest 

rate cut on Wednesday afteiv 
noon, say, would reverse the 
eaa»ected poor paiiormance by 
the Conservative party, nor 
that the markets wmild believe 
such a cut was anything otha 
than pniitinaHy motivated. 

Anothmr for thmn will 
be the \mslaeX cm pay packets 
and the economy of this 
montii’s tax increases, wh^ 
montUy-paid workers are 
beginning to feel 

This bears on. one market 
trend spotted by Richard Jef- 
frey, equity strategist at 
Cha^house Tllnqr. points 
out that from 1965 nnta 1992 
the consumer sectors of tito 
market substantially outper- 
formed the manufoetioing sec- 
tors, as Britain’s indostEial 
base declined. 

But over tiie last 15 months 


HIGHLIGHTS OF THE WEEK 


Price Change 
/dv on week 


FT-SE 100 Index 
FT-SE Md 250 btdax 
BATInds 
BilBahCaa 
Conpen 
Entaiprise CM 
Gerraid & National 
KkiglMMr 
KI ni nwort Benson 


Raddtt & Cobnan 


Sage Grov 
United Biaciila 


3086j 4 flesetion to bond iiMriceb 
37^ nem-laridim 
4^Ut PiadWM of American Tobacco 
^0 ProBte vnndrigAMdend wu^ 
ire £30ani US biw/righte isaue 
398 AS-papar bidter LASMO 
^ Good raaulteraNI deal 
544 8ZW "aar/DIY concenoi 
438 OpihnisUc agm s t a tement 
270 Hoare Govett * 1119 ” note 
595 Smith Near Court lecomniendation 
439% UtaS raceiwd preaontatlon 
507 biterim profits up 28% 

^4 BM taft: rewfvM 
172 Break-up bid taSi 


the position has reversed. Con- 
sumer stocks have bemi out of 

favour while mannftintnrtng 

shares have risen. HO pots this 
down to better prospects for 
industry as sterling’s foil has 
made companies more competi- 
tive abroad, and the prospect 
for marg in growth highw than 
for consumer sectors. 

The latter, after years of 

ggpwMUwi, nmafpaparity in 

sectors such as siqtarmarfeete 
and pubs. But Jefb^ says the 
switch iniflht have gone too far 
the other way, with tiie his- 
toric p/e on tte mamiEaetiireis 
almost twice that of the con- 
sumer sectors. 

WhilB the markets are focus- 
ing on US interest rates, ttie 
mess^ from the corporate 
sector this week has hem that 
now Is the time to buy. The list 
of deals, aside from the spat in 
the ofi sector. Is remmkabty 
long and foDoite the Uords 
Bank / Cheltenham & 
Gloucret^ and todicape/Kogg 
deals of the previous week. 

HigiiWe^ite of this week's list 
were BAT Industries’ $lbn 
<£67(kn) putdiase of American 
Tobacco from American 
Brands; Compass Group’s 
£308m aoquirition of Cant^ 
Corporation, also in the US; 

Will jams ffolfting g* tMm Iniy 

a continental European busi- 
ness from Solvay; Airtours’ 
£7^ purchase of Scandinavian 
Airline System’s lasure busi- 
ness and acquisition of a cruise 
ship; and Henson’s eiitm take- 
over of the Co<iperative Whole- 
s' Sodety’s own label food 
manufacturing business. 

There are similarities 
b^ween the deals. Most are 
UK companies buying a bust, 
ness abroad. Host are pur-' 
chases of subsidiaries, not 
aggressive bids for iriiole oom- 
pairies. And most have heeu 


financed by share issues. Wil- 
liams went further, raising 
more than ft needed through a 
£267ni ri^its to give itseff the 
<*ggh to do more deels. 

The nnmtMH- of acqulattions 
suggests that there must be 
more to come, ft cmly because 
it would be a coincidence for 
an the deals being worked on 
to be conmleted at onca 

But white takeovers are got 
erally a bull point for riiares, 

what equity markat luifuly 

is some big bids for UK 
companies. This would put 
some numey back into the mar- 
ket to Aid dmnand, rather than 
addii^ to i n vestors* liquidity 
problems through increasing 
the supply of imw diar^ 

The trend of i^ts issues 
has another worrying aspect to 
it It suggests that issuers 
think thdr shares hi^dy rated 
and want to take advantage of 
an ovmpriced eurreiu^. 

FLotations to 

vummsy in too, with TdeWest 
the cable communications 
group, lookixig to raise £300m 
or so In its float However, 
Steve Morgan, founder and 
chief executive of Redrew, the 
housebuilder, rieHria^ that the 
price he could get for his 
shares in a float was not high 
annii gh anri cUt the nrnnhar be 
aims to - yll 

MeaiLwbile the trend in cor- 
porate profit news has been 
mixed. Associated British 
Foods managed to increase 
operating profits by a credit- 
able 13 cent in ^lite of the 
squeeze from its castomers. 
anil bnperial Chemical Indus- 
tries raised first quarter profits 
by 31 per cent on a vohime 
of 2 per cod and no price 
rises. But Britidi Gas warned 
on Thursday of dedining prof- 
its as Increasmg competition 
and regidatiotfldtes. 


The hidden risks 
of life insurance 

CSOian O’Connor, Personal Finance Editor 


T he good news is that 
life insurance sales- 
mmi are finally bring 
compelled to tril the 
customer most of what he 
needs to know. The bad news 
is that sevmal popu^ types of 
life insurance pi^cies are geb 
ting steadily less rewarding. 
Saving throus^ inflexible life 
insurance contracts has long 
lost its mitstancBng tax advan- 
tage. And new user-friendly 
tax havens - notably Personal 
Equity Flans - have been cre- 
ated. So the ai^uments in 
favour of saving tiirough life 
! insurance are getting rather 

thin gix tho ground, 

j The disdosure requiimnmits 
I (discussed on page VH} look 
I remarkably smi^le to the 
Innocent eye. Life. insurance 
fiaiflgmgn will have to ten you 
SB Sigftsk how a life policy, 
personal pension or endow- 
ment mortgage woiks; they 
will have to give you an 
approximate estimate (ft what 
you mi^ get Old of it - both 
ft you cash it in early and in 
tile kn^ teim. and they wfil 
have to teU you how mmdi of 
your investment is monied up 
in commission and other 
expmiM. TTiere Is even an 
explicit warning that If you 
ca^ in your pedi^ early, you 
may get ba(± less ttian you 
have paid over. 

Nottung remotely controvmv 
rial in any (ft this, you might 
thiwif. But the insmance estate 

lighmmnt bas been fi gbring the 
proposals every inch of the 
way. Rs aigoment is that, once 
(xmsumers are tedd the costs, 
some companies (notably 
insurers w^ are p^ of a 
bank) will took much better 
bets than others, and that 
fewer people will buy life 
insurance. Fair enough - as far 
as self-interest is con<%rned. 
But tiie insurms tl^ make the 
flmarifig nwmfral laap of saying 
that iriiat Is bad for tiie insur- 
ance industry is bad for the 
consumer. 

Why? Because the consumer 
cannot be trusted to put his 
own financial affuis In ordmr. 


So even a humdrum invest- 
ment in an insurance policy 
with iiigh c(sts Is better than 
no investment And hl^ costs 
are inevitable because tiie eon- 
sumriT is so blind to his own 
interests Uiat he will not buy 
without some fairly forceful 
arm-twisting from the sales- 
man. How lucky he is that the 
incir mnoft hidustiy Is prepared 
to pl^ Nanny. 

Does the insurance indus- 
try's teeoxd support its claim 
that It can be trusted to lo(dK 
after you? 

Many customers have 
already been shocked to dis- 
cover that Insurance bonuses - 
like share prices - can go 
down as w^ as up. Cuts in 
with-pnftft life instirance and 
pension payouts have damaged 
the retirement prospects of 
many older people. And wor- 
ries about low-oost endowment 
policies faiHng to cover nunt- 
gage commitments dog the 
younger genetaltoL 


N ow c(»ies a discus- 
sion paper* sug- 
gestii^ both that 
there are more pay- 
out cuts to come, and that tte 
way the insurance companies 
have handed out xoao^ in the 
pa^ has been downri^t irre- 
spcmsible. 

Start with the payout record. 

In the hi^ inflarinn 1970s and 

early 1980s. the real return on 
with-proflt policies (ones 
whose returns are indirectly 
linked to the stockmaikeO was 
n^^dive. But by the end of the 
igSOs, real retarns on some pol- 
icies reached 10 per cent - out- 
s tanding ly g(}od. The reason 
fte insurers could be so gmier- 
ous was simple. The conqiai^ 
had in thrir paternal fashion 
been cookii^ the books. 
Thnniriiouk the 19B0& payouts 
rose strox^ly. but they still 
lacked wril behind the rise in 
the value of the underlying 
investments. In other words, 
people (ashing tn their polides 
in the early 1980s were being 
short-changed, because some of 
their proGite were held back for 


the benefit of other policy- 
holders. 

You cannot perhaps fault Uio 
insurance companies for being 
cautious. But they then went 
to the other extreme. The 
value of the underlying invest- 
ments had started foiling weU 
before the end of the 1980s in 
some cases. But insurance pay- 
outs continued to rise, partly 
ba<viii«» oi “the need to demon- 
strate that with-profits still 
offers value for money in the 
foce of unit-linked p^ucte”. 
And even when the first pay^ 
out cuts came throu^ in the 
early 1990s, they were for 
iffwiftiior than they would have 
been if related directly to the 
foil in underiying assets. 

This is not quite as imi^ 
dpnt as it may sound. The com- 
panies Imve always practised 
“profit smoothing”, and they 
used some of the profits not 
paid out in the 1980s to bolster 
payments in the eariy 1990s. 

Profit smoothing is in some 
ways comparable to an indus- 
trial company paying a short- 
earned dividend out of 
reserves. But there ore crucial 
difierences. First, the fact that 
a dividend is not covered by 
profits is obvious to any rea- 
soimbly numerate investor. 
Second, dividend smoothing 
(xm be defended as being in the 
intm:ests of longer-term inves- 
tors. Smoothing insurance 
profits out between different 
generations of policyholders is 
robbing Peter to pay Paul 

The problem is not going to 
go away. Like all spendthrifts, 
the insurance companies are 
running ti^u^ what’s left in 
their smoothing accounts. 
Tni^ anoUmr burst of abiuHS 
mal stockmarket growth could 
come to the companies’ rescue, 
but this seems unlikely. So 
msurance payouts arc Utoty to 
be cut further 

And these arc the companies 
who are saying “Trust me. Fm 
an actuary.” 

■ With Profits Maturity Piyf- 
outs. Asset Shares and Smooth- 
ing, recently presented to the 
Faad^ (tf Afituaries. 


I 


AT A GLANCE 


WaU Street 


IMttfruBlsalM 



OilGxplorm'- 

prices mbMvd . 


Apr 
SeurevAUnF 


40 ^ 1 

iMma* 


94M«V 1900 91 9Z 93 9« 

BaurctrPrOnsihlla 


Unit trust sales reach 
new monthly record 

, Unit trust sales reached a new record of £1.37bn in March, more 
than fi200m above the previous beet month, Septenbw 1987, 
when net sales were £1.l6bn. 

Strang sries of unit trust personal ecpjity plans were an hnportant 
foetor in the record sales. Peps, which shield Investments from 
I csfAal gains and income tax, accoisited for about three quwters 
of total net sales to private hwesfors In the first three months of 
the year. 

Pep sales are normally strong in ttie closing weeks of the tax 
year (whhrii ended on April Arxl this year sales ware also 
spurr^ by fresh price competUfon wnong companies asUlrq unit 
trust Peps. Price competition Is now s|v^ng to other urfrt 
trusts as weli as those wrapped in a ^ Invesco, Page VJ 

Hostile bid for Lasmo 

Enterprise OO launched a £1.45bn hostBe triteover bid for rival 
exiriorsr Lasmo yesterday. If successful, the offer would bring 
together tiie UK’s two largest indeperKlent oB and gas expkxm 
into a single group valued at more than S3bn. 

The offer is the Iwgest hostile bid In the UK since BTR's E1.47bn 
offer for Hawker SIddeley In 1991. If the bid succeeds the 
enlarged company would rank fourth among North Sea axpkxers, 
after British Pteroleum, Shea and Exxoa 
Lasmo attacked the bid as a contrived paper otter which would 
diute rignHicwit growth potontiai for sh ar eholders. 

Halifax raises rates 

Halifax has raised Interest rales on two fixed-rate investment 
accounts by up to a p er centage poinL Gross rates on the 
mirrimun of £2,000 In Guaranteed Reserve are now from 4.7 per 
cent on a six-month deposit, to 7 per cent for three years. The 
(xxresponding rates on £10,000 are 5.1 per (wit and 7.15 per 
cent Returre (xi Stepped Income Reserve, a five year account 
which pays a return wMeh Incr eases each year, are 6 par cent, 
6.5 per cent, 7.5 per cent, 8.5 per (wit and 10 per cent 90SS fri 
ye ar s (xie to five. 

Two new Which?” editions 

New editions of two of the staple VWilich? financial hsrKfoooks 
shoidd save you from adefling your menuxy with too many boring 
facts. VWtich? wey to save tax 1$94 makes it possible for the 
self-flagellatary to hande their own tax affairs. WMchf way to 
sareanef Invest does a splendid Job on ttie niechanl(Sof 
investment and savings, though It has undsrstandObiy little feel 
fbr stockpiddng. Both ixxiks oast £13.99 fri paperback 

Smaller companies creep up 

Smaller company shares crept inwards this week. The Hoars 
Govett SmaOer Contosnies Index (capital gains vsrslori) gained 
0.6 per cent over the weak to April 28, to dose at 1758.10. 


Ask a weatherman how the wind blows 


A fter a long, cruel 
winter, New Toric 
was more than 
ready Aw tiie bak- 
ing hot sanshine that arrived 
soddenly last Sunday. Thera 
was almost a ear^val aimo- 
qAere as the dty basked In 
tiie paito, gardens and side- 
walk cafes. Feo^ were Sited 
with siudi optimism that when 
tiiey retnrned to their offices 
on Monday morning, they 
ploughed their money Into 
shares, sending the Dow Jones 
Industrial Average np more 
than 87 prftnts - (me (ft its 
biggest single-day increases 
this year. 

Absurd? Of coarse. Bnt how 
dse to expfetw Wan Street’s 
behavtonr when it flew in tiie 
foce of everything that had 
gone beAnv? 

An last week, tiie message 
had seemed (dear. TTie marfcrt 
was lAsessed by the fear of 
inflati(m - ae more predsdy, 
the fear that the Federal 
Reserve would posh np inters 
est rates to prevent it. The 
week had begu wHfa another 
tightening of the monetary 
screw the Fed, and inves- 
tors believed the Ididier cost of 
borrowing would Increase 
bnslnesses' debt costs and 


G eirard & National 
has a sli^ image 
grobtem. 

In spite of the 
constant television. 
aRiearances of Professor Tim 
Cragdon and Brian Reading, 
who bead its Lombard Street 
Research subsidiary, the 
group’s public profile is very 
low key. More importantiy, 
most people in the City who 
think (ft ft at an thfnfc of it as a 
discount house, one of the 
City's more arcane and 
vmerable institutions. 

Yet last year almost half its 
profits (ame from Its GNI 
Holdings subsidiaty, a leading 
light in new aiiA fw-iHrig 
world of derivatives. Probably 
Europe's biggest broker in 
futures, options and other 
derivative products, GNI must 
be one of the City’s fastest 
growing businesses. 

Since 1985 GNI has increased 
its profits by an average (ft 45 
per OGsit a year, jmzqang 7S per 
ppfil! to rig-Sm in gig 12 tnanthe 
to January 31. 

hi (xmtrast, profits from Qie 
discount house Genwrd & 
National Limited, were just 
£2.6m in the year to April 5. or 
barely lO per cent of the group 


eventually feed tiirmigh into 
slower economic growth. 

Company after company 
rqiorted Ug increases in prof- 
its for the qinarter to Bforch, 
only to he slapped in the Awe 
witii heavy selUng of its 
rimres. Corpor a te profitaldllty 
ap p ar ently counted frw nofli- 
iV. Investors wme more oon- 
cerned abont the gloonriaden 
prognosis tor ttarther into^ 
rate increases. 

Nott^ of significance had 
changed over tiie weekend: so 
anyone who' had been around 
tiie vnA bbAm would have 
been baffled by the explana- 
tion offered 1^ analysts for 
Monday’s rise. It was down to 
strong (xnporate rssatts, titey 
said, in particnlar from 
DaPmkt, the ebemicals group, 
and Boeing, the airoaft mann- 
feeturer. 

Never mind that DnPoot and 
Boring are almost the eiritome 
of cy(dical stocks, siqiposedly 
the least fovoored in the eur^ 
rent climate; nor that the 
main reason for DuPont's 
earnings growth was costcut- 
ting, not rising dgnmnii; nor 
that atriiially g 

wliopiring loss, albeit not quite 
as lAi^pii^ as feared. 8^ 
denly, company results were 


Dow Jonw ImiiwlrM Amnigw'- 

4^ ' • ■■■ ■ i 



3,70® 


. P*- 

SiMiewFrteoMt* 

moving the market again. 

The flow of good corporate 
news continned on Tuesday. 
Walt Disney increased after^ 
tax profits by 16 pw cent; the 
Capital Citi^ABC entertain- 
ment grotto virtually doubled 
net income; and tobaoeo stodss 
were given a boost when 
Britain’s BAT Indnstiies made 
an agreed giba carii offer for 
Ammican Tobacco, a subsid- 
iary of American Brands. 


So the maiket soared again, 
light? WelL no, actually. 
Instead, it fell more than 6 
points daring the day to (dose 
baric briow the 3700 levri. “Er 
. . . ah! . . . profft-tafcingt’’ tiie 
analysts said, niumivineiitoly. 

Clearly, what Wall Street 
needed was a sense of direc- 
tion. Perhaps Wednesday 
would have provided ft. Dhlbr' 
tnna^, we will never know, 
because US financial markris 


closed for tiie funeral of far- 
mer president Richard mxon. 

The gnimbUng could be 
heard from one end of the 
street to flie other. Nem mind 
tiiat Nixon was the only US 
president ever to have 
resigned in disgrace. More 
important, he was only the 
tiiM presfrtoit since the Dow 
Jones Ihdnstrial Avwage was 
invented in 1897 to have Irit 
office with the index lower 
than wfami he came in. More- 
over, when William Howard 
Trit and Heihert Hbovn’ (the 
other two) died, the sto(dc maiv 
kri (mly closed for a day. 

Gmmbfing aside, Wednes- 
day evening had ben wiflfiwui 
by a particularly violent 
Unmderstorm over New Yoric, 
so the weather pointed 
towards a tnrbnlent day's 
trading (m Hmrsday. Aud snre 
mumriL that is jnst what WaU 
Street delivere(L Bond prices 
plnmmeted when figures for 
the first quarter’s gross 
domestic product came out, 
because afthouih they showed 
a lowertiiaiteqiected groi^ 
rata of 2 j 6 per cent, the infia- 
tton indicators in the ^nres 
pointed towards acceleration. 

StodES fonowed bonds down, 
dqiressed once again by the 


The Bottom Line 


Low-key, derivative approach 


total. Admittedly, it was a 
dlSleult year for discount 
houses wtoch are traders in 
shortpterm money market 
instruments and tend to do 
weU when interest rates are 
falling. The previous year, 
vdiich mduded the aftennath 
of the UK's withdrawai from 
the e«*awgB rate mechanism, 
the discount house made 

BA 9in 

Discount houses should be 
able to damp this volatility 
with the use (if derivatives bat, 
in common with its rivals, 
Getrard A National's strata 
has been to reduce the 
discoant house’s importance ■ 
within tiio group by gypawiWng 
into businesses driven by fees 

fltiH 

In 1982 it formed a Joint 
n wntrnw with a p rivate client 
commodi^ fookw in order to 
participate in the London 
International Financial 
Futures Exchange which 


Qonrnrd ft NaHontf 

jShurepdee (pence) 
ssa — - — ~-=- 


600 



... 1891 
OouMFrOnsMa 


opmed in Septmnber tiiat year. 

Both Liffe and GNI have 
been extremely suecessAiL 
Much of GNl’s growth has 
matched the underlsring 
growth in derivatives maikets, 
but GNI has also esqnnded into 
other fields and brokes 
P^ucts traded on the London 


oil, commodities and metal 
exchanges and international 
(xwtimodity ex(dia]iges. 

Since 1985 GNTa pnAts have 
increased fimn £800,000 to last 

year’s £12Am and the group 
expects stroi^ grovrth to 
continue, particuiaily In ftny i 
management. Institutional 


investors are making 
increasing use of derivatives 
and GNI now has more than 
£2343n of funds under 
management, up almost 
tenfold in three years. 

Gerrard & National has ftmrf 
management activities 
elsewhere in the group 
notably in its stockbroking 
arm, Gerrard Vivian Gray 
which manages about £2bn! 
and the desire to crro.te a more 
integrated approach to fund 
management was one motive 
behind last week’s acquisition 
of the 314 per cent minority 
shareholding in GNL 

In sheer financial terms it 
also looked a good The 
group offered shares valued at 
ESLTm for the minority which 
re^esents only 13.5 jinwg 
GOTs eanungs last year. And 
GNI hu coatinued to grow so 
***** the prospective 
multiple may be In single 
figures. Althou^ Gerrard’s 


U^er economic picture. Inteiv 
estingly their Sl-iiolnt Adi was 
not as great as the plnmmefc- 
ing bond marlmt might have 
indicate(L In early trading yes- 
terday, stock prtoes rose white 
bond prices fell. Comld Uifa 
week’s events have mariced a 
de-conpiing between stock and 
bemd prices - the start of a 
period in which the share 
iwiex mfedit be driven more by 
fandamentals than mood? 

As to the answer, it is any- 
body’s guess. If ft is any hrip, 
the weatiier forecast for New 
York next week is (diangeeUe. 

Meanwhile, tte quote of Uw 
week award goes to Christo- 
pher Madiril of Chip^^ Capital 
Markets, who told the New 
York Times: “Part of the prob- 
lem I have with this martot is 
that people always gafoer 
rimnd at the end of tbs day' 
and say *Now why did 1 do 
what I Jnst ^?*” 

So do we, Mr Madell; so do 
we. 

Richard Tomkins 

Monday 3705.78-1- 57.10 

Tnttday 3689.54 - 6A4 

V^dnesday Clos^ 

Tfrursday 3668A1 - 31.38 : 
Friday 


own_ shares are on a low 
osrnings multiple, that mpana 
the deal will not dilute its' 
earnings this year and should' 
enhance them therrofter. 

The group also announced it' 
was pulling out of giitedged 
Market-making, where It has 
lost money recently, though 
remaining in gilts tradl^, 
where it has hem profitable. 

L»t week’s figures, showtog[ 
profits of £2501 (E25.8m). 
(^presented a milestone for the 
group which for the first time' 
paid for its dividends from the 
profits of its broking div^on 
alone. 

, Having increased every year 
since 1969, dividends were 
up to 22p (21.5P) paid out . 
oi^group earnings of 34.7p 
<38p). 

Because of the votetiUty of: 
ducount house earnmga, the 
City has traditionally vahi^ 
^ir shares on the basis of 
ttelr yield alon& But given the 
transfonnation of the ^oup tn 
focent years, the yield of 6 pst 
cent on Gerrard A National 
Shares su^sts its image 
IS lagging well behind 
events. 


David Wighton 


r 



FINANCIAL TIMES ^EKEND APRIL 30/MAY 1 1994 


WEEKEND FT III 


FINANCE AND THE FAMILY 



ince 

{!> tVLT:»!5: 

Vik: » , 

4jlll.uv 
lui- ill' . 
lilK u! ] 

I 

Lifv t.zit- 

nr 

1*5 

c.l 

lUtP Mi f 

V I'f u: 
tti civt’ii 

1 ti/rr 
fly l’»ii. 

•• 

rtll ;f 

i »: ■ 

riH*; I-- i.i ' 

It .11 >i 

i'jirs :i,A. 

PJ-Ol •••;? 

fd ■;nini- • . ■ 

:<l it >' 

• rtisn:?!. 1 .. , 

^SitJ • ;• 

! •. 

ftn-f. !’>•,'! • 
prji'ii. . • : 

liviili’.: 

IlH i'. . 

• . 

■ ■ 

' 

t». J':'!. ■ . 

iftS* 

i I I 

V •.•..■ 

•n:n». ’■ 

V >■■■■• 

^ i • 

i * * 

»i' i . 

. ■ ■ 

lit . 

IHl !• 
i .K' 

Hi kL.' . 

»f 1 '■ 

.*'•• 

n ■ 


How to track the best 


Beating an index may seem an 
elementary challenge for a fund 
manager, says Scheherazade 
Daneshkhu, but there are 
alarmingly few who meet it 


T rackers aim to 
ddirer the returns 
on an index 
timnigh a Tariety 
of methods. In the 
UK, most tracker Affids aim to 
follow the FT-SE-A AU-Sh^ 
but there are others which 
track Pr*5E 100 eninp>ft ^eB , the 
mid-2S0 and smaller ryympanioa 
indices. Most trackers are unit 
trusts but investment trusts 
also oflier ways of Ibllowlng an 
index. ' 

■ Unit busts 

Compared with other unit 
trusts, tracker fiinds have dme 
surprisingly well. Table 2 
shows that in the three years 
to April 1, the FT-A-AU Share 
index grew by mote tl«n 45 
per cent while the average nnit 
trust in the UK equity gmieral 
sector, Qie home of UE track- 
ers, rose by 26A pm* cent AH 
the trackets Usted easily beat 
the average and the same 
holds true Sor tiie trackeis with 
a five-year record. 

A fan of 
index 
funds 

John Bogle, ehairmai of 
the $12%n Vanguard 
group of fttods ki the US^ 

Is a ton of index tonds. 
in his book, Bogte on 
Mutual ftsxto (Irwh 
Profes^onal PubIMikig, 

New York, $25) he argues 
that the fees charged by 
many mu^ fiinds are 
too hisdi, particularly since 
they have attracted 100 - 
reesingly large sums of 
money m recent years. 

By investtng in an index 
fund you tMohd these high 
charges. Bo^ bdieves 
history shows tttat Index 
funds con si stently do 
better than individual 
managers with 
comparable objectives. 


A trackor holds many advan- 
t^es for the private tovestor, 
not least a drastic redoctkm in 
their choice of 1,500 fbnds or 
so. and lower charges. 

Td)le 1 lists the mato traek- 
eis. With the eaKptkm of Gart- 
more. the initial charge on 
most is at the lower end of the 
industry average of between 
S.SS per cent and 6 per cait 
Gartmoze eUminated its intwa* 
diarge altogether in 1992. 

More importantly, annual 
charges are wdl below ttie 1.5 
per cent 5ddc3i meet unit trust 
investors expect Many of the 
finids’ MwwTwi f-Tiar gp is a free* 
tton cH tins, at 0.5 per cent m 
less, with some of the James 
Capd and John Govett funds 
at 1 per cent and Norwich 
Union’s international index 
tradeer at 1.25 per cent While 
an initial charge can be made 
up over Hma , a high wtihiwI 
charge is more detrimaital to a 
fund’s peifonnance and to an 
investor’s returns. 

But how well do the trackers 
deliver what they promise? 
None can match the index 
because of thdr charges -tiiis 
is clearly illustrated in the one 
year pmfbrmance figures in 
Tdde 2 whi(± show trail- 
ers feWng further bebfnri the 
FT-SE-A AU-Share than over 
three and five year. 

Others are dmply less good 
at tracking than others, 
althouidi fimd managers will 
firwTW im with various defi^ 
give arguments sudi as only 
aiiwmg to trade the ca pital per- 
finnance of the index. 

Some unit trust trackers, 
notably John Govett use deriv- 
atives such as futures and 
cq>tioD5 to track the indices. 
With the exception of its FT-SE 
mid-260 fund, which uses 
shares, this makes its UE 
ftmds ind^ble for a personal 
equity plan bolding. Govett 
also has a range d bed! and 
bear funds (not listed) wtiidi 
aim to do the opposite of an 
index and which are best left 
to Institutions or to experi- 
enced investtus. 



■ Investment trnsls 
Iheaie are only a few invest- 
ment trusts which track indi- 
ces in a similar way to unit 
trusts. These include Edin- 
burgh Fund Managers’ Mal- 
vern DE trust, which tracks 
the FT-SE-A All Share index. 
Hoaie Govett, has two smaller 
companies trusts its 

own smaller companies index, 
and Abtrust has a New Europe 
investment tr^ to track the 
FT-A Europe index. 

The costs of investing 
throve an investment trust 
are those you would usually 
pay when buying shares - 
stamp duty, sto^broker’s com- 
m^ion and the bidfoSer 


spread - but there may also be 

a gfrialT animal managaniant 

fee. Malvern, fbr example, 
idiaiges an annual fee of 0.25 
per cent and the administra- 
tive expenses of the trust, 
which come off the investment 
income, are about OA per cent 
per annnm 

However, John Spiers, of 
Best Investment, is not an 
enthusiast: “Someone who 
wants a tracker wants predict- 
ability but with an investment 
trust, you have the added prob- 
lem of the discount or pre- 
mium." The price of shares in 
an investment trust is set by 
supply and demand and so it 
does not necessarily corre- 


spond with the asset value of 
the trust When the supply of 
shares exceeds demand, trust 
shares tend to trade at a dis- 
count to the asset value. 

The investment trust sector 
does have an aheniative. Sot^ 
trusts have issued loan stock 
(see Table 3)wiiidi has a prior 
charge on the trust’s assets. 

1116 loan stodr is dated but 
mstpaii of being redeemed at 
par, it will be redeemed at the 
levd of the Index. There is also 
a dividend, usually in line with 
the All-Share. Nigel Sidebot- 
tom. of stockbroker Gerrard 
Vivian Gray, says: “They are a 
pure tracker because no repli- 
cation is required - what mat- 


perf ormer s 


Table 1; Unit Inist tracker funds 




mdttc 

Minimum 

Irdtial 

Annual 

Pap 

Sav 

Managef 

Rmd name 

tracked 

inv(Q 

chargeK 

chargafe 

quel? 

sch? 

Gartmore 

UK indsx 

FT-SE-A Ail Share 

5.000 

0 

0.5 

Yes 

Yes 

James Cape! 

JC UK index 

FT-SBA AB Share 

1,000 

5.25 

0.5 

Yes 

Yes 


Footsie fund 

FT-SE 100 

1.000 

4.1 TS 

1.0 

Yes 

Yes 


JC Trbda 

JC Trade 

1JXI0 

5 . 2 s 

1J) 

Yes 

Yes 


Eurofirack 100 

FT-SE EurotracklOO 

1,000 

5.25 

IJ) 

Yes 

Yes 


JC American 

S&P 500 

1.000 

5.25 

1J) 

No 

Yes 


JC Japan 

FTA World Japan 

1,000 

5.25 

0.5 

No 

Yes 


JC Tiger 

JC SE Atfan 

1.000 

5.25 

IJ) 

No 

Yes 

John Govott 

FT-SE mkf 250 

FT-SE mid 250 

3.000 

3.5 

1.0 

Yes 

Yes 


Geared UK Irxlx 

FT-^ 100 

5,000 

5.25 

1.0 

No 

Yes 


UK index fund 

FT-SE 100 

2.000 

4.5 

1.0 

No 

No 


US Index fund 

S&P 500 

2,000 

AJS 

1J1 

No 

No 


European index 

FT-SE EurotracklOO 

2,000 

4.5 

1.0 

No 

No 


Japan Index 

Nikkei Dow-Jns 225 

2.000 

4.5 

1.0 

No 

No 


Hong Kong Indx Hang Seng 

2.000 

4.5 

1.0 

No 

No 

LdgM a 

UK index 

FT-SE-A All Share 

1,000 

5.0 

0.5 

Yes 

No 

GenwM 

US Max 

FT-A World US 

IJXX) 

5J) 

0.7S 

No 

No 


Eiuopean index 

FTA Wild Em xUK 

1.000 

5.0 

0.75 

Yes 

No 


Japan index 

FT-A Wbild Japan 

1J)00 

5.0 

0.75 

No 

No 

Morgan 

UK tracker 

FT-SEA All Share 

1,000 

5.0 

0.75 

Yes 

Yes 

QreMlaa 

US tracker 

S&P 500 

1,000 

5.0 

0.75 

No 

Yes 


Japan tracker 

FT-A World Japan 

1,000 

5.0 

a7S 

No 

Yes 

Norwich 

UK IndeK trekr 

FT-SE-A An Share 

5,000 

6.0 

02 

Yes 

No 

IMon 

Irrtmtntl indx 

FT-Wbrid excl UK 

5,000 

6.0 

1.25 

No 

No 

Prow Capitol 

AH-Shara Mbr 

FT-SEA All Share 

500 

S.5 

0.75 

Yes 

Yes 

Royal Life 

Uk Max Track 

FT-SE-A AO Share 

25J)0Q 

&2S 

0.3 

No 

No 

SwiBs Life 

UK Index track 

FT-SE-A AO Share 

500 units 

6.0 

0.5 

Yes 

No 


TeMe 2z How tracheis perform 


Fund name 

1 year 

3 years 

5 years 

FT-SEA AN Share 

14.3 

45.3 

73.5 

Gartmore UK Mex 

12.1 

41.7 

70.6 

NoTMich UK indmt traddng 

8.7 

36.1 

- 

Legal & Gen UK Msk 

7.5 

. 

- 

Roj^ Life index tracking 

6.9 

34.2 

55.8 

James Capel UK index 

&1 

32.2 

- 

Morgan GienfeU UK tradier 

6.0 

31.8 

58.7 

Swiss Life UK MeK track 

4.7 

34.8 

- 

Prov Capitol UK All Shr Mirr 

3.6 

- 

- 

Av UK equity gen unit tist 

5.7 

26.8 

42.7 


Shm« M Uup H CwfWy graatn M 1 1994. 09m to M iM mmM ttttmmta 


Table 3: EnuHy index loan ateric 


Number In Year of 


Investment trust 

issue (m) 

Price fpY 

redemption 

British Assets 

140.9 

156.5 

2005 

Broadgate 

2.2 

162.5 

2007 

B2W Convertible 

17.2 

157.5 

1986/2002 

Scottish American 

49.5 

160.0 

2004 

Sdective Assets 

21.2 

1S6J) 

2013 

FT-SE-A AI ShEse O 2B(4 


1580 



Stones' 50 HtotuvSMiriiBii aw* toMtf0M(lh»n'-a&AiWa«i» teAiaiee. 


ters is that the trust baa snfB- 
dent fiinds to repay the loan 
stock at redenqrtaoii.’’ 

The only costs to the holder 
of the stock are dealing 
nhar gaa ; there are no manage- 
ment fees to dilute perfor- 
mance. The maTiagtomanf cOStS 
of the trust itself are borne by 
ordinary shareholders. 

The main danger is poOT p^- 
fbnuance laaitiwg to an inabil- 
ity on the part d the trust to 
meet its liabilities at redemp- 
tion. Since holders of lom 
stodc rank ahead of ordinaiy 
shareholders, the trust would 
have to perform very poorly to 
be unable to meet these liabili- 
ties. according to Sidebottom. 

John Sorwin-Szynianowski, 
of SG Wartraig Secorities, says 
there are some saf^ards. 
Trustees of the loan stock, 
whose job it is to monitor per- 
formance, can step in to takp 
measures if they think the 
trust may be in danger of not 
meeting its liabilities. 

The table shows the main 
loan stocks which track the 
ET-SE-A. All-Shs^. To make 
comparisons with the index 
easier, the trusts set the asset 
value at a pi^ (in pounds) 
arrived at by dividi^ the levd 
of the index by 1000. Prices of 


the stock listed are all reassur- 
ingly close to that of the index. 

Since loan stock can only be 
bought in a relatively small 
market, it may trade at a 
discount or premium to the 
index. If you buy stock at a 


discount and hold it to 
redemption, you can expect 
outpeiformance of the index 
(assuming the loan stock is 
paid in full). However, a 

dismimt esm be an imfiretHnn 

of greater risk. 


0\\< 


*5 • • 

flici.-r.: 

il i'- 

I V- 

s'jf « » ■ • ■ 

rttt'il*', • 

i fi.: - 

.'.U !**' 

i - ■ 

*.11 : ' ' - 
'a • 

UfOJ'i'''' 

,*ffH '''• ' 

t' 

M 

lit' • 
t k7.**- ■- 
' jj.su - 

li dS I''* 

I 

Hilh- 


i'- 

mSA* 


■rri' 


ill;- 


6 . 2 %»*'( 8 . 2 % 


GROSS 


Are you disappointed with the rate of return on your building society investment? 

The M&G Steiiung High Interest Fund Invests in fixed and variable rate securities and pays income quarterly, 
tt offers an attractive 6J20% net (BJZ^ gross) after charges. 

There is no Initial charge on Investment in the Fund. The annual management charge is 0.75%. The minimum initia! 
Investment is £500. 

The price of units and the income from them may go down as well as up. You may get back less than you invested. 
Capital values may be affected by movements In interest rates. 


me MM srBOJNO moh interest 

RMO 

The AtoVs Ml a to aeiitom ■ hWtor nun 
inrwgb toHMonM in tovlng danwnlngiid 
toed and jitoMOto iMi waxItH. toctodna 
Gtopome bend* and debanniM tfM Miid 
ba oMarable Iram Inwottmant In UK 
Ganwranaffi (M HtoM Mcuniaa (ka. giM) 
01 sanHer mtototoea. toweienort way ana be 

iwU n BEa When daemeo apptopiiM. Ktto 

MoiMBtos eensUw R opprapiWto emn totoi 
5Sis Of Vw naMTa aeaato mav conaM d 
GcxMiwnant and obw pubile aaeuMea 
otoNd b|r toiy d toe OoMnentoM of AuabaNa, 
AuM. nupliwi CtoiadB, DtoMitofc, Hnitoto. 
France. OmanyL Oreaea, bdand. ital)^ 
Japan. LucanaoufS. NaOtortanda. New 
Zealand, PartiiBd, Spain. Sweden, 
SwMaid. Utotod NngdaRi. Unitod Stoiaa. 
gi by AMean DMMpiMM Bank, Emtma. 
Eioopean EoononRc OmnaaiBK Eurapaan 
B»ih lor Raeontoruckon and Denalcpiiianl. 
European Coal end Sled CommurMy, 
Empoan kwaoknani Bank, bNamaHenal 
Bar* Hr RaeonWucoon and O and op m aw. 
and Hardionam«nGtol CvpoaaoiL The 
owunmnadtobbdBnyHidanSStoApd tSBc 
wm BSnh. Orty bconw w«to ■* wdada 
jwtti ihto Find No cad car W eawa aai ba 
ntoiud. toough awMori w* coedM aiaaa- 
monli conto i i*d to«r tnUkig awy ato 
montta to FebnMcr and Aiiipai aicti fWL 
Thp MSI aon oonsabacd on 278) Janoary 
ias« 

BUriNU MK> aaUNB WBTS 
YoucanbuyarMlitoNBNtopilGtcNaiaad 
toOwiMB toe leotopl d your toaniotona. by 
wntoB 10 MM SaciMdoB Undiad. MW 
Hewo. iMoiip Ftoal OwkiMted CM1 
una» may bo bouglk ««« wM w tot 
loiopAdna UW« CwWmv UbbVH la 
opon tot OoMtoa bo M etoi B. 0 Q ajn. and 
SOOpjn.onaaenbuatoawdW-MlH'SJnpm 
m bdCd 91$ ani MMody daN wtog 
torwordpHCM 

hyiWM tor toe puKlttM d itoM by poM 
muN aceonvany ytoJr toamieSoni. Cenu 


nena wS ba Ntoiid ahody abar leeatot d 
yoia appiBdIork Ttia dRarmtoi tobM RMd- 
mtdiiCSOO. 

VMHn you radaani ladk the pw c aadi an 
peyabia on ihe na« iuinaaa e*y aNto altwr 
(I) toa aalualton peH aiwiedlakjlji HBiwInB 
ncatotel yaw toandtona. d 09 neatol by ui 
(It a mminiy rn ni riliiaail I n iiii nl iiiiaM lalin n 
wMebanw to toa latar use tewoMT emne^ 
woMS too naad tor a tonn d ia iMW 5on 
diantoe h cM n Btoi U Bl al andaiaadantoBa. 
tot ndampHon toMtohen to gtaan by toe 
rootolmd holriar to ponon, too nSaniiRton 
praeoodaamobanMOepayitotatotoaragto' 
land holder d toa notoMrad ddMM (amen 
tin nd dan^ wini Ihe preiiloua toaiy 
daya. m toa awn to nuarton ctoao nd 
anaad ESJNNL Awm d le m id aM o i i 
whan nquaad, ba laauad wtoi yaw eeitoae 
now. 

MMtnMitolyi you can buy and aUl wiRb 
I hieuah your Indapandant nnondal 
Addiar. Na eonantoatan to payaMa to totar- 


iMirpiiicBS 

Tito prteaa anededUad ai at 9.1 5 ajn. aaeh 
buUnaaa dn^ Pricaa and ytoWa appaar daMy 
tonannmalTtoMa.TheapMadtototdMd. 
ante bawtoufi toa *oBer* pdea (ai eWcH you 
y itooa) Md toa 'bid' pdea OR whidi you 
h. Wto naw a daBOllan to wry toa prong 
i d toa uMa «o lha Rpnad wtoto a 

naioa, ededatod to aceanaKB wHiMutoni 
lauiiiiuana. 

On29BiApilig9t,maemrpneadutoama 
SaSSp and toa bW pdea oas aajsp. Tha 
aonad batwean oOar and price waa CLSato. 
Thto Mtoa atod ha nosnan panMDBd apnaa 

RieoHe 

tMoaa you complato toe applICBlIon iami 
baM and epi M raoalw ptopnait d awonto. 
quartaily hoorna daatouiana. nai d taato 
ihb m, wd ba lakmOad to addbdtol itolto. 
a you wan • raeaha toooma ptymana you 
«o be aeni a dmd andl m an d ai a lor 
LwnijMu iiiBWMawdwaeanbe paodiiwt 


to yow bonk or bdSng aodaiy accowt. 
Wton you ladaam latoi aaer toe RM pnoa to 
quoiid 'tedtohtodlod’, toe tton o n toconw 
wfl to al eaaes be paid to you. 

The (rat anai u ii dtoMbdkm wiH bt paid on 
lEOiNouantoar issa. Rptoerineofitodtoiitow 
nonawSba law o aw B lytoaraaltac. Tito win 
wB ba toai ipioM erddreuaen on iSto 
Smambdl9B( A toR crada ««udiar eO ba 
leni drtdiy to you eniy Oc maww tobo 
ncetood on iSto Febnny and iSto A 19 BL 

aUlWGERS'REPOinS 
The Mwtosora' hdkyeoriy and anrud rapon 
on toe FUna tookWtog flto tonat poRtaao. dl 
ba aanda kea on racpieai and ao be son tt 
alwOaiatontobeieedxedoniatoFabnny 
■Id I9tfi AugM soeti yaai Btarttog iSto 
PsbruBiy t9BS. UniiWaed totorim oceowiia 
and Hdiad totoi ncowB d toe Fwto wN be 
todided to toe appropriate lep oi to. 

CHARGES 

The Honagm mtow no WBd dnsa, toough 
toa bust dead wtoorian nam to inafco such a 
doRM Id to a imriwn d n d toe oaeilon 
(okwdaaehutoaaued.ThaMBnagtos'tonuU 
ctegetoOJBIk Tha ThaiBdh laa tornodaup d 
a hade buritoe dtoTOri Hdto la aubjoa to WV) 
wWacu 9 Bdanchtoga.TI»baaelnafetoden 
a dOs idtoOng *0 »• uf tto f\toO, nanely on 
toa IE rSkn. QflISik pa. ixanan ESttoi toW 
5l6(bn,abl2topa.beB«eanElGton«Rl£2aCkn, 
ognt pa and aw QOtoi, luaeto pa 
Tha GuawdOn daman d toe Ttudaa'a toe to 
(unib. TIM Ragisiton' toes on ooBto gto 
UO). ARtoesaieaaaro based an toaeduadtoa 
Fww at i i i to i iM i iia pricaa and ao daduoad 
tram <a onaa acdiM. 1 T« UBnageB haw 
pniar ID kcraasa toeb annuN dwge ID ito 
nhoy days aser iseiMg mada itto appopilMi 
nridon to SdNRK Manta M hMcg gam 
«Mn nawa to toe Thotoa Eld to wWiddn 

TiRISTBS AND AtWnORS 

The Ihietoe la Oydeadde Barto nc. The 

AudNon ore Ceepan a lybiand 


BiCOIIWTAX 

Incame doeiDuaans (wtadi Hr M DwpoMs 
are etoaaad as daribwnns d iimeaiK 
wCieilMr paid or leawstod, cany a M wedR 
d 25%. ■ you we Mtato to tn a toe basic n 
yeuwElawtvftnftorlabAytaaR Dyouaro 
a Mghw cna tto^eyer you wa MM ■ kotow 
itofaOy ID too. Nen-H^WOto arid toiMr laia 
■toriyet* can uaa toe Ml voueiNr to fitopoR 
a OK repaymani ckon. 

CAPITAL SAINS TAX 

ftr iggans yew to« tsjOD d gaka on 
riiBp oe o NMbaB ia mpt*omtM.D8powbd 
hoktoigsoittwFwwiriBeendkkwnawM. 
Wn rwd. AtM alOMig Hr indwabon nid 
gabs bi erooss d GSaao Md be aedad toyew 
odwr bieww and M«f ai tw tana d Mr 
ipp H tRiria 
riHnMrmm 

bMRRMon islabng to MMHn to based on 
MACS undato ton dsig d im propeaato 
GcneoiM n The Mnee BE as 0 ! 1 8h Aprt 
1994. 

FUmiBR MFORMATION 

The Rod to a MdeManga nieshrian and * 

aohotwad wtoertoa PbMttid Sarveaa Ad 

1966. 

Sdwnie McuUm are a wWhto kae d 
ciMme on raquoa from tha cnwnatoid 
BOdess baiew and wlB In my ewe be w5 
dto yew eoneact iMM. 

■ you dad tom^h an indepaneeM Ftomcal 
AdvBw you oE iBiB toe ri^ to coned yow 
euRmeito pwetiaee brtto aid hero too wm 
nwatod nbanad » yew adwsac llow owr . 
wtme Rw pwehase wca d wtoa toBi bdero 
owknowaametariijBiiiawi inimi wi boeii 
aanod, an anioiaa equl IB men taB oQ oa 
daduBBd born ihe idwid. 

H yiai haw any quarias coneembig any 
oapoa d na UftG WH Bitot range pieaaa gat 
to iDudi Mth yow hospendant Ftnancd 
Adwisw or MU'S CuBomar MMO, H&G 
House. VIOBM Road, Ch aliMto d CM IFB. 
UtopImiiOWaTMTWWOOAHHoetPpjn, 

Hondhy 10 Fidwi. 


THE NEW M&G STERLING HIGH INTEREST FUND 


TO: H *6 SeeutfUBS UMTSD, HBO houa, Vldorhi Road. ChabnaM CM1 1 fb. 

(mitiimiini S50Q) in The MSGSterftig High kiterast Roxl and onckss m/foa cheque made 
pavablB to MSG SacwWBs Limited (or ttitt amount 

TO* VNun toqcxfiitoiiHan£A9 


Utteondirtomveetttweima* £ 


.00 


N you wsh to lecehe quariBriy stcome ptsasa tick this box Q m wMch case B 
OROct credit mandaia «riR be sent u you for oompiBiloa 

In itw event that l/HB hsm not campMed the kwoms box dxwe, Vow roquest 

the lemvesanont d M tnooms due 10 makis In respect of my/our hokfeg In 

laph. 

itaOto 

«3m 




Asms 


Boot esmois REASE 


IW 




Tha M86 Sferiirq High kderest Pimd r«ie PiRvn in fee acquMBon d hjtdnr 
units in fee Fund al the oiier price niflng at 9.1S ajn, (or audi other tima as 



M&O Sseuruos Uiwtsd RhaN hsve dstemiinpd as As first tegular vakoiien poM 
tor IDs Fwtt 9 di fee Sppficabis payment das. Only ofeole numbGn of WMS wfl 
bo issued arid any balance money vfHI be held by M&G SaciRifes LndiBd in a 




RmCms 

droni money account and canted forward u fee next Income paymats dale. 




1 a«» 1 

Slonraireti) ^ ^ 

Siqnahjrem 

Date 

/ 164 

SkmatursiS) 

$ianaivs(4i 

Date 

1 m 


(lyeaapptanissheuHaisign} PlawadtodikEn^MendatolBdaBMPiBBriaiMutogbEtoienanoeartoadMwato 

MAG wto ocasnnrtyjeB you dxwi Mhar mdueb 01 sanloee dlawd by k and ba aaaedBied companies, R you would pmer not to racoNo thto ntannadan 
pioaac ock ihaOOK O. 



Muft SECUHTIEB LMBTED, MAG Houw, Victoria fWad, Chabnatoid CM1 IFB. 

R^mdiSiv'nm Tbriw HX London ECSR sea Ragbaered to Er«Bnd No GOTTa (Mantoai d MRO dd uubo.) 




r 

Morgan Grenfell. 
No.l in Europe. 


^ 






EUROPEAN GROWTH 


r.fc, 

s 

TOTAL 

SINCE 

LAUNCH 

mURN* 
OVER 5 
YEARS 

•titi 

h&vH 

MORGAN GRENFELL 
EUROPEAN GROWTH 

£3.919 

£2,388 


EUROPEAN 
SECTOR AVERAGE 

£2333 

£1,815 




CONSISTENT EXCELLENT PERFORMANCE 
The Mor^ Grenfell European Growth Truit is the 
top perlbnning European Growth TruR in Its se c t or 
aiDCe ha launch on 1 1 th April 1958, 

An hmstmest of £1 ,000 invested at laundi would 
now be vaorth £3,919* represntiag a compound annual 
return of 269^, significantly ootperfonnii^ the averoge 
Etnttpoan Fuad. 

INVEST NOW 

Against a background of &Uing interest rates and 
ecMiom i c reeovery in Continenu] Europe, we expect 
E ur ope a n stods to generate substantial growth iu the 
mcdinni term. The Morgan Grenfell European Growth 
Trust and Eon^wan PEP are ideal ways to taJee sdvant^ 
of the weahh of European mvestmeni opportunities. 


For fiinber details please contact yoor Bnandal 
Adviser. Alternatively tall us free todey on 0800 282455 
or ooni|dete the coupon below. 

lb: MiHgan Grmrell iuvesanenc Rmds Ltd., 

20 Hndwry Circus, London EC2M lUT 

Plcue send me iiirtfaer details of the 
Morgan Groifell Enrcqiean Growth Trust Q 

Morgan Grenfell European Growth PEP G 

iPlaKildifattol 


RiUName. 
Addrea 


nW4/9i 


.Postcode, 



*SouRK Mkropd oflar to bid. nd Mcoaie niRwUBd tonee lauAch 1 1 M,g8), aid 3-4.89 to 1 ,4.94. 

HKtoa WBieni lj ei (idplpKhnnmeBtondnee Mi Bi^agiildattt4ui»pK<oniiwi c o.Thew^wunltoaiBdincoroelroniRtowiii^fal€totoel 
CB liw Writ loy Iiw l6> ha ilia im^af aridwnga rato Buc k i rf oniL and Rw i mo i ter m o / i bri gd buck $■ originci dnowR I m a uu d. Tat rotti ond 
Htafe Oft how op rfaaU adliiiia of pridiiwqnd may be toibiodlecliwiaaTliAviKieiwg depend upoBjndwiAid d mRWten eai . 
bwed by Meigwi Graniall hwMiia nt htods Ud, 20 FinAwy OrouL Imfan EC2M lUT Manbor of IMRO. M w gan Cronh ll h n aia iiK il Fwdi lid 









/ 



IV WEEKEND FT' 


NEW GLOBAL PRIVATISATION FUND 




GLOBAL PRIVATISATIONS 2 
NOW AVAILABLE FOR 


INTERNATIONAL INVKTORS 


EXAMPLES OF PAST AND POTENTIAL 
PRIVATISATIONS AROUND THE WORLD 



KraOUMS 

aaco 

haPiMMiMi 

DSM 

TOT 

PmmidP -1 11 bi i 

nrjMbfaA 




■nunKWa 


SUM 

Heat faao Tdaceai 

. 

Aigranb 

NMeMi 

IK 

fate 

Qte'frsfaw 

BrittahAinqi 

Sqaol 



Tdafixria 

TMHMI 

BatoJj, m-l 

iwnwi 

tela 

CAttidtEd 

*fc»*~-*i* 


rtfa« p.iMh» 

ISEboifdtrCtaa 

■moM 


lOWifaCii. 


J 4 PM 

SrbbfclUil 


EratJtoaafa 4 «to 


OBMUK 

FflT 

nMGE 

Gnbnfc 

JRM^ 

BNP 

TcfeDMMWib 

ATafcaiilafaay 

OJAtLool 


ITTIrtirffTtiaiT 

dePmee 

BNOa 


EVAgnttne 

fUiAM 

ADSIMIM 

BhtaeEUakK 

NirJbifaiai 

Bole 

AGF 

Smdmm 

ofAixnlk 

CMl^mmak 

TMtefaf 

CIOrfABn^ 

GW 

KaaojU 

^MrafiaTafaerai 

& 


QMMf 

ieaam 

Tfaim 

OMUMT 

ifawpow: 

omuomi 

VUG 

awmaAkfato 

«IMM 


BhraparaTabewn 

NoraScodi Pomar 






Petto Cn^i 


IDUY 

awo OwuM B Ch l e 


OcAtoitibno 

Mi 

ilGIP 

ENEL 

BU 


Mb( 

■MUOM 

MritjabTdRoa 


Temp 

A a w m Cm 

fmhU ^ 

maam 

TlmAmiip 


eSN 

isL. 


‘McemiAfpmim 

TihfcaioAtpnem 

Eitiar 

EJatar 




Guinness Flight is pleased to announce 
die launch of the Global Privatisation Fund. 

The benefits of privatisations are well 
known in the UK, with experience 
demonstrating that outstanding long-tenn 
returns can be gained from privatisation 
stocks - reflecting their distinctive lower 
risk/hi^ier 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 Tele> 
communications. Oil and Gas, Utilities and 
Financials, the Guinness Flight Global 
. Privatisation Fund will take advantage of 
privatisations in -Europe, the developed and 
developing Asia Pacific markets and other 
emerging economies around the world. 

For further information about our new 
Global Privatisation Fund please complete 
the coupon or call our Investor Services 
Dqjartment on [44) 4SI 712176. 

GUXI^ISTESS FX..XGXX*X 


GLOBAL PRIVATISATION FUND 


Recara CK Cmnness Fond Manigas (CueniMjr) Umited, P.O. Box 250, St Peter Port;, Caermey, CYl 3QK Cfaamicl labnds. 
Tel: (4d) 481 712176. Poe (44) 481 712065. 

PloK send me deolb of die oew GuiniHss FBi^ Global Ptbr a ttaatfain Fmid. 


Tide. 


.Inloals 


-Name 


Addrem. 


.Country. 



ne Gdnm Htfe GfaM Piindnim Fed Mt atttUad n B April 19 H u I dm eta of GdHB nifat OM SMir FM LMri. m flf fivnuiv't lK|nt fpei 
■BMlHeSnedaniimimPiapaiftnHKekiMiiBcaBnlyigdtenilMftamlbevilwdtHitaiMMadthincBiMaiiiiisfmiltBsrWaMiuRaeinlii 
nRgwintniLiMndbyfiunBHsFRglnQebdAMMmtfmedlMMLaimidwdinOadUibv. staatM 



Hambros Bank (Guernsey) Umited 


An Invitation To Contact One Of 
The WORLD'S Oldest Merchant Banks 
About Private Portfolio. 
Management. 


(In a taorld (^ekan^ etrtaui prine^es ef 
vaUte and peroMud service duntidrimaineoKstaiit) 

Capital is hard enough to acquire, without entrusting it to people you know 
nothing about and who may care little about you. Hambros is one of the oldest anil 
best known merchant banks in the world. It has an unbroken pedigree of service and prosperity 
going back to 1839 when Carl Joachim Hambro set np his haniriiig business in the Qty of L ondon. 

TbdRK from its headquariers in Ibwer Hill, it manages a world-vride hanlring business 
with members of tiie family still actively involved. Hambros Banfc (Guernsey) Limited was 
incorporated to bring to private clients all the benefits of diis experience and skill, in the particularly 
advantageous jurisdichion of the Chazmel Islands. Guernsey baa the advantage of eiqoying a special 
relationship with tite European Community and has tire benefits of bring outside the EC% tax 
jurisdiction and the fact that no taxes are levied on the income and capital gains of non-residents. 

Hambros in Guems^ offers its private clients the performance expertise of a Major 
Merchant Bank, but with a levri of personal service rarely associated with haniHng today There are 
many further benefits of banking iritii Hambros in Guernsey, and we have prepared a booklet 

to make these known to you. It could pay you to send for it by of the coupon below: 

lb: Paul LoddcB Eaq., Bnnbnie Bnk 0iaeniwy)Xlmit«d, PO Box 6,Bniibro Boose, St Jofiaift 

Awsma, Sc Pscw Port, Goenwey GYl SAE, Chaanel bloods. 

Pl e sa e o end«co^ofyourboofclsC.Ssrrics8orValoeto; 


FT1 04 


iS29BiLDepc 


I HoBbcM Bod (Comocf) Uniud M* M 


Ti- ..p — , . B — , — niTiirniirtl t Imllril rnrnintlir i 

rA.— — .1.. ^.^ ^^ ffiiiM^ ftrtliniT t l irt mwff in K niinfnifyi'liiniKilinriirtiiuriiwkiti nroiri iinniiirihrrmrtnlmuf 

P»pillOTfBOIIi»lcfcBC C«OTit») Oril— cam an. MoncHded. 0*014141 the UwOaoilwdMcoa— wefilibUaa wqBwtThliidr u UK M CI biwaedbr 

M,i»ii ■ a.Aift.M.— .pp — ..fcyu — w— a— T .| ^ i-nTtii* nT [TlTHm B n l Timilrniii lMlnii imiirfnrtlirpmn rKniiiifl iiTfirnii 

wrirrilw lUL Ptandil Scrrlea Act nv MKanW a boiun CHdoeud a ar Sm dUkci bated onride Itae UX. md IbnOmi mv BMb aUi t* b«u6i Cm the 

pfoehrieMbehe b«n«en CoBpcMltan Seheme eMhObted ndb bac Aeb 



FINANCIAL TIMES WEEKENDAJRiLjOfMAY^^ 

FINANCE AND THE FAMILY 


The week ahead 


BAT profits cheer 


T he llrstq.uartef fig^ 
nres finm bidiiS' 
tries on Wednesday 
are mspected to riiow 
a healOiy tise from £354m pre- 
tax to about £38SiiL la qste of 
the much-publicised war on 
amnMng jn the US - whi^ 
BAT d^ed tins weric by buy- 
ing American Tobacco Ibr $Um 
- its tobacco jHxOts may be 
around gamp as i***^ year. 

Ihe real pn^ increase win 
miTip from insurance; thro ug h 
ftirtiim' recovery bsr Eagie Star 
fivm its upsets in morttase 
indemnity and through real 
prepress at Allied Dunbar in 
the OE and Fezmers in the us. 

Sugar and sweeteners groiQi 
Tate & Lyle is ezpec^ to 
report a £10m-£2(km rise in 


i nte ri m profits cm Wednesday 
from eunjBm to £ 120 m^u 8 . 
BSost of the rise win come finm 
us and Australian opnatkms. 

Improving markets for 
Stal^, its us cttn starch busi- 
ness, wni have hriped profits, 
as win recovoT in its US sugar 
buainessea. hit last year by 
troiddea at a new 

iba nga riaptlra* plawf art Wa rflrip 

sugar cgieratioii, and fflBScnlt 
tHiiWwg fOr its beet 


rates win riso aid 
pro pts . A rise in the interim 
dividmid is expected in 
w^ Thle’s progressive policy. 

Overseas grow^ especially 
in tile lES, is e^ieeted to boost 
Body Shop Intomatlonal’s 
final results when they ' are 


DIRBCTORtt fitURB TRANSACTIOIIS M 
OWN COHMMES CUSnO ft USItt 


No of 


Compaiv 


IMm 


SALES 


BtaGk. Pater 

Haas 

5333 

13 • 

1* 

British fktlnss 

Diet 

26,304 

22 

1 

BrHiehVila 

^Chem 

65300 

180 

3 

CasSa Commwdctns _ 

LIHI 

195,742 

548 

T 

EwQfDUp 

...BCon 

13,450 

00 

2 

Qreen,& 

__Prep 

15,000 

11 

1 

Hatate^ James .......... 

...BM8M 

3300 

10 

1 

Hodder HeadDna 

Mdta 

10300 

40 

1 

MIUECkoup 

8Ser 

100,000 

345 

1 

Monument 03 a Gas 

OBE 

290355 

1B6 

2* 

Seocon 

...—.Tlan 

207300 

181 

1 

SnSthpOS 

_PPSP 

50,000 

287 

1 

TLS Range 

nter 

70300 

25 

1 

Wahebouma' 

-PKPF 

1300300 

30 

1 

PURCHASES 





Banlon Group 

^BUtM 

3S3Q0 

17 

2 

Bodycola 

Eng 


15 

1 

Bam.. 

Rate 

5300 

12 

1 , 

Eioopean Motor 

Gist 

Bnry^o 

81 

1 

Lasmo 

OIE 

12300 

15 

1 

bilatihsiivs, Bernard 

PdMa 

150300 

148 

1 

MTM (open offeO 

._Chem 

25350 

16 

3 

Nonuab 

Bee 

2386 

16 

2 

Premier ConaoBdatad..— 

......OIE 

100300 

28 

.1 

PrashvfdcHokSrQS 

E8£E 

50,000 

13 

3 

Sedgwick Qnnjp 

Insu 

10300 

21 

2 

Shenvood Cofibautar ... 

SSar 

20,000 

18 

2 

Simon Enginaering 

.......Diet 

V9]90H 

26 

1 

Wabh industrial 

MT 

7300 

12 

1 


VMue eD^xwad In EOOOa. TWi fat cw Ui itM al iMiMcBona. bdudhg Sb dwwcbd ct 
opHona n E 100N bC — q w nlly aold, mM « wkb onr £10.000. intoiibllon niMHd by 
tie Skide Exchange 1&-22 Afvl 1994. 

Saunx Ondua m 7 ]>a bakto Ttadk; GiSibugb 


Directors’ transactions 


The riowdown In the number 
of directors' share tcansactioDS 
lastwe^hascontinnecLAbet- 
tm: telance niow exists between 
buying and srihng. 

Largest buy for the week 
was in Bernard Biatihews, the 
turkey products groqp. Sboce 
December the slum price has 
risen almost 24 per cent to 
96.Sp. The most recent transao- 
tion was by Sr Bernard Mat- 
thews, who purchased l5(MO> 
shares at 9^ This brings his 
holding to 5.1m riiares - 
almost 40 per cent of total 
equity. 

Castle Communications is 
involved in the eutertahunent 
industry, acquiring ri^its for 

videos, ^l*w» PwH mnaiff ana 

marketlDg the product The 

shares have pprlhrmirig 

wen - rising almost 100 per 
cent over 12 months. 

Terence shana, the dialr^ 
man, has just sold 138,589 
shares ptiH at bwwp time, 

jonatiien Beecher, wwinnpunipi 


director, exercised 57,153 
n ptinnfl pthI tlym s(^ all the 

ordinaries, also at 280p. 
Sband’s bolding is now 600JX10. 

British Vita, udncdi manufacr 
tores and processes polymets. 
announced its final resets at 
tile bf^nning of May. They 
rriSect stable but quiet maricets 
m Eungie. The cmiqiany said 
that deals by three direchns, 
TnrfmHug Briiert IfcGee, man- 
aging director, Lawrence Law- 
ton, deputy chairman and 
Francis Eatoi^ deputy chief 
executive, were for personal 
fiwpfirfpT reasons. They aiw* 
appeared in the table in MandL 

Wakriraume used to be 

Icmw in gg MpHHnir nnH ]g fa 

computers where Its si^port 
girtp is Atfrig wriL The of 
im shares by Allen TOaipeny, 
the deputy chairman, was 
made at % a share and leaves 
him witii more than 4.7m 
shares. 

'nvkn MhdDonald 
The Inade Tkaek 


RESULTS DUB 


OMcMH* 


OenpHsr 


WfayMr 


toe. 


AfabV towtomwe Thai . 


.HD’ 


fitok 



I Oragi 

nwlibai eiiwili bi ITeriMlllae wn 

Big 

Qbmbi to««tfxaaiThHt_,_ton 
mil Jw rnwiibfai kiDr 

ft— hrtV 


nuaiwe) IlnliBiiJi 
lUAfinniiiiiitiiiiirt'nii 

till II towiliiiwilTiiW 

Ragi 


.OISv 

.Bop 

.ton- 

.SBE 


Wbiwe*- 


Jtofai 

.HmG 



.Tran 


Ifateodfa 

1^ 

2.76 

125 

Uuedfa 

- 

- 

ra 

Ihaedfa 

ITT 

ZB ■ 

1.57 

Wadnaeday 

1:^ 

4B 

12 

Uente 

068 

im 

075 

ITwedfa 

ra 

10 

12 

Uondfa 

■ 

. 

ft 

Tundgy 

015 

ais 

015 

TTUKtor 

laS 

za 

12 

Uendfa 


1J) 

12 

Ttante 

- 

060 

- 

lUnfay 

■ 

040 

- 

«««y 

■ 

10 

■ 

Tunte 

040 

0S6 

040 

Itafls^ 

iii 

- 

- 

Uundfa 

u 

11 

12 

lUndfa 

• 

- 

■ 

Unadfa 

0 l 6 

IS 

02 

Itamfay 

■ 

. 

ft. 

Unadfa 

• 

• 

050 

TbNdv 

255 

SJS 

276 

Wedmdfa 

■ 

. 

ft 

nwv 

ft 

- 

• 

Ueteqr 

• 

- 

• 

WadmadfaA 

7.6 

112 


Wadnteay 

4j0 

OS 

ft 

Uundfa 

Z10 

110 

ft 

FWfa 

- 

• 

ft 

miaadfa 

- 

. 

ft 

Wateodfa 

* 

. 

. 

Uendiiir 

• 

. 

ft 

wt9mf990Mf 

04Q 

as 

. 

lUaadfa 

• 

- 

ft 

mnedfa 

- 

. 

. 

Wadrrasdfa 

4.S 

6J 

ft 

Umdqr 

12 

19 

. 

IbNdey 

- 

. 

ft 

Uandfa 

• 

- 

- 


•OMdraxta aioMi net pane* par riwn rara ■■ rafulMl tor any marwnho Mito ibun. 
Rapora raid acGoamn are n« nomra^r raWWfa uei about S anaka ato tM faorab maadng In 
appraw p Wrrtnaiy iaBi«84¥ lal cpiartBly. 


TAKE-OVER BIDS AND MERGERS 

Cenftarar 
bM tor 

Uiwet 

^■ar 

MM 

0 M“ 

Mm 

baton 

biri 

VUw 

arbU 

faft- 

BMMr 

ettofton. Son 

Rtan b panoe iifaH otoanbe 
12 r 127 117 

tadeoMd 

3.40 


faftopn eflna 

nag 

67 

- 

1600 

Bmokw 

to Shops t 

11 a 

114 

83 

5030 

BMfay 

Hoaa Ornip 

ESP 

S 4 

834 

17 SL 60 

hiehwpe 

lASMO 

ISO 

14016 

16 »b 

148 QJ) 

Otepitou Oi 

mart 

TSSSi 

740 

665 

eiiii 

(braiHli 

— g-~— todi 

168 

170 

173 

4082 

Ctorraneie 

MUIgVBb 

2169 

23 

23 

601 

SBiranniaea 

lUftepfaer PM 4 

EBB’ 

330 

350 

78 il 0 

blGN Cftweifani 

eouthom Rate 

IIS' 

116 

as 

nann 

captod itadfa 




revealed on Thursday. Pre-tax 
profits are likely to rise from 
ifai to betwemi £2Sm and 
£2710, Trtth UK <94ratuig pntf- 
its a i^**i<* pitpaH of la^ time's 

gii am. 

The US should pitch in about 

£4.5m {E9m year), tiiou^ 
tins was by the move 

of the HQ to Nortii Carolina). 
The dividend should rise from 
LTp to at least IB^ 

BP reports its tiisbquarter 

results on ^nmxsday. The weak 
oil price - $4 a ba^ lower - 
is Iwriy to be counteracted by 
benefits from cost-savings, 
strain downrtream maigdns in 
tile US. lowm Interest charges 
and a swing bade to profits in 
chemicals. Pretax profits will 
be about £250111. against £23lm 
last rimp. ranii £3l5m In the 
filurQi quartm. 

niursday should see the 
revival of Bulk of Scotland, 
whose good reputation sliK^^d 
last year when it annonrifled 
an U per cent fall in pretax 
profits. Pre-tax profits are 
arpai^ to rlse fr^ £1253m 
to £250m-£27l^ or even as 
high as vsasm. 

Last year’s figures included a 
45 per cent rise in provisiems 
tor bad driits vtiiidi, the bank 
said, reflected tiie downturn 
moving north into Scotland, 
cocqded wHh a further fidl In 
asset values in the south. 

The mrioilty of its business 
is now In wn ^awH rather than 
Scofland. 

Apart frmn Qie dn^ in provi- 
rioDS, as a result of a fragile 
recovmr in tbe houshig mai> 
ket, the bank has also had an 
opportunity to reap a full 
iiranpfifa from betog able 
to »id* sn i* S mflrg fng fa its sfre- 

aUe mortgage Imidiiig opuar 


TMBftLgriB 

Share piicb raMtve «oM 
FT-B&AAIHhm Max 
140 



tion. ^ 

That widening of margms 
was an in raising the 

hank’s interim inetax profits 
announced last October by 58 

per cent to £117.^ 

In general, the has wen 
tiie reputation of being both 
less accident-prone than 
others, and of running 
operations effidentiy. 

Tbe cost-income ratio it 
r^lKjrted in the interim results 
Sdl to just bdow 50 per cent, 
■tiH could toll slightly frirther, 
if it is able to eiqiand its 
mm^age business. 

At the intuim results, Bruce 
Pattuno, dileC executive, made 
it clear that he expected a 
further improvement in fee 
awrf income commission 
throu^ clearing bank 
brand^ 

The bank has bemi one of 
those identified as considering 
buying a bulkdng society: this 
would be one way of 
accelerating its growth, but the 
bank will not want an 
acquisition that would 
threaten its effidmicy. 


PREUmARY RESULTS 


PnMrat 


OonpixV 


Vtor 

SMtor fa 




Eu i i itiOi* 

purgbara 


pwahm 

M 


ASP 

FUfa Dk 

l 3 lJ]aQ 

9731009 

283 

P 74 

03 

(B .4 

Abbnllfav'M 

bm fabj) 

17606 

9333 ) 

137 

934 

14 

94 

Aaapn 

NMl D«i 

4 joaaL 

tueog 

• 

H 

• 

H 

Beriouft 

Aup Ok 

523 L 

(L 540 q 

- 

H 

’ 

14 

Bedtowl pabiiO 

IMG Dk 

95 

I 2 ng 

13 

H 

• 

H 

anyebcaAltol*i 

ORi Jm 

670 

9 joaq 

73 

923 ) 

S 4 


UteBraite 

Rep Dk 

303)0 

(ilsoq 

113 

(KW) 

84 

( 737 ) 

Braun Sbakf 

Eng Fab 

10300 

A 3 oq 

U .1 

941 ) 

6.4 

H 

BucWitfftnibaiiim. 

LSH Oct 

loamoL 

psq 

- 

H 

• 

H 

0 

. fag Jn 

imoL 

( 338 g 

• 

H 

05 

9 A 

connora 

ESEE DK 

127 D 


7.1 

M 

13 

9 i) 

Duriv 

BOfa Fab 

718 

( 23 S 0 g 

417 

H 

13 

H 

BU 

Otsv Jai 

132 

Aioog 

032 

H 

at 

H 

88 - 

Eng Ok 

11200 

91100 ) 

248 

(204 

113 

(nq 

BteHskfage 

a« Ok 

1260 

(Toq 

155 

• 934 

14 

W 

ritolMtfiba 

bm bfa- 

30300 

(B 63 oq mi 7 

(024 

176 

(M 

BOralMK 

nta Dk 

1 .SG 0 

934 C} 2337 

pass 

204 

GUI 

Cl OraAqptaMn Od 

OR Dn 

1 J 2 D 


178 

9461 ) 

104 

( 12 A 

fanraS Stacawdee 

Dbt jn 

49,100 

inm 

244 

417 ) 

TA 

( 53 ) 

rmiillnn 

Fbf Dec* 

11800 1 

( 2 B 3 Q 0 g 

- 

H 

33 

95 ) 

nraMsbieCntav 

bm Mrf 

trm 

( 7730 ) 

. 

{■) 

. 

(4 

FMraa ■ 

Ftap Dee 

1 J 20 L 

9 A)() 

• 

H 

13 

94 

Onradtoeember • 

bm Mv 

1470 


832 

(534 

848 

(754 

eranrfONtenl 

OlFh Apr 

21000 

psaan 

847 

014 

223 


HrarinoBanr 

Aep Jbn 

43 QL 

93611 

- 

H 

13 

p .74 

w-Tn 

UH Jn 

1.130 

Asoog 

17 

H 

175 


Hotpeaei*} 

Bnw Dn 

1000 

( 7340 ) 177 J 

9544 

484 

HI 4 

HofSararan fadto 

Big Jn 

642 

R 36 q 

1.17 

931 ) 

13 

94 

HetofaDto 

Big Ok 

1180 L 

asBog 

. 

p) 

178 

94 

IhraltatoillMa 

Bv On 

6330 

(5344 

173 

914 

45 

(354 

JraarauASoMRI 

IM Dk 

404 L 

938 ag 

. 

H 

05 

(4 

Joan 

' mb Dee* 

1800 

( 43 eog 

211 

H 

115 

914 

wniiieitniibiMiat 

bm Mft 

372 

(BM g 

1.11 

f) 

. 

H 

imnien 

SpSv On 

113 

(34 

. 

H 

. 

H 

laCraont 

Hem Deeft 

3300 

0374 

114 

954 

044 

(044 

MBnabw'M 

bm Fbb 

441 

(484 

13 

9 . 1 ) 

. 

(i 

MonSm 

RaGh Jn 

4080 

9304 USB 

(534 

74 

(54 

FfaraMbe 

cm Dr 

40 

919 

0 b 4 B 

931 ) 

1.1 

9 . 1 ) 

per 

Obt Dk 

1,470 

9 A )4 1138 

9044 

735 

(734 

ReedBractotan 

toSv jn 

805 

(7300 g 

03 

H 

14 

H 

mrarSMoraadOep 

bm M *4 

3633 

(S.I 4 

735 

( 7.14 

730 

(754 

RmHototo 

UH Jn* 

1300 

9350 g 

137 

H 

14 

94 

SAUStom 

OEn Dk 

snaw 

(4324 

383 

C 27 A 

113 

904 

SeetfaaMertA'at 

bm kfa 

18300 

91704 

412 

(334 

4.1 

f (4 

8 m» 

Rifai Ok 

13 B 300 

K 73 oa g 

83 

H 

am 

(54 

aaeaTfaKSeellnd 

bm Mar . 

817 

( 44 g 

333 


336 

434 

autoa 

Taat Mar 

1,130 

( 767 ) 15.16 

(734 

16 

44 

flfaateHn 

Big Or 

476 

911 ) 

323 

44 

1 S 4 

( 877 ) 

%lra»fi^ft^ra 

Bu Dk 

305 

914 

138 

934 

236 

i «4 

Tmaae 

BAIa DK 

41100 L 

esosaoj 

_ 

H 

65 

44 

TqraAOnVbV 

7 M Dr 

611 L 

9.400 g 


H 


H 


Mad Jn 

10300 

(7384 

133 

907 ) 

63 

94 

WnaaitovltaK 

bm Mv 

331 

(324 

438 

(404 

ITS 

P 44 

Watoee - 

Obt Jm 

270 L 

( 2.110 g 

. 

H 


H 

WbnanBCe 

IM ifai 

262 

(54 

187 

(-) 

10 

954 


BmaEM srATEimTs 


Eoooi 


ktoLsadon tal 
BuBBtuSHU ' 
Oonprarafaixgi 


PBfarauW 


OR Ffai fai u 
OtoktopraMl 


Onnttl 
Hn 
iCI 
kM 

Inqr S Stora H Ofa 
ApavBmtoir 
Lsataodl 


McKrafafa 

HuavSpnCtop 


Sfau Gmgi 
Seuakli ME llMt 

SUifa (Chratoq 


vm 


itoB 

sac 

UH 

OISv 

ReC 

BU 

Ml 

HD- 

Ml 

Om 

HDr 

HTr 

Ml- 

ton- 

1W 

km- 

Big 

bm 

Ufa 

BMIM 

SpSv 

bm 

Dhx 

ftop 

Mod 


Jon 

fab 

Jn 

Fbb 

Jn 

Fbb 

fab 

Uor 

Ibb 

Mur 

Mr 

Mar 

fab 

Mraf 

Dtc 

Mra 

Jm 

Fn 

Dee 

Dae 

Ifar 

Mv 

fab 

D« 

Fbb 


300 

WJOO 

2LSOO 

706 

aaaff 

628 
350 
43)0 
1,100 L 
833)0 

7mo 

142 L 
220 
asos 

113 

1JB« 

13200 

477 

970L 

30 

aaso 

7320 

1,300 

82001 


(Ml) 

A17QI 

naaooi 

E8og 

|S2oq 

psoi 

(2S1) 

f«3iai 

(Mg 

tnm 

(72sq 

H 

(133) 

981.7} 

nog 

(1.7«| 

nosoo) 

(MQ 

pmg 

(75} 


12 93 

126 M 
221 (2.115) 
as E .19 


22 

12 


9-1) 


025 

226 E2q 
H 
H 

22 (225) 

e) 
93 
M 


OJ 
13 
12 (138 
22 M 


62 

52 


153 


A92q 
9243 
95200 g 

Rog 


H 

02 » 
326 


ySi OuS^ 8 Dbradnd tom bi Randi Ftoneo. 4 Nra faJiSS?'* 


11 

12 


1.46 


(3.1) 

(4 

H 

93 


atan.rNalnHl 
■Ml fanis. 


HKDfrSiSgUES 

AktoraalBtonifaEaamfaa1-S4flmi!»ii.rajHKbi 
JgJknm b to nht Elan M a 5 - 1 1 ton tauo el 146ni Mm 

Oni^ b to nto £14601 to a 6 - 18 tofa bwe O 42to 
W7tbtoiMeC229rai<aa1 -Si^bSto iaap 








’AtAN 


I 




FINANCIAL TIMES WEEKEND APRIL 30/MAY \ 1994 

FINANCE AND THE FAMILY 


WEEKEND FT V 












{‘•UMl,. . ,I ;; ... 

I;| I .J' 

>iMl 

iis:-; H.!, I.,.,.' 

ti ; i<i)i 

i-.' 

iM-iii'.i 

*■‘1 I'l iv; I ■ .J" 

! Jni i*n'..- i-.-! . 

l!l'> I'imI • 
lu-li.w .yl 5,.,,. 

lurliJr 
■ • \p.i:M IT. 

I'.iJ'll.-.SJ. 


I'-f t \r% HI:'.,-. 

•Vt i:. 
pr.'i « 

■-SVlIi! 

» !«• irii': : 




":"lr 
'• J 


• l.lp 



<1 

r 


Jl.l.'. * . .. .. 

Ji'-*} .v- . ; I r i;,' 

isSifll!,' j',.. 

•'i!' »l.;. 

il-’ rr.i\x;i- ■ • . ;i,, 
r...{ ...• .y, 

» lU.r. .. 

.'»:V ii;;. ^ 



Lai>tlnu«* 

pr 

iu'. 







No Indian 


tonic 


The bulls have fled the Bombay 
market, says Shekhar Das 


A couple of months 
ago investors were 
bullish about hlves^ 
ing in Indian shar^ 
Now tbe mood is subdued. The 
Bombay Stock Exchange's Smi- 
sitive Index has faUen by about 
12 per cent to around 3,750 
since tbe end (rf Fhbruaiy. It 
may lose anotiwr 200 points or 
so before the rally resumes. 

The mood b^iw to chai^ 
when it became clear that 
Bombay's antiquated settle- 
ment system coidd not cope 
with the sudden inflow of for- 
eign foods. Clients w«e told 
that their orders could not be 
processed; new clients were 
turned away. The number of 
India fonds has more than dou- 
bled over the past year - Euro- 
pean and US institutions 
boi^t what ttoy could, usu- 
ally 0obal depomtmy reompts 
(doUaiytenommated parcels of 
shares) c£ Indian ^wnpantog at 
inflated prices. After this frus- 
trated enthusiasm, a drop in 
the market was inewitable. 

Another problem has been 
the breakdown In relations 
between brokers and the r^- 
latory boij, the Securities and 
Exchange Board of India 
(SEBI). In an effort to curb 
excessive speculation, and 
make the market more trans- 
parent, SESl banned bocUa, a 
method used by brokers to 
carry shares forward. What- 
ever its shortcomings, badia 
{Kovided liquidity to a market 
in need. 

The macro-economic envi- 
ronment has. also detericKated 
over the past couple of months. 
The budget, at the end d Feb- 
ruary, revved an alarming 
expansion in the govmnment's 


fiscal deficit - 7A per cent ot 
GDP. InOatioa has risen to 
more than 10 per cent. The 
steady fall in interest rates, 
which investors had been 
expecting, no longer looks 
likely. Wmst, tbe govenunent 
seems to be slovlng the ^ 
cess of refonn in Qie noHip to 
elections in some sonthem 
states, due this winter. 

For the maiketta^ men of 
the fund management indus- 
try. these devdopments have 
taten some of the fis out of 
India, which not so long ago 
was being hailed as tbe emerg- 
ing maiket of the decade. But 
investors should have guarded 
against such hype - it is rarely 
sensible to invest during bull 
mns. By the same token, it is 
often, a good time to invest 
when marimts are d^sessed. 

The main reason for eaqwct- 
ing Tnriiaw ghare g tO piOVide 8 
good return remains as cogent 
now as it was a fow months 
ago; a huge maiket is opening 
in the country for everything 
from television prognmiznes to 
tooUmaste, and the «»npaniag 
that are well placed to meet its 

riamanrts atwwi]^ prO^|)er. 

Uoreovtf. thepoliti^ridEis i 
minimal for an emerging 
market. IVue, the pace of 
refonn has slowed, hot it 
should pick up at the 
beginning of tbe next electoral 
cycle. A fund manager with 
experience of the Indian 
market, and not under 
pressure to invest, onght to do 
well over two to three years. 

■ The latest India fund on 
offer to British investors is the 
first UK-listed tnvestmmd trust 
to specialise in India, torUes 
Bethim Huitan. 


New issues 


Redrew upset 


P lans by Redrew. 
Britain's big^t pri- 
vate housebuilder, to 
come to the market 
have been upset by tbe recent 
stock market jitters which 
have seen consbuction shares 
underperform the PT-SE-A All- 
Share Index by 8 per cent since 
the end of Febriiary. 

The company, which earlier 
this year bad b^ expected to 
command a market value of 
ESSOm, revealed on Hiursd^ 
that it had scaled down its 
plans. 

Redraw is selling 87m shares 
at l35p to raise £ll7m - giv^ 
the group a market capitalisa- 
tion of £29&in. Redrow is seek- 
ing to raise £55.4m frnu the 
sale of 41m shares while Steve 
Moiga^ its founder and chief 
executive, is raising £62m from 
tbe sale of 46m shares, reduc- 
ing his stake to 60 per cent 
Previously, Morgan had 
planned to raise IlOOm, reduc- 
ing his stake to about 50 per 
cent. But he decided to reduce 
the suse of tbe sale following 
tbe recent decline in building 
shares. 

Up to 35 per cent of tbe 
shares wiD be sedd to the pub- 
■lie, the remainder placed with 
institutions. It is the third 
housebuilder to come to the 
market, b^hd Beazer Homes 
and Wamhomes both of which 
have recentiy been trading 
below thdr issue prices. 

Shares should open at a 
SRUiIl premium unless the mar- 


ket collapses between now and 
dealings starting on May 17. , 

■ □ □ D ■ ' 

Hamleys, founded in 1760, is 
conung to the market in an 
ofC^ shares at l8Sp valuij^ 
the sdf-styled "finest toy shop 
in the woiid” at £42Am. 

‘nuough the 1980s the com- 
pany had a chequered history 
but new management led by 
Howard Dyer, chairman, and 
Stephen Woodbridge, manag- 
ing director, has restored its 
purpose and pn^ts over the 
past three years. 

Operating margins have 
more than doubled to 17 per 
cent, boosting operating profits 
for the year to January to 
£3.6m. That only matched, 
however, the 1986 level 
Hamle^ is heavily depen- 
dent on its flagshh) store in 
Regent Street, Lond^ 

It attracts Sm viators a year, 
of whom 30 per cent buy some- 
thing. The company plans to 
grow tbe business by opening 
small outlets in airports 
tourist centres and to open 
concessions in other retailers. 

At iSSp, the shares were 
priced on a notional historic 
p/e of 17A, a discount to the 
retail sector's 19. 

A notional dividend of 4.7p 
for tile year ended January 29 
would give a gross yield of 3.2 
per cent - highar than the sec- 
tor average of approxiinately 
2A per cent 


1 04 PAGES 

OF VITAL FACTS ABOUT 

INVESTMENT TRUSTS 

That is what you get in the summer issue of 
/niwsfmeflf 7/ustSL And included in this vveaRh of 
hifonnation are details of: 

• AB sartagsj ftp aad sham-flRdHBge setaBBS 

• A comparison of hiw esh H ci rt tr»ls udtfa unit tnuti 

• An awdyste of prospeeis for 14 taaOng stock narfGBls 

• GhMoiico on bow to oooslnmt a eso^aOQ poilIpBo 

• Now to boost yonr penskin wflb iBWSIncBt tnisis 

• Frao olier of 32 of tbs latesi biMstanat trast npoito 

• fnanmlB pioliios of basis and BsaapBR 

• Nanss of 98 breksn prepared to laho oa nsw cRsob 

And much, much more, phis unrivalled peilbnnance data 
covering aU trusts aid warrants. 

Coplm are avaBaDte for £3 at main Wii Smith oukos and other leading 
newsagents. Or you can have R maiied to you by sending £3i0 to IT, 
120-126 Levendw Avenue, Mildiam, Surrey CR4 3HP. Make your 
cheque payaWe to Flaxdale Printers lid., the puUtotets rd IT. 
Better SCO, take out an anmai sutacijpflon to be^ wW) this 1 04iege 

ISSU& It cosb only £1 2 Rom tto Mkkam address. 

qniwiimW -iTpKwMMliifaiiirffam iiirn ralhhlit frDmany 

otoer stagla some. 



Invesco cuts unit charges 

Scheherazade Daneshkhu considers the reason for slicing initial costs 


The investment of tbe money 
raised by Uie Fleming India 
Investment Trust will be 
handled by the Hong Kong 
team already responsible for 
the JF India fund, a unit trust 
run by Jardine Fleming, part 
of the same group as the new 
trust’s managers, Fleming 
Investment Management. 
Jardine Fleming also has a 
Bombay office, where 18 
analysts carry out 
on-theground research. 


Unlike some India funds, fchig 
one will not include Pakistan. 
Bangladesh or Sri Lanka, 
partly to simplify the 
investment rationale, but also 
to avoid offending investors of 
Indian origin who might not 
want their money to be 
invested in other of the 
sub-continent For investment 
details, see page Vm 
Shekhar Das is the editor of 
India Business Intelligence, a 
Financial Times newsletter. 


I nvestors have almost 
become blasR about unit 
trust discounts but with 
the tra^tional end-of-tax- 
year Pep rush over, they will 
be seeing Ear fewer of them as 
most fund management groups 
have little reason to cemtinue 
wooing investors. 

This makes Invesco's 
announcement that it is cut- 
ting tbe initial charge on all its 
unit trusts and Peps to 3 per 
cent from 5.25 per cent finm 
May 3 an the more startling. 
Ilie cut is not a special offer 
but is part of a new pricing 
structure which is here to stay. 
The annual ctaaige remains 
unchanged at 1.5 per gftnt on 
most funds. 

This is not the first time that 
a fund management group haa 
cut its initial charges but 
Invesco is by fbr the laigest to 
do so. Lazard pioneered the 
move in the UK in 1988 when it 
abolished the initial chaige on 
all its unit trusts. 

Unfortunately, its initiative 
did not trigger an avalanche of 
competition but instead a very 
slow trickle. In 1992, Murray 
Johnstone reduced tiie initial 
chaige across the board on its 
unit trusts to 1 per cent and 
Gartmore announced that it 
was abolishing the chai^ on 
one of its unit trusts - Us UK 
index tracker. 


The "no-load” and "low-load” 
fund, collective equity vehicle 
named with reference to the 
size Of th^ initial cbaige, are 
common in the US but still 
rare in the UK, where the 
norm is an initial chaige of 5 
to 6 per cent 

A low initial charge can 
make quite a difference to 
investors. The hid-o^r spread 
(the difference between buying 
and selling units) on invesco's 
UK income fond on Thursday 


was 6A per cent - the spread 
on lizard’s UK income fond 
was 1.7 per cent 

That means an investor who 
put £100 into the Lazard trust 
had £98.30 of his money work- 
ing for him but only £93.70 in 
Invesco’s trust. 

While the initial chaige is 
important, the annual manage- 
ment fee can make a larger 
dent in an investment Fund 
management groups with 
reduced initial cbaige make 
their money on the annual fee 
and on the increased volume of 


business which they hope the 
move will engender. When 
Murray Johnstone reduced its 
initial fee, it raised Its annual 
wianagemant cbaige from 1 per 
cent to lA per cent. 

In spite cd the importance of 
charges, even the lowest of 
these will not prove much 
solare to an investor unless the 
performance is there to deliver 
the returns. A discounted ini- 
tial chaige can be a powerful 
marketing ploy, so investors 


must still look at performance 
figures to see what how valu- 
atte the reduction in chaiges is 
going to be. 

Invesco is tbe first to admi t 
that the performance of its 
funds is not as good as it 
would have hoped. Its Japan 

Smallpr mnipaniftH f und has a 

very good track record but 
most of its UR fonds are to be 
found in the bottom half rather 
than the top half of the perfor- 
mance tables. 

The poor performance is 
linked with events in the past 


few years that the company 
would like to put behind it. 
Last year, Invesco was fined 
£750,000 after a two-year inves- 
ti^tion by Imro, the self-regu- 
lating bo^ for fund man^e- 
ment organisations, for 

misconduct, including misman- 

agen^t of the Mirror Group 
pension scheme. 

However, earlier this month, 
Invesco reported sharply 
Improv^ profits after a year of 
worldwide restructuring. It is 
reduemg its unit trusts from 32 
to 21 funds, for which it is 
seeking unitholder approval. 
This should reduce its costs. 

Alan Wren, managing direc- 
tor of Invesco fond managers, 
says the company has intro- 
duced a greater level of disci- 
pline to track risk and ^ribr- 
mance more closely but it will 
take Kme before the effect of 
these is felt in the performance 
tables. 

These steps include creating 
an asset allocation group to 
work independently of the 
fond managers: creating a risk 
control group to Umlt the volar 
Ulity of its funds and introduc- 
ing titter monitoring of stock 
selection. 

Investors may prefer to wait 
to see the effect of these before 
rushing in and to hope t^t 
Invesco's price move proves 
catching. 


Earlier this month, Invesco reported 
sharply improved profits after a year 
of worldwide restructuring. It is 
also hoping to reduce costs 









































VI WEEKEND FT 


SINCE JANUARY 
OVER 300,000 PEOPLE 
HAVE DEMANDED 
REAL VALUE FROM A 
CREDIT CARD. 

THEY DIDN'T SIGN 
A PETinON. 

JUST A COUPON. 




I 


• The new 6H credit card has no annual fee. 
a An APR of 19.9Z. 

a Special benef i ts for coapany ear drivers, 
a Savings of ig) to t2JSKXf on a new VaudnlL 
a And is available as Visa or Mastercard. 


To: The SH Card^ FREEPOST, PO Box 3522, Biraif^ha^, B1 2XX. 
Please send ae an application fora. 

Sumaae Nr/Rrs/fKss/lls — 

First Haia othmr initials 


OR PHONE FREE 
0800 56 55 54 
ANYTIME. 


QUOmiG REFERBICE C44 



Jam. 


.Post 



THE NEW GH CARD FROM VAUXHALL LEAVES OTHER CARDS STAra>Ili6. 


•«MUi Barrsct at tOa af gstag ta pnoa. W l t an entaMoMi wHSili on rMMt Ylw CM Card, M Bh ZSZt, SI 3K. Gnatit !■ aMrfUH* Ca 

pmM aaad 1» aM awar iwaWM O «a WC Ccr 21 nt aa» In Oa AaaM. laUUM la B*|an w Btaeai and anirtl ' 

My. Ba laBaraac aa parakaaB If aamaM tataaaa la paid Ml tgr Sat ^ta, aQaiataa Intaraat 
on aaali adnanaaa aad Palanoa v a H aia fraa data of tawastlan. naMMy atalM pa) ti> t raqulrad 
Mbnn « Uaa), Miata PMaCa an aanwl an aU fvtkaaaa ualna lha M Card altk IWtad angaptfana and art rariatatMa aa dfaaaaaca an naa laudhaK vMcLo. *«an 
aan aaM ii» in SBt RAOi iWnta par mnm gIvVtg a aaxim of Priaei nrinta «wr 9 yaan. Madn MMa wat ba r adMi d witirtn S paara nf laaua. Iha aenca 
Mnta Wapwa la tba aola raip W lWHty nf Oiaball a u ft m Ualtad and la aubjaat a> Cm SdiMb Mata ffnvttaaa Sdak Tha SK Card Is laaand by MR On* pla- 


■au rn nan aaaa> mmnpan, m ark. unnc la aim<aM ca 
Btaeai and canirtlaM. Ml WSSL Oradlt tliaraaa and Ml nay 

araat la poaMa trw tba Orta ad ffnaeaaa. Bitainat pvMa 
pilrad la 9X nf tba a u tatandlnp balaicn whrtaaa &in ar tba 


FINANCE AND THE FAMILY 


Diary of a Private Investor ^ 

Unanswered questions 

Kevin Goldsteinr-Jackson examines the Crest share settlement system 


T he recent Grand 
National reminded 
me ctf Crest, the pro- 
posed new share set- 
tlonent spston ndiidi is expec- 
ted to be^ (^erafians in 199& 
Tbe Bank of SogSand's Cr^ 
project team is gallopliv 
towards tbe finish. But is it 
like a blinkered horp, Ibcnsed 
mainly on file reqnjrg neBt to 
cfoss flTrighrwg line? WOl it 
be bron^ down by any (tf the 
obstades pbced before it? Or 
ran jt j ump nvar eVKyUnD^ 


Accorfng to the Tteasmy, 
dia^edwithtfaetaskofcreab 
inglegalft3ices.theCre5t9eo- 
ification is doe to be pnhUAed 
iwrf mnnfVi By *'h*> end cf this 
year, draft l^al rules sbonld 
be ready fiv tmotiwr orasnlta- 
tfon exercise, which 
fiTiiihaii regulations wHl be 
presented to paitUment by the 
end oi 1996 so that Crest can 
meet its planmyi 1996 opeza- 
tional target. 

Ah sorts of Hnmineiilg hSTB 

been produced. Vmy few pri- 
vate In vestors have seen any of 
them, let alone had a chance to 
commmit True, both Fro-Share 
and the DE Shareholders’ 
Associatiaii have had a gay .. 
but their combined member- 
ship is fewer than 15,000. In file 
there are well over lOm 
private investors. Does 
average private investor know 
what is likely to hiyipeii? \niat 
weigdit is being to those 
who submit tiieir views to the 

Bamlr and frha TV aa^nr y? 

The introduction ctf 10-day 
rolling setfiement on July 18 
this year, with a piamiivi five- 
day settlemmt system starting 
early in 1995, mpana that many 
private i n vest o rs have received 
letters £rom fiiear stockbrokos 
urging them to make use of the 
brok^s nominee services. 
Such letters have included 
phrases sudi as: "Most cliente 
will firm it im pfiflieihiA b) main- 
tain certificates a™i transfers 
0 f) they are to meet these new 
time scales fixr settlemoit. pa^ 
tiodaiiy in the light postal 
delays.'’ 

Usiiig a nnmfripft service is 
put fbrw^ as the only way to 
meet the new dpadlfaiPK- But 
many bri&as are also propos- 
ing to charge investors for 



niing nominee services. What 
happens if investors dedde. 
Instead, to keep their share 

ffwr IififfirttaB tn Ihftir QWn naww 

smue ottim' way to 
ywio share Awii within 
new, short time scal^ 

According to the Bank, such 
investors "and their brokers 
will, of course, have to bear the 
costs of proce sriu g and trans- 
porting that paper fimu^ 
system. A dematerialised 
transactica throi^ Crest will, 
IhetefiHe, be cheapo’ to settle 
than a pqiovbased trade; but 
please note that we believe oei^ 
tificated transactions in the 
Crest world need cost no more 
Hiaw they do in ftp conent 
eavironment” Although sudi 
transactions need not cost 
more, it seems likely that they 
win. 

Perhaps private investors 

ilinnld dalng B the Ftonlr With 

allies oS fiieir brokers’ lOters? 
Sotry - the Bank says it "could 
not cope” witii surit a large 
amofont cotreqwndence. 

So, as brokers are likely to 
continue to urge thrir clients 
towards Crest’s dematerialised 
trading system, usi^ nomi- 
nees MTid without having riiaie 
certificates, vdiat haivens if an 
investor wants to riiange from 
bndser A to bndmr B? 

Under file in^sent system, an 
investor with, shares roistered 
in bos own name simp^ takes 


his share ctftificate^ to Bro- 
ker B and the shares are sold, 
ft is qxa± and easy. But in the 
dematerialised world with 
TiftmjwApiy ^ file investor b** to 

contact Broker A (In whose 
nominee name file shares are 
registered) to get the shares 
out of that fMimiwac name so 
that Broker B can sdl them. It 
might wen be that Broker A 
diaiges the investor for dMng 

rtiig 

What, then, hanp^ to com- 
petition? If an investor wishes 
to switch from Broker A to 
Broker B because Brt&er B’s 
dealing charges are lower, 
such reduced dealh^ costs 
may be out through 

the (hai^ made by Bnkae 
A's nominee to give up the 

Bhaww. 

Can file Crest systmn oqie 
with the likely volume of 
tiansacfims? Accxirding to the 
•RaTik, the ‘‘peak daily transac- 
turn volmiie levd in Crest is 
estimated at 150JM0 transac- 
ttODS” - althou^ this is being 
"contimioufiy reviewed". 

More than un people paid 
thdr fuel hills eariy to escape 
tbe new VAT chaig^ Suppose 
those same people, induct to 
believe that using Crest and 
nominees was likely to be 
cheaper fiian k^ing share 
in their own namp, 
decided to switch into those 
nominees within fiie first few 


iwrtnthB the Crest operation. 

Could the system, and the conk 

pany registrars, cope? 

What regulatmy safiqpiards 
ate hpi" g built into the system 
to insure that, in the event of 
another 1987-size crash, bro- 
lEers will not handle institu- 
tional investors* instructions 
first and private investors last? 
Surely there should be anvo- 
priate compensation schemes 
for investors using Crest? 
MMfth more reliance is Imving 
to be broters input- 

ting the correct Information 
into the system. 

Should there not be auto- 
matic for errors, 

in the same way as the gas and 

aiectrid^ iwn^niea compen- 
sate fiieir customers fiir sudi 
shortcoming as delays in 
Vwq piTi g appointments? 

j^giaren^ not. According to 
file Bwnfc , di gpte are instead 
"at liberty to negotiate such 
f ftm pfnytrinw as part of the 
tenns of business they agree 
with the tetiker or nominee. If 
a broker acts in an ineflident 
manner and does not oiMnpen- 
sate, his clirate should con- 
sider movizig to another bro- 
ker ..." I can jnst imagine the 
respcmse frcm some brokers to 
the average Sid seeking to 
negotiate outside their normal 
tenns. 

Tbe position of nominees 
still needs greater legal darifi- 
eatioa. And investors need 
greater protection from such 
events as UBV Investment 
Managemmit in 1988 and Diam- 
eter Stockbrokers in 1991, 
when brokers got into some 
difficulties and it took consldr 
erable time to woik out just 
who owned what within a 
rowihipp name. 

Ihare axe solutions to these 
(and many other) problems, 
just as there were wito Tanrus. 
But wiDI more attention be paid 
to t^ views of professionals 
with vested interests to pro- 
tect. rather than those of pri- 
vate investors? 

If you want to promote and 
improve business in a shop, 
yon do not rely mainly on 
what other shopkeepers tell 
you - you have to ask the cus- 
tomeia. Surely private inves- 
tors ought to count as custom- 
ers? 


ADVKRTISEIHENT 



— PROSPER 

EMERGING MARKETS FUND 


T he emerging coantriea of Latin America, EasCem 
Europe, Africa, Asia and the Far East are rich in 
many of the resources that the rest of the worid lacks. 

This, together with increased political stability, and 
inercasiog domestic and foreigo investment has 
resulted in economic growth that has been 
substantially higgler than much of the developed world. 

Save & Prosper’a new Emerging Markets Fund, 
lauiwhed in February this year, has raised over £27 million 
BO far. It oflbra you the chance to invest and benefit 
from Rome of the wori<fs-maBt eve iting economies - the 
potential stars of tomorro w 's inve stme nt world — today. 
Developed Expertise 

Save & Prosper is part of Flemings, one of the world’s 
lending merchant banks which currently manages over 
£45 billion and through a network of 40 offices in 27 
countries has developed expertise across emerging 


markets woridwide. Flemings and its alreadly 

have nearly USS9 bilb’on invested in emerging markets 
and the Group’s associate company in the Far East, 
Jardine FieiTiing have recently been named the worid’s 
"Best Emerging Maikets Group**. 

A Wealth of Opportunity 
Emerging Markets can by their nature be volatile, but 
returns from these exciting new markets are 
potentially much higher than those of developed 
markets. 

You con invest from aa little as £1,000. And if we 
receive your application no later than 10th May 1904 we 
are ofTering discounts of up to 2^ . A discount is also 
available on monthly savings into tiie Fund. 

Find out more, talk to your Bnandol adviser, complete 
the coupon or ru^xour fVee Moneyline now. 


"Mjanpal Emersing Market Fund 
Monitor USA, January 1994. 


CALL FREE 0800 282 101 

fJO aa. - 4M pa. • 7 MYS A USB 


Ta; Save A Pnspv Securities LUIed, FSBBPOST, Ronfard BMl IBB. 
Pleen aond me detafla of Save & Praeper^ Bmerging Karkeia FuncL 


Surname 


FOrenaiDea 



MrYMrs/Miss 


Address 


Postcode 


Home Tei iSTDl 


No 


WorkTel(STD) 


No 


So that we may call and offer further information. 


dfio AM MCOfyc noM ncM cam go down 

AS WEU AS UP AhD VOU MAY NOT GET BAOC IWmii AMQUVT YOU 

F«gJHgP- l»E*«MS6»-TMAI YOU sSHMnOMmMV^Mei^ 

iaNC.TE& AM) WE RECOMMEM) 
* eUPPOPORnONATE SHARE OF A 
EXCHANGE RAIES MAY Also CAUSE THE VAUJE 
Pf-WWW V'NG OVERSEAS INVESTMENTS TO GO DOWN OR Uf. 
INylSIORS gwuu) RE AWMtE THAT THE MARKETS IN WHOt THS 

fUW CANN«T CAN K MCHIV VOIATIIL PAST fERPORMANCE B 

Sgi4R*S?]y§S»ajgg** SAVEaPROSPReGSOOPllOBA 



THE INVESTMENT HOUSE 


^V.IL(DI9{§ SOCI'E^ 


Ibui «f Sarietv 

MbnAUnda 


iBBlV 


BHEglM&EnH) 

CsMrBMaMRnSNini) 



IllllilUfolltin] I7ITII] 

laWrssiBRTITnnill 


lasi Mil# 


imEBWII 

gftsiaiitg 
waasTm 


ioantanm 


kgTBSMSR 
iinsiMna 


TeliMiiWflinillHI 


Pmdirt 

Bfn 

liaii 

lit 

IM 

Mirmt 

NUmi 


fig 



Sal 

ttu 

a«l«Bfy t 

SipBWEMa 

7J0 

7JE 

AM 

AM 

1* 

Ibfd 

foMN 

7g 

7g 

AS 

AS 


TIbC 

ThB 

US 

AC 

. 

. 

lib 

U 

Mfot 

9« 

AC 

US 

Uf 

7* 

Thnd 

Wad tea 

4M 

4« 

MS 

SjC 

7* 

TM 

S^WW 

7Ji 

7Ji 

SM 

AB 

Ttb 

SMI 

foBCBMikM 

MS 

AC 

4JI 

AS 

m 

SEMI 

fMCWht 

7J0 

7g 

AB 

AB 

7* 

NEME 

MsfofohRWIMBl 

SJI 

Ml 

AS 

SJS 

7>b 

AM 

ItiiWir'iinrni^ 

UE 

AC 

Ul 

UE 

v* 

HMB 

■ifoksTSiiMfl 

Mi 

AC 

Ui 

Ul 

lUf 

2BM 

IhfofoBfoiditad 

k3l ‘ 

U> 

AC 

AC 

7* 

mm 

■BiMIhllTha 

Ul 

AC 

. 

■ 

7« 

AM 



tdS 


Ul 


mm 

SEMI 

WWnr 

TJi 

7g 

AC 

AS 

foaifo 

Si 

hfoav 

SJI 

• 

. 

ATE 

»7tb 

1 

CUWWT 

US 

AB 

SJS 

AM 

7* 

UIME 

■BtHghfldtaB) 

IM 

741 

AC 

AB 

7« 

HAM 

WuH 

US 

AC 

AN 

AH 

TUl 

NME 


Ui 

AM 

AN 

AN 

7* 

NAM 


US 

US 

4JI 

AN 

Tib 

SAM 

PnahalW 

Ml 

AC 

4M 

AN 

Ttb 

SSMO 

tasifliXti 

Ul 

AM 

UE 

AM 

1* 

NME 

ThB 

Ul 

AM 

. 

■ 

Ttb 

N 

ChMIari 

7JI 

7JI 

SM 

AC 

Nforil 

SEMI 

Ttm 

Ui 

AM 

. 

. 

SIDB 

1 

fohlhaB 

SJS 

A3S 

4J1 

AH 

SI la 

BEME 

fowBM 

7JI 

7JE 

AS 

AB 

foiM 

NAM 

laBfldt 

All 

All 

AN 

5N 

iCb 

NIMB 

U#lldd 

SJI 

AC 

SM 

AC 

hmd 

CM! 

SdUM 

Ul 

AM 

UE 

AN 

foW 

SAM 

swaN 

Ml 

SJI 

4JE 

AN 

■bMt 

SAM 

foUtaW 

7g 

7C 

SJS 

SM 

Wall 

HEME 

CMm 

Ul 

SLC 

U2 

AM 

MBifo 

SMI 

hMWaIRBBN 

SJ9 

US 

Ul 

ASl 

7* 

AM 


uo 

AC 

U7 

AM 

7W 

NM 


Ul 

US 

AM 

AM 

Tib 

MM 


7g 

7C 

SJS 

AM 

Tkb 

SAMI 


7JI 

7JS 

AC 

AO 

Tib 



7g 

7C 

AM 

AM 

tn 

SAM 

IhHihi 

Ml 

ITS 

ABl 

AM 

TkbwIMhSIN 

SMfhaSMW 

» 

SLC 

4JS 

AN 

Sac 

HIM 

WaShltaem 

U5 

AC 

AM 

AM 

S^C 


eWBfofo 

Ui 

AC 

4M 

AH 

Tib 

MM 

AbmI 

Ul 

AM 

4M 

AC 

T« 

NM 

ftdd? 

7JI 

7JR 

SM 

AC 

hMd 

NAME 


7J5 

7J5 

AM 

AN 

lasd 

5EM 


7JI 

7C 

AS 

SM 

RaU 

SAME 


Ui 

AM 

AN 

AN 

Saai 

NM 


Ml 

AC 

4M 

UR 

Jhaal 

AMP 

hMEkaAIC 

US 

U5 

. 

■ 

Vfo 

2BM 

MhlaailMl 

Ul 

AM 

■ 

• 

lifohEh 

SC 

TkBi 

US 

ATS 

- 

■ 

71b 

c 

RBRBfolyPM 

7g 

7JI 

AS 

AM 


N 

Swbi^SWb 

521 

IM 

AN 

AN 

11b 

SAM 

iBBdp 

SM 

SM 

US 

AS 

Tfo 

NM 

TwBlwmhi 

US 

ASB 

UE 

«JI 

71b 

M 

FHhhrMIhBNi 

7g 

7M 

AS 

SM 

71b 

IMM 


US 

ATS 

SM 

SM 

Tdr 

NM 


tc 

AM 

Ui 

AN 

Tfo 

SM 


Ml 

SM 

4N 

AO 

7W 

NM 


US 

SJS 

AM 

Ul 

7di 

SM 

ThBhBdB 

Ul 

ATE 

. 

. 

TUr 

HE 

MCWRccm 

ue 

AM 

US 

AN 

Tib 

HIM 

irtriiiniiiii 

6JS 

US 

ut 

AN 

Tdr 

NM 

hICfaBAm 

AC 

AM 

4M 

Ul 

i>b 

MM 

btewABB 

MR 

All 

4C 

4M 

Tib 

IAIN 

MflBiRiTin 

AC 

SM 

Ul 

AM 

11b 

IM 

lilChBAnB 

LB 

LC 

IN 

Ul 

71b 

M 


TJVMSIJSIMafUlIwi 


IwmBHoHoitia. 


a^afoEMkhaa 

4aBimBSJ9ta 

B ^ SBBr m tlMada 
mOmOrn 


TMMmt 


UKbMMeadfeMv. 

WlffSR+EJEMJniri. 


Uat, BBT ^ |M«I hfowL Mh. hi. BEN 
fha EiB B.cfo 7JatgfoyjwnEtt.iBt 
Wi*ii*<wbMEe>B foa3 IJ2 . CUHt«K, 


BySNihhfoiamnUNi 
^mkh iurT a d iiiia h in ca.(MBMha4 
BrieahdEtMB 

CEmRfofrhiRBi ■Mlhihi^hllami^foh 

■limfiiiiihMIihircIwiatBBib— WafoipaS 


»Mlifo W > w i«EJBtERj.RwdEMMWh*mdi 
eh rtguL ih B MBi Btu i t ia Tl s i EiimkmnMC. 
■■ApwdbLTMhhnBiBBlNaSS 

Mad acm, w eafob (i I* h EfoiEEliWaBbe W Em 

Bfoaan^hBNtEMLTMhlBatBlalhaESIl 

tltaala 


lUX 
hEmdkMBilir 


haw ilia. hLahhamaCh^Ba. 


foe ^iFtamadWtaaLHahM^BiCBMi 

C^RifolfoB foEEiiiem.MaB i^ 


VlwMfomBMBBdi 

hStadfokoe 

iJdrhJUMBckjv 

Iha hd^ UURR. N ^ Bdhi B 

Bm ii B>niii >^ 

teBirn tWiwinCdiBBtehrST^ 

* ‘li’^^fonneiBmifo laiiBHiiiB 


foEBlfchmhfodB2)tBHM.hrwaethBi*. 




isa.timhnajQi,«M 
dW^RdheBamfo. 

W EViefoA dbeWB 
■hmaak 


UfocBrihrathiBmih 

AUE. 


• IWhhslaH « hC fowhq; flU If kifo Bh ta. CM • 


Ipdidhrhhnic 


TELEPHOWE FREE Oi^J 

0800 30 33 30 




TWiakiaiABtm-atfctamidBf- 


SABemarmr. wsTAiff Accsss. «o my. Hma. IWBTBLY 



' 9 — dR n T a d ih. 












FINANCIAL TIMES WEEKEND APRIL 30/MAY I 1994 


WEEKEND FT Vil 



',1 

iHUHhrr 

• jjl . , 

■fihli 371.1 ; ; 
Sftirt'l} i!,r;v 

fMt' 

tl!.'.:.- 

iijif Iftr , 
tin ' \ ; 

. k^tiOuIu 

•WV 
tn ftHf > Jt'.'j 

CterSR*‘^;v 
MUM . 

4hur(;'<'-lU 
hf^KK 
Awwtr!!:.i 
tte WAWi. . 
idKt\: 

nappe;'.'..; I 
t(nq» f«r ;• 
•ttfc ess' , 

phhlVr? 
isianrs 
MU;, !\f> 

i!... 

i(l« 4iv*(r.'i.' 
XPCMUIli' : 

fepmiK 
Thfl (IM.;!. 

j- 

nitisov .N , . • 
fWahT r-r •: 
mrra!?. .i' 
liifiAKp;!}' ; 

•heit 

Afteti;::.- . 

«hc •■u;.. . 

IThrf!' .iti- • 
(MiS pv.ts.' 

m^v.\ r> . . 
la tivp V ; 
with 

M<. mill- 
If W'i V ;■ 
pm iSo - ' 

(OK ■ Vf. 

Im09«4V. 

toa* eiigi-' ; 
^ ' 


k- 

mm » 


■ttti 



I *■»»»'' 




>m 


«p* 

ttium 

a#r 


mm 

m 

ww 



FINANCE AND THE FAMILY 


A saga that 
goes on 
for life 

AUson Smith with a question and 
answer session on life insurance 
agents and the disclosure of 
information to customers 


T he saga of forcing hfo 
insurance sales 

agents to volunteer 
more information to 
their costomers has now been 
running for kmger than arwwa 
of the iife policies being sold 
when tile Office of Fair Trad- 
ing first urged disclosure in 
1987. 

But progress is made. 

In last Thursday’s episode, the 
Securities and Investments 
Board, the Ci^s diief wateh- 
dog, published the rules for 
how and when sales agents 
must volunteer this informa- 
tion, along with examples of 
what material they ^did pro- 
vide to prospective customers. 

Research which SIB pub- 
lished at the same time, esti- 
mated that the move to com- 
mission disclosure would 
benefit customers by £lbn a 
year when the fUn effects were 
felt - more than the extra 
costs feced by the industry. 

miat did the SIB actually do? 

It published examples of the 
shor t, stand-aloim p^ier which 
sales age^ will be dbli^ to 
give their customers, along 
with whatever other sales 
material they hand out 
On the first pa^ this paper 
must state the anas and 
of the policy, as well as the 
commitment the customer has 
to make. 

It also tells customers what 
happens if they give up early 
on a long-term policy, and 
what the sales agent is getting 
paid for advisii^ the customs 
to buy the policy. 

What difTeraice will this make 
to me, the customer? 

At the moment, sales agents 
do not have to volunteer some 
of the infonnation set out in 
the paper.- it should mean that 
you are better placed to dedde 
whether you really want the 
policy or whether you think it 
is too expensive for how you 
might b^efit 

But isn’t. life insurance too 
complicated for everyone 
except accountants and actu- 
aries 

Not in terms ctf the sort of 
information that would be 
helpful in deciding whether 
you want to buy life cover. 
This new paper - the ’Iwy fea- 
tures” document that sales 
agents will have to provide - is 
pretty jargon-free, and has no 
small print or footnotes. It has 
been devised after three 
rounds of maritet reseandi to 
see what is the best way of 
giving people this information, 
and is relatively straightfor- 
ward. 

Most recent research showed 
that even people who dassed 
themselves as not good with 
numbers - or who admitted 
they found buying life Insure 
ance a bit nerve-wracking 
-found they could understand 
most of the paper's main 
points. And that is before the 
final revision to make it 
clearer stilL 

mil I be able to tmst tiie fig- 
ures in this paper about what 
the policy I mig^ boy would 
yield? 

No. They simply give exam- 
ples of what you would get 
back from your policy after, 
say. 10 years .'tMuning particu- 
lar rates of growth. They are 
not a guarantee. What you get 
back would depend on how 
your investments had grown. 

Life companies will have to 
use the same rate of growth for 
these illustrations, so you 
should be able to make a rear 
sonable comparison, but the 
performance of different life 
companies' investments can 
varj'. 

Sales agents will doubtless 
be only too happy to explain 
bow the investments they 
are recommending have per- 
formed in the past, althcit^ 
they should make the point 
that past performance is no 
guide to the Aiture. 

Do I have to do anything to 
get this key features docu- 
ment? 

You do not ha\'e to do any- 
thing when you are talking to 
the sales agent - he or she is 
meant to give you this infor' 
nation vrithout you asking. 
Bui. if the system is to work in' 
terms Of putting pressure on 
life companies to cut their 
charges, then you should be 
prepared to shop around and 
compare prices. 

Many life companies have 
argued that their policies have 
to be sold and are not just 
bought, because people are so 
reluctant to think about 


making provision for what 
happens when Qiey die or 
when they retire. Regulators 
believe that people are 
sophisticated »n<iii gh to 
informed choices about what 
polraes th^ buy. If the new 
r^ime of diedosure is to have 
its intended benefit the 
regulators will have to be 
rW- 

When will I get this 
information? 

During the comw cf a sale, 

. you should be gl^. tbe k^ 
features paper as soon as you 
are seriously considering 
taking out a poliey. If. for 
Bggnyte, you have come as fer 
as discussing a particular 
company’s product a sales 
a gpnt, then you should have 
been given this paper. It 
should not wait until you are 
just about to sign a form 
agreeing to buy the product 

As for when the new regime 
itself will come in - well, there 
is still a Mt of a wait Life 
companies have been given 
until the beginning of next 
year before all of tins becomes 
compulsory, and until the 
middle of next year before they 
are obliged to give you detailed 
figures which are entirely 
related to your own 
circumstances and the policy 
you are thinking of buying. 

In theory, companies can 
adopt the new requirements 
from tbe beginning of July, but 
do not bold your br^th 
expecting that most will meet 
that deainhw»_ 

Why has it taken so long? 

Many in the life indiptry 
have vigorously resisted 
disclosure proposals, saying 
that they would lead to 
"undeiproi^on" - a drop in 
sales - 'lower charges, and 
asserth^ that customers did 
not'want the information. 

Th^ also said It would be 
unfair to make only 
independent financial advisers 
provide tins infonnation. and 
timt it would be too difficult to 
do tbe calculations for a fair 
comparison with, for examide, 
banite and building societies 
s^dbng life products. 

It was only when the 
Treasury started banging 
beads tog^her last July, and 

inaijsHnp that g]] sales a gwite 

should disclose commission, 
surrender values and other 
infonnation. that the proposals 
seemed inevitable and mudi of 
the serious task of TnaWng 
them wmk started. 

So what are tbe life companies 
going to do al^t it now? 

On past form, they will carry 
on moaning about how 
unnecessary it is even after the 
new regime has been 
introduced. They are also 
likely to re-design at least 
some (d the policies they sdl 
to make them more attractive 
in the F^une of gfosnost 

For the most part, this will 
mean, finding ways of 
spreading the commission 
more evenly over the life of the 
policy, so the customer’s initial 
paymaits are not so takmi up 
just with paying for the advice. 
It has the added advantage of 
^vlng the sales agent more of 
an inteest in selling policies 
that are less likely to lapse 
ooiy. 

Will I get a better deal? 

Perhaps. Frodnets will not 
become any less risky just 
because the way of paying for 
those who sell them has 
changed. But you should be 
able to get a clearer idea (d the 
extent of the risk you are 

ginning - and see hoW mUch 

you lose If you give up early on 
a long-term policy, or give up 
in the penuUimate year, just 
before a bonus is pai^ 

According to research 
CQOuni^oned by SIB, the new 
regime’s impact will make 
competition fiercer. This 
should that commissions 
will come down - although 
they could fall a long way and 
still be higher than when thoe 
was an industry-wide 
agreement about the maximum 
commission that could be paid. 

It should also mean that 
some of the less efficient 
companies find it too difficult 
to survive in this new 
environment and dose, leaving 
the market to the 
organisations that are 
bkto^nxn. 

If it to going to have sudi a 
good ^ect, Imvmi’t the 
life compaiiies adopted this 
approach before? 

Why not ask them? 


How to take care of yourself 


I f you become old and 
£r^, whom do you expect 
to look after you? And 
whom do you expect to 
pay for tile care? 

Recent research by FPP Life- 
time, a provider cd insurance 
to pay for kmg-term care for 
tbe d^ly, shows that there is 
a wide gap between peoide’s 
expectations of care in their 
old age, and what is likely to 
happen. 

FTP’s survey found that only 
18 per cent e^iected to for 
th^ own care, irtiereasm feet 
more than 60 per cent of 
elderly people in residential 
care contribute to its cost 
There was a widespread feeling 
that as people had paid taires 
all tbdr lives, the state would 
provide, ^le reality is that 
state help is means tested, and 
anyone with savings and 
assets above £8,000 will not 
receive mudi state suniort 
In developed societies, people 
are surviving hmger, but are 
often incapacitated in their 
final montiis or years. Rela- 
tives are less likely to be wiU- 
ing - w able - to look after 
them, as more women are 
warking, more marriages end 
in divorce, and families are 
scattered over widw arees. 

The number of elderly peegde 
will rise sharply ovm* the next 
few decades; in 20 years' time, 
there will be SO per cent more 
peegde over tiie age of 85. and 


fewer people of workix^ age to 
care pay for them. 

The UK’s response to 
impending need lap behind 
timt of some countries, la. Ger- 
many. for example, tbs govern- 
ment recently introduce a 1 
per cent extra tax to pay for 
long-term care. 

A paper in the Consumer 
Policy Review this month says: 
"The gmieral picture to me of 
the state tedudng its commit- 
ment to (9en«nd^ financing 
of long-term care. As people 
become more aware of 
they may become mege reo^ 
tive to the idea of prefrmding 
their own care.” 

The paper says possible ways 
of fiinffing care indude: pen- 
sions - but the government 
has banned the miij penson 
fighgme which made direct pro- 
vision for care needs; general 
savings - an inefficient 
metliod; raising funds from 
honting assets - this has possi- 
bilities, but not all elderly peo- 
ple are borne owners; or insure 
ance products. 

Long-term care insurance 
has been available in the UK 
only for the past three years or 
so; tbe number of pohdes sold 
represmts a tiny proportion of 
the po^tial maikeL 

But it is already proving its 
worth: last month FPP started 
paying its first claimant, a man 
in his mid-fiOs who took out a 
policy a fow months ago. He 


has since sufiered a stroke, 
leaving him unable to esury 
out a number of the “activities 
of daily living, such as bath- 
and eating unaided, on 
whid) daims are assessed. 

says its main buyers are 
65- to 75-year-oIds. but there 
are signs of interest from tbe 
sandwich generation - middle- 
aged people caring for parents 
and c^dren. 

Commercial Dnion, another 
of the main care insurance pro- 
viders. says two-thirds of its 
pollcjiioldeis are women, and 
two-Uurds are over 60, many 
sin^e or widowed. According 
to CIT, the peak buying timps 
are between 60 and 65 - ie 
around retirement time, when 
many people will have lump 
sums to pay for single {ren^ 
iimg - and for women, in their 
70s, often when they are 
recently widowed. 

But it is not just singte peo- 
ple who should consider mak- 
ing provision for their care 
needs. Married couples cannot 
afford to assume that they will 
be able to look after each other 
- a frail 80-year-oId is imlikely 
to be able to lift a marginally 
frailer spouse of the mwib age 
into thdr bed or bath. 

Usually it is not necessary to 
cover the entire amount of 
£20JX)0 a year or so needed to 
pay toe fiill-time nursing home 
care - just the shortfall 
between available inenme and 



ttie cost of a nurting home. 

Comprehensive policies pay 
a reduced amount if you 
become mildly incapacitated 
and need part-time care at 
home. Most allow you to use 
up to half the annual sum 
Insured to pay for home alter- 
ations, sudi as stair-lifts. 

A woman wanting £10,000 a 
ye^ of k^up cover for both 
mild and severe disability, 
increasing by 5 per cent a year, 
would pay £55,80 a month if 


she took out a Commercial 
Union policy at age 45. £73.80 
at age 55, or £110.90 at age 65. 
A man would pay £37.70, 
£53.30, or £76. A ^knee around 
the female-dominated sitting 
room of any nursing home is 
enough to explain women's 
hi gtiPT premiums. 

Excluding mild disability, or 
not allowing for Inflatinn, will 
reduce premiums. You can also 
pay a single premium: a ffi- 
year-old man would pay 


£11,006.54 for tbe cover above, 
while a woman of the same age 
would pay £20,685.58. 

The earlier you take out a 
policy, the cheaper It is, as pre- 
miums do not rise with age for 
existing policyholders. Obvi- 
ously, you may pay more if 
your medical history presents 
a hitter risk. However, once 
you have a policy, new medical 
problems will not affect it. 

Bethan Hutton 



Perfecting every detail. Mastering every discipline. 

It leads one company to bring the sa.me energies and expertise to managing 

MONEY FOR PRIVATE INVESTORS AS IT DOES FOR BRITAIN’S LARGEST PENSION FUNDS. 

When complete performance 

IS WHAT IT TAKES 





MERCURY gSSET MA.V‘ACEME>rr fk 


Asset 

Management 


BRITAIN'S LEADING INVESTMENT HOUSE 


AMEMBEROPIMRO 






VIU WEEKEND FT 


APRll- -WMAY 


FINANCE AND THE FAMILY 


I t is DOt easy for an inde- 
pendent advIser 

to more from commission 
to fees. Pat Brogan knows 
tiiat only too welL In 1991, Bro- 
gan - wbo founded Fat Brogan 
Ufe & Pensions in Perth. Scot- 
land, 15 years ago - gave him- 
self three years to accomplish 
the task. He has discovned he 
was ovar-optiniistie. 

“We have been working 
actively on moving the clients 
totally on to fees and I thought 
we could do it within three 
years. But I have raised that to 
six years now,” says Brc^an. 

“I found that pe(H>le looked 
at me as if I had two beads 
when I said we were gmng to 
put tog^her a totally fee-baaed 
client base. But I the day 
win come when we away 
from commission altoge^r. 
Then we will be a prc^j^sfon. 

”Once you are charging a 
fee, you don’t have to vrorry 
^rtiere you are puttii^ clients' 
money. Yon have complete 
freedom of investment 
and yon can really try to bufld 
up dimits' wealth. And I want 
to know adiat my income will 
be. Every profession expects 
that" 

Brc^an finds that younger 
clients are the most resistant 
to fees. He believes this is 
largely becaose they have little 
experience of othn fee-based 
professionals such as accoun- 
tants and solicitors. So. to 
micourage t^am, he tiag intro- 
duced a £15 to £20 a month 
retainer sovice as a sort of 
starter pack. “It is too cheap,” 
he egrees, “bnt young ^Wantg 
are not difiicult to look after 
and they are our future.” 

Rather surprising^, Brogan 
has also met some resistance 
to fees among his corporate cli- 
ents. The firm provi^ finan- 
dal advice for several small 
companies with annual tum- 
ovais tangfr^ from £S00X)00 to 
gism. Soine continue to believe 
thi^ will save money if they 
stick to commission-based 
advice. 

Brogan says: “I tell them 
that if they retain me for £7,500 
they win he Car better of^ tot 
they say they don’t want to 

pay that way. Snmp manag in g 

diiectois are very good at mak- 
ing money hut they are not 
very sqphisticated in finanmal 
matters.” 

Many of Brogan’s clients 
come through his corporate 
comiectiaiis; others have been 
recomiDeiided by existing cli- 
ents • he does not advertise. 
He also has a diant base in the 

■ShoilaTute anrt ho spends Gve 

days a month there. “In .the 
part ]£ months, many clients 



Wameoffeii cla i 'a cMwi . 


Pit Bragan Life a Pansfcms 



Pita Arm yrae eirihSilniil. 




RwdUMdirminiggiiina.' 


1979 • • 




Monfeirfel cflldn; 


Om- 




iiiMMUime wrt i w ort i n pUraifeg; 
Sfe asfuranow imucaneee 


r.-r.-r r-. 'r r,r r r.:r. r r 




Commission? We 
just don’t need it 

Brogan: 14th in a series on fee-based advisers 


have come to us because of the 
drop in interest rates,” says 
Brogan. 

Most of hie clients want 
investment advice. Typically, 
they will have around £1504)00 
in investments, a property 
wortiL around £100,000, and per 
haps another property some- 
wiiere else. 

“Most want income from 
their capital,” says Britan. 
“They are either getting 
towai^ the end of thrtr work- 
ing life or they have just 
retired, so we have to be ean- 
tious because they have no 
chance of wiainwg money 
again. We try to point that out 
very early otl We say, if yon 
want a risk investm ent, don’t 
oome to us." 

This caution means Brc«an 
will actively manage only a 
small proportion of a dienfs 
investments. On a £100.000 
portfolio, he would advise that 
only £15,000 should go into 
more volatile holdings. The 
remainder is likely to be in rel- 
atively stable investments, 
such as insurance and 
Natiorial Savings. 

Brogan looks “for invert- 
mmit houses that win provide 


ue with the information we 
n f^ and will ke^ in toudi 
with us." He adds: “I talk to a 
lot of perple. It is a question of 
mnnitQ rtng clieots' 

afiaira.” 

Clients choose if they want a 
quarterly, half-yearly or 
annual meeting with Bn^an. 
All files are reptieated. so that 
the «awio dosrier is wzQi the 
firm and with the Tha 

firm does not handle client 
money and Brogan requires a 
niiant signature before taking 

any investnietlt a«tinn. 

Brr ^n hallfl VBfi tha finanrial 
planning pace is lather more - 
measured in Scotland than 
elsewhere. “We may take lees 
risk and we do thing s at a 
slower pace sometimes. We 
never push eti ents. ” 

On average, Brogan tafcaa 
two meetingB to get the infor- 
mation he nupda from cli ents , 
and another 14 to Z1 days to 
prepare a report A ftirther 
period elapses. There is then a 
a third meeting to sign the 
agreement. “That’s the fart . 
track.” he says. “On the slow 
track. It nan take six mnwHia tO 
two years. 

“We infflst on seeing both the 


hnahand and the Wife, and we 
will also look at a couple's 
inheritance tax position and 
involve their sdlidtor in what 
we are doiz^. As a profession, 
we «hmiid be work^ with a 

dient'S antvwmtanl- and solici- 
tor. We ahmiid not he in com- 
petition with them.” 

Involving nrthar jw nfagrinnal 
advisers is cential to another 
job Brogan is tariding as the 
Scottish branch nhairman of 
the fristitote of Financial Plan- 
rting, an association *wii in its 
infancy in Snatiand 

“I am pnttiz^ togetimr a 
study grotqi of financial advis- 
ers who have the «>ma gnaiit as 
I do. The tnatHnto ahraild grow 
from that haris. We want to 
involve solicitors and accoun- 
tants and to create a nudois 
fefrhaaed advisers,” he says. 

But he warns; “We must be 
seen to attract the li^ pec^le. 
I would be horrified to intro- 
duoe my corporate lawyer to 
some of the people in this 
industry. We must them 
out of the IFF by raising the 
standards to a level that they 
can’t achieve.” 

Joanna Slaughter 


HOW ARE YOUR 
INVESTMENTS DOING 
SO FAR THIS YEAR? 

TRY THE CANTRADE 
CALCULATOR BENCHMARK TEST 


In the quarter to 31st March 1994 the results of the Cancrade Calculator performance test for 
private client portfolios were as follows: 


The risk tree recum available by simply 
leaving money on short term deposit was: 

The rate of retail price inflation was: 

T^e Cantrade Calculator Benchmark indication of 
the sort of investment returns a representative private 
client portfolio could have achieved was: 


+ 1 . 2 % 

+ 0.4% 

-4.6% 


To order your complimentary copy of the brochure ‘"Introducing the Cantrade Calculator”, and ro 
put your name on the mailing list for the full text of the free quarterly updates, call 071-202 2777 or 
complete and recum the coupon below. 


CANTRADE 

INVESTMENT 

MANAGEMENT 

LIMITED 

A NAME TO KNOW. 


I2S HIGH HOLBORN, LONE>ON WCIV 6PY. 
(A Member of the Union Bank 
of Switeeriand Group) 

A Member of IMRO. 



p--- — — 


To: Cantrade Calculator Offer 

Cantrade Investment Management Limited, 

125 High Holbom, London WClV 6PY. 

Please send me a complimentary copy of “Introducing 
the Cantrade Calculator” and put me on the mailing 
list fbr free quarterly updates. 

Name: 

Address: 


Post Code: Telephone: 


First steps for son of BES 

Bethan Hatton looks at the initial prospectus under its successor 



1 1994 


I nvestors who are wonder- 
isg what happened to the 
“son of BES”, announced 
in last November’s Bud- 
get need wonder no more. The 
first company to try to raise 
money the new &rte^ 

prise Investment Scheme has 
just put out its iffospectus. 

Altnaxnara SUppi^ a Scob 
Hah company, may be 
to some business expansion 
ffch**"* investors, as it was 
launched throu^ a Business 
Expansion Srtiema issue, spoih 
sored by Neill Qek Capftal, 
last year. However, that 
p^ed in less than £S0(U)00. 
Now the company is trying 
again with a share issue to 
raise up to £4.7m through the 
EIS, ai^ sponsored by NeiR 
Clerk. 

Aftnamara is the latest in a 
long llnft of WRR fyimpawia* ate 
lip by its .Qtr RoSS 

Belch. His previous ventures 
include Ferguson Marine, 
which hftught Ferguson Ship- 
builders from the Evaemer 
Group, and Altnacraig Ship- 

pisg. 

Altnamara has already 
a^eed to buy a 6.000 tatme sec- 
ond-hand dry bulk carrier, the 
Badnes, for Sl^Sm. The lehip 
win be operated in a Eurt^iean 
shipping pool run by Jefaemi 
following tile exanqile 
of Ahnaoaig, which has three 


mini-bulk carriers in the 
pooL After the Radnes has 
bemi paid fbr, any extra money 
raised through the EIS issue 
wOl be used, togetimr with bo^ 
rowings, to buy and operate 
further ahi pa. 

The reason why it has taken 
so long fbr the first EIS issue 
to emerge is that although 
plans for the EIS were 
annnmn-ad laiyt November, ♦'1** 
axe not fi*iai >it>hi hia 
F inance Bill, which is still 


BBS limit of £404»0. Compa- 
nies are allowed to raise iw m 
viin a year through the EIS. 
unless they are shipping 
pames, in which case the limit 
isfiSmayear. 

BES oBfered investors up- 
front tax relief up to the higher 
rate tax band of 40 per cent; 
EIS is less generous, offering 
oily 20 per cent up-front tax 
relief: However. EIS losses can 
be ofoset against income or 
Aft pitfli gains tax. whereas BES 


"With any new undertaking you are 
going to have teething problems* 


gning thwwtgh parliament, 
receives royal assent early 

npTt mnnlh. 

Many of tiie elements of tiie 
BES vrtudi were being abused, 

airh as gnawitrt f i ^ avlte , and 

low-risk residential property 
schemes, have been stamped 
out by the new EIS rules. Tb 
qualify for the scheme, an 
issuer must be a genuine trad- 
ing - so all the uni- 

versity accommodation or 
lepo saoase d pnpei^ edieines 
wUdb sprang op In the last 
riagpte of the are wvftiwi<>d 
Individnals can invert up to 
£100,000 a year in EIS issues, 
an from annual 


madp no allowance for losses. 
A farther (foange is that in%'es- 
tore can become directors of 
iCTfi companies without losing 
their tax reliirt. 

TTie Budget also introduced a 
new tax break by which inves- 
tors can delay capital gains tax 
Wahni ty by rolling-over gains 
into unquoted trading compa- 
nies. Altnamara is also encour- 
aging investors to use this 
opportunity. 

But Investors should proba- 
bly be wary of rushing to 
throw their money into the 
first few EIS issues with os 
much enthusiasm as they 
showed in the last days of BES. 


David Harris, an independent 
financial adviser with Chan- 
trey Financial Services, uys 
he is reserving judgment on 
EIS for the momenL 

“Wc are reverting at this 
stige to whore the BES ceaie 
from, in that there b a red 
industrial rbk involved. The 
histor>‘ of the t'oriy BBSs, md 
also the commercial BBSs, can 
lianil>‘ be described os a good 
one.” Harris says. “And the 
likelihood b that with any nev 
undertaking such as this, you 
are going to have teething 
probiems. 

“It docs strike me that fbr 
the level of commercial risk 
vou are asking people to take, 
is} per cent fox relief is proba- 
bly not going to be adequate to 
encourage them.” 

Harris believes that the £im 
limi t for BIS Issues by noat 
companies will mean that noit 
of the sponsors who wire 
churning out BES Issues dm- 
ing 1992-93 ’ firms such is 
Johnson Fry. Neill Clnk. and 
Close Brothers - will not find 
it wortbwliUc getting faxvoiiied 
to the same extent in the BQL 

This may mean that compa- 
nies decide to go it alone, nd 
there will bo less ot a filtering 
process to exclude the oim 
with little chance of survival 
So investors will have to be 
even more cautious. 


NEW UMTr imST LAUNCHES 


nqn RS SMinw - Owom ortdt Pff - immvi - Osnes pw - mrnmn Swew «* — • 

arm PW ScMmn MIS feoal OBv kML MM fenuS Oner tnoL Dscowl Pciiid 

vwaft g ^ 


Emorshv Wbri d Amd 

Bartin (071 628 6000) 

nfe 0 No No 5.0 1.5 No 2,500 nfe nfe WO n/a tSMMISlH 

Based In Dubfai to escape UK Omits on inv a s tme n t in certain ovenwes maitots, the fund is SIB-recognised. Mainly Invests in Far E & Lahn Araoriea 

■ Latin America Rmd 

Soa a Pnapor (0800 2B2101) 

MBmstianM giowtli 0 No YSs 5.5 1.5 No 1J)00 nfe nfe nfe n/a ■' t4/5.94-3AiM 

Hot on the heels of the launch last year of two S&P Far fends comes this. Regi onal Bmerging marttet fufxts ate riskier than global onei. 

■ Exeter P acJ I h. Gravilli Mmd 

EnM Find hbnagss (0800 B07807) 

fir Butte Ja«i 0 No Yu SlS 1.5 No IJttO nfe nfe nfe f 4/s;9«-Z7/SiM 

Exeter spedoTses In nrestment through swestment trusts snd wll use dosed end fends for its fnt regional unit trust. Same caveat as above. 


2S/4;94-16«« 


■ Hypo f t wei g n A Cofemlal J^auaae Qmrtfa Mand 

i^pa Fmte & CritriW (D71 454 1434) 

Japan 0 No Ho 5% 15» No IJJOO nta nfe nfe n/a 

Aknkig for long-term caprtBl growth as the Japanese economy tecovere. and buying in while share prices are stil low. 


NEW IMVESmElfT TIIUST LAUNCHES 


(TcMAne 


— Tape — 

sac vwd 

tm % 


PW 

CWT 


— DueePW — — Ins* FB> — 
IBB MeBOTUMmsi enw Unimn Aims 
PMw NW kiHt Oaqn tnst CtangB 

p p c « r s 


Otehnd 


H PTefataia te dlan tavaateMot Ttwrt 

Hemfeq (071 382 8888} 

Srnflti Haw Ciut Bnenfog MMs 1:5 TOO nfe No Yos lOOp 96p 

Tbs first UK Inveetmant trust to focus solsly on Inde. one of the woild’s largest emerging markels 


ZV30 12% Fi/a tVa 27/«S4-ia694 


H Johnson Fwf Enropoan IfBUMas 

Johraon Ry (071 3Z1 0220} 

fefiltli New cost S|Ct C%iibl No 30 6% Yes No lOOp 

Pan-Europeui version of Johnson Ry’s two high-yMding UK utIlUas trusts, launched test year 


nte ZJOOO 0.6% 3.000 £30 16/S9(-7/E/94 


Saye 

Small 

saver 

hints 


Small savers are usually hard 
done by when it comes to mte^ 
est rate levels, with institu- 
tions paying the highest rates 
to those with the largest sums 
of money, as the Moneyfacts 
table (rij^) shows. 

However, small savers can 
earn op to 8.62 per cent annn- 
ally and tax-free to boot 
ti^ugh the government’s 
savoos-you-earn edieme. 

This is a five-year tax-free 
scheme with a minimum 
monthly saving of £1 to a 
maTirnmn q{ tmly £20 a mOtttil, 
or £ 13 X 1 Ttigximutn- Tke bonus 
paid at the end of five years is 
equivalent to an annual return 
of 8.3 per cent; zf the money is 
left for anothw two years, it is 
S.62 per cenL 

Tbeee figures gross up to 13A 
per cent and 14.4 per cent for a 
higher-rete taxpayer or ILl per 
cent and 11.5 pa* cent for a 
lower-rate taxpayer. 

Early withdrawals are 
allowed but no interest is paid 
for withdrawals in the first 
year; the rate is 6 per cent 
thereafter. Yon can tmiy have 
one SAYE contract at a time. 

The on^ bank to operate the 
scheme is Abbey NatlonaL 'Hie 
building societies are: Alliance 
& Leicester, Bradford A 
Bingley, Bristol & West, 

Cambridge, Cbeshami 
Cheshire, Chorley & District. 
Derbyshire. Dudley. Earl 
Shilton, Furness, Halifax, 
Harpenden, Leeds A Holbeek. 
Leek United, Marsden. 
Mercantile, Newbury, 
Newcastle, North of En^and, 
Kincipaiity (from Tuesday). 
Scottish, Vernon and 
Yorkshire. 

Scheherazade 

Daneshkhu 


HWHEST BATES FOR YOUR MONEY 



Aeeewit 

TWepbene 

NoUcer 

femi 

Mbitaum 

cteposll 

RtM 

% 

w. 

paM 

MSTMIT ACCCS9 Vam 

Btiittfaiii Wdsttse BS 

MsrahastwBS 

Lee* a Hoibeefc BS 

Fte Class 
Money by Mai 
AUw) 

0002 645700 
061 839 5545 
0532 438292 

Postal 

Postal 

Postal 

ESOO 

£1900 

£10900 

590% 

690% 

fe<5% 

690% 

Yb 

vb 

Yb 

vb 

nvncti A/es and BONDS 

(keemrieh B8 

CNy S MstepoBwi BS 

CWeeiBS 

BrtimnteBS 

MOmilLY BfTBBBT 

CNillal Shaiss 
Slew 80 
fixed Rate Bond 
Fteed Rale Bond 

081 858 8212 
081 464 0814 
0800 272505 
0538 381680 

30 Dv 
80 Day 
30.697 
1999 

£10,000 

£10900 

£10900 

£2900 

890% 

690% 

790%F 

89S%F 

Yb 

Yb 

vb 

Yb 

MnSieMwBS 

NutliBiii Rocfc B8 
cay t MetefnAan BS 

BrilanfeBS 

Money by hfeO 
Foetal 7 
Supw90 
need RMe Bond 

061 839SS4S 
0500 505000 
081 484 0614 
0538 391680 

Postal 
7Day(P) 
90 Day 
1.699 

£5900 

EIO 9 OO 

£25900 

£2900 

5.84% 

69S%A 

6.70% 

aoosp 

Mb 

My 

Mb 

TBSSta (IMi nuel 







HteMey & Rughy BS 

Ouiteiiitw K 

ISB 

NslionM Ceuidn BS 

HRHI «MieiM.a[i CHEQUE A/em fOr-^ 


0455 2S1234 
0383 721621 
MaLocsBmch 

0372 742211 

5 Yew 

5 Yew 

5 Year 

5 Yew 

£3900 

£3900 

£250 

£3900 

795% 

790% 

795% 

795% 

Vb 

Yb 

Yb 

Cslodoitei Bank 

urr 

CMseaBS 

OIMIIUUk nocoumw Wteeeel 

tecA 
CrotePkis 
Claasie PoMM 

031 558 8235 
081 447 2438 
0800 717515 

Instant 

tetant 

Instant 

£1 

£1900 

£2900 

£25900 

4.75% Yty 
4.75% Ohr 
690% ^ 

895% Yb 

WMMch Guernsey Ud 

Potman Cl Ltd 

OonfedwaBon BwSi (J^ 

DecbjMbe OOMI LU 

muimn—i ■■ iiwi iiiimh m n 

Mematlanl 
FteodteLBond 
finUa kiv 

90 0^ 

0481 715735 
0481 822747 
0534 808060 
0624 663432 

InsMt 
lYrAond 
60 Day 
90 

£500 

£10900 

ESO 9 OO 

5.7S% 

690%F 

690% 

7.15% 

Yb 

OM 

KYb 

Yb 


Ramiutn Life 
Qenenf Poitfbio 
Geierai Porttbio 

wnNOnSBBO LS8 

Gwwal Forttofe 


mwoiisL ssvwos a/ce a bonds jOromi 


0444 4SS721 
0279 462838 
0279 462839 
081 940 8343 
0279 462839 


1 Year 

2 Yew 

3 Year 

4 Yew 

5 Yew 


£1,000 

£20000 

£ 10.000 

C2J)00 

CSOJXN) 


4.70K 

5.40% 

aioH 

&so% 

890% 


Yk 

vb 

Y^f 

Ym 

vb 


ImesbiMnl A/c 
teome Bonds 
CeplM Bonds H 
Red OptSon Bond 
Pens i onei a GIB 


HIT feUtSIQS CEBTWICJCTBS fte Iteel 


1 Month 
3 Morth 
5 Yaw 
12ly|amh 
5Yew 


£20 9.25%0 
£2J)00 6.50%H 
£100 7.25%F 

EIJXU aQ0%IP 
esoo 7J)0%F 


Yb 

m 

CM 

YV 

MY 


4lat bsue 
7th indn LMsd 

ChOMns Bor] f 


S Yew 
5 Year 


5.40%F CM 
3nO%F OM 

£2S 73S%F OM 


£100 

£100 


£25,000 ^ WwS obewe: 6 per 

seuree: monbttmjis, Tne Monthly Guide la ■ ^ move, ib 6.40 pw cent an eso rwm -.nri nti«im 

ItofalK NR 28 peg Reedwa can obtain an Introductory copy by 


Who said your 
business caift 
have free banUng 

and earn 4 . 00 % 

grass pa? 



You can have 60 free 

transactions per month, 

and earn a high interest 
rate on a minimum 
deposit of £2001. 

f^L L I e D 


. 4 






H \ r 


CJIoa-24ho.rli«:071-62S0.7S.,durt„5oflic.lH«.„:07,.M3.,5„ 





FINANCIAL TIMES WBBRjeND APRIL 3Q/MAY 1 1994 


WEEKEND FT IX 




vr if 

**' *+'• . * 





• t, 

f-m. 

tt !• '. 


:ir 


i ■ 


t. 



aentt 

L i; 


• ■ 

tin*. 


Mbit: 


W. 

M n.- 


■ 

Blrl^ 

A !• 


• 4 ( B 

i** ' 


«.*' 

me* 

1-51 . 


t’;;.' 


U.' . 



kdd 

1*. Ji'* 


■ 'll- • • 





5|M- 

L'J. • • 

9UI. 

i; v« . 

tiH? 

!:• 


As'"- 


i 






Iber ■ 

.V • ; ■ . 



... . . 



* Mf* 

ni- 

mrni 


. % 




i-snaitv, - ... 



Vt 

•vC 


' I 


iubiL fj 


Ai .1 i 


Hi 

irw Til :• 
4 • • 


hteWti.i * • 


iemni 


wm ikM... 


HI ' ■ 


i. ^ 


. ■' 


i 



MMKV 


f •• 


•K 



*•.- ■ 
M.' '•■ 


;: M •: 


■“Si*'-' 

*■4 ’• 

WC. 

?//■ ■ 

Itf CJf* 

id ■' 
irnii 


FINANCE AND THE FAMILY 

Revenue’s own goal 

David Cohen explains how taxpayers can profit 


C rossing swords with 
the Inland Revenue 
can lOFten feel like 
playing for your 
local park team against Man- 
duster Umted. But an admis- 
sion last week from its dmir- 
man> Sir Anthony Battishill, 
confirms that even the tannen 
can score an own goal Alert 
taqnyers may be able to take 
advantage. 

The chance to save money 
arises if your inspector of taxes 
fails to make “proper and 
timely use” Of infor- 

mation you have ^vmi him. If 
his letlnusy lingm for more 
than a tax year, and lulls you 
into believing you owe no tax, 
when he finally does vrake up 
you mi^t be able to boot bis 
tax d emand into touch when, 
finally, it diows up. 

The proportion of the bill to 
be written off depmids on the 
taxpayer’s income bracket; 
pei^le aarniwg DO more than 
£15,500 a year per annum pay 
noOing while anyone on more 
than £40,000 will gd DO relief 
at all ^ in-between inoomes, 
see tableX 

Sir Anthony 's statement 
promised a let-off for people 
who bad foiled in good foith to 
declare they were getting state 
pensions and now face 
iinezpected demands for 
arrears. 

The Revenue was told about 
these pensions by the 
Department of Social Security. 
On Tuesday this week, a press 
release announced that, from 


Tak rebates 


What you gri 


Qfoss tnoome (Q 

Tbx airears 
wiitten off 
% 

15301 - 15,000 

75 

19,001 - 22,000 

50 

22,001 - 26300 

» 

26301 - 40300 

10 


Saiinr Hnd Rmmw 


now relief will extend to 
cases in which information is 
made available by the DBS 
rather than by the taxpayer or 
his employer. 

Whether or not a pensuner, 
a taxpayer will qualify for a 
rebate only if he genuinely 
believes his position is 
up-to-date. But because the 
whole idM of waivii^ tax 
arrears has no statutory basis 
and is merely a “concession." 
it is the Revmiue itself which 
must be persuaded of the 
in^vidual’s bona fides. 

So,^ there is little point in 
arguing if the decision go^ 
against you - the opposition is 
a]^ the referee. 

A taxpayer will be playing 
on firmer grramd if. instead of 
paying too little he has 
paid too much. When the 
Revenue gets round to 
returning the excess amount, it 
might be obliged to add a 
“repa^nent supplemeoL” 

Generally, the ri^t to a 
sun)lement will not start until 
12 months after the end of the 
fiscal year in which the 
liability arose. It will then be 


payable for the period from, the 
starting date until the fifrh day 
of the month following the 
month In which the surplus 
tax is repaid. 

Suppose, for example, that 
an overpayment of tax fm 
year to April S 1992 was repaid 
in Febroary 1994. The 
supplement p^od wotdd have 
run from April 5 1993 to Iforch 

5 1994. 

With effect from 6 April 1996, 
however, the timing rides will 
change in taxpayers' favour. 
As part of a ^ve general to 
simplify simplification of 
personal taxation, the 
repayment period will run 
from the date on whufo the tax 
becomes payable (or, if 
the date it is actually paid) 
imtil the repayment date. 

The supidement is calculated 
on the basis of a rate of 
interest fixed by tiie Revenue 

anri acbUSted fitra Hfnft fO Hma 

to keep it broadly in line vdth 
market rates. The present 
current rate is 5.5 per cent, and 
it Is tax-free. Until Is^ April, 
no supplement was payable 
unless at least £25 of tax was 
repaid, but this haa 

rx>w been abolished. 

These rules apply both to 
income tax - wheth^ paid by 
an individual personally or by 
an empl^r throu^ the Paye 
system on behalf of an 
employee - and to capital 

gains tar 

Although CGT does not 
become payable until the 
December following the tax 



year in which the gains are 
realised, the supplement period 
is linked to the year for 
the tax is charged, rather than 
the year in which it is payable. 
Hence, CGT for 1992/M, 
overpaid in December 1993, 
will attract a supplement if rut 
repaid by April 5 1994. ' 

If you are ficatunate «mnii^ 
- or perhaps stimid anmigii - 
to get a repayment 
supplement, you shoidd check 
carefully that it is the correct 

Anyone who has been 
short-changed will know what 
to do but, equally, a taxpayer 
who realises the repaying is 
excessive but keeps quiet could 
be committing a crime. 

■ Dauid Cohen is a partner in 
the Ck‘W legal firm ofPaisnirA 
Co. 


Tax relief 
for couples 


Toot writer Andrew Radiee 
says (Weekend FT, March 
12 - 13 ^ tax relief on the married 
couple’s allowance is not 
worth transEnring from hus- 
band to info unless his Income 
is bdow tile tiireshold. What is 
this threshold: tax band 25 or 
M per emit? With regard to 
CGT, he says assets should be 
traukierTed to talm advantage 
(d the £5300 allowance of the 
spouse. 1 thought the £5,800 
allowance was for husband 
and wife. 

■ When he wrote “unless the 
husband's income is below the 
threshold.'' Badke meant am- 
ply “unless the husband's 
income is so small that his 
income tax bill would be less 
than £344 (viz, 2(j per cent of 
£1,720) if be had no married 
couple’s sdlowance.” ' 

As for your second question, 
husbands and wives have had 
s^Kirate CGT exemptions since 
the introduction of indepen- 
dent ta.xation. In 199091, the 
figure £5300 each. It rose 
to £5,500 in 1991-92 and to 
£5300 in 199293 and thereafter. 

Indexation 

losses 

Hie table pnUished on April 
16 in the Weekend FT'S series 
on capital gains tax snssiests 
that indexation losses rdating 
to disposals made between 
Novmber 30 1993 and April 5 
1994 may exceptionally be car- 



No HgH mpanee^ cmi Im acet/mt by tm 
fmoM IkM* tar BM ansmaa g/inn faaa 
ootnsB. Jtf onquMn a# M aMmmt ty post 
M seen m paaitlo. 


ried forward to the 1994/95 tax 
year If they were not aU 
imeded to reduce the net gain 
for 1993/94 to the value of the 
annual aRowamoe (£5300). Is 
this correct? 

What is the position now 
regarding claims for '^negligi- 
hie value” made in the tax 
retnms for 1993/947 The origi- 
nal Budget proposals, I under- 
stand, proviM that no Index- 
ation losses would be allowed 
on any such claims made aftm 
November 30 1993, irrespec- 
tive of the actual date wbm 
the assets in qnestion were 
deemed valueless. 


win now be allowed; but is it 
correct that such indexation 
losses must be considered to 
have been incorred after 
November 30 and, thus, that 
they must in all rircomstances 
come out of the £10,000 limit? 
■ The answer to the first ques- 
tion is yes. The answer to the 
second also is yes as a result of 
the schedule added to the 
Finance Bill on the day yon 
wrote to us. • 

Employee 
share scheme 

t am confrised over aspects of 
the employee share option 
scheme. 1. With save-as-yon- 
earn contracts, is indmtatiOD 
applied from the date of exer- 
cise of the option <»- the origi- 
nal date of grant? The price 
used would be that at the date 
of grant 

2. With executive share 
options, a nominal sun is paid 
on the grant ttie option but 
tile enrrise may be three to 
seven years after grant. Is 
indexation applied from the 
date of exercise? 


3. With profit-sharing 
schemes, shar» granted are 
not the employee’s saleable 
property until the expiry of 
five years from the grant, 
vbM the share certificate is 
provided. Is indexation applied 
from the date of the grant 
rather than the date of issue of 
the share certificate? 

■ 1. The cost of the option (a 
nominal sum, genersdly) is 
indexed from the grant of the 
option. The exercise price is 
ii^exed from the day of exer- 
cise. 

2. Yes. The rules are the 
same as for Saye options. 

3. Indexation runs from the 
day of the grant 

Warrants 
and CGT 

1 understand that warrants, if 
exerrised, are not subject to 
CGT evmi if toot are bought 
for cash ou the maricet But 
what if warrants are bou^ 
and sold on the maiket? Do I 
have to pay tax on any gain? 

■ listed warrants sold on the 
market are treated just like 
listed shares, for CGT pur- 
poses. A cash profit is eli^le 
for indexation relief; a cash 
loss is allowable* without 
being increased by indexation 
unless the transitional £10300 
relief appUes. 

Exercising a warrant does 
not produce any immediate 
CGT consequences, as you say. 
When the shares are sold, they 
are deemed to have cost you 
the total of (a) the cost of the 
warrant and (b) the amount 
paid on exendse; the cost of the 
warrant (a) is indexed from the 
month of purchase to the 
month of exercise, and then 
the total of that indexed figure 
anri the amniTTit paid on exer- 
cise (b) Is indexed from the 
month of exercise to the month 
of sate. 

*If you buy warrants which 
eventually expire worthless, 
the cost is allowable as a loss 
whi^ is deemed to arise on 
the day of expiry. 

A claim from 
abroad? 

My badielor son works In 
Lnxembonrg. His salary Is 
paid in local currency and is 
taz^ locally. He also has 
investmeuts in the UE. These 
tnelnde building society inter- 
est, which is paid gross (he has 
tigned form RS5), and shares 
from which dividends are 
recrived set These amount to 
abont £1300 gross a year and 
tax of £300 is deducted 

$mce be does not comptete 
UE tncome tax returns, is 
not claiming back the £300. 
But is te entitled to the sin^ 
person's allowance (in whidi 
case it would be worth his | 
wl^ to dmm bade tbe taaCft ' 

■ Although your son probably 
is entitled to UK building soci- , 
efy intefest without deduction 
of tax (because he is not ordi- 
narily resident in tbe UE), he 
was not entitled to sign form 
B85 (which applies only to peo- 
ple resident in tiie UK). 

If he signed by mistake, he 
should write at once and 
explain his error to tbe build- 
ing society. All Commonwealth 
citizens are entitled to a per- 
stmal allowance, regardless of 
whether they are UK resident. 
Your sem should write foe a 
claim frnm to: inland Revenue 
fflahni; Braodi (biteniatioml), 
St John’s House, M»ton Road, 
Bootle. Merseyside. 139 9BB, 
saying bow for back be wants 
to e bim. 


Indexation losses, of coarse. 


-f.- j i i... iay. t*--*wK3T' 3iTt «.'g ^ w -'SEfrasw.rsn: 

S MURRAY I N V E S T M E N I' 

X 


'[■RUSTS 



Coublcol high performance. That's wlut 
people warn Iroin an imuitnKiK niM netnager. 
AikI (lufs wlLit vtM gel froiR Murray JnlicMone. 
Lhn don't fii»4 lake niir wimU fcir It. 

Mkrr^l, the leading inUepenilLtn m-catment 
pcrt'onnancc tncasiireincia ooiU)Xiny, have 
ua their top investment trust group award. 
AeciHiling to them, wc are the lK*st out of all 
invistmeni trust gnups a\‘Or one, tluco anvl ten 
>%'9is tor coiwistciu high pedumunct:. 

tfe have also won live flKt pbee (and five 
second place) Micrupal awards for the group 
and tudixldual inbls. All for omsisieni high por- 
fomnnee. lArxIwaivUltyt liive»itnicnt Mag;i 2 iiK 
Invesuncnt TUm Group of ihe Year, as weD). So 
we are well wnnh considering. 

You cm invest for tncoinc. growth or a oombi- 
naiiun of botli, from lUst JJW luirrp sum or £30 a 
nuMiU) ihniugh tiie low-eost .savings Scheme. 


.\nd the charges for uur Pcfsonal Equity Man are 
unuNig the bwiist you'll (ind. 

To find out mute cJl ict now on FREEPHONE 
0800 289 978 or simjdy nfERKtaTT the coupon. 

Hbri; JiiIiimiim LmwhI ttlkn, IV>P05T, umi 

Pt«aM! tend deiaiU Af the llieb hax> 

Murray Invctuncni IVum Savings Scheme Q 
Murray JohiMone Invetrmcni Tru'a PEP G 


Midten.. . 



GOOD INVESTMENT COSTS LESS 
. AT MURRAY JOHNSTONE 


ini ibc MKW tb M mil M U(t hri peifondm- I* lU ocinurllr * 0ikk to ibe ha«e. 

BB* nil M h«k '!» IWM •"‘OkO. CMtofi Ui JBil Mlirfc iHf ibUkHr a*J ihr tjlur U nlid* tkpCDib «n 


I < ■ * 


FINANCIAL TIMES 

LONDON • nuus ■ nUUtKHiaT • NEW VeitK ■ VDiCTO 


EUROPEAN PRIZE FOR 
THE BEST BUSINESS LAW STUDENT 1994 


The European Prize will be open to citizens of the European Union who are 
studying business law and ate either in the course of^ or about to begin, their 
professional training or axe starting on their professional career. 


FIRST PRIZE 


The equivalent of 3000 ECU plus 6 months in one of FreshEelds' offices 


SECOND PRIZE 


The equivalent of 1500 ECU plus 3 months in one of Freshfields’ offices 


THIRD PRIZE 


The equivalent of 750 ECU plus 3 months in one of Freshfields’ offices 


IFYOU HAVE 


A university law degree or axe 
attending a law school 


A thorough knowledge of 
business law togedier with a 
good undeistanding of EC law 


Examination results which qualify 
you to be regarded among the top 
business law students 

A fluent command of at least two 
European languages, including 
English and preferably a good 
knowledge of a third 


Application forms and rules are available 
in your university or law school or by calling 


Florence Henriet 
Freshfields 

69 boulevard Haussmann 
75008 Paris 
TeL- +33 1 44 56 44 56 


Rossella Gatti 
Freshfields 
65 Fleet Street 
London EC4Y1HS 
TeL +44 71 832 7711 


Your application form must arrive by 3 1 May 1 994 



Money Observer have awarded us their Premier Investment 
Trust Group Award for 1993. 


The award is based on performance over the five year 
period 1989-1993. 

If you would like to know more about the Investment 
Trusts, the investment scheme and the low cost PEP, please 
complete the coupon below. 

Past performance is not necessarily a guide to futurS 
performance, and changes in currency exchange rates may cause 


the investment to fall or rise. Tax reliefi are those currently 
applicable and may change. The value of any tax relief depends 
on personal circumstances. 


Baillie Gifibrd Sc Co 

Scotland’s Largest Independent Investment Managers 
Mcaibet oflMkO 


r 

1 

1 

1 

1 

1 

1 

Phone 031 222 4244 (office hours)} 

Fax 031 222 4299 (any time) or post this coupon 
To: Lindsey Greig, Baillie GtRbid Savings Management Ltd, 

1 Rutland Court, Edinburgh EH3 8EY. 

Please send me details on 

the investment scheme and thcTrusts □ tbe PEP and theTrusts □. 

n 

1 

1 

1 

1 

1 

1 

1 

1 

aBOcuird conipinim pioK ude chr boi □ Vour mmr ta inm nmle waSiMr m igKoniic<»cd imimiiuuiiL 

I 

1 

1 

MiVMn/Mis 

1 

I 

1 

Addm 

1 

1 

1 

1 

MmcuiIv 

1 

1 

L 

FTSOAS* 

j 


TMl adnereMmem tisL been iwied by Hee mvament tniit MiiipMiet ^The Scouish & TruK. The Monks tnvcsmiem Trau. 

The Bailtic Gifibrd Japan 'IVibc, Mid Wynd Inutnadcmal Inwaanent Tnnr and UaiUae GiAbid Shin Nippon} and hu been appioied by 
Baillic Oflbrd Saving Management Led. Oaillie CiSbrd Saviiiga Management Lnl are managen of die Uaillie GilTord Imcsuneoi Trust 
Savings Scheme and are a wholly owned ubudiary efBaillie Cilibtd dc Co, who are the nianagm ami se cf c u ria laf the Truus. 
Sonee: Money Obicna/Nat WaiSeniriiies Rbnoiy 1444, We^hicd aact pcifomunce as at the end of I9Q3 with netmeome mnaesKiL 







FINANCIAL TIMES WEEKEND APRILjO{MAYJJ9»4 




X WEEKENDFT 


Minding Your Own Business 

Herbal recipe 
for a healthy 
company 

CUve Fewins on imports from China 

R obert BfiUer had been Blllkr, 43. *1Bat we have had to woi^ 
snOefing baa brandii* hard tor our money and there have 
tis for two vrim been revexsals.” 

he gave 19 cmivaitkRial Ihe worst of these was the October 
maitigitie in bvour of 1992 exehai^ rate crisis, when 


R obert BfiUer had been 
snOering from bnmdo* 
tis for two monlhs vrim 
he gave 19 omvaitkRial 
maitlgitie in bvour of 
jMMiring a remedy in Boston^ CSnna- 
town. ^ fbond a CSdnese doctor vAo 
rrnnril to have the powers of a Ibr' 
tune teller. 

**86 told me amagingiy aocorate 
about my medical !*■«*» »ry, gave 
me a revdting tasting hmhal poQoin, 
and two days later my condition 
started clearing 19. After a wedi I 
was Ceding 190 pm* cent,” said tiie 
hedthy siZ'iboter from Ohio. 

For BfiUer, It was ftie road to 
Damascus. With rdief he sold the 

flrMtrftinn nrg a nigmg hnahM wa fia hart 

run dnce 1977 and wfaidi he Uamed 
for the stress at the root of his hroa- 
dutis. A few monflw after, in eaiiy 
1980; he started a herbal Importing 
hndiwvw . 

In 1986 he moved to ^ngtonii, whne 
he spent as a and 
started East-West Herbs in a 400 sq ft 
converted stable block near the 
Oxfbrdddre of a friend. 

Within a few wiiwithg ha had anid 

the IIS hudness and Conned a partner- 
ship with his friend, Uchael 
Uchityre, a harha] pfaettubner whom 
be boujriit out in 1990. BfiUer now 
hdds the meyor interest hut six of the 
20 fan and part-time entEdoyees have 

a mmnr hnlriHng - 

Tbe growth ai East West Herbs was 

at first imqwfftartilai- TnWal ra pHal 

was £20,000, shared between ti» part> 

nara lu the filSt year the mmpany 

tamed over a mere 212,000. Daring 
the second year it acquired a third 
member of staff and tamed over 
£40;00a 

1993 figures diowed and {oxfit 
of just undm £90,000, and the hushiess 
turned over £900^000. 

The wazdionse arid laboiatmy now 
occupy 6.000 sq ft of former lEann 
tndldings. 

“Our pn^ress has nriirored the 
inwaaeing use Of TYaditioaial fJrinasp 
Bfedicine CTCBI) in this country,” said 


PERSPECTIVES 


BflUer, 43. *13at we have had to work 
hard tor our money and there have 
been reversals.” 

The worst of these was the October 

1992 avehanga rate crisis, when 
Britain Idt tiie ESBL *T was slow to 
realise the effocts of tide, hi FShmary 

1993 1 had to send oot a lettw to aU 
«igtoinore addfaig a surcharge of 10 
per cmt to wholesale jaices and a 
surchaigB on aU preecrfoticns 
mafiod te practitiraers,” yjtd BfiUar. 

East-West Herbs weathered the 
s topn. ”Ii& was hard last year. We 
had to aak onr snndims for extended 
credit and car bmikets, Coutts, wme 
very helpful with our overdraft focD- 
ity, whi^ I do not generaUy like to 
exceed £50,000,” MUIm' said. 

The con^eny neverthdess achieved 
nearly 30 per cent growth and expan- 
ded the woA of its research and 
authentication laboratory, tn this 
department the key figures are two 
Chinese TCBl specialists. The core 
business remains supplying more 
than 1,000 herbs, herbal prqarationg 
and herbal products to about l/BO 
customers in a doxm countries. In 

thte, Dr Shfttmriiig Thang atwl Miai 

Hmigwmi Tu play a key role. 

"hi 1986, when we started, the orimi- 
tal herb supply bnaiwaag was in the 
cottage Industry category,” BfiUer 
said. ”A lot of Bmg fraudsters 
were able to pass off infe^ pn^ara- 
tiona to unsuspecting non-Ch£mse 
speakers. Bfy aim has been to raise 
tile ffooile standard of what tins busi- 
ness is aU about in rW-g country.” 

Dr Zhong, a phyto-chemist, for- 
merly a professor at the Chinese 

Pharmanmtfrala UnlVttSi ty in Nam- 
ing, and To, vrtio previously wcaked 
at tile TjBWtnm 5Ww>ni of Fhanoacy, 
conomtiate on. 

"Bfony Qunese hobs traditiiQiMlly 
undergo a long process of baking, 
steaming, frying atmI mrrmg before 
they are ready fm use,” miipr 
*111 Hong Song, unlike mainland 
China, there are no rules or r^fula- 
ttons governing the preparation of 
phaTWMwwitiffMi produds. FTooesrtng 



ChlneN prescriplfon for success: Robert IMar fetq wtti Hongwen YU aid Dr Shoambig Zhong 


MivMMod 


tnrfhndR there contravene the 
gulddines of tiie Chinese Phamtaco- 
poeia. At East-West Herbs we have 
installed a stringent quality control 
programme and now inqKnrt our herbs 
d ir ec tl y from nwrinfanii Oiina.” 

At the company headgoarters in tiie 
village of Ringham near Cfaippii^ 
Norton tiie ctimU of herbs herbal 
preppations emanates finm the dis- 
pensing area, where staff pr^iare pre- 
scriptions for TCM products and 150 
westmn bttbal tinctures. 

As w^ as beizig available by Tnail 
or^, many of the company’s prod- 
ucts can be bought at the East-West 


Herb Shop and clinic in London’s 
Covent Garden, and the company 
recently signed a contract with a 
large pharmaceutical company to 
cany out research into a remedy for 
what Bfiner describes as “a commcHi 
HiimpTit in. this country”. 

*T)veraD. our net profit is under 10 
per «PTit. but this is not my prime 
measure of success,” Miner said. "B^ 
rmtUn aim has always been to ezpkA 
the growth potmtial of TQf in this 
country, hi the US thme Is a $40Qm 
market, but tiie Gmmans are this lag- 
ged per caiAta users of TC!U outside 
China. The marimt ttiere is estimated 


Fishing/Tom Fort 

The challenge 
of a new river 

A new age has aiveezcd diUl and lifeless. 

angling career. 1 do thither for a coopte of hoim 
^eaeet it to be before lunch, sewcfalng vktajy 


atgLSbzL 

”TCBI provides primary health care 
for a quarter to a half of the world's 
pcqmlatimL It is now possible to study 
TCBf in tins country, and more and 
more Brtti^ people are going to 
China to leam about it It is also 
bezz^ practised in half a dozen. NHS 
dinics, so there is tremendotis growth 
potentlaL For East-West Herbs the 
really pnditable phase is yet to 
come.” 

■ East-West Herb^ Langston Prionf 
Metos, BSnghom, Oxfordshire 0X7 
6ZXP. Tdephone: OmSSSSBZ. 


A new age has 
dawned in my 
angling career. 1 do 
not expect it to be 
golden - a mottled 

sOvs win do. The first omau, 
1 am rdieved to report, have 
reasonahly propitions. 
But I ranai n a tiffie fearfUL 
for a dtange of tiw at my 
rtnui of lifo is a momentous 

Hitng - 

1 have swapped Bmkshire 
for Hampddie^ and forsaken 
tiie Inoad watos of the middle 
Sennet fin tiie Bnvld ItdiaL 
To give U an ednertona) par^ 
and, it is as if 1 had kft the 
faiwiHai- surroundings of 
sdiool, and was peering in to 
smne college ef Mgher learn- 
ing. There is a fear of being 
found dtfdent; and witii it a 
sense of dnlleB^ 

This is not to denigtate tiie 
Sennet, whoe I have had sev- 
end hagpf yean - and even 
tiie o cc as i o n al tr i umph over a 
tront But the Itdien is a dif- 
foniift kettie of ftsh. new 
refuge Is tiie Abbots Barton 
water on tiie ootAfate of Wln- 
diete- hallowed In fly fisb- 
ii^ tiadltiais because ft was 
here that the Immorlal Skues 
stnibed t rout, and refined to 
the polBt of revolntlim the 
way we fish for tiion. 

The idea tiist I or anyone 
dse coidd follow In his foot- 
step is lang^iable. But his 
dudow - as wdl as a sturdy 
commemorative seat - are 
tiiere, along witii tiie memo- 
ries of his encounters with 
tront So I felt a touch daunted 
as 1 made my ddmt 
The season on the ttchen 
opens at the start of April. 
Now 1 have always had my 
doubts about ^rfl tront fisb- 
fug. Forget abont Cbanoer and 
Us ”slianres soote” - the pndh 
lem these days is winter hang- 
ing around to flay hopeful 
spring-sedrers with Arctic 
blasts, toiflstoniis, snow flnr- 
lies and the like. 

So it was fn* tiie first half of 
this i^iriL I cowered indoors 
nntil the forecaster assured 
me timt n gentie breeze was 
Uowiiqr frun the sonth-west 
The countryside was caught 
between seasons; the river 


3Mfmed diill and lifeless. 

I wandered hither and 
♦hHiter for a couple of hoars 
before landi. searddng vainly 
for any sign of meaningfid 
activity on the main river, a 
on the network of feeder 
streams whidi cut throoUi the 
meadows. As I ate my bread 
aiMi chffir. I pondered scQiti- 
caDy - and a little resentfUly 
- on the nprls I bad read 
abont the InfoUtble appear- 
ance 00 April days of an insect 
M»n«wi the Large Dark Olive, 
and tiie gnarai^ this offered 
of sport with trout 

I was resigned to foilnre 
when, snddeidy and miracn- 
lonsly, they did begU to hatdi. 
Dovni they floated, dark 


The idea that I 
could follow in 
Skues’ footsteps 
is laughable 


smudges against tiie s he en of 
tiie surface. And up came the 
trout to toe& 

1 had two hours of u t terl y 
absorbing fishing. Being 
stoiked fish, tiiey were none 
too faddy, and took a hadded 
Ckeenwell readily enondi- By 
ntid-afternoon I had can^bt 
and retunied three or four 
vAlch did not quite make the 
14in fixe limit and one 
handsome twopniider. 

By tiie fiihiiig hut 1 met tiie 
ke^ier, a big, affable ptpe- 
soudoB' named Bfike. We ex- 
changed pleasantries, and X 
moved upstream for a final 
flurry. The hatdi persisted, 
and 1 qiotted two fish sockliig 
away mmrily on a bend. 1 
can^t one, then the other, 
each heavily spotted with 
golden tummies, each just 
over two pounds. X was dum- 
in^ pleased wtUi myself. 

The keeper todc the pipe out 
of his montti as X approsuhed. 
That was very effidmitly done, 
he coimnented approvingly. 
Hdp, I thought He tiilnks Fm 
a luopmr fisherman. Watt until 
next time. 


' . /v > ’ ' ■ 


V • ' V 






nrunrnn inrirrmaiiiaiiii in hi 11 m m iiiiwiiiii iiiiiiii i iwiiioi oiiiik i l■llllll lllllll■l■llllnmla■ll ■l lll 1 




Customers 

AND HOW 
TO SURVIVE 
THEM. 

British business is currently suffering feom a 
plague ofUte payment and bad debt 

In all our 80 years as Europe's laigesc domestic 
and export credit insurance broker, our expertise 
has never had so much relevance or greater 
urgency dun now. 

Our guide “A Credit to the Company", 
explodes some of the myths about credit 
insurance and demonstrates how companies 
can protect themselves against the result of 
failure in others. 

Like the service we provide our customers, 
it’s live, unbiased and, so we're ndd. indispenrable. 

In a business climate 
like this, can you afford 
10 do without it? For 
your copy, just send 
in the coupon E>elow 
or call Bryan Squibb 
on 071 235 5435 today. 


' •■'K . • 


Please send me a copy of 
your guide *A Grade to the Company" 


{ Company 


CIA 


The Credh Innnance Assoctadou Limhed 
13 Crnsvcnor Phee, London SViXTHH 


BANK OF ATHENS SjL 

INYTEAnON FOR EXPRESSIONS 
OF INTEREST IN PURCHASING 
THE ASSETS (CLAIMS) OF 
ATHENS PIPE WORKS S A. 

The Bank of Athens S A., in its c^iacity as liquidator 
of Athens Pipewbrks SA. in accordance with the 
provisions of Article 46a of Law 1892/90 invites 
interested parties to submit in writing, within a period 
of 20 days, a non-binding expression of interest in 
purchasing the Conqmny's assets ((daims). 

It is to be pointed out that the assets of Athens 
Pipeworks S.A. (land, buildings, mechanical 
equipment, vehicles, etc.) in their entirety, were 
assigned to Hephaestus SA. by virtue of a previous 
auction and that this invitation concerns only the 
Company’s claims as currently shown in the 
Company's books. 

Interested parties should submit their non. binding 
expression of interest within 20 days to the 
Cempany’s head office at 260 Pixeos Street, Athens to 
the attention of the Liquidator's representative, Mr 
Nicholas Ikiokas, Ibi. ■l■30-l-4820 828 and -i-SO-l- 
4811 375. 


0 WINDOW OF OPPORTUNITY 
TO PURCHASE 

uFVe VUndaw Manufacturiag Company whfi 
A UNIQUE ASSET 

GEORGIAN BAR REGfSTERED DESIGN Na 10S0992 
AUowittg pndnciiOQ of realistic GeoigiaD Winduw repiacemeois 
god tfso 

TtlADmONAL RBPIACEMBn' RANDOUS 
Glass Retail Srop 
Assembly Premises 
PBOFITABLB BUSNESS GPM 60% 1993. 

Good TltAac BscoRD wrm Remarkaelb POTENnAL 
Frnlha- written deUitsapidyiQBMB2783, 

Pbtaneiai Tanea, One So uth wa r k Bridge, London SEJ 9HL 


FOR SALE 
TRUST COMPANY 
AOXIBIIIUH WWLHOPA 
Ansir (CBAma. IsLAios) 
ftBannssD ‘nnsr Vneu 
IdesBy sail m mutalea w ceipeatB 
*I\) emphts yoar coaqiBay^ gtobd met 
pnSeedoB ibOky nd hm H 
IstenMiaBil preSlB. 
aaomLJtilyu|ilLe uiilji iiURiW 
te B2a4^ Ftaadri Thm. 

One SoaOrak Briteb LoodM SBl WL 


PVCD WINDOW 
MANUFACTURING 
BUSINESS FOR SALE 
(West CouNiuY) 
'Ihinovsr-fl.liiiiUioo.hofittblo- 
DiiecUMs wish to nialB eqsiqr 

' imerasL 

Write te Bm lU/AI, Ptaanctal Tlaics, 
One Souiiiwaik Bridge, 
LoadoaSEl 9HL 


FOR SALE 


Major pic wishes to dispose of writ estebiished but non core 
enffo oori ng business in North Wales. 

WBh a cuiTsnt T/0 of £1 .2in+, the company manufachses products 
and componenl s far eaqmntfing inlemationai niche marhsL Woridng 
to BS5750 / 1S09000 quality standards, foe fifty equipped factoiy 
offers excellent opportunities for further expansion and as a 
^nergistic partner to related businesses. 

RttiBBes include a comprshensfvety equipped machine shop and 
assembly operation supported by inspection and toolroom 
shcUons. Prindpais or their retained ageiits only please write for 
further informaBon to: 

Wirtte to Box B2792, Financial Times, 

One Southwark Bridge, London SE1 9HL 


PRIVATE COMPANY SALE 

Sales £Z50k p.b.L in growth market has ambitious plans to 
expand within 5 yeas to £17m 64.5m. pb.L This will interest an 
acquisitive group - wWiing to add a service company to Us poctiiftio 
wife an exoeBent managetn^ teauL Cbmpieh en a t ve ^an avjOable. 

Write lo Box B2778,Faiaiidanimes, I 

One Southamk Bruty^ London SE2 9HL I 


PnVATB BOUHMG COMniNT 

PorSale 

Dn DCMpoiBios 11 utejuiiiy InlcBng 1& 
I profitable leagBO fOMbsU deb 
owning iia gtouad, together with 
haebokl leatal pnpeity. 

In addition an asa^ated trading 
eonpany IshidndBd 
Total Ml pioBt of the conpuiet 
approriniaiely £SOO,OOOl 

parties 

Rov AMCkfiJ T&m; 

Prir Itnrrfimirf ffffrfjr fuallii irrUTT 


OTE 


BUSINESSES 

WANTED 

lteNE3NG 
OF Retirqient? 

Kxmer Dtrector of miior company 
I se^toaoqoiiecoiiqNUiy: 

* ‘ftimover £.5in 10 £10m 
•SEBmed 

.* TkaiEog/Seaviee Company i 

WMte a» anr SS79/, 

Pinamdel 7^10, One SmiOwmk i 
Bri^LendenOim. I 


SPAIN- RENT/SALE 

RESTAllRANT COCKTAIL PIANO BAR 

Puerto Bnaus MniheBn. Now ciosed doe to bad mansgeiDenL 
Suitable for Thai Of Teb a owf Caaiiie. Over £1,000,000 was yot cm 
this laziniaas restaurant Completdy fitted ou. 
Funwasoiuis: it m illUTTH UK Tk/Vax 44.763433689 


BUSINESS 

SERVICES 

OUAUTV FURHISHeO oFFicns 
Kensinslon. UnbmiaMe prieen, BoAle 
terma. Dtecouni far goBHa. nag art 037 
WOO (Her TM(BJ Jute SyM 

IRELAND. ACeOUNTAirT pTOvUns 
managefnent aceNinina awfes for 
buN wni v Sh wm aubaM ii li^ tewtciM 
ate. nwwjno) am i mat is« rm mq 
as3 1 4S3nXM tar braUan. 

TORUS eUMNESS CEWTRB MMUNQ 
AODFESS. lamfONE ANSWERINQ, 
8ECRE1ARIAL. CALL 0288 818837 or 
AOCOBas 616827 tarinchute 

NEW YORK EXECUTIVB OPFtCB 

«lin(irademakifl»u3AaD0i6i ndfar- 
Tnl/Fax/MalUParcola and mom. 
Tac 212 38*4084 Sac 212 38142R 


All Adve r tisemgrt boddags 
me accepted subject 
toourcunent 
Terms and Oonditioos, 
copies of which 
ace ava^le by writing lo 

The Advertieement 
Pioductkxt Director, 
The Financial Times, . 
One Souifawark Biitige, 
London SE19HL 
Tel: 0718733223 
Fax: 071 873 3064 


PUBLISHING OPPORTUNITY 

Inveatment of £350K 
Sought for Devetopment of exciting new 
infonnatkm pubUshing venture. 

Intere^ed parties to mrBelo Bax B279S, 
PbmdJT^UMjOueSauikwaikBri^etLoatlenSBltBL 


TdISrod 




Bridging Finance 

’Ite Last Great Race an EarA'^ 
1 160 kfiks across Ahska!s vast 
wfldemess. fo^irii nnslier seeks 
part or fiill sponsor for *95 race. 


Geonan Vtate Managanent Pngect 
AAAUSSecwidea 
SUSSOCk.SUSlM 
1tar3-6iBOMhi 

I-AX \(): OfW 4SI) 


1 Ore Suwliaji Bridge. Loteba set Wn. 
FBINCIMLSONLY 

BUSINESS SOFTWARE 

To ti*>arnaeia Ob seerien phase id^luae 071-873 3S03 

or write toJanaKeOaekai the Fhianrial rrmn, 

ChieSomAtwkBridge,LeedimSEI9HLorFtBe07i8733098 


SE1JECI400 
UNIT TRURT SYfflEM 

RabuN NahnrtMd ffack^ 

"TrnrmmifTntrrrinpriairt tiliBMgiMi 
C nne l ateluneSon ^ 

MuN>cumnqr 

MuWtagMl CoRMpendanco 
Banpaan and AiMde 
ra^ntanrmitialtilly 
AfaM^ madam, acenoRta 
PlaltamifarLT.a«danw 
Mn Oimand CoeM SeNnm 
TN WIT! dMWT I'm iwmn >111111 
SB Mdbamn PC6 SNad 400 
TNemaTdwwifaKweiddiBm 


COMPUnat AIDED 
SALES A MARKETING 

D mai m n ump i, a c emp i n l ia i wi w aaten 6 

mackeiing produelMly vawm. HMdtoa, 


Manage aourees, eampi^m, m..- 
raaporiM mmluatian, notao, tatopbone 
aal^ a much m maiPHao mar. — -ntitn 
Winn , pnn iio!ii. i nodan mo ier 


ACT! THESALES 
MANAGEMENT SYSTEM 

• IWetamyowCaantConM 

• PramptealyawaGlana 

- HaaU IMP. Modem, tacavoport 

• 008.WgEXMV8.NETW0faCB.MAC. 

• flalnfaa.CanmNBnqr.Swort.Praduef 

- Pam camplaii Mmoaiat 
ASK FOR THE OaiO DISC 


GANN ELUOTT TRADER 


Rmwed price S tana GhNtan!oS(fa 

Gann Mgiaa aite duatnin. CyM and 


nad^canMclte r AWab. Thauiim 

ffiNcow yo iBQfv IMnSiQ modtb phB 


Tdt OMgiiifii 


UNIVERSAL EXOTICS, 
OPTIONS, SWAP, v nei n 
ZERO-CURVE ADD-INS 
MdSenal mraadUMolhmcllna fw CmM 

Maikai Pralaaalenate oalng Laam I44 mri 
^OWi doM. OaalXtee. BunaiS S 
M’Mrtean styto opnena and awrrenta on 
l?1*.?n»no^aBinoetes.faaMamd 
gram. WnaaodMblaL 


2 Loodon Ofafl BiMbma 
twirin n W a n . L n na n ii r pi M bff 

^428 4208 fcc *44 7l4m ana 


INDEXIA 

technical ANALYSIS 

*T^j room oNs 

™*Mwfa»s fa Thctedc4f Smteida a OoBani 
IS** ToMca 

■V*®™- phw « T a dwfcM nnuifali hm^ 
***;?* w w4n. Two Option* Valuation 
yyMems. Supp ilnd wINi tnm databank. 

upoM meraadir « oMnMMwL 
wnwan n m mmjC SiSu^aieee 

awMmnmted. Mart* 
ntearnsneis FtebocmcTBSM 


P. COB'S 

ConoNdw itenmaukig a aNm ned^m. 

ISB^ a (ham fMtea tar Ow Bwfewaa A 
piMaiHBr. 

Acorn a teaon raglmimd damaq, 

Tni TraiiiiiwniinBin) imiiMi 

fWe Wapmondi |DMq 7SH44 


— oilBiySB 

aoftwarelU! Onty bom 

market ORIGIN-^ 

ig^fcwd . curranelaa. 

■WsBWasTasmteemssdns 


t 












FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 


WEEKEND FT 


XI 



PERSPECTIVES 


t W0ll«'. . 

‘Nftr. t,; ■; 
M«it u,,„ , 

. , . . 

•ettiiti 

- **9 Cfar 1.,'. 

**<ly -1.,; 

- UM Ihr r. . 

thr ,‘ 

. Udb un 

■***W Oft- f . 

^ rt*** Eu-.' 

of •pMII wj.t^ , 

t ff... 

W6ra. stLM '. 

. (ttri 

Dotoc it.ts 


■ ' ‘''li . 

■ ■■'• l' 



nind&i'jt ^ 

tlioaiirfsHr. 
tnm\ ta i4M{. .. 

i ««,, },. u> ,',f 

•IktfOrMits' r •>.... T 
XOrtird S8s‘i rv,''«.=^ 

ttw-ofir': ntj* n i i. , , 

MERQkOfnr ;‘i., .n.-iirr- 
»? ihr l»vS, .... 

WPpW. it 

pj..,.. ,. 

up'.j.,..,: ,‘t 

Rmrrt. T»;r 
I spnlji',' 

!*•> mr*:-.-. ., 

.. 

mra hf.io I 

(crtiea ,,,,■ 

fW rOM IT,...- 

•ilr ph-MV ;. •» .;. ;..u.'; 
Tfcf •• ■ . h ^ ' I 1..1 

ruo usois;.. . 

flMv. > , ;,.i, - 

♦ fomnio ... 

(dp. MS». "Ii-i. 
pUfllK.. f:- ';.■••■ „■• 

tU itoi.- 


POK1 i \ 


♦ rui-i;. 
f vri-J.: . 

l<. 


St-. 

V* •«• 

\ % I. 


•i.- * I : 

I. 


VTSS vKt 




ni( '.x; • 

14^ .... - ' 

410 M.-V- 
••• 

««'«*«»•• 

• * 

.t.-j ■' 


t1i.M iS-'-' 
V}- 

VR\i \ 




.A 

n \i ' 

jfiM »«’(»■ 


-■ •<••■' 


4 "• 

Knfi **• ' 


t mtulA 


a? at. " 


; « r« " • • ,..••■ 

« ff' ' 

,^<4. 

JA. ' 


I f you knew even a little 
about advertising, you would 
mark David Abbott down at 
once as a hi g hl y -paid “cre- 
ative’' - possibly a copy- 
writer - rather than an account- 
managing ''suit'*. Bnt he does wear 
suits - expensive ones, sometimes 
striped ones - so .you would com 
elude, again accurately, that be was 
probably an agency h ^d , 

If you knew nothing ^Kmt adver- 
tising, you would at l^st be certain 
that Abbott was rich and successful 
- a deal-maker, say, in movies or 
Fragrances, or from the st^ end of 
fashion, supposing there is one. 

Abbott is one of the besbregarded 
and most influential creatives in 
British advertising. He is ^^haii-maw 
and creative director of Abbott 
Mead Vickms (AMV), which in 1994 
hopes to hawdla Wllmga ~ mwHa 
expenditure placed on clients’ 
behalf - of £300m. mmigh to posi- 
tion it among the three or four 
highest-billing tiond on 
A recent coup was the culture, 
three months ago, of an annual 
£50m worth of BT (British Tdeoom- 
munlcatkms) business, described by 
tile agency as the “largest 
new-busing win in the history of 
British advertising”. 

I met David Abbott at Bibendum, 
an elegant restaurant (m tiie first 
floor of Michelin House in London’s 
Fulham Road (Sir Terence Conran 
is a coproprietor) - and remem- 
bered that an FT columnist, not 
long ago, had called BT ’’Britain^ 
most bated company”. 

I mentioned this to the ace imt^ 
maker as we our mmius. 

Abbott is tall, rangy and Hollywood 
handsome, with Persil-white hair, 
and is pretematurally charming: 
the brand of deep charm that 
reassures powerful cltents - Sains-, 
bury's, . Volvo, Leeds Permanent 
Building Society, Pepsi-Cola, The 
Ecoiamist, etc - and costs a zillion 
per hour. 


Lunch with the FT 


Burnish your image, sir? 

Michael Thompson-Noel meets David Abbott, advertising executive 


He smiled. “I am not sure,” he 
said thoughtfully, "that that is 
ri^ except Qiat BT suffer from 
being people who send you bDls. I 
Oiink they have made real eShrts to 
improve their service and lower 
th^ tariSk, encomaged by the Kg- 
ulators. Our main job for them is 
call-encouragement — to the 

length of calls. On average, an 
American spends 20 minutes on the 
’plume d^Ti hi Britain it is 
four." 

Only an idiot would that 

anything could be gained by heck- 
ling an image-burnisher wiw* Abbott 
with back-banded remarks about 
his chents, so I switched to food 

'Do you like food? Is this your 
fiivourite restaurant? Do you like 
Midhelin-starred estabhshmeutS?” 

"I like fo^” he said. ‘Dut this” • 
Bibendum - ”18 about as posh as I 
get This is such a pretty room, and 
we have been given almost tiie best 
table, 1 am not sure why. I don’t 
Hke cathedrals to food I quite like 
bad restaurants. Let me re-phrase 
that unpretentious restaurants. If 
Fve got a free day I lilm to take a 
book and eat cm my own. If you 
asked me to name my three &vour^ 
ite restaurants - breakfast, lunch, 
dinner - 1 would answer with three 
in Vmice: the CSpriani fbr break- 
fast, that nice one by the opera 
house for lundi, and Harry's Dold 
ftff dinnm.” 

Abbott still copy-writes. He bas 
won many awards for it He is par 
ticularly weQ-^wn for 20 years' 
work on the Volvo account, though 



I was surprised when he said he 
still writes plenty of ads fbr differ- 
ent campaigns. He did all of the 
creative writing for example, that 
mm tiie BT account. 

*T have a love-hate relationship 
with copy-writing,’’ he says. ‘TIow I 
need a tiea»TKimi 1 am 55, my eye- 
sight’s going and my kne^ ache, so 
there are some older audiences that 
rm just beginning to Understand” 

He worits 70 to 80 bouts a week. Is 
he ridi? "I am ri^ by most people's 
standards.” 

He had a notion, early on, that he 
would like to ”do som^hing cre- 
ative”, and discovered there was a 
job called copy-writing after picking 
im a bodr called Jfodtson Avenue, 
by Martin Meyer, first, in 1961, he 
jtmmd Eodakfs advertfeing d^art- 
menL 'Hien he worked at s^ency 
Mather & Crowtber. *1 had to take 
the copy test twice, but was offered 
a job because I was thou^t to be 


the Mather's type.” 

He had seven years at Doyle Dane 
Bembach in London, inidudii^ a 
year's training in New York, where 
be came to admire the best qualities 
of US advertising. Abbott Mead 
Vickers was started at the end of 
1977, and has just sort of grown. 

Had British advertising improved 
in the last 10 to 15 years? 1 thi^ it 
is better. The gmeral executional 
level of ads, particidariy tdevision 
ads, is now of a very hi^ standard. 
And technology has helped us do 
impossibie things. If you can think 
it, you can make it happen, really. 

‘q think also there's a reex^nition 
that the viewer ~ the consumer - is 
of a visually literate generation. 
You can use shorthand: you can be 
quite clever iu your visual commu- 
nication. There's less pounding on 
the door, more subtlety, in advertis- 
ing now. Hie danger is that that 
goes too far and you just have 
entertainment «n«i no persuasion. 

"The real problem with advertis- 
ing is that there’s going to be so 
much of it that the proliferation of 
wKxiia is going to Tn «*a" narrow-cast- 
ing, rather than broad-casting. The 
price of enl^ is going to go down 
and we will become more like 
America than is pCTb^ desirable. 
Tm sure we're going to have car 
dealers [on screen] doing tiieir own 
advertising, more plumbers, more 
back specfelists and hair clinics.” 

“I have read,” 1 said, "that tele- 
vision Is expected to last 10.000 
years. Will advertising always 
exist?" 


"Hierell always be a need," he 
said, "for some form of mass selling. 
As long as we value mass emidc^- 
ment, we have to have mass produce 
tion. Advertfsh^ is just an intrinsic 
part of western capitalist society.” 

Ts it my imagfoatlon.” I 
“or has UE TV advertising become 
more and mme Americanised?'* 

Tm not sure how real that is.” 
said the image-builder. "Hrere are 
two tiungs. One, there is the infhix 
of the multi-nationals, and a desire 
to use effective work from one mar- 
ket in another. One of my clients is 
Fepsi-Ckda. and they run P^isi com- 
mmcials made in the States for the 
American market h^ in the UE - 
very effectively. And that will con- 
tinue to grow. Second, 1 think 
tbm«’s a vogue for thin^ Ameri- 
can, so that what may look like an 
American commpr rtal for Levi’s is 
in fact created by an ^glish 
agency. 

“1 think you're ri^t, thmigh i 
think there will be not (mly more 
American commercials on our 
screens but more Italian and more 
French ones that are re-voiced. It’s 
just the ^bal economy. Certainly 
International business is on the 
increase. In 1990. 1.5 per cent of our 
billing was international; in 1994 it 
will be something hte 34 pm* cent 
For the last couple of years, nearly 
60 per cent of our new-business 
inquiriK have been from people 
iutmested in our intematimial capa- 
bilities.” 

David Abbott is especially fasci- 
nating on the subject cf redundan- 



DavU Abbotk one of the most InfliMnUal creatives in BriSsh advertWng FaguaMM 


cies. He hates them, and has moved 
heaven and earth to avoid them at 
AMV, even - especially - in a 
period whmi euqdoyment in London 
ad agencies has fallen by a quarter. 

".Aiter a while,” he says, "there 
are only so many costs you can cut 
before banking into live wood. It 
seems to me much more commend- 
able for managements to go out and 
try and make money rather than 
save it, so we went for a really 
concentrated new-business drive, so 
as to hang on to jobs. 

“It might have meant flat profits 


for a few years, but when the reces- 
sion was over we’d end up with a 
workforce intact, good morale, cli- 
ents who had not been short- 
changed during the lean years, and 
no diminishment of our ability to 
win new business. You can't win 
new business and cut staff at the 
same time, because you have to win 
new business while you’re looking 
after old business." 

When we left, the waiters, 
broadly smiling, sang their good- 
byes to ‘qdr Abbott”. 1 was not at all 
surprised. 


Switched on 
for cyberchat 

Christina Lamb has a host of new 
contacts since her Internet article 


A mmith ^ I wn^ 
about my adven- 
tiu«s in cyberspace 
through Internet, 
the worldwide web of com- 
puter networks. Just to see 
wbat wcmld happen we printed 
my e-mail message address 
quite discreetly at the end for 
readers to send coDunrats. 

The next moniing I switdied 
on my computer to find more 
than too messages - com- 
ments on the article from 
places as diverse as Poland. 
Zambia and Los Angeles. 

The following morning I 
signed on with anticipatim to 
find another 80 messages, 
many with sn^sostions fin* fur- 
ther articles or even series on 
the same theme. Some peiqde I 
had already replied to had 
written back again. 

By the mid of tiie week I had 
heard from more than 800 
readers and one month cm I 
am still recMving e^oail mes- 
sages about tiie piece. Hiis is 
far more than oar letters edh 
tor receives for evmi tiie most 
controversial articles and 
many of these are never semi 
by the reporters. 

And while people are nsn- 
ally sparred by initatlon to 
writeletters to a newspaper, 
my e-mailers were friendly, 
positive and did not inclade a 
single Mr Angry. The ease and 
informal^ of being able to sit 
down at' the keyboard and 
knock off a message directly to 
the writer seems to stimulate 
good homoor. 

Many, I think, were inspired 
to correspcod ^ the article's 
headline. “Yes iti^ tme. I was 
a cybervlrgln", dreamt up by 
an imaginative sub-editor. 
MessagK often began "Dear 
cybervirgin". Some even 
wanted to share their own 
cyber-deflowering. Robert Dil- 
worth. in Franklbr^ wrote: 
“My first time was six weeks 
ago and I’m 35 years old ..." 1 
kept taepeettng a t h reatening 
message from the Internet 
postmaster, acensing me of 
providtaig a sex service. 

1 began to look forward 
ON-ery to a new surge 

of mail and evmi cancelling 
real-lifo dates in order to have 

time for new cybercmitacts. 

Unsurprisingly, ipven the 
net’s roots in academia, a 
iai^ nnmber of messages 
came from professors and 
researchers, ranging from the 
geography (tepartment M Edin- 
burgh University to the 
English department of Rhodes 
College, Memphis; from Nai- 
rtdri to the University of Calif- 
omia (UCLA). 

The second biggest group 
were businessmeo, from own- 
ere of small cmiipanieB extol- 
ling the virtues of Internet in 
enabling them to develop a 
bome-bakd business into one 
with enstomers and suppliers 
all over wenid. to tiu present 
of Citibank in Moscow who 
kept me updated on the city’s 
snowfall. 

The third most prolific mes- 
sage-senders worit for organi- 
sations such as the World 
Bank, a US teachers' nnkm. 
ibe UN and the Enropean 
Union. 


I beard from FT correspon- 
dents tn remote places sndi as 
]^v and with whom I am now 
cairyiiv tm a Uv^ coirespmi- 
dence; I received messages 
from an old schoolfiicnd with 
whom I had lost ton^ and 
from contacts in Brazil, my 
last posting, telling me the lat- 
est gossip and inflation figure. 
A man in Bombay even said 
the artlrie bad saved bis skin 
by providuig foddw for a talk 
be was due to give. 

Apart from beh^ entertain- 
ing, many wwe nsefu). A pro- 
fessor in South Africa is giv- 
ing me a daily personal 
account of the electums, while 
a repot^ on tiie local Boston 
paper is providing a useful 
exchange M ideas. While the 
length vi some messages led 
me to speculate over the 
amount of time some people 
had on their hands, one pae- 
diatrician imiffessed me by 
writing his e-mail mid-air, 
ready to send as soon as the 
tended. 

Most of the messages came 


I have even 
cancelled real-life 
dates m order to 
have time for new 
cybercontacts 


from euthnsiastB frustrated Iqr 
the media’s tendency to foens 
on negative aspects of Inte^ 
net. 

Blany described gig«i«g on 
initially jnst for messaging, 
only to find a new world 
awaiting than. James Qnirice, 
from Wolverhampton, 
snbscrlbed to corr ^pou d with 
his danghtar at Bradford uni- 
versity, says: "Tes it is addic- 
tive but Fve never had so 
many frimids." 

Some wanted to complain 
about eybajnnk; others had 
been in^ired by the artide to 
try to access the mass of InfiK^ 
mation available online. For 
some, messagiiig me was tfadr 
first attempt at e-mail over- 
seas or outside their comp^. 

There ramged a generalised 
frnstration over the cost of 
access in Europe, although I 
received many snggestioiis fbr 
the cheapest methods. 

The mrooimiee showed that 
sneb i nt ga ctiv i ty wiQ be the 
norm in tiie ftatore. In tiie US, 
more than 100 newspapgs are 
online and subscribers can 
message i^orters diiectiy for 
more information or to com- 
ment on articles. Some news- 
papers, such as the Raleif^ 
Obsgvg in North Caroliiu, 
have their computer systems 
connected to local schools 
enabling stndents to send in 
spo^ reports or make com- 
ments. 

And from the JonnialiA’s 
perqiective, for the first time 
in seven years X fed a real 
sense of Who readers are and 
wbat they are interested in. 

The 01 ^ problem is that I 
am so busy reading and reply- 
ing to e^nall that there is no 
time left to write articles . . . 


T he mayor hammers 
his gavel to 
members to order. 
In the distance, 
demonstrators 
chant Police patrol outside the 
building. The last council 
TneaHtig before next week’s 
municipal elections is in ses- 
sion at Tower Hamlets, east 
London. 

Derek Beackon. the only can- 
didate of the fer-ri^ British 
National Party evg elected to 
a local authority, sits silent 
and ignored by otiier council- 
lors. He is the reason for the 
police presence. Since he won a 
by-election in. Tower Hamlete’ 
isle ci Dogs nei^iboniliood on 
a Ri^ts for Whites platform in 
September, demonstrators 
have pursued him relentlessly. 

East London’s history con- 
tains enou^ heroes of political 
and social rdbnn to fill Val- 
halla: a whole alphabet of them 
fixnn Att^ to ZangwiQ. The 
unprepossessing Beackon does 
not look a natural candidate 
for the B section alongside 
Annie Besant. Thomas Bar- 
nardo and Wilham Booth. Yet 
if the BNP were to strengthen 
its position in next week's elec- 
tions he m^t wen leave a 
powerful, if ne^tive, marit on 
this racUdly divmse, deprived 
inner dty area. 

East London is immensely 
attached to its history, particu- 
larly an interpretation of it 
that projects the area as a 
melting pot of cnHures and the 
birthplace of compassionate 
and pn^ressive causes. 

Only I'bi* Tnnnth Tower Ham- 
lets eouncO presented the fine- 
dam the borou^ to the Sal- 
vation Army, founded by 
Booth in Stepney; the coundl 
is also appealing to reridents' 
nostal^c affection fbr their 
past with a ftampalgn to dOWD- 
jday the name Tower Hamlets 
and focus instead on the waim, 
friend^ old alternative of East 
End. New road si^ tell visl- 
t(ns they are entering the 
End, while town hall telqihone 
operators greet caUms with the 
response: “Tower Hamlets. 
East End.” 

Ihe sense of recollection to 
which such a campaign 
appeals is inevitably partial. 
Memories of East Endeis tak- 
ing to the stre et s in the 1930s 
to resist Sir Oswald Moseley's 
British Union of Fascists, for 
instance, fit more comfortably 
than the outcome of the 1937 
London County Council elec- 
tions in Bethnal (Sreen, when 
the fascists came second to 
Labour and beat the Libmals 
to tblrd place. 

Yet both are facts, just like 
the outlandish fact that since 
September the local govem- 
wt^f ward enntalfiing Canary 
Wharf - the internationally 
famous syn^l of the new. 21st 
cmitury East End of tiie future 
- has been repre se nted by a 
BNP councillor. 

Isle cX D<^ residents who 
admit having put him in office, 
and say they will vote BNP 
again next week, often add: 
“But I am not raeist'"Some are 
liars. T-nniinn dodteis, who for 
generations have populated the 
tele of were never arnoi^ 
the most p n^ws si ve sections 
of the working class; the 
entrenched attitudes that 
barred outsiders from dock 
work are now exhibited ^ 
some whites against Asian 
families moving to this pre- 
dominantly white part of the 
bnrrmgb 

This does not mean that BNP 
suppmt is based only mi innate 
racisoL After Beackon’s vic- 
tory in .^fl ptenn hfl T , the natintial 
laboal Dmnocrat parly set up 


A black and white issue 

Alan Pike describes how the politics of race and colour is stirring up east London 



Peliee proasneo; Derek Beackon hae bean purstiad relentleaaty by demonatraters sinea Me etocBon to Tower Hamtete* We of Dogs naighbourtiood 



MosMey: East Enders rosistod Ms festtsts in ttie ISSOs 


a committee of inquiry imder 

Lord Lester, QC. 

Its conclusion that leaflets 
jgoduced by members of Tower 
Hamlets Liberal Democrat 
party, which controls the coun- 
cil. had es^loited racial preju- 
dice in a bid for the support of 
white voters remains a matter 
of controversy in the local 
party. But few Tbwer Hamlets 
residents would argue with the 
committee’s analysis of the 
bac^round: 

“fr is not surprising that 
Touer Hamlets should be a 
potential breeding ground for 
racism given the extent of social 
and economic deprivation, Oa 
high proportion of relatively 
recent immigrants from rural 
Bangladesh, the lack of ade- 
quate housing stock, the oner- 
ous statutory duties placed 
upon the council to house home- 
less persons, the government's 
failure to provide adequate 
resources to meet the pressixtg 
needs of this greallg deprived 
part of London's East EruL” 

Labour and Liberal Demo- 
crat coimciflors - there are no 
Conservatives on Tower Ham- 
lets council - certainly endorse 
the criticism that the govern- 
ment hae foiled to provide ade- 
quate resources. The question 


of whether councillors them- 
selves have inadvertently cm- 
tributed to the BNP’s ipowing 
ronfidenno - whether In their 

a dmini a tra l inw of thig racially 

complex borough, they have 
fallen short of the prcMid, pro- 
gressive traditions on which 
their crusade to reinstate the 
(dd image of the East End is 
built - is a less comfortable 
one for them. 

But concerns about racial 
bias in Tower Hamlets’ hous- 
ing policies have a long pedi- 
gree. They began before 
Labour lost control of the 
council to the Uberal Demo- 
crats in 1986; the Commission 
for Racial Equality issued a 
non-discrimination notice in 
1987. and the council's bouring 
activities have been the subject 
of continued monitoring and 
court actions since then. 

The Lester report concluded 
that, since 1990 at teak, there 
was "ample evidence” that 
Liberal Democrat party at fed- 
eral national and r^ooal lev- 
els had been "aware of prob- 
lems in Tower Hamlets”; 300 
Bangladeshi members of the 
Tower Hamlets party wrote to 
the Lester committee alleging 
racism against three Liberal 
Democrat councilors. 


Labour has been unable to 
witness these events with 
detached purity. Some of its 
own leaflets are allied to have 
also played on white voters' 
concerns over the allocation of 
housing to Asians, while the 
local party lue never dealt sat^ 
isfoctorily with claims that 
false canvas returns exaggerat- 
ing BNP support were leaked 
during the by-election and 
became self-fiilfilluig. 

VThatever the causes of the 
growth in BNP support, the 
potential cons^uences are par- 
ticularly serious in Tower 
Hamlets. The conncil is the 
most decentralised in Britain, 
with services and decision- 
making devolved to seven 
neighbcnirhoods. Election of 
only two more councillors 
alongside Derek Beackon 
would ^ve tiie BNP control of 
Isle of D(^ nei^ibourhood. A 
further tbm would bring con- 
trol of Globe Town. Winning 
both would put £40m of discre- 
tionary si»ndii^ in the BNP's 

hanriff 

Liberal Democrats - pnmiot- 
ers of decentralisation - point 
to surveys indicating the pol- 
icy has popular support; critics 
say it has deprive councillors 
of a collective, unU^jdng sense 
of responsibility for the bor- 
OU 01 as a whole, turning them 
wfitaad into parish managers - 
and their electorates into 
inward looking parishimiers - 
and that the BNP has capital- 
ised on this. 

Next we^ the Liberal Dem- 
ocrat and Labour parties that 
dominate Tower Itemlets poli- 
tics must persuade one of 
Britain's most racially volatile 
areas to step back from a fur- 
ther vote for extremism. 
Labour’s Arthur Downes, lon- 
gest serving member of Tower 
Hamlets councO. points to the 
dilemma they face: “Tbere is a 


feeling among the people of the 
tele of D(^ that the Conserva- 
tive government has let them 
down, the Liberal Democrat 
controlled Tower Hamlets 
council has let them down and 
the Labour controlled Isle of 
Dogs neighbourhood has let 
them down. 

Tn the past, they believed no 
one fisted when they com- 
plained that they felt let down. 
Now that they have electkl a 
BNP councillor the political 
parties, press, television and 
opinion pollsters are an listen- 
ing. Ihat is a very difficolt per 
ception to deal with in an elec- 
tion campaign.” 

Neitiier do the main parties 
go united into the fi^t - the 
aftennath of Derek Beackon’s 
win has worsened divisions in 


both Labour and the Liberal 
Democrats and break-away foo- 
tions are sbmding against th e 
official parties. 

The last council meeting 
before the election draws to a 
close. Councillors leave the 
chamber for the most impm^ 
tant campaign they have ever 
fought carrying their agenda 
papers, covered with the bor 
ou^ coat of arms and motto. 

It is the old Stepney counefl 
motto, so familiar tO thoSB 
heroes of the East End’s politi- 
cal past, translated from l^tin 
and retained when Tower 
Hamlets was formed in 1965. A 
Magnis ad Maiora. From (2reat 
Things to Greater. Next w^ 
will determine whether, in 
1994, it should end with a ques- 
tion mark. 



HACKETT 

LONDON 


New Shop Open 

aTJERAlYNXrREET MlNDtYN SW1 CP1.93li I3l<t> 






HOW TO SPEND IT 


1 

I 

\ 


L 


] 

e 

a 


d 

n 

n 

t: 

P 

n 

n 

ii 

E 

s: 

]i 

t( 

s: 

Z 

ti 

if 

ti 

It 

a 

b: 

SI 

N 

St 

fa 

XT 

fc 

u 



Silver master 
goes public 

Gerald Benney is opening a shop to sell his 
exquisite wares, writes Lucia van der Post 



SStwr paper fcnims with handles of green, bhie and wMla enamel. £465 each 


A-Z that is 
handy in 
the house 


G erald Benney is one 
of the grand old 
men (if he will for- 
give the “otd") of 
British silversmithing. With 
Robert Welch and David Mel- 
ior. he was part of a particu- 
larly talented triumvirate that 
trained at the Royal College of 
Art in the 1950s and that 
breathed Ufe and interest into 
modem silverware when Brit- 
ish design was struggling to 
find an i^nlity. 

Benney has alw^s been 
known as an innovative silver- 
smith. Feta Levi, the design 
consultant, points to his "te^- 
nique of texturing silver as 
w^ as his p ainstaking devel- 
opment of a method of produc- 
ing translucent enamels”. She 
feels sure that Benney's worit, 
‘^rooted in I950s style will 
stand the test of time for its 
simplicity and sheer el^nnce”. 
Fiona McCarthy in her on 
British Design since 18S0 


places him in the tradition of 
idiosyncratic British designers 
with a “lavishness that often 
verges on the jokey”. 

Some of his early work, as 
befits a ^ung designer, did 
indeed dUplay an exuberant 
delict In new techniques that 
was not always happily inte- 
grated into the total design. 
But his later work is often of 
great refinement and almost 
e^nlsite simplidfy. 

Almost all his work has been 
done to special commission so 
that these days his grand cere- 
monial faeces, his aim gob- 
lets and cutlery, his vases and 
candlesticks, reside in grand 
offices, in privileged pri- 
vate homes and In museums. 
The Goldsmiths Company has 
a large collection of his work 
as does the Victoria & Albert 
Museum. 

Though many of bJs ■wnaiipr 
pieces ate eminently suited to 
a domestic setting (look at the 


simplicity of the silva goblets, 
the desirabiliibr of the exqui- 
sitely plain salt and pepper 
pots) too few people seen to 
think of comndklcnilng a woik 
from as skilled and tainted an 
artist as tills. FossiUy Qiey are 

daiinfpH by the nwfamtKari ty of 

the process, by the challenge 
patting together a coherent 
brief and fear of the cost 
FOr an these reasons Benney 
has decided to open a shop 
where ranges of more accessi- 
ble piec^ which pe(^ can 
look at, pick iq>, toudi and feel, 
win be avmlable. 

This v^itaie win be largely 
overseen by bis younger son 
Simon, who has In turn 
become a silversmith (having 
won first prize at the Gemok%- 
ical Institute of America in 
Santa Moidca fra: his pieces) 
with a special interest in jewel- 
lery. So there in the diop, finm 
May 9 onwards, wQl be a col- 
lection of sycamore and sQver 


pieces (trays, coasters, wine- 
coolers), some sim- 

ple polished silver faeces (tea- 
sets, cctffeesets, trays and gob- 
1^) mid a collection of cuff- 
links. thhnhlPR , ear-rings and 
other jewellery. 

A silver thimble wiU be £52. 
textured sterling silver cuff 
links £100. gold ear-rings £168. 
Prices for the silver and syca- 
more range wOl start at £460 
for a wine coaster and go up to 
£870 K>r a diampagne bucket 


The collection of simple dennes- 
tic pieces is particularly 
desir^le. Many (d tiiese ineces 
would make splendid wedding, 
christening or anniversary 
presents. All are made in the 
Benney workshops, none are 
mass-produced. 

Anybody wanting a special 
piece, however, will stOl be 
able to order one. Above the 
shop in Walton Street will be a 
special commissions room 
where projects can be dis- 


cussed. And above that will be 
a working design stodio where 
nmny of the pieces will be 
designed. 

Benney opens on Hay 9 at 73 
Walton Sti^ Knightebiidge, 
London SW3. Anybody unfe- 
miifar with the Benney range 
and wanting some idea of its 
scope can telephone 
071-389-7002 and ask for the 
well-illustrated booUets on the 
silver and/or the jeweDery col- 
lections. 


I f you have a paihetiy 
up-to-date EUofex and 
never lose any of tiiose 
usefiil addreses tiiat 
people thrust into your hand 
at parties, then no doubt you 
can survive without The World 
of Interiors Decorating 
Directories. 

For the rest of os f fraresee 
that these dheetories will be 
a osefiil prop through those 
times Bud register highly on 
the stress meter - moving 
houses having the bidlders in, 
deddisg what colour to paint 
the kitchaa. frisidw 
infonnation always appeals 
and these duectodes list the 
names, addresses and 
tetepfa^ nuntoeis of The 
Wo^ of IntetioTs’ favourite 
companies: the suppliers of 
recbadia cornices, 
oldfeshioned hahs, antiqued 
garden pots, painted Ule ware, 
wroK^ht-inm curtain rails and 
evaTtfaing else the efficient 
householder might one day 
conceivably need to know. 

The directories are free - 
tiie first part (A to F for 
fabrics) came out wUh the 
April issue. To get a back c(wy 
you should get in touch with 
The World friteriors Itself 
(tok 071-351-5177). For the 
second part (F, for Finishing 
Touches to ^ aU you need to 
do is has the Wais issue (£2.80, 
out last Thursday) for your 
fine copy will come with It 

□ □ □ 

Fired Earth, largely known 
for its ceramic and terracotta 
fioorlng, Is offering a collection 
ofaltamative Boor coverings. 
Hon^ in stroi^ on tiie 
fashion for earthy natural 
looks, for a touch of ethnic 
andeco-chic, it its range 
Grass Roots and declares It 
to be Easy on the Eye (which 
it most certainly is) and Easy 
on the Planet (on which matta' 
it is harder to prononnee). 

AU its flocwing coverings 
are woven firom 100 per ™nt 
renewable plant fibre which 


may sound awfully new and 
^ticalty correct but which 
real^ means it is offertog our 
old frirads sisal hemp, jute 
and coir. They have, to my 
mtnii. always been attractive 
and always will be, but it is 
^assuring to learn that coir 
replaces itself in a mere 90 

da^ 

All these natiunl fibres are 
hard-wearing, all are attractive 
to look at. the irregularity of 
the colouring and the 
rot^hness oi the weave only 
addix^ to tfa^ charm. 

Some of these floorings cmie 
tswo. British sources - sudi 
as the handwoven rush 
mattingfromRousham- 
oth^ such as the jute, from 
ferflung estates. They come 
in difiSsi^t weaves, colours 
flivi toxtures but all be 
fitted, or th»e are rugs whirii 
can be loose laid or come edged 
and braided. An underlay is 
recommended both fbr comfort 
and to add to its life. 

An instidlatum service is 
offered and there is a sploidld 
brochure (tek 0295412068 for 
a copy) with close-up pictuxes 
of the weaves and the colours. 
For those who wonder iriiat 
the fiidshed product will lacdt 
like in situ, Elred Earth (tffers 
to s^ thxM samples, free of 
charge, so that colour and 
textiued can be compared. 

You can either coltect tite 
floor covering from Fired 
Earth's Oxfordshire warehouse 
or, for a small charge, it win 
be delivered to your door. 
Prices range from £8.18 to 
£25i8 per square yard. 

Still in ethnic mood, the 
Natural Floorcoverii^ 
brabhure always offers a 
selectloa of hand-wovmi tribal 
rv^ and krilms, all of whidi 
(not. as the bnx^ure points 
out. entirely coincidentally) 
team up extremely well with 
the other natural 
floor-coverings range and with 
the ordinal terracotta and 
un^azed floor tiles. 

LvdP 


G&H 


At Gieves & Hawkes, 
there’s no such thing as 
an insignificant detail. 



Business shirts from £39. Cufflinks from £35. 
Ties from £35. Braces from £18. 
Watches from £375. 


Gieves & Hawses 

Nal SavileRQiw.Lx>iidon 

London: No.t Savilc RowWl, 

18 Lime Street RC3, Scifridges Oxford Street Wl. 
Bath, Cheltenham, Chester Edinburgh, 
Portsmouth, Winchester. 


0*H 


Bags of fashion 


W hat does it take for a handbag to 
move from the numriawfl worid 
the merely useftil to cult status? 
What is the mysterious ingredient 
that makes one bag internationally desired 
while its near relation, which se«ns identic^ 
lan giilahaa on the anUS of the iinfaghinn^b l ^ ? 

We know that quality comes into it, but so, too, 
does clever desi^ 

But above aU, there is a mysterious ingredient 
that nobody can explain, that drives otherwise 
sane women to plunge into debt merely for a 
few scraps of fashionable leather. 


■ Herv6 Chapter Is the 
riMie among the young and 
hip. It has much of the 
cachet of Prada and costs a 
fraction of the prica As a 
young co Boo gu o put ft: "After 
aB, what Is Prada at the end 
of the day but a bit of 
nyfon?” Hervd Ch^ieiier, too, 
is just a bR of nylon but a 
very fashionabte and a very 
practical bit of nylon. The 
bags fbst became a vogue in 


Cult handbags can come at all prioes - fiom 
the Kelly (£1,850 fbr small calf and three 
months waiting - after that as prices rise so 
does the lei^ith of the waiting list) to the fiervd 
(Speller at under £50. Tl^ can be French 
(Chanel BermOs, Louis Vuitton); they can be 
true Brit (Bill Amb^, Anya ffindmantii), tiiey 
can be Tfaiian (Gucci Prada, Bottega Veiwta) or 
transatlantic ( Judito. Lmberl 
Some cult handbags retain their status fisr 
many years - others move in and out of fashinn 
as tastes change. Here, Eor the summer, are just 
a few of the most fashionable hantThag* around. 


work. Carried by people such 
as Kylie Minogue, Ronit 
ZBkha (the drees designeili 
Edina in Absolutely Fabidous, 
Zoe Wanemaker and Alahi 
Prost - the bags are used by 
man and vfomen aNce. For 
those vidio like something 
smarter there are version in 
suede and leather but the 
daselc, Mgnature design is 
the tote bag. In six different 
sfaes and masses of c M li w en t 
colour comblnatiom, the 
price ranges from £12 fbr a 
small purse to £40 for the 
larger "cabas”. Rucksacks 
(still very populai) are £56. 
For tho se who are addicted 
to relaxed briefcases (the 
sort that do not s en d out 
loud messages about the 
importance of the carrier) 
there is a handy nylbn brfeN 
case. The range is sold in 
Harrods of KnightMiridge, 
Heals of Tottenham Court 
Road, London Wl, Moon In 
Glasgow, Troon in Cam- 
bridge, Sage in Old Amer^ 
sham Bucks, and GrMiam & 
Green of 4-7 El^n Crescent, 
London W11. 


France when Hervb Ch^>e- 
ller started snporting a Bne 
of duffel bags from Los 
Angeles. Those were very 
succ oss ftil but it is tiie tote 
bag collection (photographed 
here) that reafly took Heivb 
Chapelier to cult status 
every hip young French stu- 
dent needed them in ev e ry 
size, frM’ school, for caryfng 
togs to the gym, bBcMs to 
the beach, not^ooks to 



■ CuR carriers have, few a 
long tfrne, been sBcfced-up, 
smartened-tgi verMors of the 
iiidcsack or cany-aiL Mnost 
every smart name from 
Gucci and Chanel to Mul- 
berry, Etienne, Aigner and 
Mulbeny has done a v e rokm 
of the ruck-sack. Every 
model seems to have one 
(wHch is worn on just one 
shoulder, navar two) and 
boBidea being modish they 
are very practical, solving 
the cars o r glrfs pro b l em of 
how to cany her BfS around 
with her without endkig iqi 
on the osteopath’s couch. As 
the years go by, oomp a i dos 
take up the orIginM d esi gn, 
dust R down and freshen R 
up - tMs year has produced 
the hold-all in a slightly 
rougher, pale, baefc-to-na- 
ture, eco-conscious look. 
Made tv Dasmo of Flerenee 
in cream suede, It has 
masses of pockets and is 
£18S at Harrods. 




■ Do not worry if you do irot 
yet own a Botte^ Veneta 
handbag. Until recently R has 
been very diffieuR to do ao in 
the UK. A small, family- 
owned company baaed in the 
VeiMto, Bottega Veneta has 
some of the most delicious 
small handbags around. 
Fashionable women who 
travel have been seeking 
them out In Italy, Ranee or 
America but R was not until 
last October that Harvey 
Nichols of Knightsbildge 
began to stock a few ki tii^ 
gro und floor handbag 
<feptwfrnent - so su c ce ssf ul 
has R bean that last week a 
big new ooneession enlir^ 
given over to Bottega Veneta 
was (qiened. 

The handbags’ chief hall- 
marks are exqulsit^ fine 
lealhw*, often woven (Itie 
low bag Is its Mt-tmie best- 
seller and a small version 


costs £255, the large one 
£37^1 the almost obsessive 
lack of gitt, and defidous 
touches such as beautilbBy 
braided handas and tassla- 
pulis. The evening bags era 
especially dastrMrfe but fbr 
tiiose vriio, like me, are con- 
genitally unable to mgmtisa 
tiidrBte vdthout something 
as large as a carrier bag to 
rummage In, there Is the 
tanous drawing bucket at 
K2S wftich should do tticaly. 

The black woven leather 
handbag photographed here 
IS tspi^l of the Bottega 
Veneta look - coming in later 
in the summer R wBI aoB for 
dKKit £50a 

For summer there Is a 
hemp (hemp, you wW have 
tiaUiered, is about as smart a 
ooiour as you can get tills 
summeri version of the pB- 
tow bag that will sell for 


RACEHORSE OWNERSHIP 

^ opportunity to become involved in the exciten 
Racdiorse ownership, either as a company or an indi 
Partnerships and syndicates very welcome A 
conduenre way of business entertaining. 

HORSES SOLD IN THE LAST YEAR INCLUl 

wj™. Of 

Charles EWw^.. 


Fbrm Stables. 
Berkshire RGld OEE 
638771 Fax: 048g 














FINANCIAL TIMES WEEKEND APRIL 30/MAy 1 1994 


WEEKEND FT XIU 



FASHION 


Are you going to look pure and wicked? 


tKu>; ■>. . 
JS *: , 
iswil!!!, 

• »4i*rr.: ... 

•. iltiifr-.: • 
: 

. r4n £ii - 1 . . 

• ilf (h»: «<■. •, 

!;• 

V" 

rfwrpv . 
ftv! t-.'i. 

■RSfUi T> ^•\, 

. 'lif.rrT 
l¥^T<r ! , 

J.S'J 

■ Sliil .• 

, ; . 

. ' 

• • 

#’«M. h 

. rtlt, P7;:i',. 

' u; ^ 

■ Ifcr , 

Itto 


You can choose any colour this summer, 
so long as it's white, says Avril Groom 


Visoose cfens, £100; ambraUarad vaal; £100; Jackal £180; by Ghoat flmni Whialle^ LBierty, 
ftegent Sttaa^ Lomlon Wl; ftawn Hkhtbs ol IMfti^ancI WBya af Entar. Hat, £35, fram Heitaart 
Jotanon. Shoai, £189L bon Hobart Cl em arle; wngmara Sbaot, London W1 


W hite is the nniTersal 
symbol of poritr, hope, 

hflgiwwiwg^ and, in 
soma cultures, denotes 

the spirituality of 
mouming. In spite of its i r mrwoTit appeal, 
white is wickedly difficult to wear, much 
harder, for example, than Wa^ir Just a 
touch it adds chaim or drama - the 
collar of a shirt, for example, or 
Chaners white canwiKa on a black velvet 
bow. 

One of tins summtf's mg^rt colours is 
white, the most pure and extreme result oS 
fashion’s swing from oTOr*oraate power 
dresmng and hmn;jr black la;^rs. Shops are 
already awash with white clothes so we 
are gtong to have to make the best of it 
LA ns-start tnth the bad points. White 
is a killer tor any hut the most positive or 
tamwd cninpiflTtong draining the face 
life. This is fine tor wan catwalk waifr. not 
so good If yon want to look nonaaL 
White summer fabrics inevitably look 
flimsy, even nniTitawHflngUy bansparent 
'Hie corollary of thia is that , imiaaa care- 
fully styled, white can look cheap - and 
vrinta fajgh-heeled gbnas cheeper than any- 
thing, in spite of Eail Lag^U's efforts to 
proQwte them. And, most important aH, 
vriiitB is impracflcal because it is always in 
the laundry. 

But white has good points whmh n«Ve 
it irresistible for summer, esi>eeially in the 
air^-layered fenns of feabinn The spirit 
which inspired pala mlnnial Tinawa anrt 
Still, to some extent, ^vems sports 
rfnthaa^ maVaa white the obviOQS 
on mirage-shimmerli^, bee-husnnlng sum- 
mer days. 

It seemed natural in our photographic 
locatian, the South African vineyard of 
Sein Constantsa at harvest-time, where it 
complemented the white Cape Dutch 
huiidtng s and contrasted with the lush, 
daA g r e en trees and vines. 

But try to thfnv furtlmr than the now- 
hackneyed loi^, white colonial dress. 
Issey hfiyake said it aH when he put on the 
catwalk a hnnnh of gently-whirling dsno 
era, showing to best ^vantage the ligd^test 
of cxustaed silk layers in loose, simple 

aharpes 

Ihe trick is to create the fUusian oi light 
passing throu^ gauay fabric without 
attracting the ghastly description 
*‘see-throi^’‘. 

You do this by building layers of 
extremely fine matexIaL Two layers of 
even tihe flnnaest chiff m are a im more 
opaque than xme. Ihe top layer - be it a 
lingn gauze shirt or a cobwebby fcrib - Is 
left loose enmigh to play the trick of the 
l^t but yon need to bofld cm an unobtru- 
Rve base- 

Nothing cheapens white so much as the 


cut line of a bra or slip. Instead, choose a 
plain. Sat-strapped crop-top (white or 
£lesh<bloared, by Joi^y or Qaidcarbox) 
or a plain sports bra - Bolet does one that 
looks lilte a crop^op with bnOtpin cups, 
which has matching highfcut briefe in 
white or flesh. shows flirou^ like a 
singlet rather than underwear. Alterna- 
tively, tfarks and Spencer's new Body 
Shapers range of flafretrapped bras and 
briC& hftg fbUr aWn tftnaa and fg well-nigh 
invisihle, as is Gossazd’s dosaaes bra. 

Fabric is another area in wMdi Kfiyake 
shows the way. Avoid iaflored white. 

Choose fahriffg that go fr nm w aching tO 

wearing in one easy movement 'Ihis Som- 
mer's crinkled finishes, inspired by 

Miyake's gan m ati-iraUy cr ttahari gfTV and 

Ttiarv i Twadft Pleats Please range are <daai (or 
paciring aTtri ease of care. Wei^ity, drapy 
viscose also hangs out wed. especially as 
knit 

T hese fabrics are also soft 
enou^ to fiow around the 
body, counteracting white's 
wei^tpaddtog properties. And 
to beat its nomplexion-deaden- 
ing ability, choose its kinder sister. Ivory. 
Either looks good wifii a light tan and 

mintmal mske-Up. PalST feceS nwf>d (mlOOT- 

mg careA^ to add life but not overwhelm 
the fra^lity of neer-wbite dothes. 

Dior's Couleurs dn Temps range gets it 
right with its Desert Lsndse^ fiveeolour 
palette of warm, earth-tomed eyediadows 
or the pearly rose, slate and hoi^ ahadaa 
of Sands and Sandstone. These are 
warmed with a slightly pink-toned 
blusher, Bose Atlas, and a pec^ natural 
pink (Desert Pearls) or pale pink-beige 
(Gobi Moon) lipstick. Nina Rkci Les Orc^ 
dfes two-tone blusher has a slightly 
tanned, snnkissed tone that ties in with 
their Les Sepias T>»miu>r 13 
The same snbfiety should be applied to 
accessories. New white style mini- 
mal jewellery, periiaps Just a gmtdgwnn of 
silver, tboo^ tiny pieces in matt gold go 
better wifit wanner ivory. Metallic shoes 
give a lift to aQ-over white, provided tb^ 
are plain, flat Mndata, Othervriae, choose 
cream or bdga suede or fabric shoes, or 

tan ggwrtnU £c^ an tnfiw-mal Inftlr 
White had a bad name in the 1980s for 
being the natural partner to a mahne«n y 
tan, bright red lips and jmi^y gilt jefwel- 
lery. IhiDk of a style that is the diametric 
opposite and yon wfU find white is also 

rij^ for the 19905. 

Bair, maktvp: Bichard WtBdnson 
Pictures: Ttmy Boose 

The Weekend FT fashion team IraoeBed 
with Sadh African Asnitays. Betum Jans 
to Cape Tbanfitm £S9tl 



' 'f i 

rnhw B hh y ti^on fcnit tiaiic, £289; anen game tiaSc rtr aaB, £340, Jp cfc eaa , £280. ai bg Hyte Oalrii 
from libefty; A ta McMia, Ham Creacant, 9W1; Bnmns, Soulh NUtan Sbeat, W1; «id Body Bade, 
of ffidenonUL SUray 



FOOD AND DRINK 



late 

i^Si. c?»- • 
£.fe i:t t'.--’ 

WCfM« 

*Mwi rw- • 

*» rt«- 

iwfoS* • 

ViHIB i!l ' 

ll» fc'-i' * 
a«w»w 

Mto 

,» 

Mak.1 ' • 
ftg n* 

(-JU 

t 


Sf/KsliM* 


Vf AF S '" 




T he difference in qual- 
ity between the 
world's cheapest and 
most expen^ve wines 
is narrowing as the wine worid 
shrinlcR and winamaTrlng tech- 
niques and technology are no 
longer get^phically segre- 
gated. 

It is stOl imposable to find 
truly exdting wine tor under 
£3 a bottle, Inft easy 

to find a bargain, partially 
in today’s cut-throat high 
street wine maitet - and 6^)6- 
daily at this time of year when 
last year’s crop is tasting fre- 
shest. bidependents cannot 
beat the supermarkets and 
chains few snips sudi as tiiese 
light, but fault-free wines. 

Wines marked WF are avail- 
able only in selected stores 
during Safeway's five-week 
wine fair frnuL Monday. 

Readers dose to a branch of 
Kwiksave siq^amaritets should 
also try to benefit fitun the 
chain's conversion to wine 
quality. 

APKHIIIK Waztrose Pale Dry 


F ew the few vrtio 
penetrate the head- 
quarters of Norway’s 
hypersensitive 
drinks' monopoly in Oslo, 
there is the chance to meet 
Halvor Bench, the ebullient 
prodnetioa manager. 

Reodi’s job is to make excel- 
lent cask-aged aquavits. In his 
spare time he ct^nets experi- 
ments with oak. One he 
showed me demonstrated bow 
much influence a second-hand 
e—k can have over the qdrit 
whi^ takes it over. 

He had aged ivro samples of 
plain e^ alcobol, one in an 
old Limousin cognac barrel 
and the other in an tU Jerez 
brandy cask. In the former. 


The World's Fiiest Hen's 
Daderwear. 



aiMMKRLI SFOar, The .part? lUc. 
AialliUc !■ IcUlM ■parlmliu atmi 
tatbiBB BbAp*. aiMMfll Tcslll A<f 
Ca-«M3 AarbBfu. PhaM MS 41 41 41 
ra« tblllMTS. 




Bargains for under £3 a bottle 

Jancis Robinson finds some pleasant surprises among a new crop of wines for skinflints 


Hontilla. £2.99. Beautifully 
labelled, Indicrously-under- 
pri^, sdt, fresh, relation to 
FIDO sherry. 

DHT WHITES: Magyar Vine- 
yards. 1993. £3.19. WF. AU the 
fire of Hungary's own grape 
varieties, stoked by the flyi^ 
wummaking swua of the Hugh 
Ryman brigade. 

^ de Fays dn Jardin de la 
Fkance 1993. £2.39. WF. Partic- 
ularly successful bottling of 
L(^ Chenin Blanc given piz- 
zazz by sWw contact and malo- 
lactic fwmmitatioa, bottled by 
an enterprising Huscadet mer- 
chant. 

Vino de la TimTa Blanco. 
£2.59. Sainsfaury's. Scented, 
liv^ Danish riposte to Vin de 
Pays made by Australian Peter 
Blight 


the qHiit had piAed up a Uidit 
o^nae diaracter; in ^ Jere- 
sano the alcohol had devel- 
<H)ed a bte» fririty. brandy taste 
which was all the more 
remarkable given that the 
brewage has sever been any- 
where near a grape. 

Across the North Sea, in 
Scotland, there is a similar 
interest in the properties of 
casks. Modem whl^ relies 
entirely on second-hand bar- 
rels: chiefly old bourbon 
whisky ca^ and reused boui^ 
bon staves from the OS. pins a 


DAVID J WATT 

• ns i:\\ im:-s i.imi ti.d • 


1993 Red Bordeaux 
Opening Prices: 


OLllnuBriai £27&00 

OLLMiii £27980 

OL ucte aottacUd catoo 

OL MobIbb RofladiM XZTSOO 

OLMspax amn 

CR CbevBl StaBC C7B.80 

CH. La MWdb Hant fidoo £195.00 

CH.PaiiMr £13500 

CH. WooinK £12300 

m Lfrasdai ' £14500 

OL npr OenieBi fllSJO 

CRPimy £3880 

CH. Leo<^ Banoa £10480 


nnj.oiTeRANDnwnNQN(iies 

NOWAVAtLsBLE I 

jTGUOSZTiaoeM FMbOSZ78HI49 
soimiHBxrAiiM AmxsvuLt. 

! Aumt8r.wAaKsciV3EB 


ffidlian Bianco. £2.99. Asda. 
Apple-fresh. (July-picked?) 
quintessentially party wine 
from the vrell-equxpped winery 
which used to provide Sea- 
gram's Tooino brand. 

Sainsbnry’s Argentine Tor- 
rontes. £2.35. Reduced frnm 
£3.49, because the name, and 
possibly style, iff titis peifmoed 
yet racy grape variety is so 
unfemOiar. 

Van Riebeeek Cape Dry 
White. 1993. £2J9. Waitrose. 
One feels this should be a 1994 
Nouveau in honour of the birth 
of the new South Africa, but 
this blend is flill-bodied, credit- 
able, with a shgbtiy hot finish. 

Couniiy CeDars Tuscan Dry 
White. 1993. £2.99. WF. Floy 
but much fruitier than ‘nebhi- 
anos wmHp by Italians rather 


small amount of sherry oak 
from Spain. In the case of 
boarbon oak. qnality has 
declined over the past few 
years causing alarm in the 
whisky bosines^ in Jerez the 
^erry producers Imve mod- 
ernist prodnetioa and have 
less need of the sort of casks 
sought by whisky makers. 

On a visit to a cotqierage in 
Kentodey 1 was «*»"*«*»««* to 
see that reeds are no loi^ 
used to bind the casks. The 
leakiness which 1 saw in local 
distaieries most have been a 
direct result Hie reeds have 
bemi eliminated in tiie int^ 
ests of oostmitting; but that is 
a minor drawbat when it 
comes to the motm bonrtmn 
cask. 

George Espie^ of Scotiand's 
Clyde Cooperage, says the 
cats he is gettbog to^ are 
often mate from wood vriudi 
has been kiln-dried rather 
than seasoned, or dried in the 
open air for a minimiim of two 
years. American coopers are 
also entting fkstgrowlng oaks 
ratiier tlun the slow^ sorts 
preferred by distfll^ 

Instead of antomatically 
accepting the eonsignmmits 
which come from America, 
Scottish distillers are now 
examining other possfinUties. 
At Glenmorangie ffistillery, on 
the Dornoch Filth, tiiey have 
been selecting casks at the 
Eentncky cooperages and 


than an antipodean like Eym 
AGlne. 

Bulgarian Cbardonnay. 
£2.99, Sainsln^s. Milu 
again, feshiooing a thoroughly 
modem, crisp, if reasoziahly 
insubsUmtial wise for those 
who must teve Chazdemnay. 

Bordeaux Sauvignon. 1993. 
£2.99. Waitrose. PowerfuL 
spritzy, not a^rsssively aro- 
matic. Good value from Calvet 
REDS: Valhotldo. 1993. £1.99. 
Safeway. Lively, peppery, 
insubstantial but impressively 
scented. Could easily be chil- 
led. 'Hiie white version is also 
worthwhile, especially at this 
price. 

HnngHrian Cabernet Sanvig- 
non. 1993. £2.89. Ripe, soft, 
red-that-happens-to-be-called 
C^ieraeL 


mmutoring tbrir development 
in bourtran warehouses. They 
have also experimented with 
ageing boarbon in Scotland. 
For Cieoige Esple the solution 
may be more dra^c. He is 
interested in catting out the 
bomrtKm sti^ alti^eth^ and 
a^tog whis^ in new Ameri- 
can white oak casks. 



This would be a departnre 
from post-war trMition. bnt 
Espie imninded me that before 
the war tiiere was no bourbon 
wood and. aimrt from the sec- 
ondrhand sherry, port and 
wine caste so eagerly recycled 
by the tiirifty Serts, the i^ns- 
try used English oak casks 
which Trere raised in Scotland. 
Snee the war the coopering 
iwgftwpg in these islands has 
dwindled to Uttie more than 
rrf MiiMmg and repairing; so 
we can no longer hope for 
whiskies with hearts of 


Vino de la Tiem Tinto. 
£2.75. Sainsbury’s. Lively, 
chewy, light, chiDable red ver- 
sion of file Blanco above. 

DonwiDe de Beanfort BGner- 
vois. 1992. £2.99. Tesco. A 
year-old French appellation 
contrblte wine for under E3? 
Not one of the counby’s great- 
est ^ries, but a r e spe ^ble 
claret-like red. 

Dvas del Sol Argentinian 
(sic) Red. £2.99. Tesco. 
Another Argentine bargain, 
reduced to selL Big, folUlown 
wine bum an obviously hot cli- 
mate. 

Asda Leon. 1936. £2.99. 
Ridiculous price for a matore 
wine aged in small oak barrels. 
Spicy, foil bodied and long. Not 
for the feint hearted. 

SWEET WWTEs Glenlotb Late 


RrtgHKh naV- 

Nor is it tme that European 
oak - the oak oeed in old-fesb- 
ioned sherry casks - is nnsiii:^ 
able for wUsky. Ilie problem, 
says Esple, is pororit y: Frendi 
coopers cleave and do not saw. 
Th^ are also expeBsive. The 
sweet and fruity taste of a typ- 
ical Speyride whisky comes 
partly from did sherry casks. 
At the Bfaealian distill^ 
Frank Nevriands has the dzffl- 
cult jte of seleetii^ the caste 
for this 100 per emt sbeny 
oak whisky. First oak 

barrels most be bon^t and 
offered to smaller growers in 
the Jerez r^ion. 

These casks most be used for 
one or two fermentations 
before ageing dry oloroso 
sherry. 

Now that the larger sherry 
houses have ceased to ferment 
their wine in oak it has 
become harder and harder to 
ensure an adequate siq^ly of 
these casks. Es^e reckons that 
every fawnish oak cask mate 
in the past 10 years was paid 
for by the Scotrii whisky bnsi' 
ness. 

Different bouses have dttfei^ 
mt soluticAS on bow to main- 
tain the right oak treatment 
for whisky without paying the 
earth. United Distillers has 
conducted success^ experi- 
ments by tr ea t in g American 
oak casks with spatially 
Imported sherry-style wines: 


Harvest Muscat 1992. £3.99. 
Oddbins. Unashamed of its 
beady sweetness, this Austra- 
lian cries out to be dnlled. 

□ □ □ 

A Efigh Court rnling last week 
signals a new and nuno secure 
era for fine wine collectors. An 
action group ti customers of 
the defiinct wine merchant 
Ellis, Son & Vidler man- 
aged to wrest its fine wine 
reserves from the receivers, 
even thou^ contrary to the 
demands of a previous ruling 
concerning the London Wine 
Cempany, individual cases of 
wine were not marked with 
their owner’s namp Tlie key, 
according to solicitors actii^ 
on btimlf of the wine buyers, 


Flqarete and Hmitilla. Lang's, 
in Glasgow, is flie producer oS 
Lan^s Supreme blended 
wliiAy and Gleimoyne, an ele- 
gant and sUshtiy sweet malt 
from tile southern Highlands. 

The company was able to 
show me a range of eqieri- 
ments wftii sheny casks which 
would have stru^ an instant 
diord with those conducted 
^hrar Bendi in Oslo. 

The experiments are 
derigned to see to what extent 
Spanish-coopered American 
oak casks can be nsed to 
replace the almost-extinct 
Siwnisb oak casks in whisky 
maturation. Hie oldest whis- 
kies treate d this way are now 
seven years old. Some had 
been housed in caste In wfaidi 
sherry had been fermented, 
othera siiimly in eggl« vriiicfa 
had aged ^ or sweet olonso. 

Hie whiste for tte Ameri- 
can was far paler 
more battery. From a cask 
where no wine had fennetited 
the whisky had a really toasty 
"chardODiiay malt^ ch a iacter. 

Hie Spanish oak whiskies 
were dark and markedly 
frnity. The wood seemed to 
aSect the whiskies for more 
fhpn the feet tbw* the f ask 
HMitaitied a little sweet wine 
as wtil as dry oloroso. 

Ammican oak simply did not 
have the same effecL It is not 
a conclnsion that can bring 
mneh emnfort to malt whisky 
prodneers who rely on the 
rich, frnity flavonrs derived 
from Spanish sherry caste. 

Wes MacDonogk 


was that customers’ reserves 
were stored (physically) sepa- 
rately from the trading stock, 
and the reserves, and owner, 
were correctly ideutiSed in the 
merchant’s records. Oxbridge 
colleges were among the more 
sigmficant immediate benefi- 
ffj yrfps of ruling, s*ffpe*ing 
about 1,200 cases of fine wine, 
bnt I can think ti hundreds of 
wine enthusiasts who should 
deep a little easier now. 

□ □ □ 

Oddbins is offering some 
extremely fine burgundies 
fitim the lauded 1992 vintage 
for whites and the underrated 

1991 reds. It is a sign of the 
Hmpg that the likes of T^rtnia 
Carillon, of Puligny-Mon- 
traclmt. Domaine te TAilot, of 
Nuits-St-Georges and Jean- 
Marc Boillot, of Pommard, are 
keen to sell to a British high 
street chain (the first two also 
sell to the Thresher group). 
Stars at a recent tasting 
included two Albert Morey 

1992 premier cru Chassagnes at 
£15.99 and £17.99; the entire 
1992 CariHon range at £14A9 to 


£19.99; Domaine de I'Arlot 
Nuits-St Georges 1991 at E1L99; 
and Boillof s premier cru Vol- 
nay CEareUe at £19.99 fimn the 
greet 1990 vintage. 

□ □ □ 

At about the same time as 
Britain’s wine merchants were 
reading spoof information in 
the wine trade weekly about 
my latest book, the Dow’s Pari 
Seratdi >i’ Srt^ Tasiit^ Book 
fits best joke was to describe 
me as “one of the most 
respected names in the Port 
Wine Trade**), I was being 
taken in by another April fool: 
Farr Vintners’ offer of an 
entirely mythical white wine 
made at Ch Latour, mentioned 
in last Weekend's FT. How 
could I be so gullible? 

My feeble defence is that just 
such a scheme was apparently 
given serious consideration 
during the administrative 
reign of Allied's man, David 
Orr. Since the British brewer 
sold this Bordeaux first-growth 
ba^ into Frendi hands, Orr 
has moved on to Ch Rausan- 
Sd^a, originally considered 
finest of the second-growths 
and recently acquired by inde- 
pendent couture house Charol, 
which was beaten to Latour 
only at the last minute by 
Franpois Pinault, owner of 
Printemps stores and much 
else. 


Vintap Sherry, Port, 

Rare Madeira and other Fine Wipes 

12 1994 

..Bteturing the finu offerto^rdffiin^ Vioa^ Sherry ‘i v 
film Gonzalez Byass, vmtages 19^..and ^ ' 

-A-supezb zai%e-'df nito-^fiou^mid^^.na Madeiras ; 
fix>m tiie private cellan ofDa^ Cossart. ' ^ 

an exceptional variety <^odieT fine yrisre 
niclnding a marie-Jeanne of Chainu Petnis t9j^l 
a^ a wbstantia] private sco^ of Vi^a-Siciiia. " 

For further ihfbnnadoEr'OD buying or 
selling wine.acnucdon please concaa 
Paul Bowker 0 D (071) 389 3733 
or Damd Elswpod'on (071} 38%2720 l., .. - • 

For catal^iie subscriptions, 
please conacc (071) 389 2^0. 



CHRISTIES 

8 King Street, Sc. Jamesk, London SWIY 6QT 
TcL- (071) 839 9060 Fax: (071) 839 7869 


It’s the cask that counts 




E.o’BS'SgSS.g- 8 5-?B-B. WBSKBWB’aB. VtUJ 




Xrv WEEKEND FT 


FfNANCIAL TIMES 


APKll. I 1»»4 


SPORT / MOTORING 


Cricket /Teresa McLean 


County boundaries 


T here was a time when 
coon^ meant as modi as 
countiy to yoong cricket- 
en. E)ven such a patridai 
0gure as the fourth Lord fbrris, 
bom to lead Oxford University, 
Kent, l^ng^aT1^ and MCC whh eqo^ 
ease, was always a fbimldable Een> 
hshmaiL 

Besides financing the county’s 
cricket for half a century, he pla^ 
his first game for them in 1875, 
when he was still at school, and his 
last a gainat ^ Tniiia in 1911, whsn 
he was 60, the oldest man who has 
ever play^ first class cricket in 
He was captain oi Kent 
fri^ 187549 and chairman for 45 
years, 1886-193L 

Those were the days of colossi in 
crickeL These are the days of com- 
mittees and I do not know whether 
I was surprised to hear so mai^ 
officials assuring me that their 
thou^t of themselves not 
just as teams ftdl of team aphit but 
also as counties full of county 
spirit 

AGddlesez, which no longer exists 
as a county in public life and which 
bad always seaned to me in cricket 
life as no more than Greatm* Lon- 
don north tf the Tlnunes, insisted 
that all fiidr membas had a stroi^ 
smse of county identity- Even John 
Ehiburay. horn in Pedcham, south 
of the rtvo', has long since natural- 
ised as a oklEder norOi of it 
Middlesex's secretary, John 
Hhrdstaff, was sure that much of 
this fodlng came from their rivalry 
with Sun«y. The squad does have a 


fair number of players who come 
firom NQddlesex. wifthwiiTig captain 
Mike Getting, vice-captain John 
Carr, Keith Brown, PM Tufhell, 

bfolk W altham and Marie Bamprafc- 

adL But ontridms t oo, su ch as West 
ftwtian bowler Neil Williams, 
stay a long time. With a cricket 
maricetiiUce bading keenly in play- 
ers, is no maan afthiawwnant 
“We look after our players,” 

HardstafF anepTainad lywnfh^Hy. Qf 

the county spotesmen I talked to, 
he was the ohly one who spoke hon- 
estly about the problems road- 
jusbnent for county idayets return- 
ing from Test matehaa Everyone 
el» was too positive to be true, 
only mentioning *ha chance that 
Test calls give young and secemd XZ 
idayera to play in t^ dass 
Hardstaff gtghed with sympathy 
far ' ftifaaii , Ramprakash Angus 
Fraser, just back from Test service 
In the West Indies. *1 don’t know 
how they motivate themselves 
when they get back. 1 Men wondm* 

how filSy do it. TmapTne pla y in g fai 

the beat and sun, photographed all 
the time, and tihmi coming back to a 

damp day at TlThridg a . , 

Fame, gjaumour, travd, media and 
money combine to emphasise pe^ 
sonal rafiier than team actnevement 
and attract players beyond the 
qui^ limits of county cricket Alan 
lagTham, Kent’s director of youth 
coaching, lamented the way this 
had riian^ in the last 15 years or 
so. Lixti Harris would have been 
proud of his devotion to his county. 
“As a kid 1 had always wanted to 


jday Bk Kent I neva- thnnght of 
playing for England. Kent was the 
height af my amhiMnn " 

Eent is a county With a ildi sense 
of tradifion and of a history studded 
wiQi grand old men. Cram Harris to 
Colin Cowdrey. Ealham described 
Cowdrey as “a fother figure in the 
golden days of file 19T0S. We all 
played roi^ him”. 

Igalham waa maiie rap tawn wf Want 

in 1978 atirt, thnngh summarily, a"»^ 
smne would say unfairly, reanoved 
foam the job two years later, he has 
remained a stalwart of &ait eri^et 
Bis son Mark is a county batsman 
and bowler. Uaiham enjoys his 
coaching job. He is pieced that a 
lot of Kent's squad is homegrown, 
encouraging its programme of 
tea<aiirig and recr ui tment to “ke^ 
revamping and ke^ gohig”. 


Y orkshire crirketers have 
spent the winter in 
sMools, talking about 
cricket, but they need 
more money to do it in a big way, 
director of cricket Steve Oldham 
told me with an air of 
Still, more counties are trying to- 
ffly the flag” more widdy, to intee 
est people in the game Lancashire 
are famous for their ami 

league system and they organise 
training and festivals for all age 
groiqis fimn under 13 towards. “We 
get our hands on our b^ early,” I 
was told. 

Lancashire’s problem lies more in 
hanging on to talent than producing 
it in the first place. The county is 


not a^«np_ How can a county make 
itself attractive in the long term? 
Everyone I qpoke to was convinced 
that success breeds success. If you 
win. people support yon, rather 
than the other way roimd. 

fllawviiy in ran afford tO laU|fo a 
Ut at that, following a rise last year 
above the miie of habitual foilnre: 
from I4fii to third in the coun^ 
whuiers of Sundays' 
AXA Equity and Law Le^ue; amni- 
finalists in the NatWest Trophy, 
with passionate support in an 
events. 

Ldeestershire, in a grim patch at 
proaont, want to do something sfani- 
lar and have followed damoiEan’s 

laaH IQ reducing Wiamharahip 

fee, (down to £15 at Glamorgan, £20 
at Leicester), thereby sharply 
lnci«asing fim number of membm 

They are an odd lot in Leicester- 
sbiFe. Captain Nlgd Briers is pretty 
wen the only team member from 
Ldeestenhire. Last yearh overseas 
player, Winston Berdamin, was 
thought to be playing only half- 
heartedly, like most of the team. He 
has been rqdaced by Phil Shnmems. 

Tony Norman was appointed 
piriaf executive. Norman fo a bust 
nessman, not a cticketer, and 
believes that Leicestershire must 
build county spirit by pgginng m qq 
L eicester’s recent ru^ success. 
Leicestershire staff 1 a^ed about 
this eojoyed bdng iconoclastic. *We 
haven't ^ any oom^ $ldrit We’re 
a collection ci individuals. Always 
have been.” 

‘What about the idea johiing 



Local boy; John C«fr.vfee-capt^o>Middlei«i. cccnee bum St Jehn'e Wteod, doee to the county’* Loftrsgrowwi MWikM 


Up with the ru{^ and football 
dubs to make Ldeester seem suc- 
cessful?” 

“Yes. They’re keen on that. 


They’ve oiganised a few quizes and ueasfol county?” 


Mrt ri-hatwpfaiTishir p?" 

“A little bit Not mudL Not worth 
it” 

“What's the secret of bring a sac- 


games. But not dickri games.” 

“Is Qiere much local rivalry with 


“Wnming.” 

Leicesterehire need to find a new, 


stable system of management, as do 
several' other counties, such u 
Yorkshire. The main thing to 
remember is that the only pcM of 
county cricket management is to 
enable players to do tl^r best for a 
count}' they consider their home. 


G inny Elliot (formerly 
Long) was pessimistic 
about Badminton even 
before minor injuries to 
her two entries, Welton Houdini 
and Romance, forced her to puU out 
of next weekend’s competition. 
Since the vrithdrawal of her spon- 
sor, Citibank, Eaiiof s chances of a 
foiurth Badminton win were already 
tinged with finanrial worries. 

Tm very close to havii^ to sell 
(me of my top horses * she said. She 
has always maiu^ed to avmd this 
crisis, but other top riders sudi as 
Mark Todd and Ian Stark have 
already found It the only way to 
meet their cemmetition overheads. 

Mary Thomson, winner of the 
1992 Badm inton horse trials on 
King wilUam, is annHipr intema- 
tioaial eventer with money worries. 
C9D Robinson. Imr personal patrem 
is pulling out for business reasons. 


Eventing/Eeidi Wheatley 


Expensive horses for the big courses 


One of Thcansoa's seven eventa:s. 
probably King Basil, may socn be 
on the market “There are very few 
riders this season with mnior spon- 
sots,** said Thomson. “A couple of 
years ago companies were wilhng to 
underwrite a string ol horses." 

Recession, said Thennson, made 
ttM»Tn wifiidraw. Efowevea*. since it 
may take four or five years to bring 
on a top horse, the competitors are 
committed to ttie ({uality anhnaiK 
they took on in better times. 

Latta, file New Taalanri law- 
yer who uses her legal work to 
hw fiftif as an amateur at top of 


the European tree, has also readied 
the gnd of the finanrfai road. 

“Most of my assris, except the 
horses, have been sold,” said Latta. 

Her ma gnlfinfiint gaWrng , flhiaf, won 
a record £13,000 in eventir^ prize 
money during the 1992 season, 
which probably just about paid his 
running costs. In contrast, the 
renowned shovrininper AGlton has 
several times won more than 
£250,000 in a seasrm. 

Sentiment is not the principal 
barrier to a rider gaffing a top horse. 
Gross country courses are danger- 
ous places. Deaths (human and 


equine) at the big fences have 
increased. Horse and rider need 
years to build the muti^ confi- 
dence needed to tadde tracks suck 
as Burletefi and Badminton. One 
can sril the hmse but not that rriar 
tionship. Hanrp the fitiwll TnaritPt in 
outstanding eventos. When they 
are sold fis: serious moni^ It is usu- 
ally to ccnmtries sndi as Italy and 
Spain, whme {sresUge is a consider- 
able factor in any purchase. 

Yet horse trials have never been 
more popular with both competitors 
smA the publio. A Rritigh statriy 
home is hardly worth the label 


these days without a fiiree-day- 
event in the park. Upwards of 
250,000 spectators are exfedeA for 
tte four days of Badmintim. 

While the bulk of the audience 
will line the 4.25 miles and 29 fences 
(tf Satontey's cross-country coarse, 
dressage is provi^ increasingly 
popular and attracting large, enthu- 
crowds (m Thursday and Fri- 
day. Althou^ the total prize fund 
of £20,000. put up by MitsubisM 
sponsors of Badminton, is the big- 
gest in the sport, it seems tiny hi 
relation to the size of the event and 
the cost of partiefoation. 


“people are more turned on by 
sport whai thme is really prize 
money involved,” said Elliot. “It 
creates hype and media interest, 
which in turn ptiUs in the backets 
we need to keep going.” 

At one-day events, the grass roots 
of tile sport, stars such as Thomson 
and Elliot win their personal spurs 
and train their novice horses, ffotry 
lists which used to be a dozen or so 
are closer to a handre(L But much 
of the commercial infrastructure 
remains in thp past. 

“I went to an event in Bucking- 
hamshire last week.” said Thomson. 


“1 paid two ontr>‘ foes of £27 and £S 
and then won quite a big section 
with a prize of £:i2.'' 

If Thomson had not had her mas- 
sive horsebox sponsored, then just 
the trip to the competition would 
have left her hui,x'ly out of pocket 
These are nut isolated problems suf- 
fered by a few .stars. In the bars and 
stable }’ards at Badminton, this wlU 
be the main topL* of uonvenatiim 
among the com^titora. 

The final stage of any three^ 
event is the showjumping scctiim. 
In private, few event-ridera have 
much time for the Hollywood worid 
of indoor jumping, yet rinanciaUjr it 
goes from strength to stroagth, bri- 
stered by interest in continental 
Europe. It may be that with its 
background of cavalry training and 
foxhunting, the world of horse trials 
is too idios3nicratic to fit into the 
modem corporate milieu. 



CHESS 


CROSSWORD 


Tlx Audi A8 44 qiiiMiD. Uniquely for a Mg lusuty ii loo n , a fm pem n n w By wigagad four wheal drive 


Motoring 

Audi breaks the mould 


A udi’s new 4.2-litre 
V8 mgined A8 lux- 
ury car breaks a 
number of moulds. 
Its structure Is entirely of 
alloy, not the usual pressed 
steel. It is neither front nor 
^ea^wheeI driven but a quattro 
> the 300 horsepower 4.2-litre 
engine drives all four 
udieels. 

The transmission is Tip- 
tronic. like that fitted to the 
Porsche 911 Carrera 1 enthused 
about two weeks ago. A driver 
may treat it as folly automatic 
or use it as a fouF^>eed man- 
ual gearbox on whkdi (dutch- 
less changes are made 
instantly, under foil power if 
desired 

As if that were not emwg h , 
the AS also has a traction con- 
trol system. Should the combi- 
natton of an insensitive ri^ 
foot and a low grip road sur- 
face provoke any of the four 
driven wheels into losmg grip 
. say when restartliv on an 
]cy Mn - dec ti onlc inffermHal 
wiring stifles wheelspin. The 
side windows are double 
glazed; but there is nothing 
trendy or new failed about 
the Interior. A typical Jaguar 
or, for that matter, Bentley 
owner would feel perfectly at 
home, cosseted by the soft 
leather seats and plentiful 
wood veneer. 

From the outside, the AS 
driver has little idea irtiat a 
high-technoU^cal treat is in 


store. There is nothii^ wrong 
with the A3’s soling, though 
there is nothing exceptional 
about it, either. I detected a lot 
of Audi 100 and overtones of 
LS400 — ear, inciden- 
tally, that Audi’s development 
engiiieers used as their bench- 
mark for Mence and refine- 
ment (Yes, I know the Lexus 
is Japanese but it was Harignari 
to look uncannily like the 


is a governed 155nqih/2S(^fo. 

T hq aUjlnwiiTifnin alloy (Xm- 
struction saves wMght; the AS 
is about 200kg lightm* ttian it 
would have been if made of 
steeL Clmaly. fids he^ fuel 
ooasumption. A British driver 
who stays within sight of 
motorway speed limits and 
does not spend too much time 
in dty ceutres or on very short 
Joum^ should see around 21- 


The A8's conservative styling 
disguises its many technological 
treats. Stuart Marshall t^es 
it for a drive on the autobahn and 
finds it quiet and nimble 


MOTORS 


jEMCA London* s Larfloai 
Doolir l«r LEXUS 
70l 081 sod 1888 

UMoe Loxn. everiancD Bnl hand On 

kauiv 8« LOM ongo. DamenbMm 


result of a coiqilmg between, 
the last Mercedes S-C3ass and 
the still current - but oidy just 
- BMW 7-Smies). 

When driving the AS in Gm-- 
many last week it was the 
silence that impressed me first 
Turn the key, and the only 
clue that the VS engine is run- 
ning is a sUgfot movement (d 
the rev counter needle. 

yiTth the Tlptranic selector 
in aatomatic, I headed out of 
Stuttgart on a mercifoUy 
oncrowded autobahn. Sliifot 
pressure on the accelerator 
and the AS surged forward, fim 
transmission nhifHng almost 
imperceptibly until moving 
Into top at around TOmph/ 
112kph. (Audi's claimed 
(K62mph/0-t00kph in 7.8 sec- 
onds should be obtainable on 
wet or dry roads.) The rustle of 
wind around the door miiTOis 
at 100 mph/l6ikph became 
more noticeable at 12Smph/ 
201^h but only because 
oigine and roadindoced tyre 
noise was tniniirial Top SP^ 


22mpg (13.45-12A4 1/lOOkm). 

It has to be said that most 
big cars fo^ fine <m an auto- 
bahn. But the AS, in spite of its 
gfaw , was exceptionally Tn'itiWa 
on country roads. It 
more like a aman and sporting 
car than a full fiveeeat hixuiy 
sakxm with a huge b(xit One 
of the benefits of (piattro trans- 
mission, which g pf un ile gn gino 
power among all four iriieels, 
is fciiat a (Sr’s >wiaTii» (a unaf- 
fected by hard aecderation. 

Heavy snow had fallen a few 
days earlier arid was still 
h»ped im by the side of the 
scktoorzstMzldhochsfrosse but, 
aiag^ the surface was mainly 
dry. It would have been inter- 
est^ to assess the Ad’s seeo- 
ri^ in arctic conditions. 1 
doubt that any high-perfbr- 
manrg luxuty salooD With only 
two-wheel ^ve could match 
its driving security. 

When the AS V8 reaches 
Britain in September, it is 
likely to cost about £tti000. But 
a 24-litre VS version with 


£nmt-8fiieel drive and a dioice 
of fivospeed manual or four- 
speed auhanatic transmisskm 
be mndh cheaper. At ^ut 
£34.000 it will be an ultra- 
noas Jaguar alternative, stOl 
extraordinarily quiet if not 
quite as gihuawr as the double- 
^azed VS. 

An electronicaUy controlled 
differential prevents nnruli- 
ness by curbing wheelspin if 
(me front tyre is on a hiidi grip 
surface, the other on lower 
grip, when the driver aceder 
ates. It is not quite so test as 
the 4Jl-lltre - the wtaTimmii fe 
140mph/22Skph, a matter of 
academic interest to most of us 
- and the automatic is three 
seconds slower fitmi m^mph/ 
lOCSrph than the Tiptronk 

The mannal geaito 24-litre 
A8 1 drove would be an improb- 
able choiee for British busiiiess 
mot(»ists, most of whom sensi- 
bly prefer aotomaties. CSecond- 
hand luxury cars with manual 
transmission are very hard to 
gflii in Britain). Its VB engine 
was silky at Mgh speeds, still 
smooth in top at low revolu- 
tions. Aiaimigii its ITS horse- 
power oufout miifot seem on 
the low side for so bte a car, 
the AS’s relatively low wei^ 
(xmipensates. 

AithniigTi an Audi dealers in 
the DK can handle the AS, 
most of the 400 to 500 cars 
Audi ftyppFfB to sell in a foil 
year wQl be bou^ fimn 60 
dealerships in metropolitan 
areas. 

Aithmigh aluminium ^>ace- 
frame construction demands 
different repair te(tiiniques. 
Audi says any of its approved 
bodyshops should be able to 
handle 90 per cent of accident 
riamagpt! cars. Only those wiUi 
severe structural damage will 
have to go to one (tf tiuee AS 
specialist sites. 


India's ^^sby Anand. 24, won 
the £110,000 Moscow of the 
Tntd Cfrmid Ptix this week as 
he and Russia’s Vladimir 
TTraiwwar Jg, mmfi r i tipd their 
status as the most likely chal- 
lengers to Gary Kasparov and 
Anatoly Karpov. 

A few we^ ago, the pM 
fought out first prize in 
Monaco, and boEh lemain in 
contention for the Interna- 
tional Oiess FOdeiataon (Ude) 
an/f Frafessioaal rfhwff t Assexa- 
atum world titles. 

• Kramnik won brilliantly 
againrt Kaq^atov £(» the sec- 
ond Mma thie year, but Anand 
won the final ^rimn his 
pafffffMl pawns mawimri down 
to queen. 

(V. Kramnik, White; V. 
Ammd, Black; Intel Grand 
Friz, Moscow 1994). 

' lNQc52g8g63B62Bg74 
<HINc6 5d3Ni66e4(H)7Rel 
dS S NcS Bg4 9 h3 BxQ 10 Bxf3 
KbS 11 Bg2 bS 12 a3 Nd7 

13 es? A trap (NdzeS? 14 f4) 
but IS f4 is better. Nd4 14 exdS 
exdS 16 Nd5 NbS 16 Ne7-f? 
Trapinng his own *ni*g*i* EhS 
17 BgS Qd7 18 6e8 NeS 19 Nc6 
RbeS SO d4 White gives up a 
pawn, smee if 20 NaS Bxb2 21 
RdZ 

BxeS 21 dS RccS 22 dxeS foes 
23 Bfl eS 24 BeS d5 Strategi- 
cally, the game is decided, 
although Kramnik struggles 


for 30 moves until the pawns 
roUthiDuilL 

25b4d4 26BgS(»427Qd2 
Qfo281i4Na4 29Be4Qf730hS 
8zfa5 31 NcS 32 Rfl e4 33 
Rael Qg6 34 Be7 Bf7 35 Bc5 d3 
38 csdS cxd8 37 EhS li4 38 Qe3 
Res 39 Bd4 Bxd4 40 Qxd4-i- 

41 Qe3 NdS 42 QcS Nf6 43 
BhS RgS 44 QdS Rc7 45 Bel 
Rxcl 46 Bxel hx&*- 47 fog3 e3 
48 BeS d2 49 Bgl Ne4 50 Qf4 eS 
51 BzgS elQ 62 Bd5 Qe2+ S3 
Qx£2Nx£2. 

54 Resigns. 


No. 8,442 Set by CTNEPHILE 

A prize of a clessfc Pelikan Soinreran SOO founbiin pen. Inscribed with Ibo 
winner's name for the first correct solution opci^ and fiw runneNip 
miles of fiSS Prizkan vouclier& Solutions by Wednesdar May ii, mrted 
Croeswoid 8442 on the eDvelope, to the Financial Times. Number One 
Sonthwatk Bridge. London SBl 9HL. Solution on Saturday 14. 


If X 
A 1* 

s. ■ ■■■■■I- 

•SkA 

■&&■■■ A' 
■ ■ ■■. 

& n ■: ' 


Chess No. 1019 

Viktor Korduu^ v. Alex Huz- 
man, Beersheba 1993. Eotdmoi 
(White, to move) is two pawns 
down but attacking; what 
fihnniH he play next? 

Solutim Pa^ SIX 



Leonard Barden 


BRIDGE 


, ^ . ^ACROSS 

1 ^^ved in numbers at 
Arthur’s court (7) 

S ®ve aflame to debts? I’m not 

10 In Latin almost nine letters 

al mo st WiaVaB sman honl. .q, 

Mdbard’s put out on°^ Jill 


(46) 

12 &in taken from French pet 

ii 

Mrt of 


Somriimes, a detdarer is feced 
.with a two-way finesse which 
is just a guess. At other t i mes, 
the right way is dictated by 
consideratioDS of safely. Htee 
is a band from a rubber whi(di 
explains what I mean: 

N 

4 865 
V E 10 7 3 
. 4 A 10 4 
4 E J3 

W E 


concede a trick to the heart 
queen. South cashed ace of 
clubs and tried the knave 
finesse East had the queen - 
one (town. 


South ahcwiM realise that he 
can afford bo lom the trump 
finesse to East because East 
can be md-piayed and forced 
to surrender the 10th trick. 


island ^ 

23 Long journey - £i ium tn 

” -an- 

*>aa sincte mat- 
Sdutioa 8,441 


4 AEQJ9 
V Q64 
4 Q J9 
4 98 


E 

4 10 4 3 

V - 

4 86532 
4 Q 10 5 4 2 


S 

4 72 

V A J9853 
4 K7 
4 A76 

With both sides vulnerable. 
South dealt and opened with 
one heart. West oveixsdled 
with one spade, Norfii raised to 
fiiree hearts, and South’s four 
hearts comiluded the au(tiioiL 
West started off with ace and 
king of spades and the queen 
was ruffed in band Thinking 
that West was more Ukriy to 
be short in hearts, declarer led 
his five of h^ots to the king 
and East show^ out. Forced to 


South cashes heart ace and 
East shows out West’s queen 
is picked up an d thm is no 
further problem. If East holds 
the three hearts, declarer 
«asbpy the king, eiiminatp^ the 

riiamowifa and thTOWS in 
with a trusq) to his queen. He 
is fiaced to to ed into the club 
tenace or conc^ the ruff dis- 
card. 

■ Derek Rimington h ee 
designed a scoring table for 
rubber bzl^e in a summary 
entitled Ty^Acol Bidding 
Guide. This excellent summar y 
covers (^leoii^ bids, responses, 
rapids and defensive biddli^, 
and costs £2 plus postage. 
Apply to A L Fleming, rear of 
12 SalisbDry Road, Bei&enham. 
Eent (tel: 081-650 0850). 


Qnnnra ranrSr,H_S_Hl 


, _ DOWN 

J ™wer to frigbteo Oelderffi 

2 Timekeeper came across'Offi^ 
sltioD In capital (9) 

3 stagger into difficult gfaite Cl) 

4 RMurn thanks under canvaS? 
I have? Tm not sure <9) 

5 Mark about four, for smsU 
_ pari of couiae (5) 

8 Uu(%n takes in averythineAr 
she'll wear this tOr 
_ dsmee (4.5) 

' enables a watch to 8tc4> 

ticking? (5) 

® for Shetland sbe^ 

dog I eft by river (7) 

1-i A cricket match In bad 
w^*or? This will say ^fb» 

16 Mockingly scornful of (^tbo- 

17 ta bag (S) 

17 ^ving three terms in cam 

la oo road (9) 

18 1 cover up the royal sign fer 
2P astronomer (7) 

tailless beast, strangs 
but true? (7) 

H wa»xl (5) 

12 tW*" *?"«**«• 

*'* u 53® union leaders oreak 
barrier as given (5) 

Solution 8,430 


^ w U Q Q H 

nu BDlalogEl 


SaQrnnmmrnrn 


BaQinamaBl 

gagsgag 


BnBQQQUD 

§a|Q|Q„sBQao”QC 

gBaaDogEI^QBQDDU 

gHangQgaanDHBDB 

SS2SSS°Q hMqddd 


^ myewii, IUHE 

*jTford, SiiTTey, 


E.P,C. Cotter 




> 


. \ i 







FINANCIAL TIMES WEEKEND APRIL 30/MAV I 1994 


TRAVEL 


WEEKEND FT XV 




C hoice of hotel ir argaaUy 
the nuget important ^ 
ment of a hotel hoUday - 
evea more important 1 
often ttlDfc* than dioice of conntiy. 
^^Bow can yon know that the hotel 
yon dioose wQl be ptedsdy to yOar 
' Utkli^ well-loeat^, peaceful (or 
Uvdy - teqoiranettta varyX com- 
• . lbrtBble« good value, and mn hy 
^ people who can spell *%o^dtality^ 
r Yon cannot Staying hi a hotel 
>> yon do net know is nec^ always a 
gamUe. 

Friends can hdpk Those familiar 
^ with yonr tastes fi^Ues can be 
•^esctremely nseftU. Ditto travel 
^ agents yon can trust Travel is 
Uieir bostoess. They jnnlmt exten- 
sively, gathering np-todate intdli- 
gence - so make tium swear, (m 
the teOGhore they are waving, flntt 
the holiday fliey want to seQ you is 
one ttey would bay ttems d vee it 
they hate’t eqioy^ a fieeUe. 

Brochures can be tridcy. Study 
them careftilly, espedally the idc- 
tmes. l^SMWe the puffery and try to 
tmag^ yonrself staying in that 
hoteL Think about its location and 
tadlWes, let alone the late. If Due 
... (mly ptetare of it in the Iwoch ni e 
slum half a swtmidi^ pool or a 




•ftWilr. >-..1 

MAbU' r:-. 

'-I. 


■rWJ V>. 

Vftfi V? J.- . 

• .••IrTn . 

: VlH? h»‘; 
ir.i 
wr: 

.hNiwi S't .i 
.he 

'MO'Ar' 

.'ttb. i;-. .. 
eviMt f. 

M }i>'o V.- 

■ 

-««**■*. Is'. 
Ibi^V 

WWPT*--:- 

HPnAnts . 

’• *11^ ‘u. 


SW( 

i fiy r : 



T s- 
■i r.. 



s . 

'i - 


t lunch,: the Hong 
Kong businessman 
could hardly contain 
himself. He waved his 
chopsticks, swallowed 
a snake, and c^uied investors* 
dreams through moutlifals of 
clouds’ ears. Tfs big. IFs very tdg. 
It’s almost too Ug.” He (Aoked on a 
duck’s foot and leant across the 
table. ‘’One point one bOlian peo- 
ple,” he whispered, as if China’s 
population was a secret he fdt he 
could trost me with. “It's the 
ftitore.” 

'The future is a Ug plsy^ In 
Shanghai. From our window seats 
high above the Bond, the city’s gra- 
cious river-front bouleva^ we 
could see the future across the 
Huangpu river. It was busy pushing 
up concrete towers on the slqrline of 
the enterprtse sme ot Pudong. A 
financial district, a manufactming 
centre, a free trade area and a sd- 
ence park were bang buQt, part of 
develoiRttents tint make London’s 
Canary Wharf look Uke a suburban 
estate. 

China’s rush to mnbrace market 
forces is tundag sfhanphai into a 
boom town, fttil of feverish specular 
tors. The. statistics are staggming: 
more than 1.000 joint ventures, 
nearly £7ba investment in infra- 
structure, lObn sq ft of new office 
space. Ihey say a new co m pany is 
formed every 11 minutes. 

Unlike tlw rest o£ CSuna. however, 
Shanghai has seen It all before, 
'niruhig your gaze firom the sky- 
scrapers cd Pudc^, ycu can look 
down on the classical facades of the 
Bund, the great bonks and trading 
houses erected in the first half of 
this century. They are the mmiu- 
ments of old Shansi. Asia's first 
and greatest commercial gianL 

Created by Euixveans in the mid- 
19th century frtm a fishing village 
on a mud bank, Shanghai was a 
concessionary port where foreign 
traders could operate immune to 
Chinese customs and laws, a situa- 
tion that continued until tiie com- 
munist take-over in 1949. By ttie 
192QS. Shanghai was a oosmcgiolitan 
city with a hv^ expatriate popula- 
tion and a dubious reputatkm. "Ooe 
never as^ why someone came to 
Shanghai,” Lady JelUooe warnedL 
“It was assumed that everymre had 
g^w^athing tg hide.” 

Old Sfaan^iai was a bit of Europe 
grown grotesque in the hot-ho^ 
climate of the Orient In a city 
caught between the South China 
Sea and 1,000 nates of rice paddim, 
you could order a well-cut suit a 
French dinner, a new car or a set 
moDo^anmied golf chibs. 

You could attend horse races, 
baseball games oc football matches. 
You could gossip in five languages. 
A suburban colonial- life-style 
offered the reassuring rt.ttials of 
afternoon tea and dub membersbfo 
but did time to gloss over the baser 
temptatiims in which the metropo- 
lis had cmne to specialise. 

The missiooaries who went hunt 
ing Chinese souls dedared that if 
allowed -^Uiang hai to suTvive, 
thmi be owed an apdogy to Sodom 
flnri Gomorrah. 

Only the pursuit of pleasure 
rivalled the pursuit of money. 
Shanghai catered to every taste. 
fViT«Kimp dd)s, dance halls, opium 
dens, freak shows, mudc hdls and 
brothels vied with each oQier for 
trade. Tf you want giris, or ToaySt 
you can have them, at all prices,” 
wrote Christopher Isherwood. "If 
you want opium, you can smdw It 
in the best conqiany, served on a 
tray like afternoon tea.” 



Continued from I 



revolving around the extraordinary 
career of the man she was now hop- 
ing to see tte last ot 

Peter Shaw was over 50 when 
Cmmen, not yet in her 20b, met him 
in a in the Bolivian lowtend 
city of Sanfc^ Cruz. She had joA 
returned from 10 years in Brazil, 
where to the test Sew ydiffs she bad 
done everything fitan modelUiig to 
real estate management But jobs in 
BdUvia were bard to find. Shaw was 
a commercial pilot, personable, 
good-loddng, wltit plmity of money. 
He offered her security and a 
chantt in life. They married. 

But Shaw, it turned out, was no 
ordinary pil^ He had spmit most of 
his life ferrying illegal drug con- 
signments arou^ the worid - hash- 
ish from Afi^umistan, heroin from 
PaUston, from Latin Amer^ 

ica. At the same tii^ thou^ in a 
deal worked out in vriute serv- 
ing a to a British prison, 

be agreed to work covertly for the 
US Drug Enforcement Agency. 


Hotel file / Michael Thompson-Noel 

The gamble on hospitality 

Bnt the village wasn’t me. 1 
foimd it dull (h had just opened for 


chef waving a fork, avedd it ITie 
ptetnres shmld rev^ as much as 
possible, especially ^ bedrocmis. 

At Easter, 1 sb^ in the Forte 
Village, spotii-east Sardinia, whidi 
was built in 197L From the frmr^ 
fago 9 read devoted to it in the 
Italian Escapades brodiiire, yon get 
tiie impressiOD that the vlUage is 
hng^ that it is proud Ks food; 
that it eatms espedally to those 
Interested in and fitness; and 
that it is ideal for ddldiea. 

AH quite true. It is bi^ - 55 
acres, three liotds, 438 bungalows, 
numerom restaurants, extensive 
qiorts SartiHteg Qndnding 17 tennis 
courts) and a health and beauty 
ceertre, the Terme del Farco. The 
ftood loas good. The village is ideal 
for chfUreo, althongb an expert on 
the snlgect told me she was nnim- 
preased wttii Ihe toeOities for very 
young ones; and the Hotel CastelU^ 
in ukicb I stayed, fa w^ managed. 


the season, so was barely urto its 
stride): isolated (but not if I bad 
had a hire car - I forgot my 
licence and fbr too Mg anA rambly 
for its own good. Nor is it really 
serions about its sport If yon want 
sport, go toClnb Med, or to a genn- 
ine sports ranch. At times, Forts 
Vina^ hoste Ug corporate confer- 
ences, so you would have to trust 
to Ind; thm yon were not suddenly 
sniTOiinded by jabbering confer^ 
oice-gDets. 

Not is the village cheap. itaiWaw 
Escapades says that hs holiday at 
Forte Village start from £649 per 
person per week (Septembo- L994 
price) for a twin-bedded bungalow, 
breakfast dinner, retnrn direct 
flight to Cagliari, and transfeis 
between airport and village. Spe^ 
fbeiUties are indnded (not water- 
sports, golf or horse ridtag, which 


are available at extra cost), while 
entry to the health centre costs 
aboQt ^ a day. ‘Rie company adds 
that tile price for staying in the 
village’s Hotel Pineta or Hotel Cas- 
tello starts at per person per 
week. 

Those prices are attractive. But 
need to stn^ tiie teochnre to 
see that they relate to two short 
periods: May 20 to Jane 3, and Sep- 
temlMr 24 to O^ber 7. In betwe e n, 
i^ces Imch far hi^ur. 

In the peak poiod, Joly 28-An- 
gnst I9i, a twin-bedded room with 
sea view in tite Hotel Gastello costs 
£181 per person per night, pins 
night (charter: £198 return) and 
transfer fr-om the airport (£48 
retorn a head). Pretty etamy. At 
Easter, football star Panl 

Gascoigne holidayed at Forte Vil- 
lage, which probsfoly says it alL 

On the other tbe Italian 

Escapades brodiore is a mightfly 


nsefol document: 168 pages cover- 
ing a wide range of hotels. From 
rtodying it - especially toe pic- 
tures, and the clnes they offer 
abont locations and bedrooms - I 
am 961t per cent confident that I 

would be more than happy in quite 
a few of them. In each case, Italian 
Escapades quotes chartered and 
sohednled air fares as separate 
items. Ton can book accommoda- 
tion only. Ton can also fly to one 
abpoit ud xetnrn from anottitf. 

ftofitm Elieqpades: 227 Sh^)herds 
Bush Road, London W6 7AS. TsLUSl- 
745-999. Fbrte Motets: 034&-404-MiL 
■ A famously agreeable hotel is 
Reid’s Hotel, bbdeira. It has almost 
everything: cliff-top location jnst 
ontside Fnnchal, excellent food, 
good staff and marvellons gardens. 
Among other events. Reid’s is 
organSsnig its fixst opera festival 
this year on Jnly 26-27. Cost £667 a 
person including seven n^ts in 



the hotel, a reception, ana two 
operas and barbecnes. are 

extra. UK reservations: 0256-841 
155. 

In the same ownership as Reid’s 
are two first-rate country 

house hotels: CAtaringvrarih Manor, 


House, Warminster, Wiltshire. 
They are chips off the Seld block. 

There Is a type of English coun- 
try house hotd - nltra-lnxarioas, 
nltra-expensive - that specialises 
in frigidly so posh and conceited 
that guests feel obliged to whisper 
and tiptoe and dare not Uow thrir 
noses, not even in the shrubbery. 

Chfl^gworth Manor and Bishoi^ 
Show Honse are not like tlmt I 
fnniiri both extremely comfortable, 
mtioyed the food greatly, and was 
inmrraied by their fedUties (each, 
fOr example, has a fine indoor 
swimming pool). 

Above an, thanks to inrisible bnt 
skill^ management, 1 found the 
hotels struck a perfect balance 
between qudity of setting and lack 
of pompfttity. At one of toem, a 
waiter had a screaming fit at 
breakfast time - something to do 
with a sausage, or posribly several 
sausages - whidi added to the fan. 
■ At Charingtoorth Manor, room 
rates per night for two, for dinner 
plus B&B, axe £148-£307 on week- 
days and £I64-£235 at weekends 
(suites extra). TSL’ 038-678 555. Dfab- 
opstnw House: £Sl-£ii4 per person 
per dinner pfus B&B (suites 


near Chipping Campden. 6Ion- 
eestersblre, and Bishopstrow eztrt^ TeL 0S85-2J2 312. 



One (or thawed... a Shanghai pwieah driver awiticuadqoia ia >i the caifwhetB.lt is wfal. a new company is foniwGf every 11 minulss 

Boom-town Shanghai can 
learn from its dubious past 


Cold comfort 
in Iceland 

There is next to no life: a few 


Old Shanghai is remarkably 
inl^ The great banks and tzuffing 
houses, the old botds. the palatial 
villas an d the clubs still stamL For 
the European, strolling through 
Shanghai Is like rooting through 
tiie ^ects a gr^ aunt vriune toe 
has long beeu the scandal of the 
frunily. 

In the grid European avenues, I 
met a mmiey chao^. He was a 
retired school teacher, a dishev- 
elled, doomy individual trying to 
augment his pension. We went to 
lunch in what had once been a 
grand apartment building, uow bro- 
koB into tenements and adorned 
witii laundry. An <dd woman tan a 
lunch counter in a hallway: three 
simmering pots and a couple of 
tables. 

All around us was the architec- 
ture of half 8 wOTid away; classical 
pedte^ts, faniightg, stained doss, 
French windows openi^ on to 
wrought-iron balconies now 
crowtM witii tord cages and bam- 
boo chairs. Men shuffled past in 
bath robes and plastic slippers; 
from an tmper floor, a warifaj quar- 
rel echoed down the stair wells. 

1 asked the money changer what 
he remembered of the arrival of the 
communists. ”It was very quiet, 
re^y,” he said. “Everyone who 
shi^ have left had left. A few 


nights before their anival, Chiang 
Eai-sfaek cordoned off the Bund and 
emptied the banks of their bullion. 
Th^ canted the gold ban across 
the road in the gl^ of headlights 
and loaded them on to ships for 
Ikiwan.” 

vnthin weeks the brothels and 
bars were dos^ tbe street names 
changed and rickshaws abolished, 


The prostitutes were re-educated 
and SOTit to wmk in factories; the 
White Russians set sail for Austra- 
lia; the bankers, tradera and gang- 
sters went to Kong. Sngapore 
(n: Sao Paolo, and the mternatioDal 
riff-raff went home. 

After rha public avenues of rha 
Euregtean dtetanctB, the old 
city - whldi lies to the souto of the 
Bund - seems an intimate, domestic 
place. The inhabitants lunch on 
their doorsteps and wash tiieir hair 
at outside ta^ Pastry cooks stand 
in < 2 ^ wtodowg amfuring dump- 
lings frmn of steam. TTny 

shops in buttons, umbrri- 

tes, block prints, carving knives, 
drtoring gowns, prt birds and smzff 


Nearby, in Salty Melon Street, 
vemlois hawk bucketfuls of crabs 
and turtles and jellyfish. At the cen- 
tre of tim old are tbe Yu Yuan 
gardens, said to be the inspiration 
for willow pattern china. 

^ck in tiie Bund I found the 
Shanghgi club, a British establish- 
ment once so exclusive that tbe 
doorman was sairf to have consulted 


members before admitting pass- 
ers-by trying to escape a gunfigbt m 
the street The Long Bar, once the 
preserve ci taipans, is now patron- 
ised by Malay miftshipTnuyi, broad 
as tree tranks, argoisg over their 
diminutive CJiinese sdrUrieods. 

in the billiards room across tbe 
hall, nothing seems to have 
changed in 60 years except the 
height of tbe tabiee. During their 
occupation, toe Japanese cut down 
the legs to improve their cue action. 

The centrepiece of the Bund is the 
Fe^ ItotsI, known formerty as the 
Cathay. Built in 1929 as the head- 
qiteztOT of toe Sasaoon empire, it 
was in its day one of the finest 
hotels m Um world. Noel Coward 


wrote Prwate Loss there, sitting up 
in bed in an uncharacteristically 
hideous dressing gown, hsteniug to 
Sophie Tucker rerords. 

Having survived spies. Americans 
and Madame Hao, the Peace has 
new regained its former degance. 
Every evening, a septuagenarian 
but sprigiuly jas band ph^ a rag- 
tag collection of tunes. In the res- 
taurant upstairs, tbe w alU ess es are 
once again wearing the cheongsam, 
tbe long, split skirt banned the 

At night, with tbe tugs hooting in 
tbe Huangpu below, you can gaze 
along the floodlit bmldings of Ihe 
Bund, like a vast stage set 

As for the new stage set across 
the river, you sense that tbe script 
is not written yet Past and fixture 
face each other across tbe Huangpu. 
and the Eormer has much to say to 
the latter. 

Shanghai’s first commercial boom 
was bnnigbt to an mid with tbe 
communist take-over. With hind- 
slgbt the reasons for its demise 
seem fairly predictable: rampant 
corruption, an exmess of foreign 
ownership, and an inability to 
include the widest spectrum of peo- 
ple in the benefits of its boom. On 
the brink of its second boom, 
Sban^iai would do well to remem- 
ber that lesson. 


I t was about 4am, at the end of 
the first day of the journey, 
that my mind b^an to dwell 
on a throw-away remark by 
my host, Asgier Heidv, that Tce- 
tend is tot^”. We were to a convoy 
of three off-road vdxieles but two of 
them, including mine, ^<>4 gone 
throu^ tixe ice at the of a 
frozen river. 

Attempts to tow them out failed 
because the hanlc was steep and, as 
the rear wfaeds sank in the water, 
the snow ttnHArnaafe the vehicles 
compact^. Digging caused the 
vfoeels to sink fiirtiier. The temper- 
ature was -15“C as we went to sl^ 
in our seats aware that, if the third 
vehicte ware to grt stock, we would 
Iteve to sit tight and w^ for the 
rescue service to find us. 

Crosang IceteDd’s interior to wtor 
ter h^ become popular, at least 
with Icelanders. H^ar proposed 
this jouro^ after we had met on a 
summer fishing trip. An enigmatic 
character, he makes bis living 
entirely from hunting and idated 
activities. 

He lives and breathes the wildOT- 
ness, spending the late antumn 
months roaming snow-covered 
mniintaiTw as a gidde or on his own. 
shooting birds ai^ occasionally, 
reindeer. The winter treks are 
purely Ibr pleasure. I could scarcely 
resist his invitation - nor its 
implicit challenge. 

There are no long joum^ in foe- 
land: it is scarcely 900 miles across 
at its widest But almost no one 
lives inland where swee pi ng idahis, 
s trewn with boulders of lava, are 
bordered by jlow granite mountains. 
When all Is bovei^ witii deep pow- 
der snow and ice, custouiised 
fou^wheel drives are needed. 

Even then, you xieed luck with 
the weather. Two systems conyxete: 
the temperate Gulf Stream and 
pjiiiiing winds from the Arctic. At 
its best, winter brings cloudless 
blue skies and a sim that provides 
comfort even when tbe shade tem- 
perature is wen below breezing. But 
a fierce and unbearable wind can 
whip up without warning. 

We set off from Reykjavik on our 
own. The plan was to start along 
tbe coast road before seeing tbe 
famous geysOT and nearby wate^ 
fiillc at GuffibSS. 40 inlanH. 

Then we would head for tbe 
weather station at Hveravellir, close 
to Iceland’s heart, meeting tbe 
other vehicles ea route. Finally, we 
would aim to cross the Lai^'okuU 
glacier bMOre tprmng lunrth ag^ 
to fish for Arctic chv through ice 
boles. 

We aimed to be away Cor three or 
four nights and sit oot any storms 
to the woodmi shelters that pepper 
tbe wilderness. But the road from 
Gufifoss was marked on tiie map as 
crossable by 4WD vehicles only to 
smnnier, a^ we soon faced virgin 
snow. Whhto mmotes. my v^udi^s 
wheels were spinning helplessly. 

After extricating ourselves, we 
hirhflH towards the hi ghlands. Snow 
bad buri^ the moss-covered lava 
boulders tiiat are the main ferture 
of tbe summer landscape, turning 
the plain into a smooth, white des- 
ert and softening tbe distant moun- 
tains. 


pontes and ravens near the coast, 
then just occasional tracks from 
Arctic fox or ptarmigan - a 
snow-white bird somewhat like a 
grouse ■> spotted by Heldar's sharp 
eyes. At one point we bad to turn 
back: the 4ft flags that wiarirafi the 
of tiie road had disappeared 
under the snow and we became 
stuck, repeatedly as we soi^t a 
new path. 

Then we reached the first rendez- 
vous point and stopped on top of a 
hill to tbe dark to await the last of 
Hridai's friends. As we sat. a lace- 
like ribboa of light wove through 
the sky, then an^hRi- and a thir d. 
The Nulbem U^ts are still a mys- 
tery bnt at their best I was told, 
energy concentrates to a luminous 
s^iere that ^lodes, sexidtog col- 
ours streaming in all directions. 
This night showers of U^t cas- 
caded like ^irits over our heads to 
shades of vivid pink and green. 

From here on, we used a satellite 
navigation system to chart our 


Help is not at hand 
when injury strikes, 
on David Nissm^s 
frozen adventure 


course in the darknx^. This was 
how we arrived, mistakenly, on the 
ftozen river JokulfalL 

The mtening brou^ luck. The 
third vehicle found a safe route on 
to tbe ice and managed to haul us 
up. Thereafter, we coasted easUy on 
hmti snow, reaching the weather 
station by mid-morning. A journey 
ci around 90 mites had t^n 22 
Imurs. 

The weather station is built next 
to a geyser. Near-bofltog sulphmoos 
water runs fitim open cratms and 
collects in a pool jnst below the 
visitors’ hut. A pipe feeds an 
teeKiold spring into the pool and 
you pick your spot in it for tbe 
temp^ture you want 

'Ais riimatft is most dai^^erous 
when you relax. Heidar sitoped on 
the ice while running back to the 
hut and fractured his cheek and eye 
socket in four places. The emer- 
gency services refiised to send a 
helicopter^ for that fajurtes need to 
be life-threateniiig. 

He took the wheel for the drive 
back to Reykjavik tbe next day so 
that he woi^ have smne control 
over the bumpiness of the ride. 
Other vehicles lairf tracks ahnao to 
speed our journey. But the doctors 
vriio eventually operated fbr three 
hours his injnrles had been 
worsened by the way he gritted his 
teetii all the way back. Very much 
the he never once com- 

plained. 

Yes, Iceland is tough. Gut for the 
two hours before Heidar fall, we had 
been luxuriating in the hot pool 
watchii^ tbe Nortbem Ughts as ice 
crystals made crowns in our hair. 

■ Many Regl^avik kotels will 
arrange winter expeditions taking 
Jnm stc hours to tun dags. A^ier 
Heidar tel: 3S6-1-67S SSa 


Stanley Stewart explores a city at the 
forefront of China's rush to the future 


DRUGS: wrecked lives in Bolivia 


Later he undertook a simflap agree- 
ment with British Customs* drugs 
intelfigmxce autixor^es. Their chU- 
dren notwithstandtog, his marriage 
to Cannmi was part of an daboiate 
cover for a but profitable 

life of deol^ and doubtedeaUng. 

At first Connen could imly make 
guesses about his business during 
the year they spent in five-star 
hotels In Rio de Janeiro: about 
Shaw's irregufar flights between 
Brazil and Olivia; i^out the suU- 
cases that disappeared frtm their 
taotd roOTDS as mysteriously as th^ 
arrived and about SbaWs associa- 
tion with Ronnie Biggs, the great 
train nfebm* she had never beard of 
before but who, givm her hus- 
band's growing antipatiiy and seci» 
ttven^ became her co^danL 

But by 1991 thme was no hiding 
the fact that things had gone badly 
wrong. Based back in Santa Cruz 


now. Shaw became increasingly 
paranoid. He repmtedly accu^ 
Carmen isfonoing on hiTn, and 
more than once threatened her vio* 
lentiy with weapons. TTien came the 
day vrixeu he appeared, his ankle 
brokm after a roo^ <dias8 across 
tiie ci^, saying men were trying to 

IrilT bini. 

And the money stopped cfflnfx^. 
Shaw, it seemed, had dump^ 
by both his dri^deaiing as.M>cTat<i^ 
and his government employers. 
Without reeouroes, to early 1992 he 
asked the Britteh embassy for repa- 
h iaKnn for hlmself im d family. 
It was granted, and than at the last 
minute refused by the Fore^ 
(mee. Shaw, said Carmen, believes 
there la a deliberate attempt to 
maroon him in Bolivia - for tbe last 
two years tixey have been living to 
pennry, dependent for their sor^ 
vival on efaureh charity. 


Carmen moved her family into 
my hotel We took the cdiildrea to 
amusement parks, on ^ trips to 
Lake Titicaca. We dined out. went 
dancing, took walk^ the more Car- 
nmn. tafaed. the more I found mj^elf 
engrossed by these strange lives. 


Shaw says his life is 
still in danger 
— and Carmen's too 


Finally, I asked to meet Peter Siaw. 
It was not difficult he had been 
shadowing Carmen for days. 

I Ifaed Shaw: there was Ifttie of 
tim areteeriminal about his intelli- 
gent, sociable manner. But the 
sti^ of bis demise, even in the the 
bririxt sun of the hotel courtyard 


where we sat, xvas chilling. 

Things had gone wrong, be said, 
when he was contracted by the 
DEA to set up a “sting’’, luring two 
of America’s most-wanted drugs 
smuggleis into a deal to porebase 
30Ckg of Bolivian cocaine. Such 
entrapment operations are illegal 
under both US and British law; 
nonetheless, Shaw claims, they are 
oftra imdertaken using criminals 
like himself as operatives. He says 
he spent all the money he had set 
ti^ ^ sting up, counting on reim; 
bursement later. 

But he told me tiiat, at the same 
Hm» , he himself became tbe victim 
of a SOkg entrapment operation set 
up by one of his own contarts, also 
a drugs trafficker, under pressure 
frmn British oSdals. Shaw believes 
they had teamed too much about 
ids own private drags dealing to 
want to continue employing him. 


How had they learned this, T 
ask^ Shaw is convinced that for- 
mer friend Ronnie Biggs Iras 
become an important police 
informer, is in constant touch with 
British drugs intelhgence c^ficers, 
and used his friend^Ip with Car^ 
men to collect toformatioa on him. 

Shaw suspected his contact of a 
double cross, and after having 
arranged tbe transport of drugs 
from Bolivia to Sao Paulo, refiised 
to pick it up for him. The operation 
having turned soar, he says, British 
drugs Intelligence agents were 
afraid tiiat he mi^ go pifolic on 
01^ British sting operations and 
their valuable undOTWorld infonna- 
tion source, lUmnte Biggs, Mot only 
did British authorities pmuade the 
Afnariwms fo hwak their contract 
with him on the grom^ be was 
using DEA cover fbr his own pri- 
vate operations, but, he giiogaa. 


they also trted to kUl him. 

Peter Shaw says Ids life, and that 
of (farmen’s, is still in danger from 
the powerfiil drug dealers be set up 
under DEiA dfrection. All he dreams 

now is getting enou^ mon^ to 
travel to the wh^ be wants 
financial restitution Cor broken 
DBA contract, and a new idenl^ 
under the Vmness Protection Pro- 
gram. He wants Carmen in the wit- 
ness box with him. Carmen can 
think of nothing worse. 

Such is the confusion and com- 
plexity of lives I stumbled across in 
Bolivia. There are countless others 
to this country where the shady 
business of cocaine is more profit- 
able than all other exeport busi- 
nesses combined. 

But I ramfimbOTed the UN Drug 
Control Pn^ramme Offices I had 
noticed fitim Julian’s. 1 had seen 
part rtf the little picture. Now I 
wanted to see sometiung of tiie big 
one. Two days later, I was headed to 
the steamy lowland junsSes of Cha- 
pare, primary prr^ucQon centre of 
the Bolivian trade. 




£?S.3’Jg BS'SB'E o t?J5 wS'a e. 'SQJSPS‘> ea 


TRAVEL 


In the tracks of 
Quixote across a 
land of fantasy 

W itJi a name cf imprisoned in Atgamanlla was Not since motoring throu^ 
a emquista- Migoel Cervantes, bis hero’s Patagcmia had I a 
dor azid the inventor. I had bem traveZZing sense of an giiigh miTcrf with 
t>^u1ng of a long enoc^ in La Mancha to hei^tened eqiectation. I was 
well-nonr- understand that this is the hungry and thirsty, too. 


W ithanamecd 
a eoRguisto- 
dor and tZie 
bearing of a 
well-nour- 
ished Castilian peasant Jose 
Dias Pintado Caneton struck 
me as just the person 1 was 
looking for in my quest for 
DonQtojmte. 

Ife ran a small electronics 
stMV in the central square of 
Ar^masSla del Alba, specialis- 
ing in Japanese oigans, but it 
was not because of his dedica- 
tion to new technolo^ that 1 
had been guided to him. 

Don Jose, plump, mous- 
tactdoed. and with a boisterous 
langh that made his oigans 
rattle, was an Aeademico de 
ArgamasiUa, with a Ufo-foi^ 
bobby of deetotion to plain's 
most universal literary hero. 

We shared a bottle of wine 
and a large piece of chorim. Ifo 
erupted wrOi laugliter when 1 
asA^ him rriiat university he 
taught at “I am not an aca- 
demic. Fm an eternal ton, an 
aficionado dedicated to suppo- 
sition, speculation, and pure 
ferth.” 

Don Quixote sets off on his 
travels from an imnawiad 
'^lace in La Ihmcha*, that 
r^on at Spain’s central idain 
whufo lies between Madrid and 
Andaluda. Consequentiy, each 
littie town for 200 Idlorittfres 
soa& of the capital claims Don 
Quhu^ asits own. 

But Jose was insistent that 
Argamadlla - today a dnsty 
agricultural town fillpd with 
ohve pid[Qs and vine dipera 
- was tlie place where it all 
began and where it ended. 
Qm was the libiaty where his 
hero had stucQed his books of 
duvaby. Here was the prison 
where he bad lan guishpd "Tve 
spent my life trying to find out 
why. Was it because he didn’t 
pay his taxes or because he 
wolf-whistled a noble lady; 
either thesis is possible.” 

No use arguing vnth Jose 
that Don Quixote never 
existed, and that tbe man 


imprisoned in ArgamariUa was 
Miguel Cervantes, his hero’s 
inventor. I had bem traveZZing 
long in La MaTirha to 

understand that this is the 
Und of r^fon in irinch one 
easily believe in anything. 
A few days earlier I had 
flown to Madrid, McWng out 
finrope’s self-proclaimed cul- 
tural capitaL The Prado, as 
always, was a joy, but before 
getting to tlie now-permanent 
Thyssen exhibition, 1 had 
already sou^t escape from the 
frenetic tr^c, the pollution 
and tile sense of collective mal- 

As Jmmy Burns 
crosses La 
Mancha in search 
of a hero, reality 
and fiction 
begin to merge 

aise wZiich my Spanish friends 
say is a symptom of recesrion. 

I left armed with Cervantes’ 
masterpiece in my bag, and the 
tbCKi^its of the SpfliTiigh philos- 
(^her Ortega y Gasset in my 
hftart- “Castille, felt as visual 
unreality,” wrote Ortega some 
70 year ago, ‘is one of the most 
beautiful things in the Uni- 
verse.” 

After ttie office Uocks and 
the traffic jams fuma the open 
plains of La Mancha, not 
green, cmtrinly, but not barren 
or uncampromisiz^ either: 
Castilte here Is a k^doscope 
of chang in g shapes and col- 
ours. first comes the reddish 
earth where the vmes are lined 
fma hahinii the Other; thpn the 
inouatabis of the south loom- 
ing on the horizon like sea 
monstos washed on to some 
hugely distant shora 
Along the way there is an 
extraordinary smse of space, 
broken occasumaHy by a flock 
of sheep or a dump of olive 
trees where the vines leave 


Not since motoring through 
Patagcmia I felt a ahniiai- 
sense of an giifah niiTBrf wtfh 
heightened eqiectatiorL I was 
hungry atn^ thirsty, too. 

Ddivoance from the motcn:- 
way came in the form of the 
first necessary port of call on 
my literary journey: Puerto 
Lapice. It was into this viO^ 
that Don Quixote had ridden 
“weary and dying of hun- 
ger.. .looknig in an directions 
to see if he could discover any 
castle or shepherd's hut” 
where he could shelter. 

Having pariced the car, we 
wandered on foot tiirou^ the 
streets cX brilliant whitewadi, 
fidiere fruit was bring pnssed 
and horseshoes forged in inner 
comtyards, bat where other- 
wise nothing seemed to be h^ 
pftfiing under the sun. BCy eom- 
panicm stopped to cash a 
travrileris cb^ue In the hawif 
and was told by a young clerk 
that she had never handled 
such an Instmmeit. 

It was lunchtime, thon^ 
and it was not bard to find a 
local inhabitaDt irtth a sase at 
priorities. Venta de Don 
Quixote.” said a woman in 
blade, pointing down an ave- 
nue of white. 

In the vaUa, or inn. a rus^ 
set of armour lay abandoned 
next to a stone trouidit end a 
group of waiters in starched 
shirts stood by emirty tables in 
an open courtyard lined witb 
blue tiles. 

“...Nbco then chanced to be 
standing at the inn tan young 
unmen easy mtue adto taere 
an their way to SeuUIe with 
same water eaniers...As eoery- 
thing that our adoeniarer 
thought, saw or itnagined 
seemed to follow the Jashim qf 
his reading... .he amainced 
hhns^ that it was a fortress 
with its four towers and pmna- 
eles of silver..." 

The only female strangers I 
saw • one wUh a mass of black 
curls, tbe other with stunning 
blue eyes - were deaning the 
kitchen floor and seemed in a 



bi the sMow of a riwifc a «hBd pteys MKl to OM of Oen <kA(0lrie 1 


hurry, not to move on to 
Seville but to get back to Mad- 
rid, from where they had rehie- 
tantly emigrated. 

I shadow boxed with the 
annoor before aZZowlng my^ 
to be led to a table in tbe spirit 

of Sanflhf) Paww. We d wiwlf a 
litre of VaUepenas wine, and 
guzaded beans, ehoriao and bits 
tf sninkpH ham served In an 
earthenware bowL The stew, 
or otta, haw V**" la Maxudia’s 
peaeant fere for many centu- 
ries, and no amount of fast 
food chaina - of inczeasing 
prominence in metropolitan 
Spafn - hag manag ari tO eradi- 
cate tt. 

Beytmd the venta, iq;) in tlm 

hflla , above aiwthpr gtit lpriiig 

vlDa^ of wUtewash and blue 
tilps - Canon Crfotana - were 
tiie windmills. That afternoon 
they stood defiantly a wind 
gathered anrf whistled across 
the prairie, pldring up dust A 
young Dutch con^ sad lean- 
ing against thrir rucksacks, 
staring at a red snxL'Wbetf 


they saw "la, the 

“Do those windmills make 

bread?” 

1 told him: "Ttiaea you see 
there are giants with long 
amig; gnmp (X ffien Ztave tiiem 
gTT ndles long.” 

The Dutchman “Wdl 
it makes a change from 
lookiag at cathedrals.” He had 
recently been in Toledo. 


F or a Long time we 
stood there, saying 
nothing just lie- 
timing to the wind 
and watching our nhfldi-pn 
riannp between the ”glantB*. 
With thg{r black liafr and wSd 
gestures and lau^ter, they 
seemed can^it in a dieum cf 
gypsies which my hero on 
occasions stumbled on. 

Beyond ns a madman, his 
tnmsers half-way ^nvn to ins 
ankles, was gesticulating at 
emp of the giantfs arms witii a 
walking stick. Fts expletives 

were ahnftst Inwrm prahpnsnilp, 

but 1 ^thered he bad been 


abandoned by his wife. 

Later that afternoon I 
stopped for the ni^ at tiie 
npT* village on the Quixote 
trail, El Toboso. Here the 

hmyyf of ThtWitaa^ thp rough 

peasant cook my hero to^ for 
a prtnwwg, has been preserved 
as a i mi se um , next to a con- 
vent where the nuns inter- 
sperse their praynr aessions 
witii ^igpntohalriiig 

We took a room above an 
inn, where fiie largdy mate cli- 
ent^ seemed aitbpr taii^ 
bearded and very or short 

amri stocky - QT San- 

dips ahniwt to a man. 'We were 
fed empooftos, a quite indig^ 
fhlp itigTi ahm of Icng-fitaiiding 
traditiaa in n»gtinan peasant 
kfirimns: bite of pork fet fried 
with, garlic and hot pqipeis. 

I was consefous that Don 
Quixote had aeardied for bis 
princess after midnig ht, so, 
reshsed wiOi a large bran^, I 
set off into the nf^iL The tall 
tower of El Toboso’s Ifitb cm- 
tnry. parish chinch stood put. 


above tire narrow streets, its 
pale stone Ulnminated and 
turned golden in the sea of 
Uack. &cept for those in the 
ish, the whole population 
ap pe a red to have rette± Tbe 
mtiy beings wme a dog dis- 
tantly harking and a ginger cat 
that fbOowed me for an hour, 

piiirrt ng and alidnig his back 

along the whitewash. Near the 
local conv^ Duldnea’s boose 
was dosed for the evenmg. 

The next day, armed with a 
map provided by the parish 
priest, Dcm Nicoilu - another 
Qi^te expert - I went 
hxdting for the Cave of Montes- 
iujs •> wngnp of Dcm Quixote's 
mostly demented dream - in 
the distxict of lA Mancha. 
Thp laitpg are mnan lagfx>iis 
vriikh have gathered mirage- 
like and somewhat mlracu- 
lon^ in an area sunoimded 
by azid lands. 

The cave was wen off tiie 
main road, aooGS a country- 
side of petrified trees and loose 
bramble. Luckily the criigited 


vegetation was not too ove^ 
gro wn so I did not need to use 
a sword, as my hero had done, 
to cut my way through the 
cave’s mouth. But neither did I 
have a rope and Sancho to 
lower me in. 1 stepped forward 
cautiously, using a torch. 

For many centuries the wiz- 
ard Mnn tesinftft had waited for 
Don Quixote deep in this cave. 
Thanks to him, the mad kzught 
discovered enchanted castles 
and Duldnea del Toboso, and 
re^merged a better man, bis 
courage prcfved. his dream ful- 
filled. 

I was frightened out of my 
wits by a large bat It was the 
tiie mdy oQier living creature I 
eocountered before phaidnp my 
own shadow and running out. 
back into the sunlight All 
around me the plains of La 
Mancha were melting to the 
sound of (rickets. 

■ Spain: A Literary Compan- 
ion, by Jimmy Bums, was 
recently published by John 
BJarray. London (E1B.99), 


£s- .*• 

F-'' 





HOLIDAYS & TRAVEL 


Orient Lines 

B^SSAGETO 

AFRICA 


Singapore to Mombasa 



A 21-day miise-tour from oidy £2,650 
departing October 13, 2994 

FoBow (he hbtoric Spioe Route fnxn Sngipore 
xras tte tofen Oesm (hioigh bmuiiU 
elands of the Mahfives and Ae Seychelles to the 
vast continent of fUiia 

Visit Kiiota Lumpur, the island resort of Penai^ 
and Colombat capite of Sri Lanka. Goss the 
inefan Ocean lo the Makfiwe idand of Male, and 
nasin in the Seydicfes - a veritable Carden of 
Eden and home to some of the woriefs raiesi flora 
and fauna. Tim to the (Static idarKi of Zanzibar. 

Our ovise ends in Mombasa, Kenya - but for 
tito peito flnale to this unfoigettable hoEday, we 
ofier an induded fliMay safari to Tsavo Na 6 ^ 
Ifark. Akenuthriy. you on dwose one of oir 
longer African s^ options, induding Ambosefi 
National feik. Samburu or the Seren^ in 
neighbouring Tanzania 


EXPERIENCE 
THE MAGIC 
OF SPAIN 


'nwusands of people vistc 
Spain - yet (ew ever ^scoocr 
IM teal oonnlry. 

The Mrgic oC Spoia oOoa (be 
tnvd anuauMur QniUcy lioads 
• TamibcaBes •VUte wiu pool « 
Ruackucs • Coy breaks. 

ErqoY 

NaWe craes. i^oriota beadws and 
endunieit wtaaewailKd vUfagrs. 
A EXPEUENCE ' 

m The MagK oC Spain far 
J quhcr.r and M 
flfa ■ lughihobdays 

I • i c* J wstwn 
#*• «l gJ V . breaks. 


S-P-A-I^ 


faT»dqaiwrtli»Bffa.»Afai 




071-828 6021 




MUNDI COLOR 

HOLIDAYS 




f SPAUI 

TVadlOoiwl count 
honnea, rlUu nad 
apnrtoicnta thioaghoat 
Spain, MalloreaS Kcaorc^ 




f«i read Spanfah 

Magic of 
Spain 


liir r« •'cfv .TtuUT'' I .ill 

OSI-748 7575 

■>• / 'l.iii -s-ii, 10- H •Min 

I .T .1 hi.>. Iiiir. . .ili 

0303 226602 


MTKsnre aman aito 
JUrltoHi Snap (■owatu LM 


SPANISH PYRENEES WAUQNQ 6 Wy 
atscpwilng pMM. vHiaiia and v iyons 
vMiktoAneonoei TOBMir 


VILLAS 




MAURITIUS 

Stay 14 nights 
at the glamorous and 
very romantic 
LE TOUESSROK 
and receive a Jree up- 
grade to Air Mauritius 
Business Class, either 
out or return - prices 
fiom £2215 p.p. 


SUMMER PORTFOLIO 

CARIBBEAN 
FIRST CLASS 

FROM £189S 

Stay 6 mjber at The Ini^ Anugoa from £1895, 
7 nights td WtsDjAMMESi LdNOZNO, Sr. Lucia. 
from £1995, 13 n^tts at Tbb Four Seasons, 
Nevis fiom £2520 or 14 ni^tts at Calabash, 
dUBNAEA Jmm £2450, all uritk FHtsr Class 
R nvBNAat Travel induded. 

This Summer and Autumn Elqgant Resorts are 
offering the opportunity to stay 25 of Ae most 
famous hotds on 10 s^a ra t e Caribbean islands at 
prices urdl hdoto Ae nomud First Class BWIA 
Air Fare qf £3560. Our First Class broelmre has 
details of dl Ae destinadons. 

Out 5 UldldBJi POATTOX/O CONTAINS MAST ttOMS 
Special 5 unb<bb Valobs incluoinq Foes WBata, 

FUGET UPCOAOBS TO ClOB AND FOST CLASS, FAMILY 

Specials and even Free WBddings. 




SPECIAL INTEREST 


KENYA 


MASAI 

SAFARI 

with a week on fee 
bestohatMomtasa 









UK SPECIAL 




THKE A BREAK 
WITH ACORN 


ntoitai*Di3vte«HUercobar 
PDtteryrCriUnpIvBadKi Mtebtt 
8ridtt-Needtaor«fi>wtwdvorfc 
Dacoiaihv iDferiws ato FteREort 
Book Bisdteti -Fteer IWlitt 
Mcftuork'floBliDE-OecoopEtie 
Cite fetoBurllacliM Enbroideni 

rbrirerkea ft we AM atoreer wg^ta u 

ACORN ACnvmES 
7 East street, HarefoidHRl 4RY 

Ttol: 0432 357335 


CARIBBEAN 

ia the 

Summer 


Svn^issMBeedies, 
snttlay faces ey 
first~C£ess resorts 

'nirtle Beach 

Tobago 

The Grenadian 

Gmaods 

HakjonCove 

Ardigua 

from £499 

■k 2iidweek FREE 

tWrbalf boatdftdlatoy) 

■k FREE wateiqxMis 

A'^^d conjtaM CMB 
Bmcbtn ConriMonB wfdy 
See yots- travel agent or 
CALL 081-748 5060 

mvEScMilS) 


AFRICA 




.*• m ■; Vi 


ZIMBABWE 

r-A.;ZANIA. BOTS'.VANi 
^ SOUTH AFRICA 
^^LOR MADE SAFARIS 


towelyoDioni8UhiMin% 

SupeitlwHdWe. 

AWBIWA 

ExdailsivE 

HanjBton House. /ffiN 

M Pafeneisten Rc gSa 

•••“Vianpiuii. HM 1 56 X. 


■:gid^r^enm.;\ I^E DISTRICT 


-vi'RjF-'jT'-rr 


an Homo, . 

07 M 84541 - 34 hia Fa« 07 M 66576 


TttJvel Pbges Wm' ^ a7eS^' 



^ohn Aigyrides 071 873 3352. 
CopelOKl 071 873 3559 
TMw /wawn ^077 8733098 


\ '* 1 ^ 


































FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 

JERSEY 

Far from the 
madding crowd... 

' O&e of Jers^'s top 4 sbr hotels. 


HEALTH IS THE LIXL'RY 
OF OIR TIMES! 


\NTI STRESS THERAPY.. 
S BK) FCEDBACE: 


VITAl. !Hi-:R 


v:\\h 
mi.s;:-; •C'.i! 


SPRfXCWEEKS 
,i righti incl. hu’F hQ^rd. 
hcrb^^l-viiacril FjL':. 1 Ai.-.vjr.'’;- 
hirn lic irCQt!>:ii:L. 

Fdikrt from D.V 1220.- 

VITAL HOTEL ROYAL 



^tCkf ' 
b\ 

^ r. 

km^r ^ 

. iL'ttrr :::• 
t' titiiJii-.:'.. 

t'W !-• 
t. -W-.i U." 
H t}«jt 
I- -nwiii.- 

it ' i^L.' 

t’. flSwTn-T 

t 

t? 1 ft '• 
». •tiK.'! {•' 

* . tft*- ■:;!!• • 

iniiT.4ii '• 
I tnr.i 

■■•fesri' 

I ’ 

« N>::- 

t 

Ckv .* . *%< 


10 the golf course is on a par 

WITH THE BEST IN AMERICA. 


Sculpted oui of a 
230 acre ciniiur>' estate 
by Jack NicUaiis 11 is one 
(.tT England's finest nen* 
gulf aiiirses. 

i\iid at ilie end of jiiair 
rmniii yuii oin disower 
ihedciiglitsiil'ilie llealih 


& Fitness Spa with its 
fbbuhius indcMir ponl. 
Cuisine is under the guid- 
ance uf Alben Roux. 

bur Xhitbin Coif bivaks 
$tart fnini £1 23 per person, 
per iiiglit and yuu can 
arrnv on atij* day. 





IMtCFtES 



THE CAUY PALACE HOTEL ft GOLF COURSE 
GATEHOUSE OF FLEET. 

DUMFRIES AND GALLOWAY DG72DL 

WWWwSeaaWiTwMIBMd OBiOte M«**«fUC 
Set in ht own grauKlB waHn 500 acres ol FM Forasl. 

The Cely PdacQ is one of Ihe most beauliM kKBtiora in Scotand. 

56 lunrtws tMckoom end siins. Rne food and MencDy protankinri 
servica VVttilni Oh grounds there ii an 18 hole par 70 gofl ooum much 
of it fei na&ao wooded araas and araund Orty Laka-'Aln, there b an 
Moor leiBurBcertre,oiMoortsnnb, pulfin(i,aat|U8t and baettaB- ' 
-HretyttAigenacoiiMwlBliltor- 
for a weak, a loftnigM or ]ual a few daya 
TENNIS WEEK • &n to- al • a«s 31 a July 
3 nli3A amner break trem £1 74 par parson 
or horn £204 par pereon Induiive of golt 

TelaplianotBS7Si4M1 14 





Escape to this most exdusive 
addraas. Elegant 19th 
century town honee hotel, 
situated in the beautiful 
snrroundings of Bury St. 
Edmunds. 

Intimate and friendly 
atmosphere; antiques and 
period touches throu^out; 
dalig^tfbl Italian garden; rix 
luxary bedrooms incl four 
poster decorated to the 
hif^iest standard. 

Weekend breaks from £110 
ibrtwo persons. Book now for 
the Bury Featiosl ISth- 
18th May. 

Johansens reoamnusided 
jfi'U Hi^Uy commended 
RAC Ifi^dy Aedsimed 

3kL- 0284 704088 


7Wel«a Angri Hin, Bwet 
8c. Edmm^ Soflblk DP3S lUZ 


AtJ.- ‘ 


Turii: 

Thi 

Ilul* 


. k! I 




5 ^ 


A ili: ; 

m ‘ •• 


LEARN TO PLAY GOLF 04 THE IDYUJC 
CmNlSH SURROUNDINGS. 

Pbr S3 yean the Chou^ Botd has ran qiortB coubbI golf tattipa 
ooMtsee ftr begninere and hi^ haad icep pe ia 
New fiw 1994 ore epedal cooieee ftr ^ 
more advaaeed golftr. AllQcn&eeeaSweBnBiBuiiBor 
14 bom iastnietioB from o qeolified PGA pro fiuw ii wuil 
AU portadponts ore tcmponur UKobers efttie ggtfdub. 

The Chiraift ofGeis firrt dare aecomniodation wUb 
Boeiisod ber and exeeDeot bod. 

GOIJ HOLIDAYS F OR EX PEHIENCED GOLFERS CAW 
BE AfCSANGB> WTIH BBSNJCSD tatSBN 
FlesM phone 0S88 362886 for 1994 ayaiUMB^ and our 
eonprebenBive brodiore or write ts 

THE CHOUGrH HOTEL 


THEBLAKE3NEY 

HOTEL 

ETB •••• AAAAC *** 

Bfatmy, iVr. Halt, NetfoOc 

Tndiiionil privately ewaed 
bicfldly hold evcrloekisg 
Nilieoal Trim Harbow. Heated 
indoor pool, epa beih, Monat. 
Buni gym, billiard room. Visit 
to relax, walk, birdwaich, sail, 
play golf, 

lad view liistorie places 
iBClwdi^ SEndfn^bfliQe 
the Norfolk villages, counlryaide 
and coast. 


kODWEEKAND 
IVEEKEND RABAiCS 
SPECIAL 

FOUR DAY HOLIDAYS 


Tdephoue 020 740797 
fbrabrodiaie is 


CAl i. 


asj. 





20 



Set in 92 acres of Deer park and 
woodland, stands Hnnstrete. 


benefits (rfan hotel wxm the atmosphere td a channinft 
private eounby hoose. 

Re-opening in Why fidlqwi ng a short period of r» 
decexation a moire idyllic sewing wnnld be hard to 
mia^ne. 

Hunstrete Honse, Hnnstr^ Chdwoed, Bristol, Avon, BS18 41^ 
TU^boae 0701 49(M90; Ehesimfle 0701 490733 

OUiriR* Mtaw itf snwtfHKat 


WILLET HOTEL 


32 Sloane Gardens 
London SW1W8DJ 
Telephone: 071-8248415 
Fax; 071-730 4830 
Telex: 826678 

19 

Small character town 
house, off Sloane Square. 


All modem fadOies. Full 
EngHsh breakfest inclusive 
of very modest fates. 






LAKL 


01 




a ‘ 


HIGHBULLEN 


ComRiy HouK Howl, Cbiutdiamboh. Norft Devon 

* Seduded Yet Mnvdlum views. ■ ngiiy Seed KoHimt. 
* 3S Derete Raemcftlft BUk, OdouT.V. 

In illPn iioinitiil Tlntrl fidiliti 

X47 JO - m> per penoa, imoWre 4iBaw> bieakftn, •ervHB, 


vai md tlNUMTIB) FREE GOLF 
mnlcr ntes imtQ cad ef AprlL 
Sesdsy-Thoesday iec. 4 nigbts for the price of 3. 

Sib aigitt half price. 

I nriiw ft omdooi hcMd poob. OMdBor A DOOIW imiia. Sqnmh. onpU. bflUsdx 

-Bsniaaw,wnbed.gwt«h.iadMrpMie$,aiae-hotopwabi]^m^cene 

(KnUrapnfemaHi). BKOrivcccafuLWn nm aaChadwaowi A 
RIVERSIDE FBHOW L0t>GE5 beftoomi 
Klf caotey (KvkB amlUileV 85 MW acka wewfaad. 

Telephone 0769 540561 a 


EGONRWWr AA**W* RAC 

Lxjxdby Bbeass 

THE 


HOTEL 


ViccarimillnaarHpaM 8etia300 
«mi oT hSIdd* woedlmft 
IdctUy iMMed brec^eriag ttw 
beuuifiit GwwB CwBfiiyiiid*. 
imh eriniae prepued by TV:^ Jmo. 
HWrta<afdWr««r. 
ladnw pm A Ldairo PbcSiiMx 
S8IUW par paraon pendant 
IKnnar, Bed and BreakftwL 
(FTtSatorSanl 
Ihe Cdtk Manor Hotel 


• Coldra Woodi • Newport 
eSYA 


- Gwent • NP6 SYi 
TBL: 0633 413000 22 


aiaww^“'7 

IftY C f*'-' - • 


GET LOST ! 


✓ 




if-' ■ 


In a Iwairy Connenutra hxd^iway by the seeu 
An oasis of character, calm, charm, comfort and ctusme. 
Our own beach, bikes, woods, mountains, 100 year old-gardens, 
Hshing, tennis, boats, riding, stables, turf Gres, 
pets wdeome. Ubrarv and roiai-ssites. Golf locally. 

cashel'house hotel 

CONNEMARA Co. Galway 

"Miles Frou Ahywhere" 

PUT ONLY 3 HOURS FFOH LONDON 






Tui: (VilO 353 95\ 310U1 Fas: ((H() 353 95) 3U17' 

1 Rrr III Sl'i'UNC' b\r: 24 


If you want lo pramoie 
year hotel lo a diacerning 

AafOueniaudimiCB 

doaT miss ihe next 


iV 


ESSENTIAL 
HOTEL GUIDE 

ON 

29111 May 1994 


For fiirtlier details or D teseive 
yaur Space please lelqihooB 


AUSONPRINoo: 
071 $73 3576 
or fax dr tit ih on: 
0718733098 


REIMS & 
CHATEAUX. 

ReUis Gourmartds 


'TTic World's Finest Chain of Hotels 
and Restaurants" 


For inibanation, individual hotel brodiures 
and details m how to obtain the 
1994 International Guide, contact 



Relais & Chateaux, 7 Cork Street 
LC»JDONWlX2AB 
Tel: 071 287 0987 1^0714370241 


LONDON IN STYLE 


1 15% 

OFF 


At This Superb Town House Hotel 


OORPCMIAIE ROOM RATES FROM JltSTfSl FULLY INCLUSIVE 
wrm COMPLIMENTARY CHAMPAGNE WELCOME OFFER 


* Ovexiookmg Hyde Park 

* 55 Personalised Rr»ms 

* Deluxe Rooms & Ssiies 


* Private Car Park 

* Restaurant & Bar 

* 24 Hoot Room Service 


LONDON ELIZABETH HOTEL 

Lancaster Thrrace, Hyde Paik, London W2 3PF 
W: 071-402 6641 Fax: 071-224 8900 


ia 



:=7NONSTOP-OR FULL STOP? 

iKf 


^ Which will you esiey bast? The magairieaat sod 


lonmena Uamr ovcrleokiBg • beautilul wooded valley, 
or the huge rxoge of leinire and SMrtiag fbeUitieo? 
Coao oao dflddo for yoorsolf- For Broebo. 


ado for yoorooV- FerBroeboro contact; 

rC>MBR('iR()VK MANOR 

■i <HOmftocx'>fTKyai'Bi! » 16 

atoiktoD Combe, Both. TeUOSS?) 834644 yozd0226} B84961_, 


SELSDOr<I PARK 


18 


HOIBL 

G<»Coun8e 

I^subsClob 



SPECIAL ITY 

'WEEKENDS 


awpcBSTEao. 

a oPTBC Bonxy, 

SUBRBT 


FD0D& WiNB 
Hsalih&I 
Bbaittv, I 
Toons, 
F>tke»fbou 
£ 55 
nBPKBSON 
PSRNICffr 


Tb,: 0816S78B11 


SELECT HOTELS (for PC’s) 


21 


5408+ botch ndodiag ibe world's ben and aiuy selected inteiMriwg 
indepesdeaB, at all piicaa, in over 200 oo i aatrics in town, roaort and 
co umiy locriinB. hidudes efanos 14100 aelecled hdeh m the UK. Hotels 
meeting yov needs we easDy foand by localion price, briJides end 
ca vuonuw n. fatal fat bimaess and lecreadott. 


A really Bsefnl, easy to nsc^ fan pndacL 


Sapp tied on two 3.S nicb disks with Cull instrnctions for £25 plos VAT 
and (KNoI £30.50). For fnnber mfonnsiion pleare call or fox ibe 
ono^en below. 


SEL 106 HcEottt End, Kernel Hempstead, Heris, HPl 3AU 
Tel^BDO 0443 340018 ihx 0442 340014/211967 


SUPER VALUE BRE.AKS 


' Awardwinning, Johansen's ieGommended.bo(eIritiated in 
ibe been of the spa town of Hono^ie oBers vay ^leciat deals for 

1 and 2 May • 2 NIGHTS' DBB FROM £6B PER PERSON 

12/15 May hiflaitTr 
26if31 May badnsive 
Zaj^th'DBBfrna fSUO par penoB 
2 Indus' DBB from £118X0 per perm 

4 Bahts' DBB from £153X0 per penoa 

5 obits' DBB from n78.n per penes 

6i^ the Yoiksbxre Dales, Heniot Country, the beautiful 
gantets ia and around Harro^le . . .there's so muebt 
Telephone Harrogate (0423) 560666 


En4CltOWN 

fOGHLYaMMeeceD 





! be CoorwalJ of Daphne du Masder. 

^iwbiiiitlng , insptndOQil . . . 
Ei^oy die quiet dlgrity Uus fine hotel on 
I ibebmiks^tlieHdroniRiver^et In 
;65aetef ofspeetaeniafperitlmd.wia,* 
Golf OMine, indoor Swimming Pool, 
Tennis and evety ameoity. dose to 
NedoosI TBut i»opeitjee and 
AAirk* RACikIbk 

BUDOCK VEAN 

G0U4bC0UNTRyH00SEEarEL 


MA’ffNANSMTIH FALMOUTH CORNWALLTB115LG Teh«3Z62S82» 



WEEKEND FT XVII 



— 

A selscfon d hoMs arri restaiianfo of (istinefon in Gran^iian 
Highlands and Aberdeen, an area fBnim^ 
beauty and variety. 

UAIT WHISKY TRAIL CASTLE TRAIL, COASIAL TRAIL 
RCm DEESiDE, GARD91S, GOIJ, FISHING, RUWG 
^ Sen(itora1iBeco(}yorpDonefp224}632W(^ho{as) 


Ihilan CoDacIhin, 966 St. Nteholas House, Aberdeen AB9 IDE 


Aleme 


Adotess 


ftistafcods 




The Clifton Hotel 

4. BS *** IBB 
F0LKST0NE8 PRBIIER H01B. 

EtegMi Rcgeacy-Siyle cGfflop hod 
SO bedroom ea-enite, saieUiie TV, 
welcome nay, Idephooe. Setarhun. 
SPECtAL WMTBt WMOERS 
2 mgbB Bed ft Bieakfaa£63 pp 
2 £85 pp 

|3 iwgii** h?Ftn cr (dus b| 
Snodey) £11830 pp in clad ing VAT 
ANYmE BREAKS 
2 Diglai Half Board 
Cnn&Sppme 

«(0303) 

851231 


nmmn 


0/ea 


LONDONtm 

ftAPAKIMENTS 
17 BCCLE5TDN SQUARE, 
VICrORlA. LONDON 
SWIV IPB. Ttf: DTi-sm en2 
FriewUy, private hotel in MeaL 
ceaiiaL ^et taeation overlooking 
■agftiDCcat gaidm of stalely 
ttsideBtial asaaic, doae to 
BelgmviB. Ctaafoiuble Siaglaa 
bomOSklO. 

DoaUes/Twire fine £S8X0 aed 
hmiljr Rooma bom £7Sne 
lorinding good 

ENGLISH BREAXFACT ft VAT. 



Alae Imy 2 bedreem ft Mndle 
tnmaBBi 


DBenIa (mla. kt 3 meaaba) 
Epon Ronay/RAC Recommended 


NANSIDWELL 

The cosieet Country House Hotel h a Cornish Garden by the Sea 
Best (tf Local Seeiood, Coastal VVaDcs, wonderfiJ garderis and log firaa 
In ell the unbiased Guides Induding The Good Food Guide. 
From £45 pp (B&^ or £6Spp Ch board) 


Hawrasi, Nr. Fdmoutti, 
Cornwall TRtI SHU 

0326 250340 



Althou^ within easy reach of London and the Home Counties, 

Nutfield Priory 


13 


is an oasis of tranquillity in 40 acres of its own ground and with 
breathtaking views of Surrey and Sussex countryside. 

WeefteiMdEreoft rodes welialar . 

Aecommorfarien in double/tunn bedded rooms, 

T'mHrHonat Bn^ieh breakfiut, 

Seouree dinner and coffee in the award 
winning CloUten ReetauranL 
Fuji uee of luxury leisurs elub'e gym, pool, 
etpiaeh, sauna on^ muck more, Neaepapers, 
turn down service and Vi4T. 

£66.00 per person per day. 





NUmELD PB10BY» NUTFIELD, BEDHUL, SUBSEY, BHl 4EN. 
TELEPHONE: RECEPTION (0767) 822066 FAX(0737> 823321 


fit the Sairay eoiui/iysfffie, readily acceesiblOf uiik breathtaking views 
and extravagant architecture and design. 


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 28 
May 1994. 


1. 

The Atlantic Hotel 

□ 

13. 

Nutfield Priory 

□ 

2. 

Vital Hotel Royal 

D 

14. 

The Cally Palace Hotel 

□ 

3. 

The Taitan Collection 

□ 

IS. 

The Blakeoey Hotel 

a 

4. 

The Clifton Hotel 

□ 

16. 

Combe Grove Maaor 

□ 

5. 

The MarcUffe at Pitfodels 

O 

17. 

The Chough Hotel 

□ 

6. 

Island Hotel 

□ 

IS. 

The Selsdon Park Hotel 

a 

7. 

Relais & Chateaux 

□ 

19. 

^^et Hotel 

□ 

S. 

Elizabeth Hotel 

□ 

20. 

Hunstrete House 

a 

8a. 

Elizabeth Hotel & Apartments 

□ 

21. 

Select Hotels 

□ 

9. 

Nansidwell 

□ 

22. 

The Celtic Manor Hotel 

□ 

10. 

Hanbuiy Manor 

□ 

23. 

HighbuUen Hotel 

a 

11. 

IVelve Angel Hill 

□ 

24. 

Cashel House Hotel 

□ 

12. 

London Elizabeth Hotel 

a 

25. 

Grants Hotel 

o 




26. 

Buddock Vsan 

o 


TTTLE 

ADDRESS 


INITIAI SURNAME 


DAYTIME TELEPHONE; 


POSTCX)DE 


WEEKEND FT ESSENTIAL HOTELS 
BROCHURE SERVICE 
(Ref 8/94) Capacity House, 

2-6 Rothsay Street, London SBl 4UD. 

Fax No; 071357 6065 


Tlie InfomiaLioD yon provide will be held ty ibe Finaueiri Times aid logy be to keep yoa mTauied of FT 
piodscts Old by other selected aHnpenies for ouiling Hr pmpoeesM The FT b f^nt ere d uncfa - ibe Dsu Preteetfoa 
Act 1IW4. Fiaaidil Thnes, Koinber Om Soudnvafk Bridge, Londoa SEl 9HL. Please tide tbis box if yon do not 
wish lo icoeive aiy ftaither inToniiBlioa from the FT Croup or gfnpaniM approved by the FT Group; Q 


rr'r 
















financial TIM 


„swi;irKi Nn mmu. i i«.i, 



i t ^ 


STRUTT 


PARKER' 



Hwnpaiw-Pnrf^Aboi* 2136 Aero nt— 

Aa MHMdhcSporOg BOIfc Om of BnpMrc^ taMMi piMHUl Aoob. 


IW ■HM«fpi«dndlTeftnnlMil,519»crt<iifwwWMidPnriilBh|f pffwii ttw^fMawholiarti^HlInla 

.^i-. 1 I rr».w«^ 

SlnaAn>fcirLBadaBOIIIn'M:On'4a912KL faClsnoMl 



West $0990 -KMftvd About 569 Aoo ""i^ih ir ^ **— rh * ««*■»« 

Oi^eMdta£BaOifaamaiiilBpM^I—B<^e.lAhCeB— yfiaJaniJjrfat— 
tia9i«wi». 5fi«Aaf (iabii»iin BamMlpi»lgi«,ftaaBMa«i^ n«— wiii^ pia>.^«aa»tlMy>Mi— 01— yl— 
iOaCqgl5baaei.All-weaberlM««dmLflMge«ricBBfaniliagia9ia«i«i’pOdod(^3UKnitfbfB^^ 
2Mn««titaoAMdF^aalil9|rtntitM9rMaiOnkarlB^to3lalL 

SMlAP9rfKrLHidaa<Mki'M:071-«2972D. MlBBUn. 


13 HILL S UgET BERKafV SQUAfE LONDON WIX SOL 
Tel: (071} 039 7302. Fea: (071} 400 2309. 


YOUR PLACE IN THE COUNTRYSIDE 



Is OWNING A PEACEFUL COUNTRY ESTATE IN 
England or Scoteand your pipe dream? 


Couto YOU IMAGINE HAVING YOUR OWN SHOOT, PLANTINC A NEW WOOD 
OR WATCHING THE HARVEST COMING OFF YOUR LAND? 


Are you aware of the substantial tax and inheritance 

Beg EFTTS OF OWNING FARMLAND IN THE UK? 

UK (imub/Kl valuci aie much lower dun in many other European countries. 
Tliete arc oppottutudes to putduie Amts vaiyiog Ixom 100 aocs up to 
Ui^' Scooisb spoednE atates or20.000 acta. 

Wlty appuiut Dulwefls to act ^ you? Aequiring an acate or lanu is a complex 
matter, pirticulariy the oompHcadons of die Ann subsidy system. 

Ako, fiuny atata and Arms are not publicly adverrised. 

Uidwdls has bccu purchasing and inanaging sudi Anns for invatois for genendons. 
Eqoy the many beoefio ofownerdtip and occupation while we supenhsc die Among 
opendoa, management, ntainnaunce and accounancy. 

Wc locate, value and negodate the purriuse of the Ann or aatu of your choice; 
provide you with a comptehensm! appraisal of the revenue and aptial potendai; 

and our estate inanagemeat service is tailored to your needs and wishes. 
Didwclk man;^JCS more dun a million acres of estates and Arms, sporting estates, 
woodlands, conimerrial duesa, grouse moors and pnic fisbcrics. Our clients range 
froiti the largest institudoiB m die individual private investor. 


CASilBMDCa If you WOULD LIU TO BUY A FABM Oft ESTATE NOftWKH 

P R W Fnabma FRICS (FAltTKtAABLV AMY FEATUBED ON THB FACE) PTHarFRlCS 

TcL 92U E4I94t PLEASE CONmCT ONE OF OUft SENIOR Tck 06ftS 7SJ9M 

Fan 0221449159 RUBAL PaRTNEU USTED HEBE. FubOOUTOMW 


IFSWICH 

J9 A«AcrPRICS 
T«ls 04n 611044 
FueMD«192II 


Bidwells 


[cMABIEEgD 


SUnVEYORS 


Scotland 
RWB dlw FRIGS 
T«ke73SM6M 
FaEOnS 27294 




. i 


L : * * * 



Kent - Kawkliara (•recii i :>iiCe^iVio*»» 

SOlRtaLW).Sw-tfcy»B*a 

wliHnlMNiirUiOoMW.Jiwrpo-"'"^*'^'**®'*^*’' 7Shc*fcWU. 
Shutewm.Swwwiinsr-i'd^iih «:hMiaU«B»i*cch.«»» (‘nMMWi 

MMMes<t>im|uJAxfcs About 2l}»«>.Ai*«A*wh2IWfc 

Joli*AiFnb:<MliifitaT.5«nle».Ka«.Trt fflObAlMS 



l£ssex • SafhwD WaJden 670 acres 

.SaMiii# Waited 4 mitei.Ci.'BUalLinJ.n U«mA>.i'*niNi,*i.:i- HfrtM 

A (iiW AiB muMKRul and malralMl nraWr Imib wI in ailcwlh* 
Nwtb WbI Kwi. tt'cll apikiiAkU 4 hri!pi><in hinrtr I ishil l .vi 
miMten lamKuiUiJie* anJ Uabbnr liiaA' J liibi >li jkviI I Minlaiul 

Furatobi prhaieb*al7..\*aobBteor in JIMc 

CbeiimlM iMItee TN: (il.* !<• a>t .iruiut 


13 HILL STREET BERKb'LET SQUARE LONIKVN Wl\ SDL. 
TftI: (071) 629 7282. Fai: (071) 409 2359. 


Bidwells 


Ep sunvErons. 



SUFFOLK - Near WOODBRIDGE 
Important moated country house, fisted Grade U* 
with meadowland fronting the River Debcn 
2 luccpdon rooms, 4 principal bedrooms, bathroom. Second door 
with Mdroom accommodation. Moated gardcru. OutbuiUfings. 

2 cocQges. 3 holiday cottages, Gcadc II listed Tithe Dam. Farm shop. 
Joint Agent Clarke & Simpson, Pratnlin^iam (0728) 724200 
About 50 acres - price on application 


Ipswich < 0473 ) 6ik<S44 



CAMBRIDGESHIRE - ARRINGTON 

C^ambndge 13 miles * Hundngdon 13 miles * RoynonDniiln 

462 acres 

Commercial farm with 19th century farmhouse 
and outbuildings 

3 rcccpdoii rooms, 5 bedrooms. Former coach house 
and stable yard. Paddock and arable Arnihndland. 

Lot 1: Farmhouse and outbuildings 5 acres 

Lot 2: Arable £dod 457 acres 

For sale as a whole or in two lots 


Cambridge ( 0223 ) 841841 : 




LONDON 


Knight Frank 
U & Riitley 

rXTERXATlONAI. 


LONDON 

RENTALS 


LONDON PROPERTY 



inilw. 


East Sussex 

Bye 9 milaa. Hsstinm 5 mUfla. Ihnbcidse V 

landgnOSmuoL (DwtaneesapfsinuniabB) 

A tr a d i ti on al coun try estate with a fine 
nuuior house dating firom the Ititfa centu 2 !y 
Grade Q* IWed bouH with Great Rail, Mliistte]^ nUaty, chapel, 
9 further teceptieo raons. 9 beAeons, 7 baUueons, 

Indoor swimmiBg pooL Bniraaco lodge. FarUaududlaka. 
WelKoqttipped ooBUBUoal Cirm wl th 6 bedragoi period Anohouae. 
4 rurtber eecUgaa 880 aeiee of woo&wd. 

E^atoadal Areoperbohoot 

About 1,172 EKwes 
(Aa a whale or ia 14 lota) 

^iply: ’hiabridae Wells (0888) 615036 or London 071-689 8171 

■BAKEnieeas 


ANDRraMjroTCo' 


EXCELLED CORPORATE 
APAStMQfTS 


Uma BenLET SmKr. Wt 
auK MaaoBtlB. 3 Josble bedraMs. 
Wge itecptiOB ibk. My rwat 
tfiOOpw. 

BasMvran Sqdau. Wl 
Cxuesc)} atepu 8u <■ tiaice Ccoifiaa 
b«iUB|. Idol fer counaiBwa. Mulct 
hi O wn a wfefa caubr ^eiuv wd SwbtBBw. 
2 b 4 dBcMc btdiuma vilk hatbmwa.aiaale 
butmuu, dnwUa Maa. duteg nci^ taDy 
OOBf kikbm. lWBBMe4.fiaUp«. 

BluaiAviA Copftr. SW i 

om iBfal 60 Baer ft»t lOartlc bntnni— . 
tUed bubraao. aeysiUc etaaknm, terpe 
lea^bm wm. FlUr Rud UkIkb. £335 pw. 


SAVILLS 


CANONBURY, N1 

Wefl presorted Lmad 
Grade Qheaie. 

3 Receplion Rooms, 3/4 
Bedraoms. 2/3 Bathrooms. 
Studio Hou^ 1 10 ft ganiciL 
Lease 2 Syans 
(noi cnfiandiiBble) 
OIE£IS 8 AM 
071*4314844 


VIEW TODAY 10 am - 4 pm 

Blackburnes Mews, Mayfair, London W 

SHOWFL-VFTEL: 071 409 7232 


CHRUtEA HQUeSCARCH 4 CO We 
leora ean t Die buirer to Mve tbne and 
menoy:onsa72asi.lieiWtsa729S!: - 


LONDON 

RENTALS 


KEHsnianM/CBaTuu. bONOON trapart 
setoctlon of quality prepeitisa. EiBO- 
ClSQOpw. Fran Seta to 3 yra. Chard 

k on B36 ans. 1 ooisn 


RBWHCrrON. « Bed buw Hm Z BWi. Ur, 
Olv F.FB )Wdi. UtWy. Cesar. 3 r shtfo, 
MQgB0.C786pvenei 0n43t-70eZ 



BajORAVIft DalpsHsNsHeuBftShjaedin 
fftramn St 8 bedft 2 M (1 arm^M 
I GBSOpw. Trt; Onner im enSSB 


London 07 1 -(>20 8171 
20 H:inovcr Stjiiaro. London WlR O.AH 


BLACKINGSTONE 

WOODLANDS 

Nr. Moretodhampstead, Devon 


340 ocies. Choice of 3 commeicial woods with softwood 
timber ready for ihioning to produce immediate tax (roe income. 
Good acccs& Price guide from £75,000 to £125,000. 
Particuhis and a list of UK woods for sale fronu 


John Cie^ & Co. 

Chiirch St, Chasham, Badis. HPS UP 
Tel: 0494 784711 


etWNKSOME PARK, POOLB. Spactow, 
modem, tBpdoor opm El smas, aougweier 
block. 3bodft 2 boBw. doafcnn. Mtchan/ 
b miltet 4iii. dnbig mu aSi4bcMg touiga. 2 
bele»4ee.B35J0a ret 0802 79 0 8 0 0 


CAMBS Hl^ apoe 2 bed ap m itiwr U A emal 
OMturtvo bloefc, aot in eoetudod maiun 
BTowtdo wHh loiraly ilaei a tde locaBen, 
Moeiinps avBN. London Kbtga Croa 90 
mtna otno eoftaso Ibt (04901 41490a 


COUNTRYA.R.LJk. 


BLACK HORSE AGENCIES 
Gascoigne-Pees 


THE PROFESSIONALS IN 
RESIDENTIAL LETTINGS AND MANAGEMENT 


RENT GUARANTEE SCHEME 
FREE BROCHURE ON REQUEST 


REGIONAL LEHINGS OmCES IN LONDON (CHELSEA) 

AND SOUTHERN ENGLAND: 

ALTON 048082886 FARNHAM 0888717990 

BRIGKTON 0278806746 GUILDPORD 0483800338 

CHfCHESTER 0843 532040 KINGSrON 0815464009 

COBHAH 0932805946 LONOONSW1 0717308688 

EASTBOURNE 0383430048 REIGATE 0737881411 

FARBIAH 0389834441 SOUTHAMPTW 0708 948800 


An independenL 
cost effective and vciy 
successful house finding and 
buying service. 

Devoft & CorawaB - 0872 223349 
Baoli A OMwt - 0M3 7lS7«i 
The CeUweMi- 0242 263246 
Badu, Bertu A Sootfa Oxoft 
.0494766146 

Snrey A W. Sraea • tM20 SlMtM 
WnttUK A Semeraet • 0799 731811 
Beda. Herts A Cmaba - tGM 354S92 
Loadoa- 071 73S 8938 


RETIREMENT 


ENGUSH COtJRTYARD IN 
THE GARDEN OF ENGLAND 


A wnIWd garden and a pond full of Golden Carp and Japanese Rei »«»)“ 
Atwater Conrt, Lonham in Kenbono of our prettiest developmenta. 

A two bedroom ■*i***i«p, built in 1986 ia avsulablo for £1S0J)00 and a now 
three bedroom cottage for £206 JMX). 

Td find oat more about Uuae ond other developments 
thitMgfaoui England, plmat c l ep tW M ita for a brodmre, 

TTia En^ioh C mutjuPkl Aaoe nta tion 
8 HellMiid Street. LoBden N8 4LT 

FREEFONE 0800 220858 


yVudwafd Rd ttHin u 


A eenfidentiat and rfiifrrcf 
home liitiBiig amiee wdtpmdmt 


tx/teriaieed property txperta for 
prioate or carpcnUe cttmla We ceoer 
Sutwer. JCint, Sraex, ti’erfa. Sudke, 
Berks and Surrey. We eon reduce 
stress by saving time, effort and 
money, mms ea s diata are tadetme. 
ni: (0323) SO9307 
Fax: (0823) 308439 


EASTBOURNE'S 

Flnast 
Apartments 
BERKELEY COUl 



Superb 399 views 
bom these sumpbjous 
apartments anp 
penthouses overfoo k tjg 
\fl%nmgton Square 
£95,000 > £275,000 
Show home open 
Thura*Mon 11am-6pni 
Tel; 0323 649771 
Balfour LU. TN (»92 544787 


8AR8ICAN IWicrftMmtttnwlifBriwdrt 
W nmpwtia rwm tom raom Gftoao qa 

Wdeti Mode M sarvtcaa md bsbvvwrt 

LCwonfisesiioniNrt^ 


HAY iULL. MAYFAIIL Nawly 
tefiiAtibed I bodraora flat h Rcaltcioua 
poamdbled(.07Sp.w. r— 


HYDS PAEK CItaSCKIfr, W3. Ijian 
encKd 


* bedraoB. 2 bolhiooM flaila pennei 

bloA widi praoBBie wem. 000 p.w. 
LONDON MBWS, W2. Aitnctlve 
2 be dreoB owwi beoia with gaian. 
1279p.tr. 

TH6 COLONNADgS, W2. Well 
gnnu^eae bedroom flat in ponered 


Kanfooss 971 4B 2271 
Fas 971 207756 


A newly built block of seven Rats situated between Grosvonor 
Square and Park Lane, each flat with n socure undargre u/kl 
parking space. New 75 year leases, and 10 year NHBC guarantee 
Hals available of one. two or three bedrooms, prices from £290,000 
to £620.000. uft to all floors, fully fitted and equipped kiicnons. 
video entry system and security alanns. fUO gas central hcatmg. 
Secure private parliing. 

VIEW TODAY - 10 am - 4 pm 

|savu.ls| gasg"! Aylesford 

0717300822 0714081161 071351 2383 


r*': 


WEST END 


FITZROVI.A. WT 
5lh/lep floor, I bed apartment 
with lift leasehold. £1 15.UUD. 
50110 W1 

2nd lloor. studio/ 1 bc-d Hal 
hadchold. £102,500. 
COVENT GARDEN, WC2 
4lh/tup floor, I bed apirimcnl 
Itaxchnfd. £82.^50 


SVVEBV COWA.N* 
TEL 07: 240 4334 
FAX: on 379 330S 




HENRY .AND JAMES 

Property Mansgenient 
& Reihintial Ixaings 
iter n>r7ff',’suir.\n.t».\rur 
Ht iRi,f.\n» naimiirY re 
wcTfflm.wutiit'ut 
•.lan's.xn r»vivi\ 

CADOG.VN SQUARE 5W1 

Prime hKabivi, mtenpr 
elqpMlv rutnikhcii (hi, on iwu ibdi!L 
.1 hciti. 2 recep*. 2 hiitet (nuiMe) 
hilly liiieJ kiKhen, ckiatitvin, 
Atvew luisaiifcii sqiuK 
.'Vmbbh iM«' ilsN t p.« . 

I'M: 071 115 SS61 
071 235 7819 

S(iBe SW I X UU 


■ ■ ■:* X *r 


KENT 


c.a.T. OFpomuHirr lom ronwiui. s 
twoiiy bNcfi bM mdiandBi OaOAOO. 
R4y tratalBd. IMRSHU13 Q5D3 aSiSM 


MARDE3M- 

FktaRsqne cBftvcrted bn in leduded 

1 UK BBdcn whb hke, 4 bedft 3 hmiB, 

3 RC, ML «6L 4Ur ggft ch., 

tSSS^FrseksU 


FISHING 


Tat Salmon Fishings For Sale 
LgwERKiDGOicnRi 
TwiBlBre dsUip riccbaU nd in 
pepvufo* Miteiy aadteed grttae ud 
WBBer OrtL Luaert liib 20lbn. 

Wk, » bepiM I V7/!M - 4 ra^ - 

4 yr. A«ci^ oicb l2.WL28begBi 
1/6(94 .£ mdi O yr- Aivan^ oidi 20. 


Ich 9463 aoaTTS (MOk b*B«) 


Rrsii>[:vriAi. Bi ii.niM. ua.xd 
<. L>.\^ t .\L NOinn DLVON 


Detailed CoDsent 
41 bouses and 4 flats 

<r,T3. ud Khcm nukui 

Price: £405,000 
Phased payments possible 
TIM MALONE ft OO. 

Trt: (0237) 479464 Fh»(aa7)47mi 


Weekend. FT 


_. SELL OB LET PROPERTIES WORLDWIDE 
PROMOTE THE SERVICES OF YOUR COMPANY OR ESTATE AGENCY 
-. INFOBM OUR AUDIENC® OF YOUR RELOCATION SERVICES 


Allow our readers to select your properties and the services of 
your estate agency, or company by appearing in the 


RESIDENTIAL PROPERTY SUPPLEMENT 

on 

SATURDAY 28 MAY 1994 


This is eftective targeiing of the audience you are seeking who are in a PosmoN to 
BUT AND SELL PROPERTIES INTERNATIONALLY NOW. * POSITION TO 




Colour £48 per singde column centimetre - Spot colour £U0 per colour 
Mono £35 per single column centimetre - Lineage £10 per line 


Please 


PMDLINES 

Colour: Wednesday Uth May 1994 Mono: Wednesday 18th May 1994 

contact Carol Han^y Gnuna Mullaly Pflni r.. 

0718734186 0718734896^ n-r, o Helen May 


or 


071873 3252 071 873 3307 


Nt*! 



















l^v,n"r 

fitn-'i .- 


>mnn •> : *' 

1 .V 


IfKMi'. 

r ' < ■* ' ' 
A K- ■ 


Mm* . ■ 
rv •- ■ • 
A"' ' 


T^y.V' • • 


li K> 






rA 


FINANCIAL TIMES WEEKEND APRIL 30/MAY I 1994 

PROPERTY 


WEEKEND FT XIX 


The islands 
where time 
slows down 

Gerald Cadogan goes offshore to 
find homes with the promise of 
an independent and peaceful life 


F or an isdependoit life. 

it is hard to beat file 
dSshore of 

Btifi^ Ides. ‘Ihe pace 
is dower and the need 
for sdf-anfficiencr greater - in case 
steams stop the and the aero- 
planes. 

□ On the fde IHgtat, the 

retired locais at Bembridge 
go to groond in the summer* to 
emerge in September fiar him^g 
anil ahootingi ” niar a fg g Splendid 
hunt adiSA rardy a gjx but 
gives a kit of pec^ a lot of plea- 
sure*” I was toid. 

Out of season, Bembridge is a joy 
even it, in summer, it is a play* 
^tmnd tor file champagne and sail' 
ing set. “Bat aB the same, it is fim 
to have fiiem around,” a local says. 
Seaview and Cowes are the ottitf 

main ti^*™**^ tOT SOXBJtt SbOoTS. ID 

the ]S60s,-inany of tb^ stopped 
going to the island and went to 
Fraiice and the Mediterranean 
insteiuL Now, they are staying 
closer to hmne. Sriuxfl fees 
and Lloyd’s are thought to have 
some rdevance. 

The car fienies can be a problem 
and many people leave their 
vehicles cm the Tnainiami, St 
month Batbonr stafion, and take 
the i*afa«Twan to Bsrde pier, 
niere are also hovmoaft on ttie 
crossing. A tunnel to the island, 
inn(»h talked-about, might Icyipmi 
one day - bat Bnzxitannd will n^ 
to succeed first 

For finnets needing to get ani- 

mak to mflritA^ anri the Rlawighfanv 

house, a tunnel would be a blessing. 
The local atndtofr dosed in 1992; 
now, Salisbury is the closest Shiee 
the trip is eqienave, it is not sor- 
prising that sevmal farms are for 
sale. 

Yet, it is a gei^ file for the resi- 
dents - ‘rather fifce Ireland,** as one 
described it Indeed, the last really 
big event was D-Day and the prepa- 
rations for it Some want mme visi- 


tcffs. and to moourage pop ccmcerts. 
But many like it it is iiaiet 

Doip^ Rouse, a sailor's puberty 
at Wootton Bri^ with its own 
mocaing, dlpway and ponUxm, has 
Inst b^ sold by Humberts (with 
Chilstoidier 8a^ it had a guide 
price of £380,000. Cin offer from Fos 
in Newport, however, are several 
attractive old cotta^ between 
£130,000 and £150,000. The old Ariiey 
stafion - now a red brick honse 
wxQi six bedromns and an Aga - 
costs £135,000 and sfin has the Isle 
of Wight Steam Railway running 
past 

In Ryde Ooromandd (n Befievne 
Road) is a stuccoed R^e^ viHa 
vifii a semMireolar dra w in g room 
with vertuidah outside. It has a 
vagudy colonial lode somewhere to 
drink gin in e wicker <^haiy tap 
the barometa-. Did a sea captain 
build it? The price from Fox is 
£185,000. 

hi Cowes, Marinas House - on 
offer frmn Scott for £^000 - is on 
tbe waterfiimt and has three ”crew 
romns” in the attic fidesil for an 
ocean rachag team or a large family) 
and qilamlid views of the Solent 

Fdr Fox’s CTmuiMtii nffira 

is ealKtig substan- 

tial and ^^ct(»ian, in Sandford vil- 
lage. 

Fbr £390,000, Scott and H amptons 
ofilsr jOBofity Honlngftxd Bouse, a 
Qoeen Anne property with barns, a 
cottage and a law* WilUam Cmm. 
wdl lived here, grandsoa of (River 
and hdr to Rich^ as Lord Protec- 
tor. “WlAl 1718” is on a stone over 
file Croat door. 

□ Ihe Hie of Han is famous fn* 
Kippers (with no artifidal dye) and 
fresh ”My pgTPnt^ nan never 
eat Btigllah fish,” says a Manx 
frioid. And it is almost always rain- 
ing irtiidi, as we an know, is good 
for the gaidoL 

The landscape is a lidi mixture of 
mountains, gtens, waterfalls anil 
beadles. Only the noisy (fin of the 



For areund casOjOOO ... OetaMn Houb^ a stfoi^ property at Wootton Bridge on the hie of Wiidit wMdi has Kwt been eoM 



Far£a5(MI00...Conf8^Cra(tonthelBlaof Man For£lSIMKI0...RockHoiBaonthaliinBof8e% 


Tonrist Trophy motorcycle races 
i^ ' fupta t^ quiet fnm time to 

Htiw* 

In this rural haven, oime is low. 

There has been some resentment 
of settlers from Britain, known as 
“oonieovers”. Some are the super- 
rich attracted by fnonmp tax at 20 
per cent and no capital giins or 
mtiffrifainffp tas this has produced a 
two-tio' society, and smart restau- 
rants. 

Ihe property market is cheerier 
than a year ago. The finanrtai sec- 


tor in Dooglas is now hii^ locals 
as well as outsiders; this is helping 
the whole island economy, accord- 
ing to estate agent CSirystals. Dime- 
overs win oftu be looking for a 
house costing upwards (rf £200,000. 
Among the Isianders, there are 
m<ne first-time buyers. 

There is some movement in the 
market for the most expensive 
houses. Dean Wood recently sold 
Ballacriy Manor in Colby, a neo- 
Georgian stately home with pedi- 
ment and columns, for £850,000. 


Bnt The Nunnery, racehorse 
owner Robert gangster’s glorions 
Victenian Gothic house - comidete 
with a chapel where services are 
Etm held - remains on the maiket 
The price from Dean Wood and 
Aylesfoid is compared with 

the original figure of more than 
£Sm. 

Fbr £700,000, Chrystals offers Mid- 
dle Garth at Marown. This solid, 
large farmhouse comes with 22 
acres and a guest/gtanoy cottage. 
The rates are an incredibly i-hpap 


£29L 

Glen Tman at Bride, with 13 
acres and views across the Ayres to 
a distant ScoUand at the north tip 
{tf the island, is (m offer frmn Dirys- 
tals at £295,000. The agent is a^ 
selling the white-painted Corris's 
Croft at 'Ihe Garey, near Ranu^, 
for ESSOJXX^ and tbe Spanishstyle 
Villa Carina, near Mang hnid for 
£365.000. 

□ The SciDy Isles, wanned by the 
Golf Stream, are a gardener’s 


delight and a place of beauty and 
calm, with few bouses. ‘^They are 
like Cornwall but better,” says 
Tbi^ Din^^ of Island Properties. 

BUdtty people live on the small 
island ot St Agnes, which is linked 
by boat to St Mbry’s. In turn, that 
mailboat and helicopter connec- 
tions to Penzance, and an aeroplane 
to St Just, at Land's End. 

There is a pub on St Agnes but no 
hotel 

The beaches are marvelous and 
traffic hardly exists. Miller and 
bland Properties jointly o£^ a 52- 
year lease the Dnriiy of Corn- 
wall) on Barnaby Cottage, with its 
own mooring, fbr £199,950. 

On St Kfrutin’s, most north-east- 
eriy of the Sefilies. Island Pn^ierties 
is selling Bleak House - an old 
fonnhouse with palm trees in the 
garden - for £160,000, and the 1S22 
Rock House for £150,000, The rock is 
granite. 

■ Further mformation: Strutt & 
Parker: 0244'320‘747: ChrystaJs: 
0Sk4-6i3-77S: Dean Wood 

0B34gg0-60^ Fox: 09S3-SZ4-000 and 
0938-365-152: Christopher Scott: 
0988-721-778: Ayle^imt 071-351-2383: 
Bunberis 071-5290909: hbmd Prop- 
erties: 0720-22-082: Miller: 
0879225-225 


INTERNATIOliAL PROPERTY 


*Jlfie iTountains 

Otjuruay, IsCe of 5Man 
iBjwiy wMt ViC^ 

Fataandvlc 

• 2 « 3 Bodtoon ISOO •) a) d vtt bdQooic* 

- Dncct KCOi to teiA 

■ UadeffnnHl ear potns wSb M MCRaj Mono OMlral 

• Uonoy fined kkdieo* and badBooms 

* Rdly adf OM&iKd 

• Ufia to all fioon (iBdHdiag gma) 

* Lov nameeaaeflt cfwato 


SdeSdteABaN 
nininaii,iomnsig36 

Ak( 0U4|I14MI fttf ftiMi»gWwi-Santjwa 

JGKBLLY BOMBS LIP lELs9Q903IH FAXsPBQeKm 


CtuTStals 

laoii-MMa-Sar 


FRANCE 

SUPERB 40 ACRE NORMANDY ESTATE 

IJS hours fiemParix 

4,5 Kbits of banks oo highest rated chalk river. 
Ciihgfwntia! 7 bcdTOom fishpig kxige, workiag water mill, 
gardeners Gonage, foRoai pidais, etc. £400JXK}. 
ffTEBBlNS. TEL: 071-7K 4546 FAX: 071-796 3540. 


IflmzEMin 


r lira 

Lakra O ra n avra & 
Mountain raaorta 

Wa can aao a ooMr MWanOfiy 
CHM£T la MOnHSUX, VUMS, 

la PMBLBWn. lEVSM, OXIMD 

HHH, CRMamOIIPIIA. VBMR. 

MB. M SR aoooea- O b* wmh 

REWeSA 

u. iw ft NBHM-CH-iat nenr 
ai.*aiayra(«ft - fkiaiaa 


SOUTHCHN SPAIN. Counby vBIm, 
Pfaien (tamw) as of E25h in OM of mo 
inoM baauMW aiaaa bi aoumam 8pair^ 
Mu*Q 3B el «a iMnHiiiAa* laaonea 
ki Euepa Mo agm MnBA MARQUM 
REM. eSTATE &I. Pin do Abnan S, 
2S7M Cempola (MalBoa) Spain. 

C3a| s 39sna tae pq s sssaisr 

FRANCe. ALUnn anmed cantN Himir 
Rmw rail c 3 bad 1 bMh. Conftrt. oNc 
ben ma. Partly fumWiad, CH. Chas to 
thopa £142.000 Tel; HollBitf (31) 10 44 
90344 V Fimioo WN TOO aeiflO. 

BBA DM.T VI.A, am baftogni M W aNd 

doiibto MUngmid posalbAv of iolnlnB 

mam. own prtwaia Imiaco oAh anawbig 
rtOB «vr Md aao. iMMii. m otOtoO- 
SmtSM fttC3S«383lSM3 Jftn. 

COTE D'AZUR - VENCE SpeNen 4 bad 
vBa, asMtuabm amNi danaL wMi pool. 15 
rriM Mbs afepod m 1.7*. Tft UKomr 
0013 08042 SMHHioaa £05311 (BBeal 

OUeMSeV-IMBM aeOBMHVLTD 
4 Soum EiWanada, 8L P«at Pod Tbo 
WMV NniHi MojiandM SMBlB AganL 
TN: 0451 714445. FOK 0451 713811. 


QUERNSET, AUEfMEV SARK 
and koamr bemad Toftadn tammhb 
Tcl; oral 83505 fhx 0481 51 tOS 

COSTA DSL 90L PROPEOmeS Maftraa 
OBIcas. Pet Inhnwraon A Prlea — ftig 
OBI 083 97n anrarndFra 3550 


LAND FOR SALE 


S.W. FRANCE 
RURAL FOSmON. 

Eaay KKb «( taiBe mod 300 acres 
geody atepinn Norik lo SooAu 
SqKfbBtaattoaftdlBuid 1 boiaio 
MLiiarrtiiBM, Pbaamssaaied 
far Wnw md RndendaL 
AgaMs 

TVe 8ZM »I4I4 or Fo; 0236 74I4iS 


LUXURY 

SEAFRONT 

RESIDENCE 

On TWO RiTORS, RAIV njRNS» 
m Wksr Bay Smeer, Nassnj, 
EbWMMS, 5 BEOnOIIUS, EACH WITH 
OnH muov, lAMSUVIWl, OBN4Q 
AM) BaHNMROCOS, LARGE 
reioei AND PORCH, QUEST HOUSE 
Wim 3 APMUhCNIS ML STANOMQ 
B«1.5 ACRES. 

OfFBW ABOVE £650,000 


Reply to 8« B23Se, nwndel 
Iknas^ One SoultiwBrtt Bridgs, 
London SE1 OHL 


CANNES CENTRE APT. 
83 sq. m. 2.7 sera gdn. 20m pQoL 

Private oataBs w v o i/b oi W efl . 
TWO bed two bi^ ssfnraiB WC, 
balcony, frert/toar unrestricted 
vtewa Cefen, bnmacUtalB. 
One owner. 
FFR1.4MIO 
Tel: (M2B 607282 


US BON -PORTUG AL 

Ceavaearibeeeffte. IdOoqjn 

widi a toed cd 280 oqA taad Hoa 
JSSOJOOOiX) Amwen KK M. RBwno 
IUJ.ikAlBHi(h-Lll-2Re. 
CW ea ve l ea 
277S Parade 
Ponngd 


LEFLORESTAN 

De-Luxe Building 
□ear the Beaches, 
Superb 4 room 
apartment with private 
garden, cellar 
& Parking. 

AAQEDI 

TW35-P21658S9 te33-V3S01942 


EXCHANGE OF 
PROPERTY 

9S4 ectes whh l.TOOm* aniior 
hotwe and two building permiis 

(24 plols of 50.000m* and 6(Kkii* 
Imaa each: hotel projea fbr 
tumiiy 30 suites) in Spun, 

45 mins Cron MaibeDa evduuri in 
Nov. 9Z It UjODO-dOO.- US doUv. 
today &70(L000 US dollar • 

«p a ffnignl«nr|MMill n p^,y 

in ceainl London arou 
OSes ftom Qweandseclly. 
FAX: 01004-S2-816038 


GIERNSEY 


Oonlici os oow. Oscorer tbe 
odtpe vakK efCooBBey life and 
gmmos lai beaefiis for Rsideoid 
Am for our fiee fiiS colaw 
pnpery portfoliD. 


LOVEIXS 


Oaos^ bigm and aoN cflwtm 
■dqadete 44UN agad P.a BoK Sa 
1 1 Snkh Sued, ft. Peter POR, Cwmey. 
nXfSraiTSMM MX:548I7I34M 


NEinLLY-SlIftSEINE, FRANCE 
KeddHiidarH 

Priftel eondilRM • bonliU Conor 
dte to -rawunciit. 

3tS aq. B. 4 4 Uaca • lnlcoo]i, 

Old and 3nl fleeiB avedoakiBg pidee 
aed afafti, 360 dOMce-vioff 
IWe parking IcN - wift £ms( lilt accen 
Mbouc caretaker 
PRICE! XF 12 MILLION 
&CR. - Td! 231 - 48 54 «5 95 


ST TROPEZ Buapitoiial «Ri on bUKh. 
4 leeapN, 0 baiN, s tefta. S guan 4|HN. 
peet wmN. B acte gNdwk Bc4toydqfL A 
wilque oppMbnHjr d £B mBon, Conisl 
SPA (tandtel far an inWIed atleedan of 
pramiar RMara Villa and Apanmanti. 
TmonanoaM PneonassoasB 


pnamH PROPERTY NEW& Rnallenmiy 
Old, naw aaS aU prep., lagN eeluon ete. 
ANi lor yowtM eepy now 0B1-B4S 0501. 


Hamptons 


GUERNSEY 

OBoe le Eve where the qaagiy of life 
stOI Qouois. Fice pfDpcity pack 
available fnm 

HAMwnMeMAnyH.MALnFs 
SO Hjdi SU Sl Peter hm 
Tel: 048170463 Fan 001711658 


PflOSEARCH • The Pngwiy apedrann The 
pmiwlir aeackftli br bit^ or ranOw on 
8v tend. TWIta far dura 0884 OemOO. 


LARGE FARM MW H8 CSRIML SPAM 
Awtadhiu, aa^ Nnanlng wR, touU lB ti 
ayatoni. SOO ha. Mtarlna. 342 Ha. 
WetaiyanL Lmn OuoNhotBo, ate... Per 
feiftnnam, ptaaaa era er to to: ae COOB 
Int 3 4 5 58 7014 


Gardening / Robin Lane Fox 


Poetic justice for recalcitrant roses 


W e are oow ioto 
the season when 
booklets try to 
ten you how to 
solve your garden's problems. 
You need slug killer round the 
hostas, which are emerging 
bravely tUs week, and my hel- 
fiboTS have requi^ slug-killer 
already, an invisible reason for 
their poor performance. 

On both, I use Growing Suc- 
cess, the giwules of wh^ are 
ctmsumed tike blim-rinse cav- 
iar and SBiui the enemy to an 
organic death. Emergent 
grcmiid elder tt clouted with 
Roundup and purple slugs 
of young bindweed are 
attacked wttfa the higher fire- 
power of SOS Brushwood 
Killer. 

But no leaflet tells you how 
to deal with my most madden- 
ing problem: roses which go 
backwards, not forwards. This 
week. I have invMited my own 
stdution and tried poetic jus- 
tice instead. 

This turn been needed where 
file an^teBS, at firet, seemed 
perfect Three ^ars ago, the 
July sun was rising on the 
trid-fasMoned roses and ns rep- 
tiles of FLe^ Sbi^ were being 
feted in one of our finest rose 
gardens; ihne iras even a lady 
in cream silk to welcome us by 
playing a harp. 

Escaping her baiping. I 
turned left at an arbour of 


Constance Spry roses and 
encountered Graham TlwiDas, 
the UK’s greatest living exieit 
on this flowa. With reptilian 
skiU, I worked round to my 
question of the moment what 
rose would be choose to train 
on wires for a low rose h^ge? 
Kathleen Han^, he replied, 
without hesitatk^ 

She bad crossed my mind 
already because she is a rose 
with everything. Her stems are 
formless; her flowm? are sil- 
very pink; her season is long; 
and her elegant leaves have a 
slight purple flush. Embold- 
ened. I ordered a dozen from 
Peter Beales in Norfolk. They 
were end-of-sessen plants but, I 
reasoned, surely Kathleen’s 
Stans would take off bom the 
long roots which he searched 
out for me? 

The years passed and tbe 
wires are rusting; progres s has 
been negative. Every Bfarc^ 
the leaf buds open and there is 
a slight attempt at growfii. but 
the stems are as thin as pen- 
ols. 

In their first year, they 
caught me out by getting Black 
Spot as early as April; since 
then, I have moved b^ my 
preventive measures to eoriy 
spring and I am s p rayi ng - as 
you should also spray your 
roses - with Nimrod Thomas 
as early as late February. 
Thanks to Nimrod, Kathleen 



still goes black and yellow - 
but not until late May. 

So why is R»thi^ in such a 
sulk? I have conchided that it 
is either me or tbe smL And 
since 1 am not moving out for a 
rose bush, tbe sml has had to 
go. 

None of the endless books on 
roses discuBses the idea but, if 
roses want heavy clay, why 
not give them loads of it? Why 
not bus in a lump of unworka- 
ble Essex if Kathleen Iforrcv 
luxuriates in the (dd Thatch- 
erite heorfiand? There are pre- 
cedents, although you have to 
look for them. 

In my mind’s eye, 1 see an 
old ardibisbop of Pisa who 
plainly thou^t on the ri^t 
lines in the high Middle Ages. 
Tbe benefactor class there 
wanted privileges to return for 
gi^ Tbe Italian church could 
not give them birthday hon- 


FT Round the Wovld Ski Expedition 


Aime WBsm and Vaetj Dicker 
are tryn^ to sftx every day of 
1994 on a round-the-world 
eiepedition. They began the 
year m North America and 
are now in Europe. 

Arnie reports*. At Ust - good 
weather. Early in the week, ft 
was still snowing quite 
heavily in Alpe dHuez. 
allegedly (ms (rf the sunniest 
ski resorts in France. 

But later. In the 
spectacular resort of La 
Grave, we enjo>'8d a stunning 
^y of bri^t sunshine and 
oceans of fresh powder. 

At Alpe d’Hu^ Lacy and I 
accessed the <iri«ng area from 
Vaujany - the only people in 
the ^psson cahte ear on 
the way up - and down. With 
lu^ rather than judgment, 
we keep arriving in ^ 
rescRts the day befene they 


close, hi CooRbevel, Bleribel 
Les Menuires and Val 
Thorens we played "bunt tbe 
lift that is wor^ng”. 

■ Almost a year to tiie day 
since the sktisg accident 
which bad left him in a 
wheelchcdr, Ifiko Browse, 
boss of Snow + Ro^ arrived 
in M^ribei to ski with os. 
'This is tbe moment I have 
waited for for a year,” he 
said. 

'The thought of 
aceomi^ylng tiie FTs 
expedition had been one of 
the chief driving forces in 
Mike learning to ski again, 
us^ a specially adapted 
ski'bob. He was able to use 
tbe buttem lifts and chairs, 
and altiioi^ paralysed from 
the waist, skied incredibly 
wdl using “oatrider" skis 
with his arms. 

Mike also ddJvered, as be 


had promised to do before his 
accident, replacmnenta for 
some of onr worn, damaged 
or lost equipment, includii^ 
tte vital Avocet watch whi^ 
records vtftical foet, and 
heels for my ski boots, which 
bad been vrocn down ^ 
waiting on so many snowless 
tracks after a day’s skiing. 

Worn heels can become 
dangerous as they can allow 
b(X)ts to release unexpectedly 
from bindinp - file last 
thing we need with ei^t 
montiis of skiing still ahead 
of us. 

■ On our last afternoon in 
the TTois Valldes we were 
tempted to ^ file three 
couloirs on Courchevel’s 
piste map. My dau^iter 
Samantha, who had joined us 
for a weeL had never skied a 
coul(nr before, let al(me three 
in one afternoon. 


oura but the archbisbev offered 
them an extra-special death 
instead. 

Throu^ tbe city’s netweark 
of crusading contacts, be 
arranged for a shipment of 
sanctified compost, dug OD sfte 
near tbe holiest places of the 
Holy Land. Wbeelbarrows had 
mft been Invraited in the I3tb 
century, but tbe compost 
arrived on carts and was sca^ 
tered into his church's cloister, 
tbe present^ay Campo Santo. 

What is the eqnivalent of 
sanctified conmost for todasr’s 
Oxford atheist? A barrow-fo^ 
from Basildon lacks politick 
corre c tness - but vrtme dre 
do roses luxuriate? 

I have watched new gaiden- 
ras steal iq> on me in the past 
five years of post-youth entmv 
prise, but none has stolen fh^ 
tber than my loi^-standing 
friend of tbe BAiees, the poet 
James Fenton. On May 14, all 
wdlmeaning Oxford MAs will 
be bussing themselves to the 
imivmsity to vote in tbe new 
PiMeseor of Lowm* Poeby; why 
not declare the campaign open 
by bussing a load of eartit from 
his rose gardmi in my direettoD 
first? 


The Fenton roses do not 
merely flower and proliferate: 
they beam with tbe 
of tbe sister Muses. Admit- 
tedly, they grow on foolproof 
grey-green clay within of 
Matthew ArnoUTs poetic land- 
scape. Where Poetry ali^ts, 
honey sweats from oak trees. 
blfokbatS burst into garlanris 
of iris, and even t he brambles 
are sq^posed to go mad 
roses. 

This we^ I have completed 
my poetic transplant There 
have been no wheelbarrows, 
efther, aiyi loads rd appalling 
clay have been shi^ in the 
car boot Do roses reaDy like 
tins awfol sludge? b this grey 
horticultural plasticine really 
the answer to Kathleen Har- 
rop? And what if tite problem 
Is the nnrserymen, not the 
flower bed? 

Just to be sure, I have 
riiawgpd the roses, too. A new 
batcdi from Scotts cf Somerset 
is sitting in the sludge which 
they are said to like and I 
cannot help noting that the 
new Harrops are putting out 
leaflets already. Unless f am 
blind, thoo^ they havf little 
black spots on their tfos . . .. 


GARDENING 


TREE'- Moss Free 
Lawn with every 
Sprayer 


Ba reedy for Spmig and take the badteche out of 
mo85 & w oe dWfing with WMtover Sprayera.Th^ 
rugged machines are a delight to use whether you 
are treating the garden or a series of fiekfs.7here 
are no engirtes lo go wrong, a minimum of workiig 
jierts, and even the pumps are maintenance 

free. Ad you have to do a walk behind the ' 

WaRover Sprayers and admire the effi- 
ciency of their perfect spray pauern. 

Beginning with the 1 8* Gardener, the 
range extends lofte 
naUna ga'. whch lowed bya 
garden tractor, can treat up to 12 ecres per 
dey. Whether you are seeking to trm a bovriitro 
green, golf green, spons field or your own lawn you 
wM find a model to suit your needs. 

Buy an Allen Weflnver Sprayer before the end of 
May and gat 10 niree of Mess Killer 
&Lew)rt Tonic (nennai pike £26.^ 

RSE. Enough to treat 600 s 4 yteds. 
ForHgEdBDftotihawnrweNNfwwftphBnB 

Tel: 0235813936, 





YOUR HRST STEP TO A PERFECT LAWN 

Please send deuds ol the FREE Moss KSer offer 


Name- 

Addiess 


Rosioode , _ 

TSc Alen Rnwr Eqgfpetete Lte. Diptf .r. Tin BnedHii:, DIdeet Own QXl 1 » 


Chess No. 1019: 1 Qb?^ Kf9 2 QxgT'f- Kxg7 2 fixc&f ES 4 Rh8+ Ke7 5 Bffi mate. 








XX WEEKBND FT 



financial APRIL >VMAV » 


A RNANCIAL TIMES SURVEY 


Clocks, Watches and Jewellery 


Revived Swiss masters glory in complication 

■Ml.. ^ nrr:xt.-il did Uip CQinide 



Ian Rodger goes to the Basle fair 


N icolas Hayek. 

the Oamboyant 
chairman of 
SMH. the lead- 
ing Swiss 
watches group, set last 
month’s annual Enropean 
Watch, Clock and Jewellery 
Fair in Basle off with a bang. 

&yek brou^t in Neil Arm- 
strong, the astronant who 
lan^ on the moon in 1989, to 
help promote Omega, one of 
SUH’s many watch brands. 
Armstrong wore an Omega 
Speedmaster chronograph 
watch on his historic miarinn. 

Tc^ther with two other 
astronauts, Hayek and Arm- 
strong sat at the Om^ stand 
and tried to have what was 
UQOted as an inteUectual discas- 
sUm about time and the cos- 
mos fbr 1V& hours. 

With the jostling of pbot^- 
r^phers and some banal initial 
questionii^ by the moderator, 
^e socaOed Om^ Forum 
was unlikely to live up to its 
biHing, but amid tough compe- 
tition it attracted attention. 

Indeed, it was difficult, even 
without a media event, to 


™~r~niln mhnrti? n-pnatfr RlnnrfTt*i hmmtr ‘Hn mw fme nyrmfinn n ipnetr B her pni n Mn nnn i 


maintain fbcus in this Alad- 
din’s cave that the Basle Fair 
ha^ become. AUhou^ (pudntly 
titled *’Bur( 9 ean’’, it has luig 
been the most important trade 
hir for the worid^ watch and 
clodE makers. 

This year, 562 exhibitors 
from 15 countries partuapated 
in the watch cb)(h 
Officials claimed that about 
two thirds of worid trade bi 
these products mmld be initi- 
lUed there. 

Products ranged from an 18- 
carat gold sketetoniaed chhn- 
iz^ watdi from Vadieroa Cmi- 
stantin. worth about 
to arrays of plain kitchen deo- 
tric clocks. 

The main message from the 
foir tins year was the restored 
prosperity of many Swiss 
watdunakeis. Conipanies such 
as Brmtling, Tag Heuer and 
Oris, on tiirir kztees a daftaito 
ago, were confidmitly disd^ 
ing new products on lavi^ 
stands. Tag, for example, 
claims to have raised its turn- 
over tonfniri to thp 

to bave doubled its sales 
since 1989. 



Omega at the AlhNis (Mympies! the company is now back at Basle 


This recovery is closely 
Ifoked with tiie resurgence 
demand for mechanical 
watdies, both automatic and 
manual, following the 
onqian ght of quaitz niodels in 
the 197QS and eariy 1980s. 

The Swiss excel at mairing 
mprhaninfll watCheS, end the 
recoveity shows up most dra- 
matical in the Svriss statis- 
tics. Last year, the value of 
Swiss watch exports reached 
SFr7.6bn ^.6bn), double the 
level of a decade aga 


Alfred Dunhill 





sAowx ^SemAlff eoaier xffc/ trm/ fScf^^/e/ tem/cA fmiA JB^pAirejfAcrxx — esnsivtiur/^r^ tAc-^entA^/m 

• o ttn/Zertoa^, Aomcoer, attofArr ftm</>ecce /m<^ <iAto com<f At Aoitt^. 


AofU^. 




AmUtb, 


i-Fj 


eood" * • 

; audpWcIi-.'. :">} 'V 

niiBhUi.vnu^iiira(aBa«A>f' ! 



Tbe Tioha, Lonilan, 
I 6 (h Ocneer 1993 . 






For mechanical watch de>i'o- 
tees, the Basle fair offered a 
feast of new and revived 
designs, with ever more 
impii^ve complicatiODs. 

One of Qie more remarkable 
was a reversible model Drom 
Jaeger-LeCoultre with a func- 
tioning watrii on each side, the 
so called Revetso Dua ^ch 
watch operates independently 
but but both ore powered by 
ffie .same movement 

Other unusual collectors* 
items from Chronoswiss. 

, a Ih-year-old company which. 

in spite of its name, is based in 
, Munich. It spedaUses in repro- 
ductions of antique watches, 
many with regulator mecha- 
nisms, in which the main face 
has only the minute hand 
while the hour hand appcius 
on a smaller superimposed 
face. 

In the realm of eye-catching 
gimmicica. it would be difficult 
to beat Blancpain's proposal to 
construct erotic action scenes 
on tte backs of its elegant 
watches. For its ladies' models, 
the company has also devel- 
oped a mechanism for easily 
dinng in g armbands to match 
the wearer's clothes. 

*111686 and many other fanta- 
sies could be found mainly in 
ball 101 at Baste, the so^^ted 
Pres^e Hall reserved for the 
glitterati of the worid watch 
business. 

But the renewed popularity 
of mechanical watches has 
gone down-market as well *rhe 
determinedly middle-market 
Oris has brou^ out models 
with conmlicatioDs in the less- 
than-n,000 price range. 

At the T^ular inress confer- 
ence of Japan’s Citlaea Watdi, 


an offidal s:tid tiic CQinptad^. 
of many multi-functioA 
u-ntches hud gi'nc too for, ^ 
predicted that models wooSl 
become more uscr-frieodlF. 
HowevtT. one of the wat^Mii 
Citizen introduceil at the ftfri- 
the ITonuister Navibawk. mig 
well tmve set a recunl for tti 
number of digits ai^ lettsiKk 
timt appear on a sini^ wM 

The fair was agam notnb 
for it.s distinguLshed absnfoe^ 
including Swatch and sQHfr 
other companitB in the SOffi 
group, and the compania fo 
the Cartier luxury prodUds 
group. SMH withdrew arati 
years ago after a raw over 
space, but Onicgu. an aiH 
company, returned lost yiir 
and brouitiit Iiongines wiffi jt 
tius vear. The grotip’s poficy 
henceforth will be to fotfii 
Omega and one other brnd 
represented at the fair Mdi 
year. 

C.artter. Piaget and Baume ^ 
Merrier pulled out three yean 
ago because the event was not 
exclusive enough. As a Cartier 
executive put it at the time 
“Our clients do not like file 
smell of sausages.” They 
started their own more exclu- 
sive annual show, the Salon 
International do la Haute 
lugerie, in Geneva, which runs 
concurrently with the Basle 
fair and which they claim bas 
already estahlishod itself. 

Basie officials observed that 
tlie Cartier di'fection has not 
been riillciwi.Hl by utiicrs from 
the Prestige HsilL Also, a cou- 
ple of the Cartier brands. Dun- 
hill and OornUl Genta, have 
kept their stmids In Basle. 

Philippi' lie% 7 . the chief exec- 
utive of the Bcude fair organisa- 
tion, departed in December 
after tbe city fothers vetoed a 
plan to build a regional exhiln- 
tion centre together with 
neighbouring Fa'nch and Ge^ 
man communities. 

Fair offleiaU insisted that 
the parochialism implied by 
the decision would not extend 
to their exlilbition policies. 
Indeed, tbe name of the Watch 
Fair would Anally be changed 
next year to the “World Pair 
for Watches. Clocks and Jewel- 
lery”. 

But It w.as bad news for the 
500 odd watch and jewellery 
companies still waiting for 
space in the fair’s existing 
cramped quarters. 








A eieiiainan worics on an ereiic 
















FINANCrAL TIMES WEEKEND APRIL 30/MAY I 1994 


WEEKEND FT XXI 


tl- , 

!!• .. . 

'nsfjh- Kt. . , 

vV«‘Vii. 


iViiMii..,.. 

..1 , , ■ 


mbf.r ..; 

I {;■ .... 


1h- S.-iir 

ni ; 

i»i; .ju.: ii., 

!;fi V. 

Tri.' .>f», 

...... 

lil-L'l:', ' , . 

r*’t,MU; 

•»;.s ...... 




' l.i- 


IJUI". {■• . 

irl ...! 

vi;. .(• I: . 

r.;,; , , 

I.-. 

ii «•! 

jjinii.i: • !i., ,. , 

li-.tlii'Si.i; ! I ; . 

w:. IM \ii . .. . " 

ir.ii 

‘K i M.tii, • ‘i, , 


T;- 

1 . 1 -. 


ii: 


.! !i. 

•'■• •I' /!.•.( i; .• 
«}!•' - . . 


r.’.t'. *;< 




tt.i' 


' • 'I . . 


i !.L; S.'- 'S 


^ .. 




CLOCKS, WATCHES AND JEWELLERY SURVEY 


The changing faces of fashion 






V. 





Tkne to inonqr (frm talQ: Frmdi MiAar perpolial calendar vnftcAi SFr84,aQ0; ChrmoBwlu Tora dud amo-zone wKrtdi, »,6SO-&4^ Tou 


T here was a time 
when watches 
existed indepen- 
dently of fiasliios. 
Mm or women CDS- 
tomarily received an important 
watch to maiiE their 2l8t hbrOi- 
day other *imn the addi- 
tion (tf a dress watch, they con- 
tinued to wear the same 
timepiece. 

However, the watch has 
become a fashion accessory. 
*Today the nonn is to have 
many difEermt watches for sev- 
eral dfflerent fimctions; a clas- 
sical watch for smarter events 
and evming, a fun watch that 
can be worn casually at the 
weekend and sports watch to 
wear in the ofQce which, 
althou^ hetag a diving watch 
cr chiom^^ win never go 
near the water and have no& 
ing more important to time 
than seconds on a parking 
meter," says Matthew Cundfi 
sales manager for Cartio'. 

But what of treads? 
Althou^ flashy watches, bris- 
tling with precious stones, 
remain popular in the middle 
and far east, the general move- 
ment, like foshion itsdf. is for 
from the ostentation typical of 
the 1980s. "tt is no longer 
important for your wrist to 
show GveiyoDe how soci^ssfal 
you are. AU that matters is 
that you tamw,” says Candy. 

Frank Edwards, of the Fede^ 
ation of the Swiss Watch 
Industry, agrees: "Watch male-, 
ors have Inched on to a need 
to get away from the avari- 
cious 1980s and a yearning 
tovrards a more lumantic, sta- 
ble and'attractive past" 

To this end. Cartier has 
designed a charming Art Deco 
range, made from materials 
sudi m .black enamel and dia- 
monds. Ftahck Muller, a new- 


John Morgan looks at the latest design trends in timely accessories 


ish. clever Geneva watch- 
malmr, has produced a range of 
wristwatches called Casa- 
blanca. You must go to Swit- 
zerland to buy them. 

W indalg ifl itianifaBfg itself In 
two ways. First the mechani- 
cal watch, which cmly a fow 
years ago was threatened with 
extinction by quartz, has 
fought back. It accounts for 12 
per cent volume and 48 per 
cent of value of all Swiss 
watches sold. Chris Parks, of 
Chronoswiss, a brand of 
watches with customised 
movements that has enjoyed 
great success since its intro- 
duction to Britain a year ago, 
says: "Why buy something f^t 
has been stanmed out on a pro- 
duction line, when you can 
have a wah^ that has been 
made by craftsmeso?" 

Secondly, there has been a 
renaissance of watches that 
woie pc^ular in the inter-war 
years, “rmproved technology 


bflg maant that square wahhes 
are ripe for a relaunch, 
because the glasses are now 
made of sapphire crystal, 
which does not fall out and 
protects against dust and 
damp," rays Parks. All the 
lead^ brands have them. 

Fatdc Philippe, which makes 
some of the most beautiful 
watches, has a chronograph in 
a tonneau case with a perpet- 
ual calendar and, for womeo. a 
rectangular Gondolo watch 
with an elegant bezel paved 
with diamtmrfB. 

Cartier produces its famous 
"tanks”, including the new 
Tank Obus which features 
Roman numerals and a crown 
set with a cabochon sapphire. 
Jaegar-LeCoutre oSiers Reverso 
Duo, which has two back-to- 
todc dials, ^wing times in 
different nmes. 

Franck Muller has devised 
his own version of the ton- 
neau. known as a curvex. 


which houses intricate mecha- 
nisms. Grand old Breguet has a 
super tonneau and Audemar 
Piquet delights with a 1940s- 
style square wristwatch in 18- 
carat gold. More affordably, 
there are tawb; firom Gucci. 
Maurice Lacroix, which offers 
designs for men and women in 
a emved shape that fite the 
wrist perfectly, and Oris, 
which has created a haTiris^^ 
model in gold, steel, and gold 
plate to its 90th birthday. 

Metal colours are also chang- 
ing. There has been an 
increase in the number of 
watches made in white materi- 
als such as steel, white gold 
and, even the expensive and 
notoriously diffi mit to work, 
platinum. Om^a has a Hmthui 
edition of 50 beautiful plati- 
num watches to mark the 25tta 
anniversary of man's first step 
on the moon. Baume & Merder 
offers the Hampton, wludi has 
a carved, polished, stainless 


steel case and mafa-hTng brace- 
let Zenith sells a range of steel 
chronc^vtphs which are mod- 
estly priced but good looloiig. 

However, for all the purity of 
white metals, it woiild a 
mistake to believe there is no 
colour around. Cobured faces 
- particularly a certain shade 
of Royal blue - abound and 
add an individuality to any 
watdt 

Coloured str^ are also in 
abundance ~ reQectlng the 
trend for buyii^ an asfinrtmgnt 
of straps with a watch. Breitl- 
ing. makers of pilot watches, is 
offering colours that must 
have found their inspiration in 
a sweet shop. 

The most colomfiil watches 
are, of course, the cheap, fiin 
throwaway ones. Swatch, 
whidi can be credited with per- 
suading people to have a ward- 
robe of watches, still domi- 
nates. The new collection 
includes popouts, scuba - for 


underwater sports, stop- 
watches and an alaim to wake 
yon up with a jolly tune. A 
brand to watch is Mondaine, 
which offers many fun 
including the award-winning 
Swiss Railway clock watch, the 
brigiitly-colouFed H-Watch and 
an interesting little number 
based on a pot 

Sport continues to assert the 
same directional influence <m 
watches as it has on foshion. 

"Cultural and social <^haT>gf»B 
such as increased leisure time 
and emphasis on looking 
sporty and dynamic have con- 
tributed to an explosion in 
sales," says Duckworth He 
introduced Tag Heuer to 
Britain a decade ago and can 
boast a seven-fold increase in 
tnruover. He says people are 
spending more on sports 
watebes and has introduced a 
new ISoiat gold addition to 
the 6000 range. Also, more 
women, according to Duck- 


worth, are buying sports 
watches and he has a new 
automatic which manages to 
look both sporty and smart 

Adidas, known for tte qxuts 
equipment, has launch^ a 
range of tbnemeces. including 
functional and rug^ models 

riiwagnpil for tOU^ SPOTtS, Cla& 

sical chn^graphs, water-re- 
sistant to 200 mmies, and a set 
of inexpensive sporty leisure 
watches. 

Sector, which specialises in 
watches that perform wen in 
extreme weather conditions, 
has the new Underlab STE, 
which boasts an extremely 
stroi^ steel/fibre glass case 
ftwH is available in four ver- 
sions including two chrono- 
grrmhs. Ebel offers the hand- 
some Sportwave Cforonograph: 
robust and functional, it timeK 
performances on thr^ regis- 
ters to a tenth of a second, 
gives intermediary times, has a 
tachymeter and is available on 


either bracelet or leathpr strap. 

Even DuniuU, that most 
sedate of companies, known 
more for its period watches, 
has shaped-up with the Lon- 
dymum, which, although 
designed to be worn at all 
Hwiftg, has a particularly sporty 
^peaiance and is available in 
four sizes in ste^ sted combi- 
nation and lEcarat gold. 

Finally, if you are looking {in' 
somethfog completely differ- 
ent, why not invest in the lat 
est trend - erotic watches. 
HuhLot better known for dis- 
creet little timepieces is enam- 
elling illnstrations of the 
ELarma Sutra on to its watches, 
while Blancpain, that out- 
wardly most understated of 
watchmakers, has a range that 
features couples (all proclivi- 
ties catered for) copulating 
with aU moving parts (liter- 
ally). The designs are so 
explicit that 1 am told the 
watches might soon be banned. 


■ John Morgan is associate 
ediior of GQ Magazine 



.. .■ -' k ' V . » 


Thns and Me: Sector underwater watches, £1254200 



CORUM 


Maitres Artisans d'Horlogerie 


“Automatic 100” 

Automatic movement with two mainsprings and 
a power reserve of 100 hours. 


Watci-reststant to 30 m (3 atm). Croco leather strap. 


Ivrinfeiaution, UJC Distribvtcn: Ssnaden & Shepherd Ud^ 1 Bleeding Hnn 
Yud. Ctcvflle Street. Loadon £ClN SSJ, TeL 071-405 2666. 


L ast autumn Patek 
Philippe, a leading 
Swiss watch house, 
issued a collectors* 
watch on classic lines. The 
watch was to celebrate the 
150th anniversary of the 
appointment of Garrard’s, of 
London, as crown jewellers 
and was available only 
throi^ (jairard’s. 

It was limited to 150 pieces in 
rose gold with a rose gold dial 
anil thw piawri iia<»if revealing 
the self-winding movement 
with engraved pivoted rotor 
we^L 

Priced at just under £8,000, it 
sold out in under two 
providing confirmation, if any 
were needed, of the health of 
the retail w ris tw a t ch market, 
especially for watches with col- 
lector appeal 

Serious collecting of wrist- 
watches is still a compara- 
tively new phenomenon. A lit- 
tle history puts this in eontmcL 
Having started out in the mid- 
18006 as wommi’s ban^es, with 
a timqriece concealed bdnnd a 
hinged cover, wristwatches 
were or^inally considered 
effeminate. But duru« the first 
world war, the pregudice was 
overccane by tire conveniemce 
of wearing a watch on the 
wrist, rathv than carrying it 
in a pocket 

The spimd of the car sealed 
the popiilarity of wristwatches 
for Htcn and there was even a 
model developed - the Driver’s 
watch - that curved to fit the 
wrist so that time could be 
read with both hands on the 
steering wheel 
Initially, most people owned 
just one watch, acquired at 

some BigrrififtflTit. T Tiftyyiprrt sUCh 

as a 21st birthday, and it was 
the best that could be afforded. 
W course it had to be Swiss. 

When the quartz watch 
arrived in 1975 it was dis- 
missed by the Swiss watch 

hmiGOff as honoarti them 

Cheap quartz watches, made 
in vast quantities, in 

Hong Song. Taiwan and South 
Korea, soon grabbed a sireable 
slice of the world market and 
the Swiss watch industn^ was 
heaifing into crisis. It is said 
that 60 per cent of the Swiss 
watdi labour force was laid off 
forgXK^ 

But the very cheaisiess and 
impersonal, mass-produced 
nature of these early quartz 
watches - mostly digital - 
bred a reaction in the baying 
public. By 1980, analogue dials 
with conventional feces and 
rotating hands were again 
heavily in demand. 

Although a ready source of 
traditional watdies was found 
in the rapidly expanding 
secondhand market, the Swiss 
watch houses responded by 
going either down or 
upmarisi^ 

Marques such as Accurist, 
Avia, Rotary, Tissot and Lon- 
gteea embraced quartz in mder 
to produce a reasonably cheap 
anak^ue watch. Others, suidi 


Collectors’ items 


Richard Garmer on the rebound of the wristwatch 


as the big five - Patek Phil- 
fope, Rolex, Vacheron Constan- 
tin. Audemars Piguet Jaeger- 
LeCouUre and IWC - stayed 
iqnnaikeL They also dug into 
their history a^ put back into 
production some more compli- 
cated classic mod^ that had 
started to command high 
prices in the secondhand auc- 
tion market 

There are stiU two maikets 
and retail sales have remained 
remarkably buoyant. 

The focus is on hi^ily com- 
plicated pieces with multiferi- 
ous features such as perpetual 
calendars allowing for leap 
years and minute repeating 
actions. These are long in the 
making and cannot keep up 
with demand. At the Basle feir 
this month there was great 
interest in new models frtun 
retailers toocouraged by sales 
increases. 


Swatches. While producers of 
low-production models such as 
the Sun King. Swatch 1993 
Christinas specials (only 1,300 
were allocate to the UK mar- 
ket) can see queues on launifo 
day, none of the auction 
houras are selling second-hand 
Swatches any longer. This was 
a speculative market and has 
pro^ a flash in the pan. 

Auctioneers trumpet sales 
statistics, but retailers are 
more discreet While far east- 
ern buyers took up 14.28 per 
rent of fee March vratch saIp at 
Christie’s, the east Pacific rim 
accounts for a significant slice 


of the retail market si^lant- 
ing fee Ttetian domination of 
the 1960s. Rolex is the volume 
seller, Audemars and Patek 
and other complicated watches 
are wid^ coUecteil Custom- 
ers in fee Car east are hfefaly 
brand-conscious, but taste is 
by no nwwTis unifotm. 

Quartz watches are more 
popular than mpphaninal nrtps 
because resettii^ complicated 
calendar watches Is easier. 
Taiwan and Sing^iore collec- 
tors, while ^ipredating com- 
plicated watches, concentrate 
just as much on their decora- 
tive appeal akin to fee Arab 


taste of 10 years There can 
be reristance to ‘hsed” prop- 
erUr in Moslem communities. 

*1^ Japanese are famous for 
shopping around before buy- 
ing. Their view is long-term - 
and speculation in a "watch 
market" seems a western pre- 
occupation. 

The inclusion of one of the 
Garrard's/Patek watebes in a 
London sale will soon show 
whether there are still occa- 
sional quick profits to be made, 
now that on-sale premiums for 
rarer Rolex mo^ls, such as 
Daytonas, have all but gone. 
The pre-sale estimate of up to 
£6,OOio may prove encoun^- 
ii ^y conservative, considering 
that the previous Patek special 
limited edition watch, fee Offi- 
cier of 1969, repeatedly resells 
at way over its origu^ offer 
price, and more than 2,000 of 
them were issued. 


A t auction, compari- 
sons can be made 
with the hv (tf the 
market in 1990. 
Prices fell by between 25 and 
30 per emit across the board. 
SoiM fared even worse: Tina 
Millar, of Sotheby’s, quotes the 
example of a t^cal chrono- 
graph (zoroing stopwatch) feat 
would have made £18,000- 
£20,000 then but now com- 
mands only £8,000-£10,000, even 
though the market bottmned 
out towards the end of 1992, 
around wae fc Bdonday. Again, 
world time-indicating wrist* 
watches, by Patek, now rour 
tinely £2S,000430J)00 as 
opposed to £70,000-£80,000 in 
1960/90. 

Undoubtedly, in the late 
1980s, speculators were active 
in the market. Since then 
greater sense has prevailed. 

Sellers are accepting more 
conservative pre-sde esti- 
mates. even at Antiquonnn’s 
Cieneva sales. 

London auctioneers can now 
boast bi^ success rates - only 
7 per cent unsold in Sotiieby's 
March sale, while Christie’s 
sale, also last month, was not 
too for behind at 14 per cent 
unsold. 

Discernment, rather than 
investment, is the by-word in 
the current market. Thus 
Simon Bull, formeriy of Anti- 
quonmi, taiics of a buyer who 
spent Sh400.000 on a split-ac- 
tion chrom^japb by Patek - 
rare because of its steel case, 
whereas caxmot see the 
rare platinum (one of only 
three) calendar, moon-phase 
watch Tnafcmg aS «mrh today 
as the £280,000 it sold for in 
1990 in London. 

One section of the auction 
mariset that has dwindled to 
nothing is collectable 



BREITLING 

1864 


INSTTHUMENTS FOR PROFESSIOIsIALS 



CHRONOMAT&UTC 
5clhvindin(( medunkal chimogfiiph. 
McAMuniKni to 1 /5ih of d wrana. 
with hour and minuiL-osiinleri. 
Rotating bezol with rider lab^ 
□arcproolai sof^lnreryi-laiL 
Serrw.|aaced crown. Water-n^tant to 
100 meten. Addibonal UTC quartz 
waidi. cnnpldi.4)r independent and 
idN] as second dimoone. 


BREITLING MONTRES SA 
P.O.Box 1132 

SWITZERLAND - 2540 GRENCHEN 


’Ihl.:41 65/51 11 31 
Fax.: 41 65/53 1009 






XXU WEEKEND FT 


FINANCIAL TIMES wffkrND APRIL .WMAY 1 1W4 


CLOCKS, WATCHES AND JEWELLERY SURVEY 



Clocks begin to tick 




Demand is rising and bargains getting fewer, says Antony Thorncroft 


T he past year or so 
has seen time haog 
heavily aa the auc- 
tion trade in 
docks; move nuxe 
bridcly for some watdie^ and 
podttvely buzz aloi% for jew- 
els. ^ there are signs that 
the era of low, inHaarf bargain, 
prices for higher anallty 
anWfp Tp clodu in the galorrv^ 
might be about to pass. 

Demand has been brisker at 
recent auctions, and this 
should on to tiie maiicst 
some of the good docks which 
have been waiting for tite 
hii^ier prices to retam. 

Mmy people like the idea of 
owning an antlqpe clock, an 
impressive 18th century 
longcase tidring away in thdr 
ban, but are deterred by their 
ignorance and fears aboat the 
condition and consavatton of 
socii mature gwrimeng They 
xieed not worry. At its last auc- 
tion, Sothel^s offered 41 
longcase clocks dating from 
the 1720s to 1900 and add all 


A VIelorlsn longcase, sold for 
£9^200^ double the toracasl^ at 
GMriVslnMardi. 


but one at prices ranging from 
£800 to £10,000. 

A decent Geox^an clock can 
be acaoired in the saleroom for 
under £^000. A restorer might 
charge £350 to pot the mechar 
nism in working order and 
repairs mi^ also be needed to 
the case. But, for less than 
SSfSOO, you can have an attrac- 
tive WMking flntiqn^_ 

Of course the big - 
Tompions, Enibbs, Grahams 
and Delander - cost mixch 
more. Any serious - and ridi - 
collector of antiques should 
have a dock Qie fether of 
British ninftinwairiwg , Thomas 
TVwwpifi", on their bmdzig list 
His appral is IntemationaL 
Wortang in the late 17th and 
eaily 18fh centuries he com- 
mands a premium over all 
otiier TYigfew c 

In 1989, a rare blonde wood 
Tom^on sold for £880,000. This 
was at the peak of the antiques 
market but even in the dol- 
drums of last June Cbristie’s 
offered some Tompions and 




i y 




Ssi.-" 






they an made good prices, with 
a tiny, 614in higfo, silver 
mounted chony bracfret dodc, 
probably made for King Wil- 
liam nt selling for £442,500, 
and a table dodc for £298jm 

Since then, no important 
chx^ has cvpeared at auction, 
and the ain^gh demand of 
recent years has made a simple 
clock by Ton^ion (almost) 
afibrdable. 

No Tonqdons are on offer at 

the im pnrfaiTtf June in 

r.ntii^rp ii^ jL fop dealer s uch 
as R A Lee, C^w part of 
Aspreys) could probably scqi- 
ply one for less than £100,000 
a^ a routine bracket dodc by 
TDmpton mi^ be acquired Bor 
as Utde as £10,000. Prices are 
low mainly because dealers 
have run down their stocks 
and are unwiDhig to start buy- 
ing ji g*™ ~ yet. 

Freodi with a wider 

range of collectors, are a 

nlf ghHy firm pr mflrira* , but a 

19th century canlagB dock can 
still be bou^ for EIJXX). There 
is greater interest in tiie dabo- 
rate French Empire mantel 
ftinrVa the more »Tiiigiifliiy 
decorative the better. Here 
prices have edged up in the 
past year or so, but an eaecel- 
lent ggampift should cost less 
tiian £4,000. 

There are many peo^ who 
just cannot cope with the 
anH^ i e _ witii the problems of 
maintenance. They want the 

fhiPet w a fhs TnanflhIpj but they 

want it to be contemporary. 

There is at least one British 
dodonakcB' siin working in the 
tra ditional nay, with virtually 
every component made in 
house. ■*^ndair Rarding of 
rhcltanhanij maIcBS nO UlOFe 
Hiati| 20 nindra e year and, at 
the Basle fair introduced a new 
model, a skeleton sun and 
moon dock, plated in gold and 
priced at aroimd £8,000. 

Wat<foes have become the 
great fosbinn accessory, a pal- 
pable sign of wealtii and taste. 
They are now traded iq^ulariy 
in tile saterooms, a service to 
sdlers who want to cash in 

CTp pfWTO watches might 

se^ to tii^ dated: or they 
miifet bave bera given a newer 
modeL You can aci^iiire a 
recent Biegaet, Rolez, Carti^, 
Audemars Piguet or Patek 
niOlipe watch for perhaps half 
its retail value. An olda* watch 


■■ Tim: ' 

T'lr C';. . ■ "t: 


tiK iramoN RABOMKrea 


nc RW AodfMi AicaSt 
SncLmwRM 


CwiMNlOPD 

■RMIliq07ia«W92 


FINE ANTIQUE 
BAROMETERS 


( 'fj' 

i.N. 1. 


;• josSanilneo 
r H0L80RN 
[« Guo 1820 


anwlrtaneBB wmfc*. . 


time TO CHECK 


jewel PRICES? 


BlancpaiN 



X 4 




Uon'i inhi oiir fonlKOiiiiiig sales of waichcs and clocks or 
liiic-jcwellory. 

ir ymi'rc ihinkiii)' oThiijiiiig, ilic dales lo rcincinher arc: 


The ulw s l Bii wwdi 


Frid^ Sed June. 

AsaleofCo<KiClodB. W a ldi e * aadWiBti¥atdies. 


Thund^ ZSrd jnae. 

A of Fine Jemb and Jewds tor the GoOecion 

IfiHi ihcnilirr h:iiul>THi aicihiiiKiiigurscIlLiR, llivreis 
Tiill ihiH.- lit eiilcrtiiir Ocinbcrcktcks and wmehes sale. Wc 
arc jiiiriiciiUirly iiitcix-ucil in l^tlokl-Pt 1 ilippl.‘,<larti«.*r, 
Rnlex, .Xiuk-iiiaiH Pifpiei and VKlicroii (kMuuiithi. 
Oiir iivxi {cwdlcrt' uilc tt a C'.oluiiiiade sale in Jiily^ and 
ciiCrics/uriliiscaci lie acccprrd up tn ntkJ-Afctf. 

KtH' Oil liter iiirtinnaiUiii nil ixii'ing nr selling ai ilicse 
mIck, iMe^coiininTliia Millar (\Vi isiwaiclitfs) uii 
071 IO)i&»2S. Micliael Turner (<anclu) on 071 •MMBS'J!). 

.'VlCKiiidni lUiiKici (Fiiic Jowuls) on 071 ■lOR.'Ul I or 
tXiiiicLi MdKClli (CokHiiiiKlc Jcwclleiy) on 071 40a5SOS. 


SOTHEBYS 



n>L‘Nni-j)i7ii 


Since 1735 there has 

NEVER BEEN A QUARTZ BlANCPAIN WATCH. 
And THERE NEVER WILL BE. 


For Further inionnahon please cxintad: 

Cadey & Clcmencc. 23 Giosvenar Street 
London W(X9FE.3tol: 0714164(00 


would be even cheaper. 

A good solid podet watdi, a 
hunt^ made in the late 19th 
century by the celebrated 
Charles Rudsbam, can stilZ be 
bought for less than £4J)00, and 
win prove a relitfole frioid and 
an agreeable beiiioom. 

In the past year, jewds have 
become second oi^ to Impres- 
sionist and modem art as a 
money spinner for Sotheby's 
and Christie’s. In 1993 Sothe- 
by's brou^t in S4TCm from 
jewels sales and Christie’s 
ywfcn. In 1970 jewels were an 
inrignificant sector. 

The gmt majority of the 
trade is in stones, mainly dia- 
monds, with a few rich deaters, 
especially the Saudi Arabian 
shrfkh Ahmed Bltaibi, buying 
the most expensive stones, 

inoin^ng Qie «m be pdd 

for a 100-carat diamond at 
Sotheby’s in November. 

Most of the buyers ara 
Arabs, followed by Chinese 
and Latin Americans, and 
there is an undoubted invest- 
ment element hahind the com- 
petition of the last two years. 

But high prices for stones 
has a kn^-mi effect tm jewel- 
lery. Salerooms have done 
their best to promote their 
involvemmit, stressing Qmt as 
well as ^tzy events at Geneva 
and St Moritz they also hold 
auctii^ such as the evening 
‘Tfolonnade" events at Sothe- 
by's, the sales at Christie’s 
Soutii Kensington, Phillips and 
Bonhams, where lots usually 
sdl for £^000 or less. 

More private buyers are dar- 
ing to take on the dealers in 
the saleroom and are acquiring 
jeweDery, from 19Ui ceaitury to 
contemporary, at modest 
eitoense. 

Although the anriHmi houses 
offer docks, watdies and jew- 
els at wbolesaie prices many 
people still prefer to collect 
with a dealer holding their 
hand. Good dealers are keen to 
offer impartial advice; they 
guarantee the authentlrity and 
omdiUon oi the goods, wludi 
is so important with antique 
clocks; and they wiD often 
agree to buy them bade 

A sperialist clock dealer, 
sudi as Anthony Woodbnm. of 
Tunbridge Wells, Kent, also 
often has its own sources of 
supply, and can offer a 
year-round service. 




N;; 










n.- " •.Vi> 





’-rw 


f. ■-* ■ 






A *new antiqiie'. A moonp ha ae eaa dock, based on John 
braakttirau^ of 1799, made by Sbidab' Harding 


Ha n iso n’s twrotogical 


While En giwh furniture has 
generally ridden out the reces- 
sion well, clocks have 
remained in their specialist 
^tto. Why people keen to 
acquire 18th and 19th century 
tables and chairs, dressers and 
desks, should baoik at buying 
an antique dock is not dear. 
Feriiaps their sheer size counts 
against substantial late 19th 
century longragp ^randfath^) 
dodEs, but bracket clodES, car- 
riage clocks, mantel docks and 
laidem clocks and chronome- 
ters provide charm and utility. 

It is probably the mystery of 
the inner woridngs tiiflt deters 
potential collectors. But there 
has never been a better time to 
acquire an antique clock, 
either in the enpboria of the 
aoction house, or afia* careful 
consultation with a dealer. 


FuieArtsLuL 

1-9 Bnilon Plaoe London WIX 7AD 
Tel: 071 629 5600 071 529 2642 



2642 A 

particularly 

appealing 

Earfy eighteenth 
centuiy ebony bracket 
clock with eight day 
striking movement 




by 

Charles Goode 


London. 


Moonphase Sea Clock 


Dimensions; 
Height 17^/i" (450mm) 


With 

Thro' Wind Glass 
Case 



\ 


-7 


V 





Mmers cfffie World's Finest 


Sinclair Harding&Compcmy Ltd 


Laradomi Hare I^Chdtenham, Gloucestershire GL502LB 
Tdephone; CMtenham (0242) 525970 








i ll'.il 'b 


t)ihin n;}! 
H\uy btiii'ki'i 
h < /h'/.v 
ntovfrm i:( 

hv 

*t < M 'l,. 





FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 


WEEKEND FT XXin 


CLOCKS, WATCHES AND JEWELLERY SURVEY 


S ince time began, tbe 
point of JeweDery bse 
been swank and sta> 
tns. After all. 'wbo 
refdly -nttds a fait of 
carbon, even tf tt is absototely 
pure a^ exttaevdinaray <dd? 

t know.. .it is often quite 
ezqntelt^ made aad some- 
times tbe akOl and craft is so 
itonKiy timt only a ssusenm 
whihitkm rdl its own will do it 
justice. Bat ftw art is never tbe 
real pcont. ft is almost nevo* 
tbe (ddef <ip pnTaft hahftwt thfe 

wialriTy anrt tl» hiiywi g . 

Now yoa mi^ halve tbouibt 
that (bniDg the ceoesson, ibw 
would have bad much incUna* 
tion. let alo^ the cash, to 
indulge in en fundameo' 
tally unoBcessaty. Ton would 
bewroDg. 

Over at de Beers they axe 
quietly pleased. Ibe bik 18 
mooths have been good to diar 
ponds. Iliexe have been a few 
awkward msmeBta when sup- 
idy vasQy outstripped demand 
and the dreaded quota system 
(whhdt restricts the mmdier of 
djamonds that de Bems* Oea* 
tral Selling Organisation, 
agrees to buy firom siqipliers)- 
had to be brou^ Into idj^. 
But ncsaOy toe pe ri b nDa hce 
of diamonds at auction has 
outpmfinmed all the financial 
indices (let alone sales of 
Impressionists and Old Has* 
tei^ by s tride' margin. 

At auction, prices in the 
flawless D stone category have 
moved firom. £28.500 per carat 
to about £4^900 a carat lam> 
ence Graft who deals almost 
exdusively in the largest, flaw* 
less, most rare, stones ^rhudi 
inflang Hurt tris customms are 
almost exdualv^.fixagn) has 
recently bou^t back ibr 
1350000 (£240,000) a five<azat 
blue diamond toat he sold 15 
years earlier file $60,000 a carat 
Last Noventoo', In a Sothe- 
by's Geneva sale, a flawless 
rectangular cut Hianifttid of 
100JS6 carats tfxned the soubrir 
qnet of the most expensive 
je^ ever sidd, when an anon- 
ymoos buyer parted with 
£8/128,608 to own it 
AH this leads ueperisneed 
watehers to conclude (as if we 
(fid not know It) toat we live in 
imbnlmit times. Sates of shmes 
are far more dosely hn^ to 
the needs d tiie liicih to have 
their wealth in a tiny, portable, 

ftimi than 

it is to the mysterious move- 
ments (tf the romantic heart 
Bnyen of these huge xovest- 
ment pieces are supplied 
mainly by three areas - Saudi 
Arabia and the Gulf States, 
Hong Kong, Sing^ore and 
Taiwan and Italy ■> an of whhdi 



f ie iirlTn nf mfite ptiM wirt w^ np h ytte njstet eef with TT hnoiinltn nil ilint n nnrii. in iiT wniQfi i no IT rnnfi 
nn si pii ei l hj W n ntmn nf Bin rw^giinei nntl fwn nf the m lnnern nf thin ji w i' ii Fin fTnnm ninmnniti 

bitsfiiafioMl AMMfde. 


A token of love, 

of trouble 


a sign 


Luda van der Post takes a close look at diamonds 


are availahle), itoen toe reces- 
sion had toely b^on to 

recede, SSm «wm»rpnt rfianinnd 
pieces, worth an average of 
jiirt under $750. were bought 
worldwide. 

Take png ag anent rings so 
KhYing is the in 

the En gHgH-KpgairiTig westem 


have pFCd}teins-Cif.a aort and., world juace. than. 70. brides in 


many of whose inhabitants 
would Uke, if they could, to be 
able to move toemsetves and 
toeir wealth about at the drop 
of an invarion oc an unsym- 
pathetic bit of legislation. 
These are the buyers vtiio Ire^ 
vqt toe i^tices to toe purest, 
itoest. biggest gems. As always 
toe motto is that if it is invest- 
mesit and resale vahie you are 
wan^ invest in the beat you 
canaftod. 

We have only to think of toe 
Rflciangfb, tim Goman jews, 
the tour of Kuwait (who 
peded nmdi Ins conrider- 
able weaUh into a nutoadO. 
to realise that eiile with mil- 
lions In oneh'ovenu^ case is 
an infinitely -more ^nieeable 
prospect than exile with an 
UP'S ass^ left behind. 

But vtinletimse sort of pm^ 
c has es fiad ^ headlines and 
provide a faadtgraund of glam? 
our and tntiigqe, it is tire hum- 
Uer bnyms inme day-to-day 
jewdlery. wlio keep tim Jewd- 
teninhmehes. 

AH torongh tba ceceBshm tile 
butoiess of living has gone cm 
- deals may have been thin on 
the ground hut troths have 
bm pledged; anniversaries 
edetoated, ushered into 
toe wmid and im por ta nt mite- 
states readied. Jhwels to eete- 
Imde tiiese' events provide the 
toead and butter of the jeweb 
las' business. So even in 1992 
(the last year -to vriiich figures 


evmy 100 are 9vmi a diamond 
engagmnent ring. 

Standards of dpsign have 
risen enormously - it is faah- 
iouatde these deoRS to bash big 
oorparatimis hut ft is bard to 
overestimate tbe InOnence 
that de Beers’ amnnd interna- 
tioitfl awards have bad on <fia- 
memd Jewdteiy woridwide. 

year’s collection of 
award-winners displays an 
astatoabing range of difierent 
tecbmqoes, styles and settings. 
Tor tedmique, take the flexible 
bangle designed by Jennifer 
Bloy and i^e by Matthew 
Cambay wldch is fhe vdxmer 
of the UK section; to styles, 
compere tiie romantic, almost 
old-fashioned diamond and 
platinum brooch designed by 
Yuko Nakajima of Japan wito 
the chunky necklace of white 
gold and apophylite crystal 
and diamonds derigned by Jul 
B IKzon of the Philippines. 
Nobody, afto loc&ing at the 
dazzlLDg coIlectiOQ (which they 
win be able to do at Christie's. 
8 Wing Street, London SWi 
from May 5-13) could possibly 

ttiTfilr fh^ the diamand bUSh 
ness is mmibund. 

But jewellers report that 
while buyers are still there 
(and indeed never went away) 
tiieae days fh^ are infinitely 
more knowledgeable and twice 
as cautious. 

At Asprey of Bond Street, to 
instance, a boutique ooUectiGn 



Some of The Aipwy SuuBueiei CpIectlaiL prices stertet £345 for a rfpfl, 
ofte b w start at £960 


was launched to the first time. 
A boutique coUection is a 
ihney name to a lower-]Rlced 
range wh^ its devisers hope 
will attract not just the eye of 
a love-lorn suitor but also the 
hard-earned cash of the suc- 
cessful career girl who buys to 
hersell The Sunflower cbDec- 
tion bas been a huge success - 
partly, tt seems, because there 
are pieces, such as a pair of 
ear-rings, that cost as tittle as 
£350, and partly due to the 


ANTBOST WOODBURN 


ORCHARD HOUSE, HIGH STREET 
LEIGH, KEKTlKll 8RH 
TEL: (073^ 832258 
FAX: (0732) 838023 


FrNEANnQUE CLOCKS 



-mOMAS TOMPION c 1680 
Otartes n qniner 
lepeaitegtaHeeloek 


JOSBRUOOm CI6B0 
A Clariot 0 DoaOi itantkn 
teagc M ettea 


OUR BROCHURE IS 
AVAILABLE ON REQUEST 


aOUSTOPHER GOULD c ten 


AWilianandMin 

Bcdm 


a i K q g co y higeMe I 


INSURANCE VALUATIONS' 

A M Homc OoncDB. Jemlkqr Mri 0^ An _ 

Mtei «■>«■«»"— ttcfvice is BOW avaiMIc tea tSejis 

ta Ifae Hiw JewsDay Ro 0B a Hands. 


FtCiSOGaHKi Afr BsKtelor OB on 4072. 

4ts%!sdb 

RARRODSLID. KiitiJiLtoidEP.UP6BB.SWI. TO; 071 730 1234 


II Nathan Gems 


BATTON GARDEN 
FOR 

DIAMONDS A FINE JEWELS 


87 BVnON G*ltD» LOWtON BON IQQ 
m.- «71 sn ai4 FAX: 871 4M 7121 


interest generated by offering a 
large new, accessibly-prli^ 
lange of dcsigms 

JeweDera eveiywhere r qw r t 
that although tbe busmese is 
there, they have to work 
harder to get it, tbat people are 
more selective ai^ hare to be 
peisoaded that they are buying 
real value. Howevo* smell the 
porebase, customers tike to 
know tiiat it is a real carat or 
proper gedd. 

At Boodle A Dunthotpe, a 
jewellery chain that started 
with shops in Liverpool and 
btanebester and now has tm 
London stores (one in Knights- 
bridge and asm m Bond Street) 
they generate interest with 
eshibitions, with designer pro- 
Tnn t i o ps awH by Pairing care to 
after pieces th^ bowerer inex- 
pensive, have somethmg of 
quality about them. 

Tastes have changed - there 
seems a greater fondness to 
the more discreet look of plati- 
num, to burnished rather than 
yellow gold, to simpler pieces 
tbat can be worn throat tbe 
day as well as by Stores 
such as Tiffany, which always 
have wearable pieces tiiat 
career gills can buy to them- 
selves and wear from the 
schoid'rouDd in tbe morning, 
throu^ tiie boardroom meet- 
ing and on to the opera or to 
dinner, hare done st^y busi- 
ness aU through the recession. 

A but important, sub- 
market has risen around the 
popularity of body-piercii^ 
with the TTiteniational young. 

anrt rtjamnnrt stUdS COnthlUe tO 

be among tbe moat popular of 
jeweflery 

As always, whefther it be res- 
tanrants ot htiuteys, cosmetics 
or jewels, the message seems 
to be - offer valim for money, 
work herd and listen careful^ 
to the customer, and even in 
the direst of tinms. there is 
busineK to be dime. 


Little pieces of old magic 


Vivienne Becker considers the continuing allure of antique jewellery 


W hen it comes 
to buying 
diamonds 
and gem- 
stones, 
investment value and quality 
axe what buyers seem to look 
for. But when h comes to 
antique jewellery (tifterent con- 
siderations coma into play. 

Jewellery as pure ornament, 
jewellery for art's sake, seams 
to be making a comeback. 
Strong deslmi that reeks of its 
era, ^ ati periods and sWtes, 
fine craftsmanship, inventive 
use of hxznrious bwii 

above aU, charm, are what 
canny connoisseurs of antique 
and period jewellery are 
searching fbr; tii^ are pre- 
pared to pay tianrtfwwrfy fOr 
these ingrediests when they 

frnrt topwi ‘W>BI T AlontlMa Inmt 

to quality is more than ever 
the central theme of the 
antiqoe and period jewellery 
maiket 

Last year was a tnming 
point for fine jewellery at auc- 
tion. JeweDery appears to hare 
been largely recession-proof, 
certainly at auctum. The prob- 
lem in the trade Sawr* nna 
ci acute shfw-toga of the right 
goods to aig)^ to an inaeae- 
ingty diBcendng I,ast 

year saw a growth spurt, with 
an influx of fresh goods on the 
market, all t-nimmaHng in. the 
well-publicised shattering of 
wmld records for diamnadg 
awrt diamnnrt jewels at the 
Geneva mIbb iart antiimn 

This year hxdm set to be the 
year of the jewd rather than 
the gem, witii mme 
than ever on design, prove- 
nance flnrt romance, hi o»gi*tow 
terms, jewels oi wit and 
whimsy are toWng the pi*"** of 
flamboyant, flashy adorn- 
ments. Jewellery wearers want 
individual, TtiMtnmg fai beauti- 
fully made jew^ tiiai are lem- 
iniscent of their original, magi- 
cal roles. 

The forthcomi^ (Geneva 
Baiws point In this direction. 
The chart-toppers thin spring 
are period pieces rather friian 
rocks: Sotheby’s is selling a 
ravishing higdr-soclety collec- 
tion of Duchess of Windsor 
look-alike jewels that hpinng prt 
to Helene Beaumont, tiie 19SGB 
Riviera raver, masses superb 
Van Cleef A Arpels rippling 
with ribbons of sapphires. 



VIeterien J giBalBTy fertui in g cObochon gamete B^pnnMTded by a Qeoige 
I ooU imiaited mWiiteB frame (D4,780| from Benltay, Haw Bond Street 


emeralds, rubies and dia- 
monds; while Ghristie’s con- 
centrates on classical jewels 
from a Burcqtosn Royal fiunily: 
and Phillips parades a dra- 
matic 1920s Egyptian revival 
Cartiar creation. 

It is a trend that is pennesat- 
ing an levels of tiie market, 
from the top to the wurtrtia 
range of eoltectabte, wearable 
decorative accessories, where, 
to evam pia^ ]9th otiH 200^ cen- 
tury Jet and amber jewel^ loog 
rows of soft-toned beads, 
antique crosses, all totally d bt 
modi are being snapped up ^ 
teshion follow^ 

In tiie realm of the true col- 
lector’s Ham sdediviti^ rules. 
Only tiie bert and the rarest 
wiD do, and pieterably vrttii an 
impeccsdile backipound, collec- 
tors would rather bide their 
tong, saving their money for 
the big nna 

At Htmhnmg at the end of 
last yw, prices for jewels by 
Victorian art-jeweller. Cterlo 
Giuliano went through the 
roof, as hungry bnycre. chas- 


ing fresh go^ with an unim- 
peauihable lineage, paid mote 
than twice tbe generous esti- 
mates for purest Giuliano 
st^ a star sapphire, enamel 
and diamand parnre redtoned 
at a generous £20J1Q0 to £30jno 
made a staggering £46,200. 

Although a name alnne is 
not quite enou^ tiiese days, a 
jewel has to stand up Ibr Its^ 
Customers are stOl generally 
prepared to pay a preanhzm to 
a ^lod rigned piece. Cartier is 

etill the ma ginal natne^ synODy- 
mons with a lost and longed- 
to era of graGaoas, ^amorous 
living. Van Cleef A Arpels 
packs a pretty good punch too, 

aaffh jewBl a htiggftil parVaga nf 
Siqieib gWTHitnnRg anrt hangiity 
bi gK-fa^inn 

Boocheron, Quonnet and tiie 
grand jewel houses are also 
seen as evocative seals of qnaL 
to style, althnug h siqfoto 
less well known namaa are 
creeping up, particularly 
Tjffini-Jip anrt Ostertag of Fails, 
known for 19S05 and 199QS 
ribb, orientalist o^ence; Man- 


boossin. who epitomises the 
19408; and Sterlb’s enetgetic 
aniniaifi and wUd Urds with 
shasy gold chain manes, 
wii^ and tails whu^ typto 
the look of the i95Qs. 

‘Rie baroque and rococo cre- 
ations by higfareociety jewellers 
Verdura and Schlumbei^. 
the g enirine originals from the 
19406 to the 1960s, are rare and 
prl^ by collectors as 20th 
century elassics. The designs 
jeweller age of the 1960s is 
slow^ attracting a more apipre- 
edatire audience; names to con- 
jure with indude Grima, the 
British designer of prickly 
eqilosions of gold and crystals, 
or David Webb, instigsto of 
the chic Jackie Kennedy 
image, all green enamel frugs 
and door fcwfinir^ lion’s heads 
ban^es. 

Faddtm is mfiinmritig trends 
in the period jewdlery maiket: 
crosses, particularly Chanel- 
style Maltese crosses and 
Edwardian and Art Deco cuff- 
links are BftUiTxg wdl, awrt the 
Japanese have a pmichant to 
pretty bejewelled pocket 
watches. Tie pins witii all sorts 
of interesting and unusual 
motifo and gemstones, wmm as 
Uqiel pins by women, or sev- 
eral at a time on a waistcoat, 
provide a relatively inexpen- 
sive introduction to antique 
and aOtii oentory jewdl^. 

Sandra Cronan of Buriingfrm 
Arcade, who sells decorative 
wearable jewellery, medieval 
to iDM-20th-century, sees a 
trmri towards rich g(^ Victo- 
rian jewellery set with stones 
such as ametiiysts a"d carbun- 
cle garnets. 

Teople are more positive 
and confident, now,” she says, 
“daring to wear bigger and 
bolder antique jewellery in 
order to maVc a statement.'’ 

Animals and insects are 
more popfolar tiism ever, from a 
delicate Regency cbloared-gold 
butterfly, symbol oi the souL 
to a littie pair of Edwardian 
owls on a crescent moon and a 
1940s bird of paradise in shrin- 
ing cdours. Omnn, apparently 
a rare commodity these days, 
with a generous dbUop of senti- 
mental symbolism. sbUb every 
time. Ferhqis ft shows a new 
recognition of tbe universal 
need to have small, personal, 
magical or amuletic objects 
around us. 


For more than a century and a half, Patek Philippe has been known as 
the finest watch in the world. The reason is very simple. It is made 
differently. It is made using skills and techniques that others have lost 
or forgotten. It is made witii attention to detail very few people would 
notice. It is made, we have to admit, with a total disregard for time. If 

a particular Patek Philippe 



movement reejuires four 
years of continuous work to 
bring to absolute perfection, 
we will take four years. The 
result will be a watch that 
is unlike any other. A watch 
that conveys (piality from 
first glance and first touch. 
A watch with a distinction: 
generation after generation 
it has been worn, loved and 
collected by those who are 
very difficult to please; 
those who will only accept 
the best. For the day that 
you take delivery of your 
Patek Philippe, you will have 
acquired the best. Your watc^ 
will be a masterpiece, (piiedy 
reflecting your own values. 
A watch that was made to 
be treasured. 



PATEK PHILIPPE 

GENEVE 


I’jriumY Paiek Phili^^ltexluiwnKHn*. In New BnnlStivrt, UnkIou* Ai^wry. 16.1 New Rond Streep, I/muImv 
C ttiTurd & Cif i.id, 1U Rr^nl Sirm. l^niVMi-CnitjT* l*rR^irll UtL .I Wuuti.Sinfi. Smiirortl-i^Ton-Avnit 
Hamilton & IrajiM IjiL 87 Cnup^Simt. Kdinhni^i - 1 letiirh I jii. 1 Kh^Sdivi. Jnwy.I3taiittei kluiids 
Jfriin H. I jniii I iiL OiKVii'!) AitikL Brifast 


IXTifrtoithes 9^ Switzeilai^ 

Scl<Hi4>al IJmiM'lirtf Nuliuini'kJr 


/ 










ARTS 


I 

1 


i 


t 

s 

I 

i 

( 

t 

t 

£ 

I 

i 

g 

t 

a 

I 

r 

c 

li 

» 

d 

y 

a 

u 

8 

k 


] 


B 

Vk 

L 

A 

ei 

cL 

tl: 

le 


V 

SI 

dc 

fr> 

al 

fo 

A 

m 

nr 

m 

ei; 

W 

to 

th< 

G: 

Ni 

Ini 


1 


A 

de 

nu 

mi 

"ti 

tal 

p« 

I 

ni; 

m: 

ini 

Ei: 

sai 

lif 

(0\ 

sai 

Za 

nit 

im 

no 

in 

caj 

by 

spi 

Xl 

sei 

fac 

ni; 

fo: 

uU 


The bizarre appeal of 
‘Princess Babs’ 


E veiTtUng is odd, different, 
aisiCTiiiwg '^ slightly at a 

Barbra Strrisand concert. It Is 
odd that tile ^ngn* has die 
hair irfan Afjedtan hoand and 
the fece of a bonol; it is diC are ut that 
die manages to move its eoUeo 

tlve body shnriy in **»ne to music withoiit 
a snspidoii of itiytiiin: It Is alaiming that 
file woritmanlifce bars of Wembley Arena 
are selling champagne- and smoked 
salmon while the merchandlsliig stalls 
ofler girid stands (irtiatevw diey might 
be) for £60 and crystal pt^erweighis fin* 
£40; and It Is bizarFe diat my seat cost 
£260. 

That Is tile nMimate qnestkm: is she 
wortti it? For modi of die time yon fed 
that she shonld be paying yon to listen to 
her life story. has spent a fer- 

time on shrinks vrtio AilfiD exactly the 
same role as an andtowne. lUs emddes 

her to say very pnagHng thrng s Him 
cost me wdiHnna to bc able to sing this 
song bat it was worth it” befiwe slipping 
into *K)n a dear day”, not many peopled 
idea of a spirifnal diaHengp, la any song 
worth that, yon wonder ? Arai*t yon ^ad 
yon can take it or leave tt. 

Shrinks are not just ihrow-away jokes. 
They are a major part of the act Streis- 
and talks to them, and they ask prove- 
corded qoestions on tape in tint bored, 
nonoonuafttal, pebdani way that psydit 
atrists adopt lhay are important playm 
in wbat is basically a two hour ffimedion 


of tile Strdsand life, firmn Brboklyn baby 
to craunitted millioiiaire. 

With this amoimt of investment in 
sdf-awareness yon can choose yov own 
personality and Streisand seems to have 
settled for “Jewish Princess”. In a 
gfafifcing openiDg image to the diow she 
st^ on to a balemy (iriiidi leads down 
to a vast drawing mmn, aD wh i te drapes 
and basis of Shakespeare, the kind of 
set fevonred by Liberace in his more 
kmcfae ^lase), and stands drowning in 


Antony Thorncroft asks 
the ultimate question: 
is Streisand worth it? 


nppiantaa^ a Soyal in the days of drf- 
eremce. 

In her chat she refers to meeting Prince 
Oiarles (and, yes, there they are sharing a 
ciw of tea in one of the many Him 
tiiat flesh oat the evarin^ a^ she con- 
fesses timt only cmnmtttment to work pre- 
vented her from lemnniiig hfan into court- 
ship. **Can yra imagnie it Princess Babs, 
the first Jewish princess”. 

We don't have to bnaginq it is tiiere 
btfore ns. Watching Bubra Streisand 
r t rf niB ffi tiie same kind of moilnd fesci- 
naUon as triun yoa come across a Royal 
going about tiidr hnsinees. It is a mix of 


total ia her own fesetnation, 

cmidned with an oneamiy lack of confi- 
dence in her perfonnance. She cannot 
a pp e ar on stage wiflioat sn^emded kBot 
cards ^ving the words to smige Ae has 
song a tiwnsapd tinier qidBng out tiie 
joky dialogoe^ written wltii all the imagi- 
nathm of a diplomatic a Mnwimny m. am 

SllSI16S Ollf WQUdfiff 3]ld Hurt 

tids .n^ (bidding has become the h^best 
paid entartaimar in the world. 

As'fer tiie actual Aow: on the oedtt 
side tin Streisand voice is sntprislii^ 
good, and she hits the top notes like a 
sle^ hammer. Bnt she pds little feding 
into some of the most beantiftil fcanarfg (rf 
. an thne'ClAver man”, “Can’t bdp loving 
titat man of mine”) and jin' a Broadway 
l e ge nd she is low on aiergy and tiiere are 
few iQ-tmnpo smasheroos to raise -tiie 
Jtont The l id din g was nnsnbtie and the 
band not totally haqipy imtfl the camba<- 
aome set disq^eared in the seemid half. 

Can it be worth £280? Oddly ettoa^ 
tiiere is sadi a saise of oocasum, a feeUng 
that yon ate part of an import^ ritual, 
tiiat few win have been disqipointed. Per^ 
haps it is becanse yon fed tint Stretsand 
needs ns mmre tinn we need her. As die 
rings “now Fm standing centre stage Tve 
oome home at last” yon agree tint fin* aU 
tiie mai^ and time qient on tii» 47 , on 
love affeirs, on pdUtical aspirations, 
Streisand only really bdieves in hersdf 
when tin ondienoe claps ttsdf into hyste- 
ria. 


Drama from bestsellers 


Andrew St George has mixed feelings about two current adaptations 



PMp Brook and'Jane L ou ia eAnrieM in ‘Cfine and PiaiWanenl* 
as the ex-Reverend Casy - along, but they rarely st^ over 


F irst Dickens and 
Geo^ Eliot, now 
John Steinbeck and 
Fyodor Dostoyevsky 
are ruslung to Ihe stage. ALL 
are strong writers witti a defi- 
nite view and a fixed view- 
point; molfwe *hwin easy tO 
film but hard to st^e. Now in 
London there are two ezamides 
of adaptation: The Gngies ctf 
Wraih at the Shaw Theatre 
and Crime & Pimi^tment at 
the Battersea Arts Centre. 

John Steinbeck G902^) was 
not above a little pumrinorait. 
He once dangled a recalcitrant 
girlfriend by her ankles out of 
a top floor window. The writ- 
ing, like the life, was direct 

end nn m mp mmisnng TTw best. 

The Grapes of Wrath (1939) 
scooped the Pulitzer Prize and 
the John Ford film treatment 
Given that Steinbeck’s Amer- 
ican epic ^ibshes the primary 
colours of American literature 
over a canvas 2,000 miles kmg; 
the 7fi4 Thea^ Company's 
produetkm at the Shaw Ihea- 
tre does well to render the 
story without losing its spravri- 
ing quality. Hus is the ulti- 
mate road book, fbUowing tiie 
Joad femily west on 66 
from the prairies of OMahnma 
to the fruit valleys of Calif- 
ornia. En route, the femily 
feces death, bungw, unemidoy- 
ment and humiliation, ^me 
travellers break off, others 
stick with it; there are fOner^ 
als, floods and femlne. The 
laige Shaw stage is throughout 
filled with the hopeftil £miQy, 
but clears for the doring scene 
of a diildless wmnan breast- 
feeding a starving man. 

The ad^tation scores with 
the set, lite the inside ed an 
orange crate, the U^t seqdiig 
tliroui^ from the teck, and an 
understage stream (for the 
excellent flood scene); the 
Joads’ car is a senrible trolley 
with beodli^ts and a radiator, 
and all the other scenery is 
light and shadow. Ihe acti^ - 
paiticulariy Paul R. Meade as 
Tom Joad and Tom McGovern 


keeps tiie action tense; there is 
a feie perfbrmance Anne 
Kidd as the matriardi of the 
Joad femily, the strong reliant 
woman foimd everywhere in 
Stehibeck's fiction. 

For all its qualities, this 
staged Grqpes qf Whtth has lit- 
tle of the book’s power or the 
film's scope. ’The production 
nusses Steinbeck’s unremitting 
outrage at the careless eco- 
nomic forces pushing the Joed 
femfly farther from itself; and 
it misses the beauties of Stein- 
beck’s visceral prose. There is 
a nanator and a group mua- 
Hang who speed the action 


tiie divide briween hterature 
and theatre. 

Iain Regie’s dfreetion finds 
Steinbeck's strengths: the 
moral shoot-out, the loss of 
self-belief, the search for 
friendship; bnt they are too 
loudly treated. The play la^ 
quiet, powerful moments. 
“Most pei^”, wrote Steinbeck 
in lus unpntfisbed 1933 Jonr- 
Twi, “do not themselves at 
aii^ do not know them- 
srives wdl enough to fonn a 

frll0 Kfctwg ” 

Enter Dostoyevsky (1821-81) 
and his self-tormenting hero 
Raskolnikov at the Battersea 


Alts OsitFe. Tbaa pFOdaetkni, 
by Red Shift, amonnts to the 
hi-votume cartoon version of 
the 1856 Russian classic. It 
works by sriecting rather than 
tnclnding, so swathes oi the 
novel are ri^tiy unrepre- 
sented, but at the ec^ense of 
Dostoyevsky's impact TUs is 
the ^ay of the driective novel 
iaade Crime & Punishment 
Jonatiian Holloway’s adapta- 
tion is subtmed Vie SHler's 
Story, it laflte 135 nriimtpH and 
the action to four <fiar- 
acters: Raskolnikov, Razomi- 
khhi Ms frien^ Sonya Ms lovm 
and Porfiry Ms nemesis. Gone 
are the Marmeiadovs, but pur- 
ists be ijappy to know the 
scene where Maimeladov Is 
crashed to dwath (tnda a place. 
OUier parts are played in latex 
masks, and the actiem conomi- 
trates on the duri between Pm- 
firy and Baskotnikov: “a mur- 
der is incomplete without 
detection, a murdmer incom- 
plete witiiout punirinnent” 
The finest scene is a dream 
seqomice cf Raskolnikov mur^ 
deribog the old woman and her 
sister, darting into the flat, 
stealing hef pearis, avoidiz^ 
detection, rae scene plays 
backwards and then finwards 
to nervy naywing mnwe 
The cast mrticnlarly Tristan 
Sharps as gorfiry and Philip 
Brook as RasfadMkov) deliva' 
with point and verve, and Hol- 
loway’s direction keeps the 
action scoo^g around with 
walls and doors on plinfhs. 

But this tomiiig riiow has 
none ctf the quiri, daily horror 
of Crone & Pmishment, it 

lacks ffrwftiwi ta- aHnTi 

assroitiai b> ^ stoiy. Bed Shift 
has produced a good introduc- 
tion to Hii* tw amd nf fawiw H*. 
tive theatre; but not to Dosto- 
evsky. 


The Qn^res qf Wriith: Shaw 
Theatre (071 388 1394) unta 30 
April; Qime & Pumshment: 
Battersea Arts Centre (071 223 
2283) until 14 May. Bfrth then 
go cm tour. 



Hot cals. Cool cats. Sacred cats. And some 


of the finest Victorian architecture, 

HOLLAND 

inK8«iim» and galleries — ATMAiPiiat; 

BRfTMNW 


you d need nine lives ARTsmnwu, 

a» wniL 
SI MMTISM 

SOBBVWWTSON 

Come for a Weekend Break to 


to see them all . 



remember in one of the friend- 
liest, most fascinating cities 
in Europe , at prices from Just 
.S S 0 per person. 



For A fri«dhaivyU( afUeu omC iswiny p«irft»s— . 

PHONE NOW, 
FREE ON OSOO 120 120 

orJSt m oarf rvcm t»i 

Glasgow 


«i:fkem) bkf vks 


V* FREmPOST OLaSOOW 03 7BR. 


llsw Mr.nai.'Ms. 


.Address 


MOede. 


p | .^^ >,, , ff,. ^ ,ffl)mp«iMMTi*MiBwiiMMMTOonmHEHnMiE<weMwi»iiwq.PUAWwwcAiEBBg8HOMmTWMii»mYowgsnuieTOWiirmA^^ Qf 



Museum for our time 


S o Bankride it is. Last 
Thursday the rumour 
of recent weeks was 
'confirmed, that after 
months cd agoniri]^ the Tate’s 
Trustees had opted for Sir 
Giles Gilbert Scott’s 
momnnenta! power house on 
the Southwark side of the 
river, opposite Saint Paul’s, 
and that Lemdon at last was 
to get its long-awaited, 
murii-needed Gall^ of Mod- 
em Art Long-nwaxt^ todgad, 
for dm posriUlity was mooted 
the moment the Tate immedi- 
ately out-grew its extension 
of the ndd-l970s. But much- 
needed? 

The answer has to be a 
resounding Yes - that is if we 
accept the need for national 

tnnsairmg of any Irind. And the 

reasons are of prinefrde rather 
than circnxnstance. There are, 
of course, countless justifica- 
tions of opportunity - the 
inaugural press-conference 
rang with them - frnm the 
incidental conservation of a 
great buildhig; tha creatum of 
jobs within tte local cemmo- 
nity and the regeneration of 
the locality, to ^ eocooiage- 
ment of investment in the 
the stimulation of interna- 
Mnmai coltural tourism nnd the 

great arhihiHnng that might at 
last come to Lemdon. As it is. 
the Tate Gallery and its saM- 
lites at Uveipool and St Ives 
already attract some 2A mil- 
lion viritoES a year, and the 
new gallery would expect to 
achieve nearly 2 millian a year 
on its own aoxmnt wtthtn five 
years of its qpening tn the year 
2000. 

Such aiguments are perhaps 
the more immediately persua- 
sive. certaiDly to mhilsters and 
councillors, sponsors and 


administrates. Enabling prac- 
ticalities, spiitofti and pay-oEEs 
are not to be sM^ at But all 
ttds is secondary: the first and 
only reason why we need a 
museam of modem art at all is 
because art is always with us, 
and an true art is modem art 
inits time. 

We would betray ourselves if 
we had not tiie confidence to 


activity, however, it has 
always been necessary to 
acquire for more than could 
ever be rimwn at once. 

If that created a problem 
just with British art in the 20th 
centory, by how much mcMre 
was it increased as the 
collections were extended into 
mtemational fields. The 
{WQcess was slow at first, and 


As the Tate expands into Bankside, 
William Packer applauds the principle 
but wonders where it will all end 


look criticany at the achteve- 
mant of OUT OWn Hmos anH tO 

h(dd it in trust for the fiitnre to 
fbnn its own jodgment, just as 
we now value wl^ is to os 
of the past. The problem is 
only that the field is so vast 
Here is the opportunity to 
address the Job pngtetiy. 

T he ^fletorians never 
had difficulty in 
seeing themselves 
and their achieve- 
ment in tiie light of history, 
and the National Gallery h^ 
hapjuly been hang in g content 
porary British painting in 
the context of the older Euro- 
pean sriiools. But by the end of 
tiie century the British oo11e& 
tions had grown too large to 
hold at Tiifelgar Square. Sfr 
Henry Tate’s Gallery was 
opened in 189? as oar museam 
British art from the 16 Ul 
century to the present and has 
gone on collecting British 
paintii^ and drawing, prints 
and sculpture ever since. In 
monitoring the currency of 


FROST AND REED 

16 OM Bond Sireet London WIX 3DB 



EdmnPenm 

WataTotoursafBritiABiraaaiidWiUl^ 
Exhibition: May 18 -June 10, Caiaiagiie 


ART GALLERIES 


LBFEVRE QAU.BRV SO Bruon 

W1. 071^93 S107. StBQO OMiOia by 
BWIMPD BURL 14 A|»l - 12 May. Mon- 
Fdioe. 


JOHN DAVIES fiALLBRy 

niMS i w i liar and • aaoi nor jusrr a 

PRINT* (he aerka ql 48 original 
prlntmakara and -EILEEN SOPER'S 
BAOOSRS*. original drawinga and 
iw dai colo wA Cotaur braudom 
on requoat John Oevlaa. Church 8L 
Slim-orMlie-Wold Oloa GL54 IBB 
Tal: 0461 881608 Fee 0461 809477 


plecemeaL The first Degas 
came in 1916, Monet in 1926, 
Cdzanne in 1927, Van Gogh, 
Picasso and Matisse in 1933. 
Only since the war, with 
regular purchase grants 
available from central funds, 
have both the British and 
mtemational collections been 
able to grow more by policy 
than by the happy chance of 
gift or bequest 

Thus the Tate has been 
doing three things at once: 
maintaining the historic 
collection of the British 
School; continuing to monitor 
its emreot devetepment within 
both British and international 
contexts: and es tablishing a 
comprehensive collection of 
the international art of the 
20th century. Each of these 
duties is IncrementaL all 
are heavy in the detnanrin 
they make in numey and space. 

The colonisation of RanlraldP 
will allow scope for the 
comprehensive presmitation of 
20th century art, with the 
British School taking its 


ST. JOSEPH’S 
HOSPICE 

MAKE ST. LONDON E8 4SA 
(OttriirRcf. No. 231323) 

Dear Aaonyinous Friends, 
You did net wish your ^fls 
lo be spoiled by human 
words of thanks. Their 
value gleaxns lo Uie ngtolti 
relief you sUenUy provide 

We have hoaoured your 
trust, end alwitys wUL 

^ Sister Superior. 


proper place. The Tale at 
Millbank will be free once 
more to present the British 
School in its historic 
development, from the earliest 
to the latest moment. What 
actual policies will emerge, 
and whether they will be 
generously catholic or 
couventionally avout-giu'ilt*, 
remain to be seen, but such 
caveats in no way moderate 
the splendid opportunities that 
now present themselves. 

But time runs on, and art 
won’t stop. The question 
remains hanging in the air 
will our descendants of the 
mid-2Q90s be looking at yet 
another redundant odifice - 
Canary Wharf perliaps, or 
Temdnal 4 - as a home for our 
national collections of tte art 
of the 21st century, with all 
their special needs of ji^ery 
and pokery and. above all, 
space? And will ihey be as 
excited, as we are at the 
prospect of Bankside? We sha h 
see. 


TH1-: BRn'TSU 

/VNTIQUE 

DEALERS’ 

ASSOCIATION 

FAIR 


MluMm-HSilK 

BRITAIN'S I.KAniN(;.\NnL2(l 
UK.AI.liRS' .VfiillCL\TIUN 

wn.i.DKEXiiiurriNU 

THE DUICE 
OF YORK'S 

HEAUQUARTIIRS 

LTik:i.SK.l, lonlh>n. SW j 

■^TH - 10th 

MAY 199^ 

CH/VRIT^’ GALA 
PREVTKW" 

3rd M/\Y 6.00.*).UUr.> 

VYKHKIWYS I IJMui.ajHh- 
S.\Tt.iRl>.\Y. SUNDiW 
* l..\.ST n.\Y 1 1 JM.iAV«Kl)U|- 
L‘II).00 (SINGl.l-l) 

cisnotLKiunLi-:) 

1T> INL'I.Uni'.ONK 
li-l.n..\. YF.IKnCMIK 
•.\I>.M|SS|IIN l>h-l.\|| S 
ON .\ri‘i.ic.\ri()N 

KMIIUmONS I.TT) 
TKI.iOrt N'JJILl'I., 
F.\Xi uriit-jj 


the art of VIETNAM 

Wci.-k*. ov, '.'lev. 


rot miles gallery 

Brtiton Sn-cet W 1 





FINANCIAL TIMES WEEICEND APRIL 30/MAY I 1994 


WEEKEND FT 


XXV 









\ f • 


i \'i 

I ‘ 

{ K ■ 

i ■’ • 



BOOKS 


Into the vortex of this perilous abyss 

As Lloyd’s Names cotmt their losses, Richard Lapper considers the historical roots of the recent crisis 


T he difficaltF in writing 
now abont Lloyd's of 
Lottdm Is that the final 
chaptm of the iosor- 
ance market current 
crisis, the worst in its ^ year fai» 
tory, have stni to be pl^ed out 
Yet Ultimate IBak by Adam S^hael 
is a dear and entotaining hfstovy 
nliidi helps esididn the dq)th 
the market’s 

Raphael, a loss-makine Name 
him^, is property' critical of the 
vast inoeinpetMiee and Incffidency 
of many of the market’s nlldmwri^ 
ers and i^ents, and of the regnla- 
toiy.wedmess of Lloyd’s cooncil 
itself. Bnt this Is a balanced 
attonnt merdinlly tree the con- 
qdraey ‘theories nkidi have bedev- 
illed some reesnt analyses, hideed, 
Raidmel writes: "What is remark- 
able in a martlet driven by mmiey, 
whmp (Wportanity for dishonesty is 
ranqmt, is not tiie sormcing (d tile 
odd fraud and the odd fidhne, but 
how i nfr e q uent they were.” 
Historical detail also helps puts 


the cniTeut crisis into perqiective. 
Certainly shattering losses are 
nothing new for Lloyd's. Fbr esain- 
pie, after a British marhant con- 
voy was sunk off St ^cent in 
At^nst mo, half the market's 
underwriters went into bank- 
mptcy. A commentary by John 
Wesk^ a market veteran of the 
time, eonld serve eqnaily weD to 
describe the sitaathm two centnries 
latm: "We see not a few instances 
even of tradesmen, shopkeepers, 
etc, Inred by the golden, bnt ddn- 
dve bait of Prenrimns, eqiedally in 
time of War, drawn like Gndgemis 
into the Vortex of this perilous 
Abyss, Insoranee.” 

Earty losses paved the way for 
the consolidation and modernisa- 


tion of the maiket In tiie same way 
tile Lloyd's gwinJatB of the 1970s 
and early 1980 b, the Savonita, 
Sasse and PCW affairs, imderlined 
tile inadequacy of tiie market's reg- 
ulatory framework and provided 
the inqmlse for the reforms of 1982 
and 1987. 

Ibis modffleation of self-r^nla- 
tion proved inadequate. Lloyd's 
was impotent to ccmtrol the mis- 
takes and feibiFes whidi led to the 
raidd growth of highly specnlative 
reinsurance business during the 
1980$, to Which thousands of 
Names "mostly of middling 
weatth" were attracted. Sy nd icates 
managed by agencies such as 
Gooda Walker and Feltrim were 
swamped when tiie market was hit 


by catastnqihes like Pfoer Alpha - 
tte North oil rig explosion - in 
1988 and horricane Hugo - to the 
Caribbean *- in 1989. Nor were the 
reforms sofficient to help Lloyd's 
cope with the unexpected and rapid 


ULTIMATE RISK 

Adam Raphael 

Bantam Press £16.99, 336 pages 


increase in insnrance claims from 
pollDtion and asbestos-related dis- 
eases. 

The scale and severity of these 
recent losses has prompted a new 
period of rribnn. Raphael says of 
the arrival in 1992 of an interven- 
tionist chairman, David Rowla^ 


and an unconventional chitf execu- 
tive, Peter BDddleton, - a motor 
cycle riding former monk and dip- 
lomat - "signalled a new era”. 
Inevitably the latter chapters of the 
hook - in whirii the record of the 
new regime is assessed > suffers 
from the fact that the events 
described are still unfolding. 
Already the market's loss for 1991, 
which Lloyd's will report next 
month, is now mqiected to exceed 
£2bn, for epmple. 

Later this year Lloyd’s should 
know wbettter it will be possible to 
set up NewCo, an amUtioas new 
reinsnrance company into which it 
win tranrt'er billioiis of pounds in 
asbestosis and poUntion liabilities. 
Derisive developments eonld also 


take place in the US as the Clmton 
administration grapples with the 
possible chang gs of sopeifond laws, 
which was at the root of the mar- 
ket’s esposnre to poUntion claims. 

Bapl^l acknowledges the impor- 
tance of the new sonree of fhn^, 
but amid the clntter of day to d^ 
detail, tiiese developments receive 
less reflectiiv consideration t^ is 
warranted. For if the new regime is 
eventually snceessfhl in its efforts, 
the inirodnetion last y^ of some 
£800m in corporate capital will he 
seen as a stynificant aduevmnent, 
marking a decisive break with past 
traditions and habits. 

Raphael’s account is toevitably 
sympathetic to the plight of the 
famidreds of investors iriiose lives 


have been rained by their losses. 
Readers may qnibble with the 
assertion that the fate of Names 
has evoked Utile sympathy in the 
press and that much recent com- 
ment has bemi motivated by scho- 
denfmuJe - the joy that comes from 
watching other people's misfoi^ 
times. Bat fewer will argne with 
the claim that a settlement with 
the loss-makers is a necessary pre- 
condition for fotore recovery. 

At the end, thongh, Raphael 
hedges his bets. "Lloyd’s will prob- 
ably survive, albeit in a very ^er* 
ent form,” he says. "The hipest 
Snanrial smash this century is a 
possibility that cannot be ruled 
ont. Yet the market has profes- 
sional skills, a world famous brand 
name and an institutional resil- 
ience which shoold not be nnderes- 
thnated. The charge sheet is long, 
the obstacles ahead daonting, the 
recent history shaming, bnt tfae last 
act has still to be played . . . The 
show ain’t over until the fat lady 
sings.” 


Class, competition 
and killer instincts 

A.C. Grayling on a history with a Freudian slant 


P eter Gay is an histo- 
rian on the -grand 
scale. Ss natural finm 
of expression is the 
nw g ia toriwl muitL-TOlume SUT- 
vey tiie culture of an age, as 

in his prize-winning two-vol- 
ume history of the Rnti^rten- 
ment, and his four-volume 
account -. of 19-ceutury middle- 
class culture. 7fre Bourgeois 
Experience, VkSoriaio Freud. 

Gay has oi course written 
angle-votome books, but he 
prefers a larger canvas. The 
reason is siiiqde. All writms 
accumulate of material 
in the course of resaardi. 
thoi select, as judiciausty as 
they can;, but some, loto to 
waste, invent a reason for 
tnrfndiwg everything. Gay is a 
leader in this latter school The 
result is foscinattng but - 
because cd the implausible uni- 
tying framework into which 
the great miscellany is 
crammed - tendentious. 

Hus volume is the third of 
Gay’s Bmrgtois Experience 
series; the fourth is yet to 
come. Gay describes his pioiect 
as an exploration of ISth-coi- 
tury middle-class culture based 
on the FVeudian categories of 
sex and aggression, and in the 
0xst two volumes discusses 
Victorian sexual attitudes and 
practices. In this volume be 
employs the notion of ^res- 
sion as the key to explaining 
almost everythtog else. 

The fact that the whole 
enterprise is based on the 
implausibilities of Freudian 
doctrine immediately puts one 
ou guard. ”My aim,” Gay 
writes, “is to integrate psycho- 
analysis with history.” The 
psychoanalytic scheme of 
human nature is, at bottom, 
simple; it is {nonissed on the 

thprfg that an infant aaniaTly 

desires its parent of the oppo- 


site sex, and is therribre hoa- 
tile towards, because jealous 
oC its parent of the same sex; 
and that because nrither the 
desire nor the hostility is 
acceptable, internal conflicts 
arise. Thus the wells^lng of 
human nature in the gospel 
according to Freud; and tims - 
in Gay’s hands - the key to 
Victorian bourgeois culture. 

In this volume. The Culiioa- 
tion of Hatred, Gay invokes 
Frendto vtews on aggresriou 
to justify bringing together a 
wide range of subjects: social 
Darwinism; rarism; concepts of 
wgniinpga,- Abates about crime 
and punishment; developments 


THE CULTIVATION OF 
HATRED; THE 
BOURGEOIS 
EXPERIENCE VICTORIA 
TO FREUD 
by Peter Gay 

HarperCoBm £2S, 684 pages 


in politics; views of women; 
the nature arwi use of iuzmoun 
the growth cd interest in sport; 
and pn%res5 in education and 
science. When Gay tells us 
strai^tforwardly about these 
aspects of l9Qi-century culture 
he is spellbinding; toere are 
few historians worict^ today 
who write so knowledgeabty 
and elegantly. Bnt when be 
theorises; wheai he psyeboana- 
tyses not a particular Victo- 
rian. but the whole of Victo- 
rian culture; whmi he borrows 
from Freml a tingle explana- 
tion to tie together all this 
diversity of material - he feDs 
to persuade. 

The reason is singly stated. 
To adhere to his Freudian 
schema Gay has to believe that 
not only are fi ghting and q;uai> 
T^ing expressions (rf human 
aggression, but so also are 


dtiiate, dxajectic, disagreement, 
competition, and negotiation; 
more, that progress - for 
iwampip in gnitwiftp anrf educa- 
tion - is also generated by 

g gyr pggi^^n, althrtng h tTrfa HttiP 

"constructive aggression”, 
since it Oows from a ttempts to 
gain mastery over the world. 
So practically everything 
comes down to flggrpgdnn as 
source and motive. 

The problem with Gay's the- 
sis Is displayed by a riiaracter- 
istfe claim. "It was a strOdiig 
feature of 19th-ceatury cul- 
ture,” he writes, "that inflnen . 
tial justifications for ofifinninsim 
itii^ on what their partisans 
advertised as srientific 
■Hie alibi that conflict is neces- 
sary and desirable greatly ben- 
efited from such claims. Its 
apologists proudly asserted 
that the case for untrammelled 
competHion, whether in the 
economic, the social or the 
military Hniwain was suscepti- 
bte ^ dememstration” (my ital- 
ics). Here we sfide frmn aggres- 
siem to cmifiict to competition, 
as if they are the ga™** thing s 
and we have "social competi- 
tion” and ‘toulitaiy competi- 
tion” lumped hither, as if the 
two kinds of conqietition are 
indistinguish^le. 

It is not merriy that these 
genaahsations axe wildly too 
sweeping; it is that they 
embody a conceptual confu- 
ston: for not all conflict is 
a^srestive, and not an compe- 
tition involves conflicL II how- 
ever. one ignt^ the scaffold- 
ing of inmlauable theory, vriiat 
remains is a marvellously 
enjoyable and informative his- 
tory of ISth-century ideas. One 
discards the sheU to eat a nut 
follow this course here, for in 
aU other respects this is a vol- 
ume - a sriies - to have on 
(me’s borimhelves. i 



Nonzamo Winnie Mandeb, wife of Nelson Mandeb, under house anest bi 197^ one of many starts feneges ftom The Legaa/ of Aperthrid*, a nonqiBntinn of photo gi apha, contemporavy 
analysto airi news cuUngs from The GuartSan newspaper over dm pari to yean. The book, edited by Joseph Harter wife conMiutiorn from Iteleon Mandate and Deamoiri TUbi. racon^ 

fee Creadon, mai nte na nce and eoBapse of South Africa’s racial aagragadon poHcy and foeusee on the suffering and courage of diesa who opposed tt. (The Guardtan, £19A5, 214 pages) 


Fiction 

Drawn to adventure 


Building castles 
in the air 


T he "Adventure Novel” has 
bton a breed of its own for 
a century, and should 
never be underestimated: 
even today it keeps to its own terri- 
tory and must not be confused with 
the ‘thriller” or the crime story. 
Rider Hagg^ and Esskhae Childas 
did not write thrillers, as their suc- 
cessors wifi insist At best adven- 
ture novelists can aciueve the peaks 
of literature: most of them, of 
course, produce rubbish. 

Frederick Forsyth made his name 
tor all time witii 7^ Day of the 
^chaL Before tiiat be had a 
stxiigiritog joumalist. Hm^e he pro- 
duced a tale ot hi^ drama which 
hilled on the utterly unsnspmiseAiI 
issue of whether or sot Gmteral de 
Gaulle would be assassinated. We 
all know that De Gaulle survived; 
astonishingly, Forssrth made us 
re^ through the ni^t to discover 
that we were n^oL That takes hi^ 
skill. 

Since then, FOrsytb has produced 
bestselling taction”. He has a for- 
mula. He takes a contemporary 
drama (The Odessa PUe, The Dogs 
War, The Fourfli Pn^Kd) and he 
spins a tale to which he attempts to 
give crede^ with a semi-jounialis- 
tic. authraticatii^ detail We buy 


S fgmimd Freud died of can- 
cer of the jaw in Hampstead 
in 1939. D.B1. Thomas's 
novel is in the form of a 
memoir supposedly written and 
dreamed By Trend in his last iiim> 
Inline clonM days. Be was nursed 
by his daughter Anna, the 
renowned child ^ychoanalyst, 
tiion in her forties, and mndt of the 
book's foens is <m Anna, whose life 
was by her fotiiM’. This 

is not the first time Tliomas has 
used Frend in a novel; the "foOier 
of psyeboanalysis” cheeked into the 
notorions White Hotel. 

Eating Paolom will annoy Freud- 
ians and ctmfirm otheis in their 
prejudices as Tlioinas, acting tiie 
yntriloqnlst, sits on his knee an 
old goat Hammy wbose blcatings 
put a medioae glom on bis life and 
woxk. and who exhibits a mild fixa- 
tion on corsets and snspenders. On 
page one tiie baby Sgmimd/Oedi- 
pos watches his pamts making 
love and offers this beatitude: 
”Uappy is the ftifent whose father 


him because we begin to be per- 
suaded that he is telling us the 
truth behind tiie headlines. 

One of these days the ploy will 
falter. IDs new one. The Fist d Ood, 
takes us closer to that moment 
This is the Gulf War, the arms 
dealer Gerry Bull is murdered; the 
8AS is laundied behind Iraqi lines. 

Freddie Forsyth's trick is to con- 
fuse feet with fiction. Thus, he 
starts witii a tm^page biogtaphy of 
B^ whidi might have emne out of 
the FT; be paints a professional pic- 
ture of Operation Storm. And then 
he cheats - be slips into his 
account a fiffHrniat eltaneirt (jn thig 
case to do with the Supngun): that 
gives him his novelist's tilot”. 

It has become ever dearer over 
the years that Forsyth has no inter- 
est or skill In the essential talent of 
the novelist - that is, the drama of 
human rdationsh^ - and I rather 
liope that he, and Len Deighton, 
will soon (eel able to retmn to 


fills him until a passion for forests 
by conpling with his bride in fen 
view.” 

Then there is a long section 
devoted to Frend re-faSi^ in love 
with his wife Martha to middle age, 
a prilod wUdi provides the novel- 
ist with a forestflal of sexual fenta- 
gtes, MwtiBiUjAmMrt and ties, ffis- 
toric figures, tneinding Jung, HJ>. 
Biyher and Hrtene Dentsdi troop 
throng^ the narrative and Pavlova 
dances past in a memory insidred 
by a dream of her padding, tint 
confection of meringne and fruit 
whidi can so easily collapse into 
sogglness. 

The text is interspersed witii fic- 
tional hfaidright and goi^e ease 
histories and a stmy "written” by 
Anna, in whidi she is married to 
hex fether. The final scmie is toueb- 
ing as FTend, now a gidlty ^lost, 


THE FIST OF GOD 

1^ FVederick Forsyth 

Bantan £15.99. 494 pages 

TO THE WHITE SEA 

by James Dickey 

5feMMi Sdaaur £14.99, 275 pages 

^OLYMSKY HEIGHTS 

by Lionel Davidson 

Hdnemam £14,99, 448 pages 


afi-aigtif. journalism. And I wonder 
vrimt ^ul Henderson wfil make of 
this latest distortion of the Uatrix- 
Churdiill story. 

James Dickey is everything that 
Forsyth is not He is a good Ameri- 
can poet He is not at an prolific. He 
writes a wonderfol, taut ele^t 
prose and talks ^>out physical 
action with a detail and sympathy 
that make It. yes, poetry. 


EATING PAVLOVA 

by DJM. Tliomas 

Bhamsbiay £1599. 231 pages 

UNDER THE VULCANIA 

Maureen Freely 

fUMwnlniiy Apntoefe £4.99, 139 pages 

FISraNG THE SLOE BLACK 
RIVER 

by Cohmi McCann 

Phoenix House £13.99, 184 pages 


foresees Anna Old and alone in the 
boose where she lived on until 
1982, and which is now the Frend 
Musenm, bnt it is tempting to para- 
idirare another author's title into 
"Eating Pavlova is Wrong”. 

"What do women want?” asks the 


His 1970 novel Delioeranee, which 
spawned a good film, told of a 
bunch of buddies whose up-state 
wfldemess trip went badly wrong. 
To The White Sea, so many years 
later, is a brilliant and beautiful 
account of the fete of an American 
rear-gunner whose plane is brou^t 
down over Tokyo in the closing 
days of the Japanese war and who 
flees for the fer north, to the worid 
of £aiow anri mountain which are 
his natural homescape finm his 
tmbringing in Alaska. 

It has both the assets and the 
weaknesses of the “man-alone” 
genre. Mnldrow is the only figure In 
the book; everything happens 
through his narration, which inevi- 
tably becomes a limitation for 
Dickey because he allows himiatif 
no interrelationships, no other char- 
acter. DO wider cont^ in contrast 
with the achievement of DeNoer- 
ance. Nevertheless. Dickey's new 
novel deserves comparison with 


ersatz Frend in the conrse of ids 
advrotures. The women in Maureen 
Freeiys Under the Viilcania want 
diversioD from uns^isfactory lives 
and marriages. The Volcania is a 
pleasnre dome devoted to frdfilltog 
their wildest fantasies. The 
Hard-On Cafe and the Merry-Go- 
Vibrator might pronuse parade at 
first but Freely introdnees subtly 
the nightmarish potential of her 
palace of varieties staffed by Cali- 
fornian Chippendales. Much of 
Freely’s work, as novelist and jour- 
nalist, is concerned wttb balandi^; 
motheihood and sexual fnlfflment, 
and here she jnggles desire and 
danger in a ti^t, astute, depress- 
ing and sometimes very fnimy nar- 
rative. 

Colom McCann is a yoang writer 
who has been hailed as part of the 
talented new wave coming out of 


Geoffley Household's Rogue Male, 
and that is, obviously, my great 
complimeuL 

Lionel Davidson is also gifted and 
unprolific. Many years ago be wrote 
brilliant adveutnre novels like A 
Long Way to Shiloh and The l^ght 
of Wenoeslas. Thmi he slowed down. 
After a 12-year silence. Kolymsky 
Heights is just about worth the 
wait 

The scene is Siberia - in enor- 
mous detail - and a secret research 
station where all sorts of dastardly 
thiTig s are being attempted with the 
genetic breeding of apes. The (fena- 
dism-lndian hero, Johnny Porter, 
who is fortunately a linguist sons 
pareU, has to be infiltrated into the 
permafrost 

The blurb foolishly quotes For- 
syth in comparison. There is no 
need. Davidson has always been the 
superior. But, like so many of these 
adventure novels these days, 
Edymsky Heights goes ou too long. 
I cannot be alone in aaWng these 
writers to cut short their shudder- 
ing, extended climaxes. Go back to 
Haggard and Stevenson to see how 
it can be done, with a briet brisk 
amt very satistyii^ bang. 

i.D.F. Jones 


Ireland. Fishing the Sloe-Black 
River, his first coUection of stories, 
shows a poetic and angry observer 
taking the well-worn path from 
Ireland to America. As with some 
cd Ids compatriots, the cadences of 
Irish speech and expressions add 
natural poetry to the prose and 
tii^ stories of exile and loss may 
posribly have been Influenced 1^ 
the work of Desmond 
BlcCann’s dispossessed charac- 
ters, worldly in mental hospitals, 
firing of Aids, seeding long lost tis- 
iers, are informed by a Hterariness 
and nq^ The souls of tbe dead of 
boUi sides of tbe conflict in Irelud 
torn into swans in Catbal's lake, 
one of the less sneces^ stories, 
where an old fenner's rage and pity 
are patently the anthor’s rather 
than his own. When HeCanu 
esdiews magic realism a cr^ble 
compasrion Ulnmmates the sqna- 
lor, nastiness, brutality and beauty 
of modem life. 

Shena Mackay 


T here are people, I am told, 
who cast themselves off 
cruise-ships or barm them- 
selves with knives if they 
hear the name T.icM st Aubin de 
Tmdn. For these folk, Lisa St Aubin 
de Terdn is a liter^ tutti-frutti 
whose works, mriuding seven nov- 
els, are a confection of unsurpassed 
exoticism, pseudiousness and fey- 
ness. 

Not me. I like exoticism. And I 
admire her work bemuse it reminds 
me of high-quality otigiTiJTtgii- vul- 
nerable. seemingiy, to tbe mace 
brute criticism yet beautifully 
crafted when ftMTnmett close up. 

A Valley fri Italy is tbe story of 
one of Mr romantic obsessions: to 
discover, and rehalnlitate, a castle 
or grand villa in which she could 
live. She had a mental picture of 
her ideal property vdiicb she had 
carried witii hm since scboolhood: a 
house so huge that that she could 
move frum empty room to empty 
room without disturbing anyone. 
The only ronstant features in her 
dream image woe "a pillared log- 
gia, a stone arch, a terracotta balus- 
trade and a line of sentinel 
cypresses.” So fer so mimsy. 

The business with tbe Villa 
Orsola - its Herculean reconstruo- 
tlon and the money it devours - 
will please anyone with a liking for 

homes and gan dans on the g rand 

scale; or anyone who loves Italy. 
When she to gripe with it. she 
discovered it was a ruin: no electric- 
ity, no water, no windows, no doors 
and a serious gap in fte root 
But the charm of A Volley In Italy 
- its subtlety and sensuousness: the 
skill with which the author evc^ 
the quality of Umbrian village life - 
ougdit to win it a far wider reader- 
ship than the mimsy or ex-pat sets. 

She is extremely good on charao- 
ters.- not just important ones (the 
workmen, her children) but the 
walk-ons, such as ^gina, the 
friendly ^ powerfully-bicep'd pro- 
prietor of a village bar, who 
emerges, cm being called, from a 


wine cellar, muttering something to 
a chicken ^ is bolc^g by its feet 

"When we asked for cappu^no, 
she looked momentarily non- 
plussed. After a few seconds of 
dehh^tiott. she raqiatiy knocked 
the chinkeTi against a petrol pump 
beside us. tucked it under her arm 
to still its shuddering death throes 
and made her way up some stone 
steps to the first floor. Ten minutes 
later, she re-emerged with . . . two 
ciq>s of agipucemo". 

TTie viliagers all help her. even 
though the author had been warned 
that Umbrians were bandits and 
peasants who never salted their 

A VALLEY IN ITALY 

by Lisa St Aabin de TerAn 

Hamish Hamilton £15.99, 224 pages 


food, couldn't cook, sufibred from 
goitres, lived in huts and were prey 
to poverty, bears and wolves. 

Wonld-be travel writers could 
study, with great profit, tbe coiled 
energy with which she communi- 
cates, in just a few sentences, the 
way that tbe nearby city of Guhbto 
impressed itself upon her. 

Fbr hours, until lu^tfall she ran 
up and down Gubbio's hundreds of 
steps, growing heady with the 
wedtb d siri^ts, pictures, churches, 
frescoes. Finally, she leans against 
the cold stone of a balustrade and 
finds herself memorising the floor 
of the Piazza della Signoria Tying 
in hmring-boned obeisance" at the 
feet of the view across the plains to 
the mniintgina beyond. 

There should be more people in 
the world like Lisa St Aubin de 
Teran and fewer like - oh - Doug- 
las Hurd (imagine Aim without 
shoes on, stoopii^ to pick lilito). 
More exoticism. Greater oddness. 
Feyness now and than iTiis fe a 
quietly splendid book. 

Michael 

ThompsonrNoel 


A forestful of fantasies 




J 

i 

1 

I 

I 

< 

i 

« 

I 

( 


E 

> 

C 

i 
1 
> 
a 
t 

s 

I 

e 

c 

t 

t- 

a 

D 

ii 
g 

ti 

a 

t 

n 

0 

b 

B 

d- 

y 

a 

u 

SI 

ki 




J 

1 


B) 

W 

Lt 

Ai 

ep 

da 

th' 

lei 

VI 

su 

de 

fit 

all 

fo> 

Al 

mi 

an 

me 

eig 

pel 

W1 

to 

the 

Ga 

Na 

Ino 


i; 


By 

anc 


A 

del 

nia 

mo 

-te 

UOl 

pea 

ni*i 

ma 

inc 

Eu 

san 

lift 

tow 

i»aii 

Zar 

nit; 

im{ 

tior 

in 

cap 

T 
by ■ 

spe 

N'ik 

sen 

fact 

nia 

fori 

Ultl 


Camus 
cult hits 
F ranee 

An unfinished novel has prompted 
a reappraisal of this author’s 
work, writes Alice Rawsthorn 


hen the 
police 
trawled 
around the 
wreckage of 
the sports ear in which Albert 
(Tflmiig jnet his in 1960, 
they found his diary, a copy of 
Othelta, a book by Nietische 
and the first draft of an auto- 
bic^raphical novel about his 
boyhood. 

The manuscript was littered 
with crossed-out words, miss- 
ing phrases and spelling mis- 
takes and Camus’s widow, fber- 
fill that it would HamagB tiie 
already Himiniahad reputation 
of her husband, refused to 
release it. Last month this 
unfinished work was finally 
published, 34 years after the 
death of its auttior, and it has 
become an instant best-aeQer. 

In t^ first iortniidit 
125,000 copies of Le Premier 
Homme were sold and the pi^ 
lisher, Gallimard, is now rush- 
ing out a second edition. The 
foriom face of Camus, with his 
Montgomery Clift looks and 
method actor poses, stares 
soulfiiUy from the pages of the 
French press and from postem 
plaster^ across the book- 
shops. 

“There's something of a 
Camus cult in France at tiie 
moment," says Antoine de 
Gaudemar, arts editor of Ub&i- 
ation, the liberal-left daily. 
"He's always been papular 
with young readers. But ifs 
only relatively recently that 
his work has been reassessed 
by the critics. The success of 
£« Premier is incredible. We've 
never seen anything quite like 
it" 

The excitement over the 
book Is in stark contrast to the 
status accorded Albert 
Camus’s work at the time of 
his death. By Qien. his literary 
fortunes were at their nadir- 
He had been lionised by the 
Pails intelligentsia when his 
first novel, L'Etranger, was 
published in the mid-194Qs. but 
he soon fell foul of fellow exis- 
tentialists Jean-Paul Sartre 
and Simone de Beauvoir, then 
the titans of the Intellectual 
scene. 


Their bai^groonds were vmy 

rtiWwptnt P mm thaf CamUS, 

the son of a working dass fem- 
Qy brought iq> in the slums of 
A^ers. The acid entries in de 
Beauvoir's bu^raphies surest 
that he was a little too a rrU j is ts 
for her t a ste. 

"I think Camus was goit« 
through a crisis caused by the 
feaiing that hls golden age was 
drawing to a close ” she s^ 
when describing hiin flnimmig 
out of a party after a row with 
Sartre. "Ss good luck had 
gone to his head. He tfaou^ 
there were no limits to iriiat he 
could do." The flnai straw 
came when Camus refused to 
join their opposition to French 
colonial rule in North Africa, 
the critical issue for the fesh- 
ionable French Idt in the late 
19S0S. He also drew unwektxne 
attention to I'ba fawmam 
had followed in the wake of the 
French and Russian revolu- 
tions: the "Prometheanism” 
that degmierated into "Caesar- 
iam". 

By then, Camus's work had 
aign fallen from favour on the 
wider literary scene. His stark, 
moralistic approach was at 
odds with the more stylised, 
newly fashionable notmeoti 
roman of Nathalie Sarraute 
and Alain Robbe-GfiOet: even 
winning the 1967 Nobel Prize 
for literature was not enou^ 
to rehabilitate Wm 

"At the timp of his death 
Camus was a real bite noire for 
the French left," sa^ Florence 
NoivQle, a joinnalist mth Le 
Monde. "His work was also 
regarded poorly in academic 
circles. It looked as thoi^ he 
was finished." Throu^uout the 
19608 and i97Qs, Camus’s liter- 
ary stock renudned low. 

It was not until the 1980s 
that tire tide began tumli^ 
back In hls fevour when a 
number of French academics 
started to reappraise his woik. 
Florence NolviUe suspects that 
Camus’s star rose again 
because of the political 
changes in the post-Cold War 
era. "The issues, like the 
Algerian War, that turned 
people a gahLgt him in his life- 
time, now seem a long way 




Abort Camus hb widow to ralnse hli final work Now, 34 yaaniifto Ms death, a hn beconw an baiisagar 


off,” She says. "And his old 
critics on the left have lost 
credUiility.” 

Now it Is hls old foes, Sartre 
and de Beauvoir, who have 
faiiPTi from grace. Antoine de 
Gaudemar is con^ced that 
Camus's ascent is connected to 
their fading- fortunes. "When- 
ever their currency goes down, 
Camus's conies back ap," he 
says. *Tt can’t be entirely oom- 


cldentaL* He also belfeves that 
Camus's ascetic ^le and unre- 
lentingly pessimistic plots 
strike a chord with contempo- 
rary readers. ‘"There’s an e^- 
cal aspect to his writing that’s 
very appealing," he says. "IPs 
a style QiaPs diffieuit to find 
elseirtiere as so many modem 
French novelists are still 
locked in tin nomem roman 
mould." 


The publication ctf Le Pre- 
mier gwiw e has set the seal 
on Camus’s newfound success. 
The book, which only mns to 
144 pages and retains all the 
errors and omissions of the 
original manuscript, pwhifa a 
poignant picture of his povm- 
ty^tricken childhood in 
Algiers, "ft’s a beautifol piece 
of writing," says NoiviDe. "ft 
shows us a vivid, more 


humane side of Camus that we 
haven’t seen before." 

WUl foreign readers be as tol- 
mant of ^ flaws and failings 
of Le Premier Bomme as the 
author’s new-found Cans In 
Franck The publishing indus- 
try seems to think so. GalU- 
mard has received offers for 
tire 16 different translations of 
Albert Camus’s last, albeit 
incomplete work. 


The samba philosophers 

As the Festival of Bahia opens in London, Antony Thorncroft fintk 
Brazilian culture is the antithesis of the Road~to~Rio image 


M angueira is the 
Manchester 
United of the 
fiercely competi- 
tive Rio de Janeiro samba 
schools. It has won most first 
prizes in the annual carnival 
parades. When Its colours of 
green and pink were seen 
sashaying down the streets of 
Rio at February's carnival the 
crowds went from mad to delii> 
ious. On four extravagantly 
decorated floats Mangueira 
was honouring "Os Dooes Bai> 
baros”. There stood singers 
GUberto GU. Caetano Veloeo, 
fiai Costa anri Maria Bethdnia, 
the "sweet barbarians”, or 
more accurately the "Four 
Great Bahians". 

Bahia is that proviiice of 
Brazil which points out 
towards Africa. Its great city 
Salvador, the country's first 
capital, was the bittersweet 
landfoU for mniinng of blads 
slaves. It has remained blade 


Brazil. It is also the place 
which spawned the four ring- 
ers who have revolutionised 
not only Brazilian music, but 
aigft Brazilian culture *>»<! poli- 
tics over the past generation. 

On June 1 the Four Great 
Bahians, along with 50 dancers 
and drummers frmn the Man- 
gudra Sdiool, will perform at 
the Royal Albert Hall, a cli- 
macteric ending for the first 
Festival of Bahia in London 
whldi opens tomorrow witii an 
art exhiUtloa at the Barbican. 

Foreign festivals in the UK 
are ten a penny. The Bahian 
onslaudit is difibrent because 
it unleashes on London not 
just the artists but also the 
philosophers of a culture 
almost completely unknown in 
Europe. What links the four 
singers witii Brazil's most dis- 
tingulshed artist Carybe, its 
leading writer Jorge Amado 
and the veteran jdwtographer, 
Pierre Verger, both of irtiom 


SOXTTH BAIVK 

Tcf.'CC 071 - 323 6200 1 Com-Opm djily ’ - C" T.ti 


I ROYAL FESTIVAL HALL I 


Qwawp O Pm OJUJi me trem Piinee igor. n Tmaiere, OMto. 

b* Bulleilly, Tunndei. 

inaar HoeMwuMr 


Fauet Taiwliawr. 

G 2 i.sa eiaao. ei&sa ciaae, ease 


SOLTI coNOUisis ceanui Tum 

eiwnber OiUieeire of Europe, Renee FlemliiB. Anne Serie ven 
oner, Adeline SearebaM. Luca Canenicl, Olaf Sfr, 

aiAaS SMS Ml 


648.682. ggg.gia.Ba 


iwad THE LONDON RHILHARHONiC ReeMent at the RFH. Franz] 
!4 Nb» Welear MSat (eend) The SwlMie SInaare. Scrauaa Roaanhavnllarl 
> 7 ^ waMROebuBsy La Man Raveluivaisa: Sarto smienla. I 

spocwimdCoepeHai. gaa. cao. 617. gia. gR gs •LenPts* 


THE LONDON WIILMMIMOIMC Raaldwit el the RFH. Q SlmdfiJ 

' OeiSena: Eacly Oner 

■ey The Submei^Ml 



ran £32.625.610.612 


a, wm, - 

■E LONDON PHILHARMONIC TUUIH UNUHESIHA 
on Gee (eato) tony Ttaefcao!i flMnO .Briae o_ftw* Br ldBe Vw 
Mrt H«n.Corw Nfti^BeiJjwi^AMbai Hghg Proboflev Syrn Nej 


imealcall SpenacnAuQ. 


hAS 


SIS. gii.cae* 


p&rsBc 


JACK nJUMIIOEN GOTH aNIMWlf«»U 3 S?'SS^ 




Pato Strwige. Be^ .. 

E 12 . eioso. fis. cr.so. ce 


rjaace i lnnta A Martin Unon. 

John Wee> 


gie. 67 JO. £S 




will be speaking at the ICA 
from May 16-18, is that they are 
wrapped up in candombU, the 
andent relii^oa of west Africa 
which the slaves tenaciously 
clung to and which survives in 
its purest form in Bahia. Also 
appearing at the ICA is Bdie 
Stella, one of the most promi- 
nent kUoiixds (priestesses) In 
Salvador, who preserves the 
ancient mysteries and acts as 
sage and magician. 

T he Portuguese took 
the easy way out with 
candombli: they just 
linked the African 
deities with Christian saints 
and fused the issue. But in 
recent years ethnicity has hit 
Bahia hard. Mde Stella rejects 
syncretism, the fusion of Cferis- 
tiantty and earubmbU, and the 
young blacks look to African 
rituals, African rhythms and 
African religion as an e:q;tre& 
Sion of their massive contribu- 
tion to a Brazilian society 
which still lai^ly maiginalises 
them. 

But it is not only black Bah- 
ians who seek an alternative 
history and society. Military 
rulers exiled Gil and Caetano 
to London around 1970. When 
they returned they remained 
revolutionaries. They were 
fierce opponents of the Carmen 


Miranda, Road to Rio, exotic- 
cabaret image of Brazilian cul- 
ture. They took the true Bah- 
ian-African contribution to 
world music ~ the samba - 
and shook the nation op with 
the rock rhythms and electric 
guitars that they absorbed 
from watchii^ the Rolling 
Stones at the London Lyceum. 

They Ut the (use. The iso- 
lated BrazlUan culture was 
iqiened up. The movement was 
dubbed TVopicalisxn. and binwi 
to make the people of bhla 
feel h^ier with their origins, 
ft soon conquered the whole of 
BraziL The next wave of mori- 
dans added contemporary Afri- 
can rhythms to samba and 
rock, with axi (meaning 
energy) music. Also coming to 
London is Araketu, which 
began as a carnival band In 
Salvador but now pushes the 
new wave of Tropicalism, 
iieiTig Yoniba fawp ng g p and 
African drumming in their 
songs of racism and everyday 
life. 

They are mudi more than 
militant morris danoere, and in 
their black pride there is 
strong commitment to condom- 
bU. But for Araketu. which 
began in a poor suburb, Qie 
black political strain is stron- 
ger. Their appearance at Club 

Rahia in Van Thall on Hay 7 iS 


"NEW CLASSICAL" MUSIC 

Accessible - Biyqyable - Meaningful 
not "modem" 

Oportimity oTinvolvement for select group of personal sponsors 
in fasdnatiog prqiecL 

For proposal & double CO write to 
"New Classical" P.O. Box 234, Ridunoad, Sarrey, TWIO 7XA 



ENGLISH HAYDN ^ 
FESTIVAL Bridgnorth KM 

3«-*l - Itg|aJtjr4SC 

ArtiNtie Director* II. KobbinN f,Hn<lon 

llnydn I'cscIvmI OrolHwCi-a CanGuctors Howard tincll 
Arli/ax lnctud»i- Stweii ItMcriiM • Murtin R«n<«oC 
LTriNpuin Sc«.*clo-l*crlclnN • Siisun Milam • l.dMiid daen 
Allwmi StriniE CJuairtol 

[nformation Brochure Td:- 




One of the images cf Briila attiie Paf fai ciE i, by M ario Craw Mete 


the chance !or the devotees of 
Latin music with an edge, a 
East growing clique, to get the 
real thing , it is the older gener- 
ation that is more engrossed 
with candombU. Caetano wears 
round his neck the symbol of 
his personal orisd, or god, who 
is determined by the fan of the 
shells from the bands of the 
priestess. 

Yon see a similar mwiklace 
on Amado, and on Verger, the 
92 year old ethnographer 
turned photographer, who 
gives the intellectual justifica- 
tion for why these successful 
artists from the white middle- 
class should find their spiritual 
home in the rituals (g black 
Africa. In his simple home in a 
poor area of S^vador, sur- 
rounded by his Ameritan disci- 
ples, Verger talks of a Ufe-tong 
search for philosophical peace. 
He rejected Buddhism because 
the pact between the rich man 
giving to the poor monk pan- 
dered to the egotism of both. 
He believes that candombli, 
where there is no hell nor retri- 
bution, where the gods are 
manifestations of natural 
forces like fire, water and 
hunting, and death is followed 
by re-incamatlon through your 
descendants, has the basic 
answers. He has spent 40 years 


researching the Hnint between 
Africa and Brazil and finds 
that the believers in eandombB 
are more at ease with life. 

Carybe may be more of a 
sceptic but be has portrayed 
the gods in paintings and 
sculptures, on display at the 
Barbican, while Amado, who 
looks to Shango, the god of 
fire, lightning and justice for 
protection, has used the le^- 
ends in bis picaresque novels 
of Salvador life. 

The African gods are very 
much of this world so hanfly 
interfere with the pltosures of 
life. There will be plenty of 
exuberance in London next 
month. But the emnnutment is 
real. Gal Costa is a popular 
singer, the SUiley Bsmey of 
BraziL During her latest, con- 
troversial show she advances 
to tile front of the stage and 
bears her breast It is not a 
provocative gesture. It says "do 
not run away from the basic 
political issues, the black ques- 
tion. Confirmt the truth, yoor 
origins". The Bahia Festival ts 
fim - with an edge. 


Festival Bahia. Hay l-Jnne 
1. sponsored by West Her- 
chant Bank, Petrobrfts, 
Tenenge Holdings, Vaiihert g, 
Govarnmeiit of Bahia. 


Video/Nigel Andrews 

April is the 

cruellest 

month 


^innings are 
trickiest I know 

1 have been 
staring at a blank 
conqHzter scareoi for five 

mhtntea before tapltiEV 
"Be^nnings are tridiest" 
And this is just a video 
colnnin. 

What of a book} A 
e ymphony t A feature film? 
How do yon make ttiat first 
sorateh on the pege/ 
scoresheetfecript? Tlie 
poet who wrote ttiat April is 
the cmrilest month most 
have had a premonition 
of this montti’s video releases. 
So many of them use ttiat 
popular (qtenins plot 
device: dtoth or violent 
accident 

Erzystof Eieslowria's 3%ree 
CbfeursBfus (Artificial Eye) 
starts with a car crash which 
bereaves its heroine (Juliette 
Binoi^) of her hnriifuid and 
child, awakminig her to a new 
and ft4gtihaiiitg "liberty." 
Ifade in loanee, this is part 
one of the Polish director’s 
(rfooiifeur trilogy, soon to be 
foDowed by Bqnali^ and 
Frateniity. 

Hollywood’s Foreuer Young 
(Wamerii patting the cry into 
cryogenics, has its hero (Md 
Gfiisi^ vidun toer for SO years’ 
deep-freeze after the death of 
his girlfriend in a street 
accident (c. 1941^. Will he 
meet her again ta ttie 
Fntnze? 

Then there John Sayles's 
PBSsiOR FTsA (Cnrion). all 
about a writer (Maty 
HdDonn^ finding herself 

after y iligtMiitg MBrldMii; 

Andrew Btrkin’s dmnestlc 
black comedy Tte Oemenf 
GonfeR fFartaii), in wfaidi 
Dad’s «t«^l«F afnwi St 
intennmit in the eeUar 
hdp four chlldra to grow up 
in pecoliar ways; and, going 
fnrttier bad, Nicolas Roeg's 
DdrT LooAMw (Wameri. 
with a child’s death 
catapnltfng a couple Into a 
mystical pUgrlmage, and Neil 
Jordan’s Angel (Channel 4), 
in whidt a young man’s quest 
for revenge and self-discovery 
is parked by Us witnessing 
of a Bferl’s murder. 

Death in reel one is a 
tripte^ffBCt devioe. It Is an 
aesthetic surprise; you do not 
e^ect a story to with 
an ending. It is an emotional 
sho^ telling yon that your 
feeUius are to be knocked 
about by this story, startta^ 
now. And it leaves the 
surviving charactetfs) 
vnlnetable and perversely 
renewed: so it is a kind of 
btrth. 

Kieslowski’s film is all 
about hope dambeiing forth 
from the wmnb of desp^. It 


is dot like a luminous m yate 
memories and fragments from 
the heroine’s life are 
assembled - a thought, a 
snapshot, a femlly cbondelter, 
some lost chords from her 
composer husband’s last work 
- in a dazzling kinetic 
collage. And Juliette Blnoefae'k 
blank face, seeming to hold 
no emotions itself, becomes 
a kaleidoscopic reflecting 
surface for the life 
animating itself all 
around her. 

Hollywood may not go in 
for hi^ ait, but it knows a 
hoEut-tugging device when 
It trips over one. In films like 
Forever Young tiie thinking 
is this: "If we start by giving 
the htfo and the audience 
something they think th^ 
can’t recover from - and then 
help them recover from it - 
th^’h be mush in our hands 
by the time the final violins 
sing." 

So we are. We grab our 
handkerchiefe and blow Into 
them, drowning out the string 
section as Hel swoops into 
the arms of hls "new" 
beloved, finding love and 
hope growing from the depths 
of des^r. 

B ut there Is one big 
differmicc between 
High Art and Hnsh 
Art. In the fust, 
bereavement predpitates a 
new li^ with its terrofs as 
well as folfilments. In the 
semnd It just cues a quest to 
re-find the old life. Where a 
formula product like Foreoer 
Young goes round in a giant 
sentimental circle, filmmakers 
like Roeg in Don't Look Noa 
or Nril Jordan ia Aivri truly 
shoot their main characters 
out into a void. (Roe^s 1973 
Venice mystery trip is still 
a dflozler). And in-betweeners 
like John Saylcs, a sort of 
Hollywood dropout Gtr 
Hive) who sometimes likes 
to dnv back in (Alligator), find 
a mood somewhoe between 
cosiness and catalysis for their 
tales of emotional rebound. 

Of course there are some 
films in which no one dies 
and everyone has a good time. 
Since this is spring and tiie 
sun is shinmg, let me end by 
commending 77ie WediUng 
Banquet, Dennis and Bambi, 

A gyr comedy of errors; a 
stnd^ com^ of teenage 
mischief (with Walter Matthau 
receiving the custard pies); 
and a coDiedy-romance-cartoon 
about beautiful Nature. 

Oh no, wait Someone does 
die in BamU. Ma Deer, and 
very monorably. Soi^. 
Handkerdiiefe oiit again. 



The Offici.il Lundon Theatre Guide 


INi ri MiB tC l i iw, ■iwm.owbi 

4L5BKt,SlMi«ln»Um1id«WJW.im 

A Mealb ID IbcCeilDiTT LMM ,naM 

IW ii le— IW3M1IWW 


AUHIULAMwycLWVLaiLHM. 

Ad laepeclor Celle NawbeekMiaiul* 

AMUMAooM.waiei.-Ma7uiuaim^ 

A^dllnPane 

t MokaMiuD TonbomD 


wa n h i E wr 

KOIlUiaatUC FMmlfayS 
TjABnrcQic^MccKjueritJOTSUkOOW 

MOWVICTOaA.I7.VlllkMU MVUUMO. 

Sla rilght &ntess 

ftfacr.oeoo 

CMtNIUWEiJlMmRIhU eL l i Mwa. 

SledcrelU 

ii*gCgy^cjfcfik,-”fT.riijTnni.ii woi 

eaStMNabMilOpnKnjGCNBOMfleiN 

■lONDiacnxr 

CMimNTifm 

TbbBl«lree*r8q.fnw;£e«250 TOMfctNwt 

C«TTOCIM1.necemyOoe. ■WmjtMwT 

HamUs, I* 

Mlh Ml. l.nyM., 

mKINIOK1iinMluaOiwtU.Mm4iA.Mir 

T W'rMtmh . n n a .UI-rtM.OJMa 

DONltARWMBIOlISLSneMiSi-MViMy.iu; 

^*ent Carden Fcsrivel M.T..21 

•ftewOwMICMjM. l^l^eM*^TtlWT^hn«■illl■ 

jPeCMtaSriMPHCMajlHM TBCfcOWH 
PuqiM LcefaiMSnMt. wenMAMTt. 
Don iDneeFocDlnner 
!!*>:0»miCiMwi. P>fcMa.n>3G TiiwmiB. 13 

'M<iTlNr,MtSe rtMBtKII mCNAIWi. 

TheWeMMUn Black 

nteOwnrOriiLftoirtUWiaaa 

1*ifcT.fl.n JiayOaiA Prt(iw tS.Qj fm.. i n>-1a 
HiMflctulUlyCliriu Mm. SSqo TOMtjw .. 

— ■ 

pfkMefcorajTaefc 

Olmr THI IHND INTHS tnuoHl 

lOlINNYONASrOT 
M*w:fLS6.Q| TttJAUeth 

i«n«aMiTiRnnHDAVMCTv 

UAPARCI<T9T5U05US 

swmBiriooo 

mnnajooi tnhaxnv 

CMUDM-nSHANWIio 

rifcMiaiUMHM thuaiotu 

Wbr.NtMo. 


NmVUNtOON.DnHTUM.TcImAAMn. 

TMelMMcn. W.O;CI0Jl>.e0 

OFBMAIK Bq tMfBr.tLfclBTmLMSl. ~ 

NcwSlutMpffM,tJdinpMf f 

AMIOSUMMUNICKrSDREAMFiraMMZ 

•ftbrJMwfc PricCT PHUIaM TWMAlOtl 

MaTUSABtM. 

LcaMieenblcs 

t>ewLrtMiMSeuiftPHCMjy.e3o tmkami 

'■JOEN^CMilCCnj.RMd MaHJCT.lOW 
BloodBrathen 

V*PAllraAMCLMAtCfwC*J50THWM 
P^^^U-vToraMD THe71J*T.lllir“ 

^nraUSLNMthrabnbnilAM MOTLOM4 

Jane Eyre 

TI*«-Emfc..totr»iertia.Suf..»3BTBntAie 

I J Sq Pnw. aiJMM 


MWlOMli 

Copacabana FnmiaMir 
T>ifc»ncMiiuiyCh«^i*rtwi.ai pa twh.w 

SH?22'**27*%** MiTLmjJK. 
I^ShoeShafne- iMNrwLpHMM 
T«*wrh..a.A PrfawtwieajR thomi 


Hated Nigfauall i;imiimiiv 7 
Ti*eSloM.^iurr rrk<wlS'09 10040 


■OYAuin»AnooMr.CMMi<j,b. imoum 
« NOOTOI nCABO 

TOrCMrwCaii TN3UJ 

RmALSIIARtSPaAMOOtJMw«iMan.«M 
■aiblUB: LOVli-S LAKniR'9 lOSTma 
MnaiANTorviNicB 

l-rlM ^-.4.432 TnUA.MWk 

tiwni nRAO'SKONDorciiuen 

1 ^ 4 »thl«..a t-HM. tl'. inUkOMP 


rt>rM.t4 4N TO4I4 43 
SAVOY. IHOnaiAMM. 

Tiaveeties 

rncM-CAO: 


miM: 


TcloirwE 

MU-Twi. t.1 M rtfci^ Ot.-IAQO UdOAC 

-'*****'‘MCiwa fttTM WfM.M C 


.MPrVktMl, rnm.iill.U9 


^i^UM-0.i:h.nn||i.-Mu0d MOTIAO. 
TuMUtm WthgiMM l-rtcn iA.e2a r Mu J 


Theatreline 

h pratvor 










FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 i994 


WEEKEND FT XXVn 


TELEVISION 


SATURDAY 


I the 

test 


jMWt i lkr 

HpipfA diiit f . ' ' 
i-.r. 

Mm teal fit.it,.. .. 

litteRv Ami Ji.:;,. ■ 

twki^. 

i«niMiur.*. '< 

artMKfi>i llu 
Dttotitnp t:-. 

T7!.., . 

Otth «r:. !... 



90rr\iwi. 

•■Ivtt) ami . 1,,.., “ 

mmns. '.lu-v 

^nrw%cT ?r..|. .,„i . 

Ipthcci : f.,„n ], 

^Wo tin-. \\. • •.iti.iu. 

•tiAA as ... iif.ji. ip|J 

rwr&rtnf !t!% ■ 

'meA. 

i;,'y' , 

•Mp«ir 

wwmftsi.". 4 

t life. i»s:!: . 

1 a* riii't'" . ,!>,' 

owlil l:S‘' •.! . 

IfW* thi' ■ 

swter.'vi! 

»•••!• • , 

Ufmni.t: • , i • ./ 

iWl .I'.-il ■: . 

M UwjT . 1 

IMh .1 l I I.: 
trr s«^wi ! ’ 

apSiTt N-,'*-.''. 

|»^.ri .S;ti 

••I'V" • 

rafrNi ‘ • 

m4 

dr.*‘ 

KrfVJtJM! 

runr*«'i''" 

1 )n wl“' 

p%ri'i»JU* ■ ■ ■ ' 

\i (lltS 19. 

It fchin •.*;••• 

fv*'*' 

i i-iVlirs!' " ' 

girt • ' "' i' 

!Q «tJ; 1 '■ • - 

»1«£ JfW ’ : 

Ilai. Hj.! ••• ‘ 

iS;:.-, . '■'• ■• ' 
hinn.,::.:.. 


7^ Nowai 7jao Mx the OM. 7J« JN sa &10 
The tegand of miee tMenL t,38 Round the 
Tww. MO PenM ft 10J5 Sneohin WeiM Cham- 
pioraNp. 

12 . 1 5 W e ther . 

12.16 Gmdtend Innodueed by Stave 
RUar. Indudhig «I12J0 Aotban 
Foots: Bob WIeon rewlewe the FA 
Aamteiehip as and of itwnn nase. 
1ZS0 Newe. 12JS Raoing from 
H ^ do d c Park: The 1X0 Botaiv 
Hsidesv. 1,05 Snookar: Ssnl<ibial 
action fiOT The Cnidila, Sheffield. 
1,25 RaelnB: The 1X0 Lodge Lane 
CaneWens Stake*. IXeRt^Ar 
Leoffis; AeiAew of Ms aftamoon'e 
ma^ 1X5 Radngs The 2X0 Ha^ 
dock Park Spring Trophy Rated 

Stakes. 2X5 Ru^ League; Leeds V 
Wigan In the flnal of the ChaSenge 
Cup ftom VttonMey. 4X0 Snooker. 
'4.40 PbMiScoift'nmeBmey yen'. 


exoopenUniwsky. 


( . Ra^onel Naes and Sport. 

t Pertqp Pig. Gaeteon km. 

( JhiiffiFkIL 

t ntae Meeiefe ofthe Un l ve r ee . 
Doiph Lundgren Stan in this adaptfr' 
don ot the popider chRdran's os- 
loon as ewod^iiriakflng 
muecMMund gataede warrior 
lie M an , who travels to Berth to end 
e which can save the planet 
Etemie from the evl SIcelelQr. 8F 
ftncaay adventiow, with Ranlc Lam 
gala, Meg Feeler and Bffiy Barty 
(1087). 

I B a w ii len Song C oiilee L Uwe oev- 
enge ^ the 3001 aniNJBl uompedUun 
ftom the Mnt Thastre, Oublh 
Re tioee Btrifake, einging we WB Be 
Rea (Lonely ^mphoi^ presants 
the mcs entiy. Sbiedtanaous bream 
cast wtth Redo 2 Subeequant pro- 
jpuriHiM* may run late. 

I News and Sport; w eaM i a i. 

Mateh of the Day. Kghlglits of two 
of today's top gamaa bi 0ia FA Rm 
mtaoMp, plus goab and acSoft ftom 
OiareaL 

I FbcRobim of Count Vtofge.'nw 
vampire noUeman reliana to wreak 
hawoe in an orphenaga. WWi Robert 
Quarry and Mwfetto Hartey (ISTI). 


I FkiB SMap 17. inmates at a 
Gaman prison camp by to fbid 0ie 

taker after an escape attempt id 

ttwarted. PeW ooniady drama, star- 
ring Wffiam Holden (19S3). 

I Horizon, How modem sodaiy is 
•diatart&ig woikem. wfth peleniisOy 
deadly reatas. 

I Hktt The Bawtoot Conta eag Off- 
traat drama about 0» Ste and times 
of an unhappy datcer Jn a Spanish 
cebaraL Hunphrey Bogart and Ava 
Gardner star (1954 
) Snoehert WbiW Champlen ahl p. 

David Vine intaducea ftw condu- 
stan of toe liret samHinel. 

1 Hews and ^MNt Weather. 

I South Afttea VMaa. OewM Dftnbiaby 
reports ftom Johannasburg as the 
nautts 0( die oounby's test cnulti-ra- 
cM elections an snnouneed. 

i Chasing the Draren. Naarfy 40 
years ago Oxfixd medical student 
Roger Bamilsiar ran a mle in Isa* 
0)an fow mbtutoa. The ptogremme 
ca l o b m b w this feat and p io llea aOt- 
laiaa who have sbioa improved on ft. 
Wtth Sebastian Cea, Stave Ovait 
Stava Cram, Herb Stott and Sir 
Reger Bamistar. 

Snooiosn Wtorld Champtonalta. 
Fisther ooveraga Of the second 
semMial ftom The Crucible in Shaf- 
liald. 

Notaa ftom the undotgrewicL New 
aeriea. Documwitaiy about psepla 
ontheftingasofaodabrwhostrug- 
gla to surv^ in Moscow^ tstoer.' 
grouid system of tunnels. 

The Foot TkaanL Animated farttasy 
about a oommutar'a sneounier wKh 
a ►.^gga* gkL 

Hava I eof Haws for You. Husband 
and wffa Paul M o rton and Oarofce 
QuecMi oompeta agalnat Ian Mtlop 
and Kaftiy Lattft 
Seinfeld. 

onooMR liQna cnvnpwv* 
Saoond samHbiaL 
fine KanaL Warttna Aama based 
on fact, about a left of PoWi Home 
Amty sohflwa taMig raAjgs bi the 
Warsaw seworft Teresa IzswPa 

stas (19S4#iS>ah euhtitM- 

Snookan World ChamplonahiiL 


8X0 SMTV. ft2S MOM'S Up Doe? 11J0 The flV 
Chart Show, izao pm Openhe Shot 

1X0 ITN Nows; Weather, 

1 . 1 B London Idday; WOather. 

1X0 Mpirtae, Camas and VIdeoa 

1.SB NBABasketbol.AnanByiidin&D- 
duees the game of the week. 

3.00 flhK 6Kapa q 4 ttw Amathyat A 
BrftlBh ftigete is held captive by 

communist& Advanture, staning 

RIdtad Todd (1957). 

4«40 FIN Nans and RasuNs; Woolfiei , 

5.00 London Today and Sport 
Wastber. 

3.10 Cartoon Thna. 

3X0 PiiWaiirr 

6X0 Pa yw ateh . 

6X8 You Ball Host Matthew Mdly Is 
ieinad by guaeta Anntaal Gtos, 

Chris Boanbian, Nanette Newman 

atKl Gareth Hiat. 

7X6 Sanymem. Wkh WBO Super fifid- 
d fa w a i g itt ehamdon Mgel Sam, vet- 
eran American rocker M Roby, and 
yotng pranlet John Osivles from 
WaRtogton. 

8X6 fTN Nairn and SA Baedon; 
Waalhir 

9.10 iMidon Waattiar. 

0.16 nw Coeoen: The Return. Sequel 
to the SF mmJ e . The aprtahtly pen- 
elonsre and their alien Mends coma 
back to Earth for an bnpQrtsntra*- 
cua mtarton - gMng them the 
chance to catch up with the kwed 
ones they left behsKL Starrbig Don 
Amecha, Stove Quttanbecg, WBferd 
Brimley. Jaeslca Tandy a^ Hiaiia 
Crenyn (136ffi- 

11.10 Hbn: BuBKL ASen Ranelwx) pdee 
detoedva conceals the datoh of a 
vritnaaa imdar Mb protoetton and 
pursues the Idlers hbnseM. Clasalc 
thrffier, starring Stove MoQuean 
(1968). 

1XBTaMofPuq»L;fTW News H ea d 
Inaa. 

2.16 The Big E. 

5.10 New lOflIej flN News Headnas, 

4.10 Antoriean ntortaini'ii. 

6X0 BPU. 


CHANNEL4 


MO e-TU on Vlav. L30 Early Memirtft iCkOO 
TMnt Wortd Sport. 11J» CsBetl* Foetfael Rafs. 
12X0 Slpi On: At LsbiM. 1208 pm Borrbsy Ctsc. 

1X0 FftiK Foravar Engtand A lone ae^ 
man hdda a German warship at 
bey. Fnt Worid War cbamai. starring 
John MSis and Batty BatTour (193^ 

2.16 Racing from Newmarket Th» 2.90 
Mayer Pany Stakes, 3.00 Owen 
Bre^ Tents for Events Malden 
Stakes. 340 Madagana 2J)DD (kwv 
eea Stakes, 4.15 Palacs House 
Stakes, and tt« 446 IxOrekas 
Handicap. Commaniery by thaham 
Goode, John Oakaey, John Ftan- 
Cfime, John TynsI, J^ McCrsick, 
Raleigh QUbart, Derek Thompson 
and Jm McGrath. 

0X6 Brootoiida. 

6X0 R^ to Reply. 

TXO AWeakfa PoUIbb. Special attaon 
ftom London and Jehavwsbtag 
featuring the reaifts of Sotih 
Aftlee'a first muKt-raelat elaetSons. 
induing rtervlsws wHh laadbig 
p nBHn lans, and a eSaeuasion on 
whether Britain and other bidustrta- 
Qaad natians wO support the new 

gevammsnt; Nawa Staiananr. 

•XO The ABC of Oamocraey. Biploi^ 
lion of the events l oa tfti g to the 
bkth of 01B workfa ftrat dwnocraey 
SI andant Graeco. With contrlhu- 
tena from Lord Derts Heetoy, vniler 
John Mordmar, nrtrnnii Janet Su^ 
man, and Rotoae o r Pe r iflt n bi Bar- 
bar. 

0X0 KVPDBlua. A tfieablad veteran 

tuna vtglanta. Kai^ facaa a ctiala of 
to^aitlea. 

10X0 Dan7 Rirgat Yeir Teelhbruafk 
11XS etttoen Lodto. Dnid Edgar's drum 
about 0ie theories of the Brftfab pli^ 
fosepher John Locke (playad by 
John Soaetona). ahew ^ hbn ds- 
cuaeinQ revobiianBry pdHeai 
refbi n w wNh Ms in Uti a ae, Lady Mor- 
daiait (SasMa Ramree). 

12,06 tateUeancaL 
12.10 One NlgM Stand. 

12X6 Ready, Steady, Gel 

1.16 Hannan's H ead 

1X6 Naked fWy. 

2X0 Beavla and Butt Head. 

3.00 ITue or False. 

3X0 Baetrfe BalroonL 

4X0 Ctoaa. 


REGIONS 


nv MOIOIIS AS LOMWN BXCBtoT AT THB 
FOLLOmao 1Wta> 

ANQUA: 

12X0 Moulee. Germ and IMeo* 1.15 Ar«b 
News. 1X0 Cartnen. IXft COPS. 1X6 The Misa- 
WR Today. 2X8 WdM Cup Hdl ef Fame. 2X5 On 
Rk. (TVM twD 4XB ftigta Newa ww Span fttO 
Ai^WMher. 

BOMMS: 

12X0 COPS. LIS Berdar New*. 1X0 SM tiw 
World 2X0 The ATeem SX6 Superetan d Vlfte^ 
IGng. SXO BoRkr News and VveeaKT 
CBITIUt£ 

12X0 Amartaa'a Top ift 1,16 Cerwal Naan 1.20 
COPS. 1XS MgMm, Geinee aid Vtoeos. 2.16 vaevv 
WntonUe WnsHbig. 2Sb The Pd Quy. 3AS Mac- 
4X5 Centra Nona aXO The Cantnl Maicn - 
Goals Extra. ftIO local Weailwr. 

1230 Hall tIS Chand Diary. 1X0 Sal tha 
WWd. 2X0 Bk» ef Bittah MMonpert. 3X0 The 
A-Tawn. 4.10 The Miaiatan Tbd^. 4.S5 Channel 
Nawa- 5X0 Riffln'B RaBee. 

IftXO COPS. 1.15 Gnrada News 1XB 8d ttw 
Worid. 220 The ATeem. aS S^iatdam of Wres- 
ting 4XS (tanada News. 5X0 Bunti/t ci^ 

hM reattrae. ftiO Gianad* WMhar, 

mm 

1220 Waitl Cup Hd ef ftme. 1.10 HIV News. 
1.15 Sal the WBftd. 1,45 Dreama ol Qott The IM 
HUM Sttvy. (TVM 1983 2.16 Mawtas. Gamea uW 
VIdaeA axs Tha ATmi 6X0 ktv News aid 
Spot ftIO HIV Wealhw. 
imr irrrtaa ai ‘mr Iineirr 
Newrttlona. 

12X0 Held. 1.15 Mukton Nawa. tXD Sd tM 
World. 250 Bed d Brakh Ma ie i apurt. axD The 
ATmiil 4.10 The BkaMers TodM- 455 Markiwi 


12X0 Exam Time. 1.15 ScoOmW TedM- 1X0 
SpBdfnQ Ou LanuMga. 1XD TaMos. 2X0 Cany 
On SargaanL PP63 3X0 The ATam 4XS Scol- 
lend Today ftlO Scottish WUthar. 11.15 Dw 
Oman Band. 11888) 

TVMBTCBM 

1220 MovIib. Oamee wto Videos. l.lft Tyna Taea 
Nw2 1.15 Tha Munattn TdOm- 140 Kewmpai 
(1973 3XS Darts. 4X5 IVna Tms Sdjrday 
■BOTCOUHIRW 

1220 Movies, Gamea and VIdaos. 1.16 Wattoun- 
ky Nawa. 1X0 NBA ftirlraiTr" 220 Funae Cop. 
(IVM 1973 945 Tha ATaam. 500 WoafeeuiWy 


SUNDAY 


7X0 Hanry'a Cd. 7X8 Jehnaon and Rtota. 748 
Playday2 5X6 Blood and Honay. 5X0 Uttf SMa. 
845 Babtf. ftM Hava. ftIB Heart and Sod. HUM 
Saa Hawl 10XD OarVad Ow 9 to 5. lixo Budneaa 
MMMra. lIXOTalaaframOiaMapFtoom. 

1220 Oomlryna. Report on Brffiah 

aheap ftimwra whose Kdftiooda are 
stH being fdfactod by Wl-out ftom 
0ia Chemothf (tedar. 

1228 BMhar for tha Weak Alwad. 

1238 On the RaoonLAnslysta Of pcWcal 
rj ava kip t i i m l ft 



I nnc Rbng of Bright WStor. Drama 
about a man's dfacSon for a pat 
otter. B6 Travers and Vbtfrda 
McK«raator(196a). 
verlalr CBM Spadd. The story of 
how a baby gal dmlcned in a 
fft tatM ^crnw nabiiaM todtPtlie 
fouidbig of the cagtodsadoa 
LMna. Eamonn Hbbnas appaelB 
on behalf of tha Famly HoBdey 
Assoderion. 

Maata c h af. Mlrhael Bril and Oavid 
Chambara Judge cutariy affiatt bi 
Bbmlnartan, Qta uc a ato i aM re and 
Nottfnghem. 

Sengs of Prriaa. Colabraibig 0*i 
week's epardng of tha Chennai Thn- 
nsL 

' Honey for Tea. 

Pfa to iha SIqr. Ciabba la dharavari 
by a risk ftom a planning officer 
arho diseovare a host of patty buM- 
ing tofttogemenis. DatocUva dnnia, 
storrlng Richard GtifRIis, Anthony 
A8an and Pete Pos ta wa W a. 

' tame Appetoiroant wRh Daatth 
Peter Uattnov dare as Oetadlva 
Hemde Pobot With ixwan BacaB 
arid John Gielgud (1987). 

News and W aaOwr. 

MaatormtoA 

Ewrtmatk The itoa ef Islam, the 
UK's tastest-gfowlng reRgiofi. Tha 
pregremme praHes two contaettng 
converts. 

The New South AMoai. David 
Obnbleby hosts a debate on che^ 
tengw fa^ tha new govamment 
IhaSfqraiNtohL 
.Waalhar. 

Clesak 


215 Open Urfvwrity. 210 Rdilay Foeda Bbri. 
ftXS Sbaen wri 0w VWbdL 840 Tha Mavis Sana. 
10X5 kwacBria Gamea. 1020 Grange m. 10X8 
POT. 11X0 A LIdy lad. 11X5 Tha O Zona. 12X0 
Aieund VUWiiOaiw. 

1220 Tiiialnj Grandstand, totraduced by 
Sue Baikar and Stove Rhkr. 12X0 
Motor RKlng; The San Mwbn 
tend Pita d toMto. 245 Snookfir 
Worid Ch em plonahfp. Earty covaraga 
(Oflha ftolL Brnkattial: Aedion ftom 

toaamHtoataofthaBrfifBhptoy- 
offa rt Wembley. Tbnaa vary. 

210 ftogbrSpsdaLHouBtHjp oflha 
we n kand's areton, pkn a look ahead 
to ruDd woekta PMdngton Ciqi frof 
between Batti and Letoeriar. 

216 tha Nahval Btarld. Howad HaTa 
a w ai d-wlnfflng du cumenta y avpior- 
ing the many apecles of uidenaatar 
' fto Inhrtiitlng the Sea of Coruz (01 
aoutham Crtlomta. 

7*06 Tha ftOonay Rogrammau Hchard 
Wlatoon riiarto 0w htatory of the 
ChamdTUrvwlandariswhrilas- 
eona (sm be laamad ftom 2 

7w50 La Dllluiau».a. ComeclBn Jeremy 
Hardy proridas tipa on throwing dto- 
rter partlas In Brftato and Frwioe, 
u onib a ttbi g Pa r ierwi (fttvara and tha 
tofttaa d aB of hft^ sodeqr. ranhaftig 
bilerrlaws wtth Ranch TV pro- 
yanma advia c r a Laurent Tu il ato a 
and ftscal Sdaffia. Brttiahatyla 
guu Pater York and F tarch Jowrol- 
WPhBppaGavL 

220 Tba Cb^ Cactawtt- The true story 
of 1944*5 teat Escape, when 76 
Ftoyal Air Force RAW tutoeOad Old 
of a German ptfson camp, to iNa 
docunwraan'i the few ra ma to ln g aur- 
vivore lawtoft tha scans to rectf tha 
evants. 

210 Gitoid Rtt. Highlghti of tha San 
Marino tend Rta ftom hnola. Com- 
marttaiybyUirayWMtomlJon- 
attian Rknar. 

OvOO fkwoksRWbtWChaniilanriito- 

Coverage ftom the liist day of this 
yeer'afbML 

1120 Fttni: The Wooden Hoiaa. ROWS in 
a German camp try to aacapa by 
uaing a gymnnttc vaiWng horaa to 
cover their tumelbig. TWrttoia 
advantura, staning ixo Gann (195Q). 

1.1B Ctoaa. 


axo GhfTV. 8X5 The Dtamy Chb. 10.15 LMl 
10X0 Sundto Morning vrth SBcemba. llXO Uarrv- 
big Wot a W p . 12X0 Simday M u nin g wbh Seeem b e. 
12X0 ma Tha Utttoai Hoba. 12X8 Lotoon Today: 


riN Nawa; Wtathar. 

WWdaiL /tfi inierviaw vrith a leecing 
poMcallioua. 

teiiariilKA. 

Tha Sunday liabeh. Mkkflarivough 
v Qtyairi Patoia Matthew Lorenaa 
and Ian St John tottoduoe five oov- 
eraga of On DMaton One ctorii from 
Ayraaome Park. 

Coiaihy Wqa. The cowbyalde of 
St Lflorwdb Forest In Januwy. 

Tha London Rngramma. An aom- 
Iratton of the polwittal phjaka! and 
mental d m gara of bebig hypnottaedL 
Umdon ToidMit; Waattwr. 
rm NnsK Weathar. 

ThrauMi the KayhotaL Jamas 
Whale, Frances Edmonds and Rldv- 
ato Whtt d ey try to guaas myatory 
hoTTto owners. 

Surotlsal Sumriael 
The Ctodar Path. Chartie (Lloyd 
Owen) Ii acoBwd of causing Gto- 
garis daeOv and despKe b^ig aaeon- 
eratod at a mOBaty iriquby he 
eentbajea to Marne hbrawlf. Last to 
aeries. 

The Khoeic A honih^ng (iacovery to 
a Heaftirow wtoriwuSB puts OlBw 
on the tnal of animal •nuo^ar*. 
Bsveriayta huaband taama of her 
aftatt wtth Garry. CaroBw Lee John- 
son atois. 

SpMtog Image. 

News at Tan; Waattiar. 

Lxndan Waathsr. 

TV VIo la n ca; WB it Change Your 
Ufa? Does screen violenea to33<re 
cttofnal briiavtou? 9r David Roat 
chsta a debate on the to^act of 
talevWon and aalB whether there 
should be Obiter oonitol*. 
MOwWbrM. 

Gamabora WbAa Gold Cta ^ 

Cue the Muale; nN News Head- 


220 Muric Rom the Gfreo; ITN News 


320 OffBaaL 

220 Sneokar TTto Baopaan Laague. 
320 Dftibw In Ranea. 


CHANNEL4 


5X6 Early Uoming. 8X5 Tha Odyaasy. 10.16 
Sawed by the BdL 1045 RawNda. 1146 Unto 
Heuaeon tfw Piabla. 12X5 pm Sut Pet rio a s . 

1.10 Arabian Sand*. WIfrad ThaaigBr 

talks about 0« nomadc trtbaa ef tha 
Arabian desert 

210 Snappara. The con ttov eiairi work of 
ttw pepmazzi. photosyaphem who 
apend theft Ives pursuing tha rich 
end tamois. 

246 r r xj t baB llala. Action ftom a top 
noochtoSeria A 

200 A UttlB Something Arftnation 
about female aradety. 

210 Rftaen-To-One Speclafc Tha 
Monay-Go-RocaaL Contestsnto 
ftom pofibes, journattam and Fnduatry 
compata to ttila speciai edOion of 
the tost-meywrTg {giz, tocuakig on 
pubk B na g ea . 

226 News Summary. 

200 HwnrErritakPa Quids to Opera. 
How ttw great singers of the pest 
have inftoenced th^ rraxtorTKlay 
courrtarparta. 

220 The C(sby Show. 

7.00 Qreanpasca: Bid of an Era? The 
Mstory of the orgwilsrilon whoa* 
protasts agaftai rudaer weapons hit 
iha headlines to tha 1870s. The pro- 
gamma asks whether Qraenpeaoe 
has become too bureoucratiB. 

020 Opinleras Deataw on Democracy. 
First to a series of talks on Brittah 
poTitics. 

820 The Chartor 88 Bad Ooveminant 
Awanta. Offbeat ceremony hfgl^ 
Bghting people to poaftlons of power 
i^ed to have ignored the con- 
carra of the BrtiiBh pubic. 

280 AUaybe Day toKBaldMtBn.Poet 
Tony Harrison w r itr e a t a the talheaa 
of communtsm wWi ordtowy ciU- 
zars’ hopes tor the future. 

1200 nne Once Upon a Thna to 

Amarfe^ Pert one. Robert da Nbo 
stats to 0t9 drama feOo wtog 0)a 
deeds and deceptiorw of tour gang- 
sters between 1S22 and 1968 
(1884). 

1220 niTK Una Femme Eat Una Fatrena. 
Jaan-Luc Godwifs comedy, et a rri ng 
his then wife Arm Kartos as a 
nrghlclub stripper deeporata to eetMa 
dmn and have a baby (1960). 

120 Ctasa. 


12X0 Mewiea. Gwaaa and Mdaoa. 1.10 rnkinrUf 
Nawa. 1.16 Tlw Muwtoa Tbd^. 1X0 Huanpri 
P873 3X5 KiVgl* Rder. 4A Catadar Nawa. 
Bdceraiia ■* CftaanM 4 waapu 
7X0 Eaita Memkvi. 12X0 fkiwtog ttw HMa. 530 
O riwrft tonb. TXO Tyli^ Gft. TXO Teeyn 
Tymw. axo Unrid Sgww. 8X0 Mawydaon. 0X0 
Snweart Pan ca npwnaeto y Byd 1094. 9X0 Homa 
toproMnwnt 11X6 NYPD Btoai 


REGIONS 


nv Reeniis AS ixmofi BXBtan 

12XB AiWb Newa. 2X0 Waread: DMd u Alva. 
2X0 ArgiB Sport apaekL 6X0 Dincaaua. 530 The 
MaQO Shew. 500 Angto Naws cn Sutday 1040 
Aiglatarite. 

BOBDGto 

12X0 Oareenai'B Dtoy; 1255 BoRkr Nawa. 250 
RoObl 210 WU WPM of flw EmL 286 Oiw le 
On*. 3X5 lllBtiiiBv le HasvatL 450 Cttvnriion 
SIraaL 5X0 Scotaport. 215 Bontar NeH5 
CamiAL: 

12X0 Cartiri Ktowav M e k. 1256 crwWri Nawa 200 
Taka 12 215 Tlw Ra* of Trata. 246 Cartoon 
Tima. 300 L&iito vAh iha Cany Ona. 220 Tha DiV 

tfw Levine Stappad. (TVM 1981) 215 HI ttw Town. 
8X5 Zbo Ufa with Jade Harwa. 215 Ccrend Nawa 
1240 Local Wawhar. 

QRMIdDA: 

12S God's Masaangam. 1255 Qramto Nbms 
200 Tha Canada iMdt. ZXS Tha Eart 0( CNcago. 
paan axo Fatlwr CoMXng bwaaHuwea. 216 Caie- 
nadon OU ae L 215 (tewda Nawa 
HTIft 

1225 The Nrtua Of Ttoioa. 1255 HTV Naas. 200 
KTV NaMweriL 2X0 Wortl Dito Hri el Fama ZXS 
Tha Wraat Mddt 215 Tlw Near Advanbaea of 
Stack BaaiJiy. 545 Jaunwyman. 215 HTV New*. 
1240 HTV VlBBlIw. 
muMife 

1230 Sevan Days. 1250 Martcfian Nawa. 250 Tha 
Pier. 225 Tha LMng* 230 Sunday 5P<vt LM 
215 Dinoaaure. 545 Jack Pbzayn Ojariltoa. 215 
Martdati Naws. 

OCOTTMft 

11X0 Daranaid GaadaadwaL 11X5 9Kia 1230 
Skondi 1256 SccdBnd Today- 200 Rattar Bnmn, 
DdacOva. 11973 3X5 StwanaaBsm. 4XD The 
Mclor Show. SXD ScotaporL 215 Scodand TodRr 
530 ScoOdi rveapnrt. 10X0 ScottWt WmOmt. 
TVNE ^ 

12X5 Tyne Taoa Waw i w aaH . 12X5 Tyne Taea 
Naw a . 250 The ChanplonB 230 The Tyrw Taea 
Match - Live. 5X0 Fattiar Pewlno kinoilliaitui 
250 Tyna Ttoa Weriianl 


1230 Wastcountiy Update. 12X6 Warieeuniiy 
Nawa. 200 WeetceiMiy Cwnaes. 210 Sal ttw 
Wertd. 2X0 Tha Waetooutiay Mricft. 215 A Trie of 
Fdw Mtafcet Town* 6X6 Wild Wari Ceunliy. 215 
Wtartcountiy Nawa. 


1260 OdanCto Nawa. 2X0 m piway le Heaven. 
2X5 35 Hoin. (1963 200 FgOm Dewfrv Iiwai2 
taea. 5X0 Cdanriw Nawa and WaaOwr 10X0 
Leuri WCaBi B i. 

sac Walas m Chawml 4 aoaapto 

7X0 Earty Metntag 050 8W Sd. 9X0 Now Voirm 
TaBdhg. 056 Riwhide. 1250 Pbnac ri ttw Ape* 
1.15 aiork and Mindy. 1X5 Eneoiartara. 5X0 
Oaehiau Carw. Dactaau CarunoL 5X0 Pobd y 
Owm. 7X0 BwrWr 8d. 210 Hd Suaacn. 8X0 Saw 
GfMau. 1205 Nuayririoa 1210 Saito A y Sd. 
1230 Sen Sleflat 1250 Briwow: PBmjriipwrtBaOi 
y Byd ■04 11X0 RtaB BdL (1883 



7X0 Nam: Raglenri Naao. 7.10 Teddy Bata 
Rato. 7X5 Briar. 5X0 Nawa; Raglenri Naaoi 
210 LJnr BRa. 8X9 SmeggM 200 Nawa; Raotonri 
News. 0X6 Tlw Laeand el Pilnea VSIant 9X0 
AedvO. 1200 HanyV Cri. 1210 Pltatoa. 1200 
Favourite Songa. 

11410 nm:OBverTwiatDld(an»'stoiyof 
a runaway orphan who Beta bwolved 
wtth en ehferiy ereok and Ms gang 
of pje k po ck ats. Alee Gubwiees, 
Anttiony Newlsy and Robert Newton 
star (1948). 

12X3 RaflliMMi News. Weather. 

1X0 One CYCIeek Newe: Weatfwr. 

1.10 Mel g t i b owa. 

1.30 The CtMpanoL Suck is 

airanded to ttia daeart after ha and 
Viciaria are attackacL 

2.18 Are Spartaeu 2 Kirk Douglos takes 

the tMe role as B slave who detas to 

ctsiy the migK Of the Romen enpta 
to tMs swoidreixFsandai epic. Bleo 
staffing Tony Cutb (i960). 

0.20 Nows. 

8X0 n e tf oi w INewe. 

BXB Mal flW iotw. 

KOOTheCtAfren'eReyaltarfelytaP- 
f xma noe 1994. Showbb extava- 
gem ftom the London PeUktoV in 
tha presence of Princess Maigaiet. 

. fiatulnB Dine CoRoll, Bed Boys he, 
Noel Btoiianct 2 Shane Rtohto, 

MIdesy Hutton and Mr Blobby. 
Hosted by Dreren Day. 

BlOO taaBneMer» oftheLeetilifc.Sto- 
ven SpMberg's advenbiB moNle 
wtth feariass archeeoio^ pkyed by 
HMison FMri. He teddao Naeia fwt 
' on the tiBfl of the Ark of the Covo- 
ntaL Kami Ate and Oanhekn 9- 
tOtt also star (1961). 

BlBO Mne OYHeok Nawo; W ea fh i f . 

10.10 Ouety.Proffle of Dusty Springfield, 
one of toe Safnging Sta te * iftoM 
dMnclIve stogere and an enduing 
pep leo 2 Wth tributes ftom Dienne 
Wwwick, Neb TennanL Mertha 

Ream Bvls Oestalle end Butt 
BacftemL 

11.10 HteB The Meduea Touch. 
Stpamotorel thrifier about 5 man 
tassaired with toe noBon tort he 
ha* toe power to eouee testers. 
Rtohard Burton. Lae Remtok end 
irtchari Hoidsm Sts- (I97f9. 

18 J» Worthar. 

1.0O Clom 


BBC2 


0X0 open Urdvaidly. 8X0 Rri riid Raaant Pra- 
aervad. 21S nnc MMaqr Pc rix n ia n. 9X0 Ftoc 
Road to Moraeee. 11X0 Mncara to* OutchrrwR. 
12X0 Tk ANaqu. 1215 pm Tha O toly a . 


I Racing ftom Heydoefc Park. The 
12X0 Hal Nook Pour Yaere Old 
Handicap Hwdte, 12S Petros Long 
Dtotance Hurrie, and the 2X0 
Crowthara Homes tenten Ha nd tea p 
HURta. 

B noohBR World Champlenshlp. 
Coverage of the penuMmete steon 
in this year's final tram The Croctole, 
Sheffield. 

i Hl-Da-U The first sftede of the 
hoKdey-camp comedy set In toe 
195QS. Paul Shane and Su PoBatd 

star. 

Croee ChennaL Choteogapher Lea 

Anderaonta tare tPMtafii 9ia ChM- 
mendeleys and Faatosrteiehaughs. 
mime a confeat tito acreee the 
BngHeh Channel to Calri 2 
Biterranea Brittonte. Wry study 
rt a xikiue group of enihustes 
whose members afl er^oy going 
iBideigiound.Theprograniniefea- 
btas a former gango tMMOGr who 
now luie htoown coal mlna to toe 
Forest of Dean, and a man who 
absalte down wat erfa lls to W flood, 
folowing toeia Uto to* depth* of 
subtanenean cava networks. Thaft* 
otorlea are eonmaied with tort of a 
London cuiisnutar tanWed of oavei- 
Arig on the ciVs Underground. 

: Snookers Worid Champlenelilp. 
Live coverage aa the final of this 
year's to u i ia ment draws to a dose 
rt toe Cnidbto. ShrtlieidL Darid Vhe 
Is at the awards ceiemony. Subae- 
quent pregrammee may Ml lata 
VMooNetleii. 

I Htoc Cry n eedom. A South Afttean 
ioumairt is paraaeuted by the 
autooitteB when he invertlgaies the 
neadar of Mock artMrt Steve Biko. 
Directed by Rktoeid Attenborough 

D987). 

■tax, 

' wosQiorw 

Ftoia Pea to tte. Honor film about 
oubtenenean cannibals who prey on 
'eemmuiBn on the London Undar- 
greimL Chrietapher Lee and Donald 

ftofiirnrn uttir tlTfTI) 

Ctoea. 


CARLTON 


6X0 QMTV. 035 Crirertta. 2S6 Cirtoon. 10X0 

rene TTh U nd w u i taJ *. 12X0 Hona wri A w^. 

1230 pm ffN Uawnoma Neta VMarinar- 1246 

Oemnritan SeeeL 

1.13 fttofre 'em Ixuta- 

Stuntmartere. Tribute to the dried- 
einiB who risk their fives to provida 
oeRuloid thrtfis. 

22D Rkn: The Man to too Iren Mgeto A 
mystriioue ptieoner has an enpor^ 
tsnt role in a pmrer stiitogle to TTto 
century Renoa SwaohbucMng 

adventaee, striitog Tteaid Cham- 
berlain (TTM 197^ 

4.1B Home aid Aiwqy. 

4.43 TTN News; Weather. 

4»BB ixndon TOdtor: Weatoer, 

BkOO Rhc GoldAiger. Jamas Bond 

tracts down a nitHta gold riiug- 
gler who hes devised a plan to rob 
Fort Knox. Staffing Seen Connwy. 
Grit Robe and Honor Blartonan 
(1984). 

74W Trtidng T el e phene NiBnber2 

Stogar Daryl Hal. 'mtorteader* Gra- 
ham Jolley and eomedian Bamoby 
areguQsta 

7.30 cerenollon Sirset 

84M The TtouUe with Mr Been. 

8.30 l lBartoBOL Nick ie taken hoetage 
when a feud b o t wo an neighbours , 
a sea latee tote an armed eiege. end 
wiiia Kale puls her own ON in jeop- 
ardy to save a dyhg man. 

0.30 The 10 Per Centar 2 The arrival of a 
Riyrterieuo package toakae ABn 
abandon hb plans for the dfor. laav- 
tog hard-piteed btas Domtoie in 
dffiertty. Benedict Tcqrfor and Clive 
Fcanclsrtar. 

104M Newe at Ten: Weather. 

ItLIB London Toafght; We ath e r. 

10.20 The Btoert Robbery to the World, 
toetoe story of a spectacular S232m 
heist told wfth documentary footage 
and rei surveillance ttfoee. 

11.20 Bpert In Que eS o n. Ian St Joha 
Jftnmy Greaves riid guests answer 
aporttog queries; TTN Navfs Heed- 
Bns 2 

12.20 The LJtlle Ptotue Show. 

1.20 ne ne ota e .; ITN Nevre H eeJtoe*. 

2.10 Sport AAL 

3.10 FBneMMnlghtOflorlntaTVvonigh- 
achool pupis fight a witch. Super- 
nrtural toiler (tVM T9B1). 

6410 Hetereed Report 


CHANNEL4 


6X0 4-Tri n 'fim. 9X6 Star SM. TXO The Bfo 
nmalireiii exo Cuirinn Dteona. SXD ttriieetlji 
S(w Baer. 11X0 Muulrifji 11X0 The Lcn* Rwta- 
itxeaeMKEta* laxo lo Reply. 

12X0 Seeanw Street 

1X0 OrSnugglSB. 

2410 Gridan Club. A visit to N utta igh em 
for horiieuRiiri advice on sverythtoB 
ftom coldfrrines to compost end 
onians. 

2X0 Boeing from Ke mpten PSrit The 
240 Pe^M Stata 8.10 Mfica* 
Fuses' Stakes. 340 SSAFA JiXil** 
Hantfcta Stakes, vrt the 4.T0 Soft- 
ware Hooe Maid e n Stakes. 

4X0 Rfleen-to-One. Quick-fire geneni 
loewfedge qua. 

341Q Rtoe TTtae Danctos- Ctipe from 
Hofiywoed danoe apeetatens, fart- 
Fred Astzta, Gene Kefiy and 
(etota Rogere (T96S. 

3XS News Siannaiy. 

7X0 Don't Porget Yov Teethtacueh. 

8X0 TraB of too S iiQwgooe 2 Docunen- 
tery about mfgratorjr geese and 
other speciea of toe Arctic tundra. 

8.30 Only When I Laugfu Shown pteri- 
ouBlyonTTV. 

8.00 q ia mp km riBetBeoftheBtee. 
^ folfowing a year in toe fives of 
eyeflsts Chrf* Beardmanand 
Graeme Obree, opponents In the 
anampi to break the wortd ona-heur 
dXtanoe record Ofymplc chatnpfon 
Boardman achieved sueeea* on a 
superbtaD biA ^ Lotus, whie 
Obree wss forced to consbuct hi* 
own eyefd teg perta from a wash- 
ing machine, and to train on a iota 
dual carriageway. Despite tore seem- 
ing guff, the twQ rfvels found tfiem- 
sefves evenly matched 
10410 FBm: Once Upon 9 Tone in 
Aiiterie 2 CoriduAig 
Leone's epic about 48 year* ol 
gangster Bfe In the Unifed States. 
Starring Robert Da Ntro, with James 
Woods, Bisbeth McGovern, Treat 
WSems, Tuesday WekL But Young 
end Joe Pesd (1983). 

12410 Tritt, Dvk and Handeenw. 

1415 Pouf Brady: B ch oes riid B etwe to . 

2.05 Cfosa. 


REGIONS 


nv MOW AS LOMDQII IXCtaT Kt 7W 


12X0 Anpri Wtawr. 1.15 Cwtecn Tlriw. 1X5 
Stmunestata 210 O vyonO toe n,iiulJiiii AdMn- 
«jra. l1B7fo A35 Mita Nwm. 1215 Anta IfoM- 
1030 Curon the D taCritatt (1503 

1250 GtntafiW e Dtary- 12X5 Home and Awqr. 
1.15 Stuntmesiera. 21D Be|^d tha Poseidon 
Ariwawa |197fo 445 Bonier Bftthdta> 10>15 The 
INetor Show. 1945 Gwemolri: Relwn to Dodga 
(1887) 

CWtTlUl 

1.15 Stunlnnsm 286 No Deooart, No Reftsn. 
(IB^ 445 cenim News 10.15 CenM New* 1030 
Oortrii Ihe Bartoi li n. (1982) 

unaireiAM. 

1.16 Stuntmestem. 219 Beyond the Poseidon 
Adventira. (1879) 445 Critpoa IdlS Rallections. 
1IU0 Nerth To^M Spedab rar ew o l to Barfti. 
1050 The Motor Show. 1140 The Eqtaar. 
finniiAff^ 

1200 GridenePe OUry. 12X0 Grenade Weotoer. 
1245 Home and Awql 1.15 StwtmasterB. 210 
Btarend the Poeddon Adventin. (1079) 446 Giwi- 
ada Werihar. 10.10 teedo Weatoar. 1316 The 
Uricr Shew. 1045 GUfWMkK Retun to Dodoe. 
(1887) 

— BDiawt 

1.15 Stundnaatera 210 Beyond the Poseidon 
Adventm. (1976) 4X6 Meridian Newt. 1215 
MerOsi News. 1030 DaaiSy PuisriL (198q 
BC CTT ffilfc 

1200 The Mekmo of Dances with VKHms. 1235 
SesOand Today 1246 It's e VetV La* 1.16 Homs 
rill Away. 1X6 The Greet Batoen Raea (1972 
330 Caneen Timi. 3X5 Home and Away- '(■IS 
Through toe K^hoto 445 Seodand Tedw KLIB 
gnottie h WomwL 11.16 ScoHand Today 11X0 The 
Triris o( Rash OKeB. 

TWE TEta! 

1.16 Stun im asteia. 210 Raiaa tha litarid (18BQ) 
446 Tyne Tees Newa 1216 TVna Tees News. 
10X0 Conen the Barta l an. ^982) 
■ESreO UW I H T r 

1.15 STurttmeetere. 210 Beyond tha PoeeUen 
Advenkee. (1972 445 VWe a teounay None. 1216 
WOricounoy New. 1030 Conen toe P atb a r lri L 

(196f} 


1.15 Sturtmostar* 210 Retae the Tkerricl fttafi 
446 Calendar News. 1215 Crtender Newe 1030 
Ccran toe BertariarL hftta 
S4C Wrie* *e Chiel 4 iiieeirii 
1230 riot UeMiikL 1X0 Heevea Hell red SUbw- 
ta 1X0 afoseem, 2x0 Oream tUe. 4X0 filet 23. 
fita RHeen-te-One. 6X0 Nawyddlon 2 210 
Sriwcen Poncanpwitaifh y Byd 1984. 7X0 Pobol y 
Cwnt 7X0 Y Byd ar O edvrer. aXO Operevort. 8X0 
Nawydte 8XS Stafo. 8X5 Good tdea of the 
£(kh Centwy. 10X0 Ftaeter. 1030 RosHme. 11X0 
Snweer. PencempuRtadi y Byd iSM. 11 x 0 Nonh- 
em Exposwe 


RADIO 


SATURDAY 


BBC RAMOS 

axo Sv eta BM 
BOSBnnMtaew. 
rtUBJudapta 
lOeOHeymonSwidBy. 
uo The News HuodtaM. 

250 The OeUen Daye ot 
Ftata 

aaoRomlaHton 
eXOMHrii^. 
on Mck BgnadMgh. 

■Xe Tbm O'Coraor end 

MMd* 

750MtoiriH(towled 
*00 EutovWim eeng Coniaw. 
11X8 Pel Oota. 
unMtlwiFtauwn 
AxaateSBOL 


BBCIUMOa 
030 Open IStaBHy: SeeW 
Sdnew. ora WMMr. 7X0 
fleewU ftawew. 650 BUdkie e 
LMy: IBLlSRecoidlWMB* 
fteri,ltaeGtrii.Uu«ltot 
Dw« MikMIL Plwn Itawy, 
Ckw WC uiriw. nwene. 
1*50 apMi ot ea age. 1X0 
Ita IWl 1,18 neert RsBi. 
*48 Orm w* DwrOc. *50 
Vtart** Wriwi* and AmMcta 


WWi OMfltiw taWBL *48 

tato Mean. An nwviwi 
Mta, UMm Beta. MO 
DenwdB DveUu 7X0 Pmw 
O rtw tataBoV opwB to e 
tanoe by UonttBi Show. 
1050 Sodriota tta rt Itadea. 
10.10 lliwwi Upon rirti. 

Ilily Ifftta In rnwenttviei 
loae eotnd wW hay. Cencan 
by Bdewd VheOa wd Me 
■pim pace bwta 1*00 

IbMwi OrtMex Ewtar Wal. 


210 ft* fWntap week. SuW 

*50 nayw ler dw Dtah 
7X0 TCta- CunaN rtMa 
mnwup. 
eoeNoM. 

*5* apart on * Nen ■« 


1*50 ixeae Bid* WUi NU 

■wntawidffMtae. 

11X0 toe Wbdkht 

BBHI 

taddriWllwIlfM* 

11 x 0 FnmOw Own 
OOHwpaedwe. nup t ni kcwi 
would die Mri* 


laxDHriaeaiBwdri. 

1*5* Oeanmd Owrintfon. 

15DBwiiV<hewk 

*5eAMnDdL 

450 YtaWB ItaOdM RnOU* 

43e Stae aanuMg SOita 

8X0 Hrepy SHlidw Oiaiie 

wdSeeptata 

TXDMdtaBta. 

taesutaHdiHDw. 

eaoAlmKreh. 

1*50 Ron Jeeap* lb the 
Oatta 

vueriMMtawk 

a5eAie>L4ata 


Brie RAMOS 

UDOpwiUnWWBlM 
CMtawi wU Aeon WWtai* 
*55WhWhw. 

750 SBcnd and Pnriww. 
axBBtaiNtatanta 
MwBh u . 

IZiBUlwieHWbn. 

1X0 The tantor Conowt 
Meodae. 

838 The PMoe el OMtoewt. 
4ae Re Raw Itaewn The 
OrtAode* Bwtar neatand Ol 
d»ktandonCye«n. 

*10 HeewB lUen Beet Heir 
Were h Oorwiwaivjple, Uei 


rxesuitarey;7he 

iWmnw. JenOwt iMBewre 

■wemtaW derat 

*48 hfedta hi Ow nita Jtaeae 

DSm, Jtaiwi Haneju Bta 

Fwiralwu^ 

BXBP iX Wbww.rrada. 


taWPMudw 
•aphtacntapriaaridiwi. 
750 nm. 

7.10 SUta Atow* 

T.WOnVbwFwm. 

7Xe8wi(Uy; 

UOraUBpeiW* 

ftOBItaiw. 

eioewtaPrew*. 

*15 uow iem AmwM. ra 
Atatah CiiGli* 

•JD irarkig SwMm. rtem 

HBly TWra CtaeWu CMney. 

mis The AiWiwe. cneraw. 
11.15 Ifchraniieii*, ITw 
wWfe u iw ei h> dw mere* 


125* Money Sta ryiepiW 
Inane* 

1*55 Tlw Newe Out. CMTO 
byBanyTeck, 

1X0 Man. 

t.M Any Quiaduie? Mu ee 
Med rt awwenwufi. DenaL 
250 Any AiiHhiii? a71*8IO 
4444 Rcna-ta neponM 

2» G aiiitan. By 

Ceoi Hnrib Brin 
4X0WIWIIff9pnMiW 
dotawe on dw rahmoduedan or 
ewU pwidaivK. 


MSCwma ol Ow naa* 

8X0 hi CilutartluiL Uk In 
aerie* 

8X9 NeM ad Sparta. 

axa Write Enriip. hwvwwa 
cuiM Otaka levlBi*. 

*50 Roatad Oom ODdtam. 
Mwh Swyn WM puei 
hmwilaai itariTiuiiiwda >» 
ttwBbAppI* 

7X0 MMaaeapa MiB* 
nek wtaB wra u ee prar 
Itaile i wW edri canworiia 
nfwM rmafc b hraannd by 
dwri* 

7X0 Sobtay Thwow 
Ancrid Enecniri. 

DiwiitatlM or Brabeth 
HeidiV novel taut a M wgw 

nliflna ririritiri ^briPrin 
myeritavra WHi CMrtoita 
Cotanan etd BB Mphy: 

*50 hhwle hi Mb* Bfrii Kri 

p iaw iw i tav u uri mWOOri. 

8X0 Ten w TwL A learii* 
hyim wd Mtbabfi, bd by 
AlaenLaanwd. 

1050 Nan* 

mie TMvb Thai MHbA. Rwn 
TWeid CHriw Chn avney. 
1*48 An BitaWrii n dw 
ion .tatii p Hrirta rawNM 
raainniFnne* 

11 X 0 Cwiwaring Nob* WMi 
lyo* Uldbrtbniid Pb 
Sftab. 

11X0 Cwdob* By Mpri 
BOdM* 

1*00 Hm* 

1*53 StaPfOio Fbraean 
lexStalCba* 

1*40 ILW) Aa Wbdd Saeviri. 


MBRAHDB 

*5*i»nylhwa* 

•XOftwrieOdMi 

oim ifihiiiwMi iiMi irwtai 
wdWMMrir. 
itOSOpe^^ eraowtina. 


SUNDAY 


tlX* SaadHriaa Jeuiwy. 
Rww SIww lebiiw to Cecil ta 


miBDiieniawitPtae* 

1X0 Dw WbM 1Na VMbwd. 


Tbn 

*50 Obaab Bartri lla Urear 


lIXSCniwDeab 

1250 HcktayEdben. 

l 2 lBSpaiaertl 

IMSpMiennm. 

SOeSpwtoRapeii* 

exiSh-GXiL 

rxO&ritayBaaan. 

•XBOuiTMeWrik. 

mOSThaTiarirwiL 

iiXfiNta^a* 

1250 AIri Ham 

850 Up AI More. 


920 ra firiopa can be 
lecehnd la Wariam wwape 
on linfttoi taw 84* hH2 
148*14 at dw leawtoto dwen 

oom 

*50 Uamanmagazhi. *30 
Bnpa Ibdri- 7X0 VdaM wd 
taibh Men 7.16 Dw Worid 
Tata- 7X0 Mandril. *50 
Wbrtd Nam. &1S WOwgud* 
*58 8edi Cheb* *50 raepla 
wd Perie* *50 WoM Mu* 

*00 wtardi «r raai. *15 a 

Jta Obod ahe* mxo Wortd 
Mwa and Buriiiai Mpert. 
1*16 WWId BrM. 10X0 
DniWBffBuri 04. lexa Sperti 
Roim*^ 11.00 PrMIri^ 
Oav* 11.18 Lotlnr from 
Amarie* tlXO BBC Enetah. 
11XS MrilManwearln. 18X0 
riiiimii 12X0 Meridian. 
1X0 WMd Nm* 1X0 Wtodi 
ol FwaL 1 , 1 s UriaacH 3 . 1XB 
Spoim Rmin^ttp. 2X0 
Nawdieur. *00 Nawa 
Sunnwm Sportaanrfd. 4X0 
World New* 4.18 BBC 
CnriWi. 4X0 HauW Ahlina. 
*00 Warid wd Meti Nan* 
*1* Buma uaita **0 BBC 
Enfftati- 8X0 Hauib Auual. 
7X0 N«M and laalwM M 
Oeniwn. *00 Nawi Suwawy; 
ariwriaaii wd dw Idea ol 
England. *48 Fren dw 
WbeMb* *00 tarti Naw* 
sxo Worda ol Pdtri. *1S 
Davatopmant 04. *X0 

Meridian. 1*00 Naawhour. 
11X0 World Naw* II.OS 
Weed* t4 FsittL 11 . 1 a Beck 
Cholita 11.18 Jazh tar dw 
Aaklng. 11.41 Sporta 
Itoudito. 12X0 Wauadari. 
12X0 Snudn wd Suaet Ah* 
1X0 Wbrtd wd Briawi Man* 
1 . 1 s GoM Booha: SwiUi 
Mican aeaai 1X0 The Jertn 
Duiw Stow. *00 Nevia 
Swntnaty: Rw ot dw Wade A 
Mitawnmar Mtaa Crow* 
*M Hawadeak. *30 
PiacuiBbi fimmrita 4X0 
nenedebL 4X0 BBC Bta* 
4X8 Nawa end Praa radwv 


exo Cwel Sntat Shw SMn. 
TXONoaaEri* 


TX8 Gtodt to dw Fuba* 
*ao 11w UBiria Ravbw. 


axOPWtddwWbNL 

4.18 Anta* ftw bwaa at 
leeto abemw on rraiatri 

QdvWMwrd. 

EXDWribpAlBa-Mwy 
StoawR anwerte on aw taal 
ataObMharjDUiwy- 

850 Peaby Pbaad Sbrin Rio 
lawto vano en dw Ownw cd 
nrindhaeqr. 
eOOSbffCtackMan 
*1S Labw Awn. Jon HObw 
iWtona to Coniri* 

*30 Tlw Mbwauri cd Than 
ftw Rid Sri Bwrin Nr 
Hub* 

TXe hi tlidnaea Pwaly rim 
7X0 Foudi CehMi Rwtarid. 
WlhChimHqiri^ 

*00 5bQ WM rr epnubria 
Chfean on dw rriworaedoo ef 
CMbd pudaaiwM. 
ixeiLMooiiwiLhawtau- 

0X3 An WBrtw: vnw Owiw dw 
taCTaXPMwrTahwHy 
8heriiraalBbti.*tlO 
Wtoiriib ahdbw MBdws and 
Dtotab* *2> OeMbrfeh on 
Art Hariy. 240 RwwlBMwa 
Hum* 

*30 fix Modtao Atari 
reefed aeaata Atan GhaVa 
tafea hr 1303-1882 
inn pi) Tw tfeiiid itahirj 
ftOBwiem WBi NaMi Baot 
■XO me Orita dw Ewta 
Howijilww riitarato — 
embornwn. 

1*50 Non* 

1*18 Coneart* rafrirt GUen 
Kiwrri to GriNarMteL 
11.15 hi CwimUa* 1l» 
^rifea ot Hta b GonvrihU* 
11X5 Seta d FOBl Ttw 
rn p raa iwa et fenwp* Lag 

1200 Mm 
1*58 sneeta reraean 
1*4S*W) An nc Worid 
Sonrie* 

ttxsmectaa* 


*00 Swell Koiwady. *16 
tawe ter Ttarid. 7X0 Wbta 
Up to Wbom- *18 nwa tar 
Thotat axo Kan Shk* 
11 x 0 Lriby JOM^ 150 Tlw 
Cardan Show. *00 Starto 
HwaOtod. 3X0 Ed OtowwL 
850 JelW Duw. 7X3 Hriwt 
(bagp. TXO Atal M. *30 Bp 
Bwd SpaefeL *00 The 18H 
BHdaiJBSAnwd* 10X0 too 
Janwaona. ISXS Stava 
itoddwL *ao Afen Leawr. 


BBC RAMOS 

*30 Open Unbwahy; MbrtM 
Eeenonea b flwra wd 
CMn *85 Wtadri. 7X0 Oa 
Aft. *00 canpoaer ot Oto 
iMMk. riinieuiai 

Dweudwa. 1*00 Tlw WriMi 
Pom el M Non Bwfe* Son(p 
ftM Atnenean and BMto 
nwarib. 1 x 0 Tha SBC 
OrriMabrii 1X0 The Lril 
Badn 2X0 Barth 
PbBriworin Chnh M w ntaes 
NawBgertiOgwnASO 
tfanaanla C wwuart. H u riirii 
(bwobJawwaw 
RBri i ii u fe eiwbw t awfe* 
6X0 Tlw Uwb UMri* The 
Idita ri m pital* *15 h 
TUn eohpail, DMe, 
StaahnSXODw 
Reaanlaalw. Hriwrt 
BOtataA opao. awp h 
Entta. 1** irae« * HMc 
nddnp Mylaa and taSuenoaa. 
llXOMuahAMtond. 
Cfewnraut wd Cnpwta 
12 x 0 Ctaa* 


BBGRAM04 

axoMwaBTfeBp. 

*10 Ftoiahip Tota^ ftaol 
aemtaritaft* 

*58 Rqw hr tlw ta. 

aaoTota.vRhjwMb 
Nwrtda wd Am FbrL 

ixe Rwta Rns> A BMiri at 
wrib nwmoa tom Jiiwi 
Orfh^hP. 


•OSSfertdwtadbMBh 
MBbin Baee Nd poMto. 

10X0 mx Umeri* Naw 
awfe* Faigue Hreeio baiN h 
BOwHinWollhanakial 


1*50 ore only Santo* Rem 
BtaHtt QhM BMM Oaaai. 
AbenBwy. 


AOBHoireNdto. 

5X0 Tito Or Mdwt 
taoBwnm* 

on il f i l dta Tti ririn ftiaita 

ttooMddayBUoa 

1*16 Tlw BipByta 

IMSirtaBpan 

555 PwiWri recttOI lanpiw. 


MONDAY 


1*15 *W) Thn Btato Tlw FM 
Innr ol Rwri to Thwire. 

1*50 Wbnwib Hew. 
Odaerrion ol taOiwn wd 
tadrih uuiL 

11X0 Tha IM RcMtL A dri 
to Momewtaa MOand HofeL 
izaovbuwdvbw* 

030 BMn ot BrfeWi TU* 

HBBOnW^BQPn IWWB0BB 

eoniart. 

1X0 Tha WtarH at On* 
IXOtheAiotiw* 

250 Oath Bri* (bean tab- 
Rhanca rereyb Inc lado 
plw- 

*00 Andwawi CouBiy. 

Tbpied dnnarhi ribeto. 

450 Mm* 

458 lOdNOgacopa. Anew 
produolen of dn Mei^ fka* 
4X5 Short Stoijn Jack to fw 

Cnen. By Beryl BririUm 
8X0 m. 

KaOShOaoriMew. 
aXD Tho Nooo Cbri. Cbriad 
bjrBfeiyToe* 

TXO Naw* 

TXSTheAnMn. 

7 .BI Tha reod PngrbiB* 

Iho twrinb wong t*Hta 
7X8 The Menta Rw 
oarita.ByOankUmr. 

*18 The Naw Rbomc. The 

daly rated of naw poBtataiwn 

sunatmMrieNi 

iXo KafeMoacopa. Tha Itaple 

fUatolxadbAMtoad 

adrtonefta diacnoenb 

ptegrriM* 

1*59 Tha WwMTbitol* 
rerioatad by Hebh Liod* 
tOXB Booh rt Badamae The 
Rid UtaolBalmdan Knfod. 
ByVhrinIrMbbiwv. 
llXomfiDavautSeapta. 
WHh Bwancaa Mwy WhnwG* 
11X5 (AN) fitaailen htatteriw 
rertahnwaolriage* 

11X9 The OUW Vtanrii Torv 
aifliy a ce n^ tan* 
atanbiQ ^ba WriarnOwr. 
ttODMwe, 

12X0 BttahR Fmera. 

1*08 O-W) Aa Wtarid Swvic* 
laXsmeCtaH. 


—C RAMOB 

OXOThaBroNoni 

taettonnw. 

tXfiTheUoBdn* 

1250 Mdtandi Utah. 

255 ttarioa an Fh* 

450JBMhiwidib 

wdfwina* 

750NaMea* 


ttXBCmwOrik. 

ii50Mffeta* 

1X5DMonea* 

250UpAIM|da. 


rtUMDBSimCE 
BBC tor Eriapa Crii bo 
tambtad ta Wtadani raropw 
od ItarthaB WriB eio hHZ 
(tani 01 Ow Mrama etaaa 
OMIl 


BwBriL exo Cenaie u rir Ot 
The HoMh. TXO Mtorid rid 
BMOi New* T.15 Lriri Iwni 
AiiwbaL TXD -laa Ra Tha 
Adta- 050 Whtto Mn* *18 
ttaiawrita* 220 Awn Ow 

Oam CWiariridanc. 1X0 
WHto O* 050 Whrtd Maw. 
*55 tatcb ol reu. *15 ta 
«r Rriwa loapVririd Nana 
wd BoriiHO Rsvtow. 1*18 
Saatog Star* 10X0 FoK 
ROirlwi. 10.48 Spena 
Rowid-ap. 11.00 Nona 
swriwry: SeWnee b Aeeott 
11 x 0 BBC EnpliNi- 11X0 
Nawa wd Aaaa ri adaw hi 
Owiiw* 12X0 MeniittualL 
1IXD The Jekn Dim Bwar. 
150 Mowa Ewieiwy. rtw d 
tlw Waalc A Mdauiwnar 
Mricb Chaw* 250 NaiMhw. 
3X0 Naaw Sunarwiy. Rooa 
aid Rnbir* *M Anythbio 
Ooa* 450 wortd Mw* 418 
BBC ErrthiL AXO Nans rid 
tanbm b GantriL *00 Wbrtd 
and Bhoeli Nan* *16 BBC 
BiriNi *50 Worid News rid 
BUlban Radaw. *18 Ah ib rt 
Dad. *80 Nssa wd barwas 
b Gwnwa *00 Eeura Wd 
Swaot Ab* *80 Europe 
Tbta- *50 Wbrtd Nam. *08 
WtoM ol MDL *1B Soundi ol 
Goapd. 9X0 JB Sew* 10X0 
NOMIWW. 11X0 Wwu Nana 
and Bunhwoa Havtow: 11.15 
Saabg Staa. 11X0 Lettar bom 
Amarie* 11.45 Sporu 
Rowriid. 1*00 Newadwh. 
12X0 reogo wd Roabifa: 
Ainao-PiaiKb mlaiioiw. 1X0 
WwU wd Britah Naw* 1.16 
Rock n Rfe* 1X0 h Pmba ol 
Bod. 2X0 Nawa Summary; 
Shataupma aid toa Iria ol 
ragbnd. *45 Maiiwrimuii. 
*00 Nawadaak. *M 
Cwnpoiw ol dw Memh. 4X0 
NanwdMlL 4X0 BBC Biriri. 
445 AiameriKb. 


7X5 Good tar a raoto. 
550 CMmptai Sport. 


1*00 Nano Trie 


1255 Tlw OOri Shb ol 
Mddgta. 


XHOUpAONIrit 


WORID SaWMR 
BBC for taapa can bo 


on Marawi Warn 840 hHZ 


*00 Motganmagazin. 0X0 
Briepa Tbta. 750 We« wd 
Brtibb Naw* 7.16 TM 
Lwirino Wbffd. 7X0 Aaga 
wd HartO* *50 WetM Naw* 
*18 Off me Shell. *30 
Dweurawa Eccualen* *00 
WeM New* *B9 Wsnta o> 
FaML *18 Haahfa IMtoi* 
*50 Anyiliho Goa* lOXO 
Warid NaM and ratimia 
Report. 1*18 Seunda of 
Qoapd. 1*33 TM ixtartiB 
Wart* 1*43 fipofiB Reuriiri 
11X5 NewB aunnwy: Ata 
Wid ReoWf* 11X0 BBC 
Bi^ IMS MtabnegariL 
i*M Naaiacaa* 15X9 
CenpoBW el flw Mardi 1X0 
World Naw* 150 Werta el 
FahlL 1.15 Jhz Sow* 158 
SporH Rouid-up. 2X0 
Nawdwur. 8X9 Whrtd Mw* 
*06 OflOaok. 3X0 OH tha 
3hwr. 356 Rbeh n Re* 4X9 
Wortd Naw* 416 BSC 
Biriah. 4X0 Haute AHuri. 


*16 IM Wadd Todw. *39 
Haua Altaia* 7X0 ta« n 
Gamn: KataWaaldp- *50 
Vraioa Ham. *58 Ouilook. 
*80 EdOpe tbta- 550 MhM 
Naw* *10 Whidb ol FOdi. 
*18 The WAiM Tbdra 209 
Tlw wage Qtat Wim 10X0 
HrirtMw. 11X3 Warid Mwa 
and Burines RapoiL 11.18 
Showdnie tor SMaaoaai* 
1155 toeriB tardito. 1250 
NawMik. 1230 neihtoh 1 . 
1X0 Warid Wd erlbh New* 
1.10 A Joftt Good SWWL *00 
Whrid Nam 2X5 Outlook. 
2X0 FO* riGHta* 240 Harih 
Ma llw* 250 — -t-'T*- 3 X 5 
Jas Seen. 400 W a wa dwk. 
4X0 BBC Entah. 4X6 
Admafltata 


C h e w ^ BridBG GRd the Prize CrossMord appear 
tfds on Page XIV 



J 


- WEEKENn APRIL .WMAV I 


1«M4 


E 

V 

c 

i] 

y 

a 

t 

s 

t 

e 

c 

t> 

ti 

a 

n 

ii 

s 

a 

a 

D 

n 

ot 

la 

It 

di 

y 

ai 

u 

SI 

ki 


] 


B) 

W 

Le 

Ai 

en 

da 

thi 

\i 

5U 

de 

frc 

all 

foi 

Ar 

me 

an 

UK 

eig 

pel 

\Vt 

to 

the 

Ga 

Na 

hid 


1 ] 


By 


A 

dell 

nia 

mo 

“te 

t-iii 

pea 

win 

ma 

inc 

Eui 

san 

lift> 

toiv 

sale 

7-1W 

Of 

nit) 

im( 

tiOE 

in 
cap 
T 
by i 
spei 
N'ik 
sen 
face 
ni.n 

Ion 

ulti 



Last week The 
Spectator pnUisbed 
an article called: 
“The Misery of 
Women”. It atoned, 
in OBacncc. tiiat the 

P rWgh TniiMla 

woman was never 
satisfied. If she did 
not have a Job, she 
was envious of those women who 
di± men were not so bored by 
them. If die did have a Job, die was 
envions of those women irtio did 
not ttey did not have to pat op 
with the impleasant and nneonth 
manners of mmi in the woi^daoe. 

And, ai^iied tiie antiior of the 
piece, Janies Bnchan, both catego- 
ries of modmn middle dass women 
envied their mothers, who were 
never ft*r****d to work, and were 
not Hshawmd to Spend a life of lel- 
snze or pore domesticity. 

While I thooght Bodum’s artide 
both poignant and tel&qr, it had 
not ocemred to me that it went 


A modem woman’ s place . . . 

Dondnic Lawson considers a controversy over the role of middle-class mothers 


b^ond the painfidly obvIoDs. How^ 
ever, it was dmunmeed, the very 
next day, by the Daily Express as 
“epectacolarly controversiar’, and 
was abused for its alibied foolisb- 
ness insensitivity by cblom- 
nists in sach diverse pnfalications 
as w w Mii i ig standard tiie 
Xndependmit on Sunday. 

Do I need to toD yon that every 
piece of soch criticism was written 
by a woman, all immediatdy Iden- 
tifiable as membtts of the secrnid 
category of Bochan’s miserable 
middle class? Bndian’s analysis 
was, at heart, Marxist: tiie hnnian- 
ity of onr woman was being 
destroyed by the insatiable hanger 
of cq^talism for cheaper sources of 


labonr. That is why, he argned 
“honseworfc has been mediamsed 
and the fridge is stocked with 
Mhiks and Spesneer ree^ dishes 
and the birA-rate is so low.* 
Bnchan argned that women wonid 
be niiidt better off^pending their 
time le arn ing to coidE and iftftMwg 
after the ddUren timy love. 

It amnsed me to see analysis so 
influenced by the left's greatest 
political philosopher being 
denoonced by tiie legions of the 
pdlitlealfr correct whose own phi- 
losophy nsnaUy amounts to no 
more half-digested Wr^****- 
Tins modem form of pofitical cor- 
rectness decrees **»■* imly women 
may justly p mmimirp on the mis- 


ery eX women, just as commimSst 
mlecs used to insist that only mem- 
bers of the workixv class conld 
truly pronoonce on the wickedness 
of ca^tolist e^loitatkML 

One Hrfwir that the rea^ 

tiOB to Baduai’3 article^ and the 
problem he ideittfies, is peenllatiy 
of onr time. One wonid be wrong. 
Waif a ceuUuy ago C E H Joad was 
Britain’s most fiamons popular phi- 
losopher and tiie reddcsit leftie on 
the pand on the leading radio qoes- 
tion and answer progEannne. 

In his aiitoldo0Vtohy Joad has a 
section “Women In the Home’’. He 
remaite "lliere is a controversy 
perpetnaDy revived in the cheaper 
press on the question of wtaetiur 


women should go bade to the home. 
What is mA nsnally realised by the 
partidpatoES in tids conlniveisy is 
that tor tiie middleriass woman - 
and it is over the middle-class 
woman that tte ctmtroversy rages 
- timre is no home to go baiA to 
. . . growth of tranqiort foeUities, 
TT n «f «>acp in HiarfianiflaT and electri- 
cal iQpliances . . . have 1^ of (tiie 
horned] varied dnties only an anto- 
matio rontine. The middle-class 
woman neither brews nor b aki w^ 
she does not wash; she has no skill 
in the iwaWng of conanrves and 
r^ards iwiirtng as on the whole a 
niiisanee. To mitigate ttiis waiaanna 
die does not cock so mndt as wann 
np food that others have cooked for 


her. . 

This was written in 1932, and ^ 
a man who described himself m ^ 
socialist* and a “feminist . Today 
Joad wonid be regarded as a reac- 
tionary old mlsogynisL 

The chief difference between 
Joadls analysis of the middle cl^ 
woman’s lot and that expounded ^ 
j^o ^iiaw, is that tiie fonner bellwed 
that modem Industrialism had 
maito the honsewife rednndant - 
gadgets did her work for her - 
while the latter bdieves that gad- 
gets have been derigned to aUow 
women into the male world m 
^m pin ynttaiL and thmufore to make 
fliatr hT^i^haiiHg redundant 

Meanwhile, since 1 published 
Buchan’s strictures, the atm^ 
sphere in the Lawson household 
has become a Utile frosft^. These 
are dangerous waters, Watson, as 
timt ineorri^ble badielor. Sherlock 
Holmes, said. _ 

■ Xknrdnie Lawson is aHotr qf The 
spectator. 


R un yoor finger down 
the form guide to Brit- 
ish billionaires and 
you wiU find, tacked 
in behind the Duke oi 
Westminster at right and 

valued at around E1.8Sbn. the name 

Hzndqk. 

Who? 

The Hindnjas, four brothers, 
belODg to that mysterious caste of 

intarnatj^al Tnidfflgmgn whO Spin 

the wheels of the world economy. 
Originally fiiom ffind in the Indus 
v^y, a oadte of civzlisation and 
now put of Pakistan, the family 
made its first fortune as traders in 
Iran b^ore moving headquarters to 
London wlmn they saw the Shah 
was about to foil 
Srichand P. SndnJa S.P.”) is 

the rid ppt hrotbW and rhahman of 

the group. As one would eqiect of 
the head of a private eD^nre irimse 
secretivmiess has encouraged whis- 
pers ct finanrial scandal, OT Of a 
father who has lost his only son in 
tr^ic dreunstances, he vmy rardy 
succumbs to interviews. 

He sat. a dunimitive figure, at the 
bead of a big polidied tsfole high up 
in New Zealand House in London’s 
Haymarket. A secretary placed a 
Uqie recorder at his dbow and Mr 
SP. opened the interview: Had I 
been to India? Had I interviewed 
other indtaiM, other Asians? What 
did I know about the grotqi^ 

He was as sos^ous as a mussel 
ezpos^ by the tide, slow and drcu- 
itous in his rephe^ warily parrying 
each question as if eiqpecting to be 
disbelieved. But when he talked 
about his 22-year-<ild son Dharam 
(lOiuluja does not acc^ the coro- 
ner's verdict of suicide) the shdl 
began to qp^ and soon he was cdl- 
ing me “my dear friend". 

Apart commodity tradii^ 
and finance, the bre^hers have asset 
management and investment bank- 
ing in Switzerland, motor manufac- 
ture f Asbok Leyland) and chemicals 
(IDL Chemicals) in oil ijaflis 
(Gulf Oil Trading and infrastrac- 
tore projects aln^ everywhere. 
They have just sri up mte of the 
first private banks in India in 40 
years. Hiey bave a staff of 20,000 
and a turnover ci “several billians”. 

What they own, they own odQeo- 
tively. “AH the houses briong to 
everybody, all the cars bhhmg to 
everybody,” Sndida senior said. 
“There is no this is mine, this is 
yours’. All tiie children belong to 
everyone. We have kept mie ItiUy. 
Everyone works as a duty. There 
are no wills.” 

So you. Ifr SP., don’t have . . . ? 
“Not a single penny!” 

Gopidiand (“lifr G.P.”), the sec- 
ond brother and group president 
also based in London, is rounto 
and jollier. He and S J. jostle eaifo 
other verbally like competing 
schoolboys. The third brotiier, Prak- 
ash, runs the fiTianrial arm AMAS, 
in Geneva and the fourth brother, 
Ashok, the Indian businesses. 

They are vegetarian, teetotal and 
non-smoking. Hinduja senior does 
not even drink tea, co^ or fruit 
juice. ‘T don’t want to dep^ on 
things which if tomorrow I don’t ^ 
1 feel sorry about," he grpiainc d. 

“My parents used to live tUs way. 
They thou^t it was religious. We 
are not living like this betause cX 
religion hut because we have madg 
research on what is good for the 
human body.” 

From tbeir father Panoanand 
(“the late father”) they Inherited 
not only the first $lm but also a 
sense of philanthropic duty. Their 
Hinduia Foundation supports a hos- 
pital and colleges in hidia, scholar- 
ships to Cambridge University, 
research at Harvard and various 
youtii adventure, artistic and qport- 
mg concerns. This was to honour 
the Vedic tradition of altruism, 
where self-promotion is rewarded 
with di^race. 

The brothers refuse to deal in 



TtworHuncMn 


Private View / Christian Tyler 


The billionaire without a penny 


meat, because that oOends a scrip- 
tural iujunction against kfilii^ ani- 
mals. or in ^cohol, gambling or 
racecourses. 

What about weapons? I asked, 
recalling newspaper allegations, 
later retracted, that they had traded 
arms in Iran. 

“We don’t deal in weapons. We 
ware suppling the dribni^ indus- 
try with non-ferrous metals, bat- 
teries, lead, antimony, chemicals. 
But where there is a wnaTiHri pack- 
age to be organised, or counter- 
trade to be oiganised we will do it 
Let’s make it very dear. We do not 
promote aims salra. But if someone 
asks us to arrange the raw material 
end of a counter-trade, we will 
SJadly assist” 

Gopieband was one of those 
named in a prosecotum report fol- 
lowing tiie Bofors srtmAa} of 1S67 
when bribes were allied to bave 
been paid by the Swed^ company 
to secure a howitzer order from the 
fadian GOVemmmit The a11ftgatifw^ ff 
were dropped after a Delhi high 
court ruling. Srichand said be had 
never denied having counter-trade 
rdations with Bofors’ parent gronp, 
but was not involred is anss pro- 
motion. The accusation was the 
work of political wiemies. 

Politically-motivated “character 
assassination" was also to blame for 
the fact that AHAS had been 
involved in a Swiss investigation 
into drug-money launderii^ this 
year. It was not a bank, said Ifin- 
didA and could not accept deposits. 

“Because we don't speak, we 
don’t blow our trumpet, people 
think ’Oh. than must be somtihhig 
goii% on.' If I were to publish the 


prosecutor’s letter people will be 
astonished to see how they are 
bring taken for a ride.” 

So the accusation against 
AMAS...? 

“ ... is buQshit.” 

ff secrecy leads to these folse sus- 
picions, siby not open wfi 
“A private group, bri% a trader 

and h atiTear , dOeSUt have an nWig a. 

tion to the public or media to say 
why and how I have made my 
money. But If they are interested to 
know what business I am doing, 
that is very igien.” Once the deals 
were complete the meria could eas- 


Snduja embariced on a rambling 
answer about how the brothers 
never courted publici^, bow mudi 
th^ were misunderstood, but how 
their consciences were dear. “Let 
anybody say anytime It doesn’t 
matter to ns.” 

He went to Downing Str ee t and 
other such functions, he said, to 
promote imdarstandiTig between bis 
host « u in t. r y and his mo*^**** Coun- 
try, just as he does betwee n Iran 
India. 

Mr Hindida, I said, do you give 
money, have you gi^an money, to 
the Conservative toty? 


that 1 don't like to make money. 
But my first objective is how I can 
offer my services to mankind, 
wbidi can Mng in better UIlde^ 
standing and lesser miseries and 
Biiffiarmg g in file hinnan race. 

“It is obvious in a free market 
each will get a slice of cake accord- 
ing to his capalali:^. If I am one 
thanij there is no thing wrong in it 
But I haven’t started with the objec- 
tive (d bow tag the slice of the cake 
will be for me. 

T have not told any head of state 
*¥00 have to do this for me.' On the 
contrary, I keep on tellfaig them 


Srichand P. Hinduja, the vegetarian, teetotal head of a very 
secretive and very wealthy family, explains that he owns nothing 


ily find out about tiimn, he added. 

There was nothing wrong in pay- 
ing or recriving commisrions. Evoy 
haniww- or professional did it Even 
those who offered access - “the 
door-openers” - were entitled to 
charge. 

“I only see a problem where the 
like is the devrioping coun- 
tries, is not of the free maikwt, 
where it is more protect. This 
T^dg to a lot (rf comqition. I am 
against the cdmqitiorL I bave bemi 
lobbying in eeesej country that they 
should leave business to the busi- 
ness people.” 

Oft^ described as fiiends of Bar- 
oness Thateher, the brothers have 
been entertained in Downing Street 
and wtmed in the press as donors to 
the Conservative Party. Was that 
true? 


“OE. Let me tdl you. We bave 
never grven money to any political 
party for the party funds. We have 
been attending the balls. Conserva- 
tive badls. Labour balls, wfase we 
take our frisuds to observe what is 
happening, how they are having 
these functions, how they crilect 
fiinds. . . with auctions.” 

Hava they asked you for money? 

“Wen, tii^ do keep on inviting us 
so that we would contribute fta the 
funds. They know that we are rich 
ffian , but Tnftrt of oar ccmtrlbutims 
have been fix* diimms, like contri- 
buting for good causes where we 
know that it is directly conceming 
mawiriwri But what you have read 
in the newspapers we dm't like to 
oonttadicL We don't like to get into 
that controversy.” 

Later he yatd; i am not saying 


that there should not be any favour 
^ven to any bosinesanan. so that 
later on people can finger yon and 
fin^ me. I am against protectiotL I 
say there should be a competition, 
open and fair. 'Rien let us see who 
wins the race.” 

If his business philosophy is free 
market and secnlar, Hiiidi^'a pri- 
vate philosophy is increasin^y 
mystii^ His diief memorial to his 
dead son is a r c g eo rc h institute set 
im last October with the help of 
Ciolombia University in New York 
to stndy religious texts for the pre- 
scieatiBc knowledge they contaitL 
“This knowle(U;e can benefit the 
entire world with proven 
aiqdicatioiis,” he 

Dharam died of severe burns in 
London two years ago after be and 
the girl he had secretly married 


were traced to a hotel in Mauritius. 
Press reports described his death as 
a sukide p^ and blamed it on the 
family’s regection of tbe rii*! as a 
suitriile dau^iterin-law. 

But Hinduja senior - who was at 
his son's bedside but refused to 
attoid the inquest - does not accept 
either agsiimpHnw “It is a mystery 
to the family. This is all I can tell 
you. That is why we are still very 
much omfused.” 

Did you try to stop the mani^e? 
dear fiiend, people are free to 
write what they Ute. But tbig is not 
the truth. This is all 1 can tell you. I 
cannot say that it was a suindp . i 
cannot say that in our family one is 
not allowed to live arid operate the 
way he or she wants.” 

Do you blame yourself at aQ? 

“No. because if there was any 
blame I would not have revived. I 
would have crazy. On the con- 
trary I am going in such directions 
and gettii^ such enlightenment 
that I feel more strength, more and 
more confidence.” 

His next project is to mabo a Hol- 
lywood film, '*the bluest produc- 
tion ever made”, to convey 
sage to tiie world. 

What is it about? 

“What is everyone in this world 
interested in?” 

Securit:^ 

“Not security." 

Contentment? 

“Can you name in one word soioe- 
thing everyone wants?” 

Self-respect? 

“No. Success. Success is the bot- 
tom line of everything. TTiere is no 
human being in this world who 
says he doesn’t want success." 


B eing away from Europe 
for a corii^ of weeks cei^ 
tainly hrips pot the old 
woiM in perspec tiv e. One 
of the pleasures of visiting tiie 
United States is the enjoyment of 
the marvelloiiriy der^nlated wmU 
of work tiie International Monetary 
Fond commended so vigoronsly last 
week to west Enropeans. 

And yet the e^tetlence of tbe 
realities of American life is one of 
iiMMHwant and constantly increasiiv 
r^mlation. Only Germany and 
Switzerland get near it in Esropeau 
terms, hot then the US has often 
iffTiiri! to owe more to its German 
]H M ita g p tiian to tiw British. LoiA 
at the food, the plenies, the houses 
and tihe taste for short tronsm. 

But maybe 1 am alone in finding 
mjiself in a sometimes Eafkaesqne 
world, the world of a bombardment 
of to^metions. I leeoU shoAI 
felt, nearly a quarter of a omto^ 
ago, on boaidins o Greyhound bus 
in Callfonua and seeing a 
which read: “Smoking permitted 
Tmieas jnohibited.’’ 


Despatches /James Morgan 


Rules to trap the unwary 


Today, of course, there is no sneh 
latitude: “H yon smoke yon wlU be 
shot” would be a more likely warn- 
ing. Shooting is one of those areas 
iriiich remains hl gMy deregulated, 
reqolitog no licence, certificate of 
pnrficieiiey or permit to do ft. 

This is probably because it 
Involves no commimiGaiion, in any 
real betweoi human bringx. 
Once yon enter that sphere, life 
coimists of hazards of enormous 
complexly. Ordering food is 
merely out, the multifiMknis ways 
in wiiidi an egg can be prepared 
and the varieties irf bread in irtudi 
the contorts of a sandwich might 
be incarcerated provide nnexpected 
for the stranger. 

Those who dioose to visit “tiie 
nation’s capital”, as Washington 


qnamtly calls itself, should realise 
it is no use aairing a tam driver to 
take yon to the White House. Every 
destination has to be noted by its 
address. Wril, not quite its address, 
bat tiie street it Is on and tiie neai^ 
est street that crosses it So the 
White Bouse becomes “Sixteenth 
and Pamsylvania”. 

Arrivals at Dnlles international 
airport give an insist into the 
New WmU of eommuideatixHi, tiie 
need to state the obvious. As you 
pass from yom aooplane to the 
immigration hall by a curious car 
on stilts known as a moUle lounge 
and cross the runways en ronte, 
small rigns say, “Aircraft have pri- 
ority”. ShnSarly, if you travri the 
wrong way down freeways, signs 
vrill shoot “Wroiv way”.. 


I imagine the purpose of snch 
driiberate redmatency is to avmd 
the attentiODS of dot caste of supe- 
rior American beings vriio play a 
role that apiaoximates to that of 
the commiinist party in the old 
Soviet Union: foe lawyeis. 

Thefar control over national life is 
.astonishing, thetr contribution to 
national well-beii^ a 

friend of mine vrho, as an act of 
charily, niactarminjad the gale a 
medical gronp practice last year, 
received visits neariy once a wedt 
from flMweie pnrffe rin g writs to 
tiie value itf Sfiin. ^Riat, apparmOy, 
was normaL 'Hie purpose was to 
easare any legal suits conld be 
underWy before the transfer of 
ownership took place. 

Aspects of the old Soviet Union 


have appeared in foe state of Mary- 
land today: homeowners bave to 
sort their garbage into five bags. 
They are then fimm into the eamn 
truck. (Glass, it is argued, will not 
break because bags that wuntaifi it 
land on new^iapex.) 

The bags are then sorted by 
teams <rf pooily'iiaid individiials. te 
Newark, garble inspectors have 
the ri^t to open bags in the street 
to see if tiie garbage has beoi eor- 
rectly sorted and to take Polaroid 
pbot^^eqds of offendiiig matnlais 
to provide evidence for legal action. 

Another Sorietriyle trick is the 
fixistenro of conflicting r^nlatious 
to trap the unwary. 

A fine was hi^l^foted last week 
in Dr Gridlodc, a regular wu nm n 
providiDg a banquet of infnnnatifm 


m to Washuifflon Post on local 
traffic problems. June Bashkin 
cmplained that she parked her car 
at a meter, got back within the 
ap^into time and found ^ 
ticket. The meter vras placed in a 
no pvking area and subsequent 
UBpections have shown othw care 
plastered with tickets 
potter profitable Uttie job forto 
state sector. 

tore you rid yourself of th^ 
and drive on the 
55^ difffeulties multiS^. 
^ne are, according to America 
Jtont 10 times as many 
Mbways as one mi^t 
find in Earope. They are contaXl 

Mp when S j 
a small town or nniisQal rirTTHmi 

tesnlts for lonjfei . 

♦i^i-***™-.*®* ^ paradoxes of 
ife free and flexible marlSk^hS! 
It can work only wHh a hiirt, j 
of regulation. And that 
«« create^ 



For the 
want of 
a nail 

Michael 

Thompsort^Noel 

I arrived home on 
Thursday evening, 
grey with exhaus- 
tion. to find Miss 
1^. my executive 
assistant, serving 
Vera Lynn.*! (lime, 
tonic. Kin) to a trio 
of young lawyers 
encamped in my sib 
ting room. 1 could tell they were 
lawyeis - not from their suits and 
briefcases or red. buttony eyes but 
from the stench of money that 
swiried about them tike the smell of 
rotting Twnngrove in a moon-less 
swamp. 

I did not interrupt. From what I 
could see they were in awe of Miss 
Lee. who was certainly lookiog a 
picture and who spoke to thw 
throatily while dispensing the Vat 
Lynns. Miss Lee. a Thatcherite. bat 
preseut celebrating the return of 
the ^m-rock influence to Londan 
fiaui couture, and was wearing 
something sequinny. in a new. 
acle tulle - saflrtm. I suppose you’d 
say it was. 

I retreated to the lower floor of 
our Netting Hill duplex. Cooked 
dinner, (leaned the kitchen Sow. 
Spent some quality time with to 
cat. Wate^ the camellias on to 
patio. Laid the table with the 
laughing-kookaburra placemats 
that we use in mid-week. And 
waited for Mbs Lee to finish her 
business with the nungrove-lunds 
and join me for dinner. 

W^h she did. eventually, with a 
ma girei rustle Of tullc. Wc Started 
our meaL Miss Lee poured herself a 
glass of house red. from a winery 
near Quillabamba, but could not 
touch her food. She was obviously 


HAWKS 

— & — 

HANDSAWS 


excited. 

She said “1 expect you are vm- 
dering, Michael why my lauym 
were here this evening. nonT’ It 
turned out that Ntiss Lee had here 
entranced by the news that a 
Court jud^ in London had ruM 
that a man. Martyn Ginder. was 
two-thirds to biame for an aeddent 
in which bis wife, most unfortu- 
nately, had broken her back while 
trying to rescue their young son 
from a car-port roof. 

TTie husband bad been asked at 
least 10 times in three months to 
mend the window Hiwyigh whidi 
tbe child bad climbed out As a 
result, the vrife. now wheelchair- 
bound, had claimed an esti^ted 
£500.000 a^inst her husband’s 
house^ld insurance policy. Dam- 
ages will be assessed at a late date. 

“All deeply upsetting,” said hfiss 
Lee. stroking her glass. “But also 
educational Hence the attendance 
here this evening <k my lawyers, 
who are insisting, that 

your household insurance policy be 
raised to sam tout de state, pl us h«if 
a millioa for various exteisioas.” 

"Extensions?’' 

“I shall come to those. But let os 
deal first with basic housriiold lia- 
bility. As you know, gam, these 
days, b neither here nor tboe. ft is 
a very small sum, though large 
enou^ just, to cover against daifr 
age to my person occasioned by 
your limpness on the DIY froal* 

“DiY?" 

‘Do-it-yourself. H w inehold loaln- 
tenance. Running repairs. ToNbas- 
B^'s work. I have asksd yoo 2D 
times since Christmas to re-hang 
the John Bellany in the sitting 
room. It is a mAjor work of art no 
one can deny, but al^ immowtiy 
heavy. My lawyers dread to tiunk 
what damage it mj ght cause fooold 
it fall and strike me - and aU for 
to want of a nail. 

“There are other things about the 
flat that fill me with alann. That 
ill-fitting drain-cover wtiidi atiows 
all the rats hereabouts, bombed as 
they are on high-class dope, to 
cavort across our patio morning, 
noon and ni ght. That biaeket-thiiH 
over tbe cooker. The carpet by the 
stairs. You are the man around 
here, Michael TTie pla ce sbMild be 
ship-shape. That is your rofr " 

1 said; “You knw ID have no 
truck with this role-playiiM etap" 

"Exactly,'’ s.iid Lee. “Vhifo 
is why my lawyers ore adamant 
that the timn hag mmo to rate y^ 
Jpnsehold policy to a nice SSw, so 
ihnt my person is protected.” 

^What are these extciisionsi?” 

I was about to come to those. Bv 
lawyers maintain ttet your hoite 
liold policy should be extend*^ ^ 
as to insure me against stress or 
psychological damage caused, or 
ukely to be caused, by mattte <x 
situations other than mere atflofo’ 
nance.” 

“Eiunpler' 

“Well . . . riding around In tW 
Rover. My lawyers agree th^* 
woman of my te^tivjty is hjgWJ 
vulnerable to stress if tiie is 
to travel around in a six-yttP®5 
Rover car driven ^ a pHS<» » 
occentric as you. There are vaifo® 
ot^ matters - bedroomy. 

^ ~ to be covered by the 4*^ 
tions. Half a million should do ^ 
just about.” 










or t hf 

ant o[ 

nail 


FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 




Ocl 


I . : { I ; , 

> il!: ' • 


I I • • .,J . . . 

hrU ,, 

•>• '1 I 

lUH tl;,... 

1. . , 

^ illii : i:;--. 
tin-* n • • 

^--Is . . ,f.,: ' 

!W uJ:.- 

lil'ji. ; 

•.?> Irfi-, .1 ;■ . 1, 

•'•'■S'r.*:.;;, 


lAfl- 


■ir-!'. y... 


I.. , 

M.*Srr-j, ; ... 
Cli !?:. I ... . 

nw liii; ■ 

, I. ; 

I!" 'ill.'lti'. ! 

»V. tj;.. , . . 

i4 

k-/C-n.i!i‘.',! ? 
ir'f ill ;• 


' !'• I. 

, - I* 

W !' * 


B ritain's accusations that 
Iran has been ctdlaborat* 
ins '’’'Ith the IRA are 
udikdy to dent its amil- 
ii^ defiance, ibr tiie simple reason 
that the government tn Tehran 
thinjis it has the me^ure of the 
Industrialised vorld. It is on 
assumption based on the calcula- 
tion that, whatex'er Iran may say, 
and perhaps do, the commercial 
self*mterest of competing nations 
will ultimately work in Tehran's 
favour. 

On the face of it, Iran has little to 
smile about It is heavily in debt dl 
revenues are sharply down, iofla- 
tioQ is rising and the economy emi- 
tracting. But it has succeeded in at 
least postpwdng the eccmomie crisis 
by persuading Genoany. Japan and 
other trading partners to reschedule 
an important slice of its abort-tenn 
debt Its deBanre remains directed 
primarily at tiie US, vriiich unsuc- 
cessfully sou^t to persuade those 
countries against otfenng Iran any 
relief flrmn its worsening economic 
problems. 

“We always knew the importance 
of our mai^ to the west aia& have 
now turned tile power of owing bil- 
lions of doQars. rather than just a 
few hundred xhillion," said one offi- 
cial in Tehran recently. ‘'By halting 
debt -payments in December we 
were able to concentrate the minds 
of our creditors on achieving 
favourable agFeeznents.” 

Tran ofibred nnthing pnHttnal In 

return ibr the rescheduling and, in 
particular, has not moderated its 
ambition to eqsort the message of 
revoluticmary taiam to the world’s 
ibn Moslems. Senior officials are 
gener^y encouraged by events in 
A^eria, Sudan and Egypt, whme 
they sense that the popi^ar poHtieal 
tide is swingmg ever irurre in their 
directlrm. . . 

Fbr the US, the British allegations 
that Iran was preparing to supply 
ftnann^ weapofluy and training to 
the ntA were particularly tim^y, as 


A debtor’s calculated gamble 


Iran, accused of planning to ann the 
IRA, is using its economic weakness 
as a weapon, says Roger Matthews 


they OKieazed to lend wei^t to its 
tha t Iran is (me of the 
main sponsors of inteniaticiDal tec- 
rorism, and justify the American 
pblicy of seeking to isolate Tehran 
eormonueally. However, the US may 
also reflect that its efbrts to limit 
Iran's economic prospects have 
proved less effective than the 
selfhiflicted rfawMg p (aused by the 
government in Tehran. Since the 
end of the eight-year war with Iraq 
in 1S% Iren hu eipiandered tire 
one solid achievement to have 
emerged intact tram that appantog 
conflict: its international financial 
reputation. 

Iran escaped horn the war almost 
without debts and a repatatam for 
meeting its obltgattons on time. But 
tile combination of the govem- 
menf 8 desire to oompensate people 
fbr thrir suffering^ ana ftw central 
bank’s Ihilure to control letters of 
credit, proved calamitous. 

&np(^ surged out (tf control, and 
today bw’s total outstanding debt 
is about $2Sbn. The country is 14 
months behind in meeting pay- 
ments on letters of credit, and its 
access to urgently needed Im^-term 

intmitational jg almnct nil. 

It also has to cope with a papulation 
which has doubled to more than 
SOm since the 1979 revohitioin, an 
infrastructure damaged by war and 
neglect, and the pr^nhfltty of con- 
tinued oil price weakness causing a 
sustained loss of government reve- 
nues. 

ban’s leaders Uame anyone but 
thems€l.ves for their troubles, but as 


the country's economic pR ght con- 
tinues to deepen, so domestic ^- 
aons are likely to grow. The gov- 
ernment has bought itself a 
ffnnneiai breattm^ spoce through 
the debt rescheduling now being 
finalised, but the reqiitels hmwod. 
both in time at>H In the 
effect on Iron's hard-pressed 
finances. 

The country's short-tenn debt is 
estimated at about gl4bn, tnein^ Tg 
some amounts rescheduled last 
year. Of this, current arrears are 
put at $9bn vrith some ISfan^Tbn 
covmed by export credit agendas. 
Another 9^ is thwight to be due 
fbr repayment during the rest of 
Hiiie year! 

The German package covers 
arrears of about $2.Sbn. It allows for 
a two-year grace period and repay- 
ments to be made in erpial tranches 
over the subsequent friur years up 
to the end of .Simfiar bilateral 
deals are being finalised with 
Japan, (Up to tisHm), Swltaerland 
and Austria (another Slbn each). 

Government afflHals Ha(m tha t, 

together with reschedulings involv- 
ing ttaly. France, and other Euro- 
pean nations, this will provide 
relief on nearly $8bn of debt 
anaaia. 

The US may hope that the British 
revelations push the creditor 
nations into reconsidering the 
reecheduling arrangements, but 
whatever the outcome Tehi^ Is 
stin firmly eau^ on the flnanHai 
hook. With about 85 per cent of 
government revenues diving from 



Prahlems shelved: Tehren's sbtqis ate packed with western goods, but tikis sttnation may not last for mncfa longer 


oil. the shortage of hard currency to 
fund all but the most essential 
imports will remain acute. 

But, In a new year message last 
month , Prudent All Akbm Hash- 
emi Rafraojani saw not a (doud ctn 
the horiztm. a view liktiy to have 
been received with scepticism by 
the Iranian parliament, whirii has 
talren a more critical view of the 
economy. Dmizig ti>e budget debate 
earlier this year membm forced 
the government to its reve- 
nue estimates for the year begin- 
ning March 21 from 8l4bn to just 
over $10bn 

Althou^ imports have faHen by 
more than 40 per in the finan- 
cial s^ar whidh ended last mont^h, 


visitors to bran’s mam ports report 
quaysides stacked with consumer 
goods. Shops in Tehran are still 
well supplied with western fash- 
ions, perfumes, and electronic 
equipment, while caviar can be 
bought at just $50 a kilo, somewhat 
less than the price of a bottie of 
smugged vodka. 

Indications that this situation 
cannot perast for lookg are begin- 
ning to emerge. infiaHnn, officially 
running at 23 per cent, may be 
doern' to SO per cent, witii some 
Hama having doubled in prlcs dms 
ing the past year. Government 
efforts to unify the amhanga rate 
are foltering as damans tor dollars 
increases, with the rial recently 


trading at about 2,500 to the itniiar 
on the free maiket compared wiffi 
tike official rate of 1,780. 

One political consequence has 
been the steady erosiOD in President 
Rafoanjanl’s authority. Parliament 
has turned increasingly against 
him. Eirst, it refused to endorse the 
renomhkation of Mr Mohsen Nour- 
bash as economics minister, and 
than in January ^H>a year displaced 
Mr Rafranjani's brotiier from the 
key role as head of tetevision and 
broadcasting. And when the presi* 
deakt proposed a doubimg d petrol 
prices, ^m the ludicrously low 
equivaleDt of 2 US cents a litre, 
pfti-iiammt refused. 

While President Rafoanjani’s for- 


tunes have declined, those of less 
pragmatic Ayatollah Ali Khamenei 
the spiritual leader and successor to 
Ayatollah Khomeini, have strengtb- 
enuL Few Iranians (loubt Ayatollah 
Khamenei is an ambitious man, but 
opinion Is divid^ over whether he 
ultimately regards Ur Rafiar^j ani as 
a political ally or a disposable rival 
Ayafrdlah Ehamenei also has his 
own problems, particularly with the 
Shia clerical estabbshaent in Qom, 
which is ill-disposed to recognise 
him as the senior religious aotiior 
ity following the death in December 
of Grand Ayatollah Mohammad 
Reza Golpay^anl 

W ith so many compel^ 
centres of authority, 
the prospect for a sin- 
coherent appFoa(dk 
to the country's economic difficul- 
ties and foreign relatkms appears 
remote, fifimsteis act independmitly 
of each other, the president cannot 
impose his will on pariiament, lead- 
ers of wealttiy religious foundations 
cannot he stopped from (labbliiig in 
internaticmal politics, and the 
cleigy is disunited, leaving only the 
old slogans of the revolution as a 
common point of refermice. 

This, of course, is not the Iran 
that its leaders see and cherish. 
They mock western doubts about 
the r^ime’s durability and place 
any current difficulties in the his- 
torical context of Iren’s revolutian. 
This, t^ remind visitors. Is the 
revolution which overthrew the 
Shah, survived the war {gainst 
fraq. faced down 15 years of hostil- 
ity from the US, and routed all 
domestic opposition. 

But what the revohition lias not 
yet demonstrated is an ability to 
create economic growth, reduce 
unemployment, narrow the vast gap 
between rich and poor, and manage 
the nation’s considerable resources 
intelligeiktly. On those issues, the 
Iranian pnblie will eventually make 
their views felt 


M.-. ;. , 

liS(h !!;,•• 

il.-. ; • 

Hiii I .. 

• .• 

M'.-,- .. 

•'‘I'V I" ; , • „ 

I'lw! , 


A\\KS 



.NI)S AWS 




-.1 II. 

-.i-i •! 

i’. 

\ ■: 


i;< •: 


M 


anagement con- 
sultants are the 
pec^le who bor- 
row your watch 
to tdl. you .what time it is and 
thmk vralk off with it, in the 
famous judsnent of Bfr Robert 
Townsend, the former chair- 
man of Aids. 

His 1971 opinion is still 
widely held in butinesa. A sur- 
vey of company directors in 
Scotland last year rated man- 
agement omstQtauts lowest of 
any profession for their contri- 
bution to business, ability to 
grasp company requirements 
and valoe for money. 

Now ^ssatisfactian. has sur- 
faced in the pu^ sector, with 
an unpublished govemment 
report on the use of external 
consultants by the civil ser- 
vice. The UK Cabinet Office 
efficiency unit could And 
savings of just £l9m from 
expemfifroe oil consultancy aC 
more than £500m a year - less 


' 

By contrast £T8to was spent 

\ f • 

on internal consultancy to 
1993-93 ' saving filSm, 23 per 

•4 b* 

cent of the cost 

. n;? i . . 

The findings of tiw report, 
revealed in the Financial 

/I . • 

Times on Tuesday, unleashed a 


political storm over the waste 
of resources. But the cmmois- 
sionii^; of the report Indicates 
that ministers have become 
increasingly uneasy over the 
enormous growth in the use of 
external man^ment consul- 
tants in WhitdkalL A series of 
reports by the National Audit 
Office, the public expenditure 
watchdog, have already critic- 
ised the waste of money on 
omsultants by the dvil service 
and the health service. 

One placed civil ser- 

vant, referring to use erf consul- 
tants. said: “Some of these 
reports cost an arm and a leg 
and tell you nothii^ you didn’t 
know alrady." 

The explosion in consultancy 
use and other outside advisers 
by the public sector has been 
relativ^ recent In 1965, pub- 
lic sector work brought in 
£34.Sm for members of the 
Management Consultancies 
Association, (it covers about 
half the consultaikcy market). 
By 1993 this bad increased to 
£209m. 

Privatisation was one impor- 
tant area enablii^ merchant 
banks, gwytuntants , City law- 


Do Whitehall’s outside consultants provide value 
for money? John WiUman examines their role 


Con artists or 


cost- cutters 


-TEU. as - -how 70 OTVE 

>\BOtrT HBa= A PILUOM oM 

£bN^tmNTT 



yers and PR consultants to 
rake in lucrative foes fear sell- 
ing off unties such as VT, 
gas, water and d^xiicity. 

Another opportunity was 
provided by the compiiterisa- 
tion of didl service work sudk 
as tax (xdlectian, which created 
some of the kogest IT projects 
in western Europe. The oom- 
puterisation of the Departinent 
of Socaal Security ini^ved at 
its peak 250 staff from Ander- 
sen CcHksulting, the world's 
largest consultancy. 

The gnnring pace of White- 
hall reform gave a frirther 
boost to consultancy in tike late 
19805. Consultants were called 
in to advlGe on the creatimi of 
more than 90 executive agen- 
cies to inquove the delivery at 
central governmeikt services, 
such as the Benefits Agency 
whidi pays sodal security ben- 
efits. The Citizen’s Charter 
required marketing and eus- 
toff i er - hatnuiTig 58iriTi« that the 
civil ser^ce lacked. Consul- 
tants advised dvil service 
d^Kutmeots on maik^-testing, 
and their staff on how to win 
CMktracts. And the latest move 
to privatise executive amides 
will mean more lucrative work 
for aty advisere. 

By 1992-93, civil service 
expenditure on all forms of 
external consultancy had 
reached £S66m a year, the dfi- 
dency unit estimated. A sam- 
ple of quangos - non-civU ser- 
vice bodies financed by 
govemment - suggested they 
were spending a frirther £124m 
a year on consultants. 

Around half the money bdng 
spent is used to help imple- 
ment govarnm^it programmes. 
Consultants help design roads 
and defoikce equiiNnent, advise 
foreign governments as part of 
the fbreign aid programme and 
devise training strategies. 

Nearly a third of the total 
£l6Qm. is sp»it on FT advice. 


Most of the remaining £13Qm is 
to help iuqirQve the man^e- 
ment and structure of the ci^ 
service. 

Consultanta are quick to 
point out that the figure of 
£lQm for tile savings frw this 
ektoenditore is not an accurate 
reflection of the benefits. 

“Benefits aren’t just about 
savings, they^ about achieve- 
ment,” says rack Rawlings, 
head of public sector juac- 
tice at PA, one of the lugest 
UK consultancies. 

2dr Brian CRcrke, director 
of the WawggiWMBwt Consultan- 
cies Association, says that 
even where there are savh^. 
the civil sovice often frdls to 
qoantifrr "Businesses are 
mudk more accustomed to esti- 
mating the savings from a proj- 
ect in advance and tiien cbe<&- 
ing on the actual savings 
afterwards,” he says. 

Mr Keith Burgess, mawagiTig 
partzier of Andmsen Consult- 


ing in the UK, says that 
Quitecting to calculate the ben- 
efits is a consequQSca d the 
dvn service obsession witii 
controlfoig costs. 

“Civil servante emphasise 
process in bv^zng consultancy, 
ticking boxes to show that 
every check has been made so 
that the result canimt be chal- 
lenged by* the National Audit 
Ofi^” he says, “to busmess, 
there is a for greater emphasis 
on individual responsibility, 
with a senior manager in 
charge at «^i»nTis!rinninp con- 

ml tanfy gn H seeing it thlOQgh 

until the benefits can be 
released.” 

'MwH of tike eSrieocy unH 
report is devoted to improving 
tike pr ocess of buying consul- 
tancy. Bgcontial fo tiUS iS the 
development of polictes for 
neHiy Consultants. 

‘“Ihoe Is a common feelii^. 
ri^itiy or wrongly, that for sig- 
nificant pnijects some minis- 


ters will not be persuaded by 
advice from ci^ servants 
alone* the report says. ‘“Ilkere 
needs to be a report from con- 
sultants, preferably one of the 
large consultancy firms, to 
give proposals creffibility.” 

In many cases, the report 
says, consultants are used in a 
reactive faBWon, to itaai with 
particular prohimns. 1^‘ects 
are romTni/arinnwi by relatively 
junior staff which are tHtai not 
implemented because the staff 
lack sufficient authority to 
carry the projects forward. 
Communication between 
departments on similar consul- 
tancy work, which would pre- 
vent duplication and reduce 
costs, is limited. 

Mr 0‘Rorke says that White- 
hall d^kaitments need to 
consultancy more seriously. 
Project specifications Khonld 
identify e x pect e d benefits and 
be finalised in a dialogue 
between the department and 
consultancy. Mr Burgess says: 
“The best consultancy delivers 
benefits to the stakeholders in 
an organi^on by creating a 
paxtoership between the con- 
sultants and the edients.” 

T he r^ort goes further, 
and questions 
whether some consul- 
tancy is needed at all 
To avoid duplication it sug- 
gests a government-wide data- 
base of completed consultancy 
work. 

And some management 
improvements could be better 
achieved by adopting bench- 
marking techniques used in 
business. These invidve identi- 
fying best practice in other 
organisations and coding suc- 
cessful techniques. 

The consultazupr industry is 
outwardly sanguine about the 
fall-out from the report. 
‘Tdore mtelligent buybsg will 
moan fikat the UkODey is spent 
better - and the government 
has plenty of scope for 
improvement,” says Mr Bur- 
gess. 

And Mr O'Roike sees no sign 
of a collapse in the market. 

They may be ri^L But one 
thing is certain: the 0ory days 
for consultancy in cmitral gov- 
ernment are over. After the 
embarrassment of this week’s 
report ministers will make 
sure that future projects are 
more rigorously justified. 


Q uite simply, there 
are too many res- 
tanrants to France.” 

This observation 
comes not from a 
prospective visitor to Franca 
somewhat perplexed by the 
10,876 entries In the 1994 
Hlehelin Gnide, but from 
Mii-iirt Roux, three-star Mlehe- 
Ito 

Altiiough Ronx is based at 
the Waterside ton, Bray, Berk- 
shire, he keeps feds fto^ on 
the coltoary pulse d Prance 
via Relais & Ch&teanz, the 
mazkeftiDg consorti um of top 
hotels and restaurants, and 
the Haitie Patissiers de 
France, an elite culiiiary group 
of whi^ he is vice-president 
In Colmar, Alsace, recently 
for Fesiiga *94, a gastnaioiiiic 
fair, Roux heard a coDective 
groan of di s tr ess bum Ftendi 
restaurateurs. Of immediate 
ccncern is the oversupply of 
restaniants. But more worry- 
ing for a country that consid- 
ers itself custodian of the 
world’s finest culinary tradi- 
tions, the youth of France, 
reared on Te fort food’, are no 
longer attracted to a eareer in 
the Utriien. 

Bustoess has been in decUne 
since 1991 but last year was 
for many restaurants the 
wor st on record, enhninating 
tn cbefe* protests in soutfa-west 
France, led by local c^Andzd 
Dagoin. The French govern- 
ment’s ‘franc forf po^ has 
iignted the tonrirt market awi 
to snrvive several t(g> Parisian 
chefs, including Jacques 
Cagna, Blichel Rostang and 
Guy Savoy, have (vened more 
relaxed, less e^ei ^v e brasse- 
ries, sndi as 1 a Butte Cbafllot, 
La Rdtisserie d*en Face and La 
Rdtlsserie da Beanjolais, 
which have menus priced 
about 40 per cent lower than 
at their main estabUshnients. 

A few top Parirtan restau- 
rants, sndi as those run by 
J06I Robuebon and Bernard 
Pacand, may be booked ahead 
but it is for weeks rattier than 
months as it was to the 1980s. 
Outside ttie tdg . hnslness 
is quiet, particalarly at lunch. 
Acoording to Roux, 1994 may 
be*nkloody”. 

Part of ttie damage is sdf-to- 
fuelled. While Frenrii restamUf 
tears have priced their food 
seusibly, via fixed-price 
menus, their wtoe pricing has 


Spin 

and 

tonics 

French chefe are 
trying to whet 
appetites, says 
Nicholas Lander 

been raparions. Normal prac- 
tice is to take the wtoe’s cost 
price and multiply it by 
between 4w5 and 6 to arrive at 
a selling price inclusive of 18 
per cent tax and 15 per cent 
service. This policy has dis- 
couraged many ITS visitore, 
used to lower mark-ups, and 
upset several French wine- 
makers. 

Twenty-one top champagne 
houses have given Ftonch res- 
taurateurs a marketing lesson 
by launching a campaign to 

France’s youth 
are no longer 
attracted to a 
career in the 
kitchen 


boost consunqktion. They are 
offering a 30 per cent rebate 
on the cost price if restaurants 
agree not to ctaaige more than 
Fr300 for non-vintage cham- 
pagne. More than 900 restan- 
nukts are taldi^ part 
But at Festiga *94, in the 
presence of Paul Boense, pe^ 
haps the world’s most 
renowned chef, the Maltres 
Cnistoiers de Flrance laundied 
a much grander initiative, 
entitled ‘Parconrs dn Profes- 
sionalisme Gastronomlqne*, to 
overtianl the entire industry, 
stimulate demand for good 
food and inspire the next gen- 
eration of French ch^ 

Pnt simply, ttie plan is to 
gr^ them when they are 
young. Chefs wiU now visit 
primary schools thronghont 
France to eaqklato the import 
tance of good taealtii and good 


fikod so that as schooleavers, 
they win consider a career to 
catering. Other measures were 
annonneed to upgrade the 
training for those at coU^ 
and to reward more positively 
trainee dt^ and waiters to 
restaurants. Each trainee chrt 
will receive a “Passport to 
Professionalism” sponsored by 
the local branch of the bank 
Credit Hntnel 

On the foir’s demonstration 
stands the policy was being 
pnt into practice. As threertar 
chef, Michel Troisgros, was 
cooking barbary duck with 
tarnips in front of an anrfipm»e 
of SOO French adults, another 
professional chef was supervi- 
sing S-year-olds, dressed to 
white mini-diefe’ jaAets and 
as they cut strawberries 
and vegetables. Behind were 
their drawings of bntchers’ 
and bakers' shops under the 
beading: If I do not eat meat 
eggs or fish, I win not grow up 
big and strong.” 

Will French restanrants find 
it difficult to attract new ens- 
tomers or chefs? Troisgros 
laughs. ”At ttie top end of the 
maiket we need exfra custom- 
ers.” he says. “Alttiougfa bnsi- 
uess is gooff we would like an 
extra 10 enstomers each ser- 
vice to take it back to the levd 
it was four years ago.” 

For other less well-known 
Ronch restanrants ttie compe- 
tition for enstomers and good 
staff is ahwnst Certain to inten- 
sify and ma y lea d to a signifi- 
cant Festructining. 

One solution to an oversup- 
ply of restaurants and a short- 
age of good ebrtS may lie to 
restaurants grooping tc^ether. 
Philiigie Bohrer, 31, a one-star 
Micbelto chef at Rouffach, 
Alsace, has formed Syndicate 
Gonrmande with three other 
chefe because, he says: “Chefls 
today have to sell themselves 
to their custmners and to their 
staff, and go uikere their cus- 
tomers want, even takiz« res- 
taurants into homes or 
offices.” 

Ttestan ra tion b la domidle', 
Bofarer’s viskm of the fritnre, 
may be the most important 
change the industry has 
undergone since the French 
Revolntion bnfoe up many of 
the great houses and trans- 
formed France’s domestic 
cooks and servants into the 
world's first restanratenrs. 









‘ I! :S • 


'.I V • 









\ 


Deregulation proposal a 
threat to many local 
authority markets 


fYom g&JS HWtaAer. 

De^te a large number 
of objections, the government 
is forcing through a bill which 
threatens the future of local 
authority-owned markets. The 
Derepitetion and Contracting 
Out fiilZ wUl remove common 
law protection for markets 
b»T<Tt <xi common law and pro- 
vided by maritet rl^ts. Ri^ts 
of markets to private owner- 
s' will not be removeff 
The government received 
2j^ responses to the bill Of 
these 2J)49 objected to the mar- 
ket deregulation proposal 
One of the reasons given in 
rep^ from ministers at the 
Department of Trade and 
Industry is that there are 
“waiting lists of potential stall 
holders” for maritet stalls. This 
statement is an indication that 
ministers 'have not visited the 
markets before proposing legis- 
lation which could have seri- 
ous effects on the future of 
marketsi. particularly those in 
small market towns. 

to- my authority between 2 
and <0 per cent of stalls are 


empty each market day, and 
on speaking to (toUeagues 
throughout an<t Wales 

the pattern of empty stalls is 
very similar. This failure by 
ministera to visit markets is to 
stark contrast to visits by 
transport minister, Mr Steven 
Norris, to towns and (dties 
re^ading the review of taxi lie- 
enrtng. He is ekqierieneing at 
first hand the ^ews of the 
trade, public and local authori- 
ties. 

f ask every MP and member 
of the House of Lords to visit 
the markets to their (xostitu- 
endes on market days and see 
for themselves the present situ- 
ation. and judge whether the 
city and town centres can 
aff^ the of new markets 

and car s^ which will 

appear whmi the floodgates of 
dertmdatkm are opened. 

J s Whitahm*, 

Aead of Ucensinff and markets 
service, 

J&klees Metropolitan Ooitndl, 
&ta/e 

Smbontf StnM 

Htidder^HDl JJU 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SEl 9HL 

Fatx 071 873 5938. Letteis transmfeted should be clearly typed and not hand wtinen. Please sec fox for finest resolution 


The real Europe for real people 


From Mr George Tftomas. 

Sir, Your editorial “Ger- 
many's Etu-ope” (April 28) 
marlm the FT as ttm last bas- 
tion of those who bdieve that 
“the over-mighty sovereign 
Gomany”, as yon it. can 
be tamed by absotptkm into a 
united Eun^ You then go on 
to describe fUs ideal Eun^ as 
one to which the many Peebles 
of Europe; mollified by ftzU bel- 
lies and material prosperity, 
will acc^ the dominance of 


G^many as a foir price for 
pacification of the monster. 

But reel people are political 
and tribal Reel people, even 
rich ones if veo could alw^ 
hope to be riclL have aspira- 
tions to at least the sense of a 
say to their ^vernance. When 
in a minority they need 
national loyalty to accept their 
diaappototment and tolerate 
laws toey dirtike. Eurc^ par^ 

ticnlarly nna Hnininateri by one 

country, cannot meet these 


demands. This may be bad for 
business but it is true and for 
this reason the Europe that 
you wish for will not continue 
to be the “zone of stability” 
that we have come to accrt^t so 
complacently and which yon 
choose to abandon so r^- 
lessly. Your Europe will be as 
fractious, unruly and tense as 
any previous colonial empire. 
George Thomas. 

J7 Campden SiU Soiutre, 
London W8 7JY 


A difference that is more than just semantics 


FromiSrOtristtniherOmway. 

Sir, 1 read with intoust Lucy 
Kellaway’s excellent article, 
“Game rules to blade and 
white” (April 25). However, her 
assertion that competencies 
"may include skills, know- 
ledge, understanding will- 
power” is fundamentally 
flawed. 

Our latest research at Ash- 


ridge iwiiTfgtflfi that it is neces- 
sary to separate competency 
identified as qualittes or attri- 
butes, from competencies 
which are TwanageTnant behav- 
iours in a rote. 

The failure to Mentify these 
two distinct yet complemen- 
taiy elemmus Ues at the root of 
moch of the confusion sur- 
roundhv the sncces sf ol imple- 


mentation of competoiries for 
top managers. 

It is not just a question of 
sfimantica. 

Christopher Conway. 
senior r e s& nvher, 

Ashridge Management 
Eesearch Group. 

Ashridge Management CoUege, 
Berkkam s ted, 

Hertfordshire EP4 iHS 


Deterrent 

overdue 

From Mr TW Philip 

Sir, The plan by Michael 
Howard, the home secretary, to 
introduce a law to punish 
those who obtain i^ivate infor- 
mation by deception is long 
overdue ("Howard moves to 
protect confidential toforma- 
tion”, Ajnll 16). 

As legislation throughout 
Europe moves towards gre a ter 
transparent when storing pep 
sonal information on com- 
puter, the growth of an Ullde^ 
worid iTaaTirig in "confidmitial 
information” is as insidious 
corollary. 

A deterrent is vital, and 
gr lBihialiaa tton is a welcome 
devdopment. 

T W Phillips. 
otaimutn. 

histiiiuecf Credit Management, 
The Water MiU, 

Station road, 

South Luifenham. 

Oakham, Leks IBIS 8NB 


C&G takeover threatens 
diversity and mutuality 


From Ms S^ibelh Mager 

Sir, How for should the ideal 
of mutuality be protected? This 
is the critical questum in the 
proposed takeover Lloyds 
Bank of the Cheltenham & 
doucester Buildtog Socie^. 

Tour report (TJoyds’ High 
Court hurdle” April 26) of the 
1^ obstacles in the way of 
the takeover draws rttention 
to the commission’s view that 
payments to existing members 
can only be made to those per- 
sons who have been members 
for at least two years. 

of the aiizte of the twi> 
year qualification p^od is to 
strengthen the position of a 
mutual society. In such an 
organisation, the assets d the 
society are owned by the mem- 
bers themselves. On a take- 
over, there is a one-off opportu- 
nity to release the value of 
those assets. The Ideal of 
mutuality requires that only 
those who have been members 
for a period of time should 
share In this release. If the 
takeover of the C&fi Lloyds 
succeeds, this ideal will have 
been rtamag wr. 

Ultimately, do we want 


diversity in the institutions 
which provide borrowing fimili- 
ties to the genmul public? If so, 
the mntuaTe have a vital part 
to play. They bring a different 
perspective to the market and 
a Wide degree of choice. 

The ^vernment Is currently 
reviewing the position of build- 
society mergsis and acqui- 
sitions. One reason iriiy build- 
tog societies are vutoe^te to 
being taken over is t^ liirritH 
that are imposed on their abil- 
ity to raise funds in the whole- 
s' market Part of the review 
should cover tlie question of 
whether these liTnitB should be 
revised or removed. If the 
playing field betw^ banks 
and building societies were lev- 
elled, many more societies 
would be to a stroller position 
to resist the pressures ^ te h V 
over and the ideal of mutuality 
could be preserved. 

Without a' successful review, 
the ideal of mutuality will be 
lost and craxpetiUon Minrifi<«ari 
Elizabeth Mayer, 

Fox WVHams, sofilefrors, 

Gig Gate Bmtse, 

Sg^SFaaburu Sgtiare. 

London EC2A IW. 





COMPANY NEWSa UK 


S 

I 

f 

i 

r 

1 

a 

t 

t 

F 

t 

U 

S 

r 

o 


I 

k 

B 

V 

D 

A 

it 

y 

al 

tl 

SI 

D 

ei 

C( 

ti 

tc 

at 

ni 

is 

& 

til 

ai 

D 

re 

of 

la 

m 

dc 

ye 

ac 

ur 

su 

ke 


i 


1 


By 

We 

Le. 

An 

ere 

da} 

the 

lev 

h 

\^c 

sut 

der 

Cnr. 

all; 

for 

An 

mo 

ant 

mo 

eip 


to ' 

the 

Gai. 

Nat 

In^ 

A 

11 

Byl 

and 

A 

dele 

xuai 

moi 

“tei 

talk 

peac 

M 

winr 

mar 
incl 
Eur 
sane 
lifte 
towa 
said 
Zam 
••1 
nity 
imp- 
lion: 
in I 
capi 
Tl 
byJ 
qiec 

Niki 

sent 

face- 

alati 

fbro 

ultil 


Profits warning 
hits Canadian 
Pizza shares 


By Simon Daides 

Shares in ^jw^ariiari Pizza fell 
46p to I20p yesterday, when 
tbB managmnsait issued a prof- 
its Wanmig just five TnnMHie 
after the cosuiaziy's flotatioxL 

Mr Andt^ Dare, chainuau, 
said that sales to UK retail cus- 
tomers imi^ "seen a significant 
lowing”, trtdle its laigest di- 
ent, J Salnsbury, had indicated 
it would aze pintfeases of pi2za 
crust for its delicatessen 
operations. These accounted 
for about 10 po^ cent of last 
year's tununrer. 

Last November, a grinning 
deputy chairman, Mr Harry 
Kent, unveiled a pizza crust 
with the price 201^ written in 
pepperonL The share price has 
since fallen 40 per cent 

Tlie eoQapse TnniarHn^ film 
uncertainties of investing in 
flotations, particularly when 
the track records of companies 
and Twawaggmant relatively 
short and the issues are 
heavily prean o ted. 

Hoare Govett, r.anariifln ^ 
za’s stockbrokers, were brotos 
to the recent flobdion of Maid, 
the on-line business informa- 
tion supidier, whose shares fen 
45 per cteit within weeks of its 
launch. 

As one fond manager said 
yesterday: “To have one flota- 
tion nearly halve in value is 
unfortunate. To have a second, 
somcks carefessness." 

Mr Tim Potter, of Smith New 
Court, said: “It was over- 
priced, and the mariset is now 
leami^ just how exposed 
Canadian Pizza is to the triiims 
of the si^etmarket trade, and 


ffiwwdlwn-PtTvw Cw ni i iiMi y 



IVtf " ” ' ' ' / ■ ' ■ ■ 

.'Nou'tsea. .94" ..Apr. • 
Satrea? Owwwwii 


their impact on its one pnxt 
ucL” However, he said there 
was no evidence ♦•kat the mais 
agement could have ft neseen 
the difficulties. 

rj-naitian Pizza announced 
its results at the end of Febru- 
ary, saying tkat aithnn gti thoe 
was some pressure on profit 
margins for sales of pizza 
crusts to retailers, it had 
jacked up new accounts. 

BCr Peter Woodall, duef ezeo- 

Utive, the f»wnpany hart 

only heard about the likely 
loss of Sainsbury's business 
last week. As a result previous 
expectations of grov^ had 
vanished, and the company 
was no Umgm' cetain it would 
exceed 1993’s profits of fi3.2m. 
However export sales, which 
account ftw 30 per cent of turn- 
over, were above hudj^ 

The company said that sub- 
ject to unforeseen circum- 
stances, it would wuHirtain its 
dividend. 


Pelican cash call 
for Dome chain 


By Andrew Botga* 

Pdican Groim, the acquisitive 
restaurant operator, has 
to buy the Dozw cafe 
chain - which helped to pio- 
near brasserie-etjde catering in 
the UK - from Fbrte. the holds 
and restaurants group. 

Pelican is paying £ll.Sm in 
cash and also announced a 
fully underwritten £20m limits 
issue to pay for the chain, and 
the conversion of most of the 
outlets into its own Cafe Rouge 
brand of restaurant 

Ihe 5-for^ cash call at 80p 
was well received and Pdlcan's 
shares rose by 4p to 95p. 

Mr Roger Myers, Pelican’s 

ffhairman^ waS advisUlg COUI^ 
age, the brewer, ^riten in 1984 
it (Q)ened the first Odme cafe in 
Hampstead. London. 

In 1966 Forte bou^t what 
had by then become a chain of 
four outlets. However, they 
always seemed to sit uneasily 
within the larger group which 
now wants to focus on its core 
hotels and roadside catering 
businesses. 

The Forte connection was 
carefiilly concealed, since the 
group i^tly suspected that its 
style<oDscious young custom- 
ers might not want to know 
that their trendy kxal was 
owned the same conmany 
which controlled the Little 
Chef and Happy Eater roadside 
restaurant cluins. 


Pelican is buying 16 restau- 
rants, of which 13 currently 
opgr ate undm* tha Dmbe name. 
Forte will keep and rebrand 
three DOme outiets - two sited 
in groiqi hotels and one in Im- 
don's Street 'The latter 

wam the site of the or^nal 
milk bar from which Lord 
Forte lanndhed his empire. 

FeUcan is acquiring three 
other London restaurants in 
the deal - tiie Oriel in Sloane 
Square, and two Bax Eacoba 
outlets, in Kensington and 

ICflHwg 

Tba new owners will convert 
nine <£ the Dodie outli^ and 
the Bar Escoba In Ealing to Its 
Cafe Roi^ format. Three 
other Ddmes will retain the 
TiamB and be run mainly as 
bars - “which is what they 
were always meant to be,” 
according to Mr Myers. 

Pdican said the deal woold 
enable expansion away from 
Greater London through the 
acquislUon of sites in Oxford. 
Cambridge and Windsor. 

The groiQ) forecast it would 
make pre-tax profits In the 
year to March 31 of £2.5m 
(£906,000). A final dividend of 
not less than 1.2Sp is forecast 

The rapidly-expanding 
group, which came to the USM 
in 1990. has seen its share price 
triple since the begiiung of 
1993. It will seek a foil listing 
when Its audited annual 
results are published in July. 


Bromsgrove sale 
to consortium 


By Paid CheeeertglTt 

Bromsgrove Industries, the 
specialist engineering group, 
yesterday lately withdrew 
from the automotive sector by 
selling its aluminium diecast- 
ing and TnaftTiining companies 
to a consortium led by Mr 
David Auty of Leicester for 
£16.5m. 

The consortium includes the 
management of the companies 
which will now be grouped 
under the title of BSK Alumin- 
ium. These had combined sales 
of EKkn in the year to March; 
In tile six montbs to September 
Brom^rove's automotive diid- 
sion had operating profits of 
£646,000 from turnover of 
£16.58m. 

The sale is part of Broms- 
grove’s stated policy of divest- 


ment to allow for the creation 
of laiger profit centres. 

It rMlects etneera at the con- 
tinued pressure on margins in 
the automotive sector and 
conies from an nafiwwmonl! rtiat- 
larger sums than Bromsgrove 
is likely to have available, 
would be necessary to assure 
the frttore of the companies in 
an industry of growing ooncen- 
tiatloii. 

Through Si, the venture capi- 
tal groiq), and Arthur Ander- 
sen. accountant, Mr Auty has 
arranged £18fen. of Btimtcb to 
cover the purchase price and 
£2fen of extra working capital 

The financing is In two 
parts: £9m of equity from 3i 
and £9.Sm of wmkii^ capital 
senior and mezzanine debt 
from knrtland Rarilr awrt SiuD- 
uel Montis 


1 DIVIDENDS ANNOUNCED 1 


Corres - 

Total 

Total 

Cunent Date of 

pontfng 

for 

last 

peyrmnt paymsnt 

dividend 

year 

year 



08 

June SO 

0.3 

0.8 

OJ 

BrIUsh Aaeale ^ 

1.09$ 

Ju^ 7 

ixrr 

- 

4.2B 

Comre-Cyelleal tin 

2.75 

June 30 

60 

9.5 

12.75 


2.2 

Aug3 

2.7 

22 

27 

fliampfanTV 

S 

- 

S 

7.5 

5.1 

Helene ~>in 

1.36 

July 29 

in6 

201 1 

201 

KitqrUnie§ Jin 

It 

JiSy 22 

1 

1.5 

1 

WewQuemeay , Bn 

1 


“ 

1 

- 

tedWRlB Graup fin 

1.2S 

• 

2.76 

225 

4.4 


oMmis shown pence per shen net accept where otheiwlee stated. tOi 
inoeased capitB. §USM stock. tSeoond quertsriy, rneklng 2.l8p (Z.14f4 so 
br. miKkides sp^ payment. 


Enterprise clarifies position on cash alternative in Lasmo bid 

^ Vields. Mr 416P yesterday, as 


Enteipilse Ofl was Ifooed to darl^ 
eo imueuts about apos sibl e cash after- 
native to its £1.4bn bid for rival 
Lasmo yesterday as its share ^Ice 
continued to slide, writes David 

In a statement requested by the 
Teknover Panel Enteqirfa e said tiiat, 
intimlii htof press flntmniwtt, *ithas 


itiarte no dedslon. at tills eaiiy stage 
of tts oSn* for Lafflo. about the pos- 
sible introdoctioo of a ca^ alterna- 
tive, at some later stage of the 
(rfreri*. 

A Beaters report had suggested 
tint comments made by En te rpri se 
had ruled out any proq^eot ctf a cash 
aftenative. 


Hr Graham Heame, Enterprise 
ehair maw and dtiof executivo, had 
said:“I do not see any need for 
iL“ 

Hr ^ame will be up against a 
seasoned bid campaigner in the font 
of Mr Rudolph Agnew who is to 
become ^haiF maw of Lasmo with 
immediate efiecL Former diainnan 


of Consolidated Gold 
Agnew was to have taken ow 
Lord Bees as chairman on 

ӣ^Rees said that with ^ 
ernerienco Mr Agnew was “ideally 
^SfiSfto help see off this unwel- 
come Md from Enterprise. 

untorprise shares another 8p to 


4l6p yesterday, as City concems 
abont the bid grew, with the iaekHa 
i-Bch alternative drawing partfeaftr 
critidsra. . 

The shares are down 30p since the 
bid was unveiled cutting tiie vahn 
from 150P to around l3Sp per Loaio 
share. Lasmo shares lost 7.Sp to 
l49Ap. 


Seasoned campaigner 
prepared for battle 


A risk taker ready to 
stake his reputation 


Nobody will enjoy the 
hostilities to oome more tiian 
Rudolph Agnew. He says ha 
gets bored easily so 'Tm moti- 
vated by a state of excite- 
ment" 

BSs style, "d^ng relaxed eHe- 
gance with ironic tHr m /w ir and 
a very occasional flash of 
hot-blooded Irish temper, 
shoold certainly add some the- 
atricality to the glim battle 
ahead. 

Mr Agnew, 60. has been bare 
before. For ten ardnons 
months he took the lead as 
piiflimum qI Consolidated fluid 
Fields, one ttf the UK’s loading 
mfnhtg and industrial groups, 
resisting a bid by hflnorco, pert 
of the Anglo American Gmpo- 
ration of fionth Africa. It 
turned out to be the UK’s blgi- 
gest, longest-iunning and prob- 
ably the most complex take- 
over bid ever. 

Graham Heame should 
beware. Mr A&kBW took every 
opportunity to personalise the 
hflttio by mrwMwg Sfr Miobaol 
Edwardes, then Minorco’s 
Mr A^iew Criticised 
Sir Michael’s lack of mming 
knowledge, his lack of e^ieri- 
onrt* at T ttwTiing pnffitabte com- 
panies and even his lack of 
physical stature. 

Gold Fields, a gainst the ndds^ 
fought off Minorco but the 
strain it had put on Ifr Agnew 
was dearly visible. The Gttane 
cigarettes were ever-present 
& seemed worn out haggard 
amt mnrh thinner. 

It was no surprise when, 
shortly aftowards, tiie Hanann 
conglomerate having bought 
Minorco’s near-30 - per cent 
stake in Gold Fields, quidtiy 



Rudolph Agn^ m oti v at ed by 
a state of esdtmncQt 

won control with a knock-out 
Ud 

Mr Agnew then saw Gold 
Fields, whoe he had worked 
for 32 years and where his fern- 
fly had oonoections ^ing back 
65 years, dsmambered and dis- 
appear. 

After sdiooling at Downside, 
the public sdiool Bfr 

Agnew jetned the 8th King’s 
Royal frish Hnssaxs. There ^ 
love a gamble proved diffi- 
cult “It was impossihle to live 
on army pay," Im emoe recal- 
led. “I liked backing horses 
and was singalarly unsuccessr 
fol at it” He jomed Gold Fields 
as a mgTiagpnwnt trainee and 

ma^ his rqnxtatimi by build- 
ing its qumrying interests. 


partly by the acquisition of 
Amey Roadstone, into tiie faig- 
g^ bnstness of its kixid in 
Britain. He became Aatrmaw 
of Gold Fields in 1983. 

Although his his bare- 
knuckle approach in the bid 
battle was admired, Bifr Agnew 
was preriously no Gtj fevonr- 
zte. For evarnpia, he refused to 
budge when ana^sts su ggeste d 
Gold Fields sever its South 
African connections because 
this would be good for the 
share price. 

In the early l98Qs, when Gold 
Reids was constant eritidsed 
because of those Sooth African 
interests, Mr Agnew's matinee 
idol good looks and languid 
charm did xml help him. In 
public be appeared remote, 
arrogant and ^vem to making 
unhelpful fece^QS remarks. 

critics >v>iwpl«mad that 
he ran Gold Reids from its lux- 
urious St James's hsadqimxters 
in Londem like a personal fief- 
dom. They vriiispned of a fero- 
cious tender, a playbc^s life- 
style and a reluctance to do a 
fair day’s work when it was 
possible to go ah^ng - still 
his fevourite pastime. 

When Hanson grabbed (teld 
Reids In 1969, Mr Agnew not 
only lost his £300,000 a year 
salary, he also had to 
move out of two company- 
owned houses. 

In the case of Lasmo. Mr 
Agnew has no other compensa- 
tion than £150,000 a year for 
his ebairmanship. His maxi- 
mum pay-oS, ahflnld thing R nn t 
work out, would be one year's 
salary. 

Kenneth Gooding 


Insiders say the seal was 
probably set on Enterprise’s 
hid fior in one of Mr 

Graham Heame’s late-night 
drink and strategy sessions. 
Those who know the chain- 
smoking i^hairman and Chief 
executive of Enterpirte Oil say 
the real witii his key cbl- 
laagiiaa gets imly when 
the staff have gone hrime 
and the whisky comes out 

Yet kfr Heaxne’s amhitim to 
take on Lasmo appears to be a 
carMully considered step. For 
more than a year he has 
welgiied the right strategic 
dunce for Enterprise. Low oil 
prices have presented him witii 
file diiamma- Should he take 
tbe cpportimity to be? dieap 
assets now while prices are 
down? Or will the crude mar- 
ket remain so depressed that 
the upstream oil business will 
never offer a snffident return 
on the hydt risks involved? 

The bid for Lasmo resolves 
the debate. In Enterprise’s 
view upstream oil is s^ the 
idaceto be. 

Having made that decision. 
Hr Hearse wOL now be feced 
witii the prospects of what is 
likely to became a deeply per- 
sonal battie. Close associates 
say this is one aspect of the 

Tjwaiw fhaillwig ft tO whlch he IS 
not looUng forward. 

“He will want to fight the 
battle on industrial issues,” 
said one colleague. 

Fiiesods describe the diminu- 
tive Mr Heame as fiercely 
loyal, dynamic, mercurial asA 
even say he has a streak of 
am^ance. The critics accuse 

hfan of mu galnmanlw and a ten- 
dency to only hear what be 



Graham Heame: will want to 
fi^ on Industrial Issues 

wants to hear. 

An are agre^ however, that 
Mr Heame is well connected. 
One story has it that Enter- 
prise had ail but given up on 
getting a respemse to its bid for 
-QaTiwi Oil in 1985. when the 
tide was tomed tv just a few 
pHnna wilTa from him. 

Those connections are obvi- 
ously the result of a varied 
career which has crossed the 
paths of some of Britain’s most 
prominent businessmen. The 
SOD of a Birmingham muni- 
tions worker. Mr Heame left 
school at 16 to work as an arti- 
cled i^rk with a firm of law- 
yers. After a brief stint as a 
lawyer in New York, he was 

-j. X v*. 


enunnnt to the Industrial Hsor- 
ganisation Corporation, set 19 
to ratUmaluv British ixKhisbty, 
There he joined the likes of % 
Christopher Hogg of Cowt- 
aulds, and Sir ^Uaistair Morton 
of Euiutunncl 

The Imitation to Join finfN>- 
prise in 1981 was based o« bis 
e.'Tpericnce there, at Courtttlds 
as finance director, and the 
merchant bonk Rothchllds, 
where he was a director. More 
importantly he had tlw cdl 
expertise through his tfaai « 
chief e.secutlvo ut TriceohoL 

Mr Heame has been enfited 
with safeguarding Enterprise 
from hostile sharehoUm - 
su(^ os RTZ and Lasnm - as 
well buildlt^ up a £2l)a con^ 
pany. Yet there arc those who 
would say the group’s per- 
reived siteccss is due to the 
taim he built up. including the 
now departed finance dire^, 
Mr John Walmsley. "If he was 
on the board he wiuUd say this 
bid Is absolute madness." says 
one analy-st. 

Vet Mr Hearne has takn 
precautions. By using an 'A' 
share structure. Enterprise tos 
liniitcd the risks to its trear, 
business if Lasmo goes horri- 
bly wrong. Investors may be 
unwilling to shoulder the risks 
that he is keen to avifld. IT so. 
bis response is likely to be 
phlegmatic. Lasmo is worth 
somefiimg to him at a price 
and an acceptable risk, ff be 
caimot buy it ut that level be 
will walk away, but it might be 
at some cost to his TepntatknL 

Peggy Hollinger 
and Bernard Gray 


Nixon death almost scuppers 

never been dme before ~ mairmg q 


bid timetable 


Sy DbvM Wlghtan 

The bitaprise team at SG Wautcog 
had reason to mourn the passing of 
Itidbaid Nixon. 

The bid team was in eomples 
tiations with the US Securities & 
Exchange Oommstion and New York 
Stods Rxriiange nheo America took 
Wednesday eB to commemorate tiie 
farma' preadent 

Snteipiise’s adrisen ware already 
under pressure because they were 
attempting somethii^ which had 


foKtiie share offer available to the 
taigePs American investors. 

HMtne bids involving the issue of 
shares are almost unheard of in the 
US because tiie new shares have first 
to be l e ^tmiid witii the SEC, a long 
and prabtic iRuoesa. 

An offer by a US company to US 
shairimldere to another UK company 
run into the .same problem. It also 
faces the task of meeting the require- 
mente of two different sets of take- 
over x^ulations. 


As a result no hostile UK offers 
have evm best avaiteble to US 
shareholders. 

The SBC has pnbliely stated that it 
is kemi for US Investors to ftoeign 
camjnnles to be treated equally and 
Ent^rise’s advisers SG Warburg 
has shown that it can be done. 

tt conqncssed into two weeks a pro- 
cess that osually takes at least two 
months, persuading the SEC to 
review its registration statement to 
private. 

U also had to oonvfnoe tiie US 


authorities to allow Enterprise to buy 
Lasmo shares for cash to the market, 
wtileh is banned undo' US rules for 
all-share Mfers. 

Lasmo shareholders will see the 
results on Tuesday when tiiey wOl 
receive what Is thought to be 
the fsttest ever UK takeover doeu- 
ment 

At 861 pages it contains the UK 
offer, the C5 tender oBlsr, listing par- 
ticulm for the new shares for the UK 
and the effocHve Tegfstntion state- 
ment for the US. UK shareholders 


will also receive a slimline version 
which looks more like a nonn^ take- 
over documenl 

Enterprise and its adtism went to 
such lengths because abont 23 per 
cent of Lasmo's shareholders are 
Ammican and so conld be vital to the 
outcome. 

However, now that they have 
blazed the trail it is tbou^ likdy 
that future hostile bidders may 
follow its example, liktoed at some 
stage the SEC may insist that tiiey do 
so. 


JJB (Sports) £20m flotation 


By Paid Taylar 

JJB (Sports). Britain's biKuat 
independent sports retaflm', is 
comii^ to market during the 
summer via a placing with 
mstitutional tovestors, which 
is likely to value the groiq) at 
about £SQm. 

The group, formed 21 years 
ago by Mr David Whelan, the 
former Blackburn Rovers 
player who broke his to the 
1960 FA oqi final agatoM Wol- 
verhampton Wanderers, plans 
to raise between £15m and 
£20m of new money throng 


Grampian 
TV up 18% 
to £3.8m 

Grampian Television, the 
independent broadcaster for 
north Scotland, yesterday 
announced an 18 per cent 
Increase to pre-tax profits to 
£3Aia for the year ended Feb- 
ruary 28 1994. 

Turnover was marginally 
lower at £20.S3m (£20B2m). The 
shares climbed 8p to 267p. 

Hr flaliim MaffT;j>nd, m ilia 
first year as dbaiiman, said the 
result represented a good start 
to the group’s new licence 
period b^ in terms 

and In re^onal programme ser- 
vice. 

The profit was struck after a 
complete year of heence pay- 
ments to Chaimel 4 of £722,000 
(£90,000). 

Earnii^ per share rose to 
18.71P Ci5J6Sp) and toe dividend 
is lifted from 6Jp to 7.5p with a 

Wngl of Qp. 

Helene boosted to 
£4^1m 

Pre-tax profits of the 

fashion wear manufac^er 
and distributor, were boosted 
to £4Slm for from turzir 
over expanded to M01.6m. 

Comparatives, wbidi were 
adjust^ in accordance with 
FRS% were £l4fin and £7a3m 
reqciectively. 


the flotation. 

Mr Whelan, the ffhaiiTnan , 
who eciterad tiie retail sector 
using the £400 compensation 
he received after breaktog his 
leg to buy a market st^ in 
Wigan, sato yesteniay that the 
new UKpey would he used to 
fund forther domestic expan- 
sioiL 

JJB has grown from a sin^e 
Sjiorts shop to Wigan into a 
sports chain with operatize 
profits test year of about £4wfen 
on tnniover of £43m and lOT 
stores across the UK, mainly in 
the north west of i«^n giawd the 


Bamtogs per share were 2^ 
compared with 1.9P while the 
dividend is unduu^ied at 2.01p 
with a same4«am final pay- 
ment of 1.36P- 

The directoie stated that the 
Just Jamie Group, to paitfou- 
ter, had a “very good year”, 
while there were solid jieifor- 
mances from the core woznen- 
swear bustoesses and the tex- 
tile merchaixting activities. 

They pointed out that full 
boiefits of the actions talma in 
regard to the Gabled acquisi- 
tion would be apparent from 
the cuirent year b^ the initial 
effect had been toe cmxbrfou- 
tion of £780,000 profits and 
tur nover of £&fen to 1993 fig- 
ures. 

Kitty Little falls 
£245,000 into red 

Kitty Little, the USM-quoted 
spectacles and fresheners 
group, foil into pre-tax losses of 
£2454)00 for 1993. against prof- 
its d £160,000. Tbe company 
blamed losses at the Samco 
acqiddtion and adverse fretors 

in eiir» gla«m bUStoeSS. 

Turnover was £4.09m 
(£4.7toi) and operating losses 
of £156,000 firom acquisitions 
left group operating lo^es of 
£107,000 (£369,000 profits). 
Losses per share were 2.8p 
(lj)5p hut the final 

diridffid has been maintained 
at Ip for a total d L5p (ip). 

'tiab toares were suspeoded 
on A^ 11 on the ammunce- 
ment that it was acquiitog 
Gronpe L'Amy, the spectacle 


Midlands and Scotland. All the 
stores are supplied from a 
three year old distribution cen- 
tre near Wigan. 

The group has targeted 
towns wttii more than a 50J)00 
population for expansion; tiiere 
are about 400 to Britain. “We 
believe the sports goods mar- 
ket offers many opportunities 
fm* further growth a^ we bc^ 
tsii£6 mflOSDiDl SLdVBStBS^ 
thezn^'p Mr WboUto yntor* 
day. 

Charterhouse Tfiney Securi- 
ties are the sponsors ^ stock- 
brokers to tiie issoe. 


Hunters Armley 
launches £9.4m 
rights issue 

Hunters Armley Group, the 
Leeds-based printer, is aa^ng 
about E94m to an anderwri^ 
ten l-for-4 rights issue. The 
company is Issuing 6.09m 
shares at laip. 

The shares fell 9p to close at 
225p. 

Hunters said the proceeds 
would be used to ftmd capital 
spending of £5.fen with tiie b^- 
ance being hdd on deposit for 
suitable acquisitions, ^thnng h 
none was being coniddered at 
rtiB moment. 


Ransomes shares climb 
10% on upbeat statement 


NEWS DIGEST 


frame maker. A further 

flnnnnrinBTtie nt ^ details and 

funding is prmnised as soon as 
possible but should be before 
June 30. 

Richards ahead 
but diridend cut 

Richards Group, the engineer^ 
tog concern, raised pre-tax 
profi ts from £53,000 to £85A)0 
in 1933. 

Earnings per share grew 
from 1.03p to lA2p, but a reo- 
ommend^ final dividend of 
L2Sp makes a reduced total for 
tbe year of 22Sp (4.^1 
THirsover rose from £11.33n 
to £12.8ni, although the com- 
pany ^d markets remained 
“v e ry testing”. Order intake for 
the first quarter was higher 
than the same period of 1993. 

Daks Simpson 
surges to £5.22m 

From turnover from £65.Sm 
to £7l.7m Oaks Simpson 
Group, the clothing concern 
subsidiary of Sankyo Seiko of 
Japan, pushed pre-tax p r ofi t s 
up from &l4m to £5.2201 for the 
year ended January 31 1994. 

Earnings per share were 
much hitler at 46.66p against 
246p. 

Reece reduces losses 
to £195,000 

Cost cutting measures hehied 
Reece, the maker of equipment 


for tile ceramic and ^hssware 
industriee, to reduce pre-tax 
losses from £662.000 to £195.000 
for tbe year to December 31. 

Turnover edited ahead to 
£i3Jm (£13.10) although Mr 
Peter Ejiapton, ghalrman 
UK sales had fallen ' with 
demand sluggish, prices nn dfy 
pressure and tbe demise of a 
number of gmauar customers. 

The laigest contributor to 
1998 profits. Service (En^- 
neersX had started 1994 wril 
Mr Knapton said, and now 
a stronger order book than at 
any time to the last two years. 

Losses per share were cut to 
0.1^ (O.S^>. The riiares lost Ip 
to close at 3Kp. 

Fleming Continental 
net assets rise 

Net asset value per diare of 
tbe Fleming Continental . Euro- 
pean Trust rose from 270.1p to 
359.^ over the 12 mnwlha to 
March 31 1994. 

Earnings available, however, 
dipped to £1.5Un, compared 
with ElBlni, giving a per share 
value of 2.26P (2.7lp). Tbe final 
single dividend is also lower at 
2.2p, against 2.7p. 

British Assets 
raises divideDd 

Net asset value of British 
Assets Trust was virtually 
imchanged at 106p at March 31 
1994 compared with 105.9p a 
year earlier. 

The second quarterly divl- 


By Paid Taylor 

Shares in Ransomes. the 
lossmaking manufacturer of 
grass cuttlnc equipment, rose 
by 10 per cent to 22p yester^, 
aftm' tbe groiqi’s chafrman. Mr 
John Clement, gave an upbeat 
assessment of cuirent trading 
at the arinnaT meeting 
He indicated that tbe group, 
which has £75m of bank debt, 
was negotiating the sale of 
some of its surplus propmty. 
Mr Clements also told slmre- 

holders tbe cnnipany 


dend is raised frtnn l.07p to 
I09p per share maiiinp 2.18 d 
(Zl^) to ^te. 

Revenue before tax for the 
^ months to Mardi 31 was 
£ll.92m (£l2.i4nD with net 
earnings coming through at 
£6.9m (£7m). Dividends 

required a transfer from 
reserves of £l.48m (£1.2m). 
fiammss were (UB^). 

Navan Resources 
achieves 1£667,933 

Navan Resources, the Dublin- 
based natural resources pro- 
ducer, achieved pre-tax profits 
of I£6g7,g33 (£649,361) on turn- 
over of l£8.33m in tbe 21 
months to December 3i. 

The figures were mainly the 
result of its Hunga rian wirnnq 
which achieved net profits of 
I£931,163. The company also 
has Interests in Bulgaria, 
^lain and tbe Irish Republic. 

Earnings per share came out 
at 0.S8P. 

Normaii Hay 
deeper in red 

Exceptional costs of to 
cov» reorganisation of its Cov- 
Mtry fectory left Norman Hay 
ge migineer.^pep hi the S 
for tim year to end-December. 
At ^ pre-tax level the defi- 

£3.a2m and losses per shan. 
wse from 19.75P to alS? 
was down at 

The directors said the 


siderlng “many options” for 
refinancing. 

Earlier this month; Ran- 
somes decided to pay its ove^ 
due convertible preference 
share dividend launched 
an attack on Steinhardt Part- 
ners, the US hadg a fUnd man- 
ner which has bou^ 30 pw 
cent of the preference shares- 

Ransomes has rejected tee- 
posals it has received tram 
Stelnl^dt for a recapitriisa- 
tion, involving converskm of 
the preference shares into o(^ 
nary shares. 


utions taken had radicall! 
improved Hay's operating pw 
fo n n a n c e and provided a teis 
from which to rebuild its fin 
tunes. A number of 
opportunities are h»ing conric 
ered. 

Champneys health 
group changes hands 

Ojampneys. the health grom 
has been acquired by Rtness i 
Uisure Holdings, a holdln 
company which manages rn g l* 
wood Health Hydro in the U1 
3nd a Canadian leisure deve! 
opment. The price is undii 
closed. 

Champneys Group include 
w>ampneys at Tring, the Sp 
« Gleneagles and the Londoi 
pub at Le Meridien Hotel 
l^n^n. Over toe years it ba 
tenented from substantial cai 
A«! .•“Provements by botl 
Auied Investments and Glum 
ness. 

Atm Energy neariy 
doubled to l£5.7ai 

aiergy, Uie Dublin-basa 
SlLw- exploration 8» 
production comuanv rGDortei 

(£5.5m) for the yea: 

^mounted t< 
after tax o 



FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 


9 


10 bid ' 

' biri , 

ww-,*:,.. 

hnv ‘"•*"1..,.; . 

' iU« .1, , 

7 “ ‘mint, ;;;; '.i. 

iMf* it: , .. 

I.49ini> . t " ‘ •'‘r- :J 


|y to 

ion 

rt.\u 

Tbrrf ii. 

•liJl.’ir 

•jj i !••.' 

Hi' 

IWiX- 

Ji. 

rji-,-. ;; • 

•At;,.,,. .. 

I'fi • 


wstts • ..fi ,. . , 

•rtlOb. .T i; .- , 

«it 1; t;..! .. 
twn\ 1 , 

.. 

i-’nir.i 

:v r • 
ISS'R ■ 

Vr I -iiii 

k«;i i}'!'' i'l 

bi.! : ' 

,• 

■ ' 

-■*1 ti.-, 

,-!)«■ i'.i-. . 

' I 

:i:i I . 

; 

MS'i .1- 

M , 

I* 


Ur'llir. 

iliu! 

Ic 

H : 

Hfti- ••• 

Wtw ... . 


hr . 

10:r . 

i» • 1.. 

• \! 1 ;s ..I 


rt's tiinili 



0»i> ^ 



: 'T 





ail I 


EH' 


jr'* 

Ii! 



INTERNATIONAL COMPANIES AND FINANCE 


Strong US sales boost Ford profits 


CS Holding wants to buy 
stake in Austrian 


By Kevbi Doiia 

Motor Industry C o rre sp ondent 

Ford of tbe US, the world’s 
second largest vehicle maker, 
more t han doubled net profits 
to $1.3lm in the first quarter 
lescludim; a onooff <dia^ fiar 
the sale of E^rst Nationwide 
Bank) from $S72m In the corre- 
spending period a year ago. 

Including the charge of 
$440m for the sale of First 
Nationwide to First Madison 
Bank, net income rose by 58 
ptf emt to $904m. 

The eanimgs of all the big 
three US vehide makers, Gmi- 
eral htotois, Ford and Chiysler, 
are rismg sharply In response 
to the strong increase in new 
vehicle demand jn the US. 

Ford, which is recovering 

European 

Ford's European automotive 
operations, which have suf- 
fered heavy losses Soar the past 
three years, achieved net prof- 
its of SlOftn (excluding Jaguar) 
bi the first quarter con^u«d 
with a profit of Siam a year 
ago, writes g^vtu Done. 

The company said it was 
hopeful that Its European 
operations would return to 
profit for the wlude of the year 
after running up anrarnmlated 
losses (excluding Jaguar) of 
$l.S3bn in the past three years. 


Allianz plans 
DM1. 5^n issue 

By Quentbi Peel 
(n Bonn 

Allianz, Europe's largest 
insurance coD^any, yestoday 
announced plans for a 
DU1.56bn ^Utai) ri|d^ issue 
in May. to bring its share capi- 
tal in line with a strong 
increase in business volume. 

At the same time, the 
Munich-based insurer 
announced an increase in its 
dividend to DM15 from 
DM13.50 in 1992. 

The ri^ts issue will also 
help the company prqiare for 
the liberahsation of tbe Euro- 
pean Insurance market, it said. 

The 15-for-one issue will 
raise the capital stock to 
DM1.04bn ftom DM975m. tbe 
announcement said. Sharehold- 
ers will be offered the new 
shares at a {nice of DBCU200.. 


Snm heavy losses in 1991 and 

1992, said profits had been ris- 
ing fitv five quarters in a row. 

Eaming s in the firat three 
months of 1994 were the fourth 
h^hst first-quarter profits in 
its history behind the three 
record years at tbe end of tbe 
1980s. 

The recov^ in financial 
pmfbrmance is beiz^ powered 
by Ford’s US automotive 
qperatioDs, which achieved a 
seven-fold increase in net 
income to $835m in the first 
three months, file fiiird best 
quarter on record, from $llSm 
in the same pei^ a year ago. 

**Our worldwide antomotive 
earnings in the first quarter 
alone were greatm* than In all 
of because of substantial 
improvement in our US 

operations 

inrfniBng a loSS Of $407m in 

1993. 

JMuar; Ford’s UK luxury car 
subsidiary, whidi has been in 
loss fhr the last five years, suf- 
fer^ a further net operating 
loss of $4Qm in the first quarter 
fXHnpared with a loss of SS6m 
in the same period a year ago. 

The letom to profit of Ford’s 
mainstream European 
(iterations hss been drivm by 
h^er prodnctlvl^ and cost, 
cutting. It has reduced the 
workforce of European 


By Andrew HE in Mean 

Mediobanca, the Milan 
merchant bank, yesterday 
answered its many critics 
launching a rights issue to 
raise more than Ll,500hn 
($937m) and broaden its ownmv 
nhip to include ordinary and 
profesional investors in Italy 
and abroad. 

The ofter is structured to 
dihite the 50 per cent holding 
of Mediobanca’s traditional 
long-term shareholders - 
pJiTipa nmntnerrtflle Italians, 

Credito ItaliaTm and Ranra di 
Roma, and a group of corpo- 
rate investors - to about 40.6 
per cent 

The bank has come under 
fierce attach in the past fort- 
tt^t from politicians, small 
sharehkdders and executives of 
IRI, the Italian state bolding 
company, for buildup up a 


results,” said Mr Alex Trot- 
man, (diairman. 

Net income from worldwide 
automotive operations jum^ 
to S955m, the best quarter 
since the second period of 1989. 
from S176m a year ago. with 
eatnhigB outside the US virtu- 
ally doublli^ to S120m from 
S83m. 

The financial services group 
had virtually unchanged net 
earnings of 8389m. against 
$396m, excluding the one-off 
charge for tbe sale of First 
Nationwide. Including the 
charge the division 1^ a net 
loss of $5im. 

Turnover worldwide rose 
13.4 per cent to ^.4bn 
826.8bn, helped by a 9.2 per 
cent rise in vehicle sales to 
LSTm from 1.53m a year mo. 


operations, excluding Jaguar, 
1^ 154 per cent from 98,100 in 
November 1992 to 88.000 by the 
end of last year. 

Overall, west European new 
car sales fCn by 15.4 per cent 
last year to ll.4m, and the 
company forecast 0^ “a slow 
recovery” in 1994 with car and 
truck sales lising by ab(nxt 3 
per cent 

Wholesale vehicle sales from 
European plants in the first 
(luarter at 428,102 were 14 per 
cent lower than a year mo. 


dangerous dominant positiem 
at the centre of Italian busi- 
ness. 

In particular, the bank 
stands accused <£ wiataiiing its 
allies (m the boards of the new- 
ly-privatised banks. Banca 

ftwnmprraalft Ttaliana and Crg. 

dito Italiano, to the detriment 
of amaii shaidiolders. 

Early next week, executives 
from BGI and Credito Italiano 
win meet officials from Con- 
sob, the Italian stock market 
watcbdMi to discuss the con- 
duct of those banks’ share- 
holder meefiMs at whidi new 
directors were elected. 

If shareholders Mprove the 
rights issue at their atimial 
mapting in mid-June. the hank 
intends to issue 100m new 
shares, with warrants attached 
entitling holders to a furttier 
iQm shares. The shares will be 
issued at a price of at least 


Despite its strong financial 
perfbimance in the US, Ford 
lost market share there, out- 
performed both by GM and 
Chrysler, and by some Japa- 
nese and European carmakers. 
Its share of tte combined US 
car and truck market fell to 
244 per cent (including Jaguar) 
frtnn 25.7 per cent a year aga 

Fbrd is optimistic about con- 
tinuing growth in US new 
vehicle demand and forecast a 
94 per cent increase in sales in 
the whole of 1994 to lo4in frtnn 
144m last year. 

Marketing costs in the US, 
including Hiw-rMmtg g¥nT incen- 
tives, fell to 9.2 per cent of 
gross revenues in the quarter 
from 114 per cent a year ago 
but were stiU high by histori- 
cal standards, said the group. 


European market share 
(excluding Jaguar) has risen 
only marginally in first 
quarter to 114 per cent from 
114 per cent a year ago. 

Jaguar increased its sales 
worldwide by 12 per cent in the 
first quarter to 7400 from 6400 
a year ago. Sales increased 
year-on-year by S per cent in 
the UK and by 18 per emit in 
the US, but these rises were 
oSbet by fEdls of 27 per cent in 
Germany and 21 per cent in 
Japan. 


145,000 per share, on the basis 
of one new share-and-warrant 
for every four already held. 
But ««iaHng aharahnlHer s wQl 
be limited to 1,000 new shai^ 
and the outstanding stock will 
be oBiered to individual inves- 
tors in Italy and to foreign and 
Italian professionals. 

The capital-raising exercise, 
to be (XHordinated by Medio- 
banca and S. G. Warburg, 
comes only Bight months aft^ 
a Ll.Q20bn ri^ts issue, the 
procrads of which heated pM 
for *^gh i»aTlq by fwnpaoiBS fo 
Mediobanca's investment port- 
folio. 

The bank also reported yes- 
terday that gross profits 
decreased to L426.6bn before 
tax, depreciation and provi- 
sions. in the six months to 
December 31. compared with 
L350.7bn in the equivalent 
period of 1992. 


LVMH lifts 
holding in 
Guerlain in 
share deal 

By ABce Rawsthom in Paris 

LVHH, the world's largest 
luxury goods group, is 
expanding its perfume 
interests by raising its stake 
in Guerlain, the French 
fragrance house, in a 
^kl46bn ($330m) share deaL 

The Guerlain doBi jjg the first 
of a number of investments 
that LVMH is expected to 
make following yesterday's 
condnston of nMOtiati(»s to 
nnravel a cross-shareholdiM 
agreement with fintnnfmr. the 
UK drinks amcem, iriiich will 
dramatically rednoe its debt 

Hr Bernard Amanlt, 
chairman of LVMH, matia 
no secret of his plans to 
expand its luxury goods 
interests after the Guinness 
deaL 

One of file likeliest areas of 
em^anshm is jewellery. LVMH 
has been mooted as a 
prospective pnndiasm* for Van 
Cleef & Ai^ls, the French 
jeweller, or Tifibny, the US 
group. 

The GnerUdn transaction is, 
typically for Mr Arnantt, an 
Intricate deal that involves 
reshuffling his comidex wrii of 
erosoehareholdings. 

Christian Dior, the French 
fashi(m house that owns a 
stake in LVH^ will cede 12 
per cent of Ms shares to the 
Gnerlain family in retam for 2 
per cent of (Snerlain and a 49.9 
per cent stake in Djedi, the 
holding company that owns 
$5.8 per cent of Guerlain. 

Dior win tiien sail the SSedi 
shares to LVMH, which 
already owns 144 per cent ot 
Guerlrfn, for FFrll96bu. The 
Gneriain frmuly has dso 
Dior pre-emptive ri^ts over 
its remaining Diiedi shares. 

The acquisition aS Guerlain, 
one of the oldest names in 
pmrfQme, fe an important move 
for LVMH, which already 
owns the Dior and Grvmidiy 
fragrances. Guerlain last year 
made net profits of FFrl62m 
on sales of FFr2bn. 

The LVMH deal follows the 
announcement earlier this 
month that L'Ordal, the 
French cosmetics and 
fragrance group, was 
acquiring fall control of 
Cosmair, its US distrflmtion 
arm. 


By John Gapper in London 
and Ian Rocl^ h Zielcdi 

CS Holding, the Swiss financial 
group that owns Credit Suisse, 
confirmed yesterday that it 
wanted to buy a substantial 
stake in Credltai^talt-Bankver- 
ein. tbe seixmd largest Aus- 
trim hank , from the Austrian 
ministry of finance. 

Hr Rainer Gut, chairman, 
said that CS Holding wanted to 
establish Austria as one of its 
“dcxmestic bases” after Switzer- 
land and the US. and had 
contacted the Austrian finance 
ministry to express its interesL 

Mr Gut said he believed the 
ministry would sell 28 per 
cent of Creditanstalt’s ordin- 
ary votlM shares, or 20 per 
cent of total equity. The 
ministry has undertaken to 
dispose of part of its 694 pw 
cent voting equity stake this 
year. 

He said that if it was suc- 
cessful in buying a stake, CS 
Holding would probably want 
to raise it in time. 


By Christopher Pmfces 
in Ranfcfiirt 

Deckel Maho, the German 
iwarhiwe tooI group, yesterdM 
filed for protection from its 
creiiitors just 12 *»nT»*bg after 
it was formed throu^ the 
merger of two rival companies. 

It gave up tbe struggle after 
one of its backers refhsed to 
take part in a bank-led rescue 
packMS. 

FSV, an incoiporated indus- 
try association i^hich guaran- 
tees member-companies’ pen- 
sion sdiemes, said it would not 
take over responsibility for 
Deckel Idaho’s total DM45m 

( fgB4Tti) pPfurinii pnirrtfritmpn tg. 
It offered only to pay current 
retirement benefits for three 
years. 

The association, which repre- 
sents more than 30.000 cxnnpa- 
nles, said earlier this we^ It 
haH to mnairtar possible foture 
dmnands on its resources. 

A life-saving package costiM 
several hundred million 
D-Marks in written-off debt 
and new capital, agreed 


Mr Gut added that CS Hold- 
ing was particularly interest^ 
in Oeditanstalt because its tra- 
ditional links with businesses 
in central and eastern Emtipe 
would give the group a signifi- 
ran t e(^ in building e^rning g 

Mr Gut spoke at CS Hold- 
ing’s annual results presmta- 
tiou in London at which the 
group announced a 20 per cent 
rise in its dividend to ^il8 per 
share, plus the issue of a share- 
holder warrant with a theoreti- 
cal value of SFrl2. 

CS Holding’s interest is 
unlikely to please Creffitan- 
stalfs board of manag gmpnt, 
which does not want a signih- 
cant minority holder to 
emerge. 

Both Credit Suisse and 
Union Bank of Switzerland 
reported earnings declines in 
the first quarter of the year, as 
a result of volatility in bond 
and equity markets In contrast 
to the extremely good trading 
conditions of 1993. 

However, the two top Swiss 


between a hawking consortium 
and Bavarian state financial 
institutions, was conditional 
on PSV’s full participa- 
tion. 

Deutsche B ank , which 
U^ther with the Bayerische 
Veremsbank last year led the 
supposed rescue-merger proj- 
ect, said yesterday it was try- 
ing to find a constructive solu- 
tion. 

IC Deckel Maho is allowed to 
collapse, this could bring prob- 
lems for Gildemeister which 
has a foreign distribution joint 
venture with the troubled con- 
cern and which in the past has 
been named as a possible white 
knighL 

The group, which is reducing 
capacity and s limming its 
woritiorce from 1400 to 1400, 
made a net loss in fiie year to 
mid-1993 of DM45m on sales of 
DMSlOm. 

This week’s crisis coincides 
with the first signs of recovery 
in the machine tool business. 
Orders rose in the first quarter 
of this year for the first time 
since 1991. 


bank 

b piiki pg groiqis both esqiressed 
fvmfidftnne in the outturn for 
tte year as a whole, pointing 
to the recovery in the Swiss 
economy and the declming 
trend in provisions for bad and 
doubtful loans. 

Totel group assets of Credit 
Suisse at the end of March 
were 1 per cent higher than at 
tbe end of 1993. at SFr233.9bn 
($162Abn.). T-ewriinga were flat 
at SFrl^.4bn and customer 
deposits rose 2 per cent to 
SFrl57.9biL 

UBS said total assets of the 
parent company, at SFr2404bn, 
were 4.1 per cent higher at the 
end of Much than at the end 
of December. Lendings were up 
1.8 per cent to SFrl484bn and 
enstomer deposits gained 2.6 
per cent to SFrL30.6bn. 

• FbllowiM a surprisingly life- 
less debate, the annual meet- 
ing of Uniaa Bank of Switzer- 
land yesterday rejected a 
motion ^ BK Vision, its larg- 
est shareholder, to r^uce the 
mavimiim size of the board of 
directors from 25 to nine. 


French finance 
group ahead 
at FFrl.26bn 

By ADce Rawsthom 

Caisse Natlonale de 
Prdvoyance (CNP), one of the 
French statoccmtrolled finan- 
cial institntions scheduled for 
privatisation, saw net profits 
rise by 12.5 per cent to 
FFrl.26bn ($210m) in 1993 
from FFrl.lSbn in 1992, 
desidte the pressures (m the 
finimdal sector. 

Mr Pierre Darnis, diairman, 
said the group was on course 
for further growth this year. 
He forecast an increase in net 
profits of between 10 per cent 
and 15 per emit for 1994, tiie 
same rate of growth that the 
gronp 1^ maintained for each 
of the past seven years. 

CNP, which specialises in 
pmsoi^ msorance, saw turn- 
over rise by 51.6 per cent last 
year to FFr64.8bn from 
FFr42.4bn. Pre-tax profits 
before exceptional itei^ rose 
9.2 per cent to FFrl43bD 
firom FFrl.4bii. Hie board pro- 
posed raimng the dividmid to 
PFrlO firan FFr9. 


Mediobanca to widen ownership 


register turnround 


German tool maker 
files for protection 


The US wakes up to a new aroma 


Frank McGurty charts the expansion of a coffee shop chain 


A rabian mocha with a 
’’pungent” aroma and 
Tragrant. Uldtt-bodied” 
Mexican altura are as different 
as night and day, according to 
the helpful “barista* serving 
coffee at Starbucks. 

It was uncertain how mmiy 
of the custaners crowded into 
the gjeaming Manhattan coffee 
bar on its first day oi business 
could actually tell them apart, 
even after the barman’s cimdi- 
ing. 

What is clear is that many 
Americans are finally waking 
up to the pleasures of fine 
’’arabica” coffee, thanks to 
Starbucks, the Seattle-based 
chain now pushing into New 
York and Boston. 

company's expansiim 
has been m robust as a potful 
of Sumatra Boengie. From 11 
shops and 100 employees in 
1987, Starbucks has grown into 
the leading retailer and roaster 
of specialty coffee in North 
Arnica. Inspixing a fierce loy- 
alty in each new market it 
enters. 

By any measure, Starbucks 
is one of most successful new 
email companies in the US. Its 
empire, which now includes 
317 shops and a big mail-order 
business, has generated reve- 
nue growth of at least 62 per 
cent over the last three fiscal 
years. Net income tripled from 
1991 to 1992, and doubled last 
year. 

In its latest quarter, to April 
3. the company posted a 68 per 
cent surge in net sales to STm 


and a 51 per cent jump in net 
pnffit to $1401, or 7 cents a 
share. On an operating basis, 
oamings were 91 per cent 
ahead at $34m. 

The improvement reflects 
more than just expansion. In 
stores opened at least a year, 
sales growth has exceeded 19 
per cent over the past five 
years. It recently slowed to 
abcnit 9 per cent, but that com- 
pares wen with the 2 per cent 
gain last year by the average 
McDonald’s restaurant opmied 
at least 12 months. 

In June 1992, tbe company 
went public at $8Vi a share, 
adjusted for a two-fo^one split 
in September. Yesterday, a 
we^ after Starbueiks cut the 
ribbem to open its flagship New 
YoA store, the stock was trad- 
ing at just under $30. 

While Us record is impres- 
sive, the potential of the com- 
pany, as it bMtofi o long- 
awaited drive into the big mai> 
kets of north-east, is still 
lar|^ untapped. Mr Christo- 
pher VrexMn, an analyst with 
Alex Brown & Sons in Balti- 
more, believes sales could 
exceed Slbn by the end of the 
decide. 

One reason Is that Staibucks 
sits on top (tf a market which 
is booming. The Specialty Cof- 
fee Association expects US 
sales of pricey arabica coffees, 
as oppo^ to cheaptf* robusta 
varieties, to double to $3bn 
betum 1989 and 1999. 

“If was a 28-chapter 
book, we are probably at chap- 


ter three or four,” says Mr 
Howard Schultz, the charis- 
jUatiC phalymaw anH rViiaf exec- 
utive. Ss ambition is to open 
6,000 ceffee shops in the US 
and to push into the UK and 
other intematioiial markets. 
Correntiy. Staibucks operate 
a coffee kiosk in Harrod’s in 
London. 

Mr Schultz* vision came to 
him dnriM o 1983 trip to 
Milan He was captivated by 
the warm amhianm* and superb 
coifliro available at nearly every 
street corner in the city. Upcm 
bis return to the US, he vowed 
to recreate “the romance and 
energy of Italian imfe” in 
the US. 

T he story has assumed 
mythic proportions 
within Staiboeks’ coipo- 
rate culture. Mr Schultz, then a 
marketing executive at the 
company, failed to convince 
his superiors to sell fresh- 
brewed coffee in addition to 
beans. 

So he q^ put togetiier $4m 

in flnanHng anil bOUght 

business with tbe intention 
of putting his ideas into 
action. 

He bMan to Seattle and 
quudcly moved into the other 
citifis of the Pacific north-wesL 
setting off a trend whkdi 1*** 
brought hundreds of cafes, 
espresso carts and coffee roast- 
ers in the area. 

Next he pushed south into 
f^iifnmia, and west into Chi- 
cago and Washington. Now Mr 


Scdiultz, who grew up on a 
Brooklyn housing estate, is 
briiMi^ Starbucks to his 
home town, where he e^iects 
to open 100 shc^ in three to 
four years. 

The 40-year-old chfef execu- 
tive grows animated when 
ftypiaining the success of Sta^ 
buidcs. He links it to the com- 
pany’s “two guiding principles: 
a passionate commitment to 
the quality of our coffee and to 
the quality of our pei^le”. 

“The reason customers keM 
wtmiTig back - we are now 
serving 14m people a year - is 
our service exceeds their 
expectations,” he says. 

The staff are well-trained in 
lore and preparation of coff ee , 
and most of them have plenty 
of experience, since Staibucdcs 
eiqoys a mnch lower attrition 
rate than other retailers. It was 
the first private company in 
the US to offer part-time woo- 
ers equity and healthcare bene- 
^ he says. 

TTie imftifflg p is part oi an 
approach which Mr Schultz 
pflUs “the Starbucks para- 
digm”. He argues that 
employee relations are the key 
to bolstering the bottom line. 

“If we are going to build 
long-term value for our share- 
holders and customers, we first 
must bund long-term value for 
our employees,” he says. ‘Tt's a 
paradigm shift because most 
American businesses - and 
there are exceptions - have 
not treated their workers 
wdL” 


Aetna Life earnings slide 
after catastrophe claims 


LTV back in the black 
despite effects of winter 


^ Pntiiek Hanrarson 
in New York 

Aetna Life & Casualty 
yesterday reported a big 
decline in flrst^iaarter operab 
Ing earnings to $53m to the 
wake of a big increase in catas- 
trophe costs related to the Cal- 
ifornia earthquake and winter 
storms. A year ago, the US 
insurer recorded operating 
earnings (ff SllTSL 

Net income in Che latest 
quarter was S46 id, or 40 cents a 
share. A year ago, net income 
was $3941X1. or 347 oents. fol- 
lowing one-off benefits of 
$2S5m from accounting 
fiiangea and gains from discon- 
tinued operations. 

Mr Ronald Compton, cfaafo 
man , saM the improvement in 


the company's undexiying busi- 
nesses was overshadowed by 
extraordinary catastrophe 
costs of 8124m. up from just 
^Im at the same stage of 1993. 
The eamings of almost evexy 
large US insurer were unde^ 
Tnined in the quarter by a big 
jump in claims frnm customers 
affected by the California 
PU rth quake and severe winter 
stonn& 

Aside from its commercial 
and personal propmty/casualty 
operations, the rest of Aetna’s 
businesses reported higher 
oBi- nin g s for the quarter, 

Innlnilhig h^Ub ami hfe insui^ 

ance, financial services, and 

Aetna's shares rose $ft to $52 
btfore the close on the New 
York Stock Exdiange. 


By Rank McGurty h New York 

LTV, the third-largest US 
steelmaker, yesterday raid it 
manned to return to profit in 
the first quarter despite the 
impact of harsh winter 
weather on its operations. 

The group posM net income 
$15.^ or 16 cents a share, 
reversing a loss of $47.7m in 
the same period of 1983. 

The result, which exceeded 
tile forecasts of most analysts, 
extended a record of steady 
i m provement by LTV since it 
e mag ed from Chapter 11 bank- 
ruptoy protection last June. 

LTV, along with the rest o£ 
the US steel mdustiy, contin- 
ued to benefit from riring pro- 
ductiem, greater operating eSS- 
dendes and improved prices. 


Sales in the ear industry 
showed no sUhs of flasstog 
during the quarter. 

Revenues from core steel 
operations, which accounted 
for S3 pa* cent of the total sales 
of Sl.OTbn, showed an 8 per 
cent gain. Shipnmts were up 
just 3 per cent, at L93m tons. 
But with steel fariiitips work- 
ing at 99 per cent of capacity, 
LTV was able to realise higter 
average selling prices. 

However, conditions during 
the winter led to power cuts, 
disrupted deliveries com- 
plicftted bantUhig of xaw mrfe- 

rials which pulled operating 
profits down by Siam. The ill- 
ative ^het on tbe bottom fine 
was offset by S14Ain in fovouiv 
able state and local tax settle- 
ments during the quarter. 


PENSION FUND INVESTMENT 


Henderson 
goes up 
in the world 

Readers of Wednesday's Pension Fund Investment Survey may have been surprised to 
see Henderson listed in the performance table below the median. 

In fact (through no fault of the Financial Times) the 5 year figure for Henderson 
was incorrecL We have reprinted the table below showing our performance ranking 
based on the correct figure, an annualised total return over 5 years of 17.0%.* This 
places Henderson in the First XI, comfortably above the median over five years, the 
position you would expect to find us. 


Perfonnanee of segregated funds 
(to December 31, 1993) 

Annualised total return (%) 


OvwSyra Overlyr 



Newton hwestmerit Management 
Genmore Investment Management 
Queen Anne's Asset ktan. 

& Drew Rmd MereoBRwnt 
Schroder Investment Management 
Barkig Investment Management . 
Clerical McJcal 
MSG Investment Management 
HSBC Asset Management Eunqia 
MoigBi Grenfefl Asset Management 


Caaenove 

Rothschild Asset Management 
HE Samuel Investment Msi. 


19.9 

184 

183 

17.8 

17.8 
17.3 
17.3 
17a 
17.2 
17.1 

16.9 
16.9 
164 


37.4 

29.4 

33.0 
2AA 

32.7 
312 

31.7 

34.0 
29A 
334 

M4 

274 

30.2 


CteeMedtanABid 


1&8 


202 


Lloyds Inv es t m ent Managem 
BaidBys de Zoele Wtod Inv. Man. 
Flendng Investment Management 


16.6 

16.6 

16.S 


29.5 

25.9 

29.9 



Capdal House 
Cotsmr WalWaa hweatment tten a gaiient 
Melnwan Benson 
ttocuy Asset Msnaeenwni 


Souras: n* nsemn CM Rood 



HENDERSON 
Pension Fund Management 

Henderson Pension Fund Management is a divbion of Henderson Financial Manageraenc Limited (Member of IMRO) 

* Pgfonnance far all Hw^egon dUaetlonaiY fawh ealoitatri w Miisfy Level I c4'ilwNAPPsCcdecfCotjdIWticc. 



ti< 

at 

D 

n 

of 

la 

m 


dc 

y« 

ar 

ui 

su 

ke 


1 


By 

w< 


Le 

As 

ere 

da' 

tbc 

lev 


Vic 

sul 

del 

fro 

all; 

for 

An 

mo 

ant 

mo 

eig 


per 

Wh 

to 

the 

Gat 

Nat 

Ind 

A 




11 


Byi 

and 


A 

dele 

niai 

moi 

“ter 

talk 

peai 

M 

niai 

ma! 

inc) 

Eur 

sant 

lifte 

tov- 

said 

ZaiE 

"1 

tion 
in 1 
capi 
T 1 
by J 
spec 
Niki 
sen- 
face 
nfar 
fore 
ulti: 




10 


APRIL ? 0 /MAY 1 t <)94 

piNfAlsicrAL TIMES , . 1 . 1 ^ 


COMMODITIES AND BOND PRICES 


WEEK IN THE MARKETS 


Stocks fall 
aids copper 
advance 


The London Metal Exchange 
copper market stepped up a 
gear at the end of the week to 
break out of Its recent con- 
stricted trading range. And 
most other lme eontreurts fol- 
lowed the ivward move. 

Bullish chart patterns and 
signs of renewed nearby sup- 
ply iiad encouraged a 

resurgence of the speculative 
bu^ng that lifted coppsr pri(^ 
to S^month peaks in the mid- 
dle of March, dealers eqilained 
as the price climbed to a 
4 -week high yesterday morn- 
ing. 

Added impetus was given by 
arinrt-hor fall iq t.mb warehouse 
stocks of the metal, which now 
stand at the lowest level since 
last July and are 28 per cent 
bdow the 16 -year hi^ reached 
in January. 


(ta U doM) 


Alunttnken 

*840 

to 2 JS 18770 

NunMutoMtoy 

-680 

90340 

Copper 

-8176 

M 47840 

Lead 

*800 

to 33 B. 77 S 

Nckal 

-730 

to 10752 

2 ne 

*860 

to 1.14730 

Tfel 

*845 

928345 


Resistance at $ 1,830 a tonne 
(hr three monOis delivery had* 
been broken in after hours 
trading on Thursday evenii«. 
The rise stalled yMterday at 
$ 1,956 and the price closed at 
$ 1 , 952 . 60 , up $23 on the day and 
$ 3&75 on the week. But dealers 
still thoniht an assault on the 
recent hi^ of $ 1,973 a tonne 
was possible after the bank 
holiday. “It like a good 
solid technical move,” one told 
the Reuter news agaicy. 

Ot^ base metal prices were 
drawn h^her in coder's wake, 
notably l ea d and ni^kev The 
former extended its gain <m the 
week to $ 19.75 at $ 469.50 a 
tonne for three months deliv- 
« 7 . But traders thought strong 
resistance was likely frustrate 
any early attempt to r^ain the 
$ 500 -plus levels seen a few 
numths ago. 

Three months xuckel put on 


another $ 137.50 yesterday, tak- 
ing its rise on the week to $285 
at $ 5 , 682.50 a tonne. This latest 
advance was aided by the 
announcement of a sharp fidl 
In T.iwna stocks. 

Aluminium was able to res- 
tabllsh itself above $ 1,300 a 
tonne for three months deliv- 
ery - closing yesterday at 
$ 1 ^ 06 . 75 , up $ffl ,25 ovetalL But 
zinc, wl^ staging a substan- 
tial rally, remained below the 
$ 960 -artonne resistance leveL 

Precious metals also Wnishad 
well into the plus columns. 
Gains in the gold market 
encouraged by US dollar weak- 
ness and a rise In the CRB 
index, an inflation indicator, 
prompted covering by players 
who had sold the metal short 
earlier in the we^ as fears of 
widespread South Afiiean elec- 
tion violence receded, dealers 
explained. 

The London price closed 
yesterday at $ 376.10 a troy 
ounce, up $ 6.60 ftom a week 
earlier. 

Speculative interest also 
revived in the silver market, 
with cash metal dosing in Iion- 
don at $ 5 . 19 V& an ounce, up 12 
cesits on the week. “It's got a 
bit more potential than gold,** 
said one dealer. “It coUM be 
aiming at $ 5 ^ 5 .” But ZUOSt 
doubted that It could build suf- 
ficient momentum for a 
renewed attempt on the $6 
mark in the near future. 

At the London Commodity 
£]cdiange May delivery coffee 
futures yester^ chall^ vg a 
ftesh 5 -year hl^ d $L^ a 
tonne, driven by renewed 
Interest from US investment 
funds. The price closed at 
$ 1 , 663 . iv $42 on the day and 
W oWaU, helped by conMnu- 
ing conceni about neartiy sup- 
ply t^htaess. 

News in mid-week that the 
arablca indicator price for the 
coffee producers' export reten- 
tion scheme had passed the 
point at which retention would 
be h^ted appeared to be 
shn«^ oS by traders. They 
had similarly ignored Mon- 
day's news that the robusta 
indicator, which had already 
passed the triser for retention 
to be suspended, had risen 
above the level at which 
releases from retention stocks 
could b^in. 

nichHd Mooma* 


WEEKLY PRICE CHANGES 

LatHt 


Qold par trey oe. 

07810 

*80 

$ 366.75 

$300 

$300 

Sfaar per tPW 0 

SaXTSp 

*825 

STxaep 

3840 P 

33630 P 

AfanIrOun 07 N (eaah) 

S 10 I 0 

*e!jo 

$ 1115.0 

$ 1323.0 

$11070 

Copper Giada A (ewh) 

$18373 

* 4 X 5 

snsas 

$19670 

$17310 

V 3 fa fawtd 

$ 4 S 8 S 

*193 

00 

$6180 

$4280 

MdM (caMt 

$ 5522.6 

*2680 

$6840 

$6910 

$0180 

She SHG (cesl 4 

$9320 

* 0.0 

$10073 

$1014 

$9003 

Tkl (Beeld 

$54000 

*673 

$66680 

$86580 

$47300 

Cocoa Futoree JU 

£899 

-61 

£664 

£960 

£90 

Coffae PMurw Ai 

$ 1 S 83 

*60 

$604 

$1494 

$1175 

Sugar (LDP Hw 4 

$ 282.00 

*60 

01810 

$2982 

amoQ 

Bariay Rtturea ^ 

GO 70 

*10 

eio 8 so 

S 870 

flUUi 

vwwot Rmrw JiBi 

eii 40 

010 

£14806 

£1140 

07.90 

Cotton Outteoh A Indax 

86.700 

*846 

6860 

6870 c 

e 846 a 

Wool (B«b Supa 4 

4 QSp 


338 p 

409 P 

S 42 p 

05 (BreMBfaKt 

$ 1 & 446 i( 

•8105 

61816 

$1866 

0816 


Pir Mem wilwi MKemIm KMd pAncaAie « Omm b, a Jim 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

(M Oar** We* Men* 

Ooupan Orte Wee ctwree Vl*l age ego 


Austnia 


9300 

06103 

1089100 

-1370 

841 

819 

70 

Batgkjm 


700 

0404 

01600 

-0340 

7.0 

734 

70 

Canada* 


8900 

06/04 

893000 

-810 

807 

7.06 

7.75 

Oanmaitc 


7.000 


086600 


7.19 

70 

80 

Nanes 

BTAN 

8000 

OSMB 

1063000 

*030 

814 

894 

5.76 


OAT 

8500 

04 AM 

91.000 

*030 

877 

878 

80 

Getnwny 


8000 

OSAS 

0180 

-030 

60 

631 

H 94 

Ksfa 


8500 

01 AH 

963000 

-030 

8 CI 5 t 

894 

816 

Japan 

No 119 

4300 

06 ft 0 

1080840 

, 

841 

X 36 

X 3 S 


No 167 

4300 

06 Ae 

108010 

*0310 

893 

894 

4.01 



870 

01 AM 

98900 

-800 

632 

865 

631 

Spoto 


10300 

lOAIS 

107.150 

-030 

931 

931 

80 

UKGha 


8000 

0606 

83-19 

* 7/32 

739 

734 

731 



870 

11 AM 

0-11 

+802 

70 

70 

70 



9.000 

1 IVM 

108-26 

*902 

7.97 

70 

737 

USTreoaury 

* 

5375 

02 AM 

81-28 

-2602 

7.04 

6.94 

867 



630 

oeftx 

87-16 

-3202 

70 

734 

70 

ECU (Rnneh QovO 

600 

IMAM 

91340 

*0340 

70 

731 

60 


LsMon dMkb Ynk nM-dM 

r OtOM fadudtoB iMMang in « 1 Z 9 pw OM pnebii by 
WeEK ua UK ki SSndi. oHm ki ' 


VMM; LoeS RwM mndee. 


Smew AMS MmieMbiM 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: Social Democrat 
(SPD) state conference (final 
day) in Mecklenburg, Ger- 
many. South Korean Defence 
Minister Rhee Byoung-tae vis- 
its Moscow. Taiwan’s main 
opposition Democratic Progres- 
sive Par^ to hold congress and 
elect new chairman. 
TOMORROW: Cktble News Net- 
work opens its annua! World 
Report Contributors Confer- 
ence in Atlanta, US. Prudent 
Clinton will address the forum 
and answer journalists’ ques- 
tions via satellite mi Tuesday. 
Belarus to lift customs tariffe 
and trade barriers with Russia. 
MONDAY: Start of European 
Parlkunent's )ast plenary ses- 
sion in Strasbourg before June 
9 and 12 EP elections. Israeli 
foreign minister Shimnn peres 
and PLO chief Yasser Arafat 
meet in ( 3 airo regarding Pales- 
tinian self-rule. 

TUESDAY: Dutch genmal elec- 
tion. IMal resumes in Kuwait 
of five people in connection 
with alleged nuilti-inillion-dol- 
lar fraud at Kuwait Oil Tanker 
Company. General Agreement 
on Tariffs and Trade holds first 
monthly meeting in Geneva of 
ruling council since signing of 


Uruguay Round treaty In 
Marrakesh. British bankli^ 
groups’ mortgage lending fig- 
ures (March). Bank of England 
MO figures (April). 
WEDNESDAY: Armed forces 
from 11 countries begin Nato 
air. sea and land exercises in 
the central and western Medi- 
tenanean. UK official reserves 
(April). UK advance energy sta- 
tistics (March). Overseas travel 
and tourism figures for UK 
( Janua ry). 

THURSDAY: Nato secretary 
general Manfred Woerner 
briefe the Foreign Press Associ- 
ation in London. Final day of 
Cable News Network's World 
Report Contributors Confer- 
ence In Atlanta. 

FRIDAY: South Africa's 
National Assembly elects the 
country’s new president Offi- 
cial opening rf Channel Tunnel 
by the Queen and French presi- 
dent Francois Mitterrand. 
(TycUcal indicators for UR 
economy (April). British bal- 
ing groups’ analysis of lending 
(fi^ quarter). Full monetary 
statistics from Bank of 
England (March). UK insol- 
vency, bankrupt statistics 
(first quarter). 



Learn Technical Analysis 

M wurPe, Itititeeamfonof'tourhome with rte 
INDEXl A HoiM. 4 ndj Coww la Tactaiim .UmIjMc 
onljr £ 25.00 •VATiOIJI) InriuJ— a fim canroler greemni 

Te.» J in S«Nd ENIN E< M >< 8 i tm*. -EE ml tm 

INDEXIA Rgimfeh. 121 MlA sL HerfcfaRinitcd. HP 4 3 DJ 



Ttw amuMl toul hir ths lertuiB inveiluc 


Market-Eye 


Equity ontl 
Options Pricos 


Loruion stock sxchaiwib 


071 323 8282 


BASE METALS 


LONDON METAL EXCHANGE 

(Mew tMm AmelgiitMad MiM TMntf 
a ALUMOUUM, 9 Bl 7 PURITY CS par Mirw) 


Precious Metals continued 

QOtO COMEX ftoo Troy ai-: Uroy tnj 



Cwh 

3 Bdha 

Clew 

101-2 

13063-73 

Piovlaua 

1280-803 

130543 

Hgh/law 

1 S 0 

1310/130 

AM Offleial 

1264-6 

1 X 06349 

Kerb claw 


1302-3 

Open fa 

25308 


TaW dWy tomovar 

46371 


a ALUMOOUM ALLOY a pw tome 

Ctew 

131 S 35 

1 X 204 S 

PravtouB 

1310-15 

1310-16 

High/low 


132 IV 130 S 

AM Offlde 

13150 

1 X 210 

Ktob dow 


1 X 1840 

Open fa 

4,10 


Toie dafa hinwver 

884 


a LEADdoer tonne 



Ctaw 

464-5 

469-70 

Pravlaus 

40.543 

074 

MghAow 


472 . 5 M 64 

AM OrileM 

469-85 

4673-80 

Kerb ctaw 


4644 

Opan fa 

34304 


ToW daly twnovar 

10347 


a MCKai a per tonne 


Cfaw 

662045 

6690-66 

Pfovtaua 

6360-0 

645440 

HfaMow 


0160470 

AM omew 

5485-0 

S 5 S 6-0 

Kerb cfaw 


5670-0 

Open fa 

6870 


Tote dally turnover 

16392 


a TM a par tome 



Ctaw 

630 -IOS 

5460-70 

Prevtaua 

5410-16 

6470-76 

MghAow 

530 

5478/540 

AMOflicM 

638640 

546046 

Karb daw 


6436-40 

Opan fa 

16314 


Total da^r tumovar 

18166 


a SMC, apedd Mdi grada a par tonne 

Ctaw 

932-3 

985-4 

Pndous 

084 

94043 

HtfUlew 


060/947 

AM Offldd 

9314 


Kwb dew 


9474 

Opan fa 

101323 


Tetd daly banaw 

1601 


a COPPBL oroda A a PC tonne 


Cfaw 

18386-73 

1904 

Pievlaua 

19185 - 14.6 

182040 

tfgMow 

1829 

1066/1943 

AM Offldal 

192940 

190-86 

Kerb daw 


1946-7 

Open fa 

182376 


Totd daly brndvor 

66387 


a IME AM OActe 09 ratoi 13086 

Lire Ctoatng 09 rota: 1040 


Spatl 3 IS 8 a 6 hKl 3103 6 MbcISIM 9 idhBl 3077 

a MGH GflAOE COFPBI (CCMCO 


9tf% 


OPM 

Ctaw cborei 

a^ law 

m ttd 

Apr 91.15 

00 eiflo 

3336 15 

mm 036 *035 

9tM 030 

05 10 

Jm 9050 -00 

910 800 

am m 

Jd «I 0 *810 

«0 600 

427 3 

Aoi 910 *035 

. 

8357 6 

6 w 910 *635 

9070 

an 



SMt 

Otota 


Opw 



■ki 

Wooga 

au 

Wa M 

VaL 

■to 

3788 

*13 

. 


. 

Jw 

$773 

*13 

8783 

3714 OI0t 

23386 

36 

3781 

w 

w 

• 11388 

1338 

AW 

3803 

*13 

3813 

37U 11 a 

391 

Oct 

X83.4 

*13 

3833 

3832 14,10 

in 

Dw 

3814 

+13 

3873 

3313 3314 

1 

Told 




IRLBS 2S3M 

a PLATWUMNYMEXIBQTravfiLiStaeyozJ 

Jd 

4023 

+7.7 

403 

303 1810 

lie 

Oat 

4043 

*63 

4080 

3873 303 

8M 

Jw 

40aA 

*63 

4073 

4010 sa 

in 

Aw 

4083 

*63 

4073 

4033 874 

8 

Taid 




2301 

308 

a PALLADIUM NyMEX (10 Ttay OBJ SAroyoL) 

JW 

1380 

*10 

13678 

1370 810 

836 

$w 

1370 

*10 

1380 

1380 832 

111 

Ow 

1X70 

*20 

1370 

1370 283 

6 

Mto 

1370 

*810 

1360 

1350 1 

• 

TWd 




403 

70 

a OLVBR COMBI (10 ‘noyeuCantaAieyOL) 

■to 

S3U 

*66 

0(3 

9343 lajM 1605 

Jm 

BMT 

*63 

• 

6 

1 

Jd 

8383 

*63 

8310 

506 81736 3102 

6to 

9(23 

*83 

906 

S43 702 

380 

Dae 

64U 

*60 

5513 

500 11,416 

$41 

Jw 

sns 

*103 

w 

a 

w 

TOM 




mm 

4Mn 


GI^NS AND OIL SEEDS 

a WHEAT LCEg per taanet 


SOFTS 

■ eeeoA LC 6 (EAOWW 4 


meat and livestock 

a . rATitt Oft' (JO.aoobK ewafae 








It 


» « 




sat Defa 

price ebiiv apt 


Opn 


VM 



BW 


TeW 


1130 

854 

257 

■to 

828 

114.00 

13 a 

19 

M 

80 

970 

4 M 

W 

$to 

877 

010 

103 

109 

Oae 

HI 

1000 

80 

10 

■to 

024 

1010 

370 

0 

Mto 

60 


8376 

6 R 

law 



mm asM 
M saoe 

Bee SMB 

aw sott 
mm MM 


a WHeATeSTgjeobuitWtcanaaabbuahaO 

4 M ran su* use iztss 
4«2 3 SUD iant4s.m aasTs 
«se 33«6 327M 32.1« 4ja6 

46(2 3<sn 337» aosm asm 

4Sn 3WM MIA Ijas ISO 

• ia a 
ossa mao 
a ***»■* catrgjoobuBegoweeMbbtMhBO 
mm asm tsi* am* asaimiaeiosa 

4412 znn 2 B 7 fi 67 rS>SaDSK 

4Sie aase 2 su 2 teua loss 
4ae aso auisnas am 
+» 20 ft 2 B 1 A 3 X 70 SMO 

43 n sen issn am 20 

nw ijiaisaa, 5 a 

a BAwsy ice B pb tewi 


Open 

lew M Wl 

ai 309 1 . 6 M 
ae 2 i.tm 
im 13 J 07 wn 
893 19.10 
917 27.00 2.00 
933 10,101 «■ 

^ 100010.772 

a ftneQ*eseg(lOtennas;SrtonnBA 


*3 


07 

00 

80 

07 

01 

09 


ir! Oct 


fW 

«pr 

TeW 


tmm* aa tew M 

•ii» *010 71 S 0 :v«i am 
.ct.*s «ono 010 i].m 
n .*0 71 no 1102 
-nw * 0 .^ nzii TIBS ins 
7'^. ^Dss nm 7\m ua 
'JJCC A’.K ? 3 .«n njM «N 


Us 

>JM 

•1 

an 

n 


2730 

2 na 


MW 1120 

JM iia 

sw 110 

DM 110 

Mm 1227 

mt 1257 

IBM 

M COCOA BCOa (8DR'»‘lonn^ 

far a wk* 

86847 


1116 

1133 

110 

110 

1232 

12 S 7 


110 519 }• 

1114 3809 M 3 S 
1141 14.178 1 . 0 M 
1187 804 W 
1219 10348 37 B 
1348 5.00 31 

0,70 8i118 


JBA 

JM 

faO 

Del 

DM 

M 

ToM 


ua 

Ml 


Piw. far 
8078 


iOfaimrP0 


.NM 


NiA 


28W 

22M 


■ M COffEB LC6 (SriontM 


■ ■RMMOOSCMg( 40.0t»fa>.BIirWfaM 
M - 9^0479 W 42 S 51.129 rvm 

Mfio »o ».'9 MB 0 saae ua 

jafix’ >0479 0 R 9 aao i 4 a 

MC.'O -oa-’s 0 -'S 9 < 3 M 0 7,119 _ 

4 itCfl •OX'S 4430 43 m tM M 

4400 •« ns MW 009 417 Ht 

» 1^0 MM 

POBK ae uig e cwfe ( ■wj .'cttfa; fafafaM ^ 
48975 vtM 4»g.*9 am 1.M2 tqi 

<010 •C 073 0850 a «0 
4930 >970 000 010 

5 ij :9 .ars u.'co non 
SO .-0 • S 1 »» 

ua-c 4 ICO 9708 000 


M 


ENERGY 

M enuDEOLP^EX (0,000 US gWi. Sfam| 



IWMt 

Dora 


flaw 



■lea Wwga 

110 

Lm W 

M 

Jw 

160 

•an 

180 

i 60 iiian 

mm 

0 

160 

•110 

160 

160 82A17 23478 

Aoi 

160 

-an 

160 

1634 0174 10773 

$M 

1633 

4107 

160 

160 22,716 

206 

Od 

160 

-004 

1140 

160 18,720 

t.799 

■oe 

180 

•OM 

110 

110 18U1 

1363 

Taw 




491,UB 10104 

a CRUDE Oa.lPE(Mtord) 




Mto 

1080 

, 

. 

. 

67 

. 

80 

00 

. 

. 

. 

10 

- 

■lav 

080 

•00 

860 

660 

10 

34 

JW 

1010 

■015 

1010 

1010 

21 

14 

Nto 

in 0 

*110 

1030 

1030 

7 

5 

■to 

16115 

*115 1010 

1010 

- 

• 

TeW 





SM 

0 

a EOVABEANSGSTBJloiaiWRcanWBOebiaiM 

■to 

snn 

* 4 /$ 

aata 

SIM 

71370 723 a 

M 

am* 

* 4 a 

67774 

01 / 030530164,770 

m 

mo 

* 4 e 

67 te 

686 ft 5330 

730 

80 

54 H 

*«4 

64 aN 

64 M 31300 

2.40 

Eat 

B 31 A 

* 4/6 

BlA 

PSA) 207380 333 I 6 

JW 

836/4 

*«4 

638 l <4 

830/4 

14,70 

1370 


■to 

1815 

*42 

1822 

Ji 

1883 

*42 

1S7S 

60 

1534 

*32 

1545 

Hae 

1528 

*21 

1530 

Jw 

1517 

*a 

150 

■to 

150 

*19 

isn 

law 

■ COfVS ■C' CSCE D73008 


1587 4.902 0 > 
1533 18 , 5 a 108 
1518 10.90 t .731 
1503 4.60 354 
140 5.792 10 

140 109 >49 

4800 702 


ttn 

low 


im 

1 SI 7 m 

*!2 ■ 
. 1 

» 2 
VB im 


LONDON TRADED OPTIONS 


sm 

Dm 


BIS 4.1.10 

aaso 400 
890 400 
00 400 
_ 00 4 (ia 

Me n 0 «O 0 

TbW 

M coffee OOP) cenli/pOMUS 


00 870 107 50 

0 .a 010 M 051 S 0 O 
SatO 0 a 11.033 2 . 6 S 6 
900 00 5 SI 8 1.194 
91.0 00 203 T 33 

910 ma 371 8 

88082300 


TtM 


2 S 40 B 


a aQTI>Bef>ltOB.C 8 T 1 sa 0 »CfcatCMWfa) 



itoato 

price 

Oarta 

ebwpa 

810 

Qp 0 

taw u 

W 

Jw 

1110 

■A 

1124 

1 S 0 7130 2110 

Jd 

tl (3 

-3 

1116 

150 4200 

13,571 

Are 

1110 

■9 

1114 

11 a 11443 

370 

$0 

1110 

4 

1113 

150 ions 

130 

Od 

160 

4 

Ills 

150 4.727 

784 

an 

law 

Ills 

4 

1115 

1115 300 30 

Xim 47,10 


MW aa* 4(10 28 S 7 280 908 600 

M 280 4044 280 2880 38 M 7 1004 

m IZSt 4(10 2 B 0 015 110 D 108 

Sfa 270 4(10 270 270 1101 933 

Od 28 a «(ia 280 280 8 in 30 

DW 2802 480 2805 250 1503 101 

TeM am 2002 

a sovABEAMMesLCsraoefawt/faV 


8 wa 
CM 8 04 
15 d« 


Price 

.840 

. 81 S 4 


hw. far 

Mit 

WA 


M Ne7 HIEiMlWIMWSUQAftLCetenftBfaM _ M 


M 


110 


I1.S 11.0 


287 

£ 6 m 

S 92 


sa 


IBM 


208 sa 


M HeA 7 tMai.Nne(t 00 O(BgaK 0 USgAj 



iJiad 

Otf* 


Qpaa 



prioi ctaop 

M0 

law W 

Vd 

■to 

00 

*60 

40H 

480 11341 

1101 

An 

4040 

•017 

070 

010 43270 

13310 

Jd 

4176 

•027 

460 

0a S3.SS2 

3156 

Are 

470 

4197 

470 

470 1350 

054 

60 

4146 

-022 

4830 

460 10351 

457 

Oat 

400 

•032 

40H 

460 7.1H 

ia 

Taw 




14730 3601 

a GAsooLKaanie 





1903 
inn 
1983 
1885 
1883 
DW 101 
TMM 

a POTATOES LCE (PfainM 


Ma 

0 

AB 8 

ca 

OM 


481 1987 laas 8511 18172 

483 101.1 1903 3807 1810 

483 1903 1588 I 1 . 7 R 203 

482 1288 1873 7,70 1382 

484 1883 1814 81 M 271 

482 1 BS 2 1843 1306 1305 

am 233 a 


Are 

mso 

- moo 32100 

10042 

2M 

IW 

3100 

- 31110 anso 

6399 

117 

Dw 

0070 

- 307.n 304.H 

2H 

9 

Mto 

30300 

- 303n 303a 

13M 


■to 


. 

t« 

• 

Are 

• 

as* 

215 

• 

law 



18372 

30 

■ SUGAR *11' CSCE {112300018; canto/fee 



Ma 


Ma 


*a 

Ma 

IBMt 


2573 

2823 

903 

1080 

1313 

1400 


-S3 2543 2503 


13 U 1200 


a pnemfr iBffFeo lce ffiofadwpMni) 


11.0 201 707 
11.0 50,117 7325 
11.0 31,382 1.982 

n.is 1S.7S0 9a 

1134 2357 244 

. 100 
16 tXBai 803 
I COTTON NVCE (saOOOIba: centariha) 


03 

21 

urn 

110 

■00 

11.57 

2 


Jd 

110 

•013 

11.78 



Od 

1138 

■oa 

11.53 



■to 

1131 

-004 

110 

465 

a 

■to 

1131 

-034 

1134 

718 

M 

TBW 

11.19 

4L04 



SM am% 


few 

w 


JM 


TBH 


8601 on 


PRECIOUS METALS 

a UXOQNBUUKIN MARKEr 


5 W 

8 M 

T4M 


1480 

10 .a 

i 48 n 

1 SL 0 

1810 

1 S 37 S 


-00 1410 100 07 M 
-10 1480 1470 223 a 
-10 14876 1480 1802 
-aa 1500 100 8580 
-10 1510 IS 10 8484 
•oa isia 1 S 30 5 ,ai 

008 * 4 /— 

a KATURALCM 8 l(yiC 3 ( 1 (U»n«M 8 l,-SM 0 U 


9 M 

819 

tfIS 

801 

sn 

208 

101 


IfaM Sqn 


Opw 


oofeifnairoiL) 

Ctaw 
Opwfag 
Morrfag fa 
AAmoon fa 
Ofa's High 
Oi^a Low 
Prewlaw dbw 
Loco Ufei Mean CMd LanOtig 


6 price 
STOSGSTOre 
37 S. 60 G 7 S 3 Q 
37048 
8700 

S 770 P 3773 Q 

37060370 SQ 

STOOtLSreiAO 

£ a«Av. 

JW 

pitea aaaaga 

zsn *008 

Sfa 

23 K 

lad 

206 

w 

17 .« 

M 

10307 


Jd 

2.105 JL 004 

3 ia 

31 S 

12305 

2387 

240338 

2470 B 

Aeg 

310 JUKI 

310 

310 1010 

130 

Sto 

31 H *aaa 

21 a 

3 ia 

10588 

930 

Od 

319 s *0003 

Z 1 H 

3192 

7,118 

481 


■nr 

Taw 

2370 0003 

2370 

1286 B 33 S 2 H 
nope 11408 


Hay 

13 a 

*14 

1390 

130 

827 

71 

■to 

MtlW 

*1.H 

oin 

84.91 230 487 

3ei 

108 

*11 

1290 

i3n 

80 

10 

Jd 

8332 

*137 

avicn 

81.90 2530 7.10 

Jd 

1185 

*15 

1190 

110 

4n 

0 

Od 

710 

*012 

710 

7490 090 60 

Od 

I2K 

*3 

t2H 

120 

00 

8 

Baa 

7304 

4.10 

714S 

7239 11729 110 

Jto 

1342 

0 



270 


Ahr 

7173 

430 

7415 

7137 1.355 0 

Apr 

1335 

. 


. 

10 


■to 

7435 

4.10 

7440 

740 621 0 

TaW 





2367 

2M 

law 




80301130 


Oaw 

Nae 





■ ORANGE JUGS NYCE (IIDOCBm: oentoApe 

BN 

1414 

1387 





■to 

10390 

-10 

10150 

1010 310 1.359 








Jd 

1080 

-1.15 

1090 

1070 11475 310 








sw 

1060 

.30 

1130 

ID820 2323 79 








Sae 

lOlDS 

•410 

1110 

lOJn l.ia 10 








Jan 

IIOU 

■330 

1120 

1050 320 10 








Star 

1130 

-176 

1110 

1130 60 127 


TBW 




n3» 409 


Hobw cause 


.30 e imrihe 430 


a UNLEADED OASOLME 
Nn» (039 0 nfa; 018 ( 


2 rwoiBhe 

3 monihe 
SHwr Pfa 
Spa 

S monihi 

0 tlHIlSW 

1 yoa 
QoUlfata 
Kniganatid 


Now SowrMBri 


32 12 inwittw 461 

l 88 


Ldad Pe/a 
priw dactoi 

■w 

Odb 

Loto tot W 

p/lray Qt 

U 8 da oquh. 

■to 

480 

*on 

410 

020 11084 21826 

90.79 

62100 

Jw 

015 

- 

400 

070 SOBZ 7 2110 

36400 

53025 

Jd 

00 

013 

460 

460 2 Q 35 D 4713 

36836 

5 S 90 

Are 

4138 

015 

4160 

480 12319 100 

38066 

SSITO 

$0 

00 

*oa 

410 

480 7^910 391 

S price 
S 79 -S 82 

8091 

S aqdv. 
261-264 

68-61 

Od 

law 

<70 

•oig 

00 

460 102 330 

10180 oisa 


Spte oe 

The recent reee&og between faenefan fad 
IndawMe auppilen mvltod in Mgher local 
priew Cor nwtnce and mooe In ttw Fw East, 
rapora Man noduciaa Ae a reaMt chaa> 
offn in Ewope •« (^aduMir faappwaio fad 
furthe-m aeaj e u awaer Mfari. Pricee Ay maco 
normUy mcBWe a Mat. lottBo ad bjr ttw nit- 
nwga. Oufeig ttw peat Mx monttw oil prfeas lor 
mafia ham doUbML Lant quotattm (tam 
MonoMo (wttti resdtam prtew n bradoriM me 
ABCO usa 2 . 10 a a baww { 51300 . SS S 1.760 
I 513«8 BWP $1300 ( 51 . 4 SC 9 , Maw. braiNn, 
$3300 { 62 . 70 ( 9 . Snadar casMa biviMw are 
rapedad fnan the InMfor a Surwha w fann- 
ara oonoana- j ta on ttw oeflw hevaat KOR 
attfaa iwa bean laafang $2350 a lema, vara 
aOMd SZ 300 fad KOR BfVO. $ 1350 . Mf. 


VOLUME DATA 

Opan baaraat and Volunw data shown far 
oonba u w tndad on COMEX, NYME 1 L C 8 T. 
NVCE, CME. CSCE and IPE Crude OB ara ana 
(far h anew a. 


INDICES 

a RBUTERS (Baaac IBftWt: 


> 100 ) 


Apr 0 Apr 9 mantti age 

18433 18293 (M 

I CHB Riturw (Baaac 40 t 56 s 1 OO) 


1671.9 


Strike price * *»«• 

— cea— ■ ■ 

— 1 

tre— 

■ aluminium 




ire.7^1 LME 

Jul Oct 


Oh 


5S 99 

sr 

» 


39 71 

3$ 

47 



re 69 

82 

0 

a COPPER 




(Grada e lME 

Jd Oet 


Ok - 


78 104 

M 

« 


0 79 

51 

la 

2000 

J9 M 

r 

m 

a COFFEE LCE 

Jd Sep 

Jd 

*>9 


res res 

a 

it 


SSO 09 

7 

n 



i.re (65 

13 

« 

a COCOA lCE 

Jul Sap 

Jd 

2a 

srs 

ft 40 

37 

re 


13 31 

M 

« 

925 • - 

6 24 

74 

71 

a BRENT CRUDE IPE 

Jun Jd 

Jun 

0 



■ 

4 

a 

1.150 .. 

a 

12 

a 

1500 

40 SS 

11 

re 

LONDON SPOT MARKETS 

a CRUDE OIL FU9 (per canal'Jun) 


(BP 


61400-4.134 

•MIS 

Went S!«nd tdJfad) 

$1198-560 

•OM 

Brent Stand (Jm) 

$!SJ440 

*0IM 

W.T L ilpin paO 

SIS. re-6 6S 

tOon 

a OIL PRODUCTS ML'fc'ettf npt iWleiy QF $000 

pignuen ijmoijna 

$I7H75 


-u 

Gw 06 

$149-190 


•IS 

Heavy Fud 04 

trseo 


4U 


siar.10 


•as 

Jet Fed 

SI6D-I62 


•1 





a OTHER 




Odd (par mv 0)4 

tare 10 


•OH 

SPwer (per boy 04)4 

sto SOB 


-in 

PIMnum (par boy Ml 

sasire 


071 

Pdtadum (par tray e< 1 

$13675 


•39 

(Copper (US prod) 

96D0e 


•10 

Lead (US pi^l 

JSOOe 



Tin (Kuala Lianpun 

Uaar 


*007 

TlniNawVerit) 

SSOSO 


•19 

Zfac (US Prime W.) 

UN) 



CoBta (Nq eraighilT 

123250 


•atr 

Shaap pho wdghOTf 

1$t49R 


*13 or 

Pigs (bva wetghQ 

74S9P 


•air 

Lea day sugv (raw) 

$263.00 


-29 

Lea day sugar (wfa 

S33200 


•on 

Tiia & Lyia adian 

rreaoo 


•19 

Bcriay lEng. taacQ 

Unq 



Mbu» (US No3 VeOew) 

$13150 



Wheat (US Dtok N«th) 

cisaoe 



(bjbtatoWiWV 

TO sop 



Rubber IMf 

nxrsp 



RubbeilKLRSSNoiApi) 

2S&OOm 


*022; 

CoreiM 04 OtaoiRI 

$9910t 


*118 

Pdm 04 VAstoy-)! 

$49C.5w 


•209 

Copra |Ph5)§ 

$3710 


*40 

Soyabnm (US) 

£3140 



Cwien OuttecK A indw 

8&70e 


•19 

Wpotteps (SJa Superi 

Jtep 








Apra 

22 X 16 


Apr 27 
N 7 A 


mortth ogo 
22851 


21032 


Cpcrl 

' riVQAifa. m MrifaMW I 

I Uay/Jwt ■ A^Mar. f loWan mrao. a nw 
dwn. f Bifan ireriwi deoa 8 SMip (tna wwpa paaw ' 
Cnwga on ■aan. pw wa atW prieaa 


caea p pwKwlg. e eaafa 
: MinAw. f Jw * fai 
Wan Rwoert. | 9 Mo> 


US INTEREST RATES 


a LONU OBLT RnUTBOpnONS (LFFS C 503 a 0 S 4 lta 0 ( 10 OH 


US 


bncMim 


Rtoonii. 


FWfaW. 


fadhidiM 


Oaifanii — 
•L Twnn_ 
5 TIHanofa. 
3 (i fanadi — 

• Qniiwr 


Ttenay 6Ma «M Bend TMM 
II i.i.i. IB TWiaw. 


la Tiiwiw. 
10 Rwiar. 
444 HHfaT 
89 9 IHW 


874 

807 

884 

734 

70 


Sbta 

Rica 

106 

107 

IQS 


Jun 

1.83 

1-02 

042 


CAU.S 


2-24 

101 

t -38 


Jun 

1-15 

1 - 0 

2 - 24 


PUTS 


Sap 

XOO 

3 - 37 

4 - 14 


a (0 TREASURY BOND FUTURES (fSgn $100300 32 nds «l IQQH 


Jun 


Bn Wl BW OWi 479 Rfa 7437. AsMoui Ber^ epwi K. CWa 97464 PuW 74157 


Daa 


Open 

104-28 

103-30 

103-09 


Lataat 

104-12 

103-14 

1K-0 


Change 

-O-K 

- 0-10 

- 0-12 


Hlgn 

105-01 

103-31 

103-10 


Low 

104-02 

103-02 

102-15 


EsL Ml OpanK 
01308 415,177 
10331 543 B 

$13 33387 


BOND FUTURES AND OPTIONS 


Franca 

H NOTIONAL IBEHCH BOND FUniWg (MATIF) 


Ecu 

a ECU BOND RTTURES (MATIF) 


Japan 

a NCmONAL LONG T 01 M JAPAPffiSE OOVT. BOPO FUTURES 
(UFFB YlOOtn lOOihe cT 10096 



Open 

Sett price 

Change 

ugh 

Low 

EaL ucL 

Open fa 

Jim 

12004 

121 J 4 

•aid 

121.34 

12038 

22200 

137 A 44 

Sap 

119.70 

1260 

*005 

12 OJ0 

11810 

106 

17.115 

Oae 

11690 

iiae 4 

•ODO 

118.14 

11080 

025 

2.713 


Jun 


Opan 

87.0 


Saltpttw Change 
S 70 


Kgh 

670 


Law 

670 


EbL voI. Opan fa. 
X 714 701 


Open Cfaw Change High Low EM. vM OpMK 
Jiai 11 Z 0 1 I 3 JJ 4 ^^2.79 1468 0 

- UFFE oofaaa* Md «i APT. fa open umwi Bgi. we fa pranKMa cfa. 


a LQNO TERM FRB 4 CH BONO OPTIONS IMATIR 


SMha 

Price 

Jim 

- CALLS - 
8 w 

Dw 

. Jtoi 

— WTS 
Sap 

120 

10 

lOQ 

2.10 

067 

161 

121 

1.16 

101 

. 

090 

- 

122 

063 

1.10 

. 

164 

2.78 

123 

027 

072 

087 

- 

• 

124 

OJM 

aw 

- 

• 

- 


Dw 


UK Ota mw bfaew 


Ett lOl fari. caiw 2939 nw 2606 . PiariM dfal Opm M., OBb 41239 NW 98472 . 


1 UpteB y ep aPM 

2 8-16 ion pa 

3 Ow 19 yanw 

4 IrcdearraMwR 

5 m deefa (81} 


Frt 

Apr 29 

0^ 
denge 64 

Thur 

Apr 28 

Acennd 

Inwed 

w aft 
yidd 

123.12 

006 

12104 

10 

4.13 

14149 

rOOB 

14138 

1 J 9 

484 

1010 

0 D 4 

ittsxe 

147 

178 

tsrsB 

-022 

18726 

nnfi 

112 

142 A 0 

035 

141 X 3 

111 

40 


fadeo m nlMd 


Pri 

Apr 29 


6 Up to 5 )WBB( 2 I 

7 Dear 5 yean in) 

8 MetoWina 


1840 

17834 

17&29 


Day^ 
change H 


Thur 

Apr 0 


Acciuad 


MMi 

m _ 


YWW 


Apr 2 S Apr 0 Yr 00 tfah 


9 Oeba and loans (Tg 132 .U 


Low 


farS Apr 0 


,UadhtB coupon yWd 


023 

18426 

041 

29 

016 

17 S 13 

082 

19 

0.14 

17153 

077 

LT? 

0.0 

13154 

2 j 00 

417 






Germaiv 

a NOTIONAL QBRWAN BWP FUTURES (Lff^* 0925000 lOOlha of 1 W 96 



Open Sattpilea 

Change 

Mgh 

Law 

EaL ud 

Opan fa 

Jun 

9423 9112 


910 

9413 

1 W 10 

108960 

Sep 

8180 9465 

*00 

9462 

9173 

1090 

13390 

a BUND nnuHBS ontions oiffe) amajm pdnta or loon 



SMw 

- . . 





Jun 

sap 


JlBI 


Sep 

Plica 

9500 

008 

145 


074 


1.70 

9500 

0.0 

1.12 


ose 


147 

9000 

039 

042 


147 


247 


3 yia 

IS yre 

20 yre 

IrreOf 

UiJwlbiiiJ 

742 

747 

747 

749 

740 

746 

749 

744 

T .17 

849 

940 

8 .B 4 

743 (ItoC 
747 ( 29/4 
740 mi 
348 mi 

157 no /1 

040 tain 

141 Dori 

TM 

7.90 

749 

7.79 

T 49 

7.99 

7.0 7.62 caw 
149 7.99 ^2 
840 7.90 ( 20 ^ 

642 ( 1 ^ 1 ) 

049 ( 20 / 1 ) 

142 aani 



- InaWtan rats 5 M - 






L^ fa 0 yn 
ew 8 yra 
oebsltoeaa 

147 

ISO 

144 

10 

249 
157 
61 

3.47 ea /4 
ISO mi 

mere — — 

113 N/lt 241 

in mi) 342 

247 

348 

140 151 (sare 

349 132 | 2 g/e 

1.19 ( 18 / 2 ) 

170 ( 2 (V 1 ) 


— sr~ 


70 

826 

814 


70 

827 

815 


70 7.0 nSMt 

878 8.30 

80 811 


9.74 0.0 ( 293 ) 739 PVQ 


M 9 80 90 80 ( 2 am 7.10 (lori) 00 iim 857 90 earn 7 ap len/n - " -"gSyeata- 

Awaga grew redwipdon yWda so shewn woes. Cntoon BfadK Low: 0 H- 74 | 96 ; Medum; 8 %. 1 (Ut^ ®-09 B 

w* .,u._.L ™ T vWd. ytd Voar to data. 

FT FIXED INTBIEHT INDICES eiur 

Apr»Apr 0 Apr 27 Apr»Apr 0 Yy«. Hre.. ACTIW INDICES 

«« pare re .73 04.70 1070 8806 » Edged bargafa t 181 „ 8 a ,rwn 

e .. ■— " 0.1 1186 103.0 ee .8 


Ooet Saaa. (MQ 


98 Apr 27 Apt 2 B Anr pa Aprg^ 


B&L M, cm 18143 Mb 30383 . PiBiMR mft opw ML. Cm 38 W 8 Pm 331373 


^ 35.33 9CJOO faewrw ^ 

nid JntoroM^'' 11892 11841 11874 11842 1180 11874 138 W 1140 1181 ^86 mg Ms” 

•faiWi, a wj .iwn i Be .v Ww tfal tow. emw i at iZ 7 . 40 Mfiaa, ww 49 .ia on/Ta. rw«i 114,5 nea 
9 «wawawwMl 89 aEfaMyMreiwbafarie 7 « 

■mnfRvmfRR^ 


1143 
1243 
latw 


UK GILTS PRICES 


a NOTIONAL MEOIU 9 TERM GERMAN GOVT. GOWl 
(BOBUCLTFe* DM 268000 100 tt« a( IOON 


M hkat+flr- 


— 19 M-. 
ifai law 


Open Sail priaa Change High 
Jwi 100 .00 

Italy 

a NOTIONAL (TAUAN GOVT. BOND (BT^ nJIURES 
dJFFEir Lire 200 m lOOttia of 1096 


Eai vol Open fa 
0 180 


fawergfaiaetonwt 

new IQpe La. 19 ( 0 — 
toek: 2 i 9 Bl 9 < 

nwi8K 1980(8 

I 2 pei 89 . 


-vu... 

M fae niME..a'- 


Jun 

Sep 


Open 

111.0 

1180 


Sad pries 
11231 
ni.7T 


Charge 

400 

400 


High 

11870 

11886 


Low 

111.15 

1100 


EsL eel Open fa 
43684 7770 

34 2024 


a fTALIAN GOVT. BOND 9 TP) FUTURES OPTIONS (UffElLha 8 OOm 1 OQIheo 4 l 0 N 
airiha CALLS — PUTS 


Price 

Jun 

Sep 

Jun 

Sap 

11200 

140 

10 

148 

177 

11360 

1.13 

225 

142 

104 

11300 

040 

104 

149 

138 


&wfaefa8o-e 

1 C^ IttB— , 

neaii24peia50 

ewiArtciam 

CemwricniQBBtM.. 

naaisltAeiam — 

6 M 1 lOLtfC 1997 —.., 

n«.Uto 1979 

BMH5P8I997— _ 
tLpeiW. 


nea( 7 itfc iggeto — 
TteeiaLeBiPil ew)) 
ifac--- 


Ew. ML tecM. CMe U4a nw iiae. rvecciw ofae opwi wt, cm. slito Pus aoeoa 


nwiUaitoVBN 

btiiaaciMi 
Tna»igyc 16689 


69 

1ZJ2 

U2 

110 

39 

874 

II3S 

1844 

1818 

11.77 

63 * 

110 

89 

840 

1221 

8 T0 

79 

627 

1131 

129 

109 

89 


438 19 & 
4 M I 02 A 
8 l 9 ICeM 
818 I0«tj 
428 9 

SJ 7 IIEV 
891 ( 0(3 
8 W 11211 
846 1 ie£ 
8461 I 2 )SM 
887 TCrM 
70 116 A 
79 lOSA 
79 10 «A 
737 1221 ^ 
737 107 A 
79 89 ^ 

722 9 £ 

79121 )M 
737 129 

7 . 79 lt 5 UM 
734 107 


-i, 

“A 

-A 

-A 


131 B 

I 14 U 

l<»A 

102 


Spain 

a NOnONAL SPANISH BOW nnURESiM^ 


Jun 

s«p 


Open 

970 


Sattptles Ownge 
97.0 -834 

9890 


Mpi 

970 


Low 

97.10 


Btt. vol. Open fa 
0,70 115370 

823 


nretoRtotoTH 

eitiiiai«toiBi,^_ laas 70 iitu 
faaeiOiapeieM 846 79 ntd 

Tnwapeiena 84 S 79 asA 

Ooawfan IO>4Ae 1999, 09 7S41t8Ltll 

TrcMRMRWM, 

^ wvyirt _ 

TnBl3pc209_ 


UK 


a NOTIONAL UK Qtt.T RITUBga (UFFET £030 32ng3 o< 100% 


1092921. 

Tpe-ei^. 

TyeDIA. 


Uw 20 (B. 


Jun 

Sap 


Opfa Sett pries Change 
106-26 10809 4«-07 
104-16 106-12 -rfHir 


Mgh 

106-21 

104-16 


Law 

104-27 

104-16 


EaL vol Open inL 

mre 12^ 
668 213 


aK2oosto- 


iQac: 


' aa 

8 S 7J5 IQ5>{ 
1048 79 184 

937 736 IlOA 

736 7J9 turn 
79 79 66% 

89 89 19(2 

79 73* lOM 

19 864 112% 


.«». ’NtoH'rPCaWM 

^ i is sasssfc 

-A 107B 19% 

-A 11^ 1080 7ApB200ap 

-% 117A i«B fa?iin?nn 

-A 17>U IIBA nato 1 1 (|W 2003-7—. 

-A 1170 II2U neas8>4pe9079 

-l- 1I2A I9B f3%pe-04.8 

i2tn 1140 ncHSpeaoM# 

II4A 19% 

"OA tO«A 
- - 122% 

19% 

9 

•M 6»% (^BBwaVewe 

131A laA ifae6ec209 

■40A 12^ Tieaiai/«ee26ia 

i2Stt 114% 0mfaeU2ni9.— . 

lt6A I05U TfCMORiOlsn 

naMS%pc 2000-1286.. 
nMi8K26l39— . 
74ipe 912-1642 

new 6%pe 201744 

128A 116% ew 129*13^17— 
r2iA 100% 
foiu a2A 
121)1 I09d 
I 

twS «Bi 
1303 19% 

ISA looB 

t08A S«B Rirtan3iiBc0 

Ittlu 941 Can*a%pe-6I0— _ 

t23A Triitfae0A8 

— tiaU ^ Coopli8%pe. 

-A 


- 1994 _ 
fas taw 


99 

49 

830 

79 

89 

09 

79 

U6 

874 

814 

1807 

828 


820 1180 
89 74U 

79 11013 
79 mam 
79 118', 
89I20IJM 
79 9(3 

89 69 % 

831 I20U 
734 104% 
834 134A 


79 I«il mA 


'9)( II6A 
MA 74% 
I25A 109(3 
19% OIJ! 
IS% 19)3 
lOil 12533 
11313 97% 
111 % 9% 
■36J. U6U 
Il8i*j 103 % 
I^IA 19)3 
174(3 107(3 


“A 

-% 

-it 


89 79 

722 7.12 

820 79 

817 7.61 
037 737 

736 79 

731 79 

AM 79 
870 807 


Mil -% 
66 %d ♦A 
109(3 +% 

IIOA ^ 
78% ,% 

'“% -A 
5733 ^ 

10813 -A 
1 »B 


wa 

MA 64 ,*. 

1MI3 19% 

127 % lOgn 

fl»% 7 ?a 

"TO gg:^ 
114% g;jj 
>28% 10711 
■M% 1300 


I"c" - , ,9 

2 ‘jocm“ "iSS 52 ! ^31 W 7 ,*, 

KWwuii iOl ia 4 i 04 .iw 

3® 32im%S :s m 

Hmc^im''' lMQ 342 2se I37,\ -W I9 mi 

•«l (3 59 u"iM"e 2 !r^*"L"“ •• oreiactod biiWonSlD 
‘'XMKfa oTo *" PfawHUoM ehew RNMfii ■ 

»wo«w«Mto.?!Saag'?.y.'»fawwtwiiaBa fai*^*t£ 

Fixed Interest 



3 

-% 


jjpM 

5 S£i 2 ">i'imio. .. 

ftjLMy io%iie 3 ) 9 , 



^«S’.ote''“ - 
'faew-Tr 


-ttad.. -M9}- 

M Sea Fifcoc*«. WLJ& 


-u 


m Tap* wedk. 9 ifafav IS netHwMwKe on appBeMtoi. 


127 A mii neHLOimi 
e AueOen boat, w fai 


810 - 480 

737 - 443 iMl 

^ 

K ; Si 5 


^ ““N "**Wlei 4 »• wwwn 


M% 48 % 
^ 9 

* 1 ;* Mfi 

51 * “A 

»S 29 % 
hpaind.. 




8 »l 

882 

9 S 7 

9.10 

063 

1174 

laio 

199 

0 .M 

089 

09 

423 


oat 124 % 

■ HoiS 


03 ? 

887 1*4 

- 103 % 

- 105% 

- 118 % 
636 101 


V- 


■ V. 




36 10H 

- 133% 

- 36% 

84 

6.13 116% 
7*1 9% 

450 Iff 
4.17 IS 
• 10 % 


r 








MF-a I i-i \ 

•: r 


INI* 

rti'.v 


tet; 


tOf4D^.N 

* i • 


It «»'iBgaivn.-&' 

..3* ‘‘•k- ■■ V*! 

•• iAiT: 

it ciavoscK 

FfeW* *L - f 

. 

• tici: 

. ^n- 

ft vtif^rr 

':?«.v; 

. ft VtJU^lA . . 

.*■% 

IKK . 

■ *ltk 

. V■M^t f.i:.^ ' 

• 

"iONDC^ - 

.'ft tftUtlt . 

• .♦. 1 . 

:vvu« 

-Mm 
- ftM A'*--.! 

■_ A 

‘ft AL f 


• synitl 5^ r' • 
'-WMvtf* •■■■ 


.* • 

I'ivSOiirt* 

. **vft*“ ‘■■«'- 

«« *■•. ■ 

• -S''' 

.Wft ^ '-r." 

HftM. (»'='f.S ”•' 
«Mi'r‘ S’" 

, RMwr. ':«■ 

■sftirfLHft 

’■iS^samfit in- 


*V'v^ 

«:'■«■ .••! 

' ■ ■' 
.■•n.llfli*'-' ■ 

4 -«il>^ 4 , i! 4 - .— • 


■ -ji P 
■u 
■Ji (S 


« 


FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


MARKETS REPORT 


Dollar wobbles 


Pollar 

DMperS 

1.72 — - 


The Federal Reserve yesterday 
took the unusual step ot inter* 
\’ening in the markets to stop 
the dollar from falT^ through 
previous lows, writes Philip 
Goioith. 

After repeated bouts of inter- 
ventioD, US curre^ was 
trading in the evening at Y1Q3 
and DM1.6640 after touching 
' Intra-day lows of Y100.S5 and 
DM1.6430. 

The Fed first bou^ ddlars 
for D-Marks at DML6580 per 
dollar, and then later at 
DM1.6585 and DM1.66. It 
bought dollars for yen at 
Y101.45*101.50 and again at 
Yioi.9a 

The last time fiie fbd zlzte^ 
vened, at the behest of the 
Treasury, to support the dollar 
was on August 17 last year 
when the dc^ar tbU to 'Y100.30. 

Elsewhere, comments from 
Mr Hans Tietmeyer, the Bund- 
esbank president, suResting 
that German interest rates 

mipht fall fiactPr than antfrf . 

pated, led to frenzied trading m 


Euromark futures. 

■ The Fad's intervention was 
confirmed by Mr Uoyd Bent- 
sen, the US treasury secretary, 
who commented: “US mone- 
tary authorities intervened 
today in foreign exchange mar- 
kets to counter disorderly con- 
ditions. This is in line with our 
previously articulated policy 
which recognises that exces- 
sive volatility is counterprod- 
uetive to growth. We stand 

■ Pom* fai Itow Vbric 



YenperS 
106 


Sterling 

Spare 
1.52 




OMpere 

2.54 


252 -n 


French franc 

FFrparDM 

341 


— — 250 




343 


344 ^ 
a 4 


tea 

— laM— 

— Flas doae — 

SVDl 

13IS 

13140 

IMl 

13110 

13128 

Sdlh 

13079 

13106 

i|r 

13B80 

13088 


ready to continue to cooperate 
in foreign exchange markets.” 

hitervention by the Fed over- 
shadowed positive US data, 
which the market ignored. 

March slrtgle farwlly hOUI P 

sales rose by 11.1 per cent the 
biggest jump in six months. 
The purchasing managamwnt 


Aprt 19M 

SotTOKPTarftHle ' 

association of Chicago said its 
business barometer rose to 67.6 
per cent in April trom 665. 

Analysts were sceptical 
about whether the Fed's activi- 
ties offered the dollar more 
than a temporary ra^ta Mr 
Nell MacKinnon, fhM econo- 
mist at Citibank, wimmanfaxi; 
"It is round one to the Fed, but 
nnipgg it is sustained and a lot 
heavier, I think markets will 
again test the previous lows of 
the dollar.” 

He said that so long as US/ 
Japan trade talks remained 
stalled and Japan experienced 


April 1994 


April 1904 


April 19e«- 


ApfS 1994 


political paralysis, US 
administration will not be 
averse to a stronger yen.” 

■ The D-Mark had a mixed 
perfonnance in Eur^ yester- 
day. It was slightly weaker 
against the French franc, 
which closed at FF]d427 from 
FFr8.429. It closed slightly 
hi^er at 1559 from L9585 
against the Italian lira. 

Mr Tietmeyer’s comments, 
delivered in a magaarinB inte^ 
view, led to a fre^ of after- 
noon activity on the futures 
maricets. Mr Itichard Phillips, 


analyst at brokers GNI, said 
the bullish tone of the Bundes- 
bank president’s comments 
had encounged a lot of inves- 
tors to start tafciTig long posi- 
tions again. “People got very 
buBed up on the prosp^ of a 
rate cut,” said Mr Phillips. 

Trade was heavy with the 
June contract trading nearly 
52,000 lots. The future closed at 
94.92, 13 basis points up on 
Thursday's close. 

■ The Bank of England yester- 
day iuiected £824m into the UK 
money markets after forecast- 


ing an £800m shortage. Market 
conditions Were easy with 
overnight rates moving 
between 3 and 4'A per cent 
SterliDg rose a^dnst the dol- 
lar, closing at $1.5163 from 
$1.5073, but ended slightly 
lower gainst the D-Mark, at 
DM25126 from DM25167. 

■ OTHBBCIi P—»w»1*f 

iipra e $ 

naan isui* - isssn 102450 - io2A50 
«n 2631jn - 2B37i» 174300 - ITSOilO 
MmS 34402 - 34S0B 0290 - 02971 

Mnd 339^5 • 337232 222200 - 222430 
ease 277483 • 278241 1820411 • 193300 
U4£ 36527 - 3«40 107IS - 3S735 


Money Market 
Trust Funds 


Am m CM HP 

CAP Monqi Uanagacent Qo lid 

4taHBillairi.n4Euoa1MUD 0799770114 
CUH(kBMMFinl_| 441 -I 449|3-WB 

OHowimnHDai «.n -I 4.7 B|mib 

OMOtHOMrCCfitoil 441 -I 4 JdI 3 -MIi 

^*^™*071-S88 ISIS 
DVMI l44fi -I 444l9.im 

CMtftLWftLQfCftrftofBtfaoat 

2ForaSM.un«nEcarua fl7i-anisis 

OtpOH I 405 - I 3IMI>4IB 


Money Market 
Bank Accounts 


am M CM MP 

Coiiiicaoo 

4«eMa,l0n4pwcn«B on-nsiim 





071 -m 

igia 

are 

sm 

Ob 

114 

A£ 

Ob 

am 

m 

or 

m 

A7B 

o> 


iSL — u aifcUwysBcai 
RaKnMnHHWB'-l 4475 

Dao Hera Bonk dioion) PI 

10 Mce WA iMm RZH nP 

FTClKIOt,-.,.., - T»«" 

£10001420111) -I US 

jOSCO-BOOeO..,.,— 075 


Daraibaa TBl Pte-DowclBn 500 Ace 
09Jgllia.UHdWHrMS4IIU 0BI-e88S4S4 

noDehCHoa 7JS 04375 1 - c-Mn 

ElOOOO-IVHf 740 5825 74 Vwly 

i3n-iiMaH9i3itil SOD eul 7 . 7 I 

FMftft Mo ray McrilAceorat 
rMai|fti>iiiiHriarOiim.ii>eH04<"H* 
hMmSwniiicnDM , 

E1-C48489 375 241 340 Or 

faDMO-seaBB 42 3.107 449 ] or 

1230000-11190998 ..I 4475 3.SSB I 4.991 Qb 

nom* Hw, iiau ta ■ Mwa 

HrtteBMQSoctoatncwwniQQra Acc 
TnrafneaQirinefHmsBi; Sts 393333 


Ann Hone Baok pie 
NC^nMOlandgnECV^. 




rsoi » 

447 Ml 
44 a m 
I 44B| Mi 


_ Bonfcui 

lowwau pgLii awwgi 3H eraan 

sanMiMaMMterscp 450 ) oni 
SMIMmHMM I 079 441 I 5S8| 

lanMMOaMtal 079 4ii I uol 

Hrataolyde Roraos enwp 
■ BMipaM.HoA,BaaMnH ibh 7 « 

C90a»* 1 025 944 I OSSi > 

UepoM Jaaapk a SoBi Uadtad 

MgMMSaMCmdMESVTK on-5«23 
ItMMI MM HM CbMi HM 

C&pOI-eiOOOOO IaSO 4n»b379D ' 

£100001 Pka.— ..I 479 49400 I34snl i 

XMnnrt BoRHM Ltd 

l9BaMHTamMlflMMNW53a7 071-20715 
H1CJLIE2400-1 I 4 3 I 4471 Di 

KMmeri Boom MvBli Bank 
• OMM a mmi aran bHHM immm ue 

IHlMnlomtaOIMBtlMra 071-9471! 
HlCA|£a.BOIH I 4 si <47T a 

Uqyft Be* - hnooinm AGGowd 
TianMaa miHi iE CM MS . ccrmh 


aa 

572 

OR 

IH 

ml 

Ob 

saa 

aaai 

Ob 

IIG 

4a 1 

Ok 

as* 

ml 

aa 

199 

424 [ 

bb 

ue 

428| 

Ob 

319 

422l 

Ob 


MWTMWW 

4a 1 

1 mi 

a 

421 

ml 

• 

491 1 

ml 

" 

9a 1 

aeaaT 

mi 

WON 

at 


AaraTfwtBaakLH 

»D(ii|MM.UiarvEC*ia4T OTI-OHOaTt 

BaaW|B4l>l-l 644 440 OBirYMIr 

T np awlSoi-).-. oas 449 949 vmS 


POUND SPOT FORWARD AGAiN'ST'THE PO!. 


DOLLAR SPOT :PORWARD AGAINST THE OOLLA^i 


Cloiliv C^ang• BMMtar Md 

iidd- puiit on dn spread Mph tow 


Eurapa 

AMtrta (Sell) 17.6156 -00884 088 - 228 17.7882 17.6043 

Brighan (BR) 51.7210 >00882 804 • 618 61M45 514081 

Dnmak pxi) 84S78 -00288 643-612 8.8687 8A178 

Finland IFM) 8.1416 -00203 826 - 810 6.1730 00806 

Ranoa (FFi) 6.6126 -00175 084 - 158 8.6338 8.5727 

OviTMiy (PM) 06126 -00041 118 - 138 23202 O50Q0 

Oeaca 0>) 368387 -0328 085 ■ 989 888377 867388 

halMd ft) 13282 -OOOOI 276 - 304 1.0810 13248 

IMy 54 241024 -135 882- 185 241232 280831 

Uawnbovs (LFr) 61.7210 -00832 804 • 616 51.8645 613081 


Onn month Thraa montha 0ns yanr Banker 
Rate ftPA RiM WRA Rata ftPA Big, tndne 

173118 03 17.8062 03 - • 113.8 

51.746 -03 S1.791 -05 61.731 03 114.8 

8.668 -13 93818 -1.0 9391 -03 115.0 


CteabiB Change BW/eflar Dny^ anM One month Tins months Om yaar J.P Morgan 
mkHxdht on day spmad Idgh In RMs WPA Rale WRA Ftete WRA fcatax 



83151 -06 832S4 -08 83168 OO 
23132 -08 23134 -01 04982 05 


Nedwrt an da 

Norany 

Peitugal 

Sptdn 

Snden 


(R) 08197 -00087 184 - 210 23279 2.8073 

(NKi) 108004 -00174 967-041 103356 108008 

(ER 256388 40408 630-035 258.085 257368 

(P 14 204.701 -0405 684 - 817 205377 203.854 

(SKi) 113688 -00528 809-008 113916 113661 


-09 13314 

-23 242634 
-06 51.791 

-01 23202 

03 10.6073 
-43 261.758 
-S3 206366 
-23 11.6566 


-0.9 1.0346 -03 

-2.7 248139 -2.1 
-03 51.731 03 

-01 23069 06 

-08 1089ra OO 
-43 

-2.7 208336 -2.1 
-2.0 11.7746 -13 


ftaopo 

Austria 

Bal^un 

DerwiMH 

Hrdand 

Fiance 

(Sarmany 

ftasea 

Ireland 

Italy 

LiBtembeiBB 

NHharlanda 

Norwny 

Portugal 

Spafei 

Sweden 


(Soft 113175 
(BFi) 34.1100 
(DKr) 63012 
(H4) 53686 

(FFi) 5.6800 
(D) 1.6570 

(Di) 243350 
dQ 14783 
OJ 156636 
(Lfi) 34.1100 
(R 13596 
(NKi) 7.1888 
(Eb) 170700 
pie) 135.000 
(SKI) 7.8485 


-0128 160 
-03655 800 
-00868 002 
•00455 645 
-00455 790 
-00127 666 
-13 800 
400069 718 
-1038 880 
-03655 900 
-00155 521 
-00545 878 
-075 BOO 
-1375 950 
-01007 457 


'200 11.7125 113630 
' 800 843000 333760 
022 63379 04807 

746 54064 53256 

810 &7136 63340 

675 13851 13487 

300 244300 241300 
748 14641 14671 

080 158080 1S77.7S 
800 343000 333750 
601 13718 134S2 

866 73465 7.1190 

600 171400 186.100 
060 135300 134.050 
532 7.7324 73100 


1135 -1.1 
84335 -13 
53349 -2.1 
0383 -13 
07018 -13 
13813 -1.0 
254.175 -103 
14863 1.9 

1804.05 -8.6 
34335 -13 
1.8642 -1.0 
731 -13 
17838 -7.8 
13633 -3.6 
7.7123 -33 


11.6275 -ai 
3439 -06 
63642 -08 
5367 -OS 
6.7062 -04 
13577 00 

28335-163 
1.4663 13 

163135 -23 
3439 -06 
1.8823 -Ol 
73206 -04 
1793 -63 
130485 -23 
7.8215 -22 


CaSAKMMAMH 

cooilom. 


£104110+ 

aon-esMe. 


BrakofSoollond 

smnMaMBRBS 

■IMWttaHMM. 


hilWISOW e444 2»444 

MMHHI 

. 140 075 140 Ml 

. 340 249 9JS Ml 

. 9.10 241 SJ3 Ml 

. 440 340 447 Ml 

.429 9.19 449 MM 
.475 340 445 Ml 


a AcG 

07US1KIS 

9449 or 

24941 Ob 


199 Mn Tom tad IMM M ra 
HlU.d2,90IH I 4 


kUMdSankjde 
poiw2.gid 9adL 
eHawa Dec GBOOSi. . 
muoD* 


2BI 071-9B19Ma 

340 242 949 Ml 

2.76 241 343 Ml 

940 9.79 9.12 MBi 



0972 431172 

aw 

an 

TBWty 



Tbdh 



Vbaay 



tarty 


0742 amw 

zti 

ATS 

tarty 

lar 

4a 





412 


tarty 

- 

m 

Tree 


!•' • 

. svMnBtnBoa 

JSFi) 

2.1342 

-03102 

829 - 364 

2.1307 

2.12S4 

3132 

13 

Z1275 

14 

2.0062 

1.7 

117.6 

Switearland 

(SR) 

1.4075 

-00152 

069 - 080 

13157 

1.3960 

132S3 

-151 

1.4083 

03 

14604 

13 

1033 

. •Pta'rt**- '14- 

UK 

n 

. 

. 

• 

• 

. 

. 

. 

. 

. 

- 

. 

803 

UK 

O 

13183 

+0009 

160 • 166 

13240 

1.5060 

13146 

13 

1.5129 

09 

1309 

03 

89.0 

i '<.te‘.v 

Ecu 


14010 

-00002 

013-024 

14038 

13954 

14029 

-09 

14041 

-0.7 

14031 

-Ol 

- 

Ecu 

- 

1.1848 

+03072 

645 - 660 

1.1737 

1.1502 

1.1028 

23 

1.1802 

1.8 

1.1581 

03 

- 

' . 

SDR 

• 

aB4Q066 

. 

. 

• 

w 

. 

. 

. 

e 

w 

. 


SOR 

• 

1.41507 

. 

. 

. 

. 

. 

• 

* 

. 

. 

• 


r 'ftRfWU 

. . Amerlcai 














Amorteei 














V 'W fin- 

ArganUna 

(Peeq) 

14166 

+00037 

162 - 160 

13232 

13D74 

■ 

. 

. 

. 

- 

■ 


Argentina 

(PMft 

03998 

-0.0002 

065 - 996 

09996 

06996 

. 

. 

. 

■ 

. 

. 

- 

■'iteHafav. au" ; 

Bredl 

<Ci) 

197433 

+4631 

436 * 530 

198500 193030 

■ 

■ 

■ 

- 

• 

■ 

- 

Bnzil 

(Cr) 

1302.40 

+22.75 

235 * 245 

130235 laoOM 

- 

- 

■ 

• 

- 

- 

- 


BiraMaSaledt 

roa5T3ii.w m ai9iM.CBW7 osaeoaoioe 

B.OQQ-tl.999 440 am 440 IMS 

nil,lX)M244Ba 479 349 476 VMS 

m.nni>-f4t,H» sm sjs S40 vw 

cso4eo-e9a4H.~ us tw 629 vaM 

CHI0.lll»*— &5D 419 UO VMS 


osdHlCJL 

09IM 

240 >40 I 242 

226 149 I 127 

176 106 I 2.78 

246 241 I SJO 


iWfanaldoBldoSoe-BnftusMwnlar 
IbMm 6Hi oaaM QsBM 2ccw 

lSamsaMni,SWlHl OSUSSSSM 

EZ4aO-E4,Mi 340 240 34« M 

esjowaooi 300 196 346 or 

£ia4ai)-f244n 430 223 447 nr 

£8S4ae-C«i,890 420 240 449 or 

£0400- SJO 9M 541 CRT 


rOtateHaM 

£i4ao-c24aa 


Cmada (CQ 23M7 +03133 836 - SES 2.1064 ^0636 

Maidco (Now Pose) 4.96B3 +03445 497 • 669 437S0 43387 

USA m 1.5163 +0308 180 - 186 13240 13080 

PsdMe/Mkraa ^raAMca 

Auanila (A« ^1353 +03075 241 -265 2.1390 2.1144 

Hor«Kei« (HKR 11.7127 +ai)Ba6 096 • 157 11.7714 113804 

Inda 47.5625 +0.2B22 463 • 757 473000 473140 

Japan (Y) 153362 +031 768 • 655 164360 152380 

MdaysH (Mft 4.0622 +0.0058 5» - 545 43843 43460 

New ZtoHand (N2S) 23300 +0.0024 278 - 321 23435 23171 

PhMppbMi (Pea(4 41.7S14 +03478 157-871 413671 406657 

Said Andda jSR) 5.6864 +00336 848 - 879 07148 53558 

Sbwseia (SQ 2.3579 +03146 566 - 661 23686 23448 

S AMca (Can.) (R) 63382 -00391 333-430 04028 63134 

S AMca (Fbl) (R) 73128 *0.1018 962 • 294 73649 63053 

Soiah Korea (WoiV 1224.72 +735 417 - 526 123033 12183i 

Triwan (TS) 400455 +02161 224 - 086 402300 363400 

Ttaltand (Bt) 38.1805 +0.1814 677 - 032 383560 37.9670 

tSOR Mo bv Apr Sa BWillBr mm 99 bi tha ftind Spot taHB aww »ily Ow aoc ih 
(Ml are tnpM by oaw HMM MM. SwAai Mac calcMM by itM Bait. o( Eiu 
ttw Oolv Spot WM datMd bom 1ME WM/REUTHe CL081N0 SPOT RATES. Id 


CROSS HATES AND DERIVATIVES 


23658 -06 2.0961 -0.8 2.1153 -13 
13148 13 1.5128 08 1309 05 


2.1238 0.8 01215 07 2.1195 03 
113697 13 11.6842 06 11.6462 06 


153307 2.6 152.732 33 146.102 3.1 

?R3?P -13 23372 -1.1 23458 -03 


daSnid placM. FonW wa an nw diMaly quoted to m wM 
. BaM antae* I4d& - 1 OO.BU. OOkr aM MU-rataa n both 'Bili and 
valuta am raundod by Om F.T. 


Central (C9 13815 

Madce (NswP^ 33700 
USA (8) 

PaeMc/MMcte east/Atitea 
Aiwnla (AS) 1.4016 

Heng Kang (HKS) 7.7245 
India (Rb) 313675 

Japan CO 101.485 

Mataysia (MSI 2.6760 
New Zealand (NZ9 1.7345 
Phftjpims (Pas(4 273350 
SaudfArnble (SR) S.7XZ 
Singapore (S$) 13550 

SAkicatCemj ^ Tgwi 
S Africa (pm.) m sK>m 
South Korea (Mtoc^ 807.700 
Taiwan (TS) 204100 

ThHIand (BO 25.1800 

ISDR rata far Apr 2S. BidMtar rereadi 
but ■« trwd ^ ewnne bitwaa: laiaa. 


+0.0006 812 • 617 13851 13812 13837 -13 13876 -13 1.402 -1.5 

+031 650 - 760 33^ 33500 3371 -a4 33728 -03 33802 -03 


SmiBB SftplM 6 Co LM 

FMmCBwtEamaiLgMgnEO on-toai 

liCA I «jo ml ml 

PlBtDMimW_i I 4M mi 4071 

GriMharin Buk Fk 
ISllMiM5guw.6aahidiBggP osisMora 

MCA I 4J9 aOMbI -ITMtr 


-03034 011 -021 1.4065 13985 1.4028 

-03006 240 - 2S0 7.7250 7.7240 7.727S 

- 650 - 700 313800 313650 31j4S25 

-0.4 450 - SZO 102.000 100350 10134 

-03123 780 - 800 2.6805 23775 2672 

-03088 334 • 365 1.7370 1,7334 1.7358 

- 850 - 860 273860 273850 

-03001 '466 -504 375D4 3.7489 3.7509 

+0.0003 545 - 555 13555 13540 13544 

-0.047 180-230 33446 33140 3337 

+0.04 150-350 43800 4.5700 4.650 

+046 500 - 600 807300 807300 8ia7 
-O 31 S ODD - 200 26.4400 26.4000 26.4755 
-a03 700 - 900 25.1900 25.1700 2536 

. In the Oolw Soot ttUa aliea only Ilia Mt ttma decbnal d 
UK. hwand & ECU am quoted « US cwianay. J.P. htogan 


-1.1 1.4075 -1.7 M181 -1.2 853 

-03 7.7335 -03 T.TBSZ -0.4 

-2.5 313876 -23 

1.7 10035 2.1 0e.7B 2.7 148 l7 

3.1 2.6585 83 2.719 -13 

-ae 1.7403 -13 1.7B22 -1.8 

-03 37562 -03 3.7847 -0.4 

03 13539 0.3 13525 02 

-53 3363 -4.8 a656 -3.8 

-83 4.719 -ai . . - 

-43 6143 -3.2 832.7 -3.1 

-33 25378 -23 

-33 25385 -33 25305 -23 

iBcaa. Fcrauid lattf am m canctly mnted to ihe imhai 
nominal bxScaa Apr 28. Brea awMB TBOIfalW 


EXCHANGE CROSS RATES^ 


EMS EUROPEAN CURRENCY UNIT RATES 


Apr 29 


BFr 

OKr 

FFr 

DM 

le 

L 

R 

NKr 

Es 

Pla 

SKr 

SFr 

£ 

C$ 

8 

Y 

Ecu 

Belgiuni 

©Fi) 

100 

1506 

1556 

43SS 

1390 

4090 

6.451 

21.00 

5003 

3958 

2233 

4.126 

1.933 

4.051 

5931 

2973 

2317 

Oonmarfc 

(PIO) 

S337 

10 

5737 

3349 

1.044 

2445 

2380 

1146 

2856 

»73 

11.77 

3165 

1.014 

5125 

1338 

1551 

1321 

Fience 

(FFD 

eoos 

1135 

10 

5918 

1.195 

2790 

5273 

1565 

3005 

237.7 

1337 

2378 

1.161 

2332 

1.760 

1757 

1312 

Gennsny 

(DM) 

2066 

3.923 

5427 

1 

0409 

959.0 

1.122 

4.337 

1050 

8136 

4.616 

0.849 

0398 

0.834 

0603 

8134 

0318 

trstand 

(■£) 

5036 

9380 

5370 

2348 

1 

3342 

5740 

1066 

2513 

1959 

1137 

2474 

0972 

5036 

1373 

1406 

1365 

IWy 

(D 

2.145 

0409 

0357 

0.104 

0443 

1QO 

0117 

0352 

1074 

5494 

0481 

0089 

0441 

0487 

0063 

p_3Pfi 

0064 

Neihartenda 

(R) 

1535 

5497 

5055 

0891 

0365 

854.0 

1 

5987 

9131 

7241 

4.115 

0.757 

0355 

0743 

0338 

54.59 

0362 

Norway 

(NKi) 

4735 

9.044 

7302 

5306 

0344 

2211 

5588 

10 

237.4 

1873 

1064 

1.958 

0917 

1322 

1.391 

1413 

1.194 

Portugal 

(B) 

19.95 

3309 

5328 

0.971 


9313 

1489 

4312 

10O 

79.10 

4382 

0825 

0386 

0810 

0386 

58.47 

0303 

Spokt 

Fta) 

2527 

4316 

4308 

1328 

0503 

1177 

1377 

5325 

1254 

too 

5367 

1.043 

0389 

1.023 

0741 

7518 

0636 

r.'^ Sweden 

CSKi) 

44.59 

0496 

7325 

5186 

0887 

2076 

2330 

5397 

223.1 

1763 

10 

1340 

0362 

130B 

1307 

1357 

1.122 

'4''. iSwKMitand 

(SR) 

2434 

4.616 

4436 

1.178 

0482 

1128 

1321 

5106 

1213 

9532 

5336 

1 

0369 

0962 

0.710 

7512 

0310 

“UK 

(E) 

51.72 

9358 

5613 

2315 

1.029 

2410 

5919 

1090 

255B 

204.7 

11.60 

2.134 

1 

5095 

1.518 

1559 

1302 

Canede 

(CS) 

2436 

4.705 

4,111 

1300 

0391 

1150 

1346 

5303 

1255 

97.71 

5337 

1419 

0377 

1 

0724 

7546 

0621 

US 

(A 34.12 

5503 

5381 

1358 

0379 

1590 

1.859 

7.190 

1707 

135.0 

7.652 

1306 

0.660 

1382 

1 

1013 

OB5S 

Japan 

M 

3351 

6435 

5598 

1533 

6386 

15050 

1832 

7033 

1562 

1330 

7537 

1337 

5486 

1561 

9351 

1000 

8360 

Eeu 


39.72 

7371 

5615 

1.930 

0790 

1851 

5166 

5372 

1958 

1573 

8.909 

1339 

0768 

1309 

1.164 

1183 

1 


Apr 29 

Ecu ctn. 
rates 

Rate 

ageinatEoJ 

Change 
on day 

96+/- bom 
cen. rate 

maland 

0808628 

0791123 

+0000686 

-516 

NatboflandB 

519672 

516996 

-040161 

-132 

Belgium 

403123 

357937 

-00068 

-144 

Oarmany 

1.94864 

133324 

-00004 

-034 

France 

633883 

632667 

-000642 

134 

Danmark 

7.43879 

738793 

-00042 

243 

Spte 

154350 

157.499 

-0499 

511 

Portugal 

195854 

195876 

+0325 

512 

NON ERM MBMSERS 




Greece 

264313 

284.166 

+0019 

7.43 

HNy 

179519 

1854.48 

*1.11 

542 

UK 

0786748 

0.769775 

+0002134 

-516 


vwi per Ijm DnnHi Kitnw, RwHi ftarw, Naraaglm Mi 
■ D-MlilK nniHftS $MM) OM 125300 per PM 


I SMdSn Kienv par ' 


I Rane. Eteudh uai 


i YEN FVTURaS (MM) Yen T23 per Van 100 



Open 

Laten 

Change 

WFi 

Low 

EsL vol 

Opfai bit 


Open 

Lawai 

Clwnge 

High 

Lew 

EsL vet 

Open bd. 

JUT 

06011 

06055 

+00045 

06076 

0.5897 

75169 

106395 

Jim 

09862 

09881 

-00014 

09956 

09820 

37346 

61496 

Srtp 

06007 

0.6047 

+00044 

08067 

06000 

585 

3358 

Sep 

09990 

09943 

•00011 

1.0017 

09915 

1373 

3368 

D«c 

03069 

03056 

+00048 

0.6060 

a6(B6 

11 

148 

Dec 

- 

- 

- 

- 

- 

- 

• 


A40 IS 

439 

431 6 

430 

1.76 -11 

137 -14 

1.00 -15 


Qreaee 264313 284.166 +0319 7.43 -431 

HMy 1793.19 1854.48 +1.11 332 -029 

UK a786748 0.769775 +aoa2134 -2.16 &40 

Ecu eward rafae td by me Euwpaan CBmnHahw. CwiwidH aw w dtHandng lalBtliia MwngO*- 
Patewoga mwra* an far Ecu 4 peaiM danga daiMM a WMk ewraney. DMiiOBnea daaa iht 
laaa banaaan tarn Mwada; lha pw M aaoa raatan ea ba t waan aw Hlud manm aial Eai eawd rare 
far acMwncy, and ttia irthaan p wi i hmd pateentaga daiWfan af am cunana^ mwbal laia bum >a 
EcucanatlRie. 

flWB>ra sung arm halm Lira aiapittaad hem EWlAiluMnwnt iJrtj i iu i u by dwHntncldTbtwfc 
■ PHBJLDELPMA SB £/$ OPHONS £31350 (cenb per pound) 


CalriUlnlJd 

aDBwiLm.LManssiraaj 07i-aaao7B 

MCA^ Fits lail ui| Mb 

ftadtSOjeOf 442 -I 4721 MB 

OMnOdltSOMO* l4jr +1 44tl Hi 

CkaraitMM Bank UalM 
inMiMafltai.ECIH7IM. (I71-3«4n» 

tlsDO'.eiaLsae ire lai us Mb 

tzann-e+aLaae 4i» m 407 mu 

oowMBura 4JS lie m Ml 

imuna- — 4jo m m mi 

ouno-sKLoae-.— ijo i.is ui ua 

ssouoao-caakoaa m iJO us Mb 

imaoD-aiujoa— is ijo 127 bn 

CTwymnL .. ?«n 1 aa +bi m, 

Maqr W wnM mi WH - Si MM tSM 

(iima«»B« 

(Maadato Baak HaodUs SoInBon Acc 
aoaVtaaMnea.GkanD«Bi2H. 04l-aia7Dn 

mum+fsjea [itd itb | itbI Ob 

eaiuiao-Egejw ire zsi ml oa 

Biouao.ci8me_l m laei ml Qb 

Tin Co-eperalfM Bairii 
raBmmswiiiandMiaBa 045202000 

TES9A 1 GJB -I -Ivaaiy 

haraam-CaMOmiiiMiMAtciM* , 

MMmsai 1440 ml 92nl Mi 

MuiMM n- 9i In cw Snfaoi 

CS0La»+ 125 IH I BJ2l<-MBI 

Eajoo-«ejae — 4 . 5 a m 4j6l»-Hai 

niMmi-E24jia— 400 m mle-iMi 

cia»-£M90 Jm zal 

hn liar - Wart Acmainibmi 

90400+ fire UT 170 MB 

ei(uno-e4ejoB — lire 244 m e-wn 

zmo-cew lire ml laalo-Mi 

•Warn Oiptrtt - b«M Acem 

casajoa* *m im| 455 a-mi 

cstMBP-otmo-.- m ml m a-Mi 

enunoHume ire 2 je I 3.77 o^m 

ma^axa 129 tjo I 13 8^ 

9040 at| MCi MMM M m-ra sn 


fSOOMK m 4.13 I m VMS 

e3a.oiio-£4Bjea m in ( m vMiy 

eiu)oo-C20.9W 4J0 m I 4M vMh 

£iiU)0D-ciBja9 m ml 150 vmv 

cmo-C9,Mi m m I ISO remy 

Rm BnSKR Umka&BMkm 
HhnBnreiM(.LEBaoaeaiMI 071-0231194 
AMMMrClM ICMM. i 479 mi 4t6| Mb 

iMfaMnariMnMcaM 1 490 m| 4 jb mi 

Mte-MamOwJIb. 1 43 uol 4J2l Qb 

Roni SHk at Scoiimd pte Piamfrai Ace 
42SimBHa4GdnianiBam. ai-sasascs 

Bmo+ fire 111 m Qb 

eoDO-BaejM Ism las ub oa 

ciajgo-CMJM lire m itc ob 

Biioe-Asae -_|m uc 102 m 

em-nm m ms iji » 

Sank ProsptEfflidMttHHfcig 
ic-swMtiimnMraiaatsuL am seioi 
pwAccaw lire ml ik| dm 

TBMRWdiVM— , 491 -1493 Mb 

laUVMdt— — I 441 -I 4S0l Ml 

Tmdal Binkjft 

20^l>MiCM8llWihBBlbH 0^74473 

nueHUMiSBiarnwl uzfi iTio lore Ob 
OBMaWBunoono+liTSD ia>3 aioo Ob 

HMuffiOMo* litre 1009 m 2 oa 

MWciiniiio+ 1 4000 luoo cobo w 

lyaartTEBSt 1 437 s - 4.447 or 

ULCThMtLkiM 

1BMCnna ai MIDmMMBBWIH7iM. OTI-BODOW 

nicno-MdMwiiMjire ml mls^tai 

naLoaMaoMnitM^I rm sas 7a4|»4iii 

C35a00-IYIMr.-_l73 144 I -IVMrty 

lUtedDonfakxBltuBtLfli 

POtaeiHtltlBMDDV H1-U7S43B 

GMM rw csaqM acoMt 

njno* 1479 1 » I 4941 Qb 

J. Haary SetandBr Ihggft Ob LM 

13DiH|iaka.LsntaiEI»m OTT^aaCEGOO 

SpatirtAca , m 13 los] m 

DommaBMi— ..1 12 a 144 I ml bWi 

Wuteni Tnot Mgb latartct Cboque Acc 
TlialiiaiBiaabB.nfnoiiaill.1iSE 076131141 

nmo- — ... 475 ISO] 4ja4r ob 

£U«Hn4jnB 43 199] 499 Qb 

eijaD-C4B9B 43 US I 431 Ob 


■01EO- Gnae cmmuo im d lanM pwMi 
OHna MMt of ha anMBa d MIe iM lont M 
ante d bmm nma 4fir MoMg sr oaewtaa d 
Babe IM kieoM B. itea CM Gran ran toMdaM » 
an MBM d inaiuMiaa d abairt ■■ mm oaa 
CBca a »M. T BMBW iiUwl Mud HM*. la fa! FiBpaaci 
d aMdl HHd h CMM ID om nCDM 


■ SbWS»PBMICFUTURBS(tMM)SFf 125300 par SFr ■ 1 

Jurt 0.7089 UTIJS +03DS8 0.7174 aTOBS 37311 36326 Jun 

Sep a7100 0.7159 +a0056 a7184 aTlOO 115 453 Sap 

□ac ....... Dtc 


IB wnWftSWiitMt £62300 pare 

13120 13200 +0.0072 13228 1.5064 28305 45.115 

13060 13170 +03068 13200 13080 124 1373 


Strike 

Plica 

May 

- CAU4 ~ 
Jun 

JJ 

May 

PUIB — 
Jin 

JiA 

1325 

937 

636 

939 



018 

1360 

593 

632 

7.14 


009 

035 

1378 

438 

371 

5.15 

- 

036 

094 

1300 

238 

582 

3.47 

036 

097 

1.74 

1325 

072 

1.46 

521 

1.18 

507 

585 

1350 

012 

086 

130 

502 

588 

342 



ft Brt u uo daf vel. Cafe 41,057 Puts 14QU . Prat. daTa opati bo. (Mb 505J84 Ptas 459360 


Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hoiux 
on 071 815 0400 or fax 071-329 3919 


INVESTORS - TRADERS - CORPOBAIE TREASURERS 
SATQUOTE™ - Your sin^e service for real time quotes. 
Futures ♦ Options * Slocks * Forex • News * Via Satellite 

LCMDON+TI 3293377 NEWYOKE+21226K 636 FitANKFUBT+4K9 440071 




P -*s ’ 

4toi.-JU 
C'" • 

1 .■4^.+-. 
iar i.'-r'-' * 
kb- *■; •=’ 


WftdRLO WERCST RATES 


MONEY RATES 


■ THRR MOMni BUB08IABK mURES OJEfEr DMIm pokiB of 10096 



April 29 

Over 

frtghi 

One 

montti 

Three 

ndhs 


Balglimi 

so 

51 

5N 

+ *• • 

week ago 

ta 

SS 

SO 


Ranee 

54b 

s» 

SB 

r.-- 

week age 

6 

Sla 

sa 

« -aa — 

fiarmany 

5.88 

5.45 

535 


weak ago 

538 

545 

540 


Ireland 

5% 

61 

6 

•+ 

«wah ago 

6 

SO 

6» 


Italy 

BH 

B 

8 


week ago 

89a 

8 

78 


NDUfOWW 

546 

533 

539 


week age 

530 

533 

538 

• 

OwllieiluiM 

30 

4 

4 


wash ago 

4 

4 

4i 


US 

38 

30 

4U 


week age 

30 

3| 

40 


Japan 

P’a 

2» 

21+ 


week age 

2Vb 

21b 

29i 

pr mofcc^ 

■ 0 UeOR FT konden 



* s- 

bitaibank RxhHI 

- 

4 


. y - • 

week ngo 

- 

4 

4Va 

a •. 

US Dote CDa 

- 

580 

4.10 

T 

week age 

- 

580 

301 

1- * • 

. SDR LMead Da 

• 

3% 

Sfb 


. .. j waricago 

*• 


3» 


S| 7J0 
SB 7.40 
SB &70 
5% aso 
538 630 

535 630 

6fi 
54 
84 
»4 
537 
53S 

44 6325 

44 a625 

Sto 


4.75 

4.75 

- r.rs 

- 7.75 
aOO 637 
aoo 5.70 

aso 

- aso 

830 837 

aoo 837 

azs 

535 

330 

830 

aoo 

330 

1.75 

1.75 



Open 

Salt price 

Charge 

Hgh 

Low 

EsL VQl 

Open kK. 

Jun 

94.77 

94.82 

+013 

94.93 

94.77 

52979 

200287 

Sep 

64.81 

OB no 

+012 

9507 

9430 

30009 

155341 

Dae 

94.85 

9500 

-012 

aenw 

9434 

41690 

170149 

Mar 

94.79 

9433 

+011 

9434 

94.77 

23602 

191121 

■ TlRllT MOUTH BUROURA DIT.IUTB RIT1IRBB (UFFft LIOODm poMs et 100M 


Open 

Satiprtca 

Change 

Mgh 

Low 

EsL TCl 

Opan b«. 

Jun 

9525 

09 M 

+0.08 

9234 

9521 

3155 

45277 

Sep 

9230 

9236 

+OOB 

9540 

9237 

2319 

26845 

Dec 

9516 

9530 

+0.12 

9530 

9514 

1164 

31613 

Mar 

9137 

6510 

+009 

9508 

9136 

410 

11775 


jRwrniBMo awiss wmtCFirTWSBJFFgsFnmpowactiooft 


■ 


Open 

Sett price 

Change 

Hgh 

Lew 

Est ml 

Open kR. 


Jim 

9509 

6515 

+006 

9516 

9638 

7758 

2S728 


Sap 

9008 

9515 

+037 

9516 

9838 

2233 

11313 


Dee 

9631 

9637 

+0.05 

9503 

9539 

412 

4631 


Mar 

- 

9585 

+O01 

- 

- 

0 

841 


t IBOItTMEOU FUTUmB (UFFS Eeulm points of 10096 


INTEREST RATES 


LONDON MONEY RATES 

Apr89 Over- 7 days One TTma Six One 

ifthi nodea month months mendia year 

Iraertw* Starting 4(2-3 4&-4h 5,‘<-4% SU-Sh 5A-5A 5% • Sti 

SMtog COB S4-4A5>t-6A5A-5A5Z|SH 

Tiaaury Bib 4% - 4)2 ^ - 40 

Bank Bit 4^-^^ 4n-« SH-S^ 

Local aulharltydapB. 40-4)2 ^-40 5)^-5 6A-5,‘c S^-Sl4 5)2-50 

Obenrt Maiiat Dapa 4)2-3^ 44i-4i| 


UK cl ae rtn g bartc beta bndng ism par cant frem Febnmy 5, 1694 

Up to 1 1-3 3-6 B-8 9-12 

ttwiah iBcnGi months motaha motnha 

Cera or Ikx dap. PDO.000) 1^2 4 3^ 3^ 3*2 

Cam at m dap. larareiODJOOIa iIhm DnedsiaaWBMii far cadi Vp& 

Am. anoar ia» or dacotaa ajaaspe. BC(30 tad rata rag. Efport Rnanca. Mdw M My Apd a, 
1G84. Afaaad Mb to- prtlod Mnia lOOf » Jdi 2S, ISO*. Sdwnwa a 4 H Atee. RdarwKb ia» far 
parted Apr i, 1094 to Apr 20, 1004. Sdwnaa IV • V SJOGpe. Rnanea Hoina ana flna 5^ tan 
ht^l, 10M 

■ BieNTH STBRUNG niTURB (UFFft raoo, 000 poMe or 10096 


Open 

Balt price 

Ctwnga 

High 

Low 

EaL ml 

Open hL 

9431 

943S 

+007 

9433 

9431 

598 

11614 

9432 

9439 

+038 

9438 

9432 

485 

11994 

9436 

94.36 

+008 

9430 

9436 

198 

7036 

94.14 

9430 

+036 

94.18 

64.14 

175 

6574 


Open 

Settpriea 

Change 

High 

Low 

EoL vol 

^jon InL 

9430 

94.62 

+031 

9433 

9437 

17537 

90001 

9430 

9435 

+0.03 

9437 

9437 

14854 

87630 

9332 

9338 

+0.04 

9590 

93.77 

15040 

121291 

9337 

9335 

+006 

9335 

9330 

5137 

46679 


TMad an APT, AI Opan batraai Iga. aia ler pradoua day: 

■ SHoirr 9IBBJHQ opnoM s (UPra) £soo30o pomts of ioo9b 


nia M onwae rm kr SIDm quoM te 6W maita by lew iratenea baAa at liam each wodang 
My iha hawa aw: OaNun TtuaL Barth of Tbhvh BateftBiiwal RWonal Wmbm. 

MM mea ew dnwi tor iha dewaa il e bfanpr Rata US % CDa M ran LbrtdQ Depc Ma M< 

EURO CURRENCY INTEREST RATES 

Apr28 Short 7 oavs 0ns Threo 8k Chia 

twin notlea mondi months monon yaar 


■ THRM MONTH BlHOPOUJUi ftiM) $1m pointa of 100ft 


Beftin Fnw 
Danish Kim 
DJdarti 
Dutch Draar 
Fronen Fiane 
PonuguoM Esc. 
Spontan Peoou 
SteiHng 
Sana Fnrc 
Can. OoBar 
US Detar 
rmban Lira 
Ten 

AMn SSng 
Saut itnn Maa a 


64i-S7i 
6\(-S% 
5)2 • s)l 
s^-slf 
512-5)2 
13 • 12^ 
8.TJ, 

3%-S^ 
S^-5^ 
3\ ‘3^ 
O-Tlj 
21*9 - Si 
3>J ■ 2»8 
a cal tor Ba 


5^-5^ A 
6^-5% 6l| 
5A-S,'« M 
sfk • A 

812-512 ss 
12% - 12% 13% 
7)2 • 7)2 7)2 

»\>4H 5ia 

4-3^ 3)1 

5)2-5,; ^2 
3)2 -3» 4- 

8 - 7>2 8 - 

2A • 2^ 2& 
3b • 2>2 34 

U8 Bekr Md Tan. 


-51b A‘A 
-6)2 6lf.5l2 
• Sft 5^-6^ 
-5^ SA-5A 

-5L 5)2 -5» 

- 12% m ■ 11% 

-7)2 73-7)2 
■Sh 5%-5k 
-3)2 4-3% 

-5A 6% -5% 
Sh 4A.4A 
7% 8*7% 

•2% 2A-2% 

-2% 4-3 

eawM me daya' n 


5)2-612 

SA-SU 

5%-s>e 

5A-5A 

5%-5tt 
11% - 1(^ 
7)2 - 7)2 
si;-sft 
4*3% 
6% -6% 
4)i-4A 
8-7% 

Si-2h 

4-3 


One 

yrar 

5l2-5a 
6ls-Si| 
8%-5% 
5A-SA 
5% -5% 
10 % -10 
7B-7)2 
6% -6% 
4-3% 
5)1 -8)2 
5A-5A 
6>9-7% 

4% -3% 



Open 

^leat 

OiGnoo 

Hgh 

Low 

EeL vol 

Open kR, 

Jun 

S30 

9527 

•002 

6530 

9538 

111378 

425527 

Sop 

94.68 

94.64 

. 

9436 

9431 

17B.T98 

3B3J377 

Dee 

94.14 

94.11 

-0.01 

94.17 

94.07 

250344 

390319 


Strata 

Prim 

JU) 

- CALLS - 
Sep 

Dec 

Jlfl 

— PUTS - 
Sep 

Deo 

9450 

017 

0.18 

013 

005 

033 

075 

9478 

005 

009 

008 

018 

049 

035 

9500 

0.01 

0.04 

004 

039 

059 

1.16 


Ebl ml BM. Cdb 1796 Piaa 249a Pradeua da/a opan bit, Gm 10B8K Pim 157972 


■ U5 TBEASURY BBJ. PITTURIS (IMM) Sim per 10086 


Jtfl 

8574 

95.72 

-OO? 

9574 

9572 

2313 

29.002 

Sep 

95.17 

6518 

+002 

9518 

65.13 

1.102 

10363 

Dec 

94.75 

94.73 

•O01 

94.75 

94.71 

1346 

5470 


Aa Open fatand llga. da far pmdoud day 
■ KUROIIAHKOPTIOII9(UFFgDliinmp8monOO»i 


BASE LENDING RATES 


SMia 

Mea 

Jiai 

- CALLS - 
Sep 

Doc 

Jun 

— PUTS -■ 
Sra 

Dee 

% 

Adem ACompeny ...... 525 

9475 

0.19 

036 

039 

0.02 

035 

014 

ABadTiisiBank 

9500 

008 

019 

035 

0.14 

014 

025 

ABBank 535 

988S 

002 

0.08 

015 

035 

029 

040 

•Haiby AilGfaQCte 525 


■ IMIUM BOOWTH WBOW WHU IUIB (MATIP) Parts kwartwnk (ftared rate 


Ebl vol wBl CaflB 7062 te 9+15. Piauas dayb open k. cab 220075 Pin 161074 

■ niRo SWISS nunc opno wa (ljfq sft im pobts et iook 


mr 

Jun 

Open 

64.32 

Sett piles 
94.42 


Sop 

94.48 

9433 

. 

Dec 

94.51 

9432 

:■ ^ • 

Mar 

9436 

94.47 


High 

94.48 

LOW 

9438 

ESL vol 
243SS 

Open im. 
613B7 

Strike 

ntes 

Jui 

- CAU3 - 
Sep 

Dee 

Jwi 

— PUTS - 
Sep 

Dee 

94.63 

94,47 

19374 

47312 

SOM 

017 

025 

119ft 

wn9 

038 

019 

94.62 

9437 

14.179 

37362 

9825 

0.04 

O10 

0.14 

014 

019 

OS 

9430 

94.60 

5189 

32A44 

9860 

O01 

004 

006 

036 

038 

049 


■ Tiaras MOifTH SUBODOUJtR (UTO' Sim pomts oT 10096 


te TOL toM Cota 0 Pwia 0. PwriPW dGy*! epM rtt CM 8M pjfa 4C54 


Open 

Sc4i pries 

Change 

High 

Lew 

gat «el 

Opan bf. 

9530 

953f 

•004 

6631 

M36 

141 

6184 

94.GS 

94.55 

-008 

94.67 

9436 

192 

2248 

94.16 

94,13 

•010 

94.16 

6438 

S40 

1627 

9591 

93.97 

•0.1S 

9331 

6630 

60 

972 


BanhoiamRta -_&25 

Bann Bbae VhcbM- &2S 

McotCyprua 525 

BaiGtalbteld .525 

Bsnkotinda..- -&2S 

BaiiidSccdand _&2S 

BareftaBonk _52S 

BrUBkofMklEaBl.... 525 
Stapan Stapby 5 Cb Ul A25 
CLBaraNedfabnd... 525 

OftarttNA 58S 

Oydasdob Bank 535 
Wio Cfaopertm Bank 5.^ 

CoUbSCO ..525 

Craramonnab ...525 

Qipns Popwar Bank _526 


OunGanLaaale .^528 

Beabr Bank UnlBd-. 635 
nnondUSCaenBaf*- 6 
SRobert rftrtno & Oo > SiS 

Gfeobank S3S 

saarn om M o tel 5SS 

HB6taBankAQZUIeh.53S 

SHanSneBank . sss 

HeileUB & Gen kiv Bk. 525 

stflsarnra — sas 

CHowaCCo- .526 

tenftrag 8 Shan^ 525 

Jiftn Hodge Bnk 635 

SLradGMJa0aph&SensS35 

UoydaBank ....535 

MaMBankUd S35 

MdbndBark 525 

■MouR Banking 8 

MlHilVlMBliMlU _52E 

•HeaBraeMa S2S 


* Roriu^ (auarentoa 
CorpanGn LMad b no 
bnoaradhoftadas 
abaMighGlfeufea 8 
noyel 9I of SeoOfari - 535 

MMIbA MarwiSnca. 535 
StanMChubnd_535 

TS6 _S3S 

•unMaioriamra.- 52 s 

UrSy TriBi Brak Pb .. 535 

waatamTnat 535 

WMtaiim Lakfew . ... 635 
yunSaBa* -635 

• Mambera of Biitlah 
Merchant Banking 5 
SaeurWaa Houaae 
A MW atian 

” maanMahailon 


REH.KRr.KY FT mjRES T.TMITC 


I IKAZXEIBS 
FOSMiranaBtrr 
a oaHPEnnvBSgBVKX 


38 DOVER SIBEET, LONDON VIX 3BB 
TBL: 071 589 1133 FAXtOTl 4950028 


FOR TRADERS ON THE MOVE 

Watch the markets move witta the screen In your pocket that receivra 
Currency. Futures, IncDcea and News updates 24 hoin a d^. For your 7 day 
free tii^ caO Flitures Pager Ltd on 071-8SS 9400 now. 

^^^mPUTURES PAGER^^^i 

Wjf^ Don’t Duss the IG Index Seminar 
iVfay 27 on Politics, the Economy, 
Markets and Sport. 

H Spaaken: Aba Cbtfc. fttrick Minfbid, David Fuller 
M£WM^3t^ II and Chris Cowdrey. CMI 871 838 7333 tbrbrodiufe. 


Duff Forecasts and Market Myths for 1994 

Tne US doi'ar will ica;, di;'iia::cn '.'.111 coni.nuc-; go )0 & rrcii commcd.llc-: 
'.'rcn'l ri:o, Jopan's e.;'3Pcrny a ;tocV: rr.c/kel will dc- v/cak Veu 
;;OT read Ihcl m - the idonoclcstip Idvcilmcr:! Ictlcr. 

a'' (;r g ::j' 3 (g.ice O'::,'; gl Choi Aic:*;;: l..d 

7 iv.c Ic-w [o.-'dcr, V.''5 ;;-0. dk. Id Ui-dn /i-uai iJ.il 

V-7 1 '■ 'ir Pci 7 ' - ^3' 


FOREXIAFAX $ £ Dm ¥ 

A • YEAH nnue RECORB OF ACCURATE BHORfTCM FOREIGN EXCHANGE FOUECASIWQ 
DAILY FOREIGN EXCHANGE COMMENTARIES. 
CHARTS, FORECAS TS AND RECOMMENDATIONS 
Tel: 444 61 948 8316 MjSSbm Fax; +44 81 948 8469 
FOREXIA FAX - by using landaet on your tn machine dial +44 81 332 7426 


Currency Fax - FREE 2 week trial 


l.'O.ii Chart ArdlyiiS Lid 
T 5.',dl!o.'. S:,-w:, Lendon V.'IR 7HD, U< ■ 
CTChtincte rale dpcciahsts (or over JO y; 


■::sk Anne Whilby 
TC'J' 071-734 717J 
Fax: 071-439 4965 
crir.’jrtA r.:crr,b,.'r 


CURRENCY MANAGEMENT 
CORPORATION PLC 
WindeaierHoew 
TTLoraoWafl 
LredreECSMSND 
T«fe97|-3B2ff4S 
tea7l-»3«a? 


•FOREX •METALS -BONDS -SOFTS 

Objedive analysis for professional investors 

0962 879764 

Fiitr/'ti Hcuic, 22 Seithgdtc Street. Winchester, j 

, Hants 5023 3cH Fji 0424 77.W67 ' 


4 





.^PRIL .1WMAY I t994 




B 

VI 

0 

A 

ii 

y 

al 

U 

S( 

D 

ei 

Cl 

ti 

t( 

ai 

ni 

is 

& 

til 

at 

D 

re 

of 

la 

m 

dc 

ye 

ar 

ur 

su 

ke 


I 


By 

We 

Le 

An 

ere 

da; 

the 

lev 

e 

Vi‘i 

sill 

del 

fro 

all’ 

for 

An 

rao 

am 

mo 

eigi 

•• 

per 

\Vh 

to 

the 

Gal 

Nat 

Ind 

A 


1] 


Byl 

and 

A 

dele 

niai 

moi 

“tei 

talk 

peai 

M 

wi.»>T 

max 

incl 

Eur 

sam 

liftE 

tow: 

said 

Tair 
“1 
nity 
imp 
tion 
in 1 
capi 
Tl 
hyS 
spec 
NUd 
seni 
face 
niar 
fore 
ultii 



Datals of business done shown below have been taken wfih co n sent 
earn last Thursday’s Stock Exchange OfBdal List and dmikj not be 
reprediiced without pennissiorL 

OetaRs relate to these securities not Included In the FT Share Information 

jQflrtCffll 

Unless otherwlsa Indeatsd prices are in penea The prices are these et 
- which the business was done in the 24 houre up to 5 pm on Thusday and 
settled dveugh Ihe Stock Exchange TaBsman system, th^ are not in eider of 
eDceeution but in ascending order wMeh denotes Hw day's highest and lowest 

daolinoff- 

For those s ecurities In which no business was l eoe i t l ed in Thtasday’s 
OHIdal List the latest recorded business in the four previous days Is ghim 
with the relevant data. 

Rule 535(2) s tock s are not regulated by the faTtemabenal Stock Bcchange 
of the UtiM^ iOngdom and the Republe of lielend Ltd. 

% Barg^ns at special prices. 9 Bargafos done the previous day. 

NaHonal Grid Ca RjC 7l|M Bda lass {» e 
Vtri-eM>2t274pe4) 

NoBmol WBaMewr BanfcPLC UM' 
SubNh eiOOOICn* to MIRae - £<09^ 
NatlandWesMnsttrBankPLCIllaKUnd- 
SubNiB eiMOICm to PrQBr - £1 1 1 
RBApSf) 

nuiMiS Wujbismui Be* PtO Prtn Cap 

mnaj AtpsioomiooooQ ■ ssia 
IS7A|lS4 

NMtmMe euMng Sods^ 8^96 Subart 
Nb S01S (» £ Vai) - eeelt tE7Ap9^ 
Ntoonwhla Biedng SocMy 13.M6 Subart 
Nb 2000 (Sr £10000) • £121 A (Z7ApSg 
Now Soitti WdM Tnesuiy Cert Zer- 
«cpo«d2aeoiar24ioooo.ioaoooq - 
SAllW 

NwZadanosHWBds 


British Funds, etc 


-nMOwy 134|« SOI 200IVDO - £l28a 128^ 
Eirtioqu* 10>2K Sik 2005 < £1 19 (ZeApee 

Corporation and County 

Stocks 

BbirtirtrtnCorp9Ktl90e 1SS2ioraaM)- 
£»?(22Ape4) 

Pudey Muttcpoiwn Berbitfi CawciTW Ui 
SIk 2019 (Rag M C«ftdP^ • 05% -STS 
p9Ap»g 

LsoddCvy oQ 13<2M Rad Stk 2006 - £134 

Lrieaattf Oty Cwnei 7H Ui Sb aoispag 
MCBrtdpyp)-e2s%e2Ap04 
MuctwabrlCfo 01)11 S% nad Sb 2007 . 
eilM C27AP84 

MndMbr Ceip 1891 3% Red S» I94lfar 
afbr)-G31l2(22AsS4 
Sallert ply oQ 791 b) SOc 2(n9|Res M 
cartri(Pri>)-e26A(OApee 

UK PubKc Boards 

Oydapeit Id 390 bid stk • 024 (22Ap94 

Oydrteit Ld4H bid Stt - £43 (22Ape4) 

Pert of tendon Autfionty 3499 Sik 49A9 - 
£82 8540 0 4 ) 

SeeaWi Aote Sac Carp 13K Deb Stk 97/89 
-£l1l42(29Ae94) 

Foreign Stocks, Bonds, etc- 
(coupons payable in London) 

Abbey NtfaMf TrtMuiy Sana PLC 5496 
CM Nb 1995 (Br SVb) • 5094 
Abbay Nadonaf Treaauy Sma no 6496 
CM Bda 2003 pr S Vari - 9834 93% 

Abbey NaOanal Ttartwy Sma PLC 7496 
tod Nb 1990 Or € Vart - £984 |38Ap84) 
Abbey Nadoial Tnoery Sera PLC 896 CM 

Bda 2003 (Br £ Ibi) - ESeUA 

biearpanbd 496 Bda aoOIIKl 0000) - 
91814 

SAT Ottporatton 8% Gtd Nb 1898 
pr$VW|-9a7 82ApS4) 

BP AiiMica be 9496 QU Nb 1908 8r £ 

Vert - £1054 82AP94 
Bmk of aieeee S496 Sde 2003 (Sr £ Vb) < 
G9e(29A084 

ttod rteBb*PLCe5HNb20IM(Bieva«- 
eue-£a&845prAp»g 
Benbre Bwk PLC 7Sm96 Undated Suberd 
Nb(BrEVart.£9t487Ap84 ' 

BMirts Bank PUC Und FR PrtmCapNb 

(Bisiaooo&iooooq • so54 prApe^ 

SbidBye Bank PLC 996 Pern bi Baebiy 
Capibl SdalM Ifo) - £9221 4 IS7Ap94| 
Bbdrts Balk nc 10496 Sen Sub Sda 
19B7prfi10a0810000) • £1084 (22Ap94) 
Bakrta PLC 8496 Pap SUbert Nb BbCVari- 
eiB|-S8a(3eAp94) 

Ska Obeb bbabba Capital Ld 10496 Onv 
Cap Bda2005(eresaao&iaoooa) • £117 

(Z6Ape4) 

ftbSaa A Bbiipay BuUbB SoeWyCotM 
1 20(13(RBa Mldll£100C| ' £1004 


RIORbNb: 


BMMi Alrtuaye PLC 109« Bda 
1«88(Brfh000&ia00e • £1054 |Z7Ap94) 
Bilitah Atrtwya PLC 1 d4i 6 Sda 
2O08(Bi£1O0IMilO0Oa) • £1144 |27Ap94 
Steel Gea PLC 7496 Nb 1997 (Sr e Vb) . 
£1014 

fttuei Cm PLC 7496 Bda 2000 (Br £ Va) . 
£97.78 

ftioei Oaa PLC 10496 Bda 2001^- 
£1000.1000081000019 > £1114 (25APB4 
aioei Grt PLC 84 k Bds 2003 (Br £ Vai} - 
£9644 

eWah Tdwanwnadcdlons PLC 7496 Bds 
2003 (Eb £ Vat) • £934 (2SAp04 
Bwnieli Carind CapitalUefaay) Ld 94K Oar 
Cap Bds 2006 (Rep £1000) -£1504 14 4 
CommeiiiMMlIh Bank of AuabaSa 8496 ros 
2000 (BrSA Voi} - SAIO14 G2Ap94) 
Cd-opandae Bank PLC Sub ntg Fbla Nb 
20O0(BrCS000A8OaO(3 • £9449 
Oaly IM A Gawd That PLC Ak &Kh 
Sda 2005 (BreiODOASOOe - £1734 8 
Oawson Pbipica NV 9496 GURsdCnvPrf 
3004<CabTaer'£lie - £98 82Ap^ 

Ortb Ftaance N.V. 74 k QU Bds 2003 (Br £ 
Vb)-C90SS 

□ham Sien Hnanca A Sees nc 4K Suboid 
Onr 8ds 2003(nmbittfUllB100Q) - 5182 
GWpM 

at Ertaahe Rnmoa PLC 94K QM &ch 
Bds 2008 (Rag fiSOOO) • £105 
Bf BdapriM Fneice PLC 84K Gtd &Kh 

am 2 oospi«sooosiooooo) - eioo4^ 

Euepam Bank tar Rk and Dav 8S7SM Sde 
1998 (Br ECUIOOOOAIOOOOO) - EC105.1 
BMpSO 

P» Saamn T«db Ld 4K Bda 
2008piS100aq) • $123 |27Ap94) 
MmdlRapuMe fli) 10496 Bda 1998 - 

£ioajn2S B8to04 

drtAOArtbrtalFbaneri Id 10K Nb 1998 
M1000A10000) • MI04 {22/^94 
Gunrtaad 8qMrt Rnance Ceip PLC Gid 
Qxi Bde 2000(a«10000A10000q - 
£S94BrAp94 

Oidmaaa PLC 74% Nb 1987 (Br E Vb) - 
£994 

QbinaM PLC 104% Nb 1997 ^ £1000 A 
10000I > £1074 (STAeSq 
HSBC HoMkigi PLC 94 n Subert Bda 2018 
||»-£W0)-eiO54(22ApO4 • 

Hrillbc Btridtag Se^ 84 m Bda 2006 
(M100AIOaOO.1ODO0q • G87SS .62 
I27AP84) 

HaMaa Suiena Sedaty 74% Nb 1996 (Br £ 
Vb) - C9B>a 4 |25Ap9d) 

Hb6u ertdbg SeeMy 10496 Nb 
issrcMiOQOAiooao) ■ ctoeH 7xs 
(28AP84) . 

Hanabi PLC 9>jK Cmr Subert 2008 (Br 
Evar)-£iiee 

Honam PLC 104% Bds 1087 ^ £Vb] • 
£10611 (22Ap8e 

Hyrte-Ouabae ASOK Dabs Sm IK 
1900040 £Vba>- £944 
knpsrbl Cnsmleb bbatnas PLC ION Bds 
20033«1000A10000) • £1074 (251^06) 
MamaDonal Sank ler Hoe A Dev 94N Bda 
2007 (BlCSOOa) < £1074 O6to04) 
bbrnaUatel Bank lor Rec A De« 10496 Nb 
1900 (BrCSOQig - £109.1 75 (27Ap04) 
bbmatlorti Bsdi tar Rae A 0e» 1 1 4% Nb 
1»9S(BiC1000) - CIOS 
itdriTbUibke at) 10496 Bds 2014 

(BrciooooAsoooq - ensii vrwn 
Japbi Ombopmant Bank 7% GW Bda 2000 
(Br E VM - £944 l2SAp9<) 

Kanab Saevta Pawr Co Inc 74N Nb 1008 
(BrEVbl>e97il 84 

Kyushu Bachto Poww Co tae 8H Nb 1097 

(Br C wri • Ciomi A 4 C7Ap»4 
Ladbrtka Ctmn nc ^% Sdb«d Cn* Bds 
C0O4(Brei00OS500a - £1344 E2/rt94| 
Ladbiaka Oeup PLC 84 S Bds 2003 £ 

Vb) - £954 07AP94) 

Ladbrahs GiDup FkianeeLtaraeyHd 9% Cnv . 

Cap Bda 2005 (BrtSOOOAIOOOOQ < £994 
Lbid SseunOas PLC 94% Bda 
2007preiOOOAIOOOO) < £1044 CeAp94) 
lond Seeuntas PLC 9496 Ciw am 2004 

(Bi£sooOBSoaoai-ciiJ4 

Laame PLC 74% Cm Bda 
2009(Br£l0CI0B10aDai • £894 904 
Leads Pa unb i aw BuMng Sedeiy 74% Nb 
1807(Br£lfo) • £964 9 (Z7Ap8e 
Leeds Parnwnanl Biddno SeeMy 11496 Nb 
1998 (Br ESOOOAIOOOOq - £10765 


Laadi H armanan t Buoang Sodaty Colbud 
FlloRKNb 2003(Rao ItIuWCtOOe ■ £1(104 

(87Ap9ri 

Ueydi Barti PLC 74% Suberi B« 
foOa^CnriHM - EOlA 4 2 
UM Brtk PLC 94% Suboid Sda 2023 IBr 
CV«)-fi1054(22Ap94) 

UofdB Bank PLC 104% Subeid Bda 
1998iaC1fl00a) - £10885 
lenden BacMedy nx: 8% Bds 2003 (Br C 
VS) • £97625 e7Ap»4 
liieaa baMtaa Ine S4% Cm Bds 
2aa2|BrSiaD0) < 8135.13 (26Ap94 
Lim tadusblw PLC 104% Bds 2020 
(BiCIOOOQAIOOOOO) - £1U4 (27ApSe 
Murks A Spsncb Fhaiea n.C 74% Old Nb 
1998 (BrC Vert* £974 
6*ne«aily Ptawe Ld 94% GU Nb 1007 
(Br CVb) - £1044 R8AP94) 


1! 

Nomura Mamadenal PLC L 
2004( 0 8 0 0001. 996 984 (26Ap9e 
NMk Hybe M 94% Nb 2003 (Br 
£ioaoAioooq - et04 (soApoR 
Oadb Gas Co Ld Aias% Bda 2003 (Br E 
Vart - £974 G2Ap94 

RadOe aaebto WhaSCSbe Co Ld 3496 Bds 
SOOipmiQOOO) • 9124 G2Ape4 
PenkwAr A Oriental Stabn Nav Co 44% 
Cm Bda 20a2Brei0a0A1O0a(B - £1344 
Paugsei Tdbei Mecar Co PLC 74% CM Nb 
1987 (Br E vari - EBAA 4 (2MpOe 
PowacObi PUC 84% Bds 2003 Pr 
£1000091000001 . £1014 PSApBO 
RudamM Ftaneo BV 94% GU Bda 2007 

(BresOOOAIOOOOO) - et034 4 

Piudandd Fundkig Cbp 84% Nb 
1994(B«ia0OA1OO(N9 • BTOOJB lOOSI 
C!2Ap9e 

RkIC CapM Ld 64% Cm Cap Bda 2000 Or 
£900096000(9- £135 
RTZ Crtom ine 74% Gtd Bda 
lOOaO a i C OOO O AIOOOOO) - £96J» (2aAp0e 
Robart n aitin o biO Hi w i t o Ld 94% P^ 
Subert OW Nb (Br E Vb) - £94^ 
Raribdddt Oonttuden Pln(CJ|LdB% Parp 
Subort Gid Nb (Brevarioua) ' £8944 
Royri Bank of Seolbnd PLC 8496 Undatad 
Sited Bda (Br fi Vb) - £07419 
Royd baiBanei Hdgs PLC 94% Sted 
Bdi 2009 (^ £ Ibri • £1004 (WApe4 
Bdnabay(X)(Chb«Ml MmdriLd 
a4960i«Capad8 20Q5Or £500091000001 - 
£12844 

Shcana Nw ig ai lon Ceipaslton 8.7596 Bds 
2003 (Br 9100009100000) - 9106 
Skandb CspM AB 11% QM Nb 
1 9 9B( aEi OOO3AIO0Qq) - £10^ (2Ml9e 
adVMIne Beedbm Capibl PLC 74% CM 
Nb 1998 (Br £ Vb) • £88 (27ApBe 
MOSdbw Baadnin Capibl AC 84% GM 
Nb 1996 (Br E Vb}VBell (27Ap94 
Sodab Ganbsla 7475% Pbp Sited Nb 

&Mteeflb|idbn Bds 

IMBIM^^- noOdS t2rAp84 
Tannae Fhaneo Ltanay) Ld 94% Cm Cap 
Bda 2006 (Rag £10019 - £1054 8 
Tbinac Fkbnoe (Jsnay) Ld 94% Ow Cm 
Bda 2D0e(Br £5000850000) - £104 
(Z7Ap90 

Tale A Lyb M Rn PLC 64% GW Bda 2001 
(BrfS0IX9-£a84 

Team PLC 04% Bda 2003(BreuaiN{FyP(8 - 
£89444 

Teaeo PLC 104% Bds 20(0 (Br CVb) - 
fiia84(Z6ApB4 

Ten (bite Ld 0% Cnv (bp Bds 200S|Rm 
£1) - £1194 20 4 4 
TaecD (bpHd Ld ON Cm (bp Ob 
2005(Bl£500aA10aa(9 - £1104 
Iheines Wber mC S4% CmSubertBda 
2OOe(BiS000A50000) - £1244 
3<tertPLC94%Nb 
i994(Bi£ioooAiooa(g - noo (27Ap9e 
rohyo Etaeote Power (b tac 74% Nb ISB8 
(Br £ Var) - £974 fZSApO^ 

Toyota Mour Capondkai 6d26% Bds 10» 
Pr S Vb) - SOBS (22ApB4 
TlMQ Ho Steal B ib nabe Oap 4% Bda 
2001(M1000(I) - 9118 118AS 119 

U-Mlna UMm Tbnaport Cortoraitanl 4% 
Bds 2aD10bg In hwt 91000) - 5054 084 
UrdavarPLC 74% Nb 1990 (Br £ Vb) - 
£g84C27ApM 
WMcama AC 94% Bda 
20Da(Btei0DaB1(U00) - £1084 
WbabMi Brtdtao Bodely 114% ifotte 

Nb 2001 -£1122 IJ 
Woehridi Biildhie Bodaty 104% Sited 
Nb 2017 (Br £1Av) - £109 (2im 
Hsite 8 ii 6 c»m Boctoty £ieam 7%% Nb 1 V 
AffiOOO - £9^ (27Ap94) 

S8AB 9Cl0m Rig Rb Nb 2V12/M • £874 
(22Ap«4 

BwedanOOngdem oQ $2000iii S4% Nb 1895 
(BrSVb)* 8994 (264*9 
SwedeBOGiuJuiii oQ SBOOm 74% Nb 3/12/ 
97. £990 

O wadenflOibdo m ol) E250m 7% b atnananb 
2Via86-C9B4^Ap8e 
awadbeoitem e9 £380(11 74% Bda 23/7/ 
2000-fi98!3(28ApOe 

Sterling Issues by Overseas 
■ Borrowefs 

AuammCttiaikJimadOi oQ ll3i% Ln Btk 
201S(nrt) - £128 

Bank e( Gmsee 104% Lji Sik 2010|Rae - 
fil06(28Ap04 

OaGi Pendb Da Raws 144% GH Ln Stk 
20O7(Rsd - eiSILB E7Ap64) 
rianiiki iwiiiaaii tkiii mt I ii thii Tfifn 
5%e-E1044 

Bliepaan knaaiiiwB Bank 84% Ln SOc 
2009 -£1104^ 44 

Eiaepm Imeahnert Bank 104% Ln Bik 
2a04(BaB - £114(1 {2BAp04l 

Baopaon Imeebiant Bbik 104% Ln Bb 

2004MrESaoa|-fi114d1 (22Ap0G 
Suiepaaii kwa ak iwiit Bank 11% Ln Bb 
20Q2(Bag)-6ii84 

RnlMdinapWBo 04 114% Ln S» 2008 (Rad 
-£1224e7Ap94 
TMandlRepublD 09 1 1 4% Ln SK 
200e(Brt900a- £I2 ^EBApBB 
New Zadand 1l4% 80c 20(»(^ - £123* 
New Zadand 1l4% SIk 20149%* • £1294 
PaOokNS Mbdeanoa 144% Lji 8b 2008 - 
£128 

PbwgdptaP «9 9% Ln 8b 2ino(Regi ■ 
£105225 4 

OwedwiQGigdem el) 04% in Sb 2014|Bad 
-£l1l4424d4 

Listed Conipanies(excludfr)g 
Investment Trusts) 

AEa Id 54% Cum Prf R2 • 46 |2SAp6* 

AA/ PLC 429% Clan Prf £1 • 6^ (2SApe4) 
ASH Cate AmK«(Jimay)Ld 94% Cm 
Gap Bda 2000 (Rag UMb lOOp) - £85 
Aberdeen TnM PLC A Wb to SuP ter CM - 
63 

Aaba tsalevdmi teanh f laxllCMnafOLd 
Old 9021 -8114 114 114 
AMeurBooamBws AC 10% Ctan Prf Cl • 
100GSAP94) 

AHhen Hbito Intentottanal AC 7% *laQ Ow 
Cun Rrt Prf £1 - 80 7 
Ateart Rdtar Gmrt AC ADR non} - SBC4 
(27Ati9* 

Atanndars Hdgs PLC *A*(FbLV}ard IO0 - 
25(?7ApB* 

AMon QreuD AC B29P 84e0 Onv (bm Rad 
Prf1Qp-Sa 

And-LywbAC74MCuniPrfCl -80 

G2ApB^ 

AGadLmna PLC 114% Ebb Sb 2009 • 
{20Ap64) 

ABed-Lyons PIC 84% Lkb Ln Stk - £584 


(2SAP94) 

Mad-Lybb 

£974 


PIC 74% urn in Sb I 


■ PLC64% 


£1104 

ABed-Lyons Rnandd Sentaae PLC64H GU 
Cm Subert Bda SOoeiBr E Vai) - £1074 
1074 

AlnaR IMen negerttaa PLC I04% lb 
Mtp Dab Sb 9«99 • £»4 (2SAp84) 

AIM AC &S% Oiv Cun Nen-Vio Had Prf 
£1 • 78 9 |27Ap8* 

Amarlcbi Bmnda Ine Shs at Com Sb 83.125 
* S33a8T |9QA|39^ 

AraMtodi Ooip ai« of C«n Sdc $1 • S41 ^ 


FT-SE ACTUARIES INDICES 

The FT-SE 100. FT-SE Mkf 250 and FT-SE /Vetuarles 350 Indloes and the 
PT-SE Actuaries Industry Baskus are calcutated tiy The Inlamatlonal 
Stock Exchange of the Untied Nngcfom bid Republic of Iw la rKt UmiteiL 
ei Ths Intamattonal Stock Exchange of the Ifoftsd Kingdom and Be p ufaU c 
of Ireland LarOted 1994. AR rights rooarved. 

Tha FT-SE Actuaies AI-SIws Index is c al c u lated by The R na ndal 
Tmes Lirrited In corjuncUon with the Institute of Actuaries and the 
Faculty of Aetuariea. O The Rnwidal Times Limited 1994. AR rights 
resarv^ 

The FT-SE 100, . FT-SE Mid 250 and FT-SE Actuaries 350 indices. Ihe 
FT-SE Actuaries indt^ Baskets and the FT-SE /Actuaries All-Share 
IndeK are members of the FT-SE Acbiaries Share Indfoes series which 
are e^eulated fo accordance with a standard aet of graund lulea 
ea t abB ahed ty The Rnandal Timas Limited and Lemton Stock Exdiange 
ki conjinction with the Institute of Actuaries and the Facufty of Actuaries. 

TT-Se* and Tootsie’ are loM trade marto and servlos marie of the 
London Stock Exchange and The Rnandal Times Limited. 


Ante Wbar AC 54% bte-Ubod LnSb 
209818.109490 - £1384 
An de Cabam Raii ta ila a PtCWbitoitate 
OUb (to Ort - 29 G7Ap04) 

An gl e CM tain Ptentbtena PLC 124% !*» 
in Sb 9bB9 - £100 (27AP84) 

Anneir IVuei PLC 104% Ub in Sb 01A8 - 


t AC 74 % Cum Ind Prf £1 


I PLC 74% Una Ln 
Sb 87/2002 60p - 46 4 (22AP94 
AKweeda PLC MM prf) - 98 (ETAte 
Aualta Read (kbrt AC 6% Cun m £1 -86 

aTSSS S o cwIMHdoriPLCSMCmOun 
nedAI£l-73|t7Ap8* 

Aukjmbad SacuityOldQ* AC 6% Cm (Xwi 
Rad Prf £1 -aOBBftpe* 

BAT teduabtaa PLC ADR - S1S4 4 

exx PLC 42M(Ri4y SK) lb Cum Prf Sb 

BMC PLC ami*My 546* tod Cun Af 

BM tert PLC 42p piaB Cm (km Rad M 
2ap-S24 

BOC teup PLC ADR p:1) - SI04 
8(» (keup PLC 124% Una Ln Sb aoiW17 
- £131 GrAp94) 

BTP AC Ttote Cnv Ob" Rto M lOp - 
2l6 421^(27Ap8* 

BTR PLC ADR (4:1) ■ $2428 *7ApS4 
Barb of bbmd(Giawniar & (to ^ Unlb NCP 
SbSraAei &£9LJqbdblen-ei^ 
Banner itomaa Grew PLC Old iQp - 182 8 5 
Barely AC ADR (4.-1) - 90127 4 
Dn t ia ya Bbb PLC 12% Una Cm to Sb 
2010- £122 

I Graup PIC 728p (NaQ Cm Red Prf 


iPlCBMdmtodPrfei-lOO 
POAp^ 

Batega PLC 94% NenCum Af £1 - 1274 
Barr SWMaea Arnold ThM PLC OM25P- 


BoH PLC 104% Dab Sb 2016 - £1184 

P7Ap9* 

Brta PLC 10165% Dab Sb eM9 - £107 
GSApO* 

Baaa PLC 74% Um to Sb 82«7 - £90 
(28Ap9* 

Baaa hwaamtanb AC 74% Una to Sb 82/ 
97 - £984 (22Ap9« 

Sartfaan d-y AS *6* Hon VM Sha MOB - 
NK1$B4812 

Bknrttei MMbtert Bten Sac 94% 
Peim m Bearing Ska £1000- £914 24 
Blua Cfetfe IndibMaa PLC ADR (1:1) - 8429 
P7Ap9* 

BobOteny) 8 Bona AC Cum m *25%) £1 
-78(2SApe4 

BqMheipa PLC 7% Uib to Bb 9M5 - 
£974 4(35Ap0* 

budtefd 8 Bbi*ay BtSmig Seciaiyll4M 
Perm M Baarlne Ska £10000 - £118 
Biadtort 8 Bh*ay BiSdno SedatyiSM 
Paim M Batong SiM £10000 - £130 
Bradtert Aeparty IhM PLC 104% Cun Prf 
£1 -127 

Brant Witar doup AC Wb to 8M lb Old 

-1 

Bnm WriMer Graup AC VW Rb tod (tov 
Rad Af 200IVai)07 er - 64 IZBApO* 

Brant Wrilm (keirt PLC 82% Srt Nan-<tom 
Cm Rad 2007/10 £1 - 34 
Brtden PIC 84% Una Ln Sb 2002/07 - £81 
p7ApO* 

Briatol WMer Hdgs AC (M £1 - £104 
1046 

BiWd MUar Hdga PLC 6.75% Cun Cnv 
Rad Af 1898 ShEI -2004 
Brtstei a Wab BuMng Society 134% Pwm 
(nt Bartig dha R1000 - £1284 4 4 2 64 

Brtbnnte SWte Setey 13% Pann k* 
Baang Ska £1000 • £12826* 

BrfOdl AtartM PLC ADR aOrf) - 981225872 
27 (MApS* 

BiStah Pabulsun (to PIC 8% Cun 1b Af £1 

-001 (tOApog 

tolMi PaMteun Co AC 9% Cun tod Af 
£1-100(2*42* 

BrtUb Swd PLC ADR {Kkl) - S224 4 
(Z7Ape* 

BrtiitonEsbrtePLC104M IbMtgOtoSb 
2012- £1184 <27ApB* 
ate(A24 a Co PLC Old She Sp - 42 
PSApe* 

BumartLPJHbto PLC 84% and Cum Af 
£l-117P7Ape* 

aiAnsrtLPJHdgaPLC94%CunAf£l > 

125(22/42* 

Suid PLC 7% Cm Urn to Sb 9M7 - £109 
Bumbi CtosM AC 5% Cum 1b Prf Sb ET 
-aopEApO* 

Burmen (tote AC 74% Oun Had Prf £1 - 

713(27/42* 

Bumbi Cate PLC 8% Cum Prf £1 - 77 9 
oopsApe* 

Bundww Imaalnianb PLC 16% Una to Bdc 
2007/12 - £117 p2Ape* 

Burton Qeup PLC 8% Cnv Una to Sb 1006/ 
2001 • £92 3 P7/42* 

Bwtb MMnp PLC 10% gM) Cm Cun Rad 
Prf 1994 1Qp-34p6Af2* 

CRH PLC 7% -A’ Cum Prf IrBt - KOBO 
P7Ap9* 

(tombidea Water Ce (tone Old Sb - £0500 

P08p9* 

(kanbridga Water Co 10% Rad IM> Sb 88/ 
08 • £1044 paApO* 

CanaGan Ovara Atak taduair Ld (tom ftov - 
800PBAf2* 

CaneGon PacKIc Ld 4% Non-Cim Af CSOg 
IW-e9(22Ap9* 

Cite a Counitaa AC 84% 1b Mlg Dab 
Sb 9(/90 - £94 G7Ape* 

Cbeta eiginaMtae (Buup PLC 104% Cun 
Rad Af £1-117 (2a4pB* 

Carttan Conanutedeni PLC ADR PH) - 

a2748eOAp9* 

(totSen Oumudeteb PLC 74% Cm 
bted Bds 2007Aag £501X9 - £142 
CbtetartaeShaefOomSbSI -$110266 
Ownmod ARanea Hdea Ld 74% Una Ln 
Sb50p-3ep7Ape* 

CMbiten & Gteueaabr BMd Sac 1 1 4% 
Perm tet Beabig sm fiSOOOO - £1224 
(toUnglon Coipenden PLC 94% Cun Rrt 
Ain -100(27ApB* 

Oly Stta BMba PIC 828% (tov Cun Had 

prfei -Topaiwa* 

CteyMha PLC 92% Subort (tov Una to Sb 
BOOMII • £98 (26ApS* 

C6wbmd Pbea HaMga PLC 84% Ind Dab 

Sb-ew*2Aee* 

C aab N Carpara8anakanf(tom8bS023 V 
3-931 (2SAp9* 

Cabs PMona PlC 44% Unt Ln Sb 200aQ7 
-6074 

(toab Adona PLC 34% Una Ln Sb 20Qtol7 
-E83(2BApM 

Cebi Vlyela PIC 42% Cun Prf £1 - 68 
CahHbL) & Ce PLC Nen.v -A* (M sop • 

400 20 20 

OemmaraW LMon PLC 04% (Xm ted Al 
£1-108404 

CenrnweU Union PLC 84% (Xm ted Af 
E1-I1S4 74 

Ce-Opeia8ua Bank PLC aaSM Non-CUn ted 
Af£1 -1144* 

Ceetei (Beup PLC 42% PH Old sop - 

364 GrApS* 

(toepv Ipradaiicid PLC S2p gw* cm Rad 
CunPlgPrflflP-9S 
CoutaUda PlC ADR (Irf) - 884 (27Ape* 
(towauida AC 54% UM to Sb 94/98 - 
£344 

(towteUda AC 74% Una to Sb 2001MB - 

easetSApo* 

O ov an by Biadfeb SeeMy 1^% Pam Her- 


t BaMno Sha £10011- £1164 7 4 4 
(tortacrj PLC 104% Red Af £1 - 106 
(£7Ape* 

Cmia Burepe Ld 64% cun Af Sb £l - 80 
G7Ap9* 

DMy Mb & Ganerb TnM PLC Ort SQp - 
£142 1425 

DteVuvna PlC 74% tod Dab Sb 8128 - 
£99 

PLC 74% Una to Sb 2002/07- 


OMa AC 104% Dab Sb 9W99 • £103 
.Doneeca AC 0.25% Cum Cm Had At £t - 

DalSS^AC 104% Dab Sb 2017.- 
£ll6(2rAp0* 

DemMen Bmgy PLC era Sp - 114 
DruivnandGraupPLC8%CunPifn -80 


Dusen Aantadena Id 6% Cun Af £1 - 67 


B Ore M te I n fl i Cip tei bte n Co AC Ort lOp - 

eysIWIiiibteden) AC CM 25p • £42 
toMB PLC assppiao Cnv Cun Rad Al 8p 
•7236 

tote Preparty Carp PLC 94% 1«MM 
Dab Sb 97/2002- £1044 4 
Engw en<|LM.)(raiifanbawbate M ar 
BfftobSKIO ■ 9040 52294^ 4 4 S 6 




tmObna^ir^, 

RwqIdM * 307 7S 
Eue Olansy SCA. toa PRIO (Brt - 854 
m3l.6S97 22 24 4 24 24 25 
bauBamd ACIEuennM SA IHte n SPIC 
Ort 40p & 1 ESA FRiq 04 • PR3825 
3928(28Ap9^ 

EurawaM PLClEueanw SA Una 
gteevn baatead) - m <i 29 2 
toraiumt AOeubuaM SA Abr Wte 
(Staevam InaateadI - AOIO 
EHobteuGiaupPLC ll2%CuniPrffil - 
1Q5(22AP9* 

BMoirtlea (to AC Ord Sb Sp - 332 
(27Aee* 

n Outre PLC 7.7% Cm Cun Had Prf 09/09 
£1-115 

A« Ckteage (tort Com Sb 95 - SS94 


Ab Nbtanb SiBdhg Seciaiy ii4% Penn 
(b DoMn ptoa £10000- £1094 4 

FM NeOanb Fhwnoa Cert PLC 7% Cm 
CunRadAfEl -1458 
Ptaens AC ADR (LI) - 99 (aSApS* 
rtaena AC 54% Una to Sb 2004/00- 
£78* 

Fadua teup AC Old 6p • 48 
fte PLC ai% Una to Sb Sb2000 • £38 
Atend^ Hoteb PLC 44 % Cm Cun Rad Prf 
ei-74(28Ap8* 

Rtanbv Hotels PLC SK (tew Cun Rad Af £1 
-123(2SAp8* 

(am PLC ADR (in) - 3829 G9A08* 

G.T. Ck8a (aqwrth Pub Ld (Xd bLOi - £274 
274 £74 2S4 


I AeeHab PIC 84% (Xm M M £1 
.118 4 494 

i/te8eCe«PLC74M 

'-£iaO(27Ap8* 
r Hdga PLC (M (^ asp • 182 

GteTS^ndy PLC Old lOp - 109 9 


Oia^te^LdMM Uns to Sb 8S« SOp 
nbtanb PLC 104% Una to Sb 
Cun Af £1 - 
ACS4MRsdUm 
Radum 

>PLC8%(Xmi Af£l -110 

SSVp ^ 114% Dab Sb 2014 - 
TMCmStedBda 




HMdn HoMnga PLC (M to - 81 
HM tootoaartegtoMIPlC &S9M Cun Af 

HHbaadte^Ote AC 64% Cun Pif 
£1 -eOGSApS* 

Hmiteea torabendSMenay MariM n IM 

Rad Af ipgytefHrtad Ate - 84924 
HMineraen PLC CM 2to - 882 6 8 4 7 7 
00 90 2 3 4 

HMps 8 Hmem AC Ort to - £48 SS 
(£8Ap8* 

Harttapedta Wbre Go Ort Sb - £1400* 
Hratnine Sha ar Con Sb 9020 - 9339 4 
C28Ap0* 

HBadOwn HtoaPLCADHEL-l) -S1029 
GSApe* 

Hofenst AstocOan (toxrt tee Shi of (tom Sb 
9026-a87 

B iftiMayan And NV Old ruun - 9164 
t64(Z7Ape* 

tootend Gniw PLC Cm Cun Had Af 2ap • 
128 9 7 

Ineo aighaarad Preducte Ld 11% Dab Sb 
9»20in-eT09 4 

kidiMiW (terel G bvtea a Grp PLOOrt lOp - 
1524 

htembtanb tow. lb (to of JsrasyISM (tom 
Rad Af£1- 10707/190* 

Mbs Ute PIC Ort lrtO.10 • 10.17 2.19 
Jbdtea Mbhaaen Hdga Ld Old 9025 Otang 
Kong Rltei) - 3W0 4 .7598 1214259 
2S37 2to7 4 

Jbte Sbatogic Hdgs id Old 9026 (Heng 
Kong R^te - 3Hga780l2 231 S36 
9.156 27327 22348 ,523485 223548 
Jghnaan 8 Arte Brawn PLC 11X6% Cun At 
ei-11O(22Ap0* 

Jbnaon Ctaomra Pic 72p (NsO Cm 

(XanRsdPiflOp-fTS 
Jehnsen (kbup Cteanara AC 9% Cun Al 
£1 -95 

JeknaeiLMHIlMy AC 8% Cm Cun Af £1 • 
980 

J u wa. qt ie u d|Hdo* PLC 10% Cum Af Ei - 
1384 02Ape* 

IGbllahar PLC /«R 0rf) • $174 
KoraaMaAnriLdShaSOCI -930 
(27to»4 

KenM-Euepa And Ld ShagOR to B4 iaia 
(Cpn 9- 941874 <27/tte 
Kv a amuf A2. Rea A Sha MCT220 - 
NKSBXI* 

Ubtxoka Gnup AC ADR (in) - £12272* 
UuiiontHMgiPLC10K3idCunPrf£1 • 
1106(28Ape* 

Land Socuklaa PLC 9% 1b Mlo Deb Sb 90/ 
2001 -et034* 

Lbwwa AtriMni Mhaa id Ort nun - 30 4 
48(22Ap9* 

Leads & Holbebc BtSbno Sodaty 134% 
Pann M Baaiteo Sha £1000 • £1^ 

Leads PairtunM Buklng Sodaty 134% 
Penn m Beaitno ESOOOO - £13^ 
LnbsfJohr^artnanMp PlC S% (tom Af Sb 
£1-54 

LMW a Co PLC 6% Pi*Cuin)£1 - S6 
(ZSApO* 

Urnibbd North (tonM PIC 6% (Xon 2nd Af 
£t-53 7(27Ape* . 

London biiamailonb Oraire AC ADR (Srf) - 
972«(27Ap9* 

London Sacuttea PLC (3id 1p - 3 4 4 
Lomho PLC ADR (1:1) • 9^14 (TOApB* 
Lookwa PLC 8% Cm Cun Had Af ei - 132 
(27AP9* 

tdw(Wki4 8 Co PIC SJ8% (Xan Cm Had Af 
£1 -88 6 6 

Lewisflobert H) 8 Co AC 872% AM) (Xw 
Cun Rad Prf lop - as 4 7 4 (SSApe* 
MB*CPLCS4M lb Mtg Dab Sb 97/2002- 
ei(B4C»«te 

MTOPlCKHiM 1bMloDb>ak2Q24- 
£12013 07ApB* 

MEPC PLC 8% Urn to Sb 2000*6 • £96 


PLC 104% una to Sb203Z- eiii4 

(£ato»4 

McCMIV 8 Stana AC 8.79% Cun flid Af 

aoosei -884804 14 

MeCbtty 8 Stena PLC 7% Cm Una Ln Sb 
9M4-e724* 

Mckismw Aepaillaa PLC W Old lieoi.10 - 

sal 

MnehaatbShte CWM Co lb 34% Ptep 
Mlg Oabapa* - ££8 G£AP0* 
iMndbte Oriantb tetembtanb Ld Ord 90X5 
(Hone Kong Ri* - 9H8212 288388 
102158 

Uortb 8 Spnear PLC ADR (Brf) • 940X8 
07AP9* 

Mnhbte PlC 10% Cun Af et - 108 
0SApe* 

Mteben.TlMi3NUi 8 D iwahad AC 104% 
DM Sb 2012 - £112 et7/tpe* 

-S^eWApO* 


lPLCADR(4rf)- 

Mareiay tetamblanb Im ThM Ld Ag Rad 
Prf ip (DertfewM Euepe Ate - £029 
07ApS* 

Mbciay bmmbtonb tev ThM Ld Pig Rad 
Prf Ip ftaawwu Ate - £502193 

Mate Oeefca a Hbhour Co 64% Rad Dab 
Sb94B7-E97 

MUMid Sank PLC 104% Sted Una to 
Sb9MS-ei00<2aApB* 

Midland Sab PLC 14% Sted Ltes to Sb 
2002*7- £1284 il 

M8d CerparaHen Gam Sha b NPV - £22 

NBC Fteanea PLC 104% Dab Sb 2016 - 
ei194(27Ape* 

tec Rnanea AC 184% Dab Sb 2019 - 
eisosTApe* 

NFC PLC 74% (Xw Bdi SOOTlPte - £<004 

744 

NMC (Roup PLC Warante to ato to Sha - 
100 

NMC (Roto PLC 7Jto Vte Oum Red Cm 
Af lOp - 113 (29Ap8* 

NaberatMi AaiiMaiB PLC Old Ito - 38 
(26toB* 

Nadenrf Ponar AC ADR (ISO - 85825 
G7Ap8* 

Nbtend VRaliiSala Bank AC 7% Cun Prf 
£1-100 

: PIC 124% 

I Ula to Sb 2004 - £124 (224** 
,job Wtew a t Bwaal Araaa Ld fl020 - 
tepO* 

sda BMdteg Sedav 124% Pam 
sb Baaing Sha etOOO • £1184 

SMOm Af£1 -66 

Seclbyi24% 
I-E11&74 
Co 6% Pam Deb 



A^-H^LdSS^ toSb 

LD 0% SnMCl - 100 S2APB* 

iaeMo Co Sha b Can Sb 83 

.1 PLC Old 250 - 245 
I PlC 92% Uia to M 00*001 - 
E1Q2H(22ApO* 

PM^ H^ AC10%Cun Af80p-60 

Pad Hdos AC 520% MaQ (Xw Cum Non- 
VteAf £1-121 24 

PaMaUa 8 WaiM Staan Nm Co 5% Cum 
PId Si tf - £53 

Peridna Pooda PLC appteg Cun Cm RM Prf 
IOP'81 

Paobba &A (M Sha m/0tag) - £190 
Paholia SA Old Sha NPV Or n Oanom 12 

8 IQ • BF1002S S 792 84 7 700 
Attarta AC84%(tom Aiei -eS{2SAp8* 
I Ld Ort ROXas - 296 

PLC 44% (Xan Af SOp - 24 
''AORDbl)-B4a^ 

(RmrePLC<kd1p-24 
LC 8% Cum Prf £1-08 

IUnBtoab2a04*9-e«) 

lia to Sb 99*004- £100 
I AC /U3R (tel) -8020 

AC 8% Cum Af £1 - 97 

PLC 42% OMy 79* Cun 
Prl£1 -TOtete 

HaaM AC AK 1b Dab Sb OWBS - £004 
RsneM PLC 74% and D«b Sb 02/07 • 
E984(!7A|3e* 

Ratel Caponsion PLC 428% (Arty A9t) 
Cum Prf £1 -87(a6Ap»* 

Rbb Cdipdrte PLC 426% (Fhdy 64fQ 
Qim bd Af £1 - 87 06/l«9* 

Rebhidn Brea ptydara Orea* Ld 1 1 M Cum 
Arei-is46|27Ape* 
node rWyca Itonur QiuSiuiiS^/ AC 8% 

Cun RM PM £1 - 92 QSApe* 

Repnw PLC 114M Cun Af £1 - ISO 



Rte Bab b Boetotd Ooirt PLC 64% 
CunAfCI -83 

ftayd Inanaao HoUnga PLC 74% cm 

Subord Bda 2007 gsr S Vori - £1 094 

(27Ape* 


Ate (Roup AC 6% Una to Sb 9*98 - 

A ^ft nire PLC 74% UB to Sb 93*8 • 

PLC SJ9% Cum (tov Rad 

;4li^-Ste4 

Co PLC /KIR Ckl] -954 

1 8 SaaaeM Co PLC 6% (Xw Una to 
(2D1S-£770BAp8* 

I PLC ADR (1:11-8525 
I PLC 8% ted Una to Sb 




PLC 94% Una to Sb 2000/ 
FlCBOMCmPrfei 
U6M NernCunAf 
Udgaia PLC 425% cun Af £1 -78 

PUB 6% Una to Sb 91*0 • £95 

UMMM 84% Ua to Sb 91*8 - £95 

PIC 6^ una to Sb 92*7 - £944 

ADR (4:1) - 9842412 GMT** 
CePLC6%CunAf8b 


AC 82% Cun 2nd 

Af£1 -98 

Sehod AC 84% Cun Ttad Prf 2001/05 £1 - 
lOSGZApS* 

Seta* PLC 54% (tov Gun Red Prf SOOBNI 
£1-Sa94G6Hp8* 

Behradar Jafrtaao Wteiant AaW Ld DR On 
Danam 100 Sha 8 10000 aa) • £1-177742 
G8Ap84) 

Sehredas PLC S4% Uns to Sb 97/2002 • 
£l03G2Ap9* 

ScodMl ted-eacBte PLC (Xd sop • 338 4 
9944040441142 4 233 4 4 5 
Seenh 8 Naweasoa PLC 42% (Xan Af n 
-n(27Ap9* 

ScoUtah 8 HOBcaiOu PLC 7% Cm Cun Af 
£1 -238 

Seelflrii Pdwa- AC Orri SOP - 357 9 8 22 9 
946060.18 4221122422428 

3444 

Smbh GtetBara PIC 124% Dab bk 2012 
Tfisiijprkps* 

Becutenr (Roire Pl£ 425% Clan Pig Prf £1 

-£in44 

PLCSKhdax-Unkad 



_ I Co PLC 7% Cun Prf Sb 

£1-67^8^ 

tMsys Cap Can Sb 90X1 - Slid* 

Ute Cabs PlC Wanana re aub ter Ort - 

24(2BAp9* t rtC WteiatB 89/94 re 


rau(hetrePlJC44% 


n RNa Creaateg PLC 8% tedax-Unki 
I Sb 9012 G2C4%) - £120 G6Ap8* 
ShaydR^PrtnteLdPtpeaaSOXI 

Shb TkaapatSTteMto AC CM Sha (B0 
28p|Cpnl94-730G8xp9* 

SMdd Grew PLC Ort 5p - 16 G7Ap9* 
ShtaM (Ruiip AC 524% g«s4 On* <Xa RM 
PrfCI -29G7/tp9* 

Shoprite Rnanes (W* PLC 727Sp0iaO Cun 
Rad Af Sha 2009 - 944 G2Ap8* 

SUaw Gram AC 74% Una to Sb 2003*9 
-e84{27Ap9* 

8lQM<R«>pACADRG.-1)-SlU 124 
Stem Engteaertng PLC 52% Cun Af £1 • 

S3G8/te8* 

Sbnai Bigbaateg PLC 7.75% (Xan Rsd Af 
92*7£l -93G7Ap8* 

Storen BQteareteg AC 94% Dab Sb 92*7 
•£1OOp2Ap0* 

Stedb (vnreig PLC S285M Cm Cun Rad 
Prf £1 -SB 

SMpinn Bilking Sodaty 12%% Pam tel 
Baaing Sha £1000 - £120 4 i4 
GtegabriHCJAC Ort 2Sp • 320 G2Ap9* 
SnMIi 8 Nebaw PIC 54% Cun At et - 80 
biMi New Coul AC 'A* WmAs to at* 
fcrOrt-etXGSApS* 

Snbh (W>U aoib PLC -B* M Kte - 120 
Snrib (WX) aoup PLC 54% R4ri Una Ln 

8b-era 

BnGMGna Oenchan PLC ADR (5:1) - 
927299057 ai24063 GSAp8* 
bnMiWho Duuehan ACSnbWna ADR 

ibl) - 8254 4 25 

apaddi bite- Caireadaa Fund Wtt re Sire 
tarbB$2 • Eltd* 

Statel Chaiaad PLC 124% Subad UM 
Ln Sb 2002*7 - £120 GSApS* 

Steritag tedumaa PLC 1« Pi^% CuQEl 
-S7(27Ape* 

SbeHteXpoataiMi PLC 94% M Cun Af 
£1-100 G5Ap9* 

Bwhagnteg 8 Sons Ld 03% Cun Af £1 • 82 
GZApO* 

Syinends Engnaeiaig PLC Ort fo - 32 
GTApe* 

T 8 N PLC 1 1 4% M* Deb Sb 95*000 - 
eiQ34G8Ap0* 

TSB Ok Rnd Ld Ptg Rad Af lp(Ctesa‘A* 

Ptg Had Prl) - f(l«2* 

TS8 (Roup PLD 104% Sted to Sb 2003 
•£11SG7Ap9* 

TSa orwiaa tev Fund Ld PM rtod Prf 
Ipgten Amarkan Ctas* - w2291 
GSApS* 

TS8 Oltahau Im Find Ld Pig Rrt Prf 1p(UK 
EtMly Ort* - 3282 GSApO* 

TT (Roup PLC 10276% Cm (tom Rad Prf 
ShsCI 1097- 2944 (TZfipO* 
T«B&LylePLCa4%(425%phaiiaxaail- 
QCunAtei .70(22Ape* 

Tauter Wteoebow PLC 94% latMhjDebSb 

2014- £1044 (36Ap9* 

Taoeo AC 4% lha Deep Obc Lfl Sb 2000 - 
SS54GSAp94) 

T lwtmd kMmuifand Fund Ld Ptg Sha 90X1 
0OR4uart-S^ 

THORN S4I PIC ADR (I.D - $1629 7.17 
(28ApM) 

TteMga Hoiaa PLC 5275% Cum Af £1 - 
78(27Ap9* 

HateigBr houm PLC 7% UM Deb Sb £1 - 
70 


ACumPnei -52 

ntelM 5% PrfRten-CuQSb £1 - 45 
B7/UM 

OtesM S% CunfTM Rua To OOPfPrf 
sbeT-8»47i , , 

vteaa(R«rePLCAOR(iO:t]-S8i 4 4 

Wtei indiMiW Hdgn PLC 7XSp 0te|) Cm 

PreAlt(re-149G7Ap8* _ 

) PLC Ort Sp- 29 30 

(Roup PLC 74% Cum Pif Cl 

yffCJOraire PLC cm DW OSp • 
SApM 

I PLC ADR (l:1) - Gai482 8 727 

Write FWge 8 (tompany Sha Of (tom Sb 95 - 

914427518 4 

Wrinbbv PLC tetaQCm Cun Rid Prf 1998 

ei.434G7Ap8* 

Wrtllart Graup PLC Waiania to aire tar Od 

- 245 piapo* 

WIMre«MPLC44%1atCunPrfSb£1 - 

5O7(2SAp0* . 

1IWwreraadPlC7%3rtCunPrtSbei -75 

G5A^ 

WIMaaod PLC 74% Um to Sb 99*9 • 
£95* 

WkMiread PLC 74% Ltes Ui Sb 96*000 • 

ES8G9Ap8* 

WMttraM PLC 104% Urn Lji Sb 2000*5 - 
£1004 _ 

WMlaera8PLC&1%Cum AfCI -60 
G7Ap9* 

MHt (tonqen Graup AC ADR (5:1) • St^ 
Wooleenrean Graup PLC 74% Cun Prf Sb 

£1-85 

WMtean 8 East Dare Water Co 42% PiPg 
(RdSb-CS7aSG2ApM| _ 

wyevrie (Sadai Cenkaa PLC 82% ptaQ (tov 
Cun Rad AfCI -1855 
Xaoc Cap Can Sb 51 - 9884* 

Ybik WMawrarts AC Old lOp • 310 

YMc Warenwala PLC 10% Rad Dab Sb 08/ 

98 • £1044 G2Ape* 

YbriMbre-'^ 7aaa TV Hdgs PLC Wb to 
aub fa Ort -104 5 6 

Ybiart 8 Co’s Sraway PLC 9% Cun Prf Et • 
1t67G6Ap8* 

Yds Catre 8 Cd AC 1 1 4% Cun Had Prf 
1998*003 £1-117* 

Zriirete CaneOdalsd Cnppa Rkias 12*6* 
(MK10-22a(2eAp9* 

Investment Trusts 

/tens ThM PLC 44% Prf Sb (Cui9 • £48 
G2Ap9* 

BaOa Gritert Japai TnM AC Wb to Sub 
Ort SM -21925(27/109* 

Bte GUtaid Si*i Mppai AC Warania to 
airetarOM-142 

O a b aa kwaatmantThM PLC 104% Data 
Sb2016 • £1174 GTApO* 
bterii /baeb TiiM AC 44% Af StHCUQ • 
£49(27/109* 

Mtrii /laaab ThM PLC BqUBw toda: ULS 
2015 108-158 

Chpttd Gaakb ThM PLC Ort 2Sp - 450 
G2AP9* 

Ctenanb Korea Btarateg Grewitti RndSM 
SiOObgLuO-SUM 
Echntauite bwiiiniau ThM PLC 74% Dab 
Sb 1995 - £1004 er/lpB* 

Edbaiugh bwaatmant Treat PLC 114% Cab 
Sb 2014 - £1284 G8Ap0* 

Entfbre kSoonWi MMWtan ACS' 26p - 
117 

FktaSly Eteopsai Vabaa AC EqUiy LMoed 
UM to Sb 2001 -1474 
Rnsbuy Smritar (to4 Tnist PLC Zara (Iv Prf 
26p - 1704 4 80 PTApO* 

Ftenang Pa Eeatam tev ThM AC 5% Cun 
AICI-S4G24P9* 

Fbaten 8 (totenlri EUotrual PLC 64% (tov 

Um to Sb 1908 - £360 t27Ap9* 

FOrafan 8 (tohviri Snula CeTa PLOSM Cum 
PrfSb-0SSGSAp9* 

Qai«naraBrt8ibbM80rthThiPLCZaaDlwl- 

dandm 100-1084 4 


Oaimore Shaao Eouw 
HmJteMM sl^ Co-B TnM PLCCTd 

Sate wreeo n ant Du* W 
pSaip UX /Who Fund • EH '3 »* ** 

u^rt^Moet iiHMhiw rt Trerf to Pio^J« 
Prf aip U.K. UquU 

UBzad Srioa k wodwam ^ 

Prf aip Xipon kidax Find • OtO.7 * 7 

uteanS^ Lawrence Dweawant ACOd 

Lten Stel^ioa mat PLC 5% Cun Prf 

M^t’^SS.-^S^^^-SKCunAfL-. 

ihugisasi pic Zara cm 

Dab Sb 1998 • £70 

pUtaM Franeh t nao itiwinl TnM ACsan a 
W airanta re ai* ter Od -4. 

MMs Francti waaa w a nt ThM Pl^Sin 
^^^ararfa to aub tar Old • 3 1 4 

g,£^^Kaiaa Fund PLC Od SaOI lAJ • 

SmM tevaatniait Treat AC .1 S% Oni 

®*SJSk.CS4GSAp941 

econan maamanf That PLC 44% Part 

geetosh NjOoiijI Ihat AC 8% Cun Af £1 • 
72 GSApO* ^ 

SeoMrii Nunnnd ThM PLC i0% OabSb 
2011 . CI09 CTApO* . ^ 

Saeu>M9 ThM ol Seeete AC 44% Cun 
Prf Sb - CAO G2Ap»* 

SMaa Hfln-VMdno Smb Cob TMNb to 
SubtarOrt-73G7Ap941 
gphwu HiWMOnenl ThM AC Haviaad Wa- 
iM to aub Mr Od • 94 GSApS* 

TR Smte Conpanka tev ThM PLC 104% 
Dab Sb 2019 - £1164 67^8* 
r.r. Famwa PLC 1 1 5ng% GH Dab Sb 
2018 - £1254 nSApS* 

Tb ug ii M rt on TnM AC 12 5/l6H0ataSb 
aoio - £1304 G7Ap9* 

Wtamora Praparw I n i aa bn an t Tat PtCVHi to 
SiAfwOd-49t38ApO* 

WRan liivaainant (to PLC 84% 00b Sb 
2016 • £1004 PSApB* 

USM Appendix 

^ (Roup A C Ort sop • 145 
BLP Ooup PLC So pfaQ Cm Cun RM Af 
IQp- l102(2SApg* 

Gfebs Maw PLC Od 2ap - 415 (?7Ap9* 
MMand 8 SeoWrii naaouBii PLC Od lOp • 
34 G/ApO* 

Raasx (Rmre PLC Ort hfiOOS - lEbi 
Staring Putalriaig Graup PLC 8% Cm (tom 
Rad Af 2(XI0 D • 138 G2A08* 

Ttehadng (Rte PLC r,7S% (Xw (Ran Rad 
Prfei -SSGSApB* 

Total Systtma PLC Old 6p • 33 

United Energy PIC Wb to aub ter Od • 4 

P9Ap>* 

Rule 53^ "" 

Aeten Car PLC Old Sp - eoxs GSAP941 
AdMms 8 Co PLC *B* Old £l - £30 
(MApO* 

/19 Entfand Lrean Tamb (Round Ld Oao 91' 
99 £2000 - £13900 GTAp9* 

/urns VHaga Ld Ort iflp - G02 
Aranri Pooibril (Xub PLC Od £1 • £450 
/UluiVBBPealBalChrePLCQrtESil «a(a) 
•£80(27/189* 

Borai^ iruoahnaot Fuid{C.l4 Staring Sd Fd 
• £02358 G8AP9* 

Btoeure Hohlngi PLC Od ip > £043 
G2Ap8* 

Bnkapeb(WJa)8 Som PLC Od 2Sp - £3 3S 
aireneM HoMtegi PLC Od Sp • £0303 
buy TodKMlegws PlC Od lOp • D12S 
Breiiagrova tedualitsa PLC OS Cm Um to 
Nbi999-E014G8/P9* 
(toMriumPLCOd tp-fi0.11S04 
Cnamri ttomda Coma (TV) Ld Od So - £055 
Coutb Gtabri Fund UK Equiy Fund - £1 1 33 
GSAp»* 

(Mwth«(.tahn Edwart) Hdga 54% Cun Af 
£1 - £925 G2Ap9* 

DASJUanagamant PLC Ord IQp - £SX 
GSAP9* 

Optvj8ayUshcRrilwayLOOrt£l -£24 
GSApO* 

Omraon Hekp PLC CM lOp • £4.9 4.SS 
GTApB* 

Btai (BJ AC 72% (NaQ Cm (torn Had Prf 
£1 - £1.12* 

PaxctoC Braadcuat (torporadon AC Ort Sp - 
CD22 G7/1P94) 

Gander Hold^ AC Ort Ip • £097 
(27/lp9* 

Grampian TriovMoi AC Od IQp - £4,1 
G2AF6* 

(Roucho Ouo London PLC Od lOp - COi/ 
G7AP9* 


Gowtwv* CM Lrt« CJ to Onl 11* • £9V 

IVier-nW Co Id ou wp • ASB • 
irfwjrtdi 

, r S Gnnre AC LVd rta • rs.M 

pfrCSgo rt«M Bte teMUi l i nto hi Mai 

ACbv-m-r.’i-'SP/Aes* 

Wr.lABS* - 

..-ni-w-ji Urea ld84% Cun iMtt -loa 

AMtnft itetoMbhi Hurt Mrii n ha Utah - 
buOf'd (rotBiSHAtwai 

lOwnwMt Ih-nuhB* l«Af Man Ni (MPurt 

. £f4 47u'8A{yM 

K>.<w«rM Ite«*na'>»n fw«l %•* *8 Equ* 

Liuin im; (2 b'.'* 

Lowae'dO AC CnI Idp - £14 1 58 
luwra Ouup AC Od £t * £il* 

HhAA'a StuaS Ui Onl Cl • £24 2 8 
L:>4n.vc( f C 8 Aintate- naMria PlCOri O . 

-4.1 Mem watwi tend foateig • 

Jd.* .31U11HI 

M8GKjiin.-i.-.A"iitoal 0**»l Purt Atupn 
(Rite • £ 1 :• I ■:* |■.V•0•* 
teKiMBMi cjy I •vtorii ore AC ostt . 
£i4c:;Ari*» ^ 

iiiMiub'rJI Odtre AC Od Ip • 

£03$ r.’eAr.ui 

N.WKtdOrtf! WZl33Ap04i 

NriiLito >0 Cup L3 Ox) ft* . Ui 

lUtn well AL. UM Ip - 31 

U’lJApWl ^ 

Pan Airteui PU. tRd Ip • 

rrek Law Hi'M AC Oti 37p • £74 

^(viUl 

Pafpaai.:..'cr3es* Crfwure < 
irtHiiab • £1 lOhX 
PwMiu.tfH/namiC'brivo.upaPiRawbpa . 

. D «ior (raiAp;H) ' ^ 

PnpHhk^jarBAiCSriamLreCtere. --f 

lbRi;er3 i-'.v-IFal Club AC Ort N* - IM >' 

Satacl 'oitaarraB AC New CM 7iip g*p|| 

• CdCJ 

SMchent Nnjii'a Ld ’A* ® •* •: 

,C?4p->t) .'l-. 

crim wiLn AC Od Ip • nw • ir 
Sduiham Nn»-4\ipiH'i AC CM Cl - £4 J| ' 
44 4 -•■’ i 

Sutton HjiDCw H'ZJB Ld <tod 29p ■ fO* 

SliMm C-'ntVL-hsi AC Od IP ■ RlS 
lOWnWl 

Tk«atowDJ:en--*C6 AC 08350 • (2414 
: M i3?-4-<W 
l/agba AC Ord bp • W'a 
ToLlI RopiO LdCrJ ID,? • COCC&ApIMI 
rr.ad,e( kiohm.-i*, AC Od £1 • EH M H4 
IJ4 15 

L,'APT4.rf MK AC O,} • Cl_* 

v.su 0itdiu/»ivtJ AC L>d *.« - Oun 

Wjibud Ar-wo dwrev Maewy 

In8 GcLl C«nai2 I d - SI 4 f.'Mp9* . 
Vf«>aub« Ld *V NalV Cid 3rp • LUUb 
iVnnwcfri Jmwroknva nfi.M> Ati Od b- ' 
Cl) i3/Jir'U’. 

Wh-lukuch iVrup AC Onl ■ COST 
WiVtMriHr MMI klnfu AC Od 5p • I9l| . 
Yam Oua ivsfw LiiiAiio PLC Od 3Sp . 

IV lb ir-.'Ap*!* 

RULE 535 (4) M 
Bargsliu marksd in sdCuriHsB 
whers principsi msrkst Is ontiMs - 
the UK and RopubUc of Irelina 
Ouetotlon has net been grinfodb 
London and deoHngB ore net 
recorded in the OfRelol UsL . 

Aim FoulidJkuii >iw AS? liWhZh * 

Bum S«ine.iw>ina $93? 1IV>‘3 4| 

Capa Ksnoo 04 hbl.4LTta|;'04i 
Cay OMxtucnwiB 59.’ KSiBc!' 4i 
Comniu'.iyFavvnatni* itoukia SHQHffT* 
(■dr EmI Hotria A turenreiiRaiit 
Hfc!.?S3ti3lr3r 41 

hukm Uflurea Crt |l9.v'.‘>lX (.*».* 

Kidurt MjIA«4 Cm (Ma(4V Rcu' 
Vli58X3r$|39^> 

MNayaniRMU SMXDKirs 
Haoonri EXicirenica Hjgi .1 SuV * 

CM Sasren 44 QSE.-n 
PoUbom Mfing £0 i:S|3' * 

Rdos Hcteta (KUdU HSO 2310041 
Rotbittan 8 Cci SSd lU* (?-' 4) 

Sutgjpcro Land ssr J3j?' 4* 

SMai CuninkH'-CAMmi Sh4a&t:S,4l9X 

G/* 

vVriMa tomev] Co ASO iP9te79.-ll 
Sy PanUsatoa 4 / Mm Stock Swranpa OiHWf 



LESS RISK. 


■ .'.L 


• '-’i 



SAVE £100 OFF SH AREMASTER 2 " 

SPECIAL INVESTMENT SOFTWARE OFFER FROM 
INVESTORS CHRONICLE 

K>.'i,-n (»•> follrt'V the tiiiirlvtlb. biU »v;im to rcJiici.- ilip invc.i.imciU risk>? Investor? 

( [iroiiicle ha? a --piLCial Readers Oder thi-^ ?a'C yon moiuy and help \oii reduce 

indica risks. 

Ihv 1. K's loading.; sU'ok nnrktl v-tckly is olTvnni^ a remarkable £100 i.dhSh.ircM.i?t.T2 
iuvoimcnt sufuvarv. pio\ idlnj; vou plji... voiir order by 3) May I"y4. 

.•\ll vou need an IBM compaublc Tv rhinal Compiitci «iih u hard disk and a hiL;K 
resolution screen, i^barcMastcr 1 will prosiJc\<m with (he iiitnrinaunn vou need to 
iiolp Iniv and >(11 'he rijht Stocks at ihe ritiht time, rhxibiv and easv lu a-o. 
hhirtAl-iMei 2 ofters tsten^Kc' clianiiic!. anah'.w and iipdniinj^ • ap.ibiliiiL-v m 
ini prove tlic riniiiifl and prcfii.ihtliiv ol vour invc^tiiunf.s. And a series vif atlicirs 
iiinninjjiri April .ind May in (lutstnrs »' liriirrislc will m.ike noi ice (L^.:r.s Teel ennfident 
witlt y.hari'vi'j-rer 2. 

Investors Chronicle has :it>;nihiied this ■-pcvial (lisixmni witli Syiier.sn Soflwarc. tlic I Ks 
lending tnvvsnncnl software supplier. With i>,<)n0 private in-. csiors asinc iLs pcoducis in 
over -Ri couiitrir- ^^•llCJ-gv also leads ilie w av for prido.sional investor? bv' siippLying all the 
tiiajoriiiMiinliou? .mid dealinti roi'ms with (irsi class predictive aud inve-tmem software 

Tn es' SharaMjster 2, with blOO -.av ine. l'u>- tiiia week's Invcstors 

C hionult. Or vou can order direct. [(isicaH the investors Cliroairlo ShareMasuT HoiTine 
oiiOsisI ■;24282 or simply enimplcte .itid return ibc coupon below to ibe addre?? pmvntkd 
You nm thuose to pa> by cfisf;ue. .\ccc.s? or Visa, 'nicn von ran take 
tlu' guesswork oiu ol investing, 

*£.1 1 1 .6’ inc'^.n and Normal Retail Prieo inc VAT ewBSSHraHBBHjl 

jndl-5ePa2«.Ia - ' 


Toorilcr)‘oiir copyofSiureMasivr 2 Ji ilKUpccuUlv reduced 
price nf juH piito VA T. dimply culi us or return this 

coupon by )lsi Muy (<184 in; 

lovesiors Chronicic SbaieMosier 2 OfTer, Synagy Software, 
Briunnic House. 20 Dnasuble Bead, Luon. IJJl IF.D. 

Please complete the details below; 









Njiiic _ 
Addic&i - 


Pusicodtf . itopime Tel No 

I would like to know niurc aboui SlwrcMasicr 2 O 
Ple.iac bcnd me SluircMMcr 2 (.3 
I encluM,* a ebeejue no. . 


forihtf lulluiiuuini »r£.ll 1.61 flue VAT * )*5rP1, iiudc uiii to 
bynerity bofiwuiv. or p(e-Jw ddni my .-Vlx-css Visa Card I J 

Nuiiihcr I I I I I I I I I I I I I I 


itxpirc^ciul . 



Sijfiuiure 


— — dale _ 


Fia 



(PIMB!|a) 


0 


r 
f A 

/b' hi 




jf'Kt' 


t 


PF 

I 




f- 

-* 


LJ. 




l>s- 


' *L. 
O'* 




b'< 

y. - 




'4 


k. 

% *. 




h- 

V.- • 

it. 




i 





-MV 


FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 




HARKET REPORT 


Equity market picks up in the wake of gilts rally 


By $tev9 Ttiompson 

Transatlantic infliiancps remained 
the dominant Ihctor affecting Lon- 
don's stock market which lost 
ground in the wake of another 
choppy performance by UK 
gilt«d^ stocks, befine st^png a 
good rally in line with DS bmids. 

The latter responded immediately 
to news of interveotkm by the US 
F^nal Reserve in ^bal cuireney 
maikets, stemming- an earlier steep 
decline in the dollar and earlier 
weakness in US 'neasury bonds. 

The US authorities' intervention 
saw longer-dated gflts, whidi fell 
around % at the outset of texting, 
rally stem^ an improving 

US bold market and a finner Dow 
Jones Avoage to end a busy ses- 
sion a net A higher as the market 
closed. 


At the dose of what had been 
. expected to be a subdued session, 
the fT-SE 100 index posted a 4.6 fall 
at 8,126.3. Over the first week of the 
first (tf a three-week account whl^ 
takes in the May Day Bank Holiday, 
the index has recorded a fall of &4. 

Ihe late rally in the FT-SE 100 
stocks failed to carry over into tee 
second line stocks which closed 
around the day's lowest levels, as 
measured by the FT*SE Mid 250 
index which settled 16.3 off at 
3,mL 

Turnover was r^arded as disap- 
pointing, at the seoand lowest this 
we^ at 574.9m shares wite non- 
FT-EE 100 stocte accounting for 632 
par cent of the total 

It was a sharp retreat by US 
bonds overnight, in response to 
wonying inflationary pressure in 
. the US and a «Usappointing 


Ae c Quot n nsl lna Petw 

April Apr as mUyie 

OpBaa D1—0IIU. 

Aprai My 12 Jm2 

UM PBBgnai! 

Apt a May 13 Jiw 3 

AcOB trt CMv; 

M» 9 Moy a Jim 13 

-Mm* ItaM Aallnis may taka ploea from taro 


response by intematloiial investors 
to the auction of US Treasury boi^ 
that triggered a big slide in over- 
night US markets and induced the 
opening weakness in gilts as the 
London market b^an trading. 

lYading in the equity market got 
off to a very slow start, afPM?tffd by 
tee losses across European equity 
and bond markets and reflecting 
thin attendance around the City as 
many dealias began their wft^nrtprt 


Bank Holiday break. 

The FT-SE 100 kicked off almost 
12 points lower, in very quiet trad- 
ing but then staged a rally, partly, 
dealers said, in ^ wake of a mod- 
est buy pn^ramme and a tempo- 
rary r^y in gilts which drove the 
100 index briefly into plus territoiy 
and to tee session's high point of 
3,130.0 in mid-moming. 

But with gilts slipping back and 
the market beginning to worry 
about renewed weakness in US Toas- 
kets. the FT-SE b^an to fall away, 
eventually hitting a session low of 
3405.6, down 24.3 shortly after Wall 
Street opmed. The subsequent Fed 
Intervention pr^uced big rallies in 
markets across the ^be. 

Apart from tee Fed intervention 
there was some big action in the 
FT-SE future vben one very big 
buyer, mmoored to have repre- 


sented a big US institution, moved 
into the market during the late 
afternoon and onwards to the close. 

Dealers were disappointed at the 
market's performance over the 
week, given the emeigence of the 
much rumour^ takeover bid for 
Lasmo. The frantic activity in 
Lasmo shares and options over 
recent sessions was much reduced 
yesteaday but traders remain con- 
vine^ that a counter to Enter- 
prise’s aD-paper offer for the UK 
exploration company may yet 
appear. 

Hie bank sector provided one of 
tee day’s big features in Royal Bank 
of Scotland whose shares made 
rapid pn^ress early in the session 
amid reports - quickly denied by 
the bank - that RTOS was about to 
follow Lloyds in acquiring a big UE 
building society. 


FT-SE^ Ali-Sfiare index 


1.750 'V- 


1,700 


1,650 


Equity Shares Tlnaded 

Turnover by velwiia (mfliDn). Exehidhg: 
kilre-fmkal InaMM and oversees tumover 

1400 


^■550’ ' M. 

SaucKFTGaplM 1904 

■ Key Indicators 



Indieea and raties 



PT-8E 100 Index 


FT-SE Md 250 

3781.1 

•1&3 

Closing index for /\pr 29.... 

...3125.3 

Fr-8E-^ 350 

1588.3 

•3.4 

Change over week 

-8.4 

FT-SE-AAH-Share 

1560.44 

-3.07 

Apr 28 

...3129.9 

FT-SEnA /Ul-6hare yield 

3.67 

(3.66) 

Apr 27 - 

...3150.0 

FTOrtfnary index 

250SA 

+1.S 

Apr 26 

...3125.3 

FT-SE-A Non Fns p/e 

20.57 

(20.61) 

Apr 25 - 

...SI 06.1 

FT-SE 100 Flit Jun 

3139.0 

+19.0 

High* 

...3167.3 

10 yr Gilt yield 

7.94 

(7.97) 

Low* 

...3105.6 

Long giK/equity yid ratkx 

Z21 

(2.23) 

Inaa-day high and kM fbr week 


TRADING VOLUME 


EQUITY FUTURES AND OPTIONS TRADING 


VW. Ctatag DWS 


vtt CMang Ow-a 


T' . , 

••W 

a>:i i;, 
.'(Atej.! -(.IS 
urb I . 




:<t. _ 




ASEMOowt 

AbbiyNMienMt . 

AbfrtFMar 

A«id4«enit 

Aii^iMkMr 

A>^ 

Ai0iaeM)t 

AMTSCtadit 

MMfrSriLPorti 
SAAt . 
BAThidat 


iSP 

BPt 

BPBki*. 

sn 

BTff/Pdd) 

BITM- 

BMAerSeaOBrtt 
BMtmrct 
Bast ^ 

Beeto 

Boottt 

Duiuiert 

BrtLAMiOMlt 

BOM Una 

fthMSMOf 

Bifd 

BMiwocurt 

Bwtsn 

CMSWWt 

Ci*uysai«opwt 

COorOnue 

Caradenf 

emnOBomt 

ConViiMit 

Ceim.lMBnt 

CooMon 

CaurtH^ 


OOOb 

-■■k* 

-dWMi- 


oah 

—ess* 

2800 

salt 


Lento 

1.4M 

142 

18H 

4m 


LUCH 

18m 

207 

18M 

SI 


leo'Ct 

SI 

487 

1800 

517 

*1 

MR 

777 

ISO 

206 

4eB 

-10 . 

Hwweb 

272 

06* 

18m 

605 


MaliiatoenBwt 

Aom 

438*7 

a8m 

sm 

Ml^AEtoet. 

488 

888 

xm 

SIS 

*7 

MortmlWIig 

18m 

120 

sm 

606^ 

-ig 

iFCt 

OBI 

2St 

Ml 

27B 


NMMwBMri- 

&om 

452 

101 

877 

-4 

NMiBmiPeMrt 

S800 

428 

2800 

48B<| 

♦Tig 

Nm 

6B0 

394 

Offi 

18* 

*1 

itortiWMlWtaMt 

1800 

408 

4M 

4S2 

*v 

NerBMmBecL 

7m 

022 

H7 

I0« 

*10' 

Nertwni foodit 

122 

223 

118m 

3M 

-6 

aidWtomiE 



2 .im 

sso 


PMnenf 

072 

eso 

AMO 

SSi^ 


P60t 

18m 

TOO 

2,7m 

251 

-r . 

raexprn 

28m 

207 


A purchase of 500 Footsie 
futures contracts minutes 
before the close of trading 
enlivened an otherwise quiet 
d$v in derivatives, writes CkuB 
Gascogne. 

The trade, putted the June 
future to 3,155, although ft fell 
back to 3,139 in after^ours 
dealing. There was speculation 


that it was linked to an 
over-the-counter option 
expiring next week. 

June opened dovim 12 at 
3,109, and drifted to a low of 
3,096 with a very weak bond 
market and the release of US 
ecorx>mlc data. A gentle rally 
took it back to around 3,134 
before the final trade. 


■ FT-SE lOQIWDeC FUTURES gjFFgCSSpw lie Wbk point 


Dtumt 

bManBax. 

eMlASMSBO. 

BqCMnOM 

GnwpnMOlf 

EwcaanaiMi 

na 


Oai.MeldMt 

OvwSBsctt 

Oavt 

0(iM«d 

OndMaLt 

Gist 

wet 

cm 

QiiiiiiMat 

wee (Tap dart 


HdMMCmdidd 


BadMdit 

JcnraaflMiiHwr 

iwawart 

Ih>* 

UitaMt 

UndSMWdtot 

up«w ^ 

UodftOaranft 

mydiAWw 

UojdBSddT 

lASMO 

londBASea. 


.imO 911 44 

sn «s 

fMO 301 -B 

. 132 ‘ AOr -1 

308 Stria -Mia 

1,500 400 . 4S 

1,200 433 43 

1,300 427la ' ->z 

aUW 330 43 

433 406 .4 

aSOQ 1S3 ' 4-1^ 

2.700 183 42 

' 347 338 

210 64^ 

4300 ' 460 -8 

816 479 4 

37 333 44 

914 393 -11 

719 ooeia 

940 233 -8 

631 540 -4 

1,100 370 4la 

390 . 673 47 

18 493 

949 023>a 44^ 

2.700 307 -3 


met 

M4^C*ant 


RMdMt 

mnMBt 

nmiif 

ftoSaFtoyedt 

(^BkSeetMt 

nc^bdwwwf 

SdndMTf 

S el a u d M 

Soaaidi3NM.t 

ScetHrOo-aML 

S caey mweft 

s idedefc 

SmtaBBtfl 

SMOlTMt 

SMltan^oftt 

aiBbat 

9toueiWli 
SnthfMMIA 
StdhSNiWliiat 
SnH Saaidiint 


026 431^ 
3300 307^ 
122 233 

532 848 

1300 230 

aioo <0 

330 972 

409 549 

933 849 

738 236 

1400 Wib 

5.700 203^ 

3.700 402 

2,100 203 

3400 373 

11 1233 

832 320 

621 343 

2,100 356 

3,700 121 

617 197 

504 300 

679 497 

3409 723 

471 920 

339 298 

005 489 

1400 145 

1400 31^ 



Open 

Sea price 

Chai«e 

Hgh 

Low 

GeL vW 

Open M. 

Jun 

31084) 

313BO 

+194) 

3155.0 

30364) 

11031 

52014 

Sep 

3133.0 

3157.5 

+1AO 

31384) 

31334) 

2 

710 

Dee 

- 

3168.6 

+1B.0 

- 

- 

0 

210 


BIB 

566 

-9 ' 

atoaBMCtomllli.t 

842 

388 

*M 

890 

482 

-9 

BnEMIndt. 

SM 

soe^ 


28m 

416 


SeuawnBMtt 

172 

570*2 

-11*9 

180 

4M 


Seuta VMM Beet 

71 

GS7 

-e 

TE7 

196 

+1 

8ou8iVta(WMH' 

492 

405 

-12 

1300 

184 

-0 


399 

506 

-6 

m 

140^ 


Bouton WMw 

309 

502 

-17 

%na 

E36ll 

-3^ 

SUKtodOwiRt 

960 

998 

■n 

am 

6m 

-11 

Snnheuw 

296 

214*2 

*>r 

2800 

30812 


SunMwMf 

45* 

327 

-9 

3170) 

S70>2 

*7*1 

TEH 

7sa 

945 

-1 

B9 

srs 



812 

412 

•1 

1800 

sso 

-a 

rest 

1.700 

219*2 

•2 

1,800 

47B 

*7 

Tamct 

1,100 

197 

'5 

18m 

801 


T)to6l)ta 

2,100 

448 


800 

178 


ItatorVVWctow 

1800 

147 

-a 

i.im 

622 

«a 

TMtot 

2800 

211 


28m 

4m 

*3 

DamwlMart 

410 

477 

4 


700 


ThomSWt 




B2B 

am 

*9 

RMitot 

6.100 

254 

•9 

78m 

iraV 

n2 

TUWgwHoMM 

1.7m 

105 

w| 

38m 

1M 

*6 

IMgUB 

708 

391 

•2 

1T0 

on 


lMBW>t 

8»< 1072*2 

-6*7 

402 

189 


UniedBiKUMt 

1,100 

sai 

•2 

305 

968 

«a 

UM. MmiWI 

909 

929 

•2 

vrMi 

822 

-9 

Waddtoet 

2800 

544 

«S 

m* 

651 

■e 

wetMaDOH- 

I.im 

731 

*14 

2S1 

026 

•6 

WWtonwf 

2jm 

824 

♦9 

1.700 

677 

19 

WHNtVMw 

378 

902 

■14 

93 

SS2 


WiMWiWIM 

199 

S92 

■fi 

14B0 

1M 

16 

WMtaraecrt 

287 

5«3*2 

-1*7 

1800 

670 


\MtamMdge.t 

i,im 

380 

-5 

s*o 

814 


wamCtoven 

178 

229*2 

-8*2 

7S 

452*1 

-12*2 


634 

108 

-* 

267 

879 

■9 

WtoMiit 

117 

987 

>7 

38H 

599 

19 

YwlieiieENtt 

831 

861 

-12 

Rim 

149*2 

-7*J 

VaridtoeVMer 

723 

483 

-14 

844 

664 

-IS 

ZMecef 

18m 

689 

*2 


■ FT-SE MPSSDSaTEXHjnjResqjFFeElO per ha IndapoTit 

Ji4i 3765.0 37900 -t&O 37750 37650 132 3628 

■ FT-Se MID 260 IMPeX FUTURES tOMUQElO par tijBideK point 

Jun - 3785.0 - - - - 913 

M open HidaM 9gw«a aw kr pradow doiL t Etas teiuma Btwwm. 

■ FT-SE 100 HBTEX option (UFFg f3iaq £10 per im Indec pow 

2850 3000 3050 3100 3150 3300 3260 3300 

C P O P 0 P 0 P O P C P 0 P 0 P 

MBf 156*2 3*2 148*2 6*2 107*2 15 694 27*2 38 49 a 80*2 8*2 125*2 4 175*2 

JIB 206 19 16I>2 2B 128*2 41 96 56 67*2 80 45*2 109 28*2 143 16*2 187*2 

Jli 223*2 39*2 108 424 ISO 564 1194 76 914 95 70 1264 SO 1574 36 1944 

Mg 244*2 48 2K*2 574 130 71 140491411141124884 140 674 169 51 204 
Daet 203 1044 20341424 1504 188 10442424 

CaW 4,219 RW 5A) 

■ EURO STVIX FT-SE 100 SHEX OPTION (UffE) CIO py full indge poW 

2978 302S 307S 3125 STTS 3225 3275 3325 

MW 1704 5*2 1244 11 034 21 SI4 374 28 644 134 994 8 139*2 2*2 IQ 


Jui 

IS 22*2146*2 331211112 4B 

a S 57*2 

S 38*2 124 S 

IS 15*2 200 

U 

1S7>2 47>2 

115*2 85 

60*2 138*2 

31 208 

Sop 

202*2 72*2 

142 110 

M IS 

56*2 223 

Dect 

243*2104*2 

IS 143 

IS in 

96*2 248 


OW 773 nn 3315 * IMdl)bs Mb Mb. Reti to Ba BaRM an based « senfenen pneet 
t Uag daM npHr mSa. 

M EURO STYLE FT-SE MB>2S0INDeX OPTION dOMLX) £10 pyhJiodeapobW 

3760 3800 3S5D 3000 3090 4000 4090 41 

May 40 35 64 2B 100 04 140 
08) 0 Tub 0 Saokned lalcas ml nfenn an Bian ■ 4J0 pbl 


FT-SE-A INDICES - LEADERS & LAGGARDS 


Pq Ct i i t a gB changaa since December 31 1993 based en Fnday Apr8 29 1994 


I yMHdn dB 4 Jen. TMh 


EmFwadng. VHIdaa 
pitana. FWer 5 Pckg 

MEWnBoa 

[a awe iiB — 

ChdrtesB 

UWaSHMa 

leilP 

FT.9E SmIOv « ira ... 

OlnaMina 

Qdi UandKbNn 

emdeaMaablB) 

DBMime 

n-SESB«acM 

HkBfSMubn 

oa,«BeaH 

7746 Md 250 aitr 

TadNa8 4wd«„.,._ 


Bdkinp 6 OomUKlbD _ 

SidPan Sarakea 

Broeartaa 

FT-SE NHZSO 

Bccbboc 6 Sk Ew^ . 
Spblfclim BaSCMd)^ 
Tnwpad....— 

HaalbCn 

nHdHndannn 

WfrflnanBMa 

BdMeMdtti 

miihrMCMrl. 

iKHbaaBTnab 

FT-SEwueewa 

Fr4E4S5a 


IkQids. Cmid — 







liintoPtBtrte 

-tam 



-1580 



FT edd'Hns total 

-1582 



TmconnuaiaiOaRS 

toto. 

-1601 

-1890 


FT * SE Actuaries Share Indices 


'he UK Senes 


ava 

0W3 

C6|l% 

il«rS 

/tar 27 

/tar 26 

nor 

me 

Or. 

iMk 

Ebr 

UM 

HE 

EllD 

Wtal 

]« 

. TIM 

Rmni 

IBM 

MM IJM 


MFI 

SknCHmltaloi — 

llM 

SUS8. 

•4.1 

n298 

31909 

31253 

28101 

338 

638 

ion 

9B.n 

116079 

ewe* 

2/2 

30954 

31/3 

ewe* 

9204 

9893 

23/7/84 

3781.1 

-08 

17978 

37909 

3777.7 

31361 

625 

538 

2272 

WWI 

136643 

41909 

3a 

37K9 

31/3 

41823 

9204 

13704 

21/106 

37978 

-08 

39125 

smo 

37920 

3184.1 

337 

530 

2137 

3682 

138625 

4I66J 

ion 

17761 

8/4 

41607 

ia/U94 

13703 

21/106 

lasM 

-08 

1S81J 

isaol 

15873 

14029 

671 

013 

1937 

1730 

120733 

17701 

K 

15704 

31/3 

T7783 

2/204 

9915 

14n/86 

loom 


194290 

193035 

193683 

1S69b09 

230 

61S 

2957 

1610 

148634 

2BB4JB 

4a 

187673 

4n 

299438 

4004 

139379 

vnist 

192ILI4 

*ai 

191696 

161651 

191693 

150036 

6K 

430 

2737 

1624 

I476n 

206072 

«a 

1I2U9 

4n 

209632 

40.91 

136679 

31/1292 

IS8IU4 

-u 

ISB35T 

isBoa 

IS793S 

135695 

337 

539 

2016 

17.11 

132234 

17B6T1 

m 

156137 

3ia 

179611 

209* 

6132 

1302/74 


FT4E7flO 31263. -4.1 31292 3ISDS 312&3 2813.1 388 686 1868 3808 116879 aSEL 

FT-IEIidlSD 3781.1 -04 87974 37938 3777.7 31381 825 589 2872 3820 138643 4I9EI 

7746 Md 288 a hr IWBb 37978 -04 38128 38080 97928 3164.1 387 580 2187 3642 138825 4118: 

FI4M369 1S8M -08 1S81J 15881 16878 14028 323 813 1867 1780 120783 17781 

n-SISnMCm 10(805 ^ 194200 103085 193883 150889 280 4.1S 2957 1310 148824 2004JI 

rTTCTiTW Ml TrrTnnV 192044 -Ml 191806 101551 191352 160DJ6 800 450 2787 1624 I473n 2flOU! 

fT4E4<U.8MW 158044 -02 I5885T 160083 157875 138808 357 589 2016 17.11 122234 IlSiH 

■ FT-SE ActiiariM AH-SIimw 

Dafa Year DM. Earn, he Xaaq. Total 

IW29 UsMfc JW2SIWg0w2S IQB iWfciWEtaBD yM Habaw m 

10 MBeWL eiOI»enaU(1M 2S5289 -OO 2075.10 270024 2571.16 205880 347 484 2785 3185 105187 270024 

12 EiBMIn trtimW'l 388830 4OS 388682 305380 383082 304580 384 580 2484 4175 106087 410755 

15 00, 2SB8I7 -18 2n037 264073 200877 198000 380 489 284T 3288 104839 254073 

16 01 Eivhaallan 8 Pnd(11) lOOOOO -25 203859 209843 200288 106040 130 185 OOOOt 1580 113084 200643 


21 eWMiO & CBMOuciiBldSI] 131186 

22 SdhInB MMi & M wli apq 210087 

23 cnenUapi) 254685 

24 OMidOad taSabMalie 213084 

25 Bacaartc 5 Bact EEUM34t 205887 

a Eiene«lnB(7l) 190S.1S 

27 eenaamo WaMdes(12i 245489 

a PiMBO Papw 8 Fde(27) 298282 

a TWOia 8 ddOanlCT 182483 

30 eSNSOMa BOODSCiq 27SS89 

31 anwadeEiT) 22B810 

32 worn. mM 5 Odenttq 300287 

33 Feed HaadaOnnpS) 236682 

34 HKOShM GooMTX 272070 

M mam caaco) iTiiiB 

37 RanaaceuicMXiq 276050 

33 TWatea(l| 303888 

40 SSmCEOCBO) 805443 

41 OBOMMpI) 306788 

42 LdMura « HaWapM 22S&27 

43 IMaaM 3102.18 

44 AaMM, FbedllT) 156029 

45 noMOan. O a n a n i i ii i 17608# 

45 SWPVt kntaHq 168088 

49 liampaflnM 083.43 

51 Otm Owdeaa 8 tbwInaaaOM 110073 

60 umnMm 2221.75 

62 BamWIT) 210583 

64 ISEffi 

68 WMHfia IWkTS 

a B0IW1IMICM U I B3 Q 171482 

~70'nMMW8m 216387 

71 BBdanil 2736.26 

73 UMinClW *29887 

74 un fliwaacoia 240748 

75 MeRfaMBMon 296624 

77 owr Tte n cl E gll IBB24S 

79 PittKWW H403Z 

80 SiWSIllBff TIB«BP23) 284887 

89 PT-SM iEb 6IM Re | 656i 158044 

■ Hourly mu w ii i o ii ta 

Opdo 

FT-$E 100 3116.1 

FT-SE MW 250 OTBAO 

FT-S&AS50 ISSU 

IVna a( IT4E 100 Mgit laOTRn Lew! 24^ 


-02 212947 212086 2118.12 17S380 
-18 132785 133380 134481 107280 
-1.1 212488 212484 2120.78 163280 
40.1 294072 2S5283 2S24.78 217450 
-03 214507 2143.42 211780 104040 
*02 95483 205050 20S57I 193100 
*04 100581 107057 197183 148380 
-08 247036 24B6m 247073 178680 
*00 295543 2044.74 233157 237070 
-01 182003 1820.10 102684 133450 

*08 273040 272787 270286 273000 
*08 2205.37 223788 22n87 210150 
*08 297857 299689 2904.12 201&40 
-04 237557 237242 235585 233280 
*04 271041 270381 265094 20580 
*02 170558 170786 170080 169240 
*1J 271385 2687J6 206352 302580 
*1.7 387156 386787 382982 380150 
-01 205557 20545B 203097 175480 
-01 300187 808346 306282 2641.40 
*01 225289 226886 226ZJ0 171480 
*03 315282 314028 314180 224480 
-08 1575.10 157220 183771 193350 
-01 170140 176644 170283 150220 
*01 1679.10 188096 185458 151150 
-04 254255 292658 251040 199340 
*03 118680 117283 118251 122440 


*03 118680 117288 118251 122440 

-09 2241.78 2285.79 2279lM 206.79 
-15 213230 215480 2IS750 160060 
*2.1 187181 WOUS 198S2& WOA 
-15 100679 202025 202436 1873.10 
-8.0'171730 174753 174IUE ITl&W 
-01 171554 172338 171186 151743 

-06 218013 22I3J3 220153 189180 
-08 27S056 2788.15 27B4JS 232780 
-18 131283 13223 1319l87 130180 
-18 244753 247088 246040 248880 
*05 295551 29855S 389U1 840080 
-03 -ISOOlOI 188589 158007 142980 
*05 164011 163154 183180 119180 

-04 285788 265854 285388 283480 
-02 158381 168023 1579.73 138688 


354 489 2085 2114 1056.19 223256 

254 383 3185 1277 101446 156S10 

386 160 35.79 2588 97674 2M0a 
381 447 2787 2889 111186 256B73 
450 480 2084 3045 107S.16 223157 

387 678 1945 12.72 96450 236UB 
£n 177 3257 15.77 112380 2011.17 
477 270 63.02 3242 117489 2SfS71 
270 4.72 2550 2059 115084 3D4581 
381 546 2380 2045 10TS62 2IB48S 

472 746 15.68 4189 93253 304076 
357 7.40 1689 1181 1005.44 245452 
256 645 1882 41.7D 90205 322581 
4.02 743 1580 3988 93270 360054 
222 082 iai2 3657 97040 2894.14 
372 584 2142 1980 98286 1606.13 
464 786 1447 41.70 06159 3S477} 
585 277 138010255 07780 471086 
284 S50 2186 1294 09210 330777 

263 585 a70 3180 105270 331053 

217 4.16 2218 1293 1067.10 330652 

204 459 2555 3289 109203 334211 

401 1019 1216 1203 917.17 191430 

255 557 2245 640 921.78 101057 

283 &67 1650 988 100U3 mU 

233 385 2200 1214 07788 200580 

450 277 a(U»t 291 100263 138058 

480 755 1S73 S50 63083 276283 

38311.76 1045 1285 85081 361212 

627 3 t MO 64480 236027 

480 214 1080 200 81083 SI6842 

2401110 7.70 346 80984 212239 


4.10 755 
203 774 
4921278 
216 757 
371 271 
250 659 
271 279 


1212 3257 
1677 5576 
10.43 2784 
1229 6238 
1278 2376 
12S 1205 
3281 221 


27/4 243086 
2/2 316266 
27/4 23086 
27/4 176440 

32 202277 
as 130415 
24/1 ZM207 
27M 229264 
2/2 206357 
4/2 196643 
2/2 130287 
2d 212572 
IBQ 2621.19 
4/2 178882 

24/1 366757 
ion 217387 
2471 867353 
16/1 226247 
lOd 263684 
10/1 17U54 
1VI 280352 
771 308784 

1WI 201401 
2/2 205786 
17/2 210152 
17d 20045 8 
1W1 161154 
471 170214 

x isan 

3/2 256150 
igg 113262 

X 22976 
sn 210223 
7n loan 
X 109183 
X 168Z.1B 


*a 98357 
4/2 273226 
24/1 129267 
1071 240789 
X 282654 
4/2 108236 
4S 180271 


31D ZTDSai 27/4/94 
22/2 410755 SOU 
3IV3 204273 27/4/94 
31/3 394410 8/8/M 

471 223258 2/2^4 

son 20260 iwm 

2BM 23B222 24n/94 
571 29223 S7Mi 
571 223157 2/094 

30/3 226238 4a’9< 
4n 2011.17 2/094 

471 261271 2/094 

471 304201 lODW 
31/3 23gjii snonr 

20/4 300080 227iaw 
zse 216482 1971/94 
31J9 340750 ll/S« 
3173 200264 19/1/94 
ZSa 280414 180/94 
aw 204780 28S/87 
204 410200 1471/82 
2DM 473983 29^090 
3/4 2207J7 1971/94 
31/3 331958 Z»94 
4n 238052 17/2d4 
4n 384211 170^4 
2SW 223220 207U93 
24/3 1SI484 29712/03 
6W 1B6B43 03194 
8/4 280263 SS/OI 
21/4 2q230 16/7/87 

m 276253 bbSd 

29M 201212 2/2A4 

26/4 231850 16/12-83 
29W 246150 2a/l2A3 
20M 2I2S3B 3/2«4 


28U 2337.13 
2B/4 360f.a 
29M 1B450 
29M 392157 
21/4 378159 
Z7/4 227855 
31/3 ZI3240 


90220 10/2/00 
lOKUO 31/12/85 
90230 200/86 
66050 20/7/86 


80250 3/10fl6 
09230 7/1/01 

9945Q 8n2'K 
80280 3710186 

62070 i/sno 


2.15 1.79 5246 1984 84757 318451 
387 589 20.16 17.11 122254 176411 


X 278182 31/3 316451 97750 14n/86 

2/2 156157 31/3 T76411 XSi 6152 1&12r74 


31123 3117.9 

37924 37824 

16821 15820 


3107.7 S107J 

3770.7 37722 

1S815 1580.7 


1210 Wqi/doy Low/Bay 

31245 3130.0 31055 

37826 37025 37745 

15S75 1591.3 1S805 


BWgaChsbCA 

Plwiiiafnidnla 

WH«r 

Bonks 


2687.4 

16926 


BM 

1267.8 

1000 

12673 

11A0 

1267A 

1200 

1264A 

ISOO 

izeae 

1R00 

1251.9 

18JN 

1248.0 

1R10 

1247.4 

Gem 

1247.4 

PrewBui 

12700 

26S.0 

2697.2 

268B.4 

2600.9 

26910 

26940 

27I&.4 

2727.0 

2730.6 

2683.6 

1694,0 

168S8 

1603.9 

16718 

16730 

1666.3 

16640 

1677J 

1676.1 

17130 

2770,0 

2702.8 

27S7.4 

2775.S 

27733 

27640 

2768.7 

__ 27703 

27710 

27930 

BBCilonerfln 

Baee 
Md) dflM 

Bam 
vakiB 6 

ioiSiyseeSai 

Rorareup 

Base 
dMB ' 

BaM 

value Eeie 

ar eeaSon Or j 

1 

mm 


n-SEWdlteBlMn 31/1M2 100200 FT« 160 250 44 tav Owe 31/1205 141260 Mner 

fT-XSmWCm 31/12/02 130279 FT-SE-ASSO 31/12A5 68204 Nan-Fi/nKiSls . 

FT ^ iffTr V* 31/12/02 139279 FT-EElfi0 31/12/99 10N.00 PT-S^ AtStem 

FT-SE kM 2S0 S1/12MB 141260 Bactriefty 31/1W90 100050 M Ottw 

liwFT.tf imann-8ElM290anda»nr-8E/lGBWlaa9SOindeaaa>e4«A«Mbre**AfitaaME)im;ioartaieFT.ttA 
HMlLdT^ ewMwdm wlB> me MMue « AeiuaFaa vd Iha medqr ei AOwlae indar a sandBrt aai Df 0Md I 

sag SalldUa^SOkC^ "*■» .TT-y »"? Tpeiar an FW WB. mane a 

ii — taaeaer P/E mweeanerBdnBB anna dWdfcSViaiaanantaaB.a. 


dsm vmiB EBWWadBdBndrlMOiM dBW uMw 

29/1200 100050 UK GiKt Miees 31/12/75 10200 

10/4/62 lOOJn IndBflMttd SOIA/K loaoo 

lO/d/92 10200 DetoandLsem 31/12/77 10(100 

si/iass 100200 

luaMB Al-Snm bidtK wd aw FT-SE amactp IM« an eenpM b/ Ihe 
4 m. c llw baamaond Eadi EioaBda oi aw URMd toagdan nd 
d aannee nwwa ai an landBn SMct Ewange ana Hw Biian cid ftnaa 


Drugs 
stocks in 
demand 

Leading pharmaceuticals 
stocks, which tend to be big 
dollar earners, i^red yeste^ 
day’s shock slide in the US cur- 
rency and powered forward 
with the he^ of tprhninai and 
fundamental support. The 
move fuelled hope that one of 
the most heavily depressed sec- 
tors in tee market has turned 
the corner, over the p^ year 
the pharmaceuticals sector Xa* 
underperfbnned the PT-A AD 
Share Index by nearly 25 per 
cent. 

The technical push cainp 
partly from New Yorir where 
the US phannaceuticals sector 
ii.is been gaining ground as 
investors switdi into defensive 
stocks. It alw came to tenitb- 
Elfne Beecham, the sector’s 
best peifonner, after a boujght 
deal in the mnming left mar^ 
ketmakers short of stock. The 
squeeze on the share price sent 
S^teElme up 14 to 389Mip in 
the ‘A's and 14 to 356p in tee 
Units. fTnally. dealers said that 
overweight UE institutions 
had now a4iasted their portfo- 
lios and the recent selling pres- 
sure had dried op. 

The corporate relief centred 
on Glaxo as analysts digested 
the company's legal suit 
against Ciba Geigy. They 
decided that Ciba's assault on 
Glaxo's patent for Zantac, the 
world's top selling drag, looked 
less solid than before. The 
shares rose 7% to 57S‘/i. Well- 
come improved 9 to 524p. 

Midland sale 

Newly-floated newspaper 
group Midland ln<lepeiident 
Newspapers was among the 
most actively traded stocks as 
one of its backers sold an 8 per 
cent s take in the company. 

The seUer is believ^ to be 
the Italian arm of a venture 
capital group which had 
bou^ shares at I40p at the 
time of the March flotation. 
Yesterday, it turned a 23 per 
cent profit placing 11.6m 
shares in the market at 172p a 
share via the company’s bro- 
ker. James C^>el, which then 
sold teem on to two institu- 
tions at 173p a share, tfidland 
shares rose a half penny to 



91% 0f PwWaBlowBl tamatMa fai 
Eatopa raspiarty raad tha Flaaaelal 
Uaiaa, and 76% rgaaMar tfea FT ta ba 
nwat biwortaat ar bbMU to ikaM watli.' 

ITtI nt aO Inidia faimiani Iwakwai 
paopla raad tfea Hnaaelal UnaK awra 
than any atbar latarnatianal 
pobBaMlea.** 

For an aditarial «ynopala and 
kSbrantion on ad*artlBlns mvortattlaa 
p4aaaa contacb 

Blayifcfc SMaaeam or PtdflBia <»Ma 
ta Bnn^ 

Tal: 369 616 2010 (WR399ail4M72 


Tbb071 873 S228 ta031S733<28 


OtoHBUaSn^ I99im 
• C nWw P 'kr ii nr id ii i li V IwwflWa 

FT Sttryi^ 


LEGAL NOTICES 

IN THE fflCH COURT OF jusnra 
a lANCERY DIVISION 

LN TEE MATTEII OP ROXSRia PLC 
• aad* 

dTHEMATTBIOF 
T11E COMTANIES ACT IMS 
NOTICE b baicbjr given dial a PBUtan waa aa 
the i lib A|MI im laesBied u bn M^naiy^ 
High Cowl u( Jafliee far iba - **-***— of iba 
(bare pirDiBB aecoaat of Ibe above nanad 
Cmpuy /MU XS.3r7,lSD to £4234,153. 

/tod Bdire ia fnrlher giva Ibal Ibe PeliliBO ia 
ilincle J ID be heani befsea Mi Bapmi Badfcj 
M ibc Royal Ombu of JanioB, SMwd, Laadan. 
WeSA 2LL M Wetetay I Jta May I9M. 
aedtair ar rinrdwidaf of toe Cbwpiay teirtag 
10 uppase the aiakiag oT la Order Im the 
conDraiailaa a/ ibe redaciuMi of ibe tbtfc 
pnanai aonata daadd qgor d Ibe ilae of Ibe 
faraibig D penoa nr by oinael for ihM paipeM 
A copy af tbc rctUui wiD ba hnabb^ lo loy 
peiuB reqali/ag the ubc by ibe aader- 
•KBiioaBd Salioini a pa yniuB cif iba la^bied 
cjtffp hr Ibe WBC. 

DaRd Zwl dn of April I4M 
Ndonn NateMHk 
HSkmonSnaci 

WIXSPL 
Tat im 443*933 
Rcb IA/JMDRIf4W4 
Sedktan lo Ibe rttlUoon 


NEW HIGHS AND 
LOWS FOR 1994 

m/ina u BgoL 

MNUNNO a CNBim (I) Ban Bra^ BU» 
MATIS • MCH1S N HbwMi. Jehimon. 
Ktagapan. naadllAj, CHEMCALS n ABad 
Cogoidi, CowtaiNa, HoBdwb Kalm, 
nmnauTDiis M Aed. Adam a Hwvor. 
B mm mar. Na ni in iti ei. on/Enwnni MDU (1| 
WMl BECnwe a ELECT SOUP M 

I 111 III! I iiBii I (R mi> vnin n n ubEy 

Vtalve ■B'. ECTRACnVE INDB Rl SOtaMabi, 
FOOD MANUF n Mena INVEErmr 
muais (1) Sdm SetoCM VAIB, LEKUHE 4 
HOTB5 n Baaoey 6 Hawhao, PaOean Opn 
Ftamadanra H. MEDIA (6 Mtawta M. NoM, 
VTTL OE. EXPUMAUOM A PROD (1) El. Co. 
lAdakna, OTHBR RKANCIAL a) Pwamba. 
OTHER 8BIVS A BlISfB (1) Card Pit, Pimia, 
PAPER 4 PACKa m Alto Wgglna moMan. 
Inv & Bonw, ShvL Pl tlM 'B I II 0) Wamlwd 
hw.. lierAR£R2 QEMBtAt fl| /knan Rami 
BUPPORT SBNS m DC2 Hanoi Vtt«fe« 
Raad eao. IRAMaPORr m BaaBald, lOUTH 
AnBCANBmSMtoW, 

NEWU)WS(ta6L 

0218 f«| OTHER RXBD MIERESr n 
BANKS M BneWEIBES (1) HMdn. BURlWaS 4 
CNBUm A ^knen. Beriwliy. ESC, BLDG 
HAILS 4 MCHTE W Etaa Ctda. Da PM. 
Hrpandi. Ttamae. OI8TRBUIOR8 m 
DBMnpan Vanwn, Dtalwni, DIVERBIRED 
BUS (l> medo DunlapL BECTIECCIV (IS) 
BgenBtCB ELECT SOUP waweby. 
EHBMEERMQ (1) Btadi 4 OadW, 

EXTRACnVS BIDS n FOOD MANUF 66 
Canodan Plzn, Nnav. INSURANCE (4) 
BiVESTMeNT TRUSTS M HVESIHEHT 
CMVAMBS <14 LERWRB 4 HOraS (1) 

Abteua Pt UR /WSURANCE (9 Unyda Abb^ 
UlBk IMon A libndwaNr. HNIwk MBNA £6 
Hnamft. Mwin u lBn KRataa. Pdneadd^ OIL 

EXPLORAinONIPIIODmewwEqum. 
PnanoMl OR, ntiaMAIH} n Eawo. ktabt 
CmCR PINANCUL n BHVD, Hmdwaan AdOi. 
nVESCO. OTHER SERV8 4 BUSKS (1) 
PHttgmaa. PHAfERACeunCME n Praauk 
PIWMk RAPB1 4 PACKQ n LtMon Morton, 
NMC, Rysu. PROmnY n B*h>n. Hwitag 
Bdur Hanli. Powar, RETAILERS. FOOD (■) 

Kwh San. nETARDRS, UENBIAL n OmnlM, 
Cotaa Myoi, Upton 6 Sautoani, SURORT 
SBWS 0) 018 ML Impeciloii. 
TBfCOMMUMCAHOHS (I) Bit TelSGOm. 
TEXTU8 4 APPARB. (R Ahton. HwWtofW. 
TOBACCO (1) BAT inta. IZWpQ Lil 2003108. 
TRANSPOnr ni Vanl. WATER (IQ 
AMBOCJWS tat CAMADUMS (3) 


176V^P on turnover of 23m. 

RJB Mining was fll-ko flmnng 

the most heavDy traded stocks 
as two investment funds sold 
stakes worth a total of £50m. 
Schroder Venture Managers 
sold 25.81 per cent or lL73m 
shares and Charterhouse Capi- 
tal sold 6 per cent or 2.7m 
stakes in the company. BZW 
the company's broker placed 
the shares with institntiona] 
investors. The shares eased a 
penny to 3&tp. 

The investment strat^ies of 
the cash generative stores 
groups were hi g hli g hted by 
BZW, the broker finding in 
favour of Maries ajid Spencer, 
Boots and Great Universal 
Stores and recommending posi- 
tive dividend policies to s6ak 
up tee companies’ cash moun- 
tains. GUS - steady at 60lp 
yesterday - has been the sub- 
ject of much market specula- 
tion in recent ?/e^ over how 



IMMItoito 

RHNMierMt 


toagnwtw 

rnmmm 


PM 

taf 

ta 

10 Ml* 

peasae 

p.toMn 







CMMi 

EMIMi 

nm 

0030 

1040 

1048 

1009 

Dim 

1041 

1089 

1049 

0130 

1040 

1047 

1047 

ism 

1095 

IRM 

1949 

(630 

11J» 

1440 

1041 


11J» 

1014 

1943 


1040 

1014 

1949 

o«a 

1045 

1441 

1746 

ooo 

1045 


17.13 

nm 

1045 

1045 

1045 

iwen 

1040 

1096 

1046 

oem 

1040 

1064 

1644 

0830 

loss 

1544 

1544 

orm 

I04S 

1644 

1544 

0730 

1145 

1074 

1074 

nenri 

11.17 

1746 

2144 

0630 

20.15 

1640 

2027 

oem 

1948 

99aa 

2B42 

0930 

2840 

2340 

86.70 

1000 

3646 

2046 

3346 

1030 

9a4B 

9840 


noo 

264S 

2B46 

3345 

IIS 

22AS 

22.S 

2943 

igm 

SS4S 

1746 

9144 

1930 

201S 

1746 

214* 

13m 

9015 

1746 

2144 

1330 

14.1B 

1745 

2144 

14m 

11.17 

1&73 

19.12 

14m 

11.17 

1646 

i&m 

1500 

11.15 

1064 

i&et 

1530 

1146 

1007 

1097 

1900 

1145 

1095 

in.M 

1630 

1IJB 

1047 

1047 

17m 

11.17 

1079 

16.72 

1/X 

11.17 

1940 

2047 

ism 

14.11 

1745 

2144 

1830 

14.18 

1748 

2144 

19m 

1440 

1&7S 

1R12 

1930 

1440 

1SJ)7 

1846 

2000 

11.16 

1748 

914* 

2030 

11.97 


341 

2100 

2047 

2643 

2841 

3190 

M nj 

2543 

9941 

22m 

ssjn 

2140 

2448 


asm 

1&70 

1640 


1147 

1087 

1047 

2330 

1146 

104* 

1044 

8400 

1042 

1043 

1042 


Id pad woi bnoi AMI 


f li r i rt nin ii pm W M ii d aecI plcaahri^dWbWig 

Ow an w IM pM pnam lor n« te. RM seS 




it intends to use its £1.5bn of 
cash, with market gos^p focus- 
ing on a possible share buy- 
back. M&S shares slipped 2*4 at 
438Kp, while Boots put on 3Vs 
to 547!4p. 

The two big share losers in 
the leisure sector this week - 
Airtours and Compass Group 
- both staged rallies yesterday 
as baigain-hunters moved in. 
Holiday group Airtours 
bounced 5 to 4^, stiU only 
subtly denting its net Call this 
week of 55. The steep decline 
was prompted by the purchase 
of SAS Leisure, a Scandinavian 
hoDday group, for £74m to be 
funded largely by a rights 
issue. Compos gained 7 to 
315p. making its faD since talk 
of its £300m US deal and ri ghts 
issue came into the market two 
weeks ago. a net 44. 

Big turnover in Bank Organ- 
isation came as a big buy order 
begun on Wednesday was 
finaDy wound up. aeconUng to 
dealeis. Rank shares added a 
penny to 430p on final volume 
of 8.1in. 

Food and deteigent giant 
Unilever recovered ground 
after it announced that it was 
to sue its rival Proctor & Gam- 
ble over remarks aUegedly 
made cqgainst the former’s new 
soap powder. The shares ended 
the session S'A adrift at 1072Viip, 
after 1065p. 

Royal Bank of Scotland 
bounced 9 to 4Q2p as investors 
switched tends from elsewhere 
in the sector ahead of the Scot- 
tish bank's interim figures on 
May IL There had been specu- 
lation earlier in tee day that 
RBoS was poised to buy tee 
National & Provmcial BuDdi]% 
Society but the rumours were 
dismissfiri by analysts. 

Big dollar earner HSBC tum- 
bled 22 to 706p in response to 
tee weakness of the US cur- 
rency. 

Paper and packaging stocks 
rose sharply in response to a 
newspaper article which cited 
increases in North American 
and European newsprint 
groups and lifted hopes teat 
prices and margins were 
improving. Arjo Wiggins 
Alston gained 7 to 315p and 
Bowater rose 6 to 460p. 

Weak gilts and continuing 
negative sentiment over regu- 
latory issues kept the water 
and electricity utteties under a 
cloud, flitbmig h the late after- 
noon gilt rally produced a 
small bounce. 

Amoi^ the Rees, Midlands 


■ CHIEF PmCE CHANGES 
YESTERDAY 

London (Penc^ 


120-46 
273 - 17 
247 - 16 


Antofagasta 1410 + 57 

BaXyrehik 365 + 25 

Boo^&Hawkes 1513 + 88 
BulginA 17^+ 2Vt 

Gerrard & National 468 + 20 
Gfampian TV A 267 + 8 

Kicking Pentecost 243 +9 
High-Point 73+10 

King&Shaxson 146 + 6 

Moran HIdgs 51+4 

Parambe 69+4 

Secure Retirement 59+4 

FSQe 

Canadian Piaa 120 - 46 
Clyde Bloweis 273 - 17 
David Brown 247 - 16 

Harrington Kilbride 149 - 8 

Hunters Armley 225 - 9' 

LASMO 149V&- 71 

Menydown 138 - 5 

Northumbrian Water 556 - 24 
Pittencrieff 336 - 11 


slid 19 to 568p. Souteeru 11^ to 
570*Ap and Eastern 15 to S78p. 
The generators, under less reg- 
ulatory threat, held up. with 
National Power off 4 at 428p 
and FowerGen 2Vs at 48iyip. 

Mobile telecoms group Voda- 
fone continued its recovery fol- 
lowing worries, considered 
overdone by many in the mar- 
ket, over the threat of competi- 
tion. The shares added 5 to 
S34p. But both competition and 
r^ulatory concerns were said 
to be again ove rhang in g BT as 
the telly-paid shares hit their 
lowest point of the year and 
the lowest level since October 
1993, down 8 at 368Vep on 6.4jn 
traded. The partly-paid 
retreated 7 to 251p. 

A profits warxung from 
Canadian Pizza sent the shares 
retreatitig 46 to W. The com- 
pany, wtech suppliW products 
to outlets such as Ssdnsbury. 
blamed lower sales. 

In the drinks sector, senti- 
ment was boosted by the clear- 
ing of two major deals. Allied 
Lyons’ £700m merger with 
Domecq of Spain and Guin- 
ness’ restractiuing of its share- 
holding in French group 
LVMH. Allied shares added a 
penny to 587p, Guinness 3 to 
480p and other spirits giant 
Grand Metropolitan chipped in 
with a rise of 7 to 476p. 

Car dealer Lex Retail Group 
moved ahead 3 to 545p after 
announcing a 17 per cent 
increase in new car registra- 
tions in the firat quarter. 


Daily Gold Fax - free sample 

7 SW.II0.V S„ooi, Lcn.cn ',vm UK • fa. 07 '^9 

ccnrrcdi V spocia 1C. & or O'.'or22 years -...-j.,. .. 

' 0 flViSA Mcmaor 


^ 1 AT N 


ECUTwmtavwtFLC 
EBCIiMiMniPtaM 
BriQfsvta 
London SWIXBHL 
Ton *71 946 MBS 
Roc '+TI 23S6SBB 


CITY 

INDEX 


E C I TW'g' B O O K M A 

Th« MarVd Lradfn B ^eaJ Nmin^ • F iimnol mil Sppru tvri 

^nichm and ui aemun ■ppHcBim li«m eaO 1171 ail Ji4i^ 
Accounu ire imniDy oprsaJ uiihn 72 hoMt 

S«* *ur up*,xlBc ^icCT »■ B ID *p m .w Triacu [-e- «■« 


trM^Fn turc\'ie\v 


■ (Lr/ftjjiiii'j f 71-VC2 OIOl’ “O#' vTl IT.- 


s snr’*. £*,»• vv 

w 24 hours a day - only $1 00 a monthi 

UVEFB«ANCIALDATAOnECTTOYOURPC 

For mow irriomt ate n * w!X 


One of the potcBtially non praDuble jel lout Imewn ims of Tridiog 
In WftridWide FIsiMiBl MrHccM, Contact Midud Lnoric Partaerdiip Lid 
Ftaudd Serving Dept iMeoher ar SF/L) Teh 071 493 70SO «r Fop 971 499 6279 


DO YOU WANT TO KNOW A SECRET? 

TTw I.D.S. Gann Semkiar wM show you how Bw markets REALLY worit The 
amadng trading techniqtiss of ihe legendary W.D. (Sann can Increase your 
profits and eoidatn your kases. How? ThaFs the secret Ring 081 474 ooao to 
book your PRS pim 


Forex or Futures prices from £49 per month 
For 30 second updates on y«ir Windows PC Screen or 
Pocket Financiai Monitor call 0494 444415 

QuoteLink from SPRINTEL 

















































































APH j I 


FINANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 

































































































































































16 


TIMES WEEKEND APR.I- 3WMAV . Iftw 3 

































































































\\ , . financial TIMES WEEICEND APRIL 30/MAY 1 1994 




































































































































































19 




INANCIAL TIMES WEEKEND APRIL 30/MAY 1 1994 


WORLD STOCK MARKETS 


HERICA 


3ow ignores bond market weakness 


1 . 

;r . ji I 


; ;-an street 

V: stocks iDoved absad yester* 
"rf momins as Investon 
y tored further weakness in 
' bond maitet and foeased 
r a fresh batdi of economic 
s ; ' vs, unites Pnmfc Hourly in 
; r 0 York. 

'' \j 1 pm, the . Dow Jones 
' - lustrial Average was 11.30 
^ ixa at 3,679.61 while ^e 
" .-re broadly based Standi 
r . .' Poor’s 600 was op 1.89 at 
v ;g9 in brisk activi^. 

the secondary markets, 

' 'J: I American SB eompo^te 
' nnchanged at 4S8J2 while 
Nasdaq composite made 

V jjt progress, up 0.53 at 

V -T.yelical stocks, which led 
•I Dovr industrials in retreat 
*. ::<':ing the previous session, 
v' f oyed a modest rebound yes> 
flay. 

V ibe session brought plen^ 

.^ffOPE 


of evidence to indicate that the 
economy remained on a sound 
fbotiug, allowing the market to 
quail the imeaaness triggered 
by Thmsds^'s data on growth 
in the first quarter. 

The Commerce Department 
said fiiat personal income in 
March increased 0.6 per cent. 
While personal spending was 
(L4 per cent Both figures 
matched expectations. 

‘Hie data’s suggestion of 
improving confidence was 
reinforced by the University of 
Hfichig an** indav of mnsirmar 
sentiment, which climbed to 
^ 6 , from AtaidL’s reading of 
913. 

Bonds, meanwhile, contin- 
ued to slide, with the day’s 
d frtp doing nothing to shore up 
the market. 

To add to its woes, the dollar 
was down sharply against 
other currencies, Tnainng the 
US-dteiominated securities less 
attractive to overseas buyers. 


Near midday, however, the 
Federal Reserve Bank of New 
York directly intervened in ^ 
foreign exchange markets and 
effectively propped up the 
value of the US currency. 
Bonds, in turn, improved some- 
what, showing a modest 
decWne as the afternoon began. 

The partial tomround pro- 
vided extra support for the 
modest upturn in stocks, but 
the markrt could do little more 
than hold steady. None of the 
Dow industrials were showing 
substantial gains, or losses, 
going into the final hours of 

tr swWrip 

Caterpillar was $% ahead at 
$109K. Sears added ^ to $47^ 
International P^r put on ^ 
to $65 and McDonald’s edg^ 
$H hUher to 

The flood of corporate earn- 
ings buffeting stocte this we^ 
slowed to a trickle yesterday. 
Ford jumped $1K to $58%. 
Investors were encouraged by 


its earnings of $L 66 a share, 
against $132 a year earlier. 

Elsewhere in the industry. 
General Motors inched 
ahead to $56% and ChrysleT 
dipped to $48%/ 
ScientifiiNAtlanta also bmie- 
flted from a strong first quar- 
ter. The cable-television sup- 
plier gained $ 2 % to ^ after 
posting net income of 31 cents 
a share, up from 18 cents in the 
1993 quarter. 

Blockbuster Entertainment 
giTiied $1% to $26% amid spec- 
ulation that Disney or one of 
the regional US telephone com- 
paniK would bid against Via- 
com to take over the company. 
Disney was up $% at $42%. 

Canada 

Toronto was mixed at midday 
as in 

prp^ines and precious metals 
were ofiset by losses in energy 
and hnniring f issues. 


The TSE 300 con^osite index 
was 8.2 higher at 4,37400 in 
volume of 80.99m shares. 
Declines led advances 305 to 
255 with 292 issues unchanged. 

Shaw Communications B 
rose C$% to C$25% in lisbt vol- 
ume after fluniMini^ing plans to 
buy cue Broadcasting for 
C$633m. 

Rogers Communications 
class B was unchanged at 
C$20Vi after after it announced 
plans to sell four radio sta- 
tions. 

Brazil 

Equities in S&o Paulo were 
L9 per cent at mid-moniing in 
thin trading. The Bovespa 
index bad risen 310 to 17357 in 
turnover of Crzesbn (gtim). 

The Bovespa Index has 
dropped by 102 per cent so far 

thia Tnnnfh 

Telebras was iq) 22 ^r cent 
at Ct236A by mid-moniing. 


bourse sentiment mixed after positive April 


•h'ltiment was mixed .'as 
% uses came to the end of a 
■Htive month, loriies Our 
^Heit sSaff. 

bBANEFDRT came out of 
V il wim a 5.3 per cent gain. 
^ Eckhaid FTalnn, of Bfrrek 
,;;A in- DCssddmf, said Chat 
has-been the year of the 
,r- jcals, with B&IW. Volkswa- 
Ho^chst, MAN and Man- 
' 'Inann taking five of the top 
r i^phKSBS among Daxconstibi- 
: daring the first four 

• iths. He added that the ivo- 
; r of eoghieers like MAN 

’ > ttie*ntMnn had beCD raised 

.^be Hanover Fair in tite lat 
''part of the month, 
le worst Dax performers 
year, Metallgesellschaft. 
•-ateer Ranh and RWE, an 
' scare stories attached to 
;ii: ofi contract losses in the 
the Schneider property 
' ' ide; and worries ^bout tiie 
is nuclear power p^L 
1 the session, Dax was 
V24 at 224528. up 14 per 
on the week; in the post- 
.* 86 . It rose to 2252.51. 
ujver Cell from DM92bn to 

ilfaEL 

; IBIS torned higher and the 
■•40 index finished up 15^71 
>^36, a week's improve- 
: of 14 par cent 


Clnb Meditdrrande, the lei- 
sure group, showed one of the 
steepest declines on the ses- 
sion,. the shares dipping 
FFr31.20 or 7 per cent to 
FFr<1400 after a disappointing 
shareholders mpf^g 

In contrast, CamaodMetal- 
box rose FFr8.70 to FFr183 
after rq?orting first qoar^ 
ter sales had grown by nearty 5 
per cent. 

AMSTERDAM drifted lower 
again, the AEX index losing 
2.75 to 413.06 on the day, and 
L4 per cent on tire week. 

Ihe market was in a holding 
phase ahead of next Tuesday’s 
general election. While it was 
Ifi^ that there m^t be 
nificant changes in the compo- 
sition of the parliament, Hoare 
Govett cammenled tiiat in the 
medium term the elections 
would prove to be a non-event 
for the Dutch financial mai^ 
kets since, whoever led the 
next government, there was 
unlikety to be a radkai change 
in economic policy. 

Unilever eased FI 320 to 
F1207JLQ in response to news 
that It had initiated legal 
action against Procter&Gam- 
ble after the latter had alleged 
that its new washing 

powders rotted clothing. 


FT-SE Actuaries Sha 


Aprao 

itaMiy aangn Opw TOM 
pr^EBntaekiOD i4au9 i46aor 

FT-SE BnkKk 200 1470X7 1477X2 


FT-SE Bmta* 100 1406X6 

FT-SE EHWMk 200 14SM5 

*■ 1000 BBnonat: iSMP iw • MSA : 


THE EUROPEAN SERieS 
11X0 1&0D 13X0 1*110 1&X0 OOM 

1400X3 1401X8 1404X1 14617D 1461X2 1402X2 

1470X2 147Sa 1477X2 1474X6 147SX5 147BX9 

00r27 ter20 4|ir25 ter 22 

14nX3 1464.12 U40.13 145&24 

146074 1480X1 14S7X2 1470X2 

0 - 14MLI5 IMOw im - 14S073 OB - I47L77 


MILAN took more profits 
after the post Section advance, 
the Comit index ecteing 8.79 
lower to 799.47. still 2.8 per 
eant highpr on the we^ 

Olivetti M L26 to 1^,972. as 
it announced onto and 
sales tlus year. Cir, the indus- 
trial holding company which 
has been finding £av^ with 
foreign investors, gave up L65 
to 1^797. 

insurers, hopii:^ for higher 
premiums anrt the introduction 
of private pensimis under the 
new government, featured a 
L761 or 52 per cent advance to 
L15,280 by Fondiaria. which 
has recent lagged behind the 
sector. 

ZURICH extended its losses, 
weighed by US bonds and 
futures related selling which 
hit heavily weighted index 
stocks most The blue dup SMI 


index fell 32.6 to 2,736.3 , con- 
vincingly below the 2,780 sup- 
port le^ vriiile the broadly 
iased SFI index lost 18B7 at 
1,781.13. The SHI index fell L 8 
per cent on the week. 

UBS fell SFno to SFn,l76, 
on a first quarter in line with 
expectations. CS Holding 
wl^ raised its 19S3 dividend 
to SFrl 8 from SFrlS, held its 
loss to SFr2 at SFTGOA 
MADRID followed Wall 
Street with the index 

up 1.64 to 32522 for a 2 per cent 
on. the week; but the cdl 
T^ner, Cepsa, put up a ILl 
per cent rise on the day. PtaSOO 
tugher at Pta3,000 after a 
rise in first quarter pn^ts. 

In banks. Banesto stayed 
hopeful with a fkutber rise of 
PtaSO to PtaLlSS up 44 per cent 
on a mome atous week. 
STOCEHOLH was lifted to a 


higher close by Astra, SEr9 
better at SErl58 after Thurs- 
day's weakness, on worries 
ab^ possible sideeffects from 
its Losec anti-ulcer drug, 
brou^ out positive commente 
from analysts. The Afigrs- 
vSrlden general index closed 
520 higher at 1,48340, LS per 
cent up on the week. 

ISTANBUL staged an intra- 
day recovery, but still closed 
4.6 per cent lower after the 
authorities banned eight bro- 
kerage houses from trading. 
The composite index closed 
729.64 lower at 15,096.68 after 
14,71549, down 182 per cent on 
the week. 

Written and edWed by WtiBam 
Cochrane, John Pitt and Mchael 
Moripan 

SOUTH AFRICA 

Johannesburg was firmer but 
ended the day ofi earlier highs 
on late profit-taking. Traders 
said that a stronger bullion 
price had encouraged inves- 
tors. The overall index added 
118 to 5258, industrials 1S4 to 
8,411 and golds firmed 94 to 
2,000. SAB rose B3.50 to 
R9720, An^os R3 tO B235 and 
Taal Reefs R21 to B416. 


Cinderellas of Europe 
nudged into limelight 

Michael Morgan on prospects for electrical utilities 


E urope’s electricity utili- 
ties, for years the pvhUc 
sector CtodereUas of the 
industrial sector, have found 
themselves nud^ into the 
Hth A light since the mid-l^s 
by a succession of generously 
iniced privatisations. 

Last yev they held centre 
stage as investors, initially 
attracted by their potmitial for 
solid eamiTigs growth during 
an economic dovmtum, saw 
their share prices oubtoorm 
in rising equity markets. 

Kleinwort Benson calculates 
that, during 1993, power utili- 
ties across Europe rewarded 
Investora with an average total 
return of 72 par cent, thefr 
performance over the last four 
years. They also ontpeiformed 
their domestic maikets by an 
average of 19 per cent 
The year’s star performer 
was M^r-Colombus in Swit- 
zerland, whose share price 
rocketed by 219 per cent as the 
company pulled back from 
moves to diversify its business 
begun in 1990, and underwent 
a restructuring to refocus on 
electricity. 

While many observers expect 
the sector to continue its out- 
perfonnance this year, as inter- 
est rates contmue to decline, 
results are uniUcAiy to those of 
1993. 

Mr Adam Dickens at .fampg 
Capel says that the broker’s 
own utilhaes sector index. 60 
per cent of which is made by 
elecbical utilities, has outper- 
formed the JC Emt^pean index 
by L5 per cent sdong the start 
tim year, helped by evidence 
that the cydical si^ of the 
diversified utilities are starting 
to show significant recovery. 

Mr John Willis at Kleinwort 
Benson, who sees little in the 
way of regulatory action from 
the European Commission to 
disturb the companies' prog- 
ress this year, expects the sec- 
tor to report average earnings 
growto of 20 per cent in 1991 
Financial charges will faTi, he 
says, determining tiie 

exact bottom line impact is 
comidicated by the companies' 
debt structure. 

“The core utility business 
will benefit from lower interest 
rates as industrial production 
b^ins to rise. This leads to 
hitler energy sales volumes. 


£a addition, those utilities with 
cyclical businesses should also 
benefit from an jmprovmg eco- 
nomic picture,” be says. 

Miss Isabelle Hayen at Leh- 
man Brothers does not expect 
to see the same momeDtum in 
share price movements during 
1994 because the nu^tude of 
bond yield reductions is likely 
to be much less than in 1993. 
She also says that the gaminga 




”^nr-SE aratmek 200 

gg ' I 1 ■ . . 

leee 94 

SowoK tMMream 

momentum of cyclical stocks is 
expected to accelerate in the 
current year, malring it diffi- 
cult for the utilities to remain 
so relatively attractive. 

Nevertheless, Miss Hayen 
sees structural rhan^ afoot 
in. the European, electricity 
industry which, she sara, will 
shape the future environment 
in which the supply companies 
opmte. 

Since the latter part of the 
1980s. she says, there has been 
a growing movement to intro- 
duce more competition, which 
continues to gain momentum. 
Competitira pressures are also 
growing as result of the con- 
certed efforts of the European 
rnmmisimi and from consum- 
ers who are becoming more 
vocal about the need to be 
placed competitively in the 
global markets, including 
access to cheap energy. 

She notes that the industry, 
itself, is also becomii^ more 
competitive. Utilities in mature 
and more conmetitive maikets 
are finding It harder to 
increase their earnings and are 
therefore looking to diversij& 
internationally. In addition, 
the trend is also infiaenced 
throu^ the increasing willing- 


ness of other conntri« to open 
up their electricity markets to 
foreign investors. 

Finally, bUss Hayen says, 
privatisation not only 
increases the relative impor- 
tance of the electrical simply 
industry in market capitalisa- 
tion toms, but it also ofiiers 
investors an opportunity to 
invest in large companies 
which can be viewed as proxies 
for their domestic markets. 
“Even more appeoding is the 
potential opportimity to invest 
in companies which may stand 
to benefit enormously from 
operational and financial 
rationalisation.” 

On a pan-Buropean view, Mr 
Willis expects further outoer- 
formance from Austria’s EVN, 
which, he says, is likely to gain 
from any liberalisation in the 
domestic electricity market 
This could be an imsAttiing 
year for RWE, Veba and Afiag. 
Germany’s big three power 
utilities, he says, as the 
nuclear debate rolls on, frus- 
trating the companies' plans to 
establish a long term genera- 
tion plan. The companies face 
an inquiry by the Federal Cari 
tel Office into tiie validity of 
the present concession 
arrangements while at the 
same time, the three have 
embarked on a massive capi^ 
expenditure programme in. 
eastern Germany, estimated 
the Association of Germany 
Electricity Producers to total 
DM60bn between 1993 and 1997. 

I n Italy, the new govem- 
moit have to decade 
whether to go ahead wiih 
the privatisation of Enel later 
in the year, while the Spanish 
electricity industry, which will 
see a further 10 per ggnt of 
Endesa privatised this year, 
should benefit from higher 
demand, interest rate cuts, a 
more stable peseta, and a tarifi 
increase. 

Mr Willis sees the UK elec- 
tricity sector continuii^ to be 
supported by the twin pres- 
sures of low interest rates and 
lack of dividend growth in the 
market genially. He forecasts 
divideDd growth for tiie gener- 
ating companies to average 15 
to 17 per cent, with 14 to 15 per 
cent for the distribntiaa com- 
panies. 


‘A PACIFIC 


LONDON EQUITIES 


- * ’ I 


long Kong off 2.5% as region corrects 


ovoni^t decline in the 
riggered a downward eo^ 
on among most of the 
'Oi's marimts. 

-kyo'was closed yesterday 
. he Golden Week holiday 
. n. The market will re-i^itei 
Monday, but will then 
'.'(in clos^ until Friday. 
:)NG SONG lost. 215 per 
. as fbe Hsmg index 
-d bdow the BJOQO level on 
ng triggered by Wall 
St'S oyerni^t di^ and 
I arils over a possible 
stiic interest rate rise. 

^ e Hang Seng foil 197.02 to 
47, 2,1 per omt down on 
turnover stsEyed thin 
preliminary HK^llm, up 
iHE$3.Q2bn. 

je Bong Kong Assockitiou 
anks-met after the market 
ed.and decided not to 
interest rates, which 
..'Aotrisen after the US Fed 
•^ rate quarte- point rise 
'.ipraia 

'Athata major south-east 
;h Institation had cut its 
igon Ihmg Ei»g and sold 
. sket of blue-chto counters 
^pfoctiier falls. 

^bperties and conglomer- 
/ led the declines, with 
.'iog Roog down HK$l.2S at 
. 38,50, SHK Properties 


HK$1.2S at HE$46.50, Hutchi- 
son KKSIJSS at HE$3L70 and 
Swire A HK$2 at BKI55.50. 

AUSTRALIA fell only 
slig^tiy in contrast to other 
markets in th e r^i on as many 
investors preferred to remain 
on the sidelines. The All Onfi- 
naries index lost S.0 to 2 , 066 . 1 , 
up 1 per cent on the week. 

Turnover was A$752.84m. 
News Cmp went against the 
trend, advancing 25 emts to 
A$9.68 ahead of results due 
next we^ which are expected 
to show a 20 per emit rise in 
eandiigs. 

The gold index rose 5.2 to 
2486.2, boosted by a 50 cent 
gain in Great Cmitral kfines. 
closing at A$10.00. following a 
pc^tive quarterly report which 
was released on Thursday. 

Among the banks, ANZ 
dripped 7 cents to A$4.71, Com- 
monwealth was down 9 cents 
at A$&23 and Westpac slipped 
2 cents to A$474. 

SINGAPORE foUowed US 
stock and bond markets lower, 
but Ito fall was limited by 
interest in quality bank stocks 
and selected property issues - 
tiie latter after early fells as 
investors realised that a new 
government land sale scheme 
would have little impact on 


property values. The Straits 
Times Industrial index eased 
8.45 to 2,296 up 14 per cent 

KUALA LUMPUR saw fur- 
ther volatility in Technology 
Resources Industries as the 
eosqmsite index eased 0.84 to 
U)54.50. up 14 per cent on the 
week, after a low of 1,04342. 

TRI fen to a low of M$10.70 
on 8 less buoyant tiian expec- 
ted ABiTiiTipa forecast, before 
closii^20 cents up on the day 
atMULSO. 

SEOUL fell as institutional 
investors took profits. The 
conq^osite to^ shed 9.25 to 
900.14. havmg seen a sesrion 
high of 923.15, for a week’s rise 
of L7 per cent. 

Turnover was Wonl,100ba. 

TAIWAN lost 2.7 per cent on 
profi^taking particularly in 
the pulp and t^Ule sectors. 

The weighted index shed 
158.74 to 5,729.12. off 1.8 per 
cent <m tiie week. The paper 
and puh> index dropped 5.5 per 
cent aftm the sector’s previous 
timrp gains on higher product 
prices. 

NEW ZEALAND weakened 
in response to a rise in domes- 
tic interest rates, in volume 
described as “very iighti* 

The NZSE-40 capital index 
fen 174 to lllOA up almost 1 


per cent over the week. 

BANGKOK'S coalition gov- 

armnPiit faflAil tO WUl Ar»Migh 

votes to pass constitutional 
amendments, and the SET 
index fell 447 to 1466. for a 
wedE’s loss of 2 per cent Turn- 
over was thin at BM^bn. 

BOMBAY improved slightly 
on hopes cf a relaxation in the 
ban on forward trading which 
was impo^ last month. 

The BSE index rose 1448 to 
3,75548. but turnover dipped to 
I^AOOm from the recent daily 
average of Rplbn. 

Brokers said that they eiqtec- 
ted the Securities smd 

Ewhflngp Board to flnnmmnA a 
relaxation in the tiadmg curbs 
on Btonday. 

COLOMBO recorded its 
shaipest-evmr one day fell Bro- 
kms Uamed growing political 
and economic uncertainty as 
the CSE all-share index 
dropped 4744. or 44 per cent to 
1,05045 with some blue chips 
sustaining doable digit 
declines. 

Pditicai uncertainty became 
a factor after a stmudng oppo 
sitioa vicUu^ in a local govern- 
ment election on Iflarch 24 in 
which the ruling United 
National Parly lost a key pdl 
after 17 years. 


-ACTUARIES WORLD INDICES 


■' oenplod by Th* nwidal TlniH LM., 
MOL AND 

MM.IMRKETS — 

'•hptwilhMas US DayV 

wbar of Ones Oeitar Chsnae 

eh . hKlOK » 


GBttnan. Saetn S Ca and WNWoot SooiMos Lid. bt coiemcdon wMh the IrattulA of AduBiles and tha Paeully of Actuaries 


— TNIRBIMyAPniLaiSSO 

PMid Local Local 

Swtkv Van DM Cureney M chg 

IndoK mdox indas Indec on day 


WEDNBSIMYAPRILZ71B94-"~~ — DOLLAR DOEX—» 

US Pound Lecsl Yaar 

OoOar Stertng Yen DM Curraney 52 week 52 «nak ago 
Indt Indox Index hidax indsi Low lapproiC 



• .-tem,.... 

*07) 

..^16737 
„ 17737 


• 

hnon 

..H..N17236 

...13028 


■h(32)_. 

.263.67 


aftt).™..,.. 

.15130 


)|M». 

17436 

- 

•uriSB) ; 

Itaam... 

14432 

374.60 

A 

in4i_.... 

192.08 


. . D. . 

-9S93 


■ '(lOSJ- _ 

1S731 


teW 

48078 

ffluA/"'*’* 

WndpS) 

«l)indt14).M._.-. 

.y(8a)-« 

.,..„3t>4.64 

3085 

196.14 





Mieatte) 

U9i| 

......36023 

142.73 



91T.M 


riavtra.-.- -..an».l68.85 

' Kefidan tSTR.. ... 1fi&37 


»ti) 

16232 

y" 

>Him 

..M.17I.3S 



..... 15533 


' ;^|1473) 

' Aertoanas 

......167.79 

.-,..179.05 


' i&(.UK(518) 

•Ek. Japan CiBi)... 
.<eLU6{15SQ..... 
■ &UK(1S7Q..~~. 
;&.So.ALC11 Q. 
Bl Japan pToq ... 


yWhidSKClTSI ,172X6 ai 

M- Dw nanue mwi LMM4 OOdnan. Si 
«rae wMaieBta ier sib aoagn. MwM 


le&SS 110>34 14872 161.24 -03 

20702 135.M 16342 21148 41 

1G242 10541 143.66 111.50 81 

16544 10846 14865 13040 04 

17871 11870 155-94 17047 -0.7 

152.60 S84Z 13447 142.67 - 0 ^ 

gffi gs 15044 214.78 8840 04 

166.13 108.76 14641 1344B 04 

167,68 109.79 147.97 I4&42 -04 

169.15 liars 14947 14646 -02 

179.7S 117.70 15069 17740 -04 

169. 72 111.13 14076 149L48 -02 

rte aid Cb. wri MMM SMsMas UnSMd 1897 

^Md StMfMi 8««ai Mibb 


reoo) 

opaw 

eoDdiu 
r474 ) 


Rtaos KOTSHani 39 4M gn I4 

1*154 1 150 a im am iSMieK a 

Dtean Msy Aw Mw Ww 4W Hov 

MAsra 460 26 8B7m 7H 30 42M 
r483 | S0061»37I|5<26)I49 64 

BATWl 460 183ni4ZH 6ie29K 
r468) SU 1 15» S S4» 54 

SIR 390 8 24 35 S ISM 24M 

r396 ) 420 IM 13 19 26 93 41 

MTtecm 36D12)k MSOH 3 IB 22 
r3G9) sBoiHauwaasHasH 
CstarSdi 453 29 - > IM - - 
7479 } 493 3M - - 17M - - 

EMHOBK SSOBm 48 a 2M 22 30 
(■S79) 6a0 4K2SH332SS05m 

fiansM 4C0 M 3B 4BH 2M 14 22M 
7479) S0D2tll7M2B 25 34M43» 
65C 300 8 16 211k 4M 16 20M 

7303 ) 330 1 4M10K26M 38 40M 


UFFE EQUITY OPTIONS 


— CMS Pub — 

OqOm JN Oct Jsa Jd Qg JM 

Med-Uam 540 09M SIH - 12 15 - 
7588 ) SOB 22 3SM - 34 41 - 

Aigsfl 220 19 24Z7M12M 18 21M 

7230 ) 240 9 14M 18M 25 30 33 

ASOA SO 8M 19 11 2M 4H S 
755 ) SO 3 6 6M 7M lOM II 

MAklvrs 420 211k 3041K 22 29M341k 
7427 ) <S0 8M 18M 2SM 40 54 SOM 

SBBBdaA 3e0 38M48MS5M II 18 23 
7380 ) 380 2232»4im 24 32 STM 

Beab 500 S4H 611t iOM 5 14M 2DM 
7340 ) 5S0 21 3IM 4(m 29M 30 43I» 

BP 360 38 45 SOM 9 14 17 

7300 ) 3e02DM26M 35 201k 27 31 

MdSkSMI 140 19 23K2BM 5M 9M 12 

(*153) ISO 8 13 16M15M19M 22 

Bms 550 37tk SIM OOW 10 25M 37Sk 
7570) 600 15 28 36 47N ' S4 6B1» 

CekSOIC 450 26 - - 27 - - 

7451 ) 475 ISM - - 44 - - 

Cesriaus SO 43 S6M KM 20M 29M 37» 
rsn ) 600 17M 32M 42M 49M STM 65 

GmblHoa S50 27M33M 43 22 32 32 
7550 ) 600 9 14M 22M 50 66 68 

IQ a0054GBM79 24 41MSD 

7622) 550 28 OH SSM 51 68 78 

Kla^War SO 41M 92M 64H 2DM SOM 37 
7577 ) eoo 18 29M 42 40 SB B4lk 

UndScesr 6SD33M4Bk 4920M28M321k 
7670) TOO 9M 1S»2nkS3lkS7M6IM 
Ulria AS 420 27 3BM 42M 12 ISM 18M 
7435) 480 8M 18 33M 85 37M40M 

NailMest 420 48 S3 81 9 17M 19 

7451 ) 460 a«M SOM 8BM 2BM 34M STM 

Sskaliicy 300 25H 37 42 17 2SM 88 
7373) 39012M 25 28 35 42M 40 

amTm, 780 44M 9BB4MMM26M 31 
7722 ) 7S0 18M28H 80 3SMS1M 57 

ShRtnas 200 22 27 SOM 8M 9 12 
7214) 220 OM 1B2DM 16 19 22M 


97 MM - - 6 - - 

106 9M - - 10M - - 

1050 SBBIM 15 23M32M41M 
1100 30 54 STM SO STM B5M 
650 08 TOM 7BH IS 25 n 
760 20 42M a 34 49 S4M 
my Aug Ms* Msy AiiQ Nor 

460 18M 94M 45M 3M 13 25M 
500 2M IB 27 30 4)M47H 
180 8M 18 MM 3 9M ISM 
2D0 Vk 8M15M 17 22M27M 
3n 33 44GZM IM 9M 13 
360 7MSM 35 9 18 Z 
Jtn Sm Dm Joi 8bi Dec 


RISES AND FALLS 


(Mi Pub — . 

Iter Asg mf MW 8iig Half 

290 14M 21 2$ IM 0 12M 
280 2M 10M 18M BM 16M 22M 
134 2iSM89M 2M 6 8 

154 SM 13 17 SM 14M 15 
200 10M 10M 2SM 3 lOM 16M 
220 2 10M IS 15M 22 28 

700 19M48MB3M 1130M48H 
750 2M 25M 41 45 S9M 7BM 
200 9M IB 26 3 11 15M 

220 1 10M IBM 16M 23 27 

300 12 28M2BM 3M 11 18 

330 IM 9M 15M 24 28M 35 
800 49MT5M 91 2M 21M 3BM 
850 13 46M BSM 18M 43h 60 
500 47M 63 73M IM 11 21M 
S60 7M S 45 14 29M 44 
I 260 f1 24 32M 6M 14M 22M 
280 8M MM 29M 19 2BM 33M 
200 IS 22 29M 2 8 13 

220 8 11M 17 12M10M23M 

SOD 49 62 TB IM 1$ 23 
550 9M 32M 41 16 36M 46 
354 17 30 ST 3 11M 17 
384 S 14M 22 19M 2T 33 
Jb Oct JM Jul Oct Jm 

960 54 33MS7M2TM 38 48M 
iaa0 26M4SM S55M64M71M 
48026M S33BM 2D 28 34 
500 8M n»M4BM 53 50 



.— 

OnPrtdw ‘ 

■ .. ..... 

— — Onihawaak 



Rhea 

fMOa 

Sanw 

Rbea 

RaBa 

Sana 

BritWi Raids 

15 

46 

10 

130 

187 

51 

Ottier Ffecad Intaraat 

1 

3 

11 

13 

29 

33 

Mn^ Eiotacilen 

46 

76 

78 

306 

345 

355 

General Mcnulaclurera 

131 

136 

402 

749 

604 

1.9B6 

Conetaner Goods 

41 

39 

112 

238 

178 

544 

Santcaa 

88 

102 

326 

542 

431 

1311 

UtMea 

4 

32 

10 

64 

120 

46 

Rnanclala 

89 

126 

193 

346 

585 

949 

mveatmam Tneta 

2B 

139 

305 

446 

413 

1301 

Othera 

2S 

72 

29 

203 

268 

166 

Tebds 

436 

773 

1,479 

3336 

3,170 

7372 


Pan bMCd en thee# ewnponbe Mrt on ihe iMidop Siam Sentee. 


TRADITIONAL OPTIONS 

PhstOsalbios ApctlS LascDscmdons JMy26 

Last PsaOngs AjwlSB For swHsmcfa Aug. 6 

Dsns: Ahtnaa, AsMsy Orp., Buis Rea., Grasnaiieh Raa, Joa NWga., MAO Rae. 
Capi, PaweracieuiL Puts: AMowa, Oaaey A Puts A Cals: Qcasuwich Res., Tmininr 
Cons. 


LONDON RECENT ISSUES: EQUITTES 

iBsus Amt ML CksB 

price pdd cap 1994 pries Nat DM. 

p ty OmJ KiQh Loa aiBdc p 4/- <iii. cw. 

100 FP. 40.4 1(S 86 Abtrust bu 101 - - 

- PP. 1J4 10 9 AbaiM Scot wirtB io - - 

- F.P. 1S2ZJi £144| £14>c AdMna Gold 214% - - 


Gis (VE 
yid net 


M*SV MR 

7435) 

Amsbad 

732) 

BiteU g c 

7510) 

Bkb Oda 

7301 ) 

Btedita 

7285 ) 

DteSB 

7287) 



jh 

8m Dae 

Jin Sep Dk 

. 

F.P. 

B1Z2 

227 

205 CapHal Shop CVS 

2a 

-4 

U63 

07 

06 

543 

4a 


39 

48 

BM IBM MM 


FA 

FA 

012 E87I2 2821} CtNabr Water 

104JS 483 480 Gaveit aotaol Snir 

e82>2 

461 


12353 

43 

33 

53 




110 

F.P. 

21.1 

118 

110 tedBis Chee Od 

113 


t>< 

« 

« 

ISA 






1U 

F.P. 

481.8 

191 

176 HoucealRassr 

ia 

-1 

LN53 

23 

33 

163 






155 

FA 

843 

164 

152 Notlb«lmn 

161 

-1 

u532 

13 

43 

163 






60 

FP. 

293 

B7 

81 ODdM Mdbcidar 

81 

-3 

• 

« 



580 

7 IBM 

a 

48 SB a 

200 

FP. 

603 

237 

216 Meo 

237 

+1 

LS35 

23 

23 

a4 

300 14M 

27 

S2 

12 IBM a 

160 

FP. 

213 

177 

ia Pereona 

177 

+1 

U4334 

23 

2.7 

153 

3a 

4 

M IBM 

33 3BM 44 


PP. 

633 

59 

S3 Secum flaikuiiient 

SB 

44 

• 

. 

. 


ISO IlM 18M 

21 

13 17M24H 

120 

FP. 

253 

133 

131 at James Bcti Hot 

131 


RN33 

1.7 

33 

162 

ao 

4 

10 IBM 

27 SOMSTM 

188 

FP. 

133 

261 

196 SraMtKBpa VR 

260 

-1 

- 


• 

• 

2m 

IS 

22 2BH 

BM IB 17 

- 

FA 

1443 

104 

100 TemcMen Gm C 

103 


■ 

• 


• 

la 

BK 13M 

ia IBM a SIM 

100 

FP. 

803 

101 

a tMarwkwd Asis 

101 


- 

w 


• 





208 

FP. 

913 

2a 

203 WiRitfuii 

218 

-2 

W5.17 

23 

33 

21.1 


nao) 

llRBtMl 

n4Z) 
iHPOwir 
7428) 
Sect Rnw 
7356) 


7575) 

(SKIteda 

7707) 

Raisa 

7531 ) 

opsen 

MteRoRS 
7203 ) 


160 14 21M24M 
100 4H 11M 14M 
140 11M18M2SM 
160 4 11 15M 

42D18Ma0K » 
460 S 14 22 
330 34 41M46M 
380 lS241k 30 
120 SM 9 12 
130 2 S 7» 

220 M32M33M 
240 11M3IM a 

155 16 - - 

174 SM - - 

1100 58 8IM ia 
1150 a 57 16 
20018H S 28 
2a 7 MM 19 
240 aasMsoH 
280 8» 1$30H 
S00 41M60M68K 
550 n3BH « 
Jul Pel Jsp 

550 SOM 87 35 
600 aM 43 52 
7U 8BM18M 96 
7S0 W68M 74 
S00 48MS9MT1M 
S50 22M a 45 
MW *W »hw 

~2D0 8M 18 2SM 
2a IM 6M MM 


3 8 8M 

14 18M 19M 

815M IBM 

a a 31M 
ISM a a 

44H 50 MM 
4M l«t 16M 
19M asiH 
6M 9 11 
14M 16 17M 
3M 0 12 

12 18 a 
s - - 

ISM - - 

23MliBM n 
a B4M a 

4 m 13M 
14 21 24M 

5 12 15 
14)k a 25M 
13M a 45H 
38H S6 62H 

Ad Od Jen 

20MS9M46M 
46K a 74 
41 61M 71 

70 aessK 

14 21M 2SM 
9 454eM 

^ My >h» 
4 13 IBM 
19 aSOM 


motm OFFERS 

Issue Amount Latest 
price Rarasi. 1994 

p tte dale Web Low Stock 

- Nl - apm ipm AbBust Seotend 

390 M 174) 38pm 28pm Abtoun 

52 »■ M 4i2pm llspm Albert Hahsr 

C16 Nl as 380pm 20apm Brit Bb-Tedi Uls 

55 M - 18pm 6pm Dels BeeMe 

9 Nl 27/S ^ipm Ba 

a M - 10ixn 0^ Gubnsss Pad 

180 Nl see 44pm igpm HoedwCham 

105 Nl 27A B5pm igpm LASMO 

42S W 27/5 €7|m 54pm Mbys 

100 M - Bj^ 4pni MoBdam 

25 Ml - 4^ i4ipm PiniM 

45 M 2M 6Mpm 3pin aendwick 

100 W 31A 25pffl ISpm Shnon Eng 

a Nl 266 4pm 2pm TiyGm^ 

330 M M 4^ 33pm VMbms Hld|R 


Ctoahig 4ar- 
price 

P 

l^zpm 

39pm 

4pm 

208pm -7 

^ -1 

Bijpm 
4 ^ -1 

44lipm -Bis 
BTpm k 1 

1%pm 

Sbpm 

26pm 

4pm 

38pm 


* MQ Wy pnes, ft wsns Aowi m 

tnacd u) dDSbo idiBr priesL 
/(^ 89, Told eetMK ajMS Cdb: 14,178 
Pm 13,870 


RNANCIAL TIMES EQUITY INDICES 

Apf29 Apr26 Apr 27 Apr26 Apr2S VTago Hlflh •Lbw 

OrAnryShar* 2S0aB 2604^ 2S09.8 2492.4 2477.S 2221,3 271&B 2483) 
OrL dN. yWd 097 087 087 Oee 4JZ 4.15 AjQS 


2S05.B 

2S043 

2S09.8 

24023 

24773 

22213 

271&B 

24892 

337 

337 

337 

330 

432 

4.15 

435 

043 

5.40 

531 

SlS9 

044 

537 

635 

631 

332 

1937 

1935 

1939 

1072 

1060 

1935 

32J43 

1045 

2077 

2075 

2030 

2065 

2062 

1054 

3030 

2037 


FT GOLD MINES INDEX 


Apr Mebp Apr Apr Tav ftco db SiHak 

a ondw g a aas ybMM Web taw 

187833 fU ma 164U3 1488145 ZBI 2987,49 MOM 


16a72 111.01 149.98 14945 178.97 15&17 


m 267160 424 262029 29172 186148 42 344an 1651.48 

team 235334 -OJS 23614)7 235532 163592 166 361338 IS6832 

Mcricirill 157639 4-17 155033163587.137330 032 2030a 13SB34 

do. TIN Rowm Ifenm IMMd isac. 

I h baeiiab bmr kcibw «( uc i c anb a . Sabs US turn Bose vtkMK tooojio 31/1202. 
amor Odd Mnca Indbs /W 28: 21 73 : dvb Ghmaas -7.7 pekSK YWr agec 1483 1 tartw 

Ilk SI iiwksmickimirifni mmiri rctck 


P/E imb net 1937 1835 1939 1572 1560 1930 3543 1936 

R/E ndio nl 2a77 2a75 2030 2065 ? 0 , FP 1054 MAP 2037 

*F«r 1884. 6ham bidM Wm cc wpbcifw Mpti 2T133 2A12/M: kw 484 aBAHO 

FT OrMy Sm bduc bate <Wb i/tab, 

Otdbisnr Share hsurte ehangaa 

Open aoo 1030 1130 lano 133D 1430 1530 ie30 H»gr» Low 
24963 25009 250S.7 8043 24993 248a7 S48a7 24803 »st«s 2S073 se p p o 


SEAO parealns 24322 26,405 2 

EqUty Hanover (Emtr 17713 II 

Eqidiy bergatwr - 31<464 & 

Shams traded MH- 6616 I 

t EmuraiQ kcrwmbai aukwcB M iMscH uww 


Apra 

Apr 27 

Apra 

Apra 

26,405 

24383 

27,126 

26341 

17713 

12723 

15573 

16673 

31,464 

29386 

30364 

a394 

6616 

B13 

6353 

4993 






20 



















































NANCIAt TIMES WEEKEND APRIL 30/MAY 1 1994 


"tv* 


A*' 

rs 1,^ 


9. 

't santlTiJ 

«■*-*> « a 

B □ 

rtP- 'a. 

>•!'' IU....KI 


V 

. 'rOv Mt ■*, . 

BUlSOM- 

• Ml n 


1 *!» 


hUi kw M 

S? : 

CM sgsci 

■ IB 1292 

B 44 • 

tff IK • 

85 n - 

« 33 - 

2B 29 U 

■av 232 ac 

MB 65 - 

IB 170 U 

taB^£17(^ M 

1M 19 BJ 

SB 440 2.1 

nt ni BJ 

35 sib 

17 13 - 

147 197 VJf 

4 i a - 

I1B>2 11A 

IM B M 

S 29l < 

142 34 

47 • - 
114 tf 
12 B 
32 

1S4 41 

1» M 
95 
4h 


vu 


■ 0*1 

M 

3 £5 

Jl _ 

213 

B 42 

312 

2 32 

« 

B 06 


B 2.0 

SS.1 

2 4.4 

ft _ 

- 

2 32 

412 

6 &fl 
m _ 

172 

1 14 

113 

2 43 
2 

5 102 

l£0 

2 40 D.4 

4 01 t 
a 17 «i 


LONDON SHARE SERVICE 




14 « Mmnt. 

SJ - SbiiM. 

U 114 BteC»R 
44 no *Ccoi 5 
4.7 - IMnEe- 

4t 2IJ 
W - 

?l ♦ 


ri?r1 


145 40 

14* 12 

BB U 
148 U 
47 

la u 
IB SS 
■ 02 

2M 

19 2A 
IS 16 

ze 

104 

m oj 

MS U 

114 43 

"olS : 

43 106 
364) • 

130. tf. 

« 

45 

2S 32 
B OB 
104 153 
2M 
1099 


Itt tu 
75 044 

TIBS 

noA 

oai 
4S7 
3011 
S4S 


tst 


- m tm 
1-1 V 540 

— 49 380 

— 14B 105 

*7 BB 427^ 
*1 542 4a 

-2 457 353 

.... i« ia 
466 365 

— *59 546 

-6 290 125 

-A BIQ eiTb 

19 142 


- MB tow 

W 137 

-0 740 513 

S 9 475 

48 34 

— 140 92>2 

•1 162 19 

.... 177 115 

43 96 19 

US IS 

— Ha 1 

— Bi alt 

89 16 B 

— 7 B a 

125 101 

— 121 9 

-3 aa 2 B 

19 — 19 19 

3 M *4 482 361 

ID *2 19 19 

3 M 98 29 

113 m 104 

19 — ITS ia 

170 IB 19 

^ a 41 

V n 

*B 47 

BB 335 

134 78 

B IB 

— la iiB 

*uai« in 

— m n 

*2 B M 

— Bi 92 

— 2 B 245 

— B 9 

— 172 19 

Oil 




IBM 

Its 

VW 


r 

Mr 

20 

as 

art 

ne 

D 

T9t 

3L7 

25 


19 

n 

MS 

.. 


19 

19 

30.1 

32 


n 

04 

327 

_ 

• 

39 

19 

«IJ 

31 

at 

9 

a 

99 

06 

112 

i» 

M 

327 

. 


13 

54 

49 


212 

3B4 

a 

M2 

• 

• 

2n 

ia 

SOI 

4.6 

♦ 

DO 

94 

412 



94 

40 

324 



61 

a 

152 

£7 

• 

9 

a 

943.1 

01 

152 

ID 

101 

DJ 

52 

— 

*M 

13 

49 

06 

t 

69 

aa 

1317 

£7 

c 

97 

IB 

505 

06 

Vi 

114 

73 

816.1 

17 

3*9 

97 

4a 

552 

36 

* 

M 

n 

T72 



a 

a 

OM 

U 

. 

IN 

9 

4IB3 

37 

0 

29 

23i 

S.1 

£1 

17.1 

07 

9 

5417 

35 

172 

Mi 

19 

1348 

47 

1&S 

IB 

19 

OB 

&3 

- 

n 

9 

oa 

12 

. 

2M 

D4 

327 

£S 

204 

M 

ao 

13*6 

£5 

135 

19 

9 

552 

45 


36 

a 

675 

£5 

*5 

114 

SI 4 

7 

IS 


. 

11 

172 


. 

B 

7T 

D.l 

33 

£4 

19 

79 

952 

*6 

- 

9 

79 

415 

4.1 

152 

B 

a 

355 



SB 

19 

507 

41 

222 

ae 

SB 

32B 

_ 


a 

B 

112 

- 

95 


1 |M 95 _ nOA 




MM 

a* 


ID 

104 



lao 

217 


<R 

34 * 


m 

19 


49 

4 M 

"3 

IB 

49 


75 

a 

-9 

MB 

109 


13 B 

109 


114 

85 

+14 

109 

619 

_ 

3 B 

310 


191 U 
1 SB 42 
*10 
6 BJ 
OS 
257 J 
1407 
SS 
SS 
Oil 

4U 5.7 122 
104 ZS 1 U 
BB - - 


u 


flO^ B2 




" 


Mr 

» 

+11 *5110 

417 

♦b 

1914 

1520 


■94 

a4 


nr 

153 

__ 

11 

64 

-4 

ia 

9 



39 

ar 

+T? 

•B 

59 


1G6 

11 a 


9 

w 

A 

40 

_--- 

Ml 

19 


TO 

4 


Ui 

a 


307 

Ml 

^j-„, 

IB 

114 


M 

It 

+7 

9M 

39 


a 

IS 

+t 

19 

19 


39 

29 


970 

39 

29 

ze 


4 

24 


410 

306 


10 

6 


10 w 

En Rfi 
M - - 

52 2* HI 

53 i1 - 

M 14A OS 
LI £0 « 

34 - - 

U 3.7 1U 
M 4.1 13.4 
L3 £7 7.6 
M £1 1U 
21 - 7J 


.12 - - 

» 04 21.1 

M 3 J toe 

53 25 - 

LI £6 4 

U £3 17/1 
B - - 

ro 63 « 

LI 13 222 
U 33 - 

Lt 4.4 113 
13 - - 

U 33 34J 


NDto M» 

kM i 

Jkme CM 

Oi □ B 

n-.-6lC 344a 

IK □ Vt 

EW ^ 05 

Me Jt 9 

Bn fNQ 41 

- znt 

[tL_ □ Wt 

nBaKa _2 ZDO 

9 — W f6>l 

r* f 4lii 

BO » Hi 

>iZ7,~.n 2 

4N 25)e 

9 
IS 
4IM 
W 

•3 

BB 

-* - Ma 


. IS 

: 

14S>tV 

ioa 

3 “1 

“I ON* 

. _ 39I 

jc mt 

7 

IB 


+v ISM we 

- Mb ig* opai 

^ SI 1 7S 

B a 200 

-Ij »ia 24^ UJ 

-1 B 9 BBS 

C 74 ^ eS 2 tB 2 B 

>1 B a 18J 

-leli Ta SSBIi 3B1J 

» 22 191 

-1 89 310 lOU 

Sit 3U 

— B SB 44J 

+Z B 49 - 


.... «>t v* oa 
9 Wt 343 


9 15 I 8 627 

611« 37^ 91 
...... Tl 4{ IS 

^ 14 IBB 

_ 274 17 8.17 


TSMi «l 8U 
45 H 26 1601 

ESto £30 no 

— 25« 21 102 

144 4% 92 

2 I 1 1^ 520 

*64 IM 425)« 

-1 74 54 ITS 

41 31 400 

-M a M 

-4 *177 1404 1BLS 
*1 050 600 

S5 9 7£4 

-74 *m 1164 1342 

73 S 4.18 

1050 94 6U 

+0 00 3 031 

-0 600 SS 492 

14 A OB 

t2 9 9 106 

.. 19 Ml lU 

BO 7 94 

*40 94 DO 

f 7 1U 

19 19 B3S 

-11 49 29 Ml 

324 214 907 

19 115 305 

174 143 102 

4a 325 4202 

^ 44 413 

-a OiQB EB^ 079 

a <3 SS 

B 54 303 

t2 9 16 012 

*204 MO 4a 

ID ta 321 

*4 2*4 104 MB. 

80 10 S.12 

... 9 15 7S 

-0 BOO a 21.1 

70 40 *68 

_ *18 144 TTJi 


_ 

mut 

114 

__ 

m 

110 


m 

214 

-1 

OB 

513 

■fi 

163 

ID 

+i*9ito 


-1 

412 

322 

•22b 

590 

4M4 



•504 

15 


*29 

39 


sa 

39 

-8 

311 

29 



11B 

19 


atu 

5324 

+2 

32 

23 


43 

21 

-1 

154 

ie 

, 

19 

115 

< 

39 

3U 


sn 

49 


19 

9 

+ or 

19M 

" 

% 

IB» 

19 

ft.. 

m 

11^ 


31 

174 



*144 

19 


121 

19 



37>; 

M 

— 

31 

M4 

- 

B 

56 




larisOMcMna 






m 




m: 


3SE 


pTTPfrr 


Ma 

9 

- 

% 

6880 

"9 

1420 

104 


M2 

Z76a 


•3134 

in 

-4 

MB 

ra 

-4 

m 




1680 


39 

B40 

-10 

112 

9 

“ 

19 

19 


no 

9DM 


49 

49 

•5 

69 

344 

-4 

D4 

9 


D 

455M 


59 

{2B4 

-0 

229H 

19 


101 

425 b 


•BI 

soao 

_ 

310 

57M 

__ 

9 

W 

_ 

111 

394 

9 

478 

44M 


*BM 

2na 

-2 

■2M 

Wl 

+1 

la 

1891 


39 

Bond 

-2 

39 

B 


SI 

TOM 

-e 

743 

IB 

” 

MS 

UB4 


Ml 

101 

-1 

•MB 


*A 

♦14 


IB 


39 

nno 

_ 

121 


nw 


mmk 


m 




sSg.Sssss ^ks;, .isesBsse&iti.sstsss.K.stSB&sSbissKieBe 







































































22 





FINANCIAL IIMES 

Weekend April 30/May 1 1994 


tativin 

iiuiKHtAriijiHtinn 


Mctc«m 1009 Rmu «rf'C^Bil£amrD 
' Empaa CB^aoistC C6ETE9r94k 


Lautro says insurer’s failures had risks for likely customers 

Norwich Union fined £300,000 


THE LEX COLUMN 


Or Alison Smith 

Norwidi Union, one of Britain's 
biggest insurers, yesterday 
became the second company tn 
ttiTK days to receive a record 
£300,000 fine from Lantro. ttie htb 
insuiance industry watchdog: 

The fine was imposed for 
breakdowns in managiBinflnt con- 
trol relatii^ particularly to the 
iiri pTairiRntaHrji^ of hi gh» train- 
ing and competence standards. 

nie regulator was also con- 
cerned about recruitment m^oce- 
dures and "fact finds’* - tZie 

ffhanlring nf iwl rotnarinn gatherari 

by sales agents ab^ custonets. 
It said the feilures "had risks for 
potential customers*. 

A month ago, Nmwich Unxmi 


announced that it was suspend- 
ing 600 sales agents - inchidii^ 
its entire life anditensions dirert 
.sales fbroe - so Qiey could be 
jBtrained. 

Tb& insurer said yesterday that 
S3 per cent of the sales rc pr cocn - 
tatiyes taUog the training pro- 
gramme had passed all three ele- 
ments to the test and had 
returned to seUing from Mon^ 
of this week. Those who have 
failed but pass at a later atteanpt 
will be baA on the road by the 
PTiri ci next wnwOi. 

WliiZs tbe firw* egoals the cm^ 
rent record - a similar penalty 
was levied on Premimn Life on 
Wednesday - Lautro could well 
inytose even Wgher amounts in 
the coming weeks. It has warned 


for scmie time that companies 
fiiat bad frdled to OKrect inade- 
quacies in meetii^ r^ulatory 
leqmrements by the ti^ of a 
second nnmd of routine inspec- 
tion visits could exp^ more 
severe pawiWoa. and these are 
now materlsliriDg. 

Indeed, Lautro's recc^niium 
that Noiwich Union recoded 
"swiffiy and eSbctively" in caiiy- 
ing out remedial action will have 
beoi taken into account by the 
watchdog’s dis^linaiy commit- 
tee in settmg the fine. 

The insurer admitted the 
diai^ of misconduct, and wQl 
also have to pay Lantro’s costs of 
£25,000. 

Mr AQen Bridgewator, groiq* 
c±ie£ exec u t i ve, insisted that In 


Major urges Tories to sink 
their differences for EU poll 


By PhBp Step h en s , 

PoUtleai Editor 

Mr John Msior yesterday sought 
to cover the latest cracks in tiie 
Conservative party over Europe 
by pledging to promote ttie cause 
of ’^unKsalism" in the run-up 
to the June elections for the 
Strasbomg parliament 

IBs attenmt to rebuild a facade 
of unity between the party's 
enthusiasts and sceptto was 
accompanied by a renewed warn- 
ii^ from Mr Douglas Hurd, the 
fordgn secretary, that it could 
not go back on its hisfasic com- 
mitment to Europe. 

Mr bBchael Heseltine, the trade 
and industry secretary, mean- 
iriiile accused the party’s scqitlcs 
of *im dftntiln!ng t h e p pm** nifni.< - 
ter” and damag in g Conserva- 
tives' chances in next week's 
local elections. 

He said party workers would be 
appalled at the behaviour of 
some T(»y ME^ 

to a clear message to those on 
the Tory right at Westminster 
who have su^sted Britain 
could dismigage from the Euro- 
pean Union, Mr Hurd said that 

Fed moves to 
prop dollar 

Continued from Page 1 

early afternoon frading in New 
Yor^ the Dow Jones Industrial 
average was at 3,677.82, 9.51 
points im- 

UK equities reacted closely to 
developments in currencies yes- 
terday afternoon, plune^g 
sharply as the doUm weakened 
but rallying after central bank 
authorities boi^ the US cu^ 
rency. The iT-SE todex dosed 4.6 
off at 3,125.3, but bad frdlen to 
3405.6 earlier. British govezn- 
ment bonds also rallied late to 
firmer on tiie day. 

Ihe Fed intervened in tiie mar- 
ket at least four times, repeatedly 
buying dollars for both yen and 
D-Marks above the YlOl.45^ and 
DM1.6590 levels. 


talk of withdrawal was "out of 
touch with xeaB^. 

He told a Conservative meeting 
in Plymouth: "Our party took 
Britain into the European Com- 
munity in the 1970s. Anybody 
MeiriTig to reverse that decision 
now is out of toncih with reality, 
and with aB tbe questions of poli- 
tics and security which western 
Europe will have to in the 
years ahead.” 

Tories 'weore eleelion own 

QnaP Pay 5 

Mr Malar offered the sama mes- 
sage on a local election tour in 
Bury when he underlined the 
economic and security intm^ 
tying Britain to tlm EU. 

But reftislng to be labelled 
either a Europhile or a Buio- 
phobe. Mr B^or stressed that a 
commitment to a leadtog role fdr 
Britain in the EU did not wimti 
accepting every suggestion or 
plan from Brussels. Instead 
Britain would argue the case tor 
Euro-realism. 

As both men laid out a strata 
demgued to imifB dLfaut the mmci 


aTh- o iiifl anti-Buit^peans, Mr Hurd 
stressed also that the Conserva- 
tives were the only party opposed 
to a centralised federal Etuopd. 

Mr Hurd, Himwiaaitig sugges- 
tions Mr Mqjor Han 
to ^ipease the Tear zi^ by gjv- 
• ing the msnifiesto a more sc^ti- 
eal tme. suggested that 90 per 
cent of the Tory party would 
offer whole-hearted support for 
the goyemmeaf s platfcnm. 

Tndlhig the party's manifeeto 
the June canqiaign, Mr Hurd 
aaid its beli^ ill a frn trading, 
decentralised, outward-looktog 
Europe was reflected increas- 
ing in the mood in the test of 
theEU. 

Hie said the liberal Democrats, 
the rttain threat to the Conserva- 
tives in south-west England, 
were, like the Labour party, wed- 
ded to the Brussels centralism 
triiich would lead to a Eungiean 
simesstate. 

But ministers acknowledged 
that the attempt by Euzo- 
sceptics to seize ^ initiative 
threatened a constant series of 
potential upsets in a camp ai g n 
which could be critical to Mr 
Major's flitane as prime minister. 


Pension trustees proposal 


Continued from Page 1 

Security. Ibe issue has caused a 
ffispute among MPs <m the Sodal 
Security Committee, which is 
due to publish its own report 
within the next few weeks. 

Conservative HFS are fiercely 
reslsttog attempts by Labour 
committee members to reoom- 
mend that at least a third of 
trustees be appointed by scheme 
members. Tltis was put forward 
by tbe Goode rnwnnittow because 
enqdoyee contributious make iq> 
a third et most schmnes’ assets. 

Ihe soda] security committee 
plans to take evidence from 
emidoyms, many of iriiidi tove 
exiueamd concern about hav^ 
memberappointed trustees. Bfto- 
istera are confident the omninit- 
tee's final recommendations will 
be in line with its Hwnirmg, but 


one or two Labour UPs may 
issue a minortty report. 

The goveramciit Is also lean- 
ing towards a self-regnlatoiT 
structure in wbicli the Industry 
ftmda tbe rqpilator, ooDotrary to 
the Goode committee’s recom- 
mendation tiiat a new pensions 
r^nlator should be funded from 
general revenues. *1 believe tiie 
regulator we win see will be a 
pale shadow of what we recom- 
mended,” Bfr James arid. 

Another senior official said: 
*Wnirten to deiegn- 

latlon have no intention of doing 
anything that would undenune 
occupational pendons. We do 
not want a new pensions regula- 
tor setting down hundred of 
new rules.” However, mudsters 
are likdy to (ace stro^ pressure 
to accept the Goode counnlttee's 
recominwidations in ftilL 


general customers should , not 
have pot at a disadvaotage. 
"Our business quality, confrol 
Iffooessas that customers 
have tecrived appropriate advice. 
For that reason thm should be 
few. if any, cases where unsuit- 
able advice has bemi given". He 
added that iJU would pay toll 

wimponaofiym tn any gnch Case. 

The misconduct was in l^s 
isvestinent business carried on 
by its 600 direct saks agents and 
«wn<> 200 appointed representa- 
tives brtwaen January 1992 and 
Nbvffiiber last year. 

The charge did not affect Nor- 
wich Union's business through 
independent fiwan&iai advlsm 
anH Leeds Permanent Building 
Sodety. 

S African 
parties set 
to challenge 
poll results 

By Mlctael Helmen and Mark 
Suzman to Johanneebijrq and 
PutH WMtenato to lAaid 

Souttl Africa will wait awrlmiaty 
most of this weekend for the 
results of the general electlozw 
widely acknowledged to have 
been, flawed, after thousands of 
last-minute vot ers In the coun- 
try's former tribal homelands 
east thmr votes to awH the hi^ 
tatie four-day ezsrdse. 

All the main parties have 

smsed on Wiiamanagaman t and 

irr^ulaiities in procedures to 
laepaze the grocokl Idr ehalleog- 
ing the results, although their 
officials acknowledge that reject- 
ing flw ontcame could destabilise 
tiie country. 

nfflrlaila y u a hi rHay said 

first results could be available by 
this H&emotBi at the earliest, bift 
a dear pr«*JniM of thp outcome Is 
unUkely bdora tomorrow. 

Two areas in particular, both 
highly soscqitible to party pditi- 
cal pressure, could be odtical tn 
detennlniug both the result 
the ejtait to vriilch it win be 
t^aided as fiw and fair. 

BiGllions of voten in the rural 
areas of zmrthern Natal, a strong- 
hold of OiK Mangosuthu Buthe- 
lezL'e Tnkatiia Freedom party, and 
in the Trimstei f?igTrpi figf. 
doms of Mr Nelson Mandela's 
African Itotumal Congress, wen 
due to vote yesterday. But elec- 
tion observers privately 
expressed coimem that many 
more voting papers had been 
issued than there were voters; 
they were also worried about tbs 
lads of secisity arrangements at 
polling stations. 

ANC leaders yesterday 
repeated all^ations that Inkatha 
had beai tovolved in fraud and 
said it had presented a list of 
cosqdalnts to the Independent 
Electoral CommissUm. But Hr 
Justice Johamu Krlegier, the head 
of the commission, sagged off 
accusaticas of incoDpetmice and 
maladmizustration. 

Doubt oast on result, Page 3 


Fed lip with the dollar 


Since the problem in tiie foreign 
ftmhangpi maricets has bemi tiie dol- 
lar's ndatinnshipto the yen, it is sor- 
priring that the Federal Reserve’s ini- 
tial intervention yesterday involved 
the sale of Doaifes. Part of tiie xeason 
must be the fear that a chaotic period 
of generaHsed weakness would eosoe 
if doSar breadied tiie YIOQ level 
That wonld deter overseas investors 
front bidding in tiie Treasury’s loan- 
ing bond auetione. Pert must be a 
pohtieeny msphied xelnctazice to sto- 
gie Japan out for h^ at a time vriiai 
Ulateral trade remain unz^ 

sdved. CoDgrses would sor^ bridle 
to see the US bargainmg pnritio n on 
trade weakened to this way. The Fed 
has been dlscr^ about intery gntim 
earned out on boimif cf the Bank of 
Japan to tiie we^ 

The trouble with audi a aubtle 
approach is tiiat it can easily appear 
half-hearted. At least kfr EJoyd Bent- 
sen’s remarks y^rday suggested 
that the US Treeiniry has got me mes- 
sage. to the ease of Japan he is ri^it 
that too wnwh arffhang B marfcat VOZa- 
tlU^ would mqoir growth. A doUff to 
free fall bdow YiOD would csippleite 
todusfry to the point where 
‘ recovery would be mMiawnfaftS 

The Clinton admlniatration may 
have to be more espUelt about its 
desire not to allow tirade teniOftnB to 
spin over into toe am^hang p market, 
though. While wfl gnHartinng are para- 
lysed by Jeon'S pditical problane. 
some will always expect ^ US to 
exert pressure via tiia exchange rate. 

! Nor is it as if the has much 
fundamesitel strmigto it. totei^ 
est rates are rising, but tiia c uii e u cy 
is weiid^ down fay a large curroit 
account deficit and investment out- 
flows. The TlOO mark may be tested 

g gn fn 

UK equities 

Suddenly coqiorate finance business 
flHPmK to be pti^Wng qp> It is not just 
toe Enterprise bid for Lasmo. 'nils 
week has seem a spate of ridite issues 
to flnance acquisitiaiis from WDliains, 
Airtass and Compass, to name but 
three. The jvoQiect of more activity to 
offset slovrer trading income has 
parfc p d the mpfriiant banks: 8G 
Warburg rose 3 per cent this week, 
Schroders 6 per cenL Normally it 
might be expected to Bven up the mar- 
ket as a whole. This time, things look 
■H gtiHy difterent. 

'Hiere is not much sign cf bank- 
financed bids vriii^ bring cash into 
the market Enterprise’s offer for 


FT-SE index: 3125.3 (’4.6] 


.FT^M'Uimeefnifapp.-' r-- .i'',!'.-.:? -« • 
A'.'-’-" 




i?eq, 

aDdRMcJTSta^ 




Laamo Is an all p^ier' deal iritii a 
warrant element which' effectively 
maamg LassBo’s 9^0 fhemselves 
bemg invited to put up cash for the 
privilege of a diange to ownership. 
The issues have usually been 
designed to fund trade pnidiases out- 
side tim market 

Perhaps companies no longer xeg^ 
sodi assets as expoisiva, wliidi mesns 
equity market vahiationa ought to be 
reasonable too. A more lik^ eqlaiia- 
for tiie sodden burst of limits 
activity is that eompaides do not 
believe capital will become much 
cheaper. That would make it laigefr 
opportunlstie. TUs downbeat view is 
letaifaKced by the latest Coodedetatipn 
of Britlto todustiry survey, which 
showed business retoctant to invest in 
tooeasing capadty and therefore vol- 
m]^ A predflecthm for bolbott acqui- 
sitions suggests prirfUr to 

eerie growth instead by buying maikat 
share. That does not bode well > 
eltiier for tiie recovery or for the 
eqidty maricet 

European cheniicais 

First quarter figures titis we^ from 
four of Europe's gtente • 

including Id - reinfbrce the Impres- 
sion that the eyde has turned. That 
will be comforting for the inves to r s 
who ehagpH ^ sectnr hi^ier. Bayer. 
BASF and Hnarfint have outpaced the 
German market fay 10 per cent this 
year, matphing the share price petfin- 
mance of IGL But while ^ fimr com- 
panies repeated hiriior vbhime sries, 
bulk chemicale prices remain stub-, 
bendy low. Until that changes tiie big 
gains to profitabili^ win have to be 
postponed. 


FT WEATHER GUIDE 


lyogwcansci 


, The current recession has been 
im nanai In.tlxk dtenucals prices col- 
lapsed -'of^ by mote than half from 
the peak of the late- 1980$ - even 

itongTwi remained jcQiectable. 

Compani^ eegemess.to defend zIla^ 
ket ahare the generally low infla- 
tion Hi i vi wwnTtptnfr may he to blame. 
The worry . . is that toe same &ctass 
could ke^ prices low. .Chemicals 
-prims have bar^ budged to tbe US 
despite two years of rising votomes 
and capac^ ntOisaUon rates which 
are to many caaee over 90 pier cent 
Since bidk chemicals' are tocreas- 
inriy trad^ between oo h tiaeoto 
prices in Eterope may he to Uame. But 
without some pfaft-up sobh, conqianies 
could be squee^ First quartw prof- 
its were helped by low off prices, 
which kept famot prices ddwzLand wid- 
ened maqdns. ff the dl price tm^ > 
before prtroehemieals toarkets sire 
ready, companies may £me a double- 
dip in proi^ rather tiiau a steady 
impraveinazt. . 

British 

Mr Blcbard Gdordano, the hew British 
Gas chairman, certainly knows how to 1 
(ut the riclds under his qwa-sbare , 
price. A pndtte wanting at tiie group's 

flmwial B»na> 0] nWffBu g fcnnrlwit S par • 

cent off Gas's riiares on Thurs^, 
tiXNi^ tiiey recovered 2 per cent yes- 
terday. Mr Gkordano’s prediction toat 
profits tbte year will be lower than 
last year is real enons^ toe oontinu- 
ing price cap on its domestic gas busi- 
ness frtrthff T loss' <d toafe 
to tiie eoctrart maiimt win see to that 
Mr Cflordano also scared tiie market . 
by sayi^ be could not ofiminent ox 
dividend prospects until tiie omipa- 
ny*s r^mlatory framewaric was moe 
settled, to particular, he made znndi of 
tiie that rivals "ri g h t iriwr r j 

mrit Gas's most attractive oistamets 
when its domestic moaxopoly is abol- 
ished to lfi9& Mr Gfordano is certainly 
right to laess his case so as the 
government oantimies to dittiw- over 
when topubbrii its cooosultetkjn docu- 
ment on what toe rules for the new 
conmetitive nteiket dxouid bft. - 

Ofgas and the government 
believe campetition riiould be intro- 
duced in an even-handed faeblon. 
Moreover, Ms Clare Spottlswoode, 
(Xgas's forntiidablB dir^tw-geue^ 
hag thTPatanwH tO publish .the do^ 
ment herarif ffmiixistars are still ditb-: 
wring after TTumday's iwy i elec- 
tions. If suggerifons about what the 

document nnnbwwa ate amrratg ^ Gas'S 

rixares could be due for a bounce. 



Europe today 

Most of Europe wlli remain dry and sunr^r 
as high pressue areas dominate over the 
continenL However, unstable rir masses 
wtD cause ieolatsd showers during the 
afternoon fn southern Italy and around the 
Blade Sea. Highest temperatures wllf occur 
in southern Spdn, where mfirilrxH as high 
as 33C are possible. 

The Benelux and northern Germany wU 
have Increaang doud cover and gradually 
lower terriperatuies. The northern British 
Isles will be cloudy with rain in places. An 
aea of hi^ pressure over Ireland will give 
sunny periods over eouthem Ireland and 
England. Rdnfail wiH be greatest In Finland 
arxl southern Sweden as cooler air starts 
to flow over Scandinawa from the north- - 
west 

Five-day forecawt 

Temperatures in south-%vestam Europe will 
efrop as cooler air arrives from Vie west 
Italy and Greece wfll stay atmny with a 
gradual warm^ trend. Cold condfflone in 
Scandinayia tW yield to higher 
temperetures durSig the week. 

The Nortft Sea countries vriH stay mainly 
dry with slowiy rising temperatures afar the 
weekend. 

TODAVte TBMUTUHBS 


? A( 





- .1- ■ 


87. 


• •iay' 




<1 




1,' »./ • 










/ . « « ■>»*...< ^ ^ OaUfraat .4^^ tnMwevVifrltPN ' 

LZ - • ■ ■ ■ ■ -...x .:■■■■.? ...r. . .. 

SAiatkmainGMr. Ta i ipembsesamiwmlgrdij^FaieeeitMbyMeteeOeimultefttmNsOm ri m t tl i 



Maxfenin 

Bagno 

fafr 

25 

caracal 

f* 

28 

Bdnbw^ 


CMsIua 

BsMbsI 

Mr 

13 

CsrdW 

am 

17 

Pan 

AbuOhSte 

Ml 

41 

Baignds 

am 

24 

CnatilBixa 

Ml 

24 

RwMurt 

Accra 

Mr 

32 

Bwttl 

ahnwar 

23 

CMcqo 

rain 

8 

Bansw 

Mtfen 

sun 

24 

Bermuda 

Mr 

25 

Cetogna 


23 

Gbntar 

Amsterdam 

Mr 

18 

Bspsia 

rah 

17 

crSaiMn 

ft*- 

29 

GUgow 

Athens 

Ml 

22 

Bombay 

Bfr 

SI 

Dakar 

aw 

25 

HamSun 

Atlanta 

Mr 

27 

eruaeda 

Mr 

22 

Dteaa 

itend 

94 

HagMd 

BAkes 

cloudy 

24 

Budapsat 

am 

25 

DaK 

aw 

38 

Hong Kong 

Bham 

fair 

17 

Che^ 

ahoanr 

16 

Dubai 

am 

42 

HortOhAt 

Bangieik 

doudy 

36 

^ira 

am 

28 

DufaBn 

Ur 

14 

MarM - 

Bacalona 

sun- 

23 

CapaTimn 

am 

18 

Oubrendk 

U 

21 

daraay 


Lufthansa, Your Airline. 

Lufthansa 

German Airlines 


KmcM 

KuMit 

LAngMs 

UeMnw 

Uma 

Udwn 

Lndon 

UotAowg 

Lyon 


14 HMM 

28 Mafoiiia 
25 Mdta 

2« MwioilMMr 
21 Mania 
13 MW bo unw 
18 MndeoCKy 
11 Mtami 
31 Mlw 

29 Medrari 
17 Meaoow 

15 MriGh 
34 IWnaU 
36 Iteples 
IS Nmbw 
28 fMwYorfc 
25 Ntes 

30 Meads 

21 CWo 

22 Pwfs 
28 Perth 

23 Rvgu* 


30 n ewQQfi 
28 RufrMi 

22 no 

14 Rom 
34 &Fneo 
28 S00i4 

» Sssn 

0 SHOCKnOn 

2S SMbOin 
11 Sydney 

21 Tauiar 
28 TdAritf 
25 Tetee 

22 Tbronte 
28 Vanoouvar 

21 Wetea 

22 Vtanna 
27 Vtenaw 

IJE VWiulBQfi 

24 WaUngton 
S wteVM 
24 ZUrteh 


fte 38 
aft 8 

doudy a 
aat a 
Wr IT 
ctoudy a 
deudy a 
tte) to 
•hewer 24 
ter 28 
8un 27 
Bun 28 
deudy 13 
deudy 10 
eteww 13 
sun 24 
Mr 24 
teir a 
mtnd 20 
deudy 13 
ter 13 
•un 24 




Tie dyonnic devdopuig economies of the world 
ue ripe witfa potendaL Not only have diey d nu o n s oa ted 
exmordiiiaty ievds of growth, but we believe this looks 
set 10 condnue, bsdeed by increasing inflows of foreign 
isvesancBC. Hddicy Emerpng Markets Fund is 
to hdp you capiolise on this promising oudook. 

Tbe key to real succes in Emerging Markets a 
research and resources - two of Fidelity’s foremost 
str e ugda . As dre world’s laigesc independent ia vestui cnt 
management organisation, we can draw upon an 
extensive network -of offices covering developing 
economies aooss Asa, Ladn America and Europe. 

This local presence means we can a^y a hands-on 
approach, searching out and capicalishig on iavestmenc 
oppommiries as soon as they come to UghL 

Why Emergbig Markets? 

TTKefdKwaddTpepabtHMi live Mtbee anas 
ISgfibewoiM^WfaremeBeaecBiawB&DeisncMadm 
They afv oifoyiiie opid eccaemic iaemb and soBM 
ipecBodar stocbnriiet tcana 

For eoB^, Aigniwu Of VSM ad ibe np 33 lK 

om iho pas five yoa* 


FideSty^ Strength in Emergiiig Maricets 

Am-ldfimdiBaBagwsmdaidyst 

r JWW AitM.ii.a ^ T tiimit w LU ia j uti awa .p,Tyin - - 

Earope- 16 fluid nan gcn and aatiysB 

As a resuk, RdeUiy has bccome-one of the worid’s 
leadtog names to emeqing stockmatkeo: where we 
cutrendy mao^ jC 5 bSCon. 

So act now eo find out more ;^uc.tiie Hdidiiy 
Emergo^ Madoes Rmd - and get die potential of diese 
^namic maricets tendied Che fcitqgto of die Hdeitey 
otgunsactoiL . 

■ For more in fi Mma don.crii m, fieeof-chaqge, finm 
any of die conntries below. If yon Sve rlii whi fc. pli jil 
uiedieUKoiiifoerer.peat'or&etfaeeoiqm ■ . 


Btorah) 


800674 
06 8082 13 


Bilgiaai 

GinMiy 


Nrtwlmli OBOOffiMS Nofw« 


078117686 
0130^ 8206 
06011063 


EWeam|dc,Ai^ii«utip95MadilKFU^plBn tip33lK . flfl0W4476 HOf^KoV . .MBIOODl 

ever iheps five yem- | UK(hrOlteOOlrtlM«^^ 


To Wy Imvstments, PO Bok aa TofMites, m TN1 1 flOZ, eigM. Pto NR 44 732 638886. 
PlMSB sand me dBtdta of ite fUsite Btraighg Motets RnL 

: 


0800 414191 



caew8Bit»»BoWiB a rfW8B>iia w Bi.Ona — u enoagnanewir 


MMOpIMd 

nrilrSanii 


namtasiimpMai 




>iUiwiaewg.RiUaBiaa iW 'wmwmniasa»iiwwa^ i B M >iipHa*aSsrf 




/